Boustead Singapore LimitedSGX: F9D

FY2024 Longevity Report

Jul 12, 2024 at 12:34 AM UTC · MarketScreener

AN ENDURING CORPORATE LEGACY ABOUT CREATING SUSTAINABLE SHARED SOCIO-ECONOMIC VALUE

FY2024 LONGEVITY REPORT

/ THE BOUSTEAD WAY /

Boustead Singapore Limited

FY2024 Sustainability Report

01 BOUSTEAD SINGAPORE LIMITED FY2024 LONGEVITY REPORT

INTRODUCTION		LONGEVITY REPORTING		PURSUING BUSINESS WITH
	FRAMEWORK		A GREATER PURPOSE

DEVELOPING OUR BEST ASSET -	CONSERVING OUR COLLECTIVE	OTHER INFORMATION
BOUSTEAD MEN & WOMEN	HOME - PLANET EARTH

CORPORATE PROFILE

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 socioeconomic growth. Our strong suite of engineering services under our Energy Engineering Division and Real Estate Solutions 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 develops digital infrastructure solutions and digital twins, empowering intelligent choices for nations, cities and communities and helps them address complex challenges both locally and globally. Enhanced planning and stewardship of vital infrastructure and

resources are essential for ensuring economic resilience, safeguarding the environment and maintaining social accountability. 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 an installed project base in 93 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). Between 2020 to 2023, 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.

TABLE OF CONTENTS

SECTION 1 - INTRODUCTION

Corporate Profile	1
Defining Longevity	2
Chairman's Longevity Message	3
FY2024 Environmental, Social & Governance Highlights	5
The Boustead Way, Mission, Vision & Business Model	8
1.1 About this Report	11
1.2 Board Longevity Statement	13
1.3 Corporate Stewardship & Strategies	14
1.4 Environmental, Social & Governance Materiality Assessment	18
1.5 Multi-Year Longevity Performance Summary	27

SECTION 2 - PURSUING BUSINESS WITH A GREATER PURPOSE

The Boustead Way	33
2.1 Knowledge-Driven Organisation	34
2.2 Smart, Eco-Sustainable, Emissions Reduction & Future-Ready Solutions	34
2.3 Quality & Transformation	46
2.4 FY2024 Direct Economic Value Generation & Distribution	55

SECTION 3 - DEVELOPING OUR BEST ASSET - BOUSTEAD MEN & WOMEN

A People-to-People Business	56
3.1 Code of Conduct	56
3.2 Team Development Programme	59
3.3 Positive Work Environment	66
3.4 Supply Chain Management	69

SECTION 4 - CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

Planet Earth	71
4.1 Environmental Stewardship	72
4.2 Legal & Regulatory Compliance	79
4.3 Climate Reporting Framework (New)	82
4.4 Community Development	89
4.5 Conclusion	91

OTHER INFORMATION

Key Membership Associations & Programmes	92
GRI Content Index	93
Acknowledgements	99

02 BOUSTEAD SINGAPORE LIMITED FY2024 LONGEVITY REPORT

INTRODUCTION		LONGEVITY REPORTING		PURSUING BUSINESS WITH		DEVELOPING OUR BEST ASSET -		CONSERVING OUR COLLECTIVE	OTHER INFORMATION
	FRAMEWORK		A GREATER PURPOSE		BOUSTEAD MEN & WOMEN		HOME - PLANET EARTH

DEFINING LONGEVITY

LONGEVITY

A long individual life; great duration of individual life.
The length or duration of life.
Length of service, tenure; seniority.

- Dictionary.com1

/ Boustead	/ Boustead
International	Controls &
Heaters'	Electrics'
age and counting /	age and counting /
27 YEARS	36 YEARS

14 YEARS		47 YEARS / Geospatial Division's age and counting /	196 YEARS

Average lifespan			/ Boustead Group's
of S&P 500	36 YEARS / BMEC's age and counting /	age and counting /
corporation2
28 YEARS / Boustead Projects' age and counting /

Welcome to the Boustead Singapore Limited FY2024 Longevity Report.

With our time-honoured age of close to two centuries, our reference to sustainability reporting as 'Longevity Reporting' is deeply rooted in our all- encompassing, holistic approach to business and how we view our place in the world. As an organisation, we have enjoyed not only a long history but also a long life in service.

