Our goodwill was US$115.9 million as of December 31, 2021, 2022 and 2023.
Financial Information · 第 405 页
Based on the results of the impairment assessment, our Directors concluded that no impairment on goodwill and trademark had to be recognized during the Track Record Period.
Financial Information · 第 406 页
Based on the sensitivity analysis, a reasonably possible change in the above key assumptions on which the impairment testing is based would not cause the carrying amount to exceed its recoverable amount.
On June 1, 2022, we completed the acquisition of Shaanxi Rixing at a consideration of RMB933,000, which result in the recognition of goodwill of RMB1,769,000 as of December 31, 2022 and 2023.
Financial Information · 第 353 页
The headroom measured by the excess of the recoverable amount over the carrying amount of the CGU are RMB95,000 and RMB1,149,000 as of December 31, 2022 and 2023, respectively.
Financial Information · 第 353 页
Assuming a change of the discount rate of 3% and 6%, or the annual revenue growth rate 3% and 2%, such change would, in isolation, have removed the remaining headroom as of December 31, 2022 and 2023, respectively.
Our goodwill arises from the acquisition of SPW, a subsidiary of our Group under the precision welding segment, and being a cash-generating unit (the ‘‘CGU’’) of our Group.
Financial Information · 第 312 页
In respect of the goodwill assessment as at 31 December 2023, we took a prudent approach to revise the five-year budget plan to reflect a lower growth rate as our customers were undergoing a periodic de-stocking process in 2023 and requested us to postpone delivery of certain parts and components.
Financial Information · 第 313 页
Based on the assessment performed, the headrooms available for the CGU were approximately S$29.0 million and S$30.9 million as at 31 December 2022 and 2023, respectively.
We considered there were indicators of impairment of non-financial assets for the loss-making imaging centers which incurred successive losses for more than two years after the trial operation stage (i.e. within two years of their commencement of operations) during the Track Record Period (“existing loss-making centers”).
Financial Information · 第 432 页
Based on the results of the abovementioned assessments as conducted by management and the independent external valuer, our Directors concluded that no impairment loss on the aforementioned non-financial assets of existing loss-making centers are required to be recognized as of December 31, 2021, 2022 and 2023.
Financial Information · 第 433 页
As of December 31, 2021, 2022 and 2023, the estimated recoverable amount of approximately RMB33.9 million, RMB32.3 million and RMB53.0 million based on value-in-use calculations exceeded its carrying value by approximately RMB3.5 million, RMB4.2 million and RMB23.8 million, respectively, and we therefore concluded such goodwill was not impaired.
Our goodwill relates to our acquisition of Guangzhou Ledian, which primarily engages in digital marketing services. As of December 31, 2021, 2022 and 2023, our goodwill remained at RMB32.3 million.
Financial Information · 第 413 页
The discount rates applied to the cash flow projections were 19.1%, 17.7% and 18.2% for December 31, 2021, 2022 and 2023, respectively. The growth rate used to extrapolate the cash flows of the digital marketing unit beyond the five-year period were 3%, 3% and 3% for December 31, 2021, 2022 and 2023, respectively.
Financial Information · 第 413 页
However, our management believes that the reasonably possible change should be less than 1% of the above key assumptions, therefore a reasonably possible change in key assumptions would not cause the carrying amount of the CGU to exceed its recoverable amount.
Goodwill acquired through business combination is allocated to Shenzhen EDA which was regarded as a cash-generating unit (the “Shenzhen EDA CGU”).
Financial Information · 第 386 页
During the Track Record Period, our Group has engaged PG Advisory, an independent third party valuer, to perform valuations for the purpose of assessing the recoverable amounts of Shenzhen EDA CGU for FY2021.
Financial Information · 第 386 页
The terminal growth rate was estimated to be 3% as of December 31, 2021 and 2022 and 2.3% as of December 31, 2023 which has taken into consideration the prevailing industry practice.
Our intangible asset remained stable at RMB10.0 million as of 2022 and 2023, as we will not recognize any amortization or impairment loss of this intangible asset prior to the commercialization of IBC0966.
Financial Information · 第 436 页
Based on the result of the IPR&D impairment testing, the recoverable amount of the cash-generating unit exceeded its carrying amount as of December 31, 2022 and 2023.
Financial Information · 第 452 页
If the pre-tax discount rate used as of December 31, 2022 and 2023 was changed to 27.4% and 25.6%, respectively, while other parameters remain constant, the recoverable amount of the cash-generating unit would equal its carrying amount.
