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SUN INTERNATIONAL ANNUAL REPORT ’10 The number of shares in issue and used for calculation of earnings per share is summarised in the table below: 30 In issue* Number of shares (000’s) Weighted headline EPS Weighted adjusted headline EPS Shares in issue at 30 June 2009 109 831 109 831 109 831 Options exercised 1 264 758 758 111 095 110 589 110 589 Treasury shares – held by subsidiary (10 549) (10 549) (10 549) – deemed treasury shares – RSP (824) – held by Employee Share Trusts (6 022) – deemed treasury shares disposed (227) Number of shares at 30 June 2010 100 546 92 967 100 040 Dilutive share options 1 015 1 015 Number of shares for dilutive calculation at 30 June 2010 100 546 93 982 101 055 * The shares held by the Employee Share Trusts are not deducted from the number of issued shares as the group does not receive the economic benefits of any distributions from these trusts. Returns The calculation of return to equity shareholders is of limited relevance due to the significant reduction in shareholder funds resulting from cancelling the shares acquired through the 2008 share buy back and recognising in equity the treasury shares acquired. This set off against equity is reflected in the NAV per share which reduced to R1.35 at 30 June 2008. The NAV per share increased by 108% to R12.91 at 30 June 2010. Borrowings The group’s borrowings have decreased marginally since June 2009 by R0.2 billion to R6.3 billion. Rm Borrowings 30 June 2010 30 June 2009 Intergroup Third party borrowings Interest paid Third party borrowings Interest paid SFIR 796 (104) 692 68 912 51 SunWest 741 – 741 82 771 101 Afrisun Gauteng 504 (110) 394 45 352 64 Afrisun KZN 446 – 446 39 457 55 TCN 337 (110) 227 1 – – Worcester 211 (37) 174 19 194 27 Meropa 110 – 110 10 117 15 Mangaung 80 – 80 6 73 13 Teemane 68 – 68 6 69 7 Lesotho 46 (46) – – – – Wild Coast Sun 45 (45) – – – – Emfuleni 5 – 5 5 97 9 Central office and other 2 676 452 3 128 261 3 196 343 6 065 – 6 065 542 6 238 685 Employee Share Trusts 225 – 225 24 269 34 6 290 – 6 290 566 6 507 719
JOINT REPORT OF THE CHIEF EXECUTIVE AND CHIEF FINANCIAL OFFICER continued The SFIR interest is net of R21 million in borrowing costs which have been capitalised to the Monticello project. SFIR’s facilities have been restructured resulting in the shareholders funding a US$50 million repayment of the long term facility. With the exception of the SFIR and TCN funding, all debt is denominated in Rand. The SFIR debt is denominated in US Dollars (US$70 million) however the debt has been fully hedged to Chilean Pesos at an exchange rate of CLP543:US$1. The debt in the statement of financial position is disclosed at the Rand equivalent of the US Dollar balance and the mark-to-market on the Peso/US Dollar hedge is disclosed as a hedge asset or liability. The TCN debt represents loan funding from shareholders with Sun International having provided US$15 million of the debt and our partners in TCN US$28 million. Borrowing facilities of the group total R7.4 billion (excluding the Employee Share Trusts) of which R6.1 billion was utilised at 30 June 2010. The existing facilities and future cash flows from operations are in excess of our funding requirement for on-going commitments. Details of interest rates are given on page 173 in the annual financial statements. Interest rate hedging In managing the group’s exposure to interest rate risk the group has taken out a number of hedges. The table below summarises the interest rate hedges that were in place: Company Period of hedge 1. SHAREHOLDER DELIVERY Debt on which interest rate hedged Effective hedge rate SISA – Preference shares 2 October 2008 – 1 September 2010 R464 million 9.22% SIL – Preference shares 2 October 2008 – 30 September 2010 R925 million 9.71% The hedge taken out for SFIR expired on 31 December 2009. Currently the interest rate is floating at 3.43% above the Camara (Chile base rate) which is currently approximately 2%. The SISA and SIL preference shares reverted back to floating rates of 63% and 67% of prime respectively at the expiry of the hedge. As at 30 June 2010, interest rates on 35% (2009: 45%) of the group’s borrowings were fixed, which are the V&A loan, the loan from Vacation Club members and the balance of the preference shares on which the interest rate hedges are in place. 20% (2009: 67%) of these rates were fixed for periods longer than 12 months. 31
Page 1 and 2: ANNUAL REPORT 2010
Page 3 and 4: ABOUT THE INTEGRATED REPORT This re
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: DIVIDENDS 1. SHAREHOLDER DELIVERY T
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
Page 53 and 54: 51 51
Page 55 and 56: AT A GLANCE WHAT WE ACHIEVED Final
Page 57 and 58: CAPITAL COMMITMENTS Capital commitm
Page 59 and 60: AT A GLANCE JOINT REPORT OF THE CHI
Page 61 and 62: CONCESSIONAIRES Our concessionaires
Page 63 and 64: AT A GLANCE IN THIS SECTION: JOINT
Page 65 and 66: In line with global trends for lead
Page 67 and 68: 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
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JOINT REPORT OF THE CHIEF EXECUTIVE
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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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JOINT REPORT OF THE CHIEF EXECUTIVE
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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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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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