SPH Media Limited MCI (P) 002/04/2024 http://www.tamilmurasu.com.sg ����: 1935 �����: ����� �.������ 30 ஏப்ரல் 2024 • ெசவ்வாய் • 60 காசு மரினா ேப குளிரூட்டுக் கட்டைமப்பில் சன்ெடக் சிட்டி மரினா ேபயில் உள்ள ‘எஸ்பி’ குழுமத் தின் மிகப் ெபரிய அளவிலான நிலத்தடி வட்டாரக் குளிரூட்டு முைறயில் சன் ெடக் சிட்டி இைணந்துெகாள்ளவிருக் கிறது. இதன் மூலம், ஏற்ெகனேவ உலகின் அத்தைகய ஆகப் ெபரிய கட்டைமப்பு விரிவைடயவிருப்பதாக ‘எஸ்பி’ குழும மும் சன்ெடக் சிட்டியும் ஏப்ரல் 29ஆம் ேததி கூறின. ஒப்பந்தத்தின்கீழ், ‘எஸ்பி’ குழுமம், சன்ெடக் சிட்டியின் குளிரூட்டு முைற யின் ெசயல்பாட்டுக்குப் ெபாறுப்ேபற்கும். அந்தக் குளிரூட்டு முைற 2027ஆம் ஆண்டுக்குள் மரினா ேப வட்டாரக் குளிரூட்டு கட்டைமப்புடன் ஒருங் கிைணக்கப்படும். ஒேர ஒரு ைமயப்படுத்தப்பட்ட குளிரூட்டுச் சாதனத்ைதக் ெகாண் டுள்ள சன்ெடக் சிட்டியின் குளிரூட்டு முைற, அதன் ஐந்து அலுவலகக் கட்ட டங்கள், சில்லைறப் ேபரங்காடி, மாநாட்டு மண்டபம் ஆகியவற்றுக்குக் குளிரூட்டுச் ேசைவகைள வழங்குகிறது. சன்ெடக் சிட்டி உட்பட, ெசயல்பாட்டில் உள்ள தற்ேபாைதய ஒட்டுெமாத்தக் குளிரூட்டு ஆற்றல் 203,000 ‘ெரஃப்ரிெஜ ரன்ட் டன்’ அளவில் இருக்கும். சிங்கப் பூரில் வட்டாரக் குளிரூட்டுத் தீர்வுகளுக் கான ஆகப் ெபரிய ேசைவ நிறுவனமாக ‘எஸ்பி’ குழுமம் திகழும். வட்டாரக் குளிரூட்டுக் கட்டைமப்பு, ைமயப்படுத்தப்பட்ட குளிரூட்டுச் சாதனங்கைளப் பயன்படுத்தி, கட்டடங் களின் குளிரூட்டுத் ேதைவகைளப் பூர்த்திெசய்கிறது. இதனால் கட்டைமப் பின் உறுப்பினர்கள் தங்கள் ெசாந்தச் சாதனங்கைள வாங்குவதற்கான ேதைவ இருக்காது. குளிரூட்டு வசதிையப் பகிர்ந்துெகாள் வதாலும், எரிசக்திப் பயனீட்ைடச் சாத கமாகப் பயன்படுத்திக்ெகாள்வதாலும், உறுப்பினர்கள் கரிம ெவளிேயற்றத்ைதக் குைறக்கலாம்; ெசலவுகைள மிச்சப்படுத் தலாம்.

TUESDAY, OCTOBER 29, 2013 MONEY B11 One man demonstrated ‘outstanding leadership’ in searching for solutions to the energy sector’s manpower challenges, while an organisation made a sustained effort in promoting energy awareness among youth. Another organisation received special mention for rallying youth around energy causes. The Straits Times speaks to the inaugural winners of the Singapore Energy Award, which honours those who have made transformational changes in the energy sector, and finds out what fuels their passion. Energy Matters A series brought to you by the Energy Market Authority Powered by pure passion SINGAPORE Power’s (SP) senior adviser Quek Poh Huat lays the ground rules at the start of the interview. “This isn’t about me, okay? The Singapore Energy Award belongs to the company. I was just fortunate to be here to oversee all this,” says the 67-year-old, ironically also the inaugural winner of the Individual category of this year’s awards. Mr Quek was appointed a director of SP Ltd in 2001 and became the group chief executive of SP from May 2004. He stepped down in January last year but is still on the frontline of addressing the sector’s manpower crisis. He recently chaired the Power Sector Manpower Taskforce (PSMT) to develop recommendations for building manpower capabilities for Singapore’s power sector. The challenges it highlighted included the ageing technical workforce and the difficulty of attracting and retaining younger Singaporeans (see previous story). “At Singapore Power (SP), the average age of our workers is 43. And as the workforce ages, we need them to be replaced. We also want to ensure know-how is transferred,” he said. “Working in the power sector is not seen as easy. People think that they will have to deal with harsh working conditions – having to be in substations and being on the ground. “But these conditions aren’t always harsh. We also need to make people understand the opportunities.” Mr Quek is no stranger to challenging situations. When SP introduced integrated billing for power, water and waste removal over 2000 and 2001, a computer glitch meant some households did not receive a bill for a year, then got them all at once. “It took 12 months to correct the faults,” he recalls. “We had to work out instalment schemes. I even went to Parliament to explain to the MPs how to trickle down the information to their concerned constituents.” Mr Quek was also under heat when, in 2004, the country experienced two outages. The first, in April, lasted 59 minutes and knocked out electricity supply to about 80,000 homes. The second, in June, left 30 per cent of the island in the dark for close to two hours. “Since then, most of the outages have been minor. Touch wood!” he says. Despite being in the sector just nine years, Mr Quek’s list of contributions to it is long. Under his watch, SP has become one of the largest energy utility companies in the Asia Pacific with revenues of $8.97 billion in financial year 2012/2013. He has also been developing capabilities within the industry and addressing the sector’s talent crunch through a variety of measures, including cultivating a close relationship with the unions. His efforts earned him the NTUC May Day Award – Medal of Commendation (Gold) in May last year. Mr RKS Nachiappan, general-secretary of the Union of Power & Gas Employees, says Mr Quek put in place more frequent meetings – both formal and casual – to understand the challenges and issues. “He has a real soft spot for the low-income group, and knows training is the best way to help make their lives better,” Mr Nachiappan adds. In 2010, Mr Quek was heavily involved in implementing an industry-wide Work Skills Qualification (WSQ) System and even before re-employment of older workers was legislated, SP put such a scheme in place. Mr Quek also lent his support to bond-free scholarships for power workers and mooted the idea of the Singapore Power Heartware Fund to help the needy elderly in our community. “The three most important ENERGY WARRIORS Singapore Power’s senior adviser Quek Poh Huat with a mural of the Singapore night skyline behind him at the SP offices. The 67-year-old is the inaugural winner of the Individual category of the Singapore Energy Award. PHOTO: EDWARD TEO FOR THE STRAITS TIMES things in my life are family, friends and faith. I follow that when dealing with the union, staff, new recruits and retirees. We are a family, Singapore Power,” Mr Quek says. Now retired, Mr Quek’s focus will be on the Singapore Power Training Institute (SPTI). It currently conducts about 200 training sessions under 70 programmes annually covering areas such as electricity and gas network operations, business continuity management, and safety and power quality. His plan is to retain the expertise present in the industry by inviting retired power workers back to teach. He also sees room for Singapore to share what it knows with the region. “Singapore has invested so much and learnt hard lessons developing its know-how. This can A LOVE for Lego was what drew 22-year-old Rochelle Hung to the National University of Singapore’s student organisation Energy Carta. Earlier this year, Energy Carta organised an event called Changing the Game, which visualised energy usage through the use of Lego bricks. Ms Hung, a major in Project and Facility Management at NUS’ School of Design and Environment (SDE), heard about it through a department e-mail blast. A long-time lover of Lego, she signed up. “I was determined to understand more about the energy field, especially sustainability, and be able to plan the future that I want to be in, that is, one with smart and sustainable buildings,” she recalls. Ms Hung eventually became one of the student leaders of Energy Carta, which has earned a Special Mention Award in the Organisation category of the inaugural Singapore Energy Award. Energy Carta, which draws part of its name from the ancient historical document Magna Carta, or Latin for “great charter”, was founded by 30-year-old NUS alumnus Yujun Chean in 2008. The then final-year engineering student had been working with a Silicon Valley start-up and attending classes at Stanford University under a year-long NUS student programme, when he saw former US vice-president Al Gore deliver a landmark speech ahead of the screening of his documentary An Inconvenient Truth. Separately, he also attended a conference by a now-defunct Stanford organisation that convinced him students could make a difference. Back at NUS, it dawned on him that he could do something similar. “I penned down names of prominent individuals within the be packaged and exported,” he says. Also a priority is to ensure that Singapore continues “keeping the lights on”. Singaporeans experience an average of just 25 seconds of outage a year. “And there is just a 0.01 per cent chance of a blackout. That’s the best in the world,” he says, beaming. It is a long way to have come for a man who remembers running through back lanes barefoot, electric trams in Orchard Road and calling it a night when daylight ended. “The next 20 years will also be dramatically different from how it is now,” he said, adding that the priority is finding the people who can keep things humming while also handling areas like electric cars and smart grids. “We cannot afford to fail.” Senoko is on the cutting edge of various energy innovations, including adopting and testing electric vehicles. PHOTO: ELECTRIC VEHICLE TASKFORCE Undergrads’ ‘great charter’ for environment Youth organisation Energy Carta, founded by NUS alumnus Yujun Chean (front row, left) in 2008, is one of the three inaugural winners of the Singapore Energy Award. Energy Carta has raised more than $170,000 in sponsorships from corporations such as PowerSeraya, Chevron, Sembcorp, Singapore Airlines and UOL. PHOTO: YUJUN CHEAN, ENERGY CARTA clean-tech world,” he recalls. “I also tried to get my friends excited about creating a student-run conference as a final year project.” In the end, an event he thought would simply allow him to “leave school with a bang” ended up having a much greater impact. First, Professor Chou Siaw Kiang, executive director of the NUS Energy Studies Institute, encouraged him not to set up the organisation as a Stanford offshoot but as an independent Singapore-rooted organisation. Then, the Economic Development Board (EDB) threw in its support and the Energy Market Authority (EMA) agreed to make Energy Carta its youth partner at the inaugural Singapore International Energy Week in 2008. “This gave us a lot of credibility when we were pitching for support, speakers and funding, and accelerated our growth curve,” says Mr Chean. What resulted was the Asian Youth Energy Summit in 2008, which became the largest student-led energy conference in Singapore, attracting over 500 participants and featuring 30 industry speakers. The following year, Energy Carta added the Chevron Case Challenge, where 97 teams vied to develop the best 20-year energy plan for a fictional city. A year later, the winner of the Singapore round of the Cleantech Open Global Ideas Competition was flown to the United States for the global leg of the competition. Energy Carta has raised more than $170,000 in sponsorships from corporations such as PowerSeraya, Chevron, Sembcorp, Singapore Airlines and UOL. “These funds have enabled us to organise large-scale events, reaching well over a thousand participants,” says Mr Chean. “The belief is that while most people may not be intrinsically keen to solve climate change, they may indirectly do so by building a career in the sector, and Energy Carta aims to get them started on that path,” he explains. Senoko’s activities to engage the young IT IS a Saturday but one of Senoko Energy’s vice-presidents is at Woodgrove Secondary School helping staff to develop an education module for next year and exploring how the school can become more energy-efficient. Woodgrove Secondary is one of 18 schools that has been adopted by Singapore’s largest power generation company as part of the NEA Corporate and School Partnership Programme (Casp). Senoko offers the schools training attachments, plant tours and project sponsorship among other things, and Mr Kwong Kok Chan has made it his personal mission to work with them. “When I first started in 2004, I saw it as just part of my job. Now I can’t differentiate between work and personal interest,” says the 60-year-old, an engineering graduate from the University of Malaya. “The students treat me like an uncle, and I’ve also learnt from the way they see things. One Admiralty student even challenged me, asking why Singapore didn’t harness electricity from lightning. I had no idea what to say!” It is people like Mr Kwong that Senoko Energy president and chief executive officer Brendan Wauters credit for the company’s win in the Organisation category of the inaugural Singapore Energy Awards. “The award reflects the continued and consistent efforts we have put in over the past decade,” he says. “A lot of people like Mr Kwong are instrumental to what we have done. Mr Kwong loves to interact with students and their teachers. His passion is infectious.” But Casp is only one of many community outreach activities undertaken by Senoko, the only power generation company located in the north of Singapore. “Being in the north, we are closer to residential areas, so it important that we have a relationship with our neighbouring communities,” explains Mr Wauters. Senoko has also partnered with the PUB to adopt Sungei Sembawang and help make young people aware of the need for water conservation. In 2012, the company launched the Senoko Sustainability Challenge, which challenged students from primary schools to junior colleges to come up with solutions to environmental problems. “It aims to create awareness of the importance of sustainability in general and climate change in particular among the younger generation, who are ultimately the ones who can impact future outcomes the most,” says Mr Wauters. A total of 120 teams from 52 schools participated this year. Senoko, which started in 1975, has, through the years, delivered several firsts. In 1991, it became the first power generation company to import natural gas into Singapore from Malaysia. It was a landmark moment, representing the nation’s first step away from liquid fuel. Senoko was also the first to use combined cycle gas turbine (CCGT) technology in 1995. Being able to fire with either natural gas or fuel oil or a mix of both translated into about 10 per cent in energy efficiency gains and cleaner emissions. Senoko was also the first company to take the 3R principles of reduce, reuse and recycle to a new level: Its “repowering” approach so far has resulted in a more than 40 per cent drop in carbon intensity over 1990 levels. Senoko is still on the cutting edge of other innovations, including adopting and testing electric vehicles. “Power companies are often seen as part of the problem in terms of the environment, but in Singapore, we can say we have become part of the solution,” says Mr Wauters.

PENGAGIHAN PELITUP MUKA: Cik Mary Ellamah Abishagam (depan), Penolong Pentadbiran Kanan Singapore Power, sedang membungkus Kit Persediaan dengan Encik Mohamed Amin Mohamed (bersongkok putih), Penolong Pentadbiran Singapore Power, di institut latihan Singapore Power. – Foto THE STRAITS TIMES Setiap rumah diberi tiga pelitup percuma Program galak sedia keperluan masa kecemasan �JULIANA SHARMINE RIDUAN jriduan@sph.com.sg SEMUA rumah di Singapura akan mendapat tiga pelitup muka percuma sebagai usaha menyedarkan mereka agar menyediakan keperluan asas bagi menghadapi kecemasan Pelitup itu akan diagih kepada 1.2 juta rumah, termasuk rumah privet, dari hari ini hingga 12 Mei di bawah satu program Kit Persediaan baru. Program itu satu kerjasama antara Temasek Cares dengan Singapore Power dan disokong oleh Singapore Post dan syarikat 3M. Ia diharap menggalak semua rumah menyediakan keperluan seperti ubat-ubatan, radio dan lampu suluh bagi masa kecemasan. Program itu sebahagian daripada inisiatif Stay Prepared yang dilancarkan Mac lalu bagi menggalak individu dan keluarga di Singapura sentiasa bersedia bagi sebarang kecemasan seperti penularan wabak dan jerebu. Daripada $40 juta dana yang diperuntukkan bagi inisiatif itu, $4 juta disalurkan kepada program Kit Persediaan. Pengerusi Temasek Cares, Encik Richard Magnus, berkata bahawa tunggak kedua di bawah inisiatif Stay Prepared itu merupakan satu galakan kepada masyarakat agar mengambil tindakan segera dan supaya mereka lebih yakin dan tidak kelam-kabut semasa menghadapi kecemasan. Setiap Kit Persediaan dilengkapi tiga pelitup muka 3M N95 dan arahan menggunakannya dalam bahasa Inggeris, Cina, Melayu dan Tamil. Kakitangan Singapore Power dan Singapore Post menggembleng tenaga mengagihkan kit-kit tersebut, termasuk sebanyak 90,000 kepada rumah privet berhalaman dan 17,000 kepada 144 rumah kebajikan. Menurut pengerusi Singapore Power, Tan Sri Mohd Hassan Marican, 300 sukarelawan daripada Singapore Power terlibat dalam program tersebut. Antara mereka ialah Encik Hairis Shamshi Hori, seorang inspektor bacaan meter berusia 50 tahun. “Untuk keluarga saya sendiri, kami sudah mempunyai bilangan pelitup muka yang cukup. Kami juga sudah bersiap sedia dengan kit pertolongan kecemasan, bateri ganti, lampu suluh dan ubat-ubatan,” kata Encik Hairis. Singapore Power bekerjasama dengan Temasek Cares sejajar dengan matlamatnya ingin masyarakat umum bersiap sedia bagi sebarang ancaman. “Harapan kami ialah pada jangka panjang ibu bapa dapat menggalak anak-anak supaya bersedia menghadapi sebarang kemungkinan,” tambah Tan Sri Mohd Hassan. Orang ramai boleh menghubungi nombor telefon 1800-738-2000 antara 8 pagi dengan 8 malam sekiranya mempunyai sebarang pertanyaan. � Penulis seorang wartawan pelatih.

