தண்ணீர் பயனீட்ைடக் கணக்கிட 300,000 விேவக கருவிகள் ெபாதுப் பயனீட்டுக் கழகத்தின் விேவக தண்ணீர் அளவீட்டுக் கருவி ெசயல்திட்டத்தின் முதல் கட்டத்ைத 2023ல் நிைறேவற்றி முடிக்க திட்டமிடப்பட்டுள்ளது. படம்: ெபாதுப் பயனீட்டுக் கழகம் சிங்–கப்–பூ–ரின் குடி–தண்–ணீர் விநி– ேயாக முைறைய மின்–னி–லக்க மய– மாக்–கும் ேதசிய திட்–டத்ைதெயாட்டி, ‘எஸ்பி சர்–விசஸ்’ நிறு–வ–னம் அடுத்த ஆண்டு ெதாடக்–கத்–தில் இருந்து ‘விேவக தண்–ணீர் பய–னீட்டு அளவு கருவிகைள’ப் ெபாருத்த உள்ளது. இதில் முதல் கட்–ட–மாக 300,000 சாத–னங்–கள் ெபாருத்–தப்–படும். என்றாலும் பய–னீட்–டா–ளர்–க–ளுக்– குச் ெசலவு எது–வும் இராது. தண்– ணீர் எவ்–வ–ளவு பயன்–ப–டுத்–தப்–ப–டு– கிறது என்–பைத இந்–தச் சாத–னங்– கள் மின்–னி–லக்க ெதாழி–ல்நுட்–பங்– கைளக் ெகாண்டு கணக்–கி–டும். வீணா–கும் தண்–ணீ–ரின் அள–வும் ெதரி–ய–வ–ரும். இத்–த–ைகய சாத–னங்– கள் ஏழு இடங்–களில் வீடு–க–ளி–லும் வர்த்–தக, ெதாழில்–துைற கட்–ட–டங்– களி–லும் முதற்–கட்–ட–மா–கப் ெபாருத்– தப்–படும் என்று ெபாதுப் பய–னீட்–டுக் கழ–கம் அறி–வித்–துள்–ளது. ெதம்–ப–னிஸ் நார்த், ெதங்கா ஆகிய புதிய குடி–யி–ருப்–புப் ேபட்ைட– களும் புக்–கிட் பாத்–ேதாக், ஹவ்– காங், ஜூேராங் ெவஸ்ட், ெதம்–ப– னிஸ், துவாஸ் ஆகி–ய–ைவ–யும் அந்த ஏழு இடங்–களில் அடங்–கும். இந்–தக் கழ–கத்–தின் விேவக கருவி ெசயல்–திட்–டத்–தின் முதல் கட்–டம் 2023ல் முற்–றி–லும் நிைற– ேவற்–றப்–பட திட்–டம் இருக்–கிறது. இந்த $123.7 மில்–லி–யன் மதிப்– புள்ள திட்–டத்ைத நிைற–ேவற்ற தகுதி உள்ள நிறு–வ–னங்–கள் விண்–ணப்– பிக்–க–லாம் என்று பகி–ரங்க ஏலக்– குத்–தைக மூலம் அறி–விப்பு விடுக்– கப்–பட்–டது. ஏழு உள்–ளூர் மற்–றும் ெவளி– நாட்டு நிறு–வ–னங்–கள் மனு ெசய்– தன. அவற்–றில் இருந்து எஸ்பி சர்–விசஸ் நிறு–வ–னம் ேதர்ந்–ெத–டுக்– கப்–பட்–ட–தாக கழ–கம் ெதரி–வித்–தது. இத்–திட்–டத்ைத நிைற–ேவற்–று–வ– தற்குத் ேதைவ–யான ெதாழில்–நுட்ப வளங்–களும் ஆற்–ற–லும் எஸ்பி சர்விசஸ் நிறு–வ–னத்–தி–டம் உள்ளதாக ெதரிவிக்கப்பட்டது. வலு–வான பல சாத–ைன–கைள– அந்த நிறு–வனம் நிகழ்த்தி இருக்–கிறது என்றும் கழகம் குறிப்பிட்டுள்ளது. விேவகக் கரு–வி–கைள விநி– ேயாகித்து அவற்ைறப் ெபாருத்–தி, ேதைவ–யான உள்–கட்–ட–ைமப்பு வசதி– கைள ஏற்–ப–டுத்–த–வும் எஸ்பி சர்விசஸ் ெபாறுப்பு எடுத்–துக்–ெகாள்–ளும். அவற்ைற 15 ஆண்டு காலம் பரா–ம–ரித்து ெசயல்–ப–டுத்தி வரு–வ– தற்–கும் அந்த நிறு–வ–னேம ெபாறுப்பு. புதிய கருவி ெபாருத்–தப்–ப–டு–வ– தற்கு முன்–ன–தாக சம்–பந்–தப்–பட்ட குடும்–பங்–க–ளுக்–கும் நிறு–வ–னங்–களுக்– கும் கடி–தங்–கள் அனுப்பப்படும் என்றும் ெதரிவிக்கப்பட்டுள்ளது. இந்–தச் சாத–னங்–கள் ெதாடர்–பான முன்–ேனாடி பரி–ேசாதைனத் திட்–டங்– கள் 2016 மற்–றும் 2018ஆம் ஆண்டு– களில் ெபாங்–ேகால் மற்–றும் யூஹு– வா–வில் அைமந்–துள்ள 800 வீடுகளில் ேமற்–ெகாள்–ளப்–பட்–டன. அந்த வீடு–களில் ஏறத்–தாழ 10 விழுக்–காட்டு குடும்–பங்–கள் தங் களுக்குத் ெதரியாமேலேய தண்– ணீர் விர–ய–மா–வ–ைதக் கண்–டு–ெகாண்– டன. முதல் கட்–டத்–ைதத் ெதாடர்ந்து அைனத்–ைத–யும் பரி–சீ–லித்து பிறகு சிங்–கப்–பூ–ரின் எஞ்–சிய பகு–தி–க–ளுக்கு இந்–தச் ெசயல்–திட்–டத்ைத விரி–வு– படுத்–து–வது பற்றி கழ–கம் முடிவு ெசய்–யும்.

SP GROUP ANNUAL REPORT 2018/2019 1 Strengthening Our Core Chairman’s Message SP Group Annual Report 2018/2019 SP GROUP ANNUAL REPORT 2018/2019 2 Chairman’s Message Strengthening our Core It has been a challenging year. With digitalisation and increasing reliance on advanced technology in our globalised economy, the demand for reliable, efficient energy supply has risen in tandem. We are committed to delivering greater value to customers through innovative, sustainable solutions and energy and cost savings. Maintaining Financial Stability For the year ended 31 March 2019, our consolidated group net profit decreased by S$53.4 million to S$980.2 million. This includes S$495.5 million from our largest subsidiary, SP PowerAssets and S$169.6 million from our Australian associates. Despite rising costs and interest rates, we maintained a healthy financial position through prudent financial management, maintaining our credit ratings at Aa2 by Moody’s and AA by S&P. The high investment-grade ratings allowed us to have broad and cost-effective access to banks and capital markets to finance our continuous capex investments in renewing and upgrading our network infrastructure. Leveraging the strong credit rating, our new treasury vehicle, SP Group Treasury issued its inaugural 10-year bond in February 2019, raising US$600 million. The issue received strong demand from international investors, recording a final order book of US$1.6 billion. The bond issuance established a new pricing benchmark for SP Group and was testament to investors’ confidence in us. SP GROUP ANNUAL REPORT 2018/2019 3 Chairman’s Message Financial Highlights Revenue (S$’million) Net Profit After Tax** (S$’million) 3,722 3,920 4,173 949 1,034 980 FY2016/17 FY2017/18^ FY2018/19 FY2016/17 FY2017/18^ FY2018/19 Economic Value Added (EVA) (S$’million) Total Assets*(S$’million) 256 297 346 17,794 19,156 19,619 FY2016/17 FY2017/18^ FY2018/19 FY2016/17^ FY2017/18^ FY2018/19 Shareholders’ Equity (S$’million) Return On Equity (%) 9,783 10,214 10,555 10.1% 10.3% 9.4% FY2016/17 FY2016/17^ FY2018/19 FY2016/17 FY2017/18^ FY2018/19 ^ On 1 April 2018, the Group adopted Singapore Financial Reporting Standards (International) (“SFRS(II)”), which is the Singapore’s equivalents of the International Financing Reporting Standards (“IFRS”) and the new accounting standards applicable as at 31 March 2019. For the financial year ended 31 March 2019, prior years comparative figures indicated were resatated accrodingly. * Total Assets include Regulatory deferral accounts (“RDA”) debit balances. ** Net Profit After Tax inludes Net Movement of RDA balances. SP GROUP ANNUAL REPORT 2018/2019 4 Chairman’s Message Focus on reliability In the latest international benchmarking report by DNV GL in 2018, Singapore’s electricity and gas networks performance ranked top among major cities. On average, consumers experienced 0.87 minute of electricity interruption and 0.093 minute of gas interruption. Singapore’s electricity network performance is ranked top among major cities, according to the latest international benchmarking report by DNV.GL in 2018. Network reliability remains our number one focus. We continue to invest in infrastructure and engineering capabilities so that customers can enjoy efficient, high quality service. We have a long-term renewal strategy to replace our aging assets, ensuring that our electricity network remains resilient. We have completed the construction of the cross-island cable tunnels after intensive preparation and development over seven years. In addition, we completed several major transmission projects, including 28 renewal projects, and replaced 116km of cables, 479 transformers, 479 switchgear panels and 314 ring main units in our distribution network. To enhance speed and accuracy in predicting equipment abnormalities, we are digitising our grid and have implemented online condition monitoring for all 400kV and 230kV switchgears and are in the process of doing so for the 66kV and 22kV switchgears. By 2020, we would have remote control capabilities for all our 6.6kV distribution network substations, thereby minimising supply restoration time. We accelerated our gas pipeline renewal programme, replacing ductile iron pipes with the more durable polyethylene pipes, which significantly reduces the risk of gas leaks. About 70km of gas pipelines were renewed last year. We are on track to set up our SP GROUP ANNUAL REPORT 2018/2019 5 Chairman’s Message real-time smart gas distribution monitoring system by 2021. In April last year, we launched a mobile app to digitise, track and monitor our emergency response management to public calls on gas-related matters. These measures will improve our ability to take preventive and restoration action. We thank our community partners, grassroots leaders and residents for their patience, understanding and support during the construction of the above projects. Helping Customers Change and Save With the full rollout of the Open Electricity Market (OEM) in May 2019, customers can choose to switch to a retailer or remain with SP at the regulated tariff. We assisted customers to switch seamlessly to a retailer of their choice and enjoy significant cost savings of 25 per cent or more. Regardless of the retailer from whom consumers buy electricity, we continue to operate and maintain the electricity grid and provide market support services such as billing and meter reading. Despite rising demand and costs, we have kept these fees low for the past 10 years, while improving the reliability of such services through increased productivity and by leveraging technology to drive cost efficiencies. To make it easier for consumers to select price plans that best suit their needs, we rolled out the price comparison feature on the SP Utilities app, whereby they can see all the price plans at a glance. We are also installing smart meters nationwide, so that customers can receive accurate and timely readings of their utilities consumption. As of August 2019, we have installed close to 400,000 smart meters nationwide. Our commitment to deliver quality service to meet our customers’ ever-changing needs was acknowledged internationally. At the 2018 Global Performance Excellence Awards, we were presented the International World Class Award for service excellence. Our SP Utilities app won the “Omni-experience Innovator of the Year” award at the 2018 IDC Digital Transformation Awards. Bringing energy-saving solutions to our customers We aim to deliver greater value to customers by bringing sustainable, energy-saving solutions to residents and businesses. This is in line with our 30-30-30 commitment to add at least 30 per cent value for our customers or reduce their carbon footprint by 30 per cent, by the year 2030. We have expanded our partnership with Sembcorp Marine at its Tuas Boulevard Yard by deploying our digital energy-saving system across the 4.5 MegaWattpeak (MWp) solar photovoltaic (PV) system, the largest single solar rooftop in a Southeast Asian shipyard. The system was fully commissioned in February 2019 and will deliver up to 6 GWh of energy annually – enough to power almost 16,000 four-room flats and reduce 2,515 tonnes of carbon emissions per year. We have also developed an in-house digital Minister for Environment and Water Resources Masagos Zulkifli (centre) witnessed the signing of the Memorandum of Understanding by JTC CEO Ng Lang (left) and Group CEO Wong Kim Yin to develop Singapore’s first Smart Grid in a business park, at Punggol Digital District. SP GROUP ANNUAL REPORT 2018/2019 6 Chairman’s Message Singapore Polytechnic and SP Group at the launch of SunSPEC 6 solar car on 30 July 2019. energy suite with AI-enabled technology to monitor and optimise the shipyard’s energy consumption and help make operations and maintenance of the solar PV system more efficient. We are partnering JTC to develop Singapore’s first smart grid in a business park, at Punggol Digital District. This will drive the integration of smart energy solutions such as renewable energy and electric mobility. Businesses and consumers can adopt clean sources of energy, such as solar energy generated from building roof tops, electric vehicle charging and smart metering. This enables them to optimise energy consumption, reduce carbon footprint and save cost. Together with HDB, we will be developing Singapore’s first smart energy town at Tengah estate. Leveraging on artificial intelligence, our integrated digital energy solutions combine technologies for residential cooling, solar energy, EV charging points and batteries as a smart energy enabler. Residents and town councils will be able to utilise the insights to manage their energy consumption and achieve greater savings. Cooling outdoor spaces efficiently At the National Day Parade 2018, sections of spectators were able to enjoy the show in comfort with individual air outlets providing cool relief. This was done through technology that taps on SP’s underground district cooling network, thanks to an improved outdoor cooling solution SP developed in collaboration with ST Engineering. SP’s outdoor cooling solution was also utilised at the Food Fiesta 2019 in April. “ In total, we invested about S$8.4 million in training our people through a combination of relevant adaptive, technology and technical skills to meet our growing business needs.” Building our engineering bench To boost our engineering capabilities, we have supported our engineers in their professional development. We have 105 engineers with Professional Engineer certification, the highest among companies in Singapore. Last year, we sponsored 224 employees for their higher education courses and offered 11 scholarships to budding engineers for their tertiary education. In total, we invested about S$8.4 million in training our people through a combination of relevant