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Notification Of Lender Meeting And Update On Unaudited Half Year Performance
Steinhoff International Holdings N.V.
(Incorporated in the Netherlands)
(Registration number: 63570173)
Share Code: SNH
ISIN: NL0011375019
STEINHOFF – NOTIFICATION OF LENDER MEETING AND UPDATE ON UNAUDITED HALF YEAR
PERFORMANCE
Steinhoff International Holdings N.V. (the “Company” and with its subsidiaries, the “Group”)
Lender Meeting
Shareholders are referred to the presentation by management at a meeting with lenders to
the Group held today 18 May 2018 (the “Presentation”), in which the Company provided an
update on various matters. A copy of the Presentation is available on the Company’s website,
www.steinhoffinternational.com.
Updated Half Year Performance
The Group is in the process of completing its reporting for the first half of the 2018 financial year
(“H1 2018”) and will publish the unaudited consolidated interim results of the Group for H1 2018
(the “Consolidated H1 18 Results”) on 29 June 2018.
Prior to the publication of the Consolidated H1 18 Results, the Company wishes to provide
guidance (which reflects management’s current best estimates and remains subject to further
review and change, pending finalisation of the reporting process) around the performance of
the Group’s retail operations, including supply chain and properties, but excluding central
services and POCO (“Retail Operations”). It is estimated that the Group’s Retail Operations will
deliver H1 2018 revenue of EUR 9.4 billion, compared to a preliminary restated EUR 9.3 billion
for the first half of the 2017 financial year (“H1 2017”), representing a 1% increase.
The EBITDA margin for the Group’s Retail Operations (the “EBITDA retail margin”) for H1 2018 is
estimated, before taking into account central costs, foreign exchange losses on cross currency
loans and advisory fees, to be between 4% and 5%. This compares to a preliminary restated
H1 2017 EBITDA retail margin of between 5% and 6% calculated on an equivalent basis.
It is estimated that the Group’s Retail Operations will be profitable as a whole for H1 2018 at
an operating profit level notwithstanding that the estimated EBITDA retail margin confirms the
Company’s previously announced expectation that the Group’s historical profits were
materially over-stated.
It should be noted that, after taking into account central costs, depreciation, advisory fees
(relating to restructuring, liquidity, litigation and investigation in H1 2018), foreign exchange
losses on cross-currency loans, impairments, capital losses suffered on asset disposals to
generate liquidity and increased interest costs (both from increased interest rates and higher
commitment fees on new facilities), the Company estimates that it will post a loss after taxation
on a consolidated basis for H1 2018.
It remains essential that a restructuring is agreed with lenders as soon as possible. The Company
will provide an update on discussion with its lenders regarding the restructuring as soon as
possible and in any event by 29 June 2018.
Shareholders and other investors in the Company are advised to exercise caution when
dealing in the securities of the Group.
JSE Sponsor: PSG Capital
Stellenbosch, 18 May 2018
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