URGENT!! Definitely will upvote!!

YTL Power International Berhad, a subsidiary of YTL Corporation, generates and sells power as an independent power producer to Tenaga Nasional for uploading onto the National Grid, Malaysia. Managing Directors Review OVERVIEW YTL Power International Berhad (YTL Power) and its subsidiaries (Group) registered higher revenue of RM10,784.7 million for the financial year ended 30 June 2021, compared to RM10,637.2 million for the previous financial year ended 30 June 2020, whilst profit before tax increased by 49.1% to RM633.8 million this year compared to RM425.2 million last year. Our Groups profit after tax was impacted by a change in the United Kingdom (UK), which passed legislation this year increasing the UK corporate tax rate from 19% to 25%

with effect from 1 April 2023. As a result, all deferred tax assets and liabilities were re- measured and the higher deferred tax charge gave rise to a debit to the income statement

of RM540.5 million (GBP97.3 million) leading to a loss after tax of RM103.1 million for the year under review. However, the deferred tax charge is an accounting treatment and did not impact the Groups cashflow. As countries around the world have begun to come to grips with the expectation that the pandemic will not easily be eradicated, we made great strides this year in implementing new measures, procedures and safeguards to further insulate our business divisions and ensure our ability to operate regardless of pandemic-related restrictions. This strategy has proven effective, driving strong operational performance across our Group. Last year, in light of the unprecedent uncertainties in the global economy, YTL Power took the prudent step of declaring a 1-for-16 share dividend. This ensured that shareholders continued to receive a healthy dividend yield, whilst enabling us to conserve cash and providing the necessary flexibility to optimally manage our existing businesses. Our improved performance this year enabled us to continue to reward shareholders, with two interim cash dividends declared, amounting to 4.5 sen per share. IMPROVED OPERATIONAL PERFORMANCE Our merchant multi-utilities activities are undertaken by YTL Power Seraya Pte Limited, which is one of the largest power generation companies in Singapore, with a total licensed generation capacity of 3,100 megawatts and a market share of about 17%. YTL Power Seraya saw a marked turnaround this year, successfully returning to profitability on the back of improved operating margins, the uptrend in fuel prices and better electricity volumes sold.

Our water and sewerage segment in the UK, undertaken by Wessex Water Services Limited, delivered another solid set of results this year. As our long-term stakeholders in particular would be aware, Wessex Water has a two-fold value proposition as the business provides consistent earnings and dividend income as well as a regulated asset base (RAB) that increases in value over time. Over the current 5-year regulatory period, Wessex Water will undertake capital investments of RM7.5 billion (GBP1.3 billion), resulting in a total RAB value in excess of RM22.4 billion (GBP3.9 billion) when the regulatory period ends in March 2025. Also in the UK, progress on the Brabazon development in Bristol is proceeding, with construction of the first phase of 302 one and two bedroom apartments and two, three and four-bedroom homes beginning in September 2019. The heart of the development will be the new 17,080-capacity YTL Arena Bristol: a supersonic venue that will put the city on the world stage for live music and entertainment. Planning approval was received in March 2020 and detailed design is underway ahead of the scheduled opening in 2024. Our telecommunications business saw improved performance this year as we made excellent progress on new fronts, with the introduction of our Kasi-Up plans, which are the most affordable data plans in the market, initiatives in support of the Governments Jaringan Prihatin programme, as well as highly effective new partnerships. These new initiatives have proven attractive and served to significantly boost customer uptake. As at 30 June 2021, our subscriber base has grown to 2.36 million customers. LOOKING AHEAD The countries with our largest operations, namely Malaysia, the UK and Singapore, have made very good progress with vaccine roll-out programmes and are nearing or have achieved the high vaccination levels seen as necessary to bring the pandemic under control and return to a semblance of normalcy. Whilst the outlook in terms of pandemic-containment is still uncertain, with the emergence of new variants a persistent issue, the vital nature of the services we provide has driven our business divisions to successfully adapt to the changing requirements in order to ensure business continues largely uninterrupted. With cash reserves of RM10.3 billion as at 30 June 2021, we remain on the lookout for viable new growth opportunities particularly in our core competency of regulated businesses operating under long-term concessions. Another key area of our focus for the future is investment in renewable sources of energy. Our Group has existing renewable energy generation capacity in our operations in both Singapore and the UK, and we will continue to prioritise the development of solar farms and other renewables going forward. We remain committed to our long-standing strategy of maintaining cash reserves and

financing acquisitions on a ring-fenced, non-recourse basis that underscores the stand- alone viability of the business in order to protect and grow our assets, for the benefit of

all our shareholders and stakeholders

Based on Chairmans Review and Management analysis, you are required to support your answer in question 1(a), 1(b) and 2(a) to express its significance to stock valuation.