15225 replies to this topic

[Milo]

https://uk.fashionne...er,1103942.html

“Poundland continues to outperform the wider UK high street,” the retailer said, citing the differentiation that its Pep&Co clothing concessions bring to the chain. Its fashion offer is now in around 300 branches out of its 875-store total. And it continues to tweak that total as it exits underperforming shops, relocates some stores to bigger spaces and opens new ones.

Pepkor as a whole saw first-half sales of €1.7 billion, a hefty 14.2% increase that was helped by the firm’s central Europe expansion drive.

CEO Andy Bond said: “Pepkor Europe is rapidly developing into a strong, geographically well balanced pan-European variety discount retailer. The strength of the group’s trading performance in the first half year reflects our market-leading positions within a core discount segment accessed by an increasing number of customers.”

 

[Investment novice]

I think Conforama is he wrong shop to have PEP & CO.

The focus will be expanding pep co to all poundland and dealz ..high foot markets.....not in the furniture shops.
They have quite a number of shops to open. .store in store...big job initself...remain focussed and have skill at meeting deadlines with store openings. Poundland also have increased their product lines adding 2pound and 5 pound items..strategy is great....expansion across europe will be a focus....all in time....good energy


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[DayTraderDad]

Well done to SNH, that is exactly the synergies we were talking about a year ago.  Wonder if that was added to Conforma floor space if it would not also attract more feet?

I think Conforama is he wrong shop to have PEP & CO.

[DayTraderDad]

Deadline extended to tomorrow. Wonder what the issue is

Haha no surprise here I was expecting!!

[Captainfrom82]

Need to publish h1 2019 soon and on time to show return to normality for a functioning org

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Think SNH will delay 1H19 to 9 Aug as per previous goal?

 

Hi there,

 

 

It does not now make a difference as pointed out earlier.  Steinhoff's reporting final date for their interim  results (to 31 March) is tomorrow Friday 28 June 2019 being the three months allowed after interim results period.  If they do not publish by tomorrow they are in default. 

 

It was always their intention to have the CVA resolved in time for it to be included in the 1H19.  That was why there was such a fuss regarding the May and June CVA deadlines.  But they clearly have missed that possibility.

 

Regards

Captainfrom82

[Captainfrom82]

The uncertainties listed and explained in

the Audit Opinion in the 2017 Annual Report

were:

1. Material uncertainty relating to going

concern

2. Material uncertainty with respect to

litigation

3. Material uncertainty with respect to

taxation effects on the restatements and

adjustments

4. Material uncertainty with respect to the

control conclusion on certain entities

5. Material uncertainties with respect to the

share in the investment in Conforama

6. Material uncertainty with respect to

the timing of recording adjustments

following the restatements

7. Material uncertainty with respect to the

timing of certain real estate transactions

8. Material uncertainty with respect to the

foreign currency translation reserve

9. Material uncertainty with respect to

not having access to information (kika-

Leiner)

Uncertainty number 6 (timing) related to the

2017 Reporting Period and was therefore

not included in the 2018 Audit Opinion. The

rest have been repeated in the 2018 Audit

Opinion. It is anticipated that, subject to

the professional judgement of the external

auditor when forming an opinion on the

financial year, uncertainties numbered

4, 7 and 9 will also fall away in the 2019

Reporting Period. The uncertainties detailed

in numbers 1, 2, 3, 5 and 8 will take longer to

resolve.

 

Hi - see the last sentence...it's from the annual report page 26...2019 still going to have disclaimers...

 

Yes, I think that overall you are correct that 2019 will still have some disclaimers. 

 

It has been a while since I was involved in Auditing - But you seem to have a better understanding of auditing than most, and perhaps it is prudent we listen to you as the Group audit expert.

 

Thanks for your feedback.

 

Regards

Captainfrom82

[andi222]

Deadline extended to tomorrow. Wonder what the issue is

[JK001]

 

Pep&Co to launch in over 500 Poundland stores

https://uk.fashionnetwork.com/news/Pep-Co-to-launch-in-over-500-Poundland-stores,1095403.html

In its nine-month trading update, the retailer said the introduction of Pep&Co products in its stores is giving customers more reason to shop on the high street. In fact, stores offering Pep&Co products enjoyed a healthy 7.7% increase in sales on a like-for-like basis during the period.

 

I am sure they will also introduce the clothing line Pep&Co in the Dealz chain ( the name for Poundland stores in Europe) if there is a 7% growth in sales per shop.

 

 

Well done to SNH, that is exactly the synergies we were talking about a year ago.  Wonder if that was added to Conforma floor space if it would not also attract more feet?

