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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 Searchhttps://www.spgroup.com.sg Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 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SP Group has been SunSPEC’s presenter and main sponsor since Category: Sustainability Searchhttps://www.spgroup.com.sg/search?tag=singapore-polytechnic -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, competing alongside leading global universities such as Stanford University, Cambridge Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner 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-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: Innovat
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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=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 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 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 -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, competing alongside leading global universities such as Stanford University, Cambridge Searchhttps://www.spgroup.com.sg/search?tag=lifelong-learner 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-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-f750fd
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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 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 [20170721] Media Release [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=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 Searchhttps://www.spgroup.com.sg/search?tag=year-in-review-2017 ://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=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 ://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=sunspec Search Searchhttps://www.spgroup.com.sg/search?tag=sunspec 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 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 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 Searchhttps://www.spgroup.com.sg/search?tag=singapore-polytechnic , “It is important that we support the students 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 1 2
Annual Report Year 2016/2017https://www.spgroup.com.sg/dam/spgroup/pdf/annual-reports/Annual-Report-Year-1617.pdf
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
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 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
Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/always-here-for-you
SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Always Here for You RELIABILITY 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. Our officers stand by at major events, like National Day Parade 2017, to ensure reliable power supply. Our engineers working on the cross-island Transmission Cable Tunnel project, which offers a cost-effective long-term solution for reliable electricity supply in Singapore. Restoration Time Customers experienced an average of 0.25 minute of electricity interruption in 2016/17. Source: DNV.GL Electricity Network Performance Benchmarking 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 \nSource: DNV.GL Grid Price and Performance Benchmarking Report 2016 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. TAGS RELIABILITYYEAR 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.
Category: Reliability
SP Annual Report 2018 Archive https://www.spgroup.com.sg/dam/spgroup/pdf/annual-reports/SP-Annual-Report-2018-Archive.pdf
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
[20130821] The Business Times - Work On Ultra-Deep Power Tunnels To Start Next Yearhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/ce2c6f7b-f74a-4272-888c-eb66190f9d38/%5B20130821%5D+The+Business+Times+-+Work+On+Ultra-Deep+Power+Tunnels+To+Start+Next+Year.pdf?MOD=AJPERES&CVID=
The Business Times, Wednesday, August 21, 2013 one taps, Net anti-graft war llow phone tapping itoring as it steps up rate and government the country as much year, a minister said. ONESIA, PAGE 10 Q2 earnings HK$3.02b nment Group, the rator founded by e Woo, reported s above analyst ese tourists boosted A/INDIA, PAGE 12 ie to recognise s Freddie Mac are billions of dollars in the level of loans they carry, a said, adding that the immediately be nise the costs of some CH, PAGE 13 t shortcomings s test responses rve described some omings in banks’ stress tests. It said not taking into bility of falling house ing certain Work on ultra-deep power tunnels to start next year The $2b project to carry high-voltage power cables is on schedule, says SP By RONNIE LIM ronnie@sph.com.sg [SINGAPORE] Work on Singapore’s $2 billion next-generation power network is “on track and on schedule”, says Singapore Power (SP), nine months after starting on the mega project. Two cross-island, ultra-deep tunnels, each to house extra-high voltage power transmission cables, are to be built. Work on them will start in the first quarter of next year, an SP spokesman told BT. But first, work on their Seafront project upper and lower shafts must be completed. In response to BT queries, the spokesman said work on most of the 18 upper shafts will be done by the end of next month; this will be followed by drilling and blasting of the hard rock to build the lower shafts. The tunnels will not encroach on any private properties. An Integrated Data Monitoring System (IDMS) will track the effects of the excavation and tunnelling on the surrounding ground. This is the first time an IDMS of this scale is being used in a construction project here, said the spokesman. Tunnel boring machines, the main components of which are from Japan and Germany, are expected to arrive here from December, in time for the actual tunnelling work from early next year. SP simultaneously started work on the 16.5 km east-west tunnel and the 18.6 km north-south tunnel last December. It carved out the work into six contracts and handed these out only to contractors experienced in tunnel-boring because of the expected complications in building the tunnels. The contractors are Obayashi Corporation, Nishimatsu Construction-KTC Civil Engineering and Construction, Hyundai Engineering & Construction, Samsung C&T Corporation and SK Engineering & Construction. Apart from the depth at which the work will take place, the space down there will offer a tight turning radius of only 75 metres at some points – narrower than the 200 metres in MRT tunnels. Another challenge will come from the varying types of rock below ground. The IDMS will integrate all instrumentation and monitoring data from various sources into a single web-based platform and enable easy access and review of data as construction progresses. The SP spokesman said: “This will ensure that ground settlements, movements and vibrations caused by various underground tunnelling construction activities are monitored to ensure minimal impact on existing adjacent buildings, structures and utilities. It is a proactive approach that will detect problems before they escalate into bigger issues, she added. Measuring 6 metres wide and up to 60 metres deep, the tunnels will accommodate 400 kV power circuits, which can carry the volume of electricity being generated and transmitted today. Singapore had started out with 66 kV high-voltage power circuits, and subsequently upgraded to the current 230 kV ones. The east-west tunnel, running from Ayer Rajah to Paya Lebar, is expected to be completed by 2017; the north-south tunnel, stretching from Gambas to May Road, will be done the following year.
