German potash group Ok+S to take 2 billion euro impairment

German potash group Ok+S to take 2 billion euro impairment

Adds context, CEO quote, share efficiency Nov 4 (Reuters) -

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Adds context, CEO quote, share efficiency

Nov 4 (Reuters)German minerals miner Ok+S SDFGn.DE on Wednesday mentioned it would take a one-off non-cash impairment lack of about 2 billion euros ($2.Four billion) on belongings, citing decrease long-term potash worth expectations and a better value of capital fee.

The salt and potash fertiliser provider mentioned the impairment can be included in its third-quarter outcomes due on November 12, and would have a adverse influence on adjusted internet revenue after taxes.

With the impairment, we have now now additionally cleaned up the stability sheet. This offers us extra room to form our future,” Chief Govt Burkhard Lohr mentioned in an announcement.

Costs of potash, which is principally utilized in fertiliser manufacturing, have fallen 24% for the reason that starting of the yr.

The corporate in October signed an settlement to promote its North and South American salt enterprise for $3.2 billion.

Ok+S had put this enterprise up on the market as a part of plans to scale back debt and deal with potash fertiliser merchandise.

The corporate confirmed its full-year steering and expects 2020 EBITDA of about 480 million euros after one-time restructuring bills.

Ok+S shares had been down 1.4% at 1350 GMT, underperforming the German mid-cap index .MDAXI which was up 2%.

($1 = 0.8520 euros)

(Reporting by Bartosz Dabrowski in Gdansk, enhancing by Louise Heavens and Jane Merriman)

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