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Heidelbergcement To Take EUR 3.4 Bln Asset Impairment In Q2

HeidelbergCement (HDELY.PK) said Monday that it will record a 3.4 billion euros of asset impairment in the second quarter, due to Brexit and the impact of the coronavirus pandemic on its business.

The company said it carried out an impairment test of the asset portfolio. "The audit leads to an impairment of goodwill and tangible fixed assets shown in the consolidated balance sheet totaling around EUR 3.4 billion before tax. The impairment burdens the result but does not lead to liquidity outflows," the company said in statement.

The company noted that about 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 UK.

But, the company continues to expect good business prospects in the long term.

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