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Challengehttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/8769a10c-aa3a-44b3-b14b-8a58b69185d5/%5B20170721%5D+Media+Release+-+Singapore+Polytechnic+And+SP+Group+Launch+Next-Generation+Solar+Car+For+World+Solar+Challenge.pdf?MOD=AJPERES&CVID= 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 Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 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Introduction 1 2 Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec [20170721] Media Release - Singapore Polytechnic And SP Group Launch Next-Generation Solar Car For World Solar Challengehttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/8769a10c-aa3a-44b3-b14b-8a58b69185d5/%5B20170721%5D+Media+Release+-+Singapore+Polytechnic+And+SP+Group+Launch+Next-Generation+Solar+Car+For+World+Solar+Challenge.pdf?MOD=AJPERES&CVID= 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 Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/powering-future-engineering-talent SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Powering Future Engineering Talent SUSTAINABILITY All set for the race are Singapore Polytechnic’s SunSPEC team (from left), Ng Qianhui, Roy Leung, Effy Chang and Lau Lok Yee. 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PUB is the first government agency to participate in the programmes. Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search [20170721] Media Release Searchhttps://www.spgroup.com.sg/search?tag=future-ready 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 Media Release - Singapore Polytechnic Students Rebuild Solar Car After Setback, Supported By Singapore Powerhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/7f993018-17d4-45a3-bf7d-f750fd3c267e/%5B20150929%5D+Media+Release+-+Singapore+Polytechnic+Students+Rebuild+Solar+Car+After+Setback,+Supported+By+Singapore+Power.pdf?MOD=AJPERES&CVID= to help them overcome the setback. Against all odds, they have committed themselves to stay in the World Solar Challenge. We must nurture this resilient, “never-saydie” spirit in our younger generation. Singapore can be proud of our SunSPEC team as they hold our flag high in Australia!” Besides being Innovationhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/innovation/next-generation-solutions-for-your-future-needs 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 Category: Innovation Searchhttps://www.spgroup.com.sg/search?tag=solar and SP Group today unveiled their most advanced solar car, SunSPEC 5 Solar Power – Generators.pdfhttps://www.spgroup.com.sg/dam/jcr:bbfb030c-0d8e-422c-8eab-8cd4a3d5ee9e/Solar%20Power%20%E2%80%93%20Generators.pdf Solar PV – User Guide for Generators Table of Contents 1. Introduction 1 2 Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec [20170721] Media Release - Singapore Polytechnic And SP Group Launch Next-Generation Solar Car For World Solar Challengehttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/8769a10c-aa3a-44b3-b14b-8a58b69185d5/%5B20170721%5D+Media+Release+-+Singapore+Polytechnic+And+SP+Group+Launch+Next-Generation+Solar+Car+For+World+Solar+Challenge.pdf?MOD=AJPERES&CVID= 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 Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 -message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/powering-future-engineering-talent SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Powering Future Engineering Talent SUSTAINABILITY All set for the race are Singapore Polytechnic’s SunSPEC team (from left), Ng Qianhui, Roy Leung, Effy Chang and Lau Lok Yee. SP Group has been SunSPEC’s presenter and main sponsor since Category: Sustainability Searchhttps://www.spgroup.com.sg/search?tag=singapore-polytechnic themselves to stay in the World Solar Challenge. We must nurture this resilient, “never-saydie” spirit in our younger generation. Singapore can be proud of our SunSPEC team as they hold our flag high in Australia!” Besides being Singapore’s sole entry, SunSPEC4 is the only team from a polytechnic Searchhttps://www.spgroup.com.sg/search programmes SP Group SP has partnered PUB to participate in EMA’s Demand Response DR and Interruptible Load IL programmes. PUB is the first government agency to participate in the programmes. Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search [20170721] Media Release Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Load programmes SP Group SP has partnered PUB to participate in EMA’s Demand Response DR and Interruptible Load IL programmes. PUB is the first government agency to participate in the programmes. Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search [20170721] Media Release Searchhttps://www.spgroup.com.sg/search?tag=growing-greener programmes SP Group SP has partnered PUB to participate in EMA’s Demand Response DR and Interruptible Load IL programmes. PUB is the first government agency to participate in the programmes. Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search [20170721] Media Release Searchhttps://www.spgroup.com.sg/search?tag=future-ready 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 Media Release - Singapore Polytechnic Students Rebuild Solar Car After Setback, Supported By Singapore Powerhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/7f993018-17d4-45a3-bf7d-f750fd3c267e/%5B20150929%5D+Media+Release+-+Singapore+Polytechnic+Students+Rebuild+Solar+Car+After+Setback,+Supported+By+Singapore+Power.pdf?MOD=AJPERES&CVID= to help them overcome the setback. Against all odds, they have committed themselves to stay in the World Solar Challenge. We must nurture this resilient, “never-saydie” spirit in our younger generation. Singapore can be proud of our SunSPEC team as they hold our flag high in Australia!” Besides being Innovationhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/innovation/next-generation-solutions-for-your-future-needs 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 Category: Innovation 1 2 Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 Search Annual Reportshttps://www.spgroup.com.sg/about-us/annual-reports About SP GroupBoard of DirectorsExecutive Leadership TeamAwards & AffiliationsAnnual ReportsSustainability Review Annual Reports Chairman's Message 2023 Forging ahead for a greener future - Click on button below to read our Chairman's Message for the year 2023. Read Chairman's Message SP Group Financial Statements Year ended 31 Mar 2023 SP PowerAssets Limited Financial Statements Year ended 31 Mar 2023 Past Annual Reports Annual Report Year 2021/2022 Annual Report Year 2020/2021 Annual Report Year 2019/2020 Annual Report Year 2018/2019 Annual Report Year 2017/2018 Annual Report Year 2016/2017 Annual Report Year 2015/2016 Annual Report Year 2014/2015 Annual Report Year 2013/2014 Annual Report Year 2012/2013 Annual Report Year 2011/2012 Annual Report Year 2010/2011 Annual Report Year 2009/2010 Annual Report Year 2008/2009 Annual Report Year 2007/2008 Annual Report Year 2006/2007 Annual Report Year 2005/2006 Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec and SP Group today unveiled their most advanced solar car, SunSPEC 5 Searchhttps://www.spgroup.com.sg/search?tag=sunspec [20170721] Media Release - Singapore Polytechnic And SP Group Launch Next-Generation Solar Car For World Solar Challengehttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/8769a10c-aa3a-44b3-b14b-8a58b69185d5/%5B20170721%5D+Media+Release+-+Singapore+Polytechnic+And+SP+Group+Launch+Next-Generation+Solar+Car+For+World+Solar+Challenge.pdf?MOD=AJPERES&CVID= 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 Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/powering-future-engineering-talent SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Powering Future Engineering Talent SUSTAINABILITY All set for the race are Singapore Polytechnic’s SunSPEC team (from left), Ng Qianhui, Roy Leung, Effy Chang and Lau Lok Yee. SP Group has been SunSPEC’s presenter and main sponsor since Category: Sustainability Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 /2009 Annual Report Year 2007/2008 Annual Report Year 2006/2007 Annual Report Year 2005/2006 Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Report Year 2010/2011 Annual Report Year 2009/2010 Annual Report Year 2008/2009 Annual Report Year 2007/2008 Annual Report Year 2006/2007 Annual Report Year 2005/2006 Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=singapore-polytechnic committed themselves to stay in the World Solar Challenge. We must nurture this resilient, “never-saydie” spirit in our younger generation. Singapore can be proud of our SunSPEC team as they hold our flag high in Australia!” Besides being Singapore’s sole entry, SunSPEC4 is the only team from Searchhttps://www.spgroup.com.sg/search?tag=growing-greener to participate in EMA’s Demand Response DR and Interruptible Load IL programmes. PUB is the first government agency to participate in the programmes. Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search [20170721] Media Release - Singapore Polytechnic And SP Group Launch Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner PUB to participate in EMA’s Demand Response DR and Interruptible Load IL programmes. PUB is the first government agency to participate in the programmes. Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search [20170721] Media Release - Singapore Polytechnic And SP Group Searchhttps://www.spgroup.com.sg/search?tag=future-ready 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 Media Release - Singapore Polytechnic Students Rebuild Solar Car After Setback, Supported By Singapore Powerhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/7f993018-17d4-45a3-bf7d-f750fd3c267e/%5B20150929%5D+Media+Release+-+Singapore+Polytechnic+Students+Rebuild+Solar+Car+After+Setback,+Supported+By+Singapore+Power.pdf?MOD=AJPERES&CVID= to help them overcome the setback. Against all odds, they have committed themselves to stay in the World Solar Challenge. We must nurture this resilient, “never-saydie” spirit in our younger generation. Singapore can be proud of our SunSPEC team as they hold our flag high in Australia!” Besides being Innovationhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/innovation/next-generation-solutions-for-your-future-needs 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 Category: Innovation Searchhttps://www.spgroup.com.sg/search?tag=solar and SP Group today unveiled their most advanced solar car, SunSPEC 5 Solar Power – Generators.pdfhttps://www.spgroup.com.sg/dam/jcr:bbfb030c-0d8e-422c-8eab-8cd4a3d5ee9e/Solar%20Power%20%E2%80%93%20Generators.pdf Solar PV – User Guide for Generators Table of Contents 1. 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Media Release - Singapore Polytechnic And SP Group Launch Next-Generation Solar Car For World Solar Challengehttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/8769a10c-aa3a-44b3-b14b-8a58b69185d5/%5B20170721%5D+Media+Release+-+Singapore+Polytechnic+And+SP+Group+Launch+Next-Generation+Solar+Car+For+World+Solar+Challenge.pdf?MOD=AJPERES&CVID= 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 Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search 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Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search [20170721] Media Release - Singapore Polytechnic And SP Group Launch Next-Generation Solar Car For World Solar Challengehttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/8769a10c-aa3a-44b3-b14b-8a58b69185d5 Searchhttps://www.spgroup.com.sg/search?tag=future-ready 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 Searchhttps://www.spgroup.com.sg/search?tag=growing-greener to participate in the programmes. Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search [20170721] Media Release - Singapore Polytechnic And SP Group Launch Next-Generation Solar Car For World Solar Challengehttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/8769a10c Media Release - Singapore Polytechnic Students Rebuild Solar Car After Setback, Supported By Singapore Powerhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/7f993018-17d4-45a3-bf7d-f750fd3c267e/%5B20150929%5D+Media+Release+-+Singapore+Polytechnic+Students+Rebuild+Solar+Car+After+Setback,+Supported+By+Singapore+Power.pdf?MOD=AJPERES&CVID= to help them overcome the setback. Against all odds, they have committed themselves to stay in the World Solar Challenge. We must nurture this resilient, “never-saydie” spirit in our younger generation. Singapore can be proud of our SunSPEC team as they hold our flag high in Australia!” Besides being Innovationhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/innovation/next-generation-solutions-for-your-future-needs 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 Category: Innovation Searchhttps://www.spgroup.com.sg/search?tag=solar and SP Group today unveiled their most advanced solar car, SunSPEC 5 Solar Power – Generators.pdfhttps://www.spgroup.com.sg/dam/jcr:bbfb030c-0d8e-422c-8eab-8cd4a3d5ee9e/Solar%20Power%20%E2%80%93%20Generators.pdf Solar PV – User Guide for Generators Table of Contents 1. Introduction 1 2 Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec [20170721] Media Release - Singapore Polytechnic And SP Group Launch Next-Generation Solar Car For World Solar Challengehttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/8769a10c-aa3a-44b3-b14b-8a58b69185d5/%5B20170721%5D+Media+Release+-+Singapore+Polytechnic+And+SP+Group+Launch+Next-Generation+Solar+Car+For+World+Solar+Challenge.pdf?MOD=AJPERES&CVID= 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 Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/powering-future-engineering-talent SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Powering Future Engineering Talent SUSTAINABILITY All set for the race are Singapore Polytechnic’s SunSPEC team (from left), Ng Qianhui, Roy Leung, Effy Chang and Lau Lok Yee. 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PUB is the first government agency to participate in the programmes. Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search [20170721] Media Release Searchhttps://www.spgroup.com.sg/search?tag=future-ready 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 Media Release - Singapore Polytechnic Students Rebuild Solar Car After Setback, Supported By Singapore Powerhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/7f993018-17d4-45a3-bf7d-f750fd3c267e/%5B20150929%5D+Media+Release+-+Singapore+Polytechnic+Students+Rebuild+Solar+Car+After+Setback,+Supported+By+Singapore+Power.pdf?MOD=AJPERES&CVID= to help them overcome the setback. Against all odds, they have committed themselves to stay in the World Solar Challenge. We must nurture this resilient, “never-saydie” spirit in our younger generation. Singapore can be proud of our SunSPEC team as they hold our flag high in Australia!” Besides being Innovationhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/innovation/next-generation-solutions-for-your-future-needs 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 Category: Innovation Searchhttps://www.spgroup.com.sg/search?tag=solar and SP Group today unveiled their most advanced solar car, SunSPEC 5 Solar Power – Generators.pdfhttps://www.spgroup.com.sg/dam/jcr:bbfb030c-0d8e-422c-8eab-8cd4a3d5ee9e/Solar%20Power%20%E2%80%93%20Generators.pdf Solar PV – User Guide for Generators Table of Contents 1. Introduction 1 2 Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec [20170721] Media Release - Singapore Polytechnic And SP Group Launch Next-Generation Solar Car For World Solar Challengehttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/8769a10c-aa3a-44b3-b14b-8a58b69185d5/%5B20170721%5D+Media+Release+-+Singapore+Polytechnic+And+SP+Group+Launch+Next-Generation+Solar+Car+For+World+Solar+Challenge.pdf?MOD=AJPERES&CVID= 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 Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 -message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/powering-future-engineering-talent SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Powering Future Engineering Talent SUSTAINABILITY All set for the race are Singapore Polytechnic’s SunSPEC team (from left), Ng Qianhui, Roy Leung, Effy Chang and Lau Lok Yee. SP Group has been SunSPEC’s presenter and main sponsor since Category: Sustainability Searchhttps://www.spgroup.com.sg/search?tag=singapore-polytechnic themselves to stay in the World Solar Challenge. We must nurture this resilient, “never-saydie” spirit in our younger generation. Singapore can be proud of our SunSPEC team as they hold our flag high in Australia!” Besides being Singapore’s sole entry, SunSPEC4 is the only team from a polytechnic Searchhttps://www.spgroup.com.sg/search programmes SP Group SP has partnered PUB to participate in EMA’s Demand Response DR and Interruptible Load IL programmes. PUB is the first government agency to participate in the programmes. Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search [20170721] Media Release Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Load programmes SP Group SP has partnered PUB to participate in EMA’s Demand Response DR and Interruptible Load IL programmes. PUB is the first government agency to participate in the programmes. Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search [20170721] Media Release Searchhttps://www.spgroup.com.sg/search?tag=growing-greener programmes SP Group SP has partnered PUB to participate in EMA’s Demand Response DR and Interruptible Load IL programmes. PUB is the first government agency to participate in the programmes. Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search [20170721] Media Release Searchhttps://www.spgroup.com.sg/search?tag=future-ready 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 Media Release - Singapore Polytechnic Students Rebuild Solar Car After Setback, Supported By Singapore Powerhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/7f993018-17d4-45a3-bf7d-f750fd3c267e/%5B20150929%5D+Media+Release+-+Singapore+Polytechnic+Students+Rebuild+Solar+Car+After+Setback,+Supported+By+Singapore+Power.pdf?MOD=AJPERES&CVID= to help them overcome the setback. Against all odds, they have committed themselves to stay in the World Solar Challenge. We must nurture this resilient, “never-saydie” spirit in our younger generation. Singapore can be proud of our SunSPEC team as they hold our flag high in Australia!” Besides being Innovationhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/innovation/next-generation-solutions-for-your-future-needs 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 Category: Innovation 1 2 Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 Search Annual Reportshttps://www.spgroup.com.sg/about-us/annual-reports About SP GroupBoard of DirectorsExecutive Leadership TeamAwards & AffiliationsAnnual ReportsSustainability Review Annual Reports Chairman's Message 2023 Forging ahead for a greener future - Click on button below to read our Chairman's Message for the year 2023. Read Chairman's Message SP Group Financial Statements Year ended 31 Mar 2023 SP PowerAssets Limited Financial Statements Year ended 31 Mar 2023 Past Annual Reports Annual Report Year 2021/2022 Annual Report Year 2020/2021 Annual Report Year 2019/2020 Annual Report Year 2018/2019 Annual Report Year 2017/2018 Annual Report Year 2016/2017 Annual Report Year 2015/2016 Annual Report Year 2014/2015 Annual Report Year 2013/2014 Annual Report Year 2012/2013 Annual Report Year 2011/2012 Annual Report Year 2010/2011 Annual Report Year 2009/2010 Annual Report Year 2008/2009 Annual Report Year 2007/2008 Annual Report Year 2006/2007 Annual Report Year 2005/2006 Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec and SP Group today unveiled their most advanced solar car, SunSPEC 5 Searchhttps://www.spgroup.com.sg/search?tag=sunspec [20170721] Media Release - Singapore Polytechnic And SP Group Launch Next-Generation Solar Car For World Solar Challengehttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/8769a10c-aa3a-44b3-b14b-8a58b69185d5/%5B20170721%5D+Media+Release+-+Singapore+Polytechnic+And+SP+Group+Launch+Next-Generation+Solar+Car+For+World+Solar+Challenge.pdf?MOD=AJPERES&CVID= 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 Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/powering-future-engineering-talent SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Powering Future Engineering Talent SUSTAINABILITY All set for the race are Singapore Polytechnic’s SunSPEC team (from left), Ng Qianhui, Roy Leung, Effy Chang and Lau Lok Yee. SP Group has been SunSPEC’s presenter and main sponsor since Category: Sustainability Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 /2009 Annual Report Year 2007/2008 Annual Report Year 2006/2007 Annual Report Year 2005/2006 Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Report Year 2010/2011 Annual Report Year 2009/2010 Annual Report Year 2008/2009 Annual Report Year 2007/2008 Annual Report Year 2006/2007 Annual Report Year 2005/2006 Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=singapore-polytechnic committed themselves to stay in the World Solar Challenge. We must nurture this resilient, “never-saydie” spirit in our younger generation. Singapore can be proud of our SunSPEC team as they hold our flag high in Australia!” Besides being Singapore’s sole entry, SunSPEC4 is the only team from Searchhttps://www.spgroup.com.sg/search?tag=growing-greener to participate in EMA’s Demand Response DR and Interruptible Load IL programmes. PUB is the first government agency to participate in the programmes. Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search [20170721] Media Release - Singapore Polytechnic And SP Group Launch Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner PUB to participate in EMA’s Demand Response DR and Interruptible Load IL programmes. PUB is the first government agency to participate in the programmes. Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search [20170721] Media Release - Singapore Polytechnic And SP Group Searchhttps://www.spgroup.com.sg/search?tag=future-ready 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 Media Release - Singapore Polytechnic Students Rebuild Solar Car After Setback, Supported By Singapore Powerhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/7f993018-17d4-45a3-bf7d-f750fd3c267e/%5B20150929%5D+Media+Release+-+Singapore+Polytechnic+Students+Rebuild+Solar+Car+After+Setback,+Supported+By+Singapore+Power.pdf?MOD=AJPERES&CVID= to help them overcome the setback. Against all odds, they have committed themselves to stay in the World Solar Challenge. We must nurture this resilient, “never-saydie” spirit in our younger generation. Singapore can be proud of our SunSPEC team as they hold our flag high in Australia!” Besides being Innovationhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/innovation/next-generation-solutions-for-your-future-needs 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 Category: Innovation Searchhttps://www.spgroup.com.sg/search?tag=solar and SP Group today unveiled their most advanced solar car, SunSPEC 5 Solar Power – Generators.pdfhttps://www.spgroup.com.sg/dam/jcr:bbfb030c-0d8e-422c-8eab-8cd4a3d5ee9e/Solar%20Power%20%E2%80%93%20Generators.pdf Solar PV – User Guide for Generators Table of Contents 1. Introduction 1 2 Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec and SP Group today unveiled their most advanced solar car, SunSPEC 5 Searchhttps://www.spgroup.com.sg/search?tag=sunspec [20170721] Media Release - Singapore Polytechnic And SP Group Launch Next-Generation Solar Car For World Solar Challengehttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/8769a10c-aa3a-44b3-b14b-8a58b69185d5/%5B20170721%5D+Media+Release+-+Singapore+Polytechnic+And+SP+Group+Launch+Next-Generation+Solar+Car+For+World+Solar+Challenge.pdf?MOD=AJPERES&CVID= MEDIA RELEASE Singapore Polytechnic and SP Group l

Search Singapore Polytechnic And SP Group Launch Next-Generation Solar Car For World Solar Challenge 2017https://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Singapore-Polytechnic-And-SP-Group-Launch-Next-Generation-Solar-Car-For-World-Solar-Challenge-2017 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 [20170721] Media Release - Singapore Polytechnic And SP Group Launch Next-Generation Solar Car For World Solar Challengehttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/8769a10c-aa3a-44b3-b14b-8a58b69185d5/%5B20170721%5D+Media+Release+-+Singapore+Polytechnic+And+SP+Group+Launch+Next-Generation+Solar+Car+For+World+Solar+Challenge.pdf?MOD=AJPERES&CVID= 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 Searchhttps://www.spgroup.com.sg/search?tag=sunspec 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 Searchhttps Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/powering-future-engineering-talent SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Powering Future Engineering Talent SUSTAINABILITY All set for the race are Singapore Polytechnic’s SunSPEC team (from left), Ng Qianhui, Roy Leung, Effy Chang and Lau Lok Yee. SP Group has been SunSPEC’s presenter and main sponsor since Category: Sustainability Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 ://www.spgroup.com.sg/search?tag=year-in-review-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 ://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps Searchhttps://www.spgroup.com.sg/search?tag=solar 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 [20170721] Media Release Media Release - Singapore Polytechnic Students Rebuild Solar Car After Setback, Supported By Singapore Powerhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/7f993018-17d4-45a3-bf7d-f750fd3c267e/%5B20150929%5D+Media+Release+-+Singapore+Polytechnic+Students+Rebuild+Solar+Car+After+Setback,+Supported+By+Singapore+Power.pdf?MOD=AJPERES&CVID= to help them overcome the setback. Against all odds, they have committed themselves to stay in the World Solar Challenge. We must nurture this resilient, “never-saydie” spirit in our younger generation. Singapore can be proud of our SunSPEC team as they hold our flag high in Australia!” Besides being Singapore Polytechnic Students Rebuild Solar Car After Setback, Supported By Singapore Powerhttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Singapore-Polytechnic-Students-Rebuild-Solar-Car-After-Setback--Supported-By-Singapore-Power all odds, they have committed themselves to stay in the World Solar Challenge. We must nurture this resilient, “never-say-die” spirit in our younger generation. Singapore can be proud of our SunSPEC team as they hold our flag high in Australia!” Besides being Singapore’s sole entry, SunSPEC4 Innovationhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/innovation/next-generation-solutions-for-your-future-needs 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 Category: Innovation Searchhttps://www.spgroup.com.sg/search?tag=singapore-polytechnic younger generation. Singapore can be proud of our SunSPEC team as they hold our flag high in Australia!” Besides being Singapore’s sole entry, SunSPEC4 is the only team from a polytechnic, competing alongside leading global universities such as Stanford University, Cambridge University SP Group Annual Report FY1516https://www.spgroup.com.sg/dam/spgroup/pdf/annual-reports/SP-Group-Annual-Report-FY1516.pdf and logistical support from SP, as well as our undertaking to air freight the SunSPEC4 to save time, both the team and their car were at the starting line on time to be flagged off. SP’s staff, who are also alumni of the polytechnic, travelled with the SunSPEC team to provide additional support and advice 1 2

About SP GroupBoard of DirectorsExecutive Leadership TeamAwards & AffiliationsAnnual ReportsSustainability Reports Annual Reports Chairman's Message 2024 Forging ahead for a greener future - Click on button below to read our Chairman's Message for the year 2024. Read Chairman's Message SP Group Financial Statements Year ended 31 Mar 2024 SP PowerAssets Limited Financial Statements Year ended 31 Mar 2024 Past Annual Reports Annual Report Year 2022/2023 Annual Report Year 2021/2022 Annual Report Year 2020/2021 Annual Report Year 2019/2020 Annual Report Year 2018/2019 Annual Report Year 2017/2018 Annual Report Year 2016/2017 Annual Report Year 2015/2016 Annual Report Year 2014/2015 Annual Report Year 2013/2014 Annual Report Year 2012/2013 Annual Report Year 2011/2012 Annual Report Year 2010/2011 Annual Report Year 2009/2010 Annual Report Year 2008/2009 Annual Report Year 2007/2008 Annual Report Year 2006/2007 Annual Report Year 2005/2006

SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Transforming to Serve You Better RELIABILITY 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 future-ready solutions. 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 world-class 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. 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 future-ready 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. 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 air-conditioning 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. 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 TAGS CHAIRMAIN'S MESSAGE 2017YEAR IN REVIEW 2017 YOU MIGHT BE INTERESTED TO READ SP Group hosts energy leaders at the 25th AESIEAP CEO Conference in Singapore 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.

Search Energy Audit Calculator.xlsxhttps://www.spgroup.com.sg/dam/jcr:4faaab05-81bc-44bd-8aa2-39fafae49f91/Energy%20Audit%20Calculator.xlsx Energy Audit Calculator ENERGY AUDIT CALCULATOR Ever wondered which appliance in your home consumes the most electricity? Use our Home Energy Audit Calculator to audit your daily electricity usage! To begin, (1) select the appliance(s) that you use at home under Column B (2) use our suggested wattage for this appliance or key in your own under Column C (3) fill in the number of units of such appliance under Column D (4) followed by the number of hours you use each appliance per day under Column E No. Appliance Wattage (Use our suggested value or key in your own here) Quantity No. of hours per day Electricity Cost (S$) per month* 1 Computer 400 1 1 3.72 2 Fan 55 1 2 1.02 3 0.00 4 0.00 5 0.00 6 0.00 7 0.00 8 0.00 9 0.00 10 0.00 Total Electricity Cost per month : 4.74 *Based on the Electricity Tariff of 31 cents/kWh for the period of Oct - Dec 2023. This tariff is updated quarterly. The estimated cost above was calculated based on this formula: Energy Usage (kW) x No. of hours per day (h/day) x 30 days (days/month) x Electricity Tariff (S$/kWh) = Electricity Cost per month (S$/month) Disclaimer: This energy audit calculator serves only as a guide and electricity costs provided are an estimate. Appliances Appliance Wattage Air-Conditioner 2000 Clothes Dryer 6000 Computer 400 Cooking Appliance 2100 Fan 55 Instant Water Heater 3000 Kettle 1500 Lamps 22 Oven 2000 Refrigerator 50 Television 200 Washing Machine 2000 Media Coveragehttps://www.spgroup.com.sg/about-us/media-resources/media-coverage?page=28 Media Coverage Catch the latest news on SP All Years 26 Jul 2017 Shin Min Daily News - 29 Air Conditioners Allow The NDP Crowd To Enjoy 24°C Of Cool Air Source: Lianhe Wanbao © Singapore Press Holdings Limited. Permission required for reproduction 26 Jul 2017 Lianhe Wanbao - 29 Air Conditioners Installed For NDP Source: Lianhe Wanbao © Singapore Press Holdings Limited. Permission required for reproduction 26 Jul 2017 Singapore Tonight - Outdoor Cooling At National Day Parade 2017 Source: Channel NewsAsia 21 Jul 2017 The Straits Times - S’pore Poly Revs Up Solar Car For Race Source: The Straits Times © Singapore Press Holdings Limited. Permission required for reproduction 11 Jul 2017 Berita Harian - Singapore Continues To Empower Economy With Infrastructure, Digital Abilities Source: Berita Harian © Singapore Press Holdings Limited. Permission required for reproduction 11 Jul 2017 The Business Times - Siemens Opens Its First Global Fully Integrated Digitalisation Hub In Singapore Source: The Business Times © Singapore Press Holdings Limited. Permission required for reproduction 11 Jul 2017 Lianhe Zaobao - Important For Companies To Train Staff In A Digital Economy Source: Lianhe Zaobao © Singapore Press Holdings Limited. Permission required for reproduction 11 Jul 2017 The Straits Times - Siemens Signs 3 Deals For Tech Projects Source: The Straits Times © Singapore Press Holdings Limited. Permission required for reproduction 11 Jul 2017 The Straits Times - Siemens Digitalisation Hub To Help Boost Smart Nation Effort Source: The Straits Times © Singapore Press Holdings Limited. Permission required for reproduction 26 Jun 2017 The Business Times - Electric Vehicles Drive Change In Grid Operators And Oil Firms Source: The Business Times © Singapore Press Holdings Limited. Permission required for reproduction. 1 ... 27 28 29 ... 41 [20160304] Lianhe Zaobao - Jurong Lake District Might Adopt District Cooling Systemhttps://www.spgroup.com.sg/dam/jcr:1ab96fc4-bbfe-4d0d-80ec-ee0b865cf819 Lianhe Zaobao, Page06, 4 Mar 2016 �� ������� ����� yangyang@sph.com.sg ��������������� ��������������� ���������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ������ ��������������� ��������������� �������������� ������������������ ����������������������� ��������������� ��������������� ������������ ��������������� ��������������� ��������������� ��� ��������������� ��������������� ��������������� ��������������� ��������� ����������������� ��������������� ������������� �������������� ���������������������� ��������������������� ���������������������� ���������������������� �������� ���������������� ���������������� ��������������� ���������������� ��������������� �������������� ������� ����������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ������ ��������������� ������������������ ���������������� ��������������� ���������� ��������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ������������� ������������� ������� ������ ������������������������� ����� ������ ������� ���������������������� ���������������� ���������������� ��� ��������������� ������ ��������������� ��������������� �������������� ����������� �������� �������������������� ����������������������� �������������������������� �������������������� ��������������� ��������������� ���������������� ����� ��������������� ��������������� ��������������� ��������������� ��������������� ������������� ��������������� ������ ���� ��� ��������������� �������������� ��������������� ���������������� ��������������� ��������������� ��������������� ��������������� ������ ��������������� ��������������� ��������������� ��������������� ��������������� ����� Source: Lianhe Zaobao © Singapore Press Holdings Limited. Permission required for reproduction. �� ��� � ������ ������ �������� ������ ������ � �������� ��������� �������� ��������� �� �� ������ ��� ���� ����������� ������ ������� ��������������������� ����������� � �������� ������������������ � �������� �������� ���������� ���������� ��� ��������� ��������� ��� ��������� ��������� ��������� ��������� ������� �������� ������������������������������� ��������������������������� Registered Earthworks Supervisor.pdfhttps://www.spgroup.com.sg/dam/jcr:929ba866-0057-4935-aa29-642fc28e33ac/Registered%20Earthworks%20Supervisor.pdf Singapore Institute of Power and Gas Registered Earthworks Supervisor Course Code: WSO02 COURSE OBJECTIVES Upon completion of this course, participants will be able to: • Know the statutory requirements for earthworks in the vicinity of electricity cables under the Electricity Act and SS576:2019 – “Code of practice for earthworks in the vicinity of electricity cables” • Plan, prepare and manage earthworks activities safely to prevent damage to electricity cables • Supervise all earthworks and communicate effectively with site personnel in the course of earthworks activities MAIN CONTENTS • Introduction to Electricity Act • Introduction to SP PowerGrid underground services • Safe Work Procedures on damage prevention • SPPG requirements for earthworks • Registered Earthworks Supervisor requirements in SS576:2019 • Supervisory skills in the prevention of damage to electricity cables • Case studies METHODOLOGY Lecture and case studies TARGET AUDIENCE Any person whose trade or occupation requires or includes the supervision of earthworks ENROLMENT CRITERIA English Proficiency in GCE ‘O’/ ‘N’ Level or Workplace Literacy (WPL) Level 3 or equivalent Note: RES shall not carry out dual role as REO/PREO/LCDW during earthwork activities to avoid conflict of interest COURSE DETAILS Duration : 14 hours Mode of Delivery : Face-to-Face Certification : SIPG Certificate of Achievement PDU by PE Board : - Additional Requirement/s : NIL COURSE FEES Full Course Fee : S$420 (before GST) For Singapore Citizens/PR/LTVP+* : Not applicable For Singapore Citizens (40 years old and above) : Not applicable Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 Ver 3.2_0323 Singapore Institute of Power and Gas ADDITIONAL REMARKS • Trainee must attain at least 75% attendance rate and pass the assessment to receive Certificate of Completion and funding grant (if applicable). • Subsidy of up to 70% is applicable for Singapore Citizens, Permanent Residents or Long-Term Visitor Pass Plus (LTVP+) Holders, subject to funding agency’s approval. • Enhanced subsidy of up to 90% is applicable for Singapore Citizens aged 40 years and above, subject to funding agency’s approval. Note that GST payable will be computed from fee after 70% funding. • Professional Development Unit (PDU) is applicable for Professional Engineers registered under the Professional Engineers (PE) Board only. • All published fees are subject to prevailing GST. CONTACT US For more information, please contact SIPG at +65 6916 7930 or email training-institute@spgroup.com.sg. OTHER SIPG COURSES For more courses, visit our website at: https://www.spgroup.com.sg/about-us/training or Scan the QR code below: Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 Ver 3.2_0323 Historical-National-Average-Household-usage--Website-Data-Sep22-to-Aug24-.xlsxhttps://www.spgroup.com.sg/dam/spgroup/docs/our-services/utilities/tariff-information/Historical-National-Average-Household-usage--Website-Data-Sep22-to-Aug24-.xlsx Consumption_Elect Average consumption of Electricity (kWh) Premises Types Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 HDB 1-Room 139 132 130 127 125 121 111 127 142 152 147 145 143 146 144 135 126 126 132 150 152 149 140 151 HDB 2-Room 184 172 171 165 166 158 148 166 185 202 190 190 189 190 188 176 164 167 173 199 199 195 183 198 HDB 3-Room 257 245 245 235 233 226 212 242 270 288 271 272 269 274 269 247 236 241 250 292 285 277 264 283 HDB 4-Room 354 333 334 320 318 309 289 326 367 391 371 371 367 374 370 342 321 330 342 398 396 383 360 385 HDB 5-Room 416 388 389 373 369 363 338 381 428 456 437 434 427 437 436 401 367 381 399 463 466 448 416 447 HDB Executive 504 472 476 448 453 443 414 473 528 561 531 536 528 541 530 478 456 474 489 575 568 544 515 546 Apartment 519 498 496 469 450 425 414 465 543 585 546 514 515 537 541 483 430 435 486 578 573 543 500 513 Terrace 815 781 785 752 748 727 686 756 867 902 868 866 859 890 881 804 740 794 821 957 900 872 838 847 Semi-Detached 1,091 1,030 1,054 995 997 962 930 1,024 1,182 1,233 1,159 1,134 1,150 1,187 1,174 1,065 1,019 1,038 1,109 1,254 1,224 1,170 1,128 1,126 Bungalow 2,146 2,004 2,182 1,986 2,073 1,938 1,901 2,016 2,303 2,482 2,320 2,219 2,298 2,308 2,358 2,075 2,106 1,951 2,146 2,432 2,360 2,266 2,220 2,121 [20171229] Media Release - Electricity Tariff Revision For The Period 1 January To 31 March 2018https://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/08728fdf-fb18-4cab-9287-0b8926bfc585/%5B20171229%5D+Media+Release+-+Electricity+Tariff+Revision+For+The+Period+1+January+To+31+March+2018.pdf?MOD=AJPERES&CVID= Cents/kWh MEDIA RELEASE ELECTRICITY TARIFF REVISION FOR THE PERIOD 1 JANUARY TO 31 MARCH 2018 Singapore, 29 December 2017 – For the period from 1 January to 31 March 2018, electricity tariffs will increase by an average of 6.3% or 1.26 cents per kWh compared to the previous quarter. The tariff increase is due to the higher cost of natural gas for electricity generation, which increased by 14% compared to the previous quarter. For households, the electricity tariff will increase from 20.30 to 21.56 cents per kWh for 1 January to 31 March 2018. The average monthly electricity bill for families living in four-room HDB flats will increase by $4.78 (see Appendix 3 for the average monthly electricity bill for different household types). Quarterly Household Electricity Tariff 22.00 21.39 21.56 21.00 20.20 20.72 20.30 20.00 19.00 19.27 19.13 18.00 17.68 17.00 16.00 Apr - Jun 16 Jul - Sep 16 Oct - Dec 16 Jan - Mar 17 Apr - Jun 17 Jul - Sep 17 Oct - Dec 17 Jan - Mar 18 SP Group reviews the electricity tariffs quarterly based on guidelines set by the Energy Market Authority (EMA), the electricity industry regulator. The tariffs given in Appendix 1 have been approved by the EMA. Issued by: SP Group 2 Kallang Sector Singapore 349277 www.spgroup.com.sg Appendix 1 ELECTRICITY TARIFFS FROM 1 JANUARY 2018 Existing Tariff (without GST) New Tariff (without GST) New Tariff (with 7% GST) LOW TENSION SUPPLIES, DOMESTIC All units, ¢/kWh LOW TENSION SUPPLIES, NON-DOMESTIC All units, ¢/kWh HIGH TENSION SMALL (HTS) SUPPLIES Contracted Capacity Charge $/kW/month Uncontracted Capacity Charge $/chargeable kW/month 20.30 21.56 23.07 20.30 21.56 23.07 8.36 8.36 8.95 12.54 12.54 13.42 kWh charge, ¢/kWh Peak period (7.00am to 11.00pm) 17.47 18.88 20.20 Off-peak period (11.00pm to 7.00am) 10.55 11.37 12.17 Reactive power Charge ¢/chargeable kVARh HIGH TENSION LARGE (HTL) SUPPLIES Contracted Capacity Charge $/kW/month 0.59 0.59 0.63 8.36 8.36 8.95 Uncontracted Capacity Charge $/chargeable kW/month kWh charge, ¢/kWh 12.54 12.54 13.42 Peak period (7.00am to 11.00pm) 17.25 18.66 19.97 Off-peak period (11.00pm to 7.00am) 10.54 11.36 12.16 Reactive power Charge ¢/chargeable kVARh EXTRA HIGH TENSION (EHT) SUPPLIES Contracted Capacity Charge $/kW/month 0.59 0.59 0.63 7.54 7.54 8.07 Uncontracted Capacity Charge $/chargeable kW/month kWh charge, ¢/kWh 11.31 11.31 12.10 Peak period (7.00am to 11.00pm) 16.38 17.77 19.01 Off-peak period (11.00pm to 7.00am) 10.45 11.26 12.05 Reactive power Charge ¢/chargeable kVARh 0.48 0.48 0.51 Appendix 2 BREAKDOWN OF ELECTRICITY TARIFF 1. The electricity tariff consists of the following four components: a) Energy costs (paid to the generation companies): This component is adjusted quarterly to reflect changes in the cost of power generation. b) Network costs (paid to SP PowerAssets): This fee is reviewed annually. c) Market Support Services Fee (paid to SP Services): This fee is reviewed annually. d) Market Administration and Power System Operation Fee (paid to Energy Market Company and Power System Operator): This fee is reviewed annually to recover the costs of operating the electricity wholesale market and power system. Q1 2018 TARIFF Market Admin & PSO Fee 0.05¢/kWh (<1%) MSS Fee 0.37¢/kWh (1.7%) Network Costs 5.30¢/kWh (24.6%) Energy Costs 15.84¢/kWh (73.5%) Appendix 3 AVERAGE MONTHLY ELECTRICITY BILLS OF DOMESTIC CUSTOMERS (TARIFF WEF 1 JANUARY 2018) Types of Premises Average monthly consumption per Customer Average Monthly Bill New Average Monthly Bill Average Change in Monthly Bill kWh $(a) $(b) $(b-a) % HDB 1 Room 137.41 27.89 29.63 1.74 6.2 HDB 2 Room 193.18 39.22 41.65 2.43 6.2 HDB 3 Room 277.60 56.35 59.85 3.50 6.2 HDB 4 Room 379.49 77.04 81.82 4.78 6.2 HDB 5 Room 442.06 89.74 95.31 5.57 6.2 HDB Executive 545.52 110.74 117.61 6.87 6.2 Apartment 539.71 109.56 116.36 6.80 6.2 Terrace 898.34 182.36 193.68 11.32 6.2 Semi-Detached 1,199.76 243.55 258.67 15.12 6.2 Bungalow 2,499.42 507.38 538.87 31.49 6.2 Average 448.02 90.95 96.59 5.64 6.2 [20140319] Lianhe Zaobao - SP Scholarships For Polytechnic And ITE Studentshttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/57cdc880-51bf-4f69-a21f-3a54841bda43/%5B20140319%5D+Lianhe+Zaobao+-+SP+Scholarships+For+Polytechnic+And+ITE+Students.pdf?MOD=AJPERES&CVID= 新 能 源 首 次 颁 发 奖 学 金 给 工 院 和 工 教 院 学 生 新 加 坡 能 源 的 奖 学 金 以 已 故 工 运 领 袖 尼 迪 雅 命 名 , 颁 发 给 工 院 生 与 工 教 院 生 的 每 份 奖 学 金 价 值 分 别 为 2 万 4000 元 与 1 万 1000 元 , 学 生 毕 业 后 得 在 新 能 源 服 务 至 少 两 年 。 在 尼 迪 雅 奖 学 金 之 前 , 新 能 源 的 奖 学 金 计 划 只 针 对 大 学 生 。 胡 洁 梅 报 道 ohkm@sph.com.sg 新 加 坡 能 源 公 司 首 次 颁 发 奖 学 金 给 工 艺 教 育 学 院 与 理 工 学 院 学 生 , 为 能 源 领 域 吸 引 与 栽 培 更 多 人 才 。 颁 发 给 工 院 生 与 工 教 院 生 的 每 份 奖 学 金 价 值 分 别 为 2 万 4000 元 与 1 万 1000 元 , 学 生 毕 业 后 得 在 新 加 坡 能 源 服 务 至 少 两 年 。 申 请 者 须 是 修 读 工 程 相 关 课 程 的 学 生 , 已 在 各 自 学 院 修 读 至 少 一 年 。 工 教 院 生 黄 凯 文 ( 左 ) 与 工 院 生 郭 佳 辰 对 能 源 领 域 的 工 作 感 兴 趣 , 奖 学 金 计 划 让 他 们 有 机 会 在 心 仪 的 领 域 学 习 。( 何 家 俊 摄 ) ▲ 奖 学 金 以 已 故 工 运 领 袖 尼 迪 雅 (Nithiah Nandan) 命 名 , 以 肯 定 他 对 新 加 坡 能 源 领 域 与 工 运 作 出 的 贡 献 。 他 的 妻 子 维 玛 拉 昨 天 也 受 邀 出 席 “ 尼 迪 雅 工 艺 教 育 学 院 与 理 工 学 院 奖 学 金 ” 的 颁 奖 仪 式 。 林 瑞 生 : 能 源 领 域 前 景 好 曾 任 官 委 议 员 的 尼 迪 雅 是 在 1966 年 到 公 用 事 业 局 当 日 薪 员 工 , 与 其 他 员 工 创 办 电 力 与 煤 气 业 雇 员 联 合 会 , 后 来 成 为 这 个 联 合 会 的 执 行 秘 书 。 他 在 1997 年 担 任 全 国 职 工 总 会 副 会 长 。 颁 奖 嘉 宾 职 总 秘 书 长 林 瑞 生 致 词 时 阐 述 这 位 建 国 一 代 的 贡 献 。 打 过 好 几 份 工 的 尼 迪 雅 在 加 入 公 用 事 业 局 后 , 为 能 源 领 域 的 员 工 谋 福 利 。 林 瑞 生 说 :“ 能 源 领 域 不 像 早 期 那 样 以 日 薪 工 作 居 多 , 现 在 它 是 一 个 有 前 景 、 有 良 好 工 作 与 薪 水 的 领 域 。” 他 呼 吁 年 轻 人 把 握 这 个 领 域 的 机 会 。 在 尼 迪 雅 奖 学 金 之 前 , 新 加 坡 能 源 的 奖 学 金 计 划 只 针 对 大 学 生 。 昨 天 ,21 名 工 院 与 工 教 院 学 生 正 式 获 颁 奖 学 金 , 其 中 八 名 来 自 工 教 院 , 其 余 来 自 义 安 理 工 学 院 与 新 加 坡 理 工 学 院 。 新 能 源 集 团 总 裁 黄 锦 贤 致 词 时 说 , 尼 迪 雅 奖 学 金 是 新 加 坡 能 源 扩 大 与 建 立 人 才 网 络 的 重 要 元 素 。 他 也 说 , 能 源 是 人 们 生 活 中 无 可 或 缺 的 , 新 加 坡 能 源 的 工 作 是 提 供 可 靠 、 具 成 本 效 益 的 能 源 供 应 。 与 其 他 国 家 相 比 , 新 加 坡 在 能 源 管 理 方 面 的 表 现 名 列 前 茅 。 根 据 去 年 的 成 绩 , 新 加 坡 用 户 平 均 每 115 年 才 会 经 历 一 次 断 电 。 他 受 访 时 说 , 许 多 人 对 能 源 行 业 或 许 有 一 套 既 定 想 法 , 认 为 能 源 工 作 枯 燥 乏 味 , 新 加 坡 能 源 希 望 通 过 不 同 计 划 让 年 轻 人 了 解 这 个 行 业 的 发 展 潜 力 。 设 立 奖 学 金 的 目 的 是 吸 引 人 才 加 入 , 因 此 未 对 每 年 的 尼 迪 雅 奖 学 金 得 主 人 数 设 限 , 数 目 取 决 于 申 请 者 的 素 质 与 公 司 的 需 求 。 工 艺 教 育 西 区 学 院 学 生 黄 凯 文 (21 岁 ) 是 其 中 一 名 尼 迪 雅 奖 学 金 得 主 。 他 说 :“ 我 再 过 几 个 月 就 毕 业 , 毕 业 后 不 愁 没 工 作 。 企 业 为 工 艺 学 院 学 生 提 供 奖 学 金 , 这 对 我 们 是 一 种 肯 定 。 我 对 电 子 工 程 感 兴 趣 , 我 相 信 在 新 加 坡 能 源 这 类 大 机 构 工 作 , 能 学 得 更 多 。” 新 加 坡 工 院 二 年 级 工 程 系 学 生 郭 佳 辰 (18 岁 ) 在 讲 师 的 推 荐 下 成 功 申 请 到 奖 学 金 。 他 说 , 他 在 假 期 时 有 机 会 到 新 加 坡 能 源 实 习 , 这 让 他 对 能 源 领 域 有 更 实 际 的 认 识 , 提 前 为 职 场 做 准 备 。 为 确 保 高 素 质 能 源 服 务 , 新 加 坡 能 源 也 鼓 励 职 员 不 断 提 升 技 能 与 学 历 。 黄 锦 贤 透 露 , 至 今 有 超 过 两 成 非 执 行 级 职 员 获 公 司 赞 助 去 进 修 , 超 过 一 半 考 取 更 高 学 历 后 被 擢 升 。 设 有 工 会 的 新 加 坡 能 源 公 司 有 超 过 3000 名 职 员 , 约 七 成 是 非 执 行 级 职 员 。 Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/young-animators-draw-up-gas-safety-tips SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Young Animators Draw up Gas Safety Tips RELIABILITY Working closely with NYP students were SP Group’s gas safety committee and corporate affairs department. The team comprised (first row, from left) SP’s Engineer Lydia Koh, SP’s Senior Engineer Nur Hafiza binte Mohd Zulkifli, NYP’s Lim Shu Ming, NYP’s Koh Chiau Wen, SP’s Head of Corporate Affairs, Amelia Champion, NYP’s Andrea Low, (second row, from left) NYP’s Quek Yu Jie, SP’s Senior Engineer Lo Ai Jin, NYP’s project supervisor Bhakta Srini, SP’s Senior Engineer Roseanne Chan, and SP’s Deputy Director, Corporate Affairs, Jeanie Lee. When Nanyang Polytechnic student Quek Yu Jie was 10, he came home to a strange smell and a hissing sound. He witnessed his mother’s quick reaction: she turned off a gas ring that had been left on, and opened all windows in the flat. “My mother knew we needed to let the gas out quickly. But I don’t think we knew we had to shut the main gas valve and leave all other appliances untouched,” Yu Jie, now 25 and a Nanyang Polytechnic final year student, recalled. Yu Jie and three other animation coursemates from NYP’s School of Interactive & Digital Media learnt this when they created a series of gas safety videos for SP Group as part of their Final Year Project. The biggest learning for them was that, using a mobile phone during a gas leak can spark a fire due to the microwaves emitted from phones, said Yu Jie, who led the video’s post-production. Statistics have shown that 42.5 per cent of the gas leaks attended to in the second half of 2018 were due to the misuse of gas appliances.  The videos are part of a gas safety campaign that is rolled out in September this year. NYP students engaged with the SP team to come up with a compelling public education campaign The team used animation to highlight key safety tips: how to detect a leak, ways to prevent gas-related incidents, and the importance of engaging a Licensed Gas Service Worker to install gas appliances. Team-mates Koh Chiau Wen and Lim Shu Ming, both 19, took the lead in developing key characters, while Andrea Low, 20, focused on creating the backdrop. The students worked closely with SP to decide on the best ways to drive home the key messages to a broad audience. “We want to raise the level of gas safety awareness as many people overlook the correct and safe use of gas appliances and accessories,” said Nur Hafiza binte Mohd Zulkifli, Senior Engineer, Gas Operations, from SP’s gas safety committee, a workgroup on gas safety education. Final Year Projects usually take about 480 hours, but project supervisor Bhakta Srini said that for this one, each put in up to 30 hours more, including over weekends and after school, to perfect the videos and capture the realism of human characters. “One second of a film is 24 frames and requires 12 drawings.  We created over 1,500 drawings in total,” explained Chiau Wen, who led the project team. But the students all agreed that it was worth it, since the videos get the message across using everyday scenarios. NYP students had to acquire gas safety knowledge from the SP Engineers and figure out how best to communicate this. Head of Corporate Affairs, Amelia Champion said the collaboration with the polytechnic helped to bring across SP’s gas safety advice through the lens of the students. “Anyone can potentially help detect or prevent a leak or be an advocate for safe practices. This series aims to make our safety messages easily understood and shared with others.” — 24 September 2019 TAGS RELIABILITYGAS SAFETY YOU MIGHT BE INTERESTED TO READ SP Group hosts energy leaders at the 25th AESIEAP CEO Conference in Singapore 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. Category: Reliability jcr:4fd82a02-a259-4366-8f56-a66884a95cf9https://www.spgroup.com.sg/dam/jcr:4fd82a02-a259-4366-8f56-a66884a95cf9 SPH Media Limited MCI (P) 002/04/2024 http://www.tamilmurasu.com.sg ����: 1935 �����: ����� �.������ 30 ஏப்ரல் 2024 • ெசவ்வாய் • 60 காசு மரினா ேப குளிரூட்டுக் கட்டைமப்பில் சன்ெடக் சிட்டி மரினா ேபயில் உள்ள ‘எஸ்பி’ குழுமத் தின் மிகப் ெபரிய அளவிலான நிலத்தடி வட்டாரக் குளிரூட்டு முைறயில் சன் ெடக் சிட்டி இைணந்துெகாள்ளவிருக் கிறது. இதன் மூலம், ஏற்ெகனேவ உலகின் அத்தைகய ஆகப் ெபரிய கட்டைமப்பு விரிவைடயவிருப்பதாக ‘எஸ்பி’ குழும மும் சன்ெடக் சிட்டியும் ஏப்ரல் 29ஆம் ேததி கூறின. ஒப்பந்தத்தின்கீழ், ‘எஸ்பி’ குழுமம், சன்ெடக் சிட்டியின் குளிரூட்டு முைற யின் ெசயல்பாட்டுக்குப் ெபாறுப்ேபற்கும். அந்தக் குளிரூட்டு முைற 2027ஆம் ஆண்டுக்குள் மரினா ேப வட்டாரக் குளிரூட்டு கட்டைமப்புடன் ஒருங் கிைணக்கப்படும். ஒேர ஒரு ைமயப்படுத்தப்பட்ட குளிரூட்டுச் சாதனத்ைதக் ெகாண் டுள்ள சன்ெடக் சிட்டியின் குளிரூட்டு முைற, அதன் ஐந்து அலுவலகக் கட்ட டங்கள், சில்லைறப் ேபரங்காடி, மாநாட்டு மண்டபம் ஆகியவற்றுக்குக் குளிரூட்டுச் ேசைவகைள வழங்குகிறது. சன்ெடக் சிட்டி உட்பட, ெசயல்பாட்டில் உள்ள தற்ேபாைதய ஒட்டுெமாத்தக் குளிரூட்டு ஆற்றல் 203,000 ‘ெரஃப்ரிெஜ ரன்ட் டன்’ அளவில் இருக்கும். சிங்கப் பூரில் வட்டாரக் குளிரூட்டுத் தீர்வுகளுக் கான ஆகப் ெபரிய ேசைவ நிறுவனமாக ‘எஸ்பி’ குழுமம் திகழும். வட்டாரக் குளிரூட்டுக் கட்டைமப்பு, ைமயப்படுத்தப்பட்ட குளிரூட்டுச் சாதனங்கைளப் பயன்படுத்தி, கட்டடங் களின் குளிரூட்டுத் ேதைவகைளப் பூர்த்திெசய்கிறது. இதனால் கட்டைமப் பின் உறுப்பினர்கள் தங்கள் ெசாந்தச் சாதனங்கைள வாங்குவதற்கான ேதைவ இருக்காது. குளிரூட்டு வசதிையப் பகிர்ந்துெகாள் வதாலும், எரிசக்திப் பயனீட்ைடச் சாத கமாகப் பயன்படுத்திக்ெகாள்வதாலும், உறுப்பினர்கள் கரிம ெவளிேயற்றத்ைதக் குைறக்கலாம்; ெசலவுகைள மிச்சப்படுத் தலாம். Project Safety Management.pdfhttps://www.spgroup.com.sg/dam/jcr:bdd30e13-4f64-4b46-ad12-f2ff22df4e32/%20Project%20Safety%20Management.pdf Singapore Institute of Power and Gas Project Safety Management Course Code: SFC04 COURSE OBJECTIVES Upon completion of this course, participants will be able to: • Know the requirements of safety management on site • Understand the expectation of their roles and responsibilities in site safety management • Understand the importance of safe work and operation in SP MAIN CONTENTS • Elements of Site Safety Management • Site Visit by Contractor Project management • Toolbox meeting • Permit to Work process • Training requirements • Sub-Contractor Management • Incident Reporting • Incident investigation • Safety committee meeting • Site Safety Plan • Site Condition Check (Safety Inspection) • Incident case studies • Safety responsibilities METHODOLOGY Lecture and practical session TARGET AUDIENCE Project Manager, Project Co-ordinator, Site Supervisor & Safety Officer involved in SP road works and SPPG installation work COURSE DETAILS Duration : 4 hours Mode of Delivery : Face-to-face Certification : Project Safety Management Training Pass PDU by PE Board : NIL Additional Requirement/s : NIL COURSE FEES Full Course Fee : S$75 (before GST) Full Course Fee (with effect from 1 June 2023) For Singapore Citizens/PR/LTVP+* : NIL For Singapore Citizens (40 years old and above) : S$90 (before GST) : NIL Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 Ver 4.0_0323 Singapore Institute of Power and Gas ADDITIONAL REMARKS • Trainee must attain at least 75% attendance rate and pass the assessment to receive Certificate of Completion and funding grant (if applicable). • Subsidy of up to 70% is applicable for Singapore Citizens, Permanent Residents or Long-Term Visitor Pass Plus (LTVP+) Holders, subject to funding agency’s approval. • Enhanced subsidy of up to 90% is applicable for Singapore Citizens aged 40 years and above, subject to funding agency’s approval. Note that GST payable will be computed from fee after 70% funding. • Professional Development Unit (PDU) is applicable for Professional Engineers registered under the Professional Engineers (PE) Board only. • All published fees are subject to prevailing GST. CONTACT US For more information, please contact SIPG at +65 6916 7930 or email training-institute@spgroup.com.sg. OTHER SIPG COURSES For more courses, visit our website at: https://www.spgroup.com.sg/about-us/training or Scan the QR code below: Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 Ver 4.0_0323 [20171024] The Business Times - SP Group To Build First Micro-Grid On Mainland Singaporehttps://www.spgroup.com.sg/dam/jcr:ac5aef69-67c6-4ec7-bd61-06980f6144fe Media Release - Singapore Power Sets Up Singapore Institute Of Power And Gas To Provide Training To The Power And Gas Sectorhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/f277f87a-1b2b-4242-b146-30337d8ae6ec/%5B20141027%5D+Media+Release+-+Singapore+Power+Sets+Up+Singapore+Institute+Of+Power+And+Gas+To+Provide+Training+To+The+Power+And+Gas+Sector.pdf?MOD=AJPERES&CVID= 27 October 2014 PRESS RELEASE SINGAPORE POWER SETS UP SINGAPORE INSTITUTE OF POWER AND GAS (SIPG) TO PROVIDE TRAINING TO THE POWER AND GAS SECTOR 1. Singapore Power (SP) will set up the Singapore Institute of Power and Gas (SIPG) to provide training courses for the Power and Gas sector. 2. The setting up of SIPG is part of the industry-led efforts by SP, with support from the Government, to establish a one-stop training centre to meet the needs of the Power and Gas Sector. 3. SP has taken the initiative to follow up on the Power Sector Manpower Taskforce (PSMT)’s recommendations and support the manpower training needs in the Power and Gas Sector. Earlier in April 2014, a Memorandum of Understanding (MOU) was signed between key players in the Sector to come together on the Centralised Training Institute initiative. This was the precursor to the formation of SIPG. 4. Mr Quek Poh Huat, Senior Adviser of Singapore Power Limited expressed that: “The setting up of SIPG signals the importance that the industry places on the training of its workforce, and reflects the strong commitment of industry players to work together to provide relevant courses for the Sector. SIPG will place emphasis on retaining the expertise in the industry and transferring the know-how to the next generation of professionals. SIPG will also have the potential to develop into a regional training centre and sharing our knowledge with other countries in the region.” 5. The setting up of the SIPG is strongly supported by the government. The Energy Market Authority (EMA) will be co-funding the initial set-up of SIPG with a grant. This will go towards the setting-up and development of the initial courses for 1 the industry, as well as in providing supporting facilities such as training equipment and tools. 6. Mr Chee Hong Tat, Chief Executive of EMA said: “The setting up of SIPG received strong support from power industry players. EMA will continue to work with the industry to build up a strong Singaporean core of technical professionals for the power sector.” 7. Targeted Launch Date for Courses SIPG plans to launch the first courses for the industry in 2015. The courses will be based on the National Energy Competency Framework which has been established by EMA. The courses will cover technical and in-depth training programmes on Power Plant Operations and Asset Management. Broad-based overview programmes for the industry are also being developed in consultation with the industry. Issued by: Singapore Power Limited 10 Pasir Panjang Road #03-01 Mapletree Business City Singapore 117438 Co. Reg No : 199406577N www.singaporepower.com.sg – END – About Singapore Power Singapore Power Group (SP) is a leading energy utility group in the Asia Pacific. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia. More than 1.4 million industrial, commercial and residential customers in Singapore benefit from SP’s world-class transmission, distribution and market support services. The networks in Singapore are amongst the most reliable and cost-effective worldwide. 2 1 2 3 4 5 ..... 69

