OPSTORIES | 5 b- se ss- RT dy taprn- lco m n- to ho ed in usof his ecn- st to osits usmed ntof pt we ey on ep id acect al of at ce. ice m ice a TOPSTORIES The Business Times | Thursday, April 13, 2017 M1 GE sees opens small cell networks S’pore as alternative to costly spectrum Telco says it’s leader in deploying devices in crowded environments to supplement mobile network signals IT resources and support centre By Amit Roy Choudhury F1. We observed that they were able to absorb the spike in traffic during these amit@sph.com.sg @AmitRoyCBT events.” Singapore Ms Kooi added that M1 was progressively deploying small cells in the MRT-LRT M1 is banking on smart utilisation of its existing spectrum and new technology, like network and at the moment had already “small cell” networks – which are already covered more than 80 per cent of the stations, major bus interchanges, big shop- being deployed in public spaces like MRT stations – to provide the best possible quality of service to its customers. ment buildings. ping malls and public places in govern- Last week’s telecommunication spectrum auction surprised the market by be- was looking to “re-farm” existing spectrum The M1 CEO also noted that the telco coming the most expensive such auction that is now being used to provide third generation mobile telephony (3G) services to in By history for Andrea Singapore. M1, and Soh the other three telcos, Singapore Telecommunications (Singtel), StarHub, Australian are yet to migrate to 4G. around 20 per cent of its customers who sandrea@sph.com.sg company TPG Telecom, which will start The reason the telco hasn’t yet started services by September next year, collectively @AndreaSohBT committed to paying S$1.14 billion the process of migrating its existing 2G cus- the “re-farming” exercise is because it is in for the 175 MHz (megahertz) of spectrum tomers to 3G since the discontinuation of that was on offer. During the last major 2G Singapore. “We will watch how this spectrum auction exercise in 2013, the regulator raised a total of S$360 million for trum for 4G.” goes before we start to re-farm the 3G spec- the AMERICAN 4G auction. conglomerate General Electric on Wednesday Ms Kooi, however, added: “We do encourage people to upgrade but not just There has been a market perception that, in comparison to to Singtel and Starfrom the spectrum perspective but also to opened an Asia Digital Operations Centre (A-DOC) in Singapore in its as bidding. part M1 committed of a commitment to develop digital industrial Hub, M1, which had a 23.7 per cent market enhance the service experience.” To a question with regards to the possibility of a price war once TPG starts its share as on December 31, 2016, was less aggressive services, Ms Kooi said: “We are very customer focussed and we like to give custom- S$208 million for 30 Mhz of spectrum while capabilities StarHub’s commitment was in S$349.6 the city-state. ers what they want and so we have evolved million for 60 Mhz and Singtel’s S$563.7 from a voice-centric network to a data-centric network. million for 75 MHz of spectrum. TPG Telecom spent Underlining S$23.8 million for 10 MHz of the new thrust in Singapore, it also signed spectrum. The telcos will pay for the spectrum as and when they become available areas where there is high data usage and we can put small cells networks there.” large data plans is at one level to pre-empt Ms Kooi: “Today we have a lot of traffic statistics ... which tells us which are the “So all these recent introduction of partnership agreements with grid operator SP Group, the fourth telco but more importantly we in different lots and bandwidths. want to give the customers what they In an interview with The Business Times, size of a A4 sheet of paper, are set up trum lots (20Mhz) of the 700Mhz spectrum, Institute while StarHub picked up of three Manage- lots that we value them and we want to keep want. We want them to know very early on Karen Spring Kooi, M1’s CEO, Singapore said the telco’s bidding strategy was very considered as it felt ment the mobile network signals. This al- and Singtel four lots. One of the main pur- them.” within and crowded environments Singapore to supple- that ment’s it had alternatives entrepreneurship to costly spectrum lows for signal boost for centre a high quality connection, even if the signal strength from is to allow the telcos to provide better qual- she was not in a position to discuss the ac- Platform poses of the 700 MHz E. spectrum allocation In response to a question, Ms Kooi said when it came to providing quality coverage and service to its customers. the nearest telecom tower is weak. ity indoor coverage. tual strategy that M1 will adopt to protect “We knew The we had group’s an effective alternat-A-DOive (to costly spectrum) as we are the alternative to acquiring an extra 700Mhz traffic statistics complemented by our ana- strategy close to our chests at this point of She said “densification” is the was an first effective such Ms Kooi said: centre “Today we have in a Asia, lot of and market share, “I want to keep the actual largest is HetNet part (heterogenous of a network) larger operator at the moment. We are way ahead of us less than S$50 million (to develop an ef- areas where there is high data usage and She, however added: “Having said that spectrum strategy lot. “We estimate by that it will the cost lysis company platforms which tell us to which transform are the time”. the others in terms of ‘densification’ and fective islandwide small cell network) and we can put small cells networks there.” we do not believe in competing on price. laying how the foundation IT is for a delivered future 5G network.” gone after the third pair of 700Mhz spec- rode on 1800 MHz and 2.6 GHz (giga and quality. We believe we are a premium we don’t across have to spend any the more. If group. we had She added that M1’s small cells network We always competed on customer service By “densification” The Ms centre, Kooi was referring which trum it would helps have pushed provide up the price hertz) round-the-clock spectrum which M1 already owns. service IT provider re- and as a premium service to what is known as small cells network in way above the S$92 million for each lot.” “We have also used small cells outdoors provider we will be able to command a which devices or antennas, around the During the auction, M1 picked up two spec- during the New Year’s Day countdown and premium on our prices.” sources and support for GE, will house about 60 employees initially, with the potential to expand software jobs US three-fold firms have over US$1.6t the next in five tax years. havens: Oxfam GE opens S’pore IT resources and support centre By Andrea Soh sandrea@sph.com.sg @AndreaSohBT Source: The Business Times © Singapore Press Holdings Limited. Permission required for reproduction. Singapore AMERICAN conglomerate General Electric on Wednesday opened an Asia Digital Operations Centre (A-DOC) in Singapore as part of a commitment to develop digital industrial capabilities in the city-state. Underlining the new thrust in Singapore, it also signed partnership agreements with grid operator SP Group, Spring Singapore and Singapore Institute of Management’s entrepreneurship centre Platform E. The group’s A-DOC is the first such centre in Asia, and is part of a larger strategy by the company to transform how IT is delivered across the group. The centre, which helps provide round-the-clock IT resources and support for GE, will house about 60 employees initially, with the potential to expand software jobs three-fold over the next five years. Separately, GE has also teamed up with SP Group, formerly known as Singapore Power, to develop capabilities in Industrial Internet of Things and intelligent applications so as to enhance the reliability and efficiency of the power network in Singapore. Specifically, engineering and digital experts from both companies will work to create a digital replica of the Singapore grid, known as a “digital twin”, which will enhance the performance of the network and reduce unplanned downtime. Having a digital twin of the network is akin to providing the doctor with health data every minute instead of going for a medical check-up once a month, SP chief digital officer Samuel Tan explained. With the real-time data, abnormal activity can be picked up more quickly, allowing for predictive maintenance that reduces costs, he told The Business Times. Data about the performance of the grid can also be compared with those from other grids around the world, allowing SP to enhance the grid’s performance further, he said, adding that these could potentially result in lower costs. SP is the first utility to work with GE on a digital twin; results from the partnership can be expected within 12-18 months, Mr Tan said. GE is also collaborating with Spring Singapore to develop a startup incubation and acceleration programme to promote ideas and solutions in Industrial IoT technology. These include agile programming, machine learning and algorithms for asset performance management, and cybersecurity. Similarly, it plans to establish a co-working space with Platform E to incubate Industrial IoT startups in Singapore and the region. “The Industrial Internet represents a multi-billion dollar opportunity for industry,” said GE chairman and CEO Jeff Immelt in a statement. “We look forward to working with our partners in Singapore to build a digital ecosystem and support entrepreneurship in the country.” Washington ues every year,” Oxfam senior adviser holders at the expense of important Separately, THE 50 largest US companies, including Apple, Microsoft and Wal-Mart, Apple is at the top of the ranking And the drastic reduction in cor- Singapore Shipping Forum 2017 Robbie GE Silverman has said. also teamed anti-poverty programmes. up with SP Group, are formerly parking about US$1.6 known trillion in with as more than Singapore US$200 billion offshore funds, followed closely by Pfstructive race to the bottom that has The Future of Shipping: Game Changers Power, porate income tax to will “feed develop into a de- capabilities in offshore tax havens to reduce their US tax burden, according to a study izer laboratories (US$193.6 billion) seen countries across the globe slash- published on Wednesday. Industrial and Internet Microsoft’s IT group of (US$124 Things bil- corporate and tax rates intelligent recent applications America said so the sum as for to 2015 enhance companies to keep profits the from reliability for- Meanwhile, “repatriation and efficiency holidays of the 27 April 2017, Thursday, 12pm to 3.30pm Poverty-fighting organization Oxfalion), the report said. US law allows years,” the report said. was a US$200 billion increase over eign operations offshore indefinitely, reward companies for keeping (Registration starts at 11am, includes lunch and networking cocktail) the prior year. The report cites the to avoid corporate taxes that are money offshore and avoiding their companies’ power own data. network among in the Singapore. highest the industrialized world. While the corporate tax move their profits to tax havens in ex- 10 Bayfront Avenue, Singapore 018956 taxes” and “incentivizes companies to Level 4, Orchid Room, Marina Bay Sands Expo & Convention Centre While not illegal, the companies “used a secretive Specifically, network of 1,751 rate engineering is nominally 35 per cent at the and pectation digital that they will experts eventually benefit from a one-time tax cut.” unprepared. A wave of game changers is upon the industry, disrupting maritime operations, technology, environmental from The maritime both industry sails at the edge of a disruptive storm that threatens to up-end the industry and engulf the subsidiaries in tax havens to stash” federal level, Oxfam said these 50 their earnings outside the US, Oxfam companies had an effective rate “President Trump promised to fix regulatory compliance and financing, even as the industry weathers a prolonged downturn since 2008. In the shipping said companies in the report released ahead will of nearly work 10 percentage to points create lower. a the digital rigged political and replica economic system yet his tax reforms will further en- this backdrop, we are pleased to present the Singapore Shipping Forum 2017, organised jointly by Moore Stephens LLP and of the Singapore grid, known as a “digital twin”, which will enhance industry today, astute recognition of opportunities and uncompromising cost effectiveness are absolute necessities. Against next week’s meetings of the International Monetary Fund and World Bank Donald Trump proposed cutting the rich powerful corporates at the ex- During his campaign, US President BNP Paribas, where we invite specialists and key players to share views on how maritime industry participants could best in Washington. rate to 15 per cent, and allowing companies to repatriate their cash re- businesses,” Mr Silverman said. “The pense of ordinary people and small respond to and capitalise on opportunities. “Tax avoidance has become standard the business performance practice across the serves with of a one-time the tax network of 10 per President and leaders reduce in Congress unplanned Topics covered: Who should attend? • Sailing in Turbulent Waters − Quo Vadis? CEO, CFO, COOs & Senior Professionals globe. Corporate tax dodgers cheat cent. Oxfam criticized both proposals, saying the tax cut would help prof- a tax system that works for everyone must rethink their reforms and build • The Future of the Baltic Exchange under Singapore Leadership of the Shipping Industry. America out of approximately downtime. • Impact of Shipping Regulations and Regulatory Costs US$135 billion in unpaid tax revenitable companies and wealthy share- and not just a fortunate few.” AFP By invitation only. • Panel: Ship Finance − The Shift from West to East For more information, please contact • Panel Discussion Ms. Victoria Lee at shipping@ Having a digital twin of the network is akin to provid- moorestephens.com.sg Rotorcraft ing the doctor Asia with gives health peek into data future every tech minute instead of going Nisha Ramchandani for a medical check-up once Asia will a feature month, commercial and SP de- chief digital By nishar@sph.com.sg fence applications and new solutions @Nisha_BT officer Samuel Singapore Tan explained. in With aerial, ground, the surface real-time and underwater unmanned systems. It will data, abnormal from activity the Asia-Pa- can be picked ers, up service more providers, buyers, quickly, aca- allowing Chairman Guest of Honour: AMID robust demand for new bring together manufacturers, suppli- Mr. Esben Poulsson build-helicopters International Chamber cific, the upcoming Rotorcraft Asia demia as well as government officials of Shipping President 2017 event will focus on new technologies and solutions for rotary wing Association Both events will have a VIP Buyers and regulatory bodies. Singapore Shipping for predictive maintenance that reduces costs, he told The aircraft. Programme, which will serve as a platform for exhibitors to meet buyers Business Rotorcraft Asia, which Times. is co-located with Unmanned Systems Asia, via pre-arranged meetings; VIP buyers attending include senior repres- will be held from April 18 to 20 at the Mr Leck of Experia Events says the Changi Exhibition Data Centre. about the performance entatives of the from the grid industry and can from also be compared “Innovation with in Rotorcraft” those is from other grids nam’s Ministry around of Public Security the and world, allow- rotorcraft market will continue A two-day strategic conference growing for the next 10 years. government bodies such as Viet- themed being held as part of the rotorcraft the Indonesian National Police. for Bell Helicopter and Pascal Mr. Julian Bray event where industry experts and This comes as the Asia-Pacific market will account 37 cent further, of he said, Editor-in-Chief Dauriac, research and technology director for Safran Helicopter Engines. TradeWinds