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CMA
CMA
CMA - Command - Audited financial results for the year ended 30 June 2007
30 August 2007
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")
Audited Financial Results for the year ended 30 June 2007
Group Consolidated Income Statements
Audited Audited
12 months 12 months
ended ended
30 June 2007 30 June 2006
R000`s R000`s
Revenue 104,327 79,103
Cost of sales (67,161) (53,176)
Gross profit 37,166 25,927
Operating costs
Selling and administrative expenses (24,235) (17,845)
Interest received on bank balances 69 -
Attributable profit incurred from 13,000 8,082
trade
Other income 85 1,719
Net profit before interest 13,085 9,801
Interest paid on borrowings (1,077) (429)
Attributable profit 12,008 9,372
Other net non-operating costs (1,976) (1,565)
Net income before taxation 10,032 7,807
Taxation (305) (2,562)
Net income for the year 9,727 5,245
Ordinary shareholders` net profit 9,727 5,245
Earnings per share (cents) 7.35 5.25
Headline earnings per share (cents) 7.35 5.25
Group Consolidated Cash Flow Statements
12 months 12 months
ended ended
30 June 2007 30 June 2006
R000`s R000`s
Cash flows from operating activities 4,090 2,019
Cash flows from financing activities 1,403 (1,468)
Cash flows from share issue 8,385
Cash flows from investing activities (3,534) (1,419)
Net movement in cash resources 10,344 (868)
Cash resources at the beginning of (2,692) (1,824)
the period
Cash resources at the end of the 7,652 (2,692)
period
Group Segmental Review
Guarding
Services Total
R000`s R000`s
Revenue 104,327 104,327
Earnings 9,727 9,727
Assets 48,083 48,083
Liabilities 15,448 15,448
Depreciation 2,519 2,519
% %
Revenue 100 100
Earnings 100 100
Assets 100 100
Liabilities 100 100
Depreciation 100 100
Group Consolidated Statement of Changes in Equity
Share Accumulated Minority
capital
and premium profit/(loss) Total interest Total
R`000 R`000 R`000 R`000 R`000
Balance at 7,954 1,224 9,178 50 9,228
1 July 2006
Ordinary - 5,295 5,295 (50) 5,245
shareholders
net income
Balance at
the end of
the period:
30 June 2006 7,954 6,519 14,473 - 14,473
Issue of shares 8,385 - 8,385 8,385
Ordinary - 9,777 9,777 - 9,777
shareholders
net income
Balance at
the end of
the period:
30 June 16,339 16,296 32,635 - 32,635
2007
Group Consolidated Balance Sheets
12 months 12 months
ended ended
30 June 2007 30 June
2006
R000`s R000`s
ASSETS
Non-current assets
Tangible assets 7,167 5,230
Intangible assets 1,527 -
Deferred taxation 4,520 3,568
Investment, loans and rental 3,036 2,966
advances
Total non-current assets 16,250 11,764
Current assets
Inventories 587 188
Accounts receivable 23,594 25,991
Bank balances and cash 7,652 209
Total current assets 31,833 26,388
Total assets 48,083 38,152
EQUITY AND LIABILITIES
Capital and reserves
Share capital 1 1
Share premium 16,338 7,953
Retained income 16,296 6,519
Outside shareholder`s - -
interests
Total capital and reserves 32,635 14,473
Non-current liabilities
Non-interest bearing
borrowings
Shareholders Loan - 935
Long-term borrowings 2,296 1,371
Total non-current liabilities 2,296 2,306
Current liabilities
Short-term borrowings 2,593 2,115
Accounts payable and accruals 5,043 9,926
Taxation 2,259 4,419
Bank overdrafts - 2,901
Provisions 3,257 2,012
Total current liabilities 13,152 21,373
Total equity and liabilities 48,083 38,152
NAV per share (cents) 24.68 10.94
Commentary
The Board of Directors of Command Holdings Limited are pleased to present the
audited results for the year ended 30 June 2007 ("the year").
Basis of presentation, accounting policies and notes
The results for the year and comparative information have been prepared in terms
of International Financial Reporting Standards ("IFRS"), using accounting
policies which are consistent with the prior year, applicable at 30 June 2007
and comply with the relevant sections of the Companies Act in South Africa and
the Listing Requirements of the JSE Limited.
The results have been audited by TCG (Alberton) Chartered Accountants, and their
unqualified audit opinion is available for inspection at the registered office
of Command.
Review of operations
The Group`s businesses continued to perform satisfactorily. In line with the
trading update published on 24 August 2007 the Group performed ahead of
expectations. Headline earnings increased by 85.4% to R4.481million translating
into strong organic growth which was the key driver of the Group`s performance.
The Group achieved revenue of R104m compared to revenue R79million in 2006, an
increase of 31.2%. This reflects an increase across all divisions and
geographic regions. The Group`s operating profit increased by 59.9%. The nett
profit after Tax of R9.72million is up significantly on last year by 85.4%. The
Guarding Division, Bank Security Division and Forensic Investigation Division
continues to show substantial organic growth. The Group has accomplished a
national footprint and the brand is trading satisfactorily in all regions. The
Group has been successful in securing long-term contracts from major corporates
and parastatals on a regular basis. A successful Issue of Shares for Cash to
Cape Empowerment Trust (a leading BEE entity) resulted in healthy cashflow
generation and boosted working capital management to enhance the Group`s cash
position. Cash balances at year end totalled R7.652million.
Command Provident Fund
The Group has no involvement in or financial responsibility to the Command
Provident Fund which was placed under Curatorship on 10 May 2007.
Financial Results
Revenue for the group increased by 31.2%. Operating profit has grown by 59.9% to
R12.931 million, representing approximately 12.4% of revenue. Headline earnings
per share increased by 40% from 5.25 cents per share to 7.35 cents per share.
Prospects
The Group`s growing profitability bodes well for its future prospects with
strong management and good client service, together with its BEE credentials, it
is set to continue with organic growth, which will continue to generate
sustainable profits for the Group.
People
We recognize and appreciate the efforts of all Directors, Managers and Staff who
have been integral to the Group`s success. We also wish to thank our
Shareholders and Clients for their continued support.
Dividend
In line with group policy no dividend has been declared for the year.
By order of the Board
ZJ Sithole MS Mowzer
Non Executive Chairman Chief Executive Officer
Cape Town
30 August 2007
Directors: ZJ Sithole (Non-Executive Chairman), MS Mowzer (Chief Executive
Officer), MI Parker (Non-Executive), KG Druker (Non-Executive), S Banda
(Executive) and FM Moshesh (Non-Executive) continued to serve as directors
during the year under review.
Company Secretary: Coastal Corporate Registrations CC - D C McLachlan
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Limited,
Ground Floor, 70 Marshall Street, Johannesburg, 2001, (PO Box 61051,
Marshalltown, 2107)
Registered Office: Marrakech Unit 1, Vangate City, Athlone, Cape Town, 7764 (PO
Box 93, Gatesville, 7766)
Sponsor: Deloitte & Touche Sponsor Services (Pty) Limited
Date: 30/08/2007 15:00:04 Produced by the JSE SENS Department.
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