Ar2013 PDF

Sustainability
OUR VISION
To be the leading company the world seeks for
innovative and effective environmental solutions.
OUR MISSION
;VWYV]PKLLMJPLU[HUKJVZ[LMMLJ[P]LZVS\[PVUZ[V
meet our clients needs through innovation and
technological advancement.
/`\_3[KAnnual Report 2013
Group Financial Highlights

Key Financial Data
-VY`LHYLUKLK+LJLTILY
(S$000)
2009
2010
2011
2012
2013
524,621
561,580
460,188
654,766
535,790
7YV[ILMVYL[H_(1)
82,954
100,413
61,704
76,168
51,623
7YV[HM[LY[H_
74,291
88,885
55,725
64,713
42,896
7YV[H[[YPI\[HISL[VZOHYLOVSKLYZ
75,036
88,510
53,027
60,994
44,026
365,244
502,501
920,591
860,593
882,574
1,009,931
1,228,102
1,887,210
2,189,704
2,396,505
393,402
514,507
935,567
877,029
886,292
46.10
58.60
60.60
55.81
58.35
9.51
10.52
4.30
4.43
2.42
+P]PKLUKWLYZOHYLJLU[Z
3.33
4.17
2.77
3.20
2.30
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14.3
15.8
11.5
9.3
8.2
9L[\YUVULX\P[`(4)
20.5
17.6
7.1
8.0
4.1
Revenue (1)
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5L[HZZL[Z
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(3) (4)
(3)
Group Revenue by Country & Region

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800
(ZPHL_*OPUH
700
494.6
600
13.0
75.1
500
4,5(
466.2
*OPUH
226.9
400
330.5
300
343.8
200
100
114.4
181.1
28.9
142.7
118.9
131.3
FY10 (1)
FY11 (1)
FY12 (1)
0
FY09 (1)
(1)
22.3
47.3
FY13
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(2)
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(4)
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Sustainability
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S$44.0m
JLU[Z
:TPSSPVU
:PUNHWVYLJLU[Z
,HYUPUNZ7LY:OHYL
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100
90
80
70
60
50
40
30
20
10
0
12
88.5
10
75.0
61.0
10.52
9.51
53.0
44.0
6
4.30
2.42
2
FY09
FY10
FY11
FY12
FY13
FY09
JLU[Z
JLU[Z
:PUNHWVYL*LU[Z
:PUNHWVYLJLU[Z
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4.5
70
4.17
60
3.33
3.20
50
2.77
3.0
2.30
2.5
2.0
FY11
FY12
FY13
58.6
60.6
55.8
58.4
FY10
FY11
FY12
FY13
46.1
40
30
1.5
20
1.0
10
0.5
0.0
FY10
5L[(ZZL[=HS\L7LY:OHYL(1) (2)
4.0
3.5
4.43
FY09
FY10
FY11
FY12
FY13
FY09
4.1%
9L[\YUVU,X\P[`(3)
(%)
25
20.5
20
17.6
15
10
7.1
8.0
4.1
5
0
(1)
FY09
FY10
FY11
FY12
FY13
-@[V-@UL[HZZL[]HS\LL_JS\KLKUVUJVU[YVSSPUNPU[LYLZ[ZHUK^LYLHKQ\Z[LKMVY[OLLLJ[VM*7:
(2)
FY2009 was restated to include the December 2010 issue of one bonus share for every two existing ordinary shares
(3)
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3
Sustainability
Message from
Executive Chairman
& Group CEO
Dear Stakeholders
Last year was an exciting period
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5
Message from
Executive Chairman
& Group CEO
Our EPC teams

have been busy
commissioning a
number of water
plants in Singapore
and the region each
commissioned plant
contributes to the
sustainability of water
resources and the
environment.
DELIVERING SUSTAINABLE
SOLUTIONS
Over the last year, our EPC
teams have been busy
commissioning a number of
water plants in Singapore and
the region. Some of these
plants have started contributing
to our recurring income base.
Regardless of the size, treatment
capacity and application, each
commissioned plant contributes
to the sustainability of water
resources and the environment.
Let me share with you how we
have helped to address water
shortage and water pollution
issues in three of our key
markets.
;OLVJPHSVWLUPUNVMV\Y
Tuaspring Desalination Plant
(Tuaspring) by Prime Minister
Mr Lee Hsien Loong on 18
September 2013 established
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membrane-based desalination,
particularly in a market
considered to be among the
most competitive in the world.
Tuaspring adds an additional
318,500 m3 of water per day
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Together with SingSpring
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also developed and is operating,
both desalination plants are
able to meet up to 25% of
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demand. The start of operations
at Tuaspring also proved to be
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Singapore faced a prolonged dry
spell.
Related to Tuaspring was the
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desalination facility and the onsite 411 MW combined cycle
gas turbine power plant which
was completed on competitive
terms signifying a strong
endorsement on the bankability
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branding.
In China, we commissioned our

largest wastewater treatment
plant to date. The 150,000 m3/day
capacity Zunyi Wastewater
Treatment Plant in Guizhou
Province is sited on an irregular
plot of land on hilly terrain
which posed challenges for
the design and construction
of the plant. We were able to
complete the plant within a
tight time frame, delivering a
solution that surpassed the
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water quality of the nearby
river and the surrounding
environment. As importantly, we
were able to provide employment
opportunities to the local
community.
In India, we were responsible for
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based water recycling plant in
Surat, an industrial estate in the
Gujarat state. The 40,000 m3/day
plant treats wastewater into
industrial grade water for re-use,
thus providing a secure and
reliable source of water for the
industrial estate.
Sustainability
BUILDING A SUSTAINABLE
BUSINESS
We expect to experience a
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enable us to start EPC works on
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THANK YOU
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DIVIDEND
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OLIVIA LUM
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& Group CEO
Board of
Directors
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JOLTPZ[^P[O.SH_V7OHYTHJL\[PJHS
and left in 1989 to start up Hydrochem
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expansion, and is responsible for policy
and strategy formulation and corporate
direction.
OLIVIA LUM
Executive Chairman
.YV\W*,6
A former Nominated Member of

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currently is a member of the Singapore;PHUQPU,JVUVTPJ ;YHKL*V\UJPS
the Singapore-Jiangsu Cooperation
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Mr Teo has been a Non-Executive

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since December 2000. He is also
the Chairman of the Nominating
Committee and a member of the Audit,
Remuneration and Risk Management
Committees.
TEO KIANG KOK
3LHK0UKLWLUKLU[+PYLJ[VY
Mr Teo was admitted to the Singapore

bar in 1983. He was a partner of Shook
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with an international investment bank.
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also sits on the board at International
Enterprise Singapore.
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has received for her entrepreneurial
achievements are: the Winner of the
Regional Growth Award by Nihon Keizai
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of Singapore.
Mr Teo headed the Corporate Finance

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years of legal practice, he has advised
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investments as well as corporate law
and regulatory compliance, particularly
the listing and compliance requirements
of companies listed on the Singapore
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included foreign investment work in
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Republic of China, India and the ASEAN
countries. He retired as a senior partner
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Mr Teo is also a director of Jadason
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Sustainability
Mr Lee has been a Non-Executive

since December 2000. He is also
the Chairman of the Audit and Risk
Management Committees.
LEE JOO HAI
Mr Lee currently is a director of Kian Ho

Bearings Ltd, Agria Corporation, IPC
Limited, Lung Kee Metal Holdings Ltd
and Armada Holdings Ltd.
Mr Lee is a member of both the Institute

of Singapore Chartered Accountants
and the Institute of Chartered
Accountants in England and Wales. He
has more than 30 years of experience in
accounting and auditing.
Non-Executive Independent
Director
Mr Gay has been a Non-Executive

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Ltd since August 2001. He is also
the Chairman of the Remuneration
Committee, as well as a member of
the Nominating, Audit and Investment
Committees.
GAY CHEE CHEONG
Non-Executive Independent
Director
He sits on the Board of Governors of

Temasek Polytechnic; Entrepreneurship
Committee at the National University
of Singapore; Board of Trustees of the
United World College of South East Asia
Foundation; Board of Heliconia Capital
Management Pte Ltd; and Board of
CapitaMall Trust Management Limited.
Mr Gay graduated from the Royal

Military Academy (RMA), Sandhurst
and Royal Military College of Science,
Shrivenham, United Kingdom. He
holds Honours degrees in Electronics
Engineering from the Royal Military
College of Science, Shrivenham and
in Economics from the University of
London, United Kingdom. He also has a
Master of Business Administration from
the National University of Singapore.
Board of
Directors
Mr Murugasu has been a director of

/`\_3[KZPUJL-LIY\HY`4Y
Murugasu is also a member of the
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Management Committees.
CHRISTOPHER MURUGASU
Previously Senior Vice President for

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YLZV\YJLZWYVJ\YLTLU[HUKNLULYHS
administration functions. Prior to joining
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V]LY`LHYZVML_WLYPLUJLPU[OLW\ISPJ
sector as well as with a foreign bank.
He holds an Honours degree in
Computing Science from Imperial
*VSSLNL<UP[LK2PUNKVTHUKH
4HZ[LYZKLNYLLMYVT[OL3VUKVU
:JOVVSVM,JVUVTPJZ<UP[LK2PUNKVT
Non-Executive
Independent Director
Mr Tay has been a Non-Executive

since May 2011. He is also a member of
the Risk Management Committee.
SIMON TAY
Non-Executive
Independent Director
He is a public intellectual as well as

private advisor to major corporations
and policymakers. He is concurrently
Chairman of the Singapore Institute
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oldest think tank and founding member
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international law at the National
University of Singapore.
Mr Tay is also a Senior Consultant at
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Organization.
10
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Chairman of the National Environment
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Singapore Volunteers Overseas. He
continues to serve on several Singapore
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change and security relations in the
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Mr Tay graduated in law from the
National University of Singapore (1986)
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Sustainability
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Ltd since May 2011. He is a member of
the Risk Management and Investment
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YVSLVM,_LJ\[P]L+PYLJ[VY*VYWVYH[L
Finance in May 2013 and oversees
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investments and information technology
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GARY KEE
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7HJPJ 1HWHU
)LMVYLQVPUPUN/L^SL[[7HJRHYK4Y
2LL^HZH4HUHNLTLU[*VUZ\S[HU[
^P[O(Y[O\Y(UKLYZLU(ZZVJPH[LZUV^
RUVÛHZ(JJLU[\YL4Y2LLOHZHSZV
ZLY]LKHZH)VHYK+PYLJ[VYVM]HYPV\Z
JVTWHUPLZHUK1;**VYWVYH[PVU
Mr Kee holds a Bachelor of Commerce
from McMaster University in
*HUHKHHUKH4HZ[LYZVM)\ZPULZZ
(KTPUPZ[YH[PVUMYVT[OL<UP]LYZP[`VM
;L_HZH[(YSPUN[VUPU[OL<:(
11
International
Advisory Panel
YU-FOO YEE SHOON
LIU JINGSHENG
ABDEL HAKIM BENFERHAT
Senior Advisor
Senior Advisor
Senior Advisor
4YZ@\-VVYL[PYLKMYVT:PUNHWVYL
politics in 2011, having been an elected
Member of Parliament from 1984 to
2011. She was Minister of State for the
Ministry of Community Development,
Youth and Sports from August 2004
\U[PSOLYYL[PYLTLU[)LMVYL[OH[4YZ@\
-VV^HZ4H`VYVM[OL:V\[O>LZ[*+*
and Senior Parliamentary Secretary
for the then Ministry of Community
Development and Sports.
Ms Liu joined China International

Capital Corporation Limited (CICC) in
1996 and currently serves as Senior
Advisor. Previously, she was the
Managing Director of CICC, Chairman
and CEO of CICC (Singapore) Pte Ltd,
and the Head of Strategy Research
Department. Ms Liu worked in the
Investment Banking Department for
years, boasting rich experience in
restructuring, reforming, listing and
UHUJPUNMVYZ[H[LVÛLKJVTWHUPLZ
and abundant client resources in energy
and mining sector.
Mr Benferhat is a Senior Advisor/

Counselor on Corporate Strategy,
Development, Solution &
Implementation and a Director at
JVYWVYH[LHK]PZVY`YT:ÙLYNL_:(
of Switzerland.
4YZ@\-VVZ[HY[LKOLYJHYLLY^P[O
the National Trades Union Congress
(NTUC), rising through the ranks to
ILJVTL+LW\[`:LJYL[HY`.LULYHS
at the labour movement. She was the
YZ[^VTHU[VJOHPY[OL5;<**LU[YHS
*VTTP[[LLPU (UHJ[P]LN\YL
in social and volunteer work, she is
[OL-V\UKLY7H[YVUMVY:PUNHWVYLZ
)YLHZ[*HUJLY-V\UKH[PVUHUK
Chairman of the NTUC Ong Teng
*OLVUN0UZ[P[\[L;YHPUPUN-V\UKH[PVU
She advises and sits on the boards
of various organisations, including
5;<**OPSKJHYL.SVIHS@LSSV^7HNLZ
:PUNHW\YH-PUHUJLHUKPZHUL_LJ\[P]L
council member of Hainan University,
China. In 2011, she was accorded
NTUC Stalwart award at the NTUC
50th Anniversary May Day celebrations.
4YZ@\-VVOVSKZH4HZ[LYZKLNYLL
in Business from the Nanyang
Technological University and an
Honorary Doctorate of Education from
>OLLSVJR*VSSLNLVM)VZ[VU<:(
12
At CICC, Ms Liu led and participated

in a number of restructuring, reforming
and overseas listing projects in the
energy, mining, and electricity sectors
MVYZ[H[LVÛLKPUK\Z[YPHSSLHKLYZ
which included China Shenhua Energy
Company Limited, Huadian Power
International Corporation Limited,
Aluminum Corporation Of China
Limited, PetroChina Company Limited
and Peoples Insurance Company of
China. Of her many years in CICC, she
had raised more than US$70 billion
worth of funds in total. Before joining
CICC, Ms Liu had been working in
National Development and Reform
Commission, Peoples Republic of
China for 11 years.
Ms Liu holds a Masters degree in
Developing Economics from Khon Kaen
University Thailand, and a Bachelors
degree in Planning Economics from
Renmin University of China.
Mr Benferhats expertise is in strategy

development for corporate and
government bodies. He has also
WHY[PJPWH[LKPUOPNOSL]LSVWLYH[PVUHS
initiatives, including infrastructure
KLZPNUWYVJLZZYLLUNPULLYPUN
mergers and acquisitions and
divestitures, and turnaround and
change management.
Mr Benferhat has served as Lead
Independent Counsel and provided
legal advice to senior executives
and boards of directors on complex
business matters since 1996. He
has also been a Special Advisor to
7YLZPKLU[ZHUK)VHYKZVMKPLYLU[
Algerian and international groups and
companies in the Middle East and
Africa that specialise in procurement,
construction, engineering, public works
as well as distribution.
Mr Benferhat has a Master in Business
Administration in Marketing from Algiers
University and a Bachelor of Arts with
major in Economics from the University
of Southern Europe.
Sustainability
Key
Management
OLIVIA LUM
GARY KEE
WINNIFRED HEAP
LIM SUAT WAH
Executive Chairman
& Group CEO
Executive Director,
Corporate Finance
Group Senior EVP

& CEO, India
Group EVP
& Group CFO
WONG LUP WAI
PETER WU
KUM MUN LOCK
ZHAO QING
Group EVP
& Group COO
Group Senior Managing

Director

Director

Director & CEO, China
ZHAO PING
MILIND KUMAR

Director & CEO, Galaxy
NewSpring

Director
13
6\YVJLZ
3HUKTHYRWSHU[Z
4LTIYHULPUZ[HSSH[PVUZ
China
Algeria
Saudi Arabia
India
Singapore
Geographical
Presence
4VYL;OHU
0U6]LY
1,300
400
4LTIYHUL7YVK\J[Z
(UK:`Z[LTZ0UZ[HSSLK
3VJH[PVUZ
>VYSK^PKL
Landmark Projects
Magtaa Desalination Plant, Algeria
Capacity: 500,000 m3/day
SingSpring Desalination Plant, Singapore

Tuaspring Desalination Plant, Singapore

Tianjin Dagang Desalination Plant, China

Souk Tleta Desalination Plant, Algeria

Zunyi Wastewater Treatment Plant, China

14
Sustainability
Financial
Review
For year ended 31 December
(S$ million)
2012
2013
% change
9L]LU\L

535.8

7YV[ILMVYL[H_

51.6

7YV[H[[YPI\[HISL[VZOHYLOVSKLYZ

44.0


2.42

Group Revenue by Segment (1)

:TPSSPVU

4\UPJPWHS
FY2012
0UK\Z[YPHS
6[OLYZ

OVERVIEW
/`\_HZHNYV\WHJOPL]LKWYV[H[[YPI\[HISL[V[OL
ZOHYLOVSKLYZVM[OL*VTWHU`VM:TPSSPVUMVY-@
HKLJYLHZLMYVT:TPSSPVUMVY-@.YVZZWYV[VM
:TPSSPVU^HZYLWVY[LKPU-@JVTWHYLK[V:
TPSSPVUPU-@HUK^HZJVU[YPI\[LKI`WYVQLJ[Z\UKLY[HRLU
K\YPUN[OLWLYPVKHZ^LSSHZJVU[PU\PUNV]LYHSSJVZ[
THUHNLTLU[)HZPJLHYUPUNZWLYZOHYLKLJYLHZLKI`
[V:PUNHWVYLJLU[ZMVY-@
REVENUE
.YV\WYL]LU\LMVY-@^HZ:TPSSPVUHU
KLJSPULMYVT:TPSSPVUPU-@;OPZYLLJ[LK[OL
[PTPUNVMWYVQLJ[ZJVTWSL[LKK\YPUN[OL`LHY
;OLT\UPJPWHSZLJ[VYJVU[PU\LK[VIL[OLTHPUJVU[YPI\[VY[V
/`\_ZYL]LU\LHJJV\U[PUNMVY HUK VMV\Y[V[HS
YL]LU\LPU-@HUK-@YLZWLJ[P]LS`
/`\_ZT\UPJPWHSWYVQLJ[ZHYLPU(ZPHHUK[OL4PKKSL,HZ[
5VY[O(MYPJH4,5(

FY2013
9L]LU\LJVU[YPI\[PVUMYVT[OLPUK\Z[YPHSZLJ[VYTHKL\W
HUKVM/`\_ZYL]LU\LMVY-@HUK-@
YLZWLJ[P]LS`
;OL(ZPHL_*OPUHTHYRL[JVU[PU\LK[VIL[OLTHQVYYL]LU\L
JVU[YPI\[VYPU-@HJJV\U[PUNMVYVMV\Y[V[HSYL]LU\L
PU-@;OPZ^HZHUPUJYLHZLMYVTPU-@
15
Financial
Review
Group Revenue by Region (1)

(S$ million)
47.3
(9%)
131.3
(20%)
28.9
(4%)
China
494.6
(76%)
466.2
(87%)
FY2012
(1)
MENA
Asia ex-China
FY2013
FY2012 was restated due to adoption of the new Financial Reporting Standard 111 - Joint Arrangements
Revenue from China was 9% of the total

revenue in FY2013 compared to 20% in
FY2012 as a result of fewer expansion
projects during the year.
Contributions from MENA remained
at 4% for FY2013 which was similar to
FY2012.
COSTS AND EXPENSES
Raw materials, consumables used and
subcontractors costs decreased from
S$397.0 million in FY2012 to S$275.8
million in FY2013 due to the completion
of some major projects and improved
cost management.
16
22.3
(4%)
;V[HSZ[HJVZ[ZKLJYLHZLKMYVT
million in FY2013. This was in line with
the completion of some of our major
projects.
Finance costs increased by 29% from
million in FY2013 with the higher
IVYYV^PUNZ[VUHUJLWYVQLJ[Z
Depreciation, amortisation and
impairment increased from S$23.7
million in FY2012 to S$42.1 million in
FY2013 mainly due to an impairment
of S$12.8 million arising from
deconsolidation of subsidiaries and
^YP[LVVMJLY[HPUJHYY`PUNHTV\U[ZVM
Sustainability
our non-core business and technology

related assets.
Other expenses increased from S$56.7
million in FY2012 to S$79.0 million in
FY2013 as a result of higher utilities
and professional fees incurred during
[OLUHUJPHS`LHYHZ^LSSHZWYV]PZPVUZ
HNHPUZ[YLJLP]HISLZHTV\U[PUN[V:
million.
;OLLLJ[P]L[H_YH[LMVY-@
^HZÔPJOHWWYV_PTH[LK
[OLWYL]HPSPUNJVYWVYH[L[H_YH[LPU
Singapore.
EARNINGS PER SHARE
Basic and fully diluted earnings per
ZOHYLHKQ\Z[LKMVYKP]PKLUKZVU*7:
MVY-@KLJYLHZLKI`HUK
YLZWLJ[P]LS`[V:PUNHWVYL
cents as compared to FY2012.
*\YYLU[HZZL[ZKLJSPULKMYVT:
million as at 31 December 2012 to
S$620.9 million as at 31 December
2013 as a result of the deployment of
funds for projects. Non-current assets
increased from S$1,302.4 million as at
31 December 2012 to S$1,775.6 million
HZH[+LJLTILY;OPZ^HZ
THPUS`MYVTV\YPU]LZ[TLU[ZPUWYVQLJ[Z
^P[OZLY]PJLJVUJLZZPVUHYYHUNLTLU[Z
deconsolidation of subsidiaries in
FY2013.
*HZONLULYH[LKMYVTUHUJPUN
HJ[P]P[PLZPU-@^LYLTHPUS`MYVT
IVYYV^PUNZUL[VMYLWH`TLU[Z[V
M\UK/`\_ZWYVQLJ[Z>LWHPK:
million and S$24.0 million for ordinary
HUKWYLMLYLUJLKP]PKLUKZYLZWLJ[P]LS`
K\YPUN[OLUHUJPHS`LHY
Non-current liabilities rose from

S$938.0 million as at 31 December 2012
to S$1,150.4 million as at 31 December
K\L[VHUPUJYLHZLPUIVYYV^PUNZ
PUJS\KPUNUVUYLJV\YZLUHUJPUNHZ
^LSSHZKLYP]H[P]LSPHIPSP[PLZHYPZPUN
MYVT[OLPU[LYLZ[YH[LZ^HWZ0UJS\KLK
in the balances as at 31 December
^HZ: TPSSPVUVM_LK
rate unsecured notes issued under
/`\_Z4\S[PJ\YYLUJ`+LI[0ZZ\HUJL
7YVNYHTTL[OH[^PSSTH[\YLIL[^LLU
2015 and 2019.
BALANCE SHEET REVIEW

CASHFLOW AND LIQUIDITY
Shareholders equity increased from
S$860.6 million as at 31 December 2012
to S$882.6 million as at 31 December
;OPZ^HZSHYNLS`H[[YPI\[HISL[V
UL[WYV[MVY[OL`LHYHZ^LSSHZ[OL
strengthening of the US dollar and
*OPULZLYLUTPUIPHNHPUZ[[OL:PUNHWVYL
KVSSHYK\YPUN[OL`LHYÔPJOJVU[YPI\[LK
to a gain on translation of foreign
VWLYH[PVUZ6U[OLV[OLYOHUK^LOHKH
OLKNPUNYLZLY]LVM:TPSSPVUH[`LHY
LUKK\L[VTHYRLK[VTHYRL[LLJ[VM
PU[LYLZ[YH[LZ^HWZLU[LYLKPU[VI`[OL
.YV\W0U-@[V[HSKP]PKLUKZVM
:TPSSPVU^LYLWHPKMVYVYKPUHY`
and preference shares. The increase in
ZOHYLOVSKLYZLX\P[`^HZYLK\JLKI`
IV[OTHYRLK[VTHYRL[LLJ[VMPU[LYLZ[
YH[LZ^HWZHUKKP]PKLUKWH`TLU[Z
/`\_ZV]LYHSSJHZOWVZP[PVU
decreased from S$497.6 million as at 31
December 2012 to S$243.9 million as at
31 December 2013.
In FY2013, net cash of S$422.4 million
^HZ\ZLKPUV\YVWLYH[PUNHJ[P]P[PLZ
THPUS`[V^HYKZPU]LZ[TLU[ZPUWYVQLJ[Z
^P[OZLY]PJLJVUJLZZPVUHYYHUNLTLU[Z
Excluding cash used in these projects,
net cash generated from the operating
HJ[P]P[PLZ^HZ:TPSSPVU
0U]LZ[PUNHJ[P]P[PLZPU-@^LYL
incurred mainly for capital expenditure
PUZ\WWVY[VM/`\_ZHJ[P]P[PLZ
(JHZOV\[V^VM:TPSSPVUPU
PU]LZ[PUNHJ[P]P[PLZHYVZLMYVT[OL
17
Operating
Review
ENGINEERING, PROCUREMENT,
CONSTRUCTION (EPC)
2013 was a year of major EPC
HJOPL]LTLU[ZMVY/`\_^P[O[OL
completion of several large-scale water
treatment projects around the world.
;OLZLWYVQLJ[ZKLTVUZ[YH[L/`\_Z
competence in providing customised,
innovative and competitive solutions
to address the water and wastewater
challenges that our customers face.
In September 2013, our Tuaspring
Desalination Plant was declared open
H[HJLYLTVU`VJPH[LKI`:PUNHWVYLZ
Prime Minister Lee Hsien Loong.
Reverse Osmosis Building at Tuaspring Desalination Plant, Singapore

18
It marked another major step in the

countrys journey towards water
sustainability. The desalination plant
which has a capacity of 318,500 m3/day
delivers desalinated water to PUB over
a 25-year period from 2013 to 2038.
Desalinated water is one of Singapores
Four National Taps, along with local
catchment water, imported water and
NEWater, Singapores own brand of
reclaimed water. With the opening
of the Tuaspring Desalination Plant,
desalinated water from the countrys
two desalination plants can meet up
to 25% of Singapores current water
demand.
Sustainability
Magtaa Desalination Plant, Algeria
The completion of several large-scale water treatment projects around the

world demonstrates Hyfluxs competence in providing customised, innovative
and competitive solutions to address the water and wastewater challenges
that our customers face.
The EPC works on the on-site 411 MW

combined cycle gas turbine power
plant are progressing as planned with
its completion dependent upon the
operational readiness of the national
power grid to connect to the plant.
The power plant will enhance energy
reliability for the desalination plant
which currently obtains electricity from
the grid.
At the end of the year in December
^LHJOPL]LKUHUJPHSJSVZLMVY
UVUYLJV\YZLWYVQLJ[UHUJPUNVM
Tuasprings desalination and power
plants. The S$720 million 18-year term

loan facility is provided by Maybank
Singapore and Maybank Kim Eng
Securities Pte Ltd, the lead arrangers,
sole underwriters and bookrunners.
and Dahej SEZ Limited in March 2012

to design, build, own and operate a
336,000 m3/day desalination plant in
the Dahej Special Economic Zone in the
state of Gujarat, India.
0U0UKPH/`\_HUKV\Y1HWHULZL
consortium partner Hitachi Ltd signed
a water purchase agreement (WPA)
^P[O+HOLQ:,A3PTP[LKPU1HU\HY`
2013. The WPA is a 30-year concession
and includes an estimated 3-year
construction period. This followed
the formalisation of the Co-developer
Agreement between the consortium
/`\_ZYZ[SHYNLZJHSLKLZHSPUH[PVU
WYVQLJ[PU0UKPH^PSSLTWSV`\S[YHS[YH[PVU
pre-treatment and reverse osmosis
membrane technologies to treat
the seawater into water suitable for
industrial use.
19
Operating
Review
A\U`P>HZ[L^H[LY;YLH[TLU[7SHU[*OPUH
The total project cost is estimated at

US$600 million and will be funded
through a combination of equity and
UVUYLJV\YZLWYVQLJ[UHUJL/`\_
PZL_WLJ[LK[V\UKLY[HRLHWVY[PVU
of the EPC services amounting to
HULZ[PTH[LK<:TPSSPVU;OL
JVUZVY[P\THPTZ[VHJOPL]LUHUJPHS
JSVZLPU[OLYZ[OHSMVM-@ÔPJO
^PSSZPNUHS[OLZ[HY[VM,7*^VYRZVU[OL
KLZHSPUH[PVUWSHU[
+\YPUN[OL`LHY/`\_HSZVJVTWSL[LK
,7*^VYRZVUV\YT3/day
Magtaa Desalination Plant in Algeria and
started the testing and commissioning
WOHZL>LHYLUV^^HP[PUNMVYHWWYV]HS
MYVT[OLV[HRLYZMVY[OLUHSWSHU[
WYVVUN[LZ[HUK[VZ[HY[VWLYH[PUN[OL
20
WSHU[>LL_WLJ[[VJVTTPZZPVU4HN[HH
+LZHSPUH[PVU7SHU[PU
0U*OPUHA\U`P>HZ[L^H[LY;YLH[TLU[
Plant in southern Zunyi City, Guizhou
Province was commissioned in the
ZLJVUKOHSMVM;OL^HZ[L^H[LY
[YLH[TLU[WSHU[ÔPJOPZ/`\_Z
largest in China, can treat up to
T3KH`VMKVTLZ[PJ^HZ[L^H[LY
/`\_^PSSVWLYH[LHUKTHPU[HPU[OL
WSHU[VUH`LHYJVUJLZZPVU;OPZ
brings the total designed capacity of
/`\_ZWVY[MVSPVVMVWLYH[PUNWSHU[ZPU
China including those under our joint
]LU[\YLJVTWHU`.HSH_`5L^:WYPUN
[VZVTLTPSSPVUT3KH`/V^L]LY^L
withdrew from two water projects at the
/LJO\HU0UK\Z[YPHS7HYRPU*OVUNXPUN
Sustainability
Besides large-scale municipal projects, Hyflux has been undertaking

industrial projects in countries such as Singapore, Malaysia, Indonesia and
India that help industries develop stable, sustainable water supplies as well
as meet wastewater discharge standards.
Indias largest membrane-based water recycling plant in Surat
*P[`*OPUHK\L[VHMVYLZLLHISLSV^V
take volume of the water. The exit from
these two projects did not have any
TH[LYPHSUHUJPHSPTWHJ[VU[OL.YV\W
Besides these large-scale municipal
WYVQLJ[Z/`\_OHZILLU\UKLY[HRPUN
industrial projects in countries such
as Singapore, Malaysia, Indonesia
and India that help industries develop
stable, sustainable water supplies as
well as meet wastewater discharge
standards. This includes a technology
package we delivered for Indias
largest membrane-based water recycling
plant which produces 40,000 m3/day of
industrial grade water for Pandesara
Industrial Estate in Surat. The
technology package encompassed
the design, supply, installation, testing

and commissioning of the membrane
Z`Z[LTZ[VYLJSHPTZLJVUKHY`L\LU[
for industrial and other non-potable
applications.
We are also building an industrial
wastewater treatment plant on Jurong
Island in Singapore for TP Utilities.
At the end of FY2013, our EPC order
book was S$732 million.
OPERATIONS AND MAINTENANCE
(O&M)
as well as some other smaller projects

in Asia which were completed during
the year have started contributing to
our recurring income base. The O&M
order book is a summation of future
revenues of our portfolio of plants with
concession periods ranging between 20
and 30 years.
We expect our O&M revenue to capture
the full impact of our current portfolio of
water projects by FY2016. In addition,
we are also seeing rising recurring
income streams from asset returns,
membrane sales and other services.
These will augment our EPC revenues.
Our order book for O&M was S$1.94

billion at the end of FY2013. Projects
such as Tuaspring Desalination Plant
21
Operating
Review
Order Book
(S$ million)
3,000
2,500
2,897
EPC
2,670
O&M
1,025
732
2,000
1,874
1,848
1,480
1,500
748
1,117
1,000
1,378
931
423
1,145
500
465
435
30
Dec 05
601
1,872
1,938
Dec 12
Dec 13
863
435
166
254
335
Dec 06
Dec 07
Dec 08
1,100
955
943
Dec 09
Dec 10
Dec 11
Note:
1. O&M order book is a summation of future revenues of our portfolio of plants over 20 30 year concession periods.
2. Dec 13 EPC order book includes Dahej desalination project; WPA was signed in January 2013.
3. Dec 13 O&M order book includes Tuaspring and Magtaa projects.
INDUSTRY OUTLOOK
22
Despite expectations that improving

economic conditions would drive
investments in water infrastructure
projects, 2013 remained a challenging
year for the global water industry.
The number of project delays and
cancellations continued to outweigh the
number of new projects coming into the
market due to the fragility of the global
economic recovery.
drinking water and close to 2.6 billion

have no access to basic sanitation.
Furthermore, rapid industrialisation,
population growth and economic
growth can only be sustained if reliable
supplies of municipal and industrial
water increase. Reliance on alternative
renewable sources of water such as
desalination and wastewater reuse will
only increase as the over exploitation of
natural freshwater resources continue to
intensify.
This economic climate has dampened

the investment environment for large
water projects, but the gap between the
needs of the worlds growing population
and the natural resources available
keeps widening. More than one billion
people currently have no access to
Global Water Intelligence estimates

that the global water and wastewater
treatment market is worth some
US$177 billion (Global Water Markets
2014). The growth rates for capital
expenditure on seawater desalination
and on wastewater are expected to be
Sustainability
19.2% and 5% per year respectively.

