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government-related entities are conducted in the ordinary course of the Group’s and of the Company’s businesses on negotiated terms or terms comparable to those with other entities that are not government-related, except otherwise disclosed elsewhere in the financial statements. The Group and the Company are principally involved in the provision of electricity as part of their ordinary operations. These services are carried out generally on commercial terms that are consistently applied to all customers. These transactions have been established on terms and conditions that are not materially different from those obtainable in transactions with unrelated parties. Apart from the individually significant transactions and balances as disclosed elsewhere in the financial statements, the Group and the Company have collectively, but not individually significant transactions with related parties. NOTES TO THEFINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 301 43 SIGNIFICANT RELATED PARTY DISCLOSURES (CONTINUED) In addition to the transactions detailed elsewhere in the financial statements, the Group and the Company had the following significant transactions with the following related parties based on agreed terms during the financial year: Associate companies KMP 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million Group Income: - Interest income 64.0 51.2 0 0 - Dividend income 164.8 120.1 0 0 - Leasing income 18.3 19.1 0 0 - Other income 11.8 6.4 0 0 Expenses: - Purchase of electricity (3,794.8) (5,521.1) 0 0 - Finance cost on lease liabilities (224.2) (262.8) 0 0 - Key management compensations: - Salaries, allowances and bonuses 0 0 (21.8) (25.4) - Benefits-in-kind 0 0 (0.4) (0.4) - Defined contribution retirement plan 0 0 (3.5) (3.6) - Other staff benefits 0 0 (2.9) (2.2) - LTIP expense 0 0 (3.7) (5.6) Amounts due from 388.3 659.1 Amounts due to (579.7) (777.6) Investment in unquoted debt security 259.3 253.4 Lease liabilities (4,110.8) (4,787.4) NOTES TO THE FINANCIAL STATEMENTS 31 | [
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KMP 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million Group Income: - Interest income 64.0 51.2 0 0 - Dividend income 164.8 120.1 0 0 - Leasing income 18.3 19.1 0 0 - Other income 11.8 6.4 0 0 Expenses: - Purchase of electricity (3,794.8) (5,521.1) 0 0 - Finance cost on lease liabilities (224.2) (262.8) 0 0 - Key management compensations: - Salaries, allowances and bonuses 0 0 (21.8) (25.4) - Benefits-in-kind 0 0 (0.4) (0.4) - Defined contribution retirement plan 0 0 (3.5) (3.6) - Other staff benefits 0 0 (2.9) (2.2) - LTIP expense 0 0 (3.7) (5.6) Amounts due from 388.3 659.1 Amounts due to (579.7) (777.6) Investment in unquoted debt security 259.3 253.4 Lease liabilities (4,110.8) (4,787.4) NOTES TO THE FINANCIAL STATEMENTS 31 December2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 302 43 SIGNIFICANT RELATED PARTY DISCLOSURES (CONTINUED) In addition to the transactions detailed elsewhere in the financial statements, the Group and the Company had the following significant transactions with the following related parties based on agreed terms during the financial year: (continued) Subsidiary companies Associate companies KMP 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million Company Income: - Interest income 258.9 248.6 64.0 51.2 0 0 - Corporate joint income 151.6 157.8 0 0 0 0 - Dividend income 7.4 102.1 72.8 52.0 0 0 - Leasing income 46.4 28.8 18.3 19.1 0 0 - Other income 59.9 62.3 11.8 6.4 0 0 Expenses: - Purchase of electricity (20,702.9) (23,478.2) (3,794.8) (5,521.1) 0 0 - Purchase of goods/services (1,048.5) (935.8) 0 0 0 0 - Training fees (72.6) (78.5) 0 0 0 0 - Finance cost on: - Lease liabilities (2,603.4) (2,377.7) (224.2) (262.8) 0 0 - Borrowings (281.5) (276.9) 0 0 0 0 - Key management compensations: - Salaries, allowances and bonuses 0 0 0 0 (21.8) (25.4) - Benefits-in-kind 0 0 0 0 (0.4) (0.4) - Defined contribution retirement plan 0 0 0 0 (3.5) (3.6) - Other staff benefits 0 0 0 0 (2.9) (2.2) - LTIP expenses 0 0 0 0 (3.7) (5.6) | [
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7.4 102.1 72.8 52.0 0 0 - Leasing income 46.4 28.8 18.3 19.1 0 0 - Other income 59.9 62.3 11.8 6.4 0 0 Expenses: - Purchase of electricity (20,702.9) (23,478.2) (3,794.8) (5,521.1) 0 0 - Purchase of goods/services (1,048.5) (935.8) 0 0 0 0 - Training fees (72.6) (78.5) 0 0 0 0 - Finance cost on: - Lease liabilities (2,603.4) (2,377.7) (224.2) (262.8) 0 0 - Borrowings (281.5) (276.9) 0 0 0 0 - Key management compensations: - Salaries, allowances and bonuses 0 0 0 0 (21.8) (25.4) - Benefits-in-kind 0 0 0 0 (0.4) (0.4) - Defined contribution retirement plan 0 0 0 0 (3.5) (3.6) - Other staff benefits 0 0 0 0 (2.9) (2.2) - LTIP expenses 0 0 0 0 (3.7) (5.6) Repaymentof advances from 1,048.7 376.4 0 0 Advances granted to (217.1) (1,072.0) 0 0 Amounts due from 7,977.6 10,016.9 5.2 5.6 Amounts due to (6,944.0) (6,709.1) (568.8) (765.9) Investment in unquoted debt security 0 0 259.3 253.4 Lease liabilities (41,581.8) (43,839.7) (4,110.8) (4,787.4) Repayment of interest (279.5) (274.3) 0 0 44 SEGMENTAL REPORTING Segmental reporting is not presented as the Group is principally engaged in the generation, transmission, distribution and sales of electricity and the provision of other related services, which are substantially within a single business segment and this is consistent with the current practice of internal reporting. The Group operates primarily in Malaysia. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 303 45 FINANCIAL INSTRUMENTS Accounting Policy Financial instruments comprise financial assets and financial liabilities as below: Financial assets (a) Classification The Group and the Company classify their financial assets in the following categories: at amortised cost (‘AC’), at FVOCI or FVTPL. The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. (i) Financial assets at AC: • The asset is held within a business model whose objective is to collect the contractual cash flows; and • The contractual | [
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related services, which are substantially within a single business segment and this is consistent with the current practice of internal reporting. The Group operates primarily in Malaysia. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 303 45 FINANCIAL INSTRUMENTS Accounting Policy Financial instruments comprise financial assets and financial liabilities as below: Financial assets (a) Classification The Group and the Company classify their financial assets in the following categories: at amortised cost (‘AC’), at FVOCI or FVTPL. The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. (i) Financial assets at AC: • The asset is held within a business model whose objective is to collect the contractual cash flows; and • The contractual termsgive rise to cash flows that are solely payments of principal and interest. (ii) Financial assets at FVOCI: • Equity securities which are not held for trading, and which the Group and the Company have irrevocably elected at initial recognition to recognise in this category. These are strategic investments and the Group and the Company consider this classification to be more relevant; and • Debt securities where the contractual cash flows are solely principal and interest and the objective of the Group’s and of the Company’s business model is achieved both by collecting cash flows and selling financial assets. (iii) Financial assets at FVTPL: • Debt instruments that do not qualify for measurement at either AC or FVOCI; • Equity instruments that are held for trading; and • Equity instruments for which the Group and the Company have not elected to recognise fair value gains and losses through OCI. The Group and the Company reclassify debt instruments when and only when its business model for managing those assets changes. (b) Recognition and derecognition Regular purchases and sales of financial assets are recognised on the trade-date, the date on which the Group and the | [
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securities where the contractual cash flows are solely principal and interest and the objective of the Group’s and of the Company’s business model is achieved both by collecting cash flows and selling financial assets. (iii) Financial assets at FVTPL: • Debt instruments that do not qualify for measurement at either AC or FVOCI; • Equity instruments that are held for trading; and • Equity instruments for which the Group and the Company have not elected to recognise fair value gains and losses through OCI. The Group and the Company reclassify debt instruments when and only when its business model for managing those assets changes. (b) Recognition and derecognition Regular purchases and sales of financial assets are recognised on the trade-date, the date on which the Group and the Companycommit to purchase or sell the assets. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group and the Company have transferred substantially all the risks and rewards of ownership. (c) Measurement (i) Initial recognition On initial recognition, the Group and the Company measure a financial asset at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL are expensed in the statement of profit or loss. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 304 Accounting Policy (continued) Financial instruments comprise financial assets and financial liabilities as below: (continued) Financial assets (continued) (c) Measurement (continued) (ii) Subsequent measurement • Debt instruments Subsequent measurement of debt instruments depends on the Group’s and the Company’s | [
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the Company measure a financial asset at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL are expensed in the statement of profit or loss. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 304 Accounting Policy (continued) Financial instruments comprise financial assets and financial liabilities as below: (continued) Financial assets (continued) (c) Measurement (continued) (ii) Subsequent measurement • Debt instruments Subsequent measurement of debt instruments depends on the Group’s and the Company’s businessmodel for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the Group and the Company classify its debt instruments: - AC: Interest income from financial assets at AC is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in the statement of profit or loss. Impairment losses are presented as a separate line item in the statement of profit or loss. - FVOCI: Movements in the carrying amount of debt instruments classified under FVOCI are taken through OCI. Upon derecognition of the assets, the cumulative gain or loss previously recognised in OCI is reclassified to the statement of profit or loss. The interest income from these financial assets is included in the finance income using the effective interest rate method. The foreign exchange gains and losses and impairment expenses are presented as a separate line item in the statement of profit or loss. - FVTPL: Financial assets that do not meet the criteria for AC or FVOCI are measured at FVTPL. A gain or loss on debt instruments which | [
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of profit or loss. Impairment losses are presented as a separate line item in the statement of profit or loss. - FVOCI: Movements in the carrying amount of debt instruments classified under FVOCI are taken through OCI. Upon derecognition of the assets, the cumulative gain or loss previously recognised in OCI is reclassified to the statement of profit or loss. The interest income from these financial assets is included in the finance income using the effective interest rate method. The foreign exchange gains and losses and impairment expenses are presented as a separate line item in the statement of profit or loss. - FVTPL: Financial assets that do not meet the criteria for AC or FVOCI are measured at FVTPL. A gain or loss on debt instruments which aremeasured at FVTPL are recognised in the statement of profit or loss. • Equity instruments The Group and the Company have elected to present fair value gains and losses on equity instruments in OCI. The fair value gains and losses of these instruments will not be reclassified subsequently to the statement of profit or loss. Dividends from such investments are recognised in the statement of profit or loss as other income. Impairment losses (and reversal of impairment losses) on equity instruments measured at FVOCI are also reported as other changes in fair value. (d) Impairment The Group and the Company assess on a forward looking basis the expected credit losses associated with its debt instruments carried at AC and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. The Group and the Company have the following financial instruments that are subject to the ECL model: (i) Trade receivables (ii) Trade contract assets (iii) Non-trade receivables: • intercompany balances • amounts due from associates/joint ventures • rechargeable job orders (‘RJO’) debtors • sundry deposits for rental spaces • rental receivables • staff loans/advances • investment in unquoted debt securities (iv) Financial guarantee contracts | [
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losses (and reversal of impairment losses) on equity instruments measured at FVOCI are also reported as other changes in fair value. (d) Impairment The Group and the Company assess on a forward looking basis the expected credit losses associated with its debt instruments carried at AC and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. The Group and the Company have the following financial instruments that are subject to the ECL model: (i) Trade receivables (ii) Trade contract assets (iii) Non-trade receivables: • intercompany balances • amounts due from associates/joint ventures • rechargeable job orders (‘RJO’) debtors • sundry deposits for rental spaces • rental receivables • staff loans/advances • investment in unquoted debt securities (iv) Financial guarantee contracts issuedWhile cash and cash equivalents are also subject to the impairment requirements of MFRS 9, the identified impairment loss is immaterial. 45 FINANCIAL INSTRUMENTS (CONTINUED) NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 305 Accounting Policy (continued) Financial instruments comprise financial assets and financial liabilities as below: (continued) Financial assets (continued) (d) Impairment (continued) ECL represents a probability-weighted estimate of the difference between the present value of the cash flows according to the contract and present value of the cash flows the Group and the Company are expected to receive, over the remaining life of the financial instruments. For financial guarantee contracts, the ECL is the difference between the expected payments to be reimbursed to the holder of the guaranteed debt instrument less any amounts that the Company expects to receive from the holder, the debtor or any other party. The measurement of ECL reflects: (i) An unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes; (ii) The time value of money; and (iii) Reasonable and supportable | [
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liabilities as below: (continued) Financial assets (continued) (d) Impairment (continued) ECL represents a probability-weighted estimate of the difference between the present value of the cash flows according to the contract and present value of the cash flows the Group and the Company are expected to receive, over the remaining life of the financial instruments. For financial guarantee contracts, the ECL is the difference between the expected payments to be reimbursed to the holder of the guaranteed debt instrument less any amounts that the Company expects to receive from the holder, the debtor or any other party. The measurement of ECL reflects: (i) An unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes; (ii) The time value of money; and (iii) Reasonable and supportable informationthat is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions. For trade receivables, trade contract assets and lease receivables, the Group and the Company apply the MFRS 9 simplified approach, which requires expected lifetime losses to be recognised from initial recognition of the receivables, except for those which are in default or credit impaired are assessed individually. For non-trade receivables, at each reporting date the Group and the Company measure ECL through a loss allowance at an amount equal to 12 months ECL if credit risk on a financial instrument or a group of financial instruments has not increased significantly since initial recognition. The Group and the Company use the three-stage approach for non-trade receivables which reflect their credit risks and how the loss allowances are determined for each of those stages. Summary of the assumptions underpinning the Group’s and the Company’s ECL model for non-trade receivables are as follows: Types of non-trade receivables Stage 1 Low credit risk (12 months ECL Model) Stage 2 Significant increase in credit risk (Lifetime ECL Model) | [
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for those which are in default or credit impaired are assessed individually. For non-trade receivables, at each reporting date the Group and the Company measure ECL through a loss allowance at an amount equal to 12 months ECL if credit risk on a financial instrument or a group of financial instruments has not increased significantly since initial recognition. The Group and the Company use the three-stage approach for non-trade receivables which reflect their credit risks and how the loss allowances are determined for each of those stages. Summary of the assumptions underpinning the Group’s and the Company’s ECL model for non-trade receivables are as follows: Types of non-trade receivables Stage 1 Low credit risk (12 months ECL Model) Stage 2 Significant increase in credit risk (Lifetime ECL Model) Stage3 Credit impaired (Lifetime ECL Model) • Intercompany balances Positive operating cash flows/Net assets (T otal Assets - T otal Liabilities)/ Subsidiaries with assets under construction having guaranteed long term revenue contract and agents Negative operating cash flows and net liabilities (T otal Assets -Liabilities)/ without defaulting on loan repayments Dormant/History of default • Amounts due from associates/joint ventures/investment in unquoted debt security Positive operating cash flows/ Net assets (T otal Assets - T otal Liabilities) Negative operating cash flows and net liabilities (T otal Assets - T otal Liabilities)/No current default History of default and currently defaulted • RJO debtors Covered by indent/ downpayment/Letter of Undertaking (‘LOU’) No indent/downpayment/LOU Accident cases • Sundry deposits for rental spaces Active contracts Inactive contracts and amounts outstanding less or equal to 12 months Inactive contracts and amounts outstanding more than 12 months • Rental receivables (net deposits) Active contracts and amounts outstanding less or equal to 3 months Active contracts and amounts outstanding more than 3 months Inactive contracts • Staff loans/advances Current employees | [
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-Liabilities)/ without defaulting on loan repayments Dormant/History of default • Amounts due from associates/joint ventures/investment in unquoted debt security Positive operating cash flows/ Net assets (T otal Assets - T otal Liabilities) Negative operating cash flows and net liabilities (T otal Assets - T otal Liabilities)/No current default History of default and currently defaulted • RJO debtors Covered by indent/ downpayment/Letter of Undertaking (‘LOU’) No indent/downpayment/LOU Accident cases • Sundry deposits for rental spaces Active contracts Inactive contracts and amounts outstanding less or equal to 12 months Inactive contracts and amounts outstanding more than 12 months • Rental receivables (net deposits) Active contracts and amounts outstanding less or equal to 3 months Active contracts and amounts outstanding more than 3 months Inactive contracts • Staff loans/advances Current employees Ex-employeeswith no default in payment Ex-employees with default in payment 45 FINANCIAL INSTRUMENTS (CONTINUED) NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 306 Accounting Policy (continued) Financial instruments comprise financial assets and financial liabilities as below: (continued) Financial assets (continued) (d) Impairment (continued) When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECL, the Group and the Company consider reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s and the Company’s historical experience and informed credit assessment including forward looking information, where available. The gross carrying amount of a financial asset is written off (either partially or fully) to the extent that there is no realistic prospect of recovery. This is generally the case when either the Group or the Company determine that | [
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Accounting Policy (continued) Financial instruments comprise financial assets and financial liabilities as below: (continued) Financial assets (continued) (d) Impairment (continued) When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECL, the Group and the Company consider reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s and the Company’s historical experience and informed credit assessment including forward looking information, where available. The gross carrying amount of a financial asset is written off (either partially or fully) to the extent that there is no realistic prospect of recovery. This is generally the case when either the Group or the Company determine that thedebtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subjected to the write off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group’s and the Company’s procedures for recovery of amounts due. Financial liabilities The Group and the Company classify its financial liabilities at AC or at FVTPL. Offsetting financial instruments Financial assets and liabilities are offsetted and the net amounts are presented in the statement of financial position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy. Financial guarantee contracts Financial guarantee contracts are contracts that require the Group or the Company to make specified payments to reimburse the holder for a loss it | [
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amounts due. Financial liabilities The Group and the Company classify its financial liabilities at AC or at FVTPL. Offsetting financial instruments Financial assets and liabilities are offsetted and the net amounts are presented in the statement of financial position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy. Financial guarantee contracts Financial guarantee contracts are contracts that require the Group or the Company to make specified payments to reimburse the holder for a loss it incursbecause a specified debtor fails to make payments when due, in accordance with the terms of a debt instrument. Financial guarantee contracts are recognised as a financial liability at the time the guarantee is issued. The liability is initially measured at fair value and subsequently at the higher of; (i) The amount determined in accordance with the ECL model; and (ii) The amount initially recognised less, where appropriate, the cumulative amount of income recognised in accordance with the principles of MFRS 15. The fair value of financial guarantees is determined as the present value of the difference in net cash flows between the contractual payments under the debt instrument and the payments that would be required without the guarantee, or the estimated amount that would be payable to a third party for assuming the obligations. Where guarantees in relation to loans or other payables of associates are provided for no compensation, the fair values are accounted for as contributions and recognised as part of the cost of the investment. 45 FINANCIAL INSTRUMENTS (CONTINUED) NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 307 45 FINANCIAL INSTRUMENTS (CONTINUED) (a) Categories of | [
