SPPowerAssets Limited AnnualReport Yearended31March2023 RegistrationNumber:200302108D Directors’ statement SP PowerAssets Limited Directors’ statement Year ended 31 March 2023 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 2023. 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 2023 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 Mr Steve Lee Hee Kwang (appointed on 19 September 2022) Directors’ interests According to the register kept by the Company for the purposes of Section 164 of the Act, particulars of interests of directors who held office at the end of the financial year (including those held by their spouses and infant children) in shares, debentures, warrants and share options in the Company and in related corporations are as follows: Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Mr Stanley Huang Tian Guan Holdings at beginning of the year Holdings at end of the year Paragon REIT^ – units (formerly known as SPH REIT) – 323,000 Singapore Airlines Limited – 10,000 SIA Engineering Company Limited – 10,000 Astrea 7 Pte Ltd - 4.125% Class A-1 Secured Bonds due 27 May 2032 – 40,000 CapitaLand China Trust – units – 100,000 1 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Mrs Jeanne Cheng Holdings at beginning of the year SP PowerAssets Limited Directors’ statement Year ended 31 March 2023 Holdings at end of the year Singapore Telecommunications Limited 11,180 11,180 Singapore Technologies Engineering Ltd 10,000 10,000 Ms Amelia Champion Singapore Telecommunications Limited 1,430 1,430 CapitaLand Investment Limited 5,000 5,000 CapitaLand Integrated Commercial Trust – units 773 773 Paragon REIT^ – units (formerly known as SPH REIT) – 3,128 Ms Loong Hui Chee CapitaLand Ascendas Real Estate Investment Trust – units (formerly known as Ascendas Real Estate Investment Trust) 14,615 14,615 CapitaLand Ascott Trust – units (formerly known as Ascott Residence Trust) 159,248 159,248 CapitaLand Investment Limited 21,531 21,531 CapitaLand Integrated Commercial Trust – units 71,680 69,043 Mapletree North Asia Commercial Trust * – units 60,321 – Mapletree Treasury Services Limited - 3.95% Perpetual Bond S$250,000 S$250,000 Singapore Airlines Limited 20,669 20,669 Singapore Technologies Engineering Ltd 1,495 1,495 Singapore Telecommunications Limited 117,108 117,108 Temasek Financial (IV) Private Limited - 2.70% T2023 Temasek S$ Bond due 25 October 2023 S$13,000 S$13,000 ^ Became a related corporation with effect from 29 April 2022 and therefore holdings at beginning of the year, if any, is not reflected. * Merger of Mapletree Commercial Trust and Mapletree North Asia Commercial Trust ("MNACT") by way of a trust scheme of arrangement, pursuant to which every 1 MNACT Unit was exchanged for S$1.1949 wholly in cash. 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. 2 SP PowerAssets Limited Directors’ statement Year ended 31 March 2023 Share options During the financial year, there were: (i) no options granted by the Company to any person to take up unissued shares in the Company; and (ii) no shares issued by virtue of any exercise of option to take up unissued shares of the Company. 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 25 May 2023 3 Independent Auditor’s Report For the financial year ended 31 March 2023 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 2023, 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 2023 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. 4 SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2023 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 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 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. 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. 5 SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2023 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. 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. 6 SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2023 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 25 May 2023 7 SP PowerAssets Limited Financial statements Year ended 31 March 2023 Balance sheet As at 31 March 2023 Note 2023 2022 $ million $ million Non-current assets Property, plant and equipment 4 10,758.5 10,647.7 Intangible assets 6 2,171.0 2,169.3 Derivative assets 7 139.3 124.6 13,068.8 12,941.6 Current assets Inventories 8 37.3 34.8 Trade and other receivables 9 346.3 340.0 Derivative assets 7 0.4 55.6 Cash and cash equivalents 10 0.1 0.2 384.1 430.6 Total assets 13,452.9 13,372.2 Regulatory deferral accounts (“RDA”) debit balances 11 214.3 223.2 Total assets and RDA debit balances 13,667.2 13,595.4 Equity Share capital 12 2,512.4 2,512.4 Hedging reserve 13 93.1 81.6 Accumulated profits 2,694.6 2,595.4 Total equity 5,300.1 5,189.4 Non-current liabilities Debt obligations 14 2,281.2 2,416.7 Derivative liabilities 7 299.6 160.4 Deferred tax liabilities 15 1,469.4 1,442.3 Deferred income 16 124.9 133.8 Deferred construction cost compensation 17 256.2 256.2 Lease liabilities 5 4.2 0.4 4,435.5 4,409.8 Current liabilities Debt obligations 14 − 777.8 Derivative liabilities 7 2.5 5.2 Current tax payable 82.0 50.6 Trade and other payables 18 3,807.1 3,121.3 Lease liabilities 5 3.6 3.4 3,895.2 3,958.3 Total liabilities 8,330.7 8,368.1 Total equity and liabilities 13,630.8 13,557.5 Regulatory deferral accounts (“RDA”) related deferred tax liabilities 11 36.4 37.9 Total equity, liabilities and RDA related deferred tax liabilities 13,667.2 13,595.4 The accompanying notes form an integral part of these financial statements. 8 SP PowerAssets Limited Financial statements Year ended 31 March 2023 Income statement Year ended 31 March 2023 Note 2023 2022 $ million $ million Revenue 19 1,721.6 1,660.4 Other income 20 88.2 73.3 Expenses - Depreciation of property, plant and equipment 4 (661.6) (622.2) - Amortisation of intangible assets 6 (0.9) (2.8) - Maintenance (107.0) (101.8) - Management fees (159.3) (153.9) - Property taxes (50.8) (60.2) - Agency fee (28.9) (27.6) - Support services (33.8) (36.1) - Other operating expenses (59.4) (54.3) Operating profit 708.1 674.8 Finance income 21 0.3 0.1 Finance costs 22 (146.1) (135.8) Profit before taxation 562.3 539.1 Tax expense 23 (104.3) (100.7) Profit for the year 24 458.0 438.4 Net movement in RDA balances related to profit or loss and the related deferred tax movement 11 4.4 0.8 Profit for the year and net movement in RDA balances 462.4 439.2 The accompanying notes form an integral part of these financial statements. 9 SP PowerAssets Limited Financial statements Year ended 31 March 2023 Statement of comprehensive income Year ended 31 March 2023 2023 2022 $ million $ million Profit for the year and net movement in RDA balances 462.4 439.2 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 53.3 31.7 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax (43.2) (2.6) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax 1.4 0.1 Other comprehensive income for the year, net of tax 11.5 29.2 Total comprehensive income for the year 473.9 468.4 The accompanying notes form an integral part of these financial statements. 10 SP PowerAssets Limited Financial statements Year ended 31 March 2023 Statement of changes in equity Year ended 31 March 2023 Share capital Hedging reserve Accumulated profits Total equity Note $ million $ million $ million $ 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 29 − − (355.3) (355.3) At 31 March 2022 2,512.4 81.6 2,595.4 5,189.4 The accompanying notes form an integral part of these financial statements. 11 SP PowerAssets Limited Financial statements Year ended 31 March 2023 Statement of changes in equity Year ended 31 March 2023 (cont'd) Share capital Hedging reserve Accumulated profits Total equity Note $ million $ million $ million $ million At 1 April 2022 2,512.4 81.6 2,595.4 5,189.4 Total comprehensive income for the year Profit for the year and net movement in RDA balances − − 462.4 462.4 Other comprehensive income Effective portion of changes in fair value of cash − 53.3 − 53.3 flow hedges, net of tax Net change in fair value of: - Cash flow hedges reclassified to profit or loss, − (43.2) − (43.2) net of tax - Cash flow hedges on recognition of the − 1.4 − 1.4 hedged items on balance sheet, net of tax Total other comprehensive income − 11.5 − 11.5 Total comprehensive income for the year − 11.5 462.4 473.9 Transaction with owner, recognised directly in equity Contributions by and distribution to owner Dividends declared 29 − − (363.2) (363.2) At 31 March 2023 2,512.4 93.1 2,694.6 5,300.1 The accompanying notes form an integral part of these financial statements. 12 SP PowerAssets Limited Financial statements Year ended 31 March 2023 Statement of cash flows Year ended 31 March 2023 2023 2022 Note $ million $ million Cash flows from operating activities Profit for the year and net movement in RDA balances 462.4 439.2 Adjustments for: Tax expense 23 104.3 100.7 Depreciation and amortisation 4,6 662.5 625.0 (Gain)/loss on disposal of property, plant and equipment and intangible assets 24 (0.8) 4.0 Deferred income 16 (9.1) (8.8) Inventories written down, net 8 6.0 4.3 Write-back of allowance for expected credit loss on trade receivables, net 9 (2.0) (2.3) Finance income 21 (0.3) (0.1) Finance costs 22 146.1 135.8 Exchange loss/(gain), net 24 0.6 (0.3) Net movements in RDA balances related to profit or loss and the related deferred tax movement 11 (4.4) (0.8) 1,365.3 1,296.7 Changes in working capital: Inventories (8.5) (4.1) Trade and other receivables (3.6) (56.8) Trade and other payables 35.5 76.0 Funding for regulatory accounts 11 14.2 − Cash generated from operations 1,402.9 1,311.8 Interest received 0.3 0.1 Income tax (paid)/refunded (50.6) 13.4 Net cash generated from operating activities 1,352.6 1,325.3 Cash flows from investing activities Purchase of property, plant and equipment (798.5) (860.6) Purchase of intangible assets (2.6) (1.0) Proceeds from disposal of property, plant and equipment and intangible assets 7.2 6.2 Net cash used in investing activities (793.9) (855.4) Cash flows from financing activities Interest paid (47.5) (56.6) Commitment fees paid − (0.1) Repayment of bond (723.8) − Proceeds from/(repayment of) related company loans 215.9 (411.5) Payment of principal portion of lease liabilities 5 (3.4) (3.3) Net cash used in financing activities (558.8) (471.5) Net decrease in cash and cash equivalents (0.1) (1.6) Cash and cash equivalents at beginning of the year 0.2 1.8 Cash and cash equivalents at end of the year 10 0.1 0.2 During the financial year, tax-exempt dividend declared to the immediate holding company in relation to the financial year ended 31 March 2022 of $363.2 million (2022: $355.3 million) were settled via loans from a related company. The accompanying notes form an integral part of these financial statements. 13 SP PowerAssets Limited Financial statements Year ended 31 March 2023 Notes to the financial statements These notes form an integral part of the financial statements. The financial statements were authorised for issue by the Board of Directors on 25 May 2023. 