Businesses are also expected to
increase their investments in water
and wastewater treatment technology
equipment by 7.2% a year.
to tap on private sector funding. We

estimate that the total value of potential
projects up for tender in our key
markets is worth about US$8 billion
based on the projected capacities.
We see an improved outlook for the

global water industry in 2014 with more
water infrastructure projects being
made available for public tenders.
0U^LVWLULKHUVJLPU:H\KP
Arabia to be closer to the Middle East
market. In addition, we have extended
V\YTHYRL[PUNLVY[Z[VZLSLJ[P]L
markets in the African continent and the
Middle East.
PUB, Singapores national water

agency, has called for a tender for
another NEWater plant to meet growing
water demand and strengthen the
resilience of the countrys water supply.
The plant, which will have a capacity
of 228,000 m3/day, is to be completed
by 2016 and will bring the number of
5,>H[LYWSHU[ZPU:PUNHWVYL[V]L
PUBs long-term plans are to raise the
capacity of NEWater and desalinated
water to meet up to 80% of water
demand by 2060.
We are also actively pursuing

desalination and water recycling
opportunities in the industrial water
sector where projects typically have
shorter project time frame.
With our technical expertise and ability
[VKLSP]LYJVZ[LLJ[P]LWYVQLJ[Z^L
are in a strong position to provide
JSLHUHVYKHISLHUKZ\Z[HPUHISL^H[LY
solutions to meet worldwide demand.
The Chinese water sector will continue

[VILUL[MYVT[OLJLU[YHSNV]LYUTLU[Z
shift in emphasis towards sustainable
development and the implementation
of more stringent water discharge
standards to curb water pollution.
/`\_^PSSMVJ\ZVUVWWVY[\UP[PLZPU
growth regions in China such as in
Yunnan province where we signed two
memoranda of understanding for the
development of water projects in April
2013. We also seek to grow the channel
sales for our membrane products and
systems.
Beyond our established markets in
Asia and Algeria, we are focusing on
and actively tendering for desalination
projects in the Middle East and Africa
as governments begin to revive largescale water infrastructure projects in
recognition of pent-up demand. More
projects are being put up for tender
23
Operating
Review
BUILDING A TOP-NOTCH DESALINATION PLANT
Singapores latest desalination plant triples the amount of

desalinated water to meet up to 25% of the nations current
water needs.
Tuaspring Desalination Plant Opening Ceremony
The streamers have been removed,

the marquees taken down, the guests
have long left. What has remained of
that delightful evening on 18 September
2013 when some 1,000 guests gathered
[VJLSLIYH[L[OLVJPHSVWLUPUNVM
Singapores latest seawater desalination
plant is the banner welcoming the Prime
Minister of Singapore as guest-ofhonour to the event.
Welcome to Tuaspring Desalination
Plant.
24
Now you hear the loud thumping

sounds of the pumps as high pressure
is applied to push feed water through
the membranes. There are surprisingly
few workers on any given day. The plant
is fully automated and its 50-strong
operations and maintenance team
alternates in two shifts per day, seven
days a week.
Delivering water to Singapore is a fulltime commitment.
Sustainability
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25
Corporate Social
Responsibility
The diverse talents,

experiences and
perspectives of our
people are our strength
and inspiration for new
ideas and innovation.
26
Sustainability
HUMAN CAPITAL
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27
Corporate Social
Responsibility
Tuaspring Desalination Plant, Singapore
Our water solutions

ease the strain on
water resources by
enabling industries and
communities to tap on
non-traditional sources
such as used water
and seawater, and limit
environmental impact
by treating wastewater
before it is released into
the natural environment.
28
ENVIRONMENT
/`\_OLSWZ[VTLL[[OL^VYSKZ
growing water needs in environmentally
and socially responsible ways. Our
water solutions ease the strain on water
resources by enabling industries and
communities to tap on non-traditional
sources such as used water and
seawater, and limit environmental
impact by treating wastewater before it
is released into the natural environment.
At the same time, we are also conscious
about the impact of our operations
on the environment. To reduce water
and energy consumption, we employ
technologies and processes to
conserve water, optimise operations
HUKPTWYV]LLULYN`LJPLUJ`6\Y
newest desalination plant, Tuaspring
Desalination Plant in Singapore, is an
example of the approach we take in

developing our projects.
Tuaspring Desalination Plant has been
designed to have minimal impact
on marine life and the surrounding
environment from the marine structures
to the plants footprint. Before the start
of construction of the desalination
plant, a detailed environmental impact
assessment study was conducted
and the seawater quality was closely
monitored during the construction
period. In addition, Tuaspring
Desalination Plant has a compact
design which reduces footprint per
cubic metre by more than 30% in
JVTWHYPZVU^P[O:PUNHWVYLZYZ[
desalination plant. This is vital in a
country like Singapore where land is
scarce.
Sustainability
We have also optimised the operational

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29
Corporate Social
Responsibility
Hyflux seeks to contribute in meaningful ways

to the local communities in which we operate by
supporting a variety of initiatives close to our heart
... we hope to make a positive difference in the
lives of others by volunteering our time and skills in
addition to corporate philanthropy.
COMMUNITY
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30
Sustainability
LEFT :
/`\_LTWSV`LLZZOH]LK[OLPYOLHKZ[VYHPZL
funds for the Childrens Cancer Society
BELOW :
/`\_]VS\U[LLYZ^P[OJOPSKYLUH[[OL20+:9LHK
programme
In November, we participated in
the NTUC FairPrice Walk for Rice
@ Southeast for a second time by
VYNHUPZPUNHZL]LURT^HSRMYVT/`\_
Innovation Centre to Gardens by the
Bay. For every 100 m covered, NTUC
FairPrice would donate a bowl of rice.
We covered a total distance of 1,065.6
km and raised 10,656 bowls of rice that
would be distributed to some 7,000
needy families.
Some 24 employees including four
women gamely shaved their heads to
raise money in support of the Childrens
Cancer Societys fundraiser Hair for
Hope. More than S$1,000 was raised as
a result.
[OLL]LU[Z[VV\YZ[HHZ^LSSHZ[V
the businesses and community in our
neighbourhood. At a blood donation
drive held in July 2013, 75 bags of
ISVVK^LYLJVSSLJ[LKÔPJOILUL[LK
225 individuals. We intend to hold two
KVUH[PVUKYP]LZH`LHYH[V\Y/`\_
Innovation Centre.
We will continue to foster the spirit of
volunteerism among our employees
and cultivate long-term partnerships.
Just as we have been able to grow
through the opportunities that were
presented to us in our early days,
we hope to reciprocate and make a
WVZP[P]LKPLYLUJLPU[OLSP]LZVMV[OLYZ
by volunteering our time and skills in
addition to corporate philanthropy.
+\YPUN[OL`LHY/`\_ZWVUZVYLKV\Y
premises to support the Singapore Red
Cross Society in their regular blood
donation drives. We helped promote
31
Investor
Relations
2013 was another challenging year for
the global water market as economic
uncertainty continued to delay many
planned municipal infrastructure
PU]LZ[TLU[Z/`\_ZZLUPVYTHUHNLTLU[
and investor relations team met the
investment community throughout
the year to keep them informed of key
developments within the Group.
+\YPUN[OL`LHY/`\_ILNHU
commercial operation of Tuaspring
Desalination Plant and secured nonYLJV\YZLWYVQLJ[UHUJPUNMVY[OL
WYVQLJ[>P[O[OPZWYVQLJ[UHUJPUNHUK
the S$300 million perpetual capital
securities issued in January 2014, we
HYLPUHZ[YVUNUHUJPHSWVZP[PVU[V
capture the opportunities in our key
markets.
6\YPU]LZ[VYYLSH[PVUZLVY[ZHYLN\PKLK
by the principle of providing clear,
consistent and timely information about
[OLJVTWHU`ZWLYMVYTHUJLZ[YH[LNPLZ
and business outlook to facilitate
informed investment decisions, nurture
JVU[PU\LKJVUKLUJLPU[OLJVTWHU`
and foster strong, enduring relations
with the investment community.
32
/`\_\ZLZT\S[PWSLJVTT\UPJH[PVU
channels such as shareholder meetings,
IYPLUNZ[VHUHS`Z[ZPU]LZ[VYZHUK
the media, conference calls, investor
conferences and the investor relations
^LIZP[L[VHJOPL]L[OPZ(SSUHUJPHS
PUMVYTH[PVUHUUV\UJLTLU[ZIYPLUN
materials to analysts and the media
as well as annual reports are made
H]HPSHISLVU^^Ô`\_JVT>LHSZV
organise site visits to our projects in
Singapore to provide analysts and
investors with a better understanding of
our capabilities.
6\YKPYLJ[VYZOH]LYLJVTTLUKLKHUHS
dividend of 1.60 Singapore cents per
ordinary share. This, together with the
interim dividend of 0.70 Singapore cents
paid earlier in the year, brings the total
dividend for FY2013 to 2.30 Singapore
cents per ordinary share.
Sustainability
Table of Contents
34
41
42
43
45
46
47
51
53
124
137
138
140

143
Directors Report
Statement by Directors
Independent Auditors Report
Statements of Financial Position
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Financial Statements
Corporate Governance Statement
Supplementary Information
Statistics of Shareholding
Substantial Ordinary Shareholders
+\X[*URXSRI&RPSDQLHV
Corporate Information
33
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LUKLK+LJLTILY
DIRECTORS
;OLKPYLJ[VYZPUVJLH[[OLKH[LVM[OPZYLWVY[HYLHZMVSSV^Z!
Olivia Lum Ooi Lin
,_LJ\[P]L*OHPYTHUHUK.YV\W*,6
Teo Kiang Kok

Lee Joo Hai
.H`*OLL*OLVUN
Christopher Murugasu
Simon Tay
.HY`2LL,UN2^LL
DIRECTORS INTERESTS
(JJVYKPUN [V [OL YLNPZ[LY RLW[ I` [OL *VTWHU` MVY [OL W\YWVZLZ VM :LJ[PVU VM [OL *VTWHUPLZ (J[ *OHW[LY [OL (J[ WHY[PJ\SHYZ
VMPU[LYLZ[ZVMKPYLJ[VYZÔVOLSKVJLH[[OLLUKVM[OLUHUJPHS`LHYPUJS\KPUN[OVZLOLSKI`[OLPYZWV\ZLZHUKPUMHU[JOPSKYLUPUZOHYLZ
KLILU[\YLZ^HYYHU[ZHUKZOHYLVW[PVUZPU[OL*VTWHU`HYLHZMVSSV^Z!
Direct interest
Name of director and
corporation in which interests are held
Deemed interest
At
21 January At beginning
2014
of the year
At end
of the year
At
21 January
2014
At beginning
of the year
At end
of the year

The Company
Ordinary shares
Olivia Lum Ooi Lin
Teo Kiang Kok
.H`*OLL*OLVUN
7YLMLYLUJLZOHYLZ
Olivia Lum Ooi Lin
Teo Kiang Kok
.H`*OLL*OLVUN
34

Sustainability
'LUHFWRUV5HSRUW
Direct interest
Deemed interest
At end
of the year
At
21 January
2014

Teo Kiang Kok

Lee Joo Hai

.H`*OLL*OLVUN


Simon Tay

.HY`2LL,UN2^LL

Name of director and

corporation in which interests are held
At
21 January At beginning
2014
of the year
At beginning
of the year
At end
of the year

Teo Kiang Kok

Lee Joo Hai

.H`*OLL*OLVUN


The Company
:OHYLVW[PVUZ:JOLTL
Olivia Lum Ooi Lin
:OHYLVW[PVUZ:JOLTL
Olivia Lum Ooi Lin
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ZOHYLVW[PVUZVM[OL*VTWHU`VYVMYLSH[LKJVYWVYH[PVUZLP[OLYH[[OLILNPUUPUNVYH[[OLLUKVM[OLUHUJPHS`LHY
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L_JLW[HZKPZJSVZLKHIV]L
,_JLW[HZKPZJSVZLK\UKLY[OL:OHYL6W[PVUZZLJ[PVUVM[OPZYLWVY[ULP[OLYH[[OLLUKVMUVYH[HU`[PTLK\YPUN[OLUHUJPHS`LHY^HZ[OL
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I`TLHUZVM[OLHJX\PZP[PVUVMZOHYLZPUVYKLILU[\YLZVM[OL*VTWHU`VYHU`V[OLYIVK`JVYWVYH[L
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35
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SHARE OPTIONS
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[OL:JOLTL[OH[L_WPYLKVU:LW[LTILYHUKHSSV^LK6SP]PH3\T6VP3PU,_LJ\[P]L*OHPYTHUHUK.YV\W*,6HUKHZ\IZ[HU[PHS
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[OL[V[HSU\TILYVMZOHYLZÔPJOTHÌLPZZ\LKI`[OL*VTWHU`\UKLY[OL:JOLTL;OLHNNYLNH[LU\TILYVMZJOLTLZOHYLZH]HPSHISL
[V6SP]PH3\T6VP3PUHUKOLYHZZVJPH[LZHZKLULKPU[OL3PZ[PUN4HU\HSVM:PUNHWVYL,_JOHUNL:LJ\YP[PLZ;YHKPUN3PTP[LK:.?:;Z3PZ[PUN
4HU\HSZOHSSUV[L_JLLKVM[OL[V[HSU\TILYVMZJOLTLZOHYLZH]HPSHISL\UKLY[OL:JOLTL
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VU:LW[LTILY
36

:JOLTL

([HUFLVH
price
per share

:JOLTL
Date of grant
of options

Options
granted

Options
outstanding
at
1 January
2013

Options
H[HUFLVHG

Options
forfeited

Options
outstanding
at 31
December
2013

1

11

Number of
holders as
at 31
December
2013

([HUFLVHSHULRG
([[OLLUKVM[OLUHUJPHS`LHYKL[HPSZVM[OLVW[PVUZNYHU[LK\UKLY[OLHUK:JOLTLZVU[OL\UPZZ\LKVYKPUHY`ZOHYLZVM[OL*VTWHU`HYLHZMVSSV^Z!
Sustainability
'LUHFWRUV5HSRUW
37
'LUHFWRUV5HSRUW
,_JLW[HZKPZJ\ZZLKHIV]L[OLYL^LYLUV\UPZZ\LKZOHYLZVM[OL*VTWHU`VYP[ZZ\IZPKPHYPLZ\UKLYVW[PVUZNYHU[LKI`[OL*VTWHU`VYP[Z
Z\IZPKPHYPLZHZH[[OLLUKVM[OLUHUJPHS`LHY
+L[HPSZVMVW[PVUZNYHU[LK[VKPYLJ[VYZVM[OL*VTWHU`\UKLY[OL:JOLTLHUK:JOLTLJVSSLJ[P]LS`HZ[OL:JOLTLZHYLHZMVSSV^Z!
Options
granted for
WKHQDQFLDO
year ended
31 December 2013
Aggregate options
granted since
commencement of
Schemes to
31 December 2013
Aggregate options
H[HUFLVHGVLQFH
commencement
of Schemes to
31 December 2013
Aggregate options
H[SLUHGVLQFH
commencement
of Schemes to
31 December 2013
Aggregate options
outstanding as at
31 December 2013
Olivia Lum Ooi Lin

Teo Kiang Kok

Lee Joo Hai

.H`*OLL*OLVUN


.HY`2LL,UN2^LL

Total

Name of director
2001 Scheme
2011 Scheme
Olivia Lum Ooi Lin

Teo Kiang Kok

Lee Joo Hai

.H`*OLL*OLVUN


Simon Tay

.HY`2LL,UN2^LL
Total
,_JLW[HZKPZJSVZLKPU[OPZYLWVY[ZPUJL[OLJVTTLUJLTLU[VM[OL:JOLTLZ[V[OLLUKVM[OLUHUJPHS`LHY!
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5VVW[PVUZOH]LILLUNYHU[LK[VKPYLJ[VYZHUKLTWSV`LLZVM[OLOVSKPUNJVTWHU`HUKP[ZYLSH[LKJVYWVYH[PVUZ\UKLY[OL:JOLTLZ"
5VVW[PVUZ[OH[LU[P[SL[OLOVSKLYZVM[OLVW[PVUZ[VWHY[PJPWH[LI`]PY[\LVMZ\JOOVSKPUN[VHU`ZOHYLPZZ\LVMHU`V[OLYJVYWVYH[PVUOH]L
ILLUNYHU[LK"HUK
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H[HKPZJV\U[
38
Sustainability
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AUDIT COMMITTEE
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39
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AUDITORS
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Olivia Lum Ooi Lin

Teo Kiang Kok

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40
Sustainability
Statement by Directors
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Teo Kiang Kok

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Members of the Company
Hyflux Ltd
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Auditors responsibility
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Opinion
0UV\YVWPUPVU[OLJVUZVSPKH[LKUHUJPHSZ[H[LTLU[ZVM[OL.YV\WHUK[OLZ[H[LTLU[VMUHUJPHSWVZP[PVUVM[OL*VTWHU`HYLWYVWLYS`KYHÛ
\WPUHJJVYKHUJL^P[O[OLWYV]PZPVUZVM[OL(J[HUK:PUNHWVYL-PUHUJPHS9LWVY[PUN:[HUKHYKZ[VNP]LH[Y\LHUKMHPY]PL^VM[OLZ[H[LVMHHPYZ
VM[OL.YV\WHUKVM[OL*VTWHU`HZH[+LJLTILYHUK[OLYLZ\S[ZJOHUNLZPULX\P[`HUKJHZOV^ZVM[OL.YV\WMVY[OL`LHYLUKLK
VU[OH[KH[L
Report on other legal and regulatory requirements
0UV\YVWPUPVU[OLHJJV\U[PUNHUKV[OLYYLJVYKZYLX\PYLKI`[OL(J[[VILRLW[I`[OL*VTWHU`HUKI`[OVZLZ\IZPKPHYPLZPUJVYWVYH[LKPU
:PUNHWVYLVMÔPJO^LHYL[OLH\KP[VYZOH]LILLUWYVWLYS`RLW[PUHJJVYKHUJL^P[O[OLWYV]PZPVUZVM[OL(J[
KPMG LLP
7\ISPJ(JJV\U[HU[ZHUK
*OHY[LYLK(JJV\U[HU[Z
Singapore
4HYJO
42
Sustainability

As at 31 December 2013
Group
Note
31
December
2013
$000
Company
31
December
2012
1
January
2012
31
December
2013
31
December
2012
$000
$000
$000
$000
Restated
Restated

Non-current assets
7YVWLY[`WSHU[HUKLX\PWTLU[
0U[HUNPISLHZZL[Z

0U[HUNPISLHZZL[ZHYPZPUNMYVTZLY]PJLJVUJLZZPVU
arrangements

0U]LZ[TLU[ZPUZ\IZPKPHYPLZ

0U]LZ[TLU[ZPUQVPU[]LU[\YLZ

0U]LZ[TLU[ZPUHZZVJPH[LZ

Other investments

-PUHUJPHSYLJLP]HISLZ
11

;YHKLHUKV[OLYYLJLP]HISLZ

Deferred tax assets
13
Total non-current assets

Current assets
.YVZZHTV\U[ZK\LMVYJVU[YHJ[^VYR

0U]LU[VYPLZ

11


*HZOHUKJHZOLX\P]HSLU[Z

Total current assets

Current liabilities
;YHKLHUKV[OLYWH`HISLZPUJS\KPUNKLYP]H[P]LZ

Loans and borrowings

Tax payable

Total current liabilities

Net current assets

Non-current liabilities


Deferred tax liabilities
13
Total non-current liabilities

Net assets

;OLHJJVTWHU`PUNUV[LZMVYTHUPU[LNYHSWHY[VM[OLZLUHUJPHSZ[H[LTLU[Z

43

Group
Note
31
December
2013
$000
31
December
2012
Company
1
January
2012
31
December
2013
31
December
2012
$000
$000
$000
$000
Restated
Restated

Equity
:OHYLJHWP[HS
9LZLY]LMVYVÛZOHYLZ
Capital reserve
-VYLPNUJ\YYLUJ`[YHUZSH[PVUYLZLY]L
Hedging reserve

9L[HPULKLHYUPUNZ

Total equity attributable to owners of the Company

,TWSV`LLZZOHYLVW[PVUYLZLY]L
Non-controlling interests
Total equity

19

44

Sustainability
Consolidated Income Statement

Year ended 31 December 2013
Note
2013
2012
$000
$000
Restated
9L]LU\L

6[OLYPUJVTL
*OHUNLZPUPU]LU[VYPLZVMUPZOLKNVVKZHUK^VYRPUWYVNYLZZ

9H^TH[LYPHSZHUKJVUZ\THISLZ\ZLKHUKZ\IJVU[YHJ[VYZJVZ[

:[HJVZ[Z

+LWYLJPH[PVUHTVY[PZH[PVUHUKPTWHPYTLU[

Other expenses

-PUHUJLJVZ[Z

:OHYLVMSVZZLZVMHZZVJPH[LZHUKQVPU[]LU[\YLZUL[VMPUJVTL[H_

3URWEHIRUHLQFRPHWD[

Tax expense

3URWIRUWKH\HDU
3URWDWWULEXWDEOHWR
Owners of the Company
5VUJVU[YVSSPUNPU[LYLZ[Z
3URWIRUWKH\HDU

Earnings per share (cents)

)HZPJLHYUPUNZWLYZOHYL

Diluted earnings per share

45
Consolidated Statement of Comprehensive Income

2013
2012
$000
$000
Restated
3URWIRUWKH\HDU

-VYLPNUJ\YYLUJ`[YHUZSH[PVUKPLYLUJLZMVYMVYLPNUVWLYH[PVUZ

:OHYLVMV[OLYJVTWYLOLUZP]LPUJVTLVMHZZVJPH[LZHUKQVPU[]LU[\YLZ

2WKHUFRPSUHKHQVLYHLQFRPH
0[LTZ[OH[THÌLYLJSHZZPLKZ\IZLX\LU[S`[VWYV[VYSVZZ
,LJ[P]LWVY[PVUVMJOHUNLZPUMHPY]HS\LVMJHZOVÔLKNLZ

0[LTZ[OH[^PSSUV[ILYLJSHZZPLKZ\IZLX\LU[S`[VWYV[VYSVZZ
,LJ[VMJOHUNLZPUJVU[YVSVMJVUZVSPKH[LKLU[P[PLZ

2WKHUFRPSUHKHQVLYHLQFRPHIRUWKH\HDUQHWRILQFRPHWD[

Total comprehensive income for the year

3PX\PKH[PVUVMZ\IZPKPHYPLZ
5L[JOHUNLPUMHPY]HS\LVMJHZOVÔLKNLZ[YHUZMLYYLK[V
WYV[VYSVZZ
7RWDOFRPSUHKHQVLYHLQFRPHDWWULEXWDEOHWR
Owners of the Company
5VUJVU[YVSSPUNPU[LYLZ[Z
Total comprehensive income for the year
46

3PX\PKH[PVUVMZ\IZPKPHYPLZ
,LJ[P]LWVY[PVUVM
JOHUNLZPUMHPY]HS\LVM
JHZOVÔLKNLZ
5L[JOHUNLPUMHPY]HS\LVM
JHZOVÔLKNLZ
[YHUZMLYYLK[VWYV[VYSVZZ
Share of reserves of
joint ventures
:OHYLVMV[OLYJVTWYLOLUZP]L
PUJVTLVMHZZVJPH[LZ
and joint ventures
;V[HSJVTWYLOLUZP]LPUJVTL
for the year

$000
,LJ[VMJOHUNLZPUJVU[YVS
VMJVUZVSPKH[LKLU[P[PLZ

$000
$000
-VYLPNUJ\YYLUJ`
[YHUZSH[PVUKPLYLUJLZ
for foreign operations
Other comprehensive
income
7YV[MVY[OL`LHY
Total comprehensive
income for the year
([1HU\HY`
Group
Reserve
for own
shares
Share
capital

$000
Foreign
currency
Capital translation
reserve
reserve

$000

$000
Employees
share
Hedging
option
reserve
reserve

$000

$000

$000
Total equity
attributable
to owners
NonRetained
of the controlling
earnings Company
interests

$000
Total
equity
Sustainability
47
48

$000
([+LJLTILY
Total transactions
with owners
,LJ[VMJOHUNLZPU
JVU[YVSVMJVUZVSPKH[LK
entries

Changes in ownership
interest in subsidiaries
;YHUZMLY[VJHWP[HS
reserve

Value of employee
ZLY]PJLZYLJLP]LKMVY
issue of share options
19
$000
$000
0ZZ\LVMZOHYLZMVYJHZO
\UKLY,TWSV`LLZ
Share Option
:JOLTLZ
+P]PKLUKZWHPK
payable
Contributions by and
distributions
to owners
Transactions with owners,

recognised directly in
equity
Group
Note
Reserve
for own
shares
Share
capital

$000
Foreign
currency
Capital translation
reserve
reserve

$000

$000
Employees
share
Hedging
option
reserve
reserve

$000

$000

$000
Total equity
attributable
to owners
NonRetained
of the controlling
earnings Company
interests

$000
Total
equity
5L[JOHUNLPUMHPY]HS\L
VMJHZOVÔLKNLZ
[YHUZMLYYLK[VWYV[VYSVZZ
Share of other
JVTWYLOLUZP]LPUJVTL
VMHZZVJPH[LZHUK
joint ventures
for the year

$000
,LJ[P]LWVY[PVUVM
JOHUNLZPUMHPY]HS\LVM
JHZOVÔLKNLZ

$000
$000
-VYLPNUJ\YYLUJ`
[YHUZSH[PVUKPLYLUJLZ
for foreign operations
Other comprehensive
income
7YV[MVY[OL`LHY
Total comprehensive
income for the year
([1HU\HY`
Group
Note
Reserve
for own
shares
Share
capital

$000
Foreign
currency
Capital translation
reserve
reserve

$000

$000
Employees
share
Hedging
option
reserve
reserve

$000

$000

$000
Total equity
attributable
to owners
NonRetained
of the controlling
earnings Company
interests

$000
Total
equity
Sustainability
49
50

$000
([+LJLTILY
Total transactions with

owners
3PX\PKH[PVUVM
subsidiary
Changes in
ownership interest
in subsidiaries

;YHUZMLY[VJHWP[HS
reserve

Value of employee
ZLY]PJLZYLJLP]LKMVY
issue of share options

19
$000
$000
6ÛZOHYLZHJX\PYLK
0ZZ\LVMZOHYLZMVYJHZO
\UKLY,TWSV`LLZ
:OHYL6W[PVU:JOLTLZ
+P]PKLUKZWHPKWH`HISL
Contributions by and
distributions to
owners
Transactions with
owners, recognised
directly in equity
Group
Note
Reserve
for own
shares
Share
capital

$000
Foreign
currency
Capital translation
reserve
reserve

$000

$000
Employees
share
Hedging
option
reserve
reserve

$000

333

$000

$000
Total equity
attributable
to owners
NonRetained
of the controlling
earnings Company
interests

333

$000
Total
equity
Sustainability

Note
2013
2012
$000
$000
Restated
&DVKRZVIURPRSHUDWLQJDFWLYLWLHV
7YV[ILMVYLPUJVTL[H_

(KQ\Z[TLU[ZMVY!
(SSV^HUJLMVYPU]LU[VY`VIZVSLZJLUJL

(TVY[PZH[PVUVM[YHUZHJ[PVUJVZ[ZYLSH[LK[VIVYYV^PUNZ
,TWSV`LLZZOHYLVW[PVUL_WLUZL

-HPY]HS\LSVZZVUKLYP]H[P]LUHUJPHSPUZ[Y\TLU[Z
-PUHUJLJVZ[Z

-PUHUJPHSYLJLP]HISLZ^YP[[LUV
.HPUSVZZVUSPX\PKH[PVUVMZ\IZPKPHYPLZ
.HPUVUKPZWVZHSVMZ\IZPKPHYPLZ
0TWHPYTLU[VM[YHKLHUKV[OLYYLJLP]HISLZ
0U[HUNPISLHZZL[Z^YP[[LUV

3VZZNHPUVUZHSLVMWYVWLY[`WSHU[HUKLX\PWTLU[
39

7YVWLY[`WSHU[HUKLX\PWTLU[^YP[[LUV

0U[LYLZ[PUJVTL

Change in inventories

*OHUNLPUNYVZZHTV\U[ZK\LMVYJVU[YHJ[^VYR

*OHUNLPU[YHKLHUKV[OLYYLJLP]HISLZ

Change in trade and other payables

Cash from operating activities before service concession arrangement projects

*OHUNLPUUHUJPHSYLJLP]HISLZMYVTZLY]PJLJVUJLZZPVUHYYHUNLTLU[Z

*OHUNLPUPU[HUNPISLHZZL[ZHYPZPUNMYVTZLY]PJLJVUJLZZPVUHYYHUNLTLU[Z

Cash used in operating activities after service concession arrangement projects

0UJVTL[H_WHPK
Net cash used in operating activities
51

Note
2013
2012
$000
$000
Restated
&DVKRZVIURPLQYHVWLQJDFWLYLWLHV
(JX\PZP[PVUVMPU[HUNPISLHZZL[Z

(JX\PZP[PVUVMWYVWLY[`WSHU[HUKLX\PWTLU[

Additional investment in joint ventures

+P]PKLUKZYLJLP]LKMYVTHZZVJPH[LZ

0U[LYLZ[YLJLP]LK
5L[JHZOV\[V^MYVTSPX\PKH[PVUVMZ\IZPKPHYPLZ
7YVJLLKZMYVTZHSLVMWYVWLY[`WSHU[HUKLX\PWTLU[
Net cash used in investing activities

&DVKRZVIURPQDQFLQJDFWLYLWLHV
Dividends paid
+P]PKLUKZWHPK[VUVUJVU[YVSSPUNPU[LYLZ[ZVMZ\IZPKPHYPLZ

+LJYLHZLPUJYLHZLPUKLWVZP[ZWSLKNLK

0U[LYLZ[WHPK

7YVJLLKZMYVTIVYYV^PUNZ

7YVJLLKZMYVTL_LYJPZLVMZOHYLVW[PVUZ

9LWH`TLU[VMIVYYV^PUNZ

1HWFDVKIURPQDQFLQJDFWLYLWLHV

Net decrease in cash and cash equivalents

*HZOHUKJHZOLX\P]HSLU[ZH[1HU\HY`

7\YJOHZLZVM[YLHZ\Y`ZOHYLZ
,LJ[VML_JOHUNLYH[L\J[\H[PVUZVUJHZOOLSK
Cash and cash equivalents at 31 December
52

Sustainability
;OLZLUV[LZMVYTHUPU[LNYHSWHY[VM[OLUHUJPHSZ[H[LTLU[Z
;OLUHUJPHSZ[H[LTLU[Z^LYLH\[OVYPZLKMVYPZZ\LI`[OL)VHYKVM+PYLJ[VYZVU4HYJO
DOMICILE AND ACTIVITIES
/`\_3[K[OL*VTWHU`PZPUJVYWVYH[LKPU[OL9LW\ISPJVM:PUNHWVYL;OLHKKYLZZVM[OL*VTWHU`ZYLNPZ[LYLKVJLPZ/`\_0UUV]H[PVU
*LU[YL)LUKLTLLY9VHK:PUNHWVYL
;OLUHUJPHSZ[H[LTLU[ZVM[OL.YV\WHZH[HUKMVY[OL`LHYLUKLK+LJLTILYJVTWYPZL[OL*VTWHU`HUKP[ZZ\IZPKPHYPLZ
[VNL[OLYYLMLYYLK[VHZ[OL.YV\WHUKPUKP]PK\HSS`HZ.YV\WLU[P[PLZHUK[OL.YV\WZPU[LYLZ[ZPUHZZVJPH[LZHUKQVPU[]LU[\YLZ
;OLWYPUJPWHSHJ[P]P[PLZVM[OL*VTWHU`HYL[OVZLYLSH[PUN[VPU]LZ[TLU[OVSKPUN
;OLWYPUJPWHSHJ[P]P[PLZVM[OLZ\IZPKPHYPLZJVTWYPZL[OLMVSSV^PUN!
Water

:LH^H[LY KLZHSPUH[PVU YH^ ^H[LY W\YPJH[PVU ^HZ[L^H[LY JSLHUPUN ^H[LY YLJ`JSPUN ^H[LY YLJSHTH[PVU HUK \S[YH W\YL ^H[LY
WYVK\J[PVUMVYT\UPJPWHSHUKPUK\Z[YPHSJSPLU[ZHZ^LSSHZOVTLJVUZ\TLYS[YH[PVUHUKW\YPJH[PVUWYVK\J[Z"HUK
+LZPNUJVUZ[Y\J[PVUHUKZHSLVM^H[LY[YLH[TLU[WSHU[ZZLH^H[LYKLZHSPUH[PVUWSHU[Z^HZ[L^H[LY[YLH[TLU[WSHU[ZHUK^H[LY
YLJ`JSPUNWSHU[Z\UKLYZLY]PJLJVUJLZZPVUHYYHUNLTLU[Z
Renewable Resources Management

+L]LSVWTLU[ VM TLTIYHUL HWWSPJH[PVUZ PU YLZV\YJL YLJV]LY` ^HZ[L YLJ`JSPUN HUK LULYN` YLJSHTH[PVU PUJS\KPUN HWWSPJH[PVUZ
Z\JOHZ\ZLKVPSYLJV]LY`HUKYLJ`JSPUN"HUK
:LWHYH[PVUJVUJLU[YH[PVUHUKW\YPJH[PVU[YLH[TLU[ZMVYTHU\MHJ[\YPUNWYVJLZZZ[YLHTZ
Energy

+LZPNUJVUZ[Y\J[PVUHUKVWLYH[PVUVMWV^LYWSHU[ZHUK[YHKPUNPU[OLLSLJ[YPJP[`THYRL[Z
BASIS OF PREPARATION
2.1
Statement of compliance
;OLUHUJPHSZ[H[LTLU[ZOH]LILLUWYLWHYLKPUHJJVYKHUJL^P[O[OL:PUNHWVYL-PUHUJPHS9LWVY[PUN:[HUKHYKZ-9:
2.2
Basis of measurement
;OLUHUJPHSZ[H[LTLU[ZOH]LILLUWYLWHYLKVU[OLOPZ[VYPJHSJVZ[IHZPZL_JLW[MVYKLYP]H[P]LUHUJPHSPUZ[Y\TLU[ZÔPJOHYLTLHZ\YLK
H[MHPY]HS\L
53
2.3
Functional and presentation currency
;OLZL UHUJPHS Z[H[LTLU[Z HYL WYLZLU[LK PU :PUNHWVYL KVSSHYZ :.+ ÔPJO PZ [OL *VTWHU`Z M\UJ[PVUHS J\YYLUJ` 6[OLY ZPNUPJHU[
LU[P[PLZ^P[OPU[OL.YV\WOH]L*OPULZL9LUTPUIP:.+<:KVSSHYZHUK(SNLYPHU+PUHYHZ[OLPYM\UJ[PVUHSJ\YYLUJ`(SSUHUJPHSPUMVYTH[PVU
WYLZLU[LKPU:PUNHWVYLKVSSHYZOHZILLUYV\UKLK[V[OLULHYLZ[[OV\ZHUK\USLZZV[OLY^PZLZ[H[LK
2.4
Use of estimates and judgements
;OL WYLWHYH[PVU VM [OL UHUJPHS Z[H[LTLU[Z PU JVUMVYTP[` ^P[O -9:Z YLX\PYLZ THUHNLTLU[ [V THRL Q\KNLTLU[Z LZ[PTH[LZ HUK
HZZ\TW[PVUZ[OH[HLJ[[OLHWWSPJH[PVUVMHJJV\U[PUNWVSPJPLZHUK[OLYLWVY[LKHTV\U[ZVMHZZL[ZSPHIPSP[PLZPUJVTLHUKL_WLUZLZ
(J[\HSYLZ\S[ZTH`KPLYMYVT[OLZLLZ[PTH[LZ
,Z[PTH[LZHUK\UKLYS`PUNHZZ\TW[PVUZHYLYL]PL^LKVUHUVUNVPUNIHZPZ9L]PZPVUZ[VHJJV\U[PUNLZ[PTH[LZHYLYLJVNUPZLKPU[OLWLYPVK
PUÔPJO[OLLZ[PTH[LZHYLYL]PZLKHUKPUHU`M\[\YLWLYPVKZHLJ[LK
0UMVYTH[PVUHIV\[JYP[PJHSQ\KNLTLU[ZPUHWWS`PUNHJJV\U[PUNWVSPJPLZ[OH[OH]L[OLTVZ[ZPNUPJHU[LLJ[VU[OLHTV\U[ZYLJVNUPZLKPU
[OLUHUJPHSZ[H[LTLU[ZPZPUJS\KLKPUUV[LVUJHWP[HSPZH[PVUVMKL]LSVWTLU[JVZ[Z
0UMVYTH[PVUHIV\[HZZ\TW[PVUZHUKLZ[PTH[PVU\UJLY[HPU[PLZ[OH[OH]LHZPNUPJHU[YPZRVMYLZ\S[PUNPUHTH[LYPHSHKQ\Z[TLU[^P[OPU[OL
UL_[UHUJPHS`LHYHYLPUJS\KLKPU[OLMVSSV^PUNUV[LZ!

5V[L
5V[L
5V[LZHUK
5V[L
5V[L
5V[L

YLZPK\HS]HS\LZHUK\ZLM\SSP]LZVMWYVWLY[`WSHU[HUKLX\PWTLU["
\ZLM\SSP]LZHUKYLJV]LYHIPSP[`VMPU[HUNPISLHZZL[Z"
RL`HZZ\TW[PVUZ\ZLKPUKPZJV\U[LKJHZOV^WYVQLJ[PVUZ"
]HS\H[PVUVMV[OLYPU]LZ[TLU[Z"
YLJV]LYHIPSP[`VM[YHKLHUKV[OLYYLJLP]HISLZHUKNYVZZHTV\U[ZK\LMYVTJVU[YHJ[^VYR"HUK
JVU[PUNLUJPLZ
2.5
Changes in accounting policies
;OL.YV\WOHZHKVW[LKHSS[OLUL^VYYL]PZLK-9:Z[OH[ILJHTLTHUKH[VY`MYVT1HU\HY`;OLHKVW[PVUVM[OLZLUL^-9:ZOHZ
UVZPNUPJHU[PTWHJ[[V[OL.YV\WL_JLW[HZZL[V\[ILSV^!
H
-HPY]HS\LTLHZ\YLTLU[
-9:LZ[HISPZOLZHZPUNSLMYHTL^VYRMVYTLHZ\YPUNMHPY]HS\LHUKTHRPUNKPZJSVZ\YLZHIV\[MHPY]HS\LTLHZ\YLTLU[ZÔLUZ\JO
TLHZ\YLTLU[Z HYL YLX\PYLK VY WLYTP[[LK I` V[OLY -9:Z 0U WHY[PJ\SHY P[ \UPLZ [OL KLUP[PVU VM MHPY ]HS\L HZ [OL WYPJL H[ ÔPJO HU
VYKLYS` [YHUZHJ[PVU [V ZLSS HU HZZL[ VY [V [YHUZMLY H SPHIPSP[` ^V\SK [HRL WSHJL IL[^LLU THYRL[ WHY[PJPWHU[Z H[ [OL TLHZ\YLTLU[ KH[L
0[HSZVYLWSHJLZHUKL_WHUKZ[OLKPZJSVZ\YLYLX\PYLTLU[ZHIV\[MHPY]HS\LTLHZ\YLTLU[ZPUV[OLY-9:ZPUJS\KPUN-9:-PUHUJPHS
0UZ[Y\TLU[Z!+PZJSVZ\YLZ
-YVT1HU\HY`PUHJJVYKHUJL^P[O[OL[YHUZP[PVUHSWYV]PZPVUZVM-9:[OL.YV\WOHZHWWSPLK[OLUL^MHPY]HS\LTLHZ\YLTLU[
N\PKHUJLWYVZWLJ[P]LS`HUKOHZUV[WYV]PKLKHU`JVTWHYH[P]LPUMVYTH[PVUMVYUL^KPZJSVZ\YLZ5V[^P[OZ[HUKPUN[OLHIV]L[OLJOHUNL
OHKUVZPNUPJHU[PTWHJ[VU[OLTLHZ\YLTLU[ZVM[OL.YV\WZHZZL[ZHUKSPHIPSP[PLZ
54
Sustainability
I
7YLZLU[H[PVUVMP[LTZVMV[OLYJVTWYLOLUZP]LPUJVTL
-YVT1HU\HY`HZHYLZ\S[VM[OLHTLUKTLU[Z[V-9:[OL.YV\WOHZTVKPLK[OLWYLZLU[H[PVUVMP[LTZVMV[OLYJVTWYLOLUZP]L
PUJVTLPUP[ZZ[H[LTLU[VMJVTWYLOLUZP]LPUJVTL[VWYLZLU[ZLWHYH[LS`P[LTZ[OH[^V\SKILYLJSHZZPLK[VWYV[VYSVZZPU[OLM\[\YLMYVT
[OVZL[OH[^V\SKUL]LYIL*VTWHYH[P]LPUMVYTH[PVUOHZHSZVILLUYLWYLZLU[LKHJJVYKPUNS`
;OLHKVW[PVUVM[OLHTLUKTLU[[V-9:OHZUVPTWHJ[VU[OLYLJVNUPZLKHZZL[ZSPHIPSP[PLZHUKJVTWYLOLUZP]LPUJVTLVM[OL.YV\W
J
(KVW[PVUVM-9:*VUZVSPKH[LK-PUHUJPHS:[H[LTLU[Z-9:1VPU[(YYHUNLTLU[ZHUK-9:+PZJSVZ\YLVM0U[LYLZ[ZPU6[OLY
Entities
;OL.YV\WOHZLHYS`HKVW[LK-9:*VUZVSPKH[LK-PUHUJPHS:[H[LTLU[Z-9:Joint ArrangementsHUK-9:+PZJSVZ\YLVM
Interests in Other Entities HZ ^LSS HZ [OL JVUZLX\LU[PHS HTLUKTLU[Z [V -9: :LWHYH[L -PUHUJPHS :[H[LTLU[Z HUK -9:
0U]LZ[TLU[ZPU(ZZVJPH[LZHUK1VPU[=LU[\YLZ^P[OHKH[LVMPUP[PHSHWWSPJH[PVUVM1HU\HY`
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Joint arrangements
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[OLZ[Y\J[\YLVM[OLHYYHUNLTLU[Z[OLSLNHSMVYTVMHU`ZLWHYH[L]LOPJSLZ[OLJVU[YHJ[\HS[LYTZVM[OLHYYHUNLTLU[ZHUKV[OLYMHJ[ZHUK
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QVPU[HYYHUNLTLU[ZHYLQVPU[]LU[\YLZHUKHYL[VILHJJV\U[LK\ZPUN[OLLX\P[`TL[OVKHZYLX\PYLKI`-9:
55
;OLMVSSV^PUN[HISLZ\TTHYPZLZ[OLHKQ\Z[TLU[ZTHKL[V[OL.YV\WZZ[H[LTLU[ZVMUHUJPHSWVZP[PVUH[1HU\HY`HUK+LJLTILY
HUKP[ZJVUZVSPKH[LKPUJVTLZ[H[LTLU[JVUZVSPKH[LKZ[H[LTLU[VMJVTWYLOLUZP]LPUJVTLHUKJVUZVSPKH[LKZ[H[LTLU[VMJHZO
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As previously
reported Adjustments
$000
$000
$000



;YHKLHUKV[OLYYLJLP]HISLZPUJS\KPUNKLYP]H[P]LZ

0U[HUNPISLHZZL[Z
0U[HUNPISLHZZL[ZHYPZPUNMYVTZLY]PJLJVUJLZZPVUHYYHUNLTLU[Z
Deferred tax assets

0U]LU[VYPLZ
Overall impact on total assets



Tax payable


Overall impact on total liabilities
56
As restated
Sustainability
&RQVROLGDWHGVWDWHPHQWRIQDQFLDOSRVLWLRQDVDW'HFHPEHU
As previously
$000
$000



;YHKLHUKV[OLYYLJLP]HISLZPUJS\KPUNKLYP]H[P]LZ

0U[HUNPISLHZZL[Z
0U[HUNPISLHZZL[ZHYPZPUNMYVTZLY]PJLJVUJLZZPVUHYYHUNLTLU[Z
Deferred tax assets

0U]LU[VYPLZ
Overall impact on total assets
Tax payable
Overall impact on total liabilities
As restated
$000

