Comvita has confirmed a non-cash impairment of assets amounting to $59.8 million before tax as at June 30 2024.
This impairment review was conducted in compliance with accounting standard NZ IAS 36: Impairment of Assets.
The company stated that the impairment expense would not have any impact on its core business activities.
Further details regarding the impairment will be provided at Comvita's full-year result release on Aug 29 2024.
In addition to the impairment, Comvita also made a $4.2m valuation adjustment to the FY24 honey harvest, a positive adjustment of $0.6m to cost of sales, and wrote off $2m of deferred tax assets.
These adjustments resulted in an after-tax loss of $21.3m for FY24, before taking up the impairment noted above.
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