The accompanying notes are an integral part of the financial statements. CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022 (CURRENCY - SINGAPORE DOLLARS UNLESS OTHERWISE STATED) Cash and cash equivalents comprise cash balances and fixed deposits. Cash equivalents are short-term and highly liquid investments that are readily convertible to known amounts of cash and that are subject to insignificant risk of changes in value. Group 2022 $’000 2021 $’000 Cash flows from operating activities Profit before taxation 597,466 637,607 Adjustments: Share of results of associates and joint ventures, net of tax (33,270) (15,991) Share-based payment expense 24,893 21,720 Depreciation charge 337,602 314,197 Property, plant and equipment written off 3,844 2,249 Amortisation of other intangible assets 179,270 83,893 Amortisation of deferred income (6) – Impairment of property, plant and equipment 42,378 19,490 Impairment of goodwill and other intangible assets 5,000 6,769 Gain on disposal of property, plant and equipment (10,911) (2,527) Gain on disposal of subsidiaries (37,288) (11,742) Loss on disposal of rights-of-use assets – 275 Gain on disposal of associate (3,668) – Changes in fair value of associates (1,471) (11,154) Changes in fair value of investments (13,868) – Changes in fair value of financial instruments and hedged items (1,932) (685) Interest expense 137,309 45,048 Interest income (9,271) (3,936) Unrealised currency translation gains (330) (1,217) Operating profit before working capital changes 1,215,747 1,083,996 Changes in: Inventories (354,852) 9,455 Contract assets (249,371) (162,986) Trade receivables (58,447) (13,511) Amounts due from related parties 25,671 (22,212) Advances and other receivables (97,895) (32,556) Contract liabilities 139,808 (38,594) Deposits from customers 17,754 5,434 Trade payables 198,293 221,215 Amounts due to related parties 1,900 (7,640) Other payables, accruals and provisions (67,872) 220,247 Deferred income 3,438 (40,183) Cash generated from operations 774,174 1,222,665 Interest received 6,942 4,048 Income tax paid (108,021) (112,441) Net cash from operating activities 673,095 1,114,272 140 ST ENGINEERING ANNUAL REPORT 2022
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