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Condensed Consolidated Financial Results and Cash Dividend Declaration for the year ended 31 March 2024
Tsogo Sun Limited
(previously Tsogo Sun Gaming Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1989/002108/06)
Share code: TSG
JSE Alpha code: TSGI
ISIN: ZAE000273116
("Tsogo Sun" or "the company" or "the group")
Condensed consolidated financial results and cash dividend declaration for the year ended 31 March 2024
Income R11.5 billion up 2%
Operating costs (R7.6 billion) up 3%
Adjusted EBITDA R3.9 billion down 2%
Headline earnings R1.8 billion up 11%
Adjusted headline earnings R1.7 billion down 6%
Earnings per share 147 cents down 12%
Headline earnings per share 169 cents up 11%
Adjusted headline earnings per share 165 cents down 5%
Final dividend per share 40 cents down 30%
NIBD and guarantees R7.7 billion down 5%
DEBT AND COVENANTS
The group's net interest-bearing debt and guarantees at 31 March 2024 reduced to R7.67 billion from R8.05 billion at
31 March 2023. The net debt to adjusted EBITDA ratio, as measured for covenant purposes, for the 31 March 2024 year end,
amounted to a 1.99 times multiple. The group's debt covenant ratio requirement is less than a 3.0 times multiple.
FINANCIAL
Total income of R11.50 billion was generated for the year ended 31 March 2024 and adjusted EBITDA amounted to
R3.90 billion. The cost of diesel and the adverse effect on income due to load shedding continued to negatively
impact the group's results.
Headline earnings achieved for the year amounted to R1.76 billion compared to the R1.59 billion reported for the prior
year. Excluding the hedge reclassifications to profit or loss in the year under review and the prior year, and the
cost of the termination of the hotel management contracts in the prior year, the adjusted headline earnings would be
R1.72 billion and R1.82 billion for the current and prior years respectively.
DIVIDEND
The board of directors has resolved to declare a final gross cash dividend of 40.0 (forty) cents per share in respect
of the year ended 31 March 2024 from distributable reserves. The dividend will be paid in cash to shareholders recorded
in the register of the company at close of business Friday, 26 July 2024. The number of ordinary shares in issue at the
date of this declaration is 1 042 596 816. The dividend will be subject to a local dividend tax rate of 20%, which will
result in a net dividend of 32.00000 (thirty-two) cents per share to those shareholders who are not exempt from paying
dividend tax. The company's income tax reference number is 9250039717. The salient dates are as follows:
Last date to trade cum dividend Tuesday, 23 July 2024
Trading ex-dividend commences Wednesday, 24 July 2024
Record date Friday, 26 July 2024
Payment date Monday, 29 July 2024
Share certificates may not be dematerialised or re-materialised from Wednesday, 24 July 2024 to Friday, 26 July 2024,
both days inclusive.
IMPORTANT INFORMATION
This short form announcement is the responsibility of the board of directors of Tsogo Sun and is only a summary of the
information contained in the full announcement. Any investment decisions by investors and/or shareholders should be
based on consideration of the full announcement as a whole which is available at
https://senspdf.jse.co.za/documents/2024/jse/isse/TSGE/Yearend.pdf and on the group's website at https://www.tsogosun.com.
The condensed consolidated financial statements have been reviewed by Deloitte & Touche, and the auditor's unmodified review
conclusion is available in the full announcement. The short form announcement itself is not reviewed.
Fourways
23 May 2024
Equity sponsor: Investec Bank Limited, 100 Grayston Drive, Sandton, 2196 (PO Box 785700, Sandton, 2146)
Debt sponsor: Nedbank Corporate and Investment Banking, a division of Nedbank Limited, 3rd Floor, Block F, 135 Rivonia Campus,
135 Rivonia Road, Sandown, Sandton, 2196 (PO Box 1144, Johannesburg, 2000)
www.tsogosun.com
Date: 23-05-2024 07:05:00
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