01 Corporate Profile 04 Message To Stakeholders 10 Board Of Directors 19 Key Management 22 Our Solutions 29 Group Structure 30 Corporate Information 31 Global Presence 36 Financial Highlights 38 Operations And Financial Overview 41 Report On Corporate Governance 63 Risk Governance And Internal Control 76 Sustainability Report 103 Financial Statements 207 Statistics Of Shareholdings 210 Notice Of Annual General Meeting 217 Additional Information On Re-Appointment Of Directors Proxy Form CONTENT Leveraging our strong foundation to capture opportunities in key and prospective markets. CSE GLOBAL LIMITED
1 ANNUAL REPORT 2023 CORPORATE PROFILE CSE Global is a leading systems integrator providing electrification, communications and automation solutions across various industries globally. At CSE Global, we pride ourselves as a trusted, lifelong partner to our customers who always has their interests at heart. Leveraging our engineering experience, technology and diverse skill sets across our global network, we design and build customised, integrated systems for our clients that solve their problems. Our integrated systems – from electrification to communications or automation systems – sit at the heart of every infrastructure and are mission-critical in nature. With highly attuned engineering capabilities at our core, we have successfully delivered complex, largescale projects amidst the most challenging conditions. Our technologies are designed to reduce waste, allow for greener, smarter processes and are built to last. Listed on the Singapore Exchange since 1999 and with our presence across 16 countries, 58 offices, and close to 2,000 employees across the globe, we enjoy long-standing relationships with a sizeable customer base comprising large government organisations and renowned brands across the Energy, Infrastructure, and Mining & Minerals sectors. Over the years, we have built a workplace culture and management style that is people-centric, supportive and collaborative with employee well-being and people improvement as our key focus. Our passion for our work has resulted in a consistent profit track record for the past three decades, as we continue to pursue operational excellence to achieve sustainable growth and enhanced shareholder returns. CSE Global – Customer Satisfaction Everytime. United States Mexico United Kingdom China Australia Indonesia Malaysia Singapore New Zealand India Taiwan CSE Global Limited (CSE) is a global technologies company listed on the Singapore Stock Exchange, with an international presence spanning the Americas, Asia Pacific, Europe, Middle East and Africa regions. 58 Offices close to 2,000 Employees
The Group’s FY2023 revenue surged 30% to S$725.1 million from S$557.7 million in FY2022. CSE Global reported order wins of approximately S$1 billion - a record since our inception. 2 CSE GLOBAL LIMITED
3 ANNUAL REPORT 2023 DECADES OF GROWTH Despite the ongoing uncertainties in the macroeconomic environment, CSE Global achieved a strong performance in this financial year.
4 CSE GLOBAL LIMITED MESSAGE TO STAKEHOLDERS LIM BOON KHENG Group Managing Director / Chief Executive Officer LIM MING SEONG Chairman The Group has delivered a strong set of results for our stakeholders, on the back of record order wins and strong revenue growth led by our Electrification and Communications business segments. S$725.1 million REVENUE FY2022: S$557.7 million S$22.5 million NET PROFIT FY2022: S$4.8 million
5 ANNUAL REPORT 2023 MESSAGE TO STAKEHOLDERS Dear Stakeholders, 2023 continued to present operational challenges as the global economy faced volatility brought about by geopolitical tensions and grapple with inflationary pressures accompanied by interest rate hikes and recessionary concerns, Global supply chains was impacted by transportation bottlenecks and geopolitical tensions. Despite the ongoing uncertainties in the macro-economic environment, CSE Global’s diversification strategy to invest in and acquire electrification and communications businesses has expanded our capabilities and contributed to a strong financial and operational performance in FY2023, achieved record order intake and revenue in the year. RECORD NEW ORDER WINS OF S$1 BILLION The Group reported order wins of approximately S$1 billion – a record since our inception. We are encouraged by the strong growth in the Electrification business segment in the Americas region and the Communications business segment contributed by recent new acquisitions. We continued to make good headway with order wins from the provision of Electrification and Communications solutions to the Infrastructure sector which exceeded 60% of total order intake for the Group. We are heartened to have achieved these milestone achievements during the year under review as 2023 marks CSE Global’s 36th year since the start of our operations and 25th year as a listed company on the Main Board of the Singapore Exchange. We have stayed focused on leveraging our engineering capabilities to deliver sustainable growth to all our stakeholders. Our strong commitment to excellence, continuous innovation, and meeting customers’ needs and expectations have enhanced CSE Global’s resiliency and competitiveness in the global arena. We have transformed CSE Global to be a leading global systems integrator providing electrification, communications and automation solutions. ROBUST FINANCIAL PERFORMANCE The Group’s FY2023 revenue surged 30% from S$557.7 million in FY2022 to S$725.1 million - its strongest topline performance since inception. This was mainly attributable to strong growth in the Electrification and Communications business segments. In line with higher revenue, Group gross profit for the year rose S$53.7 million or 36.7% year-on-year to S$199.9 million, with gross margins increasing to 27.6% in FY2023 from 26.2% in FY2022. Group EBITDA improved by 90.5% to S$63.6 million compared to FY2022 of S$33.4 million, mainly attributed to higher gross profits offset by a more moderate increase in operating costs. Net profit rose 372.4% year-on-year to S$22.5 million despite higher interest costs. For FY2023, the Group generated a strong cash inflow from operations of S$72.0 million as compared to FY2022 of S$9.1 million, due to the achievement of several large project billing milestones and stronger collections. The Group’s net debt position was S$76.0 million as at end of December 2023, as compared to S$72.2 million as at end of December 2022. Net gearing ratio as at 31 December 2023 was 0.35x. We are also delighted to report that the Group has recorded a record order intake totalling nearly S$1 billion (S$990.2 million), increasing 20.9% from the previous year’s order intake of S$818.7 million. This was driven by strong growth in the Electrification and Communications business segments, fueled by increasing requirements in power management solutions and products, and stronger demand in critical communications services.
