Due to the COVID 19 pandemic,
On this basis,
The audit leads to an impairment of goodwill and tangible fixed assets shown in the consolidated balance sheet totaling around
Reasons for the impairments are in particular:
Due to the influence of the Corona pandemic, the original business expectations have shifted into the future and have decreased within the specified planning period.
Economic special effects in individual countries in which
Increase of the market risk premium used for valuation purposes from 6% to 7% based on the increased recommendation for the cost of capital by the Institut der Wirtschaftsprufer (IdW).
Regionally, the impairments relate mainly to business units in Western and
Approximately two thirds of the impairments relate to the portfolio of assets acquired as part of the Hanson acquisition, around one fifth relate to the Italcementi acquisition. Overall, around half of the impairments are attributable to assets in the
The impairment is independent of the short-term operational development of the company. With the COPE action plan, the company launched a comprehensive bundle of measures in February that focuses on maintaining liquidity and cost savings.
In the long term, the company continues to expect good business prospects.
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