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

SP GROUP ANNUAL REPORT 2018/2019 1 Strengthening Our Core Chairman’s Message SP Group Annual Report 2018/2019 SP GROUP ANNUAL REPORT 2018/2019 2 Chairman’s Message Strengthening our Core It has been a challenging year. With digitalisation and increasing reliance on advanced technology in our globalised economy, the demand for reliable, efficient energy supply has risen in tandem. We are committed to delivering greater value to customers through innovative, sustainable solutions and energy and cost savings. Maintaining Financial Stability For the year ended 31 March 2019, our consolidated group net profit decreased by S$53.4 million to S$980.2 million. This includes S$495.5 million from our largest subsidiary, SP PowerAssets and S$169.6 million from our Australian associates. Despite rising costs and interest rates, we maintained a healthy financial position through prudent financial management, maintaining our credit ratings at Aa2 by Moody’s and AA by S&P. The high investment-grade ratings allowed us to have broad and cost-effective access to banks and capital markets to finance our continuous capex investments in renewing and upgrading our network infrastructure. Leveraging the strong credit rating, our new treasury vehicle, SP Group Treasury issued its inaugural 10-year bond in February 2019, raising US$600 million. The issue received strong demand from international investors, recording a final order book of US$1.6 billion. The bond issuance established a new pricing benchmark for SP Group and was testament to investors’ confidence in us. SP GROUP ANNUAL REPORT 2018/2019 3 Chairman’s Message Financial Highlights Revenue (S$’million) Net Profit After Tax** (S$’million) 3,722 3,920 4,173 949 1,034 980 FY2016/17 FY2017/18^ FY2018/19 FY2016/17 FY2017/18^ FY2018/19 Economic Value Added (EVA) (S$’million) Total Assets*(S$’million) 256 297 346 17,794 19,156 19,619 FY2016/17 FY2017/18^ FY2018/19 FY2016/17^ FY2017/18^ FY2018/19 Shareholders’ Equity (S$’million) Return On Equity (%) 9,783 10,214 10,555 10.1% 10.3% 9.4% FY2016/17 FY2016/17^ FY2018/19 FY2016/17 FY2017/18^ FY2018/19 ^ On 1 April 2018, the Group adopted Singapore Financial Reporting Standards (International) (“SFRS(II)”), which is the Singapore’s equivalents of the International Financing Reporting Standards (“IFRS”) and the new accounting standards applicable as at 31 March 2019. For the financial year ended 31 March 2019, prior years comparative figures indicated were resatated accrodingly. * Total Assets include Regulatory deferral accounts (“RDA”) debit balances. ** Net Profit After Tax inludes Net Movement of RDA balances. SP GROUP ANNUAL REPORT 2018/2019 4 Chairman’s Message Focus on reliability In the latest international benchmarking report by DNV GL in 2018, Singapore’s electricity and gas networks performance ranked top among major cities. On average, consumers experienced 0.87 minute of electricity interruption and 0.093 minute of gas interruption. Singapore’s electricity network performance is ranked top among major cities, according to the latest international benchmarking report by DNV.GL in 2018. Network reliability remains our number one focus. We continue to invest in infrastructure and engineering capabilities so that customers can enjoy efficient, high quality service. We have a long-term renewal strategy to replace our aging assets, ensuring that our electricity network remains resilient. We have completed the construction of the cross-island cable tunnels after intensive preparation and development over seven years. In addition, we completed several major transmission projects, including 28 renewal projects, and replaced 116km of cables, 479 transformers, 479 switchgear panels and 314 ring main units in our distribution network. To enhance speed and accuracy in predicting equipment abnormalities, we are digitising our grid and have implemented online condition monitoring for all 400kV and 230kV switchgears and are in the process of doing so for the 66kV and 22kV switchgears. By 2020, we would have remote control capabilities for all our 6.6kV distribution network substations, thereby minimising supply restoration time. We accelerated our gas pipeline renewal programme, replacing ductile iron pipes with the more durable polyethylene pipes, which significantly reduces the risk of gas leaks. About 70km of gas pipelines were renewed last year. We are on track to set up our SP GROUP ANNUAL REPORT 2018/2019 5 Chairman’s Message real-time smart gas distribution monitoring system by 2021. In April last year, we launched a mobile app to digitise, track and monitor our emergency response management to public calls on gas-related matters. These measures will improve our ability to take preventive and restoration action. We thank our community partners, grassroots leaders and residents for their patience, understanding and support during the construction of the above projects. Helping Customers Change and Save With the full rollout of the Open Electricity Market (OEM) in May 2019, customers can choose to switch to a retailer or remain with SP at the regulated tariff. We assisted customers to switch seamlessly to a retailer of their choice and enjoy significant cost savings of 25 per cent or more. Regardless of the retailer from whom consumers buy electricity, we continue to operate and maintain the electricity grid and provide market support services such as billing and meter reading. Despite rising demand and costs, we have kept these fees low for the past 10 years, while improving the reliability of such services through increased productivity and by leveraging technology to drive cost efficiencies. To make it easier for consumers to select price plans that best suit their needs, we rolled out the price comparison feature on the SP Utilities app, whereby they can see all the price plans at a glance. We are also installing smart meters nationwide, so that customers can receive accurate and timely readings of their utilities consumption. As of August 2019, we have installed close to 400,000 smart meters nationwide. Our commitment to deliver quality service to meet our customers’ ever-changing needs was acknowledged internationally. At the 2018 Global Performance Excellence Awards, we were presented the International World Class Award for service excellence. Our SP Utilities app won the “Omni-experience Innovator of the Year” award at the 2018 IDC Digital Transformation Awards. Bringing energy-saving solutions to our customers We aim to deliver greater value to customers by bringing sustainable, energy-saving solutions to residents and businesses. This is in line with our 30-30-30 commitment to add at least 30 per cent value for our customers or reduce their carbon footprint by 30 per cent, by the year 2030. We have expanded our partnership with Sembcorp Marine at its Tuas Boulevard Yard by deploying our digital energy-saving system across the 4.5 MegaWattpeak (MWp) solar photovoltaic (PV) system, the largest single solar rooftop in a Southeast Asian shipyard. The system was fully commissioned in February 2019 and will deliver up to 6 GWh of energy annually – enough to power almost 16,000 four-room flats and reduce 2,515 tonnes of carbon emissions per year. We have also developed an in-house digital Minister for Environment and Water Resources Masagos Zulkifli (centre) witnessed the signing of the Memorandum of Understanding by JTC CEO Ng Lang (left) and Group CEO Wong Kim Yin to develop Singapore’s first Smart Grid in a business park, at Punggol Digital District. SP GROUP ANNUAL REPORT 2018/2019 6 Chairman’s Message Singapore Polytechnic and SP Group at the launch of SunSPEC 6 solar car on 30 July 2019. energy suite with AI-enabled technology to monitor and optimise the shipyard’s energy consumption and help make operations and maintenance of the solar PV system more efficient. We are partnering JTC to develop Singapore’s first smart grid in a business park, at Punggol Digital District. This will drive the integration of smart energy solutions such as renewable energy and electric mobility. Businesses and consumers can adopt clean sources of energy, such as solar energy generated from building roof tops, electric vehicle charging and smart metering. This enables them to optimise energy consumption, reduce carbon footprint and save cost. Together with HDB, we will be developing Singapore’s first smart energy town at Tengah estate. Leveraging on artificial intelligence, our integrated digital energy solutions combine technologies for residential cooling, solar energy, EV charging points and batteries as a smart energy enabler. Residents and town councils will be able to utilise the insights to manage their energy consumption and achieve greater savings. Cooling outdoor spaces efficiently At the National Day Parade 2018, sections of spectators were able to enjoy the show in comfort with individual air outlets providing cool relief. This was done through technology that taps on SP’s underground district cooling network, thanks to an improved outdoor cooling solution SP developed in collaboration with ST Engineering. SP’s outdoor cooling solution was also utilised at the Food Fiesta 2019 in April. “ In total, we invested about S$8.4 million in training our people through a combination of relevant adaptive, technology and technical skills to meet our growing business needs.” Building our engineering bench To boost our engineering capabilities, we have supported our engineers in their professional development. We have 105 engineers with Professional Engineer certification, the highest among companies in Singapore. Last year, we sponsored 224 employees for their higher education courses and offered 11 scholarships to budding engineers for their tertiary education. In total, we invested about S$8.4 million in training our people through a combination of relevant adaptive, technology and technical skills to meet our growing business needs. Since 2016, we have offered polytechnic and university sponsorships to 23 students who have worked on Singapore Polytechnic’s SunSPEC solar car. They are offered jobs with us and are provided a structured training programme upon graduation. This is in addition to our five-year sponsorship of S$1 million to build solar cars to compete at the biennial World Solar Challenge. SP GROUP ANNUAL REPORT 2018/2019 7 Chairman’s Message Future-proofing our workforce In April 2018, we launched Project Fusion – Future Skills In Everyone – to equip staff with new digital skillsets and relevant core knowledge to better serve our customers in the increasingly digitalised landscape. We invested S$2 million last year and have set aside another $5 million for this purpose. Last year, about 2,000 employees underwent more than 52,000 hours of training in 14 courses as part of this initiative. This initiative was made possible by the strong labourmanagement relations that we enjoy with the Union of Power and Gas (UPAGE). In the past year, we signed three collective agreements with UPAGE. This has paved the way for enhanced benefits such as adjustment of salary ranges to align with market movements, increase in medical subsidy and paid volunteer leave for community service. Supporting innovative, ground-up solutions To support the younger generation in actualising their innovative ideas, we partnered Singapore Polytechnic to develop an idea translation lab – ideaBox. Through ideaBox, Singapore Polytechnic students will draw on concepts generated from ideation competitions to turn innovative ideas into real-world solutions. Building on strong labour-management relations, we signed three collective agreements with UPAGE in the past year, with new benefits for our employees. SP GROUP ANNUAL REPORT 2018/2019 8 Chairman’s Message World’s first smart grid index We proactively seek out best practices and tools internationally to measure the performance of our electricity grid. We turned our learnings into a framework that has become the world’s first smart grid index. It measures 45 utilities across 30 countries and covers key dimensions of grid development. Launched last year, the index was presented and well received at international industry events such as the ASEAN Energy Business Forum and Bloomberg New Energy Finance. Singapore’s largest public EV charging network Riding on rising public awareness and demand for lowcarbon transportation, we are setting up Singapore’s largest and fastest public EV charging network. We will have 1,000 EV charging points island-wide by 2020. Of these, 250 are high-powered direct current chargers which can fully charge a vehicle in 30 minutes. We have worked with location owners like Ascendas- Singbridge Group to install chargers at their properties and partnered vehicle fleet owners like Grab and HDT Singapore Taxi (HDT) to meet the charging needs of their expanding EV fleets. World’s first blockchain-powered marketplace for renewable energy certificates We launched the world’s first blockchain-powered renewable energy certificate (REC) marketplace in October last year. The platform connects buyers and sellers around the world to trade green energy easily on this digital platform. Blockchain technology enables the security, integrity and traceability of each REC transaction. City Developments Limited and DBS have come on board as REC buyers. Katoen Natie Singapore, a global chemical logistics company that owns Singapore’s largest single unit rooftop solar facility at a warehouse, has signed on as an REC seller. Besides electrifying our vehicle fleet, we will install 1,000 EV charging points island-wide for the public by 2020. SP GROUP ANNUAL REPORT 2018/2019 9 Chairman’s Message We are supporting Project Silver Screen, a nation-wide programme to screen seniors age 60 and above for age-related conditions. Doing More for the Community We are committed to improving the quality of life for individuals and families from less privileged backgrounds. We worked closely with the Toa Payoh West-Balestier Constituency Office at its seniors activity centre, Meeting Point @128. Our staff volunteers, or Heart Workers, served lunch to seniors there twice a week, shared safety tips and conducted digital literacy workshops for the elderly. We also held regular outreach programmes for seniors at TOUCH’s seniors activity centre at Geylang Bahru and for the children at student care centres under AMKFSC Community Services. Together with our business partners and the public, we raised more than S$1.4 million to support elder care services under the SP Heartware Fund administered by Community Chest, benefitting community homes, befriending programmes, counselling, rehabilitation and caregiver support. We are proud to support Project Silver Screen, a nationwide programme to screen seniors for age-related conditions, launched by Temasek Foundation Cares and the Ministry of Health. This programme provided checks for vision, hearing and oral health conditions for seniors. In appreciation On behalf of the Board, I would like to thank the management and staff for their dedication and leadership in driving transformation to shape Singapore’s energy future and ensuring network sustainability. I am grateful to our shareholder, business partners, union and regulator for their continuous support. Thank you to my board members for their guidance and counsel. Mohd Hassan Marican Chairman August 2019 Strengthening Our CORE SINGAPORE POWER FINANCIAL SUMMARY 2018/19 1 Registration Number : 199406577N | SP Power Limited and its subsidiaries SINGAPORE POWER AND ITS SUBSIDIARIES TABLE OF CONTENTS YEAR ENDED 31 MARCH 2019 Annual Report Table of Contents Directors’ statement...................................................................................................................................................................................................... 1 Independent Auditor’s Report................................................................................................................................................................................ 5 Balance sheets................................................................................................................................................................................................................. 8 Income statements....................................................................................................................................................................................................... 9 Statements of comprehensive income............................................................................................................................................................10 Statements of changes in equity.........................................................................................................................................................................11 Consolidated statement of cash flows.............................................................................................................................................................14 Notes to the financial statements........................................................................................................................................................................16 1 Domicile and activities.................................................................................................................................................................................16 2 Basis of preparation......................................................................................................................................................................................16 3 Significant accounting policies...............................................................................................................................................................26 4 Property, plant and equipment..............................................................................................................................................................44 5 Intangible assets.............................................................................................................................................................................................47 6 Investment property under development.......................................................................................................................................49 7 Subsidiaries........................................................................................................................................................................................................49 8 Associates and joint ventures..................................................................................................................................................................51 9 Other non-current assets...........................................................................................................................................................................54 10 Deferred taxation...........................................................................................................................................................................................56 11 Derivative assets and liabilities................................................................................................................................................................58 12 Investments in debt and equity securities........................................................................................................................................64 13 Inventories.........................................................................................................................................................................................................64 14 Trade and other receivables....................................................................................................................................................................65 15 Cash and cash equivalents.......................................................................................................................................................................69 16 Disposal group held-for-sale...................................................................................................................................................................69 17 Regulatory deferral accounts..................................................................................................................................................................70 18 Share capital.....................................................................................................................................................................................................72 19 Reserves..............................................................................................................................................................................................................72 20 Debt obligations.............................................................................................................................................................................................74 21 Other non-current liabilities......................................................................................................................................................................76 22 Trade and other payables.........................................................................................................................................................................78 23 Revenue..............................................................................................................................................................................................................79 24 Other income...................................................................................................................................................................................................79 25 Finance income..............................................................................................................................................................................................80 26 Finance costs....................................................................................................................................................................................................80 27 Tax expense.....................................................................................................................................................................................................81 28 Profit for the year............................................................................................................................................................................................83 29 Related parties.................................................................................................................................................................................................83 30 Operating segments....................................................................................................................................................................................84 31 Financial risk management.......................................................................................................................................................................87 32 Fair values...........................................................................................................................................................................................................98 33 Commitments...............................................................................................................................................................................................102 34 Dividends.........................................................................................................................................................................................................103 SINGAPORE POWER AND ITS SUBSIDIARIES | DIRECTORS’ STATEMENT YEAR ENDED 31 MARCH 2019 01 Directors’ statement We are pleased to submit this annual report to the member of Singapore Power Limited (the “Company”) together with the audited financial statements for the financial year ended 31 March 2019. Opinion of the Directors In our opinion, (a) (b) the financial statements set out on pages 8 to 103 are drawn up so as to give a true and fair view of the financial position of the Company and its subsidiaries (the “Group”) as at 31 March 2019 and the financial performance, changes in equity and cash flows of the Group and of the financial performance and changes in equity of the Company for the year ended on that date in accordance with the provisions of the Singapore Companies Act, Chapter 50 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”); and at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due. Directors The directors in office at the date of this statement are as follows: Tan Sri Mohd Hassan Marican Mr Tan Chee Meng Mr Choi Shing Kwok Mr Tan Puay Chiang Mr Ong Yew Huat Mr Timothy Chia Chee Ming Mr Ng Kwan Meng Mr Tan Kang Uei, Anthony Mr Wong Kim Yin Directors’ interests According to the register kept by the Company for the purposes of Section 164 of the Act, particulars of interests of directors who held office at the end of the financial year (including those held by their spouses and infant children) in shares, debentures, warrants and share options in the Company and in related corporations are as follows: SINGAPORE POWER AND ITS SUBSIDIARIES | 02 DIRECTORS’ STATEMENT YEAR ENDED 31 MARCH 2019 Name of director and related corporations Holdings Holdings in which interests (fully paid ordinary shares at beginning at end of unless otherwise stated) are held of the year the year Tan Sri Mohd Hassan Marican Singapore Airlines Ltd - 3.13% Notes due 2026 – S$250,000 Mr Choi Shing Kwok Singapore Telecommunications Limited 62,720 62,720 Olam International Limited – 6% notes due 2018 S$500,000 – Singapore Technologies Engineering Limited – 26,800 Ascendas Real Estate Investment Trust - units – 40,000 Mr Tan Puay Chiang Singapore Airlines Limited 10,000 10,000 Singapore Technologies Engineering Limited 150,000 150,000 Singapore Telecommunications Limited 133,570 133,570 Mapletree Industrial Trust - units 12,000 12,000 Mapletree Treasury Services Limited - 3.88% Notes due on 4 Oct 2018 S$250,000 – Mapletree Commercial Trust Treasury Company Pte. Ltd. - 2.795% Fixed Rate Notes due on 15 Nov 2023 S$250,000 S$250,000 Singapore Technologies Telemedia Pte Ltd - 4.05% Notes due on 2 Dec 2025 S$250,000 S$250,000 Mr Ong Yew Huat Singapore Telecommunications Limited 50,000 50,000 Mr Timothy Chia Chee Ming Singapore Telecommunications Limited 2,070 2,070 SINGAPORE POWER AND ITS SUBSIDIARIES | 03 DIRECTORS’ STATEMENT YEAR ENDED 31 MARCH 2019 Name of director and related corporations Holdings Holdings in which interests (fully paid ordinary shares at beginning at end of unless otherwise stated) are held of the year the year Mr Ng Kwan Meng Singapore Telecommunications Limited 25,350 45,350 Singapore Technologies Engineering Ltd 25,000 25,000 Starhub Ltd 6,000 6,000 Mapletree Commercial Trust - units 10,000 10,000 Mapletree North Asia Commercial Trust (f.k.a Mapletree Greater China Commercial Trust) - units 22,000 22,000 Mapletree Industrial Trust - units 10,000 10,000 Ascendas Real Estate Investment Trust - units 10,000 10,000 Mr Tan Kang Uei, Anthony SIA Engineering Co Ltd 1,000 1,000 Singapore Airlines Limited 1,000 1,000 Singapore Telecommunications Limited 892 892 Astrea IV Pte. Ltd. – A-1 Bond – S$5,000 Temasek Financial (IV) Private Limited - 2.7% T2023 Bond due on 25 Oct 2023 – S$6,000 Singapore Airlines Limited - 3.03% S$ Bonds due 28 Mar 2024 – S$30,000 Mr Wong Kim Yin Singapore Telecommunications Limited 190 190 Mapletree Industrial Trust - units 30,506 30,506 Except as disclosed in this statement, no director who held office at the end of the financial year had interests in shares, debentures, warrants or share options of the Company, or of related corporations, either at the beginning, at the date of appointment or at the end of the financial year. Neither at the end of, nor at any time during the financial year, was the Company a party to any arrangement whose objects are, or one of whose objects is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate. SINGAPORE POWER AND ITS SUBSIDIARIES | 04 DIRECTORS’ STATEMENT YEAR ENDED 31 MARCH 2019 Share options During the financial year, there were: (i) (ii) no options granted by the Company or its subsidiaries to any person to take up unissued shares in the Company; and no shares issued by virtue of any exercise of option to take up unissued shares of the Company or its subsidiaries. As at the end of the financial year, there were no unissued shares of the Company or its subsidiaries under option. On behalf of the Board of Directors TAN SRI MOHD HASSAN MARICAN Chairman MR WONG KIM YIN Director / Group Chief Executive Officer 31 May 2019 SINGAPORE POWER AND ITS SUBSIDIARIES | 05 INDEPENDENT AUDITOR’S REPORT YEAR ENDED 31 MARCH 2019 Independent Auditor’s Report For the financial year ended 31 March 2019 Independent Auditor’s Report to the Member of Singapore Power Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Singapore Power Limited (“the Company”) and its subsidiaries (“the Group”) set out on pages 8 to 103, which comprise the balance sheets of the Group and the Company as at 31 March 2019, the income statements, statements of comprehensive income, statements of changes in equity of the Group and the Company and statement of cash flows of the Group for the financial year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet, income statement, statement of comprehensive income and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act, Chapter 50 (“the Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2019 and of the financial performance, changes in equity of the Group and the Company and consolidated cash flows of the Group for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. SINGAPORE POWER AND ITS SUBSIDIARIES | 06 INDEPENDENT AUDITOR’S REPORT YEAR ENDED 31 MARCH 2019 Responsibilities of Management and Directors for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and SFRS(I), and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. In preparing the financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The directors’ responsibilities include overseeing the Group’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. SINGAPORE POWER AND ITS SUBSIDIARIES | 07 INDEPENDENT AUDITOR’S REPORT YEAR ENDED 31 MARCH 2019 • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. • Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Report on Other Legal and Regulatory Requirements In our opinion, the accounting and other records required by the Act to be kept by the Company and by those subsidiaries incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act. Ernst & Young LLP Public Accountants and Chartered Accountants Singapore 31 May 2019 SINGAPORE POWER AND ITS SUBSIDIARIES | 08 FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 Balance sheets As at 31 March 2019 Group Company Note 2019 2018 2017^ 2019 2018 2017^ $ million $ million $ million $ million $ million $ million Restated* Restated* Non-current assets Property, plant and equipment 4 13,039.9 12,485.6 11,713.6 14.4 12.6 13.3 Intangible assets 5 189.0 173.8 141.6 18.9 12.8 8.1 Investment property under development 6 713.1 712.9 – – – – Subsidiaries 7 – – – 5,907.3 6,765.0 6,764.9 Associates and joint ventures 8 2,635.7 2,833.4 2,985.2 45.4 45.4 1.3 Other non-current assets 9 320.0 332.0 351.2 – 166.5 78.6 Deferred tax assets 10 23.3 21.2 21.3 – – – Derivative assets 11 104.2 48.8 106.4 – # 2.5 0.2 Investments in debt and equity securities 12 16.8 155.6 165.8 5.0 146.7 160.3 17,042.0 16,763.3 15,485.1 5,991.0 7,151.5 7,026.7 Current assets Inventories 13 47.8 44.2 49.0 – – – Trade and other receivables 14 509.2 525.6 431.0 2,393.6 4,183.5 3,951.4 Derivative assets 11 2.7 17.0 2.4 1.3 9.7 0.2 Cash and cash equivalents 15 1,720.5 1,634.6 1,677.1 621.2 593.5 878.0 Investments in debt and equity securities 12 144.5 – 29.6 144.5 – 29.6 Assets held-for-sale 16 – – 37.6 – – 90.0 2,424.7 2,221.4 2,226.7 3,160.6 4,786.7 4,949.2 Total assets 19,466.7 18,984.7 17,711.8 9,151.6 11,938.2 11,975.9 Regulatory deferral accounts (“RDA”) debit balances and related deferred tax assets 17 151.8 171.0 82.6 – – – Total assets and RDA debit balances 19,618.5 19,155.7 17,794.4 9,151.6 11,938.2 11,975.9 Equity Share capital 18 2,911.9 2,911.9 2,911.9 2,911.9 2,911.9 2,911.9 Reserves 19 (652.6) (426.3) (203.0) (1.4) (0.6) 3.2 Accumulated profits 8,295.7 7,728.0 7,074.4 5,337.2 5,252.8 5,152.1 Total equity, attributable to owner of the Company 10,555.0 10,213.6 9,783.3 8,247.7 8,164.1 8,067.2 Non-current liabilities Debt obligations 20 5,064.2 4,239.1 4,147.5 – – – Derivative liabilities 11 106.8 230.7 92.9 – # 2.0 8.1 Deferred tax liabilities 10 1,473.7 1,395.4 1,346.2 0.2 1.2 0.2 Other non-current liabilities 21 554.3 575.5 321.6 – – – 7,199.0 6,440.7 5,908.2 0.2 3.2 8.3 Current liabilities Debt obligations 20 161.6 532.3 139.7 – – – Derivative liabilities 11 17.2 2.8 15.3 5.7 0.1 6.7 Current tax payable 83.4 172.5 161.4 8.9 12.3 14.7 Trade and other payables 22 1,386.4 1,431.6 1,385.5 889.1 3,758.5 3,879.0 Liabilities held-for-sale 16 – – 16.8 – – – 1,648.6 2,139.2 1,718.7 903.7 3,770.9 3,900.4 Total liabilities 8,847.6 8,579.9 7,626.9 903.9 3,774.1 3,908.7 Total equity and liabilities 19,402.6 18,793.5 17,410.2 9,151.6 11,938.2 11,975.9 RDA credit balances and related deferred tax liabilities 17 215.9 362.2 384.2 – – – Total equity, liabilities and RDA credit balances 19,618.5 19,155.7 17,794.4 9,151.6 11,938.2 11,975.9 * See Note 2.5, Note 2.6 and Note 2.7 ^ As at 1 April 2017 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. SINGAPORE POWER AND ITS SUBSIDIARIES | 09 FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 Income statements Year ended 31 March 2019 Group Company Note 2019 2018 2019 2018 $ million $ million $ million $ million Restated* Revenue 23 4,172.5 3,920.3 578.8 532.8 Other income 24 167.9 185.6 – 8.9 Expenses - Purchased power (2,077.4) (1,945.1) – – - Depreciation of property, plant and equipment (630.4) (579.2) (2.8) (3.0) - Amortisation of intangible assets (52.2) (32.1) (3.8) (2.7) - Maintenance (107.0) (99.2) (4.6) (3.3) - Staff costs (310.2) (292.0) (92.0) (74.5) - Property taxes (66.4) (54.5) (0.3) (0.3) - Other operating expenses (159.6) (120.7) (29.4) (20.2) Operating profit 937.2 983.1 445.9 437.7 Finance income 25 61.6 68.5 70.5 65.8 Finance costs 26 (147.6) (123.5) (15.5) (11.9) Share of profits of associates, net of tax 169.6 189.5 – – Share of losses of joint ventures, net of tax (1.2) (6.6) – – Profit before taxation 1,019.6 1,111.0 500.9 491.6 Tax expense 27 (166.5) (187.8) (6.5) (10.9) Profit for the year attributable to owner of the Company 28 853.1 923.2 494.4 480.7 Net movement in RDA balances related to profit or loss and the related deferred tax movement 17 127.1 110.4 – – Profit for the year and net movements in RDA balances, attributable to owner of the Company 980.2 1,033.6 494.4 480.7 * See Note 2.5, Note 2.6 and Note 2.7 The accompanying notes form an integral part of these financial statements. SINGAPORE POWER AND ITS SUBSIDIARIES | FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 10 Statements of comprehensive income Year ended 31 March 2019 Group Company 2019 2018 2019 2018 $ million $ million $ million $ million Restated* Profit for the year and net movements in RDA balances 980.2 1,033.6 494.4 480.7 Other comprehensive income items that will not be reclassified to profit or loss: Share of defined benefit plan remeasurements of associates (0.9) 8.6 – – Net change in fair value in investments in equity instruments at fair value through other comprehensive income (0.5) – – – (1.4) 8.6 – – Items that are or may be reclassified subsequently to profit or loss: Translation differences relating to financial statements of foreign operations (137.4) (184.2) – – Effective portion of changes in fair value of cash flow hedges, net of tax (1.5) (4.1) (0.4) (0.6) Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax 10.1 8.9 (0.1) 0.3 - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax 1.9 (1.8) 0.4 (0.8) - Debt instruments at fair value through other comprehensive income (0.6) – (0.7) – - Available-for-sale financial assets – (1.0) – (2.7) Share of hedging reserves of associates (97.4) (49.7) – – (224.9) (231.9) (0.8) (3.8) Other comprehensive income for the year, net of tax (226.3) (223.3) (0.8) (3.8) Total comprehensive income for the year, attributable to owner of the Company 753.9 810.3 493.6 476.9 * See Note 2.5, Note 2.6 and Note 2.7 The accompanying notes form an integral part of these financial statements. SINGAPORE POWER AND ITS SUBSIDIARIES | FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 11 Statements of changes in equity Year ended 31 March 2019 Total equity, Currency attributable to Share translation Hedging Other Accumulated owner of the capital reserve reserve reserves profits Company Group $ million $ million $ million $ million $ million $ million At 1 April 2017 (SFRS framework) 2,911.9 (225.5) 18.8 19.3 7,068.3 9,792.8 Cumulative effects of adoption SFRS(I) – – (15.6) – 6.1 (9.5) At 1 April 2017 (SFRS(I) framework) 2,911.9 (225.5) 3.2 19.3 7,074.4 9,783.3 Total comprehensive income for the year Profit for the year and net movement in RDA balances – – – – 1,033.6 1,033.6 Other comprehensive income Translation differences relating to financial statements of foreign operations – (184.2) – – – (184.2) Effective portion of changes in fair value of cash flow hedges, net of tax – – (4.1) – – (4.1) Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax – – 8.9 – – 8.9 - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – – (1.8) – – (1.8) - Available-for-sale financial assets – – – (1.0) – (1.0) Share of other comprehensive income of associates – – (49.7) 8.6 – (41.1) Total other comprehensive income – (184.2) (46.7) 7.6 – (223.3) Total comprehensive income for the year – (184.2) (46.7) 7.6 1,033.6 810.3 Transactions with owner, recognised directly in equity Distribution to owner Dividends declared (Note 34) – – – – (380.0) (380.0) Total transactions with owner – – – – (380.0) (380.0) At 31 March 2018, as restated 2,911.9 (409.7) (43.5) 26.9 7,728.0 10,213.6 The accompanying notes form an integral part of these financial statements. SINGAPORE POWER AND ITS SUBSIDIARIES | FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 12 Statements of changes in equity Year ended 31 March 2019 Total equity, Currency attributable to Share translation Hedging Other Accumulated owner of the capital reserve reserve reserves profits Company Group $ million $ million $ million $ million $ million $ million At 31 March 2018 (SFRS framework) 2,911.9 (410.3) (15.2) 26.9 7,710.6 10,223.9 Cumulative effects of adoption SFRS(I) – 0.6 (28.3) – 17.4 (10.3) At 1 April 2018 (SFRS(I) framework) 2,911.9 (409.7) (43.5) 26.9 7,728.0 10,213.6 Effects of adoption SFRS(I) 9 – – – – (2.5) (2.5) At 1 April 2018 (SFRS(I) framework) 2,911.9 (409.7) (43.5) 26.9 7,725.5 10,211.1 Total comprehensive income for the year Profit for the year and net movement in RDA balances – – – – 980.2 980.2 Other comprehensive income Translation differences relating to financial statements of foreign operations – (137.4) – – – (137.4) Effective portion of changes in fair value of cash flow hedges, net of tax – – (1.5) – – (1.5) Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax – – 10.1 – – 10.1 - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – – 1.9 – – 1.9 - Investments in equity/debt instruments at FVOCI – – – (1.1) – (1.1) Share of other comprehensive income of associates – – (97.4) (0.9) – (98.3) Total other comprehensive income – (137.4) (86.9) (2.0) – (226.3) Total comprehensive income for the year – (137.4) (86.9) (2.0) 980.2 753.9 Transactions with owner, recognised directly in equity Distribution to owner Dividends declared (Note 34) – – – – (410.0) (410.0) Total transactions with owner – – – – (410.0) (410.0) At 31 March 2019 2,911.9 (547.1) (130.4) 24.9 8,295.7 10,555.0 The accompanying notes form an integral part of these financial statements. SINGAPORE POWER AND ITS SUBSIDIARIES | FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 13 Statements of changes in equity Year ended 31 March 2019 Company Share Hedging Other Accumulated capital reserve reserves profits Total $ million $ million $ million $ million $ million At 1 April 2017 (SFRS framework) 2,911.9 1.4 1.8 5,152.1 8,067.2 Cumulative effects of adoption SFRS(I) – – – – – At 1 April 2017 (SFRS(I) framework) 2,911.9 1.4 1.8 5,152.1 8,067.2 Total comprehensive income for the year Profit for the year – – – 480.7 480.7 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax – (0.6) – – (0.6) Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax – 0.3 – – 0.3 - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – (0.8) – – (0.8) - Available-for-sale financial assets – – (2.7) – (2.7) Total other comprehensive income – (1.1) (2.7) – (3.8) Total other comprehensive income for the year – (1.1) (2.7) 480.7 476.9 Transactions with owner, recognised directly in equity Dividends declared (Note 34) – – – (380.0) (380.0) Total transactions with owner – – – (380.0) (380.0) At 31 March 2018 2,911.9 0.3 (0.9) 5,252.8 8,164.1 Company At 1 April 2018 (SFRS framework) 2,911.9 0.3 (0.9) 5,252.8 8,164.1 Cumulative effects of adoption SFRS(I) – – – – – At 1 April 2018 (SFRS(I) framework) 2,911.9 0.3 (0.9) 5,252.8 8,164.1 Total comprehensive income for the year Profit for the year – – – 494.4 494.4 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax – (0.4) – – (0.4) Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax – (0.1) – – (0.1) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – 0.4 – – 0.4 - Investments in debt instruments at FVOCI – – (0.7) – (0.7) Total other comprehensive income – (0.1) (0.7) – (0.8) Total other comprehensive income for the year – (0.1) (0.7) 494.4 493.6 Transactions with owner, recognised directly in equity Dividends declared (Note 34) – – – (410.0) (410.0) Total transactions with owner – – – (410.0) (410.0) At 31 March 2019 2,911.9 0.2 (1.6) 5,337.2 8,247.7 The accompanying notes form an integral part of these financial statements. SINGAPORE POWER AND ITS SUBSIDIARIES | FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 14 Consolidated statement of cash flows Year ended 31 March 2019 Note 2019 2018 $ million $ million Restated* Cash flows from operating activities Profit for the year and net movements in RDA balances 980.2 1,033.6 Adjustments for: Deferred income (21.5) (20.7) Regulatory deferral account debit or credit balances and related deferred tax assets or liabilities (127.1) (110.4) Depreciation and amortisation 682.6 611.3 Finance costs 26 147.6 123.5 Finance income 25 (61.6) (68.5) Exchange loss 28 5.3 9.4 (Gain)/Loss on disposal of property, plant and equipment and intangible assets (0.7) 3.2 Impairment loss on property, plant and equipment 0.7 1.6 Share of profit of associates and joint ventures, net of tax (168.4) (182.9) Tax expense 27 166.5 187.8 Gain on disposal of subsidiary 8 – (5.5) Write off of inventory 9.6 2.7 Others 5.0 2.9 1,618.2 1,588.0 Changes in working capital: Inventories (13.2) 2.2 Trade and other receivables 1.5 (121.5) Balances with related parties (trade) 2.7 (10.1) Trade and other payables 12.5 (10.4) Cash generated from operations 1,621.7 1,448.2 Interest received 59.4 65.7 Net tax paid (168.2) (111.0) Net cash generated from operating activities 1,512.9 1,402.9 Cash flows from investing activities Purchase of property, plant and equipment (1,254.5) (1,232.4) Purchase of intangible assets (68.1) (53.7) Proceeds from disposal of property, plant and equipment and intangible assets 11.8 8.3 Dividends received from associates and joint venture 130.3 163.4 Proceeds from redemption of other investment 2.6 32.0 Acquisition of other investments (6.0) (1.6) Additions to investment property – (488.2) Net cash outflow on disposal of subsidiary 8 – (27.8) Net cash used in investing activities (1,183.9) (1,600.0) The accompanying notes form an integral part of these financial statements. SINGAPORE POWER AND ITS SUBSIDIARIES | FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 15 Consolidated statement of cash flows (continued) Year ended 31 March 2019 Note 2019 2018 $ million $ million Restated* Cash flows from financing activities Proceeds from loans and debt obligations 812.1 842.1 Repayment of debt obligations (516.1) (139.4) Dividends paid to owner of the Company (410.0) (380.0) Interest paid (143.7) (123.3) Commitment fees paid – (2.8) Net cash generated (used in)/ from financing activities (257.7) 196.6 Net increase/(decrease) in cash and cash equivalents 71.3 (0.5) Cash and cash equivalents at beginning of the year 1,634.6 1,677.1 Effect of exchange rate changes on balances held in foreign currencies 14.6 (42.0) Cash and cash equivalents at end of the year 15 1,720.5 1,634.6 * See Note 2.5, Note 2.6 and Note 2.7 The accompanying notes form an integral part of these financial statements. SINGAPORE POWER AND ITS SUBSIDIARIES | FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 16 Notes to the financial statements These notes form an integral part of the financial statements. The financial statements were authorised for issue by the Board of Directors on 31 May 2019. 1 Domicile and activities Singapore Power Limited (the “Company”) is incorporated in the Republic of Singapore and has its registered office at 2 Kallang Sector, SP Group Building, Singapore 349277. The immediate and ultimate holding company is Temasek Holdings (Private) Limited, a company incorporated in the Republic of Singapore. The principal activities of the Company are that of investment holding and provision of management support services. Its subsidiaries are engaged principally in the transmission and distribution of electricity and gas, provision of related consultancy services and investments in related projects. The consolidated financial statements relate to the Company and its subsidiaries (together referred to as the “Group”) and the Group’s interests in associates and joint ventures (collectively referred to as “Group entities”). 2 Basis of preparation 2.1 Statement of compliance The financial statements have been prepared in accordance with the Singapore Financial Reporting Standards (International) (“SFRS(I)”). For periods up to and including the year ended 31 March 2018, the Group and Company prepared its financial statements in accordance with Singapore Financial Reporting Standards (“SFRS”). These financial statements for the year ended 31 March 2019 are the first that the Group and Company have prepared in accordance with SFRS(I). Refer to Note 2.5 and Note 2.7 for information on how the Group adopted SFRS(I). 2.2 Basis of measurement The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies set out below. 2.3 Functional and presentation currency These financial statements are presented in Singapore dollars, which is the Company’s functional currency. All financial information presented in Singapore dollars has been rounded to the nearest 0.1 million, unless otherwise stated. 2.4 Use of estimates and judgements The preparation of financial statements in conformity with SFRS(I) requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying amounts of assets and liabilities that are not readily apparent from other sources. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is discussed below: SINGAPORE POWER AND ITS SUBSIDIARIES | FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 17 Taxation The Group is subject to taxes mainly in Singapore and Australia. Significant judgement is required in determining provision for taxes. There are many transactions and calculations during the ordinary course of business for which the ultimate tax determination is uncertain. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. Details are set out in Note 10 and Note 27. Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year are discussed below: Impairment of associates Impairment reviews in respect of associates are performed at least annually or when there is any indication that the investment in associates may be impaired. More regular reviews are performed if changes in circumstances or the occurrence of events indicate potential impairment. The Group uses the present value of future cash flows to determine the recoverable amounts of the underlying cash generating units in the associates. In calculating the recoverable amounts, significant management judgement is required in forecasting cash flows of the cash generating units, in estimating the terminal growth values and in selecting an appropriate discount rate. Estimating fair values of financial assets and financial liabilities The fair value of financial assets and financial liabilities must be estimated for recognition, measurement and disclosure purposes. Note 32 sets out the basis of valuation of financial assets and liabilities. Accrued revenue Revenue accrual estimates are made to account for the unbilled period between the end-user’s last billing date and the end of the accounting period. The accrual relies on detailed analysis of customers’ historical consumption patterns, which takes into account base usage and sensitivity to consumption growth. The results of this analysis are applied for the number of days over the unbilled period. Regulatory deferral accounts Regulatory deferral account debit or credit balances represent timing differences between revenue recognised for financial reporting purposes (as set out in Note 3.19) and revenue earned for regulatory purposes. Revenue earned for regulatory purposes is estimated based on the revenue allowed by the Energy Market Authority (“EMA”) (in accordance with the price regulation framework), taking into consideration the services rendered, sale and volume of electricity and gas delivered to consumers. Note 3.16 sets out the accounting policy for regulatory deferral accounts. 