4 Caltex stations to offer electric vehicle charging points Chevron Singapore, which operates the Caltex network of refuelling stations here, has teamed up with SP Group to set up electric vehicle (EV) charging points. The move, which comes 20 months after rival Shell set up its Recharge points, will see fast chargers at four Caltex service stations, in Chong Pang (North), Changi (East), Jurong Spring (West) and Dunearn (Central). They will be equipped with 50kW direct current (DC) chargers that can charge up an EV in as little as 30 minutes. The one at Changi will have two such chargers, which are designed to allow a compatible car to charge up to a speed of 100kW (provided only one car is utilising the point). The other three service stations will each be equipped with one 50kW DC charger. The charging fee is 46.63 cents/kWh, compared with 55 cents/kWh at Shell’s points. In a joint statement yesterday, SP and Caltex said they would study usage patterns and behaviour at the stations “to refine and enhance accessibility and utilisation, and plan for more charging points and locations”. The chargers will be installed by the second quarter of this year, and will be incorporated on the SP Utilities mobile app, which allows EV drivers to search for the nearest charging points, receive realtime updates on their charging sessions and make cashless payment. Shell Recharge is available at 18 Shell petrol stations across the island. It offers 50kW DC charging as well as 43kW AC charging. The chargers were set up by Shell-owned EV charging business Greenlots. Meanwhile, private EV charging firm EVOne is rolling out the fastest chargers in Singapore. EVOne chairman Elson Toh said it had brought in a 160kW DC charger capable of giving an EV 100km of range in as little time as it takes “for a toilet break”. “We are in negotiations with a party to install 100 points islandwide,” Mr Toh said. “As our cost is lower than current market players, we will be able to charge below 40 cents per kWh and still be profitable.” EVOne will also be bringing in a 180kW charger. Mr Toh said his company’s highspeed chargers are targeted at fleet owners such as logistics companies and taxi operators, which clock high mileages daily and require minimal downtime for their vehicles. Christopher Tan

智 能 电 网 指 数 全 球 排 名 出 炉 亚 太 区 得 分 同 比 高 10 个 百 分 点 新 能 源 集 团 星 期 二 公 布 今 年 的 智 能 电 网 指 数 全 球 排 名 , 亚 太 地 区 表 现 进 步 显 著 , 得 分 比 去 年 高 出 10 个 百 分 点 。 新 能 源 集 团 去 年 推 出 的 智 能 电 网 指 数 (Smart Grid Index) 是 全 球 首 个 针 对 智 能 电 网 的 评 估 框 架 , 涵 盖 35 个 国 家 的 75 个 公 用 事 业 公 司 。 评 估 的 七 个 方 面 包 括 监 控 度 、 安 全 性 、 电 力 供 应 的 可 靠 性 、 数 据 分 析 、 客 户 满 意 度 、 绿 色 能 源 , 以 及 整 合 分 布 式 能 源 (Distributed Energy Resources) 如 太 阳 能 板 和 电 动 车 充 电 站 。 其 中 , 亚 太 地 区 在 客 户 满 意 度 、 网 络 安 全 防 御 能 力 , 以 及 可 再 生 能 源 连 接 电 网 方 面 都 有 所 提 升 , 得 分 比 去 年 高 出 10 个 百 分 点 。 美 国 太 平 洋 煤 电 公 司 蝉 联 第 一 美 国 太 平 洋 煤 电 公 司 (PG&E) 以 93% 高 分 蝉 联 第 一 。 中 国 国 家 电 网 北 京 电 力 公 司 表 现 大 跃 进 , 得 分 上 升 29 个 百 分 点 , 排 名 第 九 。 排 名 第 33 位 的 新 能 源 集 团 , 得 分 从 去 年 的 50% 增 至 今 年 的 66%, 主 要 是 因 为 公 司 在 全 岛 设 置 电 动 车 充 电 网 络 , 以 及 采 用 智 能 电 表 , 在 客 户 满 意 度 方 面 取 得 高 分 。 Source: Lianhe Zaobao © Singapore Press Holdings Limited. Permission required for reproduction.

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Search -20260121--The-Business-Times---Mapletree-Investments--MPACT-appoint-SP-Group-to-build-district-cooling-system.pdfhttps://www.spgroup.com.sg/dam/spgroup/pdf/media-coverage/2026/-20260121--The-Business-Times---Mapletree-Investments--MPACT-appoint-SP-Group-to-build-district-cooling-system.pdf The Business Times | Wednesday, January 21, 2026 | COMPANIES & MARKETS 7 ShopBack crosses S$1b in cashback to users, says experimentation is still key Being app-driven sets it apart from competitors in markets such as the US and Germany By Benjamin Cher benjamincher@sph.com.sg LOYALTY platform ShopBack has crossed the S$1 billion in cashback to users since its inception11years ago, and is not looking to stop trying new things. Its co-founder Joel Leong told The Business Times that crossing the S$1 billion threshold is proof that the flywheel for ShopBack is working, given the platform’s efforts to drive value for its users, merchants and the platform itself. “Our goal as a platform is to make sure this flywheel makes sense for them, the goals they are aiming for and how we can help them,” he said. “We keep doing new things, new things that refresh what ShopBack is, and that’s what makes it exciting for us.” For example, the loyalty platform started out targeting marketplaces like Lazada and Shopee, but now also has brands from other categories of products and services, including merchants such as Uniqlo, Guardian and Lego, and travel services such as Klook, Agoda and Emirates. ShopBack offers users real moneycashbackforonlineandin-store purchases, vouchers and payments, by earning commissions from its partnered merchants and then sharing a portion of these with its users, allowing them to withdraw cash or use it for future deals. In its new category such as ShopBack Play, for instance, users earn cashback for playing casual mobile games. In markets such as Taiwan and Australia, another new feature, ShopBack Snap, lets users scan receipts for offline in-store purchases. Some hits, some misses The company has been through some failures as well, having shuttered features such as ShopBack Go, through which users designated a credit card to be tracked for offline use, and ShopBack Paylater, a buy-now-pay later (BNPL) service launched after the acquisition of Hoolah. In May 2024, the company announced layoffs, cutting 195 roles or nearly a quarter (about 24 per cent) of its headcount then. ShopBack had a banner year in 2025, clocking S$7 billion in gross merchandise value to merchants and brand partners, a growth of 30% year on year. Mapletree Investments, MPACT appoint SP Group to build district cooling system By Chloe Lim chloeljh@sph.com.sg MAPLETREE Investments and Mapletree Pan Asia Commercial Trust (MPACT) have appointed SP Group to design, build and operate a new distributed district cooling (DDC) system at HarbourFront Precinct. The system will connect five buildings – Bank of America HarbourFront, the new HarbourFront Centre, the existing HarbourFront Towers1and 2, and VivoCity – supplying chilled water through three injection nodes. The buildings will rely on a shared system that aggregates cooling demand, to achieve economies of scale and improve cooling efficiency, instead of each building running its own chiller. “This reduces operating costs and carbon emissions, while freeing up valuable space previously used for individual cooling plants for operational or commercial use,” said the companies in a joint statement on Tuesday (Jan 20). The DDC network will be implemented over two phases, commencing in 2027. It is targeted to be fully operational by 2031. The project will be one of Singapore’s largest brownfield district cooling deployments. Located at HarbourFront Precinct, it supports Mapletree’s plans to “rejuvenate... and enhance building energy efficiency” across the area, they added. The venture is part of Mapletree’s commitment to achieve net zero by 2050. The DDC system is projected to hit over 5 per cent of savings in cooling-related expenses a year, with an installed cooling capacity of17,150 refrigeration tonnes, said the companies. It is expected to be 8 per cent more energy-efficient than the National Environment Agency’s minimum energy efficiency standards for water-cooled chilled water systems in industrial facilities, upon its full implementation. Thesystem“willalsoreducecarbon emissions by about 13,700 tonnes over the 20-year operating period”, noted the companies. “This is comparable to the emissions from powering 550 threeroom HDB households a year.” This is Singapore’s second brownfield DDC deployment, after SP Group’s work at Tampines Central in March 2025. Joel Leong, a co-founder of ShopBack, says: “We keep doing new things, new things that refresh what ShopBack is, and that’s what makes it exciting for us.” PHOTO: SHOPBACK INVESTORS do not just focus on a company’s past performance; they also buy into its future. In a market where confidence drives capital, forward guidance – the practice of sharing credible statements about future performance and strategy – matters more than ever. Singapore’s stock market is gaining momentum. The Monetary Authority of Singapore has announced initiatives such as the S$5 billion Equity Market Development Programme to catalyse investor demand and a S$30 million Value Unlock programme to help listed companies strengthen investor engagement and sharpen shareholder value creation. While these two programmes are significant levers, they cannot replace the power of clear communication from listed companies themselves. With investor interest in Singapore stocks picking up, companies have a golden opportunity to strengthen fundamentals, enhance communications and demonstrate value creation. In our many engagements with investors, forward-looking statements – commonly referred to as earnings or forward guidance – rank high on investors’ wish lists. Research analysts and institutional investors consistently emphasise the importance of anticipated earnings and the strategy the business will employ to achieve those results. Yet, few companies provide such statements. Why? Misperceptions. Let us clarify three biggest myths. Myth 1: Forward guidance is frowned upon by the authorities Many companies fear regulatory backlash if projections miss the mark. One common misconception is that forward guidance will attract regulatory scrutiny – particularly if the forward guidance subsequently proves inaccurate – and result in disciplinary consequences. In reality, companies can and should offer such guidance. While not mandatory, Singapore Exchange Regulation (SGX RegCo) strongly encourages issuers to provide forward guidance to inform shareholders of their strategic direction and business targets. The key lies in ensuring that the forward guidance is carefully prepared, based on credible methodologies and assumptions, and is realistic and defensible, in line with the principles set out in the Listing Rules. Internal models, historical performance and external market data should underpin these projections. Offering a range rather than single-point estimates is acceptable when it reflects the inherent uncertainties. If an issuer is not confident to provide quantitative forward guidance, giving forward-looking disclosures in narrative form around the companies’ strategies, or intended activities, would still be helpful. These practical guidelines ensure that investors can reasonably rely on the forward guidance. Issuers should decide, based on their own industry and business model, which metrics are appropriate for forward guidance. Examples observed in the market include traditional metrics such as revenue, earnings and costs, as well as other metrics such as assets under management or project completion milestones. Myth 2: Companies need an auditor to sign off forward-looking guidance Another myth is that an auditor must sign off on forward-looking statements. Thisisnotthecase.Auditorconfirmation applies only in specific circumstances under the Listing Rules, such as when a profit forecast is accepted from a vendor in a Chapter 10 transaction. What truly matters is that the issuer follows the guidelines above, and the board stands by the issuer’s forward guidance. Myth 3: Forward guidance must be updated immediately A third misconception is that forward guidance must be updated immediately in response to changes in the issuer’s circumstances. Despite these setbacks, Leong is undeterred. ShopBack is about experimentation and doing new things, he said, and evaluating if these new features make sense for all three parties – the users, merchants and ShopBack itself. He noted: “I never want the team to stop experimenting, even if it means that now and then, there might be one or two that we might not get right.” The unsuccessful BNPL business was evaluated, and it emerged that ShopBack Pay, a pure payment business, wasbetterforusers, merchants and ShopBack. This payment feature is growing and expanding into different markets, and would not have been discovered if ShopBack had not experimented with BNPL, noted Leong. Aside from new features and categories, ShopBack has now expanded beyond the region, entering new markets in Germany in 2023 and the US, in 2025. ShopBack’s expansion beyond the Asia-Pacific is backed by what it has learned from the region nearer home. In the Asia-Pacific, it is in 11 markets – Singapore, Malaysia, the Philippines, Indonesia, Thailand, Taiwan, Australia, New Zealand, South Korea, Vietnam and Hong Kong. The foray into the US and Germany was based on the strength of the e-commerce market there. Germany, for example, is estimated to be one of Europe’s largest e-commerce markets, with user growth projected to grow from 47.7 million in 2025 to 51.8 million by 2029, reported the International Trade Administration. ShopBack’s app-driven approach also differentiates it from its competitors in the US and Germany, which have favoured a desktop approach. ShopBack Play was brought to the US under its push to differentiate itself from the incumbents. “A lot of merchants tell us that they are willing to take a chance with us because they want to grow their app business … If you look at the incumbents in those markets, the majority of their orders come from the desktop computer,” said Leong. The platform’s German and American competitors are formidable; they include Honey, a similar affiliate marketing platform acquired by PayPal for US$4 billion in 2020. ShopBack has previously taken on incumbents and come out on top. When it entered Australia, for example, the incumbent Cashrewards was bigger than ShopBack’s combined markets. Cashrewards shuttered in September 2025, when its owner ANZ Bank’s corporate-venture arm 1835i offloaded its major investments and then closed the following month. Leong noted: “If we really play our cards right, we create a better experience for the user, we differentiate ourselves. There’s a good chance we can get a good market share in these markets.” The US and German markets have been stable for a while and need someone to shake things up, he added. Focus and funding Looking ahead, Leong sees key areas of focus being not just in artificial intelligence, but also in the offline space. ShopBack is looking to tap AI for both efficiency and personalisation. ShopBack’s business model turns on having data on its users’ spending habits across brands and being able to push personalised offers to them, benefiting both these users and the brands. Moving more into the offline space would also give ShopBack’s businessmodelaboost,asitwould gather data on users’ offline spending for a more complete picture of their spending habits. “How can we help them get rewarded for that on an everyday basis? I think that’s important for us,” said Leong. Solid performance ShopBack had a banner year in 2025, clocking S$7 billion in gross merchandise value to merchants and brand partners, a growth of 30 per cent year on year. Orders by users grew 35 per cent year on year to 120 million in 2025; the platform remained earnings before interest, taxes, depreciation