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CONTENTS 02 06 10 15 Group structure Key strategic Directorate Chairman’s and focus imperatives report 18 99 118 122 Joint report of the Corporate governance Seven year review Value added Chief Executive and report statements Chief Financial Officer 123 124 127 Shareholders Independent Remuneration assurance statement report 138 205 208 209 Financial Notice of Shareholders’ Form of proxy statements annual general meeting diary 210 ibc Instructions on Administration form of proxy ABBREVIATIONS: Afrisun Gauteng: Afrisun Gauteng (Proprietary) Limited Afrisun KZN: Afrisun KZN (Proprietary) Limited Afrisun KZN Manco: Afrisun KZN Manco (Proprietary) Limited Afrisun Leisure: Afrisun Leisure Investments (Proprietary) Limited AHEPS: Adjusted headline earnings per share B-BBEE Codes: Broad-Based Black Economic Empowerment Codes BEE: Black Economic Empowerment Camara: Chilean base interest rate CASA: Casino Association of South Africa CGU: Cash Generating Unit CGT: Capital Gains Tax Company: Sun International Limited Companies Act: Companies Act 1973, as amended CSP: Conditional Share Plan DBP: Deferred Bonus Plan DCF: Discounted Cash Flow Dinokana: Dinokana Investments (Proprietary) Limited EBITDA: Earnings before interest, tax, depreciation and amortisation ECGBB: Eastern Cape Gambling and Betting Board EGP: Equity Growth Plan Emfuleni Manco: Emfuleni Casino Resorts Manco (Proprietary) Limited Emfuleni Resorts: Emfuleni Resorts (Proprietary) Limited Employee Share Trusts: Sun International Employee Share Trust and Sun International Black Executive Management Trust Gauteng Manco: Gauteng Casino Resort Manco (Proprietary) Limited GPI: Grand Parade Investments Limited Group: Sun International Group HEPS: Headline earnings per share IFRS: International Financial Reporting Standards JSE: JSE Limited Kimberley Manco: Kimberley Casino Resort Manco (Proprietary) Limited Life Esidimeni: Life Esidimeni Group Holdings (Proprietary) Limited LPMs: Limited Payout Machines Mahogony Rose: Mahogony Rose Investments 46 (Proprietary) Limited Mangaung Manco: Mangaung Casino Resort Manco (Proprietary) Limited Mangaung Sun: Mangaung Sun (Proprietary) Limited Meropa: Meropa Leisure and Entertainment (Proprietary) Limited Meropa Manco: Meropa Casino Resort Manco (Proprietary) Limited MVG: Most Valued Guest s NAV: Net et Asset sset Value a ue NRGP: G National at o a Responsible espo Gambling Programme PAYE: Pay As You Earn PDI: Previously Disadvantaged Individuals RAH: Real Africa Holdings Limited Limite ited d RFP: Request Reques for proposal RRHL: Royale Resorts Holdings Limited RSP: Restricted Share Plan SCE: Ster Century Europe Limited d SCME: Ster CCentury Middle East Holdings Limited SENS: Security Exchange News Service SFIR: SFI Resorts SA (Monticello) SIBEMT: Sun Inter International Black Executive Management Trust SIEST: Sun International Employee Share Trust SIL: Sun International Limited SIML: Sun International Management Limited SISA: Sun International (South Africa) Limited STC: Secondary Tax on Companies Compan Sun International Investments No. 2: Sun International Investments No. 2 Limited SunWest: SunWest International Inte (Proprietary) Limited TCN: Tourist Company of Nigeria Plc TCOE: Total Cost of Employment Teemane: Teemane Te (Proprietary) Limited Top 3 Employees: 3 highest paid employees TSR: Total Shareholder Return V&A: Victoria V & Alfred Waterfront (Proprietary) Limited VAT: Value Added Tax Western Cape Manco: Western Cape Casino Cas Resort Manco (Proprietary) Limited Wild Coast Sun: Transkei Sun International Limited Wild Coast Sun Manco: Manc Wild Coast Sun Manco (Proprietary) Limited Winelands Manco: Winelands Casino Manco (Proprietary) Limited Worcester: Worcester Casino (Proprietary) Limited
ABOUT THE INTEGRATED REPORT This report marks a new way of reporting for Sun International Limited in that it integrates overall reporting with sustainability, in line with the principles of King III. The group has eleven strategic imperatives which are critical to the long-term success and sustainability of our business. 10. Social cial responsibility 1. Shareholder delivery 11. Good governance 9. Environmental management 8. Transformation 2. Protect our business KEY STRATEGIC IMPERATIVES 7. Human capital 3. Our customers 4. Strategic growth and expansion 6. Innovation 5. Business partnerships 01
Page 1: ANNUAL REPORT 2010
Page 5 and 6: Carnival City AFRISUN GAUTENG 85% 8
Page 7 and 8: Monticello
Page 9 and 10: KEY STRATEGIC IMPERATIVES 3. OUR CU
Page 11 and 12: Energy management Communities Publi
Page 13 and 14: Non-Executive Directors MP (MIKE) E
Page 15 and 16: KH (Kele) Mazwai (41) / GROUP HUMAN
Page 17 and 18: INTRODUCTION This past year has onc
Page 19 and 20: Morula APPRECIATION On behalf of th
Page 21 and 22: AT A GLANCE FINANCIAL HIGHLIGHTS Wi
Page 23 and 24: TRADING AND GROUP OPERATING PERFORM
Page 25 and 26: Operational overview - Casinos and
Page 27 and 28: GrandWest JOINT REPORT OF THE CHIEF
Page 29 and 30: Gaming taxes by province and countr
Page 31 and 32: DIVIDENDS 1. SHAREHOLDER DELIVERY T
Page 33 and 34: JOINT REPORT OF THE CHIEF EXECUTIVE
Page 35 and 36: The Royal Livingstone 33
Page 37 and 38: AT A GLANCE 2. PROTECT OUR BUSINESS
Page 39 and 40: By the end of February, the number
Page 41 and 42: WILD COAST SUN The local community
Page 43 and 44: Our market share South Africa Gamin
Page 45 and 46: We estimate that the group’s shar
Page 47 and 48: Carnival City 45
Page 49 and 50: OUR OBJECTIVES IN THIS SECTION: JOI
Page 51 and 52: 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
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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
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expenditure represents the total co
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government and other government rel
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GROUP STATEMENTS OF FINANCIAL POSIT
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Notes GROUP STATEMENTS OF CHANGES I
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for the year ended 30 June Operatin
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14. PROPERTY, PLANT AND EQUIPMENT (
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15. INTANGIBLE ASSETS (continued) S
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for the year ended 30 June 18. RETI
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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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Page 207 and 208:
Notice is hereby given that the twe
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Litigation statement The directors
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SUN INTERNATIONAL LIMITED (Incorpor
Page 213 and 214:
SUN INTERNATIONAL LIMITED Incorpora
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