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EUR
EUR
EUR - Eureka - Abridged Final Audited Results and Notice of AGM.
EUREKA INDUSTRIAL LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1938/010958/06)
Share JSE code: EUR
ISIN code: ZAE000002523
ABRIDGED FINAL AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2007 AND NOTICE OF
ANNUAL GENERAL MEETING.
2007 2007 2006
Audited Reviewed Audited
R`000s R`000s R`000s
GROUP INCOME STATEMENT
Revenue 35,849 35,849 29,234
Operating profit 65,629 65,629 19,893
Dividends received 4,618 4,618 2,349
Net funding costs (1,793) (1,793) (3,627)
Net surplus on revaluation
of long-term investments 16,929 16,929 26,202
Profit on disposal of
long-term investments 17,344 17,344 -
Net profit before taxation 102,727 102,727 44,817
Taxation reversed 1,704 1,704 (2,974)
- current taxation (2,308) (2,308) (39)
- deferred taxation 4,012 4,012 (2,935)
Net profit for the year 104,431 104,431 41,843
GROUP BALANCE SHEET
Assets
Non-current assets 209,682 209,682 140,980
Tangible assets 3,238 3,238 2,833
Investments
(listed investments valued
at market value) 206,444 190,879 138,147
Loans receivable - 15,690 -
Current assets 28,589 28,464 35,850
Inventories 7,048 7,048 8,421
Trade and other receivables 18,649 18,524 27,083
Taxation prepaid - - 10
Cash and cash equivalents 2,892 2,892 336
Total assets 238,271 238,271 176,830
Equity and liabilities
Capital and reserves 198,529 198,528 93,179
Non-current liabilities 27,991 27,991 30,411
Interest bearing borrowings 27,991 27,991 26,399
Deferred taxation - - 4,012
Current liabilities 11,751 11,752 53,240
Interest bearing borrowings 240 240 43,097
Trade and other payables 9,118 9,265 10,143
Provisions 146 - -
Taxation provided 2,247 2,247 -
Total equity and liabilities 238,271 238,271 176,830
GROUP STATEMENT OF CHANGES IN EQUITY
Share capital 250 250 250
Ordinary Shares 150 150 150
Preference shares 100 100 100
Retained income
Balance at beginning of the year 84,566 84,566 66,723
Net profit for the year 104,431 104,431 41,843
Ordinary dividend paid - - (24,000)
Balance at end of the year 188,997 188,997 84,566
Non-distributable reserve
Balance at beginning of the year 8,363 8,363 8,363
Movement for the year 919 918 -
Balance at end of the year 9,282 9,281 8,363
Total capital and reserves at end
of the year 198,529 198,528 93,179
GROUP CASH FLOW STATEMENT
Cash flows from by
operating activities 25,879 8,320 (8,840)
Cash flows from
investing activities 17,942 27,681 (11,044)
Cash flows from
financing activities (41,265) (33,445) 20,108
Net increase in cash
and cash equivalents 2,556 2,556 224
Cash and cash equivalents at
beginning of the year 336 336 112
Cash and cash equivalents at
end of the year 2,892 2,892 336
RECONCILIATION OF EARNINGS
TO HEADLINE EARNINGS
Profit as per income statement 104,431 104,431 41,843
Bad Debts Recovered (10,558) (10,558) -
Net surplus on revaluation of
long-term investments (16,929) (16,929) (26,202)
Profit on disposal of long-term
investments (17,344) (17,344) -
Profit on sale of tangible assets (148) (151) (55)
Write up of impairment of
Investment property (728) - -
Headline earnings 58,724 59,449 15,586
ORDINARY SHARES
Number of ordinary shares in issue
(`000s) 2,400 2,400 2,400
Earnings per share (cents) 4,351.3 4,351.3 1,743.5
Headline earnings per
share (cents) 2,446.8 2,477.0 649.4
Net tangible asset value per share
(cents) 8,268 8,268 3,878
BASIS OF PREPARATION
The annual financial statements of the Group have been prepared in accordance
with International Financial Reporting Standards ("IFRS").
The Group`s auditors, Levenstein and Partners, have audited these results and a
copy of their unmodified audit opinion as well as their accompanying unmodified
audit report is available at the Company`s registered office.
Eureka`s annual financial statements were distributed to shareholders on 2
August 2007.
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the annual general meeting of shareholders of Eureka
will be held at the company, at Stand 349, Angus Crescent, Northlands Business
Park, New Market Street, Northriding, 2162 on 31 August 2007 at 10h00 to
transact the business as stated in the annual general meeting notice forming
part of the annual financial statements.
Randburg
3 August 2007
Eureka Industrial Limited
Date: 03/08/2007 14:03:01 Produced by the JSE SENS Department.
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