NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 (CURRENCY - SINGAPORE DOLLARS UNLESS OTHERWISE STATED) F4 Associates and joint ventures (continued) Associates The following table summarises the information of each of the Group’s material associates, which are equity‑accounted, based on their respective financial statements prepared in accordance with SFRS(I), modified for fair value adjustments on acquisitions and differences with the Group’s accounting policies. The summarised financial information is not adjusted for percentage ownership held by the Group. Name of associate 2022 Shanghai Technologies Aerospace Company Limited $’000 ST Aerospace (Guangzhou) Aviation Services Company Limited $’000 Percentage of interest 49% 44% Revenue 48,019 122,428 Profit/(loss) after taxation (6,657) 17,589 Other comprehensive (loss)/income (10,529) (11,527) Total comprehensive (loss)/income (17,186) 6,062 Attributable to NCI – – Attributable to investee’s shareholders (17,186) 6,062 Non-current assets 74,032 110,143 Current assets 50,431 53,249 Non-current liabilities (551) (19,332) Current liabilities (18,791) (18,967) Net assets 105,121 125,093 Attributable to NCI – – Attributable to investee’s shareholders 105,121 125,093 Group’s interest in net assets of investee at beginning of the year 59,930 52,374 Group’s share of: - Profit/(loss) for the year (3,262) 7,739 - Total other comprehensive income/(loss) (5,159) (5,072) Total comprehensive income/(loss) (8,421) 2,667 Group’s contribution during the year – – Dividends received during the year – – Disposal of associates during the year – – Carrying amount of interest in investee at end of the year 51,509 55,041 Fair value changes of unquoted investments held by the Group’s Corporate Venture Capital Unit is recognised in Other income, net in the income statement. 250 ST ENGINEERING ANNUAL REPORT 2022
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