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Integrated annual report 2011 to the shareholders of Phuthuma Nathi Investments Limited

MultiChoice South Africa Holdings (Proprietary) Limited


Overview of group results

The group performed well over the past year, increasing consolidated revenues by 22% to R17,7bn and net profit by 20% to R3,4bn. Significant distributions were made to shareholders of the company (R2,7bn) compared to 2010 (R0,9bn) by means of dividends.

Preparation of results and accounting policies

Our financial results for the year ended 31 March 2011 have been prepared in accordance with International Financial Reporting Standards (IFRS), and the requirements of the South African Companies Act No 71 of 1973, as amended. Except as noted in the summarised annual financial statements and full annual financial statements, accounting policies are consistent with those applied in the previous period and IFRS. These results have been audited by the company’s auditor, PricewaterhouseCoopers Inc., whose unqualified report is available for inspection at the registered office of the company.

Summarised and annual financial statements

The summarised annual financial statements appear here. The full annual financial statements for the year ended 31 March 2011 are available on our website at Printed copies of these financial statements are available from the company secretarial department, with contact details found here.

MultiChoice comprises businesses that operate pay-television subscriber platforms, pay-television channels and internet and mobile platforms in South Africa.