Boustead Singapore : FY2022 Annual Report

FUNDAMENTALLY ROBUST

Annual Report 2022

FUNDAMENTALLY ROBUST

With our fundamentally robust businesses, the Boustead Group delivered sustained profitability in another turbulent year.

The severe negative impact of the COVID-19 pandemic - extended lockdowns, massive economic disruptions and waves of variants - has been lingering

in our world for over two years and continued to be deeply felt throughout FY2022. Even with COVID-19 abating in many countries, it will take time to get to a new normal, especially when the recovery from the pandemic has been hampered by significant inflationary pressures, supply chain disruptions and major black swan events like the Russia-Ukraine War.

As Singapore's oldest continuous business organisation, we have gone through an extraordinary journey spanning almost 200 years, one in which we have witnessed two world wars, numerous economic crises and the evolution of many global sectors. Our ability to weather major storms is attributed to maintaining an agile mindset and fortitude, anchored by a business model that focuses on creating shared socio-economic value, supported by diversified businesses and strategies to remain 'in the moment' and built upon a culture, structure and balance sheet that are fundamentally robust.

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Cover-to-Cover - See the Bigger Picture

This year, Boustead Singapore Limited shares about our fundamentally robust businesses, while Boustead Projects Limited shares about their stable foundation which has helped them prevail in challenging times.

Scan or download the Annual Report at www.boustead.sg.

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Corporate Profile

Contents

Established in 1828, Boustead Singapore Limited (SGX:F9D) is a progressive global Infrastructure- Related Engineering and Technology Group listed on the SGX Mainboard.

As Singapore's oldest continuous business organisation, we focus on the niche engineering and development of key infrastructure to support sustainable shared socio-economic growth. Our strong suite of engineering services under our Energy Engineering Division and Real Estate Division centres on energy infrastructure and smart, eco-sustainable and future- ready real estate developments.

In addition, we provide technology- driven transformative solutions to improve the quality of life for all walks of life. Our Geospatial Division provides professional services and exclusively distributes Esri ArcGIS technology - the world's leading geographic information system, smart mapping and location analytics enterprise platform - to major markets in the Asia Pacific. The enterprise platform creates digital infrastructure solutions and digital twins that enable smart nations, smart cities and smart communities to solve the world's most complex problems by improving human wellbeing and ecosystems,

and helping in the effective planning and management of key infrastructure and resources. Our Healthcare Division provides innovative medical solutions that address age-related chronic diseases and mobility issues, with a focus on rehabilitative care and sports science in the Asia Pacific.

With a vast global network stretching across Asia, Australia, Europe, Africa and the Americas, we are ready to serve the world. To date, we have undertaken projects in 91 countries and territories globally.

Over the years, we have been a recipient of many reputable awards including the prestigious Forbes Asia 200 Best Under A Billion Award. In 2019, we were awarded the Most Transparent Company Award and Sustainability Award (Runner-Up) by the Securities Investors Association (Singapore). From 2020 to 2022, we also ranked among Singapore's Best Employers, Singapore's Fastest Growing Companies and Asia-PacificHigh-Growth Companies. We were also honoured with the Corporate Excellence & Resilience Award at the Singapore Corporate Awards 2021 Special Edition.

Visit us at www.boustead.sg.

Overview

10

Refreshing a Global Icon	10
Mission, Vision & Business Model	12
Global Presence	16
Group at a Glance
-	Overall Financial Performance	18
-	Division Financial Performance	20

• Socio-Economic& Sustainability
  Performance22

Chairman's Message	28
Strategic Review
32
Energy Engineering	32
Real Estate	38
Geospatial	46
Healthcare	56
Quality, Safety &
Sustainability Awards	60
Board of Directors	62
Key Management Team	64
Stakeholder Relations	66
Corporate Information	68
Financial Statements
69
Directors' Statement	70
Corporate Governance	74
Independent Auditor's Report	105
Consolidated Financial
Statements & Notes	109
Management & Principal Activities	217
Statistics of Shareholdings	221
Notice of Annual General Meeting	223
Proxy Form	231

ENERGY ENGINEERING

GLOBAL EXPERIENCE

Boustead delivers global experience, with over 1,500 projects installed in 91 countries and territories across six continents over the past quarter-century. This is the hallmark of a truly global organisation.

TRACK RECORD

Our Energy Engineering Division has delivered:

Our Energy Engineering Division provides critical process technologies and emissions reduction solutions to the global energy sector, which are important drivers of human wellbeing, economic development and progress. Process heater systems used in gas processing and hydrogen production are part of a multi-decade transition to relatively cleaner fuels and renewables. Waste heat recovery units ("WHRUs") capture thermal energy from high temperature turbine exhaust and flue gases,

which is efficiently transferred for use by other utilities, thus reducing the overall energy demand of plants and potentially doubling the operational efficiency of gas-fired turbines.

Projects for

60%

of the world's top 20 energy corporations.

182 terawatt-hours

of total expected thermal energy recovery by WHRUs, equivalent to the amount of carbon sequestered in a forest that is almost the size of France.

Read more on pages 32 to 37.