The forensic investigation into the irregularities with Steinhoff’s books, legal fees and advisers appointed to negotiate with creditors has been more than R5 billion over the past two years.
The group is finally up to date with its annual reports after issuing its annual report for the financial year ending September 2019.
The annual report shows the work needed to financially restructure the company after the collapse of its share price at the end of 2017 increased by 35% to € 158 million in the financial year. In the previous financial year it amounted to € 117 million.
Included is the cost of the forensic investigation of € 16 million (2018: € 24 million).
The increase in these expenses has contributed to a loss of the group.
The group’s revenue rose 5% to € 12bn.
Legal costs and other costs were included in other expenses, which increased by 217% to € 936 million. Other expenses also include numerous goodwill write-offs in the financial year, intangible assets and property and equipment.
Following its expenses, an operating loss of € 389 million is shown compared to the restated 2018 operating profit of € 221 million.
The group suffered after-tax loss from continuing operations of € 1.3 billion (2018: € 520 million).
