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Interim Results and Dividend Declaration for the six months ended 25 December 2022
Cashbuild Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1986/001503/06)
Share code: CSB
ISIN: ZAE000028320
("Cashbuild" or "the Company")
Interim Results and Dividend Declaration for the six months ended 25 December 2022
Revenue
(4%)
R5.6 billion
Headline earnings
(39%)
R156 million
Net asset value per share
1%
9 266 cents
Dividend
(32%)
400 cents
Operating NAV per Headline
Revenue profit share earnings
(Rm) (Rm) (cents) (Rm)
2018 5 563 285 8 167 221
2019 5 510 299 8 388 173
2020 6 695 576 9 640 350
2021 5 889 492 9 175 256
2022 5 649 262 9 266 156
All years stated in graphs are for the six months ended December.
COMPANY PROFILE
Cashbuild is southern Africa's largest retailer of quality building materials and associated products, selling
direct to a cash-paying customer base through our chain of stores (316 at the end of this reporting period
which includes 53 P&L Hardware stores). Cashbuild carries an in-depth quality product range tailored to
the specific needs of the communities we serve. Our customers are typically home-builders and improvers,
contractors, farmers, traders, as well as all other customers requiring quality building materials at the best
value.
FINANCIAL HIGHLIGHTS
Revenue for the period decreased by 4%. Revenue for stores in existence prior to July 2021 (pre-existing
stores - 309 stores) decreased by 5% and our seven new stores contributed 1% growth. Gross profit
decreased by 9% with gross profit margin percentage decreasing from 26.6% to 25.3%. Selling price inflation
was 4.5% at the end of December 2022 when compared to December 2021. Operating expenses, including
new stores, increased by 9% (existing stores increasing by 7% and new stores contributed a 2% increase)
resulting in the operating profit decreasing by 47%. Basic earnings per share decreased by 50% with
headline earnings per share also decreasing by 39% from the prior period.
Cash and cash equivalents decreased by 8% to R1 722 million with stock levels, including new stores,
increasing 2% and stockholding at 89 days (December 2021: 79 days | June 2022: 81 days) at period-end.
Net asset value per share increased by 1%, from 9 175 cents (December 2021) to 9 266 cents.
During the period, Cashbuild opened three new Cashbuild stores, refurbished 12 Cashbuild stores and two
P&L Hardware stores. Four Cashbuild stores and one P&L Hardware store was closed during the period.
The closures relate to one looted store, one as a result of a relocation and the remainder due to non-
performance which included the last two Zambian stores. Cashbuild will continue its store expansion,
relocation, and refurbishment strategy in a controlled manner, after considering its continuously evolving
feasibility process.
PROSPECTS
Group revenue for the six weeks subsequent to period end is 8% lower than the prior year's comparative
six-week period. Management expects trading conditions to remain challenging. This information has not
been reviewed nor audited by the Company's auditor.
FINANCIAL SUMMARY
Reviewed Reviewed Audited
Six months Six months Year
ended ended ended
25 December 26 December % 26 June
R'million 2022 2021 change 2022
Revenue 5 649 5 889 (4) 11 145
Gross profit 1 431 1 564 (9) 2 928
Operating profit 262 492 (47) 876
Profit before taxation 227 447 (22) 787
Net profit attributable to owners of the Company 150 293 (49) 474
Headline earnings 156 256 (39) 436
Earnings per share (cents) 652.8 1 294.8 (50) 2 094.7
Diluted earnings per share (cents) 651.2 1 292.7 (50) 2 089.4
Headline earnings per share (cents) 693.5 1 130.4 (39) 1 929.4
Diluted headline earnings per share (cents) 704.0 1 128.5 (38) 1 924.5
Net asset value (NAV) per share (cents) 9 266 9 175 1 10 212
Dividend per share (cents) 400 587 (32) 1 264
DECLARATION OF DIVIDEND
The Board has declared an interim dividend (No. 60) of 400 cents (December 2021: 587 cents) per ordinary
share, out of income reserves to all shareholders of Cashbuild Limited. The dividend per share is calculated
based on 24 989 811 (December 2021: 24 989 811) shares in issue at the date of the dividend declaration.
The net local dividend amount is 320 cents per share for shareholders liable to pay Dividends Tax and 400
cents per share for shareholders exempt from paying Dividends Tax. Local Dividends Tax is 20%.
Cashbuild Limited's tax reference number is 9575168712.
Date dividend declared: Tuesday, 28 February 2023
Last day to trade "CUM" the dividend: Monday, 20 March 2023
Date to commence trading "EX" the dividend: Wednesday, 22 March 2023
Record date: Friday, 24 March 2023
Date of payment: Monday, 27 March 2023
Share certificates may not be dematerialised or rematerialised between Wednesday, 22 March 2023 and
Friday, 24 March 2023, both dates inclusive.
Johannesburg
Sponsor: Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Approved by the Board on 28 February 2023
Released 1 March 2023
This short-form announcement has not been reviewed by the external auditor, the announcement is the
responsibility of the Board of Directors of Cashbuild and is prepared based on the reviewed interim results
being the full announcement. Any investment decision should be based on the full announcement available
on Cashbuild's website www.cashbuild.co.za and on the JSE's website at
https://senspdf.jse.co.za/documents/2023/jse/isse/CSB/ie2022.pdf.
The full announcement is also available at the Company's registered office for inspection, at no charge,
during office hours. Copies of the full announcement may be requested by contacting Elna Munro on
telephone +27 11 248 1500.
Date: 01-03-2023 07:10:00
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