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Condensed Reviewed Interim Group Financial Results For The Six Months Ended 31 December 2020
CHOPPIES ENTERPRISES LIMITED
Registration number 2004/1681
ISIN:BW0000001072
JSE SHARE CODE: CHP
BSE SHARE CODE: CHOPPIES
Tax Reference Number: C08710401018
“Choppies” or the “Company” or “the Group”
CONDENSED REVIEWED INTERIM GROUP FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2020
The Board of Choppies Enterprises Limited announces the results of the Group for the six months ended
31 December 2020.
This short-form announcement is the responsibility of the directors and is only a summary of the
information contained in the Group's full FY21 interim result announcement.
Continuing operations only 2020 2019 Change
(reviewed)
Pula Millions Pula Millions
Revenue 2711 2969 (9%)
Gross Profit 598 680 (12%)
Gross Margin 22.1% 22.9% (85 bps)
Operating Profit 138 145 (5%)
Operating margin 5.1% 4.9% 21 bps
Profit for the period 64 66 (3%)
Basic earnings per share 5.0 Thebe 5.2 Thebe (4%)
Headline earnings per share 4.8 Thebe 5.4 Thebe (11%)
Net cash flows generated from operating activities 168 85 83
Cash and cash equivalents at end of the period (70) (115) 45
Total operations including continuing and discontinued operations
Basic earnings per share 3.4 Thebe (9.5 Thebe) 136%
Headline earnings per share 4.2 Thebe (9.3 Thebe) 145%
Financial highlights
The Group reported its first profit since 2016 of P37.7 million (2019: Loss of P139.2 million), as the benefits
from restructuring the business following the exit from underperforming investments, are being realized.
Group revenue decreased by 8.7% to P2 711 million (2019: P2 969 million). This decrease was a result of
negative volume growth due to the impact of the Covid-19 pandemic and currency weaknesses in
Zimbabwe and Zambia.
In spite of the lock downs implemented in the Group’s largest operations, being Botswana and Zimbabwe,
coupled with the currency depreciation in Zambia and Zimbabwe, the Group did well to reduce the possible
huge revenue losses which resulted in a reduced impact on the gross profit. Consequently, gross profit
margins reduced slightly to 22.0% (2019: 22.9%).
In response to lower volumes, the Group managed costs aggressively by reducing its total expenditure by
14.3% resulting in a 4.7% decline in EBIT as the drop in gross profit was offset by lower expenditure.
The Board has considered it prudent not to declare a dividend for the period under review.
This short form announcement is the responsibility of the Board of Directors of Choppies Enterprises
Limited and is a summary of the information in the full announcement available on the Stock Exchange
News Service (“SENS”) at https://senspdf.jse.co.za/documents/2021/JSE/ISSE/CHP/CHPHY21.pdf and
on the Group’s website: https://choppiesgroup.com/investor-relations/.
This announcement does not contain full details and should not be used as a basis for any investment
decision in relation to the Company’s shares. The full announcement is also available for inspection, at no
charge, at the Company’s registered office (Plot 50371, Fairgrounds office park, Gaborone, Botswana.) and
the office of the Sponsor during standard office hours.
The Company has a primary listing on the Botswana Stock Exchange and a secondary listing on the JSE
Limited.
17 March 2021
BSEL Sponsoring Broker JSE Sponsor
Stockbrokers Botswana Limited PSG Capital
Date: 17-03-2021 02:00:00
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The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
