20-F: Ituran Location & Control Details Amortization of Intangible Assets and Goodwill Impairment in 2024 Filing
20-F Filing
Ituran Location & Control provides details on estimated intangible asset amortization and confirms a goodwill impairment loss of US$29.89 million as of December 31, 2023.
Summary
- Ituran Location & Control Ltd. estimates the aggregate amortization of intangible assets for the next five years.
- For 2024, the estimated amortization is US$4,707 thousand.
- The estimates for subsequent years are: 2025 US$3,688 thousand, 2026 US$1,311 thousand, 2027 US$517 thousand, and 2028 US$608 thousand.
- The accumulated amount of goodwill impairment loss as of December 31, 2023, was US$29.89 million.
- As of December 31, 2023, US$40.9 million is subject to operating lease transactions.
Sentiment
Score: 5
Explanation: The document is factual and presents financial data without expressing a strong positive or negative sentiment. It's a neutral disclosure of financial information.
Negatives
- The company reports a significant accumulated goodwill impairment loss of US$29.89 million.
Future Outlook
The document does not provide a specific future outlook beyond the estimated amortization schedule.
Industry Context
Without further context, it's difficult to assess the industry context. However, amortization and impairment are standard accounting practices, suggesting Ituran is managing its assets in line with accounting standards.
Key Dates
| Date | Description |
|---|---|
| 2016-12-02 | Date related to Unfavorable Regulatory Action Fust Contribution Member |
| 2016-12-31 | Date related to Unfavorable Regulatory Action Fust Contribution Member |
| 2018-08-01 | Date related to Commercial Israeli Bank Member |
| 2018-08-31 | Date related to Commercial Israeli Bank Member |
| 2018-09-13 | Date related to Road Track Member |
| 2018-12-01 | Date related to Commercial Israeli Bank Member |
| 2018-12-31 | Date related to Commercial Israeli Bank Member |
| 2019-05-21 | Date related to Board Of Directors Member |
| 2020-04-30 | Date related to IzzySheratzkyMember |
| 2020-12-31 | End date of a period |
| 2021-01-01 | Start date of a period |
| 2021-03-01 | Date related to Commercial Israeli Bank Member |
| 2021-03-03 | Date related to Board Of Directors Member |
| 2021-03-31 | Date related to Commercial Israeli Bank Member |
| 2021-09-22 | Date related to IturanSpainHoldingsMember |
| 2021-12-31 | End date of a period |
| 2022-01-01 | Start date of a period |
| 2022-12-31 | End date of a period |
| 2023-01-01 | Start date of a period |
| 2023-11-01 | Date related to Board Of Directors Member |
| 2023-11-30 | Date related to Board Of Directors Member |
| 2023-12-31 | End date of a period |
| 2024-02-01 | Date related to LoanCovenantsMember |
| 2024-02-29 | Date related to LoanCovenantsMember |
Keywords
amortization, intangible assets, goodwill, impairment, operating lease, financials, Ituran
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