SNH.DE - Steinhoff International Holdings N.V.

XETRA - XETRA Delayed Price. Currency in EUR
0.0545
-0.0044 (-7.47%)
At close: 5:35PM CEST
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Previous Close0.0589
Open0.0565
Bid0.0543 x 137500
Ask0.0552 x 393700
Day's Range0.0513 - 0.0581
52 Week Range0.0150 - 0.1830
Volume19,307,938
Avg. Volume8,307,680
Market Cap231.53M
Beta (3Y Monthly)-0.22
PE Ratio (TTM)N/A
EPS (TTM)-0.2960
Earnings DateApr 16, 2018 - Apr 20, 2018
Forward Dividend & YieldN/A (N/A)
Ex-Dividend Date2017-03-16
1y Target Est0.20
  • Steinhoff’s Legal Woes Leave Very Little for Those Holding Stock
    Bloomberg

    Steinhoff’s Legal Woes Leave Very Little for Those Holding Stock

    (Bloomberg) -- Steinhoff International Holdings NV may have about 15 billion euros ($16.6 billion) of assets and stakes in profitable companies such as Pepkor Holdings Ltd., but you won’t see that reflected in the share price.The market capitalization of the embattled retailer languished at an all-time low of 239 million euros on Tuesday, suggesting shareholders have little chance that the proceeds of any future disposals will feed through to them. That’s even after Steinhoff agreed a much-delayed debt restructuring plan last week.There’s one main reason for that: Litigation.Steinhoff has highlighted a lengthy list of lawsuits as a significant threat to its ability to operate as a going concern. The claims amount to at least 6.2 billion euros and include a 59-billion rand ($3.8 billion) demand from former Chairman Christo Wiese.All relate to the accounting scandal that engulfed the owner of Conforama and Poundland in late 2017, which left a number of individuals and companies out of pocket and caused the share price to collapse.“The problem is the litigation hanging over Steinhoff -- it is just astronomical,” Cratos Capital analyst Ron Klipin said by phone. Even if the company is able to settle the claims favorably, “there’s still the time attached to these claims -- it can take the next three, five, or even 10 years,” he said.Steinhoff in April called for potential claimants to come forward and plans to settle all demands as quickly as possible, Chief Executive Officer Louis du Preez told investors last week. Any potential payouts haven’t yet been provided for as the company is still assessing their validity. Steinhoff has also initiated litigation of its own, including against former CEO Markus Jooste and an entity called Top Global.Lawsuits replaced debt as Steinhoff’s most pressing concern after the retailer struck a deal with creditors to skip principal and interest payments on about 9 billion euros of debt through 2021. Even so, the borrowings will still eventually need to be repaid, and asset disposals are expected.The debt load “needs a combination of repayment from further asset sales and restructuring from a debt-to-equity swap,” said Mark Hodgson, an independent Cape Town-based retail analyst. But for the swap to work the litigation uncertainty needs to be largely resolved, he said.“It’s unclear how much there will be left for shareholders, between the excessive debt situation and the legal fees,” Hodgson said.The shares traded 5.6% lower at 6 euro cents as of 2:46 p.m. in Frankfurt.To contact the reporters on this story: Loni Prinsloo in Johannesburg at lprinsloo3@bloomberg.net;Janice Kew in Johannesburg at jkew4@bloomberg.netTo contact the editors responsible for this story: Eric Pfanner at epfanner1@bloomberg.net, John Bowker, John LauermanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Steinhoff looks to sell off assets after $7 billion accounting fraud
    Reuters

    Steinhoff looks to sell off assets after $7 billion accounting fraud

    Scandal-hit South African retailer Steinhoff said on Tuesday its only hope for survival is to sell off assets to become a retail-focused investment holding firm, as it fights to contain the fallout of a $7 billion accounting fraud. In its first presentation to investors since then, the retailer's chief executive Louis du Preez said its "only way to survive" was to slim down into a pure investment holding company focused on retail. To achieve that Steinhoff is looking to sell off its non-retail assets and cut jobs at its French retail chain Conforma, its management said during the presentation.

