Thorn’s Stressed Balance Sheet, Goodwill Write-Off, Covenant Breach. FVE Cut and Extreme Uncertainty
As reported on Oct. 16, 2017, we plan to cease coverage on no-moat Thorn Group in mid-December. Thorn’s first-half fiscal 2018 cash profit of AUD 11 million was completely overshadowed by the perilous state of the balance sheet. Debt covenants were breached, goodwill of AUD 20.7 million written off, and assets need to be sold to remain a going concern. We are increasingly concerned with increased operational, regulatory and earnings risk and uncertainty. Deteriorating operating conditions, the p...Thorn Group is a financial service provider. Co. has four reportable segments: Consumer Leasing, which leases household products; Business Finance, which provides financial products to small and medium enterprises including equipment leasing, trade finance and invoice discounting; Receivables Management, which provides receivables management, debt recovery, credit information services, debt purchasing and other financial services; and Consumer Finance, which provides personal loans.
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