Wrap Text
Unaudited Condensed Interim Results For The Six Months Ended 31 August 2014
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 2014
HIGHLIGHTS
- REVENUE UP 5%
- TOTAL ASSETS UP 12% INCLUDING R10M SPENT ON EXPANSIONS
- NAV OF 153.39
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
31 Aug 2014 31 Aug 2013 28 Feb 2014
R’000 R’000 R’000
ASSETS
Non-current assets 267 600 238 739 253 257
Property, plant and equipment 235 405 213 843 221 907
Goodwill 999 999 999
Investment in associates 950 824 1 064
Timeshare development 13 785 15 406 15 692
Deferred tax 7 111 — 6 429
Long term debtors 9 350 7 667 7 166
Current assets 20 998 19 400 20 709
Inventories 2 060 1 944 2 021
Other financial assets 175 175 175
Current tax receivables 537 333 38
Trade and other receivables 13 926 13 651 15 157
Cash and cash equivalents 4 300 3 297 3 318
Total Assets 288 598 258 139 273 966
EQUITY AND LIABILITIES
Equity capital and reserves 185 098 181 159 186 157
Stated capital 16 658 16 276 16 276
Reserves 76 243 76 317 76 286
Retained income 92 197 88 566 93 595
Non-current liabilities 74 175 54 366 58 609
Other financial liabilities 42 658 28 014 26 390
Deferred income 2 858 3 430 3 182
Deferred tax 28 659 22 922 29 037
Current liabilities 29 325 22 614 29 200
Other financial liabilities 6 537 4 195 6 446
Current tax payable 753 — 621
Trade and other payables 18 675 17 847 17 834
Deferred income 572 572 573
Bank overdraft 2 788 — 3 726
Total liabilities 103 500 76 980 87 809
Total Equity and Liabilities 288 598 258 139 273 966
Shares in issue 120 669 130 120 032 787 120 313 973
Net asset value per share (cents) 153.39 150.92 154.73
Net tangible asset value per share (cents) 152.56 150.09 153.90
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Unaudited Unaudited Audited
31 Aug 2014 31 Aug 2013 28 Feb 2014
R’000 R’000 R’000
Revenue 58 671 55 977 120 252
Cost of Sales (9 513) (8 171) (18 692)
Gross Profit 49 158 47 806 101 560
Net operating expenses (43 512) (41 553) (85 338)
EBITDA 5 646 6 253 16 222
Investment revenue 120 188 382
Finance costs (1 735) (1 398) (2 830)
Income / (loss) from equity accounted investments (114) 5 246
Depreciation and impairment (3 029) (2 956) (5 546)
Profit before tax 888 2 092 8 474
Taxation (67) (646) (2 131)
Profit for the period / year 821 1 446 6 343
Other comprehensive income — — —
Total comprehensive income 821 1 446 6 343
Reconciliation of headline earnings:
Profit attributable to ordinary shareholders 821 1 446 6 343
Profit on sale of Assets (15) (28) (16)
Headline earnings 806 1 418 6 326
Weighted average shares in issue 120 669 130 120 032 787 120 313 973
BASIC, HEADLINE EARNINGS PER SHARE
Earnings per share (cents) 0.68 1.20 5.27
Diluted earnings per share (cents) 0.66 1.16 5.27
Headline earnings per share (cents) 0.67 1.18 5.26
Diluted headline earnings per share (cents) 0.65 1.13 5.25
Dividend per share (cents) — — 1.76
CONDENSDED CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
31 Aug 2014 31 Aug 2013 28 Feb 2014
R’000 R’000 R’000
Cash flows from operating activities 4 257 6 693 12 741
Cash flows from investing activities (16 804) (9 505) (19 960)
Cash flows from financing activities 14 467 (3 358) (2 656)
Net movement in cash and cash equivalents 1 920 (6 170) (9 875)
Cash and cash equivalents at beginning of the period (408) 9 467 9 467
Cash and cash equivalents at end of the period 1 512 3 297 (408)
SEGMENTAL REPORT
31 AUGUST 2014 – UNAUDITED
Revenue EBITDA Assets Liabilities
R’000 R’000 R’000 R’000
Hotels and lodges 48 408 2 467 246 300 68 373
Timeshare 10 263 3 179 33 524 5 716
Total segments 58 671 5 646 279 824 74 088
Unallocated corporate assets and liabilities — — 8 774 29 412
Total 58 671 5 646 288 598 103 500
SEGMENTAL REPORT
31 AUGUST 2013 – UNAUDITED
Revenue EBITDA Assets Liabilities
R’000 R’000 R’000 R’000
Hotels and lodges 46 513 4 428 221 832 47 644
Timeshare 9 464 1 825 34 974 6 414
Total segments 55 977 6 253 256 806 54 058
Unallocated corporate assets and liabilities ? ? 1 333 22 922
Total 55 977 6 253 258 139 76 980
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Total stated Share based Revaluation Total Retained Total
capital payment reserve reserves income Equity
reserve
Group R’000 R’000 R’000 R’000 R’000 R’000
Balance at 1 March 2013 15 916 166 76 130 76 296 89 320 181 533
Changes in equity
Total comprehensive income for the year — — — — 6 343 6 343
Transfer of share based payment reserve — (57) — (57) 57 —
Share based payments reserves movement — 47 — 47 — 47
Options exercised during the year 360 — — — — 360
Dividends — — — — (2 125) (2 125)
Total changes 360 (10) — (10) 4 275 4 625
Balance at 1 March 2014 16 276 156 76 130 76 286 93 594 186 157
Changes in equity
Total comprehensive income for the year — — — — 821 821
Transfer of share based payment reserve — (55) — (55) 55 —
Share based payment reserve movement — 12 — 12 — 12
Options exercised during the year 382 — — — — 382
Dividends — — — — (2 273) (2 273)
Total changes 382 (43) — (43) (1 397) (1 059)
Balance at 31 August 2014 16 658 113 76 130 76 243 92 197 185 098
COMMENTARY
OVERVIEW AND FINANCIAL RESULTS
The directors are pleased to present the interim financial results of Gooderson group for the six months ended
