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

MultiChoice South Africa Holdings (Proprietary) Limited
Summarised notes to the annual financial statements
for the year ended 31 March 2011

 

Basis of preparation

he summarised company and group annual financial statements for the year ended 31 March 2011 have been prepared using the guidance supplied by IAS 34 as recommended by King III, International Financial Reporting Standards and the Companies Act of South Africa. The summarised annual financial statements are prepared according to the historical cost convention as modified by the revaluation of available-for-sale financial assets and financial assets and liabilities (including derivative instruments) at fair value through profit or loss.

The preparation of the summarised annual financial statements requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the group’s accounting policies. These estimates and assumptions affect the reported amounts of assets, liabilities and contingent liabilities at the reporting date as well as the reported profit or loss for the year. Although estimates are based on management’s best knowledge and judgement of current facts as at the reporting date, the actual outcome may differ from these estimates, possibly significantly.

The full annual financial statements for the year ended 31 March 2011 are available on our website at www.multichoice.co.za, or, should you wish to obtain a printed copy of these financial statements, they are available from the company secretary at our registered office.