STADIO HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2016/371398/06)
Share code: SDO
ISIN: ZAE000248662
LEI: 3789007C8FB26515D966
(“STADIO Holdings” or “the Company” or “STADIO Group”)


RESULTS FOR THE YEAR ENDED 31 DECEMBER 2022


SALIENT FEATURES

•   Revenue increased from R1 098 million to R1 214 million (11%)
•   Semester 1 student numbers increased from 34 494 to 38 348 (11%)
•   Semester 2 student numbers increased from 38 262 to 41 296 (8%)
•   Core headline earnings increased from R149 million to R176 million (18%)
•   Basic core headline earnings per share (“CHEPS”) increased from 17.6 cents per share (“cps”) to
    20.7 cps (18%)
•   Earnings before interest, taxation, depreciation and amortisation (“EBITDA”) increased from
    R309 million to R351 million (13%)
•   Profit after tax increased from R137 million to R186 million (36%)
•   Earnings per share (“EPS") increased from 14.9 cps to 19.5 cps (31%)
•   Basic headline earnings per share (“HEPS”) increased from 17.0 cps to 20.0 cps (18%)
•   Net asset value per share increased from 195 cps to 209 cps (7%)
•   Final dividend per share increased from 4.7 cps to 8.9 cps (89%).


COMMENTARY

The board of directors of the Company (“Board”) is pleased to announce a solid set of results,
despite a challenging economic environment, with good growth in student numbers for the year,
specifically in new student numbers. The growth in EPS, HEPS and CHEPS is due to an increase in
student numbers, coupled with good cost controls and efficiencies as a result of the implementation
of the STADIO Group’s strategy in this regard. The 2022 EPS growth was impacted by a R6.5 million
impairment of assets, which included a further impairment of the right of use asset of R 2.8 million in
respect of the leased Milpark Education campus in Gauteng (Milpark Education Campus). This
impairment followed the decision of the Board to transition the Milpark Education business to cater
only for the distance learning mode of delivery. Furthermore, post evaluating the various
programmes on offer, the STADIO Group impaired R3.7 million of curriculum material intangibles for
programmes that the STADIO Group elected to discontinue.

In the prior year ended 31 December 2021, the EPS was impacted by:

-     the initial impairment of the right of use asset of R17 million in respect of the leased Milpark
      Education Campus; and
-     an impairment of R10 million relating to the STADIO Group’s Montana property, which the
      STADIO Group disposed of during 2022.


DIVIDEND DECLARATION
The Board is pleased to declare a dividend of 8.9 cents (2021: 4.7 cents) per ordinary share from
income reserves for the year ended 31 December 2022. This constitutes 43% of CHEPS and
represents excess cash available, after considering capital available for growth opportunities.

The Board has adopted a policy of declaring and paying dividends on an annual basis based on
excess free-cash flow available, after considering the capital needs for future growth projects.

The dividend amount, net of South African dividends tax of 20%, is 7.12 cents per share.

The number of ordinary shares in issue at the declaration date is 850 526 727, and the income tax
number of the Company is 965/093/41/60. The total dividend amount payable is R76 million.

The salient dates for this dividend distribution are:
Last day to trade cum dividend                                Tuesday, 11 April 2023
Trading ex-dividend commences                                 Wednesday, 12 April 2023
Record date                                                   Friday, 14 April 2023
Payment date                                                  Monday, 17 April 2023

Share certificates may not be dematerialised or re-materialised between Wednesday, 12 April 2023
and Friday, 14 April 2023, both days inclusive.


SHORT-FORM ANNOUNCEMENT

This short-form announcement is the responsibility of the directors of the Company. It contains only
a summary of the information found in the detailed annual results announcement for the year ended
31 December 2022 (“Full Announcement”) and does not contain full or complete details.

The Full Announcement can be found at:
https://senspdf.jse.co.za/documents/2023/JSE/ISSE/SDOE/Final_22.pdf

A copy of the Full Announcement is also available for viewing on the Company’s website at
https://www.stadio.co.za/recent-reports/ or may be requested in person, at the Company’s registered
office or the offices of its sponsor, at no charge, during office hours.

Any investment decisions by investors and/or shareholders should be based on consideration of the
Full Announcement, as a whole.

The annual results for the year ended 31 December 2022 have been audited by the Company’s
auditors, PricewaterhouseCoopers Inc. who expressed an unmodified audit opinion thereon. The
audit opinion also includes communication of key audit matters. Key audit matters are those matters
that, in the auditors professional judgement, were of most significance in the audit of the annual results
for the year ended 31 December 2022. The audit opinion is available, along with the annual financial
statements, on the Company’s website at https://www.stadio.co.za/recent-reports.


PRESENTATION


STADIO Holdings will be hosting a virtual presentation on Wednesday, 15 March 2023, at 10:00 to
present the results to investors.

Presentation details:
Please register to attend the presentation ahead of time by clicking on the following link:
https://attendee.gotowebinar.com/register/3740547783136523614.
Participants will be able to download the results as well as the slides from the portal during the
presentation. Participants can send through questions using the portal, during and after the
presentation, or may also email questions to investorrelations@stadio.co.za.


Durbanville
15 March 2023


Sponsor
PSG Capital