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GDF
GDF
GDF - Gold Reef Resorts - Reviewed financial results for the year ended 31
December 2010
Gold Reef Resorts
(Incorporated in the Republic of South Africa)
"Gold Reef" or "the Company" or "the Group"
Registration number 1989/002108/06
Share Code: GDF
ISIN: ZAE000028338
REVIEWED FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2010
INTRODUCTION
The merger of Gold Reef and Tsogo Sun Holdings (Pty) Ltd ("Tsogo") became
effective on 24 February 2011 with the new majority shareholders being Tsogo
Investment Holding Company (Pty) Ltd and SABSA Holdings (Pty) Ltd. As a
consequence of the merger the board of Gold Reef ("the Board") has been
reconstituted (see Directorate). The Board approved the change in the financial
year end of the Company to 31 March. Accordingly, the next financial year end
will be 31 March 2012. It is intended to change the name of the company to
"Tsogo Sun Holdings Limited" as soon as possible.
Shareholders are reminded that the financial information contained in these
condensed consolidated provisional financial statements relate to Gold Reef
prior to the merger.
OPERATIONS
As expected, the difficult trading conditions persisted into the second half of
2010 although there were signs of economic improvement during the final quarter,
with trading levels at most Group casinos showing signs of improvement. Overall
the year was challenging with consumer disposable income being impacted by high
levels of household debt and increased utility and municipal charges. Despite
this, the recent improvement in retail spending statistics is indicative of
increasing consumer confidence and potentially further economic recovery in the
medium term.
With these challenging economic conditions, Gold Reef performed well although
Gold Reef City was particularly impacted in tables revenue, which fell
significantly in the Prive leading to tables win decreasing by 21,6% in
comparison to the prior comparative period. Solid performances by all units in
the fourth quarter of 2010 resulted in total Group revenues remaining flat at
R2,2 billion, with food and beverages revenues increasing by 8,6% and hotel
revenues up 60,0% following the successful re-launch of the Gold Reef City Theme
Park Hotel during September 2010. Adjusted EBITDAR decreased 6,8% to R823
million as a result of the operational gearing within the business, arising from
fixed capacity and a consequential inflexible cost base. The Adjusted EBITDAR
margin declined to 37,2% from 39,6% in the prior comparative period.
The Company continued its focus on containing costs throughout the Group with
total operating expenses (excluding Gaming levies, VAT and costs attributable to
corporate activity) increasing by 6,0% from the previous year. The main
contributors to this increase being depreciation, utility and employee costs.
Following the Group refurbishment cycle which included capital expenditure at
Golden Horse Casino and the Theme Park in the current financial year,
depreciation and amortisation increased by 11,4% to R206 million. Employee costs
increased by 8,5% to R521 million.
Legal and corporate advisory fees include non-recurring items of R21 million
relating to the merger with Tsogo as well as legal proceedings relating to the
Carte Blanche dispute.
The decline in HEPS of 23,0% to 101,6 cents is in line with the half-year
performance and is due to the trading circumstances outlined above. Excluding
the effects of the non-recurring legal and advisory costs, Adjusted HEPS fell
14,1% to 108,9 cents.
Net finance costs decreased by R19 million to R114 million as a result of the
combination of declining interest rates and net debt reduction of R167 million
to R905 million. Cash flows in the Group remained strong, generating net cash
from operating activities of R547 million for the year, prior to the payment of
dividends.
Total capex for the year was R189 million, of which R131 million was operational
in order to maintain the standards of the properties. The developmental capex of
R58 million was largely in relation to the Golden Horse Casino refurbishment
which was completed during the 2010 financial year.
GAUTENG
Total Gross Gaming Revenue ("GGR") in Gauteng increased by 1,1% from the
previous comparative period with the majority of the growth attributable to
slots revenue.
Gold Reef City
Total revenue at Gold Reef City declined 3,6% to R925 million which is in line
with the decline in GGR following the marked absence of high roller activity
during the first half of the year. As a result, Adjusted EBITDAR fell by 8,8% to
R330 million and the Adjusted EBITDAR margin reduced to 35,7% from 37,7%
achieved in 2009.
At 31 December 2010, total net debt at the casino was R114 million in comparison
to R157 million in the previous year.
