Seven-year financial review
The 2020 – 2015 historical normalised financial information provided in this seven-year financial review is considered to include pro forma financial information under the Listings Requirements. It is prepared for presenting the group's sustainable earnings history and is for illustrative purposes only. This information is the responsibility of the company's directors. Owing to its nature, the information provided may not fairly present the financial position, changes in equity or results of operations or cash flows. The reporting accountant provided assurance on the pro forma information for prior years, and these reports are available for inspection at the issuer's registered office.
2021 financial information is presented on the IFRS reporting basis. Historically, the reversal of B-BBEE financial information has been the most significant normalisation adjustment. Following the 99.99% share purchase by the group in the B-BBEE SPV entities in December 2020, the B-BBEE SPV entities are consolidated as a subsidiary of group and therefore this normalisation adjustments are not considered significant for the year. Financial information for 2021 are presented inclusive of the application of IFRS 16 Leases, which was adopted for all periods commencing from 1 July 2019. 2020 to 2015 do not reflect the adoption of IFRS 16 Leases. Therefore, historical information may not be comparable.
| Reported 2021 | Normalised | |||||||
|---|---|---|---|---|---|---|---|---|
| R'm | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||
| Consolidated normalised statements of profit and loss | ||||||||
| Revenue | 507.8 | 1 159.3 | 1 548.0 | 1 498.4 | 1 520.4 | 1 493.2 | 1 303.1 | |
| EBITDA | (138.4) | 228.6 | 489.7 | 588.0 | 616.4 | 624.8 | 547.1 | |
| Depreciation and amortisation | (120.0) | (131.1) | (117.5) | (105.2) | (102.8) | (96.4) | (86.4) | |
| Depreciation – right-of-use assets | (85.9) | – | – | – | – | – | – | |
| Operating profit | (344.3) | 97.5 | 372.2 | 482.8 | 513.6 | 528.4 | 460.7 | |
| Net impairment losses | (387.6) | (488.4) | – | – | – | – | – | |
| Net interest (expense)/income | (169.7) | (31.7) | (2.4) | (1.9) | (12.6) | (16.4) | (6.2) | |
| Investment in joint venture | – | – | – | – | – | – | 60.0 | |
| Income from joint ventures | – | – | – | – | – | – | 1.6 | |
| (Loss)/profit before taxation | (901.6) | (422.6) | 369.8 | 480.9 | 501.0 | 512.0 | 516.1 | |
| Taxation | 97.0 | 66.7 | (102.5) | (132.8) | (139.0) | (138.2) | (123.6) | |
| (Loss)/profit for the year | (804.6) | (355.9) | 267.3 | 348.1 | 362.0 | 373.8 | 392.5 | |
| Determination of normalisedheadline earnings | ||||||||
| (Loss)/profit for the year | (804.6) | (355.9) | 267.3 | 348.1 | 362.0 | 373.8 | 392.5 | |
| Fair value gain on remeasurement of investment in joint venture | – | – | – | – | – | – | (60.0) | |
| Profit on sale of equipment | – | – | (0.2) | (21.9) | 0.3 | (0.2) | (0.7) | |
| Impairment of property, plant and equipment and right-of-use assets | 341.5 | 488.4 | – | – | – | – | – | |
| Impairment of goodwill | 10.6 | – | – | – | – | – | – | |
| Taxation effect | (2.7) | (143.9) | – | 4.9 | (0.1) | 0.1 | 0.3 | |
| Headline earnings | (455.2) | (11.4) | 267.1 | 331.1 | 362.2 | 373.7 | 332.1 | |
| Number of shares for EPS calculations* | ||||||||
| Undiluted weighted average | 501 001 | 36 606 | 36 556 | 36 543 | 36 448 | 36 309 | 36 229 | |
| B-BBEE shares treated as treasury shares | – | 6 390 | 6 390 | 6 390 | 6 390 | 6 390 | 6 390 | |
| 10th anniversary employees' share trust treated as treasury shares | – | 507 | 506 | 509 | 509 | 527 | 549 | |
| Undiluted weighted average | 501 001 | 43 503 | 43 452 | 43 442 | 43 347 | 43 226 | 43 168 | |
| Restricted share plan | – | – | 86 | 86 | 88 | 84 | 38 | |
| Share appreciation rights | – | – | – | – | 12 | 51 | 373 | |
| Share options | – | – | – | – | – | 93 | 115 | |
| Diluted weighted average | 501 001 | 43 503 | 43 538 | 43 528 | 43 447 | 43 454 | 43 694 | |
* 2020 weighted average shares has not been restated for IAS 33.28.
