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Eureka - Preliminary results for the year ended 28 February 2005
EUREKA INDUSTRIAL LIMITED
(Registration number 1938/010958/06)
JSE Share code: EUR
ISIN: ZAE000002523
PRELIMINARY RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2005
2005 2004
Reviewed Audited
R`000s R`000s
GROUP INCOME STATEMENT
Revenue 38,607 47,166
Operating profit 7,469 6,308
Dividends received 1,447 725
Net funding costs (4,565) (4,434)
Net surplus/(deficit) on revaluation of 16,139 (1,117)
long term investments
Net profit before taxation 20,490 1,482
Taxation provided 2,335 (292)
- current taxation (155) (875)
- deferred taxation 2,490 583
Net profit for the year 22,825 1,190
GROUP BALANCE SHEET
Assets
Non - current assets 83,377 64,070
Tangible assets 2,525 2,534
Investments (listed investments valued 80,852 61,536
at market value)
Current assets 52,797 51,680
Inventories 9,093 11,150
Trade and other receivables 43,591 39,091
Cash and cash equivalents 113 1,439
Total assets 136,174 115,750
Equity and liabilities
Capital and reserves 75,336 52,511
Non-current liabilities 3,335 9,115
Interest bearing borrowings 2,258 5,548
Deferred taxation 1,077 3,567
Current liabilities 57,503 54,124
Interest bearing borrowings 47,130 43,416
Trade and other payables 10,373 10,708
Total equity and liabilities 136,174 115,750
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 43,898 42,708
Net profit for the year 22,825 1,190
Balance at end of the year 66,723 43,898
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 75,336 52,511
the year
GROUP CASH FLOW STATEMENT
Cash flows from operating activities 3,293 16,372
Cash flows from investing activities (4,195) (2,829)
Cash flows from financing activities (424) (14,537)
Net decrease in cash and cash (1,326) (994)
equivalents
Cash and cash equivalents at beginning 1,439 2,433
of the year
Cash and cash equivalents at end of the 113 1,439
year
RECONCILIATION OF EARNINGS TO HEADLINE
EARNINGS
Profit as per income statement 22,825 1,190
Net (surplus)/deficit on revaluation of (16,139) 1,117
long term investments
Profit on sale of tangible assets - (87)
Headline earnings 6,686 2,220
ORDINARY SHARES
Number of ordinary shares in issue 2,400 2,400
(`000s)
Earnings per share (cents) 951.0 49.6
Headline earnings per share (cents) 278.6 92.5
Net asset value per share (cents) 3,135 2,184
Net tangible asset value per share 3,135 2,184
(cents)
COMMENTS
Operating profit amounted to R7,469,000 for the year ended 28 February 2005 and
comprises the trading results from operating subsidiaries, the profits and
losses from the short term share trading portfolio, as well as the revaluation
of listed shares to market price in that portfolio. The results reflect the
satisfactory performance of the group`s trading operations for the year under
review. The revaluation to market price of listed shares in the long term share
portfolio added a further capital profit of R16,1 million.
Eureka`s share portfolios represent the major portion of the group`s assets.
Consequently, Eureka`s profitability and growth in net asset value remains
dependent on the performance of these portfolios. Investment decisions for the
long-term portfolio continue to be based on fundamental analysis of a company`s
potential in terms of management, markets and products.
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
office.
For and on behalf of the board:
R S Price
Non-executive chairman
Johannesburg
14 June 2005
Date: 14/06/2005 01:38:07 PM
Produced by the JSE SENS Department
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