This figure was up from a €237 million loss compared to the restated financial statements for the 15 months to end September 2016. Steinhoff released the 2017 audited financial results in a 329-page annual report which provided an update on the group’s operations since it was plunged into a crisis when it admitted to accounting irregularities in December 2017.
The admission led to a 95 percent decline in the group’s share price and wiped out more than R200bn in market capitalisation, and led to the resignation of former chief executive Markus Jooste after the scandal emerged.
PricewaterhouseCoopers was hired to conduct to conduct a forensic investigation, which was completed in March, with the probe revealing that an estimated €6.5bn worth of fictitious transactions took place between 2009 and 2017, which had inflated the group’s profits and asset value.
Steinhoff shares traded 8 percent higher on the JSE on Tuesday morning on the expected release of the results. However, the shares closed 1.01 percent higher at R2.01 a share at the end of the day.