International Limited Directorate and Administration
Total Page:16
File Type:pdf, Size:1020Kb
__________ == s U-~_ S INTERNATIONAL LIMITED DIRECTORATE AND ADMINISTRATION BoardofDireetolS CHAIRMAN R. J. Goss C.A (SA) Director of: South African Mutual Life Assurance Society Barlow Rand Limited Nedbank Group Limited DEPUTY CHAIRMAN C. W. Fiddian-Green MA (OXON.) Chairman of Rennies Consolidated Holdings Limited NON EXECUTIVE DIRECTORS B.Corte Managing Director of Southern Sun Hotel Holdings Limited F. J. Davin B. COM.M. Managing Director of South African Mutual Life Assurance Society D. A. Hawton F,C.I,S. Director of Rennies Consolidated Holdings Limited W. S. MacFarlane C.A (SA). F,C.A. Director of The South African Breweries Limited M. de W. Marsh B. COMM. F.C.I.S., AC.MA. Chairman of South African Marine Corporation Limited E. Steyn C.A (SA). F,C.A Deputy Chairman of Rennies Consolidated Holdings Limited EXECUTIVE DIRECTORS S. Kerzner cs: (SA) Managing Director P.Bacon Deputy Managing Director K. A. Rosevear cs: (SA) Deputy Managing Director J. S.Banner D. G. Caras c.A. (SA). MB.A. J. V. Corbishley GA. (SA) E. N. Joannides GA. (SA), MB.A M. Stabinsky J. J. Zimrnennann Group secretary and registered office S. A. McLaughlin 35 St. Thomas Street London SEl9SN Auditors Price Waterhouse Sun Hotels International Limited is incorporated m CONTENTS the United Kingdom and consequenUy its finanoa.. statements and group [mancial statements are Page prepared in sterling and are lodged with the relevant authorities in London. These financial Financial Highlights 1 statements have been prepared for the Current Projects 2 infonnation of South Airicsn investors and as suci: are not the official [mancial statements of the Summary of Group Hotels 4 company and its subsidiaries. Management Structure 6 Price Waterhouse, London have issued an Executive Directors 7 unqualified audit opinion on the sterling finanoa:. 8 statements, copies of which may be obtained tra: Chairman's Statement the registered office of the company in London Group Hotels by Region 12 from Sun International House, 123 Rivonia Road Group Financial Statements 21 Sandton, South Afnca. H. for the 9 months ended 30th]une 1984 1984 ROOO'S Trading Turnover 175585 Operating profit 53259 Profit on ordinary activities after tax 36264 Attributable earnings 24526 Shareholders' funds Ordinary Shareholders' Funds 106064 Total Shareholders' Funds 175381 Capital expenditure 26895 Ordinary shareholders Earnings per share R245,26 Dividends per share R171,34 Net Assets per share RI060,64 Employees 7569 Five year trading review of operations comprising the newly formed group ROOO's Average annual D Turnover compound growth rate over o Operating Profit past five years Turnover 55% Profit 56% 1984 Annualised results taking seasonal factors into account. 1980'to 1983 Based on the aggregate results for the past 4 years of the various interests acquired, - , it1980 1981 1982 1983 1984 Opening Wild Coast Hotel- December 1981 /__!_--- Opening Sun City Entertainment Centre - July 1981 INTERNATIONAL LIMITED The spectacular Also coming on stream R43 million Cascades Hotel at Sun City in 1985 is the R25 million Thaba 'Nchu opens in February 1985. In addition to Sun situated in the south of increasing room capacity at the three Bophuthatswana. The cleverly hotels to close on 900, the Cascades designed architecture incorporates with its exciting rock and waterscape an African theme and marries it with features will add a new dimension of superb modern facilities and Innovation and glamour and sophistication to the attractions. Thaba 'Nchu Sun will be a flair characterise new resort. Another exciting innovation will first class conference centre and developments be the inauguration of the futuristic resort. sky train. With true Sun City flair, the sky train will transport visitors between the car park, the hotels and the entertainment centre. Development ..... Director D.Caras Food & Beverage ,.... Director J. Zinunennann Deputy Managing ..... Director P.Bacon - Group Entertainment Manager I- H.Feldman Director of Strategic Planning & Group Legal Advisor - Development - E. Joannides Managing Director S. Kerzner Sol Kerzner C.A (SA) Managing Director. Age 49. 22 years in the hotel industry. Founded the Southern Sun Hotel chain in association with Casino Operations the South African Breweries Limited in ..... Director 1969. Served as Managing Director of M. Stabinsky Southern Sun Hotels and Director of The South African Breweries until the formation of Sun Hotels International in October 1983. Financial Director - J. Corbishley Deputy Managing ~ Director ,_. K. Rosevear Marketing Director - S.Banner General Manager - Hotel Operations M. Price Regional General Managers A. Chiaranda G. Collins P.Jones P. Wagner Eugene [oannides c.s. (SA), MB.A. Strategic Planning and Development Director. Age 38. 8 years in the hotel industry initially as Group Financial Manager of Southern Sun Hotels progressing to Director of Corporate Planning. Prior to joining Southern Suns, had several years experience auditing hotels. Joined Sun Hotels International in June 1984. Miron Stabinsky Casino Operations Director. Age 45. 