Keppel Eaas Pte. Ltd.

KEPPEL EAAS PTE. LTD.
(Formerly known as Keppel New Energy Pte. Ltd.)

(Registration No. 201331914M)
DIRECTORS’ STATEMENT
AND FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022

DIRECTORS’ STATEMENT AND FINANCIAL STATEMENTS
CONTENTS
PAGE
Directors’ statement 1 - 3
Independent auditor’s report 4 - 6
Statement of financial position 7
Statement of comprehensive income 8
Statement of changes in equity 9
Statement of cash flows 10
Notes to financial statements 11 - 25

The directors present their statement to the shareholder together with the audited financial statements for the
financial year ended 31 December 2022.
In the opinion of the directors, the financial statements set out on pages 7 to 25 are drawn up so as to give a
true and fair view of the financial position of the Company as at 31 December 2022, and the financial
performance, changes in equity and cash flows of the Company for the financial year covered by the financial
statements, and at the date of this statement, with the continued financial support from the immediate holding
company, there are reasonable grounds to believe that the Company will be able to pay its debts as and when
they fall due.
1 DIRECTORS
The directors of the Company in office at the date of this statement are as follows:
Lim Joo Ling Cindy

Chua Yong Hwee
Ng Yew Hock (Appointed 1 September 2022)
2 ARRANGEMENTS TO ENABLE DIRECTORS TO ACQUIRE SHARES AND DEBENTURES
Neither at the end of nor at any time during the financial year did there subsist any arrangement whose
object was to enable the directors of the Company to acquire benefits by means of the acquisition of
shares or debentures in the Company or any other body corporate, except for the options, restricted shares
and performance shares mentioned in paragraph 3 of the Directors’ Statement.
3 DIRECTORS’ INTERESTS IN SHARES AND DEBENTURES
The directors of the Company holding office at the end of the financial year had no interests in the share
capital and debentures of the Company and its related corporations as recorded in the register of
directors’ shareholdings kept by the Company under Section 164 of the Singapore Companies Act except
as follows:
Interest held
At 1 January
2022, or date of At
appointment, 31 December
if later 2022
Keppel Corporation Limited
Ordinary shares
Chua Yong Hwee 16,342 41,292
Ng Yew Hock 25,866 25,866
3 DIRECTORS’ INTERESTS IN SHARES OR DEBENTURES (continued)
Interest held
At 1 January
2022, or date
of At
appointment, 31 December
if later 2022
Keppel Corporation Limited
Unvested restricted shares to be delivered after 2019

1
Chua Yong Hwee 3,829 -

1

Ng Yew Hock 2,313 2,313

1
Chua Yong Hwee - 21,525

Ng Yew Hock 4,386 4,386
Contingent award of performance shares

– Transformation Incentive Plan
issued in 2020 to be delivered after 2021 2, 3
Chua Yong Hwee 20,000 -
Contingent award of performance shares

– Transformation Incentive Plan
issued in 2021 to be delivered after 2025 2, 3
1 Restricted shares are shares under awards pursuant to the Keppel Corporation Limited’s Restricted
Share Plan.
2 Performance shares are shares under awards pursuant to the Keppel Corporation Limited’s
Performance Share Plan.
3 Depending on the achievement of pre-determined performance targets, the actual number of shares
to be released could range from zero to 150% of the number stated.
Details regarding Keppel Corporation Limited’s Restricted Share Plan and Performance Share Plan are
disclosed in the annual report of Keppel Corporation Limited.
Lim Joo Ling Cindy is a director of the Company’s immediate holding company, Keppel Infrastructure
Holdings Pte. Ltd., a company incorporated in Singapore, and in accordance with Section 164(3) of the
Singapore Companies Act, her interests in the shares and debentures of the Company and its related
corporations at the beginning and end of the financial year is shown in the register of directors’
shareholdings kept by the immediate holding company and are therefore not disclosed in this statement.
4 SHARE OPTIONS
(a) Option to take up unissued shares
During the financial year, no option to take up unissued shares of the Company was granted.
(b) Option exercised
During the financial year, there were no shares of the Company issued by virtue of the exercise of
an option to take up unissued shares.
(c) Unissued shares under option
At the end of the financial year, there were no unissued shares of the Company under option.
5 AUDITOR
Our auditor, PricewaterhouseCoopers LLP, has expressed their willingness to accept re-appointment.
ON BEHALF OF THE DIRECTORS
........................................ ........................................
Chua Yong Hwee Ng Yew Hock
3 March 2023
INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDER OF
KEPPEL EAAS PTE. LTD. (Formerly known as Keppel New Energy Pte. Ltd.)
Report on the Audit of the Financial Statements
Our Opinion
In our opinion, the accompanying financial statements of Keppel EaaS Pte. Ltd. (formerly known as Keppel
New Energy Pte. Ltd.) (the “Company”) are properly drawn up in accordance with the provisions of the
Companies Act 1967 (the “Act”), Singapore Financial Reporting Standards (International) (“SFRS(I)s”) and
International Financial Reporting Standards (“IFRSs”) so as to give a true and fair view of the financial position
of the Company as at 31 December 2022 and of the financial performance, changes in equity and cash flows
of the Company for the financial year ended on that date.
What we have audited
The financial statements of the Company comprise:
● the statement of financial position as at 31 December 2022;

