ST Engineering Annual Report 2020

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) C6 Trade receivables Group 2020 2019 $’000 $’000 Gross receivables 1,139,829 1,322,767 Allowance for doubtful debts (91,985) (76,886) Trade receivables, net 1,047,844 1,245,881 Trade receivables denominated in currencies other than the respective entities’ functional currencies as at 31 December are as follows: • $166,549,000 (2019: $289,538,000) denominated in USD • $21,201,000 (2019: $26,245,000) denominated in Euro Trade receivables amounting to $5,607,000 (2019: $1,848,000) are arranged to be repaid through letters of credit issued by reputable banks. C7 Advances and other receivables Group 2020 2019 $’000 $’000 Deposits 13,205 14,887 Interest receivables 135 789 Finance lease receivables 2,229 3,614 Other recoverables 51,051 68,470 Non-trade receivables 66,854 30,911 Advance payments to suppliers 142,750 161,840 Prepayments 86,839 67,424 Housing and car loans and advances to staff 12,176 2,563 Loans to third parties 750 1,060 375,989 351,558 Receivable: Within 1 year 317,741 339,709 After 1 year 58,248 11,849 375,989 351,558 The Group entered into finance lease arrangements with customers with terms ranging from 0.6 to 7.1 years (2019: 1.6 to 3.0 years) and effective interest rates ranging from 1.65% to 2.74% (2019: 2.29% to 2.74%) per annum. 19 5 ANNUAL REPORT 2 0 2 0 / CORPORATE OVERVI EW PERFORMANCE REVI EW SUSTAINABI L ITY CORPORATE GOVERNANCE F INANCIAL REPORT