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Steinhoff een mooie kans

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[verwijderd] 21 mei 2018 07:20

www.moneyweb.co.za/news/companies-and...

DeZwarteRidder 21 mei 2018 07:23

www.steinhoffinternational.com/downlo...

DeZwarteRidder 21 mei 2018 07:25

quote:
Aafje Aasgier schreef op 21 mei 2018 07:20:
www.moneyweb.co.za/news/companies-and...

Steinhoff update reveals messy nature of inter-company transactions
Making it difficult to paint the true picture of the group’s finances.
Warren Thompson / 21 May 2018 00:27 No comments so far
STEINHOFF N.V. R1.80 0.20 18-5-2018 17:00:30

Steinhoff provided an update on Friday that showed just how complex the organisation’s financial affairs have become when the liabilities from inter-company loans, external financing and the mounting claims being lodged by vendors and shareholders are taken into account.

The announcement and accompanying copy of the presentation published on its website followed a presentation executives were making to lenders on Friday.

The company estimates that it will achieve revenue for the half year of €9.4 billion, €100 million more than the preliminary restated revenue for the same period last year. The Ebitda margin is expected to be between 4% to 5%, meaning the company should be generating profits to begin meeting its debt obligations of just €423 million.

There was more confirmation of the extent of the accounting irregularities though, with the company stating that “the group’s historical profits were materially overstated”. Steinhoff is expecting to incur a loss for the half year exacerbated by a litany of issues relating to its withdrawal of previous years’ financial statements and the launch of a forensic investigation into these matters.

These included impairments, capital losses suffered on asset disposals to generate funds, and higher interest costs.The conventional institutions that were providing loans to the group were replaced by new lenders demanding higher compensation for the increased risk in lending to Steinhoff.

In the copy of the presentation to lenders made available on its website, Steinhoff reiterated the precarious and potentially fatal situation it finds itself in. “The liquidity position of the group’s key finance companies is not sustainable beyond the next few months,” it bluntly points out.

Steinhoff said its group finance companies – which includes Steinhoff Europe AG which holds the lion’s share of debt (€4.9 billion) and Steinhoff Finance Holding GmbH (€2.7 billion) – was at a de facto standstill with its lenders. “A number of facilities having not been rolled over or extended recently,” the company stated.

Both entities are wholly-owned subsidiaries of Steinhoff International Holdings NV, which is the parent company domiciled in the Netherlands with its primary listing on the Frankfurt Stock Exchange (see below).

Total debt of the group stands at €9.6 billion, a reduction from the €10.7 billion stated at its meeting with lenders in December last year.

Simplified group structure: Steinhoff

Source: Steinhoff presentation to lenders

While the slide above presents a relatively straightforward picture of where the external debt in the company sits, the situation becomes much more complex when the organogram of where the inter-company loans are included. For instance, while Mattress Firm in the above slide has external debt of just €0.3 billion, the subsidiary directly and indirectly owes Steinhoff Europe AG €2.5 billion. This, together with the mounting shareholder and vendor claims, makes the process of untangling the true size of the liabilities a difficult job.

The company intends to publish its unaudited figures for the first half of the 2018 financial year (to end-March) at the end of June.

DeZwarteRidder 21 mei 2018 07:36

Volgens mij is er maar een simpele en snelle oplossing voor de problemen van Steinhoff: Star verkopen.

[verwijderd] 21 mei 2018 08:36

Steinhoff now looks undervalued, depending on exactly how much money was lost to fraud, Herenya Capital Advisors founder Petri Redelinghuys said on Friday.

“Companies such as Mattress Firm in the US and Kika/Leiner in Austria and Conframa in Europe are the three big things dragging down Steinhoff’s potential value,” Redelinghuys told Business Insider South Africa. “The rest of the business seems pretty stable and surprisingly profitable.”

Steinhoff said on Friday it expects revenue of €9.4 billion in the first half of the 2018, compared to €9.3 billion a year ago.

The reality is that creditors don’t want to lend Steinhoff money anymore, says Redelinghuys. “[But] the company is showing all the correct signs… appealing to creditors to restructure its credit to give it liquidity (money) so that it can continue doing business.”

