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")

CONDENSED UNAUDITED CONSOLIDATED INTERIM FINANCIAL RESULTS AND DIVIDEND DECLARATION
for the six months ended 30 September 2022

Income                                  R5.5   billion          up 43%
Operating costs                        (R3.5   billion)         up 38%
EBITDA                                  R1.9   billion          up 52%
Adjusted EBITDA (including leases)      R1.9   billion          up 53%
Headline earnings                       R607   million          up 88%
Earnings per share                      64.1   cents           up 106%
Headline earnings per share (HEPS)      58.0   cents            up 88%
Dividend per share                      30.0   cents           up 100%
NIBD and guarantees                     R8.5   billion        down 17%


DEBT AND COVENANTS
It is pleasing to note that the net debt to adjusted EBITDA ratio for the past rolling 12 months, as measured for covenant
purposes, amounted to a 2.22 times multiple, which has reduced from the 2.89 multiple at the 31 March 2022 year end. The
required ratio in terms of the group's debt covenants is less than a 3.0 times multiple.

Despite the completion of various transactions during the period under review at a net cash outflow totalling R506 million,
the group still managed to reduce its net interest‐bearing debt and guarantees by R535 million, from R9.04 billion at
31 March 2022, to R8.50 billion at 30 September 2022.

FINANCIAL
The total income generated for the period under review was R5.46 billion (up 43% compared to the prior period, but still
8% below pre‐COVID‐19 levels), EBITDA was R1.95 billion (up 52% on the prior period) and adjusted EBITDA (after IFRS 16
adjustments) was R1.91 billion (up 53% on the prior period, and only 1% below pre‐COVID‐19 levels, illustrating more
efficient operations when compared to income).

Headline earnings achieved for the period under review amounted to R607 million compared to the R323 million headline
earnings reported for the prior period. If, however, the hotel transaction amounting to R289 million (after tax and non‐
controlling interests) is excluded from the headline earnings calculation, then adjusted headline earnings achieved is
R896 million. This equates to an adjusted EBITDA to adjusted headline earnings conversion ratio of 47% (26% for the
prior period and 36% for the 30 September 2019 interim period).

DIVIDEND
The board of directors has resolved to declare an interim gross cash dividend of 30.0 (thirty) cents per share in respect
of the six months ended 30 September 2022 from distributable reserves. The dividend will be paid in cash to shareholders
recorded in the register of the company at close of business Friday, 23 December 2022. The number of ordinary shares in
issue at the date of this declaration is 1 049 627 224 (excluding 561 076 treasury shares). The dividend will be subject
to a local dividend tax rate of 20%, which will result in a net dividend of 24.0 (twenty‐four) cents per share to those
shareholders who are not exempt from paying dividend tax. The company's income tax reference number is 9250039717.

Salient dates for payment of the dividend are:
Last date to trade cum dividend              Tuesday, 20 December   2022
Trading ex‐dividend commences             Wednesday, 21 December    2022
Record date                                   Friday, 23 December   2022
Payment date                                 Tuesday, 27 December   2022

Share certificates may not be dematerialised or re‐materialised during the period Wednesday, 21 December 2022 and
Friday, 23 December 2022, both days inclusive.
IMPORTANT INFORMATION
The content of this short form announcement is the responsibility of the board of directors of Tsogo Sun Gaming, which
represents a summary of the information contained in the full announcement. Any investment decisions by investors
and/or shareholders should be based on consideration of the full announcement as a whole which is available at
https://senspdf.jse.co.za/documents/2022/jse/isse/TSGE/Interims.pdf and on the group's website at https://www.tsogosungaming.com
and also for inspection at the company's registered office at Palazzo Towers East, Montecasino Boulevard, Fourways, 2055.

Fourways
24 November 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)