| Wed 14 Nov 2007, 15:14 | | GDN - Gooderson Leisure Corporation Limited - Revi |
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GDN
GDN
GDN - Gooderson Leisure Corporation Limited - Reviewed interim results for the
six months ended 31 august 2007.
Gooderson Leisure Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1972/004241/06)
Share Code: GDN
ISIN Code: ZAE000084984
Reviewed interim results for the six months ended 31 august 2007.
- Revenue up 21% to R50.16 million
- Attributable earnings after tax for six months up 29% to R5.17 million
BALANCE SHEET Reviewed Reviewed Audited
31 Aug 2007 31 Aug 2006 28 Feb 2007
R`000 R`000 R`000
ASSETS
Non current assets 117 718 84 126 108 932
Property, plant and 99 424 68 887 96 477
equipment
Timeshare Development 6 903 1 926 3 754
assets
Goodwill 1 026 803 1 000
Financial assets 858 - 818
Deferred Taxation 342 - -
Timeshare Debtors 9 165 12 510 6 883
Current assets 17 774 11 952 21 075
Inventories 945 648 905
Trade and other 13 079 8 851 13 335
receivables
Short term loans 187 - 178
Cash and cash equivalents 3 563 2 453 6 657
Total assets 135 492 96 078 130 007
EQUITY AND LIABILITIES
Equity capital and 90 476 55 406 89 537
reserves
Share capital and premium 16 632 1 16 632
Retained earnings 38 746 27 560 37 654
Non-distributable 35 098 27 845 35 251
reserves
Non current liabilities 23 716 20 176 22 178
Long term liabilities 4 291 3 739 2 235
Deferred taxation 12 371 9 776 12 875
Deferred revenue 7 054 6 661 7 068
Current liabilities 21 300 20 496 18 292
Current portion of long 2 293 3 611 2 401
term liabilities
Taxation 3 390 2 150 2 493
Trade and other payables 14 583 13 084 12 593
Deferred revenue 624 - 687
Bank overdraft 410 1 651 118
Total equity and 135 492 96 078 130 007
liabilities
Shares in issue at period 120 990 000 * 100 000 000 120 990 000
end
Net asset value per share 74.78 55.41 74.00
(cents)
Net tangible asset value 73.93 54.60 73.18
per share (cents)
INCOME STATEMENT Reviewed Reviewed Audited
31 Aug 2007 31 Aug 28 Feb
R`000 2006 2007
R`000 R`000
Revenue 50 162 41 468 88 965
Net operating expenses 41 033 33 333 66 552
EBITDA 9 129 8 135 22 413
Net finance (income) / costs (691) (37) 186
Depreciation and impairment 1 764 1 643 3 314
PBT 8 056 6 529 18 913
Taxation 2 883 2 519 4 825
Earnings attributable to ordinary 5 173 4 010 14 088
shareholders
Adjusted for profit on disposal of - - 127
property, plant and equipment
Headline earnings 5 173 4 010 14 215
Number of shares 120 990 * 100 000 120 990
000 000 000
Basic earnings per share 4.28 4.01 11.64
Headline earnings per share (cents) 4.28 4.01 11.74
Dividends declared per share (cents) - - 3.5
* The number of shares in issue used in the calculation of the net asset value
per share, net tangible asset per share, earnings per share and headline
earnings per share included the number of shares after the capital
restructuring, but before the private placement in terms of the listing process.
CASH FLOW STATEMENT Reviewed Reviewed Audited
31 Aug 2007 31 Aug 28 Feb
R`000 2006 2007
R`000 R`000
Cash flows from operating activities 3 187 3 585 8 056
Cash flows from investing activities (8 444) (8 450) (23 136)
Cash flows from financing activities 1 870 658 16 609
Net movement in cash and cash (3 387) (4 207) 1 529
equivalents
Cash and cash equivalents at 6 539 5 010 5 010
beginning of year
Cash and cash equivalents at end of 3 152 803 6 539
year
STATEMENT OF CHANGES IN Share Share Capital Retained Total
EQUITY Capital premium Reserves Earnings
R`000 R`000 R`000 R`000 R`000
Balance as at 1 March 2006 200 28 116 28 281 56 397
Reduction in reserves - - - (21) (21)
arising on sale of
subsidiary
Surplus on Revaluation of - - 10 480 - 10 480
properties
Deferred Tax on - - (3 039) - (3 039)
Revaluation Reserves
Reserve realized on - - (306) 306 -
depreciation of properties
Net profit for the year - - - 14 088 14 088
Dividend - - - (5 000) (5 000)
Issue of share capital 1 050 21 247 - - 21 247
Share issue costs - (1 207) - - (1 207)
Treasury shares (40) (3 408) - - (3 408)
Balance as at 28 February 1 210 16 632 35 251 37 654 89 537
2007
Net profit for the period - - - 5 173 5 173
Dividend paid - - - (4 234) (4 234)
Reserve realized on - - (153) 153 -
depreciation of properties
Balance as at 31 August 1 210 16 632 35 098 38 746 90 476
2007
MESSAGE TO SHAREHOLDERS
The board of directors is pleased to present the unaudited results of the Group
for the six months ended 31 August 2007.
