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) De-consolidation and disposal of controlling interests in subsidiaries in 2019 (continued) The financial effects arising from the de-consolidation and disposal of subsidiaries are as follows: GFME ATAA Dissolved Entities Total $’000 $’000 $’000 $’000 Property, plant and equipment 7 7,033 – 7,040 Right-of-use assets – 937 – 937 Intangible assets – 332 – 332 Trade receivables 354 57 – 411 Advances and other receivables – 1,818 47 1,865 Bank balances and other liquid funds – 227 – 227 Trade payables and accruals (979) (1,010) (16) (2,005) Provision for taxation – (373) – (373) Borrowings – (946) – (946) Net assets disposed (618) 8,075 31 7,488 Realisation of reserves 81 1,901 233 2,215 De-consolidation of non-controlling interest 304 – – 304 Gain/(loss) on disposal 233 (894) (264) (925) Sales consideration – 9,082 – 9,082 Less: bank balances and other liquid funds in subsidiaries disposed – (227) – (227) Net cash inflow on disposal – 8,855 – 8,855 25 9 ANNUAL REPORT 2 0 2 0 / CORPORATE OVERVI EW PERFORMANCE REVI EW SUSTAINABI L ITY CORPORATE GOVERNANCE F INANCIAL REPORT