COVID Potential Accounting Impact on Asset Values
Source: RNS
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 £200m. 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.
Ends.
Frasers Group Plc T. 0344 245 9200
Tom Piper, Company Secretary E. investor.relations@frasers.group
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