To view the PDF file, sign up for a MySharenet subscription.

STEINHOFF INVESTMENT HOLDINGS LIMITED - Reviewed Interim Results For The Six Months Ended 31 March 2021

Release Date: 18/06/2021 11:45
Code(s): SHFF     PDF:  
Wrap Text
Reviewed Interim Results For The Six Months Ended 31 March 2021

Steinhoff Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1954/001893/06)
ISIN: ZAE000068367
(“Steinhoff Investments”, “Company” or the “Group”)


     •   Revenue from continuing operations increased by 8% to R36.5 billion
     •   Operating profit from continuing operations, before other material expenses, increased by
         16% from a profit of R3.8 billion to a profit of R4.3 billion
     •   Operating profit from continuing operations, after other material expenses, improved by
         149% from a loss of R10.6 billion to a profit of R5.2 billion
     •   The Litigation Settlement Proposal provision was increased from R9.4 billion to R10.6 billion
         resulting in an additional expense of R1.2 billion
     •   A foreign exchange gain of R3.7 billion (2020: loss of R4.8 billion) has been recognised on the
         SIHPL CPU liability
     •   Headline earnings per share improved from a loss of 23 716.32 cents to earnings of 5 054.54
     •   Basic earnings per share improved from a loss of 24 187.23 cents to earnings of 4 730.90 cents
     •   On 27 January 2021, the Board declared a gross dividend of 292.43 cents per preference
         share, payable on 26 April 2021

Steinhoff Investments is a wholly-owned subsidiary of Steinhoff International Holdings N.V.
(“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.
The Company’s Reviewed Condensed Consolidated Interim Financial Statements covers the six-month
period ended 31 March 2021 (the “Reporting Period”) and also addresses the material events
subsequent to the reporting date up to the publication date of this report.

3.  DIVIDEND DECLARATION – Ordinary shares
No interim dividend has been declared on the ordinary shares.

The Company’s Condensed Consolidated Interim Financial Statements have been reviewed by the
Company’s auditors, Mazars, who expressed a qualified review opinion thereon. The basis for the
qualified review opinion included:

 a) the inability to obtain sufficient appropriate review evidence to substantiate the likelihood of
    the expected outcome of the proposed legal settlement and therefore the provision for the
    Litigation Settlement Proposal; and
 b) the comparability of the 31 March 2020 Condensed Consolidated Interim Financial Statements
    due to it being impracticable to perform retrospective procedures on historic financial

The full auditor’s review opinion forms part of the Company’s Condensed Consolidated Interim
Financial Statements, available through the links provided below.

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:

and is also available on Steinhoff International’s website 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 announcement, as a whole.

These results have been prepared under the supervision of TLR de Klerk (director); BCom (Hons), CTA,
HDip (Tax), CFM.

18 June 2021
JSE Sponsor PSG Capital

Date: 18-06-2021 11:45:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story