t fvUEPENlH T ArDITOR~ REPORT to he mtmlxrs ltf

ISLAXD rOWEH [~TERIEDUR PTE LTD

Heport OIl the Financial Statements

C(t~npnse the statcH1cnl fin~tDCi~i1

stateJTcLl of dl211ges in $UGIUllar~ of

opinion O(f the r

This

fOT preparatic)( Ind fair presentaJtltgtf) of the Singapme C Act -0

iflud(s

(bmin audit evidence depend ()1

tfWI

r~1s(lnahie aSStlrilllCC

IS

hDEPENDET REPORt

ISLAND POER IlTERfErHARY PIE LTD I

Report (ria tbcent Financial StHernents

iC~ Finaneiaj )fthc company as at3 March 20 i

ended on that ciailt

aud Hegulatory

Island Power Intermediary Pte Ltd

StatemICnt of Iinandal POSIDon as at 3t ~Iilrch uno

31 March 31 December 20ll) 200g

SS SS

ASSETS 10 UABlrnES Non-enrre 11 tmiddoty(ts

A liailable-flxmiddotlc

Current Assts

Cash and casb alentamp

Total Assets

EQUITY lnO002

bullj and should bcThe annc(ed d statement~read m j

2

ishmd PowEr Intermediary Pte Ltd

Statement of Comprenellshf Iu(omc for tile period fended 11 lardl 20 W

income

OJOilZOO n1 0 tnons ~) to

310312010 iV2126~H

S$

Other

Profit aftr taslltion and total compnnensive io(ome for the periodfy(gtj)r 5

tw

bland Power Intermediary Pte l~td

Statement Qf ChanglSin Equity for tbe period ended 31 Mann 2010

At 1 January 2008

Note

Shar~

caita) SS

Accumulated losses

S$

Total equity

SS

2

At31 necemb~r 2008

[ssuance of shares the 4

iOOJX12

14463300

2

The anncvmiddotj limn an read in irh

Island Power lnttrmcdiar Pt~ Ltd

ShltemCm l1f Casb flows fol the period endedH lanh lOll)

oliO111009 OtOl200amp

tamp tu 3 VOJIl0 H 3VI2120US

SS

fix shy

ReVIocfMi o1unpurminllnss on Ll

Net Cllsh

Net challSc in cash and (tt5b cltpdvalimts

and casn e-qtlha]t-nts at iJFinning oftlle period CaT

Cash lWel (asn equivalents at tnu of dH~

Singapore

Island Power Intermediary PIt Ltd

~ote to the finandal statements - 31 Muc-i20Hl

nales tDrm an ~itcmlmts

Corp()nttt rnfomlDtion

The COIllpmy no 2007ImiddotH liel is a company which is incorpor~hd in ille of nU ihc fC1lSICrdl 1oLH- Place 15()1 UOB Plaza Singapore 048624 and the principal place HOU1- at 50 Raftles Plact Singapore Land Tow 1-+8623

company i~ Ina ofinvestmtOi

immediate incorporated in the ~JM

Pte Ltd a company is Gffi Holdings

PriVltih Linuled a -~H ~taKinrnts

SumnHWY of signific1lnt

21 Ibsis ohcrounting

lCCin1ne with the ~)Iki~ md the

The c-ompany bas not new nr r~ icc FRS or rU~lHt i~K-das of the dBte statenlcm ()f tinalKla position but ltlfC not mitl application of h-t 5tarlllaI15 and inllrprelalions ate nOi h-~HU

micnal rH1pac on 1hl imiddotIn7T~ 5tatem~n1s TIIe company has n(t CQlnslaeled Ill impact of the a-cc(ummg aftef Ine date of the statailcnl

wVuuuUCA

llllgllpm FiflHWi~d Reporting

I h~ tlnanciai $kUcentin~n~ ~ art to the niirt51lJil2f

aU

hDEPENDET REPORt

ISLAND POER IlTERfErHARY PIE LTD I

Report (ria tbcent Financial StHernents

iC~ Finaneiaj )fthc company as at3 March 20 i

ended on that ciailt

aud Hegulatory

Island Power Intermediary Pte Ltd

StatemICnt of Iinandal POSIDon as at 3t ~Iilrch uno

31 March 31 December 20ll) 200g

SS SS

ASSETS 10 UABlrnES Non-enrre 11 tmiddoty(ts

A liailable-flxmiddotlc

Current Assts

Cash and casb alentamp

Total Assets

EQUITY lnO002

bullj and should bcThe annc(ed d statement~read m j

2

ishmd PowEr Intermediary Pte Ltd

Statement of Comprenellshf Iu(omc for tile period fended 11 lardl 20 W

income

OJOilZOO n1 0 tnons ~) to

310312010 iV2126~H

S$

Other

Profit aftr taslltion and total compnnensive io(ome for the periodfy(gtj)r 5

tw

bland Power Intermediary Pte l~td

Statement Qf ChanglSin Equity for tbe period ended 31 Mann 2010

At 1 January 2008

Note

Shar~

caita) SS

Accumulated losses

S$

Total equity

SS

2

At31 necemb~r 2008

[ssuance of shares the 4

iOOJX12

14463300

2

The anncvmiddotj limn an read in irh

Island Power lnttrmcdiar Pt~ Ltd

ShltemCm l1f Casb flows fol the period endedH lanh lOll)

