| Fri 30 Apr 2010, 17:44 | | CMA - Command - Reviewed Provisional Results For T |
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CMA
CMA
CMA - Command - Reviewed Provisional Results For The Period Ended 31 December
2009 And Cautionary Announcement
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")
REVIEWED PROVISIONAL RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2009 AND
CAUTIONARY ANNOUNCEMENT
GROUP CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Reviewed Reviewed Audited
18 months 12 months 12 months
ended ended ended
31 December 30 June 30 June
2009 2009 2008
R000`s R000`s R000`s
Revenue 243 047 153 247 148 069
Cost of sales (162 402) (100 623) (94 828)
Gross profit 80 645 52 624 53 241
Operating costs
Selling and administrative expenses (57 106) (36 140) (37 581)
Attributable income incurred from
trade 23 539 16 484 15 660
Other income 63 48 6
Net profit before interest 23 602 16 532 15 666
Interest paid on borrowings (1 416) (1 139) (1 528)
Interest received 1 085 716 689
Attributable profit 23 271 16 109 14 827
Other net non-operating costs (4 643) (2 927) (2 804)
Net profit before taxation 18 628 13 182 12 023
Taxation (3 912) (2 878) (1 800)
Net profit for the period 14 716 10 304 10 223
Ordinary shareholders` net profit 14 716 10 304 10 223
Earnings per share (cents) 11.13 7.79 7.73
Headline earnings per share (cents) 11.13 7.79 7.73
Weighted number of shares (`000) 132 250 132 250 132 250
GROUP CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Reviewed Reviewed Audited
At At At
31 December 30 June 30 June
2009 2009 2008
R000`s R000`s R000`s
ASSETS
Non-current assets
Tangible assets 10 468 9 662 8 954
Intangible assets 5 987 5 897 5 987
Deferred taxation 5 480 6 230 5 189
Investments, loans and rental
advances 15 788 7 510 4 516
Total non-current assets 37 723 29 299 24 646
Current assets
Inventories 824 589 328
Accounts receivable 32 862 35 469 22 344
Bank balances and cash 851 3 408 6 857
Total current assets 34 537 39 466 29 529
Total assets 72 260 68 765 54 175
EQUITY AND LIABILITIES
Capital and reserves 1 1
Share premium 16 338 16 338 16 338
Retained income 41 185 36 773 26 469
Total capital reserves 57 524 53 113 42 808
Non-current liabilities
Long-term borrowings 2 616 2 603 2 185
Total non-current liabilities 2 616 2 603 2 185
Current liabilities
Short-term borrowings 2 242 3 525 2 612
Accounts payable and accruals 4 936 5 505 3 389
Taxation 2 572 1 340 1 287
Provisions 2 369 2 680 1 894
Total current liabilities 12 119 13 049 9 182
Total equity and liabilities 72 260 68 765 54 175
Net assets per share (cents) 43.50 40.16 32.37
GROUP CONSOLIDATED CASH FLOW STATEMENTS
Reviewed Reviewed Audited
18 months 12 months 12 months
ended ended ended
31 December 30 June 30 June
2009 2009 2008
R000`s R000`s R000`s
Cash flows from operating activities (3 398) (1 459) 7 024
Cash flows from financing activities (1 007) (201) (92)
Cash flows from investment activities (1 601) (1 788) (7 727)
Net movement in cash resources (6 006) (3 449) (795)
Cash resources at beginning of period 6 857 6 857 7 652
Cash resources at end of period 851 3 408 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 0 - 10 223
Balance at 30 June 2008 1 16 339 26 469
Ordinary shareholders` net income 0 - 10 304
Balance at 30 June 2009 1 16 339 36 773
Ordinary shareholders` net income 0 - 4 412
Balance at 31 December 2009 1 16 339 41 185
GROUP SEGMENTAL REVIEW
Guarding
services Total
R000`s R000`s
Revenue 243 047 153 247
Earnings 14 716 10 304
Assets 72 260 68 765
Liabilities 14 735 15 652
Depreciation 1 570 1 570
% %
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 R14.716 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 RESULT
These results are for an eighteen-month period, July 2008 to December 2009,
due to change in year-end from June to December and consequently certain
comparatives with the audited results for the twelve months ended June 2008
are not made in the commentary below. The Group Recorded Revenue of
R243.047 million for the eighteen months ended 31 December 2009. The Group
managed to generate a net profit before tax of R18.628 million and a net profit
attributable to shareholders of R14.716 million. The headline earnings for the
period were R14.716 million resulting in headline earnings per share of
11.13 cents (2008: 7.73 cents per share. The Group`s results reflect a marked
improvement by its operations, compared to the previous period. The Group`s
balance sheet continued to strengthen.
PREPARATION OF THE RESULTS/ACCOUNTING POLICIES
These consolidated 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 focus
strategy, its performance in the year ahead will exceed that of the past year.
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. General forecast has not been
reviewed nor reported on by the company`s auditors.
INDEPENDENT REVIEW
These results have been reviewed by the Company`s auditors, SAB&T Chartered
Accountants Incorporated, whose unqualified review opinion is available at the
Company`s registered office for inspection.
EVENTS SUBSEQUENT TO BALANCE SHEET DATE
The Board is not aware of any material events that occurred after the balance
sheet date.
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 further announcement is made.
By order of the Board
ZJ Sithole MS Mowzer
Non-executive Chairman Chief Executive Officer
Cape Town
30 April 2010
Directors: ZJ Sithole (Non-executive Chairman), MS Mowzer (Chief Executive
Officer), S Banda (Executive), MI Parker (Non-executive), KG Druker
(Non-executive) and FM Moshesh (Non-executive) continued to serve as
directors during the period under review.
Company Secretary: Coastal Corporate Registrations CC - DC McLachlan
Transfer secretaries: Computershare Investor Services (Pty) Limited
Ground Floor, 70 Marshall Street, Johannesburg, 2001 (PO Box 61051,
Marshalltown, 2107)
Registered office: 106 De Wet Road Goodwood, 7463 (PO Box 13763, N1 City,
7463)
Sponsor: Deloitte & Touche Sponsor Services (Pty) Limited
Date: 30/04/2010 17:44:01 Produced by the JSE SENS Department.
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