6 CSE GLOBAL LIMITED The Electrification segment recorded a 41.9% increase in new orders to S$561.1 million, attributed mainly to a number of major electrification projects which included the design and manufacturing of power distribution centres and integration of electrical and control systems and equipment in the United States of America (“USA”). The Communications segment demonstrated the strongest growth in new order intake, with an increase of 58.7% to S$247.7 million, boosted by new orders from recent acquisitions to expand its geographic footprint and market coverage as well as a contract for the supply, installation, integration and maintenance of communication and security systems by the Singapore Government. Order intake for the Automation business segment totalled S$181.5 million, compared to S$267.2 million in FY2022 which included a one-off major contract relating to a multi-year system maintenance contract from the Singapore Government and maintenance of integrated control systems for an offshore facility. As at 31 December 2023, the Group’s outstanding order book remained robust at S$730.6 million, supported by our existing and new customers. Many customers continued to support and award us with a stable stream of flow orders, some of whom have been with us for decades. PROGRESSING IN OUR SUSTAINABILITY & CORPORATE GOVERNANCE EFFORTS As the business continues its growth trajectory, the importance of sustainability and corporate governance remains instilled within the Group. Aligned with the Singapore Green Plan positioning Singapore to achieve its 2050 net zero emissions goal, we are committed to contributing to Singapore’s national agenda on sustainable development. At CSE, we employ two main sources of energy consumption for our operations. Whilst our fleet of vehicles predominantly function on diesel and petrol, our office premises, warehouses, and integration centres primarily utilise electricity. We drive to reduce our energy consumption across all operational processes to ultimately mitigate our carbon footprint whilst striving to negate detrimental environmental impacts. We remain cognisant of curbing energy consumption for a sustainable future, which will result in cost savings and overall improvements in economic performance. We are dedicated to reducing energy consumption and mitigating our carbon footprint. In a bid to transition to cleaner and renewable energy sources while promoting energy efficiency throughout our operations, CSE started to implement energy-saving practices, such as motion sensor lights, energy-efficient bulbs, and regular efficiency checks, while promoting employee awareness of energy conservation. Additionally, our commitment to reduce our carbon footprint includes transitioning to a greener fleet through the adoption of electric vehicles. With our customers, our participation in renewable energy projects and powering our solutions with renewable sources has contributed to the greening of their operations. In FY2023, CSE Global successfully obtained a sustainability-linked loan facility with one of our bankers. This loan facility will provide CSE Global with funding terms similar to a typical revolving credit facility, but with favourable terms for reductions in emissions intensity. At CSE Global, we see this as a first step in linking financial incentives to our sustainability performance. In the future, we foresee greater use of sustainability-linked loans and other innovative financing mechanisms to help incentivise and steer us toward achieving our emissions targets. MESSAGE TO STAKEHOLDERS
7 ANNUAL REPORT 2023 Moreover, good corporate governance establishes and maintains a legal and ethical environment within the Group, which complements the Group’s sustainability efforts. As a testament to our commitment towards excellent corporate governance, CSE Global was awarded the Silver Award for Best Risk Management and Best Annual Report under the listed companies with market capitalisation of less than S$300 million category, at the Singapore Corporate Awards 2023. Our Group Managing Director / Chief Executive Officer of CSE Global, Mr Lim Boon Kheng, was also selected as a Winner of the Investors’ Choice Outstanding CEO Award at the Securities Investors Association (Singapore) Investors’ Choice Awards 2023. CSE Global is committed to upholding corporate governance standards, which we believe will create more value to our shareholders. We will continue to strengthen our corporate governance practices, supported by our capable team and the Board. SUPPORTING COMMUNITIES, IMPACTING LIVES Corporate citizenry is part of our DNA across the regions where we operate. We firmly believe in giving back to our communities while pursuing our business objectives, with particular emphasis on community engagement and contributions through meaningful initiatives. CSE continued to support our Corporate Social Responsibility (“CSR”) program demonstrating our commitment to local charitable and social causes in the community where we live and operate. In the Americas, CSE participated in over 38 different community activities, fundraisers, and events supporting many local non-profit organisations and making positive impact on the lives of others. CSE Americas continued its support to the United Way of Greater Houston and Southwest Louisiana for the third consecutive year in a row. In 2023, CSE Americas participated in several fundraising events for charitable causes such as: 36th annual TechnipFMC’s United Way golf tournament, 3rd Annual Technip FMC United Way Sporting Clays tournament and ExxonMobil United Way Golf tournament, helping United Way, where CSE Americas contributed over US$5,500 in funds and 32 community work man-hours at the events. CSE Americas was also proud to serve as a “Cook Sponsor” at several local charitable events, where we served over 1,200 meals and more than 100+ community work hours at these events. Other charitable donations for the year include the BEAR Be A Resource, Grace Ashley Scasny Foundation, the St. Jude Children’s Research Hospital, the Ronald McDonald House of Houston, the Houston Texans Foundation, the Houston Food Bank (Randy Sauceda Memorial Fund), the Pontchartrain