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Steinhoff een mooie kans

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  1. [verwijderd] 29 augustus 2019 11:01
    quote:

    DeZwarteRidder schreef op 29 augustus 2019 10:51:

    [...]
    Nu zit je echt te liegen....!!!

    Alle door mij genoemde cijfers komen uit het halfjaarverslag.

    En jij bent degene die zit kletsen zonder enige enige 'onderbouwing'.....!!!!
    Hahaha, Ik plak net een stuk uit het meest recente Q3 report :)

  2. forum rang 10 DeZwarteRidder 29 augustus 2019 11:04

    QUARTERLY UPDATE NINE MONTHS ENDED 30 JUNE 2019 (9MFY19) (UNAUDITED)
    STEINHOFF INTERNATIONAL HOLDINGS N.V. • QUARTERLY UPDATE NINE MONTHS ENDED 30 JUNE 2019 (9MFY19) (UNAUDITED)1The Group’s full retail brand complement includes: ABRA, Ackermans, Bensons for Beds, Best&Less, Bradlows, BUCO, Conforama, Dealz, Dunns, Emmezeta, Fantastic, FLASH, Floors Direct, Freedom, Harris Scarfe, Harveys, HiFi Corp, Incredible Connection, John Craig, Lipo, Mattress Firm, OMF, PEP, PEP Cell, PEP Home, PEPCO, PEP&CO, Plush, Postie, Poundland, Powersales, Refinery, Rochester, Russells, Shoe City, Sleepmasters, Snooze, Tekkie Town, Tiletoria, Timbercity, Unitrans, and other South African building material brands.Steinhoff today ...... is a global investment holding companywith investments in a diverse range of retailers.UNITED STATES OF AMERICA50%*ownershipChange in control operationsEUROPE AND UNITED KINGDOM100%*ownershipPepkor Europe50%**ownershipConforama100%ownershipUK household goodsAUSTRALIA AND NEW ZEALAND100%ownershipGreenlit Brands Sample of brands in AustralasiaAFRICA71%ownershipPepkorSeparately listed on the JSE Sample of Pepkor brands100%ownershipAutomotiveDiscontinued operations* 100% reflects accounting ownership, although legal ownership amounts to 99% as at 30 June 2019 (30 June 2018: 98%)** Warrant issuance of 49.9% of the issued share capital of Conforama Holding SA on 29 May 2019 in favour of new money providers.* Subject to future dilution by the new management incentive plan
    2STEINHOFF INTERNATIONAL HOLDINGS N.V. • QUARTERLY UPDATE NINE MONTHS ENDED 30 JUNE 2019 (9MFY19) (UNAUDITED)Dear StakeholderOur progress during the current financial year has made it a productive period for Steinhoff, its employees and other stakeholders, as significant headway has been made on the journey to address past deficiencies, to restore trust in the Group, and to build a recovery in value for our stakeholders.While many more tough miles lie ahead of us, we have maintained our momentum, achieving a number of critical objectives on our restructuring journey. We continued our essential effort to stabilise the Group, progressing the complex and technical work necessary to complete our financial restructuring, while also helping to enhance the long-term stability and growth prospects of our operating companies.The result is that subsequent to the period-end, on 13 August 2019, having met all the necessary conditions, the Group was finally able to announce that it had successfully implemented the financial restructuring. This was the objective of a very substantial collective endeavour from teams both internal and external to the Group over a twenty-month period. Its achievement is a major milestone. Critically, it secures a period of financial stability for the Group until the end of 2021, during which we can restructure our businesses, dispose of assets to reduce debt to more manageable levels and/or restructure the debt as part of our plan to recover value for all our stakeholders. As an investment holding company with a broad range of retail business investments, the Group’s operating companies give it well-diversified exposure to a number of strong local brands. Some of our individual businesses, such as Pepkor Africa and Pepkor