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Condensed Unaudited Consolidated Interim Financial Statements for the six months ended 30 September 2020
Tsogo Sun Hotels Limited
Incorporated in the Republic of South Africa
Registration number 2002/006356/06
Share Code: TGO ISIN:ZAE000272522
('Tsogo Sun Hotels' or 'the group' or 'the company')
SHORT-FORM ANNOUNCEMENT:CONDENSED UNAUDITED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
for the six months ended 30 September 2020
FINANCIAL RESULTS
30 Sep 30 Sep
Change 2020 2019
on Unaudited Unaudited
Income (Rm) (1 745) 335 2 080
Ebitdar (Rm) (765) (206) 559
(Loss)/profit for the period (Rm) (370) (246) 124
Basic and diluted (loss)/earnings
per share (cents) (26.0) (16.2) 9.8
Basic and diluted headline
(loss)/earnings per share (cents) (50.5) (40.5) 10.0
Basic and diluted adjusted headline
(loss)/earnings per share (cents) (52.4) (39.1) 13.3
30 Sep 31 Mar
Change 2020 2019
on Unaudited Audited
Net interest-bearing debt (Rm) 246 (3 006) (3 252)
No interim cash dividend declared
Covenant waivers secured for
March 2021
PROSPECTS
These interim results clearly reflect the devastating impact that
Covid-19 and the accompanying lockdown regulations have had on the
hospitality industry in general and our group in particular.
While we are encouraged by the recent move to level 1 of the
national lockdown and the group now trading at approximately 68%
of the hotels in its portfolio, the recovery of the hospitality
industry is expected to be slow due to the uncertainties around
the health of travellers, and the negative economic impact on
government, corporates and individuals leading to reduced spend
on hotel accommodation and conferences.
The lifting of the international travel ban, subject to strict
health and safety protocols, as announced by President Ramaphosa
on 11 November 2020 is a positive step towards reviving the
South African tourism sector. While this is unlikely to have a
material impact on volumes in the short term, it does give the
international market certainty that South Africa is open for
business. This should benefit the Cape and Sandton regions in
particular and we look forward to welcoming our international
guests with our signature warm hospitality.
SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the board
of directors of Tsogo Sun Hotels. This short-form announcement
is a summary of the full announcement released on SENS on
13 November 2020 and does not include full or complete details.
The information contained in this announcement has not been
reviewed or reported on by the company's auditors.
The full announcement is available on the company's website
www.tsogosun.com/investors/financial-reports and can also be
accessed using the following JSE link:
https://senspdf.jse.co.za/documents/2020/jse/isse/TGOE/interim.pdf
A copy of the full announcement may be requested from
companysecretaryTGO@tsogosun.com or the sponsor, Investec
Bank at InvestecSponsorTeam@investec.co.za. 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.
The condensed unaudited consolidated interim financial
statements for the six months ended 30 September 2020 have
not been reviewed and reported on by the group's external
auditors, PricewaterhouseCoopers Inc.
13 November 2020
JSE Equity Sponsors
Investec Bank Limited
www.tsogosun.com
Date: 13-11-2020 05:31:00
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