Having had a look through the accounts in a bit more detail I...

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.



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.