Sports Direct Share Discussion Threads

[topvest] 26/7/2019 19:25

The auditor section was interesting. It appears that none of the big-4 auditors are particularly keen to takeover the audit from Grant Thornton. What are they going to do if they can't get an auditor to complete the audit?
If Grant Thornton resigned they would be in big trouble.

[debsdowner] 26/7/2019 19:20

Impossible to make any forecasts with a terminal company under its umbrella and £600 million tax demand including 200% penalties and interest!

Surprised Mike Ashley can sleep at night.

[eggy6198] 26/7/2019 19:15

Avoid a tax bill after fraud ...mmmm

[debsdowner] 26/7/2019 19:14

He doesn't want to put a figure on the tax demand I wonder why?

Mind you he isn't good with figures buying a "terminal company" !

[debsdowner] 26/7/2019 19:13

So what is the "less than probable"

Or to put it another way Mike Ashley way a 1: 2: 3: 4: 5 !

1 being the worst 5 being the best LOL

You couldn't make it up!

[henrylightningbolt] 26/7/2019 19:10

might need to sell sean longstaffe. mu will be pleased :-)

[debsdowner] 26/7/2019 19:08

Worse and worse bad to worse as it develops

Hargreaves Lansdowne:

At the bottom of the statement, the company revealed it had been given a bill of €674m, including 200% penalties and interest by the Belgian tax authorities after an audit.

They authorities had also asked for more information in relation to the tax treatment of goods being moved intra-group throughout the EU via Belgium.

"The payment notice is not a formal tax assessment but a 'proces verbal' whereby the group will enter a fiscal mediation in order to respond to the tax authorities questions and provide them with documentation," Sports Direct said.

"Accordingly, there could be no immediate recovery action. Sports Direct will investigate further...accordingly management believe... that it is less than probable that material VAT and penalties will be due in Belgium as result of the tax audit."



200% penalties and interest so a final demand could be much higher!

[debsdowner] 26/7/2019 18:58

Roll up roll up and put those pennies into Sports Direct video

[sbb1x] 26/7/2019 18:56

45% drop in share price 135.00 target price ..... then recovery to 156.....Friday after close RNS.

[discodave4] 26/7/2019 18:51

Only a minor thing but it's been like it for a while: DIVIDS (is this normal type for Dividends!) and Capital Expiture..........ffs what chance of getting the chuffing numbers right!, GT auditors must be dyslexic.Nice to see his future son in law getting £5.2m and doubling the advertising payment to NUFC from £1m to £2m and then says it's fair value.Haven't got to the tax bit yet!.

[konradpuss] 26/7/2019 18:48

I see the auditors are Grant Thornton.

Lucky Mike!

[b1nky] 26/7/2019 18:46

Any price predictions for Monday?

[debsdowner] 26/7/2019 18:38

Yes and what would things have looked like if Ashley had have bought Debenhams?

He has taken too much on and there lies some of the problems.

[whoppy] 26/7/2019 18:34

£30m share buy back programme starts on 30th July up to a maximum of 10m shares.

[debsdowner] 26/7/2019 18:27

Results a bag or worms no wonder there was a delay!

[debsdowner] 26/7/2019 18:25

SKY

Breaking
Sports Direct faces £605m tax bill and 'terminal' problems at House of Fraser


Friday 26 July 2019 18:21, UK


Mike Ashley warned of major problems at House of Fraser

Sports Direct says it is facing a €674m (£605m) tax demand from Belgian authorities - as boss Mike Ashley warned that problems at House of Fraser were "terminal".
Mr Ashley disclosed the latest problems facing his sprawling retail empire as it published a much-delayed set of full-year results.

The results showed a 5% rise in underlying profits for Sports Direct but also saw Mr Ashley vent at length about the challenges facing House of Fraser - the department store he rescued last summer - as well as taking on critics and business rivals.
Buried at the bottom of the financial statement, the group revealed that only a day earlier it had received a payment notice of €674m from Belgian authorities after a tax audit.

More follows...

[debsdowner] 26/7/2019 18:19

Sports Direct received a tax demand of €674 million from Belgium -yesterday. It relates to goods moved throughout the group in the EU via Belgium. The firm says it will investigate further with its tax advisors.

[debsdowner] 26/7/2019 18:18

ITV :

Sports Direct regrets HOF acquisition:



So what about the Euro tax demand of E674m ?

The concerns grow by the second!

[hammopj] 26/7/2019 18:15

Scale of 1 - 5. That's a zero. Carnage Monday...

[typo56] 26/7/2019 18:04

As I read it, the €674m is a Belgium ploy to get SPD to supply information. They do say "as at the date of signing of the financial statements, that it is less than probable that material VAT and penalties will be due in Belgium as result of the tax audit."

That could of course change.

I note the RNS headline says 'Final Results'. I wonder if they will be 'Final'!

[discodave4] 26/7/2019 18:02

EBITDA including HoF £287m, did think this was going to be more towards my lower estimate of £265m, rather than max of £295m.They did achieve mid forecast EBITDA excluding HoF at +10.9%, cash flow taken a big hit although debt reduced. Now on a PE of 13 which seems fair if you knew what their outlook was, but as they don't know themselves then too expensive and just a punt IMO.

[eggy6198] 26/7/2019 17:59

So thats all the group profit and some ....found out yesterday but results delayed... blood bath monday mad not to have sold before results

[henrylightningbolt] 26/7/2019 17:58

from the telegraph...

Sports Direct finance boss quits after day of missed deadlines