June 9, 2020 / 11:31 AM / a month ago

BRIEF-Steinhoff Expects Covid-19 To Have Material Negative Impact On Turnover, Underlying Business Performance

June 9 (Reuters) - Steinhoff International Holdings NV :

* HAVE SEEN A MATERIAL IMPACT FROM COVID-19

* WE EXPECT COVID-19 TO HAVE A MATERIAL NEGATIVE IMPACT ON OVERALL TURNOVER AND UNDERLYING BUSINESS PERFORMANCE DURING THIS PERIOD.

* HALF-YEAR RESULTS HAVE BEEN DELAYED, WITH PUBLICATION NOW PLANNED TO BE PRIOR TO END OF JULY 2020

* EXPECT COVID-19 TO HAVE A MATERIAL NEGATIVE IMPACT ON OVERALL TURNOVER AND UNDERLYING BUSINESS PERFORMANCE

* CURRENTLY ALL SUBSIDIARIES, EXCLUDING CONFORAMA FRANCE AS DESCRIBED BELOW, ARE PRODUCING STRONGER CASH FLOWS THAN ORIGINALLY ANTICIPATED

* VARIOUS LEGAL PROCEEDINGS HAVE BEEN INSTITUTED AGAINST GROUP AND LITIGATION REMAINS A SIGNIFICANT CHALLENGE

* SOUTH AFRICAN AUTHORITIES HAVE APPROACHED PWC, ENGAGED THEM TO PERFORM ADDITIONAL EXPERT FORENSIC WORK TO ASSIST IN CRIMINAL INVESTIGATION

* AGREED TO CONTRIBUTE FUNDS TO COVER A SUBSTANTIAL PORTION OF COSTS OF PWC WORK, DUE TO SIZE AND COMPLEXITY OF INVESTIGATION REQUIRED

* POSITION OF CONFORAMA’S BUSINESS IN FRANCE HAS REMAINED UNCERTAIN IN PERIOD FOLLOWING COVID-19 OUTBREAK

* CONFORAMA HAS BEEN UNABLE TO SECURE STATE-GUARANTEED LOAN

* ROLE IN INVESTIGATION IS LIMITED TO CO- OPERATION AND PROVIDING A PORTION OF FUNDING FOR PROJECT ONLY

* COMPLETION OF DISPOSAL OF CONFORAMA IBERIA BUSINESS WAS DISRUPTED AND TRANSACTION SUBSEQUENTLY LAPSED Source text for Eikon: Further company coverage:

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