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GDN
GDN
GDN - Gooderson Leisure Corporation Limited - Condensed consolidated reviewed
annual results for the year ended 28 February 2010
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
2010
NAV and NTAV per share up 2%
EBITDA down by 34%
R12 million spent on refurbishment for the current year
STATEMENT OF FINANCIAL POSITION
28 February 28 February
2010 2009
Reviewed Audited
R R
ASSETS
Non-current assets 175,450,720 156,674,861
Property, plant and equipment 147,688,976 134,535,712
Intangible assets 999 563 999,563
Timeshare development 8,286,933 5,572,856
Financial asset 621,500 907,005
Long term debtors 17,853,748 14,659,725
Current assets 23,374,873 22,627,993
Inventories 1,617,847 1,107,422
Trade and other receivables 18,678,186 14,496,142
Short term financial assets 175,000 175,000
Current tax receivable - 210,218
Cash and cash equivalents 2,903,840 6,639,211
Total Assets 198,825,593 179,302,854
EQUITY AND LIABILITIES
Equity capital and reserves 137,655,285 134,494,050
Share capital and premium 16,393,415 16,632,005
Reserves 56,328,468 56,216,102
Retained earnings 64,933,402 61,645,943
Non-current liabilities 34,674,703 25,166,011
Long term borrowings 14,427,846 2,294,336
Deferred revenue 5,430,904 6,093,557
Deferred tax 14,815,953 16,778,118
Current liabilities 26,495,605 19,642,793
Trade and other payables 17,715,694 14,020,641
Deferred revenue 571,694 571,694
Short term borrowings 7,539,729 2,454,300
Taxation 216,945 1,704,445
Bank overdraft 451,543 891,713
Total equity and liabilities 198,825,593 179,302,854
Shares in issue 120 990 000 120,990,000
Net asset value per share (cents) 113.77 111.16
Net tangible asset value per share 112.95 110.33
(cents)
STATEMENT OF COMPREHENSIVE INCOME
Year ended Year ended
28 February 28 February
2010 2009
Reviewed Audited
R R
Turnover 115,931,243 119,372,046
Cost of sales (24,724,808) (24,740,277)
Gross profit 91,206,435 94,631,769
Other net operating costs (72,891,921) (66,683,361)
EBITDA 18,314,514 27,948,408
Depreciation (5,711,887) (5,093,356)
Profit before interest and taxation 12,602,627 22,855,052
Net interest income / (paid) (1,050,811) 177,097
Profit before taxation 11,551,816 23,032,149
Taxation (3,606,240) (7,041,267)
Profit for the year 7,945,576 15,990,882
Other comprehensive income
Revaluations - 25,488,483
Tax effect on revaluations - (4,220,431)
Total comprehensive income 7,945,576 37,258,934
Reconciliation of headline earnings:
Profit attributable to ordinary 7,945,576 15,990,882
shareholders
Adjusted for profit on disposal of (57,033) (101,716)
property, plant and equipment
Headline earnings 7,888,543 15,889,166
Weighted average shares in issue on 120,990,000 120,990,000
which earnings are based
Basic earnings per share (cents) 6.57 13.22
Headline earnings per share (cents) 6.52 13.13
Diluted earnings per share (cents) 6.36 12.79
Diluted headline earnings per share 6.31 12.71
(cents)
Dividend per share (cents) - 3.85
STATEMENT OF CHANGES IN EQUITY
Share Share Capital Share Retained Total
capi premium reserves based earning
tal Payment
reserve
R R R R R R
Balance at 1,210 16,630,795 35,233,905 34,203 49,913,096 101,813,209
1 March
2008
Share based - - - 80,022 - 80,022
payments
reserves
movements
Revaluation - - 21,268,052 - - 21,268,052
of
properties
Total - - - - 15,990,880 15,990,880
comprehend
sive income
for the
year
Dividends - - - - (4,658,115) (4,658,115)
Reserve - - (400,080) - 400,080 -
realised on
deprecia
tion of
properties
Balance at 1,210 16,630,795 56,101,877 114,225 61,645,941 134,494,048
1 March
2009
Share based - - - 112,366 - 112,366
payments
reserves
movements
Total - - - - 7,945,576 7,945,576
comprehend
sive income
for the
year
Dividends - - - - (4,658,115) (4,658,115)
Purchase of - (238,590) - - - (238,590)
own /
treasury
shares
Balance at 1,210 16,392,205 56,101,877 226,591 64,933,402 137,655,285
28 February
2010
STATEMENT OF CASHFLOW
Year ended Year ended
28 February 28 February
2010 2009
Reviewed Audited
R R
Cash flows from operating activities 6,607,712 15,396,337
Cash generated from operations 17,627,388 26,864,469
Interest income 367,203 917,251
Finance costs (1,418,014) (740,154)
Dividends paid (4,658,115) (4,658,115)
Normal taxation paid (4,829,500) (6,505,864)
Secondary taxation on companies paid (481,250) (481,250)
Cash flows from investing activities (27,121,852) (11,858,628)
Purchase of property, plant and (21,888,957) (10,533,957)
equipment
Sale of property, plant and 628,290 940,663
equipment
Purchase of financial asset - (25,245)
Decrease / (Increase) in timeshare (2,714,077) 2,911,259
development
Proceeds from financial assets 46,915 -
Decrease / (Increase) in long term (3,194,023) (5,151,348)
debtors
Cash flows from financing activities 17,218,939 (891,462)
Proceeds from / (payment of) long 17,218,939 (891,462)
term borrowings
Net (decrease) increase in cash and (3,295,201) 2,646,247
cash equivalents
Cash and cash equivalents at 5,747,498 3,101,251
beginning of year
Cash and cash equivalents at end of 2,452,297 5,747,498
year
COMMENTARY
The Directors of Gooderson Leisure Corporation are pleased to present the
reviewed annual financial results for the year ended 28 February 2010.
