We are pleased to present Sun International Limited’s (Sun International) 2018 online integrated annual report (report) to our stakeholders.
Sun International reports in a holistic, transparent and integrated manner to help our stakeholders make informed decisions about our business. We aim to provide our stakeholders with a focused and concise report that covers our financial and non-financial performance for the year under review.
This is our primary report to stakeholders and covers the financial period 1 January 2018 to 31 December 2018. The online report includes all Sun International’s subsidiaries and operating units, locally and internationally. Our report is structured around our leadership reviews (front of house), business overview (our deck of cards), our strategic performance and outlook (our game plan), our financial performance (our payouts) and our governance transparency and accountability (rules of the game).
The content covers the reporting period’s most material matters. In some cases, content includes the period up to the report’s finalisation on 29 March 2019. Material matters are issues that could substantively influence the assessment of providers of capital and other stakeholders, regarding the group’s ability to create value over the short, medium and long term. To achieve our strategic objectives and manage our risks, these material matters are continuously monitored by Sun International and its board.
South Africa continues to contribute the majority of group revenue at 69% (2017: 70%), with Latam contributing 30% (2017: 29%), Nigeria 1% (2017: 1%) and Swaziland 0% (2017: 0%). Gaming is the primary contributor to group revenue at 73% (2017: 73%), Alternate Gaming contributes 8% (2017: 7%), food and beverage 8% (2017: 9%), rooms 8% (2017: 8%) and other revenue streams 3% (2017: 3%).
The group’s 2018 online report is guided by various frameworks. Our integrated reporting is primarily guided by the International Integrated Reporting Council’s (IIRC) recommendations for integrated reporting (the <IR> framework). Our sustainability information is guided by the GRI Sustainability Reporting Guidelines. The group also embraces the United Nations Sustainable Development Goals (SDGs), which encourage companies and individuals to take the necessary action to achieve the SDGs by 2030. This report is also prepared in accordance with the JSE Limited Listings Requirements and the South African Companies Act, 71 of 2008, as amended (Companies Act). A register of our application of the King Code on Corporate Governance™ for South Africa 2016 (King IV™) governance principles is available online. Our annual financial statements (AFS) follow the IFRS.
Sun International’s combined assurance model enables an effective internal control environment and supports the integrity of information that management and the board use in decision-making. The information tabled below was assured, either externally or internally, during the year under review.
|Standard / Code||Assurance provider|
|The financial information extracted from the group’s audited AFS||
|B-BBEE information||Tourism Code||
|Property risk audits||Internationally Recognised Code of Practice: NFPA and SANS Codes||Marsh Risk Consulting|
|Internal control functions||Group internal audit|
In keeping with Sun International’s commitment to reduce its environmental footprint, as indicated in our 2017 integrated annual report, we have only produced an interactive online report with no hard copies. Stakeholders still have the option to print the full report or sections through the reporting basket option.
The board acknowledges its responsibility to ensure the integrity of information contained in this online integrated annual report and has applied its collective mind in the preparation of this report. The group audit committee was instrumental in providing guidance on this process and keeping the board abreast of the reporting progress.
The board is of the opinion that this online report is presented in compliance with the <IR> framework and the information is correct and relevant. The report was approved by the board on 29 March 2019.
29 March 2019
29 March 2019
The report’s design is interactive so that users can easily navigate their way across the report by following the relevant content headings, sub-headings, as well as interactive icons, footnotes and links. This being our inaugural report online report, we welcome feedback from stakeholders regarding the accessibility and ease of navigation.
We welcome stakeholders’ feedback on our reporting, which can be sent to firstname.lastname@example.org
This report may contain certain forward-looking statements other than the statements of historical fact which cannot be construed as reported financial results. Investors are cautioned not to place undue reliance on any forward-looking statements contained herein, as they have not been reviewed or reported on by the group’s external auditors. Such statements may include predictions of or indicate future earnings, objectives, savings, events, trends or plans based on current expectations, forecasts and assumptions. As with any forward-looking statement, prediction or forecast, there are inherently unexpected events which could cause uncertainty and unexpected change which have not, and could not, be accounted for. Whereas the company has made every effort to accurately and reasonably ensure the accuracy and completeness of the information contained within this integrated annual report, any forward-looking statements speak only as at the date that they are made; the actual results may vary materially from those expressed or implied; and the company undertakes no obligation to publicly update or alter these or to release revisions after the date of publication of this report.
Incorporated in the Republic of South Africa
Registration number: 1967/007528/06
JSE share code: SUI
Company Secretary: AG Johnston
6 Sandown Valley Crescent
(PO Box 784487, Sandton 2146)
Investec Bank Limited
(Registration number 1969/004763/06)
100 Grayston Drive
(PO Box 785700, Sandton, 2146)
4 Lisbon Lane
Telephone: +27 (0)11 797 4000
Telecopier: +27 (0)11 797 5800
ABSA Bank Limited
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The Standard Bank of South Africa Limited
Cliffe Dekker Hofmeyr Inc.
(Registration number: 2008/018923/21)
1 Protea Place
(Private Bag X40, Benmore 2010)
Telephone: +27 (0)11 562 1000
Telefax: +27 (0)11 562 1111
6 Sandown Valley Crescent
Telephone: +27 (0)11 780 7000
Telefax: +27 (0)11 780 7716
(PO Box 782121, Sandton, 2146)
Computershare Investor Services (Pty) Ltd
(Registration number: 2004/003647/07)
15 Biermann Avenue
(PO Box 61051, Marshalltown, 2107)
Telephone: +27 (0)11 780 7810
Telephone: +27 (0)11 780 7762