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SUI
SUI
SUI - SUN International Limited - Profit and dividend announcement for the six
months ended 31 December 2010
SUN INTERNATIONAL LIMITED
("Sun International" or "the group" or "the company") Registration
Number:1967/007528/06 Share Code: SUI ISIN: ZAE000097580
Profit and dividend announcement for the six months ended 31 December 2010
Revenue +9%
EBITDA +5%
Adjusted HEPS +1%
Interim dividend of 80 cents per share
CONDENSED GROUP STATEMENTS OF COMPREHENSIVE INCOME
Six months ended Year ended
31 December 30 June
R million 2010 % 2009 2010
Unaudited change Unaudited Audited
Revenue
Casino 3 494 8 3 229 6 212
Rooms 465 14 409 857
Food, beverage and other 534 15 466 892
4 493 9 4 104 7 961
Less: promotional (81) (61) (164)
allowances
4 412 4 043 7 797
Insurance proceeds - - 180
Pension fund deficit - - (1)
recognition
Employee costs (908) (821) (1 633)
Levies and VAT on casino (788) (725) (1 364)
revenue
Depreciation and (379) (347) (685)
amortisation
Promotional and marketing (369) (341) (614)
costs
Consumables and services (502) (440) (846)
Property and equipment (50) (44) (114)
rental
Property costs (211) (180) (351)
Other operational costs (376) (364) (728)
SFIR minority equity option (75) - -
Operating profit 754 (3) 781 1 641
Foreign exchange losses (79) (16) (15)
Interest income 22 34 60
Interest expense (265) (297) (566)
Share of associate`s loss - (3) (3)
Profit before tax 432 499 1 117
Tax (233) (184) (452)
Profit for the period 199 (37) 315 665
Other comprehensive income:
Net profit/(loss) on cash - 37 (10)
flow hedges
Tax on net profit/(loss) on - (7) 2
cash flow hedges
Transfer of hedging reserve 12 14 87
to statements of
comprehensive income
Tax on transfer of hedging (3) (3) (19)
reserve to statements of
comprehensive income
Currency translation (40) (28) (90)
reserve
Total comprehensive income 168 328 635
for the period
Profit for the period
attributable to:
- Minorities 51 72 152
- Ordinary shareholders 148 243 513
199 315 665
Total comprehensive income
attributable to:
?Minorities 39 85 144
?Ordinary shareholders 129 (47) 243 491
168 328 635
Cents Cents Cents
per share per share per share
Earnings per share
- basic 156 263 552
- diluted 154 (40) 259 546
Headline earnings
?basic 157 263 568
?diluted 154 (40) 259 562
Dividends per share 80 100
CONDENSED GROUP STATEMENTS OF CASH FLOWS
Six months ended Year ended
31 December 30 June
R million 2010 2009 2010
Unaudited Unaudited Audited
Cash flows by operations 1 240 1 193 2 416
before:
Working capital changes 38 56 (70)
Cash generated by operations 1 278 1 249 2 346
Tax paid (295) (279) (519)
Cash retained from operating 983 970 1 827
activities
Cash utilised in investing (522) (732) (1 236)
activities
Cash realised from investing 57 65 164
activities
Net cash outflow from financing (445) (211) (819)
activities
Effect of exchange rates upon (29) (10) (9)
cash and cash equivalents
Increase/(decrease) in cash and 44 82 (73)
cash equivalents
CONDENSED GROUP STATEMENTS OF FINANCIAL POSITION
31 December 30 June
R million 2010 2009 2010
Unaudited Unaudited Restated
ASSETS
Non current assets
Property, plant and equipment 8 902 8 009 8 909
Intangible assets 369 366 349
Investment in associate - 326 -
Available-for-sale investment 48 48 48
Loans and receivables 35 47 45
Pension fund asset 30 31 30
Deferred tax 112 100 95
9 496 8 927 9 476
Current assets
Loans and receivables 25 32 31
Accounts receivable and other 568 544 639
Cash and cash equivalents 765 876 721
1 358 1 452 1 391
Total assets 10 854 10 379 10 867
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders` equity 1 356 984 1 210
Minorities` interests 1 330 1 160 1 397
2 686 2 144 2 607
Non current liabilities
