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GDN
GDN
GDN - Gooderson - Condensed consolidated reviewed annual results for the year
Ended 28 February 2009
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" or "the group")
CONDENSED CONSOLIDATED REVIEWED ANNUAL RESULTS FOR THE YEAR ENDED 28 FEBRUARY
2009
Revenue up 12%
NAV and NTAV per share up 32%
Cash generated from operations up 10%
R15 million spent on refurbishments, upgrades and additions for the current year
CONDENSED CONSOLIDATED BALANCE SHEET
28 February 29 February
2009 2008
Reviewed Audited
R R
ASSETS
Non-current assets 156,674,861 122,349,604
Property, plant and equipment 134,535,712 102,475,788
Intangible assets 999,563 999,563
Timeshare development 5,572,856 8,484,116
Financial asset 907,005 881,760
Long term debtors 14,659,725 9,508,377
Current Assets 22,627,993 18,275,590
Inventories 1,107,422 1,174,028
Trade and other receivables 14,496,142 12,638,538
Short term financial assets 175,000 178,491
Current tax receivable 210,218 -
Cash and cash equivalents 6,639,211 4,284,533
Total Assets 179,302,854 140,625,194
EQUITY AND LIABILITIES
Equity Capital and Reserves 134,494,050 101,813,209
Share capital and premium 16,632,005 16,632,005
Reserves 56,216,102 35,268,108
Retained earnings 61,645,943 49,913,096
Non-current liabilities 25,166,011 20,090,856
Long term borrowings 2,294,336 815,546
Deferred revenue 6,093,557 6,755,860
Deferred tax 16,778,118 12,519,450
Current liabilities 19,642,793 18,721,129
Trade and other payables 14,020,641 10,854,795
Deferred revenue 571,694 572,016
Short term borrowings 2,454,300 4,824,552
Taxation 1,704,445 1,286,484
Bank overdraft 891,713 1,183,282
Total equity and liabilities 179,302,854 140,625,194
Shares in issue 120,990,000 120,990,000
Net asset value per share (cents) 111.16 84.15
Net tangible asset value per share 110.33 83.32
(cents)
CONDENSED CONSOLIDATED INCOME STATEMENT
Year ended Year ended
28 February 29 February
2009 2008
Reviewed Audited
R R
Turnover 119,372,046 106,319,253
Cost of sales (24,740,277) (22,971,039)
Gross profit 94,631,769 83,348,214
Other net operating costs (66,683,361) (55,425,970)
EBITDA 27,948,408 27,922,244
Depreciation (5,093,356) (4,834,604)
Profit before Interest and Taxation 22,855,052 23,087,640
Net interest income / (paid) 177,097 (138,053)
Profit before taxation 23,032,149 22,949,587
Taxation (7,041,267) (6,970,142)
Profit for the year 15,990,882 15,979,445
Reconciliation of headline earnings:
Profit attributable to ordinary 15,990,882 15,979,445
shareholders
Adjusted for profit on disposal of (101,716) (266,726)
property, plant and equipment
Headline earnings 15,889,166 15,712,719
Weighted average shares in issue on 120,990,000 120,990,000
which earnings are based
Basic earnings per share (cents) 13.22 13.22
Headline earnings per share (cents) 13.13 12.99
Diluted earnings per share 12.79 12.78
Diluted headline earnings per share 12.71 12.57
Dividend per share (cents) 3.85 3.85
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share premium Total share Revaluation
capital capital reserves
R R R R
Balance at 1 March 2007 1,210 16,630,795 16,632,005 35,251,420
Share based payment - - - -
reserve movements
Increase in revaluation - - - 496,499
reserve as a result of
rate change
Reserve realised on - - - (423,441)
depreciation of
properties
Reserve realised on the - - - (90,573)
sale of properties
Net profit for the year - - - -
Dividend paid - - - -
Total changes - - - (17,515)
Balance at 1 March 2008 1,210 16,630,795 16,632,005 35,233,905
Share based payment - - - -
reserve movements
Revaluation of - - - 21,268,052
properties
Reserve realised on - - - (400,080)
depreciation of
properties
Net profit for the year - - - -
Dividends - - - -
Total changes - - - 20,867,972
Balance at 28 February 1,210 16,630,795 16,632,005 56,101,877
2009
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Total Retained Total
based Reserves Earnings
Payment
Reserve
R R R R
Balance at 1 March 2007 - 35,251,420 37,654,287 89,537,712
