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COMMAND HOLDINGS LIMITED - AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE
2004 AND FURTHER CAUTIONARY ANNOUNCEMENT
COMMAND HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/014759/06)
Share Code: CMA ISIN Code: ZAE000023131
(`Command` or `the Group` or `the Company`)
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE 2004 AND FURTHER CAUTIONARY
ANNOUNCEMENT
GROUP CONSOLIDATED INCOME STATEMENTS
Audited Audited Audited
12 months 15 months 15 months
ended ended ended
30 June 30 June 31 March
2004 2003 2002
R`000 R`000 R`000
Revenue 49 832 74 298 113 020
Cost of sales (33 718) (55 228) (74 897)
Gross profit 16 114 19 070 38 123
Operating costs
Selling and administrative (13 580) (26 408) (42 718)
Attributable profit/(loss) 2 534 (7 338) (4 595)
incurred from trade
Loss on sale of investment (264)
Other income 4 298 8 475 7 348
Net profit before interest 6 568 1 137 2 753
Interest paid on borrowings (791) (2 418) (2 386)
Interest received on bank 4 97 647
balances
Attributable profit/(loss) 5 781 (1 184) 1 014
Amortisation of intangibles (213) (856) (803)
Other net non-operating costs (2 103) (931) (71)
Net profit/(loss) before 3 465 (2 971) 140
taxation
Taxation - deferred/normal (2 018) 2 133 4 438
Net profit/(loss) for the 1 447 (838) 4 578
period
Minority shareholders` share of - 1 096 730
loss
Share of associated company 94 180 (372)
profit/(losses)
Ordinary shareholders` net 1 541 438 4 936
profit
Group Segmental Review
Guarding Electronic
Services Services Other Total
% % % %
Revenue 81 10 9 100
Earnings 132 (32) - 100
Assets 100 - - 100
Liabilities 100 - - 100
Depreciation 75 25 - 100
Headline earnings per share
(cents)
Ordinary shareholders` net
profit
Earnings per share is
reconciled to headline earnings
per share as follows:
Earnings per share 1.54 0.44 1.01
Amortisation of goodwill 0.22 0.22 0.34
Loss on sale of investment 0.26 0.57 0.06
Taxation effect - - (0.02)
Outside shareholders share of - - (0.10)
income
Headline earnings per share 2.02 1.23 1.29
Group Consolidated Balance Sheet
Audited Audited Audited
12 months 15 months 15 months
ended ended ended
30 June 30 June 31 March
2004 2003 2002
R`000 R`000 R`000
ASSETS
Non-current assets
Tangible assets 2 949 2 815 3 958
Intangible assets - 3 968 4 824
Deferred taxation 2 403 7 458 5 246
Investments, loans and 3 113 1 305 9 675
rental advances
Total non-current assets 8 465 15 546 23 703
Current assets
Inventories 331 2 277 2 508
Accounts receivable 18 285 15 159 12 392
Bank balances and cash 149 59 2 709
Total current assets 18 765 17 495 17 609
Total assets 27 230 33 041 41 312
EQUITY AND LIABILITIES
Capital and reserves 1 1 1
Share premium 7 953 7 953 7 953
Accumulated loss (5 686) (7 227) (7 665)
Outside shareholders` - - 1 096
interests
Total capital and reserves 2 268 727 1 385
Non-current liabilities
Long-term borrowings 959 710 10 128
Total non-current 959 710 10 128
liabilities
Current liabilities
Short-term borrowings 962 1 097 3 052
Accounts payable and 16 742 23 070 19 376
accruals
Taxation 785 801 616
Bank overdrafts 4 239 5 618 4 405
Provisions 1 275 1 018 2 350
Total current liabilities 24 003 31 604 29 799
Total equity and liabilities 27 230 33 041 41 312
Net asset per share (cents) 2,27 0,73 0,29
Group Consolidated Statement of Changes in Equity
Share Accumulated
capital
and loss Total
premium
R`000 R`000 R`000
Balance at 01 April 2002 7 954 (7 665) 289
Ordinary shareholders` net - 438 438
income
Balance at 30 June 2003 7 954 (7 227) 727
Ordinary shareholders` net - 1 541 1 541
income
Balance at 30 June 2004 7 954 (5 686) 2 268
Group Consolidated Cash Flow Statement
Audited Audited Audited
12 months 15 months 15 months
ended ended ended
30 June 30 June 31 March
2004 2003 2002
R`000 R`000 R`000
Cash flows from operating 1 238 (2 000) 1 329
activities
Cash flows from financing 1 921 - -
activities
Cash flows from investing (1 690) (1 863) 1 702
activities
Net movement in cash resources 1 469 (3 863) 3 031
Cash resources at beginning of (5 559) (1 696) (4 727)
period
Cash resources at end of period (4 090) (5 559) (1 696)
Notes
1.Generally Accepted Accounting Practices
The financial statements comply with South African Statements of Generally
Accepted Accounting Practice and the policies used are consistent in all
material respects with those used for the 30 June 2003 financial statements.
