| Mon 29 Mar 2010, 7:05 | | GDF - Gold Reef Resorts - Reviewed financial results for the year ended 31 |
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GDF
GDF
GDF - Gold Reef Resorts - Reviewed financial results for the year ended 31
December 2009
Gold Reef Resorts
(Incorporated in the Republic of South Africa)
Registration number 1989/002108/06
Share Code: GDF
ISIN: ZAE000028338
"Gold Reef" or "the Company" or "the Group"
REVIEWED FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009
HIGHLIGHTS
Revenue up 1% to R2,2 billion
EBITDAR up 1% to R897 million
HEPS up 1% to 131,9 cents
Ordinary dividend of 65 cents per share maintained
Proposed merger with Tsogo Sun
COMMENTARY
Trading conditions in 2009 were challenging with the recession in South Africa
impacting on the consumer`s disposable income and access to credit and fuelling
uncertainties about the future of the job market. Notwithstanding this, Gold
Reef produced a solid set of results with increases in revenue and earnings
before interest, tax, depreciation, amortisation and rentals ("EBITDAR") as well
as market share gains in all but one province. Both Group revenue and EBITDAR
increased by 1% to R2,2 billion and R897 million respectively.
The Company continued to focus on its controllable cost base, most notably
employee costs which increased by only 4% and was achieved by headcount
reductions through natural attrition. As a result of these cost controls, the
Company was able to maintain the EBITDAR margin achieved in 2008, producing an
EBITDAR margin of 40,3%. Following recent significant investments in the Group`s
properties, either in regard to recently opened casinos or extensive
refurbishments at existing properties, depreciation and amortisation increased
15% to R185 million. The increase in other operating expenses of 3% to R336
million was impacted by repairs and maintenance and utility costs which
increased by 27% to R85 million.
Net finance costs of R133 million were in line with 2008 owing to the interest
rate hedge that is in place over the Silverstar Casino debt balance of R1,2
billion, which effectively results in a fixed interest rate on the majority of
the Group`s debt balance of R1,5 billion as at 31 December 2009. Four of the
Company`s interest rate hedges expired during the year with the hedge contract
for Silverstar Casino due to expire in October 2011. Group debt (net of cash on
hand) was R1,1 billion at year end which translates to a 1,2 multiple of
EBITDAR. Headline earnings per share ("HEPS") increased 1% to 131,9 cents.
Cash flow of R851 million was generated from operations during the year. Total
capex was R206 million in 2009, down from R445 million the previous year. Of
this, R93 million related to operational capex which increased by R1 million
from the prior year. Developmental capex incurred in 2009 of R113 million was
considerably less than the R353 million incurred during 2008 because of the
completion of Silverstar Casino in 2008. The Company continued with the
conversion of all remaining properties to smartcard gaming, which has been
completed in the first quarter of 2010.
OPERATIONS
GAUTENG
Total Gross Gaming Revenue ("GGR") in Gauteng contracted by 1% compared to
growth of 8% in 2008 and double digit growth in prior years, clearly reflecting
the current subdued consumer environment. The Company`s market share in Gauteng
however increased from 24,5% to 25,1%, due mainly to Silverstar Casino`s market
share growth.
Gold Reef City
Total revenue at the casino declined by 3% to R960 million as footfall remained
unchanged from the previous year. In line with the performance of the Gauteng
market, Gold Reef City Casino`s GGR decreased by 1,3%. In spite of the cost
control measures in place, the shortfall in revenue resulted in margin erosion
with the EBITDAR margin decreasing from 38,0% to 37,8% and EBITDAR down 4% to
R362 million. Even though theatre revenues fell, losses were significantly
reduced from R21 million in 2008 to R12 million following the successful change
to the theatre`s production mix. The theatre continues to be a satisfactory
driver of footfall to the casino.
At 31 December 2009, total debt at the casino was R189 million in comparison to
R247 million in the previous year.
