NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 (CURRENCY - SINGAPORE DOLLARS UNLESS OTHERWISE STATED) G. OTHERS G1 Events occurring after balance sheet date G4 New standards and interpretations not adopted G2 Comparatives G5 Impact of COVID-19 G3 Adoption of new standards and interpretations G1 Events occurring after balance sheet date The Group’s Marine business acquired the site and assets of an existing shipyard in Singapore at 55 Gul Road from Keppel FELS for $95 million for its commercial ship repair business. The assets acquired include three floating docks, existing buildings, workshops, and machinery. The approximately 141,000 sqm Gul yard, with a gross built up floor area of 74,593 sqm, has a remaining lease until August 2030 which can be extended by another 20 years. G2 Comparatives The following reclassifications have been made to the prior year comparatives: 2021 (As previously Reported) $’000 Reclassification $’000 2021 (As restated) $’000 Investments Equity shares, at FVTPL - unquoted – 15,180 15,180 Equity shares, at FVOCI - unquoted 36,129 (15,180) 20,949 G3 Adoption of new standards and interpretations On 1 January 2022, the Group has adopted the new or amended SFRS(I)s and Interpretations of SFRS(I)s (“INT SFRS(I)s”) that are mandatory for application for the financial year. Changes to the Group’s accounting policies have been made as required, in accordance with the transitional provisions in the respective SFRS(I)s and INT SFRS(I)s. The adoption of these new or amended SFRS(I)s and INT SFRS(I)s did not result in substantial changes to the Group’s accounting policies and had no material effect on the amounts reported for the current or prior financial years. Applicable to 2022 financial statements • Amendments to SFRS(I) 16 Leases: Covid-19-Related Rent Concessions beyond 30 June 2021 • Amendments to SFRS(I) 3 Business Combinations: Reference to the Conceptual Framework, SFRS(I) 1-16 Property, Plant and Equipment: Proceeds before Intended Use, and SFRS(I) 1-37 Provisions, Contingent Liabilities and Contingent Assets: Onerous Contracts – Cost of Fulfilling a Contract 262 ST ENGINEERING ANNUAL REPORT 2022
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