2.5 First-time adoption of Singapore Financial Reporting Standards (International) These financial statements, for the year ended 31 March 2019, are the first the Group and the Company have prepared in accordance with SFRS(I), Singapore’s equivalent of the International Financial Reporting Standards (“IFRSs”). Accordingly, the Group and the Company have prepared financial statements that comply with SFRS(I) applicable as at 31 March 2019, together with the comparative period data for the year ended 31 March 2018, as described in the summary of significant accounting policies. In preparing the financial statements, the Group’s and the Company’s opening balance sheets were prepared as at 1 April 2017, the Group’s and the Company’s date of transition to SFRS(I). SINGAPORE POWER AND ITS SUBSIDIARIES | FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 18 The principal adjustment made by the Group in restating its SFRS financial statements, including the balance sheet as at 1 April 2017 and the financial statements for the year ended 31 March 2018 relates to the earlier adoption of IFRS by the Group’s associates. Arising from the adoption of SFRS(I), the Group had aligned the assets and liabilities at the same carrying amounts as in the financial statements of the associates. 2.6 Changes in accounting policies Adoption of new and revised FRSs and Interpretation to FRS The accounting policies adopted are consistent with those previously applied under SFRS except that in the current financial year, the Group has adopted all the SFRS(I) which are effective for annual financial periods beginning on or after 1 April 2018. Except for the impact arising from the adoption of SFRS(I) 14, SFRS(I) 15 and SFRS(I) 9 as described below, the adoptions of these standards did not have any material effect on the financial performance or position of the Group and the Company. SFRS(I) 15 Revenue from Contracts with Customers SFRS(I) 14 Regulatory Deferral Accounts On 1 April 2018, the Group adopted SFRS(I) 15 Revenue from Contracts with Customers which is effective for annual periods beginning on or after 1 January 2018. Under SFRS(I) 15, revenue is recognised at an amount that reflects the consideration which an entity expects to be entitled in exchange for transferring goods or services to a customer. The Group also adopted SFRS(I) 14 Regulatory Deferral Accounts, which requires regulatory deferral account balances to be presented as separate line items on the balance sheets and to present movements in those account balances as separate line items in the income statement and statement of comprehensive income. The Group’s main revenue streams arise from the provision of electricity and gas transmission and distribution, market support and district cooling services. The key impact of the changes in accounting policies are detailed as follows: a) Use of system changes, transportation of gas, sale of electricity, district cooling services and Market Support Services fees Upon the adoption of SFRS(I) 15, the Group will recognise revenue for financial reporting purposes based on tariff billings to customers. The difference between the revenue recognised for financial reporting purposes and revenue earned for regulatory purposes will be accounted for as a regulatory deferral account debit or credit balances, in accordance with SFRS(I) 14, with a corresponding entry made as a separate line item in the income statement. b) Shares of profits of associates and joint ventures The primary impact of transition to SFRS(I) 15 has been the deferral of revenue, primarily where AusNet Services, the Group’s associate, provide access to transmission infrastructure over 25-30 years. Some of these contracts have invoicing profiles that are front-ended. Under SFRS(I) 15, these contracts comprise of a single performance obligation satisfied over time and revenue is required to be recognised evenly over the contract term. Accordingly, less revenue would have been recognised in previous periods, and more revenue in future periods. This resulted in the reversal of $10.6 million of the Group’s share of results of prior years. Under SFRS(I) 15, revenues from each distinct identifiable promises of a joint venture, Power Automation’s customer contracts are now recognised separately when each of these performance obligations are completed. This resulted in a change in the timing of revenue recognition under the new standard. SINGAPORE POWER AND ITS SUBSIDIARIES | FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 19 c) Recovery of vesting gains/losses Included in the impact on adoption of SFRS(I) 15 is the recovery of vesting gains/losses billed to the electricity retailers of $27.8 million for year ended 31 March 2018, which does not arise from a customer contract of supply of electricity. The amount is netted against payment to Energy Market Company Pte Ltd previously recorded in purchased power. d) Transitional provisions The Group has applied the changes in accounting policies from the adoption of SFRS(I) 15 and SFRS(I) 14 retrospectively to each reporting year presented, using the full retrospective approach. Under the full retrospective approach, the Group adjusts the opening balance of each affected component of equity for the earliest prior period presented and the other comparative amounts for each prior period presented as if the Group had always applied the new accounting policy. SFRS(I) 9 Financial Instruments On 1 April 2018, the Group adopted SFRS(I) 9 Financial Instruments which is effective for annual periods beginning on or after 1 January 2018. The changes arising from the adoption of SFRS(I) 9 have been applied retrospectively. The Group has elected to apply the exemption in SFRS(I) 1 and has not restated comparative information in the year of initial application. The impact arising from SFRS(I) 9 adoption was included in the opening retained earnings at the date of initial application, 1 April 2018. The comparative information was prepared in accordance with the requirements of SFRS 39 Financial Instruments. a) Classification and measurement SFRS(I) 9 requires debt instruments to be measured either at amortised cost, fair value through other comprehensive income (“FVOCI”) or fair value through profit or loss (“FVPL”). Classification of debt instruments depends on the entity’s business model for managing the financial assets and whether the contractual cash flows represent solely payments of principal and interest (“SPPI”). An entity’s business model is how an entity manages its financial assets in order to generate cash flows and create value for the entity either from collecting contractual cash flows, selling financial assets or both. If a debt instrument is held to collect contractual cash flows, it is measured at amortised cost if it also meets the SPPI requirement. Debt instruments that meet the SPPI requirement that are held both to collect the assets’ contractual cash flows and to sell the assets are measured at FVOCI. Financial assets are measured at FVPL if they do not meet the criteria of FVOCI or amortised cost. The assessment of the business model and whether the financial assets meet the SPPI requirements was made as of 1 April 2018, and then applied retrospectively to those financial assets that were not derecognised before 1 April 2018. The Group’s debt instruments have contractual cash flows that are solely payments of principal and interest. The Group has a mixed business model. Debt instruments that were measured at amortised cost previously are held to collect contractual cash flows, and accordingly measured at amortised cost under SFRS(I) 9. For debt instruments that were measured at FVOCI previously, the Group’s business model is to hold the debt instrument to collect contractual cash flows and sell, and accordingly measured at FVOCI when it applies SFRS(I) 9. There is no significant impact arising from measurement of these instruments under SFRS(I) 9. SFRS(I) 9 requires all equity instruments to be carried at fair value through profit or loss, unless an entity chooses on initial recognition, to present fair value changes in other comprehensive income. For equity securities, the Group elects to continue to measure its currently held Available-for-sale (“AFS”) quoted and unquoted equity securities at FVOCI. As a result, there is no significant impact arising from measurement of these instruments under SFRS(I) 9. The Group has assessed which business model apply to the financial assets held by the Group at 1 April 2018 and has classified its financial instruments into the appropriate categories in accordance with SFRS(I) 9. The effects as at 1 April 2018, before tax impact are as follows: SINGAPORE POWER AND ITS SUBSIDIARIES | 20 FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 Financial assets: Original New carrying carrying amount amount Original New under under classification classification SFRS 39 SFRS(I) 9 Measurement category under SFRS 39 under SFRS(I) 9 $ million $ million Group Investment in debt securities Available-for- FVOCI – debt 146.7 146.7 sale instrument Investment in equity securities Available-for- FVOCI – equity 8.9 8.9 sale instrument Finance lease receivables Loans and Amortised cost 9.9 9.9 receivables Convertible instrument Loans and Amortised cost 322.3 322.3 receivables Other non-curent assets Loans and Amortised cost 2.0 2.0 receivables Trade and other receivables # Loans and Amortised cost 498.1 498.1 receivables Cash and cash equivalents Loans and Amortised cost 1,634.6 1,634.6 receivables Company Investment in debt securities Available-for- FVOCI – debt 146.7 146.7 sale instrument Trade and other receivables # Loans and Amortised cost 4,182.3 4,182.3 receivables Cash and cash equivalents Loans and Amortised cost 593.5 593.5 receivables # Excluding prepayments and finance lease receivables (current). b) Impairment SFRS(I) 9 requires the Group to record expected credit losses on all of its financial assets measured at amortised cost or FVOCI and financial guarantees. The Group previously recorded impairment based on the incurred loss model when there is objective evidence that a financial asset is impaired. Upon adoption of SFRS(I) 9, the Group has assessed that there is no significant impact arising from the impairment requirements under SFRS(I) 9. SGSPAA, the Group’s associate recognised an additional impairment allowance with a corresponding debit to their opening retained earnings based on expected credit loss model. The Group has recognised our share of the adjustment, which amounted to $2.5 million. 2.7 Explanation of transition to SFRS(I) and adoption of new standards Summary of quantitative impact The following reconciliations summarise the impact arising from the first-time adoption of SFRS(I), including the application of the new accounting standards on the Group’s financial position as at 1 April 2017, 31 March 2018 and 1 April 2018 and the Group’s income statements and statements of comprehensive income and the Group’s consolidated statement of cash flows for the year ended 31 March 2018. SINGAPORE POWER AND ITS SUBSIDIARIES | FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 21 Reconciliation of the Group’s equity Consolidated balance sheets of the Group 31 March 2018 1 April 2018 SFRS SFRS(I) 14 SFRS(I) frame- & framework SFRS(I) 1 SFRS(I) 15 work SFRS(I) 9 SFRS(I) $ million $ million $ million $ million $ million $ million Non-current assets Property, plant and equipment 12,485.6 – – 12,485.6 – 12,485.6 Intangible assets 173.8 – – 173.8 – 173.8 Investment property under development 712.9 – – 712.9 – 712.9 Associates and joint ventures 2,843.8 – (10.4) 2,833.4 (2.5) 2,830.9 Other non-current assets 498.2 – (166.2) 332.0 – 332.0 Deferred tax assets 21.2 – – 21.2 – 21.2 Derivative assets 48.8 – – 48.8 – 48.8 Investment in debt and equity securities 155.6 – – 155.6 – 155.6 16,939.9 – (176.6) 16,763.3 (2.5) 16,760.8 Current assets Inventories 44.2 – – 44.2 – 44.2 Trade and other receivables 526.4 – (0.8) 525.6 – 525.6 Derivative assets 17.0 – – 17.0 – 17.0 Cash and cash equivalents 1,634.6 – – 1,634.6 – 1,634.6 2,222.2 – (0.8) 2,221.4 – 2,221.4 Total assets 19,162.1 – (177.4) 18,984.7 (2.5) 18,982.2 RDA debit balances and related deferred tax assets – – 171.0 171.0 – 171.0 Total assets and RDA debit balances 19,162.1 – (6.4) 19,155.7 (2.5) 19,153.2 Equity Share capital 2,911.9 – – 2,911.9 – 2,911.9 Reserves (398.6) (28.4) 0.7 (426.3) – (426.3) Accumulated profits 7,710.6 28.4 (11.0) 7,728.0 (2.5) 7,725.5 Total equity, attributable to owner of the Company 10,223.9 – (10.3) 10,213.6 (2.5) 10,211.1 Non-current liabilities Debt obligations 4,239.1 – – 4,239.1 – 4,239.1 Derivative liabilities 230.7 – – 230.7 – 230.7 Deferred tax liabilities 1,334.7 – 60.7 1,395.4 – 1,395.4 Other non-current liabilities 937.5 – (362.0) 575.5 – 575.5 6,742.0 – (301.3) 6,440.7 – 6,440.7 Current liabilities Debt obligations 532.3 – – 532.3 – 532.3 Derivative liabilities 2.8 – – 2.8 – 2.8 Current tax payable 172.5 172.5 172.5 Trade and other payables 1,488.6 – (57.0) 1,431.6 – 1,431.6 2,196.2 – (57.0) 2,139.2 – 2,139.2 Total liabilities 8,938.2 – (358.3) 8,579.9 – 8,579.9 Total equity and liabilities 19,162.1 – (368.6) 18,793.5 (2.5) 18,791.0 RDA credit balances and related deferred tax liabilities – – 362.2 362.2 – 362.2 Total equity, liabilities and RDA credit balances 19,162.1 – (6.4) 19,155.7 (2.5) 19,153.2 SINGAPORE POWER AND ITS SUBSIDIARIES | 22 FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 Reconciliation of the Group’s equity (continued) Consolidated balance sheets of the Group 1 April 2017 SFRS SFRS(I) 14 SFRS(I) frame- & framework SFRS(I) 1 SFRS(I) 15 work $ million $ million $ million $ million Non-current assets Property, plant and equipment 11,713.6 – – 11,713.6 Intangible assets 141.6 – – 141.6 Associates and joint ventures 2,994.7 – (9.5) 2,985.2 Other non-current assets 428.1 – (76.9) 351.2 Deferred tax assets 29.2 – (7.9) 21.3 Derivative assets 106.4 – – 106.4 Investment in debt and equity securities 165.8 – – 165.8 15,579.4 – (94.3) 15,485.1 Current assets Inventories 49.0 – – 49.0 Trade and other receivables 431.0 – – 431.0 Derivative assets 2.4 – – 2.4 Cash and cash equivalents 1,677.1 – – 1,677.1 Investment in debt and equity securities 29.6 – – 29.6 Assets held-for-sale 37.6 – – 37.6 2,226.7 – – 2,226.7 Total assets 17,806.1 – (94.3) 17,711.8 RDA debit balances and related deferred tax assets – – 82.6 82.6 Total assets and RDA debit balances 17,806.1 – (11.7) 17,794.4 Equity Share capital 2,911.9 – – 2,911.9 Reserves (187.4) (15.6) – (203.0) Accumulated profits 7,068.3 15.6 (9.5) 7,074.4 Total equity, attributable to owner of the Company 9,792.8 – (9.5) 9,783.3 Non-current liabilities Debt obligations 4,147.5 – – 4,147.5 Derivative liabilities 92.9 – – 92.9 Deferred tax liabilities 1,284.2 – 62.0 1,346.2 Other non-current liabilities 704.2 – (382.6) 321.6 6,228.8 – (320.6) 5,908.2 Current liabilities Debt obligations 139.7 – – 139.7 Derivative liabilities 15.3 – – 15.3 Current tax payable 161.4 – – 161.4 Trade and other payables 1,451.3 – (65.8) 1,385.5 Liabilities held-for-sale 16.8 – – 16.8 1,784.5 – (65.8) 1,718.7 Total liabilities 8,013.3 – (386.4) 7,626.9 Total equity and liabilities 17,806.1 – (395.9) 17,410.2 RDA credit balances and related deferred tax liabilities – – 384.2 384.2 Total equity, liabilities and RDA credit balances 17,806.1 – (11.7) 17,794.4 SINGAPORE POWER AND ITS SUBSIDIARIES | 23 FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 Reconciliation of the Group’s income statement Consolidated income statements of the Group 31 March 2018 SFRS SFRS(I) 14 SFRS(I) frame- & framework SFRS(I) 1 SFRS(I) 15 work $ million $ million $ million $ million Revenue 4,067.7 – (147.4) 3,920.3 Other income 185.6 – – 185.6 Expenses - Purchased power (1,972.9) – 27.8 (1,945.1) - Depreciation of property, plant and equipment (579.2) – – (579.2) - Amortisation of intangible assets (32.1) – – (32.1) - Maintenance (99.2) – – (99.2) - Staff costs (292.0) – – (292.0) - Property taxes (54.5) – – (54.5) - Other operating expenses (120.7) – – (120.7) Operating profit 1,102.7 – (119.6) 983.1 Finance income 68.5 – – 68.5 Finance costs (123.5) – – (123.5) Share of profits of associates, net of tax 177.4 12.8 (0.7) 189.5 Share of losses of joint ventures, net of tax (5.8) – (0.8) (6.6) Profit before taxation 1,219.3 12.8 (121.1) 1,111.0 Tax expense (197.0) – 9.2 (187.8) Profit for the year attributable to the owner of the Company 1,022.3 12.8 (111.9) 923.2 Net movement in RDA balances related to profit or loss and the related deferred tax movement – – 110.4 110.4 Profit for the year and net movement in RDA balances, attributable to owner of the Company 1,022.3 12.8 (1.5) 1,033.6 SINGAPORE POWER AND ITS SUBSIDIARIES | 24 FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 Reconciliation of the Group’s comprehensive income Consolidated statements of comprehensive income of the Group 31 March 2018 SFRS SFRS(I) 14 SFRS(I) frame- & framework SFRS(I) 1 SFRS(I) 15 work $ million $ million $ million $ million Profit for the year and net movements in RDA balances 1,022.3 12.8 (1.5) 1,033.6 Other comprehensive income items that will not be reclassified to profit or loss: Share of defined benefit plan remeasurements of associates 8.6 – – 8.6 8.6 – – 8.6 Items that are or may be reclassified subsequently to profit or loss: Translation differences relating to financial statements of foreign operations (184.8) – 0.6 (184.2) Effective portion of changes in fair value of cash flow hedges, net of tax (4.1) – – (4.1) Net change in fair value of: – Cash flow hedges reclassified to profit or loss, net of tax 8.9 – – 8.9 – Cash flow hedges on recognition of the hedged items on balance sheet, net of tax (1.8) – – (1.8) – Available-for-sale financial assets (1.0) – – (1.0) Share of hedging reserves of associates (37.0) (12.7) – (49.7) (219.8) (12.7) 0.6 (231.9) Other comprehensive income for the year, net of tax (211.2) (12.7) 0.6 (223.3) Total comprehensive income for the year, attributable to owner of the Company 811.1 0.1 (0.9) 810.3 Reconciliation of the Group’s cash flows Consolidated statement of cash flows for the Group SINGAPORE POWER AND ITS SUBSIDIARIES | 25 FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 31 March 2018 SFRS SFRS(I) 14 SFRS(I) frame- & framework SFRS(I) 1 SFRS(I) 15 work $ million $ million $ million $ million Cash flows from operating activities Profit for the year and net movements in RDA balances 1,022.3 12.8 (1.5) 1,033.6 Adjustments for: Deferred income (140.0) – 119.3 (20.7) Regulatory deferral account debit or credit balances and related deferred tax assets or liabilities – – (110.4) (110.4) Depreciation and amortisation 611.3 – – 611.3 Finance costs 123.5 – – 123.5 Finance income (68.5) – – (68.5) Exchange loss 9.4 – – 9.4 Loss on disposal of property, plant and equipment and intangible assets 3.2 – – 3.2 Impairment loss on property, plant and equipment 1.6 – – 1.6 Share of profit of associates and joint ventures, net of tax (171.6) (12.8) 1.5 (182.9) Tax expense 197.0 – (9.2) 187.8 Gain on disposal of subsidiary (5.5) – – (5.5) Write off of inventory 2.7 – – 2.7 Others 2.6 – 0.3 2.9 1,588.0 – – 1,588.0 Changes in working capital: Inventories 2.2 – – 2.2 Trade and other receivables (121.5) – – (121.5) Balances with related parties (trade) (10.1) – – (10.1) Trade and other payables (10.4) – – (10.4) Cash generated from operations 1,448.2 – – 1,448.2 Interest received 65.7 – – 65.7 Net tax paid (111.0) – – (111.0) Net cash generated from operating activities 1,402.9 – – 1,402.9 Cash flows from investing activities Purchase of property, plant and equipment (1,232.4) – – (1,232.4) Purchase of intangible assets (53.7) – – (53.7) Proceeds from disposal of property, plant and equipment and intangible assets 8.3 – – 8.3 Dividends received from associates and joint venture 163.4 – – 163.4 Proceeds from redemption of other investment 32.0 – – 32.0 Acquisition of other investments (1.6) – – (1.6) Additions to investment property under development (488.2) – – (488.2) Net cash outflow on disposal of subsidiary (27.8) – – (27.8) Net cash used in investing activities (1,600.0) – – (1,600.0) Cash flows from financing activities Proceeds from loans and debt obligations 842.1 – – 842.1 Repayment of debt obligations (139.4) – – (139.4) Dividends paid to owner of the Company (380.0) – – (380.0) Interest paid (123.3) – – (123.3) Commitment fees paid (2.8) – – (2.8) Net cash generated from financing activities 196.6 – – 196.6 Net decrease in cash and cash equivalents (0.5) – – (0.5) Cash and cash equivalents at beginning of the year 1,677.1 – – 1,677.1 Effect of exchange rate changes on balances held in foreign currencies (42.0) – – (42.0) Cash and cash equivalents at end of the year 1,634.6 – – 1,634.6 SINGAPORE POWER AND ITS SUBSIDIARIES | 26 FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 3 Significant accounting policies The accounting policies set out below have been applied consistently for all periods presented in these financial statements, and have been consistently applied by the Group entities, and in preparing the opening SFRS(I) balance sheets at 1 April 2017 for the purposes of the transition to SFRS(I), unless otherwise indicated. 3.1 Basis of consolidation Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date and included in the consideration transferred. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. For non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the acquiree’s net assets in the event of liquidation, the Group elects on a transaction-by-transaction basis whether to measure them at fair value, or at the non-controlling interests’ proportionate share of the recognised amounts of the acquiree’s identifiable net assets, at the acquisition date. All other noncontrolling interests are measured at acquisition-date fair value, or, when applicable, on the basis specified in another standard. Any excess or deficiency of the purchase consideration over the fair value of the identifiable assets acquired and liabilities and contingent liabilities assumed is accounted for as goodwill or bargain purchase gain (see Note 3.4). Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. In the Company’s separate financial statements, investments in subsidiaries are accounted for at cost less impairment losses. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. SINGAPORE POWER AND ITS SUBSIDIARIES | 27 FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 Loss of control Upon the loss of control, the Group derecognises the assets and liabilities of the subsidiary, any noncontrolling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognised in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently, it is accounted for as an equity-accounted investee or as an equity investment at fair value through other comprehensive income (before 1 April 2018: available-for-sale financial asset) depending on the level of influence retained. Joint arrangements A joint arrangement is a contractual arrangement whereby two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. To the extent the joint arrangement provides the Group with rights to the assets and obligations for the liabilities relating to the arrangement, the arrangement is a joint operation. To the extent the joint arrangement provides the Group with rights to the net assets of the arrangement, the arrangement is a joint venture. The Group recognises its interest in a joint venture as an investment and accounts for the investment using the equity method. The accounting policy for investment in joint venture is set out below. Investments in associates and joint ventures (equity-accounted investees) An associate is an entity over which the Group has the power to participate in the financial and operating policy decisions of the investee but does not have control or joint control of those policies. Investments in associates and joint ventures are accounted for using the equity method (equity-accounted investees) and are recognised initially at cost. The Group’s investments in equity-accounted investees include goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of the equity-accounted investees, after adjustments to align the accounting policies of the equity-accounted investees with those of the Group, from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. When the Group’s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of the investment, together with any long-term interests that form part thereof, is reduced to zero and the recognition of further losses is discontinued except to the extent that the Group has an obligation to fund the investee’s operations or has made payments on behalf of the investee. Acquisition of non-controlling interests Acquisitions of non-controlling interests are accounted for as transactions with owners in their capacity as owners and therefore no goodwill is recognised as a result of such transactions. The adjustments to non-controlling interests arising from transactions that do not involve the loss of control are based on a proportionate amount of the net assets of the subsidiary. Any difference between the adjustment to noncontrolling interests and the fair value of consideration paid is recognised directly in equity and presented as part of equity attributable to owners of the Company. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income or expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. SINGAPORE POWER AND ITS SUBSIDIARIES | 28 FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 Accounting for subsidiaries and joint ventures by the Company Investments in subsidiaries and joint ventures are stated in the Company’s balance sheet at cost less accumulated impairment losses. 3.2 Foreign currencies Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of Group entities at the exchange rates at the dates of the transactions. The functional currencies of the Group entities are mainly Singapore dollars and Australian dollars. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currencies at the exchange rate at the reporting date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate prevailing on the date on which the fair value was determined. Non-monetary items in a foreign currency that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on translation are recognised in profit or loss, except for differences arising on the translation of a financial liability designated as a hedge of the net investment in a foreign operation that is effective, an equity investment at fair value through other comprehensive income (before 1 April 2018: available-for-sale equity instruments) (see Note 3.6), or qualifying cash flow hedges which are recognised in other comprehensive income. Foreign operations The assets and liabilities of foreign operations, excluding goodwill and fair value adjustments arising on acquisition, are translated to Singapore dollars for presentation in these financial statements at exchange rates at the reporting date. The income and expenses of foreign operations are translated to Singapore dollars at exchange rates at the dates of the transactions. Foreign currency differences are recognised in other comprehensive income, and presented in the foreign currency translation reserve (“translation reserve”) in equity. However, if the foreign operation is a nonwholly-owned subsidiary, then the relevant proportionate share of the translation difference is allocated to the non-controlling interests. When a foreign operation is disposed of, such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part of its investment in an associate or joint venture that includes a foreign operation while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from such a monetary item are considered to form part of a net investment in a foreign operation. These are recognised in other comprehensive income, and are presented in the translation reserve in equity. 3.3 Property, plant and equipment Recognition and measurement Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. SINGAPORE POWER AND ITS SUBSIDIARIES | 29 FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of selfconstructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to a working condition for their intended use, and the costs of dismantling and removing the items and restoring the site on which they are located and capitalised borrowing cost. Capitalisation of borrowing costs will cease when the asset is ready for its intended use. Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and is recognised net within other income/other operating expenses in profit or loss. Subsequent costs The cost of replacing a component of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to the Group, and its cost can be measured reliably. The carrying amount of the replaced component is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. Depreciation Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Freehold land and construction-in-progress are not depreciated. The estimated useful lives for the current and comparative periods are as follows: Leasehold land Over the term of the lease, ranging from 13 – 99 years Leasehold buildings and Tunnels 2 – 40 years or the lease term, if shorter Plant and machinery - Mains (Electricity) 20 – 30 years - Mains (Gas) 20 – 50 years - Transformers and switchgear 20 – 30 years Other plant and equipment (principally gas 2 – 40 years storage plant, remote control and meters) Motor vehicles and office equipment 2 – 10 years Depreciation methods, useful lives and residual values are reviewed at each financial year end, and adjusted if appropriate. SINGAPORE POWER AND ITS SUBSIDIARIES | 30 FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 3.4 Intangible assets Goodwill Goodwill that arises upon the acquisition of subsidiaries is included in intangible assets and represents the excess of: - the fair value of the consideration transferred; plus - the recognised amount of any non-controlling interests in the acquiree; plus - if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the acquiree, over the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. Subsequent measurement Goodwill is measured at cost less accumulated impairment losses. In respect of equity-accounted investees, the carrying amount of goodwill is included in the carrying amount of the investment, and an impairment loss on such an investment is not allocated to any asset, including goodwill, that forms part of the carrying amount of the equity-accounted investee. Other intangible assets Other intangible assets with finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. Expenditure on internally generated goodwill is recognised in profit or loss as an expense when incurred. Intangible assets that have indefinite lives or that are not available for use are stated at cost less accumulated impairment losses. Software is stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful life of 5 to 10 years. Deferred expenditure relates mainly to contributions paid by the Group in accordance with regulatory requirements towards capital expenditure costs incurred by electricity generation companies and onshore receiving facility operator, and is stated at cost less accumulated amortisation and accumulated impairment losses. Deferred expenditure is amortised on a straight-line basis over the period in which the Group derives benefits from the capital contribution payments, which is generally the useful life of the relevant equipment ranging from 7 to 19 years. Research costs are expensed as incurred. Capitalised development costs arising from development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete and the ability to measure reliably the expenditures during the development. Following initial recognition of the capitalised development costs as an intangible asset, it is carried at cost less accumulated amortisation and any accumulated impairment losses. Amortisation of the intangible asset begins when development is complete and the asset is available for use. Capitalised development costs have a finite useful life and are amortised over the period of 5 years on a straight line basis. Intangible assets under construction are stated at cost. No amortisation is provided until the intangible assets are ready for use. SINGAPORE POWER AND ITS SUBSIDIARIES | FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2019 31 3.5 Investment property under development Investment property under development is property held either to earn rental income or for capital appreciation or for both, but not for sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes. Investment property under development is measured at cost on initial recognition. Cost includes expenditure that is directly attributable to the acquisition of the investment property. The cost of self-constructed investment property includes the cost of materials and direct labour, any other costs directly attributable to bringing the investment property under development to a working condition for their intended use and capitalised borrowing costs. Any gain or loss on disposal of an investment property under development (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss. When the use of a property changes such that it is reclassified as property, plant and equipment, its fair value at the date of reclassification becomes its cost for subsequent accounting. Property that is being constructed for future use as investment property under development is accounted for at cost less accumulated depreciation and accumulated impairment losses. Investment property under development is not depreciated. 3.6 Financial instruments Non-derivative financial assets Initial recognition and measurement Financial assets are recognised when, and only when the entity becomes party to the contractual provisions of the instruments. At initial recognition, the Group measures a financial asset at its fair value plus in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. Trade receivables are measured at the amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third party, if the trade receivables do not contain a significant financing component at initial recognition. Non-derivative financial assets – policy applicable from 1 April 2018 Subsequent measurement Investments in debt instruments Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the contractual cash fl

01 SP GROUP ANNUAL REPORT 2018 CHAIRMAN’S MESSAGE In this year’s review, we present a sustainability report as a key pillar. It is an account of progress towards the United Nations Sustainability Development Goal 7 to ensure access of reliable, sustainable and modern energy for all. It also reflects our 30-30- 30 target to achieve at least 30 per cent added value for our customers, and reduce our carbon footprint by another 30 per cent by the year 2030. SECURING OUR FUTURE At the core of our mission to be reliable and efficient, and improve the quality of life, we are building a strong foundation to provide a sustainable future for our customers. A STRONG FINANCIAL STANDING Our sustainability efforts are anchored on a robust and stable financial infrastructure. For the year closing 31 March 2018, we achieved a net profit of S$1.022 billion. This includes the contribution of S$177.4 million from our Australian associates. In September 2017, SP PowerAssets (SPPA) successfully priced the tightest spread for a Singapore corporate bond in a decade with our new 10-year 144A/Reg S US$600 million bond. The bond generated an order book of US$1.9 billion, a testament to investors’ confidence in SPPA’s credit. The funds will be utilised to finance the renewal and upgrading of our infrastructure projects, allowing Singapore’s power grid to remain one of the most reliable and efficient in the world. 02 SP GROUP ANNUAL REPORT 2018 FINANCIAL HIGHLIGHTS Net Profit After Tax (S$ million) Revenue (S$ million) 924 949 1,022 3,964 3,722 4,068 FY2015/16 FY2016/17 FY2017/18 FY2015/16 FY2016/17 FY2017/18 Total Assets (S$ million) Shareholder’s Equity (S$ million) 16,716 17,806 19,162 9,088 9,793 10,224 FY2015/16 FY2016/17 FY2017/18 FY2015/16 FY2016/17 FY2017/18 Economic Value Added (EVA) (S$ million) Return on Equity (%) 300 256 293 10.5 10.1 10.2 FY2015/16 FY2016/17 FY2017/18 FY2015/16 FY2016/17 FY2017/18 03 SP GROUP ANNUAL REPORT 2018 CHAIRMAN’S MESSAGE (CONTINUED) At the Sembcorp Marine Tuas Boulevard Yard, we are deploying a digital energysaving system that will reduce its consumption by up to 30 % REDUCING OUR CARBON FOOTPRINT At the Sembcorp Marine Tuas Boulevard Yard, we are deploying a digital energy-saving system that will reduce its consumption by up to 30 per cent. The system combines 4.5 MegaWattpeak (MWp) solar panels – the largest single solar rooftop in a Southeast Asian shipyard. The solar rooftop will deliver up to 5.38GWh of energy annually – enough to power almost 1,120 four-room flats and reduce 2,500 tonnes of carbon emissions per year, equivalent to removing 530 vehicles off local roads. SP and Singapore Institute of Technology (SIT) are building a multi-energy urban micro-grid at SIT’s campus at the upcoming Punggol Digital District, with a target to reach zero emission. Integrating gas, electricity and thermal energy into a unified smart energy network, the system can help SIT save energy and eliminate carbon emissions, equivalent to removing close to 2,000 vehicles off the roads. SP and SIT are also working on research in areas such as district energy models, converting waste to renewable energy and raising energy efficiency arounds the campus. 04 SP GROUP ANNUAL REPORT 2018 To promote greater integration of renewable energy sources onto the electricity grid, we have developed one of the world’s first global renewable energy trading platform, powered by blockchain technology. This platform enables buyers and producers of renewable energy to trade Renewable Energy Certificates (REC) in a simple, secure and costeffective manner. We are advancing towards 100 per cent electrification of our vehicle fleet by 2030. This is projected to reduce carbon emission by more than 30 per cent. To encourage greater adoption of electric vehicles in Singapore, we are collaborating with corporate partners to install charging infrastructure at their facilities for public use. DEVELOPING INNOVATIVE SOLUTIONS TOGETHER We continue to invest in partnerships and seek innovative solutions to deliver greater value to our customers. The finale of the first global utilities accelerator programme, Free Electrons, saw us sign Memoranda of Understanding with two start-ups in the areas of digital solutions and renewables. To nurture future engineering talent, we have partnered Singapore Polytechnic to launch ideaBox, an idea translation lab that will turn promising ideas into real-world green applications. Students will be exposed to industry challenges, test new ideas and build cost-saving solutions for customers. 05 SP GROUP ANNUAL REPORT 2018 CHAIRMAN’S MESSAGE (CONTINUED) SAVING ENERGY AND COST We are expanding our collaboration with CapitaLand in its Raffles City Chongqing project. Besides designing, building, owning and operating an advanced energy-efficient cooling system, we are integrating the water and ventilation systems for optimal heating system performance. This entire system is expected to deliver at least 50 per cent savings in energy consumption for the development. To help the community make energy-saving a way of life, we partnered the National Environment Agency in the nation-wide Energy-Saving Challenge in 2017. The three-month campaign drew close to 7,000 participants who saved 330,000 kWh of electricity – enough to power 1,000 three-room flats for more than a month. Participants could use the SP Utilities mobile app to track their consumption. This builds on our experience with South West Community Development Council (CDC) in the Power Savers for Charity @ South West campaign for the past two years. Last year, 25,000 residents in the district pledges to save energy and other resources. SP and South West CDC matched the pledges with a S$100,000 donation to underprivileged residents in the district. 06 SP GROUP ANNUAL REPORT 2018 HELPING CUSTOMERS CHANGE AND SAVE With the soft launch of the Open Electricity Market in Jurong in April 2018, we are helping customers change seamlessly to a retailer of their choice and enjoy savings. Those who choose to remain with SP can buy from the Wholesale Electricity Market (WEM) or at regulated tariff. Buying from WEM gives customers access to the prevailing electricity market prices which reflects the current demand and supply at half-hourly intervals. For the last two years, WEM prices have been approximately 30 per cent lower than the regulated tariff. Besides cost savings, we continue to tap on digital solutions to provide customers with greater convenience. We have been adding new features to the SP Utilities mobile app. With this, customers can make a more informed choice of a retailer that best suits their needs. This is supported by the installation of smart meters nationwide. As of March 2018, we have installed 140,000 smart meters. NETWORK RELIABILITY Regardless of customers’ choice of retailer, we will continue to operate the national power grid so they can enjoy the same reliable and efficient electricity supply. Last year, customers experienced 0.19 minute of electricity interruption and 0.48 minute of gas interruption. This places Singapore among the most reliable power networks in the world. To maintain this performance, we will utilise digital technology to remotely control all 6.6kV distribution network substations by 2020. We can monitor and attend to network incidents quickly, and efficiently. We are implementing the Smart Gas Network Deployment system over the next three years, which will result in better realtime awareness of network performance and improve response to impending incidents. Data analytics, including pre-emptive detection of gas leaks, will improve network safety and reliability. After six years, we are completing the construction of our cross-island Transmission Cable Tunnel project in 2018. This will enable the timely renewal of ageing assets more efficiently, with minimal disruption to the public. 07 SP GROUP ANNUAL REPORT 2018 CHAIRMAN’S MESSAGE (CONTINUED) SERVICE WITH DEDICATION AND DISTINCTION Our efforts to transform our service culture and processes to keep pace with customer expectations were validated when SP Services won the prestigious Singapore Quality Award 2017. Our training arm, Singapore Institute of Power and Gas, earned a May Day 2018 award for digital transformation in being a first mover in facilitating training for power sector communities online. Our people also gave back to the community through more than 7,000 hours of volunteer service. Close to 30 per cent of our employees volunteered at least once in the past year. IN APPRECIATION We have set bold but necessary targets in the face of transformation around us. Everyone has a role to play in our journey towards a sustainable future. I am proud of the SP Group family for being adaptable and continuously learning and sharpening their skills. My deepest thanks to the Management and staff for their leadership and resolve in embracing our vision to secure our future together. I am grateful to our shareholder, business partners, union and regulator for their support. Finally, thank you to my fellow Board members for their guidance and counsel. Mohd Hassan Marican Chairman July 2018 Securing Our Future SP GROUP FINANCIAL SUMMARY 2017/18 Registration Number : 199406577N | SP Power Limited and its subsidiaries 1 Annual Report Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2018 Table of Contents Table of Contents Directors’ statement .......................................................................................................................................... 1 Independent Auditor’s Report .................................................................................................................... 5 Balance sheets ................................................................................................................................................... 8 Income statements .......................................................................................................................................... 9 Statements of comprehensive income .................................................................................................. 10 Statements of changes in equity ................................................................................................................ 11 Consolidated statement of cash flows ................................................................................................... 14 Notes to the financial statements 1 Domicile and activities .......................................................................................................................... 16 2 Basis of preparation ............................................................................................................................... 16 3 Significant accounting policies ......................................................................................................... 18 4 Property, plant and equipment ........................................................................................................ 38 5 Intangible assets ..................................................................................................................................... 41 6 Investment property ............................................................................................................................ 43 7 Subsidiaries .............................................................................................................................................. 43 8 Associates and joint ventures ........................................................................................................... 44 9 Other non-current assets .................................................................................................................... 48 10 Deferred taxation ................................................................................................................................... 50 11 Derivative assets and liabilities ......................................................................................................... 52 12 Available-for-sale financial assets ................................................................................................... 54 13 Inventories ................................................................................................................................................ 54 14 Trade and other receivables ............................................................................................................. 54 15 Cash and cash equivalents ................................................................................................................ 57 16 Disposal group held-for-sale ............................................................................................................ 58 17 Share capital ............................................................................................................................................ 59 18 Reserves .................................................................................................................................................... 59 19 Debt obligations ..................................................................................................................................... 60 20 Other non-current liabilities ................................................................................................................ 61 21 Trade and other payables .................................................................................................................. 63 22 Revenue .................................................................................................................................................... 64 23 Other income .......................................................................................................................................... 65 24 Finance income ...................................................................................................................................... 65 25 Finance costs ........................................................................................................................................... 66 26 Tax expense ............................................................................................................................................ 66 Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2018 Table of Contents 27 Profit for the year ................................................................................................................................... 68 28 Related parties ........................................................................................................................................ 68 29 Operating segments ............................................................................................................................ 69 30 Financial risk management ................................................................................................................ 72 31 Fair values ................................................................................................................................................. 82 32 Commitments ......................................................................................................................................... 86 33 Dividends ................................................................................................................................................. 86 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2018 Directors’ statement We are pleased to submit this annual report to the member of Singapore Power Limited (the “Company”) together with the audited financial statements for the financial year ended 31 March 2018. Opinion of the Directors In our opinion, (a) the financial statements set out on pages 8 to 86 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 2018 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 (b) 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 Tan Kang Uei, Anthony (Appointed on 1 October 2017) 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 interests (fully paid ordinary shares unless otherwise stated) are held Mr Choi Shing Kwok Holdings at beginning of the year / date of appointment Holdings at end of the year Singapore Telecommunications Limited 2,720 62,720 Olam International Limited – 6% notes due 2018 S$500,000 S$500,000 1 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2018 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year / date of appointment Holdings at end of the year Mrs Oon Kum Loon Singapore Telecommunications Limited 2,720 2,720 Mapletree Industrial Trust - units 8,894 8,894 Mr Tan Puay Chiang Singapore Airlines Limited 10,000 10,000 Singapore Technologies Engineering Limited 150,000 150,000 Singapore Telecommunications Limited 133,570 133,570 Mapletree Industrial Trust - units 12,000 12,000 Mapletree Treasury Services Limited - 3.88% notes due on 4 October 2018 S$250,000 S$250,000 - 5.125% Perpetual securities S$250,000 – Mapletree Commercial Trust Treasury Company Pte. Ltd. - 2.795% fixed rate notes due on 15 November 2023 S$250,000 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 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2018 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year / date of appointment Holdings at end of the year Mr Ng Kwan Meng Singapore Telecommunications Limited 5,350 25,350 Singapore Technologies Engineering Ltd 25,000 25,000 Starhub Ltd 6,000 6,000 Mapletree Commercial Trust - units 10,000 10,000 Mapletree Greater China Commercial Trust - units 22,000 22,000 Mapletree Industrial Trust - units 10,000 10,000 Ascendas Real Estate Investment Trust - units 10,000 10,000 Mr Tan Kang Uei, Anthony SIA Engineering Co Ltd 1,000 1,000 Singapore Airlines Limited 1,000 1,000 Singapore Telecommunications Limited 892 892 Mr Wong Kim Yin Singapore Telecommunications Limited 190 190 Mapletree Industrial Trust - units 30,506 30,506 Except as disclosed in this statement, no director who held office at the end of the financial year had interests in shares, debentures, warrants or share options of the Company, or of related corporations, either at the beginning, at the date of appointment or at the end of the financial year. Neither at the end of, nor at any time during the financial year, was the Company a party to any arrangement whose objects are, or one of whose objects is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate. 3 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2018 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 21 May 2018 4 Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2018 Independent Auditor’s Report For the financial year ended 31 March 2018 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 86, which comprise the consolidated balance sheet of the Group and the balance sheet of the Company as at 31 March 2018, 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 2018 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 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 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. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. 6 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 • 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 21 May 2018 7 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Balance sheets As at 31 March 2018 Group Company Note 2018 2017 2018 2017 $ million $ million $ million $ million Non-current assets Property, plant and equipment 4 12,485.6 11,713.6 12.6 13.3 Intangible assets 5 173.8 141.6 12.8 8.1 Investment property 6 712.9 – – – Subsidiaries 7 – – 6,765.0 6,764.9 Associates and joint ventures 8 2,843.8 2,994.7 45.4 1.3 Other non-current assets 9 498.2 428.1 166.5 78.6 Deferred tax assets 10 21.2 29.2 – – Derivative assets 11 48.8 106.4 2.5 0.2 Available-for-sale financial assets 12 155.6 165.8 146.7 160.3 16,939.9 15,579.4 7,151.5 7,026.7 Current assets Available-for-sale financial assets 12 – 29.6 – 29.6 Inventories 13 44.2 49.0 – – Trade and other receivables 14 526.4 431.0 4,183.5 3,951.4 Derivative assets 11 17.0 2.4 9.7 0.2 Cash and cash equivalents 15 1,634.6 1,677.1 593.5 878.0 Assets held-for-sale 16 – 37.6 – 90.0 2,222.2 2,226.7 4,786.7 4,949.2 Total assets 19,162.1 17,806.1 11,938.2 11,975.9 Equity Share capital 17 2,911.9 2,911.9 2,911.9 2,911.9 Reserves 18 (398.6) (187.4) (0.6) 3.2 Accumulated profits 7,710.6 7,068.3 5,252.8 5,152.1 Total equity, attributable to owner of the Company 10,223.9 9,792.8 8,164.1 8,067.2 Non-current liabilities Debt obligations 19 4,239.1 4,147.5 – – Derivative liabilities 11 230.7 92.9 2.0 8.1 Deferred tax liabilities 10 1,334.7 1,284.2 1.2 0.2 Other non-current liabilities 20 937.5 704.2 – – 6,742.0 6,228.8 3.2 8.3 Current liabilities Debt obligations 19 532.3 139.7 – – Derivative liabilities 11 2.8 15.3 0.1 6.7 Current tax payable 172.5 161.4 12.3 14.7 Trade and other payables 21 1,488.6 1,451.3 3,758.5 3,879.0 Liabilities held-for-sale 16 – 16.8 – – 2,196.2 1,784.5 3,770.9 3,900.4 Total liabilities 8,938.2 8,013.3 3,774.1 3,908.7 Total equity and liabilities 19,162.1 17,806.1 11,938.2 11,975.9 The accompanying notes form an integral part of these financial statements. 8 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Income statements Year ended 31 March 2018 Group Company Note 2018 2017 2018 2017 $ million $ million $ million $ million Revenue 22 4,067.7 3,722.0 532.8 533.7 Other income 23 185.6 189.0 8.9 1.2 Expenses - Purchased power (1,972.9) (1,803.6) – – - Depreciation of property, plant and equipment (579.2) (548.5) (3.0) (4.8) - Amortisation of intangible assets (32.1) (34.4) (2.7) (2.7) - Maintenance (99.2) (99.0) (3.3) (4.8) - Staff costs (292.0) (297.6) (74.5) (74.8) - Property taxes (54.5) (55.3) (0.3) (0.3) - Other operating expenses (120.7) (122.1) (20.2) (22.3) Operating profit 1,102.7 950.5 437.7 425.2 Finance income 24 68.5 65.6 65.8 65.5 Finance costs 25 (123.5) (102.2) (11.9) (12.7) Share of profit of associates, net of tax 177.4 216.4 – – Share of (loss)/profit of joint ventures, net of tax (5.8) 1.7 – – Profit before taxation 1,219.3 1,132.0 491.6 478.0 Tax expense 26 (197.0) (183.2) (10.9) (13.5) Profit for the year, attributable to owner of the Company 27 1,022.3 948.8 480.7 464.5 The accompanying notes form an integral part of these financial statements. 9 Statements of comprehensive income Year ended 31 March 2018 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Group Company 2018 2017 2018 2017 $ million $ million $ million $ million Profit for the year 1,022.3 948.8 480.7 464.5 Other comprehensive income items that will not be reclassified to profit or loss: Share of defined benefit plan remeasurements of associates 8.6 11.2 – – 8.6 11.2 – – Items that are or may be reclassified subsequently to profit or loss: Translation differences relating to financial statements of foreign operations (184.8) 101.4 – – Effective portion of changes in fair value of cash flow hedges, net of tax (4.1) (13.2) (0.6) 3.3 Net change in fair value of: – Cash flow hedges reclassified to profit or loss, net of tax 8.9 (3.8) 0.3 0.3 – Cash flow hedges on recognition of the hedged items on balance sheet, net of tax (1.8) (1.8) (0.8) (0.2) – Available-for-sale financial assets (1.0) 0.2 (2.7) (0.1) Share of hedging reserves of associates (37.0) 32.4 – – (219.8) 115.2 (3.8) 3.3 Other comprehensive income for the year, net of tax (211.2) 126.4 (3.8) 3.3 Total comprehensive income for the year, attributable to owner of the Company 811.1 1,075.2 476.9 467.8 The accompanying notes form an integral part of these financial statements. 10 Statements of changes in equity Year ended 31 March 2018 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Total equity, Share capital Currency translation reserve Hedging reserve Other reserves Accumulated profits attributable to owner of the Company Group $ 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 Total comprehensive income for the year Profit for the year – – – – 948.8 948.8 Other comprehensive income Translation differences relating to financial statements of foreign operations – 101.4 – – – 101.4 Effective portion of changes in fair value of cash flow hedges, net of tax – – (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) - on recognition of the hedged items on balance sheet, net of tax – – (1.8) – – (1.8) Net change in fair value of available-for-sale financial assets – – – 0.2 – 0.2 Share of other comprehensive income of associates – – 32.4 11.2 – 43.6 Total other comprehensive income – 101.4 13.6 11.4 – 126.4 Total comprehensive income for the year – 101.4 13.6 11.4 948.8 1,075.2 Transactions with owner, recognised directly in equity Distribution to owner Dividends declared (Note 33) – – – – (370.0) (370.0) Total transactions with owner – – – – (370.0) (370.0) At 31 March 2017 2,911.9 (225.5) 18.8 19.3 7,068.3 9,792.8 The accompanying notes form an integral part of these financial statements. 11 Statements of changes in equity Year ended 31 March 2018 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Total equity, Share capital Currency translation reserve Hedging reserve Other reserves Accumulated profits attributable to owner of the Company Group $ million $ million $ million $ million $ million $ million At 1 April 2017 2,911.9 (225.5) 18.8 19.3 7,068.3 9,792.8 Total comprehensive income for the year Profit for the year – – – – 1,022.3 1,022.3 Other comprehensive income Translation differences relating to financial statements of foreign operations – (184.8) – – – (184.8) Effective portion of changes in fair value of cash flow hedges, net of tax – – (4.1) – – (4.1) Net change in fair value of cash flow hedges: - reclassified to profit or loss, net of tax – – 8.9 – – 8.9 - on recognition of the hedged items on balance sheet, net of tax – – (1.8) – – (1.8) Net change in fair value of available-for-sale financial assets – – – (1.0) – (1.0) Share of other comprehensive income of associates – – (37.0) 8.6 – (28.4) Total other comprehensive income – (184.8) (34.0) 7.6 – (211.2) Total comprehensive income for the year – (184.8) (34.0) 7.6 1,022.3 811.1 Transactions with owner, recognised directly in equity Distribution to owner Dividends declared (Note 33) – – – – (380.0) (380.0) Total transactions with owner – – – – (380.0) (380.0) At 31 March 2018 2,911.9 (410.3) (15.2) 26.9 7,710.6 10,223.9 The accompanying notes form an integral part of these financial statements. 12 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Statements of changes in equity Year ended 31 March 2018 Company Share Hedging Other Accumulated capital reserve reserves profits Total $ million $ million $ million $ million $ million 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 At 1 April 2017 2,911.9 1.4 1.8 5,152.1 8,067.2 Total comprehensive income for the year Profit for the year – – – 480.7 480.7 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax – (0.6) – – (0.6) Net change in fair value of: - cash flow hedges reclassified to profit or loss, net of tax – 0.3 – – 0.3 - cash flow hedges on recognition of the hedged items on balance sheet, net of tax – (0.8) – – (0.8) - available-for-sale financial assets – – (2.7) – (2.7) Total other comprehensive income – (1.1) (2.7) – (3.8) Total other comprehensive income for the year – (1.1) (2.7) 480.7 476.9 Transactions with owner, recognised directly in equity Dividends declared (Note 33) – – – (380.0) (380.0) Total transactions with owner – – – (380.0) (380.0) At 31 March 2018 2,911.9 0.3 (0.9) 5,252.8 8,164.1 The accompanying notes form an integral part of these financial statements. 13 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Consolidated statement of cash flows Year ended 31 March 2018 Note 2018 2017 $ million $ million Cash flows from operating activities Profit for the year 1,022.3 948.8 Adjustments for: Deferred income (140.0) 93.6 Depreciation and amortisation 611.3 582.9 Finance costs 25 123.5 102.2 Finance income 24 (68.5) (65.6) Exchange loss/(gain) 27 9.4 (8.2) Loss on disposal of property, plant and equipment and intangible assets 3.2 6.5 Impairment loss on property, plant and equipment 1.6 – Share of profit of associates and joint ventures, net of tax (171.6) (218.1) Gain on disposal of subsidiary 8 (5.5) – Tax expense 26 197.0 183.2 Others 5.3 0.9 1,588.0 1,626.2 Changes in working capital: Inventories 2.2 2.0 Trade and other receivables (121.5) (35.6) Balances with related parties (trade) (10.1) 14.6 Trade and other payables (10.4) 0.5 Cash generated from operations 1,448.2 1,607.7 Interest received 65.7 60.4 Net tax paid (111.0) (100.5) Net cash generated from operating activities 1,402.9 1,567.6 Cash flows from investing activities Purchase of property, plant and equipment (1,232.4) (1,236.5) Purchase of intangible assets (53.7) (45.0) Proceeds from disposal of property, plant and equipment and intangible assets 8.3 10.2 Dividends received from associates and joint venture 163.4 128.3 Proceeds from disposal of other investments – 13.8 Proceeds from redemption of other investment 32.0 – Additions to investment property (488.2) – Acquisition of other investments (1.6) (5.1) Net cash outflow on disposal of subsidiary 8 (27.8) – Net cash used in investing activities (1,600.0) (1,134.3) The accompanying notes form an integral part of these financial statements. 14 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Consolidated statement of cash flows (continued) Year ended 31 March 2018 Note 2018 2017 $ million $ million Cash flows from financing activities Proceeds from loans and debt obligations 842.1 79.9 Repayment of debt obligations (139.4) – Dividends paid to owner of the Company (380.0) (370.0) Interest paid (123.3) (116.1) Commitment fees paid (2.8) (3.0) Net cash generated from/(used in) financing activities 196.6 (409.2) Net (decrease)/increase in cash and cash equivalents (0.5) 24.1 Cash and cash equivalents at beginning of the year 1,677.1 1,630.2 Effect of exchange rate changes on balances held in foreign currencies (42.0) 22.8 Cash and cash equivalents at end of the year 15 1,634.6 1,677.1 The accompanying notes form an integral part of these financial statements. 15 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Notes to the financial statements These notes form an integral part of the financial statements. The financial statements were authorised for issue by the Board of Directors on 21 May 2018. 1 Domicile and activities Singapore Power Limited (“the Company”) is incorporated in the Republic of Singapore and has its registered office at 2 Kallang Sector, SP Group Building, Singapore 349277. The immediate and ultimate holding company is Temasek Holdings (Private) Limited, a company incorporated in the Republic of Singapore. The principal activities of the Company are that of investment holding and provision of management support services. Its subsidiaries are engaged principally in the transmission and distribution of electricity and gas, provision of related consultancy services and investments in related projects. The consolidated financial statements relate to the Company and its subsidiaries (together referred to as the Group) and the Group’s interests in associates and joint ventures (collectively referred to as Group entities). 2 Basis of preparation 2.1 Statement of compliance The financial statements have been prepared in accordance with the Singapore Financial Reporting Standards (“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. 16 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 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 10 and Note 26. 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 31 sets out the basis of valuation of financial assets and liabilities. Accrued revenue Revenue accrual estimates are made to account for the unbilled period between the end-user’s last billing date and the end of the accounting period. The accrual relies on detailed analysis of customers’ historical consumption patterns, which takes into account base usage and sensitivity to consumption growth. The results of this analysis are applied for the number of days over the unbilled period. 17 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 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 3.18 sets out the revenue recognition policy. 2.5 Convergence with International Financial Reporting Standards The Group will adopt Singapore Financial Reporting Standards (International) (“SFRS(I)s”), Singapore’s equivalent of the International Financial Reporting Standards (“IFRSs”) on 1 April 2018. The Group has performed an initial assessment of the impact of adopting the new financial reporting framework, and expects no material impact arising from the adoption. The Group expects that the impact of adopting the new standards under the new framework that are effective on 1 April 2018 will be similar to that as disclosed in Note 3.23 under the current framework. 2.6 Changes in accounting policies Adoption of new and revised FRSs and Interpretation to FRS The accounting policies adopted are consistent with those of the previous financial year except that in the current financial year, the Group has adopted all the new and revised standards which are effective for annual financial periods beginning on or after 1 April 2017, including the Amendments to FRS 7 Disclosure Initiative. The adoption of these new standards did not have any effect on the financial performance or position of the Group and the Company. 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 and revised standards. 3.1 Basis of consolidation Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. 18 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Any contingent consideration payable is recognised at fair value at the acquisition date and included in the consideration transferred. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. For non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the acquiree’s net assets in the event of liquidation, the Group elects on a transaction-by-transaction basis whether to measure them at fair value, or at the non-controlling interests’ proportionate share of the recognised amounts of the acquiree’s identifiable net assets, at the acquisition date. All other non-controlling interests are measured at acquisition-date fair value, or, when applicable, on the basis specified in another standard. Any excess or deficiency of the purchase consideration over the fair value of the identifiable assets acquired and liabilities and contingent liabilities assumed is accounted for as goodwill or bargain purchase gain (see Note 3.4). Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. In the Company’s separate financial statements, investments in subsidiaries are accounted for at cost less impairment losses. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. 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. 19 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 The Group recognises its interest in a joint venture as an investment and accounts for the investment using the equity method. The accounting policy for investment in joint venture is set out below. Investments in associates and joint ventures (equity-accounted investees) An associate is an entity over which the Group has the power to participate in the financial and operating policy decisions of the investee but does not have control or joint control of those policies. Investments in associates and joint ventures are accounted for using the equity method (equityaccounted investees) and are recognised initially at cost. The Group’s investments in equityaccounted 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 intragroup 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. 20 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Accounting for subsidiaries and joint ventures by the Company Investments in subsidiaries and joint ventures are stated in the Company’s balance sheet at cost less accumulated impairment losses. 3.2 Foreign currencies Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of Group entities at the exchange rates at the dates of the transactions. The functional currencies of the Group entities are mainly Singapore dollars and Australian dollars. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currencies at the exchange rate at the reporting date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate prevailing on the date on which the fair value was determined. Nonmonetary items in a foreign currency that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on translation are recognised in profit or loss, except for differences arising on the translation of 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 3.6), or qualifying cash flow hedges which are recognised in other comprehensive income. Foreign operations The assets and liabilities of foreign operations, excluding goodwill and fair value adjustments arising on acquisition, are translated to Singapore dollars for presentation in these financial statements at exchange rates at the reporting date. The income and expenses of foreign operations are translated to Singapore dollars at exchange rates at the dates of the transactions. 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 noncontrolling 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. 21 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from such a monetary item are considered to form part of a net investment in a foreign operation. These are recognised in other comprehensive income, and are presented in the translation reserve in equity. 3.3 Property, plant and equipment Recognition and measurement Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of 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. 22 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 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 – 40 years or the lease term, if shorter Plant and machinery - Mains (Electricity) 20 – 30 years - Mains (Gas) 20 – 50 years - Transformers and switchgear 20 – 30 years Other plant and equipment (principally gas storage plant, remote control and meters) 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. 23 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Other intangible assets Other intangible assets with finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. Expenditure on internally generated goodwill is recognised in profit or loss as an expense when incurred. Intangible assets that have indefinite lives or that are not available for use are stated at cost less accumulated impairment losses. Software is stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful life of 5 to 10 years. Deferred expenditure relates mainly to contributions paid by the Group in accordance with regulatory requirements towards capital expenditure costs incurred by electricity generation companies and onshore receiving facility operator, and is stated at cost less accumulated amortisation and accumulated impairment losses. Deferred expenditure is amortised on a straight-line basis over the period in which the Group derives benefits from the capital contribution payments, which is generally the useful life of the relevant equipment ranging from 7 to 19 years. Research costs are expensed as incurred. Capitalised development costs arising from development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete and the ability to measure reliably the expenditures during the development. Following initial recognition of the capitalised development costs as an intangible asset, it is carried at cost less accumulated amortisation and any accumulated impairment losses. Amortisation of the intangible asset begins when development is complete and the asset is available for use. Capitalised development costs have a finite useful life and are amortised over the period of 5 years on a straight line basis. Intangible assets under construction are stated at cost. No amortisation is provided until the intangible assets are ready for use. 3.5 Investment property Investment property is property held either to earn rental income or for capital appreciation or for both, but not for sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes. Investment property is measured at cost on initial recognition. Cost includes expenditure that is directly attributable to the acquisition of the investment property. The cost of self-constructed investment property includes the cost of materials and direct labour, any other costs directly attributable to bringing the investment property to a working condition for their intended use and capitalised borrowing costs. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss. When the use of a property changes such that it is reclassified as property, plant and equipment, its fair value at the date of reclassification becomes its cost for subsequent accounting. 24 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Property that is being constructed for future use as investment property is accounted for at cost less accumulated depreciation and accumulated impairment losses. Investment property under development is not depreciated. 3.6 Financial instruments Non-derivative financial assets 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 availablefor-sale financial assets. 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-tomaturity 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-for-sale. It would also prevent the Group from classifying investment securities as held-to-maturity for the current and the following two financial years. 25 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 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, bank deposits and restricted cash. Available-for-sale financial assets Available-for-sale financial assets are non-derivative financial assets that are designated as availablefor-sale 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 3.8) 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. 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. 26 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 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. 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. 27 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 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. 3.7 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. 28 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 3.8 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 held-to-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. 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-for-sale 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. 29 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Non-financial assets The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amounts are estimated. For goodwill and intangible assets that have indefinite useful lives or that are not yet available for use, recoverable amount is estimated each year at the same time. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit (“CGU”) exceeds its estimated recoverable amount. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGU. Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination. The Group’s corporate assets do not generate separate cash inflows and are utilised by more than one CGU. Corporate assets are allocated to CGUs on a reasonable and consistent basis and tested for impairment as part of the testing of the CGU to which the corporate asset is allocated. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU (group of CGUs), and then to reduce the carrying amounts of the other assets in the CGU (group of CGUs) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Such reversal of impairment is recognised in profit or loss. Goodwill that forms part of the carrying amount of an investment in an associate or a joint venture is not recognised separately, and therefore is not tested for impairment separately. Instead, the entire amount of the investment in an associate or a joint venture is tested for impairment as a single asset when there is objective evidence that the investment in an associate or a joint venture may be impaired. 30 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 3.9 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. 3.10 Accrued revenue Revenue accrual estimates are made to account for the unbilled amount at the reporting date. 3.11 Employee benefits Provision is made for the accrued liability for employee entitlements arising from services rendered by employees up to the reporting date. The provision represents the Group’s total estimated liability at the reporting date for employee entitlements. Long service leave The liability for long service leave is recognised in the provision for employee benefits and is measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date, including on-costs. Consideration is given to expected future salary levels, experience of employee departures and periods of service. Expected future payments are discounted using interest rates on government guaranteed bonds with terms to maturity and currencies that match, as closely as possible, the estimated future cash outflows. Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognised as an employee benefit expense in profit or loss in the periods during which services are rendered by employees. Short-term employee benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. 3.12 Provisions A provision is recognised if, as a result of 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. 31 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Environmental Environmental provision is made for the rehabilitation of sites based on the estimated costs of the rehabilitation. The liability includes the costs of reclamation, plant closure and dismantling, and waste site closure. The liability is determined based on the present value of the obligation. Annual adjustments to the liability are recognised in profit or loss over the estimated life of the sites. The costs are estimated based on assumptions of current legal requirements and technologies. Any changes in estimates are dealt with on a prospective basis. Onerous contracts A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recognises any impairment loss on the assets associated with that contract. 3.13 Government grant Capital grant is recognised on a straight-line basis and taken to profit or loss over the periods necessary to match the depreciation of the assets purchased with the government grants. Operating grant is taken to profit or loss on a systematic basis in the same periods in which the expenses are incurred. 3.14 Deferred construction cost compensation Deferred construction cost compensation received to defray costs relating to the construction of an asset are accounted for as a government grant. Note 3.13 sets out the government grant accounting policy. 3.15 Deferred income Deferred income comprises (i) government grants for the purchase of depreciable assets, (ii) contributions made by certain customers towards the cost of capital projects received prior to 1 July 2009, (iii) use of system charges, transportation of gas, sale of electricity and Market Support Services Licence fees and (iv) compensation received to defray operating expenses. Government grants and customer contributions Deferred income is recognised on a straight-line basis and taken to profit or loss over the periods necessary to match the depreciation of the assets purchased with the government grants and customers’ 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. 32 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 3.16 Price regulation and licence The Group’s operations in Singapore are regulated under the Electricity Licence, Gas 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. 3.17 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. 3.18 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: 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. 33 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 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 rate-regulated 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. 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. 3.19 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. 34 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 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. 3.20 Finance income and costs Finance income comprises interest income on funds invested. Interest income is recognised as it accrues, using the effective interest method. Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions, fair value gains or losses on financial assets and liabilities at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), gains or losses on hedging instruments that are recognised in profit or loss 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. 3.21 Tax expense Tax expense comprises current and deferred tax. Current and deferred taxes are reco

O OU UR R F FU UT TU UR RE E O OU UR R MII IS SS SII IO ON N SINGAPORE POWER ANNUAL REPORT 2015/16 CONTENTS 2 Corporate Profile Our Mission Our Values 3 Financial Highlights 6 Chairman’s Message 10 Board of Directors 14 Senior Management 15 Group Structure 16 Corporate Governance 19 Risk and Business Continuity Management 20 Certification and Accreditation 21 Awards 22 Remembering Lee Kuan Yew 24 Reliability Powerhouse 32 Driving Innovation 38 Striving for Service Excellence 42 An Energised Workplace 48 Promoting a Culture of Safety 54 Powering a Better World 63 Financial Summary CORPORATE PROFILE OUR MISSION Singapore Power (SP) Limited is a leading energy utility company in Asia Pacific. One of Singapore’s largest corporations, SP recorded revenues of We provide reliable and efficient energy utility services to enhance the economy and the quality of life. S$4.0 billion and assets of S$16.7 billion in FY 15/16. SP owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia. It also owns and operates the world’s largest underground district cooling network in Singapore, and is setting up district cooling operations in China. More than 1.4 million industrial, commercial and residential customers in Singapore benefit from SP’s world-class transmission, distribution and market support services. The SP networks in Singapore are amongst the most reliable and cost-effective worldwide. In Australia, SP’s 40 per cent-owned SGSPAA, a diversified energy utility company, and 31.1 per cent-owned AusNet Services, which is publicly listed on the Australian and Singapore Stock Exchanges, collectively serve 3.9 million customers. OUR VALUES COMMITMENT • We commit to creating value for our customers, our people, and our shareholders. • We uphold the highest standards of service and performance. INTEGRITY • We act with honesty. • We practise the highest ethical standards. PASSION • We take pride and ownership in what we do. TEAMWORK • We support, respect and trust each other. • We continually learn, and share ideas and knowledge. 2 FINANCIAL HIGHLIGHTS REVENUE FROM CONTINUING OPERATIONS (S$million) 4,793 4,840 3,964 TOTAL ASSETS (S$million) 16,980* 15,635 16,716 FY2013/14 FY2014/15 FY2015/16 FY2013/14 FY2014/15 FY2015/16 NET PROFIT AFTER TAX (S$million) 922* 991 924 SHAREHOLDERS’ EQUITY (S$million) 9,221* 8,528 9,088 FY2013/14 FY2014/15 FY2015/16 FY2013/14 FY2014/15 FY2015/16 ECONOMIC VALUE ADDED (EVA) (S$million) 235 284 300 RETURN ON EQUITY (%) 10.4* 11.2 10.5 FY2013/14 FY2014/15 FY2015/16 FY2013/14 FY2014/15 FY2015/16 * Restated 3 BOOSTING PRODUCTIVITY AT WORK • Embarked on more than 100 improvement initiatives in 2015, with projected savings of S$16 million when implemented • Leaner work processes from the use of new technology tools and applications has reduced manpower and manhours required. One example is the Automated Coiling Machine which sees fewer people needed (from 7 men to 4 men) and less time used (from 60 minutes to about 30 minutes) to re-coil cables • Pilot project to put Lean tools into practice at Pasir Panjang District Office Inventory Management store led to 5 per cent reduction in man-hours, and S$1.3 million in outright savings S$16 million in projected savings with the implementation of more than 100 improvement initiatives From Left Michael Tan Mien Duan Deputy Director, Productivity (Maximus) Herman Bin Harun Storekeeper, Procurement Gurcharan Singh Manager, Procurement Tommy Lim Soon Kong Deputy Director, Procurement Law Chin Ho Head, Procurement CHAIRMAN’S MESSAGE ”The year turned out to be a very memorable one not only for us at SP but also for Singapore as we journeyed through unprecedented developments, surmounted difficult challenges and recorded notable achievements while continuing to forge ties that further advanced our mission to improve quality of life.” n behalf of the Board of O Directors of Singapore Power (SP), it gives me great pleasure to present the SP Annual Report 2015/2016. The year turned out to be a very memorable one not only for us at SP but also for Singapore as we journeyed through unprecedented developments, surmounted difficult challenges and recorded notable achievements while continuing to forge ties that further advanced our mission to improve quality of life. 2015 was a double joy for us as we celebrated our 20th Anniversary while Singapore celebrated her 50th birthday. We proudly participated in all major National Day events including the historic National Day Parade and made sure all related events were backed by 24/7 power reliability. Our SG50 Gift of Power to Singapore provides the public with power on the go, with free charging of mobile devices at 200 locations island-wide. We continue to give back to the community through our 20 Good Deeds of community service and volunteer outreach programmes to commemorate our 20th anniversary, which was very well received and exceeded expectations. The SP family stood with the nation at the passing of Singapore’s founding Prime Minister Lee Kuan Yew, joining millions in the tremendous outpouring of tributes to a luminary who has and will continue to inspire generations. To commemorate the first year anniversary of his passing, we collaborated with Mapletree Investments to publish and distribute a workbook, “Follow That Rainbow, Go Ride It” for secondary school students so that they may build on Mr Lee’s legacy to create an even brighter future for themselves, their families and the country. At SP, we are focused on meeting the needs of future generations of customers in a rapidly changing environment, through innovation and collaborations within the power industry and across sectors. Our unwavering commitment is to uphold the standing of Singapore’s power network as one of the top utility networks in the world, and to create sustainable solutions to improve quality of life. FINANCIAL PERFORMANCE For the financial year 2015/2016, the Group’s net profit was S$924 million. Strong operating performance from our transmission and distribution businesses contributed to this result. There was also higher profit contribution from our investment in Australia, mainly AusNet Services, largely due to one-off tax consolidation benefit arising from a corporate restructuring. Despite a volatile market backdrop, we successfully raised a benchmark 10-year US$700 million S144A bond in November 2015 to refinance maturing debt and fund future capital expenditure. This issuance, our first S144A bond since 2003, was well received 6 by a diverse range of high quality investors, including a strong participation from US institutional investors, resulting in a strong order book of US$1.4 billion. The strong endorsement by investors reflected their confidence in our high credit quality. POWERING SUSTAINABILITY Singapore’s electricity and gas networks have remained among the world’s highest-rated in reliability and efficiency. Last year, the average electricity customer experienced 0.56 minute of electricity interruption. We achieved zero transmission minutes loss, which means there was no supply interruption at the electricity transmission network level. The average gas customer experienced 0.16 minute of gas interruption. We continued to expand our gas transmission network by adding pipelines to ensure that gas is delivered to our customers safely and reliably. District cooling is another important area where we are leading the charge in sustainable development, as buildings are among the biggest energy consumers in Singapore. Singapore District Cooling (SDC), a wholly owned subsidiary of SP, owns and operates the world’s largest underground district cooling network. In March 2016, the entire Marina Bay district cooling network was commissioned with the completion of the third phase of capacity expansion. Its two main plants and one satellite plant supply chilled water for air conditioning in the Marina Bay financial district, including Marina Bay Sands Integrated Resort, Marina Bay Financial Centre and Gardens by the Bay. Customers have reported energy savings of up to 40 per cent. We look forward to welcoming new customers in the district, and we are currently working with the Urban Redevelopment Authority and Building and Construction Authority to expand the use of district cooling in Singapore. In China, we are building a district cooling system for CapitaLand’s Raffles City development in Chongqing. In our effort to maximise land utilisation to meet Singapore’s growing urban environment, our first 66kV underground transmission substation at Changi Business Park was commissioned on 31 December 2015. We will continue to explore more underground power installations for the future. Our cross island Transmission Cable Tunnel Project is 85 per cent complete and Jurong Island- Pioneer Cable Tunnel project is 40 per cent complete. The tunnels are a cost-effective long-term solution for the provision of reliable, quality electricity supply to the future. Our engineering capabilities and commitment to sustainable development in Singapore received a major endorsement when the public voted three of our projects as Singapore’s top 50 engineering feats. All three SP entries to the Institution of Engineers Singapore’s competition made the list – underground district cooling system, underground cable tunnels and world-class electricity grid. AT YOUR E-SERVICE We continue to uphold our “One Call, One Click, One Stop, in One Day” promise to all customers. Besides providing convenience to our customers, we empowered them in our broader drive for sustainability and in using energy efficiently, while helping them bring down the cost of their utilities. Following a successful pilot programme last year in which 27,000 households had access to e-services that allowed them to keep closer tabs on their energy and water consumption, we have rolled out the service to all our customers. With the service, our customers will be able to view their consumption patterns, set their own consumption targets, and reduce their energy consumption. Since May 2016, our SP Services mobile application, website and e-bill summary have included user-friendly features that allow consumers to audit their own energy consumption and even compare it against their neighbours’. It also provides tips for efficient energy and water use. These new features have been incorporated into our newlydesigned SP Services bill which is simpler and clearer, with information at a glance, easy ways to track consumption, and ways to bring down both consumption and cost. 7 CHAIRMAN’S MESSAGE In supporting the move towards full retail competition and enabling customers a greater choice of power retailers, SP has rolled out approximately 84,000 Advanced Metering Infrastructure meters which measures contestable customers’ usage at half-hour intervals, to help consumers decide on the best service provider for them. So far, we have achieved a read rate of about 99.7 per cent. PEOPLE POWER Over the course of the year, we continue to build on investments we have made in growing the talent pipeline. We have since 2012 awarded more than 100 scholarships to students with a passion for engineering in the energy sector as we seek to broaden our talent pool. Our Engineering Development for Graduates (EDGE) programme, which was started in 2013, has provided 121 fresh graduates with structured training and job rotation to critical operations to gain broad-based exposure and diverse technical expertise. We remain committed to staff upgrading, handing out 419 sponsorships for SP staff to pursue part-time education since 2002, including four who are pursuing their Master’s degree overseas. Towards strengthening our engineering bench, we now have 100 certified Professional Engineers, who make up 18.5 per cent of our total engineering pool, above the national average of 1.7 per cent. We will continue to sponsor the certification journey for more of our engineers. SP has made strides in creating a culture of innovation among our employees. On the digital frontier, we have made technology tools available to all staff, automating processes and approvals, and streamlining workflows. This is part of a continuing effort to create an agile, collaborative and mobile workforce. We embarked on new projects such as an enhanced electronic vendor procurement management system, a condition monitoring app to ensure power supply reliability and a cable and gas pipeline patrolling app. These initiatives helped to boost productivity and improve the quality of life at work. We also set out to devise leaner work processes and undertook more than 100 improvement initiatives in 2015, with projected savings of S$16 million when implemented. These were ground-up initiatives by staff which contributed towards more productive ways of working. We are boosting our capabilities from within, through initiatives that allow our employees to take charge of their own development. With the launch of the iTalent human resource tool in January 2016 and its inclusion on their mobile tablets, employees have easy access to learning and development resources, channels for engagement and feedback, and their performance appraisals. This promotes “development on the go”, allows employees to stay engaged, and will have a positive impact on productivity. ACCELERATING GROWTH We are seeing rapid changes in the power industry. On the horizon, we foresee that sustainability, energy technology and urbanisation are key global trends that will shape the future of our business. We have developed strategies to leverage on solutions and innovations that can help us to better serve customers’ needs and lifestyles. Supported by Singapore’s Economic Development Board, SP launched the S$30 million SP Centre of Excellence in April 2015 to drive the innovation and commercialisation of nextgeneration network technologies. During the Singapore International Energy Week in October 2015, the SP Centre of Excellence entered into a Memorandum of Understanding with the Omnetric Group, 3M Singapore and the Economic Development Board under the Singapore Power Energy Advanced Research and Development programme to build and pilot next-generation technologies to enhance Singapore’s power value chain. Other initiatives that we are working on include converting our fleet of vehicles to electric vehicles and developing solar and storage solutions at our facilities. We are also going underground – building underground substations and housing our network cables deep beneath in the cable tunnels – to optimise space in our landscarce city. SAFETY AS A PRIORITY Safety affects the well-being of our workers as well as the public, the 8 working environment and project costs, and remains an important focus for us. Our Gas Safety Awareness campaign, launched in August 2015, aims to raise public awareness on the risks and ways to prevent accidents arising from gas fires. The campaign leverages touch points such as the Ministry of Manpower Foreign Domestic Worker training sessions, community events, grassroots platforms and schools. We have participated in 13 community road shows to date. The campaign videos have garnered more than 1.19 million views on YouTube as of March 2016. We are happy to have seen our efforts in this area show tangible results. Of particular note is our Lost Time Injury Frequency Rate (LTIFR), which dropped to 0.77 per million man-hours in FY15/16, a significant improvement on 1.10 the year before. This improvement reflects the commitment to safety that we have in place and the constant improvements we have made in our safety transformation journey. It has also brought us closer to our “world-class” target LTIFR of 0.57 per million man-hours several years ahead of schedule. Our contractors play a critical role in creating a safety culture for all. In the past year, we established targeted programmes and processes to help our contractors uphold safe work practices. The Hand Safety Campaign exemplifies our efforts to engage contractors to improve safety processes. The campaign was launched in September 2015 to promote safe practices of hand-related operations and prevent hand and finger injury among workers. Activities carried out include conducting in-house training on hand safety to increase awareness. SP PowerGrid’s Cable Tunnel team’s Gold Award for Health and Safety 2016 from the Royal Society for Prevention of Accidents (RoSPA) affirmed our steady efforts. The award is an endorsement of the Cable Tunnel team’s strategic initiatives, the support of management and our collective passion for raising safety standards in the tunneling industry. Our shared commitment to safety, and ensuring we are all aligned in terms of safety requirements and expectations, means our workers are safe, our projects are well managed, and our risks are contained. THE POWER OF GOOD SP celebrated SG50 by presenting Singapore with a Gift of Power in July 2015, providing free charging of mobile devices at 200 locations island-wide. Just as SP serves the nation by striving to keep the lights on 24/7, the Gift of Power affirms SP’s commitment to always be there for Singapore, by helping Singaporeans to stay connected. This was one of two major projects SP undertook to celebrate Singapore’s 50th birthday. The other was the Love from the Stars charity gala dinner and concert in May 2015 featuring international artistes like Jackie Chan. The event raised close to S$6.4 million for 6 charities, which provided assistance to about 160,000 beneficiaries. These two projects were part of 20 Good Deeds, a volunteerled initiative to give back to the community through 20 acts of community service for SP’s 20th anniversary in 2015. These activities included programmes to encourage energy-efficiency, outings with underprivileged children and visits to homes and activity centres for the elderly. The activities were driven by our staff volunteers – SP Heart Workers – and every business unit spearheaded at least one good deed. Collectively, we far exceeded our target, rounding off the year with a grand total of 30 good deeds and putting in almost 9,000 volunteer hours across the events. IN APPRECIATION On behalf of the Board of Directors, I would like to thank the management and staff union, as well as regulators, government agencies and shareholder, for their valuable advice and support in the last financial year. To the members of the Board, thank you for your guidance and counsel. To my colleagues at Singapore Power, thank you for your tireless efforts and I look forward to powering tomorrow’s possibilities with you. MOHD HASSAN MARICAN Chairman July 2016 9 BOARD OF DIRECTORS TAN SRI MOHD HASSAN MARICAN HO TIAN YEE TAN CHEE MENG Tan Sri Mohd Hassan Marican is the Chairman of Singapore Power Ltd. He joined the Board on 15 February 2011 and was appointed Chairman on 30 June 2012. Tan Sri Hassan is also the Chairman of Pavilion Energy Pte Ltd, Pavilion Gas Pte Ltd, Sembcorp Marine Ltd, Lan Ting Holdings Pte Ltd; and a Director of Sembcorp Industries Ltd, Regional Economic Development Authority of Sarawak, Sarawak Energy Berhad, Lambert Energy Advisory Ltd and mh Marican Advisory Sdn Bhd. He is also a Senior International Advisor of Temasek International Advisors, a subsidiary of Temasek Holdings. Tan Sri Hassan was the President & CEO of Malaysia’s Petroliam Nasional (PETRONAS) from 1995 until his retirement in February 2010, with over 30 years of experience in the energy sector, finance and management. Mr Ho Tian Yee joined the Board in May 2003. He is also a Director of AusNet Services Ltd, Managing Director of Pacific Asset Management (S) Pte Ltd, and an Investment Advisor at Blue Edge Advisors Pte Ltd. He serves on the Board of Mount Alvernia Hospital, and is the Chairman of Fullerton Fund Management Co Ltd. Mr Ho is also a director of two public-listed companies in the DBS Group, DBS Group Holdings Ltd and DBS Bank Ltd. He has over 30 years of experience in managing financial products and organisational management, and has served on the Boards of several companies. Mr Tan Chee Meng joined the Board in August 2005. Mr Tan was appointed as a Director of AusNet Services Ltd on 11 May 2016. A Senior Counsel, Mr Tan is Deputy Chairman of WongPartnership LLP. Mr Tan sits on the boards of Urban Redevelopment Authority, Jurong Town Corporation, St Gabriel’s Foundation, All Saints Home, WOPA Services Pte Ltd, TJ Holdings (III) Pte Ltd and the Arts House Ltd. He is also the Chairman of the School Management Committee of Assumption English School. 10 CHOI SHING KWOK OON KUM LOON Mr Choi Shing Kwok joined the Board in August 2006. He is the Permanent Secretary of the Ministry of the Environment and Water Resources. Mr Choi was formerly the Chairman of PowerGas Ltd and a Director of SP PowerAssets Ltd. He has also served on the boards of many other companies and statutory boards in the past. Formerly the Permanent Secretary of the Ministry of Transport, Mr Choi has had a long career in government and was awarded the Meritorious Service Medal in 2000 and the Long Service Award in 2004 by the Government of Singapore. He has also received state awards from foreign governments. Mrs Oon Kum Loon joined the Board in April 2010. She is also a Director on the boards of Keppel Land Ltd and Jurong Port Pte Ltd. Mrs Oon has about 30 years of extensive experience with DBS Bank Ltd, and held positions including Chief Financial Officer, Managing Director and Head of Group Risk Management. During her career with the bank, she was responsible for treasury and markets operations, corporate finance, and credit management and for the development and implementation of a group-wide integrated risk management framework. 11 BOARD OF DIRECTORS TAN PUAY CHIANG ONG YEW HUAT TIMOTHY CHIA CHEE MING Mr Tan Puay Chiang joined the Board in April 2012. Mr Ong Yew Huat joined the Board in February 2013. Mr Timothy Chia joined the Board in June 2014. Mr Tan is the Chairman of SP Services Ltd and is also a Director on the boards of Neptune Orient Lines Ltd and Keppel Corporation Ltd. Mr Tan was the Chairman of ExxonMobil (China) Investments Co from 2001 to 2007. During his 37-year career with Mobil and later ExxonMobil, he held extensive executive management roles in Australia, Singapore and the United States. Mr Tan had been a member of various business and industry boards including the Australian Institute of Petroleum, the Washington, D.C.-based National Policy Association, and the American Chamber of Commerce in Hong Kong. He is the Chairman of United Overseas Bank (Malaysia) Bhd, the National Heritage Board, Singapore Tyler Print Institute and the Tax Academy of Singapore. He also serves on the boards of United Overseas Bank Limited, Singapore Mediation Center and Ascendas- Singbridge Pte Ltd. Mr Ong, a former board member of the Singapore Accounting and Corporate Regulatory Authority, and the Public Accountants Oversight Committee, retired as the Executive Chairman of Ernst & Young Singapore after serving 33 years with the firm. Mr Chia is Chairman of Gracefield Holdings Limited and Hup Soon Global Corporation Private Limited. He is a member of the Board of Trustees of Singapore Management University, Advisory Council Member of the ASEAN Business Club (“ABC”) and the co-chair of ABC Singapore. Mr Chia also serves on the boards of several private and public-listed companies in Singapore as well as in the region. Mr Chia was instrumental in the founding of Hup Soon Global. Prior to Hup Soon Group. Mr Chia was a director of PAMA Group Inc from 1986 to 2004 where he was responsible for private equity investments and from 1995 to 2004, he was President of PAMA. Mr Chia also previously served as Vice President of the Investment Department of American International Assurance Company Ltd, President of Unithai Oxide Company Ltd and Chairman – Asia for UBS Investment Bank. 12 NG KWAN MENG WONG KIM YIN Mr Ng Kwan Meng joined the Board in June 2014. He is the Chairman of Aestiwood Pte. Ltd. and a Director of Tasek Jurong Limited. Mr Ng retired in August 2013 as Managing Director and Head, Group Global Markets at United Overseas Bank after serving 30 years with the bank. He was also an Executive Director and Chief Executive Officer of UOB Bullion and Futures Ltd, and a Director of Tuas Power Ltd. Mr Ng was involved in the promotion of the forex and debt capital markets in Singapore. He was a member of the Singapore Foreign Exchange Market Committee, the working group on Financial Industry Competency Standards and National Integration Working Group for the Community. Mr Wong Kim Yin is the Group Chief Executive Officer of Singapore Power Ltd. He is also the Chairman of SP PowerAssets Ltd, PowerGas Ltd, SP Telecommunications Pte Ltd, Singapore District Cooling Pte Ltd, SPI Management Services Pty Ltd and Enterprise Business Services (Australia) Pty Ltd as well as a Director of SP Services Ltd. Mr Wong is also a Director of SeaTown Holdings Pte Ltd, a member of the Board of Governors, Singapore Polytechnic and the Council for Private Education. Mr Wong was formerly Senior Managing Director, Investments at Temasek International (Pte) Ltd, where he had been responsible for investments in various sectors, including the energy, transportation and industrial clusters. Prior to Temasek, he was with the AES Corporation, a global power company listed on the New York Stock Exchange. 