;OLJOHUNLPUHJJV\U[PUNWVSPJÒHKUVPTWHJ[VULX\P[`H[[YPI\[HISL[VVÛLYZVM[OL*VTWHU`HZH[1HU\HY`HUK+LJLTILY

Consolidated income statement for the year ended 31 December 2012
As previously
$000
$000
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:[HJVZ[Z


Other expenses

-PUHUJLJVZ[Z

6[OLYPUJVTL
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:OHYLVMWYV[SVZZVMHZZVJPH[LZHUKQVPU[]LU[\YLZ
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As restated
$000

Tax expenses

3URWIRUWKH\HDU

;OLJOHUNLPUHJJV\U[PUNWVSPJÒHKUVPTWHJ[VULHYUPUNZWLYZOHYLMVY[OL`LHYLUKLK+LJLTILY
57
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As previously
5L[JHZO\ZLKPUVWLYH[PUNHJ[P]P[PLZ
5L[JHZO\ZLKPUPU]LZ[PUNHJ[P]P[PLZ
As restated
$000
$000
$000

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Movements in cash and cash equivalents

SIGNIFICANT ACCOUNTING POLICIES
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3.1
Basis of consolidation
Business combinations
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58
Sustainability
Acquisition of non-controlling interests

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Subsidiaries
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Loss of control
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0M[OL.YV\WYL[HPUZHU`PU[LYLZ[PU[OLWYL]PV\ZZ\IZPKPHY`[OLUZ\JOPU[LYLZ[PZTLHZ\YLKH[MHPY]HS\LH[[OLKH[L[OH[JVU[YVSPZSVZ[
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Joint arrangements
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Associates
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JVZ[Z;OLJVUZVSPKH[LKUHUJPHSZ[H[LTLU[ZPUJS\KL[OL.YV\WZZOHYLVM[OLWYV[VYSVZZHUKV[OLYJVTWYLOLUZP]LPUJVTLVMHZZVJPH[LZ
HM[LYHKQ\Z[TLU[Z[VHSPNU[OLHJJV\U[PUNWVSPJPLZ^P[O[OVZLVM[OL.YV\WMYVT[OLKH[L[OH[ZPNUPJHU[PU\LUJLJVTTLUJLZ\U[PS[OL
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VISPNH[PVU[VM\UK[OLHZZVJPH[LZVWLYH[PVUZVYOHZTHKLWH`TLU[ZVUILOHSMVM[OLHZZVJPH[L
59
Transactions eliminated on consolidation

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3.2
Foreign currency
Foreign currency transactions
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Foreign operations
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60
Sustainability
>OLU[OLZL[[SLTLU[VMHTVUL[HY`P[LTYLJLP]HISLMYVTVYWH`HISL[VHMVYLPNUVWLYH[PVUPZULP[OLYWSHUULKUVYSPRLS`[VVJJ\YPU[OL
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3.3
Financial instruments
1RQGHULYDWLYHQDQFLDODVVHWV
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61
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OVSKLYMVY[OLSVZZP[PUJ\YZILJH\ZLHZWLJPLKKLI[VYMHPSZ[VTLL[WH`TLU[ÔLUK\LPUHJJVYKHUJL^P[O[OLVYPNPUHSVYTVKPLK[LYTZ
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62
Sustainability
Share capital
Ordinary shares
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63
Separable embedded derivatives

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3.4
Property, plant and equipment

Recognition and measurement
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Subsequent costs
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64
Sustainability
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Intangible assets

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65
Service concession arrangements

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3.6
Leased assets
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66

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Sustainability
3.7
Inventories
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3.8
Gross amounts due for contract work
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JHUUV[IL[LZ[LKPUKP]PK\HSS`HYLNYV\WLK[VNL[OLYPU[V[OLZTHSSLZ[NYV\WVMHZZL[Z[OH[NLULYH[LZJHZOPUV^ZMYVTJVU[PU\PUN\ZL
[OH[HYLSHYNLS`PUKLWLUKLU[VM[OLJHZOPUV^ZVMV[OLYHZZL[ZVY*.<:\IQLJ[[VHUVWLYH[PUNZLNTLU[JLPSPUN[LZ[MVY[OLW\YWVZLZ
VMNVVK^PSSPTWHPYTLU[[LZ[PUN*.<Z[VÔPJONVVK^PSSOHZILLUHSSVJH[LKHYLHNNYLNH[LKZV[OH[[OLSL]LSH[ÔPJOPTWHPYTLU[[LZ[PUN
PZWLYMVYTLKYLLJ[Z[OLSV^LZ[SL]LSH[ÔPJONVVK^PSSPZTVUP[VYLKMVYPU[LYUHSYLWVY[PUNW\YWVZLZ.VVK^PSSHJX\PYLKPUHI\ZPULZZ
JVTIPUH[PVUPZHSSVJH[LK[VNYV\WZVM*.<Z[OH[HYLL_WLJ[LK[VILUL[MYVT[OLZÙLYNPLZVM[OLJVTIPUH[PVU
;OL.YV\WZJVYWVYH[LHZZL[ZKVUV[NLULYH[LZLWHYH[LJHZOPUV^ZHUKHYL\[PSPZLKI`TVYL[OHUVUL*.<*VYWVYH[LHZZL[ZHYL
HSSVJH[LK [V *.<Z VU H YLHZVUHISL HUK JVUZPZ[LU[ IHZPZ HUK [LZ[LK MVY PTWHPYTLU[ HZ WHY[ VM [OL [LZ[PUN VM [OL *.< [V ÔPJO [OL
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0TWHPYTLU[SVZZLZHYLYLJVNUPZLKPUWYV[VYSVZZ0TWHPYTLU[SVZZLZYLJVNUPZLKPUYLZWLJ[VM*.<ZHYLHSSVJH[LKYZ[[VYLK\JL[OL
JHYY`PUNHTV\U[VMHU`NVVK^PSSHSSVJH[LK[V[OL*.<NYV\WVM*.<ZHUK[OLU[VYLK\JL[OLJHYY`PUNHTV\U[ZVM[OLV[OLYHZZL[ZPU
[OL*.<NYV\WVM*.<ZVUHpro rataIHZPZ
(UPTWHPYTLU[SVZZPUYLZWLJ[VMNVVK^PSSPZUV[YL]LYZLK0UYLZWLJ[VMV[OLYHZZL[ZPTWHPYTLU[SVZZLZYLJVNUPZLKPUWYPVYWLYPVKZHYL
HZZLZZLKH[LHJOYLWVY[PUNKH[LMVYHU`PUKPJH[PVUZ[OH[[OLSVZZOHZKLJYLHZLKVYUVSVUNLYL_PZ[Z(UPTWHPYTLU[SVZZPZYL]LYZLKPM[OLYL
OHZILLUHJOHUNLPU[OLLZ[PTH[LZ\ZLK[VKL[LYTPUL[OLYLJV]LYHISLHTV\U[(UPTWHPYTLU[SVZZPZYL]LYZLKVUS`[V[OLL_[LU[[OH[
[OLHZZL[ZJHYY`PUNHTV\U[KVLZUV[L_JLLK[OLJHYY`PUNHTV\U[[OH[^V\SKOH]LILLUKL[LYTPULKUL[VMKLWYLJPH[PVUVYHTVY[PZH[PVU
PMUVPTWHPYTLU[SVZZOHKILLUYLJVNUPZLK
.VVK^PSS[OH[MVYTZWHY[VM[OLJHYY`PUNHTV\U[VMHUPU]LZ[TLU[PUHUHZZVJPH[LHUKQVPU[]LU[\YLPZUV[YLJVNUPZLKZLWHYH[LS`HUK
[OLYLMVYLPZUV[[LZ[LKMVYPTWHPYTLU[ZLWHYH[LS`0UZ[LHK[OLLU[PYLHTV\U[VM[OLPU]LZ[TLU[PUHUHZZVJPH[LHUKQVPU[]LU[\YLPZ[LZ[LK
MVYPTWHPYTLU[HZHZPUNSLHZZL[ÔLU[OLYLPZVIQLJ[P]LL]PKLUJL[OH[[OLPU]LZ[TLU[PUHUHZZVJPH[LVYQVPU[]LU[\YLTHÌLPTWHPYLK
68
Sustainability
3.10
Non-current assets held for sale
5VUJ\YYLU[HZZL[ZVYKPZWVZHSNYV\WZJVTWYPZPUNHZZL[ZHUKSPHIPSP[PLZ[OH[HYLL_WLJ[LK[VILYLJV]LYLKWYPTHYPS`[OYV\NOZHSLYH[OLY
[OHU[OYV\NOJVU[PU\PUN\ZLHYLJSHZZPLKHZOLSKMVYZHSL0TTLKPH[LSÌLMVYLJSHZZPJH[PVUHZOLSKMVYZHSL[OLHZZL[ZVYJVTWVULU[Z
VMHKPZWVZHSNYV\WHYLYLTLHZ\YLKPUHJJVYKHUJL^P[O[OL.YV\WZHJJV\U[PUNWVSPJPLZ;OLYLHM[LYNLULYHSS`[OLHZZL[ZVYKPZWVZHS
NYV\WHYLNLULYHSS`TLHZ\YLKH[[OLSV^LYVM[OLPYJHYY`PUNHTV\U[HUKMHPY]HS\LSLZZJVZ[Z[VZLSS(U`PTWHPYTLU[SVZZVUHKPZWVZHS
NYV\WPZYZ[HSSVJH[LK[VNVVK^PSSHUK[OLU[VYLTHPUPUNHZZL[ZHUKSPHIPSP[PLZVUHpro rata IHZPZL_JLW[[OH[UVSVZZPZHSSVJH[LK[V
PU]LU[VYPLZUHUJPHSHZZL[ZKLMLYYLK[H_HZZL[ZLTWSV`LLILUL[HZZL[ZHUKPU]LZ[TLU[WYVWLY[`ÔPJOJVU[PU\L[VILTLHZ\YLKPU
HJJVYKHUJL^P[O[OL.YV\WZHJJV\U[PUNWVSPJPLZ0TWHPYTLU[SVZZLZVUPUP[PHSJSHZZPJH[PVUHZOLSKMVYZHSLHUKZ\IZLX\LU[NHPUZVY
SVZZLZVUYLTLHZ\YLTLU[HYLYLJVNUPZLKPUWYV[VYSVZZ.HPUZHYLUV[YLJVNUPZLKPUL_JLZZVMHU`J\T\SH[P]LPTWHPYTLU[SVZZ
0U[HUNPISLHZZL[ZHUKWYVWLY[`WSHU[HUKLX\PWTLU[VUJLJSHZZPLKHZOLSKMVYZHSLHYLUV[HTVY[PZLKVYKLWYLJPH[LK0UHKKP[PVULX\P[`
HJJV\U[PUNVMHZZVJPH[LZHUKQVPU[]LU[\YLZJLHZLZVUJLJSHZZPLKHZOLSKMVYZHSL
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'HQHGFRQWULEXWLRQSODQV
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HYLYLJVNUPZLKHZHULTWSV`LLILUL[L_WLUZLPUWYV[VYSVZZPU[OLWLYPVKZK\YPUNÔPJOYLSH[LKZLY]PJLZHYLYLUKLYLKI`LTWSV`LLZ
6KRUWWHUPHPSOR\HHEHQHWV
:OVY[[LYTLTWSV`LLILUL[VISPNH[PVUZHYLTLHZ\YLKVUHU\UKPZJV\U[LKIHZPZHUKHYLL_WLUZLKHZ[OLYLSH[LKZLY]PJLPZWYV]PKLK
( SPHIPSP[` PZ YLJVNUPZLK MVY [OL HTV\U[ L_WLJ[LK [V IL WHPK \UKLY ZOVY[[LYT JHZO IVU\Z VY WYV[ZOHYPUN WSHUZ PM [OL .YV\W OHZ H
WYLZLU[SLNHSVYJVUZ[Y\J[P]LVISPNH[PVU[VWH`[OPZHTV\U[HZHYLZ\S[VMWHZ[ZLY]PJLWYV]PKLKI`[OLLTWSV`LLHUK[OLVISPNH[PVUJHU
ILLZ[PTH[LKYLSPHIS`
Share-based payment transactions
;OL NYHU[ KH[L MHPY ]HS\L VM ZOHYLIHZLK WH`TLU[ H^HYKZ NYHU[LK [V LTWSV`LLZ PZ YLJVNUPZLK HZ HU LTWSV`LL L_WLUZL ^P[O H
JVYYLZWVUKPUN PUJYLHZL PU LX\P[` V]LY [OL WLYPVK [OH[ [OL LTWSV`LLZ \UJVUKP[PVUHSS` ILJVTL LU[P[SLK [V [OL H^HYKZ ;OL HTV\U[
YLJVNUPZLK HZ HU L_WLUZL PZ HKQ\Z[LK [V YLLJ[ [OL U\TILY VM H^HYKZ MVY ÔPJO [OL YLSH[LK ZLY]PJL HUK UVUTHYRL[ WLYMVYTHUJL
JVUKP[PVUZHYLL_WLJ[LK[VILTL[Z\JO[OH[[OLHTV\U[\S[PTH[LS`YLJVNUPZLKHZHUL_WLUZLPZIHZLKVU[OLU\TILYVMH^HYKZ[OH[
KVTLL[[OLYLSH[LKZLY]PJLHUKUVUTHYRL[WLYMVYTHUJLJVUKP[PVUZH[[OL]LZ[PUNKH[L-VYZOHYLIHZLKWH`TLU[H^HYKZ^P[OUVU
]LZ[PUNJVUKP[PVUZ[OLNYHU[KH[LMHPY]HS\LVM[OLZOHYLIHZLKWH`TLU[PZTLHZ\YLK[VYLLJ[Z\JOJVUKP[PVUZHUK[OLYLPZUV[Y\L\W
MVYKPLYLUJLZIL[^LLUL_WLJ[LKHUKHJ[\HSV\[JVTLZ
;OLMHPY]HS\LVM[OLHTV\U[WH`HISL[VLTWSV`LLZPUYLZWLJ[VMZOHYLHWWYLJPH[PVUYPNO[ZÔPJOHYLZL[[SLKPUJHZOPZYLJVNUPZLKHZ
HUL_WLUZL^P[OHJVYYLZWVUKPUNPUJYLHZLPUSPHIPSP[PLZV]LY[OLWLYPVK[OH[[OLLTWSV`LLZILJVTL\UJVUKP[PVUHSS`LU[P[SLK[VWH`TLU[
;OLSPHIPSP[`PZYLTLHZ\YLKH[LHJOYLWVY[PUNKH[LHUKH[ZL[[SLTLU[KH[L(U`JOHUNLZPU[OLMHPY]HS\LVM[OLSPHIPSP[`HYLYLJVNUPZLKHZ
WLYZVUULSL_WLUZLPUWYV[VYSVZZ
:OHYLIHZLKWH`TLU[HYYHUNLTLU[ZPUÔPJO[OL.YV\WYLJLP]LZNVVKZVYZLY]PJLZHZJVUZPKLYH[PVUMVYP[ZVÛLX\P[`PUZ[Y\TLU[ZHYL
HJJV\U[LKMVYHZLX\P[`ZL[[SLKZOHYLIHZLKWH`TLU[[YHUZHJ[PVUZYLNHYKSLZZVMOV^[OLLX\P[`PUZ[Y\TLU[ZHYLVI[HPULKI`[OL.YV\W
69
3.12
Provisions
(WYV]PZPVUPZYLJVNUPZLKPMHZHYLZ\S[VMHWHZ[L]LU[[OL.YV\WOHZHWYLZLU[SLNHSVYJVUZ[Y\J[P]LVISPNH[PVU[OH[JHUILLZ[PTH[LK
YLSPHIS`HUKP[PZWYVIHISL[OH[HUV\[V^VMLJVUVTPJILUL[Z^PSSILYLX\PYLK[VZL[[SL[OLVISPNH[PVU7YV]PZPVUZHYLKL[LYTPULKI`
KPZJV\U[PUN[OLL_WLJ[LKM\[\YLJHZOV^ZH[HWYL[H_YH[L[OH[YLLJ[ZJ\YYLU[THYRL[HZZLZZTLU[ZVM[OL[PTL]HS\LVMTVUL`HUK[OL
YPZRZZWLJPJ[V[OLSPHIPSP[`;OL\U^PUKPUNVM[OLKPZJV\U[PZYLJVNUPZLKHZUHUJLJVZ[
3.13
Revenue
Construction revenue - Construction contracts and sale of plants under service concession arrangements
*VU[YHJ[YL]LU\LPUJS\KLZ[OLPUP[PHSHTV\U[HNYLLKPU[OLJVU[YHJ[WS\ZHU`]HYPH[PVUZPUJVU[YHJ[^VYRJSHPTZHUKPUJLU[P]LWH`TLU[Z
[V[OLL_[LU[[OH[P[PZWYVIHISL[OH[[OL`^PSSYLZ\S[PUYL]LU\LHUKJHUILTLHZ\YLKYLSPHIS`(ZZVVUHZ[OLV\[JVTLVMHJVUZ[Y\J[PVU
JVU[YHJ[JHUILLZ[PTH[LKYLSPHIS`JVU[YHJ[YL]LU\LPZYLJVNUPZLKPUWYV[VYSVZZPUWYVWVY[PVU[V[OLZ[HNLVMJVTWSL[PVUVM[OLJVU[YHJ[
*VU[YHJ[L_WLUZLZHYLYLJVNUPZLKHZPUJ\YYLK\USLZZ[OL`JYLH[LHUHZZL[YLSH[LK[VM\[\YLJVU[YHJ[HJ[P]P[`
;OLZ[HNLVMJVTWSL[PVUPZHZZLZZLKI`YLMLYLUJL[V[OLWYVWVY[PVU[OH[JVU[YHJ[JVZ[ZPUJ\YYLKMVY^VYRWLYMVYTLK[VKH[LILHY[V
[OL LZ[PTH[LK [V[HS JVU[YHJ[ JVZ[Z >OLU [OL V\[JVTL VM H JVUZ[Y\J[PVU JVU[YHJ[ JHUUV[ IL LZ[PTH[LK YLSPHIS` JVU[YHJ[ YL]LU\L PZ
YLJVNUPZLKVUS`[V[OLL_[LU[VMJVU[YHJ[JVZ[ZPUJ\YYLK[OH[HYLSPRLS`[VILYLJV]LYHISL(UL_WLJ[LKSVZZVUHJVU[YHJ[PZYLJVNUPZLK
PTTLKPH[LS`PUWYV[VYSVZZ5L[YL]LU\LMYVT[OLZHSLVMWSHU[Z\UKLYZLY]PJLJVUJLZZPVUHYYHUNLTLU[ZWYL]PV\ZSÙV[YLJVNUPZLKHZ
JVUZ[Y\J[PVUYL]LU\L\UKLY[OLZLY]PJLJVUJLZZPVUHYYHUNLTLU[ZPZYLJVNUPZLKÔLUZPNUPJHU[YPZRZHUKYL^HYKZVMVÛLYZOPWOH]L
ILLU[YHUZMLYYLK[V[OLI\`LYYLJV]LY`VM[OLJVUZPKLYH[PVUPZWYVIHISL[OLHZZVJPH[LKJVZ[ZJHUILLZ[PTH[LKYLSPHIS`HUK[OLHTV\U[
VMYL]LU\LJHUILTLHZ\YLKYLSPHIS`
9L]LU\LYLSH[PUN[VJVUZ[Y\J[PVUVY\WNYHKLZLY]PJLZ\UKLYHZLY]PJLJVUJLZZPVUHYYHUNLTLU[PZYLJVNUPZLKIHZLKVU[OLZ[HNLVM
JVTWSL[PVUVM[OL^VYRWLYMVYTLKJVUZPZ[LU[^P[O[OL.YV\WZHJJV\U[PUNWVSPJ`VUYLJVNUPZPUNYL]LU\LVUJVUZ[Y\J[PVUJVU[YHJ[ZLL
HIV]L6WLYH[PVUVYZLY]PJLYL]LU\LPZYLJVNUPZLKPU[OLWLYPVKPUÔPJO[OLZLY]PJLZHYLWYV]PKLKI`[OL.YV\W>OLU[OL.YV\W
WYV]PKLZTVYL[OHUVULZLY]PJLPUHZLY]PJLJVUJLZZPVUHYYHUNLTLU[[OLJVUZPKLYH[PVUYLJLP]LKPZHSSVJH[LKI`YLMLYLUJL[V[OLYLSH[P]L
MHPY]HS\LZVM[OLZLY]PJLZKLSP]LYLK
Operating and maintenance income
9L]LU\LMYVT[OLWYV]PZPVUVMVWLYH[PUNHUKTHPU[LUHUJLZLY]PJLZPZYLJVNUPZLKÔLU[OLZLY]PJLZHYLYLUKLYLK
Sale of goods
9L]LU\L MYVT [OL ZHSL VM NVVKZ PU [OL JV\YZL VM VYKPUHY` HJ[P]P[PLZ PZ TLHZ\YLK H[ [OL MHPY ]HS\L VM [OL JVUZPKLYH[PVU YLJLP]LK VY
YLJLP]HISLUL[VMYL[\YUZ[YHKLKPZJV\U[ZHUK]VS\TLYLIH[LZ9L]LU\LPZYLJVNUPZLKÔLUZPNUPJHU[YPZRZHUKYL^HYKZVMVÛLYZOPW
OH]LILLU[YHUZMLYYLK[V[OLJ\Z[VTLYYLJV]LY`VM[OLJVUZPKLYH[PVUPZWYVIHISL[OLHZZVJPH[LKJVZ[ZHUKWVZZPISLYL[\YUVMNVVKZ
JHUILLZ[PTH[LKYLSPHIS`[OLYLPZUVJVU[PU\PUNTHUHNLTLU[PU]VS]LTLU[^P[O[OLNVVKZHUK[OLHTV\U[VMYL]LU\LJHUILTLHZ\YLK
YLSPHIS`0MP[PZWYVIHISL[OH[KPZJV\U[Z^PSSILNYHU[LKHUK[OLHTV\U[JHUILTLHZ\YLKYLSPHIS`[OLKPZJV\U[PZYLJVNUPZLKHZHYLK\J[PVU
VMYL]LU\LHZ[OLZHSLZHYLYLJVNUPZLK
;YHUZMLYZVMYPZRZHUKYL^HYKZVJJ\Y\WVUKLSP]LY`[VJ\Z[VTLYZ
Finance income
70
-PUHUJL PUJVTL YLWYLZLU[Z [OL PU[LYLZ[ PUJVTL VU [OL UHUJPHS YLJLP]HISL HYPZPUN MYVT H ZLY]PJL JVUJLZZPVU HYYHUNLTLU[ HUK PZ
YLJVNUPZLKPUWYV[VYSVZZ\ZPUN[OLLLJ[P]LPU[LYLZ[TL[OVK
Sustainability
Others
9LU[HSPUJVTLMYVTPU]LZ[TLU[WYVWLY[`PZYLJVNUPZLKPUWYV[VYSVZZVUHZ[YHPNO[SPULIHZPZV]LY[OL[LYTVM[OLSLHZL3LHZLPUJLU[P]LZ
NYHU[LKHYLYLJVNUPZLKHZHUPU[LNYHSWHY[VM[OL[V[HSYLU[HSPUJVTLV]LY[OL[LYTVM[OLSLHZL
0U[LYLZ[PUJVTLMYVTM\UKZPU]LZ[LKPUJS\KPUNH]HPSHISLMVYZHSLUHUJPHSHZZL[ZPZYLJVNUPZLKHZP[HJJY\LZHZV[OLYPUJVTLPUWYV[VY
SVZZ\ZPUN[OLLLJ[P]LPU[LYLZ[TL[OVK
3.14
Government grants
.V]LYUTLU[NYHU[ZHYLKLK\J[LKHNHPUZ[[OLJHYY`PUNHTV\U[ZVM[OLHZZL[ZÔLU[OLYLPZYLHZVUHISLHZZ\YHUJL[OH[NV]LYUTLU[NYHU[Z
^PSSILYLJLP]LK[VJVTWLUZH[L[OL.YV\WMVY[OLJVZ[VMHUHZZL[HUK[OL.YV\W^PSSJVTWS`^P[O[OLJVUKP[PVUZHZZVJPH[LK^P[O[OL
NYHU[.YHU[Z[OH[JVTWLUZH[L[OL.YV\WMVYL_WLUZLZPUJ\YYLKHYLYLJVNUPZLKPUWYV[VYSVZZHZV[OLYPUJVTL
3.15
Lease payments
7H`TLU[Z THKL \UKLY VWLYH[PUN SLHZLZ HYL YLJVNUPZLK PU WYV[ VY SVZZ VU H Z[YHPNO[SPUL IHZPZ V]LY [OL [LYT VM [OL SLHZL 3LHZL
PUJLU[P]LZYLJLP]LKHYLYLJVNUPZLKHZHUPU[LNYHSWHY[VM[OL[V[HSSLHZLL_WLUZLV]LY[OL[LYTVM[OLSLHZL
4PUPT\TSLHZLWH`TLU[ZTHKL\UKLYUHUJLSLHZLZHYLHWWVY[PVULKIL[^LLU[OLUHUJLL_WLUZLHUK[OLYLK\J[PVUVM[OLV\[Z[HUKPUN
SPHIPSP[`;OLUHUJLL_WLUZLPZHSSVJH[LK[VLHJOWLYPVKK\YPUN[OLSLHZL[LYTZVHZ[VWYVK\JLHJVUZ[HU[WLYPVKPJYH[LVMPU[LYLZ[VU[OL
YLTHPUPUNIHSHUJLVM[OLSPHIPSP[`
*VU[PUNLU[SLHZLWH`TLU[ZHYLHJJV\U[LKMVYI`YL]PZPUN[OLTPUPT\TSLHZLWH`TLU[ZV]LY[OLYLTHPUPUN[LYTVM[OLSLHZLÔLU[OL
SLHZLHKQ\Z[TLU[PZJVUYTLK
Determining whether an arrangement contains a lease
([PUJLW[PVUVMHUHYYHUNLTLU[[OL.YV\WKL[LYTPULZÔL[OLYZ\JOHUHYYHUNLTLU[PZVYJVU[HPUZHSLHZL(ZWLJPJHZZL[PZ[OLZ\IQLJ[
VMHSLHZLPMM\SSTLU[VM[OLHYYHUNLTLU[PZKLWLUKLU[VU[OL\ZLVM[OH[ZWLJPLKHZZL[(UHYYHUNLTLU[JVU]L`Z[OLYPNO[[V\ZL[OL
HZZL[PM[OLHYYHUNLTLU[JVU]L`Z[V[OL.YV\W[OLYPNO[[VJVU[YVS[OL\ZLVM[OL\UKLYS`PUNHZZL[
3.16
Finance costs
-PUHUJL JVZ[Z JVTWYPZL PU[LYLZ[ L_WLUZL VU IVYYV^PUNZ [OH[ HYL YLJVNUPZLK PU WYV[ VY SVZZ )VYYV^PUN JVZ[Z [OH[ HYL UV[ KPYLJ[S`
H[[YPI\[HISL[V[OLHJX\PZP[PVUJVUZ[Y\J[PVUVYWYVK\J[PVUVMHX\HSPM`PUNHZZL[HYLYLJVNUPZLKPUWYV[VYSVZZ\ZPUN[OLLLJ[P]LPU[LYLZ[
TL[OVK
7D[
;H_L_WLUZLJVTWYPZLZJ\YYLU[HUKKLMLYYLK[H_*\YYLU[[H_HUKKLMLYYLK[H_HYLYLJVNUPZLKPUWYV[VYSVZZL_JLW[[V[OLL_[LU[[OH[P[
YLSH[LZ[VHI\ZPULZZJVTIPUH[PVUVYP[LTZYLJVNUPZLKKPYLJ[S`PULX\P[`VYPUV[OLYJVTWYLOLUZP]LPUJVTL
*\YYLU[[H_PZ[OLL_WLJ[LK[H_WH`HISLVYYLJLP]HISLVU[OL[H_HISLPUJVTLVYSVZZMVY[OL`LHY\ZPUN[H_YH[LZLUHJ[LKVYZ\IZ[HU[P]LS`
LUHJ[LKH[[OLYLWVY[PUNKH[LHUKHU`HKQ\Z[TLU[[V[H_WH`HISLPUYLZWLJ[VMWYL]PV\Z`LHYZ
71
+LMLYYLK[H_PZYLJVNUPZLKPUYLZWLJ[VM[LTWVYHY`KPLYLUJLZIL[^LLU[OLJHYY`PUNHTV\U[ZVMHZZL[ZHUKSPHIPSP[PLZMVYUHUJPHSYLWVY[PUN
W\YWVZLZHUK[OLHTV\U[Z\ZLKMVY[H_H[PVUW\YWVZLZ+LMLYYLK[H_PZUV[YLJVNUPZLKMVY!

[LTWVYHY`KPLYLUJLZVU[OLPUP[PHSYLJVNUP[PVUVMHZZL[ZVYSPHIPSP[PLZPUH[YHUZHJ[PVU[OH[PZUV[HI\ZPULZZJVTIPUH[PVUHUK[OH[
HLJ[ZULP[OLYHJJV\U[PUNUVY[H_HISLWYV[VYSVZZ"
[LTWVYHY`KPLYLUJLZYLSH[LK[VPU]LZ[TLU[ZPUZ\IZPKPHYPLZHUKQVPU[S`JVU[YVSSLKLU[P[PLZ[V[OLL_[LU[[OH[[OL.YV\WPZHISL[V
JVU[YVS[OL[PTPUNVMYL]LYZHSVM[OL[LTWVYHY`KPLYLUJLHUKP[PZWYVIHISL[OH[[OL`^PSSUV[YL]LYZLPU[OLMVYLZLLHISLM\[\YL"HUK
[H_HISL[LTWVYHY`KPLYLUJLZHYPZPUNVU[OLPUP[PHSYLJVNUP[PVUVMNVVK^PSS
;OLTLHZ\YLTLU[VMKLMLYYLK[H_LZYLLJ[Z[OL[H_JVUZLX\LUJLZ[OH[^V\SKMVSSV^[OLTHUULYPUÔPJO[OL.YV\WL_WLJ[ZH[[OL
LUKVM[OLYLWVY[PUNWLYPVK[VYLJV]LYVYZL[[SL[OLJHYY`PUNHTV\U[VMP[ZHZZL[ZHUKSPHIPSP[PLZ+LMLYYLK[H_PZTLHZ\YLKH[[OL[H_YH[LZ
[OH[HYLL_WLJ[LK[VILHWWSPLK[V[LTWVYHY`KPLYLUJLZÔLU[OL`YL]LYZLIHZLKVU[OLSH^Z[OH[OH]LILLULUHJ[LKVYZ\IZ[HU[P]LS`
LUHJ[LKI`[OLYLWVY[PUNKH[L
+LMLYYLK[H_HZZL[ZHUKSPHIPSP[PLZHYLVZL[PM[OLYLPZHSLNHSS`LUMVYJLHISLYPNO[[VVZL[J\YYLU[[H_SPHIPSP[PLZHUKHZZL[ZHUK[OL`YLSH[L[V
[H_LZSL]PLKI`[OLZHTL[H_H\[OVYP[`VU[OLZHTL[H_HISLLU[P[`VYVUKPLYLU[[H_LU[P[PLZI\[[OL`PU[LUK[VZL[[SLJ\YYLU[[H_SPHIPSP[PLZ
HUKHZZL[ZVUHUL[IHZPZVY[OLPY[H_HZZL[ZHUKSPHIPSP[PLZ^PSSILYLHSPZLKZPT\S[HULV\ZS`
(KLMLYYLK[H_HZZL[PZYLJVNUPZLKMVY\U\ZLK[H_SVZZLZ[H_JYLKP[ZHUKKLK\J[PISL[LTWVYHY`KPLYLUJLZ[V[OLL_[LU[[OH[P[PZWYVIHISL
[OH[M\[\YL[H_HISLWYV[Z^PSSILH]HPSHISLHNHPUZ[ÔPJO[OL`JHUIL\[PSPZLK+LMLYYLK[H_HZZL[ZHYLYL]PL^LKH[LHJOYLWVY[PUNKH[LHUK
HYLYLK\JLK[V[OLL_[LU[[OH[P[PZUVSVUNLYWYVIHISL[OH[[OLYLSH[LK[H_ILUL[^PSSILYLHSPZLK
0UKL[LYTPUPUN[OLHTV\U[VMJ\YYLU[HUKKLMLYYLK[H_[OL.YV\W[HRLZPU[VHJJV\U[[OLPTWHJ[VM\UJLY[HPU[H_WVZP[PVUZHUKÔL[OLY
HKKP[PVUHS[H_LZHUKPU[LYLZ[THÌLK\L;OL.YV\WILSPL]LZ[OH[P[ZHJJY\HSZMVY[H_SPHIPSP[PLZHYLHKLX\H[LMVYHSSVWLU[H_`LHYZIHZLK
VUP[ZHZZLZZTLU[VMTHU`MHJ[VYZPUJS\KPUNPU[LYWYL[H[PVUZVM[H_SH^HUKWYPVYL_WLYPLUJL;OPZHZZLZZTLU[YLSPLZVULZ[PTH[LZHUK
HZZ\TW[PVUZHUKTH`PU]VS]LHZLYPLZVMQ\KNLTLU[ZHIV\[M\[\YLL]LU[Z5L^PUMVYTH[PVUTHÌLJVTLH]HPSHISL[OH[JH\ZLZ[OL.YV\W
[VJOHUNLP[ZQ\KNLTLU[YLNHYKPUN[OLHKLX\HJ`VML_PZ[PUN[H_SPHIPSP[PLZZ\JOJOHUNLZ[V[H_SPHIPSP[PLZ^PSSPTWHJ[[H_L_WLUZLPU[OL
WLYPVK[OH[Z\JOHKL[LYTPUH[PVUPZTHKL
3.18
Earnings per share
;OL.YV\WWYLZLU[ZIHZPJHUKKPS\[LKLHYUPUNZWLYZOHYL,7:KH[HMVYP[ZVYKPUHY`ZOHYLZ)HZPJ,7:PZJHSJ\SH[LKI`KP]PKPUN[OLWYV[
or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the
`LHYHKQ\Z[LKMVYVÛZOHYLZOLSK+PS\[LK,7:PZKL[LYTPULKI`HKQ\Z[PUN[OLWYV[VYSVZZH[[YPI\[HISL[VVYKPUHY`ZOHYLOVSKLYZHUK
[OL^LPNO[LKH]LYHNLU\TILYVMVYKPUHY`ZOHYLZV\[Z[HUKPUNHKQ\Z[LKMVYVÛZOHYLZOLSKMVY[OLLLJ[ZVMHSSKPS\[P]LWV[LU[PHSVYKPUHY`
ZOHYLZÔPJOJVTWYPZLZOHYLVW[PVUZNYHU[LK[VLTWSV`LLZHUKKPYLJ[VYZ)V[OIHZPJHUKKPS\[LK,7:VM[OL.YV\WHYLHKQ\Z[LKMVY[OL
LLJ[VMHU`WYV]PZPVUMVYWYLMLYLUJLZOHYLZKP]PKLUKZ
3.19
Segment reporting
(U VWLYH[PUN ZLNTLU[ PZ H JVTWVULU[ VM [OL .YV\W [OH[ LUNHNLZ PU I\ZPULZZ HJ[P]P[PLZ MYVT ÔPJO P[ TH` LHYU YL]LU\LZ HUK PUJ\Y
L_WLUZLZPUJS\KPUNYL]LU\LZHUKL_WLUZLZ[OH[YLSH[L[V[YHUZHJ[PVUZ^P[OHU`VM[OL.YV\WZV[OLYJVTWVULU[Z(SSVWLYH[PUNZLNTLU[Z
VWLYH[PUNYLZ\S[ZHYLYL]PL^LKYLN\SHYSÌ`[OL.YV\WZ*,6[OLJOPLMVWLYH[PUNKLJPZPVUTHRLY[VTHRLKLJPZPVUZHIV\[YLZV\YJLZ[V
ILHSSVJH[LK[V[OLZLNTLU[HUKHZZLZZP[ZWLYMVYTHUJLHUKMVYÔPJOKPZJYL[LUHUJPHSPUMVYTH[PVUPZH]HPSHISL
:LNTLU[YLZ\S[Z[OH[HYLYLWVY[LK[V[OL.YV\WZ*,6PUJS\KLP[LTZKPYLJ[S`H[[YPI\[HISL[VHZLNTLU[HZ^LSSHZ[OVZL[OH[JHUIL
HSSVJH[LK VU H YLHZVUHISL IHZPZ <UHSSVJH[LK P[LTZ JVTWYPZL THPUS` JVYWVYH[L HZZL[Z WYPTHYPS` [OL *VTWHU`Z OLHKX\HY[LYZ OLHK
VJLL_WLUZLZHUK[H_HZZL[ZHUKSPHIPSP[PLZ
72
Sustainability
:LNTLU[JHWP[HSL_WLUKP[\YLPZ[OL[V[HSJVZ[PUJ\YYLKK\YPUN[OL`LHY[VHJX\PYLWYVWLY[`WSHU[HUKLX\PWTLU[HUKPU[HUNPISLHZZL[Z
V[OLY[OHUNVVK^PSS
3.20
New standards and interpretations not yet adopted
(U\TILYVMUL^Z[HUKHYKZHTLUKTLU[Z[VZ[HUKHYKZHUKPU[LYWYL[H[PVUZHYLLLJ[P]LMVYHUU\HSWLYPVKZILNPUUPUNHM[LY1HU\HY`
HUK OH]L UV[ ILLU HWWSPLK PU WYLWHYPUN [OLZL UHUJPHS Z[H[LTLU[Z ;OVZL UL^ Z[HUKHYKZ HTLUKTLU[Z [V Z[HUKHYKZ HUK
PU[LYWYL[H[PVUZHYLUV[L_WLJ[LK[VOH]LHZPNUPJHU[LLJ[VU[OLUHUJPHSZ[H[LTLU[ZVM[OL.YV\WHUK[OL*VTWHU`PUM\[\YLUHUJPHS
WLYPVKZ
PROPERTY, PLANT AND EQUIPMENT

Leasehold
2FH properties and
equipment improvements
Plant and
machinery
Motor
vehicles
Computers
$000
$000
$000
$000
$000
$000
$000
$000
([1HU\HY`
as previously stated

0TWHJ[VMJOHUNLPU
HJJV\U[PUNWVSPJ`

Group
Furniture ConstructionDQGWWLQJV
in-progress
Total
Cost
([1HU\HY`HZ
restated

(KKP[PVUZYLZ[H[LK

191

Transfers

Disposals

,LJ[VMTV]LTLU[Z
PUL_JOHUNLYH[LZ
restated

([+LJLTILY
HUK1HU\HY`
restated

Additions
191

Transfers

11

Disposals

,LJ[VMJOHUNLZ
PUJVU[YVSVM
JVUZVSPKH[LKLU[P[PLZ
,LJ[VMTV]LTLU[Z
PUL_JOHUNLYH[LZ

39

([+LJLTILY

73
Plant and
machinery
Motor
vehicles
Computers
$000
$000
$000
([1HU\HY`
as previously stated

0TWHJ[VMJOHUNLPU
HJJV\U[PUNWVSPJ`

Group
Accumulated
depreciation and
impairment losses
([1HU\HY`
as restated
Leasehold
2FH properties and
equipment improvements
$000
Furniture ConstructionDQGWWLQJV
in-progress
Total
$000
$000
$000
$000

+LWYLJPH[PVUMVY[OL
`LHYYLZ[H[LK

Disposals

0TWHPYTLU[SVZZ
,LJ[VMTV]LTLU[Z
PUL_JOHUNLYH[LZ
restated
([+LJLTILY
HUK1HU\HY`
restated
+LWYLJPH[PVUMVY[OL
year
Disposals
0TWHPYTLU[SVZZ
,LJ[VMJOHUNLZ
PUJVU[YVSVM
JVUZVSPKH[LKLU[P[PLZ
,LJ[VMTV]LTLU[ZPU
L_JOHUNLYH[LZ

93

([1HU\HY`
as restated

([+LJLTILY
HUK1HU\HY`
as restated

([+LJLTILY

([+LJLTILY

Carrying amounts
74
Sustainability
Computers
Furniture
DQGWWLQJV
Total
$000
$000
$000

11

11

Company
Cost
([1HU\HY`+LJLTILY1HU\HY`HUK+LJLTILY
Accumulated depreciation
Carrying amounts
Estimation of residual values and useful lives of property, plant and equipment
;OL .YV\W YL]PL^Z [OL \ZLM\S SP]LZ VM [OL WYVWLY[` WSHU[ HUK LX\PWTLU[ H[ [OL LUK VM LHJO YLWVY[PUN WLYPVK PU VYKLY [V KL[LYTPUL
[OLHTV\U[VMKLWYLJPH[PVUL_WLUZL[VILYLJVYKLKK\YPUNHU`YLWVY[PUNWLYPVK;OL\ZLM\SSP]LZHYLIHZLKVU[OL.YV\WZOPZ[VYPJHS
L_WLYPLUJL^P[OZPTPSHYHZZL[ZHUK[HRPUNPU[VHJJV\U[HU[PJPWH[LK[LJOUVSVNPJHSJOHUNLZ*OHUNLZPU[OLL_WLJ[LKSL]LSVM\ZHNLHUK
[LJOUVSVNPJHSKL]LSVWTLU[ZJV\SKPTWHJ[[OLLJVUVTPJ\ZLM\SSP]LZHUK[OLYLZPK\HS]HS\LZVM[OLZLHZZL[Z;OLYLMVYLM\[\YLKLWYLJPH[PVU
JOHYNLZJV\SKILYL]PZLK
Impairment loss
+\L[V[OL\UMH]V\YHISLTHYRL[JVUKP[PVUZ[OL.YV\WOHZKLMLYYLK[OLWYVK\J[PVUHUKL_WLJ[LKSH\UJOKH[LVMHUL^WYVK\J[PU[OL
PUK\Z[YPHSZLNTLU[[V;OL.YV\WOHZHZZLZZLK[OLYLJV]LYHISLHTV\U[VM[OLYLSH[LKWYVK\J[PVUWSHU[
;OL YLJV]LYHISL HTV\U[ ^HZ LZ[PTH[LK IHZLK VU P[Z ]HS\L PU \ZL HZZ\TPUN [OH[ [OL WYVK\J[PVU SPUL ^V\SK NV SP]L PU \ZPUN H
WYL[H_KPZJV\U[YH[LVM!)HZLKVU[OLHZZLZZTLU[[OL.YV\WYLJVNUPZLKHUPTWHPYTLU[SVZZVM!
;OLWYVK\J[PVUWSHU[PZPUJS\KLKPU[OL7LVWSLZ9LW\ISPJVM*OPUH79*0UK\Z[YPHS*.<
;OLJHSJ\SH[PVUVM[OL]HS\LPU\ZL^HZIHZLKVU[OLJHZOV^Z[OH[^LYLWYVQLJ[LKMYVTUHUJPHSI\KNL[ZHWWYV]LKI`THUHNLTLU[
JV]LYPUNH]L`LHYWLYPVK;OLRL`HZZ\TW[PVUZTHKLHYLYLNHYKPUN[OLJVTTLUJLTLU[WLYPVKVM[OLWYVK\J[PVUWSHU[YL]LU\LHUK
JVZ[Z
;OLHU[PJPWH[LKHUU\HSYL]LU\LNYV^[OPUJS\KLKPU[OLJHZOV^WYVQLJ[PVUZ^HZ!MVY[OL`LHYZ[V!

