BRIEF-Steinhoff Does Not Expect Further Impact On Financial Statements From Forensic Investigation
Aug 13 (Reuters) - Steinhoff International Holdings NV
:
* STEINHOFF - SHAREHOLDERS AND OTHER INVESTORS IN COMPANY
ARE
ADVISED TO EXERCISE CAUTION WHEN DEALING IN SECURITIES OF GROUP.
* STEINHOFF - TOTAL DEBT INVOLVED IN RESTRUCTURE – SEAG €5.6
BILLION; SFHG €2.8 BILLION; HEMISPHERE €0.4 BILLION (31 MARCH
2019)
* STEINHOFF - SEAG/SFHG CVAS IMPLEMENTED IN AUGUST 2019
* STEINHOFF - DO NOT ANTICIPATE ANY FURTHER IMPACT ON THE
FINANCIAL STATEMENTS FROM FORENSIC INVESTIGATION
* STEINHOFF - TURNOVER REMAINS STRONG; PROFITABILITY IS THE
CHALLENGE
* STEINHOFF SAYS "WHERE APPROPRIATE, DIVESTMENTS ARE BEING
CONSIDERED"
* STEINHOFF - ACCOUNTING IRREGULARITIES MASKED POOR
FINANCIAL
PERFORMANCE OF SOME BUSINESSES IN PRIOR YEARS
* STEINHOFF -SOME BUSINESSES ARE PERFORMING WELL, ACCOUNTING
IRREGULARITIES MASKED POOR FINANCIAL PERFORMANCE IN SOME UNITS
IN PRIOR YEARS
* STEINHOFF - CAPITAL EXPENDITURE CONTROLLED
* STEINHOFF -STRATEGY IS TO FURTHER STABILISE GROUP, MANAGE
STEINHOFF AS AN INVESTMENT HOLDING COMPANY
* STEINHOFF -FOCUS IS ALSO TO PROVIDE SUPPORT TO REGULATORS
AND
ENFORCEMENT AGENCIES
* STEINHOFF - KEY MANAGEMENT FOCUS IS ON CREDITORS
ARRANGEMENT
WITH CVA IMPLEMENTATION STARTED, RESTRUCTURE GROUP TO CUT DEBT,
MANAGE LITIGATION RISK
* STEINHOFF - BOARD SUB-COMMITTEES RECONSTITUTED: NEW
GOVERNANCE,
SOCIAL AND ETHICS COMMITTEE
* STEINHOFF - BOARD SUB-COMMITTEES RECONSTITUTED WILL BE
REVIEWED
AFTER THE AGM
* STEINHOFF - THREE OF THE EIGHT CONTINUING MEMBERS OF
SUPERVISORY
BOARD ARE UP FOR ELECTION AT THE AGM
* STEINHOFF - EXPLORING POSSIBLE STRATEGIC LITIGATION
SOLUTIONS
* STEINHOFF - REMEDIATION PLAN DEVELOPED BY MANAGEMENT BOARD
TO
ADDRESS SHORTCOMINGS IN CONTROLS AND GOVERNANCE
* STEINHOFF - EVALUATING AND IMPLEMENTING RECOVERY AND OTHER
CLAIMS AGAINST VARIOUS THIRD PARTIES
* STEINHOFF - FINANCIAL RESTRUCTURE OF ADDITIONAL GOVERNANCE
INCLUDE DIRECTORS NOMINATED BY LENDERS AT VARIOUS LEVELS
Source text : bit.ly/2Z4Edxy
Further company coverage: [SNHJ.J]
((Reuters.Briefs@thomsonreuters.com;))
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