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ROODEPOORT COUNTRY CLUB ANNUAL GENERAL MEETING 10 APRIL 2013

ROODEPOORT COUNTRY CLUB ANNUAL GENERAL MEETING 10 APRIL 2013. Chairman's Report in respect of the 2012 financial year. Stated Objectives listed at 2012 AGM.

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ROODEPOORT COUNTRY CLUB ANNUAL GENERAL MEETING 10 APRIL 2013

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  1. ROODEPOORT COUNTRY CLUB ANNUAL GENERAL MEETING 10 APRIL 2013

  2. Chairman's Report in respect of the 2012 financial year

  3. Stated Objectives listed at 2012 AGM To build on the platform created and ensure that we move to a solvent and profitable financial position in order to build reserves and ensure sustainability well into the future. To ensure that the governance and control practices at RCC are robust and transferable To ensure long term and sustainable membership growth and this may mean needing to completely revamp the product offering that RCC offers

  4. Stated Objectives listed at 2012 AGM • We need to become an environmentally friendly club and need to develop a practical plan in this regard • By the time my terms ends I want to have developed sound succession planning within the Executive Committee to ensure a smooth transition and in doing so provide the maximum opportunity for my successor to improve rather than mark time on the platforms which have been built.

  5. Key Highlights Club returned to profitability for the first time since the 2005/6 financial year

  6. Annual Profit/Loss over past 12 years

  7. Key Highlights Club returned to profitability for the first time since the 2005/6 financial year Record year for golf rounds Significant improvements in golf course Stabalisedthe declining trends in membership Establishment of a sound and robust management and efficient operational structures Resolution of the SARS arrears Improvements to the clubhouse and introduction of additional facilities to members Rebrand of the RCC Name and Logo Introduction of the half yearly results presentation

  8. Stats

  9. RCC employees

  10. Membership

  11. Membership (continued)

  12. Membership (continued) 294 WDO

  13. Corporate membership 2012 Canon Deswick Vega D&A R434 650 Toshka Labournet Rawson Mercedes Benz PDTSA Lexus

  14. GOLF ROUNDS

  15. 2012 ROUNDS OF GOLF (members)

  16. 2012 ROUNDS OF GOLF (visitors & other)

  17. 2012 ROUNDS OF GOLF

  18. Rands per round

  19. Income and Rounds Y-o-Y Rounds up 26% Golf revenue up 34%

  20. Club communication During 2012 the club communicated in various ways with it’s members 10 newsletters 8 newsflashes 80 emails regarding Friday evenings 60 sms reminders re club activities 12 new newsflashes about golf and club activities (from October ‘12) Upgrade to the website Half yearly results Presentation

  21. DECO Food and Beverage outsourcing

  22. DECO

  23. Key Projects • Golf Course • Clubhouse • Driving Range • Additional income Streams • Membership Growth • Environmental plan • RCC product • Brand/Logo • 5 Star Golf Experience • Security • Strategic Plan

  24. Business Imperatives and Challenges Cash Flow Solvency SARS Utilities Lease Ensure that these aspects are completely resolved in 2013

  25. Strategic Intent The strategy for the next 5 years is to consolidate the business and build reserves that total R5.25m Driving this will require a shift from being a Committee led organisation to a Professionally driven one Ruimsig Country Club will professionally drive at achieving a sustainable future for its members and its stakeholders

  26. Thanks Club Management Sports Committees Product Committee Finance Committee Executive Committee You the members

  27. ANNUAL FINANCIAL STATEMENTS

  28. Independent auditors’ report • Qualified audit opinion • Cash sales • similar to most cash intensive businesses • additional controls put in place • continuous attempts to address this risk and audit opinion • Fixed asset revaluation • historical fixed asset revaluation • revaluation not in terms of International Financial Reporting Standards (IFRS) • Emphasis of matter • Liabilities exceed assets • Utilities Account

  29. Statement of Comprehensive Income Net sale of goods - 1 155 295 Rendering of services 10 400 556 8 198 157 Rental income (Cart hire, Deco hire) 1 509 197 1 128 278 27%

  30. Statement of Comprehensive Income Incl is Deco outsourcing (excl rent) and insurance claims

  31. Statement of Comprehensive Income • Administration and management fees 994 620 524 260 • Employee cost 3 612 4154 501 658 • 4 607 035 5 025 918 • Auditors remuneration 84 883 80 217 • Cleaning and consumables 101 818 82 285 • Credit card merchant cost 127 121 105 329 • Entertainment 58 342 23 365 • Golf course expenditure • Maintenance 1 174 760 716 574 • Petrol and oil 434 003 310 095 • Golf outsourcing 806 305 278 526 • Utilities 991 516 845 147 Even with other work performed, cost contained Increased credit card payments for golf Directly attributable to the record number of rounds 12 months vs 5 months

  32. Statement of Comprehensive Income R85k City of Johannesburg

  33. Statement of Comprehensive Income You would need to replace assets at some stage

  34. Statement of Financial Position

  35. Statement of Financial Position

  36. Statement of Financial Position

  37. Statement of Financial Position

  38. Statement of Financial Position Trade receivables 402 386 206 330 PMG invoiced R198k at yearend

  39. Statement of Financial Position Opening cash balance 960 095 (404 329) Net cash from operating activities (126 690) (707 747) Net cash from investing activities (176 924) 164 086 (mainly net asset purchases) Net cash from financing activities (10 976) 1 908 087 (mainly special memberships) ________ ________ Cash movement for the year (314 590) 1 364 426 Cash at end of year 645 504 960 097

  40. Statement of Financial Position Special memberships 1 521 107 1 957 383 Less short-term portion (incl in other liabilities) (422 205) (401 754) This amount written to income over time

  41. Statement of Financial Position Confirmation of earlier comment on yearend cash balance VAT account 100% settled in January 2013 Trade payables 518 206 566 069 Memberships received in advance 345 963 929 344 VAT 661 436 797 150 City of Johannesburg 3 055 736 2 287 265 Water and electricity 41 573 124 217 Club funds 212 169 183 756 Auditor’s emphasis of matter

  42. Revaluation reserve completely amortised + Continued annual surpluses = Equity figure to turn into credit balance Statement of Financial Position

  43. LOOKING BEYOND 2012

  44. Membership

  45. Membership (continued)

  46. Membership (continued) WDO R129,860pm 300 WDO

  47. Corporate membership 2013 Shimandzu BIZ 2 IT Sautech Canon Deswick Vega D&A R434 650 + R158 272 R434 650 Toshka Labournet Rawson Mercedes Benz PDTSA Lexus Grubb Route Konica Minolta

  48. Rands per round

  49. YTD 2013 indicators • Golf rounds up 6% • 100% on target with 2013 budget • Golf revenue up 21% from 2012

  50. Thank You

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