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STEINHOFF INVESTMENT HOLDINGS LIMITED - Annual Results For The Year Ended 30 September 2019

Release Date: 29/05/2020 09:15
Code(s): SHFF     PDF:  
 
Wrap Text
Annual Results For The Year Ended 30 September 2019

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 YEAR ENDED 30 SEPTEMBER 2019


1. SALIENT FEATURES

•   Revenue from continuing operations increased by 8.5% to R69.7 billion.
•   Operating profit from continuing operations increased to R6.5 billion from a loss of R632 million
    in 2018.
•   Total headline profit per share increased to 7 971.6 cents per share from a loss of 2 309.8 cents
    per share in the prior year.
•   Total profit per share increased to 5 749.1 cents per share from a loss of 6 540.0 cents per share
    in 2018.


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. Following the events of
December 2017, Steinhoff Investments was unable to publish its Consolidated Financial Statements
for the year ended 30 September 2017 by the requisite date, namely 28 February 2018. The listing of
the preference shares was therefore suspended by the JSE effective 1 March 2018 and has remained
suspended since that date.
These consolidated and separate annual financial statements for the year ended 30 September 2019
are being released ahead of the release of the delayed consolidated and separate annual financial
statements for the years ended 30 September 2016, 2017 and 2018 in order to give the market the
most recent financial information as soon as possible. The external auditors, Mazars, have issued a
disclaimer of opinion on the Consolidated and Separate Statements of Financial Performance and
Consolidated and Separate Statements of Cash Flows and a qualified opinion on the Consolidated and
Separate Statements of Financial Position drawing the users attention to the fact that the consolidated
and separate annual financial statements for the years ended 30 September 2016, 2017 and 2018
have not yet been audited.
It is Steinhoff Investments’ current intention that the financial statements for the earlier years will be
released before the end of 2020 and that regular reporting will resume with effect from the 2020 full
year results.
Steinhoff Investments achieved a commendable set of operating results for the 2019 financial year,
despite a very difficult retail environment where consumer spending remained constrained, fuelled
by high levels of unemployment and low economic growth.
A number of investments have been disposed of by the Group since December 2017, resulting in an
increase in cash held during the financial year.


3. OUTLOOK

Trading subsequent to the year-end remains volatile and the difficult trading environment is expected
to persist as consumer spending continues to be constrained. In addition, the impact of the COVID-19
pandemic and related store closures and other trading restrictions are having a negative impact on
revenue and profitability.
The main trading subsidiary company, Pepkor Holdings, however is confident that it is well positioned
to gain market share in the post-COVID-19 ‘new economy’ with its defensive discount and value
positioning being more resilient through its focus on babies’ and children’s clothing and large
contribution of basic and replenishment products.


4. DIVIDEND DECLARATIONS - PREFERENCE SHARES

On 27 February 2019, the board declared a gross dividend of 418.09418 South African cents per
preference share. This dividend was paid on Monday 29 April 2019.
On 22 August 2019, the board declared a gross dividend of 419.33733 South African cents per
preference share. This dividend was paid on Monday 14 October 2019.
Subsequent to the year end, on 21 February 2020, the board declared a gross dividend of 416.90753
South African cents per preference share. This dividend was paid on Monday 30 April 2020.
The preference shares dividends are payable in the currency of South Africa and are subject to local
dividend tax of 20%.


5. DIVIDEND DECLARATION – ORDINARY SHARES

No dividend has been declared on the ordinary shares.

6. 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 full announcement and does not contain full or complete details.
The Full Announcement can be found at:
https://senspdf.jse.co.za/documents/2020/JSE/ISSE/SHFFH/SHFF_FY19.pdf
The 2019 audited Consolidated Financial Statements are available on Steinhoff International’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 the 2019
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.
These annual results have been audited by the Company’s auditors, Mazars, who expressed a modified
audit opinion thereon. The full auditor’s report includes details of key audit matters as well as the
reasoning behind the modifications. This opinion is available, along with the annual financial
statements, on the Company’s website (http://www.steinhoffinternational.com).



JSE Sponsor: PSG Capital

Stellenbosch, 29 May 2020

Date: 29-05-2020 09:15:00
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