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Building the Right Thing BUILDING THE RIGHT THING Annual Report 2017 BUILDING THE RIGHT THING Our work stands the test of time by turning the right opportunity into the right thing and the right thing into lasting value. YTL is about building value that is not simply lasting, but is worthy of lasting. CONT CORPORATE REVIEW 2 Chairman’s Statement 6 Corporate Events 9 Management Discussion & Analysis 33 Sustainability Statement 44 Notice of Annual General Meeting 48 Statement Accompanying Notice of Annual General Meeting 49 Corporate Information 50 Profile of the Board of Directors 55 Profile of Key Senior Management 56 Statement of Directors’ Responsibilities 57 Audit Committee Report 60 Nominating Committee Statement 66 Statement on Corporate Governance 71 Statement on Risk Management & Internal Control 75 Disclosure of Recurrent Related Party Transactions of a Revenue or Trading Nature 76 Analysis of Share/Warrant Holdings 80 Statement of Directors’ Interests 84 List of Properties ENTS FINANCIAL STATEMENTS 86 Directors’ Report 98 Statement by Directors 98 Statutory Declaration 99 Independent Auditors’ Report 107 Income Statements 108 Statements of Comprehensive Income 109 Statements of Financial Position 111 Consolidated Statement of Changes in Equity 113 Company Statement of Changes in Equity 114 Statements of Cash Flows 116 Notes to the Financial Statements • Form of Proxy 2 YTL POWERPOWER INTERNATIONALINTERNATIONAL BERHAD CHAIRMAN’S STATEMENT OVERVIEW YTL Power International Berhad (“YTL Power”) and its subsidiaries (“Group”) recorded a stable set of results for the financial year under review. Although the merchant multi- utilities business in Singapore recorded lower revenue, mainly due to a decrease in electricity units sold, this was offset by lower operating and interest expenses, resulting in higher profit before tax for the segment. The Group’s water and sewerage business in the United Kingdom (UK) saw a decrease in revenue and profit before tax as a result of the strengthening of the Malaysian Ringgit against the British Pound, whilst the mobile broadband network segment registered improved performance arising from the launch of nationwide 4G LTE services. The Malaysian economy grew at a slower pace with gross domestic product (GDP) growth of 4.2% for the 2016 calendar year, compared to 5.0% in 2015 driven by domestic demand, supported mainly by sustained private sector spending. The economy registered stronger GDP growth of 5.7% for the first half of 2017, mainly resulting from more robust expansion in domestic demand. Meanwhile, in other major economies where the Group operates, the UK registered growth of approximately 1.8% during 2016, with the first and second quarters of the 2017 calendar year showing growth of 0.2% and 0.3%, respectively. Singapore’s economy grew 1.8% in 2016, with growth of approximately 2.5% for the first half of the 2017 calendar year (sources: Ministry of Finance Malaysia, Bank Negara Malaysia, TAN SRI DATO’ SERI (DR) YEOH TIONG LAY Singapore Ministry of Trade & Industry, UK Office for National Statistics Executive Chairman updates & reports). AnnualAnnual ReReportport 20172017 3 CHAIRMAN’SCHAIRMAN’S STATEMENTSTATEMENT The Group recorded revenue of RM9.78 billion for the financial of the cash and share dividends amounts to 5.4% based on the year ended 30 June 2017 compared to RM10.25 billion for the volume weighted average price during the financial year of financial year ended 30 June 2016. Profit before tax decreased RM1.49 per share. to RM892.2 million this year, compared to RM1,314.1 million for the same period last year, whilst net profit attributable to shareholders decreased to RM693.8 million this year compared OPERATIONS IN SINGAPORE to RM1,061.9 million last year. However, the previous financial Singapore’s wholesale electricity market continues to see an year ended 30 June 2016 included a one-off gain from an over-supply in generation capacity, outstripping market demand, arbitration award and interest income in the power generation impacting the performance of YTL PowerSeraya Pte Ltd (“YTL (contracted) segment, as well as a deferred tax credit recorded PowerSeraya”), which undertakes the Group’s merchant multi- on the revaluation of plant assets of an associate. Adjusting for utilities business in Singapore. the one-off gain and deferred tax credit, profit before taxation would have been RM863.4 million last year, which is comparable However, the division registered improved performance, mainly to profit before tax of RM892.2 million for the current financial through its ongoing focus on customer service and diversification year under review. of its income streams beyond its core activities, into integrated multi-utilities supply and non-regulated ancillary businesses in