Steinhoff - comment

Steinhoff is settling into a routine. This morning we have received the 2021 Annual Report without delay, on the day advertised. Of course, we have received the financials of its main holdings along the way, so we are not expecting major news, but it’s an important update and the interesting bits should be in the detail. Fun fact: Once adjusting for the provisions taken in respect of the grand settlement, the company almost broke into positive net income - although that is of course an artefact of its consolidation circle.