ST Engineering Annual Report 2020

Consolidated Income Statement for the year ended 31 December 2020 148 Consolidated Statement of Comprehensive Income for the year ended 31 December 2020 149 Consolidated Balance Sheet as at 31 December 2020 150 Consolidated Statement of Changes in Equity for the year ended 31 December 2020 152 Consolidated Statement of Cash Flows for the year ended 31 December 2020 156 Balance Sheet and Notes to the Balance Sheet of the Company as at 31 December 2020 281 NOTES TO THE FINANCIAL STATEMENTS A. ABOUT THIS REPORT 158-159 B. BUSINESS PERFORMANCE 160-176 B1 Segment information 160 B2 Revenue 164 B3 Profit from operations 168 B4 Other income, net 169 B5 Earnings per share 170 B6 Taxation 171 C. OPERATING ASSETS AND LIABILITIES 177-228 C1 Property, plant and equipment 178 C2 Right-of-use assets 185 C3 Intangible assets 186 C4 Amounts due from related parties 193 C5 Inventories 194 C6 Trade receivables 195 C7 Advances and other receivables 195 C8 Bank balances and other liquid funds 196 C9 Trade payables and accruals 197 C10 Amounts due to related parties 198 C11 Provisions 199 C12 Deferred income 201 C13 Contract balances 201 C14 Financial risk management objectives and policies 203 C15 Classification and fair value of financial instruments 212 C16 Derivative financial instruments 222 D. EMPLOYEE BENEFITS 229-236 D1 Economic Value Added (EVA)-based Incentive Scheme 229 D2 Personnel expenses 230 D3 Post-employment benefits 230 D4 Share-based payment arrangements 235 E. CAPITAL STRUCTURE AND FINANCING 237-254 E1 Capital management 237 E2 Finance costs, net 238 E3 Investments 240 E4 Borrowings 240 E5 Commitments and contingent liabilities 247 E6 Share capital 251 E7 Treasury shares 251 E8 Capital reserves 252 E9 Other reserves 253 E10 Dividends 254 F. GROUP STRUCTURE 255-276 F1 Subsidiaries 255 F2 Acquisition and disposal of controlling interests in subsidiaries in 2020/2019 256 F3 Non-controlling interests in subsidiaries 260 F4 Associates and joint ventures 264 F5 Related party information 276 G. OTHERS 277-280 G1 Events occurring after balance sheet date 277 G2 Comparatives 277 G3 Impact of COVID-19 278 G4 New or revised accounting standards and interpretations 279 CONTENTS 14 7 ANNUAL REPORT 2 0 2 0 / CORPORATE OVERVI EW PERFORMANCE REVI EW SUSTAINABI L ITY CORPORATE GOVERNANCE F INANCIAL REPORT