The Directors have pleasure in submitting the annual financial statements of the Group and Company for the year ended 31 March 2024.
The Directors confirm that Telkom complies with the provisions of the Companies Act and the laws of establishment, specifically relating to its incorporation; and it operates in compliance with its memorandum of incorporation and all relevant constitutional documents.
Telkom is an integrated communications and information technology service provider for South Africa.
Total profit for the year ended 31 March 2024 for continuing and discontinued operations was R1 881 million (31 March 2023: R9 971 million loss) representing basic earnings per share of 385.5 cents per share (31 March 2023: 2 058.9 cents loss per share) and headline earnings per share of 376.0 cents per share (31 March 2023: 35.5 cents loss per share). Full details of the financial position and results of the Group are set out in the accompanying audited Company and Group annual financial statements (annual financial statements).
Following the suspension of the dividend policy for three years from FY2021, a revised dividend policy was developed and approved by the Board.
Particulars of the material subsidiaries of the Group are set out in note 12.1 of the accompanying annual financial statements
.The attributable interest of the Group in the after-tax earnings of its subsidiaries for the year ended 31 March 2024 were:
| 31 March 2024 Rm |
31 March 2023 Rm |
|
| Aggregate amount of profit/(loss) after taxation | 1 401 | (4 395) |
|---|
Details of the authorised, issued and unissued share capital of the Company as at 31 March 2024 are contained in note 9.1 of the accompanying annual financial statements.
Telkom did not purchase shares from the market through Rossal No 65 (Pty) Ltd for the purpose of the employee share plan in FY2024.
Telkom's Directors may mortgage or encumber Telkom's property or any part thereof and issue debentures or notes, whether secured or unsecured, whether outright or as security for debt, liability or obligation of Telkom or any third party. For this purpose, the borrowing powers of Telkom are unlimited, but are subject to the restrictive financial covenants as well as specific restrictive clauses in the current funding arrangements.
Details of the Company and Group's capital commitments on property, plant and equipment as well as intangible assets are set out in notes 5.1 and 5.2 of the accompanying annual financial statements.
Significant events and transactions during the year under review are disclosed in note 13 of the accompanying annual financial statements.
Events subsequent to the reporting date are set out in note 14 of the accompanying annual financial statements.
The following changes occurred in the composition of the Board of Directors from 1 April 2023 to the date of this report:
| Appointments | Date | |
| N Dlamini | 1 December 2023 |
| Resignations | Date | |
| N Ford-Hoon | 6 September 2023 | |
| M Nyati | 28 September 2023 | |
| DJ Reyneke (former Group Chief Financial Officer) | 30 November 2023 |
The Board of Directors at the date of this report is as follows:
Details of each Director may be found in our integrated report.
Directors' interest
At 31 March 2024, the following Directors held a beneficial interest in the shares of Telkom SA SOC Ltd:
| Executive Directors | Shares | |
| S Taukobong | 47 857 | |
| DJ Reyneke* | 9 377 |
* Resigned as an Executive Director on 30 November 2023.
| Non-executive Directors | ||
| B Kennedy | 200 |
| Subsidiary Directors | ||
| PJ Bogoshi | 72 529 | |
| LTS Maloba** | 11 010 | |
| LM Siyo | 12 513 |
** Resigned with effect from 29 February 2024.