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GDN
GDN
GDN - Gooderson - Unaudited Condensed Interim Results for the six months ended
31 August 2011
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 2011
SALIENT RESULTS
- Revenue up 10% to R49.502 million
- EBITDA up 16% to R6.250 million
- HEPS up 59%
- NAV and NTAV up 3%
- Total cash on hand up 60%
STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
31 Aug 31 Aug 28 Feb
2011 2010 2011
R`000 R`000 R`000
ASSETS
Non current assets 182 717 174 985 188 862
Property, plant and equipment 161 806 146 158 163 449
Goodwill 999 999 999
Investment in associate 347 176 217
Timeshare development assets 9 408 8 915 9 572
Long term debtors 10 157 18 094 13 953
Financial asset - 643 672
Current assets 24 427 16 691 22 110
Inventories 1 875 1 652 1 386
Other financial assets 175 175 175
Trade and other receivables 15 934 11 076 15 158
Cash and cash equivalents 6 443 3 788 5 390
Total assets 207 144 191 676 210 972
EQUITY AND LIABILITIES
Equity capital and reserves 141 218 138 265 140 316
Share capital 16 393 16 393 16 393
Reserves 56 436 56 385 56 436
Retained income 68 389 65 487 67 487
Non current liabilities 39 675 30 464 45 293
Other financial liabilities 22 352 11 143 27 216
Deferred income 4 574 5 391 4 859
Deferred tax 12 749 13 930 13 218
Current liabilities 26 250 22 947 25 363
Other financial liabilities 9 705 6 952 6 665
Current tax payable 390 318 1 106
Trade and other payables 15 011 15 230 16 891
Deferred income 572 326 572
Bank overdraft 572 121 129
Total equity and liabilities 207 144 191 676 210 972
Shares in issue at period end 120 000 120 660 120,660,00
000 000 0
Net asset value per (cents) 117.68 114.55 116.29
share
Net tangible asset (cents) 116.85 113.72 115.46
value per share
STATEMENT OF COMPREHENSIVE INCOME
Unaudite Unaudite Audited
d d 28 Feb
31 Aug 31 Aug 2011
2011 2010 R`000
R`000 R`000
Revenue 49 502 44 886 97 093
Net operating expenses (43 252) (39 509) (86 249)
EBITDA 6 250 5 377 10 844
Net finance costs (1 500) (738) (1 810)
Income from associate 130 176 217
Depreciation and impairment (3 658) (4 114) (6 312)
Profit before tax 1 222 701 2 939
Taxation (321) (147) (385)
Profit for the year 901 554 2 554
Other comprehensive income - - -
Total comprehensive income 901 554 2 554
Weighted average number of shares in 120 000 120 660 120 660
issue 000 000 000
Basic earnings per share (cents) 0.75 0.46 2.12
Diluted earnings per share (cents) 0.72 0.44 2.04
Headline earnings per share (cents) 0.73 0.46 2.10
Diluted headline earnings per share 0.70 0.44 2.03
(cents)
STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
31 Aug 31 Aug 28 Feb
2011 2010 2011
R`000 R`000 R`000
Cash flows from operating activities 5 694 8 083 10 380
Cash flows from investing activities (1 923) (2 995) (19 485)
Cash flows from financing activities (3 162) (3 873) 11 913
Net movement in cash and cash 609 1 215 2 808
equivalents
Cash and cash equivalents at 5 261 2 452 2 452
beginning of the period
Cash and cash equivalents at end of 5 870 3 667 5 260
the period
SEGMENTAL REPORT
31 AUGUST 2011 - UNAUDITED
Revenue EBITDA Assets Liabilities
R`000 R`000 R`000 R`000
Hotels and lodges 43 408 3 705 169 826 41 470
Timeshare 6 094 2 545 36 319 11 316
Total segments 49 502 6 250 206 145 52 786
Unallocated corporate assets and - - 999 13 139
liabilities (goodwill and
deferred tax)
Total 49 502 6 250 207 144 65 925
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
STATEMENT OF CHANGES IN EQUITY
Share Share Total Share Revalua- Total Retaine Total
capi- premium share based tion rese- d Equity
tal capital paymen reserve rves income
t
reserv
e
Group R`000 R`000 R`000 R`000 R`000 R`000 R`000 R`000
Balance 1 16 392 16 393 226 56 102 56 328 64 933 137 655
at 01
March
2010
Changes
in equity
Total - - - - - - 2 554 2 554
compre-
hensive
income
for the
year
Share - - - 107 - 107 - 107
based
payments
reserve
movements
Total - - - 107 - 107 2 554 2 661
changes
Balance 1 16 392 16 393 334 56 102 56 436 67 487 140 316
at 1
March
2011
Changes
in equity
Total - - - - - - 902 902
compre-
hensive
income
for the
year
Total - - - - - - 902 902
changes
Balance 1 16 392 16 393 334 56 102 56 436 68 389 141 218
at 31
August
2011
COMMENTARY
OVERVIEW AND FINANCIAL RESULTS
Despite the slowdown and the overall lack of economic activity, the group
revenue for the six months was better than the same period last year, due to an
increase in government spend in the conference division and a marginal increase
in hotel occupancies.
