|
GDN
GDN
Gooderson - Reviewed Interim Results for the period ended 31 August 2006
GOODERSON LEISURE CORPORATION LIMITED
Gooderson Leisure Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1972/004241/06)
Share Code: GDN ISIN
ISIN Code: ZAE000084984
Reviewed Interim Results for the period ended 31 August 2006
*HIGHLIGHTS
*Revenue up 43% to R 41 million
*Attributable Earnings after tax for six months up 83% to R4 million
*HEPS up by 83%
*Listed on Altx on 26 September 2006
Reviewed Reviewed Audited
BALANCE SHEET 31-Aug- 31-Aug- 28-Feb-
06 05 06
R"000 R"000 R"000
ASSETS
Non current assets 84 126 80 003 76 606
Fixed assets 68 887 71 660 68 807
Goodwill 803 1 037 803
Financial 14 436 7 306 6 995
receivables
Current assets 11 952 12 702 15 867
Inventories 648 756 718
Trade and other 8 851 6 367 9 892
receivables
Cash and cash 2 453 5 579 5 257
equivalents
Total assets 96 078 92 705 92 473
EQUITY AND
LIABILITIES
Equity capital and 55 406 50053 56397
reserves
Share capital and 27 846 28 246 28 116
reserves
Retained earnings 27 560 21 807 28 280
Non current 20 176 17 391 19 454
liabilities
Borrowings 3 739 6 670 3 765
Deferred taxation 9 776 10 312 10 129
Deferred revenue 6 661 409 5 560
Current liabilities 20 496 25 261 16 623
Taxation 2 150 1 316 4 063
Trade and other 13 084 13 765 7 314
payables
Borrowings 3 611 6 717 4 998
Bank overdraft 1 651 3 463 248
Total equity and 96 078 92 705 92 473
liabilities
Shares in issue at 100 000 100 000 100 000
period end 000 000 000
Net asset value per 55.41 50.05 56.40
share (cents)
INCOME STATEMENT
Reviewed Reviewed Change Audited
31-Aug- 31-Aug- % 28-Feb-
06 05 06
R"000 R"000 R"000
Revenue 41 468 28 925 43.36% 64 022
Net 33 333 23 511 48 271
operating
expenses
EBITDA 8 135 5 414 50.26% 15 751
Net finance (37) 283 879
costs /
(income)
Depreciation 1 643 2 043 3 249
and
impairment
PBT 6 529 3 088 11 623
Taxation 2 519 895 3 096
Earnings and 4 010 2 193 82.85% 8 527
headline
earnings
Number of 100 000 100 000 100 000
shares 000 000 000
Earnings and 4.01 2.19 83.11% 8.53
headline
earnings per
share
(cents)
Note:
The number of shares in issue used in the calculation of the net asset
value per share, earnings and headline earnings per share included the
number of shares after the capital restructuring registered on 13 July 2006
in order to reflect more meaningful comparative results.
Reviewed Reviewed Reviewed
CASH FLOW STATEMENT 31 Aug 31 Aug 28 Feb
2006 2005 2006
R"000 R"000 R"000
Cash flows from operating 3 585 6 526 7 282
activities
Cash flows from investing (8 450) (7 345) (7 454)
activities
Cash flows from financing 658 1 806 4 053
activities
Net movement in cash and cash (4 207) 987 3 881
equivalents
Cash and cash equivalents at 5 010 1 129 1 129
beginning of year
Cash and cash equivalents at end 803 2 116 5 010
of year
Share Capital Retained Total
STATEMENT OF CHANGES IN Capital Reserves Earnings
EQUITY R"000 R"000 R"000 R"000
Balance as at 1 March 2005 - 8 104 19 473 27 578
Surplus on Revaluation of 28 581 28 581
properties
Deferred Tax on Revaluation (8 289) (8 289)
Reserves
Reserve realised on (280) 280
depreciation of properties
Net profit for the year 8 527 8 527
Balance as at 28 February 28 116 28 280 56 397
2006
Net profit for the period 4 008 4 008
Dividend paid (5 000) (5 000)
Reserve realized on (270) 270 -
depreciation of properties
Issue of shares 1
Balance as at 31 August 2006 1 27 846 27 558 55 405
COMMENTS
The Board of Directors is pleased to present the reviewed interim financial
results of the Group for the six months ended 31 August 2006.
NATURE OF THE BUSINESS
Gooderson Leisure Corporation manages and provides accommodation, food and
beverage and restaurant services to leisure, international and conference
tourists in the KwaZulu-Natal province.
The company manages timeshare resorts and lodges at Drakensberg Gardens in
Durban and on the north coast of KwaZulu-Natal. The Tropicana and Beach
Hotels in Durban and the Drakensberg Gardens and Natal Spa Resorts provide
three star accommodation to the middle class and the conference markets.
HIGHLIGHTS
*The group generated R4 million (2005: R2.2 million) after tax profits for
the six months under review.
*Net asset value per share increased by 11% from 31 August 2005 to 31
August 2006, had the shares in issue for 31 August 2005 been 100 000 000.
*The company successfully listed on Altx on 26 September 2006 and raised
R17 million in terms of a private placement.
BUSINESS REVIEW AND PROSPECTS
OVERVIEW
The Directors of Gooderson Leisure Corporation has pleasure in presenting
the reviewed interim financial results for the six months ended 31 August
2006. The Board is pleased to announce that the company has delivered
better than expected results for the six months, with revenue and profit
margins increasing by more than 40%. The good performance can be
attributed to the sale of property, the building of 20 Rooms at Drakensberg
Gardens and 12 new timeshare units, as well as improved Hotel & Lodge
occupancy rates.
FINANCIAL REVIEW
For the period under review, revenue increased by 43% for the six months to
R41 million (2005: 29 million). Profit after tax increased 82% to R4
million (2005: 2.2 million). Headline Earnings increased by 83% on a
comparative basis.
PROSPECTS
The introduction of additional hotel rooms and timeshare units as well as
the cyclical nature of the tourism industry will influence revenues
favorably during the second half of the year. Traditionally approximately
70% of the profits are generated in this period. In addition to the
forecasted results, the integration of the Natal Spa acquisition will also
contribute to the results expected during the second half of the year.
INTERNATIONAL FINANCIAL REPORTING STANDARDS AND COMPANIES ACT REQUIREMENTS
The reviewed interim financial statements were prepared in compliance with
International Financial Reporting Standards (IFRS) as well as the Companies
Act.
CORPORATE GOVERNANCE
The group subscribes to the principles of, and implements where possible,
the recommendations of the King II Code on Corporate Governance.
DIVIDEND POLICY
In line with the group"s growth strategy, dividends will only be declared
at year end.
REVIEWED OPINION
The results have been reviewed by the company"s auditors, Grant Thornton.
The unqualified review report thereon is available for inspection at the
company"s registered office.
For and on behalf of the Board
A.W. Gooderson R. Nannoolal
Chief Executive Officer Financial Director
10 November 2006
Registered office: 2nd Floor, 4 Pencarrow Crescent, La Lucia Ridge Office
Estate, La Lucia, 4019 (Po Box 752, Durban, 4000)
Transfer secretaries: Computershare Limited, Ground Floor, 70 Marshall
Street, Johannesburg
Directors: A W Gooderson; C M De Klerk, C L Gooderson; R. Nannoolal; G M
Castleman; G A Lello * M A Pottier * B R Warmback
*Non-executive
Date: 13/11/2006 07:47:11 AM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
