GDN
GDN - Gooderson Leisure Corporation Limited - Condensed consolidated reviewed
annual results for the year ended 29 February 2012
GOODERSON LEISURE CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1972/004241/06)
(JSE code: GDN ISIN: ZAE000084984)
("Gooderson" or "the company"
or "the group")
CONDENSED CONSOLIDATED REVIEWED ANNUAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY
2012
Revenue up 11%
Profits after tax up 57%
Total cash on hand increased by 86%
Dividends of 1.60 cents per share
STATEMENT OF FINANCIAL POSITION
29 February 28 February
2012 2011
Reviewed Audited
R R
ASSETS
Non-current assets 192,733,137 188,862,627
Property, plant and equipment 172,837,069 163,448,850
Goodwill 999,563 999,563
Investments in associates 386,027 217,006
Timeshare development 9,490,055 9,572,250
Financial asset - 672,403
Long term debtors 9,020,423 13,952,555
Current assets 26,489,961 22,109,702
Inventories 1,618,457 1,386,483
Trade and other receivables 14,221,552 15,158,457
Other financial assets 175,000 175,000
Current tax receivable 380,346 -
Cash and cash equivalents 10,094,606 5,389,762
Total Assets 219,223,098 210,972,329
EQUITY AND LIABILITIES
Equity capital and reserves 142,138,909 140,316,855
Share capital and premium 15,916,235 16,393,415
Reserves 54,731,317 56,435,998
Retained income 71,491,357 67,487,442
Non-current liabilities 52,437,675 45,292,851
Other financial liabilities 33,248,890 27,216,013
Deferred income 4,287,505 4,859,204
Deferred tax 14,901,280 13,217,634
Current liabilities 24,646,514 25,362,62
3
Trade and other payables 18,754,800 16,891,40
7
Deferred income 571,694 571,694
Other financial liabilities 4,996,944 6,664,871
Current tax payable - 1,105,561
Bank overdraft 323,076 129,090
Total liabilities 77,084,189 70,655,47
4
Total equity and liabilities 219,223,098 210,972,3
29
Shares in issue 120,000,000 120,660,0
00
Net asset value per share (cents) 118.45 116.29
Net tangible asset value per share 117.62 115.46
(cents)
STATEMENT OF COMPREHENSIVE INCOME
Year ended Year ended
29 February 28 February
2012 2011
Reviewed Audited
R R
Revenue 108,250,120 97,093,417
Cost of sales (15,124,813) (14,545,668)
Gross profit 93,125,307 82,547,749
Other net operating costs (78,698,336) (71,703,768)
EBITDA 14,426,971 10,843,981
Depreciation (6,487,592) (6,311,924)
Profit before interest and taxation 7,939,379 4,532,057
Income from associates 168,971 217,006
Net interest income / (paid) (2,704,672) (1,809,961)
Profit before taxation 5,403,678 2,939,102
Taxation (1,399,763) (385,064)
Profit for the year 4,003,915 2,554,038
Other comprehensive income :
Taxation related to components of other
comprehensive income (1,770,289) -
Total comprehensive income 2,233,626 2,554,038
Reconciliation of headline earnings:
Profit attributable to ordinary 4,003,915 2,554,038
shareholders
Adjusted for profit on disposal of (74,125) (22,027)
property, plant and equipment
Headline earnings 3,929,790 2,532,011
Weighted average shares in issue on 120,000,000 120,660,000
which earnings are based
BASIC, HEADLINE EARNINGS PER SHARE
Basic earnings per share (cents) 3.34 2.12
Headline earnings per share (cents) 3.27 2.10
Diluted earnings per share (cents) 3.20 2.04
Diluted headline earnings per share 3.14 2.03
(cents)
STATEMENT OF CHANGES IN EQUITY
Share Share Revalu Share Retai Total
capit premium ation based ned
al reserv payment incom
e reserve e
R R R R R R
Balance at 1 March 2010 1,207 16,392,20 56,101 226,591 64,93 137,655,287
8 ,877 3,404
Changes in equity
Total comprehensive - - - - 2,554 2,554,038
income for the year ,038
Share based payment - - - 107,530 - 107,530
reserves movement
Total changes - - - 107,530 2,554 2,661,568
,038
Balance at 1 March 2011 1,207 16,392,20 56,101 334,121 67,48 140,316,855
