TSOGO SUN HOLDINGS LIMITED - Trading Statement for the six months ended 30 September 2017

Trading Statement for the six months ended 30 September 2017

Tsogo Sun Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 1989/002108/06)
Share code: TSH
ISIN: ZAE000156238
(“Tsogo Sun” or “the Company” or “the Group”)


TRADING STATEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2017

Shareholders are advised that Tsogo Sun is scheduled to release its financial results for the six months ended 30
September 2017 on or about 22 November 2017. In terms of paragraph 3.4(b) of the JSE Limited Listings
Requirements, listed companies are required to publish a trading statement as soon as they are satisfied that a
reasonable degree of certainty exists that the financial results for the period to be reported upon next will differ by
at least 20% from those of the prior comparative period.

In line with previous reporting periods, the Company intends publishing Earnings per share (“EPS”), Headline
earnings per share (“HEPS”) and Adjusted headline earnings per share (“Adjusted HEPS”) as well as Earnings before
interest, income tax, depreciation, amortisation, property rentals, long term incentives and exceptional items
(“EBITDAR”) for the six months ended 30 September 2017 and for the prior corresponding reporting period. The
Company is of the opinion that the publication of Adjusted HEPS and EBITDAR are appropriate in understanding the
Group’s trading results.

Shareholders are advised that:

    -   Revenue is expected to be between 0% and 2% higher (Rnil million and R126 million higher) compared to the
        prior comparative period of R6,294 million;

    -   EBITDAR is expected to be between 1% lower and 1% higher (R22 million lower and R22 million higher)
        compared to the prior comparative period of R2,202 million;

    -   EPS is expected to be between 14% and 16% higher (12.8 cents and 14.6 cents higher) compared to the prior
        comparative period EPS of 91.4 cents;

    -   HEPS is expected to be between 22% and 24% higher ( 18.8 cents and 20.5 cents higher) compared to the
        prior comparative period HEPS of 85.6 cents; and

    -   Adjusted HEPS is expected to be between 9% and 11% lower (7.9 cents and 9.7 cents lower) compared to
        the prior comparative period Adjusted HEPS of 88.0 cents.

EPS and HEPS results have been assisted by a release of deferred tax liabilities of R307 million on the disposal of
assets to Hospitality Property Fund Limited. The release of the deferred tax liabilities are reversed in arriving at
Adjusted HEPS.

The financial information on which this trading statement is based has not been reviewed and reported on by the
Company’s external auditors, PricewaterhouseCoopers Inc.

Fourways
10 November 2017

Sponsor
Deutsche Securities (SA) Proprietary Limited

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