[10012017] Singapore Power joins global utilities in plan to enlist startupshttps://www.spgroup.com.sg/dam/jcr:1ca77a53-0ed5-4491-b7f1-3755f8caf616
asese k of em, hat the ainh is inilop s in m- ate gal les. this ort lts. ort and feancy ing lso ed ang in- GP Ka rs, of colrts ese the erga- the orrs. ith rmtahat yce to ur- TC) 5. system and has made a difference to a future generation of lawyers. 4 | TOPSTORIES The Singapore Power joins In the pipeline global utilities in plan to enlist startups CJ urges legal sector to embrace march of technology Sundaresh Menon endorses tech blueprint for Singapore courts over next five years By Claire Huang huangjy@sph.com.sg @ClaireHuangBT Singapore DEVELOPMENTS in technology have forced lawyers to rethink practice areas and legal eagles in Singapore must stride towards these advances “with receptive openness”. This, as technology is expected to improve the quality of services and lead to cost savings for law firms, and ultimately, for society, said Chief Justice Sundaresh Menon at the opening of the legal year at the Supreme Court on Monday. Already, online dispute resolution platforms that allow users to find resolution without having to litigate have been implemented in the Netherlands, CJ Menon said, adding that it is “likely just a matter of time” before for the courts over the next five years. A unified One Judiciary IT Steering committee would also be set up to review, revise and update the blueprint initiatives. In tandem, the Singapore Academy of Law (SAL) presented its Legal Technology Vision outlining the aims of adopting legal tech and incubating a legal tech scene here. One of the aims, specifically targeting small- and medium-sized law firms, is to encourage adoption of baseline technologies, including office productivity suites, billing and practice management systems. Another is to look into the possibility of collaborative and shared virtual platforms and workspaces, as well as web- and cloud-based tools that can be accessed remotely. This could create a virtual marketplace that matches demand for and supply of Supreme Court ■ Amendments to Criminal Procedure Code to establish Rules Committee expected later this year He also touched on the appointment of three Senior Counsels – judicial commissioner Edmund Leow who is returning to the private sector, the Attorney-General’s Chambers’ (AGC) solicitor-general Kwek Mean Luck, and deputy chief prosecutor of the these avenues that “blend negotiation, mediation and arbitration” legal services, provide information could By be applied Andrea in fields such as motor accident workplace injury yers clients. AGC, Francis Ng. Soh and rating tools for the benefit of law- claims, as well as insurance claims or A further goal is to create fresh sandrea@sph.com.sg disputes. legal technologies by finding ways to To harness technology to enhance link the legal sector up with innovative professionals from other discip- the @AndreaSohBT administration of justice, he has endorsed the technology blueprint lines, said Mr Menon. Singapore SINGAPORE Power has joined the By Claire start-up Huang bandwagon. The pilot programme, The launched grid operator owned by Temasek Holdings on huangjy@sph.com.sg by Chief Justice Sundaresh Menon at @ClaireHuangBT the opening of the legal year 2017, is Singapore expected to be expanded later to include shipping law and arbitration. said Mr Menon. TO help the public identify lawyers The move is meant to improve the who Monday have expertise in certain launched practice accelerator programme with eral, without seven disadvantaging other those interna- quality of Singapore’s legal services areas, the Singapore Academy of Law and the standard of the Bar in gen- (SAL) has rolled out a voluntary accreditation scheme so practitioners who choose to remain non-accredited, he said. can apply to have their skills recognisedtional utilities “Participation in to the scheme help will energy For a start, lawyers specialising be entirely voluntary and will not be building and construction law can apply under the Specialist Accreditation lawyers will continue to be able to exclusionary. Thus, non-accredited start-ups gain exposure to various Scheme. The first batch of accredited practise in their field, in the same way specialists markets in this field will around be announced in January 2018. Senior Counsel are nonetheless able senior lawyers are exempted. that those who are not world. appointed The Free Electrons accelerator programme Toyota aims come to on recruit board energy to Scania, test-bed start-ups truck to co-create platooning the system next generation Hwee Hwee of ideas year, and in their respective solutions research address- By Tan hweetan@sph.com.sg centres in Sweden and Japan. One of @HweetanBT the two companies will be selected ing future Singapore trends based on the outcomes in clean of the phase 1 energy and trials to proceed into phase 2 projected from 2018, during which trials and trucking industry.” IF the truck platooning trials starting from energy early 2017 go according efficiency, to plan, among other areas, and development of the technology multiple truckloads of cargo at Singapore’s port can be transported will take place in Singapore. between SP terminals said. by just one driver The trials in Singapore will initially in the near future. involve transporting containers from This autonomous freight technology calls for one human-driven truck Pasir Panjang Terminal to Brani Terminal the Singapore port. A 10-kilo- The firm initiated the programme to lead a convoy of one or more driverless with trucks. Coast Highway has been designated metre long test route along West movement. Dubai Electricity and Water Authority, Scania and Toyota to Electricity test-bed The Ministry of Transport and PSA for the phase 2 trials. The inter-terminal haulage may eventually be penned the agreements on Monday with scaled up to include Supply haulage within Board in Ireland, the truck platooning system for use the port area and between Pasir Panjang Terminals and the Tuas Port. on Singapore’s public roads. These agreements followed Energias a memorandum Taking de on truck Portugal, platooning will Innogy in of understanding inked by the Ministry of Transport and PSA in October well as allow for more freight move- help alleviate manpower shortage as Germany, Tokyo Electric Power Company truck platooning (Tepco), trials will Permanent and Secretary Origin for Trans- Energy and 2015 to collaborate and co-fund truck ment at night to ease traffic congestion. drivers needed. platooning projects. The take place in two phases over a port and Chairman of the Committee three-year period from January 2017 on Autonomous Road Transport in to December Ausnet 2019. Scania and Services Toyota Singapore, Pang Kin Keong Australia. said: Together the eight utilities have 73 mil- will undertake first phase of the “Trucking as we know it today is a and managers. truck platooning trials lasting about a highly labour-intensive industry. We lion end customers across more than 40 countries, and a combined net income of US$148 pany plans to billion. collaborate with A*Star By Amit Roy Choudhury Under the MOU, the British com- amit@sph.com.sg @AmitRoyCBT to establish technology centres here Singapore to exploit growing capabilities in Internet of Things (IoT) will and advanced be managed haul) applications. BRITISH The aero-engine programme maker Rolls-Royce and A*Star signed a manufacturing technology in the industrial, healthcare, transport and memorandum of understanding (MOU) by on Jan two 9 to advance accelerator its digital other sectors. The partners proposed centres in Silicon capabilities and, at the same time, facilitate the growth of the supporting sensor technology design laboratory dustries can benefit from”. are likely to include a collaborative Valley: New Energy Nexus and swissnex in Singapore San since 1950, Francisco. conics. It may also include digital ecosystem in Singapore. on developing IoT sensors using Rolls-Royce, which has been nanotechnology and microelectron- present They a collaborative have extensive systems networks business. At its Se- create in solutions the to innovation connect sensors ecosyssiders the country a key regional hub computational science development for its civil, defence, marine and laboratory, among other purposes, to power letar campus it assembles and tests with the digital value chain, including aero engines that power the Airbus analytics software, applications 380 tem and the Boeing and 787 Dreamliner. have design experience and cybersecurity. and expertise patented in hollow, connecting titanium turing capabilities