business ing heads SP will to come enhance together to the grid’s performance share insights on pertinent issues 10,375 civil helicopters to be delivered by 2025, and challenges faced by manufacturers and operators of rotorcraft. Over the three days, over 4,000 adding that these trade visitors could from more potentially than 40 result making it the in biggest lower costs. driver of demand by region. “That One topic that will be discussed is countries are expected attend the really tells you the market is growing data analysis, SP and is its uses the in predictive maintenance. For instance, span a floor area of 5,000 square first two inaugural utility exbitions, to which work will and with will continue GE to grow on in the next a digital twin; 10 years,” said Mr Leck. sensors installed in components can metres. Companies will include international partnership and local heavyweights such can be expected within 12-18 The global unmanned aircraft systems market is expected to be worth results from the transmit data in real-time, allowing rotorcraft operators to predict when as Lockheed Martin and Singapore US$10.9 billion by 2021, while Asia Pacific’s commercial drone market is maintenance months, should be scheduled. Mr Tan Technologies said. Engineering. Smart data and big data can be useful tools especially as customers panies from the entire rotorcraft sup- A University R&D showcase will Other sponsors: Rotorcraft Asia will showcase com- projected to grow to US$650 million. grow more GE demanding, is also highlighted collaborating ply chain, from airframes, components and parts, to avionics, safety systions for unmanned systems and with also highlight Spring solutions and Singapore applica- to develop Experia a Events. startup Speakers at tems incubation and maintenance, repair and drone acceleration technology which have been programme Media Partner: to Leck Chet Lam, managing director of organiser the conference will include Jean-Brice overhaul (MRO). There will also be developed by local universities and Dumont, executive vice-president of helicopter mock-ups, as well as real tertiary institutions. Some of these applications Industrial are being used as IoT part of technology. Airbus promote Helicopters; J Scott ideas Drennan, helicopters and solutions on display. in director of engineering innovation Meanwhile, Unmanned Systems Singapore’s Smart Nation initiatives. These include agile programming, machine learning and algorithms for asset performance management, and cybersecurity. Similarly, it plans to establish a co-working space with Platform E to incubate Industrial IoT startups in Singapore and the region. “The Industrial Internet represents a multi-billion dollar opportunity for industry,” said GE chairman and CEO Jeff Immelt in a statement. “We look forward to working with our partners in Singapore to build a digital ecosystem and support entrepreneurship in the country.” Mr. Mick Aw Senior Partner Moore Stephens LLP Singapore Mr. Matthew Forrest Director, Transportation Sector, Investment BNP Paribas Singapore Mr. Logan Chong Managing Director BNP Paribas Hong Kong Mr. Steve Saxon Expert Partner - Shipping McKinsey and Company Mr. John d'Ancona Divisional Director - Dry Bulk Analysts Clarksons Asia | 5 Speakers Panelists Mr. Yang Chang Kun Managing DIrector Shipping ICBC Financial Leasing Mr. Mark Jackson Baltic Exchange Mr. Dimitris Belbas Managing Director EMS Partners Held in conjunction with: Mr. Jerry Yang Head of Shipping Minsheng Financial Leasing Co., Ltd Mr. Peter Hinchliffe Secretary-General International Chamber of Shipping Mr. Chris Johnson Partner Moore Stephens LLP Singapore Supported by: Mr. Terrence Tan Director, Transportation Sector, Investment BNP Paribas Singapore Mr. Tony Zhao General Manager & Head of Financial Market Department CMB Financial Leasing

Media Release SP Group extends multi-year support to KidSTART Singapore with additional S$1.1 million donation to launch new learning initiative Renewed commitment to support children’s development through play-based learning SINGAPORE, 4 JANUARY 2025 – SP Group (SP) has reaffirmed its multi-year support of children benefitting from KidSTART Singapore’s programmes, with an additional S$1.1m donation this year. As a pioneer Growing Together with KidSTART initiative partner, SP has contributed a total of S$3.2 million since 2021. With this new commitment, SP’s total support will reach S$4.3 million. This longstanding collaboration will continue to empower KidSTART families as KidSTART Singapore completes its nationwide expansion by 2025. This was announced today at the launch of PowerUP Playtime by KidSTART and SP Group, officiated by Mr Masagos Zulkifli, Minister for Social and Family Development, with KidSTART families at Southside@Sentosa. At the launch, SP presented a cheque for this latest contribution to Community Chest in support of KidSTART. PowerUP Playtime integrates a play-based home learning resource kit alongside storytelling and interactive workshops to help parents foster joy in learning for children 0-6 years old. The initiative aims to foster meaningful interactions between parent and child, and amongst siblings. PowerUP Playtime will benefit all KidSTART children enrolled in 2025. Its centrepiece, the PlayFULL Pack, is a learning kit specially curated by KidSTART. The Pack consists of sensory books, imaginative toys, and craft materials, to support the cognitive, language, and motor skills development of children aged 0 to 6 years old. By enhancing parental confidence as a child’s first teachers, KidSTART families will be equipped to nurture their children’s growth and development at home. By encouraging creativity, curiosity, and play, PowerUP Playtime aims to support children’s holistic development while fuelling their imagination and skills-building. At today’s launch event, more than 1,200 KidSTART children and their families received their PlayFULL packs, while enjoying enriching activities including play-based workshops, imaginative storytelling and creative crafts, complete with a picnic dinner and an outdoor movie screening under the stars. SP’s support over the years has enabled more than 6,000 KidSTART families to access essential resources for holistic early childhood development, coupled with unique family bonding experiences. This sustained commitment has evolved from addressing fundamental needs and bridging learning challenges during the pandemic to supporting children in meeting their developmental milestones. Past initiatives include the provision of IT resources during the pandemic, supporting immersive theatre productions such as KidSTART Sea Adventures, and launching KidSTART Stories to equip families with home libraries to cultivate early literacy and good reading habits. Last year’s Green Adventures taught families about sustainability and care for the environment through outdoor learning journeys. With support from partners like SP Group to complement the work of KidSTART practitioners, KidSTART has achieved notable outcomes, with 3 in 4 KidSTART children meeting age-appropriate developmental milestones, 85 per cent of parents demonstrating an understanding of their child’s growth and learning, as well as 94 per cent of children aged 3 to 6 being enrolled in preschool, reflecting the success in ensuring early and sustained engagement in education[1]. Group CEO of SP Group, Mr Stanley Huang, said, “Having journeyed with KidSTART Singapore for several years, we have seen the expansion of programmes and growth of outreach to more children and families across the nation. The sustained impact of these programmes is evident as families acquire important foundational learning skills, enjoy quality interaction and bonding, and adopt positive lifestyle habits such as sustainability. By focusing on pivotal and well researched early childhood development areas, we help to shape the next generation of resilient and well-adjusted individuals with future-ready mindsets and capabilities.” Mr Joel Tan, CEO of KidSTART Singapore, added, “Partners like SP Group are instrumental in enabling KidSTART to create new and impactful initiatives that support KidSTART children. While practitioners impart important child development knowledge in a one-to-one setting in the homes of families, tools like the PlayFULL pack and experiences like theatre performances and outdoor learning journeys allow families to learn while enjoying fun and new experiences. It takes a village to raise a child, and we are grateful for the longstanding partnership with SP Group, and their commitment to level the playing field for children and have a good start in life. I believe that PowerUP Playtime will benefit and encourage meaningful parent-child interactions for our KidSTART families and support their children’s development through meaningful play.” KidSTART parent Mdm Fatimah, whose children are aged 3 and 5, shared, “My children were so excited when we were presented with the PlayFULL Pack. It was like a colourful box filled with various toys and materials for them. Despite the difference in my children’s ages, I can use the same items to engage my children differently. This saves me the trouble of always having to buy new toys! The event this evening was also an enjoyable time for our family to bond!” KidSTART parent Elizaberth, with children aged 2 and 5, shared, “My children have benefitted greatly from past KidSTART programmes including KidSTART Stories, where my daughters developed their love for reading. They were also grateful for the vouchers received during Children’s Day. I was therefore excited to receive the PlayFULL Pack and guide to continue our learning together. It reminded me that play for children is not just about playing with toys — it is also about allowing my children to learn new things. I used music and actions to engage and teach my daughter about different types of animals, with the sensory book in the pack. Now, my daughter can better identify animals and the sounds that they make. We have so much fun together too.” [1] Source: KidSTART Singapore Ltd’s Annual Report for Financial Year 2023

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

22 Jan 2014 For Immediate Release MEDIA RELEASE ADVISORY ON SCAM EMAIL 1. There have been reported cases of individuals receiving emails, asking recipients to click on an attached link to view their electricity bill. The Appendix contains a sample. 2. These email messages are not from SP Services. Recipients should not respond to the email, click on the hyperlink or provide their personal information. 3. Our investigations show that these emails have been sent randomly including to those who do not have utilities accounts with SP Services. No unauthorised access has been made into our systems. We would like to assure customers that utility accounts and personal information that reside in SP Services’ system have not been compromised. 4. SP Services has made a police report on the cases that have been brought to our attention. 5. For enquiries, please contact SP Services at 1800 222 2333 or email spservices@singaporepower.com.sg _______________________________________________________________________________________________________ Issued by: SP Services Limited 10 Pasir Panjang Road #03-01 Mapletree Business City Singapore 117438 Co. Reg No : 199504470N www.spservices.com.sg SP Services Ltd 10 Pasir Panjang Road #03-01 Mapletree Business City Singapore 117438 Tel (65) 6378 8888 www.spservices.com.sg Co. Registration No.: 199504470N Appendix Scam emails Example 1 Example 2 From: "Accounting Control Division" Date: 18 January, 2014 5:07:50 am GMT+8 To: Subject: notification of electricity bill Hello Customer, Your annual kWh usage report for 2013 has been drawn up. You have exceeded your limit for electricity usage. If you wish to use a discounted energy tariff, please, discharge the indebtedness within 3 business days. To view your updated electricity bill, please, click here Good-bye Accounting Control Division SP Services Ltd 10 Pasir Panjang Road #03-01 Mapletree Business City Singapore 117438 Tel (65) 6378 8888 www.spservices.com.sg Co. Registration No.: 199504470N

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

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

SingaporePower Limitedandits subsidiaries AnnualReport Yearended31March2023 RegistrationNumber:200302108D Annual Report Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2023 Table of Contents Table of Contents Directors’ statement 1 Independent Auditor’s Report 7 Balance sheets 10 Income statements 11 Statements of comprehensive income 12 Statements of changes in equity 13 Consolidated statement of cash flows 16 Notes to the financial statements 18 1 Domicile and activities 18 2 Basis of preparation 18 2.1 Statement of compliance 18 2.2 Basis of measurement 18 2.3 Functional and presentation currency 18 2.4 Use of estimates and judgements 19 2.5 Changes in accounting policies 20 3 Significant accounting policies 21 3.1 Basis of consolidation 21 3.2 Foreign currencies 23 3.3 Property, plant and equipment 24 3.4 Intangible assets 25 3.5 Investment property under development 26 3.6 Financial instruments 27 3.7 Impairment 31 3.8 Inventories 32 3.9 Accrued revenue 32 3.10 Contract balances 32 3.11 Employee benefits 33 3.12 Provisions 33 3.13 Government grant 34 3.14 Deferred construction cost compensation 34 3.15 Deferred income 34 3.16 Regulatory deferral account (“RDA”) debit or credit balances 34 3.17 Price regulation and licence 34 3.18 Revenue recognition 35 3.19 Leases 36 3.20 Finance income and costs 37 3.21 Tax expense 38 3.22 Segment reporting 39 3.23 New standards and interpretations not yet adopted 39 Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2023 Table of Contents 4 Property, plant and equipment 40 5 Right-of-use assets/ Lease liabilities 42 6 Intangible assets 44 7 Investment property under development 46 8 Subsidiaries 46 9 Associates and joint ventures 48 10 Other non-current assets 51 11 Deferred taxation 53 12 Derivative assets and liabilities 55 13 Investments in debt and equity securities 60 14 Inventories 60 15 Trade and other receivables 61 15a Trade receivables 61 15b Other receivables, deposits and prepayments 64 15c Balances with subsidiaries, associate and joint venture (non-trade) 64 16 Cash and cash equivalents 64 17 Regulatory deferral accounts 65 18 Share capital 67 19 Reserves 67 20 Debt obligations 69 21 Other non-current liabilities 71 21a Deferred income 71 21b Deferred construction cost compensation 71 21c Provisions 72 22 Trade and other payables 72 22a Other payables and accruals 73 23 Revenue 73 24 Other income 74 25 Finance income 74 26 Finance costs 75 27 Tax expense 76 28 Profit for the year 77 29 Acquisition of subsidiaries 78 30 Related parties 79 31 Operating segments 80 32 Financial risk management 83 33 Fair values 92 34 Commitments 96 35 Dividends 97 36 Subsequent events 97 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2023 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 2023. Opinion of the Directors In our opinion, (a) the financial statements are drawn up so as to give a true and fair view of the financial position of the Company and its subsidiaries (the “Group”) as at 31 March 2023 and the financial performance, changes in equity and cash flows of the Group and of the financial performance and changes in equity of the Company for the year ended on that date in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”); and (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: Ms Leong Wai Leng Mr Ong Yew Huat Mr Timothy Chia Chee Ming Ms Goh Swee Chen Mr Lee Kim Shin Prof Yaacob Bin Ibrahim Mr Antonio Volpin (appointed 1 April 2023) Mr Ching Wei Hong (appointed 1 June 2023) Mr Stanley Huang Tian Guan Directors’ interests According to the register kept by the Company for the purposes of Section 164 of the Act, particulars of interests of directors who held office at the end of the financial year (including those held by