and amortisation positive. This financial performance comes amid work on a dual-listing bridge between the Singapore Exchange and Nasdaq. As ShopBack has taken on funding from 65 Equity Partners’ Anchor Fund, there is some expectation of a local listing down the road. Leong is not ruling out using the bridge, but stressed that ShopBack is agnostic about all funding options. “What I’ve come to learn in10 years of business is that as long as you have a good business, all options will be on the table for you,” he added. COMMENTARY Forward guidance: Why it matters and how to get it right By Tan Boon Gin and Michael Tang Again, that is not correct. Regulators understand that forward guidance relates to an uncertain future and therefore do not require instant updates for every change. This means that issuers are not required to amend forward guidance immediately when a material event, such as winning or losing a major contract, occurs, or when there is firm evidence of significant deviations between projections and actual results. Instead, they need only announce the material event or the existence of such significant deviations, and whether the forward guidance can still be relied on. The magnitude of the differences between the forward guidance and the actual results, as well as any updates for future periods, need only be provided at the next financial report or business update. For example, while preparing its financial statements for a particular period, if an issuer finds that actual results materially deviate from prior projections, it should promptly announce the fact that the actual results may materially deviate from the forward guidance – similar to a profit warning. It would also be helpful if the issuer discloses whether the actual results would be better or worse than the forward guidance. The issuer need only provide the magnitude of the deviation, as well as updates to forward guidance for future periods, in the upcoming financial report or business update. While issuers are encouraged to provide forward guidance consistently, issuers may also choose to pause or stop if they assess that conditions are too uncertain for guidance to be meaningful and disclose the reasons for doing so. We would also encourage companies to update shareholders on their performance against previous guidance, even when such guidance has been met, as this helps to build trust. Forward guidance is an opportunity, not a risk As investor interest in Singapore stocks picks up, companies have a golden opportunity to strengthen fundamentals, enhance communications and demonstrate value creation, say the writers. PHOTO: CMG There are three key points about forward guidance that issuers and investors should remember. First, issuers are always and ultimately responsible for the accuracy and integrity of their announcements, including forward guidance. Importantly, all material information including forward guidance must be made public via SGXNet to ensure a level playing field. Second, investors should equally recognise that forward guidance, by its nature, relates to an uncertain future. It would therefore not be reasonable to expect issuers to meet their projections with absolute certainty. Third, in reviewing compliance with the Listing Rules, SGX RegCo will adopt a sensible approach. Forward-looking disclosures that issuers announce in good faith, accompanied by appropriate disclosures to enable investors to appreciate both the basis for the projections, as well as the inherent uncertainties involved, should in the ordinary course of events not attract regulatory queries. SGX RegCo continues to support disclosures that promote transparency and informed decision-making. Forward guidance should not be viewed as compliance, but a competitive edge. It signals confidence and builds credibility, which can underpin value. Forward guidance, when thoughtfully and responsibly prepared, can be a useful tool in achieving these outcomes. The writers are from SGX RegCo; Tan Boon Gin is CEO and Michael Tang is head of listing compliance [20201113] Business Times - Singapore gears up for cleaner cars with bigger rebates, EV battery leasinghttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/7fe5f11d-e0ad-42fa-93ce-e5d99fbd91e8/%5B20201113%5D+Business+Times+-+Singapore+gears+up+for+cleaner+cars+with+bigger+rebates,+EV+battery+leasing.pdf?MOD=AJPERES&CVID= Singapore gears up for cleaner cars with bigger rebates, EV battery leasing By Fiona Lam fiolam@sph.com.sg @FionaLamBT Singapore TWO initiatives announced on Thursday are set to further fuel Singapore’s drive towards greener transport. The Vehicular Emissions Scheme (VES) will soon give bigger rebates to reward buyers of cleaner cars, while upping surcharges to discourage people from buying pollutive models. A new business model for electric vehicle (EV) users to rent batteries is also in the works, by Singapore utilities firm SP Group and South Korean car maker Hyundai Motor Group. Starting next year, the VES’s rebates and surcharges will be increased for new cars and taxis as well as imported used cars, depending on the vehicle’s pollutant levels. The enhanced emission rebates will take effect on Jan 1, 2021 till Dec Carrot and stick Emission rebates will increase next January for cleaner models, while surcharges will rise next July to discourage purchases of pollutive models. BAND CARBON DIOXIDE (G/KM) HYDROCARBONS (G/KM) 31, 2022, said the National Environment Agency (NEA) and the Land Transport Authority (LTA) in a joint statement on Thursday. The increased surcharges will kick in only on July 1, 2021, and last till Dec 31, 2022, to allow time for the market to adjust to them. Rebates for vehicles in Bands A1 and A2 will be increased by S$5,000 for cars and S$7,500 for taxis starting next January. That means a person who buys an A1 car will receive a S$25,000 rebate instead of S$20,000, while an A2 car will attract a S$15,000 rebate instead of S$10,000. The enhanced VES coupled with the Electric Vehicle Early Adoption Incentive (EEAI) will offer buyers combined cost savings of up to S$45,000 when they purchase a new fully electric car and up to S$57,500 for a new fully electric taxi. These higher savings will encourage EV adoption, by narrowing the upfront cost gap between electric cars and their internal combustion engine equivalents, said NEA and LTA. The EEAI, effective from Jan 1, 2021 to Dec 31, 2023, offers a rebate of 45 per cent, capped at S$20,000, off the additional registration fee for the purchase of a new fully electric car or taxi. Meanwhile, the surcharges for Bands C1 and C2 will rise by S$5,000 for cars and by S$7,500 for taxis, starting next July. That means a C1 car will incur a surcharge of S$15,000 instead of S$10,000, while a C2 car will be slapped with a S$25,000 surcharge instead of S$20,000. There will be no change in the pollutant criteria for each VES band for the duration of the enhanced scheme, till the end of 2022. Vehicles in Band B do not come with any rebates or surcharges under the scheme. The VES was implemented in January 2018 to encourage buyers to choose car models with lower emissions across five pollutants: carbon dioxide, hydrocarbons, carbon monoxide, nitrogen oxides and particulate matter. NEA said on Thursday that it will contact the vehicle industry in due course for consultations on the possibility of tightening the VES band thresholds. Separately, SP and Hyundai will jointly develop a business model named battery-as-a-service for the leasing of EV batteries. CARBON MONOXIDE (G/KM) NITROGEN OXIDES (G/KM) The two companies said this will be the first such model in South-east Asia, enabling EV users to rent the car battery instead of owning it. SP and Hyundai aim to accelerate the adoption of EVs in Singapore with the tie-up. Both companies will also conduct a study on EV battery utilisation and improving the ownership experience for consumers. In addition, they are looking to expand the EV charging infrastructure and develop new solutions for battery reuse and recycling to achieve carbon neutrality. SP and Hyundai said they hope to PARTICULATE MATTER (MG/KM) REBATE (-) OR SURCHARGE (+) FOR CARS (S$) REBATE (-) OR SURCHARGE (+) FOR TAXIS (S$) A1 ≤90 ≤0.020 ≤0.15 ≤0.007 =0.0 -25,000 -37,500 A2 ≤125 ≤0.036 ≤0.19 ≤0.013 ≤0.3 -15,000 -22,500 B ≤160 ≤0.052 ≤0.27 ≤0.024 ≤0.5 0 0 C1 ≤185 ≤0.075 ≤0.35 ≤0.030 ≤2.0 +15,000 +22,500 C2 >185 >0.075 >0.35 >0.030 >2.0 +25,000 +37,500 Sources: NEA, LTA lower the initial cost of purchasing EVs as well as make charging points and low-carbon mobility solutions more accessible to vehicle owners in Singapore. Hyundai last month announced a S$400 million innovation centre in Jurong, which may produce up to 30,000 vehicles per year by 2025. The South Korean firm on Thursday said it will step up its efforts to expand the supply of EVs in Singapore in cooperation with SP, which is growing its network of EV charging infrastructure. 23056 SP Donation mailer June 2022_FAphttps://www.spgroup.com.sg/dam/jcr:fffe37f0-6214-426d-a25f-b44718c31972/23056%20SP%20Donation%20mailer%20June%202022_FAp.pdf jcr:9d00c9ae-f52e-4362-87a2-9841b369848chttps://www.spgroup.com.sg/dam/jcr:9d00c9ae-f52e-4362-87a2-9841b369848c Electricity Tariff Revision For The Period 1 April to 30 June 2021https://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Electricity-Tariff-Revision-For-The-Period-1-April-to-30-June-2021 Media Release Electricity Tariff Revision For The Period 1 April to 30 June 2021 Singapore, 31 March 2021 – For the period from 1 April to 30 June 2021, electricity tariff (before 7% GST) will increase by an average of 8.7% or 1.77 cents per kWh compared with the previous quarter. This is mainly due to higher cost of fuel for producing electricity by the power generation companies. For details on the four components of the electricity tariff, please refer to Appendix 1: Breakdown of Electricity Tariff. For households, the electricity tariff (before 7% GST) will increase from 20.76 to 22.55 cents per kWh for 1 April to 30 June 2021. The average monthly electricity bill for families living in HDB four-room flats will increase by $5.62 (before 7% GST) (Appendix 3: Average monthly electricity bills of domestic consumers). *before 7% GST SP Group reviews the electricity tariffs every quarter based on guidelines set by the electricity industry regulator, Energy Market Authority (EMA). The tariffs shown in Appendix 2 have been approved by the EMA. Issued by: SP Group 2 Kallang Sector Singapore 349277 Appendix 1 BREAKDOWN OF ELECTRICITY TARIFF 1. The electricity tariff consists of the following four components: Energy costs (paid to the generation companies): This component is adjusted quarterly to reflect changes in the cost of fuel and power generation. The fuel cost is the cost of imported natural gas, which is tied to oil prices by commercial contracts. The cost of power generation covers mainly the costs of operating the power stations, such as the manpower and maintenance costs, as well as the capital cost of the stations. Network costs (paid to SP Group): This is to recover the cost of transporting electricity through the power grid. Market Support Services Fee (paid to SP Group): This is to recover the costs of billing and meter reading, data management, retail market systems as well as for market development initiatives. Market Administration and Power System Operation Fee (paid to Energy Market Company and Power System Operator): This fee is reviewed annually to recover the costs of operating the electricity wholesale market and power system. Appendix 2 Appendix 3 [20140319] The New Paper - S'pore Power Scholarship For ITE, Polytechnic Studentshttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/b5145c35-6a2f-4609-a769-47beabd4c213/%5B20140319%5D+The+New+Paper+-+S'pore+Power+Scholarship+For+ITE,+Polytechnic+Students.pdf?MOD=AJPERES&CVID= s’pore Power scholarship for ITe, poly students Twenty-one students from the Institute of Technical Education (ITE) and polytechnics got help to “power up” their education yesterday. They were the pioneer batch of students to receive a scholarship for ITE and poly students launched by Singapore Power (SP), a leading energy utility company. The scholarship is one of the newest initiatives by the company to develop people to work in the power sector. It is awarded to current electrical and mechanical engineering students from the ITE or polytechnics who have completed their first year of study. The students are selected based on their academic results, aptitude and passion for power engineering, said SP. Students in the polytechnics will receive $24,000 over their course of study, while ITE students will get $11,000. They will be required to work in SP for two years after they graduate. sp-powerassets-financial-statements-fy2122.pdfhttps://www.spgroup.com.sg/dam/spgroup/pdf/energy-hub/annual-report/sp-powerassets-financial-statements-fy2122.pdf SP PowerAssets Limited Directors’ statement Year ended 31 March 2022 1 Directors’ statement We are pleased to submit this annual report to the member of SP PowerAssets 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) the financial statements set out are drawn up so as to give a true and fair view of the financial position of the Company as at 31 March 2022 and the financial performance, changes in equity and cash flows 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: Mr Stanley Huang Tian Guan Mrs Jeanne Cheng Mr Ong Teng Koon Ms Amelia Champion Ms Loong Hui Chee Mr Kenneth Soh Yew Chin 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: SP PowerAssets Limited 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 Holdings at end of the year Mrs Jeanne Cheng Singapore Telecommunications Limited Singapore Technologies Engineering Ltd 11,180 10,000 11,180 10,000 Ms Amelia Champion Singapore Telecommunications Limited CapitaLand Limited CapitaLand Investment Limited CapitaLand Integrated Commercial Trust – units 1,430 5,000 – – 1,430 –* 5,000* 773* Ms Loong Hui Chee Ascendas Real Estate Investment Trust – units Ascott Residence Trust – units CapitaLand Limited CapitaLand Investment Limited CapitaLand Integrated Commercial Trust – units Mapletree North Asia Commercial Trust – units Mapletree Treasury Services Limited - 3.95% Perpetual Bond Singapore Airlines Limited Singapore Technologies Engineering Ltd Singapore Telecommunications Limited Temasek Financial (IV) Private Limited - 2.70% T2023 Temasek S$ Bond due 25 October 2023 14,615 159,248 21,531 – 57,344 59,471 S$250,000 20,669 1,495 117,108 S$13,000 14,615 159,248 –* 21,531* 71,680* 60,321 S$250,000 20,669 1,495 117,108 S$13,000 * Scheme of arrangement by CapitaLand Limited (“CapitaLand”), pursuant to which every 1 CapitaLand share was exchanged for 1 share in CapitaLand Investment Limited, 0.154672686 unit in CapitaLand Integrated Commercial Trust, and S$0.951 in cash. SP PowerAssets Limited Directors’ statements Year ended 31 March 2022 3 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 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. As at the end of the financial year, there were no unissued shares of the Company under option. On behalf of the Board of Directors MR STANLEY HUANG TIAN GUAN Chairman MS LOONG HUI CHEE Director 1 June 2022 SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2022 4 Independent Auditor’s Report For The Financial Year Ended 31 March 2022 Independent Auditor’s Report to the Member of SP PowerAssets Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of SP PowerAssets Limited (the “Company”) which comprise the balance sheet as at 31 March 2022, the income statement, statement of comprehensive income, statement of changes in equity and statement of cash flows for the financial year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements 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 Company as at 31 March 2022 and of the financial performance, changes in equity and cash flows 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 Company 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. Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For the matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled our responsibilities described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report, including in relation to the matter. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2022 5 address the matter below, provide the basis for our audit opinion on the accompanying financial statements. Goodwill impairment review The Company has recorded an asset of $2,166.8 million which represents goodwill on the acquisition of the transmission business as discussed in Note 6. The goodwill balance is reviewed annually for impairment based on fair value which is determined by discounting expected future cash flows as discussed in Note 6. The assessment of fair value requires significant management judgement in establishing future cash flows, the terminal value and the discount rate. Our audit procedures included assessing the key assumptions used in arriving at the fair value, including the terminal value, forecast future cash flows, and the discount rate. In performing our audit procedures, we assessed the reasonableness of cash flow projections by assessing the reliability of management’s budgeting process, the Company’s own historical data and performance and the impact of Covid-19 pandemic on market and economic conditions prevailing at the reporting date. In relation to other key inputs, such as the terminal value and discount rate, we compared these inputs to externally available industry, economic and financial data. We further reviewed the adequacy of the disclosure in the financial statements in Note 6 of the financial statements. 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. 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. SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2022 6 In preparing the financial statements, management is responsible for assessing the Company’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 Company or to cease operations, or has no realistic alternative but to do so. The directors’ responsibilities include overseeing the Company’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 Company’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 Company’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 Company 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. SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2022 7 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. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. 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 have been properly kept in accordance with the provisions of the Act. The engagement partner on the audit resulting in this independent auditor’s report is Philip Ling Soon Hwa. Ernst & Young LLP Public Accountants and Chartered Accountants Singapore 1 June 2022 SP PowerAssets Limited Financial statements Year ended 31 March 2022 8 Balance sheet As at 31 March 2022 Non-current assets Property, plant and equipment Intangible assets Derivative assets Current assets Inventories Trade and other receivables Current tax receivable Derivative assets Cash and cash equivalents Total assets Regulatory deferral accounts (“RDA”) debit balances Total assets and RDA debit balances Note 4 6 7 8 9 7 10 11 2022 $ million 10,647.7 2,169.3 124.6 12,941.6 34.8 340.0 − 55.6 0.2 430.6 13,372.2 223.2 13,595.4 2021 $ million 10,473.5 2,171.1 176.1 12,820.7 35.0 281.2 13.7 1.1 1.8 332.8 13,153.5 222.3 13,375.8 Equity Share capital Hedging reserve Accumulated profits Total equity 12 13 2,512.4 81.6 2,595.4 5,189.4 2,512.4 52.4 2,511.5 5,076.3 Non-current liabilities Debt obligations Derivative liabilities Deferred tax liabilities Deferred income Deferred construction cost compensation Lease liabilities 14 7 15 16 17 5 2,416.7 160.4 1,442.3 133.8 256.2 0.4 4,409.8 3,320.1 63.9 1,386.5 142.3 256.2 − 5,169.0 Current liabilities Debt obligations Derivative liabilities Current tax payable Trade and other payables Lease liabilities Total liabilities Total equity and liabilities Regulatory deferral accounts (“RDA”) related deferred tax liabilities Total equity, liabilities and RDA related deferred tax liabilities 14 7 18 5 11 777.8 5.2 50.6 3,121.3 3.4 3,958.3 8,368.1 13,557.5 37.9 13,595.4 − 4.4 − 3,088.3 − 3,092.7 8,261.7 13,338.0 37.8 13,375.8 The accompanying notes form an integral part of these financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 9 Income statement Year ended 31 March 2022 Note 2022 $ million 2021 $ million Revenue Other income Expenses - Depreciation of property, plant and equipment - Amortisation of intangible assets - Maintenance - Management fees - Property taxes - Agency fee - Support services - Other operating expenses Operating profit Finance income Finance costs Profit before taxation Tax expense Profit for the year Net movement in RDA balances related to profit or loss and the related deferred tax movement Profit for the year and net movement in RDA balances 19 20 4 6 21 22 23 24 11 1,660.4 73.3 (622.2) (2.8) (101.8) (153.9) (60.2) (27.6) (36.1) (54.3) 674.8 0.1 (135.8) 539.1 (100.7) 438.4 0.8 439.2 1,438.1 81.4 (591.7) (9.0) (96.2) (153.2) (60.4) (26.2) (33.4) (47.2) 502.2 # (132.3) 369.9 (68.7) 301.2 170.2 471.4 # Less than $0.1 million The accompanying notes form an integral part of these financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 10 Statement of comprehensive income Year ended 31 March 2022 2022 $ million 2021 $ million Profit for the year and net movement in RDA balances 439.2 471.4 Other comprehensive income Items that are or may be reclassified subsequently to profit or loss: Effective portion of changes in fair value of cash flow hedges, net of tax 31.7 24.2 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax (2.6) 1.0 - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax 0.1 (1.2) Other comprehensive income for the year, net of tax 29.2 24.0 Total comprehensive income for the year 468.4 495.4 The accompanying notes form an integral part of these financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 11 Statement of changes in equity Year ended 31 March 2022 Note Share capital $ million Hedging reserve $ million Accumulated profits $ million Total equity $ million At 1 April 2020 2,512.4 28.4 2,384.8 4,925.6 Total comprehensive income for the year Profit for the year and net movement in RDA balances − − 471.4 471.4 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax − 24.2 − 24.2 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax − 1.0 − 1.0 - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax − (1.2) − (1.2) Total other comprehensive income Total comprehensive income for the year − 24.0 471.4 495.4 − 24.0 − 24.0 Transaction with owner, recognised directly in equity Contributions by and distribution to owner Dividends declared 29 − − (344.7) (344.7) At 31 March 2021 2,512.4 52.4 2,511.5 5,076.3 The accompanying notes form an integral part of these financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 12 Statement of changes in equity Year ended 31 March 2022 (cont'd) Note Share capital $ million Hedging reserve $ million Accumulated profits $ million Total equity $ million At 1 April 2021 2,512.4 52.4 2,511.5 5,076.3 Total comprehensive income for the year Profit for the year and net movement in RDA balances − − 439.2 439.2 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax − 31.7 − 31.7 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax − (2.6) − (2.6) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax − 0.1 − 0.1 Total other comprehensive income − 29.2 − 29.2 Total comprehensive income for the year − 29.2 439.2 468.4 Transaction with owner, recognised directly in equity Contributions by and distribution to owner Dividends declared At 31 March 2022 29 − − (355.3) (355.3) 2,512.4 81.6 2,595.4 5,189.4 The accompanying notes form an integral part of these financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 13 Statement of cash flows Year ended 31 March 2022 2022 $ million 2021 $ million Cash flows from operating activities Profit for the year and net movement in RDA balances 439.2 471.4 Adjustments for: Tax expense 23 100.7 68.7 Depreciation and amortisation 625.0 600.7 Loss on disposal of property, plant and equipment and intangible assets 24 4.0 0.6 Deferred income 16 (8.8) (8.7) Inventories written down, net 8 4.3 5.3 (Write-back of allowance) / allowance for expected credit loss on trade receivables, net 9 (2.3) 7.5 Finance income 21 (0.1) # Finance costs 22 135.8 132.3 Exchange gain, net 24 (0.3) (0.2) Net movements in RDA balances related to profit or loss and the related deferred tax movement 11 (0.8) (170.2) 1,107.4 Changes in working capital: Inventories (4.1) (0.7) Trade and other receivables (56.8) (37.0) Trade and other payables 76.0 (6.2) Cash generated from operations 1,311.8 1,063.5 Interest received 0.1 # Income tax refunded / (paid) 13.4 (10.0) Net cash generated from operating activities 1,325.3 1,053.5 Cash flows from investing activities Purchase of property, plant and equipment (860.6) (832.0) Purchase of intangible assets (1.0) (0.9) Proceeds from disposal of property, plant and equipment and intangible assets 6.2 5.5 Net cash used in investing activities (855.4) (827.4) Note 1,296.7 Cash flows from financing activities Interest paid (56.6) (85.9) Commitment fees paid (0.1) (1.5) Repayment of related company loans (411.5) (129.9) Payment of principal portion of lease liabilities 5 (3.3) (7.0) Net cash used in financing activities (471.5) (224.3) Net (decrease) / increase in cash and cash equivalents Cash and cash equivalents at beginning of the year (1.6) 1.8 1.8 – Cash and cash equivalents at end of the year 10 0.2 1.8 # Less than $0.1 million During the financial year, tax-exempt dividend declared to the immediate holding company in relation to the financial year ended 31 March 2021 of $355.3 million (2021: $344.7 million) were settled via loans from a related company. In 2021, the Company repaid two of its bonds amounting to $780.0 million. The amounts were settled via loans from a related company. The accompanying notes form an integral part of these financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 14 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 1 June 2022. 1 Domicile and activities SP PowerAssets 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 principal activities of the Company are those relating to the provision of services in connection with the transmission and distribution of electricity. The immediate and ultimate holding companies are Singapore Power Limited and Temasek Holdings (Private) Limited respectively. Both companies are incorporated in the Republic of Singapore. 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 2.4 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 The 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. 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: SP PowerAssets Limited Financial statements Year ended 31 March 2022 15 Impairment of goodwill and indefinite-lived intangible assets Impairment reviews in respect of goodwill and intangible assets are performed at least annually. More regular reviews are performed if changes in circumstances or the occurrence of events indicate potential impairment. The Company uses the present value of future cash flows to determine the recoverable amounts of the cash generating units. 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. Details of key assumptions made are set out in Note 6. 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 3.14) 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 and volume of electricity delivered to consumers. Note 3.12 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 Company 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 Company 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 Company applies the following reliefs as and when uncertainty arising from the 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 Company 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 Notes 3.4 and 26. There was no significant financial impact to the Company as a result of these amendments. SP PowerAssets Limited Financial statements Year ended 31 March 2022 16 3 3.1 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 Company, which addresses changes in accounting policies due to the adoption of new and revised standards. Foreign currencies Foreign currency transactions Transactions in foreign currencies are translated to the functional currency of the Company at the exchange rate at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency 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 translated to the functional currency at the exchange rate prevailing on the date 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 qualifying cash flow hedges, which are recognised in other comprehensive income. 3.2 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, 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. SP PowerAssets Limited Financial statements Year ended 31 March 2022 17 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 Company, 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. 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 Transformers and switchgear Other plant and machinery - Works and other equipment - Standby electricity generator and other machinery Mains Other fixed assets (principally meters and motor vehicles) Over the term of the lease ranging from 30 to 99 years 30 to 40 years or the lease term, if shorter 30 years 3 to 10 years 15 to 25 years 30 years 3 to 10 years Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate. 3.3 Intangible assets Goodwill Goodwill arising from acquisition represents the excess of the cost of acquisition over the fair value of identifiable net assets acquired. Subsequent measurement Goodwill is measured at cost less accumulated impairment losses and is tested for impairment on an annual basis as described in Note 3.5. SP PowerAssets Limited Financial statements Year ended 31 March 2022 18 Other intangible assets Deferred expenditure relates mainly to contributions paid by the Company in accordance with regulatory requirements towards capital expenditure costs incurred by electricity generation companies, 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 Company derives benefits from the capital contribution payments, which is generally the useful life of the relevant equipment ranging from 7 to 19 years. Computer software is stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful life of 5 years. Computer software development in-progress is stated at cost. No amortisation is provided until it is ready for use. 3.4 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 Company 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 Company 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 Company’s business model for managing the asset and the contractual cash flow characteristics of the asset. 