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13:27:21 / 12-07-19 Steinhoff Narrows Pretax Loss in 1st Half 2019; CVA Progressing
By Adriano Marchese
Steinhoff International Holdings NV (SNH.JO) said Friday that pretax loss narrowed in the first half of fiscal 2019, while the company continues to progress with its company voluntary arrangement and restructuring plan.
The company noted that the group's current liabilities exceed current assets, and that material uncertainties extend beyond the foreseeable future but that the CVA with lenders continues to progress. It noted that a further delays to the process will increase adviser costs, ultimately harming the group's cash flow.
In the period, advisory fees amounted to EUR82 million.
Net debt was 9.1 billion Euros ($10.2 billion).
For the six months ended March 31, pretax loss was EUR242 million for the South African retailer, compared with a loss of EUR257 million in the prior-year period.The company swung to a EUR212 million operating profit in 1H 2019,
from a loss of EUR78 million in the first half of fiscal 2018. Revenue for the period rose 2.9% to EUR6.86 billion.
The company said that it will focus on its operations and realize value where appropriate, while planning to reduce its debt levels. However, it also said that tax remains a material uncertainty due to the impact they would have on identified taxing irregularities.
Write to Adriano Marchese at firstname.lastname@example.org
(END) Dow Jones Newswires
July 12, 2019 07:27 ET (11:27 GMT)
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