S$1.20 A SINGAPORE PRESS HOLDINGS PUBLICATION | businesstimes.com.sg | fb.com/thebusinesstimes | @BusinessTimes | CO REGN NO 198402868E | MCI (P) 037/12/2016 Tuesday, June 27, 2017 STAVING OFF CYBERATTACKS Cost of data breach down 10% globally, says study TOP STORIES/ 2 BEYOND BITCOINS Cryptocurrencies: A BT Infographics insight TOP STORIES/ 2 LEE FAMILY DISPUTE Indranee Rajah sees 4 options for 38, Oxley Road TOP STORIES/ 6 TAKING ON THE BIG PLAYERS Local beauty brands take on the world SME/ 26 MARKETS Monday Change STI Closed – KL COMP Closed – NIKKEI 225 20,153.35 +20.68 HANG SENG 25,871.89 +201.84 SHENZHEN B 1,144.59 +12.48 DOW (11.45am EDT) 21,444.08 +49.32 ❚❚ DAILY DIGEST Royal Dutch Shell aims to be a leader in clean energy and sees an opportunity in using its global presence and established brand to scale up the new energies business quickly as and when. TOP STORIES / 4 Keppel Land China and Alpha Investment Partners have tied up with a co-investor to acquire an office and retail mixed-used development, SOHO Hongkou in Shanghai, China, for some US$525 million. COMPANIES & MARKETS / 8 Newly qualified New Zealand carpenters are commanding six-figure salaries and construction costs have risen by half in under three years, symptoms of an unprecedented building boom straining the nation’s much-envied economy. REAL ESTATE / 11 A hastily-assembled group of investors looks set to win the bid for Toshiba Corp’s prized memory chip business, but a lack of clear leadership or industry clout is raising questions about who will take tough decisions about strategy and investment. TECHNOLOGY / 16 Activist investor Daniel Loeb’s Third Point LLC on Sunday unveiled a stake of more than one per cent in Nestle SA and urged the world’s largest packaged foods maker to improve its margins, buy back stock and shed non-core businesses. GOVT & ECONOMY / 20 Takata Corp filed for bankruptcy protection in the biggest postwar Japanese corporate failure in the manufacturing industry, as the 84-year-old company buckled under liabilities from millions of recalled air bags that have been linked to more than a dozen deaths. TRANSPORT / 21 Disruption looms for property sector as technology investments mount US$6b in venture capital pumped into “proptech” since 2011; 2017 proptech financing expected to hit US$3b By Lee Meixian leemx@sph.com.sg @LeeMeixianBT By Andrea Soh sandrea@sph.com.sg @AndreaSohBT Singapore REAL ESTATE has been a spectator to technology disruption for years, but all that could be changing as the traditionally tech-laggard sector moves into the epicentre of a technology revolution. Some say it is a new generation of managers and executives, digital natives themselves, who are driving the change. Regardless, a new term has been coined to describe this phenomenon: “proptech” – the real estate version of “fintech”. This leveraging of technology to improve property services ranges from an increased use of big data to the introduction of a distributed database such as blockchain technology, to even inventions such as robot receptionists. At a recent proptech panel discussion hosted at the Tech in Asia Singapore conference, JLL Asia Pacific CEO Anthony Couse said: “The next five years is critical to anyone in the real estate sector, whether you are a service provider, or in the world of developing or investing in real estate.” Singapore Disruptproperty.com lists about 33 proptech companies in Singapore, ranging from property search engines, to asset management companies, crowdfunding websites, smart building firms, market research companies, augmented reality service providers and video analytics solution providers to track human traffic in retail malls. According to CB Insights, a venture capital database, the volume of proptech financing globally has been on a steady increase, rising 36 per cent year on year to US$2.7 billion in 2016, and projected to increase another 10 per cent in 2017 to US$3 billion. Of the approximately US$6 billion in venture capital that has been invested in proptech since 2011, about 70 per cent was in the last two years. Those in the industry see opportunities for more investment in the sector. In an interview with The Business Times, Robert Courteau, CEO of Altus Group, a software and data company for real estate, said: “What’s fascinating to me is how little has been spent on technology in this industry when I look at the spectrum of things that AS WAVE after wave of disruption buffets the power sector, grid operator SP Group is taking steps to turn itself into the industry’s “Uber”: In time to come, it sees itself providing a platform that matches the supply and demand of power, especially as power generation becomes a fragmented and distributed business. At the heart of this transformation is the desire to stay relevant to the Singapore consumer, particularly as the progressive liberalisation of Singapore’s electricity market will lead to a fully open market by mid-2018. SP Group – formerly known as Singapore Power Ltd – owns and operates electricity and gas transmission networks in Singapore and Australia. The group, fully-owned by Temasek Holdings, made S$923.5 million in net profit last year, on revenue of S$3.9 billion. In an interview with The Business Times, group chief executive Wong Kim Yin said that while every industry is being disrupted, the power market is undergoing multiple dimensions of such changes. Besides digital transformations, the industry also has had to face rapid technological advances in renewables and battery storage. “For the longest time, you cannot store electricity, or rather you cannot store it cheaply or efficiently. But increasingly that is changing,” he said. “And the moment you can store power, it changes how power will be delivered or consumed.” On top of these, consumers are now demanding sustainability. In order to stay true to its mission of enhancing the quality of life for Singaporeans, the group therefore SP Group poised to transform into ‘power sector’s Uber’ CEO says the moment electricity can be stored, it changes how power will be delivered or consumed Growing investor interest 2013 to Q1 2017 ■ Disclosed funding (US$ million) Deals 114 $451 186 $1,159 250 $1,991 2013 2014 2015 2016 2017 has to start building capabilities that will allow for the types of life Singaporeans may want to lead in 30 years, said Mr Wong. To do so, the group has adopted a three-pronged strategy: to be exposed to the latest technologies and ideas in the industry; to test promising ideas, and to have the capability to handle proven technologies. Under the first prong, the group in January this year partnered seven other utilities around the world to launch a global accelerator programme. Called Free Electrons, the programme supports startups developing solutions in areas such as clean energy, energy efficiency and mobility, digitisation, and on-demand customer services. SP Group has also put money in funds, including the Europe-based Environmental Technologies Fund which invests in clean technologies and greentech sectors. “By getting involved in these, we get exposed to all the ideas that people have come up 277 $2,698 247 (Full year projection) $2,973 (Full year projection) 61 $733 Source: CB Insights are important to real estate – from funding, to joint-venture development, to partnerships, to construction planning, to cost monitoring, to leasing, to the crowdsourcing of data, to liquidity, to things like daily valuation . . . If you go across that spectrum, every one of those has an opportunity for improvement in real estate.” Increasingly, he noted that there are venture capital companies that are solely focused on funding proptech startups. “Three years ago, there was no such thing. Now you have venture capital firms whose focus is all on real estate, and I think we will see more of that.” One major theme of fintech that has migrated to proptech is the use of blockchain. There are two main uses of it in the property sector. The first allows for the decentralising of transactions and removing of middlemen such as brokers, land title offices, and conveyance law firms. with,” Mr Wong explained. “We also have the opportunity to work with the entrepreneurs and to invest into them if those are things relevant to us.” A technology of interest to SP Group is blockchain, a decentralised and distributed digital ledger used to record data across many computers. This will be useful in the future energy world – one that is expected to be more distributed in nature with consumers also having the means to Property information such as ownership details, addresses, maintenance and repair history, et cetera, is recorded on the immutable digital ledger, such that home buyers and sellers can enter into “smart contracts” – digital contracts that automate the offline functions presently handled by agents, lawyers and banks. This also makes transactions cheaper and quicker. But Mr Couse said that for this to fully work, it requires the buy-in of the government. The “holy grail” of transacting online is to find a solution that will allow an end-to-end transaction with no break in the process. “If we can crack that and convince governments to completely digitise titles and ownership, then we can have end-to-end transactions and that’s really the end of the agent. “But just like fintech hasn’t removed the traditional banker, this hasn’t really happened. It’s still early days in the property sector, but the manual aspect of real estate is really going to go with automation.” There are early attempts to implement this in Singapore. For instance, peer-to-peer real estate start-up Averspace has launched blockchain-enabled house rentals on its mobile app. Continued on Page 2 SP Group chief executive Wong Kim Yin: “For the longest time, you cannot store electricity, or rather you cannot store it cheaply or efficiently. But increasingly that is changing.” PHOTO: KELVIN CHNG generate power using renewables or batteries, said Mr Wong. “Blockchain could potentially be a solution that will enable that distributed transaction to be done between someone who owns a battery and someone who owns a solar panel or even demand management...” Continued on Page 4 ☛ Shell aims to ride branding, global clout in clean energy race, Page 4 ☛ Electric vehicles compel change in grid operators and oil firms, Pg 4

About SP GroupBoard of DirectorsExecutive Leadership TeamAwards & AffiliationsAnnual ReportsSustainability Executive Leadership Team At the helm of Group is a highly experienced team, responsible for steering the growth and development of SP as a leading utilities group in Asia Pacific, that enables a low-carbon, smart energy future.

Utility Bill Avg_With Gas Utility Bill Average ($) for households with gas Premises Types Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 HDB 1-Room 77.04 73.76 80.08 82.78 87.43 83.34 86.23 82.42 81.64 83.97 78.63 77.93 HDB 2-Room 89.30 85.50 92.72 97.00 100.66 97.91 99.45 95.00 93.57 97.93 90.47 90.07 HDB 3-Room 112.98 109.85 119.73 124.51 129.34 124.22 126.71 122.50 121.04 124.31 116.58 115.44 HDB 4-Room 135.07 130.30 142.95 148.52 154.60 149.22 151.99 147.59 145.21 150.28 139.53 138.26 HDB 5-Room 144.01 139.05 152.34 157.84 164.50 159.46 162.46 157.97 155.35 160.85 149.14 146.83 HDB Executive 159.60 154.76 169.93 174.70 182.36 177.32 179.80 175.34 171.18 178.17 164.07 162.41 Apartment 158.33 158.04 175.68 183.56 189.46 182.17 184.14 182.73 180.50 187.96 176.05 165.34 Terrace 267.59 261.56 279.64 288.94 301.97 291.01 298.11 292.67 293.17 295.21 285.78 275.95 Semi-Detached 332.11 329.24 351.85 364.56 382.10 371.24 376.26 370.72 362.56 376.52 353.09 342.58 Bungalow 621.11 635.40 675.97 699.68 725.88 709.75 708.95 728.77 693.44 732.73 682.55 680.55 Note: The figures exclude electricity charges for PAYU customers and customers who are not purchasing electricity at the regulated tariff. Utility Bill Avg_WO Gas Utility Bill Average ($) for households without gas Premises Types Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 HDB 1-Room 67.47 64.90 70.52 74.13 78.40 75.61 77.97 73.97 73.36 75.72 70.53 69.56 HDB 2-Room 80.06 76.74 83.39 87.87 91.84 89.70 91.17 86.56 85.41 89.23 82.47 81.75 HDB 3-Room 100.23 97.68 106.96 112.09 116.92 112.61 114.89 110.33 109.14 112.40 105.15 103.85 HDB 4-Room 119.36 114.92 126.86 133.11 139.31 134.99 137.35 132.51 130.31 135.32 125.42 124.11 HDB 5-Room 126.62 121.76 134.46 140.89 147.54 143.70 146.23 141.18 138.68 144.16 133.40 131.27 HDB Executive 140.97 136.47 150.92 156.71 164.42 160.31 162.51 157.57 153.76 160.51 147.39 145.83 Apartment 135.55 134.92 152.04 161.94 168.66 163.45 164.54 161.05 158.14 166.34 155.85 144.88 Terrace 240.95 235.09 253.19 263.33 276.05 267.47 273.88 266.42 265.98 269.32 259.90 252.25 Semi-Detached 301.32 299.32 321.27 335.61 352.45 342.67 347.15 340.35 333.46 344.79 323.43 314.80 Bungalow 573.47 585.41 625.30 651.42 679.81 663.52 665.92 680.97 644.28 684.59 638.58 634.59 Note: The figures exclude electricity charges for PAYU customers and customers who are not purchasing electricity at the regulated tariff.

The Business Times | Wednesday, June 19, 2024 | COMPANIES & MARKETS SP Group to design district cooling, heating system for Chengdu development By Hykel Quek hykelquek@sph.com.sg 5 SP GROUP announced on Tuesday (Jun 18) that it secured a bid to design, build, develop and operate a district cooling and heating system for the new International Sports Park City in Chengdu, China. The utilities group is expected to invest more than 200 million yuan (S$37.3 million) in the sustainable energy project under a 19- year service contract. The cooling and heating system, which will also be owned by SP Group, will begin its operations in 2025. International Sports Park City – an integrated development located in Chengdu’s Wuhou District – will benefit from greater energy efficiency of more than 30 per cent for cooling and more than 50 per cent for heating, SP Group said. This represents annual energy savings of 2,900 megawatt hours, and an abatement of 1,700 tonnes in carbon emissions. The project, with a cooling capacity of 9,800 refrigeration tonnes, will be SP Group’s largest district cooling system in Chengdu. “China’s commercial and industrial boom, coupled with greater sustainability ambitions, has resulted in a higher demand for clean energy and digital solutions that can contribute towards China’s urban transformation and decarbonisation goals,” said Michael Zhong, SP Group China managing director. The integrated development, International Sports Park City – an integrated development located in Chengdu’s Wuhou District – will benefit from greater energy efficiency of more than 30 per cent for cooling and more than 50 per cent for heating, says SP Group. PHOTO: SP GROUP which will span 278,000 square metres, is an addition to the utilities group’s expanding portfolio of district cooling and energy management projects in China. It already secured similar projects, including Raffles City Chongqing and Guangzhou Knowledge Tower, as well as “pioneered the concept of a cooling microgrid in China” at Chengdu’s Wuhou International Urban Design Centre, said the company. It also won the contract to upgrade the district cooling system in Shudu Center in Q3 2023. SP Group is the largest district cooling project operator in Southeast Asia and currently operates the world’s largest underground district cooling system located in Marina Bay, Singapore.

ANNUAL REPORT TABLE OF CONTENTS Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2022 Table of Contents Directors’ statement 1 Independent Auditor’s Report Balance sheets 7 10 Income statements 11 Statements of comprehensive income 12 Statements of changes in equity 13 Consolidated statement of cash flows 16 Notes to the financial statements 18 1 Domicile and activities 18 2 Basis of preparation 18 2.1 Statement of compliance 18 2.2 Basis of measurement 18 2.3 Functional and presentation currency 18 2.4 Use of estimates and judgements 19 2.5 Changes in accounting policies 20 3 Significant accounting policies 21 3.1 Basis of consolidation 21 3.2 Foreign currencies 23 3.3 Property, plant and equipment 24 3.4 Intangible assets 25 3.5 Investment property under development 26 3.6 Financial instruments 27 3.7 Impairment 32 3.8 Inventories 34 3.9 Accrued revenue 34 3.10 Contract balances 34 3.11 Employee benefits 34 3.12 Provisions 35 3.13 Government grant 35 3.14 Deferred construction cost compensation 35 3.15 Deferred income 36 3.16 Regulatory deferral account (“RDA”) debit or credit balances 36 Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2022 Table of Contents 3.17 Price regulation and licence 36 3.18 Revenue recognition 37 3.19 Leases 38 3.20 Finance income and costs 40 3.21 Tax expense 40 3.22 Segment reporting 41 3.23 New standards and interpretations not yet adopted 41 4 Property, plant and equipment 42 5 Right-of-use assets / Lease liabilities 44 6 Intangible assets 46 7 Investment property under development 48 8 Subsidiaries 48 9 Associates and joint ventures 50 10 Other non-current assets 54 11 Deferred taxation 56 12 Derivative assets and liabilities 58 13 Investments in debt and equity securities 64 14 Inventories 64 15 Trade and other receivables 65 15a Trade receivables 65 15b Other receivables, deposits and prepayments 67 15c Balances with subsidiaries, associate and joint venture (non-trade) 68 16 Cash and cash equivalents 68 17 Regulatory deferral accounts 69 18 Share capital 71 19 Reserves 71 20 Debt obligations 73 21 Other non-current liabilities 75 21a Deferred income 75 21b Deferred construction cost compensation 76 21c Provisions 76 22 Trade and other payables 77 22a Other payables and accruals 77 23 Revenue 78 Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2022 Table of Contents 24 Other income 25 Finance income 26 Finance costs 27 Tax expense 28 Profit for the year 29 Related parties 30 Operating segments 31 Financial risk management 32 Fair values 33 Commitments 34 Dividends 79 79 80 81 82 83 84 87 97 100 101 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2022 1 Directors’ statement We are pleased to submit this annual report to the member of Singapore Power Limited (the “Company”) together with the audited financial statements for the financial year ended 31 March 2022. Opinion of the Directors In our opinion, (a) (b) the financial statements are drawn up so as to give a true and fair view of the financial position of the Company and its subsidiaries (the “Group”) as at 31 March 2022 and the financial performance, changes in equity and cash flows of the Group and of the financial performance and changes in equity of the Company for the year ended on that date in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”); and at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due. Directors The directors in office at the date of this statement are as follows: Tan Sri Mohd Hassan Marican Ms Leong Wai Leng Mr Ong Yew Huat Mr Timothy Chia Chee Ming Mr Ng Kwan Meng Ms Goh Swee Chen Mr Lee Kim Shin Prof Yaacob Bin Ibrahim (appointed on 1 September 2021) Mr Stanley Huang Tian Guan Directors’ interests According to the register kept by the Company for the purposes of Section 164 of the Act, particulars of interests of directors who held office at the end of the financial year (including those held by their spouses and infant children) in shares, debentures, warrants and share options in the Company and in related corporations are as follows: Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2022 2 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year / date of appointment Holdings at end of the year Tan Sri Mohd Hassan Marican Singapore Airlines Limited - 3.13% Notes due 2026 CapitaLand Treasury Limited - 4.076% Notes due 20 September 2022 Sembcorp Marine Ltd # CapitaLand Integrated Commercial Trust – units Mapletree Commercial Trust – units S$250,000 USD200,000 – – – S$250,000 USD200,000 9,694,126 1 41,976 62,653 Ms Leong Wai Leng CapitaLand Limited CapitaLand Investment Limited CapitaLand Integrated Commercial Trust – units Mapletree Commercial Trust – units Mapletree Commercial Trust - 3.11% Notes due 24 August 2026 Mapletree Industrial Trust – units Mapletree Real Estate Advisors Pte. Ltd. – units - Great Cities Logistics (US) Trust - Great Cities Logistics (Europe) Trust - Mapletree Global Student Accommodation Pte Trust - USD – Class A units - GBP – Class B units 40,000 – 689,700 39,057 S$250,000 –* 40,000* 695,886* 39,057 S$250,000 450 500 371 371 371 371 1,685 1,685 1,685 1,685 Mapletree Treasury Services Limited - 3.58% Bonds due 2029 - 3.15% Notes due 3 September 2031 S$250,000 S$250,000 S$250,000 S$250,000 1 The shares are held in the name of Credit Suisse AG Singapore Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2022 3 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year / date of appointment Holdings at end of the year Singapore Airlines Limited 9,800 9,800 Singapore Airlines Limited - Mandatory Convertible Bonds SIA MCBZ300608 - SIA MCBZ 2021 Singapore Airlines Limited - 3.145% Notes due 8 April 2021 - 3.16% Notes due 2023 Singapore Technologies Engineering Ltd Singapore Technologies Telemedia Pte Ltd - 4.05% Notes due 2 December 2025 - STT GDC 3.13% Bonds due 28 July 2028 Singapore Telecommunications Limited StarHub Limited Altrium Private Equity Fund I GP Limited - Interest as limited partner in the Altrium PE Fund I F&F L.P. Fund Altrium Private Equity Fund II GP Limited - Interest as limited partner in the Altrium PE Fund II F&F L.P. Fund Vertex Master Fund II (GP) Pte. Ltd. - Interest as limited partner in Vertex Master Fund II Ascendas Real Estate Investment Trust - 2.47% Notes due 10 August 2023 2 Astrea IV Pte. Ltd. - 4.35% Class-A1 Secured Bonds due 14 June 2028 - 6.75% Class-B Secured Bonds due 14 June 2028 Astrea V Pte. Ltd. - 3.85% Class-A1 Secured Bonds due 20 June 2029 - 4.50% Class-A2 Secured Bonds due 20 June 2029 17,000 – S$250,000 S$250,000 41,000 S$250,000 S$500,000 22,027 36,000 36,000 Commitment amount of USD500,000 – Commitment amount of USD500,000 S$250,000 S$336,000 USD200,000 S$214,000 USD200,000 17,000 20,482 – S$250,000 – S$250,000 S$500,000 22,027 Commitment amount of USD500,000 Commitment amount of USD1,000,000 Commitment amount of USD500,000 S$250,000 S$336,000 USD200,000 S$214,000 USD200,000 2 Held jointly with spouse. Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2022 4 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year / date of appointment Holdings at end of the year Astrea VI Pte. Ltd. - 3.00% Class-A1 Secured Bonds due 18 March 2031 - 3.25% Class-A2 Secured Bonds due 18 March 2031 - 4.35% Class-B Secured Bonds due 18 March 2031 S$105,000 USD200,000 USD400,000 S$105,000 USD200,000 USD400,000 Fullerton Fund Management Company Ltd - Fullerton Optimised Alpha Fund Class A USD – units - Fullerton USD Income Fund Class A (SGD hedged) – – 5,000 S$500,000 Temasek Financial (IV) (Private) Limited - 1.8% 5-years T2026 S$ Temasek Bond – S$30,000 Mr Ong Yew Huat Sembcorp Marine Ltd # – 500,000 Mr Timothy Chia Chee Ming Singapore Telecommunications Limited Vertex Master Fund II (GP) Pte. Ltd. - Interest as limited partner in VMII Affiliates Fund LP Vertex Venture Holdings Ltd Commitment amount of USD250,000 2,070 2,070 Commitment amount of USD250,000 - 3.30% Notes due 2028 – S$250,000 Mr Ng Kwan Meng Singapore Telecommunications Limited Singapore Technologies Engineering Ltd Starhub Limited Mapletree North Asia Commercial Trust – units Sembcorp Marine Ltd # CapitaLand Integrated Commercial Trust – units CapitaLand Limited CapitaLand Investment Limited 85,350 25,000 6,000 22,000 – 153,184 61,000 – 85,350 5,000 6,000 – 1,720,000 162,618* –* 61,000* Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2022 5 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year / date of appointment Holdings at end of the year Ms Goh Swee Chen CapitaLand Limited CapitaLand Investment Limited CapitaLand Integrated Commercial Trust – units Singapore Telecommunications Limited Singapore Airlines Limited Singapore Airlines Limited - Mandatory Convertible Bond SIA MCBZ300608 34,592 – – 5,000 18,550 3,835 –* 46,709* 7,224* 5,000 18,550 42,604 Mr Lee Kim Shin Singapore Telecommunications Limited Singapore Airlines Limited Singapore Airlines Limited - SIA MCBZ 2021 Ascott Residence Trust – units 190 19,800 – 4,644 190 26,000 41,382 4,644 Prof Yaacob Bin Ibrahim Ascendas India Trust – units Ascott Residence Trust – units Singapore Airlines Limited 100,000 26,208 5,000 100,000 26,208 5,000 # Related corporation with effect from 11 November 2021 * Scheme of arrangement by CapitaLand Limited (“CapitaLand”), pursuant to which every 1 CapitaLand Limited share was exchanged for 1 share in CapitaLand Investment Limited, 0.154672686 unit in CapitaLand Integrated Commercial Trust, and S$0.951 in cash. Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2022 6 Except as disclosed in this statement, no director who held office at the end of the financial year had interests in shares, debentures, warrants or share options of the Company, or of related corporations, either at the beginning of the financial year, or at the end of the financial year. Neither at the end of, nor at any time during the financial year, was the Company a party to any arrangement whose objects are, or one of whose objects is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate. Share Options During the financial year, there were: (i) (ii) no options granted by the Company or its subsidiaries to any person to take up unissued shares in the Company; and no shares issued by virtue of any exercise of option to take up unissued shares of the Company or its subsidiaries. As at the end of the financial year, there were no unissued shares of the Company or its subsidiaries under option. On behalf of the Board of Directors TAN SRI MOHD HASSAN MARICAN Chairman MR STANLEY HUANG TIAN GUAN Director / Group Chief Executive Officer 2 June 2022 Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2022 7 Independent Auditor’s Report to the Member of Singapore Power Limited Opinion Independent Auditor’s Report For the financial year ended 31 March 2022 Report on the Audit of the Financial Statements We have audited the accompanying financial statements of Singapore Power Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the balance sheets of the Group and the Company as at 31 March 2022, the income statements, statements of comprehensive income, statements of changes in equity of the Group and the Company and statement of cash flows of the Group for the financial year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet, income statement, statement of comprehensive income and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2022 and of the financial performance, changes in equity of the Group and the Company and consolidated cash flows of the Group for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2022 8 Responsibilities of Management and Directors for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and SFRS(I), and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. In preparing the financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The directors’ responsibilities include overseeing the Group’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2022 9 • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. • Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Report on Other Legal and Regulatory Requirements In our opinion, the accounting and other records required by the Act to be kept by the Company and by those subsidiaries incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act. Ernst & Young LLP Public Accountants and Chartered Accountants Singapore 2 June 2022 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 10 Balance sheets As at 31 March 2022 Group Company Non-current assets Property, plant and equipment Intangible assets Investment property under development Subsidiaries Associates and joint ventures Other non-current assets Deferred tax assets Derivative assets Investments in debt and equity securities Current assets Inventories Trade and other receivables Derivative assets Cash and cash equivalents Investments in debt and equity securities Total assets Regulatory deferral accounts (“RDA”) debit balances and related deferred tax assets Total assets and RDA debit balances Note 4 6 7 8 9 10 11 12 13 14 15 12 16 13 17 2022 $ million 13,828.7 111.3 765.0 – 1,622.3 343.7 21.7 133.6 56.0 16,882.3 47.4 795.7 113.6 4,207.8 413.9 5,578.4 22,460.7 499.5 22,960.2 2021 $ million 13,693.2 150.9 728.2 – 2,907.2 337.9 100.5 256.2 29.7 18,203.8 46.7 462.2 3.5 1,187.2 – 1,699.6 19,903.4 454.7 20,358.1 2022 $ million 23.4 14.9 – 5,043.7 45.4 – – – # – 5,127.4 – 4,095.2 5.0 1.3 – 4,101.5 9,228.9 – 9,228.9 2021 $ million 16.3 16.2 – 5,524.6 45.4 – – – # – 5,602.5 – 3,070.4 – # 0.8 – 3,071.2 8,673.7 – 8,673.7 Equity Share capital Reserves Accumulated profits Total equity, attributable to owner of the Company 18 19 2,911.9 (97.2) 11,143.9 2,911.9 (424.3) 9,491.4 2,911.9 – # 6,246.6 2,911.9 – 5,712.8 13,958.6 11,979.0 9,158.5 8,624.7 Non-current liabilities Debt obligations Derivative liabilities Deferred tax liabilities Other non-current liabilities Lease liabilities Current liabilities Debt obligations Derivative liabilities Current tax payable Trade and other payables Lease liabilities Total liabilities Total equity and liabilities RDA credit balances and related deferred tax liabilities Total equity, liabilities and RDA credit balances 20 12 11 21 5 20 12 22 5 17 3,377.9 160.5 1,699.7 479.7 32.2 5,750.0 908.2 143.0 645.6 1,484.6 5.8 3,187.2 8,937.2 22,895.8 64.4 22,960.2 4,369.7 101.3 1,748.4 498.8 34.9 6,753.1 173.6 7.6 67.0 1,314.4 5.9 1,568.5 8,321.6 20,300.6 57.5 20,358.1 – – # 1.4 – – 1.4 – 5.1 0.4 57.6 5.9 70.4 9,228.9 – 9,228.9 – – 1.4 – – 1.4 – – 0.6 47.0 – 69.0 47.6 49.0 8,673.7 – 8,673.7 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 11 Income statements As at 31 March 2022 Group Company Note 2022 $ million 2021 $ million 2022 $ million 2021 $ million Revenue Other income Expenses - Purchased power - Depreciation of property, plant and equipment - Amortisation of intangible assets - Maintenance - Staff costs - Property taxes - Other operating expenses Operating profit Finance income Finance costs Share of profits of associates, net of tax Share of losses of joint ventures, net of tax Profit before taxation Tax (expense) / credit Profit for the year attributable to owner of the Company Net movement in RDA balances related to profit or loss and the related deferred tax movement Profit for the year and net movements in RDA balances, attributable to owner of the Company 23 24 5,213.5 1,683.7 (2,806.7) 3,574.1 188.9 (1,473.1) 1,040.1 11.0 – 754.8 9.5 – 4 (790.3) (757.4) (9.9) (8.3) 6 (55.7) (56.1) (5.6) (3.5) (141.1) (126.4) (10.5) (9.0) (324.7) (319.9) (73.9) (72.7) (93.9) (99.2) (0.3) (0.3) (191.4) (145.3) (37.2) (61.0) 2,493.4 785.6 903.7 609.5 25 26 58.6 (85.0) 164.0 45.3 (79.7) 180.0 19.4 (0.1) – 33.9 (0.1) – (5.7) (6.0) – – 2,625.3 925.2 923.0 643.3 27 28 17 (660.3) 1,965.0 37.9 (197.8) 727.4 249.3 0.8 923.8 – 5.3 648.6 – 2,002.9 976.7 923.8 648.6 The accompanying notes form an integral part of these financial statements. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 12 Statements of comprehensive income Year ended 31 March 2022 Group Company 2022 $ million 2021 $ million 2022 $ million 2021 $ million Profit for the year and net movements in RDA balances 2,002.9 976.7 923.8 648.6 Other comprehensive income Items that will not be reclassified to profit or loss: Share of defined benefit plan remeasurements of associates 10.1 10.1 9.3 – – 9.3 – – Items that are or may be reclassified subsequently to profit or loss: Translation differences relating to financial statements of foreign operations (86.7) 446.7 – – Effective portion of changes in fair value of cash flow hedges, net of tax 41.0 31.7 – # (0.2) Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax (5.3) 10.2 – – - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax 0.6 2.1 – # (0.1) Share of hedging reserves of associates Disposal of interest in an associate Other comprehensive income for 211.1 148.9 – – 195.9 – – – 356.6 639.6 – # (0.3) the year, net of tax 366.7 648.9 – # (0.3) Total comprehensive income for the year, attributable to owner of the Company 2,369.6 1,625.6 923.8 648.3 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 13 Statements of changes in equity Year ended 31 March 2022 Group Share capital $ million Currency translation reserve $ million Hedging reserve $ million Other reserves $ million Accumulated profits $ million Total equity, attributable to owner of the Company $ million At 1 April 2020 Total comprehensive income for the year Profit for the year and net movement in RDA balances Other comprehensive income Translation differences relating to financial statements of foreign operations Effective portion of changes in fair value of cash flow hedges, net of tax Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax Share of other comprehensive income of associates Total other comprehensive income Total comprehensive income for the year 2,911.9 (810.1) (282.7) 19.6 8,920.7 10,759.4 – – – – 976.7 976.7 – 446.7 – – – 446.7 – – 31.7 – – 31.7 – – 10.2 – – 10.2 – – 2.1 – – 2.1 – – 148.9 9.3 – 158.2 – 446.7 192.9 9.3 – 648.9 – 446.7 192.9 9.3 976.7 1,625.6 Transactions with owner, recognised directly in equity Distribution to owner Dividends declared (Note 34) Total transactions with owner At 31 March 2021 – – – – (406.0) (406.0) – – – – (406.0) (406.0) 2,911.9 (363.4) (89.9) 28.9 9,491.4 11,979.0 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 14 Statements of changes in equity Year ended 31 March 2022 Group Share capital $ million Currency translation reserve $ million Hedging reserve $ million Other reserves $ million Accumulated profits $ million Total equity, attributable to owner of the Company $ million At 1 April 2021 2,911.9 (363.4) (89.8) 28.9 9,491.4 11,979.0 Total comprehensive income for the year Profit for the year and net movement in RDA balances – – – – 2,002.9 2,002.9 Other comprehensive income Translation differences relating to financial statements of foreign operations – (86.7) – – – (86.7) Effective portion of changes in fair value of cash flow hedges, net of tax Net change in fair value of: – – 41.0 – – 41.0 - Cash flow hedges reclassified to profit or loss, net of tax – – (5.3) – – (5.3) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – – 0.6 – – 0.6 Share of other comprehensive income of associates – – 211.1 10.1 – 221.2 Disposal of interest in an associate – 231.9 (36.0) (39.6) 39.6 195.9 Total other comprehensive income – 145.2 211.4 (29.5) 39.6 366.7 Total comprehensive income for the year – 145.2 211.4 (29.5) 2,042.5 2,369.6 Transactions with owner, recognised directly in equity Distribution to owner Dividends declared (Note 34) Total transactions with owner – – – – (390.0) (390.0) – – – – (390.0) (390.0) At 31 March 2022 2,911.9 (218.2) 121.6 (0.6) 11,143.9 13,958.6 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 15 Statements of changes in equity Year ended 31 March 2022 Share capital $ million Hedging reserve $ million Accumulated profits $ million Total $ million Company At 1 April 2020 2,911.9 0.3 5,470.2 8,382.4 Total comprehensive income for the year Profit for the year – – 648.6 648.6 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax – (0.2) – (0.2) Net change in fair value of: - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – (0.1) – (0.1) Total other comprehensive income – (0.3) – (0.3) Total other comprehensive income for the year – (0.3) 648.6 648.3 Transactions with owner, recognised directly in equity Dividends declared (Note 34) – – (406.0) (406.0) Total transactions with owner – – (406.0) (406.0) At 31 March 2021 2,911.9 – 5,712.8 8,624.7 At 1 April 2021 2,911.9 – 5,712.8 8,624.7 Total comprehensive income for the year Profit for the year – – 923.8 923.8 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax – – # – – # Net change in fair value of: - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – – # – – # Total other comprehensive income – – # – – # Total other comprehensive income for the year – – # 923.8 923.8 Transactions with owner, recognised directly in equity Dividends declared (Note 34) – – (390.0) (390.0) Total transactions with owner – – (390.0) (390.0) At 31 March 2022 2,911.9 – # 6,246.6 9,158.5 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 16 Consolidated statement of cash flows Year ended 31 March 2022 Note 2022 $ million 2021 $ million Cash flows from operating activities Profit for the year and net movements in RDA balances 2,002.9 976.7 Adjustments for: Deferred income (20.0) (23.9) RDA debit or credit balances and related deferred tax assets or liabilities (37.9) (249.3) Depreciation and amortisation 846.0 813.5 Finance costs 26 90.3 83.5 Finance income 25 (58.6) (45.3) Exchange loss / (gain), net 28 0.9 (14.7) Loss on disposal of property, plant and equipment and intangible assets 11.7 1.2 Impairment loss on intangible assets and property, plant and equipment 2.4 5.0 Gain on disposal of interest in an associate 24 (1,532.0) – Share of profit of associates and joint ventures, net of tax (158.3) (174.0) Tax expense 27 660.3 197.8 Write-down of inventory 14 8.4 5.3 Allowance for expected credit loss on trade receivables, net 15a 14.7 13.9 Net fair value gain on equity investments at FVTPL 26 (5.3) (3.8) Others 5.0 3.4 1,830.5 1,589.3 Changes in working capital: Inventories (9.1) (2.6) Trade and other receivables and contract assets (304.5) 4.3 Balances with related parties (trade) 6.1 10.6 Trade and other payables 214.9 (10.4) Cash generated from operations 1,737.9 1,591.2 Interest received 34.3 64.7 Net tax paid (30.0) (63.4) Net cash generated from operating activities 1,742.2 1,592.5 The accompanying notes form an integral part of these financial statements. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 17 Consolidated statement of cash flows (continued) Year ended 31 March 2022 Note 2022 $ million 2021 $ million Cash flows from investing activities Purchase of property, plant and equipment (1,006.2) (986.4) Purchase of intangible assets (18.1) (40.7) Proceeds from disposal of property, plant and equipment and intangible assets 6.3 5.5 Proceeds from disposal of interest in an associate 3,154.1 – Dividends received from associates and joint venture 153.8 146.9 Proceeds from redemption of other investment – 5.0 Acquisition of interest in associates and joint venture (24.4) (42.7) Loans to a joint venture (46.4) – Payments for investments in debt securities (413.4) – Acquisition of other investments (21.3) (14.4) Additions to investment property (36.9) (6.6) Net cash generated from / (used in) investing activities 1,747.5 (933.4) Cash flows from financing activities Proceeds from loans 83.2 156.0 Proceeds from termination of derivatives 19.5 – Repayment of debt obligations (176.5) (797.1) Dividends paid to owner of the Company (390.0) (406.0) Interest paid (81.8) (108.9) Commitment fees paid – (1.5) Upfront fees paid for credit facilities (2.6) – Payment of principal portion of lease liabilities (6.2) (5.9) Net cash used in financing activities (554.4) (1,163.4) Net increase / (decrease) in cash and cash equivalents 2,935.3 (504.3) Cash and cash equivalents at beginning of the year 1,187.2 1,673.4 Effect of exchange rate changes on balances held in foreign currencies 85.3 18.1 Cash and cash equivalents at end of the year 16 4,207.8 1,187.2 The accompanying notes form an integral part of these financial statements. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 18 Notes to the financial statements These notes form an integral part of the financial statements. The financial statements were authorised for issue by the Board of Directors on 2 June 2022. 1 Domicile and activities Singapore Power Limited (the “Company”) is incorporated in the Republic of Singapore and has its registered office at 2 Kallang Sector, SP Group Building, Singapore 349277. The immediate and ultimate holding company is Temasek Holdings (Private) Limited, a company incorporated in the Republic of Singapore. The principal activities of the Company are that of investment holding and provision of management support services. Its subsidiaries are engaged principally in the transmission and distribution of electricity and gas, provision of related consultancy services and investments in related projects. The consolidated financial statements relate to the Company and its subsidiaries (together referred to as the “Group”) and the Group’s interests in associates and joint ventures (collectively referred to as “Group entities”). 2 Basis of preparation 2.1 Statement of compliance The financial statements have been prepared in accordance with the Singapore Financial Reporting Standards (International) (“SFRS(I)”). 2.2 2.3 Basis of measurement The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies set out below. Functional and presentation currency These financial statements are presented in Singapore dollars, which is the Company’s functional currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. All financial information presented in Singapore dollars has been rounded to the nearest 0.1 million, unless otherwise stated. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 19 2.4 Use of estimates and judgements The preparation of financial statements in conformity with SFRS(I) requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying amounts of assets and liabilities that are not readily apparent from other sources. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is discussed below: Taxation The Group is subject to taxes mainly in Singapore and Australia. Significant judgement is required in determining provision for taxes. There are many transactions and calculations during the ordinary course of business for which the ultimate tax determination is uncertain. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. Details are set out in Note 11 and Note 27. Impairment of associates Impairment reviews in respect of associates are performed at least annually or when there is any indication that the investment in associates may be impaired. More regular reviews are performed if changes in circumstances or the occurrence of events indicate potential impairment. The Group uses the present value of future cash flows to determine the recoverable amounts of the underlying cash generating units in the associates. In calculating the recoverable amounts, significant management judgement is required in forecasting cash flows of the cash generating units, in estimating the terminal growth values and in selecting an appropriate discount rate. Estimating fair values of financial assets and financial liabilities The fair value of financial assets and financial liabilities must be estimated for recognition, measurement and disclosure purposes. Note 31 sets out the basis of valuation of financial assets and liabilities. Accrued revenue Revenue accrual estimates are made to account for the unbilled period between the end-user’s last billing date and the end of the accounting period. The accrual relies on detailed analysis of customers’ historical consumption patterns, which takes into account base usage and sensitivity to consumption growth. The results of this analysis are applied for the number of days over the unbilled period. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 20 Regulatory deferral accounts Regulatory deferral account debit or credit balances represent timing differences between revenue recognised for financial reporting purposes (as set out in Note 3.18) and revenue earned for regulatory purposes. Revenue earned for regulatory purposes is estimated based on the revenue allowed by the Energy Market Authority (“EMA”) (in accordance with the price regulation framework), taking into consideration the services rendered, sale and volume of electricity and gas delivered to consumers. Note 3.16 sets out the accounting policy for regulatory deferral accounts. 2.5 Changes in accounting policies Adoption of new and revised SFRS(I)s and Interpretation to SFRS(I) The Group has applied the Amendments to SFRS(I) 9, SFRS(I) 1-39, SFRS(I) 7, SFRS(I) 4, SFRS(I) 16: Interest Rate Benchmark Reform – Phase 2 which is effective for annual financial periods beginning on or after 1 April 2021. The Phase 2 amendments provide practical relief from certain requirements in SFRS(I) Standards. The amendment most relevant to the Group is where it provides for a series of temporary exceptions from certain hedge accounting requirements when a change required by the interest rate benchmark reform occurs to a hedge item and / or hedging instrument that permit the hedge relationship to be continued without interruption. The Group applies the following reliefs as and when uncertainty arising the from interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-based cash flows of the hedged item or hedging instrument: • the Group amends the designation of a hedging relationship to reflect changes that are required by the reform without discontinuing the hedging relationship; and • when a hedged item in a cash flow hedge is amended to reflect the changes that are required by the reform, the amount accumulated in the hedging reserve is deemed to be based on the alternative benchmark rate on which the hedged future cash flows are determined. The details of the accounting policies and related disclosures on financial risk management are disclosed in Note 3.6 and 31. There was no significant financial impact to the Group as a result of these amendments. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 21 3 Significant accounting policy The accounting policies set out below have been applied consistently for all periods presented in these financial statements, and have been consistently applied by the Group entities, which addresses changes in accounting policies due to the adoption of new and revised standards. 3.1 Basis of consolidation Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date and included in the consideration transferred. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. For non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the acquiree’s net assets in the event of liquidation, the Group elects on a transaction-by-transaction basis whether to measure them at fair value, or at the non-controlling interests’ proportionate share of the recognised amounts of the acquiree’s identifiable net assets, at the acquisition date. All other non-controlling interests are measured at acquisition-date fair value, or, when applicable, on the basis specified in another standard. Any excess or deficiency of the purchase consideration over the fair value of the identifiable assets acquired and liabilities and contingent liabilities assumed is accounted for as goodwill or bargain purchase gain (see Note 3.4). Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. In the Company’s separate financial statements, investments in subsidiaries are accounted for at cost less impairment losses. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 22 Loss of control Upon the loss of control, the Group de-recognises the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognised in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently, it is accounted for as an equity-accounted investee or as an equity investment at fair value through other comprehensive income depending on the level of influence retained. Joint arrangements A joint arrangement is a contractual arrangement whereby two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. To the extent the joint arrangement provides the Group with rights to the assets and obligations for the liabilities relating to the arrangement, the arrangement is a joint operation. To the extent the joint arrangement provides the Group with rights to the net assets of the arrangement, the arrangement is a joint venture. The Group recognises its interest in a joint venture as an investment and accounts for the investment using the equity method. The accounting policy for investment in joint venture is set out below. Investments in associates and joint ventures (equity-accounted investees) An associate is an entity over which the Group has the power to participate in the financial and operating policy decisions of the investee but does not have control or joint control of those policies. Investments in associates and joint ventures are accounted for using the equity method (equity-accounted investees) and are recognised initially at cost. The Group’s investments in equity-accounted investees include goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of the equity-accounted investees, after adjustments to align the accounting policies of the equity-accounted investees with those of the Group, from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. When the Group’s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of the investment, together with any long-term interests that form part thereof, is reduced to zero and the recognition of further losses is discontinued except to the extent that the Group has an obligation to fund the investee’s operations or has made payments on behalf of the investee. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 23 Acquisition of non-controlling interests Acquisitions of non-controlling interests are accounted for as transactions with owners in their capacity as owners and therefore no goodwill is recognised as a result of such transactions. The adjustments to non-controlling interests arising from transactions that do not involve the loss of control are based on a proportionate amount of the net assets of the subsidiary. Any difference between the adjustment to non-controlling interests and the fair value of consideration paid is recognised directly in equity and presented as part of equity attributable to owners of the Company. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income or expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. Accounting for subsidiaries and joint ventures by the Company Investments in subsidiaries and joint ventures are stated in the Company’s balance sheet at cost less accumulated impairment losses. 3.2 Foreign currencies Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of Group entities at the exchange rates at the dates of the transactions. The functional currencies of the Group entities are mainly Singapore dollars, Australian dollars and Chinese Yuan Renminbi. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currencies at the exchange rate at the reporting date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate prevailing on the date on which the fair value was determined. Non-monetary items in a foreign currency that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on translation are recognised in profit or loss, except for differences arising on the translation of a financial liability designated as a hedge of the net investment in a foreign operation that is effective, an equity investment at fair value through other comprehensive income, or qualifying cash flow hedges which are recognised in other comprehensive income. Foreign operations The assets and liabilities of foreign operations, excluding goodwill and fair value adjustments arising on acquisition, are translated to Singapore dollars for presentation in these financial statements at exchange rates at the reporting date. The income and expenses of foreign operations are translated to Singapore dollars at exchange rates at the dates of the transactions. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 24 Foreign currency differences are recognised in other comprehensive income, and presented in the foreign currency translation reserve (“translation reserve”) in equity. However, if the foreign operation is a non-wholly-owned subsidiary, then the relevant proportionate share of the translation difference is allocated to the non-controlling interests. When a foreign operation is disposed of, such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part of its investment in an associate or joint venture that includes a foreign operation while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from such a monetary item are considered to form part of a net investment in a foreign operation. These are recognised in other comprehensive income, and are presented in the translation reserve in equity. 3.3 Property, plant and equipment Recognition and measurement Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to a working condition for their intended use, and the costs of dismantling and removing the items and restoring the site on which they are located and capitalised borrowing cost. Capitalisation of borrowing costs will cease when the asset is ready for its intended use. Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and is recognised net within other income/other operating expenses in profit or loss. Subsequent costs The cost of replacing a component of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to the Group, and its cost can be measured reliably. The carrying amount of the replaced component is de-recognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 25 Depreciation Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. Freehold land and construction-in-progress are not depreciated. The estimated useful lives for the current and comparative periods are as follows: Leasehold land Buildings, office and tunnels Plant and machinery - Mains (Electricity) - Mains (Gas) - Transformers and switchgear Other plant and equipment (principally gas storage plant, remote control and meters) Motor vehicles and office equipment Over the term of the lease, ranging from 3 – 99 years 2 – 40 years or the lease term, if shorter 10 – 30 years 5 – 50 years or the lease term, if shorter 20 – 30 years 2 – 40 years 2 – 10 years Depreciation methods, useful lives and residual values are reviewed at each financial year end, and adjusted if appropriate. 3.4 Intangible assets Goodwill Goodwill that arises upon the acquisition of subsidiaries is included in intangible assets and represents the excess of: - the fair value of the consideration transferred; plus - the recognised amount of any non-controlling interests in the acquiree; plus - if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the acquiree, over the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. Subsequent measurement Goodwill is measured at cost less accumulated impairment losses. In respect of equity-accounted investees, the carrying amount of goodwill is included in the carrying amount of the investment, and an impairment loss on such an investment is not allocated to any asset, including goodwill, that forms part of the carrying amount of the equity-accounted investee. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 26 Other intangible assets Other intangible assets with finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. Expenditure on internally generated goodwill is recognised in profit or loss as an expense when incurred. Intangible assets that have indefinite lives or that are not available for use are stated at cost less accumulated impairment losses. Software is stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful life of 2 to 5 years. Deferred expenditure relates mainly to contributions paid by the Group in accordance with regulatory requirements towards capital expenditure costs incurred by electricity generation companies and onshore receiving facility operator, and is stated at cost less accumulated amortisation and accumulated impairment losses. Deferred expenditure is amortised on a straight-line basis over the period in which the Group derives benefits from the capital contribution payments, which is generally the useful life of the relevant equipment ranging from 7 to 19 years. Research costs are expensed as incurred. Capitalised development costs arising from development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete and the ability to measure reliably the expenditures during the development. Following initial recognition of the capitalised development costs as an intangible asset, it is carried at cost less accumulated amortisation and any accumulated impairment losses. Amortisation of the intangible asset begins when development is complete and the asset is available for use. Capitalised development costs have a finite useful life and are amortised over the period of 5 years on a straight line basis. Intangible assets under construction are stated at cost. No amortisation is provided until the intangible assets are ready for use. 3.5 Investment property under development Investment property under development is property held either to earn rental income or for capital appreciation or for both, but not for sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes. Investment property under development is measured at cost on initial recognition. Cost includes expenditure that is directly attributable to the acquisition of the investment property. The cost of self-constructed investment property includes the cost of materials and direct labour, any other costs directly attributable to bringing the investment property under development to a working condition for their intended use and capitalised borrowing costs. Any gain or loss on disposal of an investment property under development (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss. When the use of a property changes such that it is reclassified as property, plant and equipment, its fair value at the date of reclassification becomes its cost for subsequent accounting. Property that is being constructed for future use as investment property under development is accounted for at cost less accumulated depreciation and accumulated impairment losses. Investment property under development is not depreciated. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 27 3.6 Financial instruments Non-derivative financial assets Initial recognition and measurement Financial assets are recognised when, and only when the entity becomes party to the contractual provisions of the instruments. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. Trade receivables are measured at the amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third party, if the trade receivables do not contain a significant financing component at initial recognition. Subsequent measurement Investments in debt instruments Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the contractual cash flow characteristics of the asset. The measurement categories for classification of debt instruments are: (i) (ii) (iii) Amortised cost Financial assets that are held for the collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Financial assets are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the assets are de-recognised or impaired, and through the amortisation process. Fair value through other comprehensive income (“FVOCI”) Financial assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Financial assets measured at FVOCI are subsequently measured at fair value. Any gains or losses from changes in fair value of the financial assets are recognised in other comprehensive income, except for impairment losses, foreign exchange gains and losses and interest calculated using the effective interest method are recognised in profit or loss. The cumulative gain or loss previously recognised in other comprehensive income is reclassified from equity to profit or loss as a reclassification adjustment when the financial asset is de-recognised. Fair value through profit or loss Assets that do not meet the criteria for amortised cost or FVOCI are measured at fair value through profit or loss. A gain or loss on a debt instrument that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognised in profit or loss in the period in which it arises. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 28 Investments in equity instruments On initial recognition of an investment in equity instrument that is not held for trading, the Group may irrevocably elect to present subsequent changes in fair value in OCI. Dividends from such investments are to be recognised in profit or loss when the Group’s right to receive payments is established. For investments in equity instruments which the Group has not elected to present subsequent changes in fair value in OCI, changes in fair value are recognised in profit or loss. De-recognition The Group de-recognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Cash and cash equivalents Cash and cash equivalents comprise cash balances and bank deposits. Non-derivative financial liabilities Initial recognition and measurement Financial liabilities are recognised when, and only when, the Group becomes a party to the contractual provisions of the financial instrument. The Group determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value plus in the case of financial liabilities not at fair value through profit or loss, directly attributable transaction costs. For financial liabilities at fair value through profit or loss, directly attributable transaction costs are recognised in profit or loss incurred. Subsequent measurement After initial recognition, financial liabilities that are not carried at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are de-recognised, and through the amortisation process. Financial liabilities at fair value through profit or loss are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 29 De-recognition A financial liability is de-recognised when the obligation under the liability is discharged or cancelled or expires. On de-recognition, the difference between the carrying amounts and the consideration paid is recognised in profit or loss. Offsetting Financial assets and liabilities are offset and the net amount presented on the balance sheets when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The rights of offset must not be contingent on a future event and must be enforceable in the event of bankruptcy or insolvency of all the counterparties to the contract. Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Derivative financial instruments and hedge accounting The Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met. Derivatives are initially measured at fair value and any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or loss. The Group designates certain derivatives and non-derivative financial instruments as hedging instruments in qualifying hedging relationships. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. The Group applies hedge accounting for certain hedging relationships which qualify for hedge accounting. For the purpose of hedge accounting, hedges are classified as: • cash flow hedges when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment; or • fair value hedges when hedging the exposure to changes in fair value of a recognised asset or liability or an unrecognised firm commitment. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 30 Cash flow hedges When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognised in other comprehensive income and presented in the hedging reserve in equity. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. When the hedged item is a non-financial asset, the amount accumulated in equity is included in the carrying amount of the asset when the asset is recognised. In other cases, the amount accumulated in equity is reclassified to profit and loss in the same period that the hedged item affects profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. When a cash flow hedge is discontinued, the cumulative gain or loss previously recognised in other comprehensive income will remain in the cash flow hedge reserve until the future cash flows occur if the hedged future cash flows are still expected to occur or reclassified to profit or loss immediately if the hedged future cash flows are no longer expected to occur. Fair value hedges Changes in the fair value of a derivative hedging instrument designated as a fair value hedge are recognised in profit or loss. The hedged item is adjusted to reflect changes in its fair value in respect of the risk being hedged; the gain or loss attributable to the hedged risk is recognised in profit or loss with an adjustment to the carrying amount of the hedged item. Hedges directly affected by interest rate benchmark reform Phase 1 amendments: Prior to interest rate benchmark reform – when there is uncertainty arising from interest rate benchmark reform For the purpose of evaluating whether there is an economic relationship between the hedged item(s) and the hedging instrument(s), the Group assumes that the benchmark interest rate is not altered as a result of interest rate benchmark reform. For a cash flow hedge of a forecast transaction, the Group assumes that the benchmark interest rate will not be altered as a result of interest rate benchmark reform for the purpose of assessing whether the forecast transaction is highly probable and presents an exposure to variations in cash flows that could ultimately affect profit or loss. In determining whether a previously designated forecast transaction in a discontinued cash flow hedge is still expected to occur, the Group assumes that the interest rate benchmark cash flows designated as a hedge will not be altered as a result of interest rate benchmark reform. The Group will cease to apply the specific policy for assessing the economic relationship between the hedged item and the hedging instrument (i) to a hedged item or hedging instrument when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the contractual cash flow of the respective item or instrument or (ii) when the hedging relationship is discontinued. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 31 For its highly probable assessment of the hedged item, the Group will no longer apply the specific policy when the uncertainty arising from interest rate benchmark reform about the timing and the amount of the interest rate benchmark-based future cash flows of the hedged item is no longer present, or when the hedging relationship is discontinued. Phase 2 amendments: Replacement of interest rates – when there is no longer uncertainty arising from interest rate benchmark reform When the basis for determining the contractual cash flows of the hedged item or the hedging instrument changes as a result of interest rate benchmark reform and therefore there is no longer uncertainty arising about the cash flows of the hedged item or the hedging instrument, the Group amends the hedged documentation of that hedging relationship to reflect the change(s) required by interest rate benchmark reform. A change in the basis for determining the contractual cash flows is required by interest rate benchmark reform if the following conditions are met: • the change is necessary as a direct consequence of the reform; and • the new basis for determining the contractual cash flow is economically equivalent to the previous basis – i.e. the basis immediately before the change. For this purpose, the hedge designation is amended only to make one or more of the following changes: • designating an alternative benchmark rate as the hedged risk; • updating the description of hedged item, including the description of the designated portion of the cash flows or fair value being hedged; or • updating the description of the hedging instrument. The Group amends the description of the hedging instrument only if the following conditions are met: • it makes a change required by interest rate benchmark reform by changing the basis for determining the contractual cash flows of the hedging instrument or using another approach that is economically equivalent to changing the basis for determining the contractual cash flows of the original hedging instrument; and • the original hedging instrument is not derecognised. The Group amends the formal hedge documentation by the end of the reporting period during which a change required by interest rate benchmark reform is made to the hedged risk, hedged item or hedging instrument. These amendments in the formal hedge documentation do not constitute the discontinuation of the hedging relationship or the designation of a new hedging relationship. If changes are made in addition to those changes required by interest rate benchmark reform described above, then the Group first considers whether those additional changes result in the discontinuation of the hedge accounting relationship. If the additional changes do not result in discontinuation of the hedge accounting relationship, then the Group amends the formal hedge documentation for changes required by interest rate benchmark reform as mentioned above. When the interest rate benchmark on which the hedged future cash flows had been based is changed as required by interest rate benchmark reform, for the purpose of determining whether the hedged future cash flows are expected to occur, the Group deems that the hedging reserve recognised in OCI for the hedging relationship is based on the alternative benchmark rate on which the hedged future cash flows will be based. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 32 Intra-group financial guarantees in the separate financial statements Financial guarantees are financial instruments issued by the Group that require the issuer to make specified payments to reimburse the holder for the loss it incurs because a specified debtor fails to meet payment when due in accordance with the original or modified terms of a debt instrument. Financial guarantees issued are initially measured at fair value and the initial fair value is amortised over the life of the guarantees. Subsequent to initial measurement, the financial guarantees are measured at the higher of the amortised amount and the amount of loss allowance. Expected credit losses are a probability-weighted estimate of credit losses. Expected credit losses are measured for financial guarantees issued as the expected payments to reimburse the holder less any amounts that the Group expects to recover. 3.7 Impairment Non-derivative financial assets The Group recognises an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss and financial guarantee contracts. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is recognised for credit losses expected over the remaining life of the exposure, irrespective of timing of the default (a lifetime ECL). For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. For debt instruments at fair value through OCI, the Group applies the low credit risk simplification. At every reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. The Group considers a financial asset potentially in default when contractual payments are 180 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 33 Non-financial assets The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amounts are estimated. For goodwill and intangible assets that have indefinite useful lives or that are not yet available for use, recoverable amount is estimated each year at the same time. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit (“CGU”) exceeds its estimated recoverable amount. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGU. Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination. The Group’s corporate assets do not generate separate cash inflows and are utilised by more than one CGU. Corporate assets are allocated to CGUs on a reasonable and consistent basis and tested for impairment as part of the testing of the CGU to which the corporate asset is allocated. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU (group of CGUs), and then to reduce the carrying amounts of the other assets in the CGU (group of CGUs) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Such reversal of impairment is recognised in profit or loss. Goodwill that forms part of the carrying amount of an investment in an associate or a joint venture is not recognised separately, and therefore is not tested for impairment separately. Instead, the entire amount of the investment in an associate or a joint venture is tested for impairment as a single asset when there is objective evidence that the investment in an associate or a joint venture may be impaired. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 34 3.8 Inventories Spare parts, accessories and other consumables are measured at the lower of cost and net realisable value. Cost is determined based on the weighted average method, and includes expenditure in acquiring the inventories and other costs incurred in bringing them to their existing location and condition. Cost may also include transfers from other comprehensive income of any gain or loss on qualifying cash flow hedges of foreign currency purchases of inventories. Allowance for obsolete, deteriorated or damaged stocks is made when considered appropriate. 3.9 Accrued revenue Revenue accrual estimates are made to account for the unbilled amount at the reporting date. 3.10 Contract balances Progress billings to customers are based on a payment schedule in the contract and are typically triggered upon achievement of specified contractual milestones. A contract asset is recognised when the Group has performed under the contract but has not yet billed the customer. Conversely, a contract liability is recognised when the Group has not yet performed under the contract but has received advanced payments from the customer. Contract assets are transferred to receivables when the rights to consideration become unconditional. Contract liabilities are recognised as revenue as the Group performs under the contract. Contract assets are subject to impairment assessment. Note 3.7 sets out the accounting policy on impairment of financial assets. 3.11 Employee benefits Provision is made for the accrued liability for employee entitlements arising from services rendered by employees up to the reporting date. The provision represents the Group’s total estimated liability at the reporting date for employee entitlements. Long service leave The liability for long service leave is recognised in the provision for employee benefits and is measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date, including on-costs. Consideration is given to expected future salary levels, experience of employee departures and periods of service. Expected future payments are discounted using interest rates on government guaranteed bonds with terms to maturity and currencies that match, as closely as possible, the estimated future cash outflows. Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognised as an employee benefit expense in profit or loss in the periods during which services are rendered by employees. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 35 Short-term employee benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. 3.12 Provisions A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. Environmental Environmental provision is made for the rehabilitation of sites based on the estimated costs of the rehabilitation. The liability includes the costs of reclamation, plant closure and dismantling, and waste site closure. The liability is determined based on the present value of the obligation. Annual adjustments to the liability are recognised in profit or loss over the estimated life of the sites. The costs are estimated based on assumptions of current legal requirements and technologies. Any changes in estimates are dealt with on a prospective basis. Onerous contracts A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recognises any impairment loss on the assets associated with that contract. 3.13 Government grant Capital grant is recognised on a straight-line basis and taken to profit or loss over the periods necessary to match the depreciation of the assets purchased with the government grants. Operating grant is taken to profit or loss on a systematic basis in the same periods in which the expenses are incurred. 3.14 Deferred construction cost compensation Deferred construction cost compensation received to defray costs relating to the construction of an asset are accounted for as a government grant. Note 3.13 sets out the government grant accounting policy. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 36 3.15 Deferred income Deferred income comprises (i) government grants for the purchase of depreciable assets, (ii) contributions made by certain customers towards the cost of capital projects received prior to 1 July 2009 and (iii) compensation received to defray operating expenses. Government grants and customer contributions Deferred income is recognised on a straight-line basis and taken to profit or loss over the periods necessary to match the depreciation of the assets purchased with the government grants and customers’ contribution. 3.16 Regulatory deferral account (“RDA”) debit or credit balances Use of system charges, transportation of gas, district cooling services and Market Support Services fees Regulatory deferral account debit or credit balances represent timing differences between revenue recognised for financial reporting purposes and revenue earned for regulatory purposes. Movements in the regulatory deferral account debit or credit balances are recognised in profit or loss over the periods necessary to adjust revenue recognised for financial reporting purposes to revenue earned for regulatory purposes based on services rendered. At the end of each regulatory period, adjustments for amounts to be recovered or refunded are taken to profit or loss as net movement in regulatory deferral account balances. 3.17 Price regulation and licence The Group’s operations in Singapore are regulated under the Electricity Licence for Transmission Licensee, Electricity Licence for Market Support Services Licensee, Gas Licence, and the District Cooling Services Licence issued by the Energy Market Authority (“EMA”) of Singapore. Allowed revenue to be earned from the supply and transmission of electricity, transportation of gas and the provision of market support services is regulated based on certain formulae and parameters set out in those licences, relevant acts and codes. Allowed revenue for district cooling corresponds to the quantum which the Group is entitled to under Condition 13 (Economic Regulation) of its District Cooling Services Licence issued by the Energy Market Authority of Singapore. Revenue recognised for financial reporting purposes may differ from revenue earned for regulatory purposes due to revenue or volume variances. This may result in adjustments that may increase or decrease tariffs in succeeding periods. Amounts to be recovered or refunded are brought to account as adjustments to net movement in regulatory deferral account debit or credit balances in the income statement in the period in which the Group becomes entitled to the recovery or liable for the refund. The Group’s capital expenditure may vary from its regulatory plan and is subject to a review by the EMA. The results of the variances in capital expenditure may be translated into price adjustments, if any, in the following reset period. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 37 The use of system charges, transportation of gas charges and allowed revenue to be recovered from Market Support Services fees are approved by the EMA for a 5-year regulatory period in accordance with the price regulation framework. 3.18 Revenue recognition Revenue is measured based on the consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties. Revenue is recognised when the Group satisfies a performance obligation by transferring a promised good or service to the customer, which is when the customer obtains control of the good or service. A performance obligation may be satisfied at a point in time or over time. The amount of revenue recognised is the amount allocated to the satisfied performance obligation. Sale of electricity Revenue from the sale of electricity is recognised over time when electricity is delivered to consumers. Use of system charges and transportation of gas Revenue from use of system charges and transportation of gas is recognised over time based on tariff billings to customers when the volume of electricity and gas is delivered. Revenue from take-or-pay arrangements relating to the transportation of gas is recognised when it is probable that such revenue is receivable. District cooling service income Income from services is recognised over time when the services are rendered. Agency fees and Market Support Services fees Agency fees from acting as billing agent and fees for services provided as the Market Support Services Licensee are recognised over time when the services are rendered. Dividend income Dividend income is recognised on the date that the Group’s right to receive payment is established. Rental income Rental income is recognised in profit or loss on a straight-line basis over the term of the lease. Support service income and management fees Support service income and management fees are recognised when the services are rendered. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 38 Meters supply and installation fees The Group entered into a contract with customer to provide meters and installation services. Management has considered that the meters have no alternative use for the Group due to contractual restrictions, and the Group has enforceable rights to payment for performance completed to date, arising from the contractual terms. Accordingly, revenue is recognised over the period of the contract by reference to the progress towards complete satisfaction of the performance obligation. The measure of progress is determined based on the proportion of costs incurred to date to the estimated total contract costs (“input method”). Costs incurred that are not related to the contract or that do not contribute towards satisfying the performance obligation are excluded from the measure of progress and instead are expensed as incurred. Estimates of revenues, costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in the profit or loss in the period in which the circumstances that give rise to the revision become known by management. 3.19 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. As lessor Leases in which the Group does not transfer substantially all the risks and rewards of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term. Rental income under operating leases are recognised in profit or loss over the term of the lease. Where assets are leased under a finance lease, the present value of the lease payments is recognised as a receivable. The difference between the gross receivable and the present value of the receivable is recognised as unearned finance income. Lease income is recognised over the lease term using the net investment method, which reflects a constant periodic rate of return. Contingent rental income is recognised in profit or loss in the accounting period in which they are incurred. As lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets The Group recognises right-of-use assets at the commencement or on modification date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 39 If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to Note 3.7 for the accounting policy. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term. Covid-19-related rent concessions The Group has applied Amendment to SFRS(I) 16 Covid-19-Related Rent Concessions. The Group applies the practical expedient allowing it not to assess whether eligible rent concessions that are a direct consequence of the Covid-19 pandemic are lease modifications. The Group applies the practical expedient consistently to contracts with similar characteristics and in similar circumstances. For rent concessions in leases to which the Group chooses not to apply the practical expedient, or that do not qualify for the practical expedient, the Group assesses whether there is a lease modification. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 40 3.20 Finance income and costs Finance income comprises interest income on funds invested. Interest income is recognised as it accrues, using the effective interest method. Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions, fair value gains or losses on financial assets and liabilities at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), gains or losses on hedging instruments that are recognised in profit or loss, amortisation of transaction costs capitalised and interest expense on lease liabilities. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method. 3.21 Tax expense Tax expense comprises current and deferred tax. Current and deferred taxes are recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: • temporary differences on the initial recognition of assets or liabilities in a transaction that is

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SPPowerAssets Limited AnnualReport Yearended31March2025 RegistrationNumber:200302108D Directors’ statement SP PowerAssets Limited Directors’ statement Year ended 31 March 2025 We are pleased to submit this annual report to the member of SP PowerAssets Limited (the “Company”) together with the audited financial statements for the financial year ended 31 March 2025. Opinion of the Directors In our opinion, (a) (b) the financial statements set out are drawn up so as to give a true and fair view of the financial position of the Company as at 31 March 2025 and the financial performance, changes in equity and cash flows of the Company for the year ended on that date in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”); and at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due. Directors The directors in office at the date of this statement are as follows: Mr Stanley Huang Tian Guan Mrs Jeanne Cheng Ms Amelia Champion Ms Loong Hui Chee Mr Kenneth Soh Yew Chin Mr Lee Choon Kwee (appointed on 1 April 2025) Directors’ interests According to the register kept by the Company for the purposes of Section 164 of the Act, particulars of interests of directors who held office at the end of the financial year (including those held by their spouses and infant children) in shares, debentures, warrants and share options in the Company and in related corporations are as follows: Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year Holdings at end of the year Mr Stanley Huang Tian Guan Paragon REIT – units 323,000 323,000 Singapore Airlines Limited 10,000 10,000 SIA Engineering Company Limited 10,000 10,000 Astrea 7 Pte Ltd - 4.125% Class A-1 Secured Bonds due 27 May 2032 (units) 40,000 40,000 CapitaLand China Trust – units 100,000 100,000 Astrea 8 Pte Ltd - 4.35% Class A-1 Secured Bonds due 19 July 2039 − S$38,000 Mapletree Industrial Trust – units − 150,000 1 SP PowerAssets Limited Directors’ statement Year ended 31 March 2025 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year Holdings at end of the year Mrs Jeanne Cheng Singapore Telecommunications Limited 11,180 11,180 Singapore Technologies Engineering Ltd 10,000 10,000 Astrea 8 Pte Ltd - 6.35% Class A-2 Secured Bonds due 19 July 2039 − US$30,000 Ms Amelia Champion CapitaLand Ascott Trust – units 285 285 CapitaLand Investment Limited 5,000 5,000 CapitaLand Integrated Commercial Trust – units 773 3,900 Paragon REIT – units 3,128 3,128 Mapletree Treasury Services Limited - MAPLSP 3.7% Perpetual Bond S$250,000 S$250,000 Singapore Airlines Limited - 5.25% Bonds due 21 March 2034 US$200,000 US$200,000 Singapore Telecommunications Limited 1,430 1,430 Ms Loong Hui Chee Astrea 8 Pte Ltd - 4.35% Class A-1 Secured Bonds due 19 July 2039 − S$100,000 CapitaLand Ascendas Real Estate Investment Trust – units 14,615 14,615 CapitaLand Ascott Trust – units 160,388 160,388 CapitaLand Investment Limited 21,531 21,531 CapitaLand Integrated Commercial Trust – units 69,043 69,043 Mapletree Treasury Services Limited - 3.95% Perpetual Bond S$250,000 S$250,000 Singapore Airlines Limited 20,669 20,669 Singapore Technologies Engineering Ltd 1,495 1,495 Singapore Telecommunications Limited 117,108 117,108 Except as disclosed in this statement, no director who held office at the end of the financial year had interests in shares, debentures, warrants or share options of the Company, or of related corporations, either at the beginning of the financial year, or at the end of the financial year. Neither at the end of, nor at any time during the financial year, was the Company a party to any arrangement whose objects are, or one of whose objects is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate. 2 SP PowerAssets Limited Directors’ statement Year ended 31 March 2025 Share options During the financial year, there were: (i) (ii) no options granted by the Company to any person to take up unissued shares in the Company; and no shares issued by virtue of any exercise of option to take up unissued shares of the Company. As at the end of the financial year, there were no unissued shares of the Company under option. On behalf of the Board of Directors ──────────────────────── MR STANLEY HUANG TIAN GUAN Chairman ──────────────────────── MS LOONG HUI CHEE Director 23 May 2025 3 Independent Auditor’s Report For the financial year ended 31 March 2025 Independent Auditor’s Report to the Member of SP PowerAssets Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of SP PowerAssets Limited (the “Company”) which comprise the balance sheet as at 31 March 2025, the income statement, statement of comprehensive income, statement of changes in equity and statement of cash flows for the financial year then ended, and notes to the financial statements, including material accounting policy information. In our opinion, the accompanying financial statements of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Company as at 31 March 2025 and of the financial performance, changes in equity and cash flows of the Company for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For the matter below, our description of how our audit addressed the matter is provided in that context. 4 SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2025 We have fulfilled our responsibilities described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report, including in relation to the matter. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matter below, provide the basis for our audit opinion on the accompanying financial statements. Goodwill impairment review The Company has recorded an asset of $2,166.8 million which represents goodwill on the acquisition of the transmission business as discussed in Note 6. The goodwill balance is reviewed annually for impairment based on fair value which is determined by discounting expected future cash flows as discussed in Note 6. The assessment of fair value requires significant management judgement in establishing future cash flows, the terminal value and the discount rate. Our audit procedures included assessing the key assumptions used in arriving at the fair value, including the terminal value, forecast future cash flows, and the discount rate. In performing our audit procedures, we assessed the reasonableness of cash flow projections by assessing the reliability of management’s budgeting process, the Company’s own historical data and performance and the market and economic conditions prevailing at the reporting date. In relation to other key inputs, such as the terminal value and discount rate, we compared these inputs to externally available industry, economic and financial data. We further reviewed the adequacy of the disclosure in the financial statements in Note 6 of the financial statements. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 5 SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2025 Responsibilities of Management and Directors for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and SFRS(I), and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The directors’ responsibilities include overseeing the Company’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. 6 SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2025 • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on Other Legal and Regulatory Requirements In our opinion, the accounting and other records required by the Act to be kept by the Company have been properly kept in accordance with the provisions of the Act. The engagement partner on the audit resulting in this independent auditor’s report is Philip Ling Soon Hwa. Ernst & Young LLP Public Accountants and Chartered Accountants Singapore 23 May 2025 7 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Balance sheet As at 31 March 2025 Note 2025 2024 $ million $ million Non-current assets Property, plant and equipment 4 11,623.8 11,128.5 Intangible assets 6 2,177.6 2,177.2 Derivative assets 7 10.7 52.6 13,812.1 13,358.3 Current assets Inventories 8 34.1 31.4 Trade and other receivables 9 430.6 402.9 Derivative assets 7 14.9 27.7 Cash and cash equivalents 10 # # 479.6 462.0 Total assets 14,291.7 13,820.3 Regulatory deferral accounts (“RDA”) debit balances and related deferred tax assets 11 18.3 80.0 Total assets and RDA debit balances 14,310.0 13,900.3 Equity Share capital 12 2,512.4 2,512.4 Hedging reserve 13 (5.7) 47.5 Accumulated profits 3,033.6 2,828.5 Total equity 5,540.3 5,388.4 Non-current liabilities Debt obligations 14 1,192.1 2,068.7 Derivative liabilities 7 100.0 208.2 Deferred tax liabilities 15 1,464.6 1,474.9 Deferred income 16 107.1 115.9 Deferred construction cost compensation 17 256.2 256.2 Lease liabilities 5 0.1 0.2 3,120.1 4,124.1 Current liabilities Debt obligations 14 927.5 199.5 Derivative liabilities 7 73.0 99.5 Current tax payable 164.9 119.3 Trade and other payables 18 4,376.3 3,952.0 Lease liabilities 5 0.1 3.9 5,541.8 4,374.2 Total liabilities 8,661.9 8,498.3 Total equity and liabilities 14,202.2 13,886.7 RDA credit balances and related deferred tax liabilities 11 107.8 13.6 Total equity, liabilities and RDA related deferred tax liabilities 14,310.0 13,900.3 # Less than $0.1 million The accompanying notes form an integral part of these financial statements. 