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Sharenet Sites
Quarterly Business Update
Sun International Limited
(Incorporated in the Republic of South Africa)
(Registration number 1967/007528/06)
Share code: SUI ISIN: ZAE000097580
Business Update for the Quarter to 30 September 2012
Trading
Quarter to 30 September
2012 Change 2011
Rm % Rm
Revenue 2 532 11 2 287
Casino 2 037 13 1 808
Rooms 225 1 223
Food,beverage and other 270 5 256
EBITDA 680 19 572
EBITDA margin (%) 26.8 1.8 25.0
The first quarter has seen strong performance in SA Gaming units and Monticello growing revenue
by 25%. GrandWest, Carnival City, Sibaya and Boardwalk achieved revenue growth of 8%, 13%,
12% and 8% respectively. Other units achieving exceptionally pleasing growth in revenue were
Meropa, Windmill and Lesotho at 18%, 19% and 17% respectively. The Group’s share of the
Gauteng and Kwazulu-Natal markets remained stable compared to last year.
The Group achieved occupancy of 59%, 3% lower than the same quarter last year at an
unchanged average daily rate of R946. The decline in occupancy was due to a 5% increase in the
room nights available while the room nights sold increased by 1%. The number of rooms increased
predominantly at the Wild Coast as the refurbishment programme was completed in June 2012.
International room nights sold have increased in line with arrivals statistics, however local bookings
remain challenging due to a decline in groups and conventions.
The strong revenue growth and continued focus on costs resulted in the Group achieving a 1.8
percentage point increase in the EBITDA margin to 26.8%. Monticello’s EBITDA margin increased
from 19% to 22% reflecting the improvement in revenues. GrandWest’s margin, excluding the
impact of the new management fee arrangement, was 0.5% up on last year. Carnival City and
Sibaya increased margins by 4.1% and 1.4% respectively.The EBITDA margin for most of the other
Gaming units also reflected positive growth. The Resorts and Hotels division has retained its
margin on a 6% growth in overall revenues with good cost control.
Developments
South Africa
Boardwalk
Despite significant bad weather and flooding in Port Elizabeth the project remains within budget
and on schedule for opening of the hotel, conference and spa by mid December 2012.
Grayston Hotel
The hotel refurbishment project is on schedule and budget for completion in December 2012, with
the hotel opening to the public in early January 2013.
GrandWest exclusivity
There have been no further regulatory developments with regards to GrandWest’s exclusivity and
the Group continues engaging with relevant stakeholders.
Outlook
Growth in gaming revenues is expected to continue into the second quarter. Forward bookings are
indicating a recovery in room nights sold for the balance of the year and consequently occupancies
for the second quarter are expected to exceed that achieved in the prior year and preceding
quarter.
The outlook has not been reviewed or reported on by the company’s auditors.
31 October 2012
Sponsor: Investec Bank Limited
Johannesburg
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