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SUN INTERNATIONAL ANNUAL REPORT ’10 118 SEVEN YEAR REVIEW Group 2010 2009 2008 2007 2006 2005 2004 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Rm) Revenue 7 961 8 041 7 618 6 937 5 949 5 139 4 476 EBITDA 2 545 2 746 2 836 2 561 2 015 1 672 1 407 Depreciation and amortisation (685) (658) (568) (518) (473) (439) (430) Property and equipment rental (114) (74) (102) (74) (62) (71) (81) Operating profit 1 746 2 014 2 166 1 969 1 480 1 162 896 Foreign exchange (losses)/gains (14) 34 58 (8) 41 18 (21) Interest income 60 93 79 77 74 73 59 Interest expense (542) (685) (571) (288) (232) (241) (277) Profit before tax 1 250 1 456 1 732 1 750 1 363 1 012 657 Tax (518) (619) (714) (654) (502) (379) (235) Profit after tax 732 837 1 018 1 096 861 633 422 Minorities’ interests (220) (237) (298) (282) (259) (202) (192) Adjusted headline earnings 512 600 720 814 602 431 230 Notes: – The 2004 depreciation and amortisation charges have not been restated for the change in IAS 16. – The above figures have been restated where necessary to take account of changes in accounting policies to provide a meaningful comparison of performance over the seven years.
Group 2010 2009 2008 2007 2006 2005 2004 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Rm) ASSETS Non current assets Property, plant and equipment 8 846 7 878 6 229 5 883 5 407 5 265 4 777 Intangible assets 349 382 308 361 395 433 479 Investments, loans and other 218 213 173 238 460 631 614 9 413 8 473 6 710 6 482 6 262 6 329 5 870 Current assets Inventory 61 47 41 32 35 31 30 Accounts and loans receivable 609 673 1 031 367 304 322 320 Non current assets held for sale – – – 164 – – – Available-for-sale investment – – – – 183 287 390 Cash and cash equivalents 721 794 850 1 089 756 589 477 1 391 1 514 1 922 1 652 1 278 1 229 1 217 Total assets 10 804 9 987 8 632 8 134 7 540 7 558 7 087 EQUITY AND LIABILITIES Capital and reserves Ordinary shareholders’ equity 1 210 569 119 2 348 3 083 3 151 2 290 Minorities’ interests 1 398 1 020 546 642 742 693 1 454 2 608 1 589 665 2 990 3 825 3 844 3 744 Non current liabilities Deferred tax 432 418 412 394 408 360 364 Borrowings 3 940 4 525 3 821 2 271 1 458 1 584 1 760 Other non current liabilities 160 190 162 139 125 90 40 Tax 41 43 48 – – – – 4 573 5 176 4 443 2 804 1 991 2 034 2 164 Current liabilities Accounts payable, accruals and provisions 1 211 1 166 1 136 922 734 736 661 Borrowings 2 350 1 982 2 277 1 275 868 747 341 Tax 62 74 111 143 122 197 177 3 623 3 222 3 524 2 340 1 724 1 680 1 179 Total liabilities 8 196 8 398 7 967 5 144 3 715 3 714 3 343 Total equity and liabilities 10 804 9 987 8 632 8 134 7 540 7 558 7 087 Notes: – The 2004 property, plant and equipment balances have not been restated for the change in IAS 16. – The remainder of the above figures have been restated where necessary to take account of changes in accounting policies to provide a meaningful comparison of performance over the seven years. 119
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ANNUAL REPORT 2010
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ABOUT THE INTEGRATED REPORT This re
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Carnival City AFRISUN GAUTENG 85% 8
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Monticello
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KEY STRATEGIC IMPERATIVES 3. OUR CU
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Energy management Communities Publi
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Non-Executive Directors MP (MIKE) E
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KH (Kele) Mazwai (41) / GROUP HUMAN
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INTRODUCTION This past year has onc
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Morula APPRECIATION On behalf of th
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AT A GLANCE FINANCIAL HIGHLIGHTS Wi
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TRADING AND GROUP OPERATING PERFORM
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Operational overview - Casinos and
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GrandWest JOINT REPORT OF THE CHIEF
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Gaming taxes by province and countr
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DIVIDENDS 1. SHAREHOLDER DELIVERY T
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JOINT REPORT OF THE CHIEF EXECUTIVE
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The Royal Livingstone 33
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AT A GLANCE 2. PROTECT OUR BUSINESS
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By the end of February, the number
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WILD COAST SUN The local community
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Our market share South Africa Gamin
