ST Engineering Annual Report 2020

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) E4 Borrowings (continued) Reconciliation of movements of liabilities and assets to cash flows arising from financing activities (continued) Liabilities Assets Group Borrowings Trade payables and accruals Amounts due to related parties Deposits pledged Total $’000 $’000 $’000 $’000 $’000 Balance at 1 January 2019 495,779 1,888,812 85,445 (1,380) 2,468,656 Adjustment on initial application of SFRS(I) 16 389,515 – – – 389,515 Changes from financing cash flows Proceeds from bank loans 1,079,911 – – – 1,079,911 Proceeds from commercial papers 1,440,175 – – – 1,440,175 Repayment of bank loans (1,119,271) – – – (1,119,271) Repayment of lease liabilities (92,894) – – – (92,894) Repayment of loan to a joint venture – – (4,000) – (4,000) Interest paid (25,315) (30,898) – – (56,213) Deposit discharged – – – 245 245 Total changes from financing cash flows 1,282,606 (30,898) (4,000) 245 1,247,953 Changes arising from obtaining or losing control of subsidiaries or other businesses 53,130 111,187 – – 164,317 The effect of changes in foreign exchange rates 5,679 (5,387) – – 292 Liability-related other changes Working capital changes (1,707) 57,332 (12,350) – 43,275 New leases 91,322 – – – 91,322 Interest expense 21,383 22,458 912 – 44,753 Total liability-related other changes 110,998 79,790 (11,438) – 179,350 Balance at 31 December 2019 2,337,707 2,043,504 70,007 (1,135) 4,450,083 / ST ENG I NEER I NG 246