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EUR
EUR
Eureka Industrial Limited - Unaudited results for the six months ended 31 August
2006
EUREKA INDUSTRIAL LIMITED
(Registration number 1938/010958/06)
Share JSE code: EUR
ISIN #: ZAE000002523
Unaudited results for the six months ended 31 August 2006
6 months 6 months 12 months
ended ended ended
31 August 31 August 8 February
2006 2005 2006
Unaudited Unaudited Audited
R"000s R"000s R"000s
GROUP INCOME STATEMENT
Turnover 15,774 12,906 29,234
Operating profit 13,169 23,543 47,969
Dividends received 2,924 475 475
Net funding income/(costs) 459 (1,377) (3,627)
Net profit before taxation 16,552 22,641 44,817
Taxation provided (188) - (2,974)
- current (188) - (38)
- deferred tax - - (2,936)
Profit attributable to
ordinary shareholders 16,364 22,641 41,843
GROUP BALANCE SHEET
Assets
Non-current assets 117,887 106,076 140,980
Tangible assets 2,708 2,419 2,833
Investments (listed investments
at market value) 115,179 103,657 38,147
Current assets 43,373 42,551 35,850
Inventories 7,034 8,662 8,421
Cash and cash equivalents 141 108 336
Trade and other receivables 36,198 33,781 27,093
Total assets 161,260 148,627 176,830
Equity and liabilities
Capital and reserves 109,543 97,977 93,179
Non-current liabilities 18,235 10,314 30,411
Interest bearing borrowings 14,223 9,237 26,399
Deferred taxation 4,012 1,077 4,012
Current liabilities 33,482 40,336 53,240
Interest bearing borrowings 22,654 30,504 43,097
Trade and other payables 10,640 9,832 10,143
Taxation 188 - -
Total equity and liabilities 161,260 148,627 176,830
GROUP STATEMENT OF CHANGES IN EQUITY
Share capital 250 250 250
Ordinary shares 150 150 150
Preference shares 100 100 100
Retained income 100,930 89,364 84,566
Balance at beginning of
the period 84,566 66,723 66,723
Movement for the period 16,364 22,641 41,843
Ordinary dividend paid - - 24,000)
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 the period 109,543 97,977 93,179
GROUP CASH FLOW STATEMENT
Cash flows (utilised by)/
generated from operating
activities (7,840) 32,468 (8,840)
Cash flows generated from/
(utilised by) investing
activities 36,022 (22,825) (11,044)
Cash flows (utilised by)/
generated from financing
activities (28,377) (9,647) 20,108
Net (decrease)/increase in
cash & cash equivalents (195) (4) 224
Cash and cash equivalents at
beginning of the period 336 112 112
Cash and cash equivalents at
end of the period 141 108 336
RECONCILIATION OF HEADLINE EARNINGS TO EARNINGS
Profit as per income statement 16,364 22,641 41,843
Net surplus on revaluation of
long-term investments to
market value (5,798) (11,352) (26,202)
Capital profit on sale of
investment (7,913) (505) -
Profit on sale of tangible assets - - (55)
Headline earnings 2,653 10,784 15,586
ORDINARY SHARES
Number of shares in issue
("000s) 2,400 2,400 2,400
Earnings per share (cents) 681.8 943.4 1,743.5
Headline earnings per share
(cents) 110.5 449.3 649.4
Net tangible asset value per
share (cents) 4,560 4,078 3,878
COMMENTS
Eureka"s listed share portfolios represent the major portion of the group"s
assets and consequently profitability and growth in net asset value are
dependent on the performance of these portfolios.
The results have been prepared in accordance with International Financial
Reporting Standards.
Listed investments are valued at market price on the reporting date. An
exception has been made in the above results regarding the group"s investment in
Setpoint Holdings Limited ("Setpoint"), because Setpoint has cautioned
shareholders that it may suffer a material setback as a result of problems
uncovered in one of its recent acquisitions. The market price on the date of
this announcement, of 63 cents per Setpoint share has been applied to both the
long-term and short-term portfolios, resulting in a write down of R9 million off
the market value on 31 August 2006.
After taking the above adjustments to Setpoint into account, the long-term
investment portfolios achieved an increase in value of R13,7 million during the
period of which R7,9 million was realised. The remaining operating profit of
R2,8 million for the six months to 31 August 2006, comprises the trading results
of the operating subsidiaries and joint venture, profits and losses realised
from the share trading (short-term) portfolio and the revaluation of shares in
the share trading portfolio to market prices on 31 August 2006.
For and on behalf of the board:
Ronald S Price
Chairman
Johannesburg
7 November 2006
Date: 07/11/2006 05:50:04 PM Produced by the JSE SENS Department
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