KEPPEL VOLT PTE. LTD.

(Registration No. 201810823E)

DIRECTORS’ STATEMENT
AND FINANCIAL STATEMENTS

FINANCIAL YEAR ENDED 31 DECEMBER 2022

KEPPEL VOLT PTE. LTD.

DIRECTORS’ STATEMENT AND FINANCIAL STATEMENTS

CONTENTS

PAGE

Directors’ statement 1-2

Independent auditor’s report 3-5

Balance sheet 6

Statement of comprehensive income 7

Statement of changes in equity 8

Statement of cash flows 9

Notes to financial statements 10 - 20

KEPPEL VOLT PTE. LTD.

DIRECTORS’ STATEMENT

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 as set out on pages 6 to 20 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 its 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 on 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

Lim Joo Ling Cindy, Chua Yong Hwee and Ng Yew Hock are the directors of the immediate holding
company, Keppel EaaS Pte. Ltd.. In accordance with Section 164(3) of the Singapore Companies Act,
their interests in the shares and debentures of the company and its related corporations at the beginning
of the financial year or date of appointment, if later, and at the end of financial year are shown in the
register of directors’ shareholdings kept by the immediate holding company and are therefore not
disclosed in this report.
KEPPEL VOLT PTE. LTD.

DIRECTORS’ 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 VOLT PTE. LTD.

Report on the Audit of the Financial Statements

Our Opinion

In our opinion, the accompanying financial statements of Keppel Volt 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 balance sheet 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.
INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDER OF
KEPPEL VOLT 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
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.
INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDER OF
KEPPEL VOLT 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

KEPPEL VOLT PTE. LTD.

BALANCE SHEET
As at 31 December 2022

Note 2022 2021

$ $
ASSETS

Current assets
Cash and cash equivalents 6 833 1
Due from a related company 5 1,000,000 -
Total current assets 1,000,833 1

Non-current asset
Investment in subsidiary 7 75,000 1
Total non-current asset 75,000 1

Total assets 1,075,833 2

LIABILITIES AND EQUITY

Current liabilities
Due to related companies 5 1,078,999 1
Accrued expenses 2,910 3,371
Total current liabilities 1,081,909 3,372

Total liabilities 1,081,909 3,372

Capital and reserves

Share capital 8 2 2
Accumulated losses (6,078) (3,372)
Net deficit (6,076) (3,370)

Total liabilities, net of capital deficiency 1,075,833 2

See accompanying notes to financial statements.

KEPPEL VOLT PTE. LTD.

STATEMENT OF COMPREHENSIVE INCOME

For the financial year ended 31 December 2022
 Note 2022 2021
$ $

Interest income 3 1

Foreign exchange gain - 29

Gain on extinguishment of amount due to

a related company 5 - 641,408

Other operating expenses (2,709) (3,421)

(Loss)/profit before income tax (2,706) 638,017

Income tax expense 9 - -

(Loss)/profit for the year, representing total

comprehensive (loss)/profit for the year 10 (2,706) 638,017

See accompanying notes to financial statements.

KEPPEL VOLT PTE. LTD.

STATEMENT OF CHANGES IN EQUITY

For the financial year ended 31 December 2022

Accumulate
Share d Net
 Note capital losses deficit
$ $ $

Balance at 31 December 2020 2 (8,681,563) (8,681,561)

Profit for the year, representing total

comprehensive income for the year - 638,017 638,017

Waiver of amount due to intermediate

holding company 5 - 8,040,174 8,040,174

Balance at 31 December 2021 2 (3,372) (3,370)

Balance at 31 December 2021 2 (3,372) (3,370)

Loss for the year, representing total

comprehensive income for the year - (2,706) (2,706)

Balance at 31 December 2022 2 (6,078) (6,076)

See accompanying notes to financial statements.

KEPPEL VOLT PTE. LTD.

STATEMENT OF CASH FLOWS

For the financial year ended 31 December 2022

Note 2022 2021

$ $
 Operating activities
(Loss)/profit before income tax (2,706) 638,017
Adjustment for:
Gain on extinguishment of liabilities - (641,408)
Interest income (3) (1)
Operating cash flows before
movements in working capital (2,709) (3,392)

Changes in working capital:

Due from a related company (1,000,000) -
Accrued expenses (461) -
Due to related companies 1,078,999 1,398
Cash generated from/(used in) operations 75,829 (1,994)

Interest received 3 1
Net cash generated from/(used in) operating
activities 75,832 (1,993)

Investing activity
Investment in a subsidiary, representing net
cash used in investing activity (75,000) -

Net increase/(decrease) in cash and cash

equivalents 832 (1,993)
Cash and cash equivalents at
beginning of the year 1 1,994
Cash and cash equivalents at end of the
year 6 833 1

See accompanying notes to financial statements.

KEPPEL VOLT PTE. LTD.

NOTES TO FINANCIAL STATEMENTS

31 December 2022

1 GENERAL

The Company (Registration No. 201810823E) 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 to provide electricity charging infrastructure services.

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.

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.

KEPPEL VOLT PTE. LTD.

NOTES TO FINANCIAL STATEMENTS

31 December 2022

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

NEW OR REVISED ACCOUNTING STANDARDS AND INTERPRETATIONS (continued)

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)
(continued)

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.

BASIS OF CONSOLIDATION – No consolidated financial statements have been prepared for the
Company and its subsidiary 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 intermediate holding company, Keppel Infrastructure Holdings Pte. Ltd.,
which prepares consolidated financial statements, is 1 HarbourFront Avenue, #18-01 Keppel Bay
Tower, Singapore 098632.

