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Steinhoff een mooie kans

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Pagina: «« 1 ... 248 249 250 251 252 ... 865 »» | Laatste | Omlaag ↓
  1. forum rang 10 DeZwarteRidder 10 juli 2019 14:15
    quote:

    josti5 schreef op 10 juli 2019 14:00:

    De uitleners mogen dan een mooie rente vangen: als Steinhoff ten onder gaat, zijn zij hun centjes kwijt.
    Dus dat gaat niet gebeuren.
    Waarschijnlijk krijgen ze dus tzt aandelen en worden ze eigenaar van de tent, wat ook bij Nyrstar gebeurt is.

    De schuldeisers krijgen hun 10% rente niet in contanten, maar dit wordt bij de hoofdsom opgeteld.
  2. forum rang 10 DeZwarteRidder 10 juli 2019 14:39
    quote:

    DeZwarteRidder schreef op 10 juli 2019 14:15:

    [...]
    Waarschijnlijk krijgen ze dus tzt aandelen en worden ze eigenaar van de tent, wat ook bij Nyrstar gebeurt is.

    De schuldeisers krijgen hun 10% rente niet in contanten, maar dit wordt bij de hoofdsom opgeteld.
    Dus de schuld wordt dit jaar waarschijnlijk ca 11 miljard en een jaar later ca 12,1 miljard en nog een jaar later ca 13,3 miljard etc. etc.
  3. forum rang 10 DeZwarteRidder 10 juli 2019 14:42
    quote:

    maurice73 schreef op 10 juli 2019 14:27:

    Er zitten nog steeds grote investeerders in die ook bijkopen.

    www.morningstar.com/stocks/xstu/snh/q...

    Waarom nemen zij het risico als het gevaar van verwatering op de loer ligt?
    In totaal hebben ze slechts 10% van de aandelen.
  4. Maurice021973 10 juli 2019 15:27
    Van het ZA-forum:

    www.moneyweb.co.za/moneyweb-opinion/d...

    Did Steinhoff’s CFO jump ship, or was he pushed?

    Surely all hands should be on deck?
    Barbara Curson / 10 July 2019 00:50 8 comments

    Steinhoff recently issued a terse statement: “Philip Dieperink will step down, by mutual consent, from both his membership of the Management Board of Steinhoff and as CFO on 31 August 2019 after the 2019 AGM. Following a handover period, he will leave the Steinhoff Group on 31 December 2019. Philip will be succeeded as CFO by Theodore de Klerk, currently Operations Director and member of the Management Board.”

    Read: Hawks to hire outside auditor for Steinhoff probe
    For the CFO to be stepping down in the midst of Steinhoff fighting for its survival is a surprise indeed.

    Dieperink’s early career

    Dieperink (BCom (Hons), CTA, CA(SA), H Dip Tax), joined Deloitte & Touche in 1980, and transferred to the tax division, specialising in corporate and international tax planning. He was made partner in 1987.

    In the interests of transparency, in the 1980s I served a couple of years in the Arthur Young (Ernst & Young) tax department, and joined the Deloitte tax department in 1988. The relationship between me and the various tax partners was one of mutual dislike.

    Read: Steinhoff produces radioactive report
    Those were the heady days of tax planning – plantation schemes, film schemes, horse breeding schemes, arbitraging the financial and commercial rand, investing offshore via complex opaque structures to hide the tainted origin of South Africa, establishing offshore ‘blind’ trusts, setting up corporate structures to enable wealthy South Africans to transfer money offshore via a dividend, over-invoicing to get money offshore, offshore slush funds, and transferring intellectual property to foreign domiciled companies (usually in a tax haven).

    This was the era before South Africa introduced worldwide taxation, and it was heaven for taxation cowboys. It was the era of junk bonds and leveraged buyouts. This was also an era that presented an opportunity to be schooled in basic tax avoidance 101.

    Read: Steinhoff: Proliferation of legal actions pose threat
    I am not saying that Dieperink (nor Deloitte/Ernst & Young) were involved in any nefarious tax planning on behalf of clients, I am merely painting a picture of the tax environment at the time. When I joined the South African Revenue Service (Sars) in 1996, I uncovered mind-blowing tax schemes I did not know existed (as mentioned, I had learnt the basic tools of tax avoidance) – and this hardwired me for the next 20 years.

    Joining Steinhoff

    Dieperink briefly joined Murray & Roberts in 1996 (as international financial manager and group tax advisor), and moved to Unitrans in 1997 as financial director. The Steinhoff Group purchased Unitrans in 2007. Dieperink relocated to the United Kingdom to assume the position of chief financial officer of Steinhoff UK Holdings Limited. He also served on the board of directors of Steinhoff Asia Pacific Limited and Cofel. He was appointed as chief financial officer (CFO) and member of the management board of Steinhoff International Holdings NV (Steinhoff) on April 20, 2018, for a period of four years, and as non-executive Director of Steinhoff Africa Retail Limited on July 30, 2018.

    De Klerk

    Theodore de Klerk (BCom (Hons), CTA, H Dip Tax, CFM) joined Steinhoff in 2003. He was CEO of SteinBuild from 2008 to 2015. He currently serves as a director of several Steinhoff operating companies, manages a number of strategic projects on behalf of Steinhoff, and is a non-executive director of KAP Industrial Holdings Limited.

    Steinhoff’s risks

    Steinhoff’s biggest risks are its debt levels, cash management, ongoing litigation, and its uncertain tax position, referred to by Steinhoff in its 2018 annual report as the unforeseen tax liabilities.