  • Financial Times

    Steinhoff to sell assets in push to survive debts and lawsuits

    Steinhoff International, the global retailer that is battling to overcome the legacy of South Africa’s biggest accounting scandal, has pledged to slim its business and sell assets in order to survive heavy debts and shareholder lawsuits. and Conforama in France is considering the sales as it tackles “too high” debts of $10bn that were left by its 2017 collapse, Louis du Preez, Steinhoff’s chief executive, said on Tuesday. It led to €13bn of writedowns as Steinhoff restated its accounts amid a forensic probe.

  • Bloomberg

    Steinhoff Considers IPO of Pepco, Poundland Owner

    (Bloomberg) -- Steinhoff International Holdings NV is considering an initial public offering of Pepkor Europe, its fastest-growing unit, as the scandal-hit South African retailer seeks funds for the next phase of its recovery plan, people familiar with the matter said.The company has been discussing a listing of Pepkor Europe with potential advisers, according to the people, who asked not to be identified because the information is private. The business -- which owns the Pepco and Dealz chains as well as Poundland in the U.K. -- could sell shares in the next year, the people said.Steinhoff shares surged as much as 7.4% in Frankfurt, where the company has its main listing.The retailer is considering selling shares of the Pepkor Europe unit in London, though a Warsaw listing is also a possibility, the people said. No final decisions have been made, and Steinhoff could pursue other options for the business, the people said. A representative for Steinhoff declined to comment.Steinhoff is looking at ways to raise cash as it works through the final stages of its debt restructuring, which is scheduled to be completed by an Aug. 9 deadline agreed by creditors. The company’s shares have lost more than 90% of their value since December 2017, when Steinhoff initiated a probe into accounting irregularities.Last month, Steinhoff reported sales from continuing operations rose 3% in the six months through March. Pepkor Europe’s discount clothing and household brands were the standout performers, with revenue from the division increasing 13% to 1.73 billion euros.Pepco had nearly 1,600 stores at the end of March, mostly in eastern European countries such as Poland and Romania. The division also has another 875 outlets under the Poundland, Dealz and Pep&Co brands.Steinhoff started gauging takeover interest a year ago in businesses including Pepco, Bloomberg News had reported. Pepkor Holdings Ltd., the South African clothing retailer controlled by Steinhoff, expressed interest in acquiring both Pepco and Poundland from its parent company, people with knowledge of the matter said at the time, though the talks didn’t result in a deal.(Updates with shares in third paragraph)To contact the reporters on this story: Janice Kew in Johannesburg at jkew4@bloomberg.net;Konrad Krasuski in Warsaw at kkrasuski@bloomberg.net;Myriam Balezou in London at mbalezou@bloomberg.netTo contact the editors responsible for this story: Eric Pfanner at epfanner1@bloomberg.net, ;Dinesh Nair at dnair5@bloomberg.net, Ben Scent, Amy ThomsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters

    Scandal-hit Steinhoff reports $400 million loss in first half

    South African retailer Steinhoff reported a 356 million euros ($401 million) half-year loss from continuing operations on Friday, as the damage from a massive accounting scandal drags on. Steinhoff first flagged holes in its accounts in December 2017 -- the warning shot for an accounting fraud since put at over $7 billion -- shocking investors that had backed its transformation from a small South African outfit to a discount furniture retailer spanning four continents. The owner of Mattress Firm Inc in the United States, Fantastic chains in Australia and Conforama in France said the loss from continuing operations came in at 356 million euros in the six-months ended March compared with a loss of 392 million euros a year earlier.

  • Scandal-hit Steinhoff says will suffer more in 2019
    Reuters

    Scandal-hit Steinhoff says will suffer more in 2019

    Steinhoff International warned of the lingering damage from a massive accounting scandal after the South African retail group reported a 1.2 billion euro ($1.3 billion) annual loss, sending its volatile shares down 8 percent. Steinhoff first flagged holes in its accounts in December 2017 -- the warning shot for an accounting fraud since put at over $7 billion -- shocking investors that had backed its transformation from a small South African outfit to discount furniture retailer straddling four continents. While it reduced losses by 70 percent compared to the 4 billion euro figure in 2017, Steinhoff warned that the reputational damage it had suffered and advisor and professional fees would weigh on its performance this year.

