DGAP-News: Steinhoff International Holdings N.V. / Key word(s): Miscellaneous Steinhoff International Holdings N.V. : Steinhoff's GT Branding Holding Investor Information correct and in line with IFRS Requirements 08.11.2017 / 15:15 The issuer is solely responsible for the content of this announcement.
Steinhoff's GT Branding Holding Investor Information correct and in line with IFRS Requirements Stellenbosch, November 8, 2017 - In response to a Reuters release from today, November 8, 2017, STEINHOFF INTERNATIONAL HOLDINGS N.V. ("Steinhoff" or the "Company") clarifies again that Steinhoff's reporting and investor information regarding all transactions between Steinhoff and GT Global Branding are in line with all IFRS (International Reporting Standard) requirements including internal accounting rules and the Prospectus Directive. Markus Jooste, CEO of Steinhoff International: "All reporting requirements have been met. This has been confirmed by our internal legal team and external experts." Steinhoff co-invested as a minority shareholder in GT Branding Holding in 2015 to enable the company to continue to invest, develop and strengthen the manufacturing furniture brands on a world-wide basis. This decision further based on the economic return to be derived from this investment (in establishing and owning relevant brands worthy of earning royalties from a host of customers in future). In the Steinhoff annual accounts from September 30, 2016, GT Branding Holding forms part of Steinhoff's associate investments. The equity in the company (together with the preference share amounting to Euro 384 mio) is shown in investment in and loans to associated companies. The funding supplied to GT Branding Holding is shown under short term loans and amounted to Euro 339 mio. Loans bear interest at market related interest rates. In terms of IAS 24 the net amount for the 2016 September financial year amounted to zero and therefore no disclosure was made as the related party transaction was zero.
08.11.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
|Company:||Steinhoff International Holdings N.V.|
|1017 CA Amsterdam|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|End of News||DGAP News Service|