Publication of inside information in accordance with Article 17 of Regulation (EU) No. 596/2014
GRAMMER AG (WKN 589540, ISIN DE0005895403)
GRAMMER AG recognizes impairment losses on property, plant and equipment and intangible assets and publishes guidance for fiscal year 2023
Ursensollen, February 13, 2023 – GRAMMER AG today recognized impairment losses on goodwill, property, plant and equipment and other intangible assets in the consolidated statement of financial position on the basis of the impairment tests performed in preparing the consolidated financial statements for the year ended December 31, 2022. The impairment losses amount to around EUR 74 million. They relate to the AMERICAS region and are attributable to the sharp rise in interest rates. Based on preliminary figures, this reduced the carrying amounts of goodwill, property, plant and equipment and other intangible assets as of December 31, 2022. Accordingly, EBIT for fiscal year 2022 is also expected to decline to around EUR –44 million (previous year: EUR 18.9 million).
However, the non-recurring impairment losses do not affect operating EBIT, the GRAMMER Group’s most important key performance indicator. Based on preliminary figures, operating EBIT is expected to be between approximately EUR 35 million and EUR 36 million, thereby falling within the guidance for fiscal year 2022 (EUR 35-40 million).
In light of the continued macroeconomic and industry-specific uncertainty, the GRAMMER Group is forecasting stable revenue of around EUR 2.2 billion in fiscal year 2023. GRAMMER expects its operating EBIT to double to around EUR 70 million compared to the fiscal year 2022.
The Executive Board