innovators, including digital said SP. Singapore is also the only place outside of the UK where it manufactures tegic development of future manufac- The MOU also proposes the stra- its wide-chord fan blade. manufacturing and advanced manu- As part of the six-month programme, 12 start-ups will gain exposure to various markets around the world by collaborating with major utility firms in three separate week-long modules in Silicon Valley, Lisbon and Dublin, and Singapore. The Singapore leg, as the final module, will focus on contracting pilot projects between the start-ups and utilities, according to the Free Electrons website. It will also include an overview of Singapore’s startup ecosystem and market, a final pitch event and an awards ceremony. In between modules, there will be ongoing conversations in the form of technical and business mentoring, and discussions on pilot opportunities. Being part of Free Electrons allows SP to foster international collaboration with some of the world’s largest international utilities, as well as partner some of the world’s most promising startups to develop solutions that could shape Singapore’s, and the world’s, energy future, he added. The initiative by the eight utilities comes at a time of tremendous industry transformation worldwide due to the growing popularity of renewable energy, the decentralisation of the energy system, regulatory uncertainties and disruptive new technologies. In Singapore, the electricity market is also set to be fully liberalised from mid-2018 onwards. Already, numerous independent electricity retailers banking on technology for a competitive edge have entered the market in the past two years, BT recently reported. The Free Electrons programme is open for applications from Jan 9 to Feb 28 this year. The selected start-ups will be announced in April. ■ Civil Justice Commission to wrap up review of processes by year-end ■ Review of medical litigation procedures to be finalised this year ■ Refinement of the Singapore International Commercial Court's rules under way State Courts ■ Employment Claims Tribunal − set up to help employees resolve salary-related disputes in a fast and affordable way − is expected to operate in April ■ New State Courts Tower to be operational by 2020 Family Justice Courts ■ Tweaks to the family justice system are in progress, including devising norms for child maintenance to be based on actuarial data and setting clear professional standards for practitioners In closing his speech, the Chief Justice paid a tribute to outgoing Attorney-General (AG) VK Rajah, who steps down on Jan 13. Congratulating Mr Rajah for his “many remarkable to practise as advocates. But accreditation will function as a mark of recognition that a particular lawyer in fact has particular skills and expertise,” The scheme will have two tiers: a lower tier (accredited specialist) for younger legal practitioners and an upper tier (senior accredited specialist) for more experienced legal practitioners. Candidates will be selected by a panel comprising judges, legal practitioners and industry professionals. The assessment is based on the candidate’s involvement in the practice area and panel interview, among other things. Younger lawyers will have to sit an examination while face a shortage of truck drivers. In this regard, truck platooning technology presents us with an opportunity to boost productivity in both the port PSA International’s regional CEO for South-east Asia, Ong Kim Pong said the progress made in truck platooning “underlines our joint commitment to being future-ready, while also helping us to continue to serve our customers better through fast and efficient inter-terminal container The Business Times understands under 2 million teus (20 foot equivalent units) of cargo annually are being transported between terminals using trucks. One industry observer estimated using truck platoons with one lead and two autonomous trucks in each platoon, PSA may save S$10 million annually or S$7 per teu moved over land by reducing the number of Mr Pang said that by taking on truck platooning, truck drivers will be offered opportunities to take on higher-skilled roles as fleet operators This falls in line with a drive in the facturing technologies and processes for manufacturing, assembly and MRO (maintenance, repair and over- Ian Davis, Rolls-Royce chairman, said that by “sharing our world leading expertise in digital technology”, Rolls-Royce and A*Star can together build a digital ecosystem “that all in- Mr Davis said that with its Smart Nation initiative, Singapore has demonstrated that it is “continually transforming, able and inventive”. That is why Singapore is a compelling partner to work with on “some of our digital strategy streams”, he added. He said that the MOU would expand and deepen the company’s capabilities in Singapore. He added that 90 per cent of the company’s sales comes from outside its UK home market. He added: “Today 50 per cent of Source: Singapore Supreme Court The specialist accreditation will have to be renewed every two years. SAL said the scheme is expected to benefit more than 900 legal practitioners who practise building and construction law. Former Law Society president and senior counsel Lok Vi Ming, who now runs his own dispute resolution practice, welcomed the accreditation scheme as it will “encourage practitioners to keep up with latest developments in a particular industry or practice area” and will ramp up different expertise. “The public is always looking for product differentiation – people who can deliver better in a particular area larger maritime industry to align job profiles with the aspirations of younger, more technologically savvy Singaporeans. Mr Ong opined that it is timely to move on to the next steps in developing autonomous truck platooning technology as PSA prepares for its future terminals in Tuas. PSA is building the next-generation port (NGP) from our aircraft (engine) sales come from Asia, in 20 years 70 per cent of of our sales will come from this region.” Singapore’s importance lies in the fact that it is a major engine repair and maintenance centre of the company. A*Star chairman, Lim Chuan Poh, noted that Singapore is the largest aviation hub in Asia. The total output from the aerospace industry in Singapore is worth S$8.3 billion out of which 90 per cent comes from MRO activities and the rest from manufacturing. The sector employs 20,000 highly-skilled talent with the vast majority being locals, Mr Lim said. Singapore hosts more than 100 aerospace companies. These include multinationals such as Airbus, Boeing, Bombardier and Rolls-Royce, and local enterprises such as ST Aerospace, SIA Engineering Com- achievements over the course of more than three decades in the law”, Mr Menon said: “You have devoted yourself tirelessly to advancing the interests of justice throughout your career. There can be no higher calling for a lawyer; and you have discharged it with great distinction.” Veteran lawyer Lucien Wong has been appointed the new AG and will serve a three-year term. Prime Minister Lee Hsien Loong also thanked Mr Rajah for his outstanding contributions to Singapore in a valedictory letter dated Jan 4. “Of particular note were your decisions that concerned criminal law. You delivered landmark rulings that clarified the law on criminal liability for common intention, as well as aspects of the law on sentencing. These Voluntary scheme started to accredit specialist lawyers One driver, multiple trucks Driver in first container truck leading 3* driverless trucks Lead vehicle linked to the platoon via wireless communications of expertise and if you have a mark of excellence that is presented to them, they will gravitate towards that mark,” added Mr Lok. The SAL is also developing the Legal Industry Framework for Training and Education (Lifted), which is part of the nationwide SkillsFuture initiative and will help lawyers develop core and specialist competencies in their areas of practice. For a start, Lifted will identify competencies and courses for corporate and commercial law, family law, legal technologies and legal support roles. It will be implemented in phases this year, starting with legal support roles. scratch at Tuas. Smarter, greener and automated, the NGP at Tuas will feature technology-boosting efficiency and productivity as well as improving safety and security. PSA is also test-bedding automated guided vehicles (AGVs) at the Pasir Panjang Terminal. The AGV technology is intended to be implemented at the NGP at Tuas. Rolls-Royce signs MOU with A*Star to deepen collaboration CJ Menon also paid tribute to outgoing Attorney-General