their spouses and infant children) in shares, debentures, warrants and share options in the Company and in related corporations are as follows: 1 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2023 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Ms Leong Wai Leng Holdings at beginning of the year Holdings at end of the year CapitaLand Investment Limited 40,000 40,000 CapitaLand Integrated Commercial Trust – units 695,886 695,886 Mapletree Pan Asia Commercial Trust (formerly known as Mapletree Commercial Trust) – units 39,057 52,000 Mapletree Pan Asia Commercial Trust (formerly known as Mapletree Commercial Trust) - 3.11% Notes due 24 August 2026 S$250,000 S$250,000 Mapletree Industrial Trust – units 500 500 Mapletree Real Estate Advisors Pte. Ltd. – units - Great Cities Logistics (US) Trust 371 371 - Great Cities Logistics (Europe) Trust 371 371 - Mapletree Global Student Accommodation Pte Trust - USD – Class A units 1,685 1,685 - GBP – Class B units 1,685 1,685 Mapletree Treasury Services Limited - 3.4% Notes due 3 September 2026 – S$250,000 - 3.58% Bonds due 13 March 2029 S$250,000 S$250,000 - 3.15% Notes due 3 September 2031 S$250,000 S$250,000 Singapore Airlines Limited 9,800 9,800 Singapore Airlines Limited - Mandatory Convertible Bonds SIA MCBZ300608 17,000 – - SIA MCBZ 2021 20,482 20,482 Singapore Airlines Limited - 3.16% Notes due 2023 S$250,000 S$250,000 Singapore Technologies Telemedia Pte Ltd - 4.05% Notes due 2 December 2025 S$250,000 S$250,000 - STT GDC 3.13% Bonds due 28 July 2028 S$500,000 S$500,000 Singapore Telecommunications Limited 22,027 22,027 StarHub Limited 36,000 36,000 2 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2023 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Altrium Private Equity Fund I GP Limited - Interest as limited partner in the Altrium PE Fund I F&F L.P. Fund Altrium Private Equity Fund II GP Limited - Interest as limited partner in the Altrium PE Fund II F&F L.P. Fund Holdings at beginning of the year Commitment amount of USD500,000 Commitment amount of USD1,000,000 Holdings at end of the year Commitment amount of USD500,000 Commitment amount of USD1,000,000 Vertex Master Fund II (GP) Pte. Ltd. - Interest as limited partner in Vertex Master Fund II Commitment amount of USD500,000 Commitment amount of USD500,000 CapitaLand Ascendas Real Estate Investment Trust (formerly known as Ascendas Real Estate Investment Trust) - 2.47% Notes due 10 August 2023 1 S$250,000 S$250,000 Astrea IV Pte. Ltd. - 4.35% Class-A1 Secured Bonds due 14 June 2028 S$336,000 S$336,000 - 6.75% Class-B Secured Bonds due 14 June 2028 USD200,000 USD200,000 Astrea V Pte. Ltd. - 3.85% Class-A1 Secured Bonds due 20 June 2029 S$214,000 S$214,000 - 4.50% Class-A2 Secured Bonds due 20 June 2029 USD200,000 USD200,000 Astrea VI Pte. Ltd. - 3.00% Class-A1 Secured Bonds due 18 March 2031 S$105,000 S$105,000 - 3.25% Class-A2 Secured Bonds due 18 March 2031 USD200,000 USD200,000 - 4.35% Class-B Secured Bonds due 18 March 2031 USD400,000 USD400,000 Astrea 7 Pte. Ltd. - 4.125% Class-A1 Secured Bonds due 27 May 2032 – S$525,000 - 4.125% Class-A1 Secured Bonds due 27 May 2032 1 – S$250,000 - 6% Class-B Secured Bonds due 27 May 2032 – USD500,000 Fullerton Fund Management Company Ltd - Fullerton Optimised Alpha Fund Class A USD – units 5,000 5,000 - Fullerton USD Income Fund Class A (SGD hedged) S$500,000 S$500,000 Temasek Financial (IV) (Private) Limited - 1.8% 5-years T2026 S$ Temasek Bond S$30,000 S$30,000 1 Held jointly with spouse. 3 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2023 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Mr Ong Yew Huat Holdings at beginning of the year Holdings at end of the year Sembcorp Marine Ltd # 500,000 – Mr Timothy Chia Chee Ming Singapore Telecommunications Limited 2,070 2,070 Vertex Master Fund II (GP) Pte. Ltd. - Interest as limited partner in VMII Affiliates Fund LP Commitment amount of USD250,000 Commitment amount of USD250,000 Vertex Venture Holdings Ltd - 3.30% Notes due 28 July 2028 S$250,000 S$250,000 Ms Goh Swee Chen CapitaLand Investment Limited 46,709 46,709 CapitaLand Integrated Commercial Trust – units 7,224 7,224 Singapore Telecommunications Limited 5,000 5,000 Singapore Airlines Limited 18,550 18,550 Singapore Airlines Limited - Mandatory Convertible Bond SIA MCBZ300608 42,604 42,604 Mr Lee Kim Shin Singapore Telecommunications Limited 190 194 Singapore Airlines Limited 26,000 32,000 Singapore Airlines Limited - SIA MCBZ 2021 41,382 41,382 CapitaLand Ascott Trust (formerly known as Ascott Residence Trust) – units 4,644 4,644 4 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2023 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Prof Yaacob Bin Ibrahim Holdings at beginning of the year Holdings at end of the year CapitaLand India Trust (formerly known as Ascendas India Trust) – units CapitaLand Ascott Trust (formerly known as Ascott Residence Trust) – units 100,000 100,000 26,208 26,208 Singapore Airlines Limited 5,000 5,000 Mr Stanley Huang Tian Guan Paragon REIT (formerly known as SPH REIT) ^ - units – 323,000 CapitaLand China Trust – units – 100,000 Astrea 7 Pte. Ltd. - 4.125% Class-A1 Secured Bonds due 27 May 2032 (units) – 40,000 Singapore Airlines Limited – 10,000 SIA Engineering Company Limited – 10,000 ^ Related corporation with effect from 29 April 2022 and therefore holdings at beginning of the year, if any, is not reflected # Ceased to be a related corporation with effect from 28 February 2023 and therefore holdings at end of the year, if any, is not reflected 5 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2023 Except as disclosed in this statement, no director who held office at the end of the financial year had interests in shares, debentures, warrants or share options of the Company, or of related corporations, either at the beginning of the financial year, or at the end of the financial year. Neither at the end of, nor at any time during the financial year, was the Company a party to any arrangement whose objects are, or one of whose objects is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate. Share options During the financial year, there were: (i) no options granted by the Company or its subsidiaries to any person to take up unissued shares in the Company; and (ii) 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 ──────────────────────── MS LEONG WAI LENG Chairman ──────────────────────── MR STANLEY HUANG TIAN GUAN Director / Group Chief Executive Officer 15 June 2023 6 Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2023 Independent Auditor’s Report For the financial year ended 31 March 2023 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”), which comprise the balance sheets of the Group and the Company as at 31 March 2023, the income statements, statements of comprehensive income, statements of changes in equity of the Group and the Company and statement of cash flows of the Group for the financial year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet, income statement, statement of comprehensive income and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2023 and of the financial performance, changes in equity of the Group and the Company and consolidated cash flows of the Group for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 7 Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2023 Responsibilities of Management and Directors for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and SFRS(I), and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. In preparing the financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The directors’ responsibilities include overseeing the Group’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. • 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. 8 Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2023 • 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 15 June 2023 9 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Balance sheets As at 31 March 2023 Group Company Note 2023 2022 2023 2022 $ million $ million $ million $ million Non-current assets Property, plant and equipment 4 14,092.8 13,828.7 26.2 23.4 Intangible assets 6 147.9 111.3 10.3 14.9 Investment property under development 7 865.0 765.0 – – Subsidiaries 8 – – 5,159.6 5,043.7 Associates and joint ventures 9 1,509.8 1,622.3 45.4 45.4 Other non-current assets 10 326.1 343.7 – – Deferred tax assets 11 19.6 21.7 – – Derivative assets 12 159.2 133.6 – # – # Investments in debt and equity securities 13 95.5 56.0 – – 17,215.9 16,882.3 5,241.5 5,127.4 Current assets Inventories 14 60.4 47.4 – – Trade and other receivables 15 955.4 795.7 3,922.1 4,095.2 Derivative assets 12 8.7 113.6 0.1 5.0 Cash and cash equivalents 16 1,373.9 4,207.8 39.4 1.3 Investments in debt and equity securities 13 614.2 413.9 – – 3,012.6 5,578.4 3,961.6 4,101.5 Total assets 20,228.5 22,460.7 9,203.1 9,228.9 Regulatory deferral accounts (“RDA”) debit balances and related deferred tax assets 17 290.8 499.5 – – Total assets and RDA debit balances 20,519.3 22,960.2 9,203.1 9,228.9 Equity Share capital 18 2,911.9 2,911.9 2,911.9 2,911.9 Reserves 19 (301.3) (97.2) (0.2) – # Accumulated profits 9,706.2 11,143.9 6,230.2 6,246.6 Equity attributable to owner of the Company 12,316.8 13,958.6 9,141.9 9,158.5 Non-controlling interests 9.0 – – – Total equity 12,325.8 13,958.6 9,141.9 9,158.5 Non-current liabilities Debt obligations 20 3,066.1 3,377.9 – – Derivative liabilities 12 366.1 160.5 – # – # Deferred tax liabilities 11 1,739.0 1,699.7 1.6 1.4 Other non-current liabilities 21 466.3 479.7 – – Lease liabilities 5 45.5 32.2 6.4 – 5,683.0 5,750.0 8.0 1.4 Current liabilities Debt obligations 20 0.8 908.2 – – Derivative liabilities 12 10.1 143.0 0.3 5.1 Current tax payable 423.3 645.6 7.8 0.4 Trade and other payables 22 1,872.3 1,484.6 39.3 57.6 Lease liabilities 5 6.9 5.8 5.8 5.9 2,313.4 3,187.2 53.2 69.0 Total liabilities 7,996.4 8,937.2 61.2 70.4 Total equity and liabilities 20,322.2 22,895.8 9,203.1 9,228.9 RDA credit balances and related deferred tax liabilities 17 197.1 64.4 – – Total equity, liabilities and RDA credit balances 20,519.3 22,960.2 9,203.1 9,228.9 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. 10 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Income statements Year ended 31 March 2023 Group Company Note 2023 2022 2023 2022 $ million $ million $ million $ million Revenue 23 7,250.9 5,213.5 2,526.1 1,040.1 Other income 24 224.6 1,683.7 0.7 1.0 Expenses - Purchased power (4,528.5) (2,806.7) – – - Depreciation of property, plant and equipment 4 (823.5) (790.3) (10.4) (9.9) - Amortisation of intangible assets 6 (52.9) (55.7) (6.0) (5.6) Maintenance (148.6) (141.1) (10.5) (10.5) Staff costs (330.4) (324.7) (77.3) (73.9) Property taxes (84.9) (93.9) (0.3) (0.3) Other operating expenses (192.4) (191.4) (23.8) (37.2) Operating profit 1,314.3 2,493.4 2,398.5 903.7 Finance income 25 77.6 58.6 63.6 19.4 Finance costs 26 (62.9) (85.0) – # (0.1) Share of profits of associates, net of tax 111.6 164.0 – – Share of losses of joint ventures, net of tax (2.3) (5.7) – – Profit before taxation 1,438.3 2,625.3 2,462.1 923.0 Tax (expense)/credit 27 (205.8) (660.3) (8.5) 0.8 Profit for the year 28 1,232.5 1,965.0 2,453.6 923.8 Net movement in RDA balances related to profit or loss and the related deferred tax movement 17 (199.9) 37.9 – – Profit for the year and net movements in RDA balances 1,032.6 2,002.9 2,453.6 923.8 Profit and net movements in RDA balances attributable to: Owner of the Company 1,032.6 2,002.9 2,453.6 923.8 Non-controlling interests – # – – – Profit for the year and net movements in RDA balances 1,032.6 2,002.9 2,453.6 923.8 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. 11 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Statements of comprehensive income Year ended 31 March 2023 Group Company 2023 2022 2023 2022 $ million $ million $ million $ million Profit for the year and net movements in RDA balances 1,032.6 2,002.9 2,453.6 923.8 Other comprehensive income Items that will not be reclassified to profit or loss: Share of defined benefit plan remeasurements of associates (0.5) 10.1 – – (0.5) 10.1 – – Items that are or may be reclassified subsequently to profit or loss: Translation differences relating to financial statements of foreign operations (242.2) (86.7) – – Effective portion of changes in fair value of cash flow hedges, net of tax 63.7 41.0 (0.1) – # Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax (43.8) (5.3) – – - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax 1.5 0.6 (0.1) – # Share of hedging reserves of associates 16.9 211.1 – – Disposal of interest in an associate – 195.9 – – (203.9) 356.6 (0.2) – # Other comprehensive income for the year, net of tax (204.4) 366.7 (0.2) – # Total comprehensive income for the year, attributable to: Owner of the Company 828.2 2,369.6 2,453.4 923.8 Non-controlling interests – # – – – Total comprehensive income for the year 828.2 2,369.6 2,453.4 923.8 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. 12 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Statements of changes in equity Year ended 31 March 2023 --------------------Attributable to owner of the Company---------------- Currency Noncontrolling Total Share translation Hedging Other Accumulated capital reserve reserve reserves profits Total interests equity Group $ million $ million $ million $ million $ million $ million $ million $ million At 1 April 2021 2,911.9 (363.4) (89.8) 28.9 9,491.4 11,979.0 – 11,979.0 Total comprehensive income for the year Profit for the year and net movement in RDA balances – – – – 2,002.9 2,002.9 – 2,002.9 Other comprehensive income Translation differences relating to financial statements of foreign operations – (86.7) – – – (86.7) – (86.7) Effective portion of changes in fair value of cash flow hedges, net of tax – – 41.0 – – 41.0 – 41.0 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax – – (5.3) – – (5.3) – (5.3) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – – 0.6 – – 0.6 – 0.6 Share of other comprehensive income of associates – – 211.1 10.1 – 221.2 – 221.2 Disposal of interest in an associate – 231.9 (36.0) (39.6) 39.6 195.9 – 195.9 Total other comprehensive income – 145.2 211.4 (29.5) 39.6 366.7 – 366.7 Total comprehensive income for the year – 145.2 211.4 (29.5) 2,042.5 2,369.6 – 2,369.6 Transactions with owner, recognised directly in equity Dividends declared (Note 35) – – – – (390.0) (390.0) – (390.0) Total transactions with owner – – – – (390.0) (390.0) – (390.0) At 31 March 2022 2,911.9 (218.2) 121.6 (0.6) 11,143.9 13,958.6 – 13,958.6 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. 13 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Statements of changes in equity Year ended 31 March 2023 ----------------Attributable to owner of the Company------------------ Currency Noncontrolling Total Share translation Hedging Other Accumulated capital reserve reserve reserves profits Total interests equity Group $ million $ million $ million $ million $ million $ million $ million $ million At 1 April 2022 2,911.9 (218.2) 121.6 (0.6) 11,143.9 13,958.6 – 13,958.6 Total comprehensive income for the year Profit for the year and net movement in RDA balances – – – – 1,032.6 1,032.6 – # 1,032.6 Other comprehensive income Translation differences relating to financial statements of foreign operations – (242.2) – – – (242.2) – (242.2) Effective portion of changes in fair value of cash flow hedges, net of tax – – 63.7 – – 63.7 – 63.7 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax – – (43.8) – – (43.8) – (43.8) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – – 1.5 – – 1.5 – 1.5 - Transfer of reserve – – – 0.3 (0.3) – – – Share of other comprehensive income of associates – – 16.9 (0.5) – 16.4 – 16.4 Total other comprehensive income – (242.2) 38.3 (0.2) (0.3) (204.4) – (204.4) Total comprehensive income for the year – (242.2) 38.3 (0.2) 1,032.3 828.2 – # 828.2 Transactions with owner, recognised directly in equity Dividends declared (Note 35) – – – – (2,470.0) (2,470.0) – (2,470.0) Acquisition of shares in subsidiaries (Note 29) – – – – – – 9.0 9.0 Total transactions with owner – – – – (2,470.0) (2,470.0) 9.0 (2,461.0) At 31 March 2023 2,911.9 (460.4) 159.9 (0.8) 9,706.2 12,316.8 9.0 12,325.8 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. 