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We estimate that the group’s shar
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Carnival City 45
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OUR OBJECTIVES IN THIS SECTION: JOI
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FEEDBACK ON THE CM INITIATIVES/PROJ
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51 51
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AT A GLANCE WHAT WE ACHIEVED Final
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CAPITAL COMMITMENTS Capital commitm
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AT A GLANCE JOINT REPORT OF THE CHI
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CONCESSIONAIRES Our concessionaires
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AT A GLANCE IN THIS SECTION: JOINT
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In line with global trends for lead
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JOINT REPORT OF THE CHIEF EXECUTIVE
Page 69 and 70: Beneficiaries of training 2010 Bene
Page 71 and 72: Training investment model JOINT REP
Page 73 and 74: JOB PROFILING Also forming part of
Page 75 and 76: Occupational hygiene and legionella
Page 77 and 78: OUR OBJECTIVES JOINT REPORT OF THE
Page 79 and 80: The table below sets out the direct
Page 81 and 82: MANAGEMENT JOINT REPORT OF THE CHIE
Page 83 and 84: JOINT REPORT OF THE CHIEF EXECUTIVE
Page 85 and 86: GOLDEN VALLEY CASINO & LODGE’S EN
Page 87 and 88: INCIDENTS JOINT REPORT OF THE CHIEF
Page 89 and 90: Efforts to establish the Nedbank Go
Page 91 and 92: Our property ratings Rm 2010 2009 2
Page 93 and 94: JOINT REPORT OF THE CHIEF EXECUTIVE
Page 95 and 96: AT A GLANCE JOINT REPORT OF THE CHI
Page 97 and 98: SHAWCO - This student-run NGO at th
Page 99 and 100: REGULATORY COMPLIANCE The South Afr
Page 101 and 102: OUR COMMITMENT CORPORATE GOVERNANCE
Page 103 and 104: Principle Action Outcome Independen
Page 105 and 106: The group’s governance is facilit
Page 107 and 108: The chief executive is mandated and
Page 109 and 110: Board meetings A minimum of four bo
Page 111 and 112: The audit committee is primarily re
Page 113 and 114: The committee has adopted a written
Page 115 and 116: The key risks that are identified,
Page 117 and 118: Internal control The board of direc
Page 119: The group has continued to actively
Page 123 and 124: Group statistics 2010 2009 2008 200
Page 125 and 126: Types of shareholders at 30 June 20
Page 127 and 128: principles of inclusivity, material
Page 129 and 130: The board and the remuneration comm
Page 131 and 132: Prior to the commencement of the re
Page 133 and 134: the travel and leisure sector that
Page 135 and 136: Share plan Date of grant Grant pric
Page 137 and 138: Emoluments Executive directors’ r
Page 139 and 140: for the year ended 30 June NOTES TO
Page 141 and 142: The annual financial statements whi
Page 143 and 144: TO THE MEMBERS OF SUN INTERNATIONAL
Page 145 and 146: HOLDING COMPANY The company has no
Page 147 and 148: which the entity operates (the func
Page 149 and 150: elating to certain firm commitments
Page 151 and 152: expenditure represents the total co
Page 153 and 154: government and other government rel
Page 155 and 156: GROUP STATEMENTS OF FINANCIAL POSIT
Page 157 and 158: Notes GROUP STATEMENTS OF CHANGES I
Page 159 and 160: for the year ended 30 June Operatin
Page 165 and 166: 14. PROPERTY, PLANT AND EQUIPMENT (
Page 167 and 168: 15. INTANGIBLE ASSETS (continued) S
Page 169 and 170: for the year ended 30 June 18. RETI
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for the year ended 30 June NOTES TO
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for the year ended 30 June 27. PROV
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for the year ended 30 June 28. CASH
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29. FINANCIAL INSTRUMENTS (continue
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32. RELATED PARTY TRANSACTIONS Key
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32. RELATED PARTY TRANSACTIONS (con
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NOTES TO THE GROUP FINANCIAL STATEM
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COMPANY STATEMENTS OF FINANCIAL POS
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COMPANY STATEMENTS OF CHANGES IN EQ
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NOTES TO THE COMPANY FINANCIAL STAT
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Notice is hereby given that the twe
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Litigation statement The directors
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SUN INTERNATIONAL LIMITED (Incorpor
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SUN INTERNATIONAL LIMITED Incorpora
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