192 Notes to the Consolidated Financial Statements 31 December 2023 19. GOODWILL (continued) Impairment testing of goodwill (continued) The carrying amounts of goodwill allocated to each cash-generating unit of business are as follows: Asset management business As at 31 December 2023 As at 31 December 2022 US$’000 US$’000 Redwood 210,480 210,480 Infinitysub 34,370 34,370 ESR Australia 284,216 284,216 SIP — 13,570 ARA 2,940,376 2,912,862 Total 3,469,442 3,455,498 Assumptions were used in the value-in-use calculation of the Group’s cash-generating unit for 31 December 2023 and 2022. The following describes each key assumption on which management has based its cash flow projections to undertake impairment testing of goodwill. Budgeted gross fee income — The basis used to determine the value assigned to the budgeted gross fee income is the average fee income achieved in the year immediately before the budget year, increased for expected market development. Discount rates — The discount rates used reflect specific risks relating to the relevant units. STRENGTH IN UNITY
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