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 derecognised or impaired, and through the amortisation process. SP PowerAssets Limited Financial statements Year ended 31 March 2022 19 Derecognition The Company derecognises 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 Company 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 Company becomes a party to the contractual provisions of the financial instrument. The Company 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 as 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 derecognised, 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. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. On derecognition, 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 sheet when, and only when, the Company 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. SP PowerAssets Limited Financial statements Year ended 31 March 2022 20 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 Company 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 Company designates certain derivatives and non-derivative financial instruments as hedging instruments in qualifying hedging relationships. At inception of designated hedging relationships, the Company documents the risk management objective and strategy for undertaking the hedge. The Company 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 Company 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. SP PowerAssets Limited Financial statements Year ended 31 March 2022 21 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 Company 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 Company 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 Company 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 Company 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. For its highly probable assessment of the hedged item, the Company 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 Company 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. SP PowerAssets Limited Financial statements Year ended 31 March 2022 22 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 Company 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 Company 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 Company 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 Company 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 Company deems that the hedging reserve recognised in other comprehensive income for the hedging relationship is based on the alternative benchmark rate on which the hedged future cash flows will be based. 3.5 Impairment Non-derivative financial assets The Company 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 Company 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). SP PowerAssets Limited Financial statements Year ended 31 March 2022 23 For trade receivables and contract assets, the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Company 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. The Company considers a financial asset potentially in default when contractual payments are 180 days past due. However, in certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. 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 Company’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 amount is 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. 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. SP PowerAssets Limited Financial statements Year ended 31 March 2022 24 3.6 Inventories Inventories 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. 3.7 Accrued revenue Revenue accrual estimates are made to account for the unbilled amount at the reporting date. 3.8 Provisions A provision is recognised if, as a result of past event, the Company 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. 3.9 Government grants Capital grants are 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 grants are presented within other income and are taken to profit or loss on a systematic basis in the same periods in which the expenses are incurred. 3.10 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 3.9 sets out the government grant accounting policy. 3.11 Deferred income Deferred income comprises (i) government grant for the purchase of depreciable assets and (ii) contributions made by certain customers towards the cost of capital projects received prior to 1 July 2009. 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 customers’ contributions and government grant. SP PowerAssets Limited Financial statements Year ended 31 March 2022 25 3.12 Regulatory deferral account (“RDA”) debit or credit balances Use of system charges 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. 3.13 Price regulation and licence The Company’s operations in Singapore are regulated under the Electricity Licence for Transmission Licensee issued by the EMA of Singapore. Allowed revenue to be earned from the transmission of electricity is regulated based on certain formulae and parameters set out in the licence, relevant acts and codes. Revenue recognised for financial reporting purposes may differ from revenue earned for regulatory purposes 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 net movement in regulatory deferral account debit or credit balances in the income statement in the period in which the Company becomes entitled to the recovery or liable for the refund. The Company’s capital expenditure may differ 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 are approved by the EMA for a 5-year regulatory period in accordance with the price regulation framework. 3.14 Revenue recognition Revenue is measured based on the consideration to which the Company expects to be entitled in exchange for transferring promised services to a customer, excluding amounts collected on behalf of third parties. Revenue is recognised when the Company satisfies a performance obligation by transferring the promised service to the customer, which is when the customer obtains control of the 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. Use of system charges Revenue for financial reporting purposes is recognised over time based on tariff billings to customers when the volume of electricity is delivered. SP PowerAssets Limited Financial statements Year ended 31 March 2022 26 3.15 Leases The Company 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 Company 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. As lessee The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. (i) Right-of-use assets The Company 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. If ownership of the leased asset transfers to the Company 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 3.5 for the accounting policy. (ii) Lease liabilities At the commencement date of the lease, the Company 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 Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. SP PowerAssets Limited Financial statements Year ended 31 March 2022 27 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 Company 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. (iii) Short-term leases The Company applies the short-term lease recognition exemption to its short-term leases of leasehold land (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). Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term. 3.16 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. 3.17 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 items recognised directly in equity or in the other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income 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. SP PowerAssets Limited Financial statements Year ended 31 March 2022 28 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 not a business combination and that affects neither accounting nor taxable profit or loss; and • taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. In determining the amount of current and deferred tax, the Company takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. The Company believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Company to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. The movement in a deferred tax asset or liability that arises from the temporary differences created as a result of recognising regulatory deferral account balances are presented in the income statement net of the movement in regulatory deferral account balances related to profit or loss. 3.18 Segment reporting The Company determines and presents operating segments based on the information that is provided internally to the chief operating decision maker. The Company has only one operating segment – electricity transmission and distribution, and hence no separate disclosures are made in the financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 29 3.19 New standards and interpretations not yet adopted A number of new amendments to standards that are effective for annual periods beginning after 1 April 2021 have not been applied in preparing these financial statements. The following amended standards are not expected to have a significant impact on the Company’s financial statements: • Amendments to SFRS(I) 1-37: Onerous Contracts—Cost of Fulfilling a Contract • Amendments to SFRS(I) 1-1 and SFRS(I) Practice Statement 2: Disclosure of Accounting Policies • Amendments to SFRS(I) 1-8: Definition of Accounting Estimates • Amendments to SFRS(I) 1-12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction SP PowerAssets Limited Financial statements Year ended 31 March 2022 30 4 Property, plant and equipment Cost At 1 April 2020 Additions Disposals Transfers from intangible assets Reclassification At 31 March 2021 Additions Disposals Reclassification At 31 March 2022 Accumulated depreciation At 1 April 2020 Depreciation Disposals At 31 March 2021 Depreciation Disposals At 31 March 2022 Carrying amounts At 31 March 2021 At 31 March 2022 Freehold land $ million Leasehold land $ million Buildings and tunnels $ million Switchgear $ million Transformers $ million Other plant and machinery $ million Mains $ million Other fixed assets $ million Constructionin-progress $ million Total $ million 0.3 500.8 1,652.6 3,262.1 1,725.5 453.3 6,123.4 219.7 2,234.6 16,172.3 − − − 1.0 − 2.2 − 16.0 808.9 828.1 − − − (39.9) (10.9) (14.1) (0.5) (6.0) − (71.4) − − − − − − − − 0.7 0.7 − 3.6 39.8 127.8 125.7 38.4 1,130.4 26.0 (1,491.7) − 0.3 504.4 1,692.4 3,351.0 1,840.3 479.8 7,253.3 255.7 1,552.5 16,929.7 − − 7.2 1.2 − 3.2 − 19.6 775.4 806.6 − − (0.1) (30.1) (30.4) (7.0) (106.7) (9.3) (3.2) (186.8) − (0.4) 154.8 123.8 86.9 27.7 308.0 9.0 (709.8) − 0.3 504.0 1,854.3 3,445.9 1,896.8 503.7 7,454.6 275.0 1,614.9 17,549.5 − 162.8 626.1 1,615.0 626.3 265.1 2,530.3 105.1 − 5,930.7 − 9.9 56.1 144.4 65.7 40.7 248.8 26.1 − 591.7 − − − (37.3) (8.6) (14.1) (0.5) (5.7) − (66.2) − 172.7 682.2 1,722.1 683.4 291.7 2,778.6 125.5 − 6,456.2 − 10.1 61.9 148.8 67.7 43.6 255.7 34.4 − 622.2 − − (0.1) (26.2) (27.9) (6.9) (106.7) (8.8) − (176.6) − 182.8 744.0 1,844.7 723.2 328.4 2,927.6 151.1 − 6,901.8 0.3 331.7 1,010.2 1,628.9 1,156.9 188.1 4,474.7 130.2 1,552.5 10,473.5 0.3 321.2 1,110.3 1,601.2 1,173.6 175.3 4,527.0 123.9 1,614.9 10,647.7 SP PowerAssets Limited Financial statements Year ended 31 March 2022 31 Expenses capitalised The following expenses were capitalised in property, plant and equipment during the year: Management fees (staff cost) 2022 $ million 78.8 2021 $ million 76.1 As at 31 March 2022, property, plant and equipment includes right-of-use assets of $325.0 million (2021: $331.7 million) relating to leasehold land, building and office under leasing arrangements. Details are presented in Note 5. 5 Right-of-use assets / Lease liabilities Set out below are the carrying amounts of right-of-use assets recognised within property, plant and equipment and the movements during the year: Leasehold land $ million Buildings and tunnels $ million Total $ million At 1 April 2020 Additions Depreciation At 31 March 2021 Additions Reclassification Depreciation At 31 March 2022 338.0 3.6 (9.9) 331.7 − (0.4) (10.1) 321.2 3.5 − (3.5) − 7.2 − (3.4) 3.8 341.5 3.6 (13.4) 331.7 7.2 (0.4) (13.5) 325.0 Set out below are the carrying amounts of lease liabilities (included under trade and other payables) and the movements during the year: At 1 April Additions Accretion of interest Payments At 31 March Current Non-current # Less than $0.1 million 2022 $ million − 7.1 0.1 (3.4) 3.8 3.4 0.4 2021 $ million 7.1 − # (7.1) − − − The maturity analysis of lease liabilities is disclosed in Note 26. SP PowerAssets Limited Financial statements Year ended 31 March 2022 32 The following are the amounts recognised in profit or loss: Depreciation expense of right-of-use assets Interest expense on lease liabilities Expenses relating to short-term leases (included in other operating expenses) 2022 $ million 13.5 0.1 1.7 15.3 2021 $ million 13.4 − 2.2 15.6 The Company had total cash outflow for leases of $5.1 million (2021: $9.3 million) for the financial year ended 31 March 2022. 