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Eureka industrial limited - Preliminary reviewed results for the year ended
28 February 2002
(Registration number 1938/010958/06)
Share code: EUR ISIN code: ZAE000002523
Preliminary reviewed results for the year ended 28 February 2002
GROUP BALANCE SHEET
28 February 28 February
2002 2001
R`000s R`000s
Assets
Non-current assets 92 092 76 376
Tangible assets 2 264 2 530
Investments (market 89 828 73 846
value)
Current assets 47 723 44 559
Inventories 16 143 16 667
Bank and cash 2 318 160
Trade and other 29 262 27 732
receivables
Total assets 139 815 120 935
Equity and
liabilities
Capital and reserves 63 058 58 130
Non-current 19 428 24 138
liabilities
Interest-bearing 16 574 22 376
borrowings
Deferred taxation 2 854 1 762
Current liabilities 57 329 38 667
Interest-bearing 49 147 32 391
borrowings
Trade and other 8 182 6 276
payables
Total equity and 139 815 120 935
liabilities
GROUP CASH FLOW STATEMENT
Cash flows from 2 073 (19 582)
operating activities
Cash flows from (10 869) 78 415
investing activities
Cash flows from 10 954 (59 391)
financing activities
Net
increase/(decrease)
in cash and
cash equivalents 2 158 (558)
Cash and cash
equivalents
at beginning of the 160 718
period
Cash and cash
equivalents
at end of the period 2 318 160
ORDINARY SHARES
Number of shares in 2 400 2 400
issue (`000s)
Earnings per share 205,3 870,9
(cents)
Headline loss per (57,7) (1 028,8)
share (cents)
Net tangible asset
value per
share (cents) 2 623 2 418
GROUP INCOME STATEMENT
28 February 28 February
2002 2001
R`000s R`000s
Revenue 32 098 30 405
Operating 3 963 (13 698)
profit/(loss)
Dividends received 5 098 3 958
Depreciation (213) (397)
Net funding costs (7 790) (12 407)
Net surplus on long-
term
investments 6 591 46 459
Share of loss from
associated company (1 115) (1 146)
Net profit before 6 534 22 769
taxation
Taxation provided (1 160) (990)
- current (68) (312)
- deferred tax (1 092) (678)
Net profit after 5 374 21 779
taxation
Impairment of
investment in
associated company (446) (877)
Profit attributable
to ordinary
Shareholders 4 928 20 902
RECONCILIATION OF EARNINGS TO HEADLINE LOSS
Earnings as per 4 928 20 902
income statement
Impairment of
investment in
associated company 446 877
Net surplus on long-
term
investments (6 591) (46 459)
Profit on sale of (168) (11)
fixed assets
Headline loss (1 385) (24 691)
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 period 49 517 28 615
Net income for the 4 928 20 902
period
Balance at end of 54 445 49 517
the period
Non-distributable
reserve
Balance at beginning 8 363 29 247
of the period
Movement for the - (20 884)
period
Balance at end of 8 363 8 363
the period
Total capital and
reserves
at end of the period 63 058 58 130
COMMENTS
Eureka is an investment trust and will continue to remain substantially
invested in listed shares.
The operating profit of R4 million comprises trading results from operating
subsidiaries and the profits or losses in the share trading portfolio. The
above results have been prepared in compliance with South African Statements
of Generally Accepted Accounting Practice. The results have been reviewed by
the company`s auditors, Levenstein and Partners and a copy of the report is
available for inspection at the company`s registered office.
Trading conditions in the automotive engineering sector remained
unfavourable during the year. As a result Eureka continued to restructure
its exposure to this sector, as conditions are unlikely to show much
improvement in the future. However, in Magnalec, Eureka`s joint venture
company, market conditions are beginning to improve and the company is
expanding its activities in the specialised magnetic resistor and
transformer component market.
The loss in associate company Y3K Group Limited is largely the result of the
costs of restructuring and refocusing this specialist IT company during the
year. Y3K is now in a position to provide top quality digital information
security products and services to meet the growing demand in this sector.
The group`s share investments comprise the major part of the group`s value,
and growth going forward will be largely dependent on their performance.
These investments were selected for their underlying value and evidence of
experienced, sound management. It is planned that the level of interest-
bearing debt will be meaningfully reduced in the current year.
For and on behalf of the board
R S Price
Chairman
Johannesburg
12 June 2002
Date: 12/06/2002 05:19:00 PM Produced by the SENS Department
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