KASSEL (dpa-AFX) - K+S Group (SDFG) said that an impairment loss on assets in the Europe+ operating unit now amounts to 1.86 billion euros in the consolidated financial statements as of December 31, 2020, about 140 million euros lower than previously expected. The lower impairment was mainly the result of more specific assumptions for the individual calculation components in the course of preparing the financial statements. In addition, exchange rate effects occurred in the fourth quarter. The unqualified audit opinion confirms that the impairment loss should not have been recognized earlier.
Adjusted Group loss after tax for the year was 1.80 billion euros, mainly due to the impairment loss. Annual EBITDA from continuing operations was 266.9 million euros and EBITDA was 444.8 million euros.
Looking ahead for the financial year 2021, K+S Group expects EBITDA from continuing operations to be between 440 million euros and 540 million euros. It includes an expected one-off gain from the contribution of assets to the REKS joint venture of around 200 million euros.
The company noted that it will publish consolidated financial statements on Thursday, March 11, 2021.
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