NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) F4 Associates and joint ventures (continued) Associates The following table summarises the information of each of the Group’s material associates, which are equity-accounted, based on their respective financial statements prepared in accordance with SFRS(I), modified for fair value adjustments on acquisitions and differences with the Group’s accounting policies. The summarised financial information is not adjusted for percentage ownership held by the Group. Name of associate 2024 Shanghai Technologies Aerospace Company Limited ST Aerospace (Guangzhou) Aviation Services Company Limited $’000 $’000 Percentage of interest 49% 44% Revenue 95,338 176,345 Profit after taxation 15,289 34,961 Other comprehensive income 387 566 Total comprehensive income 15,676 35,527 Attributable to NCI – – Attributable to investee’s shareholders 15,676 35,527 Non-current assets 64,686 128,614 Current assets 79,602 94,209 Non-current liabilities (84) (41,601) Current liabilities (21,213) (230) Net assets 122,991 180,992 Attributable to NCI – – Attributable to investee’s shareholders 122,991 180,992 Group’s interest in net assets of investee at beginning of the year 52,585 64,004 Group’s share of: – Profit/(loss) for the year 7,491 15,383 – Total other comprehensive income/(loss) 190 249 Total comprehensive income/(loss) 7,681 15,632 Group’s contribution during the year – – Dividends received during the year – – Carrying amount of interest in investee at end of the year 60,266 79,636 Fair value changes of unquoted investments held by the Group’s Corporate Venture Capital Unit is recognised in Other income, net in the income statement. 244 ST ENGINEERING | ANNUAL REPORT 2024
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