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BRIEF-Orica sees non-cash impairment charges of $1.35 bln-$1.65 bln after tax for 2015

Published 07/08/2015, 08:49 am
Updated 07/08/2015, 08:56 am
© Reuters.  BRIEF-Orica sees non-cash impairment charges of $1.35 bln-$1.65 bln after tax for 2015
ORI
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Aug 7(Reuters) - Orica Ltd ORI.AX :

* Says review leads to expected impairment of assets and outlook update

* Says expects FY 2016 earnings to be in line with FY 2015

* Expects to recognise a non-cash impairment charge in the range of $1.35 billion to $1.65 billion (after tax) in its 2015 FY financial results

* Market conditions remain extremely challenging and in this environment there is an increased need to further reduce costs and increase efficiency

* Reviewing the on-market share buy-back that was announced on March 2

* The company is now able to say that it expects FY 2015 npat to be between 10% and 15% lower than about $490 million

* Says one-off cash costs will be slightly higher in FY 2015 than anticipated

* Says "remains on track to deliver global explosives volumes of around 3.75 million tonnes"

* Says gross benefits from the transformation program will be above the target range of $140 million to $170 million for FY 2015

* Range of one off impacts are forecast to have a negative year on year npat impact of approximately $40 million"

* Source text for Eikon ID:nASX72Vql5

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