The hotel refurbishment was successfully completed with total capex of R16
million incurred this year. The contribution of hotel revenue in the fourth
quarter of 2010 resulted in Theme Park revenue increasing by 10,7% from the
previous year to R93 million. Excluding the effects of the once-off legal costs
relating to Carte Blanche, Adjusted EBITDAR declined by only R1 million to R6
million. The majority of the decrease relates to an adjustment in property rates
which increased utility costs and is not expected to recur.
Silverstar Casino
Silverstar Casino`s performance was disappointing notwithstanding the difficult
trading environment, producing GGR growth of 0,6% in comparison to the growth in
the Gauteng market of 1,1%. This unit was also impacted by a decline in Prive
activity. In line with this result, total revenue at the casino increased 0,6%
to R546 million. Operating costs were well maintained, however cost pressures
still resulted in margin erosion and Adjusted EBITDAR decreased by 1,9% to R204
million translating to an Adjusted EBITDAR margin of 37,4%.
Total net debt at Silverstar Casino reduced by R108 million to R812 million.
KWAZULU NATAL
Golden Horse Casino
GGR growth at the casino was in line with the provincial market growth of 4,4%.
Revenue of R254 million was up 2,4% for the year with Adjusted EBITDAR declining
by 2,7% to R108 million. The Adjusted EBITDAR margin came in 2,3pp lower for the
year at 42,5%.
WESTERN CAPE
Total GGR in the Western Cape grew by 1,9% from 2009 levels and by 4,5% in the
second half of 2010, which is an encouraging sign of economic recovery given
that this was the first province to be impacted by the economic recession.
Mykonos Casino
Mykonos Casino performed well with GGR growth of 4,4% for the year exceeding the
market average. Total revenue increased by 3,5% to R118 million with the casino
maintaining its Adjusted EBITDAR at R47 million. The slight decline in the
Adjusted EBITDAR margin to 39,8% was mainly due to costs associated with the
introduction of smart-card gaming.
Garden Route Casino
Garden Route Casino did not benefit from the growth in the market during the
second half of 2010 and in fact experienced its most challenging trading
conditions over this period with tables and slots GGR declining by 7,8% and 8,1%
respectively. This casino ordinarily trades well over the December period
following an influx of holiday-makers to the area. Given that consumers were
cautious with their disposable income over the festive season with few choosing
to travel, Garden Route Casino`s revenue levels suffered. Total revenue fell
4,4% to R153 million and Adjusted EBITDAR fell 9,9% to R64 million resulting in
an Adjusted EBITDAR margin of 41,8%.
FREE STATE
Goldfields Casino
Revenue at Goldfields Casino increased marginally to R120 million. The cost
impact of introducing smart-card gaming caused Adjusted EBITDAR to decline by
1,9% to R51 million resulting in an Adjusted EBITDAR margin of 42,5%.
The adjacent shopping centre development was successfully completed and opened
for trade during October 2010. Even though footfall to the casino has not
increased significantly, the centre is expected to attract patrons from areas
surrounding Welkom and over time, this will hopefully have a positive impact on
the casino.
EASTERN CAPE
Queens Casino
Queens Casino performed satisfactorily with GGR increasing by 4,6%. Total
revenue increased 3,9% to R53 million while Adjusted EBITDAR remained flat at
R12 million. The Adjusted EBITDAR margin declined marginally from 23,5% in 2009
to 22,6%.
BOTSWANA
This project is still in the development phase, however trading is expected to
commence during the second half of 2011. Gold Reef has a 50% interest in the
gaming operation which forms part of a larger development including a hotel,
food and beverage facilities as well as retail outlets. At 31 December 2010,
Gold Reef`s investment in the venture amounted to R6 million.
