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SUN INTERNATIONAL ANNUAL REPORT ’10 200 NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED for the year ended 30 June 8. DEFERRED TAX Balance at beginning of year (16) (7) Statement of comprehensive income credit for the year (3) (1) Charged/(credited) directly to equity 7 (8) Balance at end of year (12) (16) Deferred tax arises from the following temporary differences: Deferred tax assets Fair value adjustments (12) (16) Balance at beginning of year (16) (7) Statement of comprehensive income credit for the year (3) (1) Charged/(credited) directly to equity 7 (8) Net deferred tax asset (12) (16) 9. SHARE CAPITAL AND PREMIUM Authorised 150 000 000 (2009: 150 000 000) ordinary shares of 8 cents each 12 12 100 000 000 (2009: 100 000 000) variable rate cumulative redeemable preference shares of 1 cent each 1 1 Issued* Share capital 8 8 Share premium 138 99 Deemed treasury shares – (78) * The issued preference shares have been included in borrowings in note 10. 2010 Rm 2009 Rm 146 29 4 571 795 shares in the unissued share capital of the company remain under the control of the directors as a specific authority in terms of section 221(2) of the Companies Act to allot and issue in accordance with the share option scheme. A further 10 780 000 shares have been placed under the specific control of the directors to allot and issue in accordance with the EGP, CSP, DBP and RSP. 2010 2009 Number of shares Rm Number of shares Rm Movement during the year Balance at beginning of year 108 995 495 29 105 494 769 8 Exercised treasury share options 1 264 226 39 4 336 135 99 Statutory shares in issue 110 <strong>25</strong>9 721 68 109 830 904 107 Deemed treasury shares purchased – – (835 409) (78) Deemed treasury shares disposed to SIML 835 409 78 – – Balance at end of year 111 095 130 146 108 995 495 29 During the year, the company exercised treasury share options resulting in the issue of 1 264 226 (2009: 4 336 135) shares.
NOTES TO THE COMPANY FINANCIAL STATEMENTS continued 10. BORROWINGS Non current Redeemable preference shares 1 851 1 851 V&A loan 275 274 2 126 2 1<strong>25</strong> Current Overdraft – 1 Total borrowings 2 126 2 126 All borrowings are unsecured. The fair value of borrowings approximate their carrying values except for the V&A loan which has a fair value of R243 million (2009: R235 million). The fair value has been determined on a discounted cash flow basis using a discount rate of 10% (2009: 11%). The carrying amounts of the borrowings are denominated in Rand. The borrowings are repayable over the following periods: Less than 6 months – 1 6 months – 1 year – – 1 – 2 years – – 2 – 3 years 1 851 – 3 – 4 years – 1 851 4 years and onwards 275 274 2010 Rm 2009 Rm 2 126 2 126 The following are the contractual undiscounted maturities of financial liabilities (including principal and interest payments) presented in Rands: On demand or not exceeding 6 months Rm More than 6 months but not exceeding 1 year Rm More than 1 year but not exceeding 2 years Rm More than 2 years but not exceeding 5 years Rm More than 5 years Rm 2010 Borrowings 74 74 150 1 953 519 Derivative financial instrument 19 – – – – Accounts payable and accruals 83 – – – – 176 74 150 1 953 519 2009 Borrowings 80 79 160 2 083 553 Derivative financial instrument 18 13 7 – – Accounts payable and accruals 218 – – – – 316 92 167 2 083 553 201
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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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TO THE MEMBERS OF SUN INTERNATIONAL
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HOLDING COMPANY The company has no
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which the entity operates (the func
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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 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 197 and 198: COMPANY STATEMENTS OF FINANCIAL POS
Page 199 and 200: COMPANY STATEMENTS OF CHANGES IN EQ
Page 201: NOTES TO THE COMPANY FINANCIAL STAT
Page 205 and 206: 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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