8 ,877 7,442
Changes in equity
Total comprehensive - - - 4,003 4,003,915
income for the year ,915
Purchase of own / (7) (477,173) - - - (477,180)
treasury shares
Share based payment - - - 65,608 - 65,608
reserves movement
Decrease in revaluation - - (1,770 - - (1,770,289)
reserve as a result of ,289)
capital gains tax rate
change
Total changes (7) (477,173) (1,770 65,608 4,003 1,822,054
,289) ,915
Balance at 29 February 1,200 15,915,03 54,331 399,729 71,49 142,138,909
2012 5 ,588 1,357
STATEMENT OF CASH FLOWS
Year ended Year ended
29 February 28 February
2012 2011
Reviewed Audited
R R
Cash flows from operating activities 10,738,036 10,379,867
Cash generated from operations 16,133,380 13,274,820
Interest income 410,781 334,515
Finance costs (3,115,453) (2,144,476)
Tax paid (2,690,672) (1,084,992)
Cash flows from investing activities (10,114,955) (19,484,801)
Purchase of property, plant and (16,288,135) (22,195,471)
equipment
Sale of property, plant and equipment 486,450 145,697
Decrease/ (Increase) in timeshare 82,195 (1,285,317)
development
Decrease/ (Increase) in long term 4,932,132 3,901,193
debtors
Repayment / (advances) of financial 672,403 (50,903)
assets
Net cash from financing activities 3,887,777 11,913,309
Reduction of share capital or buy back (477,173) -
of shares
Proceeds of other financial liabilities 4,364,950 11,913,309
Total cash inflow for the year 4,510,858 2,808,375
Cash at beginning of year 5,260,672 2,452,297
Total cash at end of the year 9,771,530 5,260,672
COMMENTARY
The directors present the reviewed annual financial results for the year ended
29 February 2012.
The listing has allowed the group to pursue its aim of growing the business both
organically and through strategic acquisitions. The purchase of Kloppenheim
Country Estate was concluded as announced on SENS on 13 February 2012. The
overall performance of the group for the year was good.
PERFORMANCE REVIEW AND FINANCIAL RESULTS
Trading conditions in the Hotel and Leisure industry have slightly improved on
last year in spite of the subdued economic activity and the increased supply of
rooms created by the industry in the lead-up to the Soccer World Cup.
The group revenue increased by 11% from R97.093 million to R108.250 million. The
profit for the year was up by 57% from R2.554 million to R4.004 million.
EBITDA of R14.427 million was 33% up on last year and the EBITDA margin was two
percentage points up on last year.
The net asset value per share and net tangible asset value per share have both
increased by 2% from 116.29 cents to 118.45 cents per share and 115.46 cents to
117.62 cents per share respectively. Cash on hand was 86% up on last year.
SEGMENTAL ANALYSIS
The group is divided into two operating segments namely Hotels & Lodges and
Timeshare.
These segments are the basis on which the group reports to management.
The hotel and lodges segment involves the renting of hotel rooms, bar,
restaurant sales and other related hospitality services.
The timeshare segment involves the developing, sales, renting, financing and
management of timeshare resorts.
2012 Profit /
Revenue (Loss) Assets Liabilit
before ies
taxation
Hotels and Lodges 95,774,60 (3,392,952) 180,074,6 48,296,8
8 88 37
Timeshare 12,475,51 8,796,630 37,768,50 13,886,0
2 1 72
Total segments 108,250,1 5,403,678 217,843,1 62,182,9
20 89 09
Unallocated corporate - - 1,379,909 14,901,2
assets and liabilities 80
Total 108,250,1 5,403,678 219,223,0 77,084,1
20 98 89
BOARD OF DIRECTORS
The following appointments were approved by the board as announced on SENS on 30
March 2012:
Gavin Michael Castleman was appointed Chief Executive Officer (CEO) and replaces
Alan William Gooderson as CEO, whilst Alan Gooderson remains Executive Chairman.
