NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) C. OPERATING ASSETS AND LIABILITIES This section provides information relating to the operating assets and liabilities of the Group. The Group maintains a strong financial position and credit rating to support the Group’s strategy to maximise returns to the shareholders through efficient use of capital, taking into consideration the Group’s expenditures, growth and investment requirements. C1 Property, plant and equipment C9 Trade payables and accruals C2 Right-of-use assets C10 Amounts due to related parties C3 Intangible assets C11 Provisions C4 Amounts due from related parties C12 Deferred income C5 Inventories C13 Contract balances C6 Trade receivables C14 Financial risk management objectives and policies C7 Advances and other receivables C15 Classification and fair value of financial instruments C8 Bank balances and other liquid funds C16 Derivative financial instruments C1 Property, plant and equipment Group Freehold land*, buildings and improvements Wharves, floating docks and boats $’000 $’000 Cost At 1 January 2024 1,483,219 118,318 Additions 48,276 91 Disposals/write-off (13,851) – Acquisition of subsidiary 6,682 – Reclassifications 52,112 1,458 Translation difference 2,781 – At 31 December 2024 1,579,219 119,867 Accumulated depreciation and impairment At 1 January 2024 887,548 103,483 Depreciation charge/impairment losses 62,845 1,680 Disposals/write-off (12,572) – Reclassifications 565 – Translation difference 3,583 – At 31 December 2024 941,969 105,163 Net book value At 31 December 2024 637,250 14,704 * Freehold land is recognised at cost of $5,465,000 and is non-depreciable. ** Others comprise transportation equipment, vehicles and satellites. During the year, the Group performed an impairment assessment and recognised a write-back of impairment loss of $24,000 on certain property, plant and equipment. The recoverable amounts of these property, plant and equipment were determined based on the fair market value of the property, plant and equipment, net of selling costs. 160 ST ENGINEERING | ANNUAL REPORT 2024
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