13 SENIOR MANAGEMENT IN ALPHABETICAL ORDER AMELIA CHAMPION Head Corporate Affairs JIMMY KHOO Managing Director Singapore District Cooling SIM KWONG MIAN Executive Vice President Chairman, SP Engineering Board JEANNE CHENG Chief Risk Officer PETER LEONG Managing Director SP PowerGrid TAN WEI KEONG Head Internal Audit LENA CHIA Chief Legal Officer & General Counsel LIM CHOR HOON Chief Talent Officer Human Resource SAMUEL TAN Chief Information Officer MICHAEL CHIN Managing Director Special Projects SP PowerGrid CHUAH KEE HENG Managing Director SP Services STANLEY HUANG Chief Financial Officer LIM HOWE RUN Head Regulatory Management and Strategic Investments CHRIS LIM Managing Director SP Training and Consultancy Company POH MUI HOON Chief Executive Officer SP Telecommunications SAMUEL TSO Head Group Safety and Health WONG CHIT SIENG Chief Corporate Officer WONG KIM YIN Group Chief Executive Officer 14 GROUP STRUCTURE SP PowerAssets SINGAPORE OPERATIONS Singapore District Cooling AUSTRALIA INVESTMENTS SGSP (Australia) Assets (40%) SP Cross Island Tunnel Trust PowerGas SP Training and Consultancy Company SP Telecommunications AusNet Services (31.1%) SP PowerGrid Power Automation (51%) SP Services We own and operate Singapore’s electricity and gas transmission and distribution networks. We also provide meter reading, billing and customer service support for the utilities market. SP PowerAssets owns the electricity transmission and distribution assets, while PowerGas owns the gas transmission and distribution assets. SP Cross Island Tunnel Trust is a business trust with a portfolio comprising the North-South and East-West transmission cable tunnel assets. SP PowerGrid manages the electricity and gas transmission and distribution networks owned by SP PowerAssets and PowerGas. SP Services provides market support services to customers for electricity, gas, water and refuse removal, and facilitates electricity retail market competition. Singapore District Cooling provides chilled water services for airconditioning in buildings. SP Training and Consultancy Company provides consultancy and training, leveraging SP’s expertise in developing and operating energy utility infrastructure and businesses. SP Telecommunications provides telecommunication infrastructure services. Power Automation is a joint-venture systems integration company providing power system control, smart grid/metering, protection system and substation automation solutions. SGSP (Australia) Assets (SGSPAA) and AusNet Services form the two main arms of our business in Australia. Together, their presence spans eastern Australia, and includes electricity and gas transmission and distribution ownership and operation, as well as related services. SGSPAA comprises Jemena, which owns and operates gas transmission pipelines, and gas and electricity distribution networks in New South Wales, Queensland, Victoria and the Australian Capital Territory, and Zinfra Group, which provides engineering, operations, maintenance and construction services to Jemena and external clients. AusNet Services owns and operates Victoria’s electricity transmission network, an electricity distribution network in eastern Victoria, and a gas distribution network in western Victoria. 15 CORPORATE GOVERNANCE ETHICS & ACCOUNTABILITY The Group endeavours to enhance shareholder value by ensuring the highest standards of corporate governance, transparency, accountability and integrity. The Group adheres closely to the principles and guidelines set out in the Singapore Code of Corporate Governance 2012 (the Code) for listed companies. The Company has adopted the Code as its guide for best practice standards and put in place an internal framework to ensure good corporate governance in its business practices and activities. The Whistleblower Policy, implemented since 2005, seeks to strengthen ethical business conduct in the Group. SETTING DIRECTION The Board provides broad strategic directions for the Group and undertakes key investment and funding decisions. In addition, the Board ensures that Management maintains a robust system of internal controls to protect the Group’s assets and reviews the Group’s financial performance. The Board typically meets at least four times a year. Special Board meetings may be convened as and when necessary to consider urgent corporate actions or specific issues of importance. During the financial year, two Board Strategic Reviews were also held. Directors with potential conflict in specific subject matters are recused from the relevant information flow, deliberation and decisions of such matters. ACCESS TO INFORMATION The Board is provided with relevant information prior to Board meetings and on an ongoing basis so as to enable them to make informed decisions to discharge their duties and responsibilities. Board papers include management financial reports, annual budgets and performance against budget, updates on key outstanding issues and updates on new legislative developments. The Board has separate and independent access to Senior Management. Should the Directors, whether as a group or individually, require independent professional advice to carry out their duties, the Company will arrange to appoint, at the Company’s expense, professional advisors to render due advice. Newly-appointed Directors attend an orientation programme to familiarise themselves with the Group’s business and governance practices. Directors are encouraged to attend appropriate courses, conferences and seminars so as to be better equipped to effectively discharge their duties as Directors. BOARD COMPOSITION There is a strong element of independence in the Board composition. Other than Mr Wong Kim Yin, who is the Group CEO, all the directors are independent. The Nominating Committee reviews the independence of each Director annually and provides its views to the Board for the Board’s consideration in accordance with the Code. It also evaluates the Board’s performance on an annual basis. The current Board size of 10 is appropriate for effective decision-making, taking into account the scope and nature of the Group’s operations. Collectively, the Directors have a wealth of expertise and experience in the management of business at senior and international levels. BOARD COMMITTEES The SP Board is supported by board committees to facilitate effective supervision of the Management. These are the Board Executive Committee, the Audit Committee, the Board Risk Management Committee, the Nominating Committee and the Staff Development and Compensation Committee. 16 As and when required for specific projects, special board steering committees and due diligence committees are formed to provide support and guidance to Management. BOARD EXECUTIVE COMMITTEE The Board Executive Committee (ExCo) comprises five Directors, four of whom are independent. The ExCo assists the Board in overseeing the performance of the Company, its subsidiaries and its associated companies. It also reviews, endorses, approves or recommends to the Board for approval, acquisitions, financing plans, and the annual operating and capital expenditure budgets of the Group. The ExCo typically meets at least four times a year. AUDIT COMMITTEE Currently, the Audit Committee (AC) comprises five independent Directors. Members of the AC have recent and relevant accounting or related financial management expertise and experience to discharge their responsibilities. The main function of the AC is to assist the Board in discharging its statutory and oversight responsibilities relating to the financial reporting and audit processes, the systems of internal controls and the process of monitoring compliance within applicable laws, regulations and codes of conduct. Responsibilities of the AC include: • Review and approval of the audit plans of external and internal auditors; • Review of the adequacy of the internal audit function; • Review of the financial statements of the Group and the Company; • Review of the independence and objectivity of the external auditors; and • Nomination of external auditors for reappointment. BOARD RISK MANAGEMENT COMMITTEE The Board Risk Management Committee (BRMC) comprises five members, four of whom are independent. The BRMC assists the Board in fulfilling its oversight responsibilities by reviewing: • the type and level of business risks that the Company, its subsidiaries and associated companies undertake on an integrated basis to achieve their business strategy; and • the policies, procedures and methodologies for identifying, assessing, quantifying (where appropriate), monitoring and mitigating risks. The BRMC is supported by the Group Risk Management Office in its risk governance responsibilities. While the BRMC oversees the SP Group’s risk management framework and policies, the risk ownership remains with the business groups. The BRMC typically meets at least three times a year. NOMINATING COMMITTEE The Nominating Committee (NC) comprises four Directors, all of whom are independent. The NC is responsible for formulating policies and guidelines on matters relating to Board appointments, reappointments, retirement and rotation of Directors. The NC, in consultation with the Chairman of the Board, considers and makes recommendations to the Board on the appropriate size and needs of the Board. New Directors are appointed by the Board after the NC has endorsed their appointment. New Directors must submit themselves for re-election at the next Annual General Meeting (AGM) of the Company pursuant to the Constitution of the Company. The Constitution of the Company also require not less than one-third of the Directors to retire by rotation at every AGM. The NC typically meets at least twice a year. The AC typically meets at least three times a year. 17 CORPORATE GOVERNANCE STAFF DEVELOPMENT AND COMPENSATION COMMITTEE The Staff Development and Compensation Committee (SDCC) comprises four Directors, all of whom are independent Directors. The SDCC oversees the remuneration of the Group Chief Executive Officer and senior executives. The SDCC establishes and maintains an appropriate and competitive level of remuneration to attract, retain and motivate senior executives to manage the Group successfully. No Director is involved, or has participated, in any proceedings with respect to his or her own remuneration. The SDCC typically meets at least twice a year. COMPOSITION OF BOARD AND BOARD COMMITTEES Board Members Audit Committee Board Executive Committee Board Risk Management Committee Nominating Committee Staff Development & Compensation Committee Tan Sri Mohd Hassan Marican, Chairman - Chairman - Member Chairman Mr Ho Tian Yee - Member Chairman - - Mr Tan Chee Meng Member Member - Chairman - Mr Choi Shing Kwok Member - - Member - Mrs Oon Kum Loon Member - Member - Member Mr Tan Puay Chiang - Member Member - - Mr Ong Yew Huat Chairman - - Member - Mr Timothy Chia Chee Ming - - Member - Member Mr Ng Kwan Meng Member - - - Member Mr Wong Kim Yin* - Member Ex-officio - - * Non-independent 18 RISK AND BUSINESS CONTINUITY MANAGEMENT SP is committed to ensuring that a strong and robust risk management system is in place for effective corporate governance, sound decision-making and efficient operational management. In addition to the generic framework of risk identification, assessment and treatment, SP proactively considers emerging risks in order to ensure business resilience. All this has translated into sustainable business performance that enables reliable and efficient utilities supply all year round. The SP Group’s guiding principle is that every employee is a risk manager in his respective area of work. Key risk issues and mitigation plans are proactively highlighted to the Risk Management Committees of the respective subsidiaries, as well as to the Board Risk Management Committee (BRMC). Key risk issues are monitored and necessary actions are taken, including remediation and business continuity planning. We continue to promote a culture of risk awareness amongst staff through initiatives such as induction courses and workshops, publishing relevant articles in company periodicals, and regular interaction between risk management teams and risk owners. KEY INITIATIVES OF RISK AND BUSINESS CONTINUITY MANAGEMENT (BCM) IN FY15/16 • Conducted risk assessment workshops with SP principal operating subsidiaries • Conducted a review of SP’s Enterprise Risk Management framework • Enhanced existing risk management processes • Maintained risk governance oversight of major projects including Full Retail Competition • Distributed N95 respirators and digital thermometers to staff, and installed air purifiers as part of the haze response plan • Successfully conducted business continuity exercises, including mobile power sub-station deployment and contact tracing, to ensure emergency preparedness and operational resilience in the event of any major incident or business disruption from local power outages to outbreaks of pandemics. • Conducted monthly BCM briefings for 460 new staff 19 CERTIFICATION AND ACCREDITATION BCA-IDA Green Mark SS564 (Energy & Environment Management System) Singapore Power Group by Building Construction Authority, 2015 ISO50001 (Energy Management) Singapore Power Group by Building Construction Authority, 2015 Singapore Innovation Class Certification, Singapore Quality Class Certification (STAR) Singapore Service Class Certification SP Services by SPRING Singapore, 2010 to 2018 People Developer Standard Singapore Power, 2000 to 2017 SP PowerGrid, 2005 to 2017 SP Services, 2005 to 2018 by SPRING Singapore ISO/IEC 17025:2005 in Electrical Testing for Electricity Meters SP PowerGrid by the Singapore Accreditation Council – Singapore Laboratory Accreditation Scheme, 2000 to present ISO/IEC 17025:2005 in Electrical Testing for Current Transformers SP PowerGrid by the Singapore Accreditation Council – Singapore Laboratory Accreditation Scheme, 2000 to present ISO 9001:2008 Certification For Quality Management System SP PowerGrid (Distribution Control & Customer Services Section) by Certification International, FY06/07 to present SP PowerGrid (Network Development) (Electricity) by Certification International, FY02/03 to present SP PowerGrid (Network Management) (Electricity) by Certification International, FY02/03 to present SP PowerGrid (Gas Operations) by SGS International Certification Services Singapore Pte Ltd, FY00/01 to present SP Services by BSI Management Systems, FY04/05 to present ISO/IEC 17025:2005 in Calibration and Measurement for Gas Flow Meters SP PowerGrid by the Singapore Accreditation Council – Singapore Laboratory Accreditation Scheme, 2005 to present ISO/IEC 27001:2013 in Operations and Maintenance of Downstream Gas Transmission and Distribution SP PowerGrid (Gas Operations) by TÜV SÜD PSB Pte Ltd, 2014 to 2017 ISO/IEC 27001:2013 SP PowerGrid (SCADA Section) by DNV GL Business Assurance, 2016 to 2019 BS OHSAS18001:2007 Certification for Occupational Health & Safety Management System SP Services by Bureau Veritas, 2014 to 2017 Singapore District Cooling by TÜV SÜD PSB Pte Ltd, 2014 to 2017 SS506 Part 1:2009 BS OHSAS 18001:2007 Certification for Occupational Health and Safety Management System SP PowerGrid by Certification International, 2014 to 2017 SS 506 Part 3:2013 Certification for Occupational Safety & Health Management System SP PowerGrid (Gas Operations) by Certification International, 2015 to 2018 20 AWARDS Top 50 Engineering Feats District Cooling System for Marina Bay Singapore District Cooling Cross-Island and Jurong Island - Pioneer Cable Tunnels SP PowerGrid (Special Projects – Cable Tunnels Section) World Class Electricity Grid Reliability Singapore Power Group by Institute of Engineering Singapore (IES), 2016 District Cooling Utility of the Year Award (2015) Singapore District Cooling by Fleming Gulf, 4th Asia Pacific District Cooling Conference, 2015 MND Minister’s Award (Team) Singapore District Cooling by Ministry of National Development (MND), 2016 Asian Utility Week Awards: Best Customer Engagement Project Award for SP Services App SP Services, 2016 Gold Award – Community Service SP Services by Mob-Ex Awards, 2016 Gold Award – Health & Safety SP PowerGrid (Special Projects – Cable Tunnels Section) by Royal Society for Prevention of Accidents, 2016 Minister’s Honour Roll (Star) Singapore Power Group by the Ministry of Home Affairs, 2013 to 2018 Advocate of NS (Organisations) Singapore Power Group by the Ministry of Defence, 2015 to 2018 Singapore H.E.A.L.T.H. Platinum Award Singapore Power Group by the Health Promotion Board, 2004 to 2018 Most Innovative Project in The Energy Sector for Knowledge Management (KM) System Singapore Power by OpenText Elite Awards, 2015 International APEX award Award of Excellence for Design and Illustration – Print Ads and Advertorials The Electricity Times Singapore Power by Communications Concept, 2016 International APEX award for Gas Safety Awareness campaign: Award of Excellence for Campaigns, Programs and Plans – Public Service Gas Safety Awareness Campaign Singapore Power by Communications Concept, 2016 Asia-Pacific Stevie Awards: Bronze Award for Innovation in Community Relations or Public Service Communications Gift of Power campaign Singapore Power 2016 International APEX award Grand Award for Design and Illustration – Design and Layout 20 Power Facts for spectrum Magazine (Feb/Mar 2015) Singapore Power by Communications Concept, 2016 21 REMEMBERING LEE KUAN YEW Right Chairman Tan Sri Mohd Hassan Marican delivered a message and led staff in a minute of silence on 23 March 2015. Above Staff penned tributes in the Condolence Book before the SP delegation went to Parliament House to pay their last respects. ingapore’s founding Prime Minister S Lee Kuan Yew was a trailblazer in every way. Under his visionary leadership, Singapore was transformed from a third to a first world country in a single generation. When he passed away on 23 March 2015, Singapore Power stood alongside the nation to pay tribute to him and honour his legacy. Condolences penned by staff across the SP Group were compiled into a book that was delivered to the Prime Minister’s Office. A delegation of SP staff also paid their last respects to Mr Lee at Parliament House. SP’s senior management joined representatives from other Temasek portfolio companies to distribute umbrellas to members of the public waiting in line to enter Parliament House. Our electricity and gas operations officers were also on standby during both the week-long lying-in-state at Parliament House and the state funeral on 29 March 2015 to ensure that proceedings went smoothly. 22 Top Left Mrs Josephine Teo, with UPAGE General Secretary Abdul Samad bin Abdul Wahab (in blue SP polo), listens to Bendemeer Secondary School students share their aspirations. Top Right UPAGE leaders and SP senior management prepare the books for distribution. Left Mrs Josephine Teo unveils the cover of the book, ‘LKY: Follow that Rainbow, Go Ride It’. LKY’S LIFE LESSONS FOR STUDENTS SP commemorated the first anniversary of the passing of Singapore’s first Prime Minister Lee Kuan Yew by partnering with Mapletree Investments to give all secondary school students a copy of “LKY: Follow that Rainbow, Go Ride It”, published by Straits Times Press. Mrs Josephine Teo, Senior Minister of State, Prime Minister’s Office, Ministry of Foreign Affairs and Ministry of Transport, launched the book with SP and Mapletree on 23 March 2016 at Bendemeer Secondary School. Union of Power & Gas Employees (UPAGE) and Building Construction and Timber Industries Employees’ Union (BATU) leaders attended the launch. Targeted at teenagers between 13 and 17-years old, it chronicles the life of Mr Lee, and is structured around the four key guiding values – idealism, courage, resilience and tenacity – that helped him and Singapore’s other Founding Fathers overcome seemingly insurmountable challenges. It also captures how Mr Lee led his life through extracts from newspaper articles and interviews, quotes and historical photographs. We hope that new generations of Singaporeans will be inspired by Mr Lee’s character, values and vision, and contribute to making Singapore shine even more brightly. 23 RELIABILITY POWERHOUSE • Commissioned the world’s largest underground district cooling network in Marina Bay in March 2016. Singapore District Cooling helps customers achieve up to 40 per cent in energy savings • Remained among the world’s highest-rated utility companies in terms of reliability and efficiency, with our customers experiencing just 0.56 minute of electricity interruption and 0.16 minute of gas interruption in FY15/16 • Three SP projects were voted among Singapore’s top 50 Engineering Feats in the Institution of Engineers (IES) Singapore’s IES-SG50 competition – Our World Class Electricity Grid Reliability, District Cooling System for Marina Bay and Cross-Island and Jurong Island-Pioneer Cable Tunnels Singapore District Cooling helps customers achieve up to 40% in energy savings From Left Benjamin Ng Jet Hon Executive Engineer, Network Management, Gas Operations Ken Kong Chee Keen Principal Engineer, Network Management, Gas Operations RELIABILITY POWERHOUSE R eliable energy infrastructure is vital for the smooth running of households, businesses and cities. In Singapore, ensuring that this service is dependable, uninterrupted and safe is a key priority for SP, and a critical component of our business strategy. We continually invest in improving our systems and processes, and seize opportunities to create sustainable growth. In FY15/16, we broke new ground with a number of major projects. We completed our first underground substation at Changi Expo and commissioned the Changi East and Upper Jurong II 230kV substations. We also commissioned the world’s largest underground district cooling network, run by our subsidiary Singapore District Cooling (SDC), which keeps Marina Bay cool. We upgraded and expanded critical power and gas networks, and network monitoring systems. We also took steps to ensure stable and reliable power supply for the future with major new transmission projects planned, and are on track to complete our Transmission Cable Tunnel Project by 2018. Our commitment to fulfilling our reliability promise has helped us record among the lowest incidence of power and gas supply interruption in the world. Last year, our customers experienced an average 0.56 minute of electricity interruption. We achieved zero transmission minutes lost, which means there was no supply interruption at the electricity transmission network level. Our gas customers experienced an average 0.16 minute of gas interruption. We continually look for innovative and cost-effective Minister for National Development Lawrence Wong toured the Singapore District Cooling’s Marina Bay plant during the commissioning event on 3 March 2016. 26 ways to do our work faster, better and more safely, and empower our staff with the knowledge they need to increase productivity and bring value to our customers and stakeholders. COUNTING ON SOLID NETWORKS Cooling down the Bay In March 2016, we commissioned the entire Marina Bay district cooling network following the third phase of capacity expansion. With the expansion, SDC now operates the world’s largest underground district cooling network. Buildings consume some 30 per cent of Singapore’s energy, and air-conditioning accounts for half their consumption. SDC’s services translate into energy savings of up to 40 per cent for customers. It also means that gardens, restaurants and infinity pools can take the place of unsightly rooftop cooling towers. The plants have a total installed capacity of 217MW, and serve 1.7 million square metres of Gross Floor Area. This idea, more than a decade in the making and supported by a robust network design, strong engineering team and high operational standards, contributes to realising the vision of an environmentally sustainable Marina Bay – and ultimately, a sustainable Singapore. Even as we look forward to welcoming new customers in the district, we are already working with the Urban Redevelopment Authority and Building and Construction Authority to expand the use of district cooling in Singapore. Overseas, we are building a district cooling system for CapitaLand’s Raffles City development in Chongqing, China. Once completed, the system will enable the development to achieve up to 50 per cent energy savings, and reduce utility cost by about S$30 million over 20 years. Raffles City Chongqing is the largest single investment by any Singapore firm in China, with total development cost expected to be around S$4.2 billion. Powering for Growth On 31 December 2015, we commissioned our first underground transmission substation, the Changi Expo 66kV substation, at Changi Business Park. It will provide 66kV intake supply to the MRT Downtown Line 3 Extension, and to multinational corporations and industries in the area. To meet growing electricity demand in the Jurong and Changi areas, 230kV substations were commissioned in Upper Jurong II and Changi East in June 2015 and July 2015, respectively. Enhanced distribution management We have upgraded our Distribution Management System (DMS), a critical system for remote monitoring and control functions for our entire 22kV network of 6,600 substations. The system also provides monitoring and control for 3,420 substations in our 6.6kV network. Following the upgrading, the DMS now includes a biometric access control system. Engineers can use artificial intelligence instead of desktop planning exercises to run contingency scenarios for equipment maintenance. The system also automatically produces and broadcasts reports on network faults as soon as they occur. Since June 2015, we have progressively implemented remote monitoring and control capabilities at our 6.6kV substations. The system has been upgraded to protect against cyber-attacks, improve system robustness, and streamline network database updating processes. 27 RELIABILITY POWERHOUSE Expanded Gas Network Infrastructure We expanded our gas transmission network towards Senoko in the North. Approximately 14km of pipelines – from Jalan Bahar to Mandai and the Mandai Offtake Station II – were completed and commissioned in March 2016. Another 12km of pipelines – from Mandai to Senoko and the Woodlands East Offtake Station – will be constructed by December 2016. This enables the safe and reliable delivery of gas from the Singapore LNG Terminal located at Jurong Island to existing and new customers in the northern part of the island, including power plants. More Capital Projects To meet customers’ growing power needs and ensure timely renewal of aging assets, we plan to roll out several major transmission projects over the next five years. These include the development of a 400/230kV substation at Jurong Island, and the progressive replacement of 230kV circuits through the North-South and East- West underground cable tunnels. The new West Jurong 400/230kV Substation, to be commissioned in December 2018, will reinforce our 400kV network and help meet the growth in demand in the western part of Singapore. This will facilitate and increase the transmission of power from Jurong Island to the mainland. Technical Officer Mohamad Ridhwan Bin Mansor conducting a gas leak survey as part of our regular maintenance to ensure the integrity of our network. Interconnecting Gas Networks Singapore’s two medium pressure gas networks that serve customers in the Jurong and Tuas areas were successfully interconnected in November 2015. The interconnection improves network supply reliability, and promotes contestability among gas shippers and retailers. Transmission Cable Tunnel Project Milestones The North-South and East-West cable tunnels, which will allow the efficient installation and replacement of underground cables, sit below the MRT underground system and are unprecedented in scale. When completed in 2017 and 2018 respectively, they will provide a cost-effective, long-term solution for the supply of reliable, quality electricity to future generations of customers. We have completed close to 85 per cent of the tunnelling for the project, with distances of 15,327m and 13,643m achieved on the North-South and East-West tunnels respectively as of March 2016. 28 Our engineers behind the Cable Tunnel project – one of three SP projects named among Singapore’s top 50 engineering feats. (From left) Koh Keng Boon, Tuem Heng Seng, Jack Puang, Shawn Seah, Weng Liwei, Yew Mun Cheong and Winston Lian. Close to 40 per cent of the Jurong Island-Pioneer Cable Tunnel, which connects the 400kV substation at Jurong Island to mainland Singapore, has also been completed. In all, we have achieved seven tunnel boring machine (TBM) breakthroughs, negotiating the tightest tunnel curvatures in Singapore. On 31 January 2016, we made history with the first ever docking of two TBMs in Singapore, 60m under the Holland Village MRT station. All tunnelling for the remaining 11 TBM drives are scheduled for completion by March 2017. Visit to SP’s Cable Tunnel North Buona Vista shaft on 28 January 2016 by Chan Chun Sing, NTUC Secretary- General, Minister, Prime Minister’s Office, and Member of Parliament for Tanjong Pagar GRC. 29 RELIABILITY POWERHOUSE Our standby crew provides the support that enables major events, such as the 28th SEA Games Singapore 2015, to run smoothly. At the right place, right time The upgrading of our SP Services Wireless Workforce Management System (WWMS) was completed in December 2015. The WWMS is an integral part of our service delivery operations. It ensures that our technicians arrive at the right location at the right time for supply activation or termination, installation inspection or meter readings. With the latest upgrade, our field services teams can use the WWMS app on their iPads to get more information on the job while on-the-go. New features, including camera and video functions, have also improved productivity, allowing site photos to be uploaded directly into the system via tablets. Our engineering feats Three SP projects – underground district cooling system, underground cable tunnels and world-class electricity grid – were voted by the public to be among Singapore’s top 50 engineering feats. This is an endorsement of our engineering capabilities and our commitment to Singapore’s sustainability drive. This competition was organised by the Institution of Engineers Singapore as part of its 50th anniversary celebrations. Leading by example SP’s Senior Management team are on a 24-hour roster and will be activated to go onsite when there are serious electricity supply disruptions, regardless of the cause of the incident. Together with our engineers, they will be ready to tackle issues and address concerns at the site. Green enterprise data centre Our SP Services enterprise data centre received three certifications – BCA-IDA Green Mark, SS564 (Energy & Environment Management System), and ISO50001 (Energy Management). The data centre was designed and built with environmentallyfriendly features, adopting industry best practices and the latest technologies to reduce energy consumption and its carbon footprint. Prominent green features include a cold aisle containment system, highly efficient power equipment, precision cooling and chilled water systems, and the use of natural lighting and LEDs with motion sensors. These features will reduce power consumption at the data centre by 15 per cent every month. PRODUCTIVITY A better way to work We have created a suite of training programmes at our Lean Academy to educate and equip our staff with the necessary skill sets to eliminate wasteful work processes. More 30 than 95 per cent of our staff have completed the DOWNTIME online training programme, which addresses waste that could be caused by Defects, Overproduction, Waiting, Not utilising talent, Transportation, Inventory, Motion and Extra processing. Customised workshops and forums strengthened our managers’ and leaders’ understanding of Lean techniques, which seek to maximise customer value while minimising waste. Armed with Lean insights, our staff shared ideas and best practices on the VOICES staff suggestion portal. More than 3,700 ideas were submitted and 100 improvement initiatives pursued in 2015. They are expected to collectively save the company S$16 million. Delivering Sustainability In September 2015, we embarked on an ambitious pilot project – Project Maximus – to embed Lean tools and practices into our operations over a nineweek induction period. The project kicked off at our Pasir Panjang District Office Inventory Management store. Staff came up with 26 ideas and six improvement projects that would potentially lead to a 5 per cent reduction in terms of man-hours, and S$1.3 million in outright savings for SP. Following the successful pilot, we identified 32 core sections that will undergo the same programme over the next two years. To sustain SP’s transformation into a Lean organisation, we integrated productivity with staff reward programmes, and simplified existing policies to make it easier to recognise staff efforts. Process Automation To improve turnaround time for cable preparation during installation, maintenance and repair work, SP invested in an Automated Coiling Machine. This significantly reduces the amount of time needed to prepare cables, and requires only a fraction of the manpower to perform the task manually. The machine comes with a hydraulic lifting mechanism and a digital measuring system, improving both safety and the accuracy of the coiled lengths to minimise re-coiling. Supporting national events We supported several national and major events in FY15/16. Close to 500 officers from Electricity and Gas Operations were mobilised for standby duty during National Day and the SG50 celebrations, the National Day Rally, the Formula 1 Singapore Airlines Singapore Grand Prix, the 28th SEA Games Singapore 2015, and the 8th ASEAN Para Games Singapore 2015. Our teams were involved in planning, discussions, practices and rehearsals to ensure there were no electricity or gas interruption during these events. Another poignant example was when our officers were also at hand to support the lying-in-state and state funeral of founding Prime Minister Lee Kuan Yew as we mourned alongside the nation on his passing in March 2015. The Automated Coiling Machine supports our productivity process by reducing the manpower required and time taken to re-coil cables. 31 DRIVING INNOVATION • Developed 17 apps, including iTalent and the Condition Monitoring inspection app, to boost productivity and collaboration among staff • Rolled out an e-biz portal to make it more convenient for potential partners to work with us • SP Services’ mobile app for customers picked up the Gold Award at Mob-Ex 2016 and was named “Best Customer Engagement Project” at Asian Utility Week 2016 S$3.4 million Projected productivity savings over two years as a result of the new electronic and digital tools for all staff. Standing from left Than Keng Hwa, Kenny Chiang Kwok Hoo, Leong Fai Choy, Chua Bing Sheng, Lam Yee Ki, Steven Chew Lai Keat Front row from left Ng Kim Yi Technical Officer, Network Management, Electricity Operations Ng Guan Jie Technical Officer, Network Management, Electricity Operations Lee Kok Kin Deputy Director, Group CEO’s Office Standing from left Chua Zhi Xin, Teo Yi Qian, Melvin Ng Cheng Li, Malcolm Samuel, Kee Yan Hong, Pyae Ko Ko, Bryan Lee Zhen Yuan, Daniel Quick Rui Wen Front row from left Darryl Ng Zhi Wei, Chen Jing Wen DRIVING INNOVATION The team from the InfoComm Technology Department Human Resource Systems section behind the iTalent talent management system – (from left) Puli Bhuvaneswari, Chua Hwee Nee, Andrew Soh, Chee Chee Kin and Cheng Wen Sen. nnovation is the driving force for change. Each I wave of progress propels the global economy forward and delivers improvement to the quality of life of our customers. The first industrial revolution was driven by steam power. The introduction of electricity transformed the way people live. Innovation has continued to provide us with significant advances in electronics, computing, digital networks and communications. We are starting to see the potential of sustainable energy. SP is committed to remain at the forefront of these developments and is driving innovation in every part of our operations so that we are able to continuously improve the quality of life for consumers. In the past year, as part of our innovation roadmap, we continued to digitalise SP to put power in the hands of our customers, partners and employees by providing them with the tools that give added convenience, increased productivity and support our drive towards greater sustainability. Beyond actively integrating new technologies for better customer experience and system performance, we are going a step further, already considering the future needs of our customers. To that end, we set up the SP Centre of Excellence to partner companies, research institutes and other innovative parties to co-develop and commercialise next-generation energy network technologies and solutions. The SP Services team receiving the Gold Award in the “Best Mobile App – Community Service” category at the Mob-Ex 2016. They are: (from left) Chin Wai Tieng, Bertina Cheong, Jacqueline Chew, Melvin Wong, Lynette Tan, SP Services Managing Director Chuah Kee Heng, Seng Siew Foong, Liong Chee Wei, Saskia Tan and Chief Information Officer Samuel Tan. 34 One of the key components in enabling innovation to cater to customer’s future needs is the ability to have fast and secure connections. SP is using its expertise in providing safe and reliable power in the area of telecommunications, providing consumers more choice in this age of increasing data flow. Together, SP’s innovation efforts in energy and communications networks will form the backbone that supports Singapore’s Smart Nation Vision. DIGITALISING SP Award-winning mobile apps We have introduced a number of mobile apps for our customers and staff. Customers have benefited from the SP Services mobile app, which enables them to monitor their utilities consumption patterns, and compare these patterns against those of their neighbours and the national average. They are also able to conduct their own home utilities audits, get energy-saving tips and set targets for lower consumption. The app picked up a Gold Award at Mob-Ex 2016 in the “Best Mobile App – Community Service” category. The Mob-Ex Awards recognises mobile marketing excellence across South Asia, Southeast Asia, and Australia and New Zealand. The app was also named the “Best Customer Engagement Project” during Asian Utility Week 2016, which was held in Bangkok. Providing convenience to our partners We rolled out our own e-biz portal, the Supplier Relationship Management system. Our vendors, developers and government agencies can expect greater convenience and better service when they process tenders, approvals, permits and other documents. Putting Power in the Hands of our Staff A key initiative for our 20th anniversary was to empower every staff with electronic tools that improve the way they work and interact with colleagues and partners. All 3,700 SP staff now have an electronic tablet which provides them with information at their fingertips, enabling them to work on the go. Projected productivity savings from this effort is estimated at S$3.4 million over two years. Our union, the Union of Power and Gas Employees (UPAGE), is a strong advocate of this initiative, which will also see staff benefit from a better quality of life at work. The iPad tablet has also allowed staff to access a number of productivity apps. We have launched a Cable and Gas Pipe Patrolling app, a Gas Meter Replacement app and a Condition Monitoring app. The Cable and Gas Pipe Patrolling app makes earthworks site monitoring more efficient by enabling staff doing patrols and site checks to create real-time recordings and instantly upload time-stamped photographs into a central database, facilitating investigation work. The mobile app also provides access to site maps and the required forms. With the Condition Monitoring inspection app, field staff can submit their inspection records immediately. They can also access live data to guide decision-making in the field. The app, implemented from 1 February 2016, is expected to achieve cost savings of approximately S$300,000, or 404 man days, during its projected lifespan of five years. In all, 17 apps have been developed since August 2013 and more are in the pipeline to help drive the efficiency of our operations. Besides boosting productivity and collaboration, better information and communications channels have helped improve employee engagement. The tools have also sped up the adoption of SP’s customised apps such as SParkle, a peer appreciation and recognition software, and iTalent, a talent management app that allows a wide range of functions, such as performance appraisal, to be done anytime, anywhere. Promoting knowledge exchange Having their own tablets also means our staff can easily access our newly-launched Knowledge Management (KM) System, an online social community where SP staff can share knowledge and discuss work-related topics. Our engineers collect and collate content on the job, including standard processes and procedures, case studies and lessons learnt. The KM System allows for this knowledge to be shared, promoting a culture of continuous learning. Knowledge from more experienced SP engineers benefits the newer members of our community. 35 DRIVING INNOVATION Some 74 online communities had been formed as of March 2016, including the Professional Engineers Guild House, which provides peer support for aspiring engineers working towards professional certification; the Safety Community, which promotes awareness around safety issues and shares observations and audits; and the Cyber Security forum, where discussions about IT risks and threats on the Internet take place. The system was recognised as the “Most Innovative Project for Energy Sector” by OpenText, a global leader in Enterprise Information Management solutions, in November 2015. Documents Registry for better accountability In line with our mission to proactively improve and add value through systems and processes, SP launched the SP Group Critical Documents Registry last year with representatives from each SP business unit, ensuring all critical documents within the SP Group are properly accounted for and stored, and can be easily traced in a common repository. This improves efficiency and productivity in tracking and retrieval, and ensures accountability. Leveraging on data analytics The Data Analytics Task Force was set up in October 2014 for various business units to develop Proof of Value (PoV) projects that use Data Analytics Tools. Our Data Analytics Resources Lab, helps take the successful PoVs to the next stage of development. These projects include Network Management, Geospatial Gas Leak Location Analysis, and Customer Contract and Debt Recovery, among others. One success story is the Geospatial Gas Leaks Location Analysis project, with a pilot completed in February 2016. Using Geospatial Data Analytics Tools, the Gas Asset Strategy and Condition Monitoring Section built a prototype that analyses historical data of gas leaks to determine areas that have a higher propensity for recurrence. This helps to optimise inspection resources. The results of this project are being adopted in gas leak inspections. Consolidating asset management systems We completed the first phase of Project NOVA, an enterprisewide asset management system, in January 2016. The system consolidates and automates manual work processes maintained by the different business units. NOVA will enable remote access of information via mobile apps, and increases staff productivity and effectiveness of workflow processes. It also paves the way for the development of a future-proof system that will drive business process automation within the organisation. SEEING POTENTIAL Next-Generation Solutions In April 2015, we launched the SP Centre of Excellence (CoE), a S$30 million collaboration with the Economic Development Board to drive the innovation and commercialisation of nextgeneration energy network technologies. Mr Neo Kim Hai (middle), Head, Knowledge Management, receiving the ‘Most Innovative Project in the Energy Sector’ award at the OpenText Elite Awards 2015. SP CoE will work with industry partners to co-develop, pilot and proof emerging technologies in SP’s networks. This collaboration does not just develop internal capabilities, but also helps SP’s partners bring their products and solutions to market. Our partners also benefit from SP’s operational expertise, and are able to test their products and solutions in actual networks, in real-time and with real consumers, measure the impact of these innovations, and commercialise them. It also brings to market solutions that improve our customers’ quality of life. Current areas being worked on include energy network digitisation, smart energy management, network sensing and big data analytics. Leveraging power experience for fibre networks Besides providing Singapore with reliable power supply, SP is also providing greater choice as a trusted partner of enterprises in 36 the telecommunications industry. Our telecommunications network arm SP Telecommunications (SPTel), whose extensive optical fibre network runs alongside SP’s nation-wide power lines, will offer connectivity and enabling-technologies to telecommunications carriers, retail service providers, data centres and enterprises. SPTel’s customers include carriers such as China Telecom and HKT, as well as enterprises such as MediaCorp. Through its extensive OpticNet dark fibre network, SPTel also allows data centres, landlords and property developers to strengthen their offerings to their end-customers – enabling organisations, from emerging InfoComm companies to e-commerce brands and entrepreneurs, to be futureready. Its SmartConnect service combines the power of Ethernet with the reliability of optical fibre to optimise connectivity for high quality, secure and speedy connections – whether between people and businesses, or between data centres and key interconnection hubs. In addition, SPTel will provide fibre links to the Woodlands Causeway and the Tuas Second Link, adding to diversity with off-shore connections outside of Singapore. DigiHub, Equinix, Global Switch, 1Net and Kingsland. Seeding the sustainable future SP actively promotes renewables and innovation in technology developments. Among our initiatives is a S$1 million, 5-year sponsorship to help Singapore Polytechnic build solar vehicles and participate in three editions of the World Solar Challenge in 2015, 2017 and 2019. Just three weeks before their scheduled departure to compete in the 2015 edition of the 3,000km solar car race across Australia, the Singapore Polytechnic team’s selfbuilt solar car, SunSPEC4, was destroyed in a fire. With additional funding and logistical support from SP, as well as our undertaking to air freight the SunSPEC4 to save time, both the team and their car were at the starting line on time to be flagged off. SP’s staff, who are also alumni of the polytechnic, travelled with the SunSPEC team to provide additional support and advice on logistics and safety. SP also sponsored a satellite phone with call and data features so the team could keep in touch with families and friends even when in remote areas. SP also launched the SunSPEC Polytechnic & University Sponsorship scheme, that offers SP academic sponsorship to the Singapore Polytechnic students who were part of the SunSPEC solar car team last year. The SunSPEC academic sponsorship scheme recognises the determination, tenacity and strong engineering passion of the students, and expands our pool of enthusiastic future engineers. As the role of data centres grows, with business applications becoming more data-intensive and requiring more bandwidth, SPTel is on track to meet the increasing demand for connectivity, speed, diversity and reliability by creating a data centre fibre fabric linking the nation’s key data centres. To date, SPTel’s customers include Keppel Singapore Polytechnic’s SunSPEC team, sponsored by Singapore Power, at the finishing line of the World Solar Challenge 2015 in Adelaide, Australia. 37 STRIVING FOR SERVICE EXCELLENCE • Customers benefit from our “one-call, one-click and onestop service in one business day” promise when they apply for utilities services • SP Services mobile app empowers customers to be more energy-efficient by helping them track consumption, compare it with their neighbours and set goals to save energy • 84,000 smart meters installed as of April 2016, out of a total 280,000 by 2021, in preparation for full liberalisation of the electricity market 1.4 million The number of customers we serve each month, including fielding some 80,000 calls. Our team reads a total of 3.6 million electricity, water and gas meters every other month. We also process some S$6 billion in utility payments annually. Customers will receive their new utilities bill in August 2016. STRIVING FOR SERVICE EXCELLENCE The app won the Gold Award – Community Service at the 2016 Mob-Ex Awards, a premier event that celebrates mobile marketing excellence across South Asia, Southeast Asia, Australia and New Zealand. The app also won the “Best Customer Engagement Project” award during Asian Utility Week 2016, held in Bangkok. CLEANER, CLEARER BILLS Melvin Chan, Customer Care Officer, helping new condominium homeowners open their utility accounts on-site when they collect their keys. F rom individuals and families to companies and industrial customers, ensuring a convenient, efficient and hassle-free service experience has always been a priority for SP. Whether through technology and innovation, or simply by listening to our customers, we continually strengthen our service culture and strive to enhance every encounter at our service touchpoints. This includes simplifying our bills so they are clear, helping customers make energy-efficient choices, putting utilities management at their fingertips, and providing easy access to assistance and self-help channels. UTILITIES AUDITS AT YOUR FINGERTIPS Following a successful pilot run, we rolled out enhanced e-services to all customers, designed to help them adopt more energy-efficient practices. From May 2016, all our customers are able to keep tabs on their energy and water consumption patterns more easily through the SP Services mobile application, website and email bill summary. The app, available from iTunes and the Google Play Store, lets customers compare their current consumption against that of their neighbours, the national average and their own past consumption. They can also conduct their own home utilities audits, get energy-saving tips, and set targets for lower consumption. Customers now receive their utilities bill in a new design, intended to promote more efficient utilities consumption and help customers better understand billing information. Past consumption and comparisons with that of neighbours and the national average are also available at a glance. The new bill offers utilities-saving tips and advice that can help customers become more energy and water efficient. Several different versions of the new design were tested with customers before the final design, which is simpler and clearer, was selected. EASY UTILITIES APPLICATION FOR NEW HOMEOWNERS Setting up a new utilities account with SP Services has become even more convenient. Customers can apply for utilities services by making one call to our hotline, one click to our website, visiting any of our three customer service centres for one-stop services, and having their utilities connected in one business day. New homeowners can now also open their utility accounts on-site at their new condominiums when they collect the keys. This means having immediate access 40 Thomas Goh (standing), Assistant Director, manages call centre operations, which includes handling about 80,000 phone calls monthly. to electricity and water without having to contact SP Services to open an account and then booking a separate appointment for the utilities to be activiated. This initiative has been very well received. ENGAGING COMMERCIAL AND INDUSTRIAL CUSTOMERS As part of ongoing efforts to build a stronger partnership with our key customers, SP PowerGrid conducted six Power Quality Interest Group (PQIG) meetings between October 2015 and February 2016 for voltage-sensitive customers from seven sectors: Semiconductor & Electronics, Pharmaceutical, Petrochemical & Chemical, Banking, Essential Services, Tourism & Hospitality, and Data Centres. The newly-formed Data Centres cluster was added to the PQIG in view of the sector’s rapid growth. The new cluster’s members had their first meeting in December 2015. GEARING UP FOR FULL LIBERALISATION OF ELECTRICITY RETAIL We continue to gear up for full liberalisation of the electricity market in Singapore, scheduled for the second half of 2018. By then, more than 1.4 million consumers, mainly households, will be able to buy electricity from the retailer of their choice or from the wholesale market. The contestability threshold has been progressively lowered since 2014. With the downward revision in July 2015, commercial and industrial consumers with an average monthly electricity consumption of at least 2,000 kWh became eligible for contestability. SP continues to work closely with new electricity retailers, helping them with the registration and activation of customer accounts. We are also making major upgrades to our systems, including equipping them with the technology and automated processes necessary to handle a higher volume of dealings between consumers and electricity retailers. More Advanced Metering Infrastructure (AMI) meters, or smart meters, will be deployed to cope with the larger number of opt-in customers. A total of 280,000 smart meters are expected to be installed by 2021, up from about 84,000 as of April 2016. AMI meters are capable of measuring contestable customers’ electricity consumption at half-hourly intervals, allowing customers to better manage their consumption and lower their electricity bills. Beyond that, more communication equipment such as Access Points and Relays will be installed to expand and strengthen the existing Radio Frequency communication network. This will not only support retail competition but also future Smart Grid developments. 