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GDN
GDN
GDN - Gooderson Leisure Corporation Limited - Unaudited condensed interim
results for the six months ended 31 August 2010
Gooderson Leisure Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1972/004241/06)
(Share Code: GDN ISIN Code: ZAE000084984)
("Gooderson", "the company" or "the group")
UNAUDITED CONDENSED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2010
SALIENT RESULTS
Revenue down 22% to R44.886 million
EBITDA down 48% to R5.377 million
Net asset value per share up 3% to 114.55 cents
Statement of financial position
Unaudited Unaudited Audited
31 Aug 2010 31 Aug 2009 28 Feb 2010
R`000 R`000 R`000
ASSETS
Non current assets 174 985 169 598 175 451
Property, plant and equipment 146 158 142 774 147 689
Timeshare Development assets 8 915 6 826 8 287
Investment in associate 176 514 -
Goodwill 999 999 999
Financial assets 643 901 622
Timeshare Debtors 18 094 17 584 17 854
Current assets 16 691 20 832 23 375
Inventories 1 652 2 245 1 618
Trade and other receivables 11 076 16 948 18 678
Short term loans 175 175 175
Cash and cash equivalents 3 788 1 464 2 904
Total assets 191 676 190 430 198 826
EQUITY AND LIABILITIES
Equity capital and reserves 138 265 135 021 137 654
Share capital and premium 16 393 16 632 16 393
Retained earnings 65 487 62 327 64 933
Non-distributable reserves 56 385 56 062 56 328
Non current liabilities 30 464 30 078 33 789
Long term liabilities 11 143 8 936 14 428
Deferred taxation 13 930 15 134 13 930
Deferred revenue 5 391 6 008 5 431
Current liabilities 22 947 25 331 27 383
Current portion of long term 6 952 3 345 7 540
liabilities
Taxation 318 968 1 103
Trade and other payables 15 230 17 112 17 717
Deferred revenue 326 326 572
Bank overdraft 121 3 580 451
Total equity and liabilities 191 676 190 430 198 826
Shares in issue at period end 120 660 000 120 990 000 120 990 000
Net asset value per (cents) 114.55 111.60 113.77
share
Net tangible asset (cents) 113.72 110.77 112.95
value per share
Statement of comprehensive income
Unaudite Unaudite Change Audited
d d % 28 Feb
31 Aug 31 Aug 2010
2010 2009 R`000
R`000 R`000
Revenue 44 886 57 845 (22) 115 931
Net operating expenses (39 509) (47 467) (97 617)
EBITDA 5 377 10 378 (48) 18 314
Net finance costs (738) (82) (1051)
Income from associate 176 284 -
Depreciation and impairment (4 114) (2 774) 48 (5 712)
Profit before tax 701 7 806 11 551
Taxation 147 2 667 3 606
Normal taxation 147 2 186 3 125
Secondary tax on companies - 481 481
Profit for the year 554 5 139 (89) 7 945
Other comprehensive income - - -
Total comprehensive income 554 5 139 (89) 7 945
Headline earnings 554 5 139 7 888
Weighted average number of 120 660 120 990 120 990
shares in issue 000 000 000
Basic earnings per share 0.46 4.25 (89) 6.57
(cents)
Diluted earnings per share - - 6.31
(cents)
Headline earnings per share 0.46 4.25 (89) 6.52
(cents)
Diluted headline earnings per - - 6.36
share (cents)
Statement of cash flows
Unaudited Unaudited Audited
31 Aug 31 Aug 28 Feb
2010 2009 2010
R`000 R`000 R`000
Cash flows from operating activities 8 083 5 585 4 155
Cash flows from investing activities (2 995) (15 982) (24 430)
Cash flows from financing activities (3 873) 2 534 16 980
Net movement in cash and cash 1 215 (7 863) (3 295)
equivalents
Cash and cash equivalents at 2 452 5 747 5 747
beginning of the period
Cash and cash equivalents at end of 3 667 (2 116) 2452
the period
SEGMENTAL REPORT
31 AUGUST 2010 - UNAUDITED
Revenue EBITDA Assets Liabilities
R`000 R`000 R`000 R`000
Hotels and lodges 37 094 605 145 906 27 111
Timeshare 7 792 4 772 44 771 12 051
Total segments 44 886 5 377 190 677 39 162
Unallocated corporate assets and - - 999 14 249
liabilities (goodwill and deferred
tax)
Total 44 886 5 377 191 676 53 411
SEGMENTAL REPORT
31 AUGUST 2009 - UNAUDITED
Revenue EBITDA Assets Liabilities
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 and - - 999 15 134
liabilities (goodwill and deferred
tax)
Total 57 845 10 378 190 430 55 409
Statement of changes in equity
Share Share Total Share Reva Total Retained Total
capital premium share based Lua re income equity
capital payment tion serves
reserve re
serve
R`000 R`000 R`000 R`000 R`000 R`000 R`000 R`000
Balance at 1 16 631 16 632 114 56 102 56 216 61 646 134 494
1 March
2009
Net profit - - - - - - 5 139 5 139
for the
period
Dividend - - - - - - (4 658) (4 658)
paid
Share - - - 46 - 46 - 46
based
payment
reserves
movements
Reserve - - - - (200) (200) 200 -
realised
on
depreciati
on of
properties
Balance at 1 16 631 16 632 160 55 902 56 062 62 327 135 021
31 August
2009
Total - - - - - - 2 806 2 806
comprehens
ive income
for the
year
Purchase - (239) (239) - - - - (239)
of own /
treasury
shares
Share - - - 66 - 66 - 66
based
payments
reserves
movements
Reserve - - - - 200 200 (200) -
reversed
on
depreciati
on of
properties
Dividends - - - - - - - (4 658)
Balance at 1 16 392 16 393 226 56 102 56 328 64 933 137 654
1 March
2010
Net profit - - - - - - 554 554
for the
period
Dividend - - - - - - - -
paid
Share - - - 57 - 57 - 57
based
payments
reserves
movements
Balance at 1 16 392 16 393 283 56 102 56 385 65 487 138 265
31 August
2010
COMMENTARY
OVERVIEW AND FINANCIAL RESULTS
The group experienced very difficult trading conditions in the first six
months of the financial year with the economy showing limited signs of
recovery.
