Wrap Text
SUI - Sun International Limited - Profit and dividend announcement for the six
months ended 31 December 2011
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 2011
REVENUE +9%
EBITDA +3%
ADJUSTED HEPS +37%
INTERIM DIVIDEND OF 90 CENTS PER SHARE
CONDENSED GROUP STATEMENTS OF COMPREHENSIVE INCOME
Six months ended Year
31 December ended
30 June
R million 2011 % 2010 2011
Unaudited change Unaudited Audited
Revenue
Casino 3 809 9 3 494 6 981
Rooms 506 9 465 904
Food, beverage and other 563 5 534 1 007
4 878 9 4 493 8 892
Less: promotional (112) (81) (241)
allowances
4 766 4 412 8 651
Benefit fund surplus 24 - -
Consumables and services (533) (502) (956)
Depreciation and (388) (379) (769)
amortisation
Employee costs (1 044) (908) (1 809)
Levies and VAT on casino (883) (788) (1 583)
revenue
Promotional and marketing (384) (369) (643)
costs
Property and equipment (28) (50) (81)
rental
Property costs (246) (211) (425)
SFIR minority equity - (75) (75)
option
Other operational costs (379) (376) (700)
Operating profit 905 20 754 1 610
Foreign exchange 69 (79) (66)
profits/(losses)
Interest income 16 22 43
Interest expense (237) (265) (496)
Profit before tax 753 432 1 091
Tax (308) (233) (515)
Profit for the period 445 124 199 576
Other comprehensive
income:
Transfer of hedging 1 12 13
reserve to statements of
comprehensive income
Tax on transfer of - (3) (3)
hedging reserve to
statements of
comprehensive income
Currency translation 181 (40) 15
Total comprehensive 627 168 601
income for the period
Profit for the period
attributable to:
Minorities 145 51 143
Ordinary shareholders 300 148 433
445 199 576
Total comprehensive
income for the period
attributable to:
Minorities 199 39 146
Ordinary shareholders 428 232 129 455
627 168 601
Cents Cents Cents
per share per share per share
Earnings per share
basic 319 156 461
diluted 317 106 154 456
Headline earnings
basic 319 157 461
diluted 317 106 154 456
Dividends per share 90 80 200
CONDENSED GROUP STATEMENTS OF FINANCIAL POSITION
31 December 30 June
R million 2011 2010 2011
Unaudited Unaudited Audited
Restated
ASSETS
Non current assets
Property, plant and equipment 9 428 8 902 8 868
Intangible assets 446 369 440
Available-for-sale investment 48 48 48
Loans and receivables 11 35 35
Pension fund asset 35 30 35
Deferred tax 143 112 126
10 111 9 496 9 552
Current assets
Loans and receivables 25 25 18
Accounts receivable 581 568 461
Cash and cash equivalents 900 765 738
1 506 1 358 1 217
Non current assets held for sale - - 79
Total assets 11 617 10 854 10 848
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders` equity 1 129 1 263 1 517
Minorities` interests 1 209 1 310 1 300
2 338 2 573 2 817
Non current liabilities
Deferred tax 509 448 468
Borrowings 2 922 3 525 2 936
Other non current liabilities 354 448 420
3 785 4 421 3 824
Current liabilities
Accounts payable 1 315 1 151 1 200
Borrowings 4 179 2 709 2 972
5 494 3 860 4 172
Non current liabilities held for - - 35
sale
Total liabilities 9 279 8 281 8 031
Total equity and liabilities 11 617 10 854 10 848
CONDENSED GROUP STATEMENTS OF CASH FLOWS
Six months ended Year ended
31 December 30 June
R million 2011 2010 2011
Unaudited Unaudited Audited
Cash generated by operations 1 332 1 240 2 602
before:
Working capital changes (153) 38 111
Cash generated by operations 1 179 1 278 2 713
Tax paid (238) (295) (527)
Cash generated by operating 941 983 2 186
activities
Cash utilised in investing (597) (522) (966)
activities
Cash realised from investing 47 57 94
activities
Net cash outflow from financing (283) (445) (1 271)
activities
Effect of exchange rates upon cash 50 (29) (22)
and cash equivalents
Increase in cash and cash 158 44 21
equivalents
Movement in cash per the statement 158 44 17
of financial position
Assets held for sale - - 4
Total movement in cash 158 44 21
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 2011
Balance at 30 June 2011 1 517 1 300 2 817
