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CASHBUILD LIMITED - Audited interim results and dividend declaration December 2016

Release Date: 28/02/2017 07:05
Code(s): CSB     PDF:  
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Audited interim results and dividend declaration December 2016

Cashbuild Limited (Registration number: 1986/001503/06)
(Incorporated in the Republic of South Africa)
JSE code: CSB ISIN: ZAE000028320

Audited Interim Results and Dividend Declaration December 2016

REVENUE (Rm)
UP 15% 

OPERATING PROFIT *EXCL BEE (Rm)
UP 10%

HEADLINE EARNINGS *EXCL BEE (Rm)
UP 9%

NAV per share (cents)
UP 10%

DIVIDEND PER SHARE *EXCL BEE (cents)
UP 5%

SPACE GROWTH #Excl DIY stores (stores)
UP 24%

SUMMARY CONSOLIDATED INTERIM INCOME STATEMENT - AUDITED

                                                                                           *Restated
                                                                    Six months            Six months
                                                                         ended                 ended                                   Year ended
                                                                   31 December           31 December                                      30 June
                                                                          2016                  2015                      %                  2016
R'000                                                                (26 weeks)            (26 weeks)                 change            (52 weeks)
Revenue                                                              5 170 907             4 509 710                      15            8 669 643
Cost of sales                                                       (3 859 712)           (3 370 211)                     15           (6 404 966)
Gross profit                                                         1 311 195             1 139 499                      15            2 264 677
Selling and marketing expenses                                        (812 037)             (710 398)                     14           (1 418 609)
Administrative expenses                                               (138 296)             (111 218)                     24             (241 142)
Other operating expenses                                                  (801)               (1 061)                    (25)              (3 123)
BEE transaction expense (note 7)                                             -               (63 052)                   (100)             (63 052)
Other income                                                             1 944                11 472                     (83)               9 773
Operating profit                                                       362 005               265 242                      36              548 524
Finance cost                                                            (3 365)                 (317)                   >100                 (921)
Finance income                                                          24 507                33 987                     (28)              71 084
Profit before income tax                                               383 147               298 912                      28              618 687
Income tax expense                                                    (110 593)             (105 743)                      5             (176 685)
Profit for the period                                                  272 554               193 169                      41              442 002
Profit attributable to:                                                                                                                           
- Owners of the company                                                269 963               191 240                      41              437 442
- Non-controlling interests                                              2 591                 1 929                      34                4 560
                                                                       272 554               193 169                      41              442 002
Earnings per share (cents)                                             1 189.0                 843.8                      41              1 920.4
Diluted earnings per share (cents)                                     1 188.3                 838.2                      42              1 919.5

* Certain comparative amounts shown do not correspond to the 2015 interim financial statements and reflect adjustments made. Refer to note 2.

SUMMARY CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME - AUDITED
                                                                                                                   *Restated
                                                                                           Six months             Six months
                                                                                                ended                  ended            Year ended
                                                                                          31 December            31 December               30 June
                                                                                                 2016                   2015                  2016
R'000                                                                                       (26 weeks)             (26 weeks)            (52 weeks)
Profit for the period                                                                         272 554                193 169               442 002
Other comprehensive income:                                                                                                                       
Total movement in foreign currency translation reserve (FCTR)                                 (15 483)                12 071                12 898
Attributable to:                                                                                                                                  
- Owners of the company                                                                       (14 621)                13 385                14 934
- Non-controlling interests                                                                      (862)                (1 314)               (2 036)
Total comprehensive income for the period                                                     257 071                205 240               454 900
Total comprehensive income attributable to:                                                                                                       
 - Owners of the company                                                                      255 342                204 625               452 376
 - Non-controlling interests                                                                    1 729                    615                 2 524
                                                                                              257 071                205 240               454 900

* Certain comparative amounts shown do not correspond to the 2015 interim financial statements and reflect adjustments made. Refer to note 2.

