LEVERKUSEN (dpa-AFX) - Lanxess AG (LNXSF.PK), a German specialty chemicals company, said it has identified an impairment requirement on goodwill amounting to 413 million euros, mainly affecting the Business Units Flavors & Fragrances and Polymer Additives. This impairment reduces the recognized goodwill from previous acquisitions. The reason behind the impairment is partly due to weaker-than-expected demand in these Business Units, particularly for the years 2023 and 2024.
In the course of the parallel and ongoing preparation of the financial statements at joint venture Envalior, Lanxess also expects the necessity of a material value reduction of its minority interest. This will likely result in a low to medium triple-digit million euros amount.
The company said it will report its results for Full Year 2023 on 14 March 2024. EBITDA pre exceptionals is expected to be in line with market expectations. The consensus (Vara) for EBITDA pre exceptionals is currently at 510 million euros.
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