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EUREKA INDUSTRIAL LIMITED - PRELIMINARY RESULTS FOR THE YEAR ENDED 28 FEBRUARY
2003
EUREKA INDUSTRIAL LIMITED
(Registration number 1938/010958/06)
Share JSE code: EUR
ISIN : ZAE000002523
PRELIMINARY RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2003
GROUP INCOME STATEMENT
2003 2002
Reviewed Audited
R"000s R"000s
Revenue 57,282 32,098
Operating profit 1,299 3,750
Dividends received 2,124 5,098
Share of profit/(loss)
from associated company 42 (1,115)
Net funding costs (3,098) (7,790)
Net surplus on long term investments 3,809 6,591
Write down of loan (13,000) -
Net (loss)/profit before taxation (8,824) 6,534
Taxation provided (2,913) (1,160)
- current taxation (1,617) (68)
- deferred taxation (1,296) (1,092)
Net (loss)/profit after taxation (11,737) 5,374
Impairment of investment in associated - (446)
(Loss)/profit attributable to ordinary
shareholders (11,737) 4,928
GROUP BALANCE SHEET
Assets
Non - current assets 60,345 92,092
Tangible assets 2,839 2,264
Investments 57,506 89,828
Current assets 70,789 47,723
Inventories 12,184 16,143
Trade and other receivables 56,172 29,262
Bank and cash 2,433 2,318
Total assets 131,134 139,815
Equity and liabilities
Capital and reserves 51,321 63,058
Non-current liabilities 21,157 19,428
Interest bearing borrowings 17,007 16,574
Deferred taxation 4,150 2,854
Current liabilities 58,656 57,329
Interest bearing borrowings 46,529 49,147
Trade and other payables 12,127 8,182
Total equity and liabilities 131,134 139,815
GROUP CASH FLOW STATEMENT
Cash flows from operating activities (25,645) 2,077
Cash flows from investing activities 27,945 (10,873)
Cash flows from financing activities (2,185) 10,954
Net increase in cash and cash equivalents 115 2,158
Cash and cash equivalents at beginning of
the year 2,318 160
Cash and cash equivalents at end of the year 2,433 2,318
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 54,445 49,517
Net (loss)/income for the year (11,737) 4,928
Balance at end of the year 42,708 54,445
Non distributable reserve
Balance at beginning of the year 8,363 8,363
Movement for the year - -
Balance at end of the year 8,363 8,363
Total capital and reserves at end
of the year 51,321 63,058
ORDINARY SHARES
Number of shares in issue ("000s) 2,400 2,400
(Loss)/earnings per share (cents) (489.0) 205.3
Headline loss per share (cents) (109.4) (57.7)
Net tangible asset value per share (cents) 2,134 2,623
RECONCILIATION OF HEADLINE LOSS TO (LOSS)/EARNINGS
(Loss)/earnings as per above (11,737) 4,928
Impairment of investment in associated
Company - 446
Write down of loan 13,000 -
Net surplus on long term investments (3,809) (6,591)
Profit on sale of fixed assets (79) (168)
Headline loss (2,625) (1,385)
COMMENTS
Eureka is an investment trust and is substantially invested in listed shares.
The operating profit of R1.3 million comprises trading results from operating
subsidiaries, joint ventures and the profits or losses in the share trading
portfolio.
Trading conditions for Atlas Utas (Pty) Ltd, in the automotive engineering
sector, were acceptable for the year. Magnalec, Eureka"s joint venture company
in the engineering sector, has begun to improve profitability and the company is
expanding its activities in the specialised magnetic resistor and transformer
component market. Eureka"s information technology investments performed
satisfactorily.
In order to maintain a conservative approach regarding asset values, the loan to
MGX Holdings Limited has been written down by R13 million because it is
difficult to ascertain whether this loan can be recovered within a reasonable
period of time.
The group"s share investments comprise the major part of the group"s value, and
future growth will be largely dependent on their performance.
The preliminary financial statements have been prepared in compliance with South
African Statements of Generally Accepted Accounting Practice on a going concern
basis and are consistent with the previous year. The results have been reviewed,
by the company"s auditors, Levenstein and Partners, and a copy of the review
report is available for inspection at the company"s registered office.
For and on behalf of the board:
R S Price
Chairman
Johannesburg
6 June 2003
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