Tsogo Sun Limited · JSE:TSG
Tsogo Sun — Tsogo Sun Gaming — H1 F2021 Earnings Presentation
14 slides from Tsogo Sun's earnings presentation, November 2020
Slide 1: Tsogo Sun Gaming Investor Presentation Interims F'21
TSOGO SUN GAMING INVESTOR PRESENTATION INTERIMS F’21 Nov 2020 Gold Reef City Casino – Social Distancing 1
Slide 2: Disclaimer
Disclaimer Certain statements in this document may constitute ‘forward looking statements’. Such forward looking statements reflect the company’s beliefs and expectations and involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance o
Slide 3: Group – Restrictions / Constraints
Group – Restrictions / Constraints Current restrictions / constraints Patron limitation Curfew - midnight Expectation Lifting of curfew vs More restrictive measures Divisions - gaming Casinos: all open since approximately 1 July 2020 Bingos: staggered opening July 2020 to Sept 2020 LPMs: 95% of site
Slide 4: Casinos – Entertainment, F&B, Hotels
Casinos – Entertainment, F&B, Hotels Entertainment Theme park – planned reopening Dec 2020. May close again end Jan 2021 Theatres, crèches remain closed Cinemas only open at Suncoast and Monte. Other to open end November F&B Restaurants of tenants open. Some permanent closures Tenants struggled duri
Slide 5: Opportunities
Opportunities Potential sale of non-core assets Assets realised Nov 2020 - R27m Nine pieces of land identified for consideration Sale of investments only at appropriate value Acquisitions and licenses Bingo license, relocation or redevelopment opportunities Increase of stakes and prizes of LPM indus
Slide 6: Risks
Risks Covid-19 Another lockdown or more restrictive conditions Smoking Legislation Potential current 25% allowance prohibition - will decimate industry Consequent significant job losses Casinos with significant investment should be granted exemption National Central Monitoring System NGB persisting
Slide 7: Tsogo Sun Gaming Interim Results
TSOGO SUN GAMING INTERIM RESULTS 7
Slide 8: Interim Results Dashboard
Interim Results Dashboard Tsogo Sun Gaming - continuing operations (Rm) H1 F’21 H1 F’20 FY F’20 Income 1,565 5,958 11,686 Operating costs (1,374) (3,978) (7,681) Ebitda 191 1,980 4,005 Adjusted Ebitda (incl leases) 136 1,920 3,883 Financing costs (excl leases & hedge reserve) (477) (540) (1,062) Hea
Slide 9: Group Income Statement (Rm)
Group Income Statement (Rm) Change on % Change Continuing Operations H1 F'21 H1 F'20 Prior on Prior Income 1,565 5,958 (4,393) (74) Net gaming win 1,464 5,029 (3,565) (71) Food & beverage revenue 21 330 (309) (94) Rooms revenue 22 251 (229) (91) Other revenue 17 232 (215) (93) Other income 41 116 (7
Slide 10: Group Income Statement (Rm)
Group Income Statement (Rm) Change on % Change Continuing Operations H1 F'21 H1 F'20 Prior on Prior Ebitda 191 1,980 (1,789) (90) Depreciation and amortisation (447) (458) 11 2 Exceptional items (7) (2) (5) (250) Net finance costs (495) (562) 67 12 Equity accounted earnings (6) 3 (9) (300) Taxation
Slide 11: Segmentation
Segmentation Income Ebitda % % H1 F'21 H1 F'20 Change H1 F'21 H1 F'20 Change Casinos 1,151 4,552 (74.7) 201 1,708 (88.2) Gauteng 618 2,447 (74.7) 108 929 (88.4) KwaZulu-Natal 300 1,180 (74.6) 63 472 (86.7) Mpumalanga 96 404 (76.2) 14 139 (89.9) Western Cape 85 305 (72.1) 16 113 (85.8) Eastern Cape 3
Slide 12: Funding and Cash Flow
FUNDING AND CASH FLOW 12
Slide 13: Net Debt and Liquidity (Rbn)
Net Debt and Liquidity (Rbn) F'21 F'21 F'20 Sept June Mar NIBD (1) (2) (11.7) (11.9) (11.2) Guarantees (3) (0.1) (0.2) (0.2) (11.8) (12.1) (11.4) Facilities available R1,050m (R1,350m as at 31 March 2020) - ONL & RCF (1) NIBD includes accrued interest of R212m (2) Cash and cash equivalents utilised
Slide 14: Debt, Cash flow and Prospects
Debt, Cash flow and Prospects Acceleration of debt reduction possible from October 2020 Subject to no further set backs Revenue > R0.6bn Sept 2020 month EBITDA > R0.2bn Sept 2020 month October further improvement – 1st full month of relaxed curfew Restructuring of cost base and improved efficiency C