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Eureka Industrial Limited - Audited Results For The Year Ended 28 February 2003
EUREKA INDUSTRIAL LIMITED
(Registration number 1938/010958/06)
Share JSE code: EUR
ISIN : ZAE000002523
AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2003
COMMENTS
Eureka is an investment trust and is substantially invested in listed shares.
The operating profit, after depreciation, 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 final 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 audited,
by the company"s auditors, Levenstein and Partners, and a copy of their report
is available for inspection at the company"s registered office.
2003 2002
Audited Audited
R"000s R"000s
GROUP INCOME
STATEMENT
Revenue 57,282 32,098
Operating profit 1,580 3,963
Dividends received 2,124 5,098
Depreciation -281 -213
Share of 42 -1,115
profit/(loss) from
associate company
Net funding costs -3,098 -7,790
Net surplus on long 3,809 6,591
term investments
Exceptional Item -13,000 -
(write down of loan)
(Loss)/profit before -8,824 6,534
taxation
Taxation provided -2,913 -1,160
(Loss)/profit before -11,737 5,374
impairment of
investment
Impairment of - -446
investment in
associate company
Net (loss)/profit -11,737 4,928
for the year
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
- bank and cash 2,433 2,318
- trade and other 56,172 29,262
receivables
Total assets 131,134 139,815
Equity and
liabilities
Capital and reserves 51,321 63,058
Non-current 21,157 19,428
liabilities
- interest bearing 17,007 16,574
borrowings
- deferred taxation 4,150 2,854
Current liabilities 58,656 57,329
- trade and other 12,162 8,182
payables
- interest bearing 46,494 49,147
borrowings
Total equity and 131,134 139,815
liabilities
GROUP CASH FLOW
STATEMENT
Cash flows from -25,610 2,077
operating activities
Cash flows from 27,945 -10,873
investing activities
Cash flows from -2,220 10,954
financing activities
Net increase in cash 115 2,158
and cash equivalents
Cash and cash 2,318 160
equivalents at
beginning of the
year
Cash and cash 2,433 2,318
equivalents at end
of the year
GROUP STATEMENT OF
CHANGES IN EQUITY
Share capital 250 250
- ordinary Shares 150 150
- preference shares 100 100
Retained income
- balance at 54,445 49,517
beginning of the
year
- net (loss)/income -11,737 4,928
for the year
- balance at end of 42,708 54,445
the year
Non distributable
reserve
- balance at 8,363 8,363
beginning of the
year
- movement for the - -
year
- balance at end of 8,363 8,363
the year
Total capital and 51,321 63,058
reserves at end of
the year
Ordinary Shares
Number of shares in 2,400 2,400
issue ("000s)
(Loss)/earnings per -489.0 205.3
share (cents)
Headline loss per -109.4 -57.7
share (cents)
Net tangible asset 2,134 2,623
value per share
(cents)
Reconciliation of
Headline loss to
(loss)/earnings
(Loss)/earnings as -11,737 4,928
per above
Impairment of - 446
investment in
associate company
Provision for write 13,000 -
down of loan
Net surplus on long -3,809 -6,591
term investments
Profit on disposal -79 -168
of fixed assets
Headline loss -2,625 -1,385
Date: 10/11/2003 03:49:06 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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