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emissions annually. MON, APR 10, 2023 - 02:53 PM SP Group Follow The rooftop solar panels at the Hefei Wahaha Group are one of the 50 industrial sites that were part of the first phrase of the PV assets acquisition. PHOTO: SP GROUP SP Group announced on Monday (Apr 10) that it has acquired up to 150 megawattspeak (MWp) of rooftop photovoltaic (PV) assets from China’s Shanghai Unisun New Energy. In a press release, SP Group – an energy utilities group and sustainable energy solutions provider – said that the solar assets will generate more than 150 gigawatthours (GWh) of green electricity annually. This will help China avoid more than 88,000 tonnes in carbon emissions each year. The 150 MWp of rooftop PV assets are solar panels which convert light to electricity. The two companies have already completed the acquisition of the rst 80 MWp of distributed PV projects for a total equity consideration of S$34 million. These assets are installed at over 50 industrial sites in Fujian, Jiangsu, Zhejiang, and Guangdong, covering the food and beverage, automobile and textiles industries. The transaction for the remaining 70 MWp is likely to be completed by the middle of this year. SP Group said the acquisition is in line with its strategy towards sustainable development and decarbonisation of the industrial sector, reducing energy consumption and carbon footprint of manufacturing facilities. “The acquisition is part of SP Group’s long-term commitment to support China’s clean energy expansion and strengthen our sustainable energy portfolio”, said Michael Zhong, SP Group China managing director. “We look forward to accelerating the green energy transition and sustainable development for industrial parks, districts, and townships across China through deeper partnerships and value-added innovations”. SP Group recently formed alliances with China Southern Network Financial Leasing, CGN International Financial Leasing and CIMC Capital, to jointly invest and develop sustainable energy projects in new energy development, energy storage systems and integrated energy managements. China has pledged to peak carbon emissions by 2030 and achieve carbon neutrality by 2060, as announced by President Xi Jinping in September 2020. According to a report by the International Energy Agency in September 2021, the pace of China’s emissions reductions will be an important factor in global efforts to limit global warming to 1.5 deg C. STAY UPDATED Get the latest on ASEAN and business news Your email address SIGN UP By signing up, you agree to our Privacy policy and Terms and Conditions. Everything you need to know about Global Enterprise and the people behind them. FOLLOW US Powered by E-PAPER BT 12-DAY PRINT ARCHIVE ABOUT US CONTACT US HELP PRIVACY POLICY TERMS & CONDITIONS COOKIE POLICY DATA PROTECTION POLICY SPH MEDIA DIGITAL NEWS MCI (P) 074/10/2022 © 2023 SPH MEDIA LIMITED. REGN NO. 202120748H Residential Utilities Guide.pdfhttps://www.spgroup.com.sg/dam/jcr:70b9de32-e725-4e0b-be24-32ad023bfd55/%20Residential%20Utilities%20Guide.pdf COME ONBOARD THE UTILITY JOURNEY! G U I DE B OOK OPENING YOUR RESIDENTIAL UTILITIES ACCOUNT GETTING STARTED UNDERSTANDING YOUR UTILITIES CLOSING YOUR ACCOUNT OPENING YOUR RESIDENTIAL UTILITIES ACCOUNT Who can apply? Only Singaporeans, PRs and foreigners with valid passes aged 18 years and above can apply Application You can open your utilities account through the following channels: Apply through SP Group website or SP App Download via the Apple Store or Google Play Store Apply at Customer Service Centre Please furnish the documents below: ✓ NRIC / FIN Card / Valid Pass / Passports ✓ Completed Application Form for Utilities Account Upon request, customers may be required to share with us the Proof of Ownership / Tenancy Please submit the required documents to our Customer Service Centre at 490 Lorong 6 Toa Payoh #09-11, HDB Hub Biz Three Lift Lobby 1, S(310490) Security Deposit Security deposit will be billed in your first bill Type of Premises Singaporean or Permanent Resident GIRO Customers Non-GIRO Customers GIRO Customers Foreigners Non-GIRO Customers HDB 1 or 2 Rooms $40 $60 $80 $120 HDB 3, 4 or 5 Rooms $70 $100 $140 $200 HDB Executive/ HUDC $100 $150 $200 $300 Flat/ Terrace House Condominium $150 $250 $300 $500 / Semi-Detached House / Private Apartment Bungalow/ Penthouse $250 $400 $500 $800 / Townhouse Turn-on Appointment Turn-on appointment is made during the application. Please allow a 1 week lead time from your application date for your turn-on appointment. A confirmation SMS and email will be sent to you by the next working day. An appointment letter will be sent to you at least 2 working days before your appointment date. For gas supply, please call City Energy at 1800 555 1661 to schedule a gas turn-on appointment after obtaining your account number from SP Services. Arranging for turn-on appointments BTO For HDB BTOs: No appointments are required for electricity and water supplies. For resale HDB and other residential properties: Safety inspection will be done on site before your supplies are turned on. Account holders or a representative must be present for turn-on appointments. GETTING STARTED There are two channels to manage your utility account SP App helps you to • View and pay bills • Manage and update your personal details • Track consumption • Receive notifications and alerts • Submit meter readings • Live chat • Find charging points for your electric vehicle SP Utilities Portal helps you to • View and pay bills • View current and historical utility consumption • Manage and update your personal details • Submit meter readings • Request for payment arrangements • Request for waiver of pink notices and late payment charges https://spgrp.sg/3VF5AsB What you will see in your bill Scan here to understand your utilities bill or visit this link: https://spgrp.sg/Utilities-Bill Paying your bill Pay your bills with eGIRO for that extra convenience and savings such as: Automated electronic payment service Convenient and paperless Hassle-free monthly payments No set-up fee Avoid pink notices or late payment penalties How to apply for eGIRO Apply for eGIRO through one of the following: • SP Utilities Portal • SP app Approval is instant. You may check the status of your eGIRO application either through the SP Utilities Portal or SP app. Other Payment Modes Payment by credit cards via the SP App DBS/UOB/OCBC Internet banking DBS/POSB/OCBC ATMs AXS stations 7-Eleven stores SP Group Customer Service Centre What to note • Pink notices are issued as a reminder when payments are not made by the due date. A fee of $0.55 (inclusive of GST) applies and will be reflected in the next bill. • If no payment is received after the reminder, a late payment charge of 1% will be imposed on any outstanding balance in the subsequent bill. Meter Reading Meter readings are taken once every 2 months. Readings are estimated on months when the meter is not read. Estimated readings are based on the usage of the past 2 actual readings. Any higher or lower estimation to your usage will be adjusted when your meters are next read. Type XXXX-XX 1P2W 10(100)A 230V, 50Hz CL-1 1000 imp/kWh CAL Phase kWh If you wish to be billed based on your actual usage every month, you may submit your reading on estimated months. Meter readings can be submitted 3 days before and up to 5 pm on the Scheduled Meter Reading date. The window period for submission of meter readings on a non-reading month is reflected on the previous month’s bill. Example: MAY JUNE JULY If your meters are read in May, the next reading month will be in July. Your June bill will be estimated based on the average consumption of your past 2 actual meter readings in the month of March and May. When the meters are next read in July, you will be billed the remaining consumption between the estimated reading month and the month the meter was read. Submission of Meter Reading SP App Learn and manage your utilities consumption, compare offerings from different retailers and choose the right plan for your home. Receive alerts, reminders to submit your meter readings and much more! Important Note: This service is applicable for residential and commercial account under Personal Name. A SP Utilities Portal account is required to use this service. Please note that if there is more than 1 electricity meter, this service is not applicable. SP Utilities Portal Submit your reading online via the Utilities Portal and learn tips on how you can better manage your utility consumption Important Note: A SP Utilities Portal account is required to use this service. This service is applicable for residential and commercial account under Personal Name. Please note that if there is more than 1 electricity meter, this service is not applicable. Email Email a photo of your meter clearly showing the meter reading and meter number to customerreading@spgroup.com.sg This service is applicable for both residential and commercial accounts. Important Note: For meter reading submissions due on weekends and public holiday, kindly use the SP Utilities Portal or SP app modes. UNDERSTANDING YOUR UTILITIES Understanding Electricity Tariff Electricity tariffs are regulated by the Energy Market Authority (EMA) and revised quarterly to reflect the actual cost of electricity. SP Services buys electricity on behalf of customers and pays the generation companies, transmission licensee and other market players based on the rates of the cost components as approved by EMA. There are four main cost components in the electricity tariff. Market Administration and Power System Operation Fee (reviewed annually) Payable to Energy Market Company and Power System Operator. Market Support Services Fee (reviewed annually) Payable to SP Services. Network Cost (reviewed annually) Payable to SP Power Assets. Energy Cost (adjusted quarterly) Payable to generation companies. About Open Electricity Market • It is not mandatory to switch to a retailer. • You do not have to close your account if you decide to switch. • You will still continue to enjoy U-save rebates. • If you decide to switch, your appointed retailer will work with SP Group in handling the account matters. • If your retailer is a partner of SP Group, you will receive 1 consolidated bill for electricity, gas and refuse. Otherwise, you will receive 1 bill from the retailer for electricity consumption and 1 bill from SP Group for water, gas and refuse. Scan to find out more CLOSING YOUR ACCOUNT ON OFF Ways to close your account SP Utilities Portal SP App Customer Service Centre www.spgroup.com.sg An online termination form can be submitted via the SP Utilities Portal or via the SP Group website. Customers can also choose to submit the online termination form on the SP App Submit the termination request during your visit to our Customer Service Centre. The Termination of Utilities Supply Forms are available at our service counters. What to note after closing your account The security deposit will be used to offset the final charges. Any credit balance will be refunded to your GIRO account or mailed to you by cheque between 4 – 6 weeks. GIRO arrangement will automatically be terminated after the final charges have been deducted from your GIRO account. Your gas supply will be terminated. City Energy charges a termination fee. For more information, please check with City Energy. Separate gas appliance disconnection fee will be charged if applicable. jcr:03531b0d-1578-4889-8352-fd9bae5c35achttps://www.spgroup.com.sg/dam/jcr:03531b0d-1578-4889-8352-fd9bae5c35ac Banking & Finance Reits & Property Energy & Commoditi SP Group wins tender for rst district cooling project in Thailand Navene Elangovan Published Mon, Sep 25, 2023 · 12:14 pm SP Group and Banpu Next say that the project will allow the complex centre to save about S$1.6 million in electricity costs yearly. PHOTO: SP GROUP SP Group SP GROUP’S joint venture (JV) with Thai smart energy solutions provider Banpu Next has won a tender to design, build, own and operate a district cooling system in Bangkok. The project at Government Complex Centre Zone C in the city marks SP Group’s rst district cooling project in Thailand. It will be completed next year. The district cooling system will operate a total cooling capacity of up to 14,000 refrigeration tonnes for the complex centre’s total gross oor area of 660,000 square metres. On Monday (Sep 25), SP Group and Banpu Next said that the project will allow the complex centre to save about S$1.6 million in electricity costs yearly. It will also help the complex centre achieve energy savings of 20 per cent and reduce emissions by up to 3,000 tonnes annually. “This equates to removing about 20,000 internal combustion engine cars from the roads cumulatively over the 20-year contract period,” the companies said. The tender was awarded by Dhanarak Asset Development, a wholly-owned subsidiary under Thailand’s Ministry of Finance. The companies added that their venture will provide reliable and energy-ef cient chilled water to the network of buildings within the complex through the cooling system, and install an electric vehicle (EV) charging station at the facility. SP Group and Banpu Next will also support their JV in exploring the potential deployment of additional sustainable solutions including EV buses, solar power systems, and energy storage systems. Stanley Huang, SP Group’s chief executive, said the tender win represents the national grid operator’s “ rst success in Thailand’s district cooling market”. “We are well-positioned to expand our network and enable the rapid adoption of sustainable cooling across the region, including Thailand, Vietnam and Indonesia,” he said. 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Searchhttps://www.spgroup.com.sg/search?tag=people-of-sp Search Searchhttps://www.spgroup.com.sg/search?tag=people-of-sp Search Searchhttps://www.spgroup.com.sg/search?tag=people-of-sp Search Searchhttps://www.spgroup.com.sg/search?tag=people-of-sp Search Searchhttps://www.spgroup.com.sg/search?tag=people-of-sp Search Searchhttps://www.spgroup.com.sg/search?tag=people-of-sp Search Searchhttps://www.spgroup.com.sg/search?tag=people-of-sp Search Searchhttps://www.spgroup.com.sg/search?tag=people-of-sp Search Searchhttps://www.spgroup.com.sg/search?tag=people-of-sp Search Searchhttps://www.spgroup.com.sg/search?tag=people-of-sp Search Searchhttps://www.spgroup.com.sg/search?tag=people-of-sp Search Searchhttps://www.spgroup.com.sg/search?tag=people-of-sp Search Searchhttps://www.spgroup.com.sg/search?tag=people-of-sp Search Searchhttps://www.spgroup.com.sg/search?tag=people-of-sp Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/Empowering-talent SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Empowering talent RELIABILITY With a staff strength of more than 3,700, how do the People of SP stay connected and build a collaborative culture to achieve synergistic outcomes? We speak to Benjamin Festin, Vice President of Human Resource and Muhammad Ariff Bin Ramli, Technical Officer from Gas Operations at SP Group (SP). Benjamin describes how SP is constantly designing programmes for employees to grow and upskill, while Ariff shares how he feels empowered to assume greater responsibilities in his job role. What are your responsibilities at SP Group? Benjamin (B): I lead the talent development unit in the Human Resource department at SP. We are constantly on the lookout for people with diverse and unique skills who can contribute to the organisation’s rapid expansion locally and in the region. To build a strong and committed team, we ensure our workforce is equipped with current and future-ready capabilities, stay relevant and help groom our next generation of leaders. We invest in our staff’s professional growth, through training and development programmes. I also enjoy the role I double-hat in, as Chairman of the ReCharge Committee. Our team organises a range of activities to enhance and enrich staff well-being, such as sports, recreation, wellness and even our company’s Family Day! Ariff (A): I am part of the Gas Operations team that renews gas pipes for residential and commercial projects to ensure reliable gas supply for customers’ daily needs. We work closely with authorities and contractors, often completing projects within a tight timeline. An example would be a tunnelling project where we had to use a special digging machine at 30 meters beneath ground level to pave the way for laying of gas pipes. A key motivator for me is knowing that what I do impacts the daily lives of people in Singapore.   What’s one memorable work experience you’ve had? B: During the Covid-19 pandemic I was touched to witness the selflessness of our colleagues. They continued to carry out their work and endure long hours in hot protective gear to ensure critical services continue to be made available. I developed a newfound respect for our colleagues working on power grid services! Muhammad Ariff Bin Ramli (in yellow outfit), with contractors working on commissioning works during the pandemic. A: When most people could work from home during the pandemic to keep safe, our team and the contractors continued to expedite urgent gas renewal works. This was a particularly challenging as the daily rise in infection cases affected the number of workers available for work. Looking back, I am so proud we managed to push through during that period. What would you say to people considering a career at SP? Benjamin Festin (third from left) with the ReCharge committee at the SP Fun Walk 2023. B: It’s an exciting time to join us as we are expanding our presence in Singapore and the region. If you’re looking for a role that allows you to play a part in securing Singapore’s energy future, consider SP! We also play an active role in social and community service, with outreach programmes growing from strength to strength catering to seniors, kids and youth, that YOU can be part of. Ariff: We are always encouraged to upgrade ourselves with easy access to a variety of courses to prepare us for future challenges and demands. The team spirit is also high. It’s like working in a big family where we always have each other’s back! Find out more about our career opportunities here: spgrp.sg/3sbjyJ6 TAGS PEOPLE OF SPSUSTAINABILITYRELIABILITY YOU MIGHT BE INTERESTED TO READ Underground wonders Hasinah leads in the coordination between LTA and SP Group on island-wide projects such the Thomson-East Coast Line and the integrated North South Corridor. Guardians of the Grid Executive Engineer Mohamad Elmi Sha Bin Mohamad Nasir and his colleagues at SP Group's Distribution Control Centre are part of the unit that oversees Singapore’s electricity grid round the clock. Mentor gives out tough assignments to sharpen skills of next generation With nearly four decades of experience under his belt, Chua Khim Mong believes tough assignments can help his mentees stretch their capabilities and grow in their careers. Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=people-of-sp Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=people-of-sp Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=people-of-sp Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/Empowering-talent SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Empowering talent RELIABILITY With a staff strength of more than 3,700, how do the People of SP stay connected and build a collaborative culture to achieve synergistic outcomes? We speak to Benjamin Festin, Vice President of Human Resource and Muhammad Ariff Bin Ramli, Technical Officer from Gas Operations at SP Group (SP). Benjamin describes how SP is constantly designing programmes for employees to grow and upskill, while Ariff shares how he feels empowered to assume greater responsibilities in his job role. What are your responsibilities at SP Group? Benjamin (B): I lead the talent development unit in the Human Resource department at SP. We are constantly on the lookout for people with diverse and unique skills who can contribute to the organisation’s rapid expansion locally and in the region. To build a strong and committed team, we ensure our workforce is equipped with current and future-ready capabilities, stay relevant and help groom our next generation of leaders. We invest in our staff’s professional growth, through training and development programmes. I also enjoy the role I double-hat in, as Chairman of the ReCharge Committee. Our team organises a range of activities to enhance and enrich staff well-being, such as sports, recreation, wellness and even our company’s Family Day! Ariff (A): I am part of the Gas Operations team that renews gas pipes for residential and commercial projects to ensure reliable gas supply for customers’ daily needs. We work closely with authorities and contractors, often completing projects within a tight timeline. An example would be a tunnelling project where we had to use a special digging machine at 30 mete

