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TSOGO SUN HOLDINGS LIMITED - Reviewed Condensed Consolidated Financial Results for the year ended 31 March 2019

Release Date: 23/05/2019 08:00
Code(s): TSH     PDF:  
 
Wrap Text
Reviewed Condensed Consolidated Financial Results
for the year ended 31 March 2019

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")

REVIEWED CONDENSED CONSOLIDATED FINANCIAL RESULTS
for the year ended 31 March 2019

- Income R11.6 billion up 18%
- Ebitdar R4.1 billion up 11%
- Adjusted HEPS 160.0 cents down 3% 
- Final dividend per share 56 cents down 20%
- Total dividends per share paid 188 cents up 84%

Commentary

OVERVIEW
Trading for the year ended 31 March 2019 was impacted by the continued pressure on the consumer due to the
macro-economic environment. The improved sentiment arising from the positive political developments has not translated into 
a significant improvement in trading and no change is expected before there is more certainty following the elections earlier
in the month. Trading has remained volatile and, while remaining weak on the prior year on a comparable basis, reflected
good growth during August and September 2018 and February and March 2019. The trading results were positively impacted
by the acquisition of the Galaxy Bingo ("Galaxy") and VSlots ("Vukani") businesses, on 20 November 2017. In the
low-revenue growth environment cost control remained a priority during the year.

The board approved the separate listing of the hotels division on 14 March 2019 and, in terms of IFRS 5 Non-current
Assets Held for Sale and Discontinued Operations, the group has accounted for the hotels division as held for distribution
to owners and the group income statement and cash flow statement have been restated. The commentary that follows thus
discusses separately the gaming business that will remain within the group and the discontinued operations.

REVIEW OF CONTINUING OPERATIONS 
In terms of the group's continued growth strategy R1.5 billion was spent during the year, including:
- the completion of the R1.5 billion expansion and refurbishment of the Suncoast Casino and Entertainment World. 
  The Salon Prive opened in August 2018 and the rest of the development, which includes the expanded casino floor,
  restaurants, The Globe, retail shops and parking, opened in December 2018. In total, R758 million was spent 
  during the year;
- gaming machine and expansion-related expenditure for the KwaZulu-Natal Bingo sites in Galaxy and gaming
  machine-related expenditure for site expansion and the acquisition of intellectual property rights to 
  Limited Payout Machines ("LPM") in Vukani of R164 million;
- continued investment in the Monte Circle office development of R29 million; and
- the group invested R558 million on replacement capex, ensuring our assets remain best in class.

Total income for the year of R11.6 billion ended 18% above the prior year mainly due to a 21% growth in net gaming
win, including the impact of Galaxy and Vukani, a 4% growth in hotel rooms revenue and a 9% growth in food and 
beverage revenue.

Earnings before interest, income tax, depreciation, amortisation, property rentals, long-term incentives and
exceptional items ("Ebitdar") at R4.1 billion for the year was 11% up on the prior year. Excluding the impact of 
the Galaxy and Vukani acquisition total income grew by 2% and Ebitdar was 2% down on the prior year, of which the 
1 percentage point ("pp") increase in VAT accounts for the majority of the Ebitdar reduction. The overall group 
Ebitdar margin of 35.0% is 2.4pp down on the prior year due to the impact of the weak revenue growth net of cost 
savings of 0.8pp, the 1pp increase in vat of 0.6% and the impact of the full year of the lower margin Galaxy and 
Vukani businesses of 1.0pp.

The underlying operations of the group remain highly geared towards the South African consumer and the high level of
operational gearing still presents significant growth potential for the group should this sector of the South African
economy improve.

Net casino gaming win for the year increased by 2% on the prior year with an increase in slots win by 1% and tables
win by 5%. Slots handle increased by 4% but was adversely impacted by a reduction in win percentages resulting in the 
1% growth in win. Tables drop increased by 6% but was also adversely impacted by a reduction in win percentages 
resulting in the 5% growth in win.

Gauteng recorded growth in provincial gaming win of 4.1% for the year. Gaming win growth of 5.1% was achieved at
Montecasino and 1.5% at Silverstar with a reduction at Gold Reef City of 1.7%.

KwaZulu-Natal provincial gaming win grew by 2.8% for the year. Gaming win grew by 2.4% at Suncoast Casino and
Entertainment World, impacted by disruption due to the refurbishment during the year, 2.9% at Golden Horse Casino in
Pietermaritzburg and 9.0% at Blackrock Casino in Newcastle. Provincial gaming win statistics are not available from 
the gaming board for January to March 2019 and have been estimated.

Mpumalanga provincial gaming win was up 0.5% on the prior year. Gaming win growth of 1.4% at The Ridge Casino in
Emalahleni was achieved with a reduction at Emnotweni Casino in Nelspruit of 2.1%.

Eastern Cape provincial gaming win reduced by 0.5% on the prior year. Hemingways gaming win reduced by 1.5% on the
prior year with economic conditions in the province remaining weak.

Western Cape provincial gaming win grew by 2.8% on the prior year. The Garden Route Casino in Mossel Bay and Caledon
Casino, Hotel and Spa reported growth of 5.2% and 2.0% respectively with gaming win at the Mykonos Casino in Langebaan
reducing by 1.7% on the prior year.

Goldfields Casino in Welkom in the Free State grew gaming win by 3.5% on the prior year despite a 1.8% reduction in
Free State provincial gaming win.

Other operations consisting of the Sandton Convention Centre, head office costs and dividend income reflected a net
cost of R111 million, an increase of R5 million on the prior year.

Total income for the casino gaming division increased 2% on the prior year to R9.2 billion. Ebitdar remained flat on
the prior year at R3.4 billion at a margin of 36.8%, 1.3pp below the prior year with particularly good control on
overheads mitigating the reduction in net gaming win and the impact of the 1pp vat increase.

The Galaxy and Vukani businesses were consolidated in the prior year from 20 November 2017. Total income for the year
for Galaxy was R855 million (2018: R263 million) with Ebitdar of R247 million (2018: R69 million). Total income for the
year for Vukani was R1.6 billion (2018: R543 million) with Ebitdar of R441 million (2018: R169 million). The Galaxy and
Vukani businesses together account for 16% of the growth in group income and 12% of the growth in group Ebitdar for 
the year.

As at 31 March 2019 Galaxy operated and managed 23 sites including 17 bingo sites with Electronic Bingo Terminals
("EBT"), four sites with EBTs and LPMs, one Independent Site Operator ("ISO") with 40 LPMs and one casino. Machines under
management include 3 507 EBTs (2018: 2 900), 200 LPMs (2018: 200) and 162 casino gaming positions (2018: 154). During the
year electronic bingo was rolled out at the four KwaZulu-Natal sites that previously offered LPMs and paper bingo.
Post-year end, during April 2019, an additional site with EBTs and LPMs opened in Pinetown.

As at 31 March 2019, 6 058 (2018: 5 894) Vukani machines were active at 1 144 sites (2018: 1 113). In total, 
164 machines (net of site closures) were rolled out during the 2019 year.

Operating expenses including gaming levies and VAT and employee costs, but excluding exceptional items and long-term
incentives, increased by 22% on the prior year mainly due to non-organic growth in the business as a result of
acquisitions and expansions, offset by savings initiatives. Excluding the non-organic growth and the impact of the 
1pp increase in the VAT rate, operating expenses increased by only 2% due to tight overhead control. Non-organic 
represents all new business operations commencing during the current and prior year.

Property rentals at R132 million are 42% up on the prior year mainly due to the inclusion of the Galaxy and Vukani
businesses.

Amortisation and depreciation at R738 million is 15% up on the prior year due mainly to the capital spend during the
current and prior years and the inclusion of the Galaxy and Vukani businesses.

The long-term incentive charge for the year on the cash-settled incentive scheme of R3 million values the liability
(including dividend adjustments) by reference to the company's share price which is adjusted for management's best
estimate of the appreciation units expected to vest and future performance of the group. A share price of R23.50 
was used to value the liability at 31 March 2019.

Exceptional losses for the year of R70 million relate mainly to restructure costs of R16 million, transaction costs of
R16 million, plant and equipment impairments of R21 million, share-based payment charge on the transfer of a portion of
the shareholding in various Galaxy sites to BBBEE shareholders of R9 million, fair value losses on the revaluation of
investment properties of R8 million and impairment of intangibles of R1 million, offset by the profit on sale of assets
of R1 million. Exceptional losses for the prior year of R197 million relate to goodwill and intangible asset impairments
of R112 million, plant and equipment disposals and impairments of R70 million, mainly related to the Suncoast expansion,
restructure costs of R33 million, transaction costs of R19 million, fair value losses on the revaluation of investment
properties of R4 million, impairment of a loan to an associate of R7 million and interest rate swap fair value
adjustments of R1 million, offset by previously impaired loans recovered net of impairments of R34 million and an 
additional recovery of costs from the hotels division of R15 million.

Net finance costs of R811 million are 20% above the prior year due to the increase in debt resulting from the transfer
during the year of R2.2 billion debt from the hotel division to the gaming division due to the strong cash flows in the
gaming division and the increased interim dividend.

The share of profit of associates and joint ventures of R7 million reduced by R1 million on the prior year.

The effective tax rate for the year of 27.7% is impacted by tax exempt dividend income, offset by non-deductible
expenditure such as casino building depreciation. The effective tax rate for the prior year of 28.5% was impacted by
non-deductible expenditure such as casino building depreciation and the effective interest on the SunWest and Worcester
acquisition, offset by tax exempt dividend income.

Profit after tax for the continuing operations is R1.7 billion compared to a prior year profit of R1.5 billion.

