|  

Steinhoff Group must make value adjustment

02.05.2019 − 

Steinhoff International Holdings has to make write-downs of €1.8bn on its intangible assets and goodwill as of September 30, 2017. According to a Group announcement, the value of these positions thus still totals €7.2bn. The interim report for the first half of the 2017/2018 financial year published on June 29, 2018, contained a figure of around €9bn. The correction was made as part of the preparation of the 2017/2018 annual financial statements. The audited figures are to be published on May 7.

In addition, Steinhoff had written off a higher amount of €1.255bn on its real estate portfolio, which at that time comprised around 140 properties, in the aforementioned half-year report. Their value has thus more than halved from the €2.2bn previously assumed.

Tags of this news:

previous − US furniture industry with decline in sales and orders

USA: 2% increase in kitchen cupboard turnover  − next