SP GROUP SUPPLIER CODE OF CONDUCT Extracted from SP Group’s Anti-Bribery Management System Manual dated 3 September 2020 SUPPLIER CODE OF CONDUCT 1. OBJECTIVE AND SCOPE 1.1 This Supplier Code of Conduct sets out SP Group’s expectations and requirements in relation to doing business with its business associates, such as suppliers, contractors, agents, sales representatives, consultants and others who provide goods or services to SP Group (collectively called “Suppliers”). 1.2 SP Group is committed to doing business and conducting its operations with integrity, honesty and in compliance with all applicable laws and regulations. 1.3 SP Group requires its Suppliers to adopt the same approach when carrying out work on behalf of or providing goods or services to SP Group. SP Group will review its relationships with Suppliers who breach and fail to comply with these requirements. 2. ANTI-BRIBERY & CORRUPTION 2.1 SP Group adopts a zero-tolerance policy towards any form of bribery and corruption. 2.2 In all their interactions and transactions with SP Group, SP Group requires the Suppliers to: 2.2.1 comply with all “Anti-Bribery Laws”, which is defined as: all applicable national, regional, provincial, state, municipal or local laws, rules, regulations, decrees and/or official government orders that prohibit bribery and corruption, such as the Singapore Prevention of Corruption Act (Cap. 241); 2.2.2 never engage in any bribery or corruption; 2.2.3 disclose any actual or potential conflict of interest between the Supplier and SP Group; and 2.2.4 provide full assistance to SP Group regarding any investigation into any breach or alleged breach of Anti-Bribery Laws in relation to the Supplier. 3. COMPLIANCE 3.1 If the Supplier fails to comply with this Supplier Code of Conduct, SP Group may, where applicable, suspend or terminate contract(s) with the Supplier, suspend any payment under contract(s) with the Supplier, report any offence to the appropriate government or regulatory authorities and/or pursue any remedy that is available to SP Group. 3.2 SP Group, in its sole discretion, may debar Suppliers for criminal offences, ethics violations, poor performance, withdrawal of tenders or any other infringements as may be determined by SP Group. Debarred Suppliers will not be allowed to participate in any SP Group tenders during the debarment period. The debarment period typically ranges from 1 to 5 years, depending on the severity of the Supplier infringements. At the end of the debarment period, debarred Suppliers can apply to SP Group’s Procurement department to be qualified as an eligible tenderer again. 1 4. WHISTLEBLOWING POLICY 4.1 Any Supplier who has reason to believe that an SP Group employee, or anyone acting on behalf of SP Group, has engaged or is engaging in bribery, corruption, illegal or any type of unethical behaviour, can promptly report the matter to SP Group's Head of Internal Audit via one of the following communications channels: • Telephone: +65 6684 9178 • Email: whistleblow@spgroup.com.sg • Postal Address: Head, Internal Audit, SP Group, 2 Kallang Sector, Singapore 349277 4.2 A whistle-blowing complaint shall, to the extent possible, include the following information: • Where the whistleblower is employed or whistleblower’s relationship to SP Group; • Date, time & place of the actions/ transactions; • Identity and particulars of the parties involved; • Evidence substantiating the allegations; • Any relevant information concerning the allegations; and • Contact details (to facilitate follow up queries). 4.3 Subject to applicable laws and regulations, SP Group will take reasonable steps to protect the confidentiality and anonymity of the whistleblower consistent with the need to conduct an adequate review. All whistleblowing complaints shall be dealt with independently, fairly and expeditiously. 4.4 SP Group encourages whistleblowers to identify themselves and provide their contact particulars. SP Group is committed to protect whistleblowers under its Whistleblower Policy. Further clarifications are often needed and helpful in facilitating investigations into the whistleblowing complaints. The ability to investigate depends on the sufficiency and quality of the information provided by the whistleblower. 4.5 Except for malicious whistleblowing, a whistleblower who makes a complaint shall be protected against any reprisal. If the results of an investigation show that the whistleblower acted maliciously or did not act in good faith or submits a whistleblowing complaint which he knows to be false, or without a reasonable belief in the truth and accuracy of the information, management will consider and take appropriate actions against the whistleblower. 2 新 加 坡 能 源 集 团 《 供 应 商 行 为 准 则 》 节 选 自 新 加 坡 能 源 集 团 于 2020 年 9 月 3 日 制 定 的 《 反 贿 赂 和 腐 败 管 理 体 系 手 册 》 《 供 应 商 行 为 准 则 》 1. 目 的 和 范 围 1.1 本 《 供 应 商 行 为 准 则 》 规 定 了 新 加 坡 能 源 集 团 对 与 其 业 务 伙 伴 开 展 业 务 的 期 望 和 要 求 , 如 供 应 商 、 承 包 商 、 代 理 商 、 销 售 代 表 、 顾 问 以 及 向 新 加 坡 能 源 集 团 提 供 货 物 或 服 务 的 其 他 企 业 ( 统 称 为 “ 供 应 商 ”)。 1.2 新 加 坡 能 源 集 团 致 力 于 以 诚 信 、 诚 实 以 及 遵 守 所 有 适 用 法 律 法 规 的 原 则 开 展 业 务 和 运 营 。 1.3 新 加 坡 能 源 集 团 要 求 其 供 应 商 在 代 表 其 开 展 业 务 或 向 其 提 供 货 物 或 服 务 时 采 用 一 致 方 法 。 新 加 坡 能 源 集 团 将 审 核 其 与 违 反 和 未 能 遵 守 这 些 要 求 的 供 应 商 的 关 系 。 2. 反 贿 赂 和 腐 败 2.1 新 加 坡 能 源 集 团 对 任 何 形 式 的 贿 赂 和 腐 败 都 采 取 零 容 忍 政 策 。 2.2 新 加 坡 能 源 集 团 要 求 供 应 商 在 与 其 往 来 和 交 易 过 程 中 , 做 到 以 下 几 点 : 2.2.1 遵 守 所 有 “ 反 贿 赂 法 ”, 其 定 义 为 : 遵 守 禁 止 贿 赂 和 腐 败 的 所 有 适 用 的 国 家 、 地 区 、 省 、 州 、 市 或 地 方 法 律 、 规 则 、 条 例 、 法 令 和 / 或 政 府 官 方 命 令 , 如 《 新 加 坡 预 防 腐 败 法 》( 第 241 章 ); 2.2.2 决 不 从 事 任 何 贿 赂 或 腐 败 行 为 ; 2.2.3 披 露 供 应 商 和 新 加 坡 能 源 集 团 之 间 的 任 何 实 际 或 潜 在 利 益 冲 突 ; 以 及 2.2.4 就 与 供 应 商 相 关 的 任 何 违 反 或 涉 嫌 违 反 “ 反 贿 赂 法 ” 的 调 查 , 向 新 加 坡 能 源 集 团 提 供 全 面 协 助 。 3. 合 规 3.1 如 果 供 应 商 未 能 遵 守 《 供 应 商 行 为 准 则 》, 新 加 坡 能 源 集 团 可 在 适 当 的 情 况 下 暂 停 或 终 止 履 行 与 供 应 商 签 订 的 合 同 、 暂 停 支 付 合 同 项 下 的 款 项 、 向 政 府 或 监 管 部 门 报 告 违 反 行 为 和 / 或 寻 求 新 加 坡 能 源 集 团 可 以 采 取 的 救 济 措 施 。 3.2 新 加 坡 能 源 集 团 可 全 权 决 定 因 供 应 商 从 事 刑 事 犯 罪 、 违 反 道 德 规 范 、 表 现 不 佳 、 撤 回 投 标 或 其 认 定 的 任 何 其 他 违 规 行 为 而 禁 止 供 应 商 投 标 。 被 禁 止 的 供 应 商 在 禁 止 期 不 得 参 与 任 何 新 加 坡 能 源 集 团 的 招 标 项 目 。 根 据 供 应 商 违 规 的 严 重 程 度 , 禁 止 期 通 常 为 1 至 5 年 。 禁 止 期 结 束 时 , 被 禁 止 的 供 应 商 可 向 新 加 坡 能 源 集 团 的 采 购 部 门 申 请 再 次 成 为 合 格 投 标 人 。 1 4. 举 报 政 策 4.1 任 何 供 应 商 如 有 证 据 表 明 新 加 坡 能 源 集 团 的 员 工 或 代 表 新 加 坡 能 源 集 团 行 事 的 任 何 人 参 与 或 正 在 参 与 贿 赂 、 腐 败 、 非 法 或 任 何 类 型 的 不 道 德 行 为 , 可 通 过 任 意 以 下 渠 道 立 即 向 新 加 坡 能 源 集 团 的 内 部 审 计 长 报 告 此 事 : • 电 话 :+65 6684 9178 • 邮 箱 :whistleblow@spgroup.com.sg • 邮 寄 地 址 :Head, Internal Audit, SP Group, 2 Kallang Sector, Singapore 349277 4.2 举 报 和 投 诉 的 内 容 应 尽 可 能 包 括 以 下 信 息 : • 举 报 人 的 工 作 单 位 或 举 报 人 与 新 加 坡 能 源 集 团 的 关 系 ; • 行 为 / 或 交 易 发 生 的 日 期 、 时 间 和 地 点 ; • 参 与 方 的 身 份 和 详 细 信 息 ; • 证 实 指 控 的 证 据 ; • 与 指 控 相 关 的 所 有 信 息 ; 以 及 • 联 系 方 式 ( 便 于 后 续 调 查 询 问 )。 4.3 根 据 适 用 的 法 律 法 规 , 为 满 足 充 分 调 查 的 必 要 性 , 新 加 坡 能 源 集 团 将 采 取 合 理 措 施 保 护 举 报 人 的 保 密 和 匿 名 要 求 。 所 有 的 举 报 和 投 诉 都 应 被 独 立 、 公 平 、 及 时 地 处 理 。 4.4 新 加 坡 能 源 集 团 鼓 励 举 报 人 表 明 身 份 , 并 提 供 联 系 方 式 。 新 加 坡 能 源 集 团 致 力 于 根 据 其 《 举 报 人 政 策 》 保 护 举 报 人 。 通 常 需 要 ( 与 举 报 人 ) 进 一 步 澄 清 , 因 其 有 助 于 调 查 举 报 和 投 诉 。 调 查 能 力 取 决 于 举 报 人 所 提 供 信 息 的 数 量 和 质 量 。 4.5 除 恶 意 举 报 外 , 应 保 护 提 出 投 诉 的 举 报 人 免 受 报 复 。 如 果 调 查 结 果 表 明 , 举 报 人 恶 意 行 事 或 未 诚 信 行 事 或 提 交 了 虚 假 的 举 报 和 投 诉 内 容 或 不 能 合 理 判 断 信 息 的 真 实 性 和 准 确 性 , 管 理 层 将 考 虑 并 采 取 合 理 措 施 处 罚 举 报 人 。 2 Ắ Ứ Ử Ủ Ấ Ủ ừ ổ ệ ố ả ố ố ộ ủ Ắ Ứ Ử Ủ Ấ Ụ Ạ ắ Ứ ử ấ ặ ọ ầ ủ ế ệ ớ ố ủ ẳ ạ ư ấ ầ ạ ạ ệ ư ấ ữ ấ ặ ị ụ ọ ấ ế ế ạ ộ ớ ự ự ủ ấ ả ậ ị ệ ầ ấ ụ ế ậ ươ ự ự ệ ệ ặ ặ ấ ặ ị ụ ẽ ạ ố ệ ớ ấ ạ ủ ầ Ố Ố Ộ ộ ụ ượ ố ớ ấ ứ ố ấ ả ươ ị ớ ầ ấ ả ủ ấ ả ậ ố ố ộ ượ ị ấ ả ậ ắ ị ị ị ặ ệ ứ ủ ủ ệ ự ỉ ể ố ặ ị ươ ấ ố ộ ẳ ạ ư ạ ậ ố ươ ờ ự ệ ấ ố ộ ặ ế ộ ấ ộ ợ ự ế ặ ề ẩ ữ ấ ỗ ợ ầ ủ ề ấ ộ ề ề ấ ạ ặ ộ ạ ậ ố ố ộ ế ấ Ủ) ế ấ ủ ắ Ứ ử ủ ấ ể ỉ ặ ấ ứ ợ ồ ớ ấ ỉ ấ ả ợ ồ ớ ấ ấ ạ ủ ặ ơ ẩ ề ợ ặ ổ ấ ệ ắ ụ ể ụ ề ấ ấ ạ ộ ự ạ ạ ứ ệ ấ ồ ơ ầ ặ ấ ạ ể ượ ị ở ấ ị ấ ẽ ượ ấ ấ ầ ủ ờ ị ấ ờ ấ ườ ừ ế ộ ứ ộ ọ ủ ạ ủ ấ ố ờ ạ ấ ấ ị ấ ể ộ ơ ộ ậ ắ ủ ể ề ệ ở ạ ầ ủ ề ệ Ố ấ ấ ể ằ ộ ủ ặ ấ ạ ệ ặ ố ộ ặ ấ ạ ạ ứ ặ ấ ợ ể ấ ề ố ể ộ ộ ủ ộ ề • ệ ạ • • ị ỉ ư ệ ế ạ ố ạ ể ả ồ • ơ ườ ố ượ ể ụ ặ ố ệ ủ ườ ố ớ • ờ ị ể ủ ộ ị • ế ủ • ằ ứ ứ ộ • ấ ế ộ • ế ạ ể ạ ề ệ ậ ợ ấ ế ậ ị ệ ẽ ự ệ ướ ợ ể ả ệ ả ậ ẩ ủ ườ ố ợ ớ ầ ế ầ ủ ọ ố ả ượ ả ế ộ ộ ậ ằ ế ườ ố ấ ệ ủ ọ ế ả ệ ườ ố ố ủ ệ ườ ầ ế ữ ệ ạ ề ệ ậ ợ ộ ề ề ố ả ề ụ ộ ự ầ ủ ấ ượ ủ ượ ấ ở ườ ố ạ ừ ệ ố ườ ố ẽ ượ ả ệ ỏ ấ ự ả ế ế ả ề ấ ườ ố ộ ặ ộ ệ ặ ử ố ế ự ậ ặ ố ưở ợ ằ ự ậ ả ẽ ộ ợ ố ớ ườ ố SP GROUP SUPPLIER CODE OF CONDUCT จรรยาบรรณคู่ค้าของ SP GROUP Extracted from SP Group’s Anti-Bribery Management System Manual dated 3 September 2020 คัดย่อมาจากคู่มือระบบการจัดการต่อต ้านการติดสินบนของ SP Group ลงวันที่ 3 กันยายน 2020 1 SUPPLIER CODE OF CONDUCT จรรยาบรรณคู่ค้า 1. OBJECTIVE AND SCOPE ว ัตถุประสงค์และขอบข่าย 1.1 This Supplier Code of Conduct sets out SP Group’s expectations and requirements in relation to doing business with its business associates, such as suppliers, contractors, agents, sales representatives, consultants and others who provide goods or services to SP Group (collectively called “Suppliers”). จรรยาบรรณคู่ค ้านี้ระบุถึงความคาดหวังและข ้อกาหนดของ SP Group ที่เกี่ยวข ้องกับการท า ธุรกิจกับผู ้ร่วมธุรกิจ เช่น คู่ค ้า ผู ้รับเหมา ตัวแทน ตัวแทนขาย ที่ปรึกษา และฝ่ ายอื่นๆ ที่ท า หน ้าที่จัดหาสินค ้าหรือบริการให ้กับ SP Group (รวมเรียกว่า “คู่ค ้า ”) 1.2 SP Group is committed to doing business and conducting its operations with integrity, honesty and in compliance with all applicable laws and regulations. SP Group มุ่งมั่นที่จะด าเนินธุรกิจและท างานอย่างมีคุณธรรม ซื่อสัตย์สุจริต และปฏิบัติตาม กฎหมายและระเบียบข ้อบังคับที่เกี่ยวข ้องทั้งหมด 1.3 SP Group requires its Suppliers to adopt the same approach when carrying out work on behalf of or providing goods or services to SP Group. SP Group will review its relationships with Suppliers who breach and fail to comply with these requirements. SP Group กาหนดให ้คู่ค ้าของบริษัทใช ้แนวทางเดียวกันเมื่อด าเนินงานในนามของ SP Group หรือจัดหาสินค ้า หรือบริการให ้กับ SP Group และ SP Group จะทบทวนความสัมพันธ์ที่มีกับคู่ ค ้าที่ละเมิดและไม่ปฏิบัติตามข ้อกาหนดเหล่านี้ 2. ANTI-BRIBERY & CORRUPTION การต่อต้านการติดสินบนและการทุจริต 2.1 SP Group adopts a zero-tolerance policy towards any form of bribery and corruption. SP Group ใช ้นโยบายจัดการการติดสินบนและการทุจริตทุกรูปแบบขั้นเด็ดขาด 2.2 In all their interactions and transactions with SP Group, SP Group requires the Suppliers to: ในการติดต่อทางธุรกิจและการท าธุรกรรมทั้งหมดกับ SP Group สิ่งที่ SP Group กาหนดให ้กับ คู่ค ้าคือ: 2.2.1 comply with all “Anti-Bribery Laws”, which is defined as: all applicable national, regional, provincial, state, municipal or local laws, rules, regulations, decrees and/or official government orders that prohibit bribery and corruption, such as the Singapore Prevention of Corruption Act (Cap. 241) คู่ค ้าต ้องปฏิบัติตาม “กฎหมายต่อต ้านการติดสินบน” ทั้งหมด ซึ่งมีความหมายว่า คือ: กฎหมายทั้งหมดทั้งในระดับประเทศ ภูมิภาค จังหวัด รัฐ เทศบาลหรือท ้องถิ่น รวมถึงกฎเกณฑ์ ระเบียบข ้อบังคับ พระราชกฤษฎีกา และ/หรือค าสั่งอย่างเป็ น 2 ทางการของรัฐบาลที่ห ้ามการติดสินบนและการทุจริต เช่น กฎหมายป้องกันการ ทุจริตของสิงคโปร์ (บทที่ 241) 2.2.2 never engage in any bribery or corruption; คู่ค ้าต ้องไม่เคยมีส่วนเกี่ยวข ้องในการติดสินบนหรือการทุจริตใดๆ 2.2.3 disclose any actual or potential conflict of interest between the Supplier and SP Group; and คู่ค ้าต ้องเปิดเผยถึงผลประโยชน์ทับซ ้อนที่เกิดขึ้นจริงหรือที่อาจเกิดขึ้นระหว่างคู่ ค ้าและ SP Group และ 2.2.4 provide full assistance to SP Group regarding any investigation into any breach or alleged breach of Anti-Bribery Laws in relation to the Supplier. 3. COMPLIANCE คู่ค ้าต ้องให ้ความช่วยเหลือ SP Group อย่างเต็มความสามารถเมื่อมีการสอบสวน กรณีการละเมิดหรือข ้อกล่าวหาว่ามีการละเมิดกฎหมายต่อต ้านการติดสินบนที่ เกี่ยวข ้องกับคู่ค ้า การปฏิบ ัติตามข้อกาหนด 3.1 If the Supplier fails to comply with this Supplier Code of Conduct, SP Group may, where applicable, suspend or terminate contract(s) with the Supplier, suspend any payment under contract(s) with the Supplier, report any offence to the appropriate government or regulatory authorities and/or pursue any remedy that is available to SP Group. หากคู่ค ้าไม่ปฏิบัติตามจรรยาบรรณคู่ค ้านี้ SP Group อาจระงับหรือยกเลิกสัญญาที่ท าร่วมกับ คู่ค ้า ระงับการชาระเงินใดๆ ภายใต ้สัญญากับคู่ค ้า (ถ ้ามี) รายงานความผิดต่อรัฐบาลหรือ หน่วยงานกากับดูแลที่เหมาะสม และ/หรือด าเนินการแก ้ไขใดๆ ที่ SP Group สามารถท าได ้ 3.2 SP Group, in its sole discretion, may debar Suppliers for criminal offences, ethics violations, poor performance, withdrawal of tenders or any other infringements as may be determined by SP Group. Debarred Suppliers will not be allowed to participate in any SP Group tenders during the debarment period. The debarment period typically ranges from 1 to 5 years, depending on the severity of the Supplier infringements. At the end of the debarment period, debarred Suppliers can apply to SP Group’s Procurement department to be qualified as an eligible tenderer again. SP Group ใช ้ดุลยพินิจของตนแต่เพียงผู ้เดียวในการยุติการท างานกับคู่ค ้าหากคู่ค ้ากระท า ความผิดทางอาญา ละเมิดจริยธรรม ท างานไม่มีประสิทธิภาพ ถอนตัวจากการประกวดราคา หรือการละเมิดอื่นๆ ตามที่ SP Group อาจกาหนด คู่ค ้าที่ถูกสั่งให ้ยุติบทบาทจะไม่ได ้รับ อนุญาตให ้เข ้าร่วมการประมูลใดๆ ของ SP Group ในช่วงระยะเวลาที่ถูกสั่งให ้ยุติบทบาท ระยะเวลาที่ถูกสั่งให ้ยุติบทบาทโดยทั่วไปจะอยู่ในช่วงตั้งแต่ 1 ถึง 5 ปี ขึ้นอยู่กับความรุนแรง ของการละเมิดของคู่ค ้า เมื่อสิ้นสุดระยะเวลาที่ถูกสั่งให ้ยุติบทบาท คู่ค ้าที่ถูกยุติบทบาทสามารถ ยื่นความจ านงกับแผนกจัดซื้อจัดจ ้างของ SP Group เพื่อเข ้าร่วมเป็ นผู ้เสนอราคาที่มีคุณสมบัติ เหมาะสมได ้อีกครั้ง 3 4. WHISTLEBLOWING POLICY นโยบายการแจ้งเบาะแส 4.1 Any Supplier who has reason to believe that an SP Group employee, or anyone acting on behalf of SP Group, has engaged or is engaging in bribery, corruption, illegal or any type of unethical behaviour, can promptly report the matter to SP Group's Head of Internal Audit via one of the following communications channels: คู่ค ้าใดๆ ที่มีเหตุผลให ้เชื่อได ้ว่าพนักงานของ SP Group หรือใครก็ตามที่ด าเนินการในนาม ของ SP Group ได ้มีส่วนร่วมหรือกาลังมีส่วนร่วมในการติดสินบน การทุจริต การท าผิด กฎหมายหรือพฤติกรรมที่ผิดจรรยาบรรณประเภทใดๆ สามารถรายงานเรื่องดังกล่าวต่อหัวหน ้า แผนกตรวจสอบภายในของ SP Group ได ้ทันทีผ่านช่องทางการสื่อสารอย่างใดอย่างหนึ่ง ดังต่อไปนี้: • Telephone: +65 6684 9178 โทรศัพท์: +65 6684 9178 • Email: whistleblow@spgroup.com.sg อีเมล: whistleblow@spgroup.com.sg • Postal Address: Head, Internal Audit, SP Group, 2 Kallang Sector, Singapore 349277 ที่อยู่ทางไปรษณีย์: Head, Internal Audit, SP Group, 2 Kallang Sector, Singapore 349277 4.2 A whistle-blowing complaint shall, to the extent possible, include the following information: ข ้อร ้องเรียนจากการแจ ้งเบาะแสจะต ้องรวมข ้อมูลต่อไปนี้ไว ้โดยละเอียดที่สุดเท่าที่จะท าได ้: • Where the whistleblower is employed or whistleblower’s relationship to SP Group; สถานที่จ ้างงานผู ้แจ ้งเบาะแสหรือความสัมพันธ์ของผู ้แจ ้งเบาะแสกับ SP Group • Date, time & place of the actions/ transactions; วันที่ เวลา และสถานที่เกิดการกระท าความผิด/ธุรกรรม • Identity and particulars of the parties involved; ข ้อมูลระบุตัวตนและรายละเอียดของฝ่ ายที่เกี่ยวข ้อง • Evidence substantiating the allegations; หลักฐานประกอบข ้อกล่าวหา • Any relevant information concerning the allegations; and ข ้อมูลที่เกี่ยวข ้องอื่นๆ ที่เกี่ยวกับข ้อกล่าวหา และ 4 • Contact details (to facilitate follow up queries). รายละเอียดการติดต่อ (เพื่อช่วยให ้ติดตามสอบถามเพิ่มเติมได ้) 4.3 Subject to applicable laws and regulations, SP Group will take reasonable steps to protect the confidentiality and anonymity of the whistleblower consistent with the need to conduct an adequate review. All whistleblowing complaints shall be dealt with independently, fairly and expeditiously. ภายใต ้กฎหมายและระเบียบข ้อบังคับที่เกี่ยวข ้อง SP Group จะด าเนินการตามสมควรเพื่อ รักษาความลับของข ้อมูล และจะไม่เปิดเผยตัวตนของผู ้แจ ้งเบาะแส เพื่อให ้สามารถด าเนินการ ตรวจสอบได ้อย่างครอบคลุม ข ้อร ้องเรียนที่แจ ้งเบาะแสทั้งหมดจะได ้รับการจัดการอย่างอิสระ ยุติธรรม และรวดเร็ว 4.4 SP Group encourages whistleblowers to identify themselves and provide their contact particulars. SP Group is committed to protect whistleblowers under its Whistleblower Policy. Further clarifications are often needed and helpful in facilitating investigations into the whistleblowing complaints. The ability to investigate depends on the sufficiency and quality of the information provided by the whistleblower. SP Group สนับสนุนให ้ผู ้แจ ้งเบาะแสระบุตัวตนและแจ ้งรายละเอียดการติดต่อกลับ SP Group มุ่งมั่นที่จะปกป้องผู ้แจ ้งเบาะแสภายใต ้นโยบายการแจ ้งเบาะแสการกระท าผิดของบริษัท ค าชี้แจงเพิ่มเติมมักจ าเป็ นและเป็ นประโยชน์ต่องานตรวจสอบข ้อร ้องเรียนที่ได ้รับแจ ้งเบาะแส การสอบสวนจะท าได ้ดีมากน ้อยเพียงใดต ้องพิจารณาว่าข ้อมูลที่ผู ้แจ ้งเบาะแสให ้ไว ้นั้นมี เพียงพอและมีคุณภาพหรือไม่ 4.5 Except for malicious whistleblowing, a whistleblower who makes a complaint shall be protected against any reprisal. If the results of an investigation show that the whistleblower acted maliciously or did not act in good faith or submits a whistleblowing complaint which he knows to be false, or without a reasonable belief in the truth and accuracy of the information, management will consider and take appropriate actions against the whistleblower. ยกเว ้นการแจ ้งเบาะแสจากผู ้ไม่ประสงค์ดี ผู ้แจ ้งเบาะแสที่ท าการร ้องเรียนจะได ้รับการคุ ้มครอง จากการตอบโต ้ใดๆ หากผลการสอบสวนพบว่าผู ้แจ ้งเบาะแสกระท าการโดยมีเจตนาร ้ายหรือไม่ ได ้กระท าการโดยสุจริต หรือส่งข ้อร ้องเรียนเพื่อแจ ้งเบาะแสซึ่งตนทราบดีว่าเป็ นเท็จ หรือไม่มี เหตุผลให ้เชื่อในข ้อเท็จจริงและความถูกต ้องของข ้อมูล ฝ่ ายบริหารจะพิจารณาและด าเนินการ ที่เหมาะสมต่อผู ้แจ ้งเบาะแส 5

Media Release Application for Singapore Digital Wholesale Banking Licence AMTD Group, SP Group, Xiaomi Finance, and Funding Societies (collectively, the “Parties”), today jointly announced the formation of an exclusive strategic partnership and a submission of application to Monetary Authority of Singapore (“MAS”) for a digital wholesale banking licence on December 31st, 2019. The Parties are committed to creating revolutionary platform banking solutions to the SMEs and entrepreneurs, focusing on Southeast Asia and Greater China in particular, the Greater Bay Area, in all stages of their growth. The digital bank is devoted to empowering and enabling sustainable developments of SMEs and entrepreneurs through innovative financial solutions and products, by deploying state-of-the-art including AI & big data analytics. By combining the strengths and network of resources of the Parties, the digital bank is committed to drive and connect these SMEs to the capital markets, facilitate green and sustainable developments and financing options, and improve their productivity and efficiency through IoT platform and smart devices. Mr. Calvin Choi, Chairman and CEO of the AMTD Group who leads the consortium, said, “Our ultimate goal is to establish Singapore’s most innovative platform bank through an ecosystem of strategic partners to cater for the entire spectrum of funding and business development needs of SMEs and entrepreneurs. Eventually these successful customers will become the most valuable additions and long term partners to our ecosystem and banking platform.” Accordingly, these SMEs and entrepreneurs will be best prepared and well connected to the Singapore capital markets and beyond, and their footprint will be extended outside of ASEAN onwards to other parts of Asia including the Greater Bay Area. “We are committed to providing a complete and well-rounded SME CONNECT program to cultivate and support the growing needs of these companies in order to groom the next generation of leaders in their respective industries as well as strengthen their value creation and contributions to the Singapore society.” Mr. Calvin Choi added. “By working with impact-focused partners, we shall further enable financial inclusion for SMEs and facilitate SMEs’ growth into regionally competitive companies, ultimately contributing to the Singapore society.” added Mr. Kelvin Teo, Co-founder and CEO of Funding Societies, a home-grown Singaporean fintech firm. Mr. Hong Feng, Co-founder and Senior Vice President of Xiaomi Corporation, Chairman and CEO of Xiaomi Finance, said, “Singapore is the pivotal base of FinTech development in Southeast Asia. Xiaomi’s strategic collaboration and alliance with AMTD, SP Group and Funding Societies aims to lead innovation in Singapore’s FinTech industry and accelerate financial inclusion. As an international Internet company, Xiaomi will leverage on its global lead in 5G and AIoT, together with its partners, build a Singaporean digital bank with superior products, bringing new vigor and vitality into global digital banking and new energy to Southeast Asia markets.” “SP Group is building on our relationship with every utilities customer in Singapore to enable SMEs to achieve business sustainability. With SMEs increasingly adopting green practices, we can support their aspirations through cost-effective financing. This will enable them to make business decisions that contribute to Singapore’s sustainability targets.” said Mr. Chuah Kee Heng, Board Director, SPComm, a subsidiary of SP Group. AMTD Group is a diversified conglomerate with a strong focus and various expansion plans in Singapore, eyeing Singapore as a gateway to the rest of Southeast Asia economies. AMTD Group is a co-founder of the Airstar Bank, a newly licensed virtual bank in Hong Kong. In addition, AMTD Group’s core subsidiaries include AMTD International Inc. (NYSE: HKIB), the largest independent investment bank in Asia in terms of market capitalization as well as profitability. AMTD International Inc. announced its plan to have its secondary listing on SGX within this year. By selecting SGX as its first Asian destination to list, AMTD demonstrates its commitment to Singapore and will bring more Asian companies to conduct IPO and fixed income activities on SGX. AMTD embraces the fintech and technology innovation in Singapore over the past few years, and has been the Grand Sponsor of the Singapore Fintech Festival for 3 consecutive years from 2017 to 2019. AMTD is the first corporate founding member of the ASEAN Financial Innovation Network (“AFIN”), with Mr. Calvin Choi sitting on the board of directors of AFIN. Mr. Calvin Choi was also awarded as an “Asia Fintech Leader” by the Singapore Fintech Association. Apart from the technology industry, AMTD Group’s property arm AMTD Property Development Group has recently completed its SGD 289 million acquisition of a Singapore’s signature service apartment in central business district from OUE and is now the controlling shareholder of the property - Oakwood Premier AMTD Singapore. SP Group is a leading energy utilities group in the Asia Pacific. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, and district cooling businesses in Singapore and China. SP Group is committed to providing customers with reliable and efficient energy utilities services. About 1.6 million industrial, commercial and residential customers in Singapore benefit from SP Group’s world-class transmission, distribution and market support services. These networks are amongst the most reliable and cost-effective world-wide. SP Group also drives digital solutions to empower customers to manage their utilities, reduce consumption and save cost. Xiaomi Corporation (SEHK: 1810), is a leading internet company with smartphones and smart hardware connected by an IoT platform at its core, the world’s top five smartphone company and the world’s largest IoT platform. Xiaomi products are present in more than 90 countries and regions around the world and have a leading foothold in many of them. Founded in 2010, and listed on the Hong Kong Stock Exchange in 2018, Xiaomi is the fastest company attaining the Fortune 500 list in the shortest period of time in history. Funding Societies | Modalku is the largest SME digital financing platform in Southeast Asia, licensed in Singapore, Indonesia and Malaysia. Backed by Sequoia India and Softbank Ventures Asia Corp., it provides business financing to SMEs, which is crowdfunded by individual and institutional investors. In 4 years, it has helped finance over 1 million business loans with over S$1 billion in funding. It was given the MAS FinTech Award in 2016, the Global SME Excellence Award at the United Nations’ ITU Telecom World in 2017 and Fintech Top 100 by KPMG in 2018 and Brands for Good in 2019. 7 January 2020

News Release SP Group Acquires ENGIE's 40 Per Cent Stake in Chongqing Sino-French Energy Services 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. SP Group currently has three offices in China (Shanghai, Guangzhou and Chongqing), with its China headquarters located in Shanghai. 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.

Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review SUSTAINABILITY Sustainability is central to SP Group’s mission of providing reliable Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review Searchhttps://www.spgroup.com.sg/search?tag=SDG7 ://www.spgroup.com.sg/search?tag=SDG7 Search Searchhttps://www.spgroup.com.sg/search?tag=SDG7 Search Searchhttps://www.spgroup.com.sg/search?tag=SDG7 Search Searchhttps://www.spgroup.com.sg/search?tag=SDG7 Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Searchhttps Sustainability Report | SP Grouphttps://www.spgroup.com.sg/about-us/our-sustainability-commitment/overview About SP GroupBoard of DirectorsExecutive Leadership TeamAwards & AffiliationsAnnual ReportsSustainability Reports Our Sustainability Commitment Our Sustainability Commitment Sustainability is central to our commitment to deliver low carbon, smart energy solutions for everyone. We anchor our SP-Group-Sustainability-Review-FY2021-2022.pdfhttps://www.spgroup.com.sg/dam/spgroupvn/About-Us/SP-Group-Sustainability-Review-FY2021-2022.pdf Sustainability Review FY2021/2022 Table of Contents About this report 3 Materiality 4 About SP Group 5 Our sustainable energy ecosystem 6 Our impact 7 Sustainability strategy 8 Alignment with the global goals 9 Financing sustainable energy solutions 9 Sustainability governance 10 Board’s role 10 Sustainable Cooling at Tampines – Singapore’s First Town Centre to Be Retrofitted With District Coolinghttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Sustainable-Cooling-At-Tampines---Singapore-s-First-Town-Centre-To-Be-Retrofitted-With-District-Cooling News Release Sustainable Cooling at Tampines – Singapore’s First Town Centre to Be Retrofitted With District Cooling SP Group, supported by Temasek, Tampines Group Representation Constituency (GRC) and the Ministry of Sustainability and the Environment (MSE), will install and operate distributed Searchhttps://www.spgroup.com.sg/search?tag=growing-greener Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/growing-greener-and-cooler-outdoors SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Growing Greener and Cooler Outdoors SUSTAINABILITY Photo: NDP 2018 Exco Powering Singapore’s birthday Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review SUSTAINABILITY Sustainability is central to SP Group’s mission of providing reliable and efficient energy supply to customers. We anchor our sustainability strategy on the United Nation’s Sustainable Development Category: Sustainability [20230314]+Media+Release+-+SP+Group+partners+Turnkey+to+offer+ESG+Reporting+Solution.pdfhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/0d5de33a-0a1c-4a73-a0ef-289aad97c804/%5B20230314%5D+Media+Release+-+SP+Group+partners+Turnkey+to+offer+ESG+Reporting+Solution.pdf?MOD=AJPERES&CVID= group and sustainable energy solutions provider and Turnkey, a global ESG data solutions company, announced a partnership to offer ESG analytics, carbon accounting and climate advisory services to key countries in the region including Singapore, China, Vietnam and Thailand. These services will augment SP Group launches complete suite of carbon solutions capabilities, leveraging new partnership with Turnkeyhttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/SP-Group-launches-complete-suite-of-carbon-solutions-capabilities--leveraging-new-partnership-with-Turnkey and sustainable energy solutions provider and Turnkey, a global ESG data solutions company, announced a partnership to offer ESG analytics, carbon accounting and climate advisory services to key countries in the region including Singapore, China, Vietnam and Thailand. These services will augment SP’s Searchhttps://www.spgroup.com.sg/search?tag=integrated-energy-solutions Pathum Thani District, Greater Bangkok. SP Group (SP), a utilities group and sustainable energy solutions provider in Singapore and the Asia Pacific, is partnering RSU, a leading private university in Thailand, to transform this space into a smart, low-carbon campus. SP will deploy a comprehensive suite 1 2 3 4 5 ..... 46

Sustainability Review FY2021/2022 Table of Contents About this report 3 Materiality 4 About SP Group 5 Our sustainable energy ecosystem 6 Our impact 7 Sustainability strategy 8 Alignment with the global goals 9 Financing sustainable energy solutions 9 Sustainability governance 10 Board’s role 10 Management’s role and internal controls 11 Group risk management 12 Resilience to climate change 13 Metrics and targets 16 Focus areas 17 Grid 2030 17 Sustainable energy solutions 22 Energy as a Service 30 People and the Community 36 Disclosures 41 Contribution to SDGs 41 Task Force on Climate-related Financial Disclosures (TCFD) 42 Emissions audit statement 44 03 FOCUS AREAS SUSTAINABILITY GOVERNANCE ABOUT THIS REPORT SUSTAINABILITY STRATEGY DISCLOSURES About this report This is SP Group’s (SP) third sustainability review and the first to incorporate the reporting recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD). It reflects our commitment to accountability to stakeholders as well as our drive for continuous improvement in our sustainability performance, towards climate action. This review showcases the initiatives and performance of our operations across our key business areas for the financial year from 1 April 2021 to 31 March 2022 (FY21/22), unless otherwise stated. The scope of this review covers SP’s operations in Singapore, China, and Vietnam. The report is to be read in conjunction with the Chairman’s message and other sustainability-related information on SP’s corporate website, SP Energy Hub. We have included historical data from FY19/20 and FY20/21 for comparison where applicable. 04 Materiality The contents of this review have been informed by an assessment of the material sustainability topics that are of greatest importance to our business and stakeholders. We have identified three material topics that support our actions towards the achievement of the targets of United Nation’s Sustainable Development Goals (SDG) 7 and 9, 1) Network Reliability, 2) Innovation and 3) Customer Empowerment. DISCLOSURES Focus business area Grid 2030 Sustainable Energy Solutions Energy as a Service FOCUS AREAS Network Reliability • Network reliability is missioncritical to SP as we strive to Innovation • Innovation and new technologies are central to facilitating the Customer Empowerment • As a sustainable energy solutions provider, SP aims to empower deliver excellence in our service transition to a low carbon future. customers to achieve their and operations to 1.6 million SP invests in climate-friendly climate ambitions through various customers in Singapore with rising innovations which will power a innovative products and services. expectations of uninterrupted greener tomorrow and benefit • These solutions enable power supply. the entire ecosystem. productivity and efficiency • We invest in capabilities that • To keep at the forefront of and enable organisations and uphold reliable, efficient power new technologies, we test individuals to achieve their supply to households and new solutions and build new climate ambitions. businesses and also enable the capabilities to deliver valueadded green energy transition. solutions to our customers. In 2021, our Executive Leadership Team (ELT) reviewed the identified material topics and they were determined to be valid. The urgency to address the identified material topics have heightened and we need to tackle the challenges expeditiously. Furthermore, we recognised the need to incorporate corporate governance disclosure in our sustainability review. We also assessed the climate-related risks and opportunities that are material to SP. The process and results of this exercise are presented in the Resilience to climate change section of this report. SUSTAINABILITY GOVERNANCE SUSTAINABILITY STRATEGY ABOUT THIS REPORT 05 About SP Group SP Group (SP) is a leading utilities group in Asia Pacific, empowering the future of energy with low-carbon, smart energy solutions for our customers. We own and operate electricity and gas transmission and distribution businesses in Singapore and Australia, and sustainable energy solutions in Singapore, China, and Vietnam. In 2021, SP updated its tagline to “Empowering the Future of Energy” to reflect our 2030 ambition to create a low carbon, smart energy Singapore and be a regional leader in sustainable energy solutions. DISCLOSURES As Singapore’s national grid operator, about 1.6 million industrial, commercial, and residential customers benefit from our world-class transmission, distribution, and market support services. These networks are amongst the most reliable and cost-effective in the world. SP provides a full suite of sustainable energy solutions including district cooling, electric vehicle charging, renewables, and energy as a service to achieve our 2030 ambition: FOCUS AREAS Grid District cooling Electric vehicle charging SUSTAINABILITY GOVERNANCE Renewables Energy as a Service (Smart Metering, Digital Solutions, and RECs) SUSTAINABILITY STRATEGY SP’s sustainable energy solutions enable green buildings and sustainable infrastructure, enhance efficiency, and empower customer with sustainable tools. District cooling for business districts and residential townships enhances energy efficiency. Electric vehicle charging and renewable energy enables decarbonisation of the transportation and power sectors, while digital energy management tools provide customers with the information to make greener choices. ABOUT THIS REPORT 06 Our sustainable energy ecosystem DISCLOSURES Building Energy Efficiency Management: Utilities Monitoring & Insights | TenantCare | Micro-climate control DERMS Solar Microgrid RECs FOCUS AREAS Grid Districts Households ASEAN Electricity Import Digital Twin Energy Storage Vehicle2Grid EV Charging District Cooling Smart Meters SP app SUSTAINABILITY GOVERNANCE Empowering the Future of Energy At the SP energy ecosystem, we Enhance Grid reliability and enable renewable energy integration Decarbonise transport with electric vehicle charging SUSTAINABILITY STRATEGY Green buildings and districts with district cooling systems and building efficiency solutions Empower consumers with data and carbon solutions ABOUT THIS REPORT 07 Our impact Overall DISCLOSURES 0.11 min and 0.1979 min SAIDI achieved for Electricity and Gas Grid respectively More than 190,000 RT of district cooling secured regionally 525 EV charging points installed in Singapore¹ 111 MWp solar capacity secured across Asia. 1.5 million downloads of the SP app 40x increase in RECs volume FOCUS AREAS Almost 320 MWp under development 2 Environmental Scope 1 emissions of 78,173 tonnes CO 2 e SUSTAINABILITY GOVERNANCE Scope 2 (market-based) emissions of 419,959 tonnesCO 2 e People and Community Emissions avoided - more than 206,000 tonnesCO2e, equivalent to planting more than 10 million rain trees 3 or taking more than 180,000 cars off the road for a year 4 . SUSTAINABILITY STRATEGY 179,000 hours of staff training and development provided Zero fatalities, Lost time injury frequency rate of 0.42 per million working hours $4.5 million in donations, sponsorships and volunteer manpower ABOUT THIS REPORT ¹ As of 31 May 2022. ² As of 31 July 2022. ³ One mature rain tree absorbs 0.0201 tonnesCO 2 a year - data from My Carbon Footprint study by South Pole 4 Annual carbon emissions from 1 internal combustion engine (ICE) car of 1.1tCO 2 e/year. Data from SP Group and Temasek (August 2021): Taking The Heat Off Cooling: A Greener Way to Cool. 08 Sustainability strategy SP is a leading utilities company that creates value and enables the climate ambitions of our stakeholders. With the development and implementation of our Corporate Strategy 2030, a 10-year roadmap that guides us towards a low carbon, smart energy Singapore - sustainability has become central to achieving our mission and business objectives in a responsible and committed manner. DISCLOSURES To embed sustainability considerations across our key roles as a grid operator, utilities and sustainable energy solutions provider, we have defined three material topics for our business: Network Reliability Maintaining world-class grid reliability in a distributed energy landscape With the proliferation of distributed and intermittent energy sources, we continue to invest in innovative technologies and integrate renewables into our world-class grid while maintaining stability and reliability. Innovation Becoming the leading sustainable energy solutions player in Asia Pacific Leveraging our strengths and experience in enabling a sustainable energy future for customers in Singapore, we are bringing our solutions and expertise to overseas markets such as China and Vietnam to benefit more customers in the region. Customer Empowerment Empowering customers to achieve their sustainability objectives To create a low carbon, smart energy Singapore, we extend our efforts beyond our own operations to empower residential, commercial, and industrial customers to make changes to their daily behaviours and operations. Innovative solutions such as district cooling solutions in new HDB towns and installing EV charging points are key to achieving this goal. In addition, we seek to educate local residents and equip them with tools on how to live more sustainably. Through the SP app, users can monitor their energy consumption, measure their carbon footprint, and learn ways to decarbonise, all in one integrated digital platform. SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS Alignment with the global goals | Financing sustainable energy solutions ABOUT THIS REPORT 09 Alignment with the global goals Based on the three material topics of our sustainability strategy, our initiatives to enable a sustainable future are aligned with SDG 7 - to ensure access to reliable, sustainable and modern energy for all. SDG 9 - to build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation. Additional details of our contribution to these SDGs can be found in the Disclosures: Our contribution to the SDGs. DISCLOSURES SP’s Mission: Deliver reliable and efficient utilities services to enhance the economy and the quality of life Core Values: Commitment, Integrity, Passion, Teamwork CUSTOMER EMPOWERMENT RENEWABLE ENERGY ENERGY ACCESS SDG 7 AFFORDABLE AND CLEAN ENERGY ENERGY EFFICIENCY NETWORK RELIABILITY SDG 9 RELIABLE INFRASTRUCTURE INDUSTRY, INNOVATION AND INFRASTRUCTURE SUSTAINABLE INFRASTRUCTURE Financing sustainable energy solutions INNOVATION To deepen the integration of our sustainability ambitions within our financing strategy, we established a Green Financing Framework 5 in 2020. The Framework is benchmarked against relevant international principles and guidelines. Under the Framework, the group, and its subsidiaries are able to issue green financing instruments to finance and/or refinance eligible green projects in four categories, namely: 1) clean transportation, 2) energy efficiency projects, 3) renewable energy and 4) green buildings. This allows investors and lenders to have greater visibility of the use of proceeds and the positive environmental impact of the group’s investments in sustainable energy solutions as well as projects that are funded by green financing instruments. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS Alignment with the global goals | Financing sustainable energy solutions 5 SP’s Green Financing Framework can be accessed HERE 10 Sustainability governance At SP, sustainability governance is embedded in the corporate governance structure – from Board-level committees to management-level Group functions and business units. One of our key sustainability-related priorities this year was the adoption of the TCFD recommendations, which were designed to help companies identify, measure and respond to climate risks and align their disclosures to meet investors’ expectations. DISCLOSURES Metrics and targets We commenced our journey on TCFD reporting by embedding climate-related risks into our Enterprise Risk Management (ERM) framework and incorporating climate-related scenario analysis in assessing the resilience of our assets and operations. We analysed various climatic scenarios, both physical and transitional, and identified the main risks and opportunities of climate change that may affect us in the short, medium and long term. The exercise validated our strategy in the two focus areas of Clean and Smart Energy, and Reliable and Sustainable Infrastructure. FOCUS AREAS Resilience to climate change Types of climate-related risks and opportunities. Image source: TCFD (2017) Board’s role The Board of Directors (Board) has overall responsibility for sustainability and reviews long-term business and organisational goals while also providing strategic direction for the organisation’s sustainability practices. The Board undertakes key investment and funding decisions, ensures that SP’s management maintains a robust system of internal controls to protect the company’s assets and reviews its financial and non-financial performance. The Board meets at least four times a year to review SP’s business performance, of which sustainability and climate-related issues are incorporated into the discussions at two of these meetings. The Board Risk Management Committee (BRMC), established by the Board, assists the Board in providing oversight of the business risks faced by the group. They also ensure that risks and opportunities, especially climate-related ones, are appropriately considered and adequately managed. The Board Executive Committee (ExCo) assists the Board in overseeing the performance of the Company, its subsidiaries, and its associated companies. The ExCo provides direct advisory supervision on SP’s sustainability strategy, material environmental, social and governance (ESG) issues, work plans and performance targets. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE Board’s role Management’s role and internal controls Group risk management 11 Management’s role and internal controls Reporting to the ExCo is the Executive Leadership Team (ELT) which has the strategic responsibility to assess and manage sustainability issues for SP. The team oversees key sustainability initiatives on climate risks and opportunities, greenhouse gas (GHG) accounting, and disclosures. Heading the ELT is the Group Chief Executive Officer, who has executive-level responsibility for ESG matters. The Group Risk Management’s (GRM) role is to help establish and manage our ERM Framework and to carry out its independent identification and analysis of the climate-related risks faced by SP. The GRM reports to the BRMC every quarter on all business risks. Essentially, the GRM acts as a critical central node of communication through which risk issues are surfaced and directives are passed down to cover the end-to-end risk management process. The Head of Strategy and Sustainability regularly reports to and seeks guidance from the ELT on the sustainability roadmap and initiatives. The Strategy and Sustainability team monitors climate change issues and updates the ELT on emerging risks and opportunities. It also leads GHG reporting, corporate sustainability reporting and TCFD implementation. Overall responsibility on sustainability and provides strategic directions SP Board FOCUS AREAS DISCLOSURES Resilience to climate change Metrics and targets Oversight on sustainability, strategy, performance and risks Board Executive Committee Board Risk Management Committee SUSTAINABILITY GOVERNANCE Group risk management Strategic responsibility to manage sustainability issues Executive Leadership Team SUSTAINABILITY STRATEGY Management’s role and internal controls Support operational matters on sustainability and risk management Strategy and Sustainability (Under Finance) Group Risk Management ABOUT THIS REPORT Board’s role 12 Group risk management SP’s ERM framework aims to identify, prioritise, document, and manage key risks, opportunities, and resources. For risk management practices to be effective, three pillars are emphasised: • Board and Senior Management oversight • Sound risk management policies and processes • Risk ownership and culture DISCLOSURES Metrics and targets Risk management BOARD AND SENIOR MANAGEMENT OVERSIGHT Strategic Planning • BRMC Oversight • Corporate Governance Structure • Risk Management Committees • Risk Appetite Framework STAKEHOLDERS COMMUNICATION RISK OWNERSHIP AND CULTURE Review And Continual Improvement • Risk Workshops/ Registers • Risk Dashboard • Risk Awareness • Control Self-Assessment SOUND RISK MANAGEMENT POLICIES AND PROCESSES Implementation • Risk Mgmt. Policy • Risk Mgmt. Process and Methodology SP implements a ‘Top-Down’ and ‘Bottom-Up’ approach to facilitate communication and participation by both management and employees. For effective risk management, all aspects of the business must be considered so that the Board and Management can identify risks and assess those risks properly and swiftly. The ‘Top-Down’ approach facilitates oversight and guidance on material risks from both the BRMC and Management. An in-depth analysis is done to avoid strategic risks, and if not, contained through mitigation measures. The ‘Bottom-Up’ approach allows employees to identify and escalate risks in their day-to-day operations to Management. This enables the Management to be informed of major risks in all business operations and approve actions to be taken. This approach allows every employee in SP Group to proactively participate in highlighting the risks they face in the course of their work. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS Board’s role Management’s role and internal controls Group risk management Resilience to climate change 13 Resilience to climate change At SP, we recognise that climate change is one of the greatest threats to the prosperity and well-being of people and our planet earth. According to the Intergovernmental Panel on Climate Change (IPCC), human activities are responsible for approximately 1.1°C of warming since 1850-1900, and this has implications for our climate. The world must act now to reduce global GHG emissions and accelerate the transition to a lower-carbon economy to reduce the effect of climate change. In line with Singapore’s climate ambitions, it has never been more critical for us to ascertain the potential impact on our business strategies and operations due to climate change. In 2021, we commissioned a study to assess our climate change resilience and to identify the climate-related risks and opportunities material to our business. Through this detailed study, material physical and transition risks were identified in the short to long term range. The material climate risks identified have since been integrated into ERM risk workshops and Risk Management Committee meetings across business units for further evaluation and risk mitigation. Climate risk assessment and scenario planning Two scenarios were identified to understand the extent of the risks and opportunities – “Net Zero” as the best-case scenario and “Business-as-usual” as the worst-case. In defining the physical risks for these scenarios, we selected two of the climatic projections developed by the IPCC on a global scale, characterised by the Representative Concentration Pathway which is the concentration pathway extending up to 2100. For transition risks, the parameters were selected from Network for Greening the Financial System (NGFS) to understand how climate change would affect transition risks such as policy and technology trends in the future. FOCUS AREAS DISCLOSURES Resilience to climate change Metrics and targets Best-Case scenario: NET ZERO Worst-Case scenario: BUSINESS-AS-USUAL Time Horizons Physical Risks IPCC RCP 2.6 NGFS Net Zero 2050 This pathway represents a stringent mitigation scenario. Warming is limited to 2°C by 2100 and the radiative forcing peaks at approximately 3W/m 2 before 2100 and shows a decline. IPCC RCP 8.5 This pathway represents a future where warming exceeds 4°C by 2100 and radiative forcing reaches as high as or even greater than 8.5 W/m 2 by 2100 and continues to rise for some amount of time. Short term: 2020-2050 Medium term: 2040-2070 Long term: 2070-2100 Transition Risks In this ambitious scenario, the global community agrees on the need to decarbonise to limit warming to 1.5°C through stringent and immediate climate policies. In this scenario, physical risks are relatively low, but transition risks are high. NGFS Nationally Determined Contributions (NDCs) This path assumes that the moderate climate ambition reflected in the NDCs in early 2021 continues over the 21st century and presents relatively low transition risks. With the NDCs, emissions demonstrate decline but still result in approximately 2.5°C of warming Short term: 2025 Medium term: 2030 Long term: 2050 ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE Board’s role Management’s role and internal controls Group risk management 14 Insights from the climate risk assessment Physical risks We performed this assessment at an asset level, overlaying local climate hazards, asset costs and operation needs. We evaluated our key assets in Singapore, China and Vietnam and the business-as-usual scenario revealed that there are four material risks in the medium to long term range (2050-2100) across our Transmission and Distribution (T&D), District Cooling (DC), Solar Photovoltaic (PV) assets: DISCLOSURES Metrics and targets Riverine flooding Coastal flooding Heavy Precipitation Air Surface Temperature Change Physical risk parameter Impact SP’s strategic response FOCUS AREAS Resilience to climate change Riverine Flooding Coastal Flooding Heavy Precipitation Flooding may lead to erosion of our above ground infrastructure and underground cables may become susceptible to deterioration if there is moisture ingress. Our above ground infrastructures are located above the nationally mandated Minimum Platform Level (MPL). Maximum flood levels are below the MPL. We will monitor updates for future Singapore flood maps. SUSTAINABILITY GOVERNANCE Group risk management Air Surface Temperature Change An increase in air surface temperature will reduce the efficiency of the T&D network and accelerate the rate of insulation degradation of equipment. Air surface temperature rise can result in a larger DC cooling load and result in efficiency losses. Increased temperatures cause a decrease in the conversion efficiency of solar PV cells, affecting the maximum possible power output. Currently, maximum air surface temperatures are within the equipment specifications. SP will continue to monitor maximum air surface temperatures and ensure that equipment specifications are within the limits regularly. SUSTAINABILITY STRATEGY Management’s role and internal controls As there is limited flood risk data specific to Singapore currently, we will be monitoring the updates in this area to accurately evaluate the scale of impact and identify the mitigation actions accordingly. ABOUT THIS REPORT Board’s role 15 Transition risks Based on a qualitative assessment, we identified three material transition risks that would potentially have the most impact on our business without any intervention or mitigation. This is especially evident in the Net Zero scenario with more stringent policies and requirements being put in place. Material risk parameter Impact SP’s strategic response DISCLOSURES Metrics and targets FOCUS AREAS SUSTAINABILITY GOVERNANCE ABOUT THIS REPORT SUSTAINABILITY STRATEGY Increased expectations from regulatory bodies for organisations Starting from FY21/22, climate risk disclosure will be included in SP’s Policy and Legal to track and publicly report on GHG annual Sustainability Review, with the emissions or climate risks. Under both GHG emissions data externally assured. scenarios, there may be penalties associated with non-disclosure. Market A shift in investor preference and emergence of responsible investment mandates. In the Net Zero scenario, failure to incorporate climate risks into Climate risks discussions will become part of the Board agenda and will be incorporated into the company’s strategy. the company’s strategy may diminish investor confidence and reduce access to capital. Changing the energy mix due to the adoption of distributed renewable energy resources may impact overall grid stability and flexibility. Especially SP will actively invest in the upgrading of our grid network infrastructure and adopt new technologies to make our grid network “smarter”. when capacity additions in solar and Technology For more details, please refer to the storage capacity are expected to Grid 2030 section. increase in both scenarios. Investments in energy-efficient technologies will be required to meet national energy efficiency targets. Transition opportunities With the right initiatives, selected transition risks can be transformed into opportunities, by way of increasing access to new markets, and developing innovative products and services. As a sustainable energy solutions provider, we have started leveraging these opportunities to enable our customers to achieve their climate ambitions. The initiatives are further elaborated in the respective sections for each business area of Grid 2030, Sustainable energy solutions and Energy as a Service. Resilience to climate change Group risk management Management’s role and internal controls Board’s role 16 Metrics and targets To manage our climate-related risks and opportunities, and ensure we are enabling a low carbon and smart energy future, we have established metrics to track our performance and drive improvement. A primary focus is the reduction of GHG emissions from our direct business activities, which contributes to Singapore’s net-zero emissions ambitions. Since 2019, we undertake an annual data collection exercise to calculate the GHG emissions from our business activities following the principles in the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (revised edition) and GHG Protocol Scope 2 Guidance. DISCLOSURES Metrics and targets For FY21/22’s GHG emissions data, we have taken a step further to seek external assurance according to ISO 14064-3:2019 standards to provide credibility to our data and demonstrate our alignment with international best practices. Learn more in Disclosures: Emissions audit statement. Absolute, tonnesCO 2 e Intensity, kgCO 2 e/MWh sold Emissions FY19/20 6 FY20/21 6 FY21/22 FY19/20 FY20/21 FY21/22 Scope 1 78,546 90,088 78,173 1.63 1.92 1.58 FOCUS AREAS Resilience to climate change Location-based 375,102 384,578 423,225 7.81 8.19 8.56 Scope 2 Market-based 375,102 382,972 419,959 7.81 8.15 8.49 GHG emissions from our activities can be mainly traced back to the indirect carbon dioxide (CO2) emissions from electricity use/losses, the fugitive emissions along the length of the gas pipelines and to a lesser extent, the sulphur hexafluoride (SF6) leakages across our transmission and distribution network. The bulk of SP’s Scope 2 GHG emissions resulted from the dissipated energy emissions from technical losses from the transmission system and distribution network in Singapore. SP is actively investing in the digitalisation and automation of the electricity grid to reduce these losses and increase reliability. While these emissions are relatively stable and inherent in the operations of the network, SP is committed to identifying opportunities to reduce emissions from other key business activities. We are also actively accounting for our indirect emissions along the value chain (Scope 3) to evaluate our total carbon footprint. To reduce the impact of our direct operations through the support of renewable energy, we have pledged to cover 100 per cent of the electricity consumption at SP’s Singapore headquarters with Renewable Energy Certificates (RECs) from October 2020 onwards. SP’s low carbon initiatives such as district cooling, solar and electromobility have enabled customers to avoid more than 206,000 tonnesCO2e in FY21/22. This is equivalent to planting more than 10 million rain trees or taking more than 180,000 cars off the road for a year. Measuring this progress against the target of helping customers reduce their carbon footprint, these initiatives have achieved more than a seven-fold increase in the CO2 avoided since 2018. The significant increase in the avoided CO2 for our customers demonstrated an increased demand for sustainable energy solutions and augment our role in enabling our customers reduce their carbon footprint. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE Board’s role Management’s role and internal controls Group risk management 6 FY19/20 and FY20/21 emissions are restated to account for categories not included prior to the GHG audit in FY21/22. 17 Focus areas Grid 2030 The grid of the future is increasingly complex. A greater role for distributed energy that is low in carbon but intermittent in nature will require a grid that is reliable, safe, and updated. Despite Singapore having one of the best electricity and gas network systems in the world, supply interruption is inevitable and may occur due to various reasons including network failure, damage by third parties, faulty equipment at customer sites or issues with the source of the supply. Electricity network To minimise the possibility of supply interruption, SP follows a systematic regime of maintenance, timely replacement of ageing equipment and close monitoring of equipment performance. If a power failure occurs, we take four remediation actions to minimise the impact and downtime: 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. Since 2019, we have Remote switching implemented remote switching capabilities for all 6.6 kV distribution networks substations, allowing for quicker restoration should a supply interruption occur. This is conducted when remote switching is unable to restore the power supply. Power faults Manual switching in low-voltage networks, such as damage to over ground boxes that are used to transmit electricity to customers, are usually resolved through manual switching. These generators are immediately deployed when power faults are reported and are used to Mobile generators provide temporary electricity supply while the network issues are being resolved. This is conducted when switching is unable to resolve the power fault and the mobile generators Cable jointing cannot access the substation where the fault has occurred. Gas network SP has adopted an asset life cycle approach to our asset management so that we can manage risks and ensure that our gas network is consistently developed, maintained and operated in a safe and reliable manner. The gas transmission network is monitored round the clock in a system control centre. Regular inspections and maintenance are also conducted on our network assets to maintain reliability. An asset renewal programme tracks asset performance and replaces deteriorating assets efficiently. Patrol and leak surveys of the pipelines are conducted to detect illegal third-party activities and gas leaks respectively. We monitor network pressure closely by deploying pressure sensors across the entire transmission network. Our gas network operations team monitors the pressure readings to ensure that network pressure at different nodes is maintained within an optimal range. To enhance our remote monitoring capability and productivity, we have developed a prototype machine learning solution that learns from pressure data to detect deviations from expected pressure levels and alert the operations team of an anomaly in the gas network. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES Grid 2030 Sustainable energy solutions Energy as a Service People and the Community 18 A supervisory control and data acquisition system is deployed on the transmission system to avail remote monitoring and operations capability, which enables us to respond immediately to incidents. When incidents occur, the response is centrally managed to ensure that performance recovery is quick and directed, thus minimising disruption to customers. To further improve network reliability and enable the transition to a green economy, we invest in numerous solutions and innovative technology. SP GROUP-NTU JOINT LAB SP contributed $30 million for research and education initiatives at the Nanyang Technological University (NTU) in Singapore aiming to enhance the resilience of Singapore’s electricity network, improve the reliability and efficiency of supply to customers, and nurture experts in the energy sector. Under this collaboration, the SP Group-NTU Joint Lab is also exploring energy-related projects in the areas of asset management and network operations. Project 4: Online Condition Monitoring for Distribution Switchgear Green energy imports SP actively supports the upgrading of infrastructure to tap into regional power grids for cleaner energy resources and further diversify Singapore’s energy supply. SP is working with partners to import low carbon energy from other countries by constructing and operating interconnectors to strengthen our regional grid architecture. One such project is a feasibility study, with French utility EDF Group, on a subsea cable that could potentially transmit green energy generated from a 1-GWp solar photovoltaic plant in Indonesia to Singapore. Singapore has one of the most reliable electricity networks globally. We must continue to develop and grow our local capabilities to prepare for the future. This collaboration between NTU and SP Group will boost our network resilience and develop innovative solutions that will serve our future energy needs. ~ Dr Tan See Leng, Second Minister for Trade and Industry ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES Grid 2030 Sustainable energy solutions Energy as a Service People and the Community 19 DERMS for effective integration of renewables Renewable energy will play a greater role to enable a smarter grid for a low carbon Singapore. To prepare for this, SP has piloted a Distributed Energy Resources Management System (DERMS) to manage the influx of solar photovoltaic generation, energy storage systems and electric vehicles that will be connected to the network in the future. Through realtime monitoring and smart control capabilities, the integration of these distributed energy resources can be optimised while ensuring the reliability of our electricity network. A pilot conducted on the implementation of DERMS on the 22kV network has been completed and a research and development collaboration with NTU is ongoing to demonstrate the distributed management of technologies at substation level via Grid-Edge control. DISCLOSURES People and the Community A visual representation of the distribution system Energy Storage Systems SP has deployed Singapore’s first utility-scale Energy Storage Systems at a substation in Woodlands which is designed for local conditions to manage solar intermittency and other network applications. It is also capable of incorporating additional renewables and other sustainable energy solutions into our electricity grid. Vehicle2Grid To enhance Singapore’s grid reliability when it phases out internal combustion engine (ICE) cars by 2040, SP embarked on a trial of vehicle-to-grid (V2G) technology – the first of its kind in Southeast Asia. The trial studies tapping electric vehicles (EVs) as energy storage facilities via a bi-directional energy transfer between the EV and the grid to support load and frequency management. This innovation can be used to balance and stabilise the grid, acting as a cost-effective solution to overcome intermittency from renewable energy sources. EV owners could potentially be compensated for their vehicles acting as storage units. Staff charging the V2G car ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS Grid 2030 Sustainable energy solutions Energy as a Service 20 ASSET HEALTH DIGITAL TWIN The Digital Twin, a digital representation of the power grid, is an important innovation that SP is creating in-house. It consists of a Network Twin and the Asset Twin. DISCLOSURES People and the Community The Asset Twin, developed in conjunction with NTU, is a virtual replica of the physical network and assets that can perform functions such as condition monitoring, analysing asset health and optimising asset failure mitigation measures. The Asset Twin consists of a one-stop integrated dashboard containing up-to-date information on all distribution assets of over 12,000 substations across our entire electricity network. Virtual 3D models of actual electrical assets are also created to visualise assets in a substation. This helps to identify specific components that require attention. Field technician crews are then equipped with vital information prior to heading on-site for an inspection. Sensors are also installed to remotely monitor assets for signs of anomalies and deterioration. The prototype of the Asset Twin was developed in 2021 and trials were held to develop the system further. A virtual representation of Singapore’s physical power grid assets and network to improve the reliability of its electricity supply and support the deployment of cleaner energy sources The Asset Twin is a crucial component to the future grid of Singapore that ensures network reliability and safety to electricity users, as well as SP technicians and staff who regularly monitor grid health. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS Grid 2030 Sustainable energy solutions Energy as a Service 21 Our Performance Two key indicators that our industry measures to assess network reliability performance are System Average Interruption Duration Index (SAIDI), a system index of average duration of interruption in the power supply indicated in minutes per customer, and the System Average Interruption Frequency Index (SAIFI), a system index of average frequency of interruptions in the power supply indicated in number per customer. In FY21/22, our SAIDI for the electricity network improved by 26.7 per cent. FY18/19 FY19/20 FY20/21 FY21/22 SAIDI (min) 0.87 0.56 0.15 0.11 Electricity SAIFI 0.0307 0.0366 0.0073 0.0043 SAIDI (min) 0.0932 0.2637 0.4223 0.1979 Gas SAIFI 0.0014 0.0019 0.0024 0.0024 Smart Grid Index Electricity Gas SAIDI (min) SAIFI SAIDI (min) SAIFI FY 18/19 19/20 20/21 21/22 FY 18/19 19/20 20/21 21/22 FY 18/19 19/20 20/21 21/22 FY 18/19 19/20 20/21 21/22 To measure and benchmark our performance in operating the best-in-class electricity grid, SP developed the world’s first Smart Grid Index (SGI). The SGI measures the grid on seven key dimensions: Supply Reliability Monitoring & Control Data Analytics SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES Sustainable energy solutions Energy as a Service People and the Community Integration of Distributed Energy Resources (DER) Green Energy Security Customer Empowerment & Satisfaction In 2021, utilities companies around the world deepened their commitment to tackling climate change and speeding up energy transition. As a result, the SGI indicates around 65 per cent of utilities companies have solar and wind energy contributing more than 10 per cent of system demand, an increase of nine per cent from a year ago. About 45 per cent of utilities companies have enabled the use of electric vehicles through public charging infrastructure. SP maintained a high score of 75.0 from the previous year, due to our near-zero network reliability downtime and high customer satisfaction scores. For further details on the benchmarking scores, please refer to the SP Group Website. ABOUT THIS REPORT Grid 2030 22 Sustainable energy solutions To facilitate the transition to a low carbon future, we develop sustainable solutions for individuals and organisations, powered by our in-house energy technology and digital capabilities. District cooling across all customer segments District cooling and heating are important tools in SP’s arsenal to battle climate change and provide smart, sustainable, energy-efficient, and low-carbon solutions that help districts, cities and townships achieve their decarbonisation goals. Since 2006, SP has operated the world’s largest fully underground district cooling network in the Marina Bay financial district. In May 2010, SP commissioned its second district cooling plant at the Marina Bay Sands. Five new and retrofit developments have committed to subscribing to district cooling in early 2022, bringing the total number of buildings served by SP’s Marina Bay operations to 28. The world’s largest fully underground district cooling network in Singapore’s Marina Bay financial district In FY21/22, the Marina Bay district cooling system helped customers in the area avoid more than 21,000 tonnesCO2, equivalent to planting more than 1 million rain trees or taking more than 19,000 cars off the road. SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES ABOUT THIS REPORT Sustainable energy solutions Energy as a Service People and the Community Grid 2030 23 TAMPINES ECO- TOWN SP has also established capabilities for district cooling in brownfield development cluster settings. Our approach applies the concept of interconnecting chiller plants to create a centralised district cooling system within the cluster, which lowers the overall carbon footprint for all the buildings within the development. This novel approach is suitable for highly developed and dense cities such as Singapore, where most land has previously been utilised and buildings are operating their standalone chiller plants for air-conditioning. Applying the concept of having interconnected chiller plants to create a district cooling system within the cluster lowers the overall carbon footprint for all the buildings within the development. Together with Temasek and the Ministry of Sustainability and the Environment, SP has been working to execute Singapore’s first brownfield district cooling system in Tampines Central. The system leverages existing chiller assets that are more efficient and have excess capacity to support the cooling demands of the other buildings in the vicinity. All in, this Distributed District Cooling (DDC) network will help the town centre reduce its carbon emissions by 1,359 tonnes annually, equivalent to removing 1,236 cars off our roads. It will also achieve energy savings of more than 2,800,000 kilowatt-hour (kWh) annually, which can power more than 905 three-room HDB households for a year. In addition to the energy savings and reduction in carbon emissions, this network will provide building owners combined life-cycle economic benefits of up to $50.8 million over 30 years. Through interconnection across the various buildings, the network will also reduce the current unutilised cooling capacity by up to 42 per cent, freeing up chiller plant gross floor area that can be converted to commercial and lifestyle spaces. Reduce carbon emissions by 1,359 tonnes annually Singapore’s first brownfield district cooling system in Tampines Central Removed 1,236 cars off our roads SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES Sustainable energy solutions Energy as a Service People and the Community Powered more than 905 three-room HDB households for a year Provide building owners combined life-cycle economic benefits of up to $50.8 million over 30 years ABOUT THIS REPORT Grid 2030 24 Tengah residential town In the residential space, SP is bringing its first large-scale residential district cooling system to Tengah’s future residents. Chilled water is centrally produced and distributed to individual residential homes for indoor cooling. This residential district cooling system provides an alternative to the conventional split unit air-conditioning system commonly in use in residential homes. The system will be operating in a more energy-efficient, reliable, and resilient manner thus achieving long-term environmental and economic benefits compared to conventional split unit AC systems. It is expected to save at least 30 GWh of electricity per year. This is equivalent to powering 6,300 four-room flats, removing 800,000m 3 of carbon emissions from the air or taking around 400,000 cars off the road annually. DISCLOSURES People and the Community The first large-scale residential district cooling system in Tengah Tengah is a showcase of SP’s integrated sustainable energy solutions to help residents become greener, and more sustainable and provide a blueprint for the future of residential living in Singapore – in alignment with the government’s plan to make every HDB estate an eco-town by 2030. In addition, SP’s solutions empower individuals to make conscious decisions to lower their carbon footprint and factor in habits that promote sustainability in the daily lives of Singaporeans. Learn more about our initiatives in the Energy as a Service section of this report. As of end March 2022, almost 7,000 Tengah households have signed up for the centralised cooling system, which could help homeowners save as much as 30 per cent in life cycle costs. Future Tengah homeowners at MyTengah Experience Centre ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS Grid 2030 Sustainable energy solutions Energy as a Service 25 STMicroelectronics In what is set to be the largest industrial district cooling facility in Singapore, SP has secured a project with STMicroelectronics (ST) to build a district cooling plant with up to 36,000 RT cooling capacity at ST Ang Mo Kio (AMK) Technopark. SP’s district cooling plant will help ST achieve 20 per cent savings in cooling-related electricity consumption annually by improving aggregated chiller system efficiency, as well as enable ST to reduce carbon emissions of up to 120,000 tons per year, equivalent to taking 109,090 cars off the road. This is achievable by lowering energy consumption, increase capacity to incorporate solar energy and Perfluorocarbons (PFC) abatement equipment. More than 4,000 square meters (sqm) of chiller plant space will be freed up once the district cooling plant is operational. For this plant, one of the most efficient 2,000-tonne HFO Chiller will be deployed for this project. HFO or Hydrofluro-Olefins is the new generation of synthetic refrigerants with zero ozone depletion effect and is designed to significantly reduce the Global Warming Potential. Reduce carbon emissions of up to 120,000 tons per year Equivalent to taking 109,090 cars off the road SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES People and the Community Energy as a Service Sustainable energy solutions Achieve 20% savings in cooling-related electricity consumption annually Repurposing more than 4,000 square meters (sqm) of chiller plant space ABOUT THIS REPORT Grid 2030 Images provided by STMicroelectronics 26 Exporting our expertise Beyond our shores, SP has exported our district cooling expertise and capabilities to China. Since 2019, we have been operating a 15,000 RT plant in Raffles City Chongqing, the largest shopping mall in Chongqing, China, enabling more than 40 per cent energy savings for the building owner. In FY21/22, the plant helped the building avoid more than 4,000 tonnesCO2, equivalent of planting more than 210,000 rain trees or taking more than 3,800 cars off the road. OVERSEAS CAPABILITIES Leveraging our operational track record in Raffles City Chongqing as well as our brownfield experience in Singapore, SP is supporting the rejuvenation of the Wuhou Heritage District, in Chengdu, Sichuan province. Started in 2021, we will be designing, building and operating an integrated energy solution that includes district cooling and heating system, smart metering, energy management and monitoring for four existing buildings over the next 25 years. Similarly, SP will bring our Marina Bay experience to the Guangzhou Knowledge City – a cluster of commercial buildings, and cultural and convention centres. We will install and operate an 8,000 RT district cooling system for Knowledge Tower. There is also potential for expansion of the cooling systems to encompass other buildings within the business district to achieve greater cost savings and energy efficiencies. Artist’s impression of the International Urban Design Centre in Wuhou district in Chengdu, China Photo credit: Three Kingdoms Themed Innovation Park Management Committee of Wuhou District, Chengdu Intelligent micro-climate control Besides district cooling, SP also offers 75F – an intelligent, micro-climate control solution that helps save more than 30 per cent in energy consumption while improving occupant comfort in buildings. The solution applies artificial intelligence (AI) and the Internet of Things (IoT) to consider factors like occupancy levels and the weather into the optimisation of airflow that distributes cooling evenly throughout a building. It is also a self-learning, intuitive system that regulates air conditioning to improve operational efficiency and occupant experience by dividing large open spaces into smaller zones while balancing the temperature, airflow, and carbon dioxide levels within each zone. This micro-climate solution also optimises air conditioning operations by using the least amount of energy to maintain desired comfort levels. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES Grid 2030 Sustainable energy solutions Energy as a Service People and the Community 27 Electric vehicle charging As more Singaporeans switch from ICE cars to low-carbon EVs, SP continues to support this with more charging stations installed across the nation. As of March 2022, we are operating more than 480 charging points out of which 30 per cent consist of DC fast charging points, making us the largest fast public charging network operator in Singapore. By May 2022, the number of charging points has increased to 525. We are also one of the most diverse in terms of locations. SP has installed EV chargers across petrol stations, residential, commercial, and industrial areas allowing drivers greater accessibility to a charging point island-wide. Compared to the carbon emissions from a typical internal combustion engine vehicle, the electricity sold from the charging points helped EV customers avoid almost 800 tonnesCO2e in FY21/22. Leveraging the extensive and diverse charging network that SP operates, we are aligning our business strategy with the government’s target of installing 60,000 charging points by 2030. We are supporting their target of replacing all ICE cars on the road with EVs by 2040 by ensuring access to EV drivers remains convenient, affordable, and reliable. We will continue to work with our partners to provide convenient charging locations to EV users all around Singapore. For example, we will continue our collaboration with fleet operators such as Strides Transportation and Grab for their fleet electrification by extending our charging points to their vehicles. At SP, we are progressively converting our fleet of service vehicles from diesel engines to electric. As of March 2022, we have converted around 17 per cent of them to EVs, avoiding an estimated total of more than 100 tonnesCO2e. 525 Charging points secured SP’s direct current (DC) fast charging points for electric vehicles (EVs) SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES Sustainable energy solutions Energy as a Service People and the Community Singapore’s largest fast-charging EV network Data as of May 2022 ABOUT THIS REPORT Grid 2030 28 Renewables SP combines our rooftop solar expertise with proprietary digital energy management services for commercial and industrial facilities as our key market differentiator. We continue to extend our solar expertise to commercial and industrial clients as we aim to provide green energy solutions that align with our target of building a low-carbon, smart grid for Singapore. For example, our solar implementation for Sembcorp Marine Shipyard – the largest shipyard in Singapore – utilises integrated energy solutions and the Green Energy Tech (GET™) system to bring energy storage capabilities, energy sensors and a real-time digital platform to the array, helping to monitor, analyse, and optimise energy usage. The initial 4.5 Megawatt-peak (MWp) of solar energy commissioned (in 2018) at Sembcorp Marine’s flagship Tuas Boulevard Yard’s steel fabrication facility has been expanded to include an additional 4.0 MWp across seven rooftops in May 2022. The total solar capacity of 8.5 MWp can deliver up to 10,400 megawatt-hours (MWh) of electricity annually, or equivalent to power more than 2,300 four-room flats each year. DISCLOSURES People and the Community Largest shipyard rooftop solar for Sembcorp Marine Photo credit: Sembcorp Marine The GET™ leverages the IoT, AI, sensors, and advanced metering infrastructure to manage the generation of solar power and monitors the deployment and storage of the generated electricity, optimising the energy consumption of the shipyard. This provides close to 60 per cent of electricity consumed by the shipyard’s steel fabrication facility at peak load. For our customers, a total of 4.5 MWp of solar panels were installed as of March 2022. Based on an average estimated generation yield in Singapore, the panels have helped the customers avoid more than 2,300 tonnesCO2e, equivalent to planting more than 110,000 rain trees or taking more than 2,100 vehicles off the road. Across our premises, we have installed almost 800 kWp of solar panels to access renewable energy. Collectively, they have helped us to avoid close to 370 tonnesCO2e in FY21/22. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS Grid 2030 Sustainable energy solutions Energy as a Service 29 Regional renewables Our strategy to build renewable energy capacity abroad has led SP to partner with Vietnam’s Bamboo Capital Group, a clean energy project developer, and China Three Gorges, one of the largest power companies in China, to pursue utilities and distributed scale projects in the two countries. The joint ventures will open new doors for SP to tap into overseas markets as well as to develop our own expertise in our pursuit to become a leading regional player in renewable energy. In January 2021, SP opened a regional office in Ho Chin Min City to seek growth opportunities in renewables and district cooling. In July 2021, a joint venture with Bamboo Capital was formed to acquire a rooftop solar portfolio of 47 MW and further secured 28 MW of new projects. In addition, SP has self-originated solar rooftop projects serving the customers in industrial parks to provide them with an option to ‘green’ their operations. We have also built a network of channel partners such as CJ OliveNetworks Vina Co. (CJ ONS), a subsidiary of South Korea’s CJ OliveNetworks in Vietnam. In March 2022, the partnership with CJ ONS aims to boost Vietnam’s clean energy transformation through the development of rooftop solar projects. A memorandum of understanding was signed to jointly invest, build, and develop up to 50 MWp of rooftop solar projects across Vietnam over the next two years. Through this partnership, SP and CJ ONS will combine their expertise, experience, and resources in sustainable energy solutions to explore solar projects for CJ ONS’ affiliates and other commercial and industrial customers in Vietnam. The partnership leverages SP’s capabilities in sustainable energy and digital solutions to create value-added solutions for its customers in Vietnam, and is aligned with SP’s ambition to be a leading sustainable energy solutions player in Asia Pacific. SP’s partnership with China Three Gorges, the world’s leader in hydropower, allows us to capture renewables growth organically. SP, through its 100 per cent owned subsidiaries, has secured a 5 MWp of rooftop solar project in Sichuan, as well as another 6 MWp of rooftop solar project in Shandong that supplies green electricity to the local industrial park via the local grid. SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES Sustainable energy solutions Energy as a Service People and the Community Partnering CJ OliveNetworks to develop rooftop solar projects in Vietnam ABOUT THIS REPORT Grid 2030 30 Energy as a Service Energy efficiency plays a central role in tackling climate change and is one of the key ways the world can meet energy service demand with lower energy use. As energy efficiency offers some of the fastest and most cost-effective actions to reduce GHG emissions, SP recognises the importance of educating our customers and supporting their adoption of energy efficient practices. With our innovative sustainable energy solutions, we enable customers to make decisions that can help reduce their carbon footprint and increase cost savings where possible. DISCLOSURES SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS ABOUT THIS REPORT People and the Community SP deploys a host of digital solutions for business districts, commercial buildings, and households to be more energy efficient, and we aim to expand our offerings to more customers to help them become more sustainable. Our journey started with the digitalisation of our services through the SP app, our bill payment services and smart electricity and water meters, empowering Singaporeans to become more efficient through energy, water, and gas consumption monitoring. The app then evolved to become an integrated tool for promoting sustainability amongst local residents. Enhanced features to promote sustainable living allow users to measure their carbon footprint, ‘green’ their power usage by purchasing Renewable Energy Certificates (RECs), providing a platform to charge their EVs, and so much more. Sustainable energy solutions Energy as a Service Grid 2030 31 SP expanded its sphere of influence to buildings in commercial and industrial complexes and districts. In 2020, we developed Green Energy Tech (GET™) – a suite of digital solutions that integrates different building management systems and diverse data sources to create a seamless, sustainable energy management experience for customers. Powered by EnergyTech, IoT and AI, GET enables building owners to make smarter decisions that improve the overall building performance, sustainability and occupant well-being. Building managers and developers can also purchase RECs through SP to achieve their decarbonisation goals. As SP continues to expand our energy solutions, we believe that smart cities are the next stage of the evolution and the future of a sustainable and green economy. We are committed to developing our energy of our energy services at scale, promoting convenience and sustainability to our consumers, and empowering them with tools to build a greener and more sustainable world. Our key digital solutions include: DISCLOSURES People and the Community GET TENANTCARE GET™ TenantCare is a smart submetering solution designed to help landlords and property owners efficiently manage tenant energy consumption. Powered by SP Digital’s advanced metering infrastructure, GET™ TenantCare simplifies operational challenges involved in utilities management while providing accurate billing and metering. In 2021, four new building owners (Jurong Point 1 & 2, Ang Mo Kio Hub & One Marina Boulevard) adopted this solution. GET INSIGHTS Launched in April 2021, this utilities monitoring and insights dashboard allows facilities management teams and tenants to manage, monitor, report, analyse and optimise utilities usage while also helping identify wastage, achieve cost savings, and reach their sustainability targets. With access to real-time consumption information, adjustments can easily be made to improve energy efficiency. In 2021, six new customers implemented this solution to gain better insights into their utilities usage, reduce these costs and, achieve their energy efficiency targets. SMART METERS AND THE SP APP SP has deployed smart electricity meters in all households. We have installed over 648,000 smart meters nationwide as of March 2022. Through the SP app, residents can monitor their electricity usage every half hourly. Electricity, gas and water consumption can be tracked through a time chart, giving users a better picture of their energy usage patterns. This enables residents to quickly implement energy-saving measures to reduce costs and achieve their green goals. Today, consumers are empowered with sustainability tools via the SP app, on top of the usual energy monitoring feature. The app integrates the utilities bill payment channel, EV charging, My Green Credits, GreenUP™, and My Carbon Footprint to cater to differing needs of the users. With more than 1.5 million app downloads, customers are submitting their meter readings, viewing their bills and paying them directly via the SP app. Customers can pay with credit cards and enjoy The SP app enables a greener lifestyle with features providing you with insights to help reduce your utilities consumption, ways to go green through your purchases when you’re out and about, and even a special calculator to tabulate your carbon footprint. