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EUR
EUR
EUR - Eureka Industrial Limited - Abridged Final Audited Results For The Year
Ended 29 February 2008 And Notice Of Annual General Meeting.
EUREKA INDUSTRIAL LIMITED
("Eureka")
Incorporated in the Republic of South Africa
(Registration number: 1938/010958/06)
JSE share code: EUR
ISIN code: ZAE000002523
ABRIDGED FINAL AUDITED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2008 AND NOTICE OF
ANNUAL GENERAL MEETING.
2008 2007
Audited Audited
R`000s R`000s
GROUP INCOME STATEMENT
Revenue 48,132 35,849
Operating profit 21,017 70,247
Net funding costs (3,581) (1,793)
Net surplus on revaluation of
long-term investments 476 16,929
Profit on disposal of long-term
investments - 17,344
Profit before taxation 17,912 102,727
Taxation (provided)/reversed (1,699) 1,704
- current taxation (1,536) (2,308)
- deferred taxation - 4,012
- secondary tax on companies (160) -
- under provision in prior year (3) -
Net profit for the year 16,213 104,431
GROUP BALANCE SHEET
ASSETS
Non-current assets 106,253 209,682
- Property, plant and equipment 2,468 3,238
- Financial Assets 103,785 206,444
Current assets 111,681 28,597
- Inventories 8,752 7,048
- Trade and other receivables 36,643 18,649
- Cash and cash equivalents 66,286 2,900
Total assets 217,934 238,279
EQUITY AND LIABILITIES
Capital and reserves 195,542 198,529
Non-current liabilities 141 27,991
- Interest bearing borrowings 141 27,991
Current liabilities 22,251 11,759
- Interest bearing borrowings 9,502 240
- Trade and other payables 9,587 9,126
- Provisions 427 146
- Taxation provided 2,735 2,247
Total equity and liabilities 217,934 238,279
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
- Net profit for the year 16,213 104,431
- Dividend paid (19,200) -
- Balance at end of the year 186,010 188,997
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 195,542 198,529
GROUP CASH FLOW STATEMENT
Cash flows from operating activities (25,928) 25,887
Cash flows from investing activities 107,902 17,942
Cash flows from financing activities (18,588) (41,265)
Net increase in cash & cash equivalents 63,386 2,564
Cash and cash equivalents at
beginning of the year 2,900 336
Cash and cash equivalents at
end of the year 66,286 2,900
RECONCILIATION OF EARNINGS TO
HEADLINE EARNINGS
Net profit as per income statement 16,213 104,431
Net surplus on revaluation of
long-term investments (476) (16,929)
Profit on sale of tangible assets (19) (148)
Profit on disposal of investment
property (1,274) -
Profit on disposal of long-term
investments - (17,344)
Write up of impairment of investment
property - (728)
Bad debts recovered - (10,558)
Headline earnings 14,444 58,724
ORDINARY SHARES
Earnings per share (cents) 675.5 4,351.3
Headline earnings per share (cents) 601.8 2,446.8
Number of ordinary shares in issue (`000s) 2,400 2,400
Net tangible asset value per share (cents) 8,143 8,268
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 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 29
August 2008.
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the annual general meeting of shareholders of Eureka
will be held at the company, 65 Elm Street, Inanda, Sandton, 2196 on 26
September 2008 at 10h00 to transact the business as stated in the annual general
meeting notice forming part of the annual financial statements.
29 August 2008
Sandton
Eureka Industrial Limited
Date: 01/09/2008 12:48:08 Produced by the JSE SENS Department.
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