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GDF - Gold Reef Resorts - Reviewed financial results for the year ended 31

Release Date: 17/03/2011 08:35
Code(s): GDF
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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 Supplied by www.sharenet.co.za 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 implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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