MUNICH (dpa-AFX) - BayWa AG (BYWG), a German trading, logistics, and supplementary services provider, reported that its preliminary earnings before interest, tax, depreciation and amortisation for the first half of 2024 decreased from last year, and withdrew its earnings before interest and tax forecast for financial year 2024.
Preliminary group revenues were 10.7 billion euros in the first half of 2024 down from 12.6 billion euros in the prior year. Earnings before interest, tax, depreciation and amortisation (EBITDA) was 149.5 million euros compared to 322.1 million euros in the previous year.
Preliminary earnings before interest and tax (EBIT) in the second quarter totalled 61.3 million euros after negative earnings before interest and tax of minus 61.3 million euros in the first quarter. However, the earnings before interest and tax figures remain subject to the (IAS 36) impairment tests that have become necessary owing to the performance of the share price and have yet to be carried out.
Due to ongoing impairment reviews, the release of the Half-Year Financial Statements for 2024, originally planned for 8 August 2024, has been delayed. The comprehensive results for the first six months of the financial year will now be disclosed alongside the Half-Year Financial Statements on 27 September 2024.
The company has decided to withdraw its forecast for earnings before interest and tax for the financial year 2024, previously projected to be between 365 million euros and 385 million euros. Due to the ongoing restructuring efforts, the Board of Management is currently unable to provide a sufficiently reliable and specific new forecast for earnings before interest and tax for the financial year 2024.
The company said it remains in constructive talks with its financing partners. It continues to believe that the financial situation can be lastingly improved.
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