African Sun : June 16, 20222021 Annual Report

Contents

1. Financial Highlights
2. Corporate Prole

6 Business Overview Statement of Vision

Our Core Values and Beliefs The African Sun Way Brands

Property Portfolio

1. Historical Highlights

1. Our Strategy

1. Message from the Chairman

1. Chief Executive Ocer's Operations Review

1. Accounting Philosophy
2. Certicate by the Company Secretary
3. Directors' Report
4. Corporate Governance Charter

1. Directors' Responsibility for Financial Reporting
2. Directors' Declaration
3. Declaration by the Chief Finance Ocer

1. Independent Auditor's Report

1. Consolidated Statement of Financial Position
2. Company Statement of Financial Position
3. Consolidated Statement of Comprehensive Income
4. Consolidated Statement of Cash Flows
5. Consolidated Statement of Changes in Equity

1. Notes to the Consolidated Financial Statements

1. Group Supplementary Information

1. Group Structure

1. Shareholders' Diary
2. Shareholders' Prole

1. Board of Directors

1. Executive Management
2. Corporate Information

1. Sustainability Report

1. Corporate and Hotel Directory
2. Notice to Members

AFRICAN SUN LIMITED - Annual Report 2021

SUSTAINING

GROWTH

African Sun Limited

(the Company)

A leading Hotel Asset Management Company in Zimbabwe

Financial highlights

Revenue:

INFLATION ADJUSTED

ZWL 4.329 bln from ZWL 2.957 bln

Occupancy: 31% from 23%

Prot/(Loss):

INFLATION ADJUSTED

ZWL 9.737 bln from a loss of ZWL 2.419 bln

Finance Cost:

INFLATION ADJUSTED

ZWL 48.405 mln from ZWL 78.128 mln

ADR:

INFLATION ADJUSTED

ZWL 10 820 from ZWL 13 533

EBITDA:

INFLATION ADJUSTED

ZWL 10.542 bln from a loss

ZWL 0.279 bln

Rooms RevPAR:

INFLATION ADJUSTED

ZWL 3 408 from ZWL 2 905

Total Rev PAR:

INFLATION ADJUSTED

ZWL 6 907 from ZWL 5 558

1 803	888
ROOMS	EMPLOYEES

11	2
HOTELS	CASINOS

1

Corporate Profile

African Sun Limited ("the Company"), is a leading Hotel Asset Management Company in Zimbabwe, operating internationally recognised brands, with a vision to become the leading hospitality and leisure company in the markets we operate.

OUR BUSINESS

The Company and its subsidiaries ("the Group") currently has ve divisions which are: Resort Hotels, City and Country Hotels, Victoria Falls Hotel Partnership, Sun Leisure and Real Estate.

RESORT HOTELS

There are ve hotels under this category:

• Elephant Hills Resort and Conference Centre;
• The Kingdom at Victoria Falls;
• Hwange Safari Lodge;
• Caribbea Bay Resort and Campsites; and
• Great Zimbabwe Hotel and Campsites.

CITY AND COUNTRY HOTELS

There are ve hotels under this division:

• Holiday Inn Harare;
• Holiday Inn Bulawayo;
• Holiday Inn Mutare;
• Monomotapa Hotel; and
• Troutbeck Resort.

THE VICTORIA FALLS HOTEL PARTNERSHIP

The Victoria Falls Hotel is jointly operated with Meikles Hospitality (Private) Limited on a 50/50 partnership. The hotel is an aliate of the Leading Hotels of the World ("LHW").

SUN LEISURE

This division includes the stand-alone charity casino (Harare Sun Casino), a hotel-based casino (Makasa Sun Casino) and Sun Leisure Tours, the Group's ground handling operation.

REAL ESTATE

This division of the Company owns property investments (including 7 of the 11 hotels operated by the Group) and oers property consultancy services.

2 AFRIICAN SUN LIMITEDI -- Annual Report 2021

The Group has streamlined its operations to ensure future sustainability. We continue our quest to grow shareholder value, anchored by the four pillars, which are:

PEOPLE

PROCESSES

PRODUCT

PROMOTION

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