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EUREKA INDUSTRIAL LIMITED - PRELIMINARY RESULTS FOR THE YEAR ENDED 29 FEBRUARY
2004
Eureka Industrial Limited
(Registration number 1938/010958/06)
JSE Share code: EUR
ISIN No.: ZAE000002523
PRELIMINARY RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2004
2004 2003
Reviewed Audited
R`000s R`000s
GROUP INCOME STATEMENT
Revenue 47,166 57,282
Operating profit 6,308 1,341
Dividends received 725 2,124
Net funding costs (4,434) (3,098)
Net (deficit)/surplus on long term
Investments (1,117) 3,809
Exceptional item - (13,000)
Net profit/(loss) before taxation 1,482 (8,824)
Taxation provided (292) (2,913)
- current taxation (875) (1,617)
- deferred taxation 583 (1,296)
Net profit/(loss) for the year 1,190 (11,737)
GROUP BALANCE SHEET
Assets
Non - current assets 64,070 60,345
Tangible assets 2,534 2,839
Investments 61,536 57,506
(listed investments valued at market value)
Current assets 51,680 70,789
Inventories 11,150 12,184
Trade and other receivables 39,091 56,172
Cash and cash equivalents 1,439 2,433
Total assets 115,750 131,134
Equity and liabilities
Capital and reserves 52,511 51,321
Non-current liabilities 9,115 21,157
Interest bearing borrowings 5,548 17,007
Deferred taxation 3,567 4,150
Current liabilities 54,124 58,656
Interest bearing borrowings 43,416 46,494
Trade and other payables 10,708 12,162
Total equity and liabilities 115,750 131,134
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 42,708 54,445
Net profit/(loss) for the year 1,190 (11,737)
Balance at end of the year 43,898 42,708
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 52,511 51,321
GROUP CASH FLOW STATEMENT
Cash flows from operating activities 13,175 (25,610)
Cash flows from investing activities 3,127 27,945
Cash flows from financing activities (17,296) (2,220)
Net (decrease)/increase in cash
and cash equivalents (994) 115
Cash and cash equivalents
at beginning of the year 2,433 2,318
Cash and cash equivalents
at end of the year 1,439 2,433
Reconciliation of Headline Earnings/(loss)
Profit/(loss) as per income statement 1,190 (11,737)
Exceptional item - 13,000
(write down of irrecoverable loan)
Net deficit/ (surplus)
on long term investments 1,117 (3,809)
Profit on sale of tangible assets (76) (79)
Headline earnings/(loss) 2,231 (2,625)
Ordinary Shares
Number of ordinary shares in issue (`000s) 2,400 2,400
Earnings/(loss) per share (cents) 49.6 (489.0)
Headline earnings/(loss) per share (cents) 93.0 (109.4)
Net tangible asset value per share (cents) 2,184 2,134
COMMENTS
Operating profit amounted to R6,3 million and comprises the trading results from
subsidiaries and joint ventures, revaluation of listed shares to market value as
well as the profits and losses in the share trading portfolio. The profits
achieved reflect satisfactory trading performance of the group operations given
the prevailing market conditions for the year.
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 is expanding 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
growth will be largely dependent on their performance. Eureka`s investment
philosophy for its long term portfolio will remain consistent for the
foreseeable future.
Eureka is committed to increasing compliance in terms of the King Committee
Reports` requirements, as well as the requirements of the employment equity
legislation.
The preliminary financial results have been prepared on a going concern basis,
using accounting principles and policies that comply with South African
Statements of Generally Accepted Accounting Practice and are consistent with
those of the previous audited financial statements. The preliminary results have
been reviewed, by the Group`s auditors, Levenstein and Partners, and a copy of
the review report is available for inspection at the company`s registered
offices.
The directors have decided not to declare an ordinary dividend for the year
under review.
For and on behalf of the board:
R S Price
Non-executive chairman
Johannesburg
15 June 2004
Date: 15/06/2004 02:30:04 PM Produced by the JSE SENS Department
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