VALZ HLDG : VHL - Sustainability Report FYE 31 Mar 2023 (1.22 MB)

Vallianz Holdings Limited

FY2023 Sustainability Report

Sponsor Statement

This Report has been reviewed by the Company's Sponsor, Provenance Capital Pte. Ltd. ("Sponsor"), for compliance with the Singapore Exchange Securities Trading Limited ("SGX-ST") listing manual Section B: Rules of Catalist. It has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this Report, including the correctness of any of the statements or opinions made or reports contained in this Report.

The contact person for the Sponsor is Ms Faye Chong, Director (Corporate Finance), who can be contacted at 96 Robinson Road, #13-01, SIF Building, Singapore 068899. Telephone: (65) 6227 5810. Email: fayechong@provenancecapital.com.

Feedback

We would like to provide a channel for our stakeholders to give us comments on sustainability issues to enable continual improvements.

Please send your feedback and suggestions to http://www.vallianzholdings.com/contact.htmlor the address below:

Vallianz Holdings Limited

1 Harbourfront Avenue

#06-08 Keppel Bay Tower

Singapore 098632

1. +65 6911 6200

1. +65 6659 1292

CEO MESSAGE

Dear Stakeholders

Vallianz Holdings Limited ("Vallianz" or the "Company" and together with our subsidiaries, the "Group") is proud to present our Sustainability Report ("Report") for the financial year ended 31 March 2023 ("FY2023"). This Report underscores our steadfast commitment to building a sustainable business model, where the adoption of best practices in the areas of Environment, Social, and Governance ("ESG") is at the core of our operations.

Our Dedication to Sustainability

The Board of Directors ("Board") has actively engaged in the Group's sustainability initiatives by diligently overseeing Management's responsibilities of identifying, managing, and monitoring material ESG issues. In line with this, the Group remains committed to addressing our challenges, fostering long-term growth, and proactively mitigating environmental and social risks that may have adverse financial implications for our business.

In 2023, we have further reinforced our endeavours toward sustainable development by embracing the principles and goals outlined in the 17 United Nations Sustainable Development Goals ("UN SDGs"). We will continue to prioritize initiatives to achieve these global objectives. To ensure that our reporting practices adhere to the highest standards, we have begun implementing the latest Global Reporting Initiative 2021 ("GRI") in our reporting framework. This framework allows us to report on ESG matters and to transparently communicate our sustainability performance.

Recognizing the escalating challenges posed by climate change, the Group has commenced reporting climate risks associated with our operations in accordance with the Taskforce on Climate-related Financial Disclosures ("TCFD") recommendations. This enables us to assess and disclose the potential impacts of climate-related risks and develop appropriate strategies for climate resilience.

While we have already embedded a sustainability philosophy and mindset within our business, we acknowledge the need to articulate and communicate our efforts in this domain to our stakeholders and the public. This comprehensive report serves as a testament to our commitment and outlines the various ways in which we engage with our stakeholders and the broader public.

Addressing Global Challenges

The global landscape has witnessed unprecedented disruption due to the post-COVID-19 pandemic and geopolitical conflicts, which have impacted our society and business in significant ways. Although we are gradually recovering from the effects of the pandemic, the ongoing conflict in Russia-Ukraine introduces additional uncertainties, such as surging energy prices and resource shortages. These challenges are further compounded by economic factors like rising inflation rates, borrowing and labor costs.

These circumstances have heightened our awareness as a Group, emphasizing the importance of sustainability, social well-being, environmental climate action, and long-term sustainable practices in our operations. For companies operating in the global energy industry, the sudden and steep decline in global oil demand triggered by the pandemic had a devastating impact on the entire value chain. In response, the Organization of Petroleum Exporting Countries ("OPEC") and its allies curtailed production to stabilize the market and reduce crude oil inventories. This had a ripple effect across the global supply chain, leading to a slowdown in exploration activities, project deferments, and an overall decline in demand for oilfield support services.

We recognize the importance of transitioning to a low-carbon economy and remain committed to adapting our operations accordingly. This includes diversifying our offerings and exploring opportunities to reduce our reliance on traditional fossil fuels. Concurrently, as we pursue our business development plans, we maintain a vigilant focus on operational costs and continually strive to enhance the Group's operational efficiency.

Looking ahead, the Board will continue to support the Group in creating sustainable long-term value for our stakeholders through responsible business practices. We remain resolute in our commitment to meet the evolving sustainability requirements, contribute to a greener future, and drive positive change in our industry and society as a whole.

Ling Yong Wah

Chief Executive Officer