News: EHL Emeco Holdings appoints Justine Lea as acting chief financial officer, page-38

Thanks for the movie tip - it's on my watchlist.

Auto, any surplus assets held for sale are valued at their realisable value and have already been impaired.

For operating assets "The Group has determined the recoverable amount of its cash generating units (CGU) using a value in use methodology (2014: value in use) which is based on discounted cash flows for five years plus a terminal value." The complication with using book value is that assets are depreciated at standard rates regardless of their level of utilisation. As at June 2015, the value of plant and equipment at cost was $929m with accumulated depreciation of $470m. Applying the value in use methodology, "30 June 2015 impairment testing resulted in the estimated recoverable amount of a CGU exceeding its carrying amount and zero impairment being recognised."

Combining the above with the write-down of goodwill to zero, I don't think that book value is a fair representation of Emeco's value as a going concern.