Deferred tax 491 422 496
Borrowings 3 525 3 952 3 940
Other non current liabilities 292 261 201
4 308 4 635 4 637
Current liabilities
Accounts payable and other 1 151 1 217 1 273
Borrowings 2 709 2 383 2 350
3 860 3 600 3 623
Total liabilities 8 168 8 235 8 260
10 854 10 379 10 867
CONDENSED GROUP STATEMENTS OF CHANGES IN EQUITY
R million Ordinary Minorities` Total
share- interests equity
holders`
equity
Unaudited for the six months
ended 31 December 2010
Balance at 30 June 2010 1 210 1 398 2 608
Total comprehensive income for 129 39 168
the period
Treasury share options (7) - (7)
purchased
SFIR minority equity option 75 - 75
Shares disposed by Dinokana 13 - 13
Employee share based payments 24 - 24
Delivery of share awards (3) - (3)
Acquisition of minorities` 10 32 42
interests
Dividends paid (95) (139) (234)
Balance at 31 December 2010 1 356 1 330 2 686
Unaudited for the six months
ended 31 December 2009
Balance at 30 June 2009 569 1 020 1 589
Total comprehensive income for 243 85 328
the period
Share issue 39 - 39
Treasury share options (12) - (12)
purchased
Treasury share options 79 - 79
exercised
Deemed treasury shares (1) - (1)
purchased
Shares disposed by Dinokana 46 - 46
Employee share based payments 25 - 25
Delivery of share awards (4) - (4)
Increase in minorities funding - 185 185
Dividends paid - (130) (130)
Balance at 31 December 2009 984 1 160 2 144
Audited for the year ended 30
June 2010
Balance at 30 June 2009 569 1 020 1 589
Total comprehensive income for 491 144 635
the year
Share issue 39 - 39
Deemed treasury shares (1) - (1)
purchased
Deemed treasury shares disposed 2 - 2
Treasury share options (40) - (40)
purchased
Treasury share options 79 - 79
exercised
Shares disposed by Dinokana 55 - 55
Employee share based payments 37 - 37
Delivery of share awards (4) - (4)
Acquisition of minorities` (28) (5) (33)
interests
Increase in minorities funding 11 266 277
Acquisition of subsidiary - 219 219
Dividends paid - (246) (246)
Balance at 30 June 2010 1 210 1 398 2 608
SUPPLEMENTARY INFORMATION
Six months ended Year ended
31 December 30 June
R million 2010 % 2009 2010
change Unaudited Audited
Unaudited
EBITDA RECONCILIATION
Operating profit 754 (3) 781 1 641
Monticello insurance - - 59
deductible*
Depreciation and 379 347 685
amortisation
Property and equipment 50 44 114
rental
Pension fund deficit - - 1
recognition*
Net loss on disposal of 1 - 1
property, plant and
equipment*
SFIR minority equity 75 - -
option
Profit on disposal of - - (2)
investments*
Pre-opening expenses* - 28 28
Reversal of Employee 12 10 18
Share Trusts`
consolidation*
EBITDA 1 271 5 1 210 2 545
EBITDA margin (%)(i) 28 29 32
HEADLINE EARNINGS AND
ADJUSTED HEADLINE
EARNINGS RECONCILIATION
Profit attributable to 148 (39) 243 513
ordinary shareholders
Headline earnings 1 - 36
adjustments
Net loss on disposal of 1 - 1
property, plant and
equipment
Profit on disposal of - - (2)
investments
Monticello insurance - - 37
deductible relating to
asset reinstatement
Tax relief on the above (1) - (4)
items
Minorities` interests on - - (17)
the above items
Headline earnings 148 (39) 243 528
Adjusted headline 94 30 52
earnings adjustments
Pre-opening expenses - 28 28
Pension fund deficit - - 1
recognition
SFIR minority equity 75 - -
option
Monticello insurance - - 22
deductible relating to
business interruption
Foreign exchange losses 19 2 1
on intercompany loans
Tax on the above items (4) (5) (9)
Minorities` interests on (28) (13) (22)
the above items
SARS tax refund - (53) (53)
Tax on share premium - - (2)
distributions received
CGT 6 - -
Tax on termination of (5) - -
contract
Reversal of Employee 9 13 18
Share Trusts`
consolidation(ii)
Adjusted headline 220 2 215 512
earnings
Number of shares (`000)
- in issue 93 970 93 577 93 700