● the statement of comprehensive income for the financial year then ended;
● the statement of changes in equity for the financial year then ended;
● the statement of cash flows for the financial year then ended; and
● the notes to financial statements, including a summary of significant accounting policies.
Basis for Opinion
We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Independence
We are independent of the Company in accordance with the Accounting and Corporate Regulatory Authority
Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”)
together with the ethical requirements that are relevant to our audit of the financial statements in Singapore,
and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA
Code.
KEPPEL EAAS PTE. LTD. (Formerly known as Keppel New Energy Pte. Ltd.) (continued)
Other Information
Management is responsible for the other information. The other information comprises the Directors’
Statement but does not include the financial statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form
of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information
identified above and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Directors for the Financial Statements
Management is responsible for the preparation of financial statements that give a true and fair view in
accordance with the provisions of the Act, SFRS(I)s and IFRSs, and for devising and maintaining a system of
internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against
loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded
as necessary to permit the preparation of true and fair financial statements and to maintain accountability of
assets.
In preparing the financial statements, management is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless management either intends to liquidate the Company or to cease operations,
or has no realistic alternative but to do so.
The directors’ responsibilities include overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these financial statements.
KEPPEL EAAS PTE. LTD. (Formerly known as Keppel New Energy Pte. Ltd.) (continued)
Auditor’s Responsibilities for the Audit of the Financial Statements (continued)
As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional
scepticism throughout the audit. We also:
● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the Company’s internal control.
● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
● Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor’s report to the related
disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the Company to cease to continue as a going concern.
● Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during
our audit.
Report on Other Legal and Regulatory Requirements
In our opinion, the accounting and other records required by the Act to be kept by the Company have been
properly kept in accordance with the provisions of the Act.
PricewaterhouseCoopers LLP
Public Accountants and Chartered Accountants
Singapore, 3 March 2023
STATEMENT OF FINANCIAL POSITION

As at 31 December 2022
Note 2022 2021

$ $
Current assets s
Cash and cash equivalents 6 838,661 -
Other receivables 7 65,934 -
Due from related companies 5 5,771,165 -
Total current assets 6,675,760 -
Non-current asset
Investment in subsidiaries 8 90,476,002 90,476,002
Total non-current asset 90,476,002 90,476,002
Total assets 97,151,762 90,476,002
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables 9 364,704 2,696
Due to related companies 5 96,330,852 90,066,372
Total current liabilities 96,695,556 90,069,068
Capital and reserves

Share capital 10 2 2
Accumulated profit 456,204 406,932
Total equity 456,206 406,934
Total liabilities and equity 97,151,762 90,476,002
See accompanying notes to financial statements.

STATEMENT OF COMPREHENSIVE INCOME

For the financial year ended 31 December 2022
Note 2022 2021

$ $
Other income 11 75,282 -
Employee benefits expenses (766,213) -
Other expenses (559,797) (2,696)
Dividend income 5 13,500,000 10,370,000
Profit before income tax 12,249,272 10,367,304
Income tax expense 12 - -
Profit for the year, representing total

comprehensive income for the year 13 12,249,272 10,367,304

STATEMENT OF CHANGES IN EQUITY

Accumulate
Share d
Note capital profit Total
$ $ $
At 1 January 2021 2 39,628 39,630

comprehensive income for the year - 10,367,304 10,367,304
(10,000,000 (10,000,000
Dividends declared 14 - ) )
At 31 December 2021 2 406,932 406,934

comprehensive income for the year - 12,249,272 12,249,272
(12,200,000 (12,200,000
Dividends declared 14 - ) )
At 31 December 2022 2 456,204 456,206

