The company made a massive reduction in value and goodwill on its European venture, Springs of Eden, with more likely.
Eden Springs Ltd. (Maayanot Eden) (TASE: MEYD) posted a net loss of NIS 283 million for the third quarter because of a NIS 312 million reduction in value and goodwill for its European venture, Springs of Eden BV. The company also reported an accounting write-down of NIS 29 million and NIS 43 million in financing expenses.
Eden Springs says that future probable write-downs are liable to result in a shareholders' equity deficit. The company's shareholders' equity totaled NIS 181 million at the end of September out of its balance sheet total of NIS 2.17 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on December 2, 2008
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