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) De-consolidation and disposal of controlling interests in subsidiaries in 2022 In February 2022, the Group divested its 51% equity interest in Visiontech Engineering Pte Ltd (VTE). The Group divested 100% equity interest in Singapore Test Services Private Limited (STS), VT Halter Marine, Inc (Halter Marine) and ST Engineering Halter Marine and Offshore, Inc. (STEHMO) and Viastar Services, LP (Viastar) in July 2022, November 2022 and December 2022 respectively. During the year, the Group completed the liquidation of ST Aerospace Academy Pte Ltd as part of an effort to streamline its organisation structure. The subsidiary was dormant prior to disposal. The financial effects arising from the de-consolidation and disposal of subsidiaries are as follows: Total $’000 Property, plant and equipment 136,597 Right-of-use assets 3,207 Intangible assets 411 Long-term trade receivables 1,119 Deferred tax assets 33,003 Inventories 833 Contract assets 95,793 Trade receivables 45,229 Amounts due from related parties 11 Advances and other receivables 8,995 Bank balances and other liquid funds 17,990 Contract liabilities (75,936) Trade payables and accruals (63,412) Provision (114,658) Provision for taxation (439) Borrowings (8) Deferred tax liabilities (139) Deferred income (53,802) Net assets disposed 34,794 Realisation of reserves 300 Gain on disposal 37,288 Sales consideration 72,382 Less: bank balances and other liquid funds in subsidiaries disposed (17,990) Net cash inflow on disposal 54,392 242 ST ENGINEERING ANNUAL REPORT 2022
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