[V-YVT!VU^HYKZTHUHNLTLU[OHZHZZ\TLK[OH[[OLYL]LU\L^V\SKYLTHPUJVUZ[HU[;OLJVZ[ZHYL
HZZ\TLK[VPUJYLHZL^P[O[OLPUJYLHZLPUYL]LU\LNYV^[OHKQ\Z[LKMVY[OL[YLUKVM[OLYH^TH[LYPHSWYPJLZIHZLK\WVU[OLW\ISPZOLK
THYRL[YH[LZVM[OLM\[\YLZ
0UMVSSV^PUNHTHUHNLTLU[YL]PL^VM[OLI\ZPULZZWVY[MVSPVVMHWYVK\J[SPULPU[OLPUK\Z[YPHSZLNTLU[[OL.YV\WYLJVNUPZLKHU
PTWHPYTLU[SVZZVM!5PSPUWYV[VYSVZZIHZLKVU[OLYLJV]LYHISLHTV\U[KL[LYTPULKIHZLK\WVU[OLMHPY]HS\LSLZZ
JVZ[[VZLSSTL[OVK;OLMHPY]HS\LSLZZJVZ[[VZLSSOHZILLULZ[PTH[LKIHZLKVUPUKPJH[P]LX\V[LZVI[HPULKMYVTWV[LU[PHSI\`LYZ;OL
WYVK\J[PVUWSHU[PZPUJS\KLKPU[OL2PUNKVTVM:H\KP(YHIPH2:(0UK\Z[YPHS*.<
75
Sensitivity to changes in assumptions

-VSSV^PUN[OLPTWHPYTLU[PU[OL79*0UK\Z[YPHS*.<HUK2:(0UK\Z[YPHS*.<[OLYLJV]LYHISLHTV\U[PZLX\HS[V[OLJHYY`PUNHTV\U[
;OLYLMVYLHU`HK]LYZLTV]LTLU[PUHRL`HZZ\TW[PVU^V\SKSLHK[VM\Y[OLYPTWHPYTLU[
Completion of property, plant and equipment under construction
0U[V[HSJHWP[HSPZLKJVUZ[Y\J[PVUJVZ[ZMVY[OLULÔLHKX\HY[LYHUKYLZLHYJOJLU[YLHTV\U[PUN[V ^HZ[YHUZMLYYLK[V
SLHZLOVSKWYVWLY[PLZHUKPTWYV]LTLU[Z\WVUJVTWSL[PVUVM[OLJVUZ[Y\J[PVU
)VYYV^PUNJVZ[YLSH[LK[V[OLHJX\PZP[PVUVM[OLSHUKHUK[OLJVUZ[Y\J[PVUVM[OLUL^WYLTPZLZHTV\U[PUN[V5PS!^HZ

PUJS\KLKPU[OLJHYY`PUN]HS\LVM[OLUL^WYLTPZLZHZJHWP[HSPZLKIVYYV^PUNJVZ[Z^P[OHJHWP[HSPZH[PVUYH[LVM5PS!
INTANGIBLE ASSETS
Goodwill
Intellectual
property Development
rights
costs
Licensing
fees
Total
$000
$000
$000
$000
$000

Group
Cost
([1HU\HY`HZWYL]PV\ZS`Z[H[LK
0TWHJ[VMJOHUNLPUHJJV\U[PUNWVSPJ`
([1HU\HY`HZYLZ[H[LK
Additions
Additions internally developed

Disposals

,LJ[VMTV]LTLU[ZPUL_JOHUNLYH[LZ

3PX\PKH[PVUVMZ\IZPKPHY`
([+LJLTILYHUK1HU\HY`HZYLZ[H[LK

Additions
Additions internally developed

([+LJLTILY
76

193

Sustainability
Goodwill
Intellectual
property Development
rights
costs
Licensing
fees
Total
$000
$000
$000
$000
$000

Group
Accumulated amortisation and
impairment losses
([1HU\HY`HZYLZ[H[LK

(TVY[PZH[PVUMVY[OL`LHYYLZ[H[LK

0TWHPYTLU[SVZZ

Disposals

3PX\PKH[PVUVMZ\IZPKPHY`
Amortisation for the year
0TWHPYTLU[SVZZ
([+LJLTILY

131

([1HU\HY`HZYLZ[H[LK


Carrying amounts
([+LJLTILY
Capitalisation of development costs
0UP[PHSJHWP[HSPZH[PVUVMKL]LSVWTLU[JVZ[ZPZIHZLKVUTHUHNLTLU[ZQ\KNLTLU[[OH[[LJOUVSVNPJHSHUKLJVUVTPJMLHZPIPSP[ÒHZILLU
JVUYTLK\Z\HSS`ÔLUHWYVK\J[KL]LSVWTLU[WYVQLJ[OHZYLHJOLKHKLULKTPSLZ[VULHJJVYKPUN[VHULZ[HISPZOLKWYVQLJ[THUHNLTLU[
TVKLS
Recoverability of development costs
;OLYLJV]LYHISLHTV\U[ZVM[OLJHZONLULYH[PUN\UP[ZHYLLZ[PTH[LKIHZLKVU[OLPY]HS\LPU\ZL>OLU]HS\LPU\ZLJHSJ\SH[PVUZHYL
\UKLY[HRLU THUHNLTLU[ LZ[PTH[LZ [OL L_WLJ[LK M\[\YL JHZO V^Z MYVT [OL JHZONLULYH[PUN \UP[ HUK JOVVZLZ H Z\P[HISL KPZJV\U[
YH[LPUVYKLY[VJHSJ\SH[L[OLWYLZLU[]HS\LVM[OVZLJHZOV^Z;OLYLJV]LYHISLHTV\U[Z^LYLLZ[PTH[LK[VILOPNOLY[OHU[OLJHYY`PUN
HTV\U[ZVM[OL\UP[ZHUKUVPTWHPYTLU[^HZYLX\PYLKL_JLW[MVY[OLHTV\U[ZKPZJ\ZZLKILSV^
77
Impairment loss on development costs

(UU\HSS`THUHNLTLU[^PSSWLYMVYTZWLJPJYL]PL^VU[OLKL]LSVWTLU[WYVQLJ[Z[VPKLU[PM`WYVQLJ[Z[OH[UVSVUNLYTLL[[OLYLJVNUP[PVU
JYP[LYPHZL[MVY[OPU[OL-9:
(JJVYKPUNS` PU [HRPUN PU[V JVUZPKLYH[PVU [OL JOHUNLZ PU [OL .YV\WZ I\ZPULZZ WSHU HU PTWHPYTLU[ SVZZ VM !
^HZYLJVNUPZLKPUWYV[VYSVZZ
Estimation of useful lives of development costs
:PNUPJHU[Q\KNLTLU[PZYLX\PYLKPULZ[PTH[PUN[OL\ZLM\SSP]LZVMKL]LSVWTLU[WYVQLJ[ZÔPJOHYLHLJ[LKI`]HYPV\ZMHJ[VYZZ\JOHZ
[LJOUVSVNPJHSKL]LSVWTLU[Z
Impairment testing for cash-generating units (CGUs) containing goodwill
-VY[OLW\YWVZLVMPTWHPYTLU[[LZ[PUNNVVK^PSSPZHSSVJH[LK[V[OL.YV\WZVWLYH[PUNKP]PZPVUZÔPJOYLWYLZLU[[OLSV^LZ[SL]LS^P[OPU[OL
.YV\WH[ÔPJO[OLNVVK^PSSPZTVUP[VYLKMVYPU[LYUHSTHUHNLTLU[W\YWVZLZÔPJOPZUV[OPNOLY[OHU[OL.YV\WZVWLYH[PUNZLNTLU[Z
HZ YLWVY[LK PU UV[L ;OL HNNYLNH[L JHYY`PUN HTV\U[ VM NVVK^PSS HSSVJH[LK [V 2PUNKVT VM :H\KP (YHIPH 2:( 0UK\Z[YPHS *.< PZ

0U MVSSV^PUN H THUHNLTLU[ YL]PL^ VM [OL I\ZPULZZ WVY[MVSPV PTWHPYTLU[ SVZZLZ VM ! 5PS PU YLSH[PVU [V 2:(
0UK\Z[YPHS*.<PZYLJVNUPZLKPUWYV[VYSVZZ
;OLYLJV]LYHISLHTV\U[VM[OL2:(0UK\Z[YPHS*.<^HZKL[LYTPULKIHZLK\WVU[OLMHPY]HS\LSLZZJVZ[[VZLSSTL[OVK;OLMHPY]HS\LSLZZ
JVZ[[VZLSSOHZILLULZ[PTH[LKIHZLKVUPUKPJH[P]LX\V[LZVI[HPULKMYVTWV[LU[PHSI\`LYZ)HZLKVU[OPZIHZPZVMLZ[PTH[LKYLJV]LYHISL
HTV\U[[OL.YV\WYLJVYKLKHUPTWHPYTLU[SVZZVM!5PS[V[OLNVVK^PSSHYPZPUNMYVT2:(0UK\Z[YPHS*.<PU
78
Sustainability
INTANGIBLE ASSETS ARISING FROM SERVICE CONCESSION ARRANGEMENTS

$000
Group
Cost


([1HU\HY`HZYLZ[H[LK
(KKP[PVUZYLZ[H[LK
,LJ[VMTV]LTLU[ZPUL_JOHUNLYH[LZYLZ[H[LK


Additions

([+LJLTILY

Accumulated amortisation


([1HU\HY`+LJLTILYHUK1HU\HY`HZYLZ[H[LK
Amortisation for the year

([+LJLTILY

Carrying amounts
([1HU\HY`HZYLZ[H[LK


([+LJLTILY

Singapore
0U[OL.YV\W[OYV\NOHZLY]PJLJVUJLZZPVUHYYHUNLTLU[^P[O7<)[OL:PUNHWVYLZUH[PVUHS^H[LYHNLUJ`[OLNYHU[VYJVTTLUJLK
JVUZ[Y\J[PVUVMHZLH^H[LYKLZHSPUH[PVUWSHU[HUKHWV^LYNLULYH[PVUMHJPSP[`JVSSLJ[P]LS`[OLWSHU[ZPU;\HZ:PUNHWVYL
<UKLY [OL ZLY]PJL JVUJLZZPVU HYYHUNLTLU[ [OL .YV\W PZ YLZWVUZPISL MVY [OL JVUZ[Y\J[PVU VM [OL WSHU[Z <WVU JVTWSL[PVU VM [OL
JVUZ[Y\J[PVU [OL .YV\W PZ YLZWVUZPISL MVY VWLYH[PUN [OL WSHU[Z HUK ZHSL VM KLZHSPUH[LK ^H[LY [V [OL 7<) [OL V[HRLY ;OL WV^LY
NLULYH[PVUMHJPSP[`^PSSZ\WWS`LSLJ[YPJP[`[V[OLKLZHSPUH[PVUWSHU[HUKHU`L_JLZZLSLJ[YPJP[`NLULYH[LKMYVT[OLWV^LYNLULYH[PVUWSHU[^PSS
ILZVSK[V[OL5H[PVUHS,SLJ[YPJP[`4HYRL[VM:PUNHWVYL;OLJVUJLZZPVUWLYPVKMVY[OLKLZHSPUH[PVUWSHU[PZ`LHYZ
+\YPUN[OLJVUJLZZPVUWLYPVK[OL.YV\WYLJLP]LZN\HYHU[LLKTPUPT\THUU\HSWH`TLU[ZMYVT7<);OLZLN\HYHU[LLKTPUPT\THUU\HS
WH`TLU[ZHYLYLJVNUPZLKHZUHUJPHSYLJLP]HISLZ[V[OLL_[LU[[OH[[OL.YV\WOHZJVU[YHJ[\HSYPNO[Z\UKLY[OLJVUJLZZPVUHYYHUNLTLU[Z
;OLUHUJPHSYLJLP]HISLZHYLTLHZ\YLKVUPUP[PHSYLJVNUP[PVUH[[OLPYMHPY]HS\L
0U[HUNPISLHZZL[ZHYPZPUNMYVTZLY]PJLJVUJLZZPVUHYYHUNLTLU[ZYLWYLZLU[[OLYPNO[[VVWLYH[L[OLWSHU[ZHUK[VZLSS[OL^H[LY[V[OL
V[HRLYHUKLSLJ[YPJP[`[V[OLUH[PVUHSNYPK
79
;OLZLY]PJLJVUJLZZPVUHNYLLTLU[KVLZUV[JVU[HPUHYLUL^HSVW[PVU:\IQLJ[[V[OL[LYTZHUKJVUKP[PVUZVM[OLZLY]PJLJVUJLZZPVU
HYYHUNLTLU[[OL.YV\WHUK7<)OH]L[OLYPNO[[V[LYTPUH[L[OLHNYLLTLU[([[OLLUKVM[OLJVUJLZZPVUWLYPVK[OL[P[SL[V[OLWSHU[Z
^PSSIL[YHUZMLYYLK[V[OL7<)
(TVY[PZH[PVUVM[OLPU[HUNPISLHZZL[OHKJVTTLUJLKHZJVUZ[Y\J[PVUVM[OLZLH^H[LYKLZHSPUH[PVUWSHU[^HZJVTWSL[LKK\YPUN[OL`LHY
0UJS\KLKPU[OLJHYY`PUNHTV\U[^HZJHWP[HSPZLKUL[IVYYV^PUNJVZ[ZYLSH[LK[V[OLJVUZ[Y\J[PVUVM[OLWSHU[ZHTV\U[PUN[V

!^P[OHJHWP[HSPZH[PVUYH[LVM!
PRC
(KKP[PVUHSS`[OL.YV\WVÛZ^H[LYWSHU[ZPU79*PUJS\KPUN^H[LY[YLH[TLU[WSHU[Z>;7ZHUK^HZ[L^H[LY[YLH[TLU[WSHU[Z>>;7Z
[OYV\NO[OLZWLJPHSW\YWVZLJVTWHUPLZ:7*ZPUJVYWVYH[LKPU79*;OLWYPUJPWHSHJ[P]P[PLZVM[OL:7*ZHYLKL]LSVWTLU[HUKVWLYH[PVU
VM >;7Z HUK >>;7Z HZ ^LSS HZ ZHSLZ VM [YLH[LK HUK YLJ`JSLK ^H[LY ,HJO VM [OLZL :7*Z OHZ LU[LYLK PU[V ZLY]PJL JVUJLZZPVU
HYYHUNLTLU[Z ^P[O [OL YLZWLJ[P]L SVJHS T\UPJPWHSZ [OL NYHU[VY ]PH LP[OLY ;YHUZMLY6WLYH[L;YHUZMLY ;6; VY )\PSK6WLYH[L;YHUZMLY
)6;HYYHUNLTLU[Z
<UKLY[OL;6;HYYHUNLTLU[Z[OLYPNO[ZVM\ZLVM[OL^H[LYWSHU[Z^LYL[YHUZMLYYLK[V[OL.YV\WHUK[OL.YV\WPZYLZWVUZPISLMVYHU`
\WNYHKPUNZLY]PJLZ[VIYPUN[OL^H[LYWSHU[ZPU[VWYVWLY^VYRPUNJVUKP[PVUZ<UKLY[OL)6;HYYHUNLTLU[Z[OL.YV\WPZYLZWVUZPISLMVY
[OLJVUZ[Y\J[PVUVM[OL^H[LYWSHU[Z<WVUJVTWSL[PVUVM[OLJVUZ[Y\J[PVU[OL.YV\WPZYLZWVUZPISLMVYVWLYH[PUN[OL^H[LYWSHU[ZHUK
ZHSLVM[OL[YLH[LKHUKYLJ`JSLK^H[LY[V[OLPUK\Z[YPHSVYKVTLZ[PJJ\Z[VTLYZ;OLJVUJLZZPVUWLYPVKZYHUNLMYVT`LHYZ[V`LHYZ
+\YPUN[OLJVUJLZZPVUWLYPVK[OL.YV\WYLJLP]LK[OLYPNO[[VJOHYNL[OLV[HRLYZMVY[OLZHSLVM^H[LY(KKP[PVUHSS`ZVTLVM[OLZLY]PJL
JVUJLZZPVU HYYHUNLTLU[Z WYV]PKL [OL .YV\W H N\HYHU[LLK TPUPT\T HUU\HS WH`TLU[ MVY [OL PUP[PHS `LHYZ VM [OL JVUJLZZPVU WLYPVK
YHUNPUNMYVT`LHYZ[V`LHYZ;OLZLN\HYHU[LLKTPUPT\THUU\HSWH`TLU[ZHYLYLJVNUPZLKHZUHUJPHSYLJLP]HISLZ[V[OLL_[LU[
[OH[[OL.YV\WOHZJVU[YHJ[\HSYPNO[Z\UKLY[OLJVUJLZZPVUHYYHUNLTLU[ZZLLUV[L;OLUHUJPHSYLJLP]HISLZHYLTLHZ\YLKVUPUP[PHS
YLJVNUP[PVUH[[OLPYMHPY]HS\L
0U[HUNPISLHZZL[ZHYPZPUNMYVTZLY]PJLJVUJLZZPVUHYYHUNLTLU[ZYLWYLZLU[[OLYPNO[[VVWLYH[L[OL^H[LYWSHU[ZHUK[VZLSS[OL^H[LY[V
[OLV[HRLYZ
:\IQLJ[[V[OL[LYTZHUKJVUKP[PVUZVM[OLZLY]PJLJVUJLZZPVUHYYHUNLTLU[[OL.YV\WHUKNYHU[VYZOH]L[OLYPNO[[V[LYTPUH[L[OL
HNYLLTLU[([[OLLUKVM[OLJVUJLZZPVUWLYPVK[OL^H[LYWSHU[Z^PSSIL[YHUZMLYYLK[V[OLNYHU[VYZ
INVESTMENTS IN SUBSIDIARIES
Company
<UX\V[LKLX\P[`ZLJ\YP[PLZH[JVZ[
0TWHPYTLU[SVZZLZ
Loans to subsidiaries
80
2013
2012
$000
$000

Sustainability
3VHUZ[VZ\IZPKPHYPLZHYL\UZLJ\YLKHUKPU[LYLZ[MYLLHUKZL[[SLTLU[PZULP[OLYWSHUULKUVYSPRLS`[VVJJ\YPU[OLMVYLZLLHISLM\[\YL(Z
[OLZLIHSHUJLZHYLPUZ\IZ[HUJLWHY[VM[OL*VTWHU`ZUL[PU]LZ[TLU[ZPU[OLZ\IZPKPHYPLZ[OL`HYLZ[H[LKH[JVZ[SLZZPTWHPYTLU[
SVZZLZPMHU`
0U[OL*VTWHUÒHZHZZLZZLK[OLYLJV]LYHISLHTV\U[VMP[ZPU]LZ[TLU[ZPUZ\IZPKPHYPLZ[OH[OH]LILLUSVZZTHRPUNZPUJL[OL
WYL]PV\ZUHUJPHS`LHYZ;OLYLJV]LYHISLHTV\U[^HZLZ[PTH[LKIHZLKVU]HS\LPU\ZL
>OLU]HS\LPU\ZLJHSJ\SH[PVUZHYL\UKLY[HRLUTHUHNLTLU[LZ[PTH[LZ[OLL_WLJ[LKM\[\YLJHZOV^ZMYVT[OLJHZONLULYH[PUN\UP[
HUK\ZLZHZ\P[HISLKPZJV\U[YH[LPUVYKLY[VJHSJ\SH[L[OLWYLZLU[]HS\LVM[OVZLJHZOV^Z;OLYLJV]LYHISLHTV\U[Z^LYLLZ[PTH[LK
[VILOPNOLY[OHU[OLJHYY`PUNHTV\U[ZVM[OL\UP[ZHUKUVHKKP[PVUHSPTWHPYTLU[^HZYLX\PYLKPU
+L[HPSZVMTHQVYZ\IZPKPHYPLZHYLHZMVSSV^Z!
Country of
incorporation
Name of subsidiary
Ownership
interest
2013
2012
Held by the Company

/`KYVJOLT:7[L3[K
Singapore

/`\_4LTIYHUL4HU\MHJ[\YPUN:7[L3[K
Singapore

:PUV:WYPUN<[PSP[`3[K
)YP[PZO=PYNPU0ZSHUKZ

:WYPUN*OPUH<[PSP[`3[K
)YP[PZO=PYNPU0ZSHUKZ

TuaSpring Pte Ltd
Singapore

/`\_,UNPULLYPUN7[L3[K
Singapore

/`\_0UUV]H[PVU*LU[YL7[L3[K
Singapore

7LVWSLZ9LW\ISPJVM*OPUH79*

Held through subsidiaries

/`KYVJOLT,UNPULLYPUN:OHUNOHP*V3[K
79*
/`\_-PS[LJO:OHUNOHP*V3[K#
/`\_<UP[LJO:OHUNOHP*V3[K
79*

/`\_/P[LJO7YVK\J[@HUNaOV\*V3[K
79*

/`\_5L^:WYPUN*VUZ[Y\J[PVU,UNPULLYPUN:OHUNOHP*V3[K
79*

/`\_,UNPULLYPUN:OHUNOHP*V3[K
79*

:PUVSHJ/\S\KHV)PV[LJO*V3[K
79*

/`\_;1:)(SNLYPH:7(
Algeria

/`\_,UNPULLYPUN(SNLYPH,<93
Algeria

*SHZZPLK[VV[OLYPU]LZ[TLU[ZK\YPUN[OL`LHY:LLUV[L
274.337:PUNHWVYLPZ[OLH\KP[VYVMHSSZPNUPJHU[:PUNHWVYLPUJVYWVYH[LKZ\IZPKPHYPLZ;OLMVYLPNUPUJVYWVYH[LKZ\IZPKPHYPLZ[OH[HYL
JVUZPKLYLKZPNUPJHU[HYL/`\_5L^:WYPUN*VUZ[Y\J[PVU,UNPULLYPUN:OHUNOHP*V3[KHUK/`\_,UNPULLYPUN(SNLYPH,<93;OLPY
YLZWLJ[P]LZ[H[\[VY`H\KP[VYZHYL:OHUNOHP/VUN`P*7(*V3[K79*HUK.\LYaH9HR,_WLY[*VTW[HISL.9,*
81
INVESTMENTS IN JOINT VENTURES

Group
2013
$000
Company
2012
2013
2012
$000
$000
$000

Restated
<UX\V[LKLX\P[`ZLJ\YP[PLZ

+L[HPSZVMTHQVYQVPU[]LU[\YLZHYLHZMVSSV^Z!
Name of joint venture
Country of
incorporation
Ownership
interest
2013
2012

Held by the Company

/`\_4HYTVU+L]LSVWTLU[7[L3[K
Singapore

.HSH_`5L^:WYPUN7[L3[K
Singapore

/15L^:WYPUN3PTP[LK
Hong Kong

(SS[OLTHQVYQVPU[HYYHUNLTLU[ZOLSKI`[OL*VTWHU`VY[OYV\NOP[ZZ\IZPKPHYPLZHYLZ[Y\J[\YLKHZZLWHYH[L]LOPJSLZHUKWYV]PKL[OL
.YV\WYPNO[Z[V[OLUL[HZZL[ZVM[OLLU[P[`(JJVYKPUNS`[OL.YV\WOHZJSHZZPLK[OLPU]LZ[TLU[PU[OLZLQVPU[HYYHUNLTLU[ZHZQVPU[
]LU[\YLZ;OL`HYLHJJV\U[LKMVY\ZPUN[OLLX\P[`TL[OVK
274.337:PUNHWVYLPZ[OLH\KP[VYVM[OL:PUNHWVYLPUJVYWVYH[LKQVPU[]LU[\YLZ;OLMVYLPNUPUJVYWVYH[LKQVPU[]LU[\YL[OH[PZJVUZPKLYLK
TH[LYPHS PZ ;PHUQPU +HNHUN 5L^:WYPUN *V 3[K OLSK [OYV\NO /1 5L^ZWYPUN 3PTP[LK HUK P[Z Z[H[\[VY` H\KP[VY PZ 274. /\HaOLU
:OHUNOHP79*;PHUQPU+HNHUN5L^:WYPUN*V3[KPZWYPUJPWHSS`LUNHNLKPU[OLVWLYH[PVUVMHKLZHSPUH[PVUWSHU[PU;PHUQPU79*\UKLY
HZLY]PJLJVUJLZZPVUHYYHUNLTLU[
82
Sustainability
;OLMVSSV^PUN[HISLZ\TTHYPZLZ[OLUHUJPHSPUMVYTH[PVUVM[OL.YV\WZTH[LYPHSQVPU[]LU[\YLZHKQ\Z[LKMVYHU`KPLYLUJLZPUHJJV\U[PUN
WVSPJPLZ;OL[HISLHSZVYLJVUJPSLZ[OLZ\TTHYPZLKUHUJPHSPUMVYTH[PVU[V[OLJHYY`PUNHTV\U[VM[OL.YV\WZPU[LYLZ[PU[OLQVPU[]LU[\YLZ
ÔPJOPZHJJV\U[LKMVY\ZPUNLX\P[`TL[OVK
Place of business
5VUJ\YYLU[HZZL[Z
*\YYLU[HZZL[ZPUJS\KPUNJHZOHUKJHZOLX\P]HSLU[ZHTV\U[PUN[V!
5VUJ\YYLU[SPHIPSP[PLZ
*\YYLU[SPHIPSP[PLZPUJS\KPUN[YHKLHUKV[OLYWH`HISLZHTV\U[PUN[V !
2012
*DOD[\
NewSpring
Pte. Ltd
PRC
PRC
$000
$000

Net assets

.YV\WZZOHYLVMUL[HZZL[ZHUKJHYY`PUNHTV\U[Z

9L]LU\L

+LWYLJPH[PVUHUKHTVY[PZH[PVU

0U[LYLZ[PUJVTL

93
0U[LYLZ[L_WLUZL

0UJVTL[H_L_WLUZL

Loss for the year

6[OLYJVTWYLOLUZP]LPUJVTL

Total comprehensive income

.YV\WZZOHYLVMSVZZ
.YV\WZZOHYLVM[V[HSJVTWYLOLUZP]LPUJVTL
2013
*DOD[\
NewSpring
Pte. Ltd
;OLHNNYLNH[LUHUJPHSPUMVYTH[PVUVM[OLV[OLYQVPU[]LU[\YLZÔPJOHYLYLNHYKLKHZPUKP]PK\HSS`PTTH[LYPHSHYLHZMVSSV^Z!
2013
2012
$000
$000

3VZZMYVTJVU[PU\PUNVWLYH[PVUZ


Carrying amount of interests in joint ventures

:OHYLVM!
;OL.YV\WZZOHYLVMJVU[PUNLU[SPHIPSP[PLZPUYLZWLJ[VMIHURN\HYHU[LLZHTV\U[LK[V!
83
INVESTMENTS IN ASSOCIATES
Group
<UX\V[LKLX\P[`ZLJ\YP[PLZ
Company
2013
2012
2013
2012
$000
$000
$000
$000

<UX\V[LKLX\P[`ZLJ\YP[PLZVM[OL.YV\W^P[OHJHYY`PUNHTV\U[VM!OH]LILLUWSLKNLKHZJVSSH[LYHSMVY

IHURPUNMHJPSP[PLZNYHU[LK[V[OLHZZVJPH[LZ
+L[HPSZVMTHQVYHZZVJPH[LZHYLHZMVSSV^Z!
Name of associate
Country of
incorporation
Ownership
interest
2013
2012
Singapore

7LVWSLZ9LW\ISPJVM*OPUH79*

;SLTJLU+LZHSPUH[PVU0U]LZ[TLU[*VTWHU`:(:
-YHUJL

Tahlyat Myah Magtaa SPA
Algeria

Singapore
Held by the Company

SingSpring Trust
5PUN_PH/`WV^)PV;LJOUVSVN`*V3[K
4HYTVU/`\_0U]LZ[TLU[Z7[L3[K
:PUN:WYPUN;Y\Z[PZH\KP[LKI`,YUZ[ @V\UN:PUNHWVYL;HOS`H[4`HO4HN[HH:7(PZH\KP[LKI`*HIPUL[)LUTHOZV\Y4LK,S)HJOPYHUK
4HYTVU/`\_0U]LZ[TLU[Z7[L3[KPZH\KP[LKI`274.337:PUNHWVYL(UHZZVJPH[LKJVTWHU`PZJVUZPKLYLKZPNUPJHU[HZKLULK
\UKLY[OL:.?:;Z3PZ[PUN4HU\HSPM[OL.YV\WZZOHYLVMP[ZUL[[HUNPISLHZZL[ZYLWYLZLU[ZVYTVYLVM[OL.YV\WZJVUZVSPKH[LK
UL[[HUNPISLHZZL[ZVYPM[OL.YV\WZZOHYLVMP[ZWYL[H_WYV[ZHJJV\U[ZMVYVYTVYLVM[OL.YV\WZJVUZVSPKH[LKWYL[H_WYV[Z
;OLHNNYLNH[LUHUJPHSPUMVYTH[PVUVM[OLHZZVJPH[LZÔPJOHYLPUKP]PK\HSS`PTTH[LYPHSHYLHZMVSSV^Z!
*HYY`PUNHTV\U[VMPU[LYLZ[ZPUHZZVJPH[LZ
2013
2012
$000
$000

:OHYLVM!
84
3VZZ7YV[MYVTJVU[PU\PUNVWLYH[PVUZ



Sustainability
10
OTHER INVESTMENTS
Group
Company
2013
2012
2013
2012
$000
$000
$000
$000

Non-current investments
-PUHUJPHSHZZL[ZH[MHPY]HS\L[OYV\NOWYV[VYSVZZ
6U(\N\Z[[OLTLTILYZVM/`\_-PS[LJO:PUNHWVYL7[L3[K/-:OH]LYLZVS]LK[VJVTTLUJLSPX\PKH[PVU/-:PZH
VÛLKZ\IZPKPHY`VM[OL.YV\W^P[O[^VZ\IZPKPHYPLZPU[OL7LVWSLZ9LW\ISPJVM*OPUHUHTLS`/`\_-PS[LJO:OHUNOHP*V3[KHUK
/`\_<UP[LJO:OHUNOHP*V3[K[VNL[OLYYLMLYYLK[VHZ-PS[LJO.YV\W*VUZLX\LU[S`[OL.YV\WKLJVUZVSPKH[LK[OLZLZ\IZPKPHYPLZ
HZP[HZZLZZLK[OH[P[UVSVUNLYOHZJVU[YVSHUKYLJSHZZPLK[OLPU]LZ[TLU[PU[OLZLLU[P[PLZHZV[OLYPU]LZ[TLU[Z(UHZZLZZTLU[VM[OL
YLJV]LYHISLHTV\U[VM[OLUL[HZZL[ZVM-PS[LJONYV\W^HZWLYMVYTLKHUKHUPTWHPYTLU[VM^HZTHKL;OLYLJV]LYHISL
HTV\U[^HZKL[LYTPULKIHZLKVUMHPY]HS\LSLZZJVZ[Z[VZLSSI`YLMLYLUJL[VPUKPJH[P]LUVUIPUKPUNVLYZI`[OPYKWHY[PLZ
11
FINANCIAL RECEIVABLES
Group
2013
$000
2012
$000
Restated
Non-current

Current
Total
;OLUHUJPHSYLJLP]HISLZYLWYLZLU[[OL\UJVUKP[PVUHSYPNO[Z[VYLJLP]LJHZOVYV[OLYUHUJPHSHZZL[MYVTVYH[[OLKPYLJ[PVUVM[OLNYHU[VYZ
MVY[OLJVUZ[Y\J[PVUVY\WNYHKLZLY]PJLZWYV]PKLK:LLUV[LMVY[OLIHJRNYV\UKVM[OLZLY]PJLJVUJLZZPVUHYYHUNLTLU[Z
12
TRADE AND OTHER RECEIVABLES

Group
2013
$000
Company
2012
2013
2012
$000
$000
$000
Restated
Non-current
(TV\U[ZK\LMYVT!
Z\IZPKPHYPLZUVU[YHKL
HUHZZVJPH[LUVU[YHKL

85
Group
2013
$000
Company
2012
2013
2012
$000
$000
$000
Restated
Current
;YHKLYLJLP]HISLZ
Prepayments
Deposits
(K]HUJLZ[VZ\WWSPLYZ

Z\IZPKPHYPLZ[YHKL


HZZVJPH[LZ[YHKL

HZZVJPH[LZUVU[YHKL

:[HHK]HUJLZ
6[OLYYLJLP]HISLZ

(TV\U[ZK\LMYVT!
QVPU[]LU[\YLZ[YHKL
QVPU[]LU[\YLZUVU[YHKL
Total

([ +LJLTILY [YHKL YLJLP]HISLZ MVY [OL .YV\W PUJS\KLK H YL[LU[PVU Z\T VM ! YLSH[PUN [V
JVUZ[Y\J[PVUJVU[YHJ[ZPUWYVNYLZZ
0UJS\KLKPUJ\YYLU[[YHKLYLJLP]HISLZVM[OL.YV\WHZH[+LJLTILY^LYLUV[LYLJLP]HISLZVM!