VK Rajah (inset), who steps down on Jan 13. PHOTO: THE STRAITS TIMES, FILE PHOTO Coupling and de-coupling to allow other road users to cross between platoon vehicles Incorporates vehicle detection, anti-collision and lateral control technologies for safety *Number of trucks in each platoon may vary according to trial results. Source: PSA and Ministry of Transport pany, Wah Son Engineering, and Ka Shin Technologies. Mr Lim noted that over the years, Rolls-Royce has proven to be one of A*Star’s most valuable partners in collaborative research that “kick-starts innovation” for the industry. “These initiatives not only contribute to the local aerospace sector, but to the overall manufacturing landscape in Singapore,” he added. In 2007, Rolls-Royce joined the A*Star Aerospace Programme consortium as one of its founding members. In 2011, it established a Joint Lab with A*Star’s Institute of High Performance Computing (IHPC) in computational engineering. Mr Lim added that Singapore worked with Rolls-Royce and a few other industry partners to set up the Advanced Remanufacturing and Technology Centre (ARTC) which was officially opened in 2015. Business Times | Tuesday, January 10, 2017 judgements reflected your commitment to a fair criminal justice system that tempers justice with compassion,” Mr Lee wrote. He added that Mr Rajah has done much to improve Singapore’s legal system and has made a difference to a future generation of lawyers. Singapore Power joins global utilities in plan to enlist startups By Andrea Soh sandrea@sph.com.sg @AndreaSohBT Singapore SINGAPORE Power has joined the start-up bandwagon. The grid operator owned by Temasek Holdings on Monday launched an accelerator programme with seven other international utilities to help energy start-ups gain exposure to various markets around the world. The Free Electrons accelerator programme aims to recruit energy start-ups to co-create the next generation of ideas and solutions addressing future trends in clean energy and energy efficiency, among other areas, SP said. The firm initiated the programme with Dubai Electricity and Water Authority, Electricity Supply Board in Ireland, Energias de Portugal, Innogy in Germany, Tokyo Electric Power Company (Tepco), and Origin Energy and Ausnet Services in Australia. Together the eight utilities have 73 million end customers across more than 40 countries, and a combined net income of US$148 billion. The programme will be managed by two accelerator partners in Silicon Valley: New Energy Nexus and swissnex San Francisco. They have extensive networks in the innovation ecosystem and have experience and expertise in connecting innovators, said SP. As part of the six-month programme, 12 start-ups will gain exposure to various markets around the world by collaborating with major utility firms in three separate week-long modules in Silicon Valley, Lisbon and Dublin, and Singapore. The Singapore leg, as the final module, will focus on contracting pilot projects between the start-ups and utilities, according to the Free Electrons website. It will also include an overview of Singapore’s startup ecosystem and market, a final pitch event and an awards ceremony. In between modules, there will be ongoing conversations in the form of technical and business mentoring, and discussions on pilot opportunities. Being part of Free Electrons allows SP to foster international collaboration with some of the world’s largest international utilities, as well as partner some of the world’s most promising startups to develop solutions that could shape Singapore’s, and the world’s, energy future, he added. The initiative by the eight utilities comes at a time of tremendous industry transformation worldwide due to the growing popularity of renewable energy, the decentralisation of the energy system, regulatory uncertainties and disruptive new technologies. In Singapore, the electricity market is also set to be fully liberalised from mid-2018 onwards. Already, numerous independent electricity retailers banking on technology for a competitive edge have entered the market in the past two years, BT recently reported. The Free Electrons programme is open for applications from Jan 9 to Feb 28 this year. The selected start-ups will be announced in April. Source: The Business times © Singapore Press Holdings Limited. Permission required for reproduction.
Innovationhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/innovation/driving-innovation-from-within
SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Driving Innovation From Within INNOVATION 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. 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. The team leading the conversion of SP’s entire service fleet to electric vehicles. Our Solar Taskforce led an initiative to install solar panels at our offices to harness renewable energy. 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). Expect more made-in-SP innovations, all with the goal of improving quality of life. TAGS YEAR IN REVIEW 2017 YOU MIGHT BE INTERESTED TO READ SP partners Pyxis to launch direct-current fast charging point for electric harbour crafts Using GET™ to help Mercatus digitally manage their tenant utilities SP Group is partnering Mercatus Co-operative Limited to deploy SP Digital’s Green Energy Tech (GET™) solutions to Mercatus’ properties. Developing the digital core of sustainable energy solutions From coding to designing systems, Ibrahim develops and manages all the central platforms and systems that power the SP Utilities app, commercial solutions, and internal projects for SP.
Category: Innovation
SP Group Sustainability Review FY2019-2020https://www.spgroup.com.sg/dam/spgroup/pdf/about-us/our-sustainability-commitment/SP-Group-Sustainability-Review-FY2019-2020.pdf
SP Group Sustainability Review FY2019/2020 SP GROUP Sustainability Review FY2019/2020 Scope of Review This is the annual sustainability review published by SP Group for the financial year 1 April 2019 to 31 March 2020. The scope of this review covers SP Group’s Singapore-based operations. Sustainability Strategy SP Group’s mission is to deliver reliable and efficient utilities services to enhance the economy and the quality of life of our consumers. This mission is rooted in our value system of commitment, integrity, passion and teamwork. Sustainability is central to our mission and guides us to achieve our mission in a responsible and committed manner. As a leading energy utilities company, we anchor our sustainability strategy around the United Nation’s Sustainable Development Goal (SDG) 7 – to ensure access to reliable, sustainable and modern energy for all. For more information, please refer to https://www.un.org/sustainabledevelopment/energy/ 7.1 Enhance energy access SDG 7 has three key targets: 7.2 Increase renewable energy 7.3 Promote energy efficiency Industry collaboration in energy technology and investment in energy infrastructure are identified as key enablers to meet these targets. We aspire to be a leading utilities company in a low-carbon future and providing energy that is reliable and sustainable is central to this long-term strategy. We recognise that to enable this clean transition, we need to invest in innovative technologies and infrastructure. We also understand that our actions need to extend beyond our own operations, to those of our customers who can create a large share of the impact through their choices and decisions. With this in mind, we have identified three strategic areas that support our actions towards the achievement of SDG 7: (1) Network Reliability, (2) Innovation and (3) Customer Empowerment. Mission: Deliver reliable and efficient utilities services to enhance the economy and the quality of life Network Reliability Value System: Commitment, Integrity, Passion, Teamwork customer empowerment Innovation 02 SP GROUP Sustainability Review FY2019/2020 In addition to helping customers reduce their carbon footprint, SP Group is committed to reducing the environmental impact from our business operations. In 2019, an extensive data collection exercise was completed to calculate the greenhouse gas (GHG) emissions following the principles in the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (revised edition). FY2019/2020 emissions Absolute, tonnesCO 2 e Intensity, kgCO 2 e/MWh sold Scope 1 25,966 0.54 Scope 2, location based 355,110 7.38 The bulk of SP Group’s GHG emissions in Scope 2 resulted from the dissipated energy emissions from technical losses via the distribution network and the transmission system in Singapore. While these emissions are inherent in the operations of the network, SP Group is