16 yeaxs in the casino industry, joining the Royal Swazi Casino in 1968 and rising to the position of Holiday Inns' Casino Operations Director in 1977. Joined Southern Sun Hotels in 1978 as Group General Manager - Casino Operations and joined Sun Hotels International in October 1983 on the company's formation PeterBacon Jamt Deputy Managing Director. Age 38. 21 years in the hotel industry, joining Southern Sun Hotels in 1973 as Group Personnel Manager having spent six years Stewart Banner with Trust House Forte in London. In Marketing Director. Age 51. Southern Suns he progressed to Director 4 years in the hotel industry, joining Holiday responsible for Hotel Operations, and took Inns in 1980 as Marketing Director. Joined over as Managing Director from Mr Sun Hotels International in October 1983 on Kerzner in 1983. Joined Sun Hotels the company's formation. International in August 1984. John Zimmennann Food and Beverage Director. Age 46. 30 years in the hotel industry, beginning with Western International Hotels in Seattle, USA and later moving to CARA Operation in Toronto Canada where he was appointed Corporate Manager of Standards. Joined Southern Sun Hotels in 1974 as Group Food and Beverage Manager and moved to Sun Hotels International on the company's formation. Ken Rosevear c.s. (SA) jomt Deputy Managing Director.Age 35. 3 years direct experience in the hotel John Corbishley c»: (SA) rndustry having joined Southern Sun Hotels Financial Director. Age 33. ill 1982 as Group Financial Manager. but Associated with the hotel industry for 8 having been involved in the Southern Sun years. Joined Holiday Inns in 1979 as audit for the previous II years, Joined Sun Personal Assistant to the Managing Director Hotels International in October 1983 on the and became Financial Director in 1983. company's formation, Joined Sun Hotels International in December 1983. Delano Caras c.s. (SA), M.B.A. Development Director. Age 39. 5 years in the hotel industry, joining Southern Sun Hotels as Financial Controller, in 1980. Moved into development and became Group Development Manager in 1983. Joined Sun Hotels International in October 1983 on the company's formation. CHAIRMAN S STA TEMENT Q R. J. Goss Chairman Sun Hotels International is a newly formed company registered in the United Kingdom. The company was founded by Mr Sol Kerzner in October 1983 to acquire control of the hotel-casino interests of Southern Sun Hotels and Rennies Consolidated Holdings in Southern Africa and Mauritius. Today Sun Hotels International comprises 18 hotels with over 3 000 rooms, and casino rights in those countries in which it operates. The Group operates in Bophuthatswana, Botswana, Ciskei, Lesotho, Swaziland, Transkei, Venda and on the Capital island of Mauritius. It is the fastest growing group of its kind in the Southern investment in Hemisphere with an annual turnover exceeding R220 million. SWl City rises The largest and most widely acclaimed internationally of the Group's to R139 operations is Sun City in Bophuthatswana. This premier resort, which opened in 1979 million. with 340 rooms and extensive gaming, entertainment and sporting facilities, has grown at an unprecedented rate. Over the past five years the capital investment has risen from an initial R28 million to R139 million. Sun City's gaming operations rank as the largest in the southern hemisphere and the number of guest rooms now total approximately 900. The complex includes a 6 000 seat multi-purpose superbowl and convention centre which has featured numerous international superstars and been the setting for major world class sporting events. During the past five years the turnover of the casino-resort industry in Exciting Southern Africa, which consisted of all the operations acquired by Sun Hotels attractions International, grew at a spectacular compound growth rate in excess of 50% per result in annum. This strong growth was partly attributable to an increase in the number of dramatic casino licences granted during that period. The main thrust however came from the market dramatic growth of the market; this was achieved by offering the consumer unusually growth. varied and exciting attractions packaged and promoted in a highly innovative manner. Many of the key people who were responsible for this remarkable achievement have now been brought together under the umbrella of Sun Hotels International. So while the company is new, its executive and senior management can lay claim to more than a decade of success in a wide range of hotel and gaming operations. The Company's principal shareholders are Kerzner & Associates, Safren (the holding company of the proposed merged Safmarine and Rennies group) and Southern Sun Hotels with joint control vested in Kerzner & Associates and Safren. As this is our first annual report, a brief review of events leading up to the company's formation is relevant. In 1969, having already achieved considerable success as an hotelier, Sol Kerzner and The South African Breweries Limited joined forces to form Southern Sun Hotels.