South Africa: Steinhoff to Release Restated Financial Results for 2017

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Steinhoff is set to release its restated and audited financial results for 2017 on Tuesday, giving investors insight into how a yearlong forensic probe by PwC has altered the multinational retailer's financial position.

The group announced back in mid-December 2017 that investors could no longer rely on its 2017 and 2018 results, after its auditors flagged accounting irregularities in its books and its CEO Markus Jooste abruptly stepped down.

The same month it engaged PwC to conduct an independent forensic investigation of all its businesses. The results of the investigation, which ran to 3 000 pages, were handed over to Steinhoff leadership in March.

Steinhoff previously said it had to wait for the results of the PwC probe in order to publish its restated financials.

PwC probe

The Stellenbosch-headquartered retailer has not made the full PwC report public, but published an 11-page overview stating that a "small group" of former executives inflated the group's profit and asset values for years.

It later named Jooste as one of eight people implicated in the report, after being instructed to do so by a joint sitting of three Parliamentary committees.

On Tuesday Steinhoff is expected to release restated and audited financial reports for 2017, and investors will be combing through the data to see how they compare to previous reports.

Results for 2018 are expected to be published on June 18.

Steinhoff's share price plunged in December 2017, cutting its market capitalisation by roughly R200bn.

At the close of the JSE on Monday Steinhoff shares were changing hands at R1.99.

Source: Fin24

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