The Theme Park performed well with revenue increasing by 25% to R84 million and
EBITDAR increasing from R2 million in 2008 to R7 million in 2009. The EBITDAR
margin benefited from the effects of operational gearing and a focus on cost
control. Ongoing maintenance of the Park`s facilities continued throughout the
year and the hotel refurbishment is expected to be completed in the first half
of 2010.
Silverstar Casino
Silverstar Casino`s revenue increased by 6% to R543 million while EBITDAR
increased by 11% from the previous year to R208 million. Despite recent rate and
utility cost increases, the EBITDAR margin increased to 38,3% following improved
revenue levels and the implementation of strict cost control measures. The
casino`s market share in Gauteng increased from 8,5% to 9,2% while footfall
increased by 8% from the previous year. The ability of the casino to capture the
additional market share was enhanced by the completion of all facilities during
2008, allowing patrons to experience the full range of entertainment options
during 2009.
At 31 December 2009, total debt at the casino was R1,2 billion, down from R1,3
billion reflected in the previous year.
KWAZULU NATAL
Golden Horse Casino
Golden Horse Casino`s revenue increased by 2% to R248 million which lagged the
provincial growth rate of 5% due to a major refurbishment of the gaming floor,
food and beverage facilities, conferencing and the hotel during the year. This
also impacted on the casino`s market share which fell slightly from 10,6% in
2008 to 10,2% in 2009. The casino phase of the refurbishment has now been
completed, well within the budget of R81 million. The casino also successfully
introduced smartcard gaming during the year. Further capex has been allocated
for the refurbishment of the exterior of the property as well as hotel bedrooms
during 2010.
The casino maintained EBITDAR levels, achieving R111 million in 2009. As a
result of a focus on containing costs, the casino managed to achieve an EBITDAR
margin of 44,7% for the year.
WESTERN CAPE
The economic recession impacted on the Western Cape market more than any other
province in which Gold Reef operates. The tourism and property sectors in
particular were adversely affected and GGR in the province fell by 6% from the
previous year.
Mykonos Casino
Despite footfall declining by 9%, revenue at Mykonos Casino increased 2% to R114
million and the casino`s market share increased from 5,0% to 5,5%, a satisfying
performance considering tough market conditions. Higher costs resulted in
EBITDAR declining by 2% to R47 million, with the EBITDAR margin at 41,3%.
During the year the refurbishment of the casino was completed and smartcard
gaming has been introduced during the first quarter of 2010.
Garden Route Casino
Revenue at Garden Route Casino fell by 2% to R160 million for the year, a
satisfactory result relative to the decline in GGR in the province as well a
decrease in footfall of 8% from 2008 levels. In spite of these challenges, the
casino managed to increase its market share slightly to 7,6%.
The shortfall in revenue caused EBITDAR to decline by 11% to R71 million and the
EBITDAR margin decreased to 44,7%.
During the second half of the year, the casino successfully completed the
refurbishment of the gaming floor, adding 36 new slot machines as well as food
and beverage facilities. The casino also successfully converted to smartcard
gaming, all of which was funded out of cash resources. Further capex of R6
million has been allocated for the addition of a sports bar during 2010.
FREE STATE
Goldfields Casino
Revenues improved slightly at Goldfields Casino during the year, increasing by
1% to R119 million, as the casino grew its market share to 31,0% in 2009. This a
relatively good performance given that GGR in the Free State fell by 1%. EBITDAR
decreased by 2% to R52 million with the EBITDAR margin falling by 1% to 43,7% in
2009.
Smartcard gaming was introduced at the casino during the first quarter of 2010.
Goldfields Casino is also expected to benefit from the completion of a major
shopping complex refurbishment adjacent to the casino during 2010.
EASTERN CAPE
Queens Casino
Trading at Queens Casino improved notably during 2009 with revenues up 11% to
R51 million and EBITDAR up 100% to R12 million, albeit off a low base.
Consequently, the EBITDAR margin achieved in 2009 is now at a more acceptable
level of 22,7% for a business of this size. The casino also increased its market
share slightly in challenging trading conditions which saw GGR in the Eastern
Cape fall by 2%.
