ST Engineering Annual Report 2020

The accompanying notes are an integral part of the financial statements. Group Note 2020 2019 $’000 $’000 Revenue B2 7,158,286 7,868,276 Cost of sales (5,630,797) (6,222,888) Gross profit 1,527,489 1,645,388 Distribution and selling expenses (225,048) (263,583) Administrative expenses (595,360) (579,917) Other operating expenses (146,218) (128,809) Profit from operations B3 560,863 673,079 Other income* 14,426 25,303 Other expenses (9,328) (7,474) Other income, net B4 5,098 17,829 Finance income 9,274 14,290 Finance costs ^ (71,222) (48,937) Finance costs, net E2 (61,948) (34,647) Share of results of associates and joint ventures, net of tax 30,389 38,983 Profit before taxation 534,402 695,244 Taxation B6 (8,779) (102,570) Profit after taxation 525,623 592,674 Attributable to: Shareholders of the Company 521,840 577,945 Non-controlling interests F3 3,783 14,729 525,623 592,674 Earnings per share (cents) B5 Basic 16.74 18.53 Diluted 16.64 18.42 * Government grants in the prior year were reclassified from other income to underlying expenses in cost of sales and operating expenses in conformance with current year classification. ^ Fair value changes of investment in associates in the prior year were reclassified from finance costs to other expenses in conformance with current year classification. CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020 (CURRENCY – SINGAPORE DOLLARS) / ST ENG I NEER I NG 148