31 August 2014. The group has continued to pursue its growth and expansion projects.
Revenue for the period rose by 5% to R58.67 million, mainly as a result of the improvement in occupancies and higher room
rates achieved.
Operating costs were well contained to a 5% increase compared to the previous year.
Profit after tax of R821,065 was down compared to the previous year due to a significant increase in finance costs as well as
the upgrade and refurbish costs to some of our properties. Total assets was up 12% compared to the previous year which
were due to the expansion at Monks Cowl Golf Resort in Central Drakensberg by constructing more rooms and leisure
facilities.
DEVELOPMENT ACTIVITY
Construction of an additional 24 rooms at Monks Cowl Golf Resort is progressing well and is on track for completion by
December 2014, as well as a new swimming pool and 18 hole putt putt golf course. The refurbishment and upgrade of
24 rooms at Fabz Garden Hotel and Conference Centre in Lonehill, Gauteng is completed.
The refurbishment and upgrade at Natal Spa in Paulpietersburg would be completed in January 2015.
We strongly believe that occupancies will improve due to new and refurbished accommodation facilities coming on stream
from improved demand and with the Monks Cowl Golf Resort operating in its first financial year.
OUTLOOK
Management remains optimistic of the usual improvement in earnings in the second half of the financial year as the
Gooderson group is well positioned to take advantage of market improvements as they arise.
Gooderson will continue to pursue its strategy of expanding into new markets and opportunities to invest capital in its
growth strategy and sell any non performing assets.
SUBSEQUENT EVENTS
The directors are not aware of any matter or circumstance arising since the end of the financial period, not otherwise dealt
with within the financial statements, that would affect the operations or results of the group significantly.
CONDENSED NOTES TO THE UNAUDITED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2014
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 28 February 2014 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
24 October 2014
Corporate Information
Executive Directors AW Gooderson, G M Castleman, C M De Klerk, R Nannoolal,
Non Executive Directors B R Warmback, M A Pottier, S Q Moloko
Company Secretary and R Nannoolal - 85 O.R. Tambo Parade, Durban, 4001
Registered Office: (PO Box 10305, Marine Parade, 4056)
Tel: +27 31 337 2672 Fax: +27 31 337 2621
Transfer Secretaries: Computershare Investor Services (Pty) Ltd - 70 Marshall Street, Johannesburg, 2001
(PO Box 61051, Marshall Street, Johannesburg, 2001)
Tel: +27 11 370 5000 Fax: +27 11 688 5210
Attorneys: Berkowitz Cohen Wartski - 17th Floor, Southern Life House, Durban, 4001
(PO Box 3704, Durban, 4001)
Tel: +27 31 314 9300 Fax: +27 31 314 9302
Designated Adviser: Exchange Sponsors (2008) (Pty) Ltd - 44A Boundary Road, Inanda, 2196
(PO Box 411216, Craighall, 2024)
Tel: +27 11 880 2113 Fax: 086 556 5720
Auditors: Grant Thornton - 2nd Floor, 4 Pencarrow Crescent, La Lucia Ridge Office Estate, La Lucia, 4019
(PO Box 950, Umhlanga Rocks, 4320)
Tel: +27 31 576 5500 Fax: +27 31 576 5555
Commercial Bankers: First National Bank Limited - Acacia House, 8 Rydall Vale Park, Douglas Saunders Drive, La Lucia Ridge, 4320
(PO Box 4130, The Square, Umhlanga Rocks, 4320)
Tel: +27 31 580 6000 Fax: +27 31 580 6045
Company’s Website: www.goodersonleisure.co.za
Date: 24/10/2014 10:35:00 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.