ADDITIONAL INFORMATION - AUDITED
                                                                                                                   *Restated
                                                                                           Six months             Six months
                                                                                                ended                  ended            Year ended
                                                                                          31 December            31 December               30 June
R'000                                                                                            2016                   2015                  2016
Net asset value per share (cents)                                                               6 370                  5 786                 5 776
Net asset value per share (excluding treasury shares)                                           7 011                  6 431                 6 337
Ordinary shares ('000s):                                                                                                                          
- In issue                                                                                     24 990                 25 190                24 990
- Weighted-average                                                                             22 706                 22 665                22 779
- Diluted weighted-average                                                                     22 719                 22 815                22 789
Capital investment                                                                             90 926                 98 469               592 155
Depreciation of property, plant and equipment                                                  63 931                 54 500               117 181
Amortisation of intangible assets                                                               6 378                  7 857                11 590
Capital commitments                                                                           293 998                697 367                83 697
Property operating lease commitments                                                        1 436 346              1 443 571             1 484 197
Contingent liabilities                                                                         35 526                  1 411                41 727

* Certain comparative amounts shown do not correspond to the 2015 interim financial statements and reflect adjustments made. Refer to note 2.

SUMMARY CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION - AUDITED
                                                                                                                   *Restated
                                                                                          31 December            31 December
R'000                                                                                            2016                   2015          30 June 2016
ASSETS                                                                                                                                            
Non-current assets                                                                          1 439 163              1 010 410             1 430 879
Investment property                                                                                 -                      -                 1 900
Property, plant and equipment                                                                 942 385                873 028               929 163
Intangible assets                                                                             396 946                 35 987               399 689
Rent prepayments                                                                               79 769                 79 237                81 339
Deferred income tax assets                                                                     20 063                 22 158                18 788
Current assets                                                                              2 799 087              2 672 696             2 108 067
Assets held for sale                                                                            5 169                    916                 4 510
Inventories                                                                                 1 605 660              1 211 063             1 225 580
Trade and other receivables                                                                   171 223                104 858                90 994
Prepayments                                                                                    15 187                 14 910                11 029
Cash and deposits                                                                           1 001 848              1 340 949               775 954
Total assets                                                                                4 238 250              3 683 106             3 538 946
EQUITY AND LIABILITIES                                                                                                                            
Shareholders' equity                                                                        1 615 642              1 478 545             1 465 425
Share capital and reserves                                                                  1 591 965              1 457 511             1 443 477
Non-controlling interests                                                                      23 677                 21 034                21 948
Non-current liabilities                                                                       199 582                131 642               184 432
Finance lease obligation                                                                        1 644                      -                 2 243
Deferred operating lease liability                                                            126 558                110 416               118 475
Deferred income tax liability                                                                  36 905                 21 226                30 706
Contingent consideration (note 8)                                                              34 475                      -                33 008
Current liabilities                                                                         2 423 026              2 072 919             1 889 089
Trade and other liabilities                                                                 2 317 850              1 986 483             1 784 043
Finance lease obligation                                                                        1 169                      -                 1 110
Current income tax liabilities                                                                 76 398                 81 347                71 858
Bank overdraft                                                                                 22 078                      -                26 715
Employee benefits                                                                               5 531                  5 089                 5 363

Total equity and liabilities                                                                4 238 250              3 683 106             3 538 946

* Certain comparative amounts shown do not correspond to the 2015 interim financial statements and reflect adjustments made. Refer to note 2.

SUMMARY CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS - AUDITED
                                                                                           Six months            Six months
                                                                                                ended                 ended             Year ended
                                                                                          31 December           31 December                30 June
R'000                                                                                            2016                  2015                   2016
Cash flows from operating activities                                                                                                              
Cash generated from operations                                                                512 752               557 869                761 718
Interest paid                                                                                  (1 898)                 (317)                  (921)
Interest received - non-investing                                                                 282                     -                 11 781
Taxation paid                                                                                (101 129)              (54 887)              (150 157)
Net cash generated from operating activities                                                  410 007               502 665                622 421
Cash flows from investing activities                                                                                                              
Net investment in assets                                                                      (83 244)              (71 849)              (163 434)
Business combinations                                                                               -                     -               (378 901)
Interest received                                                                              24 225                33 987                 59 303
Net cash used in investing activities                                                         (59 019)              (37 862)              (483 032)
Cash flows from financing activities                                                                                                               
Shares purchased by The Cashbuild Share Incentive Trust and Cashbuild
(South Africa) Proprietary Limited                                                                  -                     -               (244 541)
Shares sold by The Cashbuild Share Incentive Trust                                              2 526                     -                 95 716
Finance lease payments                                                                           (540)                    -                      -
Dividends paid:                                                                                                                                  
 - Own equity                                                                                (110 933)              (76 192)              (192 519)
 - Non-controlling interests                                                                        -                     -                 (1 059)
Net cash used in financing activities                                                        (108 947)              (76 192)              (342 403)
Net increase/(decrease) in cash and cash equivalents                                          242 041               388 611               (203 014)
Cash and cash equivalents at beginning of period                                              749 239               938 917                938 917
Effect of exchange rate movements on cash and cash equivalents                                (11 510)               13 421                 13 336
Cash and cash equivalents at end of period                                                    979 770             1 340 949                749 239