Total comprehensive income for 428 199 627
the period
Treasury share options purchased (9) - (9)
Employee share based payments 33 - 33
Delivery of share awards (8) - (8)
Acquisition of minorities` (718) (79) (797)
interests
Dividends paid (114) (211) (325)
Balance at 31 December 2011 1 129 1 209 2 338
Unaudited for the six months
ended 31 December 2010
Balance at 30 June 2010 1 117 1 378 2 495
Total comprehensive income for 129 39 168
the period
Treasury share options purchased (7) - (7)
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 1 263 1 310 2 573
Audited for the year ended
30 June 2011
Balance at 30 June 2010 1 117 1 378 2 495
Total comprehensive income for 455 146 601
the year
SFIR minority eqity option 75 - 75
Deemed treasury shares purchased (1) - (1)
Deemed treasury shares disposed 5 - 5
Treasury share options purchased (16) - (16)
Shares disposed by Dinokana 13 - 13
Employee share based payments 41 - 41
Delivery of share awards (3) - (3)
Acquisition of minorities` 1 37 38
interests
Dividends paid (170) (261) (431)
Balance at 30 June 2011 1 517 1 300 2 817
SUPPLEMENTARY INFORMATION
Six months ended Year
31 December ended
30 June
R million 2011 % 2010 2011
Unaudited change Unaudited Audited
EBITDA RECONCILIATION
Operating profit 905 20 754 1 610
Depreciation and 388 379 769
amortisation
Property and equipment 28 50 81
rental
Benefit fund surplus (24) - -
Net loss/(profit) on 1 1 (1)
disposal of property, plant
and equipment*
Pre-opening expenses* 1 - -
SFIR minority equity - 75 75
option*
Reversal of Employee Share 12 12 21
Trusts` consolidation*
EBITDA 1 311 3 1 271 2 555
EBITDA margin (%) (i) 27 28 29
Headline earnings and
adjusted headline earnings
reconciliation
Profit attributable to 300 103 148 433
ordinary shareholders
Headline earnings 1 1 (1)
adjustments
Net loss/(profit) on 1 1 (1)
disposal of property, plant
and equipment
Tax relief on the above - (1) (3)
items
Minorities` interests on (1) - 4
the above items
Headline earnings 300 103 148 433
Adjusted headline earnings (57) 94 87
adjustments
Pre-opening expenses 1 - -
Benefit fund surplus (24) - -
SFIR minority equity option - 75 75
Foreign exchange (34) 19 12
(profits)/losses on
intercompany loans
Tax on the above items 16 (4) (2)
CGT - 6 8
Tax on termination of (22) (5) (5)
contract
Minorities` interests on 52 (28) (27)
the above items
Reversal of Employee Share 9 9 18
Trusts` consolidation (ii)
Adjusted headline earnings 298 35 220 512
Number of shares (`000)
- in issue 94 341 93 970 93 877
- for EPS calculation 93 955 93 970 93 826
- for diluted EPS 94 735 95 311 94 949
calculation
- for adjusted headline EPS 100 546 100 546 100 546
calculation (ii)
- for diluted adjusted 101 326 101 887 101 669
headline EPS calculation
(ii)
Earnings per share (cents)
- basic earnings per share 319 105 156 461
- headline earnings per 319 103 157 461
share
- adjusted headline 296 36 218 509
earnings per share
- diluted basic earnings 317 106 154 456
per share
- diluted headline earnings 317 106 154 456
per share
- diluted adjusted headline 294 37 215 504
earnings per share
Tax rate reconciliation (%)
Effective tax rate 41 54 47
SFIR minority equity option - (5) (2)
Preference share dividends (3) (5) (4)
STC (7) (9) (7)
Prior year (under)/over- (1) 2 1
provisions
Foreign taxes 1 1 (1)
CGT - (3) (1)
Capital allowances and (3) (7) (5)
disallowed expenditure
SA corporate tax rate 28 28 28
EBITDA to interest (times) 5.8 5.2 5.6
Annualised borrowings to 2.74 2.39 2.31
EBITDA (times)
Net asset value per share 11.97 14.43 16.16
(Rand)
Capital expenditure 597 481 924
Capital commitments
- contracted 425 135 913
- authorised but not 722 1 209 948
contracted
1 147 1 344 1 861
(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 2011 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, the Companies Act no.71 of 2008 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 2011.
