ST Engineering Annual Report 2020

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) C1 Property, plant and equipment (continued) Operating lease Included in the tables below are assets that the Group leases out, comprising aircraft and aircraft engines, furniture, fittings, office equipment and others*. The Group has classified these leases as operating leases, because they do not transfer substantially all of the risks and rewards incidental to the ownership of the assets. Movements in these assets that are subject to operating leases are presented below. Group Furniture, fittings, office equipment and others* Aircraft and aircraft engines Total $’000 $’000 $’000 Cost At 1 January 2020 1,377 136,621 137,998 Reclassifications 115 – 115 Translation difference (26) (2,626) (2,652) At 31 December 2020 1,466 133,995 135,461 Accumulated depreciation At 1 January 2020 472 5,745 6,217 Depreciation charge for the year 213 7,763 7,976 Reclassifications (15) – (15) Translation difference (17) (421) (438) At 31 December 2020 653 13,087 13,740 Net book value At 31 December 2020 813 120,908 121,721 * Others comprise transportation equipment, vehicles and satellites 18 1 ANNUAL REPORT 2 0 2 0 / CORPORATE OVERVI EW PERFORMANCE REVI EW SUSTAINABI L ITY CORPORATE GOVERNANCE F INANCIAL REPORT