Global DRIVING SUSTAINABLE GROWTH ANNUAL REPORT 2024
2 CSE Global Limited CONTENTS Corporate Profile 01 Message to Stakeholders 04 Board of Directors 10 Key Management 18 Our Solutions 22 Group Structure 29 Corporate Information 30 Global Presence 31 Financial Highlights 36 Operations and Financial Overview 38 Report on Corporate Governance 41 Risk Governance and Internal Control 63 Sustainability Report 76 Financial Statements 103 Statistics of Shareholdings 194 Notice of Annual General Meeting 197 Additional Information on Re-Appointment of Directors 204 Proxy Form
1 Annual Report 2024 CORPORATE PROFILE 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. 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, large-scale 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 15 countries, 61 offices, and more than 2,000 employees across the globe, we enjoy long-standing relationships with a sizeable customer base comprising large government organisations and renowned brands. Over the years, we have built a workplace culture and management style that is people-centric, supportive and collaborative with employee wellbeing 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. 61 Offices More than 2,000 employees United States Mexico United Kingdom India Malaysia Singapore Indonesia Australia New Zealand China Taiwan Annual Report 2024
2 CSE Global Limited DRIVING RESILIENCE THROUGH INNOVATION CSE Global maintains its competitive edge through the continuous pursuit for excellence. Our focus on innovation ensures adaptability in dynamic markets, empowering our team to meet evolving market demand and deliver quality engineering solutions.
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4 CSE Global Limited MESSAGE TO STAKEHOLDERS Left: LIM BOON KHENG Group Managing Director / Chief Executive Officer Right: TED TAN TECK KOON Chairman S$861.2 million FY2023: S$725.1 million REVENUE EBITDA* S$82.2 million FY2023: S$63.6 million The Group has demonstrated resilience in FY2024 through its strong financial and operational performance, and is well-positioned to capitalise on emerging opportunities driven by key megatrends. * Excluding exceptional item of US$8.0 million arbitration settlement (S$10.4 million)
5 Annual Report 2024 MESSAGE TO STAKEHOLDERS Dear Stakeholders, As we reflect on our journey this past financial year, it is with a deep sense of pride and gratitude that we share CSE Global’s achievements amidst an environment marked by persistent macroeconomic volatility. The global landscape has continued to present challenges, from geopolitical tensions, inflationary pressures and persistent supply chain disruptions. Yet, CSE Global has demonstrated resilience, adaptability, and unwavering commitment to delivering value to all stakeholders. This year, we expanded our capabilities and strengthened our position as a trusted partner for our customers, which include government bodies and some of the world’s leading companies in their respective industries. We are honoured to be among the five SGX-listed companies featured in The Straits Times’ list of 100 Singapore’s fastest-growing firms, which highlighted our revenue growth of more than 44% between 2020 and 2023 with a compound annual growth rate of 12.98%. CSE Global was also featured amongst the Financial Times’ HighGrowth Companies Asia-Pacific 2025 list. These accolades are a testament to our ability to navigate market challenges and an affirmation of CSE Global’s growth strategy. Our continued success has only been possible due to the hard work and dedication of our team, the trust of our customers, and the support of our Board, shareholders and business partners. ACHIEVING NEW MILESTONES The Group’s order book remained robust at S$672.6 million as at 31 December 2024, underpinned by consistent demand for our Electrification, Communications, and Automation solutions. Revenue for the year reached a new high of S$861.2 million registering a growth of 18.8%, mainly driven by the Electrification and Automation business segments. Net profit before exceptional items surged 63.2% year-on-year to S$36.8 million. Gross profit margin remained relatively stable at around 28%, while our EBITDA rose 29.1% year-onyear to S$82.2 million, underscoring our ability to manage costs and enhance operational efficiency. We generated a strong operating cash inflow of S$33.1 million in FY2024, which was supported by better working capital management. The Group’s net debt position improved to S$72.1 million as at 31 December 2024, with a net gearing ratio of 28%, reflecting our disciplined approach to capital management and balance sheet strength. The Electrification business segment emerged as the key growth driver this financial year, contributing more than 50% of total revenue. During the year, we secured around S$200 million of major Electrification contracts that are slated for execution through till 2027, one of which is for a data centre project in the United States of America (“USA”). In FY2024, Electrification revenue improved by 30.0% to S$434.8 million, mainly due to significant contributions attributable to major contracts secured in FY2023 and new projects secured in FY2024. The segment’s EBITDA grew by 44.0%, rising from S$29.7 million in FY2023 to S$42.7 million in FY2024. This increase was due to higher revenue achieved with stable gross margins and improved operating leverage. Our strategic focus on Electrification solutions, which are increasingly critical in supporting urbanisation, decarbonisation, the global energy transition, digital transformation and growing AI utilisation, have shown to be successful in enhancing our stronghold in our key markets and driving sustainable growth for the Group. Our Communications business segment continued to see stable demand, particularly in the USA, United Kingdom (“UK”), Australia, New Zealand, and Singapore. The Communications business segment saw a modest revenue growth of 5.2%, increasing from S$220.5 million in FY2023 to S$232.0 million in FY2024. Despite the revenue growth, the