STATEMENT OF CASH FLOWS

Note 2022 2021

$ $
Operating activities
Adjustments for:
Interest income (1,186) -
Dividend income (13,500,000) (10,370,000)
Operating cash flow before movements in working capital (1,251,914) (2,696)
Changes in working capital:

Other receivables (65,934) -
Due from/to related companies – net 1,793,315 2,696
Trade and other payables 362,008 -
Cash generated from operations 837,475 -
Interest received 1,186 -

Net cash generated from operating activities 838,661 -
Investing activities
Dividends received 9,000,000 10,370,000
Investment in subsidiaries - (370,000)
Net cash generated from investing activities 9,000,000 10,000,000
Financing activity
Dividends paid, representing net cash used in financing
activity (9,000,000) (10,000,000)
Net increase in cash and cash equivalents 838,661 -

Cash and cash equivalents at the beginning of year - -
Cash and cash equivalents at the end of year 6 838,661 -
See accompanying notes to financial statements

NOTES TO FINANCIAL STATEMENTS

1 GENERAL
The Company (Registered No. 201331914M) is incorporated in Singapore with its principal place of
business at 1 HarbourFront Avenue, #05-05 Keppel Bay Tower, Singapore 098632 and its registered
office at 1 HarbourFront Avenue, #18-01 Keppel Bay Tower, Singapore 098632.
The principal activity of the Company is that of investment holding.
With effect from 6 February 2023, the name of the Company was changed from Keppel New Energy
Pte. Ltd. to Keppel EaaS Pte. Ltd.
The financial statements of the Company for the year ended 31 December 2022 were authorised for issue
by the Board of Directors on 3 March 2023.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING – The financial statements have been prepared in accordance with the
historical cost basis, except as disclosed in the accounting policies below, and are drawn up in
accordance with the provisions of the Singapore Companies Act, Singapore Financial Reporting
Standards (International) (“SFRS(I)”) and International Financial Reporting Standards (“IFRS”). All
references to SFRS(I) and IFRS are referred to collectively as “SFRS(I)” in these financial statements,
unless specified otherwise.
ADOPTION OF NEW AND REVISED SFRS(I) – On 1 January 2022, the Company has adopted the
new or amended SFRS(I) and Interpretations of SFRS(I) (“INT SFRS(I)”) that are mandatory for
application for the financial year. Changes to the Company’s accounting policies have been made as
required, in accordance with the transitional provisions in the respective SFRS(I) and INT SFRS(I).
The adoption of these new or amended SFRS(I) and INT SFRS(I) did not result in substantial changes
to the Company’s accounting policies and had no material effect on the amounts reported for the current
or prior financial years.

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
NEW OR REVISED ACCOUNTING STANDARDS AND INTERPRETATIONS – Below are the

mandatory standards, amendments and interpretations to existing standards that have been published,
and are relevant for the Company’s accounting periods beginning on or after 1 January 2022 and which
the Company has not early adopted.
Amendments to SFRS(I) 1-1 Presentation of Financial Statements: Classification of Liabilities as

Current or Non-current (effective for annual periods beginning on or after 1 January 2023)
The narrow-scope amendments to SFRS(I) 1-1 Presentation of Financial Statements clarify that
liabilities are classified as either current or non-current, depending on the rights that exist at the end of
the reporting period. Classification is unaffected by the expectations of the entity or events after the
reporting date (e.g. the receipt of a waiver or a breach of covenant). The amendments also clarify what
SFRS(I) 1-1 means when it refers to the ‘settlement’ of a liability.
The amendments could affect the classification of liabilities, particularly for entities that previously
considered management’s intentions to determine classification and for some liabilities that can be
converted into equity. The Company does not expect any significant impact arising from applying these
amendments.
Amendments to SFRS(I) 1-12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from
a Single Transaction (effective for annual periods beginning on or after 1 January 2023)
The amendments to SFRS(I) 1-12 Income Taxes require companies to recognise deferred tax on
transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary
differences. They will typically apply to transactions such as leases of lessees and decommissioning
obligations, and will require the recognition of additional deferred tax assets and liabilities.
The amendment should be applied to transactions that occur on or after the beginning of the earliest
comparative period presented. In addition, entities should recognise deferred tax assets (to the extent
that it is probable that they can be utilised) and deferred tax liabilities at the beginning of the earliest
comparative period for all deductible and taxable temporary differences associated with:
● right-of-use assets and lease liabilities, and

● decommissioning, restoration and similar liabilities, and the corresponding amounts recognised as
part of the cost of the related assets.
The cumulative effect of recognising these adjustments is recognised in retained earnings, or another
component of equity, as appropriate.

