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Unaudited Condensed Interim Results for the six Months ended 31 August 2012
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 2012
HIGHLIGHTS
- HEPS UP 4%
- NAV UP 10%
STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
31 Aug 2012 31 Aug 2011 29 Feb 2012
R'000 R'000 R'000
ASSETS
Non current assets 198 062 182 717 192 733
Property, plant and equipment 178 845 161 806 172 837
Goodwill 999 999 999
Investment in associate 402 347 386
Timeshare development assets 10 539 9 408 9 490
Long term debtors 7 277 10 157 9 020
Current assets 23 601 24 427 26 490
Inventories 1 855 1 875 1 618
Other financial assets 175 175 175
Current tax receivables 380
Trade and other receivables 14 915 15 934 14 222
Cash and cash equivalents 6 656 6 443 10 095
Total assets 221 663 207 144 219 223
EQUITY AND LIABILITIES
Equity capital and reserves 155 861 141 218 142 139
Share capital 15 916 16 393 15 916
Reserves 54 731 56 436 54 731
Retained income 85 214 68 389 71 491
Non current liabilities 50 398 39 675 52 438
Other financial liabilities 32 348 22 352 33 249
Deferred income 4 002 4 574 4 287
Deferred tax 14 048 12 749 14 901
Current liabilities 15 404 26 250 24 646
Other financial liabilities 3 594 9 705 4 997
Current tax payable 234 390
Trade and other payables 10 076 15 011 18 755
Deferred income 572 572 572
Bank overdraft 928 572 323
Total equity and liabilities 221 663 207 144 219 223
Shares in issue at period end 120 000 000 120 000 000 120 000 000
Net asset value per
share (cents) 129.88 117.68 118.45
Net tangible asset
value per share (cents) 129.05 116.85 117.62
STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
31 Aug 31 Aug 2011 29 Feb 2012
2012 R'000 R'000
R'000
Revenue 49 034 49 502 108 250
Net operating expenses (43 855) (43 252) (93 823)
EBITDA 5 179 6 250 14 427
Net finance costs (1 384) (1 500) (2 705)
Profit on Sale of Business 15 793
Income from associate 16 130 169
Depreciation and impairment (3 377) (3 658) (6 487)
Profit before tax 16 227 1 222 5 404
Taxation (504) (321) (1 400)
Normal taxation (304) (321) (1 400)
Secondary tax on company (200)
Profit for the year 15 723 901 4 004
Taxation related to components of other
comprehensive income (1 770)
Total comprehensive income 15 723 901 2 234
Reconciliation of headline earnings:
Profit attributable to ordinary shareholders 15 723 901 4 004
Profit on sale of Business /Assets (14 810) (30) (74)
Headline earnings 913 871 3 930
Weighted average shares in issue on which earnings
are based 120 000 000 120 000 000 120 000 000
BASIC, HEADLINE EARNINGS PER SHARE
Basic earnings per share (cents) 13.10 0.75 3.34
Diluted earnings per share (cents) 12.58 0.72 3.20
Headline earnings per share (cents) 0.76 0.73 3.27
Diluted headline earnings per share (cents) 0.73 0.70 3.14
STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
31 Aug 2012 3 31 Aug 2011 29 Feb 2012
R'000 R'000 R'000
Cash flows from operating activities (4 830) 5 694 11 020
Cash flows from investing activities 5 089 (1 923) (10 115)
Cash flows from financing activities (4 303) (3 162) 3 606
Net movement in cash and cash equivalents (4 044) 609 4 511
Cash and cash equivalents at beginning of the
period 9 772 5 261 5 261
Cash and cash equivalents at end of the period 5 728 5 870 9 772
SEGMENTAL REPORT
31 AUGUST 2012 UNAUDITED
Revenue EBITDA Assets Liabilities
R'000 R'000 R'000 R'000
Hotels and lodges 43 844 1 887 185 622 9 722
Timeshare 5 190 3 292 35 042 41 032
Total segments 49 034 5 179 220 664 51 754
Unallocated corporate assets and liabilities
(goodwill and deferred tax) 999 14 048
Total 49 034 5 179 221 663 65 802
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 liabilities
(goodwill and deferred tax) - - 999 13 139
Total 49 502 6 250 207 144 65 925
STATEMENT OF CHANGES IN EQUITY
