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Command Holdings Limited - Preliminary Results
Command Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1999/014759/06)
Share code: CMA ISIN: ZAE000023131
("Command" or "the Group")
PRELIMINARY Financial results for the FIFTEEN MONTHS ended 31 MARCH 2002 and
cautionary announcement
Group Consolidated Income Statements
Reviewed Audited
15 months 12 months
ended ended
31 Mar 2002 31 Dec 2000
R`000 R`000
Revenue 113 020 119 057
Costs incurred in producing revenue (76 115) (92 300)
Depreciation (1 075) (1 597)
Selling and administrative expenses (41 402) (30 941)
Sundry income 8 310 185
Gain on reorganisation of current debt 7 348 -
Other 962 185
Operating income/(loss) before borrowing costs 2 738 (5 596)
Borrowing costs net of interest income (1 739) (1 422)
Attributable income/(loss) of a continuing nature 999 (7 018)
Amortisation of intangibles (617) (2 658)
Other net non-operating expenses (242) (3 487)
Net income/(loss) before taxation 140 (13 163)
Taxation 4 438 540
Net income/(loss) for period 4 578 (12 623)
Outside shareholders` share of loss 730 41
Share of associated company losses (372) (19)
Ordinary shareholders` net income/(loss) 4 936 (12 601)
Ratio`s
Total number of shares in issue and allotted (`000) 101 848 101 848
Weighted number of shares in issue (`000) 101 848 101 380
Fully diluted number of shares in issue (`000) 101 848 101 848
Headline earnings/(loss) per share (cents) 4,13 (8,40)
Earnings/(Loss) per share (cents) 4,85 (12,43)
Fully diluted earnings/(loss) per share (cents) 4,85 (12,37)
Group Consolidated Cash Flow Statements
Reviewed Audited
15 months 12 months
ended ended
31 Mar 2002 31 Dec 2000
R`000 R`000
Cash flows from operating activities 6 416 1 449
Cash flows from financing activities (1 739) (1 229)
Cash flows from investing activities (1 646) (4 947)
Net movement in cash resources 3 031 (4 727)
Cash resources at beginning of period (4 727) -
Cash resources at end of period (1 696) (4 727)
Group Segmental Review
for the 15 months ended 31 March 2002
Electronic Parking
Guarding security management
"Command" "Aludie" "Aludie"
% % %
Financial information
Revenue 55 42 3
Earnings 120 (30) 10
Headline earnings 120 (30) 10
Intangible assets - 71 29
Tangible assets 64 35 1
Liabilities 31 64 5
Depreciation 65 34 1
NOTES:
1. Operating lease commitments
The Group has operating lease commitments over and above the liabilities
disclosed in the balance sheet in the amount of R5 647 000 (31 December 2000
- R3 054 000).
2. Capital expenditure and commitments
Capital expenditure for the period amounted to R2 517 000 (31 December
2000 - R3 598 000).
The Group had no capital expenditure commitments at period-end (31
December 2000 - nil).
3. Contingent liabilities
The Group has various outstanding performance and construction
guarantees totalling R1 024 000.
4. Financial year-end
The reviewed results of the Group are presented for the 15 months ended
31 March 2002 as the Group has changed its financial year-end.
5. Generally Accepted Accounting Practice
The 15 months preliminary financial statements comply with South African
Statements of Generally Accepted Accounting Practice and the accounting
policies used are consistent in all material respects with those used for
the 31 December 2000 financial statements.
6. Review
The financial information set out in this report has been reviewed by
Deloitte & Touche whose review report is available to shareholders for
inspection at the company`s registered office.
7. Cautionary announcement
Shareholders are advised that negotiations are taking place, which if
successfully concluded, may have an effect on the price of Command`s
securities.
Accordingly, shareholders are advised to exercise caution when dealing in
Command shares until a further announcement is made.
