ST Engineering Annual Report 2020

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) G. OTHERS G1 Events occurring after balance sheet date G3 Impact of COVID-19 G2 Comparatives G4 New or revised accounting standards and interpretations G1 Events occurring after balance sheet date On 17 November 2020, the Group announced organisational changes that will position the Group for its next phase of growth and propel it towards its aspiration to become a global technology, defence and engineering powerhouse. Effective 1 January 2021, the Group has reorganised as Commercial and Defence & Public Security clusters, replacing the sector-structure of Aerospace, Electronics, Land Systems and Marine. G2 Comparatives The following prior year comparatives have been reclassified to conform to changes in the presentation on the current year. The reclassifications have been made to better reflect the nature of the balances. Group Reclassified Previously reported $’000 $’000 Presented in Consolidated Income Statement Cost of sales (6,222,888) (6,232,814) Gross profit 1,645,388 1,635,462 Distribution and selling expenses (263,583) (263,990) Administrative expenses (579,917) (583,600) Profit from operations 673,079 653,989 Other operating expenses (128,809) (133,883) Other income 25,303 44,393 Other income, net 19,807 38,897 Presented in Consolidated Balance Sheet Current assets Advances and other receivables 339,709 345,744 Derivative financial instruments 6,035 – Current liabilities Trade payables and accruals 1,985,521 2,012,897 Derivative financial instruments 27,376 – 27 7 ANNUAL REPORT 2 0 2 0 / CORPORATE OVERVI EW PERFORMANCE REVI EW SUSTAINABI L ITY CORPORATE GOVERNANCE F INANCIAL REPORT