BASIS OF CONSOLIDATION – No consolidated financial statements have been prepared for the
Company and its subsidiaries as the Company is a wholly-owned subsidiary of Keppel Infrastructure
Holdings Pte. Ltd., incorporated in Singapore, which prepares consolidated financial statements
available for public use that comply with SFRS(I).
The registered address of the immediate holding company, Keppel Infrastructure Holdings Pte. Ltd.,
which prepares consolidated financial statements, is 1 HarbourFront Avenue, #18-01 Keppel Bay Tower,
Singapore 098632.
SUBSIDIARIES – A subsidiary is an entity controlled by the Company. Control is achieved when the
Company:
● Has power over the investee;

● Is exposed, or has rights, to variable returns from its involvement with the investee; and
● Has the ability to use its power to affect its returns.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that
there are changes to one or more of the three elements of control listed above.
When the Company has less than a majority of the voting rights of an investee, it has power over the
investee when the voting rights are sufficient to give it the practical ability to direct the relevant facts
and circumstances in assessing whether or not the Company’s voting rights in an investee are sufficient
to give it power, including:
● The size of the Company’s holding of voting rights relative to the size and dispersion of holdings
of the other vote holders;
● Potential voting rights held by the Company, other vote holders or other parties;
● Rights arising from the other contractual arrangements; and
● Any additional facts and circumstances that indicate that the Company has, or does not have, the
current ability to direct the relevant activities at the time that the decisions need to be made,
including voting patterns at previous shareholders meetings.
Investments in subsidiaries are carried at cost less accumulated impairment losses.


FINANCIAL INSTRUMENTS – Financial assets and financial liabilities are recognised on the
Company’s balance sheet when the Company becomes a party to the contractual provisions of the
instrument.
Financial assets
Classification and measurement
The Company classifies its financial assets at amortised cost. The classification depends on the
Company’s business model for managing the financial assets as well as the contractual terms of the cash
flows of the financial asset. The Company reclassifies financial assets into other measurement categories
when and only when its business model for managing those assets changes.
At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a
financial asset not at fair value through profit or loss, transaction costs that are directly attributable to
the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through
profit or loss are expensed in profit or loss.
The Company’s financial assets mainly comprise of cash and cash equivalents, amounts due from related
companies and other receivables (excluding prepayments), which are debt instruments.
At subsequent measurement, debt financial assets that are held for collection of contractual cash flows
where those cash flows represent solely payments of principal and interest are measured at amortised
cost. A gain or loss on a financial asset that is subsequently measured at amortised cost and is not part
of a hedging relationship is recognised in profit or loss when the asset is derecognised or impaired.
Interest income from these financial assets is included in interest income using the effective interest rate
method.
Impairment
The Company assesses on a forward-looking basis the expected credit losses associated with its financial
assets carried at amortised cost. The impairment methodology applied depends on whether there has
been a significant increase in credit risk. Note 4(b)(iii) details how the Company determines whether
there has been a significant increase in credit risk.
For trade related receivables, the Company applies the simplified approach permitted by SFRS(I) 9,
which requires expected lifetime losses to be recognised from initial recognition of the receivables.
Derecognition of financial assets
Financial assets are derecognised when the rights to receive cash flows from the financial assets have
expired or have been transferred and the Company has transferred substantially all risks and rewards of
ownership.
On disposal of a financial asset, the difference between the carrying amount and the sale proceeds is
recognised in profit or loss. Any amount previously recognised in other comprehensive income relating
to that asset is reclassified to profit or loss.

FINANCIAL INSTRUMENTS (continued)
Financial liabilities and equity instruments
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of the Company after
deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct
issue costs.
Financial liabilities
Trade and other payables and amounts due to related companies are initially measured at fair value, net
of transaction costs, and are subsequently measured at amortised cost, using the effective interest
method, with interest expense recognised on an effective yield basis.
Derecognition of financial liabilities
The Company derecognises financial liabilities when, and only when, the Company’s obligations are
discharged, cancelled or expired.
IMPAIRMENT OF NON-FINANCIAL ASSETS – At the end of each reporting period, the Company
reviews the carrying amounts of its non-financial assets to determine whether there is any indication that
those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of
the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not
possible to estimate the recoverable amount of an individual asset, the Company estimates the
recoverable amount of the cash- generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in
use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate
that reflects current market assessments of the time value of money and the risks specific to the asset for
which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying
amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount.
An impairment loss is recognised immediately in profit or loss.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating
unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying
amount does not exceed the carrying amount that would have been determined had no impairment loss
been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss
is recognised immediately in profit or loss.

