NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) C3 Intangible assets Group Goodwill Dealer network and customer relationships Development expenditure $’000 $’000 $’000 Cost At 1 January 2024 3,091,480 1,026,859 806,740 Additions – – 58,977 Acquisition of subsidiary 19,927 8,882 – Write-off – – (4,603) Reclassification – – – Translation difference 91,805 22,142 3,616 At 31 December 2024 3,203,212 1,057,883 864,730 Accumulated amortisation and impairment losses At 1 January 2024 55,248 183,393 330,391 Amortisation for the year* – 70,441 52,096 Write-off – – – Reclassification – – – Translation difference 144 3,374 9,198 At 31 December 2024 55,392 257,208 391,685 Net book value At 31 December 2024 3,147,820 800,675 473,045 168 ST ENGINEERING | ANNUAL REPORT 2024
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