|STEINHOFF INTERNATIONAL HOLDINGS N.V. - Response To Press Statement Published By Manager Magazin
|24 August 2017 16:30
Response To Press Statement Published By Manager Magazin
Steinhoff International Holdings N.V.
(Incorporated in the Netherlands)
(Registration number: 63570173)
Share Code: SNH
Disclosure of inside information in accordance with Article 17 MAR, transmitted by DGAP, a
service of EQS Group AG
STEINHOFF INTERNATIONAL HOLDINGS N.V. ("Steinhoff" or the “Company”) – RESPONSE TO PRESS
STATEMENT PUBLISHED BY MANAGER MAGAZIN
Stellenbosch, 24 August 2017 - Steinhoff shareholders are referred to the statements made by
Manager Magazin. The company rejects the allegations of dishonesty contained in the
statements. In particular substantial facts and allegation are wrong or misleading. In the
information published we note that the source of some of the allegations is a former joint
venture partner with whom the group’s subsidiaries are embroiled in litigation.
Shareholders are also referred to the press release dated 4 December 2015 in which the
Company confirmed that one of its German subsidiaries Steinhoff Europe Group Services
GmbH (SEGS) has been involved in an investigation focusing on the adherence to and arms’
length valuation and proper accounting pursuant to German GAAP.
Shareholders are referred to the various updates released on this investigation confirming that
the company appointed legal and external audit firms in Germany to investigate the matter
independently. They have concluded that no evidence exists that any of the transactions
raised by the investigation in terms of section 331 HGB can give rise to any contravention of
any provision of German commercial law and were reflected correctly in the statement of
financial position of the company.
The group has engaged constructively with the authorities to find a solution. No further
investigations have been initiated nor any searches conducted as alleged in the article.
Certain companies in the group are involved in disputes where the outcomes are uncertain.
However, the directors are confident that they will be able to defend these actions successfully
and that the potential impact on the group will not be material.
The Company wishes to advise that further allegations contained in the article relate to
ongoing civil litigation. The existence of this litigation has previously been disclosed by the
Company in various communications and publications.
The group’s relationship with a joint-venture partner in Europe ended in disputes that are
currently the subject matter of several ongoing legal proceedings. These disputes relate to
alleged breaches arising from agreements with the former joint-venture partner, who is seeking
to obtain and/or retain shares in Steinhoff entities. Management believes that the outcome of
the disputes should result in monetary remedy to be paid by the group. The payment of any
such monetary remedy would not have a material adverse effect on the trading and/or
financial condition of the group. Management believes that it has adequately provided for
the related liabilities that could result from the dispute in the consolidated results. There is no
other litigation, current or pending, which is considered likely to have a material adverse effect
on the group. It is evident that the former joint venture partner abuses the press as part of the
process of litigation.
The company will review all the allegations contained in the article and make further
announcements as required.
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