"In relation to the APAC CGU, the value in use model is...

"In relation to the APAC CGU, the value in use model is particularly sensitive to changes in the EBITDA margin
assumption. The impairment model assumes that the EBITDA margin will increase from 4.3% in FY21 to 9.9%
in FY24 as a result of cost efficiencies delivered through changes to the business operating model and
improved project management. The range of APAC EBITDA margins would need to reduce to 4.3% to 6.0% for
the estimated recoverable amount to be equal to the carrying amount, all other assumptions being held
constant. "

Improved project management LOL, that means we cocked up and lost money on some projects but the arrogant pricks never admit their mistakes.

@Germantheologist your $100m impairment assumes a reduction in the U.S. business or a decline in the Australian business below a 5% margin.

I am not close enough to the business to say but I think valuing it based on one set of project write-offs is a mistake, in fact I would speculate the company will be more focused on ensuring an acceptable margin rather than less for the next few years.

Especially as they enter the pump and dump phase.