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ANNUAL REPORT 2016 SUSTAINABLE SOLUTIONS THAT TRANSFORM LIVES Our Vision

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ANNUAL REPORT 2016 SUSTAINABLE SOLUTIONS THAT TRANSFORM LIVES Our Vision ANNUAL REPORT 2016 SUSTAINABLE SOLUTIONS THAT TRANSFORM LIVES OUR VISION To be the leading company the world seeks for innovative and effective environmental solutions. OUR MISSION To provide efficient and cost-effective solutions to meet our clients’ needs through innovation and technological advancement. CONTENTS 3 Group Financial Highlights 5 Message from Executive Chairman & Group Chief Executive Officer 11 Board of Directors 15 Key Management Committee 16 Management Committee 17 Geographical Presence 19 Financial Review 23 Operating Review 29 Corporate Governance Statement 45 Sustainability SUSTAINABLE SOLUTIONS THAT TRANSFORM LIVES As a global provider of sustainable solutions, Hyflux is committed to resource optimisation and sustainable development. A specialist in water treatment and among the top global desalination plant providers, Hyflux is distinctive in its ability to address the challenges at every point of the water value chain. The Group has expanded its offerings to include power generation and waste-to-energy. It also entered into the wellness industry with the ELO brand to broaden its consumer market portfolio. Headquartered and listed in Singapore, the Group employs more than 2,800 employees worldwide. Hyflux’s track record spans across Asia, the Middle East and Africa. It includes one of the world’s largest seawater reverse osmosis desalination plants in Algeria and Asia’s first Integrated Water and Power Plant in Singapore. Ranked st Track Record 1 by Build-Own-Operate (BOO) in some and Build-Own-Transfer (BOT) 400 Desalination Capacity* Locations Across the Globe * Source: Global Water Intelligence 03 GROUP FINANCIAL HIGHLIGHTS KEY FINANCIAL DATA For year ended 31 December (S$’000) 2012 2013 2014 2015 (1) 2016 Revenue 654,766 535,790 321 ,394 445,241 986,978 Profit before tax 76,168 51 ,623 53,060 49,954 1,734 Profit after tax 64,713 42,896 58,813 56,649 10,537 Profit attributable to shareholders 60,994 44,026 57,469 52,450 4,762 Shareholders’ equity (2) 860,593 882,574 1,337,181 1,298,645 1,527,689 Total assets 2,189,704 2,396,505 2,741,715 3,036,532 3,843,333 Net assets 877,029 886,292 1,341,988 1,312,028 1,549,015 Net asset value per share (cents) 55.81 58.35 56.57 55.65 45.08 Earnings/(Loss) per share (cents) (3) 4.43 2.42 1.66 0.35 (7.51) Dividend per share (cents) 3.20 2.30 2.30 1.70 0.45 Return on revenue (%) 9.3 8.2 17.9 11.8 0.5 Return on equity (%) (3) 7.1 5.0 4.3 4.0 0.3 (1) Except for revenue, all figures in FY2015 were restated to include S$11.2 million adjustment to the provisional fair value initially recorded for the acquisition of a joint venture, Tianjin Dagang, upon completion of an independent fair value assessment in FY2016. (2) Equity included the 6% Cumulative Non-convertible Non-voting Perpetual Class A Preference Shares (CPS) and perpetual capital securities. Excluding CPS and perpetual capital securities, FY2016 shareholders’ equity was S$350 million. (3) Adjusted for the effect of CPS of S$400 million. FY2014 to FY2016 were also adjusted for the effects of perpetual capital securities. Please refer to note 27 of the financial statements for the effects of CPS and perpetual capital securities on the computations of earnings/(loss) per share; and profit attributable to ordinary shareholders. Hyflux Ltd – Annual Report 2016 04 GROUP REVENUE BY COUNTRY / REGION S$ million 987 1000 900 800 700 655 600 536 500 445 400 321 300 483 445 232 169 677 200 29 22 21 176 252 100 131 48 48 88 49 12 21 20 12 9 0 FY2012 FY2013 FY2014 FY2015 FY2016 SINGAPORE MENA CHINA REST OF THE WORLD 05 MESSAGE FROM EXECUTIVE CHAIRMAN & GROUP CHIEF EXECUTIVE OFFICER “As a Group, we focused on strong execution of our projects, active pursuit of opportunities in our key markets and nurturing our new exciting ELO Water business. OLIVIA LUM ” Executive Chairman & Group Chief Executive Officer Dear Stakeholders, 2016 was a year of uncertainty with sustained Independent Water Project (IWP) in the low oil prices, subdued global growth and Sultanate of Oman and the TuasOne Waste-to- unexpected events such as Brexit and the Energy (WTE) project in Singapore. The profits outcome of the US Presidential Election. The generated from the higher level of engineering, changing landscape posed challenges for procurement and construction (EPC) activities the global economy with ramifications on for these projects were largely wiped out by infrastructure investments in major regions. losses arising from the weak Singapore power As a Group, we focused on strong execution of market, resulting in profit after tax and minority our projects, active pursuit of opportunities in interests (PATMI) of S$4.8 million in 2016, down our key markets and nurturing our new exciting 91% from S$52.5 million in 2015. Excluding