BLACK ECONOMIC EMPOWERMENT ("BEE")
During 2009 all of the relevant provincial gambling boards approved the
application for the indirect acquisition by Tsogo Sun of the shares of certain
empowerment shareholders of Gold Reef. Gold Reef remains committed to ensuring
that empowerment is sufficient throughout the Group for commercial, strategic
and regulatory reasons, including complying with all licence conditions.
MERGER OF GOLD REEF AND TSOGO SUN
On 18 February 2010 Gold Reef announced that the Company and Tsogo had entered
into an agreement detailing the terms and conditions of a merger of the
respective gaming and hotel businesses of Gold Reef and Tsogo (the "Proposed
Transaction"), to form a combined business referred to as the "Merged Entity".
The Proposed Transaction will be effected through the acquisition by Gold Reef
of the entire issued share capital of Tsogo from the shareholders of Tsogo and
the purchase consideration will be discharged by the issue of Gold Reef shares.
The Proposed Transaction is subject to a number of conditions precedent
including, inter alia, shareholder, gambling board and competition authorities`
approvals.
DIRECTORATE
M Krok resigned on 2 July 2009 as chairman and director of Gold Reef.
Consequently, Dr EN Banda was appointed independent non-executive chairman of
Gold Reef.
As a result of Casinos Austria`s disinvestment in Gold Reef, J Leutgeb also
resigned as a director of the Company on 2 July 2009. In accordance with the
board`s age retirement policy, AJ Aaron retired as a director on 8 July 2009.
On 25 August 2009 P Vallet was appointed as a non-executive director to the Gold
Reef board.
L Fick was appointed as Company Secretary with effect from 25 November 2009.
PROSPECTS
Difficult trading conditions are expected to continue into 2010. Currently there
are limited indications of recovery with the consumer still feeling the effects
of last year`s recession.
Gold Reef has a high quality asset portfolio, low gearing and strong cash flows.
The Company is well positioned to benefit from improvements in the economy as
they arise. However, expectations are that the recovery will be slow and growth
will be moderate during 2010.
The proposed merger with Tsogo Sun creates a Company of significant scale and
diversification across geographies and markets. The Merged Entity will look to
capitalise on new growth opportunities as a larger and stronger Company.
DIVIDEND
The board has declared a dividend of 65 cents per share which is covered 2,0
times by HEPS. From time to time the board will reconsider dividend cover based
on the Group`s cash flow, gearing and capital requirements. Dividends will be
financed out of Gold Reef`s cash resources after servicing the debt of the
Group`s underlying operations.
The salient dates for the dividend are as follows:
Last day to trade (cum dividend) Friday, 16 April 2010 Shares to commence
trading ex dividend Monday, 19 April 2010 Record date Friday, 23 April 2010
Payment date Monday, 26 April 2010 No share certificates may be dematerialised
or rematerialised between Monday, 19 April 2010 and Friday, 23 April 2010 (both
days inclusive).
On Monday 26 April 2010 the final cash dividend will be electronically
transferred to the bank accounts of all certificated shareholders where this
facility is available. Where electronic fund transfer is not available or
desired, cheques dated 26 April 2010 will be posted on that date. Shareholders
who hold dematerialised shares will have their accounts at their CSDP or broker
credited on 26 April 2010.