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 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 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. 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: 14 SP PowerAssets Limited Financial statements Year ended 31 March 2023 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 accounting policies adopted are consistent with those of the previous financial year except that in the current financial year, the Company has adopted all the new and revised standards which are effective for annual financial periods beginning on or after 1 April 2022. The adoption of these standards did not have any material effect on the financial performance or position of the Company. 3 Significant accounting policies The accounting policies set out below have been applied consistently for all periods presented in these financial statements, and have been consistently applied by the Company, which addresses changes in accounting policies due to the adoption of new and revised standards. 3.1 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. 15 SP PowerAssets Limited Financial statements Year ended 31 March 2023 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. 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. 16 SP PowerAssets Limited Financial statements Year ended 31 March 2023 The estimated useful lives for the current and comparative periods are as follows: Leasehold land Over the term of the lease ranging from 30 to 99 years Buildings and tunnels 30 to 40 years or the lease term, if shorter Transformers and switchgear 30 years Other plant and machinery - Works and other equipment 3 to 10 years - Standby electricity generator and other machinery 15 to 25 years Mains 30 years Other fixed assets (principally meters and motor vehicles) 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. 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 23 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. 17 SP PowerAssets Limited Financial statements Year ended 31 March 2023 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. 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. 18 SP PowerAssets Limited Financial statements Year ended 31 March 2023 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. 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. 19 SP PowerAssets Limited Financial statements Year ended 31 March 2023 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. Hedges directly affected by interest rate benchmark reform Phase 2 amendments: Replacement of interest rates – when there is no longer uncertainty arising from interest rate benchmark reform When the basis for determining the contractual cash flows of the hedged item or the hedging instrument changes as a result of interest rate benchmark reform and therefore there is no longer uncertainty arising about the cash flows of the hedged item or the hedging instrument, the Company amends the hedged documentation of that hedging relationship to reflect the change(s) required by interest rate benchmark reform. 20 SP PowerAssets Limited Financial statements Year ended 31 March 2023 A change in the basis for determining the contractual cash flows is required by interest rate benchmark reform if the following conditions are met: • the change is necessary as a direct consequence of the reform; and • the new basis for determining the contractual cash flow is economically equivalent to the previous basis – i.e. the basis immediately before the change. For this purpose, the hedge designation is amended only to make one or more of the following changes: • designating an alternative benchmark rate as the hedged risk; • updating the description of hedged item, including the description of the designated portion of the cash flows or fair value being hedged; or • updating the description of the hedging instrument. The 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. 21 SP PowerAssets Limited Financial statements Year ended 31 March 2023 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). 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. 22 SP PowerAssets Limited Financial statements Year ended 31 March 2023 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. 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 government grants and customers’ contribution. 23 SP PowerAssets Limited Financial statements Year ended 31 March 2023 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. 24 SP PowerAssets Limited Financial statements Year ended 31 March 2023 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. 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. 25 SP PowerAssets Limited Financial statements Year ended 31 March 2023 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. 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. 26 SP PowerAssets Limited Financial statements Year ended 31 March 2023 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. 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 2022 have not been early adopted 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) 1-1: Classification of Liabilities as Current or Non-current - 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 27 SP PowerAssets Limited Financial statements Year ended 31 March 2023 4 Property, plant and equipment Freehold land Leasehold land Buildings and tunnels Switchgear Transformers Other plant and machinery Mains Other fixed Constructionin-progress assets Total $ million $ million $ million $ million $ million $ million $ million $ million $ million $ million Cost At 1 April 2021 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 Additions − − 7.2 1.2 − 3.2 − 19.6 775.4 806.6 Disposals − − (0.1) (30.1) (30.4) (7.0) (106.7) (9.3) (3.2) (186.8) Reclassification − (0.4) 154.8 123.8 86.9 27.7 308.0 9.0 (709.8) − At 31 March 2022 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 Additions − − − − − 1.9 − 26.0 743.6 771.5 Lease Modification (Note 5) − − 7.4 − − − − − − 7.4 Disposals − − − (80.0) (28.4) (7.4) (106.7) (10.9) − (233.4) Reclassification − 0.2 17.8 137.5 69.1 123.4 447.7 1.1 (796.8) − At 31 March 2023 0.3 504.2 1,879.5 3,503.4 1,937.5 621.6 7,795.6 291.2 1,561.7 18,095.0 Accumulated depreciation At 1 April 2021 − 172.7 682.2 1,722.1 683.4 291.7 2,778.6 125.5 − 6,456.2 Depreciation − 10.1 61.9 148.8 67.7 43.6 255.7 34.4 − 622.2 Disposals − − (0.1) (26.2) (27.9) (6.9) (106.7) (8.8) − (176.6) At 31 March 2022 − 182.8 744.0 1,844.7 723.2 328.4 2,927.6 151.1 − 6,901.8 Depreciation − 10.0 66.3 156.2 67.4 57.4 266.0 38.3 − 661.6 Disposals − − − (76.8) (25.3) (7.4) (106.8) (10.6) − (226.9) At 31 March 2023 − 192.8 810.3 1,924.1 765.3 378.4 3,086.8 178.8 − 7,336.5 Carrying amounts At 31 March 2022 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 At 31 March 2023 0.3 311.4 1,069.2 1,579.3 1,172.2 243.2 4,708.8 112.4 1,561.7 10,758.5 28 SP PowerAssets Limited Financial statements Year ended 31 March 2023 Expenses capitalised The following expenses were capitalised in property, plant and equipment during the year: 2023 2022 $ million $ million Management fees (staff cost) 84.9 78.8 As at 31 March 2023, property, plant and equipment includes right-of-use assets of $319.2 million (2022: $325.0 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 Buildings and tunnels Total $million $million $ million At 1 April 2021 331.7 − 331.7 Additions − 7.2 7.2 Reclassification (0.4) − (0.4) Depreciation (10.1) (3.4) (13.5) At 31 March 2022 321.2 3.8 325.0 Lease modification − 7.4 7.4 Reclassification 0.2 − 0.2 Depreciation (10.0) (3.4) (13.4) At 31 March 2023 311.4 7.8 319.2 Set out below are the carrying amounts of lease liabilities (included under trade and other payables) and the movements during the year: 2023 2022 $ million $ million At 1 April 3.8 − Lease modification 7.4 − Additions − 7.1 Accretion of interest # 0.1 Payments (3.4) (3.4) At 31 March 7.8 3.8 Current 3.6 3.4 Non-current 4.2 0.4 7.8 3.8 # Less than $0.1 million The maturity analysis of lease liabilities is disclosed in Note 26. 29 SP PowerAssets Limited Financial statements Year ended 31 March 2023 During the financial year, lease liabilities were modified as there had been revision to lease payments and office space which were not part of the terms and conditions of the original lease contracts. The following are the amounts recognised in profit or loss: 2023 2022 $ million $ million Depreciation expense of right-of-use assets 13.4 13.5 Interest expense on lease liabilities # 0.1 Expenses relating to short-term leases (included in other 0.4 1.7 operating expenses) 13.8 15.3 # Less than $0.1 million The Company had total cash outflow for leases of $3.8 million (2022: $5.1 million) for the financial year ended 31 March 2023. 6 Intangible assets Goodwill on acquisition Deferred expenditure Computer software Computer software development in-progress Total $ million $ million $ million $ million $ million Cost At 1 April 2021 2,166.8 110.2 39.1 1.0 2,317.1 Additions − 1.0 − − 1.0 Disposals − (0.3) − − (0.3) Reclassification − − 0.9 (0.9) − At 31 March 2022 2,166.8 110.9 40.0 0.1 2,317.8 Additions − 1.3 − 1.3 2.6 At 31 March 2023 2,166.8 112.2 40.0 1.4 2,320.4 Accumulated amortisation At 1 April 2021 − 107.5 38.5 − 146.0 Amortisation − 2.4 0.4 − 2.8 Disposals − (0.3) − − (0.3) At 31 March 2022 − 109.6 38.9 − 148.5 Amortisation − 0.4 0.5 − 0.9 At 31 March 2023 − 110.0 39.4 − 149.4 Carrying amounts At 31 March 2022 2,166.8 1.3 1.1 0.1 2,169.3 At 31 March 2023 2,166.8 2.2 0.6 1.4 2,171.0 30 SP PowerAssets Limited Financial statements Year ended 31 March 2023 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 6.89% (2022: 6.28%) per annum that 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 (2022: 1.3 times) of the carrying amounts of property, plant and equipment. 