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 (continued) 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 2019 Percentage of interest 50% 50% 51% Revenue 22,900 49,563 27,789 Profit/(loss) after taxation a 4,042 9,446 (3,769) Other comprehensive loss (1,852) (10,662) – Total comprehensive income/(loss) 2,190 (1,216) (3,769) a Includes: – Depreciation and amortisation of: 11,324 19,059 6,515 – Interest expense of: 4,358 14,595 722 – Income tax expense of: 386 2,096 (1,557) Non-current assets 222,099 593,133 67,589 Current assets b 19,761 34,562 67,610 Non-current liabilities c (76,776) (433,556) (20,952) Current liabilities d (91,442) (113,905) (32,235) Net assets excluding goodwill 73,642 80,234 82,012 b Includes cash and cash equivalents of: 15,308 16,699 56,387 c Includes non-current financial liabilities (excluding trade and other payables and provisions) of: 76,776 433,556 20,952 d Includes current financial liabilities (excluding trade and other payables and provisions) of: 90,867 113,905 7,527 Group’s interest in net assets of investee at beginning of the year 26,000 40,725 46,539 14,479 127,743 Share of total comprehensive income/(loss) 1,095 (608) (1,922) 962 (473) Group’s contribution during the year 10,476 – – 2,597 13,073 Acquisition of subsidiary – – – 851 851 Disposal of joint ventures – – – (4,340) (4,340) Dividends received during the year (750) – – (1,100) (1,850) Carrying amount of interest in investee at end of the year 36,821 40,117 44,617 13,449 135,004 27 1 ANNUAL REPORT 2 0 2 0 / CORPORATE OVERVI EW PERFORMANCE REVI EW SUSTAINABI L ITY CORPORATE GOVERNANCE F INANCIAL REPORT