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MarketScreener Homepage  >  Equities  >  Johannesburg Stock Exchange  >  Steinhoff International Holdings NV    SNHJ   NL0011375019

STEINHOFF INTERNATIONAL HOLDINGS NV

(SNHJ)
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Steinhoff : PwC Probe Finds Former Executives Inflated Profits

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03/15/2019 | 12:20pm EDT

By Adria Calatayud

Steinhoff International Holdings NV (SNH.JO) said Friday that a probe into its accounting irregularities has found that former executives inflated profits and asset values over an extended period.

The investigation was conducted by PricewaterhouseCoopers at the request of the South African retailer's supervisory board. The accounting irregularities were discovered in December 2017.

The PwC probe found that a senior management executive led a scheme in which a small group of former Steinhoff executives and other non-Steinhoff executives structured and implemented various transactions over a number of years which resulted in inflated profits and asset values, the company said.

The company said the PwC report raises serious allegations, in particular against a senior executive. None of the executives identified in the investigation are currently employed by the group, Steinhoff said.

Under the scheme, fictitious and irregular transactions were entered into and fictitious and irregular income was allocated to underperforming Steinhoff units, the company said. Neither Pepkor Europe, Pepkor Holdings Ltd. (PPH.JO) nor any of the other South African operating entities were identified as having received such contributions, Steinhoff said.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

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Financials (€)
Sales 2017 20 004 M
EBIT 2017 1 886 M
Net income 2017 1 481 M
Debt 2017 4 843 M
Yield 2017 117%
P/E ratio 2017 0,35
P/E ratio 2018 -
Capi. / Sales 2017 0,27x
Capi. / Sales 2018 -
Capitalization 472 M
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Managers
NameTitle
Louis J. du Preez Chief Executive Officer & Member-Supervisory Board
Heather Joan Sonn Chairman-Supervisory Board
Philip Dieperink CFO & Member-Supervisory Board
Steve F. Booysen Independent Member-Supervisory Board
Angela Krüger-Steinhoff Member-Supervisory Board
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