SUBSIDIARY – 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.
Investment in subsidiary is carried at cost less accumulated impairment loss.

KEPPEL VOLT PTE. LTD.

NOTES TO FINANCIAL STATEMENTS

31 December 2022

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

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 comprise of cash and cash equivalents which is a debt instrument.

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 debt
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.

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.
KEPPEL VOLT PTE. LTD.

NOTES TO FINANCIAL STATEMENTS

31 December 2022

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

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
Accrued expenses 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.

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 the 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 tax are recognised as an expense or income in profit or loss.

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.
KEPPEL VOLT PTE. LTD.

NOTES TO FINANCIAL STATEMENTS

31 December 2022

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

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 at 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.

INTEREST INCOME – Interest income is accrued on a time basis, by reference to the principal
outstanding and at the effective interest rate applicable.

3 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION

UNCERTAINTY

Management is of the opinion that there were no critical judgements 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 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 year.

4 FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL RISKS 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 1,000,833 1

Financial liabilities

Payables, at amortised cost 1,081,909 3,372

KEPPEL VOLT PTE. LTD.

NOTES TO FINANCIAL STATEMENTS

31 December 2022

4 FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL RISKS MANAGEMENT

(continued)

(b) Financial risk management policies and objectives

The Company’s overall financial risk management seeks to minimise potential adverse effects
on the 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 significant foreign exchange risk since its financial
assets and liabilities are mainly 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 the only interest bearing
financial asset is cash and cash equivalent, of which any fluctuation in interest rate are
not expected to have any material impact on profit or loss.

(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 and amounts due from related companies.

Receivables 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 within 90 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 attempt to recover the receivables due. Where recoveries are made, these are
recognised in profit or loss.

KEPPEL VOLT PTE. LTD.

NOTES TO FINANCIAL STATEMENTS

31 December 2022
4 FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL RISKS MANAGEMENT
(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 a related company (non-trade)

In assessing the expected credit losses associated with the amount due from related
companies, management considers 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 amounts due from a related company, as at 31 December 2022 and 2021,
management believes that they are considered as “low credit risk”. Hence, the loss
allowance recognised on these assets are measured at the 12-month expected credit
losses and subject to immaterial credit loss.
KEPPEL VOLT PTE. LTD.

NOTES TO FINANCIAL STATEMENTS

31 December 2022

4 FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL RISKS MANAGEMENT

(continued)

(b) Financial risk management policies and objectives (continued)

(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.

(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 has obtained financial support from its
immediate holding company so as to be able to pay its debts as and when they fall due. The
Company is not subject to any externally imposed capital requirements.

The capital structure of the Company comprises of issued capital net of accumulated losses.

The Company’s overall strategy remains unchanged from prior year.

KEPPEL VOLT PTE. LTD.

NOTES TO FINANCIAL STATEMENTS

31 December 2022

5 HOLDING COMPANIES AND RELATED COMPANIES TRANSACTIONS

The Company’s immediate, intermediate and ultimate holding companies are Keppel EaaS Pte. Ltd.,
Keppel Infrastructure Holdings Pte. Ltd. and Keppel Corporation Limited respectively. These holding
companies are incorporated in Singapore. Related companies in the 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.

Due from a related company (non-trade):

2022 2021
$ $

Subsidiary 1,000,000 -

Due to related companies (non-trade):

2022 2021
$ $

Immediate holding company 1,078,999 -

Subsidiary - 1
1,078,999 1

Significant intercompany transactions are as follows:

2022 2021
$ $
(a) With intermediate holding company
Waiver of amount due to intermediate
holding company - 8,040,174

(b) With related companies

Waiver of amount due to a related
company - 641,408
Interest income (3) (1)
KEPPEL VOLT PTE. LTD.

NOTES TO FINANCIAL STATEMENTS

31 December 2022

6 CASH AND CASH EQUIVALENTS

2022 2021
$ $

Deposits placed with a related company 833 1

Deposits placed with a related company bear an interest of 0.05% to 0.50% (2021: 0.05% to 0.10%)
per annum and are repayable on demand. Deposits with the related company, which functions as the
central treasury of 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 INVESTMENT IN SUBSIDIARY

2022 2021
$ $

Unquoted equity shares, at cost 75,000 1

Details of the subsidiary as at the end of the reporting period are as follows:

Country of Proportion of ownership

incorporation and voting
Name of subsidiary and operation power held Principal activity
2022 2021
% %

Volt Singapore Pte. Ltd. Singapore 75 100 Provision of electricity

charging infrastructure
services

During the year, the Company subscribed to 74,999 out of 99,999 ordinary shares issued by Volt
Singapore Pte. Ltd.. As a result, the Company’s shareholding in Volt Singapore has decreased from
100% to 75% as at 31 December 2022.

8 SHARE CAPITAL

2022 2021 2022 2021

Number of ordinary shares $ $

Issued and paid up:

At beginning and end of
year 2 2 2 2

Fully paid ordinary shares, which have no par value, carry one vote per share and carry a right to
dividends as and when declared by the Company.
KEPPEL VOLT PTE. LTD.

NOTES TO FINANCIAL STATEMENTS

31 December 2022

9 INCOME TAX EXPENSE

Domestic income tax is calculated at 17% (2021: 17%) of the estimated assessable profit for the year.

The total charge for the year can be reconciled to the accounting (loss)/profit as follows:

2022 2021
$ $

(Loss)/profit before income tax (2,706) 638,017

Tax at the domestic income tax rate (460) 108,463

Tax effect of non-taxable items - (109,045)
Tax effect of non-deductible items 460 582
Income tax expense - -

10 (LOSS)/PROFIT FOR THE YEAR

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 year and prior period.