Frasers Group PLC COVID Potential Accounting Impact on Asset Values
RNS Number : 9054U
Frasers Group PLC
09 April 2021
Date: 9 April 2021
Frasers Group Plc
("Frasers Group" or the "Company")
COVID-19 Potential Accounting Impact on Asset Values
Further to our announcement on 23 February 2021, Frasers Group
is continuing to assess the Covid-19 potential impact on asset
values. In our ongoing assessment we note the continuing Government
and Government advisor pronouncements regarding "third waves" and
normality being "some way off", meaning further restrictions are in
our view almost certain.
We also note the Covid-19 affected experiences, estimates, and
judgements from other leading retailers.
Consequently, Frasers Group currently anticipates making
material accounting non-cash impairments to freehold properties,
other Property, Plant & Equipment, and IFRS 16 Right of Use
Assets which could be in excess of GBP200m. This supersedes the
previous announcement of 23 February 2021. 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.
Frasers Group Plc T. 0344 245 9200
Tom Piper, Company Secretary E. firstname.lastname@example.org
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(END) Dow Jones Newswires
April 09, 2021 02:00 ET (06:00 GMT)