Europe, continue to perform robustly. Others remain in a MESSAGE FROM THE MANAGEMENT BOARD turnaround phase but are continuing to report more encouraging recent trends, such as both Mattress Firm and Conforama. Revenue performanceDespite the ongoing challenges facing the Group, it has continued to grow overall revenue. The Group’s unaudited consolidated net sales from continuing operations for the nine-month period to 30 June 2019 (9MFY19) increased by 4% to €10 113 million (9MFY18: €9 728 million), with strong contributions from Pepkor Europe (+13% to €2 567 million) and Pepkor Africa (+3% to €3 292 million). The turnover from both Conforama (€2 552 million) and Greenlit Brands (€969 million) confirmed their market positions. Mattress Firm, now held as an associate, continued with its turnaround plan, increasing its total revenue to €1 908 million. Further information on the performance of the Group’s individual operating businesses is contained within the accompanying operational review. Achievements in the year-to-dateThe Group has achieved a number of important milestones since the previous year-end:• The demanding and complex task of finalising and publishing the Audited 2017 and 2018 Annual Reports was successfully achieved in May and June 2019 respectively.• The publication of the Unaudited 2019 Half-year Report in July 2019 eliminated the Company’s reporting backlog and the Company can now begin to normalise communications with the markets.• The Steinhoff Europe AG (SEAG) and Steinhoff Finance Holdings GmbH (SFHG) CVAs were implemented with effect from 13 August 2019,
    STEINHOFF INTERNATIONAL HOLDINGS N.V. • QUARTERLY UPDATE NINE MONTHS ENDED 30 JUNE 2019 (9MFY19) (UNAUDITED)3securing a period of financial stability for the Group until 31 December 2021.• A number of non-core businesses were disposed of.• Operational funding has been secured in the majority of the operating companies.• The Company gave a comprehensive update presentation to investors and the media on 13 August 2019, its first such event since the onset of the crisis in December 2017. A webcast of this presentation is available on the Group’s website www.steinhoffinternational.com.• The 2019 AGM has been scheduled for 30 August 2019.Financial restructuringThe financial restructuring of the Group became effective on 13 August 2019, when the SEAG and SFHG CVAs were successfully implemented. Under the terms of the CVAs, the existing debt instruments in SEAG and SFHG were reissued with effect from 13 August 2019, with a common maturity date of 31 December 2021. No cash interest is payable in this period, as interest will accrue and is only payable when the debt matures, providing the Group with a period in which it can concentrate on reducing debt and restoring value.STEINHOFF N.V. CONSOLIDATED DEBT POSITION(excluding independently raised OpCo financing)13 August 2019UnauditedTotal SEAG debt*€5.79bnNew Lux Finco 2 First Lien Loan€2.05bnNew Lux Finco 2 Second Lien Loan€3.74bnTotal SFHG debt*€2.94bnNew Lux Finco 1 21/22 Loan€1.75bnNew Lux Finco 1 23 Loan€1.19bnTotal SEAG and SFHG debt€8.73bnHemisphere** €0.36bnTotal***€9.09bn* Notional amount outstanding post CVA implementation for SEAG and SFHG.** Hemisphere debt is disclosed as at 31 March 2019. Property portfolio is reviewed with the aim of settling Hemisphere debt.*** Steinhoff N.V. debt excludes operational financing raised independently by the individual operations. Furthermore, please note that €0.2 billion of the SEAG debt included above is unguaranteed.Super senior tranches included in the First Lien amounts.• Maturity: December 2021• Coupon – SEAG First Lien:7.875% PIK – SEAG Second Lien:10.75% PIK– SFHG:10% PIK– Semi-annual compoundingDetail of the CVA debt is as follows:
  3. Maurice021973 29 augustus 2019 11:17
    www.businesslive.co.za/bd/companies/r...

