| Tue 4 Sep 2001, 0:00 | | Steinhoff Holdings Ltd - Audited Results |
|
Steinhoff Holdings Ltd
Registration number 1998/003951/06
SHARE CODE: SHF
ISIN CODE: ZAE000016176
Audited results for the year ended 30 June 2001
- Headline earnings per share up 29%
- Revenues up 26%
- Hard currency revenues reach 73%
- Shareholders1 funds exceed R3 billion
Abridged consolidated income statement
for the year ended 30 June 2001
Audited year
ended
30/06/01 30/06/00 %
Note R'000 R'000 increase
Revenue 5 773 532 4 594 086 26
Operating income
before depreciation 679 586 536 334 27
Depreciation (98 923) (77 001)
Operating income
after depreciation 580 663 459 333 26
Exceptional items 1 134 898 26 586
Earnings before goodwill,
interest
and taxation 715 561 485 919 47
Goodwill amortised (37 531) -
Earnings before interest
and taxation 678 030 485 919 40
Net finance charges (46 648) (51 125)
Earnings before taxation 631 382 434 794 45
Taxation (27 130) (16 091)
Earnings after taxation 604 252 418 703 44
Share of associate income 38 111 13 276
Attributable to outside
shareholders 1 819 732
Income attributable to
shareholders 644 182 432 711 49
Number of shares in
issue ('000) 829 323 804 552 3
Weighted average number of
shares in issue ('000) 822 129 785 043 5
Attributable income (R'000) 644 182 432 711 49
Headline earnings (R000)
- Note 2 2 546 815 406 125 35
Earnings per share (cents) 78 55 42
Headline earnings per share
(cents) 67 52 29
Proposed dividend per
share (cents) 12 9 33
Note 1: Exceptional items (R'000)
- Capital gain on sale of
trademarks 179 282 -
- Capital profit on disposal
of fixed assets 26 586
- Closure costs of German
manufacturing plant 44 384) -
134 898 26 586
Note 2: Headline earnings
calculation
Income attributable to
shareholders 644 182 432 711
Adjustment for:
- Exceptional items (134 898) (26 586)
- Goodwill written off 37 531 -
Headline earnings
for the year 546 815 406 125
Abridged consolidated balance sheet
at 30 June 2001
Audited Audited
30/06/01 30/06/00
ASSETS
Non-current assets
Property, plant and equipment and
intangible assets 1 672 345 1 522 880
Investments and loans 546 190 260 293
Deferred tax asset 9 541 -
2 228 076 1 783 173
Current assets
Accounts receivable 1 695 383 1 482 760
Inventories 768 409 741 068
Cash and cash equivalents 988 905 454 641
Net cash balances 786 764 290 845
Near cash financial instruments 202 141 163 796
3 452 697 2 678 469
Total assets 5 680 773 4 461 642
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders1 equity 3 013 800 2 203 563
Outside shareholders1 interest 10 037 16 733
3 023 837 2 220 296
Non-current liabilities
Deferred taxation 4 529 9 830
Long-term liabilities 426 723 203 375
Long-term licence fee liability 287 250 -
718 502 213 205
Current liabilities
Net interest-bearing 631 186 729 093
Accounts payable and provisions 1 307 248 1 299 048
1 938 434 2 028 141
Total equity and liabilities 5 680 773 4 461 642
Net asset value per share (cents) 363 274
Gearing ratio (net) 9% 29%
Abridged group cash flow statement
for the year ended 30 June 2001
Audited year
ended
30/06/01 30/06/00
R000 R00
Operating profit before working
capital changes 827 770 532 952
Net changes in working capital (93 847) (407 823)
Cash generated from operations 733 923 125 129
Net finance costs (46 648) (51 125)
Dividends paid (17 365) (8 472)
Dividends received 5 610 -
Taxation (43 192) (9 560)
Net cash inflow from operating activities 632 328 55 972
Net cash outflow from investing
activities (347 395) (539 425)
Net cash inflow from financing
activities 277 012 745 290
Net increase in cash and cash
equivalents 561 945 261 837
Effects of exchange rate changes
on cash and
cash equivalents (27 681) (3 581)
Cash and cash equivalents
- beginning of period 454 641 196 385
Cash and cash equivalents - end of period 988 905 454 641
Statement of changes in equity
for the year ended 30 June 2001
Share Non-
capital distrib- Distrib-
and utable utable
premium reserves reserves Total
R'000 R'000 R'000 R'000
Balance at beginning
of period 1 583 778 39 884 579 901 2 203 563
Current year
associate income 32 501 (32 501) 0
Earnings attributable
to shareholders 644 182 644 182
Increase in foreign currency
translation reserve 70 828 70 828
Dividends paid (55 055) (2 882) (57 937)
Issue of shares 153 164 153 164
Balance at end
of period 1 681 887 143 213 1 188 700 3 013 800
Comments
Review of results
The board is pleased to announce growth in headline earnings for the year
ended 30 June 2001 by 35% to R547 million (2000: R406 million) on increased
revenues of 26%.
