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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.