DIRECTORATE
Following the merger of Gold Reef and Tsogo, the Board was reconstituted as
follows:
1. The following directors resigned from the Board effective from 24 February
2011:
Director Designation/Capacity
EN Banda Chairman
MG Diliza Independent non-executive director
JC Farrant Independent non-executive director
JS Friedman Chief Financial Officer
SB Joffe Chief Executive Officer
MZ Krok Independent non-executive director
S Krok Alternate director
ZJ Matlala Independent non-executive director
C Neuberger Chief Operating Officer
TM Sadiki Human Resources Director
PCM September Non-executive director
P Vallet Non-executive director
2. The following appointments to the Board were effective from 24 February
2011 and consequently the Board is constituted as follows:
Director Designation/Capacity
JA Copelyn # Chairman and Non-executive director
JA Mabuza Chief Executive Officer
MN von Aulock Chief Financial Officer
RA Collins Managing Director - Tsogo Sun Gaming
GI Wood Managing Director - Southern Sun
Hotels
MJA Golding Non-executive director
JM Kahn Non-executive director
EAG Mackay # Non-executive director
VE Mphande Non-executive director
JG Ngcobo #, Independent non-executive director
RG Tomlinson #, Independent non-executive director,
lead independent director
A van der Veen Non-executive director
PJ Venison #, Independent non-executive director
MI Wyman Non-executive director
# Member of the Remuneration committee
Member of the Audit and Risk committee
PROSPECTS
Should the expected medium-term recovery in the economy occur with consumer
confidence and spending increasing accordingly, the merged company is well
placed to benefit. With 14 casinos in six South African provinces and
approximately 94 hotels both locally and internationally, the asset portfolio of
the combined group will afford shareholders the opportunity to benefit from
earnings as well as geographical and market segment diversification.
DIVIDEND
The Board intends declaring a dividend, based on the combined earnings of Gold
Reef and Tsogo and further announcements in this regard will be made after the
Tsogo results for the year ended 31 March 2011 have been finalised.
JA Mabuza
Chief Executive Officer
MN von Aulock
Chief Financial Officer
On behalf of the Board
16 March 2011
CONDENSED CONSOLIDATED INCOME STATEMENT
Reviewed for Audited for
the year ended the year
31 Dec 2010 ended 31 Dec
2009
% Rm Rm
Revenue (0,8) 2 211 2 229
Net gaming win (1,5) 2 033 2 065
Theme Park 2,8 74 72
Food and beverage 8,6 38 35
Other 15,8 66 57
Other income 4 15
2 215 2 244
Gaming levies and VAT (408) (412)
Employee costs (521) (480)
Promotional and marketing costs (144) (140)
Depreciation and amortisation (206) (185)
Other operating expenses (359) (336)
Operating profit (16,5) 577 691
Finance income 30 38
Finance costs (144) (171)
Profit before equity accounted
earnings 463 558
Share of loss in associate (4) (5)
Profit before taxation (17,0) 459 553
Taxation expense (166) (180)
Profit for the year (21,4) 293 373
Profit attributable to:
Equity holders of Gold Reef (21,9) 281 360
Non-controlling interest (7,7) 12 13
(21,4) 293 373
Number of shares in issue (000) 292 344 291 990
Weighted average number of
shares in issue (000) 276 487 275 291
Basic earnings per share (cents) (22,3) 101,6 130,8
Diluted earnings per share (22,3) 101,6 130,8
(cents)
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Reviewed for Audited for
the year ended the year ended
31 Dec 2010 31 Dec 2009
Rm Rm
Profit for the year 293 373
Other comprehensive income for the
year, net of tax 5 15
Fair value gain on interest rate 5 7
hedge
Fair value gain/(loss) on foreign
exchange hedge * *
Income tax relating to components of
other comprehensive income * 8
Total comprehensive income for the 298 388
year
Total comprehensive income
attributable to:
Equity holders of Gold Reef 286 375
Non-controlling interest 12 13
298 388
* Amount less than R1 million.
