Turnstar : ABRIDGED AUDITED GROUP FINANCIAL RESULTS FOR THE YEAR ENDED 31 JANUARY 2022

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 JANUARY 2022

Revenue Rental income Other income Operating expenses

Dividend income from subsidiary Operating profit

Finance income Finance cost

Profit before exchange difference and FV Exchange gain

Exchange loss

Profit before fair value and impairment Good will impairment

Impairment in Investment in subsidiary Fair value adjustments

Profit before tax Taxation

Profit for the year

Other comprehensive income

Exchange difference on translating foreign operations

Total comprehensive income for the yearTotal comprehensive income attributable to: Owners of the parent company

Profit for the year attributable to linked Unit holders Owners of the parent company

Non controlling interest

GROUPCONSOLIDATED STATEMENT OF CASHFLOW FOR THE YEAR ENDED 31 JANUARY 2021

Basic earnings per linked unit (in thebe) 18

Diluted earnings per linked unit ( in thebe) 18

Distribution per linked unit(in thebe) 18.00

Debenture interest per linked unit(in thebe) 15.39

Dividend per linked unit(in thebe) 2.61

NAV per unit (thebe) 3.03

Number of linked units

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 JANUARY 2021

ASSETS Non-Current Assets Investment property Plant and equipment Goodwill

Investment in subsidiaries Loan to related compamy Lease asset

Current Assets Lease asset

Cash and cash equivalent Trade and other receivables

Total AssetsEQUITY AND LIABILITIES Stated Capital and Reserves Stated capital

Linked unit debentures Fair value surplus Retained earnings

Debenture interest and dividend reserves Foreign currency translation reserve

Non- Current Liabilities

Borrowings

Deferred taxation

Current Liabilities

Trade and other payables Borrowings

Unclaimed debenture interest and dividend Current tax payable

Bank overdraft

Total Equity and LiabilitiesCASH FLOWS FROM OPERATING ACTIVITIES

Cash generated from operations Finance income

Taxation (paid) received

Net cash from operating activities

Cash flows from investing activities

Additions to plant and equipment

Proceeds on disposal of property,plant and equipment Loans advaced to related companies

Dividend received from subsidiary Sale of investment property Additions to investment properties Net cash from investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of borrowings