adaptive, technology and technical skills to meet our growing business needs. Since 2016, we have offered polytechnic and university sponsorships to 23 students who have worked on Singapore Polytechnic’s SunSPEC solar car. They are offered jobs with us and are provided a structured training programme upon graduation. This is in addition to our five-year sponsorship of S$1 million to build solar cars to compete at the biennial World Solar Challenge. SP GROUP ANNUAL REPORT 2018/2019 7 Chairman’s Message Future-proofing our workforce In April 2018, we launched Project Fusion – Future Skills In Everyone – to equip staff with new digital skillsets and relevant core knowledge to better serve our customers in the increasingly digitalised landscape. We invested S$2 million last year and have set aside another $5 million for this purpose. Last year, about 2,000 employees underwent more than 52,000 hours of training in 14 courses as part of this initiative. This initiative was made possible by the strong labourmanagement relations that we enjoy with the Union of Power and Gas (UPAGE). In the past year, we signed three collective agreements with UPAGE. This has paved the way for enhanced benefits such as adjustment of salary ranges to align with market movements, increase in medical subsidy and paid volunteer leave for community service. Supporting innovative, ground-up solutions To support the younger generation in actualising their innovative ideas, we partnered Singapore Polytechnic to develop an idea translation lab – ideaBox. Through ideaBox, Singapore Polytechnic students will draw on concepts generated from ideation competitions to turn innovative ideas into real-world solutions. Building on strong labour-management relations, we signed three collective agreements with UPAGE in the past year, with new benefits for our employees. SP GROUP ANNUAL REPORT 2018/2019 8 Chairman’s Message World’s first smart grid index We proactively seek out best practices and tools internationally to measure the performance of our electricity grid. We turned our learnings into a framework that has become the world’s first smart grid index. It measures 45 utilities across 30 countries and covers key dimensions of grid development. Launched last year, the index was presented and well received at international industry events such as the ASEAN Energy Business Forum and Bloomberg New Energy Finance. Singapore’s largest public EV charging network Riding on rising public awareness and demand for lowcarbon transportation, we are setting up Singapore’s largest and fastest public EV charging network. We will have 1,000 EV charging points island-wide by 2020. Of these, 250 are high-powered direct current chargers which can fully charge a vehicle in 30 minutes. We have worked with location owners like Ascendas- Singbridge Group to install chargers at their properties and partnered vehicle fleet owners like Grab and HDT Singapore Taxi (HDT) to meet the charging needs of their expanding EV fleets. World’s first blockchain-powered marketplace for renewable energy certificates We launched the world’s first blockchain-powered renewable energy certificate (REC) marketplace in October last year. The platform connects buyers and sellers around the world to trade green energy easily on this digital platform. Blockchain technology enables the security, integrity and traceability of each REC transaction. City Developments Limited and DBS have come on board as REC buyers. Katoen Natie Singapore, a global chemical logistics company that owns Singapore’s largest single unit rooftop solar facility at a warehouse, has signed on as an REC seller. Besides electrifying our vehicle fleet, we will install 1,000 EV charging points island-wide for the public by 2020. SP GROUP ANNUAL REPORT 2018/2019 9 Chairman’s Message We are supporting Project Silver Screen, a nation-wide programme to screen seniors age 60 and above for age-related conditions. Doing More for the Community We are committed to improving the quality of life for individuals and families from less privileged backgrounds. We worked closely with the Toa Payoh West-Balestier Constituency Office at its seniors activity centre, Meeting Point @128. Our staff volunteers, or Heart Workers, served lunch to seniors there twice a week, shared safety tips and conducted digital literacy workshops for the elderly. We also held regular outreach programmes for seniors at TOUCH’s seniors activity centre at Geylang Bahru and for the children at student care centres under AMKFSC Community Services. Together with our business partners and the public, we raised more than S$1.4 million to support elder care services under the SP Heartware Fund administered by Community Chest, benefitting community homes, befriending programmes, counselling, rehabilitation and caregiver support. We are proud to support Project Silver Screen, a nationwide programme to screen seniors for age-related conditions, launched by Temasek Foundation Cares and the Ministry of Health. This programme provided checks for vision, hearing and oral health conditions for seniors. In appreciation On behalf of the Board, I would like to thank the management and staff for their dedication and leadership in driving transformation to shape Singapore’s energy future and ensuring network sustainability. I am grateful to our shareholder, business partners, union and regulator for their continuous support. Thank you to my board members for their guidance and counsel. Mohd Hassan Marican Chairman August 2019 Strengthening Our CORE SINGAPORE POWER FINANCIAL SUMMARY 2018/19 1 Registration Number : 199406577N | SP Power Limited and its subsidiaries SINGAPORE POWER AND ITS SUBSIDIARIES TABLE OF CONTENTS YEAR ENDED 31 MARCH 2019 Annual Report Table of Contents Directors’ statement...................................................................................................................................................................................................... 1 Independent Auditor’s Report................................................................................................................................................................................ 5 Balance sheets................................................................................................................................................................................................................. 8 Income statements....................................................................................................................................................................................................... 9 Statements of comprehensive income............................................................................................................................................................10 Statements of changes in equity.........................................................................................................................................................................11 Consolidated statement of cash flows.............................................................................................................................................................14 Notes to the financial statements........................................................................................................................................................................16 1 Domicile and activities.................................................................................................................................................................................16 2 Basis of preparation......................................................................................................................................................................................16 3 Significant accounting policies...............................................................................................................................................................26 4 Property, plant and equipment..............................................................................................................................................................44 5 Intangible assets.............................................................................................................................................................................................47 6 Investment property under development.......................................................................................................................................49 7 Subsidiaries........................................................................................................................................................................................................49 8 Associates and joint ventures..................................................................................................................................................................51 9 Other non-current assets...........................................................................................................................................................................54 10 Deferred taxation...........................................................................................................................................................................................56 11 Derivative assets and liabilities................................................................................................................................................................58 12 Investments in debt and equity securities........................................................................................................................................64 13 Inventories.........................................................................................................................................................................................................64 14 Trade and other receivables....................................................................................................................................................................65 15 Cash and cash equivalents.......................................................................................................................................................................69 16 Disposal group held-for-sale...................................................................................................................................................................69 17 Regulatory deferral accounts..................................................................................................................................................................70 18 Share capital.....................................................................................................................................................................................................72 19 Reserves..............................................................................................................................................................................................................72 20 Debt obligations.............................................................................................................................................................................................74 21 Other non-current liabilities......................................................................................................................................................................76 22 Trade and other payables.........................................................................................................................................................................78 23 Revenue..............................................................................................................................................................................................................79 24 Other income...................................................................................................................................................................................................79 25 Finance income..............................................................................................................................................................................................80 26 Finance