SUN INTERNATIONAL LIMITED - Trading Statement

Trading Statement

SUN INTERNATIONAL LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1967/007528/06)
Share code: SUI
ISIN: ZAE000097580
LEI: 378900835F180983C60
("Sun International" or "the Company")


TRADING STATEMENT


The Sun International Group (“Group”) is currently finalising its financial results for the year ended
31 December 2020, which are expected to be released on the Stock Exchange News Service of the
JSE Limited on or about Monday, 15 March 2021.

The Covid-19 pandemic significantly impacted the Group’s results for the year ended 31 December
2020, following the prolonged closure of many of its operations during the year as a result of the
lockdowns imposed by Government in terms of the Disaster Management Act. Accordingly,
shareholders are advised that a reasonable degree of certainty exists that the Company’s:

•     basic earnings per share for the financial year ended 31 December 2020 is expected to be a loss
      of between 1,000 cents per share and 1,100 cents per share, compared against the prior year’s
      basic earnings profit of 518 cents per share;
•     headline earnings per share for the financial year ended 31 December 2020 is expected to be a
      loss of between 170 cents per share and 290 cents per share, compared against the prior year’s
      headline earnings profit of 603 cents per share; and
•     adjusted headline earnings per share for the financial year ended 31 December 2020 is expected
      to be a loss of between 570 cents per share and 690 cents per share, compared against the prior
      year’s adjusted headline earnings profit of 605 cents per share.

The difference between basic earnings per share and adjusted headline earnings per share relates
primarily to:

•     an impairment charge of approximately R1.3 billion before tax and minority interests. The charge
      was against the carrying values of certain South African cash generating units, namely Sun City,
      Boardwalk and Maslow Sandton, as well as certain intangible assets from the South African and
      Sun Dreams operations as a result of the Covid-19 pandemic and the associated impact on
      trading conditions;
•     in terms of IFRS 5.15 - 15A, the carrying value of the Company’s investment in Sun Dreams was
      remeasured to fair value less cost to sell, resulting in an impairment of the carrying value of
      R612 million;
•     non-recurring restructuring and related costs of R204 million; and
•     a decrease in the value of the Tsogo Sun put option of R1 billion.

This trading statement has not been reviewed or reported on by Sun International’s external auditor.

By order of the Board.

Johannesburg
8 March 2021

Sponsor to Sun International
INVESTEC BANK LIMITED

Date: 08-03-2021 10:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.