ST Engineering Annual Report 2020

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) F4 Associates and joint ventures (continued) Associates The following table summarises the information of each of the Group’s material associates, which are equity-accounted, based on their respective financial statements prepared in accordance with SFRS(I), modified for fair value adjustments on acquisitions and differences with the Group’s accounting policies. The summarised financial information is not adjusted for percentage ownership held by the Group. Name of associate Shanghai Technologies Aerospace Company Limited ST Aerospace (Guangzhou) Aviation Services Company Limited $’000 $’000 2020 Percentage of interest 49% 44% Revenue 63,827 46,502 Profit/(loss) after taxation 3,761 (8,391) Other comprehensive income/(loss) 6,267 5,461 Total comprehensive income/(loss) 10,028 (2,930) Attributable to NCI – – Attributable to investee’s shareholders 10,028 (2,930) Non-current assets 80,491 113,547 Current assets 64,415 25,698 Non-current liabilities – (20,333) Current liabilities (18,400) (12,688) Net assets 126,506 106,224 Attributable to NCI – – Attributable to investee’s shareholders 126,506 106,224 Group’s interest in net assets of investee at beginning of the year 60,377 48,027 Group’s share of: – Profit/(loss) for the year 1,843 (3,692) – Total other comprehensive income/(loss) 3,071 2,404 Total comprehensive income/(loss) 4,914 (1,288) Group’s contribution during the year – – Dividends received during the year (3,303) – Impairment of an associate during the year – – Carrying amount of interest in investee at end of the year 61,988 46,739 / ST ENG I NEER I NG 266