CONDENSED CONSOLIDATED BALANCE SHEET
Reviewed at 31 Audited at 31
Dec 2010 Dec 2009
Rm Rm
Assets
Non-current assets
Property, plant and equipment 2 512 2 547
Leasehold improvements 151 138
Intangible assets 1 182 1 185
Deferred income tax assets 14 13
Investment in joint venture 6 -
Investment in associate 24 23
Share scheme 53 47
3 942 3 953
Current assets
Inventories 22 19
Trade and other receivables 40 42
Current tax assets 1 2
Amounts owing by related parties * *
Cash and cash equivalents 421 440
484 503
Total assets 4 426 4 456
Equity and liabilities
Capital and reserves
Share capital 6 6
Share premium 1 866 1 860
Treasury shares (54) (58)
1 818 1 808
Share-based payment reserve 394 389
Other reserves (539) (545)
Retained earnings 1 079 979
2 752 2 631
Non-controlling interest 45 45
Total equity 2 797 2 676
Non-current liabilities
Interest-bearing borrowings 1 131 1 325
Deferred income tax liabilities 76 64
Derivative financial instruments - 9
Cash-settled share incentive scheme
liability 5 4
1 212 1 402
Current liabilities
Trade and other payables 167 153
Provisions 48 34
Current portion of interest-bearing
borrowings 194 187
Current income tax liabilities 6 4
Amounts owing to related parties 1 *
Bank overdraft 1 *
417 378
Total equity and liabilities 4 426 4 456
*Amount less than R1 million
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Retained Total
capital net earnings attributable
of treasury
to equity
shares Reserves holders of
Gold Reef
Rm Rm Rm Rm
Balance at 1 January 1 795 (183) 799 2 411
2009
Total comprehensive - 15 360 375
income for the year
ended 31 December 2009
Profit for the year - - 360 360
Fair value gain on - 15 - 15
interest rate hedge,
net of tax
Fair value loss on * - *
foreign exchange -
hedge, net of tax
Recognition of share- - 6 - 6
based payments
Net movement between 13 6 - 19
share scheme and
participants
Dividends paid - - (180) (180)
Dividends paid to non- - - - -
controlling interests
by subsidiaries
Balance at 31 December 1 808 (156) 979 2 631
2009
Total comprehensive - 5 281 286
income for the year
ended 31 December 2010
Profit for the year - - 281 281
Fair value gain on
interest rate hedge, - 5 - 5
net of tax
Fair value gain on
foreign exchange - * - *
hedge, net of tax
Issue of shares 6 - - 6
Recognition of share- - 6 - 6
based payments
Net movement between 4 * - 4
share scheme and
participants
Dividends paid - - (181) (181)
Dividends paid to non- - - - -
controlling interests
by subsidiaries
Balance at 31 December 1 818 (145) 1 079 2 752
2010
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
Non-controlling Total equity
interest
Rm Rm
Balance at 1 January 2009 43 2 454
Total comprehensive income for 13 388
the year ended 31 December 2009
Profit for the year 13 373
Fair value gain on interest - 15
rate hedge, net of tax
Fair value loss on foreign *
exchange hedge, net of tax -
Recognition of share-based - 6
payments
Net movement between share - 19
scheme and participants
Dividends paid - (180)
Dividends paid to non-
controlling interests by
subsidiaries (11) (11)
Balance at 31 December 2009 45 2 676
Total comprehensive income for 12 298
the year ended 31 December 2010
Profit for the year 12 293
Fair value gain on interest
rate hedge, net of tax - 5
Fair value gain on foreign
exchange hedge, net of tax - *
Issue of shares - 6
Recognition of share-based
payments - 6
Net movement between share - 4
scheme and participants
Dividends paid - (181)
Dividends paid to non- (12) (12)
controlling interests by
subsidiaries
Balance at 31 December 2010 45 2 797
* Reserves comprise Share-based payment reserve and Other reserves. These
reserves are disclosed separately on the balance sheet.
* Amount less than R1 million.
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Reviewed for the Audited for
year ended 31 the year ended
Dec 2010 31 Dec 2009
Rm Rm
Cash flow from operating activities
Profit before taxation 459 553
Non-cash items and other adjustments 343 335
802 888
Decrease/(increase) in net current
assets 12 (37)
Cash flow from operating activities 814 851
Finance income 30 39
Finance costs (144) (156)
Taxation paid (153) (168)
Dividend paid (181) (180)
Net cash generated from operating
activities 366 386
Cash flow from investing activities
Additions to property, plant and
equipment (171) (186)
Additions to leasehold improvements (18) (20)
Investment in intangibles - *
Proceeds from disposal of property,
plant and equipment 8 2
Loans (advanced to)/repaid by
associate (5) 3
Investment in joint venture (2) -
Loans advanced to joint venture (4) -
Loans (advanced to)/repaid by related
parties * 1
Net cash utilised in investing
activities (192) (200)
Cash flow from financing activities
Issue of shares 6 -
Shares issued by share scheme 5 19
Increase in share scheme loans (6) (14)
Dividends and loan repayments to
outside shareholders (12) (11)
Decrease in interest-bearing
borrowings (187) (183)
Net cash utilised in financing
activities (194) (189)
Net decrease in cash and cash
equivalents (20) (3)
Cash and cash equivalents at beginning
of year 440 443
Cash and cash equivalents at end of
year 420 440
* Amount less than R1 million.