YLSH[PUN[VIHURWYVTPZZVYÙV[LZMVYWH`TLU[^P[OPU[OLUL_[ZP_TVU[OZ
6\[Z[HUKPUNIHSHUJLZ^P[OZ\IZPKPHYPLZQVPU[]LU[\YLZHUKHZZVJPH[LZHYL\UZLJ\YLK;OLYLPZUVHSSV^HUJLMVYKV\I[M\SKLI[ZHYPZPUN
MYVT[OLV\[Z[HUKPUNIHSHUJLZ
,_JLW[MVYIHSHUJLZHTV\U[PUN[V ![OH[ILHYPU[LYLZ[H[YH[LZVM[V![V

YLTHPUPUNUVUJ\YYLU[UVU[YHKLHTV\U[ZK\LMYVTZ\IZPKPHYPLZHYLPU[LYLZ[MYLLOH]LUV_LK[LYTZVMYLWH`TLU[HUKHYLUV[L_WLJ[LK
[VILYLWHPK^P[OPU[OLUL_[TVU[OZ(Z[OLZLHTV\U[ZHYLPUZ\IZ[HUJLHWHY[VM[OLLU[P[`ZUL[PU]LZ[TLU[PU[OLZ\IZPKPHYPLZ[OL`
HYLZ[H[LKH[JVZ[
;OLUVUJ\YYLU[UVU[YHKLHTV\U[K\LMYVTHUHZZVJPH[LILHYZPU[LYLZ[H[YH[LVM ! WLYHUU\THUKPZL_WLJ[LK[V

ILYLWH`HISLPU
;OLJ\YYLU[HTV\U[ZK\LMYVTZ\IZPKPHYPLZQVPU[]LU[\YLZHUKHZZVJPH[LZHYLPU[LYLZ[MYLLHUKHYLYLWH`HISLVUKLTHUK
;OL.YV\WZHUK[OL*VTWHU`ZL_WVZ\YL[VJYLKP[HUKJ\YYLUJ`YPZRZHUKPTWHPYTLU[SVZZLZYLSH[LK[V[YHKLHUKV[OLYYLJLP]HISLZHYL
HZZL[V\[PUUV[L
86
Sustainability
13
DEFERRED TAX ASSETS AND LIABILITIES

Unrecognised deferred tax assets
+LMLYYLK[H_HZZL[ZOH]LUV[ILLUYLJVNUPZLKPUYLZWLJ[VM[OLMVSSV^PUNP[LTZ!
Group
Company
2013
2012
2013
2012
$000
$000
$000

$000
Restated
Tax losses
+LK\J[PISL[LTWVYHY`KPLYLUJLZ

;OL[H_SVZZLZHUKKLK\J[PISL[LTWVYHY`KPLYLUJLZHYLZ\IQLJ[[VHNYLLTLU[I`[OL[H_H\[OVYP[PLZHUKJVTWSPHUJL^P[O[H_YLN\SH[PVUZ
PU [OL YLZWLJ[P]L JV\U[YPLZ PU ÔPJO [OL *VTWHU` HUK JLY[HPU Z\IZPKPHYPLZ VWLYH[L ;H_ SVZZLZ VM YLZ[H[LK!
L_WPYLPU[V![V9LTHPUPUN[H_SVZZLZHUKKLK\J[PISL[LTWVYHY`KPLYLUJLZKVUV[L_WPYL
\UKLYJ\YYLU[[H_SLNPZSH[PVU+LMLYYLK[H_HZZL[ZOH]LUV[ILLUYLJVNUPZLKPUYLZWLJ[VM[OLZLP[LTZILJH\ZLP[PZUV[WYVIHISL[OH[M\[\YL
[H_HISLWYV[^PSSILH]HPSHISLHNHPUZ[ÔPJO[OL.YV\WJHU\[PSPZL[OLILUL[Z[OLYLMYVT
Recognised deferred tax assets and liabilities
+LMLYYLK[H_HZZL[ZHUKSPHIPSP[PLZHYLH[[YPI\[HISL[V[OLMVSSV^PUN!
Assets
2013
$000
Liabilities
2012
2013
$000
$000
Restated
2012
$000
Restated
Group
0U[HUNPISLHZZL[Z

;H_SVZZJHYY`MVY^HYKZ

+LMLYYLK[H_HZZL[ZSPHIPSP[PLZ

87
88

;H_SVZZJHYY`MVY^HYKZ

$000

$000

$000
Recognised
Impact of Balance as at
in
changes in
1 January SURWRUORVV
accounting
2012,
restated
policy
as restated
(note 26)
0U[HUNPISLHZZL[ZHYPZPUN
MYVTZLY]PJLJVUJLZZPVU
arrangements
0U[HUNPISLHZZL[Z
Group
$000
Balance as at
1 January
2012,
as previously
stated
4V]LTLU[PU[LTWVYHY`KPLYLUJLZVMKLMLYYLK[H_HZZL[ZSPHIPSP[PLZK\YPUN[OL`LHY

$000

$000
Balance as at
([FKDQJH 31 December
GLHUHQFHV
2012, as
restated
restated

$000

$000

$000
(HFWRI
Recognised
changes in
LQSURWRU
control of Balance as at
loss consolidated 31 December
(note 26)
entities
2013
Sustainability
14
GROSS AMOUNTS DUE FOR CONTRACT WORK

Group
Note
2013
2012
$000
$000
Restated
*VZ[ZPUJ\YYLKHUKH[[YPI\[HISLWYV[Z

Progress billings

*VTWYPZPUNVM!
.YVZZHTV\U[ZK\LMYVTJVU[YHJ[^VYR
7YVNYLZZWH`TLU[ZMYVTJ\Z[VTLYZ

;OL.YV\WZL_WVZ\YL[VJYLKP[HUKJ\YYLUJ`YPZRZHUKPTWHPYTLU[SVZZLZYLSH[LK[VNYVZZHTV\U[ZK\LMYVTJVU[YHJ[^VYRHYLHZZL[
V\[PUUV[L
15
INVENTORIES
Group
2013
2012
$000
$000
Restated
9H^TH[LYPHSZHUKJVUZ\THISLZ
Work in progress
-PUPZOLKNVVKZ

+\YPUN[OL`LHY[OL^YP[LKVÛVMPU]LU[VYPLZ[VUL[YLHSPZHISL]HS\LHTV\U[LK[V YLZ[H[LK!MVY[OL.YV\W

;OL^YP[LKVÛPZPUJS\KLKHZWHY[VMV[OLYL_WLUZLZPUWYV[VYSVZZ
89
16
CASH AND CASH EQUIVALENTS

Group
Note
2013
$000
Company
2012
2013
2012
$000
$000
$000
Restated
)HURIHSHUJLZ
-P_LKKLWVZP[Z^P[OUHUJPHSPUZ[P[\[PVUZ
*HZOHUKJHZOLX\P]HSLU[ZPU[OLZ[H[LTLU[ZVM
UHUJPHSWVZP[PVU
Deposits pledged
)HURV]LYKYHM[Z\ZLKMVYJHZOTHUHNLTLU[W\YWVZLZ

*HZOHUKJHZOLX\P]HSLU[ZPU[OLZ[H[LTLU[VMJHZOV^Z

+LWVZP[ZWSLKNLKYLWYLZLU[IHURIHSHUJLZVMJLY[HPUZ\IZPKPHYPLZWSLKNLKHZZLJ\YP[PLZMVYWLYMVYTHUJLN\HYHU[LLZHUKJYLKP[MHJPSP[PLZ
17
TRADE AND OTHER PAYABLES

Group
Note
2013
Company
2012
2013
2012
$000
$000
$000

$000
Restated
Non-current
Derivatives

Current
Trade payables
7YVNYLZZWH`TLU[ZMYVTJ\Z[VTLYZ

(JJY\LKL_WLUZLZ

Other payables

(TV\U[ZK\L[V!
Z\IZPKPHYPLZ[YHKL
QVPU[]LU[\YLZ[YHKL
QVPU[]LU[\YLZUVU[YHKL
Total

39

5VU[YHKLHTV\U[ZK\L[VZ\IZPKPHYPLZHUKQVPU[]LU[\YLZHYL\UZLJ\YLKPU[LYLZ[MYLLHUKYLWH`HISLVUKLTHUK
;OL.YV\WZHUK[OL*VTWHU`ZL_WVZ\YL[VJ\YYLUJ`HUKSPX\PKP[`YPZRYLSH[LK[V[YHKLHUKV[OLYWH`HISLZHYLKLZJYPILKPUUV[L
90
Sustainability
18
LOANS AND BORROWINGS

Group
Note
2013
$000
Company
2012
2013
2012
$000
$000
$000
Restated
Non-current liabilities
:LJ\YLKIHURSVHUZH

<UZLJ\YLKIHURSVHUZI

<UZLJ\YLKUV[LZJ
Current liabilities
:LJ\YLKIHURSVHUZH

<UZLJ\YLKIHURSVHUZI

<UZLJ\YLKUV[LZJ
)HURV]LYKYHM[K
Total

H
:LJ\YLKIHURSVHUZ
:LJ\YLKIHURSVHUZHYLKLUVTPUH[LKPU:.+HUK<:+!<:+;OLZLJ\YLKIHURSVHUZHYLYLWH`HISLPU[V
![V(ZH[+LJLTILY[OLLLJ[P]LPU[LYLZ[YH[LYHUNLKMYVT[V! WLY
HUU\T
:LJ\YLK IHUR SVHUZ VM [OL .YV\W H[ +LJLTILY HUK +LJLTILY ^LYL ZLJ\YLK I` SLHZLOVSK WYVWLY[` VM H
Z\IZPKPHY`^P[OJHYY`PUNHTV\U[VM! HUKZWLJPJWYVQLJ[HZZL[Z\UKLYWYVQLJ[UHUJPUNVMH
Z\IZPKPHY`
I
<UZLJ\YLKIHURSVHUZ
<UZLJ\YLKIHURSVHUZVM[OL.YV\WHYLKLUVTPUH[LKPU:.+HUK<:+!:.+HUK<:+;OL\UZLJ\YLKIHURSVHUZVM[OL
.YV\WHYLYLWH`HISLPU[V![V(ZH[+LJLTILY[OLLLJ[P]LPU[LYLZ[YH[LYHUNLKMYVT
[V![VWLYHUU\T
<UZLJ\YLKIHURSVHUZVM[OL*VTWHU`HYLKLUVTPUH[LKPU:.+HUK<:+!:.+HUK<:+;OL\UZLJ\YLKIHURSVHUZVM
[OL*VTWHU`HYLYLWH`HISLPU[V![V(ZH[+LJLTILY[OLLLJ[P]LPU[LYLZ[YH[LYHUNLK
MYVT[V ![VWLYHUU\T
<UZLJ\YLKIHURSVHUZVM[OL.YV\W[V[HSSPUNYLZ[H[LK!HYLN\HYHU[LLKI`[OL*VTWHU`HUK

HZ\IZPKPHY`VM[OL.YV\W
<UZLJ\YLK IHUR SVHUZ VM [OL *VTWHU` [V[HSSPUN ! HYL N\HYHU[LLK I` H Z\IZPKPHY` VM [OL
.YV\W
([[OLYLWVY[PUNKH[L[OL.YV\WKVLZUV[JVUZPKLYP[WYVIHISL[OH[HJSHPT^PSSILTHKLHNHPUZ[[OL.YV\W\UKLY[OLN\HYHU[LLZ
HZKLZJYPILKHIV]L
91
19
J
<UZLJ\YLKUV[LZ
<UZLJ\YLKUV[LZVM[OL.YV\WHUK*VTWHU`HYLKLUVTPUH[LKPU:.+!:.+;OL\UZLJ\YLKUV[LZVM[OL.YV\WHUK
*VTWHU`HYLYLWH`HISLPU[V ![V (ZH[+LJLTILY[OLLLJ[P]LPU[LYLZ[YH[LYHUNLKMYVT
[V![VWLYHUU\T
(ZH[+LJLTILY!VM\UZLJ\YLK_LKYH[LUV[LZ^LYLPUPZZ\L;OL\UZLJ\YLK_LK

YH[LUV[LZ^LYLPZZ\LK\UKLY[OLT\S[PJ\YYLUJ`KLI[PZZ\HUJLWYVNYHTTLW\YZ\HU[[VÔPJO[OL*VTWHU`TH`PZZ\LUV[LZ
ÔPJOILHYJ\YYLUJ`PU[LYLZ[HUKTH[\YP[`[LYTZ[OH[]HY`^P[OLHJOZLYPLZHZTHÌLHNYLLKIL[^LLU[OL*VTWHU`HUK[OL
KLHSLYZ
K
)HURV]LYKYHM[
;OLIHURV]LYKYHM[VM[OL.YV\WPZKLUVTPUH[LKPU+A+!+A+HUKPZYLWH`HISLPU!(ZH[+LJLTILY
[OLLLJ[P]LPU[LYLZ[YH[LYHUNLKMYVT[V ![V WLYHUU\T
)HURV]LYKYHM[VM[OL.YV\W[V[HSSPUN YLZ[H[LK!PZN\HYHU[LLKI`[OL*VTWHU`HUKHZ\IZPKPHY`

VM[OL.YV\W
;OL.YV\WZHUK*VTWHU`ZL_WVZ\YLZ[VPU[LYLZ[YH[LMVYLPNUJ\YYLUJ`HUKSPX\PKP[`YPZRZHYLZL[V\[PUUV[L
CAPITAL AND RESERVES

Share capital
Ordinary shares
2013
2012
No. of shares
000
000
CPS*
2013
2012
No. of shares
000
000

Group and Company

On issue at 1 January
,_LYJPZLVMZOHYLVW[PVUZ

7\YJOHZLVM[YLHZ\Y`ZOHYLZ
6UPZZ\LH[+LJLTILY
*\T\SH[P]L5VUJVU]LY[PISL5VU]V[PUN7LYWL[\HS*SHZZ(7YLMLYLUJL:OHYLZ
(SSZOHYLZYHURLX\HSS`^P[OYLNHYK[V[OL*VTWHU`ZYLZPK\HSHZZL[ZL_JLW[[OH[*7:ZOHYLOVSKLYZÔPJOYHURZLUPVY[V[OLVYKPUHY`
ZOHYLOVSKLYZWHY[PJPWH[LVUS`[V[OLL_[LU[VM[OLMHJL]HS\LVM[OL*7:
(SSPZZ\LKZOHYLZHYLM\SS`WHPK^P[OUVWHY]HS\L
92
Sustainability
Ordinary shares
;OLOVSKLYZVMVYKPUHY`ZOHYLZHYLLU[P[SLK[VYLJLP]LKP]PKLUKZHZKLJSHYLKMYVT[PTL[V[PTLHUKHYLLU[P[SLK[VVUL]V[LWLYZOHYLH[
TLL[PUNZVM[OL*VTWHU`0UYLZWLJ[VM[OL*VTWHU`ZZOHYLZ[OH[HYLOLSKI`[OL.YV\W[OLYPNO[ZHYLZ\ZWLUKLK\U[PS[OLZLZOHYLZ
HYLPZZ\LK
0ZZ\HUJLVMVYKPUHY`ZOHYLZ
!VYKPUHY`ZOHYLZ^LYLPZZ\LKHZHYLZ\S[VM[OLL_LYJPZLVM]LZ[LKVW[PVUZHYPZPUNMYVT[OLZOHYLVW[PVU
WYVNYHTTLNYHU[LK[VRL`THUHNLTLU[Z[H6W[PVUZ^LYLL_LYJPZLKH[HUH]LYHNLWYPJLVM ! WLYVW[PVU
(SSPZZ\LKZOHYLZ^LYLM\SS`WHPK
CPS
Group and Company
([1HU\HY`HUK+LJLTILY
2013
2012
$000
$000

0U[OL*VTWHU`PZZ\LK*7:SPZ[LKVU[OL4HPUIVHYKVM[OL:PUNHWVYL,_JOHUNL:LJ\YP[PLZ;YHKPUN3PTP[LK
;OL*7:KVUV[JHYY`[OLYPNO[[V]V[LH[NLULYHSTLL[PUNL_JLW[PUJLY[HPUSPTP[LKJPYJ\TZ[HUJLZHZZWLJPLKPU[OL6LY0UMVYTH[PVU
:[H[LTLU[KH[LK(WYPS[OL60:HUKYHURZLUPVY[V[OLVYKPUHY`ZOHYLZ^P[OYLNHYK[V[OL*VTWHU`ZYLZPK\HSHZZL[Z[V[OL
L_[LU[VM[OLMHJL]HS\LVM[OL*7:(SSPZZ\LKZOHYLZHYLM\SS`WHPK
;OL*7:JHYY`HKP]PKLUKYH[LVMWLYHUU\TVM[OLPYSPX\PKH[PVUWYLMLYLUJLILPUNWLY*7:WH`HISLZLTPHUU\HSS`ÔLUHZ

HUKPMKLJSHYLKI`[OL)VHYKPUHYYLHYZVU(WYPSHUK6J[VILYVMLHJO`LHYZ\IQLJ[[VJLY[HPUJVUKP[PVUZZWLJPLKPU[OL60:
;OL*VTWHUÒHZ[OLYPNO[I\[UV[[OLVISPNH[PVU[VYLKLLT[OL*7:VUVYHM[LY(WYPSH[[OLSPX\PKH[PVUWYLMLYLUJLMVYLHJO
*7:WS\ZHJJY\LKI\[\UWHPKKP]PKLUKZ\W[VI\[L_JS\KPUN[OLYLKLTW[PVUKH[L0M[OL*7:HYLUV[YLKLLTLKI`[OL*VTWHU`VU
(WYPSKP]PKLUKZ^PSSHJJY\LVU[OL*7:H[[OLYH[LVMWLYHUU\TVM[OLPYSPX\PKH[PVUWYLMLYLUJLVUHUKMYVT(WYPS
;OL*7:HYLWLYWL[\HSZLJ\YP[PLZ^P[OUVTH[\YP[`KH[LHUKHYLUV[YLKLLTHISLH[[OLVW[PVUVM[OLOVSKLYZVM[OL*7:;OL*VTWHU`
TH`H[P[ZZVSLKPZJYL[PVUYLKLLT[OL*7:MVYJHZOPUÔVSLVYPUWHY[VUHWYVYH[HIHZPZ\UKLYJLY[HPUJPYJ\TZ[HUJLZZ\IQLJ[[V[OL
[LYTZHUKJVUKP[PVUZVM[OL60:
Reserve for own shares
;OLYLZLY]LMVY[OL*VTWHU`ZVÛZOHYLZJVTWYPZLZ[OLJVZ[VM[OL*VTWHU`ZZOHYLZOLSKI`[OL.YV\W([+LJLTILY[OL
.YV\WOLSK!VM[OL*VTWHU`ZZOHYLZ
93
Capital reserve
;OLJHWP[HSYLZLY]LJVTWYPZLZ!
H
*HWP[HSNHPUHYPZPUNMYVT[OLWH`TLU[VM[OL.YV\WZZ\IZJYPW[PVU[V[OLZOHYLJHWP[HSVMHZ\IZPKPHYÌ`HUVUJVU[YVSSPUNPU[LYLZ[
I
:[H[\[VY`9LZLY]L-\UK:9-
0UHJJVYKHUJL^P[O[OL-VYLPNU,U[LYWYPZL3H^PU[OL7LVWSLZ9LW\ISPJVM*OPUH79*[OL.YV\WZZ\IZPKPHYPLZPU[OL79*HYL
YLX\PYLK[VHWWYVWYPH[LLHYUPUNZ[VH:9-VM[OLZ[H[\[VY`WYV[ZHM[LY[H_HZKL[LYTPULKPUHJJVYKHUJL^P[O[OLHWWSPJHISL
79*HJJV\U[PUNZ[HUKHYKZHUKYLN\SH[PVUZHYLHSSVJH[LK[V[OL:9-HUU\HSS`\U[PS[OLJ\T\SH[P]L[V[HSVM[OL:9-YLHJOLZ
VM[OLZ\IZPKPHYPLZYLNPZ[LYLKJHWP[HS:\IQLJ[[VHWWYV]HSMYVT[OLYLSL]HU[79*H\[OVYP[PLZ[OL:9-THÌL\ZLK[VVZL[HU`
HJJ\T\SH[LKSVZZLZVYPUJYLHZL[OLYLNPZ[LYLKJHWP[HSVM[OLZ\IZPKPHYPLZ;OL:9-PZUV[H]HPSHISLMVYKP]PKLUKKPZ[YPI\[PVU[V
ZOHYLOVSKLYZ
J
+PLYLUJLIL[^LLU[OLJVUZPKLYH[PVUWHPKHUKUL[HZZL[ZHJX\PYLKPUHJX\PZP[PVUVMUVUJVU[YVSSPUNPU[LYLZ[
K
(JJ\T\SH[LKHTVY[PZH[PVUVM[YHUZHJ[PVUJVZ[ZPUJ\YYLKPU[OLPZZ\HUJLVMYLKLLTHISLWYLMLYLUJLZOHYLZ
Foreign currency translation reserve

;OL[YHUZSH[PVUYLZLY]LJVTWYPZLZMVYLPNUJ\YYLUJ`KPLYLUJLZHYPZPUNMYVT[OL[YHUZSH[PVUVM[OLUHUJPHSZ[H[LTLU[ZVMMVYLPNUVWLYH[PVUZ
Hedging reserve
;OLOLKNPUNYLZLY]LJVTWYPZLZ!
H
;OLLLJ[P]LWVY[PVUVM[OLJ\T\SH[P]LUL[JOHUNLPU[OLMHPY]HS\LVMJHZOVÔLKNPUNPUZ[Y\TLU[ZYLSH[PUN[VOLKNLK[YHUZHJ[PVUZ
[OH[OH]LUV[`L[VJJ\YYLK"HUK
I
;OL.YV\WZZOHYLVM[OLOLKNPUNYLZLY]LVMQVPU[]LU[\YLZHUKHZZVJPH[LZ
Employees share option reserve

94
;OLLTWSV`LLZZOHYLVW[PVUYLZLY]LYLWYLZLU[Z[OLLX\P[`ZL[[SLKZOHYLVW[PVUZNYHU[LK[VLTWSV`LLZ;OPZYLZLY]LPZTHKL\WVM[OL
J\T\SH[P]L]HS\LVMZLY]PJLZYLJLP]LKMYVTLTWSV`LLZYLJVYKLKV]LY[OL]LZ[PUNWLYPVKJVTTLUJPUNMYVT[OLNYHU[KH[LVMLX\P[`ZL[[SLK
ZOHYLVW[PVUZ
Sustainability
Dividends
;OLMVSSV^PUNKP]PKLUKZ^LYLKLJSHYLKHUKWHPKI`[OL.YV\WHUK[OL*VTWHU`!
For the year ended 31 December
Group and Company
-PUHS[H_L_LTW[KP]PKLUKWHPKVMJLU[Z!JLU[ZWLYZOHYLPUYLZWLJ[VM
WYL]PV\ZUHUJPHS`LHY
0U[LYPT[H_L_LTW[KP]PKLUKWHPKVMJLU[Z!JLU[ZWLYZOHYLPUYLZWLJ[VM
J\YYLU[UHUJPHS`LHY
!WLYHUU\TVM*7:SPX\PKH[PVUWYLMLYLUJL
2013
2012
$000
$000

(M[LY[OLYLZWLJ[P]LYLWVY[PUNKH[LZ[OLMVSSV^PUNKP]PKLUKZ^LYLWYVWVZLKI`[OLKPYLJ[VYZ(ZH[[OLYLZWLJ[P]L`LHYLUK[OLKP]PKLUKZ
^LYLUV[WYV]PKLKMVYHUK[OLYL^LYLUVPUJVTL[H_JVUZLX\LUJLZ
Group and Company
-PUHSWYVWVZLK[H_L_LTW[KP]PKLUKVMJLU[Z!JLU[ZWLYZOHYL
20
2013
2012
$000
$000

SHARE-BASED PAYMENT
Description of the share-based payment arrangements
([+LJLTILY[OL.YV\WOHZ[OLMVSSV^PUNZOHYLIHZLKWH`TLU[HYYHUNLTLU[Z
Share option scheme (equity-settled)
6U(WYPS[OLTLTILYZVM[OL*VTWHUÒH]LHWWYV]LK[OLPTWSLTLU[H[PVUVMHUL^ZOHYLVW[PVUZJOLTL[OL:JOLTL[V
YLWSHJL[OL:JOLTL[OH[L_WPYLKVU:LW[LTILYHUKHSSV^LK6SP]PH3\T6VP3PU,_LJ\[P]L*OHPYTHUHUK.YV\W*,6H
Z\IZ[HU[PHSZOHYLOVSKLYVM[OL*VTWHU`[VWHY[PJPWH[LPU[OL:JOLTL;OLPTWSLTLU[H[PVUVM[OL:JOLTLHUKYLWSHJLTLU[VM[OL
L_WPYLKZJOLTLKVUV[HLJ[[OLYPNO[ZVMOVSKLYZVM[OLVW[PVUZ\UKLY[OLL_WPYLKZJOLTL;OLTH_PT\TLU[P[SLTLU[VM6SP]PH3\T6VP
3PUPZVM[OL[V[HSU\TILYVMZOHYLZÔPJOTHÌLPZZ\LKI`[OL*VTWHU`\UKLY[OL:JOLTL;OLHNNYLNH[LU\TILYVMZJOLTL
ZOHYLZH]HPSHISL[V6SP]PH3\T6VP3PUHUKOLYHZZVJPH[LZHZKLULKPU:.?:;Z3PZ[PUN4HU\HSZOHSSUV[L_JLLKVM[OL[V[HS
U\TILYVMZJOLTLZOHYLZH]HPSHISL\UKLY[OL:JOLTL0[OHZILLUPUMVYJLZPUJL:LW[LTILYHUKZOHSSL_WPYLVU:LW[LTILY

;OL:JOLTLPZHKTPUPZ[LYLKI`[OL9LT\ULYH[PVU*VTTP[[LL
6UJL[OLZLVW[PVUZOH]L]LZ[LK[OLVW[PVUZHYLL_LYJPZHISLI`HULTWSV`LLVYKPYLJ[VYVM[OL*VTWHU`JVSSLJ[P]LS`HZ6W[PVU/VSKLYZ
K\YPUNHJVU[YHJ[\HSVW[PVU[LYTVM`LHYZMYVT[OLKH[LVMNYHU[VM[OH[VW[PVUVM[OLVW[PVUZNYHU[LKHYLL_LYJPZHISLHM[LY6W[PVU
/VSKLYZJVTWSL[LLHJO`LHYVMZLY]PJLMYVT[OLKH[LVM[OLNYHU[(SSVW[PVUZHYL[VILZL[[SLKI`WO`ZPJHSKLSP]LY`VMZOHYLZ
95
;OLK\YH[PVUVM[OL:JOLTLTHÌLL_[LUKLK^P[O[OLHWWYV]HSVM[OLTLTILYZVM[OL*VTWHU`H[HNLULYHSTLL[PUNVM[OL*VTWHU`
HUKVMHU`YLSL]HU[H\[OVYP[PLZÔPJOTH`[OLUILYLX\PYLK;OL]LZ[PUNVM[OLVW[PVUZ\UKLY[OL:JOLTLZPZJVUKP[PVUHS\WVU]HYPV\Z
MHJ[VYZPUJS\KPUN6W[PVU/VSKLYZJVTWSL[PUN[OLPY`LHYZVMZLY]PJL^P[O[OL.YV\W
Disclosure of share option scheme
;OLU\TILYHUK^LPNO[LKH]LYHNLL_LYJPZLWYPJLZVMZOHYLVW[PVUZHYLHZMVSSV^Z!
Weighted
average
H[HUFLVH
price
2013
Number
of options
Weighted
average
H[HUFLVH
price
Number
of options
2013
2012
2012
Outstanding at 1 January

-VYMLP[LKK\YPUN[OL`LHY

,_LYJPZLKK\YPUN[OL`LHY

.YHU[LKK\YPUN[OL`LHY

6\[Z[HUKPUNH[+LJLTILY

,_LYJPZHISLH[+LJLTILY

6W[PVUNYHU[LKI\[UV[HJJLW[LK
;OLVW[PVUZV\[Z[HUKPUNH[+LJLTILYOH]LHUL_LYJPZLWYPJLPU[OLYHUNLVM [V!

WLYZOHYLHUKH^LPNO[LKH]LYHNLJVU[YHJ[\HSSPMLVM`LHYZ!`LHYZ
[V
-VYZOHYLVW[PVUZL_LYJPZLKPU[OL^LPNO[LKH]LYHNLZOHYLWYPJLH[[OLKH[LVML_LYJPZL^HZ!WLYZOHYL

Inputs for measurement of grant date fair values
;OLNYHU[KH[LMHPY]HS\LVM[OLZOHYLIHZLKWH`TLU[WSHUZPZTLHZ\YLKIHZLKVU[OL)SHJR:JOVSLZZ[HUKHYKVW[PVU]HS\H[PVUTVKLS
,_WLJ[LK]VSH[PSP[`PZLZ[PTH[LKI`JVUZPKLYPUNOPZ[VYPJH]LYHNLZOHYLWYPJL]VSH[PSP[`;OLPUW\[Z\ZLKPU[OLTLHZ\YLTLU[VM[OLMHPY
]HS\LZH[NYHU[KH[LVM[OLZOHYLIHZLKWH`TLU[WSHUZHYL[OLMVSSV^PUN!
Fair value of share options and assumptions
Date of grant of options
-HPY]HS\LH[NYHU[KH[L

:OHYLWYPJLH[NYHU[KH[L

,_LYJPZLWYPJL

,_WLJ[LK]VSH[PSP[`^LPNO[LKH]LYHNL]VSH[PSP[`

6W[PVUSPMLL_WLJ[LK^LPNO[LKH]LYHNLSPML
96
5 March 2013
KH`Z
,_WLJ[LKKP]PKLUKZ

9PZRMYLLPU[LYLZ[YH[LIHZLKVUNV]LYUTLU[IVUKZ

Sustainability
21
FINANCIAL INSTRUMENTS
Credit risk
,_WVZ\YL[VJYLKP[YPZR
;OLJHYY`PUNHTV\U[VMUHUJPHSHZZL[ZPU[OLZ[H[LTLU[ZVMUHUJPHSWVZP[PVUYLWYLZLU[Z[OL.YV\WZHUK[OL*VTWHU`ZYLZWLJ[P]L
TH_PT\TJYLKP[L_WVZ\YL;OLTH_PT\TL_WVZ\YL[VJYLKP[YPZRH[[OLYLWVY[PUNKH[L^HZ!
Group
Note
2013
$000
Company
2012
2013
2012
$000
$000
$000
Restated
11


.YVZZHTV\U[ZK\LMYVTJVU[YHJ[^VYR

;V[HSYLJLP]HISLZ

,_JS\KLZWYLWH`TLU[Z
;OL.YV\WZYL]LU\LPZLHYULKMYVTH^PKLYHUNLVMJ\Z[VTLYZÔVZLJYLKP[X\HSP[ÒH]LUV[JOHUNLKZPNUPJHU[S`
;OLTH_PT\TL_WVZ\YL[VJYLKP[YPZRMVY[V[HSYLJLP]HISLZH[[OLYLWVY[PUNKH[LI`[`WLVMJV\U[LYWHY[`^HZ!
Group
Company
2013
2012
2013
2012
$000
$000
$000
$000
Restated
4\UPJPWHS

0UK\Z[YPHS

Subsidiaries
Joint ventures

(ZZVJPH[LZ

Others

;OL JYLKP[ X\HSP[` VM [V[HS YLJLP]HISLZ PZ HZZLZZLK IHZLK \WVU [OL JYLKP[ WVSPJ` PU WSHJL ([ [OL YLWVY[PUN KH[L [OL .YV\W HUK [OL
*VTWHUÌLSPL]L[OH[[OLJYLKP[X\HSP[`VM[V[HSYLJLP]HISLZ[OH[^LYLUV[WHZ[K\LVYPTWHPYLKPZVMHJJLW[HISLYPZR
;OL.YV\WKVLZUV[YLX\PYLJVSSH[LYHSPUYLZWLJ[VM[YHKLHUKV[OLYYLJLP]HISLZ
97
Impairment losses
;OLHNLPUNVM[V[HSYLJLP]HISLZH[[OLYLWVY[PUNKH[L^HZ!
Gross
Impairment
Gross
Impairment
2013
2013
2012
2012
$000
$000
$000
$000
Restated
Restated
Group
5V[WHZ[K\L
7HZ[K\L[VKH`Z
7HZ[K\L[VKH`Z
4VYL[OHUKH`Z

Company
5V[WHZ[K\L
;OLTV]LTLU[PU[OLHSSV^HUJLMVYPTWHPYTLU[PUYLZWLJ[VMSVHUZHUKYLJLP]HISLZK\YPUN[OL`LHY^HZHZMVSSV^Z!
Group
2013
2012
$000
$000
Restated
At 1 January

0TWHPYTLU[SVZZYLJVNUPZLK

0TWHPYTLU[SVZZ^YP[[LUV


([+LJLTILY

+\YPUN[OL`LHY[OL.YV\WYLJVYKLKHUHSSV^HUJLMVYPTWHPYTLU[VM!5PSYLWYLZLU[PUNP[ZLZ[PTH[LKL_WVZ\YLPUYLZWLJ[
VM[YHKLHUKV[OLYYLJLP]HISLZIHZLKVUHJVSSLJ[P]LHZZLZZTLU[MVYHNYV\WVMZPTPSHYHZZL[ZHUKOPZ[VYPJHSZL[[SLTLU[WH[[LYUZMVYZ\JO
HZZL[Z
([+LJLTILYHUPTWHPYTLU[SVZZVM[OL.YV\WVMYLSH[LZ[VJLY[HPUJ\Z[VTLYZ[OH[OH]LPUKPJH[LK[OH[[OL`HYLUV[
L_WLJ[PUN[VILHISL[VWH`[OLPYV\[Z[HUKPUNIHSHUJLZTHPUS`K\L[VUHUJPHSKPJ\S[PLZ
;OLPTWHPYTLU[SVZZLZYLJVNUPZLKK\YPUN[OL`LHYHYLPUJS\KLKHZWHY[VMV[OLYL_WLUZLZPUWYV[VYSVZZ
)HZLKVUOPZ[VYPJKLMH\S[YH[LZWH`TLU[ILOH]PV\YHUKHUHS`ZPZVM[OLJ\Z[VTLYZ\UKLYS`PUNJYLKP[YH[PUNZ[OL.YV\WILSPL]LZ[OH[
HWHY[MYVT[OLHIV]LUVPTWHPYTLU[HSSV^HUJLPZULJLZZHY`PUYLZWLJ[VM[OL.YV\WZSVHUZHUKYLJLP]HISLZ[OH[HYL\UPTWHPYLKH[
+LJLTILYHUKHZ[OLZLSVHUZHUKYLJLP]HISLZHYLTHPUS`K\LMYVTNV]LYUTLU[IVKPLZNV]LYUTLU[HNLUJPLZVYJ\Z[VTLYZ
[OH[OH]LNVVKWH`TLU[YLJVYKZ^P[O[OL.YV\W
98
Sustainability
Cash and cash equivalents

;OL.YV\WOLSKJHZOHUKJHZOLX\P]HSLU[ZVM H[+LJLTILYYLZ[H[LK! ÔPJOYLWYLZLU[Z

P[ZTH_PT\TJYLKP[L_WVZ\YLVU[OLZLHZZL[Z;OLJHZOHUKJHZOLX\P]HSLU[ZHYLOLSK^P[OIHURHUKUHUJPHSPUZ[P[\[PVUJV\U[LYWHY[PLZ
ÔPJOHYLSPJLUZLKIHURZPU[OLJV\U[YPLZ[OH[[OL.YV\WVWLYH[LZPU
Liquidity risk
;OL MVSSV^PUN HYL [OL JVU[YHJ[\HS TH[\YP[PLZ VM UHUJPHS SPHIPSP[PLZ PUJS\KPUN LZ[PTH[LK PU[LYLZ[ WH`TLU[Z HUK L_JS\KPUN [OL PTWHJ[ VM
UL[[PUNHNYLLTLU[Z!
&DVKRZV
Carrying
amount
Contractual
FDVKRZV
Within
1 year
From 2 to
5 years
More than
5 years
$000
$000
$000
$000
$000

Group
2013
Bank overdraft
Variable interest rate loans
-P_LKPU[LYLZ[YH[LSVHUZ

-P_LKPU[LYLZ[YH[LUV[LZ

Trade and other payables*
'HULYDWLYHQDQFLDOLQVWUXPHQWV
0U[LYLZ[YH[LZ^HWZ\ZLKMVYOLKNPUNUL[ZL[[SLK



2012 (restated)
Bank overdraft
Trade and other payables*
,_JS\KLZKLYP]H[P]LZZOVÛZLWHYH[LS`HUKWYVNYLZZWH`TLU[ZMYVTJ\Z[VTLYZ
99
&DVKRZV
Carrying
amount
Contractual
FDVKRZV
Within
1 year
From 2 to
5 years
More than
5 years
$000
$000
$000
$000
$000




Company
2013
Trade and other payables

2012

;OLTH[\YP[`HUHS`ZPZZOV^Z[OL\UKPZJV\U[LKJHZOV^ZVM[OLUHUJPHSSPHIPSP[PLZVM[OL.YV\WHUK[OL*VTWHU`VU[OLIHZPZVM[OLPY
LHYSPLZ[WVZZPISLJVU[YHJ[\HSTH[\YP[`
,_JLW[MVY[OLJHZOV^HYPZPUNMYVT[OLPU[YHNYV\WUHUJPHSN\HYHU[LLNP]LUI`[OL*VTWHU`P[PZUV[L_WLJ[LK[OH[[OLJHZOV^Z
PUJS\KLKPU[OLTH[\YP[`HUHS`ZPZJV\SKVJJ\YZPNUPJHU[S`LHYSPLYVYH[ZPNUPJHU[S`KPLYLU[HTV\U[Z
([[OLYLWVY[PUNKH[L[OL*VTWHU`KVLZUV[JVUZPKLYP[WYVIHISL[OH[HJSHPT^PSSILTHKLHNHPUZ[[OL*VTWHU`\UKLY[OLPU[YHNYV\W
UHUJPHSN\HYHU[LL
Currency risk
,_WVZ\YL[VJ\YYLUJ`YPZR
;OL.YV\WZHUK*VTWHU`ZL_WVZ\YL[VMVYLPNUJ\YYLUJ`YPZRPZHZMVSSV^ZIHZLKVUUV[PVUHSHTV\U[Z!
2013
2012
US dollars
Euro
US dollars
Euro
$000
$000
$000
$000
Restated
Group


5L[Z[H[LTLU[VMUHUJPHSWVZP[PVUL_WVZ\YL
,_WVZ\YLOLKNLKHNHPUZ[MVYLJHZ[LKW\YJOHZL
5L[L_WVZ\YL
100

Sustainability
2013
2012
US dollars
Euro
US dollars
Euro
$000
$000
$000
$000

Company

:LUZP[P]P[`HUHS`ZPZ
(Z[YLUN[OLUPUNVM[OL:PUNHWVYLKVSSHYHZPUKPJH[LKILSV^HNHPUZ[[OL<:KVSSHYHUK,\YVH[+LJLTILY^V\SKOH]LPUJYLHZLK
LX\P[`HUKWYV[ILMVYLPUJVTL[H_PUWYV[VYSVZZI`[OLHTV\U[ZZOVÛILSV^;OPZHUHS`ZPZPZIHZLKVUMVYLPNUJ\YYLUJ`L_JOHUNL
YH[L]HYPHUJLZ[OH[[OL.YV\WJVUZPKLYLK[VILYLHZVUHIS`WVZZPISLH[[OLLUKVM[OLYLWVY[PUNWLYPVK;OLHUHS`ZPZHZZ\TLZ[OH[HSSV[OLY
]HYPHISLZPUWHY[PJ\SHYPU[LYLZ[YH[LZYLTHPUJVUZ[HU[;OLHUHS`ZPZPZWLYMVYTLKVU[OLZHTLIHZPZMVYHS[OV\NO[OLYLHZVUHIS`
WVZZPISLMVYLPNUL_JOHUNLYH[L]HYPHUJLZ^LYLKPLYLU[HZPUKPJH[LKILSV^!
Group
Company
3URWEHIRUH
LQFRPHWD[
Equity
3URWEHIRUH
LQFRPHWD[
Equity
$000
$000
$000
$000

