[ad_1]
Steinhoff had submitted his audited annual report for 2016/17 as well as the figures corrected for the previous year a few weeks ago and was now delaying the final report for 2017/18 with some delay.
For the past year, the Group recorded a deficit of 1.2 billion euros, after a decrease of nearly 4 billion euros the previous year. The Group depreciated badets in its subsidiaries for an amount of 940 million euros. The SDAX group's share in trading on Tradegate has collapsed by more than 10%.
Steinhoff made his accounting problems public at the end of 2017. According to the results of the examiners used later, these are mainly artificially inflated bookings and many transactions that never took place. Former CEO Markus Jooste and a small group of leaders are likely to be behind the scandal. The group's investigations would last, said Steinhoff now.
Many defendants have so far refused an investigation. Jooste himself baderted his sworn innocence in the parliament of South Africa last year.
If Steinhoff had become a global group after many acquisitions in recent years, it had already sold some stakes during the crisis, for example the German furniture retailer Poco, which belongs to the group, was sold to Andreas Seifert, co-owner of the chain of Austrian furniture XXXLutz.
After the arduous treatment of its accounting scandal, the group, which has about 120,000 employees, hopes to get the green light for the plan to restructure its European business. Steinhoff had recently negotiated with its creditors several new deadlines at which certain steps had to be implemented so that the restructuring could finally be implemented. The deadline has been extended until the end of June.
Among the 40 brands in more than 30 countries, there is Matress Firm, an American bedseller, which Steinhoff bought in 2016 for nearly $ 4 billion. A good half of the shares have since been resold. Last October, Matress Firm filed for bankruptcy and is in the process of restructuring. From France, the furniture trade chain Conforama belongs to the Steinhoff universe, as well as in the UK about the Poundland discounter. Steinhoff announced that sales could follow this year as well.
The Steinhoff action was created as a result of balance sheet issues and has now been turned into penny stock. Currently, the paper is worth only 0.08 eurocents, the company 's own funds remaining a few hundred million euros.
/ Tav / FBA
STELLENBOSCH / AMSTERDAM (dpa-AFX)
Sources of images: Pavel Kapysh / Shutterstock.com
Source link