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS Grid 2030 Sustainable energy solutions Energy as a Service 32 rebates and rewards offered by banking partners for bill payments through the app. We have processed over 5.6 million transactions through the app since 2019, offering customers greater convenience. When they are ready to charge their vehicles, EV owners can log onto the app and search for the nearest charging location, scan the QR code on our charging points, and make payment conveniently. Households can also learn more about their carbon footprint by measuring it on the app and purchasing RECs to green their energy usage. Consumers learn more about sustainability through our GreenUP™ platform on the app – a fun way to earn retail rewards by adopting sustainable practices and lifestyle changes. Beyond smart electricity meters, SP rolled out Singapore’s first large scale smart metering project to supply, install and manage around 300,000 smart water meters across seven locations islandwide from early 2022. We are supplying, installing, and operating smart water meters for businesses and households, and will leverage our wireless communications network and develop supporting IT infrastructure for the retrieval and management of water meter data. This data is crucial to helping homes and businesses better understand their consumption patterns and aims to support the sustainable use of our water resources for decades to come. RENEWABLE ENERGY CERTIFICATES SP provides a one stop Renewable Energy Certificates (RECs) service platform to allow both small and large scale customers to achieve their green targets with ease. Customers can utilise RECs to make clean energy usage claims for GHG scope 2 reporting. With SP, customers can choose from a variety of RECs across Asia. In 2021, we saw a 40-fold increase in transacted volume compared to the previous year. SP REC Platform Security Convenience Cross Border Empowerment Savings MY GREEN CREDITS A feature on the SP app that was launched in October 2020 to provide all with easy access to green their electricity, My Green Credits promotes accessibility to RECs as they are sold in multiples of kilowatt-hour (kWh). This allows residential consumers and individuals to “green” any percentage of their monthly electricity consumption. The purchase of these certificates drives awareness of renewable energy and allow customers to achieve their green goals and to play their part in helping Singapore transit to a low carbon economy. SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES ABOUT THIS REPORT Sustainable energy solutions Energy as a Service People and the Community Grid 2030 33 GREEN BUILDINGS Climate-friendly and energy-efficient buildings are crucial to achieving the Paris Agreement’s goal of keeping global warming under 2°C, and preferably under 1.5°C. Yet there are many challenges associated with the design and management of these buildings. Ever rising demand for energy services– particularly electricity to power cooling equipment, appliances and connected devices – has been outpacing energy efficiency for many years. At SP, we are committed to addressing these challenges by helping to accelerate digitalisation and by embracing the IoT, AI and other innovative digital technologies. We are confident that Singapore can achieve smarter, healthier, and more sustainable buildings and we are investing in creating solutions that will help in this endeavour. Singapore Institute of Technology SP and the Singapore Institute of Technology (SIT) are building the country’s first multi-energy urban microgrid at the university’s campus in Punggol Digital District. The microgrid will integrate electricity and thermal energy into a unified smart energy network through multiple phases of execution. The new SIT campus will also be powered by solar energy, generated by building-integrated photovoltaics and thermal sources. SP also plans to install energy storage technologies, a microgrid controller, and smart metering to optimise consumption and reduce carbon emissions. The campus will serve as a living lab for future test-bedding of innovative solutions that will help Singapore decarbonise and become more sustainable. Singapore’s largest private microgrid at Singapore Institute of Technology Photo credit: Singapore Institute of Technology DISCLOSURES FOCUS AREAS SUSTAINABILITY GOVERNANCE SUSTAINABILITY STRATEGY ABOUT THIS REPORT People and the Community Energy as a Service Sustainable energy solutions Grid 2030 34 MAXIMISING SPACE AND MINIMISING ENERGY One of SP’s core strengths is our ability to combine many of our solutions and in an integrated manner to achieve optimal energy efficiency, sustainability and decarbonisation. To develop sustainable infrastructure and space optimisation in landscarce Singapore, SP has embarked on a journey to construct Southeast Asia’s first large-scale underground electrical substation at Labrador. The 230 kV substation, scheduled to be completed in 2024, occupies a land size of three hectares, or about the area of four football fields. Aboveground, a 34-storey super low energy commercial building will be built. Labrador Tower, is a showcase of all of SP’s sustainable energy solutions and has recently achieved certification in June 2022 as a Green Mark Platinum Super Low Energy (SLE) building under the Singapore BCA Green Mark Certification Scheme. This award highlights its best-in-class energy performance, use of renewable energy and other intelligent energy Labrador Tower - achieved Green Mark Platinum Super Low Energy (SLE) certification in June 2022 management strategies. The building incorporates energy-saving features such as a smart air conditioning system, high-performance façade, optimal building orientation and floor plates. With its various sustainable features, Labrador Tower is expected to use at least 40 per cent less energy annually compared to other conventional similar-sized buildings. Combining a 255 kWp rooftop photovoltaic system, the GET Control, an efficient chiller plant, thermal energy storage and electric vehicle charging stations, these sustainable energy solutions work with regular building systems like lighting and controls to achieve the SLE certification. With the SLE certification for Labrador Tower with SP’s suite of solutions, SP hopes to answer the government’s Green Plan which targets 80 per cent of buildings to be green, 80 per cent of new buildings to be SLE and an 80 per cent improvement in energy efficiency by 2030. SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES Sustainable energy solutions Energy as a Service People and the Community Smart air conditioning system High-performance façade Optimal building orientation ABOUT THIS REPORT Grid 2030 35 Environmental awareness SP is committed to doing our part for Singapore’s environmental sustainability by raising awareness through various initiatives and platforms such as My Carbon Footprint, GreenUP™ and Eco boards. Launched in 2020, My Carbon Footprint on the SP app enables everyone in Singapore to gain a deeper understanding of what a carbon footprint is and how much carbon emissions they emit. By answering a few simple questions about the user’s daily routine, their annual carbon emissions are calculated. Accessed via the SP app and the web version, users can keep track of their emissions, using a monthly tracking chart that will be released in the second half of 2022. This feature allows users to view their emissions trends in a single glance and enables them to be more precise when purchasing any carbon offsets or RECs that can reduce their monthly carbon emissions. Another feature on the SP app is GreenUP which provides a fun and engaging way to help customers adopt a more sustainable lifestyle. Daily challenges such as going meatless and using reusable cups aim to help users reduce their carbon emissions and earn rewards. Users have completed over 9 million challenges since its launch in September 2019. Building on the success of this initiative, in 2021, we worked with more than 45 like-minded partners to create the GreenUP sustainability programme to create various challenges to help app users adopt green habits such as forgoing disposable cutlery when ordering food. We are also partnering popular consumer brands such as Amazon, Foodpanda, Huggs coffee and many more, to promote more conscious buying through various green challenges and integrating sustainable habits into our customers’ lives. SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES ABOUT THIS REPORT Sustainable energy solutions Energy as a Service People and the Community Grid 2030 36 People and the Community We are committed to safe operations and we work diligently to protect the health and safety of employees, customers, visitors and contractors at all of our operations. We achieve this by providing thoughtful, targeted training to our team so that they have the skills and knowledge needed to help us become Asia Pacific’s leading sustainable energy solutions player. Health and safety Safety Performance: Zero Zero Fatalities Fatality rate 0.42 Lost Time Injuries Frequency Rate 7 At SP, safety is our highest priority and we strive for zero accidents. The commitment to safety stems from our top management. They play an instrumental role in developing and committing to a safe working culture. Over 500 management staff conduct site safety inspections to bring the message of safety to all staff and contractors. In FY21/22, we recorded almost 30,000 inspections (physical and remote monitoring) conducted at our work sites. We achieve this using SP’s Occupational Health and Safety Management System which was developed based on the ISO 45001 framework and covers all of SP’s Singapore operations. This system is subject to regular annual reviews including an internal and external audit by ISO 45001 auditors as well as a safety & health management review by our Management Safety Committee (MSC). Should any areas for improvement be identified during these reviews, they are followed through to completion. SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES ABOUT THIS REPORT Sustainable energy solutions Energy as a Service People and the Community Grid 2030 7 Lost Time Injury Frequency Rate per million manhours. Includes staff and contractors’ injuries with more than 1 day lost time. 37 Eight key risks associated with the nature of our work include: Excavation & Trenching Traffic Management Working at height Lifting Operation DISCLOSURES People and the Community Confined Space Hot Works Electrical/Gas Works Slips, Trips & Falls Any incidents, including near misses, that occur within SP’s premises or as a result of work activities performed by the group and/or its contractors are reported to the MSC. The person involved in or is witness to the incident shall notify the reporting officer as soon as reasonably practicable. The reporting officer then notifies management and the MSC of the incident within one hour. The location of any incident is immediately secured ensuring that only authorised persons can enter the incident location. No equipment, material or other evidence of the incident is removed unless deemed necessary to prevent further injury or damage or upon instruction by management. Photographs at the scene of any incident are taken and attached to an incident report. An investigation team is formed to investigate incidents and establish accountability and make recommendations to prevent a recurrence. Progress is regularly reported to the MSC on addressing these risks via established risk control activities, namely safety inspections by the Management team, Group Safety and Health (GS&H) and independent HSE inspectors, project safety reviews for all SP projects, and thrice-yearly risk assessment workshops conducted by sections with the departments, supported by GS&H officers. Overall health and safety management is governed by the MSC which is chaired by the Chief Risk Officer and comprises senior management representatives of each business unit. The respective business units have their own Health, Safety and Environmental (HSE) committees chaired by senior management to provide health and safety leadership in those units. Units that have formed HSE Committees, comprising senior management, middle management, and ground staff from the various operational entities. To ensure relevant information on occupational health and safety is readily available to our staff, we utilise a Safety Information Management System that is available to all staff to access information on health and safety via our intranet. Documentation relating to ISO 45001 is available to staff via the portal. We also host regular communication sessions and on-site training, such as monthly section communication sessions to share up to date health and safety information to ground staff, ‘Safety Pauses’ for contractors to communicate key issues with contractors and share best practices, and on-site safety inspection training for new management inspectors. Additional health and safety information is regularly communicated to staff and contractors via various platforms, such as mass email, yammer, safety alerts, circulars, town halls and briefings. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS Grid 2030 Sustainable energy solutions Energy as a Service 38 We have also developed a comprehensive workplace health programme which is based on the WHO model for healthy workplaces. The programme has been developed with the objective of occupational disease prevention and personal health promotion and is backed by the Union of Power and Gas Employees (UPAGE) and supported by the joint efforts of the MSC, the workplace health programme committee, and the ReCharge committee. Beyond our Occupational Health and Safety Management System, we host numerous voluntary health promotion services and programmes for our staff. Highlights include: • An annual health screening, which is available to all staff at no charge. This provides staff with an assessment of their current health status such as cholesterol levels, BMI, and diabetes risk so that they are aware and able to take timely action where required. The data collected is also taken into consideration when developing their work plan for the following year. • A lifestyle survey was conducted with staff as part of our health promotion initiative. The outcome of the survey guides the development of programmes, targeted at everyone’s interest areas, such as physical or mental health workshops or smoking cessation programmes. • We have a network of Care Ambassador volunteers who are trained to aid staff who are suffering from mental health issues. Care Ambassadors undergo formal training to prepare themselves for their roles. • Turning-23 (Weight Management) Programme was launched for all staff to assist in managing their BMI. $100 vouchers are given to staff who achieve a 10% weight reduction and additional $20 vouchers are given to staff who attend all associated group exercises and workshops. • Mental Health Week, organised in Oct 2021, in conjunction with World Mental Health Week aimed to create awareness of mental health issues and to reach out to staff who may need assistance in managing their mental health. • Launched a one-stop Online Health Portal – With the increasing isolation and inactivity due to the work-fromhome arrangement, it became even more important to bring our health resources online expeditiously. GS&H and HR set up a one-stop e-depositories on health matters and a line-up of activities (LIVE WELL and ReCharge) and publicity of programmes over the company intranet, common TVs in offices and on screensavers of individual laptops. We also hosted several physical and mental health workshops, launched “Zoom with ActiveSG Masters” for staff to work out at home daily, held monthly bite-size talks to equip participants with self-help tips, and more. To ensure all our staff and contractors are aware of and maintain SP’s standards for health and safety, training is provided through a variety of means. All new staff are required to attend a safety induction e-training course when joining the company. Annually, a safety e-learning refresher course is rolled out to all staff to provide more in-depth learning about safety in various work environments and mitigation measures to address key safety risks. There is an assessment at the end of each module to reinforce key concepts and learnings. In addition, Site Safety Inspection Training is delivered to SP Project Officers and Management Staff to enhance their skills in identifying safety hazards and understanding safety regulatory requirements relating to actions undertaken by each operation. These skills are required when conducting a safety inspection at SP worksites. For contractors, a mandatory safety course conducted in the native language of foreign workers called Safety@SPPG has been provided since 2014. The objective is to raise safety awareness and to equip them with the necessary skillsets and knowledge to carry out works safely at sites. All workers are required to undergo Safety@SPPG before deployment onto SP worksites. In 2021, the course was extended to include practical stations, covering high-risk work activities, to enhance the learning experience of the participants. We also rolled out a new Project Safety Management Course in January 2022. Targeted at all Contractor Project Managers, Workplace Safety and Health Officers, Project Coordinators and Supervisors the course is designed to build their capabilities and enhance site safety management skills. The training also helps them to better understand SP safety requirements and the importance of working safely. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES Grid 2030 Sustainable energy solutions Energy as a Service People and the Community 39 Training and development 3,574 179,000 50 7.1 100% Number of employees (as of end Mar 2022) To prepare our company for growth now and in the future, we have trained our employees in “Core” and “Future-Ready” programmes in the key areas below. Examples of the programmes are: Safety • Defensive driving and riding • Condition monitoring of switchgear • Singapore’s gas network • Online Condition Monitoring for Transmission and Distribution Equipment • Operation and Maintenance of Energy Storage System (ESS) • Distributed Energy Resources Management System (DERMS) • Trends for Microgrid • OT/loT Cybersecurity Network Reliability Cybersecurity • Advanced Penetration Testing • Advanced Malware AnalysisTrends for Microgrid Total Training Hours Network Reliability Average training hours per employee per year Core programmes Customer First • Go-the-extra-mile service • Project a positive and professional image Future-ready programmes Electric Vehicle Charging • Introduction to Electric Vehicle (EV) and EV Charging System • Electric Vehicle Charging System • Grid Connected Electric Vehicles Data and Artificial Intelligence • Al and Machine Learning • Data Science and Artificial Intelligence Average training days per employee per year Functional-Specific • Project management • Chilled water terminal system • Foundational Workshop on Energy Efficiency • Power BI • PowerApps Development 23 of our staff received a regular performance and career development review 8 • Effective communication • Operational teamwork and collaboration Energy Efficiency App Creation Soft-skill SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES Sustainable energy solutions Energy as a Service People and the Community To ensure that our employees continued to be upskilled during the pandemic, courses were converted to virtual platforms such as e-learning or blended training approaches. For our other training providers and Singapore Institute of Power and Gas, trainers adapted their course materials to enable virtual delivery. For transition programmes for employees going into retirement, reporting officers engage them about six months prior to re-employment to discuss possible arrangements, and training needed should they be redeployed to a different job role. There is also flexible work arrangements subject to operational needs extended to returning retirees, for example shorter workweeks as a transition to eventual exit. ABOUT THIS REPORT Grid 2030 8 Including all men, women, executives and non-executives 40 Community engagement Our initiatives for the community are aligned with our mission – to improve quality of life and create sustainable solutions for the community, today and for future generations. We recognise that we have a responsibility to demonstrate our contribution to the community by educating them on energy efficiency practices and providing innovative products and services with adequate support to help them meet their decarbonisation targets. As the world learns to live with the Covid-19 pandemic, SP is committed to helping communities in need through sustained philanthropy, and skills-based volunteering. Collectively in the past year, we have contributed $4.5 million to various community causes, education, and industry initiatives. A key initiative is SP’s $1.35 million donation to the Institute of Technical Education to establish the SP Group Engineering Study Award. The award provides monthly financial support to 450 engineering school students from low-income families over three years. This initiative builds on SP’s contribution over the years, through book prizes for ITE’s electrical engineering students and job exposure as part of its commitment to nurturing the next generation of technical officers and engineers for Singapore. SP Power Packs amounting to $1.1 million for 10,000 low-income families A $1.35million donation to ITE Education Fund We increased by five-fold the reach of our annual SP Power Packs charity drive, committing $1.1 million for 10,000 lowincome families to receive bags of food and essential items to guard against Covid-19, such as Antigen Rapid Test kits, sanitiser, hand wash, wet wipes, and vitamins. Through the SP Heartware Fund, we have supported programmes for vulnerable seniors to promote active ageing and prevent social isolation. At Toa Payoh West – Thomson, we have provided more than 13,000 meals for seniors. SP Kids at Heart, set up last year, has benefited 2,000 KidSTART pre-schoolers from low-income families through educational tools, books, toys, and electronic devices such as tablets and internet routers to support online and home-based learning. Our staff volunteers, known as SP Heart Workers, have continued to drive outreach activities such as packing and delivering Power Packs and SP Kids at Heart learning packs and organising festive gatherings and grocery shopping for seniors. Our teams have also supported nationwide activities, including Temasek Foundation’s pandemic response programmes by manning the public hotline, as well as the Ministry of Health’s Covid-19 helpline to address queries from patients and the public. In total, our staff have contributed more than 63,000 hours towards these activities. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES Grid 2030 Sustainable energy solutions Energy as a Service People and the Community 41 Disclosures Contribution to SDGs SDG Target by 2030 7.1 Energy access SDG 7 AFFORDABLE AND CLEAN ENERGY Ensure universal access to affordable, reliable and modern energy services 7.2 Renewable energy Increase substantially the share of renewable energy in the global energy mix 7.3 Energy efficiency Double the global rate of improvement in energy efficiency SDG 9 INDUSTRY, INNOVATION AND INFRASTRUCTURE Initiatives to support the targets Clean and Smart Energy - Leveraging on the climate opportunities in the provision of low carbon solutions, aligning with the SDG 7 targets: • Increasing electric vehicle charging stations • Enabling access to the Open Electricity Market by empowering customers with options for electricity packages and to enjoy savings • Renewable energy imports from the region • Deploying solar PV projects • Encourage use of Renewable Energy Certificates for clean energy claims • Launch of My Green Credits™ on the SP app to enable households to match their electricity consumption with an equivalent amount of green energy produced • GET™ TenantCare • Utilities Monitoring & Insights • Deploying smart technology and SP app to access half-hour electricity usage • Spreading environmental awareness through Eco-Boards, GreenUP and My Carbon Footprint • Deploying smart technologies for Tengah smart energy town Reliable and Sustainable Infrastructure – Ensuring resiliency in the infrastructure through addressing the climate risks to uphold reliability of our services in alignment with relevant SDG 9 targets: SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES TCFD Emissions audit statement 9.1 Reliable infrastructure Develop quality, reliable, sustainable, and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all 9.4 Sustainable infrastructure Upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes, with all countries taking action in accordance with their respective capabilities • Investing in network infrastructure upgrades • Deploying smart grid technologies • Asset Health Digital Twin to monitor equipment health – prototype in place • Constructing the first large-scale underground substation in Southeast Asia to optimise space in land-scarce Singapore • Deploying district cooling and energy-saving solutions • Developing urban micro-grid • Capacity upgrades for the Interconnector between Singapore and Peninsular Malaysia to support a regional grid energy import pilot • Developing DERMS to enable the effective integration of renewables • Developing a utility-scale energy storage system SUSTAINABILITY STRATEGY ABOUT THIS REPORT Contribution to SDGs 42 Task Force on Climate-related Financial Disclosures (TCFD) TCFD’s Core Element Governance TCFD recommendations Describe the board’s oversight of climaterelated risks and opportunities. Describe management’s role in assessing and managing climaterelated risks and opportunities. SP Group’s Approach The Board is committed to integrating sustainability into SP Group’s strategic directions and plans. The Board Risk Committee was established by the Board and is responsible for the oversight of the climate risks faced by the group. The Board Executive Committee (ExCo) assists the Board and provides advisory supervision on SP’s sustainable strategy, material ESG topics and targets. The Executive Leadership Team (ELT) reports to the ExCo and is headed by the Group Chief Executive Officer (GCEO). The ELT’s role is to oversee and manage material sustainability initiatives. The Group Risk Management identifies and analyses the climate-related risks faced by SP and reports to the Committee every quarter. Addressed in Sustainability Review Board’s role, pg [10] Management’s role and internal controls, pg [11] FOCUS AREAS DISCLOSURES Emissions audit statement The Strategy and Sustainability team monitors climate change issues and gives regular updates to the ELT. Risk Management Describe the organisation’s processes for identifying and assessing climaterelated risks. Describe the organisation’s processes for managing climaterelated risks. The Strategy and Sustainability team and Risk Management team had jointly conducted a climate risk assessment to identify material climate risks under different climate scenarios. The risks identified were then integrated into the Enterprise Risk Management (ERM) Framework. The Board Risk Management Committee is supported by the Group Risk Management (GRM) and provides oversight of the business risks that the group faces. The implementation and management of the ERM Framework are undertaken by the GRM and ERM workshops on material risks are held across business units. “Top-Down” and “Bottom-Up” approaches are adopted across the entire group so management and employees communicate and participate in effective risk management. Group risk management, pg [12] Group risk management, pg [12] SUSTAINABILITY GOVERNANCE TCFD Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organisation’s overall risk management. The Group Risk Management then reports to the Board Risk Management Committee and provides updates on the risk management activities of the group’s operations. All risks that are considered material to operations and are considered as strategic business risks and managed under the Enterprise Risk Management (ERM) Framework, including risks that arise from climate change. Physical and transitional risks are closely monitored by the related business units and escalated to the Risk Management Committee when necessary. Climate risk assessment and scenario planning, pg [13-15] SUSTAINABILITY STRATEGY ABOUT THIS REPORT Contribution to SDGs 43 Task Force on Climate-related Financial Disclosures (TCFD) TCFD’s Core Element TCFD recommendations Describe the climaterelated risks and opportunities the organisation has identified over the short, medium, and long term. SP Group’s Approach The adoption of two United Nations Sustainable Development Goals (SDG) shows the group’s support of the global call to action that all would enjoy peace and prosperity by 2030. SP had conducted our first climate risk assessment in FY21/22 based on a net-zero and business-as-usual scenario, where short to long term horizons were considered. The adoption of TCFD’s reporting framework was done in FY21/22, focusing on the physical and transition risks and opportunities that occur with climate change. Addressed in Sustainability Review Sustainability strategy, pg [8] Climate risk assessment & scenario planning, pg [13-15] DISCLOSURES Emissions audit statement Strategy Describe the impact of climaterelated risks and opportunities on the organisation’s businesses, strategy, and financial planning. Strategy 2030 aims to create a low carbon, smart energy Singapore and be a regional leader in sustainable energy solutions. SP provides a full suite of solutions to customers and businesses to assist them in their sustainability journey. Our sustainable energy ecosystem, pg [6] FOCUS AREAS Matrices and Targets Describe the resilience of the organisation’s strategy, taking into consideration different climaterelated scenarios, including a 2°C or lower scenario. Disclose the metrics used by the organisation to assess climate-related risks and opportunities in line with its strategy and risk management process. Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas (GHG) emissions, and the related risks. Describe the targets used by the organisation to manage climaterelated risks and opportunities and performance against targets To strengthen the sustainability resiliency of our strategies, SP has done a detailed study on two climate change scenarios. Of which, one scenario is considered a net-zero scenario, where warming temperatures are kept below 2°C. To demonstrate our commitment to sustainability, SP is committed to reducing our own emissions and also helping our customers achieve their green goals through digital solutions, energy-efficient technologies and accelerating the transition to renewable energy. The TCFD reporting framework was adopted in FY21/22 to address the increasing demand for clear, comprehensive and high-quality information on climate-related risks and opportunities. To track the progress of our goals, metrics have been provided since the base year of FY19/20. SP has been reporting our Scope 1 and 2 GHG emissions since FY19/20, in accordance with the GHG Protocol Corporate Accounting and Reporting Standard. To ensure that our GHG emissions data is aligned with international best practices, we had our data externally validated in accordance with ISO 14064-3:2019, ‘specification with guidance at the organisational level for quantification and reporting of greenhouse gas emissions and removals’. Corporate strategy 2030 aims to create a low carbon, smart energy Singapore and be a leading player in sustainable energy solutions by 2030. Climate risk assessment & scenario planning, pg [13-15] Sustainable energy solutions, pg [22-29] Energy as a Service, pg [30-35] Metrics and targets, pg [16] Metrics and targets, pg [16] Emissions audit statement, pg [44] Sustainability strategy, pg [8] ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE Contribution to SDGs TCFD 44 Emissions audit statement LRQA Independent Assurance Statement Relating to SG Group’s GHG Report for the Financial Year 2021/22 DISCLOSURES Emissions audit statement Terms of Engagement This Assurance Statement has been prepared for SP Group. LRQA Limited (Singapore Branch) (LRQA) was commissioned by SP Carbon Solutions Pte. Ltd. to assure SP Group’s GHG Report for the financial year 2021/22 (hereafter referred to as “the Report”). The financial year is from 1 April to 31 March. FOCUS AREAS The Report relates to direct GHG emissions and Indirect GHG emissions from imported energy. Management Responsibility SP Group’s management was responsible for preparing the Report and for maintaining effective internal controls over the data and information disclosed. LRQA’s responsibility was to carry out an assurance engagement on the Report in accordance with our contract with SP Impact Pte Ltd. Ultimately, the Report has been approved by, and remains the responsibility of SP Group. LRQA’s Approach Our verification has been conducted in accordance with ISO 14064–3:2019, ‘Specification with guidance for verification and validation of greenhouse gas statements’ to provide limited assurance that GHG data as presented in the Report have been prepared in conformance with ISO 14064–1:2018, ‘Specification with guidance at the organizational level for quantification and reporting of greenhouse gas emissions and removals’. To form our conclusions the assurance engagement was undertaken as a sampling exercise and covered the following activities: • conducted site visits covering SP Group’s key activities: • SP Group’s HQ building, including data centre at 2 Kallang Sector, Singapore 349277, • Substation for electricity transmission and distribution, • National Gas Control Centre (NGCC), Onshore Receiving Facilities, pressure regulator station and metering station for gas transmission and distribution, • Central warehouse, and • District cooling plants; • reviewed processes related to the control of GHG emissions data and records; • interviewed relevant staff of the organization responsible for managing GHG emissions data and records, both during the site visits and at a sample of overseas locations; • reviewed activity data at the summarised source data, both during the site visits and at a sample of overseas locations; • interviewed relevant staff of the organization responsible for managing GHG emissions data and records; • verified historical GHG emissions data and records at an aggregated level for the financial year 2021/22; and • verified the emission factors used for fossil fuel, lubricant oil/grease, fugitive sources, electricity with the source reference and confirmed its appropriateness. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE Contribution to SDGs TCFD Page 1 of 2 45 Level of Assurance & Materiality In accordance with our contract agreement, the assurance was conducted at a limited level of assurance at a materiality of 5% for Categories 1 and 2. The opinion expressed in this Assurance Statement has been accordingly formed. DISCLOSURES Emissions audit statement LRQA’s Opinion Based on LRQA’s approach nothing has come to our attention that would cause us to believe that the GHG emissions for Category 1 direct GHG emissions and Category 2 indirect GHG emissions from imported energy disclosed in the Report as summarized in Table 1 below are not materially correct, and that the Report has not been prepared in conformance with ISO 14064–1:2018. FOCUS AREAS Signed Dated: 28 June 2022 Cindy Zhang LRQA Lead Verifier LRQA Limited (Singapore Branch) 18 Cross Street, #02-101, Suite S2039, Singapore 048423 On behalf of LRQA Limited 1 Trinity Park, Bickenhill Lane, Birmingham B37 7ES, United Kingdom SUSTAINABILITY GOVERNANCE TCFD LRQA reference number: SNG00000324 Table 1. Summary of SP Group, GHG Emissions Report FY2021/22 Scope of GHG emissions Tonnes CO 2 e Direct GHG emissions (Category 1) 78,173 Indirect GHG emissions from imported energy (Category 2, Location-based) Indirect GHG emissions from imported energy (Category 2, Market-based) 423,225 419,959 Location based and Market based are terminologies from Annex E of ISO 14064- 1:2018. This Assurance Statement is subject to the provisions of this legal section: LRQA Group Limited, its affiliates and subsidiaries and their respective officers, employees or agents are, individually and collectively, referred to in this clause as LRQA. LRQA assumes no responsibility and shall not be liable to any person for any loss, damage or expense caused by reliance on the information or advice in this document or howsoever provided, unless that person has signed a contract with the relevant LRQA entity for the provision of this information or advice and in that case any responsibility or liability is exclusively on the terms and conditions set out in that contract. The English version of this Assurance Statement is the only valid version. LRQA assumes no responsibility for versions translated into other languages. SUSTAINABILITY STRATEGY AB

SP Energy HubAnnual ReportReliabilitySustainabilityInnovation INNOVATION We build digital, innovative solutions in-house to meet the demands of an ever-changing industrial landscape. We team up with strategic partners to develop new ideas to help our customers. SP partners Pyxis to launch direct-current fast charging point for electric harbour crafts Innovation Using GET™ to help Mercatus digitally manage their tenant utilities SP Group is partnering Mercatus Co-operative Limited to deploy SP Digital’s Green Energy Tech (GET™) solutions to Mercatus’ properties. Innovation Developing the digital core of sustainable energy solutions From coding to designing systems, Ibrahim develops and manages all the central platforms and systems that power the SP Utilities app, commercial solutions, and internal projects for SP. People of SpSp DigitalInnovation SP Group awarded BCA grant to power next-gen green buildings SP Group (SP) was awarded a grant by the Building and Construction Authority (BCA) to develop and implement technologies and digital solutions to push the limits of buildings’ energy efficiency standards. Innovation view more

Transforming to serve you better SP Group Year in Review 2017 A CONTENTS Chairman’s Message Financial Highlights 02 06 07 Enjoy A Seamless, Unified Experience Always Here for You Saving Energy and Cost 08 10 11 A Greener, Cooler World Next-Generation Solutions for Your Future Needs 13 16 Driving Innovation from Within CHAIRMAN’S MESSAGE TRANSFORMING TO SERVE CUSTOMERS BETTER Singapore Power and all members of the group now serve the public as SP Group. We are transforming to serve customers better. With disruption sweeping through every industry and facet of society, we strive to meet customers’ evolving needs by innovating and building capabilities for the future. Pivotal in realising this goal is bringing our employees from different work locations together in our new premises at Kallang Sector. This enables our people to collaborate and co-create more easily, and reaps savings in property and facilities management at our own building instead of rented offices spaces. Projecting a unified identity as SP Group is also important in providing our customers a seamless, unified experience at all touch points. Our efforts are anchored on our mission to improve quality of life for individuals of all ages, families, industries and the community. Our goal is to empower customers with sustainable lifestyle solutions to meet their needs and aspirations. In fulfilling our commitment, we have upheld strong network performance that enables Singapore to enjoy worldclass reliability and efficiency. We have also maintained financial discipline and governance, closing the year on 31 March 2017 with a net profit of S$948.8 million, with our Australian associates contributing S$216.4 million. 02 SP GROUP ANNUAL REPORT 2017 Our goal is to empower customers with sustainable lifestyle solutions to meet their needs and aspirations. In providing customers greater convenience, we aim to deliver a more unified, seamless experience, bringing savings in energy, time and cost. GOING DIGITAL TO DO MORE WITH LESS In providing customers greater convenience, we aim to deliver a more unified, seamless experience, bringing savings in energy, time and cost. Instrumental in making these possible are digital technologies that will power futureready solutions. Our SP Utilities mobile application is centred on customers’ growing needs and changing lifestyle. Launched in March 2017, SP Utilities enables customers to make transactions on the go, get timely reminders on bill payment, track their utilities consumption and compare it with their past usage as well as that of their neighbours. Progressively, new features are being added, such as the “live” chat for customers to have their queries addressed promptly. This is supported by our one-stop Digital Contact Centre, that also attends to customers on phone calls and email. Digital applications have also transformed the way we carry out our operations. We are better able to perform real-time monitoring of assets and network performance, establish secure protocols, avert interruption and down-time, streamline processes, respond speedily to irregularities, plan efficiently, be responsive to dynamic events and optimise resources for greater productivity and reliability. Our employees have embraced new ways of working, in order to do more with less and bring greater value to customers. They are equipped with digital tools and workspaces to perform their roles and connect with each other and our customers, regardless of where they are. The SP Utilities mobile app enables customers to make transactions on the go and track their utilities consumption. 03 CHAIRMAN’S MESSAGE (CONTINUED) Tao Nan School students visit to SP Group’s district cooling plant at Marina Bay. SP Group’s district cooling: Savings of up to 40 % in energy consumption We have continued to build engineering talent and bench strength, with SP’s own EDGE, iGRAD and LEAP scholarships for students in tertiary, polytechnic and technical institutes, as well as incumbent professionals making the transition to higher level responsibilities and roles that have evolved with the changing landscape. In all our undertakings, we keep an unwavering focus on the safety of the public, our staff and contractors. We have strengthened contractor partnership and management programmes to reward good safety practices and encourage improvement in areas we have identified. POWERING A GREENER FUTURE We are developing green technologies and adopting more sustainable practices in our operations. In the last year, we started our journey towards converting our service fleet to Electric Vehicles. To maintain the fleet, we have installed a robust network of charging stations at various locations in Singapore. We have also installed solar panels at our headquarters and district offices and developed storage systems to harness and deploy energy efficiently. Our experience will enable us to work with partners in the community to achieve similar sustainable outcomes. For a start, we have helped Bukit Panjang Community Club reduce electricity usage with solar panels and a real-time monitoring system at its premises. In district cooling, where customers have reported savings of up to 40 per cent in energy consumption, we have progressed beyond indoor airconditioning in commercial buildings at the central business district. We have taken this expertise to Chongqing, China, where we are managing the district cooling system for the new Raffles City Chongqing that is run by CapitaLand. At this year’s National Day Parade, we introduced outdoor cooling facilities, tapping on the same technologies and infrastructure powered by our Singapore District Cooling. We look forward to exploring wider-scale adoption of district cooling in the community. 04 SP GROUP ANNUAL REPORT 2017 INNOVATION TO DELIVER GREATER VALUE To deliver value to our customers for the long-run, it is imperative to invest in projects and partnerships that will nurture the spirit of innovation and test promising ideas. In the past year, we embarked on a collaboration with General Electric to develop Industrial Internet of Things capabilities and intelligent applications to enhance our power network reliability and efficiency. Together with seven other leading international utilities, we are driving the first global utilities accelerator programme, Free Electrons, for start-ups to develop game-changing products. We are also part of a consortium of global energy players to develop blockchain solutions aimed at helping customers achieve energy efficient results. Through the SP Centre of Excellence, we continue to invest in next-generation technologies aimed at helping customers attain a high quality, sustainable way of life. STEADY GROWTH AND COMMITMENT Our journey of transformation is only possible with the right mindset, conviction and commitment to adapt and grow. I thank the Management and staff for their leadership and tireless resolve to transform to serve customers better. I am also grateful to our shareholder, business partners, staff union and regulator, for your partnership that is rooted on our mission to improve quality of life for our customers. To the members of the Board, thank you for your guidance and counsel. In line with our digital focus, I hope you enjoy this interactive review of our performance. Thank you for your support. Mohd Hassan Marican Chairman August 2017 SP Group’s Chief Digital Officer Samuel Tan (seated, right) signing a Memorandum of Understanding with Wouter Van Wersch, President & CEO of GE ASEAN. Witnessing the event are (standing from left) Jeff Immelt, Chairman and then-CEO of GE; Dr Beh Swan Gin, Chairman of Singapore Economic Development Board; and Wong Kim Yin, Group CEO, SP Group. 05 FINANCIAL HIGHLIGHTS Net profit after tax (S$ million) Revenue from continuing operations (S$ million) 991 924 949 4,840 3,964 3,722 FY2014/15 FY2015/16 FY2016/17 FY2014/15 FY2015/16 FY2016/17 Total assets (S$ million) Shareholder’s equity (S$ million) 15,635 16,716 17,806 8,528 9,088 9,793 FY2014/15 FY2015/16 FY2016/17 FY2014/15 FY2015/16 FY2016/17 Economic value added (S$ million) Return on equity (%) 284 300 256 11.2 10.5 10.1 FY2014/15 FY2015/16 FY2016/17 FY2014/15 FY2015/16 FY2016/17 06 SP GROUP ANNUAL REPORT 2017 ENJOY A SEAMLESS, UNIFIED EXPERIENCE Life would be a breeze if we could get our important tasks done fast, anytime, anywhere. With the SP Utilities mobile app, you can open a utility account, make a payment and even chat “live” with our call agents. A single touch-ID makes it easy to check your bills and past transactions. You’ll never miss important updates through timely alerts. ONE CALL, ONE CLICK AND ONE-STOP SERVICE IN ONE BUSINESS DAY. Manage your utilities through one call, one click, at one-stop in one business day. SP Utilities app is available on apple app store and google play store. Top: With the SP Utilities app, you can chat “live” with us on the go. Bottom: SP’s one-stop solution at your fingertips. Service to customers in 2017 1.5 million Customers we serve each month Calls we receive each month 60,000 491 million Utility payments processed each month on average 07 ALWAYS HERE FOR YOU Top: Our officers stand by at major events, like National Day Parade 2017, to ensure reliable power supply. Bottom: Our engineers working on the cross-island Transmission Cable Tunnel project, which offers a costeffective long-term solution for reliable electricity supply in Singapore. Life should be free of interruption. But when it happens, we know what it means for you to have things back to normal without delay. Our officers stand by 24/7 to respond immediately, should electricity or gas supply be disrupted, regardless of the cause. Our priority is always to restore supply as safely and quickly as possible so that inconvenience to customers is minimised. Singapore’s power network is ranked one of the most reliable in the world. In 2016/17, customers experienced an average of 0.25 minute of electricity interruption. That year, 98 per cent of all electricity interruptions were restored within just 2 hours, and 90 per cent in an hour. 08 SP GROUP ANNUAL REPORT 2017 System Average Interruption Duration Index Mins 3.9 2.2 1.2 0.7 0.3 0.4 0.7 0.3 0.6 0.25 4 2 Restoration Time In 2016 98 % of interruptions restored within 2 hours Source: DNV.GL 96/97 01/02 06/07 10/11 11/12 12/13 13/14 14/15 15/16 16/17 Customers experienced an average of 0.25 minute of electricity interruption in 2016/17. Electricity Network Performance Benchmarking System Average Interruption Duration Index 2016 (in minutes) Source: DNV.GL Grid Price and Performance Benchmarking Report 2016 Customers in Singapore experienced 0.56 minute of electricity interruption in 2015/16, compared to an average of 10.19 minutes in top 5 performing cities. We continually monitor, maintain and renew our infrastructure, with the latest techniques and technology, to meet the nation’s growing power needs and ensure long-term reliability and efficiency. We have systems in place to detect and avert abnormalities as much as possible. We are building capabilities today, to power the lives of generations to come. 09 SAVING ENERGY AND COST You can have power in your hands to save energy and cost. The SP Utilities app and the new SP bill are designed to serve you better. You have tools at your fingertips to track your electricity, water and gas usage, and even compare your consumption pattern with that of your neighbours. More features are coming your way, to help you do more with less. We’ll keep raising the bar, to help you keep consumption and cost down. Bottom: With SP, your bill is designed to help you track past consumption, compare your power usage with that of your neighbours’ and receive tips on saving energy. 10 SP GROUP ANNUAL REPORT 2017 A GREENER, COOLER WORLD In our tropical climate, keeping cool is an important part of enjoying a better quality of life. You can beat the heat while keeping your energy consumption low. In an average building, around 50 per cent of energy usage powers air-conditioning alone. SP Group’s underground district cooling network provides chilled water for air-conditioning of several buildings at Marina Bay. Compared to conventional air-conditioning, our district cooling customers can save up to 40 per cent on their energy consumption. Bottom: SP Group’s district cooling system at Marina Bay. 11 A GREENER, COOLER WORLD (CONTINUED) Outdoor Cooling Innovation – How it works Source: by SP Group and ST Engineering At National Day Parade 2017, segments of spectators were the first to enjoy cool air comfort outdoors. This was made possible through an innovation that builds on SP’s district cooling network. This outdoor cooling system saves 90 per cent in energy consumption compared to conventional air-conditioning. It is a game-changing solution that unlocks the potential of urban spaces in land-scarce Singapore. 12 SP GROUP ANNUAL REPORT 2017 NEXT-GENERATION SOLUTIONS FOR YOUR FUTURE NEEDS Today, cutting-edge energy solutions are closer to you than ever before, and within the reach of everyone in the community. In the heartlands, SP’s digital energy-saving solution, integrated with solar, battery storage and sensor monitoring capabilities, has enabled Bukit Panjang Community Club to reduce its energy consumption by 31 per cent. We partnered South West Community Development Council in an energy-saving challenge for residents, which reaped savings of 50,000 kWh – enough to power 160 three-room HDB flats for a month. Top: Partnership with Siemens. Bottom: South West CDC Mayor Low Yen Ling (in green), with Group CEO of SP, Wong Kim Yin (seated, extreme left) presenting a starter kit to residents to help them participate in the Power Saversfor-Charity@South West energy-saving challenge. 13 NEXT-GENERATION SOLUTIONS FOR YOUR FUTURE NEEDS (CONTINUED) Top: SP Group’s digital energy-saving solution helped Bukit Panjang Community Club reduce its energy consumption by 31 per cent. Bottom: SP has partnered seven other international utilities to launch Free Electrons, the world’s first global energy accelerator, to nurture start-ups in creating next-generation customer solutions. More new technologies are being deployed to serve you better. Together with seven other international utilities leaders, we have launched a global energy accelerator programme called Free Electrons. It supports start-ups developing solutions in areas such as clean energy, energy efficiency and mobility, digitisation, and on-demand customer services. SP Group, Energy Web Foundation and other global energy players are developing blockchain technologies that will enable greater integration of renewable energy sources on the electricity grid and lower transaction costs for customers. 14 SP GROUP ANNUAL REPORT 2017 Top: The SP Centre of Excellence signing Memoranda of Understanding with partners from 3M, GE Grid Solutions, IJENKO, Singapore Economic Development Board, NEC, Space-Time Insight and OMNETRIC Group. Bottom left: Through a S$1 million SP Group sponsorship, Singapore Polytechnic students are building solar cars and competing in the biennial World Solar Challenge in Australia. Bottom right: One of the electric vehicles in SP’s service fleet. We are partnering General Electric to develop Industrial Internet of Things capabilities and intelligent applications to enhance the reliability and efficiency of Singapore’s power network. With Siemens, we are creating a software platform for SP’s 24/7 control centres to enable more robust planning, surveillance and predictive maintenance of the electricity network, and technologies for new urban electricity microgrids which will incorporate renewable sources of energy. Similarly, the SP Centre of Excellence continues to invest in next-generation technologies for sustainable living. SP Group is supporting Singapore Polytechnic students with a S$1 million sponsorship over five years to build solar cars to compete in the biennial World Solar Challenge. The latest edition of the car, SunSPEC5, was launched in July 2017. It features advanced solar and energy storage capabilities close to commercially viable vehicles. We are also offering SunSPEC polytechnic and university sponsorships for students who are part of the solar car team. They will secure jobs at SP Group with customised training and exposure in critical areas such as electricity and gas planning and operations. 15 DRIVING INNOVATION FROM WITHIN Bottom: The team leading the conversion of SP’s entire service fleet to electric vehicles. We are powering transformation with talent in our organisation. SP’s Digital Technology team is swiftly building and deploying digital solutions such as the SP Utilities app and the energy-saving platform for Bukit Panjang Community Club, to bring greater value to customers. In-house capabilities are also driving the conversion of our entire service fleet to electric vehicles and setting up a network of charging stations for them. 16 SP GROUP ANNUAL REPORT 2017 We have teams studying and installing solar panels at our offices, with storage systems to harness and deploy energy efficiently. We are also uncovering compelling gems through The Pitch, a business ideas competition among SP employees. Expect more made-in-SP innovations, all with the goal of improving quality of life. Top: Our Solar Taskforce led an initiative to install solar panels at our offices to harness renewable energy. Bottom: Recipients of SP Group’s university and polytechnic scholarships and sponsorships with SP Group CEO Wong Kim Yin (Back row, 5th from left) and Senior Advisor Quek Poh Huat (Back row, 4th from left). 17 2 Kallang Sector Singapore 349277 T. +65 6916 8888 F. +65 6304 8188 https://www.spgroup.com.sg/ Transforming to serve you better SP GROUP FINANCIAL SUMMARY 2016/17 Registration Number : 199406577N | SP Power Limited and its subsidiaries 1 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 15 1 DOMICILE AND ACTIVITIES 15 2 BASIS OF PREPARATION 15 3 SIGNIFICANT ACCOUNTING POLICIES 17 4 PROPERTY, PLANT AND EQUIPMENT 36 5 INTANGIBLE ASSETS 39 6 SUBSIDIARIES 41 7 ASSOCIATES AND JOINT VENTURE 42 8 OTHER NON-CURRENT ASSETS 45 9 DEFERRED TAXATION 47 10 DERIVATIVE ASSETS AND LIABILITIES 49 11 AVAILABLE-FOR-SALE FINANCIAL ASSETS 51 12 INVENTORIES 51 13 TRADE AND OTHER RECEIVABLES 51 14 CASH AND CASH EQUIVALENTS 54 15 DISPOSAL GROUP HELD-FOR-SALE 55 16 SHARE CAPITAL 56 17 RESERVES 56 18 DEBT OBLIGATIONS 57 19 OTHER NON-CURRENT LIABILITIES 58 20 TRADE AND OTHER PAYABLES 60 21 REVENUE 61 22 OTHER INCOME 61 23 FINANCE INCOME 61 24 FINANCE COSTS 62 25 TAX EXPENSE 63 26 PROFIT FOR THE YEAR 65 27 RELATED PARTIES 65 28 OPERATING SEGMENTS 66 29 FINANCIAL RISK MANAGEMENT 70 30 FAIR VALUES 79 31 COMMITMENTS 83 32 CONTINGENT LIABILITIES 84 33 DIVIDENDS 84 2 DIRECTORS’ STATEMENT YEAR ENDED 31 MARCH 2017 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 2017. OPINION OF THE DIRECTORS In our opinion, (a) (b) the financial statements set out on pages 8 to 84 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 2017 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; 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 Mrs Oon Kum Loon Mr Tan Puay Chiang Mr Ong Yew Huat Mr Timothy Chia Chee Ming Mr Ng Kwan Meng 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: Name of director and related corporations in which Holdings Holdings interests (fully paid ordinary shares unless at beginning at end of otherwise stated) are held of the year the year Mr Choi Shing Kwok Singapore Telecommunications Limited 2,720 2,720 Olam International Limited – 6% notes due 2018 S$500,000 S$500,000 1 DIRECTORS’ STATEMENT YEAR ENDED 31 MARCH 2017 Name of director and related corporations in which Holdings Holdings interests (fully paid ordinary shares unless at beginning at end of otherwise stated) are held of the year the year Mrs Oon Kum Loon Singapore Telecommunications Limited 2,720 2,720 Mapletree Industrial Trust - units 8,894 8,894 Mr Tan Puay Chiang Neptune Orient Lines Limited* 100,000 – Singapore Airlines Limited 10,000 10,000 Singapore Technologies Engineering Limited 120,000 150,000 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 October 2018 S$250,000 S$250,000 - 5.125% Perpetual securities S$250,000 S$250,000 Mapletree Commercial Trust Treasury Company Pte. Ltd. - 2.795% fixed rate notes due on 15 November 2023 – S$250,000 Singapore Technologies Telemedia Pte Ltd - 4.05% notes due on 2 December 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 2 DIRECTORS’ STATEMENT YEAR ENDED 31 MARCH 2017 Name of director and related corporations in which Holdings Holdings interests (fully paid ordinary shares unless at beginning at end of otherwise stated) are held of the year the year Mr Ng Kwan Meng Neptune Orient Lines Limited* 100,000 – Singapore Telecommunications Limited 5,350 5,350 Singapore Technologies Engineering Ltd 25,000 25,000 SMRT Corporation Ltd 68,000 – Starhub Ltd 6,000 6,000 Mapletree Commercial Trust - units 10,000 10,000 Mapletree Greater China Commercial Trust - units 172,000 22,000 Mapletree Industrial Trust - units 10,000 10,000 Ascendas Real Estate Investment Trust - units 10,000 10,000 Mr Wong Kim Yin Singapore Telecommunications Limited 190 190 Mapletree Industrial Trust - units 30,506 30,506 *ceased to be a related corporation on 9 Jun 2016 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 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. 3 DIRECTORS’ STATEMENT YEAR ENDED 31 MARCH 2017 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 23 May 2017 4 INDEPENDENT AUDITOR’S REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2017 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 84, which comprise the consolidated balance sheet of the Group and the balance sheet of the Company as at 31 March 2017, the consolidated income statement, statement of comprehensive income, statement of changes in equity and statement of cash flows of the Group and the income statement, statement of comprehensive income and statement of changes in equity of the Company 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 Financial Reporting Standards in Singapore (“FRSs”) so as to give a true and fair view of the consolidated financial position of the Group and the financial position of the Company as at 31 March 2017 and of the consolidated financial performance, consolidated changes in equity and consolidated cash flows of the Group and financial performance and changes in equity of the Company for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (SSAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the 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. 5 INDEPENDENT AUDITOR’S REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2017 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. 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 FRSs, 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. 6 INDEPENDENT AUDITOR’S REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2017 • 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. • 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 23 May 2017 7 BALANCE SHEETS AS AT 31 MARCH 2017 Group Company Note 2017 2016 2017 2016 $ million $ million $ million $ million Non-current assets Property, plant and equipment 4 11,713.6 10,967.8 13.3 15.9 Intangible assets 5 141.6 133.1 8.1 8.5 Subsidiaries 6 – – 6,764.9 6,854.9 Associates and joint venture 7 2,994.7 2,772.9 1.3 1.3 Other non-current assets 8 428.1 383.0 78.6 80.3 Deferred tax assets 9 29.2 31.9 – – Derivative assets 10 106.4 115.2 0.2 0.3 Available-for-sale financial assets 11 165.8 191.4 160.3 191.4 15,579.4 14,595.3 7,026.7 7,152.6 Current assets Available-for-sale financial assets 11 29.6 8.9 29.6 8.9 Inventories 12 49.0 56.3 – – Trade and other receivables 13 431.0 422.7 3,951.4 3,863.3 Derivative assets 10 2.4 2.4 0.2 0.7 Cash and cash equivalents 14 1,677.1 1,630.2 878.0 641.7 Assets held-for-sale 15 37.6 – 90.0 – 2,226.7 2,120.5 4,949.2 4,514.6 Total assets 17,806.1 16,715.8 11,975.9 11,667.2 Equity Share capital 16 2,911.9 2,911.9 2,911.9 2,911.9 Reserves 17 (187.4) (313.8) 3.2 (0.1) Accumulated profits 7,068.3 6,489.5 5,152.1 5,057.6 Total equity, attributable to owner of the Company 9,792.8 9,087.6 8,067.2 7,969.4 Non-current liabilities Debt obligations 18 4,147.5 4,119.1 – – Derivative liabilities 10 92.9 102.6 8.1 6.6 Deferred tax liabilities 9 1,284.2 1,239.5 0.2 0.6 Other non-current liabilities 19 704.2 629.3 – 3.0 6,228.8 6,090.5 8.3 10.2 Current liabilities Debt obligations 18 139.7 82.1 – – Derivative liabilities 10 15.3 0.9 6.7 – Current tax payable 161.4 142.2 14.7 11.8 Trade and other payables 20 1,451.3 1,312.5 3,879.0 3,675.8 Liabilities held-for-sale 15 16.8 – – – 1,784.5 1,537.7 3,900.4 3,687.6 Total liabilities 8,013.3 7,628.2 3,908.7 3,697.8 Total equity and liabilities 17,806.1 16,715.8 11,975.9 11,667.2 The accompanying notes form an integral part of these financial statements. 8 INCOME STATEMENTS YEAR ENDED 31 MARCH 2017 Group Company Note 2017 2016 2017 2016 $ million $ million $ million $ million Revenue 21 3,722.0 3,963.5 533.7 524.2 Other income 22 189.0 162.6 1.2 0.3 Expenses - Purchased power (1,803.6) (2,073.4) – – - Depreciation of property, plant and equipment (548.5) (522.4) (4.8) (5.4) - Amortisation of intangible assets (34.4) (28.6) (2.7) (2.2) - Maintenance (99.0) (97.4) (4.8) (5.7) - Staff costs (297.6) (275.8) (74.8) (70.3) - Property taxes (55.3) (66.6) (0.3) (0.3) - Other operating expenses (122.1) (118.7) (22.3) (20.6) Operating profit 950.5 943.2 425.2 420.0 Finance income 23 65.6 44.7 65.5 53.4 Finance costs 24 (102.2) (142.4) (12.7) (9.0) Share of profit of associates, net of tax 216.4 244.5 – – Share of profit of joint venture, net of tax 1.7 1.9 – – Profit before taxation 1,132.0 1,091.9 478.0 464.4 Tax expense 25 (183.2) (168.4) (13.5) (8.9) Profit for the year, attributable to owner of the Company 26 948.8 923.5 464.5 455.5 The accompanying notes form an integral part of these financial statements. 