STEVEN JOFFE JARROD FRIEDMAN
CHIEF EXECUTIVE OFFICER FINANCIAL DIRECTOR
On behalf of the board
29 March 2010
CONDENSED CONSOLIDATED INCOME STATEMENT
Reviewed for Audited for
the year ended the year ended
31 Dec 2009 31 Dec 2008
% Rm Rm
Revenue 1 2 229 2 197
Net gaming win 1 2 065 2 042
Theme Park 7 72 67
Food and beverage 9 35 32
Other 2 57 56
Other income 15 1
2 244 2 198
Gaming levies and VAT (412) (410)
Employee costs (480) (463)
Promotional and marketing costs (140) (133)
Depreciation and amortisation (185) (161)
Other operating expenses (336) (326)
Operating profit (2) 691 705
Finance income 38 80
Finance costs (171) (214)
Profit before equity accounted
earnings 558 571
Share of loss of associate (5) (8)
Profit before taxation (2) 553 563
Taxation expense (180) (188)
Profit for the year (1) 373 375
Profit attributable to:
Equity holders of Gold Reef 1 360 358
Minority interest 13 17
373 375
Number of shares in issue (000) 291 990 291 990
Weighted average number of shares in
issue (000) 275 291 274 006
Earnings per share (cents) 131,0 130,6
Diluted earnings per share (cents) 131,0 130,6
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Reviewed for the Audited for the
year ended 31 year ended 31
Dec 2009 Dec 2008
Rm Rm
Profit for the year 373 375
Other comprehensive income for the
period, net of tax 15 (67)
Fair value gain/(loss) on interest rate
hedge 7 (67)
Fair value loss on foreign exchange
hedge * -
Income tax relating to components of
other comprehensive income 8 -
Total comprehensive income for the year 388 308
Total comprehensive income attributable
to:
Equity holders of Gold Reef 375 291
Minority interest 13 17
388 308
CONDENSED CONSOLIDATED BALANCE SHEET
Reviewed at 31 Audited at 31
Dec 2009 Dec 2008
Rm Rm
Assets
Non-current assets
Property, plant and equipment 2 547 2 545
Leasehold improvements 138 123
Intangible assets 1 185 1 187
Deferred income tax assets 13 5
Investment in associate 23 31
Share scheme 47 33
3 953 3 924
Current assets
Inventories 19 19
Trade and other receivables 42 30
Current tax assets 2 7
Amounts owing by related parties * *
Cash and cash equivalents 440 443
503 499
Total assets 4 456 4 423
Equity and liabilities
Capital and reserves
Share capital 6 6
Share premium 1 860 1 860
Treasury shares (58) (71)
1 808 1 795
Share-based payment reserve 389 382
Other reserves (545) (565)
Retained earnings 979 799
2 631 2 411
Minority interest 45 43
Total equity 2 676 2 454
Non-current liabilities
Interest-bearing borrowings 1 325 1 506
Deferred income tax liabilities 64 54
Derivative financial instruments 9 21
Cash-settled share incentive scheme
liability 4 -
1 402 1 581
Current liabilities
Trade and other payables 153 135
Provisions 34 57
Current portion of interest-bearing
borrowings 187 188
Current income tax liabilities 4 8
Amounts owing to related parties * *
Bank overdraft * *
378 388
Total equity and liabilities 4 456 4 423
*Amount less than R1million
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share ** Retained Total
capital net Reserves earnings attributable
of treasury to equity
shares holders of
Gold Reef
Rm Rm Rm Rm
Balance at 1 January 2008 1 767 (116) 718 2 369
Total comprehensive income - (67) 358 291
for the year ended 31
December 2008
Attributable profit for - - 358 358
the year
Fair value loss on - (67) - (67)
interest rate hedge, net
of tax
Net movement between share 28 (5) - 23
scheme and participants
Recognition of share-based - 5 - 5
payments
Dividends paid - - (277) (277)
Dividends paid to - - - -
minorities by subsidiaries
Balance at 31 December 1 795 (183) 799 2 411
2008
Total comprehensive income - 15 360 375
for the year ended 31
December 2009
Attributable profit for - - 360 360
the year
Fair value gain on
interest rate hedge, net - 15 - 15
of tax
Fair value loss on foreign
exchange hedge, net of tax - * - *
Net movement between share 13 6 - 19
scheme and participants
Recognition of share-based - 6 - 6
payments
Dividends paid - - (180) (180)
Dividends paid to - - - -
minorities by subsidiaries
Balance at 31 December 1 808 (156) 979 2 631
2009
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
Minority Total equity
interest
Rm Rm
Balance at 1 January 2008 32 2 401
Total comprehensive income for the year 17 308
ended 31 December 2008
Attributable profit for the year 17 375
Fair value loss on interest rate hedge, net - (67)
of tax
Net movement between share scheme and - 23
participants
Recognition of share-based payments - 5
Dividends paid - (277)
Dividends paid to minorities by subsidiaries (6) (6)
Balance at 31 December 2008 43 2 454
Total comprehensive income for the year 13 388
ended 31 December 2009
Attributable profit for the year 13 373
Fair value gain on interest rate hedge, net
of tax - 15
Fair value loss on foreign exchange hedge,
net of tax - *
Net movement between share scheme and - 19
participants
Recognition of share-based payments - 6
Dividends paid - (180)
Dividends paid to minorities by subsidiaries (11) (11)
