Almost 17 months to the day after its initial scheduled release date, Steinhoff International is expected on Tuesday to finally publish its 2017 annual results. This is the set of financials that led to the resignation of longtime CEO Markus Jooste and pushed the company's share price over a cliff when their release — originally set for December 2017 — was postponed due to "accounting irregularities". And the books will be much leaner on the asset side of the balance sheet. The retail group this week said it had to adjust the value of its assets downward by about R29bn. "Pursuant to further review by Steinhoff, it has today been determined that the group's goodwill and intangible assets as at 30 September 2017 are to be further impaired by approximately €1.8bn," the company said this week. The latest adjustment is mostly due to its first, gutsy foray into the US market when it bought Mattress Firm for $3.8bn (R50bn) three years ago. At the time, Steinhoff paid 115% more than the mar...

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