News 6 december — 14:43

Steinhoff expects to publish 2017, 2018 results in April


 Steinhoff International Holdings <SNHJ.J>, <SNHG.DE> now expects to publish its group audited financial statements for 2017 and 2018 by mid-April 2019, as a forensic investigation by auditors PricewaterhouseCoopers (PwC) has been delayed, the retailer said on Thursday, Euronews reports.

The probe by PwC into the company's affairs is now expected to be completed by the end of February 2019, and the final investigation report will be available to the company shortly thereafter, Steinhoff said.

Steinhoff, which has more than 40 retail brands that include France's Conforama and British chain Poundland, is trying to emerge from a crisis after admitting "accounting irregularities" in December, wiping about 85 percent off its market value and triggering a liquidity crisis.

This prompted the company to drop a Jan. 31, 2018 deadline for publishing its audited 2017 consolidated financial statements.

"Unfortunately, despite significant efforts being exerted by all parties, it is now clear that the timeline for completing the group consolidated financial reporting and audit process has shifted and it will not be possible for all the work required to be finalised within the original timeframe," the company said in a statement.

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