The recession has had a tremendous negative impact on the tourism industry and
this in conjunction with the disappointing hotel occupancies during the FIFA
Soccer World Cup resulted in a substantial decrease in revenue and profits
compared to the same period last year.
The board of directors considers it unfortunate that the recession caught the
group well into its extensive refurbishment and upgrade of the two recent
acquisitions being Sanrock Resort and Conference Centre in Modimolle, Limpopo
and Fabz Estate Hotel and Restaurant in Lonehill, Johannesburg.
The unaudited interim results of Gooderson Leisure Corporation for the six
months ended 31 August 2010 reflected a decline in group revenue of 22% to
R44.886 million compared to the same period last year, while group profits
attributable to ordinary shareholders decreased by 89% from R5.139 million to
R553,614. With the exclusion of two newly acquired properties; Sanrock and
Fabz hotel operations which incurred losses of R3.1 million, group profits
would have been R2.741 million, being 47% down on last year and EBITDA would
have been 18% down on last year as well. EBITDA of R5.377 million was 48%
down on last year and the EBITDA margin was six percentage points down on last
year to 12%. Depreciation charges were 48% up on last year primarily due to
the extensive refurbishment and upgrade. The net asset value and net tangible
asset value have both increased by 3% from 111.60 to 114.55 cents per share
and 110.77 to 113.72 cents per share respectively.
The group`s response to the economic recession and declining revenues has been
to focus on containing cost increases, restructuring areas of the business
that have been underperforming and have adopted strategies to enhance their
performance.
The revenues and profitability of the two Durban Hotels were considerably down
compared to the same period last year due to limited spend by government,
corporate conferences and a decline in local and international tourism. The
timeshare division still performs well in spite of the tough trading
conditions. The group also has an inhouse finance company that provides
finance to prospective timeshare clients, which was also affected by the
recession resulting in an additional impairment charge of 10% of finance deals
being written off.
BOARD MEMBERSHIP
The board said farewell to executive director Miss Glynis Lello on 26 February
2010. Mrs Nompumelelo Hazel Radebe was appointed as a non-executive director
on 19 July 2010.
DEVELOPMENTS AND REFURBISHMENT
The group has recently completed the construction of five timeshare units at
Natal Spa Hot Springs Resort which has been released for occupation. The
final phase of the Tropicana Hotel in Durban`s beachfront will be upgraded in
February 2011.
PROSPECTS
There is a major improvement in the groups advanced timeshare sales and hotel
occupancies in the second half of this financial year in spite of the slow
economic trading conditions. With the recent upgrade of the Durban beachfront
to international standards, the two hotels, Tropicana and Beach are well
positioned to capitalise on any improvements in the economy.
Historically the group trades substantially better during the second half of
the financial year.
POST BALANCE SHEET EVENTS
The transfer of the Fabz Estate Hotel and Restaurant should be finalised by
the end of February 2011.
DIVIDENDS
The board has resolved not to declare dividends due to the tough economic
trading conditions and the cost of the two recent acquisitions
SPECIAL THANKS
We take the opportunity to thank our customers, suppliers and business
partners and most importantly our shareholders for their loyalty and support.
A special note of appreciation is also extended to our management team and
staff for their unquestionable commitment to the
group.
By order of the Board.
Alan Gooderson Rajen Nannoolal
Chief Executive Officer Financial Director
29 October 2010
CONDENSED NOTES TO THE UNAUDITED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS
ENDED
31 AUGUST 2010
BASIS OF PREPARATION
The unaudited condensed consolidated interim financial statements for the six
months ended 31 August 2010 have been prepared in accordance with IAS 34 -
Interim financial reporting and in the manner required by the Companies Act.
The condensed consolidated interim financial statements should be read in
conjunction with the annual financial statements for the year ended
28 February 2010, which have been prepared in accordance with International
Financial Reporting Standards (IFRS).
This interim report has not been audited or reviewed by Gooderson`s auditors.
ACCOUNTING POLICIES
The accounting policies applied are consistent with those of the annual
financial statements for the financial year ended
28 February 2010.
SEGMENT INFORMATION
The group operates two main business segments - Hotels and Lodges and develops
and manages timeshare resorts.
The executive directors assess the performance of the operating segments as
each of these operating segments is managed separately.
Corporate Information
Executive AW Gooderson, C M De Klerk, C L Gooderson, R Nannoolal, G M
Directors Castleman
Non Executive M A Pottier, B R Warmback, N H Radebe
Directors
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 First National Bank Limited Acacia House, 8 Rydall Vale
Bankers: Park, Douglas Saunders Drive, La Lucia Ridge, 4320 Tel:
+27 31 580 6000 Fax: +27 31 580 6045
Transfer Computershare Investor Services (Pty) Ltd 70 Marshall
Secretaries: Street, Johannesburg, 2001
Tel: +27 11 370 5000 Fax: +27 11 688 5210
Designated Exchange Sponsors (2008) (Pty) Ltd 44A Boundary Road Inanda,
Adviser: 2196
Tel : +27 11 8802113 Fax: +27 11 447 4824
Company R Nannoolal
Secretary:
Company`s www.goodersonleisure.co.za
Website:
Date: 29/10/2010 12:00:03 Produced by the JSE SENS Department.
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