30 Aug - 5 min read

Unaudited interim results for the six-month period ended 30 June 2021

Unaudited interim results for the six-month period ended 30 June 2021

SUN INTERNATIONAL LIMITED
(Incorporated in the Republic of South Africa) 
Registration number: 1967/007528/06
Share code: SUI 
ISIN: ZAE 000097580
LEI: 378900835F180983C60 
("Sun International" or "the group")

UNAUDITED INTERIM RESULTS 
for the six-month period ended 30 June 2021

KEY HIGHLIGHTS*

CONTINUING GROUP INCOME
Improved by 51%
to R3.8 billion

GROUP BASIC LOSS
Improved by 96%
to 32 cents loss per share

GROUP HEADLINE LOSS
Improved by 86%
to 32 cents loss per share

GROUP ADJUSTED HEADLINE LOSS
Improved from 702 cents loss per share
to 3 cents loss per share

* All key highlights are in comparison to 30 June 2020.

OVERVIEW

Sun International delivered a credible result for the half year ended 30 June 2021, demonstrating the benefits of achieved cost savings, efficiencies and
continued deleveraging. The performance was achieved, despite the extremely challenging South African trading environment which saw our
businesses either locked down or operating under significant and varied restrictions as a result of the Covid-19 pandemic.

During the period under review, we continued to focus on ensuring that the group remained in a strong position to trade through the lockdown periods
and related restrictions imposed on its operations. Our core casino business, which represents approximately 70% of earnings, has proven its resilience
and we anticipate that we will continue to see improvement in income and adjusted EBITDA as the restrictions are eased further and ultimately lifted.
Our Alternate Gaming operations remain an exciting growth platform and are now contributing meaningfully to the group.

Management has performed extensive work on its cost base and has realised substantial sustainable savings of R650 million in the company's cost
structure going forward. Sun International has successfully completed Covid-19 business interruption claims for R235 million. We anticipate that the
remaining claims will be settled shortly for an approximate amount of R260 million.

Income from 2021 continuing operations increased by 51% from R2.5 billion to R3.8 billion, while continuing adjusted EBITDA increased from R60
million to R739 million. Our total group adjusted headline earnings improved from a loss of R885 million in the prior comparable period to a loss of R7
million, with an adjusted headline loss of 3 cents per share.

Overall income from the South African operations improved by 52% from the prior comparable period to R3.7 billion with adjusted EBITDA up from R89
million to R749 million.

Group debt (excluding IFRS 16 lease liabilities) was significantly reduced from R11.1 billion at June 2020 to R7.6 billion at 30 June 2021 following the
successful completion of Sun International's R1.2 billion rights offer in July 2020, and Sun Latam's (99.2% owned by Sun International) disposal of its
64.94% equity interest in Sun Dreams for US$160 million in November 2020. This amount excludes any further amount that may be received if certain
earn outs are met.

FINANCIAL OVERVIEW

                                               Resorts and                           Total continuing
                               Casino           Hospitality         Alternate         South African        Total Nigerian      Total discontinued      Total group
                             operations*        operations**         Gaming             operations           operations             operations          operations
R million                  2021      %   2020   2021     %   2020   2021     %  2020    2021   %    2020    2021    %    2020      2021       %    2020    2021     %    2020
Income                    2 328     53  1 525    690     21   571    699    97   354   3 717  52   2 450      43   34      32         4    (100)  1 223   3 764     2   3 705
Adjusted EBITDA             672   >100    129    (88)    21  (112)   165  >100    72     749  >100    89     (10)  66     (29)      (15)  <(100)     19     724  >100      79
Adjusted operating
profit/(loss)               380   >100   (183)  (194)    23  (251)   121  >100    28     307  >100  (406)    (19)  54     (41)      (17)     93    (259)    271  >100    (706)
Adjusted EBITDA
margin (%)                  29%   >100     8%   (13%)    35  (20%)   24%    20    0%     20%  >100            4%  (23%)    75       (91%) <(100%)  <(100     2%   19%    >100               2%
Adjusted operating
profit/ (loss) margin (%)   16%   >100   (12%)  (28%)    36  (44%)   17%  >100    8%      8%  >100  (17%)   (44%)   67 <(100%)    <(100%)  <(100)   (21%)    7%  >100    (19%)

Loss per share (cents)
Basic loss per share (cents)                                                                                                                                (32)   96    (894)
Headline loss per share (cents)                                                                                                                             (32)   86    (231)
Diluted adjusted headline loss per share                                                                                                                     (3)  100    (702)
Dividends per share                                                                                                                                           -     -       -

* Casino operations comprise GrandWest, Sibaya, Time Square, Carnival City, Boardwalk, Meropa, Windmill, Flamingo, Golden Valley and management
    companies.
** Resorts and hospitality operations comprise Sun City, Wild Coast Sun, The Table Bay Hotel and The Maslow Sandton.

OUTLOOK

The Covid-19 pandemic coupled with the ongoing restrictions imposed on business and its activities will continue to have a significant impact on the
South African economy, which will take some time to recover and which will impact our trading results. However, with the South African vaccination
program now gaining much needed momentum and infection rates hopefully reducing over time, bodes well for our business. We are optimistic that
with the various cost saving and efficiency initiatives implemented and a dedicated focus on improving the customer experience, the group will recover
and resume delivering strong returns for shareholders. Our online business SunBet as well as Sun Slots are anticipated to continue their strong growth
trajectories and are key focus areas for the group.

FURTHER INFORMATION

This short-form announcement is the responsibility of the directors. It is only a summary of the information contained in the full announcement and
does not contain full or complete details. Any investment decision should be based on the full announcement published on SENS on 30 August 2021,
which is available at: https://senspdf.jse.co.za/documents/2021/jse/isse/sui/ye21.pdf and which is also available on our website at www.suninternational.
com/investors

The full announcement is available for inspection at the registered office of Sun International at no charge during normal trading hours.
Copies of the full announcement may be requested from our Company Secretary via email at andrew.johnston@suninternational.com
30 August 2021

Sponsor: Investec Bank Limited

www.suninternational.com

Date: 30-08-2021 08:00:00
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