FRANKFURT (Standard&Poor's) Feb. 3, 2005--Standard&Poor's Ratings Services said today that the announcement by Germany-based cement producer HeidelbergCement AG (BB+/Stable/B) of an extraordinary loss of up to €700 million after tax at the fiscal year ended Dec. 31, 2004, has no impact on the ratings or outlook on the company. Most of the charges reflect impairment of goodwill related to cement assets in Northern and Western Europe, as well as Indocement. Included in the charges are restructuring provisions for the group's Belgian-Dutch cement business and a revaluation of deferred tax assets. Although the magnitude of the extraordinary charges is very material, the cash outflow is limited to about €50 million over several years, and is expected to
