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Saturday 27 May 2023

Pearl Abyss 2022 Accounts

OK, deep within the Pearl Abyss Korean language Report & Accounts is disclosed that Pearl Abyss Iceland has been loss making for two years and in 2022 took a big impairment to Goodwill.

The Summary of the below is that deep within the Korian version of the Pearl Abyss Accounts is that they do disclose the write down of the value of Pearl Abyss Iceland (that's mostly CCP) and that Pearl Abyss Iceland has been loss making for two years.

The source

I should have worked this out a long time ago.  Similar to other countries, the Pearl Abyss Accounts for 2022 and prior years are on their Korean website, not the English version.

The 2022 Accounts can be found which are in Korean so the google translate method is required.

What does it tell us about CCP?

Because the acquisition of CCP happened within the last five years we are given the details:

100% of CCP ehf acquired on 22 September 2018 for $225.9m and an earn out of up to $200m to be paid if various targets are met.  (These targets were never met).

Pearl Abyss Iceland is the vehicle that owns CCP.

The share capital of Pearl Abyss Iceland was increased by $3m on 20 June 2022

Do the Accounts show that the goodwill of Peal Abyss Iceland had been impaired?


Firstly, this had been a focus from the Auditors for a number of years.  But that is to be expected, the Auditor will always focus on recent acquisition and i suspect the trading of CCP was below the initial expectations at the time of the acquisition.

The table below is from the Report & Accounts, shows a 37bn 

Does the Accounts show that Pearl Abyss Iceland is loss making?

Yes, it does.  Deep and buried within the accounts but it is there.

The Accounts show that Pearl Abyss Iceland made a loss in 2021:

and The Accounts show that Pearl Abyss Iceland made a loss in 2022:

Is there anything else of interest?

Yes, there is.

When i looked through the Pearl Abyss Iceland Report & Accounts it was not obvious if the %10m long term liabilities i noticed in the Pearl Abyss Iceland accounts is there.  There is something that is big enough to include it but no details are given.

But i could see the additions and disposals of items in Intangible assets - so that at least indicates transactions with third parties.

. . . . . . . i need to keep reading these accounts when i get the time.

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