ASL 1539

Revenue

ADR

Occupancy

EBITDA

Gearing

Group Statement of Cashflows

8.

All figures in US$

Note

Cash flows from operating activities

Loss before income tax
Interest expense
Depreciation and other non-cash items
Changes in working capital
Cash generated from operations
Interest received
Interest paid
Net cash generated from operating activities

11
12

Cash flows from investing activities

Additions to property and equipment - excluding borrowing costs capitalised
Proceeds from disposal of property and equipment
Proceeds from sale of non-current assets held for sale
Dividend income
Net cash generated from/ (used in) investing activities

13
13
17

Cash flows from financing activities

Proceeds from sale of treasury shares
Proceeds from short-term borrowings
Proceeds from long-term borrowings
Deposit utilised from debt service reserve account
Repayment of short-term borrowings
Repayment of long-term borrowings
Cash (used in) / generated from financing activities
Net (decrease) / increase in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Exchange loss on cash and cash equivalents
Cash and cash equivalents at end of the year

14

Year Ended
30 Sept 2014
Audited

Year Ended
30 Sept 2013
Restated

(3,104,585)
3,534,180
6,336,747
(29,909)
6,736,433
3,952
(3,876,313)
2,864,072

(8,805,936)
3,072,787
9,408,909
4,406,812
8,082,572
5,723
(3,748,218)
4,340,077

(3,943,632)
184,589
4,224,720
39,602
505,279

(6,953,072)
62,821
(6,890,251)

205,713
891,856
1,713,572
183,215
(3,707,156)
(3,063,844)
(3,776,644)

1,400,820
4,144,210
195,691
(494,927)
(2,494,524)
2,751,270

(407,293)
1,608,123
(97,339)
1,103,491

201,096
1,459,663
(52,636)
1,608,123

All figures in US$

Profit / (loss) before income tax
Botswana
Ghana
South Africa and Mauritius
Zimbabwe
Total assets
Botswana
Ghana
South Africa and Mauritius
Zimbabwe
Total liabilities
Botswana
Ghana
South Africa and Mauritius
Zimbabwe

EBITDA has been calculated excluding exceptional charges relating to fair value
adjustments and impairments for 2014 and the comparatives.

Nigeria has been removed from the segment information, as the entity is now
accounted for using the equity method following adoption of IFRS 11 as
discussed under note 3.

Current income tax

Deferred income tax
Credit / (charge) for the period

1.

Headline earnings / (loss)

BASIS OF PREPARATION

The Groups financial statements have been prepared in accordance with International Financial Reporting Standards, (IFRS)
and the International Financial Reporting Interpretations Committee, (IFRIC) applicable to companies reporting under IFRS, the
Zimbabwe Companies Act (Chapter 24:03) and the relevant Statutory Instruments (SI) SI 33/99 and SI 62/96 and the Zimbabwe
Stock Exchange Listing Rules. The financial statements have been prepared under the historical cost convention as modified by
the revaluation of biological assets, property and equipment and non-current assets held for sale.

AUDIT OPINION

3.

Change in accounting policy

The independent auditor has expressed an unqualified opinion on these financial statements, and it is available for inspection at the
Company Secretarys office.
African Sun Limited adopted IFRS 11, Joint arrangements on 1 October 2013. IFRS 11, Joint Arrangements focuses on the rights and
obligations of the parties to the arrangement rather than its legal form. There are two types of joint arrangements: joint operations
and joint ventures. Joint operations arise where the investors have rights to the assets and obligations for the liabilities of an
arrangement. A joint operator accounts for its share of the assets, liabilities, revenue and expenses. Joint ventures arise where the
investors have rights to the net assets of the arrangement; joint ventures are accounted for under the equity method. Proportional
consolidation of joint ventures is no longer permitted.

