Consolidated income statement

for the year ended 31 March 2023

2023 2022
Note ZAR'm ZAR'm

Revenue 5 59 141 55 240

Cost of providing services and sale of goods 6 (32 437) (29 769)
Selling, general and administration expenses 6 (16 615) (14 852)
Net impairment loss on trade receivables 20 (24) (58)
Other operating gains/(losses) - net 7 92 (265)
Operating profit 6 10 157 10 296
Interest income 12 449 260
Interest expense 12 (1 458) (1 210)
Net foreign exchange translation losses 12 (5 580) (2 118)
Share of equity-accounted results 24 (477) (134)
Impairment of equity-accounted investment 24 (1 998) -
Other losses 7 (172) -
Profit before taxation 921 7 094
Taxation 8 (3 841) (4 210)
(Loss)/profit for the year (2 920) 2 884

Attributable to:
Equity holders of the group (3 478) 1 358
Non-controlling interests 558 1 526
(2 920) 2 884

Earnings per share

Basic and diluted (loss)/earnings for the year (ZAR’m) (3 478) 1 358
Basic (loss)/earnings per ordinary share (SA cents) 4 (815) 318
Diluted (loss)/earnings per ordinary share (SA cents) 4 (815) 309

The accompanying notes are an integral part of the consolidated annual financial statements.

25 MULTICHOICE GROUP LIMITED | CONSOLIDATED ANNUAL FINANCIAL STATEMENTS

 Consolidated statement of comprehensive income
for the year ended 31 March 2023
2023 2022
ZAR'm ZAR'm

(Loss)/profit for the year (2 920) 2 884

Total other comprehensive income for the year:

Exchange gains/(losses) arising on translation of foreign operations1,2,3 2 373 (32)
Hedging reserve1 1 513 (781)
- Net fair value gains/(losses)4 2 259 (570)
- Hedging reserve recycled to the income statement (257) (367)
- Net tax effect of movements in hedging reserve5 (489) 156
Total comprehensive income for the year 966 2 071

Attributable to:
Equity holders of the group 923 548
Non-controlling interests 43 1 523
966 2 071

1 These components of other comprehensive income may subsequently be reclassified to the consolidated income statement during future reporting periods.
2 Relates to the translation of Rest of Africa and Technology segments, which have a USD reporting currency.
3 The movement relates primarily to the ZAR depreciation against the USD from a closing rate of ZAR14.61 in FY22 to ZAR17.79 in FY23. This movement is recognised in other
reserves on the consolidated statement of changes in equity.
4 The movement relates primarily to the ZAR depreciation against the USD from a closing rate of ZAR14.61 in FY22 to ZAR17.79 in FY23, a lower overall notional value of hedging
contracts and a decrease in the achieved average hedge rate on cash flow hedges from ZAR15.89 in FY22 to ZAR15.69 in FY23.
5 The movement relates to tax on net fair value gains/losses recognised in the South Africa segment as detailed in footnote 4 above which are taxed at 27%. Fair value gains/losses
in the Rest of Africa segment, which offset the fair value gains/losses in South Africa, are non-taxable.

The accompanying notes are an integral part of the consolidated annual financial statements.

26 MULTICHOICE GROUP LIMITED | CONSOLIDATED ANNUAL FINANCIAL STATEMENTS