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EUR
EUR
EUR - Eureka - Unaudited Results For The Six Months Ended 31 August 2007
Eureka Industrial Limited
("EUR")
(Registration number: 1938/010958/06)
JSE share code: EUR
ISIN code: ZAE000002523
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2007
31-Aug-07 31-Aug-06 28-Feb-07
6 months 6 months Year
ended ended ended
Unaudited Unaudited Audited
R`000s R`000s R`000s
GROUP INCOME STATEMENT
Revenue 23,118 15,774 35,849
Operating profit 2,941 13,169 99,902
Dividends received 6,820 2,924 4,618
Net funding (costs)/income (2,175) 459 (1,793)
Net profit before tax 7,586 16,552 102,727
Taxation (provided)/reversed (464) (188) 1,704
- current (464) (188) (2,308)
- deferred tax - - 4,012
Profit attributable to ordinary
shareholders 7,122 16,364 104,431
GROUP BALANCE SHEET
ASSETS
Non-current assets 120,115 117,887 209,682
Tangible assets 2,758 2,708 3,238
Investments (listed investments
at market value) 117,357 115,179 206,444
Current assets 207,499 43,373 28,589
Inventories 5,186 7,034 7,048
Cash and cash equivalents 145,892 141 2,892
Trade and other receivables 56,421 36,198 18,649
Total assets 327,614 161,260 238,271
EQUITY AND LIABILITIES
Capital and reserves 205,765 109,543 198,529
Non-current liabilities 44 18,235 27,991
Interest bearing borrowings 44 14,223 27,991
Deferred taxation - 4,012 -
Current liabilities 121,805 33,482 11,751
Interest bearing borrowings 113,394 22,654 240
Trade and other payables 6,177 10,640 9,118
Provisions 728 - 146
Taxation provided 1,506 188 2,247
Total equity and liabilities 327,614 161,260 238,271
GROUP CASH FLOW STATEMENT
Cash flows from operating
activities 20,753 (7,840) 25,879
Cash flows from investing
activities 75,784 36,022 17,942
Cash flows from financing
activities 46,463 (28,377) (41,265)
Net increase in cash & cash
equivalents 143,000 (195) 2,556
Cash and cash equivalents at
beginning of the period 2,892 336 336
Cash and cash equivalents at end
of the period 145,892 141 2,892
GROUP STATEMENT OF CHANGES IN EQUITY
Share capital 250 250 250
Ordinary shares 150 150 150
Preference shares 100 100 100
Retained income 196,233 100,930 188,997
Balance at beginning of the period 188,997 84,566 84,566
Prior year adjustment 114 - -
Movement for the period 7,122 16,364 104,431
Non-distributable reserve 9,282 8,363 9,282
Balance at beginning of the period 9,282 8,363 8,363
Movement for the period - - 919
Total equity at end of the period 205,765 109,543 198,529
RECONCILIATION OF HEADLINE EARNINGS
Earnings as per income statement 7,122 16,364 104,431
Net surplus on revaluation of
long-term investments to market
value (345) (5,798) (16,929)
Revaluation deficit on long-term
investments to market value 9,251 - -
Capital profit on disposal of
investments (8,352) (7,913) (17,344)
Profit on disposal of tangible
assets (1,343) - (148)
Bad debts recovered - - (10,558)
Write up of impairment of
investment property - - (728)
Headline earnings 6,333 2,653 58,724
ORDINARY SHARES
Number of shares in issue 2,400 2,400 2,400
Earnings per share (cents) 296.8 681.8 4,351.3
Headline earnings per share (cents) 263.9 110.5 2,446.8
Net tangible asset value per share
at end of period (cents) 8,569 4,560 8,268
COMMENTS
At the reporting date approximately R140 million was invested in non-variable
preference shares, earning dividends. These are defined as `cash equivalents`.
The company has meaningfully reduced its investments in the share market. It is
the first time in many years that Eureka`s portfolio of listed shares does not
represent the major portion of group assets. Sabvest Limited is the only listed
share that remains in place for the long-term.
PROSPECTS
The investment approach for the forthcoming periods will be more risk averse
than in the past and a preference will be given to rand hedge opportunities.
The current half-year results are indicative of the results that are expected
for the second half. Consequently, earnings for the full year will be
meaningfully down when compared to the previous year. Excluding any revaluation
of Sabvest, the profit attributable to ordinary shareholders of R104 million
achieved for the year to February 2007 is likely to reduce by about 80% for the
current year.
The results have been prepared in accordance with International Financial
Reporting Standards on Interim Financial Reporting in terms of IAS34.
For and on behalf of the board.
Ronald S Price
Non-executive chairman
Sandton
15 October 2007
Eureka Industrial Limited
Date: 15/10/2007 17:14:01 Produced by the JSE SENS Department.
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