They have taken different segments of the annual report to come up with the figure.
They have the following impairments in total (page 80 of the annual report) :
Impairment of A’kin and Moosehead brand names Impairment of investment and shareholder loan with the Kotia joint venture Share of net loss from the Kotia joint venture relating to the impairment of goodwill
This roughly totals $10,274m.
In their consolidated income statement (page 61 of annual report) it seems they have included only the Impairment of A’kin and Moosehead brand names which totals $8,517m.
For some reason the remaining $1757m is not included in the "expenses" segment of their consolidated income statement.
IF the ENTIRE impairment figure was included in their comprehensive income statement then by my calculation their Underlying EBIT would only be an increase of roughly 9.5% rather than 18%.
I have asked them for their reasoning and I am looking forward to a response.
DYOR. This is just one unqualified idiot's findings.
MCP Price at posting:
$1.35 Sentiment: None Disclosure: Not Held
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