| Wed 2 Mar 2011, 15:54 | | GDF - Gold Reef Resorts Limited - Trading Statement |
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GDF
GDF
GDF - Gold Reef Resorts Limited - Trading Statement
Gold Reef Resorts Limited
Incorporated in the Republic of South Africa
(Registration number 1989/002108/06)
Share code: GDF ISIN: ZAE000028338
("Gold Reef" or "the Company")
TRADING STATEMENT
In terms of the JSE Limited Listings Requirements, companies are required to
publish a trading statement as soon as they are satisfied that a reasonable
degree of certainty exists that the financial results for the period to be
reported upon next will differ by at least 20% from the previous comparative
period.
In addition to earnings per share ("EPS") and headline earnings per share
("HEPS"), the Company intends publishing adjusted headline earnings per
share ("Adjusted HEPS") and adjusted earnings before interest, tax,
depreciation, amortisation and rentals ("Adjusted EBITDAR") for the twelve
months ended 31 December 2010 and for the prior corresponding reporting
period. The Company is of the opinion that the publication of Adjusted HEPS
and Adjusted EBITDAR will assist the understanding of year-on-year trading
results. Adjusted HEPS and Adjusted EBITDAR were not previously published at
31 December 2009.
In arriving at Adjusted HEPS and Adjusted EBITDAR, adjustments were made to
headline earnings and earnings before interest, tax, depreciation,
amortisation and rentals ("EBITDAR") to eliminate non-recurring transactions
relating to corporate activity, primarily advisory fees and legal costs.
Gold Reef expects EPS and HEPS for the twelve months ended 31 December 2010
to be 20% to 25% lower than that of the prior comparative period while
Adjusted HEPS is expected to be 12% to 17% lower than the prior comparative
period. EBITDAR and Adjusted EBITDAR are expected to be 7% to 12% and 5% to
10% lower, respectively, than that of the prior corresponding period.
The above information relates to Gold Reef prior to the merger of the
respective Tsogo Sun Holdings (Proprietary) Limited and the Gold Reef gaming
and hotel businesses and has not been reviewed or reported on by the
Company`s auditors. The Company`s results for the twelve months ended 31
December 2010 are expected to be published on or about 17 March 2011.
Johannesburg
2 March 2011
Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Date: 02/03/2011 15:54:00 Produced by the JSE SENS Department.
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