News: WOW Woolworths Says Non-Cash Impairment Of NZ$1.6 Bln To Be Recognized In HY Results

Jan 29 (Reuters) - Woolworths Group Ltd (WOW) :

• F24 HALF-YEAR RESULTS SIGNIFICANT ITEMS AND TRADING UPDATE
• NEW ZEALAND FOOD GOODWILL IMPAIRMENT
• TWO SIGNIFICANT ITEMS TO BE RECOGNISED IN ITS F24 HALF-YEAR RESULTS
• NEW ZEALAND FOOD HAS CONTINUED TO BE CHALLENGING WITH H1 F24 EBIT EXPECTED TO BE NZ$71 MILLION
• NON-CASH IMPAIRMENT OF NZ$1.6 BILLION WILL BE RECORDED AS A SIGNIFICANT ITEM IN F24 HALF-YEAR RESULTS
• IMPAIRMENT WILL REPRESENT A WRITE-DOWN AGAINST CURRENT GOODWILL BALANCE OF NZ$2.3 BILLION
• WOOLWORTHS GROUP CURRENTLY HOLDS A 9.1% INTEREST IN ENDEAVOUR GROUP
• NZ$1.6 BILLION IMPAIRMENT WILL REPRESENT A WRITE-DOWN AGAINST CURRENT GOODWILL BALANCE OF NZ$2.3 BILLION
• WILL DERECOGNISE ITS EQUITY ACCOUNTED INVESTMENT IN ENDEAVOUR GROUP
• DERECOGNISE EQUITY ACCOUNTED INVESTMENT IN ENDEAVOUR GROUP EXPECTED TO RESULT IN A LOSS OF A$209 MILLION
• UNAUDITED EBIT BEFORE SIGNIFICANT ITEMS FOR H1 F24 IS EXPECTED TO BE A$1,682 MILLION - A$1,699 MILLION
• H1 F24 EBIT IS EXPECTED TO BE MATERIALLY BELOW PRIOR YEAR