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Steinhoff still hopes to publish results on Tuesday, but may again delay

May 07 2019 17:50
Jan Cronje

Steinhoff says it still aims to publish its restated and audited financial results for 2017 on Tuesday evening, but may again delay their release. 

The embattled retailer previously announced it would publish the long-awaited results on Tuesday, which would set out its restated financial position for the year ended September 2017 in the wake of a 3 000-page forensic probe by PwC.

"The company is scheduled to publish its audited financial statements for the year ended 30 September 2017 today," said Steinhoff in an update to shareholders at 17:25 on Tuesday. "The company still aims to publish its audited 2017 Financial Statements later tonight.

"Once released the details will be available on the company’s website."

In mid-December 2017, Steinhoff had announced that investors could no longer rely on its previously-published 2017 results, after auditors flagged accounting irregularities in its books and CEO Markus Jooste abruptly stepped down.   

The group, which has its primary listing on the Frankfurt Stock Exchange in Germany and a secondary listing on the JSE, engaged PwC to conduct an independent forensic investigation of all its businesses. The results of the investigation, which ran to 3 000 pages with more than 4 000 annexes, were handed over to Steinhoff leadership in March. 

At the close of the JSE on Tuesday, Steinhoff shares were changing hands at R2.01. 

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