oliO111009 OtOl200amp

tamp tu 3 VOJIl0 H 3VI2120US

SS

fix shy

ReVIocfMi o1unpurminllnss on Ll

Net Cllsh

Net challSc in cash and (tt5b cltpdvalimts

and casn e-qtlha]t-nts at iJFinning oftlle period CaT

Cash lWel (asn equivalents at tnu of dH~

Singapore

Island Power Intermediary PIt Ltd

~ote to the finandal statements - 31 Muc-i20Hl

nales tDrm an ~itcmlmts

Corp()nttt rnfomlDtion

The COIllpmy no 2007ImiddotH liel is a company which is incorpor~hd in ille of nU ihc fC1lSICrdl 1oLH- Place 15()1 UOB Plaza Singapore 048624 and the principal place HOU1- at 50 Raftles Plact Singapore Land Tow 1-+8623

company i~ Ina ofinvestmtOi

immediate incorporated in the ~JM

Pte Ltd a company is Gffi Holdings

PriVltih Linuled a -~H ~taKinrnts

SumnHWY of signific1lnt

21 Ibsis ohcrounting

lCCin1ne with the ~)Iki~ md the

The c-ompany bas not new nr r~ icc FRS or rU~lHt i~K-das of the dBte statenlcm ()f tinalKla position but ltlfC not mitl application of h-t 5tarlllaI15 and inllrprelalions ate nOi h-~HU

micnal rH1pac on 1hl imiddotIn7T~ 5tatem~n1s TIIe company has n(t CQlnslaeled Ill impact of the a-cc(ummg aftef Ine date of the statailcnl

wVuuuUCA

llllgllpm FiflHWi~d Reporting

I h~ tlnanciai $kUcentin~n~ ~ art to the niirt51lJil2f

aU

Island Power Intermediary Pte Ltd

StatemICnt of Iinandal POSIDon as at 3t ~Iilrch uno

31 March 31 December 20ll) 200g

SS SS

ASSETS 10 UABlrnES Non-enrre 11 tmiddoty(ts

A liailable-flxmiddotlc

Current Assts

Cash and casb alentamp

Total Assets

EQUITY lnO002

bullj and should bcThe annc(ed d statement~read m j

2

ishmd PowEr Intermediary Pte Ltd

Statement of Comprenellshf Iu(omc for tile period fended 11 lardl 20 W

income

OJOilZOO n1 0 tnons ~) to

310312010 iV2126~H

S$

Other

Profit aftr taslltion and total compnnensive io(ome for the periodfy(gtj)r 5

tw

bland Power Intermediary Pte l~td

Statement Qf ChanglSin Equity for tbe period ended 31 Mann 2010

At 1 January 2008

Note

Shar~

caita) SS

Accumulated losses

S$

Total equity

SS

2

At31 necemb~r 2008

[ssuance of shares the 4

iOOJX12

14463300

2

The anncvmiddotj limn an read in irh

Island Power lnttrmcdiar Pt~ Ltd

ShltemCm l1f Casb flows fol the period endedH lanh lOll)

oliO111009 OtOl200amp

tamp tu 3 VOJIl0 H 3VI2120US

SS

fix shy

ReVIocfMi o1unpurminllnss on Ll

Net Cllsh

Net challSc in cash and (tt5b cltpdvalimts

and casn e-qtlha]t-nts at iJFinning oftlle period CaT

Cash lWel (asn equivalents at tnu of dH~

Singapore

Island Power Intermediary PIt Ltd

~ote to the finandal statements - 31 Muc-i20Hl

nales tDrm an ~itcmlmts

Corp()nttt rnfomlDtion

The COIllpmy no 2007ImiddotH liel is a company which is incorpor~hd in ille of nU ihc fC1lSICrdl 1oLH- Place 15()1 UOB Plaza Singapore 048624 and the principal place HOU1- at 50 Raftles Plact Singapore Land Tow 1-+8623

company i~ Ina ofinvestmtOi

immediate incorporated in the ~JM

Pte Ltd a company is Gffi Holdings

PriVltih Linuled a -~H ~taKinrnts

SumnHWY of signific1lnt

21 Ibsis ohcrounting

lCCin1ne with the ~)Iki~ md the

The c-ompany bas not new nr r~ icc FRS or rU~lHt i~K-das of the dBte statenlcm ()f tinalKla position but ltlfC not mitl application of h-t 5tarlllaI15 and inllrprelalions ate nOi h-~HU

micnal rH1pac on 1hl imiddotIn7T~ 5tatem~n1s TIIe company has n(t CQlnslaeled Ill impact of the a-cc(ummg aftef Ine date of the statailcnl

wVuuuUCA

llllgllpm FiflHWi~d Reporting

I h~ tlnanciai $kUcentin~n~ ~ art to the niirt51lJil2f

aU

ishmd PowEr Intermediary Pte Ltd

Statement of Comprenellshf Iu(omc for tile period fended 11 lardl 20 W

income

OJOilZOO n1 0 tnons ~) to

310312010 iV2126~H

S$

Other

Profit aftr taslltion and total compnnensive io(ome for the periodfy(gtj)r 5

tw

bland Power Intermediary Pte l~td

Statement Qf ChanglSin Equity for tbe period ended 31 Mann 2010

At 1 January 2008

Note

Shar~

caita) SS

Accumulated losses

S$

Total equity

SS

2

At31 necemb~r 2008

[ssuance of shares the 4

iOOJX12

14463300

2

The anncvmiddotj limn an read in irh

Island Power lnttrmcdiar Pt~ Ltd

ShltemCm l1f Casb flows fol the period endedH lanh lOll)

