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

HIGHLIGHTS	2
ABOUT THIS REPORT	4
WHO WE ARE	6
OUR BUSINESS	6
OUR BUSINESS MODEL	10
FINANCIAL VALUE-ADDED STATEMENT	12
MATERIALITY	13
OUR STAKEHOLDERS	14
LEADERSHIP AND STRATEGY	18
REVIEW BY THE EXECUTIVE CHAIR	18
REVIEW BY THE CHIEF EXECUTIVE OFFICER (CEO) AND CHIEF FINANCIAL OFFICER (CFO)	22
OUR STRATEGIC PRIORITIES	24
UNDERSTANDING RISKS AND OPPORTUNITIES	25
OUR PERFORMANCE	28
OUR PERFORMANCE AGAINST OUR MATERIAL MATTERS	28
Overview	28
MultiChoice South Africa performance summary	29
Our operations	30
Content performance	31
Connected Video	35
DStv Media Sales	38
Technology	39
Our people	40
Our customers	46
Our regulatory landscape	48
Our social and environmental contributions	50
GOVERNANCE AND ACCOUNTABILITY	58
Directorate	58
Corporate governance review	62
Remuneration report	72
Audit committee report	90
FINANCIAL REVIEW	95
Independent auditor’s report on the summary consolidated financial statements	95
Summarised financial statements	97
Phuthuma Nathi Investments (RF) Limited	102
FINANCIAL REVIEW	102
Board of directors	102
Directors’ report	103
Report of the audit committee	106
Report of the independent auditor on the summarised financial statements	109
Summarised financial statements	110
Shareholder information for MultiChoice and Phuthuma Nathi Investments (RF) Limited	118
MultiChoice South Africa Holdings Proprietary Limited	118
Notice of annual general meeting	118
Form of proxy	123
Notes to the form of proxy	124
Phuthuma Nathi Investments (RF) Limited	125
Notice of annual general meeting	125
Form of proxy	129
Notes to the form of proxy	130
ADMINISTRATION AND CORPORATE INFORMATION	131

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