Balance at 31 December 2009 45 2 676
** "Reserves" comprise of "Share-based payment reserves" and "Other reserves".
These reserves are disclosed separately on the balance sheet.
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Reviewed for Audited for
the year ended the year ended
31 Dec 2009 31 Dec 2008
Rm Rm
Cash flow from operating activities
Profit before taxation 553 563
Non-cash items and other adjustments 335 339
888 902
(Increase)/decrease in net current assets (37) 45
Cash flow from operating activities 851 947
Finance income 39 45
Finance costs (156) (214)
Taxation paid (168) (186)
Dividends paid (180) (277)
Net cash generated in operating activities 386 315
Cash flow from investing activities
Additions to property, plant and equipment (186) (422)
Additions to leasehold improvements (20) (23)
Investment in intangibles * *
Proceeds from disposal of property, plant and
equipment 2 3
Loans repaid by associate 3 3
Loans repaid by/(advanced to) related parties 1 (2)
Net cash utilised in investing activities (200) (441)
Cash flow from financing activities
Shares issued /(repurchased) by share scheme 19 (34)
(Increase)/decrease in share scheme loans (14) 46
Dividends and loan repayments to outside
shareholders (11) (6)
(Decrease)/increase in interest-bearing
borrowings (183) 246
Net cash (utilised)/generated in financing
activities (189) 252
Net (decrease)/increase in cash and cash
equivalents (3) (126)
Cash and cash equivalents at beginning of year 443 317
Cash and cash equivalents at end of year 440 443
SUPPLEMENTARY INFORMATION
Reviewed for Audited for
the year ended the year ended
31 Dec 2009 31 Dec 2008
Rm Rm
EBITDAR reconciliation
Operating profit 691 705
Property and equipment rental 21 20
Depreciation and amortisation 185 161
EBITDAR 1 897 886
Weighted average number of shares in
issue (000) 275 291 274 006
EBITDAR per share (cents) 1 326,0 323,3
EBITDAR margin (%) 40,3 40,3
Reviewed for Audited for
the year ended the year ended
31 Dec 2009 31 Dec 2008
Rm Rm
Headline earnings reconciliation
Attributable profit for the year 360 358
Profit on sale financial instruments * *
Impairment of property, plant and
equipment 1 *
Loss/(profit) on sale of property, plant
and equipment 2 *
Headline earnings 1 363 358
Weighted average number of shares in
issue (000) 275 291 274 006
Headline earnings per share (cents) 1 131,9 130,5
Diluted headline earnings per share 1
(cents) 131,9 130,5
Notes to the provisional financial statements
1. Basis of preparation
The condensed consolidated provisional financial statements for the year ended
31 December 2009 have been prepared in accordance with International Financial
Reporting Standards ("IFRS"), IAS 34 - Interim financial reporting, AC500
Standards as issued by the Accounting Practices Board and the requirements of
the South African Companies Act. The accounting policies are consistent with
IFRS as well as those applied in the most recent audited annual financial
statements as at 31 December 2008. The condensed consolidated provisional
financial information should be read in conjunction with the annual financial
statements for the year ended 31 December 2008, which have been prepared in
accordance with IFRS.
