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Consumption_Elect Average consumption of Electricity (kWh) Premises Types Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 HDB 1-Room 146 144 135 126 126 132 150 152 149 140 151 148 HDB 2-Room 190 188 176 164 167 173 199 199 195 183 198 192 HDB 3-Room 274 269 247 236 241 250 292 285 277 264 283 277 HDB 4-Room 374 370 342 321 330 342 398 396 383 360 385 381 HDB 5-Room 437 436 401 367 381 399 463 466 448 416 447 446 HDB Executive 541 530 478 456 474 489 575 568 544 515 546 548 Apartment 537 541 483 430 435 486 578 573 543 500 513 539 Terrace 890 881 804 740 794 821 957 900 872 838 847 885 Semi-Detached 1,187 1,174 1,065 1,019 1,038 1,109 1,254 1,224 1,170 1,128 1,126 1,168 Bungalow 2,308 2,358 2,075 2,106 1,951 2,146 2,432 2,360 2,266 2,220 2,121 2,347 Note: The figures exclude electricity consumption for PAYU customers and customers who are not purchasing electricity at the regulated tariff.

Natural Gas Connection Policy and Procedures Updated 1 April 24 Table of Contents 1. General Information ..................................................................................................................... 1 1.1 Purpose of this Document .......................................................................................... 1 1.2 Singapore Gas Transportation System ...................................................................... 1 1.3 Definitions ..................................................................................................................... 2 1.4 Codes of Practices and Regulatory Requirements .................................................. 3 1.5 Submission of Application .......................................................................................... 3 2. Procedures for Gas Connection and Gas Admittance ............................................................. 4 2.1 Apply for Gas Connection .......................................................................................... 4 2.2 Make Payment .............................................................................................................. 5 2.3 Engage DR for Consumer’s Gas Installation .............................................................. 6 2.4 Apply for Gas Admittance .......................................................................................... 7 2.5 Apply for Supply and Gas Turn On ............................................................................ 8 3. Guidelines for Other Applications .............................................................................................. 9 3.1 Apply for Replacement, Addition & Alteration Works ............................................. 9 3.2 Apply for Disconnection ............................................................................................. 9 3.3 Apply for Re-connection ............................................................................................. 9 3.4 Other Applications ....................................................................................................... 9 4. Charges ........................................................................................................................................ 10 4.1 Connection Policy ...................................................................................................... 10 4.2 Connection Charge ................................................................................................... 10 5. Unauthorised Connection and Supply of Gas ......................................................................... 11 6. Appendices ................................................................................................................................. 12 Appendix 1 – Demarcation of responsibility ................................................................................ 12 Appendix 2 – Transmission Connection Flow Chart................................................................... 13 Appendix 3 – Transmission Connection Application Forms ...................................................... 15 Appendix 4 – Distribution Connection Flow Chart ..................................................................... 16 Appendix 5 – Distribution Connection Application Forms ........................................................ 18 Appendix 6 – Reference Rates for Transmission Project ........................................................... 19 Appendix 7 – Reference Rates for Distribution Project .............................................................. 20 Appendix 8 – Deductible Component for Natural Gas Distribution Connection .................... 21 Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 1 1. General Information 1.1 Purpose of this Document PowerGas is licensed by the Energy Market Authority (“Authority”) to be the Gas Transporter (“Transporter”) which owns, operates, and maintains the piped gas network in Singapore. SP PowerGrid (“SPPG”) is licensed by the Authority to be the Gas Transporter Agent to operate and maintain the piped gas network in Singapore on behalf of PowerGas. SPPG’s gas business is to plan, design, operate and maintain gas network assets in a manner that supports the delivery of safe, reliable, efficient, and quality services to customers. Under the Gas Transporter Licence, the Gas Transporter has to develop separate fees and charges for separate gas transportation services such as connection services and transportation services. This document sets out the connection policy and procedure for Natural Gas supply. 1.2 Singapore Gas Transportation System PowerGas owns an extensive gas transmission and distribution network throughout Singapore. The network is generally buried underground and transports natural gas to the western and northern parts of Singapore, and town gas to the whole of Singapore. The gas assets comprise the transmission network (operating at higher pressures), which forms the main reticulation backbone and the distribution network (operating at lower pressures). • Town gas is manufactured in Senoko Gasworks and delivered to approximately 900,000 customers in Singapore. The customers are made up of industrial, commercial, and residential gas users. Residential customers consist mainly of gas users from HDB, condominiums and landed premises. The town gas transmission network operates at 3 barg whereas the distribution network operates at pressure regimes ranging from 1 kPa to 50 kPa. Natural gas is supplied to about 200 customers and is imported from four sources (two submarine pipelines from Indonesia, one submarine pipeline from Malaysia and internationally through the Liquefied Natural Gas Terminal). Under the Gas Network Code, Gas Shippers/Retailers represent the customers that are connected to the natural gas networks. These natural gas customers are typically commercial or industrial and include all power stations. The natural gas transmission network operates mainly at two pressure regimes, 28 barg and 40 barg, and the distribution network operates at pressure regimes ranging from 3 barg to 6 barg. Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 2 1.3 Definitions The following terms shall have the following meanings when used in this document. “Authority” means the Energy Market Authority of Singapore established under the Energy Market Authority of Singapore Act (Cap.92B); “Gas Transporter” or “Transporter” means a representative holding a gas transporter’s licence; “Gas Retailer” or “Retailer” means a person who supplies gas to Retail Customers and who holds a Retailer’s Licence; “Gas Shipper” or “Shipper” means a person holding a gas shipper’s licence; “Gas Network Code” refers to the Gas Network Code issued by the Authority, setting out common terms and conditions between the Gas Transporter and Shippers who engage the Gas Transporter to transport natural gas though the gas pipeline network; “DR” known as designated representative means a professional engineer or a licensed gas service worker appointed by the developer or a responsible person for the premises; “PE” known as professional engineer means any person who is registered as a professional engineer in the mechanical engineering discipline under the Professional Engineers Act (Cap. 253); “LGSW” known as licensed gas service worker” means a person who is licensed under section 12 (3) of the Gas Act (Chapter 116A); “gas service work” means any work carried out on any gas installation or gas appliance, in whole or in part, including any design, construction, installation, commissioning, erection, testing, repair, addition, alteration or maintenance work; “gas service isolation valve (“GSIV”)” means a valve, located at or near the boundary line of any property or the apron of any building, used by a gas transporter to isolate the supply of gas to that property or building; “gas service pipe” means a pipe or any part thereof, other than a gas main, used for the purpose of conveying gas from a gas main to a gas service isolation valve, and includes any pipe owned by, or under the management or control of, a gas transporter which is used for the purpose of conveying gas from the gas service isolation valve to the meter at a consumer’s premises as defined in the Gas Act (Chapter 116A); “gas fitting” includes any pipe, valve, meter, regulator or other device for the control, measurement and use of gas as defined in the Gas Act (Chapter 116A); Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 3 “gas installation” means a discrete grouping of gas fittings linking a gas service pipe to a gas appliance as defined in the Gas Act (Chapter 116A); “Gas Meter Control Valve” means a valve at the inlet of any meter used for the purpose of turning on or off a supply of gas through such meter to any gas installation as defined in the Gas (Supply) Regulation; “Meter Installation” means any meter and its associated equipment and installation including associated pipework, filter, valve, pressure regulating equipment, seal, housing, mounting, telemetry equipment, gas chromatograph and flow computer 1.4 Codes of Practices and Regulatory Requirements This connection procedure shall be read in conjunction with the provisions in the Gas Act, Gas (Supply) Regulations, Gas (Metering) Regulations, Gas Supply Code, Gas Metering Code, Gas Network Code, Singapore Standard, SS608 (where applicable) – Code of Practice for Gas Installation and relevant Retailer’s Handbook of Gas Supply, where applicable. The demarcation of responsibility from the gas service pipe to the gas installation is provided in Appendix 1 for reference purpose. 1.5 Submission of Application Please submit all connection enquiries, applications for gas connection and admittance request via the Gas Shipper/Retailer on SP Group’s eBusiness Portal (“Portal”): https://ebiz.spgroup.com.sg/index.html For all other matters, please submit your request to: gasenquiry@spgroup.com.sg Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 4 2. Procedures for Gas Connection and Gas Admittance Gas users, applicants for gas supply, are advised to apply through the Shipper/Retailers for connection to the gas main network. The Shipper/Retailer will liaise with the Transporter on behalf of the applicant for gas connection and admittance. The key steps for gas connection and gas admittance are outlined below. The detailed process flow chart and Natural Gas connections application forms can be found in Appendices 2 to 5. Apply for Gas Connection Make Payment Engage DR Apply for Gas Admittance Apply for Gas Supply and Turn On 2.1 Apply for Gas Connection Transmission Connection Consumer’s pressure requirement of at least 18 barg shall be eligible for connection to a transmission pipeline, subject to Gas Transporter’s assessment. The actual delivery pressure would vary depending on the location of the offtake point. Consumers requiring higher or lower pressure than the transmission network operating pressure shall at its own cost install the necessary equipment to achieve the required pressure. To apply for a natural gas transmission connection, the Shipper shall submit the following documents and information through the Portal: • Endorsed Form GT1 - “Application for Gas Transmission Connection”; and • A plan showing the connection point endorsed by the responsible person or applicant; and • Consumer Project Data Information. The Transporter shall seek the Authority’s approval for the proposed transmission connection and notify the Shipper on the outcome of the application within 21 days, after obtaining a reply from the Authority. If the application is successful, the connection charge and project lead time will also be made known to the Shipper. Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 5 As the Transporter will need to determine the feasibility of the new connection and establish relevant procedures for the operational phase of the connection, Shippers are advised to request for a consultation through the Portal for the Transporter to arrange a site discussion with the Shipper and Applicant prior to sending in the application. Distribution Connection To apply for a natural gas distribution connection, the Retailer shall submit the following documents and information through the Portal: • Endorsed Form GD1 - “Application for Gas Distribution Connection”; and • Location / site plan showing the project site and proposed connection point(s) endorsed by the responsible person or applicant; and • Location of Meter Installation The Transporter shall notify the Retailer on the outcome of the application within 14 days from the date of receipt of the application. If the application is successful, the connection charge will also be made known to the Retailer. 2.2 Make Payment The Shipper/Retailer shall confirm the project by making payment for the connection charge. Transmission Connection The Shipper shall confirm the project by making payment for the connection charge and book firm capacity in accordance with the requirements set forth in the Gas Network Code (“GNC”). Upon project confirmation, the Transporter shall commence permit application, procurement and construction works to extend gas pipeline up to and including the gas service isolation valve (“GSIV”). Distribution Connection The Retailer shall confirm the project by making payment for the connection charge. The Retailer’s appointed Shipper shall subsequently, where necessary, book firm capacity in accordance with the requirements set forth in the GNC. Upon project confirmation, the Transporter shall commence permit application, procurement and construction works to extend gas pipeline up to and including the GSIV. Natural Gas Connection Policy and Procedure 2.3 Engage DR for Consumer’s Gas Installation Updated 1 Apr 24 Page 6 The applicant shall engage a PE or a LGSW, as the case may require, as the DR for the project. Transmission Connection The Shipper and the DR shall liaise with the Transporter on the connection point at the property boundary, and where applicable, the location of the Meter Installation within the premises, the work schedule and other related matters throughout the entire project until final commissioning. The DR is responsible for the design, procurement, and construction of the Gas Fittings from the GSIV to the appliance/equipment including the Meter Installation, where applicable, in accordance with the Gas Act and its subsidiary legislations and applicable Code(s). Distribution Connection The Retailer and the DR shall liaise with the Transporter on the connection point at the property boundary, the work schedule, the location of the Meter Installation within the consumer’s premises and other related matters throughout the entire project until commissioning. The DR is responsible for the design, procurement, and construction of the Gas Installation from the GSIV to the appliance/equipment, excluding the Meter Installation, in accordance with the Gas Act and its subsidiary legislations and applicable Code(s). Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 7 2.4 Apply for Gas Admittance Transmission Connection The DR shall certify completion and successful testing of the Gas Fittings and the Meter Installation, where applicable. When the Gas Fittings, the Meter Installation and the site are ready to receive gas, the DR/applicant shall apply, through the Shipper, to the Transporter to connect and admit gas into the Gas Fittings up to the Meter Installation, where applicable, by submitting the following form: • Form GT2 - “Application for Admittance of Gas” The DR shall conduct the necessary proof test and complete Form GT3 “Certificate of Proof Test” prior to the Transporter interim admittance of gas into the Gas Fitting up to the Meter Installation. The Transporter shall carry out gas admittance from the GSIV up to the Meter Installation. Upon successful interim admittance of gas, the Transporter shall issue the “Statement of Interim Admittance of Gas”. Thereafter, the DR shall proceed to purge and commission the Gas Fittings up to the Meter Installation, where applicable. The Transporter shall issue the “Statement of Admittance of Gas” upon certification by the DR of successful purging and commissioning of the Gas Fittings up to the Meter Installation. The owner of Meter Installation shall liaise with the Applicant/DR and the Shipper to purge the Meter Installation. Distribution Connection The DR shall certify completion and successful testing of the Gas Installation. When the Gas Installation is ready to receive gas, the DR/applicant shall apply, through the Retailer, to the Transporter to connect and admit gas into the Gas Installation up to, but excluding, the Meter Installation by submitting the following form: • Form GD2 - “Application for Admittance of Gas” The DR shall conduct the necessary proof test and submit the completed Form GD3 “Certificate of Proof Test” and request for interim admittance of gas immediately prior to the Transporter connecting the Gas Installation to the gas pipeline network and admitting gas into the Gas Installation up to, but excluding, the Meter Installation. Upon successful interim admittance of gas, the Transporter shall issue the “Statement of Interim Admittance of Gas”. Thereafter, the DR shall proceed to purge and commission the Gas Installation up to, but excluding, the Meter Installation. Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 8 The Transporter shall issue the “Statement of Admittance of Gas” upon certification by the DR of successful purging and commissioning of the Gas Installation up to the Meter Installation. 2.5 Apply for Supply and Gas Turn On The applicant shall liaise with the Shipper/Retailer to carry out gas turn-on when the installation/equipment and the site are ready to receive gas. Transmission Connection Where the Meter Installation is owned by the Transporter, the Applicant/DR shall submit Form GT4 “Authorisation to Turn on Gas Meter Control Valve” to instruct the Transporter to open the Gas Meter Control Valve for gas turn-on from the Meter Installation to the appliances/equipment. For purging of the Meter Installation and gas turn on, the Shipper shall nominate for gas flow in accordance to Gas Network Code. Distribution Connection The Retailer shall carry out gas turn-on from the Meter Installation up to the appliances/equipment. The applicant is advised to refer to the Retailer’s Handbook on Gas Supply for the latest procedures. A summary of the procedures is shown below. • The DR shall: • certify completion and successful testing of the Consumer’s Internal Pipe; and • apply to the Retailer for connection and gas turn-on up to the appliances/equipment when the Consumer’s Internal Pipe is ready to receive gas. • The Retailer shall: • ensure appropriate tests, before and after the installation of the meter, are performed on the gas installation from and including the meter to the gas appliance before the as supply is turned on at the relevant Gas Meter Control Valve; • arrange for the connection of the Consumer’s Internal Pipe to the outlet of the Meter Installation thereafter; and • issue the “Statement of Turn-on of gas” to the applicant. Natural Gas Connection Policy and Procedure 3. Guidelines for Other Applications 3.1 Apply for Replacement, Addition & Alteration Works Updated 1 Apr 24 Page 9 Any application for replacement of, or addition or alteration to, the gas installation or gas fitting located from the GSIV to (and including) the Meter Installation, where applicable, shall be made by the applicant through the Shipper/Retailer to the Transporter’s email address in Section 1.5. 3.2 Apply for Disconnection An application to disconnect a gas installation or gas fitting from a gas pipeline network shall be made by the responsible person to the Transporter in the following instances: • When the gas supply to the premises has been discontinued; or • When the supply of gas is no longer required; or • When the premised are undergoing renovation or demolition and gas supply has to be disconnected for safety reasons. Any application for the disconnection of the gas installation or gas fitting shall be made to the Transporter’s email address in Section 1.5. 3.3 Apply for Re-connection Any application for the re-connection of the gas installation or gas fitting shall be made to the gas transporter only when the applicant has rectified the defects on the gas installation/fitting. The application should be made through the Shipper/Retailer via the Transporter’s Portal. The Transporter shall respond to the Shipper/Retailer on the outcome of the application within 14 days from the date of receipt of the application. 3.4 Other Applications The applicant is advised to consult with the Transporter if it has a request for gas connection that has not been covered in the procedures above. The applicant shall send its request to the Transporter’s email address in Section 1.5. Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 10 4. Charges 4.1 Connection Policy The cost to connect a customer’s gas installation or gas fitting to the Transporter’s gas pipeline network varies from case-to-case, due to the proximity of the customer’s location and the cost of the materials and services required for the gas connection. Where possible, the Transporter will envisage to propose the most cost-effective connection to the applicant. 4.2 Connection Charge The connection charge payable for all gas connection applications is the sum of the project cost less the deductible cost, subject to a minimum connection charge of zero. The description of each of the cost components are shown below. (1) Project cost All costs related to the provision of gas connection from the Transporter’s gas pipeline network to the GSIV, including the Meter Installation (where applicable). (2) Deductible cost The Transporter’s investment value based on the committed gas demand from the applicant for the new gas connection. For distribution connections, the investment value is derived based on the net present value of the 5-Year revenue of the average consumption for each consumption category (see Appendix 8). For transmission connections, the connection charges are calculated individually on a case-bycase basis. In addition, a Last Mile Connection Charge (“LMCC”) will be levied to recover the cost of the “last mile” connection of the gas installation to the GSIV from the applicant. The natural gas transmission/distribution connection deductible cost, LMCC and unit rates used in the determination of the transmission/distribution pipeline estimated capital investment shall be reviewed and adjusted when deemed necessary by the Transporter. The Transporter reserves the right to review the connection charge paid for any new connection and seek reimbursement for the first 5 years under-recovered revenue from the Shipper/Retailer if the actual gas consumption after 5 years of operation is more than 10% below the projected gas demand declared during application. Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 11 5. Unauthorised Connection and Supply of Gas In accordance with the Gas Act, any person who: • lays or causes to be laid gas pipe or fitting to connect to the gas network belonging to or managed by the Transporter without consent of the Transporter; • fraudulently abstracts, uses or consumes the supply of gas; • tempers any gas meter shall be guilty of an offence and shall be liable on conviction to a fine or imprisonment, or both. The Transporter may disconnect the premises of, or the gas retailer may discontinue supply of gas to the premises of, the person. Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 12 6. Appendices Appendix 1 – Demarcation of responsibility Natural Gas Connection Policy and Procedure Appendix 2 – Transmission Connection Flow Chart Updated 1 Apr 24 Page 13 Start Responsible person applies for connection through Shipper via e-Business portal • Form GT1 • Connection Point Plan • Customer Project Data Information Is there sufficient existing pipeline capacity? No Shipper may request for issuance of Open Season Invitation Yes Upon approval by EMA, Transporter issue quotation within 21 days, with the following information: • Connection charge • Project lead time Has Shipper paid connection charge? No Works shall not commence. If connection quotation expires, Responsible person to apply for connection again. Yes Project confirmed • Transporter commences permit application, procurement and construction • Consumer engages PE and commence design, procurement and construction • Shipper liaises with consumer and Transporter on the project • Shipper applies for transmission network offtake in accordance with GNC. a Yes Is Transporter building the Meter Installation? No b Natural Gas Connection Policy and Procedure Appendix 2 – Transmission Connection Flow Chart (Cont’d) Updated 1 Apr 24 Page 14 a b Transporter designs and constructs Meter Installation PE designs and constructs Gas Fitting and Meter Installation Gas Fitting and Meter Installation and site ready to receive gas Gas Fitting and Meter Installation and site ready to receive gas PE applies for gas admittance • Form GT2 PE applies for gas admittance • Form GT2 PE conducts proof test immediately prior to gas admittance • Form GT3 PE conducts proof test immediately prior to gas admittance • Form GT3 Transporter issues “Statement of Interim Admittance of Gas” and PE proceed to purge and commission up to, but excluding, the Meter Installation Transporter issues “Statement of Interim Admittance of Gas” and PE proceed to purge and commission up to, but excluding, the Meter Installation Transporter purges and commissions Meter Installation Transporter issues “Statement of Admittance of Gas” Transporter issues “Statement of Admittance of Gas” Consumer instruct Transporter to open Gas Meter Control Valve for gas turn on • Form GT4 Consumer proceed to perform gas turn on End Natural Gas Connection Policy and Procedure Appendix 3 – Transmission Connection Application Forms Updated 1 Apr 24 Page 15 S/No. Form No. Description 1 GT1 Application for Gas Transmission Connection 2 GT2 Application for Admittance of Gas 3 GT3 Certificate of Proof Test 4 GT4 Authorisation to Turn On Gas Meter Control Valve Natural Gas Connection Policy and Procedure Appendix 4 – Distribution Connection Flow Chart Updated 1 Apr 24 Page 16 Start Responsible person applies for connection through a Retailer • Form GD1 • Connection Point Plan Transporter notifies Retailer within 14 days, applicable connection charge, lead time and other relevant information Has Retailer paid connection charge? Yes No Works shall not commence. If connection quotation expires, Responsible person to apply for connection again. Project confirmed • Transporter commences permit application, procurement and construction • Retailer liaises with consumer/DR and Transporter on the project • Retailer’s appointed Shipper applies for distribution network offtake in accordance with GNC. • DR designs and constructs gas installation from GSIV to Meter Installation a Natural Gas Connection Policy and Procedure Appendix 4 – Distribution Connection Flow Chart (Cont’d) Updated 1 Apr 24 Page 17 a Gas Installation up to the Metering Installation and the site ready to receive gas DR/ Consumer applies for gas admittance • Form GD2 DR conducts proof test immediately prior to gas admittance • Form GD3 Transporter issues “Statement of Interim Admittance of Gas” and DR proceed to purge and commission up to, but excluding, the Meter Installation Transporter issues “Statement of Admittance of Gas” End During Gas Turn-on, where applicable, the Retailer may authorise the Transporter to operate the Meter Control Valve via Form GD4 Natural Gas Connection Policy and Procedure Appendix 5 – Distribution Connection Application Forms Updated 1 Apr 24 Page 18 S/No. Form No. Description 1 GD1 Application for Gas Distribution Connection 2 GD2 Application for Admittance of Gas 3 GD3 Certificate of Proof Test 4 GD4 Authorisation to Turn On Gas Meter Control Valve Natural Gas Connection Policy and Procedure Appendix 6 – Reference Rates for Transmission Project Updated 1 Apr 24 Page 19 This sets out a non-exhaustive list of the main cost drivers and the corresponding unit rates used in the estimation of the capital investment for a new transmission pipeline. For the avoidance of doubt, the information set out here is provided solely for reference only and is subject to changes in actual contract rates. S/No. Description Size 1 2 3 Laying of underground steel pipeline ($/m) Boring and installation of concrete pipe sleeve Pipe jacking and pipeline ($/m) Construction of jacking and receiving pit ($/pair) Unit Rate ($) excl. GST Unit Rate ($) incl. 9% GST 300mm 6,200 6,758 - 8,500 9,265 - 1,013,000 1,104,170 4 Installation of underground valve ($/set) 300mm 315,000 343,350 5 6 Electrical and Instrumentation Hot tapping works Installation of surveillance system, SCADA RTU and Security RTU ($/set) Tee-off from existing 700mm dia pipeline ($/job) - 787,000 857,830 300mm 177,000 192,930 Note: • The amount of LTA road opening charges may vary due to the scope of the transmission project. For better clarity, please refer to LTA’s website for the charging methodology for LTA road opening charges. • Figures may not reflect the full GST effect due to rounding. Natural Gas Connection Policy and Procedure Appendix 7 – Reference Rates for Distribution Project Updated 1 Apr 24 Page 20 This sets out a non-exhaustive list of the main cost drivers and the corresponding unit rates used in the estimation of the capital investment for a new distribution pipeline. For the avoidance of doubt, the information set out here is provided solely for reference only and is subject to changes in actual contract rates. S/N o. Description Size Unit Rate ($) excl. GST Unit Rate ($) incl. 9% GST 1 Supply and Laying of PE pipes and fittings ($/m) 315mm 860 938 2 Connection to existing pipes ($/job) 315mm 12,900 14,601 3 Installation of Valve ($/job) 300mm 7,800 8,502 4 Reinstatement of rigid pavement / concrete panel ($/m 2 ) 480 524 5 Milling and Patching of road (min 250m 2 ) ($/m 2 ) 31 34 Note: • The amount of LTA road opening charges may vary due to the scope of the transmission project. For better clarity, please refer to LTA’s website for the charging methodology for LTA road opening charges. • Figures may not reflect the full GST effect due to rounding. Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 21 Appendix 8 – Deductible Component for Natural Gas Distribution Connection (wef 1 Apr 24) c = Consumption per Annum (MMBtu) Distribution connection within JIT ($) Distribution connection outside JIT ($) c ≤ 5,000 nil nil 5,000 < c ≤ 15,000 80,000 185,000 15,000 < c ≤ 25,000 160,000 365,000 25,000 < c ≤ 35,000 235,000 550,000 35,000 < c ≤ 45,000 315,000 735,000 45,000 < c ≤ 55,000 395,000 915,000 55,000 < c ≤ 65,000 475,000 1,100,000 65,000 < c ≤ 75,000 550,000 1,285,000 75,000 < c ≤ 85,000 630,000 1,465,000 85,000 < c ≤ 95,000 710,000 1,650,000 95,000 < c ≤ 105,000 790,000 1,835,000 105,000 < c ≤ 115,000 865,000 2,015,000 115,000 < c ≤ 125,000 945,000 2,200,000 125,000 < c ≤ 135,000 1,025,000 2,385,000 135,000 < c ≤ 145,000 1,105,000 2,565,000 145,000 < c ≤ 155,000 1,180,000 2,750,000 155,000 < c ≤ 165,000 1,260,000 2,935,000 Beyond 165,000 1,295,000 2,970,000

