Company News Summary | 03 Dec 2019
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Metcash Provides Update On Impairment of Intangible and Other Assets
09:16:00 | Associate analysts
Original annuncemenet:Impairment of intangible and other assets
Metcash announced that its financial statements for the half year ended 31 October 2019 will recognise a $237.4m (post tax) impairment to goodwill and other assets in the Food pillar. The review has taken into account the information contained in Company's ASX release concerning 7-Eleven's advice that it will not be renewing the current supply agreement with Company following its conclusion on 12 August 2020. This advice is expected to result in the loss of $15m EBIT (annualised) in the Food pillar, after adjusting for mitigating costs savings. The impairment is non-cash in nature, has no impact on the Company's debt facilities or compliance with banking covenants.
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