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

FINANCIAL VALUE-ADDED STATEMENT MultiChoice South Africa is a sustainable for-profit organisation. We achieve this through the commitment, energy and resourcefulness of our people and stakeholders, while making a contribution to the economy and society in which we operate. The financial value-added statement demonstrates how we distributed our earnings during FY2019, and how much was retained for reinvestment. Salaries, wages and benefits Retained earnings Direct cash flow taxes Finance costs Licence fees Capital invest- ments Dividends paid R2.9bn (1) (FY2018: R2.8bn) R2.8bn (3) (FY2018: R2.9bn) R0.18bn (FY2018: R0.18bn) R6.6bn (4) (FY2018: R6.5bn) (5) R0.64bn (FY2018: R0.65bn) R1.7bn (FY2018: R1.46bn) (R3.1bn) (2) (FY2018: R1.31bn) Notes (1) Excludes all payroll taxes. (2) The Phuthuma Nathi once-off empowerment transaction and unrealised foreign exchange losses on transponder finance lease liabilities resulted in a negative retained earnings position as at 31 March 2019. (3) Disclosure methodology changed since prior year. (4) Dividend paid in September 2018. (5) Dividend paid in September 2017. 12  MultiChoice South Africa Holdings Proprietary Limited integrated annual report 2019 WHO WE ARE