costs....................................................................................................................................................................................................80 27 Tax expense.....................................................................................................................................................................................................81 28 Profit for the year............................................................................................................................................................................................83 29 Related parties.................................................................................................................................................................................................83 30 Operating segments....................................................................................................................................................................................84 31 Financial risk management.......................................................................................................................................................................87 32 Fair values...........................................................................................................................................................................................................98 33 Commitments...............................................................................................................................................................................................102 34 Dividends.........................................................................................................................................................................................................103 SINGAPORE POWER AND ITS SUBSIDIARIES | DIRECTORS’ STATEMENT YEAR ENDED 31 MARCH 2019 01 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 2019. Opinion of the Directors In our opinion, (a) (b) the financial statements set out on pages 8 to 103 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 2019 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 Singapore Companies Act, Chapter 50 (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 Mr Tan Chee Meng Mr Choi Shing Kwok Mr Tan Puay Chiang Mr Ong Yew Huat Mr Timothy Chia Chee Ming Mr Ng Kwan Meng Mr Tan Kang Uei, Anthony Mr Wong Kim Yin 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 AND ITS SUBSIDIARIES | 02 DIRECTORS’ STATEMENT YEAR ENDED 31 MARCH 2019 Name of director and related corporations Holdings Holdings in which interests (fully paid ordinary shares at beginning at end of unless otherwise stated) are held of the year the year Tan Sri Mohd Hassan Marican Singapore Airlines Ltd - 3.13% Notes due 2026 – S$250,000 Mr Choi Shing Kwok Singapore Telecommunications Limited 62,720 62,720 Olam International Limited – 6% notes due 2018 S$500,000 – Singapore Technologies Engineering Limited – 26,800 Ascendas Real Estate Investment Trust - units – 40,000 Mr Tan Puay Chiang Singapore Airlines Limited 10,000 10,000 Singapore Technologies Engineering Limited 150,000 150,000 Singapore Telecommunications Limited 133,570 133,570 Mapletree Industrial Trust - units 12,000 12,000 Mapletree Treasury Services Limited - 3.88% Notes due on 4 Oct 2018 S$250,000 – Mapletree Commercial Trust Treasury Company Pte. Ltd. - 2.795% Fixed Rate Notes due on 15 Nov 2023 S$250,000 S$250,000 Singapore Technologies Telemedia Pte Ltd - 4.05% Notes due on 2 Dec 2025 S$250,000 S$250,000 Mr Ong Yew Huat Singapore Telecommunications Limited 50,000 50,000 Mr Timothy Chia Chee Ming Singapore Telecommunications Limited 2,070 2,070 SINGAPORE POWER AND ITS SUBSIDIARIES | 03 DIRECTORS’ STATEMENT YEAR ENDED 31 MARCH 2019 Name of director and related corporations Holdings Holdings in which interests (fully paid ordinary shares at beginning at end of unless otherwise stated) are held of the year the year Mr Ng Kwan Meng Singapore Telecommunications Limited 25,350 45,350 Singapore Technologies Engineering Ltd 25,000 25,000 Starhub Ltd 6,000 6,000 Mapletree Commercial Trust - units 10,000 10,000 Mapletree North Asia Commercial Trust (f.k.a Mapletree Greater China Commercial Trust) - units 22,000 22,000 Mapletree Industrial Trust - units 10,000 10,000 Ascendas Real Estate Investment Trust - units 10,000 10,000 Mr Tan Kang Uei, Anthony SIA Engineering Co Ltd 1,000 1,000 Singapore Airlines Limited 1,000 1,000 Singapore Telecommunications Limited 892 892 Astrea IV Pte. Ltd. – A-1 Bond – S$5,000 Temasek Financial (IV) Private Limited - 2.7% T2023 Bond due on 25 Oct 2023 – S$6,000 Singapore Airlines Limited - 3.03% S$ Bonds due 28 Mar 2024 – S$30,000 Mr Wong Kim Yin Singapore Telecommunications Limited 190 190 Mapletree Industrial Trust - units 30,506 30,506 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, at the date of appointment 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. SINGAPORE POWER AND ITS SUBSIDIARIES | 04 DIRECTORS’ STATEMENT YEAR ENDED 31 MARCH 2019 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 WONG KIM YIN Director / Group Chief Executive Officer 31 May 2019 SINGAPORE POWER AND ITS SUBSIDIARIES | 05 INDEPENDENT AUDITOR’S REPORT YEAR ENDED 31 MARCH 2019 Independent Auditor’s Report For the financial year ended 31 March 2019 Independent Auditor’s Report to the Member of Singapore Power Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Singapore Power Limited (“the Company”) and its subsidiaries (“the Group”) set out on pages 8 to 103, which comprise the balance sheets of the Group and the Company as at 31 March 2019, 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, Chapter 50 (“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 2019 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 AND ITS SUBSIDIARIES | 06 INDEPENDENT AUDITOR’S REPORT YEAR ENDED 31 MARCH 2019 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 AND ITS SUBSIDIARIES | 07 INDEPENDENT AUDITOR’S REPORT YEAR ENDED 31 MARCH 2019 • 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 31 May 2019 SINGAPORE POWER AND ITS SUBSIDIARIES | 08 FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 Balance sheets As at 31 March 2019 Group Company Note 2019 2018 2017^ 2019 2018 2017^ $ million $ million $ million $ million $ million $ million Restated* Restated* Non-current assets Property, plant and equipment 4 13,039.9 12,485.6 11,713.6 14.4 12.6 13.3 Intangible assets 5 189.0 173.8 141.6 18.9 12.8 8.1 Investment property under development 6 713.1 712.9 – – – – Subsidiaries 7 – – – 5,907.3 6,765.0 6,764.9 Associates and joint ventures 8 2,635.7 2,833.4 2,985.2 45.4 45.4 1.3 Other non-current assets 9 320.0 332.0 351.2 – 166.5 78.6 Deferred tax assets 10 23.3 21.2 21.3 – – – Derivative assets 11 104.2 48.8 106.4 – # 2.5 0.2 Investments in debt and equity securities 12 16.8 155.6 165.8 5.0 146.7 160.3 17,042.0 16,763.3 15,485.1 5,991.0 7,151.5 7,026.7 Current assets Inventories 13 47.8 44.2 49.0 – – – Trade and other receivables 14 509.2 525.6 431.0 2,393.6 4,183.5 3,951.4 Derivative assets 11 2.7 17.0 2.4 1.3 9.7 0.2 Cash and cash equivalents 15 1,720.5 1,634.6 1,677.1 621.2 593.5 878.0 Investments in debt and equity securities 12 144.5 – 29.6 144.5 – 29.6 Assets held-for-sale 16 – – 37.6 – – 90.0 2,424.7 2,221.4 2,226.7 3,160.6 4,786.7 4,949.2 Total assets 19,466.7 18,984.7 17,711.8 9,151.6 11,938.2 11,975.9 Regulatory deferral accounts (“RDA”) debit balances and related deferred tax assets 17 151.8 171.0 82.6 – – – Total assets and RDA debit balances 19,618.5 19,155.7 17,794.4 9,151.6 11,938.2 11,975.9 Equity Share capital 18 2,911.9 2,911.9 2,911.9 2,911.9 2,911.9 2,911.9 Reserves 19 (652.6) (426.3) (203.0) (1.4) (0.6) 3.2 Accumulated profits 8,295.7 7,728.0 7,074.4 5,337.2 5,252.8 5,152.1 Total equity, attributable to owner of the Company 10,555.0 10,213.6 9,783.3 8,247.7 8,164.1 8,067.2 Non-current liabilities Debt obligations 20 5,064.2 4,239.1 4,147.5 – – – Derivative liabilities 11 106.8 230.7 92.9 – # 2.0 8.1 Deferred tax liabilities 10 1,473.7 1,395.4 1,346.2 0.2 1.2 0.2 Other non-current liabilities 21 554.3 575.5 321.6 – – – 7,199.0 6,440.7 5,908.2 0.2 3.2 8.3 Current liabilities Debt obligations 20 161.6 532.3 139.7 – – – Derivative liabilities 11 17.2 2.8 15.3 5.7 0.1 6.7 Current tax payable 83.4 172.5 161.4 8.9 12.3 14.7 Trade and other payables 22 1,386.4 1,431.6 1,385.5 889.1 3,758.5 3,879.0 Liabilities held-for-sale 16 – – 16.8 – – – 1,648.6 2,139.2 1,718.7 903.7 3,770.9 3,900.4 Total liabilities 8,847.6 8,579.9 7,626.9 903.9 3,774.1 3,908.7 Total equity and liabilities 19,402.6 18,793.5 17,410.2 9,151.6 11,938.2 11,975.9 RDA credit balances and related deferred tax liabilities 17 215.9 362.2 384.2 – – – Total equity, liabilities and RDA credit balances 19,618.5 19,155.7 17,794.4 9,151.6 11,938.2 11,975.9 * See Note 2.5, Note 2.6 and Note 2.7 ^ As at 1 April 2017 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. SINGAPORE POWER AND ITS SUBSIDIARIES | 09 FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 Income statements Year ended 31 March 2019 Group Company Note 2019 2018 2019 2018 $ million $ million $ million $ million Restated* Revenue 23 4,172.5 3,920.3 578.8 532.8 Other income 24 167.9 185.6 – 8.9 Expenses - Purchased power (2,077.4) (1,945.1) – – - Depreciation of property, plant and equipment (630.4) (579.2) (2.8) (3.0) - Amortisation of intangible assets (52.2) (32.1) (3.8) (2.7) - Maintenance (107.0) (99.2) (4.6) (3.3) - Staff costs (310.2) (292.0) (92.0) (74.5) - Property taxes (66.4) (54.5) (0.3) (0.3) - Other operating expenses (159.6) (120.7) (29.4) (20.2) Operating profit 937.2 983.1 445.9 437.7 Finance income 25 61.6 68.5 70.5 65.8 Finance costs 26 (147.6) (123.5) (15.5) (11.9) Share of profits of associates, net of tax 169.6 189.5 – – Share of losses of joint ventures, net of tax (1.2) (6.6) – – Profit before taxation 1,019.6 1,111.0 500.9 491.6 Tax expense 27 (166.5) (187.8) (6.5) (10.9) Profit for the year attributable to owner of the Company 28 853.1 923.2 494.4 480.7 Net movement in RDA balances related to profit or loss and the related deferred tax movement 17 127.1 110.4 – – Profit for the year and net movements in RDA balances, attributable to owner of the Company 980.2 1,033.6 494.4 480.7 * See Note 2.5, Note 2.6 and Note 2.7 The accompanying notes form an integral part of these financial statements. SINGAPORE POWER AND ITS SUBSIDIARIES | FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 10 Statements of comprehensive income Year ended 31 March 2019 Group Company 2019 2018 2019 2018 $ million $ million $ million $ million Restated* Profit for the year and net movements in RDA balances 980.2 1,033.6 494.4 480.7 Other comprehensive income items that will not be reclassified to profit or loss: Share of defined benefit plan remeasurements of associates (0.9) 8.6 – – Net change in fair value in investments in equity instruments at fair value through other comprehensive income (0.5) – – – (1.4) 8.6 – – Items that are or may be reclassified subsequently to profit or loss: Translation differences relating to financial statements of foreign operations (137.4) (184.2) – – Effective portion of changes in fair value of cash flow hedges, net of tax (1.5) (4.1) (0.4) (0.6) Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax 10.1 8.9 (0.1) 0.3 - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax 1.9 (1.8) 0.4 (0.8) - Debt instruments at fair value through other comprehensive income (0.6) – (0.7) – - Available-for-sale financial assets – (1.0) – (2.7) Share of hedging reserves of associates (97.4) (49.7) – – (224.9) (231.9) (0.8) (3.8) Other comprehensive income for the year, net of tax (226.3) (223.3) (0.8) (3.8) Total comprehensive income for the year, attributable to owner of the Company 753.9 810.3 493.6 476.9 * See Note 2.5, Note 2.6 and Note 2.7 The accompanying notes form an integral part of these financial statements. SINGAPORE POWER AND ITS SUBSIDIARIES | FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 11 Statements of changes in equity Year ended 31 March 2019 Total equity, Currency attributable to Share translation Hedging Other Accumulated owner of the capital reserve reserve reserves profits Company Group $ million $ million $ million $ million $ million $ million At 1 April 2017 (SFRS framework) 2,911.9 (225.5) 18.8 19.3 7,068.3 9,792.8 Cumulative effects of adoption SFRS(I) – – (15.6) – 6.1 (9.5) At 1 April 2017 (SFRS(I) framework) 2,911.9 (225.5) 3.2 19.3 7,074.4 9,783.3 Total comprehensive income for the year Profit for the year and