新 加 坡 能 源 职 员 到 宏 茂 桥 亚 洲 妇 女 福 利 协 会 乐 龄 之 家 分 发 紧 急 袋 给 居 民 。 图 为 公 司 义 工 委 员 会 主 席 陈 美 慧 (44 岁 ) 给 高 龄 94 岁 的 黄 金 选 示 范 如 何 戴 口 罩 。( 萧 紫 薇 摄 ) “ 应 急 包 ” 派 给 长 者 应 急 用 亚 洲 妇 女 福 利 协 会 乐 龄 之 家 的 70 多 名 年 长 者 前 午 收 到 新 加 坡 能 源 公 司 分 发 的 “ 应 急 包 ”。 袋 中 有 N95 口 罩 、 口 罩 使 用 指 南 和 几 家 机 构 的 紧 急 联 络 号 码 , 以 备 年 长 者 不 时 之 需 。 新 加 坡 能 源 公 司 (Singapore Power) 的 职 员 也 现 场 示 范 戴 口 罩 的 正 确 方 法 , 并 提 醒 年 长 者 为 紧 急 情 况 做 好 准 备 的 重 要 性 。 淡 马 锡 关 怀 基 金 会 (Temasek Cares) 日 前 宣 布 为 新 加 坡 人 分 发 应 急 包 的 计 划 , 鼓 励 家 家 户 户 提 前 为 紧 急 时 刻 做 好 准 备 。 配 合 该 计 划 , 新 加 坡 能 源 在 新 加 坡 邮 政 支 持 下 , 分 发 应 急 包 给 120 万 户 家 庭 , 另 外 也 分 发 1 万 7000 个 给 慈 善 组 织 。 他 们 还 预 备 了 30 万 个 , 以 备 在 国 家 出 现 严 重 烟 霾 或 流 感 时 供 有 需 要 的 家 庭 使 用 。 除 了 亚 洲 妇 女 福 利 协 会 的 乐 龄 之 家 (AWWA Community Home for Senior Citizens) 的 年 长 者 , 约 30 名 新 加 坡 能 源 职 员 当 天 也 给 住 在 同 座 租 赁 组 屋 的 居 民 分 发 应 急 包 。 AWWA 活 动 策 划 经 理 钟 凤 仙 (58 岁 ) 受 访 时 说 , 应 急 包 对 年 长 者 非 常 有 用 。“ 他 们 在 危 急 时 刻 无 需 自 掏 腰 包 去 买 , 平 日 可 以 放 在 床 边 , 出 门 时 还 可 以 随 时 携 带 。 我 们 准 备 鼓 励 他 们 将 一 些 药 品 、 风 油 、 乘 车 卡 和 个 人 资 料 卡 放 入 袋 中 。”

Utility Bill Avg_With Gas Utility Bill Average ($) for households with gas Premises Types Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 HDB 1-Room 86.23 82.42 81.64 83.97 78.63 77.93 75.97 75.08 81.01 81.16 83.75 83.87 HDB 2-Room 99.45 95.00 93.57 97.93 90.47 90.07 87.60 87.37 94.56 94.39 97.23 98.46 HDB 3-Room 126.71 122.50 121.04 124.31 116.58 115.44 112.93 113.86 121.88 120.31 125.78 126.41 HDB 4-Room 151.99 147.59 145.21 150.28 139.53 138.26 135.87 137.34 146.67 144.03 150.19 150.58 HDB 5-Room 162.46 157.97 155.35 160.85 149.14 146.83 145.17 147.64 157.34 153.65 160.62 159.65 HDB Executive 179.80 175.34 171.18 178.17 164.07 162.41 160.35 164.43 173.70 169.66 176.41 176.10 Apartment 184.14 182.73 180.50 187.96 176.05 165.34 160.41 168.05 178.81 182.35 188.05 184.11 Terrace 298.11 292.67 293.17 295.21 285.78 275.95 276.55 284.40 288.13 288.28 301.82 306.22 Semi-Detached 376.26 370.72 362.56 376.52 353.09 342.58 345.08 355.72 360.49 364.38 376.24 385.79 Bungalow 708.95 728.77 693.44 732.73 682.55 680.55 658.72 683.89 721.43 736.03 749.42 755.95 Note: The figures exclude electricity charges for PAYU customers and customers who are not purchasing electricity at the regulated tariff. Utility Bill Avg_WO Gas Utility Bill Average ($) for households without gas Premises Types Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 HDB 1-Room 77.97 73.97 73.36 75.72 70.53 69.56 67.40 67.06 72.45 73.17 75.38 75.74 HDB 2-Room 91.17 86.56 85.41 89.23 82.47 81.75 79.33 78.98 85.79 86.30 89.17 90.37 HDB 3-Room 114.89 110.33 109.14 112.40 105.15 103.85 101.34 102.03 109.65 108.97 114.27 114.94 HDB 4-Room 137.35 132.51 130.31 135.32 125.42 124.11 121.47 122.33 131.34 130.12 136.00 136.35 HDB 5-Room 146.23 141.18 138.68 144.16 133.40 131.27 129.19 130.70 140.15 138.19 144.77 143.93 HDB Executive 162.51 157.57 153.76 160.51 147.39 145.83 143.33 146.49 155.34 153.08 159.88 159.36 Apartment 164.54 161.05 158.14 166.34 155.85 144.88 138.68 145.16 157.04 163.00 167.92 164.57 Terrace 273.88 266.42 265.98 269.32 259.90 252.25 251.03 256.90 262.03 264.47 276.75 281.75 Semi-Detached 347.15 340.35 333.46 344.79 323.43 314.80 316.37 323.27 330.29 335.83 348.16 356.89 Bungalow 665.92 680.97 644.28 684.59 638.58 634.59 612.19 635.63 673.27 688.72 701.56 708.60 Note: The figures exclude electricity charges for PAYU customers and customers who are not purchasing electricity at the regulated tariff.

SAFETY PERFORMANCE CRITERIA Introduction 1. With effect from 1 April 2022, all tenders called by Singapore Power Limited and its Singapore incorporated subsidiaries (SP Group) will include a tender evaluation criteria that takes into account the participating tenderer’s safety performance in their contracts with SP Group. With effect from 1 April 2023, this criteria is extended to subcontractors with LTI. 2. This is in line with SP Group’s core value that safety is our highest priority and all our suppliers and contractors must continuously adopt good safety practices and prevent accidents from occurring. Tender Evaluation Criteria 3. All open and closed tenders published on or after 1 April 2022 by SP Group shall include the new Safety Performance criteria as part of its tender evaluation criteria. 4. The Safety Performance criteria shall be a 1 st level evaluation criteria together with Price and/or Quality and shall be of a overall weightage of not less than 10% of the total evaluation score. 5. For tenders that is evaluated based solely on lowest compliant priced tender with no requirement to assess quality (e.g supply of standard items such as HP toner cartridges), the following evaluation method shall apply: Total Evaluation Score (100%) = Safety Performance (10%) + Price (90%) 6. For tenders that is evaluated based on Price and Quality factors, the following evaluation method shall apply: Total Evaluation Score (100%) = Safety Performance (10%) + Price (X%) + Quality (Y%) Where X + Y = 90% 7. For the avoidance of doubt, other safety related evaluation criteria such as the proposed safety measures to be taken for the tendered project or the tenderer’s past safety awards shall be accounted separately under the Quality score. Safety Performance 8. Safety Performance of tenderers shall be assessed by taking into account the occurrence of any Loss Time Injury (LTI) incidents in the past 2 years prior to tender closing date. In the event of the occurrence of any incidents that results in fatality or serious injury in the past 1 year prior to the tender closing date, the bid submitted by the tenderer may be rejected by SP Group. For the avoidance of doubt only incidents occurring on or after 1 April 2022 will be considered. 9. Loss Time Injury incidents for the purpose of this Safety Performance criteria refers to any incidents where: a. It is a work-related injury occurs which results in lost work time of one work day or more; b. The incident occurred while the tenderer was carrying out works under a contract with SP Group; and c. The incident occurred on or after 1 April 2022. 10. Any incidents that occur in the course of the Tenderer’s work in contracts with other parties are not accounted under this criteria’s scoring but may considered in the final decision for award.

S$1.30 A SINGAPORE PRESS HOLDINGS PUBLICATION | businesstimes.com.sg | fb.com/thebusinesstimes | @BusinessTimes | CO REGN NO 198402868E | MCI (P) 048/12/2018 Tuesday, October 29, 2019 It’s switch and save as SP powers up households with cheaper option Its wholesale rates are not only the lowest based on prevailing market prices, but also allow consumers to pocket up to some 40% savings By Anita Gabriel anitag@sph.com.sg @AnitaGabrielBT Singapore SP GROUP’s market share may have contracted since Singapore opened the electricity market for 1.4 million households to pick among more than ten retailers but the national utility should not be off the table as a cheap(est) option for the thrifty. In fact, SP has been powering up some households at wholesale rates that are not only the lowest based on prevailing market prices, but also allow consumers to pocket up to some 40 per cent savings. This is way more than the 20-30 per cent savings that customers who have switched over to any of the 12 electricity retailers are enjoying. “Wholesale electricity prices are determined by market forces. While they are currently the lowest price out there, they tend to fluctuate due to demand and supply of real-time electricity consumption across Singapore,” SP Services chief executive Chuah Kee Heng told The Business Times. SP’s wholesale electricity price (WEP) product is separate from its regulated tariff package – the default option for Singapore households that haven’t switched from the incumbent to any of the retailers under the Open Electricity Market (OEM). This WEP option was made available to households when their respective zones opened up following the soft launch of the OEM in Jurong in April 2018. “Consumers can choose to remain with SP Group at the regulated tariff, that is set by the EMA, or purchase directly from the wholesale electricity Source: The Business Times © Singapore Press Holdings Limited. Permission required for reproduction. SP Services chief executive Chuah Kee Heng says consumers can stay with the regulated tariff set by the EMA, or buy directly from the wholesale electricity market via SP. market via SP at no mark-up, and with no lock-in period,” said Mr Chuah. In a comparison chart provided on SP Utilities’ app: based on the national average usage (a four-room HDB flat that consumes 376 kWh, or S$94.26 a month), households are able to cut their monthly power bills by some 38 per cent with SP’s WEP product. On the other hand, the regulated tariff offered by SP – this rate reflects the costs of building and operating the power plants and maintaining the power grid – has zero savings for consumers and is unsurprisingly the most pricey option. The next best thing (in terms of pricing) is offered by Union Power’s fixed 12-month plan that came in nearly 30 per cent cheaper. In short, SP’s wholesale package compares favourably when stacked up against all OEM retailers including market leaders Keppel Electric, Geneco and iSwitch, and even the highest rated ones as per EMA’s recent survey on customer satisfaction – Ohm Energy, Sunseap Energy and TuasPower. Mr Chuah declined to provide details on how many households have so far signed up for SP’s wholesale package, but BT understands that “a few thousands” have hopped on to this non-standard price plan that (unlike the variety of plans offered by retailers) has no contract expiry date and is not limited to six, 12 or 24 months. This means consumers are not subject to premature termination charges. Notwithstanding SP’s wholesale option, four out of 10 households have switched over to the retailers, according to a recent update by regulator Energy MarketAuthority (EMA). Continued on Page 2 It’s switch and save as SP powers up households with cheaper option Continued from page 1 However it would seem to defy commercial logic for electricity retailers to also offer wholesale rates to endusers, as that would mean forgoing margins. “The pricing offered by retailers reflect the current market conditions, level of competition and short-term costs of producing electricity. Additionally, retailers can also choose to bundle other products and services for customers (such as grocery vouchers, mobile and broadband plans),” said SP’s Mr Chuah, adding that SP is not allowed to offer any incentive under the WEP plan. As sweet as the numbers seem for SP’s wholesale product, there is one big catch – the element of uncertainty given volatile prices as they are determined based on the Uniform Singapore Energy Price (USEP) which varies half-hourly depending on the prevailing demand and supply situation in the wholesale market. “WEP price plans are not featured prominently as the electricity rate which a consumer pays is uncertain,” said an EMA spokesman in response to BT queries. “It would typically rise with increasing electricity demand and/or outage of generating units. An example of this is in October 2018 when the WEP ranged between 15.98 cents/kWh to 135.66 cents/kWh,” said EMA, adding that switching to buy electricity from a retailer under a fixed price or discount off the regulated tariff plan provides more price certainty than buying at the WEP. The “high level of market risk” involved renders SP’s wholesale product “less attractive” for households, said Andrew Koscharsky, iSwitch’s chief commercial officer. He deemed the wholesale power market in the city state “highly unpredictable”, given the real time oil market risks and electricity supply and demand fundamentals. “This could result in ‘bill shock’ due to the unpredictable pricing calculation. The consumer will never know what rate their electricity will be charged at until after their bill arrives,” he pointed out. “Such an event occurred in New Zealand, where a retailer was offering only wholesale products, rather than a fixed price. A volatile wholesale event occurred and this resulted in thousands of angry customers.” Uncertainty is anathema to Singapore households going by the OEM statistics; six out of 10 have not ditched SP partly due to worries over the financial stability of retailers in general while a majority that have switched have opted for fixed-price plans. A Sunseap spokesman said: “Currently, Sunseap does not have a wholesale plan as we are focused on our fixed price and discount-off-tariff plans. The fact that four in 10 households have already switched to a new electricity retailer attests to the popularity of the new retail plans.” A spokesman for Keppel Electric said: “Keppel Electric chose not to offer wholesale electricity pricing products as wholesale pricing is subject to half-hourly fluctuations of power prices, which are caused by real time demand and supply in the wholesale market. “(Our) fixed price plans offer price certainty to customers over their contract duration, while discount-off-tariff plans offer a fixed discount off quarterly published regulated tariffs. We believe that the certainty, which both types of plans offer, would appeal more to most customers.” Under the OEM, consumers are not compelled to switch to a retailer. Yet, it appears that many who have decided to stay with SP for reasons ranging from inertia, a wait-and-see attitude to negligible savings if they were to switch, are unaware of SP’s cheaper option. One customer, who wanted to be known only as Mr Ng, was peeved: “Oh man, I had no idea there was this cheaper alternative. I can’t change now as I have signed up for a two-year package.” Source: The Business Times © Singapore Press Holdings Limited. Permission required for reproduction.