Operating margin for the Group as a whole was maintained at 10%. Very tough
trading conditions both in South Africa and Europe, was experienced during
the second six months of the financial year. The margin outside South Africa
improved to 13% (2000: 11%) and within South Africa reduced to 8% (2000:
10%).
Net finance charges decreased by R4,5 million as a result of effective
working capital management and accessing favourable long-term interest
facilities offshore.
Taxation increased to R27 million (2000: R16 million) and the relatively low
effective tax charge is due mainly to the Group1s favourable tax
dispensations in Central Europe, which are expected to continue in the
foreseeable future.
Shareholders1 funds increased to more than R3 billion at year-end and return
on average shareholders' funds was maintained at 21% during the year. The
gearing ratio reduced to 9% (2000: 29%) at 30 June 2001. Net asset value per
share increased by 32% to 363 cents (2000: 274 cents).
The Group generated 73% (2000: 71%) of its total revenues in hard currencies
during the year.
Headline earnings per share increased by 29% to 67 cents (2000: 52 cents)
while basic earnings per share increased by 42% to 78 cents (2000: 55
cents).
Segmental analysis
The Group1s main activity as an integrated global lifestyle supplier is
focused on manufacturing and wholesale & distribution.
Year ended 30 June 2001
Earnings
before
exceptional
items,
goodwill,
interest
and Net
R'000 Revenue % taxation % assets %
Manufacturing 4 087 206 71 469 546 76 2 411 620 80
Wholesale &
Distribution 1 686 326 29 151 047 24 602 180 20
Total 5 773 532 100 620 593* 100 3 013 800 100
* Earnings before exceptional items, goodwill, interest and taxation
includes share of income from associate companies and outside shareholders1
income of R39,930 million
Year ended 30 June 2000
Earnings
before
exceptional
items,
goodwill,
interest
and Net
R'000 Revenue % taxation % assets %
Manufacturing 3 419 197 74 375 467 79 1 840 607 84
Wholesale &
Distribution 1 174 889 26 97 874 21 362 956 16
Total 4 594 086 100 473 341** 100 2 203 563 100
** Earnings before profit on sale of assets, interest and taxation includes
share of income from associated companies and outside shareholders1 income
of R14,008 million
Geographical analysis
The Group1s operations are located in southern Africa, the European
Community, Eastern Europe and Australia.
Year ended 30 June 2001
Earnings
before
exceptional
items,
goodwill,
interest
and Net
R'000 Revenue % taxation % assets %
Southern Africa*** 2 254 691 39 179 182 29 1 302 982 43
European Community 2 029 069 35 293 471 47 1 422 551 47
Eastern Europe 1 439 036 25 144 807 23 277 225 9
Australia 50 736 1 3 133 1 11 042 1
Total 5 773 532 100 620 593* 100 3 013 800 100
An average exchange rate of R3,45: 1DM (2000: R3,25: 1DM) was used to
translate foreign currency income and expenditure into South African rand.