14 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Statements of changes in equity Year ended 31 March 2023 Company Share capital Hedging reserve Accumulated profits Total $ million $ million $ million $ million At 1 April 2021 2,911.9 – 5,712.8 8,624.7 Total comprehensive income for the year Profit for the year – – 923.8 923.8 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax – – # – – # Net change in fair value of: - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – – # – – # Total other comprehensive income – – # – – # Total other comprehensive income for the year – – # 923.8 923.8 Transactions with owner, recognised directly in equity Dividends declared (Note 35) – – (390.0) (390.0) Total transactions with owner – – (390.0) (390.0) At 31 March 2022 2,911.9 – # 6,246.6 9,158.5 At 1 April 2022 2,911.9 – # 6,246.6 9,158.5 Total comprehensive income for the year Profit for the year – – 2,453.6 2,453.6 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax – (0.1) – (0.1) Net change in fair value of: - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – (0.1) – (0.1) Total other comprehensive income – (0.2) 2,453.6 2,453.4 Total other comprehensive income for the year – (0.2) 2,453.6 2,453.4 Transactions with owner, recognised directly in equity Dividends declared (Note 35) – – (2,470.0) (2,470.0) Total transactions with owner – – (2,470.0) (2,470.0) At 31 March 2023 2,911.9 (0.2) 6,230.2 9,141.9 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. 15 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Consolidated statement of cash flows Year ended 31 March 2023 Note 2023 2022 $ million $ million Cash flows from operating activities Profit for the year and net movements in RDA balances 1,032.6 2,002.9 Adjustments for: Finance income 25 (77.6) (58.6) Finance costs 26 62.9 85.0 Share of profits of associates and joint ventures, net of tax (109.3) (158.3) Deferred income (20.2) (20.0) RDA debit or credit balances and related deferred tax assets or liabilities 17 199.9 (37.9) Depreciation and amortisation 876.4 846.0 Write-down of inventory 14 6.7 8.4 (Reversal of)/allowance for expected credit loss on trade receivables, net 15a (6.5) 14.7 Impairment loss on intangible assets and property, plant and equipment 1.0 2.4 Loss on disposal of property, plant and equipment and intangible assets 1.4 11.7 Change in fair value of investment property under development 24 (52.6) – Gain on disposal of interest in an associate 24 – (1,532.0) Exchange (gain)/loss, unrealised (19.3) 0.9 Tax expense 27 205.8 660.3 Others 4.4 5.0 2,105.6 1,830.5 Changes in working capital: Inventories (19.5) (9.1) Trade and other receivables and contract assets (176.7) (304.5) Balances with related parties (trade) 0.3 6.1 Trade and other payables 373.9 214.9 Funding for regulatory deferral accounts 17 144.2 – Cash generated from operations 2,427.8 1,737.9 Interest received 57.2 34.3 Net tax paid (363.4) (30.0) Net cash generated from operating activities 2,121.6 1,742.2 The accompanying notes form an integral part of these financial statements. 16 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Consolidated statement of cash flows (continued) Year ended 31 March 2023 Note 2023 2022 $ million $ million Cash flows from investing activities Purchase of property, plant and equipment (991.1) (1,006.2) Purchase of intangible assets (12.1) (18.1) Additions to investment property (47.4) (36.9) Proceeds from disposal of property, plant and equipment and intangible assets 7.5 6.3 Dividends received from associates and joint venture 45.6 153.8 Proceeds from disposal of interest in an associate – 3,154.1 Loans to a joint venture (53.5) (46.4) Repayment of loan by joint venture 77.8 – Proceeds from redemption of debt securities 640.0 – Payments for investments in debt securities (830.3) (413.4) Acquisition of other investments (24.3) (21.3) Acquisition of interest in associates and joint venture (12.7) (24.4) Acquisition of subsidiaries, net of cash acquired 29 (160.6) – Net cash (used in)/generated from investing activities (1,361.1) 1,747.5 Cash flows from financing activities Proceeds from shares issued to non-controlling interest of subsidiaries 9.0 – Repayment of debt obligations (973.9) (176.5) Proceeds from loans – 83.2 Proceeds from termination of derivatives – 19.5 Upfront fees paid for credit facilities – (2.6) Payment of principal portion of lease liabilities (6.5) (6.2) Dividends paid to owner of the Company (2,470.0) (390.0) Interest paid (70.9) (81.8) Net cash used in financing activities (3,512.3) (554.4) Net (decrease)/increase in cash and cash equivalents (2,751.8) 2,935.3 Cash and cash equivalents at beginning of the year 4,207.8 1,187.2 Effect of exchange rate changes on balances held in foreign currencies (82.1) 85.3 Cash and cash equivalents at end of the year 16 1,373.9 4,207.8 The accompanying notes form an integral part of these financial statements. 17 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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 15 June 2023. 1 Domicile and activities Singapore Power Limited (the “Company”) is incorporated in the Republic of Singapore and has its registered office at 2 Kallang Sector, SP Group Building, Singapore 349277. The immediate and ultimate holding company is Temasek Holdings (Private) Limited, a company incorporated in the Republic of Singapore. The principal activities of the Company are that of investment holding and provision of management support services. Its subsidiaries are engaged principally in the transmission and distribution of electricity and gas, provision of related consultancy services and investments in related projects. The consolidated financial statements relate to the Company and its subsidiaries (together referred to as the “Group”) and the Group’s interests in associates and joint ventures (collectively referred to as “Group entities”). 2 Basis of preparation 2.1 Statement of compliance The financial statements have been prepared in accordance with the Singapore Financial Reporting Standards (International) (“SFRS(I)”). 2.2 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. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. All financial information presented in Singapore dollars has been rounded to the nearest 0.1 million, unless otherwise stated. 18 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 2.4 Use of estimates and judgements The preparation of financial statements in conformity with SFRS(I) requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying amounts of assets and liabilities that are not readily apparent from other sources. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is discussed below: Taxation Significant judgement is required in determining provision for taxes. There are many transactions and calculations during the ordinary course of business for which the ultimate tax determination is uncertain. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. Details are set out in Note 11 and Note 27. Impairment of associates Impairment reviews in respect of associates are performed at least annually or when there is any indication that the investment in associates may be impaired. More regular reviews are performed if changes in circumstances or the occurrence of events indicate potential impairment. The Group uses the present value of future cash flows to determine the recoverable amounts of the underlying cash generating units in the associates. In calculating the recoverable amounts, significant management judgement is required in forecasting cash flows of the cash generating units, in estimating the terminal growth values and in selecting an appropriate discount rate. Estimating fair values of financial assets and financial liabilities The fair value of financial assets and financial liabilities must be estimated for recognition, measurement and disclosure purposes. Note 33 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. 19 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Regulatory deferral accounts Regulatory deferral account debit or credit balances represent timing differences between revenue recognised for financial reporting purposes (as set out in Note 3.18) and revenue earned for regulatory purposes. Revenue earned for regulatory purposes is estimated based on the revenue allowed by the Energy Market Authority (“EMA”) (in accordance with the price regulation framework), taking into consideration the services rendered, sale and volume of electricity and gas delivered to consumers. Note 3.16 sets out the accounting policy for regulatory deferral accounts. Valuation of investment property under development The Group carries its investment property under development at fair value with changes in fair value being recognised in the profit or loss, determined annually by an independent professional valuer on the highest and best use basis. In determining the fair value, the valuer has used valuation techniques which involves certain estimates. The key assumptions to determine the fair value of investment property under development include the gross development value, estimated construction costs to complete and market-corroborated capitalisation rate. In relying on the valuation reports, management has exercised judgment to ensure that the valuation methods and estimates are reflective of current market conditions. The carrying amount of investment property under development and the key assumptions used to determine the fair value of the investment property are disclosed in Notes 7 and 33. 2.5 Changes in accounting policies Accounting and measurement for investment property under development On 1 April 2022, the Group changed its accounting policy with respect to the subsequent measurement of investment property under development from cost model to the fair value model, with changes in fair value recognised in profit and loss. The Group believes that subsequent measurement using the fair value model provides more relevant information about the financial performance of the asset and is consistent with the industry practice in relation to investment property. The change in accounting policy was applied retrospectively. The Group assessed that the effects of changing its accounting policy has no material impact to the Group’s prior years consolidated balance sheets, profit or loss and comprehensive income. Accordingly, the comparative figures were not restated. Adoption of new and revised SFRS(I)s and Interpretation to SFRS(I) The accounting policies adopted are consistent with those of the previous financial year except that in the current financial year, the Group has adopted all the new and revised standards which are effective for annual financial periods beginning on or after 1 April 2022. The adoption of these standards did not have any material effect on the financial performance or position of the Group. 20 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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, except as explained in Note 2.5, which addresses changes in accounting policies. 3.1 Basis of consolidation Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date and included in the consideration transferred. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. For non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the acquiree’s net assets in the event of liquidation, the Group elects on a transaction-by-transaction basis whether to measure them at fair value, or at the non-controlling interests’ proportionate share of the recognised amounts of the acquiree’s identifiable net assets, at the acquisition date. All other non-controlling interests are measured at acquisition-date fair value, or, when applicable, on the basis specified in another standard. Any excess or deficiency of the purchase consideration over the fair value of the identifiable assets acquired and liabilities and contingent liabilities assumed is accounted for as goodwill or bargain purchase gain (see Note 3.4). Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. In the Company’s separate financial statements, investments in subsidiaries are accounted for at cost less impairment losses. 21 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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 de-recognises the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognised in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently, it is accounted for as an equityaccounted investee or as an equity investment at fair value through other comprehensive income depending on the level of influence retained. Joint arrangements A joint arrangement is a contractual arrangement whereby two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. To the extent the joint arrangement provides the Group with rights to the assets and obligations for the liabilities relating to the arrangement, the arrangement is a joint operation. To the extent the joint arrangement provides the Group with rights to the net assets of the arrangement, the arrangement is a joint venture. The Group recognises its interest in a joint venture as an investment and accounts for the investment using the equity method. The accounting policy for investment in joint venture is set out below. Investments in associates and joint ventures (equity-accounted investees) An associate is an entity over which the Group has the power to participate in the financial and operating policy decisions of the investee but does not have control or joint control of those policies. Investments in associates and joint ventures are accounted for using the equity method (equity-accounted investees) and are recognised initially at cost. The Group’s investments in equity-accounted investees include goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of the equity-accounted investees, after adjustments to align the accounting policies of the equityaccounted 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. 22 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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 noncontrolling interests arising from transactions that do not involve the loss of control are based on a proportionate amount of the net assets of the subsidiary. Any difference between the adjustment to non-controlling interests and the fair value of consideration paid is recognised directly in equity and presented as part of equity attributable to owners of the Company. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income or expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. Accounting for subsidiaries and joint ventures by the Company Investments in subsidiaries and joint ventures are stated in the Company’s balance sheet at cost less accumulated impairment losses. 3.2 Foreign currencies Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of Group entities at the exchange rates at the dates of the transactions. The functional currencies of the Group entities are mainly Singapore dollars, Australian dollars and Chinese Yuan Renminbi. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currencies at the exchange rate at the reporting date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Nonmonetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate prevailing on the date on which the fair value was determined. Non-monetary items in a foreign currency that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on translation are recognised in profit or loss, except for differences arising on the translation of a financial liability designated as a hedge of the net investment in a foreign operation that is effective, an equity investment at fair value through other comprehensive income, or qualifying cash flow hedges which are recognised in other comprehensive income. Foreign operations The assets and liabilities of foreign operations, excluding goodwill and fair value adjustments arising on acquisition, are translated to Singapore dollars for presentation in these financial statements at exchange rates at the reporting date. The income and expenses of foreign operations are translated to Singapore dollars at exchange rates at the dates of the transactions. 