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less, where appropriate, the cumulative amount of income recognised in accordance with the principles of MFRS 15. The fair value of financial guarantees is determined as the present value of the difference in net cash flows between the contractual payments under the debt instrument and the payments that would be required without the guarantee, or the estimated amount that would be payable to a third party for assuming the obligations. Where guarantees in relation to loans or other payables of associates are provided for no compensation, the fair values are accounted for as contributions and recognised as part of the cost of the investment. 45 FINANCIAL INSTRUMENTS (CONTINUED) NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 307 45 FINANCIAL INSTRUMENTS (CONTINUED) (a) Categories of financialinstruments The financial instruments are categorised as follows: (i) Financial assets and financial liabilities at AC; (ii) Financial assets and financial liabilities at FVTPL; and (iii) Financial assets at FVOCI. Carrying amount RM’million AC RM’million FVTPL RM’million FVOCI RM’million Financial assets 2023 Group Investment in unquoted debt security 259.3 259.3 0 0 Long term receivables 46.8 46.8 0 0 Financial lease receivables 7.2 7.2 0 0 Derivative financial instruments 168.0 0 168.0 0 Financial assets at FVOCI 55.1 0 0 55.1 Trade receivables 3,921.5 3,921.5 0 0 Other non-trade receivables 806.0 806.0 0 0 Contract assets 4,446.8 4,446.8 0 0 Amounts due from joint ventures 22.7 22.7 0 0 Amounts due from associates 388.3 388.3 0 0 Financial assets at FVTPL 1,650.0 0 1,650.0 0 Deposits, bank and cash balances 19,390.5 19,390.5 0 0 31,162.2 29,289.1 1,818.0 55.1 Company Investment in unquoted debt security 259.3 259.3 0 0 Long term receivables 21.1 21.1 0 0 Financial assets at FVOCI 54.3 0 0 54.3 Trade receivables 2,805.9 2,805.9 0 0 Other non-trade receivables 152.3 152.3 0 0 Contract assets 4,226.9 4,226.9 0 0 Amounts due from subsidiaries 7,977.6 7,977.6 0 0 Amounts due from associates 5.2 5.2 | [
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instruments 168.0 0 168.0 0 Financial assets at FVOCI 55.1 0 0 55.1 Trade receivables 3,921.5 3,921.5 0 0 Other non-trade receivables 806.0 806.0 0 0 Contract assets 4,446.8 4,446.8 0 0 Amounts due from joint ventures 22.7 22.7 0 0 Amounts due from associates 388.3 388.3 0 0 Financial assets at FVTPL 1,650.0 0 1,650.0 0 Deposits, bank and cash balances 19,390.5 19,390.5 0 0 31,162.2 29,289.1 1,818.0 55.1 Company Investment in unquoted debt security 259.3 259.3 0 0 Long term receivables 21.1 21.1 0 0 Financial assets at FVOCI 54.3 0 0 54.3 Trade receivables 2,805.9 2,805.9 0 0 Other non-trade receivables 152.3 152.3 0 0 Contract assets 4,226.9 4,226.9 0 0 Amounts due from subsidiaries 7,977.6 7,977.6 0 0 Amounts due from associates 5.2 5.2 00 Financial assets at FVTPL 1,369.4 0 1,369.4 0 Deposits, bank and cash balances 13,326.6 13,326.6 0 0 30,198.6 28,774.9 1,369.4 54.3 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 308 45 FINANCIAL INSTRUMENTS (CONTINUED) (a) Categories of financial instruments (continued) Carrying amount RM’million AC RM’million FVTPL RM’million FVOCI RM’million Financial assets 2022 Group Investment in unquoted debt security 253.4 253.4 0 0 Long term receivables 39.6 39.6 0 0 Finance lease receivables 8.6 8.6 0 0 Derivative financial instruments 72.5 0 72.5 0 Financial assets at FVOCI 70.7 0 0 70.7 Trade receivables 3,967.7 3,967.7 0 0 Other non-trade receivables 943.5 943.5 0 0 Contract assets 3,586.0 3,586.0 0 0 Amounts due from joint ventures 44.6 44.6 0 0 Amounts due from associates 659.1 659.1 0 0 Financial assets at FVTPL 8,196.6 0 8,196.6 0 Deposits, bank and cash balances 4,893.4 4,893.4 0 0 22,735.7 14,395.9 8,269.1 70.7 Company Investment in unquoted debt security 253.4 253.4 0 0 Long term receivables 32.2 32.2 0 0 Financial assets at FVOCI 70.0 0 0 70.0 Trade receivables 2,466.1 2,466.1 0 0 Other non-trade receivables 82.8 82.8 0 0 Contract assets 3,430.0 3,430.0 0 0 Amounts due from subsidiaries 10,016.9 10,016.9 0 0 | [
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8.6 8.6 0 0 Derivative financial instruments 72.5 0 72.5 0 Financial assets at FVOCI 70.7 0 0 70.7 Trade receivables 3,967.7 3,967.7 0 0 Other non-trade receivables 943.5 943.5 0 0 Contract assets 3,586.0 3,586.0 0 0 Amounts due from joint ventures 44.6 44.6 0 0 Amounts due from associates 659.1 659.1 0 0 Financial assets at FVTPL 8,196.6 0 8,196.6 0 Deposits, bank and cash balances 4,893.4 4,893.4 0 0 22,735.7 14,395.9 8,269.1 70.7 Company Investment in unquoted debt security 253.4 253.4 0 0 Long term receivables 32.2 32.2 0 0 Financial assets at FVOCI 70.0 0 0 70.0 Trade receivables 2,466.1 2,466.1 0 0 Other non-trade receivables 82.8 82.8 0 0 Contract assets 3,430.0 3,430.0 0 0 Amounts due from subsidiaries 10,016.9 10,016.9 0 0 Amountsdue from associates 5.6 5.6 0 0 Financial assets at FVTPL 6,276.0 0 6,276.0 0 Deposits, bank and cash balances 748.2 748.2 0 0 23,381.2 17,035.2 6,276.0 70.0 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 309 45 FINANCIAL INSTRUMENTS (CONTINUED) (a) Categories of financial instruments (continued) Carrying amount RM’million AC RM’million FVTPL RM’million Financial liabilities 2023 Group Payables 8,340.4 8,340.4 0 Financial guarantee contracts 312.1 312.1 0 Lease liabilities 30,860.9 30,860.9 0 Amounts due to associates 579.7 579.7 0 Borrowings 61,770.2 61,770.2 0 Derivative financial instruments 11.9 0 11.9 Other liabilities 850.5 850.5 0 102,725.7 102,713.8 11.9 Company Payables 4,466.8 4,466.8 0 Financial guarantee contracts 316.4 316.4 0 Lease liabilities 69,286.6 69,286.6 0 Amounts due to subsidiaries 6,944.0 6,944.0 0 Amounts due to associates 568.8 568.8 0 Borrowings 29,678.1 29,678.1 0 Derivative financial instruments 1.4 0 1.4 Other liabilities 764.4 764.4 0 112,026.5 112,025.1 1.4 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 310 45 FINANCIAL INSTRUMENTS (CONTINUED) (a) Categories of financial instruments (continued) Carrying amount RM’million AC RM’million FVTPL RM’million | [
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RM’million FVTPL RM’million Financial liabilities 2023 Group Payables 8,340.4 8,340.4 0 Financial guarantee contracts 312.1 312.1 0 Lease liabilities 30,860.9 30,860.9 0 Amounts due to associates 579.7 579.7 0 Borrowings 61,770.2 61,770.2 0 Derivative financial instruments 11.9 0 11.9 Other liabilities 850.5 850.5 0 102,725.7 102,713.8 11.9 Company Payables 4,466.8 4,466.8 0 Financial guarantee contracts 316.4 316.4 0 Lease liabilities 69,286.6 69,286.6 0 Amounts due to subsidiaries 6,944.0 6,944.0 0 Amounts due to associates 568.8 568.8 0 Borrowings 29,678.1 29,678.1 0 Derivative financial instruments 1.4 0 1.4 Other liabilities 764.4 764.4 0 112,026.5 112,025.1 1.4 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 310 45 FINANCIAL INSTRUMENTS (CONTINUED) (a) Categories of financial instruments (continued) Carrying amount RM’million AC RM’million FVTPL RM’million Financialliabilities 2022 Group Payables 8,718.9 8,718.9 0 Financial guarantee contracts 310.6 310.6 0 Lease liabilities 33,278.4 33,278.4 0 Amounts due to associates 777.6 777.6 0 Borrowings 63,882.2 63,882.2 0 Derivative financial instruments 5.2 0 5.2 Other liabilities 709.1 709.1 0 107,682.0 107,676.8 5.2 Company Payables 4,443.2 4,443.2 0 Financial guarantee contracts 312.2 312.2 0 Lease liabilities 73,805.1 73,805.1 0 Amounts due to subsidiaries 6,709.1 6,709.1 0 Amounts due to associates 765.9 765.9 0 Borrowings 36,231.9 36,231.9 0 Derivative financial instruments 2.9 0 2.9 Other liabilities 711.2 711.2 0 122,981.5 122,978.6 2.9 (b) Financial risk management The Group and the Company have exposures to the following risks embedded in its financial instruments: • Credit risk; • Liquidity risk; and • Market risk. Credit risk Credit risk is the risk of a financial loss to the Group and the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group’s and the Company’s exposures to credit risk arise principally from its receivables from | [
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107,682.0 107,676.8 5.2 Company Payables 4,443.2 4,443.2 0 Financial guarantee contracts 312.2 312.2 0 Lease liabilities 73,805.1 73,805.1 0 Amounts due to subsidiaries 6,709.1 6,709.1 0 Amounts due to associates 765.9 765.9 0 Borrowings 36,231.9 36,231.9 0 Derivative financial instruments 2.9 0 2.9 Other liabilities 711.2 711.2 0 122,981.5 122,978.6 2.9 (b) Financial risk management The Group and the Company have exposures to the following risks embedded in its financial instruments: • Credit risk; • Liquidity risk; and • Market risk. Credit risk Credit risk is the risk of a financial loss to the Group and the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group’s and the Company’s exposures to credit risk arise principally from its receivables from customers,investment in unquoted debt security, deposits, bank and cash balances and derivative financial instruments. In addition, the Company’s exposure to credit risk arises principally from loans and advances to subsidiaries and financial guarantees given to banks in respect of banking facilities granted to certain subsidiaries and an associate. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 311 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) Net reversal/(losses) on impairment of financial instruments are mainly from: Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million Net reversal/(losses) on: Trade receivables - recognised in profit or loss (105.1) (163.2) (93.7) (156.7) - reversed 240.2 13.9 232.4 0 Trade contract assets - recognised in profit or loss (33.8) (37.7) (23.1) (34.4) - reversed 22.6 71.0 19.3 64.0 Investment in unquoted debt security - recognised in profit or loss (6.0) (3.1) (6.0) (3.1) - reversed 2.9 5.4 2.9 5.4 Intercompany balances - recognised in profit or loss 0 0 (163.7) (66.1) - reversed 0 0 163.0 210.8 Other non-trade receivables - recognised in profit or loss | [
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31 December 2023 FINANCIAL STATEMENTS Sec 5 311 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) Net reversal/(losses) on impairment of financial instruments are mainly from: Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million Net reversal/(losses) on: Trade receivables - recognised in profit or loss (105.1) (163.2) (93.7) (156.7) - reversed 240.2 13.9 232.4 0 Trade contract assets - recognised in profit or loss (33.8) (37.7) (23.1) (34.4) - reversed 22.6 71.0 19.3 64.0 Investment in unquoted debt security - recognised in profit or loss (6.0) (3.1) (6.0) (3.1) - reversed 2.9 5.4 2.9 5.4 Intercompany balances - recognised in profit or loss 0 0 (163.7) (66.1) - reversed 0 0 163.0 210.8 Other non-trade receivables - recognised in profit or loss (11.8)(20.7) (0.9) (17.5) - reversed 14.7 42.6 7.3 26.6 Amounts due from associates - recognised in profit or loss (0.1) (0.1) (0.1) (0.1) - reversed 0.1 0.1 0.1 0.1 Amounts due from joint ventures - recognised in profit or loss (7.8) (3.8) 0 0 - reversed 0.3 13.7 0 0 Financial guarantee contracts - recognised in profit or loss (1.5) (37.6) (4.2) (37.6) - reversed 0 18.1 0 18.8 114.7 (101.4) 133.3 10.2 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 312 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (i) Trade receivables and trade contract assets Risk management objectives, policies and processes for managing the risk The Group and the Company have a credit policy in place and the exposures to credit risk are monitored on an ongoing basis. Normally, financial guarantees given by banks, shareholders or directors of customers are obtained, and credit evaluations are performed on customers requiring credit over a certain amount. Exposure to credit risk, credit quality and collateral The Group’s and the Company’s credit policy provide trade receivables with a 30 to 90 days (2022: 30 to 90 | [
313,
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0 18.8 114.7 (101.4) 133.3 10.2 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 312 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (i) Trade receivables and trade contract assets Risk management objectives, policies and processes for managing the risk The Group and the Company have a credit policy in place and the exposures to credit risk are monitored on an ongoing basis. Normally, financial guarantees given by banks, shareholders or directors of customers are obtained, and credit evaluations are performed on customers requiring credit over a certain amount. Exposure to credit risk, credit quality and collateral The Group’s and the Company’s credit policy provide trade receivables with a 30 to 90 days (2022: 30 to 90 days)credit period. The Group and the Company have no major significant concentration of credit risk due to their diverse customer base. An impairment has been made for estimated unrecoverable amounts, determined by reference to past default experience of individual debtors and collection portfolios. The total trade receivables and trade contract assets and the impairment provided are as follows: Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million Trade receivables 6,588.2 6,970.3 5,321.2 5,320.9 Less: Loss allowances (2,666.7) (3,002.6) (2,515.3) (2,854.8) 3,921.5 3,967.7 2,805.9 2,466.1 Trade contract assets 4,495.0 3,623.0 4,265.1 3,464.4 Less: Loss allowances (48.2) (37.0) (38.2) (34.4) 4,446.8 3,586.0 4,226.9 3,430.0 The Group and the Company have other financial assets which are lease receivables, investment in unquoted debt security and others. Given the varied nature of the Group’s and of the Company’s customer base, the following analysis of trade receivables by type of customer is considered the most appropriate disclosure of credit concentration. Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million Industrial 1,477.8 1,497.4 | [
314
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and collection portfolios. The total trade receivables and trade contract assets and the impairment provided are as follows: Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million Trade receivables 6,588.2 6,970.3 5,321.2 5,320.9 Less: Loss allowances (2,666.7) (3,002.6) (2,515.3) (2,854.8) 3,921.5 3,967.7 2,805.9 2,466.1 Trade contract assets 4,495.0 3,623.0 4,265.1 3,464.4 Less: Loss allowances (48.2) (37.0) (38.2) (34.4) 4,446.8 3,586.0 4,226.9 3,430.0 The Group and the Company have other financial assets which are lease receivables, investment in unquoted debt security and others. Given the varied nature of the Group’s and of the Company’s customer base, the following analysis of trade receivables by type of customer is considered the most appropriate disclosure of credit concentration. Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million Industrial 1,477.8 1,497.4 1,465.31,489.9 Commercial 2,026.3 2,043.7 1,953.4 1,977.2 Domestic 1,979.4 1,971.9 1,830.0 1,799.6 Specific agriculture 12.3 11.0 12.3 11.0 Mining 2.5 2.9 2.5 2.9 Public lighting 61.9 44.5 57.7 40.3 Others 1,028.0 1,398.9 0 0 Trade receivables 6,588.2 6,970.3 5,321.2 5,320.9 Trade contract assets 4,495.0 3,623.0 4,265.1 3,464.4 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 313 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (i) Trade receivables and trade contract assets (continued) Impairment losses The loss allowance for the trade receivables and the trade contract assets are as follows: Gross RM’million Individual impairment RM’million Expected loss rate % Collective impairment RM’million Net RM’million 2023 Group Not past due 1,813.5 (1.8) 0.6 (10.8) 1,800.9 Past due 0-30 days 419.8 (0.2) 3.8 (16.1) 403.5 Past due 31-120 days 692.0 (4.0) 12.0 (82.4) 605.6 Past due 121-240 days 397.9 (11.6) 33.7 (130.0) 256.3 Past due 241-365 days 279.0 (38.0) 53.6 (129.2) 111.8 Past due more than 365 days 2,986.0 (1,592.9) 46.6 | [
314,
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5,321.2 5,320.9 Trade contract assets 4,495.0 3,623.0 4,265.1 3,464.4 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 313 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (i) Trade receivables and trade contract assets (continued) Impairment losses The loss allowance for the trade receivables and the trade contract assets are as follows: Gross RM’million Individual impairment RM’million Expected loss rate % Collective impairment RM’million Net RM’million 2023 Group Not past due 1,813.5 (1.8) 0.6 (10.8) 1,800.9 Past due 0-30 days 419.8 (0.2) 3.8 (16.1) 403.5 Past due 31-120 days 692.0 (4.0) 12.0 (82.4) 605.6 Past due 121-240 days 397.9 (11.6) 33.7 (130.0) 256.3 Past due 241-365 days 279.0 (38.0) 53.6 (129.2) 111.8 Past due more than 365 days 2,986.0 (1,592.9) 46.6 (649.7)743.4 Trade receivables 6,588.2 (1,648.5) (1,018.2) 3,921.5 Trade contract assets 4,495.0 (0.8) 1.1 (47.4) 4,446.8 Company Not past due 1,414.1 (1.4) 0.4 (5.5) 1,407.2 Past due 0-30 days 316.9 (0.1) 4.3 (13.5) 303.3 Past due 31-120 days 550.7 (4.0) 13.1 (71.4) 475.3 Past due 121-240 days 326.0 (11.6) 35.7 (112.1) 202.3 Past due 241-365 days 230.5 (37.9) 59.2 (114.0) 78.6 Past due more than 365 days 2,483.0 (1,587.0) 62.8 (556.8) 339.2 Trade receivables 5,321.2 (1,642.0) (873.3) 2,805.9 Trade contract assets 4,265.1 (0.8) 0.9 (37.4) 4,226.9 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 314 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (i) Trade receivables and trade contract assets (continued) Impairment losses (continued) The loss allowance for the trade receivables and the trade contract assets are as follows: (continued) Gross RM’million Individual impairment RM’million Expected loss rate % Collective impairment RM’million Net RM’million 2022 Group Not past due 1,646.4 (22.1) 0.6 (9.2) 1,615.1 Past due 0-30 days 398.5 (1.1) 4.3 (16.9) 380.5 Past due | [
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(11.6) 35.7 (112.1) 202.3 Past due 241-365 days 230.5 (37.9) 59.2 (114.0) 78.6 Past due more than 365 days 2,483.0 (1,587.0) 62.8 (556.8) 339.2 Trade receivables 5,321.2 (1,642.0) (873.3) 2,805.9 Trade contract assets 4,265.1 (0.8) 0.9 (37.4) 4,226.9 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 314 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (i) Trade receivables and trade contract assets (continued) Impairment losses (continued) The loss allowance for the trade receivables and the trade contract assets are as follows: (continued) Gross RM’million Individual impairment RM’million Expected loss rate % Collective impairment RM’million Net RM’million 2022 Group Not past due 1,646.4 (22.1) 0.6 (9.2) 1,615.1 Past due 0-30 days 398.5 (1.1) 4.3 (16.9) 380.5 Past due 31-120days 858.8 (69.9) 10.3 (81.4) 707.5 Past due 121-240 days 713.9 (102.7) 31.0 (189.5) 421.7 Past due 241-365 days 408.2 (93.8) 54.6 (171.8) 142.6 Past due more than 365 days 2,944.5 (1,615.4) 47.3 (628.8) 700.3 Trade receivables 6,970.3 (1,905.0) (1,097.6) 3,967.7 Trade contract assets 3,623.0 (3.9) 0.9 (33.1) 3,586.0 Company Not past due 1,198.1 (21.0) 0.5 (5.6) 1,171.5 Past due 0-30 days 279.2 (1.1) 5.1 (14.1) 264.0 Past due 31-120 days 655.7 (69.8) 12.3 (72.1) 513.8 Past due 121-240 days 555.7 (102.7) 37.5 (169.9) 283.1 Past due 241-365 days 319.2 (93.8) 67.9 (153.0) 72.4 Past due more than 365 days 2,313.0 (1,609.6) 77.1 (542.1) 161.3 Trade receivables 5,320.9 (1,898.0) (956.8) 2,466.1 Trade contract assets 3,464.4 (3.9) 0.9 (30.5) 3,430.0 The Group and the Company apply MFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables and trade contract assets. For certain large customers with high risk of default, the Group and the Company assessed the risk of loss for each customer individually based on their financial information, past trend of payments and | [
316
] | [
-0.039794921875,
0.0289306640625,
0.00052642822265625,
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(21.0) 0.5 (5.6) 1,171.5 Past due 0-30 days 279.2 (1.1) 5.1 (14.1) 264.0 Past due 31-120 days 655.7 (69.8) 12.3 (72.1) 513.8 Past due 121-240 days 555.7 (102.7) 37.5 (169.9) 283.1 Past due 241-365 days 319.2 (93.8) 67.9 (153.0) 72.4 Past due more than 365 days 2,313.0 (1,609.6) 77.1 (542.1) 161.3 Trade receivables 5,320.9 (1,898.0) (956.8) 2,466.1 Trade contract assets 3,464.4 (3.9) 0.9 (30.5) 3,430.0 The Group and the Company apply MFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables and trade contract assets. For certain large customers with high risk of default, the Group and the Company assessed the risk of loss for each customer individually based on their financial information, past trend of payments and externalcredit ratings, where applicable. T o measure the expected credit losses, trade receivables and trade contract assets are grouped based on shared credit risk characteristics and the days past due. The trade contract assets that relate to unbilled customers have substantial same risk characteristics as the trade receivables for the same types of contracts. The Group and the Company have therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates of the trade contract assets. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 315 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (i) Trade receivables and trade contract assets (continued) Impairment losses (continued) The expected loss rates are based on the payment profiles of sales over a period of 14 months and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The Group and the Company have identified growth rates of real Gross | [
316,
317
] | [
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the Company have therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates of the trade contract assets. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 315 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (i) Trade receivables and trade contract assets (continued) Impairment losses (continued) The expected loss rates are based on the payment profiles of sales over a period of 14 months and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The Group and the Company have identified growth rates of real Gross DomesticProduct (‘GDP’) of Malaysia to be the most relevant factor, and accordingly, adjusts the historical loss rates based on the expected changes in this factor. As at 31 December 2023, for non-government customers, a combination of growth rates of real GDP and inflation rates were identified as the most relevant factors. On that basis, the loss allowance was determined for both trade receivables and trade contract assets as reflected in the earlier tables. During the financial year, the collection trends of the Group’s and the Company’s trade receivables continued to improve. The Group and the Company revised the expected cash flows from their trade receivables which resulted in a reversal of impairment loss. The Group and the Company also written off the inactive trade receivables which had been fully impaired in the previous financial years, therefore there was no impact to the net trade receivables. The opening loss allowances for trade receivables and trade contract assets reconciled to the closing loss allowances are as follows: (a) Trade receivables Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million As at the beginning of the | [
