Wrap Text
PROFIT AND DIVIDEND ANNOUNCEMENT FOR THE YEAR ENDED 30 June 2012
SUN INTERNATIONAL LIMITED
PROFIT AND DIVIDEND ANNOUNCEMENT FOR THE YEAR ENDED 30 June 2012
(Sun International or the group or the company), Registration Number: 1967/007528/06, Share Code: SUI, ISIN: ZAE 000097580
REVENUE UP 10%
EBITDA UP 3%
ADJUSTED HEPS UP 20%
FINAL DIVIDEND PER SHARE 150 cents
CONDENSED GROUP STATEMENTS OF COMPREHENSIVE INCOME
for the year ended 30 June
2012 % 2011
R million Reviewed change Audited
Revenue
Casino 7 645 10 6 981
Rooms 1 003 11 904
Food, beverage and other 1 106 10 1 007
9 754 10 8 892
Less: promotional allowances (260) (241)
9 494 8 651
Benefit fund surplus 24
Consumables and services (1 076) (956)
Depreciation and amortisation (818) (769)
Employee costs (2 103) (1 809)
Levies and VAT on casino revenue (1 774) (1 583)
Promotional and marketing costs (698) (643)
Property and equipment rental (95) (81)
Property costs (485) (425)
SFIR minority equity option (75)
Other operational costs (759) (700)
Operating profit 1 710 6 1 610
Foreign exchange profits/(losses) 79 (66)
Interest income 37 43
Interest expense (521) (496)
Profit before tax 1 305 1 091
Tax (434) (515)
Profit for the year 871 51 576
Other comprehensive income:
Transfer of hedging reserve to statements
of comprehensive income 2 13
Tax on transfer of hedging reserve to
statements of comprehensive income (3)
Currency translation 233 15
Total comprehensive income for the year 1 106 601
Profit for the year attributable to:
Minorities 239 143
Ordinary shareholders 632 433
871 576
Total comprehensive income for the year
attributable to:
Minorities 317 146
Ordinary shareholders 789 73 455
1 106 601
Cents % Cents
per share change per share
Earnings per share
basic 669 461
diluted 664 46 456
Dividends per share 240 200
CONDENSED GROUP STATEMENTS OF CASH FLOWS
for the year ended 30 June
2012 2011
R million Reviewed Audited
Cash generated by operations before: 2 749 2 602
Working capital changes (15) 111
Cash generated by operations 2 734 2 713
Tax paid (531) (527)
Cash generated by operating activities 2 203 2 186
Cash utilised in investing activities (1 160) (966)
Cash realised from investing activities 68 94
Net cash outflow from financing activities (1 158) (1 271)
Effect of exchange rates upon cash and cash equivalents 57 (22)
Increase in cash and cash equivalents 10 21
Cash and cash equivalents at beginning of the year 742 721
Cash and cash equivalents at end of the year 752 742
Cash per the statements of financial position 752 738
Assets held for sale 4
Cash and cash equivalents at end of the year 752 742
CONDENSED GROUP STATEMENTS OF FINANCIAL POSITION
at 30 June
2012 2011
R million Reviewed Audited
ASSETS
Non current assets
Property, plant and equipment 9 595 8 868
Intangible assets 479 440
Available-for-sale investment 48 48
Loans and receivables 23 35
Pension fund asset 38 35
Deferred tax 148 126
10 331 9 552
Current assets
Loans and receivables 38 18
Tax 57 38
Accounts receivable and other 543 423
Cash and cash equivalents 752 738
1 390 1 217
Non current assets held for sale 79
Total assets 11 721 10 848
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders equity 1 496 1 517
Minorities interests 1 227 1 300
2 723 2 817
Non current liabilities
Deferred tax 423 468
Borrowings 4 257 2 936
Other non current liabilities 506 420
5 186 3 824
Current liabilities
Tax 101 114
Accounts payable and other 1 289 1 086
Borrowings 2 422 2 972
3 812 4 172