- for EPS calculation 93 970 92 356 92 967
- for diluted EPS 95 311 93 814 93 982
calculation
- for adjusted headline 100 546 99 541 100 040
EPS calculation(ii)
- for diluted adjusted 101 887 101 000 101 055
headline EPS
calculation(ii)
Earnings per share
(cents)
- basic earnings per 156 (41) 263 552
share
- headline earnings per 157 (40) 263 568
share
- adjusted headline 218 1 216 512
earnings per share
- diluted basic earnings 154 (40) 259 546
per share
- diluted headline 154 (40) 259 562
earnings per share
- diluted adjusted 215 1 213 507
headline earnings per
share
Tax rate reconciliation
(%)
Effective tax rate 54 37 40
SFIR minority equity (5) - -
option
Preference share (5) (6) (5)
dividends
STC (9) (7) (6)
Prior year over- 2 11 7
provisions
Foreign taxes and tax 1 (2) (1)
losses
CGT (3) - -
Capital allowances and (7) (5) (7)
disallowed expenditure
SA corporate tax rate 28 28 28
EBITDA to interest 5.2 4.7 5.0
(times)
Annualised borrowings to 2.39 2.45 2.47
EBITDA (times)
Net asset value per 14.43 10.52 12.91
share (Rand)
Capital expenditure 481 517 1 031
Capital commitments
- contracted 135 296 289
- authorised but not 1 209 807 880
contracted
- conditionally - 987 986
authorised
1 344 2 090 2 155
(i) The EBITDA margin has been calculated on revenue before deducting
promotional allowances.
(ii) The consolidation of the Employee Share Trust is reversed in the
calculation of adjusted headline earnings as the group does not
receive the economic benefits of the trust.
ACCOUNTING POLICIES
The condensed consolidated financial information for the six months ended 31
December 2010 has been prepared in accordance with the recognition and
measurement criteria of International Financial Reporting Standards (IFRS), the
presentation and disclosure requirements of IAS 34 - Interim Financial Reporting
and AC 500 standards issued by the Accounting Practices Board. The accounting
policies applied are consistent with those adopted in the financial statements
for the year ended 30 June 2010.
EARNINGS AND DIVIDEND
Whilst revenue for the six months ended 31 December 2010 was 9% ahead of last
year at R4.5 billion, comparable revenue (excluding the Federal Palace in
Nigeria) was 8% higher. Gaming and rooms revenues were 8% and 14% ahead of last
year respectively.
EBITDA of R1.3 billion for the six months was 5% higher than last year with the
EBITDA margin declining 1.2 percentage points to 28.3%. The lower margin is due
to certain cost increases being ahead of inflation (particularly property costs
such as rates, taxes and utilities), and the lower margins at the Federal Palace
due to the depressed trading conditions.
The results include a charge of R75 million in terms of IFRS 2 - Share Based
Payments, which results from an extension to an option previously granted to the
minority shareholders to subscribe for their portion of the additional capital
contributed to SFI Resorts SA (Monticello).
The strengthening of the Rand and Chilean Peso against the US Dollar resulted in
a foreign exchange loss of R79 million compared to a loss of R16 million last
year.
Net interest paid decreased by 8% to R243 million as a result of lower interest
rates.
Tax of R233 million increased by 27% due to the tax refund in the prior year.
The effective tax rate, excluding the minority equity option charge, non
deductible preference share dividends, STC, CGT and prior year over-provisions
was 34% (2009 - 35%).
Adjusted headline earnings of R220 million and diluted adjusted headline
earnings per share of 215 cents are 2% and 1% above last year respectively.
Excluding the impact of foreign exchange movements, adjusted headline earnings
increased by 13% on last year.
The board has declared an interim dividend of 80 cents per share.