DIVIDEND INCOME – Dividend income from investments is recognised when the shareholders’ rights
to receive payment have been established, it is probable that the economic benefits associated with the
dividend will flow to the Company, and the amount of the dividend can be reliably measured.
SHARE-BASED PAYMENT – The Company’s ultimate holding corporation, Keppel Corporation

Limited (“KCL”), operates share-based compensation plans and eligible employees in the Company are
granted shares in KCL under the KCL Restricted Share Plan (“KCL RSP”) for services rendered.
The fair value of the employee services received in exchange for the grant of restricted shares is
recognised as an expense in profit or loss, with a corresponding increase in payables to the immediate
holding company, over the vesting period of the share plans. The total amount to be recognised over the
vesting period is determined by reference to the fair values of the restricted shares granted on the
respective dates of grant.
At each balance sheet date, profit or loss is adjusted for the impact of the revision in the estimates of the
share plan awards that are expected to vest on the vesting dates. No expense is recognised for share plan
awards that do not ultimately vest, except for share plan awards where vesting is conditional upon a
market condition, which are treated as vested irrespective of whether or not the market condition is
satisfied, provided that all other performance and/or service conditions are satisfied.
RETIREMENT BENEFIT COSTS – Payments to defined contribution retirement benefit plans are
charged as an expense when the employees have rendered the services entitling them to the contributions.
Payments made to state-managed retirement benefit schemes, such as the Singapore Central Provident
Fund, are dealt with as payments to defined contribution plans where the Company’s obligations under
the plans are equivalent to those arising in a defined contribution retirement benefit plan.
EMPLOYEE LEAVE ENTITLEMENT – Employee entitlements to annual leave are recognised when
they accrue to employees. A provision is made for the estimated liability for annual leave as a result of
services rendered by employees up to the end of the reporting period.
CASH AND CASH EQUIVALENTS – Cash and cash equivalents in the statement of cash flows
comprise cash at bank and deposits with related companies that are readily convertible to a known
amount of cash and are subject to an insignificant risk of changes in value.

INCOME TAX – Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as
reported in the statement of comprehensive income because it excludes items of income or expense that
are taxable or deductible in other years and it further excludes items that are not taxable or tax
deductible. The Company’s liability for current tax is calculated using tax rates (and tax laws) that have
been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit, and are
accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised
for all taxable temporary differences and deferred tax assets are recognised to the extent that it is
probable that taxable profits will be available against which deductible temporary differences can be
utilised.
Current and deferred taxes are recognised as expenses or income in profit or loss.
FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION – The financial statements of the

Company are presented in Singapore dollars, which is the functional currency of the Company.
Transactions in currencies other than the Company’s functional currency are recorded at the rate of
exchange prevailing on the date of the transaction. At the end of each reporting period, monetary items
denominated in foreign currencies are translated at the rates prevailing on the end of the reporting
period. Exchange differences arising on the settlement of monetary items, and on translation of
monetary items are included in profit or loss for the period.
DIVIDENDS - Dividends to the Company’s shareholders are recognised when the dividends are
approved for payment.
3 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION

UNCERTAINTY
Management is of the opinion that there were no critical judgments involved in the process of applying
the Company’s accounting policies that would have a significant impact on the amounts recognised in
the financial statements.
The Company does not have any other key sources of estimation uncertainty at the end of the reporting
period that has a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial period.

4 FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL RISK MANAGEMENT
(a) Categories of financial instruments
The following table sets out the financial instruments as at the end of the reporting period:
2022 2021
$ $
Financial assets
Financial assets, at amortised cost 6,672,128 -
Financial liabilities
Payables, at amortised cost 96,695,556 90,069,068
(b) Financial risk management policies and objectives
The Company’s overall financial risk management seeks to minimise potential adverse effects of
financial performance of the Company. There have been no changes to the Company’s exposure
to these financial risks or the manner in which it manages and measures the risk.
(i) Foreign exchange risk management
The Company is not exposed to foreign exchange risk since its financial liabilities are
denominated in its functional currency.
(ii) Interest rate risk management
Interest rate risk refers to the risk faced by the Company as a result of fluctuations in interest
rates.
The Company’s exposure to interest rate risks is minimal as its interest-bearing financial
instruments are either subject to insignificant risk of change in value, e.g. cash and cash
equivalents, or have fixed interest rates and are therefore not exposed to the cash flow risk
from interest rate movements.


