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GDN
GDN
GDN - Gooderson - Unaudited Interim Results for the Six Months Ended
31 August 2008
Gooderson Leisure Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1972/004241/06)
Share Code: GDN
ISIN Code: ZAE000084984
("Gooderson", "the company" or "the group")
HIGHLIGHTS
- Revenue up 14%
- Headline Earnings up 26%
- NAV and NTAV up 15%
BALANCE SHEETS Unaudited Reviewed Audited
31 Aug 2008 31 Aug 2007 29 Feb 2008
R`000 R`000 R`000
ASSETS
Non current assets 125 496 117 718 122 349
Property, plant and equipment 103 959 99 424 102 476
Timeshare Development assets 9 972 6 903 8 484
Goodwill 999 1 026 999
Financial assets 876 858 882
Deferred Taxation - 342 -
Long term receivables 9 690 9 165 9 508
Current assets 19 318 17 774 18 275
Inventories 1 190 945 1 174
Trade and other receivables 15 995 13 079 12 638
Short term loans 178 187 178
Cash and cash equivalents 1 955 3 563 4 284
Total assets 144 814 135 492 140 625
EQUITY AND LIABILITIES
Equity capital and reserves 103 731 90 476 101 813
Share capital and premium 16 632 16 632 16 632
Retained earnings 52 009 38 746 49 913
Non-distributable reserves 35 090 35 098 35 268
Non current liabilities 21 893 23 716 20 090
Long term liabilities 3 987 4 291 815
Deferred taxation 11 586 12 371 12 519
Deferred revenue 6 320 7 054 6 756
Current liabilities 19 190 21 300 18 721
Current portion of long term 1 237 2 293 4 824
liabilities
Taxation 3 109 3 390 1 286
Trade and other payables 12 864 14 583 10 855
Deferred revenue 642 624 572
Bank overdraft 1 338 410 1 183
Total equity and liabilities 144 814 135 492 140 625
Shares in issue at period end 120 990 000 120 990 000 120 990 000
Net asset value per share (cents) 85.74 74.78 84.15
Net tangible asset value per share 84.91 73.93 83.32
(cents)
INCOME STATEMENT % Unaudited Reviewed Audited
change 31 Aug 2008 31 Aug 29 Feb 2008
R`000 2007 R`000
R`000
Revenue 14 57 397 50 162 106 319
Net operating expenses 46 670 41 033 78 396
EBITDA 10 726 9 129 27 923
Net Finance (Income) / Costs (941) (691) 138
Depreciation and impairment 1 900 1 764 4 835
Profit before tax 9 768 8 056 22 950
Taxation 3 225 2 883 6 970
Profit attributable to 26 6 542 5 173 15 979
ordinary shareholders
Adjusted for profit on - - (267)
disposal of P.P.E.
Headline earnings 26 6 542 5 173 15 712
Number of shares in issue 120 990 000 120 990 120 990
000 000
Basic earnings per share 5.41 4.28 13.22
(cents)
Diluted earnings per share - - 12.78
(cents)
Headline earnings per share 5.41 4.28 12.99
(cents)
Diluted headline earnings per - - 12.78
share
Dividends declared per share - - 3.85
(cents)
CASH FLOW STATEMENT Unaudited Reviewed Audited
31 Aug 31 Aug 29 Feb
2008 2007 2008
R`000 R`000 R`000
Cash flows from operating activities 3 343 3 187 16 294
Cash flows from investing activities (5 046) (8 444) (17
968)
Cash flows from financing activities (782) 1 870 (1 764)
Net movement in cash and cash (2 485) (3 387) (3 437)
equivalents
Cash and cash equivalents at beginning 3 101 6 539 6 539
of year
Cash and cash equivalents at end of 616 3 152 3 101
year
STATEMENT OF CHANGES Share Share Capital Share Retained Total
IN EQUITY Capital premium Reserves based Earnings
payment
reserve
R`000 R`000 R`000 R`000 R`000 R`000
Balance as at 1 March 1 210 16 632 35 251 - 37 654 89 537
2007
Net profit for the 5 173 5 173
period
Dividend paid (4 234) (4 234)
Reserve realised on (153) 153 -
depreciation of
properties
Net profit for the 10 806 10 806
period
Share based payments 34 34
reserves movements
Increase in
revaluation reserve 496 496
as a result
of rate change
Reserve realised on (270) 270 -
depreciation of
properties
Reserve realised on (90) 90 -
the sale of
properties
Balance at 29 1 210 16 632 35 234 34 49 913 101 813
February 2008
Net profit for the 6 542 6 542
period
Dividend paid (4 658) (4 658)
Share based payments 34 34
reserves movements
Reserve realised on (212) 212 -
depreciation of
properties
Balance at 31 August 1 210 16 632 35 022 68 52 009 103 731
2008
SEGMENTAL REPORT
31 AUGUST 2008 - UNAUDITED
Revenue EBITDA Assets Liabilities
R`000 R`000 R`000 R`000
Hotels and lodges 44 284 7 455 111 800 14 693
Timeshare 13 113 3 271 32 015 11 695
Total segments 57 397 10 726 143 815 26 388
Unallocated corporate
assets and liabilities
(goodwill and deferred tax) - - 999 14 695
Total 57 397 10 726 144 814 41 083
SEGMENTAL REPORT
31 AUGUST 2007 - REVIEWED
Revenue EBITDA Assets Liabilities
R`000 R`000 R`000 R`000
Hotels and lodges 38 762 6 800 117 026 14 940
Timeshare 11 400 2 329 17 440 14 314
Total segments 50 162 9 129 134 466 29 254
Unallocated corporate
assets and liabilities
(goodwill and
deferred tax) - - 1 026 15 762
Total 50 162 9 129 135 492 45 016
COMMENTARY ON THE RESULTS
The directors are pleased to announce the unaudited interim financial results of
Gooderson Leisure Corporation Limited for the six months ended 31 August 2008
("interim results").