41 AN ENERGISED WORKPLACE • Strengthened our engineering bench through sponsorship for Professional Engineer certification. To date, we have 100 certified engineers • Welcomed 121 fresh graduates to our in-house leadership training programme, Engineering Development for Graduates (EDGE) since 2013 • Awarded more than 100 scholarships since 2012 • Sponsored 419 staff in their part-time education since 2002 100 certified engineers This makes up 18.5 per cent of our total engineering pool who have their Professional Engineer certification, above the national average of 1.7 per cent. We have the most number of certified engineers inhouse in Singapore. * Figures updated as of March 2016. From Left Jason Chan Wei Hao Manager, Human Resource Anna Ng Lay Tin Director, Human Resource Chua Hwee Nee Assistant Director, Infocomm Technology AN ENERGISED WORKPLACE ur people are integral to O our success. We focus on attracting the best talent, developing them with diverse exposure and training, and ensuring that they have enriching and rewarding careers. We provide our staff with career development and training programmes that are tailored to their strengths and help them keep pace with our digital transformation, even as we continue to reach out to young graduates and other talent through scholarships, awards and internships. Investing in our people ensures both a dedicated workforce and the long-term sustainability of our business. Senior Engineer Lian Zijuan (left) mentors younger engineers like Chen Zhiyi (middle) and Muhammad Shahid bin Mohamed Jailani. As our industry continues to evolve and grow, we are committed to building an engaged and experienced workforce that will fuel and sustain the utilities sector in Singapore. CONTINUAL TALENT DEVELOPMENT As part of our sustained efforts to groom future-ready leaders, we partnered with Singapore Management University to run two leadership programmes aimed at equipping emerging leaders with critical skills such as decisionmaking, change leadership and communication skills, to help them navigate the ever-changing business environment. Our core leadership competencies – Strategic Perspective, People Orientation, Result Focus and Change Leadership – and SAIL (Safety, Accountability, Institution First and Learning Continuously) principles are woven into the programmes to reinforce their importance in achieving our vision, mission and strategic thrusts in Commercial, Operations, People and Stakeholders. Our leadership pipeline programme, Engineering Development for Graduates (EDGE), provides fresh graduates with structured training and job rotation to critical operations so they can gain broad-based exposure and diverse technical expertise. We developed the Enterprise-Tune Up programme for the 2013 cohort of EDGE Engineers as they entered the third year of their careers with SP. This rigourous programme is aimed at helping 44 Singapore Power is among 17 companies that signed a Memorandum of Understanding with three polytechnics and the Institute of Technical Education to place students on internships in the power sector. them improve their personal effectiveness and leadership skills, as well as enhancing their core knowledge in Safety, Regulatory Management, Risk Management and emerging trends in the utilities sector. For new technical staff, we launched the Learning Through Technical Accelerated Programme (LEAP), which will provide them with structured training before they embark on their jobs. We awarded 419 sponsorships to staff to pursue further education, including to four staff members for their Master’s degree in the United Kingdom. Of these, 54 per cent have been appointed to positions of higher responsibility, having performed well in their jobs. We have invested more than S$2 million to date in upgrading our staff. We developed a World Class Engineering Bench by complementing core engineering work with continual learning. Mentors and fellow engineers share their experiences with their younger counterparts on SP’s Knowledge Management Portal. We continue to offer our engineers sponsorship for their Professional Engineering certification. To date, we have 100 certified engineers who make up 18.5 per cent of our total engineering pool, above the national average of 1.7 per cent. This makes us the organisation with the most number of certified engineers in-house. Our investment in the energy sector starts early. Most recently, we committed ourselves to granting S$10,000 in awards over five years to Singapore University of Technology and Design (SUTD) students who demonstrate outstanding performance in their Electric Power Systems and Design module. This is in addition to targeted efforts to reach out to students to fuel interest not just in SP but in the energy sector as a whole. A total of 97 sponsorships and book prizes were awarded to students from tertiary institutions. Since 2012, we have also awarded more than 100 scholarships to students with a passion for engineering in the energy sector. ITALENT AND SPARKLE In January 2016, we rolled out iTalent, a user-friendly App that allows our staff to take charge of their career development. Accessible via the office workstation or SP-issued iPads, iTalent helps employees identify 45 AN ENERGISED WORKPLACE The EDGE programme has nurtured Executive Engineer Gary Tan’s leadership skills. He leads a team of 29 technical staff that deals with Gas Operations emergency responses. their career goals and provides them with “development on the go” – online access to the tools and training that can help them achieve their career goals. Staff can also access their performance appraisals, view their profiles and update their performance on the platform. For managers, iTalent’s dashboard and data-on-demand provides a sound overview of their teams’ progress and where their capabilities stand, as well as opportunities for better communication. We believe that iTalent will result in greater work efficiency and productivity as information becomes more available and accessible. SParkle is a new channel for staff to provide timely recognition to any colleague – peer, supervisor or subordinate. The SParkle App enables staff to send a compliment, word of thanks or commendation at any time, quickly and easily. Since its launch in December 2015, more than 16,000 stars have been sent out. We believe timely affirmation goes a long way in strengthening morale and motivating staff to perform their best. SAFETY FOR EVERYONE Safety also continues to feature prominently on SP’s agenda, with the implementation of safety courses not just for management and staff, but extending to our contractors as well. Such courses ensure that SP is primed to further enhance safety management and practices, and reinforce SP’s safety culture. 46 Since December 2015, more than 16,000 SParkle stars have been awarded by staff in recognition of their colleagues. FUELLING SKILLS DEVELOPMENT As a major player in the energy sector, we established the Singapore Institute of Power and Gas (SPIG) in 2014 as a one-stop training and development centre. SPIG also offers courses to power generation companies to build capabilities within Singapore’s energy industry. We believe such initiatives fuel employee engagement as we build a resilient and adaptable organisation together. We also continued to recognise staff who displayed exemplary customer service through awards, including the annual Super Star Awards. In May 2016, we launched the two-day “Sulphur-Hexafluoride SF6: Benefits, Application and Safe Handling” course to boost knowledge and understanding of SF6, a gas used as an insulating medium in electrical equipment, among the technical professionals and technicians handling it. We also continued to train staff working towards switching certification and began offering a cable jointing expertise course. Attendees of the “Sulphur-Hexafluoride SF6: Benefits, Application and Safe Handling” course learn to measure gas quality. SG50 AND SP20 STAFF INCENTIVES During the year, we rolled out initiatives to motivate staff and boost engagement. To celebrate Singapore’s 50th birthday and to commemorate SP’s 20th anniversary, we launched the SG50/SP20 Bonus. Staff qualified for this bonus when they fulfilled three meaningful engagement tasks on their SP-issued iPads or SP’s mobile apps. They had to award SParkle “Stars” to colleagues exhibiting the SAIL principles, vote on the top three Good Deeds performed by SP Heart Workers and post blog entries on the topics of safety and productivity. 47 PROMOTING A CULTURE OF SAFETY • Lowered our Lost Time Injury Frequency Rate* (LTIFR) – a global measure of safety standards – to 0.77 per million man-hours in FY15/16. We are closer to our goal of attaining the world-class standard LTIFR of 0.57 by FY18/19 • Achieved zero controllable traffic accident for FY15/16 since launch of the SP Services Motorcycle Helmet Camera for all field staff in May 2015 • SPPG’s Cable Tunnel team received the Gold Award for Health and Safety 2016 from the Royal Society for Prevention of Accidents, an endorsement of our team’s efforts to raise safety standards in the tunnelling industry 0.77 per million man-hours our Lost Time Injury Frequency Rate* – a 30% improvement from the year before. * Lost Time Injury (LTI) is a work related injury which results in a person being unfit for work on any day after the day of occurrence of the injury. Lost Time Injury Frequency Rate (LTIFR) is the number of lost time injuries per 1,000,000 man-hours worked. Back row, from left Ragunath Balamurugan S/O Paulsamy Principal Engineer, Group Safety and Health Leslie Neo Wei Han Manager, Group Safety and Health with employees of a contractor’s company. PROMOTING A CULTURE OF SAFETY t SP, safety is a team effort A requiring commitment from every player. It is driven by our management with active staff involvement. Staying free of accident and injury is an important part of our culture, for the public, our staff and our contractors. In FY15/16, we continued to enhance our safety culture and improve our safety performance. We focussed on building long-term partnerships with our contractors, ensuring that they share our safety philosophy and maintain stringent safety standards. SP has more than 6,500 workers from over 130 contractor companies involved in critical transmission and distribution network projects across Singapore. We conducted regular safety workshops and campaigns as well as weekly safety inspections and reviews, and involved workers in our efforts to improve on safety. We continue to raise the standards of our contractor safety management practices and strengthen our partnership with contractors to reduce injuries at work. We are pleased to report tangible results from our joint efforts. In FY15/16, our Lost Time Injury Frequency Rate (LTIFR) was 0.77 per million man-hours worked, a 30 per cent improvement over the previous year. Beyond worker health and wellbeing, alignment with our partners on safety also contributed to the success of our projects and helped us better manage risks. The Gas Safety Awareness committee members (from left, in blue SP polo) Gary Tan, Andrew Ang, Ken Kong, Tan Lih Hong and Joanne Ong with Home Affairs and Law Minister K Shanmugam at a community outreach event in Yishun. 50 Mr Hawazi Daipi (middle), then Senior Parliamentary Secretary for the Ministry of Manpower and Education, SP Chairman Tan Sri Mohd Hassan Marican and Group Chief Executive Officer, Mr Wong Kim Yin, launching the Gas Safety Awareness campaign during the inaugural Group Safety Summit. SAFETY AS A WAY OF LIFE We held our inaugural Group Safety Summit in July 2015 with the theme Safety is Our Way of Life. During the event, Group CEO Wong Kim Yin reiterated SP’s priorities on safety and highlighted our journey to becoming a Safety Champion. He shared our five-year roadmap to attaining the worldclass safety target LTIFR of 0.57. He joined Guest of Honour Mr Hawazi Daipi, then Senior Parliamentary Secretary for the Ministry of Manpower and Education, and SP Chairman Tan Sri Mohd Hassan Marican, in launching SP’s Gas Safety Awareness campaign for the public. We also presented awards for sound safety culture and best practices, as well as for a video competition for the best “safety story” at the Summit. The Cable Tunnel team from Special Projects, SP PowerGrid, walked away with both awards, and won for its video entry, “Family Values”, a story about the importance of safety and the safe return of our employees to their families at the end of the workday. GAS SAFETY AWARENESS CAMPAIGN Launched at the Group Safety Summit, the Gas Safety Awareness campaign aims to equip the public with the knowledge they need to respond safely to a gas leak. It specifically addresses the gaps in gas safety knowledge derived from the findings of a survey conducted in February 2015. We produced and publicised messages through posters and pamphlets, as well as a series of three videos on the “dos and don’ts” in the event of a gas leak. As of March 2016, the campaign videos had garnered more than 1.19 million views on YouTube. We also collaborated with partners such as the Ministry of Manpower and Town Councils to educate the public on gas safety issues. Since July 2015, we have participated in 13 such events. IT’S IN YOUR HANDS In September 2015, we launched a Hand Safety Campaign to promote safe practices in hand-related operations, and prevent hand and finger injuries among workers. 51 PROMOTING A CULTURE OF SAFETY The introduction of the Motorcycle Helmet Camera has helped SP Services achieve zero controllable traffic accidents for FY15/16. We conducted workshops for contractors to share hand safety statistics and incidents from the previous year. We also discussed the root causes of such injuries and control measures that could be taken. Other campaign activities included conducting risk assessments, reviewing safe work procedures and participating in SP’s in-house training on hand safety. As of March 2016, some 125 contractors’ supervisors and safety coordinators had undergone the train-the-trainer session, and more than 2,100 workers had been through hand safety briefings. Within six months of the campaign’s launch, we saw a 63 per cent improvement in our LTIFR for hand-related injuries. ACTIVITY BASED SAFETY IMPROVEMENT SYSTEM (ABSIS) In March 2015, the Cable Tunnel team from Special Projects, SP PowerGrid, introduced the Activity Based Safety Improvement System (ABSIS), a systematic approach to ensuring the safety of our workers as they carry out critical tunnel construction operations. Throughout the year, the team captured video footage as workers conducted tunnelling activities, focussing on one specific activity each week. The 52 videos are used to educate workers on safe work procedures, enhancing their safety awareness and vigilance. This form of audio visual communication cuts across the various languages our workers speak and provides them with essential information to stay safe. The initiative has been well received by contractors and project consultants. DRIVING HOME THE SAFETY MESSAGE Our goal of zero safety accident means ensuring that our field staff are aware of the hazards that might exist in any given situation, and are well-equipped to minimise the risk of accidents. We introduced the SP Services Motorcycle Helmet Camera in May 2015 for all field 52 staff to help us evaluate their safety awareness of riding behaviour. Using the footage collected, we were able to identify gaps in riding safety and establish appropriate safety measures while raising safety awareness among our riders. Since its launch, SP Services has achieved zero controllable traffic accident for FY15/16. CUSTOMISED SAFETY EFFORTS The Singapore Institute of Power and Gas conducts safety training courses for SP’s contractors. The courses help them understand the importance of workplace safety and health, and enable them to apply safe practices at the worksite. The courses are customised, specifically for cable tunnel operations, building construction and for SPPG’s road works and installations. They are conducted in English as well as in Tamil, Bengali and Mandarin. In FY15/16, there were 6,500 contractors who underwent safety training at SIPG. BREAKING NEW GROUND FOR SAFETY The Cable Tunnel team from Special Projects, SP PowerGrid, received the Gold Award for Health and Safety 2016 from the Royal Society for Prevention of Accidents (RoSPA). The UK-based company has a more than 100- year history of promoting health and safety around the world. This is an endorsement of the team’s strategic initiatives, the support of management and our collective passion for raising safety standards in the tunneling industry. The video-based ABSIS system educates workers on safe work procedures, enhancing their safety awareness and vigilance. Mr Michael Chin (right), Managing Director (Special Projects) receiving the RoSPA Gold Award for Health and Safety from RoSPA Trustee Harpeet Kondel. 53 POWERING A BETTER WORLD • For SG50, we gave Singapore the Gift of Power – free mobile device charging stations at 200 locations island-wide • For SP’s 20th anniversary, we rallied SP staff to carry out 20 Good Deeds of community service through 6,000 volunteer hours to help the less fortunate. We exceeded the target, with 30 deeds in almost 9,000 hours of service • More than S$10 million has been raised for the SP Heartware Fund over the past 10 years, helping more than 31,000 beneficiaries through 26 programmes annually 9,000 The number of hours clocked by SP Heart Workers participating in 30 community service initiatives in FY15/16. From left, in blue SP polo Thor Wen Lei Senior Engineer, Network Development, Electricity Operations Gavin Ong Hongjie Senior Engineer, Network Management, Electricity Operations Tiong Heng Liong Assistant Director, Strategic Development POWERING A BETTER WORLD CELEBRATING SG50 n 2015, we celebrated I Singapore’s 50th birthday and SP’s 20th anniversary with a series of unprecedented initiatives. To the nation, we presented a Gift of Power, setting up free mobile device charging stations at 200 locations islandwide. Through Love from the Stars, a charity gala dinner and concert featuring international artistes like Jackie Chan, we helped raise close to S$6.4 million for six charities. These initiatives were among the “20 Good Deeds” of community service which we had committed to undertake to mark SP’s 20th anniversary. Our staff volunteers, also known as SP Heart Workers, initially set a target of 6,000 volunteer hours to accomplish 20 Good Deeds. They far exceeded this target, putting in almost 9,000 hours to perform 30 Good Deeds. Our community service initiatives benefitted low-income families, children with special needs, and the needy elderly. To help the public save energy and contribute to a sustainable Singapore, SP also initiated programmes to promote energy efficiency and the use of renewable energy. We celebrated Singapore’s 50th birthday by presenting the nation with a Gift of Power in July 2015 – 200 mobile device charging stations in high traffic locations across the city-state. Our aim is to help Singaporeans stay connected on the go, and our gift reflected our commitment to always be there for Singapore. The charging stations can be found at hospitals, polyclinics, universities, polytechnics, supermarkets and libraries, among other places. Besides giving mobil

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Energy HubAnnual ReportReliabilitySustainabilityInnovation SP Cools Outdoor Food Fiesta SUSTAINABILITY With temperatures at a high of 33 degree Celsius, Nathasha Azman was relieved to spot SP Group’s outdoor coolers in Food Fiesta 2019 at Bayfront Avenue. Like many others, Nathasha was “chilling” near the outdoor coolers. Each unit can lower surrounding temperatures to around 24 degree Celsius, much like enjoying air-conditioning outdoors. In the hot and humid climate of Singapore, this provided a huge respite for many a visitor to Food Fiesta. The cooling technique taps on the world’s largest underground district cooling network, located at Marina Bay and operated by SP Group. The outdoor cooling solution delivers temperatures lower than that of cool mist of ventilation fans. Air blown out is also comfortably dryer than evaporative air coolers.  SP Group’s outdoor cooling solution has unlocked the potential for urban spaces in many ways. Aside from al fresco dining, visitors to the area were spotted playing outdoor games and taking naps in the hammocks provided. “It is a good idea to have outdoor cooling. We should have more of them in different spots so that we can walk around more comfortably, as it is less hot,” suggested Ivy Chew, another visitor to Food Fiesta. — 29 April 2019 TAGS SUSTAINABILITYOUTDOOR COOLING YOU MIGHT BE INTERESTED TO READ SP Group’s Integrated Energy Solutions to Power Rangsit University’s Green Energy Transformation SP is partnering Rangsit University (RSU) in Thailand to transform RSU’s main campus into a smart energy, low-carbon academic environment. Empowering change Jerome Choong shares the extent of work behind the scenes that goes towards upholding Singapore’s electricity network reliability, while Jennifer Ong elaborates on SP’s expansion into overseas markets. Empowering Green Capabilities Satinderpal Singh and Fong Yi Kit deal with the polarising "hot" and "cold" elements at work, but share one thing in common: empowering organisations with tools to create a low carbon, smart energy Singapore. Category: Sustainability Searchhttps://www.spgroup.com.sg/search?tag=outdoor-cooling Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/sp-cools-outdoor-food-fiesta SP Energy HubAnnual ReportReliabilitySustainabilityInnovation SP Cools Outdoor Food Fiesta SUSTAINABILITY With temperatures at a high of 33 degree Celsius, Nathasha Azman was relieved to spot SP Group’s outdoor coolers in Food Fiesta 2019 at Bayfront Avenue. Like many others, Nathasha was “chilling” near the outdoor coolers. Each unit can lower surrounding temperatures to around 24 degree Celsius, much like enjoying air-conditioning outdoors. In the hot and humid climate of Singapore, this provided a huge respite for many a visitor to Food Fiesta. The cooling technique taps on the world’s largest underground district cooling network, located at Marina Bay and operated by SP Group. The outdoor cooling solution delivers temperatures lower than that of cool mist of ventilation fans. Air blown out is also comfortably dryer than evaporative air coolers.  SP Group’s outdoor cooling solution has unlocked the potential for urban spaces in many ways. Aside from al fresco dining, visitors to the area were spotted playing outdoor games and taking naps in the hammocks provided. “It is a good idea to have outdoor cooling. We should have more of them in different spots so that we can walk around more comfortably, as it is less hot,” suggested Ivy Chew, another visitor to Food Fiesta. — 29 April 2019 TAGS SUSTAINABILITYOUTDOOR COOLING YOU MIGHT BE INTERESTED TO READ SP Group’s Integrated Energy Solutions to Power Rangsit University’s Green Energy Transformation SP is partnering Rangsit University (RSU) in Thailand to transform RSU’s main campus into a smart energy, low-carbon academic environment. Empowering change Jerome Choong shares the extent of work behind the scenes that goes towards upholding Singapore’s electricity network reliability, while Jennifer Ong elaborates on SP’s expansion into overseas markets. Empowering Green Capabilities Satinderpal Singh and Fong Yi Kit deal with the polarising "hot" and "cold" elements at work, but share one thing in common: empowering organisations with tools to create a low carbon, smart energy Singapore. Category: Sustainability Searchhttps://www.spgroup.com.sg/search?tag=outdoor-cooling Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/sp-cools-outdoor-food-fiesta SP Energy HubAnnual ReportReliabilitySustainabilityInnovation SP Cools Outdoor Food Fiesta SUSTAINABILITY With temperatures at a high of 33 degree Celsius, Nathasha Azman was relieved to spot SP Group’s outdoor coolers in Food Fiesta 2019 at Bayfront Avenue. Like many others, Nathasha was “chilling” near the outdoor coolers. Each unit can lower surrounding temperatures to around 24 degree Celsius, much like enjoying air-conditioning outdoors. In the hot and humid climate of Singapore, this provided a huge respite for many a visitor to Food Fiesta. The cooling technique taps on the world’s largest underground district cooling network, located at Marina Bay and operated by SP Group. The outdoor cooling solution delivers temperatures lower than that of cool mist of ventilation fans. Air blown out is also comfortably dryer than evaporative air coolers.  SP Group’s outdoor cooling solution has unlocked the potential for urban spaces in many ways. Aside from al fresco dining, visitors to the area were spotted playing outdoor games and taking naps in the hammocks provided. “It is a good idea to have outdoor cooling. We should have more of them in different spots so that we can walk around more comfortably, as it is less hot,” suggested Ivy Chew, another visitor to Food Fiesta. — 29 April 2019 TAGS SUSTAINABILITYOUTDOOR COOLING YOU MIGHT BE INTERESTED TO READ SP Group’s Integrated Energy Solutions to Power Rangsit University’s Green Energy Transformation SP is partnering Rangsit University (RSU) in Thailand to transform RSU’s main campus into a smart energy, low-carbon academic environment. Empowering change Jerome Choong shares the extent of work behind the scenes that goes towards upholding Singapore’s electricity network reliability, while Jennifer Ong elaborates on SP’s expansion into overseas markets. Empowering Green Capabilities Satinderpal Singh and Fong Yi Kit deal with the polarising "hot" and "cold" elements at work, but share one thing in common: empowering organisations with tools to create a low carbon, smart energy Singapore. Category: Sustainability Searchhttps://www.spgroup.com.sg/search?tag=outdoor-cooling Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/sp-cools-outdoor-food-fiesta SP Energy HubAnnual ReportReliabilitySustainabilityInnovation SP Cools Outdoor Food Fiesta SUSTAINABILITY With temperatures at a high of 33 degree Celsius, Nathasha Azman was relieved to spot SP Group’s outdoor coolers in Food Fiesta 2019 at Bayfront Avenue. Like many others, Nathasha was “chilling” near the outdoor coolers. Each unit can lower surrounding temperatures to around 24 degree Celsius, much like enjoying air-conditioning outdoors. In the hot and humid climate of Singapore, this provided a huge respite for many a visitor to Food Fiesta. The cooling technique taps on the world’s largest underground district cooling network, located at Marina Bay and operated by SP Group. The outdoor cooling solution delivers temperatures lower than that of cool mist of ventilation fans. Air blown out is also comfortably dryer than evaporative air coolers.  SP Group’s outdoor cooling solution has unlocked the potential for urban spaces in many ways. Aside from al fresco dining, visitors to the area were spotted playing outdoor games and taking naps in the hammocks provided. “It is a good idea to have outdoor cooling. We should have more of them in different spots so that we can walk around more comfortably, as it is less hot,” suggested Ivy Chew, another visitor to Food Fiesta. — 29 April 2019 TAGS SUSTAINABILITYOUTDOOR COOLING YOU MIGHT BE INTERESTED TO READ SP Group’s Integrated Energy Solutions to Power Rangsit University’s Green Energy Transformation SP is partnering Rangsit University (RSU) in Thailand to transform RSU’s main campus into a smart energy, low-carbon academic environment. Empowering change Jerome Choong shares the extent of work behind the scenes that goes towards upholding Singapore’s electricity network reliability, while Jennifer Ong elaborates on SP’s expansion into overseas markets. Empowering Green Capabilities Satinderpal Singh and Fong Yi Kit deal with the polarising "hot" and "cold" elements at work, but share one thing in common: empowering organisations with tools to create a low carbon, smart energy Singapore. Category: Sustainability Searchhttps://www.spgroup.com.sg/search?tag=outdoor-cooling Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/sp-cools-outdoor-food-fiesta SP Energy HubAnnual ReportReliabilitySustainabilityInnovation SP Cools Outdoor Food Fiesta SUSTAINABILITY With temperatures at a high of 33 degree Celsius, Nathasha Azman was relieved to spot SP Group’s outdoor coolers in Food Fiesta 2019 at Bayfront Avenue. Like many others, Nathasha was “chilling” near the outdoor coolers. Each unit can lower surrounding temperatures to around 24 degree Celsius, much like enjoying air-conditioning outdoors. In the hot and humid climate of Singapore, this provided a huge respite for many a visitor to Food Fiesta. The cooling technique taps on the world’s largest underground district cooling network, located at Marina Bay and operated by SP Group. The outdoor cooling solution delivers temperatures lower than that of cool mist of ventilation fans. Air blown out is also comfortably dryer than evaporative air coolers.  SP Group’s outdoor cooling solution has unlocked the potential for urban spaces in many ways. Aside from al fresco dining, visitors to the area were spotted playing outdoor games and taking naps in the hammocks provided. “It is a good idea to have outdoor cooling. We should have more of them in different spots so that we can walk around more comfortably, as it is less hot,” suggested Ivy Chew, another visitor to Food Fiesta. — 29 April 2019 TAGS SUSTAINABILITYOUTDOOR COOLING YOU MIGHT BE INTERESTED TO READ SP Group’s Integrated Energy Solutions to Power Rangsit University’s Green Energy Transformation SP is partnering Rangsit University (RSU) in Thailand to transform RSU’s main campus into a smart energy, low-carbon academic environment. Empowering change Jerome Choong shares the extent of work behind the scenes that goes towards upholding Singapore’s electricity network reliability, while Jennifer Ong elaborates on SP’s expansion into overseas markets. Empowering Green Capabilities Satinderpal Singh and Fong Yi Kit deal with the polarising "hot" and "cold" elements at work, but share one thing in common: empowering organisations with tools to create a low carbon, smart energy Singapore. Category: Sustainability Searchhttps://www.spgroup.com.sg/search?tag=outdoor-cooling Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/sp-cools-outdoor-food-fiesta SP Energy HubAnnual ReportReliabilitySustainabilityInnovation SP Cools Outdoor Food Fiesta SUSTAINABILITY With temperatures at a high of 33 degree Celsius, Nathasha Azman was relieved to spot SP Group’s outdoor coolers in Food Fiesta 2019 at Bayfront Avenue. Like many others, Nathasha was “chilling” near the outdoor coolers. Each unit can lower surrounding temperatures to around 24 degree Celsius, much like enjoying air-conditioning outdoors. In the hot and humid climate of Singapore, this provided a huge respite for many a visitor to Food Fiesta. The cooling technique taps on the world’s largest underground district cooling network, located at Marina Bay and operated by SP Group. The outdoor cooling solution delivers temperatures lower than that of cool mist of ventilation fans. Air blown out is also comfortably dryer than evaporative air coolers.  SP Group’s outdoor cooling solution has unlocked the potential for urban spaces in many ways. Aside from al fresco dining, visitors to the area were spotted playing outdoor games and taking naps in the hammocks provided. “It is a good idea to have outdoor cooling. We should have more of them in different spots so that we can walk around more comfortably, as it is less hot,” suggested Ivy Chew, another visitor to Food Fiesta. — 29 April 2019 TAGS SUSTAINABILITYOUTDOOR COOLING YOU MIGHT BE INTERESTED TO READ SP Group’s Integrated Energy Solutions to Power Rangsit University’s Green Energy Transformation SP is partnering Rangsit University (RSU) in Thailand to transform RSU’s main campus into a smart energy, low-carbon academic environment. Empowering change Jerome Choong shares the extent of work behind the scenes that goes towards upholding Singapore’s electricity network reliability, while Jennifer Ong elaborates on SP’s expansion into overseas markets. Empowering Green Capabilities Satinderpal Singh and Fong Yi Kit deal with the polarising "hot" and "cold" elements at work, but share one thing in common: empowering organisations with tools to create a low carbon, smart energy Singapore. Category: Sustainability Searchhttps://www.spgroup.com.sg/search?tag=outdoor-cooling Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/sp-cools-outdoor-food-fiesta SP Energy HubAnnual ReportReliabilitySustainabilityInnovation SP Cools Outdoor Food Fiesta SUSTAINABILITY With temperatures at a high of 33 degree Celsius, Nathasha Azman was relieved to spot SP Group’s outdoor coolers in Food Fiesta 2019 at Bayfront Avenue. Like many others, Nathasha was “chilling” near the outdoor coolers. Each unit can lower surrounding temperatures to around 24 degree Celsius, much like enjoying air-conditioning outdoors. In the hot and humid climate of Singapore, this provided a huge respite for many a visitor to Food Fiesta. The cooling technique taps on the world’s largest underground district cooling network, located at Marina Bay and operated by SP Group. The outdoor cooling solution delivers temperatures lower than that of cool mist of ventilation fans. Air blown out is also comfortably dryer than evaporative air coolers.  SP Group’s outdoor cooling solution has unlocked the potential for urban spaces in many ways. Aside from al fresco dining, visitors to the area were spotted playing outdoor games and taking naps in the hammocks provided. “It is a good idea to have outdoor cooling. We should have more of them in different spots so that we can walk around more comfortably, as it is less hot,” suggested Ivy Chew, another visitor to Food Fiesta. — 29 April 2019 TAGS SUSTAINABILITYOUTDOOR COOLING YOU MIGHT BE INTERESTED TO READ SP Group’s Integrated Energy Solutions to Power Rangsit University’s Green Energy Transformation SP is partnering Rangsit University (RSU) in Thailand to transform RSU’s main campus into a smart energy, low-carbon academic environment. Empowering change Jerome Choong shares the extent of work behind the scenes that goes towards upholding Singapore’s electricity network reliability, while Jennifer Ong elaborates on SP’s expansion into overseas markets. Empowering Green Capabilities Satinderpal Singh and Fong Yi Kit deal with the polarising "hot" and "cold" elements at work, but share one thing in common: empowering organisations with tools to create a low carbon, smart energy Singapore. Category: Sustainability Joint Media Release - Outdoor Cooling Innovation Made In Singapore By ST Engineering And SP Group For National Day Paradehttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/b6ee8da8-4085-4f09-adfe-57cd645c169d/%5B20170727%5D+Joint+Media+Release+-+Outdoor+Cooling+Innovation+Made+In+Singapore+By+ST+Engineering+And+SP+Group+For+National+Day+Parade.pdf?MOD=AJPERES&CVID= 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 Searchhttps://www.spgroup.com.sg/search?tag=outdoor-cooling Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/sp-cools-outdoor-food-fiesta SP Energy HubAnnual ReportReliabilitySustainabilityInnovation SP Cools Outdoor Food Fiesta SUSTAINABILITY With temperatures at a high of 33 degree Celsius, Nathasha Azman was relieved to spot SP Group’s outdoor coolers in Food Fiesta 2019 at Bayfront Avenue. Like many others, Nathasha was “chilling” near the outdoor coolers. Each unit can lower surrounding temperatures to around 24 degree Celsius, much like enjoying air-conditioning outdoors. In the hot and humid climate of Singapore, this provided a huge respite for many a visitor to Food Fiesta. The cooling technique taps on the world’s largest underground district cooling network, located at Marina Bay and operated by SP Group. The outdoor cooling solution delivers temperatures lower than that of cool mist of ventilation fans. Air blown out is also comfortably dryer than evaporative air coolers.  SP Group’s outdoor cooling solution has unlocked the potential for urban spaces in many ways. Aside from al fresco dining, visitors to the area were spotted playing outdoor games and taking naps in the hammocks provided. “It is a good idea to have outdoor cooling. We should have more of them in different spots so that we can walk around more comfortably, as it is less hot,” suggested Ivy Chew, another visitor to Food Fiesta. — 29 April 2019 TAGS SUSTAINABILITYOUTDOOR COOLING YOU MIGHT BE INTERESTED TO READ SP Group’s Integrated Energy Solutions to Power Rangsit University’s Green Energy Transformation SP is partnering Rangsit University (RSU) in Thailand to transform RSU’s main campus into a smart energy, low-carbon academic environment. Empowering change Jerome Choong shares the extent of work behind the scenes that goes towards upholding Singapore’s electricity network reliability, while Jennifer Ong elaborates on SP’s expansion into overseas markets. Empowering Green Capabilities Satinderpal Singh and Fong Yi Kit deal with the polarising "hot" and "cold" elements at work, but share one thing in common: empowering organisations with tools to create a low carbon, smart energy Singapore. Category: Sustainability Joint Media Release - Outdoor Cooling Innovation Made In Singapore By ST Engineering And SP Group For National Day Paradehttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/b6ee8da8-4085-4f09-adfe-57cd645c169d/%5B20170727%5D+Joint+Media+Release+-+Outdoor+Cooling+Innovation+Made+In+Singapore+By+ST+Engineering+And+SP+Group+For+National+Day+Parade.pdf?MOD=AJPERES&CVID= 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 Searchhttps://www.spgroup.com.sg/search?tag=outdoor-cooling Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/sp-cools-outdoor-food-fiesta SP Energy HubAnnual ReportReliabilitySustainabilityInnovation SP Cools Outdoor Food Fiesta SUSTAINABILITY With temperatures at a high of 33 degree Celsius, Nathasha Azman was relieved to spot SP Group’s outdoor coolers in Food Fiesta 2019 at Bayfront Avenue. Like many others, Nathasha was “chilling” near the outdoor coolers. Each unit can lower surrounding temperatures to around 24 degree Celsius, much like enjoying air-conditioning outdoors. In the hot and humid climate of Singapore, this provided a huge respite for many a visitor to Food Fiesta. The cooling technique taps on the world’s largest underground district cooling network, located at Marina Bay and operated by SP Group. The outdoor cooling solution delivers temperatures lower than that of cool mist of ventilation fans. Air blown out is also comfortably dryer than evaporative air coolers.  SP Group’s outdoor cooling solution has unlocked the potential for urban spaces in many ways. Aside from al fresco dining, visitors to the area were spotted playing outdoor games and taking naps in the hammocks provided. “It is a good idea to have outdoor cooling. We should have more of them in different spots so that we can walk around more comfortably, as it is less hot,” suggested Ivy Chew, another visitor to Food Fiesta. — 29 April 2019 TAGS SUSTAINABILITYOUTDOOR COOLING YOU MIGHT BE INTERESTED TO READ SP Group’s Integrated Energy Solutions to Power Rangsit University’s Green Energy Transformation SP is partnering Rangsit University (RSU) in Thailand to transform RSU’s main campus into a smart energy, low-carbon academic environment. Empowering change Jerome Choong shares the extent of work behind the scenes that goes towards upholding Singapore’s electricity network reliability, while Jennifer Ong elaborates on SP’s expansion into overseas markets. Empowering Green Capabilities Satinderpal Singh and Fong Yi Kit deal with the polarising "hot" and "cold" elements at work, but share one thing in common: empowering organisations with tools to create a low carbon, smart energy Singapore. Category: Sustainability Joint Media Release - Outdoor Cooling Innovation Made In Singapore By ST Engineering And SP Group For National Day Paradehttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/b6ee8da8-4085-4f09-adfe-57cd645c169d/%5B20170727%5D+Joint+Media+Release+-+Outdoor+Cooling+Innovation+Made+In+Singapore+By+ST+Engineering+And+SP+Group+For+National+Day+Parade.pdf?MOD=AJPERES&CVID= 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 Media Coveragehttps://www.spgroup.com.sg/about-us/media-resources/media-coverage?page=26 Media Coverage Catch the latest news on SP All Years 21 Sep 2017 The Business Times - SP Group Ties Up With Two Overseas Startups Source: The Business Times © Singapore Press Holdings Limited. Permission required for reproduction 08 Sep 2017 The Straits Times - SP Group Raises Over $620k For Needy Elderly Source: The Straits Times © Singapore Press Holdings Limited. Permission required for reproduction 05 Aug 2017 The Sunday Times - People In The Seat Of Power Source: The Sunday Times © Singapore Press Holdings Limited. Permission required for reproduction 05 Aug 2017 The Sunday Times - Forget The Lights, We're Worried About The Fridge Source: The Straits Times © Singapore Press Holdings Limited. Permission required for reproduction 27 Jul 2017 Berita Harian - New Innovation To Cool Spectators Source: Berita Harian © Singapore Press Holdings Limited. Permission required for reproduction 27 Jul 2017 Lianhe Zaobao - Singapore Comes Up With Outdoor Aircon So That The Public Can Watch NDP In Cool Comfort Source: Lianhe Zaobao © Singapore Press Holdings Limited. Permission required for reproduction 27 Jul 2017 The Straits Times - Local Firms Tie Up To Raise The Cool Factor At NDP Source: The Straits Times © Singapore Press Holdings Limited. Permission required for reproduction 27 Jul 2017 CNBC - Scaling Sustainable Solutions Source: CNBC © Singapore Press Holdings Limited. Permission required for reproduction. 26 Jul 2017 The Straits Times - Bukit Panjang CC's Green Revamp Pays Off Source: The Straits Times © Singapore Press Holdings Limited. Permission required for reproduction 26 Jul 2017 Lianhe Zaobao - Northwest Region Will Promote Energy Saving Measures Source: Lianhe Zaobao © Singapore Press Holdings Limited. Permission required for reproduction 1 ... 25 26 27 ... 40 Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/transforming-to-serve-you-better SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Transforming to Serve You Better RELIABILITY 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 future-ready solutions. 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 world-class 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. 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 future-ready 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. 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 air-conditioning 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. 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 TAGS CHAIRMAIN'S MESSAGE 2017YEAR IN REVIEW 2017 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. Empowering talent Benjamin Festin describes how SP is constantly designing programmes for employees to grow and upskill, while Muhammad Ariff Bin Ramli shares how he feels empowered to assume greater responsibilities in his job role. 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Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search 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 celebrations comes with a greener and cooler upgrade. Back for a second year, SP Group and ST Engineering have an improved outdoor cooling solution at the National Day Parade 2018, to help spectators beat the heat. The system will cool sections seating beneficiaries with special needs, such as those in wheelchairs. These spectators can enjoy the parade, performances and festivities in cool comfort outdoors, through this made-in-Singapore innovation. This year’s improved version has direct individualised air outlets with adjustable louvers that uniformly distributes cold air as low as 22 degrees celsius throughout the area. It has also been designed to blend into the seating area to optimise space and avoid obstructing spectators’ view. "It's a brilliant idea that is cooling everyone. It's helping all the spectators here, making them so comfortable. I was here last year and this makes it a world of difference." — Suresh Vanaz "This is my first NDP, and when I arrived, I was surprised to find this cooling solution at my seat. It certainly makes it a more comfortable and enjoyable experience." — Theresa Lee Building on SP’s underground district cooling network at Marina Bay, this solution also consumes 90 per cent less energy than conventional air-conditioning for the same cooling capacity. — 6 August 2018 TAGS SUSTAINABILITYOUTDOOR COOLINGDISTRICT COOLING YOU MIGHT BE INTERESTED TO READ SP Group’s Integrated Energy Solutions to Power Rangsit University’s Green Energy Transformation SP is partnering Rangsit University (RSU) in Thailand to transform RSU’s main campus into a smart energy, low-carbon academic environment. Empowering change Jerome Choong shares the extent of work behind the scenes that goes towards upholding Singapore’s electricity network reliability, while Jennifer Ong elaborates on SP’s expansion into overseas markets. Empowering Green Capabilities Satinderpal Singh and Fong Yi Kit deal with the polarising "hot" and "cold" elements at work, but share one thing in common: empowering organisations with tools to create a low carbon, smart energy Singapore. Category: Sustainability Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/smart-grid-index-2021-a-smarter-and-greener-grid SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Smart Grid Index 2021: A smarter and greener grid SUSTAINABILITY In a year of transformation and growing energy transition, utilities around the globe have deepened their commitment to tackling climate change. The global Smart Grid Index (SGI) 2021 by SP Group sees utilities speed up plans towards a decarbonised grid. From the increased focus on green energy and steep rise of renewable energy penetration to electric vehicle charging initiatives, the latest index indicates unprecedented levels of commitment to reduce carbon emissions. Globally, 65 per cent of utilities have solar and wind energy contributing more than 10 per cent of system demand, an increase of nine per cent from the previous year. About 45 per cent of utilities are actively enabling the use of electric vehicles through public charging infrastructure. Into its fourth year, the SGI is a benchmarking tool for key players in the industry to share and drive best practices on smart grid advancement. A total of 86 utilities across 37 countries participated in this year’s indexing exercise. With the energy transformation picking up pace, this annual Index will play an even bigger role in helping grid operators track their progress as the sector races to meet climate change targets. For details of the SGI benchmarking findings, visit here TAGS SUSTAINABILITY YOU MIGHT BE INTERESTED TO READ SP Group’s Integrated Energy Solutions to Power Rangsit University’s Green Energy Transformation SP is partnering Rangsit University (RSU) in Thailand to transform RSU’s main campus into a smart energy, low-carbon academic environment. Empowering change Jerome Choong shares the extent of work behind the scenes that goes towards upholding Singapore’s electricity network reliability, while Jennifer Ong elaborates on SP’s expansion into overseas markets. Empowering Green Capabilities Satinderpal Singh and Fong Yi Kit deal with the polarising "hot" and "cold" elements at work, but share one thing in common: empowering organisations with tools to create a low carbon, smart energy Singapore. Category: Sustainability 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 celebrations comes with a greener and cooler upgrade. Back for a second year, SP Group and ST Engineering have an improved outdoor cooling solution at the National Day Parade 2018, to help spectators beat the heat. The system will cool sections seating beneficiaries with special needs, such as those in wheelchairs. These spectators can enjoy the parade, performances and festivities in cool comfort outdoors, through this made-in-Singapore innovation. This year’s improved version has direct individualised air outlets with adjustable louvers that uniformly distributes cold air as low as 22 degrees celsius throughout the area. It has also been designed to blend into the seating area to optimise space and avoid obstructing spectators’ view. "It's a brilliant idea that is cooling everyone. It's helping all the spectators here, making them so comfortable. I was here last year and this makes it a world of difference." — Suresh Vanaz "This is my first NDP, and when I arrived, I was surprised to find this cooling solution at my seat. It certainly makes it a more comfortable and enjoyable experience." — Theresa Lee Building on SP’s underground district cooling network at Marina Bay, this solution also consumes 90 per cent less energy than conventional air-conditioning for the same cooling capacity. — 6 August 2018 TAGS SUSTAINABILITYOUTDOOR COOLINGDISTRICT COOLING YOU MIGHT BE INTERESTED TO READ SP Group’s Integrated Energy Solutions to Power Rangsit University’s Green Energy Transformation SP is partnering Rangsit University (RSU) in Thailand to transform RSU’s main campus into a smart energy, low-carbon academic environment. Empowering change Jerome Choong shares the extent of work behind the scenes that goes towards upholding Singapore’s electricity network reliability, while Jennifer Ong elaborates on SP’s expansion into overseas markets. Empowering Green Capabilities Satinderpal Singh and Fong Yi Kit deal with the polarising "hot" and "cold" elements at work, but share one thing in common: empowering organisations with tools to create a low carbon, smart energy Singapore. Category: Sustainability Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/smart-grid-index-2021-a-smarter-and-greener-grid SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Smart Grid Index 2021: A smarter and greener grid SUSTAINABILITY In a year of transformation and growing energy transition, utilities around the globe have deepened their commitment to tackling climate change. The global Smart Grid Index (SGI) 2021 by SP Group sees utilities speed up plans towards a decarbonised grid. From the increased focus on green energy and steep rise of renewable energy penetration to electric vehicle charging initiatives, the latest index indicates unprecedented levels of commitment to reduce carbon emissions. Globally, 65 per cent of utilities have solar and wind energy contributing more than 10 per cent of system demand, an increase of nine per cent from the previous year. About 45 per cent of utilities are actively enabling the use of electric vehicles through public charging infrastructure. Into its fourth year, the SGI is a benchmarking tool for key players in the industry to share and drive best practices on smart grid advancement. A total of 86 utilities across 37 countries participated in this year’s indexing exercise. With the energy transformation picking up pace, this annual Index will play an even bigger role in helping grid operators track their progress as the sector races to meet climate change targets. For details of the SGI benchmarking findings, visit here TAGS SUSTAINABILITY YOU MIGHT BE INTERESTED TO READ SP Group’s Integrated Energy Solutions to Power Rangsit University’s Green Energy Transformation SP is partnering Rangsit University (RSU) in Thailand to transform RSU’s main campus into a smart energy, low-carbon academic environment. Empowering change Jerome Choong shares the extent of work behind the scenes that goes towards upholding Singapore’s electricity network reliability, while Jennifer Ong elaborates on SP’s expansion into overseas markets. Empowering Green Capabilities Satinderpal Singh and Fong Yi Kit deal with the polarising "hot" and "cold" elements at work, but share one thing in common: empowering organisations with tools to create a low carbon, smart energy Singapore. Category: Sustainability Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner Search 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 