Steinhoff Investment Holdings: Unaudited Results Reveal Significant Losses and Impairment in H1 2023

  • Steinhoff Investment Holdings reports unaudited interim results for H1 2023, highlighting significant financial losses and impairment.
  • Loss of control in Pepkor Holdings leads to a deemed disposal, resulting in a gain of R4.0 billion in discontinued operations and subsequent impairment losses of R3.8 billion.
  • Operating profit from continuing operations decreases by 96%, with earnings per share and headline earnings per share experiencing significant declines.

Steinhoff Investment Holdings Limited released its unaudited interim results for the six months ended March 31, 2023. The report reveals a series of significant developments that have impacted the company’s financial performance, including a loss of control in Pepkor Holdings and impairment losses.

The loss of control in Pepkor Holdings was announced on February 9, 2023, as the Group placed 265 million shares, reducing its interest from 51.1% to 43.9%. As a result, Pepkor Holdings was recognized as an investment in an associate, leading to a deemed disposal. The discontinued operations of Pepkor Holdings contributed a gain of R4.0 billion due to the deemed disposal. However, the subsequent decline in Pepkor Holdings’ share price resulted in an impairment loss of R3.8 billion, impacting the company’s continuing earnings.

The financial performance of Steinhoff Investment Holdings showed a significant decline, with operating profit from continuing operations plummeting by 96%, falling from R11.6 billion to R449 million. This decline can largely be attributed to the loss of control in Pepkor Holdings and the impairment losses incurred.

Earnings per share experienced a drastic decrease, reaching 5,047.26 cents, compared to the earnings per share of 26,543.59 cents reported in the corresponding half-year period. Similarly, headline earnings per share declined to 4,494.54 cents, representing a substantial decrease from the previous figure of 26,636.31 cents.

In a dividend declaration made on March 17, 2023, the Board of Steinhoff Investment Holdings announced a gross preference dividend of 393.96575 cents per preference share. The dividend was subsequently paid on April 24, 2023. However, as of the reporting date, a gross dividend of R109.2 million declared to Steinhoff N.V. on December 9, 2022, had not been paid.

Steinhoff Investment Holdings emphasized that the unaudited interim results should be evaluated in conjunction with the 2023 Condensed Consolidated Interim Financial Statements. These statements provide a comprehensive overview of the company’s financial performance and are available on Steinhoff’s official website or can be obtained in person at the company’s registered office or the office of the sponsor.

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