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EUREKA INDUSTRIAL LIMITED - AUDITED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2004
AUDITED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2004
EUREKA INDUSTRIAL LIMITED
(Registration number 1938/010958/06)
Share JSE code: EUR
ISIN : ZAE000002523
AUDITED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2004
2004 2003
Audited 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 loss/(surplus) on long -1,117 3,809
term investments
Exceptional Item - -13,000
(write off of loan)
profit/(Loss) before 1,482 -8,824
taxation
Taxation provided 292 2,913
Net profit/(loss) 1,190 -11,737
for the year
GROUP BALANCE SHEET
Assets
Non - current assets 64,070 60,345
- tangible assets 2,534 2,839
- investments 61,536 57,506
Current assets 51,680 70,789
- inventories 11,150 12,184
- bank and cash 1,439 2,433
- taxation prepaid 104 -
- trade and other 38,987 56,172
receivables
Total assets 115,750 131,134
Equity and
liabilities
Capital and reserves 52,511 51,321
Non-current 9,115 21,157
liabilities
- interest bearing 5,548 17,007
borrowings
- deferred taxation 3,567 4,150
Current liabilities 54,124 58,656
- trade and other 10,169 11,436
payables
- interest bearing 43,416 46,494
borrowings
- provisions 281 66
- taxation owing 258 660
Total equity and 115,750 131,134
liabilities
GROUP CASH FLOW STATEMENT
Cash flows from 16,372 -25,568
operating activities
Cash flows from -2,829 27,903
investing activities
Cash flows from -14,537 -2,220
financing activities
Net increase in cash -994 115
and cash equivalents
Cash and cash 2,433 2,318
equivalents at
beginning of the
year
Cash and cash 1,439 2,433
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 42,708 54,445
beginning of the
year
- net profit/(loss) 1,190 -11,737
for the year
- balance at end of 43,898 42,708
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 52,511 51,321
reserves at end of
the year
Ordinary Shares
Number of shares in 2,400 2,400
issue (`000s)
Earnings/(loss) per 49.6 -489.0
share (cents)
Headline earnings/(loss) 92.5 -109.4
per share (cents)
Net tangible asset 2,134 2,134
value per share
(cents)
Reconciliation of
Headline earnings/(loss) to
Earnings/(loss)
Earnings/(Loss)as 1,190 -11,737
per above
Provision for write - 13,000
down of loan
Net loss/(surplus) on long 1,117 -3,809
term investments
Profit on disposal -87 -79
of fixed assets
Headline earnings/(loss) 2,220 -2,625
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
31 August 2004
Date: 31/08/2004 02:45:18 PM
Produced by the JSE SENS Department
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