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SUN INTERNATIONAL ANNUAL REPORT ’10 Drive cash flows and earnings Shareholders Financiers Employees 06 KEY STRATEGIC IMPERATIVES 1. SHAREHOLDER DELIVERY p19 STAKEHOLDERS CURRENT STATUS Cash generated by operations of R2.4 4 billion billion. EBITDA declined 7% and the EBITDA margin declined 2.2 percentage points to 32.0%. Diluted AHEPS of 507 cents was 18% below last year. Dividends Dividends were resumed at the end of the financial year at 100 cents per share. Manage our financial position Successfully managed gearing levels and debt covenants remain intact. Debt to be restructured in the medium term and initial discussions with financiers have commenced. 2. PROTECT OUR BUSINESS p35 Continuous improvement Shareholders Employees Customers Suppliers STAKEHOLDERS CURRENT STATUS Improvements in relationship marketing and in gaming marketing. The MVG programme maintained its position as the premier casino rewards programme in Africa and is the benchmark in Chile. It is also available at the new Federal Palace casino in Nigeria. Protect and grow market share Promotional activity and brand campaigns continue to focus on retaining and growing market share where possible. Protect and grow our brand Two years into the new brand promise ‘A Million Thrills. One Destination’ using Charlize Theron as brand ambassador, our brand has been better positioned throughout the group and recognition improved. Planning for the next cycle commencing in 2011 is well advanced. Deliver and enhance brand promise High focus on service levels and customer centricity (see also 3). Significant focus on costs Initiated project on casino costs improvement including management structure and operating hours. Monitor casino regulatory environment Participated in DTI review commission and monitoring developments at provincial level. Enhance corporate reputation A particular focus during the year under review has been with the company’s internal stakeholders and the group will focus on enhancing its external stakeholder engagement in the forthcoming year.
KEY STRATEGIC IMPERATIVES 3. OUR CUSTOMERS p47 Customer strategy Customers Employees 4. STRATEGIC GROWTH AND EXPANSION p53 International expansion Shareholders Employees Business partners Regulators 5. BUSINESS PARTNERSHIPS p57 STAKEHOLDERS CURRENT STATUS Equity partners Shareholders Suppliers Continue to build and d manage strategic t t i relati relationships. l ti i Suppliers Service providers Suppliers constitute not only a family of service providers and external Communities experts, but investors in our business and its future. Concessionaires Our concessionaires are close partners with us and provide focused goods and services. Communities Our aim is to have a positive impact on society. R20 million spend on corporate social investment. Wild Coast Sun and Fish River Sun land claims to be resolved. 6. INNOVATION p61 Product delivery Customers Employees STAKEHOLDERS CURRENT STATUS STAKEHOLDERS CURRENT STATUS STAKEHOLDERS CURRENT STATUS Our Customer Management strategy summarises our customers’ behavioural drivers, expectations, and emotional links with our business, and value perceptions. Rolling out Single View of the Customer database and focusing on enhanced customer experience and value for money offerings. Successful reopening of Monticello following the earthquake. Refined Federal Palace Hotel business model and successfully opened the casino. Continue to explore opportunities in Africa and South America. SA opportunities Secured Eastern Cape licence renewals. Continue to investigate casino and hotel opportunities. Continue to lead the market in gaming product offering. Information technology management Relationship Marketing technology developed and implemented and review of Enterprise Gaming System well advanced. Successfully rolled out Single View of the Customer, Touch Point project, with focus going forward on new guest satisfaction measures and follow up. 07
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: Monticello
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
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
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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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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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