NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 (CURRENCY - SINGAPORE DOLLARS UNLESS OTHERWISE STATED) C3 Intangible assets Group Goodwill $’000 Dealer network and customer relationships $’000 Development expenditure $’000 Cost At 1 January 2022 847,655 169,445 718,587 Additions – – 53,376 Acquisition of subsidiaries 2,321,424 886,281 – Disposal of subsidiaries (75) – – Write-off – – – Reclassification – – (25) Translation difference (21,855) (15,589) (39,744) At 31 December 2022 3,147,149 1,040,137 732,194 Accumulated amortisation and impairment losses At 1 January 2022 50,979 55,959 202,048 Amortisation for the year * – 63,733 52,982 Impairment losses + 5,000 – – Disposal of subsidiaries – – – Write-off – – – Reclassification – – 24 Translation difference (184) (3,852) (4,091) At 31 December 2022 55,795 115,840 250,963 Net book value At 31 December 2022 3,091,354 924,297 481,231 172 ST ENGINEERING ANNUAL REPORT 2022
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