Wrap Text
Condensed consolidated reviewed annual results for the year ended 28 February 2013
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 28 FEBRUARY 2013
• HEPS UP 21%
• NAV UP 28%
CONDENSED CONSOLIDATED REVIEWED STATEMENT OF FINANCIAL POSITION AS AT
28 February 2013 29 February 2012
Reviewed Audited
R R
ASSETS
Non-current assets 232,151,257 192,733,137
Property, plant and equipment 207,702,994 172,837,069
Goodwill 999,563 999,563
Investments in associates 817,725 386,027
Timeshare development 15,863,429 9,490,055
Long term debtors 6,767,546 9,020,423
Current assets 27,708,279 26,489,961
Inventories 1,744,606 1,618,457
Trade and other receivables 16,125,034 14,221,552
Other financial assets 175,000 175,000
Current tax receivable 196,580 380,346
Cash and cash equivalents 9,467,059 10,094,606
Total Assets 259,859,536 219,223,098
EQUITY AND LIABILITIES
Equity capital and reserves 181,532,902 142,138,909
Share capital and premium 15,916,235 15,916,235
Reserves 76,296,646 54,731,317
Retained income 89,320,021 71,491,357
Non-current liabilities 55,956,476 52,437,675
Other financial liabilities 29,359,582 33,248,890
Deferred income 3,715,806 4,287,505
Deferred tax 22,881,088 14,901,280
Current liabilities 22,370,158 24,646,514
Trade and other payables 17,431,148 18,754,800
Deferred income 571,694 571,694
Other financial liabilities 4,367,316 4,996,944
Bank overdraft ? 323,076
Total liabilities 78,326,634 77,084,189
Total Equity and Liabilities 259,859,536 219,223,098
Shares in issue 120,000,000 120,000,000
Net asset value per share (cents) 151.28 118.45
Net tangible asset value per share (cents) 150.44 117.62
CONDENSED CONSOLIDATED REVIEWED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED
28 February 2013 29 February 2012
Reviewed Audited
R R
Revenue 110,561,989 108,250,120
Cost of sales (16,451,065) (15,124,813)
Gross profit 94,110,924 93,125,307
Net operating expenses (80,528,671) (78,698,336)
EBITDA 13,582,253 14,426,971
Profit on sale of business 15,793,402 —
Depreciation (5,644,017) (6,487,592)
Profit before interest and taxation 23,731,638 7,939,379
Profit from Associates 431,748 168,971
Net interest income / (paid) (2,681,517) (2,704,672)
Profit before taxation 21,481,869 5,403,678
Taxation (1,925,995) (1,399,763)
Normal taxation (1,725,995) (1,399,763)
Secondary taxation (200,000) —
Profit for the year 19,555,874 4,003,915
Other comprehensive income :
Revaluation surplus on property valuation 29,150,818 —
Taxation related to components of other
comprehensive income (7,352,535) (1,770,289)
Other comprehensive income (loss) for the year net of taxation 21,798,283 (1,770,289)
Total comprehensive income 41,354,157 2,233,626
Reconciliation of headline earnings:
Profit attributable to ordinary shareholders 19,555,874 4,003,915
Adjusted for profit on disposal of property, plant and equipment (14,791,545) (74,125)
Headline earnings 4,764,329 3,929,790
Weighted average shares in issue on which earnings are based 120,000,000 120,000,000
BASIC, HEADLINE EARNINGS PER SHARE
Basic earnings per share (cents) 16.30 3.34
Headline earnings per share (cents) 3.97 3.27
Diluted earnings per share (cents) 15.64 3.20
Diluted headline earnings per share (cents) 3.81 3.14
Dividends per share (cents) 1.60 —
CONDENSED CONSOLIDATED REVIEWED STATEMENT OF CHANGES IN EQUITY
Share Share Revaluation Share based Retained Total
capital premium reserve payment income Equity
reserve
R R R R R R
Balance at 1 March 2011 1,207 16,392,208 56,101,877 334,121 67,487,442 140,316,855
Changes in equity
Total comprehensive income for the year — — — — 4,003,915 4,003,915
Purchase of own / treasury shares (7) (477,173) — — — (477,180)
Share based payment reserves movement — — — 65,608 — 65,608
Decrease in revaluation reserve as a result of — — (1,770,289) — — (1,770,289)
capital gains tax rate change
Total changes (7) (477,173) (1,770,289) 65,608 4,003,918 1,822,054
Balance at 1 March 2012 1,200 15,915,035 54,331,588 399,729 71,491,357 142,138,909
Changes in equity
Total comprehensive income for the year — — — — 19,555,874 19,555,874
Transfer of share based payment ? ? ? (272,790) 272,790 ?
