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Phuthuma Nathi Investments (RF) Limited
Integrated annual report 2018
111
Financial review
(continued)
Notes to the summarised annual financial
statements
for the year ended 31 March
Basis of preparation
These summarised financial statements for the year ended 31 March 2018 have been extracted
from the full set of audited annual financial statements for the year ended 31 March 2018, which
have been prepared in accordance with the International Financial Reporting Standards (IFRS)
and the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee,
and financial pronouncements as issued by the Financial Reporting Standards Council and to
also, as a minimum, contain the information required by IAS 34
Interim Financial Reporting
and
in the manner required by the Companies Act of South Africa. The accounting policies applied in
the preparation of the financial statements from which the summary financial statements were
derived, are in terms of IFRS and are consistent with those accounting policies applied in the
preparation of the previous annual financial statements.
The company has adopted all new and amended accounting pronouncements as issued by
the International Accounting Standards Board (IASB), which were effective for financial years
commencing on 1 April 2017.
Investment in associate
The company has a 13,33% interest in MultiChoice South Africa Holdings Proprietary Limited
(MCSAH), a company incorporated and with its principal place of business in South Africa. The
principal activities of MCSAH is the operation of video-entertainment and internet subscriber
platforms. This is an unlisted investment that is accounted for, using the equity method of
accounting.