EARNINGS AND DIVIDEND
Revenue for the six months ended 31 December 2011 was 9% ahead of the six months
ended 31 December 2010 ("last year") at R4.9 billion.
EBITDA of R1.3 billion was 3% higher than last year with the EBITDA margin
declining 1.4 percentage points to 26.9%. The lower margin is due to certain
cost increases being ahead of inflation such as property rates, utilities,
employee costs and promotional and marketing costs.
The results include a realised surplus of R24 million from the Sun International
Benefit Fund (which has been recognised in terms of IAS 19 - Employee Costs) as
a consequence of the fund`s closure.
The weakening of the Rand against most currencies as well as the Chilean Peso
against the US Dollar resulted in a foreign exchange profit of R69 million
compared to a loss of R79 million last year.
Net interest paid decreased by 9% to R221 million as a result of lower interest
rates.
Tax of R308 million increased by 32% due to the increased earnings in the
current year. The effective tax rate, excluding non deductible preference share
dividends, STC, CGT and prior year (under)/over-provisions was 30% (34%). The
decrease in the tax rate is due to a R22 million tax credit resulting from the
new management fee arrangement for SunWest and Worcester.
Adjusted headline earnings of R298 million and diluted adjusted headline
earnings per share of 294 cents are 35% and 37% above last year respectively.
Excluding the impact of foreign exchange profits and losses, adjusted headline
earnings per share increased by 6% on last year.
The board has declared an interim dividend of 90 cents per share (80 cents per
share).
SEGMENTAL ANALYSIS
Revenue
Six months Year
to 31 December ended
30 June
R million 2011 2010 2011
GrandWest 883 832 1 652
Monticello 671 512 1 064
Sun City 666 628 1 198
Carnival City 506 488 973
Sibaya 486 449 904
Boardwalk 226 225 429
Wild Coast Sun 177 146 288
Carousel 160 166 308
Meropa 137 136 266
Morula 136 130 256
Windmill 119 112 220
Botswana 86 83 164
Federal Palace 86 69 149
Zambia 85 72 147
Swaziland 83 91 167
Flamingo 76 66 131
Table Bay 69 79 160
Golden Valley 66 62 123
Kalahari Sands 58 58 110
Lesotho 56 55 109
Other operating segments 21 19 39
Management activities 292 304 612
Total operating segments 5 145 4 782 9 469
Central office and other - - -
Eliminations (267) (289) (577)
Other income
Other expenses (iii)
4 878 4 493 8 892
Promotional allowances (112) (81) (241)
4 766 4 412 8 651
SEGMENTAL ANALYSIS
EBITDA
Six months Year
to 31 December ended
30 June
R million 2011 2010 2011
GrandWest 367 313 625
Monticello 127 67 156
Sun City 79 74 155
Carnival City 141 142 295
Sibaya 165 150 310
Boardwalk 80 85 162
Wild Coast Sun 17 13 26
Carousel 31 38 66
Meropa 55 58 113
Morula 22 19 41
Windmill 40 40 79
Botswana 26 26 49
Federal Palace 6 4 10
Zambia 20 14 27
Swaziland (5) 4 (2)
Flamingo 22 18 35
Table Bay (1) 13 27
Golden Valley 15 14 31
Kalahari Sands 6 11 17
Lesotho 7 8 15
Other operating segments (11) (7) (17)
Management activities 122 174 332
Total operating segments 1 331 1 278 2 552
Central office and other (20) (7) 3
Eliminations - - -
Other income - - -
Other expenses (iii) - - -
1 311 1 271 2 555
Promotional allowances
1 311 1 271 2 555
SEGMENTAL ANALYSIS
Operating profit
Six months Year
to 31 December ended
30 June
R million 2011 2010 2011
GrandWest 310 239 493
Monticello 57 - 22
Sun City 22 17 40
Carnival City 99 98 209
Sibaya 132 113 240
Boardwalk 61 71 130
Wild Coast Sun 3 - (1)
Carousel 19 23 36
Meropa 45 49 94
Morula 14 8 21
Windmill 32 31 60
Botswana 20 20 38
Federal Palace (7) (8) (12)
Zambia 12 6 11
Swaziland (9) - (11)
Flamingo 16 12 23
Table Bay (10) - 2
Golden Valley 6 5 11
Kalahari Sands (6) 1 (2)
Lesotho - 2 3
Other operating segments (12) (8) (18)
Management activities 115 168 317