SEGMENTAL ANALYSIS
Revenue EBITDA
Six months Year Six months Year
to 31 December ended to 31 December ended
30 June 30 June
R million 2010 2009 2010 2010 2009 2010
GrandWest 832 787 1 582 313 303 614
Sun City 628 583 1 160 74 68 173
Monticello 512 394 881 67 36 99
Carnival City 488 472 965 142 142 303
Sibaya 449 424 849 150 150 296
Boardwalk 225 202 414 85 75 160
Carousel 166 159 310 38 40 77
Wild Coast Sun 146 145 287 13 16 48
Meropa 136 115 236 58 46 98
Morula 130 135 254 19 28 51
Windmill 112 96 193 40 34 71
Swaziland 91 91 166 4 7 7
Botswana 83 81 156 26 25 48
Table Bay 79 81 167 13 15 35
Zambia 72 75 149 14 16 26
Flamingo 66 66 127 18 21 38
Golden Valley 62 55 112 14 14 27
Kalahari Sands 58 62 123 11 16 34
Lesotho 55 44 93 8 4 12
Other operating 19 21 40 (7) (7) (12)
segments
Management 304 298 607 174 166 345
activities
4 713 4 386 8 871 1 274 1 215 2 550
Federal Palace 69 11 4 4
Total operating 4 782 4 386 8 882 1 278 1 215 2 554
segments
Central office and
other
eliminations (289) (282) (575) (7) (5) (9)
Other
expenses(iii)
Monticello (346)
business
interruption
4 493 4 104 7 961 1 271 1 210 2 545
Promotional (81) (61) (164)
allowances
4 412 4 043 7 797 1 271 1 210 2 545
SEGMENTAL ANALYSIS
Operating profit
Six months Year
to 31 December ended
30 June
R million 2010 2009 2010
GrandWest 239 233 470
Sun City 17 3 61
Monticello 0 (12) (3)
Carnival City 98 97 214
Sibaya 113 113 222
Boardwalk 71 61 130
Carousel 23 25 47
Wild Coast Sun 0 8 26
Meropa 49 38 81
Morula 8 18 31
Windmill 31 25 52
Swaziland 0 4 (3)
Botswana 20 20 37
Table Bay 0 4 9
Zambia 6 8 8
Flamingo 12 15 26
Golden Valley 5 5 9
Kalahari Sands 1 6 13
Lesotho 2 2 5
Other operating segments (8) (8) (14)
Management activities 168 160 332
855 825 1 753
Federal Palace (8) 2
Total operating segments 848 825 1 755
Central office and other
eliminations (6) (6) (9)
Other expenses(iii) (88) (38) (105)
Monticello - interruption
754 781 1 641
Promotional allowances
754 781 1 641
GAMING
Gaming revenue was 8% ahead of last year at R3.5 billion with slots revenue at
R2.9 billion and tables revenue at R0.6 billion, 9% and 6% ahead of last year
respectively.
GrandWest revenue at R832 million and EBITDA at R313 million were 6% and 3%
ahead of last year respectively. The EBITDA margin declined 0.9 percentage
points to 37.6%.
Monticello revenue increased 30% to R512 million. EBITDA increased 85% to R67
million resulting in an improvement in the EBITDA margin of 3.9 percentage
points to 13.1%. The costs were impacted to an extent by a strike that lasted
for a month during the period.
Carnival City achieved revenue of R488 million, an increase of 3% from last
year. EBITDA was in line with last year at R142 million resulting in the EBITDA
margin declining 0.9 percentage points to 29.1%. The Group`s share (Carnival
City and Morula) of the Gauteng market declined 0.1 percentage point to 20.3%.
Sibaya revenue increased 6% to R449 million while EBITDA was unchanged at R150
million. The EBITDA margin of 33.4% was 1.8 percentage points below last year.
Sibaya`s share of the Kwazulu-Natal market was in line with last year at 35.2%.
Boardwalk revenue and EBITDA was 11% and 14% ahead of last year at R225 million
and R85 million respectively. This resulted in the EBITDA margin increasing 0.9
percentage points to 37.9%.
HOTELS AND RESORTS
Rooms revenue at R465 million was 14% ahead of last year and 7% excluding the
Federal Palace. Group occupancy of 66.9% was 3.2 percentage points lower than
last year although average room rates increased by 9% to R897. The decline in
occupancies was primarily a result of weaker demand from international markets.
