INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SINGAPORE TECHNOLOGIES ENGINEERING LTD REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS Our Opinion In our opinion, the accompanying consolidated financial statements of Singapore Technologies Engineering Ltd (“the Company”) and its subsidiaries (“the Group”) and the statement of financial position of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (“the Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)s”) so as to give a true and fair view of the consolidated financial position of the Group and the financial position of the Company as at 31 December 2024 and of the consolidated financial performance, consolidated changes in equity and consolidated cash flows of the Group for the year ended on that date. What we have audited The financial statements of the Group and the Company comprise: • the consolidated income statement of the Group for the year ended 31 December 2024; • the consolidated statement of comprehensive income of the Group for the year then ended; • the consolidated statement of financial position of the Group as at 31 December 2024; • the consolidated statement of changes in equity of the Group for the year then ended; • the consolidated statement of cash flows of the Group for the year then ended; • the notes to the consolidated financial statements, including material accounting policy information; • the statement of financial position of the Company as at 31 December 2024; and • the notes to the statement of financial position of the Company, including material accounting policy information. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. 122 ST ENGINEERING | ANNUAL REPORT 2024
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