Dividends and debenture interest paid Finance costs

Net cash from financing activities

Total cash and cash equivalents movement

Cash and cash equivalent at the beginning

Effect of exchange rate movement on cash balance

Total cash and cash equivalents

2,460,487,166 1,383,514 27,177,745 - - 15,695,913

2,396,259,505 1,947,505 25,658,129 - - 18,217,579

4,323,415 14,208,533 28,414,396

4,444,843 24,185,916 37,132,135

346,420,555 286,076,802 688,625,100 184,965,718 51,493,824 177,161,668

346,420,555 286,076,802 557,705,857 317,936,135 51,493,824 136,723,897

698,928,151 498,566,484 200,361,667

31-Jan-22	31-Jan-21	31-Jan-22	31-Jan-21
Pula	Pula	Pula	Pula
266,595,710	245,269,492	154,076,022	134,570,966
2,352,161	5,478,567	4,108,434	6,745,195
(119,738,107)	(121,090,610)	(75,812,628)	(71,385,365)
-	-	14,946,873	42,821,588
149,209,764	129,657,449	97,318,701	112,752,384
243,593	253,212	12,760,195	15,100,300
(21,280,321)	(25,849,802)	(21,280,321)	(25,849,802)
128,173,036	104,060,859	88,798,575	102,002,882
12,423,604	2,748,846	12,423,604	2,748,846
(17,334,952)	(5,364,133)	(17,291,609)	(5,368,335)
123,261,689	101,445,572	83,930,571	99,383,393
-	(12,402,710)	-	-
-	(65,083,782)	-
(7,190,400)	59,443,996	60,618,863
81,852,462	78,290,785	160,002,256
(546,447)	4,090,362	(3,588,743)
81,306,015	82,381,147	156,413,513
16,044,562	-	-
97,350,577	82,381,147	156,413,513
97,350,577	82,381,147	156,413,513
-	-	-
97,350,577	82,381,147	156,413,513
81,306,015	82,381,147	156,413,513
-	-	-
81,306,015	82,381,147	156,413,513
14	14.40	27.34
14	14.40	27.34
(18.00)	18.00	19.00
11.94	15.39	11.94
7.06	2.61	7.06
2.96	2.68	2.71
572,153,603	572,153,603	572,153,603
COMPANY
31-Jan-21	31-Jan-22	31-Jan-21
2,442,082,718	2,169,960,453	2,199,828,477
65,762,894	26,880,707	44,592,935
2,507,845,612	2,196,841,160	2,244,421,412
1,696,357,070	1,530,892,813	1,551,499,313
728,514,914	583,795,418	635,946,287
546,626,991	498,566,484	546,626,991
181,887,923	85,228,934	89,319,296
82,973,628	82,152,929	56,975,812
39,150,215	11,468,157	13,152,399
40,540,726	67,118,511	40,540,726
1,499,628	1,840,616	1,499,628
1,575,294	1,575,294	1,575,294
207,765	150,351	207,765
2,507,845,612	2,196,841,160	2,244,421,412
-	-	-
COMPANY

-

(8,900,100) 114,361,589 (13,425,106) 100,936,483

40,437,771

141,374,254

141,374,254 - 141,374,254

100,936,483 - 100,936,483

572,153,603

GROUP

31-Jan-22

2,504,744,338

46,946,344

2,551,690,682

1,734,743,667

118,018,864

2,551,690,682

-

GROUP

31-Jan-22

31-Jan-21

Pula

Pula

164,324,337 243,593

130,151,530 253,212

(1,660,764) 162,907,166

(4,104,144) 126,300,598

(381,903)

50,612 - - -

(317,957) 448,115 - - -

(9,563,776)

(415,775)

(9,895,067)

(285,617)

(38,774,331) (102,987,648) (21,280,321)

(13,905,566) (57,215,360) (25,849,802)

(163,042,300)

(96,970,728)

(10,030,201)

29,044,253

23,978,151 110,232

(4,285,724)

(780,378)

14,058,182

23,978,151

ABRIDGED AUDITED GROUP FINANCIAL RESULTS FOR THE YEAR ENDED 31 JANUARY 2022

DirecDtoirresc:tPorKs:BPaKloBpai(lCophia(Ciphearispoenr)s,oGn)H, GAHbdAobodloao(lMa D(M),DS),PSuPviumviamnansainsginhgeh,Pe,PBeBzeuziudiednenhhoouut,tM, Nteta(Retired 27

NoveMmNbetert2a0(R2e1)ti,reVdT2e7bNeoleve(Ampbpeorin20te2d1) 5, VFeTberbuealery(A20pp21o)i,BntDedP5hFireiebr(uAaprpy o2i0n2te1)d,B1DJuPlhyir2i0e 2(A1)ppointed 1 July 2021)

Registered Office: Acumen Park, Plot 50370, Fairground Office Park, P O Box 1172 Gaborone

Auditors: Ernst & Young, 2nd Floor Plot 22, Khama Crescent PO Box 41015 Gaborone, Botswana Auditors: Ernst & Young, 2nd Floor Plot 22, Khama Crescent PO Box 41015 Gaborone, Botswana

COMPANY

1,404,778,381 265,277 - 541,529,229 210,790,566 12,597,000

1,335,770,609 946,703 - 606,613,011 240,990,516 15,507,638

4,323,415 9,388,408 13,168,884

4,430,550 17,456,443 22,705,942

346,420,555 286,076,802 753,265,947 93,635,685 51,493,824 -

346,420,555 286,076,802 693,821,951 173,686,181 51,493,824 -

31-Jan-22

31-Jan-21

Pula

Pula

94,219,988 75,755,142

12,760,195 15,100,300

- 106,980,183

384,034 91,239,476

-

(89,374)

44,847

422,854

42,513,322

(7,905,714)

