The Kingdom
CONTENTS Company Profile Financial Highlights Statement of Vision Our Vision Takes Wing Historical Highlights To our Shareholder
African Sun Limited COMPANY PROFILE A frican Sun Limited, ‘African Sun’ is the fastest growing hospitality group in sub-Saharan
As part of its strategic thrust, African Sun Limited places significant importance on its human capital base, and this has resul
FINANCIAL hIGhLIGhTS For the year ended 30 September 2008 41% ROOM OCCUPANCY 54% OPERATING PROFIT MARGIN Z$706.13 bASIC EARNINGS
Statement of Vision VISION The Lifestyle Company creating unforgettable leisure experiences. MISSION We exist to create wealth i
African Sun Values ThE AFRICAN SUN WAY SHAREd VISION – We will always seek to have a buy-in whilst providing leadership. SHAREd
Obudu Mountain Resort African Sun Limited 2008 7
Our Vision Takes Wing T here comes a moment when the young eagle knows instantly that it is time to fly. For a long period it fl
Historical Highlights OUR jOURNEY ThUS FAR • 1952 – Rhodesia and Nyasaland Hotels (Private) Limited is formed as a wholly-owned
To our Shareholders & Partners A s we take flight and look into the future, we must acknowledge the events of the past that have
dE-MERGER OF THE PROPERTY INTERESTS The restructuring and unbundling of Zimbabwe Sun Limited's property interests to form Dawn P
and initiatives that have been carefully crafted and executed, in order to derive maximum yields and create sustainable wealth.
rates and inventory at the point of purchase and will offer a direct selling approach on the back of a dynamic pricing strategy
Business Review I am pleased to share with you some of the highlights that have made this year exciting. African Sun Limited re-
The Grace in Rosebank The Grace on survival mode. This has paid off handsomely as the business model, geared at growth, has enab
Foreign room nights therefore recorded a 6% decrease compared to prior year. However, hotel occupancy increased to 41% from 39%
Hwange Safari Lodge Hwange Safari Lodge Express by Holiday Inn Beitbridge REVIEw OF THE STRATEGIC GOALS 1. Capacity Growth At th
3. Market Capitalization Research conducted by Renaissance Capital has valued African Sun Limited at US$0.54 per share (Market C
Caribbea Bay Elephant Hills Resort The Grace in Rosebank Obudu Mountain Resort African Sun Limited 2008 19
Clear Essence California Wellness Centre and Boutique Hotel Report of the Directors The Directors present their Annual Report an
INVESTMENTS The Group holds equity investments in the following organisations to the extent indicated below: African Sun Limited
Accounting Philosophy ACCOUNTING PhILOSOPhY A frican Sun Limited is dedicated to achieving meaningful and responsible reporting
Financial Reporting DIRECTORS' RESPONSIbILITY FOR FINANCIAL REPORTING African Sun Limited's Directors are required by the Compan
Hwange Safari Lodge Clear Essence California Wellness Centre and Boutique Hotel Hwange Safari Lodge Express by Holiday Inn Beitb
Company Secretary CERTIFICATE bY ThE COMPANY SECRETARY I, the undersigned, in my capacity as Company Secretary, hereby confirm t
PricewaterhouseCoopers Building Number 4, Arundel Office Park Norfolk Road Mount Pleasant Po Box 453 Harare Zimbabwe REPORT OF T
AdVERSE OPINION ON NON-COMPLIANCE wITH INTERNATIONAL FINANCIAL REPORTING STANdARdS In our opinion, because of the effects of the
STATEMENT OF FINANCIAL POSITION As at 30 September 2008 GROUP Historical Cost ASSETS Non-current assets Property, plant and equi