committed to identifying opportunities to reduce the emissions from other key business activities that we operate and can influence. Value Add 30 Vision 2030 Reduce Carbon 30 We have set ourselves a “30-30-30” target to add at least 30 per cent value to our customers and reduce our carbon footprint by 30 per cent, by 2030. With FY2018/2019 as the baseline year where applicable, selected performance indicators will be measured and tracked in relation to our material topics of network reliability, innovation and customer empowerment. Our SAIDI performance for electricity network improved to 0.56 minute as compared to 0.87 minute in the previous year More than 29,000 tonnesCO 2 e avoided from our various low carbon solutions offered to our customers In FY2019/2020, our System Average Interruption Duration Index (SAIDI) for electricity network improved to 0.56 minute as compared to 0.87 minute in the previous year. Commonly used as a reliability indicator by electricity companies, SAIDI measures the average outage duration experienced by each customer served. Our improvement reflects the continuous efforts we have put in place to ensure our customers are provided with reliable electricity supply. We have also facilitated the switch for 46 per cent of residential customers and 43 per cent of small business customers in the Open Electricity Market, enabling them to enjoy savings of 20 per cent to 30 per cent off the regulated tariff. Customers also have the option of a non-standard price plan to buy electricity from the wholesale electricity market. The various initiatives that have resulted from our focus on innovation have helped to reduce the carbon footprint of our customers through avoided emissions. In FY2019/2020, the carbon dioxide (CO 2 ) emissions avoided amounted to more than 29,000 tonnes carbon dioxide equivalent (tonnesCO 2 e), which was 19 per cent more than the baseline year of FY2018/2019. 03 SP GROUP Sustainability Review FY2019/2020 Contributing to SDG 7 Targets SDG targets by 2030 Material topic Our key contributions 7.1 Energy Access Ensure universal access to affordable, reliable and modern energy services. Network reliability Innovation • Investing in network infrastructure upgrades • Deploying smart grid technologies to improve and maintain network reliability • Increasing electric vehicle charging stations Customer empowerment • Enabling access to the Open Electricity Market by empowering customers to choose electricity packages and enjoy savings • Deploying digital solutions for energy consumers 7.2 Renewable Energy Increase substantially the share of renewable energy in the global energy mix. Innovation • Deploying solar PV projects • Testing green hydrogen • Testing waste-to-energy solutions • Issuing and trading of Renewable Energy Certificates 7.3 Energy Efficiency Double the global rate of improvement in energy efficiency. Innovation Customer empowerment • Developing smart building and smart district level solutions • Deploying district cooling and energy saving solutions • Deploying smart technology through advanced electricity meters and SP Utilities mobile app • Spreading environmental awareness through GreenWall, GreenUP, Energy Challenge and My Carbon Footprint Refer to page 17 for more details on these initiatives 04 SP GROUP Sustainability Review FY2019/2020 Network Reliability Why This is Material SP Group serves a large customer base who expects uninterrupted power and a high-quality maintenance framework. We understand that people and businesses rely on us to provide consistent and reliable power. SP Group aims to deliver a high reliability rate with near-zero downtime. Network reliability will continue to be a key topic to SP Group as we strive to deliver excellence in our service provision and operations. Management Approach Network Maintenance Singapore has one of the best electricity and gas network systems in the world. Despite all our efforts, supply interruption is inevitable. They occur due to various reasons including network failure, damage by third parties, faulty equipment at customer sites or issues with the source of the supply. Electricity Network To minimise occurrence of power failure, SP Group carries out regular maintenance measures. One of the measures is online condition monitoring which checks the network around the clock. Any anomalies detected will trigger a response for the team to carry out rectification works to ensure the continued well-being of the equipment. In 2019, to enhance speed and accuracy in predicting anomalies, we have implemented online condition monitoring for newly installed 230kV and 400kV cable joints, and for all 230kV, 400kV and new 66kV switchgears. We are in the process of doing the same for all 22kV source station’s switchgears, to be completed by 2022. We also carry out physical monitoring every six to nine months. This measures the voltage and equipment condition when the checks are being conducted. If a power failure occurs, we take remediation actions to minimise the impact and downtime. Implemented online condition monitoring for newly installed 230kV and 400kV cable joints, and for all 230kV, 400kV and new 66kV switchgears to enhance speed and accuracy Employees work 24/7 at SP Group’s distribution control centre, the nerve centre of Singapore’s power grid, to ensure supply reliability. 05 SP GROUP Sustainability Review FY2019/2020 SP Group’s mobile generator crew is on standby 24/7. 1. Remote switching 2. Manual switching 3. Mobile generators 4. Cable jointing When a power fault is detected, this first course of action disconnects the affected equipment from the network and reconnects it to an alternative supply source. In 2019, we implemented remote switching capabilities for all 6.6kV distribution networks substations, enabling quicker restoration should a supply interruption occur. This is conducted when remote switching is unable to restore power supply. Power faults in low-voltage networks, such as damage to overground boxes that are used to transmit electricity to customers, are usually resolved through manual switching. These generators are deployed when power faults are reported and are used to provide temporary electricity supply while network issues are being resolved. This is conducted when switching is unable to resolve the power fault and the mobile generators cannot access the substation where the fault has occurred. Manual switching 06 SP GROUP Sustainability Review FY2019/2020 Gas Network SP Group owns and operates the gas network to supply gas to industrial, commercial and residential customers. The high pressure gas transmission system transports the main fuel source for Singapore’s power generation plants. A whole-of-life approach to asset management is adopted to manage risk and ensure that the gas network is developed, maintained and operated in a safe manner. The gas network is monitored round the clock in a system control centre. A Supervisory Control and Data Acquisition (SCADA) system is deployed on the transmission system to avail remote monitoring and operations capability, which enables immediate response to incidents. When incidents occur, response is centrally managed to ensure that performance recovery is quick and directed, and disruption to customers is minimised. SP Group checks the gas regulators regularly to ensure optimal gas supply pressure for customers. Regular inspections and maintenance are conducted on our assets to maintain reliability. An asset renewal programme tracks asset performance and replaces deteriorating assets efficiently. Patrol and leak survey of the pipelines are conducted to detect third party activities and gas leaks respectively. Dedicated planning of assets, selection of materials, project management and strict testing requirements are in place to maintain the integrity of the gas network. This enables continual good performance to existing consumers and supply to new consumers. International Collaboration In ensuring a more secure, accessible and sustainable energy future, SP Group is an active member of several international and regional working groups which benchmark and share best practices on grid operations. Participants at the 2019 HAPUA Council meeting. SP Group represents Singapore in the Heads of ASEAN Power Utilities Authorities (HAPUA) Pantone 2235C C75 M0 Y35 K0 R0 G176 B178 Pantone Red 032C C0 M91 Y87 K0 R239 G63 B54 Pantone 286C C100 M60 Y0 K6 R0 G98 B170 Pantone Process Yellow C C0 M0 Y100 K0 R:255 G242 B0 In the International Utility Working Group that was formed in 2003, SP Group is one of the utilities companies in the 10-member countries that meet annually to address grid reliability and security, integrating clean energy sources and meeting the digital needs of customers. In Southeast Asia, SP Group represents Singapore in the Heads of ASEAN Power Utilities Authorities (HAPUA). HAPUA’s key objectives include strengthening regional energy security through interconnection development and enhancing the quality and reliability of the electricity supply system. SP Group is the Chair of the Working Group #3 to focus on the areas of Distribution, Power Reliability and Quality. 