317
] | [
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allowance was determined for both trade receivables and trade contract assets as reflected in the earlier tables. During the financial year, the collection trends of the Group’s and the Company’s trade receivables continued to improve. The Group and the Company revised the expected cash flows from their trade receivables which resulted in a reversal of impairment loss. The Group and the Company also written off the inactive trade receivables which had been fully impaired in the previous financial years, therefore there was no impact to the net trade receivables. The opening loss allowances for trade receivables and trade contract assets reconciled to the closing loss allowances are as follows: (a) Trade receivables Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million As at the beginning of the financialyear (3,002.6) (2,853.3) (2,854.8) (2,698.1) Impairment loss recognised (105.1) (163.2) (93.7) (156.7) Impairment loss reversed 240.2 13.9 232.4 0 Impairment written off 200.8 0 200.8 0 As at the end of the financial year (Note 21) (2,666.7) (3,002.6) (2,515.3) (2,854.8) (b) Trade contract assets Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million As at the beginning of the financial year (37.0) (70.3) (34.4) (64.0) Impairment loss recognised (33.8) (37.7) (23.1) (34.4) Impairment loss reversed 22.6 71.0 19.3 64.0 As at the end of the financial year (Note 17(a)) (48.2) (37.0) (38.2) (34.4) NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 316 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (i) Trade receivables and trade contract assets (continued) Impairment losses (continued) Trade receivables are secured by deposits in the form of cash and bank guarantees. ECL is not provided on receivable balances fully secured by deposits. The deposit amounts are reviewed on an individual basis periodically. Individual receivables which were known to be uncollectible | [
317,
318
] | [
-0.032470703125,
0.017333984375,
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2022 RM’million 2023 RM’million 2022 RM’million As at the beginning of the financial year (37.0) (70.3) (34.4) (64.0) Impairment loss recognised (33.8) (37.7) (23.1) (34.4) Impairment loss reversed 22.6 71.0 19.3 64.0 As at the end of the financial year (Note 17(a)) (48.2) (37.0) (38.2) (34.4) NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 316 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (i) Trade receivables and trade contract assets (continued) Impairment losses (continued) Trade receivables are secured by deposits in the form of cash and bank guarantees. ECL is not provided on receivable balances fully secured by deposits. The deposit amounts are reviewed on an individual basis periodically. Individual receivables which were known to be uncollectible werewritten off by reducing the carrying amount directly. Impairment losses on trade receivables and trade contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. (ii) Investment in unquoted debt security, deposits, bank and cash balances, derivative financial instruments and financial assets at FVTPL Risk management objectives, policies and processes for managing the risk Investments, deposits, bank and cash balances, derivative financial instruments and financial assets measured at FVTPL are liquid security and mainly with reputable financial institutions. Investment in unquoted debt security are investment in an associate’s financial instruments. The credit risk of this associate is monitored on a quarterly basis and the loss allowances are provided for accordingly. Exposure to credit risk, credit quality and collateral The maximum exposure to credit risk is represented by the carrying amounts in the SOFP. In view of the sound credit rating of counterparties, the Group and the Company do not expect any counterparty to fail to | [
318
] | [
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... |
in unquoted debt security, deposits, bank and cash balances, derivative financial instruments and financial assets at FVTPL Risk management objectives, policies and processes for managing the risk Investments, deposits, bank and cash balances, derivative financial instruments and financial assets measured at FVTPL are liquid security and mainly with reputable financial institutions. Investment in unquoted debt security are investment in an associate’s financial instruments. The credit risk of this associate is monitored on a quarterly basis and the loss allowances are provided for accordingly. Exposure to credit risk, credit quality and collateral The maximum exposure to credit risk is represented by the carrying amounts in the SOFP. In view of the sound credit rating of counterparties, the Group and the Company do not expect any counterparty to fail to meetits obligations. The Group and the Company do not have overdue investments that have not been impaired. The investments, deposits, cash and bank balances and derivative financial instruments are unsecured. Bank and cash balances are held with banks and financial institutions which have lower credit risks. In addition, some of the bank balances are insured by Government agencies. Consequently, the Group and the Company are of the view that the loss allowance is not material and hence, it is not provided for. The total investment in unquoted debt security and the impairment provided are as follows: Company 2023 RM’million 2022 RM’million Investment in unquoted debt security 287.5 278.5 Less: Loss allowances (28.2) (25.1) 259.3 253.4 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 317 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (ii) Investment in unquoted debt security, deposits, bank and cash balances, derivative financial instruments and financial assets at FVTPL (continued) Impairment losses The impairment for the remaining investment in unquoted debt security, deposits, | [
318,
319
] | [
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0.00579833984375,
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risks. In addition, some of the bank balances are insured by Government agencies. Consequently, the Group and the Company are of the view that the loss allowance is not material and hence, it is not provided for. The total investment in unquoted debt security and the impairment provided are as follows: Company 2023 RM’million 2022 RM’million Investment in unquoted debt security 287.5 278.5 Less: Loss allowances (28.2) (25.1) 259.3 253.4 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 317 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (ii) Investment in unquoted debt security, deposits, bank and cash balances, derivative financial instruments and financial assets at FVTPL (continued) Impairment losses The impairment for the remaining investment in unquoted debt security, deposits, bankand cash balances, derivative financial instruments and financial assets at FVTPL during the financial year and previous financial year was insignificant. The loss allowances for investment in unquoted debt security for the Group and the Company using the general 3-stage approach reconciled to the opening loss allowances for that provision are as follows: Stage 1 RM’million Stage 2 RM’million Stage 3 RM’million Total RM’million 2023 As at the beginning of the financial year (25.1) 0 0 (25.1) Impairment loss recognised (6.0) 0 0 (6.0) Impairment loss reversed 2.9 0 0 2.9 As at the end of the financial year (28.2) 0 0 (28.2) 2022 As at the beginning of the financial year (27.4) 0 0 (27.4) Impairment loss recognised (3.1) 0 0 (3.1) Impairment loss reversed 5.4 0 0 5.4 As at the end of the financial year (25.1) 0 0 (25.1) The impact on the carrying value of the investment in unquoted debt security presented by the stages are as follows: Stage 1 RM’million Stage 2 RM’million Stage 3 RM’million Total RM’million 2023 Gross carrying amount 287.5 0 0 287.5 Less: Loss allowances (28.2) 0 0 (28.2) Net carrying amount 259.3 0 0 259.3 2022 Gross carrying amount | [
319
] | [
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financial year (25.1) 0 0 (25.1) Impairment loss recognised (6.0) 0 0 (6.0) Impairment loss reversed 2.9 0 0 2.9 As at the end of the financial year (28.2) 0 0 (28.2) 2022 As at the beginning of the financial year (27.4) 0 0 (27.4) Impairment loss recognised (3.1) 0 0 (3.1) Impairment loss reversed 5.4 0 0 5.4 As at the end of the financial year (25.1) 0 0 (25.1) The impact on the carrying value of the investment in unquoted debt security presented by the stages are as follows: Stage 1 RM’million Stage 2 RM’million Stage 3 RM’million Total RM’million 2023 Gross carrying amount 287.5 0 0 287.5 Less: Loss allowances (28.2) 0 0 (28.2) Net carrying amount 259.3 0 0 259.3 2022 Gross carrying amount 278.50 0 278.5 Less: Loss allowances (25.1) 0 0 (25.1) Net carrying amount 253.4 0 0 253.4 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 318 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (iii) Non-trade receivables • Intercompany balances Risk management objectives, policies and processes for managing the risk The Company provides unsecured loans and advances to subsidiaries. The Company monitors the results of the subsidiaries regularly. Exposure to credit risk, credit quality and collateral At the end of the financial year, the maximum exposure to credit risk is represented by their carrying amounts in the SOFP. The total amounts due from subsidiaries and impairment provided are as follows: Company 2023 RM’million 2022 RM’million Amounts due from subsidiaries 8,550.8 10,590.8 Less: Loss allowances (573.2) (573.9) 7,977.6 10,016.9 Impairment losses Generally, the Company considers loans and advances to subsidiaries having low credit risk. The Company assumes that there is a significant increase in credit risk when a subsidiary’s financial position deteriorates significantly based on stages determined in the accounting policy part (d) of this note. As the Company is able to determine the timing of payments of | [
319,
320
] | [
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The Company monitors the results of the subsidiaries regularly. Exposure to credit risk, credit quality and collateral At the end of the financial year, the maximum exposure to credit risk is represented by their carrying amounts in the SOFP. The total amounts due from subsidiaries and impairment provided are as follows: Company 2023 RM’million 2022 RM’million Amounts due from subsidiaries 8,550.8 10,590.8 Less: Loss allowances (573.2) (573.9) 7,977.6 10,016.9 Impairment losses Generally, the Company considers loans and advances to subsidiaries having low credit risk. The Company assumes that there is a significant increase in credit risk when a subsidiary’s financial position deteriorates significantly based on stages determined in the accounting policy part (d) of this note. As the Company is able to determine the timing of payments of thesubsidiaries’ balances when they are payable, the Company considers the amount payable to be in default when the subsidiaries are not able to pay when demanded. The Company considers a subsidiary’s balances to be impaired when the subsidiary is: - unlikely to repay its payables to the Company in full; - having prolonged negative operating cash flows and is in net tangible liabilities position; or - a dormant entity or has a history of default. At the end of the financial year, there was no indication that the amounts due from the subsidiaries are not recoverable other than those which have already been impaired. The Company does not specifically monitor the ageing of advances to the subsidiaries. During the financial year, there has been reversal of loss allowances due to repayments received from subsidiaries. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 319 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (iii) Non-trade receivables (continued) • Intercompany balances (continued) Impairment losses (continued) The loss allowances for intercompany balances using the general 3-stage approach | [
320,
321
] | [
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negative operating cash flows and is in net tangible liabilities position; or - a dormant entity or has a history of default. At the end of the financial year, there was no indication that the amounts due from the subsidiaries are not recoverable other than those which have already been impaired. The Company does not specifically monitor the ageing of advances to the subsidiaries. During the financial year, there has been reversal of loss allowances due to repayments received from subsidiaries. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 319 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (iii) Non-trade receivables (continued) • Intercompany balances (continued) Impairment losses (continued) The loss allowances for intercompany balances using the general 3-stage approach reconciledto the opening loss allowances for that provision are as follows: Stage 1 RM’million Stage 2 RM’million Stage 3 RM’million Total RM’million 2023 As at the beginning of the financial year (327.9) (129.8) (116.2) (573.9) Impairment loss recognised (53.0) (90.3) (20.4) (163.7) Impairment loss reversed 150.1 11.8 1.1 163.0 Impairment written off 0 0 1.4 1.4 As at the end of the financial year (230.8) (208.3) (134.1) (573.2) 2022 As at the beginning of the financial year (471.9) (128.2) (118.5) (718.6) Impairment loss recognised (54.9) (1.6) (9.6) (66.1) Impairment loss reversed 198.9 0 11.9 210.8 As at the end of the financial year (327.9) (129.8) (116.2) (573.9) The impact on the carrying value of the intercompany balances presented by the stages are as follows: Stage 1 RM’million Stage 2 RM’million Stage 3 RM’million Total RM’million 2023 Gross carrying amount 8,203.1 213.6 134.1 8,550.8 Less: Loss allowances (230.8) (208.3) (134.1) (573.2) Net carrying amount 7,972.3 5.3 0 7,977.6 2022 Gross carrying amount 10,340.8 133.8 116.2 10,590.8 Less: Loss allowances (327.9) (129.8) (116.2) (573.9) Net carrying amount 10,012.9 4.0 0 10,016.9 NOTES TO THE | [
321,
322
] | [
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1.4 1.4 As at the end of the financial year (230.8) (208.3) (134.1) (573.2) 2022 As at the beginning of the financial year (471.9) (128.2) (118.5) (718.6) Impairment loss recognised (54.9) (1.6) (9.6) (66.1) Impairment loss reversed 198.9 0 11.9 210.8 As at the end of the financial year (327.9) (129.8) (116.2) (573.9) The impact on the carrying value of the intercompany balances presented by the stages are as follows: Stage 1 RM’million Stage 2 RM’million Stage 3 RM’million Total RM’million 2023 Gross carrying amount 8,203.1 213.6 134.1 8,550.8 Less: Loss allowances (230.8) (208.3) (134.1) (573.2) Net carrying amount 7,972.3 5.3 0 7,977.6 2022 Gross carrying amount 10,340.8 133.8 116.2 10,590.8 Less: Loss allowances (327.9) (129.8) (116.2) (573.9) Net carrying amount 10,012.9 4.0 0 10,016.9 NOTES TO THE FINANCIALSTATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 320 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (iii) Non-trade receivables (continued) • Other non-trade receivables, amounts due from associates and joint ventures Risk management objectives, policies and processes for managing the risk Credit risk on other non-trade receivables are mainly arising from RJO debtors which are receivables from specific works requested by customers. Credit risk also arises from sundry deposits for rental of office spaces from third parties and rental receivables. The Company manages the credit risk together with the specific leasing arrangements. Staff advances and staff loans have low credit risk as these are mostly provided to existing staff. These balances are managed on a monthly basis. Amounts due from associates and joint ventures are mostly due to transactions within the Group and have a low credit risk. These balances are managed on a monthly basis. Exposure to credit risk, credit quality and collateral At the end of the financial year, the maximum exposure to credit risk is represented by their carrying amounts in the SOFP. | [
322
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mainly arising from RJO debtors which are receivables from specific works requested by customers. Credit risk also arises from sundry deposits for rental of office spaces from third parties and rental receivables. The Company manages the credit risk together with the specific leasing arrangements. Staff advances and staff loans have low credit risk as these are mostly provided to existing staff. These balances are managed on a monthly basis. Amounts due from associates and joint ventures are mostly due to transactions within the Group and have a low credit risk. These balances are managed on a monthly basis. Exposure to credit risk, credit quality and collateral At the end of the financial year, the maximum exposure to credit risk is represented by their carrying amounts in the SOFP. TheCompany receives down payments, LOUs or indents for RJO debtors where works are requested by customers. In cases of RJO debtors arising from accidental damages to the Company’s assets whereby the third party is identifiable, these amounts are fully impaired as there is very low prospect of recovery. The Company receives deposits from third parties for rental of office spaces. For staff loans and staff advances, any repayment is done through monthly payroll deductions. The total other non-trade receivables, amounts due from associates and amounts due from joint ventures and impairments provided are as follows: Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million Other non-trade receivables 1,071.6 1,204.8 326.4 274.4 Less: Loss allowances (218.8) (221.7) (153.0) (159.4) 852.8 983.1 173.4 115.0 Amounts due from associates 395.6 666.4 5.3 5.7 Less: Loss allowances (7.3) (7.3) (0.1) (0.1) 388.3 659.1 5.2 5.6 Amounts due from joint ventures 42.5 56.9 0 0 Less: Loss allowances (19.8) (12.3) 0 0 22.7 44.6 0 0 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 321 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (iii) Non-trade | [
322,
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staff loans and staff advances, any repayment is done through monthly payroll deductions. The total other non-trade receivables, amounts due from associates and amounts due from joint ventures and impairments provided are as follows: Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million Other non-trade receivables 1,071.6 1,204.8 326.4 274.4 Less: Loss allowances (218.8) (221.7) (153.0) (159.4) 852.8 983.1 173.4 115.0 Amounts due from associates 395.6 666.4 5.3 5.7 Less: Loss allowances (7.3) (7.3) (0.1) (0.1) 388.3 659.1 5.2 5.6 Amounts due from joint ventures 42.5 56.9 0 0 Less: Loss allowances (19.8) (12.3) 0 0 22.7 44.6 0 0 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 321 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (iii) Non-trade receivables(continued) • Other non-trade receivables, amounts due from associates and joint ventures (continued) Impairment losses Generally, the Group and the Company consider other non-trade receivables as having low credit risk. The Group and the Company assume that there is a significant increase in credit risk when there is a history of default in payments. The loss allowances for other non-trade receivables using the general 3-stage approach reconciled to the opening loss allowances for that provision are as follows: Stage 1 RM’million Stage 2 RM’million Stage 3 RM’million Total RM’million Group 2023 As at the beginning of the financial year (28.2) (1.2) (192.3) (221.7) Impairment loss recognised (1.5) (0.1) (10.2) (11.8) Impairment loss reversed 1.9 0.1 12.7 14.7 As at the end of the financial year (27.8) (1.2) (189.8) (218.8) 2022 As at the beginning of the financial year (31.0) (1.3) (211.3) (243.6) Impairment loss recognised (2.6) (0.1) (18.0) (20.7) Impairment loss reversed 5.4 0.2 37.0 42.6 As at the end of the financial year (28.2) (1.2) (192.3) (221.7) Company 2023 As at the beginning of the financial year (20.3) (0.8) (138.3) (159.4) Impairment loss | [
323
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allowances for other non-trade receivables using the general 3-stage approach reconciled to the opening loss allowances for that provision are as follows: Stage 1 RM’million Stage 2 RM’million Stage 3 RM’million Total RM’million Group 2023 As at the beginning of the financial year (28.2) (1.2) (192.3) (221.7) Impairment loss recognised (1.5) (0.1) (10.2) (11.8) Impairment loss reversed 1.9 0.1 12.7 14.7 As at the end of the financial year (27.8) (1.2) (189.8) (218.8) 2022 As at the beginning of the financial year (31.0) (1.3) (211.3) (243.6) Impairment loss recognised (2.6) (0.1) (18.0) (20.7) Impairment loss reversed 5.4 0.2 37.0 42.6 As at the end of the financial year (28.2) (1.2) (192.3) (221.7) Company 2023 As at the beginning of the financial year (20.3) (0.8) (138.3) (159.4) Impairment loss recognised0 0 (0.9) (0.9) Impairment loss reversed 11.7 0 (4.4) 7.3 As at the end of the financial year (8.6) (0.8) (143.6) (153.0) 2022 As at the beginning of the financial year (6.9) (0.4) (161.2) (168.5) Impairment loss recognised 0 (0.4) (17.1) (17.5) Impairment loss reversed (13.4) 0 40.0 26.6 As at the end of the financial year (20.3) (0.8) (138.3) (159.4) NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 322 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (iii) Non-trade receivables (continued) • Other non-trade receivables, amounts due from associates and joint ventures (continued) Impairment losses (continued) The loss allowances for amounts due from associates using the general 3-stage approach reconciled to the opening loss allowances for that provision are as follows: Stage 1 RM’million Stage 2 RM’million Stage 3 RM’million Total RM’million Group 2023 As at the beginning of the financial year (7.3) 0 0 (7.3) Impairment loss recognised (0.1) 0 0 (0.1) Impairment loss reversed 0.1 0 0 0.1 As at the end of the financial year (7.3) 0 0 (7.3) 2022 As at the beginning of the financial year (7.3) 0 0 (7.3) | [
323,
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TENAGA NASIONAL BERHAD Integrated Annual Report 2023 322 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (iii) Non-trade receivables (continued) • Other non-trade receivables, amounts due from associates and joint ventures (continued) Impairment losses (continued) The loss allowances for amounts due from associates using the general 3-stage approach reconciled to the opening loss allowances for that provision are as follows: Stage 1 RM’million Stage 2 RM’million Stage 3 RM’million Total RM’million Group 2023 As at the beginning of the financial year (7.3) 0 0 (7.3) Impairment loss recognised (0.1) 0 0 (0.1) Impairment loss reversed 0.1 0 0 0.1 As at the end of the financial year (7.3) 0 0 (7.3) 2022 As at the beginning of the financial year (7.3) 0 0 (7.3) Impairmentloss recognised (0.1) 0 0 (0.1) Impairment loss reversed 0.1 0 0 0.1 As at the end of the financial year (7.3) 0 0 (7.3) Company 2023 As at the beginning of the financial year (0.1) 0 0 (0.1) Impairment loss recognised (0.1) 0 0 (0.1) Impairment loss reversed 0.1 0 0 0.1 As at the end of the financial year (0.1) 0 0 (0.1) Company 2022 As at the beginning of the financial year (0.1) 0 0 (0.1) Impairment loss recognised (0.1) 0 0 (0.1) Impairment loss reversed 0.1 0 0 0.1 As at the end of the financial year (0.1) 0 0 (0.1) NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 323 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (iii) Non-trade receivables (continued) • Other non-trade receivables, amounts due from associates and joint ventures (continued) Impairment losses (continued) The loss allowances for amounts due from joint ventures using the general 3-stage approach reconciled to the opening loss allowances for that provision are as follows: Stage 1 RM’million Stage 2 RM’million Stage 3 RM’million Total RM’million Group 2023 As at the beginning of the financial year (12.3) 0 0 (12.3) Impairment loss recognised | [