Contact Us Enquiries SP Services - Enquiries on Utilities Account Open Electricity Market Submit Meter Readings Message* Contact Person* Contact Email* Contact Number* Utilities Account Number* Attachment Upload your supporting documents [Optional] (Max 3 files, 4MB each. File type .pdf, .jpg, .jpeg, .png) Choose File No file chosen Ticket Number I- Submit * denotes mandatory field By submitting this form, I hereby agree to SP Group to collect, use and disclose my information provided above, for the purpose of [i] responding to my inquiry, [ii] receiving relevant marketing information, and [iii] complying with all applicable laws and regulations, and business requirements, in accordance with SP Group's personal data protection policy at https://www.spgroup.com.sg/personal-data-protection-policy. Customers Billing & Retail To send us your written query, please click here Billing / Utilities Account Enquiries 1800 222 2333 Quality Service Manager 1800 235 2151 servicequality@spgroup.com.sg Open Electricity Market Enquiries 1800 233 8000 choice@spgroup.com.sg Gas Installation Appointments Click here to make an appointment. 1800 555 1661 Customer Service Centre HDB Hub 490 Lorong 6 Toa Payoh #09-11   HDB Hub Biz Three Lift Lobby 1 Singapore 310490   Opening Hours: Mon to Fri (8:30am to 6pm) Sat (8:30am to 1pm) Closed on Sun & Public Holidays Note: Issuance of queue tickets ends at 5pm on weekdays and 12pm on Saturdays. District Cooling & Heating Singapore District Cooling Enquries districtcooling@spgroup.com.sg Electric Vehicle Solutions EV Charging Solutions Enquiries 6916 7799 emobility@spgroup.com.sg Electricity, Gas & Solar Power Electricity Supply Interruption Electricity Service Centre (24-Hour Hotline) 1800 778 8888 Solar PV Enquiries powerfeedback@spgroup.com.sg Water Supply Interruption, Quality & Pressure Issues Public Utilities Board (24-Hour Hotline) 1800 225 5782 Worksite, Equipment or Service Quality Issues powerfeedback@spgroup.com.sg Gas Emergency Hotline 1800 752 1800 Replacement of Gas Meters +65 6671 7109 Residential Premises Gas Pipe Inspection Click here to make an appointment +65 6916 7940 gaspip@spgroup.com.sg Licensed Electrical Workers Purchase of Electricity Cable / Gas Pipe Plans +65 6916 5022 mea@spgroup.com.sg Installation / Replacement of Electrical Meters +65 6916 8555 +65 6671 7107 Endorsement of Substation Drawings +65 6916 8557 (East) +65 6916 8679 (West) Procurement of Transmission & Distribution Equipment & Cables +65 6916 8538 Technical Matters on Transmission & Distribution Equipment & Cables powerfeedback@spgroup.com.sg Search for Licensed Electrical Workers Click here to find a Licensed Electrical Worker. Notice for Commencement of Earthworks/ Registered Excavator Operator/Registered Earthworks Supervisor Applications +65 6916 5021 Training To reach Singapore Institute of Power and Gas for enquiries on training courses, you can email training-institute@spgroup.com.sg. Procurement To reach the SP Group Procurement team for enquiries on current/upcoming tender opportunities or technical support for the Supplier Relationship Management System, you can call +65 6916 8839 or email srmsupport@spgroup.com.sg. Careers To reach the SP Group Human Resource team for enquiries on job opportunities, scholarships or internships, you can email recruitment@spgroup.com.sg. Media Contacts For media related enquiries, please write to us here. Please note that your personal data may be shared with our partners and other relevant third parties - to enable them to follow-up and reply to you directly on your feedback. By provision of your personal particulars, you are deemed to have provided your consent to the collection, use or disclosure of your personal data for this purpose. Mailing Address SP Group 2 Kallang Sector Singapore 349277

SP PowerAssets Limited Directors’ statement Year ended 31 March 2022 1 Directors’ statement We are pleased to submit this annual report to the member of SP PowerAssets Limited (the “Company”) together with the audited financial statements for the financial year ended 31 March 2022. Opinion of the Directors In our opinion, (a) the financial statements set out are drawn up so as to give a true and fair view of the financial position of the Company as at 31 March 2022 and the financial performance, changes in equity and cash flows of the Company for the year ended on that date in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”); and (b) at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due. Directors The directors in office at the date of this statement are as follows: Mr Stanley Huang Tian Guan Mrs Jeanne Cheng Mr Ong Teng Koon Ms Amelia Champion Ms Loong Hui Chee Mr Kenneth Soh Yew Chin Directors’ interests According to the register kept by the Company for the purposes of Section 164 of the Act, particulars of interests of directors who held office at the end of the financial year (including those held by their spouses and infant children) in shares, debentures, warrants and share options in the Company and in related corporations are as follows: SP PowerAssets Limited Directors’ statement Year ended 31 March 2022 2 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year Holdings at end of the year Mrs Jeanne Cheng Singapore Telecommunications Limited Singapore Technologies Engineering Ltd 11,180 10,000 11,180 10,000 Ms Amelia Champion Singapore Telecommunications Limited CapitaLand Limited CapitaLand Investment Limited CapitaLand Integrated Commercial Trust – units 1,430 5,000 – – 1,430 –* 5,000* 773* Ms Loong Hui Chee Ascendas Real Estate Investment Trust – units Ascott Residence Trust – units CapitaLand Limited CapitaLand Investment Limited CapitaLand Integrated Commercial Trust – units Mapletree North Asia Commercial Trust – units Mapletree Treasury Services Limited - 3.95% Perpetual Bond Singapore Airlines Limited Singapore Technologies Engineering Ltd Singapore Telecommunications Limited Temasek Financial (IV) Private Limited - 2.70% T2023 Temasek S$ Bond due 25 October 2023 14,615 159,248 21,531 – 57,344 59,471 S$250,000 20,669 1,495 117,108 S$13,000 14,615 159,248 –* 21,531* 71,680* 60,321 S$250,000 20,669 1,495 117,108 S$13,000 * Scheme of arrangement by CapitaLand Limited (“CapitaLand”), pursuant to which every 1 CapitaLand share was exchanged for 1 share in CapitaLand Investment Limited, 0.154672686 unit in CapitaLand Integrated Commercial Trust, and S$0.951 in cash. SP PowerAssets Limited Directors’ statements Year ended 31 March 2022 3 Except as disclosed in this statement, no director who held office at the end of the financial year had interests in shares, debentures, warrants or share options of the Company, or of related corporations, either at the beginning of the financial year, or at the end of the financial year. Neither at the end of, nor at any time during the financial year, was the Company a party to any arrangement whose objects are, or one of whose objects is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate. Share Options During the financial year, there were: (i) (ii) no options granted by the Company to any person to take up unissued shares in the Company; and no shares issued by virtue of any exercise of option to take up unissued shares of the Company. As at the end of the financial year, there were no unissued shares of the Company under option. On behalf of the Board of Directors MR STANLEY HUANG TIAN GUAN Chairman MS LOONG HUI CHEE Director 1 June 2022 SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2022 4 Independent Auditor’s Report For The Financial Year Ended 31 March 2022 Independent Auditor’s Report to the Member of SP PowerAssets Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of SP PowerAssets Limited (the “Company”) which comprise the balance sheet as at 31 March 2022, the income statement, statement of comprehensive income, statement of changes in equity and statement of cash flows for the financial year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Company as at 31 March 2022 and of the financial performance, changes in equity and cash flows of the Company for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For the matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled our responsibilities described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report, including in relation to the matter. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2022 5 address the matter below, provide the basis for our audit opinion on the accompanying financial statements. Goodwill impairment review The Company has recorded an asset of $2,166.8 million which represents goodwill on the acquisition of the transmission business as discussed in Note 6. The goodwill balance is reviewed annually for impairment based on fair value which is determined by discounting expected future cash flows as discussed in Note 6. The assessment of fair value requires significant management judgement in establishing future cash flows, the terminal value and the discount rate. Our audit procedures included assessing the key assumptions used in arriving at the fair value, including the terminal value, forecast future cash flows, and the discount rate. In performing our audit procedures, we assessed the reasonableness of cash flow projections by assessing the reliability of management’s budgeting process, the Company’s own historical data and performance and the impact of Covid-19 pandemic on market and economic conditions prevailing at the reporting date. In relation to other key inputs, such as the terminal value and discount rate, we compared these inputs to externally available industry, economic and financial data. We further reviewed the adequacy of the disclosure in the financial statements in Note 6 of the financial statements. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Directors for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and SFRS(I), and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2022 6 In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The directors’ responsibilities include overseeing the Company’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2022 7 We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on Other Legal and Regulatory Requirements In our opinion, the accounting and other records required by the Act to be kept by the Company have been properly kept in accordance with the provisions of the Act. The engagement partner on the audit resulting in this independent auditor’s report is Philip Ling Soon Hwa. Ernst & Young LLP Public Accountants and Chartered Accountants Singapore 1 June 2022 SP PowerAssets Limited Financial statements Year ended 31 March 2022 8 Balance sheet As at 31 March 2022 Non-current assets Property, plant and equipment Intangible assets Derivative assets Current assets Inventories Trade and other receivables Current tax receivable Derivative assets Cash and cash equivalents Total assets Regulatory deferral accounts (“RDA”) debit balances Total assets and RDA debit balances Note 4 6 7 8 9 7 10 11 2022 $ million 10,647.7 2,169.3 124.6 12,941.6 34.8 340.0 − 55.6 0.2 430.6 13,372.2 223.2 13,595.4 2021 $ million 10,473.5 2,171.1 176.1 12,820.7 35.0 281.2 13.7 1.1 1.8 332.8 13,153.5 222.3 13,375.8 Equity Share capital Hedging reserve Accumulated profits Total equity 12 13 2,512.4 81.6 2,595.4 5,189.4 2,512.4 52.4 2,511.5 5,076.3 Non-current liabilities Debt obligations Derivative liabilities Deferred tax liabilities Deferred income Deferred construction cost compensation Lease liabilities 14 7 15 16 17 5 2,416.7 160.4 1,442.3 133.8 256.2 0.4 4,409.8 3,320.1 63.9 1,386.5 142.3 256.2 − 5,169.0 Current liabilities Debt obligations Derivative liabilities Current tax payable Trade and other payables Lease liabilities Total liabilities Total equity and liabilities Regulatory deferral accounts (“RDA”) related deferred tax liabilities Total equity, liabilities and RDA related deferred tax liabilities 14 7 18 5 11 777.8 5.2 50.6 3,121.3 3.4 3,958.3 8,368.1 13,557.5 37.9 13,595.4 − 4.4 − 3,088.3 − 3,092.7 8,261.7 13,338.0 37.8 13,375.8 The accompanying notes form an integral part of these financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 9 Income statement Year ended 31 March 2022 Note 2022 $ million 2021 $ million Revenue Other income Expenses - Depreciation of property, plant and equipment - Amortisation of intangible assets - Maintenance - Management fees - Property taxes - Agency fee - Support services - Other operating expenses Operating profit Finance income Finance costs Profit before taxation Tax expense Profit for the year Net movement in RDA balances related to profit or loss and the related deferred tax movement Profit for the year and net movement in RDA balances 19 20 4 6 21 22 23 24 11 1,660.4 73.3 (622.2) (2.8) (101.8) (153.9) (60.2) (27.6) (36.1) (54.3) 674.8 0.1 (135.8) 539.1 (100.7) 438.4 0.8 439.2 1,438.1 81.4 (591.7) (9.0) (96.2) (153.2) (60.4) (26.2) (33.4) (47.2) 502.2 # (132.3) 369.9 (68.7) 301.2 170.2 471.4 # Less than $0.1 million The accompanying notes form an integral part of these financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 10 Statement of comprehensive income Year ended 31 March 2022 2022 $ million 2021 $ million Profit for the year and net movement in RDA balances 439.2 471.4 Other comprehensive income Items that are or may be reclassified subsequently to profit or loss: Effective portion of changes in fair value of cash flow hedges, net of tax 31.7 24.2 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax (2.6) 1.0 - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax 0.1 (1.2) Other comprehensive income for the year, net of tax 29.2 24.0 Total comprehensive income for the year 468.4 495.4 The accompanying notes form an integral part of these financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 11 Statement of changes in equity Year ended 31 March 2022 Note Share capital $ million Hedging reserve $ million Accumulated profits $ million Total equity $ million At 1 April 2020 2,512.4 28.4 2,384.8 4,925.6 Total comprehensive income for the year Profit for the year and net movement in RDA balances − − 471.4 471.4 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax − 24.2 − 24.2 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax − 1.0 − 1.0 - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax − (1.2) − (1.2) Total other comprehensive income Total comprehensive income for the year − 24.0 471.4 495.4 − 24.0 − 24.0 Transaction with owner, recognised directly in equity Contributions by and distribution to owner Dividends declared 29 − − (344.7) (344.7) At 31 March 2021 2,512.4 52.4 2,511.5 5,076.3 The