DGAP-News: Steinhoff International Holdings N.V. / Key word(s): Miscellaneous
FINANCIAL REPORTING TIMELINE
Steinhoff International Holdings N.V. ("Steinhoff" or "the Company" and with its subsidiaries the "Group") herein announces that, as a result of reviewing its planning for the 2020 Financial Reporting and Audit process, the Company will not be able to meet its original reporting deadline of 29 January 2021.
The delay is a result of factors which, in combination, have made the reporting and audit process more protracted and complex than originally anticipated. Specifically, these include:
1. Group activity
Corporate and restructuring activity continued at elevated levels both throughout the reporting period and thereafter, expanding and complicating the review process. Significant transactions, including disposals, group restructures and other agreements, are required to be assessed from an IFRS point of view and receive specific audit attention at both a subsidiary and Group level. In addition, the Group's auditors need to assess the impact on the Group's financial statements of the proposed settlement of litigation claims arising from legacy accounting issues, as announced on 27 July 2020.
2. Audit process
The finalisation of subsidiary audits will be completed later than anticipated due to material changes, such as the sale of Conforama France and the variety of complex legacy and current issues at Group, which impacts the subsidiaries. This has resulted in the Company auditors having to delay the start of their audit procedures.
3. COVID-19 Constraints
Uncertainties and restrictions relating to COVID-19, especially within the UK and other European countries, are continuing to impact financial reporting and audit processes across the Group. Ongoing restrictions on travel, site visit restrictions and more dispersed and remote working are making certain tasks more difficult and time consuming to complete. These challenges have increased over recent weeks as tighter lock down restrictions have begun to be imposed in Europe during the period when the closing process and the audits of subsidiaries and the Group were scheduled.
Taking into account all of these additional requirements, the 2020 Annual Report is now expected to be delayed by one month and is scheduled for release on 26 February 2021. As a consequence of this change, the date of the AGM has been rescheduled to 30 April 2021.
Stellenbosch, South Africa
26 October 2020
26.10.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
Steinhoff International Holdings N.V.
cnr Adam Tas and Devon Valley Road
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
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