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GDN
GDN
GDN - Gooderson - Unuadited Interim Results For The Six Months Ended 31 August
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")
UNUADITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2009
HIGHLIGHTS
- NAV up 30%
- EBITDA down 3%
STATEMENT OF FINANCIAL
POSITION
Unaudited Unaudited Audited
31 Aug 2009 31 Aug 2008 28 Feb
R`000 R`000 2009
R`000
ASSETS
Non current assets 169 598 125 496 156 675
Property, plant and equipment 142 774 103 959 134 536
Timeshare Development assets 6 826 9 972 5 573
Investment in associate 514 - -
Goodwill 999 999 999
Financial assets 901 876 907
Long term receivables 17 584 9 690 14 660
Current assets 20 832 19 318 22 627
Inventories 2 245 1 190 1 107
Trade and other receivables 16 948 15 995 14 496
Current tax receivable - - 210
Short term loans 175 178 175
Cash and cash equivalents 1 464 1 955 6 639
Total assets 190 430 144 814 179 302
EQUITY AND LIABILITIES
Equity capital and reserves 135 021 103 731 134 494
Share capital and premium 16 632 16 632 16 632
Retained earnings 62 327 52 009 61 646
Non-distributable reserves 56 062 35 090 56 216
Non current liabilities 30 078 21 893 25 166
Long term liabilities 8 936 3 987 2 294
Deferred taxation 15 134 11 586 16 778
Deferred revenue 6 008 6 320 6 094
Current liabilities 25 331 19 190 19 642
Current portion of long term 3 345 1 237 2 454
liabilities
Taxation 968 3 109 1 704
Trade and other payables 17 112 12 864 14 020
Deferred revenue 326 642 572
Bank overdraft 3 580 1 338 892
Total equity and liabilities 190 430 144 814 179 302
Shares in issue at period end 120 990 000 120 990 000 120 990
000
Net asset value per share 111.60 85.74 111.16
(cents)
Net tangible asset value per 110.77 84.91 110.33
share (cents)
STATEMENT OF COMPREHENSIVE
INCOME
Unaudited Unaudited Audited
31 Aug 31 Aug 2008 28 Feb
2009 R`000 2009
R`000 R`000
Revenue 57 845 57 397 119 372
Net operating expenses 47 467 46 671 91 424
EBITDA 10 378 10 726 27 948
Net finance costs / (income) (82) 941 177
Income from associate 284 - -
Depreciation and impairment 2 774 1 900 5 093
Profit before tax 7 806 9 767 23 032
Taxation 2 667 3 225 7 041
Normal tax 2 186 2 744 6 560
Secondary tax on companies 481 481 481
Attributable earnings 5 139 6 542 15 991
Number of shares in issue 120 990 000 120 990 000 120 990
000
Basic earnings per share 4.25 5.41 13.22
(cents)
Diluted earnings per share - - 12.79
(cents)
Headline earnings per share 4.25 5.41 13.13
(cents)
Diluted headline earnings per - - 12.71
share (cents)
Dividends declared per share - - 3.85
(cents)
STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
31 Aug 31 Aug 2008 28 Feb
2009 R`000 2009
R`000 R`000
Cash flows from operating 5 585 3 343 15 396
activities
Cash flows from investing (15 982) (5 046) (11 859)
activities
Cash flows from financing 2 534 (782) (891 )
activities
Net movement in cash and cash (7 863) (2 485) 2 646
equivalents
Cash and cash equivalents at 5 747 3 101 3 101
beginning of year
Cash and cash equivalents at (2 116) 616 5 747
end of year
SEGMENTAL REPORT
31 AUGUST 2009 Revenue EBITDA Assets Liabili
ties
R`000 R`000 R`000 R`000
Hotels and lodges 41 694 6 679 138 931 25 693
Timeshare 16 151 3 699 50 500 14 582
Total segments 57 845 10 378 189 431 40 275
Unallocated corporate assets - - 999 15 134
and liabilities (goodwill and
deferred tax)
Total 57 845 10 378 190 430 55 409
SEGMENTAL REPORT Revenue EBITDA Assets Liabili
ties
31 AUGUST 2008 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 - - 999 14 695
and liabilities (goodwill and
deferred tax)
Total 57 397 10 726 144 814 41 083
STATEMENT OF CHANGES IN EQUITY
Share Share Capital Share Retained Total
capital premium reserves based earnings
payment
reserve
R`000 R`000 R`000 R`000 R`000 R`000
Balance at 1 March 1 210 16 631 35 234 34 49 913 101 813
2008
Net profit for the - - - 6 542 6 542
period
Dividend paid - - - (4 658) (4 658)
Share based - - - 34 34
payment reserves
movements
Reserve realised - - (212) 212 -
on depreciation of
properties
Balance at 31 1 210 16 631 35 022 68 52 009 103 731
August 2008
Net profit for the - - - - 9 448 9 448
period
Share based - - - 46 - 46
payment reserves
movements
Revaluation of - - 21 268 - - 21 268
properties
Reserve realised - - (188) - 188 -
on depreciation of
properties
Balance at 1 March 1 210 16 631 56 102 114 61 646 134 494
2009
Net profit for the - - - - 5 139 5 139
period
Dividend paid - - - - (4 658) (4 658)
