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Steinhoff een mooie kans

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  1. forum rang 5 Instapmoment 16 oktober 2020 11:55
    quote:

    maurice73 schreef op 15 oktober 2020 12:18:

    www.dgap.de/dgap/News/corporate/...it...

    irhosted.profiledata.co.za/pepkor/201...

    PEPKOR HOLDINGS LIMITED - TRADING STATEMENT FOR THE YEAR ENDING 30 SEPTEMBER 2020 AND LIQUIDITY UPDATE
    15 October 2020 10:00
    Trading Statement For The Year Ending 30 September 2020 And Liquidity Update

    Pepkor Holdings Limited
    (Incorporated in the Republic of South Africa)
    (Registration number: 2017/221869/06)
    Share Code: PPH
    Debt Code: PPHI
    ISIN: ZAE000259479
    (“Pepkor”, the “Company” or the “Group”)

    TRADING STATEMENT FOR THE YEAR ENDING 30 SEPTEMBER 2020 AND LIQUIDITY
    UPDATE

    Trading statement

    In terms of the JSE Limited (“JSE”) Listings Requirements (the “Requirements”), a listed company
    is required to publish a trading statement as soon as it becomes aware that a reasonable degree
    of certainty exists that the financial results for the financial period to be reported on next will differ
    by at least 20% from the financial results for the previous corresponding period.

    As reported in the Group’s interim results published on the JSE Stock Exchange News Service
    (“SENS”) on 27 May 2020, the COVID-19 pandemic is expected to have a negative impact on the
    Group’s performance and results for the year ending 30 September 2020. The unprecedented
    circumstances and volatile trading environment continue to impact the Group’s forecasting ability.

    Pepkor hereby advises shareholders and noteholders that a reasonable degree of certainty exists
    that its earnings per share (“EPS”) and headline earnings per share (“HEPS”) for the year ending
    30 September 2020 will decrease by at least 20%.

    - EPS is expected to decrease by at least 12.5 cents per share (20%) when compared to
    the EPS of 62.6 cents reported for the year ended 30 September 2019 (the “Previous
    Period”); and

    - HEPS is expected to decrease by at least 19.4 cents per share (20%) when compared to
    the HEPS of 96.8 cents reported for the Previous Period.

    The decrease in EPS and HEPS can be attributed to the following factors:

    1. The Group implemented IFRS 16: Leases (IFRS 16) on 1 October 2019 using a modified
    retrospective approach with no restatement of prior period reported results; and

    2. The impact of the COVID-19 pandemic has impacted the performance in many areas of
    the Group, most notably through lost sales and increased provision levels on credit books.
    This has contributed to the likely impairment of carrying values of goodwill and intangible
    assets.

    Further guidance as to the range by which the EPS and HEPS are likely to decrease will be
    provided once the required degree of certainty in terms of the Requirements has been
    established.

    The financial information on which this trading statement is based, has not been reviewed or
    reported on by the Company's external auditors.

    Liquidity update

    As stated in the Trading Update published on SENS on 24 July 2020, the Group’s liquidity
    benefited from strong trading since the relaxation of lockdown measures, pro-active expense
    management, conservative credit granting, better-than-expected credit book collections and the
    successful completion of an accelerated bookbuild which raised R1.9 billion.

    This allowed early settlement of the R1.5 billion bridge term loan facility which was due for
    repayment in August 2020 and early settlement of R4.0 billion of the total R6.0 billion preference
    share funding due to mature in May 2022. The Group has made significant progress in its ambition
    to degear the balance sheet and there is therefore no risk of debt covenants being breached at
    30 September 2020.

    The process to refinance R5.0 billion in debt due for repayment in May 2021 was successfully
    concluded and implemented on 30 September 2020, and the debt is now repayable in September
    2023. In addition, the R1.0 billion bridge revolving credit facility originally due to expire in
    November 2021, has been extended to September 2023.

    As part of the same process, debt covenants were amended to create sufficient headroom and
    enhanced flexibility going forward.

    Parow
    15 October 2020

    Equity Sponsor
    PSG Capital

    Debt Sponsor
    Rand Merchant Bank (A division of Firstrand Bank Limited)



    Date: 15-10-2020 10:00:00
    Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').

    Dit lijkt me een positief bericht? Liquiditeitsvooruitzichten zijn goed en de winst daalt met 20% als gevolg van het toepassen van een nieuwe accountingstandaard en een beetje Covid. Up up up up?
  2. Caramba1 16 oktober 2020 13:25
    quote:

    Instapmoment schreef op 16 oktober 2020 11:55:

    [...]

    Dit lijkt me een positief bericht? Liquiditeitsvooruitzichten zijn goed en de winst daalt met 20% als gevolg van het toepassen van een nieuwe accountingstandaard en een beetje Covid. Up up up up?
    Zeker een goed verhaal. Flinke schulden reductie wat het belangrijkste is nu .
  3. Caramba1 17 oktober 2020 11:00
    quote:

    Caramba1 schreef op 16 oktober 2020 13:25:

    [...]
    Zeker een goed verhaal. Flinke schulden reductie wat het belangrijkste is nu .
    Rückmeldung IR Pepkor zur Verschuldung

    Schöne Rückmeldung erhalten ergänzend zum gestrigen Post. Bruttoverschuldung von Pepkor wurde zum 30.09.20 um über 30 % reduziert. 5,5 MRD RAND von 18 MRD wurden getilgt. Entspricht ca. 280 Mio Euro.