YTL Power declared an interim cash dividend of 5 sen per steam sales, oil storage tank leasing, bunkering services and ordinary share for the financial year ended 30 June 2017, potable water sales. together with a share dividend on the basis of 1 treasury share for every 50 ordinary shares held. The combined dividend yield 4 YTL POWER INTERNATIONAL BERHAD CHAIRMAN’S STATEMENT OPERATIONS IN UK Meanwhile, the Group’s mobile broadband network segment continued to grow its subscriber base during the financial year Wessex Water Limited (“Wessex Water”), the Group’s water and under review, supported by the launch in June 2016 of its Yes sewerage business in the UK, continued to perform well, driven 4G LTE and VoLTE services, together with the launch this year primarily by its outstanding customer service standards, which are of the new Huddle XS LTE mobile hotspot device, enhanced of key importance given its existing base of 2.8 million customers brand development initiatives and new marketing campaigns. across its operating region in the south west of England. Wessex Water topped the water and sewerage company league INTERNATIONAL PROJECTS & INVESTMENTS table in satisfaction surveys conducted by Ofwat, the economic regulator for the UK water industry, retained its UK government Earlier in the year, the Group increased its stake in Attarat Power Customer Service Excellence award and achieved the Institute Company PSC (“APCO”) to 45%, from 30% previously, upon the of Customer Service’s ServiceMark with distinction for its project achieving financial close in March 2017. APCO is operational contact centre. The division made good progress on developing a 554 megawatt oil shale fired power generating its affordability action plan, leading to a 28% increase in the project in the Hashemite Kingdom of Jordan under a 30-year number of low income customers receiving support with their power purchase agreement for the plant’s entire generation bills or debt, launched five new projects in hard-to-reach areas capacity with National Electric Power Company (NEPCO), Jordan’s to promote its discounted tariffs to customers and demonstrated state-owned power utility, with an option for the utility to its commitment to accessible and inclusive services for all by extend the operating period to 40 years. The plant is scheduled retaining the British Standard for inclusive services provision to commence commercial operations in 2020. (BS18477) and the Louder than Words charter mark. The Group is also working towards financial close of its 80%-owned Tanjung Jati A project, a 2 x 660 megawatt coal- OPERATIONS IN MALAYSIA fired power project in Java, Indonesia, which has a 30-year power purchase agreement with PT PLN (Persero), the In the Group’s contracted power generation division in Malaysia, Indonesian state-owned electricity utility. the power purchase agreement for the supply of 585 megawatts of capacity from its existing power station in Paka, Terengganu, Meanwhile, the Group’s existing investments, comprising a for an increased term of 3 years 10 months (from 2 years and 33.5% interest in ElectraNet Pty Ltd, which owns and operates 10 months previously), was finalised during the year under the electricity transmission grid in South Australia, and an review and supply from Paka Power Station under the new effective interest of 20% in PT Jawa Power, the owner of a power purchase agreement commenced on 1 September 2017. 1,220 megawatt coal-fired power station in Indonesia, continued to perform well. Annual Report 2017 5 CHAIRMAN’S STATEMENT SUSTAINABILITY OUTLOOK On the sustainability front, as a multi-utility provider with Looking ahead, the Group’s performance is expected to remain operations, investments and projects under development in stable. Whilst the outlook for Singapore’s electricity market Malaysia, the UK, Singapore, Indonesia, Jordan and Australia, the remains highly competitive, YTL PowerSeraya’s operating Group works to ensure that its businesses are operated efficiency ensures that the business is well-positioned to meet sustainably, to protect and preserve the resources on which its this challenge. In the UK, Wessex Water continues to be a solid operations depend. performer with its proven operational track record and unceasing efforts to improve customer services standards and outperform Wessex Water in the UK, YTL PowerSeraya in Singapore and the its regulatory targets. On the Malaysian front, the commencement Group’s 20% associate, PT Jawa Power, in Indonesia, together of supply under the new power purchase agreement for Paka with PT YTL Jawa Timur, a wholly-owned subsidiary of YTL Power Station reinstates the income stream for the Group’s Power which carries out operation and maintenance for the domestic power generation segment,
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