| Tue 31 Mar 2009, 16:00 | | CMA - Command - Unaudited Interim Financial Results For The Period Ended |
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CMA
CMA
CMA - Command - Unaudited Interim Financial Results For The Period Ended
31 December 2008
Command Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1999/014759/06)
Share code: CMA & ISIN: ZAE000023131
("Command" or "the Group" or "the Company")
UNAUDITED INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2008
GROUP CONSOLIDATED INCOME STATEMENTS
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 31 Dec 30 June
2008 2007 2008
R000`s R000`s R000`s
Revenue 81 538 74 453 148 069
Cost of sales (53 000) (49 477) (94 828)
Gross profit 28 538 24 976 53 241
Operating costs
Selling and administrative expenses (19 161) (16 853) (37 581)
Attributable income incurred from
trade 9 377 8 123 15 660
Other income - - 6
Net profit before interest 9 377 8 123 15 666
Interest paid on borrowings (469) (536) (1 528)
Interest received 374 189 689
Attributable profit 9 282 7 776 14 827
Other net non-operating costs (1 631) (1 243) (2 804)
Net profit before taxation 7 651 6 533 12 023
Taxation (1 538) (923) (1 800)
Net profit for the period 6 113 5 610 10 223
Ordinary shareholders` net profit 6 113 5 610 10 223
Earnings per share (cents) 4.62 4.24 7.73
Headline earnings per share (cents) 4.62 4.24 7.73
Weighted number of shares (`000) 132 250 132 250 132 250
GROUP CONSOLIDATED BALANCE SHEETS
Unaudited Unaudited Audited
at at at
31 Dec 31 Dec 30 June
2008 2007 2008
R000`s R000`s R000`s
ASSETS
Non-current assets
Tangible assets 12 902 7 033 8 954
Intangible assets 7 683 5 850 5 987
Deferred taxation 6 727 3 782 5 189
Investments, loans and rental advances 6 835 4 147 4 516
Total non-current assets 34 147 20 812 24 646
Current assets
Inventories 584 439 328
Accounts receivable 27 013 25 413 22 344
Bank balances and cash 5 280 5 181 6 857
Total current assets 32 877 31 033 29 529
Total assets 67 024 51 845 54 175
EQUITY AND LIABILITIES
Capital and reserves 1 1 1
Share premium 16 338 16 338 16 338
Retained income 32 582 21 856 26 469
Total capital reserves 48 921 38 195 42 808
Non-current liabilities
Long-term borrowings 5 065 2 111 2 185
Total non-current liabilities 5 065 2 111 2 185
Current liabilities
Short-term borrowings 3 788 2 406 2 612
Accounts payable and accruals 5 336 4 283 3 389
Taxation 1 538 2 072 1 287
Provisions 2 376 2 778 1 894
Total current liabilities 13 038 11 539 9 182
Total equity and liabilities 67 024 51 845 54 175
Net assets per share (cents) 36.99 28.88 32.37
GROUP CONSOLIDATED CASH FLOW STATEMENTS
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 Dec 31 Dec 30 June
2008 2007 2008
R000`s R000`s R000`s
Cash flows from operating activities 4 960 2 090 7 024
Cash flows from financing activities (146) (372) (92)
Cash flows from investment activities (6 391) (4 189) (7 727)
Net movement in cash resources (1 577) (2 471) (795)
Cash resources at beginning of period 6 857 7 652 7 652
Cash resources at end of period 5 280 5 181 6 857
GROUP CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share
capital
Share and Retained
capital premium income
R000`s R000`s R000`s
Balance at 30 June 2007 1 16 339 16 246
Ordinary shareholders` net income - - 5 610
Balance at 31 December 2007 1 16 339 21 856
Ordinary shareholders` net income - - 4 613
Balance at 30 June 2008 1 16 339 26 469
Ordinary shareholders` net income - - 6 113
Balance at 31 December 2008 1 16 339 32 582
GROUP SEGMENTAL REVIEW
Guarding
services Total
R000`s R000`s
Revenue 81 538 81 538
Earnings 6 113 6 113
Assets 67 024 67 024
Liabilities 18 103 18 103
Depreciation 1 255 1 255
% %
Revenue 100 100
Earnings 100 100
Assets 100 100
Liabilities 100 100
Depreciation 100 100
General review
Nature of business
The Group offers value-added guarding, cash in transit, forensic investigation,
electronic security, alarm installations and monitoring, armed response service
and security consultancy.
Chief executive officer`s review
The Group`s businesses continue to perform satisfactorily. The Group made a
profit of R6.113 million during the period. The Guarding Division continued to
focus on organic growth despite the depressed corporate spending environment.
The Group is well placed with its Black Economic Empowerment and experienced
management team to continue securing new contracts which will result in
further sustainable growth and profits.
Financial results
The Board is pleased to report to shareholders an improved performance for the
six-month period July 2008 to December 2008 in comparison with the previous six
months and the comparative period for the prior year. Revenue for the Group
increased by 9.5% over the six-month period. Net profit before taxation
attributable to shareholders increased by 17.1% to R7.651 million. The increase
in fuel and labour costs continue to impact on the Group`s profits. Headline
earnings per share increased from 4.24 cents to 4.62 cents. The focus of
management is on cost and margin maintenance. This will be a continued focus of
management to maximise revenue growth.
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 2008 and comply with the relevant sections of
the Companies Act of South Africa and the Listings Requirements of the
JSE Limited.
Prospects
The Group continues to look for opportunities and, in line with its focused
strategy, its performance in the year ahead is promising. The Group`s enhanced
Black Economic Empowerment status and service delivery to the 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.
Evets after balance sheet date
Management is not aware of any material events which occurred subsequent to the
period ended 31 December 2008.
Cautionary announcement
Shareholders are advised that Command has entered into negotiations which, if
successfully concluded, may have a material effect on the price of the
Company`s securities. Accordingly, shareholders are advised to exercise caution
when dealing with the Company`s securities until a full announcement is made.
By order of the Board
Z. J. Sithole M. S. Mowzer
Non-executive Chairman Chief Executive Officer
Cape Town
31 March 2009
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.
Company Secretary: Coastal Corporate Registrations CC - D. C. McLachlan
Transfer secretaries: Computershare Investor Services (Pty) Limited,
Ground Floor, 70 Marshall Street, Johannesburg, 2001 (PO Box 61051,
Marshalltown, 2107)
Registered office: Marrakech Unit 11, Vangate City, Athlone, Cape Town, 7764
(PO Box 93, Gatesville, 7766)
Sponsor: Deloitte & Touche Sponsor Services (Pty) Limited
Date: 31/03/2009 16:00:01 Produced by the JSE SENS Department.
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