[Milo]

 

Pep&Co to launch in over 500 Poundland stores

https://uk.fashionnetwork.com/news/Pep-Co-to-launch-in-over-500-Poundland-stores,1095403.html

In its nine-month trading update, the retailer said the introduction of Pep&Co products in its stores is giving customers more reason to shop on the high street. In fact, stores offering Pep&Co products enjoyed a healthy 7.7% increase in sales on a like-for-like basis during the period.

 

I am sure they will also introduce the clothing line Pep&Co in the Dealz chain ( the name for Poundland stores in Europe) if there is a 7% growth in sales per shop.

[Dell]

The uncertainties listed and explained in

the Audit Opinion in the 2017 Annual Report

were:

1. Material uncertainty relating to going

concern

2. Material uncertainty with respect to

litigation

3. Material uncertainty with respect to

taxation effects on the restatements and

adjustments

4. Material uncertainty with respect to the

control conclusion on certain entities

5. Material uncertainties with respect to the

share in the investment in Conforama

6. Material uncertainty with respect to

the timing of recording adjustments

following the restatements

7. Material uncertainty with respect to the

timing of certain real estate transactions

8. Material uncertainty with respect to the

foreign currency translation reserve

9. Material uncertainty with respect to

not having access to information (kika-

Leiner)

Uncertainty number 6 (timing) related to the

2017 Reporting Period and was therefore

not included in the 2018 Audit Opinion. The

rest have been repeated in the 2018 Audit

Opinion. It is anticipated that, subject to

the professional judgement of the external

auditor when forming an opinion on the

financial year, uncertainties numbered

4, 7 and 9 will also fall away in the 2019

Reporting Period. The uncertainties detailed

in numbers 1, 2, 3, 5 and 8 will take longer to

resolve.

 

Hi - see the last sentence...it's from the annual report page 26...2019 still going to have disclaimers...

 

[andi222]

Correct.  9 Aug 2019 is the end date that they see the CVA implemented. 

 

This means that they have 31 days working days from today to conclusion of this matter in its entirety (formally approved and registered in the English Courts and legally effective).

 

However, it is a deeply complex matter, with so many variables that can and do change continuously, that it would not surprise me if yet another delay is encountered.  No matter how much I explain to you the complexity involved, I am not doing it justice.  It is an immense task.

 

It does not really matter too much now as Steinhoff has missed the boat in terms of the 1H19 results (unless of course they delay that to meet the CVA implementation).  It is a little bit of a chicken and egg situation here; they want the 1H19 to be post the CVA so that they can have going concern status; but the CVA is so cumbersome that it has many delays (some of it was not steinhoff's fault eg. Seifert & LSW challenge).   But the delays in the CVA is now delaying the 1H19 results which typically was issued before end June. 

 

Steinhoff at first believed that the CVA will be done and dusted  by 30 June (their previous CVA date); and that is why they delayed 1H19 to 9 July.  

 

But they cannot keep on delaying 1H19 and they are understandably upset that they delayed 1H19 now from before end June to 9 July 2019 for nothing as it turns out.

 

Their next big date to meet in terms of the going concern status is now the AFS19 which we should get by the first week of Dec 2019.  So they would have sufficient time to implement the CVA.

 

Even though the going concern status may not be bestowed on Steinhoff in the 1H19 results, they will be a very interesting as we get to see the impact of teh deconsolidation of the MF transaction.

 

Regards

Captainfrom82

 

Hi Captain,

 

thank you for the detailed response. Much appreciated. 

 

Yes agreed, I don't think everyone understand how complex this thing is. Let's just hope they can get it done in August as deferring just costs extra money as you have mentioned before. And I mean they got the first creditor approval a year ago. . .

 

Regarding HJ 1 2019 I don't think they are too concerned regarding the going concern assumptions as the numbers will not be audited. It is vital though to get the CVA done for the AFS 2019. 

Do you think if the going concern issue is solved and the Conforama issue that we will get a clean audit opinion for 2019 or only from 2020 or even 2021?

[Investment novice]

Need to publish h1 2019 soon and on time to show return to normality for a functioning org

Sent from my SM-G950F using Sharenet Sharechat mobile app

[JK001]

Think SNH will delay 1H19 to 9 Aug as per previous goal?

[Captainfrom82]

Hi Captain,

 

just so that I understand it correctly. The 20 business days they mention are from the time they get the approval from creditors or from 9 August? 

 

So agreements should be finalized latest 9 August right and not 30 August?

 

Correct.  9 Aug 2019 is the end date that they see the CVA implemented. 

 

This means that they have 31 days working days from today to conclusion of this matter in its entirety (formally approved and registered in the English Courts and legally effective).