oliO111009 OtOl200amp

tamp tu 3 VOJIl0 H 3VI2120US

SS

fix shy

ReVIocfMi o1unpurminllnss on Ll

Net Cllsh

Net challSc in cash and (tt5b cltpdvalimts

and casn e-qtlha]t-nts at iJFinning oftlle period CaT

Cash lWel (asn equivalents at tnu of dH~

Singapore

Island Power Intermediary PIt Ltd

~ote to the finandal statements - 31 Muc-i20Hl

nales tDrm an ~itcmlmts

Corp()nttt rnfomlDtion

The COIllpmy no 2007ImiddotH liel is a company which is incorpor~hd in ille of nU ihc fC1lSICrdl 1oLH- Place 15()1 UOB Plaza Singapore 048624 and the principal place HOU1- at 50 Raftles Plact Singapore Land Tow 1-+8623

company i~ Ina ofinvestmtOi

immediate incorporated in the ~JM

Pte Ltd a company is Gffi Holdings

PriVltih Linuled a -~H ~taKinrnts

SumnHWY of signific1lnt

21 Ibsis ohcrounting

lCCin1ne with the ~)Iki~ md the

The c-ompany bas not new nr r~ icc FRS or rU~lHt i~K-das of the dBte statenlcm ()f tinalKla position but ltlfC not mitl application of h-t 5tarlllaI15 and inllrprelalions ate nOi h-~HU

micnal rH1pac on 1hl imiddotIn7T~ 5tatem~n1s TIIe company has n(t CQlnslaeled Ill impact of the a-cc(ummg aftef Ine date of the statailcnl

wVuuuUCA

llllgllpm FiflHWi~d Reporting

I h~ tlnanciai $kUcentin~n~ ~ art to the niirt51lJil2f

aU

bland Power Intermediary Pte l~td

Statement Qf ChanglSin Equity for tbe period ended 31 Mann 2010

At 1 January 2008

Note

Shar~

caita) SS

Accumulated losses

S$

Total equity

SS

2

At31 necemb~r 2008

[ssuance of shares the 4

iOOJX12

14463300

2

The anncvmiddotj limn an read in irh

Island Power lnttrmcdiar Pt~ Ltd

ShltemCm l1f Casb flows fol the period endedH lanh lOll)

oliO111009 OtOl200amp

tamp tu 3 VOJIl0 H 3VI2120US

SS

fix shy

ReVIocfMi o1unpurminllnss on Ll

Net Cllsh

Net challSc in cash and (tt5b cltpdvalimts

and casn e-qtlha]t-nts at iJFinning oftlle period CaT

Cash lWel (asn equivalents at tnu of dH~

Singapore

Island Power Intermediary PIt Ltd

~ote to the finandal statements - 31 Muc-i20Hl

nales tDrm an ~itcmlmts

Corp()nttt rnfomlDtion

The COIllpmy no 2007ImiddotH liel is a company which is incorpor~hd in ille of nU ihc fC1lSICrdl 1oLH- Place 15()1 UOB Plaza Singapore 048624 and the principal place HOU1- at 50 Raftles Plact Singapore Land Tow 1-+8623

company i~ Ina ofinvestmtOi

immediate incorporated in the ~JM

Pte Ltd a company is Gffi Holdings

PriVltih Linuled a -~H ~taKinrnts

SumnHWY of signific1lnt

21 Ibsis ohcrounting

lCCin1ne with the ~)Iki~ md the

The c-ompany bas not new nr r~ icc FRS or rU~lHt i~K-das of the dBte statenlcm ()f tinalKla position but ltlfC not mitl application of h-t 5tarlllaI15 and inllrprelalions ate nOi h-~HU

micnal rH1pac on 1hl imiddotIn7T~ 5tatem~n1s TIIe company has n(t CQlnslaeled Ill impact of the a-cc(ummg aftef Ine date of the statailcnl

wVuuuUCA

llllgllpm FiflHWi~d Reporting

I h~ tlnanciai $kUcentin~n~ ~ art to the niirt51lJil2f

aU

Island Power lnttrmcdiar Pt~ Ltd

ShltemCm l1f Casb flows fol the period endedH lanh lOll)

oliO111009 OtOl200amp

tamp tu 3 VOJIl0 H 3VI2120US

SS

fix shy

ReVIocfMi o1unpurminllnss on Ll

Net Cllsh

Net challSc in cash and (tt5b cltpdvalimts

and casn e-qtlha]t-nts at iJFinning oftlle period CaT

Cash lWel (asn equivalents at tnu of dH~

Singapore

Island Power Intermediary PIt Ltd

~ote to the finandal statements - 31 Muc-i20Hl

nales tDrm an ~itcmlmts

Corp()nttt rnfomlDtion

The COIllpmy no 2007ImiddotH liel is a company which is incorpor~hd in ille of nU ihc fC1lSICrdl 1oLH- Place 15()1 UOB Plaza Singapore 048624 and the principal place HOU1- at 50 Raftles Plact Singapore Land Tow 1-+8623

company i~ Ina ofinvestmtOi

immediate incorporated in the ~JM

Pte Ltd a company is Gffi Holdings

PriVltih Linuled a -~H ~taKinrnts

SumnHWY of signific1lnt

21 Ibsis ohcrounting

lCCin1ne with the ~)Iki~ md the

The c-ompany bas not new nr r~ icc FRS or rU~lHt i~K-das of the dBte statenlcm ()f tinalKla position but ltlfC not mitl application of h-t 5tarlllaI15 and inllrprelalions ate nOi h-~HU