(continued)
(b) Financial risk management policies and objectives (continued)
(iii) Credit risk management
Credit risk refers to the risk that a debtor will default on its obligations to repay the amount
owing to the Company.
The maximum exposure to credit risk is the carrying amount of financial assets which are
mainly cash and cash equivalents, other receivables (excluding prepayments) and amounts
due from related companies.
Other receivables (excluding prepayments) and amounts due from related companies are
written off when there is no reasonable expectation of recovery. The Company considers a
financial asset as in default if the counterparty fails to make contractual payments beyond a
reasonable number of days when they fall due, and writes off the financial asset when
chances of recovery are low.
Where receivables are written off, the Company continues to engage in enforcement activity
to recover the receivables due. Where recoveries are made, these are recognised in profit or
loss.
Amounts due from related companies (trade)
Amounts due from related companies (trade) are assessed individually for lifetime expected
credit losses at each reporting date. In calculating the expected credit loss, the Company
uses a probability-weighted amount that is determined by evaluating a range of possible
outcomes. The possible outcomes include an unbiased estimate of the possibility that a credit
loss occurs and the possibility that no credit loss occurs even if the most likely outcome is
no credit loss.
Individual customer will be evaluated periodically for its credit risk and the credit risk
assessment is based on historical, current and forward-looking information such as:
• Historical financial and default rate of the customer

• Any publicly available information on the customer
• Any macro-economic or geopolitical information relevant to the customer
• Any other objectively supportable information on the quality and abilities of the
customer’s management relevant for its performance
For the amounts due from related companies (trade), the individual customers have low risk
of default and a strong capacity to meet their contractual cash flows and are subject to
immaterial credit loss.
As at 31 December 2022 and 2021, there was no allowance for credit loss made.


(continued)
(b) Financial risk management policies and objectives (continued)
(iii) Credit risk management (continued)
Cash and cash equivalents
Cash and cash equivalents are mainly transacted with reputable financial institutions with
good credit rating, and a related company which functions as the central treasury of the Keppel
group of companies. The cash and bank balances are measured at 12-month expected credit
losses and subject to immaterial credit loss.
Amounts due from related company (non-trade)
In assessing the expected credit losses associated with the amounts due from related company
(non-trade), management considers individually each related company whether there has
been a significant increase in credit risk and factors such as the financial strength, historical
financial performance, repayment history and outlook of the related companies are taken into
consideration.
For the amounts due from related company (non-trade), management believes that it is
considered as “low credit risk”. Hence, the loss allowance recognised is measured at the 12-
month expected credit losses and subject to immaterial credit loss.
Other receivables
Other receivables, which mainly consists of unbilled receivables from related companies and
reimbursements receivable are subject to immaterial credit loss.
(iv) Liquidity risk management
Liquidity risk is the risk that the Company will not be able to meet its financial obligations
as they fall due. The Company is dependent on its immediate holding company for continued
financial support and the directors are satisfied that such support will be available as and
when required.
All financial liabilities as at 31 December 2022 and 2021 are repayable on demand or due
within 1 year from the end of the reporting period.
(v) Fair value of financial assets and financial liabilities
Management considers that the carrying amounts of the financial assets and financial
liabilities at the end of the reporting period to approximate their respective fair values due
to the relatively short-term maturity of these financial instruments.


(continued)
(c) Capital risk management policies and objectives
The Company reviews its capital structure at least annually to ensure that the Company will be
able to continue as a going concern. The Company is not subject to any externally imposed capital
requirements.
The capital structure of the Company comprises issued capital and accumulated profits.
The Company’s overall strategy remains unchanged from prior year.
5 HOLDING COMPANIES AND RELATED COMPANIES TRANSACTIONS
The Company’s immediate and ultimate holding companies are Keppel Infrastructure Holdings Pte. Ltd.
and Keppel Corporation Limited respectively. These holding companies are incorporated in Singapore.
Related companies in these financial statements refer to members of the ultimate holding company’s
group of companies.
Some of the Company’s transactions and arrangements are between members of the group and the effect
of these on the basis determined between the parties is reflected in these financial statements.
The intercompany balances are unsecured, interest free and repayable on demand unless otherwise
stated.
2022 2021
$ $
Due from
Trade:
Related companies 192,166 -
Non-Trade:
Related company 5,578,999 -
Total 5,771,165 -
Due to
Non-Trade:
80,149,8 76,960,
Immediate holding company 43 372
16,181,0 13,106,
Related companies 09 000
96,330,8 90,066,
Total 52 372

