Steinhoff 2015 results questionable

Steinhoff International started the new year with a 7.5% jump to R5 — despite issuing a statement saying it still does not know when it will release its 2017 results‚ and that its results going back more than two years will have to be restated.

Steinhoff‚ which warned shareholders on December 14 that its 2016 results would have to be restated‚ said on Tuesday morning that its 2015 results also "can no longer be relied upon".

"Furthermore‚ whilst the internal review and investigation into the accounting irregularities have not yet concluded‚ the restatement of the financial statements of Steinhoff International for years prior to 2015 is likely to be required‚" it said.

Steinhoff missed its deadline on Friday — when the JSE closed early for the new year’s long weekend — to publish its results for the year to end-September within the bourse’s three-month deadline.

"The group continues to work with its external auditors to seek to conclude the audit of the company’s 2017 consolidated financial statements as soon as reasonably practicable‚" it said on Tuesday‚ without indicating when its delayed results would be published.

"Given current information‚ the company does not believe that the restatements will apply to Steinhoff Services Limited‚ issuer of listed bonds on the JSE."

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