net movement in RDA balances – – – – 1,033.6 1,033.6 Other comprehensive income Translation differences relating to financial statements of foreign operations – (184.2) – – – (184.2) Effective portion of changes in fair value of cash flow hedges, net of tax – – (4.1) – – (4.1) Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax – – 8.9 – – 8.9 - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – – (1.8) – – (1.8) - Available-for-sale financial assets – – – (1.0) – (1.0) Share of other comprehensive income of associates – – (49.7) 8.6 – (41.1) Total other comprehensive income – (184.2) (46.7) 7.6 – (223.3) Total comprehensive income for the year – (184.2) (46.7) 7.6 1,033.6 810.3 Transactions with owner, recognised directly in equity Distribution to owner Dividends declared (Note 34) – – – – (380.0) (380.0) Total transactions with owner – – – – (380.0) (380.0) At 31 March 2018, as restated 2,911.9 (409.7) (43.5) 26.9 7,728.0 10,213.6 The accompanying notes form an integral part of these financial statements. SINGAPORE POWER AND ITS SUBSIDIARIES | FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 12 Statements of changes in equity Year ended 31 March 2019 Total equity, Currency attributable to Share translation Hedging Other Accumulated owner of the capital reserve reserve reserves profits Company Group $ million $ million $ million $ million $ million $ million At 31 March 2018 (SFRS framework) 2,911.9 (410.3) (15.2) 26.9 7,710.6 10,223.9 Cumulative effects of adoption SFRS(I) – 0.6 (28.3) – 17.4 (10.3) At 1 April 2018 (SFRS(I) framework) 2,911.9 (409.7) (43.5) 26.9 7,728.0 10,213.6 Effects of adoption SFRS(I) 9 – – – – (2.5) (2.5) At 1 April 2018 (SFRS(I) framework) 2,911.9 (409.7) (43.5) 26.9 7,725.5 10,211.1 Total comprehensive income for the year Profit for the year and net movement in RDA balances – – – – 980.2 980.2 Other comprehensive income Translation differences relating to financial statements of foreign operations – (137.4) – – – (137.4) Effective portion of changes in fair value of cash flow hedges, net of tax – – (1.5) – – (1.5) Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax – – 10.1 – – 10.1 - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – – 1.9 – – 1.9 - Investments in equity/debt instruments at FVOCI – – – (1.1) – (1.1) Share of other comprehensive income of associates – – (97.4) (0.9) – (98.3) Total other comprehensive income – (137.4) (86.9) (2.0) – (226.3) Total comprehensive income for the year – (137.4) (86.9) (2.0) 980.2 753.9 Transactions with owner, recognised directly in equity Distribution to owner Dividends declared (Note 34) – – – – (410.0) (410.0) Total transactions with owner – – – – (410.0) (410.0) At 31 March 2019 2,911.9 (547.1) (130.4) 24.9 8,295.7 10,555.0 The accompanying notes form an integral part of these financial statements. SINGAPORE POWER AND ITS SUBSIDIARIES | FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 13 Statements of changes in equity Year ended 31 March 2019 Company Share Hedging Other Accumulated capital reserve reserves profits Total $ million $ million $ million $ million $ million At 1 April 2017 (SFRS framework) 2,911.9 1.4 1.8 5,152.1 8,067.2 Cumulative effects of adoption SFRS(I) – – – – – At 1 April 2017 (SFRS(I) framework) 2,911.9 1.4 1.8 5,152.1 8,067.2 Total comprehensive income for the year Profit for the year – – – 480.7 480.7 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax – (0.6) – – (0.6) Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax – 0.3 – – 0.3 - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – (0.8) – – (0.8) - Available-for-sale financial assets – – (2.7) – (2.7) Total other comprehensive income – (1.1) (2.7) – (3.8) Total other comprehensive income for the year – (1.1) (2.7) 480.7 476.9 Transactions with owner, recognised directly in equity Dividends declared (Note 34) – – – (380.0) (380.0) Total transactions with owner – – – (380.0) (380.0) At 31 March 2018 2,911.9 0.3 (0.9) 5,252.8 8,164.1 Company At 1 April 2018 (SFRS framework) 2,911.9 0.3 (0.9) 5,252.8 8,164.1 Cumulative effects of adoption SFRS(I) – – – – – At 1 April 2018 (SFRS(I) framework) 2,911.9 0.3 (0.9) 5,252.8 8,164.1 Total comprehensive income for the year Profit for the year – – – 494.4 494.4 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax – (0.4) – – (0.4) Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax – (0.1) – – (0.1) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – 0.4 – – 0.4 - Investments in debt instruments at FVOCI – – (0.7) – (0.7) Total other comprehensive income – (0.1) (0.7) – (0.8) Total other comprehensive income for the year – (0.1) (0.7) 494.4 493.6 Transactions with owner, recognised directly in equity Dividends declared (Note 34) – – – (410.0) (410.0) Total transactions with owner – – – (410.0) (410.0) At 31 March 2019 2,911.9 0.2 (1.6) 5,337.2 8,247.7 The accompanying notes form an integral part of these financial statements. SINGAPORE POWER AND ITS SUBSIDIARIES | FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 14 Consolidated statement of cash flows Year ended 31 March 2019 Note 2019 2018 $ million $ million Restated* Cash flows from operating activities Profit for the year and net movements in RDA balances 980.2 1,033.6 Adjustments for: Deferred income (21.5) (20.7) Regulatory deferral account debit or credit balances and related deferred tax assets or liabilities (127.1) (110.4) Depreciation and amortisation 682.6 611.3 Finance costs 26 147.6 123.5 Finance income 25 (61.6) (68.5) Exchange loss 28 5.3 9.4 (Gain)/Loss on disposal of property, plant and equipment and intangible assets (0.7) 3.2 Impairment loss on property, plant and equipment 0.7 1.6 Share of profit of associates and joint ventures, net of tax (168.4) (182.9) Tax expense 27 166.5 187.8 Gain on disposal of subsidiary 8 – (5.5) Write off of inventory 9.6 2.7 Others 5.0 2.9 1,618.2 1,588.0 Changes in working capital: Inventories (13.2) 2.2 Trade and other receivables 1.5 (121.5) Balances with related parties (trade) 2.7 (10.1) Trade and other payables 12.5 (10.4) Cash generated from operations 1,621.7 1,448.2 Interest received 59.4 65.7 Net tax paid (168.2) (111.0) Net cash generated from operating activities 1,512.9 1,402.9 Cash flows from investing activities Purchase of property, plant and equipment (1,254.5) (1,232.4) Purchase of intangible assets (68.1) (53.7) Proceeds from disposal of property, plant and equipment and intangible assets 11.8 8.3 Dividends received from associates and joint venture 130.3 163.4 Proceeds from redemption of other investment 2.6 32.0 Acquisition of other investments (6.0) (1.6) Additions to investment property – (488.2) Net cash outflow on disposal of subsidiary 8 – (27.8) Net cash used in investing activities (1,183.9) (1,600.0) The accompanying notes form an integral part of these financial statements. SINGAPORE POWER AND ITS SUBSIDIARIES | FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 15 Consolidated statement of cash flows (continued) Year ended 31 March 2019 Note 2019 2018 $ million $ million Restated* Cash flows from financing activities Proceeds from loans and debt obligations 812.1 842.1 Repayment of debt obligations (516.1) (139.4) Dividends paid to owner of the Company (410.0) (380.0) Interest paid (143.7) (123.3) Commitment fees paid – (2.8) Net cash generated (used in)/ from financing activities (257.7) 196.6 Net increase/(decrease) in cash and cash equivalents 71.3 (0.5) Cash and cash equivalents at beginning of the year 1,634.6 1,677.1 Effect of exchange rate changes on balances held in foreign currencies 14.6 (42.0) Cash and cash equivalents at end of the year 15 1,720.5 1,634.6 * See Note 2.5, Note 2.6 and Note 2.7 The accompanying notes form an integral part of these financial statements. SINGAPORE POWER AND ITS SUBSIDIARIES | FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 16 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 31 May 2019. 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)”). For periods up to and including the year ended 31 March 2018, the Group and Company prepared its financial statements in accordance with Singapore Financial Reporting Standards (“SFRS”). These financial statements for the year ended 31 March 2019 are the first that the Group and Company have prepared in accordance with SFRS(I). Refer to Note 2.5 and Note 2.7 for information on how the Group adopted 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 These 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. 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: SINGAPORE POWER AND ITS SUBSIDIARIES | FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 17 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 10 and Note 27. Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year are discussed below: 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 32 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. 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 3.19) 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 First-time adoption of Singapore Financial Reporting Standards (International) These financial statements, for the year ended 31 March 2019, are the first the Group and the Company have prepared in accordance with SFRS(I), Singapore’s equivalent of the International Financial Reporting Standards (“IFRSs”). Accordingly, the Group and the Company have prepared financial statements that comply with SFRS(I) applicable as at 31 March 2019, together with the comparative period data for the year ended 31 March 2018, as described in the summary of significant accounting policies. In preparing the financial statements, the Group’s and the Company’s opening balance sheets were prepared as at 1 April 2017, the Group’s and the Company’s date of transition to SFRS(I). SINGAPORE POWER AND ITS SUBSIDIARIES | FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 18 The principal adjustment made by the Group in restating its SFRS financial statements, including the balance sheet as at 1 April 2017 and the financial statements for the year ended 31 March 2018 relates to the earlier adoption of IFRS by the Group’s associates. Arising from the adoption of SFRS(I), the Group had aligned the assets and liabilities at the same carrying amounts as in the financial statements of the associates. 2.6 Changes in accounting policies Adoption of new and revised FRSs and Interpretation to FRS The accounting policies adopted are consistent with those previously applied under SFRS except that in the current financial year, the Group has adopted all the SFRS(I) which are effective for annual financial periods beginning on or after 1 April 2018. Except for the impact arising from the adoption of SFRS(I) 14, SFRS(I) 15 and SFRS(I) 9 as described below, the adoptions of these standards did not have any material effect on the financial performance or position of the Group and the Company. SFRS(I) 15 Revenue from Contracts with Customers SFRS(I) 14 Regulatory Deferral Accounts On 1 April 2018, the Group adopted SFRS(I) 15 Revenue from Contracts with Customers which is effective for annual periods beginning on or after 1 January 2018. Under SFRS(I) 15, revenue is recognised at an amount that reflects the consideration which an entity expects to be entitled in exchange for transferring goods or services to a customer. The Group also adopted SFRS(I) 14 Regulatory Deferral Accounts, which requires regulatory deferral account balances to be presented as separate line items on the balance sheets and to present movements in those account balances as separate line items in the income statement and statement of comprehensive income. The Group’s main revenue streams arise from the provision of electricity and gas transmission and distribution, market support and district cooling services. The key impact of the changes in accounting policies are detailed as follows: a) Use of system changes, transportation of gas, sale of electricity, district cooling services and Market Support Services fees Upon the adoption of SFRS(I) 15, the Group will recognise revenue for financial reporting purposes based on tariff billings to customers. The difference between the revenue recognised for financial reporting purposes and revenue earned for regulatory purposes will be accounted for as a regulatory deferral account debit or credit balances, in accordance with SFRS(I) 14, with a corresponding entry made as a separate line item in the income statement. b) Shares of profits of associates and joint ventures The primary impact of transition to SFRS(I) 15 has been the deferral of