324,
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(0.1) 0 0 (0.1) Impairment loss recognised (0.1) 0 0 (0.1) Impairment loss reversed 0.1 0 0 0.1 As at the end of the financial year (0.1) 0 0 (0.1) NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 323 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (iii) Non-trade receivables (continued) • Other non-trade receivables, amounts due from associates and joint ventures (continued) Impairment losses (continued) The loss allowances for amounts due from joint ventures using the general 3-stage approach reconciled to the opening loss allowances for that provision are as follows: Stage 1 RM’million Stage 2 RM’million Stage 3 RM’million Total RM’million Group 2023 As at the beginning of the financial year (12.3) 0 0 (12.3) Impairment loss recognised (7.8)0 0 (7.8) Impairment loss reversed 0.3 0 0 0.3 As at the end of the financial year (19.8) 0 0 (19.8) 2022 As at the beginning of the financial year (22.2) 0 0 (22.2) Impairment loss recognised (3.8) 0 0 (3.8) Impairment loss reversed 13.7 0 0 13.7 As at the end of the financial year (12.3) 0 0 (12.3) The impact on the carrying value of other non-trade receivables presented by the stages are as follows: Stage 1 RM’million Stage 2 RM’million Stage 3 RM’million Total RM’million Group 2023 Gross carrying amount 840.3 59.4 171.9 1,071.6 Less: Loss allowances (27.8) (1.2) (189.8) (218.8) Net carrying amount 812.5 58.2 (17.9) 852.8 2022 Gross carrying amount 944.6 66.8 193.4 1,204.8 Less: Loss allowances (28.2) (1.2) (192.3) (221.7) Net carrying amount 916.4 65.6 1.1 983.1 Company 2023 Gross carrying amount 28.2 145.3 152.9 326.4 Less: Loss allowances (8.6) (0.8) (143.6) (153.0) Net carrying amount 19.6 144.5 9.3 173.4 2022 Gross carrying amount 89.1 26.8 158.5 274.4 Less: Loss allowances (20.3) (0.8) (138.3) (159.4) Net carrying amount 68.8 26.0 20.2 115.0 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 324 45 FINANCIAL INSTRUMENTS | [
325,
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receivables presented by the stages are as follows: Stage 1 RM’million Stage 2 RM’million Stage 3 RM’million Total RM’million Group 2023 Gross carrying amount 840.3 59.4 171.9 1,071.6 Less: Loss allowances (27.8) (1.2) (189.8) (218.8) Net carrying amount 812.5 58.2 (17.9) 852.8 2022 Gross carrying amount 944.6 66.8 193.4 1,204.8 Less: Loss allowances (28.2) (1.2) (192.3) (221.7) Net carrying amount 916.4 65.6 1.1 983.1 Company 2023 Gross carrying amount 28.2 145.3 152.9 326.4 Less: Loss allowances (8.6) (0.8) (143.6) (153.0) Net carrying amount 19.6 144.5 9.3 173.4 2022 Gross carrying amount 89.1 26.8 158.5 274.4 Less: Loss allowances (20.3) (0.8) (138.3) (159.4) Net carrying amount 68.8 26.0 20.2 115.0 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 324 45 FINANCIAL INSTRUMENTS (CONTINUED)(b) Financial risk management (continued) Credit risk (continued) (iii) Non-trade receivables (continued) • Other non-trade receivables, amounts due from associates and joint ventures (continued) Impairment losses (continued) The impact on the carrying value of amounts due from associates presented by the stages are as follows: Stage 1 RM’million Stage 2 RM’million Stage 3 RM’million Total RM’million Group 2023 Gross carrying amount 395.6 0 0 395.6 Less: Loss allowances (7.3) 0 0 (7.3) Net carrying amount 388.3 0 0 388.3 2022 Gross carrying amount 666.4 0 0 666.4 Less: Loss allowances (7.3) 0 0 (7.3) Net carrying amount 659.1 0 0 659.1 Company 2023 Gross carrying amount 5.3 0 0 5.3 Less: Loss allowances (0.1) 0 0 (0.1) Net carrying amount 5.2 0 0 5.2 2022 Gross carrying amount 5.7 0 0 5.7 Less: Loss allowances (0.1) 0 0 (0.1) Net carrying amount 5.6 0 0 5.6 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 325 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (iii) Non-trade receivables (continued) • Other non-trade receivables, amounts due from associates and joint ventures (continued) | [
326,
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carrying amount 395.6 0 0 395.6 Less: Loss allowances (7.3) 0 0 (7.3) Net carrying amount 388.3 0 0 388.3 2022 Gross carrying amount 666.4 0 0 666.4 Less: Loss allowances (7.3) 0 0 (7.3) Net carrying amount 659.1 0 0 659.1 Company 2023 Gross carrying amount 5.3 0 0 5.3 Less: Loss allowances (0.1) 0 0 (0.1) Net carrying amount 5.2 0 0 5.2 2022 Gross carrying amount 5.7 0 0 5.7 Less: Loss allowances (0.1) 0 0 (0.1) Net carrying amount 5.6 0 0 5.6 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 325 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (iii) Non-trade receivables (continued) • Other non-trade receivables, amounts due from associates and joint ventures (continued) Impairmentlosses (continued) The impact on the carrying value of amounts due from joint ventures presented by the stages are as follows: Stage 1 RM’million Stage 2 RM’million Stage 3 RM’million Total RM’million Group 2023 Gross carrying amount 42.5 0 0 42.5 Less: Loss allowances (19.8) 0 0 (19.8) Net carrying amount 22.7 0 0 22.7 2022 Gross carrying amount 56.9 0 0 56.9 Less: Loss allowances (12.3) 0 0 (12.3) Net carrying amount 44.6 0 0 44.6 (iv) Financial guarantees Risk management objectives, policies and processes for managing the risk The Company provides financial guarantees to banks in respect of banking facilities granted to certain subsidiaries and an associate. The Company monitors the ability of the subsidiaries and the associate to service their loans on an individual basis annually. Exposure to credit risk, credit quality and collateral The maximum exposure to the Group and the Company amounts to RM312.1 million (2022: RM310.6 million) and RM11,534.8 million (2022: RM8,797.7 million) respectively, representing banking facilities utilised by the subsidiaries and an associate as at the end of the financial year. The financial guarantees are provided as credit enhancements to the subsidiaries’ and associate’s secured loans. The total financial | [
327
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0 (12.3) Net carrying amount 44.6 0 0 44.6 (iv) Financial guarantees Risk management objectives, policies and processes for managing the risk The Company provides financial guarantees to banks in respect of banking facilities granted to certain subsidiaries and an associate. The Company monitors the ability of the subsidiaries and the associate to service their loans on an individual basis annually. Exposure to credit risk, credit quality and collateral The maximum exposure to the Group and the Company amounts to RM312.1 million (2022: RM310.6 million) and RM11,534.8 million (2022: RM8,797.7 million) respectively, representing banking facilities utilised by the subsidiaries and an associate as at the end of the financial year. The financial guarantees are provided as credit enhancements to the subsidiaries’ and associate’s secured loans. The total financial guaranteesand loss allowances provided are as follows: Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million Financial guarantees 312.1 310.6 11,534.8 8,797.7 Less: Loss allowances (312.1) (310.6) (316.4) (312.2) 0 0 11,218.4 8,485.5 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 326 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (iv) Financial guarantees (continued) Impairment losses The Company assumes that there is a significant increase in credit risk when a subsidiary or associate has indication of defaulting on its banking facilities. The Company considers a financial guarantee to be credit impaired when the subsidiary or associate is unlikely to repay its credit obligation to the bank in full. The Company determines the probability of default of the guaranteed loans individually using internal information available. Loss allowance has been recognised mainly arising from the financial guarantee provided by the Group in 2016 to support the loan facility offered to İç Anadolu Doğalgaz Elektrik Üretim ve Ticaret A.Ş. | [
327,
328
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December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 326 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Credit risk (continued) (iv) Financial guarantees (continued) Impairment losses The Company assumes that there is a significant increase in credit risk when a subsidiary or associate has indication of defaulting on its banking facilities. The Company considers a financial guarantee to be credit impaired when the subsidiary or associate is unlikely to repay its credit obligation to the bank in full. The Company determines the probability of default of the guaranteed loans individually using internal information available. Loss allowance has been recognised mainly arising from the financial guarantee provided by the Group in 2016 to support the loan facility offered to İç Anadolu Doğalgaz Elektrik Üretim ve Ticaret A.Ş. (‘ICAN’),a subsidiary of Gama Enerji Anonîm Şîrketî ('Gama Enerji'). The ECL is determined based on an internal assessment of Gama Enerji debt servicing ability taking into account of the current adverse macroeconomic conditions in Türkiye. The impairment loss for financial guarantees for the Group and the Company are in Stage 3. The movement in the loss allowances of financial guarantees during the financial year was: Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million As at the beginning of the financial year (310.6) (291.1) (312.2) (293.4) Impairment loss recognised (1.5) (37.6) (4.2) (37.6) Impairment loss reversed 0 18.1 0 18.8 As at the end of the financial year (Note 23) (312.1) (310.6) (316.4) (312.2) Liquidity risk Liquidity risk is the risk that the Group and the Company will not be able to meet its financial obligations as they fall due. The Group’s and the Company’s exposures to liquidity risk arise principally from its various payables, loans and borrowings. The Group and the Company monitor rolling forecasts of the Group’s and of the Company’s liquidity requirements. As of 31 December 2023, the Company’s current | [
328
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allowances of financial guarantees during the financial year was: Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million As at the beginning of the financial year (310.6) (291.1) (312.2) (293.4) Impairment loss recognised (1.5) (37.6) (4.2) (37.6) Impairment loss reversed 0 18.1 0 18.8 As at the end of the financial year (Note 23) (312.1) (310.6) (316.4) (312.2) Liquidity risk Liquidity risk is the risk that the Group and the Company will not be able to meet its financial obligations as they fall due. The Group’s and the Company’s exposures to liquidity risk arise principally from its various payables, loans and borrowings. The Group and the Company monitor rolling forecasts of the Group’s and of the Company’s liquidity requirements. As of 31 December 2023, the Company’s current liabilitiesexceeded their current assets by RM2,120.3 million (2022: RM1,434.6 million), mainly due to consumer deposits amounting to RM7,659.6 million (2022: RM7,185.7 million). The Company’s cash flow forecast for the next 12 months takes into account the expected revenue growth rates, customer collection trends, low rate of termination of electricity account that would crystallise the entire consumer deposits above and one-off transactions. The Company expects to be able to generate sufficient internal cash flows from operations for the next 12 months from the reporting date to meet operational and financing needs as and when they fall due. In addition, as at 31 December 2023, the Company have undrawn borrowing facilities amounting to RM14,011.4 million (2022: RM10,815.6 million) to support any cash shortfall while maintaining sufficient headroom on its undrawn borrowing facilities at all times to ensure the Company have the financial flexibility. Surplus cash of the Group and of the Company is invested in profit bearing current accounts, money market deposits and other instruments with appropriate maturities and sufficient liquidity level to provide sufficient headroom as determined by the cash flow forecasts | [
328
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the entire consumer deposits above and one-off transactions. The Company expects to be able to generate sufficient internal cash flows from operations for the next 12 months from the reporting date to meet operational and financing needs as and when they fall due. In addition, as at 31 December 2023, the Company have undrawn borrowing facilities amounting to RM14,011.4 million (2022: RM10,815.6 million) to support any cash shortfall while maintaining sufficient headroom on its undrawn borrowing facilities at all times to ensure the Company have the financial flexibility. Surplus cash of the Group and of the Company is invested in profit bearing current accounts, money market deposits and other instruments with appropriate maturities and sufficient liquidity level to provide sufficient headroom as determined by the cash flow forecasts andto enable the Group and the Company to discharge liabilities in the normal course of business. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 327 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Liquidity risk (continued) The table below summarises the maturity profiles of the Group’s and of the Company’s financial liabilities as at the end of the financial year based on the undiscounted contractual payments: Carrying amount RM’million Contractual cash flows RM’million Below 1 year RM’million 1-2 years RM’million 3-5 years RM’million More than 5 years RM’million 2023 Group Non-derivative financial liabilities Payables 8,340.4 8,340.4 8,340.4 0 0 0 Lease liabilities* 30,860.9 42,420.4 4,472.0 3,767.5 10,189.4 23,991.5 Amounts due to associates 579.7 579.7 579.7 0 0 0 Borrowings* 61,770.2 80,854.2 9,277.6 5,207.2 17,707.3 48,662.1 Financial guarantee contracts 312.1 312.1 312.1 0 0 0 Other financial liabilities at AC 850.5 846.0 359.3 363.5 13.8 109.4 102,713.8 133,352.8 23,341.1 9,338.2 27,910.5 72,763.0 Derivative financial liabilities Interest rate swaps 7.3 1,129.1 0 0 1,129.1 0 Profit rate swap contracts 3.2 304.1 0 | [
328,
329
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profiles of the Group’s and of the Company’s financial liabilities as at the end of the financial year based on the undiscounted contractual payments: Carrying amount RM’million Contractual cash flows RM’million Below 1 year RM’million 1-2 years RM’million 3-5 years RM’million More than 5 years RM’million 2023 Group Non-derivative financial liabilities Payables 8,340.4 8,340.4 8,340.4 0 0 0 Lease liabilities* 30,860.9 42,420.4 4,472.0 3,767.5 10,189.4 23,991.5 Amounts due to associates 579.7 579.7 579.7 0 0 0 Borrowings* 61,770.2 80,854.2 9,277.6 5,207.2 17,707.3 48,662.1 Financial guarantee contracts 312.1 312.1 312.1 0 0 0 Other financial liabilities at AC 850.5 846.0 359.3 363.5 13.8 109.4 102,713.8 133,352.8 23,341.1 9,338.2 27,910.5 72,763.0 Derivative financial liabilities Interest rate swaps 7.3 1,129.1 0 0 1,129.1 0 Profit rate swap contracts 3.2 304.1 0 0304.1 0 Forward exchange contracts (gross settled): - Outflows 1.4 256.8 256.8 0 0 0 102,725.7 135,042.8 23,597.9 9,338.2 29,343.7 72,763.0 Company Non-derivative financial liabilities Payables 4,466.8 4,466.8 4,466.8 0 0 0 Lease liabilities* 69,286.6 106,515.2 8,280.1 7,510.4 21,587.1 69,137.6 Amounts due to subsidiaries 6,944.0 6,944.0 6,944.0 0 0 0 Amounts due to associates 568.8 568.8 568.8 0 0 0 Borrowings* 29,678.1 42,459.2 5,258.6 2,751.9 10,478.6 23,970.1 Financial guarantee contracts 316.4 11,534.8 11,534.8 0 0 0 Other financial liabilities at AC 764.4 759.9 370.2 374.5 14.2 1.0 112,025.1 173,248.7 37,423.3 10,636.8 32,079.9 93,108.7 Derivative financial liability Forward exchange contracts (gross settled): - Outflows 1.4 256.8 256.8 0 0 0 112,026.5 173,505.5 37,680.1 10,636.8 32,079.9 93,108.7 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 328 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Liquidity risk (continued) The table below summarises the maturity profiles of the Group’s and of the Company’s financial liabilities as at the end of the financial year | [
329,
330
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69,137.6 Amounts due to subsidiaries 6,944.0 6,944.0 6,944.0 0 0 0 Amounts due to associates 568.8 568.8 568.8 0 0 0 Borrowings* 29,678.1 42,459.2 5,258.6 2,751.9 10,478.6 23,970.1 Financial guarantee contracts 316.4 11,534.8 11,534.8 0 0 0 Other financial liabilities at AC 764.4 759.9 370.2 374.5 14.2 1.0 112,025.1 173,248.7 37,423.3 10,636.8 32,079.9 93,108.7 Derivative financial liability Forward exchange contracts (gross settled): - Outflows 1.4 256.8 256.8 0 0 0 112,026.5 173,505.5 37,680.1 10,636.8 32,079.9 93,108.7 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 328 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Liquidity risk (continued) The table below summarises the maturity profiles of the Group’s and of the Company’s financial liabilities as at the end of the financial year basedon the undiscounted contractual payments: (continued) Carrying amount RM’million Contractual cash flows RM’million Below 1 year RM’million 1-2 years RM’million 3-5 years RM’million More than 5 years RM’million 2022 Group Non-derivative financial liabilities Payables 8,718.9 8,718.9 8,718.9 0 0 0 Lease liabilities* 33,278.4 46,223.7 4,757.1 3,875.4 10,797.9 26,793.3 Amounts due to associates 777.6 777.6 777.6 0 0 0 Borrowings* 63,882.2 78,344.5 16,217.3 3,034.2 12,460.5 46,632.5 Financial guarantee contracts 310.6 310.6 310.6 0 0 0 Other financial liabilities at AC 709.1 730.0 324.4 344.6 35.9 25.1 107,676.8 135,105.3 31,105.9 7,254.2 23,294.3 73,450.9 Derivative financial liabilities Interest rate swaps 0.3 744.2 0 474.5 269.7 0 Profit rate swap contracts 2.0 323.8 0 0 323.8 0 Forward exchange contracts (gross settled): - Outflows 2.9 106.3 106.3 0 0 0 107,682.0 136,279.6 31,212.2 7,728.7 23,887.8 73,450.9 Company Non-derivative financial liabilities Payables 4,443.2 4,443.2 4,443.2 0 0 0 Lease liabilities* 73,805.1 115,101.7 9,096.9 7,788.4 22,021.4 76,195.0 Amounts due to subsidiaries 6,709.1 6,709.1 6,709.1 0 0 0 Amounts due to | [
330
] | [
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8,718.9 0 0 0 Lease liabilities* 33,278.4 46,223.7 4,757.1 3,875.4 10,797.9 26,793.3 Amounts due to associates 777.6 777.6 777.6 0 0 0 Borrowings* 63,882.2 78,344.5 16,217.3 3,034.2 12,460.5 46,632.5 Financial guarantee contracts 310.6 310.6 310.6 0 0 0 Other financial liabilities at AC 709.1 730.0 324.4 344.6 35.9 25.1 107,676.8 135,105.3 31,105.9 7,254.2 23,294.3 73,450.9 Derivative financial liabilities Interest rate swaps 0.3 744.2 0 474.5 269.7 0 Profit rate swap contracts 2.0 323.8 0 0 323.8 0 Forward exchange contracts (gross settled): - Outflows 2.9 106.3 106.3 0 0 0 107,682.0 136,279.6 31,212.2 7,728.7 23,887.8 73,450.9 Company Non-derivative financial liabilities Payables 4,443.2 4,443.2 4,443.2 0 0 0 Lease liabilities* 73,805.1 115,101.7 9,096.9 7,788.4 22,021.4 76,195.0 Amounts due to subsidiaries 6,709.1 6,709.1 6,709.1 0 0 0 Amounts due to associates765.9 765.9 765.9 0 0 0 Borrowings* 36,231.9 49,731.4 12,227.8 1,089.9 7,938.8 28,474.9 Financial guarantee contracts 312.2 8,797.7 8,797.7 0 0 0 Other financial liabilities at AC 711.2 732.0 335.5 356.4 37.1 3.0 122,978.6 186,281.0 42,376.1 9,234.7 29,997.3 104,672.9 Derivative financial liability Forward exchange contracts (gross settled): - Outflows 2.9 106.3 106.3 0 0 0 122,981.5 186,387.3 42,482.4 9,234.7 29,997.3 104,672.9 * Refer to Note 15 and Note 26 for the average remaining period. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 329 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and other prices will affect the Group’s and the Company’s financial positions or cash flows. (i) Foreign currency risk The Group and the Company are exposed to foreign currency risk on sales, purchases and borrowings that are denominated in currencies other than the respective functional currencies of the Group and of the Company. The currencies giving rise to this risk are primarily USD, JPY | [
330,
331
] | [
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106.3 0 0 0 122,981.5 186,387.3 42,482.4 9,234.7 29,997.3 104,672.9 * Refer to Note 15 and Note 26 for the average remaining period. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 329 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and other prices will affect the Group’s and the Company’s financial positions or cash flows. (i) Foreign currency risk The Group and the Company are exposed to foreign currency risk on sales, purchases and borrowings that are denominated in currencies other than the respective functional currencies of the Group and of the Company. The currencies giving rise to this risk are primarily USD, JPY andGBP. Risk management objectives, policies and processes for managing the risk The Group and the Company are required to hedge a minimum of 50.0% of TNB’s known foreign currency exposure up to 12 months period. The Group and the Company use forward exchange contracts and maintain foreign currency floats to hedge its foreign currency risk. Exposure to foreign currency risk The currency exposure of financial assets and financial liabilities of the Group and of the Company at the end of the financial year, expressed in MYR (if not defined, Malaysian Ringgit) currency units, are as follows: USD RM’million JPY RM’million GBP RM’million EUR RM’million Others RM’million 2023 Group Financial assets Financial assets at FVOCI 0 0 0 0 0.5 Receivables 1.2 0 0 0 3.4 Deposits, bank and cash balances 7.3 0 1,077.4 1.1 0 8.5 0 1,077.4 1.1 3.9 Financial liabilities Payables 28.8 0 0 9.6 0 Borrowings 8,848.8 1,664.7 0 1,171.5 0 8,877.6 1,664.7 0 1,181.1 0 USD RM’million JPY RM’million GBP RM’million EUR RM’million 2023 Company Financial assets Amounts due from subsidiaries 9.7 0 884.0 0 Deposits, bank and cash balances 4.8 0 732.8 1.1 14.5 0 1,616.8 1.1 Financial liabilities Borrowings 8,848.8 1,664.7 0 0 NOTES TO THE FINANCIAL STATEMENTS | [
331,
332
] | [