SUMMARY CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY - AUDITED
                                                                                                                                                                  Attributable to owners of the company                                                   
                                                                                                                                                                                                Share-based                                       Non-
                                                                                                                                            Treasury share                   Treasury share        payments                Retained        controlling
R'000                                                                                                                        Share capital         capital   Share premium          premium         reserve     FCTR       earnings          interests       Total equity
Balance at 1 July 2015 (*Restated)                                                                                                     252             (25)         65 823         (192 382)         45 091   (4 289)     1 410 081             20 483          1 345 034
Total comprehensive income for the period (*Restated)                                                                                    -               -               -                -               -   13 385        191 240                615            205 240
Dividends paid                                                                                                                           -               -               -                -               -        -        (76 192)                 -            (76 192)
Recognition of share-based payments                                                                                                      -               -               -                -           4 463        -              -                  -              4 463
Balance at 31 December 2015                                                                                                            252             (25)         65 823         (192 382)         49 554    9 096      1 525 129             21 098          1 478 545
Total comprehensive income for the period                                                                                                -               -               -                -               -    1 549        246 202              1 909            249 660
Buy-back of shares for empowerment transaction                                                                                          (2)              2         (61 888)          61 888               -        -              -                  -                  -
Shares purchased by The Cashbuild Share Incentive Trust and Cashbuild (South Africa) Proprietary Limited                                 -              (7)              -         (244 534)              -        -              -                  -           (244 541)
Shares sold by The Cashbuild Share Incentive Trust                                                                                       -               7               -           95 709               -        -              -                  -             95 716
Dividends paid                                                                                                                           -               -               -                -               -        -       (116 327)            (1 059)          (117 386)
Recognition of share-based payments                                                                                                      -               -               -                -           3 431        -              -                  -              3 431
Balance at 30 June 2016                                                                                                                250             (23)          3 935         (279 319)         52 985   10 645      1 655 004             21 948          1 465 425
Total comprehensive income for the period                                                                                                -               -               -                -               -  (14 621)       269 963              1 729            257 071
Dividends paid                                                                                                                           -               -               -                -               -        -       (110 933)                 -           (110 933)
Shares sold by The Cashbuild Share Incentive Trust                                                                                       -               -               -            2 526               -        -              -                  -              2 526
Recognition of share-based payments                                                                                                      -               -               -                -           1 553        -              -                  -              1 553
Balance at 31 December 2016                                                                                                            250             (23)          3 935         (276 793)         54 538   (3 976)     1 814 034             23 677          1 615 642
* Certain comparative amounts shown do not correspond to the 2015 interim financial statements and reflect adjustments made. Refer to note 2.

