Company: TGE
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001213900-25-057225
Chunk: 305

Company: Generation Essentials Group
Filing Date: 2025-06-24
Form: F-1
Chunk 305
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 margin, such estimation is based on the L’Officiel’s
past performance and management’s expectations for the market development.

<div align='center'>F-59

THE GENERATION ESSENTIALS GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 AND 2024</div>

| 12. | INTANGIBLE ASSETS (cont.) |

As of December 31, 2023 and 2024, carrying amount of
brand name of approximately US$25,809,000 and US$25,964,000, respectively, are allocated to cash-generating unit of the business unit
under “The Art Newspaper”. For the purpose of impairment testing, the recoverable amount of this cash-generating unit has
been determined based on a value in use calculation. That calculation uses cash flow projections based on financial budgets approved by
management covering a 5-year period, and pre-tax approximate discount rate of 10.3%. Cash flows beyond the 5-year period are extrapolated
using a steady 1.8% to 2.1% growth rate. This growth rate is based on the relevant industry growth forecasts and does not exceed the average
long-term growth rate for the relevant industry. Other key assumptions for the value in use calculations relate to the estimation of cash
inflows/outflows which include budgeted sales and gross margin, such estimation is based on The Art Newspaper’s past performance
and management’s expectations for the market development.

Based on the results of the assessments, management of the
Group determined that the recoverable amounts of the above cash-generating units are higher than the carrying amounts and there is no
impairment of the related intangible assets allocated to these cash-generating units. Management of the Group believes that any reasonably
possible changes in any of these assumptions would not cause the carrying amount of cash-generating unit to exceed its recoverable amount.

| 13. | INTERESTS IN JOINT VENTURES |

|                                                                 |     | As of December 31, |        |     |         |        |     |         |   |
|                                                                 |     |               2022 |        |     |    2023 |        |     |    2024 |   |
|                                                                 |     |            US$’000 |        |     | US$’000 |        |     | US$’000 |   |
|