R706 million (2000: R576 million) of Africa1s revenue represents exports to
the USA and the European Community, representing approximately 31% (2000:
30%) of its activities. It is the intention of the Group to continue to
increase these exports into the future. The Group1s exposure to the local
South African furniture market amounts to 24% (2000: 29%) of total revenue.
Year ended 30 June 2000
Earnings
before
exceptional
items,
goodwill,
interest
and Net
R'000 Revenue % taxation % assets %
Southern Africa*** 1 918 548 42 185 098 39 1 077 247 49
European Community 1 770 009 38 174 190 37 864 765 38
Eastern Europe 857 611 19 117 748 25 260 338 12
Australia 47 918 1 (3 695) (1) 1 213 1
TOTAL 4 594 086 100 473 341** 100 2 203 563 100
*** Southern Africa comprises the Republic of South Africa, Botswana,
Swaziland, Namibia and Lesotho. The Group has no exposure to Zimbabwe.
Corporate activity
The Group has entered into and concluded a number of significant
transactions.
Since year-end, an offer was made to all the shareholders of Relyon Group
plc, a listed company in the United Kingdom. At the date of this report,
approximately 89,6% of all shareholders have accepted the offer. Relyon is
the major upmarket bedding brand manufacturer in the United Kingdom. The
Company also designs and manufactures the leading brand, Norma, in the
Netherlands for the Dutch market. Pritex, a division of Relyon, is a foam
converting facility supplying the furniture, automotive and aviation
industries. This brings a new dimension to Steinhoff Europe's manufacturing
activities. The consummation of this transaction will enhance the strength
of the Group's management in the United Kingdom and will bring critical mass
as well as huge synergies and new opportunities to the Group to facilitate
accelerated growth in these markets.
In order to expand its presence in the Australian market, the Group acquired
Marshall Furniture, based in Adelaide, the largest case goods manufacturer
in Australia.
An agreement was concluded with Freedom Group Limited in Australia and New
Zealand in terms of which a new company, Steinhoff Pacific, was formed.
Steinhoff owns 74,9% and Freedom 25,1% of this new entity. Freedom1s
manufacturing facilities in Sydney, Brisbane and Auckland now form part of
Steinhoff Pacific. Marshall Furniture and Steinhoff1s sofa manufacturing
facilities in Adelaide were merged into the new entity. A comprehensive
supply agreement has been concluded in terms of which Steinhoff Pacific will
supply the Freedom Group exclusively, based on certain agreed volumes.
At year-end, Steinhoff Africa purchased the timber assets of Thesens, a
subsidiary of Barloworld Limited. This acquisition was made to secure the
Group's raw material supplies into the future as well as to grow its export
capabilities.
Subsequent to year-end, Woodline Timbers Industry was acquired with its
manufacturing and distribution facilities in order to supplement the pole
export business of Thesens.
The Group has also concluded a long-term supply agreement to manufacture
beds, under licence, for the Relyant Group.
Steincraft, a newly established chair factory in KwaZulu-Natal, became
operational subsequent to year-end, and will export worldwide, especially
the United Kingdom, Europe, USA and Australasia.
During the year, Steinhoff Africa concluded an agreement whereby it disposed
of certain of its trademarks, subject to the payment of minimum licence
fees. A capital surplus of R179 million was realised, after making provision
for these fees.
Prospects
The Group will continue to grow its market share in Germany and Eastern
Europe by delivering quality products at competitive prices, backed by
quality support and service.
The Relyon deal will accelerate the Group1s penetration and brand building
into the United Kingdom, The Netherlands and the rest of Europe.
Through our alliance with the Freedom Group, the Group will grow and secure
its position in Australia, New Zealand and other Pacific countries.