    29 AUGUST 2019 - 10:46 NICK HEDLEY

    Steinhoff says it will consider selling its best businesses
    The embattled retailer will consider all options ‘as part of our debt-reduction strategy’ and ‘keep the future ownership of the businesses under review’

    Embattled retailer Steinhoff International, whose chains include Pepkor and Conforama, says it will consider letting go of its best businesses as it struggles to stay afloat.

    “We must provide our strongest performing businesses with the opportunity to perform to their full potential and ensure that Steinhoff’s shareholding is not a hindrance to their growth,” the group said in a statement on Thursday.

    “As part of our debt-reduction strategy, all options will be considered. Therefore, as we continue with our restructuring, we will keep the future ownership of these businesses under review.”

    Steinhoff said consolidated net sales from continuing operations in the nine months to end-June rose 4% to €10.1bn (R171.9bn).

    This was thanks to “strong contributions” from Pepkor Europe and Pepkor Africa, whose chains include Pep, Ackermans and Incredible Connection.

    Pepkor Africa increased revenue in constant-currency terms by 8.5% to R53.1bn in the nine-month period, boosted by a stronger third quarter, the group said.

    “However, trading remains volatile in an environment of continued pressure on consumer spending.”

    Steinhoff said legal claims against it remain “a significant outstanding challenge”.

    The group is reeling after announcing in late 2017 that it had uncovered “accounting irregularities”. Its CEO at the time, Markus Jooste, resigned with immediate effect.

  4. forum rang 10 DeZwarteRidder 29 augustus 2019 12:51
    quote:

    Jeewee schreef op 29 augustus 2019 10:33:

    Ok ik reageer nog 1 keer op de zwarte ridder... Je hebt duidelijk niet de juiste info over Steinhoff... als je het nieuws gevolgd had dan zou je weten dat alleen met een IPO van pepko europe al 4 miljard opgehaald kan worden. er blijft dan dus voldoende over.
    Maar als je niet in Steinhoff gelooft waarom ben je dan hier? heb je een positie?
    Herhaling:
    Waar heb je dat bedrag van 4 miljard vandaan...???
  5. forum rang 10 DeZwarteRidder 29 augustus 2019 13:59
    quote:

    Jeewee schreef op 29 augustus 2019 11:01:

    uk.finance.yahoo.com/news/poundland-p...
    The parent company of Poundland could be sold off or floated in the coming months, according to multiple reports.

    The Times reported on Friday that Pepkor Europe, the company that owns Poundland, met bankers to discuss a possible sale or initial public offering (IPO) of the business. It follows a similar report from South Africa’s Business Day earlier this month.

    Pepkor Europe is owned by Steinhoff (SNH.DE), a South African retail group that has been struggling to recover from a €6bn (£5.5bn) accounting scandal. The group is now under the control of its creditors and seeking to offload assets in a bid to pay off its debts.

    Steinhoff said in an investor presentation earlier this week that “divestments are being considered” but CEO Louis du Preez said no decision had been taken on the future of Pepkor.

    READ MORE: Poundland to stop charging £1 for everything

    A spokesperson for Steinhoff told Yahoo Finance UK: “We are currently evaluating all options but no decision has been made.”

    Shares in Steinhoff were down by 7% in Germany on Friday.

    Steinhoff acquired Poundland for £610m in 2016 and combined it with its European discount chain Pepkor.

    The Times said that Pepkor Europe recently refinances some debt as part of preparations for a transaction. The company could be valued at around €4bn in any deal. Business Day reported that Steinhoff is considering listing Pepkor in either London or Warsaw.

    Pepkor, which also owns the Dealz chain, recently reported half-year sales up 13.3% to €1.7bn. Poundland accounted for €920m of the total.

