The improvement in earnings compared with the previous outlook is mainly attributable to higher average prices in the Agriculture customer segment in Q4 2021, higher sales volumes of de-icing salt at the end of the year due to weather conditions, as well as an additional non-cash one-off effect from the REKS transaction. This effect now amounts to approximately EUR 220 million instead of the previously expected EUR 200 million. Additionally, feasibility studies now available for planned tailings pile covering procedures have led to reversal effects regarding mining provisions affecting earnings.
Preliminary adjusted free cash flow should amount to around EUR 100 million (previous outlook: slightly positive; Vara consensus estimate: EUR 52 million; both including REKS transaction; previous year: EUR -109.9 million) and adjusted Group earnings after taxes will also be positively impacted by the effects described.
The Company will publish its financial statements as well as the 2021 Annual Report on March 10, 2022; completion is ongoing.