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 2021 In January 2021, the Group divested its 100% equity interest in VT Volant Aerospace, LLC (Volant) and in December 2021, the Group divested its 100% equity interest in Keystone 1 Limited (Keystone). During the year, the Group received proceeds from its de-consolidated subsidiaries, Jiangsu Huatong Kinetics Co., Ltd and Jiangsu Huaran Kinetics Co., Ltd (collectively known as “JHK”) that were under voluntary liquidation process since December 2016. The financial effects arising from the de-consolidation and disposal of subsidiaries are as follows: Total $’000 Property, plant and equipment 18,938 Right-of-use assets 190 Intangible assets 264 Deferred tax assets 21 Inventories 8,374 Trade receivables 601 Advances and other receivables 2,022 Bank balances and other liquid funds 2,613 Trade payables and accruals (4,124) Amounts due to related parties (346) Provision for taxation (76) Deferred tax liabilities (1,953) Net assets disposed 26,524 Realisation of reserves (5,643) Gain on disposal 11,742 Sales consideration 32,623 Less: bank balances and other liquid funds in subsidiaries disposed (2,613) Net cash inflow on disposal 30,010 CORPORATE OVERVIEW PERFORMANCE REVIEW SUSTAINABILITY FINANCIAL REPORT 243
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