celebrations comes with a greener and cooler upgrade. Back for a second year, SP Group and ST Engineering have an improved outdoor cooling solution at the National Day Parade 2018, to help spectators beat the heat. The system will cool sections seating beneficiaries with special needs, such as those in wheelchairs. These spectators can enjoy the parade, performances and festivities in cool comfort outdoors, through this made-in-Singapore innovation. This year’s improved version has direct individualised air outlets with adjustable louvers that uniformly distributes cold air as low as 22 degrees celsius throughout the area. It has also been designed to blend into the seating area to optimise space and avoid obstructing spectators’ view. "It's a brilliant idea that is cooling everyone. It's helping all the spectators here, making them so comfortable. I was here last year and this makes it a world of difference." — Suresh Vanaz "This is my first NDP, and when I arrived, I was surprised to find this cooling solution at my seat. It certainly makes it a more comfortable and enjoyable experience." — Theresa Lee Building on SP’s underground district cooling network at Marina Bay, this solution also consumes 90 per cent less energy than conventional air-conditioning for the same cooling capacity. — 6 August 2018 TAGS SUSTAINABILITYOUTDOOR COOLINGDISTRICT COOLING YOU MIGHT BE INTERESTED TO READ SP Group’s Integrated Energy Solutions to Power Rangsit University’s Green Energy Transformation SP is partnering Rangsit University (RSU) in Thailand to transform RSU’s main campus into a smart energy, low-carbon academic environment. Empowering change Jerome Choong shares the extent of work behind the scenes that goes towards upholding Singapore’s electricity network reliability, while Jennifer Ong elaborates on SP’s expansion into overseas markets. Empowering Green Capabilities Satinderpal Singh and Fong Yi Kit deal with the polarising "hot" and "cold" elements at work, but share one thing in common: empowering organisations with tools to create a low carbon, smart energy Singapore. Category: Sustainability Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/smart-grid-index-2021-a-smarter-and-greener-grid SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Smart Grid Index 2021: A smarter and greener grid SUSTAINABILITY In a year of transformation and growing energy transition, utilities around the globe have deepened their commitment to tackling climate change. The global Smart Grid Index (SGI) 2021 by SP Group sees utilities speed up plans towards a decarbonised grid. From the increased focus on green energy and steep rise of renewable energy penetration to electric vehicle charging initiatives, the latest index indicates unprecedented levels of commitment to reduce carbon emissions. Globally, 65 per cent of utilities have solar and wind energy contributing more than 10 per cent of system demand, an increase of nine per cent from the previous year. About 45 per cent of utilities are actively enabling the use of electric vehicles through public charging infrastructure. Into its fourth year, the SGI is a benchmarking tool for key players in the industry to share and drive best practices on smart grid advancement. A total of 86 utilities across 37 countries participated in this year’s indexing exercise. With the energy transformation picking up pace, this annual Index will play an even bigger role in helping grid operators track their progress as the sector races to meet climate change targets. For details of the SGI benchmarking findings, visit here TAGS SUSTAINABILITY YOU MIGHT BE INTERESTED TO READ SP Group’s Integrated Energy Solutions to Power Rangsit University’s Green Energy Transformation SP is partnering Rangsit University (RSU) in Thailand to transform RSU’s main campus into a smart energy, low-carbon academic environment. Empowering change Jerome Choong shares the extent of work behind the scenes that goes towards upholding Singapore’s electricity network reliability, while Jennifer Ong elaborates on SP’s expansion into overseas markets. Empowering Green Capabilities Satinderpal Singh and Fong Yi Kit deal with the polarising "hot" and "cold" elements at work, but share one thing in common: empowering organisations with tools to create a low carbon, smart energy Singapore. Category: Sustainability Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/38-years-with-SP-Growing-through-Change SP Energy HubAnnual ReportReliabilitySustainabilityInnovation 38 Years with SP: Growing through Change RELIABILITY Maizan Binte Abdullah, Senior Technician from Condition Monitoring (CM), manages a team of 10 to perform health checks across substations in the north of Singapore. Her team collates and analyses recorded measurements and checks for anomalies in switchgears and transformers. Maizan Binte Abdullah performing condition monitoring checks. (Photo was taken before circuit breaker) When Maizan joined SP 38 years ago, she was doing something quite different. Learning and Adapting After completing her post-secondary education, Maizan started as an apprentice in the Electro Mechanical Maintenance Fitting department at the Public Utilities Board (PUB). Subsequently, she was posted to the Meters section to conduct meter maintenance activities. Maizan (in blue attire) and her former colleagues from Meters section enjoying a durian feast together. When PUB corporatised in 1995, she moved to SP where she continued with the Meters section for the next 14 years. She would have thought that would be her home for the rest of her career. However in 2019, she was seconded to CM. This change to field work seemed to be unsurmountable, having been in a deskbound administrative role for more than 20 years. “Given my age, I was very worried that I may not be able to cope with the demands of the new role. However, I recognised that I needed to move out of my comfort zone and acquire new skills to remain relevant,” shared Maizan. After going through training and with strong support from her team and the management, Maizan is settling so well at CM that she became the team lead for North Zone in the same year. A lifelong learner, Maizan completed her part-time Diploma in Engineering (Power Engineering) programme at Singapore Polytechnic in May 2020 under SP’s sponsorship. She soldiered on despite having to juggle her new role and studies. “There were times when I felt overwhelmed and felt like giving up. I am glad I had the support from my family, my boss and colleagues who encouraged me to persevere. This experience has been very enriching, and I look forward to continue growing!” exclaimed Maizan. Growing despite COVID-19 With this mindset, Maizan and her team continued to learn new ways of working to carry out their duties during the Circuit Breaker period. Maizan and her colleagues use handheld detectors to detect for abnormalities in the network. This is to prevent faults from developing and causing power disruptions. “Due to the need to minimise contact, we had to stagger our working hours. This is a challenge as CM relies heavily on teamwork. We also had to wear a mask when doing checks in the substation, which is an enclosed space and often hot and humid,” shared Maizan. However, Maizan takes it in her stride. She performs daily check-ins with her team members via instant messaging and tele-conferencing. With a sparkle in her eyes, she said, “Work is never the same every day. I take this as an opportunity to grow – to be stronger and better in managing change and future crises.” — 27 July 2020 TAGS LIFELONG LEARNERPEOPLE OF SPRELIABILITYCONDITION MONITORING 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. Empowering talent Benjamin Festin describes how SP is constantly designing programmes for employees to grow and upskill, while Muhammad Ariff Bin Ramli shares how he feels empowered to assume greater responsibilities in his job role. Category: Reliability 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 celebrations comes with a greener and cooler upgrade. Back for a second year, SP Group and ST Engineering have an improved outdoor cooling solution at the National Day Parade 2018, to help spectators beat the heat. The system will cool sections seating beneficiaries with special needs, such as those in wheelchairs. These spectators can enjoy the parade, performances and festivities in cool comfort outdoors, through this made-in-Singapore innovation. This year’s improved version has direct individualised air outlets with adjustable louvers that uniformly distributes cold air as low as 22 degrees celsius throughout the area. It has also been designed to blend into the seating area to optimise space and avoid obstructing spectators’ view. "It's a brilliant idea that is cooling everyone. It's helping all the spectators here, making them so comfortable. I was here last year and this makes it a world of difference." — Suresh Vanaz "This is my first NDP, and when I arrived, I was surprised to find this cooling solution at my seat. It certainly makes it a more comfortable and enjoyable experience." — Theresa Lee Building on SP’s underground district cooling network at Marina Bay, this solution also consumes 90 per cent less energy than conventional air

SINGAPORE POWER ANNUAL REPORT 2014/15 POWERING OUR NATION 20/20 BUILDING OUR FUTURE The black & white photo featured on the cover was obtained from the Kouo Shang-wei Collection 郭 尚 慰 收 集 . All rights reserved, family of Kouo Shang-wei and National Library Board Singapore 2007. CONTENTS Financial Highlights 03 Chairman’s Message 06 Board Of Directors 10 Senior Management 14 Group Structure 15 Corporate Governance 18 Risk Management 21 Awards & Accolades 22 Building on Trust 26 Serving Up Power with a Smile 34 Power People 40 Powering with Heart 46 Safety First 50 Financial Summary 54 Pictured from top to bottom Picture 1 JONATHAN OOI WEI HSIN Director, Legal & Corp Secretariat MARY ELLAMAH ABISHAGAM Senior Admin Assistant, Metering Data Management Picture 2 YUSLANE BIN ISHAK Engineering Officer, Singapore District Cooling Picture 3 MUHAMMAD REDZUAN BIN SULAIMAN (STANDING) Engineer, Gas Operations THE SINGAPORE POWER GROUP Singapore Power (SP) Limited is a leading energy utility company in Asia Pacific. One of Singapore’s largest corporations, SP recorded revenues of S$4.8 billion and assets of S$15.6 billion in FY 14/15. SP owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia. It also owns and operates the world’s largest underground district cooling network in Singapore, and is setting up district cooling operations in China. More than 1.4 million industrial, commercial and residential customers in Singapore benefit from SP’s world-class transmission, distribution and market support services. The SP networks in Singapore are amongst the most reliable and cost-effective worldwide. In Australia, SP’s 40 per cent-owned SGSPAA, a diversified energy utility company, and 31.1 per cent-owned AusNet Services, which is publicly listed on the Australian and Singapore Stock Exchanges, collectively serve 3.8 million customers. OUR MISSION We provide reliable and efficient energy utility services to enhance the economy and the quality of life. OUR VALUES COMMITMENT • We commit to creating value for our customers, our people, and our shareholders. • We uphold the highest standards of service and performance. INTEGRITY • We act with honesty. • We practise the highest ethical standards. PASSION • We take pride and ownership in what we do. TEAMWORK • We support, respect and trust each other. • We continually learn, and share ideas and knowledge. From left to right TAN HUNG KHING Principal Engineer, Electricity Operations, SP PowerGrid DR LYNDA YAO DAILIN Executive Engineer, Asset Management, SP PowerGrid FINANCIAL HIGHLIGHTS REVENUE FROM CONTINUING OPERATIONS (S$million) TOTAL ASSETS (S$million) 6,000 5,000 4,000 4,942 4,840 4,793^ 40,000 30,000 34,456 3,000 2,000 1,000 20,000 10,000 16,980^ 15,635 0 0 FY2012/13 FY2013/14 FY2014/15 FY2012/13 FY2013/14 FY2014/15 NET PROFIT AFTER TAX (S$million) SHAREHOLDERS’ EQUITY (S$million) 1,000 800 991 10,000 922^ 878 * 8,000 8,464 9,221^ 8,528 600 6,000 400 4,000 200 2,000 0 0 FY2012/13 FY2013/14 FY2014/15 FY2012/13 FY2013/14 FY2014/15 ECONOMIC VALUE ADDED (EVA) (S$million) 400 RETURN ON EQUITY (%) 20 300 257 235 284 15 10.5 * 10.4^ 11.2 200 10 100 5 0 0 FY2012/13 FY2013/14 FY2014/15 FY2012/13 FY2013/14 FY2014/15 ^ Restated * Excludes exceptional items on impairment 03 THEN ENERGISED FOR GROWTH From lighting up kampongs to illuminating skyscrapers and powering high-tech industries, Singapore Power has grown alongside our nation, energising Singapore’s dynamic landscape, and transforming the way we live, work and play. SOURCE: THE STRAITS TIMES © SINGAPORE PRESS HOLDINGS LIMITED. PERMISSION REQUIRED FOR REPRODUCTION. NOW More than 1.4 million industrial, commercial and residential customers in Singapore count on Singapore Power for reliable power supply and efficient services. CHAIRMAN’S MESSAGE Currently, Singapore’s electricity and gas networks stand amongst the world’s best in terms of reliability and efficiency. As we celebrate our 50th National Day (SG50) and Singapore Power’s 20th anniversary, let us reflect on and acknowledge the achievements of this young nation and the contributions made by the company. It is an honour for us to contribute to the economic growth of Singapore and the quality of life that we enjoy. We have planned a number of initiatives for the community, led by our employees, centred on bringing the Gift of Power to Singapore. FINANCIAL PERFORMANCE For the financial year 2014/15, the Group’s net profit increased by 7.52 per cent to S$991 million, largely due to the strong operating performance of our transmission and distribution businesses. However, the increase was partially offset by the lower profit contribution from our associate companies in Australia, particularly AusNet Services, which made several tax-related provisions in the financial year. During the year, the company made a S$1 billion capital repayment to our shareholder and continued to invest in Singapore’s electricity and gas networks. INVESTING IN PEOPLE Currently, Singapore’s electricity and gas networks stand amongst the world’s best in terms of reliability and efficiency. At the core of our service is our focus on people – helping our employees achieve their highest potential, and ensuring that they work safely to deliver the quality and value expected by our customers and the community. In October 2014, we established the Singapore Institute of Power and Gas to support the training and development needs of the power and gas sector. All major power players in Singapore will be invited to provide input into developing the curriculum. In the future, the institute can expand to provide training to power sector employees from around the region. We awarded our second batch of SP Nithiah Nandan Polytechnic and ITE scholarships to 21 students. These scholarships will provide for the students education and a career with the company upon graduation. In developing the next generation of engineers, our EDGE (Engineering Development for Graduates) programme provides holistic, structured training and development for new graduates. Within the group, a development plan of continuous learning for all staff ensures that staff capabilities are enhanced and that their skill sets remain relevant in a rapidly evolving industry. RELIABILITY AND SERVICES The economy of Singapore and lifestyle of its people depend on 06 reliable energy supply. As such, employees must be vigilant and disciplined in operating and maintaining our networks. In terms of reliability and efficiency, Singapore consumers enjoy the fewest and shortest outages in the world. We are happy to report that last year, the average electricity customer experienced 0.34 minute of electricity interruption – a 54 per cent improvement over the previous year – while the average gas customer experienced 0.14 minute of interruption, an improvement of 76 per cent. In keeping up with the digital economy, we have taken steps towards making our services more accessible and convenient for our customers, who can now conduct utilities transactions via a mobile app at their convenience. Household customers are able to check their consumption of energy and water, and compare their usage against their neighbours’. Our goal is to help them manage their consumption more efficiently, and by doing so, save money and energy. Our newly-opened Customer Service Centre at Cross Street and our Service Centres at Woodlands and HDB Hub in Toa Payoh offer improved facilities, including selfservice kiosks. At the national level, we continue to play a significant role in the implementation of retail contestability, which provides flexibility to customers to choose the company they wish to buy their electricity from. We enhanced our back-end and IT systems and, as of 31 May this year, 45,000 smart meters have been installed. The smart meters relay energy use and pricing information to consumers and energy providers, and measure customers’ usage at half-hourly intervals. As testimony to our efforts to deliver service excellence, an independent customer satisfaction survey ranked SP Services as the best among Singapore’s major service providers. Customers also rated our staff as the most courteous, helpful and knowledgeable among the eight service providers included in the survey. In planning for the future and to enhance supply reliability, we recently completed the 230kV Upper Jurong substation to meet increasing demand and facilitate connections to customers and power generation companies. We reached a major milestone with the Singapore Power Cable Tunnel Project when our boring machines broke through in Paya Lebar and Rangoon in February 2015. This five-year project, scheduled for completion in 2018, is one our longest and largest infrastructural projects, and will Last year, the average electricity customer experienced 0.34 minute of electricity interruption – a 54 per cent improvement over the previous year – while the average gas customer experienced 0.14 minute of interruption, an improvement of 76 per cent ensure that Singapore continues to enjoy reliable power supply in the future. A PART OF SINGAPORE’S SUSTAINABILITY VISION Supporting the growth of new, environmentally friendly and sustainable power sources remains an important goal at Singapore Power. Singapore District Cooling (SDC) is the largest underground districtcooling network in the world. Offering a more efficient cooling system than conventional building cooling systems, SDC helps its customers in the Marina Bay district achieve significant energy savings. SDC recorded zero accident and supply disruptions for the second 07 CHAIRMAN’S MESSAGE consecutive year, a record for both reliability and quality of supply that we are proud of. During the year, we acquired the remaining 40 per cent of SDC. As a fully-owned subsidiary, SDC will be able to leverage our extensive technical and commercial networks, and strong and diverse bench strength to pursue new opportunities in and outside the country. In May 2015, SDC signed an agreement with CapitaLand Limited (CapitaLand) to provide district cooling for the Raffles City Chongqing in China. We will design, During the year, our safety performance improved by 50 per cent compared to the previous year, as measured by the Lost Time Injury Frequency Rate (LTIFR) build, own and operate an advanced energy-efficient cooling system for the development. In the renewable energy sector, we continue to support solar energy. We have reduced the processing time for PV integration into Singapore’s grid from 27 days to seven days and established a PV registry to ensure grid stability. We continue to assist small PV users in selling excess power to the national grid by removing the need for them to register with the Energy Market Company. In October 2014, we partnered with the Energy Market Authority to launch “Energy Heroes: It’s Your Power”, an energy efficiency campaign for school children. The campaign educates students on energy conservation in a fun and interactive way. We believe that by engaging with our younger consumers, we will create an “energy-aware” population for the future. The Singapore Power Centre of Excellence (CoE) for Energy Development and Piloting was launched during the year. The CoE will drive the innovation and commercialisation of nextgeneration energy network technologies as we work towards greater reliability and efficiency of Singapore’s infrastructure. Supported by the Singapore Economic Development Board (EDB), the CoE will develop, test and integrate cutting-edge technologies such as remote sensors and intelligent drones into Singapore’s infrastructure networks. SAFETY CHAMPION The safety of our employees, contractors and customers is of utmost importance to us, and we will continue to improve our performance in this area. During the year, our safety performance improved by 50 per cent compared to the previous year, as measured by the Lost Time Injury Frequency Rate (LTIFR). Over the course of FY 14/15, we introduced various new safety initiatives including the Vehicle and Driving Safety Programme, and took steps to enhance the safety of our contractors as well. The Safety@SPPG (SP PowerGrid) programme, for example, is aimed at helping all workers on our sites learn how to perform common tasks safely. SP PowerGrid formed four safety committees to monitor various aspects of workplace safety. In recognition of our efforts, SP PowerGrid received the bizSAFE Partner Award last year, while SP Services received the bizSAFE Star, the highest level of accreditation under the Workplace Safety and Health Council’s BizSAFE framework. 08 GIVING BACK TO SINGAPORE As part of the SG50 celebrations, the company undertook the following activities:– We are providing mobile device charging stations at hospitals, libraries, tertiary institutions, supermarkets and other selected public places. Recognising that mobile devices have become a necessity of modern living, “Gift of Power” will provide easy access for the public to charge their devices. We were the main sponsor and presenter of the “Love from the STARS” charity dinner and concert, which featured international artistes Jackie Chan, Wakin Chau, Jonathan Lee and Eric Tsang. This high profile event raised about S$6.4 million for six local charities including the Singapore Power Heartware Fund, which supports the Community Chest’s 31 programmes for the elderly. In total, we raised more than S$1.2 million for the SP Heartware Fund in the last financial year, S$600,000 of which was from our SP Charity Golf 2014, a record in the nine-year history of the event. IN APPRECIATION We welcome to the senior management Chief Legal Officer Lena Chia, Chief Financial Officer Stanley Huang, SP Telecommunications CEO Poh Mui Hoon and Head of Group Safety and Health Samuel Tso. We thank former Chief Financial Officer Lim Lay Hong for her contributions to the company during her 10 years of service, until 31 March 2015. On behalf of the Board of Directors, I would like to thank the management and the staff unions, as well as regulators and government agencies in Singapore and Australia for their valuable advice and support in the last financial year. To the members of the Board, thank you for your guidance and counsel. To Singapore, all of us at Singapore Power wish you a Happy 50th Birthday. We look forward to many more years of Powering The Nation to new heights. As part of the SG50 celebrations… we are providing mobile device charging booths located at hospitals, libraries, tertiary institutions, supermarkets and other selected public places. At the individual level, our employees volunteered a total of 5,000 hours to community service, far exceeding the 3,000 hours target. MOHD HASSAN MARICAN Chairman July 2015 09 BOARD OF DIRECTORS TAN SRI MOHD HASSAN MARICAN HO TIAN YEE TAN CHEE MENG Tan Sri Mohd Hassan Marican is the Chairman of Singapore Power Ltd. He joined the Board on 15 February 2011 and was appointed Chairman on 30 June 2012. Tan Sri Hassan is also the Chairman of Pavilion Energy Pte Ltd, Pavilion Gas Pte Ltd, Sembcorp Marine Ltd and Lan Ting Holdings Pte Ltd; and a Director of Sembcorp Industries Ltd, Regional Economic Development Authority of Sarawak, Sarawak Energy Berhad, Lambert Energy Advisory Ltd and mh Marican Advisory Sdn Bhd. He is also a Senior International Advisor of Temasek International Advisors, a subsidiary of Temasek Holdings. Tan Sri Hassan was the President & CEO of Malaysia’s Petroliam Nasional (PETRONAS) from 1995 until his retirement in February 2010, with over 30 years of experience in the energy sector, finance and management. Mr Ho Tian Yee joined the Board in May 2003. He is also a Director of AusNet Services Ltd (which became the new single head entity of AusNet Services in place of its triple-stapled structure). Mr Ho is the Managing Director of Pacific Asset Management (S) Pte Ltd. He has been appointed as Investment Advisor of Blue Edge Advisors Pte Ltd and holds directorships in publicly-listed companies including DBS Group Holdings Ltd and DBS Bank Ltd. He is also a Director of Fullerton Fund Management Co Ltd and was formerly a Director of Fraser and Neave Ltd and Singapore Exchange Ltd. Mr Ho has over 30 years’ experience in managing global financial products and in organisational management. Mr Tan Chee Meng joined the Board in August 2005. A Senior Counsel, Mr Tan is the Deputy Chairman of WongPartnership LLP. Mr Tan sits on the boards of Urban Redevelopment Authority, Jurong Town Corporation, St Gabriel’s Foundation, All Saints Home, WOPA Services Pte Ltd and TJ Holdings (III) Pte Ltd. He is also the Chairman of the School Management Committee of Assumption English School. 10 CHOI SHING KWOK OON KUM LOON Mr Choi Shing Kwok joined the Board in August 2006. He is the Permanent Secretary of the Ministry of the Environment and Water Resources. Mr Choi was also the Chairman of PowerGas Ltd and a Director of SP PowerAssets Ltd. Formerly the Permanent Secretary of the Ministry of Transport, Mr Choi has had a long career in government and was awarded the Meritorious Service Medal in 2000 and the Long Service Award in 2004 by the Government of Singapore. He has also received state awards from foreign governments. Mrs Oon Kum Loon joined the Board in April 2010. She is also a Director on the boards of Keppel Corporation Ltd, Keppel Land Ltd and Jurong Port Pte Ltd. Mrs Oon is a member of the Securities Industry Council. Mrs Oon has about 30 years of extensive experience with DBS Bank Ltd, and held positions including Chief Financial Officer, Managing Director and Head of Group Risk Management. During her career with the bank, she was responsible for treasury and markets operations, corporate finance, and credit management and for the development and implementation of a group-wide integrated risk management framework. 11 BOARD OF DIRECTORS TAN PUAY CHIANG ONG YEW HUAT TIMOTHY CHIA CHEE MING Mr Tan Puay Chiang joined the Board in April 2012. Mr Ong Yew Huat joined the Board in February 2013. Mr Timothy Chia joined the Board in June 2014. Mr Tan is the Chairman of SP Services Ltd and is also a Director on the boards of SP Services Ltd, Neptune Orient Lines Ltd, Keppel Corporation Ltd, and the Energy Studies Institute at the National University of Singapore. Mr Tan was Chairman, ExxonMobil (China) Investments Co from 2001 to 2007. During his 37-year career with Mobil and later ExxonMobil, he held extensive executive management roles in Australia, Singapore and the United States. Mr Tan has been a member of various business and industry boards including the Australian Institute of Petroleum, the Washington, D.C.- based National Policy Association, and the American Chamber of Commerce in Hong Kong. 12 He is the Chairman of United Overseas Bank Berhad, the National Heritage Board, Singapore Tyler Print Institute and the Tax Academy of Singapore. He also serves on the boards of United Overseas Bank Ltd, Singapore Mediation Center and Ascendas-Singbridge Pte Ltd. Mr Ong, a former board member of the Singapore Accounting and Corporate Regulatory Authority, and the Public Accountants Oversight Committee, retired as the Executive Chairman of Ernst & Young Singapore after serving 33 years with the firm. Mr Chia is Chairman of Gracefield Holdings Ltd and Hup Soon Global Corporation Ltd. A Senior Advisor of EQT Funds Management Ltd, Chairman – Asia for Coutts & Co. Ltd and a member of the Board of Trustees of Singapore Management University, Mr Chia also serves on the boards of several private and public-listed companies in Singapore as well as in the region. Mr Chia was instrumental in the founding of Hup Soon Global. Prior to Hup Soon Group, Mr Chia was a director of PAMA Group Inc from 1986 to 2004 where he was responsible for private equity investments and from 1995 to 2004, he was President of PAMA. Mr Chia also previously served as Vice President of the Investment Department of American International Assurance Company Ltd, President of Unithai Oxide Company Ltd and Chairman – Asia for UBS Investment Bank. NG KWAN MENG WONG KIM YIN Mr Ng Kwan Meng joined the Board in June 2014. He is the Chairman of Aestiwood Pte. Ltd. and a Director of Tasek Jurong Limited. Mr Ng retired in August 2013 as Managing Director and Head, Group Global Markets at United Overseas Bank after serving 30 years with the bank. He was also an Executive Director and Chief Executive Officer of UOB Bullion and Futures Ltd, and a Director of Tuas Power Ltd. Mr Ng was involved in the promotion of the forex and debt capital markets in Singapore. He was a member of the Singapore Foreign Exchange Market Committee, the working group on Financial Industry Competency Standards and National Integration Working Group for the Community. Mr Wong Kim Yin is the Group Chief Executive Officer of Singapore Power Ltd. He is also the Chairman of SP PowerAssets Ltd, PowerGas Ltd, SP Telecommunications Pte Ltd, SPI Management Services Pty Ltd and Enterprise Business Services (Australia) Pty Ltd as well as a Director of SP Services Ltd. Mr Wong is also a Director of CITIC Resources Holdings Ltd and SeaTown Holdings Pte Ltd and a member of the Board of Governors, Singapore Polytechnic. Mr Wong was formerly Senior Managing Director, Investments at Temasek International (Pte) Ltd, where he had been responsible for investments in various sectors, including the energy, transportation and industrial clusters. Prior to Temasek, he was with The AES Corporation, a global power company listed on the New York Stock Exchange. 13 SENIOR MANAGEMENT IN ALPHABETICAL ORDER AMELIA CHAMPION Head Corporate Affairs STANLEY HUANG 2 Chief Financial Officer POH MUI HOON Chief Executive Officer SP Telecommunications JEANNE CHENG Managing Director SP Services JIMMY KHOO Managing Director Singapore District Cooling SIM KWONG MIAN Executive Vice President Chairman, SP Engineering Board LENA CHIA Chief Legal Officer & General Counsel PETER LEONG Managing Director SP PowerGrid TAN WEI KEONG 4 Head Internal Audit MICHAEL CHIN Managing Director Special Projects SP PowerGrid CHUAH KEE HENG Head Strategic Development MADALENE HEE 1 Head Internal Audit LIM CHOR HOON Head Human Resource LIM HOWE RUN Head Regulatory Management and Strategic Investments LIM LAY HONG 3 Chief Financial Officier CHRIS LIM Managing Director SP Training and Consultancy Company SAMUEL TSO Head Group Safety and Health WONG CHIT SIENG Chief Information Officer WONG KIM YIN Group Chief Executive Officer 1 Till 21 February 2015 2 From 1 May 2015 3 Till 31 March 2015 4 From 13 March 2015 14 GROUP STRUCTURE SP PowerAssets SINGAPORE OPERATIONS Singapore District Cooling AUSTRALIA OPERATIONS SGSP (Australia) Assets (40%) SP Cross Island Tunnel Trust PowerGas SP Training and Consultancy Company SP Telecommunications AusNet Services (31.1%) SP PowerGrid Power Automation (51%) SP Services SINGAPORE OPERATIONS We own and operate Singapore’s electricity and gas transmission and distribution networks. We also provide meter reading, billing and customer service support for the utilities market. SP PowerAssets owns the electricity transmission and distribution assets, while PowerGas owns the gas transmission and distribution assets. SP Cross Island Tunnel Trust is a business trust with a portfolio comprising the North-South and East-West transmission cable tunnel assets. SP PowerGrid manages the electricity and gas transmission and distribution networks owned by SP PowerAssets and PowerGas. SP Services provides market support services to customers for electricity, gas, water and refuse removal, and facilitates electricity retail market competition. Singapore District Cooling provides chilled water services for airconditioning in buildings. SP Training and Consultancy Company provides consultancy and training, leveraging SP’s expertise in developing and operating energy utility infrastructure and businesses. SP Telecommunications provides telecommunication infrastructure services. Power Automation is a joint- venture systems integration company providing power system control, smart grid/metering, protection system and substation automation solutions. AUSTRALIA OPERATIONS SGSP (Australia) Assets (SGSPAA) and AusNet Services form the two main arms of our business in Australia. Together, their presence spans eastern Australia, and includes electricity and gas transmission and distribution ownership and operation, as well as related services. SGSPAA comprises Jemena, which owns and operates gas transmission pipelines, and gas and electricity distribution networks in New South Wales, Queensland, Victoria and the Australian Capital Territory, and Zinfra Group, which provides engineering, operations, maintenance and construction services to Jemena and external clients. AusNet Services (formerly known as SP AusNet) owns and operates Victoria’s electricity transmission network, an electricity distribution network in eastern Victoria, and a gas distribution network in western Victoria. 15 THEN SIMPLE JOYS, RICH TREASURES The bell of the ice-cream man and his trusty peddle-cart meant a welcome respite from the heat. From sweet corn to strawberry, the flavours tasted best when shared. NOW Best friends stick by us through every season of life. They light up a dark day, cheer us through our victories and are right there with us through life’s special moments. From left to right SALIMAH BINTE SULAIMAN Executive Assistant, Customer Relationship Management, SP Services KELLEY TAN YUE KEE Manager, Finance, Singapore Power CORPORATE GOVERNANCE ETHICS & ACCOUNTABILITY The Group endeavours to enhance shareholder value by ensuring the highest standards of corporate governance, transparency, accountability and integrity. The Group adheres closely to the principles and guidelines set out in the Singapore Code of Corporate Governance 2012 (the Code) for listed companies. The Company has adopted the Code as its guide for best practice standards and put in place an internal framework to ensure good corporate governance in its business practices and activities. The Whistleblower Policy, implemented in 2005, seeks to strengthen ethical business conduct in the Group. SETTING DIRECTION The Board provides broad strategic directions for the Group and undertakes key investment and funding decisions. In addition, the Board ensures that Management maintains a robust system of internal controls to protect the Group’s assets and reviews the Group’s financial performance. The Board meets at least four times a year to review the Group’s business performance. Special Board meetings may be convened as and when necessary to consider urgent corporate actions or specific issues of importance. During the financial year, the Board met four times and held a Board Strategic Review in November 2014. Directors with potential conflict in specific subject matter are recused from the relevant information flow, deliberation and decisions of such matters. ACCESS TO INFORMATION The Board is provided with relevant information prior to Board meetings and on an ongoing basis so as to enable them to make informed decisions to discharge their duties and responsibilities. Board papers include management financial reports, annual budgets and performance against budget, updates on key outstanding issues and updates on new legislative developments. The Board has separate and independent access to Senior Management. Should the Directors, whether as a group or individually, require independent professional advice to carry out their duties, the Company will arrange to appoint, at the Company’s expense, professional advisors to render due advice. Newly-appointed Directors attend an orientation programme to familiarise themselves with the Group’s business and governance practices. Directors are encouraged to attend appropriate courses, conferences and seminars so as to be better equipped to effectively discharge their duties as Directors. BOARD COMPOSITION There is a strong element of independence in the Board composition. Other than Mr Wong Kim Yin who is also the Group CEO, all the directors are independent. The Nominating Committee reviews the independence of each Director annually and provides its views to the Board for the Board’s consideration in accordance with the Code. It also evaluates the Board’s performance on an annual basis. The current Board size of 10 is appropriate for effective decisionmaking, taking into account the scope and nature of the Group’s operations. Collectively, the Directors have a wealth of expertise and experience in the management of business at senior and international levels. BOARD COMMITTEES The SP Board is supported by board committees to facilitate effective supervision of the Management. These are the Board Executive Committee, the Audit Committee, the Board Risk Management Committee, the Nominating Committee 18 and the Staff Development and Compensation Committee. As and when required for specific projects, special board steering committees and due diligence committees are formed to provide support and guidance to Management. BOARD EXECUTIVE COMMITTEE The Board Executive Committee (ExCo) comprises five Directors, four of whom are independent. The ExCo assists the Board in overseeing the performance of the Company, its subsidiaries and its associated companies. It also reviews, endorses, approves or recommends to the Board for approval acquisitions, financing plans, and the annual operating and capital expenditure budgets of the Group. The ExCo meets at least four times a year. AUDIT COMMITTEE Currently, the Audit Committee (AC) comprises five independent Directors. Members of the AC have recent and relevant accounting or related financial management expertise and experience to discharge their responsibilities. The main function of the AC is to assist the Board in discharging its statutory and oversight responsibilities relating to the financial reporting and audit processes, the systems of internal controls and the process of monitoring compliance within applicable laws, regulations and codes of conduct. Responsibilities of the AC include: • Review and approval of the audit plans of external and internal auditors; • Review of the adequacy of the internal audit function; • Review of the financial accounts of the Group and the Company; • Review of the independence and objectivity of the external auditors; and • Nomination of external auditors for re-appointment The AC holds at least three meetings a year. BOARD RISK MANAGEMENT COMMITTEE Currently, the Board Risk Management Committee (BRMC) comprises five members, four of whom are independent. The BRMC assists the Board in fulfilling its oversight responsibilities by reviewing: • The type and level of business risks that the Company, its subsidiaries and associated companies undertake on an integrated basis to achieve their business strategy; • The policies, procedures and methodologies for identifying, assessing, quantifying (where appropriate), monitoring and managing risks The BRMC is supported by the Group Risk Management Office in its risk governance responsibilities. While the BRMC oversees the SP Group’s risk management framework and policies, the risk ownership remains with the business groups. The BRMC meets at least three times a year. NOMINATING COMMITTEE The Nominating Committee (NC) comprises four Directors, all of whom are independent. The NC is responsible for formulating policies and guidelines on matters relating to Board appointments, reappointments, retirement and rotation of Directors. The NC, in consultation with the Chairman of the Board, considers and makes recommendations to the Board on the appropriate size and needs of the Board. New Directors are appointed by the Board after the NC has endorsed their appointment. New Directors must submit 19 CORPORATE GOVERNANCE (CONT’D) themselves for re-election at the next Annual General Meeting (AGM) of the Company pursuant to the Articles of Association of the Company. The Articles of Association of the Company also require no less than one-third of the Directors to retire by rotation at every AGM. The NC meets at least twice a year. STAFF DEVELOPMENT AND COMPENSATION COMMITTEE The Staff Development and Compensation Committee (SDCC) comprises four Directors, all of whom are independent Directors. The SDCC oversees the remuneration of the Group Chief Executive Officer and senior executives. The SDCC establishes and maintains an appropriate and competitive level of remuneration to attract, retain and motivate senior executives to manage the Group successfully. No Director is involved, or has participated, in any proceedings with respect to his or her own remuneration. The SDCC meets at least twice a year. COMPOSITION OF BOARD AND BOARD COMMITTEES AS AT 31 JULY 2015 Board Members Audit Committee Board Executive Committee Board Risk Management Committee Nominating Committee Staff Development & Compensation Committee Tan Sri Mohd Hassan Marican, Chairman – Chairman – Member Chairman Mr Ho Tian Yee – Member Chairman – – Mr Tan Chee Meng Member Member – Chairman – Mr Choi Shing Kwok Member – – Member – Mrs Oon Kum Loon Member – Member – Member Mr Tan Puay Chiang – Member Member – – Mr Ong Yew Huat Chairman – – Member – Mr Timothy Chia Chee Ming – – Member – Member Mr Ng Kwan Meng Member – – – Member Mr Wong Kim Yin, non-independent – Member Ex–officio – – 20 RISK MANAGEMENT The SP Group’s guiding principle is that every employee is a risk manager in his respective area of work. Key risk issues and mitigation plans are proactively highlighted to the Risk Management Committees of the respective subsidiaries as well as to the BRMC. We continue to promote a culture of risk awareness amongst staff through initiatives such as induction courses and workshops, publishing relevant articles in company periodicals, and regular interaction between risk management teams and risk owners. KEY RISK MANAGEMENT INITIATIVES IN FY14/15 • Enhancement of existing risk management processes • Update on the impact of Full Retail Contestability on SP Services • Fraud Risk Assessment Review for SP Services, the Infocomm Technology Department (ITD) and the Finance Department (Treasury and Settlement) • Review of SP PowerGrid’s key operational risks – Network & Tunnel Construction • Review of IT risk – Cyber Security & Personal Data Protection Act Compliance • Review of Singapore District Cooling’s key operational risk – Plant, piping and system network • Participation as an observer and suggested areas for improvement in Business Continuity Management Exercises. 21 AWARDS & ACCOLADES ISO 9001:2008 Certification For Quality Management System SP PowerGrid (Distribution Control & Customer Services Section) by Certification International, FY06/07 to present SP PowerGrid (Network Development) (Electricity) by Certification International, FY02/03 to present SP PowerGrid (Network Management) (Electricity) by Certification International, FY02/03 to present SP PowerGrid (Gas Operations) by SGS International Certification Services Singapore Pte Ltd, FY00/01 to present SP Services by BSI Management Systems, FY04/05 to present ISO/IEC 17025:2005 in Electrical Testing for Electricity Meters SP PowerGrid by the Singapore Accreditation Council – Singapore Laboratory Accreditation Scheme, 2000 to present ISO/IEC 17025:2005 in Electrical Testing for Current Transformers SP PowerGrid by the Singapore Accreditation Council – Singapore Laboratory Accreditation Scheme, 2000 to present ISO/IEC 27001:2013 in Operations and Maintenance of Downstream Gas Transmission and Distribution SP PowerGrid (Gas Operations) by TÜV SÜD PSB Pte Ltd, 2014 to 2017 ISO/IEC 17025:2005 in Calibration and Measurement for Gas Flow Meters SP PowerGrid by the Singapore Accreditation Council – Singapore Laboratory Accreditation Scheme, 2005 to present bizSAFE Partner Award SP PowerGrid by Workplace Safety and Health Council, 2015 SS506 Part 1:2009 BS OHSAS 18001:2007 Certification of Occupational Health & Safety Management System SP PowerGrid by Certification International, 2014 to 2017 SS506 Part 3:2013 Certification for Occupational Safety & Health Management System SP PowerGrid (Gas Operations) by Certification International, 2015 to 2018 Construction Excellence Award (For Submarine Gas Transmission Pipeline Crossing West Jurong Channel) SP PowerGrid (Gas Operations) by Building Construction Authority, 2015 Singapore Innovation Class Certification SP Services by SPRING Singapore, 2015 to 2018 Singapore Quality Class Certification (STAR) SP Services by SPRING Singapore, 2010 to 2018 Singapore Service Class Certification SP Services by SPRING Singapore, 2010 to 2018 22 BS OHSAS 18001:2007 Certification for Occupational Health & Safety Management System SP Services by Bureau Veritas, 2014 to 2017 Achiever Award, Work-Life Excellence Awards SP Services by Tripartite Alliance for Fair and Progressive Employment Practices (TAFEP), 2014 ‘Best Companies For Mums’ SG50 Special Award SP Services by National Trades Union Congress Women’s Development Secretariat (NTUC WDS) and TAFEP Most Innovative Use of Infocomm Technology Award, National Infocomm Awards Singapore District Cooling by IDA and SiTF, 2014 BS OHSAS 18001:2007 Certification for Occupational Health & Safety Management System Singapore District Cooling by TÜV SÜD PSB Pte Ltd, 2014 to 2017 People Developer Standard Singapore Power, 2000 to 2017 SP PowerGrid, 2005 to 2017 SP Services, 2005 to 2018 by SPRING Singapore NKF Extraordinary Employer Award Singapore Power by National Kidney Foundation, 2014 Minister’s Honour Roll (Star) Singapore Power Group by the Ministry of Home Affairs, 2013 to 2018 NS Advocate Award for Organisations Singapore Power Group by the Ministry of Defence, 2015 to 2018 Singapore H.E.A.L.T.H. Platinum Award Singapore Power Group by the Health Promotion Board, 2004 to 2018 10-Year Outstanding Special Events Award Singapore Power Group by the Community Chest, 2015 Special Events Platinum Award Singapore Power Group by the Community Chest, 2015 SHARE Corporate Silver Award Singapore Power Group by the Community Chest, 2015 Prism awards: Excellence Award in Outstanding Internal Communications Campaign Singapore Power by the Institute of Public Relations of Singapore, 2015 Asia-Pacific Stevie Awards: Gold Award, Communications/PR - Campaign: Internal Communications Singapore Power, 2015 International APEX awards for spectrum staff magazine: Grand Award, Design & Illustration. (Feb/Mar 14) Excellence Awards, Most Improved Magazines (Dec 14/Jan 15) and Feature Writing (Dec 13/Jan 14) Singapore Power by Communications Concept, Inc., 2015 23 THEN SETTING ELECTRIFYING STANDARDS Behind Singapore’s resilient power infrastructure is a team that knows what goes into building a world-class system. They walk the ground, keep a keen eye on quality and safety, and anticipate the nation’s power needs decades into the future. TAN LYE SOON Principal Engineer, Gas Operations NOW Most customers in Singapore have never experienced an electricity disruption. In 2014, the average person encountered just 20 seconds of outage a year, if at all. By monitoring the health of our network and drawing on advanced technologies, we’ve kept the lights on. From left to right MOHAMMED HAIKAL BIN ROSLAN Operation Officer, Electricity Operations, SP PowerGrid KOH CHEE KEONG Head of Section, Electricity Operations, SP PowerGrid TOK PEK CHEW Head of Section, Electricity Operations, SP PowerGrid BUILDING ON TRUST gas supply for our customers. This year, we are laying a new 14 km gas transmission pipeline from Jalan Bahar to Mandai that will deliver natural gas from the Singapore LNG Terminal to customers in the northern part of Singapore. The final portion of this new transmission pipeline is targeted for completion in September 2016. OPERATIONAL EXCELLENCE Mobilising and tracking the deployment of service crew for supply restoration are Assistant Operation Officer Rosli Bin Ramli (left) and Operation Officer Tan Chi Keong Power disruptions in Singapore are already among the lowest in the world. In the last financial year FY14/15, SP reduced that even further, and continued to work towards further improving network reliability. We have grown our electricity network capacity with the completion of the new 230kV Tembusu substation in Jurong Island. Three more transmission substations are currently under construction, and another three are being planned. As our electricity network expands, so will our ability to support Singapore’s growth, including the next phase of development for the energy hub on Jurong Island. We continue to embrace new technologies in our operations. We have installed and improved upon a number of conditioning monitoring technologies that have helped to ensure the health of our various systems. More substations have been fitted out with wireless remote monitoring and control devices, which allows us to quickly check that they are performing as well as they should. One of our largest investments to this effect, the Transmission Cable Tunnel Project, is now three years away from completion. Located 60 metres underground, deeper than the MRT tunnels, these two cross-island deep cable tunnels will help us maintain Singapore’s electricity network as one of the most reliable in the world. We continue to expand our gas network to ensure safe and secure World-class Network Performance Singapore’s power supply, already one of the most reliable in the world, became more so last year. In FY14/15, we have improved Singapore’s electricity network TWENTYPOWERFACTS “GAS” HOW WE FIRST STARTED? 01 Singapore Power has its roots in the Singapore Gas Company, which was formed in 1864 to provide piped gas to light Singapore’s street lamps. Back then, workers had to climb ladders to physically light the street lamps. When the locals first saw gas-lit street lights, they were mystified and would touch the posts gingerly in anticipation of finding them hot. At their peak, there were more than 4,000 gas-lit street lights in Singapore. It wasn’t until 1956 that the last gas street lights were replaced by electric ones. 26 reliability, as measured by the System Average Interruption Duration Index (SAIDI), by 54 per cent. A customer in Singapore would have experienced 0.34 minute of supply interruption for the full year on average, compared to 0.74 minute the previous year. This further strengthened Singapore’s lead in the 2014 global benchmark study on network reliability conducted by DNV GL. By comparison, a customer residing in Hong Kong, Tokyo, New York City or London would have experienced supply interruptions lasting 2.3 minutes, 5 minutes, 14 minutes or 50 minutes, respectively, on average. The performance of our gas network also fell within set targets. The SAIDI and SAIFI (System Average Interruption Frequency Index) scores for last year were 0.14 minute and 0.00073 interruptions per customer per year respectively. INVESTMENT IN INFRASTRUCTURE Electricity Network Development On 3 September 2014, we officially opened the Tembusu 230kV substation on Jurong Island. The S$162 million facility is the first and only substation in Singapore that has installed 500MVA 230kV series reactors, which ensured safe and stable power supply in an area of high demand. The new substation will help meet the growing needs of Jurong Island’s energy and petrochemicals industries. The construction of a second major project, a 400kV substation, is still underway on the island. Scheduled to be completed in FY18/19, this new substation will decrease the load on the current substations serving Jurong, TWENTYPOWERFACTS WORLD-CLASS RELIABILITY Singapore has the shortest and fewest electricity outages in the world, according to a global benchmark study in 2014. The average customer in Singapore experienced a total of about 44 seconds of unplanned electricity outage that year, compared to 5 minutes in Tokyo, 14 minutes in New York and 50 minutes in London. 