write down of intangibles and goodwill

correct me if I am wrong, but the basis of this write down is that the directors can no longer support the future profits multiply by discount rate to support the quantum of intangibles and goodwill.

if this is the case, then even though management reports say it's a non cashflow item, the truth is its directors saying that their future profits will be lower.

anyway lucky I exited my position as soon as this announcement came out.