Conservancy and the Susan G. Komen New Orleans, National Fire Protection Agency. In addition, CSE Americas contributed over US$4,000 to local scholarship foundations such as the Houston Electrical League Foundation and the Pipeliners Association of Houston. CSE Americas’ VetNet (Veterans Network) was honoured for its continuous support of local non-profit veterans’ organizations in the Houston area. During the year, CSE Americas’ employees also participated in different sporting events and as cook sponsors at many local fundraising and networking events that focused on non-profit and community support causes. In 2023, CSE Australia has proudly donated and contributed to community sponsorship in excess of A$25,000 to various charities and not-for-profit organisations. The major beneficiaries include the Multiple Sclerosis Society of Western Australia which supports care and research into neurological conditions, The Movember Foundation to fund ongoing research, awareness and services for men’s health, and the Lions Festival for Disadvantaged Children (WA) Inc. and Rotary Foundations supporting disadvantaged children. CSE Australia has also supported community sport events such as Mackay Marina Run as well as Surf Life Saving. MESSAGE TO STAKEHOLDERS
8 CSE GLOBAL LIMITED MESSAGE TO STAKEHOLDERS In Singapore, we have granted a total of 25 bursaries to local education institutions and supported our staff for their families’ education expenses. In 2023, we donated S$70,000 to various groups in the communities after identifying deserving beneficiaries. In addition, we have rendered our support again to Yellow Ribbon Singapore as part of our commitment to help inmates and exoffenders rebuild their lives and lower the recidivism rate through skills and long-term career development. We also continue to empower women and children patients, visually handicapped, blood disorder as well as life-limiting patients. We will continue to champion good corporate social responsibility and seek to empower underprivileged groups as well as enrich our communities through our staff volunteerism opportunities. RIDING ON MEGA TRENDS While mapping growth strategies for resilient and sustainable growth, we identified three key secular mega trends: urbanisation, electrification and decarbonisation, which serve as CSE Global’s growth drivers as we align and expand our engineering capabilities and technology solutions to tap opportunities arising and better serve our customers. With urbanisation, the World Bank expects the number of people living in cities to more than double to a point where nearly seven in ten people will live in cities by 20501. The emphasis on sustainability while catering to the needs of growing populations living in cities has made electrification and decarbonisation key priorities. The global electrification market is forecasted to reach US$172.9 billion by 20322, growing at a CAGR of almost 9% between 2023 and 2032. Decarbonisation is expected to drive the demand for a fundamentally different energy system, such as alternative energy sources based on green electricity and green molecules. Diversification into new markets brought about by emerging trends ensures our relevancy in the marketplace. During the year, we saw rising demand for power management solutions in data centres, wind and solar farms, battery energy storage and electric vehicle charging infrastructure, which is in-line with the increasing focus on sustainability and renewable energy. Having delivered solutions in the renewables space since 2000s, we are adept at meeting our customers’ needs by developing technologies to reduce waste and adapt “greener”, smarter ways to deliver efficient and effective solutions. This diversification into new opportunities is made possible through the adaptability of CSE Global’s skillsets, coupled with strategic acquisitions that have expanded CSE Global’s suite of electrification, communications, and automation solutions. Our positioning in the critical communications and electrification market allow us to take on more projects in the Infrastructure sector including transportation and public utilities. These three mega trends translate to immense growth opportunities in multiple industries such as clean energy, public infrastructure such as utilities and energy, transport, data centres and communications, amongst others which are at the cusp of multi-year upcycles as demand is projected to grow strongly in the mid-to-long term. 1 The World Bank (2023, April 3). Urban development https://www.worldbank.org/en/topic/urbandevelopment/overview#:~:text=Today%2C%20some%2056%25%20of%20the,people%20will%20live%20 in%20cities. 2 Precedence Research (2023, March). Electrification market. https://www.precedenceresearch.com/electrification-market
9 ANNUAL REPORT 2023 MESSAGE TO STAKEHOLDERS DRIVING RESILIENT AND SUSTAINABLE GROWTH With our proven track record and extensive engineering capabilities, we believe there are immense opportunities for us as trusted industry partners of large government organisations and renowned international industry leaders. Looking ahead, we will continue our diversification into new markets brought about by the emerging trends towards growing population in urban areas, thus propelling demand for electrification and decarbonisation infrastructure such as power systems protection and control solutions, critical communications, wind and solar systems, battery energy storage systems and electric-vehicle charging infrastructure. We will also continue to expand our engineering capabilities and technology solutions in the areas of electrification, communications, and automation to pursue new market opportunities. Acquisition remains a key growth strategy for the Group to boost our competitive advantage. We are continuously looking out for value accretive and strategic acquisitions to grow and reshape our business to ensure a diversified and sustainable income stream. We have a strong track record of successful acquisitions, having completed and successfully integrated 30 to 40 acquisitions since our inception. To expand our engineering capabilities, we remain on the lookout for acquisitions in the electrification and communications