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Interim results and dividend declaration for the six months ended 27 December 2020
Cashbuild
(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 27 December 2020
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 (317 at the end of this reporting
period which includes 58 P&L Hardware stores and 1 DIY store). 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 increased by 21%. Revenue for stores in existence prior to July 2019 (pre-existing stores -
303 stores) increased with 19% and our 14 new stores contributed 2% growth. Gross profit increased by 29% with
gross profit margin percentage increasing from 24.8% to 26.4%. Selling price inflation was 4.5%. Operating expenses,
including new stores, were well controlled considering the revenue growth, increasing by 11% (existing stores 9% and
new stores contributed 2% of the increase) resulting in the operating profit increasing by 92%. Basic earnings per share
increased by 113% with headline earnings per share also increasing by 102% from the prior period.
Cash and cash equivalents increased to R2 819 million as a result of increased profitability and higher creditors' balances
due to suppliers' payments effected after half-year close. Stock levels, including new stores have decreased by 2%
with stockholding at 68 days (December 2019: 82 days; June 2020: 60 days) at period end. Net asset value per share
increased by 15%, from 8 388 cents (December 2019) to 9 640 cents.
During the period, Cashbuild opened 3 Cashbuild stores, refurbished 11 Cashbuild and 1 P&L Hardware store,
relocated 2 Cashbuild and 1 P&L Hardware store. 1 Cashbuild and 3 P&L Hardware stores were closed at
the expiration of their lease agreements. Cashbuild will continue its store expansion, relocation and refurbishment
strategy in a controlled manner, applying an even more rigorous process, due to the COVID-19 pandemic and associated economic uncertainties.
FINANCIAL SUMMARY Six months Six months
ended ended Year ended
27 December 29 December
R'million 2020 2019 % change 28 June 2020
Revenue 6 695 5 510 21 10 091
Gross profit 1 765 1 369 29 2 525
Operating profit 576 299 92 520
Profit before taxation 545 248 120 394
Net profit attributable to owners of the company 362 170 113 267
Headline earnings 350 173 102 259
Earnings per share (cents) 1 594.7 748.0 113 1 176.7
Diluted earnings per share (cents) 1 594.1 747.8 113 1 176.1
Headline earnings per share (cents) 1 540.7 762.4 102 1 138.5
Diluted headline earnings per share (cents) 1 540.2 762.2 102 1 137.9
Net asset value (NAV) per share (cents) 9 640 8 388 15 8 470
Dividend per share (cents) 724 435 66 707
PROSPECTS
Group revenue for the subsequent six weeks after half year-end has increased by 24%
for the comparable six week period. Management expects trading conditions to remain
uncertain due to the ongoing COVID-19 pandemic and its economic impact. This information has
not been reviewed nor audited by the company's auditor.
DECLARATION OF DIVIDEND
The board has declared an interim dividend (No. 56), of 724 cents (2019: 435 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 (2019: 24 989 811) shares in issue
at date of dividend declaration. Net local dividend amount is 579.2 cents per share
for shareholders liable to pay Dividends Tax and 724 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, 1 March 2021
Last day to trade "CUM" the dividend: Tuesday, 23 March 2021
Date to commence trading "EX" the dividend: Wednesday, 24 March 2021
Record date: Friday, 26 March 2021
Date of payment: Monday, 29 March 2021
Share certificates may not be dematerialised or rematerialised between Wednesday,
24 March 2021 and Friday, 26 March 2021, both dates inclusive.
Johannesburg
Sponsor: Nedbank CIB
Approved by the board on 1 March 2021
Released 2 March 2021
This short-form announcement is the responsibility of the Board of directors of
Cashbuild and is prepared based on the audited 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/2021/jse/isse/CSB/ie2020.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: 02-03-2021 07:10:00
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