| Tue 8 Sep 2009, 14:07 | | SHF - Steinhoff International Holdings - Audited financial results for the year |
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SHF
SHF
SHF - Steinhoff International Holdings - Audited financial results for the year
ended 30 June 2009
STEINHOFF INTERNATIONAL HOLDINGS LIMITED
(Steinhoff or the company or the group)
Registration number: 1998/003951/06
(Incorporated in the Republic of South Africa)
JSE share code: SHF ISIN code: ZAE000016176
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE 2009
Geographical diversity, mass-market positioning of retail activities,
manufacturing and sourcing scale support solid results.
Highlights
Revenue growth of 13% to R50.9 billion
Headline earnings exceeds R3.2 billion
Distribution per share maintained at 60 cents
Net gearing ratio improves to 35%
Continues investment in infrastructure and retail participation to secure future
growth
Condensed consolidated income statement
Audited Audited
Year ended Year ended
30 June 2009 30 June 2008 %
Notes R `000 R`000 change
Revenue 50 868 641 45 045 885 13
Operating profit before
depreciation and capital
items 6 127 483 5 492 166 12
Depreciation (974 714) (830 553)
Operating profit before
capital items 5 152 769 4 661 613 11
Capital items 1 49 295 (192 890)
Earnings before interest,
dividend income, associate
earnings and taxation 5 202 064 4 468 723 16
Net finance charges (1 000 451) (704 637)
Dividend income 598 584
Earnings before associate
earnings and taxation 4 202 211 3 764 670 12
Share of profit of
associate companies 6 527 37 071
Profit before taxation 4 208 738 3 801 741 11
Taxation (581 254) (366 133)
Profit for the year 3 627 484 3 435 608 6
Attributable to:
Equity holders of the
parent 3 378 878 3 310 037 2
Minority interest 248 606 125 571
Profit for the year 3 627 484 3 435 608 6
Headline earnings per
ordinary share (cents) 252.9 263.5 (4)
Fully diluted headline
earnings per ordinary
share (cents) 243.0 251.4 (3)
Basic earnings per
ordinary share (cents) 256.1 249.8 3
Fully diluted earnings per
ordinary share (cents) 245.8 238.8 3
Number of ordinary shares
in issue (`000) 1 280 346 1 268 743 1
Weighted average number of
ordinary shares in issue
(`000) 1 275 841 1 280 541 -
Earnings attributable to
ordinary shareholders
(R`000) 2 3 267 432 3 199 039 2
Headline earnings
attributable to ordinary
shareholders (R`000) 3 3 226 282 3 374 761 (4)
Distribution per ordinary
share (cents) 60 60 -
Average currency
translation rate
(rand:euro) 12.3503 10.7631 15
Additional information
Audited Audited
Year ended Year ended
30 June 2009 30 June 2008
R`000 R`000
Note 1: Capital items
Foreign currency translation reserve released
on disposal of subsidiary 4 776 -
Gain on sale of investments 657 -
Goodwill adjustments - (15 581)
Impairments (11 414) (166 314)
Loss on scrapping of rental fleet vehicles (6 088) (7 650)
Profit/(loss) on disposal of property, plant
and equipment 42 756 (14 416)
Loss on disposal of intangible asset (4) -
Negative goodwill released on business
combination - 8 723
Profit on disposal of investment property 18 612 2 348
49 295 (192 890)
Note 2: Earnings attributable to ordinary
shareholders
Earnings attributable to equity holders 3 378 878 3 310 037
Dividend entitlement on non-redeemable
cumulative preference shares (111 446) (110 998)
3 267 432 3 199 039
Note 3: Headline earnings attributable to
ordinary shareholders
Earnings attributable to equity holders 3 378 878 3 310 037
Adjusted for:
Capital items (note 1) (49 295) 192 890
Taxation effects of capital items 1 127 (17 231)
Remeasurements included in equity-accounted
earnings of associate companies 7 018 63
Dividend entitlement on non-redeemable
cumulative preference shares (111 446) (110 998)
Headline earnings for the year attributable to
ordinary shareholders 3 226 282 3 374 761
Condensed consolidated balance sheet
Audited Audited
30 June 2009 30 June 2008
R`000 R`000
Assets
Non-current assets
Property, plant and equipment, investment
properties and biological assets 11 277 031 11 288 468
Intangible assets and goodwill 18 875 328 21 226 595