8 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Income statement Year ended 31 March 2025 Note 2025 2024 $ million $ million Revenue 19 2,185.8 1,960.7 Other income 20 101.5 80.0 Expenses - Depreciation of property, plant and equipment 4 (723.9) (670.2) - Amortisation of intangible assets 6 (1.6) (1.1) - Maintenance (130.5) (122.1) - Management fees (166.6) (159.8) - Property taxes (66.4) (60.9) - Agency fee (31.9) (30.4) - Support services (35.1) (36.5) - Other operating expenses (64.0) (61.4) Operating profit 1,067.3 898.3 Finance income 21 5.7 0.3 Finance costs 22 (169.3) (147.6) Profit before taxation 903.7 751.0 Tax expense 23 (165.6) (134.6) Profit for the year 24 738.1 616.4 Net movement in RDA balances related to profit or loss and the related deferred tax movement 11 (155.9) (111.5) Profit for the year and net movement in RDA balances 582.2 504.9 The accompanying notes form an integral part of these financial statements. 9 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Statement of comprehensive income Year ended 31 March 2025 2025 2024 $ million $ million Profit for the year and net movement in RDA balances 582.2 504.9 Other comprehensive income Items that are or may be reclassified subsequently to profit or loss: Effective portion of changes in fair value of cash flow hedges, net of tax (6.0) 22.4 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax (51.5) (69.7) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax 4.3 1.7 Other comprehensive income for the year, net of tax (53.2) (45.6) Total comprehensive income for the year 529.0 459.3 The accompanying notes form an integral part of these financial statements. 10 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Statement of changes in equity Year ended 31 March 2025 Share Hedging Accumulated Total capital reserve profits equity Note $ million $ million $ million $ million At 1 April 2023 2,512.4 93.1 2,694.6 5,300.1 Total comprehensive income for the year Profit for the year and net movement in RDA balances − − 504.9 504.9 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax − 22.4 − 22.4 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax − (69.7) − (69.7) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax − 1.7 − 1.7 Total other comprehensive income − (45.6) − (45.6) Total comprehensive income for the year − (45.6) 504.9 459.3 Transaction with owner, recognised directly in equity Contributions by and distribution to owner Dividends declared 29 − − (371.0) (371.0) At 31 March 2024 2,512.4 47.5 2,828.5 5,388.4 The accompanying notes form an integral part of these financial statements. 11 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Statement of changes in equity Year ended 31 March 2025 (cont'd) Share Hedging Accumulated Total capital reserve profits equity Note $ million $ million $ million $ million At 1 April 2024 2,512.4 47.5 2,828.5 5,388.4 Total comprehensive income for the year Profit for the year and net movement in RDA balances − − 582.2 582.2 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax − (6.0) − (6.0) Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax − (51.5) − (51.5) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax − 4.3 − 4.3 Total other comprehensive income − (53.2) − (53.2) Total comprehensive income for the year − (53.2) 582.2 529.0 Transaction with owner, recognised directly in equity Contributions by and distribution to owner Dividends declared 29 − − (377.1) (377.1) At 31 March 2025 2,512.4 (5.7) 3,033.6 5,540.3 The accompanying notes form an integral part of these financial statements. 12 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Statement of cash flows Year ended 31 March 2025 2025 2024 Note $ million $ million Cash flows from operating activities Profit for the year and net movement in RDA balances 582.2 504.9 Adjustments for: Tax expense 23 165.6 134.6 Depreciation and amortisation 4,6 725.5 671.3 (Gain)/loss on disposal of property, plant and equipment and intangible assets 24 (0.1) 0.1 Deferred income 16 (8.8) (9.0) Inventories written down, net 8 3.7 9.6 Write-back of allowance for expected credit loss on trade receivables, net 9 − (1.4) Finance income 21 (5.7) (0.3) Finance costs 22 169.3 147.6 Exchange loss/(gain), net 24 1.2 (1.2) Net movements in RDA balances related to profit or loss and the related deferred tax movement 11 155.9 111.5 1,788.8 1,567.7 Changes in working capital: Inventories (6.4) (3.7) Trade and other receivables (31.2) (61.9) Trade and other payables 25.5 (41.7) Cash generated from operations 1,776.7 1,460.4 Interest received 0.2 0.3 Income tax paid (119.4) (82.4) Net cash generated from operating activities 1,657.5 1,378.3 Cash flows from investing activities Purchase of property, plant and equipment (1,159.4) (975.5) Purchase of intangible assets (2.0) (7.2) Proceeds from disposal of property, plant and equipment and intangible assets 1.2 5.2 Net cash used in investing activities (1,160.2) (977.5) Cash flows from financing activities Interest paid (37.8) (39.8) Repayment of bond (305.0) − (Repayment of)/proceeds from related company loans 226.5 (357.5) Dividend paid 29 (377.1) − Payment of principal portion of lease liabilities 5 (3.9) (3.6) Net cash used in financing activities (497.3) (400.9) Net decrease in cash and cash equivalents # (0.1) Cash and cash equivalents at beginning of the year # 0.1 Cash and cash equivalents at end of the year 10 # # # Less than $0.1 million In 2024, tax-exempt dividend declared to the immediate holding company in relation to the financial year ended 31 March 2023 of $371.0 million was settled via loans from a related company. The accompanying notes form an integral part of these financial statements. 13 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Notes to the financial statements These notes form an integral part of the financial statements. The financial statements were authorised for issue by the Board of Directors on 23 May 2025. 1 Domicile and activities SP PowerAssets Limited (the “Company”) is incorporated in the Republic of Singapore and has its registered office at 2 Kallang Sector, SP Group Building, Singapore 349277. The principal activities of the Company are those relating to the provision of services in connection with the transmission and distribution of electricity. The immediate and ultimate holding companies are Singapore Power Limited and Temasek Holdings (Private) Limited respectively. Both companies are incorporated in the Republic of Singapore. 2 Basis of preparation 2.1 Statement of compliance The financial statements have been prepared in accordance with the Singapore Financial Reporting Standards (International) (“SFRS(I)”). 2.2 Basis of measurement The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies set out below. 2.3 Functional and presentation currency The financial statements are presented in Singapore dollars, which is the Company’s functional currency. All financial information presented in Singapore dollars has been rounded to the nearest 0.1 million, unless otherwise stated. 2.4 Use of estimates and judgements The preparation of financial statements in conformity with SFRS(I) requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying amounts of assets and liabilities that are not readily apparent from other sources. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. 14 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is discussed below: Impairment of goodwill and indefinite-lived intangible assets Impairment reviews in respect of goodwill and intangible assets are performed at least annually. More regular reviews are performed if changes in circumstances or the occurrence of events indicate potential impairment. The Company uses the present value of future cash flows to determine the recoverable amounts of the cash generating units. In calculating the recoverable amounts, significant management judgement is required in forecasting cash flows of the cash generating units, in estimating the terminal growth values and in selecting an appropriate discount rate. Details of key assumptions made are set out in Note 6. Regulatory deferral accounts Regulatory deferral account debit or credit balances represent timing differences between revenue recognised for financial reporting purposes (as set out in Note 3.13) and revenue earned for regulatory purposes. Revenue earned for regulatory purposes is estimated based on the revenue allowed by the Energy Market Authority (“EMA”) (in accordance with the price regulation framework), taking into consideration the services rendered and volume of electricity delivered to consumers. Note 3.11 sets out the accounting policy for regulatory deferral accounts. 2.5 Changes in accounting policies Adoption of new and revised SFRS(I)s and Interpretation to SFRS(I) The accounting policies adopted are consistent with those of the previous financial year except that in the current financial year, the Company has adopted all the new and revised standards which are effective for annual financial periods beginning on or after 1 April 2024. The adoption of these standards did not have a material effect on the financial performance or position of the Company. 3 Material accounting policy information The accounting policies set out below have been applied consistently for all periods presented in these financial statements, and have been consistently applied by the Company. 15 SP PowerAssets Limited Financial statements Year ended 31 March 2025 3.1 Foreign currencies Foreign currency transactions Transactions in foreign currencies are translated to the functional currency of the Company at the exchange rate at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at the reporting date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rate prevailing on the date which the fair value was determined. Nonmonetary items in a foreign currency that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on translation are recognised in profit or loss, except for differences arising on the translation of qualifying cash flow hedges, which are recognised in other comprehensive income. 3.2 Property, plant and equipment Recognition and measurement Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located and capitalised borrowing cost. Capitalisation of borrowing costs will cease when the asset is ready for its intended use. Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and is recognised net within other income/other operating expenses in profit or loss. 16 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Subsequent costs The cost of replacing a component of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to the Company, and its cost can be measured reliably. The carrying amount of the replaced component is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. Depreciation Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. Freehold land and constructionin-progress are not depreciated. The estimated useful lives for the current and comparative periods are as follows: Leasehold land Buildings and tunnels Transformers and switchgear Other plant and machinery - Works and other equipment 3 to 10 years - Standby electricity generator and other machinery 15 to 30 years Mains 30 years Other fixed assets (principally meters and motor vehicles) 3 to 10 years Over the term of the lease ranging from 20 to 99 years 30 to 40 years or the lease term, if shorter 30 years Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate. 3.3 Intangible assets Goodwill Goodwill arising from acquisition represents the excess of the cost of acquisition over the fair value of identifiable net assets acquired. Subsequent measurement Goodwill is measured at cost less accumulated impairment losses and is tested for impairment on an annual basis as described in Note 3.5. Other intangible assets Computer software is stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful life of 5 years. 17 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Computer software development in-progress is stated at cost. No amortisation is provided until it is ready for use. 3.4 Financial instruments Non-derivative financial assets Initial recognition and measurement Financial assets are recognised when, and only when the entity becomes party to the contractual provisions of the instruments. At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. Trade receivables are measured at the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third party, if the trade receivables do not contain a significant financing component at initial recognition. Subsequent measurement Investments in debt instruments Subsequent measurement of debt instruments depends on the Company’s business model for managing the asset and the contractual cash flow characteristics of the asset. Financial assets that are held for the collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Financial assets are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the assets are derecognised or impaired, and through the amortisation process. Derecognition The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Cash and cash equivalents Cash and cash equivalents comprise cash balances and bank deposits. Non-derivative financial liabilities Initial recognition and measurement 18 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Financial liabilities are recognised when, and only when, the Company becomes a party to the contractual provisions of the financial instrument. The Company determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value plus in the case of financial liabilities not at fair value through profit or loss, directly attributable transaction costs. For financial liabilities at fair value through profit or loss, directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent measurement After initial recognition, financial liabilities that are not carried at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, and through the amortisation process. Financial liabilities at fair value through profit or loss are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. On derecognition, the difference between the carrying amounts and the consideration paid is recognised in profit or loss. Offsetting Financial assets and liabilities are offset and the net amount presented on the balance sheet when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The rights of offset must not be contingent on a future event and must be enforceable in the event of bankruptcy or insolvency of all the counterparties to the contract. Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Derivative financial instruments and hedge accounting The Company holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met. Derivatives are initially measured at fair value and any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or loss. The Company designates certain derivatives and non-derivative financial instruments as hedging instruments in qualifying hedging relationships. At inception of designated hedging relationships, the Company documents the risk management objective and strategy for undertaking the hedge. The Company also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. 19 SP PowerAssets Limited Financial statements Year ended 31 March 2025 The Company applies hedge accounting for certain hedging relationships which qualify for hedge accounting. For the purpose of hedge accounting, hedges are classified as: • cash flow hedges when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment; or • fair value hedges when hedging the exposure to changes in fair value of a recognised asset or liability or an unrecognised firm commitment Cash flow hedges When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognised in other comprehensive income and presented in the hedging reserve in equity. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. When the hedged item is a non-financial asset, the amount accumulated in equity is included in the carrying amount of the asset when the asset is recognised. In other cases, the amount accumulated in equity is reclassified to profit and loss in the same period that the hedged item affects profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. When a cash flow hedge is discontinued, the cumulative gain or loss previously recognised in other comprehensive income will remain in the cash flow hedge reserve until the future cash flows occur if the hedged future cash flows are still expected to occur or reclassified to profit or loss immediately if the hedged future cash flows are no longer expected to occur. Fair value hedges Changes in the fair value of a derivative hedging instrument designated as a fair value hedge are recognised in profit or loss. The hedged item is adjusted to reflect changes in its fair value in respect of the risk being hedged; the gain or loss attributable to the hedged risk is recognised in profit or loss with an adjustment to the carrying amount of the hedged item. 3.5 Impairment Non-derivative financial assets The Company recognises an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss and financial guarantee contracts. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. 20 SP PowerAssets Limited Financial statements Year ended 31 March 2025 ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is recognised for credit losses expected over the remaining life of the exposure, irrespective of timing of the default (a lifetime ECL). For trade receivables and contract assets, the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The Company considers a financial asset potentially in default when contractual payments are 180 days past due. However, in certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Non-financial assets The carrying amounts of the Company’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. For goodwill and intangible assets that have indefinite useful lives or that are not yet available for use, recoverable amount is estimated each year at the same time. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit (“CGU”) exceeds its estimated recoverable amount. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGU. Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwill is monitored for internal reporting purposes. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU (group of CGUs), and then to reduce the carrying amounts of the other assets in the CGU (group of CGUs) on a pro rata basis. 21 SP PowerAssets Limited Financial statements Year ended 31 March 2025 An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Such reversal of impairment is recognised in profit or loss. 3.6 Accrued revenue Revenue accrual estimates are made to account for the unbilled amount at the reporting date. 3.7 Provisions A provision is recognised if, as a result of past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. 3.8 Government grants Capital grants are recognised on a straight-line basis and taken to profit or loss over the periods necessary to match the depreciation of the assets purchased with the government grants. Operating grants are presented within other income and are taken to profit or loss on a systematic basis in the same periods in which the expenses are incurred. 3.9 Deferred construction cost compensation Deferred construction cost compensation received to defray costs relating to the construction of an asset are accounted for as a government grant. Note 3.8 sets out the government grant accounting policy. 3.10 Deferred income Deferred income comprises (i) government grant for the purchase of depreciable assets and (ii) contributions made by certain customers towards the cost of capital projects received prior to 1 July 2009. Government grants and customer contributions Deferred income is recognised on a straight-line basis and taken to profit or loss over the periods necessary to match the depreciation of the assets purchased with the government grants and customers’ contribution. 3.11 Regulatory deferral account (“RDA”) debit or credit balances Use of system charges Regulatory deferral account debit or credit balances represent timing differences between revenue recognised for financial reporting purposes and revenue earned for regulatory purposes. 22 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Movements in the regulatory deferral account debit or credit balances are recognised in profit or loss over the periods necessary to adjust revenue recognised for financial reporting purposes to revenue earned for regulatory purposes based on services rendered. At the end of each regulatory period, adjustments for amounts to be recovered or refunded are taken to profit or loss as net movement in regulatory deferral account balances. 3.12 Price regulation and licence The Company’s operations in Singapore are regulated under the Electricity Licence for Transmission Licensee issued by the EMA of Singapore. Allowed revenue to be earned from the transmission of electricity is regulated based on certain formulae and parameters set out in the licence, relevant acts and codes. Revenue recognised for financial reporting purposes may differ from revenue earned for regulatory purposes due to volume variances. This may result in adjustments that may increase or decrease tariffs in succeeding periods. Amounts to be recovered or refunded are brought to account as adjustments to net movement in regulatory deferral account debit or credit balances in the income statement in the period in which the Company becomes entitled to the recovery or liable for the refund. The Company’s capital expenditure may differ from its regulatory plan and is subject to a review by the EMA. The results of the variances in capital expenditure may be translated into price adjustments, if any, in the following reset period. The use of system charges are approved by the EMA for a 5-year regulatory period in accordance with the price regulation framework. 3.13 Revenue recognition Revenue is measured based on the consideration to which the Company expects to be entitled in exchange for transferring promised services to a customer, excluding amounts collected on behalf of third parties. Revenue is recognised when the Company satisfies a performance obligation by transferring the promised service to the customer, which is when the customer obtains control of the service. A performance obligation may be satisfied at a point in time or over time. The amount of revenue recognised is the amount allocated to the satisfied performance obligation. Use of system charges Revenue for financial reporting purposes is recognised over time based on tariff billings to customers when the volume of electricity is delivered. 3.14 Leases The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. 23 SP PowerAssets Limited Financial statements Year ended 31 March 2025 As lessor Leases in which the Company does not transfer substantially all the risks and rewards of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term. Rental income under operating leases are recognised in profit or loss over the term of the lease. As lessee The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. (i) Right-of-use assets The Company recognises right-of-use assets at the commencement or on modification date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to Note 3.5 for the accounting policy. (ii) Lease liabilities At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. 