Steinhoff subsidiary again delays 'complex and uncertain' results

Steinhoff Investments, a subsidiary of Steinhoff International Holdings [JSE:SNH], has announced that it will further delay the publication of its financial results. 

"Despite the company's best efforts, there remains a substantial amount of work in order to prepare, and then to audit, the company's annual financial statements. These tasks remain complex and uncertain," the group said in an update to shareholders. 

In June Steinhoff Investments, which has issued preference shares that are currently suspended on the JSE, said it hoped to publish its annual results by the end of September. This timeline now "cannot be met."

The group's parent company, Steinhoff International Holdings, published its restated 2017 and delayed 2018 earnings reports earlier in the year, showing multi-billion rand losses. 

It had delayed publishing its 2017 and 2018 reports to give auditors PwC time to complete a 15-month forensic probe into its books. Steinhoff instituted the probe in December 2017 after its CEO Markus Jooste abruptly resigned in an accounting scandal. The 3000-page forensic probe was handed over to senior management in March, but has not been made public. 

Steinhoff Investments did not say when it would be releasing its annual report, saying it would "update the market in due course". 

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