31 December 2013
<:KVSSHYZZ[YLUN[OLUPUN
,\YVZ[YLUN[OLUPUN
31 December 2012 (restated)
<:KVSSHYZZ[YLUN[OLUPUN
,\YVZ[YLUN[OLUPUN
(^LHRLUPUNVM[OL:PUNHWVYLKVSSHYHNHPUZ[[OLHIV]LJ\YYLUJ`H[+LJLTILY^V\SKOH]LOHK[OLLX\HSI\[VWWVZP[LLLJ[[V[OL
HTV\U[ZZOVÛHIV]LVU[OLIHZPZ[OH[HSSV[OLY]HYPHISLZYLTHPUJVUZ[HU[
101
Interest rate risk

7YVSL
([[OLYLWVY[PUNKH[L[OLPU[LYLZ[YH[LWYVSLVM[OLPU[LYLZ[ILHYPUNUHUJPHSPUZ[Y\TLU[Z^HZ!
Group
Company
Nominal value
Nominal value
2013
2012
2013
2012
$000
$000
$000
$000
Restated
)L[HGUDWHLQVWUXPHQWV
Bank overdraft
-P_LKPU[LYLZ[YH[LSVHUZ

<UZLJ\YLKUV[LZ

0U[LYLZ[YH[LZ^HWZ\ZLKMVYOLKNPUN

Variable rate instruments

0U[LYLZ[YH[LZ^HWZ\ZLKMVYOLKNPUN

-HPY]HS\LZLUZP[P]P[`HUHS`ZPZMVY_LKYH[LPUZ[Y\TLU[Z
;OL.YV\WKVLZUV[HJJV\U[MVYHU`_LKYH[LUHUJPHSHZZL[ZHUKSPHIPSP[PLZH[MHPY]HS\L[OYV\NOWYV[VYSVZZHUK[OL.YV\WKVLZUV[
KLZPNUH[LKLYP]H[P]LZPU[LYLZ[YH[LZ^HWZHZOLKNPUNPUZ[Y\TLU[Z\UKLYHMHPY]HS\LOLKNLHJJV\U[PUNTVKLS;OLYLMVYLHJOHUNLPU
PU[LYLZ[YH[LZH[[OLYLWVY[PUNKH[L^V\SKUV[HLJ[WYV[VYSVZZ
102
Sustainability
*HZOV^ZLUZP[P]P[`HUHS`ZPZMVY]HYPHISLYH[LPUZ[Y\TLU[Z
(JOHUNLVMIHZPZWVPU[ZPUPU[LYLZ[YH[LZH[[OLYLWVY[PUNKH[L^V\SKOH]LPUJYLHZLKKLJYLHZLKLX\P[`HUKWYV[ILMVYLPUJVTL[H_
PUWYV[VYSVZZI`[OLHTV\U[ZZOVÛILSV^;OPZHUHS`ZPZHZZ\TLZ[OH[HSSV[OLY]HYPHISLZPUWHY[PJ\SHYMVYLPNUJ\YYLUJ`YH[LZYLTHPU
JVUZ[HU[;OLHUHS`ZPZPZWLYMVYTLKVU[OLZHTLIHZPZMVY
3URWEHIRUH
LQFRPHWD[
Equity
75 bp
increase
75 bp
decrease
75 bp
increase
75 bp
decrease
$000
$000
$000
$000

Group
31 December 2013
31 December 2012
=HYPHISLYH[LPUZ[Y\TLU[ZYLZ[H[LK
Company
31 December 2013
31 December 2012
103
$FFRXQWLQJFODVVLFDWLRQVDQGIDLUYDOXHV
-HPY]HS\LZ]LYZ\ZJHYY`PUNHTV\U[Z
;OLMHPY]HS\LZVMUHUJPHSHZZL[ZHUKSPHIPSP[PLZ[VNL[OLY^P[O[OLJHYY`PUNHTV\U[ZZOVÛPU[OLZ[H[LTLU[VMUHUJPHSWVZP[PVUHYLHZ
MVSSV^Z!
Group
Fair value
Designated Loans and hedging
Note at fair value receivables instruments
$000
$000
$000
Other
QDQFLDO
liabilities
within the
scope of
FRS 39
$000
Total
carrying
amount
$000
Fair value
$000
31 December 2013


11


Other investments

:LJ\YLKIHURSVHUZ

<UZLJ\YLKIHURSVHUZ

<UZLJ\YLKUV[LZ

Trade and other payables#

Derivatives
Bank overdraft
,_JS\KLZWYLWH`TLU[Z
,_JS\KLZKLYP]H[P]LZZOVÛZLWHYH[LS`HUKWYVNYLZZWH`TLU[ZMYVTJ\Z[VTLYZ
104

Sustainability
Note
Group
Designated
at fair value
Loans and
receivables
Other
QDQFLDO
liabilities
within the
scope of
FRS 39
$000
Restated
$000
Restated
$000
Restated
$000
Restated
$000
Restated
Total
carrying
amount
Fair value
31 December 2012


11


:LJ\YLKIHURSVHUZ

<UZLJ\YLKIHURSVHUZ

<UZLJ\YLKUV[LZ

Total
carrying
amount
$000
Fair value
$000
Trade and other payables#

Bank overdraft

,_JS\KLZWYLWH`TLU[Z
,_JS\KLZWYVNYLZZWH`TLU[ZMYVTJ\Z[VTLYZ
Note
Company
Designated
at fair value
$000
Loans and
receivables
$000
Other
QDQFLDO
liabilities
within the
scope of
FRS 39
$000

31 December 2013


Other investments

<UZLJ\YLKIHURSVHUZ

<UZLJ\YLKUV[LZ


,_JS\KLZWYLWH`TLU[Z
105
Note
Company
Designated
at fair value
$000
Loans and
receivables
$000
Other
QDQFLDO
liabilities
within the
scope of
FRS 39
$000
Total
carrying
amount
$000
Fair value
$000
31 December 2012


<UZLJ\YLKIHURSVHUZ

<UZLJ\YLKUV[LZ


,_JS\KLZWYLWH`TLU[Z
Interest rates used for determining fair value
;OLPU[LYLZ[YH[LZ\ZLK[VKPZJV\U[LZ[PTH[LKJHZOV^ZÔLUHWWSPJHISLHYLIHZLKVU[OLNV]LYUTLU[`PLSKJ\Y]LH[[OLYLWVY[PUNKH[L
WS\ZHUHKLX\H[LJYLKP[ZWYLHKHUKHYLHZMVSSV^Z!
Group
(TV\U[ZK\LMYVTHZZVJPH[LZUVU[YHKL
<UZLJ\YLKUV[LZ
2013
2012

Fair value hierarchy

106
;OL[HISLILSV^HUHS`ZLZUHUJPHSPUZ[Y\TLU[ZJHYYPLKH[MHPY]HS\LI`]HS\H[PVUTL[OVK;OLKPLYLU[SL]LSZOH]LILLUKLULKHZMVSSV^Z!
3L]LS! X\V[LKWYPJLZ\UHKQ\Z[LKPUHJ[P]LTHYRL[ZMVYPKLU[PJHSHZZL[ZVYSPHIPSP[PLZ
3L]LS! PUW\[ZV[OLY[OHUX\V[LKWYPJLZPUJS\KLK^P[OPU3L]LS[OH[HYLVIZLY]HISLMVY[OLHZZL[VYSPHIPSP[`LP[OLYKPYLJ[S`PL
HZWYPJLZVYPUKPYLJ[S`PLKLYP]LKMYVTWYPJLZ
3L]LS! PUW\[ZMVY[OLHZZL[VYSPHIPSP[`[OH[HYLUV[IHZLKVUVIZLY]HISLTHYRL[KH[H\UVIZLY]HISLPUW\[Z
Sustainability
Financial assets and liabilities carried at fair value

Level 1
Level 2
Level 3
Total
$000
$000
$000
$000

Group*
31 December 2013
Other investments
Derivatives

Level 1
Level 2
Level 3
Total
$000
$000
$000
$000




Company*
31 December 2013
Other investments
UVULHZH[+LJLTILYYLZ[H[LK
Financial assets and liabilities not carried at fair value but for which fair values are disclosed
Group
31 December 2013
<UZLJ\YLKUV[LZ
31 December 2012
<UZLJ\YLKUV[LZ
Company
31 December 2013
<UZLJ\YLKUV[LZ
31 December 2012
<UZLJ\YLKUV[LZ
107
Level 3 fair values

;OLMVSSV^PUN[HISLZOV^ZHYLJVUJPSPH[PVUMYVT[OLILNPUUPUNIHSHUJLZ[V[OLLUKPUNIHSHUJLZMVYMHPY]HS\LTLHZ\YLTLU[ZPU3L]LSVM
[OLMHPY]HS\LOPLYHYJO`!
Group
Company
Other
investments
Other
investments
$000
$000

([1HU\HY`
+LJVUZVSPKH[PVUVMZ\IZPKPHYPLZZLLUV[L
9LJSHZZPJH[PVUVMPU]LZ[TLU[PUZ\IZPKPHY`K\L[VSVZZVMJVU[YVS
([+LJLTILY

22
LOSS OF CONTROL IN CONSOLIDATED ENTITIES
6U(\N\Z[[OLTLTILYZVM/`\_-PS[LJO:PUNHWVYL7[L3[K/-:YLZVS]LK[VJVTTLUJLSPX\PKH[PVU/-:PZHVÛLK
Z\IZPKPHY`VM[OL.YV\W^P[O[^VZ\IZPKPHYPLZPU[OL7LVWSLZ9LW\ISPJVM*OPUHUHTLS`/`\_-PS[LJO:OHUNOHP*V3[KHUK/`\_
<UP[LJO:OHUNOHP*V3[K*VUZLX\LU[S`[OL.YV\WKLJVUZVSPKH[LK[OLZLZ\IZPKPHYPLZHZP[HZZLZZLK[OH[P[UVSVUNLYOHKJVU[YVSHUK
JSHZZPLK[OLZLLU[P[PLZHZV[OLYPU]LZ[TLU[ZZLLUV[L
Note
Group
$000
.YVZZHTV\U[ZK\LMVYJVU[YHJ[^VYRZ
0U]LU[VYPLZ




Tax payable

5VUJVU[YVSSPUNPU[LYLZ[

5L[HZZL[ZKLJVUZVSPKH[LKHUKYLJSHZZPLK[VV[OLYPU]LZ[TLU[Z

7YV[VUKPZWVZHS

9LHSPZH[PVUVMMVYLPNUJ\YYLUJ`[YHUZSH[PVU

*HZOJVUZPKLYH[PVU
108
3LZZ!JHZOHUKJHZOLX\P]HSLU[ZKPZWVZLK

5L[JHZOV\[V^VUKPZWVZHS

Sustainability
23
REVENUE
Group
2013
2012
$000
$000
Restated
*VUZ[Y\J[PVUYL]LU\L
24

6WLYH[PUNHUKTHPU[LUHUJLPUJVTL

Sale of goods

-PUHUJLPUJVTL

Others

FINANCE COSTS
Group
2013
$000
2012
$000
Restated
0U[LYLZ[L_WLUZLIHURSVHUZ

109
25
PROFIT BEFORE INCOME TAX
;OLMVSSV^PUNP[LTZOH]LILLUPUJS\KLKPUHYYP]PUNH[WYV[ILMVYLPUJVTL[H_!
Group
2013
$000
2012
$000
Restated
5L[MVYLPNUJ\YYLUJ`L_JOHUNLSVZZ

0U[LYLZ[PUJVTL!
_LKKLWVZP[Z^P[OUHUJPHSPUZ[P[\[PVUZ
HZZVJPH[LZ
-HPY]HS\LSVZZVUKLYP]H[P]LUHUJPHSPUZ[Y\TLU[Z
-PUHUJPHSYLJLP]HISLZ^YP[[LUV
3VZZNHPUVUZHSLVMWYVWLY[`WSHU[HUKLX\PWTLU[
0TWHPYTLU[VM[YHKLHUKV[OLYYLJLP]HISLZ
Operating lease expense
7YVMLZZPVUHSMLLZWHPK[VYTZPUÔPJOHKPYLJ[VYPZTLTILY
39

*VU[YPI\[PVU[VKLULKJVU[YPI\[PVUWSHUZPUJS\KLKPUZ[HJVZ[Z

,TWSV`LLZZOHYLVW[PVUL_WLUZLPUJS\KLKPUZ[HJVZ[Z

9LZLHYJOL_WLUZL

H\KP[VYZVM[OL*VTWHU`

V[OLYTLTILYYTZVM274.0U[LYUH[PVUHS

V[OLYH\KP[VYZ

(\KP[MLLZWHPK[V!
5VUH\KP[MLLZWHPK[V!
H\KP[VYZVM[OL*VTWHU`
110
Sustainability
26
TAX EXPENSE
Group
2013
$000
2012
$000
Restated
&XUUHQWWD[H[SHQVH
Current year
<UKLYV]LYWYV]PKLKPUWYPVY`LHYZ

6YPNPUH[PVUHUKYL]LYZHSVM[LTWVYHY`KPLYLUJLZ

Tax expense

'HIHUUHGWD[H[SHQVH
Reconciliation of effective tax rate

7YV[ILMVYLPUJVTL[H_
0UJVTL[H_\ZPUN:PUNHWVYL[H_YH[LVM
,LJ[VMKPLYLU[[H_YH[LZPUMVYLPNUQ\YPZKPJ[PVUZ

;H_L_LTW[PUJVTL

5VUKLK\J[PISLL_WLUZLZ

,LJ[VMWHY[PHS[H_L_LTW[PVUHUK[H_YLSPLMZ

<UKLYV]LYWYV]PKLKPUWYPVY`LHYZ

(Z\IZPKPHY`VM[OL.YV\W^HZNYHU[LK7PVULLY;H_:[H[\ZPU:PUNHWVYLPUYLZWLJ[VM[OLWYVK\J[PVUHUKZHSLVMTLTIYHULZ`Z[LTZ
(JJVYKPUNS`[OLZ\IZPKPHY`LUQV`Z[H_L_LTW[PVUVUPUJVTLHYPZPUNMYVTZHSLVMTLTIYHULZ`Z[LTZZ\IQLJ[[V[OL[LYTZHUKJVUKP[PVUZ
VM[OL7PVULLY;H_:[H[\ZMVY`LHYZMYVT(WYPS
(UV[OLYZ\IZPKPHY`^HZH^HYKLKH`LHY+L]LSVWTLU[HUK,_WHUZPVU0UJLU[P]LPU:PUNHWVYLMYVT(WYPS 8\HSPM`PUNPUJVTLLHYULK
K\YPUN[OPZWLYPVKPZ[H_LKH[HJVUJLZZPVUHY`YH[LVM
0U HJJVYKHUJL ^P[O [OL 0UJVTL ;H_ 3H^ VM [OL 7LVWSLZ 9LW\ISPJ VM *OPUH MVY ,U[LYWYPZLZ ^P[O -VYLPNU 0U]LZ[TLU[ HUK -VYLPNU
,U[LYWYPZLZ JLY[HPU Z\IZPKPHYPLZ HYL LU[P[SLK [V M\SS L_LTW[PVU MYVT ,U[LYWYPZL 0UJVTL ;H_ ,0; MVY [OL YZ[ [^V `LHYZ HUK H
YLK\J[PVUPU,0;MVY[OLUL_[[OYLL`LHYZJVTTLUJPUNMYVT[OLYZ[WYV[HISL`LHYHM[LYVZL[[PUNHSS[H_SVZZLZJHYYPLKMVY^HYKMYVT
[OLWYL]PV\Z]L`LHYZ(UL^*VYWVYH[L0UJVTL;H_3H^ÔPJO[VVRLLJ[VU1HU\HY`Z[H[LK[OH[Z\IZPKPHYPLZPU[OL7LVWSLZ
9LW\ISPJVM*OPUHÔPJOOH]LUV[\[PSPZLK[OLPY]L`LHY[H_JVUJLZZPVUZ\UKLY[OLVSK[H_SH^^LYLYLX\PYLK[V\[PSPZL[OLPYYZ[`LHYVM
[H_JVUJLZZPVUJVTTLUJPUNMYVT0UHKKP[PVUVULVM[OLZ\IZPKPHYPLZOHZ/PNO;LJOUVSVN`:[H[\ZÔPJOPZZ\IQLJ[[VH[H_YH[LVM

:\IZPKPHYPLZPUJVYWVYH[LKPU[OL)YP[PZO=PYNPU0ZSHUKZ)=0HYLL_LTW[MYVTPUJVTL[H_LZPU)=0PUHJJVYKHUJL^P[OSVJHS[H_SH^Z
111
27
EARNINGS PER SHARE

Basic earnings per share
;OL JHSJ\SH[PVU VM IHZPJ LHYUPUNZ WLY ZOHYL H[ +LJLTILY ^HZ IHZLK VU [OL WYV[ H[[YPI\[HISL [V VYKPUHY` ZOHYLOVSKLYZ VM
! HUKH^LPNO[LKH]LYHNLU\TILYVMVYKPUHY`ZOHYLZV\[Z[HUKPUNVM!

JHSJ\SH[LKHZMVSSV^Z!
7YV[H[[YPI\[HISL[VVYKPUHY`ZOHYLOVSKLYZ
Group
2013
2012
$000
$000
7YV[MVY[OL`LHY

Dividends on CPS

7YV[H[[YPI\[HISL[VVYKPUHY`ZOHYLOVSKLYZ

Weighted average number of ordinary shares
0ZZ\LKVYKPUHY`ZOHYLZH[1HU\HY`
,LJ[VMVÛZOHYLZOLSK
,LJ[ZVMZOHYLVW[PVUZL_LYJPZLK
>LPNO[LKH]LYHNLU\TILYVMVYKPUHY`ZOHYLZH[+LJLTILY
2013
2012
000
000

Diluted earnings per share

;OL JHSJ\SH[PVU VM KPS\[LK LHYUPUNZ WLY ZOHYL H[ +LJLTILY ^HZ IHZLK VU WYV[ H[[YPI\[HISL [V VYKPUHY` ZOHYLOVSKLYZ VM
! HUKH^LPNO[LKH]LYHNLU\TILYVMVYKPUHY`ZOHYLZV\[Z[HUKPUNHM[LYHKQ\Z[TLU[MVY[OLLLJ[ZVMHSS
KPS\[P]LWV[LU[PHSVYKPUHY`ZOHYLZVM!JHSJ\SH[LKHZMVSSV^Z!
>LPNO[LKH]LYHNLU\TILYVMVYKPUHY`ZOHYLZKPS\[LK
Group
>LPNO[LKH]LYHNLU\TILYVMVYKPUHY`ZOHYLZIHZPJ
,LJ[VMZOHYLVW[PVUZVUPZZ\L
>LPNO[LKH]LYHNLU\TILYVMVYKPUHY`ZOHYLZKPS\[LKH[+LJLTILY
112
2013
2012
000
000

;OLH]LYHNLTHYRL[]HS\LVM[OL*VTWHU`ZZOHYLZMVYW\YWVZLZVMJHSJ\SH[PUN[OLKPS\[P]LLLJ[VMZOHYLVW[PVUZ^HZIHZLKVUX\V[LK
THYRL[WYPJLZMVY[OLWLYPVKK\YPUNÔPJO[OLVW[PVUZ^LYLV\[Z[HUKPUN
Sustainability
28
SEGMENT REPORTING
(a)
Operating segments
;OL .YV\W OHZ [^V YLWVY[HISL ZLNTLU[Z HZ KLZJYPILK ILSV^ ÔPJO HYL [OL .YV\WZ Z[YH[LNPJ I\ZPULZZ \UP[Z ;OL Z[YH[LNPJ
I\ZPULZZ\UP[ZVLYKPLYLU[WYVK\J[ZHUKZLY]PJLZHUKHYLTHUHNLKZLWHYH[LSÌLJH\ZL[OL`YLX\PYLKPLYLU[[LJOUVSVN`HUK
THYRL[PUNZ[YH[LNPLZ-VYLHJOVM[OLZ[YH[LNPJI\ZPULZZ\UP[Z[OL.YV\WZ*,6[OLJOPLMVWLYH[PUNKLJPZPVUTHRLYYL]PL^Z
PU[LYUHSTHUHNLTLU[YLWVY[ZVUH[SLHZ[HX\HY[LYSÌHZPZ;OLMVSSV^PUNZ\TTHY`KLZJYPILZ[OLVWLYH[PVUZPULHJOVM[OL.YV\WZ
YLWVY[HISLZLNTLU[Z!
4\UPJPWHS :\WWSPLY VM JVTWYLOLUZP]L YHUNL VM PUUV]H[P]L ^H[LY HUK \PK [YLH[TLU[ ZVS\[PVUZ [V T\UPJPWHSP[PLZ HUK
NV]LYUTLU[Z PUJS\KPUN JVTTPZZPVUPUN VWLYH[PVU HUK THPU[LUHUJL VM H ^PKL YHUNL VM ^H[LY [YLH[TLU[ HUK SPX\PK
ZLWHYH[PVUWSHU[ZVUH[\YURL`VY+LZPNU)\PSK6Û6WLYH[L;YHUZMLYHYYHUNLTLU[Z
Industrial3PX\PKZLWHYH[PVUHWWSPJH[PVUZMVY[OLTHU\MHJ[\YPUNZLJ[VYZ\JOHZ[OLWOHYTHJL\[PJHSIPV[LJOUVSVN`MVVK
WYVJLZZPUNHUKWL[YVJOLTPJHSVPSYLSH[LKPUK\Z[YPLZ
6[OLYVWLYH[PVUZPUJS\KLJVUZ\TLYI\ZPULZZ5VULVM[OLZLZLNTLU[ZTLL[ZHU`VM[OLX\HU[P[H[P]L[OYLZOVSKZMVYKL[LYTPUPUN
YLWVY[HISLZLNTLU[ZPUVY
0UMVYTH[PVUYLNHYKPUN[OLYLZ\S[ZVMLHJOYLWVY[HISLZLNTLU[PZPUJS\KLKILSV^7LYMVYTHUJLPZTLHZ\YLKIHZLKVUZLNTLU[
WYV[ILMVYLPUJVTL[H_HZPUJS\KLKPU[OLPU[LYUHSTHUHNLTLU[YLWVY[Z[OH[HYLYL]PL^LKI`[OL.YV\WZ*,6:LNTLU[WYV[
PZ\ZLK[VTLHZ\YLWLYMVYTHUJLHZTHUHNLTLU[ILSPL]LZ[OH[Z\JOPUMVYTH[PVUPZ[OLTVZ[YLSL]HU[PUL]HS\H[PUN[OLYLZ\S[ZVM
JLY[HPUZLNTLU[ZYLSH[P]L[VV[OLYLU[P[PLZ[OH[VWLYH[L^P[OPU[OLZLPUK\Z[YPLZ0U[LYZLNTLU[WYPJPUNPZKL[LYTPULKVUHUHYTZ
SLUN[OIHZPZ
(b)
Geographical segments
;OL .YV\W VWLYH[LZ PU WYPUJPWHS NLVNYHWOPJHS HYLHZ! (ZPH L_*OPUH *OPUH HUK 4PKKSL ,HZ[ 5VY[O (MYPJH 0U WYLZLU[PUN
PUMVYTH[PVU VU [OL IHZPZ VM NLVNYHWOPJHS ZLNTLU[Z ZLNTLU[ YL]LU\L PZ IHZLK VU [OL NLVNYHWOPJHS SVJH[PVU VM J\Z[VTLYZ
:LNTLU[HZZL[ZHYLIHZLKVU[OLNLVNYHWOPJHSSVJH[PVUVM[OLHZZL[Z
113
Information about reportable segments

Municipal
2013
$000
Industrial
2012
2013
$000
$000
Restated
External revenues
0U[LYZLNTLU[YL]LU\L
0U[LYLZ[PUJVTL
-PUHUJLJVZ[Z
+LWYLJPH[PVUHTVY[PZH[PVU
and impairment
9LWVY[HISLZLNTLU[WYV[
SVZZILMVYLPUJVTL[H_
:OHYLVMWYV[SVZZVM
HZZVJPH[LZHUKQVPU[]LU[\YLZ
UL[VMPUJVTL[H_
;H_L_WLUZLZPUJVTL
Operating lease expenses
*VU[YPI\[PVU[VKLULK
JVU[YPI\[PVUWSHUPUJS\KLK
PUZ[HJVZ[
9LWVY[HISLZLNTLU[HZZL[Z

2013
$000
$000
Restated

Total
2012
2013
$000
$000
Restated
2012
$000
Restated


Capital expenditure

9LWVY[HISLZLNTLU[SPHIPSP[PLZ
114
All other segments
2012

Sustainability
5HFRQFLOLDWLRQVRIUHSRUWDEOHVHJPHQWUHYHQXHVSURWRUORVVDVVHWVDQGOLDELOLWLHVDQGRWKHUPDWHULDOLWHPV
2013
2012
$000
$000
Restated
Revenues
Total revenue for reportable segments

Other revenue
Consolidated revenue
3URWRUORVV
;V[HSWYV[VYSVZZMVYYLWVY[HISLZLNTLU[Z
6[OLYWYV[VYSVZZ
<UHSSVJH[LKHTV\U[Z!
6[OLYJVYWVYH[LL_WLUZLZ
*VUZVSPKH[LKWYV[ILMVYLPUJVTL[H_
Assets
Total assets for reportable segments
Other assets

0U]LZ[TLU[ZPUHZZVJPH[LZHUKQVPU[]LU[\YLZ

6[OLY\UHSSVJH[LKHTV\U[Z
Consolidated total assets

Liabilities
Total liabilities for reportable segments
Other liabilities

6[OLY\UHSSVJH[LKHTV\U[Z

Consolidated total liabilities

Reportable
segment
totals
Reconciliations
Consolidated
totals
$000
$000
$000
Other material items in 2013

0U[LYLZ[PUJVTL
-PUHUJLJVZ[Z
Capital expenditure

*

*

^

115
Reportable
segment
totals
Reconciliations
Consolidated
totals
$000
$000
$000
Other material items in 2012 (restated)

0U[LYLZ[PUJVTL
-PUHUJLJVZ[Z

*

*

Capital expenditure

^


^

;OPZ YLWYLZLU[Z PU[LYLZ[ PUJVTL HUK PU[LYLZ[ L_WLUZL [OH[ HYL UV[ HSSVJH[LK [V ZLNTLU[Z HZ [OPZ HJ[P]P[` PZ KYP]LU I` .YV\W
;YLHZ\Y`ÔPJOTHUHNLZ[OLJHZOWVZP[PVUVM[OL.YV\W
E
;OPZYLWYLZLU[ZJHWP[HSL_WLUKP[\YLHUKP[ZYLSH[LKKLWYLJPH[PVUHTVY[PZH[PVUHUKPTWHPYTLU[PUJ\YYLKHZHYLZ\S[VM[OLV]LYHSS
I\ZPULZZ Z[YH[LN` HKVW[LK I` [OL .YV\W ;OL HSSVJH[PVU VM [OLZL YLZV\YJLZ [V [OL ]HYPV\Z YLWVY[HISL ZLNTLU[Z JHUUV[ IL
KL[LYTPULK
Geographical information
Revenues
Non-current
assets
$000
$000
31 December 2013
4PKKSL,HZ[ 5VY[O(MYPJH
7LVWSLZ9LW\ISPJVM*OPUH
(ZPHL_*OPUH

4PKKSL,HZ[ 5VY[O(MYPJH

7LVWSLZ9LW\ISPJVM*OPUH

(ZPHL_*OPUH

31 December 2012 (restated)
29
DETERMINATION OF FAIR VALUES
(U\TILYVM[OL.YV\WZHJJV\U[PUNWVSPJPLZHUKKPZJSVZ\YLZYLX\PYL[OLKL[LYTPUH[PVUVMMHPY]HS\LMVYIV[OUHUJPHSHUKUVUUHUJPHS
HZZL[ZHUKSPHIPSP[PLZ-HPY]HS\LZOH]LILLUKL[LYTPULKMVYTLHZ\YLTLU[HUKKPZJSVZ\YLW\YWVZLZIHZLKVU[OLMVSSV^PUNTL[OVKZ
>OLUHWWSPJHISLM\Y[OLYPUMVYTH[PVUHIV\[[OLHZZ\TW[PVUZTHKLPUKL[LYTPUPUNMHPY]HS\LZPZKPZJSVZLKPU[OLUV[LZZWLJPJ[V[OH[
HZZL[VYSPHIPSP[`
Property, plant and equipment
116
;OLMHPY]HS\LVMWYVWLY[`WSHU[HUKLX\PWTLU[YLJVNUPZLKHZHYLZ\S[VMHI\ZPULZZJVTIPUH[PVUPZIHZLKVUTHYRL[]HS\LZ;OLTHYRL[
]HS\LVMWYVWLY[`PZ[OLLZ[PTH[LKHTV\U[MVYÔPJOHWYVWLY[`JV\SKILL_JOHUNLKVU[OLKH[LVM]HS\H[PVUIL[^LLUH^PSSPUNI\`LYHUK
H^PSSPUNZLSSLYPUHUHYTZSLUN[O[YHUZHJ[PVUHM[LYWYVWLYTHYRL[PUNÔLYLPU[OLWHY[PLZOHKLHJOHJ[LKRUV^SLKNLHIS`HUK^PSSPUNS`
Sustainability
Intangible assets
;OLMHPY]HS\LVMPU[HUNPISLHZZL[ZYLJLP]LKHZJVUZPKLYH[PVUMVYWYV]PKPUNJVUZ[Y\J[PVUZLY]PJLZPUHZLY]PJLJVUJLZZPVUHYYHUNLTLU[
PZLZ[PTH[LKI`YLMLYLUJL[V[OLMHPY]HS\LVM[OLJVUZ[Y\J[PVUZLY]PJLZWYV]PKLK;OLMHPY]HS\LVM[OLJVUZ[Y\J[PVUZLY]PJLZWYV]PKLKPZ
JHSJ\SH[LKHZ[OLLZ[PTH[LK[V[HSJVZ[WS\ZHWYV[THYNPUÔPJO[OL.YV\WJVUZPKLYZHZHYLHZVUHISLTHYNPU>OLU[OL.YV\WYLJLP]LZ
HUPU[HUNPISLHZZL[HUKHUHUJPHSHZZL[HZJVUZPKLYH[PVUMVYWYV]PKPUNJVUZ[Y\J[PVUZLY]PJLZPUHZLY]PJLJVUJLZZPVUHYYHUNLTLU[[OL
.YV\WLZ[PTH[LZ[OLMHPY]HS\LVMPU[HUNPISLHZZL[ZHZ[OLKPLYLUJLIL[^LLU[OLMHPY]HS\LVM[OLJVUZ[Y\J[PVUZLY]PJLZWYV]PKLKHUK[OL
MHPY]HS\LVM[OLUHUJPHSHZZL[YLJLP]LK
;OLMHPY]HS\LVMV[OLYPU[HUNPISLHZZL[ZPZIHZLKVU[OLKPZJV\U[LKJHZOV^ZL_WLJ[LK[VILKLYP]LKMYVT[OL\ZLHUKL]LU[\HSZHSLVM
[OLHZZL[Z
Other investments
;OLMHPY]HS\LVMV[OLYPU]LZ[TLU[ZPZKL[LYTPULK\ZPUNH]HS\H[PVU[LJOUPX\LVYPMH]HPSHISLI`YLMLYLUJL[VPUKPJH[P]LUVUIPUKPUNVLYI`
[OPYKWHY[PLZ=HS\H[PVU[LJOUPX\LZLTWSV`LKPUJS\KLTHYRL[T\S[PWSLZHUKKPZJV\U[LKJHZOV^HUHS`ZPZ\ZPUNJVU[YHJ[\HSVYL_WLJ[LK
M\[\YLJHZOV^ZHZHWWSPJHISLHUKHTHYRL[YLSH[LKKPZJV\U[YH[L
Trade and other receivables
;OLMHPY]HS\LVM[YHKLHUKV[OLYYLJLP]HISLZPUJS\KPUNZLY]PJLJVUJLZZPVUYLJLP]HISLZPZLZ[PTH[LKHZ[OLWYLZLU[]HS\LVMM\[\YLJHZO
V^ZKPZJV\U[LKH[[OLTHYRL[YH[LVMPU[LYLZ[H[[OLYLWVY[PUNKH[L
-HPY]HS\LÔPJOPZKL[LYTPULKMVYKPZJSVZ\YLW\YWVZLZPZJHSJ\SH[LKIHZLKVU[OLWYLZLU[]HS\LVMM\[\YLWYPUJPWHSHUKPU[LYLZ[JHZO
V^ZKPZJV\U[LKH[[OLTHYRL[YH[LVMPU[LYLZ[H[[OLYLWVY[PUNKH[L-VYUHUJLSLHZLZ[OLTHYRL[YH[LVMPU[LYLZ[PZKL[LYTPULKI`
YLMLYLUJL[VZPTPSHYSLHZLHNYLLTLU[Z
Derivatives
;OLMHPY]HS\LVMMVY^HYKL_JOHUNLJVU[YHJ[ZHUKPU[LYLZ[YH[LZ^HWZHYLIHZLKVU[OLPYX\V[LKWYPJLPMH]HPSHISL0MHX\V[LKWYPJLPZUV[
H]HPSHISL[OLUMHPY]HS\LPZLZ[PTH[LKI`KPZJV\U[PUN[OLKPLYLUJLIL[^LLU[OLJVU[YHJ[\HSMVY^HYKWYPJLHUK[OLJ\YYLU[MVY^HYKWYPJL
MVY[OLYLZPK\HSTH[\YP[`VM[OLJVU[YHJ[\ZPUNHJYLKP[HKQ\Z[LKYPZRMYLLPU[LYLZ[YH[LIHZLKVUNV]LYUTLU[IVUKZ
,QWUDJURXSQDQFLDOJXDUDQWHHV
;OL]HS\LVMUHUJPHSN\HYHU[LLZWYV]PKLKI`[OL*VTWHU`[VP[ZZ\IZPKPHYPLZPZKL[LYTPULKI`YLMLYLUJL[V[OLKPLYLUJLPU[OLPU[LYLZ[
YH[LZI`JVTWHYPUN[OLHJ[\HSYH[LZJOHYNLKI`[OLIHUR^P[O[OLZLN\HYHU[LLZTHKLH]HPSHISL^P[O[OLLZ[PTH[LKYH[LZ[OH[[OLIHURZ
^V\SKOH]LJOHYNLKOHK[OLZLN\HYHU[LLZUV[ILLUTHKLH]HPSHISL
Share-based payment transactions
;OLMHPY]HS\LVM[OLLTWSV`LLZZOHYLVW[PVUZPZTLHZ\YLK\ZPUN[OL)SHJR:JOVSLZZ[HUKHYKVW[PVU]HS\H[PVUTVKLS4LHZ\YLTLU[
PUW\[ZPUJS\KLZOHYLWYPJLVUTLHZ\YLTLU[KH[LL_LYJPZLWYPJLVM[OLPUZ[Y\TLU[L_WLJ[LK]VSH[PSP[ÌHZLKVU^LPNO[LKH]LYHNLOPZ[VYPJ
]VSH[PSP[`HKQ\Z[LKMVYJOHUNLZL_WLJ[LKK\L[VW\ISPJS`H]HPSHISLPUMVYTH[PVU^LPNO[LKH]LYHNLL_WLJ[LKSPMLVM[OLPUZ[Y\TLU[ZIHZLK
VUOPZ[VYPJHSL_WLYPLUJLHUKNLULYHSVW[PVUOVSKLYILOH]PV\YL_WLJ[LKKP]PKLUKZHUK[OLYPZRMYLLPU[LYLZ[YH[LIHZLKVUNV]LYUTLU[
IVUKZ:LY]PJLHUKUVUTHYRL[WLYMVYTHUJLJVUKP[PVUZH[[HJOLK[V[OLNYHU[ZHYLUV[[HRLUPU[VHJJV\U[PUKL[LYTPUPUN[OLMHPY]HS\L
VM[OLVW[PVUZ
117
30
FINANCIAL RISK MANAGEMENT
;OL.YV\WOHZL_WVZ\YL[V[OLMVSSV^PUNYPZRZMYVTP[Z\ZLVMUHUJPHSPUZ[Y\TLU[Z!

