MARKETS

Calibre outlines big writedown

CALIBRE Group says it's expecting to make a $A185-190 million writedown due to weakness in its re...

Staff Reporter
Calibre outlines big writedown

In an update on Friday morning the company said a non-cash impairment on the carrying value of goodwill for the weakened sections was expected to hit $105 million.

Onerous leases and other asset writedowns are expected to come in at around $80 million, with the cash impact of a restructuring charge forecast at $4 million.

The writedown comes on the back of a group-wide review amid tough market conditions.

The review is expected to be finalised in the upcoming half year accounts, with further details on the impairment posted at that time.

Moving forward, Calibre said it was still in a healthy financial position with strong net cash.

The impairment will not affect recently announced banking facilities, but the company said it would be reviewing its approach to capital management.

It said it continued to focus on cost savings while at the same time pursuing growth and diversification options.

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