6 Intangible assets Goodwill on acquisition $ million Deferred expenditure $ million Computer software $ million Computer software development in-progress $ million Total $ million Cost At 1 April 2020 Additions Disposals Transfers to property, plant and equipment Reclassification At 31 March 2021 Additions Disposals Reclassification At 31 March 2022 2,166.8 109.4 46.4 1.9 2,324.5 − 0.8 − 0.1 0.9 − − (7.6) − (7.6) − − − (0.7) (0.7) − − 0.3 (0.3) − 2,166.8 110.2 39.1 1.0 2,317.1 − 1.0 − − 1.0 − (0.3) − − (0.3) − − 0.9 (0.9) − 2,166.8 110.9 40.0 0.1 2,317.8 Accumulated amortisation At 1 April 2020 Amortisation Disposals At 31 March 2021 Amortisation Disposals At 31 March 2022 − 102.9 40.8 − 143.7 − 4.6 4.4 − 9.0 − − (6.7) − (6.7) − 107.5 38.5 − 146.0 − 2.4 0.4 − 2.8 − (0.3) − − (0.3) − 109.6 38.9 − 148.5 Carrying amounts At 31 March 2021 At 31 March 2022 2,166.8 2.7 0.6 1.0 2,171.1 2,166.8 1.3 1.1 0.1 2,169.3 SP PowerAssets Limited Financial statements Year ended 31 March 2022 33 Impairment test for goodwill The Company as a whole is considered a CGU. The recoverable amount of the CGU is based on the higher of fair value less costs to sell and value in use. The recoverable amount of the CGU is determined to be higher than its carrying amount hence no impairment is necessary. Fair value is determined by discounting future cash flows generated from the continuing use of the CGU and is based on the following key assumptions: 1. Cash flows are projected based on a 5-year business plan. 2. Cash flows are discounted using a pre-tax discount rate of 6.28% (2021: 5.23%) per annumthat reflects current market assessments of the time value of money and risks specific to the CGU. 3. Terminal value is calculated based on a multiple of 1.3 times (2021: 1.2 times) of the carrying amounts of property, plant and equipment. SP PowerAssets Limited Financial statements Year ended 31 March 2022 34 7 Derivative assets and liabilities Current: Cross-currency interest rate swaps Interest rate swaps Foreign exchange forwards Outstanding notional amounts $ million 623.8 200.0 224.0 2022 2021 Assets $ million Liabilities $ million Outstanding notional amounts $ million Assets $ million Liabilities $ million 53.6 − − − − 1.1 − 1,285.6 − (1.1) 0.9 (5.2) 215.4 1.1 (3.3) 55.6 (5.2) 1.1 (4.4) Non-current: Cross-currency interest rate swaps 2,149.1 − (160.4) 2,772.9 116.0 (62.5) Interest rate swaps 2,599.1 124.6 − 2,799.1 59.6 − Foreign exchange forwards 1.2 − # 58.8 0.5 (1.4) 124.6 (160.4) 176.1 (63.9) # Less than $0.1 million SP PowerAssets Limited Financial statements Year ended 31 March 2022 35 Offsetting financial assets and financial liabilities The Company’s derivative transactions are entered into under International Swaps and Derivatives Association (“ISDA”) Master Agreements. The ISDA agreements create a right of set-off of recognised amounts that is enforceable only following an event of default, insolvency or bankruptcy of the Company or the counterparties. As such, these agreements do not meet the criteria for offsetting under SFRS(I) 1-32 Financial Instruments: Presentation. The Company and its counterparties do not intend to settle on a net basis or to realise the assets and settle the liabilities simultaneously but have the right to set off in the case of default and insolvency or bankruptcy. The Company’s financial assets and liabilities subject to an enforceable master netting arrangement that are not otherwise set-off are as follows: Types of financial assets 2022 Derivative assets 2021 Derivative assets Gross amounts of recognised financial assets $ million Related amounts not offset in the balance sheet – financial instruments $ million Net amounts $ million 180.2 (108.9) 71.3 177.2 (20.8) 156.4 Types of financial liabilities 2022 Gross amounts of recognised financial liabilities $ million Related amounts not offset in the balance sheet – financial instruments $ million Net amounts $ million Derivative assets 2021 Derivative assets 165.6 (108.9) 56.7 68.3 (20.8) 47.5 SP PowerAssets Limited Financial statements Year ended 31 March 2022 36 Hedge Accounting As at 31 March 2022 and 2021, the Company held various types of derivative financial instruments and formally designated a portion of them in cash flow and fair value hedge relationships for accounting purposes, in accordance with the requirements of SFRS(I) 9. The following table summarises the derivative financial instruments in the balance sheet and the effects of hedge accounting on the Company’s financial position and performance. Hedge instrument Hedged item Changes in fair value used for calculating hedge ineffectiveness Outstanding notional amounts $ million Assets / (liabilities) $ million Carrying amount of Assets / (liabilities) $ million Financial statement line that includes the hedged item Accumulated amount of fair value adjustments $ million Hedging instrument $ million Hedged item $ million Hedge ineffectiveness recognised in profit or loss $ million Hedge rates Maturity (Year) 2022 Cash flow hedge Interest rate risk – Finance cost 5,197.0 158.0 − − − 52.4 (52.4) − 0.2780% - 2.3450% Up to 2027 Foreign exchange risk - Refer to Note 26 under Foreign currency risk 225.2 (4.3) − − − 3.6 (3.6) − CHF/SGD: 1.397 - 1.501 CNY/SGD: 0.187 - 0.196 EUR/SGD: 1.537 - 1.656 JPY/SGD: 0.011 - 0.013 MYR/SGD: 3.031 USD/SGD: 1.334 - 1.382 Up to 2022 Up to 2023 Up to 2024 Up to 2023 Up to 2022 Up to 2022 Fair value hedge Interest rate risk 375.0 6.0 (281.7) Debt obligations (7.1) (13.8) 14.0 0.2 6 month SOR/SORA Up to 2029 Foreign exchange risk 2,149.1 (145.1) (1,986.5) Debt obligations 156.5 (113.1) 108.6 (4.5) Refer to footnotes of Note 14 Up to 2027 SP PowerAssets Limited Financial statements Year ended 31 March 2022 37 Hedge instrument Hedged item Changes in fair value used for calculating hedge ineffectiveness Outstanding notional amounts $ million Assets / (liabilities) $ million Carrying amount of Assets / (liabilities) $ million Financial statement line that includes the hed

SingaporePower Limitedandits subsidiaries AnnualReport Yearended31March2025 RegistrationNumber:200302108D Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2025 Table of Contents Annual Report Table of Contents Directors’ statement ............................................................................................................................................................ 1 Independent Auditor’s Report ...................................................................................................................................... 8 Balance sheets .................................................................................................................................................................... 11 Income statements .......................................................................................................................................................... 12 Statements of comprehensive income ................................................................................................................... 13 Statements of changes in equity ................................................................................................................................ 14 Consolidated statement of cash flows ..................................................................................................................... 17 Notes to the financial statements .............................................................................................................................. 19 1 Domicile and activities ....................................................................................................................................... 19 2 Basis of preparation ............................................................................................................................................ 19 2.1 Statement of compliance ................................................................................................................................. 19 2.2 Basis of measurement ........................................................................................................................................ 19 2.3 Functional and presentation currency ........................................................................................................ 19 2.4 Use of estimates and judgements ............................................................................................................... 20 2.5 Changes in accounting policies ..................................................................................................................... 21 3 Material accounting policy information ..................................................................................................... 22 3.1 Basis of consolidation ....................................................................................................................................... 22 3.2 Foreign currencies .............................................................................................................................................. 24 3.3 Property, plant and equipment ..................................................................................................................... 25 3.4 Intangible assets .................................................................................................................................................. 26 3.5 Investment property ........................................................................................................................................... 27 3.6 Financial instruments ......................................................................................................................................... 28 3.7 Impairment ............................................................................................................................................................ 32 3.8 Accrued revenue ................................................................................................................................................ 33 3.9 Contract balances ............................................................................................................................................... 33 3.10 Provisions ............................................................................................................................................................... 34 3.11 Government grant .............................................................................................................................................. 34 3.12 Deferred construction cost compensation .............................................................................................. 34 3.13 Deferred income ................................................................................................................................................. 34 3.14 Regulatory deferral account (“RDA”) debit or credit balances ......................................................... 35 3.15 Price regulation and licence ........................................................................................................................... 35 3.16 Revenue recognition ......................................................................................................................................... 36 3.17 Leases ....................................................................................................................................................................... 37 3.18 Finance income and costs .............................................................................................................................. 39 Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2025 Table of Contents 3.19 Tax expense .......................................................................................................................................................... 39 3.20 Segment reporting ............................................................................................................................................. 40 3.21 New standards and interpretations not yet adopted .......................................................................... 40 4 Property, plant and equipment ..................................................................................................................... 42 5 Right-of-use assets/ Lease liabilities ............................................................................................................ 44 6 Intangible assets .................................................................................................................................................. 46 7 Investment property / Investment property under development ................................................. 48 8 Subsidiaries ........................................................................................................................................................... 48 9 Associates and joint ventures ........................................................................................................................ 50 10 Other non-current assets ................................................................................................................................. 53 11 Deferred taxation ................................................................................................................................................ 55 12 Derivative assets and liabilities ....................................................................................................................... 57 13 Investments in debt and equity securities ................................................................................................ 62 14 Inventories ............................................................................................................................................................. 62 15 Trade and other receivables .......................................................................................................................... 63 15a Trade receivables ............................................................................................................................................... 63 15b Other receivables, deposits and prepayments ...................................................................................... 65 15c Balances with subsidiaries, associate and joint venture (non-trade) ............................................. 65 16 Cash and cash equivalents ............................................................................................................................. 66 17 Regulatory deferral accounts ......................................................................................................................... 66 18 Share capital ......................................................................................................................................................... 69 19 Reserves ................................................................................................................................................................. 69 20 Debt obligations .................................................................................................................................................... 71 21 Other non-current liabilities ............................................................................................................................ 74 21a Deferred income ................................................................................................................................................. 74 21b Provisions ................................................................................................................................................................ 75 22 Trade and other payables ................................................................................................................................ 75 22a Other payables and accruals ......................................................................................................................... 76 23 Revenue .................................................................................................................................................................. 76 24 Other income ........................................................................................................................................................ 77 25 Finance income ................................................................................................................................................... 78 26 Finance costs ........................................................................................................................................................ 78 27 Tax expense .......................................................................................................................................................... 