in GEL (continued) 2023 (continued) The initial value of the investment in GEL of RM1,259.7 million has been fully written down in previous financial years. Consequently, the Group has recognised a gain of RM21.3 million from this disposal: Group 2023 RM’million Disposal proceeds 133.0 Less: Carrying amount of investment in associate 0 Less: Accumulated reserves reclassified to profit or loss (111.7) Gain on disposal of associate 21.3 (b) (i) Impairment assessment for Blyth Offshore Demonstrator Limited (‘BODL’) 2023 Due to adverse external market conditions, the Group had undertaken an impairment assessment of its investment in BODL in the current year. An impairment charge of RM31.2 million (GBP5.5 million) was recognised as its recoverable amount was lower than the carrying amount. The recoverable amount of BODL was determined based onVIU calculations which applied a discounted free cash flow to equity model. The cash flows used are the most recent projections and sensitivity analysis was conducted to ensure the reliability of relevant variables. Key assumptions used 2023 % Revenue growth rate (5.2) Discount rate 6.8 The Group’s review includes impact assessment of changes in key assumptions. The effects of the movement in the key assumptions to the recoverable amount are as follows: Changes in assumptions % Impact on recoverable amount Increase RM’million Decrease RM’million Revenue growth rate 1.0 44.3 (36.5) Discount rate 1.0 (29.3) 32.2 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 234 9 ASSOCIATES (CONTINUED) (b) (ii) Impairment assessment for Lumut Maritime Terminal Sdn. Bhd. (‘LMT’) 2023 The Group had reviewed the basis of impairment parameter updated based on 2023 data. Based on the assessment, the recoverable amount exceeded its carrying amount, hence no additional impairment loss was recognised in the current financial year. 2022 The Group had undertaken the impairment assessment of its investment in LMT, an associate. The assessment was