  • Reuters

    South Africa's Steinhoff postpones shareholder hearing over petition

    South African retailer Steinhoff International Holdings N.V. said on Wednesday it had postponed a hearing with shareholders who are petitioning looking for an inquiry into the company before a Dutch court. The company and the group of shareholders agreed to postpone the hearing, which was scheduled to take place on Thursday, to a later date this year, Steinhoff said in a statement. The group of shareholders requested the appointment of an investigator and an additional member of the company's supervisory board to look at the information Steinhoff provides to shareholders and for the inquiry to be ordered by the Enterprise Chamber of the Amsterdam Court of Appeal.

  • Reuters

    S.African listed Steinhoff shares tumble after release of 2017 results

    Johannesburg-listed shares of South African retailer Steinhoff fell almost 20 percent on Thursday after the scandal-hit firm reported a $4 billion operating loss in the 2017 fiscal year in a much-delayed earnings report. Steinhoff, which is also listed in Frankfurt, released the report in the early hours of Wednesday morning when South African markets were closed due to a general election. The firm had delayed the results, which revealed the impact of a $7.4 billion accounting fraud, after finding holes in its accounts, shocking investors who had backed its reinvention from small South African furniture outfit into a discount furniture retailer straddling four continents.

  • Reuters

    Scandal-hit Steinhoff posts $4 billion operating loss for fiscal 2017

    South African retailer Steinhoff on Tuesday reported a $4 billion operating loss in the 2017 fiscal year, in a much-delayed earnings report revealing the impact of a $7.4 billion accounting fraud. Steinhoff, which is also listed in Frankfurt, delayed the results after finding holes in its accounts, shocking investors who had backed its reinvention from small South African furniture outfit into a discount furniture retailer straddling four continents. The owner of Mattress Firm Inc in the United States, the Fantastic chains in Australia and Conforama in France said operating loss came in at 3.7 billion euros ($4.14 billion) in the year ended September 2017 compared with profit of 278 million euros in the restated 2016 figures.

  • Reuters

    Scandal-hit Steinhoff posts $4 bln operating loss for fiscal 2017

    South African retailer Steinhoff on Tuesday reported a $4 billion operating loss in the 2017 fiscal year, in a much-delayed earnings report revealing the impact of a $7.4 billion accounting fraud. Steinhoff, which is also listed in Frankfurt, delayed the results after finding holes in its accounts, shocking investors who had backed its reinvention from small South African furniture outfit into a discount furniture retailer straddling four continents. The owner of Mattress Firm Inc in the United States, the Fantastic chains in Australia and Conforama in France said operating loss came in at 3.7 billion euros ($4.14 billion) in the year ended September 2017 compared with profit of 278 million euros in the restated 2016 figures.

  • Reuters

    UPDATE 1-Steinhoff to place up to 694 mln shares in KAP Industrial

    Troubled South African retailer Steinhoff said on Tuesday it would place up to 694 million shares in KAP Industrial via an accelerated bookbuilding to raise cash to repay debt and shore up its finances. The placement, which will be offered to institutional investors only, will result in Steinhoff, which has a 26 percent stake in KAP, no longer holding an interest in the diversified industrial group. Steinhoff in December 2017 admitted accounting irregularities, wiping about 85 percent off its market value and throwing it into a liquidity crisis.

  • Reuters

    Suspended Steinhoff CFO helps authorities with fraud investigation

    The suspended former chief financial officer of Steinhoff is helping authorities with investigations into $7 billion-plus (5.3 billion pounds) accounting fraud at the South African retailer, he said on Thursday. Ben la Grange is one of eight individuals named in an investigation of what an independent report by auditor PwC said was a complex scheme in which intercompany deals worth 6.4 billion euros (5.5 billion pounds) were wrongly recorded as external income to prop up profits and hide costs in underperforming subsidiaries. "I am cooperating with all government agencies," said La Grange, who was suspended last August but remains on the Steinhoff payroll as a consultant.