Share based payment 34,203 34,203 - 34,203
reserve movements
Increase in revaluation - 496,499 - 496,499
reserve as a result of
rate change
Reserve realised on - (423,441) 423,441 -
depreciation of
properties
Reserve realised on the - (90,573) 90,573 -
sale of properties
Net profit for the year - - 15,979,445 15,979,445
Dividend paid - - (4,234,650) (4,234,650)
Total changes 34,203 16,688 12,258,809 12,275,497
Balance at 1 March 2008 34,203 35,268,108 49,913,096 101,813,209
Share based payment 80,022 80,022 - 80,022
reserve movements
Revaluation of - 21,268,052 - 21,268,052
properties
Reserve realised on - (400,080) 400,080 -
depreciation of
properties
Net profit for the year - - 15,990,882 15,990,882
Dividends - - (4,658,115) (4,658,115)
Total changes 80,022 20,947,994 11,732,847 32,680,841
Balance at 28 February 114,225 56,216,102 61,645,943 134,494,050
2009
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Year ended Year ended
28 February 29 February
2009 2008
Reviewed Audited
R R
Cash flows from operating activities 17,970,444 16,294,657
Cash generated from operations 29,438,576 28,783,407
Interest income 917,251 596,104
Finance costs (740,154) (734,157)
Dividends paid (4,658,115) (4,234,650)
Normal taxation paid (6,505,864) (7,569,172)
Secondary taxation on companies paid (481,250) (546,875)
Cash flows from investing activities (13,770,110) (17,968,322)
Purchase of property, plant and (12,335,426) (11,099,701)
equipment
Sale of property, plant and 830,650 549,958
equipment
Purchase of financial asset (25,245) -
Decrease / (Increase) in timeshare 2,911,259 (4,793,169)
development
Decrease / (Increase) in long term (5,151,348) (2,625,410)
debtors
Cash Flows from financing activities (1,554,087) (1,764,229)
Decrease in deferred revenue (662,625) (312,039)
Payment of long term borrowings (891,462) (1,452,190)
Total cash movement for the year 2,646,247 (3,437,894)
Cash and cash equivalents at 3,101,251 6,539,145
beginning of year
Cash and cash equivalents at end of 5,747,498 3,101,251
year
COMMENTARY
INTRODUCTION
The Directors are pleased to present the annual financial results for the year
ended 28 February 2009.
The listing has allowed our group to pursue its aim of growing the business both
organically and through strategic acquisitions. The group achieved positive
growth in revenue which at R119 million was 12% ahead of last year.
The group has undergone extensive refurbishing of the hotel rooms at the
Tropicana & Beach Hotels in Durban and has upgraded the Natal Hot Springs Spa
and Leisure Resort, added seven new hotel rooms as well as a state of the art
wellness centre. The group has built more timeshare units at Fairways and Natal
Spa despite the year being characterised by challenging economic conditions.
All our hotel rooms are expected to be completed by May 2010.
The board has declared a final dividend of 3.85 cents per share (2008: 3.85
cents per share) for the year after taking cognisance of market conditions.
REVIEW OF OPERATIONS
Main business and operations
The company continues as an investment and holding company and to operate in the
leisure time industry. Through investments in subsidiaries the group operates
Hotels and Lodges, a Management Company, Tours and Timeshare Development
Ventures.
Despite the high inflation, interest rates and change in spending patterns, the
group has shown satisfactory results.
Significant capital expenditure was made in the ongoing upgrade of the group`s
facilities and additions to existing properties.
FINANCIAL RESULTS
The group achieved good growth in revenue which at R119.372 million was 12%
ahead of last year
(2008: 106.319 million). Net profit of the group was R15.990 million (2008:
R15.979 million) after taxation of
R7.041 million (2008: R6.970 million).
The net asset value increased by 32% from 84.15 to 111.16 cents per share.
The net tangible asset value increased by 32% from 83.32 to 110.33 cents per
share.
The group`s cashflows from operating activities increased by 10% from R16.294
million to R17.970 million.