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at the end of the financial year, expressed in MYR (if not defined, Malaysian Ringgit) currency units, are as follows: USD RM’million JPY RM’million GBP RM’million EUR RM’million Others RM’million 2023 Group Financial assets Financial assets at FVOCI 0 0 0 0 0.5 Receivables 1.2 0 0 0 3.4 Deposits, bank and cash balances 7.3 0 1,077.4 1.1 0 8.5 0 1,077.4 1.1 3.9 Financial liabilities Payables 28.8 0 0 9.6 0 Borrowings 8,848.8 1,664.7 0 1,171.5 0 8,877.6 1,664.7 0 1,181.1 0 USD RM’million JPY RM’million GBP RM’million EUR RM’million 2023 Company Financial assets Amounts due from subsidiaries 9.7 0 884.0 0 Deposits, bank and cash balances 4.8 0 732.8 1.1 14.5 0 1,616.8 1.1 Financial liabilities Borrowings 8,848.8 1,664.7 0 0 NOTES TO THE FINANCIAL STATEMENTS 31December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 330 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Market risk (continued) (i) Foreign currency risk (continued) Exposure to foreign currency risk (continued) The currency exposure of financial assets and financial liabilities of the Group and of the Company at the end of the financial year, expressed in MYR (if not defined, Malaysian Ringgit) currency units, are as follows: (continued) USD RM’million JPY RM’million GBP RM’million Others RM’million 2022 Group Financial assets Financial assets at FVOCI 0 0 0 0.4 Receivables 7.3 0 0 0.7 Deposits, bank and cash balances 257.5 0 576.0 1.0 264.8 0 576.0 2.1 Financial liabilities Payables 49.1 9.4 0 11.4 Borrowings 8,496.8 1,812.3 0 0 8,545.9 1,821.7 0 11.4 Company Financial assets Amounts due from subsidiaries 9.7 0 0 0 Deposits, bank and cash balances 257.0 0 372.9 1.0 266.7 0 372.9 1.0 Financial liability Borrowings 8,496.8 1,812.3 0 0 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 331 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Market risk (continued) (i) Foreign currency risk (continued) Currency risk sensitivity analysis A 10.0% strengthening of | [
332,
333
] | [
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units, are as follows: (continued) USD RM’million JPY RM’million GBP RM’million Others RM’million 2022 Group Financial assets Financial assets at FVOCI 0 0 0 0.4 Receivables 7.3 0 0 0.7 Deposits, bank and cash balances 257.5 0 576.0 1.0 264.8 0 576.0 2.1 Financial liabilities Payables 49.1 9.4 0 11.4 Borrowings 8,496.8 1,812.3 0 0 8,545.9 1,821.7 0 11.4 Company Financial assets Amounts due from subsidiaries 9.7 0 0 0 Deposits, bank and cash balances 257.0 0 372.9 1.0 266.7 0 372.9 1.0 Financial liability Borrowings 8,496.8 1,812.3 0 0 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 331 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Market risk (continued) (i) Foreign currency risk (continued) Currency risk sensitivity analysis A 10.0% strengthening of theforeign currencies against RM at the end of the financial year would have decreased post-tax profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remained constant and ignores any impact of forecasted sales and purchases. Profit or loss/equity 2023 RM’million 2022 RM’million Group USD (669.6) (625.5) JPY (126.2) (138.1) GBP 81.9 44.7 EUR (92.5) 0 Company USD (667.0) (621.6) JPY (126.2) (137.4) GBP 122.9 28.9 A 10.0% weakening of the foreign currencies against RM at the end of the financial year would have had equal but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remained constant. Foreign currency risk for the Group and the Company which have a functional currency other than USD, JPY, EUR and GBP are not material and hence, sensitivity analysis is not presented. (ii) Interest rate risk The Group’s and the Company’s investments in fixed rate debt security and its fixed rate borrowings are not exposed to a significant risk of change in their fair values due to changes in interest rates. The Group’s and the Company’s variable rate borrowings are exposed to a risk of change in | [
333
] | [
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28.9 A 10.0% weakening of the foreign currencies against RM at the end of the financial year would have had equal but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remained constant. Foreign currency risk for the Group and the Company which have a functional currency other than USD, JPY, EUR and GBP are not material and hence, sensitivity analysis is not presented. (ii) Interest rate risk The Group’s and the Company’s investments in fixed rate debt security and its fixed rate borrowings are not exposed to a significant risk of change in their fair values due to changes in interest rates. The Group’s and the Company’s variable rate borrowings are exposed to a risk of change in cashflows due to changes in interest rates. Investment in equity security and short term receivables and payables are not significantly exposed to interest rate risk. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 332 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Market risk (continued) (ii) Interest rate risk (continued) Exposure to interest rate risk The interest rate profile of the Group’s and of the Company’s significant interest-bearing financial instruments, based on carrying amounts as at the end of the financial year were: Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million Fixed rate instruments: Financial assets 16,182.5 2,890.0 13,297.2 923.6 Financial liabilities 88,498.4 95,678.8 98,964.7 110,037.0 Floating rate instrument: Financial liabilities 4,132.7 1,481.8 0 0 The financial assets are not sensitive to interest rate changes. A 5.0% change in the interest rates of the financial liabilities with floating interest rates at the end of the financial year would have affected the Group’s and the Company’s profit or loss and equity by RM0.7 million (2022: RM0.1 million). This analysis assumes that all other variables, in particular foreign currency rates | [
333,
334
] | [
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interest rate risk The interest rate profile of the Group’s and of the Company’s significant interest-bearing financial instruments, based on carrying amounts as at the end of the financial year were: Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million Fixed rate instruments: Financial assets 16,182.5 2,890.0 13,297.2 923.6 Financial liabilities 88,498.4 95,678.8 98,964.7 110,037.0 Floating rate instrument: Financial liabilities 4,132.7 1,481.8 0 0 The financial assets are not sensitive to interest rate changes. A 5.0% change in the interest rates of the financial liabilities with floating interest rates at the end of the financial year would have affected the Group’s and the Company’s profit or loss and equity by RM0.7 million (2022: RM0.1 million). This analysis assumes that all other variables, in particular foreign currency rates remainedconstant. (iii) Other price risk Other price risk arises from the Group’s and the Company’s investments in equity security, debt security and unit trust funds. Risk management objectives, policies and processes for managing the risk The Group and the Company are exposed to price risk because the investments held are classified on the statement of financial position as FVOCI and FVTPL. The Group and the Company mainly invest in unit trust funds, primarily in short term deposits as underlying instruments with minimal price risk. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 333 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Fair value of financial instruments The carrying amounts of deposits, bank and cash balances, short term receivables and payables, short term borrowings, short term amount due from/(to) subsidiaries and short term derivative financial instruments approximate their fair values and are equivalent to nominal values due to the relatively short term nature of these financial instruments. The table below analyses financial instruments carried at fair value and those not | [
334,
335
] | [
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the investments held are classified on the statement of financial position as FVOCI and FVTPL. The Group and the Company mainly invest in unit trust funds, primarily in short term deposits as underlying instruments with minimal price risk. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 333 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Fair value of financial instruments The carrying amounts of deposits, bank and cash balances, short term receivables and payables, short term borrowings, short term amount due from/(to) subsidiaries and short term derivative financial instruments approximate their fair values and are equivalent to nominal values due to the relatively short term nature of these financial instruments. The table below analyses financial instruments carried at fair value and those not carriedat fair value for which fair value is disclosed, together with their fair values and carrying amounts shown in the statement of financial position. The classifications in the fair value hierarchy of the Group’s and of the Company’s assets and liabilities measured at fair value are summarised in the table below: Fair value of financial instruments carried at fair value Fair value of financial instruments not carried at fair value Total fair value RM’million Carrying amount RM’million Level 1 RM’million Level 2 RM’million Level 3 RM’million Total RM’million Level 1 RM’million Level 2 RM’million Level 3 RM’million Total RM’million 2023 Group Financial assets Investment in unquoted debt security 0 0 0 0 0 0 259.3 259.3 259.3 259.3 Long term receivables 0 0 0 0 0 32.3 0 32.3 32.3 46.8 Derivative financial instruments 0 76.2 91.8 168.0 0 0 0 0 168.0 168.0 Financial assets at FVOCI 0 0 55.1 55.1 0 0 0 0 55.1 55.1 Financial assets at FVTPL 1,583.9 66.1 0 1,650.0 0 0 0 0 1,650.0 1,650.0 1,583.9 142.3 146.9 1,873.1 0 32.3 259.3 291.6 2,164.7 2,179.2 Financial liabilities Borrowings 0 0 0 0 48,068.9 15,070.3 0 63,139.2 63,139.2 61,770.2 Other financial | [
335
] | [
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value Total fair value RM’million Carrying amount RM’million Level 1 RM’million Level 2 RM’million Level 3 RM’million Total RM’million Level 1 RM’million Level 2 RM’million Level 3 RM’million Total RM’million 2023 Group Financial assets Investment in unquoted debt security 0 0 0 0 0 0 259.3 259.3 259.3 259.3 Long term receivables 0 0 0 0 0 32.3 0 32.3 32.3 46.8 Derivative financial instruments 0 76.2 91.8 168.0 0 0 0 0 168.0 168.0 Financial assets at FVOCI 0 0 55.1 55.1 0 0 0 0 55.1 55.1 Financial assets at FVTPL 1,583.9 66.1 0 1,650.0 0 0 0 0 1,650.0 1,650.0 1,583.9 142.3 146.9 1,873.1 0 32.3 259.3 291.6 2,164.7 2,179.2 Financial liabilities Borrowings 0 0 0 0 48,068.9 15,070.3 0 63,139.2 63,139.2 61,770.2 Other financial liabilitiesat AC 0 0 0 0 0 896.9 0 896.9 896.9 850.5 Derivative financial instruments 0 11.9 0 11.9 0 0 0 0 11.9 11.9 0 11.9 0 11.9 48,068.9 15,967.2 0 64,036.1 64,048.0 62,632.6 Company Financial assets Investment in unquoted debt security 0 0 0 0 0 0 259.3 259.3 259.3 259.3 Long term receivables 0 0 0 0 0 32.3 0 32.3 32.3 21.1 Financial assets at FVOCI 0 0 54.3 54.3 0 0 0 0 54.3 54.3 Amounts due from subsidiaries 0 0 0 0 0 4,381.6 0 4,381.6 4,381.6 4,885.5 Financial assets at FVTPL 1,303.3 66.1 0 1,369.4 0 0 0 0 1,369.4 1,369.4 1,303.3 66.1 54.3 1,423.7 0 4,413.9 259.3 4,673.2 6,096.9 6,589.6 Financial liabilities Borrowings 0 0 0 0 24,469.3 5,667.8 0 30,137.1 30,137.1 29,678.1 Other financial liabilities at AC 0 0 0 0 0 743.1 0 743.1 743.1 764.4 Derivative financial instruments 0 1.4 0 1.4 0 0 0 0 1.4 1.4 0 1.4 0 1.4 24,469.3 6,410.9 0 30,880.2 30,881.6 30,443.9 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 334 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Fair value of financial instruments (continued) The classifications in the fair value hierarchy of the Group’s and of the Company’s assets and liabilities measured at fair value are summarised in the table below: (continued) Fair value of financial | [
335,
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0 0 1,369.4 1,369.4 1,303.3 66.1 54.3 1,423.7 0 4,413.9 259.3 4,673.2 6,096.9 6,589.6 Financial liabilities Borrowings 0 0 0 0 24,469.3 5,667.8 0 30,137.1 30,137.1 29,678.1 Other financial liabilities at AC 0 0 0 0 0 743.1 0 743.1 743.1 764.4 Derivative financial instruments 0 1.4 0 1.4 0 0 0 0 1.4 1.4 0 1.4 0 1.4 24,469.3 6,410.9 0 30,880.2 30,881.6 30,443.9 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 334 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Fair value of financial instruments (continued) The classifications in the fair value hierarchy of the Group’s and of the Company’s assets and liabilities measured at fair value are summarised in the table below: (continued) Fair value of financial instrumentscarried at fair value Fair value of financial instruments not carried at fair value Total fair value RM’million Carrying amount RM’million Level 1 RM’million Level 2 RM’million Level 3 RM’million Total RM’million Level 1 RM’million Level 2 RM’million Level 3 RM’million Total RM’million 2022 Group Financial assets Investment in unquoted debt security 0 0 0 0 0 0 253.4 253.4 253.4 253.4 Long term receivables 0 0 0 0 0 43.7 0 43.7 43.7 39.6 Derivative financial instruments 0 72.5 0 72.5 0 0 0 0 72.5 72.5 Financial assets at FVOCI 0 70.7 0 70.7 0 0 0 0 70.7 70.7 Financial assets at FVTPL 8,111.4 85.2 0 8,196.6 0 0 0 0 8,196.6 8,196.6 8,111.4 228.4 0 8,339.8 0 43.7 253.4 297.1 8,636.9 8,632.8 Financial liabilities Borrowings 0 0 0 0 1,868.9 61,981.9 0 63,850.8 63,850.8 63,882.2 Other financial liabilities at AC 0 0 0 0 0 1,120.1 0 1,120.1 1,120.1 709.1 Derivative financial instruments 0 5.2 0 5.2 0 0 0 0 5.2 5.2 0 5.2 0 5.2 1,868.9 63,102.0 0 64,970.9 64,976.1 64,596.5 Company Financial assets Investment in unquoted debt security 0 0 0 0 0 0 253.4 253.4 253.4 253.4 Long term receivables 0 0 0 0 0 43.7 0 43.7 43.7 32.2 Financial assets at FVOCI 0 70.0 0 70.0 0 0 0 0 70.0 70.0 Amounts due from subsidiaries 0 0 0 0 0 3,606.6 0 | [
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FVTPL 8,111.4 85.2 0 8,196.6 0 0 0 0 8,196.6 8,196.6 8,111.4 228.4 0 8,339.8 0 43.7 253.4 297.1 8,636.9 8,632.8 Financial liabilities Borrowings 0 0 0 0 1,868.9 61,981.9 0 63,850.8 63,850.8 63,882.2 Other financial liabilities at AC 0 0 0 0 0 1,120.1 0 1,120.1 1,120.1 709.1 Derivative financial instruments 0 5.2 0 5.2 0 0 0 0 5.2 5.2 0 5.2 0 5.2 1,868.9 63,102.0 0 64,970.9 64,976.1 64,596.5 Company Financial assets Investment in unquoted debt security 0 0 0 0 0 0 253.4 253.4 253.4 253.4 Long term receivables 0 0 0 0 0 43.7 0 43.7 43.7 32.2 Financial assets at FVOCI 0 70.0 0 70.0 0 0 0 0 70.0 70.0 Amounts due from subsidiaries 0 0 0 0 0 3,606.6 0 3,606.63,606.6 4,416.1 Financial assets at FVTPL 6,190.8 85.2 0 6,276.0 0 0 0 0 6,276.0 6,276.0 6,190.8 155.2 0 6,346.0 0 3,650.3 253.4 3,903.7 10,249.7 11,047.7 Financial liabilities Borrowings 0 0 0 0 1,868.9 33,726.3 0 35,595.2 35,595.2 36,231.9 Other financial liabilities at AC 0 0 0 0 0 716.2 0 716.2 716.2 711.2 Derivative financial instruments 0 2.9 0 2.9 0 0 0 0 2.9 2.9 0 2.9 0 2.9 1,868.9 34,442.5 0 36,311.4 36,314.3 36,946.0 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 335 45 FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (continued) Fair value of financial instruments (continued) (i) Policy on transfer between levels The fair value of an asset to be transferred between levels is determined as of the date of the event or change in circumstances that caused the transfer. There were no transfers between levels during the financial year. (ii) Level 1 fair value Level 1 fair value is derived from quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. (iii) Level 2 fair value Level 2 fair value is estimated using inputs other than quoted prices included within Level 1 that are observable for the financial assets or liabilities, either directly or indirectly. Derivative financial instruments The fair value is estimated by the difference | [
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(continued) Fair value of financial instruments (continued) (i) Policy on transfer between levels The fair value of an asset to be transferred between levels is determined as of the date of the event or change in circumstances that caused the transfer. There were no transfers between levels during the financial year. (ii) Level 1 fair value Level 1 fair value is derived from quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. (iii) Level 2 fair value Level 2 fair value is estimated using inputs other than quoted prices included within Level 1 that are observable for the financial assets or liabilities, either directly or indirectly. Derivative financial instruments The fair value is estimated by the difference betweenthe contractual forward price and the current forward price for the residual maturity of the contract. Non-derivative financial instruments Fair value, which is determined for disclosure purpose, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the end of the reporting period. (iv) Level 3 fair value Level 3 fair values for the financial assets and liabilities are estimated using unobservable inputs. (v) Interest rates used to determine fair value The interest rates used to discount estimated cash flows, when applicable, ranging between 0.1% to 8.0% (2022: 0.1% to 8.0%). Although the Group and the Company believe that their estimates of fair value are appropriate, the use of different methodologies or assumptions could lead to different measurements of fair value. The favourable and unfavourable effects of using reasonably possible alternative assumptions have been calculated by recalibrating the model values using expected cash flows and risk-adjusted discount rates based on the probability weighted average of the Group’s and of the Company’s ranges of possible outcomes. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL | [
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value Level 3 fair values for the financial assets and liabilities are estimated using unobservable inputs. (v) Interest rates used to determine fair value The interest rates used to discount estimated cash flows, when applicable, ranging between 0.1% to 8.0% (2022: 0.1% to 8.0%). Although the Group and the Company believe that their estimates of fair value are appropriate, the use of different methodologies or assumptions could lead to different measurements of fair value. The favourable and unfavourable effects of using reasonably possible alternative assumptions have been calculated by recalibrating the model values using expected cash flows and risk-adjusted discount rates based on the probability weighted average of the Group’s and of the Company’s ranges of possible outcomes. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHADIntegrated Annual Report 2023 336 45 FINANCIAL INSTRUMENTS (CONTINUED) (c) Offsetting of financial assets and financial liabilities The following financial assets and financial liabilities are subject to offsetting arrangements based on Group policies and procedures: Group Company Gross amounts recognised RM’million Gross amounts set-off in the SOFP RM’million Net amounts presented in the SOFP RM’million Gross amounts recognised RM’million Gross amounts set-off in the SOFP RM’million Net amounts presented in the SOFP RM’million Financial assets 2023 Amounts due from associates 388.3 0 388.3 5.2 0 5.2 Amounts due from subsidiaries 0 0 0 11,033.6 (3,056.0) 7,977.6 Amounts due from joint ventures 22.7 0 22.7 0 0 0 2022 Amounts due from associates 659.1 0 659.1 5.6 0 5.6 Amounts due from subsidiaries 0 0 0 12,701.0 (2,684.1) 10,016.9 Amounts due from joint ventures 44.6 0 44.6 0 0 0 Financial liabilities 2023 Amounts due to associates (579.7) 0 (579.7) (568.8) 0 (568.8) Amounts due to subsidiaries 0 0 0 (10,000.0) 3,056.0 (6,944.0) 2022 Amounts due to associates (777.6) 0 (777.6) (765.9) 0 (765.9) Amounts due to subsidiaries 0 0 0 (9,393.2) 2,684.1 (6,709.1) 46 | [
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amounts recognised RM’million Gross amounts set-off in the SOFP RM’million Net amounts presented in the SOFP RM’million Financial assets 2023 Amounts due from associates 388.3 0 388.3 5.2 0 5.2 Amounts due from subsidiaries 0 0 0 11,033.6 (3,056.0) 7,977.6 Amounts due from joint ventures 22.7 0 22.7 0 0 0 2022 Amounts due from associates 659.1 0 659.1 5.6 0 5.6 Amounts due from subsidiaries 0 0 0 12,701.0 (2,684.1) 10,016.9 Amounts due from joint ventures 44.6 0 44.6 0 0 0 Financial liabilities 2023 Amounts due to associates (579.7) 0 (579.7) (568.8) 0 (568.8) Amounts due to subsidiaries 0 0 0 (10,000.0) 3,056.0 (6,944.0) 2022 Amounts due to associates (777.6) 0 (777.6) (765.9) 0 (765.9) Amounts due to subsidiaries 0 0 0 (9,393.2) 2,684.1 (6,709.1) 46 CAPITALRISK MANAGEMENT The Group’s and the Company’s main objective of capital management is to safeguard the Group’s and the Company’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders. The Group and the Company will also strive to maintain an optimal capital structure to reduce the cost of capital. For the purpose of sustaining or changing the capital structure, the Group and the Company may adjust the amount of dividends paid to shareholders, issue new shares or return capital to shareholders. In order to be consistent with industry norms, the Group and the Company monitor its capital structure on the basis of the gearing ratio. This ratio is calculated as total borrowings divided by capital employed. T otal borrowings include non-current borrowings and current borrowings as shown in the consolidated statement of financial position. Capital employed is the summation of total equity and total borrowings. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 337 46 CAPITAL RISK MANAGEMENT (CONTINUED) The gearing ratios are as follows: Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million T otal borrowings (Note 26) 61,770.2 63,882.2 29,678.1 | [
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the Group and the Company may adjust the amount of dividends paid to shareholders, issue new shares or return capital to shareholders. In order to be consistent with industry norms, the Group and the Company monitor its capital structure on the basis of the gearing ratio. This ratio is calculated as total borrowings divided by capital employed. T otal borrowings include non-current borrowings and current borrowings as shown in the consolidated statement of financial position. Capital employed is the summation of total equity and total borrowings. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 337 46 CAPITAL RISK MANAGEMENT (CONTINUED) The gearing ratios are as follows: Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million T otal borrowings (Note 26) 61,770.2 63,882.2 29,678.1 36,231.9T otal equity 61,082.7 60,966.2 46,415.0 46,410.7 T otal capital employed 122,852.9 124,848.4 76,093.1 82,642.6 Gearing ratios 0.50 0.51 0.39 0.44 The Group and the Company have met all externally imposed capital requirements. 47 RESTATEMENT (a) Financial assets at FVOCI During the year, the Group and the Company changed the presentation of the fair value changes of financial assets measured at FVOCI as ‘Items that will not be reclassified subsequently to profit or loss’ within the statements of comprehensive income from ‘Items that maybe reclassified subsequently to profit or loss’ previously. There is no change to OCI or total comprehensive income for the Group and the Company. (b) Reclassification for deposits maturing more than 90 days The Group also changed the classification of the cash flows relating to placements and withdrawals of deposits maturing more than 90 days from the date of acquisition. These cash flows are separately classified as ‘Cash Flows from Investing Activities’ in the consolidated statement of cash flows. They were previously classified as ‘Cash Flows from Financing Activities’. The change had no impact on the net decrease in cash and cash equivalents | [
339