The number of international tourists visiting our lodges has decreased
dramatically and with Europe being in an economic turmoil, we do not foresee
the situation improving until late 2013.
The unaudited interim results of Gooderson Leisure Corporation for the six
months ended 31 August 2011 reflected a 10% increase in group revenue to
R49.502 million compared to the same period last year, while profits after tax
increased from R554,000 to R880,000, considering last year`s figures included
the Soccer World Cup. Headline earnings per share attributable to shareholders
was 59% up on last year.
EBITDA of R6.250 million was 16% up on last year and the EBITDA margin was one
percentage point up on last year to 13%. Net finance costs increased to R1.5
million from R738,000 mainly due to borrowings to fund the acquisition of Fabz
Estate Hotel and Restaurant.
Depreciation was down 11% due to some of the assets being fully depreciated.
The net asset value and net tangible asset value have both increased by 3% from
114.55 to 117.68 cents per share and 113.72 to 116.85 cents per share
respectively. Cash on hand was up 60% on last year.
With the acquisition of the two hotels in 2009, Sanrock Resort and Conference
Centre in Modimolle is showing good growth in accommodation and conferencing
revenue which is attributable to the upgrade and refurbishment which will be
fully completed by February 2012. Unfortunately due to the delay in the
transfer of the Fabz Estate Hotel property and the late approval of the plans
to improve and upgrade the Hotel, the group could not put into place its
strategy to increase accommodation revenue.
The timeshare division has performed well in spite of the write offs in the
development companies and in the finance company.
PROSPECTS
The group`s financial position has continued to improve despite the extensive
upgrade and refurbishment programme which should be completed by 2012.
Whilst the group continues to manage costs and overheads as tightly as in the
past, the group still remains focused on providing guests with a superior
product, warm hospitality and good service levels.
Management remains cautiously optimistic of a stronger performance in the
second half of the year. With its portfolio of refurbished and upgraded
properties, the group will be well positioned to accelerate growth once the
economy begins to show positive signs.
DIVIDENDS
No dividends have been declared or paid.
SUBSEQUENT EVENTS
The board is aware that there may be legal proceedings with two of its
subsidiary companies in respect of rates and taxes and will not have a material
impact on the financial position of the company.
On 14 October 2011, it was announced on SENS that Alawill Investments (Pty)
Ltd, a wholly owned subsidiary of Gooderson, has made an offer
to purchase, as a going concern, the hotel business and assets, the timeshare
property and assets as well as other specified assets of the Kloppenheim
Country Estate for R10.9 million.
APPRECIATION
The board extends its appreciation to our management and staff for their
efforts during this reporting period. We also thank our customers, suppliers,
business partners and most importantly our shareholders for their continued
support.
On behalf of the board.
Alan Gooderson Rajen Nannoolal
Chief Executive Officer Financial Director
19 October 2011
CONDENSED NOTES TO THE UNAUDITED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS
ENDED 31 AUGUST 2011
1) BASIS OF PREPARATION
These condensed, unaudited interim financial statements have been prepared
in accordance with International Financial Reporting Standards (IFRS), in
accordance with IAS 34 - Interim financial reporting, the listings
requirements of the JSE Limited and the Companies Act, 2008 (Act 71 of
2008) of South Africa as amended. The accounting policies applied in
preparing these interim financial statements are consistent with those
presented in the annual financial statements for the year ended 28
February 2011 and have not been audited or reviewed by Gooderson`s
auditors.
2) 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, R Nannoolal, G M Castleman
Directors M A Pottier, B R Warmback
Non Executive
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: 086 556 5720
Company R Nannoolal
Secretary:
Company`s www.goodersonleisure.co.za
Website:
Date: 19/10/2011 08:53:22 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
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employees and agents accept no liability for (or in respect of) any direct,
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howsoever arising, from the use of SENS or the use of, or reliance on,
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