Opportunities to secure additional raw material supplies and promote further
exports from South Africa look promising.
The continuing growth and success of the business will be achieved by
maintaining and improving our margins, by better and more efficient
utilisation of existing infrastructure, improved working capital management
and focusing on our core competencies and products.
Management is confident that the Group will continue to generate real
earnings growth in the year ahead.
STRATE
The Company's securities are scheduled to be transferred to the new STRATE
system of electronic settlement on the JSE Securities Exchange South Africa.
Dematerialisation of the Company1s shares will start from 3 December 2001.
Electronic trading in the Company1s shares will commence on 27 December 2001
with the first electronic settlement taking place on 7 January 2002.
The Company's share certificates will accordingly not be accepted for
settlement after 27 December 2001.
Further details of this transfer to STRATE will be announced in due course.
Capitalisation share award and dividend declaration
The board has resolved to award capitalisation shares to shareholders
registered at the close of business on Friday, 5 October 2001 ("the share
award"). Shareholders will be entitled to accept or decline the share award
or any part thereof and instead elect to receive a cash dividend of 12 cents
(2000: 9 cents) per share.
The terms of the share award will be announced on Monday, 1 October 2001 and
documentation relating thereto will be posted on Friday, 12 October 2001.
Elections in respect of the cash dividend will open on Friday, 12 October
2001 and close on Friday, 2 November 2001.
By order of the board
S J Grobler
Company secretary
5 September 2001
Registered office
28 6th Street, Wynberg, Sandton, 2090 Tel +27 (11) 445 3000 Fax +27 (11)
445 3099
Transfer secretaries
Mercantile Registrars Limited, 10th Floor, 11 Diagonal Street, Johannesburg,
2001
Directors
B E Steinhoff* (Chairman), M J Jooste (Managing), D E Ackerman, C E Daun*,
K J Grove,
D Konar, F J Nel, N W Steinhoff*, D M van der Merwe *German
Non-executive
Company secretary S J Grobler
website: www.steinhoffinternational.com
File name: Steinhoff.doc
NOTE-
DESCRIPTION-
Steinhoff Holdings Ltd
Registration number 1998/003951/06
Audited results
for the year ended 30 June 2001
Headline earnings per share up 29%
Revenues up 26%
Hard currency revenues reach 73%
Shareholders' funds exceed R3 billion
Abridged consolidated income statement
for the year ended 30 June 2001
Audited year
ended
30/06/01 30/06/00 %
Note R'000 R'000 increase
Revenue 5 773 532 4 594 086 26
Operating income
before depreciation 679 586 536 334 27
Depreciation (98 923) (77 001)
Operating income
after depreciation 580 663 459 333 26
Exceptional items 1 134 898 26 586
Earnings before goodwill,
interest
and taxation 715 561 485 919 47
Goodwill amortised (37 531) -
Earnings before interest
and taxation 678 030 485 919 40
Net finance charges (46 648) (51 125)
Earnings before taxation 631 382 434 794 45
Taxation (27 130) (16 091)
Earnings after taxation 604 252 418 703 44
Share of associate income 38 111 13 276
Attributable to outside
shareholders 1 819 732
Income attributable to
shareholders 644 182 432 711 49
Number of shares in
issue ('000) 829 323 804 552 3
Weighted average number of
shares in issue ('000) 822 129 785 043 5
Attributable income (R'000) 644 182 432 711 49
Headline earnings (R'000)
- Note 2 2 546 815 406 125 35
Earnings per share (cents) 78 55 42
Headline earnings per share (cents) 67 52 29
Proposed dividend per share (cents) 12 9 33
Note 1: Exceptional items (R'000)
- Capital gain on sale of
trademarks 179 282 -
- Capital profit on disposal
of fixed assets 26 586
- Closure costs of German
manufacturing plant (44 384) -
134 898 26 586
Note 2: Headline earnings
