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GDN
GDN
GDN - Gooderson Leisure Corporation Limited - Consolidated reviewed annual
results for the year ended 29 February 2008
GOODERSON LEISURE CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1972/004241/06)
(JSE code: GDN ISIN: ZAE000084984)
("Gooderson" or "the company")
CONSOLIDATED REVIEWED ANNUAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2008
HIGHLIGHTS
* Revenue up 20%
* EBITDA up 25%
* Headline earnings up 11%
* NAV and NTAV per share up 14%
* Dividend up 10%
* R10 million spent on refurbishments for the current year
CONDENSED CONSOLIDATED INCOME STATEMENT
Year ended Year ended
29 February 28 February
2008 2007
Reviewed Audited
R R
Turnover 106,319,253 88,965,973
Cost of sales (22,971,039) (21,830,380)
Gross profit 83,348,214 67,135,593
Other Net Operating Costs (55,425,970) (44,723,958)
EBITDA 27,922,244 22,411,635
Depreciation (4,834,604) (3,311,675)
Profit before Interest and Taxation 23,087,640 19,099,960
Net Interest Paid (138,053) (186,245)
Profit before taxation 22,949,587 18,913,715
Taxation (6,970,142) (4,825,678)
Profit for the year 15,979,445 14,088,037
Reconciliation of headline earnings:
Profit attributable to ordinary 15,979,445 14,088,037
shareholders
Adjusted for profit on disposal of (266,726) 126,907
property, plant and equipment
Headline earnings 15,712,719 14,214,944
Weighted average shares in issue on 120,990,000 120,990,000
which earnings are based
Basic earnings per share (cents) 13.22 11.64
Headline earnings per share (cents) 12.99 11.74
Diluted earnings per share 12.78 11.27
Diluted headline earnings per share 12.57 11.37
Dividend per share (cents) 3.85 3.50
CONDENSED CONSOLIDATED BALANCE SHEET
29 February 28 February
2008 2007
Reviewed Audited
R R
ASSETS
Non-current assets 122,349,604 108,931,888
Property, plant and equipment 102,475,788 96,476,651
Intangible Assets 999,563 999,563
Timeshare Development 8,484,116 3,754,308
Financial asset 881,760 818,399
Long Term Debtors 9,508,377 6,882,967
Current Assets 20,728,489 21,075,838
Inventories 1,174,028 905,180
Trade and other Receivables 15,091,437 13,334,962
Short term Financial Assets 178,491 178,641
Taxation - -
Cash and Cash Equivalents 4,284,533 6,657,055
Total Assets 143,078,093 130,007,726
EQUITY AND LIABILITIES
Equity Capital and Reserves 101,813,209 89,537,712
Share capital and Premium 16,632,005 16,632,005
Reserves 35,268,108 35,251,420
Retained Earnings 49,913,096 37,654,287
Non-current liabilities 20,090,856 22,178,866
Long Term borrowings 815,546 2,235,702
Deferred Taxation 12,519,450 12,875,265
Deferred Revenue 6,755,860 7,067,899
Current liabilities 21,174,028 18,291,148
Trade and other payables 13,307,694 12,592,495
Deferred revenue 572,016 687,042
Short term borrowings 4,824,552 2,400,396
Taxation 1,286,484 2,493,305
Bank Overdraft 1,183,282 117,910
Total equity and liabilities 143,078,093 130,007,726
Shares in issue 120,990,000 120,990,000
Net asset value per share (cents) 84.15 74.00
Net tangible asset value per share 83.32 73.18
(cents)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Shar Share Revaluat Share Retained Total
e premium ion based
capi
tal
reserve Payme Earnings
s nt
reserv
e
R R R R R
Balance at 1 200 - 28,1 28,281,46 56,397
March 2006 16,3 5 ,971
06
Reduction in
reserves
arising
on sale of - (21,383) (21,38
subsidiary 3)
Surplus on 10,4 10,48
revaluation 80,6 0,678
of 78
properties
Deferred tax (3, (3,039
on 039, ,396)
revaluation 396)
reserves
Reserve - (306 306,168 -
realised on ,168
depreciatio )
n of
properties
Net profit 14,088,03 14,088
for the 7 ,037
year
Dividend (5,000,00 (5,000
0) ,000)
Issue of 1,05 21,246, 21,247
share 0 834 ,884
capital
Share issue (1,207 (1,20
costs ,579) 7,579
)
Treasury (40) (3,408, (3,408
shares 460) ,500)
Balance at 1 1,21 16,630, 35,251 37,654,28 89,537
March 2007 0 795 ,420 7 ,712
Net profit 15,979,44 15,97
for the 5 9,445
period
Share based 34,20 34,20
payment 3 3
reserve
movements
Reserve (423 423,441 -
realised on ,441
depreciatio )
n of
properties
Increase in
revaluation
reserve
arising on
change
In deferred 496, 496,4
tax rate 499 99
Reserve (90, 90,573 -
realised on 573)
