Australian slot machine supplier Ainsworth Game Technology says it has resolved to fully write-down AU$13 million worth of investments into the Argentinian market in its upcoming 1H23 results announcement due to uncertainty around recoverability.
The update, provided by way of an ASX filing on Monday, came as Ainsworth postponed for the second time in a week the publication of its results, which are now due out this Thursday 31 August 2023.
Having last week revealed the value of its Argentina investments, Ainsworth said Monday that these would now be fully written down despite preliminary legal advice indicating a high likelihood of recoverability. The action, it explained, was deemed necessary due to “administrative delays in Court proceedings and the ability to access further information, including pertaining to the proposed reorganization petition filed by the trustor.
“The write-down will be re-evaluated as more information becomes available to reliably assess the extent of recoverability.”
Ainsworth had been due to announce its 1H23 results on 24 August before postponing until 28 August and now until 31 August. A related conference call scheduled for 30 August has also been deferred to a later date.
The company stated last week that it expects to report a Profit before Tax, excluding currency impacts and one-off items, of approximately AU$23 million.
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