Steinhoff Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1954/001893/06)
JSE Code: SHFF
ISIN: ZAE000068367
(“Steinhoff Investments”, “Company” or the “Group”)




UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2023




1.   SALIENT FEATURES
     •   On 9 February 2023, the Group announced the placement of 265 million Pepkor Holding
         shares which reduced the Group’s interest from 51.1% to 43.9% resulting in a loss of control
         in Pepkor Holdings and a deemed disposal.
     •   Therefore, from 9 February 2023, Pepkor Holdings was recognised as an investment in
         associate with initial measurement based on the prevailing share price on that date.
     •   Pepkor Holdings was included as a discontinued operation until 8 February 2023, and
         thereafter included as an equity accounted investment in continuing operations. Comparative
         information has been restated accordingly.
     •   A gain of R4.0 billion was recognised in discontinued operations on the deemed disposal of
         Pepkor Holdings .
     •   Subsequent to the recognition of the associate, the Pepkor Holdings’ share price deteriorated
         and this resulted in an impairment of R3.8 billion, which has been included in continuing
         earnings.
     •   The derecognition of the SIHPL CPU and the recognition and subsequent remeasurement of
         the S155 Settlement Note with limited recourse, both within the wholly-owned subsidiary
         SIHPL, resulted in a net loss of R616 million (2022: gain of R17.5 billion).
     •   Operating profit from continuing operations decreased by 96% from R11.6 billion to R449
         million.
     •   Headline earnings per share decreased from 26 636.31 cents to 4 494.54 cents.
     •   Earnings per share decreased to 5 047.26 cents compared with earnings per share of
         26 543.59 cents in the comparative half year.
     •   On 17 March 2023, the Board declared a gross preference dividend of 393.96575 cents per
         preference share, which was paid on 24 April 2023.


2.   OVERVIEW
Steinhoff Investments is a wholly-owned subsidiary of Steinhoff International Holdings N.V. and is the
issuer of variable rate, cumulative, non-redeemable, non-participating preference shares with a
capital value of R1.5 billion. The preference shares are listed on the JSE.
The Company’s 2023 Condensed Consolidated Interim Financial Statements cover the six-month
period ended 31 March 2023 and also address the material events subsequent to the reporting date
up to the publication date of this report.
3. DIVIDEND DECLARATION – Ordinary shares
On 9 December 2022, the Board declared a gross dividend of R109.2 million to Steinhoff N.V. As at the
date of this report, the dividend was not yet paid.


4.   SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the directors of the Company. It is only a
summary of the information in the Condensed Consolidated Interim Financial Statements and does
not contain full or complete details. The 2023 Condensed Consolidated Interim Financial Statements
can be found at:
https://senspdf.jse.co.za/documents/2023/jse/issh/shffh/SHFFHY23.pdf
and are also available on Steinhoff’s website http://www.steinhoffinternational.com or may be
requested in person, at the Company's registered office or the office of the sponsor, at no charge,
during office hours.
Any investment decisions by investors and/or preference shareholders should be based on
consideration of the full results, as a whole.
These results have been prepared under the supervision of TLR de Klerk (director); BCom (Hons), CTA,
HDip (Tax), CFM.
These results have not been audited or reviewed by the company’s auditors.


23 June 2023
JSE Sponsor PSG Capital