STEINHOFF INTERNATIONAL HOLDINGS N.V. - Restatement of financial statements of subsidiary companies |
2 January 2018 9:00 |
SNH 201801020009A
Restatement of financial statements of subsidiary companies
Steinhoff International Holdings N.V.
(Incorporated in the Netherlands)
(Registration number: 63570173)
Share Code: SNH
ISIN: NL0011375019
Steinhoff – Restatement of financial statements of subsidiary companies
Steinhoff International Holdings N.V. (the “Company”)
The Company is providing the following update further to:
- its announcement dated 5 December 2017 in which the Company announced that
PwC had been approached to undertake an investigation into certain accounting
irregularities resulting from the concerns raised by Deloitte; and
- its announcement dated 13 December 2017 in which the Company confirmed that, in
terms of section 2:362 (6) of the Dutch Civil Code, the 2016 consolidated financial
statements of the Company will need to be restated and can no longer be relied upon.
The update is made on the basis of the information that has been made available and
analysed to date.
The internal review of the accounting irregularities by the management team and the PwC
investigation are progressing and, whilst all involved are working as expeditiously as possible,
the timeline for completion remains uncertain. The group is mindful of its obligations to keep
the market and other interested parties informed of any material developments arising out of
and the results of the review when in a position to do so. In the meantime, the group continues
to work with its external auditors to seek to conclude the audit of the Company’s 2017
consolidated financial statements as soon as reasonably practicable.
In addition, the Company continues to consider whether any other prior years’ financial
statements will need to be restated. In this regard:
- After careful consideration and taking into account the requirements of International
Financial Reporting Standards (IFRS) guidelines and the advice of various advisors, the
Company wishes to confirm that the audited 2017 consolidated financial statements
of the Company will be accompanied by the restated 2016 consolidated financial
statements. In addition, the consolidated statements of financial position will be
accompanied by a restated comparative 2015 statement of financial position of
Steinhoff International Holdings Proprietary Limited, the former listed holding company
of the group (then called Steinhoff International Holdings Limited), that will provide
additional insight into the cumulative and consolidated opening balances in the 2016
restated consolidated statement of financial position. Due to the restatements, the
2016 and 2015 financial statements of Steinhoff International Holdings Proprietary
Limited can no longer be relied upon. Furthermore, whilst the internal review and
investigation into the accounting irregularities have not yet concluded, the
restatement of the financial statements of Steinhoff International Holdings Proprietary
Limited for years prior to 2015 is likely to be required and investors in Steinhoff are
advised to exercise caution in relation to such statements.
- In addition, the Company wishes to confirm that the accounting irregularities which
are the subject of the internal review and PwC investigation also affect the
consolidated financial statements of Steinhoff Investment Holdings Limited by virtue of
its ownership of certain European subsidiaries until 1 April 2016. Accordingly, the 2016
and 2015 financial statements of Steinhoff Investment Holdings Limited will need to be
restated and can no longer be relied upon. Furthermore, whilst the internal review and
investigation into the accounting irregularities have not yet concluded, the
restatement of the financial statements of Steinhoff Investment Holdings Limited for
years prior to 2015 is likely to be required and investors in Steinhoff are advised to
exercise caution in relation to such statements.
- On the contrary, given current information, the Company does not believe that the
restatements will apply to Steinhoff Services Limited (issuer of listed bonds on the JSE).
Shareholders and other investors in Steinhoff are advised to exercise caution when dealing in
the securities of the Group.
Sponsor: PSG Capital
Stellenbosch: 2 January 2018
Date: 02/01/2018 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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