5 HOLDING COMPANIES AND RELATED COMPANIES TRANSACTIONS (continued)
Significant intercompany transactions are as follows:
2022 2021
$ $
Dividends declared to immediate holding company (Note 14) (12,200,000) (10,000,000)

Dividends declared by subsidiaries 13,500,000 10,370,000
Interest income from related company (Note 11) 1,186 -
Acquisition of subsidiaries from related companies - (590,002)
6 CASH AND CASH EQUIVALENTS
2022 2021
$ $
Deposits with a related company 838,661 -
Deposits placed with a related company bear interest of 0.05% to 0.50% per annum and are repayable
on demand. Deposits with the related company, which functions as the central treasury of the Keppel
group of companies, are subject to an arrangement with a bank where bank balances above or below a
preset amount are transferred from/to a bank account of the related company on a daily basis.
7 OTHER RECEIVABLES
2022 2021
$ $
Prepayments 3,632 -
Other receivables 62,302 -
65,934 -
8 INVESTMENT IN SUBSIDIARIES
2022 2021
$ $
Unquoted equity shares, at cost

Beginning of financial year 90,476,002 89,886,000
Additions - 590,002
End of financial year 90,476,002 90,476,002

8 INVESTMENT IN SUBSIDIARIES (continued)
Details of the subsidiaries at the end of the reporting period are as follows:
Company’s
Country of effective equity
incorporation interest and voting
Name of subsidiaries and operation power held Principal activities
2022 2021
% %
Held by Company
Keppel DHCS Pte. Ltd. Singapore 100 100 Development of district heating and
cooling system for the purpose of
air cooling and other utility services
Keppel DHCS O&M Pte. Singapore 100 100 Engineering, construction, operation
Ltd. and maintenance of plants and
facilities
Keppel Volt Pte. Ltd. Singapore 100 100 Provide electricity charging
infrastructure services
Held by subsidiary
Volt Singapore Pte. Ltd. Singapore 75 100 Provide electricity charging
infrastructure services
Tianjin Eco-city Keppel China 80 80 Development of district heating and

New Energy Dev. Co. cooling system for the purpose of
Ltd. air cooling and other utility services
9 TRADE AND OTHER PAYABLES
2022 2021
$ $
Trade payables 5,589 -

Accrued expenses 356,115 -
Other payables 3,000 2,696
364,704 2,696
10 SHARE CAPITAL
2022 2021 2022 2021

Number of shares $ $
Issued and paid up:
At beginning and end of the year 2 2 2 2
Fully paid ordinary shares, which have no par value, carry one vote per share and a right to dividends as
and when declared by the Company.

11 OTHER INCOME
2022 2021
$ $
Government grants 20,163 -

Interest income (Note 5) 1,186 -
Others 53,933
75,282 -
12 INCOME TAX EXPENSE
Domestic income tax is calculated at 17% (2021: 17%) of the estimated assessable profit for the year.
The total charge the year can be reconciled to the accounting profit as follows:
2022 2021
$ $
Tax expense at the domestic income tax rate 2,082,376 1,762,442

Tax effect of non-taxable items (2,082,376) (1,762,900)
Tax effect of non-deductible items - 458
Income tax expense - -
13 PROFIT FOR THE YEAR
(a) This has been arrived at after charging:
2022 2021
$ $
Wages, salaries and benefits 649,763 -

Employer’s contribution to Central Provident Fund 81,933 -
Share-based payment 34,517 -
(b) Compensation of directors and key management personnel
The directors of the Company, who are the only key management personnel, did not receive
remuneration from the Company during the current and prior years.