31 SP PowerAssets Limited Financial statements Year ended 31 March 2023 7 Derivative assets and liabilities 2023 2022 Outstanding notional amounts Assets Liabilities Outstanding notional amounts Assets Liabilities $ million $ million $ million $ million $ million $ million Current: Cross-currency interest rate swaps − − − 623.8 53.6 − Interest rate swaps 100.0 − (0.2) 200.0 1.1 − Foreign exchange forwards 171.4 0.4 (2.3) 224.0 0.9 (5.2) 0.4 (2.5) 55.6 (5.2) Non-current: Cross-currency interest rate swaps 2,149.1 − (296.4) 2,149.1 − (160.4) Interest rate swaps 2,749.1 139.2 (2.5) 2,599.1 124.6 − Foreign exchange forwards 56.5 0.1 (0.7) 1.2 − # 139.3 (299.6) 124.6 (160.4) # Less than $0.1 million 32 SP PowerAssets Limited Financial statements Year ended 31 March 2023 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 Gross amounts of recognised financial assets Related amounts not offset in the balance sheet – financial instruments Net amounts $ million $ million $ million 2023 Derivative assets 139.7 (64.0) 75.7 2022 Derivative assets 180.2 (108.9) 71.3 Types of financial liabilities Gross amounts of recognised financial liabilities Related amounts not offset in the balance sheet – financial instruments Net amounts $ million $ million $ million 2023 Derivative liabilities 302.1 (64.0) 238.1 2022 Derivative liabilities 165.6 (108.9) 56.7 33 SP PowerAssets Limited Financial statements Year ended 31 March 2023 Hedge Accounting As at 31 March 2023 and 2022, 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 ----------------- Financial statement line that includes the hedged Changes in fair value used for calculating ------------ hedge ineffectiveness ---------- Carrying Accumulated Hedge Outstanding amount of amount of ineffectiveness notional Assets/ assets/ fair value Hedging Hedged recognised in amounts (liabilities) (liabilities) item adjustments instrument item profit or loss $ million $ million $ million $ million $ million $ million $ million Hedge rates Maturity (Year) 2023 Cash flow hedge Interest rate risk – Finance cost 4,473.2 119.2 − − − (43.3) 43.3 − 0.3900% - 1.3275% Up to 2027 Foreign exchange risk – Refer to Note 26 under Foreign currency risk 227.9 (2.5) − − − (0.8) 0.8 − CHF/SGD: 1.397 - 1.524 CNY/SGD: 0.191 - 0.195 EUR/SGD: 1.424 - 1.656 JPY/SGD: 0.010 - 0.013 MYR/SGD: 3.031 USD/SGD: 1.292 - 1.462 Up to 2025 Up to 2023 Up to 2024 Up to 2024 Up to 2023 Up to 2026 Fair value hedge Interest rate risk 525.0 (1.5) (431.6) Debt obligations (7.5) (7.5) 7.6 0.1 6 month SOR/ SORA Up to 2032 Foreign exchange risk 2,149.1 (277.6) (1,849.6) Debt obligations 294.8 (77.3) 75.0 (2.3) Refer to footnotes of Note 14 Up to 2027 34 SP PowerAssets Limited Financial statements Year ended 31 March 2023 ---- Hedge instrument ----- ----------------- Hedged item ----------------- Financial statement line that includes the hedged Changes in fair value used for calculating ----------- hedge ineffectiveness ------------ Carrying Accumulated Hedge Outstanding amount of amount of ineffectiveness notional Assets/ assets/ fair value Hedging Hedged recognised in amounts (liabilities) (liabilities) item adjustments instrument item profit or loss $ million $ million $ million $ million $ million $ million $ million Hedge rates Maturity (Year) 2022 Cash flow hedge Interest rate risk – Finance cost Foreign exchange risk – Refer to Note 26 under Foreign currency risk 5,197.0 158.0 − − − 52.4 (52.4) − 0.2780% - 2.3450% Up to 2027 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 35 SP PowerAssets Limited Financial statements Year ended 31 March 2023 8 Inventories 2023 2022 $ million $ million Cables 24.3 24.6 Transformers 3.3 1.6 Switchgear 7.6 7.4 Spare parts and accessories 2.1 1.2 37.3 34.8 In the financial year ended 31 March 2023, inventories recognised as an expense in the income statement amounted to $4.3 million (2022: $4.2 million). The write-down of inventories to net realisable value amounted to $6.0 million (2022: $4.3 million). The utilization of inventory obsolescence provision upon sale of the inventory items amounted to $2.2 million (2022: $3.1 million). 9 Trade and other receivables 2023 2022 $ million $ million Trade receivables: - Third parties 121.4 123.9 - Related companies 52.4 63.5 - Immediate holding company 5.0 0.1 178.8 187.5 Impairment loss (4.5) (6.5) 174.3 181.0 Accrued revenue 126.4 117.6 Deposits 0.4 0.4 301.1 299.0 Prepayments 45.2 41.0 346.3 340.0 Trade receivables The average credit term is between 8 to 30 calendar days (2022: between 8 to 30 calendar days). Collateral in the form of bank guarantees and deposits are obtained from counterparties where appropriate. There were no amounts called upon during the year. 36 SP PowerAssets Limited Financial statements Year ended 31 March 2023 The maximum exposure to credit risk for trade receivables at the reporting date by types of customer is as follows: 2023 2022 $ million $ million Contestable transmission/ distribution customers 133.6 133.0 Non-contestable transmission/ distribution customers 10.1 22.9 Project-based customers 22.1 22.3 Others 8.5 2.8 174.3 181.0 The Company provides for lifetime expected credit losses for all trade receivables using a provision matrix. The provision rates are determined based on the evaluation of collectability and ageing analysis of trade receivables and on the estimation of the management. A considerable amount of estimation is required in assessing the ultimate realisation of these receivables, including the current creditworthiness and the past collection history of each customer. The Company categorises trade receivables for potential write-off on the overdue trade receivables of customers that have failed to make contractual payments for more than 180 days. Where trade receivables have been impaired or written off, the Company continues to engage enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognised in profit or loss. The maximum exposure to credit risk for trade receivables by geographic region, relates mainly to Singapore at the reporting date. There is no significant concentration of credit risk of trade receivables. The Company has policies in place to monitor its credit risk. Contractual deposits are collected and sufficient collaterals are obtained to mitigate the risk of financial loss from defaults. The Company’s customers are spread across diverse industries and ongoing credit evaluation is performed on the financial condition of receivables to ensure minimal exposure to bad debts. The ageing of trade receivables at the reporting date is as follows: 2023 2022 $ million $ million Not past due 162.9 167.7 Past due 0-30 days 5.1 5.3 Past due 31-90 days 1.6 2.9 Past due 91-180 days 0.8 0.6 Past due more than 180 days 8.4 11.0 178.8 187.5 37 SP PowerAssets Limited Financial statements Year ended 31 March 2023 Expected credit losses The movement in allowance for expected credit losses of trade receivables computed based on lifetime ECL are as follows: 2023 2022 $ million $ million At 1 April 6.5 8.8 Impairment loss recognised 0.3 − Impairment loss written back (2.3) (2.3) At 31 March 4.5 6.5 Trade and other receivables are denominated predominantly in the functional currency of the Company. 10 Cash and cash equivalents 2023 2022 $ million $ million Cash at bank and in hand 0.1 0.2 As at reporting date, cash and cash equivalents are denominated in the functional currency of the Company. 11 Regulatory deferral accounts 2023 2022 $ million $ million Net movement in RDA balances related to profit or loss 5.3 0.9 RDA related deferred tax movement (0.9) (0.1) Net movement in RDA balances related to profit or loss and the related deferred tax movement 4.4 0.8 38 SP PowerAssets Limited Financial statements Year ended 31 March 2023 At 1 April 2022 $ million Net movement in RDA balances related ------------------ to profit or loss ----------------- Balances arising in the period $ million (Recovery)/ reversal $ million Net movement in RDA balances related ------- to balance sheet ------- Funding $ million At 31 March 2023 $ million RDA debit balances Deferral of revenue based on service rendered 314.0 52.3 (77.5) (14.2) 274.6 Under recovery of volume variance (90.8) (47.9) 78.4 − (60.3) 223.2 4.4 0.9 (14.2) 214.3 RDA related deferred tax liabilities RDA related deferred tax liabilities (37.9) (0.7) (0.2) 2.4 (36.4) At 1 April 2021 $ million Net movement in RDA balances related ------------------ to profit or loss ----------------- Balances arising in the period $ million (Recovery)/ reversal $ million At 31 March 2022 $ million RDA debit balances Deferral of revenue based on service rendered 256.9 106.4 (49.3) 314.0 Under recovery of volume variance (34.6) (78.6) 22.4 (90.8) 222.3 27.8 (26.9) 223.2 RDA related deferred tax liabilities RDA related deferred tax liabilities (37.8) (4.7) 4.6 (37.9) The recovery/reversal period of RDA debit and credit balances are directed by EMA. The Company is currently the sole electricity transmission and distribution company in Singapore. The EMA may not terminate the Company’s Transmission Licence except by giving 25 years’ notice, or otherwise revoking the Transmission Licence in accordance with the Electricity Act (including where the EMA is satisfied that the Company has gone into compulsory liquidation or voluntary liquidation other than for the purpose of amalgamation or reconstruction, or the public interest or security of Singapore requires). The Company therefore considers the exposure on recovery of regulatory deferral debit balances to be minimal. During the financial year, the EMA provided the Company with a funding of $14.2 million to offset the RDA debit balances. 39 SP PowerAssets Limited Financial statements Year ended 31 March 2023 12 Share capital 2023 2022 No. of shares No. of shares Ordinary shares million million Issued and fully-paid, with no par value At 1 April and 31 March 2,512.4 2,512.4 The holder of ordinary shares is entitled to receive dividends as declared from time to time and is entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company’s residual assets. 13 Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to highly probable forecast transactions. 2023 2022 $ million $ million Hedging reserves At beginning of year 81.6 52.4 Effective portion of changes in fair value of cash flow hedges: - Interest rate risks 55.4 34.8 - Foreign exchange risks (2.1) (3.1) Net change in fair value of cash flow hedges reclassified to profit or loss, net of tax: - Interest rate risks (43.2) (2.6) Net change in fair value of cash flow hedges, on recognition of the hedged items on balance sheet, net of tax: - Foreign exchange risks 1.4 0.1 At end of year 93.1 81.6 40 SP PowerAssets Limited Financial statements Year ended 31 March 2023 14 Debt obligations Principal amount Date of maturity 2023 2022 Fixed rate notes $ million $ million SGD 100 million August 2022 − 100.7 USD 500 million (1) September 2022 − 677.1 JPY 15 billion (2) April 2024 156.8 162.7 SGD 75 million May 2024 84.7 77.3 USD 700 million (3) November 2025 861.9 937.7 JPY 7 billion (4) October 2026 69.6 78.2 USD 600 million (5) September 2027 761.3 807.8 SGD 100 million May 2029 96.8 103.7 SGD 250 million September 2032 250.1 249.3 2,281.2 3,194.5 (1) USD 500 million swapped to SGD 623.8 million (2) JPY 15 billion swapped to SGD 230.0 million (3) USD 700 million swapped to SGD 996.0 million (4) JPY 7 billion swapped to SGD 114.7 million (5) USD 600 million swapped to SGD 808.5 million The debt obligations are on bullet repayment terms. Interest rates on debt obligations denominated in Singapore dollars range from 3.40% to 5.07% (2022: 3.14% to 5.07%) per annum. Interest rates on foreign currency debt obligations range from 1.95% to 3.25% (2022: 1.95% to 3.25%) per annum. 