Financial Instruments, Financial Risks and Capital Management (Tables)

12 Months Ended

Dec. 31, 2021

Text Block [Abstract]

Summary of financial instruments

The following table sets out the financial instruments as at the end of the reporting period:

	December 31, 2021		December 31, 2020
	S$’000		S$’000
Financial assets
Financial assets at amortized cost		426,620		119,739
Financial assets measured at fair value through profit or loss		23,983		—
		450,603		119,739
Financial liabilities
Financial liabilities at amortized cost		53,447		76,345
Lease liabilities		35,911		32,487

Summary of current risk grading framework

The Group’s current credit risk grading framework comprises the following categories:

Category	Description	Basis for recognising ECL
Performing	The counterparty has a low risk of default and does not have any past-due amounts.	12-month ECL
Doubtful	Amount is more than 90 days past due or there has been a significant increase in credit risk since initial recognition.	Lifetime ECL— not credit-impaired
In default	Amount is more than 120 days past due or there is evidence indicating the asset is credit-impaired.	Lifetime ECL— credit-impaired
Write-off	There is evidence indicating that the debtor is in severe financial difficulty and the Group has no realistic prospect of recovery.	Amount is written off

Summary of credit quality of the financial assets and credit risk rating grade

The table below details the credit quality of the Group’s financial assets (excluding cash and cash equivalents) and contract assets, as well as maximum exposure to credit risk by credit risk rating grades:

	Note		Internal credit rating	12-month or lifetime ECL	Gross carrying amount		Loss allowance		Net carrying amount
					S$’000		S$’000		S$’000
2021
Trade receivables		9	(a)	Lifetime ECL (Simplified approach)		92,561		—		92,561
Contract assets		10	(a)	Lifetime ECL (Simplified approach)		49,365		—		49,365
Other receivables		11	Performing	12-month ECL		11,596		—		11,596
								—
2020
Trade receivables		9	(a)	Lifetime ECL (Simplified approach)		36,919		—		36,919
Contract assets		10	(a)	Lifetime ECL (Simplified approach)		46,842		—		46,842
Other receivables		11	Performing	12-month ECL		12,909		—		12,909
								—

Summaey of Monetary assets and liabilities denominated in foreign currencies

The Group has operations in different jurisdictions and transacts in various foreign currencies. At the end of reporting periods, the carrying amounts of significant monetary assets and monetary liabilities denominated in currencies other than the respective Group entities’ functional currencies are as follows:

	Assets				Liabilities
	2021		2020		2021		2020
	S$’000		S$’000		S$’000		S$’000
United States Dollar		122,833		75,104		46,566		18,785

Summary of remaining contractual maturity for non-derivative financial liabilities

The following table details the remaining contractual maturity for non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. Contractual undiscounted cash flows in the table below includes both interest and principal cash flows.

	Weighted average interest rate	On demand or within 1 year		Within 2 to 3 years		Within 3 to 5 years		5 years onwards		Total contractual undiscounted cash flows		Adjustment			Carrying amount
	%	S$’000		S$’000		S$’000		S$’000		S$’000		S$’000			S$’000
December 31, 2021
Non-interest bearing	—		36,637		—		—		—		36,637		—			36,637
Variable interest rate instruments	1.7% to 3.3%		12,091		—		—		—		12,091		—			12,091
Fixed interest rate Instruments	2.5% to 4.85%		1,837		2,317		747		—		4,901		(182	)		4,719
Lease liabilities (fixed rate)	1.6% to 8.8%		15,884		19,210		3,104		—		38,198		(2,287	)		35,911
December 31, 2020
Non-interest bearing	—		36,039		—		—		—		36,039		—			36,039
Variable interest rate instruments	1.6% to 4.7%		23,736		7,463		5,051		—		36,250		(955	)		35,295
Fixed interest rate Instruments	2.5%		1,043		1,200		3,065		—		5,308		(297	)		5,011
Lease liabilities (fixed rate)	1.6% to 8.8%		15,968		14,860		4,278		69		35,175		(2,688	)		32,487