Non current liabilities held for sale 35
Total liabilities 8 998 8 031
11 721 10 848
GROUP STATEMENTS OF CHANGES IN EQUITY
Share Foreign Share Reserve Ordinary
capital Treasury currency based Available- for non- share-
and Treasury share translation payment for-sale controlling Hedging Retained holders Minorities Total
R million premium shares options reserve reserve reserve interests reserve earnings equity interests equity
Reviewed
FOR THE YEAR ENDED 30 JUNE
2012
Balance at 30 June 2011 146 (1 456) (157) 71 193 4 (1 470) (2) 4 188 1 517 1 300 2 817
Total comprehensive income for the
year 157 632 789 317 1 106
Treasury share options purchased (20) (20) (20)
Treasury share options exercised 61 61 61
Shares issued 131 131 131
Deemed treasury shares purchased (72) (72) (72)
Vested shares 44 (44)
Employee share based payments 33 33 33
Release of share based payment
reserve (21) 21
Delivery of share awards (8) (8) (8)
Acquisition of minorities interests (736) (736) (82) (818)
Dividends paid (199) (199) (308) (507)
Balance at 30 June 2012 277 (1 528) (72) 228 161 4 (2 206) (2) 4 634 1 496 1 227 2 723
Audited
FOR THE YEAR ENDED 30 JUNE
2011
Balance at 30 June 2010 146 (1 456) (152) 58 91 4 (1 471) (11) 3 908 1 117 1 378 2 495
Total comprehensive income for the
year 13 9 433 455 146 601
SFIR minority equity option 75 75 75
Deemed treasury shares purchased (1) (1) (1)
Deemed treasury shares disposed 5 5 5
Treasury share options purchased (16) (16) (16)
Shares disposed by Dinokana 7 6 13 13
Employee share based payments 41 41 41
Options exercised (2) 2
Release of share based payment
reserve (12) 12
Delivery of share awards (3) (3) (3)
Acquisition of minorities interests 1 1 37 38
Dividends paid (170) (170) (261) (431)
Balance at 30 June 2011 146 (1 456) (157) 71 193 4 (1 470) (2) 4 188 1 517 1 300 2 817
SUPPLEMENTARY INFORMATION
for the year ended 30 June
2012 % 2011
R million Reviewed change Audited
EBITDA RECONCILIATION
Operating profit 1 710 6 1 610
Expropriation of land Monticello* 6
Depreciation and amortisation 818 769
Property and equipment rental 71 81
Pre-opening Grayston lease rentals* 24
Benefit fund surplus* (24)
Net loss/(profit) on disposal of property,
plant and equipment* 1 (1)
Pre-opening expenses* 3
Retrenchment costs* 9
SFIR minority equity option* 75
Reversal of Employee Share Trusts
consolidation* 24 21
EBITDA 2 642 3 2 555
EBITDA margin (%)(i) 27 29
HEADLINE EARNINGS AND ADJUSTED
HEADLINE EARNINGS RECONCILIATION
Profit attributable to ordinary shareholders 632 46 433
Headline earnings adjustments 1 (1)
Net loss/(profit) on disposal of property,
plant and equipment 1 (1)
Tax relief on the above items (3)
Minorities interests on the above items 4
Headline earnings 633 46 433
Adjusted headline earnings adjustments (27) 87
Pre-opening expenses 3
Expropriation of land Monticello 6
Benefit fund surplus (24)
Retrenchment costs 9
Pre-opening Grayston lease rentals 24
SFIR minority equity option 75
Foreign exchange (profits)/losses on
intercompany loans (45) 12
Tax on the above items 8 (2)
CGT (46) 8
Tax on termination of management contract (22) (5)
Minorities interests on the above items 49 (27)
Reversal of Employee Share Trusts
consolidation(ii) 21 18
Adjusted headline earnings 616 20 512
Number of shares (000)
in issue 95 903 93 877
for EPS calculation 94 437 93 826
for diluted EPS calculation 95 207 94 949
for adjusted headline EPS calculation(ii) 100 941 100 546
for diluted adjusted headline EPS
calculation(ii) 101 711 101 669
