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SUI
SUI
Sun International - Business Update for the Quarter and Nine Months to
31 March 2006
Sun International Limited
(Registration number: 1967/007528/06)
Share code: SUI
ISIN: ZAE000070678
Business Update for the Quarter and Nine Months to 31 March 2006
Trading
Trading for the quarter to 31 March 2006 was satisfactory with overall
revenue 13% up on the previous year. March revenues were however only
10% ahead of the previous year due to the non-comparability as Easter
fell in March in the previous year. Revenues for the month of April
were 16% ahead of last year. Gaming revenues were 14% up on the
previous year in the quarter with all the group"s major casinos
performing well.
The average room occupancy of the group"s hotels and resorts for the
quarter at 71% was 3 percentage points above the previous year
notwithstanding the non-comparability because of Easter. The group"s
Zambian resorts average room occupancy increased by 4 percentage points
to 62% in the quarter reflecting the ongoing increase in international
tourism demand.
The overall EBITDA margin in the group continued to show improvement
over last year at 35.3%.
Summary of Group Revenue and EBITDA
Quarter Year to Date
3 Months to 31 March 9 Months to 31 March
Unaudited 2006 Change 2005 2006 Change 2005
Rm"s % Rm"s Rm"s % Rm"s
Revenue 1474 13 1306 4417 16 3819
Casino 1119 14 981 3350 17 2853
Rooms 184 9 169 519 8 482
Food & 171 10 156 547 13 483
beverage &
other
EBITDA 520 15 451 1506 20 1253
EBITDA margin 35.3 34.5 34.1 32.8
(%)
Developments
The construction of the new casino in Worcester and the Sibaya Lodge
hotel, and the expansion of the GrandWest casino facilities are
progressing as planned and within the previously indicated cost
estimates.
Progress regarding Shareholding in SunWest
Shareholders were advised in the announcement published on SENS on 2
March 2006 that the completion of the in principle agreement with GPI to
acquire a further 3.2% of SunWest remained outstanding due to the
conditions precedent being unfulfilled and a potential challenge from
Afrisun Leisure which claims to have a pre-emptive right over a portion
of shares sold by Sun International to GPI in 2003. Both the GPI
transaction and the potential Afrisun Leisure matter remain outstanding.
Offer to acquire all the shares in Real Africa Holdings Limited
Shareholders are referred to the announcement published on SENS on 12
April 2006 in which it was indicated that a final decision by Sun
International whether or not to proceed with the proposed acquisition
will be made by Wednesday, 10 May 2006. A further announcement will be
made in due course.
Taxation
The group has previously indicated that it had a dispute with the South
African Revenue Service (SARS) over the deductibility of pre-opening
expenditure and as a result of various assessments raised against group
companies a contingent liability of R36 million had been noted. The
group has resolved this matter with SARS, with no material impact on the
group"s overall tax liability.
Outlook
The group continues to expect good growth in adjusted headline earnings
per share for the full year, albeit that the growth in the second half
of the year is expected to be below that experienced in the first half.
3 May 2006
Sponsor:
Investec Bank Limited
Date: 03/05/2006 04:25:03 PM Produced by the JSE SENS Department
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