SUMMARY CONSOLIDATED INTERIM SEGMENTAL ANALYSIS - AUDITED
                                                                                                                                     South Africa                                                                                                                    
                                                        Group                                         Cashbuild business                                P&L Hardware business             Other members of common monetary area**            Botswana, Malawi and Zambia
                                              Six months                  Year ended                 Six months                 Year ended                  Six months        Year ended             Six months            Year ended            Six months              Year ended
                                          ended 31 December                  30 June             ended 31 December                 30 June              ended 31 December        30 June         ended 31 December            30 June        ended 31 December              30 June
                                                        *Restated                                              *Restated                                                                                   *Restated                                     *Restated
R'000                                      2016              2015               2016              2016              2015              2016             2016          2015           2016          2016          2015             2016          2016           2015             2016
Income statement                                                                                                                                                                                                                                                                  
Revenue                               5 170 907         4 509 710          8 669 643         4 140 318         3 985 947         7 587 742          500 982             -         61 458       317 896       315 062          601 403       211 711        208 701          419 040
Operating profit                        362 005           265 242            548 524           310 482           220 934           453 292           20 193             -          1 601        22 369        20 485           51 995         8 961         23 823           41 636
Statement of financial position                                                                                                                                                                                                                                                                          
Segment assets                        4 238 250         3 683 106          3 538 946         3 172 813         2 985 408         2 622 873          312 054             -        209 408       478 581       427 073          434 769       274 802        270 625          271 896
Segment liabilities                   2 622 608         2 204 561          2 073 521         2 104 550         1 935 213         1 676 048          247 164             -        157 873       170 105       166 681          148 937       100 789        102 667           90 663
Other segment items                                                                                                                                                                                                                                                               
Depreciation                             63 931            54 500            117 181            55 657            48 695           104 970            2 026             -            298         3 178         2 787            5 600         3 070          3 018            6 313
Amortisation                              6 378             7 857             11 590             6 244             7 857            11 389                -             -              -            55             -               68            79              -              133
Capital investment                       90 926            98 469            592 155            63 854            78 902           564 443            8 503             -            677        13 828         9 244           15 442         4 741         10 323           11 593

* Certain comparative amounts shown do not correspond to the 2015 interim financial statements and reflect adjustments made. Refer to note 2.
** Includes Namibia, Swaziland and Lesotho

NOTES TO THE SUMMARY CONSOLIDATED INTERIM FINANCIAL INFORMATION   
1.  Basis of preparation.  The summary consolidated interim financial statements are prepared in accordance with International
    Financial Reporting Standards ("IFRS"), the presentation and disclosure requirements of IAS 34 - Interim Financial Reporting as
    required by the JSE Limited Listings Requirements, the SAICA Financial Reporting Guides as issued by the Accounting Practices
    Committee, Financial Pronouncements as issued by the Financial Reporting Standards Council and the requirements of the
    Companies Act of South Africa applicable to summary interim financial statements. The accounting policies applied in the
    preparation of the consolidated interim financial statements from which the summary consolidated interim financial statements
    were derived are in terms of International Financial Reporting Standards and are consistent with those accounting policies
    applied in the preparation of the previous consolidated annual financial statements. The interim financial statements have been
    prepared under the supervision of the Finance Director, Mr AE Prowse CA(SA), and approved by the board on 27 February 2017. 

2.  Restatement of comparative figures and additional disclosures. During the prior period, the group changed its accounting
    policy with respect to the treatment of advertising rebates in line with the guidance provided by the newly issued IFRS 15.
    The change in policy allows for symmetry in the accounting treatment of rebates by suppliers i.e. if the supplier is treating the
    rebate as a reduction of revenue, Cashbuild as the customer should account for rebates as a reduction in the purchase price of
    inventory, which will result in a reduction of cost of sales when inventory is sold. Cashbuild previously reflected these rebates as a
    reduction of its selling and marketing expenses. Further, in accordance with IAS 8, this results in information that is more relevant to
    the financial position and performance. The change in accounting policy was included in the June 2016 year-end annual financial
    statements and was applied retrospectively. This has therefore resulted in a restatement of the comparative 2015 and 2014 figures
    on the balance sheet and income statement, for which the impact on December 2015 is summarised as follows: 

                                        Restated                    Audited
R'000                                       2015      Movement         2015
Statement of financial position                                             
Inventories                            1 211 063       (27 959)   1 239 022
Retained income                        1 524 552       (20 280)   1 544 832
Income statement                                                            
Cost of sales                         (3 370 211)       72 656   (3 442 867)
Gross profit                           1 139 499        72 656    1 066 843
Gross profit percentage                     25.3           1.6         23.7
Selling and marketing expenses          (710 398)      (75 223)    (635 175)
Operating profit                         265 242        (2 567)     267 809
Attributable earnings                    191 240        (1 928)     193 168
Net asset value per share (cents)          5 786           (81)       5 867
Earnings per share (cents)                 843.8          (8.5)       852.3
Headline earnings per share (cents)        811.3          (8.5)       819.8

3.  Independent audit by the auditor. These summary consolidated interim financial statements for the six months
    ended 31 December 2016 have been audited by PricewaterhouseCoopers Inc., who expressed an unmodified opinion thereon.
    The auditor also expressed an unmodified opinion on the consolidated interim financial statements from which these summary
    consolidated interim financial statements were derived. A copy of their unqualified audit report is available for inspection at the
    registered office of the company.

