Advertise with

Steinhoff has further delayed the release of its audited 2017 and 2018 results.
Steinhoff has further delayed the release of its audited 2017 and 2018 results.

Steinhoff delays release of audited results


By Karl Gernetzky - Apr 5th, 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. 

The company, whose shares have plunged more than 90% since it disclosed “accounting irregularities” in December 2017, said on Friday that it is prioritising the release of its revised 2017 results. The 2017 and 2018 results will be released on May 7 and June 18, respectively.

Steinhoff had already indicated it would not meet a mid-April guidance for its revised financial statements.

Steinhoff CFO Philip Dieperink said in the statement that the volume and complexity of the accounting work had created a much greater workload than anticipated, requiring the deployment of additional resources by auditor Deloitte.

Former CEO Markus Jooste resigned shortly after the disclosure of the alleged fraud and is among the individuals implicated in the PwC report, current CEO Louis du Preez told parliament in March.

The group is now facing the prospect of massive fines and a class-action lawsuit from shareholders, raising questions as to the underlying value of its equity.

After initially falling as much as 4.44%, by 2.45pm shares in the group were down 3.33% to R1.74, having fallen 8.51% so far this week.Business Live 

Related News

Steinhoff says restructuring exercise complete
14/08/2019 - 12:15
International retailer Steinhoff said its subsidiaries Steinhoff Europe AG (SEAG) and Steinhoff Finance Holding GmbH (SFHG) had successfully completed the implementation of an exercise which restructured their financial indebtedness and changed the group's European corporate holding structure.

Steinhoff considers IPO of Pepkor Europe
07/08/2019 - 08:23
Steinhoff International Holdings is considering an initial public offering of Pepkor Europe, its fastest-growing unit, as the scandal-hit retailer seeks funds for the next phase of its recovery plan, people familiar with the matter said.

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 announces a near 20bn loss for 2018
19/06/2019 - 08:59
Steinhoff posted a loss of €1.19bn (R19.35bn at current exchange rates) for the year ended September 2018.