CASHBUILD INTERIM RESULTS

CASHBUILD LIMITED
THE BUILDERS' DISCOUNT STORE
REGISTRATION NO. 1986/001503/06
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
("CASHBUILD")
INTERIM REPORT

THE INTERIM FINANCIAL RESULTS FOR THE 26 WEEKS ENDED 24 DECEMBER 1999
* 12.4% INCREASE IN TURNOVER
* 25.3% INCREASE IN OPERATING PROFIT
* 20.5% INCREASE IN HEADLINE EARNINGS
SUMMARISED GROUP INCOME STATEMENT

                                                         AUDITED

                         UNAUDITED  UNAUDITED  CHANGE YEAR ENDED

R'000                         1999       1998     %    JUNE 1999

REVENUE                    553 038    491 934    12.4    924 271
OPERATING PROFIT BEFORE

 EXCEPTIONAL ITEM           11 683      9 323    25.3     19 896

EXCEPTIONAL ITEM                                           3 110
OPERATING PROFIT AFTER

 EXCEPTIONAL ITEM           11 683      9 323    25.3     16 786

NET FINANCING CHARGES         (837)      (889)    5.9    (3 714)

INCOME BEFORE TAXATION      10 846      8 434    28.6     13 072

TAXATION                    (3 155)    (2 162)  (45.9)   (4 047)

INCOME AFTER TAXATION        7 691      6 272    22.6      9 025

MINORITIES' INTEREST        (1 110)      (655)  (69.5)   (1 484)
INCOME ATTRIBUTABLE TO

 SHAREHOLDERS                6 581      5 617    17.2      7 541
NUMBER OF SHARES IN

 ISSUE ('000S)              23 225     23 225             23 225

EARNINGS PER SHARE (CENTS)    28.3       24.2    17.2       32.5
HEADLINE EARNINGS PER

 SHARE (CENTS)                28.8       23.9    20.5       45.2

DIVIDEND PER SHARE (CENTS)       -          -               15.0

DIVIDEND COVER (TIMES)           -          -                2.2
DIVIDEND COVER (TIMES) BASED

 ON HEADLINE EARNINGS            -          -                3.0

DEPRECIATION                 4 849      5 233             10 633
SUMMARISED GROUP BALANCE SHEET
AUDITED

                            UNAUDITED    UNAUDITED    YEAR ENDED

R'000                            1999         1998     JUNE 1999
CAPITAL EMPLOYED

SHAREHOLDERS' FUNDS            78 273       73 295        71 735

MINORITIES' INTEREST          6 341 4          896         5 230

INTEREST-BEARING DEBT           4 670        5 973         4 401

                               89 284       84 164        81 366
EMPLOYMENT OF CAPITAL

FIXED ASSETS                   52 656       57 219        53 887

UNLISTED INVESTMENTS            2 729        3 045         6 662

CURRENT ASSETS                226 443      216 396       206 942

TOTAL ASSETS                  281 828      276 660       267 491

INTEREST-FREE LIABILITIES     192 143      189 007       185 724

DEFERRED TAXATION                 401        3 489           401

                               89 284       84 164        81 366

CAPITAL EXPENDITURE             4 127        1 872         4 584
NET ASSET VALUE PER SHARE

 (CENTS)                          364          337           331

CAPITAL COMMITMENTS                50          125         2 250

CONTINGENT LIABILITIES         10 240       12 252        10 240
SUMMARISED GROUP CASH FLOW STATEMENT
AUDITED

                            UNAUDITED    UNAUDITED    YEAR ENDED

R'000                            1999         1998     JUNE 1999
CASH FLOWS FROM OPERATING

 ACTIVITIES                    27 421        3 586       (3 410)
CASH FLOWS FROM INVESTING

 ACTIVITIES                       170       (1 079)      (1 814)
CASH FLOWS FROM FINANCING

 ACTIVITIES                      (269)        (233)        4 021
NET INCREASE/(DECREASE) IN

 CASH AND CASH EQUIVALENTS     27 322        2 274       (1 203)
CASH AND CASH EQUIVALENTS

 AT BEGINNING OF YEAR          17 587       14 290        18 790
CASH AND CASH EQUIVALENTS

 AT END OF PERIOD/YEAR         44 909       16 564        17 587
COMMENTARY
INTRODUCTION

CASHBUILD LIMITED AND ITS SUBSIDIARIES (THE "GROUP") PRODUCED A ROBUST
PERFORMANCE IN THE 26 WEEKS TO 24 DECEMBER 1999.