Over time, we have survived numerous global crises. Regardless of how events change the way we operate, one thing is indelible - our distinct brand of entrepreneurialism, institutionalised

in a corporate culture that links back to Boustead's earliest days of trading. Our embrace of the Boustead Way prioritises the pursuit of business with a greater purpose. It is about creating sustainable shared socio-economic value instead of maximising short-

term profit; promoting adaptability and resilience; and favouring longevity over sentimentality. It is also a position, a value, a commercial sensibility that runs through every layer of our organisation.

In this report, we explain how we remain fundamentally robust, progressive and resilient, ensure our longevity and the long-term value of our businesses and the wider ecosystem that we are interconnected with. We also share

how this translates to delivering sustainable shared socio-economic value and progress to key stakeholders, along with the communities that we reside in and our collective home - Planet Earth. Our performance, policies and practices on material economic, environmental, social and governance topics are explained. As a responsible global corporate citizen, we are highly contemplative about how our actions 'ripple upon the pond of life'.

"Longevity." Dictionary.com, www.dictionary.com/browse/longevity. Accessed 31 March 2024.
Handscomb, Christopher and Shail Thaker. "Activate Agility: The Five Avenues to Success." McKinsey & Company, 1 February 2018, www.mckinsey.com/business-functions/organization/our-insights/the-organization-blog/activate-agility-get-these-five-things-right. Accessed 31 March 2024.

03 BOUSTEAD SINGAPORE LIMITED FY2024 LONGEVITY REPORT

INTRODUCTION		LONGEVITY REPORTING		PURSUING BUSINESS WITH
	FRAMEWORK		A GREATER PURPOSE

CHAIRMAN'S LONGEVITY MESSAGE

DEVELOPING OUR BEST ASSET -	CONSERVING OUR COLLECTIVE	OTHER INFORMATION
BOUSTEAD MEN & WOMEN	HOME - PLANET EARTH

Dear Fellow Stakeholders,

I am pleased to present to you the

Boustead Singapore Limited FY2024 Longevity Report for the financial year ended 31 March 2024.

The past year has seen a world that continues to experience unresolved geopolitical tensions, inflationary pressures, sustained higher interest rates and climate disasters. Despite the challenging global landscape, we performed well, with overall revenue that was 37% higher year-on-year at S$767.6 million, while net profit attributable to shareholders was 42% higher year-on-year at S$64.2 million. For a comparative review, after adjusting for other gains/losses and impairments, all net of non-controlling interests, net profit would have doubled year-on-year. The impressive result was supported by record achievements at the Geospatial Division and Energy

Engineering Division, along with significant recognition of sizeable engineering order backlogs that had been carried forward at the end of FY2023.

FY2024 - Dawn of a New Chapter FY2024 was a special year for the Boustead Group for a few reasons.

Firstly, many records were broken, with the surpassing of division revenue and operating profit milestones.

Secondly, our Group celebrated a remarkable 195th Anniversary in an age of declining corporate longevity. From a highly respectable trading house of the Far East to the progressive global infrastructure-related engineering and technology group that we are known as today, our recipe for enduring success has been our ability to adapt, evolve and be resilient - in essence, staying relevant to the times.

Thirdly, the theme on the front cover of this report, 'Reunified As One' signifies the completion of a year-long corporate exercise - one of Singapore's most complex corporate consolidations to navigate and made more challenging by regulations - which finally culminated in the successful consolidation and delisting of our Real Estate Solutions Division (Boustead Projects). This marks our inaugural Longevity Report as one Boustead Group since the time of Boustead Projects' separate listing nine years ago. Reunified as one, we aim to become a more dynamic and nimble organisation that can effectively respond to evolving complexities

on the road ahead, which is subject to heightened geoeconomic and geopolitical tensions, and multiple conflicts and wars. The simplified structure, merging of talents, streamlined decision-making and greater flexibility that the Group and Boustead Projects now have, offers

leverage of strengths and better positioning.

Tackling Sustainability & Climate Challenges

While we have been reporting on our longevity and sustainability efforts since FY2018, this past year saw us establish a Climate Reporting Framework.

We will issue our inaugural climate- focused report using Task Force on Climate-Related Financial Disclosures. Our climate scenario analyses and emissions measurements commenced with Boustead Projects, where the bulk of our physical assets reside and the most emissions-intensive activities take place. In the coming year, we intend to expand climate reporting activities to fully cover all other divisions. We will need some time before committing

to net zero targets, as we do not take our promises lightly and also need to understand whether the route forward is realistically feasible.