14,946,873 -

42,821,568 -

(9,563,776) 47,941,266

(415,775) 34,833,559

(38,774,331) (13,905,566)

(102,987,648) (57,215,360)

(21,280,321) (25,849,802)

(163,042,300) (96,970,728)

(8,120,853)

29,102,307

17,248,658 110,232

(11,073,271)

(780,378)

9,238,037

17,248,658

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JANAURY 2022

Opening balance of company at 01 February 2020 Profit for the year

Other comprehensive income

Total comprehensive income for the year Fair value surplus transferred

Final distribution to debenture holders paid 31 January 2020 Distribution transferred to distribution reserve

Interim distribution paid 31 July 2020

81,306,015 81,306,015

16,044,562 16,044,562

(57,215,360) (57,215,360)

Transactions with unit holders recognised in the statement of changes in equity.

Balance as at 31 January 2021

Profit for the year

Other comprehensive income

Total comprehensive income for the year

Fair value surplus transferred (Turnstar properties) Fair value surplus transferred (Mlimani properties)

Final distribution to debenture holders paid 31 January 2021

Distribution transferred to distribution reserve

Interim distribution paid 31 July 2021

Transactions with unit holders recognised in the statement of changes in equity.

Balance as at 31 January 2022

GroupStated capitalLinked unit debentures

Transfer secretaries: Grant Thornton Business Services (Proprietary) Limited,

Transfer secretaries: Grant Thornton Business Services (Proprietary) Limited,

Fair value surplusForeign currency translation reserveDistribution reserve

Retained earningsTotal equity

Pula

Pula

Pula

Pula

Pula

Pula

Pula

346,420,555

286,076,802

564,032,325

120,679,335

-

339,012,836

1,656,221,855

----- 60,618,863 -

16,044,562

-

- 108,709,184

-

(108,709,184)

81,306,015 (60,618,863)

-

97,350,577 - - -

-

-

-

60,618,863

-

51,493,824

(169,328,047) (57,215,360)

346,420,555

286,076,802

624,651,188

136,723,897

51,493,824

250,990,804

1,696,357,072

100,936,472 100,936,472

40,437,771 40,437,771

-

-

-

40,437,771

-

100,936,472

141,374,243

59,443,996 (59,443,996)

4,529,916 (4,529,916)

--

-

-

-

(51,493,824) 102,987,648

-

(51,493,824)

(102,987,648)

-(51,493,824) (51,493,824)

-

-

-

63,973,912

-

-

(166,961,560) (102,987,648)

346,420,555

286,076,802

688,625,100

177,161,668

51,493,824

184,965,716

1,734,743,667

SEGMENT REPORT

Botswana 143,773,971

Rental income from external customers Inter segmental revenues

Botswana 124,141,451

Tanzania 91,306,867

Tanzania 87,597,549

Botswana 10,302,052

Botswana 10,429,515

Tanzania 20,400,822

Tanzania 18,099,844

Dubai 811,999

5,001,133

DubaiConsolidated

266,595,710

Consolidated 245,269,492

Total segment revenues Segment expenses

143,773,971 54,544,588

124,141,451 46,127,386

91,306,867 30,199,628

87,597,549 38,441,321

10,302,052 3,702,226

10,429,515 2,916,038

20,400,822 4,392,141

18,099,844 3,645,476

811,999 3,652,331

5,001,133

266,595,710

245,269,492

2,818,709

96,490,915

93,948,930

Segment operating profit

89,229,382

78,014,065

61,107,239

49,156,228

6,599,826

7,513,477

16,008,681

14,454,368

-2,840,332

2,182,425

170,104,795

151,320,563

Reconciliation of group net profit before tax Total reporting segment operating profit Salaries and wages

Loss on exchange difference Profit on exchange differences Fair value adjustments Finance income Sundry income Corporate expenses Operating profit Finance costs Goodwill impairment Group profit before tax

Figures in Pula 2021

Figures in Pula 2020

170,104,795

151,320,563

(15,868,017) (14,418,937)

(17,334,952) (5,364,133)