BUSINESS ENVIRONMENT
Despite the uncertain market conditions our business confidence is still strong.
Hotel revenues were strong in June and July 2008 in comparison to last year`s
revenue when these were negatively affected by the strike by Government
employees.
There was a positive increase in profits in the Hotel and Lodge Division which
greatly influenced the results for the Interim period. The Durban Hotels
performed well and the lodges showed improved results.
The Timeshare Sales Division is performing strong with a continual demand for
units at Fairways and Natal Spa.
Gooderson has won the FNB KZN top business award in the tourism sector in August
2008.
FINANCIAL OVERVIEW
Gooderson unaudited interim results for the six months ended 31 August 2008 have
shown strong growth with a 26% increase in headline earnings per share.
Revenue increased by 14% from R50.162 million for the prior period to R57.397
million, while profit after tax increased by 26% from R5.173 million to R6.542
million.
Gooderson has signed a new 20 year lease agreement for the Beach Hotel, one of
Durban`s leading beach front hotels.
DEVELOPMENTS & REFURBISHMENT
The Natal Spa expansion which commenced in 2007 is progressing well, and is
expected to be completed by March 2009. Seven additional bedrooms have been
built and are currently in occupation.
The Tropicana and Beach Hotels in Durban are currently undergoing an upgrade and
refurbishment with expected completion by December 2009.
PROSPECTS
While the Hotel and Lodges Division continues to trade well, the Timeshare
Division`s growth is expected to be tempered in the second half due to the tight
economic conditions that prevail at present.
The Directors remain positive about the group`s sustained growth during the
second half of this financial year as 65% of the profits are traditionally
generated in this period. However, we do not expect the profit increase to be
as high as experienced in the first six months.
It is the groups policy to revalue properties every two years. This will be
done by a sworn appraiser in January 2009.
BASIS OF PREPARATION
The unaudited interim financial statements have been 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.
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, the decision to declare dividends
will be reviewed by management at year end.
APPRECIATION
The board would like to thank the staff for their loyalty and dedication in
the success of the group. The board would also like to thank its business
partners, advisers, suppliers and most importantly the shareholders for
their ongoing support and faith in the group.
For and on behalf of the Board
Alan Gooderson Rajen Nannoolal
Chief Executive Officer Financial Director
30 October 2008
Directors
AW Gooderson, C M De Klerk, C L Gooderson, R Nannoolal, G M Castleman,
G A Lello
* M A Pottier, * B R Warmback * Non Executive
Company Secretary
R Nannoolal
Auditors and reporting accountants
Grant Thornton Tel : +27 31 5765500
2nd Floor, 4 Pencarrow Fax: +27 31 5765555
Crescent,
La Lucia Ridge Office Estate,
La Lucia, 4019
Commercial Bankers
First National Bank Limited Tel: +27 31 5806000
Acacia House, 8 Rydall Vale Fax: +27 31 5806045
Park,
Douglas Saunders Drive,
La Lucia Ridge, 4320
Transfer Secretaries
Computershare Investor Services Tel: +27 11 3705000
(Pty) Ltd
70 Marshall Street, Fax: +27 11 6885210
Johannesburg, 2001
Designated Advisers
Exchange Sponsors (Pty) Ltd Tel : +27 11 8802113
44A Boundary Road Fax: +27 11 4474824
Inanda, 2196
Company`s Website www.goodersonleisure.co.za
Date: 30/10/2008 15:00:22 Produced by the JSE SENS Department.
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