23 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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-whollyowned subsidiary, then the relevant proportionate share of the translation difference is allocated to the noncontrolling interests. When a foreign operation is disposed of, such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part of its investment in an associate or joint venture that includes a foreign operation while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from such a monetary item are considered to form part of a net investment in a foreign operation. These are recognised in other comprehensive income, and are presented in the translation reserve in equity. 3.3 Property, plant and equipment Recognition and measurement Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to a working condition for their intended use, and the costs of dismantling and removing the items and restoring the site on which they are located and capitalised borrowing cost. Capitalisation of borrowing costs will cease when the asset is ready for its intended use. Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and is recognised net within other income/other operating expenses in profit or loss. Subsequent costs The cost of replacing a component of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to the Group, and its cost can be measured reliably. The carrying amount of the replaced component is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. 24 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Depreciation Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. Freehold land and construction-in-progress are not depreciated. The estimated useful lives for the current and comparative periods are as follows: Leasehold land Over the term of the lease, ranging from 3 – 99 years Buildings, office and tunnels 2 – 40 years or the lease term, if shorter Plant and machinery - Mains (Electricity) 10 – 30 years - Mains (Gas) 5 – 50 years or the lease term, if shorter - Transformers and switchgear 20 – 30 years - Solar plants and related equipment 10 – 20 years Other plant and equipment 2 – 40 years (principally gas storage plant, remote control and meters) Motor vehicles and office equipment 2 – 10 years Depreciation methods, useful lives and residual values are reviewed at each financial year end, and adjusted if appropriate. 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. 25 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Other intangible assets Other intangible assets with finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. Expenditure on internally generated goodwill is recognised in profit or loss as an expense when incurred. Intangible assets that have indefinite lives or that are not available for use are stated at cost less accumulated impairment losses. Software is stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful life of 2 to 5 years. Deferred expenditure relates mainly to contributions paid by the Group in accordance with regulatory requirements towards capital expenditure costs incurred by electricity generation companies and onshore receiving facility operator, and is stated at cost less accumulated amortisation and accumulated impairment losses. Deferred expenditure is amortised on a straight-line basis over the period in which the Group derives benefits from the capital contribution payments, which is generally the useful life of the relevant equipment ranging from 7 to 23 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. Feed-in tariff contracts represent the fair value of power purchase agreements acquired from business acquisitions and are carried at cost less accumulated amortisation and accumulated impairment losses. Feed-in tariff contacts are amortised on a straight-line basis over the remaining period of the contract, which ranges from 16 to 17 years. Intangible assets under construction are stated at cost. No amortisation is provided until the intangible assets are ready for use. 3.5 Investment property under development Investment property under development is property held either to earn rental income or for capital appreciation or for both, but not for sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes. Investment property under development is measured at cost on initial recognition and subsequently at fair value with any change therein recognised in profit and loss. Cost includes expenditure that is directly attributable to the acquisition of the investment property. The cost of self-constructed investment property includes the cost of materials and direct labour, any other costs directly attributable to bringing the investment property under development to a working condition for their intended use and capitalised borrowing costs. Any gain or loss on disposal of an investment property under development (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss. When the use of a property changes such that it is reclassified as property, plant and equipment, its fair value at the date of reclassification becomes its cost for subsequent accounting. Property that is being constructed for future use as investment property under development is accounted for at fair value. 26 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 3.6 Financial instruments Non-derivative financial assets Initial recognition and measurement Financial assets are recognised when, and only when the entity becomes party to the contractual provisions of the instruments. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. Trade receivables are measured at the amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third party, if the trade receivables do not contain a significant financing component at initial recognition. Subsequent measurement Investments in debt instruments Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the contractual cash flow characteristics of the asset. The measurement categories for classification of debt instruments are: (i) Amortised cost Financial assets that are held for the collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Financial assets are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the assets are de-recognised or impaired, and through the amortisation process. (ii) Fair value through other comprehensive income (“FVOCI”) Financial assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Financial assets measured at FVOCI are subsequently measured at fair value. Any gains or losses from changes in fair value of the financial assets are recognised in other comprehensive income, except for impairment losses, foreign exchange gains and losses and interest calculated using the effective interest method are recognised in profit or loss. The cumulative gain or loss previously recognised in other comprehensive income is reclassified from equity to profit or loss as a reclassification adjustment when the financial asset is de-recognised. (iii) Fair value through profit or loss Assets that do not meet the criteria for amortised cost or FVOCI are measured at fair value through profit or loss. A gain or loss on a debt instrument that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognised in profit or loss in the period in which it arises. 27 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Investments in equity instruments On initial recognition of an investment in equity instrument that is not held for trading, the Group may irrevocably elect to present subsequent changes in fair value in OCI. Dividends from such investments are to be recognised in profit or loss when the Group’s right to receive payments is established. For investments in equity instruments which the Group has not elected to present subsequent changes in fair value in OCI, changes in fair value are recognised in profit or loss. De-recognition The Group de-recognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Cash and cash equivalents Cash and cash equivalents comprise cash balances and bank deposits. Non-derivative financial liabilities Initial recognition and measurement Financial liabilities are recognised when, and only when, the Group becomes a party to the contractual provisions of the financial instrument. The Group determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value plus in the case of financial liabilities not at fair value through profit or loss, directly attributable transaction costs. For financial liabilities at fair value through profit or loss, directly attributable transaction costs are recognised in profit or loss incurred. Subsequent measurement After initial recognition, financial liabilities that are not carried at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are de-recognised, and through the amortisation process. Financial liabilities at fair value through profit or loss are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. De-recognition A financial liability is de-recognised when the obligation under the liability is discharged or cancelled or expires. On de-recognition, the difference between the carrying amounts and the consideration paid is recognised in profit or loss. Offsetting Financial assets and liabilities are offset and the net amount presented on the balance sheets when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The rights of offset must not be contingent on a future event and must be enforceable in the event of bankruptcy or insolvency of all the counterparties to the contract. 28 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Derivative financial instruments and hedge accounting The Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met. Derivatives are initially measured at fair value and any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or loss. The Group designates certain derivatives and non-derivative financial instruments as hedging instruments in qualifying hedging relationships. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. The Group applies hedge accounting for certain hedging relationships which qualify for hedge accounting. For the purpose of hedge accounting, hedges are classified as: • cash flow hedges when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment; or • fair value hedges when hedging the exposure to changes in fair value of a recognised asset or liability or an unrecognised firm commitment. Cash flow hedges When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognised in other comprehensive income and presented in the hedging reserve in equity. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. When the hedged item is a non-financial asset, the amount accumulated in equity is included in the carrying amount of the asset when the asset is recognised. In other cases, the amount accumulated in equity is reclassified to profit and loss in the same period that the hedged item affects profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. When a cash flow hedge is discontinued, the cumulative gain or loss previously recognised in other comprehensive income will remain in the cash flow hedge reserve until the future cash flows occur if the hedged future cash flows are still expected to occur or reclassified to profit or loss immediately if the hedged future cash flows are no longer expected to occur. 29 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Fair value hedges Changes in the fair value of a derivative hedging instrument designated as a fair value hedge are recognised in profit or loss. The hedged item is adjusted to reflect changes in its fair value in respect of the risk being hedged; the gain or loss attributable to the hedged risk is recognised in profit or loss with an adjustment to the carrying amount of the hedged item. Hedges directly affected by interest rate benchmark reform Phase 2 amendments: Replacement of interest rates – when there is no longer uncertainty arising from interest rate benchmark reform When the basis for determining the contractual cash flows of the hedged item or the hedging instrument changes as a result of interest rate benchmark reform and therefore there is no longer uncertainty arising about the cash flows of the hedged item or the hedging instrument, the Group amends the hedged documentation of that hedging relationship to reflect the change(s) required by interest rate benchmark reform. A change in the basis for determining the contractual cash flows is required by interest rate benchmark reform if the following conditions are met: • the change is necessary as a direct consequence of the reform; and • the new basis for determining the contractual cash flow is economically equivalent to the previous basis – i.e. the basis immediately before the change. For this purpose, the hedge designation is amended only to make one or more of the following changes: • designating an alternative benchmark rate as the hedged risk; • updating the description of hedged item, including the description of the designated portion of the cash flows or fair value being hedged; or • updating the description of the hedging instrument. The Group amends the description of the hedging instrument only if the following conditions are met: • it makes a change required by interest rate benchmark reform by changing the basis for determining the contractual cash flows of the hedging instrument or using another approach that is economically equivalent to changing the basis for determining the contractual cash flows of the original hedging instrument; and • the original hedging instrument is not derecognised. The Group amends the formal hedge documentation by the end of the reporting period during which a change required by interest rate benchmark reform is made to the hedged risk, hedged item or hedging instrument. These amendments in the formal hedge documentation do not constitute the discontinuation of the hedging relationship or the designation of a new hedging relationship. If changes are made in addition to those changes required by interest rate benchmark reform described above, then the Group first considers whether those additional changes result in the discontinuation of the hedge accounting relationship. If the additional changes do not result in discontinuation of the hedge accounting relationship, then the Group amends the formal hedge documentation for changes required by interest rate benchmark reform as mentioned above. When the interest rate benchmark on which the hedged future cash flows had been based is changed as required by interest rate benchmark reform, for the purpose of determining whether the hedged future cash flows are expected to occur, the Group deems that the hedging reserve recognised in OCI for the hedging relationship is based on the alternative benchmark rate on which the hedged future cash flows will be based. 30 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Intra-group financial guarantees in the separate financial statements Financial guarantees are financial instruments issued by the Group that require the issuer to make specified payments to reimburse the holder for the loss it incurs because a specified debtor fails to meet payment when due in accordance with the original or modified terms of a debt instrument. Financial guarantees issued are initially measured at fair value and the initial fair value is amortised over the life of the guarantees. Subsequent to initial measurement, the financial guarantees are measured at the higher of the amortised amount and the amount of loss allowance. Expected credit losses are a probability-weighted estimate of credit losses. Expected credit losses are measured for financial guarantees issued as the expected payments to reimburse the holder less any amounts that the Group expects to recover. 