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EUREKA INDUSTRIAL LIMITED - UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31
AUGUST 2004
EUREKA INDUSTRIAL LIMITED
(Registration number 1938/010958/06)
Share JSE code: EUR
ISIN #: ZAE000002523
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2004
6 months 6 months 12 months
ended ended ended
31 August 31 August 29 February
2004 2003 2004
Unaudited Unaudited Audited
R`000s R`000s R`000s
GROUP INCOME STATEMENT
Revenue 20,024 25,221 47,166
Operating profit 858 5,271 6,308
Dividends received 1,168 576 725
Net funding costs (1,880) (3,083) (4,434)
Net surplus on long term investments 3,512 1,514 (1,117)
Net profit before taxation 3,658 4,278 1,482
Taxation provided (63) (528) (292)
- current (63) (528) (875)
- deferred tax - - 583
Profit attributable to ordinary 3,595 3,750 1,190
shareholders
GROUP BALANCE SHEET
Equity and liabilities
Shareholders` equity 56,106 55,071 52,511
Non-current liabilities 8,132 9,945 9,115
Interest bearing borrowings 4,565 5,795 5,548
Deferred taxation 3,567 4,150 3,567
Current liabilities 54,603 51,566 54,124
Interest bearing borrowings 43,322 39,116 43,416
Trade and other payables 11,281 12,450 10,708
Total equity and liabilities 118,841 116,582 115,750
Assets
Non - current assets 67,806 65,248 64,070
Tangible assets 2,520 2,683 2,534
Investments (listed investments 65,286 62,565 61,536
valued at market value)
Current assets 51,035 51,334 51,680
Inventories 10,225 11,818 11,150
Bank and cash 317 1,825 1,439
Trade and other receivables 40,493 37,691 39,091
Total assets 118,841 116,582 115,750
GROUP STATEMENT OF CHANGES IN EQUITY
Share capital 250 250 250
Ordinary shares 150 150 150
Preference shares 100 100 100
Retained income 47,493 46,458 43,898
Balance at beginning of the period 43,898 42,708 42,708
Movement for the period 3,595 3,750 1,190
Non distributable reserve 8,363 8,363 8,363
Balance at beginning of the period 8,363 8,363 8,363
Movement for the period - - -
Total shareholders equity at end of 56,106 55,071 52,511
the period
GROUP CASH FLOW STATEMENT
Cash flows from operating activities 525 15,393 16,372
Cash flows from investing activities 310 2,589 (2,829)
Cash flows from financing activities (1,957) (18,590) (14,537)
Net decrease in cash & cash (1,122) (608) (994)
equivalents
Cash and cash equivalents at 1,439 2,433 2,433
beginning of the period
Cash and cash equivalents at end of 317 1,825 1,439
the period
RECONCILIATION OF HEADLINE EARNINGS
TO EARNINGS
Earnings as per above 3,595 3,750 1,190
Net (surplus)/deficit on long term (3,512) (1,514) 1,117
investments
Loan written off 880 - -
Profit on sale of fixed assets - - (87)
Headline earnings 963 2,236 2,220
ORDINARY SHARES
Number of shares in issue (`000s) 2,400 2,400 2,400
Earnings per share (cents) 149.8 156.3 49.5
Headline earnings per share (cents) 40.1 93.2 92.5
Net tangible asset value per share 2,334 2,290 2,184
(cents)
COMMENTS
Eureka is an investment trust and is substantially invested in listed shares.
The operating profit of R858,000 for the six months to August 2004, 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.
The 6 months results have show a R3.5 million improvement in the market value
of long term investments. 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 Practice and are consistent with the previous period.
For and on behalf of the board:
Ronald S Price
Chairman
Johannesburg
23 November 2004
Date: 23/11/2004 04:00:05 PM
Produced by the JSE SENS Department
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