STATEMENT OF FINANCIAL POSITION As at 30 September 2008 COMPANY Historical Cost ASSETS Non-current assets Property, plant and eq
STATEMENT OF COMPREhENSIVE INCOME For the year ended 30 September 2008 GROUP Historical Cost Notes 2008 $ 811 829 069 449 (24 04
STATEMENT OF CAShFLOWS For the year ended 30 September 2008 GROUP Historical Cost Notes Cash flows from operating activities 200
STATEMENT OF ChANGES IN EqUITY For the year ended 30 September 2008 GROUP Share capital $ Share premium $ Share option reserve $
Revaluation reserve $ Foreign currency translation reserve $ Fair value reserve $ Retained earnings $ Total shareholders' equity
STATEMENT OF ACCOUNTING POLICIES For the year ended 30 September 2008 1. ACCOUNTING POLICIES The following paragraphs set out th
3. CONSOLIdATION Subsidiaries are all entities over which the Group has the power to govern the financial and operating policies
STATEMENT OF ACCOUNTING POLICIES Continued On consolidation, exchange differences arising from the translation of the net invest
equipment and vehicles are determined by comparing proceeds with the carrying amount. These are included in the Statement of Com
STATEMENT OF ACCOUNTING POLICIES Continued category if acquired principally for the purpose of selling in the short-term. Recogn
termination penalties and employee termination payments. Provisions are not recognised for future operating losses. Where there
STATEMENT OF ACCOUNTING POLICIES Continued which applicable tax regulations are subject to interpretation; it establishes provis
Share-based compensation The Group operates an equity-settled share-based compensation plan under which the entity receives serv
STATEMENT OF ACCOUNTING POLICIES Continued differences will impact the current and deferred income tax assets and liabilities in
investments held by the Group and classified on the Statement of Financial Position at fair value through profit or loss. The Gr
NOTES TO ThE FINANCIAL STATEMENTS For the year ended 30 September 2008 1. GROUP SEGMENTAL REPORTING The Group operates in four m
NOTES TO ThE FINANCIAL STATEMENTS For the year ended 30 September 2008 1. GROUP SEGMENTAL REPORTING zimbabwe $ Historical cost 2
NOTES TO FINANCIAL STATEMENTS For the year ended 30 September 2008 GROUP 2. PROPERTY, PLANT & EqUIPMENT Historical cost Freehold
NOTES TO ThE FINANCIAL STATEMENTS For the year ended 30 September 2008 GROUP Historical Cost 3. INTANGIbLE ASSETS Goodwill and b
NOTES TO ThE FINANCIAL STATEMENTS For the year ended 30 September 2008 GROUP Historical Cost 5. INVESTMENTS 5.1 Investments in a
NOTES TO ThE FINANCIAL STATEMENTS For the year ended 30 September 2008 GROUP Historical Cost 2008 $ 5.2 Other investments Invest
NOTES TO ThE FINANCIAL STATEMENTS For the year ended 30 September 2008 GROUP Historical Cost 2008 $ 544 337 448 446 2007 $ 55 10
NOTES TO ThE FINANCIAL STATEMENTS For the year ended 30 September 2008 directors' shareholdings At 30 September 2008, the Direct
NOTES TO ThE FINANCIAL STATEMENTS For the year ended 30 September 2008 GROUP Historical Cost 2008 $ 12. SHARE PREMIUM At the beg
NOTES TO ThE FINANCIAL STATEMENTS For the year ended 30 September 2008 GROUP Historical Cost 15. NET CURRENT ASSETS Current asse
NOTES TO ThE FINANCIAL STATEMENTS For the year ended 30 September 2008 GROUP Historical Cost 17. TAxATION 17.1 Taxation charge C