04 BOUSTEAD SINGAPORE LIMITED FY2024 LONGEVITY REPORT

INTRODUCTION		LONGEVITY REPORTING		PURSUING BUSINESS WITH		DEVELOPING OUR BEST ASSET -		CONSERVING OUR COLLECTIVE	OTHER INFORMATION
	FRAMEWORK		A GREATER PURPOSE		BOUSTEAD MEN & WOMEN		HOME - PLANET EARTH

195 years on, Boustead Men and Women continue to be the foundation of our success. Investments in our global talent pool and upskilling, and prioritisation of safety and well-being in our operations will continue. We will also constantly reassess our business model and evaluate available technologies to ensure that there is

a strong alignment with our mission, vision and the Boustead Way.

Our people have been our greatest asset and the driving force behind our success. During FY2024, in April 2023, I am happy to share that Boustead, for the third time, had been recognised as one of Singapore's best employers in an extensive survey conducted by Statista and The Straits Times, placing 5th in our category and 155th overall. This same group of dedicated people will also be the driving force behind any successful transition by the Boustead Group to a zero emissions future over the long-term.

From being part of complex urban planning and smart cities to niche infrastructure-related transition projects across the world, particularly in Asia and Australia, our teams have been part of the planning, discussion and execution of major projects that are contributing to transitioning to low emissions economic activities. The journey is expected to be long and certainly not smooth but we intend to be there with global stakeholders, when they request for our expertise.

Last year, we spoke extensively about progressive agility, which we believe best represents our adaptive mindset, resilience and agile posture to adapt to rapidly evolving circumstances. This mindset assumes that complexity, uncertainty and volatility can only be overcome where agility of mindset moves beyond formulaic approaches to truly comprehend the business context and design ecosystem solutions that readily benefit people

and planet. Indeed, thanks to this mindset, we have prevailed over the challenges and delivered yet another credible performance for FY2024. The reunification of Boustead Projects has only served to make us more progressively agile, as we explore the paths to climate action and successful transition to a low emissions economic future.

This report is intended to give you an in-depth understanding of how we remain progressive and resilient, ensure our longevity and protect the viability and long-term value of our businesses and the wider ecosystem that we are interconnected with. We also share how this translates to delivering sustainable shared socio-economic value and progress to key stakeholders, along with the communities that we reside in and our collective home

Planet Earth. When reviewed in conjunction with our financial performance, you should come away

with a holistic impression of not only Boustead but the ecosystems - small and large - that we are an integral part of.

Thank you for entrusting us with the role of being a responsible global corporate citizen, one which we hope to honour for many more centuries to come. This journey is an ultramarathon, one which we will continue running and hope to have you join, even if only for part of the way. Thank you for supporting the Boustead Way. Have an enjoyable and insightful read.

I wish you and your loved ones, good health and peace. Thank you once again for partnering us in our pursuit of business with a greater purpose.

Wong Fong Fui

Chairman &

Group Chief Executive Officer

05 BOUSTEAD SINGAPORE LIMITED FY2024 LONGEVITY REPORT

INTRODUCTION		LONGEVITY REPORTING		PURSUING BUSINESS WITH		DEVELOPING OUR BEST ASSET -		CONSERVING OUR COLLECTIVE	OTHER INFORMATION
	FRAMEWORK		A GREATER PURPOSE		BOUSTEAD MEN & WOMEN		HOME - PLANET EARTH

FY2024 ENVIRONMENTAL, SOCIAL & GOVERNANCE HIGHLIGHTS

At Boustead, sustaining our longevity is an ongoing journey, one in which we strive to remain progressive and resilient, especially amid challenging times. Embracing the spirit of the Boustead Way, we are glad to have contributed to the advancement of our longevity and also that of the sectors where we operate, with the following key achievements in FY2024.

FY2024 Environmental, Social & Governance Highlights
Creating digital twin of Australia's		Elevated to BCA Green & Gracious
largest city, Sydney		Builder Award (Star)
Sydney Opera House