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 and lodges, providing accommodation, food
and beverage as well as leisure, sport and recreational facilities to the
following markets:
Domestic / Leisure
Corporate / Group & Conference
Internationals
Timeshare
The development and management of our own resorts as well as managing other
resorts on behalf of timeshare owners.
2009 Profit
Revenue before Assets Liabilities
taxation
Hotels and Lodges 97,266,202 14,438,806 138,429,785 10,462,487
Timeshare 22,105,844 8,593,343 39,873,506 15,863,754
Total segments 119,372,046 23,032,149 178,303,291 26,326,241
Unallocated corporate assets - - 999,563 18,482,563
and liabilities
Total 119,372,046 23,032,149 179,302,854 44,808,804
BLACK ECONOMIC EMPOWERMENT ("BEE")
We are committed to the transformation of the group through broad based
empowerment, but due to the current economic environment, no negotiations are in
progress with regards to ownership.
We are pleased to report that the group has achieved a "BB" rating for the 2007
/ 2008 financial year which is a remarkable improvement from the previous year.
The "BB" status will ensure business compliance with the requirements of various
government departments and other corporates.
More than 85% of the group`s 513 employees are black and we are accelerating
staff training and development in order to promote them to management positions.
POST BALANCE SHEET EVENTS
Alawill Investments (Pty) Ltd, a wholly owned subsidiary of Gooderson has
purchased the business and property of Avuxeni Resort and Conference Centre
which lies within the heart of the Waterberg area as announced to the
shareholders on SENS on 12 May 2009.
PROSPECTS
As a result of the refurbishing and continuous upgrade of all our properties, we
expect growth in revenue in the year ahead.
With the FIFA World Cup coming to our shores in June / July 2010, this will have
a positive effect on the group`s revenue and will ensure solid shareholder
value.
DIVIDEND DECLARATION
The board has declared a final dividend of 3.85 cents per share for the year
ended 28 February 2009 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:
2009
Last day to trade shares cum div Friday 19 June
Shares trade ex dividend Monday 22 June
Record date Friday 26 June
Payment date Monday 29 June
No share certificates may be dematerialised or rematerialised between Monday, 22
June 2009 and Friday, 26 June 2009, both dates inclusive.
AUDIT OPINION
Grant Thornton, the group`s independent auditor, has reviewed the condensed
consolidated financial statements contained in this report and has expressed an
unmodified review opinion which is available for inspection at the company`s
registered office.
BASIS OF PREPARATION
The condensed consolidated financial statements for the year have been prepared
in accordance with the recognition and measurement principles of International
Financial Reporting Standards, the disclosure requirements of IAS 34: Interim
Financial Reporting and in the manner required by the South African Companies
Act, 1973. The accounting policies and method of measurement and recognition
applied in preparation of the condensed consolidated annual financial statements
are consistent with those applied in the group`s annual financial statements for
the year ended 29 February 2008, which comply with International Financial
Reporting Standards
APPRECIATION
The group welcomes all new employees, and thanks the directors; management and
the entire staff for their efforts and hard work which have helped drive the
group`s performance. Our appreciation is also extended to our valued business
partners, advisers, suppliers, clients and shareholders for their ongoing
support.
On behalf of the Board
AW Gooderson R Nannoolal
Chief Executive Officer Financial Director
28 May 2009
CORPORATE INFORMATION
Executive A W Gooderson, C M de Klerk, C L Gooderson, G M
Directors Castleman, G A Lello, R Nannoolal
Non-Executive M A Pottier, B R Warmback
Directors
Registration 1972/004241/06
Number
Registered 4 Pencarrow Crescent, Pencarrow Park, La Lucia Ridge
Address Office Estate, La Lucia, 4019
Postal Address PO Box 752, Durban, 4000
Telephone 031 5765500
Facsimile 031 5765555
Company R. Nannoolal
Secretary
Transfer Computershare Investor Services (Pty) Limited
Secretaries 70 Marshall Street, Johannesburg, 2001
PO Box 61763, Marshalltown, 2107
Designated Exchange Sponsors (2008) (Pty) Limited
Adviser
Date: 28/05/2009 11:03:10 Produced by the JSE SENS Department.
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