BALANCE SHEETS As at 31 December 2025 The accompanying accounting policies and explanatory notes form an integral part of the financial statements. Group Company Note 2025 2024 2025 2024 $’000 $’000 $’000 $’000 Non-current assets Property, plant and equipment 4 67,188 54,057 205 476 Right-to-use assets 27 46,047 23,529 236 781 Investment in subsidiaries 5 − − 319,740 251,535 Investment in an associate 121 129 − − Intangible assets 7 108,120 107,419 − − Deferred tax assets 8 7,433 7,591 627 760 Finance lease receivables 6 122 161 − − Other assets 11 23,520 3 − − 252,551 192,889 320,808 253,552 Current assets Contract assets 9 188,792 121,160 − − Inventories 10 92,768 58,722 − − Trade and other receivables 11 165,793 167,290 1,823 1,323 Finance lease receivables 6 44 51 − − Prepaid operating expenses 11,412 10,937 239 373 Amounts due from subsidiaries 5 − − 130,989 123,876 Cash and cash equivalents 12 46,177 57,401 2,244 9,455 504,986 415,561 135,295 135,027 Asset held-for-sale 28 − 24,181 − − 504,986 439,742 135,295 135,027 Total assets 757,537 632,631 456,103 388,579 Current liabilities Contract liabilities 9 31,652 85,686 − − Trade payables and accruals 13 176,265 119,480 3,444 2,560 Lease liabilities 27 10,837 10,215 289 699 Loans and borrowings 14 205,201 108,874 205,201 108,874 Amounts due to subsidiaries 5 − − 32,263 61,189 Provision for warranties 15 505 914 − − Provision for taxation 1,941 7,730 − − 426,401 332,899 241,197 173,322 Net current assets/(liabilities) 78,585 106,843 (105,902) (38,295) Non-current liabilities Deferred tax liabilities 8 6,326 6,965 − − Lease liabilities 27 44,831 14,950 7 325 Loans and borrowings 14 4,000 20,600 4,000 20,600 Other liabilities 13 445 1,189 − − 55,602 43,704 4,007 20,925 Total liabilities 482,003 376,603 245,204 194,247 Net assets 275,534 256,028 210,899 194,332 ANNUAL REPORT 2025 113
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