Steinhoff is currently facing lawsuits from prominent banker GT Ferreira for R1.5 billion (€100 million) and by the vendors who sold it Tekkie Town for R1.8 billion (€120m). It is also facing a roughly R59 billion claim from former chairperson Christo Wiese, and it now expects a court hearing in Amsterdam before the end of September on a claim by Dutch investors association VEB.

But Redelinghuys believes it is unlikely any of Wiese’s lawsuits would be successful. “I don’t see him getting back that money.”

Redelinghuys, who bought Steinhoff shares himself on Friday after the presentation, said the only big surprise awaiting shareholders is the amount of money missing from the retailers' books.

“We’ll only find out that out when we receive the backdated audited reports in December - so there’s still a long way to go.”

www.businessinsider.co.za/steinhoff-l...

High Finance 21 mei 2018 09:17

quote:
Aafje Aasgier schreef op 21 mei 2018 08:36:
Steinhoff now looks undervalued, depending on exactly how much money was lost to fraud, Herenya Capital Advisors founder Petri Redelinghuys said on Friday.

“Companies such as Mattress Firm in the US and Kika/Leiner in Austria and Conframa in Europe are the three big things dragging down Steinhoff’s potential value,” Redelinghuys told Business Insider South Africa. “The rest of the business seems pretty stable and surprisingly profitable.”

Steinhoff said on Friday it expects revenue of €9.4 billion in the first half of the 2018, compared to €9.3 billion a year ago.

The reality is that creditors don’t want to lend Steinhoff money anymore, says Redelinghuys. “[But] the company is showing all the correct signs… appealing to creditors to restructure its credit to give it liquidity (money) so that it can continue doing business.”

Steinhoff is currently facing lawsuits from prominent banker GT Ferreira for R1.5 billion (€100 million) and by the vendors who sold it Tekkie Town for R1.8 billion (€120m). It is also facing a roughly R59 billion claim from former chairperson Christo Wiese, and it now expects a court hearing in Amsterdam before the end of September on a claim by Dutch investors association VEB.

But Redelinghuys believes it is unlikely any of Wiese’s lawsuits would be successful. “I don’t see him getting back that money.”

Redelinghuys, who bought Steinhoff shares himself on Friday after the presentation, said the only big surprise awaiting shareholders is the amount of money missing from the retailers' books.

“We’ll only find out that out when we receive the backdated audited reports in December - so there’s still a long way to go.”

www.businessinsider.co.za/steinhoff-l...

But Redelinghuys believes it is unlikely any of Wiese’s lawsuits would be successful. “I don’t see him getting back that money.”

Dit zegt toch wel genoeg.

[verwijderd] 21 mei 2018 23:11

Houston, we are ready to take off...

[verwijderd] 22 mei 2018 07:15

Steinhoff failed to inform investors of Tekkie Town claims Ahead of Star book build.
Warren Thompson / 22 May 2018 00:01

In what appears to be another grave oversight that could invite more litigation from shareholders, Steinhoff chose not to inform investors of the dispute and potential claims arising from Tekkie Town vendors ahead of the private placement of Steinhoff Africa Retail (Star) shares conducted in early April.

Steinhoff announced on April 11 via Sens that it was seeking to place (sell) 200 million shares in Star to help alleviate the liquidity crisis it was facing as banks cancelled or failed to renew funding lines to the group in the wake of the accounting scandal that was discovered in December last year.

Investec Bank acted as sole bookrunner in placing the shares, which was done at a price of R18.75/share and raised gross proceeds of R3.75 billion.

But, according to letters in Moneyweb’s possession, written on behalf of the lawyers representing a consortium of the previous shareholders of Tekkie Town, the Steinhoff Supervisory and Management Board knew about the claims relating to the Tekkie Town acquisition and bonus scheme in late March, a full week and a half before the Star book build was conducted.

