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Company News Summary

CSG Announces Expected Asset Impairment and Provides Trading Update

08 Aug 2017  |  10:00:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Expected Asset Impairment and Trading Update

CSG announced that it is reviewing the carrying value of its assets in the preparation of the financial statements for the full year period to 30 June 2017. In light of this review, the Company expects to recognise a non-cash charge for impairment of $55m in its results for the year ended 30 June 2017. The expected impairment relates to the carrying value of the goodwill associated with print assets in Australia and NZ acquired by the Company prior to 2011. Pre-tax underlying cash flow conversion for FY2017 is 51%. This was below guidance due to higher than expected inventory levels as a result of lower print sales and increased investment in print consumables in the field (toner) related to new Enterprise Solutions print contracts and signed deals not yet financed.

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