Steinhoff Investments Anticipates Steep Earnings Drop in 2023 Interim Results

  • Steinhoff Investments, a subsidiary of Steinhoff International Holdings, expects a significant decline in earnings for the 2023 interim financial statements.
  • Anticipated decrease in earnings per ordinary share: 71.7% to 90.6% compared to the previous corresponding period.
  • Projected decrease in headline earnings per ordinary share: 73.7% to 92.5% compared to the previous corresponding period.

Steinhoff Investment Holdings Limited (JSE Code: SHFF), a wholly-owned subsidiary of Steinhoff International Holdings N.V., has announced a trading statement revealing a significant decrease in anticipated earnings for the 2023 interim financial statements. The company expects a substantial decline, with earnings per ordinary share predicted to drop by 71.7% to 90.6% and headline earnings per ordinary share projected to decrease by 73.7% to 92.5%, compared to the previous corresponding period.

The JSE Limited Listings Requirements stipulate that listed companies must publish a trading statement as soon as it becomes reasonably certain that the financial results for the next reporting period will differ by 20% or more from those of the previous corresponding period. Following a thorough review of the financial results for the six months ending March 31, 2023, Steinhoff Investments’ management has determined that a substantial downturn in earnings is expected.

The expected earnings per ordinary share for the period are estimated to be between 2,500.00 cents and 7,500.00 cents, signifying a substantial decline from the previous corresponding period’s earnings per share of 26,543.59 cents. This indicates a decrease of 71.7% to 90.6%. Likewise, headline earnings per ordinary share are projected to range from 2,000.00 cents to 7,000.00 cents, compared to 26,636.31 cents in the previous corresponding period, equating to a decrease of 73.7% to 92.5%.

The anticipated substantial decline in earnings raises concerns about Steinhoff Investments’ performance during the reporting period and its potential impact on shareholder returns. Shareholders and investors will be closely monitoring the forthcoming financial release for further insights into the factors contributing to the decline and any corresponding measures or plans by the company.

As one of the significant players in the market, Steinhoff Investments’ performance holds implications for the wider industry. Analysts and market observers are expected to scrutinize the financial results to assess potential ripple effects and implications for other companies within the sector.

The trading statement from Steinhoff Investments serves as a timely reminder of the criticality of financial transparency and reporting accuracy. The auditors of the company will play a vital role in evaluating the financial information and providing an independent assessment of the reported results.

PSG Capital, the JSE Sponsor for Steinhoff Investments, will work closely with the company in navigating this challenging period. Their expertise will be instrumental in managing stakeholder communications and offering necessary guidance to the company during this time.

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