6 MESSAGE TO STAKEHOLDERS CSE Global Limited our ability to identify value-accretive opportunities that complement our existing businesses while driving earnings growth. In FY2024, we continued to build on this legacy by executing targeted acquisitions that align with our long-term vision and growth drivers. To ensure we are well-positioned to ride the energy transition wave, we acquired Linked Group, a Queensland-based provider of commercial solar energy solutions. This acquisition enhances our electrification capabilities, allowing us to supply and install sustainable power systems that turn existing commercial spaces into renewable energy hubs, as well as gain expertise in building entirely off-grid complexes. To further bolster our Communications business, we acquired RFC Wireless, a move that strengthens our geographic coverage and customer relationships within the USA market. With increasing demand for enhanced connectivity and security, this acquisition reinforces our market reputation as a trusted partner in critical communications solutions. These acquisitions exemplify our disciplined approach to growth—ensuring that each addition is strategically aligned with our core competencies and markets while contributing meaningfully to our financial performance. Beyond expanding our technical expertise, they also deepen our relationships with key stakeholders, including customers, suppliers, and business partners. BUILDING A STRONG TEAM In 2024, our Group Managing Director and Chief Executive Officer, Mr. Lim Boon Kheng, was honoured with the prestigious Best Chief segment’s EBITDA were 7.8% lower at S$25.6 million in FY2024, mainly attributed to an unfavourable sales mix at lower gross margins for international communications businesses. Customers have consistently turned to us for our expertise in providing secure, reliable, and scalable communications infrastructure, further solidifying our reputation as a market leader in this space. Meanwhile, demand for our Automation solutions remained stable, supported by steady requirements in industrial automation and process control. The Automation business segment experienced a revenue growth of 14.3%, increasing from S$170.0 million in FY2023 to S$194.4 million in FY2024. This growth was mainly due to higher revenue contributions from the Americas and Asia Pacific regions. The segment’s EBITDA improved significantly, up 124.2% from S$6.2 million in FY2023 to S$13.8 million in FY2024. To align with current market trends such as heightened AI adoption and cybersecurity needs, we are actively exploring the provision of more automation software solutions to complement our existing hardware offerings. Our recurring revenue streams continue to be stable. Our teams are working hard to convert larger contracts into flow contracts upon project completion, ensuring a steady stream of revenue and long-term customer relationships. In preparation for future growth, we are ramping up production capacity. We have recently completed the divestment of a 16.68-acre industrial property in North Houston, Texas, secured with a long-term lease agreement to ensure the continuity of the production capacity to support our existing business volume. This strategic move frees up capital for the acquisition of a larger property in the USA, enabling us to expand operations, optimise asset utilisation, and generate greater value to shareholders. ACQUIRING CAPABILITIES FOR FUTURE GROWTH Strategic acquisitions remain a cornerstone of CSE Global’s growth strategy to enable the Group to expand our capabilities, diversify income streams, and strengthen market position. Our proven track record of successfully integrating over 40 acquisitions since inception underscores
7 Annual Report 2024 MESSAGE TO STAKEHOLDERS to strengthen our corporate governance practices, supported by our capable team and the Board. GOOD PROGRESS IN SUSTAINABILITY AND COMMUNITY EFFORTS Sustainability and corporate social responsibility (“CSR”) remain integral to our operations and growth strategy. In FY2024, we continued to make meaningful progress in advancing our environmental, social, and governance (ESG) initiatives while deepening our commitment to the communities where we operate. At CSE, we employ two main sources of energy consumption for our operations - our vehicle fleet, which predominantly runs on diesel and petrol, alongside electricity usage across our office premises, warehouses, and integration centres. We are dedicated to reducing our energy consumption across all operations to ultimately mitigate our carbon footprint whilst negating detrimental environmental impacts. We