Impact of the new standard on the Groups joint arrangements

As at
30 Sept 2014
Audited

As at
30 Sept 2013
Restated

As at
30 Sept 2012
Restated

27,678,256
253,715
1,251,171
612,046
29,795,188

32,116,383
220,651
6,067,253
499,880
526,374
39,430,541

26,566,875
274,678
17,588,834
238,665
44,669,052

1,644,490
6,534,275
2,734,576
10,913,341
7,347,178
18,260,519

1,643,660
8,176,350
4,229,079
14,049,089
4,354,381
18,403,470

1,472,626
8,741,096
4,603,809
14,817,531
14,817,531

Total assets

48,055,707

57,834,011

59,486,583

Equity and liabilities

Equity attributable to owners of the company
Share capital
Share premium
Other reserves
Equity settled share based payments reserve
Foreign currency translation reserve
Revaluation reserve
Accumulated losses
Total equity

8,314,729
24,734,304
1,273,921
100,856
(2,508,995)
(21,351,348)
10,563,467

8,314,729
24,734,304
5,135,328
20,171
(1,068,659)
249,706
(23,132,766)
14,252,813

8,314,729
24,734,304
5,135,328
(1,038,566)
430,871
(14,303,293)
23,273,373

Note

Assets
Non-current assets
Property and equipment
Biological assets
Investment in associate
Deferred income tax assets
Trade and other receivables
Current assets
Inventories
Trade and other receivables
Cash and cash equivalents (excluding bank overdrafts)

14

Non-current assets held for sale

17

Liabilities
Non-current liabilities
Trade and other payables
Borrowings
Deferred income tax liabilities

2,203,358
6,742,794
4,536,415
13,482,567

1,758,132
8,093,067
4,604,007
14,455,206

6,443,381
4,080,590
10,523,971

12,530,088
873,635
10,605,950
24,009,673

13,784,156
1,113,930
14,227,906
29,125,992

10,621,284
1,418,073
13,649,882
25,689,239

Total liabilities

37,492,240

43,581,198

36,213,210

Total equity and liabilities

48,055,707

57,834,011

59,486,583

Current liabilities
Trade and other payables
Provisions and other liabilities
Borrowings

18
6

In terms of IAS 28 (revised), Investment in Associates, entities with significant influence over an investee are required to account for
their investments in an associate using the equity method. Before the adoption of IFRS 11, Joint Arrangements, the Group used to
account for WASHL using the proportional consolidation method. The new standard has been applied retrospectively, to show the
impact of accounting for WASHL using the equity method in terms of IAS 28 (revised), Investment in Associates.

4.

PRIOR PERIOD ERROR

Operating lease costs (rent)

The Group incurred occupational rent amounting to US$1 875 767 during the prolonged fit out stage of the new hotel in Ghana. The
occupational rent was paid in line with the lease agreement, though the hotel had not yet opened.The rent had been included as
part of minimum lease payments which are capitalised and are armotised over the remaining lease period upon interpreting IAS 17,
Leases. This treatment has now been considered incorrect. As such the occupational rent paid during the prolonged fit out stage
should have been expensed when it was incurred.

Other pre-opening expenses
The Group incurred pre-opening expenses amounting to US$724 768 in lieu of the new hotel in Ghana during the year ended 30
September 2013. As per Group policy, pre-opening expenses are capitalised/deferred and written off in the first year of operation of
a hotel. This policy was found to be in contradiction with the International Financial Reporting Standards. The impact of correcting
the error is shown below:

All figures in US$

Statement of financial position

Assets
Decrease in non-current receivables
Decrease in current receivables
Increase in deferred tax income assets
Total decrease in assets
Statement of comprehensive income
Increase in operating expenses
Increase in income tax credit
Increase in loss for the year

Operating lease
costs (rent)
US$

Other
pre-opening
costs
US$

(724,768)
147,775

(1,636,029)
(815,659)
499,880

(1,374,815)

(576,993)

(1,951,808)

Year Ended
30 Sept 2013
Restated

56,716,145
(15,899,794)
40,816,351
111,526
(36,946,251)
(733,965)
3,247,661
(3,534,180)
3,952
(3,538,132)
(3,342,087)
249,706
274,315
(3,104,585)
818,883

55,967,643
(15,302,031)
40,665,612
(38,783,357)
(499,708)
1,382,547
(3,072,787)
5,723
(3,078,510)
(7,627,895)
181,165
331,034
(8,805,936)
(23,537)

Loss for the year

(2,285,702)

(8,829,473)

Other comprehensive loss net of tax:

Items that may be subsequently reclassified to profit or loss
Foreign currency translation reserve
Comprehensive income from associate recycled to profit and loss
Total other comprehensive loss

(1,440,336)
(249,706)
(1,690,042)

(30,093)
(181,165)
(211,258)

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

All figures in US$

Note

Revenue
Cost of sales
Gross profit
Other income
Operating expenses
Other expenses
Operating profit
Financing costs - net
Finance income
Finance costs
Fair value adjustment and impairment of assets classified as held for sale
Recycled from other comprehensive income
Share of profit of investments accounted for using the equity method
Loss before income tax
Income tax credit / (charge)

