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CMA
CMA
CMA - Command - Unaudited interim financial results for the period ended 31
December 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")
Unaudited interim financial results for the period ended 31 December 2007
Group Consolidated Income Statements
Unaudited Unaudited Audited
6 months 6 months 12 months
Ended Ended ended
31 31 30 June
December December
2007 2006 2007
R`000 R`000 R`000
Revenue 74,453 45,337 104,327
Cost of sales (49,477) (29,622) (67,161)
Gross profit 24,976 15,715 37,166
Operating costs
Selling and (16,853) (9,184) (24,235)
administrative
Attributable income 8,123 6,531 12,931
incurred from trade
Other income - - 85
Net profit before 8,123 6,531 13,016
interest
Interest paid on (536) (258) (1,077)
borrowings
Interest received 189 69
Attributable profit 7,776 6,273 12,008
Other net non- (1,243) - (1,976)
operating costs
Net profit before 6,533 6,273 10,032
taxation
Taxation - deferred (923) (1,419) (305)
Net profit for the 5,610 4,854 9,727
period
Ordinary 5,610 4,854 9,727
shareholders` net
profit
Earnings per share 4.24 4.22 7.35
(cents)
Headline earnings per 4.24 4.22 7.35
share (cents)
Weighted number of 132,250 115,000 132,250
shares (`000)
Group Consolidated Cash Flow Statements
Unaudited Unaudited Audited
6 months 6 months 12 months
Ended Ended Ended
31 31 30 June
December December
2007 2006 2007
R`000 R`000 R`000
Cash flows from 2,090 (1,333) 4,090
operating activities
Cash flows from (372) 4,718 1,403
financing activities
Cash flows from share 8,385
issue
Cash flows from (4,189) (2,545) (3,534)
investing activities
Net movement in cash (2,471) 840 (10,344)
resources
Cash resources at 7,692 (2,692) (2,692)
beginning of period
Cash resources at end 5,221 (1,852) 7,652
of period
Group Segmental Review
Guarding Total
(R`) (R`)
Revenue 74,453,176 74,453,176
Earnings 5,610,211 5,610,211
Assets 51,845,191 51,845,191
Liabilities 13,650,181 13,650,181
Depreciation 1,091,189 1,091,189
%
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 2006 1 7,954 6,519
Issue of shares 0 3,900 0
Ordinary shareholders` net 0 0 4,854
income
Balance at 31 December 2006 1 11,854 11,373
Issue of Shares 0 4,485 0
Ordinary shareholders` net 0 0 4,873
income
Balance at 30 June 2007 1 16,339 16,246
Ordinary shareholders` net 0 0 5,610
income
Balance at 31 December 2007 1 16,339 21,856
Group Consolidated Balance Sheets
Unaudited Unaudited Audited
6 months 6 months 12 months
Ended Ended Ended
31 31 30 June
December December
2007 2006 2007
R`000 R`000 R`000
ASSETS
Non-current assets
Tangible assets 7,033 6,725 7,167
Intangible assets 5,850 1,050 1,527
Deferred taxation 3,782 3,605 4,520
Investments, loans 4,147 2,966 3,036
and rental
Total non-current 20,812 14,346 16,250
assets
Current assets
Inventories 439 176 587
Accounts receivable 25,373 29,198 23,594
Bank balances and 5,221 219 7,652
cash
Total current assets 31,033 29,593 31,833
Total assets 51,845 43,939 48,083
EQUITY AND
LIABILITIES
Capital and reserves 1 1 1
Share premium 16,338 11,853 16,338
Retained income 21,856 11,373 16,246
Total capital and 38,195 23,227 32,585
reserves
Non-current
liabilities
Long-term borrowings 2,111 3,124 2,296
Total non-current 2,111 3,124 2,296
liabilities
Current liabilities
Short-term borrowings 2,406 1,574 2,593
Accounts payable and 4,283 5,714 5,093
accruals
Taxation 2,072 5,434 2,259
Bank overdrafts - 2,071 -
Provisions 2,778 2,795 3,257
Total current 11,537 17,588 13,202
liabilities
Total equity and 51,845 43,939 48,083
liabilities
Net asset per share 28.21 20.20 24.68
(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 Group`s businesses continue to perform satisfactorily and in line with
expectations. The Group made a profit of R5, 610 million during the period.
The Guarding Division achieved significant organic growth in all its major
subsidiaries, which resulted in a substantial increase in turnover. The Group
continues to secure new contracts as a result of its enhanced Black Economic
Empowerment status and service delivery. Management has succeeded in client
and contract retention. The establishment of a national footprint and branding
has placed the subsidiaries within the Group in a favourable position to compete
for new business which will result in further sustainable growth and profits.
FINANCIAL RESULTS
Revenue for the Group increased by 64.2%. Net profit before taxation has grown
by 4.2% to R6,533 million. The increase in fuel costs and the establishment of a
major contract for a parastatal in the period under review affected the profits.
Headline earnings per share increased from 4.22c to 4.24c. The headline
earnings per share has been affected as a result of the issuing of shares to
Cape Empowerment Trust.
PREPARATION OF THE INTERIM RESULTS / ACCOUNTING POLICIES
These consolidated interim financial statements have been prepared in accordance
with International Financial Reporting Standards ("IFRS") and IAS 34 - Interim
Reporting, using accounting policies which are consistent with those for the
year ended 30 June 2007 and comply with the relevant sections of the Companies
Act of South Africa and the listings requirements of the JSE Limited.
PROSPECTS
The Group`s enhanced Black Economic Empowerment status and service delivery to
clients places it in a strong position to continue with organic growth which
will continue to generate sustainable profits for the Group. Management are
optimistic for the Group`s future prospects.
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 F. M. 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
28 February 2008 Company Secretary
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 (P O
Box 93, Gatesville, 7766)
Sponsor:
Deloitte & Touche Sponsor Services (Pty) Limited
Date: 28/02/2008 15:00:02 Produced by the JSE SENS Department.
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