employ a two-pronged approach towards reducing energy consumption and mitigating our carbon footprint. We have implemented motion sensor lighting and energy efficient bulbs, and perform routine energy performance assessments across our facilities to improve energy efficiency. We also promote employee awareness of energy conservation. To offset carbon emissions by contributing to reforestation efforts and improving biodiversity, a donation was made by our Australian operations towards the planting of 350 trees in 2024. Additionally, we are transitioning to cleaner energy sources by phasing in electric vehicles. These initiatives reduce environmental impact, contribute to operational cost savings and enhance long-term business resilience. By minimising our Executive Officer award at the Singapore Corporate Awards among listed companies with a market capitalisation of less than S$300 million. This recognition illustrates his visionary leadership and commitment to driving sustainable growth for the organisation. Looking ahead, CSE Global is reinforcing its leadership bench strength to prepare for the next phase of growth. We are also actively exploring innovative ways to streamline workflows and foster greater synergies across our diverse markets, ensuring operational efficiency and enhanced value creation. To remain competitive amidst emerging megatrends, we understand the importance of continuous upskilling and attracting top-tier talent. Our focus on growing the team strategically and training, coupled with maintaining a healthy employee retention rate, reflects our dedication to cultivating a supportive environment where talent can thrive. By empowering our team and investing in their development, we are confident that CSE Global will continue to deliver cutting-edge solutions and achieve long-term success. UPHOLDING HIGH STANDARDS OF CORPORATE GOVERNANCE At CSE Global, we are unwavering in our commitment to maintaining the highest standards of corporate governance. This commitment not only safeguards the interests of all stakeholders but also fosters trust and confidence in the Group. Our robust governance framework ensures that we operate with transparency, accountability, and integrity, which are key to our long-term success. A testament to our dedication to upholding exemplary corporate governance was CSE Global being awarded Gold for Best Risk Management and Best Annual Report among listed companies with a market capitalisation of less than S$300 million category at the Singapore Corporate Awards 2024. These accolades reflect our efforts to constantly improve our corporate governance standards by aligning them with evolving regulatory and industry benchmarks. CSE Global is committed to upholding corporate governance standards, which we believe will create more value for our shareholders. We will continue
8 MESSAGE TO STAKEHOLDERS CSE Global Limited environmental footprint and achieving resource efficiency, this enables us to gain a competitive advantage as an environmental champion in our industry, which in turn may raise our brand profile. On the community front, CSE Global remains steadfast in its commitment to giving back to communities while pursuing business objectives. Our CSR programme has a particular emphasis on community engagement and contributions through meaningful initiatives and social causes. In the Americas, CSE participated in over 40 different community activities, fundraisers, and events supporting various local non-profit organisations to make a positive impact on the lives of others. CSE Americas continued its support to the United Way of Greater Houston and Southwest Louisiana for the fourth consecutive year. Fundraising events for charitable causes that CSE Americas participated in include the 37th annual TechnipFMC’s United Way golf tournament, the 4th Annual TechnipFMC United Way Sporting Clays tournament and the ExxonMobil United Way Golf tournament. CSE Americas also helped United Way by contributing over US$8,000 in funds, sponsoring meals and dedicating 48 community work hours at events. CSE Americas is proud to serve as a “Cook Sponsor” at several local charitable events, where we served over 1,200 meals and devoted more than 100 community work hours. Charitable donations were made during the year to organisations such as the Astros Golf Foundation, the Houston Electrical League Foundation, and the National Fire Protection Organisation. CSE Americas’ Veterans Network was also honoured for its continuous support of local nonprofit veterans’ organisations in the Houston area. In 2024, CSE Australia contributed over A$18,000 in donations and gifts to not-for-profit organisations. We supported a range of beneficiaries, including The Smith Family for children’s wellbeing, the Lions Cancer Institute and Kids Cancer Support Group for cancer research, the Immune Deficiencies Foundation Australia, the Lions Festival for Disadvantaged Children and Rotary Foundations, as well as continued advocacy for Movember, an annual event to fund research, awareness, and services for men’s health. Additionally, donations were made to support local community CSE Global remains committed to driving sustainable growth and creating more value for shareholders, while making a positive impact on society through various corporate social responsibility initiatives.
