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Trading statement
Sun International Limited
(Incorporated in the Republic of South Africa)
(Registration number 1967/007528/06)
Share code: SUI ISIN: ZAE000097580
(“Sun International” or “the company”)
Trading Statement
Sun International is in the process of finalising its unaudited interim results for the
six months ended 31 December 2013, which are expected to be released on
SENS on or about 24 February 2014.
In the second quarter, the Group achieved revenue growth of 3.9%, up from
3.1% in the 1st Quarter. Excluding Monticello, which is still being impacted by the
smoking ban in Chile, revenue for the half year was up 6.6%. Encouragingly
recent trading at Monticello has improved since the opening of the smoking
terraces.
The 9% decline in EBITDA for the 1st Quarter has been contained to 5% for the 6
months, through certain revenue enhancing and cost cutting initiatives. Further
restructuring is currently the focus of a recently announced consultation process
in terms of section 189 and section 189A of the Labour Relations Act, 66 of 1995.
The comparison of attributable earnings with the prior year is further impacted by
the additional depreciation charges from the new property openings (Boardwalk
and Maslow hotels), the Maslow lease expense and restructuring costs incurred
to date.
Shareholders are accordingly advised that as a consequence of these factors,
basic and headline earnings per share for the six months ended
31 December 2013 are expected to be between 18% and 22% lower than the
396 cents per share of the previous corresponding period.
Diluted adjusted headline earnings per share is expected to be between 16% and
20% lower than the 408 cents per share of the previous corresponding period.
The financial information on which the above trading statement has been
provided has not been reviewed or reported on by the company’s external
auditors.
10 February 2014
Johannesburg
Sponsor: Rand Merchant Bank (a division of FirstRand Bank Limited)
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