We recognized the goodwill from the acquisition of our online education business in 2020.
Financial Information · 第 472 页
The recoverable amount of the CGU is determined based on fair value less cost of disposal. Fair value is the price that would be received to sell the CGU in an orderly transaction between market participants at the measurement date. The pre-tax discount rate was 21% as of December 31, 2021.
Financial Information · 第 473 页
The decrease from RMB130.7 million in 2021 to nil in 2022 was due to our disposal of online education business. It remained nil as of December 31, 2023.
Based on the results of the impairment assessments, no impairment loss on the goodwill relating to Lianlian Yintong was recognized during the Track Record Period.
Financial Information · 第 392 页
A reasonably possible change in key parameters would not cause the carrying amount of the cash generating units (CGU) to exceed its recoverable amount.
Changes in the key assumptions, including the pre-tax discount rate, terminal growth rate and expected changes in revenues and costs in the discounted cash flow projections, could materially affect the recoverable amounts.
Financial Information · 第 325 页
Our management considered there was indication (i.e. operating loss) for impairment for these property and equipment and right-of-use assets for the three years ended 31 March 2023 and the six months ended 30 September 2023 and prepared discounted cash flow projections for Trans World Austria based on the financial budget approved by the management of our Group and engaged an independent professional valuer to conduct impairment assessment on their recoverable amount of property and equipment and right-of-use assets.
Financial Information · 第 325 页
The carrying amounts of the property and equipment related to Trans World Austria as at 31 March 2021, 2022, 2023 and 30 September 2023 were approximately HK$32.8 million, HK$28.1 million, HK$24.4 million and HK$21.5 million respectively, after taking into account the accumulated impairment of HK$53.2 million, HK$54.7 million, HK$54.7 million and HK$51.7 million respectively.
The recoverable amounts of our relevant CGUs, namely, Daxing Migao and Baoqing Migao, have been determined based on value in use calculations. These calculations use cash flow projections based on financial budgets approved by our management covering a 5-year period, and pre-tax discount rate of 18%.
Financial Information · 第 367 页
Based on the sensitivity test performed, no material impairment issue was noted. The headroom of Baoqing Migao CGU as at 31 March 2023 and 30 November 2023 is not less than 22%.
The recoverable amount of each cash generating unit ("CGU") has been assessed by an independent valuer, Asia-Pacific Consulting and Appraisal Limited, and determined based on value-in-use ("VIU") calculation.
Financial Information · 第 298 页
Based on the result of the assessment, we determined that the recoverable amounts of all CGU are higher than the corresponding carrying amounts as of December 31, 2020, 2021, 2022 and June 30, 2023.
Financial Information · 第 299 页
The headroom of each CGU that was subject to impairment assessment at the end of each reporting period is not less than 9.5% of the respective carrying amount during the Track Record Period.
Based on the results of the impairment assessments, no impairment loss on the goodwill was recognized as at December 31, 2022 and June 30, 2023.
Financial Information · 第 497 页
The headroom was less than 10% of the carrying amount of Shanghai UBJ and Jiangsu Tianhui respectively due to the fact that it has not been one year since they were acquired and the recoverable amount of Shanghai UBJ and Jiangsu Tianhui were close to the fair value acquired at the acquisition date.
Financial Information · 第 498 页
Had the estimated revenue growth rates during the forecast period been 100 basis points lower, the recoverable amount of Shanghai UBJ would decrease by RMB5.0 million and RMB3.2 million as of December 31, 2022 and June 30, 2023, respectively, and the recoverable amount of Jiangsu Tianhui would decrease by RMB2.0 million and RMB2.1 million as of December 31, 2022 and June 30, 2023, respectively.
泛远国际控股集团有限公司FAR International Holdings Group Company Limited02516.HK
商誉1.447亿元及其减值测试
We recorded a goodwill of approximately RMB144.7 million, RMB144.7 million, RMB144.7 million, RMB144.7 million and RMB144.7 million as at 31 December 2020, 2021 and 2022, 30 June 2022 and 30 June 2023, respectively.
Financial Information · 第 403 页
Goodwill resulting from the business combinations has been allocated to Shenzhen Global Link as a single cash-generating unit.
Financial Information · 第 403 页
The recoverable amounts of the CGU Shenzhen Global Link are estimated to exceed its carrying amounts by approximately RMB70,618,000, RMB48,592,000, RMB61,955,000, and RMB76,408,000 at 31 December 2020, 2021, 2022 and 30 June 2023, respectively.