    Earlier this week, Poundland announced that it was relaxing its iconic pricing policy to include more items priced between 50p and £5. 75% of its products will still sell for £1, however
  6. forum rang 10 DeZwarteRidder 31 augustus 2019 08:32
    Steinhoff still alive and kicking
    By Sasha Planting• 30 August 2019
    A company sign stands above the Steinhoff International Holdings NV company headquarters in Stellenbosch, South Africa, on Monday, May 14, 2018. Until December, Heather Sonn was running a small investment firm in Cape Town. Then an accounting scandal erupted at Steinhoff and she was tapped to chair the board. Photographer: Dwayne Senior/Bloomberg
    20 Reactions
    The embattled household goods retailer is delivering growth against all odds, and will live to see another day.

    Steinhoff’s supervisory board and hundreds of line managers appear to be cutting, coaxing, pushing and pulling the bloated organisation into something more closely resembling a productive company.
    In the nine months from 1 October 2018 to 20 June 2019 Steinhoff grew its revenue from operations by 4% to €10.1-billion, supported by strong performances from Pepkor Europe (Pepco, Dealz and Poundland), which grew by 13%, and Pepkor Africa, which grew by 3% in euros.

    Consolidated debt is sitting uncomfortably close to this figure, at €9.09-billion.
    The good news is the group has completed the financial restructuring necessary to keep the business afloat. This staves off creditors until the end of 2021, when both debt and interest will be due.

    This is a vital lifeline, and in this period management will continue to restructure the businesses and dispose of assets to reduce debt to more manageable levels.
    If necessary it will restructure the debt, again.

    The future looks bright for Pepkor Europe, the one business unit that is investing for growth. It built a new distribution centre in Hungary to support Pepco’s store expansion, and expanded its store footprint by 12% across the board, bringing the total number of stores up to 2,556.

    But the picture at Conforama, which is almost the same size as Pepkor Europe, and delivered revenues of €2.5-billion, is less rosy. Sales in France, its biggest trading region were negative and flat elsewhere.
    An operational restructure is underway, with the closure of 32 Conforama stores and 10 Maison Dépôt stores planned. Up to 1,900 jobs could be lost. If the plan does not succeed, Conforama will find itself part-owned by the banks that provided the €316-million in new funding to see this plan through. In the US, Steinhoff lost control of Mattress Firm to creditors after the company entered business rescue in 2018. It now holds 51% of the equity but this could be diluted down if management achieves the targets set out for them.

    The giant retailer is mid–turnaround and managed to eke out a small growth in revenue to €1.9-billion. To give an example of how excess was tolerated across Steinhoff, Mattress Firm has reduced its store-base by 22% (718 stores) year on year, yet revenue (in USD) only decreased by 4% in the period under review.
    Much-needed dividends will flow from Pepkor Africa in which Steinhoff has a 71% shareholding. The local retailer grew revenue by 3% to €3.3-billion in the period and will report full year results in November. As much as Steinhoff may wish to divest itself of this particular asset, it has been temporarily prohibited from doing so by the Cape Town High Court. Other smaller operations, such as the UK household goods brands Bensons and Harveys, and Abra and Lipo are not in good shape – the European economy is not helping – and saw revenue growth fall marginally. The update does not reflect operational costs, or the cost of funding, or give any indication on whether the group is inching towards profitability. There is a long way to go yet. Three clear areas of management focus

    Source: Steinhoff quarterly update for nine months ended 30 June 2019 Management has sold Extreme Digital, Kika/Leiner and most of its European properties. It has sold the bulk of its manufacturing, sourcing and logistics operations, once a key pillar of Markus Jooste’s strategy to vertically integrate the group’s operations. In March 2019, Steinhoff sold Unitrans, one of South Africa’s largest automotive dealer networks. It was profits from this company that helped kick-start Steinhoff’s global acquisition spree. Other businesses may yet be sold. “We must provide our strongest performing businesses with the opportunity to perform to their full potential and ensure that Steinhoff’s shareholding is not a hindrance to their growth,” the board said in the update. “As part of our debt reduction strategy, all options will be considered.” But, litigation remains a major headache. Little detail is provided, but the board, supported by a litigation committee and the group’s legal advisers have prioritised the resolution of outstanding claims against the group. Steinhoff share price: Hope vs resignation