TRADING CONDITIONS WERE BUOYANT FOR THE PERIOD UNDER REVIEW. THIS IS EVIDENCED
BY THE INCREASED TRANSACTION VOLUMES ACCOMPANIED BY IMPROVED TRANSACTION
VALUES. THE GROUP ENJOYED STRONG CUSTOMER ACTIVITY IN THE REPUBLIC OF SOUTH
AFRICA AND SWAZILAND BUT SALES WERE GENERALLY WEAKER IN THE NEIGHBOURING
TERRITORIES. UNFORTUNATELY THE INCLEMENT WEATHER CONDITIONS OVER LARGE PARTS OF
SOUTHERN AFRICA DURING DECEMBER HAD A NEGATIVE IMPACT ON VOLUMES OVER THIS
CRUCIAL TRADING PERIOD.

THE PERIOD UNDER REVIEW ALSO SAW THE CONTINUATION OF AGGRESSIVE PRICING
EMPLOYED BY OUR COMPETITORS TO MAINTAIN MARKET SHARE DESPITE THE IMPROVED
TRADING ENVIRONMENT.
FINANCIAL RESULTS

THE GROUP GREW HEADLINE EARNINGS PER SHARE BY 20.5% FROM 23.9 CENTS TO 28.8
CENTS. ATTRIBUTABLE EARNINGS ROSE FROM R5.6 MILLION TO R6.6 MILLION WHICH
REPRESENTS AN INCREASE OF 17.2%.

TURNOVER ROSE A HEALTHY 12.4%. THE GROUP HAS BENEFITED FROM A MARGINAL
IMPROVEMENT IN GROSS MARGINS AND TIGHT OVERHEAD CONTROLS. AS A RESULT OPERATING
PROFIT HAS INCREASED TO R11.7 MILLION, UP 25.3% ON THE COMPARATIVE. POSITIVE
CASHFLOWS LIMITED THE IMPACT OF FINANCING CHARGES.
PROSPECTS

THE FAVOURABLE TRADING ENVIRONMENT SHOULD CONTINUE, AIDED BY THE RECENT DECLINE
IN INTEREST RATES. THE EXCEPTIONALLY WET WEATHER RECENTLY EXPERIENCED HAD A
NEGATIVE INFLUENCE ON OUR JANUARY AND FEBRUARY RESULTS BUT WE REMAIN FOCUSED ON
IMPROVING MARGINS WHILST CONTAINING COSTS AND GROWING CUSTOMER VOLUMES. WE THUS
EXPECT A REAL GROWTH IN EARNINGS FOR THE YEAR.
INTERIM DIVIDEND

IN ACCORDANCE WITH GROUP POLICY NO INTERIM DIVIDEND IS DECLARED.
FOR AND ON BEHALF OF THE BOARD
C STASSEN                    P K GOLDRICK
CHAIRMAN                     CHIEF EXECUTIVE
JOHANNESBURG
14 FEBRUARY 2000
REGISTERED OFFICE
CNR AEROTON AND AERODROME ROADS
AEROTON, JOHANNESBURG
PO BOX 90115, BERTSHAM 2013
TRANSFER SECRETARIES
MERCANTILE REGISTRARS
11 DIAGONAL STREET, JOHANNESBURG
PO BOX 1053, JOHANNESBURG 2000
DIRECTORS

C STASSEN (CHAIRMAN)*, P K GOLDRICK (CHIEF EXECUTIVE) (IRISH), B D W BROWN
(BRITISH), C A DINHAM, J J FOUCHE*, C B FOURIE, R A LISTER, D MASSON*, C MOORE*
  (*NON-EXECUTIVE)