BayWa posts $248 mln of impairment losses in H1 (updated)

Baywa AG

27/09/2024 12:35

(Adds context in paragraphs 3, 4, 6, shares in paragraph 5)
       Sept 27 (Reuters) - German agricultural group BayWa
 BYWGnx.DE  said on Friday it had recorded non-cash impairment
losses of 222.2 million euros ($248.1 million) in the first half
of 2024, more than half of which was attributable to its
renewable energy unit BayWa r.e.
    "These depreciations have no negative impact on the BayWa
Group's ongoing restructuring efforts and the implementation of
the restructuring concept currently being developed," it said in
a statement ahead of the publication of its half-year results,
which it had postponed in July.
    The Munich-based trader of farming supplies and produce has
been grappling with rising borrowing costs. In July, it also
suspended its full-year profit forecast citing the restructuring
efforts.
    BayWa said in a preliminary statement at the time that its
second-quarter operating profit fell to 61.3 million euros. As
of 1128 GMT on Friday, it had not yet published the full report.
    Its shares were slightly down following the statement.
    Earlier this week, the company concluded the first draft of
its restructuring plan, which could include cost cuts and asset
sales, and said it would continue talks with creditors and
shareholders.
($1 = 0.8957 euros)

 (Reporting by Tristan Veyet in Gdansk, editing by Milla Nissi)
 ((Tristan.Chabba@thomsonreuters.com;))