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IBEX INVESTMENT HOLDINGS LIMITED - Annual Results for the Year Ended 30 September 2023

Release Date: 14/12/2023 17:30
Code(s): IBX     PDF:  
Wrap Text
Annual Results for the Year Ended 30 September 2023

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


     •   On 9 February 2023, the Group announced the placement of 265 million Pepkor Holding
         Limited ("Pepkor Holdings") 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.
     •   As a result, Pepkor Holdings was included as a discontinued operations until 8 February 2023
         and was thereafter recognised as an equity accounted investment, based on the prevailing
         share price on that date. Comparative information has been restated accordingly.
     •   The net effect of the deemed disposal of Pepkor Holdings included in discontinued
         operations, followed by an impairment included in continuing operations, due to the decline
         in Pepkor Holding's share price since its recognition as an equity accounted investment,
         resulted in a net R603 million reduction in profit for the period.
     •   The recognition and derecognition of financial assets and liabilities, resulted in a net gain of
         R302 million (2022: R12.5 billion). The net gain in the previous reporting period mainly relates
         to the derecognition of the SIHPL CPU and the recognition of the S155 Settlement Note with
         limited recourse, both within the wholly-owned subsidiary SIHPL.
     •   There was an increase in expected credit losses relating to intragroup loans receivable at the
         Reporting Date. This was largely driven by the decline in the share price of Pepco Group N.V.
         which resulted in a loss of R5.7 billion (2022: R3.5 billion) being recognised.
     •   An operating loss, from continuing operations, of R4.2 billion was recorded compared with an
         operating profit of R9.5 billion in the prior year.
     •   Headline earnings per share decreased from 26 796.4 cents to 1 185.5 cents.
     •   Earnings per share decreased from 25 863.6 cents to 23.6 cents.
     •   Two preference share dividends were declared, as set out in the terms of the preference
             o on 17 March 2023, the Board declared a gross dividend of 393.96575 cents per
                  preference share, which was paid on 24 April 2023; and
             o on 2 October 2023, the Board declared a gross dividend of 452.78938 cents per
                  preference share, which was paid on 23 October 2023.

Ibex Investments is a wholly-owned subsidiary of Ibex RSA Holdco Limited, with the ultimate parent
being Ibex Topco B.V. Ibex Investments 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 2023 ("2023
Consolidated Financial Statements") and also address the material events subsequent to the
reporting date up to the publication date of this report.

On 28 November 2023, the Company announced that it had received confirmation from the
Companies and Intellectual Property Commission that the special resolution for the change of name
had been registered, and that the Company's name has now legally changed to Ibex Investment
Holdings Limited. Termination date for trading under the Name of "Steinhoff Investment Holdings
Limited" and commencement of trading under the new name of "Ibex Investment Holdings Limited",
with an abbreviated name of "Ibex", under the JSE share code "IBX" and ISIN ZAE000068367 was 6
December 2023.

4. DIVIDEND DECLARATION – Ordinary shares
On 9 December 2022, SAHPL declared a distribution to the Company, which the Company in return
declared as a distribution to SIHNV in order for SIHNV to pay its operational expenses. The Company
was unable to pay the distribution to SIHNV due to restrictions imposed on the Group by the SARB
and the need for endorsement of the Company's share certificates as non-resident. Following
implementation of the WHOA Restructuring Plan, SIHNV is no longer the Company's shareholder, and
the indemnification provided by RSA Holdco serves to fund SIHNV's operational requirements. The
board accordingly revoked the distribution.

The 2023 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 2023 Consolidated Financial Statements and includes details
of the key audit matters. The 2023 Consolidated Financial Statements are 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 2023 Consolidated Financial Statements and does not contain full
or complete details. This announcement has not been audited but has been extracted from the 2023
Consolidated Financial Statements which can be found at: and is also available on Ibex
Topco B.V. website
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.

14 December 2023
JSE Sponsor: PSG Capital

Date: 14-12-2023 05:30:00
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