16. OPERATING (LOSS)/PROFIT
 

Operating expenses are analysed by nature as follows:

   2023 
R'000
 
2022 
R'000 
Auditors' remuneration  323  960 
Consulting fees  1 693  (308)
Depreciation  266  471 
Impairment losses/(releases) on financial assets and financial guarantees**  311 799  (39 905)
Legal expenses  377  290 
Secretarial fees  1 482  1 430 
** The impairment losses of R311 799 million includes the increase in the ECL provision of R268 million relating to the loan owing by The Prepaid Company to BLT, refer to note 6. In addition, the impairment losses include an ECL adjustment of R40.2 million relating to the financial guarantee issued to Dark Fibre Africa (SPV5), refer to note 12.