sale of
property
Net profit
for the
year
Dividend (4,234,65 (4,23
paid 0) 4,650
)
Balance at 1,21 16,630 35,2 34,20 49,913,0 101,8
29 February 0 ,795 33,9 3 96 13,20
2008 05 9
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Year ended Year ended
29 February 28 February
2008 2007
Reviewed Audited
R R
Cash flows from operating 16,262,623 8,056,551
activities
Cash (absorbed by) generated from 28,751,373 18,754,414
operations
Interest received 596,104 577,227
Interest paid (734,157) (763,472)
Dividend paid (4,234,650) (5,000,000)
Normal taxation paid (7,569,172) (4,886,618)
Secondary taxation on companies (546,875) (625,000)
paid
Cash flows from investing (17,968,322) (23,135,989)
activities
Purchase of property, plant and
equipment
- Replacements - -
- Additions (11,099,701) (2,075,136)
Proceeds on disposal of property, 549,958 1,194,417
plant and equipment
Increase in financial assets - (818,399)
(Increase) / decrease in timeshare (4,793,169) (1,251,428)
development assets
Increase in investment in - -
timeshare development
Acquisition of subsidiary - (17,795,212)
Increase in long term debtors (2,625,410) (2,390,231)
Cash Flows from Financing (1,732,195) 16,609,043
activities
Net proceeds from issue of share - 16,631,805
capital
Increase in deferred revenue (312,039) 1,507,846
Payment of long term borrowings (1,420,156) (1,530,608)
Net increase in cash and cash (3,437,894) 1,529,605
equivalents
Cash and cash equivalents at 6,539,145 5,009,540
beginning of year
Cash and cash equivalents at end 3,101,251 6,539,145
of year
COMMENTS
INTRODUCTION
The directors are pleased to present the annual financial results of the
company for the year ended 29 February 2008, which exceeded the forecast
figures in the prospectus issued on 18 September 2006 "the prospectus". The
successful year was marked by a number of strategic milestones, specifically
the celebration of 50 years of existence in the Hospitality Industry in 2007.
Despite no new hotels purchased during the year, higher occupancies led to more
rooms being sold, resulting in revenue increasing by 20% to R106.31 million.
The year was characterised by good performances achieved from the upgrade of
the Natal Hot Springs Spa and Leisure Resort, converting hotel rooms into Self
Catering and building more timeshare units at Fairways in the Drakensberg.
Gooderson has declared a final dividend of 3.85 cents per share for the year.
REVIEW OF OPERATIONS
Main business and operations
* The company continues as an investment and holding company and continues
to operate in the leisure time industry. Through investments in
subsidiaries the group operates Hotels, a Management Company, Game Lodges,
Touring Ventures and Timeshare Development Ventures.
* The year showed strong results compared with prior years, reflecting the
continuing results from the restructuring program. Significant capital
expenditure was made in the ongoing upgrade of the company`s facilities.
* The Timeshare Division continues to show growth in profits. An in-house
marketing company now sells our Timeshare Units.
FINANCIAL RESULTS
Group revenue increased by 20% to R106.31 million from R88.96 million in the
previous year, 6% ahead of the R99.44 million presented in the forecast in the
prospectus. Net profit of the Group was R15,97 million (2007: R14.08 million)
after taxation of R6.97 million (2007: R4.82 million). EBITDA increased by 25%
to R27.92 million from R22.41 million and exceeded the forecast presented in
the prospectus of R25.79 million by 8%. The net asset value and net tangible
asset value per share have both increased by 14% from 74.00 cents per share
(2007) to 84.15 cents per share and 73.18 cents per share (2007) to 83.32 cents
per share respectively. Headline earnings per share increased by 11% from
11.74 cents to 12.99 cents.
SEGMENTAL ANALYSIS
The group is currently organised into two segments, namely Hotels and Lodges
and Timeshare.
These segments are the basis on which the group reports to management.
Principal activities are as follows:
Hotels and Lodges
The company owns and operates hotels, providing accommodation, food and
beverage sales to the middle class and conference markets.