9 Annual Report 2024 MESSAGE TO STAKEHOLDERS sporting activities, such as football and surf lifesaving, throughout Australia. In Singapore, we granted a total of 25 bursaries to local education institutions and supported our staff with their families’ education expenses. In 2024, we donated S$84,000 to various community groups. In addition, we continued rendering our support to Yellow Ribbon Singapore as part of our commitment to help inmates and ex-offenders rebuild their lives and lower their recidivism rate through skills and long-term career development. We will continue to champion good corporate social responsibility and seek to empower underprivileged groups, while enriching communities through staff volunteerism. GENERATING SUSTAINABLE RETURNS FOR STAKEHOLDERS For the past 37 years, our proven track record of delivering profitable growth in the form of consistent dividend payouts highlights our commitment to creating long-term value for shareholders. On the back of the Group’s commendable FY2024 financial performance, the Board of Directors has recommended a final one-tier tax-exempt dividend of 1.15 Singapore cents per ordinary share, subject to shareholders’ approval at the upcoming Annual General Meeting. Together with the interim dividend of 1.25 Singapore cents per ordinary share paid earlier in the year, this translates to a total dividend payout of 2.4 Singapore cents per ordinary share, representing 64% of the Group’s FY2024 net profit. APPRECIATION AND ACKNOWLEDGEMENTS Our success would not have been possible without the contributions of many. We would like to express our heartfelt appreciation to our Board of Directors for their leadership and guidance, taking the business to new heights in 2024. We would also like to thank our customers and business partners for their continued support and trust. To our shareholders, thank you for your confidence in CSE Global. On behalf of the Board, we express our gratitude to Mr Lim Ming Seong, who stepped down as Chairman after years of invaluable contributions to the company. We would also like to thank Mr Sin Boon Ann for his invaluable contributions during his tenure as Non-Executive Independent Director. We extend a warm welcome to Mr Tang Wai Loong Kenneth on his appointment to the Board as a NonExecutive Independent Director. Last but not least, our deep appreciation towards the management team and staffs for their contributions to our continued growth and robust FY2024 performance. Despite ongoing uncertainties in the macroeconomic environment, we remain confident in our solid fundamentals and well-honed capabilities. We remain committed to creating sustainable value for all stakeholders and further growing the business in FY2025. TED TAN TECK KOON Chairman LIM BOON KHENG Group Managing Director/ Chief Executive Officer
10 CSE Global Limited BOARD OF DIRECTORS TAN TECK KOON, 65 CHAIRMAN NON-EXECUTIVE NON-INDEPENDENT DIRECTOR Mr Ted Tan Teck Koon brings to organisations about 40 years of experience in building high performance organisations in both the private and public sector. Mr Tan spent 18 years in the private sector where he held senior appointments as the President & CEO and Managing Director of U.S. and U.K. companies and was the Senior VicePresident of CSE Global before he joined the public service in 2003. He was the former Deputy CEO and now an Enterprise Fellow with Enterprise Singapore, a statutory board under the Ministry of Trade and Industry. He is concurrently an Operating Partner of Heliconia Capital Management, a subsidiary of Temasek Holdings. Mr Tan shares his wealth of experience as an Adjunct Associate Professor at the Nanyang Business School of Nanyang Technological University. He has a successful track record in strategy, investments, mergers & acquisitions, governance, risk management and internationalisation. In 2012, Mr Tan was awarded the Public Administration Medal (Silver) by the Singapore government for his significant contribution to the Public Service. Date of first appointment as a director 1 May 2023 Date of last re-election as a director 29 April 2024 Board Committee Membership Remuneration 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 • Senior Executive Programme, Tsinghua and Fudan University • Senior Accredited Director, Singapore Institute of Directors Present Directorship CSE Global Limited Q & M Dental Group (Singapore) Limited Trusted Services Pte Ltd INEX Innovate Pte Ltd Maxburgh Global Venture Pte Ltd China Life Insurance (Singapore) Pte Ltd Hua & Hua Consulting (Singapore) Pte Ltd Champquest Sdn Bhd Present Principal Commitments Enterprise Fellow, Enterprise Singapore Past Directorship held over the preceding five years IPI Singapore Committee for Private Education, Skills Future Singapore Intellectual Property Office of Singapore Kyna Pte Ltd Wang Learning Centre Pte Ltd Past Principal Commitment held over the preceding five years Deputy Chief Executive, Enterprise Singapore
