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TSOGO SUN GAMING LIMITED - Trading statement for the six months ended 30 September 2019

Release Date: 13/11/2019 09:01
Code(s): TSG     PDF:  
Wrap Text
Trading statement for the six months ended 30 September 2019

Tsogo Sun Gaming Limited
Incorporated in the Republic of South Africa
(Registration number 1989/002108/06)
Share code: TSG
ISIN: ZAE000273116
(“Tsogo Sun” or “the Company” or “the Group”)


TRADING STATEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019

Shareholders are advised that Tsogo Sun is scheduled to release its financial results for the six months ended 30
September 2019 on or about 21 November 2019. 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 2019 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:

   •    Income is expected to be between 4% and 6% higher (R228 million and R342 million higher) compared to the
        prior comparative period of R5,696 million;

    •   EBITDAR is expected to be between 3% and 5% higher (R58 million and R96 million higher) compared to the
        prior comparative period of R1,922 million;

    •   EPS is expected to be between 60% and 66% higher (42.2 cents and 46.5 cents higher) compared to the prior
        comparative period EPS of 70.4 cents;

    •   HEPS is expected to be between 11% and 15% lower (8.5 cents and 11.6 cents lower) compared to the prior
        comparative period HEPS of 77.2 cents; and

    •   Adjusted HEPS is expected to be between 11% and 15% lower (8.7 cents and 11.8 cents lower) compared to
        the prior comparative period Adjusted HEPS of 78.8 cents.

EPS has been assisted by a profit from discontinued operations of R564 million arising mainly from the realisation of
reserves of R506 million on the unbundling of the hotels business. The realisation of reserves is excluded from HEPS
and Adjusted HEPS. The decline in HEPS and Adjusted HEPS is attributable to the additional interest cost on
increased debt taken on in the unbundling of Tsogo Sun Hotels Limited and additional depreciation on the Suncoast
Casino.

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
13 November 2019

Sponsor
Investec Bank Limited

Date: 13/11/2019 09:01:00
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