Earnings per share (cents)
basic earnings per share 669 45 461
headline earnings per share 670 45 461
adjusted headline earnings per share 610 20 509
diluted basic earnings per share 664 46 456
diluted headline earnings per share 665 46 456
diluted adjusted headline earnings per
share 606 20 504
Tax rate reconciliation (%)
Effective tax rate 33 47
SFIR minority equity option (2)
Preference share dividends (4) (4)
STC (5) (7)
Prior year over-provisions 2 1
Foreign taxes 1 (1)
Release of CGT on share premium
distributions 4
CGT (1)
Capital allowances and disallowed
expenditure (3) (5)
SA corporate tax rate 28 28
EBITDA to interest (times) 5.3 5.6
Annualised borrowings to EBITDA (times) 2.53 2.31
Net asset value per share (Rand) 15.60 16.16
Capital expenditure 1 150 924
Capital commitments
contracted 625 913
authorised but not contracted 1 021 948
1 646 1 861
To be spent in the 2013 financial year 1 459 1 586
To be spent thereafter 187 275
Total commitments 1 646 1 861
* Items identified above are included as other expenses and other income in the
segmental analysis.
(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 year ended 30 June 2012 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.
REVIEW OPINION
The condensed consolidated financial information for the year ended 30 June 2012 has been reviewed by the groups auditors,
PricewaterhouseCoopers Inc. This review has been conducted in accordance with International Standard on Review Engagements 2410,
Review of Interim Financial Information Performed by the Independent Auditor of the Entity, and their unmodified review opinion is available
for inspection at the companys registered office.
EARNINGS AND DIVIDEND
Revenue for the year ended 30 June 2012 was 10% ahead of last year at R9.8 billion, which is a satisfactory result in the difficult environment
in which the group operates.
EBITDA of R2.6 billion was 3% higher, with the EBITDA margin declining 1.7% to 27.8%.
The results include a realised surplus of R24 million (recognised in terms of IAS 19 Employee Costs) from the Sun International Benefit
Fund as a consequence of the funds closure.
Employee costs increased by 16% as a result of an actuarial valuation of the long service award (R54 million), post retirement medical aid
valuation (R18 million) and an increase in the bonus provisions (R29 million). Property and equipment rental includes pre-opening rental for
the Grayston hotel (R24 million). Property cost increased by 14% due to rates and taxes and utility costs.
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
R79 million compared to a loss of R66 million last year.
Net interest paid increased to R484 million (+7%) as a result of the higher debt levels in the current year.
Tax of R434 million decreased by 16% due mainly to the release of a CGT provision raised in prior years on share premium distributions that
are no longer required due to changes in the Income Tax Act. The effective tax rate, excluding non-deductible preference share dividends,
STC and CGT was 28% (33%). The decrease in the effective tax rate is due to a R22 million tax credit resulting from the new management
fee structure for SunWest and Worcester.
Adjusted headline earnings of R616 million and diluted adjusted headline earnings per share of 606 cents are 20% above last year. Excluding
the impact of foreign currency movements, adjusted headline earnings per share increased by 10%.
The board has declared a final dividend of 150 cents per share.