NSW Spatial Digital Twin, Australia				Building & Construction Authority
(Image credits: NSW Department of				("BCA") Green & Gracious Builder
Customer Service)				("GGB") Award (Star)
• Esri Australia provided GIS	• Digital twin incorporates award-	• One mature tree can:		• Boustead Projects elevated to BCA
capabilities for 4D spatial digital	winning Street Tree Master Plan	- Absorb 3,400 litres of stormwater	GGB Award (Star), highest tier
twin	2023 which will see the following	over year-long period
	by 2050:	- Filter 27 kilogrammes of		• Award reflects highest levels of:
• Digital twin maps Western Sydney	- Tree canopy increase from 19%	pollutants from air		- Environmental protection
including:	to 27%	- Provide cooling effect equivalent	- Gracious building practices
- 22 million trees	- Green cover increase from 30%	to running 10 air conditioners		- Increased adoption of productive
- 546,000 buildings	to 40%			construction practices
- 20,000 kilometres of road	- Significant improvements to	• Greater Sydney Commission
- 7,000 3D strata plans	citizens well-being	estimates every 10% increase in		• Significant efforts to reduce
	- Significant reduction of urban	tree canopy cover can reduce land	concrete, diesel consumption and
• Proven pathway for climate action	heat islands	surface temperature by 1.13°C		steel wastage, among other areas

Specific positive impacts in following areas:	Economic	Environmental	Social	Governance

06 BOUSTEAD SINGAPORE LIMITED FY2024 LONGEVITY REPORT

INTRODUCTION		LONGEVITY REPORTING		PURSUING BUSINESS WITH		DEVELOPING OUR BEST ASSET -		CONSERVING OUR COLLECTIVE	OTHER INFORMATION
	FRAMEWORK		A GREATER PURPOSE		BOUSTEAD MEN & WOMEN		HOME - PLANET EARTH

FY2024 Environmental, Social & Governance Highlights (cont'd)
Greening Singapore's industrial real	Reducing environmental impacts of
estate landscape	global smelting sector

Aerial view of internationally-			3D model of process heater system
recognised Surbana Jurong			integrated into experimental direct
Campus, Singapore			reduction plant, Asia
• Boustead Projects delivered	•	Landmark project demonstrates	•	Boustead International Heaters	• Lower emissions than alternative
landmark project, Surbana Jurong		how building design can:		("BIH") designed and is	blast furnace technology
Campus, which officially opened		- Build climate resilience		progressing on delivering process
its doors, bringing total of 4,000		- Mitigate climate risks		heater system for integration into	• BIH's second application in
Surbana Jurong employees		- Achieve highest levels of energy		experimental direct reduction plant	smelting sector
together under roof of new global		efficiency
headquarters			•	Key part of end-user client's	• Demonstrates global smelting
	•	Awarded Best Office & Project		process to use hydrogen as	sector's transition pathways to
• Green Mark Platinum Super		of the Year at ENR Global Best		reducing gas, with flexibility to use	emissions reduction
Low Energy, Singapore's first in		Projects Awards 2023		gases in different proportions, for
largescale business park and				smelting
industrial real estate sector	•	Named Office Building Finalist at
		World Architecture Awards 2023	•	Plant also integrates carbon
• Huge step towards minimal to zero				capture technology
emissions footprint	•	Named World Building of the Week
		by World-Architects Magazine

Significantly reduces energy usage

Specific positive impacts in following areas:	Economic	Environmental	Social	Governance

07 BOUSTEAD SINGAPORE LIMITED FY2024 LONGEVITY REPORT

INTRODUCTION		LONGEVITY REPORTING		PURSUING BUSINESS WITH		DEVELOPING OUR BEST ASSET -		CONSERVING OUR COLLECTIVE	OTHER INFORMATION
	FRAMEWORK		A GREATER PURPOSE		BOUSTEAD MEN & WOMEN		HOME - PLANET EARTH

FY2024 Environmental, Social & Governance Highlights (cont'd)
Reducing environmental impacts of	Singapore's first full-suite	Recognised by SGX for exemplary
global energy sector	Functional Assessment Centre	governance

3D model of heat recovery system		BMEC Functional Assessment		Screenshot of SGX Fast Track
		Centre ("FAC"), Singapore		Programme on regco.sgx.com
• BIH's key heat recovery systems	• Since inception, BIH contracted	• BMEC solely operates Singapore's
("HRS") include waste heat	to deliver 236 HRS with annual		first full-suite FAC, located at		• Continued to be recognised
recovery units, once through	thermal energy recovery capacity		Changi General Hospital		among only 89 SGX-listed
steam generators and heat	of 54.1 terawatt-hours				corporations on programme in Jan
recovery steam generators		•	Objectively and scientifically		2024
	• Demonstrates global energy		measures patient's level of
• Captures thermal energy from	sector's transition pathways to		function, mobility and ability to		• Affirms listed issuers publicly
high temperature turbine exhaust	emissions reduction		perform daily tasks including work	recognised for high corporate
and flue gases, which is efficiently			and sports activities		governance standards and
transferred for use by other utilities					maintaining good compliance
		• Tests conducted in relation to		track record
• Reduces overall energy demand			conditions such as mobility
of plants and potentially doubles			decline, orthopaedic injury, post-		• Prioritised clearance for corporate
operational efficiency of gas-fired			stroke recovery and sports injury		action submissions
turbines		•	Provides outcome assessments		• First named to programme in 2021

			based on pre-operation and post-
			operation periodic reviews

Specific positive impacts in following areas:	Economic	Environmental	Social	Governance

