ST Engineering Annual Report 2020

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) F2 Acquisition and disposal of controlling interests in subsidiaries in 2020/2019 (continued) Acquisition of controlling interest in subsidiaries in 2019 (continued) Identifiable assets acquired and liabilities assumed The acquisitions had the following effect on the Group’s assets and liabilities on acquisition date: Fair values recognised on acquisition 2019 $’000 Property, plant and equipment 148,094 Right-of-use assets 26,221 Intangible assets 565,503 Joint venture 851 Deferred tax assets 1,072 Contract assets 145,550 Inventories 181,022 Trade receivables 128,237 Advances and other receivables 10,045 Bank balances and other liquid funds 33,756 Contract liabilities (16,393) Trade payables and accruals (113,271) Provisions (32,827) Provision for taxation (3,810) Borrowings (54,076) Post-employment benefits (227,030) Deferred tax liabilities (20,085) Total identifiable net assets 772,859 Goodwill arising on consolidation 311,018 Total purchase consideration 1,083,877 Cash outflow on acquisition: Cash consideration paid 1,083,877 Less: cash acquired (33,756) Net cash outflow on acquisition 1,050,121 25 7 ANNUAL REPORT 2 0 2 0 / CORPORATE OVERVI EW PERFORMANCE REVI EW SUSTAINABI L ITY CORPORATE GOVERNANCE F INANCIAL REPORT