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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
LEI: 378900835F180983C60
("Sun International" or "the Company")
TRADING STATEMENT
Sun International is currently finalising its interim financial results for the six-month period ended 30
June 2024, which are expected to be released on the Stock Exchange News Service of the JSE
Limited ("SENS") on or about Monday, 9 September 2024.
Sun International has delivered a robust trading performance, underpinned by the strength of its
diversified operating model, the resilience of its omnichannel portfolio and disciplined strategic
execution. Sunbet has maintained its exceptional growth trajectory and is exceeding its targets.
Urban casino income of our larger properties has continued to grow and protect margins. Our
resorts and hotels have achieved robust growth in income and encouragingly a significant
improvement in the adjusted EBITDA margin, pre-management fees. Sun Slots' operations have
demonstrated resilience to the current trading environment.
In accordance with section 3.4(b) of the JSE Limited Listings Requirements, shareholders are
advised that the Company's basic earnings per share and headline earnings per share for the six
month period ended 30 June 2024 are expected to increase in accordance with the ranges set out
below:-
R cents 30 June 2023 30 June 2024 Expected range of
Reported Expected range increase based on
30 June 2023 (%)
Basic earnings per 171 323 to 346 88.9% to 102.3%
share
Headline earnings per 173 182 to 194 5.4% to 12.4%
share
Adjusted headline 197 206 to 220 4.5% to 11.6%
earnings per share
The difference between basic earnings per share and headline earnings per share is the recognition
of the second contingent consideration of R348 million relating to Dreams S.A, net of estimated
taxes, expenses and the effect of time value of money. The primary difference between headline
earnings per share and adjusted headline earnings per share relates to, inter alia, an increase in the
estimated redemption value of the SunWest put option liability of R48 million and transaction costs
of R14 million relating to the proposed Peermont acquisition.
Sun International is in a strong financial position with South African debt (excluding IFRS 16 lease
liabilities) at R5.4 billion, down from R5.7 billion as at 31 December 2023. This is after the Company
paid a final net dividend of R510 million for the 2023 financial year and share buybacks amounting
to R141 million. Our South African debt to adjusted EBITDA and interest cover of 1.6 times and 6.0
times respectively, are well within our lenders' covenants of less than 3.0 times and more than 3.0
times respectively. This evidences the strong cash generation by the Sun International group as well
as its prudent allocation of capital.
This trading statement has not been reviewed or reported on by Sun International's external
auditors.
By order of the Board.
Johannesburg
2 September 2024
Sponsor to Sun International
INVESTEC BANK LIMITED
Enquiries: Nwabisa Titus
Investor Relations
Mail: Investor.relations@suninternational.com
Mobile: 082 800 7721
Date: 02-09-2024 10:00:00
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