FINANCIAL REVIEW CASH FLOWS In FY2022, the Group generated operating cash flow of $673m, used $4,571m in investing activities and obtained $3,698m from financing activities to end the year with cash and cash equivalents (CCE) of $602m. Operating Activities The Group generated cash of $673m from its operating activities in FY2022, which was lower than the prior year due to increase in working capital to support increase in business volume and new projects. Investing Activities Net cash used in investing activities of $4,571m in FY2022 was attributable mainly to the Group’s acquisition of TransCore ($3,630m), investment in property, plant and equipment ($763m) and additions to intangible assets ($203m). Financing Activities Net cash from financing activities of $3,698m in FY2022 was mainly attributable to proceeds from medium-term note issuance ($1,385m), net proceeds from issuance of commercial papers ($2,353m), and net proceeds from bank loans ($712m), partially offset by the payment of dividends ($686m). SIGNIFICANT ACCOUNTING POLICIES The Group’s financial statements are prepared in accordance with Operating Activities 673 2022 1,114 2021 Investing Activities (4,571) 2022 (414) 2021 Financing Activities 3,698 2022 (615) 2021 -6,000 -5,000 -4,000 -3,000 -2,000 -1,000 0 1,000 2,000 3,000 4,000 CASH FLOWS ($m) Singapore Financial Reporting Standards (International) (SFRS (I)). The significant accounting policies are presented at the end of each Notes to the Financial Statements (pages 142 to 268). The Group has applied the same accounting policies and methods of computation in the preparation of the financial statements for the current reporting period and are consistent with those used in the previous financial year. The adoption of the new and revised SFRS(I) and related interpretations that are mandatory for financial year beginning on or after 1 January 2022 has no significant impact on the financial statements of the Group or the Company in the current financial year. 56 ST ENGINEERING ANNUAL REPORT 2022
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