STEINHOFF INVESTMENT HOLDINGS LIMITED - Annual Results For The Year Ended 30 September 2018
30 October 2020 13:30
Annual Results For The Year Ended 30 September 2018

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 11% to R64.3 billion for the year ending 30
        September 2018 (“FY 2018”) from R58.0 billion in the previous year (“FY 2017”).
    •   An operating loss, from continuing operations, of R428 million was recorded for FY 2018,
        reduced from an operating loss of R4.3 billion in FY 2017.
    •   Headline earnings per share improved from a loss of 14 368.8 cents for FY 2017 to a loss of 2
        297.1 cents in FY 2018.
    •   Basic earnings per share improved from a loss of 11 424.1 cents for FY 2017 to a loss of 6 540.0
        cents in FY 2018.
    •   Two preference share dividends were declared, as set out in the terms of the preference
        shares: a dividend of 427.42 cents per share was paid in July 2018, a decrease of 2% compared
        to the prior corresponding period (2017: 436.38 cents per share) and in August 2018 a
        dividend of 424.06 cents per share was paid, an decrease of 1% compared to the prior
        corresponding period (2017: 429.56 cents per share).


    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. Following the events of December 2017, Steinhoff Investments was unable to publish
    its Consolidated Financial Statements within the prescribed timeframe and the listing of the
    preference shares was suspended by the JSE, effective 1 March 2018, and has remained
    suspended since that date. The audited 2019 Annual Financial Statements were issued on 29 May
    2020 ahead of the release of the delayed 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 unaudited and unreviewed 2020 Interim Results were issued on 3
    September 2020 and the audited 2016 and 2017 Annual Financial Statements were then released
    on 2 October 2020.
    The release of these 2018 audited Annual Consolidated Financial Statements brings the annual
    financial reporting back up to date.


   During the 2018 Reporting Period, Steinhoff Investments declared and paid a distribution to its
   shareholder, Steinhoff N.V. The distribution of R2.2 billion was made from reserves.


   These FY 2018 Annual Consolidated and Separate Financial Statements have been audited by the
   Company’s auditors, Deloitte & Touche, who expressed two modified audit opinions thereon. The
   modified audit opinions included:
   a) a disclaimer of opinion on the consolidated financial statements;
   b) The basis of the disclaimer being going concern, material uncertainties relating to litigation,
       taxation effects of the prior period restatements and adjustments, control conclusions on
       certain entities and related parties, financial information used for the consolidation, the
       recoverability of loans to related parties, the Lancaster 102 Proprietary Limited preference
       shares and uncertainty regarding comparability of information;
   c) a disclaimer of opinion on the separate financial statements;
   d) material uncertainties relating to going concern, litigation, and taxation; and
   e) reference to a reportable irregularity reported to IRBA.

   The full auditor’s reports, included in the 2018 Annual Consolidated and Separate Financial
   Statements, explains the reasoning for the modifications.

   Deloitte and Touche reported a reportable irregularity regarding Steinhoff Investment Holdings
   Limited’s non-compliance with the JSE Listing Requirements as they relate to timeous financial
   reporting of listed entities.
   The issuance these 2018 annual financial statements effectively resolves the Reportable
   Irregularity, as far as it pertains to the 2018 reporting period.


   This short-form announcement is the responsibility of the directors of the Company. It is only a
   summary of the information in the consolidated and separate financial statements (“Full
   Announcement”) and does not contain full or complete details. This announcement has not been
   audited but extracted from the audited results. The Full Announcement includes the auditor’s
   report and can be found at:
   and also on Steinhoff N.V.’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 all
   financial information released, including the 2018 Annual Consolidated and Separate 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.

JSE Sponsor: PSG Capital

Stellenbosch, 30 October 2020

Date: 30-10-2020 01:30:00
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