| Attributable income 6% above budget and up 25% |
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In recent years, Steinhoff’s strategic plan has
unfolded steadily.
Steinhoff Africa focused on vertical
integration in different raw materials and diversified
the group’s investments into related industries to
counter the effects of different cycles in the southern
African economy. |
MANAGING DIRECTOR
Danie van der Merwe
FINANCIAL DIRECTOR
Hein Odendaal |
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| Divisional management |
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| UNITRANS Jo Grové (58) CEO AMP (Oxford) | Frank Wagner (47) CEO: Unitrans supply chain solutions BAcc, CA(SA) | Steve Keys (46) MD: Motor and financial services CA(SA), Hdip Tax | Nico Boshoff (51) MD: Unitrans passenger BComm (Hons), CTA, CA(SA), Hdip Tax |
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| PG BISON Chris van Niekerk (60) CEO BA (HED) | Andre Norval (49) CFO BComm, CA(SA), MBA | Andrew Gilbert (57) Director: Capacity creation and trade retail BAcc, MBA | Gary Chaplin (37) COO: Timber products | Jorg Weeber (60) Director: Capital projects Dipl |
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| Eng (Ger) | Philip Roux (38) Director: Logistics BComm, MBA |
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| RAW MATERIALS AND AFRICA OPERATIONS Frans Human (52) MD BA | Peet van Coller (31) FD CA(SA) | Ferdie van Vuuren (54) MD: Mattex BComm | Andre Jooste (39) MD: Loungefoam BComm (Hons) |
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| INDIA Mahmud Alam (43) MD BComm |
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| GROUP SERVICES Hein Odendaal (50) MD CA(SA) |
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| FURNITURE DIVISION Peter Griffiths (44) MD CA(SA), CFA | Greg Boulle (51) FD CA(SA) | Larry Webster (54) Marketing and sales | Chris Dirks (40) Marketing, BComm (Hons) | Stephan Niewoudt (40) Human Resources, BComm (Hons) |
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| During the year, Steinhoff
acquired the BCM Group,
predominantly a wire drawing
plant and a producer
of springs and other
components for the bedding
and furniture manufacturing
industries. |
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| REVENUE |
NON-CURRENT ASSETS |
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The South African household goods sector
continued to experience strong demand
during the year.
Before year-end, the group completed the
disposal of the bedding and furniture
manufacturing, import and transport
divisions to a private equity consortium led
by Absa Capital Limited and management,
with a significant stake available to Black
Economic Empowerment (BEE) participants.
Subsequent to the sale of the furniture
manufacturing business the group consists
of three operating divisions. These divisions
being Unitrans (freight logistics, motor retail,
passenger transport), PG Bison (forestry,
sawmills, panel products, building material
(retail) and raw materials (foam, textile, components).
Revenues, for the Africa Group excluding
revenue from discontinued operations,
increased from R15 633 million to
R17 303 million.
PG Bison again delivered solid results
and its development of the ultra-modern,
technologically advanced particle board
plant in Ugie is on track. This expansion will
enhance capacity by approximately 50%
and will improve margins through efficiency
gains and as imported products are replaced with more profitable local manufactured
products.
At year end, Steinhoff acquired the BCM
Group, predominantly a producer of springs
and other components for the bedding and
furniture manufacturing industries. This
acquisition will enhance the product offering
in the raw materials division.
The take-out of minority shareholders in
Unitrans Limited and its subsequent delisting
was completed in May 2007.
In recent years, Steinhoff’s strategic plan has
unfolded steadily. At an early stage, the
strategy for southern Africa included
diversification and industrial investments
focussing on related industries such as the
automotive industry. The division set out to
derive synergies from these investments.
Steinhoff Africa focused on vertical
integration in different raw materials and
diversified the group’s investments into
related industries to counter the effects of
different cycles in southern African
economies. The initial strategic investment
and ultimate minority take-out in Unitrans
Limited, now Unitrans Holdings (Pty) Limited,
completed the supply chain by providing an
efficient distribution and warehousing
platform.
Retail activities include the experience gained
from PG Bison’s activities in the building
supply retail market through Pennypinchers
and Timbercity and retail activities of Unitrans
Motors. |
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