8
16
12
12
12
8
9

(3,975,744)

(9,040,731)

Loss attributable to:

Owners of company

(2,285,702)

(8,829,473)

Total comprehensive loss attributable to:

Owners of company

(3,975,744)

(9,040,731)

(0.28)
(0.27)
0.09
0.09

(1.07)
(1.04)
(0.16)
(0.16)

Earnings per share: cents

Basic loss
Diluted loss
Headline earnings / (loss)
Diluted earnings / (loss)

All figures in US$

10
10
10
10

Share
capital

Share
premium

Balance at 30 September 2012 as

previously stated
8,239,409 24,056,421
Effects of changes in accounting policy
Effects of treasury shares adjustment
75,320
677,883
Balance as at 30 September 2012, as restated
8,314,729 24,734,304
Comprehensive loss
Loss for the year as previously stated
Effects of changes in accounting policy
Effects of correcting the prior period error
(note 4)
Loss for the year as restated

Other comprehensive loss

Currency translation differences
Recycled to profit and loss
Total comprehensive loss for the year

Transactions with owners

Value of employee services

NonTreasury distributable
shares
reserve

Equity settled
share based
payments
reserve

5,888,531
5,888,531

(946,582)
(91,984)
(1,038,566)

430,871 (14,788,708)
485,415
430,871 (14,303,293)
-

(6,568,454)
(97,895)

Current:
Foreign loans
Bank overdrafts
Finance lease liability
Local loans

22,879,942
393,431
23,273,373
(6,666,349)
(97,895)

(2,163,124) (2,163,124)
(8,829,473) (8,829,473)

(30,093)
(30,093)

(181,165)
(181,165)

(30,093)
(181,165)
(211,258)

20,171

20,171

7.

(2,163,124)

All figures in US$

Revenue
Ghana
Zimbabwe

(2,285,702)

(2,285,702)

Other comprehensive loss

Currency translation differences
Recycled to profit and loss
Transfer to accumulated losses
Total comprehensive loss for the year

(4,614,610)
(4,614,610)

(1,440,336)
(1,440,336)

(249,706)
(249,706)

4,614,610
2,328,908

(1,440,336)
(249,706)
(3,975,744)

Transaction with owners

Proceeds from disposal of treasury shares
Loss from disposal of treasury shares
Value of employee services
Total transactions with owners

205,713
547,490
753,203

80,685
80,685

(547,490)
(547,490)

205,713
80,685
286,398

8,314,729 24,734,304

1,273,921

- (21,351,348)

10,563,467

Balance as at 30 September 2014

100,856 (2,508,995)

Earnings before interest, tax, depreciation and amortization

Botswana
Ghana
South Africa and Mauritius
Zimbabwe

818,883

(23,537)

818,883

(23,537)

(2,285,702)

(8,829,473)

3,342,087
(33,064)
(249,706)

7,627,895
54,027
(181,165)

773,615

(1,328,716)

831,472,953
830,217,607
854,520,614

823,940,874
823,940,874
848,243,881

(0.28)
(0.27)
0.09
0.09

(1.07)
(1.04)
(0.16)
(0.16)

Year Ended
30 Sept 2014

Year Ended
30 Sept 2013

( 43 688)
( 829)
( 42 859)
( 241 628)

( 171 034)
( 171 034)
3 388 095

2 858 728
167 670
612 610
( 568 381)
( 287 709)
( 280 672)
1 758 132

(29,909)

4,406,812

3,538,132
124,325
213,856
3,876,313
(3,952)

3,078,510
167,670
(124,325)
(213,856)
(208,745)
1,048,964
3,748,218
(5,723)

3,872,361

3,742,495

3 943 632
3,943,632

6 953 068
1 048 964
8,002,032

Disposals
Cost of property and equipment disposed
Accumulated depreciation of property and equipment disposed
Net book amount
Loss on disposal of property and equipment
Proceeds accounted for under receivables

839,002
(387,081)
451,921
(267,332)
-

241,224
(124,197)
117,027
(5,595)
(48,611)

Cash proceeds from disposal of property and equipment

184,589

62,821

Cash and bank balances

Bank overdrafts
Cash security on long-term loan

2,734,576
(1,261,632)
(369,453)

4,229,079
(2,068,288)
(552,668)

Cash and cash equivalents at the end of the period

1,103,491

1,608,123

For the purposes of the statement of cashflows, finance costs paid were
computed as follows;

The cash security on long-term loan of US$369 453 (2013: US$552 668) has been deducted from cash and bank balances to
determine cash and cash equivalents as the use of the cash is restrictive in nature and is not available within a 90 day period. The
cash is held in an offshore account as security for a foreign loan which has an outstanding balance of US$4.31 million. The
amount equates to 8% of the outstanding loan. Cash from this restricted account is available only to the extent that the balance is
more than 8% of the loan outstanding.