revenue, primarily where AusNet Services, the Group’s associate, provide access to transmission infrastructure over 25-30 years. Some of these contracts have invoicing profiles that are front-ended. Under SFRS(I) 15, these contracts comprise of a single performance obligation satisfied over time and revenue is required to be recognised evenly over the contract term. Accordingly, less revenue would have been recognised in previous periods, and more revenue in future periods. This resulted in the reversal of $10.6 million of the Group’s share of results of prior years. Under SFRS(I) 15, revenues from each distinct identifiable promises of a joint venture, Power Automation’s customer contracts are now recognised separately when each of these performance obligations are completed. This resulted in a change in the timing of revenue recognition under the new standard. SINGAPORE POWER AND ITS SUBSIDIARIES | FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 19 c) Recovery of vesting gains/losses Included in the impact on adoption of SFRS(I) 15 is the recovery of vesting gains/losses billed to the electricity retailers of $27.8 million for year ended 31 March 2018, which does not arise from a customer contract of supply of electricity. The amount is netted against payment to Energy Market Company Pte Ltd previously recorded in purchased power. d) Transitional provisions The Group has applied the changes in accounting policies from the adoption of SFRS(I) 15 and SFRS(I) 14 retrospectively to each reporting year presented, using the full retrospective approach. Under the full retrospective approach, the Group adjusts the opening balance of each affected component of equity for the earliest prior period presented and the other comparative amounts for each prior period presented as if the Group had always applied the new accounting policy. SFRS(I) 9 Financial Instruments On 1 April 2018, the Group adopted SFRS(I) 9 Financial Instruments which is effective for annual periods beginning on or after 1 January 2018. The changes arising from the adoption of SFRS(I) 9 have been applied retrospectively. The Group has elected to apply the exemption in SFRS(I) 1 and has not restated comparative information in the year of initial application. The impact arising from SFRS(I) 9 adoption was included in the opening retained earnings at the date of initial application, 1 April 2018. The comparative information was prepared in accordance with the requirements of SFRS 39 Financial Instruments. a) Classification and measurement SFRS(I) 9 requires debt instruments to be measured either at amortised cost, fair value through other comprehensive income (“FVOCI”) or fair value through profit or loss (“FVPL”). Classification of debt instruments depends on the entity’s business model for managing the financial assets and whether the contractual cash flows represent solely payments of principal and interest (“SPPI”). An entity’s business model is how an entity manages its financial assets in order to generate cash flows and create value for the entity either from collecting contractual cash flows, selling financial assets or both. If a debt instrument is held to collect contractual cash flows, it is measured at amortised cost if it also meets the SPPI requirement. Debt instruments that meet the SPPI requirement that are held both to collect the assets’ contractual cash flows and to sell the assets are measured at FVOCI. Financial assets are measured at FVPL if they do not meet the criteria of FVOCI or amortised cost. The assessment of the business model and whether the financial assets meet the SPPI requirements was made as of 1 April 2018, and then applied retrospectively to those financial assets that were not derecognised before 1 April 2018. The Group’s debt instruments have contractual cash flows that are solely payments of principal and interest. The Group has a mixed business model. Debt instruments that were measured at amortised cost previously are held to collect contractual cash flows, and accordingly measured at amortised cost under SFRS(I) 9. For debt instruments that were measured at FVOCI previously, the Group’s business model is to hold the debt instrument to collect contractual cash flows and sell, and accordingly measured at FVOCI when it applies SFRS(I) 9. There is no significant impact arising from measurement of these instruments under SFRS(I) 9. SFRS(I) 9 requires all equity instruments to be carried at fair value through profit or loss, unless an entity chooses on initial recognition, to present fair value changes in other comprehensive income. For equity securities, the Group elects to continue to measure its currently held Available-for-sale (“AFS”) quoted and unquoted equity securities at FVOCI. As a result, there is no significant impact arising from measurement of these instruments under SFRS(I) 9. The Group has assessed which business model apply to the financial assets held by the Group at 1 April 2018 and has classified its financial instruments into the appropriate categories in accordance with SFRS(I) 9. The effects as at 1 April 2018, before tax impact are as follows: SINGAPORE POWER AND ITS SUBSIDIARIES | 20 FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 Financial assets: Original New carrying carrying amount amount Original New under under classification classification SFRS 39 SFRS(I) 9 Measurement category under SFRS 39 under SFRS(I) 9 $ million $ million Group Investment in debt securities Available-for- FVOCI – debt 146.7 146.7 sale instrument Investment in equity securities Available-for- FVOCI – equity 8.9 8.9 sale instrument Finance lease receivables Loans and Amortised cost 9.9 9.9 receivables Convertible instrument Loans and Amortised cost 322.3 322.3 receivables Other non-curent assets Loans and Amortised cost 2.0 2.0 receivables Trade and other receivables # Loans and Amortised cost 498.1 498.1 receivables Cash and cash equivalents Loans and Amortised cost 1,634.6 1,634.6 receivables Company Investment in debt securities Available-for- FVOCI – debt 146.7 146.7 sale instrument Trade and other receivables # Loans and Amortised cost 4,182.3 4,182.3 receivables Cash and cash equivalents Loans and Amortised cost 593.5 593.5 receivables # Excluding prepayments and finance lease receivables (current). b) Impairment SFRS(I) 9 requires the Group to record expected credit losses on all of its financial assets measured at amortised cost or FVOCI and financial guarantees. The Group previously recorded impairment based on the incurred loss model when there is objective evidence that a financial asset is impaired. Upon adoption of SFRS(I) 9, the Group has assessed that there is no significant impact arising from the impairment requirements under SFRS(I) 9. SGSPAA, the Group’s associate recognised an additional impairment allowance with a corresponding debit to their opening retained earnings based on expected credit loss model. The Group has recognised our share of the adjustment, which amounted to $2.5 million. 2.7 Explanation of transition to SFRS(I) and adoption of new standards Summary of quantitative impact The following reconciliations summarise the impact arising from the first-time adoption of SFRS(I), including the application of the new accounting standards on the Group’s financial position as at 1 April 2017, 31 March 2018 and 1 April 2018 and the Group’s income statements and statements of comprehensive income and the Group’s consolidated statement of cash flows for the year ended 31 March 2018. SINGAPORE POWER AND ITS SUBSIDIARIES | FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 21 Reconciliation of the Group’s equity Consolidated balance sheets of the Group 31 March 2018 1 April 2018 SFRS SFRS(I) 14 SFRS(I) frame- & framework SFRS(I) 1 SFRS(I) 15 work SFRS(I) 9 SFRS(I) $ million $ million $ million $ million $ million $ million Non-current assets Property, plant and equipment 12,485.6 – – 12,485.6 – 12,485.6 Intangible assets 173.8 – – 173.8 – 173.8 Investment property under development 712.9 – – 712.9 – 712.9 Associates and joint ventures 2,843.8 – (10.4) 2,833.4 (2.5) 2,830.9 Other non-current assets 498.2 – (166.2) 332.0 – 332.0 Deferred tax assets 21.2 – – 21.2 – 21.2 Derivative assets 48.8 – – 48.8 – 48.8 Investment in debt and equity securities 155.6 – – 155.6 – 155.6 16,939.9 – (176.6) 16,763.3 (2.5) 16,760.8 Current assets Inventories 44.2 – – 44.2 – 44.2 Trade and other receivables 526.4 – (0.8) 525.6 – 525.6 Derivative assets 17.0 – – 17.0 – 17.0 Cash and cash equivalents 1,634.6 – – 1,634.6 – 1,634.6 2,222.2 – (0.8) 2,221.4 – 2,221.4 Total assets 19,162.1 – (177.4) 18,984.7 (2.5) 18,982.2 RDA debit balances and related deferred tax assets – – 171.0 171.0 – 171.0 Total assets and RDA debit balances 19,162.1 – (6.4) 19,155.7 (2.5) 19,153.2 Equity Share capital 2,911.9 – – 2,911.9 – 2,911.9 Reserves (398.6) (28.4) 0.7 (426.3) – (426.3) Accumulated profits 7,710.6 28.4 (11.0) 7,728.0 (2.5) 7,725.5 Total equity, attributable to owner of the Company 10,223.9 – (10.3) 10,213.6 (2.5) 10,211.1 Non-current liabilities Debt obligations 4,239.1 – – 4,239.1 – 4,239.1 Derivative liabilities 230.7 – – 230.7 – 230.7 Deferred tax liabilities 1,334.7 – 60.7 1,395.4 – 1,395.4 Other non-current liabilities 937.5 – (362.0) 575.5 – 575.5 6,742.0 – (301.3) 6,440.7 – 6,440.7 Current liabilities Debt obligations 532.3 – – 532.3 – 532.3 Derivative liabilities 2.8 – – 2.8 – 2.8 Current tax payable 172.5 172.5 172.5 Trade and other payables 1,488.6 – (57.0) 1,431.6 – 1,431.6 2,196.2 – (57.0) 2,139.2 – 2,139.2 Total liabilities 8,938.2 – (358.3) 8,579.9 – 8,579.9 Total equity and liabilities 19,162.1 – (368.6) 18,793.5 (2.5) 18,791.0 RDA credit balances and related deferred tax liabilities – – 362.2 362.2 – 362.2 Total equity, liabilities and RDA credit balances 19,162.1 – (6.4) 19,155.7 (2.5) 19,153.2 SINGAPORE POWER AND ITS SUBSIDIARIES | 22 FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 Reconciliation of the Group’s equity (continued) Consolidated balance sheets of the Group 1 April 2017 SFRS SFRS(I) 14 SFRS(I) frame- & framework SFRS(I) 1 SFRS(I) 15 work $ million $ million $ million $ million Non-current assets Property, plant and equipment 11,713.6 – – 11,713.6 Intangible assets 141.6 – – 141.6 Associates and joint ventures 2,994.7 – (9.5) 2,985.2 Other non-current assets 428.1 – (76.9) 351.2 Deferred tax assets 29.2 – (7.9) 21.3 Derivative assets 106.4 – – 106.4 Investment in debt and equity securities 165.8 – – 165.8 15,579.4 – (94.3) 15,485.1 Current assets Inventories 49.0 – – 49.0 Trade and other receivables 431.0 – – 431.0 Derivative assets 2.4 – – 2.4 Cash and cash equivalents 1,677.1 – – 1,677.1 Investment in debt and equity securities 29.6 – – 29.6 Assets held-for-sale 37.6 – – 37.6 2,226.7 – – 2,226.7 Total assets 17,806.1 – (94.3) 17,711.8 RDA debit balances and related deferred tax assets – – 82.6 82.6 Total assets and RDA debit balances 17,806.1 – (11.7) 17,794.4 Equity Share capital 2,911.9 – – 2,911.9 Reserves (187.4) (15.6) – (203.0) Accumulated profits 7,068.3 15.6 (9.5) 7,074.4 Total equity, attributable to owner of the Company 9,792.8 – (9.5) 9,783.3 Non-current liabilities Debt obligations 4,147.5 – – 4,147.5 Derivative liabilities 92.9 – – 92.9 Deferred tax liabilities 1,284.2 – 62.0 1,346.2 Other non-current liabilities 704.2 – (382.6) 321.6 6,228.8 – (320.6) 5,908.2 Current liabilities Debt obligations 139.7 – – 139.7 Derivative liabilities 15.3 – – 15.3 Current tax payable 161.4 – – 161.4 Trade and other payables 1,451.3 – (65.8) 1,385.5 Liabilities held-for-sale 16.8 – – 16.8 1,784.5 – (65.8) 1,718.7 Total liabilities 8,013.3 – (386.4) 7,626.9 Total equity and liabilities 17,806.1 – (395.9) 17,410.2 RDA credit balances and related deferred tax liabilities – – 384.2 384.2 Total equity, liabilities and RDA credit balances 17,806.1 – (11.7) 17,794.4 SINGAPORE POWER AND ITS SUBSIDIARIES | 23 FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 Reconciliation of the Group’s income statement Consolidated income statements of the Group 31 March 2018 SFRS SFRS(I) 14 SFRS(I) frame- & framework SFRS(I) 1 SFRS(I) 15 work $ million $ million $ million $ million Revenue 4,067.7 – (147.4) 3,920.3 Other income 185.6 – – 185.6 Expenses - Purchased power (1,972.9) – 27.8 (1,945.1) - Depreciation of property, plant and equipment (579.2) – – (579.2) - Amortisation of intangible assets (32.1) – – (32.1) - Maintenance (99.2) – – (99.2) - Staff costs (292.0) – – (292.0) - Property taxes (54.5) – – (54.5) - Other operating expenses (120.7) – – (120.7) Operating profit 1,102.7 – (119.6) 