NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 (CURRENCY - SINGAPORE DOLLARS UNLESS OTHERWISE STATED) F. GROUP STRUCTURE This section explains significant aspects of ST Engineering’s group structure, including joint arrangements that the Group has interest in, its controlled entities and how changes have affected the Group structure. It also provides information on business acquisitions and disposals made during the financial year as well as information relating to ST Engineering’s related parties, the extent of related party transactions and the impact they had on the Group’s financial performance and position. F1 Subsidiaries F4 Associates and joint ventures F2 Acquisition and disposal of controlling interests in subsidiaries in 2022/2021 F5 Related party information F3 Non-controlling interests in subsidiaries F1 Subsidiaries Details of the significant subsidiaries of the Group are as follows: Country of incorporation Effective equity interest held by the Group 2022 % 2021 % Elbe Flugzeugwerke GmbH 1 Germany 55 55 MRA Systems, LLC 4 U.S. 100 100 ST Engineering Advanced Networks & Sensors Pte. Ltd. Singapore 100 100 ST Engineering Aerospace Ltd. Singapore 100 100 ST Engineering Aerospace Services Company Pte. Ltd. Singapore 80 80 ST Engineering Defence Aviation Services Pte. Ltd. Singapore 100 100 ST Engineering Electronics Ltd. Singapore 100 100 ST Engineering iDirect (Europe) NV 3 Belgium 100 100 ST Engineering Land Systems Ltd. Singapore 100 100 ST Engineering Marine Ltd. Singapore 100 100 ST Engineering Mission Software & Services Pte. Ltd. Singapore 100 100 ST Engineering Unmanned & Integrated Systems Pte. Ltd. Singapore 100 100 ST Engineering North America, Inc. 4 U.S. 100 100 ST Engineering RHQ Ltd. 2 United Kingdom 100 100 ST Engineering IHQ Pte. Ltd. Singapore 100 100 ST Engineering Treasury Pte. Ltd. Singapore 100 100 STE TransCore Holdings, Inc 4 U.S. 100 – TransCore Partners, LLC 4 U.S. 100 – 1 Audited by PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft for consolidation purposes. 2 Not required to be audited under the law in the country of incorporation. 3 Audited by PricewaterhouseCoopers Antwerp for consolidation purposes. 4 Audited by PricewaterhouseCoopers U.S. for consolidation purposes. All significant subsidiaries that are required to be audited under the law in the country of incorporation are audited by PricewaterhouseCoopers LLP Singapore and network of member firms of PricewaterhouseCoopers International Limited (PwCIL), except as indicated above. CORPORATE OVERVIEW PERFORMANCE REVIEW SUSTAINABILITY FINANCIAL REPORT 239
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