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EUR
EUR
EUR - Eureka Industrial Limited - Unaudited interim results for the six months
ended 31 August 2009
Eureka Industrial Limited
("Eureka" or "the Company")
(Registration number: 1938/010958/06)
JSE share code: EUR
ISIN code: ZAE000002523
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2009
31-Aug-09 31-Aug-08 28-Feb-09
6 months 6 months Year
ended ended ended
Unaudited Unaudited Audited
R`000s R`000s R`000s
Consolidated Condensed INCOME STATEMENT
Revenue 42,297 81,679 103,171
Turnover 28,380 32,285 57,771
Cost of Sales (14,772) (18,749) (34,162)
Profit before other income and
expenses 13,608 13,536 23,609
Other Income 13,153 45,246 9,953
Operating expenditure (15,375) (60,832) (37,603)
Finance income 764 4,148 3,105
Finance costs (5,318) (1,033) (4,965)
Profit/(loss) before tax 6,832 1,065 (5,901)
Taxation (1,253) (962) (10,531)
Profit/(loss) attributable to
Equity shareholders 5,579 103 (16,432)
Consolidated Condensed BALANCE SHEET
ASSETS
Non-current assets 22,432 11,368 16,152
- Property, plant and equipment 13,942 2,630 2,581
- Equity investments 8,490 8,738 13,571
Current assets 147,498 230,358 166,308
- Inventories 4,901 9,121 8,602
- Trade and other receivables 19,339 35,463 23,473
- Cash and cash equivalents 90,272 173,317 97,897
- Equity investments 32,986 12,457 36,336
Total assets 169,930 241,726 182,460
EQUITY
Capital and reserves 138,826 195,645 133,247
- Share capital 220 250 220
- Reserves 138,606 195,395 133,027
LIABILITIES
Non-current liabilities 77 122 2,082
- Interest bearing borrowings 77 122 2,082
Current liabilities 31,027 45,959 47,131
- Trade and other payables 8,887 17,051 12,248
- Provisions 1,039 695 977
- Current tax payable 6,396 3,537 6,343
- Interest bearing borrowings 14,705 24,676 27,563
Total equity and liabilities 169,930 241,726 182,460
Consolidated Condensed STATEMENT OF CHANGES IN EQUITY
Share capital 220 250 220
- Ordinary shares
- Balance at beginning of the
year 120 150 150
- Treasury shares purchased
during the year - - (30)
- Balance at end of the year 120 150 120
- Preference shares 100 100 100
Retained income
- Balance at beginning of the
year 123,745 186,010 186,010
- Net profit/(loss) for the year 5,579 103 (16,432)
- Treasury shares purchased during
the year - - (45,833)
- Balance at end of the year 129,324 186,113 123,745
Non-distributable reserve 9,282 9,282 9,282
Total capital and reserves at
end of year 138,826 195,645 133,247
Consolidated Condensed GROUP CASH FLOW STATEMENT
Cash flows from operating
activities (1,539) (40,021) (1,346)
Cash flows from investing
activities 11,559 73,873 58,818
Cash flows from financing
activities (17,645) 73,179 (25,861)
Net (decrease)/ increase in
cash & cash equivalents (7,625) 107,031 31,611
Cash and cash equivalents at
the beginning of year 97,897 66,286 66,286
Cash and cash equivalents at
end of year 90,272 173,317 97,897
Determination of HEADLINE EARNINGS/(LOSS)
Profit/(loss) attributable to
equity shareholders 5,579 103 (16,432)
Net deficit on revaluation of
long-term investments 382 40,161 22,514
Profit on disposal of long-term
investments - (27,824) (27,824)
Profit on disposal of tangible
assets - - (10)
Headline earnings/(loss) 5,961 12,440 (21,752)
ORDINARY SHARES
Number of shares in issue at
year end (`000s) 1,920 2,400 1,920
Weighted average number of shares
in issue (`000s) 1,920 2,400 2,297
Treasury shares held at year end
(`000s) 480 - 480
Earnings/(loss) per share (cents)290.6 4.3 (715.4)
Diluted earnings/(loss) per share
(cents) 290.6 4.3 (715.4)
Headline earnings/(loss) per share
(cents) 310.5 518.3 (947.0)
Diluted headline earnings/(loss)
per share (cents) 310.5 518.3 (947.0)
Net tangible asset value per share
(cents) 7,225 8,147 6,935
BASIS OF PREPARATION
The results have been prepared in accordance with International Financial
Reporting Standards on Interim Financial Reporting in terms of IAS34.
COMMENT
Up until 2008, Eureka operated substantially as an investment trust with most of
its investments being in equities listed on the JSE. The group sold the majority
of its listed investments in the 2009 financial year, and it continues with its
plan to sell all of its remaining investments. The shares sold during the
current period achieved profitable results.
A meaningful portion of the group`s cash is invested in hard currency assets and
the strength of the rand at the reporting date has had a negative effect on the
results for the period.
The electrical engineering division, in which the group has a 45% interest,
traded satisfactorily during the period but the 100% held machine tool and
leasing divisions` continued to experience very difficult markets and the
breadth of their activities were further reduced. The directors are currently
investigating ways to realise these assets at a total of not less than their
combined book value.
As previously reported, the directors and the major shareholders have decided
that it is no longer viable for the company to remain listed on the JSE and the
shares were suspended on 1 September, 2009. Every effort is being made to
achieve a cost effective delisting in the shortest possible time. Shareholders
were provided with a standby offer at R74.35 per share and there remains only a
miniscule number of shares in minority hands.
For and on behalf of the board
Ronald S Price
Non-executive chairman
Sandton
11 November 2009
Date: 11/11/2009 15:21:01 Produced by the JSE SENS Department.
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