Ich finde man kann ruhig mal "Ross und Reiter" nennen ohne Schleichwerbung zu machen.
Bei der ING bin ich wunschlos glücklich und möchte den Service sowie Kosten positiv bewerten.
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The WHOA proposal : the best thing you can do is voting AGAINST THE 'JOKKEBROKKEN'......
Have a look at these statement at the AGM March 2022, as we know now, everything is totally changed in the summer 2022, so 3 months after these statements!
Page 11: Final Minutes Steinhoff AGM 2022
'In respect of the basis of preparation of the financial reporting Mr. De Klerk highlighted the going concern assumption, requiring management to make a judgement at the time of finalizing the financial report regarding the likelihood of success of the litigation settlement. Management's view had been that it was more likely than not to succeed. Ajudgement had to be made regarding the value, even though there were still settlement negotiations with certain parties ongoing. He confirmed that a provision of onepointfiveseventhree billion euro (1.573 billion) had been raised in that regard.
Further, management had to consider the debt maturity. At that stage, an interim debt extension was in place. However, subsequent to the effective date of the litigation settlement, the debt maturity would be extended further. COVID-19 considerations had played an important role at all the OpCos.
Mr. De Klerk drew the attention to the Group's total liabilities exceeding its total assets, but noted that the assets were recorded at book value and not at fair value. The current assets, however, exceeded the current liabilities,and the Group had sufficient cash flow to continue in operational existence for the fore seeable future.
Mr. De Klerk confirmed that the OpCos were independently funded and didnot rely on the Group forfunding'.
Note: In the Netherlands we are calling such a person : 'JOKKEBROK'..... WHAT HAPPENED PRECISELY IN THE PERIOD MARZ-DECEMBER 2022? WE DO NOT KNOW, IT'S A BLACK BOX.
www.steinhoffinternational.com/downloads/...hoff-AGM-2022.pdf
Another STATEMENT PAGE 13
www.steinhoffinternational.com/downloads/...hoff-AGM-2022.pdf
2.18
'Mr. De Klerk referred to the outlook for the year ahead.In his view the Group’s businesses were operationally in a very good position in terms of management and market position'.
'One had to accept the current uncertainties on a macro-scale such as COVID-19 with different restrictions
being imposed across different jurisdictions. The global supply chain was being disrupted by the restrictions in Asia. The inflation outlook was likely to affect all customers worldwide. The war in Ukraine created uncertainties'.
PAGE 16
The key audit matters had been communicated to the Supervisory Board. Mr. Opzitter further noted that
In the previous year, Mazars had not been able to include any key audit matters in report' ?????
2.14 Page 12 : 'Mr. De Klerk stated that even though Mattress Firm was equity-accounted,it was considered material to the Group and it had achieved an outstanding thirty-two percent (32%) revenue growth. That revenue was supported by e-commerce sales, which contributed seven percent (7%) of total sales'
2.25.'Mr. Opzitter highlighted that Mazars had again included an Emphasis of Matters paragraph to draw the reader’s attention to specific disclosures. In the basis of preparation in the Financial Statements management had adequately disclosed the topics referred to. The first matter was the going concern assessment in respect where of management had considered the impact of the provision for the litigation settlement proposal, the extension of the maturity date of the debt and the impact of COVID-19. The Management Board expressed that it had reasonable expectation that the Group had sufficient resources to continue operations in the fore seeable future, which was not less than twelve months from the signing date of the consolidated and separate Financial Statements. The second matter was the control conclusion on certain entities which was similar to the previous year'.
'The fraud paragraph included a risk assessment, the audit response and an observation, being that Mazars had not identified any fraudulent misstatement'
NOTE: No warning! Nothing to read about a possible insolvency. What happened precisely in the period between the end of March and mid December 2022? NO updates given by this Board.
A 'Jokkebrok' is a 'jokkebrok' forever.....Vote Against the WHOA proposal!
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