Transport company Asciano Group has revealed Tuesday that it is set to book impairment charges of up to $1.1 billion by the second half of fiscal year 2010 following recommendations from its internal audit and risk committee, even as the company has reaffirmed its earning guidance of close to $700 million for the full year 2009/10.

Asciano chief executive Mark Rowsthorn said that the impairments will include $960 million in goodwill on the company's port business, which covers $760 million in the Patrick container division, $150 million in the Patrick general stevedoring division and $50 million in Patrick autocare.

He gave assurance though that the impairments mostly involved non-cash items and should not impact on the company's overall enterprise value as they will be eclipsed by raising values in other specks of the company's business.

Mr Rowsthorn added that other asset impairments totalled to $150 million with about $120 million involving tangible assets and the remaining $30 million pointing to intangible assets such as customer contracts and related associations out of Asciano's demerger from Toll Holdings Ltd.

He said that the company board has already studied Asciano's 10-year strategic plans and "both the board and management came out pleased with the strategic position and direction of the company."

Mr Rowsthorn said that following its recapitalisation and restructuring, Asciano came out stronger and much prepared for the future, stressing that "the strength of our core businesses, our exposure to the expanding resource sector and our leverage to an economic recovery means the company is well positioned for future growth and performance."

He expressed confidence that despite the impairment charges, Asciano's positive outlook is on track owing to its underlying business strength and overall consolidated cash flow, adding that the company is definitely looking for a 2009/10 full year EBITDA (earnings before interest, taxes, depreciation and amortization) of up to $700 million, which is in accordance with the company's previous guidance range.

Mr Rowsthorn also pointed to the company's healthy balance sheet and liquidity, which boasts of over $700 million in cash minus any debt obligations for the next two years and more.

He said that Asciano will definitely meet its banking obligations in spite of the impairment charges and the company can only "look forward to significant growth prospects and quality management team that will deliver growing value to security holders over the next 10 years."