ROY CERAMICS SE: DEPRECIATION OF THE CARRYING AMOUNT OF PROPERTY, PLANT AND EQUIPMENT
An independent professional valuer of ceramics manufacturing plant and machinery has been appointed to assess the condition and suitability of all equipment on the Beijing site for shipment to either an OEM production facility in Thailand or to the USA for future use in the new production facility to be located in Houston, Texas. As it has been determined that some of the equipment can not be shipped to Thailand or USA for use in these locations certain items will have to be disposed of in order to clear the site.
This has necessitated a write down of c. Euros 9.5 Million in the book value of the Group’s plant and machinery which is subject to review by the Group’s auditors.
About ROY Ceramics SE
ROY Ceramics is one of the 10 leading players in the Chinese sanitary ware market. The Group develops, designs, produces and markets high-end quality ceramics sanitary ware bathroom amenities and accessories. Roy Ceramics leverages on German technology and offers product quality unrivalled amongst domestic manufacturers in the PRC. The ROY brand is targeted in particular to luxury hotels, high quality houses, official and commercial buildings, property developers, retail outlets, architects and design houses. ROY Ceramics sells its products via a well-selected distribution network of self-owned flagship showrooms, franchised outlets and distributors.