STEICO SE management has performed an impairment test on the Company's fixed assets in preparation of the year-end closing procedures and the annual financial statements for the 2024 financial year.
As a result it has been determined that the carrying value of certain fixed assets exceeds their fair value. This particularly affects production assets in Poland, which will no longer form part of core operations going forward. Therefore, the Company considers it necessary to make an exceptional (non-cash) impairment of Euro 15.2 million (recognised under German GAAP), which will have a corresponding negative impact on EBIT. This will not impact the company’s net debt position.
While the business performance remains in line with previously announced expectations, the full year 2024 EBIT forecast of between Euro 53 million and 55 million needs to be adjusted to reflect the impairment identified in the impairment test. STEICO SE management now expects full year EBIT for 2024 to be in the range of Euro 38 million to Euro 40 million.
The STEICO Group is the world market leader in the production and sale of ecological wood fibre insulation materials and a leading supplier of innovative timber construction products.