79 28 Profit for the year ................................................................................................................................................ 80 29 Acquisition of subsidiaries ................................................................................................................................ 81 30 Related parties ..................................................................................................................................................... 86 31 Operating segments ......................................................................................................................................... 87 Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2025 Table of Contents 32 Financial risk management ............................................................................................................................. 90 33 Fair values .............................................................................................................................................................. 99 34 Commitments ...................................................................................................................................................... 103 35 Dividends .............................................................................................................................................................. 104 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2025 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 2025. 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 2025 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: Ms Leong Wai Leng Mr Timothy Chia Chee Ming Mr Lee Kim Shin Ms Goh Swee Chen Prof Yaacob Bin Ibrahim Mr Antonio Volpin Mr Ching Wei Hong Mr Ong Pang Thye (appointed 1 April 2024) Mrs Ow Foong Pheng (appointed 1 June 2024) 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 2025 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 Leong Wai Leng CapitaLand Investment Limited 40,000 40,000 CapitaLand Integrated Commercial Trust – units 695,886 734,855 CapitaLand Ascott Trust – units 2,346 2,346 Mapletree Pan Asia Commercial Trust – units 52,000 52,000 Mapletree Pan Asia Commercial Trust - 3.11% Notes due 24 August 2026 S$250,000 S$250,000 Mapletree Industrial Trust – units 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 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 - SIA MCBZ 2021 5,121 – Singapore Technologies Telemedia Pte Ltd - 4.05% Notes due 2 December 2025 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 Altrium Private Equity Fund I GP Limited - Interest as limited partner in the Altrium PE Fund I F&F L.P. Fund Commitment amount of USD500,000 Commitment amount of USD500,000 Altrium Private Equity Fund II GP Limited - Interest as limited partner in the Altrium PE Fund II F&F L.P. Fund Commitment amount of USD1,000,000 Commitment amount of USD1,000,000 2 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2025 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 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 Astrea V Pte. Ltd. - 3.85% Class-A1 Secured Bonds due 20 June 2029 S$214,000 – - 4.50% Class-A2 Secured Bonds due 20 June 2029 USD200,000 – Astrea VI Pte. Ltd. - 3.00% Class-A1 Secured Bonds due 18 March 2031 S$605,000 S$605,000 - 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$1,025,000 S$1,025,000 - 4.125% Class-A1 Secured Bonds due 27 May 2032 1 S$250,000 S$250,000 - 6% Class-B Secured Bonds due 27 May 2032 USD500,000 USD500,000 Astrea 8 Pte. Ltd. - 4.35% Class-A1 Secured Bonds due 19 July 2039 – S$480,000 - 6.35% Class-A2 Secured Bonds due 19 July 2039 – USD220,000 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 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 1 Held jointly with spouse. 3 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2025 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 Lee Kim Shin Singapore Telecommunications Limited 194 194 Singapore Airlines Limited 37,100 45,200 Singapore Airlines Limited - SIA MCBZ 2021 10,346 – CapitaLand Ascott Trust – units 4,644 4,644 Ms Goh Swee Chen CapitaLand Investment Limited 41,709 41,709 CapitaLand Ascott Trust – units 2,377 2,377 CapitaLand Integrated Commercial Trust – units 6,451 6,451 Singapore Telecommunications Limited 5,000 5,000 Singapore Airlines Limited 37,050 45,650 Singapore Airlines Limited - Mandatory Convertible Bond SIA MCBZ300608 2,180 – Prof Yaacob Bin Ibrahim CapitaLand India Trust – units 100,000 100,000 CapitaLand Ascott Trust – units 26,208 26,208 Mapletree Industrial Trust – units – 10,000 Mr Ching Wei Hong CapitaLand Ascendas Real Estate Investment – units 115,893 153,893 CapitaLand Ascott Trust – units 55,300 87,645 CapitaLand Ascott Trust - 3.07% Perpetual Bond S$250,000 S$250,000 CapitaLand China Trust – units 40,800 23,700 CapitaLand India Trust – units 36,458 – CapitaLand Integrated Commercial Trust – units 72,000 109,084 4 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2025 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 CapitaLand Treasury Limited - 3.8% Fixed Rate Bond due 28 August 2024 S$250,000 – Mapletree Industrial Trust – units 148,500 261,100 Mapletree US and EU Logistics Private Trust - Structured Note (EU) EUR61,000 EUR61,000 - Structured Note (USD) USD200,000 USD200,000 Mapletree North Asia Commercial Trust - 3.5% Perpetual Bond S$250,000 S$250,000 Mapletree Treasury Services Limited - 3.95% SGD Variable Subordinated Bond S$250,000 S$250,000 Paragon REIT – units 28,700 59,100 Singapore Technologies Engineering Limited 4,400 2,900 Singapore Technologies Telemedia Pte Ltd - 4.1% SGD Variable Subordinated Bond S$250,000 S$250,000 - 5.5% SGD Variable Subordinated Bond S$250,000 S$250,000 Singapore Telecommunications Limited 190 190 Singtel Group Treasury Pte. Ltd. - 3.3% SGD Variable Subordinated Bond S$250,000 S$250,000 Ascott REIT MTN Pte Ltd - 5% Fixed Rate Bond due 18 May 2026 S$250,000 S$250,000 Olam International Limited - 5.375% SGD Perpetual Bond S$250,000 S$250,000 Starhub Limited - 3.95% SGD Perpetual Bond – S$250,000 Astrea 8 Pte. Ltd. - 4.35% Class-A1 Secured Bonds due 19 July 2039 – S$50,000 5 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2025 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 Ow Foong Pheng Singapore Airlines Limited 55,000 55,000 CapitaLand Ascott Trust – units 22,638 22,638 CapitaLand India Trust – units 56,000 56,000 Mapletree Industrial Trust – units 87,200 87,200 Mapletree Logistic Trust - units 100,730 100,730 Mapletree Australia Commercial Private Trust – units 679,758 679,758 Mapletree Europe Income Trust – units 394 394 CapitaLand Treasury Limited - 3.8% Euro Medium Term Notes due 26 June 2031 S$250,000 S$250,000 Astrea 8 Pte. Ltd. - 4.35% Class-A1 Secured Bonds due 19 July 2039 – S$180,000 Mr Stanley Huang Tian Guan Paragon REIT – units 323,000 323,000 CapitaLand China Trust – units 100,000 100,000 Mapletree Industrial Trust – units – 150,000 Astrea 7 Pte. Ltd. - 4.125% Class-A1 Secured Bonds due 27 May 2032 (units) 40,000 40,000 Singapore Airlines Limited 10,000 10,000 SIA Engineering Company Limited 10,000 10,000 Astrea 8 Pte. Ltd. - 4.35% Class-A1 Secured Bonds due 19 July 2039 – S$38,000 6 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2025 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 date of appointment if later, 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 ──────────────────────── MS LEONG WAI LENG Chairman ──────────────────────── MR STANLEY HUANG TIAN GUAN Director / Group Chief Executive Officer 12 June 2025 7 Independent Auditor’s Report For the financial year ended 31 March 2025 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 2025, 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 material accounting policy information. 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 2025 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. 8 Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2025 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 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. 9 Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2025 • 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. • Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes 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 12 June 2025 10 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 Balance sheets As at 31 March 2025 Group Company Note 2025 2024 2025 2024 $ million $ million $ million $ million Non-current assets Property, plant and equipment 4 15,802.7 14,877.7 7.8 16.7 Intangible assets 6 253.7 195.6 5.1 5.2 Investment property 7 1,353.0 – – – Investment property under development 7 – 1,168.3 – – Subsidiaries 8 – – 6,350.5 5,790.4 Associates and joint ventures 9 1,739.4 1,500.5 45.4 45.4 Other non-current assets 10 82.6 352.5 – – Deferred tax assets 11 24.7 19.5 – – Derivative assets 12 23.4 52.6 – – Investments in debt and equity securities 13 196.2 115.1 – – 19,475.7 18,281.8 6,408.8 5,857.7 Current assets Inventories 14 59.5 49.3 – – Trade and other receivables 15 924.5 990.4 2,689.8 3,750.4 Derivative assets 12 21.3 41.2 0.1 0.1 Cash and bank balances 16 1,084.0 1,076.4 0.3 0.4 Investments in debt and equity securities 13 786.8 811.1 – – 2,876.1 2,968.4 2,690.2 3,750.9 Total assets 22,351.8 21,250.2 9,099.0 9,608.6 Regulatory deferral accounts (“RDA”) debit balances and related deferred tax assets 17 36.3 121.8 – – Total assets and RDA debit balances 22,388.1 21,372.0 9,099.0 9,608.6 Equity Share capital 18 2,911.9 2,911.9 2,911.9 2,911.9 Reserves 19 (556.7) (373.6) –# –# Accumulated profits 10,290.7 10,335.4 6,104.1 6,610.7 Equity attributable to owner of the Company 12,645.9 12,873.7 9,016.0 9,522.6 Non-controlling interests 33.7 23.6 – – Total equity 12,679.6 12,897.3 9,016.0 9,522.6 Non-current liabilities Debt obligations 20 3,211.7 2,946.8 – – Derivative liabilities 12 160.1 271.0 – – Deferred tax liabilities 11 1,735.7 1,742.5 0.8 1.0 Other non-current liabilities 21 438.6 451.1 – – Lease liabilities 5 182.5 73.0 – 0.1 5,728.6 5,484.4 0.8 1.1 Current liabilities Debt obligations 20 938.4 205.6 – – Derivative liabilities 12 78.6 106.2 0.1 –# Current tax payable 517.1 486.6 23.3 25.0 Trade and other payables 22 1,785.0 1,700.8 58.8 53.6 Lease liabilities 5 19.6 11.7 –# 6.3 3,338.7 2,510.9 82.2 84.9 Total liabilities 9,067.3 7,995.3 83.0 86.0 Total equity and liabilities 21,746.9 20,892.6 9,099.0 9,608.6 RDA credit balances and related deferred tax liabilities 17 641.2 479.4 – – Total equity, liabilities and RDA credit balances 22,388.1 21,372.0 9,099.0 9,608.6 # 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 2025 Income statements Year ended 31 March 2025 Group Company Note 2025 2024 2025 2024 $ million $ million $ million $ million Revenue 23 6,513.7 7,370.1 801.7 881.4 Other income 24 255.2 245.5 –# 0.6 Expenses - Purchased power (3,314.1) (4,192.2) – – - Depreciation of property, plant and equipment 4 (914.9) (840.4) (10.8) (10.8) - Amortisation of intangible assets 6 (32.1) (35.3) (3.2) (5.2) - Maintenance (179.0) (166.6) (16.1) (12.6) - Staff costs (355.3) (345.9) (89.2) (85.0) - Property taxes (102.6) (94.8) (0.3) (0.3) - Other operating expenses (260.0) (224.0) (72.6) (25.5) Operating profit 1,610.9 1,716.4 609.5 742.6 Finance income 25 63.7 76.1 111.5 146.2 Finance costs 26 (99.7) (61.1) (0.1) (0.4) Share of profits of associates, net of tax 124.6 79.3 – – Share of losses of joint ventures, net of tax (1.3) (3.5) – – Profit before taxation 1,698.2 1,807.2 720.9 888.4 Tax expense 27 (288.7) (244.4) (22.5) (25.9) Profit for the year 28 1,409.5 1,562.8 698.4 862.5 Net movement in RDA balances related to profit or loss and the related deferred tax movement 17 (247.3) (450.8) – – Profit for the year and net movements in RDA balances 1,162.2 1,112.0 698.4 862.5 Profit and net movements in RDA balances attributable to: Owner of the Company 1,162.3 1,111.8 698.4 862.5 Non-controlling interests (0.1) 0.2 – – Profit for the year and net movements in RDA balances 1,162.2 1,112.0 698.4 862.5 # 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 2025 Statements of comprehensive income Year ended 31 March 2025 Group Company 2025 2024 2025 2024 $ million $ million $ million $ million Profit for the year and net movements in RDA balances 1,162.2 1,112.0 698.4 862.5 Other comprehensive income Items that will not be reclassified to profit or loss: Share of defined benefit plan remeasurements of associates 1.1 (0.2) – – 1.1 (0.2) – – Items that are or may be reclassified subsequently to profit or loss: Translation differences relating to financial statements of foreign operations (88.5) (35.5) – – Effective portion of changes in fair value of cash flow hedges, net of tax (16.0) 42.5 –# 0.1 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax (70.5) (82.9) –# – - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax 6.8 (3.7) –# 0.1 Share of hedging reserves of associate (18.0) 6.9 – – (186.2) (72.7) –# 0.2 Other comprehensive income for the year, net of tax (185.1) (72.9) –# 0.2 Total comprehensive income for the year 977.1 1,039.1 698.4 862.7 Total comprehensive income for the year, attributable to: Owner of the Company 977.2 1,038.9 698.4 862.7 Non-controlling interests (0.1) 0.2 – – Total comprehensive income for the year 977.1 1,039.1 698.4 862.7 # 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 2025 Statements of changes in equity Year ended 31 March 2025 -------------------Attributable to owner of the Company--------------------- Share Currency Noncontrolling Total translation Hedging Other Accumulated capital reserve reserve reserves profits Total interests equity Group $ million $ million $ million $ million $ million $ million $ million $ million At 1 April 2023 2,911.9 (460.4) 159.9 (0.8) 9,706.2 12,316.8 9.0 12,325.8 Total comprehensive income for the year Profit for the year and net movement in RDA balances – – – – 1,111.8 1,111.8 0.2 1,112.0 Other comprehensive income Translation differences relating to financial statements of foreign operations – (35.5) – – – (35.5) – (35.5) Effective portion of changes in fair value of cash flow hedges, net of tax – – 42.5 – – 42.5 – 42.5 Net change in fair value of: Cash flow hedges reclassified to profit or loss, net of tax – – (82.9) – – (82.9) – (82.9) Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – – (3.7) – – (3.7) – (3.7) Transfer of reserve – – – 0.6 (0.6) – – – Share of other comprehensive income of associates – – 6.9 (0.2) – 6.7 – 6.7 Total other comprehensive income – (35.5) (37.2) 0.4 (0.6) (72.9) – (72.9) Total comprehensive income for the year – (35.5) (37.2) 0.4 1,111.2 1,038.9 0.2 1,039.1 Transactions with owner, recognised directly in equity Dividends declared (Note 35) – – – – (482.0) (482.0) – (482.0) Shares issued to noncontrolling interest of subsidiary – – – – – – 14.4 14.4 Total transactions with owner – – – – (482.0) (482.0) 14.4 (467.6) At 31 March 2024 2,911.9 (495.9) 122.7 (0.4) 10,335.4 12,873.7 23.6 12,897.3 # 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 2025 Statements of changes in equity (continued) Year ended 31 March 2025 -------------------Attributable to owner of the Company--------------------- Share Currency Noncontrolling Total translation Hedging Other Accumulated capital reserve reserve reserves profits Total interests equity Group $ million $ million $ million $ million $ million $ million $ million $ million At 1 April 2024 2,911.9 (495.9) 122.7 (0.4) 10,335.4 12,873.7 23.6 12,897.3 Total comprehensive income for the year Profit for the year and net movement in RDA balances – – – – 1,162.3 1,162.3 (0.1) 1,162.2 Other comprehensive income Translation differences relating to financial statements of foreign operations – (88.5) – – – (88.5) – (88.5) Effective portion of changes in fair value of cash flow hedges, net of tax – – (16.0) – – (16.0) – (16.0) Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax – – (70.5) – – (70.5) – (70.5) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – – 6.8 – – 6.8 – 6.8 - Transfer of reserve – – – 2.0 (2.0) – – – Share of other comprehensive income of associates – – (18.0) 1.1 – (16.9) – (16.9) Total other comprehensive income – (88.5) (97.7) 3.1 (2.0) (185.1) – (185.1) Total comprehensive income for the year – (88.5) (97.7) 3.1 1,160.3 977.2 (0.1) 977.1 Transactions with owner, recognised directly in equity Dividends declared (Note 35) – – – – (1,205.0) (1,205.0) – (1,205.0) Shares issued to noncontrolling interest of subsidiary – – – – – – 10.2 10.2 Total transactions with owner – – – – (1,205.0) (1,205.0) 10.2 (1,194.8) At 31 March 2025 2,911.9 (584.4) 25.0 2.7 10,290.7 12,645.9 33.7 12,679.6 The accompanying notes form an integral part of these financial statements. 