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EUR
EUR
EUR - Eureka - Reviewed results for the year ended 29 February 2008
EUREKA INDUSTRIAL LIMITED
(Registration number 1938/010958/06)
Share JSE code: EUR
ISIN Code: ZAE000002523
REVIEWED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2008
2008 2007
Reviewed Audited
R`000s R`000s
GROUP INCOME STATEMENT
Revenue 48,132 35,849
Operating profit 9,358 65,629
Dividends received 12,010 4,618
Net funding costs (3,887) (1,793)
Net surplus on revaluation
of long-term investments 476 16,929
Profit on disposal of
long-term investments - 17,344
Net profit before taxation 17,972 102,727
Taxation (provided)/reversed (1,856) 1,704
- current taxation (1,856) (2,308)
- deferred taxation - 4,012
Net profit for the year 16,101 104,431
GROUP BALANCE SHEET
Assets
Non-current assets 117,770 209,682
Tangible assets 2,468 3,238
Investments
(listed investments valued
at market value) 102,099 206,444
Loans receivable 13,203 -
Current assets 98,173 28,597
Inventories 8,753 7,048
Trade and other receivables 23,439 18,649
Cash and cash equivalents 65,981 2,900
Total assets 215,943 238,279
Equity and liabilities
Capital and reserves 195,517 198,529
Non-current liabilities 141 27,991
Interest bearing borrowings 141 27,991
Current liabilities 20,285 11,759
Interest bearing borrowings 9,502 240
Trade and other payables 7,781 9,126
Provisions 427 146
Taxation provided 2,575 2,247
Total equity and liabilities 215,943 238,279
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 188,997 84,566
Prior year adjustment 87 -
Net profit for the year 16,101 104,431
Dividends paid (19,200) -
Balance at end of the year 185,985 188,997
Non-distributable reserve
Balance at beginning of the year 9,282 8,363
Movement for the year - 919
Balance at end of the year 9,282 9,282
Total capital and reserves at end
of the year 195,517 198,529
GROUP CASH FLOW STATEMENT
Cash flows from
operating activities (41,405) 25,887
Cash flows from
investing activities 94,106 17,942
Cash flows from
financing activities 10,380 (41,265)
Net increase in cash
and cash equivalents 63,081 2,564
Cash and cash equivalents at
beginning of the year 2,900 336
Cash and cash equivalents at
end of the year 65,981 2,900
RECONCILIATION OF EARNINGS
TO HEADLINE EARNINGS
Profit as per income statement 16,101 104,431
Net surplus on revaluation of
long-term investments (476) (16,929)
Profit on sale of tangible assets (1,293) (148)
Investment property - (728)
Bad debts recovered - (10,558)
Profit on disposal of long-term
Investments - (17,344)
Headline earnings 14,332 58,724
ORDINARY SHARES
Number of ordinary shares in issue
(`000s) 2,400 2,400
Earnings per share (cents) 670.9 4,351.3
Headline earnings per
share (cents) 597.2 2,446.8
Net tangible asset value per share
(cents) 8,142 8,268
COMMENTS
For many years Eureka`s portfolios of listed shares represented the major
portion of the group`s assets. Some months ago, based on a prediction that
market, political and currency conditions would be extremely high risk and
volatile for an extended period of time, it was decided that the company would
substantially reduce the size of its listed investment portfolios. These
investments are now comprised almost exclusively of holdings in Sabvest and
Setpoint.
Shortly before the reporting date, R40 million of the group`s cash holding was
invested in Euro denominated assets.
The results for the period reflect this conservative investment strategy and
headline earnings for the year are meaningfully lower at R14,3 million.
The 50% owned electrical engineering division achieved another record year in
turnover as well as profits, and contributed R3.3 million to group profits. The
machine tool and leasing divisions were further reduced during the year and
these continue to trade at close to break-even.
PROSPECTS
Eureka is unlikely to make any changes to its conservative holding strategy in
the near-term. It expects the uncertain political and economic conditions to
remain in place for the forthcoming period and that these will put further
pressure on the valuation of investments in general. At appropriate times,
consideration will be given to increased investment in hard currency assets.
The reviewed 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 audit opinion will be
available at the registered office of the company in due course.
For and on behalf of the board:
Ronald S Price
Non-executive chairman
Johannesburg
28 May 2008
Eureka Industrial Limited
Date: 28/05/2008 12:18:01 Produced by the JSE SENS Department.
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