The condensed consolidated provisional financial statements for the year ended
31 December 2009 have been reviewed by the Group`s auditors,
PricewaterhouseCoopers Inc. This review has been conducted in accordance with
International Standard on Review Engagements 2410, "Review of Interim Financial
Information Performed by the Independent Auditor of the Entity", and their
unmodified review opinion is available for inspection at the Company`s
registered office.
Gold Reef has previously reported Adjusted EBITDAR and Adjusted HEPS in the
December 2008 annual financial statements. Both Adjusted EBITDAR and Adjusted
HEPS were arrived at after adjusting for charges relating to corporate activity
and various non-recurring items. Since these charges are no longer considered to
be material, Adjusted EBITDAR and Adjusted HEPS have not been reported on for
the year ended 31 December 2009.
2. Accounting policies
Except as described below, the accounting policies applied are consistent with
those of the annual financial statements for the year ended 31 December 2008, as
described in those annual financial statements.
The following new standards and amendments to standards are mandatory for the
first time for the financial year beginning 1 January 2009:
IAS 1 (revised), `Presentation of financial statements`. The revised standard
prohibits the presentation of items of income and expenses (that is `non-owner
changes in equity`) in the statement of changes in equity, requiring `non-owner
changes in equity` to be presented separately from `owner changes in equity`.
All `non-owner changes in equity` are required to be shown in a performance
statement. Entities can choose whether to present one performance statement (the
statement of comprehensive income) or two statements (the income statement and
statement of comprehensive income). The Group has elected to present two
statements: an income statement and a statement of comprehensive income. The
provisional financial statements have been prepared under the revised disclosure
requirements.
IFRS 8, `Operating segments` (IFRS 8 replaces IAS 14, `Segment reporting`). The
standard requires a `management approach` under which segment information is
presented on the same basis as that used for internal reporting purposes. This
has resulted in an increase in the number of reportable segments presented, as
previously the Company only reported one business segment, being casino
operations. Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision-maker. The chief
operating decision-maker has been identified as the Group executive directors
who are responsible for making strategic decisions.
3. Segment information
The chief operating decision-maker has been identified as the Group executive
directors. These individuals review the Group`s internal reporting in order to
assess performance and allocate resources and have determined the operating
segments based on these reports. The executive directors consider the business
from both a geographic and operational perspective and assess the performance of
the operating segments based on a measure of Revenue, EBITDAR, cash flow and
debt.
SEGMENTAL ANALYSIS
Revenue Revenue Revenue EBITDAR EBITDAR EBITDAR
2009 2008 2009 2008
Rm Rm % Rm Rm %
Gold Reef City 960 990 (3) 362 376 (4)
Casino
Gold Reef City Theme 84 67 25 7 2 250
Park
Silverstar Casino 543 510 6 208 188 11
Golden Horse Casino 248 244 2 111 110 1
Mykonos Casino 114 112 2 47 48 (2)
Garden Route Casino 160 164 (2) 71 80 (11)
Goldfields Casino 119 118 1 52 53 (2)
Queens Casino 51 46 11 12 6 100
Gold Reef Management 70 61 15 28 3 833
