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EUR
EUR
Eureka Industrial Limited - Preliminary Results For The Year Ended
28 February 2006
EUREKA INDUSTRIAL LIMITED
PRELIMINARY RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2006
(Registration number 1938/010958/06)
Share JSE code: EUR
ISIN Code: ZAE000002523
2006 2005
Reviewed Audited
R"000s R"000s
GROUP INCOME STATEMENT
Revenue
29,234 38,607
Operating profit
21,767 7,468
Dividends received
475 1,447
Net funding costs
(3,627) (4,565)
Net surplus on revaluation of long-
term investments 26,202 16,140
Net profit before taxation
44,817 20,490
Taxation provided
(2,974) 2,335
- current taxation
(38) (155)
- deferred taxation
(2,936) 2,490
Net profit for the year
41,843 22,825
GROUP BALANCE SHEET
Assets
Non-current assets
141,102 83,251
Tangible assets
2,830 2,524
Investments (listed investments valued
at market value) 130,490 80,727
Loans receivable
7,782 -
Current assets
35,725 52,923
Inventories
8,421 9,093
Trade and other receivables
26,968 43,718
Cash and cash equivalents
336 112
Total assets
176,827 136,174
Equity and liabilities
Capital and reserves
93,179 75,336
Non-current liabilities
30,411 3,335
Interest bearing borrowings
26,399 2,258
Deferred taxation
4,012 1,077
Current liabilities
53,237 57,503
Interest bearing borrowings
43,097 47,130
Trade and other payables
10,140 10,373
Total equity and liabilities
176,827 136,174
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
66,723 43,898
Net profit for the year
41,843 22,825
Ordinary dividend paid
(24,000) -
Balance at end of the year
84,566 66,723
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 93,179 75,336
GROUP CASH FLOW STATEMENT
Cash flows from by operating
activities (19,460) (5,506)
Cash flows from investing activities
(3,009) 3,755
Cash flows from financing activities
22,693 424
Net decrease in cash and cash
equivalents 224 (1,327)
Cash and cash equivalents at beginning
of the year 112 1,439
Cash and cash equivalents at end of
the year 336 112
RECONCILIATION OF EARNINGS TO HEADLINE
EARNINGS
Profit as per income statement
41,843 22,825
Net surplus on revaluation of long-
term investments (26,202) (16,140)
Profit on sale of tangible assets
(55) -
Headline earnings
15,586 6,685
ORDINARY SHARES
Number of ordinary shares in issue
(`000s) 2,400 2,400
Earnings per share (cents)
1,743.5 951.0
Headline earnings per share (cents)
649.4 278.5
Net tangible asset value per share
(cents) 3,878 3,135
COMMENTS
Operating profit 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 operating profit of R21.77 million for the year
ended 28 February 2006 was predominantly achieved by the short-term
share trading portfolio, with all of the operating subsidiaries trading
at close to break even.
Consideration will be given to selling all of the operating investments
in the near future.
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 results have been prepared in accordance with
International Financial Reporting Standards ("IFRS"). The adoption of
IFRS had no material impact on the Group"s current and prior year
results. The Group"s auditors, Levenstein and Partners, have reviewed
the Group"s results. Their unqualified review report is available for
inspection at the registered office of the company.
For and on behalf of the board:
R S Price
Non-executive chairman
Johannesburg
1 June 2006
Date: 01/06/2006 04:29:18 PM Produced by the JSE SENS Department
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