07 SP GROUP Sustainability Review FY2019/2020 SP Group continues to invest in infrastructure to uphold network reliability. Initiatives Energy Access – SDG 7.1 Investing in Network Infrastructure Upgrades Planning and investing in network infrastructure upgrades is key to ensuring consumers have reliable and safe access to electricity. As part of our accelerated gas mains renewal programme, we have replaced more than 70km of aging ductile iron pipelines with more durable polyethylene pipes. This significantly reduces the risk of gas leaks and improves gas safety. We have embarked on the upgrading of two key operational systems, for gas network monitoring and control, and to support all gas market activities in Singapore. The final connection of our transmission network in the north of Singapore was also completed, enhancing the security and reliability of supply serving Liquefied Natural Gas (LNG) customers in the area. Commissioned a new 400kV substation to support more industrial capacity We have a long-term asset renewal strategy – based on the performance, condition and age of our equipment – to ensure that our electricity network remains resilient. We commissioned a new 400kV substation to support more industrial capacity and renewed one of two 230kV interconnections between Singapore and Malaysia. We have also replaced 606 switchgear panels, 158 transformers and 253km of cables in the distribution network. In 2012, we commenced an underground transmission cable tunnel project to support SP Group’s long-term plan of securing reliable and efficient electricity supply for Singapore. The project will allow us to install, repair and replace aging assets, and upgrade our network efficiently, with minimal inconvenience to the public. We have since installed and commissioned seven transmission cable circuits in our cross-island underground cable tunnels that were completed in 2019. These circuits, spanning close to 138km, are part of our long-term plan to replace aging assets and meet Singapore’s future electricity needs. 08 SP GROUP Sustainability Review FY2019/2020 Smart Grid Index In 2018, we launched the world’s first Smart Grid Index (SGI) to help utilities measure and advance in key dimensions of grid development. The SGI received strong endorsement from industry experts and stakeholders. Covering seven key aspects of an electricity grid – 1) supply reliability; 2) monitoring and control; 3) data analytics; 4) integration of Distributed Energy Resources (DER); 5) green energy; 6) security, and 7) customer empowerment and satisfaction – the SGI allows utilities to understand their strengths and areas they can improve in. Today, the SGI measures and benchmarks grid smartness across 75 utilities from 35 countries. In 2019, utilities in Asia Pacific nations made significant improvements in the rankings with an overall improvement of 10 percentage points from 2018. Improvements were most notable in areas of integration of DER, security, and customer empowerment and satisfaction. For further details on the benchmarking scores, please refer to https://www.spgroup.com.sg/what-we-do/smart-grid-index. SECURITY & SATISFACTION CUSTOMER EMPOWERMENT Best Practices by Dimensions GREEN ENERGY MONITORING & CONTROL DER INTEGRATION DATA ANALYTICS SUPPLY RELIABILITY Performance Network reliability is an important contributor to the economy and SP Group aims to ensure minimum disruption to electricity and gas supply for all businesses and households. There are two key indicators that our industry measures when assessing performance on network reliability: i) SAIDI, a system index of average duration of interruption in the power supply indicated in minutes per customers, and ii) System Average Interruption Frequency Index (SAIFI), a system index of average frequency of interruptions in the power supply. In FY2019/2020, our SAIDI for the electricity network improved by over 35 per cent. FY2018/2019 FY2019/2020 Electricity SAIDI (min) 0.87 0.56 SAIFI 0.0307 0.0366 Gas SAIDI (min) 0.0932 0.2637 SAIFI 0.0014 0.0019 To ensure minimal service disruption to our gas network, we have been actively replacing aging ductile iron pipelines with more durable polyethylene pipes to improve our gas SAIFI and SAIDI performance. Future Outlook To meet the 30-30-30 targets and minimise customer supply interruption, we actively invest in infrastructure, technology and engineering capabilities to uphold high performance standards. We continually look for innovative and cost-effective ways to deliver faster and better services and empower our staff with the knowledge they need to increase productivity and bring value to our customers and stakeholders. 09 SP GROUP Sustainability Review FY2019/2020 Innovation Why This is Material Singapore has pledged to reduce its Emissions Intensity by 36 per cent from 2005 levels by 2030. It has recently committed to enhance its nationally determined contribution to the absolute peak emissions level of 65 million tonnes of CO 2 equivalent around 2030. By 2050, Singapore aims to halve the amount of emissions it produces from its 2030 peak, with the view to achieve net-zero emissions as soon as viable in the second half of the century. Innovation and new technologies are central to facilitating this transition. SP Group can be a key facilitator and enabler for this change. Our investments in climate-friendly innovations will not only power a greener tomorrow for our business, they benefit the entire ecosystem, including organisations and individuals trying to reduce their own footprint. Management Approach SP Group takes an active approach to keep at the forefront of new technologies. Our approach has been to tap the global innovation ecosystem for exposure, test new solutions and build new capabilities to enable us to deliver value-added solutions to customers. SP has been actively engaging the global innovation ecosystem through programmes such as the Free Electrons Global Accelerator. In partnership with nine other global utilities, SP Group invites promising energy-related start-ups to apply for the accelerator programme which runs annually. Into its fourth edition in 2020, Free Electrons received a total of more than 850 start-up applications from 86 countries. Since 2017, Free Electrons has received more than 2,300 applications and investments were made in more than 100 pilot programmes while more than S$30 million has been invested in start-ups. SP Group invests in venture capital funds globally to access the innovation ecosystems and keeps abreast of market and technology developments. Our venture capital funds provide SP Group with deal flow access to start-ups globally including Asia, US and Europe. Through this innovation ecosystem, SP Group has been identifying relevant and promising technologies to run pilots. This approach allows us to validate the technologies and performance in our local environment, and build new capabilities as we partner start-ups and organisations to develop new solutions. By 2050, Singapore aims to halve the amount of emissions it produces from its 2030 peak, with the view to achieve net-zero emissions as soon as viable in the second half of the century Since 2017, Free Electrons has received more than 2,300 applications from innovative energy startups. More than 100 pilot programmes were initiated between the utilities and start-ups. More than S$30 million has been invested in the start-ups. Free Electrons utilities and start-up participants in Berlin, Germany. 