Investments and loans 2 368 077 1 278 679
Investments in associate companies 3 004 766 2 457 992
Deferred taxation assets 1 101 321 1 390 020
36 626 523 37 641 754
Current assets
Accounts receivable, short-term loans and
other current assets 9 167 743 8 725 726
Inventories 4 756 962 5 553 033
Cash and cash equivalents 4 736 197 4 995 231
18 660 902 19 273 990
Total assets 55 287 425 56 915 744
Equity and liabilities
Capital and reserves
Ordinary share capital and reserves 21 021 321 20 772 947
Preference share capital 1 042 474 1 042 474
22 063 795 21 815 421
Minority interest 2 859 958 2 968 732
Total equity 24 923 753 24 784 153
Non-current liabilities
Deferred taxation liabilities 3 020 423 3 203 448
Interest-bearing long-term liabilities 12 703 880 12 684 508
Other long-term liabilities and provisions 963 441 1 414 066
16 687 744 17 302 022
Current liabilities
Interest-bearing short-term liabilities 5 178 447 3 912 494
Accounts payable, provisions and other current
liabilities 8 497 481 10 917 075
13 675 928 14 829 569
Total equity and liabilities 55 287 425 56 915 744
Net asset value per ordinary share (cents) 1 642 1 637
Net gearing ratio (%) 35 38
Closing exchange rate (rand:euro) 10.8265 12.3341
Condensed consolidated statement of recognised income and expense
Audited Audited
Year ended Year ended
30 June 2009 30 June 2008
R`000 R`000
Actuarial losses recognised in equity (22 430) (13 137)
Cash flow hedges recognised in equity (49 110) 15 219
Exchange differences on consolidation of
foreign subsidiaries (2 583 131) 2 353 086
Fair value adjustments on available for sale
financial assets 132 (3 157)
Net (expense)/income recognised directly in
equity (2 654 539) 2 352 011
Profit for the year 3 627 484 3 435 608
Total recognised income and expense for the
year 972 945 5 787 619
Attributable to:
Equity holders of the parent 1 106 807 5 021 490
Minority interest (133 862) 766 129
972 945 5 787 619
Condensed consolidated cash flow statement
Audited Audited
Year ended Year ended
30 June 2009 30 June 2008
R`000 R`000
Operating profit before working capital
changes 5 871 185 5 386 962
Net changes in working capital
- Decrease in inventory 540 857 43 330
- Increase in debtors (932 632) (129 193)
- (Increase)/decrease in creditors (1 545 274) 183 753
Cash generated from operations 3 934 136 5 484 852
Net finance charges (884 199) (760 034)
Dividends paid (157 258) (119 639)
Dividends received 598 11 423
Taxation paid (309 110) (385 623)
Net cash inflow from operating activities 2 584 167 4 230 979
Net cash outflow from investing activities (3 986 609) (5 943 036)
Net cash inflow from financing activities 1 701 217 1 398 843
Net increase/(decrease) in cash and cash
equivalents 298 775 (313 214)
Effects of exchange rate changes on cash and
cash equivalents (557 809) 243 458
Cash and cash equivalents at beginning of year 4 995 231 5 064 987
Cash and cash equivalents at end of year 4 736 197 4 995 231
Segmental analysis
Audited Audited
Year ended Year ended
30 June 2009 30 June 2008 %
R `000 R `000 change
Revenue
Retail activities
- Household goods and building
supplies 21 659 722 14 889 601 45
- Automotive 10 202 091 12 419 863 (18)
Manufacturing and sourcing of
household goods and related raw
materials 23 790 810 19 267 783 23
Logistics services 5 775 860 4 984 554 16
Corporate services
- Brand management 414 204 361 619 15
- Investment participation 254 169 182 004 40
- Central treasury and other
activities 251 156 382 122 (34)
62 348 012 52 487 546 19
Intersegment eliminations (11 479 371) (7 441 661)
50 868 641 45 045 885 13
Operating profit before capital
items
Retail activities
- Household goods and building
supplies 1 379 253 964 689 43
- Automotive 282 631 488 623 (42)
Manufacturing and sourcing of
household goods and related raw
materials 2 560 368 2 184 219 17
Logistics services 676 714 460 659 47
Corporate services
- Brand management 414 204 361 620 15
- Investment participation 254 169 182 004 40
- Central treasury and other
activities 323 338 501 785 (36)
5 890 677 5 143 599 15
Intersegment eliminations (737 908) (481 986)