REVIEW OF DISCONTINUED OPERATIONS
In terms of the group's continued growth strategy R445 million was spent during the year, including:
- the completion of the US$16 million 125 room StayEasy in Maputo, Mozambique, which opened during April 2018. 
  In total, R52 million was spent during the year; and
- the group invested R383 million on replacement capex, including major hotel refurbishments, ensuring our assets
  remain best in class.

Total income for the year of R4.4 billion ended 1% above the prior year with a 2% growth in both rooms revenue and
food and beverage revenue assisted by a 9% growth in management fees, offset by a 13% reduction in property rental 
income on the third-party managed hotels in Hospitality Property Fund. 

Ebitdar at R1.5 billion for the year was 6% down on the prior year. The Ebitdar margin of 33.9% is 2.5pp down on the
prior year due to the impact of the weak revenue growth, net of cost savings.

Overall hotel industry occupancies in South Africa have reduced to 62.4% (2018: 64.2%) for the year. Occupancies in
Cape Town have remained weak as a result of the impact of the water shortage and additional supply.

Trading for the group's South African hotels for the year recorded system-wide revenue per available room ("RevPar")
1% up on the prior year due to a 2% increase in average room rates to R1 092, offset by a reduction in occupancy on the
prior year to 63.5% (2018: 64.7%).

Overall revenue for the South African hotels division was flat on the prior year at R3.8 billion assisted by the
inclusion of the opening of the SunSquare and StayEasy City Bowl hotels on 1 September 2017. Ebitdar decreased by 
8% on the prior year to R1.3 billion at a margin of 35.6% (2018: 38.7%).

The offshore division of hotels achieved total revenue of R605 million which increased 7% on the prior year, impacted
by 4% due to the opening of the StayEasy Maputo hotel during April 2018. This was further favourably impacted by the
weakening of the Rand against the US Dollar. Ebitdar (pre-foreign exchange gains) increased by 16% to R138 million. 
Foreign exchange gains of R6 million (2018: R1 million) were incurred on the translation of offshore monetary items,
principally between local country currencies and the US Dollar.

Combined South African and offshore hotel trading statistics, reflecting the Tsogo Sun Hotels owned hotels and
excluding hotels managed on behalf of third parties and those in HPF managed by third parties, are as follows:

For the year ended 31 March          2019             2018    
Occupancy (%)                        60.6             62.5    
Average room rate (R)               1 064            1 043    
RevPar (R)                            645              652    
Rooms available ('000)              4 239            4 123    
Rooms sold ('000)                   2 568            2 576    
Rooms revenue (Rm)                  2 732            2 687    

Operating expenses including employee costs, but excluding exceptional items and long-term incentives, increased 
by 5% on the prior year due to non-organic growth in the business as a result of acquisitions and expansions, offset 
by savings initiatives. Excluding the non-organic growth and foreign exchange gains, operating expenses increased 
by only 1% due to tight overhead control. Non-organic represents all new business operations commencing during 
the current and prior year.

Property rentals at R208 million are 10% up on the prior year mainly due to the opening of the SunSquare and StayEasy
Cape Town City Bowl hotels on 1 September 2017.

Amortisation and depreciation at R306 million is 14% up on the prior year due mainly to the capital spend during the
current and prior years, including the StayEasy in Maputo, Mozambique, which opened during April 2018.

The long-term incentive charge on the cash-settled incentive scheme of R3 million values the liability (including
dividend adjustments) by reference to the company's share price which is adjusted for management's best estimate of 
the appreciation units expected to vest and future performance of the group. A share price of R23.50 was used to 
value the liability at 31 March 2019.

Exceptional losses for the year of R581 million relate to fair value losses on the revaluation of investment
properties of R445 million, mainly related to the non-Tsogo-leased hotels in HPF, plant and equipment disposals and 
impairments of R96 million, mainly related to Southern Sun Ikoyi and Garden Court Nelson Mandela Boulevard, 
transaction costs of R34 million, restructure costs of R7 million and preopening costs of R1 million, offset by 
interest rate swap fair value adjustments of R2 million. Exceptional losses for the prior year of R241 million 
relate to fair value losses on the revaluation of investment properties of R187 million, mainly related to the 
non-Tsogo-leased hotels in HPF, preopening costs of R19 million, transaction costs of R13 million, restructure 
costs of R5 million, interest rate swap fair value adjustments of R1 million, fair value losses on non-current 
assets held for sale of R1 million and an additional recovery of costs from the hotels division of R15 million.

Net finance costs of R417 million are 13% below the prior year due to the decrease in debt resulting from the transfer
during the year of R2.2 billion debt from the hotel division to the gaming division. 

The share of profit of associates and joint ventures of R15 million decreased by R40 million on the prior year mainly
due to the group's share of the reversal of the deferred tax asset on an assessed loss which expired during the year at
Maia of R25 million and losses on the revaluation of investment property in the current year compared to gains in the
prior year in International Hotel Properties Limited of R10 million, offset by termination fees received in RBH Hotel
Group Limited on cancelled contracts.

The effective tax rate for the year of 490% is impacted by the non-deductible fair value losses on investment property 
referred to above and non-deductible expenditure, offset by pre-tax profits attributable to the HPF non-controlling 
interests due to its real estate investment trust ("REIT") tax status. The effective tax rate for the prior year of 
39.5% is impacted by the non-deductible fair value losses on investment property referred to above and non-deductible 
expenditure, offset by the release of deferred tax liabilities of R307 million on the disposal of assets to HPF and 
pre-tax profits attributable to the HPF non-controlling interests due to its REIT tax status.

The loss after tax for the discontinued operations is R59 million compared to a prior year profit of R660 million. 

REVIEW OF ADJUSTED HEADLINE EARNINGS
Profit attributable to non-controlling interests of R60 million is R127 million below the prior year. Continuing
operations' non-controlling interests are R20 million higher than the prior year due to the inclusion of Galaxy and 
Vukani for the whole year. Discontinued operations' non-controlling interests are R147 million lower than the prior 
year due mainly due to the non-controlling interests' share of HPF being R144 million lower mainly due to the higher 
fair value losses on investment properties in the current year.

Group adjusted headline earnings for the year at R2.0 billion ended 1% above the prior year. Continuing operations'
adjusted headline earnings for the year at R1.7 billion ended 3% above the prior year. Discontinued operations' adjusted
headline earnings for the year at R297 million ended 9% below the prior year. The adjustments include the reversal of 
the post-tax impacts of the exceptional gains or losses noted above, and the exceptional gains or losses in the share 
of profit of associates and joint ventures, net of tax and non-controlling interests. The adjustments in the prior year
include the reversal of the post-tax impacts of the exceptional gains or losses noted above, in addition to the release 
of the deferred tax liabilities of R307 million noted in taxation above and the exceptional gains in the share of profit 
of associates and joint ventures, net of tax and non-controlling interests.

The number of shares in issue increased during the prior year on the acquisition of Galaxy and Vukani with the
weighted average increasing by 6% and the resultant total group adjusted headline earnings per share is 5% down on 
the prior year at 188.1 cents per share. Continuing operations' adjusted headline earnings per share for the year at 
160.0 cents ended 3% below the prior year. Discontinued operations' adjusted headline earnings per share for the year 
at 28.1 cents ended 14% below the prior year.

REVIEW OF CASH FLOW AND NET DEBT
Cash generated from continuing operations for the year increased by 21% on the prior year to R3.8 billion. Net finance
costs for continuing operations increased by 20% due to the increase in net debt mainly as a result of the acquisition
of Galaxy and Vukani in the prior year, the transfer during the year of R2.2 billion debt from the hotel division to the
gaming division and dividends paid to shareholders and non-controlling interests increasing by 112% due to the
increased interim dividend paid. Cash flows utilised for investment activities in the continuing operations of 
R1.5 billion consisted mainly of replacement capital expenditure and the acquisitions and investments described above.

Interest-bearing debt net of cash for the continuing operations at 31 March 2019 totalled R11.0 billion, which is 
R1.6 billion below the 31 March 2018 group balance of R12.5 billion, with R3.0 billion net debt attributed to the
discontinued operations and R2.2 billion paid in dividends to group shareholders in addition to the investment 
activities during the year. 

PROSPECTS
Given the continued weak state of the South African economy trading is expected to remain under pressure. Growth will
depend on how the economy performs going forward and the level of policy certainty that the South African government is
able to achieve. Nevertheless, the group remains highly cash generative and is confident in achieving attractive returns
from the growth strategy once the macro-economic environment improves.

The group continues to implement a variety of projects including:
- the unbundling and separate listing of the hotel division which will provide shareholders with greater investment
  choice and the ability to manage their exposure to gaming and hotel operations respectively. It is also envisaged 
  that the separate listing will provide shareholders with more detailed disclosure relating to the operations of 
  the hotel division and allow for its valuation without discounting for gaming-related regulatory risks; 
- the potential to bid for the relocation of one of the smaller casinos in the Western Cape to the Cape Metropole
  remains an opportunity for the group should the provincial authorities allow such a process. The Western Cape 
  Provincial Treasury published a draft Bill and Regulations intended to permit the relocation of outlying casinos 
  to within the Metropole, however, progress remains slow and the final result uncertain; and
- the ongoing cost saving initiatives will continue and further cost savings will be considered during the year.

The Galaxy and Vukani businesses are expected to continue to deliver strong growth, ahead of inflation.

DIVIDEND
Subsequent to year end, the board of directors has declared a final gross cash dividend from income reserves in
respect of the year ended 31 March 2019 of 56.0 (fifty-six) cents per share. The dividend has been declared in South 
African currency and is payable to shareholders recorded in the register of the company at close of business Friday, 
14 June 2019. The number of ordinary shares in issue at the date of this declaration is 1 056 059 913 (excluding treasury 
shares of 45 592 448). The dividend will be subject to a local dividend tax rate of 20%, which will result in a net dividend 
of 44.8 cents per share to those shareholders who are not exempt from paying dividend tax. The company's tax reference 
number is 9250039717.

