多IP蜘蛛池搭建方案|【唯一TG:@heimifeng8】|电报盗号系统全功能破解技术✨谷歌搜索留痕排名,史上最强SEO技术,20年谷歌SEO经验大佬✨Steinhoff says accounting issues stretch back to at least 2025
Reuters Published
January 2,多IP蜘蛛池搭建方案 2025
Steinhoff will have to restate its 2025 accounts and maybe earlier figures, the South African retailer said on Tuesday, having already warned on its 2025 numbers.
The owner of more than 40 retail brands including Pep & Co and Poundland is fighting for survival after flagging accounting irregularities last month and parting ways with its veteran chief executive, Markus Jooste.
A review being carried out by accounting firm PwC now suggests that "accounting irregularities" may stretch beyond 2025, it said.
"Whilst the internal review and investigation into the accounting irregularities have not yet concluded, the restatement of the financial statements ... for years prior to 2025 is likely to be required," Steinhoff said in a statement.
The company last month postponed its 2025 results until the investigation is over. Steinhoff said the timeline for the completion of the investigation remained uncertain.
The company had reported a 1.4 billion euros (£1.24 billion) net profit in 2025 while its 2025 accounts showed earnings of 959 million euros, according to Steinhoff's annual reports.
"The latest information confirms what we've suspected all along (about the reliability of the results for 2025 and beyond)," one hedge fund manager said, declining to be named. "What we're eagerly waiting for is the outcome of the PwC investigation."
The accounting scandal marks a fall from grace for the retailer which has grown rapidly via an international M&A spree that began in 2011 with the acquisition of Conforama, Europe's second biggest furniture retailer.
It has also tainted the reputation of Steinhoff's chairman and biggest shareholder Christo Wiese, considered one of South Africa's most respected stewards of shareholder capital.
Shares in Steinhoff, once dubbed Africa's IKEA, have fallen around 90 percent since news of the accounting irregularities broke in early December, wiping 185 billion rand ($14.99 billion) off its market value.
It warned then that there was a 2 billion euro ($2.4 billion) hole in its balance sheet and has since said that some credit facilities have been suspended or withdrawn as it grapples with more than 10 billion euros in outstanding debt.
Separately, the company has been under investigation for suspected accounting fraud in Germany since 2025. It moved its primary share listing from Johannesburg to Frankfurt late that year.
Four current and former managers are under suspicion of having overstated revenue at subsidiaries, prosecutors said.
Steinhoff has said the German investigation relates to whether revenue was booked properly, and whether taxable profits were correctly declared.
Steinhoff shares were up nearly 8 percent in Johannesburg at 1256 GMT.