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) Joint ventures The following table summarises the information of each of the Group’s material joint ventures, adjusted for any differences with the Group’s accounting policies and reconciles the carrying amount of the Group’s interest in joint ventures and the share of profit and other comprehensive income of equity-accounted investment (net of tax). The summarised financial information is not adjusted for the percentage ownership held by the Group. Name of joint venture Keystone Holdings (Global) Pte. Ltd. Total Engine Asset Management Pte. Ltd. SPTel Pte. Ltd. Immaterial joint ventures Total $’000 $’000 $’000 $’000 $’000 2020 Percentage of interest 50% 50% 51% Revenue 26,520 103,257 23,738 Profit/(loss) after taxation a 3,924 42,660 (13,134) Other comprehensive loss (3,440) (400) – Total comprehensive income/(loss) 484 42,260 (13,134) a Includes: – Depreciation and amortisation of: 14,282 16,049 8,571 – Interest expense of: 5,435 12,965 636 – Income tax expense of: 975 3,224 (1,537) Non-current assets 204,150 266,273 91,955 Current assets b 26,796 58,615 27,872 Non-current liabilities c (95,316) (161,733) (13,173) Current liabilities d (62,879) (42,226) (37,767) Net assets excluding goodwill 72,751 120,929 68,887 b Includes cash and cash equivalents of: 21,610 36,977 17,732 c Includes non-current financial liabilities (excluding trade and other payables and provisions) of: 95,316 161,733 13,173 d Includes current financial liabilities (excluding trade and other payables and provisions) of: 62,065 42,226 7,253 Group’s interest in net assets of investee at beginning of the year 36,821 40,117 44,617 13,449 135,004 Share of total comprehensive income/(loss) 242 21,130 (6,741) 2,642 17,273 Dividends received during the year (687) (783) – (900) (2,370) Carrying amount of interest in investee at end of the year 36,376 60,464 37,876 15,191 149,907 / ST ENG I NEER I NG 270