11 Annual Report 2024 BOARD OF DIRECTORS LIM BOON KHENG, 58 GROUP MANAGING DIRECTOR/CHIEF EXECUTIVE OFFICER EXECUTIVE DIRECTOR 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. Date of first appointment as a director 13 August 2013 Date of last re-election as a director 29 April 2024 Board Committee Membership Nil 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
12 BOARD OF DIRECTORS CSE Global Limited TAN CHIAN KHONG, 68 LEAD INDEPENDENT DIRECTOR 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. 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 (Chairman) 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 Agency for Science, Technology and Research (as Audit Committee member) Present Principal Commitments NIL Past Directorship held over the preceding five years Trailblazer Foundation Ltd Xinghua Port Holdings Ltd. Past Principal Commitment held over the preceding five years NIL
13 Annual Report 2024 BOARD OF DIRECTORS DR LEE KONG TING, 76 NON-EXECUTIVE INDEPENDENT DIRECTOR 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. 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) 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
14 BOARD OF DIRECTORS CSE Global Limited NG SHIN EIN, 50 NON-EXECUTIVE INDEPENDENT DIRECTOR Ms Ng Shin Ein was appointed to the Board in July 2020 and was last re-elected as a Director in 20 April 2023. 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 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. 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) Remuneration 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
15 Annual Report 2024 BOARD OF DIRECTORS WONG SU YEN, 54 NON-EXECUTIVE INDEPENDENT DIRECTOR 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, City Developments Limited, 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. Date of first appointment as a director 1 July 2020 Date of last re-election as a director 20 April 2023 Board Committee Membership Remuneration Committee (Chairman) Nominating 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 the Young Presidents’ Organisation • Member of the Australian Institute of Corporate Directors Present Directorship CSE Global Limited First Resources Ltd Yoma Strategic Holdings Ltd City Developments Limited James Cook University Pte Ltd James Cook University Element Fleet Sourcing Pte Ltd PeopleStrong HR Services Pvt. Ltd. PeopleStrong Pte Ltd The Teng Ensemble Ltd National Kidney Foundation Infocomm Media Development Authority Bronze Phoenix Pte Ltd Fermin Diez & Associates 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
16 BOARD OF DIRECTORS CSE Global Limited DEREK LAU TIONG SENG, 58 NON-EXECUTIVE NON-INDEPENDENT DIRECTOR 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. Date of first appointment as a director 22 July 2020 Date of last re-election as a director 20 April 2023 Board Committee Membership 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 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. Glife Technologies Pte. Ltd. Centre For Fathering Limited Present Principal Commitments Chief Executive Officer, Heliconia Capital Management Pte. Ltd. Past Directorship held over the preceding five years Group One Holdings Pte. Ltd. Ivy 1 Investments VCC Orchid 1 Investments Pte. Ltd. Past Principal Commitment held over the preceding five years NIL
17 Annual Report 2024 BOARD OF DIRECTORS Date of first appointment as a director 29 April 2024 Date of last re-election as a director N.A. Board Committee Membership Audit and Risk Committee (Member) Academic & Professional Qualification • Bachelor of Laws (Honours), University of Newcastle upon Tyne, United Kingdom • Master of Laws, University of London (King’s College London) • Master of Business Administration, University of London (Imperial College London) • Master of Science (Finance), Baruch College, The City University of New York • Advocate and Solicitor, Supreme Court of Singapore • Barrister, Middle Temple • Solicitor, England and Wales • Attorney and Counselor-at-law, New York • Fellow, Singapore Institute of Arbitrators • Fellow, Chartered Institute of Arbitrators • Accredited Mediator, Chartered Institute of Arbitrators Present Directorship CSE Global Limited Brillante Marketing Pte Ltd Powermatic Data Systems Limited Present Principal Commitments Senior Partner, Chang See Hiang & Partners Past Directorship held over the preceding five years Willas-Array Electronics (Holdings) Limited Past Principal Commitment held over the preceding five years NIL TANG WAI LOONG KENNETH, 55 NON-EXECUTIVE INDEPENDENT DIRECTOR Mr Tang Wai Loong Kenneth was appointed to the Board in April 2024. Mr Tang is a corporate lawyer in private practice and is the senior partner of Chang See Hiang & Partners. He has over 25 years of experience in active legal practice and his main areas of practice are mergers and acquisitions, corporate finance, listed company advisory work and general corporate law advice.