41 SP PowerAssets Limited Financial statements Year ended 31 March 2023 A reconciliation of liabilities arising from financing activities is as follows: 2022 ----------------- Cash flows----------------- -----------------------------------------Non-cash changes----------------------------------------- 2023 Foreign Additions/ exchange Changes in Proceeds Repayment Interest paid (reduction) movement fair value Interest Reclassification $ million $ million $ million $ million $ million $ million $ million $ million $ million $ million Debt obligations Current 777.8 − (723.8) − − (53.5) (0.5) − − − Non-current 2,416.7 − − − − (55.1) (80.4) − − 2,281.2 Interest payable 9.5 − − (46.0) − − − 45.3 * − 8.8 Loans from a related company Current 2,490.0 215.9 − (1.5) 363.2 − − 96.9 − 3,164.5 Lease liabilities Current 3.4 − (3.4) # − − − − 3.6 3.6 Non-current 0.4 − − − 7.4 − − − (3.6) 4.2 5,697.8 215.9 (727.2) (47.5) 370.6 (108.6) (80.9) 142.2 − 5,462.3 * Comprises interest on debt obligations and net change in fair value of cash flow hedges reclassified from equity as disclosed in Note 22. # Less than $0.1 million 42 SP PowerAssets Limited Financial statements Year ended 31 March 2023 2021 ----------Cash flows---------- ---------------------------------------------Non-cash changes--------------------------------------------- 2022 Foreign Additions/ exchange Changes in Repayment Interest paid (reduction) movement fair value Interest Reclassification $ million $ million $ million $ million $ million $ million $ million $ million $ million Debt obligations Current − − − − − − − 777.8 777.8 Non-current 3,320.1 − − − (4.9) (120.7) − (777.8) 2,416.7 Interest payable 11.1 − (55.6) − − − 54.0 * − 9.5 Loans from a related company Current 2,471.8 (411.5) (0.9) 355.3 − − 75.3 − 2,490.0 Lease liabilities Current − − − − − − − 3.4 3.4 Non-current − (3.3) (0.1) 7.1 − − 0.1 (3.4) 0.4 5,803.0 (414.8) (56.6) 362.4 (4.9) (120.7) 129.4 − 5,697.8 * Comprises interest on debt obligations and net change in fair value of cash flow hedges reclassified from equity as disclosed in Note 22. 43 SP PowerAssets Limited Financial statements Year ended 31 March 2023 15 Deferred taxation Movements in deferred tax assets and liabilities during the year are as follows: Recognised in profit or loss (Note 23) Recognised in other Recognised in profit or loss (Note 23) Recognised in other At 31 comprehensive At 31 comprehensive At 31 March income March income March 2021 (Note 23) 2022 (Note 23) 2023 $ million $ million $ million $ million $ million $ million $ million Deferred tax liabilities Property, plant and equipment (1,476.0) 28.1 – (1,447.9) (23.0) – (1,470.9) Intangible assets (0.7) 0.3 – (0.4) (0.3) – (0.7) (1,476.7) 28.4 – (1,448.3) (23.3) – (1,471.6) Set off of tax 90.2 6.0 2.2 Net deferred tax liabilities (1,386.5) (1,442.3) (1,469.4) Deferred tax assets Deferred income 24.3 (1.5) – 22.8 (1.4) – 21.4 Derivative liabilities (10.8) – (6.0) (16.8) – (2.4) (19.2) Unutilised capital allowances 76.6 (76.6) – – – – – Others 0.1 (0.1) – – – – – 90.2 (78.2) (6.0) 6.0 (1.4) (2.4) 2.2 Set off of tax (90.2) (6.0) (2.2) Net deferred tax assets – – – 16 Deferred income 2023 2022 $ million $ million Customers’ contributions 265.9 265.9 Government grant for depreciable assets 0.5 0.3 Accumulated accretion (141.5) (132.4) 124.9 133.8 Movements in accumulated accretion are as follows: At 1 April 132.4 123.6 Accretion for the year 9.1 8.8 At 31 March 141.5 132.4 17 Deferred construction cost compensation 2023 2022 $ million $ million Deferred construction cost compensation 256.2 256.2 44 SP PowerAssets Limited Financial statements Year ended 31 March 2023 18 Trade and other payables 2023 2022 $ million $ million Trade payables: - Third parties 64.0 80.9 - Related companies 35.3 32.0 - Immediate holding company 0.1 1.8 Interest payable 8.8 9.5 Deposits received 80.1 54.4 Advance receipts 185.5 175.4 Accrued operating expenditure 95.9 95.6 Accrued capital expenditure 172.9 181.7 Loans from a related company - Loan balances 3,082.4 2,422.7 - Interest payable 82.1 67.3 3,807.1 3,121.3 Payables denominated in currencies other than the Company’s functional currency comprise $7.8 million (2022: $9.5 million) of payables and accruals denominated in United States dollar (“USD”), $0.5 million (2022: $0.7 million) in Chinese Yuan (“CNY”), $1.1 million (2022: $1.7 million) in Japanese yen (“JPY”), $1.0 million (2022: $0.3 million) in Euro (“EUR”) and $0.9 million (2022: $0.9 million) in Malaysian Ringgit (“MYR”). As at 31 March 2023, the loans from a related company are unsecured, repayable on demand and bear interest at rates ranging from 2.37% to 4.19% (2022: 1.59% to 3.93%) per annum. 19 Revenue Revenue comprises use of system charges and the service is transferred over time. Transaction price allocated to remaining performance obligations The Company has applied the practical expedient not to disclose information about its remaining performance obligations as the Company recognises revenue in the amount to which the Company has a right to invoice customers in amounts that correspond directly with the value to the customer of the Company’s performance completed to date. 45 SP PowerAssets Limited Financial statements Year ended 31 March 2023 20 Other income 2023 2022 $ million $ million Rental income 2.6 3.2 Leasing income 5.8 5.3 Disbursement recoverable jobs 29.9 21.9 Sale of scrap 24.8 26.4 Accretion of deferred income 9.1 8.8 Grant income 2.9 0.6 Others 13.1 7.1 88.2 73.3 21 Finance income 2023 2022 $ million $ million Interest income receivable/received from banks 0.3 0.1 22 Finance costs 2023 2022 $ million $ million Interest expense on loans from a related company 96.9 75.3 Interest expense on debt obligations 97.4 57.2 Net change in fair value of cash flow hedges reclassified (52.1) (3.2) from equity Loss/(gain) arising from financial assets/liabilities in a fair value hedge: - hedged items (82.6) (122.6) - hedging instruments 84.8 126.9 Amortisation of capitalised transaction costs 1.7 2.0 Commitment fees − 0.1 Interest expense on lease liabilities # 0.1 146.1 135.8 # Less than $0.1 million 46 SP PowerAssets Limited Financial statements Year ended 31 March 2023 23 Tax expense Tax recognised in profit or loss 2023 2022 $ million $ million Current tax expense Current year 80.0 50.6 (Over)/under provision in respect of prior years (0.4) 0.3 79.6 50.9 Deferred tax expense Origination and reversal of temporary differences 24.6 49.3 Under provision in respect of prior years 0.1 0.5 24.7 49.8 Total tax expense 104.3 100.7 Tax recognised in other comprehensive income Effective portion of changes in fair value of cash flow hedges Net change in fair value of: - Cash flow hedges reclassified to profit or loss - Cash flow hedges on recognition of the hedged items on balance sheet 2023 2022 Tax Tax Before (expense)/ Net of Before (expense)/ Net of tax credit tax tax credit tax $ million $ million $ million $ million $ million $ million 64.2 (10.9) 53.3 38.2 (6.5) 31.7 (52.0) 8.8 (43.2) (3.1) 0.5 (2.6) 1.7 (0.3) 1.4 0.1 # 0.1 13.9 (2.4) 11.5 35.2 (6.0) 29.2 # Less than $0.1 million Reconciliation of effective tax rate 2023 2022 $ million $ million Profit before taxation 562.3 539.1 Tax calculated using Singapore tax rate of 17% (2022: 17%) 95.6 91.6 Non-deductible expenses 9.2 8.9 Non-taxable income (0.2) (0.6) Under/(over) provision in respect of prior years - current tax (0.4) 0.3 - deferred tax 0.1 0.5 104.3 100.7 47 SP PowerAssets Limited Financial statements Year ended 31 March 2023 24 Profit for the year The following items have been included in arriving at profit for the year: 2023 2022 $ million $ million Exchange (loss)/gain, net (0.6) 0.3 Gain/(loss) on disposal of property, plant and equipment and intangible assets 0.8 (4.0) 25 Related parties For the purpose of the financial statements, parties are considered to be related to the Company if the Company has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Company and the party are subject to common control or common significant influence. Related parties may be individuals or other entities. The immediate and ultimate holding companies are Singapore Power Limited and Temasek Holdings (Private) Limited (“Temasek”) respectively. These companies are incorporated in the Republic of Singapore. Temasek is an investment company headquartered in Singapore with a diversified investment portfolio. Accordingly, all the subsidiaries of Temasek are related corporations and are subject to common control. The Company engages in a wide variety of transactions with related corporations in the normal course of business on terms similar to those available to other customers. Such transactions include but are not limited to sales and purchases of power, provision of consultancy and engineering services, leasing of cables and ducts, agency services and financial and banking services. The related party transactions are carried out on terms negotiated between the parties which are intended to reflect competitive terms. All electricity supplied to companies in the Temasek group are related party transactions. The Temasek group has extensive interests in a large number of companies. As the Company’s rates for electricity transmission and distribution are based on tariffs approved by the EMA, the Company has concluded that it is not meaningful to present information relating to such revenue. Other than as disclosed elsewhere in the financial statements, transactions with related parties are as follows: Related companies 2023 2022 $ million $ million - management fee expenses (244.1) (232.7) - maintenance expenses (3.4) (3.7) - agency fee expenses (28.9) (27.6) - support service expenses (1.7) (1.6) - service expenses, including leases (6.8) (4.3) - leasing income 5.8 5.3 - service income 1.0 1.1 - trustee fee income 0.4 0.4 Immediate holding company - maintenance expenses (18.1) (17.1) - support service expenses (32.1) (34.5) 48 SP PowerAssets Limited Financial statements Year ended 31 March 2023 26 Financial risk management The Company’s activities expose it to foreign currency, interest rate, credit and liquidity risks which arise in the normal course of business. Generally, the Company’s overall objective is to manage and minimise exposure to such risks. The Company adopts the risk management policies and guidelines established by its immediate holding company, Singapore Power Limited, and has established processes for monitoring compliances with such policies. The Company uses forward foreign currency exchange contracts, interest rate swaps and cross currency interest rate swaps to manage its exposure to foreign currency and interest rate risks respectively. The Company does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. The material financial risks associated with the Company’s activities are each described below, together with details of the Company’s policies for managing the risks. Foreign currency risk The Company is exposed to foreign currency risks from borrowing activities, purchase, supply and installation contracts, and trade creditors which are denominated in a currency other than Singapore dollars. The objective of the Company’s risk management policies is to mitigate foreign exchange risk by utilising various hedging instruments. The Company therefore considers avoidable currency risk exposure to be minimal for the Company. The Company enters into cross-currency interest rate swaps to manage exposures arising from foreign currency borrowings including the United States Dollar (“USD”) and Japanese Yen (“JPY”). Under cross-currency interest rate swaps, the Company agrees to exchange specified foreign currency principal and interest amounts at an agreed future date at a pre-determined exchange rate. Such contracts enable the Company to mitigate the risk of adverse movements in foreign exchange rates. Except where a foreign currency borrowing is taken with the intention of providing a natural hedge by matching the underlying cash flows, all foreign currency borrowings are swapped back to Singapore dollars. For foreign currency swaps that do not meet the requirements of hedge accounting, changes in fair value are recorded in profit or loss. The Company uses forward foreign currency exchange contracts to substantially hedge foreign currency risk attributable to purchase transactions. The maturities of the forward foreign currency exchange contracts are intended to match the forecasted progress payments of the supply and installation contracts. Whenever necessary, the forward foreign exchange contracts are either rolled over at maturity or translated into foreign currency deposits, whichever is more cost efficient. As at 31 March 2023, the Company has outstanding forward foreign currency exchange contracts with notional amounts of approximately $227.9 million (2022: $$225.2 million). The net fair value of forward foreign currency exchange contracts as at 31 March 2023 is $2.5 million net liabilities (2022: $4.3 million net liabilities) comprising assets of $0.5 million (2022: $0.9 million) and liabilities of $3.0 million (2022: $5.2 million). These amounts were recognised as derivative assets and liabilities respectively. 