space in the USA, Australia and New Zealand. For our Critical Communications Solutions business segment, we aim to further expand our presence in the USA and be a global player. The most important driver of growth is human capital, and to support growth, we intend to gradually grow our headcount with the right talent who will bring valueadd to our high-quality, sustainable and effective solutions. This includes cultivating a good working environment that supports work-life balance and investing in our employees to ensure they are equipped with the required critical skillsets through regular training. DELIVERING VALUE TO SHAREHOLDERS The Group has delivered profitable and sustainable growth for the past 36 years, and we have also distributed consistent dividend payouts. On the back of the Group’s robust FY2023 performance and healthy financial positions, the Board of Directors has recommended a final onetier tax exempt dividend of 1.50 Singapore cents per ordinary share, subject to shareholders’ approval at the upcoming Annual General Meeting. This translates to a total dividend of 2.75 Singapore cents per ordinary share for FY2023 including an interim dividend of 1.25 Singapore cents per ordinary share, which represents a payout of 75% of the Group’s FY2023 net profit. APPRECIATION We recognise the contributions of many who have supported and helped the Group successfully navigate the challenges and scale new heights during the year. On behalf of the Board of Directors, we express our deep appreciation to our customers and business associates for their continuous support and trust. To our shareholders, thank you for your faith in us through the years. The Board would also like to thank Mr Sin Boon Ann, who is not seeking for re-election in the forthcoming Annual General Meeting, for his invaluable advice, contributions and commitment during his tenure to the Company. Last but not least, we are grateful to the management team and staff, each of whom have contributed to the growth of CSE Global and our strong FY2023 performance. While uncertainties remain in the operating environment, we believe our track record puts us in a competitive stead. Together with our team, we are committed to value creation and growing CSE Global in FY2024. LIM MING SEONG Chairman LIM BOON KHENG Group Managing Director / Chief Executive Officer
10 CSE GLOBAL LIMITED BOARD OF DIRECTORS DATE OF FIRST APPOINTMENT AS A DIRECTOR 17 January 1997 DATE OF APPOINTMENT AS CHAIRMAN 17 January 1997 DATE OF LAST RE-ELECTION AS A DIRECTOR 20 April 2021 BOARD COMMITTEE MEMBERSHIP Nominating Committee (Chairman) Compensation Committee (Chairman) Investment Committee (Chairman) ACADEMIC & PROFESSIONAL QUALIFICATION • Bachelor of Applied Science (Honours) in Mechanical Engineering, University of Toronto • Diploma in Business Administration, Former University of Singapore • Advance Management Programs conducted by INSEAD and Harvard Business School • Fellow, Institute of Engineers Singapore • Fellow, Singapore Institute of Directors PRESENT DIRECTORSHIP • CSE Global Limited • U Mobile Sdn Bhd • Amplus Communication Pte Ltd • STT Communication Ltd • Singapore Technologies Telemedia Pte Ltd PRESENT PRINCIPAL COMMITMENTS Nil PAST DIRECTORSHIP HELD OVER THE PRECEDING FIVE YEARS • Aegis Medical Care Pte. Ltd. • STT GDC Pte. Ltd. • First Resources Limited • CSE W-Industries, Inc • CSE Icon, Inc. • CSE (Americas) Pte. Ltd. • CSE Global (Americas) Pte. Ltd. • Starhub Limited PAST PRINCIPAL COMMITMENT HELD OVER THE PRECEDING FIVE YEARS Nil Mr Lim Ming Seong was appointed as Non-Executive and Independent Director of CSE Global Limited on 17 January 1997 and has been the Board Chairman since then. He was also the Board Chairman of First Resources Limited and a Director of Starhub Limited but has since stepped down from these two companies in 2021. He held various senior positions within the Singapore Technologies (ST) Group from 1986 to 2002, where he left as Group Director. Prior to joining the ST Group, Mr Lim served as the Deputy Secretary with the Ministry of Defence, Singapore. LIM MING SEONG, 76 Chairman Non-Executive Independent Director
11 ANNUAL REPORT 2023 BOARD OF DIRECTORS DATE OF FIRST APPOINTMENT AS A DIRECTOR 13 August 2013 DATE OF LAST RE-ELECTION AS A DIRECTOR 20 April 2022 BOARD COMMITTEE MEMBERSHIP Investment Committee (Member) ACADEMIC & PROFESSIONAL QUALIFICATION • Bachelor of Accountancy, National University of Singapore PRESENT DIRECTORSHIP • CSE Global Limited • Astib Group Pty Ltd (Australia) • Blackstar Services, LLC (United States) • CC American Oilfield, LLC (United States) • Converge Resources, Inc (United States) • CSE (Americas) Pte Ltd • CSE (Americas), Inc (United States) • CSE Communications & Security Pte Ltd • CSE Communications & Security Sdn Bhd (Malaysia) • CSE Crosscom (International) Pte Ltd • CSE Crosscom Pty Ltd (Australia) • CSE Crosscom UK Limited (United Kingdom) • CSE Crosscom USA, Inc (United States) • CSE EIS Pte Ltd • CSE Global (Americas) Pte Ltd • CSE Global (Asia) Pte Ltd • CSE ICON, Inc (United States) • CSE New Zealand Ltd (New Zealand) • CSE Systems & Engineering (India) Private Limited (India) • CSE Transtel India Private Limited (India) • CSE W-Industries, Inc (United States) • CSE-Comsource Pty Ltd (Australia) • CSE-EIS (Malaysia) Sdn Bhd (Malaysia) • CSE-Global (Australia) Pty Ltd (Australia) • CSE-Hankin (Singapore) Pte Ltd • CSE-Hankin Inc (United States) • CSE-IAP Pte Ltd • CSE-ITS Pte Ltd • CSE-Transtel Pty Ltd (Australia) • CSE Technologies Pte. Ltd. • CSE-Uniserve Corporation Pty Ltd (Australia) • CSE-Uniserve Pty Ltd (Australia) • Grid Communications Pte. Ltd. • Gulf Coast Power & Control of Louisiana, LLC (United States) • Transtel Engineering (Tianjin) Co Ltd (China) • Transtel Engineering (Nigeria) Ltd (Nigeria) • Volta Properties, LLC (United States) • Volta Services, LLC (America) • Volta Technologies, LLC (America) • Volta,LLC (United States) • W-Industries of Louisiana, LLC (United States) • W-Industries of Texas, LLC (United States) PRESENT PRINCIPAL COMMITMENTS Group Managing Director/Chief Executive Officer, CSE Global Limited PAST DIRECTORSHIP HELD OVER THE PRECEDING FIVE YEARS Transtel Engineering Thailand Ltd (Thailand) Transtel Engineering PNG Limited (Papua New Guinea) PAST PRINCIPAL COMMITMENT HELD OVER THE PRECEDING FIVE YEARS Nil Mr Lim Boon Kheng joined CSE Global Limited in 1999 as the Group Financial Controller. Prior to that, Mr Lim began his career in 1990 as an accountant with ULC Systems (FE) Pte Ltd. He then joined Singapore Technologies Pte Ltd in 1991 as an accountant and was promoted to various positions in the organisation. He is concurrently the Managing Director of CSE Global (Asia) Pte Ltd. LIM BOON KHENG, 57 Group Managing Director/Chief Executive Officer Executive Director
