Sharenet Sites 
Sharenet Sites
Unaudited Consolidated Interim Financial Statements for the six months ended 30 September 2024
Southern Sun Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/006356/06)
Share code: SSU ISIN: ZAE000272522
(Southern Sun or the group or the company)
Unaudited consolidated interim financial statements for the six months ended 30 September 2024
- Occupancy at 58.9%, up 2.6 percentage points
- Adjusted headline earnings at R334 million, up by 31%
- Ebitdar at R822 million, up 10%
- Net debt at R995 million
Supplementary information
2024 2023 %
Unaudited Unaudited change
Income (Rm) 2 966 2 790 6
Ebitdar (Rm) 822 745 10
Attributable earnings for the period (Rm) 332 255 30
Adjusted headline earnings for the period (Rm) 334 255 31
Basic earnings per share (cents) 24.7 18.0 37
Basic headline earnings per share (cents) 24.3 18.0 35
Basic adjusted headline earnings per share (cents) 25.0 18.0 39
Operational review
These results reflect the impact of the decisions taken by the group, amid and during its recovery, from the pandemic.
The complete cost restructuring undertaken has meant that the group was able to deliver 10% Ebitdar growth from 6%
income growth. Similarly, the reduction in debt levels and related finance cost savings, together with the share
buyback implemented during the 2024 financial year has resulted in a 39% growth in adjusted headline earnings per
share.
The group's overall occupancy achieved during the month of September 2024 at 68.2% is encouraging and reflects an
increasing demand by both international and domestic corporate group and transient as well as leisure travellers. The
softening of inflation as well as further interest rate cuts along with the suspension of load shedding are tailwinds
that signal stronger economic growth in South Africa in the medium term. The recent announcements by the Department
of Home Affairs simplifying requirements for port of entry visas and visa regulations for China and India indicate
government's commitment to promoting tourism in South Africa which will benefit the group's portfolio in all regions.
Debt levels have been reduced to a sustainable level and the group will continue to pursue its strategy of getting more
out of its irreplaceable hotel portfolio by allocating capital to key properties, so that they remain best-in-class and
our customers' preferred accommodation provider.
Short-form announcement
This short-form announcement is the responsibility of the board of directors of Southern Sun. This short-form announcement
is a summary of the full announcement and does not include full or complete details. The information contained in this
announcement has not been reviewed or reported on by the group's auditors, Deloitte & Touche.
The full announcement is available on the company's website http://www.southernsun.com/investors/financial-reports and can also
be accessed using the following JSE link: https://senspdf.jse.co.za/documents/2024/jse/isse/SSUE/Interim24.pdf
A copy of the full announcement may be requested from companysecretary@southernsun.com. Any investment decisions by
shareholders should be based on a consideration of the full announcement, which shareholders are encouraged to view on
SENS and on the company's website.
The condensed unaudited consolidated interim financial statements for the six months ended 30 September 2024 have not
been reviewed and reported on by the group's external auditors.
21 November 2024
JSE Equity Sponsor
Investec Bank Limited
http://www.southernsun.com
Date: 21-11-2024 07:05:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