24 SP PowerAssets Limited Financial statements Year ended 31 March 2025 In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. (iii) Short-term leases The Company applies the short-term lease recognition exemption to its short-term leases of leasehold land (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term. 3.15 Finance income and costs Finance income comprises interest income on funds invested. Interest income is recognised as it accrues, using the effective interest method. Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions, fair value gains or losses on financial assets and liabilities at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), gains or losses on hedging instruments that are recognised in profit or loss, amortisation of transaction costs capitalised and interest expense on lease liabilities. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method. 3.16 Tax expense Tax expense comprises current and deferred tax. Current and deferred taxes are recognised in profit or loss except to the extent that it relates to items recognised directly in equity or in the other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: - temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and at the time of the transaction (i) affects neither accounting nor taxable profit or loss and (ii) does not give rise to equal taxable and deductible temporary differences; and - taxable temporary differences arising on the initial recognition of goodwill. 25 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. In determining the amount of current and deferred tax, the Company takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. The Company believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Company to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. The movement in a deferred tax asset or liability that arises from the temporary differences created as a result of recognising regulatory deferral account balances are presented in the income statement net of the movement in regulatory deferral account balances related to profit or loss. 3.17 Segment reporting The Company determines and presents operating segments based on the information that is provided internally to the chief operating decision maker. The Company has only one operating segment – electricity transmission and distribution, and hence no separate disclosures are made in the financial statements. 26 SP PowerAssets Limited Financial statements Year ended 31 March 2025 3.18 New standards and interpretations not yet adopted A number of new amendments to standards that have been issued but not yet effective have not been early adopted in preparing these financial statements. Other than as described below, the new standards, amendments to standards and interpretations to SFRS(I)s are not expected to have a significant impact on the Company’s financial statements. SFRS(I) 18: Presentation and Disclosure in Financial Statements SFRS(I) 18 will replace SFRS(I) 1-1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The new standard introduces the following key new requirements: • Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly-defined operating profit subtotal. Entities’ net profit will not change. • Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements. • Enhanced guidance is provided on how to group information in the financial statements. In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method. The Company is still in the process of assessing the impact of the new standard on the primary financial statements and notes to the financial statements. 27 SP PowerAssets Limited Financial statements Year ended 31 March 2025 4 Property, plant and equipment Freehold land Leasehold land Buildings and tunnels Switchgear Transformers Other plant and machinery Mains Other fixed assets Construction -in-progress Total $ million $ million $ million $ million $ million $ million $ million $ million $ million $ million Cost At 1 April 2023 0.3 504.2 1,879.5 3,503.4 1,937.5 621.6 7,795.6 291.2 1,561.7 18,095.0 Additions − − − − − 2.9 − 25.6 1,017.0 1,045.5 Disposals − (48.4) (0.3) (61.4) (23.9) (52.1) (3.3) (6.6) − (196.0) Reclassification − 4.5 34.0 100.4 114.1 54.3 323.3 33.8 (664.4) − At 31 March 2024 0.3 460.3 1,913.2 3,542.4 2,027.7 626.7 8,115.6 344.0 1,914.3 18,944.5 Additions − 0.3 − 0.2 − 2.1 − 59.7 1,154.9 1,217.2 Disposals − − (7.1) (144.2) (15.9) (5.9) (196.0) (18.9) − (388.0) Transfers − − − 96.5 − − − − − 96.5 Reclassification − 14.8 144.3 331.4 219.0 66.0 674.5 4.3 (1,454.3) − At 31 March 2025 0.3 475.4 2,050.4 3,826.3 2,230.8 688.9 8,594.1 389.1 1,614.9 19,870.2 Accumulated depreciation At 1 April 2023 − 192.8 810.3 1,924.1 765.3 378.4 3,086.8 178.8 − 7,336.5 Depreciation − 10.0 70.1 156.0 71.2 55.3 273.8 33.8 − 670.2 Disposals − (48.3) (0.3) (58.2) (22.0) (52.1) (3.3) (6.5) − (190.7) At 31 March 2024 − 154.5 880.1 2,021.9 814.5 381.6 3,357.3 206.1 − 7,816.0 Depreciation − 11.0 81.1 164.0 86.1 59.4 287.5 34.8 − 723.9 Disposals − − (7.1) (143.8) (15.6) (5.6) (196.0) (18.8) − (386.9) Transfers − − − 93.4 − − − − − 93.4 At 31 March 2025 − 165.5 954.1 2,135.5 885.0 435.4 3,448.8 222.1 − 8,246.4 Carrying amounts At 31 March 2024 0.3 305.8 1,033.1 1,520.5 1,213.2 245.1 4,758.3 137.9 1,914.3 11,128.5 At 31 March 2025 0.3 309.9 1,096.3 1,690.8 1,345.8 253.5 5,145.3 167.0 1,614.9 11,623.8 28 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Expenses capitalised The following expenses were capitalised in property, plant and equipment during the year: 2025 2024 $ million $ million Management fees (staff cost) 103.5 96.0 As at 31 March 2025, property, plant and equipment includes right-of-use assets of $310.1 million (2024: $309.8 million) relating to leasehold land, building and office under leasing arrangements. Details are presented in Note 5. 5 Right-of-use assets/ Lease liabilities Set out below are the carrying amounts of right-of-use assets recognised within property, plant and equipment and the movements during the year: Leasehold Buildings and land tunnels Total $ million $ million $ million At 1 April 2023 311.4 7.8 319.2 Disposals (0.1) − (0.1) Reclassification 4.5 − 4.5 Depreciation (10.0) (3.8) (13.8) At 31 March 2024 305.8 4.0 309.8 Additions 0.3 − 0.3 Reclassification 14.8 − 14.8 Depreciation (11.0) (3.8) (14.8) At 31 March 2025 309.9 0.2 310.1 Set out below are the carrying amounts of lease liabilities (included under trade and other payables) and the movements during the year: 2025 2024 $ million $ million At 1 April 4.1 7.8 Lease modification − − Accretion of interest 0.1 0.2 Payments (4.0) (3.9) At 31 March 0.2 4.1 Current 0.1 3.9 Non-current 0.1 0.2 0.2 4.1 The maturity analysis of lease liabilities is disclosed in Note 26. 29 SP PowerAssets Limited Financial statements Year ended 31 March 2025 The following are the amounts recognised in profit or loss: 2025 2024 $ million $ million Depreciation expense of right-of-use assets 14.8 13.8 Interest expense on lease liabilities 0.1 0.2 Expenses relating to short-term leases (included in other operating expenses) 0.3 0.4 15.2 14.4 The Company had total cash outflow for leases of $4.3 million (2024: $4.3 million) for the financial year ended 31 March 2025. 6 Intangible assets Goodwill on acquisition Deferred expenditure Computer software Computer software development in-progress Total $ million $ million $ million $ million $ million Cost At 1 April 2023 2,166.8 112.2 40.0 1.4 2,320.4 Additions − 0.7 − 6.6 7.3 Disposals − − (0.1) − (0.1) Reclassifications − − 0.2 (0.2) − At 31 March 2024 2,166.8 112.9 40.1 7.8 2,327.6 Additions − 1.6 − 3.5 5.1 Disposals − (17.9) − − (17.9) Transfers − (96.6) 0.1 − (96.5) Reclassifications − − 3.5 (3.5) − At 31 March 2025 2,166.8 − 43.7 7.8 2,218.3 Accumulated amortisation At 1 April 2023 − 110.0 39.4 − 149.4 Amortisation − 0.6 0.5 − 1.1 Disposals − − (0.1) − (0.1) At 31 March 2024 − 110.6 39.8 − 150.4 Amortisation − 0.8 0.8 − 1.6 Disposals − (17.9) − − (17.9) Transfers − (93.5) 0.1 − (93.4) At 31 March 2025 − − 40.7 − 40.7 Carrying amounts At 31 March 2024 2,166.8 2.3 0.3 7.8 2,177.2 At 31 March 2025 2,166.8 − 3.0 7.8 2,177.6 30 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Impairment test for goodwill The Company as a whole is considered a CGU. The recoverable amount of the CGU is based on the higher of fair value less costs to sell and value in use. The recoverable amount of the CGU is determined to be higher than its carrying amount hence no impairment is necessary. Fair value is determined by discounting future cash flows generated from the continuing use of the CGU and is based on the following key assumptions: 1. Cash flows are projected based on a 5-year business plan. 2. Cash flows are discounted using a pre-tax discount rate of 7.04% (2024: 7.04%) per annum that reflects current market assessments of the time value of money and risks specific to the CGU. 3. Terminal value is calculated based on a multiple of 1.3 times (2024: 1.3 times) of the carrying amounts of property, plant and equipment. Expenses capitalised The following expenses were capitalised in intangible assets during the year: 2025 2024 $ million $ million Management fees (staff cost) 0.4 0.3 31 SP PowerAssets Limited Financial statements Year ended 31 March 2025 7 Derivative assets and liabilities 2025 2024 Outstanding Outstanding notional amounts Assets Liabilities notional amounts Assets Liabilities $ million $ million $ million $ million $ million $ million Current: Cross-currency interest rate swaps 996.0 − (69.4) 230.0 − (95.9) Interest rate swaps 1,210.7 13.1 − 1,188.5 25.9 (0.1) Foreign exchange forwards 187.8 1.8 (3.6) 218.4 1.8 (3.5) 14.9 (73.0) 27.7 (99.5) Non-current: Cross-currency interest rate swaps 923.2 − (89.2) 1,919.2 − (198.5) Interest rate swaps 1,623.2 10.7 (8.1) 1,560.7 52.5 (2.8) Foreign exchange forwards 45.2 # (2.7) 72.7 0.1 (6.9) 10.7 (100.0) 52.6 (208.2) # Less than $0.1 million 32 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Offsetting financial assets and financial liabilities The Company’s derivative transactions are entered into under International Swaps and Derivatives Association (“ISDA”) Master Agreements. The ISDA agreements create a right of set-off of recognised amounts that is enforceable only following an event of default, insolvency or bankruptcy of the Company or the counterparties. As such, these agreements do not meet the criteria for offsetting under SFRS(I) 1-32 Financial Instruments: Presentation. The Company and its counterparties do not intend to settle on a net basis or to realise the assets and settle the liabilities simultaneously but have the right to set off in the case of default and insolvency or bankruptcy. The Company’s financial assets and liabilities subject to an enforceable master netting arrangement that are not otherwise set-off are as follows: Types of financial assets / liabilities Gross amounts of recognised financial assets / liabilities Related amounts not offset in the balance sheet – financial instruments Net amounts $ million $ million $ million 2025 Derivative assets 25.6 (12.7) 12.9 2024 Derivative assets 80.3 (38.1) 42.2 2025 Derivative liabilities 173.0 (12.7) 160.3 2024 Derivative liabilities 307.7 (38.1) 269.6 33 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Hedge Accounting As at 31 March 2025 and 2024, the Company held various types of derivative financial instruments and formally designated a portion of them in cash flow and fair value hedge relationships for accounting purposes, in accordance with the requirements of SFRS(I) 9. The following table summarises the derivative financial instruments in the balance sheet and the effects of hedge accounting on the Company’s financial position and performance. Changes in fair value used for calculating ---- Hedge instrument ---- ----------------- Hedged item ----------------- ------------ hedge ineffectiveness ------------ Financial Carrying statement line Accumulated Hedge Outstanding amount of that includes amount of ineffectiveness notional Assets/ assets/ the hedged fair value Hedging Hedged recognised in amounts (liabilities) (liabilities) item adjustments instrument item profit or loss $ million $ million $ million $ million $ million $ million $ million Hedge rates Maturity (Year) 2025 Cash flow hedge Interest rate risk – Finance cost 4,403.1 (0.5) − − − 73.6 (73.6) − 0.4640% - 2.5450% Up to 2030 Foreign exchange risk – Refer to Note 26 under Foreign currency risk 233.0 (4.5) − − − 5.8 (5.8) − CHF/SGD: 1.471 - 1.577 CNY/SGD: 0.186 EUR/SGD: 1.409 - 1.653 JPY/SGD: 0.009 - 0.010 USD/SGD: 1.272 - 1.382 Up to 2026 Up to 2025 Up to 2028 Up to 2027 Up to 2028 Fair value hedge Interest rate risk 350.0 10.4 (359.7) Debt obligations (10.5) 12.8 (11.6) 1.2 6 month SORA Up to 2032 Foreign exchange risk 1,919.2 (152.8) (1,759.9) Debt obligations 157.4 48.3 (58.5) (10.2) Refer to footnotes of Note 14 Up to 2027 34 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Changes in fair value used for calculating ----- Hedge instrument ---- ----------------- Hedged item ----------------- ------------ hedge ineffectiveness ------------ Financial Carrying statement line Accumulated Hedge Outstanding amount of that includes amount of ineffectiveness notional Assets/ assets/ the hedged fair value Hedging Hedged recognised in amounts (liabilities) (liabilities) item adjustments instrument item profit or loss $ million $ million $ million $ million $ million $ million $ million Hedge rates Maturity (Year) 2024 Cash flow hedge Interest rate risk – Finance cost 4,473.4 69.4 − − − (63.5) 63.5 − 0.3900% - 1.3275% Up to 2027 Foreign exchange risk – Refer to Note 26 under Foreign currency risk 291.1 (8.5) − − − (5.2) 5.2 − CHF/SGD: 1.397 - 1.546 CNY/SGD: 0.186 - 0.193 EUR/SGD: 1.430 - 1.657 JPY/SGD: 0.009 - 0.013 MYR/SGD: 0.280 - 0.330 USD/SGD: 1.272 - 1.382 Up to 2025 Up to 2024 Up to 2028 Up to 2026 Up to 2024 Up to 2028 Fair value hedge Interest rate risk 425.0 (2.4) (423.1) Debt obligations 1.1 (0.9) 0.9 − 6 month Fall Back SOR/ SORA Up to 2032 Foreign exchange risk 2,149.2 (285.9) (1,845.1) Debt obligations 300.7 (9.4) 14.7 5.3 Refer to footnotes of Note 14 Up to 2027 35 SP PowerAssets Limited Financial statements Year ended 31 March 2025 8 Inventories 2025 2024 $ million $ million Cables 27.7 22.6 Transformers 0.6 1.8 Switchgear 3.8 5.2 Spare parts and accessories 2.0 1.8 34.1 31.4 In the financial year ended 31 March 2025, inventories recognised as an expense in the income statement amounted to $3.8 million (2024: $3.4 million). The write-down of inventories to net realisable value amounted to $3.7 million (2024: $9.6 million). The utilization of inventory obsolescence provision upon sale of the inventory items amounted to $2.3 million (2024: $0.7 million). 9 Trade and other receivables 2025 2024 $ million $ million Trade receivables: - Third parties 105.7 113.8 - Related companies 82.4 70.7 - Immediate holding company 7.5 − 195.6 184.5 Impairment loss (0.2) (0.2) 195.4 184.3 Accrued revenue 176.3 169.8 Deposits 0.2 0.4 371.9 354.5 Prepayments 58.7 48.4 430.6 402.9 Trade receivables The average credit term is between 8 to 30 calendar days (2024: between 8 to 30 calendar days). Collateral in the form of bank guarantees and deposits are obtained from counterparties where appropriate. There were no amounts called upon during the year. 36 SP PowerAssets Limited Financial statements Year ended 31 March 2025 The maximum exposure to credit risk for trade receivables at the reporting date by types of customer is as follows: 2025 2024 $ million $ million Contestable transmission/ distribution customers 149.5 138.3 Non-contestable transmission/ distribution customers 14.3 14.0 Project-based customers 22.3 28.5 Others 9.3 3.5 195.4 184.3 The Company provides for lifetime expected credit losses for all trade receivables using a provision matrix. The provision rates are determined based on the evaluation of collectability and ageing analysis of trade receivables and on the estimation of the management. A considerable amount of estimation is required in assessing the ultimate realisation of these receivables, including the current creditworthiness and the past collection history of each customer. The Company categorises trade receivables for potential write-off on the overdue trade receivables of customers that have failed to make contractual payments for more than 180 days. Where trade receivables have been impaired or written off, the Company continues to engage enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognised in profit or loss. The maximum exposure to credit risk for trade receivables by geographic region, relates mainly to Singapore at the reporting date. There is no significant concentration of credit risk of trade receivables. The Company has policies in place to monitor its credit risk. Contractual deposits are collected and sufficient collaterals are obtained to mitigate the risk of financial loss from defaults. The Company’s customers are spread across diverse industries and ongoing credit evaluation is performed on the financial condition of receivables to ensure minimal exposure to bad debts. The ageing of trade receivables at the reporting date is as follows: 2025 2024 $ million $ million Not past due 192.5 177.3 Past due 0-30 days 0.8 2.5 Past due 31-90 days 0.8 0.6 Past due 91-180 days 0.4 1.2 Past due more than 180 days 1.1 2.9 195.6 184.5 37 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Expected credit losses The movement in allowance for expected credit losses of trade receivables computed based on lifetime ECL are as follows: 2025 2024 $ million $ million At 1 April 0.2 4.5 Impairment loss recognised 0.2 0.2 Impairment loss utilized − (2.9) Impairment loss written back (0.2) (1.6) At 31 March 0.2 0.2 Trade and other receivables are denominated predominantly in the functional currency of the Company. 10 Cash and cash equivalents 2025 2024 $ million $ million Cash at bank and in hand # # As at reporting date, cash and cash equivalents are denominated in the functional currency of the Company. # Less than $0.1 million 11 Regulatory deferral accounts 2025 2024 $ million $ million Net movement in RDA balances related to profit or loss (187.8) (134.3) RDA related deferred tax movement 31.9 22.8 Net movement in RDA balances related to profit or loss and the related deferred tax movement (155.9) (111.5) 38 SP PowerAssets Limited Financial statements Year ended 31 March 2025 RDA debit balances and related deferred tax assets At 1 April 2024 $ million Reclassification $ million Balances arising in the period $ million (Recovery)/ reversal $ million At 31 March 2025 $ million Deferral of revenue based on service rendered 80.7 (80.7) – – – Under recovery of volume variance (0.7) 0.7 – – – RDA related deferred tax assets – (13.6) (15.3) 47.2 18.3 80.0 (93.6) (15.3) 47.2 18.3 RDA credit balances and related deferred tax liabilities Deferral of revenue based on service rendered – 80.7 87.2 (276.8) (108.9) Under recovery of volume variance – (0.7) 2.9 (1.1) 1.1 RDA related deferred tax liabilities (13.6) 13.6 – – – (13.6) 93.6 90.1 (277.9) (107.8) At 1 April 2023 $ million Balances arising in the period $ million (Recovery)/ reversal $ million At 31 March 2024 $ million RDA debit balances Deferral of revenue based on service rendered 274.6 (36.9) (157.0) 80.7 Over recovery of volume variance (60.3) (1.0) 60.6 (0.7) 214.3 (37.9) (96.4) 80.0 RDA related deferred tax liabilities RDA related deferred tax liabilities (36.4) 6.4 16.4 (13.6) The recovery/reversal period of RDA debit and credit balances are directed by EMA. The Company is currently the sole electricity transmission and distribution company in Singapore. The EMA may not terminate the Company’s Transmission Licence except by giving 25 years’ notice, or otherwise revoking the Transmission Licence in accordance with the Electricity Act (including where the EMA is satisfied that the Company has gone into compulsory liquidation or voluntary liquidation other than for the purpose of amalgamation or reconstruction, or the public interest or security of Singapore requires). The Company therefore considers the exposure on recovery of regulatory deferral debit balances to be minimal. 39 SP PowerAssets Limited Financial statements Year ended 31 March 2025 12 Share capital 2025 2024 No. of shares No. of shares million million Ordinary shares Issued and fully-paid, with no par value At 1 April and 31 March 2,512.4 2,512.4 The holder of ordinary shares is entitled to receive dividends as declared from time to time and is entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company’s residual assets. 13 Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to highly probable forecast transactions. 2025 2024 $ million $ million Hedging reserves At beginning of year 47.5 93.1 Effective portion of changes in fair value of cash flow hedges: - Interest rate risks (6.5) 28.4 - Foreign exchange risks 0.5 (6.0) Net change in fair value of cash flow hedges reclassified to profit or loss, net of tax: - Interest rate risks (51.5) (69.7) Net change in fair value of cash flow hedges, on recognition of the hedged items on balance sheet, net of tax: - Foreign exchange risks 4.3 1.7 At end of year (5.7) 47.5 40 SP PowerAssets Limited Financial statements Year ended 31 March 2025 14 Debt obligations Principal amount Date of maturity 2025 2024 $ million $ million Fixed rate notes JPY 15 billion (1) April 2024 − 123.2 SGD 75 million May 2024 − 76.3 USD 700 million (2) November 2025 927.5 905.4 JPY 7 billion (3) October 2026 58.8 59.8 USD 600 million (4) September 2027 773.6 756.8 SGD 100 million May 2029 101.5 98.2 SGD 250 million September 2032 258.2 248.5 2,119.6 2,268.2 Current 927.5 199.5 Non-current 1,192.1 2,068.7 2,119.6 2,268.2 (1) JPY 15 billion swapped to SGD 230.0 million (2) USD 700 million swapped to SGD 996.0 million (3) JPY 7 billion swapped to SGD 114.7 million (4) USD 600 million swapped to SGD 808.5 million The debt obligations are on bullet repayment terms. Interest rates on debt obligations denominated in Singapore dollars range from 3.40% to 5.07% (2024: 3.40% to 5.07%) per annum. Interest rates on foreign currency debt obligations range from 1.95% to 3.25% (2024: 1.95% to 3.25%) per annum. 41 SP PowerAssets Limited Financial statements Year ended 31 March 2025 A reconciliation of liabilities arising from financing activities is as follows: 2024 --------------- Cash flows--------------- -----------------------------------------Non-cash changes----------------------------------------- 2025 Proceeds $ million Repayment $ million Interest paid $ million Additions $ million Repayment $ million Foreign exchange movement $ million Changes in fair value $ million Interest $ million Reclassification $ million $ million $ million Debt obligations Current 199.5 − (305.0) − − − 40.3 (2.8) − 995.5 927.5 Non-current 2,068.7 − − − − − 44.5 74.4 − (995.5) 1,192.1 Interest payable 9.0 − (36.8) − − − − 35.2 * − 7.4 Loans from a related company Current 3,289.4 226.5 − (0.9) − (5.5) − − 123.5 − 3,633.0 Lease liabilities Current 3.9 − (3.9) (0.1) − − − − 0.1 0.1 0.1 Non-current 0.2 − − − − − − − − (0.1) 0.1 5,570.7 226.5 (308.9) (37.8) − (5.5) 84.8 71.6 158.8 − 5,760.2 * Comprises interest on debt obligations and net change in fair value of cash flow hedges reclassified from equity as disclosed in Note 22. 