 

However, it is a deeply complex matter, with so many variables that can and do change continuously, that it would not surprise me if yet another delay is encountered.  No matter how much I explain to you the complexity involved, I am not doing it justice.  It is an immense task.

 

It does not really matter too much now as Steinhoff has missed the boat in terms of the 1H19 results (unless of course they delay that to meet the CVA implementation).  It is a little bit of a chicken and egg situation here; they want the 1H19 to be post the CVA so that they can have going concern status; but the CVA is so cumbersome that it has many delays (some of it was not steinhoff's fault eg. Seifert & LSW challenge).   But the delays in the CVA is now delaying the 1H19 results which typically was issued before end June. 

 

Steinhoff at first believed that the CVA will be done and dusted  by 30 June (their previous CVA date); and that is why they delayed 1H19 to 9 July.  

 

But they cannot keep on delaying 1H19 and they are understandably upset that they delayed 1H19 now from before end June to 9 July 2019 for nothing as it turns out.

 

Their next big date to meet in terms of the going concern status is now the AFS19 which we should get by the first week of Dec 2019.  So they would have sufficient time to implement the CVA.

 

Even though the going concern status may not be bestowed on Steinhoff in the 1H19 results, they will be a very interesting as we get to see the impact of teh deconsolidation of the MF transaction.

 

Regards

Captainfrom82

[andi222]

Correction.  Just read what I typed after being quizzed.

 

The 30 June date has been extended to 9 Aug 2019.  This date of 9 Aug 2019 is approximately 31 days working days away from today.  If they get the CVA 4 creditors approval today, or tomorrow, or even as late as 11 or 12 July, that should allow Steinhoff the 20 working days to process the CVA procedurally via the Courts.

 

Apologies for the  confusion and thanks to those who contacted me.

 

Regards

Captainfrom82

 

Hi Captain,

 

just so that I understand it correctly. The 20 business days they mention are from the time they get the approval from creditors or from 9 August? 

 

So agreements should be finalized latest 9 August right and not 30 August?

[DayTraderDad]

Very interesting:

https://www.business...-markus-jooste/

[DayTraderDad]

Yes.  It is stated in the Request for CVA 4.
 
It is frustrating though because of the duplicated administration and calculations of the various fees etc.  Had Steinhoff in May extended the deadline to end July or even the 9 Aug date they are now using, much of the duplication in admin which is extremely expensive could have been avoided (we are paying proffesional fees rate by the hour). 
 
In their optimism they actually incurred costs. 
 
In their defense though some changes were required because the creditors had made some demands, some documentation could not be found, and of course the Aussie clearances was not they fault.  Also some internal restructuring was required. 
 
Regards
Captainfrom82

Thanks Captain lets hope this is now the final step so the SNH can normalise and focus on business..

[Captainfrom82]

Thank Captain just for my understanding will they be able to extend the consent date past the approved Long Stop Date of the CVA of 30th June?

 

Yes.  It is stated in the Request for CVA 4.

 

It is frustrating though because of the duplicated administration and calculations of the various fees etc.  Had Steinhoff in May extended the deadline to end July or even the 9 Aug date they are now using, much of the duplication in admin which is extremely expensive could have been avoided (we are paying proffesional fees rate by the hour). 

 

In their optimism they actually incurred costs. 

 

In their defense though some changes were required because the creditors had made some demands, some documentation could not be found, and of course the Aussie clearances was not they fault.  Also some internal restructuring was required. 

 

Regards

Captainfrom82

[DayTraderDad]

Correction.  Just read what I typed after being quizzed.
 
The 30 June date has been extended to 9 Aug 2019.  This date of 9 Aug 2019 is approximately 31 days working days away from today.  If they get the CVA 4 creditors approval today, or tomorrow, or even as late as 11 or 12 July, that should allow Steinhoff the 20 working days to process the CVA procedurally via the Courts.
 
Apologies for the  confusion and thanks to those who contacted me.
 
Regards
Captainfrom82

Thank Captain just for my understanding will they be able to extend the consent date past the approved Long Stop Date of the CVA of 30th June?

[Captainfrom82]

The 30 June 2019 date has been extended to 9 August 2019.

 

After this Steinhoff expects that the process should be completed in 20 working

days.

 

Correction.  Just read what I typed after being quizzed.

 

The 30 June date has been extended to 9 Aug 2019.  This date of 9 Aug 2019 is approximately 31 days working days away from today.  If they get the CVA 4 creditors approval today, or tomorrow, or even as late as 11 or 12 July, that should allow Steinhoff the 20 working days to process the CVA procedurally via the Courts.

 

Apologies for the  confusion and thanks to those who contacted me.

 

Regards

Captainfrom82