Share based - - - 46 46
payments reserves
movements
Reserve realised - - (200) - 200 -
on deprecation of
properties
Balance at 31 1 210 16 631 55 902 160 62 327 135 021
August 2009
COMMENTARY
Introduction
The directors of Gooderson is pleased to present the unaudited interim financial
results for the six months ended
31 August 2009.
Performance review
The unaudited interim results of Gooderson Leisure Corporation Limited for the
six months ended 31 August 2009, reflected group revenue marginally increasing
from R57.397 million to R57.845 million while group profits attributable to
ordinary shareholders decreased by 21% from R6.542 million to R5.139 million.
The net asset value (NAV) and net tangible asset value (NTAV) have both
increased by 30% from 85.74 to 111.60 cents per share and 84.91 to 110.77 cents
per share respectively.
The trading period under review was affected by the general meltdown of the
global economy, which also impacted on the South African economy. This resulted
in a significant decline in both local and international tourism and a downturn
in conference bookings. The planned refurbishment of the group`s hotel rooms
also resulted in extra expenditure.
The revenues of the Durban Hotels were down compared to the same period last
year, further emphasizing the tight economic trading conditions as well as
increased interest costs and depreciation charges emanating from upgrading and
refurbishing all Hotels and Lodges. The timeshare division is still performing
well despite the economic downturn, but there is a major shift from clients to
buy on credit through our in house finance company "Goodfin". Higher write offs
in this division still remain within the industry norm.
The acquisition of the Sanrock Resort and Conference Centre (previously Avuxeni)
in July 2009, impacted on the group`s profit as we continue to extensively
upgrade and refurbish this property also to Gooderson`s standards.
Black Economic Empowerment
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 (level six
contributor) for the 2008 financial year which is a good improvement from the
previous year. The "BB" status will ensure business compliance with the
requirements of various government departments and other corporate companies.
Developments and Refurbishment
The Tropicana and Beach Hotels in Durban`s beachfront are being upgraded and
refurbished in preparation for the FIFA World Cup in 2010, as well as the
Sanrock Resort and Conference Centre situated at Modimolle, Limpopo.
Eight timeshare units at the Fairways Resort in the Southern Drakensberg and
five timeshare units at Natal Spa in Paulpietersburg are currently under
construction and would be released for occupation in December 2009.
Post Balance Sheet Events
Gooderson purchased the Fabz Estate Hotel and Restaurant in Lonehill,
Johannesburg, during November 2009. This acquisition forms part of the expansion
of Gooderson`s portfolio and product base beyond KwaZulu Natal. The property
currently features a 28-bedroom hotel with a restaurant and four conference
facilities with the capacity to host up to 120 delegates and is situated on 1.71
hectares
We envisage that both of the recent acquisitions will not contribute to profits
of the company until late 2010.
Prospects
Notwithstanding the current economic downturn, the directors remain positive
that the business can withstand the negative economic downturn and continue to
position the group for growth in the future. Further with the acquisition of
two new Hotels, and the development of additional timeshare units in the
resorts, Gooderson will be well positioned to accelerate growth once the economy
begins to show positive signs.
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
No dividend is paid as an ordinary dividend number 3 of 3.85 cents per share was
paid to shareholders on 29 June 2009. The group has a policy to declare
dividends at the end of the financial year.
Appreciation
We thank our loyal staff, the majority of whom have remained with the group for
more than 10 years, for their commitment and hard work. We also thank our
business partners, suppliers, advisers and most importantly our shareholders for
their support and faith in the group.
By order of the Board.
Alan Gooderson Rajen Nannoolal
Chief Executive Officer Financial Director
29 October 2009
www.goodersonleisure.co.za
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:
Grant Thornton, 2nd Floor, 4 Pencarrow Crescent, La Lucia Ridge Office Estate,
La Lucia, 4019
Tel : +27 31 5765500, Fax: +27 31 5765555
Commercial Bankers:
First National Bank Limited, Acacia House, 8 Rydall Vale Park, Douglas Saunders
Drive, La Lucia Ridge, 4320
Tel: +27 31 580 6000, Fax: +27 31 580 6045
Transfer Secretaries:
Computershare Investor Services (Pty) Ltd, 70 Marshall Street, Johannesburg,
2001
Tel: +27 11 370 5000, Fax: +27 11 688 5210
Designated Adviser:
Exchange Sponsors (Pty) Ltd, 44A Boundary Road, Inanda, 2196,
Tel : +27 11 8802113, Fax: 086 556 5720
Date: 30/10/2009 11:04:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
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