NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) F4 Associates and joint ventures (continued) Joint ventures (continued) Name of joint venture 2023 Keystone Holdings (Global) Pte. Ltd. $’000 Percentage of interest 50% Revenue 20,561 Profit/(loss) after taxationa 16,056 Other comprehensive (loss) (5,934) Total comprehensive income/(loss) 10,122 a Includes: – Depreciation and amortisation of: 11,048 – Interest expense of: 3,200 – Income tax expense of: (447) Non-current assets 495,589 Current assetsb 49,335 Non-current liabilitiesc (200,288) Current liabilitiesd (119,447) Net assets excluding goodwill 225,189 b Includes cash and cash equivalents of: 29,902 c Includes non-current financial liabilities (excluding trade and other payables and provisions) of: (200,288) d Includes current financial liabilities (excluding trade and other payables and provisions) of: (96,270) Group’s interest in net assets of investee at beginning of the year 35,169 Share of total comprehensive income/(loss) 5,061 Group’s contribution during the year 72,638 Dividends received during the year (273) Carrying amount of interest in investee at end of the year 112,595 250 ST ENGINEERING | ANNUAL REPORT 2024
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