TSOGO SUN LIMITED PAGE HEAD continued
Integrated
Annual Report 2023
CONTENTS
ABOUT THIS REPORT | 01 |
OUR BUSINESS | |
Our owners | 02 |
Who we are | 02 |
Background | 03 |
Casino locations | 04 |
Hotel locations | 05 |
Our capitals | 06 |
Our business model | 07 |
Our operating environment | 08 |
Our key relationships | 09 |
Our material risks and opportunities | 11 |
OUR STRATEGY AND OUTLOOK | |
Chairperson and executive management review | 17 |
Our strategy for value creation | 21 |
Our sustainability strategy in action | 22 |
Deliver to our beneficiaries | 22 |
Financial strength and durability | 23 |
Product relevance to customer experience | 24 |
Regulatory compliance | 26 |
Human resources | 27 |
Our growth strategy in action | 28 |
ENVIRONMENTAL, SOCIAL AND GOVERNANCE | |
Environmental | 29 |
Greenhouse gas emissions | 29 |
Water usage | 30 |
Biodiversity and land use | 30 |
Waste management | 30 |
Social | 30 |
Skills for the future | 30 |
Employment creation | 30 |
Employee health and safety | 30 |
Community development | 31 |
Enterprise and supplier development | 31 |
Transformation | 31 |
Tsogo Sun volunteers | 31 |
Responsible gambling | 31 |
Governance | 32 |
Our reporting approach | 32 |
Our effective and ethical leadership | 32 |
Our board composition, structure and report back | 33 |
Our remuneration policy | 40 |
Our remuneration implementation report | 48 |
Our governance functional areas | 52 |
Our risk management and assurance process | 53 |
Our governance summary | 55 |
ADMINISTRATION |
Our objective is to provide quality gaming, entertainment and hospitality experiences at all of our destinations
Glossary | 61 |
Corporate information | IBC |
Our business | Our strategy and outlook | Environmental, social and governance | Administration |
ABOUT THIS REPORT
DETERMINING OUR MATERIAL MATTERS
The matters included in our integrated annual report are principally aimed at providers of financial capital in order to support their financial capital allocation assessments
The interests of the providers of financial capital are, however, largely aligned with other key stakeholders in that they also are focused on the creation of value in the long term.
In determining which matters are material for disclosure in our integrated annual report we have considered whether the matter substantively affects, or has the potential to substantively affect, our strategy, our business model or the forms of capital we utilise and ultimately our ability to create, preserve or erode value over the short, medium and long term.
REPORTING BOUNDARY AND SCOPE
This report provides a holistic yet deliberately succinct overview of Tsogo Sun Limited's ("Tsogo Sun") strategy and business model, material risks and associated opportunities, operational performance and Environmental, Social and Governance practices for the financial year ended 31 March 2023. The information included in this report relates to our activities at group level, and those of our operating subsidiaries. Both financial and non-financial data from subsidiaries is fully consolidated.
We assessed issues significantly impacting value creation and examined areas beyond financial reporting. This is to identify and address all risks and opportunities to our business, and the effects of our activities. In making these assessments, we considered short, medium and long-term implications.
Reporting frameworks
Our reporting process was guided by the principles and requirements in the International Financial Reporting Standards ("IFRS"); the International Framework, the King IV Report on Corporate GovernanceTM for South Africa, 2016 ("King IVTM")*; JSE Sustainability Disclosure Guidance, the JSE Listings Requirements, the JSE Debt Listings Requirements and the Companies Act of South Africa, 71 of 2008, as amended ("Companies Act"). We also provide extracts from the consolidated financial statements in this report.The full set of consolidated financial statements is available on our website www.tsogosun.com/investors and also for inspection at the company's registered office at Palazzo Towers East,
-
Copyright and trademarks are owned by the Institute of Directors South Africa
NPC, and all of its rights are reserved
Montecasino Boulevard, Fourways, 2055. Tsogo Sun's social and ethics committee fulfilled its mandate as prescribed by the regulations to the Companies Act, and there are no instances of non-compliance to disclose.