49 SP PowerAssets Limited Financial statements Year ended 31 March 2023 Sensitivity analysis for foreign currency risk As at 31 March 2023 and 2022, if the functional currency of the Company had moved against each of the currencies as illustrated in the table below, with all other variables held constant, equity would have been affected as below: Equity (hedging reserve) $ million Judgements of reasonably possible movements – increase/(decrease) 2023 USD Increase of the SGD by 5 per cent against US Dollar (5.2) Decrease of the SGD by 5 per cent against US Dollar 5.2 EUR Increase of the SGD by 9 per cent against EUR Dollar (4.3) Decrease of the SGD by 9 per cent against EUR Dollar 4.3 JPY Increase of the SGD by 15 per cent against Japanese Yen (3.5) Decrease of the SGD by 15 per cent against Japanese Yen 3.5 2022 USD Increase of the SGD by 5 per cent against US Dollar (6.7) Decrease of the SGD by 5 per cent against US Dollar 6.7 EUR Increase of the SGD by 7 per cent against EUR Dollar (1.9) Decrease of the SGD by 7 per cent against EUR Dollar 1.9 JPY Increase of the SGD by 9 per cent against Japanese Yen (2.7) Decrease of the SGD by 9 per cent against Japanese Yen 2.7 The judgements of reasonably possible movements were determined using statistical analysis of the 90 th percentile of the best and worst expected outcomes having regard to actual historical exchange rate data over the previous five years. Management considers that past movements are a reasonable basis for estimating possible movements in foreign currency exchange rates. Interest rate risk The Company manages its interest rate exposure by maintaining a significant portion of its debt at fixed interest rates. This is done by the (i) issuance of fixed rate debt; (ii) use of interest rate swaps to convert floating rate debt to fixed rate debt; or (iii) use of cross-currency interest rate swaps to convert fixed or floating rate nonfunctional currency denominated debt to fixed rate functional currency denominated debt. The use of derivative financial instruments relates directly to the underlying existing and anticipated indebtedness. 50 SP PowerAssets Limited Financial statements Year ended 31 March 2023 Managing interbank offered rates reform and associated risks A fundamental reform of major interest rate benchmarks is being undertaken globally, to replace interbank offered rates (“IBORs”) with alternative nearly risk-free rates (referred to as “IBOR reform”). The Company holds interest rate swaps and cross-currency interest rate swaps indexed to the Singapore Swap Offer Rate (“SOR”) for risk management purposes which are designated in hedging relationships. SOR will cease publication after 30 June 2023, and it will be replaced by the Singapore Overnight Rate Average (“SORA”) as the alternative interest rate benchmark in Singapore. For cross-currency interest rate swaps and interest rate swaps that extend beyond the anticipated cessation date of SOR, the Company has completed the transition agreement for the affected periods with counterparties. In addition, appropriate fallback provisions with counterparties are also in place and the Company will rely on the Fallback Rate (SOR) for transition. As at 31 March 2022, the Company’s exposure to SOR/SORA designated in hedging relationships has nominal amount of $4,948.2 million, representing both the nominal amount of the hedging interest rate and crosscurrency interest rate swaps. As at 31 March 2023, the interest rate and cross-currency swaps of the Company are indexed to SOR/SORA. As at 31 March 2023, the Company has interest rate and cross-currency swaps with notional amount of $4,998.2 million (2022: $5,572.0 million). The Company classifies these swaps as cash flow and fair value hedges. The net fair value of swaps as at 31 March 2023 is $159.9 million net liabilities (2022: $18.9 million net assets) comprising assets of $139.2 million (2022: $179.3 million) and liabilities of $299.1 million (2022: $160.4 million). These amounts were recognised as derivative assets and liabilities respectively. The Company’s excess funds are principally invested in bank deposits of varying maturities to match its cash flow needs, or deposited with a related company. At the reporting date, if interest rates had moved as illustrated in the table below, with all other variables held constant, profit before taxation and equity would have been affected as follows: Profit before taxation Equity (hedging reserve) $ million $ million Judgeme

Consumption_Water Average consumption of Water (CuM) Premises Types Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 HDB 1-Room 7.3 7.9 8.0 8.1 8.0 7.9 8.0 8.0 8.0 7.8 7.8 8.0 HDB 2-Room 8.9 9.4 9.6 9.7 9.4 9.5 9.5 9.5 9.6 9.3 9.3 9.3 HDB 3-Room 11.6 12.3 12.2 12.5 12.1 12.4 12.4 12.4 12.3 12.0 12.0 12.2 HDB 4-Room 14.7 15.4 15.4 15.6 15.1 15.5 15.7 15.7 15.5 15.1 15.0 15.5 HDB 5-Room 16.1 16.9 16.7 16.9 16.3 16.8 17.1 17.1 16.9 16.4 16.1 16.7 HDB Executive 18.0 18.7 18.6 18.8 18.2 18.9 19.0 19.2 18.8 18.1 18.1 18.8 Apartment 13.5 14.0 13.7 13.7 13.2 13.3 13.7 13.9 13.7 13.1 12.8 13.1 Terrace 25.1 25.4 25.3 26.0 25.5 25.9 26.0 26.5 26.5 25.2 24.3 25.8 Semi-Detached 30.6 30.6 30.7 30.9 30.7 31.5 31.6 32.9 31.9 30.4 30.0 30.7 Bungalow 49.2 48.7 50.9 48.1 48.0 48.5 51.7 54.8 54.2 48.6 49.4 46.3

Media Release Singapore Power Wins Smart Grid Project Of The Year With Silver Spring Networks Partners Achieve Flexible Countrywide Deployment of 21st Century Energy Infrastructure Through Silver Spring IPv6 Platform with MicroAP Technology Kuala Lumpur, Malaysia - September 12, 2014 - Singapore Power (SP) won the 'Smart Grid Project of the Year' award at the Asian Power Awards 2014 today, for its programme with Silver Spring Networks, Inc. (NYSE: SSNI) to enable deregulated energy services in Singapore. This was enabled by SP's successful deployment of a smart infrastructure networking platform, with nation-wide coverage, through Silver Spring's IPv6 technology. Since April 2014, SP has successfully begun delivering deregulated energy services to 15,000 commercial and industrial (C&I) customers, in support of the Singapore government's policy to progressively liberalise the retail electricity market. In addition, SP leveraged Silver Spring's MicroAP Technology and a RF mesh canopy network to reach geographically dispersed customers, and maintain 99.5% meter read success rate. This helps SP ensure reliable communications from anywhere, at all times. "The Smart Grid Project of the Year award recognises Singapore Power for delivering reliable and efficient energy services to consumers. Through the deployment of new technology, SP has empowered our customers with more choice and the ability to better manage their energy usage, so as to achieve savings on electricity bills," said Peter Leong, Managing Director, Sp PowerGrid. "Silver Spring Networks is a key partner in the implementation of this country-wide platform. Through such partnerships, Singapore Power can continue to deliver greater value to Singapore consumers." "We congratulate Singapore Power on today's win and are happy to partner with them to deploy world-class infrastructure that helps deliver lower prices and greater choice to their customers," said Eric Dresselhuys, EVP of Global Development and Sales, Silver Spring Networks. "Utilities across Asia can look to Singapore Power as a best practice example for how to deploy smart grid services. Their sophisticated network canopy delivers scalable smart grid and smart city applications to help drive energy efficiency and new services for consumers for years to come." About Singapore Power Singapore Power Group (SP) is a leading energy utility group in the Asia Pacific. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia. More than 1.4 million industrial, commercial and residential customers in Singapore benefit from SP's world-class transmission, distribution and market support services. The networks in Singapore are amongst the most reliable and cost-effective worldwide. For more information, please visit www.singaporepower.com.sg. About Silver Spring Networks Silver Spring Networks is a leading networking platform and solutions provider for smart energy networks. Silver Spring's pioneering IPv6 networking platform, with over 19 million Silver Spring enabled devices delivered, is connecting utilities to homes and business throughout the world with the goal of achieving greater energy efficiency for the planet. Silver Spring's innovative solutions enable utilities to gain operational efficiencies, improve grid reliability, and empower consumers to monitor and manage energy consumption. Silver Spring Networks' customers include major utilities around the globe such as Baltimore Gas & Electric, CitiPower & Powercor, Commonwealth Edison, CP Energy, Florida Power & Light, Jemena Electricity Networks Limited, Pacific Gas & Electric, Pepco Holdings, Progress Energy and Singapore Power, among others. To learn more, please visit www.silverspringnet.com. # # # # Forward-Looking Statements This press release contains forward-looking statements about Silver Spring Networks' expectations, plans, intentions, and strategies, including, but not limited to statements regarding Silver Spring Networks' engagement with Singapore Power, and the benefits of that engagement to SP and its customers. Statements including words such as "anticipate", "believe", "estimate", "expect" or "future" and statements in the future tense are forward- looking statements. These forward-looking statements involve risks and uncertainties, as well as assumptions, which, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties include those described in Silver Spring Networks' documents filed with or furnished to the Securities and Exchange Commission. All forward-looking statements in this press release are based on information available to Silver Spring Networks as of the date hereof. Silver Spring Networks assumes no obligation to update these forward-looking statements.

