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Steinhoff International Integrated Report 2015

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Steinhoff International Integrated Report 2015 STEINHOFF INTERNATIONAL INTEGRATED REPORT 2015 45&*/)0''*/5&3/"5*0/"-t*/5&(3"5&%3&1035t1 WorldReginfo - 0e4330e0-f509-4794-9d69-7b7a6345fd15 B t45&*/)0''*/5&3/"5*0/"-t*/5&(3"5&%3&1035 WorldReginfo - 0e4330e0-f509-4794-9d69-7b7a6345fd15 THIS IS STEINHOFF STEINHOFF IS AN INTEGRATED RETAILER that manufactures, sources and retails furniture, household goods and general merchandise in Europe, Australasia and Africa 45&*/)0''*/5&3/"5*0/"-t*/5&(3"5&%3&1035t1 WorldReginfo - 0e4330e0-f509-4794-9d69-7b7a6345fd15 THIS IS STEINHOFF THE GROUP’S INTEGRATED BUSINESS MODEL is based on a strategy of sourcing and manufacturing products at low cost and distributing them to the group’s value-conscious customer base through its extensive retail footprint AS AT 30 JUNE 2015 THE GROUP OPERATIONS 30 COUNTRIES INCLUDED: 40+ RETAIL BRANDS ± 6 500 RETAIL OUTLETS 90 000+ EMPLOYEES 2 t45&*/)0''*/5&3/"5*0/"-t*/5&(3"5&%3&1035 WorldReginfo - 0e4330e0-f509-4794-9d69-7b7a6345fd15 WE STRUCTURE OUR OPERATIONS in terms of retail product markets, being household goods, general merchandise and automotive INTEGRATED RETAIL 20 countries 20 countries 2 countries 24 retail brands 4 111 retail outlets 87 dealerships 2 218 retail outlets ± 1.9m m2 retail space 46 rental outlets ± 3.1m m2 retail space Founded in 1965 ± 5 000 employees ± 50 000 employees ± 37 000 employees 45&*/)0''*/5&3/"5*0/"-t*/5&(3"5&%3&1035t3 WorldReginfo - 0e4330e0-f509-4794-9d69-7b7a6345fd15 AT A GLANCE FOR THE YEAR ENDED 30 JUNE 2015 Revenue from continuing operations increased 15% to R134.9 billion (€9.8 billion) Operating profit before capital items Frankfurt increased 21% to R15.3 million (€1.1 billion) listing approved Read more: page 18 EBITDA increased 20% to R17.5 billion (€1.3 billion) Headline earnings from continuing operations increased 36% to R12.4 billion (€907 million) Pepkor acquisition Net cash inflow from operating activities completed increased 26% to R20.3 billion (€1.5 billion) Read more: page 20 Dividend increased 10% to 165 ZAR cps CONTENTS This is Steinhoff 1 Reports to stakeholders 16 At a glance 4 Chairman’s report 18 Strategy and business model 6 Chief executive officer’s report 20 Management structure 8 Significant progress in the strategic development of the group and capital structure Read more: page 18 A vertically integrated The year under review has value retailer, diversified been transformational for across markets and Steinhoff geographies Read more: page 50 Read more: page 20 4 t45&*/)0''*/5&3/"5*0/"-t*/5&(3"5&%3&1035 WorldReginfo - 0e4330e0-f509-4794-9d69-7b7a6345fd15 HouseHold Goods comprises a vertically integrated furniture, household goods and related retail business serving the discount and value consumer market segments in Europe, Australasia and Africa. The retail operations are supported by the integrated supply chain, which includes manufacturing, sourcing and logistics operations, as well as an extensive and strategic property portfolio. Read more: page 24 General MercHandise comprises the operations of the Pepkor Group, acquired during the 2015 fnancial year. Pepkor is a leading retailer selling a range of everyday necessities (excluding food) to its price-sensitive and value-conscious customer base, including clothing, footwear, household goods, personal accessories and cellular products. Its operations include a production facility in Cape Town, and it also provides selected fnancial services to its customer base, such as utility bill payments and money transfer services. Read more: page 40 Operational performance 22 Financial performance 48 Integrated retail: Household goods 24 Finance report 50 Integrated retail: General merchandise 40 Summarised financial statements 58 Integrated retail: Automotive 44 Ten-year performance review 66 In reference 68 Retail markets 70 Remuneration report 72 autoMotive comprises the group’s automotive retail businesses in South Africa. About this report 80 Unitrans Automotive represents a number of Share performance and exchange rates 82 international automotive brands and services its Analysis of shareholding 83 customers from its network of dealerships located throughout southern Africa. Shareholders’ diary 84 Hertz car rental conducts its business in Namibia Corporate information 84 and South Africa. Read more: page 44 Further reading on the group’s website: ƺǝĭļĹĭļÊŇëǝāĭŜëļħÊħáëǝļëĹĭļŇ ƺǝ]ĎħāǝDDDǝŇÊàğëǝĭÿǝƋƉǝĹļĎħáĎĹğëŀ ƺǝĭļĹĭļÊŇëǝļëŀĹĭħŀĎàĎğĎŇŨǝĎħÿĭļĦÊŇĎĭħ in addition, Steinhoff is invested in companies that provide essential products, services and knowledge to the group. Accordingly, the group holds a 43% associate investment in KAP Industrial Holdings Limited, a JSE-listed diversifed industrial company with leading market share