Gloves unit ‘impairment’ adds to Semperit woes

Vienna – Semperit AG Holding has identified an impairment loss of about €55 million at its Sempermed segment during preparation of its first-half results, the group announced 6 Aug.

In a statement, Semperit noted a continuing business decline at Sempermed, which had also incurred an impairment loss of €26.0 million in the first half of last year.

The medical and industrial glove unit, it said, is facing “growing competitive and price pressure, the limited availability and price increases of some input factors and inefficiencies in production.”

Given ongoing restructuring and uncertainties in the business development of Sempermed, “we identified the need for recognising an impairment loss”, said Dr Martin Füllenbach, CEO of of Semperit AG Holding.

The exact amount of the impairment loss will be disclosed in Semperit’s half-year 2018 report, to be published on 23 Aug.

Semperit's statement concluded with a forecast that earnings after tax would be negative in 2018, following a €26.3 million loss in 2017.