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Command Holdings Limited - Interim financial results for the PERIOD ended 31
December 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 PERIOD ended 31 December 2003
and further cautionary announcement
Group consolidated income statements
Unaudited Audited Unaudited
Six months 15 months Six months
ended ended ended
31 December 2003 30 June 2003 31 Mar 2003
R"000 R"000 R"000
Revenue 32 704 74 298 26 365
Costs of sales (20 671) (55 228) (19 797)
Gross profit 12 033 19 070 6 568
Operating costs
Selling and administrative (10 555) (26 408) (9 277)
Attributable income/(loss)
incurred from trade 1 478 (7 338) (2 709)
Other income 610 8 475 6 789
Net profit before interest 2 088 1 137 4 080
Interest paid on borrowings (496) (2 418) (1 141)
Interest received on bank balances 2 97 -
Attributable (loss)/profit 1 594 (1 184) 2 939
Amortisation of intangibles (346) (856) (321)
Other net non-operating costs - (931) (111)
Net (loss)/profit before taxation 1 248 (2 971) 2 507
Taxation - deferred and current (446) 2 133 (703)
Net (loss)/profit for the period 802 (838) 1 804
Minority shareholders" share of loss - 1 096 245
Share of associated company
profit/(losses) 54 180 (68)
Ordinary shareholders" net profit 856 438 1 981
Headline earnings per share (cents)
Earnings per share is reconciled to headline earnings per share as follows:
Earnings per share 0,85 0,44 1,95
Amortisation of goodwill 0,08 0,22 0,32
Capital loss (0,07) 0,57 -
Headline earnings per share 0,86 1,23 2,27
Group Consolidated Cash Flow Statements
Unaudited Audited Unaudited
Six months 15 months Six months
ended ended ended
31 Dec 2003 30 June 2003 31 Mar 2003
R"000 R"000 R"000
Cash flows from operating activities (2 305) (2 000) 131
Cash flows from financing activities 31 - (4 096)
Cash flows from investing activities (1 026) (1 863) (27)
Net movement in cash resources (1 310) (3 863) (3 992)
Cash resources at beginning of period (5 559) (1 696) (328)
Cash resources at end of period (4 249) (5 559) (4 320)
Group segmental review for the period ended 31 December 2003
Electronic
and parking
Guarding management
services services Other Total
% % % %
Revenue 79 21 - 100
Earnings 313 (286) 73 100
Assets 54 26 20 100
Liabilities 56 44 - 100
Depreciation 74 26 - 100
Group consolidated balance sheets
Unaudited Audited Unaudited
31 December 2003 30 June 2003 31 Mar 2003
R"000 R"000 R"000
Assets
Non-current assets
Tangible assets 2 891 2 815 2 908
Intangible assets 3 583 3 968 3 890
Deferred taxation 7 611 7 458 3 829
Investment, loans and
rental advances 3 105 1 305 1 679
Total non-current assets 17 190 15 546 12 306
Current assets
Inventories 1 301 2 277 2 684
Accounts receivable 24 104 15 159 18 236
Bank balances and cash 88 59 194
Total current assets 25 493 17 495 21 114
Total assets 42 683 33 041 33 420
Equity and liabilities
Capital and reserves
Share capital 1 1 1
Share premium 7 953 7 953 7 953
Accumulated loss (6 371) (7 227) (4 658)
Outside shareholders"
interests - - 1 110
Total capital and reserves 1 583 727 4 406
Non-current liabilities
Long-term borrowings 740 710 1 806
Total non-current
liabilities 740 710 1 806
Current liabilities
Short-term borrowings 1 098 1 097 -
Accounts payable and
accruals 31 738 23 070 19 805
Taxation 1 434 801 616
Bank overdrafts 4 337 5 618 4 514
Provisions 1 753 1 018 2 273
Total current liabilities 40 360 31 604 27 208
Total equity and
liabilities 42 683 33 041 33 420
Net asset per share
(cents) 1,56 0,73 3,3
Group consolidated Statements
of changes in equity
Share capital Accumulated
and premium loss Total
R"000 R"000 R"000
Balance at 1 April 2002 7 954 (7 665) 287
Ordinary shareholders" net income - 438 438
Balance at 30 June 2003 7 954 (7 227) 727
Ordinary shareholders" net income - 856 856
Balance at 31 December 2003 7 954 (6 371) 1 583
NOTES:
1. 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 30 June 2003
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.
Chief executive officer"s review
The Board is satisfied with the performance of its subsidiaries Command
Security Services (Pty) Ltd and Command Protection Services (Gauteng) (Pty)
Ltd which made profits of R2,677 million during the period. The guarding
division continued showing signs of sustainable growth and increased profits.
The management and staff are to be commended for their dedicated efforts.
The major disappointment has been the continued losses sustained by the listed
subsidiary Aludie Ltd. The loss of R2,356 million reduced the Group earnings
to R856 000. The restructure implemented in 1 July 2003 has failed to deliver
the desired results.
The Group will continue to focus on growing the guarding division by securing
sustainable long term contracts. As a BEE entity it is well placed to take
advantage of number of opportunities which should lead to an increase in
turnover and profits over the next 12 months.
The Board is confident that it will be presenting much improved results at the
June 2004 year-end.
Sale of shares in Aludie Limited
Further to the cautionary announcement dated Wednesday, 17 March 2004,
shareholders are advised that the board of directors has disposed of 34,9% of
Aludie Limited"s ordinary share capital to 02 Capital, (Proprietary) Limited.
The Board has resolved to restore the profitability of Aludie Ltd. To achieve
this, it has sold a portion of the shares in that group. The new shareholder
has undertaken to recapitalise Aludie Ltd. In conjunction with the new
shareholder, the operations and strategic direction of this group are being
reviewed. A detailed announcement in this regard will be made shortly and
shareholders are advised to continue exercising caution.
Auditor"s review report
Prior to the consolidation of Aludie Limited, the Group made a profit of R3
212 000. The listed subsidiary Aludie Limited incurred losses of R2 356 000,
which has led to an emphasis of matter comment in that subsidiary"s auditor"s
review report relating to growing concern.
A copy of the review report by Deloitte & Touche 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), K G Druker (Non-executive) and Dr N M Phosa
continued to serve as directors during the period under review.
By order of the Board
Z J Sithole M S Mowzer
Chairman Chief Executive Officer
Cape Town A J Rich
30 April 2004 Company Secretary
Transfer secretaries Registered office Sponsor
Computershare Limited Command House Deloitte & Touche
70 Marshall Street 394 Voortrekker Road Sponsor Services
Johannesburg, 2001 Maitland (Pty) Ltd
Cape Town, 7405
Date: 30/04/2004 05:48:14 PM Produced by the JSE SENS Department
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