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Command - Reviewed Interim Financial Results for the six months ended 31
December 2004 and 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`)
Reviewed Interim Financial Results for the six months ended 31 December 2004 and
cautionary announcement
Group Consolidated Income Statements
Reviewed Audited Reviewed
6 months 12 months 6 months
ended ended ended
31 December 30 June 31 December
2004 2004 2003
R`000 R`000 R`000
Revenue 20 753 49 832 32 704
Cost of sales (13 701) (33 716) (20 671)
Gross profit 7 053 16 116 12 033
Operating costs
Selling and administrative expenses (4 942) (15 684) (10 555)
Attributable profit/(loss) incurred
from trade 2 111 432 1 478
Loss on sale of investments - (264) -
Other income 2 770 4 298 610
Net profit before interest 4 881 4 466 2 088
Interest paid on borrowings (340) (791) (496)
Interest received on bank balances - 4 2
Attributable (loss)/profit 4 542 3 679 1 594
Amortisation of intangibles - (213) (346)
Other net non-operating costs (497) - -
Net (loss)/income before taxation 4 044 3 466 1 248
Taxation (783) (2 018) (446)
Net (loss)/income for the year 3 261 1 449 802
Outside shareholders` share of loss - - -
Share of associated company 66 94 54
profit/(losses)
Ordinary shareholders` net loss 3 327 1 542 856
Headline earnings per share (cents)
Earning per share is reconciled to
headline earnings
per share as follows:
Earnings per share 3.33 1.54 0.85
Amortisation of goodwill - 0.48 0.08
Capital loss - - (0.07)
Loss on sale of subsidiary - - -
Headline earnings per share 3.33 2.02 0.86
Group Segmental Review
Guarding Electronic
Services Services Other Total
Revenue 20 753 437 - 2 835 734 23 589 171
Earnings 1 565 627 1 465 326 - 3 030 953
Assets 34 478 - - 34 478
Liabilities 30 424 - - 30 424
Depreciation 574 930 - - 574 930
% % % %
Revenue 88 - 12 100
Earnings 52 48 - 100
Assets 100 - - 100
Liabilities 100 - - 100
Depreciation 100 - - 100
Group Consolidated Statements of Changes in Equity
Share Accumulated
capital
and premium loss Total
R`000 R`000 R`000
Balance at 1 January 2003 7 954 (7 665) 289
Ordinary shareholders net income - 438 438
Balance at the end of the period:
31 December 2003 7 954 (7 227) 727
Ordinary shareholders net income - 3 327 3 327
Gain on disposal of subsidiary - - -
Balance at the end of the period:
31 December 2004 7 954 (3 900) 4 054
Group Consolidated Cash Flow Statements
Reviewed Audited Reviewed
6 months 12 months 6 months
ended ended ended
31 December 30 June 31 December
2004 2004 2003
R`000 R`000 R`000
Cash flows from operating activities 3 528 238 2 305
Cash flows from financing activities 249 1 460 31
Cash flows from investing activities (1 297) (1 690) (1 026)
Net movement in cash resources 2 480 8 1 310
Cash resources at the beginning of the (5 551) (5 559) (5 559)
period
Cash resources at the end of the (3 071) (5 551) (4 249)
period
Group Consolidated Balance Sheets
Reviewed Audited Reviewed
6 months 12 months 6 months
ended ended ended
31 December 30 June 31 December
2004 2004 2003
R`000 R`000 R`000
ASSETS
Non-current assets
Long-term tangible assets 3 671 2 949 2 891
Long-term intangible assets - - 3 583
Deferred taxation 2 403 2 403 7 611
Investment, loans and rental advances 2 879 4 127 3 105
Total non-current assets 8 953 9 479 17 190
Current assets
Inventories 331 331 1 301
Work in progress - - -
Accounts receivable 24 555 18 285 24 104
Bank balances and cash 639 149 88
Total current assets 25 525 18 766 25 493
Total assets 34 478 28 245 42 683
EQUITY AND LIABILITIES
Capital and reserves
Share capital 1 1 1
Share premium 7 953 7 953 7 953
Non-distributable reserve - - -
Accumulated loss (3 900) (4 669) (6 371)
Outside shareholder`s interests - - -
Total capital and reserves 4 054 3 285 1 583
Non-current liabilities
Non-interest bearing borrowings (190) - -
Long-term borrowings 2 470 959 740
Total non-current liabilities 2 281 959 740
Current liabilities
Short-term borrowings - 962 1 098
Accounts payable and accruals 21 590 16 739 31 738
Taxation 1 569 785 1 434
Bank overdrafts 3 710 4 239 4 337
Provisions 1 275 1 275 1 753
Total current liabilities 28 144 24 000 40 360
Total equity and liabilities 34 478 28 245 42 683
NAV per share (cents) 4.05 2.27 1.56
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 2004 financial
statements.
General Review
Nature of business
The Group offers value-added guarding, cash-in-transit, forensic investigation,
electronic security and security consultancy.
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 a profit of R2,471 million during the period. The guarding division
continued showing signs of sustainable growth and increased profits.
The Group`s BEE credentials have enhanced its ability to compete and
successfully secure sustainable long-term contracts.
The Board is confident that it will be presenting improved results at the June
2005 year-end.
Auditors` Review Report
The financial information reflected above has been reviewed but not audited by
the Group`s auditors, Ramathe Incorporated. A copy of the unqualified review
report is available for inspection at the company`s registered office.
Cautionary announcement
Shareholders of Command are advised that negotiations are in progress which, if
successfully concluded, may have an effect on the Company`s securities.
Accordingly, Command shareholders are advised 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) and N. Moshesh (Non-
executive) 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
15 April 2005 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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