983.1 Finance income 68.5 – – 68.5 Finance costs (123.5) – – (123.5) Share of profits of associates, net of tax 177.4 12.8 (0.7) 189.5 Share of losses of joint ventures, net of tax (5.8) – (0.8) (6.6) Profit before taxation 1,219.3 12.8 (121.1) 1,111.0 Tax expense (197.0) – 9.2 (187.8) Profit for the year attributable to the owner of the Company 1,022.3 12.8 (111.9) 923.2 Net movement in RDA balances related to profit or loss and the related deferred tax movement – – 110.4 110.4 Profit for the year and net movement in RDA balances, attributable to owner of the Company 1,022.3 12.8 (1.5) 1,033.6 SINGAPORE POWER AND ITS SUBSIDIARIES | 24 FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 Reconciliation of the Group’s comprehensive income Consolidated statements of comprehensive income of the Group 31 March 2018 SFRS SFRS(I) 14 SFRS(I) frame- & framework SFRS(I) 1 SFRS(I) 15 work $ million $ million $ million $ million Profit for the year and net movements in RDA balances 1,022.3 12.8 (1.5) 1,033.6 Other comprehensive income items that will not be reclassified to profit or loss: Share of defined benefit plan remeasurements of associates 8.6 – – 8.6 8.6 – – 8.6 Items that are or may be reclassified subsequently to profit or loss: Translation differences relating to financial statements of foreign operations (184.8) – 0.6 (184.2) Effective portion of changes in fair value of cash flow hedges, net of tax (4.1) – – (4.1) Net change in fair value of: – Cash flow hedges reclassified to profit or loss, net of tax 8.9 – – 8.9 – Cash flow hedges on recognition of the hedged items on balance sheet, net of tax (1.8) – – (1.8) – Available-for-sale financial assets (1.0) – – (1.0) Share of hedging reserves of associates (37.0) (12.7) – (49.7) (219.8) (12.7) 0.6 (231.9) Other comprehensive income for the year, net of tax (211.2) (12.7) 0.6 (223.3) Total comprehensive income for the year, attributable to owner of the Company 811.1 0.1 (0.9) 810.3 Reconciliation of the Group’s cash flows Consolidated statement of cash flows for the Group SINGAPORE POWER AND ITS SUBSIDIARIES | 25 FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 31 March 2018 SFRS SFRS(I) 14 SFRS(I) frame- & framework SFRS(I) 1 SFRS(I) 15 work $ million $ million $ million $ million Cash flows from operating activities Profit for the year and net movements in RDA balances 1,022.3 12.8 (1.5) 1,033.6 Adjustments for: Deferred income (140.0) – 119.3 (20.7) Regulatory deferral account debit or credit balances and related deferred tax assets or liabilities – – (110.4) (110.4) Depreciation and amortisation 611.3 – – 611.3 Finance costs 123.5 – – 123.5 Finance income (68.5) – – (68.5) Exchange loss 9.4 – – 9.4 Loss on disposal of property, plant and equipment and intangible assets 3.2 – – 3.2 Impairment loss on property, plant and equipment 1.6 – – 1.6 Share of profit of associates and joint ventures, net of tax (171.6) (12.8) 1.5 (182.9) Tax expense 197.0 – (9.2) 187.8 Gain on disposal of subsidiary (5.5) – – (5.5) Write off of inventory 2.7 – – 2.7 Others 2.6 – 0.3 2.9 1,588.0 – – 1,588.0 Changes in working capital: Inventories 2.2 – – 2.2 Trade and other receivables (121.5) – – (121.5) Balances with related parties (trade) (10.1) – – (10.1) Trade and other payables (10.4) – – (10.4) Cash generated from operations 1,448.2 – – 1,448.2 Interest received 65.7 – – 65.7 Net tax paid (111.0) – – (111.0) Net cash generated from operating activities 1,402.9 – – 1,402.9 Cash flows from investing activities Purchase of property, plant and equipment (1,232.4) – – (1,232.4) Purchase of intangible assets (53.7) – – (53.7) Proceeds from disposal of property, plant and equipment and intangible assets 8.3 – – 8.3 Dividends received from associates and joint venture 163.4 – – 163.4 Proceeds from redemption of other investment 32.0 – – 32.0 Acquisition of other investments (1.6) – – (1.6) Additions to investment property under development (488.2) – – (488.2) Net cash outflow on disposal of subsidiary (27.8) – – (27.8) Net cash used in investing activities (1,600.0) – – (1,600.0) Cash flows from financing activities Proceeds from loans and debt obligations 842.1 – – 842.1 Repayment of debt obligations (139.4) – – (139.4) Dividends paid to owner of the Company (380.0) – – (380.0) Interest paid (123.3) – – (123.3) Commitment fees paid (2.8) – – (2.8) Net cash generated from financing activities 196.6 – – 196.6 Net decrease in cash and cash equivalents (0.5) – – (0.5) Cash and cash equivalents at beginning of the year 1,677.1 – – 1,677.1 Effect of exchange rate changes on balances held in foreign currencies (42.0) – – (42.0) Cash and cash equivalents at end of the year 1,634.6 – – 1,634.6 SINGAPORE POWER AND ITS SUBSIDIARIES | 26 FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 3 Significant accounting policies 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, and in preparing the opening SFRS(I) balance sheets at 1 April 2017 for the purposes of the transition to SFRS(I), unless otherwise indicated. 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 noncontrolling 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 AND ITS SUBSIDIARIES | 27 FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 Loss of control Upon the loss of control, the Group derecognises the assets and liabilities of the subsidiary, any noncontrolling 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 (before 1 April 2018: available-for-sale financial asset) 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. 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 noncontrolling 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. SINGAPORE POWER AND ITS SUBSIDIARIES | 28 FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 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 and Australian dollars. 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 (before 1 April 2018: available-for-sale equity instruments) (see Note 3.6), 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. 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 nonwholly-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. SINGAPORE POWER AND ITS SUBSIDIARIES | 29 FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of selfconstructed 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 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. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Freehold land and construction-in-progress are not depreciated. The estimated useful lives for the current and comparative periods are as follows: Leasehold land Over the term of the lease, ranging from 13 – 99 years Leasehold buildings and Tunnels 2 – 40 years or the lease term, if shorter Plant and machinery - Mains (Electricity) 20 – 30 years - Mains (Gas) 20 – 50 years - Transformers and switchgear 20 – 30 years Other plant and equipment (principally gas 2 – 40 years storage plant, remote control and meters) Motor vehicles and office equipment 2 – 10 years Depreciation methods, useful lives and residual values are reviewed at each financial year end, and adjusted if appropriate. SINGAPORE POWER AND ITS SUBSIDIARIES | 30 FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 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. 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 5 to 10 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. SINGAPORE POWER AND ITS SUBSIDIARIES | FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 31 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. 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. Non-derivative financial assets – policy applicable from 1 April 2018 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 fl

Media Release Suntec City to Join World’s Largest Underground District Cooling Network at Marina Bay Singapore, 29 April 2024 – Suntec City will be the latest development to be connected to SP Group (SP)’s Marina Bay district cooling network, expanding what is already the world's largest underground district cooling network. In a partnership agreement signed on 29 April 2024, SP will take charge of the operation of Suntec City’s cooling system. The system will then be interconnected to the Marina Bay District Cooling network via neighbouring developments by 2027. Suntec City’s cooling system is made up of a single central chiller plant with an installed capacity of approximately 20,000 refrigerant tons (RT) providing cooling services across its five office towers, retail mall and convention centre, covering a total net lettable area of more than 3.4 million square feet. The expansion of the Suntec City chiller plant into the Marina Bay district cooling network will create opportunities to deliver energy efficient cooling to a wider range of developments in the area, including Marina Centre and Bugis, thereby offering sustainable cooling solutions to more customers. The inclusion of Suntec City brings the total current cooling capacity in operation and secured by SP through its district cooling networks in Singapore to 203,000 RT – making SP the biggest provider of district cooling solutions in Singapore. Leveraging SP’s district cooling technology will enable Suntec City to reduce its carbon emissions by at least 10,400 tonnes over the 30-year operating period, akin to removing more than 315 cars from our roads annually. Under the agreement, SP will oversee the maintenance and future cooling equipment replacement. This encompasses the prompt replacement of aging electrical systems and a gradual transition to energy-efficient and eco-friendly chillers, all while accommodating any expansionary cooling requirements from Suntec City. Mr Ivan Koh, the Chief Executive Officer of APM Property Management, the Managing Agent for Suntec City said, “Our key priority has always been to achieve optimum energy efficiency for our buildings. This partnership with SP Group to implement district cooling for Suntec City is a significant stride in our sustainable energy solutions, and advances our journey towards the reduction of carbon emission for a greener built environment for Singapore.” Mr S. Harsha, Managing Director of Sustainable Energy Solutions (Singapore), SP Group, said, “As Singapore accelerates towards our net-zero goals, sustainable energy innovations and solutions such as district cooling networks will be crucial to support our demand for urban and economic growth in a sustainable manner. We are delighted to welcome Suntec City to our Marina Bay district cooling network and look forward to bringing this proven technology to more developments, enabling them to be more energy- and cost-efficient. - Ends - About SP Group SP Group is a leading utilities group in the Asia Pacific, empowering the future of energy with low-carbon, smart energy solutions for its customers. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, as well as sustainable energy solutions in Singapore, China, Thailand and Vietnam. As Singapore’s national grid operator, about 1.6 million industrial, commercial and residential customers benefit from its world-class transmission, distribution and market support services. These networks are amongst the most reliable and cost-effective worldwide. Beyond traditional utilities services, SP Group provides a suite of sustainable and renewable energy solutions such as microgrids, cooling and heating systems for business districts and residential townships, solar energy solutions, electric vehicle fast-charging stations and digital energy solutions for customers in Singapore and the region. For more information, please visit spgroup.com.sg or follow us on Facebook at spgrp.sg/facebook, LinkedIn at spgrp.sg/linkedin and Instagram at spgrp.sg/Instagram. About Suntec City Suntec City is one of Singapore’s largest integrated developments, comprising a shopping mall, five Grade A office towers, and a world-class convention and exhibition centre. Nestled in the heart of the bustling Marina Central precinct, the entire development is well connected by MRT stations, street-level plazas and underground walkways. Comprising of over 2 million square feet of retail areas, office spaces and a convention centre, the strata-titled development is owned by subsidiary proprietors and managed by the Management Corporation Strata Title of Suntec City. Our commitment to lowering environmental impact is evidenced through our sustainability accolades, including Water Efficient Building certification for the retail mall and office towers, as well as BCA Green Mark Platinum for all the office towers and Green Mark Gold for the retail mall and convention centre.  