Timeshare
The management and development of its own resorts as well as other resorts that
it manages on behalf of third parties.
Operating
Revenue Profit Assets Liabilities
Hotels 84,431,776 16,124,919 117,851,063 29,875,383
and
Lodges
Timeshare 21,887,477 6,962,721 25,227,030 11,389,501
Total 106,319,253 23,087,640 143,078,093 41,264,884
BLACK ECONOMIC EMPOWERMENT ("BEE")
As our company has several hotel accommodation contracts that are government
related, the main shareholders intend to sell an initial 15% of the total
issued share capital to a black empowered company before December 2009.
Negotiations with prospective BEE partners will then continue until the company
meets the tourism charter expectations of a 25.1% black ownership shareholding
by the year 2014.
Gooderson is currently a `Level 8` contributor in terms of the Tourism
Charter`s BBBEE Codes of Good Practice.
87% of Gooderson`s workforce is black and strong emphasis is placed on training
suitable staff to accelerate promotion to management level. In addition, three
directors (one non executive) on the company`s board are black.
PROSPECTS
Notwithstanding rising inflation, increasing interest rates and buoyant trading
conditions, the Hotel and Leisure Industry still continues to show growth in
all revenue streams.
All our resorts are now Gooderson branded and our new company logo was
officially launched at Indaba, Durban in
May 2008.
Room occupancies and Revpar should continue to grow at the Natal Hot Springs
Spa and Leisure Resort and we are building an additional seven new hotel rooms,
a wellness centre, and an eighteen hole adventure golf course - which will all
be opened by November 2008. We have installed generators at the Natal Spa and
Drakensberg Gardens Resorts.
Our Durban Hotels (Tropicana Hotel and Beach Hotel) are currently undergoing a
refurbishment program, gearing up for the World Cup Soccer in 2010.
DIVIDEND POLICY
Notice is hereby given that a final dividend of 3.85 cents (2007: 3.50 cents)
per share for the year ended 29 February 2008 has been declared, payable to
shareholders recorded in the register of the company at the close of business
on the record date appearing below. The dividend will be financed out of
current profits.
The salient dates applicable to the final dividend are as follows:
2008
Last day to trade shares cum div Friday, 20 June
Shares trade ex dividend Monday 23 June
Record date Friday, 27 June
Payment date Monday, 30 June
No share certificates may be dematerialised or rematerialised between Monday,
23 June 2008 and Friday,
27 June 2008, both dates inclusive.
ACCOUNTING POLICIES
The abridged report complies with International Accounting Standard 34 -
Interim Financial Reporting, as well as with Schedule 4 of the South African
Companies Act and disclosure requirements of the JSE Limited`s Listing
requirements.
The abridged report has been prepared using accounting policies that comply
with International Financial Reporting Standards (IFRS). The accounting
policies are consistent with those applied in the financial statements for the
year ended 28 February 2007.
AUDITORS` REVIEW OPINION
The condensed consolidated annual financial results have been reviewed by
Gooderson`s auditors, Grant Thornton.
Their unqualified review report is available for inspection at the company`s
registered office.
These condensed results comply with IAS 34 Interim Financial Reporting. The
accounting policies used in the preparation of this report are consistent with
those used in the annual financial statements for the year ended 28 February
2007 which comply with International Financial Reporting Standards.
APPRECIATION
Gooderson recognises the key role its staff plays, many of whom have been with
the group for more than 10 years. The directors thank them for their loyalty
and work ethic which have contributed to the success of the group. Gooderson
also thanks its business partners, advisors, suppliers, clients and
shareholders for their ongoing support and faith in the group.
By order of the Board
CEO Financial Director
29 May 2008
Directors : A W Gooderson, C M de Klerk, C L Gooderson, G M Castleman, G A
Lello, R Nannoolal
* M A Pottier, * B R Warmback (*Non-executive - Independent)
Registered office: 4 Pencarrow Crescent, Pencarrow Park, La Lucia Ridge Office
Estate, La Lucia, 4019
(PO Box 752, Durban, 4000)
Telephone: 031 5765500
Facsimile: 031 5765555
Transfer secretaries: Computershare Investor Services 2004 (Pty) Limited, 70
Marshall Street, Johannesburg, 2001
(PO Box 61763, Marshalltown, 2107)
Designated Adviser: Exchange Sponsors (Pty) Limited
Company secretary: R. Nannoolal
www.goodersonleisure.co.za
Date: 29/05/2008 09:51:01 Produced by the JSE SENS Department.
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