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 (continued) Acquisition of controlling interests in subsidiaries in 2021 (ii) Acquisition of controlling interests in Keystone 1 Limited (Keystone) On 7 April 2021, the Group acquired 100% of Keystone for a net cash consideration of $11,735,000. Keystone's main principal activities is aircraft leasing. Keystone was subsequently divested on 28 December 2021. Keystone contributed revenue of $576,000 and net profit of $673,000 to the Group for the period from 7 April 2021 to 28 December 2021. (iii) Acquisition of controlling interests in ST Engineering Satellite Systems Pte. Ltd. (Satellite Systems) On 9 August 2021, the Group has reclassified its investments in Satellite Systems from a joint venture to a 51% owned subsidiary following the changes made to the constitution. Satellite Systems provides design and development, system integration, manufacturing and sale of satellite equipment. Satellite Systems contributed revenue of $8,664,000 and net profit of $717,000 to the Group for the period from 9 August 2021 to 31 December 2021. Had the above businesses been consolidated from 1 January 2021, the Group’s consolidated revenue and net profit for the year ended 31 December 2021 would have been $7,700,723,000 and $573,938,000 respectively. Identifiable assets acquired and liabilities assumed The acquisitions had the following effect on the Group’s assets and liabilities on acquisition date: Fair values recognised on acquisition 2021 $’000 Property, plant and equipment 21,144 Deferred tax assets 84 Contract assets 565 Trade receivables 16 Advances and other receivables 1,323 Bank balances and other liquid funds 19,515 Contract liabilities (5,182) Deposits from customers (138) Trade payables and accruals (3,372) Amounts due to related parties (8,123) Provision for taxation (106) Non-current contract liabilities (974) Deferred tax liabilities (973) Total identifiable net assets 23,779 Non-controlling interests (5,682) Fair value of pre-existing interest in the acquiree (5,915) Total purchase consideration 12,182 Cash inflow on acquisition: Cash consideration paid 12,182 Less: cash acquired (19,515) Net cash inflow on acquisition (7,333) The Group incurred acquisition-related expenses of $64,000 which have been included in administrative expenses. CORPORATE OVERVIEW PERFORMANCE REVIEW SUSTAINABILITY FINANCIAL REPORT 241
RkJQdWJsaXNoZXIy NjMyNDM=