Steinhoff - restatement of financial statements
14 December 2017 7:12
The Company is providing the following update further to its announcement dated 5 December 2017 and its ongoing investigations into past financial years. This update is made on the basis of the information that has been made available and analysed to date. The Company, on the advice of the independent committee of the Supervisory Board, has formed the view that issues concerning the validity and recoverability of certain Steinhoff Europe balance sheet assets under scrutiny in the 2017 audit work, are also relevant to the 2016 consolidated financial statements. Therefore, the Company announces that, based on section 2:362 (6) of the Dutch Civil Code, the 2016 consolidated financial statements will need to be restated and can no longer be relied upon. The Company, on the advice of the independent committee of the Supervisory Board, together with their advisers, is taking all necessary steps to address the audit issues and will keep the market informed of any material developments. Shareholders and other investors in Steinhoff are advised to exercise caution when dealing in the securities of the Group.
Click here for original article