4.  Reporting period. The Group adopts the retail accounting calendar, which comprises the reporting period ending on the last
    Sunday of the month (2016: 25 December (26 weeks); 2015: 27 December (26 weeks); June 2016: 26 June (52 weeks)). 

5.  Earnings per share. Earnings per share is calculated by dividing the earnings attributable to owners of the company  for the
    period by the weighted average number of 22 705 620 ordinary shares in issue at period end (2015: 22 665 552 shares; June 2016:
    22 779 353).

6.  Headline earnings per ordinary share. The calculations of headline earnings and diluted headline earnings per ordinary
    share are based on headline earnings of R270.0 million (2015: R183.9 million; June 2016: R430.9 million) and a weighted average
    of 22 705 620 (2015: 22 665 552 shares; June 2016: 22 779 353) shares and fully diluted of 22 718 913 (2015: 22 815 173; June 2016:
    22 788 839) ordinary shares in issue.

    Reconciliation between net profit attributable to the equity holders of the company and headline earnings:
    R'000                                                        Dec 16               Dec 15            % change               June 16
    Net profit attributable to the owners of the
    company                                                     269 963              191 240                  41               437 422
    Loss/(Profit) on sale of assets after taxation                   53               (7 356)              (>100)               (6 566)
    Headline earnings                                           270 016              183 884                  47               430 876
    Headline earnings per share (cents)                         1 189.2                811.3                  47               1 891.5
    Diluted headline earnings per share (cents)                 1 188.5                806.0                  47               1 890.7

7.  BEE transaction.  A special resolution was adopted by shareholders on 30 November 2015, whereby 200 000 shares were
    repurchased by the company from the Cashbuild Empowerment Trust ("the Trust"). The related cost of R61.890 million has been
    classified as a personnel expense in the prior periods group results and the related transaction costs were R1.162 million. The
    specific repurchase of shares was effected on 29 January 2016.

    The financial impact can be summarised as follows:
                                                                                      % 2016                                  % 2016
                                                                  Dec 2015       increase on            Dec 2015         increase on
    R'000                                    Dec 2016           Before BEE              2015           After BEE                2015
    Operating profit                          362 005              328 294                10             265 242                  36
    Attributable earnings                     269 963              254 292                 6             191 240                  41
    Net asset value per share (cents)           6 370                6 036                 6               5 786                  10
    Headline earnings                         270 016              246 936                 9             183 884                  47
    Headline earnings per share (cents)       1 189.2              1 089.5                 9               811.3                  47

8.  Acquisition of business. On 1 June 2016 the group acquired 100% of the business of P&L Hardware for a consideration of
    R350 million and a further R80 million (fair value: R34 million) payable if certain profit targets are met over a three-year period.
    In line with Cashbuild's strategy for growing market share, the rationale for the acquisition is to expand Cashbuild's geographical
    footprint and market share. It is intended that P&L Hardware will remain and grow as a separate brand to Cashbuild.

    Property, plant and equipment of R38 million, trademarks of R96 million, inventories of R169 million, trade and other receivables of
    R12 million, cash and cash equivalents of R29 million, trade and other payables of R137 million, taxation of R33 million and goodwill
    of R267 million has been provisionally recognised at date of acquisition. These values are provisional and approximate the fair
    values as determined under IFRS 3.

    The acquired business of P&L Hardware contributed revenue of R501 million and profit before tax of R19.6 million to the group for the
    period.

9.  Declaration of dividend. The board has declared an interim dividend (No. 48), of 540 cents (2015: 513 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 (2015:
    24 989 811) shares in issue at date of dividend declaration. Net local dividend amount is 432 cents per share for shareholders
    liable to pay Dividends Tax and 540 cents per share for shareholders exempt from paying Dividends Tax. Local dividend tax is 20%.