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assets measured at FVOCI as ‘Items that will not be reclassified subsequently to profit or loss’ within the statements of comprehensive income from ‘Items that maybe reclassified subsequently to profit or loss’ previously. There is no change to OCI or total comprehensive income for the Group and the Company. (b) Reclassification for deposits maturing more than 90 days The Group also changed the classification of the cash flows relating to placements and withdrawals of deposits maturing more than 90 days from the date of acquisition. These cash flows are separately classified as ‘Cash Flows from Investing Activities’ in the consolidated statement of cash flows. They were previously classified as ‘Cash Flows from Financing Activities’. The change had no impact on the net decrease in cash and cash equivalents duringthe year or the total cash and cash equivalents balance. The following table shows the adjustments for each individual line item. Line items that were not affected by the changes have not been included. Reconciliation of consolidated statement of cash flows For the financial year ended 31 December 2022 As previously reported RM’million Effect of change RM’million As restated RM’million Group CASH FLOWS FROM FINANCING ACTIVITIES Net decrease in deposits maturing more than 90 days 186.9 (186.9) 0 Net cash flows used in financing activities 3,595.8 (186.9) 3,408.9 CASH FLOWS FROM INVESTING ACTIVITIES Deposits maturing more than 90 days - Invested 0 (2,696.3) (2,696.3) - Matured 0 2,883.2 2,883.2 Net cash flows used in investing activities (14,553.1) 186.9 (14,366.2) NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 338 48 SIGNIFICANT ACQUISITIONS DURING CURRENT AND PRECEDING FINANCIAL YEARS Acquisitions during the financial year Subsidiaries acquired by the Group during the financial year ended 31 December 2023 are as follows: Note Purchase consideration RM’ million Group’s effective interest acquired Effective acquisition date Name of subsidiaries Spark | [
339,
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Effect of change RM’million As restated RM’million Group CASH FLOWS FROM FINANCING ACTIVITIES Net decrease in deposits maturing more than 90 days 186.9 (186.9) 0 Net cash flows used in financing activities 3,595.8 (186.9) 3,408.9 CASH FLOWS FROM INVESTING ACTIVITIES Deposits maturing more than 90 days - Invested 0 (2,696.3) (2,696.3) - Matured 0 2,883.2 2,883.2 Net cash flows used in investing activities (14,553.1) 186.9 (14,366.2) NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 338 48 SIGNIFICANT ACQUISITIONS DURING CURRENT AND PRECEDING FINANCIAL YEARS Acquisitions during the financial year Subsidiaries acquired by the Group during the financial year ended 31 December 2023 are as follows: Note Purchase consideration RM’ million Group’s effective interest acquired Effective acquisition date Name of subsidiaries Spark Renewables(i) 1,184.9 100.0% 20 September 2023 Dullarbtons and Elipsgeen (ii) 494.0 100.0% 20 December 2023 (i) Spark Renewables Stone HoldCo Pty Ltd and Stone BidCo Pty Ltd, newly incorporated wholly owned subsidiaries of TNBI in Australia have completed its acquisition of Spark Renewables for a purchase consideration of AUD392.3 million in cash. Refer to Note 49 for the principal activities of these companies. The Group’s profit after tax for the financial year ended 31 December 2023 would have been estimated at RM2,624.8 million if Spark Renewables has been consolidated from the beginning of the financial year. From the acquisition date up to 31 December 2023, Spark Renewables contributed a loss after tax of RM5.6 million. The transaction costs incurred for this acquisition was RM52.5 million. Details of the assets, liabilities and net cash outflow as at the date of the acquisition of this subsidiary by the Group during the financial year ended 31 December 2023 are as follows: Spark Renewables Book value RM’million Fair value RM’million Recognised amounts of identifiable assets acquired and liabilities assumed: - PPE (Note 5) 476.6 514.3 - | [
340
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Note 49 for the principal activities of these companies. The Group’s profit after tax for the financial year ended 31 December 2023 would have been estimated at RM2,624.8 million if Spark Renewables has been consolidated from the beginning of the financial year. From the acquisition date up to 31 December 2023, Spark Renewables contributed a loss after tax of RM5.6 million. The transaction costs incurred for this acquisition was RM52.5 million. Details of the assets, liabilities and net cash outflow as at the date of the acquisition of this subsidiary by the Group during the financial year ended 31 December 2023 are as follows: Spark Renewables Book value RM’million Fair value RM’million Recognised amounts of identifiable assets acquired and liabilities assumed: - PPE (Note 5) 476.6 514.3 - Intangibleassets (Note 10) 2.4 429.3 - Derivative financial instruments 88.2 88.2 - Receivables, deposits and prepayments 7.4 7.4 - Deposits, bank and cash balances 3.0 3.0 - Other liabilities (5.1) (5.1) - Deferred tax liabilities (Note 12) (45.2) (184.6) T otal identifiable net assets 527.3 852.5 Provisional goodwill (Note 10) 332.4 T otal 1,184.9 Cash consideration paid 1,184.9 Cash and cash equivalents assumed (3.0) Net cash outflow on acquisition 1,181.9 The goodwill from the acquisition is provisionally determined at RM332.4 million (AUD110.0 million) and is expected to be finalised by the third quarter of 2024, within 12 months in accordance with MFRS 3 Business Combination. The goodwill is deemed to be attributable to Spark Renewable’s ability to develop and operate new renewable energy projects in Australia, as well as enhanced scale and operational diversity in its renewable projects portfolio. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 339 48 SIGNIFICANT ACQUISITIONS DURING CURRENT AND PRECEDING FINANCIAL YEARS (CONTINUED) Acquisitions during the financial year (continued) Subsidiaries acquired by the Group during the financial year ended 31 December 2023 is as follows: | [
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paid 1,184.9 Cash and cash equivalents assumed (3.0) Net cash outflow on acquisition 1,181.9 The goodwill from the acquisition is provisionally determined at RM332.4 million (AUD110.0 million) and is expected to be finalised by the third quarter of 2024, within 12 months in accordance with MFRS 3 Business Combination. The goodwill is deemed to be attributable to Spark Renewable’s ability to develop and operate new renewable energy projects in Australia, as well as enhanced scale and operational diversity in its renewable projects portfolio. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 339 48 SIGNIFICANT ACQUISITIONS DURING CURRENT AND PRECEDING FINANCIAL YEARS (CONTINUED) Acquisitions during the financial year (continued) Subsidiaries acquired by the Group during the financial year ended 31 December 2023 is as follows: (continued)(ii) Dullarbtons and Elipsgeen VRE3, a newly incorporated wholly owned subsidiary of TNBI, completed its acquisition of Dullarbtons and Elipsgeen for a purchase consideration of EUR97.5 million in cash. Refer to Note 49 for the principal activities of these companies. The Group’s profit after tax for the financial year ended 31 December 2023 would have been estimated at RM2,641.5 million if Dullarbtons and Elipsgeen have been consolidated from the beginning of the financial year. From the acquisiton date up to 31 December 2023, Dullarbtons and Elipsgeen contributed a loss after tax of RM4.3 million. The transaction costs incurred for this acquisition was RM8.0 million. Details of the assets, liabilities and net cash outflow as at the date of the acquisition of these subsidiaries by the Group during the financial year ended 31 December 2023 are as follows: Dullarbtons and Elipsgeen Book value RM’million Fair value RM’million Recognised amounts of identifiable assets acquired and liabilities assumed: - PPE (Note 5) 875.9 975.4 - ROU assets (Note 6) 83.8 83.8 - Deferred tax assets (Note 12) 3.5 3.5 - Long term receivables 2.6 2.6 - Derivative financial | [
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at RM2,641.5 million if Dullarbtons and Elipsgeen have been consolidated from the beginning of the financial year. From the acquisiton date up to 31 December 2023, Dullarbtons and Elipsgeen contributed a loss after tax of RM4.3 million. The transaction costs incurred for this acquisition was RM8.0 million. Details of the assets, liabilities and net cash outflow as at the date of the acquisition of these subsidiaries by the Group during the financial year ended 31 December 2023 are as follows: Dullarbtons and Elipsgeen Book value RM’million Fair value RM’million Recognised amounts of identifiable assets acquired and liabilities assumed: - PPE (Note 5) 875.9 975.4 - ROU assets (Note 6) 83.8 83.8 - Deferred tax assets (Note 12) 3.5 3.5 - Long term receivables 2.6 2.6 - Derivative financial instruments20.8 20.8 - Receivables, deposits and prepayments 12.7 12.7 - Deposits, bank and cash balances 47.9 47.9 - Payables (8.9) (8.9) - Lease liabilities (Note 15) (83.8) (83.8) - Borrowings (701.4) (701.4) - Deferred tax liabilities (Note 12) 0 (12.4) - Other liabilities (2.4) (4.9) T otal identifiable net assets 250.7 335.3 Provisional goodwill (Note 10) 158.7 T otal 494.0 Cash consideration paid 482.2 Contingent consideration 11.8 T otal purchase consideration 494.0 Cash consideration paid 482.2 Cash and cash equivalents assumed (47.9) Net cash outflow on acquisition 434.3 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 340 48 SIGNIFICANT ACQUISITIONS DURING CURRENT AND PRECEDING FINANCIAL YEARS (CONTINUED) Acquisitions during the financial year (continued) Subsidiaries acquired by the Group during the financial year ended 31 December 2023 is as follows: (continued) (ii) Dullarbtons and Elipsgeen (continued) The goodwill from the acquisition is provisionally determined at RM158.7 million (EUR31.3 million) and is expected to be finalised by fourth quarter 2024, within 12 months in accordance with MFRS 3 Business Combination. The goodwill consists of potential upsides | [
341,
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goodwill (Note 10) 158.7 T otal 494.0 Cash consideration paid 482.2 Contingent consideration 11.8 T otal purchase consideration 494.0 Cash consideration paid 482.2 Cash and cash equivalents assumed (47.9) Net cash outflow on acquisition 434.3 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 340 48 SIGNIFICANT ACQUISITIONS DURING CURRENT AND PRECEDING FINANCIAL YEARS (CONTINUED) Acquisitions during the financial year (continued) Subsidiaries acquired by the Group during the financial year ended 31 December 2023 is as follows: (continued) (ii) Dullarbtons and Elipsgeen (continued) The goodwill from the acquisition is provisionally determined at RM158.7 million (EUR31.3 million) and is expected to be finalised by fourth quarter 2024, within 12 months in accordance with MFRS 3 Business Combination. The goodwill consists of potential upsides fromextension of lease terms and grid connection approvals up to 15 years. Acquisitions during the preceding financial year Subsidiary acquired by the Group during the financial year ended 31 December 2022 was as follows: Purchase consideration RM’million Group’s effective interest acquired Effective acquisition date Name of subsidiary Clean Energy and Infrastructure UK Limited Group (‘CEI UK’) 806.0 100.0% 1 April 2022 Vantage RE Ltd., a wholly owned subsidiary of TNBI completed its acquisition of CEI UK for a purchase consideration of GBP145.9 million in cash, through two Share Purchase Agreements (‘SPAs’) with Capital Dynamics Clean Energy and Infrastructure Jersey Limited and CEI WSH Limited (‘the Sellers’) respectively. Refer to Note 49 for the principal activities of these companies. The Group’s profit after tax for the financial year ended 31 December 2022 would have been estimated at RM3,569.0 million if CEI UK had been consolidated from the beginning of the financial year. From the acquisition date up to 31 December 2022, CEI UK contributed a profit after tax of RM9.4 million. NOTES TO THE FINANCIAL STATEMENTS 31 | [
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Energy and Infrastructure UK Limited Group (‘CEI UK’) 806.0 100.0% 1 April 2022 Vantage RE Ltd., a wholly owned subsidiary of TNBI completed its acquisition of CEI UK for a purchase consideration of GBP145.9 million in cash, through two Share Purchase Agreements (‘SPAs’) with Capital Dynamics Clean Energy and Infrastructure Jersey Limited and CEI WSH Limited (‘the Sellers’) respectively. Refer to Note 49 for the principal activities of these companies. The Group’s profit after tax for the financial year ended 31 December 2022 would have been estimated at RM3,569.0 million if CEI UK had been consolidated from the beginning of the financial year. From the acquisition date up to 31 December 2022, CEI UK contributed a profit after tax of RM9.4 million. NOTES TO THE FINANCIAL STATEMENTS 31 December2023 FINANCIAL STATEMENTS Sec 5 341 48 SIGNIFICANT ACQUISITIONS DURING CURRENT AND PRECEDING FINANCIAL YEARS (CONTINUED) Acquisitions during the preceding financial year (continued) Subsidiary acquired by the Group during the financial year ended 31 December 2022 was as follows: (continued) Details of the assets, liabilities and net cash outflow as at the date of the acquisition of this subsidiary by the Group during the financial year ended 31 December 2022 was as follows: CEI UK Book value RM’million Fair value RM’million Recognised amounts of identifiable assets acquired and liabilities assumed: - PPE (Note 5) 1,047.1 1,584.4 - ROU assets (Note 6) 71.7 79.4 - Intangible assets 120.2 0 - Receivables, deposits and prepayments 65.1 65.1 - Deposits, bank and cash balances 95.2 95.2 - Payables (55.8) (55.8) - Lease liabilities (Note 15) (71.7) (79.4) - Borrowings (Note 26) (649.2) (649.2) - Other liabilities (9.7) (10.3) - Deferred tax liabilities (Note 12) (107.0) (241.3) T otal identifiable net assets 505.9 788.1 Goodwill (Note 10) 17.9 T otal 806.0 Cash consideration paid 806.0 Cash and cash equivalents assumed (95.2) Net cash outflow on acquisition 710.8 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL | [
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year ended 31 December 2022 was as follows: CEI UK Book value RM’million Fair value RM’million Recognised amounts of identifiable assets acquired and liabilities assumed: - PPE (Note 5) 1,047.1 1,584.4 - ROU assets (Note 6) 71.7 79.4 - Intangible assets 120.2 0 - Receivables, deposits and prepayments 65.1 65.1 - Deposits, bank and cash balances 95.2 95.2 - Payables (55.8) (55.8) - Lease liabilities (Note 15) (71.7) (79.4) - Borrowings (Note 26) (649.2) (649.2) - Other liabilities (9.7) (10.3) - Deferred tax liabilities (Note 12) (107.0) (241.3) T otal identifiable net assets 505.9 788.1 Goodwill (Note 10) 17.9 T otal 806.0 Cash consideration paid 806.0 Cash and cash equivalents assumed (95.2) Net cash outflow on acquisition 710.8 NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHADIntegrated Annual Report 2023 342 49 LIST OF SUBSIDIARIES The list of subsidiaries of the Group is as follows: Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 Allo Technology Sdn. Bhd. 100% 100% Information technology related services Malaysia Malaysia Transformer Manufacturing Sdn. Bhd. 100% 100% Principally engaged in the business of manufacturing, selling and repairing distribution, power and earthing transformers Malaysia SepangPowerSdn.Bhd.* (Dissolvedw.e.f.16.05.2023)-70%DormantMalaysia TNBCapital(L)Ltd.* (Dissolvedw.e.f.29.05.2023)-100%DormantMalaysia TNBDistributionSdn.Bhd.* (Dissolvedw.e.f.15.06.2023)-100%DormantMalaysia TNB Engineers Sdn. Bhd. 100% 100% Dormant Malaysia TNB Fuel Services Sdn. Bhd. 100% 100% Supplying fuel and coal for power generation Malaysia TNB Generation Sdn. Bhd. 100% 100% Dormant Malaysia TNB Global Captive (L) Ltd. 100% 100% Insurance and reinsurance related business Malaysia TNB Global Ventures Capital Berhad 100% 100% Investment holding company Malaysia TNB Hidro Sdn. Bhd. 100% 100% Dormant Malaysia TNB Integrated Learning Solution Sdn. Bhd. 100% 100% Providing training courses Malaysia TNB Risk Management Sdn. Bhd. 100% 100% | [
344
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activities Country of incorporation 2023 2022 Allo Technology Sdn. Bhd. 100% 100% Information technology related services Malaysia Malaysia Transformer Manufacturing Sdn. Bhd. 100% 100% Principally engaged in the business of manufacturing, selling and repairing distribution, power and earthing transformers Malaysia SepangPowerSdn.Bhd.* (Dissolvedw.e.f.16.05.2023)-70%DormantMalaysia TNBCapital(L)Ltd.* (Dissolvedw.e.f.29.05.2023)-100%DormantMalaysia TNBDistributionSdn.Bhd.* (Dissolvedw.e.f.15.06.2023)-100%DormantMalaysia TNB Engineers Sdn. Bhd. 100% 100% Dormant Malaysia TNB Fuel Services Sdn. Bhd. 100% 100% Supplying fuel and coal for power generation Malaysia TNB Generation Sdn. Bhd. 100% 100% Dormant Malaysia TNB Global Captive (L) Ltd. 100% 100% Insurance and reinsurance related business Malaysia TNB Global Ventures Capital Berhad 100% 100% Investment holding company Malaysia TNB Hidro Sdn. Bhd. 100% 100% Dormant Malaysia TNB Integrated Learning Solution Sdn. Bhd. 100% 100% Providing training courses Malaysia TNB Risk Management Sdn. Bhd. 100% 100% DormantMalaysia TNB T opaz Energy Sdn. Bhd. 100% 100% Investment holding for developing and investing in overseas power generation projects Malaysia TNBTransmissionNetworkSdn.Bhd. (Inmembers’voluntarywindingup)100%100%DormantMalaysia TNB-IT Sdn. Bhd. 100% 100% Provision of telecommunication and IT infrastructure solutions and operation and maintenance services on the telecommunication equipment and data centre Malaysia Yayasan Tenaga Nasional - - A trust established under the provision of Trustees (Incorporation) Act 1952 (Act 258), for promotion and advancement of education and for charitable purposes Malaysia NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 343 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 Aruna Servicios Integrales S.L.U.* 100% 100% Investment holding Spain | [
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DormantMalaysia TNB T opaz Energy Sdn. Bhd. 100% 100% Investment holding for developing and investing in overseas power generation projects Malaysia TNBTransmissionNetworkSdn.Bhd. (Inmembers’voluntarywindingup)100%100%DormantMalaysia TNB-IT Sdn. Bhd. 100% 100% Provision of telecommunication and IT infrastructure solutions and operation and maintenance services on the telecommunication equipment and data centre Malaysia Yayasan Tenaga Nasional - - A trust established under the provision of Trustees (Incorporation) Act 1952 (Act 258), for promotion and advancement of education and for charitable purposes Malaysia NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 343 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 Aruna Servicios Integrales S.L.U.* 100% 100% Investment holding Spain Subsidiaryof Aruna Servicios Integrales S.L.U. Global Power Enerjî Sanayî Ve Tîcaret Anonîm Şîrketî* 100% 100% T o engage in activities related to building and operating electricity production facilities, producing electricity and/or capacity and distributing the generated electricity and/or capacity to customers and/or to legal entities with wholesale trade licences or retail sale licences and to free consumers Türkiye Power and Energy International (Mauritius) Ltd.* 100% 100% Investment holding Mauritius Subsidiary of Power and Energy International (Mauritius) Ltd.* Independent Power International Ltd.* 100% 100% Investment holding Mauritius REV Property Holdings Sdn. Bhd. 100% 100% Investment holding company, property asset management and property facility management Malaysia SubsidiariesofREVPropertyHoldings Sdn.Bhd. REV Horizon Sdn. Bhd. 100% 100% Property asset management, property project management and property facility management Malaysia REV Kapar Sdn. Bhd. 100% 100% Property investment, property development, project management, asset management | [
345
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Ve Tîcaret Anonîm Şîrketî* 100% 100% T o engage in activities related to building and operating electricity production facilities, producing electricity and/or capacity and distributing the generated electricity and/or capacity to customers and/or to legal entities with wholesale trade licences or retail sale licences and to free consumers Türkiye Power and Energy International (Mauritius) Ltd.* 100% 100% Investment holding Mauritius Subsidiary of Power and Energy International (Mauritius) Ltd.* Independent Power International Ltd.* 100% 100% Investment holding Mauritius REV Property Holdings Sdn. Bhd. 100% 100% Investment holding company, property asset management and property facility management Malaysia SubsidiariesofREVPropertyHoldings Sdn.Bhd. REV Horizon Sdn. Bhd. 100% 100% Property asset management, property project management and property facility management Malaysia REV Kapar Sdn. Bhd. 100% 100% Property investment, property development, project management, asset management andfacility management Malaysia REV Perai Sdn. Bhd. 100% 100% Property investment, property development, project management, asset management and facility management Malaysia REV Platinum Sdn. Bhd. 100% 100% Property investment, property management, asset management and facility management Malaysia REV Zenith Sdn. Bhd. 100% 100% Property investment, property development, project management, asset management and facility management Malaysia NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 344 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 Sabah Electricity Sdn. Bhd. 83% 83% Business of generation, transmission, distribution and sales of electricity and services in Sabah and the Federal Territory of Labuan Malaysia Subsidiary of Sabah Electricity Sdn. Bhd. Elopura Power Sdn. Bhd. 83% 83% Dormant Malaysia Tenaga Switchgear Sdn. | [
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asset management and facility management Malaysia REV Platinum Sdn. Bhd. 100% 100% Property investment, property management, asset management and facility management Malaysia REV Zenith Sdn. Bhd. 100% 100% Property investment, property development, project management, asset management and facility management Malaysia NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 344 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 Sabah Electricity Sdn. Bhd. 83% 83% Business of generation, transmission, distribution and sales of electricity and services in Sabah and the Federal Territory of Labuan Malaysia Subsidiary of Sabah Electricity Sdn. Bhd. Elopura Power Sdn. Bhd. 83% 83% Dormant Malaysia Tenaga Switchgear Sdn. Bhd.60% 60% Principally engaged in the business of assembling and manufacturing of high voltage switchgears and contracting of turnkey transmission substations Malaysia Subsidiaries of Tenaga Switchgear Sdn. Bhd. PT. Tenaga Nusa Bakti* 57% 57% Dormant Indonesia TSG Ormazabal Sdn. Bhd. 36% 36% Assembling, manufacture, test, reconditioning, distribution and other sources of medium voltage switchgear and control gear for transmission and distribution of electric power Malaysia TNB Energy Services Sdn. Bhd. 100% 100% Generating, distributing, supplying, dealing, selling of different kinds of energy sources and related technical services Malaysia Subsidiaries of TNB Energy Services Sdn. Bhd. MAEVI Sdn. Bhd. 70% 70% Dormant Malaysia Tenaga E Mobility Solutions Sdn. Bhd. 100% 100% Dormant Malaysia TNB Engineering Corporation Sdn. Bhd. 100% 100% Principally engaged as turnkey contractors, energy project development specialising in district cooling system and co-generation including operation and maintenance works Malaysia Subsidiaries of TNB Engineering Corporation Sdn. Bhd. Bangsar Energy Systems Sdn. Bhd. 100% | [
