Fertilizantes Heringer (FHER3) shares fall more than 12% with fraud alert by the company

Fertilizantes Heringer (FHER3) shares closed with a drop of 12.58%, quoted at R$16.61, after the company informed, through a material fact, that internal investigations identified irregularities regarding maintenance services in equipment and facilities of the Company that “possibly were overpriced”.

“Without prejudice to any further developments in the investigations, if such indications identified so far are confirmed in the future, it is possible that an impact may arise (via impairment) in the value of certain fixed assets, consequently reducing the Company’s book equity”, he said.

Still according to the company, despite the initial stage of the investigation work under the coordination of an independent Investigation Committee installed on August 11, 2022, the Company’s management decided to disclose its financial statements for the quarter ended on June 30, 2022. 2022

Thus, the company included its statement on the investigations, as well as the qualified opinion of the independent auditors (due to ongoing investigations and the impossibility of assessing, at this time, whether the investigation will result in any adjustment to the ITR).

“In the best judgment of the Company’s management, together with its advisors, this is the most diligent course of action at this time, so that, despite the beginning of the investigation work (and the subjection of the ITR to its conclusions), the market and the various stakeholders of the Company can now have access to the ITR numbers as determined so far, with the maximum available information”, he added.

Heringer balance

Fertilizantes Heringer, undergoing judicial reorganization, recorded a net loss of R$94.6 million in the second quarter of 2022 (2Q22), reversing a profit of R$144.7 million in the same stage of 2021.

Earnings before interest, taxes, depreciation and amortization (Ebitda) totaled R$24.1 million in 2Q22, a decrease of 77.2% compared to 2Q21. The adjusted Ebitda margin reached 4.7% between April and June, a decrease of 11.3 pp compared to the margin recorded in 2Q21.

Net revenue totaled R$ 1.081 billion in the second quarter of this year, a growth of 90.2% compared to the same period in 2021.

According to the company, revenue was positively impacted by better sales prices, due to the increase in the market value of inputs.

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