I don't know FLC intimately but I do have an interest in water companies. I saw the huge goodwill impairment (25% of market cap) and did a bit of digging.
Just a hunch, but over the past year the business units have been amalgamated into a single operating unit (p. 17) and I dare say the carrying value of the Israel, Italy/Other business units has been written down (p. 23) due to the adjustment in scope/scale of the organisation as the two companies were merged into one and it has become difficult to segregate value back to the RWL Water segments (p. 6).
It seems "believable", just not sure if its the whole truth of the tale.
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