In compliance with the requirements of Strate, the electronic and custody system used by the JSE, the following dates
are applicable in 2019:

Last date to trade cum dividend        Tuesday, 11 June    
Shares trade ex dividend             Wednesday, 12 June    
Record date                             Friday, 14 June    
Payment date                           Tuesday, 18 June    

Share certificates may not be dematerialised or rematerialised during the period Wednesday, 12 June 2019 and 
Friday, 14 June 2019, both days inclusive. On Tuesday, 18 June 2019, the cash dividend will be electronically 
transferred to the bank accounts of all certificated shareholders where this facility is available. Where 
electronic fund transfer is not available or desired, cheques dated 18 June 2019 will be posted on that date.
Shareholders who have dematerialised their share certificates will have their accounts at their CSDP or broker 
credited on Tuesday, 18 June 2019.

SUBSEQUENT EVENTS
The directors are not aware of any matter or circumstance arising since the end of the financial year, not otherwise
dealt with within the financial statements that would affect the operations or results of the group significantly.

PRESENTATION
Shareholders are advised that a presentation to various analysts and investors which provides additional analysis and
information will be available on the group's website at www.tsogosun.com/gaming/investors.

FORWARD-LOOKING INFORMATION DISCLAIMER
Any forward-looking information included in Prospects above has not been reviewed or reported on by the company's
external auditors.

J Booysen                          RB Huddy
Chief Executive Officer            Chief Financial Officer

23 May 2019


Independent auditor's review report on condensed consolidated financial statements

To the shareholders of Tsogo Sun Holdings Limited
We have reviewed the condensed consolidated financial statements of Tsogo Sun Holdings Limited, set out in 
this provisional report, which comprise the condensed consolidated balance sheet as at 31 March 2019 and the
related condensed consolidated income statement, condensed consolidated statement of comprehensive income, 
condensed consolidated statement of changes in equity, condensed consolidated cash flow statement for the year 
then ended, and selected explanatory notes. 

Directors' responsibility for the condensed consolidated financial statements
The directors are responsible for the preparation and presentation of these condensed consolidated financial
statements in accordance with the requirements of the JSE Limited Listings Requirements for provisional reports, 
as set out in note 1 to the financial statements, and the requirements of the Companies Act of South Africa, and 
for such internal control as the directors determine is necessary to enable the preparation of financial statements 
that are free from material misstatement, whether due to fraud or error. 

Auditor's responsibility
Our responsibility is to express a conclusion on these financial statements. We conducted our review in accordance
with International Standard on Review Engagements ("ISRE") 2410, which applies to a review of historical financial
information performed by the independent auditor of the entity. ISRE 2410 requires us to conclude whether anything 
has come to our attention that causes us to believe that the financial statements are not prepared in all material 
respects in accordance with the applicable financial reporting framework. This standard also requires us to comply 
with relevant ethical requirements.

A review of financial statements in accordance with ISRE 2410 is a limited assurance engagement. We perform
procedures, primarily consisting of making inquiries of management and others within the entity, as appropriate, and 
applying analytical procedures, and evaluate the evidence obtained. The procedures performed in a review are substantially 
less than those performed in an audit conducted in accordance with International Standards on Auditing. Accordingly, we 
do not express an audit opinion on these financial statements.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated
financial statements of Tsogo Sun Holdings Limited for the year ended 31 March 2019 are not prepared, in all material
respects, in accordance with the requirements of the JSE Limited Listings Requirements for provisional reports, as 
set out in note 1 to the financial statements, and the requirements of the Companies Act of South Africa.

PricewaterhouseCoopers Inc.
Director: P Calicchio
Registered Auditor
Johannesburg
23 May 2019

Notes to the reviewed condensed consolidated financial statements
for the year ended 31 March 2019

1    BASIS OF PREPARATION
     The condensed consolidated financial statements for the year ended 31 March 2019 have been prepared in accordance 
     with the requirements of the JSE Limited Listings Requirements ("Listings Requirements") for provisional reports 
     and the requirements of the Companies Act of South Africa. The Listings Requirements require provisional reports 
     to be prepared in accordance with the framework concepts and the measurement and recognition requirements of 
     International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board 
     ("IASB"), the preparation and disclosure requirements of IAS 34 Interim Financial Reporting, the SAICA Financial 
     Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued 
     by the Financial Reporting Standards Council ("FRSC"). Chief Financial Officer, RB Huddy CA(SA), supervised the 
     preparation of the condensed consolidated financial statements. The accounting policies applied in the preparation 
     of the condensed consolidated financial statements are in terms of IFRS and are consistent with those applied in 
     the previous consolidated annual financial statements as at 31 March 2018 other than as described in notes 2 and 3. 
     The condensed consolidated financial statements should be read in conjunction with the annual financial statements 
     for the year ended 31 March 2018, which have been prepared in accordance with IFRS. These condensed consolidated 
     financial statements for the year ended 31 March 2019 have been reviewed by PricewaterhouseCoopers Inc., and 
     their unmodified review conclusion is included above.      

2    CHANGE IN SIGNIFICANT ACCOUNTING POLICIES
     New and amended standards adopted by the group
     The group has adopted all the new, revised or amended accounting pronouncements as issued by the IASB which were 
     effective for the group from 1 April 2018, the significant accounting pronouncements being:
     - IFRS 9 Financial Instruments; and
     - IFRS 15 Revenue from Contracts with Customers.

     The adoption of IFRS 9 and IFRS 15 was applied retrospectively without restating comparative figures. There was no 
     material impact identified on the group's financial statements and therefore the group's opening retained income 
     has not been adjusted. The impact of these new standards is discussed below. No other pronouncements had any material 
     impact on the group.

2.1  IFRS 9 Financial Instruments
     The adoption of IFRS 9 with effect from 1 April 2018 resulted in changes in accounting policies and had no material 
     impact on the group's financial statements.

     Classification and measurement
     Investments in unlisted equity instruments were previously classified as available-for-sale financial assets. 
     The group has elected to measure these equity instruments at fair value through other comprehensive income ("FVOCI")
     as these investments are held as long-term strategic investments that are not expected to be sold in the short to 
     medium term. As a result, assets with a fair value of R1.275 billion were reclassified from available-for-sale 
     financial assets to financial assets at FVOCI and the fair value reserve of R9 million was reclassified from the 
     available-for-sale financial assets reserve to the FVOCI reserve on 1 April 2018. These reclassifications had no 
     impact on the measurement of these assets. This designation to FVOCI is irrevocable from date of transition and 
     will not be recycled to profit or loss.

     The majority of financial assets held by the group include debt instruments being loan receivables, trade and 
     other receivables and cash and cash equivalents which continue to qualify for measurement at amortised cost 
     under IFRS 9 because they are held to collect contractual cash flows comprising principal and interest, 
     therefore there is no change to the accounting for these assets.

     There was no impact on the group's retained earnings due to the aforementioned changes in the classification 
     and measurement of equity instruments, loan receivables, trade and other receivables or cash and cash equivalents 
     as at 1 April 2018. The main effects of this reclassification are as follows:

                                                                    31 March                                    
                                                                        2018                                   
                                                               as previously                   1 April 2018    
                                                                    reported       IFRS 9      under IFRS 9    
                                                                          Rm           Rm                Rm    
     Balance sheet extract                                                                                     
     Non-current assets                                                                                        
     Available-for-sale financial assets                               1 275       (1 275)                -    
     Financial assets at FVOCI                                             -        1 275             1 275    
     Other reserves extract                                                                                    
     Other reserves                                                                                            
     Available-for-sale investments fair value reserve                    (9)           9                 -    
     Financial assets at FVOCI reserve                                     -           (9)               (9)   

     Hedge accounting
     The group has adopted the new hedge accounting rules which align the accounting for hedging instruments more 
     closely with the group's risk management practices and the group's interest rate swaps in place at 31 March 2018 
     continue to qualify as cash flow hedges upon the adoption of IFRS 9, having no material impact on the group's
     previously reported financial statements.

     Impairment of financial assets
     IFRS 9 replaces the "incurred loss" model in IAS 39, and in accordance with the new requirements, the group now 
     applies the IFRS 9 simplified approach to measuring expected credit losses ("ECL") which uses a lifetime expected 
     loss allowance for trade receivables measured at amortised cost. The balance of the group's financial assets 
     measured at amortised cost are loan receivables and cash and cash equivalents to which the general model is 
     applied. The group was required to revise its impairment methodology under IFRS 9 for each of these classes 
     of assets and no material impact was identified on adoption or at the reporting date.      

     At the reporting date, trade receivables totalled R115 million and are provided for R13 million. The group 
     measures the loss allowance for trade receivables by applying a provision matrix which is prescribed by IFRS 9 
     as mentioned above. These lifetime expected credit losses are estimated using a provision matrix. Trade 
     receivables are categorised into respective characteristics, namely geographical and business type and the 
     provision matrices have been developed by making use of judgement, past default experience of debtors but 
     also incorporate forward looking information such as general economic conditions of the industry as at the 
     reporting date. The estimation techniques explained have been applied for the first time in the current 
     financial period, as a result of the adoption of IFRS 9.