micnal rH1pac on 1hl imiddotIn7T~ 5tatem~n1s TIIe company has n(t CQlnslaeled Ill impact of the a-cc(ummg aftef Ine date of the statailcnl

wVuuuUCA

llllgllpm FiflHWi~d Reporting

I h~ tlnanciai $kUcentin~n~ ~ art to the niirt51lJil2f

aU

Singapore

Island Power Intermediary PIt Ltd

~ote to the finandal statements - 31 Muc-i20Hl

nales tDrm an ~itcmlmts

Corp()nttt rnfomlDtion

The COIllpmy no 2007ImiddotH liel is a company which is incorpor~hd in ille of nU ihc fC1lSICrdl 1oLH- Place 15()1 UOB Plaza Singapore 048624 and the principal place HOU1- at 50 Raftles Plact Singapore Land Tow 1-+8623

company i~ Ina ofinvestmtOi

immediate incorporated in the ~JM

Pte Ltd a company is Gffi Holdings

PriVltih Linuled a -~H ~taKinrnts

SumnHWY of signific1lnt

21 Ibsis ohcrounting

lCCin1ne with the ~)Iki~ md the

The c-ompany bas not new nr r~ icc FRS or rU~lHt i~K-das of the dBte statenlcm ()f tinalKla position but ltlfC not mitl application of h-t 5tarlllaI15 and inllrprelalions ate nOi h-~HU

micnal rH1pac on 1hl imiddotIn7T~ 5tatem~n1s TIIe company has n(t CQlnslaeled Ill impact of the a-cc(ummg aftef Ine date of the statailcnl

wVuuuUCA

llllgllpm FiflHWi~d Reporting

I h~ tlnanciai $kUcentin~n~ ~ art to the niirt51lJil2f

aU

Summary of significant Iccounting policies

Significant accounting estimatei and j Utlgemellts

to be reasorn1bk~

Judgements made in

aillc of

Island Power Intermediary Pte Ltd

~otes to the financial statements -3 J 1ateb 2010

Sumnul~ of significant accouuJing policies (continued)

The company bsc~ses at each date of the statement of financial rmition whether there is any ob]tctive evidence that a financial asset IS impaind To determiult wbethi[ then is objective evidence )1 impairment the company cOlisiders fattors such 1gt the probability (If lnsdYcnc) or illiJkant finmcial difticulties of the debtor and default or Si11ifkam delay in paY1Tilt111S Vhere nere is bjcclivc ciciclce of impairment Ihe amoum Bnd timing of (mme casn flmH Ire estImated hJ5cCl on hiwrlctl loss cxperience for aSSC5 w1h similar credit risk charactcri~ks The carryint irnount of the s loms and rccejyabes is a discioseti in the stattf1lcn of fimmlia pO~jl C

23 ltroup ftccoulltting

1he company is a whlllAued subsidiary (If G1R infrastructure ISlng4Kfej Pte company inc()rr(r~nltl n 1hc Republic ofSii1Spltxc As allowed oy r1lts 2 the company II not be ptC$emin gtnoiidakrl financia) stlCTl(1115 as its immiXlizlh jKlding Cltlmpany n be puhlishing TyJildatttl financial SWtcments The re-giSl(Ttd ilddress of the lliunedtate iRidiJIg c(m~my publishing lie cOIihdated financiil iitiiltIltnls is 80 Ramcs Piact F5middot-t) 1VOB PLLOL SingaPlre 048624

24 Finanltilll assets

hnandal assets within lk SC(PC offfL 39 CrkS 39) are classified itmiddot 11h([ loans 8ml c(abkgts or rllibhcmiddotf(l[-salc finaneial 3Sch us appropriate FllLIciaI ast m

when and ik lile compimy

j lt f financial nss t at fair vatu profit or k~ auribut abL liiltUlltm cOsts The iifany dennmlltS the bS5ificatio1 of its fint3t aSSLts after

i d flxog-nltion anc here atlow( ana Jr [ Trime re-evalWcs designation m

12

Island Power Intermediary Pte Ltd

~otes to the financial statements -3 J 1ateb 2010

Sumnul~ of significant accouuJing policies (continued)

The company bsc~ses at each date of the statement of financial rmition whether there is any ob]tctive evidence that a financial asset IS impaind To determiult wbethi[ then is objective evidence )1 impairment the company cOlisiders fattors such 1gt the probability (If lnsdYcnc) or illiJkant finmcial difticulties of the debtor and default or Si11ifkam delay in paY1Tilt111S Vhere nere is bjcclivc ciciclce of impairment Ihe amoum Bnd timing of (mme casn flmH Ire estImated hJ5cCl on hiwrlctl loss cxperience for aSSC5 w1h similar credit risk charactcri~ks The carryint irnount of the s loms and rccejyabes is a discioseti in the stattf1lcn of fimmlia pO~jl C