Resources Can't find what you are looking for? Click on the drop-down box to find the resource that is most relevant to your needs. Resources Gas Works INFO Application for Firm Capacity Rights INFO Application for Shipper Accession FORM Certificate Of Fitness GILS-60 FORM Certificate Of Fitness GILS-69 INFO FAQs eBusiness Portal FORM Gas Distribution Connection Forms (wef 1 Apr 2026) INFO Gas Network Code FORM Gas Transmission Connection Forms (wef 1 Apr 2026) INFO Gas Transportation Tariffs - Shippers with Customers Off-taking NG at High Pressure (wef 1 Apr 2026) INFO Gas Transportation Tariffs - Shippers with NG Distribution Customers (wef 1 Apr 2026) 1 2

Change of Ownership/ Tenancy Utilities Account Transfer Form SP SERVICES LTD Contact Log Ref: ________________ (Acting for itself and as agent for and on behalf of PUB and City Energy Pte. Ltd. (as Trustee of City Energy Trust) for the supply of utilities, and as agent for Veolia ES Singapore Pte Ltd, Colex Environmental Pte Ltd, Cora Environment Pte Ltd, 800 Super Waste Management Pte Ltd, TEE Environmental Pte. Ltd. and Alba W&H Smart City Pte. Ltd. in relation to the collection of refuse.) NEW ACCOUNT HOLDER’S PARTICULARS (Co. Registration No. 199504470N) For Application in Personal name: Name of Transferee (Mr/Mrs/Mdm/Ms/Dr):______________________________ (“the Consumer”) Declaration Please check here if you are an undischarged bankrupt. NRIC/FIN (Copy of NRIC/FIN is required):_______________ For the purpose of application for water, gas and electricity only Date of Birth (DDMMYY): __________________________ Bankruptcy Number: _____________________________ For Application in Company name: Name of Company (Transferee): ____________________________________ Co Reg No.: _____________ Co Reg Date: _____________ (“the Consumer”) Contact Person: ______________________________ Principal Activities (I) No.: __________________________________ (As shown on your ACRA Business Profile) DETAILS OF PREMISES a. Premises Address: __________________________________________________________________________________ ________________________________________________________________ S ________________ b. Type of Occupancy: Owner Tenant c. Type of Account: Domestic Non-Domestic d. Use of Premises (See Annex): (indicate index no.) (Security Deposit required. Please make cheque payable to SP Services Ltd) e. GST Reg No. & GST Reg Date: _________________________ ____ (DD)_______(MM)_________(YYYY) Only applicable to premises with PV (ie. Photovoltaics) installed WARNING: IT IS AN OFFENCE UNDER THE PUBLIC UTILITIES ACT (CAP 261) TO MAKE ANY FALSE STATEMENT, REPRESENTATION OR DECLARATION IN CONNECTION WITH THE APPLICATION FOR WATER SUPPLIED BY THE PUBLIC UTILITIES BOARD. Utilities Account Number of Transferor (outgoing customer) (A new account number will be given to the transferee upon process of the application) Meter Reading Date DDMMYY (This form is to be submitted within 3 days from the reading date) ELECTRICITY* WATER** GAS (if any) - (Record only the white numbers) (Record only the first five numbers from the left – four black and one red.) (Record only the black numbers) The above meter readings are required to facilitate the billing of both transferor and transferee utilities accounts. Invalid readings will be rejected. *I/We acknowledge that I/we am/are required to engage a licensed electrical worker (LEW) to inspect and test my electrical installation if I have made any alteration or rewiring to it. Thereafter, the LEW will lodge a copy of Certificate of Compliance (CoC) together with this application to SPGroup to check my electrical installation if the electrical installation is exempted from an Electrical Installation Licence. **I/We acknowledge that I/we am/are required to engage a licensed plumber (LP) to submit the notification for water service installation (WSI) work if I have made any addition or alteration to existing piping. As the account holder, please ensure that you and your contractor (if any) do not tamper with or remove PUB’s water meter without PUB’s prior approval. Upon completion, please submit this form with the following documents: a. Copy of NRIC/ FIN card of transferee In addition to (a), the following documents are required for Commercial accounts: b. Copy of Business/ Company Registration Certificate c. Proof of ownership/ Tenancy agreement d. Letter of authorisation (required if signatory is not a Director according to ACRA listing) e. Initial security deposit (please visit www.spgroup.com.sg for more details) Note: This form is not applicable for master accounts, accounts starting with “930”, electricity supply above 45kVA for non-domestic accounts and temporary supply of utilities. For payment of deposit via cheque, please make the cheque payable to SP Services Ltd. For Gas Turn-on /Installation, please call City Energy Pte. Ltd. (as Trustee of City Energy Trust) at 1800-555 1661 for an appointment. Installation and Termination of gas supply fees apply. You need not call if the gas supply for the previous occupant is connected. 1. I/We agree that each application for a utility, when accepted, will constitute a binding contract between myself/ourselves and PUB / SP Services Ltd / City Energy Pte. Ltd. (as Trustee of City Energy Trust) / Veolia ES Singapore Pte Ltd / Colex Environmental Pte Ltd / Cora Environment Pte Ltd / 800 Super Waste Management Pte Ltd / TEE Environmental Pte. Ltd. and/or Alba W&H Smart City Pte. Ltd. (as the case may be) and I/we agree that such contract shall be separate and independent from each other and shall be separately enforceable. 2. In the event that I/we make an application for gas at a later date, I/we agree to be bound by the terms and conditions for supply of gas set out in Part III overleaf and such other terms and conditions which City Energy Pte. Ltd. (as Trustee of City Energy Trust) may, at its absolute discretion, notify and impose. I/We understand that nothing herein shall be constructed as an offer by City Energy Pte. Ltd. (as Trustee of City Energy Trust) to supply gas to me / us and that City Energy Pte. Ltd. (as Trustee of City Energy Trust) has the absolute discretion to reject my application for gas supply for any reason. 3. I/We acknowledge and agree that SP Services Ltd reserves the right to transfer any amounts due and owing arising from my/ our previous/ closed account to an existing/ new account belonging to me/ us. 4. I/We agree to be bound by the terms and conditions specified by each supplier as set out in Part I (Water Supply) / Part II (Electricity Supply) / Part III (Gas Supply) / Part IV (Collection of Refuse) overleaf. 5. I/We acknowledge and agree that PUB, SP Services Ltd, City Energy Pte. Ltd. (as Trustee of City Energy Trust), Veolia ES Singapore Pte Ltd, Colex Environmental Pte Ltd, Cora Environment Pte Ltd, 800 Super Waste Management Pte Ltd, TEE Environmental Pte. Ltd. and/or Alba W&H Smart City Pte. Ltd. (as the case may be) may collect, use and disclose to any third party and all particulars relating to my/our personal information, in accordance with the Personal Data Protection Act 2012 and SP Group’s data protection policy (available at SP Group’s website https://www.spgroup.com.sg/personal-data-protection-policy), for the purposes of (i) providing the requested services; (ii) billing and account management (including debt collection or recovery); (iii) conducting surveys or obtaining feedback; (iv) informing me / us of their or their related entities’ and business affiliates’ services and offers (unless I/we duly inform you otherwise); and (v) complying with all applicable laws and regulations, and business requirements. 6. If I/we am/are (or subsequently become) GST-registered, I/we agree that I/we will not issue any tax invoice for electricity sold to SP Services Ltd but hereby authorize SP Services Ltd to issue tax invoices on my/our behalf. I/We further agree that where SP Services Ltd issues any tax invoice(s) on my behalf in respect of any taxable supplies that I/we provide, SP Services Ltd shall be entitled to charge GST at the prevailing rate as at the date on which such taxable supplies are provided. 7. I/We will notify SP Services Ltd in writing immediately if there is any change to my/our GST status, including without limitation if my/our GST registration is cancelled; I/we am/are not currently GST-registered but subsequently become GST-registered; I/We am/are issued with a new GST registration number, etc. 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 4.0 / 09 / 25 SP SERVICES LTD (Acting for itself and as agent for and on behalf of PUB and City Energy Pte. Ltd. (as Trustee of City Energy Trust) for the supply of utilities, and as agent for Veolia ES Singapore Pte Ltd, Colex Environmental Pte Ltd, Cora Environment Pte Ltd, 800 Super Waste Management Pte Ltd, TEE Environmental Pte. Ltd. and Alba W&H Smart City Pte. Ltd. in relation to the collection of refuse.) PART I Terms and Conditions of the Contract for the Supply of Water by the PUB 1 The Consumer shall pay an initial deposit and maintain it at an amount not less than one and a half times the monthly charges. For non-Singaporeans and nonpermanent residents an amount not less than 3 times the monthly charges. 2 The Consumer shall accept liability for this account. 3 Either party may give 4 working days' notice in writing to the other party to terminate this agreement. 4 If the water meter does not in the opinion of PUB correctly register the amount of water supplied to the Premises, PUB shall be entitled to charge such sum as it shall assess and the Consumer shall accept such assessment as final and conclusive. 5 The Consumer shall pay for the water supplied to the Premises at the appropriate water tariff according to the use of the Premises. The Consumer shall notify PUB of the change of use of the Premises within 7 days of such change. 6 The Consumer shall pay a fee on every reminder issued to the Consumer for failure to make payment in accordance with a bill sent to the Consumer. 7 The Consumer shall pay a late payment charge of 1% on any outstanding amount owed by the Consumer, or at such rate as may be gazetted by PUB from time to time. 8 PUB shall not be liable for any failure or inconsistency in the water supply to the Premises whatsoever and howsoever caused. 9 The Consumer’s attention is drawn to its duties and obligations in the Public Utilities Act (Cap 261) and the Public Utilities (Water Supply) Regulations, as amended from time to time. PART II Terms and Conditions of the Contract for the Supply of Electricity by SP Services Ltd ("SP Services") 1 The Consumer shall pay an initial deposit and maintain it at an amount not less than one and a half times the monthly charges. For non-Singaporeans and nonpermanent residents an amount not less than 3 times the monthly charges. 2 The Consumer shall accept liability for this account. 3 Either party may give 4 working days' notice in writing to the other party to terminate this agreement. 