Consumption_Elect Average consumption of Electricity (kWh) Premises Types Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 HDB 1-Room 150 152 149 140 151 148 139 142 128 127 121 119 HDB 2-Room 199 199 195 183 198 192 183 186 166 168 161 156 HDB 3-Room 292 285 277 264 283 277 266 266 243 238 231 231 HDB 4-Room 398 396 383 360 385 381 363 365 338 327 320 309 HDB 5-Room 463 466 448 416 447 446 427 429 397 379 374 359 HDB Executive 575 568 544 515 546 548 520 523 481 462 458 445 Apartment 578 573 543 500 513 539 523 519 486 446 419 417 Terrace 957 900 872 838 847 885 851 851 785 747 744 714 Semi-Detached 1,254 1,224 1,170 1,128 1,126 1,168 1,137 1,141 1,056 1,000 974 960 Bungalow 2,432 2,360 2,266 2,220 2,121 2,347 2,192 2,190 2,012 2,004 1,872 1,904 Note: The figures exclude electricity consumption for PAYU customers and customers who are not purchasing electricity at the regulated tariff.

News Release SP GROUP ACQUIRES ENGIE’S 40 PER CENT STAKE IN CHONGQING SINO-FRENCH ENERGY SERVICES Latest acquisition expands SP’s sustainable energy offerings to China Singapore, 20 January 2021 – SP Group (SP) today announced an agreement with ENGIE SA, to acquire ENGIE’s 40 per cent stake in Sino-French Energy Services Co. Ltd (SFES) in Chongqing, China. This is SP’s first acquisition of energy assets in China, growing the company’s China presence with sustainable energy solutions. SP’s Group Chief Executive Officer, Mr Stanley Huang, said, “The acquisition of ENGIE’s stake in SFES strengthens SP Group’s District Cooling and Heating presence in Chongqing and expands our capabilities into Combined Cooling Heating and Power (CCHP) offerings for the hospital segment. Together with Chongqing Gas Group, we will continue to play a key role in supporting the hospitals to adopt more energy efficient CCHP and grow the CCHP market share.” Established in 2010, SFES was a joint venture company between ENGIE and Chongqing Gas Group, a state-owned enterprise that owns 80 per cent of Chongqing’s gas distribution network. SFES is the market leader for CCHP solutions in Chongqing. It operates CCHP solutions deployed in three of the city’s hospitals as well as a District Cooling and Heating plant that serves the Chongqing Danzishi Central Business District. The district is located 2.7 kilometres across the Yangtze river from SP’s integrated cooling and heating plant in Raffles City Chongqing. SP Group runs an advanced energy-efficient cooling and heating system for Raffles City Chongqing, that commenced operations in September 2019. SP’s cooling operations enables Raffles City Chongqing to reduce energy consumption by more than 40 per cent, compared to conventional building chiller plants. Besides Chongqing, new partnerships and collaborations are taking root in Shanghai and Guangzhou. In August 2020, SP signed an agreement with the Sino-Singapore Guangzhou Knowledge City (GKC) to develop district cooling and heating solutions for the Knowledge Tower in GKC. In October, SP inked a Memorandum of Understanding with State Grid Shanghai Energy Services to study the feasibility of jointly developing and investing in integrated energy projects to bring sustainable energy solutions to customers in Shanghai. 1 SP Group currently has three offices in China (Shanghai, Guangzhou and Chongqing), with its China headquarters located in Shanghai. -Ends- About SP Group SP Group is a leading utilities group in the Asia Pacific, enabling a low-carbon, smart energy future for its customers. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, and sustainable energy solutions in Singapore and China. As Singapore’s national grid operator, about 1.6 million industrial, commercial and residential customers benefit from its world-class transmission, distribution and market support services. These networks are amongst the most reliable and cost-effective world-wide. Beyond traditional utilities services, SP Group provides a suite of sustainable energy solutions such as cooling and heating systems for business districts and residential townships, electric vehicle fast charging and green digital energy management tools for customers in Singapore and the region. For more information, please visit spgroup.com.sg or follow us on Facebook at fb.com/SPGroupSG, on LinkedIn at spgrp.sg/linkedin and on Twitter @SPGroupSG. 2 新 闻 稿 新 能 源 集 团 收 购 重 庆 中 法 能 源 服 务 有 限 公 司 40% 股 份 最 新 收 购 协 议 将 拓 展 新 能 源 为 中 国 提 供 可 持 续 能 源 方 案 业 务 2021 年 1 月 20 日 —— 新 加 坡 新 能 源 集 团 (SP) 今 天 宣 布 与 ENGIE SA 达 成 协 议 , 收 购 ENGIE 在 中 国 重 庆 的 中 法 能 源 服 务 有 限 公 司 (SFES)40% 的 股 份 。 这 是 新 能 源 在 中 国 首 项 能 源 资 产 收 购 协 议 , 也 将 拓 展 新 能 源 为 中 国 提 供 可 持 续 能 源 方 案 业 务 。 新 加 坡 能 源 集 团 总 裁 黄 天 源 说 , 收 购 ENGIE 在 中 国 重 庆 的 中 法 能 源 服 务 有 限 公 司 的 股 份 , 将 能 强 化 新 能 源 集 团 在 重 庆 区 域 供 冷 供 热 领 域 的 足 迹 , 并 将 我 们 的 业 务 扩 展 到 为 医 院 提 供 冷 热 电 三 联 供 方 案 。 与 重 庆 燃 气 集 团 股 份 有 限 公 司 携 手 , 将 让 我 们 得 以 继 续 支 持 医 院 , 采 纳 更 节 能 的 冷 热 电 三 联 供 方 案 , 以 及 扩 大 我 们 在 冷 热 电 三 联 供 市 场 份 额 方 面 , 扮 演 关 键 角 色 。 中 法 能 源 服 务 有 限 公 司 由 中 国 国 营 的 重 庆 燃 气 集 团 股 份 有 限 公 司 和 ENGIE 中 国 于 2010 年 合 资 成 立 , 重 庆 燃 气 负 责 运 营 重 庆 市 80% 以 上 的 燃 气 管 网 。 中 法 能 源 服 务 有 限 公 司 是 重 庆 市 冷 热 电 三 联 供 方 案 的 市 场 领 导 者 , 它 营 运 输 送 到 三 所 市 医 院 的 冷 热 电 三 联 供 方 案 , 以 及 重 庆 弹 子 石 中 央 商 务 区 区 域 供 冷 和 供 热 系 统 。 该 地 区 与 新 能 源 位 于 重 庆 来 福 士 广 场 内 综 合 供 冷 和 供 热 厂 隔 着 长 江 、 有 2.7 公 里 的 距 离 。 新 能 源 集 团 为 重 庆 来 福 士 广 场 运 作 先 进 的 制 冷 和 制 热 系 统 , 从 2019 年 9 月 就 开 始 运 营 。 新 能 源 的 制 冷 运 作 系 统 , 与 传 统 的 建 筑 冷 水 机 组 相 比 , 降 低 重 庆 来 福 士 广 场 的 能 耗 超 过 40%。 除 了 重 庆 , 新 能 源 也 在 上 海 和 广 州 建 立 了 新 的 伙 伴 关 系 和 合 作 计 划 。 在 2020 年 8 月 , 新 能 源 与 中 新 广 州 知 识 城 签 署 协 议 , 为 中 新 广 州 知 识 城 内 的 知 识 塔 , 开 发 区 域 供 冷 供 热 系 统 。 在 10 月 份 , 新 能 源 集 团 和 国 网 上 海 市 电 力 公 司 签 署 了 合 作 备 忘 录 , 研 究 联 合 开 发 和 投 资 综 合 能 源 项 目 的 可 行 性 , 为 中 国 上 海 的 客 户 提 供 可 持 续 能 源 方 案 。 3 新 能 源 集 团 目 前 在 中 国 设 有 三 个 办 事 处 ( 上 海 、 广 州 和 重 庆 ), 集 团 在 中 国 的 总 部 位 于 上 海 。 - 完 - 关 于 新 加 坡 能 源 集 团 新 加 坡 能 源 集 团 是 亚 太 地 区 一 家 主 要 的 能 源 公 司 , 为 客 户 提 供 迎 合 未 来 需 求 的 低 碳 、 智 慧 能 源 方 案 。 新 能 源 集 团 在 新 加 坡 和 澳 大 利 亚 拥 有 和 经 营 电 力 与 燃 气 的 输 配 和 经 销 事 业 , 并 在 新 加 坡 和 中 国 推 行 永 续 能 源 方 案 。 作 为 新 加 坡 国 家 电 网 经 营 者 , 大 约 160 万 名 新 加 坡 工 业 、 商 业 和 住 宅 客 户 , 从 新 能 源 集 团 世 界 级 的 电 力 与 燃 气 的 输 配 、 分 销 和 市 场 支 持 服 务 中 获 益 。 我 们 的 网 络 是 全 球 最 可 靠 和 最 具 成 本 效 益 之 一 。 除 了 传 统 的 能 源 服 务 , 新 能 源 集 团 也 为 新 加 坡 和 区 域 客 户 , 提 供 一 系 列 可 持 续 能 源 方 案 , 例 如 提 供 商 业 区 域 和 住 宅 城 镇 供 冷 供 热 系 统 、 快 速 充 电 电 动 车 和 环 保 数 码 能 源 管 理 工 具 。 更 多 信 息 请 访 问 spgroup.com.sg 或 在 领 英 spgrp.sg/linkedin 和 推 特 Twitter @SPGroupSG 上 关 注 我 们 。 4

SP Group launches Singapore’s first EV fast charging hub in a HDB carpark in Tengah SUSTAINABILITY Ms Sun Xueling, Senior Minister of State at the Ministry of National Development and the Ministry of Transport (in white), and Dr Choo Pei Ling, Member of Parliament for Chua Chu Kang GRC (in green) officiated the launch of Singapore’s first EV fast charging hub by SP Group in a HDB carpark in Tengah. SP Mobility launched Singapore’s first EV fast charging hub in an HDB carpark on 16 May 2026. Located at Tengah's first town centre, the charging hub comprises eight DC fast charging points of up to 100kW and six AC charging points. The launch event was attended by Ms Sun Xueling, Senior Minister of State at the Ministry of National Development and Ministry of Transport, and Dr Choo Pei Ling, Member of Parliament for Chua Chu Kang GRC. SP Mobility will continue to expand EV charging availability across Tengah, and progressively deploy fast charging hubs at more HDB estates. Read more here. - 16 May 2026 TAGS MOBILITY YOU MIGHT BE INTERESTED TO READ SP Group partners KBC to study and develop Vietnam's first district cooling system for industrial parks DSTA appoints SP Group to roll out smart utilities management system across Singapore's defence facilities SP Mobility and Huawei unveil ultra-fast EV charging integrating battery storage

B4 HOME | THE STRAITS TIMES | FRIDAY, JUNE 21, 2019 | Singapore’s electricity network performance System average interruption duration index – minutes per customer 35 30 25 20 15 10 5 0.85 0 91/92 18/19 SP Group’s mobile unit powers up when the power fails Mobile generators are deployed in matter of minutes as stopgap measure during outages (From left) Technical officer Mohamed Nasir Mohamed Ismail, 42, technician Muhammad Fhaizal Gasali, 37, and senior technician Nobraham Abdul Rashid, 46, are part of SP Group’s 20-strong team which operates in three-men groups around the clock. ST PHOTO: DESMOND WEE Customers in Singapore experienced the lowest average of 0.19 of a minute of electricity interruption in 2017, compared with other major cities such as Tokyo and London. The next best-performing city was Osaka, Japan, with an average of five minutes of supply disruption. Customers experienced an average of 0.85 minute of electricity interruption last year Source: SP GROUP STRAITS TIMES GRAPHICS Choo Yun Ting What happens when a power fault is reported? The course of action taken to restore the electricity supply depends on the severity and impact of the fault, says energy provider SP Group. In cases where the cause is a cable fault within the power grid, outages can mostly be resolved through remote or manual switching processes. But in instances of more lengthy outages, mobile generators are deployed as a temporary measure to restore electricity supply. CAUSES OF POWER OUTAGES Network Third party ACTION TAKEN 1 Equipment failure, human error affecting the power grid network Remote switching When a power fault is detected, this first course of action disconnects the affected equipment from the network and reconnects it to an alternative supply source. Remote switching is done at SP Group’s distribution control centre, the nerve centre of Singapore’s power grid, and is able to restore power supply in a matter of minutes. 