ST Engineering Annual Report 2020

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) B1 Segment information (continued) Aerospace Electronics** Land Systems Marine Others Elimination Group $’000 $’000 $’000 $’000 $’000 $’000 $’000 2019 Revenue External sales 3,450,442 2,336,365 1,428,480 647,128 5,861 – 7,868,276 Inter-segment sales 4,580 28,281 29,164 23 2,305 (64,353) – 3,455,022 2,364,646 1,457,644 647,151 8,166 (64,353) 7,868,276 Reportable segment profit from operations 314,337 223,939 89,802 56,392 (11,391) – 673,079 Other income 13,965 11,353 5,731 6,506 808 (13,060) 25,303 Other expenses* (7,439) (25) (4,422) (83) (2,461) 6,956 (7,474) Finance income 14,018 4,695 1,807 3,782 76,336 (86,348) 14,290 Finance costs ^ (40,336) (22,234) (9,937) (5,693) (52,665) 81,928 (48,937) Share of results of associates and joint ventures, net of tax 38,227 (1,445) 5,579 (75) (3,303) – 38,983 Profit before taxation 332,772 216,283 88,560 60,829 7,324 (10,524) 695,244 Taxation (48,914) (32,984) (11,459) (9,287) 74 – (102,570) Non-controlling interests (14,962) 24 209 – – – (14,729) Profit attributable to shareholders 268,896 183,323 77,310 51,542 7,398 (10,524) 577,945 Other assets 4,415,722 3,141,381 1,723,451 805,296 5,940,875 (6,958,869) 9,067,856 Associates and joint ventures 253,884 73,639 82,276 2,850 40,770 – 453,419 Segment assets 4,669,606 3,215,020 1,805,727 808,146 5,981,645 (6,958,869) 9,521,275 Segment liabilities 3,781,016 2,646,334 1,458,862 803,159 3,795,675 (5,454,772) 7,030,274 Capital expenditure 293,215 128,186 43,522 8,876 16,035 698 490,532 Depreciation and amortisation 185,359 91,753 51,308 32,478 11,359 (4,005) 368,252 Impairment losses 26,013 – 4,000 – – – 30,013 Other non-cash expenses 954 363 91 – – – 1,408 ** With effect from 1 January 2020, Miltope Corporation was re-organised from Others into Electronics sector and comparatives were restated in conformance with current year classification. * 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. / ST ENG I NEER I NG 162