     Loan receivables consists of site operator loans and advances of R120 million (2018: R103 million). 
     The loss allowance recognised during the period is based on the general model. This takes into account 
     probability of default, loss given default and exposure at default. Loss allowances are based on a 
     12-month ECL for performing loans and lifetime ECL for underperforming and non-performing loans. 
     The ECL at 31 March 2019 is R39 million. Each loan is advanced, monitored and provided for on an 
     individual basis. The creation of the provision is offset by the release of provisions for impaired 
     receivables and has been included in other expenses in the income statement.
     
     The closing loss allowance for site operator loan receivables at 31 March 2019 reconciled to the opening 
     loss allowance as follows:                                               
                                                                             2019                2018    
                                                                               Rm                  Rm    
     At 1 April                                                                30                  31    
     Increase in loss allowance as calculated under IFRS 9                      -                   -    
     At 1 April calculated under IFRS 9                                        30                  31    
     Provision for receivables impairment                                      10                   1    
     Written off as uncollectable                                              (1)                 (2)   
     At 31 March                                                               39                  30    

2.2  IFRS 15 Revenue from Contracts with Customers
     IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is 
     recognised. It replaced IAS 18 Revenue, IAS 11 Construction Contracts and related interpretations. 
     The group adopted IFRS 15 from 1 April 2018 which resulted in changes in accounting policies. The group 
     derives revenue over time, together with its hotel customer reward programmes which are recognised as 
     they are redeemed or expire. The group has no contract assets. The table below presents revenue by 
     segment which excludes gaming win and other income which are included in the segmental analysis. The 
     adoption of IFRS 15 does not have a material impact on the group's revenue recognition and no change has 
     been made to the group's opening retained income. In terms of accounting standards, betting transactions 
     concluded under gaming operations meet the definition of derivatives and therefore income from gaming 
     operations represents the net position arising from financial instruments and is accounted for in terms 
     of IFRS 9.

3    RESTATEMENT OF PRIOR YEAR RESULTS
3.1  Discontinued operations
     With reference to the SENS announcement published on 15 March 2019 and the prelisting statement published 
     on 23 May 2019, on 14 March 2019 the Tsogo Sun board approved the separation of Tsogo Hotels Limited 
     ("THL") from Tsogo Sun so that THL will be an independent, publicly traded company. The separation will 
     be achieved by way of Tsogo Sun unbundling its entire THL shareholding to Tsogo Sun shareholders registered 
     as such in the Tsogo Sun register at the close of business on the record date, Friday, 14 June 2019, by way
     of a distribution in specie to Tsogo Sun shareholders of one THL share for every Tsogo Sun share held, 
     reflected as being held by that Tsogo Sun shareholder on the record date. The unbundling will be effected 
     in terms of section 46 of the Companies Act and otherwise on the terms and conditions set out in the Tsogo 
     Sun SENS announcement dated 23 May 2019 and the prelisting statement. The JSE has agreed to the listing of 
     the entire issued share capital of THL in the "Travel and Leisure" sector on the main board of the JSE with 
     effect from the commencement of trade on Wednesday, 12 June 2019, subject to the declaration of the 
     distribution for the purposes of the unbundling. As of the distribution date, Tuesday, 18 June 2019, 
     Tsogo Sun and THL will be independent public companies, the shares of which will be listed on the JSE 
     and will have separate public ownership, boards of directors and management.

     At the time of the unbundling, all intercompany loan balances, which are not in the ordinary course of 
     business, will be settled between Tsogo Sun and THL, including the treasury loan owing by THL to Tsogo Sun. 
     The remaining intercompany balances incurred in the ordinary course of business are not material.
     
     Therefore, in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the 
     respective assets and liabilities have been presented as held for distribution to owners, the profits 
     from the discontinued operations have been disclosed separately and the prior year income statement, 
     statement of other comprehensive income, cash flow statement and respective notes to the condensed 
     consolidated financial statements for the year ended 31 March 2018 have been restated.

     Profit attributable to discontinued operations for the                  2019                2018    
     year ended 31 March                                                       Rm                  Rm    
     Revenue                                                                4 389               4 364    
     Expenses                                                              (3 038)             (2 821)   
     Fair value adjustment of investment properties                          (445)               (187)   
     Property rentals                                                        (208)               (189)   
     Amortisation and depreciation                                           (306)               (269)   
     Operating profit                                                         392                 898    
     Net finance costs                                                       (417)               (480)   
     Share of profit of associates and joint venture                           15                  55    
     Pre-tax (losses)/profits                                                 (10)                473    
     Income tax (expense)/credit                                              (49)                187    
     (Loss)/profit for the year from discontinued operations                  (59)                660    

     The carrying amount of assets and liabilities classified as held for distribution           2019    
     as at 31 March 2019:                                                                          Rm    
     Non-current assets                                                                                  
     Property, plant and equipment                                                              7 684    
     Investment properties                                                                      4 881    
     Goodwill and other intangible assets                                                         405    
     Investments in associates and joint ventures                                                 608    
     Non-current receivables                                                                        7    
     Derivative financial instruments                                                               2    
     Deferred income tax assets                                                                    71    
     Current assets                                                                                      
     Inventories                                                                                   46    
     Trade and other receivables                                                                  516    
     Current income tax assets                                                                      4    
     Cash and cash equivalents                                                                    407    
     Total assets classified as held for distribution to owners                                14 631    
     Long-term liabilities                                                                               
     Interest-bearing borrowings                                                                2 885    
     Derivative financial instruments                                                               2    
     Deferred income tax liabilities                                                              228    
     Provisions and other liabilities                                                             276    
     Current liabilities                                                                                 
     Interest-bearing borrowings                                                                  485    
     Trade and other payables                                                                     755    
     Current income tax liabilities                                                               102    
     Total liabilities classified as held for distribution to owners                            4 733    
                                                                                                         
     Net cash flows attributable to discontinued operations                  2019                2018    
     for the year ended 31 March:                                              Rm                  Rm    
     Net cash generated from operating activities                             524                 562    
     Net cash utilised for investment activities                             (479)               (736)   
     Net cash generated by financing activities                                29                 114    
     Net cash generated by/(utilised for) discontinued operations              74                 (60)   

3.2  Prior year restatement
     During the year under review, the group established that its subsidiary, Vukani which was acquired during 
     the prior year, had treated the share of net gaming win paid to site owners in its limited payout operations 
     incorrectly in the prior period. Net gaming win was previously recognised net of payments made to site owners 
     in respect of their share of net gaming win and certain costs recovered reflected in revenue on the basis 
     that Vukani was considered to be the agent in these transactions. During the current year, on reflection, 
     it was ascertained that Vukani is the principal in these transactions and therefore the items netted should 
     be reflected on a gross basis. To correctly reflect the nature of the net gaming win share paid to site 
     owners and certain costs recovered from these parties, the following restatement to the prior year results 
     has been recognised:                                 

     Income statement                                                                        31 March    
                                                                                                 2018    
                                                                                             Restated    
                                                                                                   Rm    
     Increase in net gaming win                                                                   184    
     Decrease in other revenue                                                                     (3)   
     Increase in gaming levies and VAT                                                            (23)   
     Increase in other operating expenses (mainly site owner commissions)                        (158)   
     Net                                                                                            -    
                                                                                                         
     This correction had no effect on operating profit, headline or adjusted headline earnings. No restatement 
     to equity opening balances is required.                                 

 4   STANDARDS ISSUED BUT NOT YET EFFECTIVE
     Other than IFRS 16 Leases (as noted below), the group does not anticipate that any standards or amendments 
     to existing standards that have been published and are mandatory for the group's accounting periods 
     beginning on or after 1 April 2019 or later periods, which the group has not early adopted, would have 
     a material impact on the group.                                         

     IFRS 16 Leases
     IFRS 16 must be applied for financial years commencing on or after 1 January 2019. The group will apply 
     the new standard from 1 April 2019.                                         

     The standard will affect the way the group accounts for its operating leases being mostly property, plant 
     and equipment (including certain gaming machines) and the Sandton Convention Centre included in continuing 
     operations and some hotel property leases included in held for distribution operations (note 3.1), where 
     the group is the lessee. At 31 March 2019, the group's outstanding commitments under non-cancellable operating 
     lease agreements amounted to R2.5 billion, on an undiscounted basis. Of these commitments, approximately 
     R22 million relate to short-term leases and R7 million to low-value leases which will both be recognised 
     on a straight-line basis as operating leases in profit or loss.
                                                                                      
                                                                       Continuing            Held for     
                                                                       operations        distribution    
                                                                               Rm                  Rm    
     For the remaining lease commitments as at                                                           
     1 April 2019, the group expects:                                                                    
     Right-of-use assets recognised                                           333                 712    
     Lease liabilities recognised                                             569                 950    
     Deferred tax assets thereon                                               66                  68    

     Where the group is the lessee, the group intends to apply the simplified transition approach and will 
     not restate comparative amounts for the first year of adoption. Per IFRS 16, right-of-use assets will be 
     measured on transition as if the new rules had always been applied discounted using the respective 
     incremental borrowing rates. The group will apply the practical expedient per IFRS 16 C3 in that the 
     IFRS 16 definition of a lease would only be applied to assess whether contracts entered into after the 
     date of initial application (1 April 2019) are, or contain, leases. The group has also elected not to 
     reassess whether a contract is, or contains a lease at the date of initial application. Instead, for 
     contracts entered into before the transition date the group relied on its assessment made applying 
     IAS 17 and IFRIC 4 Determining Whether an Arrangement Contains a Lease. All contracts previously 
     assessed not to contain leases will not be reassessed. The group will also apply the recognition 
     exemptions for short-term leases (a lease that, at the commencement date, has a lease term of 
     12 months or less) and leases of low-value items (mainly small items of office equipment and 
     furniture).

     Where the group is the lessor, it is not required to make any adjustments on transition for leases in which 
     it is a lessor, however, there may be additional disclosures with effect from 1 April 2019.

