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CMA
CMA
Command - Revised Interim Financial Results for the period ended
31 December 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")
Revised Interim Financial Results for the period ended 31 December
2005
(These results replace the results published in the press on
Monday, 3 April 2006)
Group Consolidated Income Statements
Restated
Unaudited Restated Unaudited
6 months 12 months 6 months
ended ended ended
31 December 30 June 31 December
2005 2005 2004
R"000 R"000 R"000
Revenue 37,332 56,968 20,753
Cost of sales (27,508) (37,738) (14,556)
Gross profit 9,824 19,230 6,197
Operating costs
Selling and administrative (6,277) (23,471) (3,736)
Attributable loss incurred 3,547 (4,241) 2,461
from trade
Other income - 11,187 2,770
Net profit before interest 3,547 6,946 5,231
Interest paid on borrowings (217) (566) (340)
Attributable profit 3,330 6,380 4,891
Other net non-operating - - (497)
costs
Net profit before taxation 3,330 6,380 4,394
Taxation - deferred (313) 67 (1,028)
Net profit for the period 3,017 6,447 3,366
Share of associated company (50) - 66
profit
Ordinary shareholders" net 2,967 6,447 3,432
profit
Earnings & Headline 2.97 6.44 3.43
earnings per share (cents)
Group Consolidated Cash Flow Statements
Restated
Unaudited Restated Unaudited
6 months 12 months 6 months
ended ended ended
31 December 30 June 31 December
2005 2005 2004
R"000 R"000 R"000
Cash flows from operating 4,589 1,876 3,528
activities
Cash flows from financing (1,376) 1,302 -
activities
Cash flows from investing (2,200) (913) (1,057)
activities
Net movement in cash 1,013 2,265 1,470
resources
Cash resources at beginning (1,824) (4,089) (5,559)
of period
Cash resources at end of (811) (1,824) (4,089)
period
Group Segmental Review
Guarding Electronic Other Total
Revenue 36,444,657 54,966 832,333 37,331,956
Earnings 2,967,102 - - 2,967,102
Assets 30,033,364 - - 30,033,364
Liabilities 17,539,661 - - 17,539,661
Depreciation 803,243 - - 803,243
% % % %
Revenue 98 - 2 100
Earnings 100 - - 100
Assets 100 - - 100
Liabilities 100 - - 100
Depreciation 100 - - 100
Group Consolidated Statements Of Changes In Equity
Share Share capital Retained
capital and premium Income
R"000 R"000 R"000
Balance at 30 June 2004 1 7,954 (4,436)
Loss of acquisition of 0 0 (389)
subsidiary
Ordinary shareholders" net 0 0 6,397
income
Balance at 30 June 2005 1 7,954 1,572
Ordinary shareholders" net 0 0 2,967
income
Balance at 31 December 2005 1 7,954 4,539
Transitional Report
Group
31 December 30 June 1 July
2004 2005 2004
R"000 R"000 R"000
Assets
SA GAAP 3,671 5,345 2,949
IAS16 414 604 334
As reported under IFRS 4,085 5,949 3,483
Deferred taxation
SA GAAP 2,401 3,844 2,403
IAS16 (124) (181) (101)
As reported under IFRS 2,277 3,663 2,302
Equity
SA GAAP (3,900) 1,149 (4,669)
IAS16 290 423 233
As reported under IFRS (3,610) 1,572 (4,436)
Profit
SA GAAP 3,421 6,257
IAS16 - Reduced depreciation 16 270
IAS16 - Deferred taxation (5) (80)
As reported under IFRS 3,432 6,447
Group Consolidated Balance Sheets
Restated
Unaudited Restated Unaudited
6 months 12 months 6 months
ended ended ended
31 December 30 June 31 December
2005 2005 2004
R"000 R"000 R"000
ASSETS
Non-current assets
Tangible assets 5,879 5,949 4,085
Deferred taxation 2,611 3,663 2,277
Investments, loans and 2,528 1,851 2,881
rental
Total non-current assets 11,018 11,463 9,243
Current assets
Inventories 344 88 331
Accounts receivable 16,991 19,626 24,555
Bank balances and cash 1,680 172 639
Total current assets 19,015 19,886 25,525
Total assets 30,033 31,349 34,768
EQUITY AND LIABILITIES
Capital and reserves 1 1 1
Share premium 7,953 7,953 7,953
Retained income/(loss) 4,539 1,572 (3,610)
Outside shareholders" - 50 -
interests
Total capital and reserves 12,492 9,575 4,343
Non-current liabilities
Long-term borrowings 2,397 3,774 2,281
