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Reviewed Condensed Consolidated Financial Statements for the year ended 31 March 2023
Southern Sun Limited (formerly Tsogo Sun Hotels Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2002/006356/06)
Share code: SSU ISIN: ZAE000272522
(Southern Sun, the company or the group)
SHORT-FORM ANNOUNCEMENT: REVIEWED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
Financial results
Shareholders are advised that the financial results contained in this short form announcement have not been adjusted
to reflect Southern Sun Ikoyi as a discontinued operation. The detail of continued and discontinued operations has been
included in the full announcement, in line with the requirements of IFRS 5 Non-current Assets Held for Sale and
Discontinued Operations.
- Occupancy at 51.5%
- Ebitdar at R1.4 billion
- Adjusted headline profit R443 million
- Net debt reduced to R1.3 billion
Supplementary information
2023 2022
Change Reviewed Audited
Income (Rm)(1) 2 772 5 480 2 708
Ebitdar (Rm)(1), (2) 846 1 436 590
Attributable profit/(loss) for the year (Rm)(1), (2) 1 170 1 014 (156)
Basic profit/(loss) per share (cents) (1), (2) 79.3 68.7 (10.6)
Basic headline profit/(loss) per share (cents) (1), (2) 60.7 52.5 (8.2)
Basic adjusted headline profit/(loss) per share (cents) (1), (2) 38.0 30.0 (8.0)
(1) The once-off payment of R399 million received from Tsogo Sun Gaming Limited on implementation of the Separation Agreement
on 30 September 2022 (Separation Payment) has been included in other revenue in line with IFRS 15 and consequently, the
after tax impact of R313 million is included in attributable earnings and headline earnings. The Separation Payment is
exceptional in nature and outside of the group's normal business operations and accordingly, has been excluded from
Ebitdar (pre-tax) and adjusted headline earnings (post-tax).
(2) Business interruption insurance proceeds of R191 million received in the prior year, has been excluded from revenue in
line with IFRS 15 and included in Ebitdar. The after-tax impact of R139 million has been included in attributable earnings,
headline earnings and adjusted headline earnings. This is consistent with the treatment of the insured losses which were
not adjusted out of these performance measures.
Operational review
The group generated Ebitdar of R1.4 billion (FY22: R590 million), significantly higher than FY22 and a growth of 6.2%
on FY20 Ebitdar of R1.35 billion. This performance is particularly encouraging considering group occupancy for the FY23
year of 51.5% (FY22: 30.6%) is well below the 59.3% achieved in FY20.
Trading levels continued to recover, particularly in the second half of the financial year, as local and international
travel patterns normalised and demand for conferencing and events increased. All regions performed well and exceeded
FY20 (pre-Covid-19) levels except the Sandton node, reflecting the delayed recovery in corporate transient travel
exacerbated by many companies in the node still operating a hybrid remote-working model.
The group is encouraged by trading levels over the last six months which have continued into April and May 2023. The impact
of a winter with a severely constrained electricity system is unknown. Having successfully strengthened the group's balance
sheet over the past year, it is able to withstand short-term trading volatility but will continue to maintain the discipline
of managing liquidity and capital allocation prudently. The group's strategy is to continue reducing debt levels and making
the most of the properties in the portfolio, many of which are irreplaceable, and to focus on customer delivery.
Short-form announcement
This short-form announcement is the responsibility of the board of directors of Southern Sun. This short-form announcement
is a summary of the full announcement released on SENS on 25 May 2023 and does not include full or complete details. The
information in this short-form announcement has been extracted from the reviewed condensed consolidated financial
statements, but the announcement itself has not been reviewed by the company's auditors.
The condensed consolidated financial statements for the year ended 31 March 2023 have been reviewed by PricewaterhouseCoopers Inc.,
and their unmodified review conclusion is included on page 10 of the full announcement. The full announcement is available on the
company's website http://www.southernsun.com/investors/financial-reports and can also be accessed using the following JSE link:
https://senspdf.jse.co.za/documents/2023/jse/isse/SSUE/YE23.pdf
A copy of the full announcement may be requested from companysecretary@southernsunsun.com or the sponsor, Investec Bank.
Any investment decisions by shareholders should be based on a consideration of the full announcement, which shareholders
are encouraged to view on SENS and on the company's website.
Shareholders are advised that a presentation on the results for the year ended 31 March 2023 will be held on Thursday,
25 May 2023 at 10:00 via Microsoft Teams, and those wishing to join can find the link to the presentation on the company's
website at http://www.southernsun.com/investors.
This announcement contains forward-looking statements and information in relation to the group. By its very nature,such
forward-looking statements and information require the company to make assumptions that may not materialise or that
may not be accurate. Such forward-looking information and statements involve known and unknown risks, uncertainties and
other important factors beyond the control of the company that could cause the actual performance or achievements of the
company to be materially different from any future results, performance or achievements expressed or implied by such
forward-looking information and statements. Past share performance cannot be relied on as a guide to future performance.
Forward-looking statements speak only as at the date of the announcement and no statement is intended to be a profit
forecast. Forward-looking statements are the responsibility of the board and have not been reviewed and reported on by
the external auditors in accordance with ISAE 3400 The Examination of Prospective Financial Information.
25 May 2023
JSE Equity Sponsors
Investec Bank Limited
http://www.southernsun.com
Date: 25-05-2023 07:05:00
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The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
