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Steinhoff share analysis |
4 September 2012. Steinhoff manufactures & retails furniture & household goods in Europe, Africa & the Pacific Rim.
27 March 2013. Hilding Anders International sells the assets of a UK subsidiary, Myers (a bed manufacturer), to Steinhoff UK Beds. The Chief Executive of Hilding, Mr A Pettersson, says that "Despite our best efforts, we have been unable to secure a financially-viable model which is sustainable in the long-term...We selected Steinhoff UK Beds Ltd as preferred bidder, offering the most preferential terms and guarantees for the business and its staff." The sale included the Windover Road plant and the Myer’s, Slumberland, Staples and Dunlopillo brands.
UK brands are Harveys Furniture, Cargo, bensons for beds, Sleepmasters & The Bed Shed.
Continental Europe brands are Sklepy meblowe Abra, Quattro Mobili, Henders & Hazel, Habufa, Conforama & erm.
Pacific Rim brands are freedom, Leather Republic & Snooze (seem to all be Australian brands).
UK brands are Pritex, Relyon & Steinhoff UK Upholstery.
Continental Europe brands are puris, designwerk, andante, LongLife, novalife, Bruno Steinhoff, punch, Habufa, Dining@home, Lifestyle, S-prix, H2L, Kanizsa, sit&more & polsteria.
The Asian Pacific brand is freedom (Steinhoff International Sourcing).
The UK logistics brand is Unitrans, and Continental Europe is Globalwarehouse & logistics.
Timber brands are PG Bison, Bison, Formica, Supa Wood, Surinno solid surfacing, Woodline & thesen.
Logistics brands are Unitrans, Mega Bus, Mega Coach, Magic Bus, Mega Express, Greyhound, Citiliner & Bojanala Bus.
Industrial brands are DesleeMattex, BCM, Vitafoam, Bull Brand, Glodina, Mossop Leathers, Hosaf, Jordan Tshisa, Wayne Plastics, Fehrer, Frams, Brenner Mills, Steve Madden, Anton Fabi, Unifrax, Snax, Futuris, Olympic, Bronx, Jack&Jill, asics, Bronx, Onitsuka Tiger, caravelle, Shaya magic rice, Shaya special maize meal, Inyati, Mabela Meal, Gants & Brennco.
JD Group, Price 'n Pride, HiFiCorp, Russels, Barnetts, blake, JDG Trading, Incredible Connection, Steinbuild, Bradlows, Electric Express, Joshua Doore, Morkels, Pennypinchers, Timbercity, the tile house, Unitrans, Supreme Furnishers & Hertz.
Len Konar is Chairman.
Markus Jooste is CEO.
Conforama was included for the full 12 month period, which was the main reason for revenue atributable to the retail activities increasing 103% (there was also strong growth in central Europe), and profit by 113%.
"The Asian sourcing offices of Steinhoff and Conforama have been successfully merged with the combined resources operating from the 1st of July 2012 from one office situated in Shenzhen, China...The IT platform design phase, which will provide the group access to combined global product, suppliers and preferred pricing, is complete and testing and implementation will commence in the near future. These initiatives should support further targeted margin improvements."
Minority takeout in ERM (European Retail Management).
Reverse acquisition of Steinhoff Industrial assets into KAP.
Acquired majority interest in JD through share swap with KAP.
Acquired 20% stake in PSG Group.
Investment in retail infrastructure & brands:
New store openings
Franchisee buybacks
Property investments by Steinhoff International
To calculate sustainable earnings I've looked at the year to 30 June 2012:
I've increased the depreciation & amortisation figure from R1801m to R2024m, as depreciation is based on historic cost, so often understates the true level of investment required to sustain the business.
Taxation I've increased to 15%
Subtracted a R310m payment for preference shares
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