calculation
Income attributable to
shareholders 644 182 432 711
Adjustment for:
- Exceptional items (134 898) (26 586)
- Goodwill written off 37 531 -
Headline earnings for the year 546 815 406 125
Abridged consolidated balance sheet
at 30 June 2001
Audited Audited
30/06/01 30/06/00
ASSETS
Non-current assets
Property, plant and equipment and
intangible assets 1 672 345 1 522 880
Investments and loans 546 190 260 293
Deferred tax asset 9 541 -
2 228 076 1 783 173
Current assets
Accounts receivable 1 695 383 1 482 760
Inventories 768 409 741 068
Cash and cash equivalents 988 905 454 641
Net cash balances 786 764 290 845
Near cash financial instruments 202 141 163 796
3 452 697 2 678 469
Total assets 5 680 773 4 461 642
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders' equity 3 013 800 2 203 563
Outside shareholders' interest 10 037 16 733
3 023 837 2 220 296
Non-current liabilities
Deferred taxation 4 529 9 830
Long-term liabilities 426 723 203 375
Long-term licence fee liability 287 250 -
718 502 213 205
Current liabilities
Net interest-bearing 631 186 729 093
Accounts payable and provisions 1 307 248 1 299 048
1 938 434 2 028 141
Total equity and liabilities 5 680 773 4 461 642
Net asset value per share (cents) 363 274
Gearing ratio (net) 9% 29%
Abridged group cash flow statement
for the year ended 30 June 2001
Audited year
ended
30/06/01 30/06/00
R'000 R'000
Operating profit before working
capital changes 827 770 532 952
Net changes in working capital (93 847) (407 823)
Cash generated from operations 733 923 125 129
Net finance costs (46 648) (51 125)
Dividends paid (17 365) (8 472)
Dividends received 5 610 -
Taxation (43 192) (9 560)
Net cash inflow from operating activities 632 328 55 972
Net cash outflow from investing activities (347 395) (539 425)
Net cash inflow from financing activities 277 012 745 290
Net increase in cash and cash equivalents 561 945 261 837
Effects of exchange rate changes on cash and
cash equivalents (27 681) (3 581)
Cash and cash equivalents
- beginning of period 454 641 196 385
Cash and cash equivalents - end of period 988 905 454 641
Statement of changes in equity
for the year ended 30 June 2001
Share Non-
capital distrib- Distrib-
and utable utable
premium reserves reserves Total
R'000 R'000 R'000 R'000
Balance at beginning
of period 1 583 778 39 884 579 901 2 203 563
Current year
associate income 32 501 (32 501) 0
Earnings attributable
to shareholders 644 182 644 182
Increase in foreign currency
translation reserve 70 828 70 828
Dividends paid (55 055) (2 882) (57 937)
Issue of shares 153 164 153 164
Balance at end
of period 1 681 887 143 213 1 188 700 3 013 800
Comments
Review of results
The board is pleased to announce growth in headline earnings for the year
ended 30 June 2001 by 35% to R547 million (2000: R406 million) on increased
revenues of 26%.
Operating margin for the Group as a whole was maintained at 10%. Very tough
trading conditions both in South Africa and Europe, was experienced during
the second six months of the financial year. The margin outside South Africa
improved to 13% (2000: 11%) and within South Africa reduced to 8% (2000:
10%).
Net finance charges decreased by R4,5 million as a result of effective
working capital management and accessing favourable long-term interest
facilities offshore.
Taxation increased to R27 million (2000: R16 million) and the relatively low
effective tax charge is due mainly to the Group's favourable tax
dispensations in Central Europe, which are expected to continue in the
foreseeable future.
Shareholders' funds increased to more than R3 billion at year-end and return
on average shareholders' funds was maintained at 21% during the year. The
gearing ratio reduced to 9% (2000: 29%) at 30 June 2001. Net asset value per
share increased by 32% to 363 cents (2000: 274 cents).