厦门燕之屋燕窝产业股份有限公司XIAMEN YAN PALACE BIRD’S NEST INDUSTRY CO., LTD.01497.HK
商誉7,520万元减值测试空余部分低至110万元
As of December 31, 2020, 2021 and 2022 and May 31, 2023, we recorded goodwill of nil, RMB75.2 million, RMB75.2 million and RMB75.2 million, respectively.
Financial Information · 第 290 页
The headroom calculated based on the recoverable amounts deducting the carrying amount of the CGU – Changchun Jinyanhui as of December 31, 2021 and 2022 and May 31, 2023 was RMB1.1 million, RMB3.9 million and RMB4.8 million, respectively.
Financial Information · 第 292 页
No impairment loss of goodwill was recognized in 2021, 2022 and the five months ended May 31, 2023.
国鸿氢能科技（嘉兴）股份有限公司Sino-Synergy Hydrogen Energy Technology (Jiaxing) Co., Ltd.09663.HK
2020年对9SSL电堆授权计提减值5,740万元
With the expected decline in the sales of the 9SSL fuel cell stacks, we performed an impairment assessment, and an impairment loss of RMB57.4 million was subsequently provided to the 9SSL fuel cell stacks license for the year ended 31 December 2020.
Summary · 第 6 页
The recoverable amount of the 9SSL fuel cell stacks license was assessed by our management based on fair value less cost of disposal, and we made a provision for the impairment of RMB57,358,000 and charged to the cost of sales.
Financial Information · 第 404 页
The following sensitivity analysis illustrates the impact of hypothetical fluctuations of our profit before income tax in relation to the changes of net royalty rate and discount rate in 2020, assuming all other variables remained constant.
Our goodwill arose from the acquisition of Guangdong Wizagricultural Science & Technology Co., Ltd. The cost and carrying amount of our goodwill was RMB14.7 million as at each of the dates of 31 December 2020, 2021 and 2022 and 31 May 2023.
Financial Information · 第 385 页
As at 31 December 2020, 2021 and 2022 and 31 May 2023, these calculations used cash flow projections based on financial budgets approved by management covering a five-year period and cash flows beyond the five-year period are extrapolated using an estimated weighted average growth rate of 0%.
Financial Information · 第 385 页
As a result of the above impairment tests, the directors of the Company are of the view that a reasonably possible change in a key assumption on which management has based its determination of the CGU’s recoverable amount would not cause the CGU’s carrying amount to exceed its recoverable amount as at 31 December 2020, 2021 and 2022 and 31 May 2023.
山西省安装集团股份有限公司Shanxi Installation Group Co., Ltd.02520.HK
商誉1,500万元及减值测试
Our goodwill of RMB15.0 million primarily resulted from the acquisition of 51% equity of Shanxi Ningyang Energy Co., Ltd. ("Shanxi Ningyang") from two independent third parties on April 3, 2018.
Financial Information · 第 525 页
The terminal growth rate of the cash flow forecast adopted in the following years is 0% for prudence sake.
Financial Information · 第 525 页
Based on the results of the impairment testing of goodwill, in the opinion of our management of the Group, no impairment provision is considered necessary for our Group's goodwill as of December 31, 2020, 2021 and 2022 and June 30, 2023.
The recoverable amount of the Payload & Linker Unit has been determined based on a value in use calculation, which uses cash flow projections based on financial budgets approved by our management covering a five-year period.
Financial Information · 第 332 页
As of June 30, 2023, the management was not aware of any significant adverse changes on the Payload & Linker Unit, which indicates that the carrying amount of the Payload & Linker Unit exceeds the recoverable amount.
Financial Information · 第 333 页
Our management believes that any reasonably possible change in any of these assumptions would not result in impairment.
These calculations use pre-tax free cash flow of finance lease business projections based on profit forecast approved by management covering a five-year period and a pre-tax discount rate of 15.1%, which reflects the specific risks relating to the finance lease business in the PRC.
Financial Information · 第 403 页
As at 31 December 2020, 2021 and 2022, our management assessed the recoverable amount of the cash generated unit (CGU) and determined that no impairment loss was recognised for the capitalised development costs as the recoverable amounts exceeded the carrying amounts.
Financial Information · 第 403 页
Our Directors have not identified any reasonably possible change in the key assumptions on which the recoverable amount is based that would cause the carrying amounts of the CGU to exceed their respective recoverable amounts as at 31 December 2020, 2021 and 2022, respectively.