Impairment smashes Bladt's profit

An old dispute about the jacket foundations of a German offshore wind farm prompts Bladt's first negative EBITDA result in 15 years. A decision in the case has been postponed while Bladt receives aid from its owner.

Photo: BLADT

That companies deliver poor results and book impairments as a consequence of the coronavirus is practically a given these days. Technically, this could be said to be the case for foundation manufacturer Bladt, which in 2019 delivered its first deficit in five years, landing at DKK -41.6 million (EUR -5.6 million), while the operating result, EBITDA, was in the negative for the first time since 2004, at DKK -3.5 million.

The deficit is due to an extraordinary impairment of DKK 85 million pertaining to a case so old that the ravaging coronavirus of the day was probably MERS, not Covid-19: German offshore wind farm Baltic 2, operational as of 2015, but where two arbitration cases are still ongoing with counterclaims totaling EUR 180.3 million.

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