Share based payment reserves movement ? ? ? 39,836 ? 39,836
Revaluation surplus — — 21,798,283 — — 21,798,283
Dividends — — — — (2,000,000) (2,000,000)
Total changes — — 21,798,283 (232,954) 17,828,664 39,393,993
Balance at 28 February 2013 1,200 15,915,035 76,129,871 166,775 89,320,021 181,532,902
CONDENSED CONSOLIDATED REVIEWED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED
28 February 2013 29 February 2012
Reviewed Audited
R R
Cash flows from Operating Activities 5,856,548 11,019,733
Cash generated from operations 9,678,080 16,415,077
Interest income 460,086 410,781
Finance costs (3,141,603) (3,115,453)
Tax paid (1,140,015) (2,690,672)
Cash flows from Investing Activities 357,920 (10,114,955)
Purchase of property, plant and equipment (15,254,627) (16,288,135)
Sale of property, plant and equipment 233,044 486,450
Sale of business 19,500,000 —
(Increase) / Decrease in timeshare development (6,373,374) 82,195
(Increase) / Decrease in long term debtors 2,252,877 4,932,132
(Advances) / Repayment of financial assets — 672,403
Net cash from Financing Activities (6,518,936) 3,606,080
Buy back of shares — (477,173)
Proceeds / (repayment) of other financial liabilities (4,518,936) 4,083,253
Dividends paid (2,000,000) —
Total cash inflow / (outflow) for the year (304,468) 4,510,858
Cash at beginning of year 9,771,530 5,260,672
Total cash at end of the year 9,467,062 9,771,530
COMMENTARY ON GOODERSON LEISURE CORPORATION LIMITED
OVERVIEW AND FINANCIAL RESULTS
The overall trading performance of the group was good compared to the previous year with a noticeable increase in activity levels in
the second six months despite the dual impact of depressed demand and oversupply of rooms. Year on year growth was achieved
assisted by the sale of the business and assets of Beach Hotel as announced on SENS on 15 May 2012 and the acquisition of Monks
Cowl Country Club and Lodge in Central Drakensberg as announced on SENS on 3 August 2012 which formed part of the group’s
growth strategy. In addition to the acquisition, the group also invested over R9 million on maintenance capex ensuring its assets
remain best in class.
Given the challenges facing the tourism industry, revenue for the year rose by 2% to R110.561 million.
Headline earnings per share (“HEPS”) was 21% up on last year. Depreciation was down by 13% compared to last year.
The net asset value (“NAV”) per share increased by 28% from 118.45 cents per share to 151.28 cents per share primarily due to the
revaluation of all properties which was done by an independent valuer. The total assets was 19% up on last year.
SEGMENTAL ANALYSIS
The chief operating decision maker has been identified as the executive directors of the board. The board reviews the group’s
internal reporting in order to assess performance and allocate resources.
The group is divided into two operating segments namely Hotels / Lodges and Timeshare.
Profit / (Loss)
FINANCIAL YEAR END 28 FEB 2013 Revenue before taxation Assets Liabilities
Hotels and Lodges 93,397,887 17,079,189 217,961,841 47,540,498
Timeshare 17,164,102 6,652,449 40,701,552 7,905,048
Total segments 110,561,989 23,731,638 258,663,393 55,445,546
Income from equity ? 431,748 ? ?
