Aveng announces R830m of impairments

03 July 2014

Following financial losses at Aveng Grinaker-LTA for the financial years 2012 through 2014, allied to prolonged weakness within the local infrastructure environment and the limited evidence of near-term market improvement, construction major Aveng will fully impair the goodwill and related intangible assets associated with this business, with a carrying amount of R756-million.

In addition, as a result of lower-than-expected commercial uptake of Aveng Water’s water treatment technology, particularly owing to a depressed mining sector, the board would also fully impair its goodwill and related intangible assets valued at R74-million.

By: Natalie Greve

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