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Eureka Industrial Limited - Audited Results For The Year Ended 28 February 2005
EUREKA INDUSTRIAL LIMITED
(Company registration number 1938/010958/06)
`EUREKA`
Share code: EUR
ISIN : ZAE000002523
AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2005
2005 2004
Audited Audited
R`000s R`000s
GROUP INCOME STATEMENT
Revenue 38,607 47,166
Operating profit 8,915 7,033
Net funding costs -4,565 -4,434
Net surplus/(deficit) on long-term
investments 16,140 -1,117
Profit before taxation 20,490 1,482
Taxation reversed/(provided) 2,335 -292
Net profit for the year 22,825 1,190
GROUP BALANCE SHEET
Assets
Non-current assets 83,251 64,070
Tangible assets 2,524 2,534
Investments 80,727 61,536
Current assets 52,923 51,680
Inventories 9,093 11,150
Trade and other receivables 43,718 38,987
Taxation prepaid - 104
Cash and cash equivalents 112 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
Trade and other payables 10,267 10,169
Interest bearing borrowings 47,130 43,416
Provisions - 281
Taxation 106 258
Total equity and liabilities 136,174 115,750
GROUP CASH FLOW STATEMENT
Cash flows from operating
activities -5,506 16,372
Cash flows from investing
activities 3,755 -2,829
Cash flows from financing
activities 424 -14,537
Net decrease in cash and cash
equivalents -1,327 -994
Cash and cash equivalents at
beginning
of the year 1,439 2,433
Cash and cash equivalents at end
of the year 112 1,439
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
Movement 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 shareholders` equity at end
of the year 75,336 52,511
Ordinary shares
Number of shares in issue (`000s) 2,400 2,400
Earnings per share (cents) 951.0 49.6
Headline earnings per share
(cents) 278.5 92.5
Net tangible asset value per
share (cents) 3,135 2,184
Reconciliation between earnings and
headline earnings
Net profit for the year 22,825 1,190
Net (surplus)/loss on long-term
investments -16,140 1,117
Profit on disposal of fixed
assets - -87
Headline earnings 6,685 2,220
COMMENTS
FINANCIAL RESULTS AND TRADING REPORT
Operating profit after interest paid amounted to R4.4 million for the year ended
28 February 2005. This includes the trading results from the operating
subsidiaries, joint venture and associate, the profits and losses from share
trading activities in the short-term portfolio, dividends received, as well as
the revaluation of listed shares to market value in the short-term portfolio.
The results reflect the satisfactory performance of the group`s trading
operations for the year under review.
The revaluation to market value of listed shares in the long-term portfolio,
added a capital profit of R16.1 million.
PROSPECTS
Eureka`s share portfolios represent the major portion of the group`s assets.
Consequently, Eureka`s profitability and growth in net asset value remains
substantially 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.
Trading conditions for the group`s operating subsidiaries, joint venture and
associate, are expected to improve in the current year, as economic growth
continues to gain momentum.
CORPORATE GOVERNANCE
Eureka is committed to increasing compliance in terms of the requirements of the
King Committee Report and relevant employment equity legislation.
DIVIDEND
The directors have decided not to propose an ordinary dividend for the current
financial year.
ACCOUNTING POLICIES
The results have been prepared on a going concern basis, using accounting
principles and policies that comply with International Financial Reporting
Standards (IFRS) and with South African Statements of Generally Accepted
Accounting Practice and are consistent with the previous period.
AUDITORS
The results have been audited by Eureka`s auditors, Levenstein and Partners. A
copy of the unqualified audit report is available for inspection at the
company`s registered offices, situated at unit 12, 152 Hendrik Verwoerd Drive,
Randburg.
FINANCIAL REPORT
A detailed financial report was posted to shareholders on 7 September 2005.
ANNUAL GENERAL MEETING
The annual general meeting is to take place at the company`s registered offices
at 10h00 on Friday 30 September 2005.
Ronald S Price
Non-executive chairman
23 September 2005
Date: 23/09/2005 04:00:12 PM
Produced by the JSE SENS Department
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