5 152 769 4 661 613 11
Audited Audited
30 June 2009 30 June 2008
R`000 % R`000 %
Total assets
Retail activities
- Household goods and
building supplies 20 328 572 44 23 035 434 45
- Automotive 2 313 830 5 2 644 111 5
Manufacturing and sourcing of
household goods and related raw
materials 12 072 163 26 13 920 171 28
Logistics services 5 261 014 12 4 629 291 9
Corporate services
- Brand management 3 836 533 8 4 143 382 8
- Investment participation 1 921 790 4 1 356 566 3
- Central treasury and other
activities 573 505 1 1 109 408 2
46 307 407 100 50 838 363 100
Reconciliation of total assets per segmental analysis to total assets per
balance sheet
Audited Audited
30 June 2009 30 June 2008
R`000 R`000
Total assets per balance sheet 55 287 425 56 915 744
Less: Cash and cash equivalents (4 736 197) (4 995 231)
Less: Investments in associate companies (3 004 766) (739 532)
Less: Investments in preference shares (216 389) (193 285)
Less: Interest-bearing investments and loans (1 022 666) (149 333)
Total assets per segmental analysis 46 307 407 50 838 363
Geographical information
Audited Audited
30 June 2009 30 June 2008
R`000 % R`000 %
Revenue
Continental Europe 19 048 930 37 13 167 533 29
Pacific Rim 3 070 062 6 3 015 132 7
Southern Africa 19 348 947 38 20 331 063 45
United Kingdom 9 400 702 19 8 532 157 19
50 868 641 100 45 045 885 100
Audited Audited
Year ended Year ended
30 June 2009 30 June 2008
R`000 % R`000 %
Non-current assets
Continental Europe 17 201 993 47 16 756 588 44
Pacific Rim 1 262 208 3 1 522 139 4
Southern Africa 10 863 921 30 10 063 893 27
United Kingdom 7 298 401 20 9 299 134 25
36 626 523 100 37 641 754 100
SELECTED EXPLANATORY NOTES
Statement of compliance
The consolidated annual financial statements from which these condensed
financial statements are derived, have been prepared in accordance with
International Financial Reporting Standards (IFRS), the interpretations adopted
by the International Accounting Standards Board (IASB), and the requirements of
the South African Companies Act. This set of condensed financial statements is
presented in compliance with IAS 34 - Interim Financial Reporting.
Basis of preparation
The annual financial statements are prepared in thousands of South African rands
(R`000) on the historical-cost basis, except for certain assets and liabilities
which are carried at amortised cost, and derivative financial instruments and
biological assets which are stated at their fair value.
Financial statements
The annual financial statements for the year have been audited by Deloitte &
Touche and their accompanying unmodified audit report as well as their
unmodified audit report on this set of summarised financial information are
available for inspection at the company`s registered office. Full details of the
group`s business combinations for the year, additions and disposals of property,
plant and equipment as well as commitments and contingent liabilities are
included in the group`s consolidated financial statements.
Changes in accounting policies
The accounting policies of the group have been applied consistently to the
periods presented in the consolidated financial statements, except for the
adoption of:
IFRS 7 - Financial Instruments: Disclosures: Reclassification of financial
assets
IAS 39 - Financial Instruments: Recognition and Measurement: Applicable
effective interest rate on cessation of fair value hedge accounting: Eligible
hedged items; Embedded derivatives; Reclassification of financial assets
IFRIC 9 - Reassessment of Embedded Derivatives: Embedded derivatives
IFRIC 14 - IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding
Requirements and their Interaction
IFRIC 17 - Distributions of Non-cash Assets to Owners
IFRIC 18 - Transfers of Assets from Customers
Improvements to IFRS`s
The group early adopted the majority of the IASB`s Improvements to International
Financial Reporting Standards for 2008 and 2009. The remainder of these changes
will be adopted by the various effective dates. The adoption of the improvements
affected certain disclosures to the consolidated financial statements.
