| Wed 4 Mar 2009, 15:27 | | GDF - Gold Reef Resorts Limited - Trading Statement |
|
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
The financial results published for the year ended 31 December 2007 reflected
not only earnings per share ("EPS") and headline earnings per share ("HEPS") but
also adjusted headline earnings per share ("Adjusted HEPS") and adjusted
earnings before interest, tax, depreciation, amortisation and rentals ("Adjusted
EBITDAR"). To facilitate a meaningful comparison between the 2007 and 2008
financial years Adjusted HEPS and Adjusted EBITDAR for the 2008 financial year
are also included in this statement.
Adjusted HEPS and adjusted EBITDAR for the year ended 31 December 2008 have been
arrived at after adjusting for charges relating to corporate activity and
various non recurring items.
Gold Reef expects EPS and HEPS for the 12 months ended 31 December 2008 to be
110% to 120% and 65% to 75%, respectively, higher than those of the prior
comparative period.
Due to increased depreciation on new properties, finance costs on additional
debt raised to fund the development of new properties and the increased number
of shares in issue resulting from the share exchange and top-up transactions,
Gold Reef expects Adjusted HEPS for the 12 months ended 31 December 2008 to be
5% to 15% lower than that of the prior comparative period.
However, as a result of the inclusion of Silverstar Casino for the 12 months
ended 31 December 2008, Gold Reef expects Revenue to be 25% to 35% higher than
the prior comparative period and EBITDAR and Adjusted EBITDAR to be 45% to 55%
and 15% to 25%, respectively, higher than those of the prior comparative period.
The above information has not been reviewed or reported on by the company`s
auditors and the company`s reviewed results for the year ended 31 December 2008
are expected to be published on or about 16 March 2009.
Johannesburg
4 March 2009
Sponsor
Nedbank Capital
Date: 04/03/2009 15:27:02 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
