Cash and cash equivalents comprise cash balances and fixed deposits. Cash equivalents are short-term and highly liquid investments that are readily convertible to known amounts of cash and that are subject to insignificant risk of changes in value. Group 2024 2023 $’000 $’000 Cash flows from operating activities Profit before taxation 862,685 704,211 Adjustments: Share of results of associates and joint ventures, net of tax (70,986) (58,093) Share-based payment expense 31,475 27,266 Depreciation charge 355,919 340,861 Property, plant and equipment written off 2,645 2,118 Intangible assets written off 4,603 – Amortisation of other intangible assets 181,915 200,575 Amortisation of deferred income (4) (4) (Write-back)/ impairment losses of property, plant and equipment (24) 2,457 Impairment of goodwill and other intangible assets – 10,162 Impairment losses on loan to an associate 1,635 – Gain on disposal of property, plant and equipment (11,490) (14,867) Loss/(gain) on disposal of subsidiaries 59 (16,454) Loss on disposal of investment – 24,132 Gain on ineffective portion/discontinuation of cash flow hedges (2,910) (27,941) Changes in fair value of associates 1,869 5,398 Changes in fair value of investments 10,538 657 Changes in fair value of financial instruments and hedged items 27,166 1,603 Interest expense 224,459 235,829 Interest income (17,409) (13,345) Unrealised currency translation (gains)/losses (14,068) 2,063 Operating profit before working capital changes 1,588,077 1,426,628 Changes in: Inventories (109,279) (206,060) Contract assets (293,965) (148,519) Trade receivables 109,354 (437,738) Amounts due from related parties (7,417) (3,464) Advances and other receivables (247,404) (115,756) Contract liabilities 520,991 438,702 Deposits from customers (10,371) (4,978) Trade payables and accruals 313,014 338,900 Amounts due to related parties 707 913 Provisions (2,053) 40,780 Deferred income 185 (3,567) Cash generated from operations 1,861,839 1,325,841 Interest received 15,939 11,569 Income tax paid (159,721) (158,853) Net cash from operating activities 1,718,057 1,178,557 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) The accompanying notes are an integral part of the financial statements. 136 ST ENGINEERING | ANNUAL REPORT 2024
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