accompanying notes form an integral part of these financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 12 Statement of changes in equity Year ended 31 March 2022 (cont'd) Note Share capital $ million Hedging reserve $ million Accumulated profits $ million Total equity $ million At 1 April 2021 2,512.4 52.4 2,511.5 5,076.3 Total comprehensive income for the year Profit for the year and net movement in RDA balances − − 439.2 439.2 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax − 31.7 − 31.7 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax − (2.6) − (2.6) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax − 0.1 − 0.1 Total other comprehensive income − 29.2 − 29.2 Total comprehensive income for the year − 29.2 439.2 468.4 Transaction with owner, recognised directly in equity Contributions by and distribution to owner Dividends declared At 31 March 2022 29 − − (355.3) (355.3) 2,512.4 81.6 2,595.4 5,189.4 The accompanying notes form an integral part of these financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 13 Statement of cash flows Year ended 31 March 2022 2022 $ million 2021 $ million Cash flows from operating activities Profit for the year and net movement in RDA balances 439.2 471.4 Adjustments for: Tax expense 23 100.7 68.7 Depreciation and amortisation 625.0 600.7 Loss on disposal of property, plant and equipment and intangible assets 24 4.0 0.6 Deferred income 16 (8.8) (8.7) Inventories written down, net 8 4.3 5.3 (Write-back of allowance) / allowance for expected credit loss on trade receivables, net 9 (2.3) 7.5 Finance income 21 (0.1) # Finance costs 22 135.8 132.3 Exchange gain, net 24 (0.3) (0.2) Net movements in RDA balances related to profit or loss and the related deferred tax movement 11 (0.8) (170.2) 1,107.4 Changes in working capital: Inventories (4.1) (0.7) Trade and other receivables (56.8) (37.0) Trade and other payables 76.0 (6.2) Cash generated from operations 1,311.8 1,063.5 Interest received 0.1 # Income tax refunded / (paid) 13.4 (10.0) Net cash generated from operating activities 1,325.3 1,053.5 Cash flows from investing activities Purchase of property, plant and equipment (860.6) (832.0) Purchase of intangible assets (1.0) (0.9) Proceeds from disposal of property, plant and equipment and intangible assets 6.2 5.5 Net cash used in investing activities (855.4) (827.4) Note 1,296.7 Cash flows from financing activities Interest paid (56.6) (85.9) Commitment fees paid (0.1) (1.5) Repayment of related company loans (411.5) (129.9) Payment of principal portion of lease liabilities 5 (3.3) (7.0) Net cash used in financing activities (471.5) (224.3) Net (decrease) / increase in cash and cash equivalents Cash and cash equivalents at beginning of the year (1.6) 1.8 1.8 – Cash and cash equivalents at end of the year 10 0.2 1.8 # Less than $0.1 million During the financial year, tax-exempt dividend declared to the immediate holding company in relation to the financial year ended 31 March 2021 of $355.3 million (2021: $344.7 million) were settled via loans from a related company. In 2021, the Company repaid two of its bonds amounting to $780.0 million. The amounts were settled via loans from a related company. The accompanying notes form an integral part of these financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 14 Notes to the financial statements These notes form an integral part of the financial statements. The financial statements were authorised for issue by the Board of Directors on 1 June 2022. 1 Domicile and activities SP PowerAssets Limited (the “Company”) is incorporated in the Republic of Singapore and has its registered office at 2 Kallang Sector, SP Group Building, Singapore 349277. The principal activities of the Company are those relating to the provision of services in connection with the transmission and distribution of electricity. The immediate and ultimate holding companies are Singapore Power Limited and Temasek Holdings (Private) Limited respectively. Both companies are incorporated in the Republic of Singapore. 2 Basis of preparation 2.1 Statement of compliance The financial statements have been prepared in accordance with the Singapore Financial Reporting Standards (International) (“SFRS(I)”). 2.2 2.3 2.4 Basis of measurement The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies set out below. Functional and presentation currency The financial statements are presented in Singapore dollars, which is the Company’s functional currency. All financial information presented in Singapore dollars has been rounded to the nearest 0.1 million, unless otherwise stated. Use of estimates and judgements The preparation of financial statements in conformity with SFRS(I) requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying amounts of assets and liabilities that are not readily apparent from other sources. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is discussed below: SP PowerAssets Limited Financial statements Year ended 31 March 2022 15 Impairment of goodwill and indefinite-lived intangible assets Impairment reviews in respect of goodwill and intangible assets are performed at least annually. More regular reviews are performed if changes in circumstances or the occurrence of events indicate potential impairment. The Company uses the present value of future cash flows to determine the recoverable amounts of the cash generating units. In calculating the recoverable amounts, significant management judgement is required in forecasting cash flows of the cash generating units, in estimating the terminal growth values and in selecting an appropriate discount rate. Details of key assumptions made are set out in Note 6. Regulatory deferral accounts Regulatory deferral account debit or credit balances represent timing differences between revenue recognised for financial reporting purposes (as set out in Note 3.14) and revenue earned for regulatory purposes. Revenue earned for regulatory purposes is estimated based on the revenue allowed by the Energy Market Authority (“EMA”) (in accordance with the price regulation framework), taking into consideration the services rendered and volume of electricity delivered to consumers. Note 3.12 sets out the accounting policy for regulatory deferral accounts. 2.5 Changes in accounting policies Adoption of new and revised SFRS(I)s and Interpretation to SFRS(I) The Company has applied the Amendments to SFRS(I) 9, SFRS(I) 1-39, SFRS(I) 7, SFRS(I) 4, SFRS(I) 16: Interest Rate Benchmark Reform – Phase 2 which is effective for annual financial periods beginning on or after 1 April 2021. The Phase 2 amendments provide practical relief from certain requirements in SFRS(I) Standards. The amendment most relevant to the Company is where it provides for a series of temporary exceptions from certain hedge accounting requirements when a change required by the interest rate benchmark reform occurs to a hedge item and /or hedging instrument that permit the hedge relationship to be continued without interruption. The Company applies the following reliefs as and when uncertainty arising from the interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-based cash flows of the hedged item or hedging instrument: • the Company amends the designation of a hedging relationship to reflect changes that are required by the reform without discontinuing the hedging relationship; and • when a hedged item in a cash flow hedge is amended to reflect the changes that are required by the reform, the amount accumulated in the hedging reserve is deemed to be based on the alternative benchmark rate on which the hedged future cash flows are determined. The details of the accounting policies and related disclosures on financial risk management are disclosed in Notes 3.4 and 26. There was no significant financial impact to the Company as a result of these amendments. SP PowerAssets Limited Financial statements Year ended 31 March 2022 16 3 3.1 Significant accounting policies The accounting policies set out below have been applied consistently for all periods presented in these financial statements, and have been consistently applied by the Company, which addresses changes in accounting policies due to the adoption of new and revised standards. Foreign currencies Foreign currency transactions Transactions in foreign currencies are translated to the functional currency of the Company at the exchange rate at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at the reporting date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rate prevailing on the date which the fair value was determined. Non-monetary items in a foreign currency that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on translation are recognised in profit or loss, except for differences arising on the translation of qualifying cash flow hedges, which are recognised in other comprehensive income. 3.2 Property, plant and equipment Recognition and measurement Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located and capitalised borrowing cost. Capitalisation of borrowing costs will cease when the asset is ready for its intended use. Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and is recognised net within other income/other operating expenses in profit or loss. SP PowerAssets Limited Financial statements Year ended 31 March 2022 17 Subsequent costs The cost of replacing a component of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to the Company, and its cost can be measured reliably. The carrying amount of the replaced component is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. Depreciation Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. Freehold land and construction-in-progress are not depreciated. The estimated useful lives for the current and comparative periods are as follows: Leasehold land Buildings, office and tunnels Transformers and switchgear Other plant and machinery - Works and other equipment - Standby electricity generator and other machinery Mains Other fixed assets (principally meters and motor vehicles) Over the term of the lease ranging from 30 to 99 years 30 to 40 years or the lease term, if shorter 30 years 3 to 10 years 15 to 25 years 30 years 3 to 10 years Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate. 3.3 Intangible assets Goodwill Goodwill arising from acquisition represents the excess of the cost of acquisition over the fair value of identifiable net assets acquired. Subsequent measurement Goodwill is measured at cost less accumulated impairment losses and is tested for impairment on an annual basis as described in Note 3.5. SP PowerAssets Limited Financial statements Year ended 31 March 2022 18 Other intangible assets Deferred expenditure relates mainly to contributions paid by the Company in accordance with regulatory requirements towards capital expenditure costs incurred by electricity generation companies, and is stated at cost less accumulated amortisation and accumulated impairment losses. Deferred expenditure is amortised on a straight-line basis over the period in which the Company derives benefits from the capital contribution payments, which is generally the useful life of the relevant equipment ranging from 7 to 19 years. Computer software is stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful life of 5 years. Computer software development in-progress is stated at cost. No amortisation is provided until it is ready for use. 3.4 Financial instruments Non-derivative financial assets Initial recognition and measurement Financial assets are recognised when, and only when the entity becomes party to the contractual provisions of the instruments. At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. Trade receivables are measured at the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third party, if the trade receivables do not contain a significant financing component at initial recognition. Subsequent measurement Investments in debt instruments Subsequent measurement of debt instruments depends on the Company’s business model for managing the asset and the contractual cash flow characteristics of the asset. Financial assets that are held for the collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Financial assets are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the assets are derecognised or impaired, and through the amortisation process. SP PowerAssets Limited Financial statements Year ended 31 March 2022 19 Derecognition The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Cash and cash equivalents Cash and cash equivalents comprise cash balances and bank deposits. Non-derivative financial liabilities Initial recognition and measurement Financial liabilities are recognised when, and only when, the Company becomes a party to the contractual provisions of the financial instrument. The Company determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value plus in the case of financial liabilities not at fair value through profit or loss, directly attributable transaction costs. For financial liabilities at fair value through profit or loss, directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent measurement After initial recognition, financial liabilities that are not carried at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, and through the amortisation process. Financial liabilities at fair value through profit or loss are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. On derecognition, the difference between the carrying amounts and the consideration paid is recognised in profit or loss. Offsetting Financial assets and liabilities are offset and the net amount presented on the balance sheet when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The rights of offset must not be contingent on a future event and must be enforceable in the event of bankruptcy or insolvency of all the counterparties to the contract. SP PowerAssets Limited Financial statements Year ended 31 March 2022 20 Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Derivative financial instruments and hedge accounting The Company holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met. Derivatives are initially measured at fair value and any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or loss. The Company designates certain derivatives and non-derivative financial instruments as hedging instruments in qualifying hedging relationships. At inception of designated hedging relationships, the Company documents the risk management objective and strategy for undertaking the hedge. The Company also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. The Company applies hedge accounting for certain hedging relationships which qualify for hedge accounting. For the purpose of hedge accounting, hedges are classified as: • cash flow hedges when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment; or • fair value hedges when hedging the exposure to changes in fair value of a recognised asset or liability or an unrecognised firm commitment Cash flow hedges When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognised in other comprehensive income and presented in the hedging reserve in equity. