Evans & Tate’s $16.5m write-down

EVANS & Tate will write down its wine inventory by about $A16.5 million for the year ended June 30 2005 after findings from an independent wine valuation were accepted by the company’s board this week.In late June, Evans & Tate announced it would have to write down its inventory by between $A8 million and $A10 million. A statement released by Evans & Tate on the same day detailed that: • the total level of inventory write-down for the year would be finalised once the company’s internal review was concluded; • a write-down of $4.3 million in goodwill relating to Oakridge Vineyards would be required (announced on June 28); and • a review of the carrying value of the company’s intangible assets was incomplete but the board had been advised that further write-downs in in-tangible assets and likely provisions would be required for the year ended June 30 2005. Evans & Tate also said it would not be in a position to declare and pay a final dividend.Lead director John Hopkins said the board decided the company would not have retained earnings from which to pay a final dividend to preference or ordinary shareholders. Evans & Tate intends to announce its full year results on September 13.

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