NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 (CURRENCY - SINGAPORE DOLLARS UNLESS OTHERWISE STATED) C10 Amounts due to related parties Group 2022 $’000 2021 $’000 Trade: Associates 19,489 18,621 Joint ventures 821 754 Related parties 2,834 1,242 23,144 20,617 Non-trade: Joint ventures * 18,422 7,151 Related parties 321 13 18,743 7,164 41,887 27,781 Payable: Within 1 year 41,887 27,781 There were no significant amounts due to related parties denominated in currencies other than the respective entities’ functional currencies as at 31 December 2022 and 31 December 2021. * Included in the amounts due to joint ventures (non-trade) is an amount of $18,250,000 (2021: $7,121,000) placed by joint ventures with a subsidiary of the Group under a cash pooling arrangement, where the effective interest rates ranging from 1.3% to 4.0% per annum (2021: 0%) is charged on the outstanding balance. C11 Provisions Movements in provisions are as follows: Group Warranties $’000 Onerous contracts $’000 Closure costs $’000 Restoration costs $’000 Total $’000 2022 At 1 January 2022 197,227 124,537 977 48,692 371,433 Charged to profit or loss 36,937 142,896 – 1,265 181,098 Acquisition of subsidiaries 84 – – – 84 Additions – – – 170 170 Utilised (29,386) (62,899) (14) (2,629) (94,928) Disposal of subsidiaries (12,050) (102,444) – (164) (114,658) Translation difference (1,965) (4,062) – (26) (6,053) At 31 December 2022 190,847 98,028 963 47,308 337,146 184 ST ENGINEERING ANNUAL REPORT 2022
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