NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 (CURRENCY - SINGAPORE DOLLARS UNLESS OTHERWISE STATED) F4 Associates and joint ventures (continued) Joint ventures The following table summarises the information of each of the Group’s material joint ventures, adjusted for any differences with the Group’s accounting policies and reconciles the carrying amount of the Group’s interest in joint ventures and the share of profit and other comprehensive income of equity-accounted investment (net of tax). The summarised financial information is not adjusted for the percentage ownership held by the Group. Name of joint venture 2022 Keystone Holdings (Global) Pte. Ltd. $’000 Percentage of interest 50% Revenue 19,215 Profit/(loss) after taxation a 1,158 Other comprehensive (loss)/income (340) Total comprehensive income/(loss) 818 a Includes: - Depreciation and amortisation of: 11,844 - Interest expense of: 3,166 - Income tax expense of: 353 Non-current assets 169,157 Current assets b 24,490 Non-current liabilities c (36,760) Current liabilities d (86,546) Net assets excluding goodwill 70,341 b Includes cash and cash equivalents of: 22,684 c Includes non-current financial liabilities (excluding trade and other payables and provisions) of: 36,760 d Includes current financial liabilities (excluding trade and other payables and provisions) of: 85,609 Group’s interest in net assets of investee at beginning of the year 35,037 Share of total comprehensive income/(loss) 409 Group’s contribution during the year – Dividends received during the year (277) Carrying amount of interest in investee at end of the year 35,169 254 ST ENGINEERING ANNUAL REPORT 2022
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