Having had a look through the accounts in a bit more detail I suspect there will be another wave of asset impairments to come as Donut King, Brumbys didn't have their intangibles touched also the goodwill of the Bakery/Cafe System was also left untouched.
Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8 Column 9 Column 10 Column 11 Column 12 0 H1FY13 FY13 H1FY14 FY14 H1FY15 FY15 H1FY16 FY16 H1FY17 FY17 H1FY18 1 Bakery Café 986 958 941 942 944 885 878 860 859 819 755 2 Donut King 351 345 342 347 350 341 341 333 337 333 3 Brumbys 310 296 285 279 277 250 256 252 262 246 4 Micheles 325 317 314 316 317 294 281 275 260 240 5 Pizza 252 270 312 342 354 333 335 329 316 311 291 6 Coffee 1178 1228 1296 1341 1381 1386 1404 7 Total 1238 1228 1253 1284 2476 2446 2509 2530 2556 2516 2450
Whilst RFG don't provide the breakdown of Bakery/Cafe anymore due to lumping them all together my research prior to this was that Brumbys was on a similar decline to Michele's. The difference is that Michele's had its intangibles cut but over 50% in this result and Brumbys was left untouched.
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Sadly I think management are determined to try soften the blow which will just drag it out. Would be much better for holders to just take the medicine aka slash the intangibles, do a CR and then focus on delivering good results going forward. A stream of results dragged down by writedowns is only going to sap the confidence of the market and shareholders in the long run.
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