  • Reuters

    Former Steinhoff chairman Wiese open to talks over $4 billion claim

    Former Steinhoff chairman and top shareholder Christo Wiese said on Monday he is open to negotiations over a $4 billion claim against the South African retailer, days after it revealed the scale of a devastating accounting fraud. Steinhoff said on Friday that an independent report had found it overstated profits -- which were signed off by Deloitte -- over several years in a $7.4 billion fraud involving a small group of top executives and outsiders. It did not name the individuals but said those implicated were no longer employed by Steinhoff, which first disclosed the hole in its accounts in December 2017, knocking 90 percent off the value of its shares and triggering investor lawsuits.

  • PwC investigation finds $7.4 billion accounting fraud at Steinhoff, company says
    Reuters

    PwC investigation finds $7.4 billion accounting fraud at Steinhoff, company says

    South African retailer Steinhoff said an independent report had found it had overstated profits over several years in a $7.4 billion (5.6 billion pounds) accounting fraud involving a small group of top executives and outsiders. Steinhoff first disclosed the hole in its accounts in December 2017, shocking investors who had backed its reinvention from a small South African outfit to a multinational retailer at the vanguard of the European discount furniture retail industry. In the country's biggest corporate scandal, an investigation carried out by PwC found the firm recorded fictitious or irregular transactions totalling 6.5 billion euros (5.6 billion pounds) over a period covering the 2009 and 2017 financial years, according to a summary of the findings posted on the Steinhoff company website.

  • Reuters

    Steinhoff says firm linked to former partner claims it is owed $330 million

    South African retailer International Holdings N.V. (SNHJ.J) said on Tuesday a former partner firm of its European operations claims it is owed about 291 million euros (£256.62 million or $331 million) by the company. Steinhoff is in the middle of a clean-up of its balance sheet after discovering multi-billion euro holes in its balance sheet more than a year ago. LWS GmbH, a company linked to Austrian businessman Andreas Seifert, claims to be a creditor of Steinhoff Europe AG (SEAG), the parent company said.

  • Steinhoff shares tumble after accounts, PwC probe delayed
    Reuters

    Steinhoff shares tumble after accounts, PwC probe delayed

    A probe into accounting irregularities at Steinhoff International (SNHJ.J) (SNHG.DE) and the release of the retailer's restated results have been delayed, it said on Thursday, sending its shares down as much as 21 percent. The company, engulfed in one of South Africa's biggest corporate scandals, said it had been forced to abandon plans to publish both its 2017 and 2018 financial statements by the end of January 2019, citing delays to a forensic investigation being conducted by auditors PricewaterhouseCoopers (PwC). The investigation is being carried out a year after the owner of brands including France's Conforama and Britain's Poundland admitted to "accounting irregularities", sending its shares plunging and leaving it fighting for survival.

  • Reuters

    Steinhoff to publish 2017, 2018 results in April

    Steinhoff International Holdings, now expects to publish its group audited financial statements for 2017 and 2018 by mid-April 2019, as a forensic investigation by auditors PricewaterhouseCoopers has been ...

  • Steinhoff's U.S. unit Mattress Firm exits bankruptcy, shuts 660 stores
    Reuters

    Steinhoff's U.S. unit Mattress Firm exits bankruptcy, shuts 660 stores

    Mattress Firm also closed about 660 underperforming stores, said Steinhoff, which has been working on a deal to restructure the debt of some units after revealing multi-billion-euro holes in its balance sheet. Mattress Firm, founded in 1986, had filed for voluntary bankruptcy protection in early October, gaining some breathing room to restructure and shore up its finances. The retail industry has seen a series of bankruptcies, including Toys "R" Us, over the last couple of years on mounting pressure from e-commerce companies like Amazon.com Inc (AMZN.O).