5    FAIR VALUE ESTIMATION
     The group fair values its investment properties (categorised as level 3 values), FVOCI investments 
     (categorised as level 3 values) and its interest rate swaps (categorised as level 2 values). There were 
     no transfers into or out of level 3 financial instruments, other than as shown below.

5.1  Investment properties                                                                     
     The movement of investment properties for the year is as follows:   31 March            31 March    
                                                                             2019                2018    
                                                                         Reviewed             Audited    
                                                                               Rm                  Rm    
     Opening net carrying amount                                            5 255               4 969    
     Acquisition and development of investment properties                     189                 471    
     Fair value adjustments recognised in profit or loss                     (453)               (191)   
     Transfer of owner occupied property                                      310                   -    
     Transfers from held for sale                                              66                   -    
     Acquisition of subsidiary                                                  -                   6    
     Reclassification to held for distribution to owners (note 3.1)        (4 881)                  -    
     Closing net carrying amount                                              486               5 255    

     The group's investment properties have been categorised as level 3 values based on the inputs to the 
     valuation technique used. The group has elected to measure investment properties at fair value.

     The fair value of the group's investment property reclassified as held for distribution is determined 
     by using the discounted cash flow method by discounting the rental income (based on expected net cash 
     flows of the underlying hotels) after considering the capital expenditure requirements. The expected 
     cash flows are discounted using an appropriate discount rate. The core discount rate is calculated 
     using the R186 (long bond) at the time of valuation, to which is added premiums for market risk and 
     equity and debt costs. The discount rate takes into account a risk premium associated with the local 
     economy as well as that specific to the local property market and the hotel industry. Fair values are 
     estimated annually by an external appointed valuer.      

     As at 31 March 2019 the significant unobservable inputs were as follows:
     - a weighted average rental growth rate of 5.25% (2018: 5.0%);
     - a terminal capitalisation rate of 7.25% - 7.75% (2018: 7.23% - 8.07%); and
     - a risk-adjusted discount rate of 12.50% - 13.00% (2018: 12.23% - 13.07%).
     
     Material adverse changes to the valuations are due to the material change in rental income, largely due 
     to the change in sentiment, mainly in Cape Town, stemming from the drought and the impact this has had 
     on the summer season in Cape Town, as well as the lower domestic corporate business which collectively 
     impacted negatively on hotel occupancy levels.

     The table below indicates the sensitivities of the aggregate investment property portfolio by 
     increasing or decreasing value inputs as follows:
                                                       2019                        2018                    
                                                   Increase      Decrease      Increase      Decrease    
                                                         Rm            Rm            Rm            Rm    
     5% change in the net cash flows                    274          (274)          282          (283)   
     25bps change in the terminal                 
     capitalisation rate                               (114)          123          (121)          128    
     50bps change in the discount rate                  (91)           94          (373)          326    

     The fair value of the group's remaining investment properties were independently valued at 31 March 2019. 
     The valuation of the portfolio was performed independently by professionally qualified valuers having 
     the relevant experience. The fair value has been valued using capitalised values of the projected rental 
     income together with the assessment of development land. Vacancies have been considered based on the 
     historical and current vacancy factors as well as the nature, location, size and popularity of the 
     properties.

     As at 31 March 2019 the significant unobservable inputs were as follows:
     - capitalisation rate applied to rental income of 9%; and
     - vacancy rate applied between 0% and 10%.

     Inter-relationship between key unobservable inputs and fair value measurement as follows:
     The estimated fair value would increase/(decrease) if:
     - expected rental income were higher/(lower);
     - expected vacancy rate was lower/(higher); and
     - the capitalisation rate was lower/(higher).

     The table below indicates the sensitivities of the remaining aggregate investment property portfolio  
     by increasing or decreasing value inputs as follows:
                                                       2019                        2018                    
                                                   Increase      Decrease      Increase      Decrease    
                                                         Rm            Rm            Rm            Rm    
     1% change in the capitalisation rate               (41)           51            (6)            7    

     The Pivot office building was previously classified as owner occupied property in line with IAS 16 
     Property, Plant and Equipment. This application was made on the basis that the building was significantly 
     occupied by entities within the group. During the year under review, the owner occupation has reduced 
     substantially and the building is no longer considered to be owner occupied. The property was transferred 
     from property, plant and equipment to investment properties and, in accordance with IAS 16 and IAS 40 
     Investment Property, the property was revalued through OCI to fair value before being transferred as shown 
     in the statement of other comprehensive income.

5.2  Financial asset at FVOCI
     During the 2017 financial year, aligned with the group's desire to increase its exposure in the Western 
     Cape province, the group entered into a transaction with Sun International Limited ("SI") and Grand Parade 
     Investments Limited ("GPI") for the acquisition of a 20% equity interest in each of SunWest International 
     Proprietary Limited ("SunWest") and Worcester Casino Proprietary Limited ("Worcester"). The group has 
     pre-emptive rights but no representation on the board of directors of either company and has no operational 
     responsibilities. The group also has no access to any information regarding the companies except for that 
     to which it has statutory rights as a shareholder. These investments are classified as level 3 fair value 
     measurements and have been accounted for as financial assets at FVOCI.

     At the end of each reporting period the investment is remeasured and the increase or decrease recognised in 
     other comprehensive income. The asset has been remeasured to R1.3 billion at 31 March 2019, a R9 million 
     decrease. A discounted cash flow valuation was used to estimate the fair value. The valuation model 
     considers the present value of net cash flows to be generated from SunWest and Worcester, together with 
     their operating capital expenditure taking into account expected growth in gaming win and other revenue 
     generated from non-gaming-related activities. The expected net cash flows are discounted using a risk-adjusted 
     discount rate. Among other factors, the discount rate estimation considers risks associated with the gaming 
     and hospitality industry in which SunWest and Worcester operates.

     The significant unobservable inputs used in the fair value measurement of the group's investment in SunWest 
     and Worcester as at 31 March 2019 are shown below. A change in the assumption used for expected gaming win 
     growth is accompanied by a directionally similar pro rata change in operating expenditure cost growth:
     - expected gaming win growth between 3.1% and 6.8% (2018: 4.3% and 6.3%);
     - operating expenditure cost growth between 5.3% and 5.6% (2018: 5.1% and 5.6%);
     - risk-adjusted discount rate of 11.5% (2018: 11.3%); and
     - long-term growth rate of 5.3% (2018: 5.6%).

     The table below indicates the sensitivities for the valuation by increasing or decreasing the above 
     inputs by 1%:
                                                       2019                        2018                    
                                                   Increase      Decrease      Increase      Decrease    
                                                         Rm            Rm            Rm            Rm    
                                                                                                         
     Expected gaming win growth                         502          (439)          281          (260)   
     Operating expenditure cost growth                 (224)          207          (239)          221    
     Risk-adjusted discount rate                       (189)          263          (208)          298    
     Long-term growth rate                              150          (108)          178          (125)   

5.3  SI put option
     In terms of the acquisition agreement of the SunWest and Worcester interests mentioned above, in the 
     event that any party acquires 35% or more of the issued ordinary shares of SI triggering a change in 
     control of the SI group, the group may elect to put its equity interests in SunWest and Worcester to 
     SI. SI can elect to either settle the put by the issue of new ordinary shares in SI and/or for a cash 
     consideration, based on the aggregate value of Tsogo Sun's interest in SunWest and Worcester. 
     No derivative has been recognised as the fair value of the option is Rnil at 31 March 2019 
     (31 March 2018: Rnil).                                                              

5.4  Interest rate swaps
     The fair value of the group's derivatives used for hedge accounting is a net liability of R68 million 
     (31 March 2018: liability of R135 million) and is calculated as the present value of the estimated 
     future cash flows based on observable yield curves, which is consistent with the prior year. The 
     group's derivatives at 31 March 2019 are all effective.

6    BUSINESS COMBINATIONS                                                            
     Acquisition of intellectual property rights to the Golden Island Casino LPMs              
     Vukani concluded agreements with TAB-Austria ("TAB") to acquire the intellectual property rights to 
     the Golden Island Casino LPMs for Africa, which include the processes, formulae, methods and 
     information controlled and owned by TAB, currently being manufactured by TAB. The effective 
     date was 21 September 2018.                

     The acquired business ensures business continuation in the event that TAB is no longer in a 
     position to manufacture and maintain such LPMs for whatever reason. The fair value of the net 
     assets acquired is equal to the fair value of the consideration paid at the date of acquisition 
     less deferred tax. The intangible asset, having been identified on this acquisition consisting 
     of the intellectual property, has been accounted for in line with the group's accounting policies, 
     the fair value of the asset acquired was obtained by applying a valuation technique performed on 
     a discounted cash flow basis. The acquired business contributed neither revenue nor earnings to 
     the group for the period to 31 March 2019, the calculation excluding the funding impact of the 
     acquisition and using the group's accounting policies. The fair value of net assets acquired 
     is as follows:                
                                                                                                   Rm    
     Fair value of intangible assets acquired                                                      49    
     Deferred tax liability                                                                       (13)   
     Fair value of net assets acquired                                                             36    
     Goodwill arising on acquisition                                                               13    
     Cash consideration paid                                                                       49    
     Deferred cash purchase consideration                                                         (31)   
     Cash outflow on acquisition of business - investing activities                                18    

     None of the goodwill is expected to be deductible for tax purposes.                                  