The Group generated 73% (2000: 71%) of its total revenues in hard currencies
during the year.
Headline earnings per share increased by 29% to 67 cents (2000: 52 cents)
while basic earnings per share increased by 42% to 78 cents (2000: 55
cents).
Segmental analysis
The Group's main activity as an integrated global lifestyle supplier is
focused on manufacturing and wholesale & distribution.
Year ended 30 June 2001
Earnings
before
exceptional
items,
goodwill,
interest
and Net
R'000 Revenue % taxation % assets %
Manufacturing 4 087 206 71 469 546 76 2 411 620 80
Wholesale &
Distribution 1 686 326 29 151 047 24 602 180 20
Total 5 773 532 100 620 593* 100 3 013 800 100
* Earnings before exceptional items, goodwill, interest and taxation
includes share of income from associate companies and outside shareholders'
income of R39,930 million
Year ended 30 June 2000
Earnings
before
exceptional
items,
goodwill,
interest
and Net
R'000 Revenue % taxation % assets %
Manufacturing 3 419 197 74 375 467 79 1 840 607 84
Wholesale &
Distribution 1 174 889 26 97 874 21 362 956 16
Total 4 594 086 100 473 341** 100 2 203 563 100
** Earnings before profit on sale of assets, interest and taxation includes
share of income from associated companies and outside shareholders' income
of R14,008 million
Geographical analysis
The Group's operations are located in southern Africa, the European
Community, Eastern Europe and Australia.
Year ended 30 June 2001
Earnings
before
exceptional
items,
goodwill,
interest
and Net
R'000 Revenue % taxation % assets %
Southern Africa*** 2 254 691 39 179 182 29 1 302 982 43
European Community 2 029 069 35 293 471 47 1 422 551 47
Eastern Europe 1 439 036 25 144 807 23 277 225 9
Australia 50 736 1 3 133 1 11 042 1
Total 5 773 532 100 620 593* 100 3 013 800 100
An average exchange rate of R3,45: 1DM (2000: R3,25: 1DM) was used to
translate foreign currency income and expenditure into South African rand.
R706 million (2000: R576 million) of Africa's revenue represents exports to
the USA and the European Community, representing approximately 31% (2000:
30%) of its activities. It is the intention of the Group to continue to
increase these exports into the future. The Group's exposure to the local
South African furniture market amounts to 24% (2000: 29%) of total revenue.
Year ended 30 June 2000
Earnings
before
exceptional
items,
goodwill,
interest
and Net
R'000 Revenue % taxation % assets %
Southern Africa*** 1 918 548 42 185 098 39 1 077 247 49
European Community 1 770 009 38 174 190 37 864 765 38
Eastern Europe 857 611 19 117 748 25 260 338 12
Australia 47 918 1 (3 695) (1) 1 213 1
TOTAL 4 594 086 100 473 341** 100 2 203 563 100
*** Southern Africa comprises the Republic of South Africa, Botswana,
Swaziland, Namibia and Lesotho. The Group has no exposure to Zimbabwe.
Corporate activity
The Group has entered into and concluded a number of significant
transactions.
Since year-end, an offer was made to all the shareholders of Relyon Group
plc, a listed company in the United Kingdom. At the date of this report,
approximately 89,6% of all shareholders have accepted the offer. Relyon is
the major upmarket bedding brand manufacturer in the United Kingdom. The
Company also designs and manufactures the leading brand, Norma, in the
Netherlands for the Dutch market. Pritex, a division of Relyon, is a foam
converting facility supplying the furniture, automotive and aviation
industries. This brings a new dimension to Steinhoff Europe's manufacturing
activities. The consummation of this transaction will enhance the strength
of the Group's management in the United Kingdom and will bring critical mass
as well as huge synergies and new opportunities to the Group to facilitate
accelerated growth in these markets.
