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GDN
GDN
GDN - Gooderson Leisure Corporation - Audited annual results for the year ended
28 February 2010 and notice of annual general meeting
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")
AUDITED ANNUAL RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2010 AND NOTICE OF
ANNUAL GENERAL MEETING
INTRODUCTION
Shareholders are advised that the annual financial statements were mailed to
shareholders today and contain modifications to the reviewed provisional results
published on SENS on 27 May 2010.
These modifications have impacted on the statement of financial position,
statement of changes in equity and statement of cashflow. The statement of
comprehensive income has not been affected.
These modifications inter alia are as a result of a recalculation of the debtors
allowances resulting in an decrease in the deferred tax liability of R886 173 as
well as a corresponding increase in taxation liability of R886 173.
STATEMENT OF FINANCIAL POSITION
28 February Adjustment 28 February 28
2010 2010 February
Audited Reviewed 2009
R R Audited
R
ASSETS
Non-current assets 175,450,717 3 175,450,720 156,674,861
Property, plant and 147,688,973 3 147,688,976 134,535,712
equipment
Intangible assets 999, 563 - 999,563 999,563
Timeshare 8,286,933 - 8,286,933 5,572,856
development
Financial asset 621,500 - 621,500 907,005
Long term debtors 17,853,748 - 17,853,748 14,659,725
Current assets 23,374,873 - 23,374,873 22,627,993
Inventories 1,617,847 - 1,617,847 1,107,422
Trade and other 18,678,186 - 18,678,186 14,496,142
receivables
Short term financial 175,000 - 175,000 175,000
assets
Current tax - - - 210,218
receivable
Cash and cash 2,903,840 - 2,903,840 6,639,211
equivalents
Total Assets 198,825,590 3 198,525,593 179,302,854
EQUITY AND
LIABILITIES
Equity capital and 137,655,287 2 137,655,285 134,494,050
reserves
Share capital and 16,393,415 - 16,393,415 16,632,005
premium
Reserves 56,328,468 - 56,328,468 56,216,102
Retained earnings 64,933,404 2 64,933,402 61,645,943
Non-current 33,788,530 886,173 34,674,703 25,166,011
liabilities
Long term borrowings 14,427,846 - 14,427,846 2,294,336
Deferred revenue 5,430,904 - 5,430,904 6,093,557
Deferred tax 13,929,780 886,173 14,815,953 16,778,118
Current liabilities 27,381,773 886,168 26,495,605 19,642,793
Trade and other 17,715,690 4 17,715,694 14,020,641
payables
Deferred revenue 571,694 - 571,694 571,694
Short term 7,539,729 - 7,539,729 2,454,300
borrowings
Taxation 1,103,117 886,172 216,945 1,704,445
Bank overdraft 451,543 - 451,543 891,713
Total equity and 198,825,590 3 198,825,593 179,302,854
liabilities
Shares in issue 120 990 000 - 120 990 000 120,990,000
Net asset value per 113.77 - 113.77 111.16
share (cents)
Net tangible asset 112.95 - 112.95 110.33
value per share
(cents)
STATEMENT OF COMPREHENSIVE INCOME
28 February Adjustme 28 28
2010 nt February February
Audited 2010 2009
R Reviewed Audited
R R
Turnover 115,931,2 - 115,931,24 119,372,0
43 3 46
Cost of sales (24,724,8 - (24,724,80 (24,740,2
08) 8) 77)
Gross profit 91,206,43 - 91,206,435 94,631,76
5 9
Other net operating (72,891,9 - (72,891,92 (66,683,3
costs 21) 1) 61)
EBITDA 18,314,51 - 18,314,514 27,948,40
4 8
Depreciation (5,711,88 - (5,711,887 (5,093,35
7) ) 6)
Profit before interest 12,602,62 - 12,602,627 22,855,05
and taxation 7 2
Net interest income / (1,050,81 - (1,050,811 177,097
(paid) 1) )
Profit before taxation 11,551,81 - 11,551,816 23,032,14
6 9
Taxation (3,606,24 - (3,606,240 (7,041,26
0) ) 7)
Profit for the year 7,945,576 - 7,945,576 15,990,88
2
Other comprehensive
income
Revaluations - - - 25,488,48
3
Tax effect on - - - (4,220,43
revaluations 1)
Total comprehensive 7,945,576 - 7,945,576 37,258,93
income 4
Reconciliation of
headline earnings:
Profit attributable to 7,945,576 - 7,945,576 15,990,88
ordinary shareholders 2
Adjusted for profit on (57,033) - (57,033) (101,716)