    You are correct, gross debt amounted to c.R18bn at 31 March and R5.5bn has been settled since then, resulting in c.R12.5bn gross debt

    The disposal of The Building Company is subject to conditions precedent and we expect fulfillment of these during the first half of CY21.
  4. [verwijderd] 20 oktober 2020 15:24
    S.African stock exchange fines Steinhoff for breaching listing requirements
    10:26 20/10/2020
    Steinhoff International Holdings
    0,044 0,00 -4,13%

    JOHANNESBURG, Oct 20 (Reuters) - The Johannesburg Stock Exchange said on Tuesday it would fine scandal-hit Steinhoff International 13.5 million rand ($818,098) for breaching listing requirements, including by publishing false and misleading information.

    "The accuracy and reliability of financial information published by companies are of critical importance in ensuring a fair, efficient and transparent market," the JSE said in a statement.

    ($1 = 16.5017 rand)

    (Reporting by Emma Rumney; editing by Jason Neely)

    ((Emma.Rumney@thomsonreuters.com; +27115952832;))

    Keywords: STEINHOFF JSE/ (URGENT)
  5. [verwijderd] 20 oktober 2020 15:25
    BRIEF-JSE Imposes Censure, Fine On Steinhoff
    10:11 20/10/2020
    Steinhoff International Holdings
    0,044 0,00 -4,13%

    Oct 20 (Reuters) - JSE:

    CENSURE IMPOSED BY JSE ON STEINHOFF INTERNATIONAL HOLDINGS N.V.
    PUBLIC CENSURE AND MAXIMUM PERMISSIBLE FINE OF R7.5 MILLION AS STEINHOFF'S PREVIOUSLY PUBLISHED FINANCIAL INFORMATION DID NOT COMPLY WITH IFRS
    INVESTIGATION INTO CONDUCT OF INDIVIDUALS THAT PRESIDED AT STEINHOFF DURING PERIODS IN QUESTION & WHO ARE BOUND BY LISTINGS REQUIREMENTS ONGOING
    PUBLIC CENSURE AND FINE OF R5 MILLION FOR STEINHOFF FOR FAILURE TO DISCLOSE SGI DEAL ON SENS AT TIME, IN RESULTS FOR 15 MONTHS ENDED 30 SEPT 2016
    PUBLIC CENSURE & FINE OF R1 MILLION FOR STEINHOFF FOR FAILURE TO DISCLOSE OPERATIONAL RIGHTS DEAL ON SENS, IN RESULTS FOR 15 MONTHS ENDED SEPT 2016

    Source text for Eikon: [ID:nJseT0013a] Further company coverage: [SNHJ.J]

    ((Reuters.Briefs@thomsonreuters.com;))
  6. [verwijderd] 20 oktober 2020 15:25
    UPDATE 1-S.African stock exchange fines Steinhoff for breaching listing requirements
    10:44 20/10/2020
    Steinhoff International Holdings
    0,044 0,00 -4,13%

    Adds details

    JOHANNESBURG, Oct 20 (Reuters) - The Johannesburg Stock Exchange (JSE) said on Tuesday it would fine scandal-hit Steinhoff International SNHJ.J 13.5 million rand ($818,098) for breaching listing requirements, including by publishing false and misleading information.

    Steinhoff has endured hefty losses and a stream of lawsuits since revealing holes in its accounts in December 2017, the first sign of a fraud estimated to total $7 billion and from which it is still battling to recover.

    The JSE said that the company's financial reports during 2016, 2015 and some prior financial periods did not comply with international financial reporting standards and was "incorrect, false and misleading in material aspects".

    As a result, it continued, Steinhoff had breached listing requirements and it would impose three fines, of 1 million rand, 5 million rand and 7.5 million rand respectively, for individual breaches, as well as a "public censure".

    "The accuracy and reliability of financial information published by companies are of critical importance in ensuring a fair, efficient and transparent market," the JSE said in a statement.

    Steinhoff CEO Louis du Preez said the company noted the JSE's decision, which relates to the period predating the discovery of accounting regularities.

    "We are pleased that this concludes the JSE's process in respect of the company," he said in a statement.

    The JSE added that an investigation into the conduct of individuals at the company, who are also bound by listing requirements, is ongoing.

    ($1 = 16.5017 rand)
  7. [verwijderd] 20 oktober 2020 21:47
    quote:

    LDeca schreef op 20 oktober 2020 17:54:

    Minder nieuws dus La Reina?
    In elk geval wel meer duidelijkheid. Zijn wel flinke bedragen mee gemoeid. Zullen nog wel meer publicaties en berichten in de media over verschijnen.Daar wordt ook weer op gereageerd.Maar het blijft lastig inschatten hoe de markt dit verhaal gaat waarderen.
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