9 STATEMENTS OF COMPREHENSIVE INCOME YEAR ENDED 31 MARCH 2017 Group Company 2017 2016 2017 2016 $ million $ million $ million $ million Profit for the year 948.8 923.5 464.5 455.5 Other comprehensive income Items that will not be reclassified to profit or loss: Share of defined benefit plan remeasurements of associates 11.2 13.0 – – 11.2 13.0 – – Items that are or may be reclassified subsequently to profit or loss: Translation differences relating to financial statements of foreign operations 101.4 (19.5) – – Effective portion of changes in fair value of cash flow hedges, net of tax (13.2) (32.8) 3.3 0.3 Net change in fair value of: – Cash flow hedges reclassified to profit or loss, net of tax (3.8) (11.4) 0.3 0.3 – Cash flow hedges on recognition of the hedged items on balance sheet, net of tax (1.8) 1.7 (0.2) – – Available-for-sale financial assets 0.2 (0.1) (0.1) (0.1) Share of hedging reserves of associates 32.4 7.3 – – Reclassification of translation differences arising from subsidiaries’ liquidation process – (6.1) – – 115.2 (60.9) 3.3 0.5 Other comprehensive income for the year, net of tax 126.4 (47.9) 3.3 0.5 Total comprehensive income for the year, attributable to owner of the Company 1,075.2 875.6 467.8 456.0 The accompanying notes form an integral part of these financial statements. 10 STATEMENTS OF CHANGES IN EQUITY YEAR ENDED 31 MARCH 2017 Total equity Currency attributable to Share translation Hedging Other Accumulated owner of the Total capital reserve reserve reserves profits Company equity Group $ million $ million $ million $ million $ million $ million $million At 1 April 2015 2,911.9 (301.3) 40.4 (5.0) 5,882.0 8,528.0 8,528.0 Total comprehensive income for the year Profit for the year – – – – 923.5 923.5 923.5 Other comprehensive income Translation differences relating to financial statements of foreign operations – (19.5) – – – (19.5) (19.5) Reclassification of translation differences arising from subsidiaries’ liquidation process (note 17) – (6.1) – – – (6.1) (6.1) Effective portion of changes in fair value of cash flow hedges, net of tax – – (32.8) – – (32.8) (32.8) Net change in fair value of cash flow hedges: - reclassified to profit or loss, net of tax – – (11.4) – – (11.4) (11.4) - on recognition of the hedged items on balance sheet, net of tax – – 1.7 – – 1.7 1.7 Net change in fair value of available-for-sale financial assets – – – (0.1) – (0.1) (0.1) Share of other comprehensive income of associates – – 7.3 13.0 – 20.3 20.3 Total other comprehensive income – (25.6) (35.2) 12.9 – (47.9) (47.9) Total comprehensive income for the year – (25.6) (35.2) 12.9 923.5 875.6 875.6 Transactions with owner, recognised directly in equity Contribution by and distribution to owner Dividends declared (note 33) – – – – (316.0) (316.0) (316.0) Total transactions with owner – – – – (316.0) (316.0) (316.0) At 31 March 2016 2,911.9 (326.9) 5.2 7.9 6,489.5 9,087.6 9,087.6 The accompanying notes form an integral part of these financial statements. 11 STATEMENTS OF CHANGES IN EQUITY YEAR ENDED 31 MARCH 2017 Total equity Currency attributable to Share translation Hedging Other Accumulated owner of the Total capital reserve reserve reserves profits Company equity Group $ million $ million $ million $ million $ million $ million $million At 1 April 2016 2,911.9 (326.9) 5.2 7.9 6,489.5 9,087.6 9,087.6 Total comprehensive income for the year Profit for the year – – – – 948.8 948.8 948.8 Other comprehensive income Translation differences relating to financial statements of foreign operations – 101.4 – – – 101.4 101.4 Effective portion of changes in fair value of cash flow hedges, net of tax – – (13.2) – – (13.2) (13.2) Net change in fair value of cash flow hedges: - reclassified to profit or loss, net of tax – – (3.8) – – (3.8) (3.8) - on recognition of the hedged items on balance sheet, net of tax – – (1.8) – – (1.8) (1.8) Net change in fair value of available-for-sale financial assets – – – 0.2 – 0.2 0.2 Share of other comprehensive income of associates – – 32.4 11.2 – 43.6 43.6 Total other comprehensive income – 101.4 13.6 11.4 – 126.4 126.4 Total comprehensive income for the year _ 101.4 13.6 11.4 948.8 1,075.2 1,075.2 Transactions with owner, recognised directly in equity Contribution by and distribution to owner Dividends declared (note 33) – – – – (370.0) (370.0) (370.0) Total transactions with owner – – – – (370.0) (370.0) (370.0) At 31 March 2017 2,911.9 (225.5) 18.8 19.3 7,068.3 9,792.8 9,792.8 The accompanying notes form an integral part of these financial statements. 12 STATEMENTS OF CHANGES IN EQUITY YEAR ENDED 31 MARCH 2017 Company Share Hedging Other Accumulated capital reserve reserves profits Total $ million $ million $ million $ million $ million At 1 April 2015 2,911.9 (2.6) 2.0 4,918.1 7,829.4 Total comprehensive income for the year Profit for the year – – – 455.5 455.5 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax – 0.3 – – 0.3 Net change in fair value of: - cash flow hedges reclassified to profit or loss, net of tax – 0.3 – – 0.3 - available-for-sale financial assets – – (0.1) – (0.1) Total other comprehensive income – 0.6 (0.1) – 0.5 Total other comprehensive income for the year – 0.6 (0.1) 455.5 456.0 Transactions with owner, recognised directly in equity Dividends declared (note 33) – – – (316.0) (316.0) Total transactions with owner – – – (316.0) (316.0) At 31 March 2016 2,911.9 (2.0) 1.9 5,057.6 7,969.4 At 1 April 2016 2,911.9 (2.0) 1.9 5,057.6 7,969.4 Total comprehensive income for the year Profit for the year – – – 464.5 464.5 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax – 3.3 – – 3.3 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 – (0.2) – – (0.2) - available-for-sale financial assets – – (0.1) – (0.1) Total other comprehensive income – 3.4 (0.1) – 3.3 Total other comprehensive income for the year – 3.4 (0.1) 464.5 467.8 Transactions with owner, recognised directly in equity Dividends declared (note 33) – – – (370.0) (370.0) Total transactions with owner – – – (370.0) (370.0) At 31 March 2017 2,911.9 1.4 1.8 5,152.1 8,067.2 The accompanying notes form an integral part of these financial statements. 13 CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2017 Note 2017 2016 $ million $ million Cash flows from operating activities Profit for the year 948.8 923.5 Adjustments for: Deferred income 93.6 104.0 Depreciation and amortisation 582.9 551.0 Finance costs 24 102.2 142.4 Finance income 23 (65.6) (44.7) Exchange (gain)/loss (8.2) 6.4 Loss on disposal of property, plant and equipment and intangible assets 6.5 6.6 Share of profit of associates and joint venture, net of tax (218.1) (246.4) Tax expense 25 183.2 168.4 Others 0.3 1.0 1,625.6 1,612.2 Changes in working capital: Inventories 2.0 (5.3) Trade and other receivables (35.6) 40.0 Balances with related parties (trade) 14.6 11.5 Trade and other payables 0.5 (49.6) Cash generated from operations 1,607.1 1,608.8 Interest received 60.4 33.9 Net tax paid (100.5) (86.2) Net cash generated from operating activities 1,567.0 1,556.5 Cash flows from investing activities Purchase of property, plant and equipment (1,236.5) (1,209.9) Purchase of intangible assets (45.0) (48.0) Proceeds from disposal of property, plant and equipment and intangible assets 10.2 5.1 Dividends received from associates and joint venture 128.3 62.5 Proceeds from disposal of other investments 13.8 4.0 Acquisition of other investments (5.1) (6.5) Capital repayment by an associate – 78.7 Net cash used in investing activities (1,134.3) (1,114.1) Cash flows from financing activities Proceeds from bank loans and debt obligations 79.9 1,070.5 Repayment of bank loans and debt obligations – (658.5) Dividends paid to owner of the Company (370.0) (316.0) Interest paid (116.1) (108.4) Commitment fee paid (3.0) (12.1) Proceeds from termination of swaps – 9.8 Net cash used in financing activities (409.2) (14.7) Net increase in cash and cash equivalents 23.5 427.7 Cash and cash equivalents at beginning of the year 1,630.2 1,203.3 Effect of exchange rate changes on balances held in foreign currencies 22.8 (0.8) Cash and cash equivalents at end of the year 1,676.5 1,630.2 Restricted cash 14 0.6 – Cash and cash equivalents at end of the year in the Balance Sheets 14 1,677.1 1,630.2 The accompanying notes form an integral part of these financial statements. 14 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 These notes form an integral part of the financial statements. The financial statements were authorised for issue by the Board of Directors on 23 May 2017. 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 venture (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 (“FRS”). 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 FRSs 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. 15 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 2.4 Use of estimates and judgements (cont’d) Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is discussed below: Taxation The Group is subject to taxes mainly in Singapore and Australia. Significant judgement is required in determining provision for taxes. There are many transactions and calculations during the ordinary course of business for which the ultimate tax determination is uncertain. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. Details are set out in note 9 and note 25. 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. Useful lives of property, plant and equipment Assumptions made regarding the useful lives are based on the regulatory environment and technological developments. These assumptions are subject to risk and there is the possibility that changes in circumstances will alter expectations. 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 30 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. 16 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 2.4 Use of estimates and judgements (cont’d) Revenue recognition Revenue recognised, from use of system charges and transportation of gas, is estimated based on revenue allowed by the Energy Market Authority (“EMA”) (in accordance with the price regulation framework), taking into consideration the services rendered and volume of electricity, gas or services delivered to consumers. Note 3.15 sets out the revenue recognition policy. 2.5 Changes in accounting policies Adoption of new and revised FRSs and Interpretation to FRS The Group has adopted all the new and revised FRSs and Interpretations to FRS (“INT FRS”) that became mandatory for the financial year beginning on 1 April 2016. The adoption of these new FRSs and INT FRS did not have a significant impact to the Group. 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, which addresses changes in accounting policies due to the adoption of new FRSs and Interpretation of FRSs. 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-bytransaction basis whether to measure them at fair value, or at the non-controlling interests’ proportionate share of the recognised amounts of the acquiree’s identifiable net assets, at the acquisition date. All other non-controlling interests are measured at acquisition-date fair value, or, when applicable, on the basis specified in another standard. 17 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 3.1 Basis of consolidation (cont’d) 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. 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 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) Associates are those entities in which the Group has significant influence, but not control, over the financial and operating policies of these entities. Significant influence is presumed to exist when the Group holds between 20% and 50% of the voting power of another entity. 18 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 3.1 Basis of consolidation (cont’d) 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 non-controlling interests and the fair value of consideration paid is recognised directly in equity and presented as part of equity attributable to owners of the Company. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income or expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. Accounting for subsidiaries and joint venture by the Company Investments in subsidiaries and joint venture are stated in the Company’s balance sheet at cost less accumulated impairment losses. 19 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 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, available-for-sale equity instruments (see note 3.5), 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. Goodwill and fair value adjustments arising on the acquisition of foreign operations on or after 1 January 2005 are treated as assets and liabilities of the foreign operations and translated at the closing rate. For acquisitions prior to 1 January 2005, the exchange rates at the date of acquisition were used. Foreign currency differences are recognised in other comprehensive income, and presented in the foreign currency translation reserve (“translation reserve”) in equity. However, if the foreign operation is a non-wholly-owned subsidiary, then the relevant proportionate share of the translation difference is allocated to the non-controlling interests. When a foreign operation is disposed of, such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part of its investment in an associate or joint venture that includes a foreign operation while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from such a monetary item are considered to form part of a net investment in a foreign operation. These are recognised in other comprehensive income, and are presented in the translation reserve in equity. 20 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 3.3 Property, plant and equipment Recognition and measurement Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of 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, which is defined by the commencement of revenue earning. 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. 21 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 3.3 Property, plant and equipment (cont’d) 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 3 – 30 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 storage plant, remote control, network and telemetering equipment) Motor vehicles and office equipment 2 – 40 years 2 – 10 years Depreciation methods, useful lives and residual values are reviewed at each financial year end, and adjusted if appropriate. 3.4 Intangible assets Goodwill Goodwill that arises upon the acquisition of subsidiaries is included in intangible assets and represents the excess of: - the fair value of the consideration transferred; plus - the recognised amount of any non-controlling interests in the acquiree; plus - if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the acquiree, over the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. Subsequent measurement Goodwill is measured at cost less accumulated impairment losses. In respect of equity-accounted investees, the carrying amount of goodwill is included in the carrying amount of the investment, and an impairment loss on such an investment is not allocated to any asset, including goodwill, that forms part of the carrying amount of the equity-accounted investee. 22 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 3.4 Intangible assets (cont’d) 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 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. Intangible assets under construction are stated at cost. No amortisation is provided until the intangible assets are ready for use. 3.5 Financial instruments Non-derivative financial assets The Group initially recognises loans and receivables and deposits on the date they are originated. All other financial assets (including assets designated at fair value through profit or loss) are recognised initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability. Financial assets and liabilities are offset and the net amount presented in the balance sheet when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The rights of offset must not be contingent on a future event and must be enforceable in the event of bankruptcy or insolvency of all the counterparties to the contract. The Group classifies non-derivative financial assets into the following categories: financial assets at fair value through profit or loss, held-to-maturity financial assets, loans and receivables and available-for-sale financial assets. 23 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 3.5 Financial instruments (cont’d) Financial assets at fair value through profit or loss A financial asset is classified at fair value through profit or loss if it is classified as held for trading or is designated as such upon initial recognition. Financial assets are designated at fair value through profit or loss if the Group manages such investments and makes purchase and sale decisions based on their fair value in accordance with the Group’s documented risk management or investment strategy. Attributable transaction costs are recognised in profit or loss as incurred. Financial assets at fair value through profit or loss are measured at fair value, and changes therein are recognised in profit or loss. Held-to-maturity financial assets If the Group has the positive intent and ability to hold debt securities to maturity, then such financial assets are classified as held-to-maturity. Held-to-maturity financial assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, held-to-maturity financial assets are measured at amortised cost using the effective interest method, less any impairment losses. Any sale or reclassification of a more than insignificant amount of held-to-maturity investments not close to their maturity would result in the reclassification of all held-to-maturity investments as available-forsale. It would also prevent the Group from classifying investment securities as held-to-maturity for the current and the following two financial years. Loans and receivables Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective interest method, less any impairment losses. Cash and cash equivalents Cash and cash equivalents comprise cash balances and bank deposits. Available-for-sale financial assets Available-for-sale financial assets are non-derivative financial assets that are designated as available-forsale and that are not classified in any of the above categories of financial assets. Available-for-sale financial assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at fair value and changes therein, other than impairment losses (see note 3.7) and foreign currency differences on available-for-sale monetary items (see note 3.2), are recognised in other comprehensive income and presented in the fair value reserve in equity. When an investment is derecognised, the cumulative gain or loss in other comprehensive income is reclassified to profit or loss. 24 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 3.5 Financial instruments (cont’d) Non-derivative financial liabilities The Group initially recognises debt securities issued and bank borrowings on the date that they are originated. All other financial liabilities (including liabilities designated at fair value through profit or loss) are recognised initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. Financial assets and liabilities are offset and the net amount presented in the balance sheet when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The Group classifies non-derivative financial liabilities into the other financial liabilities category. Such financial liabilities are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortised cost using the effective interest method. Bank overdrafts that are repayable on demand and form an integral part of the Group’s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Derivative financial instruments, including hedge accounting The Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Embedded derivatives are separated from the host contract and accounted for separately if the economic characteristics and risks of the host contract and the embedded derivative are not closely related. A separate instrument with the same terms as the embedded derivative would meet the definition of a derivative. On initial designation of the derivative as the hedging instrument, the Group formally documents the relationship between the hedging instrument and hedged item, including the risk management objectives and strategy in undertaking the hedge transaction and the hedged risk, together with the methods that will be used to assess the effectiveness of the hedging relationship. The Group makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, of whether the hedging instruments are expected to be “highly effective” in offsetting the changes in fair value or cash flows of the respective hedged items attributable to the hedged risk and whether the actual results of each hedge are within a range of 80%-125%. For a cash flow hedge of a forecast transaction, the transaction should be highly probable to occur and should present an exposure to variations in cash flows that could ultimately affect reported profit or loss. 25 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 3.5 Financial instruments (cont’d) Derivatives are recognised initially at fair value; attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are accounted for as described below. Cash flow hedges When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognised in other comprehensive income and presented in the hedging reserve in equity. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. When the hedged item is a non-financial asset, the amount accumulated in equity is included in the carrying amount of the asset when the asset is recognised. In other cases, the amount accumulated in equity is reclassified to profit and loss in the same period that the hedged item affects profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. If the forecast transaction is no longer expected to occur, then the balance in equity is reclassified to profit or loss. Fair value hedges Changes in the fair value of a derivative hedging instrument designated as a fair value hedge are recognised in profit or loss. The hedged item is adjusted to reflect changes in its fair value in respect of the risk being hedged; the gain or loss attributable to the hedged risk is recognised in profit or loss with an adjustment to the carrying amount of the hedged item. Derivatives that do not qualify for hedge accounting When a derivative financial instrument is not designated in a hedge relationship that qualifies for hedge accounting, all changes in its fair value are recognised immediately in profit or loss. Intra-group financial guarantees in the separate financial statements Financial guarantees are financial instruments which are issued by the Company that requires the issuer to make specified payments to reimburse the holder for the loss it incurs because a specified debtor fails to meet payment when due in accordance with the original or modified terms of a contractual agreement. Financial guarantees are recognised initially at fair value and are classified as financial liabilities. Subsequent to initial measurement, the financial guarantees are stated at the higher of the initial fair value less cumulative amortisation and the amount that would be recognised if they were accounted for as contingent liabilities. When financial guarantees are terminated before their original expiry date, the carrying amount of the financial guarantees is transferred to profit or loss. 26 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 3.6 Leased assets Leases in terms of which the Group assumes substantially all the risks and rewards of ownership are classified as finance leases. Upon initial recognition, the leased asset is measured at an amount equal to the lower of its fair value and the present value of the minimum lease payments. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting policy applicable to that asset. Other leases are operating leases and are not recognised in the Group’s balance sheet. Determining whether an arrangement contains a lease At inception of an arrangement, the Group determines whether such an arrangement is or contains a lease. A specific asset is the subject of a lease if fulfilment of the arrangement is dependent on the use of that specified asset. An arrangement conveys the right to use the asset if the arrangement conveys to the Group the right to control the use of the underlying asset. At inception or upon reassessment of the arrangement, the Group separates payments and other consideration required by such an arrangement into those for the lease and those for other elements on the basis of their relative fair values. If the Group concludes for a finance lease that it is impracticable to separate the payments reliably, then an asset and a liability are recognised at an amount equal to the fair value of the underlying asset. Subsequently, the liability is reduced as payments are made and an imputed finance charge on the liability is recognised using the Group’s incremental borrowing rate. 3.7 Impairment Non-derivative financial assets A financial asset not carried at fair value through profit or loss, including an interest in an associate and joint venture, is assessed at each reporting date to determine whether there is any objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event had occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably. Loans and receivables and held-to-maturity investments The Group considers evidence of impairment for loans and receivables and held-to-maturity investments at both a specific asset and collective level. All individually significant loans and receivables and heldto-maturity investments are assessed for specific impairment. All individually significant receivables and held-to-maturity investments found not to be specifically impaired are then collectively assessed for any impairment that has been incurred but not yet identified. Loans and receivables and held-to-maturity investments that are not individually significant are collectively assessed for impairment by grouping together loans and receivables and held-to-maturity investments with similar risk characteristics. In assessing collective impairment, the Group uses historical trends of the probability of default, the timing of recoveries and the amount of loss incurred, adjusted for management’s judgement as to whether current economic and credit conditions are such that the actual losses are likely to be greater or less than suggested by historical trends. 27 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 3.7 Impairment (cont’d) An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. Losses are recognised in profit or loss and reflected in an allowance account against loans and receivables or held-to-maturity investments. Interest on the impaired asset continues to be recognised. When a subsequent event (e.g. repayment by a debtor) causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss. Available-for-sale financial assets Impairment losses on available-for-sale financial assets are recognised by reclassifying the losses accumulated in the fair value reserve in equity to profit or loss. The cumulative loss that is reclassified from equity to profit or loss is the difference between the acquisition cost, net of any principal repayment and amortisation, and current fair value, less any impairment loss recognised previously in profit or loss. Changes in impairment provisions attributable to application of effective interest method are reflected as a component of interest income. If, in a subsequent period, the fair value of an impaired available-forsale debt security increases and the increase can be related objectively to an event occurring after the impairment loss was recognised in profit or loss, then the impairment loss is reversed. The amount of the reversal is recognised in profit or loss. However, any subsequent recovery in the fair value of an impaired available-for-sale equity security is recognised in other comprehensive income. Non-financial assets The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amounts are estimated. For goodwill and intangible assets that have indefinite useful lives or that are not yet available for use, recoverable amount is estimated each year at the same time. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit (“CGU”) exceeds its estimated recoverable amount. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGU. Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination. The Group’s corporate assets do not generate separate cash inflows and are utilised by more than one CGU. Corporate assets are allocated to CGUs on a reasonable and consistent basis and tested for impairment as part of the testing of the CGU to which the corporate asset is allocated. 28 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 3.7 Impairment (cont’d) Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU (group of CGUs), and then to reduce the carrying amounts of the other assets in the CGU (group of CGUs) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Such reversal of impairment is recognised in profit or loss. Goodwill that forms part of the carrying amount of an investment in an associate or a joint venture is not recognised separately, and therefore is not tested for impairment separately. Instead, the entire amount of the investment in an associate or a joint venture is tested for impairment as a single asset when there is objective evidence that the investment in an associate or a joint venture may be impaired. 3.8 Inventories Spare parts, accessories and other consumables are measured at the lower of cost and net realisable value. Cost is determined based on the weighted average method, and includes expenditure in acquiring the inventories and other costs incurred in bringing them to their existing location and condition. Cost may also include transfers from other comprehensive income of any gain or loss on qualifying cash flow hedges of foreign currency purchases of inventories. Allowance for obsolete, deteriorated or damaged stocks is made when considered appropriate. 3.9 Accrued revenue Revenue accrual estimates are made to account for the unbilled amount at the reporting date. 3.10 Employee benefits Provision is made for the accrued liability for employee entitlements arising from services rendered by employees up to the reporting date. The provision represents the Group’s total estimated liability at the reporting date for employee entitlements. Long service leave The liability for long service leave is recognised in the provision for employee benefits and is measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date, including on-costs. Consideration is given to expected future salary levels, experience of employee departures and periods of service. Expected future payments are discounted using interest rates on government guaranteed bonds with terms to maturity and currencies that match, as closely as possible, the estimated future cash outflows. 29 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 3.10 Employee benefits (cont’d) Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognised as an employee benefit expense in profit or loss in the periods during which services are rendered by employees. Short-term employee benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under shortterm cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. 3.11 Provisions A provision is recognised if, as a result of past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. Environmental Environmental provision is made for the rehabilitation of sites based on the estimated costs of the rehabilitation. The liability includes the costs of reclamation, plant closure and dismantling, and waste site closure. The liability is determined based on the present value of the obligation. Annual adjustments to the liability are recognised in profit or loss over the estimated life of the sites. The costs are estimated based on assumptions of current legal requirements and technologies. Any changes in estimates are dealt with on a prospective basis. Onerous contracts A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recognises any impairment loss on the assets associated with that contract. 