Raisio continued the assessment of the company’s operating conditions together with Benemilk Ltd’s non-controlling interest. Benemilk Ltd is a joint venture set up in 2013, which aimed at international commercialisation of the Benemilk innovation.
The international Benemilk business did not generate any net sales in the financial period 2017 and there are no ongoing negotiations to license the innovation.
At the end of 2017, Raisio plc updated its calculations on the fair values of its balance sheet items. The most significant re-evaluated balance sheet item was Benemilk Ltd’s intangible fixed assets. In its consolidated financial statements, Raisio recorded impairment of EUR 7.5 million, i.e. the amount equalling the value of Benemilk’s entire fixed assets, because the funds invested in the international commercialisation and protection of the Benemilk innovation can no longer be seen to involve significant revenue expectations.
Raisioagro continues the sales of Benemilk feeds in Finland, where Benemilk has an established market position.