Wrap Text
Unaudited Condensed Interim Results For The Six Months Ended 31 August 2015
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 2015
HIGHLIGHTS
- REVENUE UP 9%
- TOTAL ASSETS UP 6%
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
31 Aug 2015 31 Aug 2014 28 Feb 2015
R’000 R’000 R’000
ASSETS
Non-current assets 271 379 267 600 262 554
Property, plant and equipment 236 672 235 405 230 562
Goodwill 999 999 999
Investment in associates 966 950 1 073
Timeshare development 13 018 13 785 13 308
Deferred tax 9 904 7 111 7 669
Long term debtors 9 820 9 350 8 943
Current assets 25 793 20 998 22 910
Inventories 2 134 2 060 2 022
Other financial assets 175 175 175
Current tax receivables 49 537 444
Trade and other receivables 19 718 13 926 16 337
Cash and cash equivalents 3 717 4 300 3 932
Non-current assets held for sale 9 512 — 9 512
and assets of disposal groups
Total Assets 306 684 288 598 294 976
EQUITY AND LIABILITIES
Equity capital and reserves 188 673 185 098 191 203
Stated capital 16 658 16 658 16 658
Reserves 75 616 76 243 75 608
Retained income 96 399 92 197 98 937
Non-current liabilities 65 264 74 175 66 208
Other financial liabilities 33 555 42 658 34 229
Deferred income 2 287 2 858 2 573
Deferred tax 29 422 28 659 29 406
Current liabilities 52 661 29 325 37 479
Other financial liabilities 15 942 6 537 11 645
Current tax payable 437 753 311
Trade and other payables 26 086 18 675 20 269
Deferred income 572 572 572
Bank overdraft 9 624 2 788 4 682
Liabilities of disposal groups 86 — 86
Total liabilities 118 011 103 500 103 772
Total Equity and Liabilities 306 684 288 598 294 976
Shares in issue 121 236 000 120 669 130 120 950 236
Net asset value per share (cents) 155.62 153.39 158.08
Net tangible asset value per share (cents) 154.80 152.56 157.26
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Unaudited Unaudited Audited
31 Aug 2015 31 Aug 2014 28 Feb 2015
R’000 R’000 R’000
Revenue 64 109 58 671 128 316
Cost of Sales (9 643) (9 513) (19 598)
Gross Profit 54 466 49 158 108 718
Net operating expenses (49 327) (43 512) (88 733)
EBITDA 5 139 5 646 19 985
Investment revenue 70 120 201
Finance costs (2 622) (1 735) (4 144)
(Loss) / Income from equity accounted investments (107) (114) 9
Depreciation and impairment (3 232) (3 029) (6 140)
(Loss) / profit before tax (752) 888 9 911
Taxation 681 (67) (2 350)
(Loss) / profit for year (71) 821 7 561
Other comprehensive income - — (646)
Total comprehensive (loss) / income (71) 821 6 915
Reconciliation of headline earnings:
(Loss) / profit attributable to ordinary shareholders (71) 821 7 561
Profit on sale of Assets (22) (15) (20)
Headline (loss) / earnings (93) 806 7 541
Weighted average shares in issue 121 236 000 120 669 130 120 950 236
BASIC, HEADLINE EARNINGS PER SHARE
Basic (loss) / earnings per share (EPS) (cents) (0.06) 0.68 6.25
Headline (loss) / earnings per share (HEPS) (cents) (0.08) 0.66 6.23
Diluted (loss) / earnings per share (cents) (0.06) 0.67 6.25
Diluted headline (loss) / earnings per share (cents) (0.08) 0.65 6.23
Dividend per share (cents) - — 1.87
CONDENSDED CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
31 Aug 2015 31 Aug 2014 28 Feb 2015
R’000 R’000 R’000
Cash flows from operating activities 3 608 4 257 12 418
Cash flows from investing activities (9 922) (16 804) (23 907)
Cash flows from financing activities 1 156 14 467 11 146
Net movement in cash and cash equivalents (5 156) 1 920 (343)
Cash and cash equivalents at beginning of the period (751) (408) (408)
Cash and cash equivalents at end of the period (5 907) 1 512 (751)
SEGMENTAL REPORT
31 AUGUST 2015 – UNAUDITED
Revenue EBITDA Assets Liabilities
R’000 R’000 R’000 R’000
Hotels and lodges 53 276 2783 231 131 81 466
Timeshare 10 832 2356 31 887 6 213
Total segments 64 109 5139 263 018 87 679
Unallocated corporate assets and liabilities — — 43 666 30 332
Total 64 109 5 139 306 684 118 011
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
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Total share 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 2014 16 276 157 76 130 76 287 93 594 186 157
Profit for the year — — — — 7 561 7 561
Other comprehensive income — — (646) (646) — (646)
Total comprehensive income for the year — — (646) (646) 7 561 6 915
Transfer of share based payment reserve — (55) — (55) 55 —
Share based payments reserves movement — 23 — 23 — 23
Options exercised during the year 382 — — — — 382
Dividends — — — — (2 274) (2 274)
Total contributions by and distributions to owners
382 (32) — (32) (2 219) (1 869)
of company recognised directly in equity
Balance at 1 March 2015 16 658 124 75 484 75 608 98 937 191 203
Loss for the year — — — — (71) (71)
Other comprehensive loss — — — — — —
Total comprehensive Loss for the year — — — — (71) (71)
Share based payment reserve movement — 8 — 8 — 8
Dividends — — — — (2 467) (2 467)
Total contributions by and distributions to owners — —
— 8 (2 467) (2 459)
of company recognised directly in equity
Balance at 31 August 2015 16 658 132 75 484 75 616 96 399 188 673
DIRECTORS COMMENTARY
The directors of Gooderson Leisure present the unaudited results for the half year ended 31 August 2015 which are available
on the company’s website: www.goodersonleisure.co.za.