Details of the implementation and adoption of the various IFRSs and IFRICs are
incorporated in the consolidated financial statements.
COMMENTARY: REVIEW OF RESULTS
Retail activities: household goods
Against a backdrop of turbulent economic conditions throughout Europe, the
positioning of the European retail activities and the scale of manufacturing and
sourcing operations generated solid results.
United Kingdom
The year under review was a difficult year for the UK economy. Despite this, our
UK retail businesses reported sound results with stable revenues and profits.
Furniture and household goods: This division has increased its market share and
margins on the back of improved operational efficiencies and the failure of
certain competitors. After three years in turnaround and consolidation mode, the
future focus has turned to expansion and growth.
Beds: This division remains the leading bedding retailer in the UK, positioned
across various price points. The national scale and resulting efficiency in
markting support enabled our businesses to progress at a time when many smaller
players have found the going very difficult.
Continental Europe
The group`s retail operations in Continental Europe are characterised by various
trading concepts, particularly large scale discount formats which offer a full
range of furniture and household goods. The resilience of the retail discount
segment resulted in double-digit like-for-like sales growth and this division
continues to benefit from consumers trading down. This is especially prevalent
in the more conservative markets of central Europe.
Pacific Rim
The Australian and New Zealand economies experienced a sharp decline in growth
in 2008 resulting in a reduction in discretionary retail spending and a
particularly low level of consumer confidence. The group`s retail operations are
positioned to appeal to the more affluent market segment and sales were impacted
as consumers traded down. Each of the retail trading formats reduced the fixed
cost bases of their businesses and focused on regular tactical promotional
activity to drive sales. Despite an overall decline in sales, the businesses
each improved their trading densities in the second part of the financial year.
Southern Africa
The Steinbuild divisional results, comprising the Pennypinchers and Timbercity
retail operations, were negatively influenced by the downturn in the building
and furniture industries. The business opened new stores and converted selected
joint-venture stores to company stores that resulted in extra costs.
Retail activities: automotive
The automotive retail division reported a decline in revenue. The division`s
strategy and market share in the volume segment of vehicle sales provided some
protection in the declining market. The division returned a satisfactory 2.8%
margin on sales.
Manufacturing and sourcing
The diversity and flexibility of our manufacturing and sourcing operations
continued to support the group`s owned and external retail distribution bases.
Revenue increased by 23% at consistent margins.
United Kingdom
The UK has seen particularly tough trading conditions in our key markets; namely
furniture and automotive. Increased intergroup trading activity with our retail
division largely compensated for weakness in the external markets. This,
together with considerable operational rationalisation, has positioned our
businesses well for the upturn when it comes.
Continental Europe
The European manufacturing operations continued to take advantage of the
rationalisation and consolidation prevalent within the household goods industry
in Europe. The division experienced short-term deflationary pressure on selling
prices, but was able to increase productivity and to extract more value from its
extensive brand portfolio.
International Sourcing
The international sourcing operations continued to build capacity within their
supplier base to satisfy the group`s sourcing demand. Good growth was achieved
coupled with improved quality and customer service levels, which benefitted
margins within the retail divisions.
Southern Africa
The group`s timber operations experienced a decline in demand due to its
exposure to the South African construction and furniture markets. The division
responded to the soft market by reducing its cost base and accelerating its
investment within its forests and thereby securing its supplies internally over
the long term.
Logistics services
Southern Africa
The freight and logistics division delivered a strong performance. The
division`s focus on less capital intensive supply chain services resulted in
improved margins.
The fuel and chemical division in particular outperformed expectations, securing
additional work, which shielded the division from the reduction in fuel demand.
The passenger division also made great strides forward in the current year, with
increased margins earned at Intercity and Megacoach. The division secured
additional long-term contracts within its personnel transport division that will
support sustainable growth.
