NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) F4 Associates and joint ventures (continued) Joint ventures The following table summarises the information of each of the Group’s material joint ventures, adjusted for any differences with the Group’s accounting policies and reconciles the carrying amount of the Group’s interest in joint ventures and the share of profit and other comprehensive income of equity-accounted investment (net of tax). The summarised financial information is not adjusted for the percentage ownership held by the Group. Name of joint venture 2024 Keystone Holdings (Global) Pte. Ltd. $’000 Percentage of interest 50% Revenue 54,842 Profit/(loss) after taxationa 4,668 Other comprehensive income 10,150 Total comprehensive income/(loss) 14,818 a Includes: – Depreciation and amortisation of: 17,841 – Interest expense of: 16,111 – Income tax expense of: 1,066 Non-current assets 498,687 Current assetsb 41,613 Non-current liabilitiesc (230,755) Current liabilitiesd (90,603) Net assets excluding goodwill 218,942 b Includes cash and cash equivalents of: 48,639 c Includes non-current financial liabilities (excluding trade and other payables and provisions) of: (230,755) d Includes current financial liabilities (excluding trade and other payables and provisions) of: (97,448) Group’s interest in net assets of investee at beginning of the year 112,595 Share of total comprehensive income/(loss) 4,829 Group’s contribution during the year 49 Dividends received during the year (8,002) Carrying amount of interest in investee at end of the year 109,471 248 ST ENGINEERING | ANNUAL REPORT 2024
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