About this report


The MultiChoice Group is committed to a holistic way of thinking and reporting across our diverse group.

This report aims to communicate how we create value for our stakeholders over the short, medium and long term.


We seek to create and enhance long-term sustainable value for our stakeholders. For the MultiChoice Group, this means:

  • Aggregating and distributing the content valued by our customers in a way that is convenient, easily accessible and cost-effective
  • Providing an environment that rewards growth and provides development for our people
  • Nurturing long-standing and mutually beneficial relationships with our suppliers
  • Contributing meaningfully to the industry and societies in which we operate
  • Generating sustainable economic value for our shareholders over the long term


The scope of this report comprises MultiChoice Group Limited and its subsidiaries (together MultiChoice, the MultiChoice Group or the group). We present our integrated annual report for the financial year from 1 April 2019 to 31 March 2020 (referred to as FY20).

We report on how we create value for our material stakeholders, with a targeted focus on providers of financial capital. The group is committed to integrated and balanced reporting on our strategic objectives, material matters and how we are governed. We strive to provide a comprehensive view of our financial and non-financial performance, and the sustainability of our business.


This is our second integrated annual report since the MultiChoice Group was constituted on 28 September 2018 and listed on the Johannesburg Stock Exchange (the JSE) on 28 February 2019.

We are reporting on the full FY20. Comparative financial information for FY19 is included.

The content of the integrated annual report was guided by the following frameworks:

  • International Integrated Reporting Council’s (IIRC) Integrated Reporting IR Framework
  • King IV Report on Corporate GovernanceTM for South Africa, 2016 (King IV)*
  • The requirements of the Companies Act No 71 of 2008, as amended (Companies Act)
  • The JSE Listings Requirements

* Copyright and trademarks are owned by the Institute of Directors in South Africa NPC and all of its rights are reserved.


The financial and non-financial information in this report was reviewed by the audit committee and approved by the board. Independent assurance was provided on certain material information presented in this report.

Financial information

The summarised consolidated financial information for the group included in this report was extracted from the audited consolidated annual financial statements for the year ended 31 March 2020 and is accurately reflected.

  Refer to page 14 of the full annual financial statements for the auditor’s report on the group’s unmodified consolidated annual financial statements.
  The full annual financial statements appear on the MultiChoice website (www.multichoice.com) and are available for review at our registered office on arrangement with the company secretary.
Non-financial information

EmpowerLogic verified all broad-based black economic empowerment (BBBEE) information in this report.


The board acknowledges its responsibility to ensure the integrity of the integrated annual report. The report was approved by the board on 10 June 2020. The board applied its collective mind and believes the integrated annual report and financial statements fairly reflect, in its opinion, the true financial position of the group as at 31 March 2020 and that of its operations during this period, as described in the report. Furthermore, the board believes this report addresses all material issues and how they relate to the MultiChoice Group’s ability to create value in the short, medium and long term.

  • On behalf of the board

    Imtiaz Patel
    Executive chair

    10 June 2020

  • On behalf of the audit committee

    Louisa Stephens
    Audit committee chair

    10 June 2020

  • On behalf of the executive committee

    Calvo Mawela
    Group chief executive officer

    10 June 2020


For ease of reference, our detailed glossary and key terms can be found here.

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Our 2020 integrated annual report is our key report to our stakeholders, providing a holistic view of the group’s business, strategy, performance and the creation of value for our stakeholders.

This report should be read in conjunction with our full consolidated annual financial statements, which provide a more detailed understanding of the financial aspects of our business.

Furthermore, we endeavour to engage with our stakeholders through regular reports, including our annual social report, biannual results announcements and various updates provided during the year.
This information can be accessed at https://www.multichoice.com/investors/reporting/.

Our other reports:

  • Summary consolidated annual financial statements for FY20 and notice of annual general meeting (AGM)
  • Social and ethics committee report
  • King IV report


Many proclamations in this integrated report constitute forward-looking statements – they represent MultiChoice’s judgements and future expectations. These statements, however, do not guarantee our future performance. Words such as ‘believe’, ‘anticipate’, ‘intend’, ‘seek’, ‘will’, ‘plan’, ‘could’, ‘may’, ‘endeavour’ and similar expressions are intended to identify such forward-looking statements.

MultiChoice faces risks, challenges and uncertainties outside of our control. These challenges may lead to unforeseen outcomes for the group. This report does not give any assurance that forward-looking statements will prove to be correct, and investors are cautioned not to place undue reliance on any forward-looking statement contained herein. Our group auditors have not reviewed or reported on any forward-looking statements.


Feedback on the report is welcome and can be communicated to cosec@multichoice.com.