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Command Holdings Limited -
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")
FINANCIAL RESULTS FOR THE PERIOD ENDED 30 JUNE 2003 AND FURTHER CAUTIONARY
ANNOUNCEMENT
GROUP CONSOLIDATED INCOME STATEMENTS
Audited Unaudited Audited
15 months Six months 15 months
ended ended ended
30 June 2003 31 Mar 2003 31 Mar 2002
R"000 R"000 R"000
Revenue 74 298 26 365 113 020
Costs of sales (55 228) (19 797) (74 897)
Gross profit 19 070 6 568 38 123
Operating costs
Selling and administrative (26 408) (9 277) (42 718)
Attributable loss incurred
from trade (7 338) (2 709) (4 595)
Other income 8 475 6 789 7 348
Net profit before interest 1 137 4 080 2 753
Interest paid on borrowings (2 418) (1 141) (2 386)
Interest received on bank balances 97 - 647
Attributable (loss)/profit (1 184) 2 939 1 014
Amoritisation of intangibles (856) (321) (803)
Other net non-operating costs (931) (111) (71)
Net (loss)/profit before
taxation (2 971) 2 507 140
Taxation - deferred 2 133 (703) 4 438
Net (loss)/profit for the period (838) 1 804 4 578
Minority shareholders" share of
loss 1 096 245 730
Share of associated company
profit/(losses) 180 (68) (372)
Ordinary shareholders" net
profit 438 1 981 4 936
GROUP CONSOLIDATED CASH FLOW STATEMENTS
Audited Unaudited Audited
15 months Six months 15 months
ended ended ended
30 June 2003 31 Mar 2003 31 Mar 2002
R"000 R"000 R"000
Cash flows from operating
activities (2 000) 131 1 329
Cash flows from financing
activities - (4 096) -
Cash flows from investing
activities (1 863) (27) 1 702
Net movement in cash resources (3 863) (3 992) 3 031
Cash resources at beginning of
period (1 696) (328) (4 727)
Cash resources at end of period (5 559) (4 320) (1 696)
GROUP SEGMENTAL REVIEW
FOR THE PERIOD ENDED 30 JUNE 2003
Parking
Guarding Electronic management
services services services Other Total
% % % % %
Revenue 64 32 4 - 100
Earnings 27 74 (4) 3 100
Assets 60 5 29 6 100
Liabilities 87 6 7 - 100
Depreciation 73 26 1 - 100
Headline earnings per share (cents)
Earnings per share is reconciled to headline earnings per share as
follows:
Earnings per share 0,44
Amortisation of goodwill 0,22
Capital loss 0,57
Headline earnings per share 1,23
GROUP CONSOLIDATED BALANCE SHEETS
Audited Unaudited Audited
30 June 2003 31 Mar 2003 31 Mar 2002
R"000 R"000 R"000
Assets
Non-current assets
Tangible assets 2 815 2 908 3 958
Intangible assets 3 968 3 890 4 824
Deferred taxation 7 458 3 829 5 246
Investment, loans and rental
advances 1 305 1 679 9 675
Total non-current assets 15 546 12 306 23 703
Current assets
Inventories 2 277 2 684 2 508
Accounts receivable 15 159 18 236 12 392
Bank balances and cash 59 194 2 709
Total current assets 17 495 21 114 17 609
Total assets 33 041 33 420 41 312
EQUITY AND LIABILITIES
Capital and reserves
Share capital 1 1 1
Share premium 7 953 7 953 7 953
Accumulated loss (7 227) (4 658) (7 665)
Outside shareholders" interests - 1 110 1 096
Total capital and reserves 727 4 406 1 385
Non-current liabilities
Long-term borrowings 710 1 806 10 128
Total non-current liabilities 710 1 806 10 128
Current liabilities
Short-term borrowings 1 097 - 3 052
Accounts payable and accruals 23 070 19 805 19 376
Taxation 801 616 616
Bank overdrafts 5 618 4 514 4 405
Provisions 1 018 2 273 2 350
Total current liabilities 31 604 27 208 29 799
Total equity and liabilities 33 041 33 420 41 312
Net asset per share (cents) 0,73 3,3 0,29
GROUP CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Share capital Accumulated
and premium loss Total
R"000 R"000 R"000
Balance at 1 January 2001 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 - 438 438
Balance at 30 June 2003 7 954 (7 227) 727
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 587 000 (2002: R5 647 000).
2. Capital expenditure
Capital expenditure for the period amounted to R1 568 000 (2002: R2 517 000).
3. Contingent liabilities
* The Group has various contingent liabilities arising from rental operations
and installation guarantees totalling R258 000 (2002: R1 023 960).
* The Group is party to litigation with a maximum potential loss of R3 938 000.
* The Group has reached agreement with a major supplier to reduce the balance
owing to them, subject to certain conditions. Should these conditions not be
fulfilled the Group has a contingent liability of R2 560 000.
4. Change of year-end
The group changed its year end to 30 June.
5. Generally Accepted Accounting Practices
The 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. The decline in the profit is as a direct result of the
losses incurred in Aludie Limited which has since undergone major restructuring.
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
period 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 revenue 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.
Since the year-end, the Group has secured a national guarding contract with a
parastatal, which has increased its monthly revenue by 30% in the past two
months.
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.
Further cautionary announcement
Further to the cautionary announcements dated 13 December 2002, 27 January
2003, 12 March 2003, 5 May 2003, 13 June 2003, 31 July 2003 and 30 September
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.
Auditor"s report
Prior to the consolidation of Aludie Limited, the Group made a profit of R2
871 000. The listed subsidiary Aludie Limited incurred only losses of R3 526
000, which has led to an emphasis of matter comment in that subsidiary"s
auditor"s report.
Consequently, this emphasis of matter relating to the going concern of Aludie
Limited has also flowed through to the auditor"s report of Command.
A copy of the audit report is available for inspection at the Company"s
registered office.
Directors:
Z J Sithole (Non-executive Chairman),
M S Mowzer (Chief Executive Officer), M I Parker (Non-executive)
and 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
15 October 2003 Company Secretary
Transfer secretaries:
Computershare Limited
70 Marshall Street
Johannesburg,
Registered office:
Command House
394 Voortrekker Road
Maitland
Cape Town, 7405
Sponsor
Deloitte & Touche
Sponsor Services (Pty) Ltd
Date: 15/10/2003 05:23:07 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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