Sun City revenue grew 8% to R628 million. Occupancy was static at 71% while the
average room rate was 9% ahead of last year at R1 290. EBITDA was 10% ahead of
last year at R74 million with the EBITDA margin 0.2 percentage points ahead of
last year at 11.8%.
The Table Bay achieved an 18% increase in average room rate to R2 230. However
occupancies declined by 10 percentage points to 44% due to a decline in demand
primarily from the markets of the United States and United Kingdom and increased
rooms inventory in Cape Town. EBITDA declined by 17% as a result.
The Royal Livingstone and Zambezi Sun achieved an aggregate occupancy of 45%
(54%) at an average room rate of US$ 197, a 7% decline against last year. EBITDA
in US dollars was 5% below last year.
Revenue from Botswana was 2% ahead of last year at R83 million. EBITDA was 4%
ahead of last year at R26 million resulting in a 0.5 percentage point increase
in the EBITDA margin to 31.8%.
The Federal Palace generated revenue of R69 million at a 55% occupancy and an
average room rate of $256. EBITDA was R4 million resulting in an EBITDA margin
of 5.4%.
MANAGEMENT ACTIVITIES
Management fees and related income of R304 million was 2% higher than last year
due to lower development fees this year. EBITDA increased by 5% to R174 million.
FINANCIAL POSITION
The group`s borrowings at 31 December 2010 decreased by R56 million to R6.2
billion from 30 June 2010.
THIRD PARTY BORROWINGS
31 December 2010 31 30 June
December 2010
2009
R million Borrow- Intergroup Third Third Third
ings Borrow- party party party
ings Borrow- Borrow- Borrow-
ings ings ings
SunWest 766 - 766 757 741
International
(Pty) Ltd
SFI Resorts SA 654 (78) 576 666 692
(Monticello)
Afrisun Gauteng 526 - 526 508 394
(Pty) Ltd
Afrisun KZN (Pty) 431 - 431 455 446
Ltd
The Tourist 292 (100) 192 - 227
Company of
Nigeria Plc (TCN)
Worcester Casino 149 (13) 136 211 174
(Pty) Ltd
Meropa Leisure 115 - 115 116 110
and Entertainment
(Pty) Ltd
Mangaung Sun 103 - 103 71 80
(Pty) Ltd
Teemane (Pty) Ltd 74 - 74 68 68
Emfuleni Resorts 80 - 80 56 5
(Pty) Ltd
Lesotho Sun (Pty) 49 (48) 1 30 -
Ltd
Transkei Sun 140 (134) 6 - -
International
Limited
Central office 2 645 373 3 018 3 168 3 128
6 024 - 6 024 6 106 6 065
Employee Share 210 - 210 229 225
Trusts
6 234 - 6 234 6 335 6 290
CAPITAL EXPENDITURE INCURRED DURING THE SIX MONTHS
R million
Expansionary:
Boardwalk 49
Windmill 25
Monticello 15
89
Refurbishment:
Wild Coast Sun 78
Kalahari Sands 40
Federal Palace 11
Carousel 6
Lesotho 4
Zambia 1
140
Other ongoing asset replacement 252
Total capital expenditure 481
IFRS 3 (revised) - BUSINESS COMBINATION
The purchase price allocation (PPA) for the investment in the TCN was finalised
during the period under review. The results of the provisional and final PPA are
set out below:
R million Provisional Final
Property, plant and equipment 798 861
Current assets 92 92
Deferred tax (13) (77)
Current liabilties (443) (443)
Net assets 434 433
Minorities` interests (220) (219)
Net assets acquired 214 214
Previously held associate at fair value (93) (93)
Consideration settled in cash 121 121
Cash and cash equivalents in TCN (65) (65)
Cash outflow 56 56
An independent external valuer was used to determine the fair value of vacant
land based on the open market valuation and the discounted cash flow valuation
was used to finalise the value of the buildings and infrastructure. This
resulted in the property, plant and equipment increasing by R63 million, with a
R161 million increase in buildings and infrastructure offset by a reduction in
the land value of R98 million. Deferred tax of R64 million has been raised in
accordance with IFRS 3. The 30 June 2010 statement of financial position has
been restated accordingly.
DEVELOPMENTS
Wild Coast Sun
The second phase of the Wild Coast Sun refurbishment project was completed in
December 2010, taking the total complement of newly refurbished rooms to 111.
