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EUR
EUR
EUR - Eureka - Provisional results for the year ended 28 February 2007
EUREKA INDUSTRIAL LIMITED
(Registration number 1938/010958/06)
Share JSE code: EUR
ISIN #: ZAE000002523
PROVISIONAL RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2007
2007 2006
Reviewed Audited
R`000s R`000s
GROUP INCOME STATEMENT
Revenue 35,849 29,234
Operating profit 65,629 19,893
Dividends received 4,618 2,349
Net funding costs (1,793) (3,627)
Net surplus on revaluation
of long-term investments 16,929 26,202
Profit on disposal of
long-term investments 17,344 -
Net profit before taxation 102,727 44,817
Taxation provided 1,704 (2,974)
- current taxation (2,308) (39)
- deferred taxation 4,012 (2,935)
Net profit for the year 104,431 41,843
GROUP BALANCE SHEET
Assets
Non-current assets 209,807 140,980
Tangible assets 3,238 2,833
Investments
(listed investments valued
at market value) 190,879 138,147
Loans receivable 15,690 -
Current assets 28,464 35,850
Inventories 7,048 8,421
Trade and other receivables 18,524 27,083
Taxation prepaid - 10
Cash and cash equivalents 2,892 336
Total assets 238,271 176,830
Equity and liabilities
Capital and reserves 198,528 93,179
Non-current liabilities 27,991 30,411
Interest bearing borrowings 27,991 26,399
Deferred taxation - 4,012
Current liabilities 11,752 53,240
Interest bearing borrowings 240 43,097
Trade and other payables 9,265 10,143
Taxation provided 2,247 -
Total equity and liabilities 238,271 176,830
GROUP STATEMENT OF CHANGES IN EQUITY
Share capital 250 250
Ordinary Shares 150 150
Preference shares 100 100
Retained income
Balance at beginning of the year 84,566 66,723
Net profit for the year 104,431 41,843
Ordinary dividend paid - (24,000)
Balance at end of the year 188,997 84,566
Non-distributable reserve
Balance at beginning of the year 8,363 8,363
Movement for the year 918 -
Balance at end of the year 9,281 8,363
Total capital and reserves at end
of the year 198,528 93,179
GROUP CASH FLOW STATEMENT
Cash flows from by
operating activities 8,320 (8,840)
Cash flows from
investing activities 27,681 (11,044)
Cash flows from
financing activities (33,445) 20,108
Net increase in cash
and cash equivalents 2,556 224
Cash and cash equivalents at
beginning of the year 336 112
Cash and cash equivalents at
end of the year 2,892 336
RECONCILIATION OF EARNINGS
TO HEADLINE EARNINGS
Profit as per income statement 104,431 41,843
Bad Debts Recovered (10,558) -
Net surplus on revaluation of
long-term investments (16,929) (26,202)
Profit on disposal of long-term
investments (17,344) -
Profit on sale of tangible assets (151) (55)
Headline earnings 59,449 15,586
ORDINARY SHARES
Number of ordinary shares in issue
(`000s) 2,400 2,400
Earnings per share (cents) 4,351.3 1,743.5
Headline earnings per
share (cents) 2,477.0 649.4
Net tangible asset value per share
(cents) 8,268 3,878
COMMENTS
Eureka`s portfolios of listed shares represent the major portion of the group`s
assets. Shares held in both the long-term and short-term portfolios are revalued
to market price on the reporting date.
The results for the year ended 28 February 2007, reflect a total profit for
ordinary shareholders of R104 million: R65,6 million in operating profit, R4,6
million in dividends received and R34 million from the long-term investment
portfolio.
The major contribution to the operating profit of R65,6 million was achieved
from the short-term share trading portfolio. The machine tool and leasing
divisions traded at close to break even, before taking into account a bad debt
recovered of R10,5 million. The 50% owned electrical engineering division
achieved a record year in turnover and profits and contributed R1,4 million to
the group`s profits.
PROSPECTS
Eureka`s profitability and growth in net asset value will remain dependent on
the performance of its share portfolios. Investment decisions for the long-term
portfolio continue to be based on fundamental analysis of a company`s potential
in terms of its management, markets and products. With market prices at current
levels, an extremely conservative approach is being followed in the share
trading portfolio and consequently substantially less profit is likely to be
achieved in the forthcoming period.
The provisional results have been prepared in accordance with International
Financial Reporting Standards ("IFRS"). The Group`s auditors, Levenstein and
Partners, have reviewed the Group`s results and their unqualified review report
is available for inspection at the registered office of the company.
For and on behalf of the board:
R S Price
Non-executive chairman
Johannesburg
17 May 2007
Eureka Industrial Limited
Date: 17/05/2007 09:36:01 Produced by the JSE SENS Department.
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