The information provided below is a direct extract from the Annual Report 2008/2009:

Operating revenue/earnings
The Group's operating revenue grew by S$784 million, a 28.1% increase over FY07/08 to S$3.6 billion contributed mainly by higher electricity prices, increased revenue from the sale of oil and a full-year operation of PetroSeraya. The average vesting contract hedge price, which was pegged to three-month fuel oil forward, increased from $143/MWh in FY07/08 to $190/MWh in FY08/09. This was due primarily to a fuel oil price increase over the period. Spot electricity prices during the year also rose in tandem with the vesting contract hedge price.

Generation Units Sold was 9,541 GWh or 6.3% lower than FY07/08 due to increased competition.

Overall system demand fell by 0.7% from FY07/08. Despite a contraction in system demand, retail market share grew by 2.2%. Total units sold through the retail arm for the year was 7,004 GWh.

Profitability

The Group's net profit after tax of S$171.9m was mainly the result of higher fuel cost, an unfavourable economic environment which resulted in lower generation volume from the power plant and lower electricity demand, as well as the provision for fuel inventory at a lower cost.

Earnings per share & Return on Equity

The Group's Return on Equity (ROE) for the year was 14.3% and Earnings Per Share (EPS) amounted to 19 cents for the year.

Basic EPS decreased by 24% to 19 cents in FY08/09 as compared to 25 cents in FY07/08. The decrease is in line with the lower profits after tax for the Group.

Return on Equity was 14.3% in FY08/09. This represented a decrease of 25% over last FY's 19.1%. This was due to lower profits as a result of the provision made to fuel inventory.

Details of the financial performance of the company are covered comprehensively in the hardcopy version Annual Report 2008/2009.