TSOGO SUN GAMING LIMITED - Reviewed Preliminary Condensed Consolidated Financial Results for the year ended 31 March 2022

Reviewed Preliminary Condensed Consolidated Financial Results for the year ended 31 March 2022

Tsogo Sun Gaming Limited 
(Incorporated in the Republic of South Africa)
(Registration number 1989/002108/06)
Share code: TSG ISIN: ZAE000273116
JSE Alpha code: TSGI
("Tsogo Sun Gaming" or "the company" or "the group")

REVIEWED PRELIMINARY CONDENSED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31 MARCH 2022

- Income R8.9 billion up 57% 
- Operating costs (R5.8 billion) up 47%
- EBITDA R3.1 billion up 80%
- Adjusted EBITDA (including leases) R3.0 billion up 83%
- Headline earnings (2021: Headline loss R32 million) R1.15 billion
- Earnings per share (2021: 2.0 cents) 134.3 cents
- Headline earnings per share (2021: Loss per share 3.1 cents) 110.2 cents
- NIBD and guarantees R9.0 billion down 17%

DEBT AND COVENANTS
Despite over two years of various restrictions and closures affecting the business as a result of the COVID-19 pandemic, 
the group was within its original net leverage covenants for the 12 months ended 31 March 2022. The net debt to adjusted 
EBITDA ratio for the year, as measured for covenant purposes, amounted to 2.89 times, the required covenant being less 
than 3.0 times.

With the focus for the year under review being on cash generation and a return to being within covenants, the group
managed to reduce its net interest-bearing debt and guarantees significantly by R1.9 billion from R10.9 billion at 
31 March 2021 to R9.0 billion at 31 March 2022.

At the date of this report, the directors are not aware of any circumstances whereby the group should not be able to
achieve the original covenant requirements for September 2022.

FINANCIAL
The total income generated for the 2022 financial year was R8.9 billion (up 57% compared to the prior year), EBITDA
was R3.1 billion (up 80%) and adjusted EBITDA (after IFRS 16 adjustments) was R3.0 billion (up 83%, but still some 22%
below pre-COVID-19 levels).

Headline earnings achieved for the year was R1.15 billion compared to a R32 million headline loss in the prior year.

DIVIDEND
The Board of Directors has decided to postpone the decision of the possible declaration of a final dividend in respect
of the year ended 31 March 2022, until the Board meeting to be held in August 2022.

IMPORTANT INFORMATION
This short form announcement is the responsibility of the board of directors of Tsogo Sun Gaming. The condensed consolidated 
financial statements have been reviewed by PricewaterhouseCoopers Inc., and their unmodified review conclusion is available 
in the full announcement. The short form announcement itself is not reviewed. Any investment decisions by investors and/or 
shareholders should be based on consideration of the full announcement as a whole and shareholders are encouraged to review 
the full announcement, which is available at https://senspdf.jse.co.za/documents/2022/jse/isse/TSGE/Yearend.pdf and on the 
group's website at https://www.tsogosungaming.com.

Fourways
26 May 2022

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.tsogosungaming.com

Date: 26-05-2022 04:17:00
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