4 If the electricity meter does not in the opinion of SP Services correctly register the amount of electricity supplied to the Premises, SP Services shall be entitled to charge such sum as it shall assess. 5 The Consumer shall pay for the electricity supplied to the Premises at such rates of electricity tariffs for the appropriate category of consumer as is fixed by SP Services from time to time. 6 The Consumer shall pay a fee, as is fixed by SP Services from time to time, for every reminder issued to the Consumer for failure to make payment in accordance with a bill sent to the Consumer. 7 The Consumer shall pay a late payment charge of 1% on any outstanding amount owed by the Consumer. 8 SP Services shall not be liable for any failure or defect in the supply of electricity to the Premises whatsoever and howsoever caused. PART III Terms and Conditions of the Contract for the Supply of Gas by City Energy Pte. Ltd. (as Trustee of City Energy Trust) ("City Energy") 1 City Energy has appointed SP Services Ltd to be its agent for the opening and termination of this gas supply account, and the billing, collection and settlement of all charges under this account. 2 The Consumer shall pay an initial deposit and maintain it at an amount not less than one and a half times the monthly charges. For non-Singaporeans and nonpermanent residents an amount not less than 3 times the monthly charges. 3 The Consumer shall accept liability for this account. 4 Either party may give 4 working days' notice in writing to the other party to terminate this agreement. 5 If the gas meter does not in the opinion of City Energy correctly register the amount of gas supplied to the Premises, City Energy shall be entitled to charge such sum as it shall assess. 6 The Consumer shall pay for the gas supplied to the Premises at such rates of gas tariffs for the appropriate category of consumer as is fixed by City Energy from time to time. The Consumer shall notify SP Services Ltd of the change of use of the Premises within 7 days of such change. 7 The Consumer shall pay a fee, as is fixed by City Energy from time to time, for every reminder issued to the Consumer for failure to make payment in accordance with a bill sent to the Consumer. 8 The Consumer shall pay a late payment charge of 1% on any outstanding amount owed by the Consumer. 9 City Energy shall not be liable for any failure or defect in the supply of gas to the Premises whatsoever and howsoever caused. PART IV Terms and Conditions of the Contract for the Collection of Refuse by either Veolia ES Singapore Pte Ltd, Colex Environmental Pte Ltd, Cora Environment Pte Ltd, 800 Super Waste Management Pte Ltd, TEE Environmental Pte. Ltd. and Alba W&H Smart City Pte. Ltd. (collectively referred to as “Refuse Collection Companies”) 1 The Refuse Collection Companies have appointed SP Services Ltd to be their agent for the opening and termination of this refuse collection account, and the billing, collection and settlement of all charges under this account. 2 The Consumer shall accept liability for this account. 3 Either party may give 4 working days' notice in writing to the other party to terminate this agreement. 4 The Consumer shall pay for the refuse collection service performed at the Premises at such rates for the appropriate category of consumer as is fixed by the National Environment Agency from time to time or at such rates determined between the Consumer and the relevant Refuse Collection Company where the Premises do not fall under the Public Waste Collection Scheme and the refuse collection is contracted privately. The Consumer shall notify SP Services Ltd of the change of use of the Premises within 7 days of such change. 5 The Consumer shall pay a fee, as is fixed by the Refuse Collection Companies from time to time, for every reminder issued to the Consumer for failure to make payment in accordance with a bill sent to the Consumer. 6 The Consumer shall pay a late payment charge of 1% on any outstanding amount owed by the Consumer. 7 The Refuse Collection Companies shall not be liable for any failure or defect in the collection of refuse at the Premises whatsoever and howsoever caused. Name: NRIC/FIN: Tel No: E-mail Address: ______________________________________________ Signature of Transferor (Co Stamp if applicable) (Outgoing Customer) Mailing Address: (if different from premises) Name: _______________________________________________ Signature of Transferee (Co Stamp if applicable) (Incoming Customer) NRIC/FIN (Copy of NRIC/FIN is required): For the purpose of application for water, gas and electricity only Tel No: E-mail Address: If you're an e-bill user, your e-bill will be sent to your existing e-services email address Mailing Address: (if different from premises) For Official Use Utility A/C No: ___________________________ Application Collected by: _________________________ Deposit to be billed: $ _______________ Date of Application received: _________________ Appt Date and Time Scheduled: ____________________ Request for GIRO Form � Yes � No Remark: _____________________________________________ 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 4.0 / 09 / 25 SP SERVICES LTD (Acting for itself and as agent for and on behalf of PUB and City Energy Pte. Ltd. (as Trustee of City Energy Trust) for the supply of utilities, and as agent for Veolia ES Singapore Pte Ltd, Colex Environmental Pte Ltd, Cora Environment Pte Ltd, 800 Super Waste Management Pte Ltd, TEE Environmental Pte. Ltd. and Alba W&H Smart City Pte. Ltd. in relation to the collection of refuse.) Annex Use of Premises Residential Premises For premises where water supplied are used exclusively for residential purposes including staff housing. 001 Residential 002 Home office scheme 003 Staff housing / quarters 004 Common services of HDB / condominium / private apartment 005 Hostel 006 Boarding House 007 Dormitory 008 Service apartment 009 Child care centre 010 School / education institution 011 Office 012 Retail / services 013 Food and beverage 014 Place of worship 015 Bin centre 016 Carpark 017 Welfare facilities 018 Construction site 019 Residents’ / senior citizens’ corner Commercial Premises For premises which is used for the purposes of or in connection with any trade, business or profession. 901 Residential (for Shophouses only) 902 Home office scheme (for Shophouses only) 903 Staff housing / quarters (for Shophouses only) 905 Hostel 906 Boarding House 907 Dormitory 908 Service apartment 909 Child care centre 910 School / education institution 911 Office 912 Retail / services 913 Food and beverage 914 Place of worship 915 Bin centre 916 Carpark 917 Welfare facilities 918 Construction site 920 Industrial 921 Government / public facilities 922 Medical facilities 923 Warehouse / storage facilities 924 Farm 925 Sports and recreation 926 Common services 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 4.0 / 09 / 25

dren from a previous marriage. “People would say the marriage wouldn’t work and that it’d be hard for our children to get along,” said Mr Shahrin, who atter-in-charge of Muslim Affairs Yaacob Ibrahim. Addressing an audience of 17 step-families, he said: “Notwithstanding the presence of the bio- They also made sure that their children from their previous marriages, now aged 10 to 14, got to know each other on outings together prior to their wedding in gramme they spent the morning painting together before attending separate workshops for parents and children in the afternoon. the Women’s Charter and about 1,400 re-marriages are registered under the Administration of Muslim Law Act. This accounts for about a quarter of marriages in may not see the rewards of their parenting efforts for years. But patience and perseverance will yield long-term rewards.” maryamm@sph.com.sg Dads show Singapore Power sons the way By MELISSA LIN DURING a major blackout in Singapore some years ago, Mr Muraliraj saw his father, Mr Rajoo Devaraj, throw on a shirt and leave for work even though he was not on duty that day. The Singapore Power employee felt it was his duty to help fix the problem. Inspired by his father’s passion for the job, Mr Muraliraj, 28, joined the same company three years ago. These days the father-and-son team work together to fix power Mr Tan Lih Chau (left), 40, and Mr Tan Lih Hong (right), 37, fete their father, Mr Tan San, 70, who scrimped to save for their education. ST PHOTO: DESMOND LIM trips. Mr Rajoo, an operation officer who has been with Singapore Power for 40 years, will notify his son, an executive engineer, who will then fix it. “He’s more like a friend to me,” said Mr Muraliraj of his 63-year-old father. “He showed me that if you enjoy what you’re doing, you won’t consider it working.” He is among at least four sons at the company who were inspired by their fathers’ careers. Technician Muhammad Hidayatullah, 24, was better known as “Ronan’s son” when he joined the company three months ago, encouraged by his father, Mr Ronan Othman, 52, also a technician. “My father would tell me about how they used to manually dig into the ground to lay the power cables,” said Mr Hidayatullah. “It was an eye-opener when I finally saw the large cables, 300mm in diameter, that he talked about.” Brothers Tan Lih Chau, 40, and Tan Lih Hong, 37, were inspired by their father’s work ethic and thrifty ways. Mr Tan San, 70, a civil engineer with resort operator Banyan Tree, often stayed away for six months to a year at a stretch, working on projects in places such as Phuket and the Maldives. The holiday resorts he built are physical reminders of the sacrifices he made to provide them with an education. “We didn’t come from a well-to-do family. My dad worked very hard,” said Mr Tan Lih Hong, deputy director of Singapore Power’s gas distribution department. His brother is a principal engineer in the cable tunnels team. He recalled that his father would not spend money on drinks when he went out for lunch. Instead, he would make do with plain water, just to save money for their education. Mr Tan added: “He always told us not to worry about our finances, just concentrate on our studies. If not for my dad, we would not be here today.” mellinjm@sph.com.sg More activities for fathers and children

