Technology and innovation lies at the core of what we do, and underpins what we do as a global technology, defence and engineering group. From sustainable innovations to disruptive technologies that push the innovation envelope, we harness technology and innovation to improve lives and make the world a more secure and sustainable one. Our innovation approach comprises driving synergy and deepening capability building within the Group as well as leveraging external capabilities to accelerate innovation. We have also launched numerous innovation awards to recognise employees and encourage them to innovate. TECH & INNOVATION Drive Synergy & Deepen Capability Building Business-driven Product Development Core Engineering Capabilities Strategic Technology Centres Broaden Outreach to Leverage External Capabilities Research Translation @ ST Engineering Corporate Ventures & Open Innovation Strong Technology, Engineering & Innovation Community Our R&D Investment We take a prudent approach to R&D, focusing on investments driven by business and product roadmaps that support our business growth via differentiated products and solutions. R&D Spend R&D Activity Funding Sources Classification in Financial Statement 2022 Research Projects Internal/External Research, design and development expenses $131.2m1 Development Projects/ IP Rights and Licences Internal/External Capitalised development expenditure, commercial/ intellectual property rights and licences $55.2m2 Customer Funded R&D Projects External part of Cost of Sales $140.4m Total R&D $326.7m R&D Intensity over Revenue 3.6% 1 see Note B3 in Notes to Financial Statements page 152 2 see Note C3 in Notes to Financial Statements pages 172-173 More about our Innovation Approach 26 ST ENGINEERING ANNUAL REPORT 2022
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