7    COMMON CONTROL ACQUISITION                                                                        
     Acquisition of Kuruman from Niveus Investments Limited ("Niveus")                                 
     As part of the common control acquisition of certain gaming businesses from Niveus as reported during 
     the prior year, the group paid an amount of R95 million for the purchase of Niveus Invest 1, which owns 
     the Grand Oasis Casino "Kuruman", from Niveus which required the approvals by the Northern Cape Gambling 
     Board. As these approvals had not been obtained by 31 March 2018, this payment was accounted for as a 
     prepayment. The approval was subsequently obtained on 15 June 2018.                

     The transaction is deemed to be a transaction under common control and consequently falls outside the 
     scope of IFRS 3 Business Combinations. Tsogo Sun's accounting policy is to apply predecessor accounting 
     to common control transactions. Common control accounting is applied as the purchase is from HCI, the 
     company's controlling shareholder and under the predecessor accounting method, assets and liabilities 
     acquired, including goodwill acquired, are recognised at the predecessor values with the difference
     between the acquisition value and the aggregate purchase consideration recognised as a separate reserve 
     in equity, a "common control" reserve.                

     The abovementioned acquisition is in keeping with the group's strategy of expanding it's gaming operations. 
     The identifiable assets less liabilities assumed at acquisition date is less than the value of the 
     consideration paid at the date of acquisition, and therefore the group recognised a common control 
     reserve in the statement of changes in equity of R42 million:                
                                                                                                       
                                                                                                   Rm    
     Property, plant and equipment                                                                 36    
     Other intangible assets                                                                        6    
     Deferred tax assets                                                                            1    
     Other non-current assets                                                                       5    
     Cash and cash equivalents                                                                      4    
     Other non-current liabilities                                                                (16)   
     Other current liabilities                                                                     (1)   
     Total identifiable net assets assumed                                                         35    
     Non-controlling interests                                                                     18    
                                                                                                   53    
     Less: Purchase consideration in the form of cash paid                                        (95)   
     Common control reserve arising on transaction                                                (42)   
     Net cash flow:                                                                                      
     Cash consideration prepaid during prior year to acquire Kuruman (refer note above)           (95)   
     Prepayment allocated to acquisition during current period                                     95    
     Add: Cash balances acquired with Kuruman                                                       4    
     Net inflow of cash during the period                                                           4    

8    CHANGES IN INTEREST-BEARING BORROWINGS ARISING FROM FINANCING ACTIVITIES
     Changes arising from financing activities for the year ended 31 March 2019 related to interest-
     bearing borrowings, excluding bank overdrafts from short-term borrowings of R1 929 million 
     (2018: R1 575 million), are as follows:
                                                               Long-term      Short-term        Total    
                                                                      Rm              Rm           Rm    
                                                                                                         
     Balance at 1 April 2018                                       9 777             923       10 700    
     Borrowings raised                                             1 590               -        1 590    
     Borrowings repaid                                                 -            (700)        (700)   
     Reclassification to short-term                               (1 276)          1 276            -    
     Other                                                           (19)             24            5    
     Balance at 31 March 2019                                     10 072           1 523       11 595    
                                                                                                         
                                                               Long-term      Short-term        Total    
                                                                      Rm              Rm           Rm    
     Balance at 1 April 2017                                       9 439           3 399       12 838    
     Reclassification to held for distribution to owners          (3 069)           (844)      (3 913)   
     Borrowings raised                                             3 756             249        4 005    
     Borrowings repaid                                                 -          (2 229)      (2 229)   
     Reclassification to short-term                                 (349)            349            _    
     Other                                                             -              (1)          (1)   
     Balance at 31 March 2018                                      9 777             923       10 700    

9    RELATED PARTY TRANSACTIONS
     The group had no significant related party transactions during the year under review, other than 
     total dividends paid of R1.1 billion (2018: R495 million) to HCI and controlling entities of HCI 
     during the year, the common control acquisition as mentioned in note 7 and the hotels held for 
     distribution to owners transaction as mentioned in note 3.1.

10   SEGMENT INFORMATION
     In terms of IFRS 8 Operating Segments the chief operating decision maker has been identified as 
     the group's Chief Executive Officer ("CEO") and the Group Executive Committee ("GEC"). Management 
     has determined the operating segments based on the reports reviewed by the chief operating decision 
     maker. There has been no change in the basis of segmentation or in the basis of measurement of 
     segment profit or loss from the last annual financial statements other than the discontinued 
     operations consisting of the South African and offshore hotels divisions - refer note 3.1. As a 
     result of discontinued operations and the restructuring of the group, the corporate entities 
     have been included with other gaming.      

     The group's CEO and GEC assess the performance of the operating segments based on Ebitdar. The 
     measure excludes the effects of long-term incentives and the effects of non-recurring expenditure. 
     The measure also excludes all headline earnings adjustments, impairments and fair value adjustments 
     on non-current and current assets and liabilities. Finance income and finance costs are not included 
     in the results for each operating segment as this is driven by the group treasury function which 
     manages the cash and debt position of the group.

11   CAPITAL COMMITMENTS
     Capital commitments for maintenance and expansion capital items at its gaming and hotel properties 
     as at 31 March 2019 are as follows:                                                     
                                                             Continuing          Held for       Total     
                                                             operations      distribution       group    
                                                                     Rm                Rm          Rm    
     Committed by the board of directors                          1 661               774       2 435    
     Contracted for                                                 277               127         404    
     Anticipated to be spent during the next 12 months            1 170               417       1 587    

12   CONTINGENT LIABILITIES
     The group had no significant contingent liabilities as at 31 March 2019.

13   EVENTS OCCURRING AFTER THE BALANCE SHEET DATE
     Other than as mentioned elsewhere in this report and the dividend declaration noted below, the directors 
     are not aware of any matter or circumstance arising since the balance sheet date and the date of this report.

13.1 Dividend declaration
     Subsequent to the company's reporting date, on 22 May 2019, the board of directors declared a final gross 
     cash dividend of 56 cents per share in respect of the year ended 31 March 2019. The aggregate amount of the 
     dividend, which will be paid on 18 June 2019 out of retained earnings at 31 March 2019, not recognised as a 
     liability at the reporting date, is R594 million.                                                     

13.2 Cancellation and delisting of 42 876 046 Ordinary Tsogo Shares
     As announced on SENS, on 25 April 2019 the company cancelled and subsequently delisted with effect 3 May 2019 
     42 876 046 ordinary shares of 2 cents each ("ordinary Tsogo shares"). These ordinary Tsogo shares were held 
     by Tsogo Sun Gaming Investments Proprietary Limited ("TSG"), a subsidiary of Tsogo Sun Hotels, Gaming and 
     Entertainment Proprietary Limited ("TSHG&E") and were received as a dividend in specie by TSHG&E on 
     25 April 2019. On even date, the company in turn received the ordinary Tsogo shares from TSHG&E, a wholly 
     owned subsidiary of the company, as a dividend in specie. The shares cancelled represent 3.75% of the 
     issued share capital of the company immediately prior to such cancellation. Following the cancellation, 
     the issued share capital of the company will now comprise 1 101 652 361 ordinary shares of 2 cents each, 
     while the number of treasury shares that will continue to be held by various subsidiaries in the company 
     reduces to 45 592 448 ordinary Tsogo shares.


Condensed consolidated income statement
for the year ended 31 March

                                                                                      2019             2018    
                                                                      Change      Reviewed         Restated(1)    
                                                                           %            Rm               Rm    
Continuing operations                                                                                          
Net gaming win                                                            21         9 821            8 124    
Rooms revenue                                                              4           490              473    
Food and beverage revenue                                                  9           648              592    
Other revenue                                                            (17)          433              520    
Property rental income                                                     3           137              133    
Other income(2)                                                                         90                -    
Income                                                                    18        11 619            9 842    
Gaming levies and Value Added Tax                                                   (2 145)          (1 704)   
Property and equipment rentals                                                        (291)            (177)   
Amortisation and depreciation                                                         (738)            (643)   
Employee costs                                                                      (2 327)          (2 096)   
Other operating expenses                                                            (2 981)          (2 453)   
Fair value adjustment of investment properties                                          (8)              (4)   
Operating profit                                                          13         3 129            2 765    
Finance income                                                                         333              332    
Finance costs                                                                       (1 144)          (1 010)   
Share of profit of associates and joint ventures                                         7                8    
Profit before income tax                                                             2 325            2 095    
Income tax expense                                                                    (644)            (597)   
Profit for the year from continuing operations                                       1 681            1 498    
(Loss)/profit for the year from discontinued operations (note 3.1)                     (59)             660    
Profit for the year                                                                  1 622            2 158    
Profit attributable to:                                                                                        
Equity holders of the company                                                        1 562            1 971    
Non-controlling interests                                                               60              187    
                                                                                     1 622            2 158    
Basic and diluted earnings attributable to the ordinary equity       
holders of the company per share (cents)                             
From continuing operations                                                           155.0            148.6    
From discontinued operations                                                          (7.4)            49.7    
Basic and diluted earnings per share (cents)                             (26)        147.6            198.3    
Number of shares in issue (million)                                                  1 056            1 059    
Weighted average number of shares in issue (million)                                 1 058              994    
(1) Restated for discontinued operations - refer note 3.1 and reallocation between gaming win, other income, 
    gaming VAT and LPM site owners' commissions - refer note 3.2
(2) On transition of IFRS 15 and IFRS 9 dividend income has been removed from revenue arising from contracts 
    with customers and reclassified to other income                                                 


