View - Singapore Technologies Engineering

13. STOCKS AND WORK-IN-PROGRESS14. DEBTORS, DEPOSITS AND PREPAYMENTSGROUP2000 1999$’000 $’000STOCKSStocks of equipment and spares 215,366 164,890Provision for stocks obsolescence (68,326) (60,221)147,040 104,669WORK-IN-PROGRESS IN EXCESS OF PROGRESS BILLINGSWork-in-progress 565,955 549,909Provision for foreseeable losses (24,937) (15,820)541,018 534,089Progress billings (196,522) (297,046)344,496 237,043491,536 341,712GROUPCOMPANY2000 1999 2000 1999NOTE $’000 $’000 $’000 $’000Trade debtors 18 390,758 278,991 – –Advance payments to:Suppliers 323,043 93,471 – –Related corporations 759 5,165 – –Other debtors, deposits and prepayments 19 28,671 16,512 888 704Due from:Immediate holding company (non-trade) 1,798 967 1,155 934Subsidiaries (non-trade) – – 11 1,126Related corporations 20 657,094 269,321 109,987 90,967Associated companies 21 6,575 6,704 – –Joint ventures (trade) 42 – – –1,408,740 671,131 112,041 93,731PROGRESS BILLINGS IN EXCESS OF WORK-IN-PROGRESSWork-in-progress 63,096 28,747Progress billings (134,694) (78,763)(71,598) (50,016)Movements in provision for stocks obsolescence duringthe year are as follows:Movements in provision for foreseeable losses during theyear are as follows:GROUP2000 1999$’000 $’000At beginning of the year 60,221 62,239Charge to profit and loss account 703 3,951Provision utilised (1,508) (6,119)Acquisition of subsidiary 8,736 124Translation difference 174 26At end of the year 68,326 60,221GROUP2000 1999$’000 $’000At beginning of the year 15,820 7,859Charge to profit and loss account 12,366 7,961Provision utilised (3,249) –At end of the year 24,937 15,82015. SHORT-TERM INVESTMENTS16. AMOUNTS UNDER FUND MANAGEMENTGROUP2000 1999$’000 $’000AT COSTQuoted equity investments 461 3,465Other quoted investments 24,745 –25,206 3,465MARKET VALUEQuoted equity investments 1,644 6,168Other quoted investments 24,764 –26,408 6,168GROUP2000 1999$’000 $’000Principal sum of amounts under fund management 553,766 557,984Provision for diminution in value (8,298) (11,742)545,468 546,242154 • visionnotes to the financial statements • 155