positions in the logistics, integrated timber, integrated bedding and other industrial sectors within South Africa. Steinhoff also holds a 27% associate investment in PSG Group Limited, a JSE-listed investment company. Read more: www.kap.co.za, www.psggroup.co.za www.steinhoffinternational.com 45&*/)0''*/5&3/"5*0/"-t*/5&(3"5&%3&1035t5 WorldReginfo - 0e4330e0-f509-4794-9d69-7b7a6345fd15 STRATEGY AND BUSINESS MODEL A STRONG, Operating in the discount market segment requires good cost control to protect and increase margins. The group’s decentralised EFFICIENT vertically integrated business model provides signifcant infuence over, and in-depth knowledge of the entire supply chain (from raw material input cost to end-consumer BUSINESS delivery costs), enhancing the group’s ability to manage costs, thereby protecting margins. Global purchasing power and scale of MODEL operations have allowed the group to beneft from its ability to source and produce in bulk Steinhoff’s strategy of sourcing quantity, negotiating long-term, competitive and manufacturing products at agreements in order to decrease fxed low-cost and distributing them to the overhead costs and increase volume and group’s value-conscious customer base other supplier rebates. Active involvement in through its extensive retail footprint has the supply chain further provides assurances underpinned the group’s growth since as to the quality of products, while ensuring availability of products and raw materials and listing on the JSE Limited in 1998. timeous delivery. Maintaining fexibility between sourcing and manufacturing remains key in the group’s ability to effectively manage its product range and pricing strategy. In the recent economic climate, consumers have become increasingly price-sensitive, resulting in them prioritising lower value price Development of consumer preferences segments. Steinhoff’s business is focused relating to how purchases are made requires on this value-conscious consumer with continuous evaluation of the retail concepts operations predominantly positioned in the applied in stores. Continued refurbishment growing discount market segment. This value and upgrade of stores support new proposition has facilitated sustained growth market trends and product demand. The in proftability in volatile economic climates. development of e-commerce drives the group’s integrated omni-channel approach, providing the same service and customer The European household goods markets are experience regardless of how, where and fragmented and remain competitive. This when transactions are made. has created opportunities for market share growth, benefting from Steinhoff’s diverse, multi-brand retail strategy that targets local As a result of the group’s expansive operating consumer brands in each of the regions footprint, a decentralised management where the group operates. structure is employed throughout the group, entrenching an entrepreneurial culture. Each In addition, competitively priced properties in division is empowered to innovate and adapt these markets created the opportunity for the in a way that is responsive, while still being group to grow its owned property portfolio. responsible. Operations are supported by The licence to retail household goods is the Steinhoff International group services frequently attached to a particular property, team, located in various regions, providing making property ownership a strategic assistance in matters including treasury, investment. This has also created an effective mergers and acquisitions, fnancial reporting barrier to entry for the group. and taxation. 6 t45&*/)0''*/5&3/"5*0/"-t*/5&(3"5&%3&1035 WorldReginfo - 0e4330e0-f509-4794-9d69-7b7a6345fd15 The environment The impact on shaping Steinhoff’s Steinhoff’s strategy strategy Growth in the value retail market Steinhoff predominantly positioned “Flight to value” in the value retail market Highly fragmented European Diverse, multi-brand strategy furniture and household goods market Ownership of strategic properties Vertically integrated supply chain Increase scale to leverage supply chain Operating in the value segment Maintain fexibility between sourcing places pressure on margins and manufacturing Secure supply of and access to raw materials Continuous investment in new stores, Continuous development store refurbishments and new store of consumer trends formats E-commerce strategy Decentralised management Expansive operations structure, entrepreneurial culture, across countries and territories with group services support and risk management Today, Steinhoff has leading market positions in of its business model and highly experienced a number of countries in which it operates.* management team. Steinhoff’s operating performance has historically The group further recognises the importance of been strong in terms of revenue
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