Net Interest Income / (Paid) ? (2,681,517) ? ?
Unallocated corporate assets and liabilities ? ? 1,196,143 22,881,088
Total 110,561,989 21,481,869 259,859,536 78,326,634
BOARD OF DIRECTORS
Ms Sizakele Qiniselile Moloko was appointed to the board as an independent non-executive director with effect from
1 November 2012.
SOCIAL RESPONSIBILITY AND EMPOWERMENT
The group recognizes that it has a responsibility to the broader community to act in a socially responsible manner, for the benefit of
all South Africans. Contributions to selected training and community related projects continue.
The group has adopted appropriate BEE and employment equity, training and procurement policies to improve the overall scorecard
as required by the various regulators.
PROSPECTS AND DEVELOPMENT
Management remains cautiously optimistic of an accelerated improvement in earnings across the groups operations in the second
half of the year.
With the recently acquired Monks Cowl Country Club and Lodge, in Central Drakensberg, permission has been granted to develop
42 rooms of which 18 rooms are currently being built which will be ready for occupation in October / November 2013.
The group has also invested in new facilities being a new Mountain Bike and BMX Cycle tracks at Natal Spa Hot Springs & Leisure
Resort in Paulpietersburg, installed a heated pool at Drakensberg Gardens Golf and Leisure Resort and built a large Bird Park and
Conference Centre at Dumazulu Game Lodge & Traditional Village in Hluhluwe. In addition the company has engaged an outside
marketer to sell the timeshare weeks at Kloppenheim Country Estate situated in the heart of the Highlands Meander, near
Machadodorp and Dullstroom.
With the recently completed state of the art Conference Centre at Fabz Garden Hotel and Conference Centre in Lonehill, Gauteng
and the four timeshare units at Fairways in Drakensberg, the group is well positioned to take advantage of market improvements as
they arise.
DIVIDEND POLICY
The board has declared a final gross dividend of 1.76 cents per share in respect of the year ended 28 February 2013 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:
2013
Last day to trade shares cum div Friday 21 June
Shares trade ex dividend Monday 24 June
Record date Friday 28 June
Payment date Monday 1 July
No share certificates may be dematerialised or rematerialised between Monday, 24 June 2013 and Friday, 28 June 2013, both dates
inclusive.
In terms of the new Dividends Tax effective 1 April 2012, the following additional information is disclosed:
1. The local Dividend Tax rate is 15%;
2. The net local dividend amount is 1.496 cents per share for shareholders liable to pay the new Dividends Tax
and 1.76 cents per share for shareholders exempt from paying the new Dividends Tax;
3. The issued ordinary share capital of Gooderson is 125 000 000 ordinary shares; and
4. The company’s tax reference number is 9005053203.
5. No STC credits have been utilized.
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 28 February 2013, 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
invaluable support. 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 Chairman Financial Director
30 May 2013
CORPORATE INFORMATION
Directors : A W Gooderson, G M Castleman, C M de Klerk, R Nannoolal
*B R Warmback, *M A Pottier, *S Q Moloko (* Non-Executive)
Registration Number : 1972/004241/06
Registered Address : 85 O.R. Tambo (Marine) Parade, Durban, 4001
Postal Address : PO Box 10305, Marine Parade, 4056
Telephone : 031 3372672
Facsimile : 031 3372621
Company Secretary : R. Nannoolal
Transfer Secretaries : Computershare Investor Services (Pty) Limited
70 Marshall Street, Johannesburg, 2001
PO Box 61763, Marshalltown, 2107
Designated Advisor : Exchange Sponsors (2008) (Pty) Limited
Website : www.goodersonleisure.co.za
Date: 30/05/2013 01:39:00 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,
information disseminated through SENS.
Sharenet Sites 