12,423,604

2,748,846

(8,900,110)

(7,190,400)

243,593

253,212

2,352,161

5,478,567

(7,379,175) 135,641,900

(12,722,743) 120,104,974

(21,280,321) (25,849,802)

- (12,402,710)

114,361,579

81,852,462

Segment information is organised into two, georaphical and into operating segments which comprises retail and commercial. The segments are the basis on which the company reports its primary segment information. Retail segment comprises Game City, Nzano, Supa Save and Mlimani shopping centres. The commercial segment incorporates office, residential, industrialproperties in Botswana,Tanzania and Dubai. Segment assets and liabilities are done based on the geographical segments.

The Board of Directors of Turnstar Holdings Limited are pleased to present the Audited Group Financial results as at and for the year ended 31 January 2022.

The Group consists of Turnstar Holdings Limited (Bo- tswana), Island View (Proprietary) Limited (Botswana), Mlimani Holdings Limited (Tanzania), Turnstar Invest- ments Limited (UAE) and Palazzo Venezia Holdings Limited (UAE).

Basis of preparation and accounting policies

The summarised financial results have been prepared in accordance with International Financial Reporting Standards ("IFRS"). In preparing the underlying finan- cial statements from which these summarised finan-cial results were extracted, all IFRS and International Reporting Interpretations Committee interpretations issued and effective for annual periods beginning on or after 1st of January 2021 have been applied. The Group's underlying consolidated financial statements have been prepared in accordance with IFRS. The prin- cipal accounting policies are consistent in all material aspects with those adopted in the previous year.

GROUP OVERVIEW

The rental revenues of Group for the year ended 31

January 2022,, iincrreassed bbyyPP142.13.m3m(5(.96%),, compared to the corresponding year ended 31 January 2021. This, together with reductions in operational and finance costs increased the Profit before fair value adjustment and taxation by P 21.8 m (21.5%), to P 123.3 million for the year ended 31 January 2022.

The Group's profit before taxation for the year ended 31

January 2022, increased by 40% (P32.5 million) Janu- ary 2021 to P 114.3 million.

TURNSTAR BOTSWANA

The Botswana properties enjoy an occupancy rate of approx. 99% and recorded a P 1129.4.5m (8(1.47%) increase in rental revenues compared to the prior year.

The Botswana properties also recorded substantial fair value gains.

MLIMANI CITY TANZANIA

The retail mall continued to operate at optimum ca-pacity. The conference centre income recorded en-couraging income growth. The vacancies in the Com- mercial Office space reduced marginally. Overall, the Tanzanian subsidiary recorded substantial growth in

revenues and profits due to improved trading condi-tions.

DUBAI

the year ended 31 January 2022.

Thus, the total distribution for the year ended 31 Janu- ary 2022 will be 18t per linked unit.

The investigation into the Dubai transactions has been completed. The report was adopted by the Board and submitted to the Botswana Stock Exchange.

The Dubai property recorded a P 72.6m impairment charge in fair value from the prior year reporting date.

Group

• • Group earnings per share (EPS) is 18 thebe per share, up from 14 thebe per share, in 2021.

• • Group Tax of P13.4 million comprises wholly of de- ferred tax, calculated in accordance with IAS 12.

• • A final distribution of 9 thebe per linked unit is pro-posed

FINAL DISTRIBUTION

The Company paid out an interim distribution of 9t per linked unit, for the half year ended 31 July 2021.

The Board of Directors have now approved a final dis- tribution of 9t per linked unit, based on the results forThe final distribution of 9t per linked unit will comprise of Debenture interest of 7.468t and dividend of 1.532t per linked unit, to all registered unit holders as at the close of business on 1st June 2022.

Ex distribution date

Record date for participationDate of payment of dividend

30th May 2022 1st June 2022

9th June 2022

In accordance with requirements of the Income Tax Act, withholding tax shall be deducted on the pay- ment of interest and dividends paid to residents and non - resident holders of link units who are not exempt from the withholdings tax provisions of the Act.

P K Balopi ChairmanG H Abdoola Managing Director