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    SNH   NL0011375019

STEINHOFF INTERNATIONAL HOLDINGS N.V.

(SNH)
  Report
End-of-day quote Johannesburg Stock Exchange  -  2022-08-11
2.480 ZAR   -1.59%
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Steinhoff International N : UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2022

06/24/2022 | 04:06am EDT

STEINHOFF

UNAUDITED RESULTS

FOR THE SIX MONTHS ENDED 31 MARCH 2022

STEINHOFF

UNAUDITED

RESULTS

FOR THE SIX MONTHS ENDED 31 MARCH 2022

Message from the Management Board

2

Management Board Responsibility Statement

4

Financial and Business Review

5

Geographical Footprint

10

Operational Review

11

Condensed Consolidated Financial Statements

17

Annexures

54

INTRODUCTION

MESSAGE FROM

THE MANAGEMENT BOARD

Dear Stakeholders,

The Steinhoff Group has had another productive period since the end of the 2021 Reporting Period with progress being made in line with the strategic plan.

OPERATIONAL ENVIRONMENT

The operational environment across all territories remained challenging throughout the Reporting Period as a result of heightened macro risk and a challenging supply chain environment globally. Whilst the impact of COVID-19 progressively continued to ease, it still remained a constraint for business. The invasion of Ukraine, a country which borders three of Pepco Group's largest operating territories, created further volatility and unpredictability. During April 2022, KwaZulu- Natal in South Africa experienced severe weather conditions that led to wide-scale flooding across the region. One of Pepkor Holdings' three distribution centres sustained significant damage and has not yet resumed operations.

SIGNIFICANT ACHIEVEMENTS

FINANCIAL RESULTS AND CORPORATE GOVERNANCE

The 2021 Annual Report, including the audited annual financial statements, was finalised and released on 28 January 2022. The report included an unqualified audit opinion from the external auditors. This was a huge

achievement and we thank all of the finance and audit teams involved.

The 2022 AGM was successfully held as a hybrid meeting on 25 March 2022. The financial statements were adopted by the shareholders together with the re-appointment of both managing directors, four supervisory directors and the external auditors. The proposed remuneration policy for the Management Board together with a number of other resolutions related, inter alia, to share issuance were not adopted.

Following the successful implementation of the Global Litigation Settlement, referred to below, the litigation working group, having served its purpose, was dissolved shortly thereafter.

OPERATIONAL PERFORMANCE

The underlying businesses operate a number of strong local brands and are well diversified by geography and business line. Individual businesses, such as Pepkor Holdings and Pepco Group, with their everyday value focus, continued to perform well throughout the Reporting Period, while others, such as Greenlit Brands and Mattress Firm reported

declining trade. Overall operational results are under pressure as costs are increasing while revenue is being dampened, both as a result of the economic pressures. The accompanying Operational Review deals with the operating environment and performance in more detail.

IMPLEMENTATION OF THE GLOBAL LITIGATION SETTLEMENT

The Composition Plan became final and unappealable and resulted in the termination of the Dutch SoP proceedings effective as of

2 October 2021. The Western Cape High Court in South Africa granted an order approving and sanctioning the S155 Scheme on

24 January 2022. This resulted in a Settlement Effective Date, the final condition under

the Composition Plan, of 15 February 2022 and the Bar Date, being the deadline up to which Market Purchase Claimants were able to validly lodge claims against Steinhoff N.V., on 15 May 2022. The settlement

was implemented in various steps from the Settlement Effective Date. This was a significant achievement as it completed step 2 and opened up the path to fully focus on step 3 of the Company's strategic plan.

2 STEINHOFF INTERNATIONAL HOLDINGS N.V. • UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2022

INTRODUCTION//message from the management board continued

STRATEGIC UPDATE

The primary strategic focus of the Group remains the successful completion of the three-step plan.

Steinhoff N.V.'s strategy is to transition to a global holding company with investments in retail businesses through a three-step plan

Step 1: Completed

Step 2: Completed

Step 3: Current Focus

Creditor arrangements

Manage litigation risk

Restructure debt with

(CVAs implemented

(Global Litigation Settlement implemented

a view to extending the duration and

reducing the financing costs

on 13 August 2019)

post 15 February 2022)

With the completion of step 2 the full focus has shifted to the final step.

At the Reporting Date, the Group corporate debt totalled approximately €10 billion. This debt is split into a number of different classes, each with slightly different rights and obligations and each class is held

by a number of different investors - predominantly hedge funds or other investors that focus on distressed assets. These investors each have their own unique interests. More recently, as described above, interest rates generally are increasing in line with the inflation outlook. Discussions with our debt providers are being managed in line with these developments. Restructuring debt of this quantity and complexity remains an extremely challenging task.