18 CSE Global Limited KEY MANAGEMENT EDDIE FOO, 53 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 29 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, 67 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.
19 Annual Report 2024 DONNIE SMITH, 52 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. Annual Report 2024
20 CSE Global Limited ACCELERATING GROWTH WITH STRATEGIC FOCUS CSE continues to expand and strengthen its Electrification and Communications capabilities to support the growing data centre market. This strategic focus amplify our market leadership while creating a sustainable growth stream for our stakeholders.
21 Annual Report 2024 Annual Report 2024
22 CSE Global Limited OUR SOLUTIONS Creating mission critical solutions for high integrity environments over 3 decades ELECTRIFICATION COMMUNICATIONS AUTOMATION
23 Annual Report 2024 OUR SOLUTIONS Annual Report 2024 Power Systems Protection & Control Solutions CSE designs and develops solutions to meet specific customer requirements that satisfy market requirements. CSE’s established solutions include: 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. ELECTRIFICATION Facilitating the green transition towards a sustainable economy 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. • 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
24 CSE Global Limited OUR SOLUTIONS 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. 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 off-grid 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. ELECTRIFICATION Facilitating the green transition towards a sustainable economy 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.
25 Annual Report 2024 OUR SOLUTIONS Annual Report 2024 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. 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. VSATSatellite 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. Microwave Radio Systems Microwave radio systems can provide point-to-point or point-to-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. 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 COMMUNICATIONS
26 CSE Global Limited OUR SOLUTIONS 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 of-redundancy, 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. 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 COMMUNICATIONS
27 Annual Report 2024 OUR SOLUTIONS Annual Report 2024 Process Control System CSE provides process control solutions that utilise supervisory control and data acquisition systems (SCADA), distributed control systems (DCS), programmable logic controllers (PLCs), motors, drives and plant transducers. Client processes are wholly dependent on the control system. Wellhead Control System CSE provides hydraulic and/or pneumatic solutions to control dry wellhead valves and flowlines, in single or multi-headed wellhead systems. The wellhead control panel logic is often interfaced to and or controlled by the facility safety system. SCADA Recognised as one of the market leaders, CSE has supplied SCADA systems to a wide range of industries through the world. CSE’s SCADA system integrates a real time database with business systems to provide totally managed asset-base solutions and automated predictive based decisions. Subsea Control System CSE has been providing Subsea Control systems since 1995 and is known as one of the premier suppliers of Subsea control systems around the world, especially in the Western hemisphere. Our products and services include: • Engineering FEED and Interface Management service provided to Subsea Equipment Vendors and Operators • Master Control Station (MCS): PLC-based control system that monitors and controls the entire subsea field and interfaces it with the facility Control and Safety system and Historian. • Hydraulic Power Unit (HPU): HPU skid is responsible for providing reliable and clean hydraulic fluid at high pressures to the subsea controllers/actuators. • Topsides Umbilical Termination Assembly (TUTA): Interfaces the subsea umbilical with all topsides controls, utilities, and Chemical Injection lines. • Intervention and Workover Control System (IWOCS): This typically includes HPU and Operator cabin designed to be deployed in harsh hazardous area on the drilling rigs along with all the associated Subsea control panels such as the MCS and EPU. • Fully managed Maintenance and life-of-the-field support contracts. Safety Shutdown System CSE has supplied many different types of safety critical systems utilising a range of technologies from relays and solid state (hardwired systems) through to redundant PLC, DCS and TMR system architecture (software based systems). Over time, these systems have evolved with advances in both the technology and the methods of implementation and validation. Our safety critical systems – Emergency Shutdown Systems, Process Shutdown Systems and Integrated Control & Safety Systems - are implemented to ensure protection of plant and personnel in potentially hazardous environments. Fire & Gas Detection System Fire and Gas Detection systems are of paramount importance to project plant, production and personnel. CSE specialises in the provision and implementation of high integrity fire and gas detection systems to significantly reduce the risk of incidents. CSE offers a range of solutions to monitor combustible gas, toxic gas, smoke and fire through the production facility, and provide control action for suppression, alarming and process shutdown. AUTOMATION Streamlining, improving and automating processes to maximise efficiency and reduce the need for human intervention
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