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. When the hedged item is a non-financial asset, the amount accumulated in equity is included in the carrying amount of the asset when the asset is recognised. In other cases, the amount accumulated in equity is reclassified to profit and loss in the same period that the hedged item affects profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. SP PowerAssets Limited Financial statements Year ended 31 March 2022 21 When a cash flow hedge is discontinued, the cumulative gain or loss previously recognised in other comprehensive income will remain in the cash flow hedge reserve until the future cash flows occur if the hedged future cash flows are still expected to occur or reclassified to profit or loss immediately if the hedged future cash flows are no longer expected to occur. Fair value hedges Changes in the fair value of a derivative hedging instrument designated as a fair value hedge are recognised in profit or loss. The hedged item is adjusted to reflect changes in its fair value in respect of the risk being hedged; the gain or loss attributable to the hedged risk is recognised in profit or loss with an adjustment to the carrying amount of the hedged item. Hedges directly affected by interest rate benchmark reform Phase 1 amendments: Prior to interest rate benchmark reform – when there is uncertainty arising from interest rate benchmark reform For the purpose of evaluating whether there is an economic relationship between the hedged item(s) and the hedging instrument(s), the Company assumes that the benchmark interest rate is not altered as a result of interest rate benchmark reform. For a cash flow hedge of a forecast transaction, the Company assumes that the benchmark interest rate will not be altered as a result of interest rate benchmark reform for the purpose of assessing whether the forecast transaction is highly probable and presents an exposure to variations in cash flows that could ultimately affect profit or loss. In determining whether a previously designated forecast transaction in a discontinued cash flow hedge is still expected to occur, the Company assumes that the interest rate benchmark cash flows designated as a hedge will not be altered as a result of interest rate benchmark reform. The Company will cease to apply the specific policy for assessing the economic relationship between the hedged item and the hedging instrument (i) to a hedged item or hedging instrument when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the contractual cash flow of the respective item or instrument or (ii) when the hedging relationship is discontinued. For its highly probable assessment of the hedged item, the Company will no longer apply the specific policy when the uncertainty arising from interest rate benchmark reform about the timing and the amount of the interest rate benchmark-based future cash flows of the hedged item is no longer present, or when the hedging relationship is discontinued. Phase 2 amendments: Replacement of interest rates – when there is no longer uncertainty arising from interest rate benchmark reform When the basis for determining the contractual cash flows of the hedged item or the hedging instrument changes as a result of interest rate benchmark reform and therefore there is no longer uncertainty arising about the cash flows of the hedged item or the hedging instrument, the Company amends the hedged documentation of that hedging relationship to reflect the change(s) required by interest rate benchmark reform. A change in the basis for determining the contractual cash flows is required by interest rate benchmark reform if the following conditions are met: • the change is necessary as a direct consequence of the reform; and • the new basis for determining the contractual cash flow is economically equivalent to the previous basis – i.e. the basis immediately before the change. SP PowerAssets Limited Financial statements Year ended 31 March 2022 22 For this purpose, the hedge designation is amended only to make one or more of the following changes: • designating an alternative benchmark rate as the hedged risk; • updating the description of hedged item, including the description of the designated portion of the cash flows or fair value being hedged; or • updating the description of the hedging instrument. The Company amends the description of the hedging instrument only if the following conditions are met: • it makes a change required by interest rate benchmark reform by changing the basis for determining the contractual cash flows of the hedging instrument or using another approach that is economically equivalent to changing the basis for determining the contractual cash flows of the original hedging instrument; and • the original hedging instrument is not derecognised. The Company amends the formal hedge documentation by the end of the reporting period during which a change required by interest rate benchmark reform is made to the hedged risk, hedged item or hedging instrument. These amendments in the formal hedge documentation do not constitute the discontinuation of the hedging relationship or the designation of a new hedging relationship. If changes are made in addition to those changes required by interest rate benchmark reform described above, then the Company first considers whether those additional changes result in the discontinuation of the hedge accounting relationship. If the additional changes do not result in discontinuation of the hedge accounting relationship, then the Company amends the formal hedge documentation for changes required by interest rate benchmark reform as mentioned above. When the interest rate benchmark on which the hedged future cash flows had been based is changed as required by interest rate benchmark reform, for the purpose of determining whether the hedged future cash flows are expected to occur, the Company deems that the hedging reserve recognised in other comprehensive income for the hedging relationship is based on the alternative benchmark rate on which the hedged future cash flows will be based. 3.5 Impairment Non-derivative financial assets The Company recognises an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss and financial guarantee contracts. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is recognised for credit losses expected over the remaining life of the exposure, irrespective of timing of the default (a lifetime ECL). SP PowerAssets Limited Financial statements Year ended 31 March 2022 23 For trade receivables and contract assets, the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The Company considers a financial asset potentially in default when contractual payments are 180 days past due. However, in certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Non-financial assets The carrying amounts of the Company’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. For goodwill and intangible assets that have indefinite useful lives or that are not yet available for use, recoverable amount is estimated each year at the same time. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit (“CGU”) exceeds its estimated recoverable amount. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGU. Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwill is monitored for internal reporting purposes. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU (group of CGUs), and then to reduce the carrying amounts of the other assets in the CGU (group of CGUs) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Such reversal of impairment is recognised in profit or loss. SP PowerAssets Limited Financial statements Year ended 31 March 2022 24 3.6 Inventories Inventories are measured at the lower of cost and net realisable value. Cost is determined based on the weighted average method, and includes expenditure in acquiring the inventories and other costs incurred in bringing them to their existing location and condition. Cost may also include transfers from other comprehensive income of any gain or loss on qualifying cash flow hedges of foreign currency purchases of inventories. Allowance for obsolete, deteriorated or damaged stocks is made when considered appropriate. 3.7 Accrued revenue Revenue accrual estimates are made to account for the unbilled amount at the reporting date. 3.8 Provisions A provision is recognised if, as a result of past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. 3.9 Government grants Capital grants are recognised on a straight-line basis and taken to profit or loss over the periods necessary to match the depreciation of the assets purchased with the government grants. Operating grants are presented within other income and are taken to profit or loss on a systematic basis in the same periods in which the expenses are incurred. 3.10 Deferred construction cost compensation Deferred construction cost compensation received to defray costs relating to the construction of an asset are accounted for as a government grant. Note 3.9 sets out the government grant accounting policy. 3.11 Deferred income Deferred income comprises (i) government grant for the purchase of depreciable assets and (ii) contributions made by certain customers towards the cost of capital projects received prior to 1 July 2009. Government grants and customer contributions Deferred income is recognised on a straight-line basis and taken to profit or loss over the periods necessary to match the depreciation of the assets purchased with the customers’ contributions and government grant. SP PowerAssets Limited Financial statements Year ended 31 March 2022 25 3.12 Regulatory deferral account (“RDA”) debit or credit balances Use of system charges Regulatory deferral account debit or credit balances represent timing differences between revenue recognised for financial reporting purposes and revenue earned for regulatory purposes. Movements in the regulatory deferral account debit or credit balances are recognised in profit or loss over the periods necessary to adjust revenue recognised for financial reporting purposes to revenue earned for regulatory purposes based on services rendered. At the end of each regulatory period, adjustments for amounts to be recovered or refunded are taken to profit or loss as net movement in regulatory deferral account balances. 3.13 Price regulation and licence The Company’s operations in Singapore are regulated under the Electricity Licence for Transmission Licensee issued by the EMA of Singapore. Allowed revenue to be earned from the transmission of electricity is regulated based on certain formulae and parameters set out in the licence, relevant acts and codes. Revenue recognised for financial reporting purposes may differ from revenue earned for regulatory purposes due to volume variances. This may result in adjustments that may increase or decrease tariffs in succeeding periods. Amounts to be recovered or refunded are brought to account as adjustments to net movement in regulatory deferral account debit or credit balances in the income statement in the period in which the Company becomes entitled to the recovery or liable for the refund. The Company’s capital expenditure may differ from its regulatory plan and is subject to a review by the EMA. The results of the variances in capital expenditure may be translated into price adjustments, if any, in the following reset period. The use of system charges are approved by the EMA for a 5-year regulatory period in accordance with the price regulation framework. 3.14 Revenue recognition Revenue is measured based on the consideration to which the Company expects to be entitled in exchange for transferring promised services to a customer, excluding amounts collected on behalf of third parties. Revenue is recognised when the Company satisfies a performance obligation by transferring the promised service to the customer, which is when the customer obtains control of the service. A performance obligation may be satisfied at a point in time or over time. The amount of revenue recognised is the amount allocated to the satisfied performance obligation. Use of system charges Revenue for financial reporting purposes is recognised over time based on tariff billings to customers when the volume of electricity is delivered. SP PowerAssets Limited Financial statements Year ended 31 March 2022 26 3.15 Leases The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. As lessor Leases in which the Company does not transfer substantially all the risks and rewards of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term. Rental income under operating leases are recognised in profit or loss over the term of the lease. As lessee The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. (i) Right-of-use assets The Company recognises right-of-use assets at the commencement or on modification date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to Note 3.5 for the accounting policy. (ii) Lease liabilities At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. SP PowerAssets Limited Financial statements Year ended 31 March 2022 27 Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. (iii) Short-term leases The Company applies the short-term lease recognition exemption to its short-term leases of leasehold land (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term. 3.16 Finance income and costs Finance income comprises interest income on funds invested. Interest income is recognised as it accrues, using the effective interest method. Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions, fair value gains or losses on financial assets and liabilities at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), gains or losses on hedging instruments that are recognised in profit or loss, amortisation of transaction costs capitalised and interest expense on lease liabilities. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method. 