NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) C10 Amounts due to related parties Group 2024 2023 $’000 $’000 Trade: Associates 38,258 36,228 Joint ventures 1,119 1,708 Related parties 4,758 4,069 44,135 42,005 Non-trade: Associates 449 1,300 Joint ventures* 7,018 6,863 Related parties 17 – 7,484 8,163 51,619 50,168 Payable: Within 1 year 51,619 50,168 Amounts due to related parties denominated in currencies other than the respective entities’ functional currencies as at 31 December are $4,818,000 (2023: $9,075,000) denominated in USD. * Included in the amounts due to joint ventures (non-trade) is an amount of $3,999,000 (2023: $5,572,000) placed by joint ventures with a subsidiary of the Group under a cash pooling arrangement, where the effective interest rates ranging from 2.0% to 4.4% per annum (2023: 2.9% to 5.1%) are charged on the outstanding balance. C11 Provisions Movements in provisions are as follows: Group Warranties Onerous contracts Closure costs Restoration costs Total $’000 $’000 $’000 $’000 $’000 2024 At 1 January 2024 225,823 101,733 936 48,266 376,758 Charged to profit or loss 50,787 4,988 – 566 56,341 Acquisition of subsidiary 569 120 – 300 989 Additions – – – 1,235 1,235 Utilised (48,598) (8,556) (87) (1,275) (58,516) Translation difference 894 1,157 – 129 2,180 At 31 December 2024 229,475 99,442 849 49,221 378,987 180 ST ENGINEERING | ANNUAL REPORT 2024
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