CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 30 September 2020

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Notes  Reviewed
half-year
30 September
2020
ZAR’m 		    Audited 
full-year 
31 March 
2020 
ZAR’m 		   
ASSETS 
Non-current assets  23 499     25 408    
Property, plant and equipment1  16 413     17 737    
Goodwill and other intangible assets  4 636     4 337    
Investments and loans  232     351    
Amounts due from related parties  10  83     224    
Derivative financial instruments2  169     634    
Deferred taxation  1 966     2 125    
Current assets  21 562     20 849    
Inventory  958     874    
Programme and film rights3  8 111     4 750    
Trade and other receivables  3 724     3 888    
Derivative financial instruments2  1 019     1 733    
Restricted cash4  415     459    
Cash and cash equivalents  8  7 335     9 145    
Total assets  45 061     46 257    
EQUITY AND LIABILITIES 
Equity reserves attributable to the group's equity holders  12 573     12 722    
Share capital  454     454    
Other reserves  (13 565)    (13 048)   
Retained earnings  25 684     25 316    
Non-controlling interests  (3 559)    (2 917)   
Total equity  9 014     9 805    
Non-current liabilities  15 388     18 181    
Lease liabilities1  14 964     16 894    
Long-term loans and other liabilities  72     78    
Amounts due to related parties  10  –     185    
Derivative financial instruments  2     3    
Deferred taxation5  350     1 021    
Current liabilities  20 659     18 271    
Lease liabilities1  1 981     2 057    
Short-term loans and other liabilities6  500     –    
Programme and film rights7  6 362     4 085    
Provisions  298     140    
Accrued expenses and other current liabilities  9 297     9 223    
Derivative financial instruments  63     116    
Taxation liabilities  2 158     2 650    
Total equity and liabilities  45 061     46 257    
1 Decrease relates primarily to the ZAR appreciation from a closing rate of ZAR17.86 in FY20 to ZAR16.75 in 1H FY21 on translation of the group's foreign assets and USD lease liabilities.
2 Decrease relates primarily to the ZAR appreciation against the USD from a closing rate of ZAR17.86 in FY20 to ZAR16.75 in 1H FY21.
3 Programme and film rights assets are higher than FY20 mainly as a result of football properties coming into licence in August each year and delays in sport events due to COVID-19 which resulted in some of these only coming into licence in September 2020.
4 Restricted cash comprises initial margin deposits on Nigerian futures hedging instruments that are not highly liquid and have maturities of greater than three months. The decrease from FY20 is due to the depreciation of the Nigerian Naira (NGN) against the ZAR.
5 Decrease relates primarily to the ZAR appreciation against the USD from a closing rate of ZAR17.86 in FY20 to ZAR16.75 in 1H FY21. In addition, this appreciation in the ZAR resulted in less future taxable gains being recognised in the hedging reserve at 30 September 2020 resulting in reduced deferred tax liabilities.
6 During September 2020, the group utilised a short-term banking facility. The facility attracts interest at a market-related interest rate and is repayable in one month. The facility was utilised as part of the working capital cycle of the group.
7 Programme and film rights liabilities are higher than FY20 primarily due to the timing of football property payments. At 31 March, football property liabilities are fully paid off whereas at 30 September further payments are still outstanding which are settled in the second half of the financial year.