ST Engineering is a global technology, defence and engineering group with a diverse portfolio of businesses across the aerospace, smart city, defence and public security segments. The Group harnesses technology and innovation to solve real-world problems, enabling a more secure and sustainable world. Headquartered in Singapore, we employ about 25,000 people across our network of subsidiaries and associated companies in Asia, Europe, the Middle East and the U.S., serving customers in more than 100 countries. We rank among the largest companies listed on the Singapore Exchange and are a component stock of the FTSE Straits Times Index, Dow Jones Sustainability Asia Pacific Index, iEdge SG ESG Transparency Index and iEdge SG ESG Leaders Index. CONTENTS CORPORATE OVERVIEW Financial Highlights 02 Letter to Shareholders 04 Farewell Note by Kwa Chong Seng, Board Chairman 12 Corporate Information 13 Board of Directors 14 Directors Seeking Re-election 21 Group Executive Committee 24 PERFORMANCE REVIEW Tech & Innovation 26 Operating Review & Outlook Commercial Aerospace 28 Urban Solutions & Satcom 36 Defence & Public Security 44 Financial Review 52 Investor Relations 60 Awards Highlights 62 SUSTAINABILITY Board Statement 65 Environment 68 Social 70 Governance 79 Corporate Governance Report 79 FINANCIAL REPORT Directors' Statement 110 Independent Auditor’s Report 125 Consolidated Income Statement 132 Consolidated Statement of Comprehensive Income 133 Consolidated Statement of Financial Position 134 Consolidated Statement of Changes in Equity 136 Consolidated Statement of Cash Flows 140 Notes to the Consolidated Financial Statements 142 Statement of Financial Position of the Company 264 Notes to the Statement of Financial Position of the Company 265 Shareholding Statistics 269 SGX Listing Rules Requirement 271 CORPORATE OVERVIEW PERFORMANCE REVIEW SUSTAINABILITY FINANCIAL REPORT 01
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