BUSINESS ENVIRONMENT
Despite recent interest rate hikes, the economy remains buoyant and business
confidence is positive and spending is relatively strong. Hotels revenues were
negatively affected in June and July 2007 due to the public strike by government
employees.
The major contributor to the results for the six months was the Timeshare
Division which showed an excellent increase in profits, due to the sale of
timeshare weeks at Natal Spa and Fairways.
Goodfin a division of the Group that provides finance to prospective timeshare
owners showed an increase in profits due to higher interest rates.
FINANCIAL OVERVIEW
The interim results for the six months ended 31 August 2007 have delivered the
expected results with revenue and profit after tax increasing by more than 20%.
Revenue increased by 21% from R41.46 million to R50.16 million. Profit after tax
increased by 29% from R4.01 million to R5.17 million.
ACQUISITIONS & DEVELOPMENTS
Subsequent to 31 August 2007, the group has purchased a 20 six bedder timeshare
development "Forest Lodge" in Port Edward. It is expected that profits from this
venture to materialise in the 2008 and 2009 financial years.
Natal Spa, which was purchased in September 2006, has completed the development
of seven timeshare units, which are in the process of being sold.
The Pier 107 restaurant at the Beach Hotel was opened successfully and the
Wellness Centre at the Drakensberg Gardens Golf and Leisure Resort has been
completed and recently opened.
OUTLOOK
The Directors remain positive about the Group`s sustained growth during the
second half of this financial year as traditionally 70% of the profits are
generated in this period.
Revenue is on budget for the first two months of the second period and we expect
profits to be as forecasted in the prospectus for the year.
INTERNATIONAL FINANCIAL REPORTING STANDARDS AND COMPANIES ACT REQUIREMENTS
The reviewed interim financial statements were prepared in compliance with
International Financial Reporting Standards (IFRS) and the presentation as well
as the disclosure requirements of IAS34 - Interim Financial Reporting in
compliance with the Listing Requirements of the JSE Limited as well as the
Companies Act.
Hotels: Lodges: Zululand
Tropicana Hotel *** Durban Bushlands Game Lodge
Beach Hotel *** Durban Dumazulu Traditional Village & Lodge
***
Drakensberg Gardens Golf & Leisure Central Reservations:
Resort Tel: +27 31 3374222
Fax: +27 31 3682322
Natal Spa Hot Springs Resort &
Conference Centre
CORPORATE GOVERNANCE
The Group subscribes to the principles of, and implements where possible, the
recommendations of the King Code on Corporate Governance.
DIVIDEND POLICY
In line with the Group`s growth strategy, dividends will only be declared at
year end.
REVIEWED OPINION
The results have been reviewed by the Company`s Auditors, Grant Thornton. The
unqualified review report thereon is available for inspection at the company`s
registered office.
For and on behalf of the Board
A.W. Gooderson R. Nannoolal
Chief Executive Officer Financial Director
8 November 2007
Directors
AW Gooderson, C M De Klerk, C L Gooderson, R Nannoolal, GM Castleman, G A Lello
* M A Pottier, * B R Warmback * Non Executive
Auditors and reporting accountants
Grant Thornton Tel : +27 31 5765500
2nd Floor, 4 Pencarrow Crescent Fax : +27 31 5765555
La Lucia Ridge Office Estate
La Lucia, 4019
Commercial Bankers
First National Bank Limited Tel : +27 31 580 6000
Acacia House, 8 Rydall Vale Park, Fax : +27 31 580 6045
Douglas Saunders Drive, La Lucia Ridge, 4320
Transfer Secretaries
Computershare Investor Serves 2004 (Pty) Ltd Tel : +27 11 370 5000
70 Marshall Street, Johannesburg, 2001 Fax : +27 11 688 5210
Designated Advisors
Exchange Sponsors (Pty) Ltd Tel : +27 11 447 2951
39 First Road, Hyde Park, 2196 Fax : +27 11 447 1929
Company Secretary
R Nannoolal
Company`s Website
www.goodersonleisure.co.za
Date: 14/11/2007 15:14:02 Produced by the JSE SENS Department.
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