Continental Europe, United Kingdom, Pacific Rim
Unitrans is increasingly being integrated into the group`s foreign logistics
operations, focussing on providing the retail and manufacturing operations with
a world-class distribution network.
PERFORMANCE
Revenue
Group sales grew 13% to R50.9 billion, represented by:
2009 2008 %
R`000 R`000 Change
Continental Europe, UK & Pacific Rim 31 519 694 24 714 822 28
Southern Africa 19 348 947 20 331 063 (5)
50 868 641 45 045 885 13
The group`s revenue achieved outside Southern Africa (foreign revenue)
principally comprise of revenues in euro, British pound, Polish zloty and
Australian dollar. Foreign revenues (converted to euro) increased by 11% from
euro 2.3 billion to euro 2.6 billion. The average exchange rate used for
converting euro income and expenditure to rand was R12.3503:1 euro compared to
R10.7631:1 euro in respect of the previous financial year (15% change).
In Europe, the increased revenue is mainly attributable to the European retail
businesses consolidated for a full year during the year under review,
supplemented by organic growth attributable to the EU sourcing businesses.
The decline in southern African revenue was as a result of the R2.2 billion
decline in Unitrans` automotive retail sales, which was marginally offset by the
increase in logistics revenue. The restructuring of the building supply retail
division (Steinbuild) led to control of the joint-venture operations, requiring
the consolidation of its results in the year under review. This division was
proportionally consolidated in the previous year.
Operating margin
The diversity of operations, good financial management and the scale of
manufacturing and sourcing operations enabled the group to maintain the average
operating margin at 10.1% (2008: 10.3%) amidst volatile market conditions.
Net finance charges
Net finance charges increased to R1 billion (2008: R705 million). The increased
interest charges are mainly as a result of the increased currency conversion
rate of euro-denominated interest charges and the R1.6 billion convertible bond,
maturing in June 2015 (issued in June 2008). The net finance charges are further
characterised by lower EURIBOR, LIBOR, JIBAR and SA prime rates prevailing
across the globe, partly offset by higher spreads charged by financial
institutions. The higher spreads were largely payable on short-term facilities
accessed by the group. The long-term debt profile and terms of the group`s debt
remained largely unchanged during the year under review.
Taxation
The group`s increased taxation charge is due to the full-year consolidation of
retail operations which are located in higher taxation rate jurisdictions such
as Germany. Management anticipates that the average taxation rate should not
fluctuate and is not expected to exceed 15% of pre-taxation income in the
foreseeable future.
Profit after taxation
Profit after taxation for the period increased by 6% to R3.6 billion (2008: R3.4
billion) and profit attributable to equity holders of the parent increased by 2%
to R3.4 billion (2008:R3.3 billion).
Minority interest
Profit attributable to minority shareholders increased to R249 million (2008:
R126 million). This arose mainly from the minority shareholders within the
European retail businesses that were consolidated for a full year during the
year under review.
Earnings per share (EPS) and Headline earnings per share (HEPS)
EPS increased by 3% to 256.1 cents per share (2008: 249.8 cents per share),
while HEPS decreased by 4% to 252.9 cents per share (2008: 263.5 cents per
share). The R49 million capital profit deducted in calculating headline earnings
largely comprised of the profit on disposal of property within the southern
African operations, while a R193 million capital loss was added back in the
comparative period HEPS calculation, which included a R155 million impairment
charge on the group`s associate investments.
Assets
The group`s total assets at 30 June 2009 amounted to R55.3 billion (2008: R56.9
billion) while the net asset value per share increased to 1 642 cents (2008: 1
637 cents). The majority of the group`s assets are situated in Europe. These
assets were converted at a closing rate of R10.8265:1 euro compared to
R12.3341:1 euro in the previous financial year (12% change). The unrealised
exchange differences on consolidation of foreign subsidiaries is largely
attributable to the lower closing conversion rate in translating the group`s
euro assets to rand, but also includes the effect of the weak British pound,
Polish zloty and Australian dollar against the euro.
Working capital
The group`s policy to extend and improve credit terms to strong retailers,
backed by credit insurance, supported continued sales growth and margins,
particularly in the manufacturing and sourcing division. This remains a focussed
strategy in respect of major retailers operating in areas where the group
previously had no presence.