346
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Switchgear Sdn. Bhd. PT. Tenaga Nusa Bakti* 57% 57% Dormant Indonesia TSG Ormazabal Sdn. Bhd. 36% 36% Assembling, manufacture, test, reconditioning, distribution and other sources of medium voltage switchgear and control gear for transmission and distribution of electric power Malaysia TNB Energy Services Sdn. Bhd. 100% 100% Generating, distributing, supplying, dealing, selling of different kinds of energy sources and related technical services Malaysia Subsidiaries of TNB Energy Services Sdn. Bhd. MAEVI Sdn. Bhd. 70% 70% Dormant Malaysia Tenaga E Mobility Solutions Sdn. Bhd. 100% 100% Dormant Malaysia TNB Engineering Corporation Sdn. Bhd. 100% 100% Principally engaged as turnkey contractors, energy project development specialising in district cooling system and co-generation including operation and maintenance works Malaysia Subsidiaries of TNB Engineering Corporation Sdn. Bhd. Bangsar Energy Systems Sdn. Bhd. 100% 100%Operating an integrated district cooling system for air conditioning systems of office buildings Malaysia Subsidiary of Bangsar Energy Systems Sdn. Bhd. Selesa Energy Systems Sdn. Bhd. 70% 70% Dormant Malaysia Subsidiaries of TNB Engineering Corporation Sdn. Bhd. (continued) Cooling Energy Supply Sdn. Bhd. 70% 70% Operation of the concession to operate, maintain and upgrade an existing district cooling co-generation plant and to supply electricity and chilled water to customer Malaysia NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 345 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 Subsidiaries of TNB Engineering Corporation Sdn. Bhd. (continued) TNEC Construction Sdn. Bhd. 100% 100% Dormant Malaysia TNEC Operations And Maintenance Sdn. Bhd. 100% 100% Investment holding company Malaysia Subsidiary of TNEC Operations and Maintenance Sdn. Bhd. TomestEnergyManagementSdn.Bhd.* | [
346,
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Selesa Energy Systems Sdn. Bhd. 70% 70% Dormant Malaysia Subsidiaries of TNB Engineering Corporation Sdn. Bhd. (continued) Cooling Energy Supply Sdn. Bhd. 70% 70% Operation of the concession to operate, maintain and upgrade an existing district cooling co-generation plant and to supply electricity and chilled water to customer Malaysia NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 345 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 Subsidiaries of TNB Engineering Corporation Sdn. Bhd. (continued) TNEC Construction Sdn. Bhd. 100% 100% Dormant Malaysia TNEC Operations And Maintenance Sdn. Bhd. 100% 100% Investment holding company Malaysia Subsidiary of TNEC Operations and Maintenance Sdn. Bhd. TomestEnergyManagementSdn.Bhd.* (Inmembers’voluntarywindingup)51%51%DormantMalaysiaTNB International Sdn. Bhd. 100% 100% Investment holding company Malaysia Subsidiaries of TNB International Sdn. Bhd. Stone HoldCo Pty Ltd* 100% - Investment holding company Australia Subsidiary of Stone HoldCo Pty Ltd Stone BidCo Pty Ltd* 100% - Investment holding company Australia Subsidiary of Stone BidCo Pty Ltd Spark Renewables Pty Ltd* 100% - Investment holding company Australia SubsidiariesofSparkRenewables PtyLtd Renewables ServiceCo Pty Ltd* 100% - Investment holding company Australia Bomen SF HoldCo Pty Ltd* 100% - Investment holding company Australia SubsidiaryofBomenSFHoldCo PtyLtd Bomen Solar Farm Pty Ltd* 100% - Operation of solar assets for the generation and sale of electricity Australia SubsidiariesofSparkRenewables PtyLtd(continued) Bomen SF Hold Trust* 100% - Investment holding entity (trust) Australia Subsidiary of Bomen SF Hold Trust Bomen SF Trust* 100% - Investment holding entity (trust) Australia Subsidiary of Bomen SF Trust Bomen SF Finco Pty Ltd* 100% - Investment holding company Australia SubsidiariesofSparkRenewables | [
347
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100% - Investment holding company Australia Subsidiary of Stone HoldCo Pty Ltd Stone BidCo Pty Ltd* 100% - Investment holding company Australia Subsidiary of Stone BidCo Pty Ltd Spark Renewables Pty Ltd* 100% - Investment holding company Australia SubsidiariesofSparkRenewables PtyLtd Renewables ServiceCo Pty Ltd* 100% - Investment holding company Australia Bomen SF HoldCo Pty Ltd* 100% - Investment holding company Australia SubsidiaryofBomenSFHoldCo PtyLtd Bomen Solar Farm Pty Ltd* 100% - Operation of solar assets for the generation and sale of electricity Australia SubsidiariesofSparkRenewables PtyLtd(continued) Bomen SF Hold Trust* 100% - Investment holding entity (trust) Australia Subsidiary of Bomen SF Hold Trust Bomen SF Trust* 100% - Investment holding entity (trust) Australia Subsidiary of Bomen SF Trust Bomen SF Finco Pty Ltd* 100% - Investment holding company Australia SubsidiariesofSparkRenewables PtyLtd(continued)Mates Gully Solar Farm Pty Ltd* 100% - Investment holding company Australia Mallee Wind Pty Ltd* 100% - Investment holding company Australia NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 346 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 SubsidiariesofSparkRenewables PtyLtd(continued) YorkePeninsulaWindFarmProject PtyLtd*100%-InvestmentholdingcompanyAustralia Wattle Creek Energy Hub Pty Ltd* 100% - Investment holding company Australia Wattle Creek Energy Hub Trust* 100% - Investment holding entity (trust) Australia Dinawan Energy Hub Pty Ltd* 100% - Investment holding company Australia Dinawan Energy Hub Trust* 100% - Investment holding entity (trust) Australia Subsidiaries of TNB International Sdn. Bhd. (continued) Vantage RE Ltd.# 100% 100% Investment holding company United Kingdom Subsidiaries of Vantage RE Ltd. Clean Energy and Infrastructure UK Limited# 100% 100% Investment | [
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company Australia NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 346 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 SubsidiariesofSparkRenewables PtyLtd(continued) YorkePeninsulaWindFarmProject PtyLtd*100%-InvestmentholdingcompanyAustralia Wattle Creek Energy Hub Pty Ltd* 100% - Investment holding company Australia Wattle Creek Energy Hub Trust* 100% - Investment holding entity (trust) Australia Dinawan Energy Hub Pty Ltd* 100% - Investment holding company Australia Dinawan Energy Hub Trust* 100% - Investment holding entity (trust) Australia Subsidiaries of TNB International Sdn. Bhd. (continued) Vantage RE Ltd.# 100% 100% Investment holding company United Kingdom Subsidiaries of Vantage RE Ltd. Clean Energy and Infrastructure UK Limited# 100% 100% Investment holdingcompany United Kingdom Subsidiaries of Clean Energy and Infrastructure UK Limited Clean Energy and Infrastructure UK Wind Limited# 100% 100% Investment holding company United Kingdom Subsidiaries of Clean Energy and Infrastructure UK WInd Limited Daintree Wind Farm Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom Dunmore Wind Farm Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom East Youlstone Wind Farm Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom Falkirk T od Hill Wind Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom Garlenick Wind Farm Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom Harthill Wind Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom Mossmorran Wind Farm Limited# 100% 100% Operation of wind assets for the | [
348
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Daintree Wind Farm Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom Dunmore Wind Farm Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom East Youlstone Wind Farm Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom Falkirk T od Hill Wind Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom Garlenick Wind Farm Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom Harthill Wind Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom Mossmorran Wind Farm Limited# 100% 100% Operation of wind assets for the generationand sale of electricity United Kingdom Potato Pot Wind Farm Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom Wythegill Wind Farm Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 347 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 Subsidiaries of Clean Energy and Infrastructure UK Wind Limited (continued) Ysgellog Wind Farm Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom Subsidiaries of Clean Energy and Infrastructure UK Limited (continued) Clean Energy and Infrastructure UK Wind 2 Limited# 100% 100% Investment holding company United Kingdom Subsidiary of Clean Energy and Infrastructure UK Wind 2 Limited Norman 1985 Limited# 100% 100% Investment holding company United Kingdom Subsidiary of Norman 1985 Limited Whiteside Hill Windfarm (Scotland) Limited# 100% 100% Operation of wind assets for the generation and sale of electricity | [
348,
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Sec 5 347 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 Subsidiaries of Clean Energy and Infrastructure UK Wind Limited (continued) Ysgellog Wind Farm Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom Subsidiaries of Clean Energy and Infrastructure UK Limited (continued) Clean Energy and Infrastructure UK Wind 2 Limited# 100% 100% Investment holding company United Kingdom Subsidiary of Clean Energy and Infrastructure UK Wind 2 Limited Norman 1985 Limited# 100% 100% Investment holding company United Kingdom Subsidiary of Norman 1985 Limited Whiteside Hill Windfarm (Scotland) Limited# 100% 100% Operation of wind assets for the generation and sale of electricity UnitedKingdom Subsidiaries of Vantage RE Ltd. (continued) JBM Solar Projects 18 Limited# 100% 100% Operation of solar assets for the generation and sale of electricity United Kingdom JBM Solar Projects 23 Limited# 100% 100% Operation of solar assets for the generation and sale of electricity United Kingdom Tenaga Wind Ventures UK Ltd.# 100% 100% Investment holding company United Kingdom SubsidiariesofTenagaWindVentures UKLtd. Bluemerang Capital Ltd.# 100% 100% Investment holding company United Kingdom Subsidiaries of Bluemerang Capital Ltd. BCL Castlerigg Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom BCL Gwynt Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom BCL Harmeston Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom BCL Murex Bennacott Ltd.# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom BCL Hunday Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom Ili (Wellgreen) Limited# 100% 100% Operation | [
349
] | [
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United Kingdom Tenaga Wind Ventures UK Ltd.# 100% 100% Investment holding company United Kingdom SubsidiariesofTenagaWindVentures UKLtd. Bluemerang Capital Ltd.# 100% 100% Investment holding company United Kingdom Subsidiaries of Bluemerang Capital Ltd. BCL Castlerigg Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom BCL Gwynt Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom BCL Harmeston Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom BCL Murex Bennacott Ltd.# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom BCL Hunday Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom Ili (Wellgreen) Limited# 100% 100% Operation ofwind assets for the generation and sale of electricity United Kingdom NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 348 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 Subsidiaries of Bluemerang Capital Ltd. (continued) LE18 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom LE19 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom Murex Bennacott Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom SubsidiariesofTenagaWindVentures UKLtd.(continued) GVO Wind Limited# 100% 100% Investment holding company United Kingdom Subsidiaries of GVO Wind Limited Boghead WT Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom Durpley WT Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind F-1 Limited# | [
349,
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Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 Subsidiaries of Bluemerang Capital Ltd. (continued) LE18 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom LE19 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom Murex Bennacott Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom SubsidiariesofTenagaWindVentures UKLtd.(continued) GVO Wind Limited# 100% 100% Investment holding company United Kingdom Subsidiaries of GVO Wind Limited Boghead WT Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom Durpley WT Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind F-1 Limited# 100%100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 1 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 2 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 3 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 4 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 5 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 6 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 7 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 9 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 349 49 LIST OF SUBSIDIARIES (CONTINUED) The list of | [
350,
351
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generation and sale of electricity United Kingdom GVO Wind No. 4 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 5 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 6 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 7 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 9 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 349 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiariesof the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 SubsidiariesofGVOWindLimited (continued) GVO Wind No. 10 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 11 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 12 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 13 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 14 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 16 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 20 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 21 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 22 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 23 Limited# | [
351
] | [
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electricity United Kingdom GVO Wind No. 13 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 14 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 16 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 20 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 21 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 22 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 23 Limited# 100%100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 24 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 25 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 27 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 28 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 29 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 30 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 350 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 SubsidiariesofGVOWindLimited (continued) GVO Wind No. 31 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 32 | [
351,
352
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28 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 29 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 30 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 350 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 SubsidiariesofGVOWindLimited (continued) GVO Wind No. 31 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 32 Limited#100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 35 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 36 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 39 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 40 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 41 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 42 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 43 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 44 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO/CME Wind No. 17 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO/CME Wind No. 18 Limited# 100% 100% Operation of | [
352
] | [
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Wind No. 40 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 41 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 42 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 43 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO Wind No. 44 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO/CME Wind No. 17 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom GVO/CME Wind No. 18 Limited# 100% 100% Operation of windassets for the generation and sale of electricity United Kingdom OGPW No.1 Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom Warren WT Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom Weston T own WT Limited# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 351 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 Subsidiaries of Vantage RE Ltd. (continued) TWV No. 1 Ltd.# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom Vantage RE No. 1 Limited# 100% 100% Investment holding company United Kingdom Vantage Solar Investments S.A.R.L.# 55% 55% Investment holding company Luxembourg Subsidiary of Vantage Solar Investments S.A.R.L. Vantage Solar UK4 Limited# 55% 55% Investment holding company United Kingdom Subsidiary of Vantage Solar UK4 Limited Vantage Solar UK3 Limited# 55% 55% Investment holding company United Kingdom Subsidiary of Vantage Solar UK3 | [
352,
353
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NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 351 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 Subsidiaries of Vantage RE Ltd. (continued) TWV No. 1 Ltd.# 100% 100% Operation of wind assets for the generation and sale of electricity United Kingdom Vantage RE No. 1 Limited# 100% 100% Investment holding company United Kingdom Vantage Solar Investments S.A.R.L.# 55% 55% Investment holding company Luxembourg Subsidiary of Vantage Solar Investments S.A.R.L. Vantage Solar UK4 Limited# 55% 55% Investment holding company United Kingdom Subsidiary of Vantage Solar UK4 Limited Vantage Solar UK3 Limited# 55% 55% Investment holding company United Kingdom Subsidiary of Vantage Solar UK3 LimitedVantage Solar UK2 Limited# 55% 55% Investment holding company United Kingdom Subsidiary of Vantage Solar UK2 Limited Vantage Solar UK Limited# 55% 55% Investment holding company United Kingdom Subsidiary of Vantage Solar UK Limited TerraForm UK2 Intermediate Holdings, Ltd.# 55% 55% Investment holding company United Kingdom Subsidiary of TerraForm UK2 Intermediate Holdings, Ltd. TerraForm UK3 Intermediate Holdings Limited# 55% 55% Investment holding company United Kingdom Subsidiaries of TerraForm UK3 Intermediate Holdings Limited Cambridge Solar Power Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 352 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 Subsidiaries of TerraForm UK3 Intermediate Holdings Limited (continued) SunE Green Holdco2 Ltd.# 55% 55% Investment holding company United Kingdom Subsidiaries of SunE Green Holdco2 Ltd. AEE | [
353,
354
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TerraForm UK2 Intermediate Holdings, Ltd.# 55% 55% Investment holding company United Kingdom Subsidiary of TerraForm UK2 Intermediate Holdings, Ltd. TerraForm UK3 Intermediate Holdings Limited# 55% 55% Investment holding company United Kingdom Subsidiaries of TerraForm UK3 Intermediate Holdings Limited Cambridge Solar Power Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 352 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 Subsidiaries of TerraForm UK3 Intermediate Holdings Limited (continued) SunE Green Holdco2 Ltd.# 55% 55% Investment holding company United Kingdom Subsidiaries of SunE Green Holdco2 Ltd. AEE RenewablesUK 31 Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom SunE Project1 Ltd.# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom Subsidiaries of TerraForm UK3 Intermediate Holdings Limited (continued) SunE Green Holdco3 Limited# 55% 55% Investment holding company United Kingdom Subsidiaries of SunE Green Holdco3 Limited Sunsave 10 (Fareham) Ltd.# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom Sunsave 15 (Westwood) Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom Sunsave 20 (KnowIton) Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom Subsidiaries of TerraForm UK3 Intermediate Holdings Limited (continued) SunE Green Holdco4 Limited# 55% 55% Investment holding company United Kingdom Subsidiaries of SunE Green Holdco4 Limited Boyton Solar Park Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom KS SPV 24 Limited# | [
354
] | [
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TerraForm UK3 Intermediate Holdings Limited (continued) SunE Green Holdco3 Limited# 55% 55% Investment holding company United Kingdom Subsidiaries of SunE Green Holdco3 Limited Sunsave 10 (Fareham) Ltd.# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom Sunsave 15 (Westwood) Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom Sunsave 20 (KnowIton) Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom Subsidiaries of TerraForm UK3 Intermediate Holdings Limited (continued) SunE Green Holdco4 Limited# 55% 55% Investment holding company United Kingdom Subsidiaries of SunE Green Holdco4 Limited Boyton Solar Park Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom KS SPV 24 Limited# 55%55% Operation of solar assets for the generation and sale of electricity United Kingdom Sunsave 6 (Manston) Ltd.# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 353 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 Subsidiaries of TerraForm UK3 Intermediate Holdings Limited (continued) SunE Green Holdco5 Limited# 55% 55% Investment holding company United Kingdom Subsidiaries of SunE Green Holdco5 Limited MSP Fairwind Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom Sunsave 14 (Fenton) Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom Subsidiaries of TerraForm UK3 Intermediate Holdings Limited (continued) SunE Green Holdco7 Limited# 55% 55% Investment holding company United Kingdom Subsidiaries of SunE Green Holdco7 Limited Brynteg Solar Limited# 55% 55% Operation of solar assets | [
354,
355
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Sec 5 353 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 Subsidiaries of TerraForm UK3 Intermediate Holdings Limited (continued) SunE Green Holdco5 Limited# 55% 55% Investment holding company United Kingdom Subsidiaries of SunE Green Holdco5 Limited MSP Fairwind Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom Sunsave 14 (Fenton) Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom Subsidiaries of TerraForm UK3 Intermediate Holdings Limited (continued) SunE Green Holdco7 Limited# 55% 55% Investment holding company United Kingdom Subsidiaries of SunE Green Holdco7 Limited Brynteg Solar Limited# 55% 55% Operation of solar assets forthe generation and sale of electricity United Kingdom Daisy No. 1 Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom SE Bury Lane Solar Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom SunE Green Energy Ltd.# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom SunE Green Holdco6 Limited# 55% 55% Investment holding company United Kingdom Subsidiary of SunE Green Holdco6 Limited Sunsave 43 (Epwell) Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 354 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 Subsidiaries of TerraForm UK3 Intermediate Holdings Limited (continued) SunE Green Holdco9 Limited# 55% 55% Investment holding company United Kingdom Subsidiaries of SunE Green Holdco9 Limited SunE | [