Lianhe Zaobao, Page06, 4 Mar 2016 �� ������� ����� yangyang@sph.com.sg ��������������� ��������������� ���������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ������ ��������������� ��������������� �������������� ������������������ ����������������������� ��������������� ��������������� ������������ ��������������� ��������������� ��������������� ��� ��������������� ��������������� ��������������� ��������������� ��������� ����������������� ��������������� ������������� �������������� ���������������������� ��������������������� ���������������������� ���������������������� �������� ���������������� ���������������� ��������������� ���������������� ��������������� �������������� ������� ����������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ������ ��������������� ������������������ ���������������� ��������������� ���������� ��������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ������������� ������������� ������� ������ ������������������������� ����� ������ ������� ���������������������� ���������������� ���������������� ��� ��������������� ������ ��������������� ��������������� �������������� ����������� �������� �������������������� ����������������������� �������������������������� �������������������� ��������������� ��������������� ���������������� ����� ��������������� ��������������� ��������������� ��������������� ��������������� ������������� ��������������� ������ ���� ��� ��������������� �������������� ��������������� ���������������� ��������������� ��������������� ��������������� ��������������� ������ ��������������� ��������������� ��������������� ��������������� ��������������� ����� Source: Lianhe Zaobao © Singapore Press Holdings Limited. Permission required for reproduction. �� ��� � ������ ������ �������� ������ ������ � �������� ��������� �������� ��������� �� �� ������ ��� ���� ����������� ������ ������� ��������������������� ����������� � �������� ������������������ � �������� �������� ���������� ���������� ��� ��������� ��������� ��� ��������� ��������� ��������� ��������� ������� �������� ������������������������������� ���������������������������

Media Coverage Catch the latest news on SP All Years 21 Oct 2024 Singapore seeks proposals on regulatory sandbox for virtual power plants Source: The Business Times © SPH Media Limited. Permission required for reproduction. 21 Oct 2024 EMA seeking proposals on benefits of virtual power plants Source: The Straits Times © SPH Media Limited. Permission required for reproduction. 07 Oct 2024 SP Group clinches Pinnacle Award for the second year Source: Lianhe Zaobao © SPH Media Limited. Permission required for reproduction. 05 Sep 2024 SP Group makes its largest solar investment in China with 240-MWp project Source: The Business Times © SPH Media Limited. Permission required for reproduction. 01 Aug 2024 SP Group raises S$1 million through Community Chest for vulnerable seniors Source: The Business Times Online © SPH Media Limited. Permission required for reproduction. 12 Jul 2024 SingHealth, SP Group tie up to roll out EV chargers across SingHealth institutions Source: The Business Times © SPH Media Limited. Permission required for reproduction. 12 Jul 2024 SingHealth's hospitals, facilities to get up to 300 EV chargers by 2028 Source: The Straits Times © SPH Media Limited. Permission required for reproduction. 11 Jul 2024 SingHealth facilities to install up to 300 EV chargers by 2028 Source: Lianhe Zaobao Online © SPH Media Limited. Permission required for reproduction. 18 Jun 2024 SP Group to design district cooling, heating system for Chengdu development Source: The Business Times © SPH Media Limited. Permission required for reproduction. 27 May 2024 Geneo Science Park to adopt district cooling solution, to reduce carbon emissions by 20,000 tonnes over 30 years Source: Lianhe Zaobao © SPH Media Limited. Permission required for reproduction. 1 ... 6 7 8 ... 47

Advisory for Consumers Switching to Buy Electricity from the Wholesale Electricity Market Through SP Group 1. Switching is not compulsory. There is no deadline for switching, so take your time to understand your options before making a decision. 2. Switching to a retailer will not affect your electricity supply. SP Group will continue to operate the national power grid and deliver electricity to you. 3. If you switch to buy electricity from the Wholesale Electricity Market through SP Group, the electricity rate you pay is uncertain, as it will vary every half hour depending on the prevailing demand and supply situation in the wholesale electricity market. 4. Before you sign up with SP Group to buy electricity at the wholesale electricity price: • Read the Fact Sheet which summarises the key contractual terms. • Ask SP Group to explain the terms and conditions of the contract if you do not understand them. 5. For any dispute with SP Group, you can approach the Consumers Association of Singapore (CASE) for assistance. • Website: www.case.org.sg • Hotline: 6100 0315 (Operating hours: Mon to Fri, 9am to 5pm) Visit www.openelectricitymarket.sg or call 1800-233-8000 for more information Fact Sheet for Non-Standard Price Plan Note: 1) The Energy Market Authority (EMA) requires SP Group to provide you with this Fact Sheet before you enter into an Electricity Supply Contract with SP Group to buy electricity from the Wholesale Electricity Market at the wholesale electricity price. This Fact Sheet provides you with key information about the contract. 2) SP Group must answer any questions you have about this Fact Sheet. 3) Unless otherwise stated, all fees and charges stated in this Fact Sheet are inclusive of the Goods and Services Tax (GST). If there is any change to the GST rate during the contract duration, SP Group reserves the right to update the applicable fees and charges to be inclusive of the prevailing GST rate. A. General Information Name of Electricity Service Provider: SP Group Fact Sheet Version Date: 1 Jan 2023 B. Electricity Price Plan Information Name of Price Plan: Wholesale Electricity Price Type of Price Plan (see footnote 1): This is a Non-Standard Price Plan. The electricity rate to be paid by you is: Non-Standard The electricity rate will be determined based on the Uniform Singapore Energy Price (USEP) and other ancillary charges published by the Energy Market Company (www.emcsg.com) in accordance to the Market Support Services Code. The USEP is the half-hourly energy price in the Singapore Wholesale Electricity Market (SWEM). SP Group must clearly state any incentives (including the terms and conditions) that you will receive if you contract for the electricity price plan (see footnote 2): Not applicable Contract Duration: Automatic Renewal of Contract (see footnote 3): Not applicable The contract has no expiry date. To terminate the contract, simply contact SP Group directly. There will be no charge to terminate the contract. Advanced Meter Required (see footnote 4): No Direct Billing of Electricity Charges by SP Group (see footnote 5): Yes C. Additional Fees or Charges For Electricity Services One-Time Registration Fee: Nil Late Payment Charge: 1% of overdue amount Early Termination Charge (see footnote 6): Nil Any Other Fees and Charges (see footnote 8): 1 Security Deposit (see footnote 7): SP Group will require you to provide a security deposit, and this will be billed to your first bill. The below indicative charges are regulated and approved by the EMA, and will be included in your monthly electricity bill: List of Other Applicable Charges Rate (excl. GST) Rate (incl. 8% GST)* Vesting Contract Debit/Credit Vesting Contract Debit/Credit Variable Variable Transmission Charges for Low Tension Off Peak Period Charge $0.0462 per kWh $0.0499 per kWh Peak Period Charge $0.0594 per kWh $0.0642 per kWh Recurring Market Support Service Charges Meter Reading and Data Management $2.1800 per meter $2.3500 per meter Market Development and Systems Charge $0.0098 per kWh $0.0106 per kWh Retail Settlement Uplift $0.0015 per kWh $0.0016 per kWh *The figures may not reflect the full GST effect due to rounding Refer to www.openelectricitymarket.sg for the list of applicable charges. A one-time installation fee of $43.20 (incl. 8% GST) may be charged if you opt for a smart meter. D. Bundled Product or Services (see footnote 9) There are other products or services bundled with the electricity price plan: No If yes, SP Group should specify below what are the bundled products or services. You should discuss the details with SP Group such as the applicable fees and charges as well as the terms and conditions for accepting the bundled products or services: Not applicable E. Footnotes 1) Please note the differences between a Standard Price Plan and Non-Standard Price Plan. Standard Price Plan Electricity Rates • Inclusive of all applicable charges that vary according to the level of consumption. • Will not change throughout the contract duration. Other Fees and Charges • No recurring charges or fees throughout the contract duration. Non-Standard Price Plan • May not be inclusive of all applicable charges that vary according to the level of consumption. • May change in accordance with the terms and conditions of the contract. • May include recurring charges or fees throughout the contract duration. Contract Duration • 6, 12 or 24 months. • Not limited to 6, 12 or 24 months. Pricing Structure • Fixed Price. Pay a fixed rate (e.g. 20 cents/kWh) for electricity throughout the contract duration. • The electricity retailer may set its own pricing structure, while SP Group can only sell electricity at the USEP. OR • Discount Off the Regulated Tariff. Enjoy a discount off the prevailing regulated tariff (e.g. 5% off) throughout the contract duration. More Information • Visit the Price Comparison Tool at compare.openelectricitymarket.sg to compare the Standard Price Plans offered by different electricity retailers • Visit the electricity retailer’s or SP Group’s website to enquire on Non- Standard Price Plans. 2) SP Group is not allowed to offer any incentive. 3) This contract offered by SP Group has no contract expiry date. 2 4) An advanced meter is a digital meter capable of measuring your electricity consumption every half-hour. It is optional to install an advanced meter to measure your half-hourly electricity consumption unless the price plan you sign up for requires one. The Standard Price Plans do not require an advanced meter. 5) With direct billing, SP Group will bill you directly for electricity supply, and send you a separate bill for the other utilities (such as water and gas supply). 6) SP Group is not allowed to charge you a fee if you terminate the contract. 7) SP Group will require you to provide a security deposit, and this will be billed to your first bill. 8) SP Group will require you to pay other fees and charges, including the prevailing market-related charges. You may refer to www.openelectricitymarket.sg for more information on the market-related charges. 9) SP Group is not allowed to bundle the supply of electricity with other products and/or services. 3

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Consumption_Gas Average consumption of Gas (kWh) Premises Types Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 HDB 1-Room 37 34 36 36 36 35 36 38 38 37 38 35 HDB 2-Room 38 36 37 37 36 36 36 37 38 38 40 37 HDB 3-Room 51 50 51 52 51 51 49 50 52 53 56 50 HDB 4-Room 63 60 63 64 63 62 61 61 64 66 69 62 HDB 5-Room 69 65 69 71 70 69 67 65 70 73 77 68 HDB Executive 72 70 73 75 74 73 70 70 74 78 82 73 Apartment 79 76 82 87 88 85 83 85 91 94 93 80 Terrace 100 96 99 103 107 105 103 100 108 120 114 93 Semi-Detached 116 119 116 118 118 123 118 115 120 133 130 117 Bungalow 191 201 188 202 216 201 200 213 192 220 234 209