Condensed consolidated statement of comprehensive income                    
for the year ended 31 March                                                 
                                                                                      2019             2018    
                                                                                  Reviewed         Restated(1)    
                                                                                        Rm               Rm    
Profit for the year                                                                  1 622            2 158    
Other comprehensive income for the year, net of tax                                                            
Items that may be reclassified subsequently to profit or loss:                         217             (145)   
Cash flow hedges - continuing operations                                                61              (79)   
Cash flow hedges - discontinued operations                                               4               (4)   
Currency translation adjustments on discontinued operations                            170              (86)   
Available-for-sale investment fair value adjustment - continuing operations              -                3    
Income tax relating to items that may subsequently be                       
reclassified to profit or loss                                                         (18)              21    
Items that may not be reclassified subsequently to profit or loss:                      96                3    
Gains on revaluation of owner occupied property reclassified to             
investment property - continuing operations                                            130                -    
Equity instruments at FVOCI fair value adjustment - continuing operations               (9)               -    
Remeasurements of post-employment defined benefit liability                 
in discontinued operations                                                               3                4    
Income tax relating to items that may not subsequently be                   
reclassified to profit or loss                                                         (28)              (1)   
Total comprehensive income for the year                                              1 935            2 016    
Total comprehensive income attributable to:                                                                    
Equity holders of the company                                                        1 873            1 830    
Non-controlling interests                                                               62              186    
                                                                                     1 935            2 016    
Total comprehensive income attributable to equity holders:                                                     
Continuing operations                                                                1 778            1 422    
Discontinued operations                                                                 95              408    
                                                                                     1 873            1 830    
(1) Restated for discontinued operations - refer note 3.1


Supplementary information
for the year ended 31 March
                                                                  
                                                                                      2019             2018    
                                                                      Change      Reviewed         Restated(1)    
                                                                           %            Rm               Rm    
Reconciliation of earnings attributable to                        
equity holders of the company to headline                         
earnings and adjusted headline earnings                           
Profit/(loss) attributable to equity holders of the company                                                    
Continuing operations                                                                1 640            1 477    
Discontinued operations                                                                (78)             494    
(Less)/add: continuing operations' adjustments                                                                 
(Gain)/loss on disposal of property, plant and equipment                                (1)               2    
Impairment of property, plant and equipment                                             21               68    
Fair value adjustment of investment properties                                           8                4    
Impairment of goodwill                                                                   -               20    
Impairment of casino licences and bid costs (intangibles)                                1               92    
Impairment of equity loan to associate                                                   -                7    
Total tax effects of adjustments                                                        (7)             (31)   
Add/(less): discontinued operations' adjustments                                                               
Adjustments from discontinued operations(2)                                            541              188    
Total tax and NCI effects of adjustments                                              (207)             (76)   
Share of associates' headline earnings adjustments                                      10               (7)   
Headline earnings                                                        (14)        1 928            2 238    
Add/(less): continuing operations' adjustments                                                                 
Other exceptional items included in operating profit                                    41                4    
Total tax effects of adjustments                                                        (6)              (3)   
Total NCI effects of adjustments                                                        (4)               -    
Add/(less): discontinued operations' adjustments                                                               
Other exceptional items(2)                                                              40               53    
Early debt settlement costs                                                              -                3    
Total tax and NCI effects of adjustments                                               (13)             (14)   
Deferred tax derecognised                                                                5             (307)   
Share of associates' exceptional items                                                  (1)              (8)   
Adjusted headline earnings                                                 1         1 990            1 966    
Allocated as follows:                                                                                          
Continuing                                                                           1 693            1 640    
Discontinued                                                                           297              326    
Number of shares in issue (million)                                                  1 056            1 059    
Weighted average number of shares in issue (million)                                 1 058              994    
Basic and diluted headline earnings per share -                   
continuing operations (cents)                                                        157.1            164.9    
Basic and diluted headline earnings per share -                   
discontinued operations (cents)                                                       25.1             60.3    
Basic and diluted adjusted headline earnings per share -          
continuing operations (cents)                                                        160.0            165.0    
Basic and diluted adjusted headline earnings per share -          
discontinued operations (cents)                                                       28.1             32.8    
(1)  Restated for discontinued operations - refer note 3.1                                                     
(2)  Refer exceptional losses net of gains for discontinued operations below

Reconciliation of operating profit to Ebitdar(2)
                                                                      Continuing             Discontinued
                                                                      operations              operations
                                                                    2019       2018         2019       2018    
Ebitdar pre-exceptional items                       Change      Reviewed   Restated(1)  Reviewed   Restated(1)    
are made up as follows:                                  %            Rm         Rm           Rm         Rm    
Operating profit                                                   3 129      2 765          392        898    
Add/(less):                                                                                                    
Property rentals                                                     132         93          208        189    
Amortisation and depreciation                                        738        643          306        269    
Long-term incentive expense/(credit)                                   3        (17)           3         (7)   
                                                                   4 002      3 484          909      1 349    
Add: Exceptional losses net of gains                                  70        197          581        241    
Gain/(loss) on disposal of property,                                                              
plant and equipment                                                   (1)         2            3          -    
Impairment of property, plant                                                                     
and equipment                                                         21         68           93          -    
Fair value adjustment of investment properties                         8          4          445        187    
Fair value adjustment of                                               -          -            -          1    
non-current assets held for sale                                                                               
Impairment of goodwill                                                 -         20            -          -    
Impairment of casino licences and                                                                 
bid costs (intangibles)                                                1         92            -          -    
Impairment of equity loan to associate                                 -          7            -          -    
Fair value adjustment on interest rate swaps                           -          1           (2)         1    
Share-based payment charge for NCIs                                    9          -            -          -    
Impairment of financial instruments,                                                              
net of recoveries                                                      -        (34)           -          -    
Pre-opening costs                                                      -          -            1         19    
Restructuring costs (including                                                                    
termination benefits)                                                 16         33            7          5    
Transaction costs                                                     16         19           34         13    
Management additional recharge to                                                                 
discontinued operations                                                -        (15)           -         15    
Ebitdar                                                 11         4 072      3 681        1 490      1 590    
(1) Restated for discontinued operations - refer note 3.1
(2) The measure excludes the effects of long-term incentives, non-recurring expenditure, headline earnings 
    adjustments including impairments and fair value adjustments on non-current and current assets and 
    liabilities and other exceptional items


Condensed consolidated cash flow statement
for the year ended 31 March
                                                                                      2019             2018    
                                                                                  Reviewed         Restated(1)    
                                                                                        Rm               Rm    
Cash flows from operating activities                                                                           
Operating profit                                                                     2 325            2 095    
Non-cash movements                                                                   1 787            1 713    
Decrease in working capital                                                           (343)            (685)   
Cash generated from operations                                                       3 769            3 123    
Finance income                                                                         323              332    
Finance costs                                                                       (1 137)          (1 010)   
                                                                                     2 955            2 445    
Income tax paid                                                                       (559)            (586)   
Dividends paid to shareholders                                                      (2 137)          (1 015)   
Dividends paid to non-controlling interests                                            (19)              (2)   
Dividends received                                                                      98               88    
Cash flows from operating activities - discontinued operations                         524              562    
Net cash generated from operating activities                                           862            1 492    
Cash flows from investment activities                                                                          
Purchase of property, plant and equipment - expansionary                              (912)            (367)   
Purchase of property, plant and equipment - replacement                               (541)            (431)   
Proceeds from disposals of property, plant and equipment                                 9                7    
Acquisitions to investment properties                                                  (30)             (26)   
Purchase of intangible assets                                                          (17)             (11)   
Common control acquisitions, net of cash acquired                                        4           (1 542)   
Acquisition of business - intellectual property                                        (18)               -    
Loans repaid by associates                                                               4                -    
Net cash utilised for investment activities - discontinued operations                 (479)            (736)   
Net cash utilised for investment activities                                         (1 980)          (3 106)   
Cash flows from financing activities                                                                           
Borrowings raised                                                                    1 590            4 005    
Borrowings repaid                                                                     (700)          (2 229)   
Shares repurchased                                                                     (65)               -    
Treasury shares settled                                                                  -               86    
Share issue costs arising from the issue of shares for Gameco acquisition                -               (9)   
Acquisition of non-controlling interests                                                (2)               -    
Decrease in amounts due by share scheme participants                                     1                1    
Net cash generated from financing activities - discontinued operations                  29              114    
Net cash generated from financing activities                                           853            1 968    
Net (decrease)/increase in cash and cash equivalents                                  (265)             354    
Cash and cash equivalents at beginning of the year, net of bank overdrafts           1 071              725    
Foreign currency translation                                                            18               (8)   
Cash and cash equivalents at end of the year, net of bank overdrafts                   824            1 071    
Included in cash and cash equivalents in the balance sheet                             612              846    
Included in the assets of the held for distribution group                              212              225    
                                                                                       824            1 071    
(1) Restated for discontinued operations - refer note 3.1.


