The heavily indebted BayWa Group has withdrawn its forecast for the current year.

The announcement surprised investors little, the stock reacted hardly at all after the market closed. However, the stock has already lost 70 percent of its value since the beginning of the year.

Simultaneously, BayWa released preliminary figures for the first half-year, which are still subject to an impairment test that needs to be conducted. As a result of this review, the originally planned publication of the half-year report on August 8 has been postponed to September 27, the company further reported.

Sure, here is the translation of the heading to English:

"Nearly two weeks ago, BayWa had brought in a restructuring auditor to improve the 'strained financial situation.' This week, a rescue is emerging: An investment company of the Bavarian Volks- and Raiffeisenbanken, as the largest shareholder, wants to support the traditional company.

The corporation, emerging from the cooperative movement and employing around 24,000 people, has short- and long-term debts amounting to approximately 5.6 billion euros. Due to the rapid increase in credit interest rates, the company's interest burden has tripled from 2021 to 2023, reaching 362 million euros.

According to preliminary figures, revenue in the first six months fell by 15 percent to 10.7 billion euros compared to the same period last year. Earnings before interest and taxes dropped by two-thirds to 61.3 million euros. BayWa had already reported an operating loss in the first quarter. So far, the company had forecasted an operating profit of 365 to 385 million euros for the full year.

BayWa faces a significant financial challenge, and the current development raises questions about the company's future stability and growth potential. The coming weeks and months will be crucial in regaining the trust of investors and stakeholders and finding a sustainable solution for the financial situation.