    In parallel, it is also evaluating potential claims against third parties and recently started proceedings against some people in the previous management team. At current growth levels, it will take a lifetime to repay the debt owed to creditors and shareholders, as positive as they are trying to be. DM
  7. forum rang 10 DeZwarteRidder 2 september 2019 15:50
    Steinhoff blijft overeind, maar voor hoelang is de vraag

    De koers is ingestort en de fraudebeschuldigingen vlogen het bedrijf de afgelopen maanden om de oren, maar Steinhoff leeft nog, bleek afgelopen week. De vraag is wel hoelang dat nog duurt.

    De Zuid-Afrikaanse meubelgigant hield vrijdag zijn algemene vergadering van aandeelhouders in Amsterdam. Vlak daarvoor werd ook een lijvige presentatie gepubliceerd met daarin details over de financiële gezondheid van het bedrijf dat €13,3 mrd aan beurswaarde verloor in een paar weken tijd.

    Steinhoff is een centenfonds.

    Desondanks gaan de zaken niet slecht, bleek uit de details van de presentatie. Het goede nieuws is: ondanks alle perikelen - Steinhoff wordt verdacht van grote boekhoudfraude - verdient het bedrijf nog altijd geld. De omzet groeide zelfs met 4% naar €10,1 mrd in de eerste negen maanden van het gebroken boekjaar dat eindigde in juni.

    Poundland loopt wel

    Vooral de merken onder Pepkor Europe, zoals het Britse Poundland en Pepkor Africa droegen bij aan die omzetgroei, terwijl het Franse Conforame de omzet ook op peil hield.

    Het slechte nieuws: de gigantische schuldenberg van €9 mrd waar Steinhoff tegenaan kijkt, komt in omvang ongemakkelijk dicht bij het omzetcijfer. De Europese tak van het bedrijf heeft een openstaande schuld van €5,7 mrd, de Steinhoff Finance Holding heeft bijna €3 mrd aan schuld staan.

    Ook hier is overigens wel weer wat goeds te melden. De meubelgigant liet halverwege augustus al weten goedkeuring te krijgen voor een herstructurering van zijn schulden. Dat deed de onderneming door een overeenkomst te sluiten met zijn schuldeisers. Het komt erop neer dat het bedrijf tot en met 2021 geen cent hoeft terug te betalen.

    Steinhoff koopt tijd

    Daarmee koopt de onderneming in feite tijd. In de tussengelegen jaren kan het proberen onderdelen te verkopen. Met de opbrengst kan het schuld afbetalen. En als dat niet lukt, volgt er wellicht nog een herstructurering.

    Of Steinhoff het daarmee redt blijft onduidelijk, want heel veel beleggers willen geld zien van het bedrijf omdat zij zouden zijn bedrogen. Of, in de woorden van Steinhoff, claimzaken blijven een 'significante uitdaging'.

    Onder meer de Nederlandse Vereniging voor Effectenbezitters spande eerder een rechtszaak aan tegen Steinhoff. Volgens persbureau Bloomberg is er zeker voor €6,2 mrd aan claims ingediend, waarmee het bedrijf na 2021 waarschijnlijk de ene schuldenberg kan inwisselen voor een andere.
    Erik van Rein

    www.fd.nl
  8. Maurice021973 3 september 2019 18:56
    Waarschijnlijk een open deur maar in het kader van plain and ordinary wishfull dreaming toch even dit deel uit de stream (begint 02:05:30) van afgelopen vrijdag waarin Heather Sonn bevestigt dat een hogere koers van voordeel is voor alle stakeholders en vervolgens toevoegt dat er nog veel onzekerheden en gevaren zijn waardoor de koers nu staat waar ie staat: dutchview.mediasite.com/Mediasite/Pla...
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