Australia-based confectionery supplier Yowie Group has booked an asset impairment, leading to its annual losses being larger than reported last month.
On Friday (27 September), Yowie revealed it had completed an impairment testing the company had been required to do under Australian accounting standards. Yowie said the standards meant it had to conduct the testing when “impairment indicators have been identified, including the fact that the group’s market capitalization is less than the net assets of the group”.
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Yowie said the testing “indicated the requirement for an additional impairment of US$0.5m to be booked against the group’s non-current assets”.
As a result, for the 12 months to 30 June, Yowie’s total comprehensive loss, net of tax, attributable to members of the company was US$5.5m, up from the US$5m the company filed in August when it reported its annual financial results. A year earlier, the loss was US$5.2m.
The results included sales of US$14.4m, down from US$17.5m the previous year. Yowie cited growing competition in the US.
In July, Yowie saw a suitor for the business take its takeover offer off the table. Melbourne-based Aurora Funds Management pulled its offer – a bid Yowie’s management had already criticised – pointing to what it said was the worsening performance of the candy supplier.
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