10 SP GROUP Sustainability Review FY2019/2020 Initiatives Energy Access – SDG 7.1 Electric Vehicle Charging The switch to low-carbon electric vehicles (EVs) is seen as an increasingly viable route for the decarbonisation of the transportation sector globally. With our geographic size, economic landscape and existing infrastructure, Singapore is well-placed to adopt green mobility, and SP Group aims to drive this change. Over the past two years, SP Group has been partnering organisations to set up EV charging stations across the island, in line with the government’s longerterm plan to build 28,000 electric vehicle charging points by 2030. In 2019, the high-speed EV charging network was increased to 200 points across Singapore, including 52 direct current fast chargers. Locating the charging points can be done via the SP Utilities app. Through the app, users can start and stop charging, and pay for the electricity used. This allows for greater convenience to users to access the largest fleet of EV charging points in Singapore. Renewable Energy – SDG 7.2 Solar Panels SP Group has installed solar photovoltaic (PV) panels at our headquarters and district offices and developed storage systems to harness and deploy energy efficiently. This experience enables us to work with partners in the community and industrial customers to achieve similar sustainable outcomes. The Integrated Energy Solutions system includes features like the SP Group’s direct current fast charging points offer our customers a convenient and quick way to charge their electric vehicles. “ We are very pleased to work with SP Group on the enabling infrastructure for EVs at Paya Lebar Quarter. We see EVs as representing a better environmental solution for cars in Singapore and are already seeing demand from our Paya Lebar Quarter office tenants for EV charging stations.” - Mr Richard Paine, Managing Director of Paya Lebar Quarter energy storage capabilities, energy sensors and a real-time digital platform to monitor, analyse and optimise energy usage. Machine learning models were also deployed to better monitor the panels’ condition to reduce the need for regular inspections. One such digital system was developed at the local SembCorp Marine Tuas Boulevard Yard that optimises energy consumption and harnesses solar energy for significant savings. The system is paired with 4.5 MegaWattpeak (MWp) solar panels, the largest single solar rooftop at a shipyard in Southeast Asia. It will provide up to 30 per cent of electricity consumed by the yard’s steel structure fabrication workshop during peak load. 11 SP GROUP Sustainability Review FY2019/2020 Green Hydrogen While renewable energy such as solar and wind has been at the forefront of clean energy solutions, alternative clean fuels such as hydrogen gas has the potential to offer consumers a viable option for accessing clean energy. With water and energy as the bi-products, hydrogen gas as a fuel offers plenty of potential, more so for Singapore, which has limited renewable options. In 2019, SP Group installed a hydrogen energy system at our training centre at Woodleigh Park in partnership with Marubeni Corporation and Tohoku University. The system generates green hydrogen through electrolysis powered by solar energy. This has helped us convert the training centre into the first zero-emission building in Southeast Asia that is powered by green hydrogen. Since October last year, the building, which consumes about 2,000 kilowatt hours of electricity a month – equivalent to the monthly usage of five four-room Housing Board flats – has been able to operate independently from the national grid. Waste to Energy Waste generation in Singapore has increased seven fold over the past 40 years, putting immense pressure on Singapore’s only landfill at Pulau Semakau which will be full by 2035. With land being a scarce resource, there is urgent need to explore alternatives for waste disposal. SP Group and Gardens by the Bay announced plans to pilot a zero-waste solution at the Gardens. This solution offers an effective alternative to incineration using compact gasification technology to convert waste into thermal energy and biochar. As a result, waste is reduced to only five per cent of its original volume and emissions are reduced by up to 20 per cent. The smart-waste management system could enable sustainable zero-waste districts to be viable in Singapore, bringing the country closer towards a circular economy. In addition to tackling the waste issue, this technology will also allow us to explore efficient alternative solutions to generating energy and reducing our reliance on fossil fuels. SP Group harnesses renewable energy to create clean energy solutions for customers. SP Group installed a hydrogen energy system at our training centre at Woodleigh Park in partnership with Marubeni Corporation and Tohoku University SP Group and Gardens by the Bay announced plans to pilot a zero-waste solution at the Gardens. As a result, waste is reduced to only five per cent of its original volume and emissions are reduced by up to 20 per cent. The smart-waste management system is deployed at Gardens by the Bay. 12 SP GROUP Sustainability Review FY2019/2020 Renewable Energy Certificates Platform In 2018, SP Group launched the world’s first blockchain-powered Renewable Energy Certificate (REC) marketplace. The marketplace enables the trading of RECs – for renewable energy producers to sell, and for consumers wishing to use green energy to purchase. In 2019, an agreement was signed with the International REC Standard Foundation for SP Group to be the first authorised local issuer of I-RECs in the Asia Pacific. This international accreditation means consumers can be assured of the integrity of each REC transaction. With the one-stop digital REC platform, SP Group is removing barriers so that big and small consumers can achieve their green targets seamlessly and securely. Energy Efficiency – SDG 7.3 Smart Building Solutions SP Group actively explores new technologies to support the energy needs of buildings and districts. With 75F, a building intelligence provider harnessing Internet of Things and machine learning, we are A sample of an REC that is issued to consumers. In 2018, SP Group launched the world’s first blockchain-powered Renewable Energy Certificate marketplace offering a micro-climate control solution that can save up to 30 per cent in energy consumption while improving occupant comfort. This solution has been deployed at DBS Asia Hub at Changi Business Park since February 2020. Tenancity was launched in 2019 to provide offices, malls and campuses with an energy-efficient solution in both tenant and common spaces. As part of this product, the consumption insights were also offered for the landlord and tenants to know about unusual deviations from benchmarks, anomalies in usage, and water leakage detection. This allows customers to take concrete steps to save energy and water. The first project was in Changi Airport where smart electricity and water meters were deployed for all tenants in Terminal 3. Data was aggregated through a wireless mesh network, becoming one of the first to integrate smart electricity and water meters in a wireless network within a building. Through the implementation of an energyefficient solution, coupled with advanced meters and operational analytics within the tenant premises, we are able to improve operational efficiency in Changi Airport Group’s utilities billing processes. Since then, similar projects have been undertaken at HDB Connection One and Nanyang Technological University. SP Group is also working with the newly set up Singapore Eco Office from the Ministry of the Environment and Water Resources and Temasek Holdings to transform Tampines into an Eco Town. This is part of the Singapore Government’s plans to rejuvenate and transform mature towns and make them more sustainable. SP Group’s micro-climate control solution allows customers to save up to 30 per cent in energy consumption while improving occupant comfort. 