3.17 Tax expense Tax expense comprises current and deferred tax. Current and deferred taxes are recognised in profit or loss except to the extent that it relates to items recognised directly in equity or in the other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. SP PowerAssets Limited Financial statements Year ended 31 March 2022 28 Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: • temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; and • taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. In determining the amount of current and deferred tax, the Company takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. The Company believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Company to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. The movement in a deferred tax asset or liability that arises from the temporary differences created as a result of recognising regulatory deferral account balances are presented in the income statement net of the movement in regulatory deferral account balances related to profit or loss. 3.18 Segment reporting The Company determines and presents operating segments based on the information that is provided internally to the chief operating decision maker. The Company has only one operating segment – electricity transmission and distribution, and hence no separate disclosures are made in the financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 29 3.19 New standards and interpretations not yet adopted A number of new amendments to standards that are effective for annual periods beginning after 1 April 2021 have not been applied in preparing these financial statements. The following amended standards are not expected to have a significant impact on the Company’s financial statements: • Amendments to SFRS(I) 1-37: Onerous Contracts—Cost of Fulfilling a Contract • Amendments to SFRS(I) 1-1 and SFRS(I) Practice Statement 2: Disclosure of Accounting Policies • Amendments to SFRS(I) 1-8: Definition of Accounting Estimates • Amendments to SFRS(I) 1-12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction SP PowerAssets Limited Financial statements Year ended 31 March 2022 30 4 Property, plant and equipment Cost At 1 April 2020 Additions Disposals Transfers from intangible assets Reclassification At 31 March 2021 Additions Disposals Reclassification At 31 March 2022 Accumulated depreciation At 1 April 2020 Depreciation Disposals At 31 March 2021 Depreciation Disposals At 31 March 2022 Carrying amounts At 31 March 2021 At 31 March 2022 Freehold land $ million Leasehold land $ million Buildings and tunnels $ million Switchgear $ million Transformers $ million Other plant and machinery $ million Mains $ million Other fixed assets $ million Constructionin-progress $ million Total $ million 0.3 500.8 1,652.6 3,262.1 1,725.5 453.3 6,123.4 219.7 2,234.6 16,172.3 − − − 1.0 − 2.2 − 16.0 808.9 828.1 − − − (39.9) (10.9) (14.1) (0.5) (6.0) − (71.4) − − − − − − − − 0.7 0.7 − 3.6 39.8 127.8 125.7 38.4 1,130.4 26.0 (1,491.7) − 0.3 504.4 1,692.4 3,351.0 1,840.3 479.8 7,253.3 255.7 1,552.5 16,929.7 − − 7.2 1.2 − 3.2 − 19.6 775.4 806.6 − − (0.1) (30.1) (30.4) (7.0) (106.7) (9.3) (3.2) (186.8) − (0.4) 154.8 123.8 86.9 27.7 308.0 9.0 (709.8) − 0.3 504.0 1,854.3 3,445.9 1,896.8 503.7 7,454.6 275.0 1,614.9 17,549.5 − 162.8 626.1 1,615.0 626.3 265.1 2,530.3 105.1 − 5,930.7 − 9.9 56.1 144.4 65.7 40.7 248.8 26.1 − 591.7 − − − (37.3) (8.6) (14.1) (0.5) (5.7) − (66.2) − 172.7 682.2 1,722.1 683.4 291.7 2,778.6 125.5 − 6,456.2 − 10.1 61.9 148.8 67.7 43.6 255.7 34.4 − 622.2 − − (0.1) (26.2) (27.9) (6.9) (106.7) (8.8) − (176.6) − 182.8 744.0 1,844.7 723.2 328.4 2,927.6 151.1 − 6,901.8 0.3 331.7 1,010.2 1,628.9 1,156.9 188.1 4,474.7 130.2 1,552.5 10,473.5 0.3 321.2 1,110.3 1,601.2 1,173.6 175.3 4,527.0 123.9 1,614.9 10,647.7 SP PowerAssets Limited Financial statements Year ended 31 March 2022 31 Expenses capitalised The following expenses were capitalised in property, plant and equipment during the year: Management fees (staff cost) 2022 $ million 78.8 2021 $ million 76.1 As at 31 March 2022, property, plant and equipment includes right-of-use assets of $325.0 million (2021: $331.7 million) relating to leasehold land, building and office under leasing arrangements. Details are presented in Note 5. 5 Right-of-use assets / Lease liabilities Set out below are the carrying amounts of right-of-use assets recognised within property, plant and equipment and the movements during the year: Leasehold land $ million Buildings and tunnels $ million Total $ million At 1 April 2020 Additions Depreciation At 31 March 2021 Additions Reclassification Depreciation At 31 March 2022 338.0 3.6 (9.9) 331.7 − (0.4) (10.1) 321.2 3.5 − (3.5) − 7.2 − (3.4) 3.8 341.5 3.6 (13.4) 331.7 7.2 (0.4) (13.5) 325.0 Set out below are the carrying amounts of lease liabilities (included under trade and other payables) and the movements during the year: At 1 April Additions Accretion of interest Payments At 31 March Current Non-current # Less than $0.1 million 2022 $ million − 7.1 0.1 (3.4) 3.8 3.4 0.4 2021 $ million 7.1 − # (7.1) − − − The maturity analysis of lease liabilities is disclosed in Note 26. SP PowerAssets Limited Financial statements Year ended 31 March 2022 32 The following are the amounts recognised in profit or loss: Depreciation expense of right-of-use assets Interest expense on lease liabilities Expenses relating to short-term leases (included in other operating expenses) 2022 $ million 13.5 0.1 1.7 15.3 2021 $ million 13.4 − 2.2 15.6 The Company had total cash outflow for leases of $5.1 million (2021: $9.3 million) for the financial year ended 31 March 2022. 6 Intangible assets Goodwill on acquisition $ million Deferred expenditure $ million Computer software $ million Computer software development in-progress $ million Total $ million Cost At 1 April 2020 Additions Disposals Transfers to property, plant and equipment Reclassification At 31 March 2021 Additions Disposals Reclassification At 31 March 2022 2,166.8 109.4 46.4 1.9 2,324.5 − 0.8 − 0.1 0.9 − − (7.6) − (7.6) − − − (0.7) (0.7) − − 0.3 (0.3) − 2,166.8 110.2 39.1 1.0 2,317.1 − 1.0 − − 1.0 − (0.3) − − (0.3) − − 0.9 (0.9) − 2,166.8 110.9 40.0 0.1 2,317.8 Accumulated amortisation At 1 April 2020 Amortisation Disposals At 31 March 2021 Amortisation Disposals At 31 March 2022 − 102.9 40.8 − 143.7 − 4.6 4.4 − 9.0 − − (6.7) − (6.7) − 107.5 38.5 − 146.0 − 2.4 0.4 − 2.8 − (0.3) − − (0.3) − 109.6 38.9 − 148.5 Carrying amounts At 31 March 2021 At 31 March 2022 2,166.8 2.7 0.6 1.0 2,171.1 2,166.8 1.3 1.1 0.1 2,169.3 SP PowerAssets Limited Financial statements Year ended 31 March 2022 33 Impairment test for goodwill The Company as a whole is considered a CGU. The recoverable amount of the CGU is based on the higher of fair value less costs to sell and value in use. The recoverable amount of the CGU is determined to be higher than its carrying amount hence no impairment is necessary. Fair value is determined by discounting future cash flows generated from the continuing use of the CGU and is based on the following key assumptions: 1. Cash flows are projected based on a 5-year business plan. 2. Cash flows are discounted using a pre-tax discount rate of 6.28% (2021: 5.23%) per annumthat reflects current market assessments of the time value of money and risks specific to the CGU. 3. Terminal value is calculated based on a multiple of 1.3 times (2021: 1.2 times) of the carrying amounts of property, plant and equipment. SP PowerAssets Limited Financial statements Year ended 31 March 2022 34 7 Derivative assets and liabilities Current: Cross-currency interest rate swaps Interest rate swaps Foreign exchange forwards Outstanding notional amounts $ million 623.8 200.0 224.0 2022 2021 Assets $ million Liabilities $ million Outstanding notional amounts $ million Assets $ million Liabilities $ million 53.6 − − − − 1.1 − 1,285.6 − (1.1) 0.9 (5.2) 215.4 1.1 (3.3) 55.6 (5.2) 1.1 (4.4) Non-current: Cross-currency interest rate swaps 2,149.1 − (160.4) 2,772.9 116.0 (62.5) Interest rate swaps 2,599.1 124.6 − 2,799.1 59.6 − Foreign exchange forwards 1.2 − # 58.8 0.5 (1.4) 124.6 (160.4) 176.1 (63.9) # Less than $0.1 million SP PowerAssets Limited Financial statements Year ended 31 March 2022 35 Offsetting financial assets and financial liabilities The Company’s derivative transactions are entered into under International Swaps and Derivatives Association (“ISDA”) Master Agreements. The ISDA agreements create a right of set-off of recognised amounts that is enforceable only following an event of default, insolvency or bankruptcy of the Company or the counterparties. As such, these agreements do not meet the criteria for offsetting under SFRS(I) 1-32 Financial Instruments: Presentation. The Company and its counterparties do not intend to settle on a net basis or to realise the assets and settle the liabilities simultaneously but have the right to set off in the case of default and insolvency or bankruptcy. The Company’s financial assets and liabilities subject to an enforceable master netting arrangement that are not otherwise set-off are as follows: Types of financial assets 2022 Derivative assets 2021 Derivative assets Gross amounts of recognised financial assets $ million Related amounts not offset in the balance sheet – financial instruments $ million Net amounts $ million 180.2 (108.9) 71.3 177.2 (20.8) 156.4 Types of financial liabilities 2022 Gross amounts of recognised financial liabilities $ million Related amounts not offset in the balance sheet – financial instruments $ million Net amounts $ million Derivative assets 2021 Derivative assets 165.6 (108.9) 56.7 68.3 (20.8) 47.5 SP PowerAssets Limited Financial statements Year ended 31 March 2022 36 Hedge Accounting As at 31 March 2022 and 2021, the Company held various types of derivative financial instruments and formally designated a portion of them in cash flow and fair value hedge relationships for accounting purposes, in accordance with the requirements of SFRS(I) 9. The following table summarises the derivative financial instruments in the balance sheet and the effects of hedge accounting on the Company’s financial position and performance. Hedge instrument Hedged item Changes in fair value used for calculating hedge ineffectiveness Outstanding notional amounts $ million Assets / (liabilities) $ million Carrying amount of Assets / (liabilities) $ million Financial statement line that includes the hedged item Accumulated amount of fair value adjustments $ million Hedging instrument $ million Hedged item $ million Hedge ineffectiveness recognised in profit or loss $ million Hedge rates Maturity (Year) 2022 Cash flow hedge Interest rate risk – Finance cost 5,197.0 158.0 − − − 52.4 (52.4) − 0.2780% - 2.3450% Up to 2027 Foreign exchange risk - Refer to Note 26 under Foreign currency risk 225.2 (4.3) − − − 3.6 (3.6) − CHF/SGD: 1.397 - 1.501 CNY/SGD: 0.187 - 0.196 EUR/SGD: 1.537 - 1.656 JPY/SGD: 0.011 - 0.013 MYR/SGD: 3.031 USD/SGD: 1.334 - 1.382 Up to 2022 Up to 2023 Up to 2024 Up to 2023 Up to 2022 Up to 2022 Fair value hedge Interest rate risk 375.0 6.0 (281.7) Debt obligations (7.1) (13.8) 14.0 0.2 6 month SOR/SORA Up to 2029 Foreign exchange risk 2,149.1 (145.1) (1,986.5) Debt obligations 156.5 (113.1) 108.6 (4.5) Refer to footnotes of Note 14 Up to 2027 SP PowerAssets Limited Financial statements Year ended 31 March 2022 37 Hedge instrument Hedged item Changes in fair value used for calculating hedge ineffectiveness Outstanding notional amounts $ million Assets / (liabilities) $ million Carrying amount of Assets / (liabilities) $ million Financial statement line that includes the hedged item Accumulated amount of fair value adjustments $ million Hedging instrument $ million Hedged item $ million Hedge ineffectiveness recognised in profit or loss $ million Hedge rates Maturity (Year) 2021 Cash flow hedge Interest rate risk – Finance cost 6,482.6 114.5 − − − 37.0 (38.6) (1.6) 0.2780% - 2.3450% Up to 2027 Foreign exchange risk - Refer to Note 26 under Foreign currency risk 274.2 (3.1) − − − (6.9) 6.9 − CHF/SGD: 1.397 CNY/SGD: 0.187 - 0.199 EUR/SGD: 1.537 - 1.656 JPY/SGD: 0.011 - 0.013 MYR/SGD: 3.028 - 3.040 USD/SGD: 1.334 - 1.425 Up to 2021 Up to 2023 Up to 2024 Up to 2023 Up to 2021 Up to 2022 Fair value hedge Interest rate risk 375.0 19.8 (295.6) Debt obligations (21.1) (6.4) 7.0 0.6 6 month SOR Up to 2029 Foreign exchange risk 2,149.1 (22.3) (2,103.6) Debt obligations 38.2 (92.5) 98.5 6.0 Refer to footnotes of Note 14 Up to 2027 SP PowerAssets Limited Financial statements Year ended 31 March 2022 38 8 Inventories 2022 $ million 2021 $ million Cables Transformers Switchgear Spare parts and accessories 24.6 1.6 7.4 1.2 34.8 24.8 3.2 4.7 2.3 35.0 In the financial year ended 31 March 2022, inventories recognised as an expense in the income statement amounted to $4.2 million (2021: $4.5 million). The write-down of inventories to net realisable value amounted to $4.3 million (2021: $5.3 million). The utilization of inventory obsolescence provision upon sale of the inventory items amounted to $3.1 million (2021: $2.1 million). 9 Trade and other receivables 2022 $ million 2021 $ million Trade receivables: - Third parties - Related companies - Immediate holding company Impairment loss Accrued revenue Deposits Prepayments 123.9 63.5 0.1 187.5 (6.5) 181.0 117.6 0.4 299.0 41.0 119.3 38.9 0.3 158.5 (8.8) 149.7 101.7 0.3 251.7 29.5 340.0 281.2 Trade receivables The average credit term is between 8 to 30 calendar days (2021: between 7 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. SP PowerAssets Limited Financial statements Year ended 31 March 2022 39 The maximum exposure to credit risk for trade receivables at the reporting date by types of customer is as follows: Contestable transmission / distribution customers Non-contestable transmission / distribution customers Project-based customers Others 2022 $ million 133.0 22.9 22.3 2.8 181.0 2021 $ million 103.2 6.2 36.7 3.6 149.7 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: Not past due Past due 0 - 30 days Past due 31 - 90 days Past due 91 - 180 days Past due more than 180 days 2022 $ million 167.7 5.3 2.9 0.6 11.0 187.5 2021 $ million 134.3 1.4 5.2 2.2 15.4 158.5 SP PowerAssets Limited Financial statements Year ended 31 March 2022 40 Expected credit losses The movement in allowance for expected credit losses of trade receivables computed based on lifetime ECL are as follows: At 1 April Impairment loss recognised Impairment loss written back At 31 March 2022 $ million 8.8 − (2.3) 6.5 2021 $ million 1.3 9.0 (1.5) 8.8 Trade and other receivables are denominated predominantly in the functional currency of the Company. 10 Cash and cash equivalents 2022 $ million 2021 $ million Cash at bank and in hand 0.2 1.8 As at reporting date, cash and cash equivalents are denominated in the functional currency of the Company. 