ADDITIONAL INFORMATION
Reviewed for
the year Audited for
ended 31 Dec the year ended
2010 31 Dec 2009
% Rm Rm
EBITDAR RECONCILIATION
Operating profit 577 691
Property and equipment rental 19 21
Depreciation and amortisation 206 185
EBITDAR (10,6) 802 897
Weighted average number of
shares in issue (000) 276 487 275 291
EBITDAR per share (cents) (11,0) 290,1 325,8
EBITDAR margin (%) 36,3 40,2
ADJUSTED EBITDAR RECONCILIATION
EBITDAR 802 897
Transactions relating to
corporate activity 21 (14)
Adjusted EBITDAR (6,8) 823 883
Weighted average number of
shares in issue (000) 276 487 275 291
Adjusted EBITDAR per share (7,2)
(cents) 297,7 320,8
Adjusted EBITDAR margin (%) 37,2 39,6
HEADLINE EARNINGS RECONCILIATION
Attributable profit for the year 281 360
Profit on sale of financial
instruments - *
Impairment of property, plant
and equipment - 1
Loss on sale of property, plant
and equipment * 2
Headline earnings (22,6) 281 363
Weighted average number of
shares in issue (000) 276 487 275 291
Headline earnings per share (23,0)
(cents) 101,6 131,9
Diluted headline earnings per (23,0)
share (cents) 101,6 131,9
ADJUSTED HEADLINE EARNINGS
RECONCILIATION
Headline earnings 281 363
Transactions relating to
corporate activity 20 (14)
Adjusted Headline earnings (13,8) 301 349
Weighted average number of
shares in issue (000) 276 487 275 291
Adjusted Headline earnings per 14,1
share (cents) 108,9 126,8
* Amount less than R1 million.
NOTES TO THE REVIEWED PROVISIONAL FINANCIAL STATEMENTS
1. BASIS OF PREPARATION
The condensed consolidated provisional financial statements for the year ended
31 December 2010 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 or its successor and the
requirements of the South African Companies Act. The accounting policies are in
terms of IFRS as well as materially similar to those applied in the most recent
audited annual financial statements as at 31 December 2009. The condensed
consolidated provisional financial information should be read in conjunction
with the annual financial statements for the year ended 31 December 2009, which
have been prepared in accordance with IFRS.
The condensed consolidated provisional financial statements as at 31 December
2010, and for the year then ended, 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 conclusion is available for inspection at the Company`s
registered office.
In addition to earnings per share ("EPS") and headline earnings per share
("HEPS"), Gold Reef has chosen to report 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.
2. ACCOUNTING POLICIES
The accounting policies applied are consistent with those of the annual
financial statements for the year ended 31 December 2009, as described in those
annual financial statements.
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, Adjusted EBITDAR, cash flow and debt.
SEGMENTAL ANALYSIS
Revenue Revenue Revenue Adjusted Adjusted Adjusted
EBITDAR EBITDAR EBITDAR
2010 2009 2010 2009
Rm Rm % Rm Rm %
Gold Reef City 925 960 (3,6) 330 362 (8,8)
Casino
Gold Reef City 93 84 10,7 6 7 (14,3)
Theme Park
Silverstar Casino 546 543 0,6 204 208 (1,9)
Golden Horse 254 248 2,4 108 111 (2,7)
Casino
Mykonos Casino 118 114 3,5 47 47 -
Garden Route 153 160 (4,4) 64 71 (9,9)
Casino
Goldfields Casino 120 119 0,8 51 52 (1,9)
Queens Casino 53 51 3,9 12 12 -
Gold Reef 67 70 (4,3) 2 14 (85,7)
Management
Gold Reef Resorts - - 206 229 (10,0)
Consolidation and (118) (120) 1,7 (207) (230) 10,0
other Group
companies>
2 211 2 229 (0,8) 823 883 (6,8)