losses ELO Water business. from the Tuaspring plant, PATMI for 2016 would have been S$118 million. We achieved a record revenue of S$987.0 million in 2016, more than double revenue of S$445.2 million for 2015, contributed mainly by the Qurayyat Hyflux Ltd – Annual Report 2016 06 STRENGTHENING THE Wajh and Haql, located along the Red Sea coast WATER BUSINESS in the Kingdom of Saudi Arabia. We are also negotiating the contract for the US$500 million Our vision has always been to make clean Ain Sokhna Integrated Water and Power Project water accessible and affordable to all. Water is (IWPP), marking our first project in Egypt and our core business and we will capitalise on our first overseas IWPP. In December 2016, our strength in water treatment solutions we substantially completed a containerised to increase our market leadership of the desalination solution to augment the capacity membrane-based seawater desalination of the existing Yanbu Desalination Plant in market. Hyflux has made significant progress Saudi Arabia. Going forward, we expect to over the years and was ranked as the largest commission the Qurayyat IWP in the Sultanate desalination plant developer by awarded of Oman in May 2017. capacity in 2016 by independent publication Global Water Intelligence. As the world’s largest market for desalination, the Middle East North Africa (MENA) region is a strategic priority for us. We have been strengthening our track record in the region, ensuring timely project completion and participating actively in new project tenders. However, parts of the MENA region have been plagued by prolonged political uncertainty since the 2011 Arab Spring, exacerbated by MoU signing with NEWRI to collaborate on research in biomimetic membranes. economic challenges due to sustained low oil prices. This has created an uncertain We expect 2017 to be another challenging climate for infrastructure projects which year, with strong competition for the limited require long-term financial commitment and number of bankable projects up for tender. a stable regulatory regime. Nevertheless, we remain confident given our ability to offer integrated services across the Despite the challenging environment, we water value chain and our focus on delivering gained good traction in the MENA region. In value to clients through innovation and strong February 2017, we received a letter of award execution. In February 2017, we signed a from the state-owned Saline Water Conversion Memorandum of Understanding (MoU) with Corporation to design and build three seawater the Nanyang Environment and Water Research reverse osmosis desalination plants valued Institute (NEWRI) to collaborate on research in at US$180 million (S$258 million) in Duba, biomimetic membranes. An emerging membrane 07 MESSAGE FROM EXECUTIVE CHAIRMAN & GROUP CHIEF EXECUTIVE OFFICER technology, biomimetic membranes hold Through research and considerable promise as a low-energy alternative to conventional membrane processes. Through development in cutting-edge research and development in such cutting-edge solutions, we aim to make every solutions, we aim to make every new plant we build more efficient, cost-effective and new plant we build more efficient, sustainable than our previous plants. cost-effective and sustainable than our previous plants. POSITIONING FOR THE LONG-TERM As we look forward to our next phase of Globally, there has been a renewed push development, we have made strategic moves towards Public-Private-Partnerships (PPP) to into adjacent business areas and deepened our tap into private funding for the development of existing capabilities. Internally, we seek to drive infrastructure projects. In December 2016, efficiency in our processes to stay competitive Saudi Arabia announced plans to deploy and thrive regardless of the ups and downs of private capital at every stage of the water and the economic cycle. wastewater value chain to meet its US$53 billion investment requirement over the next five years. Entering the power generation and waste- With extensive experience in project financing, to-energy markets enables Hyflux to ride Hyflux is well-placed to meet the demands of this the increasing demand from municipalities shift. In 2016, we achieved financial close for the for energy-efficient and sustainable waste project financing of the Qurayyat IWP and the management solutions. They represent an TuasOne WTE project. For the latter project, we organic expansion of our capabilities, as we were awarded the prestigious Asia Pacific PPP can leverage on our existing know-how in Deal of the Year by Project Finance International managing the commercial, financial and legal in February 2017. The Ain Sokhna IWPP in aspects of large-scale infrastructure projects. Egypt will also be developed on a build, operate We entered the power generation space through and transfer (BOT) structure instead of an EPC the Tuaspring IWPP in Singapore, with the contract announced earlier.
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