13 SP GROUP Sustainability Review FY2019/2020 District Cooling and Energy Saving Solutions At Marina Bay Sands, SP Group operates the world’s largest underground district cooling system. Here, chillers centrally produce chilled water during off-peak periods, store the chilled water using a thermal energy storage system, and supply the chilled water for air conditioning use at the buildings in the Marina Bay area. If renewable energy that is used to power the chillers suddenly fluctuates, the lithium ion battery will immediately discharge energy to balance the supply, hence overcoming the challenge of inconsistent renewable energy in a cost-effective way. For the innovative efforts, SP Group was presented with the 2019 Minister for National Development’s R&D Merit Award at the Urban Sustainability R&D Congress 2019. Performance SP Group’s low-carbon initiatives have enabled our customers to avoid more than 29,000 tonnesCO 2 in FY2019/2020, equivalent to planting more than 1.4 million rain trees 1 or taking more than 6,300 cars off the road for a year 2 . Measuring this progress against the target of helping our customers reduce their carbon footprint, these initiatives have achieved 19 per cent increase in the CO 2 avoided since 2018. Future Outlook SP Group recognises that Singapore lacks land to scale up renewable energy systems. However, we plan to work with our neighbouring countries on cross-border power supply. Building transmission lines to connect the countries and using renewable energy credits to facilitate power trading can allow Singapore to use clean power even if it cannot produce it. Furthermore, we will continue to work on our strategic areas for innovation to provide our customers with low-carbon solutions. SP Group’s low carbon initiatives have enabled customers to avoid more than 29,000 tonnesCO 2 in FY19/20, equivalent to planting more than 1.4 million rain trees or taking more than 6,300 cars off the road for a year SP Group operates the world’s largest underground district cooling system that supplies chilled water for air conditioning to buildings in the Marina Bay area. 1 One mature rain tree absorbs 0.0201 tonnesCO 2 a year - data from My Carbon Footprint study by South Pole 2 From US EPA Greenhouse Gas Equivalencies Calculator 14 SP GROUP Sustainability Review FY2019/2020 Customer Empowerment Why This is Material The transition towards a clean energy economy will largely be driven by end-user consumption. Given that SP Group provides electricity and gas transmission and distribution services to consumers in Singapore, customer education and empowerment will support Singapore’s target to transition to a low-carbon future. Beyond this, empowerment of customers can result in energy and cost savings for the customers of SP Group, increasing value to them. Management Approach SP Group’s customers are at the core of our business strategies. Our initiatives for the community and our customers are aligned with our mission – to deliver reliable and efficient utilities services to enhance the economy and the quality of life. Public education is an important aspect of our management approach. SP Heart Workers, the staff volunteers of SP Group, organise interactive workshops and training for members of the community on issues of energy efficiency and safety. In 2019, we engaged students from the Nanyang Polytechnic School of Interactive and Digital Media to develop a series of gas safety awareness videos. These videos were part of a gas safety campaign that we rolled out in September last year. Empowerment Through Technology To provide greater convenience to our customer base, we have embarked on a digital transformation journey. This has resulted in digital products that power internal business units and energy technology products that are available to customers. With energy technology as a tool to drive sustainability, the primary goals are to: 1) inform, 2) enable and 3) add value. Inform Timely data, information and recommendations on your energy use. Enable Take actions through direct control and automation with AI recommendations. Add Value Providing economic value while contributing to sustainability. 15 SP GROUP Sustainability Review FY2019/2020 Initiatives Energy Access – SDG 7.1 Open Electricity Market In 2018, the electricity market in Singapore opened up, allowing residential consumers to choose their utilities package from new retailers in the market. Regardless of their choice of whether to remain with SP Group at the regulated tariff, or switch to another electricity retailer, SP Group is committed to helping consumers make the right decisions which enable them to save energy and cost. Typical savings are between 20 per cent to 30 per cent off the regulated tariff. To demonstrate our commitment, we have rolled out a price comparison feature on the SP Utilities app, whereby customers can see various price plans at a glance. This makes it easier for consumers to select price plans that best suit their consumption needs. Energy Efficiency – SDG 7.3 SP Group has facilitated the switch for many of our customers to enable them to save 20 per cent to 30 per cent off the regulated tariff Smart Technology SP Group is increasingly shifting its focus to use data science and artificial intelligence (AI) to deliver efficient energy solutions to our customers. We refer to this as an “Energy Brain”. This “Energy Brain” uses intelligence gathered from a large volume of consumption data from both residential homes and businesses to provide customers with data-driven solutions. Beyond this, we are increasing customer empowerment by installing advanced electricity meters for all households, allowing residents to access their half-hourly electricity usage through our SP Utilities app. These advanced meters allow residents to gain a better picture of their consumption patterns, enabling them to implement reduction and efficiency measures in a meaningful manner. SP Group uses data science and artificial intelligence to deliver efficient energy solutions to customers. 16 SP GROUP Sustainability Review FY2019/2020 Energy Efficiency – SDG 7.3 Environmental Awareness In March 2020, SP Group launched the enhanced Carbon Footprint calculator, called My Carbon Footprint. It enables everyone in Singapore to be more aware of the environmental impact of their daily actions. First launched in December 2019, the initial version allows users to view the carbon emissions resulting from their electricity consumption. The calculator that is available on the SP Utilities app allows everyone in Singapore to measure their environmental impact from their daily lifestyle choices according to their household profile, mode and duration of commute, frequency of holiday travel, spending habits and food consumption. Approximately 13 per cent of SP Utilities app users had participated in GreenUP and completed over 1.3 million activities In addition, SP Group has launched initiatives that allow A screengrab of My Carbon Footprint. consumers to adopt a more sustainable lifestyle through their daily actions. GreenUP, also available on the SP Utilities app, aims to educate and empower customers to go green in a fun and interactive way. As of 31 March 2020, approximately 13 per cent of SP Utilities app users have participated in GreenUP and completed over 1.3 million activities cumulatively since its launch in September 2019. The Energy Savings Challenge was rolled out through various platforms including the SP Utilities app. A partnership between the National Environment Agency and SP Group, the Challenge was first launched in 2017 as a call to households to reduce their electricity use by 1 per cent by practising simple energy saving habits as a way of life to contribute to a sustainable environment. With the GreenUP feature on the SP Utilities app, users can participate in challenges and earn rewards. 17 SP GROUP Sustainability Review FY2019/2020 Performance Customer Empowerment As of 31 March 2020, 46 per cent of households and 43 per cent of eligible businesses have switched to buying electricity from a retailer of their choice. They have since enjoyed savings of about 20 per cent to 30 per cent off the regulated tariff. Customers also have the option of buying electricity from the wholesale electricity market. Under this arrangement, customers buy at the wholesale electricity price which varies every half an hour depending on the prevailing demand and supply situation in Singapore’s wholesale electricity market. SP Group has installed 480,000 smart meters to businesses and households as of March 2020 Customers are empowered with their utilities consumption data via the SP Utilities app. With more than 900,000 app downloads, customers are submitting their meter readings, viewing their bills and paying directly via the SP Utilities app. Customers can pay with all credit cards from over 380 banks and enjoy rebates and rewards offered by banking partners for payment through the app. We have processed over 800,000 unique transactions through the app since 2019, giving customers greater convenience. SP Group has also installed 480,000 smart meters to businesses and households as of March 2020 and will continue to roll these out incrementally over the next five years. Future Outlook SP Group’s overarching goal is to empower everyone with the knowledge and tools to foster a low-carbon future for all. We will continue to harness digital technology to provide our customers with the information and means to lower their electricity consumption and adopt a more sustainable lifestyle. SP Group enables a low-carbon and sustainable future for Singapore. 18 Sustainability Review FY2019/2020 2 Kallang Sector Singapore 349277 T. +65 6916 8888 F. +65 6304 8188 https://www.spgroup.com.sg/
SP Group Annual Report FY1415https://www.spgroup.com.sg/dam/spgroup/pdf/annual-reports/SP-Group-Annual-Report-FY1415.pdf
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