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CMA
CMA
CMA-Command- Unaudited Interim Results for the six months ended 31 December 2006
Command Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1999/014759/06)
Share Code: CMA & ISIN Code: ZAE000023131
("Command" or "the Group" or "the Company")
Unaudited Interim Results for the six months ended 31 December 2006
Group Consolidated Income Statements
Unaudited Audited Unaudited
6 months 12 months 6 months
Ended Ended Ended
31 December 30 June 31 December
2006 2006 2005
R`000 R`000 R`000
Revenue 45,337 79,103 37,332
Cost of sales (29,622) (53,176) (27,508)
Gross profit 15,715 25,927 9,824
Operating costs
Selling and administrative (9,184) (17,845) (6,277)
Attributable income 6,531 8,082 3,547
incurred from trade
Other income - 1,719 -
Net profit before interest 6,531 9,801 5,231
Interest paid on (258) (429) (217)
borrowings
Attributable profit 6,273 9,372 3,330
Other net non-operating - (1,565) -
costs
Net profit before taxation 6,273 7,807 3,330
Taxation - deferred (1,419) (2,562) (313)
Net profit for the period 4,854 5,245 3,017
Share of associated - - (50)
company profit
Ordinary shareholders` net 4,854 5,245 2,967
profit
Earnings & Headline 4.22 5.25 2.97
earnings per share (cents)
Group Consolidated Cash Flow Statements
Unaudited Audited Unaudited
6 months 12 months 6 months
Ended Ended Ended
31 December 30 June 31 December
2006 2006 2005
R`000 R`000 R`000
Cash flows from operating (1,333) 3,474 4,589
activities
Cash flows from financing 4,718 (564)
activities (1,376)
Cash flows from investing (2,545) (3,349) (2,200)
activities
Net movement in cash 840 (868) 1,013
resources
Cash resources at (2,692) (1,824) (1,824)
beginning of period
Cash resources at end of (1,852) (2,692) (811)
period
Group Segmental Review
Guarding Total
Revenue 45,337,088 45,337,088
Earnings 4,854,003 4,854,003
Assets 43,939,113 43,939,113
Liabilities 20,686,216 20,686,216
Depreciation 772,224 772,224
% %
Revenue 100 100
Earnings 100 100
Assets 100 100
Liabilities 100 100
Depreciation 100 100
Group Consolidated Statements of Changes in Equity
Share Share capital Retained
Capital and premium Income
R`000 R`000 R`000
Balance at 30 June 2005 1 7,954 1,324
Minority shareholders` net 0 0 (50)
income
Ordinary shareholders` net 0 0 5,245
income
Balance at 30 June 2006 1 7,954 6,519
Issue of 15,000,000 0 3,900 0
ordinary shares
Ordinary shareholders` net 0 0 4,854
income
Balance at 31 December 2006 1 11,854 11,373
Transitional Report
Group
31 December 30 June 1 July
2006 2006 2005
R`000 R`000 R`000
Assets
SA GAAP 6,681 5,110 3,671
IAS16 44 120 414
As reported under IFRS 6,725 5,230 4,085
Deferred taxation
SA GAAP 3,617 3,603 2,401
IAS16 (12) (35) (124)
As reported under IFRS 3,605 3,568 2,277
Equity
SA GAAP 11,341 6,485 (3,900)
IAS16 32 85 290
As reported under IFRS 11,373 6,570 (3,610)
Profit
SA GAAP 4,848 5,235
IAS16 - Reduced depreciation 9 14
IAS16 - Deferred taxation (3) (4)
As reported under IFRS 4,854 5,245
Group Consolidated Balance Sheets
Unaudited Audited Unaudited
6 months 12 months 6 months
Ended Ended Ended
31 December 30 June 31 December
2006 2006 2005
R`000 R`000 R`000
ASSETS
Non-current assets
Tangible assets 6,725 5,230 5,879
Intangible assets 1,050
Deferred taxation 3,605 3,568 2,611
Investments, loans and 2,966 2,966 2,528
rental
Total non-current assets 14,346 11,764 11,018
Current assets
Inventories 176 188 344
Accounts receivable 29,198 25,991 16,991
Bank balances and cash 219 209 1,680
Total current assets 29,593 26,388 19,015
Total assets 43,939 38,152 30,033
EQUITY AND LIABILITIES
Capital and reserves 1 1 1
Share premium 11,853 7,953 7,953
Retained income/(loss) 11,373 6,519 4,539
Outside shareholders` - - -
interests
Total capital and reserves 23,227 14,473 12,493
Non-current liabilities
Long-term borrowings 3,124 2,306 2,397
Total non-current 3,124 2,306 2,397
liabilities
Current liabilities
Short-term borrowings 1,574 2,115 1,199
Accounts payable and 7,288 9,926 9,562
accruals
Taxation 5,434 4,419 -
Bank overdrafts 2,071 2,901 2,491
Provisions 2,795 2,012 1,891
Total current liabilities 17,588 21,373 15,143
Total equity and 43,939 38,152 30,033
liabilities
Net asset per share 20.20 14.47 12.49
(cents)
General Review
Nature of business
The Group offers value-added guarding, cash-in-transit, forensic investigation,
electronic security and security consultancy.
CHIEF EXECUTIVE OFFICER`S REVIEW
The Board of Directors of Command ("the Board") is pleased to present the
interim results for the six month period ended 31 December 2006. The Board is
satisfied with the performance as the Group made a profit of R 6,273 million
during the period. The Guarding Division continued to achieve strong organic
growth in our major subsidiaries, which resulted in a 20% (twenty percent)
increase in turnover. The Group has benefited from its Black Economic
Empowerment status and is well placed to continue securing new business. We have
made substantial progress in the establishment of our national footprint and
branding exercise.
LITIGATION
1. Bright Idea Projects 426 CC
The application for the liquidation of a subsidiary within the Group by a
dormant closed corporation; Bright Ideas Projects 426 CC (controlled by an ex-
vendor of Mr J Immerman : Mr H T Roux) withdrawn in the Cape High Court on 06
March 2007.
2. Mr. J. Immerman
The judgement granted by the Cape High Court on 23 March 2006 in favour of
Command for R 10, 8 million remains unsatisfied. Efforts to recover this amount
appears doubtful.
Basis of presentation
The Group is reporting its interim results in accordance with International
Financial Reporting Standards ("IFRS") and the South African Companies Act and
the Listing Requirements of the JSE Limited.
Accounting policies
The unaudited interim results for the six months ended 31 December 2006 have
been prepared in accordance with the Group`s accounting policies which comply
with IFRS. The accounting policies adopted are consistent with those applied
with in the audited financial statements for the year 30 June 2006.
Directors
Z. J. Sithole (Non-executive Chairman), M. S. Mowzer
(Chief Executive Officer), S Banda (Executive), M. I. Parker (Non-executive), K.
G. Druker (Non-executive) and N. Moshesh
(Non-executive) continued to serve as directors during the period under review.
By order of the Board
ZJ Sithole MS Mowzer
Non-executive Chairman Chief Executive Officer
Cape Town Coastal Corporate Registrations
29 March 2007 Company Secretary
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Limited, Ground
Floor, 70 Marshall Street, Johannesburg, 2001, (PO Box 61051, Marshalltown,
2107)
Registered Office: Unit 1, Block 3, Vangate City, Athlone, 7764, (PO Box 93,
Gatesville, 7766)
Sponsor:
Deloitte & Touche Sponsor Services (Pty) Limited
Date: 29/03/2007 14:03:00 Produced by the JSE SENS Department.
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