2.Capital expenditure
Capital expenditure for the period amounted to R2 024 361(2003:
R1 568 000).
3.Contingent liabilities
The Group is party to litigation not accounted for, with potential losses of R1
700 000.
The Group has operating lease commitments, over and above liabilities accounted
for in the Balance Sheet for an amount of R742 526 (2003: R1 568 000).
General Review
NATURE OF BUSINESS
The Group offers value-added guarding, cash-in-transit, investigation,
electronic security and cutting-edge security solutions.
CHIEF EXECUTIVE OFFICER`S REVIEW
Over the past two years, Command has actively pursued a strategy of
repositioning itself as a BEE entity in the market. The operational
restructuring over this period has resulted in the Group being placed on the
path of sustainable growth, performance and profitability.
The Group has increased its national footprint to include all nine provinces in
South Africa as part of the wide-raging initiatives undertaken to put the Group
firmly on the path of sustainable growth. The Group has tackled and resolved
most of the internal and external factors that inhibited the Group performance
over the past few years.
RESULTS AND PROSPECTS
The Board is satisfied with the performance of its subsidiaries, Command
Security Services (Pty) Limited and Command Protection Services (Pty) Limited,
which made profits of R3,830 million during the reporting period. The guarding
division continued to deliver sustainable growth and profits. The management and
staff are to be commended for their dedicated and loyal service.
The continued losses sustained by the listed subsidiary, Aludie Limited, have
resulted in the Board disposing of 34.9% of its shareholding effective 1
December 2003 as announced to shareholders on 17 March 2004.
The results of Aludie Limited have been consolidated on a proportional basis to
1 December 2003 and this has resulted in a loss of R1,963 million. This has
reduced the Group`s profit to R1,541 million for the reporting period. The Group
has retained 12.85% of the equity in Aludie Limited.
The results reflect an increase in turnover and profits which is as a direct
result of new contracts acquired. The Group is well positioned to take advantage
of its BEE status as the only security service provider which is black owned and
managed, listed on the JSE Securities Exchange South Africa.
The Group is optimistic in growing turnover and profits in the next twelve
months from a solid foundation, refocused operational structures and an
established geographical spread.
FURTHER CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcements dated 29 July 2004 and 9 September 2004,
shareholders of Command are advised that negotiations are still in progress
which, if successfully concluded, may have an effect on 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.
AUDITORS` REPORT
A copy of the unqualified audit report as prepared by Ramathe Incorporated is
available for inspection at the Company`s registered office.
DIRECTORS
Z J Sithole (Non-executive Chairman), MS Mowzer (Chief Executive Officer), MI
Parker (Non-executive), KG Druker (Non-executive) continued to serve as
directors during the period under review.
NM Phosa (Non-executive) (appointed January 2003) resigned May 2004.
By order of the Board.
Z J Sithole MS Mowzer
Chairman Chief Executive Officer
Cape Town A J Rich
29 September 2004 Company Secretary
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Limited, Ground
Floor, 70 Marshall Street, Johannesburg, 2001,
(PO Box 61051, Marshalltown, 2000)
Registered Office: The Strand, 37 Strand Street, Cape Town, 8001, (PO Box 12857,
N1 City, 7463)
Sponsor: Deloitte & Touche Sponsor Services (Pty) Limited
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