NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) C3 Intangible assets (continued) Group Goodwill Dealer network and customer relationships Development expenditure $’000 $’000 $’000 Cost At 1 January 2023 3,147,149 1,040,137 732,194 Additions – – 75,431 Disposal of subsidiaries (307) – – Disposals – – – Reclassification – – – Translation difference (55,362) (13,278) (885) At 31 December 2023 3,091,480 1,026,859 806,740 Accumulated amortisation and impairment losses At 1 January 2023 55,795 115,840 250,963 Amortisation for the year* – 69,531 73,348 Impairment losses+ – – 10,162 Disposal of subsidiaries (307) – – Disposals – – – Reclassification – – – Translation difference (240) (1,978) (4,082) At 31 December 2023 55,248 183,393 330,391 Net book value At 31 December 2023 3,036,232 843,466 476,349 * Amortisation charge of $181,915,000 (2023: $200,575,000) is recognised in the income statement as part of: – Other operating expenses of $42,922,000 (2023: $41,776,000); and – Cost of sales of $138,993,000 (2023: $158,799,000) + During the year, the Group assessed that certain development expenditure were impaired as these intangible assets were not expected to be generating future economic benefits and impairment losses of $nil (2023: $9,336,000) and $nil (2023: $826,000) were recognised respectively in other operating expenses and cost of sales in the income statement. 170 ST ENGINEERING | ANNUAL REPORT 2024
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