The group maintained its early settlement creditor policy and this benefitted
margins with higher settlement discounts available, particularly in the current
economic environment. Improved focus on inventory management enabled the group
to reduce inventories and improve stock turnover.
Debt
At 30 June 2009, the group had net interest-bearing debt of R8.8 billion 2008:
R9.4 billion) resulting in a net debt:equity ratio of 35% (2008: 38%).
The group maintains an appropriate long-term maturity debt profile.
At 30 June 2009 the group had cash and cash equivalents and confirmed unutilised
borrowing facilities of R8.1 billion (2008: R10 billion).
COMMENTARY: Corporate Activity
The group implemented the Broad Based Black Economic Empowerment transaction
(BBBEE transaction) announced on 1 December 2008. The BBBEE transaction is
funded by the group and will therefore result in sustainable benefits to all its
participants. The group did not participate in any other corporate actions
during the year.
COMMENTARY: Outlook
The group`s trading results for July and August have been encouraging. The
international global economic conditions and financial markets appear to show
signs of recovery. The resultant impact on consumer confidence and spending
patterns, especially in respect of the market segments where Steinhoff operates,
bodes well for improved performance in the current financial year. The group
continues to foster its existing trading relationships and the spread of its
businesses continues to result in market share gains due to the market
consolidation trends. The vertically integrated structure insulates the group`s
sustainable earnings capacity whilst its sound financial position allows it to
grow, both organically and by acquisition.
In line with our business model of increasing the group`s retail footprint,
corporate opportunities and strategic partnerships are continuously evaluated,
both in Europe and in southern Africa.
The group`s balance sheet remains strong with gearing comparatively low and we
have retained the ability, flexibility and capacity to pursue further growth and
strategic acquisition opportunities. The group`s enduring commitment is to
ongoing value creation, effective working capital management, achievement of
acceptable operating margins and sound trading performance.
DECLARATION OF CAPITAL DISTRIBUTION AND SHARE AWARD
The board has resolved to declare a distribution of 60 cents per share (2008: 60
cents per share) from the share premium account to shareholders recorded in the
register at the close of business on Friday, 4 December 2009 (the cash
distribution). All shareholders will be awarded the opportunity to elect either
to receive a cash distribution or a capitalisation share award (the share
award).
The last day to trade Steinhoff shares on the JSE to ensure that the purchaser
is recorded as a shareholder on the record date (4 December 2009) will be
Friday, 27 November 2009. Shares will commence trading ex distribution from the
commencement of trading on Monday, 30 November 2009. Payment and issue date will
be Monday, 7 December 2009.
The terms of the share award will be announced on Wednesday, 11 November 2009
and documentation relating thereto will be posted by Wednesday, 11 November
2009.
Elections will close on Friday, 27 November 2009 at 12h00.
Shareholders are required to notify their duly appointed participant or broker
of their election in terms of the capital distribution.
Shareholders will have their CSDP or broker accounts credited with the share
award on Monday, 7 December 2009.
The capital distribution will be electronically transferred to the bank accounts
of certificated shareholders who utilise this facility on Monday, 7 December
2009. In all other instances of certificated holders, cheques dated 7 December
2009 or the relevant capitalisation share certificates will be posted on or
about that date. Shareholders who have dematerialised their shares will have
their accounts credited on 7 December 2009.
Annual report
The annual report will be mailed to shareholders in due course. The annual
general meeting is scheduled to take place on Monday 7 December 2009, at the
registered office of the company at 10:00.
DIRECTORATE
Dr Steve Booysen was appointed as an independent non-executive director on 8
September 2009.
On behalf of the Board of Directors
SJ Grobler
Company Secretary
8 September 2009
Steinhoff Investment Holdings Limited
(Steinhoff Investments)
Registration number: 1954/001893/06
(Incorporated in the Republic of South Africa)
JSE share code: SHFF ISIN: ZAE 000068367
Preference shareholders are referred to the above results of Steinhoff for a
full appreciation of the consolidated results and financial position of
Steinhoff Investments.