In order to expand its presence in the Australian market, the Group acquired
Marshall Furniture, based in Adelaide, the largest case goods manufacturer
in Australia.
An agreement was concluded with Freedom Group Limited in Australia and New
Zealand in terms of which a new company, Steinhoff Pacific, was formed.
Steinhoff owns 74,9% and Freedom 25,1% of this new entity. Freedom's
manufacturing facilities in Sydney, Brisbane and Auckland now form part of
Steinhoff Pacific. Marshall Furniture and Steinhoff's sofa manufacturing
facilities in Adelaide were merged into the new entity. A comprehensive
supply agreement has been concluded in terms of which Steinhoff Pacific will
supply the Freedom Group exclusively, based on certain agreed volumes.
At year-end, Steinhoff Africa purchased the timber assets of Thesens, a
subsidiary of Barloworld Limited. This acquisition was made to secure the
Group's raw material supplies into the future as well as to grow its export
capabilities.
Subsequent to year-end, Woodline Timbers Industry was acquired with its
manufacturing and distribution facilities in order to supplement the pole
export business of Thesens.
The Group has also concluded a long-term supply agreement to manufacture
beds, under licence, for the Relyant Group.
Steincraft, a newly established chair factory in KwaZulu-Natal, became
operational subsequent to year-end, and will export worldwide, especially
the United Kingdom, Europe, USA and Australasia.
During the year, Steinhoff Africa concluded an agreement whereby it disposed
of certain of its trademarks, subject to the payment of minimum licence
fees. A capital surplus of R179 million was realised, after making provision
for these fees.
Prospects
The Group will continue to grow its market share in Germany and Eastern
Europe by delivering quality products at competitive prices, backed by
quality support and service.
The Relyon deal will accelerate the Group's penetration and brand building
into the United Kingdom, The Netherlands and the rest of Europe.
Through our alliance with the Freedom Group, the Group will grow and secure
its position in Australia, New Zealand and other Pacific countries.
Opportunities to secure additional raw material supplies and promote further
exports from South Africa look promising.
The continuing growth and success of the business will be achieved by
maintaining and improving our margins, by better and more efficient
utilisation of existing infrastructure, improved working capital management
and focusing on our core competencies and products.
Management is confident that the Group will continue to generate real
earnings growth in the year ahead.
STRATE
The Company's securities are scheduled to be transferred to the new STRATE
system of electronic settlement on the JSE Securities Exchange South Africa.
Dematerialisation of the Company's shares will start from 3 December 2001.
Electronic trading in the Company's shares will commence on 27 December 2001
with the first electronic settlement taking place on 7 January 2002.
The Company's share certificates will accordingly not be accepted for
settlement after 27 December 2001.
Further details of this transfer to STRATE will be announced in due course.
Capitalisation share award and dividend declaration
The board has resolved to award capitalisation shares to shareholders
registered at the close of business on Friday, 5 October 2001 ("the share
award"). Shareholders will be entitled to accept or decline the share award
or any part thereof and instead elect to receive a cash dividend of 12 cents
(2000: 9 cents) per share.
The terms of the share award will be announced on Monday, 1 October 2001 and
documentation relating thereto will be posted on Friday, 12 October 2001.
Elections in respect of the cash dividend will open on Friday, 12 October
2001 and close on Friday, 2 November 2001.
By order of the board
S J Grobler
Company secretary
4 September 2001
Registered office
28 6th Street, Wynberg, Sandton, 2090 Tel +27 (11) 445 3000 Fax +27 (11)
445 3099
Transfer secretaries
Mercantile Registrars Limited, 10th Floor, 11 Diagonal Street, Johannesburg,
2001
Directors
B E Steinhoff* (Chairman), M J Jooste (Managing), D E Ackerman+, C E Daun+*,
K J Grove+, D Konar+, F J Nel, N W Steinhoff*, D M van der Merwe *German
+Non-executive
Company secretary S J Grobler
website: www.steinhoffinternational.com