Colleen Maria De Klerk was appointed Chief Operating Officer - Timeshare.
SUBSEQUENT EVENTS
Beach Hotel on Durban's beachfront which is operated by the group has been sold
as announced on SENS on 15 May 2012.
The group has acquired as a going concern the hotel business, assets and
property of Monks Cowl Country Club and Lodge situated in Central Drakensberg,
KwaZulu Natal as announced on SENS on 26 April 2012.
PROSPECTS
Trading conditions are expected to remain a big challenge, but with the groups
range of branded hotels and lodges in key locations, a highly motivated team in
place, the refurbishment and upgrade nearly complete and the building of four
timeshare units at Fairways in Drakensberg this year, the group is well
positioned to take advantage of market improvements.
Growing a profitable revenue base across the group's operations, whilst focusing
on aggressively driving new business opportunities and containing costs, remains
a top priority of the group.
DIVIDEND POLICY
The board has declared a final gross dividend of 1.60 cents per share in respect
of the year ended 29 February 2012 payable to shareholders recorded in the
register of the company at the close of business on the record date appearing
below. The dividend is payable from the companies cash reserves.
The salient dates applicable to the final dividend are as follows:
2012
Last day to trade shares cum div Friday 15 June
Shares trade ex dividend Monday 18 June
Record date Friday 22 June
Payment date Monday 25 June
No share certificates may be dematerialised or rematerialised between Monday, 18
June 2012 and Friday, 22 June 2012, both dates inclusive.
In terms of paragraph 11.17 of the listings requirements of JSE Limited,
shareholders are advised that the local dividend tax rate is 15%, the Secondary
Tax on Companies (STC) credits available amount to 0.0016 cents per share, the
gross local dividend is 1.60 cents per share for shareholders exempt from paying
the Dividends Tax (DT), the net local dividend is 1.36024 cents per share for
shareholders who are not exempt from paying the DT, the issued share capital of
Gooderson is 125 000 000 ordinary shares and the company income tax reference
number is 9005053203.
AUDIT REVIEW
Grant Thornton, the group's independent auditor, has reviewed the condensed
consolidated financial statements contained in this report and has expressed an
unmodified review opinion which is available for inspection at the company's
registered office.
BASIS OF PREPARATION
The condensed consolidated financial statements for the year have been prepared
in accordance with the recognition and measurement principles of International
Financial Reporting Standards (IFRS), and with the presentation and the
disclosure requirements of IAS 34: Interim Financial Reporting, the listing
requirements of the JSE limited and the Companies Act, 2008 (Act 71 of 2008) as
amended. The accounting policies and method of measurement and recognition
applied in preparation of the condensed consolidated annual financial statements
are consistent with those applied in the group's annual financial statements for
the year ended 29 February 2012, which comply with International Financial
Reporting Standards.
APPRECIATION
We appreciate that the group's success is attributable to our directors,
management and staff and thank them for their continued commitment. In addition
we also extend our appreciation to our valued business partners and most
importantly to our shareholders for their continued support.
On behalf of the Board
AW Gooderson R Nannoolal
Executive Financial
Chairman Director
24 May 2012
CORPORATE INFORMATION
Directors : A W Gooderson, C M de Klerk, G M Castleman, R Nannoolal
*M A Pottier, *B R Warmback, (* Non-Executive)
Registration : 1972/004241/06
Number
Registered : 4 Pencarrow Crescent, Pencarrow Park, La Lucia Ridge
Address Office Estate, La Lucia, 4019
Postal Address : PO Box 752, Durban, 4000
Telephone : 031 5765500
Facsimile : 031 5765555
Company : R. Nannoolal
Secretary
Transfer : Computershare Investor Services (Pty) Limited
Secretaries 70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
Designated : Exchange Sponsors (2008) (Pty) Limited
Advisor
Website : www.goodersonsleisure.co.za
Date: 24/05/2012 11:10:01 Produced by the JSE SENS Department.
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