2 Manual switching Manual switching requires officers on site to conduct the connecting/disconnecting process at the substation connected to where the fault has been reported. It is conducted when remote switching is unable to restore power supply. Power faults in low-voltage networks, such as damage to overground boxes that are used to transmit electricity to customers, are usually resolved through manual switching. 3 Mobile generators These generators are deployed when power faults are reported and are used as a temporary solution while the network issues are being resolved. The type of generator deployed varies depending on the area affected by the outage. For example, a 1MVA generator (right) is able to power four Housing Board blocks for up to eight hours. Approximately 100 households in one HDB block. 4 Cable jointing Cable jointing is conducted when remote switching and manual switching are unable to resolve the power fault and the mobile generators cannot access the substation where the fault has occurred. This process requires a longer time than remote switching or manual switching. BY THE NUMBERS Power restoration within one hour (past five years) 90% Number of substations More than 11,000 Damage to power cables, overground boxes by external parties Power restoration within two hours (past five years) 99% Length of cables that make up Singapore’s electricity grid 27,000km Faults on consumer's side Issues with electrical equipment on site Power supply Issues with the source of power supply, such as with powergenerating units The 500 kVA generator (left) can restore electricity supply to two HDB blocks for up to eight hours. Number of overground boxes More than 28,000 Number of mobile and portable generators (Eight 1MVA, two 800kVA, four 500kVA, four 50kVA, 34 four 20kVA, 12 6.5kVA) Source: SP GROUP PHOTOS: DESMOND WEE & SP GROUP STRAITS TIMES GRAPHICS Ten minutes. That is how long Mr Mohamed Nasir Mohamed Ismail, a technical officer with SP Group’s electricity operations, and his mobile generator unit team have to prepare before leaving their Pasir Panjang base when they are activated during a power failure. The 20-strong team operates in three-man groups, each comprising a leader, an assistant and a driver, around the clock. The driver of the 1MVA mobile generator, which is about three times as long as an average sedan car, has to work out the quickest and safest route to their destination – not an easy task, given that the trailers are not allowed to travel through tunnels. But there are some fixed routes that Mr Nasir, 42, who has been working at SP Group for 21 years, and his teammates have familiarised themselves with, he told The Straits Times during a visit to the company’s facility in Ayer Rajah. For example, to get from the depot in Pasir Panjang to a site in Ang Mo Kio, they drive from Alexandra Road to Braddell Road before merging onto the Central Expressway. “Human GPS (global positioning system),” Mr Nasir said, referring to how they decide on the best route to take with the large trailer. The mobile generators are activated as a stopgap measure whenever a power failure is reported, while technical officers are dispatched to the site to conduct manual switching to an alternative power supply, SP Group said. In two recent incidents of power failure, which occurred on Jan 26 and Feb 14 in Bright Hill and Carlton Hotel, respectively, the 1MVA mobile generators were activated but not used. Both incidents involved equipment failure that caused fires in substations. Last September, more than 140,000 residential and commercial customers across Singapore were affected by a blackout. It was later traced to the tripping of power-generating units of Sembcorp Cogen and Senoko Energy. However, in that incident, mobile generators were not activated. This was because the outage was caused by issues with the powergenerating units, and the mobile generators available would not have been sufficient to restore supply to affected areas, said SP Group’s director of electricity operations, Mr Cedric Lee, 43. “The fastest way to resolve the issue was to conduct remote switching once the generators were back up,” he added. Senior Minister of State for Trade and Industry Koh Poh Koon, in a Facebook post on Feb 16 after a visit to SP Group’s Kim Chuan substation following the Carlton Hotel incident, had written about some of the regular maintenance measures undertaken by SP Group to ensure the reliability of Singapore’s power supply. Mr Lee said one of those measures is the online condition-monitoring system that the energy provider uses for its high-voltage 400kV and 230kV switchgears. The system, introduced in 2005, monitors the network around the clock and allows for equipment to be calibrated online. In comparison, physical monitoring, which is conducted every six to nine months, measures only the voltage and equipment condition at the point in time when the checks are being conducted. The energy provider also uses a remote control system for the 6.6kV distribution network, which allows for power faults to be isolated remotely to restore supply. The system, which has been rolled out to 90 per cent of 4,450 substations, was introduced in 2014 and is slated for completion next year. “But in any power grid, any network, there is no 100 per cent,” Mr Lee said, adding that system faults are inevitable. Based on the system average interruption duration index – a reliability indicator for electric power utilities – in 2017, Singapore’s power system is ranked among the best in the world. Customers in Singapore experienced the lowest average of 0.19 of a minute of electricity interruption in 2017, compared with other major cities such as Tokyo and London. The next best-performing city was Osaka, Japan, with an average of five minutes of supply disruption. For Mr Nasir and his colleagues, ensuring the reliability of the power grid means that they are effectively on 24-hour standby, even after their eight-hour shifts have ended for the day, and some family outings have inevitably been interrupted over the years. On several occasions, Mr Nasir has received calls asking him to report back for work just as he was about to go out for dinner with his children. “It was frustrating initially (to be on standby), but it is worth it,” he said, referring to coming to the aid of people affected by a power failure. “It’s a satisfaction we get, seeing their frustrated faces turn to happy faces.” yuntingc@sph.com.sg Source: The Straits Times © Singapore Press Holdings Limited. Permission required for reproduction.

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Consumption_Water Average consumption of Water (CuM) Premises Types May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 HDB 1-Room 8.1 7.7 7.5 8.1 8.3 7.9 8.1 7.8 7.8 7.8 7.2 7.8 HDB 2-Room 9.5 8.7 8.7 9.4 9.5 9.2 9.3 9.0 9.0 9.1 8.4 9.0 HDB 3-Room 12.0 11.5 11.6 12.4 12.5 12.2 12.2 12.0 11.9 12.0 11.2 12.0 HDB 4-Room 15.3 14.7 14.6 15.6 15.7 15.3 15.5 15.1 14.9 15.2 14.3 15.3 HDB 5-Room 16.7 16.0 15.6 16.9 17.1 16.7 17.0 16.4 16.1 16.7 15.8 16.8 HDB Executive 18.6 17.7 17.7 18.8 19.1 18.5 18.8 18.1 17.9 18.7 17.8 18.8 Apartment 13.2 12.7 12.5 13.1 13.8 13.8 13.8 13.3 12.8 13.0 12.7 13.7 Terrace 24.2 24.1 24.7 25.7 26.7 25.9 26.2 25.6 24.7 25.7 24.7 25.7 Semi-Detached 30.2 28.3 30.0 31.5 33.4 31.4 32.2 30.9 30.4 30.6 29.8 31.0 Bungalow 50.4 42.1 49.6 48.1 54.7 52.4 52.4 50.2 49.8 49.4 48.6 51.5

Media Release Electricity Tariff Revision For The Period 1 April To 31 June 2016 For the period from 1 Apr to 30 Jun 2016, electricity tariffs will decrease by an average of 9.6% or 1.83 cents 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 20.2% compared to 1Q 2016. While network costs went up due to infrastructure investment to replace ageing assets and meet rising electricity demand, the lower cost of natural gas more than offset this increase. For households, the electricity tariff will decrease from 19.50 to 17.68 cents per kWh for 1 Apr to 30 Jun 2016. The average monthly electricity bill for families living in four-room HDB flats will decrease by $6.71 (see Appendix 3 for the average monthly electricity bill for different household types). 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 APR 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. Q2 2016 TARIF Appendix 3 AVERAGE MONTHLY ELECTRICITY BILLS OF DOMESTIC CUSTOMERS (TARIFF WEF 1 APRIL 2016)

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Engineer, 27, shares how she is undaunted by male-dominated energy industry & climbs the ranks RELIABILITY Jolin Teo, an engineer from the transmission planning team at SP Group. In a conventionally male-dominated industry, SP Group engineer Jolin Teo has risen through the ranks with passion and dedication. Initially uncertain about her engineering path, she has overcome self-doubt with support from her family of engineers and SP mentors. Read more here. - 28 Mar 2025 TAGS PEOPLE OF SP YOU MIGHT BE INTERESTED TO READ Ground feedback, digital tools: How she helps 8,000 workers end their day safely Faster repairs, fewer disruptions: Meet the innovative teams using smart tech to keep your piped gas supply flowing How this 'grid doctor' maintains the health of Singapore's electricity network so everything stays on