Group Consolidated Balance Sheets
Reviewed Audited
31 Mar 2002 31 Dec 2000
R`000 R`000
Assets
Non-current assets
Long-term tangible assets 3 958 5 614
Long-term intangible assets 4 537 5 483
Deferred taxation 5 246 768
Long-term rental debtors and loans 9 662 1 182
Total non-current assets 23 403 13 047
Current assets
Inventories 1 706 2 370
Work in progress 802 2 423
Accounts receivable 12 392 15 814
Bank balances and cash 2 709 1 408
Total current assets 17 609 22 015
Total assets 41 012 35 062
Equity and liabilities
Capital and reserves
Share capital 1 1
Share premium 7 953 7 953
Accumulated deficit (7 665) (12 601)
Outside shareholders` interests 1 096 1 826
Total capital and reserves 1 385 (2 821)
Non-current liabilities
Interest free deferred liabilities 396 603
Income received in advance - 498
Long-term borrowings 10 128 2 579
Total non-current liabilities 10 524 3 680
Current liabilities
Short-term borrowings 3 052 2 117
Accounts payable 18 680 21 425
Taxation 616 366
Bank overdrafts 4 405 6 135
Total current liabilities 26 753 30 043
Provisions 2 350 4 160
Total equity and liabilities 41 012 35 062
Net asset value per share (cents) 1,36 (2,77)
Group Consolidated
Statements of Changes in Equity
Share Retained
Capital income/
and (accumulated
premium loss) Total
R`000 R`000 R`000
Balance at beginning of year 5 310 - 5 310
Ordinary share issue 6 849 - 6 849
Listing costs written-off (4 205) - (4 205)
Ordinary shareholders` net loss - 12 months - (12 601) (12 601)
Balance at: 31 December 2000 (audited) 7 954 (12 601) (4 647)
Ordinary shareholders` net income- 15 months - 4 936 4 936
Balance at: 31 March 2002 (reviewed) 7 954 (7 665) 289
Headline earnings per share
Earnings per share is reconciled to headline earnings per share as follows:
Earnings per share 4,85
Profits and losses on the sale of
fixed assets and businesses 0,01
Outside shareholders` share of loss (0,73)
Headline earnings per share 4,13
GENERAL REVIEW
Nature of business
The Group trades through its wholly-owned subsidiary Command Security
Services (Pty) Ltd which offers guarding and cash-in-transit services and
its 47,7% owned subsidiary Aludie Limited which trades in the electronic
security and parking management industries. The latter subsidiary has now
extended its operations to include toll road systems.
Results and Prospects
The Board is pleased to announce net income for the period of R4 578
000. The significant turnaround can be attributed to the gain achieved in
the re-organisation of current debt as well as the restructuring exercises
implemented by management.
The successful restructuring of executive directors, senior management
and operations has resulted in a substantial decrease in overhead costs. The
down-sized operations have placed the group in a favourable position to
generate significant profits from various parastatal work for which it has
been short-listed. The new management team has implemented an innovative
sales and marketing strategy which has already borne fruit and will deliver
sustainable results in the future.
Directors
Prof M. I. Parker and Mr K. G. Druker were appointed non-executive directors
in September 2001. Ms K. Biesheuvel was appointed financial director in
January 2002 and Mr M. S. Mowzer was appointed Chief Executive Officer in
April 2002.
Mr Z. J. Sithole (Non-executive Chairman), continued to serve as a director
throughout the period. Messrs J. Tsotsetsi (appointed 9/2000), T. E. Nxumalo
(appointed 9/2000) and M. W. Reynolds (appointed 12/2000) resigned in
September 2001. Messrs S. Imerman (appointed 10/1999), H. J. Bruyn
(appointed 10/1999) and J. Immerman (appointed 10/1999) resigned in January
2002, April 2002 and May 2002, respectively.
By order of the Board
Z. J. Sithole M. S. Mowzer K. Biesheuvel
Chairman Chief Executive Officer Financial Director
Cape Town J. C. Kaufmann
28 June 2002 Company Secretary
Transfer secretaries Registered office
Computershare Investor Command House
Services Limited 394 Voortrekker Road
11 Diagonal Street Maitland
Johannesburg 2001 Cape Town 7405
Date: 28/06/2002 05:55:48 PM Produced by the SENS Department
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