Steinhoff announces a near 20bn loss for 2018
By Jan Cronje - Jun 19th, 08:59
Steinhoff posted a loss of €1.19bn (R19.35bn at current exchange rates) for the year ended September 2018.
The Stellenbosch-headquartered conglomerate published its delayed 2018 audited earnings report on Tuesday afternoon after the close of SA markets.
The €1.19bn loss compares to a restated loss of €3.99bn (roughly R65bn at current exchange rates) for the 12 months ended September 2017.
Steinhoff reports its earnings in euros as it is domiciled in Amsterdam and has its primary listing on the Frankfurt Stock Exchange.
The group had delayed publishing its 2017 and 2018 earnings reports to give auditors PwC time to complete a 15-month forensic probe into its books. Steinhoff instituted the probe in December 2017 after its CEO Markus Jooste abruptly resigned in an accounting scandal.
While Steinhoff views the full 3 000 page PwC investigation as privileged, it did publish a 11-page overview of the probe’s key findings in March which revealed that a "small group" of former executives inflated the group's profit and asset values for years. At a Parliamentary committee meeting in June, Steinhoff leadership confirmed that Jooste was one of eight people implicated in the report. Jooste has denied any wrongdoing.
The group hopes to publish its 2019 half-year results on July 12. Fin24
Steinhoff CFO to step down
08/07/2019 - 09:29
Finance boss Philip Dieperink will be replaced by operations director Theodore de Klerk.
Parliament's new finance chair promises to wrap up Steinhoff, VBS probes
03/07/2019 - 08:51
Newly-elected chairperson of Parliament's standing committee on finance, Joe Maswanganyi, says the Steinhoff and VBS sagas will "reach a conclusion" under his watch as committee head.
Steinhoff, Tongaat woes raise auditor scrutiny
10/06/2019 - 13:57
Steinhoff's [JSE:SNH] financial scandal and sugar maker Tongaat Hulett’s [JSE:TON] admission it may need to restate results is spurring South African auditors to weigh tougher measures for the profession.
Steinhoff delays release of audited results
05/04/2019 - 16:04
Steinhoff has further delayed the release of its audited 2017 and 2018 results, saying the findings of a PwC investigation into SA’s biggest corporate fraud have introduced a new layer of complexity to the process.
Steinhoff shares jump on PWC report
18/03/2019 - 10:48
Steinhoff International’s shares rose as much as 13.6% to R2.09 in early trade on Monday after the overview of PwC’s forensic investigation into the retailer’s past results was released.