NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) C6 Trade receivables Group 2024 2023 $’000 $’000 Gross receivables 1,524,849 1,636,614 Allowance for doubtful debts (27,080) (44,039) Trade receivables, net 1,497,769 1,592,575 Receivable: Within 1 year 1,461,259 1,581,261 After 1 year 36,510 11,314 1,497,769 1,592,575 Trade receivables denominated in currencies other than the respective entities’ functional currencies as at 31 December are as follows: • $277,024,000 (2023: $313,735,000) denominated in USD • $33,420,000 (2023: $100,199,000) denominated in EUR C7 Advances and other receivables Group 2024 2023 $’000 $’000 Deposits 15,323 15,709 Interest receivables 5,607 4,183 Finance lease receivables 5,611 10,666 Other receivables 68,546 108,282 Advance payments to suppliers 549,270 266,730 Prepayments 210,928 192,114 Housing and car loans and advances to staff 3,513 5,931 858,798 603,615 Receivable: Within 1 year 714,672 469,073 After 1 year 144,126 134,542 858,798 603,615 The Group entered into finance lease arrangements with customers with terms ranging from 5.4 years to 8.1 years (2023: 5.4 years to 8.1 years) and effective interest rates ranging from 0.97% to 3.99% (2023: 0.97% to 3.99%) per annum. 178 ST ENGINEERING | ANNUAL REPORT 2024
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