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Embattled Steinhoff will finally release results in June

May 18 2018 15:21
Fin24 with Bloomberg

Embattled retailer Steinhoff [JSE: SNH] confirmed it will release the financial results of the first half of 2018 on June 29, 2018, the group said in a notice to shareholders on Friday.

The retailer’s share price opened at R1.62 on Friday morning and was trading 16.25% higher at R1.86 by 14:45. It dipped slightly to R1.82, following the release of the shareholder notice.

The retailer held restructuring talks with lenders in London on Friday, and issued a notice on Friday indicating expectations of its financial performance. Its €10.4bn (R156bn) of debt is due in August, Bloomberg reported earlier on Friday.

“It is estimated that the group’s retail operations will deliver H1 2018 revenue of €9.4bn (R141bn) compared to a preliminary restated  €9.3bn (R140bn) for the first half of the 2017 financial year, representing a 1% increase.”

The group expects its earnings before interest, taxation, depreciation and amortisation (Ebitda) margin to be between 4% and 5%, compared to the margin between 5% and 6% reported for the same period last year. It expects retail operations to be profitable.

But taking into account central costs, depreciation, advisory fees for the restructuring, liquidity, litigation and investigation, foreign exchange losses on cross-currency loans, impairments, capital losses suffered on asset disposals to generate liquidity and increased interest costs – the company expects a loss after taxation.

“It remains essential that a restructuring is agreed with lenders as soon as possible. The company will provide an update on discussion with its lenders regarding the restructuring as soon as possible and in any event by 29 June 2018,” the notice read.

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steinhoff  |  shares  |  retail
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