Goldpoly New En (HKG:0686) Sees Big Loss for 2011


Goldpoly New Energy Holdings Limited (HKG:0686) estimates that it is likely to incur a significant loss for the financial year ended 31 December 2011, which was primarily attributable to non-cash impairment provision on goodwill.

As shown in the Company’s interim report for the six months ended 30 June 2011, intangible assets amounted to HK$1.75 billion, which was mainly comprised of Goodwill allocated to the cash generating unit (the "CGU") of the Group’s solar energy business. The board believes that a substantial portion of such goodwill shall be impaired as a consequence of the revised future cash flow projection of the Group’s solar energy business in determination of the recoverable amount of the CGU of the Group’s solar energy business.

The Company believes that the financial position of the Group remains solid, and the said impairment provision on goodwill does not affect the Group’s cash flow.

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