All figures in US$

(i) Lease rentals paid to Dawn Properties Limited (Dawn)

African Sun Limited owns 16.54% (2013: 28.54%) of the shares in Dawn
Properties Limited. The investment was classified as non-current assets held for
sale following the approval to dispose by the shareholders on 21 March 2014.

Lease rentals relate to the leases of 8 hotels rented from Dawn. All leases with
Dawn are at arms length.

Year Ended
30 Sept 2014

Year Ended
30 Sept 2013

2,094,259

2,123,310

283,381

397,372

15,899,794
3,078,095
8,803,248
2,029,883
23,035,025

15,302,031
2,213,420
8,315,424
2,258,522
25,995,991

52,846,045

54,085,388

(ii) Balances arising from transactions with related parties

Payables - rentals
The payables arose from rentals charged by Dawn Properties Limited on the 8
hotels leased by African Sun. The rentals are due one month after billing and
bear no interest.

16. Expenses by nature

Cost of sales
Depreciation, usage and amortization
Operating lease costs
Repairs and maintenance
Other expenses
Total cost of sales and administrative expenses

The cost of inventories recognized as expense and included in cost of sales amounted to US$5 522 995 (2013: US$5 394 011).
Items of inventory amounting to US$42 859 were impaired during the year (2013: US$nil). These items were in the books of the
Group.

3,087,500
1,261,632
138,494
6,118,324

4,148,987
2,068,288
8,010,631

As at
30 Sept 2014

All figures in US$

Opening balance
Assets classified as held for sale from investment in associate
Assets classified as held for sale from property and equipment
Total assets of a disposal group classified as held for sale
Sold during the year

4,354,381
3,171,087
4,046,430
(4,224,720)

Closing balance

7,347,178

As at
30 Sept 2013
4,224,720
129,661
4,354,381

The 16.54% investment in Dawn Properties Limited disposal was approved during the year at a price of US$0.0147 per share.
Subsequent to year end, a disposal of 69 749 322 shares was completed on 17 December 2014 at a price of US$0.0147 per
share.
During the year the Group classified as non-current assets held for sale its fixed property (staff houses) following approval of the
disposal by the Board of Directors. Consummation of the disposal is expected by 30 September 2015. The balance of US$129 661
under non-current assets held for sale relates to Fothergill Island operating assets which were classified as held for sale in 2013.
The disposal had not been completed as at 30 September 2014 and it is anticipated that the disposal will go through before 30
September 2015.

18. Provisions

Segment analysis

14,252,813

8,093,067

8.

249,706 (23,132,766)

6,742,794

For the financial year under review, the first half contributed 44% to the Groups revenue, while the second half contributed
56%.

20,171 (1,068,659)

4,207,553
3,885,514

5,888,531

The first half of our financial year is relatively slower than the second half. This has been the trend for the past 4 years, with the first
half contributing between 44% and 48% of the full year revenue. The second half dominates because it is the beginning of our
international markets peak season as well as an increase in corporate and conferencing business.

8,314,729 24,734,304 (753,203)

-

3,524,875
35,139
3,182,780

Seasonality of the business

Balance as at 1 October 2013

Comprehensive loss
Loss for the year

As at
30 Sept 2013

14,227,906

14,252,813

43,581,198

17 Non-current assets held for sale

As at
30 Sept 2014

22,320,973

249,706 (23,132,766)

37,492,240

15. Related party transactions

17,348,744

20,171 (1,068,659)

243,058
1,666,023
1,926,323
39,745,794

14. Cash and cash equivalents

For the purposes of the statement of cash flows, cash and cash equivalents
comprise the following;

(639,462)

10,605,950

5,888,531

57,834,012

243,059
2,014,416
1,766,447
33,468,318

( 250 913)

