Frasers Group PLC COVID Potential Accounting Impact on Asset Values (9626P)
February 23 2021 - 01:00AM
UK Regulatory
TIDMFRAS
RNS Number : 9626P
Frasers Group PLC
23 February 2021
Date: 23 February 2021
Frasers Group Plc
("Frasers Group" or the "Company")
COVID-19 Potential Accounting Impact on Asset Values
Further to the announcement by the Government on 22 February
2021 of details on the potential reopening of non-essential stores
in England on 12 April 2021, Frasers Group currently anticipates
making material accounting impairments to freehold properties,
other Property, Plant & Equipment, and IFRS 16 Right of Use
Assets. Given the length of this current lockdown, potential
systemic changes to consumer behaviour, and the risk of further
restrictions in future, we believe this non-cash impairment could
be in excess of GBP100m. Any such impairment would be in addition
to impairments included in the half year results announced on 10
December 2020 and is expected to be included, subject to audit,
with the Company's results for the financial year ending April
2021.
Ends.
Frasers Group Plc T. 0344 245 9200
Tom Piper, Company Secretary E. investor.relations@frasers.group
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