NOTES TO ThE FINANCIAL STATEMENTS For the year ended 30 September 2008 Historical 2008 Tax (charge) credit $ before tax $ 2007 T
NOTES TO ThE FINANCIAL STATEMENTS For the year ended 30 September 2008 GROUP Historical Cost 21. CASH GENERATEd FROM TRAdING 200
NOTES TO ThE FINANCIAL STATEMENTS For the year ended 30 September 2008 24. PENSION FUNdS The company and all employees contribut
NOTES TO ThE FINANCIAL STATEMENTS For the year ended 30 September 2008 GROUP Historical Cost 2008 25. RELATEd PARTY TRANSACTIONS
NOTES TO ThE FINANCIAL STATEMENTS For the year ended 30 September 2008 COMPANY Freehold properties $ 26. HISTORICAL COST At 30 S
NOTES TO ThE FINANCIAL STATEMENTS For the year ended 30 September 2008 COMPANY Historical Cost 2008 27. INVESTMENTS IN SUbSIdIAR
NOTES TO ThE FINANCIAL STATEMENTS For the year ended 30 September 2008 COMPANY Historical Cost 2008 $ 30. dEFERREd TAxATION Defe
FIVE YEAR FINANCIAL REVIEW Historical Statistical Information 30 September 2008 $ 5 year Compound growth % p.a. INCOME STATEMENT
FIVE YEAR FINANCIAL REVIEW Historical Statistical Information 30 September 2008 30 September 2007 31 March 2006 31 March 2005 31
Obudu Mountain Resort 64 African Sun Limited 2008
SUPPLEMENTARY INFORMATION
SUPPLEMENTARY INFORMATION For the year ended 30 September 2008 30 September 2008 US$ 000's STATEMENTS OF COMPREHENSIVE INCOME Re
SUPPLEMENTARY INFORMATION For the year ended 30 September 2008 NOTES TO ThE SUPPLEMENTARY INFORMATION 1. GROUP SEGMENTAL REPORTI
Group Structure GROUP STRUCTURE AFRICAN SUN LIMITEd AFRICAN SUN zIMbAbwE (PRIVATE) LIMITEd 100% dAwN PROPERTIES LIMITEd 17.72% R
ShAREhOLDERS' PROFILES SHAREHOLdER PROFILE AS AT 30 SEPTEMbER 2008 bY SIzE Range of holdings 1 5 001 10 001 25 001 50 001 100 00
TOP TEN SHAREHOLdERS Shareholder Riustrix Investments (Private) Limited Old Mutual Msasa Nominees (Private) Limited Criben Inves
bUSINESS COMPOSITION The company operates in the hospitality and leisure industry through a number of hotels, resorts, casinos a
Front row from left to right: Ms E Chitiga, Mr E M Makonese, Mr S A Munyeza and Mr F Rwodzi back row from left to right: Mr N Ma
MANAGEMENT Executive Committee S A Munyeza N Mangwiro T Madziwanyika M S Manyumwa E T Shangwa G Taputaira T Maswiswi C Nyahunda
74 African Sun Limited 2008
The Kingdom at Victoria Falls Caribbea Bay Holiday Inn Mutare Hwange Safari Lodge African Sun Limited 2008 75
Corporate Governance ThE AFRICAN SUN CODE A frican Sun Limited personnel are committed to a long-published code of ethics. This
operations, finance, capital expenditure, acquisitions and strategy. Any Board member may request the addition of an item to the
ANALYST bRIEFING The Group reports formally to shareholders twice a year when its haIf year and full year results are announced.
Annual General Meeting NOTICE OF ANNUAL GENERAL MEETING Notice is hereby given that the Thirty-Seventh Annual General Meeting of
Elephant Hills Elephant Hills Resort Victoria Falls 80 African Sun Limited 2008
Shareholders Diary ShAREhOLDERS' DIARY dIVIdENd INFORMATION FOR THE YEAR Interim Dividend announced Dividend paid FINAL Dividend
Contact Information ADMINISTRATION African Sun Limited Incorporated in the Republic of Zimbabwe Registration number: 643/1971 Re
PROxY FORM FOR ThE ANNUAL GENERAL MEETING For use at the Thirty-Seventh Annual General Meeting to be held on Friday 27 March 200
The Company Secretary African Sun Limited 17th Floor – Office 1708 Crowne Plaza Monomotapa Hotel 54 Parklane, Harare P .O. Box C