Agrana AG: anticipates need for impairment charges

Wien / AT. (ab) Austria’s Agrana Beteiligungs-AG, the fruit, starch and sugar company, previously anticipated Ebit in the 2021|22 financial year (01 March 2021 to 28 February 2022) to amount to at least EUR 86.6 million (guidance: a significant increase of at least 10 percent compared to the prior year). On the basis of provisional, unaudited figures, the Group would generate Ebit prior to extraordinary items associated with the Ukraine war of around EUR 95.5 million (Ebit 2020|21: EUR 78.7 million). Group revenue will amount to around EUR 2.9 billion (2020|21: EUR 2,547.0 million).

The outbreak of the war in Ukraine on 24 February 2022 represents a relevant event for Agrana as at the balance sheet date of 28 February 2022. Based on the current status of internal impairment testing, Management currently anticipates a largely non-cash impact on Ebit related to asset and goodwill impairments in a range of EUR 65 million to EUR 85 million. The consolidated audit performed by the appointed auditors is presently ongoing at the level of Agrana Beteiligungs-AG. It is therefore not possible at this point in time to exactly define the actual scope of the impairments necessary. The 2021|22 annual report will be published as planned on 13 May 2022.

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