Condensed consolidated balance sheet
as at 31 March
                                                                                      2019             2018    
                                                                                  Reviewed          Audited    
                                                                                        Rm               Rm    
ASSETS                                                                                                         
Non-current assets                                                                                             
Property, plant and equipment                                                        9 154           16 038    
Investment properties                                                                  486            5 255    
Goodwill and other intangible assets                                                 6 175            6 507    
Investments in associates and joint ventures                                            35              641    
Financial assets at FVOCI                                                            1 266                -    
Available-for-sale financial assets                                                      -            1 275    
Non-current receivables                                                                 34               66    
Derivative financial instruments                                                         3                -    
Deferred income tax assets                                                              43              142    
                                                                                    17 196           29 924    
Current assets                                                                                                 
Inventories                                                                             75              119    
Trade and other receivables                                                            577              857    
Current income tax assets                                                               57               36    
Cash and cash equivalents                                                            2 541            2 778    
                                                                                     3 250            3 790    
Non-current assets held for sale                                                         -               66    
Assets classified as held for distribution to owners                                14 631                -    
Total current assets                                                                17 881            3 856    
Total assets                                                                        35 077           33 780    
EQUITY                                                                                                         
Capital and reserves attributable to equity holders of the company                                             
Ordinary share capital and premium                                                   6 571            6 636    
Other reserves                                                                      (1 774)          (2 040)   
Retained earnings                                                                    5 699            6 280    
Total shareholders' equity                                                          10 496           10 876    
Non-controlling interests                                                            3 049            3 318    
Total equity                                                                        13 545           14 194    
LIABILITIES                                                                                                    
Non-current liabilities                                                                                        
Interest-bearing borrowings                                                         10 072           12 667    
Derivative financial instruments                                                        71              132    
Deferred income tax liabilities                                                      1 525            1 670    
Provisions and other liabilities                                                       201              468    
                                                                                    11 869           14 937    
Current liabilities                                                                                            
Interest-bearing borrowings                                                          3 452            2 648    
Trade and other payables                                                             1 441            1 876    
Current income tax liabilities                                                          37              125    
                                                                                     4 930            4 649    
Liabilities classified as held for distribution to owners                            4 733                -    
Total liabilities                                                                   21 532           19 586    
Total equity and liabilities                                                        35 077           33 780    


Condensed consolidated statement of changes in equity
                                                           Attributable to equity holders of the company
                                      Ordinary share                                           Non-              
                                         capital and      Other   Retained              controlling     Total    
                                             premium   reserves   earnings      Total     interests    equity    
                                                  Rm         Rm         Rm         Rm            Rm        Rm    
                                                                                                                 
Balance at 31 March 2017 (audited)             4 576        874      5 321     10 771         2 685    13 456    
Total comprehensive income                         -       (144)     1 974      1 830           186     2 016    
Profit for the year                                -          -      1 971      1 971           187     2 158    
Other comprehensive income                         -       (144)         3       (141)           (1)     (142)   
Issue of ordinary share capital                1 974          -          -      1 974             -     1 974    
Treasury shares settled                           86          -          -         86             -        86    
Consideration to HPF non-controlling                                                                 
interests in hotels assets                         -        (37)         -        (37)        1 067     1 030    
Acquisition of non-controlling                                                                       
interests from HPF                                 -        436          -        436          (436)        -    
Consideration to HPF non-controlling                                                                 
interests - Sandton Isle                           -        (15)         -        (15)           15         -    
Common control reserve arising on                                                                    
acquisition of Gameco                              -     (3 154)         -     (3 154)            -    (3 154)   
Acquisition activity Gameco                        -          -          -          -           (38)      (38)   
Ordinary dividends                                 -          -     (1 015)    (1 015)         (161)   (1 176)   
Balance at 31 March 2018 (audited)             6 636     (2 040)     6 280     10 876         3 318    14 194    
Total comprehensive income                         -        309      1 564      1 873            62     1 935    
Profit for the year                                -          -      1 562      1 562            60     1 622    
Other comprehensive income                         -        309          2        311             2       313    
Buy-back of ordinary share capital               (65)         -          -        (65)            -       (65)   
Common control reserve arising on                                                                    
acquisition of Kuruman Casino                      -        (42)         -        (42)          (18)      (60)   
Acquisition of non-controlling                                                                       
interests - Galaxy                                 -         (1)         -         (1)           (1)       (2)   
Ordinary dividends                                 -          -     (2 145)    (2 145)         (312)   (2 457)   
Balance at 31 March 2019 (reviewed)            6 571     (1 774)     5 699     10 496         3 049    13 545    


Segmental analysis
for the year ended 31 March
                                                                                                   Amortisation
                                     Income(1)            Ebitdar(2)         Ebitdar margin      and depreciation                     
                                             2018                 2018                 2018                 2018    
                                  2019   Restated(3)   2019   Restated(3)   2019   Restated(3)   2019   Restated(3)    
                                    Rm         Rm        Rm         Rm         %          %        Rm         Rm    
Continuing operations                                                                                             
  Montecasino                    2 714      2 625     1 175      1 135      43.3       43.3       104        111    
  Suncoast                       1 734      1 681       720        752      41.5       44.7       113         84    
  Gold Reef City                 1 477      1 497       550        569      37.3       38.0       101        118    
  Silverstar                       691        686       210        212      30.4       30.9        82         80    
  Golden Horse                     409        397       176        177      43.1       44.6        29         31    
  Emnotweni                        368        381       119        136      32.4       35.7        27         28    
  The Ridge                        391        381       144        145      36.9       38.0        30         30    
  Hemingways                       304        314        84         97      27.5       30.8        32         38    
  Garden Route                     245        235       100         99      40.9       41.9        16         16    
  The Caledon                      181        177        49         49      26.9       28.0        10         11    
  Mykonos                          179        183        80         86      44.6       47.2        11         11    
  Blackrock                        170        160        53         54      31.0       33.6        13         12    
  Goldfields                       137        135        35         38      25.8       28.5        11         12    
  Galaxy(4)(5)                     855        263       247         69      28.9       26.2        39         12    
  Vukani(4)(5)                   1 559        543       441        169      28.3       31.1       107         34    
  Other gaming operations(6)       205        184      (111)      (106)                            13         15    
                                11 619      9 842     4 072      3 681      35.0       37.4       738        643    
Discontinued operations(7)                                                                                          
  South African hotels division  3 784      3 799     1 346      1 470      35.6       38.7       259        231    
  Offshore hotels division         605        565       144        120      23.8       21.2        47         38    
  Pre-foreign exchange gains                            138        119      22.8       21.1                         
  Foreign exchange gains                                  6          1                                              
                                 4 389      4 364     1 490      1 590      33.9       36.4       306        269    
Group, including discontinued                                                                        
operations                      16 008     14 206     5 562      5 271      34.7       37.1     1 044        912    
(1) All revenue and income from gaming and hotel operations is derived from external customers. No one customer 
    contributes more than 10% to the group's total revenue
(2) All casino units are reported pre-internal gaming management fees
(3) Restated for discontinued operations - refer note 3.1 and reallocation between gaming win, other income, 
    gaming VAT and LPM site owners' commissions - refer note 3.2
(4) Gaming division includes Galaxy and Vukani with effect from 20 November 2017
(5) Income in Vukani and Ebitdar in Galaxy include R7 million (2018: R6 million) related to gaming machine 
    rentals which are eliminated in other gaming operations
(6) Corporate entities have been absorbed into gaming operations due to the restructure of the group
    - refer notes 3.1 and 10
(7) Discontinued operations - refer note 3.1

Revenue from contracts with customers
The group derives revenue over time, together with its hotel customer reward programmes which are recognised 
as they are redeemed or expire. The accounting policy change is noted in note 2.2. The group has no contract 
assets. The table below presents revenue by segment which excludes gaming win and other income which are 
included in the segmental analysis on above. Disaggregation of revenue from contracts with customers for 
the year under review:
                                                                                                      Revenue     
                                                        Rooms       Food and        Other       from external     
Revenue from contracts with customers                 revenue       beverage      revenue           customers    
over time                                                  Rm             Rm           Rm                  Rm    
Continuing operations                                                                                            
Montecasino                                               232            172           75                 479    
Suncoast                                                   32             76           10                 118    
Gold Reef City                                             23             83          168                 274    
Silverstar                                                 10             47           14                  71    
Golden Horse                                               22             27            1                  50    
Emnotweni                                                  57             40            8                 105    
The Ridge                                                  38             37            9                  84    
Hemingways                                                 31             33           11                  75    
Garden Route                                                6              6            -                  12    
Mykonos                                                     -              -            1                   1    
The Caledon                                                20             23            6                  49    
Blackrock                                                  19             18            -                  37    
Goldfields                                                  -             10            1                  11    
Galaxy                                                      -             73            4                  77    
Vukani                                                      -              3            -                   3    
Other gaming operations                                     -              -          125                 125    
                                                          490            648          433               1 571    
Discontinued operations                                                                                          
South African hotels                                    2 346            814          272               3 432    
Offshore hotels                                           386            176           37                 599    
                                                        2 732            990          309               4 031    
Reconciliation to segmental analysis above:                                                                 
Continuing operations                                                                                            
Revenue from contracts with customers per above                                                         1 571    
Property rentals                                                                                          137    
Other income                                                                                               90    
Net gaming win                                                                                          9 821    
Discontinued operations                                                                                          
Revenue from contracts with customers per above                                                         4 031    
Property rentals                                                                                          358    
Total income per segmental analysis                                                                    16 008    

Other revenue comprises mainly revenues from the theme park, the Sandton Convention Centre, cinemas, parking, 
venue hire and other sundry revenue.                                                                   

Corporate information

DIRECTORS: JA Copelyn (Chairman)* J Booysen (Chief Executive Officer) RB Huddy (Chief Financial Officer) 
MSI Gani** MJA Golding** BA Mabuza (Lead Independent)** VE Mphande*
JG Ngcobo** Y Shaik 
(*Non-executive Director 
**Independent Director)

COMPANY SECRETARY: GD Tyrrell

REGISTERED OFFICE: Palazzo Towers East, Montecasino Boulevard, Fourways, 2055 (Private Bag X200, Bryanston, 2021)

TRANSFER SECRETARIES: Link Market Services South Africa Proprietary Limited,
13th Floor, Rennie House, 
19 Ameshoff Street, 
Braamfontein, 2001 
(PO Box 4844, Johannesburg, 2000)

SPONSOR: Investec Bank Limited, 
100 Grayston Drive, Sandton, 2196 
(PO Box 785700, Sandton, 2146)

Auditors: PricewaterhouseCoopers Inc.,
4 Lisbon Lane, Jukskei View, 2090 
(Private Bag X36, Sunninghill, 2157)

www.tsogosun.com

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