Share Share Total Share- Revaluation Total Retained Total
capital premium share based reserve reserves income Equity
capital payment
reserve
Group R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000
Balance at 1 March 2011 1 16 392 16 393 334 56 102 56 436 67 487 140 317
Changes in equity
Total comprehensive income
for the year - - - - (1 770) (1 770) 4 004 2 234
Purchase of own/treasury
shares (7) (477) (477) - - - - (477)
Share-based payments reserve
movement - - - 66 - 66 - 66
Total changes (7) (477) (477) 66 (1 770) (1 705) 4 004 1 823
Balance at 1 March 2012 1 15 915 15 916 400 54 332 54 731 71 491 142 139
Changes in equity
Total comprehensive income
for the year - - - - - - 15 723 15 723
Dividends - - - - - - (2 000) (2 000)
Total changes - - - - - - 13 723 13 723
Balance at 31 August 2012 1 15 915 15 916 400 54 332 54 731 85 214 155 861
COMMENTARY
OVERVIEW AND FINANCIAL RESULTS
The interim period under review has been mediocre for Gooderson Leisure Corporation due to
the continual upgrade and refurbishment of all properties and the difficult trading
conditions.
Despite the weaker demand from the domestic and premium international markets and limited
spend on conferencing, the unaudited interim results of Gooderson Leisure Corporation for the six months
ended 31 August 2012 reflected a 1% decrease in group revenue compared to the same period last year.
EBITDA was down on last year. Earnings per share increased from last year due to the
profit on the sale of the Beach Hotel.
The group has also reduced debt and has been disciplined in the management of expenses.
PROSPECTS AND DEVELOPMENT
Revenues are expected to increase considerably during the next six months. With the
recently completed state of the art conference centre at Fabz Garden Hotel and Conference
Centre in Lonehill, Gauteng, the recent acquisition of Monks Cowl in Central Drakensberg
(which was funded by the sale of the Beach Hotel) as announced on SENS on 26 April 2012,
the four timeshare units at Fairways in Drakensberg which are expected to be ready for
occupation in December 2012 and the upgrade and refurbishment of all properties, management
remains optimistic of an improvement in earnings in the second half of the year. The group
is well positioned to accelerate growth once the economy begins to show positive signs.
DIVIDEND POLICY
The group will review the dividend annually in the light of the group's cash flow, gearing
and capital requirements for growth and development.
APPRECIATION
The board extends its appreciation to management and staff for their efforts during this
reporting period as well as all the business partners, customers, suppliers and
shareholders for their continued support.
CONDENSED NOTES TO THE UNAUDITED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012
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 29 February 2012 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.
On behalf of the board
Alan Gooderson Rajen Nannoolal
Executive Chairman Financial Director
17 October 2012
Corporate Information
Executive AW Gooderson, G M Castleman, C M De Klerk, R Nannoolal,
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 31 576 5500 Fax: +27 31 576 5555
Commercial First National Bank Limited, Acacia House, 8 Rydall Vale Park, Douglas
Bankers: Saunders Drive, La Lucia Ridge, 4320 Tel: +27 31 580 6000 Fax: +27 31 580 6045
Transfer Secretaries: Computershare Investor Services (Pty) Limited, 70 Marshall Street, Johannesburg, 2001
Tel: +27 11 370 5000 Fax: +27 11 688 5210
Designated Adviser: Exchange Sponsors (2008) (Pty) Limited, 44A Boundary Road, Inanda, 2196
Tel: +27 11 880 2113 Fax: 086 556 5720
Company Secretary: R Nannoolal
Company's Website: www.goodersonleisure.co.za
Date: 17/10/2012 11:49:00 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,
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