| Wed 16 Jul 2008, 17:25 | | GDF - Gold Reef Resorts Limited - Trading Statement |
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GDF
GDF
GDF - Gold Reef Resorts Limited - Trading Statement
Gold Reef Resorts Limited
Incorporated in the Republic of South Africa
(Registration number 1989/002108/06)
Share code: GDF ISIN: ZAE000028338
("Gold Reef" or "the company")
TRADING STATEMENT
In terms of the JSE Limited Listings Requirements, companies are required to
publish a trading statement as soon as they are reasonably certain that the
financial results for the current reporting period will be more than 20%
different than that of the previous comparative period.
In addition to earnings per share ("EPS") and headline earnings per share
("HEPS"), the company intends publishing adjusted headline earnings per share
("Adjusted HEPS") and adjusted earnings before interest, tax, depreciation,
amortisation and rentals ("Adjusted EBITDAR") for the six months ended 30 June
2008 and for the prior corresponding reporting period. The publication of
Adjusted HEPS and Adjusted EBITDAR is consistent with the financial results
published for the year ended 31 December 2007 and the company is of the opinion
that the publication thereof will assist with the illustration of year on year
operating growth. Adjusted HEPS and Adjusted EBITDAR were not previously
published at 30 June 2007.
In arriving at Adjusted HEPS and Adjusted EBITDAR, adjustments were made to
headline earnings and earnings before interest, tax, depreciation, amortisation
and rentals ("EBITDAR") to eliminate the once-off effects of pre-opening
expenses at Silverstar Casino and Queens Casino and various transaction costs
incurred on the share exchange and top-up transaction as well as costs relating
to the scheme of arrangement proposed by Fluxrab Investments No 159 (Pty) Ltd
and costs incurred during discussions between Gold Reef and the Tsogo Sun Group
concerning a potential offer for Gold Reef.
For the reasons mentioned above and due to increased depreciation on new
properties, finance costs on additional debt raised to fund the development of
new properties and improvements at existing properties as well as due to the
increased number of shares in issue resulting from the share exchange and top-up
transaction which became effective on 1 July 2007, Gold Reef expects EPS, HEPS
and Adjusted HEPS for the six months ended 30 June 2008 to be 20% to 25% lower
than that of the prior comparative period.
Notwithstanding the above and as a result of the inclusion of Silverstar Casino
for the six months ended 30 June 2008, Gold Reef expects Revenue to be 25% to
30% higher than the prior comparative period with EBITDAR and Adjusted EBITDAR
being 5% to 10% and 10% to 15%, respectively, higher than that of the prior
corresponding period.
The above information has not been reviewed or reported on by the company`s
auditors and the company`s results for the six months ended 30 June 2008 are
expected to be published on or about 3 September 2008.
Johannesburg
16 July 2008
Sponsor
Nedbank Capital
Date: 16/07/2008 17:25:32 Produced by the JSE SENS Department.
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