12 CSE GLOBAL LIMITED BOARD OF DIRECTORS DATE OF FIRST APPOINTMENT AS A DIRECTOR 13 May 2002 DATE OF LAST RE-ELECTION AS A DIRECTOR 20 April 2021 BOARD COMMITTEE MEMBERSHIP Nominating Committee (Member) Compensation Committee (Member) ACADEMIC & PROFESSIONAL QUALIFICATION • Bachelor of Arts and Bachelor of Laws (Honours) Degrees, National University of Singapore • Master of Laws, University of London • Member of the Academy of Law • Member of Law Society of Singapore PRESENT DIRECTORSHIP • CSE Global Limited • Balkan Holdings Pte. Ltd. • Healthway Medical Corporation Limited • The Farrer Park Company Pte. Ltd. • W Capital Markets Pte. Ltd. • TIH Limited • Esseplore Pte. Ltd. • Rex International Holding Limited • OUE Limited • Tampines Central Community Foundation Limited • Sarine Technologies Ltd • The Trendlines Group Ltd • At-Sunrice (Holdings) Pte. Ltd. PRESENT PRINCIPAL COMMITMENTS Consultant, Drew & Napier LLC PAST DIRECTORSHIP HELD OVER THE PRECEDING FIVE YEARS • Singapore Centre for Social Enterprise Ltd. • At-Sunrice Global Chef Academy Pte. Ltd. • Datapulse Technology Limited • HRnetGroup Limited • SE Hub Ltd. PAST PRINCIPAL COMMITMENT HELD OVER THE PRECEDING FIVE YEARS • Director, Drew & Napier LLC Mr Sin Boon Ann joined Drew & Napier LLC in 1992. He was the Deputy Managing Director of Drew & Napier’s Corporate and Finance Department and the Cohead of the Capital Markets Practice before he retired to be a consultant with the firm in March 2018. Prior to joining Drew & Napier LLC, Mr Sin taught at the Faculty of Law of National University of Singapore from 1987 to 1992. Mr Sin was a Member of Parliament for Tampines Group Representation Constituency (GRC) from 1996 to 2011. SIN BOON ANN, 66 Non-Executive Independent Director
13 ANNUAL REPORT 2023 BOARD OF DIRECTORS DATE OF FIRST APPOINTMENT AS A DIRECTOR 19 February 2019 DATE OF LAST RE-ELECTION AS A DIRECTOR 20 April 2022 BOARD COMMITTEE MEMBERSHIP Audit and Risk Committee (Chairman) Nominating Committee (Member) ACADEMIC & PROFESSIONAL QUALIFICATION • Bachelor of Accountancy, National University of Singapore • Master of Business Administration, University of South Australia • Master of International Environmental Management, University of Adelaide • Member of the American Institute of Certified Public Accountants • Fellow, Institute of Singapore Chartered Accountants • Fellow, CPA Australia PRESENT DIRECTORSHIP • CSE Global Limited • SMRT Corporation Ltd • Alliance Bank Malaysia Berhad • Hong Leong Asia Ltd • The Straits Trading Company Limited • Gambling Regulatory Authority of Singapore • Banyan Tree Holdings Limited PRESENT PRINCIPAL COMMITMENTS Nil PAST DIRECTORSHIP HELD OVER THE PRECEDING FIVE YEARS • Trailblazer Foundation Ltd • Xinghua Port Holdings Ltd. • Alliance Financial Group Berhad PAST PRINCIPAL COMMITMENT HELD OVER THE PRECEDING FIVE YEARS Nil Mr Tan Chian Khong has approximately 35 years of experience in the audit industry in Singapore. He joined Ernst & Young LLP (then known as Turquands Ernst & Whinney) in 1981 and was a partner for 20 years until his retirement in June 2016. TAN CHIAN KHONG, 68 Non-Executive Independent Director
14 CSE GLOBAL LIMITED BOARD OF DIRECTORS Dr Lee Kong Ting has been very active in the Process & Control industries for more than 40 years. He served 2 global companies in his working career during this period. He first served 23 years in The Foxboro Company USA, now is a Schneider Electric Company. The last position he held was Group President/Managing Director for Asia Pacific and he was in that position for 10 years. Subsequently, he joined Yokogawa as Group President/ MD for Asia Pacific and was then promoted to President & CEO of Yokogawa Electric International in charge of Global business outside Japan. In the same period, he was a Vice President and a Board Member of Management Board of Yokogawa Electric Corporation Japan. He was Chairman/ Director of all Yokogawa Regional Headquarters globally including Europe, Americas, China, Russia, Australia and Asia Pacific during the same period. The last position he held was Consultant/Advisor for the Yokogawa Corporate Headquarters, and he was with Yokogawa for almost 20 years. DR LEE KONG TING, 76 Non-Executive Independent Director DATE OF FIRST APPOINTMENT AS A DIRECTOR 1 February 2017 DATE OF LAST RE-ELECTION AS A DIRECTOR 20 April 2022 BOARD COMMITTEE MEMBERSHIP Audit and Risk Committee (Member) Investment Committee (Member) ACADEMIC & PROFESSIONAL QUALIFICATION • Bachelor of Science in Electrical and Electronic Engineering, National Taiwan University • Master of Science and PhD, both in Control Engineering, University of Bradford in the United Kingdom • Chartered Engineer and Member of the Institute of Electrical Engineers in the United Kingdom PRESENT DIRECTORSHIP • CSE Global Limited PRESENT PRINCIPAL COMMITMENTS Nil PAST DIRECTORSHIP HELD OVER THE PRECEDING FIVE YEARS Nil PAST PRINCIPAL COMMITMENT HELD OVER THE PRECEDING FIVE YEARS Nil
