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Eureka Industrial Limited - Unaudited results for the six months ended 31 August
2003
EUREKA INDUSTRIAL LIMITED
(Registration number
1938/010958/06)
Share JSE code: EUR
ISIN Code: ZAE000002523
Unaudited results for the six months ended
31 August 2003
GROUP INCOME STATEMENT
6 months 6 months ended 12 months
ended ended
31 August 31 August 2002 28 February
2003 2003
Unaudited Unaudited Audited
R"000s R"000s R"000s
Revenue 25,221 28,361 57,282
Operating profit 5,248 5,396 1,299
Dividends received 576 335 2,124
Net funding costs (3,083) (2,897) (3,098)
Net surplus on long term 1,514 2,774 3,809
investments
Share of profit/(loss) from 23 (201) 42
associated company
Write down of loan - - (13,000)
Net profit/(loss) before 4,278 5,407 (8,824)
taxation
Taxation provided (528) (210) (2,913)
- current (528) (210) (1,617)
- deferred tax - - (1,296)
Profit/(loss) attributable to 3,750 5,197 (11,737)
ordinary shareholders
GROUP BALANCE SHEET
Equity and liabilities
Shareholders" equity 55,071 68,255 51,321
Non-current liabilities 9,945 12,509 21,157
Interest bearing borrowings 5,795 9,655 17,007
Deferred taxation 4,150 2,854 4,150
Current liabilities 51,566 72,863 58,656
Interest bearing borrowings 39,116 59,616 46,494
Trade and other payables 12,450 13,247 12,162
Total equity and liabilities 116,582 153,627 131,134
Assets
Non - current assets 65,248 75,930 60,345
Tangible assets 2,683 2,710 2,839
Investments (listed 62,565 73,220 57,506
investments at market value)
Current assets 51,334 77,697 70,789
Inventories 11,818 14,036 12,184
Bank and cash 1,825 2,288 2,433
Trade and other receivables 37,691 61,373 56,172
Total assets 116,582 153,627 131,134
GROUP CASH FLOW STATEMENT
Cash flows from operating 15,393 (23,184) (25,610)
activities
Cash flows from investing 2,589 19,604 27,945
activities
Cash flows from financing (18,590) 3,550 (2,220)
activities
Net (decrease)/increase in (608) (30) 115
cash & cash equivalents
Cash and cash equivalents at 2,433 2,318 2,318
beginning of the period
Cash and cash equivalents at 1,825 2,288 2,433
end of the period
GROUP STATEMENT OF CHANGES IN
EQUITY
Share capital 250 250 250
Ordinary shares 150 150 150
Preference shares 100 100 100
Retained income 46,458 59,642 42,708
Balance at beginning of the 42,708 54,445 54,445
period
Movement for the period 3,750 5,197 (11,737)
Non distributable reserve 8,363 8,363 8,363
Balance at beginning of the 8,363 8,363 8,363
period
Movement for the period - - -
Total shareholders equity at 55,071 68,255 51,321
end of the period
ORDINARY SHARES
Number of shares in issue 2,400 2,400 2,400
(`000s)
Earnings/(loss) per share 156.3 216.5 (489.0)
(cents)
Headline earnings/(loss) per 93.2 101.0 (109.4)
share (cents)
Net tangible asset value per 2,290 2,840 2,134
share (cents)
RECONCILIATION OF HEADLINE
EARNINGS TO EARNINGS
Earnings/(loss) as per above 3,750 5,197 (11,737)
Write down of loan - - 13,000
Net surplus on long term (1,514) (2,774) (3,809)
investments
Profit on sale of fixed assets - - (79)
Headline earnings/(loss) 2,236 2,423 (2,625)
COMMENTS
Eureka is an investment trust and is substantially invested in listed shares.
The operating profit of R5.25 million in the six months to August 2003,
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 period. Magnalec, Eureka"s joint venture company
in the engineering sector, has improved profitability due to the expansion of
its activities in the specialised magnetic resistor and transformer component
market. Eureka"s information technology investments performed satisfactorily.
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 results have been prepared on the going concern basis, using accounting
principles and policies that comply with South African Statements of Generally
Accepted Accounting Practise and are consistent with the previous period.
For and on behalf of the board:
Ronald S Price
Chairman
Johannesburg
Date: 15/12/2003 08:00:09 AM Produced by the JSE SENS Department
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