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SUN INTERNATIONAL ANNUAL REPORT ’10
198
NOTES TO THE COMPANY FINANCIAL STATEMENTS
for the year ended 30 June
1. OPERATING PROFIT IS STATED AFTER THE FOLLOWING:
Dividend income 662 1 007
Impairment of loans to subsidiaries – (421)
The impairment in the prior year related to the loans to subsidiaries that hold the treasury share
options and the treasury shares of which the recoverable amounts are impacted by the share price
at 30 June.
2. INTEREST INCOME
Interest earned on loans and receivables 43 28
Interest earned on cash and cash equivalents 3 2
Tax authorities 4 –
Imputed interest on loans receivable 1 3
2010
Rm
2009
Rm
51 33
3. INTEREST EXPENSE
Interest paid on borrowings (24) (20)
Preference share dividends (141) (178)
Imputed interest on V&A loan (1) (3)
Transfer from hedging reserve (24) (5)
(190) (206)
4. TAX
Current tax – current year – (3)
Deferred tax – current year 3 1
STC (1) –
Withholding tax (1) –
1 (2)
Reconciliation of rate of tax
Standard rate – South African 28.0% 28.0%
Adjusted for:
Exempt income and disallowable expenses (28.6%) (27.0%)
STC 0.2% –
Withholding tax 0.2% –
Effective tax rate (0.2%) 1.0%
5. DIVIDENDS PAID
A final dividend of 258 cents per share for the year ended 30 June 2008 was declared on
28 August 2008 and paid on 29 September 2008. (245)
A final dividend of 100 cents per share for the year ended 30 June 2010 was declared on
27 August 2010 and was paid on or about 20 September 2010.
(245)