DECLARATION OF DIVIDEND NUMBER 8 TO PREFERENCE SHAREHOLDERS
The board of Steinhoff Investments has resolved to declare a dividend of 489
cents per preference share in respect of the period from 1 January 2009 up to
and including 30 June 2009 (the dividend period), payable on Monday, 26 October
2009, to those preference shareholders recorded in the books of the company at
the close of business on Friday, 23 October 2009. This dividend has been
determined on the basis of 75% of the prime bank overdraft lending rate of ABSA
Bank Limited prevailing over the dividend period, applied to the nominal value
plus premium (of R100,00 per preference share, in the aggregate).
The dividend is payable in the currency of South Africa.
2009
Last date to trade cum dividend Friday, 16 October
Shares trade ex dividend Monday, 19 October
Record date Friday, 23 October
Payment date Monday, 26 October
No dematerialisation or rematerialisation of preference shares may take place
between Monday, 19 October 2009 and Friday, 23 October 2009, both dates
inclusive.
On Monday, 26 October 2009, the preference dividend will be electronically
transferred to the bank accounts of preference shareholders. Preference
shareholders who have dematerialised their shares will have their accounts
credited on Monday, 26 October 2009.
PROPOSED TAXATION AMENDMENTS
We refer to our previous communications regarding the conversion of
Secondary Tax on Companies (STC) to a shareholder dividend tax.
As previously communicated, the preference shareholders are advised
that a further announcement setting out the impact on the cumulative
non-redeemable non-participating preference shares issued by Steinhoff
Investment Holdings Limited will be made once the detailed legislation
is promulgated and duly considered.
On behalf of the Board of Directors
D Konar SJ Grobler
Non-Executive Director Executive Director
8 September 2009
OTHER NOTES
1. Corporate governance
Steinhoff has embraced the recommendations of King Report on Corporate
Governance and strives to provide reports to shareholders that are timely,
accurate, consistent and informative.
2. Social responsibility
Steinhoff continues to be recognised for its corporate social investment
activities. The group remains committed to the related initiatives and is
conscious of the needs in this regard. A number of social responsibility
projects are continuing.
3. Human resources
A constructive working relationship is maintained with the relevant unions.
Ongoing skills and equity activities continue to ensure compliance with current
legislation.
Plans continue in terms of initiatives embarked upon that contribute to broader
skills development and sourcing appropriately qualified staff on an ongoing
basis.
4. Related party transactions
The company entered into various related party transactions. These transactions
are no less favourable than those arranged with third parties.
5. Further events
No significant events have occurred in the period between the reporting date and
the date of this report. For more detail on the group`s listed investments,
shareholders are referred to the results and/or corporate announcements and
financial information of:
- Amalgamated Appliance Holdings Limited - 7 September 2009 - www.amap.co.za
- KAP International Holdings Limited - 8 September 2009 -
www.kapinternational.com
Administration
Steinhoff International Holdings Limited
(Steinhoff or the company or the group)
Registration number: 1998/003951/06
(Incorporated in the Republic of South Africa)
JSE share code: SHF ISIN code: ZAE000016176
Registered office: 28 Sixth Street, Wynberg, Sandton, 2090, Republic of South
Africa
Tel: +27 (11) 445 3000 Fax: +27 (11) 445 3094
Directors: D Konar (chairman), MJ Jooste (chief executive officer), DE Ackerman,
SF Booysen,
DC Brink, YZ Cuba, CE Daun*, HJK Ferreira, SJ Grobler, JF Mouton, FJ Nel, FA
Sonn, BE Steinhoff*,
IM Topping#, DM van der Merwe
Alternate directors: JNS du Plessis, KJ Grove, A Kruger-Steinhoff*
#British *German non-executive
Company secretary: SJ Grobler
Auditors: Deloitte & Touche
Sponsor: PSG Capital (Proprietary) Limited
Transfer secretaries: Computershare Investor Services (Proprietary) Limited
70 Marshall Street, Johannesburg, 2001
www.steinhoffinternational.com
To view results on mobile www.steinhoff.mobi
Date: 08/09/2009 14:07:02 Produced by the JSE SENS Department.
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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.
