STEINHOFF INTERNATIONAL HOLDINGS LTD - Trading Update And Supplementary Information In Respect Of The Year Ended 30 June 2014

Trading Update And Supplementary Information In Respect Of The Year Ended 30 June 2014

STEINHOFF INTERNATIONAL HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration Number 1998/003951/06)
Share code: SHF
ISIN: ZAE000016176
("Steinhoff" or "the Company")

TRADING UPDATE AND SUPPLEMENTARY INFORMATION IN RESPECT OF THE
YEAR ENDED 30 JUNE 2014

In terms of paragraph 3.4(b) of the Listings Requirements of the
JSE Limited, a listed company is required to publish a trading
statement as soon as it is satisfied that a reasonable degree of
certainty exists that the financial results for the next
financial period to be reported on will vary by 20% or more from
those of the previous corresponding period.

Given   the  accounting   treatment  of   the  various corporate
transactions (disclosed in note 1 to 3 below), the FY13 Headline
Earnings per share (“HEPS”) and Earnings per share (“EPS”) have
been restated for comparative purposes only. A voluntary
reconciliation of the FY13 HEPS is set out below:


                                                             2013
                                                                 cps


Headline earnings per share – as reported                        394
Effect of rights issue (Note 1) on prior year HEPS                (4)
HEPS – from continuing and discontinued operations               390
Effect of discontinued operations:
KAP and JD (Note 2)                                              (31)
HEPS from continuing operations                                  359

   Note 1:

   The IFRS accounting treatment of the rights issue announced
   on 2 July 2014, although accounted for post 30 June 2014, led
   to the restatement of comparative per share numbers.
   
   Note 2:

   JD Group Limited (“JD Group”) announced, earlier today, that
   it has accepted an offer from an international consumer
   finance provider to acquire, subject to due diligence and
   conditions precedent, JD Group’s consumer finance division,
   excluding  its   insurance  operations   (“JDFS  Division”).
   Accordingly, the JDFS division will be shown as discontinued
   operations in the Audited June 2014 results of Steinhoff.
  
   Furthermore,   on   30  June  2014,   Steinhoff   reduced  its
   shareholding in KAP Industrial Holdings Limited (“KAP”) to
   45% (“the KAP Transaction”). In terms of IFRS, Steinhoff is
   required to disclose the headline earnings from KAP as
   discontinued    operations.  The    headline   earnings   from
   continuing operations do not include any contribution from
   KAP, despite Steinhoff retaining a 45% shareholding in KAP.
   
   Given the above, the comparative figures have been restated
   to take into account the discontinued classification of JDFS
   Division and KAP.

Accordingly, shareholders are hereby advised that the earnings
per share and headline earnings per share of Steinhoff, for the
year ended 30 June 2014, will vary from those for the comparable
period ended 30 June 2013 as set out below:


                                                       % Expected
                                                      increase in
                                            2013             2014
                                             cps
Headline Earnings per share
(“HEPS”)

HEPS                                         390       10% to 15%
HEPS from continuing operations              359       25% to 30%
Adjusted HEPS from continuing                376       25% to 30%
operations (Note 3)


Earnings per share (“EPS”)
EPS                                          386       25% to 30%
EPS from continuing operations               356       40% to 45%


      Note 3:

      In addition, stakeholders are advised that although the
      entire contribution of KAP is shown as discontinued in the
      current year (note 2), Steinhoff continues to hold 45% of KAP
      and will account for this holding as associate earnings in
      the future. The effect of the 45% associate earnings of KAP
      has been added to the HEPS from continuing operations and
      disclosed as Adjusted HEPS from continuing operations.


The financial information in this trading statement has not been
reviewed or reported on by Steinhoff’s auditors and may therefore
be subject to change. However, Steinhoff does not expect material
variances to the information recorded above. The audited results
for the year ended 30 June 2014 are expected to be published on
or about 9 September 2014.


1 September 2014

By order of the Board
Steinhoff Secretarial Services Proprietary Limited
Company Secretary
Wynberg, Sandton


Sponsor: PSG Capital Proprietary Limited

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