IHB 2013 cons net profit lowered by BGN 2.9m on writedown of goodwill (NEGATIVE)

Industrial Holding Bulgaria 2013 consolidated net profit was lowered by BGN 2.9m to BGN 17.3m mainly due to a BGN 2.2m writedown of goodwill stemming from Bulyard Shipbuilding Industry. The group also booked BGN 1m in writedowns of investment property of subsidiaries. A writedown of BGN 5.5m on ships has already been reflected in the unaudited statement. On the balance sheet, virtually all positions were corrected with the most notable ones, other than the goodwill, being ST accrued expenses (lowered by 13% to BGN 3.8m) and receivables (lowered by 8% to BGN 5.7m). Corrections on the cash flow statement were not significant.