42 SP PowerAssets Limited Financial statements Year ended 31 March 2025 2023 ---------------- Cash flows---------------- ----------------------------------------Non-cash changes---------------------------------------- 2024 Proceeds $ million Repayment $ million Interest paid $ million Additions $ million Foreign exchange movement $ million Changes in fair value $ million Interest $ million Reclassification $ million $ million $ million Debt obligations Current − − − − − − − − 199.5 199.5 Non-current 2,281.2 − − − − 1.1 (14.1) − (199.5) 2,068.7 Interest payable 8.8 − − (38.9) − − − 39.1 * − 9.0 Loans from a related company Current 3,164.5 − (357.5) (0.6) 371.0 − − 112.0 − 3,289.4 Lease liabilities Current 3.6 − (3.6) − − − − − 3.9 3.9 Non-current 4.2 − − (0.3) − − − 0.2 (3.9) 0.2 5,462.3 − (361.1) (39.8) 371.0 1.1 (14.1) 151.3 − 5,570.7 * Comprises interest on debt obligations and net change in fair value of cash flow hedges reclassified from equity as disclosed in Note 22. 43 SP PowerAssets Limited Financial statements Year ended 31 March 2025 15 Deferred taxation Movements in deferred tax assets and liabilities during the year are as follows: At 31 March 2023 Recognised in profit or loss (Note 23) Recognised in other comprehensive income (Note 23) At 31 March 2024 Recognised in profit or loss (Note 23) Recognised in other comprehensive income (Note 23) At 31 March 2025 $ million $ million $ million $ million $ million $ million $ million Deferred tax liabilities Property, plant and (1,470.9) (12.4) – (1,483.3) 1.0 – equipment (1,482.3) Right-of-use assets (1.4) 0.7 – (0.7) 0.7 – – Intangible assets (0.7) (0.9) – (1.6) (0.1) – (1.7) Hedging reserve (19.2) – 9.3 (9.9) – 10.9 1.0 (1,492.2) (12.6) 9.3 (1,495.5) 1.6 10.9 (1,483.0) Set off of tax 22.8 20.6 18.4 Net deferred tax liabilities (1,469.4) (1,474.9) (1,464.6) Deferred tax assets Deferred income 21.4 (1.5) – 19.9 (1.5) – 18.4 Lease liabilities 1.4 (0.7) – 0.7 (0.7) – – 22.8 (2.2) – 20.6 (2.2) – 18.4 Set off of tax (22.8) (20.6) (18.4) Net deferred tax assets – – – 16 Deferred income 2025 2024 $ million $ million Customers’ contributions 265.9 265.9 Government grant for depreciable assets 0.5 0.5 Accumulated accretion (159.3) (150.5) 107.1 115.9 Movements in accumulated accretion are as follows: At 1 April 150.5 141.5 Accretion for the year 8.8 9.0 At 31 March 159.3 150.5 17 Deferred construction cost compensation 2025 2024 $ million $ million Deferred construction cost compensation 256.2 256.2 44 SP PowerAssets Limited Financial statements Year ended 31 March 2025 18 Trade and other payables 2025 2024 $ million $ million Trade payables: - Third parties 101.0 64.5 - Related companies 56.4 44.0 - Immediate holding company 0.5 0.3 Interest payable 7.4 9.0 Deposits received 18.5 28.4 Advance receipts 165.7 167.8 Accrued operating expenditure 108.9 103.5 Accrued capital expenditure 284.9 245.1 Loans from a related company - Loan balances 3,536.5 3,205.6 - Interest payable 96.5 83.8 4,376.3 3,952.0 Payables denominated in currencies other than the Company’s functional currency comprise $15.2 million (2024: $7.3 million) of payables and accruals denominated in United States dollar (“USD”), $1.9 million (2024: $2.2 million) in Japanese yen (“JPY”), $5.8 million (2024: $nil million) in Euro (“EUR”) and $5.4 million (2024: $nil million) in Swiss Franc (“CHF”). As at 31 March 2025, the loans from a related company are unsecured, repayable on demand and bear interest at rates ranging from 2.37% to 4.19% (2024: 2.37% to 4.22%) per annum. 19 Revenue Revenue comprises use of system charges and the service is transferred over time. Transaction price allocated to remaining performance obligations The Company has applied the practical expedient not to disclose information about its remaining performance obligations as the Company recognises revenue in the amount to which the Company has a right to invoice customers in amounts that correspond directly with the value to the customer of the Company’s performance completed to date. 45 SP PowerAssets Limited Financial statements Year ended 31 March 2025 20 Other income 2025 2024 $ million $ million Rental income 4.7 3.1 Leasing income 4.1 5.5 Disbursement recoverable jobs 37.4 27.0 Sale of scrap 31.0 26.4 Accretion of deferred income 8.8 9.0 Grant income 6.8 2.0 Others 8.7 7.0 101.5 80.0 21 Finance income 2025 2024 $ million $ million Interest income receivable/received from related company 5.5 − Interest income receivable/received from banks 0.2 0.3 5.7 0.3 22 Finance costs 2025 2024 $ million $ million Interest expense on loans from a related company 123.5 112.0 Interest expense on debt obligations 97.3 123.1 Net change in fair value of cash flow hedges reclassified from equity (62.1) (84.0) Loss/(gain) arising from financial assets/liabilities in a fair value hedge: - hedged items 70.1 (15.7) - hedging instruments (61.1) 10.4 Amortisation of capitalised transaction costs 1.5 1.6 Interest expense on lease liabilities 0.1 0.2 169.3 147.6 46 SP PowerAssets Limited Financial statements Year ended 31 March 2025 23 Tax expense Tax recognised in profit or loss 2025 2024 $ million $ million Current tax expense Current year 165.7 120.4 Over provision in respect of prior years (0.7) (0.6) 165.0 119.8 Deferred tax expense Origination and reversal of temporary differences 0.3 15.1 Under/(over) provision in respect of prior years 0.3 (0.3) 0.6 14.8 Total tax expense 165.6 134.6 Tax recognised in other comprehensive income 2025 2024 Before Tax (expense)/ Net of Before Tax (expense)/ Net of tax credit tax tax credit tax $ million $ million $ million $ million $ million $ million Effective portion of changes in fair value of cash flow hedges (7.2) 1.2 (6.0) 27.0 (4.6) 22.4 Net change in fair value of: - Cash flow hedges reclassified to profit or loss (62.1) 10.6 (51.5) (84.0) 14.3 (69.7) - Cash flow hedges on recognition of the hedged items on balance sheet 5.2 (0.9) 4.3 2.1 (0.4) 1.7 (64.1) 10.9 (53.2) (54.9) 9.3 (45.6) Reconciliation of effective tax rate 2025 2024 $ million $ million Profit before taxation 903.7 751.0 Tax calculated using Singapore tax rate of 17% (2024: 17%) 153.6 127.7 Non-deductible expenses 12.9 9.4 Non-taxable income (0.5) (1.6) (Over)/under provision in respect of prior years current tax (0.7) (0.6) deferred tax 0.3 (0.3) 165.6 134.6 47 SP PowerAssets Limited Financial statements Year ended 31 March 2025 24 Profit for the year The following items have been included in arriving at profit for the year: 2025 2024 $ million $ million Auditors of the Company - Audit fees 0.1 0.1 - Non-audit fees – Audit-related services 0.2 # Exchange (loss)/gain, net (1.2) 1.2 Gain/(loss) on disposal of property, plant and equipment and intangible assets 0.1 (0.1) # Less than $0.1 million 25 Related parties For the purpose of the financial statements, parties are considered to be related to the Company if the Company has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Company and the party are subject to common control or common significant influence. Related parties may be individuals or other entities. The immediate and ultimate holding companies are Singapore Power Limited and Temasek Holdings (Private) Limited (“Temasek”) respectively. These companies are incorporated in the Republic of Singapore. Temasek is an investment company headquartered in Singapore with a diversified investment portfolio. Accordingly, all the subsidiaries of Temasek are related corporations and are subject to common control. The Company engages in a wide variety of transactions with related corporations in the normal course of business on terms similar to those available to other customers. Such transactions include but are not limited to sales and purchases of power, provision of consultancy and engineering services, leasing of cables and ducts, agency services and financial and banking services. The related party transactions are carried out on terms negotiated between the parties which are intended to reflect competitive terms. All electricity supplied to companies in the Temasek group are related party transactions. The Temasek group has extensive interests in a large number of companies. As the Company’s rates for electricity transmission and distribution are based on tariffs approved by the EMA, the Company has concluded that it is not meaningful to present information relating to such revenue. Other than as disclosed elsewhere in the financial statements, transactions with related parties are as follows: 48 SP PowerAssets Limited Financial statements Year ended 31 March 2025 2025 2024 $ million $ million Related companies - management fee expenses (270.5) (256.1) - maintenance expenses (16.2) (11.7) - agency fee expenses (31.9) (30.4) - support service expenses (1.8) (1.8) - service expenses, including leases (4.5) (5.2) - leasing income 4.1 5.5 - service income 2.7 1.4 - trustee fee income 0.3 0.4 Immediate holding company - maintenance expenses (19.2) (20.0) - support service expenses (33.3) (34.7) 26 Financial risk management The Company’s activities expose it to foreign currency, interest rate, credit and liquidity risks which arise in the normal course of business. Generally, the Company’s overall objective is to manage and minimise exposure to such risks. The Company adopts the risk management policies and guidelines established by its immediate holding company, Singapore Power Limited, and has established processes for monitoring compliances with such policies. The Company uses forward foreign currency exchange contracts, interest rate swaps and cross currency interest rate swaps to manage its exposure to foreign currency and interest rate risks respectively. The Company does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. The material financial risks associated with the Company’s activities are each described below, together with details of the Company’s policies for managing the risks. Foreign currency risk The Company is exposed to foreign currency risks from borrowing activities, purchase, supply and installation contracts, and trade creditors which are denominated in a currency other than Singapore dollars. The objective of the Company’s risk management policies is to mitigate foreign exchange risk by utilising various hedging instruments. The Company therefore considers avoidable currency risk exposure to be minimal for the Company. The Company enters into cross-currency interest rate swaps to manage exposures arising from foreign currency borrowings including the United States Dollar (“USD”) and Japanese Yen (“JPY”). Under crosscurrency interest rate swaps, the Company agrees to exchange specified foreign currency principal and interest amounts at an agreed future date at a pre-determined exchange rate. Such contracts enable the Company to mitigate the risk of adverse movements in foreign exchange rates. Except where a foreign currency borrowing is taken with the intention of providing a natural hedge by matching the underlying cash flows, all foreign currency borrowings are swapped back to Singapore dollars. For foreign currency swaps that do not meet the requirements of hedge accounting, changes in fair value are recorded in profit or loss. 49 SP PowerAssets Limited Financial statements Year ended 31 March 2025 The Company uses forward foreign currency exchange contracts to substantially hedge foreign currency risk attributable to purchase transactions. The maturities of the forward foreign currency exchange contracts are intended to match the forecasted progress payments of the supply and installation contracts. Whenever necessary, the forward foreign exchange contracts are either rolled over at maturity or translated into foreign currency deposits, whichever is more cost efficient. As at 31 March 2025, the Company has outstanding forward foreign currency exchange contracts with notional amounts of approximately $233.0 million (2024: $291.1 million). The net fair value of forward foreign currency exchange contracts as at 31 March 2025 is $4.5 million net liabilities (2024: $8.5 million net liabilities) comprising assets of $1.8 million (2024: $1.9 million) and liabilities of $6.3 million (2024: $10.4 million). These amounts were recognised as derivative assets and liabilities respectively. Sensitivity analysis for foreign currency risk As at 31 March 2025 and 2024, if the functional currency of the Company had moved against each of the currencies as illustrated in the table below, with all other variables held constant, equity would have been affected as below: Equity (hedging reserve) $ million Judgements of reasonably possible movements – increase/(decrease) 2025 USD Increase of the SGD by 5 per cent against US Dollar (3.1) Decrease of the SGD by 5 per cent against US Dollar 3.1 EUR Increase of the SGD by 9 per cent against EUR Dollar (4.4) Decrease of the SGD by 9 per cent against EUR Dollar 4.4 JPY Increase of the SGD by 14 per cent against Japanese Yen (7.5) Decrease of the SGD by 14 per cent against Japanese Yen 7.5 CHF Increase of the SGD by 6 per cent against Swiss Franc (1.8) Decrease of the SGD by 6 per cent against Swiss Franc 1.8 2024 USD Increase of the SGD by 5 per cent against US Dollar (4.1) Decrease of the SGD by 5 per cent against US Dollar 4.1 EUR Increase of the SGD by 9 per cent against EUR Dollar (5.0) Decrease of the SGD by 9 per cent against EUR Dollar 5.0 JPY Increase of the SGD by 16 per cent against Japanese Yen (11.4) Decrease of the SGD by 16 per cent against Japanese Yen 11.4 50 SP PowerAssets Limited Financial statements Year ended 31 March 2025 The judgements of reasonably possible movements were determined using statistical analysis of the 90 th percentile of the best and worst expected outcomes having regard to actual historical exchange rate data over the previous five years. Management considers that past movements are a reasonable basis for estimating possible movements in foreign currency exchange rates. Interest rate risk The Company manages its interest rate exposure by maintaining a significant portion of its debt at fixed interest rates. This is done by the (i) issuance of fixed rate debt; (ii) use of interest rate swaps to convert floating rate debt to fixed rate debt; or (iii) use of cross-currency interest rate swaps to convert fixed or floating rate non-functional currency denominated debt to fixed rate functional currency denominated debt. The use of derivative financial instruments relates directly to the underlying existing and anticipated indebtedness. As at 31 March 2025, the Company has interest rate and cross-currency swaps with notional amount of $4,753.1 million (2024: $4,898.4 million). The Company classifies these swaps as cash flow and fair value hedges. The net fair value of swaps as at 31 March 2025 is $142.9 million net liabilities (2024: $218.9 million net liabilities) comprising assets of $23.8 million (2024: $78.4 million) and liabilities of $166.7 million (2024: $297.3 million). These amounts were recognised as derivative assets and liabilities respectively. The Company’s excess funds are principally invested in bank deposits of varying maturities to match its cash flow needs, or deposited with a related company. At the reporting date, if interest rates had moved as illustrated in the table below, with all other variables held constant, profit before taxation and equity would have been affected as follows: Profit before taxation Equity (hedging reserve) $ million $ million Judgements of reasonably possible movements – increase/(decrease) 2025 Increase with all other variables held constant (4.1) 72.5 Decrease with all other variables held constant 4.0 (78.3) 2024 Increase with all other variables held constant (13.3) 47.7 Decrease with all other variables held constant 13.3 (49.4) The judgements of reasonably possible movements were determined using statistical analysis of the 90 th percentile of the best and worst expected outcomes having regard to actual historical interest rate data over the previous five years based on the six month Singapore Overnight Rate Average, three month USD Secured Overnight Financing Rate and six month JPY Tokyo Overnight Average Rate. Management considers that past movements are a reasonable basis for determining possible movements in interest rates. 51 SP PowerAssets Limited Financial statements Year ended 31 March 2025 As at 31 March 2025, the movements in interest rates used in the table above are as follows: • Singapore interest rates – 211 basis points (2024: 197 basis points) • United States interest rates – 324 basis points (2024: 325 basis points) • Japan interest rates – 21 basis points (2024: 6 basis points) Credit risk Credit risk is the risk of financial loss to the Company if a customer or a counterparty to a financial instrument fails to meet its contractual obligations. This arises principally from the Company’s financial assets, comprising cash and cash equivalents, trade and other receivables and derivative assets. The Company provides for lifetime ECL for all trade receivables using a provision matrix as disclosed in Note 9. For other receivables, the Company considers the probability of default upon initial recognition of an asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. As at 31 March 2025 and 2024, other receivables have been assessed to be subject to immaterial ECL. Surplus funds are invested in interest bearing deposits with financial institutions with good credit ratings assigned by international credit rating agencies. Counterparty risks are managed by limiting exposure to any individual counterparty. The Company’s portfolio of financial instruments is entered into with a number of creditworthy counterparties, thereby mitigating concentration of credit risk. The Company held cash and cash equivalents of less than $0.1 million (2024: less than $0.1 million) which represents its maximum exposure on these assets. Counterparty risks on derivatives are generally restricted to any gain or loss when marked to market, and not on the notional amount transacted. As a prudent measure, the Company enters into derivatives only with financial institutions with good credit ratings assigned by international credit rating agencies. Therefore, the possibility of a material loss arising from the non-performance by a counterparty is considered remote. There is no significant concentration of credit risk of trade receivables. The credit quality of trade and other receivables that are not past due or impaired at the reporting date is of acceptable risk. In addition to customers’ deposits, the Company holds guarantees from creditworthy financial institutions to secure the obligations of certain customers. At reporting date, the Company has significant receivables arising from amounts due from related corporations. Management considers the probability of default remote. Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company adopts prudent liquidity risk management by maintaining sufficient cash and liquid financial assets, and ensures the availability of funding through an adequate level of bank credit lines. Intercompany borrowings are obtained when necessary to meet its working capital requirements. The following are the expected contractual undiscounted cash flows of financial liabilities, including interest payments and excluding the impact of netting agreements. 52 SP PowerAssets Limited Financial statements Year ended 31 March 2025 For swap hedging instruments that are cash flow hedges, the tables below indicate the periods that they are expected to impact profit or loss. Carrying amount Contractual cash flows Within 1 year 1 – 2 years 2 – 5 years More than 5 years $ million $ million $ million $ million $ million $ million 2025 Non-derivative financial liabilities Trade and other payables* (4,210.6) (4,210.6) (4,210.6) – – – Lease liabilities (0.2) (0.2) (0.1) (0.1) – – Debt obligations - current (927.5) (958.3) (958.3) – – – - non-current (1,192.1) (1,334.9) (38.6) (102.6) (922.4) (271.3) Derivatives Derivative assets Interest rate swaps/crosscurrency interest rate swaps 23.8 35.2 25.5 2.4 5.3 2

阳 光 未 来 获 新 能 源 100 万 元 捐 款 助 200 户 低 收 入 家 庭 改 善 生 活 胡 洁 梅 报 道 ohkm@sph.com.sg 未 来 三 年 , 约 200 户 低 收 入 家 庭 将 在 慈 善 机 构 “ 阳 光 未 来 ” 的 协 助 下 , 改 善 生 活 质 量 。 他 们 可 得 到 居 家 环 境 改 造 、 营 养 饮 食 支 援 或 工 作 配 对 方 面 的 援 助 。 新 加 坡 能 源 集 团 捐 赠 100 万 元 给 阳 光 未 来 (Suncare SG), 这 笔 捐 款 将 投 入 这 个 机 构 设 立 的 KIDS 基 金 , 帮 助 这 些 低 收 入 家 庭 。 也 是 榜 鹅 集 选 区 议 员 的 副 总 理 兼 贸 工 部 长 颜 金 勇 , 以 及 交 通 部 兼 国 家 发 展 部 高 级 政 务 部 长 孙 雪 玲 , 星 期 六 (10 月 4 日 ) 在 榜 鹅 的 阳 光 小 屋 (The Lighthouse) 活 动 中 心 出 席 儿 童 节 活 动 , 并 见 证 捐 款 仪 式 。 阳 光 小 屋 由 阳 光 未 来 设 立 , 以 集 装 箱 搭 建 而 成 , 旨 在 为 儿 童 和 青 年 提 供 一 个 安 全 的 活 动 空 间 , 举 办 课 业 辅 导 、 心 理 辅 导 等 活 动 。 新 能 源 的 捐 助 , 将 为 约 200 名 儿 童 和 青 年 的 家 庭 , 提 供 更 有 针 对 性 的 支 援 。 这 包 括 : 改 造 住 家 环 境 , 为 孩 子 打 造 更 安 全 、 舒 适 的 生 活 空 间 ; 提 供 奶 粉 、 健 康 食 品 , 并 举 办 健 康 饮 食 工 作 坊 ; 以 及 通 过 工 作 配 对 与 技 能 提 升 , 帮 助 家 中 看 护 者 提 升 就 业 和 经 济 能 力 。 受 惠 家 庭 的 孩 子 也 可 参 加 阳 光 小 屋 举 办 的 督 导 与 课 业 指 导 项 目 , 以 及 社 区 合 唱 团 “You Sparkle” 等 节 目 来 培 养 信 心 。 多 数 受 惠 者 居 住 在 榜 鹅 。 颜 金 勇 感 谢 新 能 源 的 捐 助 时 说 , 孩 子 是 国 家 的 未 来 , 政 府 希 望 给 予 他 们 更 完 善 的 支 持 , 尤 其 是 来 自 低 收 入 家 庭 的 儿 童 , 让 他 们 在 人 生 起 点 上 更 有 准 备 。 这 也 需 要 社 会 各 界 , 包 括 捐 赠 者 和 义 工 的 支 持 。 孙 雪 玲 指 出 , 阳 光 小 屋 为 孩 子 举 办 有 意 义 的 活 动 , 让 他 们 能 交 友 、 玩 乐 、 学 习 表 达 和 情 绪 管 理 等 , 健 康 快 乐 地 成 长 。 新 能 源 的 捐 助 将 让 阳 光 未 来 延 续 项 目 , 支 持 更 多 孩 子 。 受 惠 女 童 自 信 学 业 双 提 升 就 读 小 学 三 年 级 的 司 文 玲 (9 岁 ) 是 其 中 一 名 受 惠 儿 童 。 她 去 年 开 始 到 阳 光 小 屋 参 加 课 后 增 益 活 动 , 包 括 合 唱 团 的 每 周 练 习 。 她 的 母 亲 何 莹 玲 (34 岁 , 家 庭 主 妇 ) 受 访 时 说 , 女 儿 之 前 比 较 文 静 , 也 不 喜 欢 上 学 , 但 参 加 合 唱 团 后 渐 渐 培 养 自 信 。 她 在 义 工 的 指 导 下 , 学 习 方 面 也 进 步 不 少 。 何 莹 玲 说 :“ 女 儿 期 待 每 天 放 学 后 到 阳 光 小 屋 , 她 在 那 里 可 以 与 其 他 孩 子 交 流 。 我 发 现 她 现 在 比 较 开 朗 。 我 们 一 家 人 也 很 高 兴 , 阳 光 未 来 帮 我 们 粉 刷 屋 子 , 还 赠 送 电 视 和 床 褥 , 孩 子 们 现 在 有 更 舒 适 的 居 住 环 境 。” 司 文 玲 是 家 中 长 女 , 有 三 名 年 龄 介 于 1 岁 至 7 岁 的 弟 弟 , 与 父 母 居 住 在 榜 鹅 租 赁 组 屋 。 她 的 父 亲 司 德 念 (34 岁 , 送 餐 员 ) 通 过 机 构 转 介 , 得 到 东 北 社 区 发 展 理 事 会 的 就 业 辅 助 , 目 前 接 受 餐 饮 管 理 方 面 的 培 训 。 他 说 :“ 我 希 望 提 升 技 能 , 接 下 来 可 以 找 到 一 份 更 好 、 收 入 更 高 的 工 作 , 有 更 强 的 能 力 养 家 。” 过 去 一 年 , 新 能 源 已 投 入 超 过 580 万 元 , 帮 助 弱 势 群 体 , 包 括 来 自 弱 势 背 景 的 儿 童 和 青 年 。 新 能 源 集 团 总 裁 黄 天 源 说 , 给 予 家 庭 全 面 支 持 , 是 协 助 他 们 构 建 更 美 好 未 来 的 关 键 , 集 团 乐 于 同 阳 光 未 来 合 作 , 提 供 持 续 且 多 元 的 援 助 , 帮 助 有 需 要 的 家 庭 。

Media Release Electricity Tariff Revision For The Period 1 January To 31 March 2016 For the period from 1 Jan to 31 Mar 2016, electricity tariffs will decrease by an average of 4.2% or 0.85 cent per kWh compared to the previous quarter. The tariff reduction is due to the lower cost of natural gas for electricity generation which fell by 8.9% compared to 4Q 2015. For households, the electricity tariff will decrease from 20.35 to 19.50 cents per kWh for 1 Jan to 31 Mar 2016. The average monthly electricity bill for families living in four-room HDB flats will decrease by $3.55 SP Services reviews the electricity tariffs quarterly based on guidelines set by the Energy Market Authority (EMA), the electricity industry regulator. The tariffs given in Appendix 1 have been approved by the EMA. Issued by: SP Group 2 Kallang Sector Singapore 349277 www.spgroup.com.sg Appendix 1 ELECTRICITY TARIFFS FROM 1 JAN 2016 Appendix 2 BREAKDOWN OF ELECTRICITY TARIFF 1. The electricity tariff consists of the following four components: Energy costs (paid to the generation companies): This component is adjusted quarterly to reflect changes in the cost of power generation. Network costs (paid to SP PowerAssets): This fee is reviewed annually. Market Support Services Fee (paid to SP Services): This fee is reviewed annually. Market Administration and Power System Operation Fee (paid to Energy Market Company and Power System Operator): This fee is reviewed annually to recover the costs of operating the electricity wholesale market and power system. Q1 2016 TARIF Appendix 3 AVERAGE MONTHLY ELECTRICITY BILLS OF DOMESTIC CUSTOMERS (TARIFF WEF 1 JANUARY 2016)