NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 (CURRENCY - SINGAPORE DOLLARS UNLESS OTHERWISE STATED) C6 Trade receivables Group 2022 $’000 2021 $’000 Gross receivables 1,198,070 1,125,418 Allowance for doubtful debts (45,742) (58,662) Trade receivables, net 1,152,328 1,066,756 Trade receivables denominated in currencies other than the respective entities’ functional currencies as at 31 December are as follows: • $202,097,000 (2021: $213,370,000) denominated in USD • $27,689,000 (2021: $29,248,000) denominated in EUR C7 Advances and other receivables Group 2022 $’000 2021 $’000 Deposits 25,534 12,311 Interest receivables 2,350 22 Finance lease receivables 12,148 14,115 Other recoverables 94,256 81,826 Non-trade receivables 5,471 44,268 Advance payments to suppliers 200,405 167,941 Prepayments 153,785 82,919 Housing and car loans and advances to staff 7,818 11,602 501,767 415,004 Receivable: Within 1 year 420,722 345,141 After 1 year 81,045 69,863 501,767 415,004 The Group entered into finance lease arrangements with customers with terms ranging from 5.3 years to 7.1 years (2021: 1.0 year to 7.1 years) and effective interest rates ranging from 0.97% to 2.29% (2021: 0.56% to 2.74%) per annum. 182 ST ENGINEERING ANNUAL REPORT 2022
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