    Cashbuild Limited's tax reference number is 9575168712.
    Date dividend declared:                                                                                  Monday, 27 February 2017
    Last day to trade "CUM" the dividend:                                                                       Monday, 20 March 2017
    Date commence trading "EX" the dividend:                                                                 Wednesday, 22 March 2017
    Record date:                                                                                                Friday, 24 March 2017
    Date of payment:                                                                                            Monday, 27 March 2017

Share certificates may not be dematerialised or rematerialised between Wednesday, 22 March 2017 and Friday, 24 March 2017, both
dates inclusive.

On behalf of the board     

STEFAN FOURIE                           WERNER DE JAGER 
Chairman                                Chief Executive 
Johannesburg                             
27 February 2017                         

COMMENTARY  
NATURE OF BUSINESS
Cashbuild is southern Africa's largest retailer of quality building materials and associated products, selling direct to a cash-paying
customer base through our constantly expanding chain of stores (293 at the end of this financial period which includes the 10 DIY stores
and 44 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 lowest prices.

Cashbuild has built its credibility and reputation by consistently offering its customers quality building materials at the lowest prices
and through a purchasing and inventory policy that ensures customers' requirements are always met.

INTERNATIONAL FINANCIAL REPORTING STANDARDS
The Group is reporting its audited results in accordance with International Financial Reporting Standards ("IFRS").

FINANCIAL HIGHLIGHTS
Revenue and gross profit for the period increased with 15%. Revenue for stores in existence prior to July 2015
(pre-existing stores - 229 stores) remained the same while our 20 new stores contributed 4% and P&L Hardware contributed 11% to
revenue growth. This increase for the period has been achieved in tough trading conditions with selling price inflation of 3%. Gross
profit percentage has increased to 25.4% from the 25.3% of the prior period (Refer to note 2).

Operating expenses, excluding the BEE transaction in the prior year, remained well controlled and increased by 17% which resulted in
an operating profit increase of 36%. Existing stores accounted for 4% of the increase in operating costs, new stores 4% and P&L Hardware 9%. 

Earnings per share increased by 41% and headline earnings per share increased by 47%.

The effective tax rate for the period of 29% is 6% lower than that of the previous period, mainly due to non-deductibility of the BEE
transaction in the prior year. 
Cash and cash equivalents decreased by 27% to R980 million due to the acquisition of P&L Hardware from own resources. Stock levels
have increased by 33% mainly as a result of new stores and the acquisition of P&L Hardware, with overall stockholding at 81 days
(December 2015: 70 days) at period end. Trade receivables remain well under control. Net asset value per share has shown a 10%
increase, from 5 786 cents (December 2015) to 6 370 cents.

During the first half, Cashbuild opened nine new stores, two stores were refurbished and two stores were relocated. Two stores were
closed, one traded in close proximity to another Cashbuild store and the other reached the end of its lease term. P&L Hardware
opened two new stores during this period. The DIY pilot continues with 10 Cashbuild DIY pilot stores. Cashbuild will continue its store
expansion, relocation and refurbishment strategy in a controlled manner, applying the same rigorous process as in the past.

PROSPECTS 
Cashbuild stores revenue for the subsequent six weeks after half year end has decreased by 4% on the comparable six week period.
The Group, including P&L Hardware, has an increase of 7% on the comparable six week period. As a result management is cautiously
optimistic about the top line trading prospects for the Group for the remainder of the financial year. This information has not been
reviewed nor audited by the company's auditor. 

Directors: IS Fourie* (Chairman), WF de Jager (Chief Executive), HH Hickey*,
AGW Knock (British)*, Dr DSS Lushaba*, AE Prowse, NV Simamane*, SA Thoresson, A van Onselen (*Non-Executive)
Company Secretary: Corporate Governance Leaders CC
Registered Office: 101 Northern Parkway, Ormonde, Johannesburg, 2091
PO Box 90115, Bertsham, 2013
Transfer Secretaries: Computershare Investor Services Proprietary Limited,
Rosebank Towers, 15 Bierman Avenue, Rosebank, Johannesburg, 2196
Auditor: PricewaterhouseCoopers Inc.
Sponsor: Nedbank CIB

Quality building materials at the lowest prices

www.cashbuild.co.za



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