13 PROFIT FOR THE YEAR (continued)
(c) Share options and share plan granted
The Keppel Corporation Limited (“KCL”) Restricted Share Plan (“KCL RSP”) is a share plan
approved by KCL’s shareholders on 23 April 2010 and administered by the KCL Remuneration
Committee (“KCL RC”), and extended to eligible employees of KCL’s subsidiaries at the discretion
of the KCL RC. The KCL Restricted Share Plan 2020 (“KCL RSP 2020”) was approved by the
KCL’s shareholders on 2 June 2020, replacing the KCL RSP. The termination of the KCL RSP will
not, however, affect awards granted prior to such termination, whether such awards have been
released (whether fully or partially) or not, which awards will continue to be valid and be subject
to the terms and conditions of the KCL RSP.
The KCL RSP – Deferred Shares & KCL RSP 2020 – Deferred Shares are award of fully-paid
ordinary shares of KCL which will vest equally over three years subject to fulfilment of service
requirements.
The fair values of the contingent award of shares for the above plans are determined at the grant
date using Monte Carlo simulation method which involves projection of future outcomes using
statistical distributions of key random variables including share price and volatility.
On 15 February 2022, eligible employees were granted awards of 4,304 shares under the KCL RSP
2020-Deferred Shares and the estimated fair value of the shares granted were $5.84.
The significant inputs into the model are as follows:
2022
KCL RSP 2020 –

Deferred Shares
Date of grant 15.02.2022

Prevailing share price at date of grant $6.05
Expected volatility of KCL 26.92%
Expected term 0.00 – 2.00 years
Risk free rate 0.90% - 1.26%
Expected dividend yield *
* Expected dividend yield is based on management’s forecast for KCL Group.
The expected volatilities are based on the historical volatilities of KCL’s share price over the
previous 36 months immediately preceding the grant date. The expected term used in the model is
based on the grant date and the end of the performance period.
14 DIVIDENDS
During the year, the Company has declared an interim one-tier tax exempt dividend of $6,100,000 (2021:
$5,000,000) per ordinary share amounting to $12,200,000 (2021: $10,000,000).

Keppel Eaas Pte. Ltd. - Audited Financial Statement FY31.12.2022

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Keppel Eaas Pte. Ltd. - Audited Financial Statement FY31.12.2022

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(Formerly known as Keppel New Energy Pte. Ltd.)

YEAR ENDED 31 DECEMBER 2022

DIRECTORS’ STATEMENT AND FINANCIAL STATEMENTS

Independent auditor’s report 4 - 6

Statement of financial position 7

Statement of comprehensive income 8

Statement of changes in equity 9

Statement of cash flows 10

Notes to financial statements 11 - 25

Lim Joo Ling Cindy

2 ARRANGEMENTS TO ENABLE DIRECTORS TO ACQUIRE SHARES AND DEBENTURES

3 DIRECTORS’ INTERESTS IN SHARES AND DEBENTURES

3 DIRECTORS’ INTERESTS IN SHARES OR DEBENTURES (continued)

Unvested restricted shares to be delivered after 2019

Chua Yong Hwee 3,829 -

Unvested restricted shares to be delivered after 2020

Chua Yong Hwee 17,973 8,987

Unvested restricted shares to be delivered after 2021

Chua Yong Hwee - 21,525

Contingent award of performance shares

Contingent award of performance shares

(a) Option to take up unissued shares

(b) Option exercised

(c) Unissued shares under option

ON BEHALF OF THE DIRECTORS

Report on the Audit of the Financial Statements

What we have audited

The financial statements of the Company comprise:

● the statement of financial position as at 31 December 2022;

Basis for Opinion

Responsibilities of Management and Directors for the Financial Statements

Auditor’s Responsibilities for the Audit of the Financial Statements

Auditor’s Responsibilities for the Audit of the Financial Statements (continued)

Report on Other Legal and Regulatory Requirements

STATEMENT OF FINANCIAL POSITION

Note 2022 2021

Total assets 97,151,762 90,476,002

LIABILITIES AND EQUITY

Capital and reserves

Total liabilities and equity 97,151,762 90,476,002

See accompanying notes to financial statements.

STATEMENT OF COMPREHENSIVE INCOME

Note 2022 2021

Other income 11 75,282 -

Employee benefits expenses (766,213) -

Other expenses (559,797) (2,696)

Dividend income 5 13,500,000 10,370,000

Profit before income tax 12,249,272 10,367,304

Income tax expense 12 - -

Profit for the year, representing total

See accompanying notes to financial statements.

STATEMENT OF CHANGES IN EQUITY

At 1 January 2021 2 39,628 39,630

Profit for the year, representing total

At 31 December 2021 2 406,932 406,934

Profit for the year, representing total

At 31 December 2022 2 456,204 456,206

STATEMENT OF CASH FLOWS

Note 2022 2021

Changes in working capital:

Interest received 1,186 -

Net increase in cash and cash equivalents 838,661 -