The group has refurbished the two prominent hotels in the Durban beachfront, the
Tropicana and Beach Hotel, refurbished all the rooms at Bushlands Game Lodge in
Hluhluwe, and upgraded and refurbished the two recent acquisitions being Sanrock
Resort and Conference Centre previously Avuxeni situated at Modimolle and Fabz
Estate Hotel and Restaurant situated in Lonehill, Johannesburg, in preparation
for the FIFA Soccer World Cup, despite the trading period under review being
characterised by tough economic conditions.
REVIEW OF OPERATIONS
The trading period under review was severely affected by the tough economic
conditions largely due to the global meltdown.
Despite the planned and committed expenditure on the refurbishment of the Hotels
and Lodges in preparation for the FIFA Soccer World Cup, the group profits have
significantly declined compared to the same period last year. The second half of
the year was adversely affected by the marked decline in the core revenue source
of accommodation and conferencing particularly at the two beachfront hotels in
Durban. The extensive refurbishment of the recent acquisitions to Gooderson`s
standards also contributed to a decline in profits. The group experienced an
increase in operating costs with unavoidable municipal charges and higher
electricity costs which have affected bottom line performance.
Against the backdrop of a weak economy, we are pleased to report that the
timeshare division profits were up on last year.
FINANCIAL RESULTS
The group revenue fell by 3% from R119.372 million to R115.931 million.
Net profit of the group was down by 50% from R15.990 million to R7.945 million
in the most difficult trading conditions experienced in many years.
On a brighter note, the net asset value increased by 2% from 111.16 to 113.77
cents per share while net tangible asset value increased by 2% from 110.33 to
112.95 cents per share.
As a result of additional capacity and the significantly higher capital
expenditure, depreciation increased by 12%.
SEGMENTAL ANALYSIS
The group is organised into two segments, namely Hotels and Lodges and
Timeshare.
These segments are the basis on which the group reports to management.
2010 Profit
Revenue before Assets Liabilities
taxation
Hotels and Lodges 91,064,287 1,500,503 139,014,312 29,296,279
Timeshare 24,866,956 10,051,313 58,811,718 16,841,131
Total segments 115,931,243 11,551,816 197,826,030 46,137,410
Unallocated corporate - - 999,563 15,032,898
assets and liabilities
Total 115,931,243 11,551,816 198,825,593 61,170,308
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 2008
/ 2009 year which is a remarkable improvement from the previous year.
More than 87% of the group`s 526 employees are black and we are accelerating
training and development in order to promote them to management positions.
DIRECTORATE
GA Lello resigned as the Director of Sales and Marketing of the group on 28
February 2010.
PROSPECTS
The recessionary trading conditions are expected to remain a challenge in the
year ahead. The group is well positioned to benefit from improvements in the
economy as they arise. The refurbishment programme at the Sanrock Resort and
Conference Centre will be finalized during the second half of the year and the
Durban beachfront upgrade has now been completed. With the two recent
acquisitions, our Sales and Marketing division has relocated to Johannesburg
which will give the group access to new markets. Gooderson, as a group is not
dependent on one source of revenue as we are a "mixed use" group that offers
hotel accommodation, self catering and timeshare.
DIVIDEND POLICY
No dividend has been declared for the financial year ended 28 February 2010 due
to tough economic conditions. It remains the policy of the group to review the
dividend annually in light of the group`s cash flow, gearing and capital
requirements.
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 28 February 2010, which comply with International Financial
Reporting Standards.
APPRECIATION
The group welcomes all new employees, and thanks the directors; management and
the staff for their sterling contributions over a difficult trading year. 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
Chairman Financial Director
27 May 2010
CORPORATE INFORMATION
Directors : A W Gooderson, C M de Klerk, C L Gooderson, G M
Castleman, *M A Pottier,
R Nannoolal, *B R Warmback (* Non-Executive)
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 61051, Marshalltown, 2107
Sponsor : Exchange Sponsors (2008) (Pty) Limited
Website : www.goodersonsleisure.co.za
Date: 27/05/2010 12:41:03 Produced by the JSE SENS Department.
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