About this report
As a trusted brand with daily engagement, we understand our customers' needs
We are leveraging our platform, scale and distribution to build a broader consumer services ecosystem that is underpinned by technology.
Integrated thinking
Integrated thinking guides how we create and sustain value across multiple capitals. It represents a holistic management process adopted by our board and executive management during strategic decision-making by taking into account how the capitals we use are affected. These include financial capital, technology and platforms, industry expertise, our people, customer, partner and supplier relationships, and corporate citizenship.
What value means to MultiChoice
We seek to create and enhance long-term sustainable value for our stakeholders. For us, this means:
- Producing, licensing, aggregating and distributing content valued by our customers in a way that is convenient, affordable and broadly accessible for them while at the same time generating the requisite return on investment for the group and its shareholders
- Creating the platform of choice for African households by offering our customers new and relevant products and services through scalable technology
- Providing an environment that rewards performance, growth and innovation, and which offers numerous development opportunities and career paths for our people
- Nurturing mutually beneficial relationships with our partners, suppliers and service providers, across business to business (B2B) and direct-to-consumer channels
- Making targeted investments to create value for internal and external stakeholders through outright acquisitions, joint ventures and/or investments
- Contributing meaningfully to the broader industry verticals and communities where we operate, including community upliftment, supporting sustainable initiatives such as Earthshot Prize, talent discovery and development, support for sports codes and creative pursuits, as well as entrepreneurial support and guidance
- Generating sustainable economic value for our shareholders over the long term through our group strategy and capital allocation process.
Our integrated annual report provides transparent, succinct and material information about our performance during the year, and how this contributed to creating and sustaining value for our stakeholders.
Scope, boundary and audience
The scope of this report comprises MultiChoice Group Limited and its subsidiaries (referred to herein as MultiChoice, MultiChoice Group or the group).
We report on how we create value for our material stakeholders, focusing on providers of financial capital. We are 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.
Basis of preparation
We present our integrated annual report for the financial year from 1 April 2022 to 31 March 2023 (referred to as FY23). Comparative financial information for 1 April 2021 to 31 March 2022 (FY22) is included where relevant.
The content of the integrated annual report is guided by the following frameworks and regulations:
- International Integrated Reporting Council's Integrated Reporting Framework, January 2021
- King Report on Corporate GovernanceTM for South Africa, 2016 (King IV)(1)
- The requirements of the Companies Act of South Africa No 71 of 2008, as amended (Companies Act)
- The JSE Limited Listings Requirements (JSE Listings Requirements).
| (1) | Copyright and trademarks are owned by the Institute of Directors South Africa NPC and all of its rights are reserved. |
Assurance and responsibility
The information in this report has been reviewed by the audit committee and approved by the board.
Financial information
The summarised consolidated financial information in this report was extracted from the audited consolidated annual financial statements for the year ended 31 March 2023 and is accurately reflected.
Refer to page 16 of the full annual financial statements for the unmodified auditor's
report on the group's consolidated annual financial statements.
The full annual financial statements are available for perusal on our website (www.investors.multichoice.com/annual-results) and 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.
Our reporting suite
Our 2023 integrated annual report is our key report to our stakeholders, providing a holistic view of our business, strategy, performance and value creation.
This report should be read in conjunction with our full consolidated annual financial statements, which provide a more detailed understanding of our business's financial performance.
In addition, we endeavour to engage with our stakeholders through regular reports,
including our annual environmental, governance and social (ESG) report, biannual results
announcements, and various updates during the year. This information can be accessed at
www.investors.multichoice.com
Our other reports
- Summary consolidated financial statements for FY23, notice of annual general meeting (AGM) and remuneration report (our annual results booklet)
- King IV application report
- ESG report
- Interim and annual results
Feedback
We encourage and value feedback on this report. Feedback can be sent to cosec@multichoice.comBoard responsibility
The board acknowledges its responsibility to ensure the integrity of the integrated annual report. This report was approved by the board on 13 June 2023. The board applied its collective mind and believes that the integrated annual report and financial statements fairly reflect, in its opinion, the true financial position of the group as at 31 March 2023 and that of its operations during the past financial year. Further, the board believes this report addresses all material issues and how they relate to the MultiChoice Group's ability to create and sustain value in the short and long-term.
On behalf of the board
Imtiaz Patel
Chair
13 June 2023
Louisa Stephens
Audit committee chair
13 June 2023
CEO and CFO responsibility statement
Each of the directors, whose names are stated below, hereby confirm that:
- The consolidated annual financial statements fairly present in all material respects, the financial position, financial performance and cash flows of MultiChoice Group Limited in terms of IFRS;
- To the best of our knowledge and belief, no facts have been omitted, or untrue statements made that would make the consolidated annual financial statements false or misleading;
- Internal financial controls have been put in place to ensure that material information relating to MultiChoice Group Limited and its consolidated subsidiaries have been provided to effectively prepare the consolidated annual financial statements;
- The internal financial controls are adequate and effective and can be relied upon in compiling the consolidated annual financial statements, having fulfilled our role and function as executive directors with primary responsibility for implementation and execution of controls;
- Where we are not satisfied, we have disclosed to the audit committee and the auditors any deficiencies in design and operational effectiveness of the internal financial controls, and have remediated the deficiencies; and
- We are not aware of any fraud involving directors.
Calvo Mawela
Group chief executive officer
13 June 2023
Tim Jacobs
Group chief financial officer
13 June 2023
Summarised forward-looking statements
Many assertions in this integrated annual report constitute forward-looking statements - they represent the group's judgements and future expectations. However, these statements 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 its 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 in this report. Our auditors did not review or report on any forward-looking statements.