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SUN INTERNATIONAL ANNUAL REPORT ’10 192 NOTES TO THE GROUP FINANCIAL STATEMENTS CONTINUED for the year ended 30 June 34. SHARE INCENTIVE SCHEMES (continued) Valuation of share incentive grants The fair value of CSP and EGP options granted during the year was estimated using the binomial asset pricing model. For the DBP and RSP the share grants are valued based on the ruling share price on the date of the grant. The table below sets out the valuation thereof and the assumptions used to value the grants: CSP EGP DBP RSP 2010 Weighted average grant price R84.12 R84.12 R91.49 R89.96 Weighted average 400-day volatility 30.0% 30.0% n/a n/a Weighted average long term risk rate 7.1% 7.4% n/a n/a Weighted average dividend yield 5.2% 5.2% n/a n/a Valuation R14 million R15 million R5 million R1 million 2009 Weighted average grant price R77.25 R77.25 R89.81 R94.35 Weighted average 400-day volatility 37.0% 37.0% n/a n/a Weighted average long term risk rate 8.2% 8.6% n/a n/a Weighted average dividend yield 5.0% 5.0% n/a n/a Valuation R12 million R17 million R6 million R79 million The employee share based payment expense for the year was R37 million (2009: R28 million). 35. EMPLOYEE SHARE TRUSTS These trusts have been consolidated in the group’s financial statements in terms of SIC 12 Consolidation – Special Purpose Entities. However, the trust is controlled by its trustees. The majority of the trustees are representatives elected by and from the employees and are beneficiaries of the trust. The company has no beneficial interest in and has no control over the trust. The group does not share in any economic benefits of the trust. Sun International Employee Share Trust The Sun International Employee Share Trust was established to enable eligible employees to share in the success of the group through share ownership. The share scheme excludes participants of any other group share incentive scheme. Eligible employees will benefit from income and growth distributions made by the trust. The trust is funded through interest free loans from the participating companies in the group. These loans have been fair valued and imputed interest at 12% per annum is recognised over the expected loan period. Loans will be repaid through dividend flows and proceeds on the disposal of the underlying investments held by the trust. The economic interest held by the trust in group companies is set out below: Afrisun Gauteng 3.5 3.5 Emfuleni Resorts 3.5 3.5 SunWest 3.3 3.5 Meropa 3.5 3.5 Teemane 3.5 3.5 Afrisun KZN 3.5 3.5 Mangaung Sun 3.5 3.5 Worcester 3.5 3.5 Sun International Limited – direct 2.6 2.6 – indirect 3.0 3.7 2010 % 2009 %
NOTES TO THE GROUP FINANCIAL STATEMENTS continued 35. EMPLOYEE SHARE TRUSTS (continued) Sun International Black Executive Management Trust (SIBEMT) As a further commitment to BEE and to assist Sun International in retaining black managerial staff, to attract new black talent and to contribute towards the creation of sustainable black leadership, a trust was formed for the benefit of current and future South African black management of the group. Permanent employees of the Sun International group, who occupy management grade levels, and are black South Africans are eligible to participate in the SIBEMT. The economic interest held by the trust in group companies is set out below: Sun International Limited – indirect 0.4 0.5 36. SUBSEQUENT EVENT Following the conclusion of an extended consultation process, the ECGBB issued a new casino licence to Emfuleni Resorts to operate The Boardwalk Casino and Entertainment World for a period of 15 years, effective 3 October 2010. The licence conditions include a R1 billion expansion and refurbishment of the property, including a five star hotel, conference centre, parkade and expanded gaming facilities. 2010 % 2009 % 193
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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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Beneficiaries of training 2010 Bene
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Training investment model JOINT REP
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JOB PROFILING Also forming part of
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Occupational hygiene and legionella
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OUR OBJECTIVES JOINT REPORT OF THE
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The table below sets out the direct
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MANAGEMENT JOINT REPORT OF THE CHIE
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GOLDEN VALLEY CASINO & LODGE’S EN
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INCIDENTS JOINT REPORT OF THE CHIEF
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Efforts to establish the Nedbank Go
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Our property ratings Rm 2010 2009 2
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AT A GLANCE JOINT REPORT OF THE CHI
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SHAWCO - This student-run NGO at th
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REGULATORY COMPLIANCE The South Afr
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OUR COMMITMENT CORPORATE GOVERNANCE
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Principle Action Outcome Independen
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The group’s governance is facilit
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The chief executive is mandated and
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Board meetings A minimum of four bo
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The audit committee is primarily re
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The committee has adopted a written
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The key risks that are identified,
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Internal control The board of direc
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The group has continued to actively
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Group 2010 2009 2008 2007 2006 2005
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Group statistics 2010 2009 2008 200
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Types of shareholders at 30 June 20
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principles of inclusivity, material
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The board and the remuneration comm
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Prior to the commencement of the re
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the travel and leisure sector that
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Share plan Date of grant Grant pric
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Emoluments Executive directors’ r
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for the year ended 30 June NOTES TO
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The annual financial statements whi
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Page 149 and 150: elating to certain firm commitments
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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 161 and 162: for the year ended 30 June NOTES TO
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
Page 179 and 180: for the year ended 30 June 27. PROV
Page 181 and 182: for the year ended 30 June 28. CASH
Page 185 and 186: 29. FINANCIAL INSTRUMENTS (continue
Page 187 and 188: 32. RELATED PARTY TRANSACTIONS Key
Page 189 and 190: 32. RELATED PARTY TRANSACTIONS (con
Page 191 and 192: NOTES TO THE GROUP FINANCIAL STATEM
Page 193: NOTES TO THE GROUP FINANCIAL STATEM
Page 197 and 198: COMPANY STATEMENTS OF FINANCIAL POS
Page 199 and 200: COMPANY STATEMENTS OF CHANGES IN EQ
Page 201 and 202: NOTES TO THE COMPANY FINANCIAL STAT
Page 207 and 208: Notice is hereby given that the twe
Page 209 and 210: Litigation statement The directors
Page 211 and 212: SUN INTERNATIONAL LIMITED (Incorpor
Page 213 and 214: SUN INTERNATIONAL LIMITED Incorpora
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