JYLKP[YPZR
SPX\PKP[`YPZR
market risk
;OPZUV[LWYLZLU[ZPUMVYTH[PVUHIV\[[OL.YV\WZL_WVZ\YL[VLHJOVM[OLHIV]LYPZRZ[OL.YV\WZVIQLJ[P]LZWVSPJPLZHUKWYVJLZZLZMVY
TLHZ\YPUNHUKTHUHNPUNYPZRHUK[OL.YV\WZTHUHNLTLU[VMJHWP[HS-\Y[OLYX\HU[P[H[P]LKPZJSVZ\YLZHYLPUJS\KLK[OYV\NOV\[[OLZL
UHUJPHSZ[H[LTLU[Z
Risk management framework
;OL )VHYK VM +PYLJ[VYZ OHZ V]LYHSS YLZWVUZPIPSP[` MVY [OL LZ[HISPZOTLU[ HUK V]LYZPNO[ VM [OL .YV\WZ YPZR THUHNLTLU[ MYHTL^VYR
;OL )VHYK OHZ LZ[HISPZOLK [OL 9PZR 4HUHNLTLU[ *VTTP[[LL ÔPJO PZ YLZWVUZPISL MVY KL]LSVWPUN HUK TVUP[VYPUN [OL .YV\WZ YPZR
THUHNLTLU[WVSPJPLZ;OLJVTTP[[LLYLWVY[ZYLN\SHYS`[V[OL)VHYKVM+PYLJ[VYZVUP[ZHJ[P]P[PLZ
;OL.YV\WZYPZRTHUHNLTLU[WVSPJPLZHYLLZ[HISPZOLK[VPKLU[PM`HUKHUHS`ZL[OLYPZRZMHJLKI`[OL.YV\W[VZL[HWWYVWYPH[LYPZRSPTP[Z
HUK JVU[YVSZ HUK [V TVUP[VY YPZRZ HUK HKOLYLUJL [V SPTP[Z 9PZR THUHNLTLU[ WVSPJPLZ HUK Z`Z[LTZ HYL YL]PL^LK YLN\SHYS` [V YLLJ[
JOHUNLZPUTHYRL[JVUKP[PVUZHUK[OL.YV\WZHJ[P]P[PLZ
;OL(\KP[*VTTP[[LLV]LYZLLZOV^THUHNLTLU[TVUP[VYZJVTWSPHUJL^P[O[OL.YV\WZYPZRTHUHNLTLU[WVSPJPLZHUKWYVJLK\YLZHUK
YL]PL^Z[OLHKLX\HJ`VM[OLYPZRTHUHNLTLU[MYHTL^VYRPUYLSH[PVU[V[OLYPZRZMHJLKI`[OL.YV\W;OL(\KP[*VTTP[[LLPZHZZPZ[LKPU
P[ZV]LYZPNO[YVSLI`0U[LYUHS(\KP[0U[LYUHS(\KP[\UKLY[HRLZYLN\SHYYL]PL^ZVMYPZRTHUHNLTLU[JVU[YVSZHUKWYVJLK\YLZ[OLYLZ\S[ZVM
ÔPJOHYLYLWVY[LK[V[OL(\KP[*VTTP[[LL
Credit risk
*YLKP[YPZRPZ[OLYPZRVMUHUJPHSSVZZ[V[OL.YV\WPMHJ\Z[VTLYVYJV\U[LYWHY[`[VHUHUJPHSPUZ[Y\TLU[MHPSZ[VTLL[P[ZJVU[YHJ[\HS
VISPNH[PVUZHUKHYPZLZWYPUJPWHSS`MYVT[OL.YV\WZYLJLP]HISLZMYVTJ\Z[VTLYZ
3VHUHUKV[OLYYLJLP]HISLZ
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JVUZPKLYZ[OLKLTVNYHWOPJZVM[OL.YV\WZJ\Z[VTLYIHZLPUJS\KPUN[OLKLMH\S[YPZRVM[OLPUK\Z[Y`HUKJV\U[Y`PUÔPJOJ\Z[VTLYZ
VWLYH[LHZ[OLZLMHJ[VYZTHÒH]LHUPU\LUJLVUJYLKP[YPZR
;OL.YV\WOHZHJYLKP[WVSPJ`PUWSHJLÔPJOLZ[HISPZOLZJYLKP[SPTP[ZMVYHSSJ\Z[VTLYZHUKTVUP[VYZ[OLPYIHSHUJLZVUHUVUNVPUNIHZPZ
;OL.YV\WLZ[HISPZOLZHUHSSV^HUJLMVYPTWHPYTLU[[OH[YLWYLZLU[ZP[ZLZ[PTH[LVMPUJ\YYLKSVZZLZPUYLZWLJ[VMSVHUHUKV[OLYYLJLP]HISLZ
;OLTHPUJVTWVULU[ZVM[OPZHSSV^HUJLHYLHZWLJPJSVZZJVTWVULU[[OH[YLSH[LZ[VPUKP]PK\HSS`ZPNUPJHU[L_WVZ\YLZHUKHJVSSLJ[P]L
SVZZJVTWVULU[LZ[HISPZOLKMVYNYV\WZVMZPTPSHYHZZL[ZPUYLZWLJ[VMSVZZLZ[OH[OH]LILLUPUJ\YYLKI\[UV[`L[PKLU[PLK;OLJVSSLJ[P]L
SVZZHSSV^HUJLPZKL[LYTPULKIHZLKVUOPZ[VYPJHSKH[HVMWH`TLU[Z[H[PZ[PJZMVYZPTPSHYUHUJPHSHZZL[Z
118
Sustainability
Guarantees
;OL.YV\WZWVSPJ`PZ[VWYV]PKLUHUJPHSN\HYHU[LLZVUS`[VZ\IZPKPHYPLZHUKQVPU[]LU[\YLZ
Liquidity risk
3PX\PKP[`YPZRPZ[OLYPZR[OH[[OL.YV\W^PSSLUJV\U[LYKPJ\S[`PUTLL[PUN[OLVISPNH[PVUZHZZVJPH[LK^P[OP[ZUHUJPHSSPHIPSP[PLZ[OH[HYL
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HS^H`ZOH]LZ\JPLU[SPX\PKP[`[VTLL[P[ZSPHIPSP[PLZÔLUK\L\UKLYIV[OUVYTHSHUKZ[YLZZLKJVUKP[PVUZ^P[OV\[PUJ\YYPUN\UHJJLW[HISL
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;`WPJHSS`[OL.YV\WLUZ\YLZ[OH[P[OHZZ\JPLU[JHZOVUKLTHUK[VTLL[L_WLJ[LKVWLYH[PVUHSL_WLUZLZPUJS\KPUN[OLZLY]PJPUNVM
UHUJPHSVISPNH[PVUZ"[OPZL_JS\KLZ[OLWV[LU[PHSPTWHJ[VML_[YLTLJPYJ\TZ[HUJLZ[OH[JHUUV[YLHZVUHISÌLWYLKPJ[LKZ\JOHZUH[\YHS
KPZHZ[LYZ0UHKKP[PVU[OL.YV\WTHPU[HPUZSPULZVMJYLKP[[OH[JHUILKYHÛKVÛ[VTLL[ZOVY[[LYTUHUJPUNULLKZ
Market risk
4HYRL[ YPZR PZ [OL YPZR [OH[ JOHUNLZ PU THYRL[ WYPJLZ Z\JO HZ MVYLPNU L_JOHUNL YH[LZ PU[LYLZ[ YH[LZ HUK LX\P[` WYPJLZ ^PSS HLJ[ [OL
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Capital management
;OLWYPTHY`VIQLJ[P]LVM[OL.YV\WZJHWP[HSTHUHNLTLU[PZ[VZ\WWVY[[OL.YV\WZNYV^[OZ[YH[LN`HUKTH_PTPZLZOHYLOVSKLY]HS\L^P[O
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[OLJHWP[HSZ[Y\J[\YL[OL.YV\WTH`HKQ\Z[[OLKP]PKLUKWH`TLU[[VZOHYLOVSKLYZYL[\YUJHWP[HS[VZOHYLOVSKLYZVYPZZ\LUL^ZOHYLZ
;OL.YV\WTVUP[VYZJHWP[HS\ZPUNHNLHYPUNYH[PVÔPJOPZUL[KLI[KP]PKLKI`[V[HSJHWP[HS;OL.YV\WPUJS\KLZ^P[OPUUL[KLI[SVHUZHUK
IVYYV^PUNZSLZZJHZOHUKJHZOLX\P]HSLU[Z;V[HSLX\P[`VM[OL.YV\WYLWYLZLU[ZJHWP[HSMVY[OL.YV\W
Group
2013
$000
2012
$000
Restated

3LZZ!*HZOHUKJHZOLX\P]HSLU[Z
5L[KLI[
;V[HSLX\P[`
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119
-YVT[PTL[V[PTL[OL.YV\WW\YJOHZLZP[ZVÛZOHYLZVU[OLTHYRL[W\YZ\HU[[V[OL:OHYLZ7\YJOHZL4HUKH[L[OL4HUKH[LVI[HPULK
H[[OL(UU\HS.LULYHS4LL[PUN(.4VU(WYPS;OL4HUKH[LPZZ\IQLJ[[VYLUL^HSHUU\HSSÌ`:OHYLOVSKLYZH[[OL(.4
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JVUZVSPKH[LKUL[IVYYV^PUNZ[V;5>VMUV[TVYL[OHU[PTLZ"HUKJVUZVSPKH[LKLHYUPUNZILMVYLPU[LYLZ[[H_KLWYLJPH[PVUHUK
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31
OPERATING LEASES
Leases as lessor
5VUJHUJLSSHISLVWLYH[PUNSLHZLYLU[HSZHYLYLJLP]HISLHZMVSSV^Z!
Group
2013
2012
$000
$000
Within one year

-YVT[^V[V]L`LHYZ

120

Sustainability
Leases as lessee
5VUJHUJLSSHISLVWLYH[PUNSLHZLYLU[HSZHYLWH`HISLHZMVSSV^Z!
Group
2013
$000
2012
$000
Restated
Within one year

-YVT[^V[V]L`LHYZ

4VYL[OHU]L`LHYZ

;OL.YV\WOHZ]HYPV\ZVWLYH[PUNSLHZLHNYLLTLU[ZMVYZP[LLX\PWTLU[TLTIYHULWYVK\J[PVUMHJPSP[PLZVJLLX\PWTLU[VJLZHUK
YLU[HSVMSHUK4VZ[SLHZLZJVU[HPUYLUL^HISLVW[PVUZHUKZVTLSLHZLZJVU[HPULZJHSH[PVUJSH\ZLZ;OLSLHZL[LYTZ[`WPJHSS`KVUV[
JVU[HPUYLZ[YPJ[PVUZVU[OL.YV\WZHJ[P]P[PLZJVUJLYUPUNKP]PKLUKZHKKP[PVUHSKLI[VYM\Y[OLYSLHZPUN
32
CAPITAL COMMITMENTS
P
([+LJLTILY[OL.YV\WOHZV\[Z[HUKPUNJVTTP[TLU[ZPUYLZWLJ[VM\UJHSSLKJHWP[HSVMHWWYV_PTH[LS`<:
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33
CONTINGENCIES
;OL.YV\WOHZWV[LU[PHSJVU[PUNLUJPLZHYPZPUNMYVT[OLKLSH`LKJVTWSL[PVUVM[OLJVUZ[Y\J[PVUVM[OL4HN[HHKLZHSPUH[PVUWSHU[PU(SNLYPH
PUP[ZJHWHJP[`HZ[OL,UNPULLYPUN7YVJ\YLTLU[HUK*VUZ[Y\J[PVU,7*JVU[YHJ[VY0U[OL.YV\WOHZSLKMVYL_[LUZPVUVM[PTL
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HJV\U[LYJSHPTHTV\U[HYPZPUNMYVT[OLHKKP[PVUHS^VYRHUKJVZ[ZPUJ\YYLKMVYWYVSVUNLKKLSH`;OLKLWHY[\YLMYVT[OLJVU[YHJ[\HS
JVTWSL[PVUKH[L^HZWYPTHYPS`JH\ZLKI`]HYPV\ZYLHZVUZ[OH[^LYLIL`VUK[OLJVU[YVSVM[OL.YV\WPUJS\KPUNHYL[OH[IYVRLV\[PU1\S`
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[OL.YV\WPZZ[PSSPUULNV[PH[PVU^P[O[OLWYVQLJ[VÛLY
0UHUV[OLYKLZHSPUH[PVUWYVQLJ[PU(SNLYPHÔPJO^HZJVTWSL[LKHUKOHUKLKV]LYPU[OL.YV\WOHZWV[LU[PHSJVU[PUNLUJPLZHYPZPUN
MYVT [OL KLSH`LK JVTWSL[PVU VM [OL KLZHSPUH[PVU WSHU[ PU P[Z JHWHJP[` HZ [OL ,7* JVU[YHJ[VY ;OL WYVQLJ[ VÛLY OHZ JSHPTLK MVY M\SS
JVU[YHJ[\HSSPX\PKH[LKKHTHNLZK\L[V[OLKLSH`PUJVTWSL[PVU\UKLY[OL,7*JVU[YHJ[6UP[ZWHY[[OL.YV\WOHZJSHPTLKMVYHUL_[LUZPVU
VM[OLJVU[YHJ[\HSJVTWSL[PVUKH[LHZP[OHKILLUWYL]LU[LKI`[OLWYVQLJ[VÛLYMYVTJVTTLUJPUN[LZ[PUNHUKJVTTPZZPVUPUN^VYRZ
ZVVULY[OHUP[^HZL]LU[\HSS`HSSV^LK[VKVZV-\Y[OLYTVYL[OL.YV\WPUP[ZJHWHJP[`HZ[OL6WLYH[PVUHUK4HPU[LUHUJLJVU[YHJ[VYOHZ
HJSHPTHNHPUZ[[OLWYVQLJ[VÛLYMVY\UWHPKTVIPSPZH[PVUMLLZ[OH[P[PZJVU[YHJ[\HSS`LU[P[SLK[V(ZH[+LJLTILY[OL.YV\WPZ
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121
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^HZSH[LPUP[ZKLSP]LYHISLZ[OLYLI`VIZ[Y\J[PUN[OL[PTLS`JVTWSL[PVUVMWYVQLJ[(ZH[+LJLTILY[OL.YV\WPZZ[PSSPUULNV[PH[PVU
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NV]LYUTLU[HNLUJ`;OLKLSH`PUJVTWSL[PVU^HZK\L[VHTVUNZ[V[OLY[OPUNZPUJSLTLU[^LH[OLYKPJ\S[ZP[LJVUKP[PVUZHZ^LSSHZ
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5PUN_PH/`WV^)PV;LJOUVSVN`*V3[K[OL*SHPTHU[;OL(YIP[YH[PVUJSHPTPZPUYLZWLJ[VMJLY[HPUUVU^H[LYPUK\Z[YPHSWYVQLJ[^VYRZ
JHYYPLKV\[I`Z\IZPKPHYPLZVM[OL.YV\WMVY[OL*SHPTHU[;OL*VTWHU`HUK[OLZ\IZPKPHYPLZPU]VS]LKOH]LSLK[OLPYKLMLUJLHZ^LSSHZ
JV\U[LYJSHPTZHNHPUZ[[OL*SHPTHU[[VYLJV]LY[OLZOHYLOVSKLYZSVHUTHKL[V[OL*SHPTHU[V\[Z[HUKPUN,7*WH`TLU[ZHUKKLWVZP[Z
WSHJLK^P[O[OL*SHPTHU[MVYJVU[YHJ[THU\MHJ[\YPUNW\YWVZLZ([+LJLTILY[OLV\[JVTLVM[OL(YIP[YH[PVUYLTHPUZ\UJLY[HPU
(Z H[ +LJLTILY [OL .YV\W OHZ YLJVYKLK H JLY[HPU WYV]PZPVU HTV\U[ PU YLSH[PVU [V [OL ZL[[SLTLU[ VM [OL HIV]L JSHPTZ 0U
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WYV]PKLKPUVYKLYUV[[VWYLQ\KPJL[OL.YV\WZULNV[PH[PUNWVZP[PVU
34
RELATED PARTIES
Transactions with key management personnel
Key management personnel
2L`THUHNLTLU[WLYZVUULSVM[OL.YV\WHYL[OVZLWLYZVUZOH]PUN[OLH\[OVYP[`HUKYLZWVUZPIPSP[`MVYWSHUUPUNKPYLJ[PUNHUKJVU[YVSSPUN
[OLHJ[P]P[PLZVM[OL.YV\W;OLKPYLJ[VYZHUKTHUHNLTLU[JVTTP[[LLVM[OL*VTWHU`HUK[OL.YV\WHYLJVUZPKLYLKHZRL`THUHNLTLU[
WLYZVUULSVM[OL*VTWHU`HUK[OL.YV\W
2L`THUHNLTLU[WLYZVUULSJVTWLUZH[PVUJVTWYPZLK!
Group
2013
2012
$000
$000

+PYLJ[VYZVM[OL*VTWHU`

6[OLYRL`THUHNLTLU[WLYZVUULS

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:OVY[[LYTLTWSV`LLILUL[Z
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122
;OLKPYLJ[VYZVM[OL*VTWHU`HSZVWHY[PJPWH[LPU[OL/`\_,TWSV`LLZ:OHYL6W[PVU:JOLTL+L[HPSZVMVW[PVUZNYHU[LK[V[OLKPYLJ[VYZ
\UKLY[OL:JOLTLHYLKLZJYPILKPUUV[L
Sustainability
Other related party transactions

6[OLY[OHUHZKPZJSVZLKLSZLÔLYLPU[OLUHUJPHSZ[H[LTLU[ZZPNUPJHU[[YHUZHJ[PVUZJHYYPLKV\[PU[OLUVYTHSJV\YZLVMI\ZPULZZVU
[LYTZHNYLLK^P[OYLSH[LKWHY[PLZHYLHZMVSSV^Z!
Transaction value
for the year ended
31 December
Balance outstanding
as at 31 December
2013
2012
2013
2012
$000
$000
$000
$000
9L]LU\LMYVTJVUZ[Y\J[PVUJVU[YHJ[Z

9L]LU\LMYVTTHPU[LUHUJLJVU[YHJ[Z

Group
Joint venture
9LU[HSPUJVTL

9L]LU\LMYVTJVUZ[Y\J[PVUJVU[YHJ[Z

9L]LU\LMYVTTHPU[LUHUJLJVU[YHJ[Z

:LY]PJLPUJVTL
Associates

35
SUBSEQUENT EVENTS
6U1HU\HY`[OL*VTWHU`NYHU[LKZOHYLVW[PVUZW\YZ\HU[[V/`\_,TWSV`LLZ:OHYL6W[PVU:JOLTLH[HU
L_LYJPZLWYPJLVMWLYZOHYL;OL]HSPKP[`WLYPVKVMVW[PVUZNYHU[LKPZMYVT1HU\HY`[V1HU\HY`
6U 1HU\HY` [OL *VTWHU` PZZ\LK TPSSPVU WLYWL[\HS JHWP[HS ZLJ\YP[PLZ *HWP[HS :LJ\YP[PLZ ;OL *HWP[HS :LJ\YP[PLZ ILHY
PU[LYLZ[H[PZ\UZLJ\YLKHUKYLKLLTHISLH[[OLVW[PVUVM[OL*VTWHU`PUÔVSLVYPUWHY[VUVYHM[LY1HU\HY`;OL
*HWP[HS:LJ\YP[PLZPZUV[JHSSHISL^P[OPU[OYLL`LHYZMYVT[OLKH[LVMPZZ\LI`[OL*VTWHU`;OL*HWP[HS:LJ\YP[PLZ^PSSILHJJV\U[LKMVY
HZWHY[VM[OL*VTWHU`ZLX\P[`
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ZHSLZVMP[ZPU]LZ[TLU[Z!

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L_KP]PKLUKHTV\U[PUN[V<:TPSSPVU
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6U4HYJO[OL*VTWHU`HUUV\UJLK[OH[[OL:OHYL;YHUZMLY)VVRZHUK9LNPZ[LYVM*7::OHYLOVSKLYZ^PSSILJSVZLKVU(WYPS
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123
INTRODUCTION
/`\_3[K[OLCompanyJVU[PU\LZ[VWSHJLNYLH[PTWVY[HUJLVU[OLNV]LYUHUJLVM[OL*VTWHU`HUKP[ZZ\IZPKPHYPLZ[VNL[OLY[OLGroup
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WYVJLZZLZ[OH[^PSSLUOHUJL[OL.YV\WZLLJ[P]LULZZLUZ\YL[OLHWWYVWYPH[LKLNYLLVMHJJV\U[HIPSP[`HUK[YHUZWHYLUJ`HUKHUPUJYLHZLPUSVUN
[LYT]HS\LHUKYL[\YU[VZOHYLOVSKLYZ
;OL.YV\WZ\IZJYPILZ[V[OL:PUNHWVYL*VKLVM*VYWVYH[L.V]LYUHUJLPZZ\LKI`[OL4VUL[HY`(\[OVYP[`VM:PUNHWVYLCodeHUKILSPL]LZ
[OH[[OPZMVYTZHZV\UKWSH[MVYTMVYZ\WWVY[PUNNVVKJVYWVYH[LNV]LYUHUJLWYHJ[PJLZ
;OPZJVYWVYH[LNV]LYUHUJLZ[H[LTLU[StatementV\[SPULZ[OLTHPUJVYWVYH[LNV]LYUHUJLWYHJ[PJLZVM[OL.YV\W^P[OZWLJPJYLMLYLUJL
THKL [V [OL WYPUJPWSLZ HUK N\PKLSPULZ VM [OL *VKL MVYTPUN WHY[ VM [OL *VU[PU\PUN 6ISPNH[PVUZ ZL[ V\[ PU [OL 3PZ[PUN 4HU\HS VM :PUNHWVYL
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Board of
Directors
Name of Directors
No. of
Meetings
Held
Audit
Committee
No. of
Meetings
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Nominating
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Risk Management
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No. of
Meetings
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No. of
Meetings
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No. of
Meetings
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No. of
Meetings
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No. of
Meetings
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No. of
Meetings
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No. of
Meetings
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No. of
Meetings
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Olivia Lum Ooi Lin

Teo Kiang Kok
3
Lee Joo Hai
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125
Composition of Board and Board Committees
Name of Directors
Board
Audit
Committee
Nominating
Committee
Remuneration Risk Management

Committee
Committee
Olivia Lum Ooi Lin
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Member
Teo Kiang Kok
Lead
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Lee Joo Hai
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!
Salary
Bonus
Fees
Employees Share
option Scheme
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Total
Olivia Lum Ooi Lin

Between S$250,000 to S$500,000

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Below S$250,000

DIRECTORS
Between S$1,000,000 to S$1,250,000
Teo Kiang Kok

Lee Joo Hai

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Simon Tay

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Salary
Bonus
Fees
Employees Share
option Scheme
Allowances and
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Total
Sam Ong
Below S$750,000

Winnifred Heap

Lim Suat Wah

Wong Lup Wai

TOP FIVE KEY EXECUTIVES

S$750,000 to S$1,000,000
Oon Jin Teik
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130
Sustainability
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ACCOUNTABILITY AND AUDIT
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Mr Simon Tay
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132
Sustainability
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134
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INVESTMENT COMMITTEE
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Ms Winnifred Heap
Ms Lim Suat Wah
Mr Wong Lup Wai
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Mr Peter Wu
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Mr Milind Kumar
135
DEALING IN SECURITIES
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MATERIAL CONTRACTS
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INTERESTED PARTY TRANSACTION

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136
Sustainability
Supplementary Information
MAJOR PROPERTIES
Description
Location
Site area
(sqm)
$SSUR[LPDWH
total lettable
([LVWLQJXVH area (sqm)
Tenure
Groups
HHFWLYH
interest (%)
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137
Statistics of Shareholdings
As at 18 March 2014
ORDINARY SHARES
Class of ordinary shares
! Ordinary shares
Voting rights
! One vote per ordinary share
Total number of issued ordinary shares
!
5VVMPZZ\LKVYKPUHY`ZOHYLZL_JS\KPUN[YLHZ\Y`ZOHYLZ
!
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!
DISTRIBUTION OF ORDINARY SHAREHOLDINGS

No. of
Ordinary
Shareholders
Size of Shareholdings
1
999

and above
391
;6;(3!
No. of ordinary
VKDUHVH[FOXGLQJ
treasury shares)

TWENTY LARGEST SHAREHOLDERS

S/No.
Name
No. of Shares
Olivia Lum Ooi Lin

+):5VTPULLZ7YP]H[L3PTP[LK

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11
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13
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19
Lee Pineapple Company Pte Ltd

Lee Seng Tee

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138
Sustainability
Statistics of Shareholdings
As at 18 March 2014
6% CUMULATIVE NON-CONVERTIBLE NON-VOTING PERPETUAL CLASS A PREFERENCE SHARES

DISTRIBUTION OF PREFERENCE SHAREHOLDINGS
No. of
Preference
Shareholders
Size of Shareholdings
1
999

;6;(3!
No. of
Preference
Shareholders

11

No. of
Preference
Shares
TWENTY LARGEST PREFERENCE SHAREHOLDERS
S/No.
Name
+):56405,,:790=(;,3040;,+

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11
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13
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630=0(3<4660305

19
;(@/<03,5.A/,5./<0305.

36/,5..,62

;6;(3!

139
Substantial Ordinary Shareholders

As at 18 March 2014
Name of Shareholder
Olivia Lum Ooi Lin
Direct Interest
Deemed Interest

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140
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Hyflux Group of Companies
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141
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Malaysia
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Middle East and Africa

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Sustainability
BOARD OF DIRECTORS
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MANAGEMENT COMMITTEE
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Winnifred Heap
Lim Suat Wah
Wong Lup Wai
2\T4\U3VJR
Peter Wu
AOHV8PUN
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Milind Kumar
COMPANY SECRETARY
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REGISTERED OFFICE
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Audit Committee
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Teo Kiang Kok
Nominating Committee
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Olivia Lum Ooi Lin
.H`*OLL*OLVUN
Remuneration Committee
.H`*OLL*OLVUN*OHPYTHU
Teo Kiang Kok
Risk Management Committee
3LL1VV/HP*OHPYTHU
Teo Kiang Kok
Simon Tay
.HY`2LL,UN2^LL
Investment Committee
Olivia Lum Ooi Lin
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AUDITORS
274.337
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143
BANKERS
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HYFLUX LTD
Company Registration No. 200002722Z
(Incorporated in the Republic of Singapore with limited liability)
PROXY FORM
(Please see notes overleaf before completing this Form)
04769;(5;!
-VYPU]LZ[VYZÔVOH]L\ZLK[OLPY*7-TVUPLZ[VI\`/`\_3[KZZOHYLZ[OPZ
Report is forwarded to them at the request of the CPF Approved Nominees
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for all intents and purposes if used or purported to be used by them.
3. CPF investors who wish to attend the Meeting as an observer must submit
their requests through their CPF Approved Nominees within the time frame
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[V[OL*7-(WWYV]LK5VTPULLZ^P[OPU[OL[PTLMYHTLZWLJPLK[VLUHISL[OLT
to vote on their behalf.
(Name and NRIC No.)
I/We,
(Address)
of
ILPUNHTLTILYTLTILYZVM/`\_3[K[OL*VTWHUÒLYLI`HWWVPU[!
Name
NRIC/Passport No.
Proportion of Shareholdings
No of Shares
Address
and/or (delete as appropriate)

Name
NRIC/Passport No.
Proportion of Shareholdings
No of Shares
Address
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in demanding a poll and to vote on a poll.
No.
Resolutions
To be used on a
show of hands
For*
To be used in the
event of a poll
Against*
No. of
Votes For**
No. of
Votes Against**
Ordinary Business

Adoption of Directors Report and Audited Accounts
Declaration of Dividends
9LLSLJ[PVUVM;LV2PHUN2VRHZ+PYLJ[VY
9LLSLJ[PVUVM*OYPZ[VWOLY4\Y\NHZ\HZ+PYLJ[VY
Approval of Directors fees
9LHWWVPU[TLU[VM(\KP[VYZ
Special Business
7
Authority to issue shares up to 50 per cent (50%) of the

issued ordinary shares in the capital of the Company
Renewal of Preference Share Mandate
Renewal of Share Purchase Mandate

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please indicate the number of votes as appropriate.
+H[LK[OPZFFFFFFFFFFFKH`VMFFFFFFFFFFFFFFFFFFFF
Signature(s) of Shareholder(s), Common Seal of Corporate Shareholder
Total Number of
Shares held
NOTES:

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in your name in the Register of Members, you should insert that number of Shares. However, if you have Shares entered against your
name in the Depository Register and Shares registered in your name in the Register of Members, you should insert the aggregate number
of Shares entered against your name in the Depository Register and registered in your name in the Register of Members. If no number is
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NOTICE OF ANNUAL GENERAL MEETING

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To transact any other ordinary business which may properly be transacted at an Annual
General Meeting.
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Lim Poh Fong
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Explanatory Notes:

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ZOHYLZ[OH[THÌLPZZ\LK[OLWLYJLU[HNLVMPZZ\LKVYKPUHY`ZOHYLZPU[OLJHWP[HS
VM[OL*VTWHU`^PSSILJHSJ\SH[LKIHZLKVU[OLPZZ\LKVYKPUHY`ZOHYLZPU[OLJHWP[HS
VM[OL*VTWHU`H[[OL[PTL[OPZ6YKPUHY`9LZVS\[PVUPZWHZZLKHM[LYHKQ\Z[PUNMVY
UL^VYKPUHY`ZOHYLZHYPZPUNMYVT[OLJVU]LYZPVUVYL_LYJPZLVM[OLPUZ[Y\TLU[ZVYHU`
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V\[Z[HUKPUNVYZ\IZPZ[PUNH[[OL[PTLÔLU[OPZ6YKPUHY`9LZVS\[PVUPZWHZZLKHUK
HU`Z\IZLX\LU[IVU\ZPZZ\LJVUZVSPKH[PVUVYZ\IKP]PZPVUVMVYKPUHY`ZOHYLZ

6YKPUHY`9LZVS\[PVUYLSH[LZ[V[OLYLUL^HSVM[OLWYLMLYLUJLZOHYLPZZ\LTHUKH[L
ÔPJO ^HZ VYPNPUHSS` HWWYV]LK I` [OL ZOHYLOVSKLYZ H[ [OL ,_[YHVYKPUHY` .LULYHS
4LL[PUN OLSK VU 4HYJO <WVU WHZZPUN VM [OPZ 6YKPUHY` 9LZVS\[PVU [OL

EXPLANATORY NOTES (CONTD)

+PYLJ[VYZ^PSSILLTWV^LYLKMYVT[OLKH[LVM[OPZ4LL[PUN\U[PS[OLKH[LVM[OLUL_[
(UU\HS .LULYHS 4LL[PUN VY [OL KH[L I` ÔPJO [OL UL_[ (UU\HS .LULYHS 4LL[PUN PZ
YLX\PYLK I` SH^ [V IL OLSK VY Z\JO H\[OVYP[` PZ ]HYPLK VY YL]VRLK I` [OL *VTWHU`
PUHNLULYHSTLL[PUNÔPJOL]LYPZ[OLLHYSPLZ[[VPZZ\LUL^WYLMLYLUJLZOHYLZHUK
VY THRL VY NYHU[ VLYZ HNYLLTLU[Z VY VW[PVUZ [OH[ TPNO[ VY ^V\SK YLX\PYL Z\JO
WYLMLYLUJLZOHYLZ[VILPZZ\LKWYV]PKLK[OH[[OLHNNYLNH[LU\TILYVMWYLMLYLUJL
ZOHYLZKVLZUV[L_JLLKVM[OL[V[HSU\TILYVMPZZ\LKZOHYLZL_JS\KPUN[YLHZ\Y`
ZOHYLZPU[OLJHWP[HSVM[OL*VTWHU`H[[OL[PTLVMWHZZPUNVM[OPZ6YKPUHY`9LZVS\[PVU
HUKZ\JOPZZ\LILVUZ\JOV[OLY[LYTZHUKJVUKP[PVUHZ[OL+PYLJ[VYZTH`KLLT[

6YKPUHY`9LZVS\[PVU YLSH[LZ[V[OLYLUL^HSVM[OLZOHYLW\YJOHZLTHUKH[LÔPJO
^HZ VYPNPUHSS` HWWYV]LK I` [OL ZOHYLOVSKLYZ H[ [OL ,_[YHVYKPUHY` .LULYHS 4LL[PUN
OLSKVU(WYPSHUKSHZ[YLUL^LKH[[OL(UU\HS.LULYHS4LL[PUNOLSKVU(WYPS
6YKPUHY`9LZVS\[PVU PMWHZZLK^PSSLTWV^LY[OL+PYLJ[VYZVM[OL*VTWHU`
MYVT[OLKH[LVM[OPZ4LL[PUN\U[PS[OLUL_[(UU\HS.LULYHS4LL[PUNVY[OLKH[LI`
ÔPJO[OLUL_[(UU\HS.LULYHS4LL[PUNPZYLX\PYLKI`SH^[VILOLSKÔPJOL]LYPZ
LHYSPLY[VW\YJOHZLVYKPUHY`ZOHYLZVM[OL*VTWHUÌ`^H`VMTHYRL[W\YJOHZLZVY
VTHYRL[W\YJOHZLZVM\W[VVM[OL[V[HSU\TILYVMPZZ\LKVYKPUHY`ZOHYLZPU
[OLJHWP[HSVM[OL*VTWHU`H[[OL4H_PT\T7YPJLHZKLULKPU(WWLUKP_7SLHZL
YLMLY [V (WWLUKP_ HUK (WWLUKP_ VM [OPZ 5V[PJL VM (UU\HS .LULYHS 4LL[PUN MVY
M\Y[OLYKL[HPSZ
NOTICE OF BOOKS CLOSURE

NOTICE IS HEREBY GIVEN [OH[ [OL :OHYL ;YHUZMLY )VVRZ HUK 9LNPZ[LY VM 4LTILYZ VM
/`\_ 3[K [OL Company ^PSS IL JSVZLK VU 4H` MVY [OL WYLWHYH[PVU VM KP]PKLUK
^HYYHU[Z
+\S`JVTWSL[LKYLNPZ[YHISL[YHUZMLYZVMVYKPUHY`ZOHYLZYLJLP]LKI`[OL*VTWHU`Z:OHYL
9LNPZ[YHY )VHYKYVVT *VYWVYH[L (K]PZVY` :LY]PJLZ 7[L 3[K 9HLZ 7SHJL

:PUNHWVYL3HUK;V^LY:PUNHWVYL\W[VWTVU4H`^PSSILYLNPZ[LYLK
[V KL[LYTPUL VYKPUHY` ZOHYLOVSKLYZ LU[P[SLTLU[Z [V [OL ZHPK KP]PKLUK 4LTILYZ ÔVZL
:LJ\YP[PLZ (JJV\U[Z ^P[O ;OL *LU[YHS +LWVZP[VY` 7[L 3PTP[LK HYL JYLKP[LK ^P[O [OL
*VTWHU`Z VYKPUHY` ZOHYLZ H[ WT VU 4H` ^PSS IL LU[P[SLK [V [OL WYVWVZLK
KP]PKLUK
7H`TLU[VM[OLKP]PKLUKPMHWWYV]LKI`[OLTLTILYZH[[OL(UU\HS.LULYHS4LL[PUN[VIL
OLSKVU(WYPS^PSSILTHKLVU4H`
APPENDIX 1
SUMMARY SHEET FOR RENEWAL OF SHARES PURCHASE MANDATE
;OL:PUNHWVYL,_JOHUNL:LJ\YP[PLZ;YHKPUN3PTP[LK[OLSGX-STHZZ\TLZUVYLZWVUZPIPSP[`
MVY[OLJVYYLJ[ULZZVMHU`VM[OLZ[H[LTLU[ZTHKLYLWVY[ZJVU[HPULKVYVWPUPVUZL_WYLZZLK
PU[OPZ(WWLUKP_0M`V\HYLPUKV\I[HZ[V[OLHJ[PVU[OH[`V\ZOV\SK[HRL`V\ZOV\SKJVUZ\S[
`V\YZ[VJRIYVRLYVYV[OLYWYVMLZZPVUHSHK]PZLYPTTLKPH[LS`
(A)
SHARES PURCHASED IN THE PREVIOUS TWELVE MONTHS
(ZH[4HYJO[OLLatest Practicable Date/`\_3[K[OLCompany

HUK[VNL[OLY^P[OP[ZZ\IZPKPHYPLZ[OLGroupOHKUV[IV\NO[IHJRHU`VYKPUHY`
ZOHYLZPU[OLJHWP[HSVM[OL*VTWHU`[OLSharesI`^H`VMTHYRL[VYVTHYRL[
HJX\PZP[PVUZ W\YZ\HU[ [V [OL :OHYLZ 7\YJOHZL 4HUKH[L VI[HPULK H[ [OL (UU\HS
.LULYHS4LL[PUNVU(WYPS
(B)
RENEWAL OF THE SHARES PURCHASE MANDATE
;OL6YKPUHY`9LZVS\[PVU5V PMWHZZLKH[[OL(UU\HS.LULYHS4LL[PUN^PSSYLUL^
[OL:OHYLZ7\YJOHZL4HUKH[LHWWYV]LKI`[OLZOHYLOVSKLYZVM[OL*VTWHU`MYVT
[OL KH[L VM [OL (UU\HS .LULYHS 4LL[PUN \U[PS [OL KH[L [OH[ [OL UL_[ HUU\HS NLULYHS
TLL[PUNVM[OL*VTWHU`PZOLSKVYPZYLX\PYLKI`SH^[VILOLSKVY[OL[PTLÔLU
[OL:OHYLZ7\YJOHZL4HUKH[LPZYL]VRLKVY]HYPLKI`HUVYKPUHY`YLZVS\[PVUVM[OL
ZOHYLOVSKLYZVM[OL*VTWHU`PUNLULYHSTLL[PUNÔPJOL]LYPZ[OLLHYSPLY
(C)
RATIONALE FOR THE SHARES PURCHASE MANDATE
:OVY[[LYT ZWLJ\SH[PVU TH` H[ [PTLZ JH\ZL [OL THYRL[ WYPJL VM [OL *VTWHU`Z
:OHYLZ[VILKLWYLZZLKILSV^[OL[Y\L]HS\LVM[OL*VTWHU`HUK[OL.YV\W;OL
WYVWVZLK :OHYLZ 7\YJOHZL 4HUKH[L ^PSS WYV]PKL [OL +PYLJ[VYZ ^P[O [OL TLHUZ [V
YLZ[VYLPU]LZ[VYZJVUKLUJLHUK[VWYV[LJ[L_PZ[PUNZOHYLOVSKLYZPU]LZ[TLU[ZPU[OL
*VTWHU`PUHKLWYLZZLKZOHYLWYPJLZP[\H[PVU[OYV\NOQ\KPJPV\Z:OHYLZW\YJOHZLZ
[VLUOHUJL[OLLHYUPUNZWLY:OHYLHUKVY[OLUL[HZZL[]HS\LWLY:OHYL;OL:OHYLZ
W\YJOHZLZ ^PSS LUOHUJL [OL UL[ HZZL[ ]HS\L WLY :OHYL PM [OL :OHYLZ W\YJOHZLZ HYL
THKLH[HWYPJLILSV^[OLUL[HZZL[]HS\LWLY:OHYL
;OL WYVWVZLK :OHYLZ 7\YJOHZL 4HUKH[L ^PSS HSZV WYV]PKL [OL *VTWHU` ^P[O HU
L_WLKPLU[ HUK JVZ[LLJ[P]L TLJOHUPZT [V MHJPSP[H[L [OL YL[\YU VM Z\YWS\Z JHZO
YLZLY]LZ[V[OLZOHYLOVSKLYZ
;OL +PYLJ[VYZ ^PSS VUS` THRL H :OHYLZ W\YJOHZL HZ HUK ÔLU [OL JPYJ\TZ[HUJLZ
WLYTP[HUKVUS`PM[OL+PYLJ[VYZHYLVM[OL]PL^[OH[Z\JOW\YJOHZLZHYLPU[OLILZ[
PU[LYLZ[Z VM [OL *VTWHU` HUK [OL ZOHYLOVSKLYZ ;OL +PYLJ[VYZ ^PSS KLJPKL ÔL[OLY
APPENDIX 1 (CONTD)
[VW\YJOHZL:OHYLZVUS`HM[LY[HRPUNPU[VHJJV\U[HTVUNV[OLY[OPUNZ[OLTHYRL[
JVUKP[PVUZ H[ Z\JO [PTL HUK [OL *VTWHU`Z UHUJPHS JVUKP[PVU :OHYLZ W\YJOHZLZ
^PSSVUSÌLTHKLPM[OL+PYLJ[VYZILSPL]L[OH[Z\JOW\YJOHZLZHYLSPRLS`[VILUL[[OL
*VTWHU`HUKPUJYLHZLLJVUVTPJ]HS\LMVYZOHYLOVSKLYZ
;OL+PYLJ[VYZ^PSSLUZ\YL[OH[[OL:OHYLZW\YJOHZLZ^PSSUV[OH]LHU`LLJ[VU[OL
SPZ[PUNVM[OL*VTWHU`ZZLJ\YP[PLZPUJS\KPUN[OL:OHYLZSPZ[LKVU[OL:.?:;9\SL
VM[OL3PZ[PUN4HU\HSVM[OL:.?:;YLX\PYLZH[SLHZ[[LUWLYJLU[VMHU`JSHZZ
VMHJVTWHU`ZSPZ[LKZLJ\YP[PLZ[VILOLSKI`[OLW\ISPJH[HSS[PTLZ;OL+PYLJ[VYZ
ZOHSSZHMLN\HYK[OLPU[LYLZ[ZVMW\ISPJZOHYLOVSKLYZILMVYL\UKLY[HRPUNHU`:OHYLZ
W\YJOHZLZ )LMVYL L_LYJPZPUN [OL :OHYLZ 7\YJOHZL 4HUKH[L [OL +PYLJ[VYZ ZOHSS H[
HSS[PTLZ[HRLK\LJVNUPZHUJLVMH[OL[OLUZOHYLOVSKPUNZWYLHKVM[OL*VTWHU`
PU YLZWLJ[ VM [OL U\TILY VM :OHYLZ OLSK I` Z\IZ[HU[PHS ZOHYLOVSKLYZ HUK I` UVU
Z\IZ[HU[PHSZOHYLOVSKLYZHUKI[OL]VS\TLVM[YHKPUNVU[OL:.?:;PUYLZWLJ[VM
[OL:OHYLZPTTLKPH[LSÌLMVYL[OLL_LYJPZLVMHU`:OHYLZW\YJOHZL
(ZH[[OL3H[LZ[7YHJ[PJHISL+H[L:OHYLZ VMH[V[HSVM
:OHYLZPZZ\LKI`[OL*VTWHU`HYLOLSKI` W\ISPJZOHYLOVSKLYZ;OL*VTWHU`
PZ VM [OL ]PL^ [OH[ [OLYL PZ H Z\JPLU[ U\TILY VM :OHYLZ PU PZZ\L OLSK I` W\ISPJ
ZOHYLOVSKLYZ ÔPJO ^V\SK WLYTP[ [OL *VTWHU` [V \UKLY[HRL :OHYLZ W\YJOHZLZ VM
\W [V [LU WLY JLU[ VM P[Z PZZ\LK VYKPUHY` ZOHYL JHWP[HS ^P[OV\[ HLJ[PUN [OL
SPZ[PUNZ[H[\ZVM[OL:OHYLZVU[OL:.?:;;OL*VTWHU`^PSSLUZ\YL[OH[[OL:OHYLZ
W\YJOHZLZ^PSSUV[JH\ZLTHYRL[PSSPX\PKP[`VYHLJ[VYKLYS`[YHKL
(D)
FINANCIAL IMPACT OF THE PROPOSED SHARES PURCHASES