15 ANNUAL REPORT 2023 BOARD OF DIRECTORS Ms Ng Shin Ein was appointed to the Board in July 2020 and was last re-elected as a Director in 20 April 2021. She brings with her a blend of legal, finance and diplomatic experience. Ms Ng is a legally trained private equity entrepreneur and co-founder of Gryphus Capital, a pan-Asian private equity firm. Prior to this, Ms Ng spent a number of years at the Singapore Exchange where she was responsible for developing Singapore’s capital market and bringing foreign companies to list in Singapore. Additionally, she was part of the Singapore Exchange’s IPO Approval Committee, where she contributed industry perspectives and acted as a conduit between the market and regulators. Ms Ng Shin Ein was admitted as an advocate and solicitor of the Singapore Supreme Court in 1998 and practiced as a corporate lawyer in Messrs Lee & Lee. Whilst at Messrs Lee & Lee, she advised clients on joint ventures, mergers and acquisitions and fundraisings. Ms Ng has served on boards of companies listed on Nasdaq, the Singapore Exchange and the Australian Stock Exchange. She has steered some of these companies through their IPOs and seen others through their privatisations. She presently serves on the boards of Grab Holdings Inc, Starhub Limited, Avarga Limited and Singapore Land Group Limited. She is also on the Board of Governors of the Singapore International Foundation. In 2015, Ms Ng was awarded the Friend of Labour award for her service as a board member of Fairprice. Apart from corporate boards, Ms Ng serves as Singapore’s Non Resident Ambassador to the Republic of Hungary. In 2021, Ms Ng was awarded the Commander’s Cross, Order of Merit, the second highest civilian state award of Hungary. NG SHIN EIN, 49 Non-Executive Independent Director DATE OF FIRST APPOINTMENT AS A DIRECTOR 1 July 2020 DATE OF LAST RE-ELECTION AS A DIRECTOR 20 April 2023 BOARD COMMITTEE MEMBERSHIP Audit and Risk Committee (Member) ACADEMIC & PROFESSIONAL QUALIFICATION • Degree in Law (LLB Honours), Queen Mary and Westfield College, University of London • Postgraduate Diploma in Singapore Law, National University of Singapore PRESENT DIRECTORSHIP* • CSE Global Limited • Grab Holdings Inc • StarHub Ltd • Singapore International Foundation • Global Esports Federation • Singapore Land Group Limited *Listed Companies and Non-Profit organisations PRESENT PRINCIPAL COMMITMENTS Investments PAST DIRECTORSHIP HELD OVER THE PRECEDING FIVE YEARS • Avarga Limited • Dreamscape Networks Limited • Eu Yan Sang International Ltd • First Resources Ltd • Middle East Institute • NTUC Fairprice Cooperative Limited • Sabana Real Estate Investment Management Ltd • Working Capital Partners Ltd • Yanlord Land Group Limited PAST PRINCIPAL COMMITMENT HELD OVER THE PRECEDING FIVE YEARS Nil
16 CSE GLOBAL LIMITED BOARD OF DIRECTORS DATE OF FIRST APPOINTMENT AS A DIRECTOR 1 July 2020 DATE OF LAST RE-ELECTION AS A DIRECTOR 20 April 2023 BOARD COMMITTEE MEMBERSHIP Compensation Committee (Member) ACADEMIC & PROFESSIONAL QUALIFICATION • Bachelor of Arts (summa cum laude) in Music and Computer Science, Linfield University • Master of Business Administration, University of North Carolina at Chapel Hill • Fellow and Senior Accredited Director, Singapore Institute of Directors • Member of Women Corporate Directors • Member of the Young Presidents’ Organisation • Member of the Australian Institute of Corporate Directors PRESENT DIRECTORSHIP • CSE Global Limited • First Resources Ltd • Yoma Strategic Holdings Ltd. • PeopleStrong HR Services Pvt. Ltd. • PeopleStrong Pte Ltd • The Teng Ensemble Ltd • National Kidney Foundation • Infocomm Media Development Authority • Bronze Phoenix Pte Ltd PRESENT PRINCIPAL COMMITMENTS Bronze Phoenix Pte Ltd PAST DIRECTORSHIP HELD OVER THE PRECEDING FIVE YEARS • Mediacorp Pte Ltd • CPA Australia • Nera Telecommunications Ltd • NTUC First Campus • Singapore Institute of Directors • Pegasus Asia PAST PRINCIPAL COMMITMENT HELD OVER THE PRECEDING FIVE YEARS Nil Ms Wong Su Yen brings over 30 years of experience in driving business strategy, strategic talent development, organisational transformation, operations re-design and risk management. Ms Wong has served on the Boards of multiple publiclylisted, family-controlled, private equity-held, governmentlinked, and not-for-profit organisations in Australia, India, Indonesia, Myanmar, Singapore and the United States. She currently serves as Lead Independent Director of Yoma Strategic Holdings Ltd, and is a Director of First Resources Ltd and the Infocomm Media Development Authority (IMDA). She is the Immediate Past Chairperson of the Singapore Institute of Directors. Previously, Ms Wong was the CEO of the Human Capital Leadership Institute, and prior to that, she was Chairman (Singapore) for Marsh & McLennan Companies and Senior Partner and Managing Director, Southeast Asia at Mercer. Before joining Mercer, she held various roles in leading strategy consulting firm, Oliver Wyman, and was the Asia Managing Partner for the Communications, Information and Entertainment practice. WONG SU YEN, 53 Non-Executive Independent Director
17 ANNUAL REPORT 2023 BOARD OF DIRECTORS Mr Derek Lau Tiong Seng joined Heliconia as CEO and Board member in April 2013. Prior to that, he was the Managing Director, Investment, with Temasek Holdings. In his 10 years tenor with Temasek, he headed the Industrials Cluster and also served as country head in Vietnam looking after investments in Vietnam, Myanmar, Cambodia and Laos. Mr Lau has more than a decade of experience in investment banking before joining Temasek. He specialized in mezzanine debt, project finance, leveraged buyout and private equity investments. Mr Lau is currently a member of the Listings Advisory Committee of Singapore Exchange Limited (SGX), a member of ISEAS-Yusof Ishak Institute’s Board of Trustees and a member of the Clinical Governance Board Committee of National Healthcare Group. DEREK LAU TIONG SENG, 58 Non-Executive Non-Independent Director DATE OF FIRST APPOINTMENT AS A DIRECTOR 22 July 2020 DATE OF LAST RE-ELECTION AS A DIRECTOR 20 April 2023 BOARD COMMITTEE MEMBERSHIP Compensation Committee (Member) Nominating Committee (Member) ACADEMIC & PROFESSIONAL QUALIFICATION • Bachelor of Business Administration, National University of Singapore • Royal Military Academy, Sandhurst (UK) PRESENT DIRECTORSHIP • Heliconia Capital Management Pte. Ltd. • Orchid 1 Investments Pte. Ltd. • Orchid 2 Investments Pte. Ltd. • Vanda 1 Investments Pte. Ltd. • Heliconia Holdings Pte. Ltd • Encyclia 1 Investments Pte Ltd • Encyclia 2 Investments Pte Ltd • Orchid 3 Investments VCC • Ivy 2 Investments VCC • CSE Global Limited • ISEAS-Yusof Ishak Institute Board of Trustees • Heliconia GP I Pte. Ltd. • Gerbera 1 Investments VCC • Vanda Generation Pte. Ltd. • VG Fund Investments Pte. Ltd. • VG Equity Pte. Ltd. • Varuni Holdings Pte. Ltd. • VG Equity 2 Pte. Ltd. • Orchid 4 Investments VCC • Kallang Alive Sport Management Co Pte. Ltd. PRESENT PRINCIPAL COMMITMENTS Chief Executive Officer, Heliconia Capital Management Pte. Ltd. PAST DIRECTORSHIP HELD OVER THE PRECEDING FIVE YEARS • CPG Corporation Pte Ltd • Group One Holdings Pte. Ltd. • Singapore Institute of Directors • Singapore Cooperation Enterprise • Ivy 1 Investments VCC PAST PRINCIPAL COMMITMENT HELD OVER THE PRECEDING FIVE YEARS Nil