23 ltroup ftccoulltting

1he company is a whlllAued subsidiary (If G1R infrastructure ISlng4Kfej Pte company inc()rr(r~nltl n 1hc Republic ofSii1Spltxc As allowed oy r1lts 2 the company II not be ptC$emin gtnoiidakrl financia) stlCTl(1115 as its immiXlizlh jKlding Cltlmpany n be puhlishing TyJildatttl financial SWtcments The re-giSl(Ttd ilddress of the lliunedtate iRidiJIg c(m~my publishing lie cOIihdated financiil iitiiltIltnls is 80 Ramcs Piact F5middot-t) 1VOB PLLOL SingaPlre 048624

24 Finanltilll assets

hnandal assets within lk SC(PC offfL 39 CrkS 39) are classified itmiddot 11h([ loans 8ml c(abkgts or rllibhcmiddotf(l[-salc finaneial 3Sch us appropriate FllLIciaI ast m

when and ik lile compimy

j lt f financial nss t at fair vatu profit or k~ auribut abL liiltUlltm cOsts The iifany dennmlltS the bS5ificatio1 of its fint3t aSSLts after

i d flxog-nltion anc here atlow( ana Jr [ Trime re-evalWcs designation m

12

Island Power tntermediary Pte Ud

lotcs to tbe financial statements 31 March 2HW

Summary of significant accounting policies

Hn~aEiCjl 1=setS willi tlxed Or jYdymems r~fe Hot marret arc assified as 10011pound tilK1 ftCel3bie5L Such assets 11C

the cfiCCtive interest metho(tGains and iOS5LS fl~

of inc~me wilefl the loan md or as wen as the

assets

Island Power Intermediary Pte Ltd

Notes to the financia1 statements - 31 March 2010

) Summary of signifieaut aceonnting policies (comitmed 1

ImpaIrment

A5i-ets carried at amortised cost

If there is objt-llve that an impainnem on loans and receivables carried u amortised i~ost has been the amount loss is measured as the diffen~tmiddot Qi1JCen the assets amount and tile present atue of egttimald cash flows O the finaocoo assets

rate

Tbe arnoHnt of the asset Igt the USc of an alo~311t(e acrount arnJ the anlOum ~l)e IS recognised in ih 1gtutement of

Income ill a slJbsltqum the anmunt (if the losect dccrea~~ ilnd the dertaSlt Ciilll bt rdated objoctlve]y to (trlt

--gJILt~ti in th the extent tml the ctilTying value oi the

1VJ~-uC(~l jl the reversal date

ftprl~i beflc-~n i1 COSt (net and ltInmiddotor11$atl0l1ll

impairrnem bs pn~ously nCogms of is triHl-(rrctl eqUIty to compreheusic 1n(gtmc Reversals in tquit instruments as

lIe not in ill- statement of rompr~heilsie income kh inlttrunxnts are reltcd the

vaiue t wring after the

mcome

ll-lStrUlTKH

loss W~l~

kTerognition of financial assets

l~an or

)rnthea5Sef havCCf 4~1

fcrerne between -clLJeUCU in the

the

Island Puwlr intermediary Pte Ltd

2 Summar) of significant accounting puHcles

Sbare capital

lncremenlill cosB attribumhk H the issue rraquornTmgtfgt as a doouction from

l1mmcia statements company afl measured

the events

The lax n~c items (~f

income alhl expense years arA it thnher f~~cludeE ilLI11S lIin arc 1~0t corrrpangt j-((( tUITt F1~ ax 15 calculated 1lt~1 cnaetamp1 Of SUbS1 ant1 fhe lltl~ e of th

statemem (f

L1cuSiions [0 COtlSQl(r

cubstance of the rcL form

Island Power intermediary Pte Ltd

Notes to the financial statements - 31 larch 2010

Altlilable-for-sale financial assets

In(~slrncnr in subsidlltrlfS Ht c(tsl L~gt

Illlpainn~nt krsscs

31 Marth 2010 SS

31 December 2008 SS

iOOj))(j

(IOOtIilIO)

14563300

Percentage of cquitybeld

31 31 [lace of March December

Principal incorporation lOW 2008 ~am of Company adivititS busht-ess

Island PwrCompany Own and opemtion of Singapim og tOO Pi [ d a lXWei ~hHtr

hlTlti P(wcr Supply Distribution of 100 PIc i ld ~~-~ricity dortnrinl

the period

Island YW(T Company Pte_ Ltd rrpt~) va primaniy gttHlP to develop and generate the supply of ek~tflclly_ lnlate mm a supplier tcnrmated a Gas Supply AgntIDeIll with IPC as it had not lxCfi dgt k (0 secure the rranl)nnio1 of gas in CotH)-llpn with this projCCL With significant unccIiamties over the IPCs abihlY W $tCuretne supply )l1d transportation org3 3swell as certain deve~lP]T-m risks ass(-ciarcentl 1h the project Ge d(pllcnt actiVities could n(ll continue TIllt

I1klIlagCL]cnt perfOm1centi In tmcnt of inlp3irrnnl l r thc companys im(llnent tn poundPC ltlnd was - C clpinkvrlhm the n -mble value il~ KH (gtrciingly fdl irnpainmnt wa made m respt-(( he investmlm in n--ltdiary in the finmc -T ended 31 LCembr 007

Duril1~ Le fInancial p~Ti(J_ Jclorud invcstment it Il e vas maltle tbHowi the entry of the mm(~IL holding (ompany - (ilR infi1tslnKtuT( () ltl~apore) Pte Lid (t j1R (S)) with the imem I [II re$tl1ue its dev_lnt activitics Funk direct tnVCSlrrlems (JfR (S) in [PC UtfOtL it the perioo rtSuitlty 1 diiwion of the nj imcrest held by 11K mpany in [PC tD

