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Command Holdings Limited - Audited financial results for the year ended 30 June
2005
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 2005
Group Consolidated Income Statement
Audited Audited
12 months 12 months
ended ended
30 June 2005 30 June 2004
R"000 R"000
Revenue 56 968 49 832
Cost of sales (38 008) (33 718)
Gross profit 18 960 16 114
Operating costs
Selling and administrative expenses (22 870) (13 580)
Attributable profit/(loss) (3 910) 2 534
incurred from trade
Loss on sale of investment - (264)
Other income 11 186 4 298
Net profit before interest 7 276 6 568
Interest paid on borrowings (566) (791)
Interest received on bank balances - 4
Attributable profit 6 710 5 781
Amortisation of intangible assets - (213)
Other net non-operating costs (601) (2 103)
Net profit before taxation 6 109 3 465
Taxation - deferred 147 (2 018)
Net profit for the period 6 256 1 447
Share of associated company loss - 94
Ordinary shareholders" net profit 6 256 1 541
Headline earnings per share (cents)
Earnings per share is reconciled to
headline earnings per share as
follows:
Earnings per share (cents) 6.26 1.54
Amortisation of goodwill - 0.21
Loss on sale of investment - 0.26
Profit on disposal of fixed assets (0.03) -
Gain on re-organisation of debt (7.35) -
Headline earnings per share (cents) (1.12) 2.01
Adjustment:
Significant bad debt write off 6.25 -
Adjusted headline earnings per share 5.13 2.01
(cents)
Note
The headline earnings figure was adjusted for a significant bad debt written off
in the financial year amounting to R6,246,350 included in selling and
administrative expenses.
The group negotiated settlement with a creditor resulting in a gain of
R7,325,050 included in other income.
Group Segmental Review
Guarding
Services
Revenue 56 968
Earnings 6 256
Assets 30 925
Liabilities 21 775
Depreciation 1 361
%
Revenue 100
Earnings 100
Assets 100
Liabilities 100
Depreciation 100
Group Consolidated Statement of Changes in Equity
Share Accumulated
capital
and profit/ Total Minority Total
premium (loss) interest
R"000 R"000 R"000 R"000 R"000
Balance at 01 7 954 (7 227) 727 - 727
July 2003
Impact of - 3 783 3 783 - 3 783
deconsolidation
of Aludie Ltd
Ordinary - 1 541 1 541 - 1 541
shareholders"
net income
Less reduction
in provision
for losses
in Command - (2 767) (2 767) - (2 767)
Security
Services (Pty)
Ltd
Balance at 30 7 954 (4 670) 3 284 - 3 284
June 2004
Ordinary - 6 206 6 206 50 6 256
shareholders"
net income
Loss on - (390) (390) - (390)
acquisition of
subsidiary
Balance at 30 7 954 1 146 9 100 50 9 150
June 2005
Group Consolidated Cash Flow Statement
Audited Audited
12 months 12 months
ended ended
30 June 2005 30 June 2004
R"000 R"000
Cash flows from operating activities (436) 1 238
Cash flows from financing activities (593) 1 921
Cash flows from investing activities 3 295 (1 690)
Net movement in cash resources 2 266 1 469
Cash resources at the beginning of (4 090) (5 559)
the period
Cash resources at the end of the (1 824) (4 090)
period
Group Consolidated Balance Sheet
Audited Audited
12 months 12 months
ended ended
30 June 2005 30 June 2004
R"000 R"000
ASSETS
Non-current assets
Tangible assets 5 345 2 949
Intangible assets - -
Deferred taxation 3 844 2 403
Investments, loans and rental 1 851 4 127
advances
Total non-current assets 11 040 9 479
Current assets
Inventories 88 331
Accounts receivable 19 625 18 285
Bank balances and cash 172 149
Total current assets 19 885 18 765
Total assets 30 925 28 244
EQUITY AND LIABILITIES
Capital and reserves
Capital 1 1
Share premium 7 953 7 953
Accumulated profit/(loss) 1 146 (4 670)
Minority shareholders" interests 50 -
Total capital and reserves 9 150 3 284
Non-current liabilities
Long-term borrowings 3 774 959
Total non-current liabilities 3 774 959
Current liabilities
Short-term borrowings 1 932 962
Accounts payable and accruals 9 898 16 740
Taxation 2 107 785
Bank overdrafts 1 996 4 239
Provisions 2 068 1 275
Total current liabilities 18 001 24 001
Total equity and liabilities 30 925 28 244
Net asset value per share (cents) 9.15 2.27
General Review
Nature of business
The Group offers value-added guarding, investigation, and access control
services and solutions.
Chief executive officer"s review
In the year to June 2005 we have delivered to tough targets and the benefits of
our strategy have started to flow through the Group"s financial and operational
performance very strongly. The extensive cost-cutting and restructuring
undertaken over the past two years has positioned the Group to compete
aggressively in the guarding market. The turnaround strategy is now complete.
Command has successfully established itself as a leading Black Economic
Empowerment (BEE) security service provider with a National footprint. The Group
has achieved significant growth in the past twelve months as the only Black
Owned and Managed Security Company listed on the JSE Limited.
Results and Prospects
The Board is satisfied with the performance of the Group, which made a profit of
R6,256 million during the period. The guarding division achieved sustainable
growth. The Management and staff are to be commended for their dedicated and
loyal service.
The Group as a BEE entity is well placed to capitalise on a number of
significant opportunities in the security market.
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.
2. Capital expenditure
Capital expenditure for the period amounted to R3,905,136 (2004: R2,024,361)
3. Contingent liabilities and commitments
* 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 R934,296 (2004: R742,526).
* A contingent liability exist in respect of possible claims from the provident
fund against the group. This matter is currently in the process of being
settled.
Auditor"s report
A copy of the unqualified audit report as prepared by Ramathe Chartered
Accountants is available for inspection at the Company"s registered office.
Directors
ZJ Sithole (Non-executive Chairman), MS Mowzer (Chief Executive Office), N
Moshesh (Non-executive), MI Parker (Non-executive),
KG Druker (Non-executive), CJ Vaghela (Financial Director) and
S Banda (Executive).
By order of the Board
Z J Sithole M S Mowzer C J Vaghela
Chairman Chief Executive Officer Financial Director
Cape Town A J Rich
30 September 2005 Company Secretary
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Limited, 70
Marshall Street, Johannesburg, 2001, (PO Box 61051, Marshalltown, 2107)
Registered Office: The Strand, 37 Strand Street, Cape Town, 8001
Date: 30/09/2005 05:13:48 PM Produced by the JSE SENS Department
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