18 CSE GLOBAL LIMITED BOARD OF DIRECTORS Mr Tan Teck Koon is an Enterprise Fellow at Enterprise Singapore, a statutory board under the Singapore Ministry of Trade and Industry. Mr Tan is concurrently the Operating Partner of Heliconia Capital Management, a subsidiary of Temasek Holdings that focuses on growthoriented companies. He is also an Adjunct Associate Professor at Nanyang Business School at Nanyang Technological University. Mr Tan has more than thirty years of experience in strategy development, investments, mergers & acquisitions, governance, risk management and internationalisation in both the public and private sector. In 2012, Mr Tan was awarded the Public Administration Medal (Silver) by the Singapore government. TAN TECK KOON, 64 Non-Executive Non-Independent Director DATE OF FIRST APPOINTMENT AS A DIRECTOR 1 May 2023 DATE OF LAST RE-ELECTION AS A DIRECTOR N.A. BOARD COMMITTEE MEMBERSHIP Audit and Risk Committee (Member) ACADEMIC & PROFESSIONAL QUALIFICATION • Bachelor of Applied Science (Honours) in Electrical Engineering, University of Windsor • MBA, University of Minnesota • Advanced Management Program, Harvard Business School • International Directors Programme, INSEAD PRESENT DIRECTORSHIP • CSE Global Limited • Q & M Dental Group (Singapore) Limited • Wang Learning Centre Pte Ltd • KYNA Pte Ltd • INEX Innovate/ Pte Ltd • Hua & Hua Consulting Pte Ltd • SEEDS Capital Pte Ltd • IPI Singapore • China Life Insurance (Singapore) Pte Ltd • Intellectual Property Office of Singapore • Committee for Private Education, SkillsFuture Singapore • Champquest Sdn Bhd PRESENT PRINCIPAL COMMITMENTS Enterprise Fellow, Enterprise Singapore PAST DIRECTORSHIP HELD OVER THE PRECEDING FIVE YEARS Nil PAST PRINCIPAL COMMITMENT HELD OVER THE PRECEDING FIVE YEARS Deputy Chief Executive, Enterprise Singapore
19 ANNUAL REPORT 2023 KEY MANAGEMENT EDDIE FOO, 52 Mr Eddie Foo is the Group Chief Financial Officer of the Company. Mr Foo is responsible for the Group’s overall financial strategy and management, corporate finance and treasury management, tax and investor relations. Mr Foo has over 28 years of financial management, corporate finance and merger and acquisitions experience in listed and multinational companies. Prior to joining CSE Global, Mr Foo was the Group CFO of ECS Holdings Limited, a public listed company on SGX. Mr Foo holds a Bachelor degree in Accountancy from the Nanyang Technological University and is both an Australian registered Certified Public Accountant and a Chartered Accountant registered with the Institute of Singapore Chartered Accountants. ROY ROWE, 66 Mr Rowe was appointed as CEO of the CSE Global Australia and New Zealand operations in 2011. Mr Rowe is also CEO for CSE’s global communications and security business, CSE Crosscom. Mr Rowe has over 30 years’ experience working in the mining, oil and gas, construction and infrastructure industries delivering engineering, and integration solutions. DONNIE SMITH, 51 Mr Smith was appointed as the Chief Executive Officer of CSE Americas Inc. in May 2018 and is concurrently the President and Chief Operating Officer of CSE W-Industries of Louisiana, a wholly owned subsidiary company of CSE Global Ltd since November 2014. Mr Smith has over 25 years of Upstream Oil & Gas experience, including his 13 years’ working experience from 2005 to 2018 as President and Operations Manager of Control Concepts & Technology, a CSE W-Industries company.
20 CSE GLOBAL LIMITED DIVERSE VENTURES CSE Global’s diversification strategy to invest in and acquire electrification and communications businesses has expanded our capabilities and contributed to a strong financial and operational performance in FY2023.
21 ANNUAL REPORT 2023 The Infrastructure segment’s revenue share increased to 47.2% over total revenue, becoming the the largest revenue contributor in FY2023. CSE Global’s agile skillsets and strategic acquisitions drive diversification into new opportunities across electrification, communications, and automation solutions.
22 CSE GLOBAL LIMITED OUR SOLUTIONS ELECTRIFICATION COMMUNICATIONS AUTOMATION Creating mission critical solutions for high integrity environments over three decades
23 ANNUAL REPORT 2023 OUR SOLUTIONS CSE has grown to become the preferred solutions provider for the design, engineering, procurement, and integration of highly complex electrical distribution and power systems for the data centre, industrial, manufacturing, and utility/energy markets. With its broad array of products and considerable experience as a systems integrator, CSE is building the electricity grid of the future: innovative, reliable, and sustainable. ELECTRIFICATION Facilitating the green transition towards a sustainable economy POWER SYSTEMS PROTECTION & CONTROL SOLUTIONS CSE designs and develops solutions to meet specific customer requirements that satisfy market requirements. CSE’s established solutions include: • Power system protection and control • Automation and communications systems for substations and switchyards • Power asset management, monitoring and diagnostics • Power transformers for renewable energy generation and storage • Motor starting equipment and management • Electrical equipment sales, maintenance and onsite servicing • Device data collection, analytics and advisory DATA CENTRE SOLUTIONS CSE provides data center electrification solutions to power 24x7 operations with switchgears, remote power panels (RPPs), busway, and prefabricated modular solutions in modular eHouses and skids. ELECTRICAL EQUIPMENT CENTRES CSE provides design, procurement and integration of various electrical equipment in an enclosure, such as HVAC systems, fire & gas detection systems, UPS systems, switchgears, battery systems, and protection and control panels.
