STEINHOFF INVESTMENT HOLDINGS LIMITED - Unaudited Interim Results For The Six Months Ended 31 March 2023

Unaudited Interim Results For The Six Months Ended 31 March 2023

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”)

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2023

1.   SALIENT FEATURES
     •   On 9 February 2023, the Group announced the placement of 265 million Pepkor Holding
         shares which reduced the Group’s interest from 51.1% to 43.9% resulting in a loss of control
         in Pepkor Holdings and a deemed disposal.
     •   Therefore, from 9 February 2023, Pepkor Holdings was recognised as an investment in
         associate with initial measurement based on the prevailing share price on that date.
     •   Pepkor Holdings was included as a discontinued operation until 8 February 2023, and
         thereafter included as an equity accounted investment in continuing operations. Comparative
         information has been restated accordingly.
     •   A gain of R4.0 billion was recognised in discontinued operations on the deemed disposal of
         Pepkor Holdings .
     •   Subsequent to the recognition of the associate, the Pepkor Holdings’ share price deteriorated
         and this resulted in an impairment of R3.8 billion, which has been included in continuing
         earnings.
     •   The derecognition of the SIHPL CPU and the recognition and subsequent remeasurement of
         the S155 Settlement Note with limited recourse, both within the wholly-owned subsidiary
         SIHPL, resulted in a net loss of R616 million (2022: gain of R17.5 billion).
     •   Operating profit from continuing operations decreased by 96% from R11.6 billion to R449
         million.
     •   Headline earnings per share decreased from 26 636.31 cents to 4 494.54 cents.
     •   Earnings per share decreased to 5 047.26 cents compared with earnings per share of
         26 543.59 cents in the comparative half year.
     •   On 17 March 2023, the Board declared a gross preference dividend of 393.96575 cents per
         preference share, which was paid on 24 April 2023.

2.   OVERVIEW
Steinhoff Investments is a wholly-owned subsidiary of Steinhoff International Holdings 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.
The Company’s 2023 Condensed Consolidated Interim Financial Statements cover the six-month
period ended 31 March 2023 and also address the material events subsequent to the reporting date
up to the publication date of this report.
3. DIVIDEND DECLARATION – Ordinary shares
On 9 December 2022, the Board declared a gross dividend of R109.2 million to Steinhoff N.V. As at the
date of this report, the dividend was not yet paid.

4.   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 Condensed Consolidated Interim Financial Statements and does
not contain full or complete details. The 2023 Condensed Consolidated Interim Financial Statements
can be found at:
https://senspdf.jse.co.za/documents/2023/jse/issh/shffh/SHFFHY23.pdf
and are also available on Steinhoff’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
consideration of the full results, as a whole.
These results have been prepared under the supervision of TLR de Klerk (director); BCom (Hons), CTA,
HDip (Tax), CFM.
These results have not been audited or reviewed by the company’s auditors.

23 June 2023
JSE Sponsor PSG Capital

Date: 23-06-2023 09:45:00
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