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Unaudited interim results for the six month period ended 30 June 2020
SUN INTERNATIONAL LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1967/007528/06 Share code: SUI ISIN: ZAE 000097580
LEI: 378900835F180983C60 ("Sun International" or "the group")
Unaudited interim results for the six month period ended 30 June 2020
Introduction
The Covid-19 pandemic has had a significant impact on the group's results for the six months ended 30
June 2020 with all the group's operations in lockdown from late March 2020 to 30 June 2020. In the face
of pervasive challenges, Sun International has responded proactively to protect its business in the short
term and position the group for sustainable recovery post the Covid-19 lockdown over the long term. The
group's ongoing efforts to manage costs, implement efficiencies and improve the customer experience were
bearing fruit prior to the onset of the Covid-19 pandemic, with the group achieving growth in revenue,
adjusted EBITDA and the adjusted EBITDA margin. Debt was well under control with the benefits of
deleveraging reflecting strongly in the financial results.
The group responded quickly to the crisis, taking decisive action to protect balance sheet liquidity and
minimise the cash outflow from March through various initiatives that enabled the group to significantly
reduce costs, manage cash flow and available facilities. The short-term liquidity risk was addressed
through negotiating deferrals on our debt servicing with our lender group. On 11 August 2020, the group
announced the results of its R1.2 billion partially underwritten, renounceable rights offer. The
resumption of trading for the casinos under the current level further improves the liquidity outlook for
the group.
Once a stable business environment returns, the business will continue with its progress on deleveraging
its balance sheet, simplifying its complex group structure and growing its attractive alternate gaming
business.
Financial Overview
South Africa Latam* Nigeria and eSwatini Total
R million 2020 % 2019 2020 % 2019 2020 % 2019 2020 % 2019
Income 2 473 (55) 5 526 1 166 (58) 2 783 66 (58) 156 3 705 (56) 8 465
Adjusted EBITDA 80 (95) 1 480 43 (94) 668 (44) <(100) (8) 79 (96) 2 140
Adjusted operating
(loss)/profit (419) <(100) 900 (227) <(100) 370 (60) <(100) (24) (706) <(100) 1 246
(Loss)/profit
before tax (936) <(100) 440 (365) <(100) 246 (68) (45) (47) (1 369) <(100) 639
Tax 221 >100 (182) 75 >100 (96) (41) <(100) 2 255 >100 (276)
(Loss)/profit
after tax (715) <(100) 258 (290) <(100) 150 (109) <(100) (45) (1 114) <(100) 363
Group adjusted
headline
(loss)/earnings (635) <(100) 107 (196) <(100) 88 (54) <(100) (23) (885) <(100) 172
(Loss)/earnings per share (cents)
Basic (loss)/earnings per share (cents) (894) <(100) 132
Headline (loss)/earnings per share (cents) (231) <(100) 128
Diluted adjusted headline (loss)/earnings per share (702) <(100) 136
Dividends per share - - -
* Sun Dreams were disclosed in terms of IFRS 5: Non-Current Assets Held for Sale and Discontinued
Operations. Consequently, the Statement of Comprehensive Income of Sun International will reflect the
results of the Latam operations as a single line in the statement of comprehensive income from
discontinued operations.
Outlook
The Covid-19 pandemic will have a significant impact on the South African and Chilean economies which
will take some time to recover. With the recent resumption of trading in South Africa and the further
lifting of restrictions we expect trading levels to continue to improve.
While we do not expect that there will be a quick recovery to previous trading levels we are optimistic
that with the various costs saving and efficiency initiatives implemented and a dedicated focus on
improving the customer experience, that the group will recover from the Covid-19 pandemic and resume
delivering strong returns to shareholders.
The disposal of Sun Dreams as announced to shareholders on SENS on 21 August 2020 and the subsequent
receipt of the proceeds will significantly strengthen the group's balance sheet and reduce interest
charges.
FURTHER INFORMATION
This short-form announcement is the responsibility of the directors. It is only a summary of the
information contained in the full announcement and does not contain full or complete details. Any
investment decision should be based on the full announcement published on SENS on 31 August 2020, which
is available at: https://senspdf.jse.co.za/documents/2020/jse/isse/sui/ye20.pdf and which is also
available on our website at http://www.suninternational.com/investors
The full announcement is available for inspection at the registered office of Sun International at no
charge during normal trading hours.
Copies of the full announcement may be requested from our Company Secretary via email at
andrew.johnston@suninternational.com
31 August 2020
SPONSOR: Investec Bank Limited
http://www.suninternational.com
Date: 31-08-2020 08:00:00
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