STEINHOFF INVESTMENT HOLDINGS LIMITED - Annual Results For The Year Ended 30 September 2021

Annual Results For The Year Ended 30 September 2021

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 2021


1. SALIENT FEATURES
    •   Revenue from continuing operations, comprising Pepkor Holdings only, increased by 9.2% to
        R77.3 billion for the year ending 30 September 2021 (“FY 2021”, “Reporting Period”) from
        R70.8 billion in the previous year (“FY 2020” – restated for discontinued operations)
    •   Operating profit (EBIT) from continuing operations, before other material expenses, increased
        by 30.0% from a profit of R6.5 billion for FY 2020 (restated) to a profit of R8.6 billion for FY
        2021
    •   Operating profit from continuing operations, after other material expenses, improved from a
        loss of R9.3 billion recorded for FY 2020 (restated) to an operating profit of R11.9 billion in FY
        2021
    •   Prior year impairments of R11.4 billion were reversed during the year (FY2020: R3.9 billion
        reversed)
    •   The Litigation Settlement Proposal provision was increased from R9.4 billion to R16.6 billion
        resulting in an additional net expense of R7.2 billion
    •   A foreign exchange gain of R3.4 billion (2020: loss of R5.0 billion) and a loan commitment of
        R2.2 billion have been recognised in FY 2021
    •   Headline earnings per share improved from a loss of 12 483.0 cents in FY 2020 (restated) to a
        profit of 11 843.6 cents in FY2021
    •   Basic earnings per share improved from a loss of 22 803.6 cents in FY 2020 (restated) to a
        profit of 11 685.5 cents in FY 2021
    •   Two preference share dividends were declared, as set out in the terms of the preference
        shares: a dividend of 292.42 cents per share was declared in January 2021, a decrease of 30%
        compared to the prior corresponding period (2020: 416.91 cents per share) and in October
        2021 a dividend of 286.38 cents per share was declared, a decrease of 20% compared to the
        prior corresponding period (2020: 356.78 cents per share).
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 Consolidated Financial Statements cover the year ended 30 September 2021 and
   also address the material events subsequent to the reporting date up to the publication date of
   this report.


3. DIVIDEND DECLARATION – ORDINARY SHARES
   No dividend has been declared on the ordinary shares.


4. EXTERNAL AUDIT
  These 2021 Consolidated Financial Statements have been audited by the Company’s auditors,
  Mazars, who expressed an unqualified audit opinion thereon.
  The full auditor’s report forms part of the 2021 Consolidated Financial Statements and includes
  details of the key audit matters. The 2021 Consolidated Financial Statements are available through
  the links provided below.


5. 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. This announcement has not been audited but has been extracted from the 2021
   Consolidated Financial Statements. The full announcement, including the auditor’s report, and can
   be found at:
   https://senspdf.jse.co.za/documents/2021/JSE/ISSH/SHFFH/SHFF_FY21.pdf


   and is also 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
   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.


   JSE Sponsor: PSG Capital

   Stellenbosch, 15 December 2021

Date: 15-12-2021 05:45:00
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