355,
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United Kingdom SunE Green Energy Ltd.# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom SunE Green Holdco6 Limited# 55% 55% Investment holding company United Kingdom Subsidiary of SunE Green Holdco6 Limited Sunsave 43 (Epwell) Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 354 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 Subsidiaries of TerraForm UK3 Intermediate Holdings Limited (continued) SunE Green Holdco9 Limited# 55% 55% Investment holding company United Kingdom Subsidiaries of SunE Green Holdco9 Limited SunE BurthyFarm Solar Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom SunE Little Neath Solar Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom Subsidiaries of TerraForm UK3 Intermediate Holdings Limited (continued) SunE Green Holdco13 Limited# 55% 55% Investment holding company United Kingdom Subsidiary of SunE Green Holdco13 Limited SunE Prestop Park Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom Subsidiaries of TerraForm UK3 Intermediate Holdings Limited (continued) SunE Hill Farm Solar Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom SunE Sundorne Grove Solar Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom Sunsave 11 (Wrockwardine Farm) Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom Sunsave 17 (Castle Combe) Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom Sunsave 31 (Horam) Limited# 55% | [
356
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Green Holdco13 Limited# 55% 55% Investment holding company United Kingdom Subsidiary of SunE Green Holdco13 Limited SunE Prestop Park Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom Subsidiaries of TerraForm UK3 Intermediate Holdings Limited (continued) SunE Hill Farm Solar Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom SunE Sundorne Grove Solar Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom Sunsave 11 (Wrockwardine Farm) Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom Sunsave 17 (Castle Combe) Limited# 55% 55% Operation of solar assets for the generation and sale of electricity United Kingdom Sunsave 31 (Horam) Limited# 55% 55%Operation of solar assets for the generation and sale of electricity United Kingdom NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 355 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 Subsidiaries of Vantage RE Ltd. (continued) Vantage RE No. 2 Limited 100% 100% Investment holding company United Kingdom Vantage RE No 3 Limited 100% - Investment holding company United Kingdom Subsidiaries of Vantage RE No 3 Limited Elipsgeen Limited* 100% - Operation of solar assets for the generation and sale of electricity Republic of Ireland Dullarbtons Limited* 100% - Operation of solar assets for the generation and sale of electricity Republic of Ireland TNB Power Generation Sdn. Bhd. 100% 100% Ownership, management and operation of the domestic power plants, renewable energy generation business, power plant operation and maintenance business and dry bulk terminal operation business Malaysia Subsidiaries of TNB Power Generation Sdn. Bhd. Integrax Berhad 100% 100% Investment holding company Malaysia | [
356,
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Principal activities Country of incorporation 2023 2022 Subsidiaries of Vantage RE Ltd. (continued) Vantage RE No. 2 Limited 100% 100% Investment holding company United Kingdom Vantage RE No 3 Limited 100% - Investment holding company United Kingdom Subsidiaries of Vantage RE No 3 Limited Elipsgeen Limited* 100% - Operation of solar assets for the generation and sale of electricity Republic of Ireland Dullarbtons Limited* 100% - Operation of solar assets for the generation and sale of electricity Republic of Ireland TNB Power Generation Sdn. Bhd. 100% 100% Ownership, management and operation of the domestic power plants, renewable energy generation business, power plant operation and maintenance business and dry bulk terminal operation business Malaysia Subsidiaries of TNB Power Generation Sdn. Bhd. Integrax Berhad 100% 100% Investment holding company Malaysia Subsidiariesof Integrax Berhad Integrax Maritime Services Sdn. Bhd. 100% 100% Dormant Malaysia Pelabuhan Lumut Sdn. Bhd. 100% 100% Investment holding company Malaysia Subsidiary of Pelabuhan Lumut Sdn. Bhd. Lekir Bulk Terminal Sdn. Bhd. 100% 100% Development, ownership and management of a dry bulk terminal Malaysia Subsidiaries of TNB Power Generation Sdn. Bhd. (continued) Jimah East Power Sdn. Bhd. 70% 70% Generate and deliver electricity energy and generating capacity to TNB Malaysia Kapar Energy Ventures Sdn. Bhd. 60% 60% Generate and deliver electricity energy and generating capacity to TNB Malaysia Manjung Island Energy Berhad - - Special purpose company to raise Islamic securities under the Islamic Securities Programme Malaysia NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 356 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 Subsidiaries of TNB Power Generation Sdn. Bhd. (continued) Southern Power Generation Sdn. Bhd. 70% 70% Generate and | [
357,
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bulk terminal Malaysia Subsidiaries of TNB Power Generation Sdn. Bhd. (continued) Jimah East Power Sdn. Bhd. 70% 70% Generate and deliver electricity energy and generating capacity to TNB Malaysia Kapar Energy Ventures Sdn. Bhd. 60% 60% Generate and deliver electricity energy and generating capacity to TNB Malaysia Manjung Island Energy Berhad - - Special purpose company to raise Islamic securities under the Islamic Securities Programme Malaysia NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 356 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 Subsidiaries of TNB Power Generation Sdn. Bhd. (continued) Southern Power Generation Sdn. Bhd. 70% 70% Generate and deliverelectricity and maintain generating capacity to TNB Malaysia TNB Connaught Bridge Sdn. Bhd. 100% 100% Generate and deliver electricity energy and maintain generating capacity to TNB Malaysia TNB Janamanjung Sdn. Bhd. 100% 100% Generate and deliver electricity energy and maintain generating capacity to TNB Malaysia TNB Manjung Five Sdn. Bhd. 100% 100% Generate and deliver electricity energy and maintain generating capacity to TNB Malaysia Subsidiary of TNB Manjung Five Sdn. Bhd. TNB Western Energy Berhad 100% 100% Principally engaged in the construction of 1,000MW coal-fired power plant in Lumut, Perak, Malaysia Malaysia Subsidiaries of TNB Power Generation Sdn. Bhd. (continued) TNB Pasir Gudang Energy Sdn. Bhd. 100% 100% Carry business of any matter relating to electricity especially the business of generation and supply of electricity for any purpose in Malaysia Malaysia TNB Prai Sdn. Bhd. 100% 100% Generate and deliver electricity energy and maintain generating capacity to TNB Malaysia Subsidiary of TNB Prai Sdn. Bhd. TNB Northern Energy Berhad 100% 100% Principally to construct a 1,071MW gas-fired power plant in Seberang Perai Tengah, | [
358
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TNB Manjung Five Sdn. Bhd. 100% 100% Generate and deliver electricity energy and maintain generating capacity to TNB Malaysia Subsidiary of TNB Manjung Five Sdn. Bhd. TNB Western Energy Berhad 100% 100% Principally engaged in the construction of 1,000MW coal-fired power plant in Lumut, Perak, Malaysia Malaysia Subsidiaries of TNB Power Generation Sdn. Bhd. (continued) TNB Pasir Gudang Energy Sdn. Bhd. 100% 100% Carry business of any matter relating to electricity especially the business of generation and supply of electricity for any purpose in Malaysia Malaysia TNB Prai Sdn. Bhd. 100% 100% Generate and deliver electricity energy and maintain generating capacity to TNB Malaysia Subsidiary of TNB Prai Sdn. Bhd. TNB Northern Energy Berhad 100% 100% Principally to construct a 1,071MW gas-fired power plant in Seberang Perai Tengah, SeberangPerai, Pulau Pinang, Malaysia Malaysia Subsidiaries of TNB Power Generation Sdn. Bhd. (continued) TNB Repair And Maintenance Sdn. Bhd. 100% 100% Providing repair and maintenance services to heavy industries and other related services Malaysia Subsidiaries of TNB Repair And Maintenance Sdn. Bhd. Tenaga WHR 1 Sdn. Bhd. 100% 100% T o carry on the business of establishing, constructing, commissioning, setting up, operating and maintaining electric power generation systems, transmission systems/ networks, power systems, generating stations/ plants based on waste heat recovery and/or power efficiency technology Malaysia NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 357 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 Subsidiaries of TNB Repair And Maintenance Sdn. Bhd. (continued) TNB Operations & Maintenance International Ltd. 100% 100% Investment holding company Mauritius Subsidiary of TNB Operations & Maintenance International Ltd. Oasis Parade Sdn. Bhd. 100% 100% Investment holding company Malaysia | [
358,
359
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Maintenance Sdn. Bhd. Tenaga WHR 1 Sdn. Bhd. 100% 100% T o carry on the business of establishing, constructing, commissioning, setting up, operating and maintaining electric power generation systems, transmission systems/ networks, power systems, generating stations/ plants based on waste heat recovery and/or power efficiency technology Malaysia NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 357 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 Subsidiaries of TNB Repair And Maintenance Sdn. Bhd. (continued) TNB Operations & Maintenance International Ltd. 100% 100% Investment holding company Mauritius Subsidiary of TNB Operations & Maintenance International Ltd. Oasis Parade Sdn. Bhd. 100% 100% Investment holding company Malaysia Subsidiariesof TNB Repair And Maintenance Sdn. Bhd. (continued) TNB REMACO Pakistan (Private) Limited# 100% 100% Providing repair and maintenance services to heavy industries and other related services Pakistan TrichyEnergyLimited* (Inmembers’voluntarywindingup)100%100%DormantIndia TrichyPowerLimited* (Inmembers’voluntarywindingup)100%100%DormantIndia Subsidiaries of TNB Power Generation Sdn. Bhd. (continued) TNBPG Hydro Nenggiri Sdn. Bhd. 100% 100% Responsible for the domestic power generation assets, with fully integrated end-to-end capabilities Malaysia TNBPG Hydro Sungai Perak Sdn. Bhd. 100% 100% Responsible for the domestic power generation assets, with fully integrated end-to-end capabilities Malaysia TNB Properties Sdn. Bhd. 100% 100% Dormant Malaysia Subsidiary of TNB Properties Sdn. Bhd. TNP Construction Sdn. Bhd. 100% 100% Dormant Malaysia TNB Renewables Sdn. Bhd. 100% 100% Investment holding company Malaysia Subsidiaries of TNB Renewables Sdn. Bhd. TNB Bukit Selambau Solar Sdn. Bhd. 100% 100% Operation of generation facilities that produce electric energy Malaysia TNB Bukit Selambau Solar Dua | [
359
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100% 100% Providing repair and maintenance services to heavy industries and other related services Pakistan TrichyEnergyLimited* (Inmembers’voluntarywindingup)100%100%DormantIndia TrichyPowerLimited* (Inmembers’voluntarywindingup)100%100%DormantIndia Subsidiaries of TNB Power Generation Sdn. Bhd. (continued) TNBPG Hydro Nenggiri Sdn. Bhd. 100% 100% Responsible for the domestic power generation assets, with fully integrated end-to-end capabilities Malaysia TNBPG Hydro Sungai Perak Sdn. Bhd. 100% 100% Responsible for the domestic power generation assets, with fully integrated end-to-end capabilities Malaysia TNB Properties Sdn. Bhd. 100% 100% Dormant Malaysia Subsidiary of TNB Properties Sdn. Bhd. TNP Construction Sdn. Bhd. 100% 100% Dormant Malaysia TNB Renewables Sdn. Bhd. 100% 100% Investment holding company Malaysia Subsidiaries of TNB Renewables Sdn. Bhd. TNB Bukit Selambau Solar Sdn. Bhd. 100% 100% Operation of generation facilities that produce electric energy Malaysia TNB Bukit Selambau Solar Dua Sdn.Bhd. 100% 100% Operation of generation facilities that produce electric energy Malaysia TNB Bukit Sidim Kulim Solar Sdn. Bhd. 100% - Operation of generation facilities that produce electric energy Malaysia TNB Sepang Solar Sdn. Bhd. 100% 100% Operation of generation facilities that produce electric energy Malaysia NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 358 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 TNB Research Sdn. Bhd. 100% 100% Research and development, consultancy and other services Malaysia Subsidiary of TNB Research Sdn. Bhd. TNB Labs Sdn. Bhd. 100% 100% Technical and laboratory services, consultancy and other services Malaysia TNB Retail Sdn. Bhd. 100% 100% Managing customer relationships and responsible for sale of electricity and beyond Malaysia Subsidiaries of TNB Retail Sdn. | [
359,
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Operation of generation facilities that produce electric energy Malaysia TNB Sepang Solar Sdn. Bhd. 100% 100% Operation of generation facilities that produce electric energy Malaysia NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 358 49 LIST OF SUBSIDIARIES (CONTINUED) The list of subsidiaries of the Group is as follows: (continued) Name of subsidiary Group’s effective interest Principal activities Country of incorporation 2023 2022 TNB Research Sdn. Bhd. 100% 100% Research and development, consultancy and other services Malaysia Subsidiary of TNB Research Sdn. Bhd. TNB Labs Sdn. Bhd. 100% 100% Technical and laboratory services, consultancy and other services Malaysia TNB Retail Sdn. Bhd. 100% 100% Managing customer relationships and responsible for sale of electricity and beyond Malaysia Subsidiaries of TNB Retail Sdn. Bhd.GSPARX Sdn. Bhd. 100% 100% Invest and develop renewable energy projects for self-consumption/self-generation and its related business Malaysia TNBX Sdn. Bhd. 100% 100% T o act as the single-fronting Malaysia entity for customers to purchase/obtain solutions beyond the meter. The solutions comprise non-regulated products and services such as energy efficiency, renewable energy and smart cities Malaysia TNB Ventures Sdn. Bhd. 100% 100% Investment holding company Malaysia Subsidiary of TNB Ventures Sdn. Bhd. Tenaga Cable Industries Sdn. Bhd. 76% 76% Manufacturing and distribution of power and general cables, aluminium rods and related activities Malaysia Universiti Tenaga Nasional Sdn. Bhd. 100% 100% Providing higher education SubsidiariesofUniversitiTenagaNasional Sdn.Bhd. UNITEN R&D Sdn. Bhd. 100% 100% Providing research and development in areas related to engineering information technology, business, accountancy, liberal studies and other services Malaysia Yayasan Canselor Universiti Tenaga Nasional - - A trust established under the provision of Trustees (Incorporation) Act 1952 (Act 258) to receive and administer funds for educational | [
360
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Malaysia entity for customers to purchase/obtain solutions beyond the meter. The solutions comprise non-regulated products and services such as energy efficiency, renewable energy and smart cities Malaysia TNB Ventures Sdn. Bhd. 100% 100% Investment holding company Malaysia Subsidiary of TNB Ventures Sdn. Bhd. Tenaga Cable Industries Sdn. Bhd. 76% 76% Manufacturing and distribution of power and general cables, aluminium rods and related activities Malaysia Universiti Tenaga Nasional Sdn. Bhd. 100% 100% Providing higher education SubsidiariesofUniversitiTenagaNasional Sdn.Bhd. UNITEN R&D Sdn. Bhd. 100% 100% Providing research and development in areas related to engineering information technology, business, accountancy, liberal studies and other services Malaysia Yayasan Canselor Universiti Tenaga Nasional - - A trust established under the provision of Trustees (Incorporation) Act 1952 (Act 258) to receive and administer funds for educational andcharitable purposes Malaysia # Audited by a member firm of PricewaterhouseCoopers International Limited which is a separate and independent legal entity from PricewaterhouseCoopers PLT (‘PwC’), Malaysia. * Not audited by PwC. The subsidiaries’ principal place of business is situated in the country of incorporation. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 359 50 LIST OF JOINT ARRANGEMENTS The list of joint arrangements of the Group is as follows: Name of joint arrangement Group’s effective interest Principal activities Country of incorporation 2023 2022 Joint ventures Seatrac Sdn. Bhd. 50% 50% Dormant Malaysia JointventuresofTNBEnergyServices Sdn.Bhd. FTJ Bio Power Sdn. Bhd. 40% 40% Generation and distribution of electricity using palm empty fruit bunches as its main fuel source Malaysia Metrosphere Hydro Tersat Sdn. Bhd.* 49% 49% Business related in hydro power plant and general trading Malaysia Joint venture of TNB Engineering Corporation Sdn. Bhd. Airport Cooling Energy Supply Sdn. Bhd. 77% 77% T o develop, design, engineer, procure, | [
360,
361
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subsidiaries’ principal place of business is situated in the country of incorporation. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 359 50 LIST OF JOINT ARRANGEMENTS The list of joint arrangements of the Group is as follows: Name of joint arrangement Group’s effective interest Principal activities Country of incorporation 2023 2022 Joint ventures Seatrac Sdn. Bhd. 50% 50% Dormant Malaysia JointventuresofTNBEnergyServices Sdn.Bhd. FTJ Bio Power Sdn. Bhd. 40% 40% Generation and distribution of electricity using palm empty fruit bunches as its main fuel source Malaysia Metrosphere Hydro Tersat Sdn. Bhd.* 49% 49% Business related in hydro power plant and general trading Malaysia Joint venture of TNB Engineering Corporation Sdn. Bhd. Airport Cooling Energy Supply Sdn. Bhd. 77% 77% T o develop, design, engineer, procure, constructand finance district cooling projects in the airport sector, to undertake the comprehensive operational and maintenance of district cooling projects in the airport sector and to carry on the business of producing, distributing, applying, dealing and selling of chilled water Malaysia Joint venture of TNB Repair And Maintenance Sdn. Bhd. GMR Tenaga Operations And Maintenance Private Limited* 50% 50% Operation and maintenance of power plants India Joint operations Joint operation of TNB Engineering Corporation Sdn. Bhd. TNB Engineering Corporation Sdn. Bhd. & ERS Energy Sdn. Bhd. (‘TNEC-ERS’) 60% 60% Project Large Scale Solar Photovoltaic Plant at Kuala Muda, Kedah Malaysia Joint operations of TNB Repair And Maintenance Sdn. Bhd. TNB Repair And Maintenance Sdn. Bhd. & Al-Dhow Engineering (‘TNB REMACO & Al-Dhow JV’)# 50% 50% Maintenance works for instrumental & control systems and mechanical equipment services Kuwait TNB Repair And Maintenance Sdn. Bhd. & Kharafi National (‘TNB REMACO & KN JV’)# 50% 50% Operation and maintenance services to heavy industries and other related services Kuwait # Audited by a member firm of PricewaterhouseCoopers International Limited | [
361
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Maintenance Sdn. Bhd. GMR Tenaga Operations And Maintenance Private Limited* 50% 50% Operation and maintenance of power plants India Joint operations Joint operation of TNB Engineering Corporation Sdn. Bhd. TNB Engineering Corporation Sdn. Bhd. & ERS Energy Sdn. Bhd. (‘TNEC-ERS’) 60% 60% Project Large Scale Solar Photovoltaic Plant at Kuala Muda, Kedah Malaysia Joint operations of TNB Repair And Maintenance Sdn. Bhd. TNB Repair And Maintenance Sdn. Bhd. & Al-Dhow Engineering (‘TNB REMACO & Al-Dhow JV’)# 50% 50% Maintenance works for instrumental & control systems and mechanical equipment services Kuwait TNB Repair And Maintenance Sdn. Bhd. & Kharafi National (‘TNB REMACO & KN JV’)# 50% 50% Operation and maintenance services to heavy industries and other related services Kuwait # Audited by a member firm of PricewaterhouseCoopers International Limited whichis a separate and independent legal entity from PwC, Malaysia. * Not audited by PwC. The joint arrangements’ principal place of business is situated in the country of incorporation. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 360 51 LIST OF ASSOCIATES The list of associates of the Group is as follows: Name of associate Group’s effective interest Principal activities Country of incorporation 2023 2022 Fibrecomm Network (M) Sdn. Bhd.* 49% 49% Provision of fibre optic transmission network services Malaysia GB3 Sdn. Bhd.* 20% 20% Design, construction, operation and maintenance of a combined cycle power plant, generation and sale of electrical energy and generating capacity of the power plant Malaysia Jimah Energy Ventures Holdings Sdn. Bhd.* 25% 25% Investment holding Malaysia Teknologi Tenaga Perlis Consortium Sdn. Bhd.* 20% 20% Operating and maintaining an electricity generating plant owned by the Company Malaysia AssociateofGlobalPowerEnerjîSanayîVe TîcaretAnonîmŞîrketî Gama Enerji Anonîm Şîrketî* 30% 30% T o enter into commitments related to energy investments and to carry out industrial, commercial | [
361,
362
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2023 360 51 LIST OF ASSOCIATES The list of associates of the Group is as follows: Name of associate Group’s effective interest Principal activities Country of incorporation 2023 2022 Fibrecomm Network (M) Sdn. Bhd.* 49% 49% Provision of fibre optic transmission network services Malaysia GB3 Sdn. Bhd.* 20% 20% Design, construction, operation and maintenance of a combined cycle power plant, generation and sale of electrical energy and generating capacity of the power plant Malaysia Jimah Energy Ventures Holdings Sdn. Bhd.* 25% 25% Investment holding Malaysia Teknologi Tenaga Perlis Consortium Sdn. Bhd.* 20% 20% Operating and maintaining an electricity generating plant owned by the Company Malaysia AssociateofGlobalPowerEnerjîSanayîVe TîcaretAnonîmŞîrketî Gama Enerji Anonîm Şîrketî* 30% 30% T o enter into commitments related to energy investments and to carry out industrial, commercial andbusiness activities Türkiye Associate of Independent Power International Ltd. Malaysian Shoaiba Consortium Sdn. Bhd.* 20% 20% Acquiring and hold for investment, shares, stocks, debentures in Malaysia or elsewhere Malaysia Associate of Oasis Parade Sdn. Bhd. SaudiMalaysiaOperation&Maintenance ServicesCompanyLimited*30%30%Operationandmaintenanceofelectricitygenerationstationsandwaterdesalinationplants Kingdom of Saudi Arabia Associate of Pelabuhan Lumut Sdn. Bhd. LumutMaritimeTerminalSdn.Bhd.*50%less 1share50%less 1shareOperationsofmulti-purposeportfacilities,operationandmaintenanceofabulkterminal,salesandrentalofportrelatedlandandotherancillaryactivities Malaysia Associate of Power and Energy International (Mauritius) Ltd. GMR Energy Limited*^ - 30% Development, operation and maintenance of power generation projects and sale of power to off-takers India NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 361 51 LIST OF ASSOCIATES (CONTINUED) The list of associates of the Group is as follows: (continued) Name of associate Group’s effective interest Principal activities Country of incorporation 2023 2022 | [
362,
363
] | [
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0.05029296875,
... |
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