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Eureka - Unaudited results for the six months ended 31 August 2002
EUREKA INDUSTRIAL LIMITED
(Registration number 1938/010958/06)
Share JSE code: EUR
ISIN No: ZAE000002523
Unaudited results for the six months ended 31 August 2002
GROUP BALANCE SHEET
6 months ended 6 months ended 12 months
ended
31 August 2002 31 August 2001 28 February
2002
Unaudited Unaudited Audited
R`000s R`000s R`000s
Equity and liabilities
Shareholders` equity
68,255 65,035 63,058
Non-current
liabilities 12,509 16,560 19,428
Interest bearing
borrowings 9,655 14,798 16,574
Deferred taxation
2,854 1,762 2,854
Current liabilities
72,863 59,810 57,329
Interest bearing
borrowings 59,616 55,661 49,147
Trade and other
payables 13,247 4,149 8,182
Total equity and
liabilities 153,627 141,405 139,815
Assets
Non - current assets 75,930 94,479 92,092
Tangible assets 2,710 2,264
2,345
Investments 73,220 89,828
92,134
Current assets
77,697 46,926 47,723
Inventories
14,036 16,272 16,143
Bank and cash
2,288 812 2,318
Trade and other
receivables 61,373 29,842 29,262
Total assets
153,627 141,405 139,815
CASH FLOW STATEMENT
Cash flows from
operating activities (23,184) (1,537) 2,073
Cash flows from
investing activities 19,604 (13,503) (10,869)
Cash flows from
financing activities 3,550 15,692 10,954
Net
(decrease)/increase in (30) 652 2,158
cash & cash
equivalents
Cash and cash 2,318 160 160
equivalents at
beginning of the
period
Cash and cash 2,288 812 2,318
equivalents at end of
the period
Ordinary Shares
Number of shares in
issue (`000s) 2,400 2,400 2,400
Earnings per share
(cents) 216.5 287.7 205.3
Headline earnings per
share (cents) 101.0 267.2 (57.7)
Net tangible asset
value per share 2,840 2,706 2,623
(cents)
GROUP INCOME STATEMENT
6 months ended 6 months ended 12 months
ended
31 August 2002 31 August 2001 28 February
2002
Unaudited Unaudited Audited
R`000s R`000s R`000s
Revenue
28,361 15,831 32,098
Operating profit
5,542 7,891 3,963
Dividends received
335 1,249 5,098
Depreciation
(146) (188) (213)
Net funding costs
(2,897) (2,300) (7,790)
Net surplus on long
term investments 2,774 197 6,591
Share of loss from
associated company (201) (295) (1,115)
Net profit before
taxation 5,407 6,554 6,534
Taxation
(provided)/reversed (210) 56 (1,160)
- current
(210) 56 (68)
- deferred tax
- - (1,092)
Net profit after
taxation 5,197 6,610 5,374
Revaluation/(impairme
nt) of investment in
associated company to
market value - 295 (446)
Profit attributable
to ordinary 5,197 6,905 4,928
shareholders
STATEMENT OF CHANGES IN EQUITY
Share capital and
share premium 250 250 250
Retained income
59,642 56,422 54,445
Balance at beginning
of the period 54,445 49,517 49,517
Movement for the
period 5,197 6,905 4,928
Non distributable
reserve 8,363 8,363 8,363
Balance at beginning
of the period 8,363 8,363 8,363
Movement for the
period - - -
Total shareholders 68,255 65,035 63,058
equity at end of the
period
Reconciliation of Headline Earnings to Earnings
Earnings as per above
5,197 6,905 4,928
(Revaluation)/impairm
ent of investment in
associated company to
market value - (295) 446
Net surplus on long
term investments (2,774) (197) (6,591)
Profit on sale of
fixed assets - - (168)
Headline
earnings/(loss) 2,423 6,413 (1,385)
COMMENTS
Eureka operates as an investment trust with its assets predominantly represented
by investments in listed securities. It also has direct investments in
subsidiaries and associates operating in the automotive engineering,
electromagnetic component and information security industries.
RESULTS
The above results have been prepared in compliance with South African Standards
of Generally Accepted Accounting Practice.
Eureka achieved operating profits of R5.5 million in the six months to August
2002. This is comprised of trading profits from operations, dividends received
and the profits and losses arising from the share portfolio. Interest bearing
debt and consequently, funding costs, remained essentially stable for the
period.
PROSPECTS
Eureka`s share investments comprise the major part of the group`s value, and
future performance is largely dependent on their performance. As the core
securities in the long term portfolio were selected on the basis of their
underlying value and evidence of sound management, it is likely that this
portfolio will at least hold its value in the current economic climate. Overall,
there is reason to be cautiously optimistic that the performance of Eureka`s
operating associates will show improvement in the second six months.
For and on behalf of the board:
R S Price
Chairman
Johannesburg
20 November 2002
Date: 22/11/2002 08:12:00 AM Produced by the JSE SENS Department
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