Agreed on the seemingly arbitrary nature of the impairment. Page 80 of the annual report has the changes to goodwill calculation, and they've bizarrely hiked up the discount rates from 6.6% to 11.3%. Not completely sure how they justified such a large change to discount rate as prior year did not list the underlying assumptions. It probably has something to do with using a lower debt to equity ratio of 25% (vs the current D/E ratio of 305%).
Ann: FY20 Results Presentation, page-17
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