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Annual Results For The Period Ended 30 September 2016
Steinhoff Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1954/001893/06)
JSE Code: SHFF
ISIN: ZAE000068367
("Steinhoff Investments", "Company" or the "Group")
ANNUAL RESULTS FOR THE PERIOD ENDED 30 SEPTEMBER 2016
1. SALIENT FEATURES
• Revenue from continuing operations for the consolidated 15-month period ended 30
September 2016 (“FY 2016”) increased to R99.8 billion from R43.4 billion in the previous 12
months.
• Operating profit from continuing operations for FY 2016 increased to R9.3 billion from R5.4
billion in the previous 12 months.
• Total headline earnings per share decreased to 37 301.8 cents per share for FY 2016 from
43 502.6 cents per share in the previous 12 months.
• The total basic earnings per share decreased to 30 295.8 cents per share for FY 2016 from
54 409.5 cents per share in the previous 12 months.
• Two preference share dividends were declared, as set out in the terms of the preference
shares: in April 2016 a dividend of 396 cents per share, an increase of 3% compared to the
prior year (2015: 384 cents per share) and in October 2016 a dividend of 424 cents per share,
an increase of 12% compared to the prior year (2015: 378 cents per share).
• On 1 April 2016, Steinhoff Investments distributed its shares in Steinhoff Finance Holding
GmbH (“SFHG”) to Steinhoff International Holdings N.V. (“Steinhoff N.V.”) as a dividend in
specie.
2. OVERVIEW
Steinhoff Investments is a wholly-owned subsidiary of Steinhoff N.V. and is the issuer of variable
rate, cumulative, non-redeemable, non-participating preference shares with a capital value of
R1.5 billion. The preference shares are listed on the JSE. Following the events of December 2017,
Steinhoff Investments was unable to publish its Consolidated Financial Statements within the
prescribed timeframe and the listing of the preference shares was suspended by the JSE,
effective 1 March 2018, and has remained suspended since that date. The audited 2019 Annual
Financial Statements were issued on 29 May 2020 while the unaudited and unreviewed 2020
Interim Results were issued on 3 September 2020.
These audited FY 2016 Financial Statements are being released together with the audited 2017
Annual Financial Statements. Material subsequent events have occurred since the reporting date,
refer to note 36 of the 2016 consolidated financial statements for further details. It is Steinhoff
Investments’ current intention that the financial statements for 2018 will be released before the
end of 2020 and that regular reporting will resume with effect from the 2020 full year results.
3. DIVIDEND DECLARATION – ORDINARY SHARES
Apart from the dividend in specie, no other dividend has been declared on the ordinary shares.
4. AUDIT
These FY 2016 Financial Statements have been audited by the Company’s auditors, Deloitte &
Touche, who expressed a modified audit opinion thereon.
The modified audit opinion included:
a) a disclaimer of opinion on the consolidated financial statements;
b) material uncertainties relating to going concern, litigation, taxation effect on the
restatements and adjustments, timing of recording adjustments following the
restatements, line items described as “Net other impact” in the notes to the statement of
financial position, the accuracy of the Steinhoff Investments’ Group trading results, the
amounts classified as discontinued operations, the values used in accounting for the
disposal of Steinhoff Europe Group to Steinhoff N.V., control conclusions on certain
entities, financial information used for the consolidation of BVI, the Group’s continuing
involvement with the JD Financial Services Loan Book, the impairment of the loan
receivable from Fulcrum Financial Services SA, the foreign currency translation reserve,
historical goodwill carried at the Steinhoff Investments Group level, the timing of
recording and classification of adjustments and the resulting restatement with respect to
the investment in Brait shares, the nature of the sourcing rebates received from the TG
Group, the impairment of inter-company loan receivables at 30 September 2016, and the
disclosure of major classes of cash receipts and payments in the consolidated statement
of cash flows ; and
c) reference to the reportable irregularities reported to IRBA.
The full auditor’s report, included in the FY 2016 financial statements, explains the reasoning for
the modifications.
The following non-compliance with laws and regulations has been noted:
i. Non-compliance with the Companies Act requirements as annual financial statements
for various individual entities have not been signed off within six months after year-end;
ii. Non-compliance with JSE Listing Requirements as Steinhoff Investments has not
published interim and final results for several years; and
iii. Non-compliance with the Income Tax Act as the Group has not filled annual income tax
returns for several entities as a result of the annual financial statements not being
finalised for past years.
The board of directors of the Company remains committed to resolve the non-compliance
with the JSE Listing Requirements as soon as possible.
5. SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the directors of the Company. It is only a
summary of the information in the consolidated financial statements (“Full Announcement”) and
does not contain full or complete details. This announcement has not been audited but extracted
from the audited results. The Full Announcement includes the auditor’s report and can be found
at: https://senspdf.jse.co.za/documents/2020/JSE/ISSH/SHFFH/SHFF_FY16.pdf
and also on Steinhoff N.V.’s website http://www.steinhoffinternational.com or may be requested
in person, at the Company's registered office or the office of the sponsor, at no charge, during
office hours.
Any investment decisions by investors and/or preference shareholders should be based on all
financial information released, including the 2016 Consolidated Financial Statements as a whole.
These annual results have been prepared under the supervision of TLR de Klerk (director); BCom
(Hons), CTA, HDip (Tax), CFM.
JSE Sponsor: PSG Capital
Stellenbosch, 2 October 2020
Date: 02-10-2020 04:30:00
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