Total operating segments 919 847 1 706
Central office and other (24) (5) (1)
Eliminations - - -
Other income 24 - -
Other expenses (iii) (14) (88) (95)
905 754 1 610
Promotional allowances
905 754 1 610
(iii) Refer to EBITDA reconciliation denoted*
GAMING
Gaming revenue was 9% 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 R883 million was 6% ahead of last year driven primarily by
improved slots revenues after the introduction of new machines. EBITDA at R367
million was 17% ahead of last year with the EBITDA margin increasing 4.0
percentage points to 41.6% as a result of the new management fee arrangement.
Excluding the revised management fees, the EBITDA margin would have been 0.6
percentage points lower than last year.
Monticello revenue increased 31% to R671 million due to increased penetration of
the market and assisted by strong promotional activity. EBITDA increased 90% to
R127 million as a result of cost containment improving the EBITDA margin 5.8
percentage points to 18.9%. The Santiago gaming market continues to experience
strong growth and while Monticello`s share of the market at 69.7% is 8.6% below
last year, this still is well ahead of its fair share of 55% of gaming
positions.
Carnival City achieved revenue of R506 million, an increase of 4% over last
year. EBITDA at R141 million was one percentage point below last year and the
EBITDA margin declined 1.2 percentage points to 27.9%. The group`s share
(Carnival City and Morula) of the Gauteng market declined 0.4 percentage point
to 19.9%.
Sibaya revenue increased 8% to R486 million while EBITDA grew 10% to R165
million. The EBITDA margin of 34.0% was 0.6 percentage points above last year.
Sibaya`s share of the KwaZulu-Natal market was 0.3 percentage points higher than
last year at 35.5%.
Boardwalk revenue was in line with last year at R226 million. EBITDA declined 6
percentage points to R80 million with an EBITDA margin of 35.4%, 2.4 percentage
points below last year. Boardwalk is currently operating in a challenging
economic environment and with the expansion programme in full swing there has
been some disruption to customers due to the closure of the MVG parking area,
and general building activity.
HOTELS AND RESORTS
In a difficult trading environment, hotels and resorts achieved revenue of R1.3
billion, 7% above last year. Despite weaker demand from the premium business
international markets group occupancy of 65.8% was achieved, 1.1 percentage
points lower than last year, while average room rates increased by 11% to R996
due to better yields across all properties.
Sun City revenue grew 6% to R666 million. Occupancy was 3.3 percentage points
lower at 67.3% while the average room rate was 16% ahead of last year at R1 489.
EBITDA was 7% ahead of last year at R79 million with the EBITDA margin 0.1
percentage points ahead of last year at 11.9%. Good rate yields were achieved
particularly at The Palace.
The Table Bay experienced a difficult six months`, with an achieved occupancy of
41.7% (2.6 percentage points lower than last year) and an 11% decline in the
average room rate to R1 988. The Cape Town market remains highly competitive.
Excluding the impact of the World Cup in July 2010, the hotel would have
maintained its occupancy and room rate.
The Royal Livingstone and Zambezi Sun achieved an aggregate occupancy of 46.1%
(45.3%) at an average room rate of US$206, a 5% increase on last year. EBITDA in
US dollars was 26% ahead of last year due to good containment of variable labour
costs.
Revenue from Botswana was 4% ahead of last year at R86 million and EBITDA was in
line with last year, resulting in a 1.6 percentage point decrease in the EBITDA
margin to 30.2%. The lower margin is as a result of costs increasing ahead of
inflation, notably a 24% increase in energy costs.