11 Regulatory deferral accounts Net movement in RDA balances related to profit or loss RDA related deferred tax movement Net movement in RDA balances related to profit or loss and the related deferred tax movement 2022 $ million 0.9 (0.1) 0.8 2021 $ million 205.1 (34.9) 170.2 SP PowerAssets Limited Financial statements Year ended 31 March 2022 41 RDA debit balances At 1 April 2021 $ million Balances arising in the period $ million (Recovery) / reversal $ million At 31 March 2022 $ million 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) RDA debit balances Deferral of revenue based on service rendered Under recovery of volume variance RDA related deferred tax liabilities RDA related deferred tax liabilities At 1 April 2020 $ million Balances arising in the period $ million (Recovery) / reversal $ million At 31 March 2021 $ million (38.6) 266.7 28.8 256.9 55.8 1.5 (91.9) (34.6) 17.2 268.2 (63.1) 222.3 (2.9) (45.6) 10.7 (37.8) 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. SP PowerAssets Limited Financial statements Year ended 31 March 2022 42 12 Share capital 2022 No. of shares $ million 2021 No. of shares $ million Ordinary shares 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 changein the fair value of cash flow hedging instruments related to highly probable forecast transactions. Hedging reserves At beginning of year Effective portion of changes in fair value of cash flow hedges: - Interest rate risks - Foreign exchange risks Net change in fair value of cash flow hedges reclassified to profit or loss, net of tax: - Interest rate risks Net change in fair value of cash flow hedges, on recognition of the hedged items on balance sheet, net of tax: - Foreign exchange risks 2022 $ million 52.4 34.8 (3.1) (2.6) 0.1 2021 $ million 28.4 28.7 (4.5) 1.0 (1.2) At end of year 81.6 52.4 SP PowerAssets Limited Financial statements Year ended 31 March 2022 43 14 Debt obligations Principal amount Date of maturity 2022 $ million 2021 $ million Fixed rate notes SGD 100 million USD 500 million (1) JPY 15 billion (2) SGD 75 million USD 700 million [3] JPY 7 billion (4) USD 600 million (5) SGD 100 million SGD 250 million August 2022 September 2022 April 2024 May 2024 November 2025 October 2026 September 2027 May 2029 September 2032 100.7 677.1 162.7 77.3 937.7 78.2 807.8 103.7 249.3 103.5 671.7 182.4 81.0 987.7 87.3 846.2 111.1 249.2 3,194.5 3,320.1 (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 3.14% to 5.07% (2021: 3.14% to 5.07%) per annum. Interest rates on foreign currency debt obligations range from 1.95% to 3.25% (2021: 1.95% to 3.25%) per annum. SP PowerAssets Limited Financial statements Year ended 31 March 2022 44 A reconciliation of liabilities arising from financing activities is as follows: 2021 Cash flows Non-cash changes 2022 $ million Repayment $ million Interest paid $ million Additions / (reduction) $ million Foreign exchange movement $ million Changes in fair value $ million Interest $ million Reclassification $ million $ million Debt obligations Current Non-current Interest payable − 3,320.1 11.1 − − − − − (55.6) − − − − (4.9) − − (120.7) − − − 54.0* 777.8 (777.8) − 777.8 2,416.7 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 Non-current − − 5,803.0 − (3.3) (414.8) − (0.1) (56.6) − 7.1 362.4 − − (4.9) − − (120.7) − 0.1 129.4 3.4 (3.4) − 3.4 0.4 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. SP PowerAssets Limited Financial statements Year ended 31 March 2022 45 2020 Cash flows Non-cash changes 2021 $ million Repayment $ million Interest paid $ million Additions / (reduction) $ million Foreign exchange movement $ million Changes in fair value $ million Interest $ million $ million Debt obligations Current Non-current Interest payable 780.6 3,588.3 28.1 − − − − − (85.6) (780.0) − − − (162.6) − (0.6) (105.6) − − − 68.6* − 3,320.1 11.1 Loans from a related company Current 1,411.4 (129.9) (0.2) 1,124.7 − − 65.8 2,471.8 Lease liabilities Current 7.1 (7.0) (0.1) − − − − − 5,815.5 (136.9) (85.9) 344.7 (162.6) (106.2) 134.4 5,803.0 * Comprises interest on debt obligations and net change in fair value of cash flow hedges reclassified from equity as disclosed in Note 22. SP PowerAssets Limited Financial statements Year ended 31 March 2022 46 15 Deferred taxation Movements in deferred tax assets and liabilities during the year are as follows: At 31 March 2020 $ million Recognised in profit or loss (Note 23) $ million Recognised in other comprehensive income (Note 23) $ million At 31 March 2021 $ million Recognised in profit or loss (Note 23) $ million Recognised in other comprehensive income (Note 23) $ million At 31 March 2022 $ million Deferred tax liabilities Property, plant and equipment Intangible assets Set off of tax Net deferred tax liabilities Deferred tax assets Deferred income Derivative liabilities Unutilised capital allowances Others Set off of tax Net deferred tax assets (1,316.4) (159.6) – (1,476.0) 28.1 – (1,447.9) (2.4) 1.7 – (0.7) 0.3 – (0.4) (1,318.8) (157.9) – (1,476.7) 28.4 – (1,448.3) 22.5 90.2 6.0 (1,296.3) (1,386.5) (1,442.3) 28.3 (4.0) – 24.3 (1.5) – 22.8 (5.9) – (4.9) (10.8) – (6.0) (16.8) – 76.6 – 76.6 (76.6) – – 0.1 – – 0.1 (0.1) – – 22.5 72.6 (4.9) 90.2 (78.2) (6.0) 6.0 (22.5) (90.2) (6.0) – – – 16 Deferred income 2022 $ million 2021 $ million Customers’ contributions Government grant for depreciable assets Accumulated accretion 265.9 0.3 (132.4) 133.8 265.9 − (123.6) 142.3 Movements in accumulated accretion are as follows: At 1 April Accretion for the year At 31 March 123.6 8.8 132.4 114.9 8.7 123.6 17 Deferred construction cost compensation 2022 $ million 2021 $ million Deferred construction cost compensation 256.2 256.2 SP PowerAssets Limited Financial statements Year ended 31 March 2022 47 18 Trade and other payables 2022 $ million 2021 $ million Trade payables: - Third parties - Related companies - Immediate holding company Interest payable Commitment fees payable Deposits received Advance receipts Accrued operating expenditure Accrued capital expenditure Loans from a related company - Loan balances - Interest payable 80.9 32.0 1.8 9.5 − 54.4 175.4 95.6 181.7 2,422.7 67.3 3,121.3 43.4 21.1 13.0 11.1 0.2 24.4 144.8 91.2 267.3 2,408.5 63.3 3,088.3 Payables denominated in currencies other than the Company’s functional currency comprise $9.5 million (2021: $0.1 million) of payables and accruals denominated in United States dollar (“USD”), $0.7 million (2021: $0.3 million) in Chinese Yuan (“CNY”), $1.7 million (2021: $0.5 million) in Japanese yen (“JPY”), $0.3 million (2021: nil) in Euro (“EUR”) and nil (2021: $1.2 million) in Malaysian Ringgit (“MYR”). As at 31 March 2022, the loans from a related company are unsecured, repayable on demand and bear interest at rates ranging from 1.59% to 3.93% (2021: 0.83% 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. SP PowerAssets Limited Financial statements Year ended 31 March 2022 48 20 Other income 2022 $ million 2021 $ million Rental income Leasing income Disbursement recoverable jobs Sale of scrap Accretion of deferred income Grant income Others 3.2 5.3 21.9 26.4 8.8 0.6 7.1 73.3 3.6 6.0 27.5 10.1 8.7 13.9 11.6 81.4 21 Finance income 2022 $ million 2021 $ million Interest income receivable / received from banks 0.1 # # Less than $0.1 million 22 Finance costs 2022 $ million 2021 $ million Interest expense on loans from a related company Interest expense on debt obligations Net change in fair value of cash flow hedges reclassified from equity Amortisation of fair value adjustments on cash flow hedges reclassified from equity Loss / (gain) arising from financial assets / liabilities in a fair value hedge: - hedged items - hedging instruments Net change in fair value of financial assets / liabilities at fair value through profit or loss Amortisation of capitalised transaction costs Ineffective portion of changes in fair value of cash flow hedges Amortisation of fair value adjustments on fair value hedges Commitment fees Interest expense on lease liabilities 75.3 57.2 (3.2) − (122.6) 126.9 − 2.0 − − 65.8 69.1 (0.5) 0.1 (105.5) 98.9 1.7 2.3 1.6 (2.7) 0.1 1.5 0.1 # 135.8 132.3 # Less than $0.1 million SP PowerAssets Limited Financial statements Year ended 31 March 2022 49 23 Tax expense Tax recognised in profit or loss 2022 $ million 2021 $ million Current tax expense Current year Under / (over) provision in respect of prior years Deferred tax expense Origination and reversal of temporary differences Under provision in respect of prior years Total tax expense 50.6 0.3 50.9 49.3 0.5 49.8 100.7 − (16.6) (16.6) 68.7 16.6 85.3 68.7 Tax recognised in other comprehensive income Before tax $ million 2022 Tax (expense) / credit $ million Net of tax $ million Before tax $ million 2021 Tax (expense) / credit $ million Net of tax $ million 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 38.2 (6.5) 31.7 29.1 (4.9) 24.2 (3.1) 0.5 (2.6) 1.2 (0.2) 1.0 0.1 # 0.1 (1.4) 0.2 (1.2) 35.2 (6.0) 29.2 28.9 (4.9) 24.0 # Less than $0.1 million Reconciliation of effective tax rate 2022 $ million 2021 $ million Profit before taxation 539.1 369.9 Tax calculated using Singapore tax rate of 17% (2021: 17%) Non-deductible expenses Non-taxable income Under / (over) provision in respect of prior years - current tax - deferred tax 91.6 8.9 (0.6) 0.3 0.5 100.7 62.9 7.5 (1.7) (16.6) 16.6 68.7 SP PowerAssets Limited Financial statements Year ended 31 March 2022 50 24 Profit for the year The following items have been included in arriving at profit for the year: 2022 $ million 2021 $ million Exchange gain, net Loss on disposal of property, plant and equipment and intangible assets 0.3 (4.0) 0.3 (0.6) 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 - management fee expenses - maintenance expenses - agency fee expenses - support service expenses - service expenses, including leases - leasing income - service income - trustee fee income Immediate holding company - maintenance expenses - support service expenses 2022 $ million (232.7) (3.7) (27.6) (1.6) (4.3) 5.3 1.1 0.4 (17.1) (34.5) 2021 $ million (229.4) (3.1) (26.2) (1.6) (3.7) 6.0 1.7 0.4 (15.0) (31.8) SP PowerAssets Limited Financial statements Year ended 31 March 2022 51 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 2022, the Company has outstanding forward foreign currency exchange contracts with notional amounts of approximately $225.2 million (2021: $274.2 million). The net fair value of forward foreign currency exchange contracts as at 31 March 2022 is $4.3 million net liabilities (2021: $3.1 million net liabilities) comprising assets of $0.9 million (2021: $1.6 million) and liabilities of $5.2 million (2021: $4.7 million). These amounts were recognised as derivative assets and liabilities respectively. SP PowerAssets Limited Financial statements Year ended 31 March 2022 52 Sensitivity analysis for foreign currency risk As at 31 March 2022 and 2021, 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: Judgements of reasonably possible movements – increase / (decrease) 2022 USD Increase of the SGD by 5 per cent against US Dollar Decrease of the SGD by 5 per cent against US Dollar EUR Increase of the SGD by 7 per cent against EUR Dollar Decrease of the SGD by 7 per cent against EUR Dollar JPY Increase of the SGD by 9 per cent against Japanese Yen Decrease of the SGD by 9 per cent against Japanese Yen 2021 USD Increase of the SGD by 5 per cent against US Dollar Decrease of the SGD by 5 per cent against US Dollar EUR Increase of the SGD by 7 per cent against EUR Dollar Decrease of the SGD by 7 per cent against EUR Dollar JPY Increase of the SGD by 10 per cent against Japanese Yen Decrease of the SGD by 10 per cent against Japanese Yen Equity (hedging reserve) $ million (6.7) 6.7 (1.9) 1.9 (2.7) 2.7 (6.5) 6.5 (2.8) 2.8 (4.5) 4.5 The judgements of reasonably possible movements were determined using statistical analysis of the 90th 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 non-functional 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. SP PowerAssets Limited Financial statements Year ended 31 March 2022 53 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 t

Singapore Institute of Power and Gas Operation and Maintenance of Distribution Transformer Course Code: ETF02 SFC-Eligible | Course Reference Number: TGS-2020501072 COURSE OBJECTIVES Upon completion of this course, participants will be able to: • Gain knowledge on the operation and maintenance of distribution transformer • Apply the recommended process to operate and maintain the distribution transformer MAIN CONTENTS • Elementary principles of transformer • Construction and design of transformer • Basic design, construction and functions of transformer accessories • Voltage regulation • Paralleling of transformers • Transformer protection • Procedures for inspection and maintenance of transformer METHODOLOGY Lecture and practical session TARGET AUDIENCE Engineering and technical staff who are required to carry out operation and maintenance work on distribution transformers COURSE DETAILS Duration : 14 hours Mode of Delivery : Face-to-face or Blended (Face-to-face and Synchronous E-learning) Certification : SIPG Certificate of Completion PDU by PE Board : 14 Additional Requirement/s : Personal Protection Equipment (PPE) must be worn during practical session. PPE includes: • Safety Shoes • Safety Helmet • Fire Retardant Clothing (FRC) COURSE FEES Full Course Fee : S$1,400 (before GST) For Singapore Citizens/PR/LTVP+* : S$420 (before GST) For Singapore Citizens (40 years old and above) : S$140 (before GST) Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 Ver 3.1_0922 Singapore Institute of Power and Gas ADDITIONAL REMARKS • Trainee must attain at least 75% attendance rate and pass the assessment to receive Certificate of Completion and funding grant (if applicable). • Subsidy of up to 70% is applicable for Singapore Citizens, Permanent Residents or Long-Term Visitor Pass Plus (LTVP+) Holders, subject to funding agency’s approval. • Enhanced subsidy of up to 90% is applicable for Singapore Citizens aged 40 years and above, subject to funding agency’s approval. Note that GST payable will be computed from fee after 70% funding. • Professional Development Unit (PDU) is applicable for Professional Engineers registered under the Professional Engineers (PE) Board only. • All published fees are subject to prevailing GST. CONTACT US For more information, please contact SIPG at +65 6916 7930 or email training-institute@spgroup.com.sg. OTHER SIPG COURSES For more courses, visit our website at: https://www.spgroup.com.sg/about-us/training or Scan the QR code below: Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 Ver 3.1_0922