The first letter dated March 28 was directed to Star chairman, Jayendra Naidoo, and Star CEO, Leon Lourens, and copied to Steinhoff chairperson, Heather Sonn and Steinhoff acting CEO, Danie van der Merwe. Webber Wentzel – acting on the instruction of the consortium of Tekkie Town vendors led by Braam van Huyysteen and Bernard Mostert – drew attention to the fact that an earn-out, or bonus scheme based on the performance of Tekkie Town under Steinhoff’s ownership was agreed to by Markus Jooste, and then amended by previous Star CEO, Ben la Grange.

Part of the purpose of the letter was to “ensure that clients’ rights and those of others that will benefit from the bonus scheme are recorded formally, particularly in light of the fact that Star’s contingent liability for payment of the earn out is not recorded in any of its financial documents”. Based on projections furnished to it by its clients, Webber Wentzel estimated the earn out would be in the region of R455 million to R890 million at the expiry of the scheme (September 2020).

The second letter, also dated March 28, was directed to Steinhoff chairperson Sonn and ccting CEO Van der Merwe respectively, and copied to Star chairman Naidoo and CEO Lourens. The letter begins by laying out a summary of the transaction that saw Steinhoff acquire Tekkie Town for R3.2 billion in 2016.

It also lays out the basis on which the Tekkie Town shareholders drew conclusions on the value of the Steinhoff shares that were being used as part payment for the transaction. This included representations from Jooste, Steinhoff’s prelisting statement published ahead of its Frankfurt listing, as well the group’s 2015 annual financial statements. The letter states: “Steinhoff and Jooste’s representations induced the sellers to enter into the agreement and have now been exposed as false.”

As remedy, and based on the premise outlined in the previous paragraph, the lawyers then argue that their clients should be placed in the position they were in before they entered the sale agreement with Steinhoff. But, this should be done carefully: “Our clients are, however, mindful of the severe implications that a reversal of the transaction may have on a quantitative and reputational level, not only for Steinhoff, but also for Star, and have therefore instructed us to first engage in dialogue, before exercising any of our clients’ formal remedies.”

The letter concludes with a word of warning and caution, and almost prophetically speaks to what Steinhoff would undertake just a few days later: “Steinhoff (as controlling shareholder in Star) and Star, ought to exercise caution in dealing with any Tekkie Town assets or the shares in Tekkie Town and, in particular, ought not encumber any Tekkie Town assets or the shares in Tekkie Town until such time as this matter has been resolved. Furthermore, we record that Steinhoff should exercise caution in any sale or book build of Star shares.”

So, given the fact that in two separate letters, material issues in relation to claims by the vendors of Tekkie Town against businesses of Star had been raised, and despite an explicit warning regarding selling Star shares, why did Steinhoff not disclose this information to the market?

Steinhoff chose not to answer the question. The company stated the following: “Steinhoff International Holdings NV received a summons from the Tekkie Town vendors on May 11 2018. As a result of the legal dispute we are unfortunately unable to comment further.”

Investec also needs to clarify its position. Was it not informed of the potential litigation involving Tekkie Town? Or did it choose not to disclose it? According to an industry source familiar with the parties, it would have been incumbent on the management of Steinhoff to disclose the issues to Investec. “What the market will demand from the bank is, was it aware of these letters, if so, what did it do about it, and if Steinhoff is guilty of misrepresenting the facts, what is the response going to be?”

What makes Investec’s role even more intriguing is the fact that according to sources, Absa Bank was offered the opportunity to co-run the book-build, but declined to do so.

Investec did not respond to questions.

Star reiterated its previous statement that noted the Tekkie Town claim for reversal of the acquisition was made against Steinhoff International Holdings, and the chances of the claims affecting it are “remote”.

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[verwijderd] 22 mei 2018 14:58

www.moneyweb.co.za/news/industry/stei...

High Finance 23 mei 2018 09:23

Nog een claimer erbij
www.businesslive.co.za/bd/companies/f...

High Finance 23 mei 2018 10:09

irhosted.profiledata.co.za/steinhoff/...

Endless 23 mei 2018 10:14

quote:
High Finance schreef op 23 mei 2018 10:09:
irhosted.profiledata.co.za/steinhoff/...

