| Thu 12 Jun 2003, 18:26 | | Command - Interim Financial Results For The Six Mo |
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Command - Interim Financial Results For The Six Months Ended 31 March 2003 And
Release Date: 12/06/2003 17:57:34 Code(s): CMA
Command - Interim Financial Results For The Six Months Ended 31 March 2003 and
further 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")
INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2003
AND FURTHER CAUTIONARY
Group consolidated income statements
Unaudited Unaudited Audited
Six months Six months 15 months
ended ended ended
31 Mar 2003 30 Sept 2002 31 Mar 2002
R"000 R"000 R"000
Revenue 26 365 36 532 113 020
Costs incurred in producing revenue (19 245) (23 138) (76 115)
Depreciation and impairment (951) (736) (1 075)
Selling and administrative expenses (8 878) (10 744) (41 402)
Sundry income 6 789 1 719 8 310
Operating income
before borrowing costs 4 080 3 633 2 738
Borrowing costs net of
interest income (1 141) (1 208) (1 739)
Attributable income 2 939 2 425 999
Amortisation of intangibles (321) (346) (617)
Other net non-operating costs (111) (60) (242)
Net income before taxation 2 507 2 019 140
Taxation - deferred (703) (713) 4 438
Net income for the period 1 804 1 306 4 578
Outside shareholders" share of
(income)/loss 245 (259) 730
Share of associated company losses (68) (21) (372)
Ordinary shareholders" net income 1 981 1 026 4 936
Total number of shares in issue
and allotted throughout period ("000) 101 848 101 848 101 848
Earnings per share (cents) 1,95 1,01 4,85
Headline earnings per share (cents) 2,27 1,29 5,71
Group Consolidated Cash Flow Statements
Unaudited Unaudited Audited
Six months Six months 15 months
ended ended ended
31 Mar 2003 30 Sept 2002 31 Mar 2002
R"000 R"000 R"000
Cash flows from operating activities 131 2 166 6 416
Cash flows from financing activities (4 096) 24 (1 739)
Cash flows from investing activities (27) (822) (1 646)
Net movement in cash resources (3 992) 1 368 3 031
Cash resources at beginning of period (328) (1 696) (4 727)
Cash resources at end of period (4 320) (328) (1 696)
Group segmental review
for the six months ended 31 March 2003
Electronic Parking Group
Guarding security management and
services services services other
% % % %
Revenue 64 32 4 -
Earnings/(Loss) 126 3 10 (39)
Headline earnings/(loss) 109 5 5 (19)
Assets 53 16 17 14
Liabilities 287 22 17 (226)
Net (liability)/asset value (1 479) (29) 16 1 592
Additions to tangible assets 100 - - -
Depreciation 55 44 1 -
Amortisation - 41 16 43
Headline earnings per share (cents)
Earnings per share is reconciled to
headline earnings per share as follows:
Earnings per share 1,95
Amortisation of intangibles 0,32
Headline earnings per share 2,27
Group consolidated balance sheets
Unaudited Unaudited Audited
31 Mar 2003 30 Sept 2002 31 Mar 2002
R"000 R"000 R"000
Assets
Non-current assets
Long-term tangible assets 2 908 3 984 3 958
Long-term intangible assets 3 890 4 191 4 537
Deferred taxation 3 829 4 495 5 246
Long-term rental debtors and loans 1 679 9 377 9 662
Total non-current assets 12 306 22 047 23 403
Current assets
Inventories 2 684 1 996 2 508
Accounts receivable 18 236 19 188 12 392
Bank balances and cash 194 3 572 2 709
Total current assets 21 114 24 756 17 609
Total assets 33 420 46 803 41 012
Equity and liabilities
Capital and reserves
Share capital 1 1 1
Share premium 7 953 7 953 7 953
Accumulated deficit (4 658) (6 639) (7 665)
Outside shareholders" interests 1 110 1 356 1 096
Total capital and reserves 4 406 2 671 1 385
Non-current liabilities
Interest free deferred liabilities - 323 396
Long-term borrowings 1 806 2 213 10 128
Total non-current liabilities 1 806 2 536 10 524
Current liabilities
Short-term borrowings - 11 064 3 052
Accounts payable 19 805 23 420 18 680
Taxation 616 616 616
Bank overdrafts 4 514 3 900 4 405
Total current liabilities 24 935 39 000 26 753
Provisions 2 273 2 596 2 350
Total equity and liabilities 33 420 46 803 41 012
Net asset per share (cents) 4,33 2,62 1,36
Group consolidated Statements
of changes in equity
Share capital Accumulated
and premium loss Total
R"000 R"000 R"000
Balance at 31 December 2000 7 954 (12 601) (4 647)
Ordinary shareholders" net income - 4 936 4 936
Balance at 31 March 2002 7 954 (7 665) 289
Ordinary shareholders" net income - 3 007 3 007
Balance at 31 March 2003 7 954 (4 658) 3 296
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 R1 905 231 (R1 541 000: 30
September 2002).
2. Capital expenditure
Capital expenditure for the period amounted to R466 178 (R887 000: 30
September 2002).
3. Contingent liabilities
The Group has various contingent liabilities arising from rental operations
and installation guarantees totalling R258 463 (R662 000: 30 September 2002).
4. Change of year-end
The interim results of the Group are presented for the six-month period
ended 31 March 2003, as the Group has changed its financial year-end to 30 June
2003.
5. Generally Accepted Accounting Practices
The six months 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 March 2002
financial statements.
GENERAL REVIEW
Nature of business
The Group offers value-added guarding, cash-in-transit, investigation,
electronic security, access control and parking management services and
solutions.
Results and prospects
The Board is encouraged with the results that reflect the continued
turnaround of the Group. At the last financial year-end the Board identified
areas that were not profitable and areas showing good profit potential. During
the course of the year under review, non-profitable areas of operations were
closed and the potentially profitable areas targeted. The Group has focused on
acquiring profitable long-term contracts in terms of its new strategy.
The results reflect the costs and drop in turnover from the closing down of
these areas, while the new areas of business acquired will begin to contribute
to the profitability from the start of the new financial year.
The benefits of the Group"s BEE status has ensured that the Group is
currently short listed for several contracts which will in all probability be
secured during the new financial year.
The Board is also confident that it will be presenting much improved results
at the December interim report.
Further cautionary announcement
Further to the cautionary announcements dated 13 December 2002, 27 January
2003, 12 March 2003 and 5 May 2003, shareholders of Command are advised that
negotiations are still in progress which, if successfully concluded, may have an
effect on the price of the Company"s securities. Accordingly, Command
shareholders are advised to continue to exercise caution when dealing in their
securities until a further announcement is made.
Directors
Z J Sithole (Non-executive Chairman), M S Mowzer (Chief Executive Officer),
M I Parker (Non-executive) K G Druker (Non-executive) continued to serve as
directors during the period under review.
Ms K Biesheuvel (appointed January 2002) resigned in April 2003 and Dr N M Phosa
was appointed Non-executive director in January 2003.
By order of the Board
Z J Sithole M S Mowzer
Chairman Chief Executive Officer
Cape Town A J Rich
13 June 2003 Company Secretary
Transfer secretaries Registered office Sponsor
Computershare Investor Command House Deloitte & Touche
Services Limited 394 Voortrekker Road Sponsor Services
70 Marshall Street Maitland (Pty) Ltd
Johannesburg, 2001 Cape Town, 7405