(L J~ t JI Mttch 201 0

fron1 tlh~

~lc (~r

~ Share 31 March

lOU Q of 5hlrcS

Issuaoceof the

~1 December lU08

1) Of5b21r~

3-1 hmh WIO is

31 D~cemtrcr 2(108 SS

~-----~

((Idlitatce the from a fonner

rgt company ie Islaoo POtT Ple Lld

Notes to the financial statements - 31 March 2010

5 Profit after tanOOD and total comprehensive income fur the ptriudi~ ear

010112009 to

3110312010 S5

Rever] (1 [ loss avaiahle-for-sale flnancial asMls

6 Taxation

Oi10112008 to

311122008 SS

OliOlf2009 to

3110312010 S$

-1

7 Related party transsdions

0110112008 to

31flll2008 SS

lIlU~ cClmpany the company has n~( r~middotlt1l

ali pre-operating lt~110

~ expenses for the

8 Capital management

of shlltt cUd md nS(TY~ siaJed -11 lhc stalemeJIJ )1 is 10

Til

shutti Power Intermediary Pte L~d

finandal instruments

Categories of financid instruments

31 ~latch 31 De(Cmher 20W 2008

sSe SS

fln1lncilll risk managcment

the 10

Island Power Intermediary Pte Ltd

Notes to the financia1 statements - 31 March 2010

) Summary of signifieaut aceonnting policies (comitmed 1

ImpaIrment

A5i-ets carried at amortised cost

If there is objt-llve that an impainnem on loans and receivables carried u amortised i~ost has been the amount loss is measured as the diffen~tmiddot Qi1JCen the assets amount and tile present atue of egttimald cash flows O the finaocoo assets

rate

Tbe arnoHnt of the asset Igt the USc of an alo~311t(e acrount arnJ the anlOum ~l)e IS recognised in ih 1gtutement of

Income ill a slJbsltqum the anmunt (if the losect dccrea~~ ilnd the dertaSlt Ciilll bt rdated objoctlve]y to (trlt

--gJILt~ti in th the extent tml the ctilTying value oi the

1VJ~-uC(~l jl the reversal date

ftprl~i beflc-~n i1 COSt (net and ltInmiddotor11$atl0l1ll

impairrnem bs pn~ously nCogms of is triHl-(rrctl eqUIty to compreheusic 1n(gtmc Reversals in tquit instruments as

lIe not in ill- statement of rompr~heilsie income kh inlttrunxnts are reltcd the

vaiue t wring after the

mcome

ll-lStrUlTKH

loss W~l~

kTerognition of financial assets

l~an or

)rnthea5Sef havCCf 4~1

fcrerne between -clLJeUCU in the

the

Island Puwlr intermediary Pte Ltd

2 Summar) of significant accounting puHcles

Sbare capital

lncremenlill cosB attribumhk H the issue rraquornTmgtfgt as a doouction from

l1mmcia statements company afl measured

the events

The lax n~c items (~f

income alhl expense years arA it thnher f~~cludeE ilLI11S lIin arc 1~0t corrrpangt j-((( tUITt F1~ ax 15 calculated 1lt~1 cnaetamp1 Of SUbS1 ant1 fhe lltl~ e of th

statemem (f

L1cuSiions [0 COtlSQl(r

cubstance of the rcL form

Island Power intermediary Pte Ltd

Notes to the financial statements - 31 larch 2010

Altlilable-for-sale financial assets

In(~slrncnr in subsidlltrlfS Ht c(tsl L~gt

Illlpainn~nt krsscs

31 Marth 2010 SS

31 December 2008 SS

iOOj))(j

(IOOtIilIO)

14563300

Percentage of cquitybeld

31 31 [lace of March December

Principal incorporation lOW 2008 ~am of Company adivititS busht-ess

Island PwrCompany Own and opemtion of Singapim og tOO Pi [ d a lXWei ~hHtr

hlTlti P(wcr Supply Distribution of 100 PIc i ld ~~-~ricity dortnrinl

the period

Island YW(T Company Pte_ Ltd rrpt~) va primaniy gttHlP to develop and generate the supply of ek~tflclly_ lnlate mm a supplier tcnrmated a Gas Supply AgntIDeIll with IPC as it had not lxCfi dgt k (0 secure the rranl)nnio1 of gas in CotH)-llpn with this projCCL With significant unccIiamties over the IPCs abihlY W $tCuretne supply )l1d transportation org3 3swell as certain deve~lP]T-m risks ass(-ciarcentl 1h the project Ge d(pllcnt actiVities could n(ll continue TIllt

I1klIlagCL]cnt perfOm1centi In tmcnt of inlp3irrnnl l r thc companys im(llnent tn poundPC ltlnd was - C clpinkvrlhm the n -mble value il~ KH (gtrciingly fdl irnpainmnt wa made m respt-(( he investmlm in n--ltdiary in the finmc -T ended 31 LCembr 007

Duril1~ Le fInancial p~Ti(J_ Jclorud invcstment it Il e vas maltle tbHowi the entry of the mm(~IL holding (ompany - (ilR infi1tslnKtuT( () ltl~apore) Pte Lid (t j1R (S)) with the imem I [II re$tl1ue its dev_lnt activitics Funk direct tnVCSlrrlems (JfR (S) in [PC UtfOtL it the perioo rtSuitlty 1 diiwion of the nj imcrest held by 11K mpany in [PC tD

