2017 WEL Networks
|
Annual Report
52
WEL NETWORKS LIMITED
Notes to the financial statements
For the year-ended 31 March 2017
(continued)
10 NON-CURRENT ASSETS – INTANGIBLE ASSETS
Computer
software
$’000
Goodwill
$’000
Easements
and consents
$’000
Leasehold
interest
$’000
Assets under
construction
$’000
Total
$’000
At 1 April 2015
Cost
19,602
-
6,985
107
1,366
28,060
Accumulated amortisation
and impairment
(14,362)
-
(2,064)
-
-
(16,426)
Net book amount
5,240
-
4,921
107
1,366
11,634
Year ended 31 March 2016
Opening net book amount
5,240
-
4,921
107
1,366
11,634
Additions
2,339
2,961
249
-
-
5,549
Disposals
(878)
-
-
-
(821)
(1,699)
Amortisation charge (note 4)
(2,780)
-
(121)
-
-
(2,901)
Closing net book amount
3,921
2,961
5,049
107
545
12,583
At 31 March 2016
Cost
19,971
2,961
7,233
107
545
30,817
Accumulated amortisation
and impairment
(16,050)
-
(2,184)
-
-
(18,234)
Net book amount
3,921
2,961
5,049
107
545
12,583
Year ended 31 March 2017
Opening net book amount
3,921
2,961
5,049
107
545
12,583
Additions
3,518
-
184
-
43
3,745
Acquired through business
combination
3,290
59,446
-
-
-
62,736
Disposals
(223)
(116)
-
-
-
(339)
Amortisation charge (note 4)
(2,377)
-
(93)
-
-
(2,470)
Closing net book amount
8,129
62,291
5,140
107
588
76,255
At 31 March 2017
Cost
25,834
62,291
7,417
107
588
96,237
Accumulated amortisation
and impairment
(17,705)
-
(2,277)
-
-
(19,982)
Net book amount
8,129
62,291
5,140
107
588
76,255
The carrying value of goodwill relates to Ultrafast Fibre Limited as a single cash-generating unit. The recoverable amount
was determined using the fair value less cost to sell approach by reference to an independent valuation of the Ultrafast
Fibre Limited business of $407 million. As a result no impairment of goodwill was identified. The approach and key
assumptions are consistent with those used to value the fibre network and are disclosed in note 8.