Notwithstanding these challenges, we have made progress with regard to step 3 and further information will be provided to the market as and when appropriate.

STOCK EXCHANGE LISTING

The Company has a primary listing on the FSE in Germany and a secondary listing on the JSE in South Africa. After the Reporting Date Deutsche Börse announced that various shares, including those of Steinhoff N.V., would no longer trade on Xetra. Trading in the Steinhoff N.V. share on the FSE and other exchanges was not affected by this decision.

OUTLOOK

The disruptions caused by COVID-19 are in gradual retreat in most of our major markets, as vaccination roll-outs, behavioural changes and the lifting of trading restrictions are all impacting positively. While global supply chain uncertainties persist, it seems that shipping costs have stabilised and may trend downwards. The rising inflationary

outlook together with increasing interest rates are putting both consumers and businesses under pressure. The markets within which we operate are likely to remain volatile in the near term, due to these ongoing challenges. As we look ahead, it is important that we make progress with step 3 of the strategic plan - restructuring our debt and financing costs.

APPRECIATION

We continue to owe our thanks to many organisations, teams and individuals for their continued hard work and commitment to the Steinhoff Group. We are particularly proud of the way the businesses and staff have responded to the multiple challenges we have faced, including the COVID-19 crisis, the situation in Ukraine and the disruptions in South Africa, and thank all colleagues for their unwavering support through another testing period.

We are also sincerely grateful for the continuing support of all of our stakeholders, including our financial creditors, shareholders and the Supervisory Board.

Steinhoff International Holdings N.V.

The Management Board

L.J. (Louis) du Preez

T.L. (Theodore) de Klerk

Chief executive officer

Chief financial officer

24 June 2022

3 STEINHOFF INTERNATIONAL HOLDINGS N.V. • UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2022

MANAGEMENT BOARD RESPONSIBILITY STATEMENT

INTRODUCTION

The Management Board comments on the results for the six months ended 31 March 2022 of Steinhoff International Holdings N.V., a public limited liability company (naamloze vennootschap) incorporated under the laws of the Netherlands, having its corporate seat in Amsterdam, the Netherlands, with its principal place of business at Building B2, Vineyard Office Park, Cnr Adam Tas and Devon Valley Road, Stellenbosch 7600, South Africa, registered with the Trade Register in the Netherlands under number 63570173, and with tax residency in South Africa (the "Company"). The Company has a primary listing on the Frankfurt Stock Exchange in Germany and a secondary listing on the JSE Limited in South Africa.

The 2022 Half-year Report consists of this Responsibility Statement, the Financial and Business Review, the Operational Review and the 2022 Condensed Financial Statements.

MANAGEMENT BOARD STATEMENT

The Management Board draws specific attention to the going concern statement set out in the Basis of Preparation of the 2022 Condensed Financial Statements in which a number of facts have been detailed, including:

  • Global Litigation Settlement implemented; and
  • Classification of debt.

Based on these facts, the Management Board is of the opinion that the going concern basis is appropriate for the preparation of the financial reporting. The Management Board has discussed the above opinion and conclusions with the Audit and Risk Committee, and the Supervisory Board.

RESPONSIBILITY STATEMENT

As required pursuant to section 5:25d paragraph 2(c) of the Dutch Financial Supervision Act, each of the Managing Directors hereby confirms, subject to the facts mentioned above enabling the Group and the Company to continue as a going concern for the foreseeable future, that as far as each of them is aware:

  1. subject to the judgements and estimates set out in the Basis of Preparation, the 2022 Condensed Financial Statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the enterprises jointly included in the consolidation; and
  2. the 2022 Half-year Management Report gives a true and fair overview of the information required pursuant to section 5:25d paragraphs 8 and 9 of the Dutch Financial Supervision Act.

Steinhoff International Holdings N.V.

The Management Board

L.J. (Louis) du Preez

T.L. (Theodore) de Klerk

Chief executive officer

Chief financial officer

24 June 2022

4 STEINHOFF INTERNATIONAL HOLDINGS N.V. • UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2022

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Steinhoff International Holdings NV published this content on 24 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 June 2022 08:05:06 UTC.


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Sales 2021 9 193 M - -
Net income 2021 -974 M - -
Net Debt 2021 10 288 M - -
P/E ratio 2021 -13,0x
Yield 2021 -
Capitalization 10 489 M 644 M -
EV / Sales 2020 1,82x
EV / Sales 2021 2,49x
Nbr of Employees 90 731
Free-Float 97,3%
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Managers and Directors
Louis J. du Preez Chief Executive Officer
Theodore Le Roux de Klerk Chief Financial Officer & Operations Director
Moira Moses Chairman-Supervisory Board
Louis Strydom Chief Compliance & Risk Officer
David Pauker Independent Member-Supervisory Board
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