44 02 Our customers in the heart of Singapore’s financial district continued to enjoy an uninterrupted, cost-effective and reliable alternative to conventional cooling systems. For the second consecutive year, Singapore District Cooling (SDC) provided chilled water at a constant 6 degrees Celsius to buildings without any disruption, cooling the air within. SDC’s safety record also remains unbroken, with zero accidents for the second consecutive year. Deputy Prime Minister Teo Chee Hean talking to SP staff about mobilisation responses during power supply disruptions 27 BUILDING ON TRUST (CONT’D) and help meet an anticipated increase in power demand from upcoming Jurong Island developments over the next five years. It will also supply power to Jurong and Tuas on the mainland via undersea cable tunnels. • Upper Jurong II 230kV substation This substation serves as a primary source to meet the demand growth at the Jurong area. It will also support the future Tuaspring power plant connection. • Changi Expo 66kV underground substation Our first underground substation will be located under Changi Business Park (CBP) in Singapore. It will power the proposed Downtown Line (DTL). The underground transformers at the Changi Expo substation are scheduled to be commissioned by end December 2015. The Changi East 230kV substation meets the rapidly growing demand in Eastern Singapore TWENTYPOWERFACTS AROUND THE WORLD AND BACK Singapore’s electricity cable network has grown almost 60 per cent in the past 20 years – from 16,610 km in 1995 to 26,458 km today. That’s 1995 16,610 km 2015 26,458 km 03 almost the distance from Singapore to San Francisco and back! Other electricity projects in progress include: • Changi East 230kV substation This substation will meet the rapidly growing demand for power in eastern Singapore. The region is currently served by the Paya Lebar 230kV substation, which also serves the industrial and commercial parks in Changi South and Changi North, as well as other major developments in the vicinity including the Changi Water Reclamation Plant (CWRP), Changi General Hospital and St. Andrew’s Community Hospital. Gas Network Development The natural gas network was extended by 5.66 km to connect to more industrial customers, while the town gas network was extended by 47.12 km to serve residential and commercial premises mainly in the Bukit Batok, Choa Chu Kang, Marina, Sengkang, Yishun, Punggol and Tampines housing estates. Since the Liquefied Natural Gas (LNG) Terminal commenced operations in May 2013, SPPG has continued to extend the gas transmission pipeline connected to the LNG Terminal. This year, a new gas transmission pipeline of approximately 14 km is being laid from Bahar Offtake Station to Mandai Offtake Station II. The project is targeted for completion in September 2016. Intelligent 28 To overcome the construction complexities of this project, we employed new design and tunnelling techniques, and an Instrumentation Data Management System (IDMS) jointly developed by SP and our contractors. The IDMS provides realtime updates from the tunnels to all parties involved, and allows swifter and more coordinated responses, better risk management and the adoption of mitigation measures where necessary. For the construction of the cross-island cable tunnel, the tunnel boring machine excavates through soil and rock strata underground Pigging was carried out for the newly commissioned gas transmission pipeline from Tuas South Offtake Station to Bahar Offtake Station. Two transmission customers, namely Sembcorp Tembusu Cogen and Evonik, were connected to the gas transmission network this year. The Gas Market Operations Section of the Transporter manages the operations and transactions of market participants via the Gas Transportation IT System Solution (GTSS), an IT application system designed with the requirements of the Gas Network Code (GNC) in mind. This year, SPPG implemented 27 GNC modifications that were approved by the Energy Market Authority. A major GTSS modification was undertaken to facilitate the changing of 4-hourly to 1-hourly gas nomination for injection at the SLNG Terminal. Transmission Cable Tunnel Project We made good progress on the Transmission Cable Tunnel Project, achieving two major milestones when the project team witnessed the Tunnel Boring Machine (TBM) breakthrough at the Paya Lebar and Rangoon shafts in February 2015. A five-year project scheduled to be completed in 2018, it is one of our longest and biggest infrastructural projects, and will ensure that Singapore continues to enjoy uninterrupted power for years to come. When completed, the two 35 km tunnels being laid 60 m (about 18 storeys) underground will hold transmission cables sending power to households, offices and factories. Cables can be accessed through the two tunnels, allowing them to be maintained and replaced more easily, and reducing the need for excavation at ground level. Improved Health Checks on Electricity Assets We remained vigilant about conducting condition monitoring or “health checks” on our power networks, successfully pre-empting 72 network failures during FY14/15 which could have cost us S$2.87 million. Condition monitoring is key in helping us prevent supply interruption. One of our condition monitoring technologies, the Oscillating Wave Test System (OWTS), has helped to avert 164 cases of potential cable failure from the time it was implemented in 2006 and the end of FY14/15. We also took further steps to improve the reliability and performance of one of our most valuable assets, the Transmission Gas Insulated Switchgear (GIS). We fitted 25 extra high voltage transmission substations with online Partial Discharge Monitoring Systems (PDMS), which helps us detect GIS faults early and avoid equipment failure. We also installed 29 BUILDING ON TRUST (CONT’D) online Dissolved Gas Analysis (DGA) monitoring systems for 36 transmission transformers and shunt reactors. To aid surveillance and monitoring, we installed wireless remote monitoring and control devices for another 100 units of 6.6kV substations, bringing the total to 1,400 substations. Asset Health Index System We developed the Asset Health Index (AHI) System to assess the condition of our transmission network assets. The AHI System enables us to take a more objective and systematic approach to the planning and prioritising of the renewal of ageing assets. Process Automation & Field Mobility We embarked on many initiatives to improve productivity in SPPG. For example, the Touch2Plan project completed in June 2014, helped digitise the vetting process for substation drawings, eliminating the need for print outs to be physically circulated, and speeding up the entire process within the company. accurately reflected, and there is an updated remarks column. Better Condition Monitoring of Gas Assets We improved the monitoring process for our gas pipelines, introducing a Pipeline Integrity Condition Monitoring System (PICMS) on 27 April 2015. Previously, gas pipeline data was collated and analysed manually. PICMS analyses condition monitoring data and provides risk-based information, thereby supporting safe and reliable operations of our gas transmission assets. The system also pitches the integrity of our pipelines against established engineering standards, and analyses the cathode protection system’s performance along the pipelines, providing a clear report of existing and potential issues. One of our goals is to align maintenance and inspection activities to ensure effective operations. Preventing and Managing Outages Further steps were taken to reduce outage duration in Singapore. In December 2014, we introduced an Outage Management System (OMS) which enables us to respond and restore power faster in the event of a power failure. The OMS cuts our response time by 20 per cent. TWENTYPOWERFACTS NIPPING PROBLEMS IN THE BUD 04 Why is electricity supply in Singapore so reliable? Condition monitoring, or regular health checks of our equipment and infrastructure, has helped us avert more than 800 potential network incidents and disruptions since 2001. We also followed up on the substation inspection app first launched in March 2014 with an improved version in November 2014. This new version comes with further enhancements such as flexible substation listing retrieval including for decommissioned substations. Section names are From Left: Gas Transmission Projects Technical Officer Mohamed Musa bin Abdul Majeed, Executive Engineer Lian Junyue, and Technical Officer Yakob Bin Mahdar preparing to carry out equipment maintenance works at an offtake station 30 With the OMS, several data systems are available at a single source. An officer can now take a customer call, find out which power zone the disruption is located in, dispatch a crew and record details of the power restoration from the same seat. OMS can also flag previous issues to indicate if the outage is a one-time occurrence or a chronic one that requires further investigation. Our future plans include equipping service teams with tablets, so they can receive information wirelessly and fix problems even more quickly. Mr Jimmy Khoo, Managing Director of Singapore District Cooling, receiving the National Infocomm Award from Prime Minister Lee Hsien Loong Improved Vehicle Tracking System We replaced an ageing computer system used to track the movement of our vehicles with a new Utility Vehicle Management System (UVMS). It enables real-time tracking of all SPPG vehicles, and control centres can now monitor multiple vehicles on one screen. This lowers maintenance costs and improves our operations. Pipeline And Riser Inspection System SPPG embarked on a mobility solution known as the Pipeline And Riser Inspection System (PARIS) in October 2014 to improve productivity. PARIS allows remote assignment of gas riser inspection jobs to field inspectors through the use of electronic tablets. The system also allows inspectors to file inspection reports and site photographs remotely to the servers. This reduces the inefficiencies of manual job assignment and also minimises the use of paper. Since its implementation, PARIS has helped to cut down waste and optimise the deployment of existing resources, achieving productivity and cost savings. Greater Efficiency at Singapore District Cooling An idea from a team at our Singapore District Cooling plant won a National Infocomm Award in the Most Innovative Use of Infocomm Technology (Private Sector – SME) category last year. The team came up with an idea called iTransform, which is a generator of simple apps, integrated with the innovative use of low-cost smart sensors. The initiative will allow technicians and operators to convert paper forms to electronic apps. This not only improves productivity but reduces the cumbersome use of paper forms. This digitisation and IT drive will enable SDC to be a “Smart” company, in line with Singapore’s Smart Nation vision. TWENTYPOWERFACTS COOLEST IN THE WORLD 05 Singapore Power does not just power up the Marina Bay area, it also cools it down. Singapore District Cooling, a subsidiary of Singapore Power, produces chilled water at 6 degrees Celsius that is piped to Marina Bay Sands, Gardens by the Bay, Marina Bay Financial Centre and many other buildings in the premium Marina Bay area for their air-conditioning systems. In fact, Singapore District Cooling runs the largest underground district cooling network in the world. 31 THEN STAR SERVICE We believe in stellar service with a smile, at every encounter. Despite evolving needs, our customers remain at the centre of all we do. Far left CHUA JIE YING Customer Care Officer, SP Services NOW Helping you manage your utilities transactions through just one phone call, one click of a mouse on the computer, one stop at our service centre, and all in one business day. SERVING UP POWER WITH A SMILE From a mobile app allowing customers to better manage their utilities at the touch of a button to supporting the use of greener energy options, SP Services’ commitment to excellence enabled us to once again bring service levels to awardwinning heights last year. We were delighted to be awarded SPRING Singapore’s Innovation Class (I-Class) award in recognition of our service innovations. Customers also enjoyed greater convenience with e-Kiosks at all our customer service centres, a new one-stop mobile app, and faster feedback mechanisms. Customers can use one of the e-Kiosks at SP Services’ Customer Service Centres to carry out their utilities transactions We took our support for solar power generation a step further, and are excited about our participation in the Demand Response Scheme, a national initiative that will increase the reliability and efficiency of Singapore’s energy sector. The results speak for themselves: our customer satisfaction survey last year showed satisfaction at its highest level since we started commissioning the survey in 2005. SERVICE EXCELLENCE External Recognition We were proud to bag the Innovation Class (I-Class) award in October last year from the national standards and accreditation body, SPRING Singapore. The award recognises how our creative new ideas have translated into better service for our customers. It joins other SPRING awards we have received over the years, including the Singapore Quality Class Star, People Developer and Singapore Service Class (S-Class) awards. These awards relate not just to service, but also to business excellence – how our organisation is effectively run to serve our customers well, and to sustain strong business performance. Staying Connected SP also continued to make a concerted effort to stay connected with our customers and in touch with their changing needs. We often meet with representatives from various industries to provide them with updates on our projects and to better understand their needs. In April, SP PowerGrid (SPPG) hosted the 5th Power Quality Interest Group meeting for the banking industry at the Labrador 230kV substation. Members of the group learnt about TWENTYPOWERFACTS ONCE IN A LIFETIME 06 Singapore consumers enjoyed a high level of power reliability experiencing 99.9999% interruption-free electricity supply. For most, that would be no more than one power outage in their lifetime. 34 the continuous improvements SPPG has made to its network performance and reliability, and were given a tour of the Power Quality Centre. That same month, SPPG held the 9th Power Quality Advisory Panel meeting at Sentosa Golf Club. Members of the panel include senior management from various semiconductor, pharmaceutical, petrochemical and chemical companies in Singapore. The panel serves as an avenue for feedback from these industries, and promotes collaboration and knowledge sharing on power quality management. Satisfaction Guaranteed An independent annual customer satisfaction survey showed customer satisfaction levels at a record high. The survey of 1,202 respondents, conducted between October 2014 and February 2015, found that 88 per cent were “satisfied” or “very satisfied” with the service they received from SP Services, in areas including responsiveness and accuracy of information. SP’s satisfaction rankings were higher than those of seven other large Singapore service providers that our customers frequently interact with. We also outperformed utility providers both in Asia and other parts of the world. ENHANCING CUSTOMER EXPERIENCES Greater Convenience After decades of being located off Orchard Road, SP Services’ Customer Service Centre left its Somerset home in March 2015 to move to the Raffles Place-Chinatown area. Customers can now access our services at our new service centre on Cross Street, conveniently located next to the Telok Ayer MRT station. TWENTYPOWERFACTS MILLIONS OF METERS Each of our 1.4 million customers has meters to measure their electricity, water and gas usage. On average, SP Services’ meter readers read some 75,000 meters a day while our SP technicians install close to 500 new meters a day. 07 All three of our customer service centres – the other two are at Toa Payoh and Woodlands – now have self-service e-Kiosks where customers in a rush can apply for or terminate a residential utilities account, view and print utilities bills and payment slips, and submit meter readings, among other things. Mohamed Asadullah bin Mohd Khalid, Meter Reader, leveraging technology to ensure reliable meter data readings SP On-the-Go While we upgrade our physical locations, we continue to emphasise our digital channels. With more customers going mobile, SP Services has launched a host of service channels for users on the go, from self-service e-Kiosks and online FAQs to e-billing. In January 2015, we introduced a mobile app that will help users reduce their energy and water consumption, lower their utilities bill and do their part in conserving the environment. 35 SERVING UP POWER WITH A SMILE (CONT’D) Teo Kai Zhi, Customer Care Officer (right), assisting a customer at the new SP Services Customer Service Centre at Cross Street With the one-stop app, users can access their past bills, track their power consumption against their neighbours’, find out which of their home utilities is consuming the most energy and water, set savings targets and find ways to reduce their bills. They can also submit meter readings and open or close a utilities account using the app. The app was road-tested by 310,000 customers during the pilot phase in the last quarter of 2014 and was well-received. Quicker Feedback Loop In the pilot trial of our new Electronic Customer Feedback System, customers can look forward to a fuss-free and more convenient way to provide feedback on our services. Instead of having to manually fill up forms, they will be able to send their feedback through a tablet. This touch-button convenience does away with paper forms and also allows for faster responses from SP Services staff. Power to Pay less SP Services has been working closely with the Energy Market Authority and the industry on a national programme that will improve the efficiency and reliability of Singapore’s energy market. The Demand Response (DR) programme will incentivise contestable consumers to adjust their electricity usage in response to high energy prices. The programme will go live in December 15. All contestable consumers who are able to offer a load curtailment of at least 0.1MW can participate in the Demand Response programme. TWENTYPOWERFACTS ONE AND ONLY SP Services is the only utility company in the world that connects residential customers to electricity, water and piped gas within one business day of their application. 08 36 Our key responsibility will be to provide reliable meter data on a daily basis for wholesale and retail settlement. GIVING CUSTOMERS CHOICES Supporting Contestability In the last year, SP Services has provided support and transfer services to a growing pool of contestable customers – commercial or industrial consumers – who can buy electricity from the retailer of their choice or from the wholesale market. We provided retail settlement, meter reading, meter data management, and enabled them to switch seamlessly from one retailer to another to make electricity purchases from the competitive wholesale market. Our recently introduced Advanced Metering Infrastructure (AMI) meters measure contestable customers’ usage at half-hour intervals, yielding accurate data to help consumers decide on the best service provider for them. We have also improved our IT systems to provide reliable back-end support. The number of contestable consumers is set to rise again as the contestability threshold is lowered in July 2015 to an average monthly consumption of at least 2,000 kWh. This will bring the pool of consumers eligible for contestability to 90,000, or 84 per cent of total electricity demand. Electricity Futures The EMA had decided to establish the Electricity Futures Market (EFM) to encourage new generation companies and independent retailers to enter into the Singapore electricity market. This will help to mitigate any market power concentration and further facilitate retail competition. SP Services has upgraded its IT system to support the smooth operation of the EFM. SUPPORTING GREEN SOLUTIONS In support of the increasing interest in solar energy adoption, SP now facilitates requests from contestable consumers who wish TWENTYPOWERFACTS SPOILT FOR CHOICE to sell excess solar energy to the national grid. Previously, they would have had to first register with the Energy Market Company (EMC), an onerous process when the amount of energy to be sold was very small. Now, they have the option of receiving payments from SP Services, which will aggregate their meter readings and settle payment with the EMC on their behalf. This move is aimed at simplifying the administrative process for the generation of solar energy, which is classified as an Intermittent Generation Source (IGS). The IGS scheme was introduced in July 2014. Forty years ago, customers had to make a monthly trip to the former Municipal Building at City Hall to pay their utilities bills. Today, our customers have several payment modes to choose from, like credit card, cheque, Giro and e-banking. If you prefer a friendly face to process your payment, you can still make your way to any one of our Customer Service Centres at Cross Street, Toa Payoh or Woodlands. BILL$ 09 37 THEN EMPOWERED TO EXCEL From the classroom to the field, our people are armed with the knowledge, skills and exposure to give their best to their customers, company and country. TAN SWEE SENG Senior Trainer, Training NOW Singapore Power has awarded more than 570 higher education scholarships and sponsorships to emerging engineering talent, helms the Singapore Institute of Power and Gas, and is home to possibly the largest number of certified professional engineers in Singapore. From Left U KAR MING Principal Engineer, Electricity Operations, SP PowerGrid MOHAMED AIDIL BIN SALIM Senior Engineer, Electricity Operations, SP PowerGrid LEE PEIRU Executive Engineer, Electricity Operations, SP PowerGrid SHIVA RAJ S/O RATHA KRISHNAN Executive Engineer, Electricity Operations, SP PowerGrid POWER PEOPLE SP Group CEO Wong Kim Yin with our second batch of SP Nithiah Nandan scholars at the SP Scholarship Award Ceremony 2015 At SP, we believe that people are our most important asset. We take pride in how we care for our people, channelling substantial resources into grooming and building existing and future talents. From nurturing youths in educational institutions, to developing the skills and leadership potential of our staff, our efforts are continuous, and driven by the conviction that it is our people that make us who we are. Our people have been working to power up Singapore even before it was a nation. Last year, six of our power veterans, who joined the organisation in 1964 and 1965, were honoured with 50-years long service awards from SP. They are an inspiration not only to their colleagues, but to all workers in Singapore. BUILDING OUR TALENT PIPELINE Nurturing The Next Generation To ensure a strong pipeline of talent for the power sector, SP awards scholarships, internships and book prizes to students from universities, polytechnics and the Institutes of Technical Education (ITEs) every year. In FY14/15, we awarded Singapore Power undergraduate scholarships to 10 university undergraduates and our second batch of SP Nithiah Nandan scholarships to 21 students from polytechnics and Institutes of Technical Education (ITE). Once they graduate and join us, these scholars will benefit from structured training and job rotations, as well as rich and diverse professional exposure. Since May 2013, we have given out a total of 72 book prizes to students of various tertiary institutions in our ongoing efforts to build mindshare in schools, and to reach out and inspire those with a passion for Engineering. TWENTYPOWERFACTS LEAVE IT TO THE PROFESSIONALS 10 Engineers looking to advance their careers would be in great company at Singapore Power. We have one of the highest number of certified Professional Engineers (95) in Singapore. 40 That year, the scope of the SP Book Prize was expanded to include not just top performers in electrical and power engineering at universities, but also in ITEs and Polytechnics. Ultimately, this will expand the pool of potential engineers and technical staff for the power industry. Hands On Experience We also hosted a record 87 interns from universities, polytechnics, ITEs and junior colleges. The interns – who were assigned a ‘buddy’ to guide them along – were given insights and a first-hand feel of working in the power industry to spark an interest in a career with us. Engineering the Right Skill Sets Our in-house leadership development programme – the Engineering Development for Graduates (EDGE) programme – started its third run for 30 engineers in July 2015. Since EDGE was started in July 2013, over 80 engineers have benefited from the structured programme that trains and develops a pool of multi-skilled engineers to meet SP’s business needs. This not only strengthens the practical engineering foundation of the fresh graduates, but also exposes them to a wide spectrum of our businesses and operations during their formative years. Powering our Leaders In June 2014, we extended a leadership development tool, the 360° Leadership Feedback Survey, to our Deputy Directors and Heads of Section. With this inclusion, 200 of our middle and senior managers are benefitting from feedback on TWENTYPOWERFACTS LIFETIME OF COMMITMENT Through the years, our staff have worked hard to power the nation – even before we were a nation. In 2014, we had three technicians and one meter reading inspector who joined us before Singapore was declared independent in August 1965, back when we were still a part of the Public Utilities Board (PUB ). 2015 1994 11 19841974 1964 Muhammad Redzuan Bin Sulaiman, Gas Operations, Dennis Khah, Electricity Operations, and Leong Qian Wei, Electricity Operations, are part of Singapore Powers EDGE leadership development programme 41 POWER PEOPLE (CONT’D) the effectiveness of their leadership not just from their immediate supervisors, but also from their peers and subordinates. We also conducted four runs of a customised Leadership Milestone Programme – Powering Leaders – to reinforce our leaders’ development in the leadership competencies that address business and management challenges. Participants also benefitted from hearing SP’s senior leaders share their personal leadership experiences relating to strategy, innovation and change management during the programme. STAYING AHEAD WITH OUR LABOUR RELATIONSHIPS In August 2014, SP became the first company in the power and gas industry to sign a Memorandum of Understanding with the Union of Power and Gas Employees (UPAGE) to extend the scope of the union’s representation in certain areas beyond Non-Executives, to include Executives, Engineers and Managers. This initiative was made in acknowledgement of the changing workforce profile in the SP Group of Companies where there has been a growing number of executive employees. CARING FOR OUR PEOPLE With an eye on our employees’ well-being, we re-designed our employee wellness programme to the more holistic StepUp! programme. Launched last year, StepUp! encourages employees to take charge of their personal health and wellness by attending programmes covering areas such as health, parenting, workplace bonding and financial planning. This more holistic approach to total wellness seeks to encourage healthy lifestyle habits within a total wellness framework. Our inaugural Health and Wellness Celebration Week was held in October 2014. Participating staff members were given a healthy snack starter pack and a pedometer to measure the number of steps they walked each day. They also took part in sporting activities, including a mass Telematch event at the Bedok Sports Hall, and the first-ever SP Games which saw more than 400 staff members participate in various competitive team sports. MEETING INDUSTRY NEEDS In September 2014, the Singapore Institute of Power and Gas (SIPG) was established as a one-stop training and development centre for professionals in the power and gas sector. One of the key milestones of SIPG was its recognition as an Approved Training Organisation by the Energy Market Authority (EMA) in June 2015. This will enable SIPG to leverage the Energy Training Fund administered by EMA. NTUC Secretary-General Mr Chan Chun Sing (centre) interacting with SP’s Manangement and UPAGE Delegates To broaden existing training in the area of transmission and distribution (T&D) of electricity and gas, four new courses have been developed. We have started 42 new course development work not only in T&D but also for Power Generation Plants, with industry support. All courses in SIPG will be mapped to the National Energy Competency Framework launched by EMA to ensure that they meet the competency needs of the industry. In addition, to address the emerging and increasingly pervasive use of solar power in Singapore, SIPG has introduced a new course on the Installation and Commissioning of Grid Tied Photovoltaic System. TWENTYPOWERFACTS ALL AROUND YOU Have you ever noticed Singapore Power’s substations or electricity overground boxes in your neighbourhood? There are more than 37,000 overground boxes and almost 11,000 substations across the nation that help to transmit and distribute electricity to our buildings and facilities – combined, that’s 10 times more than the number of bus stops in Singapore. 12 Over the past year, more than 280 training sessions across 100 courses have been organised to develop and deepen the skills of our staff and the industry. SIPG is working with local and global industry players to enhance local capabilities for the present and future needs of the industry. Executive Engineer Zac Teo Zi Cheng (right) cheering his team on during the annual Sports for Life event 43 THEN LIGHTING UP LIVES A helping hand when it’s least expected, and a smile when it matters most. The friends we can count on will get us through each day and are right by our side when we need them. Right TOH BEE HOON JANICE Executive Assistant, Regulatory Management, Singapore Power NOW We flex our muscles and reach out as far as we can – to our pioneers, little ones and families-in-need. Giving our time and energy to create joyful memories that last a lifetime. From left, in blue SP t-shirt JONATHAN OOI WEI HSIN Director, Legal & Corp Secretariat, Singapore Power KOON SWEE LING Manager, Finance, Singapore Power INDRA SHUN Administrative Assistant, Electricity Operations, SP PowerGrid POWERING WITH HEART Just as we power the nation’s growth and economy, SP is also proud to be able to light up the lives of those who need it most. Our efforts centre around donations to the needy elderly through the Singapore Power Heartware Fund, and active volunteerism by employees who devote time to causes such as care for the needy elderly, energy efficiency and safety for the community. Whether through the contribution of funds or time, we play our part in improving the quality of life of communities-in-need, and provide Staff volunteers assembling Power Packs of food essentials, to be distributed to beneficiaries of the Singapore Power Heartware Fund TWENTYPOWERFACTS POWERING THE HEART 13 Powering the Nation is about more than just keeping the lights on and the gas flowing. It’s also about improving the lives of the underprivileged. Since its inception in 2005, the Singapore Power Heartware Fund has supported the delivery of more than 4.9 million warm meals to the doorsteps of needy seniors and made sure seniors were accompanied on more than 82,000 trips for medical and rehabilitation care. sustainable solutions that reinforce our commitment to nation-building. RAISING FUNDS SP Heartware Fund Last year, the SP Heartware Fund reached out to 31,000 beneficiaries of 26 elderly programmes managed by the Community Chest. We were able to provide warm, nutritious meals and medical transport for those who live alone, dementia day care, hospice care, caregiver support, and living expenses for those who live in community homes. In FY14/15, we raised over S$1.2 million for the Fund. This was made possible by staff donations, fundraising events and contributions from members of the public who responded generously to our letters of appeal. Our annual Charity Golf Event, now in its 9th year, raised a record S$600,000 for the Fund last September. Under the Care and Share movement, funds were matched dollar-for-dollar by the Government. Our consistent efforts to raise funds for the Heartware Fund earned us the 2014 Special Events Platinum Award from the Community Chest. More than 30 per cent of our staff make monthly contributions to the Community Chest’s SHARE programme, which provides a stable source of funds to its beneficiaries. In recognition of these contributions, we received the SHARE Silver Award in September 2014. 46 GIVING TIME Besides donating money, our staff were also generous with their time. In FY 14/15, SP staff members spent 5,000 volunteer hours giving back to the community, far exceeding the 3,000-hour target we set for the year. The broad range of volunteer activities undertaken by our staff included presenting a charity gala dinner and concert, distributing emergency preparedness kits to Singapore households, and organising festive outings and celebrations for families from lowincome backgrounds. One highlight was packing and distributing 3,000 Power Packs of food essentials for needy seniors across Singapore. More than 370 staff volunteers spent over 1,600 hours on this activity, some driving their own SP volunteers bringing smiles to the faces of the elderly residents of All Saints Home through games and music vehicles to deliver the kits to destinations island-wide. Another first for SP was our Community Day event on 22 November 2014, held in partnership with Central Singapore and PEACE- Connect. More than 120 staff visited elderly residents living in North Bridge Road and cleaned their one- and two-room rental flats, decluttering, giving the homes fresh coats of paint, and even fumigating to rid some units of bed bugs. We also gave the elderly advice on how to use their electrical appliances safely, and conducted an enjoyable terrarium-making workshop for them. Volunteers and children alike enjoying the magic show during the outreach at Viva Foundation for Children with Cancer 47 POWERING WITH HEART (CONT’D) TWENTYPOWERFACTS 14 NATURAL GOODNESS SP Group CEO Wong Kim Yin (right) with representatives from various partners at the launch of our “Gift of Power” for SG50 CELEBRATING SG50 Free Charging Of Mobile Devices To commemorate the nation’s 50th birthday, SP is giving Singapore a “Gift of Power” to help people stay connected on the go. Two hundred mobile device charging stations are being set up at public hospitals and polyclinics, libraries, tertiary institutions and supermarkets throughout Singapore. These stations offer free charging services for members of the public to give their mobile devices a power boost on us. The stations will also screen public service videos on safety, energy efficiency, charitable causes and other useful topics. Love From The Stars In May 2015, SP was the presenter and main sponsor of Love from the STARS, a charity gala dinner and concert held in conjunction Singapore generates 90 per cent of our electricity today by burning natural gas, which is cleaner than fuel oil. This is up from just 10 per cent less than five years ago. We at Singapore Power are doing our part by transporting natural gas from our neighbours Malaysia and Indonesia through undersea pipes, and transporting it to the power generation companies. SP was the presenter and main sponsor of Love from the STARS which raised $6.4 million for six charities 48 with SG50. Proceeds from the event went to more than 160,000 beneficiaries of six local charities: Singapore Power Heartware Fund, All Saints Home, Sian Chay Medical Institution, Singapore University of Technology and Design scholarship fund, Thye Hua Kwan Moral Charities and Viva Foundation for Children with Cancer. For the first time, international artistes Jackie Chan, Wakin Chau, Jonathan Lee and Eric Tsang collaborated on the same stage for a good cause. Guests included Guest of Honour President Tony Tan and Mrs Mary Tan, Emeritus Senior Minister Goh Chok Tong and Mrs Goh, corporate leaders, sponsors and donors, as well as beneficiaries and their families. Singapore Power contributed more than S$500,000 towards the operating expenses of Love from the Stars and ran the event secretariat, helping to organise and promote the event. SP staff also volunteered their time to bring cheer to the beneficiaries of the charities by organising entertaining activities for them. Through the sale of dinner tables, an auction and outright donations, we helped to raise close to S$6.4 million, exceeding the S$6 million target. Energy Efficiency Taskforce Co-Lead Mike Chan Siang Chin (left) and Electricity Efficiency Centre Executive Assistant Haameshwaran s/o Panirselvam (third from left) show Second Minister for Trade and Industry S Iswaran (second from left) how the Great Energy Challenge is played during the launch of the “Energy Heroes: It’s your Power!” campaign at the Singapore International Energy Week Energy Heroes: It’s Your Power In October 2014, during the Singapore International Energy Week, SP launched a campaign to bring energy awareness to schools. Throughout 2015, some 16,000 students will be treated to an interactive roving exhibit where they will get the chance to learn about energy conservation through interactive games. This joint initiative by Singapore Power and the Energy Market Authority (EMA) is aimed at educating students in a fun and interactive way and inspiring them to take action in energy conservation. TWENTYPOWERFACTS JUST IN CASE 15 Have you ever noticed a giant, bright yellow metallic sphere in the Toh Tuck area? That iconic structure is the Toh Tuck gasholder, opened in 1998, which serves as a contingency store of town gas. The Toh Tuck gasholder can supply the nation with gas for up to 6 to 8 hours, should a backup be needed for the main gas supply from Senoko Gasworks. 49 SAFETY FIRST A PLEDGE TO SAFETY Safety excellence is essential to the responsible delivery of energy. At all our staff events, we reaffirm our pledge to safety. Safety is our highest priority. Every life is precious. Every accident is avoidable. We uphold safe practices and strive for zero accident. TWENTYPOWERFACTS FROM START TO FINISH SP Services processes about 31,000 requests monthly to open and close utilities accounts - that’s more than 1,000 a day on average. Powering the nation is busy work! 17 While delivering a power network that stands amongst the world’s best in terms of reliability and efficiency, we also emphasise the safety of our colleagues, our contractors and our community. Last year, everyone from the senior management to workers on the ground continued to drive home TWENTYPOWERFACTS REACHING DEEP 16 By 2018, Singapore Power will have built the deepest of any utilities or transportation tunnel in Singapore. Our tunnels for electricity transmission cables reach up to 60 m deep – more than the height of a 30-storey HDB block! the safety message by upholding rules and procedures, and through training, regular inspections and personal diligence. We pay special heed to road safety, ensuring that our workers navigate the roads without compromising their own safety or that of the public. Our efforts were recognised by the Workplace Safety and Health Council (WSHC) at their annual industry awards. Taking Care of our People In 2014, our safety performance improved by 50 per cent compared to 2013, as measured by the Lost Time Injury Frequency Rate (LTIFR). Our safety efforts are led by line management, who walk the talk to demonstrate their commitment to safety. Each month, our senior management conducts safety walkabouts at our work sites. This initiative has not only created traction with the rest of the line organisation but has also sent a strong message to both staff and contractors that we make safety a priority. In 2014, we conducted more than 50 senior management walkabouts, and over 15,000 safety observations group wide. To keep an even tighter rein on safety, we expanded the window of reporting safety incidents to include those with injuries resulting in between one and three lostwork days, and also included those incidents in our safety performance. Previously, we only included incidents with injuries resulting in more than three lostwork days, in line with Ministry of Manpower requirements. In 2014, we set up the Group Safety & Health department to further 50 to refresh their skills. In future, the requirement will be extended to all employees who have driving licences. Before setting off for work, the vehicles of the workers are inspected by their supervisor, to ensure that each vehicle does not pose a threat to the driver, passengers or other road-users. Singapore Power Senior Management at a work-site safety walkabout raise safety standards across SP. It we launched a group-wide Vehicle develops and spearheads initiatives and Driving Safety Campaign within the company. These include in February 2015, where risk sharing of lessons learnt from past assessment, safety briefings and incidents and the enhancement training were a key part. Contests of near-miss reporting. This new were organised to encourage staff department’s work complements participation in the campaign. the annual Safety Roadshow that our safety officers have rolled out Safety on the Move at all district offices and the Safety We installed video cameras in our Refresher Course that covered fleet of vehicles, including motor more than 1,700 workers last year. cars and motorcycles. The ‘eye’ in the vehicle encourages our drivers TARGETED SAFETY MEASURES to drive more safely, while the high definition graphics captured For specific activities with high provides an impartial record in the perceived risks, we implemented case of an accident. targeted safety measures to mitigate the risks. A new guideline was also developed that requires all field staff with a Many of our employees have to be driving or riding licence to attend on the road as part of their work. defensive driving or riding training In order to enhance driving safety, respectively once every five years Working at Heights Programme We introduced a Work-at-Height (WAH) programme for staff who often perform tasks high above the ground, for example examining substation roofs or maintaining transformers and switchgears within our substations. The programme covers topics such as fall prevention measures and the safe use of work-at-height equipment like ladders. We also conducted briefings on related safety equipment and WAH regulations, and shared industry best practices. TWENTYPOWERFACTS UNDER THE SEA When an undersea tunnel linking Jurong Island to the mainland is completed in 2018, Singapore Power staff carrying out their work there will be able to walk under the sea to get to Jurong Island – all 4,500 steps or so. 18 51 SAFETY FIRST (CONT’D) TWENTYPOWERFACTS CARVING OUT SPACE To construct two crossisland underground cable tunnels to house the high-voltage transmission cables of the future, we will have to excavate more than 1.1 million cubic metres of dirt, soil and rocks – enough to fill more than 450 Olympic-sized swimming pools! 19 System Certifications We were pleased to receive the following certifications in the past year, in recognition of our safety management system: The safety management systems of both SP PowerGrid and SP Services were certified under SS 506 (Singapore Standard on Occupational Safety and Health Management System) and OHSAS 18001:2007 (International Standard on Occupational Health and Safety Management System). Both systems were subsequently awarded the bizSAFE Star, the highest level of certification under the Workplace Safety and Health Council’s bizSAFE framework. Taking Care of our Contractors We continued to improve the safety of our contractors through frequent communication sessions, safety induction, safety orientation courses, safety inspections, and a post-contract performance evaluation at the end of each project. As part of our contractor safety efforts, our project and safety officers conducted regular safety audits and shared their findings with our contractors, who then carried out corrective actions to improve their own safety. We also had regular dialogues with our contractors to identify areas that may pose a danger to their workers. Through these dialogues, we discovered that workers faced a higher risk of leg injury when doing road works with heavy machinery nearby. We have since installed both rear-view and other additional mirrors on our excavators to remove blind spots. This reduces the chances of excavator operators accidentally injuring their fellow workers performing jobs nearby. We also installed alarms that beep while the machines are in operation, so that surrounding workers are constantly aware that the machine is close by. Safety is a concerted multi-level effort between SPPG, its partners and contractors Safety programmes In July 2014, we initiated a compulsory safety programme for our contractor workers. Safety@ SPPG is conducted in the various native languages of the workers so 52 that the safety message is easily embraced by the workers. Our goal is to raise their safety awareness when performing common jobs like road works. Since the launch of the programme, we have trained more than 1,500 workers. In February 2015, the SP Training Institute customised this course for workers involved in our transmission cable tunnel project. In addition to classroom training, the workers are taken on a tour of a cable tunnel site to see the twostorey-high Tunnel Boring Machine up close. This helps them better understand the need for safety. About 800 cable tunnel workers have undergone this course by the SP Training Institute. We have also conducted briefings on the importance of wearing Personal Protective Equipment (PPE) – including helmets, reflective vests and safety boots – to standardise practices among our contractors. Mr Peter Leong (right) Managing Director, SP PowerGrid, receiving the bizSAFE Partner Award from then Manpower Minister Mr Tan Chuan-Jin have obtained at least bizSAFE Level 4 certification. SP PowerGrid won the bizSAFE Partner Award in February 2015. The award is testimony to SP PowerGrid’s continuous efforts in helping contractors and partners improve safety at both the company and national level. behaviour among our workers as well as to identify and rectify unsafe practices. The footage will also help us share and learn from incidents and near-misses. TWENTYPOWERFACTS 20 AWARDS AND RECOGNITION All contractors who work with us must join the bizSAFE programme, a nation-wide five-step safety programme run by the Workplace Safety and Health Council (WSHC). Since last year, we have required all our contractors and subcontractors to be at least bizSAFE Level 4-certified, up from our previous requirement of bizSAFE Level 3. To date, over 130 of our contractors Recognising Safety To promote a culture of safety, we reward our contractor workers for adopting safe practices by giving them supermarket vouchers on the spot. We also give cash awards to those contractors who have made measurable progress in their safety performance. We will be installing closed-circuit television (CCTV) cameras at critical work sites to encourage safe A POWERFUL HISTORY Some of Singapore’s most prominent arts and entertainment buildings used to be power facilities. One is The Substation at Bras Basah, and another is St James Power Station near Sentosa, which was Singapore’s first coal-fired power plant. 53 FINANCIAL SUMMARY CONTENTS Summary Directors’ Report 55 Independent Auditor’s Report 57 Balance Sheets 58 Income Statements 59 Statements of Comprehensive Income 60 Statements of Changes in Equity 61 Notes to the Summary Financial Statements 63 54 SUMMARY DIRECTORS’ REPORT YEAR ENDED 31 MARCH 2015 IMPORTANT NOTE The summary financial statements as set out on pages 58 to 67 contains only a summary of the information in the directors’ report and financial statements of Singapore Power Limited’s (the “Company”) annual report. It does not contain sufficient information to allow for a full understanding of the results and the state of affairs of the Company or of the Company and its subsidiaries (collectively the “Group”). The full annual report, including the independent auditor’s report on those financial statements and the directors’ report, can be found on the Group’s website www.singaporepower.com.sg. 1. DIRECTORS The directors in office at the date of this report are as follows: Tan Sri Mohd Hassan Marican Mr Ho Tian Yee 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 (Appointed on 16 June 2014) Mr Ng Kwan Meng (Appointed on 16 June 2014) Mr Wong Kim Yin 2. PRINCIPAL ACTIVITIES 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. 3. UNUSUAL ITEMS DURING AND AFTER FINANCIAL YEAR In the opinion of the directors, no item, transaction or event of a material and unusual nature has arisen during the financial year or in the interval between the end of the financial year and the date of this report which would substantially affect the results of the operations of the Group and the Company for the financial year in which this report is made, or render any item in the financial statements of the Group and the Company for the current financial year misleading, and/or affect the ability of the Group and the Company in meeting the obligations as and when they fall due, except as disclosed in the notes to the full financial statements. 55 SUMMARY DIRECTORS’ REPORT YEAR ENDED 31 MARCH 2015 The summary financial statements set out on pages 58 to 67 was approved by the Board of Directors on 11 June 2015 and was signed on its behalf by: TAN SRI MOHD HASSAN MARICAN Chairman MR WONG KIM YIN Group Chief Executive Officer/Director 11 June 2015 56 INDEPENDENT AUDITOR’S REPORT ON THE SUMMARY FINANCIAL STATEMENTS REPORT TO THE MEMBER OF SINGAPORE POWER LIMITED The accompanying summary financial statements of Singapore Power Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the consolidated balance sheet of the Group and the balance sheet of the Company as at 31 March 2015, the consolidated income statement, statement of comprehensive income and statement of changes in equity of the Group and the income statement and statement of comprehensive income of the Company for the year then ended, and related notes as set out on pages 58 to 67, are derived from the audited financial statements of the Group for the year then ended. We expressed an unmodified audit opinion on those audited financial statements in our report dated 11 June 2015. The summary financial statements do not contain all the disclosures required by the Singapore Financial Reporting Standards. Reading the summary financial statements, therefore, is not a substitute for reading the audited financial statements of the Group. Management’s responsibility for the summary financial statements Management is responsible for the preparation of a summary of the audited financial statements on the basis described in note 1. Auditors’ responsibility Our responsibility is to express an opinion on the summary financial statements based on our procedures, which were conducted in accordance with Singapore Standard on Auditing 810 “Engagements to Report on Summary Financial Statements”. Opinion In our opinion, the accompanying summary financial statements derived from the audited financial statements of the Group for the year ended 31 March 2015 are consistent, in all material respects, with those audited financial statements, on the basis described in note 1. Other Matter The summary financial statements of the Group and Company for the year ended 31 March 2014 were audited by another auditor who expressed an unmodified opinion on those statements on 30 May 2014. ERNST & YOUNG LLP Public Accountants and Chartered Accountants Singapore 11 June 2015 57 BALANCE SHEETS AS AT 31 MARCH 2015 Group Company 2015 2014 2015 2014 $ million $ million $ million $ million (restated)* (restated)* Non-current assets Property, plant and equipment 10,292.1 9,437.5 22.3 24.0 Intangible assets 117.7 106.6 7.6 7.6 Subsidiaries – – 6,854.9 6,779.5 Associates and joint venture 3,010.3 3,354.3 1.3 1.3 Other non-current assets 227.3 170.5 60.3 1.1 Deferred tax assets 8.3 12.1 – – Other investments 197.2 – 197.2 – 13,852.9 13,081.0 7,143.6 6,813.5 Current assets Other investments 3.8 – 3.8 – Inventories 53.0 48.3 – – Trade and other receivables 522.0 730.3 3,827.6 2,689.1 Cash and cash equivalents 1,203.3 3,120.4 544.6 2,872.4 1,782.1 3,899.0 4,376.0 5,561.5 Total assets 15,635.0 16,980.0 11,519.6 12,375.0 Equity Share capital 2,911.9 3,911.9 2,911.9 3,911.9 Reserves (265.9) 39.7 (0.6) – Accumulated profits 5,882.0 5,269.4 4,918.1 4,886.5 Equity attributable to owner of the Company 8,528.0 9,221.0 7,829.4 8,798.4 Non-controlling interests – 46.9 – – Total equity 8,528.0 9,267.9 7,829.4 8,798.4 Non-current liabilities Bank loans 79.7 100.0 – – Debt obligations 3,174.5 3,715.3 – – Other financial liabilities 71.6 111.6 9.4 – Other non-current liabilities 364.7 470.7 3.5 3.6 Deferred tax liabilities 1,150.9 1,099.8 0.4 1.4 4,841.4 5,497.4 13.3 5.0 Current liabilities Trade and other payables 1,531.9 1,886.8 3,668.7 3,567.1 Debt obligations 582.4 162.1 – – Other financial liabilities 13.2 34.0 – – Current tax payable 138.1 131.8 8.2 4.5 2,265.6 2,214.7 3,676.9 3,571.6 Total liabilities 7,107.0 7,712.1 3,690.2 3,576.6 Total equity and liabilities 15,635.0 16,980.0 11,519.6 12,375.0 * See note 2 58 INCOME STATEMENTS YEAR ENDED 31 MARCH 2015 Group Company 2015 2014 2015 2014 $ million $ million $ million $ million (restated)* Continuing operations Revenue 4,840.3 4,793.1 477.3 198.3 Other income 191.7 265.6 5.0 10.3 Expenses - Purchased power (2,873.4) (3,202.7) – – - Depreciation of property, plant and equipment (502.4) (456.2) (4.9) (5.8) - Amortisation of intangible assets (23.8) (21.7) (2.1) (2.6) - Maintenance (87.4) (97.4) (5.9) (4.6) - Staff costs (259.0) (337.0) (60.7) (57.7) - Property taxes (44.1) (56.3) (0.3) (0.3) - Other operating expenses (132.8) (163.0) (24.3) (13.8) Operating profit 1,109.1 724.4 384.1 123.8 Finance income 20.1 13.5 27.9 21.9 Finance costs (88.8) (82.5) (4.8) (6.9) Share of profit of associates, net of tax 146.3 33.3 – – Share of profit of joint venture, net of tax 1.5 3.1 – – Profit before taxation 1,188.2 691.8 407.2 138.8 Tax (expense)/credit (191.8) (151.9) (5.6) 4.9 Profit from continuing operations 996.4 539.9 401.6 143.7 Discontinued operations Profit from discontinued operations, net of tax – 344.6 – – Exceptional items - Gain on derivatives used for economic hedge – 129.0 – – Profit for the year 996.4 1,013.5 401.6 143.7 Profit attributable to: Owner of the Company 991.1 921.8 401.6 143.7 Non-controlling interests