SEGMENTAL ANALYSIS
EBITDA Operating
Revenue EBITDA margin(%)# profit
R million 2012 2011 2012 2011 2012 2011 2012 2011
GrandWest 1 782 1 652 746 625 41.9 37.9 607 493
Monticello 1 354 1 064 262 156 20.6 15.7 120 22
Sun City 1 288 1 198 116 155 9.4 13.8 (2) 40
Carnival City 1 024 973 298 295 29.3 30.6 219 209
Sibaya 989 904 343 310 35.0 34.6 277 240
Boardwalk 451 429 147 162 32.6 37.8 99 130
Wild Coast Sun 362 288 32 26 10.4 10.2 (4) (1)
Carousel 316 308 60 66 19.2 21.7 37 36
Meropa 274 266 108 113 39.4 42.5 88 94
Morula 264 256 35 41 14.1 17.2 18 21
Windmill 238 220 84 79 35.3 35.9 68 60
Federal Palace 173 149 11 10 6.4 6.7 (14) (12)
Botswana 170 164 48 49 28.2 29.9 36 38
Zambia 167 147 36 27 21.6 18.4 21 11
Swaziland 156 167 (13) (2) (8.7) (1.2) (20) (11)
Table Bay 153 160 7 27 4.6 16.9 (14) 2
Flamingo 146 131 40 35 27.4 26.7 28 23
Golden Valley 132 123 33 31 25.8 26.1 16 11
Kalahari Sands 116 110 12 17 11.1 16.3 (12) (2)
Lesotho 111 109 12 15 11.3 14.4 (1) 3
Other operating
segments 35 39 (19) (17) (55.9) (44.7) (22) (18)
Management activities 590 612 260 332 44.1 54.2 233 317
Total operating segments 10 291 9 469 2 658 2 552 26.5 27.7 1 778 1 706
Central office and other
eliminations (537) (577) (16) 3 (25) (1)
Other income(iv) 24
Other expenses(iv) (67) (95)
9 754 8 892 2 642 2 555 27.8 29.5 1 710 1 610
Promotional allowances (260) (241)
9 494 8 651 2 642 2 555 27.8 29.5 1 710 1 610
# EBITDA is after deducting management fees and the margin calculated on net revenue (revenue less promotional
allowances). References to current and prior year EBITDA margin in the commentary is based on the EBITDA margin as
described above.
(iv) Refer to EBITDA reconciliation denoted*
GAMING
Gaming revenue was 10% ahead of last year at R7.1 billion with slots and tables revenue 10% and 9% up respectively.
GrandWest revenue at R1 782 million was 8% ahead, driven primarily by improved slots revenues after the introduction of new replacement
machines. EBITDA at R746 million was 19% ahead of last year with the EBITDA margin increasing 4% to 41.9% as a result of the new
management fee structure. Excluding the revised management fees, the EBITDA margin would have been 0.4% lower than the previous year.
Monticello revenue increased 27% to R1 354 million due to targeted promotional activity that resulted in increased market penetration.
EBITDA increased 68% to R262 million as a result of higher revenues and cost containment improving the EBITDA margin by 4.9% to 20.6%.
The Santiago gaming market continues to experience strong growth with Monticellos share of the market at 69.1%, 5.7% below last year. The
decrease is largely due to a competitive casino not having been fully operational in the prior year.
Carnival City achieved revenue of R1 024 million, an increase of 5% over last year. EBITDA at R298 million was marginally ahead of last
year and the EBITDA margin declined 1.3% to 29.3% as a result of certain costs being higher than inflation. The groups share (Carnival City
and Morula) of the Gauteng market declined marginally to 20.2%.
Sibaya revenue at R989 million was up 9% as a result of increased footfall. EBITDA grew 11% to R343 million due to the increased revenue
and good cost containment. The EBITDA margin of 35% was marginally above last year. Sibayas share of the KwaZulu-Natal market was
slightly higher than last year at 35.7%.
Boardwalk revenue increased 5% to R451 million. EBITDA declined 9% to R147 million with an EBITDA margin of 32.6%, 5.2% below the
previous year. While there has been some disruption to customers due to the expansion program, particularly the MVG parking area, on
completion the business will be well positioned for future growth.
HOTELS AND RESORTS
In a hospitality environment that continues to be challenging, hotels and resorts achieved revenue of R2.6 billion, (+8%) with occupancy of
61.3%, 1.9% below last year. The average daily rate (ADR) increased by 12% to R1 228 due to improved room rate yields across most of the
customer segments. Group occupancy (including gamings hotels) declined by 1.6% to 64.1% and the overall group ADR increased by 11% to
R1 016.