Gold Reef Resorts - - 229 250 (8)
Consolidation and (120) (115) (230) (230)
other Group
companies>
2 229 2 197 1 897 886 1
SEGMENTAL ANALYSIS (CONTINUED)
EBITDAR EBITDAR Assets Assets Assets Assets
Margin Margin non- non- current current
current current
2009 2008 2009 2008 2009 2008
% % Rm Rm Rm Rm
Gold Reef City 37,8 38,0 1 082 1 114
Casino 138 108
Gold Reef City 7,9 3,4 19 *
Theme Park 17 14
Silverstar Casino 38,3 36,9 1 036 1 059 305 212
Golden Horse Casino 44,7 45,2 202 160 36 39
Mykonos Casino 41,3 42,8 57 55 24 23
Garden Route Casino 44,7 48,6 124 84 34 57
Goldfields Casino 43,7 44,7 120 124 21 30
Queens Casino 22,7 11,9 104 116 10 17
Gold Reef 40,5 5,0 1 1
Management 115 84
Gold Reef Resorts 2 819 2 704 186 417
Consolidation and (1 611) (1 493)
other Group
companies> (383) (502)
40,3 40,3 3 953 3 924 503 499
SEGMENTAL ANALYSIS (CONTINUED)
Total Total Cash on Cash on hand
assets assets hand
2009 2008 2009 2008
Rm Rm Rm Rm
Gold Reef City 1 220 1 222 32 87
Casino
Gold Reef City 36 14 6 6
Theme Park
Silverstar Casino 1 341 1 271 291 199
Golden Horse Casino 238 199 28 31
Mykonos Casino 81 78 17 18
Garden Route Casino 158 141 29 53
Goldfields Casino 141 154 16 44
Queens Casino 114 133 7 14
Gold Reef 116 85 13 14
Management
Gold Reef Resorts 3 005 3 121 4 1
Consolidation and (1 994) (1 995) (3) (24)
other Group
companies>
4 456 4 423 440 443
SEGMENTAL ANALYSIS (CONTINUED)
Debt Debt Debt Total Total
debt debt
net of net of
Debt cash cash
Non- Non- Current
Current Current Current
2009 2008 2009 2008 2009 2008
Rm Rm Rm Rm Rm Rm
Gold Reef City (131) (189) (58) (160)
Casino (58) (157)
Gold Reef City - - - 6
Theme Park - 6
Silverstar Casino (1 115) (1 211) (96) (96) (920) (1 108)
Golden Horse Casino (29) (36) (12) (13) (13) (18)
Mykonos Casino - - - - 17 18
Garden Route Casino (18) (25) (8) (8) 3 20
Goldfields Casino (32) (45) (13) (13) (29) (14)
Queens Casino (45) (48) (4) (3) (42) (37)
Gold Reef - - - 14
Management - 13
Gold Reef Resorts - - - - 4 1
Consolidation and
other Group
companies> 45 48 4 3 46 27
(1 325) (1 506) (187) (188) (1 072) (1 251)
SEGMENTAL ANALYSIS (CONTINUED)
Capex Capex Capex Capex Total Total
Develop- Develop- Operat- Operat- Capex Capex
mental mental ional ional
2009 2008 2009 2008 2009 2008
Rm Rm Rm Rm Rm Rm
Gold Reef City Casino - 37 38 50 38 87
Gold Reef City Theme 13 7 7 13
Park 20 20
Silverstar Casino - 271 14 11 14 282
Golden Horse Casino 46 23 18 10 64 33
Mykonos Casino 4 8 6 2 10 10
Garden Route Casino 50 - 2 3 52 3
Goldfields Casino - 1 7 9 7 10
Queens Casino - 30 2 1 2 31
Gold Reef Management - - * * * *
Gold Reef Resorts - - - - - -
Consolidation and - (24) (1) (7)
other Group
companies> (1) (31)
113 353 93 92 206 445
> Included in "Consolidation and other Group companies" is the elimination of
Queens Casino due to it being equity accounted.
* Amounts less than R1million
Directors: EN Banda (Chairman)>; MG Diliza>; JC Farrant>; JS Friedman;
SB Joffe (Chief Executive Officer); MZ Krok>; S Krok**; ZJ Matlala>;
C Neuberger#; TM Sadiki; PCM September*; P Vallet*
*Non-Executive Director
>Independent Director
**Alternate Director
#Austrian Citizen
Company secretary: L Fick
Registered office: Gold Reef City, Gate 4, Northern Parkway, Ormonde, 2091.
Transfer secretaries: Link Market Services South Africa (Pty) Limited, 16th
Floor, 11 Diagonal Street, Johannesburg, 2001
Investor relations: College Hill (Proprietary) Limited
Johannesburg
29 March 2010
Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Date: 29/03/2010 07:05:10 Produced by the JSE SENS Department.
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