Steinhoff International has been missing the deadlines for numbers and other things for some time now. Now the retail group, which continues to suffer from the consequences of a billion-dollar accounting scandal that was uncovered at the end of 2017, cannot keep an appointment again. It is reported that “as a result of the review of its planning for the financial reporting and audit process for 2020, the company will not be able to meet the original reporting deadline of January 29, 2021”.
Steinhoff International now assumes that the report will be presented on February 26, 2021. This means that the annual general meeting must also be postponed. The shareholders’ meeting will now take place on April 30, 2021, the Dutch-South African group announced on Monday.
In addition to restrictions related to the COVID-19 pandemic, especially in the UK and other European countries, other factors are also responsible for the postponement. Steinhoff cites the restructuring activities as the main reason: “Significant transactions, including sales, corporate restructuring and other agreements, must be assessed from the perspective of IFRS and receive special audit attention both at the subsidiary and group level,” the company said. The same applies to the effects of settled legal disputes. The restructuring process is also delaying the completion of the audits of the subsidiaries.
At a glance – chart and news: Steinhoff International