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Technology company active in the production of enclosures and industrial components, Phoenix Mecano, has announced an impairment of tangible and intangible assets in its ELCOM/EMS division effective December 2012. With the cancellation of a long-term framework supply contract for PV components with a major customer, Phoenix Mecano anticipates an impairment loss of approximately €6-8 million.
The company is now required adjustments to its 2012 forecast. Whereas the Group had previously expected to generate an operating result (EBIT) at the lower end of the €43-53 million range, it now anticipates an EBIT for 2012 in the €32-37 million range.
Phoenix Mecano insists that the impairment will have no impact on the group’s cash flow and will not there affect its ability to pay dividends.