| Reported 2021 | Normalised | |||||||
|---|---|---|---|---|---|---|---|---|
| R'm | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||
| Consolidated normalised statements of financial position | ||||||||
| Assets | ||||||||
| Non-current assets | 2 740.0 | 3 637.8 | 2 751.4 | 2 385.0 | 2 010.9 | 1 929.4 | 1 809.2 | |
| Property, plant and equipment | 1 671.9 | 2 509.8 | 2 630.4 | 2 285.4 | 1 917.0 | 1 844.1 | 1 740.2 | |
| Right-of-use assets | 998.3 | 985.0 | ||||||
| Intangible assets and goodwill | 39.9 | 57.4 | 55.4 | 54.7 | 50.5 | 45.6 | 32.6 | |
| Investments and loans | 0.8 | 34.8 | 34.8 | 34.2 | 34.2 | 34.0 | 31.7 | |
| Other investments | – | 7.9 | 13.0 | – | – | – | – | |
| Deferred taxation | 29.1 | 42.9 | 17.8 | 10.7 | 9.2 | 5.7 | 4.7 | |
| Current assets | 613.5 | 288.1 | 335.0 | 362.7 | 394.8 | 305.2 | 221.1 | |
| Total assets | 3 353.5 | 3 925.9 | 3 086.4 | 2 747.7 | 2 405.7 | 2 234.6 | 2 030.3 | |
| Equity | ||||||||
| Total shareholders' funds | 936.4 | 1 451.9 | 1 948.0 | 1 868.9 | 1 711.5 | 1 607.7 | 1 439.8 | |
| Stated capital | 1 324.7 | 179.5 | 179.5 | 179.5 | 179.4 | 168.0 | 164.0 | |
| Treasury/incentive scheme shares | (510.9) | (9.6) | (13.3) | (20.3) | (22.0) | (19.5) | (11.0) | |
| Reserves | 122.6 | 1 282.0 | 1 781.8 | 1 709.7 | 1 554.1 | 1 459.2 | 1 286.8 | |
| Liabilities | ||||||||
| Non-current liabilities | 2 043.9 | 2 245.4 | 924.5 | 701.4 | 549.0 | 497.9 | 470.7 | |
| Interest-bearing borrowings | 650.0 | 750.0 | 660.0 | 450.0 | 320.0 | 270.0 | 250.0 | |
| Lease liability | 1 365.6 | 1 376.1 | – | – | – | – | – | |
| Other non-current liabilities | – | – | 78.9 | 86.3 | 89.6 | 102.2 | 113.4 | |
| Deferred taxation | 28.3 | 119.3 | 185.6 | 165.1 | 139.4 | 125.7 | 107.3 | |
| Current liabilities | 373.2 | 228.6 | 213.9 | 177.4 | 145.2 | 129.0 | 119.8 | |
| Total equity and liabilities | 3 353.5 | 3 925.9 | 3 086.4 | 2 747.7 | 2 405.7 | 2 234.6 | 2 030.3 | |
| Reported 2021 | Normalised | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2020* | 2019 | 2018 | 2017 | 2016 | 2015 | ||||
| Ordinary share performance | |||||||||
| Shares in issue | 000 | 571 645 | 43 574 | 43 574 | 43 574 | 43 572 | 43 407 | 43 347 | |
| Weighted average shares in issue | 000 | 501 001 | 43 503 | 43 452 | 43 442 | 43 347 | 43 226 | 43 168 | |
| Earnings per share | cents | (160.6) | (818.1) | 615.2 | 801.3 | 835.1 | 864.8 | 909.2 | |
| Headline earnings per share | cents | (90.9) | (181.1) | 614.6 | 762.1 | 835.5 | 864.5 | 769.2 | |
| Diluted headline earnings per share | cents | (90.9) | (181.1) | 613.4 | 760.6 | 833.6 | 859.9 | 759.9 | |
| Dividends per share | cents | – | 153.0 | 366.0 | 454.0 | 500.0 | 517.0 | 460.0 | |
| Dividend cover | times | – | (0.2) | 1.7 | 1.7 | 1.7 | 1.7 | 1.7 | |
| Net asset value per share | cents | 164 | 3 332 | 4 471 | 4 289 | 3 928 | 3 704 | 3 322 | |
| Net tangible asset value per share | cents | 157 | 8 878 | 6 956 | 6 180 | 5 405 | 5 043 | 4 609 | |
| Profitability and liquidity | |||||||||
| EBITDA margin | % | (27.3) | 19.7 | 31.6 | 39.2 | 40.5 | 41.9 | 42.0 | |
| EBITDAR margin | % | (26.9) | 29.7 | 39.1 | 46.3 | 46.8 | 47.5 | 47.7 | |
| Operating margin | % | (67.8) | 8.4 | 24.0 | 32.0 | 33.8 | 35.4 | 35.4 | |
| Effective tax rate | % | (10.7) | (15.8) | 27.7 | 27.2 | 27.7 | 27.0 | 24.0 | |
| Return on equity | % | (1.07) | (0.7) | 14.0 | 18.5 | 21.8 | 24.5 | 24.8 | |
| Interest-bearing debt to equity | % | 78.9 | 54.9 | 33.9 | 24.1 | 18.7 | 16.8 | 17.4 | |
| Current ratio | % | 1.6 | 1.3 | 1.6 | 2.0 | 2.7 | 2.4 | 1.9 | |
| Stock exchange performance | |||||||||
| Market price per ordinary share | |||||||||
| – Closing | Rand | 3.51 | 23.75 | 102.71 | 141.82 | 140.13 | 155.52 | 138.99 | |
| – Highest | Rand | 22.50 | 117.23 | 156.99 | 178.50 | 175.99 | 173.00 | 159.00 | |
| – Lowest | Rand | 2.25 | 16.79 | 97.00 | 114.96 | 132.01 | 129.00 | 112.01 | |
| Total market capitalisation | R'm | 2 141 | 1 035 | 4 475 | 6 180 | 6 106 | 6 751 | 6 025 | |
| Fully diluted closing price-earnings multiple |
times | (2.18) | (13.1) | 16.7 | 18.7 | 16.8 | 18.1 | 18.3 | |
| Volume traded | |||||||||
| – Ordinary shares | 000 | 530 366 | 37 071 | 12 139 | 17 795 | 10 251 | 9 217 | 14 162 | |
| Other | |||||||||
| Number of hotels at year-end | 63 | 62 | 60 | 59 | 57 | 57 | 55 | ||
| Number of rooms at year-end | 8 070 | 7 902 | 7 600 | 7 391 | 7 072 | 7 072 | 6 834 | ||
| Group average occupancy | % | 19 | 38 | 55 | 59 | 63 | 66 | 67 | |
| South Africa average occupancy | % | 21 | 41 | 58 | 61 | 63 | 66 | 67 | |
* 2020 information has not been restated for IAS 33.28 as a result of the of the rights offer in August 2020.