    These would include:

    Transactions that substantially inflated the profit and asset values of the group;
    Complex/fictitious/irregular transactions;
    Tax implications arising from accounting irregularities;
    Tax implications arising from the country voluntary arrangements (CVAs);
    Possible transfer pricing transgressions; and
    Possible tax avoidance (although legal, could be subject to penalties) or tax evasion schemes (criminal).
    Tax risks straddle accounting, operational, financial and legal risk, and this surely requires specialist skills.

    At this stage the uncertain tax liability could be the torpedo that ultimately sinks the ship.

    Taking into consideration Steinhoff’s precarious tax position, and the possible financial ramifications, surely all hands should be on deck?

    Dieperink is an international tax expert, with vast in-depth experience of the financial workings of the group. He has the skills and experience to navigate the financial and tax risks to the group, as well as give guidance in unravelling the complex structures put in place by former Steinhoff International CEO Markus Jooste and his cohorts. Will De Klerk, at age 49, not be somewhat stretched at taking on this weighty challenge?

    Steinhoff’s Sens statement is inadequate, uninformative, and gives rise to many questions and negative connotations. Dieperink was appointed to the management board of Steinhoff until 2022. Stepping down “by mutual consent” doesn’t cut it. Then again, this is Steinhoff. Have no expectations …

    The author holds shares in Steinhoff

  5. [verwijderd] 12 juli 2019 13:35
    13:27:21 / 12-07-19 Steinhoff Narrows Pretax Loss in 1st Half 2019; CVA Progressing

    By Adriano Marchese
    Steinhoff International Holdings NV (SNH.JO) said Friday that pretax loss narrowed in the first half of fiscal 2019, while the company continues to progress with its company voluntary arrangement and restructuring plan.
    The company noted that the group's current liabilities exceed current assets, and that material uncertainties extend beyond the foreseeable future but that the CVA with lenders continues to progress. It noted that a further delays to the process will increase adviser costs, ultimately harming the group's cash flow. In the period, advisory fees amounted to EUR82 million.
    Net debt was 9.1 billion Euros ($10.2 billion).
    For the six months ended March 31, pretax loss was EUR242 million for the South African retailer, compared with a loss of EUR257 million in the prior-year period.
    The company swung to a EUR212 million operating profit in 1H 2019, from a loss of EUR78 million in the first half of fiscal 2018. Revenue for the period rose 2.9% to EUR6.86 billion.
    The company said that it will focus on its operations and realize value where appropriate, while planning to reduce its debt levels. However, it also said that tax remains a material uncertainty due to the impact they would have on identified taxing irregularities.
    Write to Adriano Marchese at adriano.marchese@dowjones.com
    (END) Dow Jones Newswires
    July 12, 2019 07:27 ET (11:27 GMT)
    © 2019 Dow Jones & Company, Inc.

    AAND STEINHOFF INTERNATIONAL HOLDING
    NL0011375019
  6. forum rang 10 voda 12 juli 2019 14:28
    Steinhoff wederom diep in het rood

    Gepubliceerd op 12 jul 2019 om 13:28 | Views: 1.014

    JOHANNESBURG (AFN/BLOOMBERG) - Meubelwinkelbedrijf Steinhoff heeft ook in het eerste halfjaar van zijn gebroken boekjaar een fors verlies geleden. De omzet uit voortgezette activiteiten dikte in dezelfde periode wel aan, blijkt uit voorlopige cijfers van het Zuid-Afrikaanse concern.

    In de zes maanden tot en met maart zette Steinhoff een verlies van 571 miljoen euro in de boeken. Dat was volgens herziene cijfers over dezelfde periode vorig jaar nog een min van 609 miljoen euro. De opbrengst uit voortgezette activiteiten steeg met 3 procent tot bijna 6,9 miljard euro. Daarbij deden vooral winkels van budgetketen Pepkor Europe goede zaken.

    Steinhoff zit al een tijdlang in financieel zwaar weer, nadat in 2017 grootschalige boekhoudfraude aan het licht was gekomen. De meubelgigant zucht nog onder een schuldenlast van 9,1 miljard euro, maar lijkt een bankroet te hebben afgewend. Steinhoff waarschuwt in zijn jaarverslag wel voor aanhoudende onzekerheden, onder andere vanwege de vele schadeclaims die aandeelhouders en verkooppartners bij het bedrijf hebben neergelegd.
  7. Maurice021973 12 juli 2019 14:29
    quote:

    DeZwarteRidder schreef op 12 juli 2019 13:46:

    En het eigen vermogen per eind maart is ca 1 miljard negatief.
    Pagina 42 halfjaarverslag. Total equity; 172. Vraag: waarom tel je de minderheidsbelangen niet mee? Tenminste, ik neem aan dat jij uitgaat van "Total equity attributable to owners of Steinhoff : (994)".
  8. forum rang 10 DeZwarteRidder 12 juli 2019 14:35
    quote:

    maurice73 schreef op 12 juli 2019 14:29:

    [...]
    Pagina 42 halfjaarverslag. Total equity; 172. Vraag: waarom tel je de minderheidsbelangen niet mee? Tenminste, ik neem aan dat jij uitgaat van "Total equity attributable to owners of Steinhoff : (994)".
    De aandeelhouders van Steinhoff hebben geen recht op het eigen vermogen van minderheidsbelangen.

    Je kan toch lezen...???
  9. Maurice021973 12 juli 2019 14:39
    quote:

    DeZwarteRidder schreef op 12 juli 2019 14:35:

    [...]
    De aandeelhouders van Steinhoff hebben geen recht op het eigen vermogen van minderheidsbelangen.

    Je kan toch lezen...???
    Ik kan wel lezen, maar mijn boekhoudkennis schiet gewoon tekort om het te snappen. Nu snap ik het. Bedankt.
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