The German agricultural group BayWa, which has billions in debt and holds a significant stake in Raiffeisen Ware Austria (RWA) in Austria, has withdrawn its forecast.
In view of the ongoing restructuring report, the management board is not able to provide a sufficiently reliable, concrete new forecast for operating earnings before interest and taxes for 2024 at this time, the company said.
Capital injection in sight
According to preliminary figures, sales fell by 15 percent to 10.7 billion euros in the first half of the year. Earnings before interest and taxes fell by two thirds to 61.3 million euros. A profit of 365 to 385 million euros had previously been forecast for the year as a whole. However, the first quarter was in the red.
As reported, BayWa’s largest shareholder, a holding company of the Bavarian Volksbanken and Raiffeisenbanken, announced on Wednesday evening that it would provide a financial injection for the group. The share price rose by 20 percent by Thursday afternoon. Compared to a year ago, however, the share price was down by almost two thirds.