disposal of property,
plant and equipment
Headline earnings 7,888,543 - 7,888,543 15,889,16
6
Weighted average shares 120,990,0 - 120,990,00 120,990,0
in issue on which 00 0 00
earnings are based
Basic earnings per 6.57 - 6.57 13.22
share (cents)
Headline earnings per 6.52 - 6.52 13.13
share (cents)
Diluted earnings per 6.36 - 6.36 12.79
share (cents)
Diluted headline 6.31 - 6.31 12.71
earnings per share
(cents)
Dividend per share - - - 3.85
(cents)
STATEMENT OF CHANGES IN EQUITY
Share Share Capita Share Retaine Total
capital premium l based d
reserv Payment earning
es reserve
R R R R R R
Balance at 1 March 1,210 16,630,7 35,233 34,203 49,913, 101,813
2008 95 ,905 096 ,209
Share based payments - - - 80,022 - 80,022
reserves movements
Revaluation of - - 21,268 - - 21,268,
properties ,052 052
Total comprehensive - - - - 15,990, 15,990,
income for the year 882 882
Dividends - - - - (4,658, (4,658,
115) 115)
Reserve realised on - - (400,0 - 400,080 -
depreciation of 80)
properties
Balance at 1 March 1,210 16,630,7 56,101 114,225 61,645, 134,494
2009 95 ,877 943 ,050
Share based payments - - - 112,366 - 112,366
reserves movements
Total comprehensive - - - - 7,945,5 7,945,5
income for the year 76 76
Dividends - - - - (4,658, (4,658,
115) 115)
Purchase of own / (3) (238,587 - - - (238,59
treasury shares ) 0)
Audited Balance at 28 1,207 16,392,2 56,101 226,591 64,933, 137,655
February 2010 08 ,877 404 ,287
Reviewed Balance at 1,210 16,392,2 56,101 226,591 64,933, 137,655
28 February 2010 05 ,877 402 ,285
STATEMENT OF CASHFLOW
28 Adjustme 28 28
February nt February February
2010 2010 2009
Audited Reviewed Audited
R R R
Cash flows from operating 4,155,15 2,452,55 6,607,712 15,396,
activities 6 6 337
Cash generated from 15,174,8 2,452,55 17,627,388 26,864,
operations 33 5 469
Interest income 367,203 - 367,203 917,251
Finance costs (1,418,0 - (1,418,014 (740,15
14) ) 4)
Dividends paid (4,658,1 - (4,658,115 (4,658,
15) ) 115)
Normal taxation paid (5,310,7 - (5,310,751 (6,987,
51) 114)
Cash flows from investing (24,430, 2,691,14 (27,121,85 (11,858
activities 709) 3 2) ,628)
Purchase of property, plant (19,120, 2,768,72 (21,888,95 (10,533
and equipment 231) 6 7) ,957)
Sale of property, plant and 312,117 316,173 628,290 940,663
equipment
Purchase of financial asset 285,505 285,505 - (25,245
)
Decrease / (Increase) in (2,714,0 - (2,714,077 2,911,2
timeshare development 77) ) 59
Proceeds from financial - 46,915 46,915 -
assets
Decrease / (Increase) in (3,194,0 - (3,194,023 (5,151,
long term debtors 23) ) 348)
Cash flows from financing 16,980,3 238,587 17,218,939 (891,46
activities 52 2)
Buy back of shares (238,587 238,587 - -
)
Proceeds from / (payment 17,218,9 - 17,218,939 (891,46
of) long term borrowings 39 2)
Net (decrease) increase in (3,295,2 - (3,295,201 2,646,2
cash and cash equivalents 01) ) 47
Cash and cash equivalents 5,747,49 - 5,747,498 3,101,2
at beginning of year 8 51
Cash and cash equivalents 2,452,29 - 2,452,297 5,747,4
at end of year 7 98
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 Liabilit
taxation ies
Hotels and Lodges 91,064,28 1,500,503 151,274,6 29,296,2
7 73 78
Timeshare 24,866,95 10,051,313 46,551,35 16,841,1
6 4 28
Total segments 115,931,2 11,551,816 197,826,0 46,137,4
43 27 06
Unallocated corporate - - 999,563 15,032,8
assets and liabilities 97
Audited 28 February 2010 115,931,2 11,551,816 198,825,5 61,170,3
43 90 03
Reviewed 28 February 2010 115,931,2 11,551,816 198,825,5 61,170,3
43 93 08
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the 2010 annual general meeting of shareholders will
be held on Thursday, 29 July 2010 at 10:00, at the company`s offices at the
Tropicana Hotel, 85 Marine Parade, Durban.
8 July 2010
Durban
Designated Adviser
Exchange Sponsors
Date: 08/07/2010 09:02:01 Produced by the JSE SENS Department.
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