The results show the consolidated position of Gooderson Leisure compared to results for the half year ended
31 August 2014 and the audited results for the financial year ended 28 February 2015.
FINANCIAL AND OPERATIONAL REVIEW
The group revenue for the six months to 31 August 2015 increased by 9% from R58.67 million to R64.11 million over the
comparable period ended 31 August 2014. This was due to the construction of additional rooms at Monks Cowl Golf Resort
in Winterton and the acquisition of the business operations of the Beach Hotel in Durban on 1 June 2015.
Gooderson Leisure has continued to allocate capital in terms of growth strategy and has accordingly invested more than
R10 million on expansion projects and major hotel refurbishments.
Operating expenses have increased proportionally over the six month period compared to a 9% increase in revenue.
Finance costs have also increased considerably due to the upgrade, refurbish costs and purchasing of generators for use
during power outages.
Depreciation was up by 7% on last year due to the purchase of hard assets.
The group has shown a loss of R71 000 for the period due to the extensive upgrades and refurbishment programmes done
in the winter months.
Total assets were 6% up on the previous year and the net asset value per share increased from R153.39 cents per share to
155.62 cents per share.
DEVELOPMENT ACTIVITY
Construction of an additional 6 hotel rooms at Drakensberg Gardens Golf and Leisure Resort is progressing well and is on
track for completion by November 2015 as well as upgrading of 26 hotel rooms. A waterpark has been constructed at Natal
Spa Hot Springs and Leisure Resort which has been successfully opened in September 2015. Upgrades and refurbishment of
25 hotel rooms at the Natal Spa Hot Springs and Leisure Resort have been completed. The Beach Hotel in Durban is in the
process of being upgraded to Goodersons standards and the construction of 42 Rooms at Monks Cowl Golf Resort in
Winterton was completed in March 2015.
OUTLOOK
Given the current economic challenges the group remains cautiously optimistic about the improvement in the earnings in
the second half of the year and is well positioned to take advantage of market improvements as they arise.
SUBSEQUENT EVENTS
On the 15 October 2015, the group signed a confidentiality and non-disclosure agreement with a prospective BEE
Shareholder to acquire shares in Gooderson.
CONDENSED NOTES TO THE UNAUDITED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2015
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 2015 and have not been audited or reviewed by Gooderson’s auditors.
These condensed group interim financial statements were prepared by Rajen Nannoolal, the Financial Director.
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.
3) DIVIDEND POLICY
No dividend has been declared for the interim period.
4) CHANGES TO THE BOARD
Mrs Judith Eva Gooderson has been appointed as a Non-Executive Director of the company with effect from 26 May 2015.
On behalf of the board.
Alan Gooderson Rajen Nannoolal
Executive Chairman Financial Director
21 October 2015
Corporate Information
Executive Directors AW Gooderson, G M Castleman, C M De Klerk, R Nannoolal, J Lakaram
Non-Executive Directors B R Warmback, M A Pottier, S Q Moloko, J E Gooderson
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, 2 Kikembe Drive, La Lucia Ridge, 4320
(PO Box 4130, The Square, Umhlanga Rocks, 4320)
Tel: 087 335 3500
Company’s Website: www.goodersonleisure.co.za
Date: 22/10/2015 12:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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