08 BOUSTEAD SINGAPORE LIMITED FY2024 LONGEVITY REPORT

INTRODUCTION		LONGEVITY REPORTING		PURSUING BUSINESS WITH		DEVELOPING OUR BEST ASSET -		CONSERVING OUR COLLECTIVE	OTHER INFORMATION
	FRAMEWORK		A GREATER PURPOSE		BOUSTEAD MEN & WOMEN		HOME - PLANET EARTH

THE BOUSTEAD WAY, MISSION, VISION & BUSINESS MODEL

The Boustead Way

The Boustead Way prioritises the pursuit of business with a greater purpose. It is about creating sustainable shared socio-economic value versus maximising short-term profit; promoting adaptability and resilience; and favouring longevity over sentimentality. It is a position, a value, a commercial sensibility that runs through every layer of our organisation.

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Mission

To pursue business with a greater purpose - creating sustainable shared socio-economic value through providing progressive, smart, eco-sustainable, emissions reduction and future-ready solutions that empower stakeholders in the markets we serve.

Vision

To be the leading global provider of progressive, smart, eco-sustainable, emissions reduction and future- ready solutions.

09 BOUSTEAD SINGAPORE LIMITED FY2024 LONGEVITY REPORT

INTRODUCTION		LONGEVITY REPORTING		PURSUING BUSINESS WITH		DEVELOPING OUR BEST ASSET -		CONSERVING OUR COLLECTIVE	OTHER INFORMATION
	FRAMEWORK		A GREATER PURPOSE		BOUSTEAD MEN & WOMEN		HOME - PLANET EARTH

Business Model

Over Boustead's enduring heritage of almost two centuries, we have been delivering sustainable shared socio-economic value and progress to key stakeholders globally. We owe our success to our experienced and versatile teams who possess in-depth domain expertise

and tremendous international experience and generally undertake the high value-added activities across the engineering and technology value chains, guided by the Boustead Way.

As a knowledge-driven organisation, we employ a business model with inbuilt exportability and flexibility, which has enabled us to adapt our operations to diverse situations and widespread geographic markets covering 93 countries and territories globally.

At our core are Boustead Men and Women, guided by the Boustead Way, and fortified by our fundamental principles and strong human-centric corporate values. Over time, we have established our reputation for integrity, quality, reliability and trust, which together with our corporate values and

business drivers, help us to achieve our long-term objectives to be adaptable and resilient, deliver sustainable shared socio-economic value and progress, and create positive impacts on the world. We are a responsible global corporate citizen with a greater purpose in mind.

Corporate Values

a) Striving for progress

We want to be distinguished for:

Our sector leadership, client- focus and strong suite of smart, eco-sustainable, emissions reduction and future-ready solutions;
Our professionalism, financial performance, proven business and management model, and successful growth strategies; and
Our creation of shared socio- economic value and contribution to economic, environmental and social progress in communities globally.

Respecting our team and stakeholders
We believe in creating a positive work environment that promotes creativity, excitement and growth,

and makes our team feel cared for, challenged, empowered and respected because they are our best asset - they are Boustead. Creating the ideal environment for them to thrive in will eventually translate to delivering sustainable shared socio-economic value and progress to key stakeholders.

Keeping an open mind We endeavour to push the boundaries of paradigms, research and technologies to improve business performance and sustainability.
Adhering to the highest standards of honourable conduct We believe in conducting business honourably. We are committed to building a climate of fairness, honesty, trust and sincerity with all key stakeholders.
Upholding excellence

We aim to deliver excellence in everything we do.

Servicing our clients We aim to gain an in-depthunderstanding of our clients'
needs so that we are able to deliver progressive answers to them

in the dynamic global business environment.

g) Prioritising safety

We believe in making safety an inherent part of our solutions and the environment we operate in.

Achieving Our Mission, Vision & Long-Term Objectives

In order to achieve our mission, vision and long-term objectives, we rely on our business drivers: business platforms, strategies and business model value chain - guided by the Boustead Way, along with our fundamental principles and strong human-centric corporate values.

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