Sun City revenue grew 8% to R1 288 million, while occupancy was 1.8% lower at 64.2%. The ADR was however 15% ahead of last year at
R1 525 due to better room rate yields and an improved accommodation mix. While departmental margins were satisfactory, indirect and fixed
costs increased at a level greater than CPI, resulting in EBITDA being 25% below last year at R116 million, with a margin of 9.4%. The cost
increases relate mainly to the appointment of key management staff, increased post retirement and long service award provisions, increased
rates and utility tariffs and additional marketing and event costs.
Wild Coast Sun improved its revenue 26% to R362 million in the current year, and EBITDA 23% to R32 million, despite the disruption from the
three year refurbishment program. Occupancy of 84.6% was achieved with an ADR of R540.
Table Bay Hotel experienced another difficult year, with occupancy effectively flat at 47.5%, and a 5% decline in the ADR to R1 956 due to
substantial discounting within the premium hotel sector in the highly competitive Cape Town metropole. Revenue of R153 million was 4%
below last year resulting in EBITDA of R7 million (R27 million).
In Zambia, The Royal Livingstone and Zambezi Sun achieved an aggregate occupancy of 42.9% (45.2%) at an ADR of US$ 211, reflecting a
6% increase on last year. EBITDA at R36 million was 33% ahead of last year.
Gaborone Sun and the other Botswana units achieved revenue of R170 million, (+4%) with EBITDA 2% lower than last year at R48 million.
Margins decreased by 1.7% due to an above-inflation increase in utility and certain fixed overhead costs.
In Nigeria, The Federal Palace generated revenue of R173 million, 16% above last year with an occupancy of 61.3% (62.9%) and an ADR of
US$256, which was in line with the prior year. The casino showed encouraging revenue growth, but this was offset by a loss of occupancy in
January and February 2012 following civil unrest in Lagos. EBITDA at R11 million was 10% ahead of last year, with the margin dilution mainly
attributable to excessive diesel costs and regular power outages.
MANAGEMENT ACTIVITIES
Management fees and related income of R590 million was 4% lower than last year due to lower development fees and the restructure of the
management contracts for SunWest and Worcester. EBITDA of R260 million was down 22% due to the aforementioned revised fee structure
as well as increased employment and new business exploration costs.
FINANCIAL POSITION
The groups borrowings at 30 June 2012 increased by R0.8 billion to R6.7 billion as a result of the funding for the Emfuleni and Wild Coast
Sun developments, as well as new preference share funding for the acquisition of the additional interests in SunWest, Worcester and RAH. All
group preference shares have now been refinanced and have durations of between 3 and 5 years.
30 June
30 June 2012 2011
Intragroup Third party Third party
R million Borrowings borrowings borrowings borrowings
SunWest International (Pty) Ltd
(GrandWest & Table Bay) 723 723 715
SFI Resorts SA (Monticello) 736 (109) 627 567
Afrisun Gauteng (Pty) Ltd
(Carnival City) 461 461 492
Emfuleni Resorts (Pty) Ltd
(Boardwalk and FishRiver) 461 461 72
Transkei Sun International Limited
(Wild Coast) 355 (12) 343 6
Afrisun KZN (Pty) Ltd (Sibaya) 304 304 390
The Tourist Company of Nigeria
Plc (Federal Palace) 395 (138) 257 198
Worcester Casino (Pty) Ltd
(Golden Valley) 142 142 143
Mangaung Sun (Pty) Ltd
(Windmill) 124 124 158
Meropa Leisure and
Entertainment (Pty) Ltd 110 110 105
Teemane (Pty) Ltd (Flamingo) 71 71 74
Swazispa Holdings Limited 24 24 2
Lesotho Sun (Pty) Ltd 27 (21) 6 9
Sun International Botswana (Pty)
Ltd 3 3 5
Sands Hotels (Pty) Ltd 22 (20) 2 2
Central office 2 491 300 2 791 2 757
6 449 6 449 5 695
Employee Share Trusts 230 230 215
6 679 6 679 5 910
Swazispa Holdings Limited
(disclosed as held for sale) (2)
Borrowings per the statement of
financial position 6 679 6 679 5 908
R million
Expansionary:
Boardwalk 465
Wild Coast Sun 77
Grayston Hotel 44
586
Refurbishment:
Wild Coast Sun 95
Sun City 39
Zambia 19
Kalahari Sands 10
163
Other ongoing asset replacement 401
Total capital expenditure 1 150
Included in capital expenditure is R17 million capitalised interest for Boardwalk.