Additions to property and equipment

Additions excluding borrowing costs capitalised
Borrowing costs capitalised (note 12)

(1,523,662)

Total current

8,314,729 24,734,304 (753,203)

48,055,707

1 642 073

Net finance costs paid

(2,663,004)
499,880

Total borrowings

Balance as at 30 September 2013 as

restated

119,652
2,503,827
2,722,876
52,487,657

13. Investing activities

Assets additions and disposals

(787,237)
147,775

6. Borrowings

Non-current:
Foreign
Finance lease liability
Local
Total non-current

(8,805,936)

119,652
2,693,435
1,953,790
43,288,830

( 1 494 363)
338 181
( 727 519)
( 189 849)
( 85 672)
( 21 402)
( 82 775)
445 256

Net finance costs per income statement

Accrued finance costs from prior year
Deferred finance costs current year
Accrued finance costs current year
Accrued borrowing costs capitalized
Accrued interest on statutory liabilities
Finance costs paid and capitalized
Finance costs paid
Finance income on bank deposits

(1,875,767)
352,105

The Groups EBITDA grew positively by 70% in the period under review, consolidating a discernible growth trend averaging 5% per
annum since 2012. This attribute of resilience defied a generally receding operating environment. The EBITDA growth trend has
demonstrated the Groups inherent value creation capacity. The Group repaid loans amounting to US$6.8 million resulting in a 46%
decrease in the the net current liabilities position to US$5.75 million down from US$10.72 million reported last year. Looking ahead,
the domestic market is envisaged to remain depressed, exerting further pressure on rates and margins, but we anticipate that this
will be ameliorated by:

a forecasted growth in foreign arrivals;


growth in the contribution of the recently opened hotel in Ghana;




further efforts to reduce costs of sales and operating costs; and




further debt restructuring and reduction.





Based on the aforementioned, the Directors have assessed the ability of the Group to continue operating as a going concern and are
of the view that the preparation of these financial statements on a going concern basis is appropriate. The appropriateness of the
going concern basis is premised on:

the steady improvement in operating performance recorded over the last three years; a trend that is expected to

continue in the future; and

the consummation of the recapitalisation and debt reduction initiatives, anticipated by the end of the next financial


year.


The key recapitalisation and debt reduction initiatives being pursued are outlined below:

(i) disposal of 16.54% Linked Units in Dawn Properties: the disposal is expected to raise US$5.8 million, which will be used to repay
short-term loans. Part of the disposal was effected on the Zimbabwe Stock Exchange on 17 December 2014 with a total value of
US$1 million. The rest of the disposal expected to be completed by 30 March 2015.

(ii) disposal of fixed property: the disposal is expected to raise US$4 million, which will be used to repay part of the short-term loans.
Negotiations on the ground show that the disposal is likely to go through before 30 September 2015.

(iii) sale of time share weeks The Group has opted for a timeshare weeks resale by early maturing imminently expiring time share
weeks that range between 3 and 6 years to expiry. The total proceeds from this disposal are expected to be at least US$2.9 million
and will be used to reduce borrowings.

(iv) cost reduction after achieving a significant saving of US$1.8 million in costs during the financial year ended 30 September 2014,
the Group is targeting further savings through implementation of various cost cutting initiatives.

Foreign
currency
Total
translation Revaluation Accumulated shareholders'
reserve
reserve
losses
equity

(753,203)
(753,203)

All figures in US$

(3,104,585)

12. Finance costs paid

5 Going concern

Year Ended
30 Sept 2014
Audited

(2,687,574)
219,063
(6,337,425)

Weighted average number of shares for diluted earnings are calculated by adjusting the weighted average number of ordinary
shares with the potentially dilutive ordinary shares. As at 30 September 2014, there were 32 926 655 potential dilutive share
options (2013: 32 926 655) which, were granted on 4 July 2013. For the share options, a calculation is done to determine the
number of shares that could have been acquired at fair value (determined as the average annual market share price of the
companys shares) based on the monetary value of the subscription rights attached to outstanding share options. The number of
shares determined using the described method is compared with the number of shares that would have been issued assuming
the exercise of the share options.

