INTEGRATED ANNUAL REPORT FOR MULTICHOICE SOUTH AFRICA HOLDINGS (PTY) LTD AND PHUTHUMA NATHI INVESTMENTS (RF) LTD

FINANCIAL REVIEW PHUTHUMA NATHI INVESTMENTS (RF) LIMITED (PN) Preparation of results and accounting policies The financial results for the year ended 31 March 2019 have been prepared in accordance with International Financial Reporting Standards (IFRS) and the requirements of the Companies Act of South Africa No 71 of 2008 (the Act), as amended. Except as noted in the summarised annual financial statements and the full annual financial statements, accounting policies are consistent with those applied in the previous period and IFRS. Summarised and full annual financial statements The summarised annual financial statements appear on pages 110 to 116 of this report. The summarised annual financial statements are not the statutory accounts of Phuthuma Nathi Investments (RF) Limited (PN) and do not contain all the disclosures required by IFRS. The summarised financial statements are also not a substitute for and should be read together with the full annual financial statements to obtain a complete understanding of the results. The summarised and full annual financial statements have been prepared under the supervision of the chief financial officer, Rochelle Gabriels CA(SA), for MultiChoice South Africa subsidiaries, and have been audited by the independent external auditor, PwC, whose unqualified report is available for inspection at the registered office of the company (see IBC for contact details) . The full annual financial statements for the year ended 31 March 2019 appear on our website ( www.phuthumanathi.co.za ). Printed copies are available from the company’s secretariat (see IBC for contact details). 108  Phuthuma Nathi Investments (RF) Limited integrated annual report 2019