The capitalisation rate (7.4%) used approximates the borrowing cost of the loans.
DEVELOPMENTS
Wild Coast Sun
The Wild Coast Sun upgrade project was completed on 30 June 2012 within budget.
Boardwalk
The first phase of the non-smokers casino renovation has been completed, and the construction of the new 140 room five star hotel,
conference centre, parkade and retail complex is well underway. The installation of the new musical water extravaganza will commence during
November 2012 and will be the opening attraction.
While bad weather and other external factors have hampered construction on site, all parties are endeavouring to ensure that the
development is completed on time in December 2012.
The total capital expenditure remains at R1 billion. R597 million has been spent to 30 June 2012 and the balance will be incurred during the
2013 financial year.
Grayston Hotel
In November last year, the group secured a long-term lease for the 275 room Grayston Hotel in Sandton and the refurbishment commenced in
January 2012.
The scope of work includes a complete internal refurbishment, improved space planning, a new façade 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 propertys owners.
Completion of the refurbishment remains on track for December 2012, with an expected opening to the public in January 2013.
SUNWEST EXCLUSIVITY
GrandWests exclusivity in the Cape Metropole expired in December 2010.
Various amendments to the Western Cape Gambling and Racing Act, Act 4 of 1996, as well as the Regulations made in terms thereof, were
published for public information and comment in the Provincial Gazette Extraordinary No. 6967 on 16 March 2012. The group has submitted
its comments to the amended Bills and Regulations.
There have been no further developments.
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 groups interest in RAH to 99.0%.
As announced on SENS on 20 January 2012, the group exercised its entitlement to compulsorily acquire the remaining RAH minority shares
in accordance with the terms of section 124 of the Companies Act no. 71 of 2008 (the Companies Act). Shareholders holding collectively the
remaining 1% of the outstanding RAH shares have brought an action against the company in terms of s124(2) of the Companies Act in which
they contend that the offer consideration is not fair. The company is defending the action.
OUTLOOK
The trading environment is expected to improve marginally in the forthcoming year, resulting in improved revenues for both the Gaming
division, and for Hotels and Resorts. Monticello will continue to increase its contribution to the groups results and the significant capital spent
in a number of properties will stand the group in good stead as the market recovers.
The group continues to investigate a number of gaming opportunities outside Southern Africa, and believes that its expertise and reputation
places it in a strong position to win licences in carefully selected jurisdictions.
The outlook has not been reviewed or reported on by the companys 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, RP Becker CA(SA) MBA.
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
24 August 2012
DECLARATION OF FINAL DIVIDEND
Notice is hereby given that a final gross dividend of 150 cents per share for the year ended 30 June 2012 has been declared, payable to
shareholders recorded in the register of the company at the close of business on the record date appearing below. This dividend is declared
out of income reserves. There are 102 937 688 ordinary shares in issue and ranking for dividend at the date of this declaration. The company
has utilised STC credits to the value of 150 cents per share to offset the 15% withholding tax, resulting in a net dividend of 150 cents per
share. The salient dates applicable to the final dividend are as follows:
2012
Last day to trade cum final dividend Friday, 14 September
First day to trade ex final dividend Monday, 17 September
Record date Friday, 21 September
Payment date Tuesday, 25 September
No share certificates may be dematerialised or rematerialised between Monday, 17 September and Friday, 21 September 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.
Sun International Limiteds tax reference number is: 9875/186/71/1.
By order of the board
CA Reddiar
Group Secretary
24 August 2012
www.suninternational.com
Date: 27/08/2012 09:20:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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