3.7 Impairment Non-derivative financial assets The Group recognises an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss and financial guarantee contracts. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is recognised for credit losses expected over the remaining life of the exposure, irrespective of timing of the default (a lifetime ECL). For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. For debt instruments at fair value through OCI, the Group applies the low credit risk simplification. At every reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. The Group considers a financial asset potentially in default when contractual payments are 180 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. 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. 31 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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. 3.8 Inventories Spare parts, accessories and other consumables are measured at the lower of cost and net realisable value. Cost is determined based on the weighted average method, and includes expenditure in acquiring the inventories and other costs incurred in bringing them to their existing location and condition. Cost may also include transfers from other comprehensive income of any gain or loss on qualifying cash flow hedges of foreign currency purchases of inventories. Allowance for obsolete, deteriorated or damaged stocks is made when considered appropriate. 3.9 Accrued revenue Revenue accrual estimates are made to account for the unbilled amount at the reporting date. 3.10 Contract balances Progress billings to customers are based on a payment schedule in the contract and are typically triggered upon achievement of specified contractual milestones. A contract asset is recognised when the Group has performed under the contract but has not yet billed the customer. Conversely, a contract liability is recognised when the Group has not yet performed under the contract but has received advanced payments from the customer. Contract assets are transferred to receivables when the rights to consideration become unconditional. Contract liabilities are recognised as revenue as the Group performs under the contract. Contract assets are subject to impairment assessment. Note 3.7 sets out the accounting policy on impairment of financial assets. 32 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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 a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. Environmental Environmental provision is made for the rehabilitation of sites based on the estimated costs of the rehabilitation. The liability includes the costs of reclamation, plant closure and dismantling, and waste site closure. The liability is determined based on the present value of the obligation. Annual adjustments to the liability are recognised in profit or loss over the estimated life of the sites. The costs are estimated based on assumptions of current legal requirements and technologies. Any changes in estimates are dealt with on a prospective basis. Onerous contracts A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recognises any impairment loss on the assets associated with that contract. 33 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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 and (iii) compensation received to defray operating expenses. Government grants and customer contributions Deferred income is recognised on a straight-line basis and taken to profit or loss over the periods necessary to match the depreciation of the assets purchased with the government grants and customers’ contribution. 3.16 Regulatory deferral account (“RDA”) debit or credit balances Use of system charges, transportation of gas, district cooling services and Market Support Services fees Regulatory deferral account debit or credit balances represent timing differences between revenue recognised for financial reporting purposes and revenue earned for regulatory purposes. Movements in the regulatory deferral account debit or credit balances are recognised in profit or loss over the periods necessary to adjust revenue recognised for financial reporting purposes to revenue earned for regulatory purposes based on services rendered. At the end of each regulatory period, adjustments for amounts to be recovered or refunded are taken to profit or loss as net movement in regulatory deferral account balances. 3.17 Price regulation and licence The Group’s operations in Singapore are regulated under the Electricity Licence for Transmission Licensee, Electricity Licence for Market Support Services Licensee, Gas Licence, and the District Cooling Services Licence issued by the Energy Market Authority (“EMA”) of Singapore. Allowed revenue to be earned from the supply and transmission of electricity, transportation of gas and the provision of market support services is regulated based on certain formulae and parameters set out in those licences, relevant acts and codes. Allowed revenue for district cooling corresponds to the quantum which the Group is entitled to under Condition 13 (Economic Regulation) of its District Cooling Services Licence issued by the Energy Market Authority of Singapore. Revenue recognised for financial reporting purposes may differ from revenue earned for regulatory purposes due to revenue or volume variances. This may result in adjustments that may increase or decrease tariffs in succeeding periods. Amounts to be recovered or refunded are brought to account as adjustments to net movement in regulatory deferral account debit or credit balances in the income statement in the period in which the Group becomes entitled to the recovery or liable for the refund. 34 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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. The use of system charges, transportation of gas charges and allowed revenue to be recovered from Market Support Services fees are approved by the EMA for a 5-year regulatory period in accordance with the price regulation framework. 3.18 Revenue recognition Revenue is measured based on the consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties. Revenue is recognised when the Group satisfies a performance obligation by transferring a promised good or service to the customer, which is when the customer obtains control of the good or service. A performance obligation may be satisfied at a point in time or over time. The amount of revenue recognised is the amount allocated to the satisfied performance obligation. Sale of electricity Revenue from the sale of electricity is recognised over time when electricity is delivered to consumers, or upon transmission to the power grid. Use of system charges and transportation of gas Revenue from use of system charges and transportation of gas is recognised over time based on tariff billings to customers when the volume of electricity and gas is delivered. Revenue from take-or-pay arrangements relating to the transportation of gas is recognised when it is probable that such revenue is receivable. District cooling service income Income from services is recognised over time when the services are rendered. Agency fees and Market Support Services fees Agency fees from acting as billing agent and fees for services provided as the Market Support Services Licensee are recognised over time when the services are rendered. Dividend income Dividend income is recognised on the date that the Group’s right to receive payment is established. Rental income Rental income is recognised in profit or loss on a straight-line basis over the term of the lease. Support service income and management fees Support service income and management fees are recognised when the services are rendered. 35 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Meters supply and installation fees The Group entered into a contract with customer to provide meters and installation services. Management has considered that the meters have no alternative use for the Group due to contractual restrictions, and the Group has enforceable rights to payment for performance completed to date, arising from the contractual terms. Accordingly, revenue is recognised over the period of the contract by reference to the progress towards complete satisfaction of the performance obligation. The measure of progress is determined based on the proportion of costs incurred to date to the estimated total contract costs (“input method”). Costs incurred that are not related to the contract or that do not contribute towards satisfying the performance obligation are excluded from the measure of progress and instead are expensed as incurred. Estimates of revenues, costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in the profit or loss in the period in which the circumstances that give rise to the revision become known by management. 3.19 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. As lessor Leases in which the Group does not transfer substantially all the risks and rewards of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term. Rental income under operating leases are recognised in profit or loss over the term of the lease. Where assets are leased under a finance lease, the present value of the lease payments is recognised as a receivable. The difference between the gross receivable and the present value of the receivable is recognised as unearned finance income. Lease income is recognised over the lease term using the net investment method, which reflects a constant periodic rate of return. Contingent rental income is recognised in profit or loss in the accounting period in which they are incurred. As lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets The Group recognises right-of-use assets at the commencement or on modification date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of rightof-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to Note 3.7 for the accounting policy. 36 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including insubstance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term. Covid-19-related rent concessions The Group has applied Amendment to SFRS(I) 16 Covid-19-Related Rent Concessions. The Group applies the practical expedient allowing it not to assess whether eligible rent concessions that are a direct consequence of the Covid-19 pandemic are lease modifications. The Group applies the practical expedient consistently to contracts with similar characteristics and in similar circumstances. For rent concessions in leases to which the Group chooses not to apply the practical expedient, or that do not qualify for the practical expedient, the Group assesses whether there is a lease modification. 3.20 Finance income and costs Finance income comprises interest income on funds invested. Interest income is recognised as it accrues, using the effective interest method. Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions, fair value gains or losses on financial assets and liabilities at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), gains or losses on hedging instruments that are recognised in profit or loss, amortisation of transaction costs capitalised and interest expense on lease liabilities. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method. 37 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 3.21 Tax expense Tax expense comprises current and deferred tax. Current and deferred taxes are recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial repor

Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/saving-energy-and-cost SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Saving Energy and Cost RELIABILITY 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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR IN REVIEW 2017 YOU MIGHT BE INTERESTED TO READ Engineer, 27, shares how she is undaunted by male-dominated energy industry & climbs the ranks Lighting the way: Following in his father’s footsteps to keep S’pore’s power grid running 24/7 How this technical officer and robot SPock hunt hazards to protect Singapore’s power tunnels Category: Reliability Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/doing-more-to-help-singapore-save-energy SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Doing More to Help Singapore Save Energy SUSTAINABILITY For the second year running, SP Group is partnering the National Environment Agency (NEA) to encourage households to save energy through the Energy-Saving Challenge. SP is the main sponsor of the challenge. Through last year’s Challenge, over 3 months, about 7,000 participating households saved 330,000kWh, enough to power 1,000 three-room flats for more than a month. SP Services Managing Director Chuah Kee Heng joined Minister for the Environment and Water Resources Masagos Zulkifli, North West Community Development Council Mayor Dr Teo Ho Pin, NEA CEO Ronnie Tay at the launch of the challenge on 5 May 2018. — 5 May 2018 Chuah Kee Heng, Managing Director, SP Services (left) with Minister for the Environment & Water Resources Masagos Zulkifli Members of the public finding out about the Energy-Saving Challenge. TAGS SUSTAINABILITYSAVE ENERGY SAVE COST YOU MIGHT BE INTERESTED TO READ SP Group launches Tengah’s First Public EV Chargers, Expanding Singapore’s Green Mobility Network S'pore engineer explains why bird poop is so dangerous to solar panels HSBC Asset Management Energy Transition Infrastructure (ETI) Team Invests in a Strategic Stake in SP Mobility Category: Sustainability Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/saving-energy-and-cost SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Saving Energy and Cost RELIABILITY 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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR IN REVIEW 2017 YOU MIGHT BE INTERESTED TO READ Engineer, 27, shares how she is undaunted by male-dominated energy industry & climbs the ranks Lighting the way: Following in his father’s footsteps to keep S’pore’s power grid running 24/7 How this technical officer and robot SPock hunt hazards to protect Singapore’s power tunnels Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/saving-energy-and-cost SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Saving Energy and Cost RELIABILITY 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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR IN REVIEW 2017 YOU MIGHT BE INTERESTED TO READ Engineer, 27, shares how she is undaunted by male-dominated energy industry & climbs the ranks Lighting the way: Following in his father’s footsteps to keep S’pore’s power grid running 24/7 How this technical officer and robot SPock hunt hazards to protect Singapore’s power tunnels Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/saving-energy-and-cost SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Saving Energy and Cost RELIABILITY 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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR IN REVIEW 2017 YOU MIGHT BE INTERESTED TO READ Engineer, 27, shares how she is undaunted by male-dominated energy industry & climbs the ranks Lighting the way: Following in his father’s footsteps to keep S’pore’s power grid running 24/7 How this technical officer and robot SPock hunt hazards to protect Singapore’s power tunnels Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/saving-energy-and-cost SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Saving Energy and Cost RELIABILITY 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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR IN REVIEW 2017 YOU MIGHT BE INTERESTED TO READ Engineer, 27, shares how she is undaunted by male-dominated energy industry & climbs the ranks Lighting the way: Following in his father’s footsteps to keep S’pore’s power grid running 24/7 How this technical officer and robot SPock hunt hazards to protect Singapore’s power tunnels Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/saving-energy-and-cost SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Saving Energy and Cost RELIABILITY 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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR IN REVIEW 2017 YOU MIGHT BE INTERESTED TO READ Engineer, 27, shares how she is undaunted by male-dominated energy industry & climbs the ranks Lighting the way: Following in his father’s footsteps to keep S’pore’s power grid running 24/7 How this technical officer and robot SPock hunt hazards to protect Singapore’s power tunnels Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/saving-energy-and-cost SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Saving Energy and Cost RELIABILITY 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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR IN REVIEW 2017 YOU MIGHT BE INTERESTED TO READ Engineer, 27, shares how she is undaunted by male-dominated energy industry & climbs the ranks Lighting the way: Following in his father’s footsteps to keep S’pore’s power grid running 24/7 How this technical officer and robot SPock hunt hazards to protect Singapore’s power tunnels Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/saving-energy-and-cost SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Saving Energy and Cost RELIABILITY 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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR 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 Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/saving-energy-and-cost SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Saving Energy and Cost RELIABILITY 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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR 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 Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/saving-energy-and-cost SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Saving Energy and Cost RELIABILITY 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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR 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. 