DGAP-Ad-hoc: Steinhoff International Holdings N.V. / Key word(s):
Miscellaneous
Steinhoff International Holdings N.V.: Hemisphere real estate valuation
03-Apr-2018 / 17:23 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
*DISCLOSURE OF INSIDE INFORMATION PURSUANT TO ART. 17 OF THE EU MARKET ABUSE
REGULATION (EU 596/2014, MAR)*
*Steinhoff - Hemisphere real estate valuation*
Steinhoff International Holdings N.V. (the "Company" and with its
subsidiaries, the "Group")
Stellenbosch, 3 April 2018 - Following a valuation by CBRE Limited ("CBRE")
in respect of the real estate interests of Hemisphere International
Properties B.V. (an indirectly wholly owned subsidiary of the Company) and
its subsidiaries (such interests, the "Hemisphere Portfolio"), the Company
considers it likely that the consolidated net book value of the Hemisphere
Portfolio (once determined) will be materially lower than the EUR2.2 billion
previously estimated by the Company and disclosed on its website in February
2018.
CBRE valued the Hemisphere Portfolio as at 1 February 2018 at approximately
EUR1.1 billion on the basis of "fair value" according to IFRS 13 and
assuming vacant possession which disregarded internal leases to Company
related entities and considered only leases between an external third-party
tenant and the relevant Hemisphere Group entity. The Company will consider
CBRE's valuations in detail and will work with its auditors to determine the
consolidated net book value of the Hemisphere Portfolio for the purposes of
publication of the Company's consolidated financial statements for 2017.
Shareholders and other investors in the Company are advised to exercise
caution when dealing in the securities of the Group.
03-Apr-2018 CET/CEST The DGAP Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Language: English
Company: Steinhoff International Holdings N.V.
Herengracht 466
1017 CA Amsterdam
Netherlands
Phone: +27218080700
Fax: +27218080800
E-mail: investors@steinhoffinternational.com
Internet: www.steinhoffinternational.com
ISIN: NL0011375019
WKN: A14XB9
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich,
Stuttgart, Tradegate Exchange
End of Announcement DGAP News Service
671091 03-Apr-2018 CET/CEST
(END) Dow Jones Newswires
April 03, 2018 11:23 ET (15:23 GMT)
