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Steinhoff: Turnover Remains Strong, Profitability A Challenge - Quick Facts

In a presentation to investors, Steinhoff said the company's turnover remains strong, while profitability is the challenge. Steinhoff said some of its businesses are performing well. The company is also considering divestments in some areas.

Steinhoff noted that the accounting irregularities masked poor financial performance of some of its businesses in previous years.

Steinhoff believes the company's financial restructure will give stability until December 2021, and will provide time to deleverage the Group. The restructure will result in no cash interest payment, and expensive debt.

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