Steinhoff says it will restate its 2016 financial results

Steinhoff will restate 2016 financial results and postpone release of 2017 results

According to Steinhoff International Holdings, its 2016 consolidated financial statements "can no longer be relied upon", and will thus have to be restated.

According to the firm, it saw issues regarding the validity and recoverability of some of its European balance sheet assets under scrutiny in the 2017 audit work, which are also relevant to the 2016 consolidated financial results. Steinhoff has said it is, however, taking "all necessary steps" to address the audit issues.

Moreover, the company has postponed the release of its 2017 results until the inquiry into reporting irregularities currently underway is over. Accorging to reports, Steinhoff has been under investigation for suspected accounting irregularities by the state prosecutor in Oldenburg, Germany, since 2015.

Pictured: Markus Jooste