Highlights

  • Operating margin increases to 10.4% (1H10: 10.1%)
  • Headline earnings maintained at R1 630m (1H10: R1 554m) despite a 15% lower ZAR translation rate
  • Net gearing ratio improves to 30% (FY10: 34%)
  • Net cash flow from operating activities: R1.4bn (1H10 R1.4bn) underpinned quality of earnings

    Operational review: Steinhoff Europe

    The success of the vertically integrated business model in Europe increased operating margins further in both the retail and manufacturing and sourcing segments. Economies of scale and increased cost advantages continue to support the effectiveness of our supply chain and service levels to both our internal and external customer base.

    Operational review: Steinhoff Africa

    The Southern African business increased revenues by 11.9% due to a strong performance from the logistics and automotive service divisions. While the domestic consumer market is showing signs of recovery, trading conditions remained challenging specifically for those businesses that are exposed to the building and construction industry which remain subdued.

    Financial review

    We are delighted to report another pleasing set of results as the global economic recovery gathers momentum...
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    Corporate activity

    On 25 January 2011, Steinhoff reached an agreement with PPR to acquire 99.98% of the entire issued share capital of Conforama...
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