The Federal Palace generated revenue of R86 million, 25% above last year with
occupancies at 65.2% (55.2%) and an average room rate of US$251 (US$256). The
increased revenue is due to an improved demand from corporate business and a
better performance from the casino. EBITDA at R6 million was 50% above last
year.
MANAGEMENT ACTIVITIES
Management fees and related income of R292 million was 4% lower than last year
due to lower development fees and the restructure of the management contracts
for GrandWest and Worcester. EBITDA of R122 million was 30% lower than last year
due to the revised management fees as well as increased employment and
exploration costs.
FINANCIAL POSITION
The group`s borrowings at 31 December 2011 increased by R1.2 billion to R7.1
billion from 30 June 2011 as a result of the funding for the Emfuleni and Wild
Coast developments and new preference share funding for the Real Africa Holdings
Limited transaction.
THIRD PARTY BORROWINGS
31 December 2011
R million Borrowings Intergroup Third party
borrowings borrowings
SunWest International (Pty) 787 - 787
Ltd
SFI Resorts SA (Monticello) 748 (109) 639
Afrisun Gauteng (Pty) Ltd 485 - 485
Afrisun KZN (Pty) Ltd 354 - 354
Transkei Sun International 349 (11) 338
Limited
Emfuleni Resorts (Pty) Ltd 319 - 319
The Tourist Company of 374 (127) 247
Nigeria Plc (TCN)
Worcester Casino (Pty) Ltd 148 - 148
Meropa Leisure and 118 - 118
Entertainment (Pty) Ltd
Mangaung Sun (Pty) Ltd 102 - 102
Teemane (Pty) Ltd 73 - 73
Lesotho Sun (Pty) Ltd 31 (25) 6
Sun International Botswana 3 - 3
(Pty) Ltd
Sands Hotels (Pty) Ltd 21 (19) 2
Swazispa Holdings Limited 2 - 2
Central office 2 968 291 3 259
6 882 - 6 882
Employee Share Trusts 219 - 219
7 101 - 7 101
Swazispa Holdings Limited - - -
(disclosed as held for
sale)
Borrowings per the 7 101 - 7 101
statement of financial
position
THIRD PARTY BORROWINGS
31 December 30 June
2010 2011
R million Third party Third party
borrowings borrowings
SunWest International (Pty) Ltd 766 715
SFI Resorts SA (Monticello) 576 567
Afrisun Gauteng (Pty) Ltd 526 492
Afrisun KZN (Pty) Ltd 431 390
Transkei Sun International Limited 6 6
Emfuleni Resorts (Pty) Ltd 80 72
The Tourist Company of Nigeria Plc (TCN) 192 198
Worcester Casino (Pty) Ltd 136 143
Meropa Leisure and Entertainment (Pty) 115 105
Ltd
Mangaung Sun (Pty) Ltd 103 158
Teemane (Pty) Ltd 74 74
Lesotho Sun (Pty) Ltd 1 9
Sun International Botswana (Pty) Ltd - 5
Sands Hotels (Pty) Ltd - 2
Swazispa Holdings Limited - 2
Central office 3 018 2 757
6 024 5 695
Employee Share Trusts 210 215
6 234 5 910
Swazispa Holdings Limited (disclosed as - (2)
held for sale)
Borrowings per the statement of 6 234 5 908
financial position
CAPITAL EXPENDITURE INCURRED DURING THE SIX MONTHS
R million
Expansionary:
Boardwalk 265
Wild Coast Sun 57
322
Refurbishment:
Wild Coast Sun 68
Zambia 11
Sun City 14
Kalahari Sands 7
100
Other ongoing asset replacement 175
Total capital expenditure 597
DEVELOPMENTS
Wild Coast Sun
Phase 3 of the Wild Coast Sun upgrade project was completed in December 2011 and
comprised the refurbishment of 182 bedrooms, the convention centre, kitchen and
the construction of a new world class waterpark. The final phase wherein the
last 103 bedrooms and corridors will be refurbished will complete the project by
June 2012 within the original budget.