SEGMENTAL ANALYSIS (CONTINUED)
Adjusted Adjusted Assets Assets Assets Assets
EBITDAR EBITDAR Non- Non-
Margin Margin Current Current Current Current
2010 2009 2010 2009 2010 2009
% % Rm Rm Rm Rm
Gold Reef City 35,7 37,7 1 097 1 082
Casino 128 138
Gold Reef City 6,5 8,3 4 19
Theme Park 13 17
Silverstar Casino 37,4 38,3 994 1 036 320 305
Golden Horse 42,5 44,8 231 202 50 36
Casino
Mykonos Casino 39,8 41,2 58 57 24 24
Garden Route 41,8 44,4 115 124 34 34
Casino
Goldfields Casino 42,5 43,7 118 120 21 21
Queens Casino 22,6 23,5 96 104 8 10
Gold Reef 3,0 20,0 2 1
Management 113 115
Gold Reef Resorts 2 824 2 819 169 186
Consolidation and (1 597) (1 611)
other Group
companies> (396) (383)
37,2 39,6 3 942 3 953 484 503
SEGMENTAL ANALYSIS (CONTINUED)
Total Total assets Cash on hand Cash on hand
assets
2010 2009 2010 2009
Rm Rm Rm Rm
Gold Reef City 1 225 1 220 17 32
Casino
Gold Reef City 17 36 5 6
Theme Park
Silverstar Casino 1 314 1 341 303 291
Golden Horse 281 238 21 28
Casino
Mykonos Casino 82 81 18 17
Garden Route 149 158 9 29
Casino
Goldfields Casino 139 141 7 16
Queens Casino 104 114 4 7
Gold Reef 115 116 15 13
Management
Gold Reef Resorts 2 993 3 005 24 4
Consolidation and (1 993) (1 994) (3) (3)
other Group
companies>
4 426 4 456 420 440
SEGMENTAL ANALYSIS (CONTINUED)
Debt Debt Debt Total Total
debt debt
net of net of
Debt cash cash
Non- Non- Current
Current Current Current
2010 2009 2010 2009 2010 2009
Rm Rm Rm Rm Rm Rm
Gold Reef City (73) (131) (58) (157)
Casino (58) (114)
Gold Reef City - - - 6
Theme Park - 5
Silverstar Casino (1 012) (1 115) (103) (96) (812) (920)
Golden Horse (17) (29) (12) (12) (8) (13)
Casino
Mykonos Casino - - - - 18 17
Garden Route (10) (18) (8) (8) (9) 3
Casino
Goldfields Casino (19) (32) (13) (13) (25) (29)
Queens Casino (41) (45) (4) (4) (41) (42)
Gold Reef - - - 13
Management - 15
Gold Reef Resorts - - - - 24 4
Consolidation and
other Group
companies> 41 45 4 4 42 46
(1 131) (1 325) (194) (187) (905) (1 072)
SEGMENTAL ANALYSIS (CONTINUED)
Capex Capex Capex Capex
Develop- Develop- Operat- Operat- Total Total
mental mental ional ional Capex Capex
2010 2009 2010 2009 2010 2009
Rm Rm Rm Rm Rm Rm
Gold Reef City - - 59 38 59 38
Casino
Gold Reef City 16 13 9 7
Theme Park 25 20
Silverstar Casino - - 13 14 13 14
Golden Horse 41 46 18 18 59 64
Casino
Mykonos Casino - 4 11 6 11 10
Garden Route 1 50 12 2 13 52
Casino
Goldfields Casino - - 9 7 9 7
Queens Casino * - 3 2 3 2
Gold Reef - - * *
Management * *
Gold Reef Resorts - - - - - -
Consolidation and * - (3) (1)
other Group
companies> (3) (1)
58 113 131 93 189 206
* Gold Reef Management`s revenue relates primarily to inter-segmental revenue
which elminates on consolidation.
> Included in Consolidation and other group companies is the elimination of
Queens Casino`s results due to it being equity accounted.
* Amount less than R1 million.
Directors: JA Copelyn (Chairman)*; JA Mabuza (Chief Executive Officer); MN von
Aulock (Chief Fianancial Officer); RA Collins; MJA Golding*; JM Kahn*; EAG
Mackay*; VE Mphande*; JG Ngcobo>; RG Tomlinson (Lead Independent)>; A van der
Veen*; PJ Venison>#; GI Wood; MI Wyman*#
*Non-Executive Director
>Independent Director
*British
Company secretary: W van Wyngaardt
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.
Johannesburg
17 March 2011
Sponsor: Deutsche Securities (SA) (Proprietary) Limited.
Date: 17/03/2011 08:35:00 Produced by the JSE SENS Department.
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