3.12 Deferred income Deferred income comprises (i) government grants for the purchase of depreciable assets, (ii) contributions made by certain customers towards the cost of capital projects received prior to 1 July 2009 and (iii) use of system charges, transportation of gas, sale of electricity and Market Support Services Licence fees. 30 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 3.12 Deferred income (cont’d) Government grants and customer contributions Deferred income is recognised on a straight-line basis and taken to profit or loss over the periods necessary to match the depreciation of the assets purchased with the government grants and customers’ contributions. Use of system charges, transportation of gas, sale of electricity and Market Support Services Licence fees Deferred income arises when billings vary from revenue recognised. Deferred income is recognised in profit or loss over the periods necessary to adjust allowed revenue (in accordance with the price regulation framework or regulatory formulae), to revenue earned based on services rendered. At the end of each regulatory period, after adjusting for amounts to be refunded, any outstanding balance is taken to profit or loss as revenue. 3.13 Price regulation and licence The Group’s operations in Singapore are regulated under the Electricity Licence, Gas Supply Licence and the Market Support Services Licence issued by the Energy Market Authority (“EMA”) of Singapore. Revenue to be earned from the supply and transmission of electricity, transportation of gas and the provision of market support services is regulated based on certain formulae and parameters set out in those licence, relevant acts and codes. Actual revenue billed may vary from that allowed due to volume variances. This may result in adjustments that may increase or decrease tariffs in succeeding periods. Amounts to be recovered or refunded are brought to account as adjustments to revenue in the period in which the Group becomes entitled to the recovery or liable for the refund. The Group’s capital expenditure may vary from its regulatory plan and is subject to a review by the EMA. The results of the variances in capital expenditure may be translated into price adjustments, if any, in the following reset period. 3.14 Disposal group held-for-sale Non-current assets and disposal groups classified as held-for-sale are measured at the lower of their carrying amount and fair value less costs to sell. Non-current assets and disposal groups are classified as held-for-sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Property, plant and equipment and intangible assets once classified as held for sale are not depreciated or amortised. 3.15 Revenue recognition Provided it is probable that the economic benefits will flow to the Group and the Company and the revenue and costs, if applicable, can be measured reliably, revenue is recognised in profit or loss as follows: 31 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 3.15 Revenue recognition (cont’d) Sale of electricity Revenue from the sale of electricity is recognised when electricity is delivered to consumers. Use of system charges and transportation of gas The use of system charges and revenue from the transportation of gas are approved by the EMA for a 5-year regulatory period in accordance with the price regulation framework. Revenue is recognised when services are rendered and the volume of electricity and gas is delivered to consumers. District cooling service income Income from services is recognised when the services are rendered. The revenue corresponds to the quantum which the Group is entitled to under Condition 13 (Economic Regulation) of its District Cooling Services Licence issued by the Energy Market Authority of Singapore. The variance between tariff billing and the revenue entitled is reported as changes to the economic regulation equalisation account, an asset recorded in trade and other receivables for an under-recovery, and a liability recorded in trade and other payables for an over-recovery. Transfers of assets from customers Revenue arising from assets transferred from customers is recognised in profit or loss when the performance obligations associated with receiving those customer contributions are met. In determining the amount of revenue to be recognised, the fair value of the assets is required to be estimated and the circumstances and nature of the transferred assets, which includes market value and relevant rateregulated framework governing those assets, are taken into account. Agency fees and Market Support Services Licence fees Agency fees from acting as billing agent and fees for services provided under the Market Support Services Licence are recognised when the services are rendered. Dividend income Dividend income is recognised on the date that the Group’s right to receive payment is established. Rental income Rental income is recognised in profit or loss on a straight-line basis over the term of the lease. Support service income and management fees Support service income and management fees are recognised when the services are rendered. 32 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 3.15 Revenue recognition (cont’d) Capital and maintenance works income Revenue from rendering of capital and maintenance service is recognised in proportion to the stage of completion of the contract when the stage of contract completion can be reliably measured. The stage of completion is assessed by reference to surveys of work performed. Where the outcome of capital and maintenance contract cannot be reliably estimated, contract costs are expensed as incurred. Revenue is only recognised to the extent of costs incurred where it is probable that the costs will be recovered. An expected loss is recognised immediately as an expense. 3.16 Leases As lessor Leases in which the Group does not transfer substantially all the risks and rewards of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term. Rental income under operating leases are recognised in profit or loss over the term of the lease. Where assets are leased under a finance lease, the present value of the lease payments is recognised as a receivable. The difference between the gross receivable and the present value of the receivable is recognised as unearned finance income. Lease income is recognised over the lease term using the net investment method, which reflects a constant periodic rate of return. Contingent rental income is recognised in profit or loss in the accounting period in which they are incurred. As lessee Where the Group has the use of assets under operating leases, payments made under the leases are recognised in profit or loss on a straight-line basis over the term of the lease. Lease incentives received are recognised in profit or loss as an integral part of the total lease payments made. 3.17 Finance income and costs Finance income comprises interest income on funds invested. Interest income is recognised as it accrues, using the effective interest method. Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions, fair value gains or losses on financial assets and liabilities at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), gains or losses on hedging instruments that are recognised in profit or loss and amortisation of transaction costs capitalised. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method. 33 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 3.18 Tax expense Tax expense comprises current and deferred tax. Current and deferred taxes are recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: - temporary difference on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; - temporary differences related to investments in subsidiaries, associates and joint ventures to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and - taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they in

Joint Media Release OUTDOOR COOLING INNOVATION MADE IN SINGAPORE BY ST ENGINEERING AND SP GROUP FOR NATIONAL DAY PARADE Singapore, 27 July 2017 – In a first for Singapore’s National Day Parade (NDP), segments of audiences will enjoy cool air comfort outdoors at the Floating Platform, through a made-in- Singapore innovation that ST Engineering and SP Group (SP) have created. This engineering solution builds on ST Engineering’s Airbitat Smart Cooler’s revolutionary deep cooling technology and SP’s underground district cooling network at Marina Bay that provides chilled water for air-conditioning of buildings in Marina Bay. This solution functions on chilled water running from SP’s same underground system, which is more energy-efficient than electricitypowered cooling devices. This low-cost outdoor cooling saves 90 per cent in energy consumption compared to conventional air-conditioning. Launched at the NDP Preview show on Saturday 29 July, there are 29 sets at and around the Floating Platform. In this first roll-out, the sets will be placed closest to the audience sections occupied by spectators with special needs, such as those in wheelchairs, and at areas where spectator queues may form. This unprecedented system unlocks the potential of urban spaces in land-scarce Singapore and transforms the way communities live, work and play. It also demonstrates how industry collaboration can scale up urban solutions quickly and actively deploy innovative concepts to help build an environmentally sustainable Singapore. Gareth Tang, General Manager of Innosparks, an Open Lab by ST Engineering, said, “We believe in solving complex problems of society through engineering. This innovative collaboration is one way ST Engineering pushes boundaries to create breakthrough, energy-efficient and sustainable solutions to improve daily lives.” Managing Director of SP Group’s Singapore District Cooling, Jimmy Khoo, said, “This gamechanging technology makes outdoor cooling viable in Singapore’s climate. Tapping on SP Group’s underground district cooling system that serves several buildings in Marina Bay, we are developing sustainable solutions that will help consumers save energy and cost.” 1 About ST Engineering ST Engineering (Singapore Technologies Engineering Ltd) is an integrated defence and engineering group specialising in the aerospace, electronics, land systems and marine sectors. It has global presence with offices in Asia, the Americas, Europe and the Middle East and employs about 22,000 employees. Across the globe, its employees bring innovation and technology together to create smart engineering solutions for its customers in the defence, government and commercial segments. Headquartered in Singapore, ST Engineering reported revenue of S$6.68b in FY2016 and ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore and the SGX Sustainability Leaders Index. Please visit www.stengg.com for more information. About SP Group SP Group is a leading energy utilities group in the Asia Pacific. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, and district cooling businesses in Singapore and China. SP Group is committed to providing customers with reliable and efficient energy utilities services. More than 1.5 million industrial, commercial and residential customers in Singapore benefit from SP Group’s world-class transmission, distribution and market support services. These networks are amongst the most reliable and cost-effective world-wide. For more information, please visit spgroup.com.sg or follow us on Facebook at fb.com/SPGroupSG. 2 Annex 1 Outdoor Cooling Innovation By ST Engineering & SP Group – How It Works 3 Annex 2 The Airbitat Smart Cooler The Airbitat Smart Cooler, created by Innosparks (an Open Lab by ST Engineering), is a proven product with an innovative two-stage cooling technology – it can save up to 80 percent energy when compared to the average air conditioner of an equivalent capacity. Airbitat is effective all-day and adapts intelligently to varying conditions throughout the day to deliver ultra-efficient cooling. Unlike conventional one-mode coolers, Airbitat’s intelligent system detects the ambient environment and engages the right cooling mode to deliver the right level of thermal comfort. Most importantly, the Airbitat Smart Cooler is engineered to be eco-friendly, with negligible waste heat generation when compared to conventional air conditioning, and energy-smart as well. A typical 8- hour cooling cycle registers a combined energy and water cost as low as $2.50 a day. Singapore District Cooling’s Underground System Singapore District Cooling (SDC) operates the world’s largest underground district cooling system that provides reliable and efficient air conditioning 24/7, 365 days to 23 iconic buildings in the Marina Bay area. District cooling contributes to a sustainable Singapore. The system saves as much as 40 per cent in electricity consumption, and reduces 34,500 tonnes carbon dioxide emissions annually – equivalent to removing 10,000 cars from Singapore’s roads. The electricity savings in the Marina Bay area are equivalent to powering 23,718 3-room HDB flats for a year. Engineering and design makes SDC’s operations unique, enabling this huge industrial facility to be housed underground, freeing up space for more important use in land-scarce Singapore. Overseas, SDC is building a district cooling system for CapitaLand’s Raffles City Chongqing. Once completed, the system will enable the development to save 50 per cent in energy savings and reduce utility costs by about S$30 million over the next 20 years. 4

财 经 2021 年 12 月 3 日 星 期 五 25 速 读 财 界 新 能 源 将 在 泰 国 亚 太 开 发 可 持 续 能 源 和 智 能 城 市 方 案 新 加 坡 能 源 (SP Group) 与 Banpu NEXT 签 署 谅 解 备 忘 录 , 合 作 在 泰 国 和 亚 太 地 区 开 发 可 持 续 能 源 和 智 能 城 市 方 案 。 Banpu NEXT 是 泰 国 能 源 公 司 Banpu PCL 旗 下 子 公 司 , 是 泰 国 和 亚 太 地 区 领 先 的 智 能 洁 净 能 源 方 案 提 供 商 , 在 区 域 拥 有 强 劲 的 再 生 能 源 和 能 源 仓 储 业 务 , 包 括 中 国 、 日 本 、 美 国 和 澳 大 利 亚 的 太 阳 能 发 电 厂 、 越 南 的 风 力 发 电 厂 、 新 加 坡 的 能 源 仓 储 业 务 , 以 及 泰 国 普 吉 和 春 武 里 府 的 智 能 城 市 发 展 项 目 。 新 能 源 周 四 发 布 的 文 告 说 , 双 方 将 探 讨 区 域 冷 却 系 统 、 跨 境 可 再 生 能 源 证 书 平 台 和 智 能 城 市 解 决 方 案 的 应 用 , 支 持 区 域 可 持 续 和 智 能 能 源 城 市 的 发 展 。 文 告 指 , 到 2030 年 , 全 球 清 洁 能 源 市 场 预 计 将 达 到 1 万 9776 亿 美 元 (2.7 万 亿 新 元 ), 而 亚 太 地 区 在 未 来 十 年 内 估 计 将 拥 有 最 高 的 市 场 份 额 , 每 年 的 复 合 增 长 率 为 9.6%。

Media Release Electricity Tariff Revision for the Period 1 April to 30 June 2024 Singapore, 28 March 2024 – For the period from 1 April to 30 June 2024, the electricity tariff (before GST) for households will decrease by 0.3% or 0.10 cent per kWh compared with the previous quarter due to lower energy costs. The average monthly electricity bill for families living in HDB four-room flats will decrease by $0.33 (before GST). *before GST Electricity tariffs (before GST), including tariffs for non-households, will decrease by an average of 0.4% or 0.12 cent per kWh compared with the previous quarter. SP Group reviews the electricity tariffs every quarter based on guidelines set by the electricity industry regulator, Energy Market Authority (EMA). Please refer to Appendix 1 for the components of the electricity tariff, Appendix 2 for the tariffs approved by EMA, and Appendix 3 for the average monthly electricity bills for households. Appendix 1 BREAKDOWN OF ELECTRICITY TARIFF 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 fuel and power generation. The fuel cost is the cost of imported natural gas, which is tied to oil prices by commercial contracts. The cost of power generation covers mainly the costs of operating the power stations, such as the manpower and maintenance costs, as well as the capital cost of the stations. Network costs (paid to SP Group): This is to recover the cost of transporting electricity through the power grid. Market Support Services Fee (paid to SP Group): This is to recover the costs of billing and meter reading, data management, retail market systems as well as market development initiatives. 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 2024 TARIFF FOR HOUSEHOLDS (before 9% GST) Appendix 2 ELECTRICITY TARIFFS FROM 1 APRIL 2024 Appendix 3 AVERAGE MONTHLY ELECTRICITY BILLS FOR HOUSEHOLDS TARIFF WEF 1 APRIL 2024 (before GST)

Media Release Singapore Polytechnic And SP Group Launch Next-Generation Solar Car For World Solar Challenge 2017 SP Group adds $2 million sponsorship to groom engineering talent Singapore, 21 July 2017 – Singapore Polytechnic and SP Group today unveiled their most advanced solar car, SunSPEC 5, designed and built by the polytechnic’s students to take part in the biennial World Solar Challenge 2017 in Australia this October. SP Group’s sponsorship of $1 million over 5 years for the team’s participation supports the students in developing innovative green technologies. Three SP Group staff, who are SunSPEC alumni, will also join this year’s team to contribute skills and experience, and serve as mentors to the current student cohort. The SunSPEC 5 edition follows the creation of its predecessor SunSPEC4 in 2015, also supported by SP Group, which beat challenging odds to participate in the race (see Annex 1). It is Singapore’s sole entry in the World Solar Challenge, considered one of the world’s toughest and most competitive solar car races, alongside leading global universities such as the Massachusetts Institute of Technology and Stanford University. The SunSPEC team is competing in the advanced Cruiser Class category which focuses on sustainable transport solutions and will test the car’s practicality and responsiveness to real-world challenges. This year’s car represents another significant stride towards commercially viable applications of solar and energy storage technology. It has leapt forward with integrated dashboard telemetry, a commercial vehicle lighting system and improvements to safety and ride comfort such as sports seats and adjustable steering positions. Over the past two years, more than 60 students across various Singapore Polytechnic Engineering diploma courses have pushed their knowledge and skills to new heights by designing and building two solar cars to withstand the arduous road trip over 3,000km in the Australian outback from Darwin to Adelaide. Besides learning to integrate their different disciplines, such as electrical & electronic engineering, energy systems & management, mechatronics and robotics, the experience hones resilience, creativity and the ability to solve practical problems. $2 million SP Group education sponsorship for Singapore Polytechnic’s SunSPEC engineering students To help develop a core pool of engineers who are ready to drive solutions for a sustainable future, Singapore Polytechnic and SP Group inked a three-year Memorandum of Understanding (MOU), valued at $2 million. This includes the SunSPEC polytechnic and university sponsorships for students who are part of the solar car team. They will secure job placements before they graduate and undergo a customised training programme including theory and on-the-job exposure in critical areas such as electricity and gas planning and operations. Seow Jing Woon, a third-year student from the Diploma in Mechatronics & Robotics, who received the SunSPEC Polytechnic sponsorship, said, “The solar car project enabled me to work with industry mentors, hone my engineering skills, and produce innovative sustainable solutions for the future.” SP Group’s Head of Corporate Affairs, Ms Amelia Champion, who has journeyed with the solar car team since the start of the partnership in 2015, said, “The spirit of innovation, resilience and passion among the students is unwavering from one cohort to the next. They have outdone themselves in delivering the latest SunSPEC solar car, which has pushed the boundaries in engineering and green technology.” Please refer to Annexes for more details: Annex 1: SunSPEC and World Solar Challenge Annex 2: Factsheet on SunSPEC 5 Annex 3: Details on MOU between Singapore Polytechnic and SP Group Annex 4: Key Terms in Chinese Follow the SunSPEC team’s journey on Facebook at https://www.facebook.com/TeamSunSPEC. The team designed and built SunSPEC 5 over a 20-month period – from December 2015. SunSPEC 5 is Singapore Polytechnic’s fifth solar car, and its second two-seater model. Designed and built completely in-house, SunSPEC 5 resembles a futuristic saloon car – albeit one powered by solar cells and batteries. In contrast to the polytechnic’s previous solar models, SunSPEC 5 is designed to perform similarly to a standard commercial car in terms of speed, seating capacity, and range. Incorporating leading-edge technology throughout its engineering, many of the car’s features out-perform commercial variants. For example, SunSPEC 5 weighs a mere 330kg (unladen) – a quarter of an average 1.6-litre car. SunSPEC 5’s drag coefficient of 0.13 is more than 2.5 times more efficient than an average passenger car. SunSPEC 5 uses ultra-low rolling resistance tires which are 6 times more efficient than regular car tires. The car is Singapore Polytechnic’s most technologically advanced and highest performing model to date. This year, SunSPEC 5 will feature new innovative green technologies, including being fitted with ultra-high efficiency silicon solar cells which are more efficient than those used in 2015. The flexible solar panel encapsulation has very low loss and allows the car to absorb indirect sunlight, thereby maintaining cell efficiency. The flexible solar panel is also able to conform to the shape of car for better aerodynamics. SunSPEC 5 is equipped with very efficient Maximum Power Point Trackers to maximise solar array. It is installed with a custom-designed telemetry system to monitor the car’s parameters, allowing team to optimise vehicle performance. The car also features a cruise control mode, which reduces driver fatigue, minimises variation in speeds under manual control, and improves vehicle performance. SunSPEC 5 will be Singapore’s sole representative at the World Solar Challenge; and the only team from a polytechnic, competing alongside leading global universities such as Stanford University and the Massachusetts Institute of Technology. For the second time in Singapore Polytechnic’s participation at the World Solar Challenge, the team will be competing in the more advanced Cruiser Class. In this category, teams are encouraged to design their cars based on practicality and marketability for end-users, innovation and energy consumption. SunSPEC 5 Key Specifications SP Group staff and Singapore Polytechnic alumni Leow Wei Lin, with Singapore Polytechnic student Sheryl Choo and the SunSPEC 5 solar car. Singapore Polytechnic Engineering students in the SunSPEC 5 solar car team Photo credits to SP Group About Singapore Polytechnic (www.sp.edu.sg) Established in 1954, Singapore Polytechnic (SP) is Singapore’s first polytechnic. It has 10 schools that offer 46 full-time courses for close to 16,000 students. SP adopts a proven creative teaching and learning framework and offers students a holistic, authentic and industry-relevant curriculum, innovative and vibrant learning spaces, and enriching overseas programmes. The Polytechnic is committed to producing competent and versatile graduates who are also imbued with sound values, so that they can be work ready, life ready and world-ready. SP has more than 195,000 graduates and among them are successful entrepreneurs, top executives in multi-national and public-listed corporations, and well-known professionals across various industries and leaders in government SP clinched the inaugural ASEAN People’s Award in 2015 for its contributions toward the region’s community-building efforts. SP is also the first polytechnic to be awarded the President’s Award for the Environment in 2010 and the President's Social Service Award in 2011. Follow SP on Facebook at http://www.facebook.com/singaporepolytechnic and Twitter and Instagram at @singaporepoly. About SP Group SP Group is a leading energy utilities group in the Asia Pacific. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, and district cooling businesses in Singapore and China. SP Group is committed to providing customers with reliable and efficient energy utilities services. More than 1.4 million industrial, commercial and residential customers in Singapore benefit from SP Group’s world-class transmission, distribution and market support services. These networks are amongst the most reliable and cost-effective world-wide. For more information, please visit spgroup.com.sg or follow us on Facebook at fb.com/SPGroupSG Annex 1 SunSPEC 4 Rises From The Ashes It was a near-miracle that SunSPEC 5’s predecessor, SunSPEC 4, took to the roads at the 2015 World Solar Challenge. SunSPEC 4 was destroyed in a fire on 25 August 2015, just three weeks before it was scheduled to be shipped off to Darwin, Australia, for the race flag-off. Undaunted, the Singapore Polytechnic team of 52 students and lecturers worked through nights and weekends to rebuild a new vehicle in four weeks, compared to eight months for the original car. With additional funding and logistical support from SP Group, the team acquired and assembled parts under a highly-compressed schedule. Airfreight saved an extra two weeks, compared to marine freight. SP Group staff – all alumni of Singapore Polytechnic – also provided additional support and mentorship before and during the race in Australia. SP Group recognised the tenacity, determination and passion of the students towards this project and launched the SunSPEC Polytechnic & University Sponsorship scheme, specifically for Singapore Polytechnic students involved with SunSPEC4 and for two subsequent editions of the solar car About the partnership between SP Group and Singapore Polytechnic SP Group and Singapore Polytechnic formalised a SGD $1 million, five-year partnership for the two organisations to collaborate in participating at the World Solar Challenge in 2015, 2017 and 2019. SP Group is contributing funding, manpower, subject-matter expertise, logistics and public education. Singapore Power’s key objectives for this partnership are: Nurture and develop the next generation of engineering talent Innovative sustainable solutions – develop energy-efficiency initiatives and promote the use of renewable and green technology such as solar powered applications and energy storage systems. About the World Solar Challenge The World Solar Challenge is considered one of the world’s toughest solar car challenges, and regularly sees leading global universities such as Cambridge University, the Massachusetts Institute of Technology, and Stanford University participating. The SunSPEC team is competing in the advanced Cruiser Class category which focuses on sustainable transport solutions and will test the car’s practicality and responsiveness to real-world challenges. Participants in this Class race undergo the arduous road trip over 3,000km in the Australian outback from Darwin to Adelaide, using mainly power from the sun, with minimal grid charging. Vehicles operate on actual roads, at road speeds. Annex 2 About the Team & SunSPEC 5 Size 35            35 students, 12 lecturers and 3 SP Group staff Background   Multi-disciplinary team representing expertise from the schools of Electrical & Electronic  Engineering; Mechanical & Aeronautical Engineering; Digital Media & Infocomm Technology and Communication, Arts & Social Sciences The team designed and built SunSPEC 5 over a 20-month period – from December 2015 SunSPEC 5 is Singapore Polytechnic’s fifth solar car, and its second two-seater model. Designed and built completely in-house, SunSPEC 5 resembles a futuristic saloon car – albeit one powered by solar cells and batteries. In contrast to the polytechnic’s previous solar models, SunSPEC 5 is designed to perform similarly to a standard commercial car in terms of speed, seating capacity, and range. Incorporating leading-edge technology throughout its engineering, many of the car’s features out-perform commercial variants. For example, SunSPEC 5 weighs a mere 330kg (unladen) – a quarter of an average 1.6-litre car. SunSPEC 5’s drag coefficient of 0.13 is more than 2.5 times more efficient than an average passenger car. SunSPEC 5 uses ultra-low rolling resistance tires which are 6 times more efficient than regular car tires. The car is Singapore Polytechnic’s most technologically advanced and highest performing model to date. This year, SunSPEC 5 will feature new innovative green technologies, including being fitted with ultra-high efficiency silicon solar cells which are more efficient than those used in 2015. The flexible solar panel encapsulation has very low loss and allows the car to absorb indirect sunlight, thereby maintaining cell efficiency. The flexible solar panel is also able to conform to the shape of car for better aerodynamics. SunSPEC 5 is equipped with very efficient Maximum Power Point Trackers to maximise solar array. It is installed with a custom-designed telemetry system to monitor the car’s parameters, allowing team to optimise vehicle performance. The car also features a cruise control mode, which reduces driver fatigue, minimises variation in speeds under manual control, and improves vehicle performance. SunSPEC 5 will be Singapore’s sole representative at the World Solar Challenge; and the only team from a polytechnic, competing alongside leading global universities such as Stanford University and the Massachusetts Institute of Technology. For the second time in Singapore Polytechnic’s participation at the World Solar Challenge, the team will be competing in the more advanced Cruiser Class. In this category, teams are encouraged to design their cars based on practicality and marketability for end-users, innovation and energy consumption. SunSPEC 5 Key Specifications Dimensions 5m (l) x1.75m (w) x 1.3m (h, max) Body Carbon Fibre Reinforced Polymer (CFRP) body Motor Drive System 2-wheel drive, powered by two – 1.5 kilowatt high efficiency brushless DC motor Top Speed 90 – 100 km/h Drag Coefficient 0.13 Passenger Capacity 1 driver and 1 passenger Power Supply 122V 15 kW Li-ion battery pack – 5m2 of ultra-efficient solar array delivering 1kW (peak), less energy than an electric kettle Unladen Weight 330kg – About a quarter of the weight of an average 1.6 litre family sedan Driving Range A single charge provides a range of 500km – enough to drive a journey from Singapore to Malacca and back Annex 3 MOU between SP Group and Singapore Polytechnic With the signing of the Memorandum of Understanding, SP Group and Singapore Polytechnic will collaborate on the following: Scholarships / Sponsorships / Book Prizes Career and internship Opportunities – To promote a better understanding of the power engineering industry and enhance SP Group’s reputation to the students as an employer of choice Knowledge and Information Sharing – Exchange/Sharing of information, knowledge, ideas within the power sector, and Training Experiences in areas of pedagogy and lesson delivery SkillsFuture Earn and Learn Programmes Jointly Develop and Conduct Courses SunSPEC Polytechnic & University Sponsorship Scheme The SunSPEC Polytechnic & University Sponsorship Scheme is part of SP Group’s strategy to develop a strong engineering talent pipeline. Recipients will secure job placements before they graduate and undergo a customised training programme of theory and on-the-job exposure in critical areas such as electricity and gas planning and operations. Opportunities are provided for the students through structured graduate development programmes like EDGE and LEAP. Engineering Development for GraduatEs (EDGE) Programme Recipients of the SP Group SunSPEC University Sponsorship Award will join the EDGE Programme – a ground-up approach to grooming fresh engineers. Participants will undergo: One-week orientation – Comprises of presentations on SP Group operations, case study discussions, site visits and a leadership and team building programme. Customised one-year structured training – Includes a series of blended training of theory-based lessons, attachments to different parts of the value chain and on-the-job training to accelerate the learning process of new engineers in transmission and distribution operations. Two 2-year job rotations to critical operations of the business. Sponsorship to attain Professional Engineer Certification. Learning Through TEchnical Accelerated Programme (LEAP) The LEAP programme see fresh polytechnic graduates undergo a series of structured blended training which consists of theory-based lessons and on-the-job training, tailored to build a strong technical foundation. Foundation Training – Topics include overview of Singapore’s electricity and gas network, safety, first aid, customer service excellence Core Technical Training – Courses to deepen technical foundational knowledge On-The-Job Training which is aimed to complement classroom training – paired with experienced mentors to perform key operational duties   Annex 4 Key Terms in Chinese