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STEINHOFF INTERNATIONAL HOLDINGS LIMITED - Press release

Release Date: 04/12/2015 09:30
Code(s): SNH     PDF:  
Wrap Text
Press release

STEINHOFF INTERNATIONAL                       STEINHOFF INTERNATIONAL
HOLDINGS N.V.                                 HOLDINGS LIMITED
(FORMERLY GENESIS                             (Incorporated in the Republic of South Africa)
INTERNATIONAL HOLDINGS N.V.)                  (Registration no: 1998/003951/06)
(Incorporated in the Netherlands)             Ordinary share code: SHF
(Registration no. 63570173)                   ISIN code: ZAE000016176
Share code: SNH                               (“SIHL”)
ISIN code: NL0011375019
(“Steinhoff N.V.”)

                                    PRESS RELEASE

INTRODUCTION

Steinhoff International Holdings Limited shareholders (who all will become Steinhoff
N.V. shareholders on the implementation of the Scheme of Arrangement on 
7 December 2015) (“Shareholders”) are referred to the Prospectus dated
19 November 2015 (the “AFM Prospectus”) and the announcement dated
20 November 2015 in which it was confirmed that the Steinhoff N.V. ordinary shares
(“Shares”) will commence trading on the regulated market segment (Regulierter
Markt) of the Frankfurt Stock Exchange (“FSE”) on 7 December 2015 under the
ordinary share code: “SNH” and ISIN code: NL0011375019.

Shareholders are hereby informed of following information which is considered
relevant in respect of its maiden listing on the FSE:

REGULATORY

Amsterdam 4 December 2015 – In connection with tax investigations, the
Westerstede offices of Steinhoff Europe Group Services GmbH (SEGS), a German
subsidiary of SIHL, have been searched on November 26, 2015.

The authorities are reviewing the balance sheet treatment of certain transactions
involving transfers of participations and intangible assets among SEGS, additional
subsidiaries and third parties pursuant to §331 HGB. The investigation focuses on
adherence to an arms’ length valuation and proper accounting pursuant to German
GAAP.
SEGS is fully committed to support the authorities, and has begun to take immediate
steps, in clarifying and resolving these matters.

Steinhoff International Holdings N.V and its management are of the view that on a
global consolidated basis the above matters have been properly reflected in its
Group accounts according to IFRS.

German:

Amsterdam, 4. Dezember 2015 – Im Zusammenhang mit steuerlichen Ermittlungen
kam es am 26. November 2015 bei der Steinhoff Europe Group Services GmbH
(SEGS), einer deutschen Tochtergesellschaft der SIHL., zu Durchsuchungen von
Büroräumen in Westerstede.

Die Behörden untersuchen die bilanzielle Bewertung einiger Geschäftsvorfälle mit
Bezug zu Anteilsveräußerungen und immateriellen Wirtschaftsgütern zwischen der
SEGS, weiteren Tochtergesellschaften und Dritten im Sinne von §331 HGB.
Hintergrund  sind Fragestellungen bezüglich der Fremdüblichkeit und der
angemessenen bilanziellen Berücksichtigung im Rahmen der deutschen
Rechnungslegung.

Die SEGS wird die Behörden in vollem Umfang bei der Klärung der aufgetretenen
Fragestellungen unterstützen und hat bereits Maßnahmen zur weiteren Aufklärung
eingeleitet.

Steinhoff International Holdings N.V. und ihre Geschäftsführung sind der Auffassung,
dass die konsolidierten Abschlüsse der Gruppe nach IFRS die vorstehenden
Sachverhalte zutreffend reflektieren.

Steinhoff Africa Secretarial Services (Pty) Ltd
Company Secretary

Wynberg, Sandton
South Africa
4 December 2015

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