24 CSE GLOBAL LIMITED OUR SOLUTIONS CSE has grown to become the preferred solutions provider for the design, engineering, procurement, and integration of highly complex electrical distribution and power systems for the data centre, industrial, manufacturing, and utility/energy markets. With its broad array of products and considerable experience as a systems integrator, CSE is building the electricity grid of the future: innovative, reliable, and sustainable. ELECTRIFICATION Facilitating the green transition towards a sustainable economy RENEWABLES ENERGY SOLUTIONS CSE supplies and installs a large portfolio of innovative and diversified solar energy solutions. From engineering consultancy to fabrication, CSE’s turnkey solutions include turning existing commercial spaces into sustainable power sources and building entirely offgrid complexes. UTILITY SOLUTIONS CSE provides solutions for the automation of substations, integrating protection relays, protection and control IEDs (intelligent electronic devices), remote terminal units, termination cabinets, DC power systems, power switching equipment, security system, generator and building utilities including cooling systems, to support the electricity transmission and distribution network. CSE’s solutions help to increase the transmission and distribution’s network power quality, continuity of service and grid’s stability as well as to optimize operation of the electric system. ELECTRIC VEHICLE CHARGING INFRASTRUCTURE SOLUTIONS CSE designs, engineers and integrates charging station systems to the grid as well as optimises substation capacity for transmission and distribution of power. CSE provides solutions to reduce overloading of local substations and manage the strain on the distribution network, including transformers, power lines, and associated equipment, especially in situations when multiple EVs are charging in a specific area which can cause localized grid congestion. The sizing of the local distribution infrastructure is critical in order to handle the peak demand from EV charging, to reduce voltage fluctuations and power line losses, and ensure power quality.
25 ANNUAL REPORT 2023 OUR SOLUTIONS TWO-WAY RADIO COMMUNICATIONS CSE designs, installs and maintains two-way radio communications for both permanent and temporary locations. Its solutions offerings range from equipment rental, service and maintenance through to turnkey system design and management. CSE’s two-way radio systems offer the latest in personnel safety management and personnel tracking, location and “man down” alert systems. MICROWAVE RADIO SYSTEMS Microwave radio systems can provide point-to-point or pointto-multipoint communications. CSE provides complete system engineering for microwave systems. Our services include, site surveys, path analysis, spectrum planning, equipment recommendations and construction. Our system design can also incorporate solar and emergency diesel power as well as structural analysis and construction of towers. CONVENTIONAL & TRUNKED RADIO SYSTEMS Conventional two-way radio networks have evolved into complex digital trunked systems providing highly reliable, secure communications that can be delivered across a single site, along a corridor hundreds of kilometres long, through an underground tunnel or even linking multiple sites. These systems not only provide two-way voice communications but are now an integral part of companies OH&S policy, providing GPS tracking, man down emergency alarm and many other features including wireless data messaging. CSE has many years of experience in this area having designed, constructed and commissioned both analogue and digital trunked radio systems (TETRA and APC025) that now support many thousands of terminals. VSAT SATELLITE COMMUNICATIONS NETWORKS VSAT satellite systems are typically used in remote areas where conventional telecommunications are not accessible, or to backup other communications to form high reliability networks. The systems can be scaled to provide complete corporate facilities or only emergency fallback. CSE can provide VSAT systems for voice, data, remote monitoring and video conferencing. We can also provide the bandwidth or space segment required for a complete turnkey solution. FIBRE OPTIC SYSTEMS Fibre optic networks offer the highest throughput of all commonly used forms of communications. The networks are also more secure and reliable than copper or wireless networks. CSE has the capability to design, construct and commission fibre optic networks for hazardous and industrial applications. COMMUNICATIONS Partnering the world’s most advanced technology manufacturers to design state-of-the-art communications network systems to ensure safety, improve performance and maintain critical operations
26 CSE GLOBAL LIMITED OUR SOLUTIONS COMMUNICATIONS Partnering the world’s most advanced technology manufacturers to design state-of-the-art communications network systems to ensure safety, improve performance and maintain critical operations PUBLIC ADDRESS & GENERAL ALARM SYSTEMS (PAGA) These are essential safety systems which alert personnel within a plant in the event of an emergency. CSE builds and engineers the systems to individual client requirements as this may require integrating the PAGA system with many different legacy plant systems. As part of the design work, CSE can also perform sound analysis and coverage studies to ensure audible, clear sound coverage is achieved in all areas where personnel need to be alerted. CCTV, ACCESS CONTROL & FIDS SYSTEMS CSE can provide high-quality CCTV systems designed for remote monitoring of plant and equipment as well as providing surveillance for security applications. Our systems are designed to comply with the highest intrinsic safety standards for operating in hazardous areas. TELEPHONE NETWORKS Plant-wide telephone networks connected to, or integrated with, large corporate telephony networks are essential infrastructure for almost all industrial plants. As part of our overall solutions, CSE can work with clients to design telephony systems for greenfield sites incorporating the latest IP technology or integrate legacy TDM or circuit switched technology into new networks. LAN/WAN NETWORKS Local and wide area networks are the key to underlying infrastructure required to support plant-wide data communications. They enable computers and other devices to communicate with servers, company intranets and the internet. CSE provides design and construction services for LAN and WAN networks using fibre, copper, wireless or combinations or these mediums. CSE works with clients to ensure the design is engineered to meet their reliability requirements, this may include multiple levels ofredundancy, fire resistant materials, etc. IP-BASED NETWORKS IP (Internet Protocol) is the dominant standard used by almost all equipment vendors as the default communications protocol. CSE provides IP network designs for clients enabling IP devices to communicate with other devices while protecting them from unauthorised access. The network design can incorporate automatic failover switching, remote monitoring and traffic reporting. SCADA & TELEMETRY NETWORKS CSE understands the special requirements for SCADA and Telemetry networks. While these networks are rapidly moving to a common IP protocol they still require a higher level of engineering than corporate data networks. CSE has a sound record in the design and construction of high reliability SCADA/Telemetry networks, including the integration of legacy serial systems with IP-based systems.
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