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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 Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/saving-energy-and-cost SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Saving Energy and Cost RELIABILITY 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. 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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 Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/saving-energy-and-cost SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Saving Energy and Cost RELIABILITY 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. 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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. 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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 Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/saving-energy-and-cost SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Saving Energy and Cost RELIABILITY 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. 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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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR 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. 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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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR 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. 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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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR 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 Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/saving-energy-and-cost SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Saving Energy and Cost RELIABILITY 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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR 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. 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We’ll keep raising the bar, to help you keep consumption and cost down. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR 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. 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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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR 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 Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/saving-energy-and-cost SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Saving Energy and Cost RELIABILITY 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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR 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. 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We’ll keep raising the bar, to help you keep consumption and cost down. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR 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. 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TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR 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. 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We’ll keep raising the bar, to help you keep consumption and cost down. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR 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. 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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. 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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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR 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 Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/saving-energy-and-cost SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Saving Energy and Cost RELIABILITY 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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR 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 Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/saving-energy-and-cost SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Saving Energy and Cost RELIABILITY 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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR 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 Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/saving-energy-and-cost SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Saving Energy and Cost RELIABILITY 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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR 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. 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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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR 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 Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/saving-energy-and-cost SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Saving Energy and Cost RELIABILITY 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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR 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 Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/saving-energy-and-cost SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Saving Energy and Cost RELIABILITY 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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR 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. 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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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR 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. 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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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR 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 Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/saving-energy-and-cost SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Saving Energy and Cost RELIABILITY 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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR 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 Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/saving-energy-and-cost SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Saving Energy and Cost RELIABILITY 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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR 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. 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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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR 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 Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Searchhttps://www.spgroup.com.sg/search?tag=save-energy-save-cost Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/saving-energy-and-cost SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Saving Energy and Cost RELIABILITY 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. 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. TAGS SERVICE EXCELLENCESP UTILITIES MOBILE APPYEAR 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 Dist

Media Release SP Group and Singapore Land Group strengthen sustainability partnership with more electric vehicle charging facilities EV chargers up by 25 per cent with new charging points at Singapore Land Tower and West Mall. Both companies also jointly collaborate on other sustainability initiatives including district cooling and green energy technology solutions Singapore, 6 August 2024 – Singapore Land Group (SingLand) and SP Group (SP) will be ramping up electric vehicle (EV) charging facilities by 25 per cent at SingLand properties, providing drivers with more green mobility options. As part of this year’s plan to roll out eight new charging points, four were launched at Singapore Land Tower last Thursday. Both companies will install another four new charging points at SingLand’s shopping mall West Mall by end 2024. An increase in the number of charging points at Marina Square is also in the works. The new charging points at West Mall will comprise two AC charging points and two DC fast-charging points. Once completed, this will increase the total number of charging points in SingLand’s properties to 38. This is part of SingLand’s long-term commitment to encourage low-carbon modes of transport at its properties. Mr Nicholas Loh, Head of Building Management Services at SingLand, said: “We are pleased to work with SP to roll out more electric charging points at our properties. This allows us to meet growing demand as more drivers make the switch to electric vehicles, while enabling us to do our part to support the nation’s transition to a cleaner-energy vehicle population by 2030. We look forward to deepening our collaboration with SP, our preferred charging partner, to install more charging points at our properties and to bring more value-added EV services to our tenants and shoppers.” “Our partnership with SingLand will provide EV drivers in Singapore greater convenience and accessibility as we continue to expand charging facilities at SingLand properties. This offers EV owners wider charging options where they work and play,” said Mr Dean Cher, SP Group’s Head of Mobility. “With more locations across Singapore added to our extensive charging network, we are empowering Singapore’s drive on green mobility and enabling a concerted shift towards decarbonisation.” SingLand and SP will further collaborate to offer several value-added services aimed at attracting more EV drivers to charge at its properties. This includes seasonal promotions in the form of rebates where drivers who charge a minimum amount will receive a charging voucher on the SP app to offset future charging sessions, as well as specially tailored subscription packages for SingLand properties’ season parking holders across SP’s EV charging network across Singapore. This joint sustainability initiative builds on other green collaborations between SingLand and SP. This includes a partnership agreement in May 2023 for SP to provide energy-efficient district cooling services to SingLand-owned Clifford Centre. Both companies also signed a Memorandum of Understanding to discuss the prospects of designing, building and operating a satellite plant for the Marina Bay district cooling network at Marina Square. SP is also installing various GET™ (Green Energy Tech) solutions across several SingLand properties, such as Singapore Land Tower, SGX Centre 2, Tampines Plaza 1 & 2 and Marina Square. This includes the GET™ Control solution at Singapore Land Tower – a micro-climate control system that optimises energy usage and enhances occupant comfort. ### Annex 1   

SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Eye on the Grid RELIABILITY Mr Tan Teck Wee, Head, Distribution Control & Customer Service (standing), with Principal Operation Officer Ghazali Bin Mohamed Rahim in the Distribution Control Centre. The ringing of Tan Teck Wee’s phone at 1.20am jolted him from his sleep. There was a blackout affecting several areas. In the 30 minutes that Teck Wee, head of SP Group’s Distribution Control & Customer Service, took to get to the control centre at Ayer Rajah, work was already under way to bring supply back up. As the central nervous system of Singapore’s power distribution network, red-coded alarms on the dashboard showed the affected locations. On one wall, screens displayed incident alerts, digital maps and data on energy demand from the 11,000 substations and over 27,000km of cables that make up Singapore’s electricity grid. With various teams working together, power was restored within a few minutes, and Teck Wee was soon on his way home. A 25-year SP veteran, Teck Wee is on standby 24/7. He oversees the work of 95 staff. Apart from the 15 staff who man the control centre around the clock, team members from the Electricity Service Centre receive calls from customers and mobilise officers to attend to supply disruption.  Emergency response makes up the bulk of his team’s work, even if most problems are solved before customers are impacted, explained Teck Wee, who trained as an electrical engineer. Most often, when the alarms go off, it takes less than a minute for the incoming data to be reviewed, a remote restoration attempted, or for supply to be re-routed. A service crew is also dispatched for a manual check. In a supply disruption, staff at the control centre will first try to restore supply through remotely switching to an alternate feed. If this is not possible, it will send out mobile generators to provide temporary power to customers. The team is supported by 20 standby officers deployed in five zones across Singapore. When activated, these standby teams examine and re-condition the substation equipment to rectify the issue.   Technology drives precise and prompt response. Through a combination of sensors, monitors, alarms, micro-processors and a communication network, the control centre team can quickly pinpoint and manage disturbances on the network. Artificial Intelligence helps engineers make faster decisions through diagnostics of incidents to identify causes and possible actions. Supply disruptions could occur for different reasons, such as roadworks which can damage cables, or accidents, says Teck Wee. A rogue snake or monitor lizard sneaking into an over-ground supply box could also cause an outage. Singapore's electricity network ranks top among major cities. Based on a benchmarking report, in 2017, customers in Singapore experienced an average of 0.19 minute of electricity interruption, compared to Osaka’s 5 minutes and London’s 16.70 minutes. Despite that, Teck Wee says every incident is taken seriously, and the teams look closely at ways to prevent it from occurring again. Keeping the nation’s grid going strong is a source of great pride. “Electricity affects quality of life in so many ways and it’s gratifying to know that we can play a part in upholding it for consumers, he said. — 15 May 2019 TAGS PEOPLE OF SPRELIABILITY YOU MIGHT BE INTERESTED TO READ Engineer, 27, shares how she is undaunted by male-dominated energy industry & climbs the ranks Lighting the way: Following in his father’s footsteps to keep S’pore’s power grid running 24/7 How this technical officer and robot SPock hunt hazards to protect Singapore’s power tunnels

