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Strong Results and Pursuing Growth Plans

Freedom Furniture NZ Delivers Strong Results And Is Pursuing Growth Plans

The board of Freedom Furniture New Zealand Ltd (FFNZL) this week signed off the financial results for the year ended 1 October 2017. The board is comfortable with the nature of FFNZL’s performance and has endorsed plans to continue to expand Freedom’s strong retail position in New Zealand.

“Contrary to some recent media reports, the company is in a very strong position from both a financial and operational perspective,” Group CEO of Steinhoff Asia Pacific Group Holdings Ltd (SAPGH), Michael Ford, said today. SAPGH is FFNZL’s parent company.

The reports were based, at least in part, on wrongful comparisons of the financial results to the 12 months ended October 2017 with the previous 15-month period from 29 June 2015 to 2 October 2016. The conclusions drawn do not depict the positive outlook that FFNZL currently enjoys.

The latest financial results were audited by PWC, and its audit opinion was unqualified. PWC stated: “In our opinion, the financial statements of Freedom Furniture New Zealand Limited present fairly, in all material respects, the financial position of the Company as at 1 October 2017, its financial performance and its cash flows for the year ended in accordance with New Zealand Equivalents to International Financial Reporting Standards Reduced Disclosure Regime”.

FFNZL employs more than 250 people in New Zealand, it operates 15 stores including 4 franchised stores, and has its own support and distribution centres in Auckland that serve the whole country. FFNZL has opened two new stores in New Zealand during the last three years, and has plans for more. It has also committed to invest in refurbishments and updates of three stores during the next year. The flagship store at Newmarket in Auckland is about to be completely refurbished, bringing a leading retail furniture and homewares concept to New Zealand.

For more than 22 years, FFNZL has been committed to bringing great design and excellent value to New Zealand shoppers and expects to do so for a considerable time ahead.

FFNZL’s ultimate Australian parent company, Steinhoff Asia Pacific Group Holdings Pty Ltd, one month ago reported its financial results showing revenues of $A2.3 billion, net assets of $411.4 million and cash from operating activities (before interest and tax payments) of $106.0 million. These were for the period from 8 June 2016 to 1 October 2017. Further, SAPGH’s capital requirements, including for FFNZL, are locally met and are not dependent on Steinhoff International.

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