Total non-current 2,397 3,774 2,281
liabilities
Current liabilities
Short-term borrowings 1,199 1,932 -
Accounts payable and 9,562 9,896 21,590
accruals
Taxation - 2,107 1,569
Bank overdrafts 2,491 1,996 3,710
Provisions 1,891 2,068 1,274
Total current liabilities 15,143 17,999 28,143
Total equity and 30,032 31,348 34,767
liabilities
Net asset per share (cents) 12.49 9.58 4.34
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 pleased with the performance of its subsidiaries,
Command Security Services (Pty) Ltd and Command Protection
Services (Gauteng) (Pty) Ltd, which made a profit of R 3,390
million during the period. The Guarding Division achieved strong
organic growth in our major subsidiaries, which resulted in a
significantly improved turnover. The benefit of the Group"s Black
Economic Empowerment status has accelerated the securing of new
business. We have made progress with our national footprint and
branding. The concerted action taken by management during 2004 and
2005 has contributed to the creation of a strong platform for
further sustainable growth and profits.
LITIGATION
Bright Idea Projects 426 CC
Command Security Services (Pty) Ltd, a major subsidiary in the
Group, is presently contesting an application for its winding-up
in the Cape High Court. The applicant, Bright Idea Projects 426
CC, a dormant close corporation whose sole member, Mr. H. T. Roux,
is a former vendor of Celtic Holdings Inc. Mr. J. Immerman being
the sole member of Celtic Holdings Inc. The claim of R1 million
that has given rise to this application is disputed. We may add
that we have consulted senior counsel in this matter who has
advised us that our prospects of resisting the claim on 18 May
2006 are favourable.
Mr. J. Immerman
The Cape High Court granted Judgement in favour of Command
Holdings Limited and against Mr. J. Immerman in the amount of R
10, 8 million on 23 March 2006.
PREPARATION OF THE INTERIM RESULTS / ACCOUNTING POLICIES
These consolidated interim financial statements have been prepared
in accordance with International Financial Reporting Standards
("IFRS") IAS34 - Interim Financial Reporting, the listing
requirements of the JSE and the South African Companies Act. These
IFRS in issue are effective and has been adopted and applied for
the Group"s first IFRS annual reporting date, 30 June 2006. The
transition date is 1 July 2004. The Group"s opening IFRS balance
sheet on the transition date and the comparative results for each
of the reporting periods have therefore been restated to reflect
all statements expected to be applicable at 30 June 2006. The
Transitional Report contains details of the adjustments effected.
ADJUSTMENTS IMPLEMENTED WITH EFFECT 1 JULY 2004
IAS 16 - Revision of estimated useful lives of fixed assets:
Past interpretation of SA GAAP did not provide for the
reassessment of an asset"s useful life and residual value
annually. The revised statement version of IAS 16 requires useful
lives and residual values to be reviewed at each reporting date.
This resulted in an increase in distributable reserves with a
corresponding increase in fixed assets.
Directors
Z. J. Sithole (Non-executive Chairman), M. S. Mowzer
(Chief Executive Officer), C. J. Vaghela (Executive), 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
ZJ Sithole MS Mowzer
Non-executive Chairman Chief Executive Officer
Cape Town AJ Rich
26 April 2006 Company Secretary
Transfer Secretaries: Computershare Investor Services 2004 (Pty)
Limited, Ground Floor, 70 Marshall Street, Johannesburg, 2001, (PO
Box 61051, Marshalltown, 2107)
Registered Office: The Strand, 37 Strand Street, Cape Town, 8001,
(PO Box 12857, N1 City, 7463)
Sponsor:
Deloitte & Touche Sponsor Services (Pty) Limited
Date: 26/04/2006 03:11:18 PM Produced by the JSE SENS Department
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