15 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 Statements of changes in equity (continued) Year ended 31 March 2025 Company Share Hedging Accumulated capital reserve profits Total $ million $ million $ million $ million At 1 April 2023 2,911.9 (0.2) 6,230.2 9,141.9 Total comprehensive income for the year Profit for the year – – 862.5 862.5 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, – 0.1 – 0.1 net of tax Net change in fair value of: - Cash flow hedges on recognition of the hedged items on – 0.1 – 0.1 balance sheet, net of tax Total other comprehensive income – 0.2 – 0.2 Total comprehensive income for the year – 0.2 862.5 862.7 Transactions with owner, recognised directly in equity Dividends declared (Note 35) – – (482.0) (482.0) Total transactions with owner – – (482.0) (482.0) At 31 March 2024 2,911.9 – # 6,610.7 9,522.6 At 1 April 2024 2,911.9 – # 6,610.7 9,522.6 Total comprehensive income for the year Profit for the year – – 698.4 698.4 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 comprehensive income for the year – – # 698.4 698.4 Transactions with owner, recognised directly in equity Dividends declared (Note 35) – – (1,205.0) (1,205.0) Total transactions with owner – – (1,205.0) (1,205.0) At 31 March 2025 2,911.9 – # 6,104.1 9,016.0 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. 16 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 Consolidated statement of cash flows Year ended 31 March 2025 Note 2025 2024 $ million $ million Cash flows from operating activities Profit for the year and net movements in RDA balances 1,162.2 1,112.0 Adjustments for: Finance income 25 (63.7) (76.1) Finance costs 26 99.7 61.1 Share of profits of associates and joint ventures, net of tax (123.3) (75.8) Deferred income (19.8) (20.0) RDA debit or credit balances and related deferred tax assets or liabilities 17 247.3 450.8 Depreciation and amortisation 947.0 875.7 Write-down of inventory 14 4.2 9.7 Impairment/(reversal) of expected credit loss on trade receivables, net 15a 0.4 (8.7) Impairment loss on property, plant and equipment 4 37.0 – Loss on disposal of property, plant and equipment and intangible assets 0.6 0.7 Change in fair value of investment property / investment property under development 24 (103.1) (98.7) Exchange gain, unrealised (4.0) (5.9) Tax expense 27 288.7 244.4 Others 3.7 (2.3) 2,476.9 2,466.9 Changes in working capital: Inventories (15.3) 1.9 Trade and other receivables and contract assets 106.6 35.1 Balances with related parties (trade) (3.3) (33.5) Trade and other payables (39.8) (334.3) Cash generated from operations 2,525.1 2,136.1 Interest received 38.7 51.4 Net tax paid (246.4) (165.3) Net cash generated from operating activities 2,317.4 2,022.2 The accompanying notes form an integral part of these financial statements. 17 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 Consolidated statement of cash flows (continued) Year ended 31 March 2025 Note 2025 2024 $ million $ million Cash flows from investing activities Purchase of property, plant and equipment (1,604.7) (1,296.4) Purchase of intangible assets (51.8) (35.0) Additions to investment property (81.6) (200.7) Proceeds from disposal of property, plant and equipment and intangible assets 1.4 5.9 Dividends received from associates and joint venture 46.0 74.5 Loans to joint ventures (14.6) (11.1) Proceeds from redemption of debt securities 1,465.1 1,061.1 Payments for investments in debt securities (1,490.6) (1,236.4) Acquisition of other investments (9.4) (15.9) Acquisition of interest in associates and joint venture (7.2) (5.0) Acquisition of subsidiaries, net of cash acquired 29 (33.4) (120.7) Net cash used in investing activities (1,780.8) (1,779.7) Cash flows from financing activities Proceeds from shares issued to non-controlling interest of subsidiary 10.2 14.4 Repayment of debt obligations (333.2) (7.9) Proceeds from debt obligations 1,124.5 26.9 Payment of principal portion of lease liabilities (40.2) (19.4) Dividends paid to owner of the Company (1,205.0) (482.0) Debt issuance cost (8.3) – Interest paid (71.8) (67.4) Restricted bank balances (2.1) – Net cash used in financing activities (525.9) (535.4) Net increase/(decrease) in cash and cash equivalents 10.7 (292.9) Cash and cash equivalents at beginning of the year 1,076.4 1,373.9 Effect of exchange rate changes on balances held in foreign currencies (5.2) (4.6) Cash and cash equivalents at end of the year 16 1,081.9 1,076.4 The accompanying notes form an integral part of these financial statements. 18 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 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 12 June 2025. 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: - transmission and distribution of electricity and gas, provision of related consultancy services and investments in related projects. - provision of district cooling service. - owning and operating of renewable energy assets, provision of self-generated electricity from these renewable energy resources. - leasing of an investment property for rental income and provision of related ancillary services. 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. 19 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 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 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. 20 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 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 3.16) 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 3.14 sets out the accounting policy for regulatory deferral accounts. Valuation of investment property / investment property under development The Group carries its investment property / 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 / investment property under development include the market-corroborated capitalisation rate, expected internal rate of return, terminal yield, gross development value and estimated construction costs to complete. 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 / 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 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 2024. The adoption of these standards did not have any material effect on the financial performance or position of the Group. 21 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 3 Material accounting policy information 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. 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. 22 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 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 (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. 23 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 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. 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, Vietnamese Dong, Thai Baht, 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. 24 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 Foreign operations The assets and liabilities of foreign operations, excluding goodwill and fair value adjustments arising on acquisition, are translated to Singapore dollars for presentation in these financial statements at exchange rates at the reporting date. The income and expenses of foreign operations are translated to Singapore dollars at exchange rates at the dates of the transactions. Foreign currency differences are recognised in other comprehensive income, and presented in the foreign currency translation reserve (“translation reserve”) in equity. However, if the foreign operation is a 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. 25 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 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. 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 constructionin-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 1 – 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 – 25 years Other plant and equipment (principally gas 1 – 40 years storage plant, remote control and meters) Motor vehicles and office equipment 1 – 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. 26 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 Subsequent measurement Goodwill is measured at cost less accumulated impairment losses. In respect of equity-accounted investees, the carrying amount of goodwill is included in the carrying amount of the investment, and an impairment loss on such an investment is not allocated to any asset, including goodwill, that forms part of the carrying amount of the equity-accounted investee. Other intangible assets Other intangible assets with finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. Expenditure on internally generated goodwill is recognised in profit or loss as an expense when incurred. Intangible assets that have indefinite lives or that are not available for use are stated at cost less accumulated impairment losses. Software is stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful life of 2 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 straightline 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 and customer 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 and customer contracts are amortised on a straightline basis over the remaining period of the contract, which ranges from 15 to 24 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 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 and subsequently at fair value with any change therein recognised in profit and loss. 27 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 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 (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 ment is accounted for at fair value. 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 derecognised or impaired, and through the amortisation process. 28 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 (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. 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. 29 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 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. 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. 30 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 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. 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. 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. 31 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 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. 32 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 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 Accrued revenue Revenue accrual estimates are made to account for the unbilled amount at the reporting date. 3.9 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. 33 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 3.10 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. 3.11 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. 3.12 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 3.11 sets out the government grant accounting policy. 3.13 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. 34 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 3.14 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. 3.15 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. 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. 35 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 3.16 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. 36 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 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. 3.17 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 shortterm 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. 37 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2025 Right-of-use assets The Group recognises right-of-use

2024 年 5 月 1 日 星 期 三 新 能 源 今 起 接 管 新 达 城 制 冷 系 统 邓 玮 婷 报 道 tengwt@sph.com.sg 新 加 坡 能 源 集 团 将 从 今 天 起 (5 月 1 日 ) 接 管 新 达 城 制 冷 系 统 , 并 在 2027 年 将 它 纳 入 滨 海 湾 区 域 供 冷 网 。 这 将 有 助 新 达 城 在 未 来 30 年 , 减 少 至 少 1 万 零 400 公 吨 的 碳 排 放 , 相 当 于 每 年 超 过 315 辆 车 辆 的 碳 排 放 量 。 新 能 源 和 新 达 城 星 期 一 (4 月 29 日 ) 发 文 告 宣 布 签 署 合 作 协 定 。 在 计 划 下 , 新 能 源 将 负 责 维 修 和 更 换 新 达 城 的 制 冷 设 备 , 包 括 更 换 老 旧 的 电 力 系 统 , 以 及 逐 步 转 用 更 节 能 环 保 的 制 冷 机 。 新 达 城 的 制 冷 系 统 由 一 个 中 央 冷 水 机 组 组 成 , 容 量 约 2 万 冷 冻 吨 , 可 为 旗 下 办 公 楼 、 商 场 和 会 展 中 心 提 供 空 调 服 务 , 净 可 出 租 面 积 总 计 340 万 平 方 英 尺 。 新 达 城 系 统 将 并 入 滨 海 湾 区 域 供 冷 网 文 告 说 , 新 达 城 的 冷 水 机 组 纳 入 滨 海 湾 区 域 供 冷 网 后 , 将 创 造 机 会 , 为 区 域 包 括 滨 海 中 心 和 武 吉 士 的 发 展 项 目 , 提 供 节 能 的 制 冷 服 务 , 进 而 为 更 多 顾 客 提 供 可 持 续 的 制 冷 方 案 。 新 能 源 接 管 新 达 城 的 制 冷 系 统 后 , 其 区 域 供 冷 网 的 制 冷 能 力 将 增 至 20 万 3000 冷 冻 吨 , 是 我 国 最 大 的 区 域 供 冷 方 案 供 应 商 。 根 据 文 告 , 新 达 城 通 过 新 能 源 的 区 域 供 冷 技 术 , 可 在 接 下 来 30 年 , 减 少 至 少 1 万 零 400 公 吨 的 碳 排 放 , 相 当 于 每 年 超 过 315 辆 车 辆 的 碳 排 放 量 。 新 达 城 管 理 代 理 APM 产 业 管 理 私 人 有 限 公 司 总 裁 许 鸣 财 说 , 公 司 向 来 的 首 要 考 量 是 让 建 筑 取 得 最 佳 的 能 源 效 率 。 这 次 和 新 能 源 的 合 作 是 公 司 在 可 持 续 能 源 方 案 迈 出 的 重 大 一 步 , 也 将 推 进 公 司 的 减 碳 旅 程 , 为 新 加 坡 打 造 更 环 保 的 建 筑 环 境 。 新 能 源 可 持 续 能 源 方 案 董 事 总 经 理 哈 沙 说 , 新 加 坡 朝 净 零 排 放 目 标 前 进 之 际 , 可 持 续 的 能 源 创 新 方 案 , 如 区 域 供 冷 网 将 扮 演 重 要 角 色 , 让 我 国 通 过 可 持 续 的 方 式 , 支 持 城 市 和 经 济 增 长 的 需 求 。 所 谓 区 域 供 冷 , 是 把 区 域 内 的 办 公 室 、 购 物 商 场 及 公 寓 等 建 筑 的 冷 却 系 统 连 接 在 一 起 , 形 成 闭 路 循 环 , 例 如 滨 海 湾 底 下 便 设 有 区 域 供 冷 系 统 网 络 , 它 利 用 大 型 制 冷 机 冷 却 水 后 , 输 送 给 这 个 区 域 内 的 大 楼 以 降 低 室 内 温 度 , 自 2006 年 运 转 以 来 已 达 到 40% 的 节 能 效 率 。

新 能 源 为 金 钟 集 团 客 户 提 供 电 动 车 充 电 设 施 新 加 坡 能 源 集 团 与 金 钟 集 团 达 成 协 议 , 为 金 钟 集 团 客 户 提 供 电 动 车 充 电 设 施 。 金 钟 集 团 在 收 购 共 享 电 动 车 业 者 BlueSG 后 , BlueSG 用 户 也 能 利 用 新 能 源 的 充 电 设 施 。 金 钟 集 团 (Goldbell Group) 是 目 前 本 地 最 大 的 商 务 车 出 租 公 司 , 旗 下 超 过 5000 辆 车 , 为 1 万 多 名 顾 客 提 供 服 务 。 在 协 议 下 , 金 钟 集 团 的 客 户 将 可 使 用 新 能 源 遍 布 全 国 的 电 动 车 充 电 设 施 。 倘 若 条 件 允 许 , 新 能 源 也 将 在 金 钟 集 团 客 户 经 营 的 场 所 安 装 电 动 车 充 电 设 施 。 金 钟 集 团 预 计 将 在 今 年 8 月 前 完 成 对 共 享 电 动 车 业 者 BlueSG 的 收 购 , 届 时 BlueSG 的 用 户 也 能 在 协 议 下 使 用 新 能 源 的 电 动 车 充 电 设 施 。 双 方 探 讨 共 同 推 出 商 务 电 动 车 出 租 服 务 此 外 , 新 能 源 和 金 钟 集 团 正 在 探 讨 建 立 战 略 合 作 伙 伴 关 系 , 共 同 推 出 商 务 电 动 车 出 租 服 务 。 新 能 源 集 团 经 营 新 加 坡 最 大 型 的 公 共 电 动 车 高 速 充 电 网 络 , 截 至 今 年 3 月 31 日 , 共 在 71 个 地 点 设 有 340 个 充 电 设 施 , 其 中 包 括 商 场 和 商 业 中 心 。 新 能 源 集 团 总 裁 黄 天 源 说 : “ 集 团 致 力 于 发 展 和 支 持 本 地 电 动 车 的 生 态 系 统 , 我 们 希 望 通 过 合 作 扩 大 服 务 范 围 , 将 绿 色 出 行 方 案 带 给 金 钟 集 团 的 客 户 。” 金 钟 集 团 总 裁 蔡 满 杰 则 表 示 , 与 新 能 源 的 合 作 将 扩 展 集 团 目 前 的 充 电 设 施 , 对 收 购 BlueSG 之 后 推 动 公 司 的 进 一 步 发 展 至 关 重 要 。 在 新 协 议 下 , 金 钟 集 团 客 户 将 可 使 用 新 能 源 遍 布 全 国 71 处 的 340 个 电 动 车 充 电 设 施 。( 新 能 源 提 供 )