Dit is mooi nieuws t

CaptainHotStuff 23 mei 2018 10:26

www.reuters.com/article/steinhoff-int...

objectief 23 mei 2018 10:29

quote:
Endless schreef op 23 mei 2018 10:14:
[...]
Dit is mooi nieuws t

Helaas betekent dit niks, want in Zuid-Afrika zijn er geen/nauwelijks problemen...die liggen voor 90% in Europa met die Holding schulden.

4finance 23 mei 2018 10:35

STEINHOFF.... Het begin is er..... Nu nog de rest en de koers :-)

[verwijderd] 23 mei 2018 15:31

Crisis-hit Steinhoff repays R29bn African debt Steinhoff still owes about 8.7 billion euros of debt attributable to Europe and 25 million euros to the US operations.
Nqobile Dludl, Reuters / 23 May 2018 11:08

Scandal-hit South African retailer Steinhoff has repaid about 2 billion euros ($2.34 billion)/(R29 billion) of its debt in Africa after its local unit used the proceeds of a fundraising to pay back R16 billion ($1.26 billion) in shareholder loans.

The retailer has been fighting for survival after it discovered accounting irregularities in December which sparked a sell-off in its shares that wiped more than $10 billion off its stock market value and led to multiple investigations globally.

Accordingly, the group has repaid approximately 2 billion euros of African debt since January 2018, it said in a statement.

“Save for working capital facilities of the automotive business and the African properties division, the group has no remaining African debt,” it added.

Steinhoff Africa Retail (Star) raised the R16 billion from South African financial institutions to repay the loan which was provided by Steinhoff as part of Star’s listing in September 2017.

Star raised an additional R2 billion which it said on Wednesday will be used for its operations.

Steinhoff, which runs chains such as Britain’s Poundland, Mattress Firm in the United States and Conforama in France, said on May 10 it hoped to have a restructuring plan in place shortly to put to creditors that would include measures such as fixing the maturity for all loans at three years from the restructuring date.

Steinhoff still has about 8.7 billion euros of debt attributable to Europe and 25 million euros to the US operations.

www.moneyweb.co.za/news/companies-and...

[verwijderd] 24 mei 2018 07:22

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High Finance 24 mei 2018 18:05

De tent wordt elke dag weer een beetje gesloopt op de beurs. Pijnlijk proces om te volgen als aandeelhouder, maar doorzetters worden beloond.

Chasse_Patate 24 mei 2018 18:25

quote:
High Finance schreef op 24 mei 2018 18:05:
De tent wordt elke dag weer een beetje gesloopt op de beurs. Pijnlijk proces om te volgen als aandeelhouder, maar doorzetters worden beloond.

Ik volg dit bedrijf niet als aandeelhouder maar als aandeelhouder van Beter Bed, helaas met vet verlies, mat dat terzijde.
De reden van volgen is dat "men" het als positief ziet voor BB mocht Steinhoff omvallen. Dat als achtergrond.

Nadat Steinhoff was geland op 0,50 / 0,40 eurocent had ik nog wel het idee dat het goed kon komen.
Maar ondertussen is het nog maar 10 cent. Voor mijn gevoel een niveau waarop ook alle analisten en economen met veel meer tijd dan ondergetekende om het aandeel te volgen en te onderzoeken de handdoek in de ring hebben gegooid.

Vanwaar dan jouw idee dat doorzetters nog beloond gaan worden?
Is het op 10 cent niet nagenoeg zeker dat dit bedrijf om gaat vallen, althans wellicht een soort van doorstart, maar in alle situaties een waarbij de aandeelhouders ook naar hun laatste 10 cent kunnen fluiten?

[verwijderd] 24 mei 2018 19:15

Beste Chasse_Patate, merendeel van de dochters van Steinhoff draaien gewoon prima. Steinhoff zou ook nog een deel van STAR shares kunnen verkopen wat zij al in april hadden gedaan (77% > 71%). Steinhoff heeft echter al aangegeven eerst naar andere opties te kijken gezien dochters in de uitverkoop gooien op langer termijn ook niet loont.

Zo... ik hoop dat ik het redelijk heb kunnen samenvatten van alles wat voorbij is gekomen.

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