NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 (CURRENCY - SINGAPORE DOLLARS UNLESS OTHERWISE STATED) F2 Acquisition and disposal of controlling interests in subsidiaries in 2022/2021 Acquisition of controlling interest in subsidiary in 2022 (i) Acquisition of controlling interests in TransCore Partners, LLC and TLP Holdings, LLC (TransCore) On 18 March 2022, the Group acquired 100% of TransCore for a net cash consideration of $3,655,274,000. TransCore's main principal activities is transportation solutions. TransCore contributed revenue of $620,619,000 and net profit of $61,919,000 to the Group for the period from 18 March 2022 to 31 December 2022. Had the above business been consolidated from 1 January 2022, the Group’s consolidated revenue and net profit for the year ended 31 December 2022 would have been $759,172,000 and $58,577,000 respectively. Identifiable assets acquired and liabilities assumed The acquisition had the following effect on the Group’s assets and liabilities on acquisition date: Fair values recognised on acquisition 2022 $’000 Property, plant and equipment 13,156 Right-of-use assets 39,213 Intangible assets 1,031,062 Long-term trade receivables 15,519 Inventories 46,610 Contract assets 230,206 Trade receivables 76,457 Advances and other receivables 6,750 Bank balances and other liquid funds 25,187 Contract liabilities (9,497) Trade payables and accruals (87,091) Provisions (84) Provision for taxation (138) Borrowings (47,051) Non-current contract liabilities (6,449) Total identifiable net assets 1,333,850 Goodwill arising on consolidation 2,321,424 Total purchase consideration 3,655,274 Cash outflow on acquisition: Cash consideration paid 3,655,274 Less: cash acquired (25,187) Net cash outflow on acquisition 3,630,087 The Group incurred acquisition-related transaction expenses of $26,853,000, of which $19,059,000 have been included in administrative expenses in the Group’s income statement. $7,794,000 have been expensed in administrative expenses in the prior year. 240 ST ENGINEERING ANNUAL REPORT 2022
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