Consumption_Water Average consumption of Water (CuM) Premises Types Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 HDB 1-Room 8.4 8.1 7.7 7.5 8.1 8.3 7.9 8.1 7.8 7.8 7.8 7.2 HDB 2-Room 10.0 9.5 8.7 8.7 9.4 9.5 9.2 9.3 9.0 9.0 9.1 8.4 HDB 3-Room 12.9 12.0 11.5 11.6 12.4 12.5 12.2 12.2 12.0 11.9 12.0 11.2 HDB 4-Room 16.3 15.3 14.7 14.6 15.6 15.7 15.3 15.5 15.1 14.9 15.2 14.3 HDB 5-Room 17.7 16.7 16.0 15.6 16.9 17.1 16.7 17.0 16.4 16.1 16.7 15.8 HDB Executive 19.7 18.6 17.7 17.7 18.8 19.1 18.5 18.8 18.1 17.9 18.7 17.8 Apartment 14.3 13.2 12.7 12.5 13.1 13.8 13.8 13.8 13.3 12.8 13.0 12.7 Terrace 28.4 24.2 24.1 24.7 25.7 26.7 25.9 26.2 25.6 24.7 25.7 24.7 Semi-Detached 34.6 30.2 28.3 30.0 31.5 33.4 31.4 32.2 30.9 30.4 30.6 29.8 Bungalow 58.1 50.4 42.1 49.6 48.1 54.7 52.4 52.4 50.2 49.8 49.4 48.6

Search Singapore Polytechnic And SP Group Launch Next-Generation Solar Car For World Solar Challenge 2017https://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Singapore-Polytechnic-And-SP-Group-Launch-Next-Generation-Solar-Car-For-World-Solar-Challenge-2017 Media Release Singapore Polytechnic And SP Group Launch Next-Generation Solar Car For World Solar Challenge 2017 SP Group adds $2 million sponsorship to groom engineering talent Singapore, 21 July 2017 – Singapore Polytechnic and SP Group today unveiled their most advanced solar car, SunSPEC 5 [20170721] Media Release - Singapore Polytechnic And SP Group Launch Next-Generation Solar Car For World Solar Challengehttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/8769a10c-aa3a-44b3-b14b-8a58b69185d5/%5B20170721%5D+Media+Release+-+Singapore+Polytechnic+And+SP+Group+Launch+Next-Generation+Solar+Car+For+World+Solar+Challenge.pdf?MOD=AJPERES&CVID= MEDIA RELEASE Singapore Polytechnic and SP Group launch next-generation solar car for World Solar Challenge 2017 SP Group adds $2 million sponsorship to groom engineering talent Singapore, 21 July 2017 – Singapore Polytechnic and SP Group today unveiled their most advanced solar car, SunSPEC 5 Solar Power – Generators.pdfhttps://www.spgroup.com.sg/dam/jcr:bbfb030c-0d8e-422c-8eab-8cd4a3d5ee9e/Solar%20Power%20%E2%80%93%20Generators.pdf Solar PV – User Guide for Generators Table of Contents 1. Introduction ................................................................................................................................... 2 2. Electricity Generation Licence Searchhttps://www.spgroup.com.sg/search?tag=solar Search Singapore Polytechnic And SP Group Launch Next-Generation Solar Car For World Solar Challenge 2017https://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Singapore-Polytechnic-And-SP-Group-Launch-Next-Generation-Solar-Car-For-World-Solar-Challenge-2017 Media Release Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=chairmains-message-2017 Search Searchhttps://www.spgroup.com.sg/search?tag=solar Search Singapore Polytechnic And SP Group Launch Next-Generation Solar Car For World Solar Challenge 2017https://www.spgroup.com.sg/about-us/media-resources/news Searchhttps://www.spgroup.com.sg/search?tag=solar Search Singapore Polytechnic And SP Group Launch Next-Generation Solar Car For World Solar Challenge 2017https://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Singapore-Polytechnic-And-SP-Group-Launch-Next-Generation-Solar-Car-For-World-Solar-Challenge-2017 Media Release Solar Power – Residential Consumers.pdfhttps://www.spgroup.com.sg/dam/jcr:f9c85889-9b43-4312-a3fc-5a5bcc55aaa6/Solar%20Power%20%E2%80%93%20Residential%20Consumers.pdf Solar PV – User Guide for Residential Consumers Table of Contents 1. Introduction ................................................................................................................................... 2 2. Electricity Generation Licence [20131030] The Business Times - More Solar Means More Investment_SPhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/ff065886-22bb-4bf7-b7cf-d7492319d129/%5B20131030%5D+The+Business+Times+-+More+Solar+Means+More+Investment_SP.pdf?MOD=AJPERES&CVID= More solar means more investment: SP More infrastructure needed to handle two-way flow when supply rises in future By RONNIE LIM ronnie@sph.com.sg SINGAPORE Power (SP), which handles electricity and gas transmission and distribution here, will need to make a “significant investment” in additional Solar energy suppliers can sell certificates to large companieshttps://www.spgroup.com.sg/dam/jcr:eef290e3-8755-4cb7-89a4-2fa62bea8dd4 ���������������� �������������� ��������������� �������� ��������������� �� �������������� ��� ���������������� ��� ��� ����������� ������������ ������ ���������������� ������� ������������������������� ������������ �������������� �������������� �������������� �������������� �������������� �������������� ��������������� �������������� ����� ���������������� �������������� ��������������� �������������� ��������������� �������������� ����������� �������������� �������� �������� ������ ���������������� �������������� �������������� �������������� �������������� �������������� ���� ��������������� ��������������� ��������������� ������������������������� �������������� �������������� �������������� �������������� �������������� �������������� �������������� �������������� �������� �������� �������� ������������������������ �������������� ������ ������������������ ���������������� �������������� �������������� ���������������� �� � � � � � � � � � �� � � � � ��� � � � � � � ��� � �������������� �������������� ���������������� �������������� �������������� �������������� �������������� �������������� �������������� �������������� ���� ��������������� ��������������� ��������������� �������������� �������������� �������������� �������������� �������������� �������������� �������� ���������������� ���������� ���������� ���������� ���������� ��������� ����������������������� ���������� ���������� ������������ ���������� ������� �������� �������� ���������� ���������� ��������� ��������������������������������������������� ���������������������� � ���� � �� � ���� � � � ��������������� ������������ ��������������� ��������������� ��������������� ��������������� ��������������� �� ��������������� ��������������� ��������������� ����������� ��������������� ��������������� ��������������� ������ �������������� ���������������� ���������������� ��������������� �������������� ��������������� �������������� ��������������� ��������������� ��� �������������� �������������� �������������� ��������������� ��������������� �������������� �������������� ��� ��������������� ��������������� ���������� ����������������� ���������������������� ������������� � ���� ���������������� � �� � ���� � � � ���������������� ��������������� ���������������� ������������ ������������ ���������������� ��������������� �������������� �������������� ��������������� ��������������� ��������������� �������������� �������������� ��������������� �������������� �������������� ��������������� �� ��������������� ��������������� �������������� ��������������� ����������� ��������������� ��������������� �������������� ����������� ����������� ��������������� ��������������� �������������� ��������������� ����������� ���������������� ��������������� ������������������� �������� ������ �������������� ���������������� ���������������� ��������������� �������������� ��������������� �������������� ��������������� ��������������� ��� �������������� �������������� �������������� ��������������� ��������������� �������������� �������������� ��� ��������� ��������������� ��������������� ���������� ����������������� ���������������� ����������������� ������������ ���� ���� �������� �������� �������� �������� �������� �������� ��������� �� � ������������������������� ���������� ������ �������� ����������������� ���� � ������������� �������� � ������������� ������� ������������� �������� � ������������� �������� ���� �������� � ������������ ���� � ������������� �������� ������������� �������� ������������� �������� ������������� �������� ������������� �������� ������������� �������� ����� �������� �������������� �������� Source: Lianhe Zaobao © Singapore Press Holdings Limited. Permission required for reproduction ������ � � � ��� � � � � � � � � � � � �������� Searchhttps://www.spgroup.com.sg/search?tag=sunspec Search Singapore Polytechnic And SP Group Launch Next-Generation Solar Car For World Solar Challenge 2017https://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Singapore-Polytechnic-And-SP-Group-Launch-Next-Generation-Solar-Car-For-World-Solar-Challenge-2017 Media Release [Info] Solar Power - Non-Residential Consumers (Master-Sub Write Up)https://www.spgroup.com.sg/dam/jcr:87dc48a7-69d6-4909-9f4e-d6a01a14492d/%20Solar%20Power%20%E2%80%93%20Non-Residential%20Consumers%20(Master-Sub%20Write%20Up).pdf Solar Power – Non-Residential Consumers (Master-Sub Write Up) Background 1 Master-sub scheme is a metering arrangement whereby the common services consumption is a derived figure: • Master-meter measures overall electricity consumed by the building (i.e. both the individual units and the common [Guide] Solar Power Generators.pdfhttps://www.spgroup.com.sg/dam/jcr:bbfb030c-0d8e-422c-8eab-8cd4a3d5ee9e/%5BGuide%5D%20Solar%20Power%20Generators.pdf Solar PV – User Guide for Generators Table of Contents 1. Introduction ................................................................................................................................... 2 2. Electricity Generation Licence 1 2 3 4 5 ..... 32

Acknowledgement of Electrical Installation Licence Requirement We, (Name of Customer) _______________________________________________ of UEN No: ______________________ at (Address of Application) _____________________________________________ Tel: _______________________________ Email: _________________________________________________________________________________________________ Hereby acknowledge, agree and/or declare the following: (A) the date of electricity account transfer (“Transfer”)/ electricity supply turn-on (“Turn- On”) has been scheduled on _____________________________________ (the “Scheduled Date”); 7th working day after account application date (B) the electrical installation at the above address requires an EMA Electrical Installation License (“EIL”) and Certificate of Compliance (“COC”) for operation/use; as referenced in the QR code attached below; (C) we have engaged a Licensed Electrical Worker (“LEW”) who will apply for the EIL and submit the COC required; (D) for the purposes of a (i) Turn-On, we will ensure that our appointed LEW will be present at the premises with the EIL on the Scheduled Date; or (ii) Transfer, we will ensure that the EIL will be made available to SP Services Ltd at the premises on the Scheduled Date; (E) if we are unable to proceed with the Transfer / Turn-On on the Scheduled Date, we will inform SP Services Ltd at least 2 working days prior to the Scheduled Date; and (F) in the event that the conditions set out in paragraphs (C) and/or (D) are not satisfied, SP Services Ltd reserves the right not to proceed with the Transfer / Turn-On. Customer Signature Name, Contact & Designation of Person signing for the Customer _______________________ Attended by Staff/Date __________________________________________________ Scan QR code below: About Application of EMA’s Electrical Installation License ________________________ This is an acknowledgement form from SP Services Ltd, (Reg No. 199504470N), a member of the SP Group. Walk-in: 490 Lor 6 Toa Payoh #09-11 HDB Hub Biz Three Lift Lobby 1 Singapore 310490 Hotline: 1800-2222333 Website: www.spgroup.com.sg Version 5/ 01/ 26

Form CS/7 Request for Installation of Electricity kWh Meter (for Load Exceeding 45kVA) For Official Use Serial No. : ____________________________ EBS Installation No. : ________________________________ PART I : Customer Details – To be completed by LEW To: Meters Section, SP PowerGrid through SP Services (Email: install@spgroup.com.sg) Name of Customer (Mr/Mdm) /Company (Messrs): __________________________________________________________ Forwarding Address: _______________________________________________________________________________ UEN No.: ___________ or NRIC No.: Note : Please state the last 4 characters (i.e. last three digits and alphabet) of NRIC / FIN / passport or other personal identification number. Handphone No.: ____________ Name of Contact Person for Company: ________________ Site Address for Installation of Meter: ____________________________________________________________________ Detail Location of Supply Intake Point: ____________________________________________________________________ Account No.: ___________________________ Master Account No.: _________________________ Source of Supply: SP PowerAssets Landlord HDB Type of Connection: New Connection Upgrading Downgrading Others : ______________ Supply Capacity: ___________ kW at ___________ Volts (Form CS/3 or CS3/H, COC and LEI shall be submitted together with this form) Type of Business: ___________________________ Details of Landlord/MCST Name of Landlord/MCST: _______________________________ Landlord’s Account No.: _________________________ Forwarding Address : ______________________________________________________ Postal Code: _____________ Name of LEW in charge of Landlord’s Electrical Installation: ___________________________________________________ Contact No. of Landlord’s LEW: ____________________________ I hereby confirm that the electrical wirings at the meter installation have been checked and certified correct. Name of LEW: ________________________________________ LEW Licence No.: ___________________________ Forwarding Address: ________________________________________________ Postal Code: ______________________ (as registered with EMA) Telephone No.: ___________________ Handphone No.: _____________________ Signature : __________________________________ Date: ________________________ _______________________________________________________________________________________________ PART II – To be completed by SP Services To: Meters Section, SP PowerGrid – Application is in order. Please arrange to install the revenue meters. Name : ________________________ Signature: ___________________ Date: ____________________ _______________________________________________________________________________________________ PART III –To be completed by Meters Section, SP PowerGrid To: Supply Application, SP Services – Meters had been installed on _____________________. (Details in EBS) Name : ________________________ Signature: ___________________ Date: ____________________ _______________________________________________________________________________________________ PART IV – (For official use) Check and perform Master-sub Tagging Sent to CRO for account move in on _________________ Move in/ Turn-On Date is on _______________________