The third phase is now under way, which consists of the refurbishment of 182
bedrooms, the convention centre refurbishment and the construction of the new
water park. The total estimated capital expenditure remains at R400 million with
final completion scheduled for mid 2012.
Windmill
Construction of a new Prive was completed in November 2010 at a cost of R30
million. The Prive includes both smoking and non-smoking facilities, a lounge
and separate entrance from a new private parking area.
Kalahari Sands
The refurbishment of the Kalahari Sand`s 173 hotel rooms, buffet restaurant and
kitchen will be completed by April 2011 at an estimated capital expenditure of
R89 million.
Boardwalk
During the period the Eastern Cape Gambling and Betting Board awarded the
exclusive gaming licence in Port Elizabeth to Emfuleni Resorts for a period of
15 years effective from October 2010. The expansion of the Boardwalk has
commenced and is targeted to be completed by December 2012 at an estimated cost
of R1 billion. The project includes the conversion of the existing conference
centre into a new smoking casino and a new structure which will accommodate a
three level parkade with 870 undercover parking bays, a 135 room five star hotel
with the requisite facilities and an international standard conference centre.
SUNWEST EXCLUSIVITY
GrandWest`s initial 10-year casino exclusivity in the Cape Metropole expired
during December 2010. The Provincial Government of the Western Cape is still
considering whether to permit one of the other casino licence holders in the
Western Cape to relocate to the Cape Metropole and has engaged interested
stakeholders before taking a final decision.
Sufficient information to assess the potential impacts on GrandWest`s revenue
and profitability remains unavailable.
PROPOSED RESTRUCTURE OF COMMON INTERESTS WITH GRAND PARADE INVESTMENTS LIMITED
"GPI"
Shareholders are referred to the cautionary announcements published on 8
December 2010 and 21 January 2011. Negotiations are still in progress regarding
the possible restructuring of Sun International`s and GPI`s common interests in
certain Sun International subsidiaries.
A further announcement in this respect will be made in due course.
OUTLOOK
It is anticipated that hospitality revenues will remain soft for the rest of the
financial year. Gaming revenues have stabilised and are showing signs of
improvement at certain units. Monticello and the Federal Palace continue to
increase their contribution to the group`s results. Growth in adjusted headline
earnings per share for the full year (excluding foreign exchange earnings) is
anticipated, although this is likely to be below that achieved for the first
half. The outlook has not been reviewed or reported on by the company`s
auditors.
For and on behalf of the board
MV Moosa (Chairman) DC Coutts-Trotter (Chief Executive)
Registered Office: 27 Fredman Drive, Sandown, Sandton 2031
Sponsor: Investec Bank Limited
Transfer secretaries: Computershare Investor Services (Pty) Ltd, 70 Marshall
Street, Johannesburg 2001
Directors: MV Moosa (Chairman), IN Matthews (Lead Independent Director), DC
Coutts-Trotter (Chief Executive)*, ZBM Bassa, RP Becker (Chief Financial
Officer)*, PL Campher, MP Egan, Dr NN Gwagwa, BLM Makgabo-Fiskerstrand, LM
Mojela, DM Nurek, E Oblowitz, GR Rosenthal *Executive
Group Secretary: CA Reddiar 28 February 2011
DECLARATION OF INTERIM DIVIDEND
Notice is hereby given that an interim dividend of 80 cents per share for the 6
months ended 31 December 2010 has been declared, payable to shareholders
recorded in the register of the company at the close of business on the record
date appearing below. The salient dates applicable to the interim dividend are
as follows:
2011
Last day to trade cum interim dividend Thursday, 17 March
First day to trade ex interim dividend Friday, 18 March
Record date Friday, 25 March
Payment date Monday, 28 March
No share certificates may be dematerialised or rematerialised between Friday, 18
March and Friday, 25 March 2011 both days inclusive. Dividend cheques will be
posted and electronic payments made, where applicable, to certificated
shareholders on the payment date. Dematerialised shareholders will have their
accounts with their Central Securities Depository Participant or broker credited
on the payment date.
By order of the board
CA Reddiar (Group Secretary) 28 February 2011
Date: 28/02/2011 09:00:01 Produced by the JSE SENS Department.
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