(L J~ t JI Mttch 201 0

fron1 tlh~

~lc (~r

~ Share 31 March

lOU Q of 5hlrcS

Issuaoceof the

~1 December lU08

1) Of5b21r~

3-1 hmh WIO is

31 D~cemtrcr 2(108 SS

~-----~

((Idlitatce the from a fonner

rgt company ie Islaoo POtT Ple Lld

Notes to the financial statements - 31 March 2010

5 Profit after tanOOD and total comprehensive income fur the ptriudi~ ear

010112009 to

3110312010 S5

Rever] (1 [ loss avaiahle-for-sale flnancial asMls

6 Taxation

Oi10112008 to

311122008 SS

OliOlf2009 to

3110312010 S$

-1

7 Related party transsdions

0110112008 to

31flll2008 SS

lIlU~ cClmpany the company has n~( r~middotlt1l

ali pre-operating lt~110

~ expenses for the

8 Capital management

of shlltt cUd md nS(TY~ siaJed -11 lhc stalemeJIJ )1 is 10

Til

shutti Power Intermediary Pte L~d

finandal instruments

Categories of financid instruments

31 ~latch 31 De(Cmher 20W 2008

sSe SS

fln1lncilll risk managcment

the 10

Island Puwlr intermediary Pte Ltd

2 Summar) of significant accounting puHcles

Sbare capital

lncremenlill cosB attribumhk H the issue rraquornTmgtfgt as a doouction from

l1mmcia statements company afl measured

the events

The lax n~c items (~f

income alhl expense years arA it thnher f~~cludeE ilLI11S lIin arc 1~0t corrrpangt j-((( tUITt F1~ ax 15 calculated 1lt~1 cnaetamp1 Of SUbS1 ant1 fhe lltl~ e of th

statemem (f

L1cuSiions [0 COtlSQl(r

cubstance of the rcL form

Island Power intermediary Pte Ltd

Notes to the financial statements - 31 larch 2010

Altlilable-for-sale financial assets

In(~slrncnr in subsidlltrlfS Ht c(tsl L~gt

Illlpainn~nt krsscs

31 Marth 2010 SS

31 December 2008 SS

iOOj))(j

(IOOtIilIO)

14563300

Percentage of cquitybeld

31 31 [lace of March December

Principal incorporation lOW 2008 ~am of Company adivititS busht-ess

Island PwrCompany Own and opemtion of Singapim og tOO Pi [ d a lXWei ~hHtr

hlTlti P(wcr Supply Distribution of 100 PIc i ld ~~-~ricity dortnrinl

the period

Island YW(T Company Pte_ Ltd rrpt~) va primaniy gttHlP to develop and generate the supply of ek~tflclly_ lnlate mm a supplier tcnrmated a Gas Supply AgntIDeIll with IPC as it had not lxCfi dgt k (0 secure the rranl)nnio1 of gas in CotH)-llpn with this projCCL With significant unccIiamties over the IPCs abihlY W $tCuretne supply )l1d transportation org3 3swell as certain deve~lP]T-m risks ass(-ciarcentl 1h the project Ge d(pllcnt actiVities could n(ll continue TIllt

I1klIlagCL]cnt perfOm1centi In tmcnt of inlp3irrnnl l r thc companys im(llnent tn poundPC ltlnd was - C clpinkvrlhm the n -mble value il~ KH (gtrciingly fdl irnpainmnt wa made m respt-(( he investmlm in n--ltdiary in the finmc -T ended 31 LCembr 007

Duril1~ Le fInancial p~Ti(J_ Jclorud invcstment it Il e vas maltle tbHowi the entry of the mm(~IL holding (ompany - (ilR infi1tslnKtuT( () ltl~apore) Pte Lid (t j1R (S)) with the imem I [II re$tl1ue its dev_lnt activitics Funk direct tnVCSlrrlems (JfR (S) in [PC UtfOtL it the perioo rtSuitlty 1 diiwion of the nj imcrest held by 11K mpany in [PC tD

(L J~ t JI Mttch 201 0

fron1 tlh~

~lc (~r

~ Share 31 March

lOU Q of 5hlrcS

Issuaoceof the

~1 December lU08

1) Of5b21r~

3-1 hmh WIO is

31 D~cemtrcr 2(108 SS

~-----~

((Idlitatce the from a fonner

rgt company ie Islaoo POtT Ple Lld

Notes to the financial statements - 31 March 2010

5 Profit after tanOOD and total comprehensive income fur the ptriudi~ ear

010112009 to

3110312010 S5

Rever] (1 [ loss avaiahle-for-sale flnancial asMls

6 Taxation

Oi10112008 to

311122008 SS

OliOlf2009 to

3110312010 S$

-1

7 Related party transsdions

0110112008 to

31flll2008 SS

lIlU~ cClmpany the company has n~( r~middotlt1l

ali pre-operating lt~110

~ expenses for the

8 Capital management

of shlltt cUd md nS(TY~ siaJed -11 lhc stalemeJIJ )1 is 10

Til

shutti Power Intermediary Pte L~d

finandal instruments

Categories of financid instruments

31 ~latch 31 De(Cmher 20W 2008

sSe SS

fln1lncilll risk managcment

the 10

Island Power intermediary Pte Ltd

Notes to the financial statements - 31 larch 2010

Altlilable-for-sale financial assets

In(~slrncnr in subsidlltrlfS Ht c(tsl L~gt

Illlpainn~nt krsscs

31 Marth 2010 SS

31 December 2008 SS

iOOj))(j

(IOOtIilIO)