About SP GroupBoard of DirectorsExecutive Leadership TeamAwards & AffiliationsAnnual ReportsSustainability Reports Awards & Affiliations In our quest for excellence, we are proud that our efforts have been recognised with awards and accolades from leading organisations. Awards Pinnacle Award SP Group by Community Chest Singapore, 2023 and 2024 Charity Platinum Award SP Group by Community Chest Singapore, 2018 to 2024 Volunteer Partner Award SP Group by Community Chest Singapore, 2018, 2020 to 2024 Enabler Award SP Group by Community Chest Singapore, 2022 to 2024 Plaque of Commendation (Star) SP Group by National Trades Union Congress, 2024 Champions of Good SP Group by National Volunteer & Philantrophy Centre, 2017 to 2020 and 2022 MSF Community Cares Award SP Group by Community Chest Singapore, 2018 to 2022 ASEAN Rural Development and Poverty Eradication Awards SP Group by Community Chest Singapore, 2021 President’s Volunteerism & Philanthropy Award – Corporate (Large Enterprise) 2016   SP Group by National Volunteer & Philanthropy Centre National Service Advocate Award for Large Companies, NS Mark (Gold) SP Group by Ministry of Defence of Singapore, 2024 Outstanding Community Partnership Award SP Group by Singapore Police Force, 2024 Threat-Oriented Person Screening Integrated System (TOPSIS) Outstanding Award SP Group by Ministry of Home Affairs, 2022 and 2024 Safety and Security Watch Group (SSWG) Outstanding Individual Award SP Group by Ministry of Home Affairs, 2022 and 2024 NS Mark (Gold) SP Group by the Ministry of Defence, w.e.f. 31 Dec 2022 President’s Certificate of Commendation (COVID-19) SP Group by Prime Minister's Office Public Service Medal (COVID-19) SP Services by Prime Minister's Office Minister's Honour Roll (Star) SP Group by Ministry of Home Affairs, 2013 to 2018 MND Minister's Award (Team) Singapore District Cooling by Ministry of National Development (MND), 2016 Best Liquidity and Investments Solution (China) Award SP Group by The Asset, 2024 Global Healthy Workplace 2024 – 2026 SP Group by Global Centre for Health Workplaces Excellence Company Award SP Services by Singapore Road Safety Council, 2023 Company Award (Light Goods Category) SP PowerGrid by Singapore Road Safety Council, 2023 RoSPA Gold Award 2023 SP Group by Royal Society for Prevention of Accidents (RoSPA), 2023 International Safety Awards 2023 (Merit) SP PowerGrid by British Safety Council Power & Energy Awards 2022 - Building the Energy Metaverse with A Digital Twin SP PowerGrid by Enlit Asia NS Mark (Gold) - In recognition of exemplary support to Total Defence and National Service SP Group by ACCORD, 2022 Power & Energy Awards 2022 - Improving SAIDI with Condition Monitoring Systems and Engineering SP PowerGrid By Enlit Asia bizSAFE Partner Award SP PowerGrid by Workplace Safety and Health Council, 2020 to 2022 Excellent Service Awards (EXSA) 2020 SP Services by Singapore Retailer Association IDEA District Energy Space 2019 Beyond North America Bronze Award - Total Building Area Committed Singapore District Cooling by 108th International District Energy Association (IDEA) Annual Conference 17th CCAS International Contact Centre Awards, 2017 Gold Award - Best Quality Assurance Specialist SP Services by Contact Centre Association of Singapore 17th CCAS International Contact Centre Awards, 2017 Bronze Award - Best In-House Section Contact Centre SP Services by Contact Centre Association of Singapore 17th CCAS International Contact Centre Awards, 2017 Gold Award - Best Retention programme SP Services by Contact Centre Association of Singapore 17th CCAS International Contact Centre Awards, 2017 Gold Award - Customer Experience Mystery Shopper Awards SP Services by Contact Centre Association of Singapore Gold Award - Best Employee Engagement SP Services by Customer Experience Management Asia Excellence Awards, 2017 Singapore Quality Award 2017 SP Services by Enterprise Singapore Best In-House PR Team of the Year SP Group by Institute of Public Relations Singapore's PRISM awards, 2017 Top 50 Engineering Feats - District Cooling System for Marina Bay Singapore District Cooling by Institute of Engineering Singapore (IES), 2016 Top 50 Engineering Feats - Cross-Island and Jurong Island - Pioneer Cable Tunnels SP PowerGrid (Special Projects - Cable Tunnels Section) by Institute of Engineering Singapore (IES), 2016 Top 50 Engineering Feats - World Class Electricity Grid Reliability SP Group by Institute of Engineering Singapore (IES), 2016 Certification & Accreditation Data Protection Trustmark SP Services (from Apr 2023) SP Digital (from Jan 2023) By Infocomm Media Development Authority (IMDA) bizSAFE Star SP PowerGrid SP Services Singapore District Cooling SP Digital Workplace Safety and Health Council, 2021 to 2024 ISO37001:2016 Certification for Anti-bribery Management Systems Singapore Power Limited and its wholly owned Singapore incorporated subsidiaries SOCOTEC Certification International, 2021 to 2024 BCA-IMDA Green Mark Platinum Certification for New Data Centre (SP Group Headquarters) SP Group by Building Construction Authority, 2023 to 2026 ISO55001:2014 Certification For Asset Management System SP PowerGrid SOCOTEC Certification International, 2018 to present BCA Green Mark Platinum Super Low Energy Certification (Labrador Tower) SP Group By the Building and Construction Authority of Singapore, 2022 to 2027 ISO/IEC 17025:2005 in Electrical Testing for Electricity Meters SP PowerGrid by Singapore Accreditation Council - Singapore Laboratory Accreditation Scheme, 2000 to present SS564:2013 (Energy & Environment Management System for Operations and Maintenance of Data Centre) SP Group by Building Construction Authority, 2022 to 2025 ISO/IEC 17025:2017 in Calibration and Measurement for Gas Flow Meters SP PowerGrid by Singapore Accreditation Council - Singapore Laboratory Accreditation Scheme, 2005 to present ISO50001 (Energy Management for Operations and Maintenance of Data Centre) SP Group by Building Construction Authority, 2022 to 2025 ISO/IEC 27001:2013 in Management and Operation of Control System for Onshore Receiving Facilities at Sakra and Attap Valley Natural Gas Stations, and Tuas South Offtake Station SP PowerGrid (Gas Operations) by TÜV SÜD PSB Pte Ltd, 2022 to 2025 ISO 50001: 2018 Certification for Provision of Green Data Centre Services SP Services by SOCOTEC Certification International, 2022 to 2025 ISO/IEC 27001:2013 for The Management and Maintenance of the Substation Control System for SPPA in 400kV, 230kV and 66kV substation (SCS) SP Power Assets Ltd by TÜV SÜD PSB Pte Ltd, 2021 to 2024 SS564 : Part 1 : 2020 Certification for Provision of Green Data Centre Services SP Services by SOCOTEC Certification International, 2022 to 2025 ISO/IEC 27001:2013 Certification For Information Security Management System (Gas SCADA)   Singapore Power Limited (SCADA Section) by TÜV SÜD PSB Pte Ltd, 2022 to 2025 People Developer Standard SP Services, 2017 to 2022 by Enterprise Singapore ISO/IEC 17025:2005 in Electrical Testing for Current Transformers SP PowerGrid by Singapore Accreditation Council - Singapore Laboratory Accreditation Scheme, 2000 to present ISO 45001:2018 Occupational Health & Safety Management Systems Singapore Power Limited SP Services Singapore District Cooling Singapore Institute of Power and Gas SP One SP Mobility SP Digital SP Home SP Capital SPL Property SP PowerGrid by SOCOTEC Certification International, 2021 to 2024 ISO 9001:2015 Certification For Quality Management System SP PowerGrid by SOCOTEC Certification International, FY16/17 to present ISO 22301:2012 Business Continuity Management System SP PowerGrid by SOCOTEC Certification International, FY17/18 to present SS651:2019 Certification for Occupational Safety & Health Management System SP PowerGrid (Gas Operations) by SOCOTEC Certification International, 2024 to 2027 Singapore Quality Class Certification (STAR), Singapore Innovation Class Certification, Singapore Service Class Certification SP services by Enterprise Singapore, 2017 to 2022 ISO 9001:2015 Certification For Quality Management System SP Services by Singapore Test Services, 2020 to 2023 ISO27001:2013 Certification For Information Security Management System SP Services by SOCOTEC Certification International, 2021 - 2025 ISO 50001: 2018 Certification for Provision of Centralized Production and Distribution of Chilled Water for District Cooling System Singapore District Cooling By SOCOTEC Certification International, 2021 to 2024 ISO 50001 Certification for Energy Management System for Sakra Natural Gas Station SP PowerGrid (Gas Operations) by TÜV SÜD PSB Pte Ltd, 2022 to 2025 ISO50001:2018 Energy Management System SP PowerGrid (Sakra Natural Gas Station) by TÜV SÜD PSB Singapore, 2022 Affiliations and Associations World Energy Council Singapore The Singapore chapter of the World Energy Council — a United Nations-accredited energy body — provides a platform for the local industry to chart the course of the nation's energy landscape amid disruptive changes, and to address the energy trilemma of creating a secure, accessible and sustainable energy future. It taps on the Council's network of more than 3,000 member organisations in 90 countries, for global insights and best practices on energy policy, innovation and sustainability strategies. The chapter's founding members are Singapore Power (SP), Senoko Energy, YTL PowerSeraya, Tuas Power, PacificLight Power and Singapore District Cooling.

News Release SMART BUILDING SOLUTION BY SP GROUP AND 75F HELPS BUILDINGS ACHIEVE MORE THAN 30% ENERGY SAVINGS Singapore, 5 December 2019 – SP Group (SP), a leading energy utilities group and 75F, a building intelligence solutions provider, are offering a micro-climate control solution that can save more than 30 per cent in energy consumption while improving occupant comfort. The solution uses applied Artificial Intelligence (A.I.) and Internet of Things (IoT) to reduce energy consumption in a building. It takes into consideration factors like occupancy and weather and optimises air-flow to evenly cool areas. SP partnered with 75F to customise and test the performance and viability of the solution for Singapore’s tropical environment. The solution was trialled for a year at Singapore Institute of Technology’s (SIT) campus at Dover, and the Mercatus Co-operative Limited’s corporate office at One Marina Boulevard in Raffles Place. Both locations achieved more than 30 per cent in energy savings, while improving comfort for occupants by ensuring that the indoor temperature, and air quality were optimal. With the validated outcomes, SP and 75F will offer the solution to customers in Singapore, China, Vietnam, Indonesia and Australia. Air-conditioning contributes 60 per cent of a building’s electricity consumption. With buildings consuming a third of Singapore’s total electricity consumption 1 , this new solution will help Singapore reduce electricity consumption and support the goal of cutting national emissions intensity by 36 per cent below 2005 levels by 2030. Mr Brandon Chia, Head, Centre of Excellence, SP Group said: “SP Group has partnered with 75F on this micro-climate control solution that leverages A.I. and IoT. It enables customers to enjoy cooler comfort in buildings while lowering their carbon footprint. We look forward to developing more next-generation technologies to help customers in Singapore and the region save energy and cost.” The micro-climate control solution is a self-learning, intuitive building intelligence system that optimises and regulates air-conditioning in buildings to improve operational efficiency and occupant experience. The system’s central control unit divides large open spaces into smaller 1 Source: The Building and Construction Authority (BCA) Super Low Energy Technology Roadmap Report 1 zones that balances the temperature, air flow, carbon dioxide (CO 2) within each zone. It also optimises the air-conditioning operation by using the least amount of energy to achieve the required comfort. Gaurav Burman, APAC President, 75F said: “Both 75F and SP are committed to saving energy and reducing the carbon footprint of commercial buildings. The Asia Pacific market, especially Singapore, China, Vietnam, Indonesia and Australia, represent a huge opportunity given their economic growth, rising energy costs and the growing focus to improve occupant experience and operational efficiency. This partnership combines 75F’s award-winning technology with SP’s capabilities and track record in the region, allowing both companies to accelerate our growth.” SP’s partnership with 75F first started as part of SP’s Energy Advanced Research and Development (SPEAR) programme, under the SP Centre of Excellence (SP CoE). SP CoE is an initiative supported by the Singapore Economic Development Board (EDB), and drives the research, development, and integration of cutting-edge solutions and next-generation technologies for Singapore’s energy infrastructure network. -Ends- Notes to Editor: About SP Group SP Group is a leading energy utilities group in the Asia Pacific. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, and district cooling businesses in Singapore and China. SP Group is committed to providing customers with reliable and efficient energy utilities services. About 1.6 million industrial, commercial and residential customers in Singapore benefit from SP Group’s world-class transmission, distribution and market support services. These networks are amongst the most reliable and cost-effective world-wide. SP Group also drives digital solutions to empower customers to manage their utilities, reduce consumption and save cost. For more information, please visit spgroup.com.sg or for follow us on Facebook at fb.com/SPGroupSG and on Twitter @SPGroupSG. 2 About SP Centre of Excellence The SP Centre of Excellence (CoE) is an initiative by SP Group (SP) to drive the innovation and commercialisation of next-generation energy network technologies for the greater reliability and efficiency of Singapore’s infrastructure. Supported by the Singapore Economic Development Board, the CoE aims to establish SP as a thought leader in the utility industry forefront and build future-ready energy networks and resource capabilities. This allows SP to stay ahead of global trends such as the drive for smarter and greener performance, and to sustainably meet evolving customer needs. About 75F 75F is an award-winning, IoT and Machine Learning company taking a fresh approach to HVAC, lighting and controls in commercial buildings. Founded in 2012, 75F offers data-driven, proactive, predictive building intelligence and controls. 75F is backed by investment groups including billionaire-led Breakthrough Energy Ventures and Oil & Gas Climate Initiative. 75F has delivered hundreds of energy-efficient, comfortable and healthy spaces to enthusiastic customers who rave about the results. 75F launched its operations in India in August 2016 and has been growing steadily since with companies such as Firstsource Solutions, Flipkart, Bennett-Coleman Group, Mercedes Benz, Mapletree, HP, Shell, Smartworks and other leading brands in India, joining US customers such as HOM Furniture, Border Foods, Magnet 360, Rockler and Yoga Fit. 3