Boardwalk
The new five star 135 bedroomed hotel, spa and convention centre is on schedule,
progressing well and remains within budget.
The conversion of the old Tsitsikama Conference Centre into a new Smoker`s
Casino was completed and opened on 1 December 2011.
The refurbishment of the existing show bar, casino, re-cabling of the floor and
the upgrade of the gaming product commenced in January 2012, with completion
scheduled for the end of June 2012.
The additional work required to upgrade the retail component on the complex is
in an advanced planning stage. The work will include the relocation of existing
tenants, introduction of new tenants to the complex to improve the mix and the
guest experience, and the installation of a new Water Fountain Extravaganza.
The planned opening date of all facilities is 14 December 2012 and the total
estimated capital expenditure remains at R1 billion.
Grayston Hotel
The group has secured a long-term lease for the Grayston Hotel in Sandton and
the refurbishment commenced with the site establishment of the Principal
Contractor in January 2012.
The scope of work includes a complete internal refurbishment, improved space
planning, a new facade and swimming pool as well as upgrades to the landscaping.
The total development cost of R250 million is to be funded jointly by the group
and the property owners. The hotel is due to reopen in early 2013 and is
perfectly positioned for both business travellers and overnighters coming in
from abroad.
SUNWEST EXCLUSIVITY
There have been no further developments with regards to GrandWest`s exclusivity
in the Cape Metropole, which expired in December 2010.
RESTRUCTURE OF COMMON INTERESTS WITH GRAND PARADE INVESTMENTS LIMITED (GPI)
As previously advised to shareholders, Sun International and GPI restructured
certain of their common interests. All conditions were fulfilled and the
transaction was implemented on 1 December 2011.
OFFER TO RAH MINORITY SHAREHOLDERS
As at 27 January 2012, being the original closing date of the RAH offer, 97.1%
of the RAH minorities had accepted the offer thereby increasing the group`s
interest in RAH to 99.0%.
As announced on SENS on 20 January 2012 the group has exercised its entitlement
to compulsorily acquire the remaining RAH minority shares in accordance with the
terms of section 124 of the Companies Act. The date of the compulsory
acquisition has been set as Tuesday 13 March 2012.
DIRECTORATE
Mr DC Coutts-Trotter resigned as the Chief Executive on 8 November 2011 and the
acting Chief Executive, Mr G Collins, was appointed as an executive director to
the board on 22 November 2011.
OUTLOOK
Revenues are expected to improve in both Gaming as well as Hotels and Resorts,
albeit it is anticipated that the trading environment will remain challenging in
the next six months. Monticello will in particular continue to increase its
contribution to the group`s results.
An improved trading result in the second half, offset by increased financing
costs, is likely to result in adjusted headline earnings per share for the full
year (excluding foreign exchange earnings) being below that achieved in 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)
G Collins (Acting Chief Executive)
Registered office: 27 Fredman Drive, Sandown, Sandton 2196
Sponsor: Investec Bank Limited
Transfer secretaries: Computershare Investor Services (Pty) Ltd, 70 Marshall
Street, Johannesburg 2001
The profit announcement was prepared under the supervision of the CFO.
Directors: MV Moosa (Chairman), IN Matthews (Lead Independent Director), G
Collins (Acting Chief Executive)*, ZBM Bassa, RP Becker (Chief Financial
Officer)*, PL Campher, Dr NN Gwagwa, BLM Makgabo-Fiskerstrand, KH Mazwai*, B
Modise, LM Mojela, DM Nurek, GR Rosenthal
*Executive
Group Secretary: CA Reddiar
27 February 2012
DECLARATION OF INTERIM DIVIDEND
Notice is hereby given that an interim dividend of 90 cents per share for the 6
months ended 31 December 2011 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:
2012
Last day to trade cum interim dividend Thursday, 15 March
First day to trade ex interim dividend Friday, 16 March
Record date Friday, 23 March
Payment date Monday, 26 March
No share certificates may be dematerialised or rematerialised between Friday, 16
March and Friday, 23 March 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)
27 February 2012
www.suninternational.com
Date: 27/02/2012 09:11:01 Supplied by www.sharenet.co.za
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