Steinhoff - sale of Bensons only a footnote

All,

Steinhoff have sold Bensons' for Beds to Alteri. We do not know of the cash price generated, but its' unlikely to be more than a footnote in Steinhoff’s accounts.

Bensons' for beds was part of the UK household goods division, which has been under significant pressure from consumer confidence and Brexit for years and now only counts Harvey’s as final business.

The business has seen flat revenues in recent quarters. Annual turnover is over £500m, but even though its individual EBITDA is not reported (uk entity accounts likely suffering from transfer price distortions), together with Harvey’s it has been generating an annual EBITDA loss of E-30m (note that Harvey’s revenues have been declining in that period and so Bensons may be the better business.

We are in the process of updating our Steinhoff analysis and will release in due course.

Wolfgang