Impairment of Intangible Asset
2010年12月7日 - 4:00PM
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RNS Number : 4709X
Romag Holdings PLC
07 December 2010
Romag Holdings plc ("Romag" or the "Group")
Impairment of Intangible Asset
Romag, a specialist manufacturer of glass and plastic composites for
renewable energy, security, transport and architectural applications announces
that it now expects to impair intangible fixed assets amounting to GBP2,371,000
in its financial statements for the year ending 30 September 2010. The
circumstances underlying this decision are explained below, but this matter is
not expected to result in any significant cash outflow or negatively impact the
group's ability to satisfy its customers' demands in the foreseeable future.
Certain contractual issues have arisen with one of the Group's suppliers of
photovoltaic cells. The supplier has indicated that they no longer supply
photovoltaic cells of the type contracted for and used by Romag. Despite this,
Romag has received a pre-action letter of claim from the supplier demanding
Romag take cells of a new type. Romag views this action as unjustified and
without merit.
When the contract with the supplier was entered into, Romag, in line with market
practice, paid a deposit to secure the right to receive supplies under the
contract. Such items are treated as intangible assets and amortised pro rata to
the receipt of supplies. As at 30 September 2010, the balance of the
unamortised intangible asset relating to this contract was GBP2,371,000.
Following consultation with legal advisers, Romag is taking all necessary steps
to protect its position and will be robustly pursuing the recovery of the
outstanding balance of the deposit and/or damages from the supplier. However,
given the likelihood that Romag will not now be able to amortise the intangible
asset against future supplies under the contract, the group expects to include
an impairment charge of GBP2,371,000 in its accounts for the year to 30
September 2010 to reduce the carrying value of this component of the intangible
asset to GBPnil. Any recovery will be accounted for in future accounting
periods.
The Group does not expect the lack of supplies from this supplier to impact on
its trading. Romag anticipates that its other suppliers of photovoltaic cells
will be able to supply Romag's requirements for the foreseeable future.
Romag expects to announce its preliminary results for the year to 30 September
2010 in January 2011.
Enquiries:
Romag Holdings plc 01207 500 000
John Kennair
David Banks
Kreab Gavin Anderson 0207 074 1800
Ken Cronin
Michael Turner
Natalie Biasin
Arbuthnot Securities 0207 012 2000
Antonio Bossi
Tom Griffiths
Note to editors:
Romag Holdings plc is a leading manufacturer of glass and plastic composites
based in Consett, County Durham. Romag has developed a range of photovoltaic
glass products (PowerGlaz) for use in the generation of renewable energy.
Romag also manufactures a wide range of products for the security, transport and
architecture markets to protect people against a variety of risks and threats.
Businesses using the group's high-impact glass products include BAA, Securicor,
government departments, banks, building societies and train operators.
This information is provided by RNS
The company news service from the London Stock Exchange
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