14563300

Percentage of cquitybeld

31 31 [lace of March December

Principal incorporation lOW 2008 ~am of Company adivititS busht-ess

Island PwrCompany Own and opemtion of Singapim og tOO Pi [ d a lXWei ~hHtr

hlTlti P(wcr Supply Distribution of 100 PIc i ld ~~-~ricity dortnrinl

the period

Island YW(T Company Pte_ Ltd rrpt~) va primaniy gttHlP to develop and generate the supply of ek~tflclly_ lnlate mm a supplier tcnrmated a Gas Supply AgntIDeIll with IPC as it had not lxCfi dgt k (0 secure the rranl)nnio1 of gas in CotH)-llpn with this projCCL With significant unccIiamties over the IPCs abihlY W $tCuretne supply )l1d transportation org3 3swell as certain deve~lP]T-m risks ass(-ciarcentl 1h the project Ge d(pllcnt actiVities could n(ll continue TIllt

I1klIlagCL]cnt perfOm1centi In tmcnt of inlp3irrnnl l r thc companys im(llnent tn poundPC ltlnd was - C clpinkvrlhm the n -mble value il~ KH (gtrciingly fdl irnpainmnt wa made m respt-(( he investmlm in n--ltdiary in the finmc -T ended 31 LCembr 007

Duril1~ Le fInancial p~Ti(J_ Jclorud invcstment it Il e vas maltle tbHowi the entry of the mm(~IL holding (ompany - (ilR infi1tslnKtuT( () ltl~apore) Pte Lid (t j1R (S)) with the imem I [II re$tl1ue its dev_lnt activitics Funk direct tnVCSlrrlems (JfR (S) in [PC UtfOtL it the perioo rtSuitlty 1 diiwion of the nj imcrest held by 11K mpany in [PC tD

(L J~ t JI Mttch 201 0

fron1 tlh~

~lc (~r

~ Share 31 March

lOU Q of 5hlrcS

Issuaoceof the

~1 December lU08

1) Of5b21r~

3-1 hmh WIO is

31 D~cemtrcr 2(108 SS

~-----~

((Idlitatce the from a fonner

rgt company ie Islaoo POtT Ple Lld

Notes to the financial statements - 31 March 2010

5 Profit after tanOOD and total comprehensive income fur the ptriudi~ ear

010112009 to

3110312010 S5

Rever] (1 [ loss avaiahle-for-sale flnancial asMls

6 Taxation

Oi10112008 to

311122008 SS

OliOlf2009 to

3110312010 S$

-1

7 Related party transsdions

0110112008 to

31flll2008 SS

lIlU~ cClmpany the company has n~( r~middotlt1l

ali pre-operating lt~110

~ expenses for the

8 Capital management

of shlltt cUd md nS(TY~ siaJed -11 lhc stalemeJIJ )1 is 10

Til

shutti Power Intermediary Pte L~d

finandal instruments

Categories of financid instruments

31 ~latch 31 De(Cmher 20W 2008

sSe SS

fln1lncilll risk managcment

the 10

fron1 tlh~

~lc (~r

~ Share 31 March

lOU Q of 5hlrcS

Issuaoceof the

~1 December lU08

1) Of5b21r~

3-1 hmh WIO is

31 D~cemtrcr 2(108 SS

~-----~

((Idlitatce the from a fonner

rgt company ie Islaoo POtT Ple Lld

Notes to the financial statements - 31 March 2010

5 Profit after tanOOD and total comprehensive income fur the ptriudi~ ear

010112009 to

3110312010 S5

Rever] (1 [ loss avaiahle-for-sale flnancial asMls

6 Taxation

Oi10112008 to

311122008 SS

OliOlf2009 to

3110312010 S$

-1

7 Related party transsdions

0110112008 to

31flll2008 SS

lIlU~ cClmpany the company has n~( r~middotlt1l

ali pre-operating lt~110

~ expenses for the

8 Capital management

of shlltt cUd md nS(TY~ siaJed -11 lhc stalemeJIJ )1 is 10

Til

shutti Power Intermediary Pte L~d

finandal instruments

Categories of financid instruments

31 ~latch 31 De(Cmher 20W 2008

sSe SS

fln1lncilll risk managcment

the 10

Notes to the financial statements - 31 March 2010

5 Profit after tanOOD and total comprehensive income fur the ptriudi~ ear

010112009 to

3110312010 S5

Rever] (1 [ loss avaiahle-for-sale flnancial asMls

6 Taxation

Oi10112008 to

311122008 SS

OliOlf2009 to

3110312010 S$

-1

7 Related party transsdions

0110112008 to

31flll2008 SS

lIlU~ cClmpany the company has n~( r~middotlt1l

ali pre-operating lt~110

~ expenses for the

8 Capital management

of shlltt cUd md nS(TY~ siaJed -11 lhc stalemeJIJ )1 is 10

Til

shutti Power Intermediary Pte L~d

finandal instruments

Categories of financid instruments

31 ~latch 31 De(Cmher 20W 2008

sSe SS

fln1lncilll risk managcment

the 10

shutti Power Intermediary Pte L~d

finandal instruments

Categories of financid instruments

31 ~latch 31 De(Cmher 20W 2008

sSe SS

fln1lncilll risk managcment

the 10