10h 9min, feb 24, 2026 y - TE Connectivity Key WP Review YE 30.09.2025

Description:

Purely Holdco
PM £60k

Investment in 2 subsidiaries £619m impairment £613m NBV £6m:
-TE Middle East
-TE Gibraltar (fully impaired last year)
-impairment review on ME
-don't assess entity on an individual level
-variables are 1)multiples for the valuation provided by HQ 2)control premium quite prudent. Strong corroboration, Tanaka has vouched to industry data on both 1 & 2
-No impairment for ME
-Ownership not checked; no share certs. Gibraltar wind up resolution dated May '24; not yet struck off

Journals testing
-Tab 3; Jan '25 impairment adjustment
-others nothing much

Dividend income £2.7m
-from TE Middle East AED13m; agreed to Board resolution

IC receivable; confirmations received

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