STEINHOFF INTERNATIONAL HOLDINGS N.V. - Financial Reporting Timeline |
26 October 2020 14:30 |
Financial Reporting Timeline Steinhoff International Holdings N.V. (Incorporated in the Netherlands) (Registration number: 63570173) Share Code: SNH ISIN: NL0011375019 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. The Company has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the JSE Limited. JSE Sponsor: PSG Capital Stellenbosch, South Africa 26 October 2020 Date: 26-10-2020 02:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS. |
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Steinhoff International Holdings NV published this content on 26 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2020 12:39:03 UTC