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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 results for the year ended
30 June 2014, which are expected to be released on SENS on or about 25 August 2014.
Over the past six months of the financial year the group has experienced an improvement
in casino trading at its South African operations with gaming revenue up 6% following
the subdued growth of 3% in the first half. In addition Monticello has recovered strongly
from the smoking ban implemented in March 2013 with casino revenues up 10% for the
six months to 30 June 2014 and 23% for the comparable March to June period.
The improved trading, together with cost cutting initiatives, has resulted in EBITDA
increasing by 16% in the second half and 5% for the year.
Shareholders are however advised that basic and headline earnings per share for the year
ended 30 June 2014 are expected to be between 23% and 28% lower than the 764 cents
per share (as restated in the 31 December 2013 unaudited profit and dividend
announcement) than the prior year. Headline earnings and basic earnings were impacted
by certain one off charges relating to the section 189A staff restructure, pre-opening costs
and an impairment charge relating to the Maslow hotel.
Diluted adjusted headline earnings per share, which the board considers the most
meaningful measure of performance for the company, is expected to be between 5% and
10% lower than the 715 cents per share of the prior year. This is a significant
improvement on the 18% decline experienced in the first half.
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.
14 August 2014
Johannesburg
Sponsor: RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Date: 14/08/2014 08:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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