Net changes in working capital

Total
US$

(1,636,029)
(90,891)
352,105

Basic loss per share: cents

Diluted loss per share: cents
Headline earnings / (loss) per share: cents
Diluted headline earnings / (loss) per share: cents

Inventories
-increase in inventories - per statement of financial position
-inventory written off during the year
Current trade and other receivables, and trade and other payables
-decrease / (increase) in current trade and other receivables - per statement of
financial position
-(decrease) / increase in current trade and other payables - per statement of
financial position
-accrued interest prior year
-foreign translation differences
Increase in non-current trade and other receivables
-decrease / (increase) per statement of financial position
-adjusted to current
-allowance for impairment of housing loans and motor vehicle loans
Increase in non-current trade and other payables

The Group recognised its investment in the associate at the beginning of the earliest period presented (1 October 2012), as the total
of the carrying amounts of the assets and liabilities previously proportionately consolidated by the Group. As at 30 September 2014,
the investment was in a net liabilities position, hence a nil carrying amount in the books of the Group.

Number of shares in issue

Weighted average number of shares in issue
Weighted average number of shares in issue for diluted earnings

All figures in US$

The Victoria Falls Hotel Partnership - 50% joint control

The Directors reviewed and assessed the classification of the Groups investment in The Victoria Falls Hotel Partnership in accordance
with the requirements of IFRS 11, Joint Arrangements and concluded that the Groups investment in The Victoria Falls Hotel, which
was classified as a joint venture under IAS 31, Interest in Joint Ventures and accounted for using the proportional consolidation
method, is a joint operation under IFRS 11, therefore the Group continues to account for its share of assets, liabilities, income and
expenses proportionately.


West African Sun Hotels Limited - significant influence

The Group has 50% shareholding in West African Sun Hotels Limited (WASHL). However, following the adoption of IFRS 11, Joint
Arrangements it was determined that the Group has significant influence over WASHL, and not joint control. The significant influence
in the entity has been determined due to the following reasons;

-the Group has representation of two Board members to the WASHL Board, from a total of five

-the voting arrangement of WASHL does not require a unanimous agreement between the shareholders, hence no joint control; and

-the chairman is an independent appointee.
Based on the above, the Group now accounts for its investment in WASHL in terms of IAS 28 (revised), Investment in Associates.
According to the revised standard, the key to the definition of an associate is significant influence, which is the power to participate
in the financial and operating decisions of the investee but not control or joint control over those policies. Significant influence is
presumed to exist where an entity holds more than 20% of the voting power.

1,920
(1,913,606)
312,463
(1,505,362)

11. Changes in working capital

Year Ended
30 Sept 2013

10. Basic and headline earnings per share

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

2.

Year Ended
30 Sept 2014

9. INCOME Tax credit / (expense)

Loss attributable to owners of the company

Adjusted for;
Fair value adjustment and impairment of assets classified to non-current assets
held for sale
Fair value adjustment on biological assets
Recycled from other comprehensive income

All figures in US$

Segment analysis (CONTINUED)

Year Ended
30 Sept 2014
2,152,788
54,563,357

Year Ended
30 Sept 2013
55,967,643

56,716,145

55,967,643

1,920
(1,245,937)
468,490
7,723,720

(2,687,574)
222,441
6,560,809

6,948,193

4,095,676

The provision balance is made up of the following:

All figures in US$

As at
30 Sept
2013

Utilised
provision

As at
30 Sept
2014

Leave pay
Contractual claims

749,463
364,467

(240,295)
-

509,168
364,467

1,113,930

(240,295)

873,635

As at
30 Sept 2014
4,490,080

As at
30 Sept 2013
630,042
4,872,268

4,490,080

5,502,310

19. Capital commitments

All figures in US$
Authorised by Directors and contracted for
Authorised by Directors, but not contracted for

Capital commitments will be financed from normal operating cash flows. The reduction from prior year is a result of completion
of the Zimbabwe refurbishment and the Ghana hotel.

20. Events after reporting date

Part of the 16.54% investment in Dawn Properties Limited which was classified under non-current assets held for sale as at 30
September 2014 (note 16) was sold subsequent to year end on 17 December 2014 at a price of US$0.0147 per share and proceeds
of US$1 million were received. The rest of the investment is expected to be sold before 31 March 2015.

Directors: B L Nkomo (Chairman), S A Munyeza (Group Chief Executive)*, E A Fundira, W T Kambwanji, A Makamure, G. Manyere, N G Maphosa, N Mangwiro (Group Finance Director)*, T Ndebele, H Nkala, T Nuy, N R Ramikosi. *Executive
For investor information visit our website: www.africansunhotels.com