;OL W\YJOHZLK :OHYLZ ZOHSS IL JHUJLSSLK PTTLKPH[LS` VU W\YJOHZL VY HJX\PZP[PVU
\USLZZ OLSK PU [YLHZ\Y` Z\JO :OHYLZ OLSK PU [YLHZ\Y` Treasury Shares) in
HJJVYKHUJL ^P[O :LJ[PVU / VM [OL *VTWHUPLZ (J[ *HW [OL Act :LJ[PVU
/VM[OL(J[HSSV^ZW\YJOHZLK:OHYLZ[VIL!
P
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PP
KLHS[^P[OH[HU`[PTLPUHJJVYKHUJL^P[O:LJ[PVU2VM[OL(J[HZ;YLHZ\Y`
:OHYLZ
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P
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PP
[YHUZMLY [OL :OHYLZ VY HU` VM [OLT MVY [OL W\YWVZLZ VM VY W\YZ\HU[ [V HU
LTWSV`LLZZOHYLZJOLTL"
APPENDIX 1 (CONTD)
PPP [YHUZMLY[OL:OHYLZVYHU`VM[OLTHZJVUZPKLYH[PVUMVY[OLHJX\PZP[PVUVMZOHYLZ
PUVYHZZL[ZVMHUV[OLYJVTWHU`VYHZZL[ZVMHWLYZVU"VY
P] JHUJLS[OL:OHYLZVYHU`VM[OLT
;OLHNNYLNH[LU\TILYVM:OHYLZOLSKHZ;YLHZ\Y`:OHYLZZOHSSUV[H[HU`[PTLL_JLLK
[LUWLYJLU[VM[OL[V[HSU\TILYVM:OHYLZH[[OH[[PTL(U`:OHYLZPUL_JLZZVM
[OPZSPTP[ZOHSSILKPZWVZLKVMVYJHUJLSSLKPUHJJVYKHUJL^P[O:LJ[PVU2VM[OL(J[
^P[OPUZP_TVU[OZ
(U`:OHYLZW\YJOHZL^PSS!
P
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PP
YLK\JL[OLHTV\U[VM[OL*VTWHU`ZWYV[ZÔLYL[OL:OHYLZ^LYLW\YJOHZLK
VYHJX\PYLKV\[VM[OLWYV[ZVM[OL*VTWHU`"VY
PPP YLK\JL[OLHTV\U[VM[OL*VTWHU`ZZOHYLJHWP[HSHUKWYV[ZWYVWVY[PVUH[LS`
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WYV[ZVM[OL*VTWHU`"
I` [OL [V[HS HTV\U[ VM [OL W\YJOHZL WYPJL WHPK I` [OL *VTWHU` MVY [OL :OHYLZ
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;YLHZ\Y`:OHYLZ^PSSIL[YLH[LKHZOH]PUNUV]V[PUNYPNO[Z

;OL UHUJPHS LLJ[Z VU [OL *VTWHU` HUK [OL .YV\W HYPZPUN MYVT [OL WYVWVZLK
W\YJOHZLZVM[OL*VTWHU`Z:OHYLZÔPJOTHÌLTHKLW\YZ\HU[[V[OLWYVWVZLK
:OHYLZ7\YJOHZL4HUKH[L^PSSKLWLUKVUinter alia[OLHNNYLNH[LU\TILYVM:OHYLZ
W\YJOHZLKHUK[OLJVUZPKLYH[PVUWHPKH[[OLYLSL]HU[[PTL

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[OL 3H[LZ[ 7YHJ[PJHISL +H[L [OL WYVWVZLK W\YJOHZLZ I` [OL *VTWHU` VM \W [V H
TH_PT\TVM[LUWLYJLU[VMP[ZPZZ\LKZOHYLJHWP[HSL_JS\KPUN;YLHZ\Y`:OHYLZ
\UKLY[OL:OHYLZ7\YJOHZL4HUKH[L^PSSYLZ\S[PU[OLW\YJOHZLVM :OHYLZ

(UPSS\Z[YH[PVUVM[OLPTWHJ[VM:OHYLZW\YJOHZLZI`[OL*VTWHU`W\YZ\HU[[V[OL

APPENDIX 1 (CONTD)
:OHYLZ7\YJOHZL4HUKH[LVU[OL.YV\WZHUK[OL*VTWHU`ZUHUJPHSWVZP[PVUPZZL[
V\[ILSVÎHZLKVU[OLMVSSV^PUNHZZ\TW[PVUZ!
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J
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[OLTH_PT\TWYPJLMVY[OLTHYRL[W\YJOHZLZPZ: WLY:OHYLÔPJOPZ]L

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THYRL[KH`ZWYLJLKPUN[OL3H[LZ[7YHJ[PJHISL+H[LVUÔPJO[OL[YHUZHJ[PVUZPU
:OHYLZ^LYLYLJVYKLKVU[OL:.?:;"HUK
Market Purchases and Off-Market Purchases and held as Treasury Shares or

cancelled
Group
before
Shares
purchase
(S$000)
Group
after
Shares
purchase
(S$000)
Company
before
Shares
purchase
(S$000)
Company
after
Shares
purchase
(S$000)
:OHYLOVSKLYZM\UKZ

5L[HZZL[Z]HS\L

*\YYLU[HZZL[Z

*\YYLU[SPHIPSP[PLZ
V]LYKYHM[
5\TILYVMZOHYLZ

Financial Ratios
5L[HZZL[Z]HS\LWLYZOHYLJLU[Z

.LHYPUN[PTLZ

*\YYLU[YH[PV[PTLZ

11
APPENDIX 1 (CONTD)

:OHYLOVSKLYZZOV\SKUV[L[OH[[OLUHUJPHSLLJ[ZZL[V\[HIV]LHYLIHZLKVU[OL
H\KP[LKUHUJPHSHJJV\U[ZVM[OL.YV\WHUK[OL*VTWHU`MVY[OLUHUJPHS`LHYLUKLK
+LJLTILY HUK HYL MVY PSS\Z[YH[PVU VUS` ;OL YLZ\S[Z VM [OL .YV\W HUK [OL
*VTWHU`MVY[OLUHUJPHS`LHYLUKLK+LJLTILYTHÙV[ILYLWYLZLU[H[P]L
VMM\[\YLWLYMVYTHUJL

;OL*VTWHU`PU[LUKZ[V\ZLP[ZPU[LYUHSZV\YJLZVMM\UKZ[VUHUJLP[ZW\YJOHZLZ
VM [OL :OHYLZ ;OL *VTWHU` KVLZ UV[ PU[LUK [V VI[HPU VY PUJ\Y HU` IVYYV^PUNZ [V
UHUJL P[Z W\YJOHZLZ VM [OL :OHYLZ ;OL +PYLJ[VYZ KV UV[ WYVWVZL [V L_LYJPZL [OL
:OHYLZ7\YJOHZL4HUKH[LPUHTHUULYHUK[VZ\JOL_[LU[[OH[[OL^VYRPUNJHWP[HS
YLX\PYLTLU[ZVM[OL.YV\W^V\SKILTH[LYPHSS`HLJ[LK

;OL*VTWHU`^PSS[HRLPU[VHJJV\U[IV[OUHUJPHSHUKUVUUHUJPHSMHJ[VYZHTVUN
V[OLY[OPUNZ[OLTHYRL[JVUKP[PVUZH[Z\JO[PTL[OL*VTWHU`ZUHUJPHSJVUKP[PVU
[OLWLYMVYTHUJLVM[OL:OHYLZHUKÔL[OLYZ\JO:OHYLZW\YJOHZLZ^V\SKYLWYLZLU[
[OLTVZ[LJPLU[HUKJVZ[LLJ[P]LHWWYVHJO[VLUOHUJL[OL:OHYL]HS\L:OHYLZ
W\YJOHZLZ^PSSVUSÌLTHKLPM[OL)VHYKILSPL]LZ[OH[Z\JOW\YJOHZLZHYLSPRLS`[V
ILUL[[OL*VTWHU`HUKPUJYLHZLLJVUVTPJ]HS\LMVYZOHYLOVSKLYZ
(E)
CONSEQUENCES OF SHARES PURCHASES UNDER THE SINGAPORE CODE ON

TAKE-OVERS AND MERGERS

0UHJJVYKHUJL^P[O;OL:PUNHWVYL*VKLVU;HRLV]LYZHUK4LYNLYZ[OL;HRLV]LY
*VKLHWLYZVU^PSSILYLX\PYLK[VTHRLHNLULYHSVLYMVYHW\ISPJJVTWHU`PM!
H
I OLHSYLHKÒVSKZIL[^LLUWLYJLU[HUKWLYJLU[VM[OL]V[PUN

YPNO[Z VM [OL JVTWHU` HUK OL PUJYLHZLZ OPZ ]V[PUN YPNO[Z PU [OL JVTWHU` I`
TVYL[OHUVULWLYJLU[PUHU`ZP_TVU[OWLYPVK

(ZH[[OL3H[LZ[7YHJ[PJHISL+H[LHUKILMVYL[OLWYVWVZLK:OHYLZ7\YJOHZL4HUKH[L
[OLZ\IZ[HU[PHSZOHYLOVSKLYZHUK+PYLJ[VYZPU[LYLZ[ZHYLHZMVSSV^Z!

OLHJX\PYLZWLYJLU[VYTVYLVM[OL]V[PUNYPNO[ZVM[OLJVTWHU`"VY
APPENDIX 1 (CONTD)
Ordinary Shareholdings
Direct Interest
Deemed Interest
Directors
Number of
Shares
6SP]PH3\T6VP3PU

;LV2PHUN2VR
3LL1VV/HP
Number of
%
Shares

Total Interest
Number of
%
Shares

.H`*OLL*OLVUN

*OYPZ[VWOLY4\Y\NHZ\

:PTVU;H`
.HY`2LL,UN2^LL

NOTES:

/LSK[OYV\NO*P[PIHUR5VTPULLZ:PUNHWVYL7[L3[K
4Y*OYPZ[VWOLY4\Y\NHZ\PZKLLTLKPU[LYLZ[LKPU[OL:OHYLZOLSKIÒPZZWV\ZL
4Z)LYUHKL[[L6LP3PHU/\H
Class A Preference Shareholdings*
Direct Interest
Directors
Number of
Shares
Deemed Interest
Number of
Shares
Total Interest
Number of
Shares
%

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APPENDIX 1 (CONTD)
NOTES:
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OVSKPUNPUOPZJHWHJP[`HZL_LJ\[VYHUK[Y\Z[LLMVY[OLLZ[H[LVM4Z;HUN/VVUN
@HUNULL/VUN:H\*OPUNKLJLHZLK
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APPENDIX 1 (CONTD)
HUUV\UJLTLU[ VM [OL HWWYV]HS VM [OL :OHYLZ 7\YJOHZL 4HUKH[L PZ PTTPULU[
HUK[OLLHYSPLYVM!
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:OHYLZ7\YJOHZLZHYLUV[MVYHU`Z\JOW\YWVZL
It should be noted that approving the Shares Purchase Mandate will constitute
a waiver by the shareholders in respect of their rights to receive a general
VLY I` [OL Z\IZ[HU[PHS ZOHYLOVSKLYZ HUK WHY[PLZ HJ[PUN PU JVUJLY[ ^P[O [OL
substantial shareholders at the required price, which shall be determined in
accordance with the relevant provisions of the Take-over Code.
-VY[OLW\YWVZLVM[OL:OHYLZ7\YJOHZL4HUKH[LWHY[PLZHJ[PUNPUJVUJLY[JVTWYPZL
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(F)
MISCELLANEOUS

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APPENDIX 1 (CONTD)
:;VMHU`:OHYLZW\YJOHZLZ9\SLPZYLWYVK\JLKILSV^!
(UPZZ\LYT\Z[UV[PM`[OL,_JOHUNLVMHU`ZOHYLI\ÌHJRHZMVSSV^Z!
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UHUJPHS`LHYHZ[OLJHZLTHÌLHUKLUKPUNVU[OLKH[LVMHUUV\UJLTLU[VM
[OLYLSL]HU[YLZ\S[Z
APPENDIX 1 (CONTD)
ZLUZP[P]LKL]LSVWTLU[OHZVJJ\YYLKVYOHZILLU[OLZ\IQLJ[VMHKLJPZPVU\U[PS[OL
WYPJLZLUZP[P]LPUMVYTH[PVUOHZILLUW\ISPJS`HUUV\UJLK0UWHY[PJ\SHY[OL*VTWHU`
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JHZLTHÌLHUKLUKPUNVU[OLKH[LVMHUUV\UJLTLU[VM[OLYLSL]HU[YLZ\S[Z
(G)
DIRECTORS RESPONSIBILITY STATEMENT
;OL+PYLJ[VYZVM[OL*VTWHU`JVSSLJ[P]LS`HUKPUKP]PK\HSS`HJJLW[M\SSYLZWVUZPIPSP[`
MVY[OLHJJ\YHJ`VM[OLPUMVYTH[PVUNP]LUPU[OPZ(WWLUKP_HUKJVUYTHM[LYTHRPUN
HSSYLHZVUHISLLUX\PYPLZ[OH[[V[OLILZ[VM[OLPYRUV^SLKNLHUKILSPLM[OPZ(WWLUKP_
JVUZ[P[\[LZM\SSHUK[Y\LKPZJSVZ\YLVMHSSTH[LYPHSMHJ[ZHIV\[[OL:OHYLZ7\YJOHZL
4HUKH[L [OL *VTWHU` HUK P[Z Z\IZPKPHYPLZ HUK [OL +PYLJ[VYZ VM [OL *VTWHU`
HYLUV[H^HYLVMHU`MHJ[Z[OLVTPZZPVUVMÔPJO^V\SKTHRLHU`Z[H[LTLU[PU[OPZ
(WWLUKP_TPZSLHKPUN>OLYLPUMVYTH[PVUPU[OPZ(WWLUKP_OHZILLUL_[YHJ[LKMYVT
W\ISPZOLKVYV[OLY^PZLW\ISPJS`H]HPSHISLZV\YJLZVYVI[HPULKMYVTHUHTLKZV\YJL
[OLZVSLYLZWVUZPIPSP[`VM[OL+PYLJ[VYZVM[OL*VTWHUÒHZILLU[VLUZ\YL[OH[Z\JO
PUMVYTH[PVUOHZILLUHJJ\YH[LS`HUKJVYYLJ[S`L_[YHJ[LKMYVT[OVZLZV\YJLZHUKVY
YLWYVK\JLKPU[OPZ(WWLUKP_PUP[ZWYVWLYMVYTHUKJVU[L_[
(H)
SHAREHOLDERS WHO WILL ABSTAIN FROM VOTING
4Z6SP]PH3\T6VP3PUHUKOLYJVUJLY[WHY[PLZ^PSSHIZ[HPUMYVT]V[PUNH[[OL(UU\HS
.LULYHS4LL[PUNPUYLZWLJ[VM6YKPUHY`9LZVS\[PVU YLSH[PUN[V[OL:OHYLZ7\YJOHZL
4HUKH[LHUK^PSSUV[HJ[HZWYV_PLZPUYLZWLJ[VM6YKPUHY`9LZVS\[PVU \USLZZ]V[PUN
PUZ[Y\J[PVUZOH]LILLUNP]LUI`[OLHWWVPU[PUN:OHYLOVSKLYZ
(I)
DIRECTORS RECOMMENDATION
;OL+PYLJ[VYZVM[OL*VTWHU`V[OLY[OHU4Z6SP]PH3\T6VP3PUÔVOHZHIZ[HPULK
MYVTTHRPUNHU`YLJVTTLUKH[PVUHYLVM[OLVWPUPVU[OH[[OLYLUL^HSVM[OLWYVWVZLK
:OHYLZ7\YJOHZL4HUKH[LPZPU[OLILZ[PU[LYLZ[ZVM[OL*VTWHU`(JJVYKPUNS`[OL
+PYLJ[VYZVM[OL*VTWHU`YLJVTTLUK[OH[ZOHYLOVSKLYZ]V[LPUMH]V\YVM6YKPUHY`
9LZVS\[PVU
(J)
TAXATION
:OHYLOVSKLYZ ÔV HYL PU KV\I[ HZ [V [OLPY YLZWLJ[P]L [H_ WVZP[PVUZ VY HU` [H_
PTWSPJH[PVUZVYÔVTHÌLZ\IQLJ[[V[H_PUHQ\YPZKPJ[PVUV\[ZPKL:PUNHWVYLZOV\SK
JVUZ\S[[OLPYVÛWYVMLZZPVUHS[H_HK]PZLYZ

APPENDIX 1 (CONTD)
(K)
DOCUMENTS FOR INSPECTION

*VWPLZVM[OLMVSSV^PUNKVJ\TLU[ZTHÌLPUZWLJ[LKH[[OLYLNPZ[LYLKVJLVM[OL
*VTWHU`H[)LUKLTLLY9VHK/`\_0UUV]H[PVU*LU[YL:PUNHWVYL K\YPUN
UVYTHSI\ZPULZZOV\YZ\W[VHUKPUJS\KPUN[OLKH[LVM[OL(UU\HS.LULYHS4LL[PUN!
H
I [OLH\KP[LKUHUJPHSZ[H[LTLU[ZVM[OL*VTWHU`MVY[OLUHUJPHS`LHYLUKLK
+LJLTILY

[OL4LTVYHUK\THUK(Y[PJSLZVM(ZZVJPH[PVUVM[OL*VTWHU`"HUK
APPENDIX 2
GUIDELINES ON SHARES PURCHASES
1.
SHAREHOLDERS APPROVAL
H
I ( NLULYHS THUKH[L H\[OVYPZPUN [OL W\YJOHZL VM :OHYLZ I` [OL *VTWHU`
YLWYLZLU[PUN\W[V[LUWLYJLU[VM[OLPZZ\LKVYKPUHY`ZOHYLZPU[OLJHWP[HS
VM[OL*VTWHU`L_JS\KPUNHU`:OHYLZOLSKHZ;YLHZ\Y`:OHYLZ^PSSL_WPYLVU
[OLLHYSPLYVM!
P
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PP
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VM[OL*VTWHU`PZYLX\PYLKI`SH^[VILOLSK"VY
PPP
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VM[OL:OHYLOVSKLYZVM[OL*VTWHU`PUNLULYHSTLL[PUN
J
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W\YJOHZL :OHYLZ ZOHSS IL YLUL^LK H[ [OL UL_[ HUU\HS NLULYHS TLL[PUN VM [OL
*VTWHU`
K >OLUZLLRPUN:OHYLOVSKLYZHWWYV]HSMVY[OLYLUL^HSVM[OL:OHYLZ7\YJOHZL
4HUKH[L [OL *VTWHU` ZOHSS KPZJSVZL KL[HPSZ WLY[HPUPUN [V [OL W\YJOHZLZ VM
:OHYLZ THKL K\YPUN [OL WYL]PV\Z TVU[OZ PUJS\KPUN [OL [V[HS U\TILY VM
:OHYLZW\YJOHZLK[OLW\YJOHZLWYPJLWLY:OHYLVY[OLOPNOLZ[HUKSV^LZ[WYPJL
MVYZ\JOW\YJOHZLZVM:OHYLZÔLYLYLSL]HU[HUK[OL[V[HSJVUZPKLYH[PVUWHPK
MVYZ\JOW\YJOHZLZ
2.
MODE OF PURCHASE
:OHYLZ7\YJOHZLZJHUILLLJ[LKI`[OL*VTWHU`PULP[OLYVULVM[OLMVSSV^PUN[^V
^H`ZVYIV[O!
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7\YJOHZLZ VM :OHYLZ I` [OL *VTWHU` T\Z[ IL HWWYV]LK PU HK]HUJL I` [OL
:OHYLOVSKLYZH[HNLULYHSTLL[PUNVM[OL*VTWHUÌ`^H`VMHNLULYHSTHUKH[L
I` ^H` VM THYRL[ W\YJOHZLZ VM :OHYLZ VU [OL 6JPHS 3PZ[ VM :.?:; ÔPJO
TLHUZHW\YJOHZL[YHUZHJ[LK[OYV\NO[OLYLHK`THYRL["VY
APPENDIX 2 (CONTD)
3.
FUNDING OF SHARES PURCHASES
H
I (U`W\YJOHZLI`[OL*VTWHU`THÌLTHKLV\[VMJHWP[HSVYWYV[Z[OH[HYL
H]HPSHISL MVY KPZ[YPI\[PVU HZ KP]PKLUKZ ZV SVUN HZ [OL *VTWHU` PZ ZVS]LU[ HZ
KLULKI`:LJ[PVU-VM[OL(J[
J
4.
TRADING RESTRICTIONS
;OL U\TILY VM :OHYLZ ÔPJO JHU IL W\YJOHZLK W\YZ\HU[ [V [OL :OHYLZ 7\YJOHZL
4HUKH[LPZZ\JOU\TILYVM:OHYLZÔPJOYLWYLZLU[Z\W[VHTH_PT\TVM[LUWLYJLU[
VM[OLPZZ\LKVYKPUHY`ZOHYLZPU[OLJHWP[HSVM[OL*VTWHU`L_JS\KPUN;YLHZ\Y`
:OHYLZHZH[KH[LVM[OLSHZ[HUU\HSNLULYHSTLL[PUNVM[OL*VTWHU`
5.
PRICE RESTRICTIONS
(U`:OHYLZ7\YJOHZL\UKLY[HRLUI`[OL*VTWHU`ZOHSSILH[[OLWYPJLVM\W[VI\[
UV[L_JLLKPUN[OL4H_PT\T7YPJL
4H_PT\T7YPJLTLHUZ[OLTH_PT\TWYPJLH[ÔPJO[OL:OHYLZJHUILW\YJOHZLK
W\YZ\HU[ [V [OL :OHYLZ 7\YJOHZL 4HUKH[L ÔPJO ZOHSS UV[ L_JLLK [OL Z\T
JVUZ[P[\[PUN]LWLYJLU[HIV]L[OLH]LYHNLJSVZPUNWYPJLVM[OL:OHYLZV]LY[OL
WLYPVKVM]L[YHKPUNKH`ZPUÔPJO[YHUZHJ[PVUZPU[OL:OHYLZVU:.?:;^LYL
YLJVYKLKPU[OLJHZLVMH4HYRL[7\YJOHZLILMVYL[OLKH`VUÔPJOZ\JOW\YJOHZL
PZTHKLHUKPU[OLJHZLVMHU64HYRL[7\YJOHZLPTTLKPH[LS`WYLJLKPUN[OLKH[L
VMVLYI`[OL*VTWHU`HZ[OLJHZLTHÌLHUKHKQ\Z[LKMVYHU`JVYWVYH[LHJ[PVU
[OH[VJJ\YZHM[LY[OLYLSL]HU[]LKH`WLYPVK
6.
OFF-MARKET PURCHASES
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;OL*VTWHU`THÙV[W\YJOHZLP[Z:OHYLZVU[OL6JPHS3PZ[VM:.?:;MVYH
JVUZPKLYH[PVUV[OLY[OHUJHZOVYMVYZL[[SLTLU[V[OLY^PZL[OHUPUHJJVYKHUJL
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-VYW\YJOHZLZVM:OHYLZTHKLI`^H`VMHU64HYRL[7\YJOHZL[OL*VTWHU`
ZOHSS PZZ\L HU VLY KVJ\TLU[ [V HSS :OHYLOVSKLYZ ;OL VLY KVJ\TLU[ ZOHSS
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APPENDIX 2 (CONTD)
P
[OL[LYTZHUKJVUKP[PVUZVM[OLVLY"
PP
[OLWLYPVKHUKWYVJLK\YLZMVYHJJLW[HUJLZ"
PP0
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P] [OLJVUZLX\LUJLZPMHU`VM:OHYLZW\YJOHZLKI`[OL*VTWHU`[OH[^PSS
HYPZL\UKLY[OL;HRLV]LYZHUK4LYNLYZVYHU`V[OLYHWWSPJHISL[HRLV]LY
Y\SLZ"
]
ÔL[OLY [OL W\YJOHZL VM :OHYLZ PM THKL ^V\SK OH]L HU` LLJ[ VU [OL
SPZ[PUNVM[OL*VTWHU`ZZLJ\YP[PLZVU[OL6JPHS3PZ[VM:.?:;"HUK
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TVU[OZÔL[OLY[OYV\NO4HYRL[7\YJOHZLZVY64HYRL[7\YJOHZLZ
PUJS\KPUN[OL[V[HSU\TILYVM:OHYLZW\YJOHZLK[OLW\YJOHZLWYPJLWLY
:OHYLVY[OLOPNOLZ[HUKSV^LZ[WYPJLZWHPKMVYZ\JOW\YJOHZLZVM:OHYLZ
ÔLYLYLSL]HU[HUK[OL[V[HSJVUZPKLYH[PVUWHPKMVYZ\JOW\YJOHZLZ
I (SS6LYLL:OHYLOVSKLYZZOHSSILNP]LUHYLHZVUHISLVWWVY[\UP[`[VHJJLW[HU`
VLYTHKLI`[OL*VTWHU`[VW\YJOHZL[OLPY:OHYLZ\UKLY[OL:OHYLZ7\YJOHZL
4HUKH[L
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7\YJOHZL 4HUKH[L Z\IQLJ[ [V [OL YLX\PYLTLU[ [OH[ [OL [LYTZ VM HU` VLY [V
W\YJOHZL:OHYLZI`[OL*VTWHU`ZOHSSILWHYPWHZZ\PUYLZWLJ[VMHSS6LYLL
:OHYLOVSKLYZZH]L\UKLY[OLMVSSV^PUNJPYJ\TZ[HUJLZ!
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L]LY`:OHYLOVSKLYPZSLM[^P[OHÔVSLU\TILYVM:OHYLZPUIVHYKSV[ZVM
:OHYLZHM[LY[OL:OHYLZ7\YJOHZLZPU[OLL]LU[[OLYLHYL6LYLL
:OHYLOVSKLYZOVSKPUNVKKU\TILYZVM:OHYLZ

APPENDIX 2 (CONTD)
7.
STATUS OF PURCHASED SHARES
;OL W\YJOHZLK :OHYLZ ZOHSS IL JHUJLSSLK PTTLKPH[LS` VU W\YJOHZL VY HJX\PZP[PVU
\USLZZOLSKPU[YLHZ\Y`PUHJJVYKHUJL^P[O:LJ[PVU/VM[OL(J[:LJ[PVU/VM[OL
(J[HSSV^ZW\YJOHZLK:OHYLZ[VIL!
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:OHYLZ
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PP
[YHUZMLY [OL :OHYLZ VY HU` VM [OLT MVY [OL W\YWVZLZ VM VY W\YZ\HU[ [V HU
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PPP [YHUZMLY[OL:OHYLZVYHU`VM[OLTHZJVUZPKLYH[PVUMVY[OLHJX\PZP[PVUVMZOHYLZ
PUVYHZZL[ZVMHUV[OLYJVTWHU`VYHZZL[ZVMHWLYZVU"VY
P] JHUJLS[OL:OHYLZVYHU`VM[OLT
;OLHNNYLNH[LU\TILYVM:OHYLZOLSKHZ;YLHZ\Y`:OHYLZZOHSSUV[H[HU`[PTLL_JLLK
[LUWLYJLU[VM[OL[V[HSU\TILYVM:OHYLZH[[OH[[PTL(U`:OHYLZPUL_JLZZVM
[OPZSPTP[ZOHSSILKPZWVZLKVMVYJHUJLSSLKPUHJJVYKHUJL^P[O:LJ[PVU2VM[OL(J[
^P[OPUZP_TVU[OZ
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P
YLK\JL[OLHTV\U[VM[OLPZZ\LKZOHYLZPU[OLJHWP[HSVM[OL*VTWHU`ÔLYL[OL
:OHYLZ^LYLW\YJOHZLKVYHJX\PYLKV\[VM[OLJHWP[HSVM[OL*VTWHU`"
PP
YLK\JL[OLHTV\U[VM[OL*VTWHU`ZWYV[ZÔLYL[OL:OHYLZ^LYLW\YJOHZLK
VYHJX\PYLKV\[VM[OLWYV[ZVM[OL*VTWHU`"VY
PPP YLK\JL[OLHTV\U[VM[OL*VTWHU`ZZOHYLJHWP[HSHUKWYV[ZWYVWVY[PVUH[LS`
ÔLYL[OL:OHYLZ^LYLW\YJOHZLKVYHJX\PYLKV\[VMIV[O[OLJHWP[HSHUK[OL
WYV[ZVM[OL*VTWHU`"
I` [OL [V[HS HTV\U[ VM [OL W\YJOHZL WYPJL WHPK I` [OL *VTWHU` MVY [OL :OHYLZ
JHUJLSSLK

APPENDIX 2 (CONTD)
;OL*VTWHU`JHUUV[L_LYJPZLHU`YPNO[PUYLZWLJ[VM;YLHZ\Y`:OHYLZ0UWHY[PJ\SHY
[OL *VTWHU` JHUUV[ L_LYJPZL HU` YPNO[ [V H[[LUK VY ]V[L H[ TLL[PUNZ HUK MVY [OL
W\YWVZLZVM[OL(J[[OL*VTWHU`ZOHSSIL[YLH[LKHZOH]PUNUVYPNO[[V]V[LHUK[OL
;YLHZ\Y`:OHYLZ^PSSIL[YLH[LKHZOH]PUNUV]V[PUNYPNO[Z
8.
NOTIFICATION TO ACCOUNTING AND CORPORATE REGULATORY AUTHORITY

(ACRA)
H
I ;OL*VTWHU`ZOHSSUV[PM`(*9(^P[OPU[OPY[`KH`ZVMHW\YJOHZLVM:OHYLZ
:\JO UV[PJH[PVU ZOHSS PUJS\KL KL[HPSZ VM [OL KH[L VM [OL W\YJOHZL [OL [V[HS
U\TILY HUK UVTPUHS ]HS\L VM :OHYLZ W\YJOHZLK I` [OL *VTWHU` [OL PZZ\LK
ZOHYLZ PU [OL JHWP[HS VM [OL *VTWHU` HZ H[ [OL KH[L VM [OL :OHYLOVSKLYZ
YLZVS\[PVUHWWYV]PUN[OLW\YJOHZL[OL*VTWHU`ZPZZ\LKZOHYLZPU[OLJHWP[HS
HM[LY[OLW\YJOHZLHUK[OLHTV\U[VMJVUZPKLYH[PVUWHPKI`[OL*VTWHU`MVY[OL
W\YJOHZL
9.
NOTIFICATION TO THE SGX-ST
H
I -VYW\YJOHZLZVM:OHYLZTHKLI`^H`VMH4HYRL[7\YJOHZL[OL*VTWHU`ZOHSS
UV[PM` [OL :.?:; PU YLZWLJ[ VM HU` HJX\PZP[PVU VY W\YJOHZL VM :OHYLZ PU [OL
YLSL]HU[MVYTWYLZJYPILKI`[OL:.?:;MYVT[PTL[V[PTLUV[SH[LY[OHU
HTVU[OL[YHKPUNKH`MVSSV^PUN[OLKH[LVMTHYRL[HJX\PZP[PVUI`[OL*VTWHU`
VY^P[OPUZ\JO[PTLWLYPVK[OH[THÌLWYLZJYPILKI`[OL:.?:;MYVT[PTL[V
[PTL
10.
SUSPENSION OF PURCHASE
H
>P[OPU[OPY[`KH`ZVM[OLWHZZPUNVMH:OHYLOVSKLYZYLZVS\[PVU[VHWWYV]L
HU`W\YJOHZLVM:OHYLZ[OL*VTWHU`ZOHSSSVKNLHJVW`VMZ\JOYLZVS\[PVU^P[O
(*9(
-VYW\YJOHZLZVM:OHYLZTHKLI`^H`VMHU64HYRL[7\YJOHZL[OL*VTWHU`
ZOHSSUV[PM`[OL:.?:;PUYLZWLJ[VMHU`HJX\PZP[PVUVYW\YJOHZLVM:OHYLZPU
[OL YLSL]HU[ MVYT WYLZJYPILK I` [OL :.?:; MYVT [PTL [V [PTL UV[ SH[LY [OHU
HTVU[OLZLJVUK[YHKPUNKH`HM[LY[OLJSVZLVMHJJLW[HUJLZVMHUVLY
VY^P[OPUZ\JO[PTLWLYPVK[OH[THÌLWYLZJYPILKI`[OL:.?:;MYVT[PTL[V
[PTL
;OL*VTWHU`THÙV[\UKLY[HRLHU`:OHYLZ7\YJOHZLWYPVY[V[OLHUUV\UJLTLU[
VM HU` WYPJLZLUZP[P]L PUMVYTH[PVU I` [OL *VTWHU` \U[PS Z\JO [PTL HZ [OL
WYPJL ZLUZP[P]L PUMVYTH[PVU OHZ ILLU W\ISPJS` HUUV\UJLK VY KPZZLTPUH[LK PU
HJJVYKHUJL^P[O[OLYLX\PYLTLU[ZVM[OL3PZ[PUN4HU\HS

APPENDIX 2 (CONTD)

I ;OL*VTWHU`THÙV[LLJ[HU`YLW\YJOHZLZVM:OHYLZVU[OL:.?:;K\YPUN
[OLWLYPVKJVTTLUJPUN[^V^LLRZILMVYL[OLHUUV\UJLTLU[VM[OL*VTWHU`Z
UHUJPHSZ[H[LTLU[ZMVYLHJOVM[OLYZ[[OYLLX\HY[LYZVMP[ZUHUJPHS`LHYVY
VULTVU[OILMVYLOHSM`LHYVYUHUJPHS`LHYHZ[OLJHZLTHÌLHUKLUKPUNVU
[OLKH[LVMHUUV\UJLTLU[VM[OLYLSL]HU[YLZ\S[Z

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Sustainability

/`\_3[KAnnual Report 2013

Group Financial Highlights

Group Revenue by Country & Region

-@ [V-@^LYLYLZ[H[LKK\L[VHKVW[PVUVM[OLUL^-PUHUJPHS9LWVY[PUN:[HUKHYKJoint Arrangements

- @ ^HZYLZ[H[LK[VPUJS\KL[OL+LJLTILYPZZ\LVMVULIVU\ZZOHYLMVYL]LY`[^VL_PZ[PUNVYKPUHY`ZOHYLZ

/`\_3[KAnnual Report 2013

/`\_3[KAnnual Report 2013

Our EPC teams

In China, we commissioned our

/`\_3[KAnnual Report 2013

A former Nominated Member of

Mr Teo has been a Non-Executive

TEO KIANG KOK

Mr Teo was admitted to the Singapore

Mr Teo headed the Corporate Finance

Mr Lee has been a Non-Executive

LEE JOO HAI

Mr Lee currently is a director of Kian Ho

Mr Lee is a member of both the Institute

Mr Gay has been a Non-Executive

GAY CHEE CHEONG

He sits on the Board of Governors of

Mr Gay graduated from the Royal

/`\_3[KAnnual Report 2013

Mr Murugasu has been a director of

Previously Senior Vice President for

Mr Tay has been a Non-Executive

He is a public intellectual as well as

/`\_3[KAnnual Report 2013

ABDEL HAKIM BENFERHAT

Ms Liu joined China International

Mr Benferhat is a Senior Advisor/

At CICC, Ms Liu led and participated

Mr Benferhats expertise is in strategy

LIM SUAT WAH

Group Senior EVP

WONG LUP WAI

KUM MUN LOCK

Group Senior Managing

Group Senior Managing

Group Senior Managing

Group Senior Managing

Group Senior Managing

/`\_3[KAnnual Report 2013

SingSpring Desalination Plant, Singapore

Tuaspring Desalination Plant, Singapore

Tianjin Dagang Desalination Plant, China

Souk Tleta Desalination Plant, Algeria

Zunyi Wastewater Treatment Plant, China

Group Revenue by Segment (1)

/`\_3[KAnnual Report 2013

Group Revenue by Region (1)

Revenue from China was 9% of the total

our non-core business and technology

Non-current liabilities rose from

BALANCE SHEET REVIEW

/`\_3[KAnnual Report 2013

Reverse Osmosis Building at Tuaspring Desalination Plant, Singapore

It marked another major step in the

Magtaa Desalination Plant, Algeria

The completion of several large-scale water treatment projects around the

The EPC works on the on-site 411 MW

-@ [V-@^LYLYLZ[H[LKK\L[VHKVW[PVUVM[OLUL^-PUHUJPHS9LWVY[PUN:[HUKHYKJoint Arrangements

- @ ^HZYLZ[H[LK[VPUJS\KL[OL+LJLTILYPZZ\LVMVULIVU\ZZOHYLMVYL]LY`[^VL_PZ[PUNVYKPUHY`ZOHYLZ