INTEGRATED THINKING
Combined assurance
The group is continuously improving its combined assurance model. Assurance for elements of this integrated annual report was provided through a combination of external and internal sources. At this stage, external assurance is obtained as follows:
Assured element | Assurance provided | Assurance provider |
Consolidatedfinancial | Externalaudit | PricewaterhouseCoopersInc. |
statements | ("PwC") | |
Broad-BasedBlackEconomic | Verification | EmpowerdexProprietary |
Empowerment("B-BBEE") | Limited | |
level1 grouprating | ||
Internalaudit | Internalcontrols | GRiPPAdvisoryProprietary |
Limited | ||
InformationTechnology | Vulnerability | TakeNote Information |
SecurityPenetration | assessmentand | Technologies Proprietary |
Testing | penetrationtesting | Limited |
InformationTechnology | ITSecurity | PerformantaSouthAfrica |
SecurityMaturityAssessment | Environment | ProprietaryLimited |
FORWARD-LOOKING STATEMENTS
Certain statements in this document may constitute forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Tsogo Sun and its subsidiaries and associates to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements.
The company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document, or to reflect the occurrence of anticipated events. These have not been reviewed or reported on by the group's auditors.
BOARD RESPONSIBILITY STATEMENT
The board of Tsogo Sun acknowledges its responsibility to ensure the integrity of the integrated annual report. The board has contributed to the identification of matters that are material to Tsogo Sun and these matters have been used to select information to be addressed in the report. Management has prepared and verified the information in the report, ensuring an accurate, balanced and comprehensive overview of the organisation. The board, as well as the audit and risk committee, have reviewed the integrated annual report and are of the opinion that it is presented in accordance with the International Integrated Reporting Council's ("IIRC") Integrated Reporting ("") Framework, addresses all material matters and offers a balanced view of the performance of the group and the impact on its stakeholders.The board confirms the group's compliance with the Companies Act and the company's memorandum of incorporation for the reporting period. We welcome any feedback at CompanySecretary@tsogosun.com.
The board approves this report for release.
JA Copelyn | CG du Toit |
Chairperson | Chief Executive Officer |
31 July 2023 |
1 I Tsogo SunI Integrated Annual Report I 2023
Our business | Our strategy and outlook | Environmental, social and governance | Administration |
OUR BUSINESS
OUR OWNERS
Our key shareholder as at 31 March 2023 was Hosken
Consolidated Investments Limited ("HCI"), a JSE listed investment holding company, which directly and indirectly owns 49.5% of the company's shares, excluding treasury shares.
The HCI shareholding provides the bulk of the B-BBEE
ownership at group level.
WHO WE ARE
Tsogo Sun is southern Africa's premier gaming, entertainment and hospitality group. Tsogo Sun owns and operates 14 premier casino and entertainment destinations in South Africa, hotels, Galaxy Bingo sites, VSlots limited pay-out machines ("LPMs"), playTSOGO, Bet.co.za, bookmaker licences, Theme Park, theatres, cinemas, restaurants, bars and conference facilities.
OUR GROUP STRUCTURE
50% 50% Public
2 I Tsogo SunI Integrated Annual Report I 2023
Our business
BACKGROUND
CASINOS, HOTELS AND ENTERTAINMENT
The Casino division operates 14 casinos, hotels, a Theme Park, restaurants and other entertainment facilities. Significant focus is placed on the nature and quality of the facilities and experiences offered at each precinct.
The customer loyalty programme rewards customers with benefits and recognition.
OTHER GAMING
Galaxy Bingo
Galaxy Bingo offers gaming sites in six provinces, predominantly located at shopping centres at leased premises.
Loadshedding negatively impacted the operations at all the sites during the year. The effective shareholdings vary between 29% and 100% in the various sites. The majority of the machines are leased.
Our strategy and outlook | Environmental, social and governance | Administration |
VSlots
VSlots offers LPMs in all provinces of the country, predominantly located in bars, restaurants, hotels and bookmaker sites. The operations performed well, despite the various challenges brought upon by loadshedding. Growth is achieved through the rollout of additional sites and the optimisation of existing sites in terms of location and product mix.
Online betting
Tsogo Sun operates two online betting platforms, playTSOGO and bet.co.za. The websites are accessible via desktop or mobile, offering customers a unique online betting experience anywhere within South Africa.
Tsogo Sun is separately listed on the JSE Securities Exchange and more information on Tsogo Sun can be found at www.tsogosun.com.
3 I Tsogo SunI Integrated Annual Report I 2023
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Disclaimer
Tsogo Sun Gaming Limited published this content on 31 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 July 2023 14:22:00 UTC.
