Annual Report 2023 16 OUR INVESTMENT CASE 31.12.2023 31.12.2022 VALUE ADDED (RM Million) Revenue 53,066.9 50,867.7 Imbalance Cost Pass-Through (ICPT) under recovery 10,598.2 22,315.3 Operating expenses excluding staff cost and depreciation (42,219.6) (49,411.5) Net reversal/(loss) on impairment of financial instruments 114.7 (101.4) Other operating income 948.2 940.0 Finance income 544.3 277.7 Finance cost (4,331.1) (4,343.4) Fair value changes of financial instruments (49.4) 130.7 Foreign exchange loss (209.5) (223.5) Share of results of associates and joint ventures 62.4 97.6 Value added available for distribution 18,525.1 20,549.2 DISTRIBUTION (RM Million) T o employees: Staff cost 3,885.8 3,798.1 T o the Government: Taxation and zakat 770.0 1,791.2 T o shareholders: Dividends 2,537.5 2,181.3 Non-controlling interests (166.7) 94.1 T o reinvest in the Group: Depreciation 11,265.7 11,402.5 Retained profits 232.8 1,282.0 Total distributed18,525.1 20,549.2 STATEMENT OF VALUE ADDED 12.8% 8.7% 62.1% 61.7% 4.1% 11.1% 21.0% 18.5% Employee Cost Taxation and Zakat Dividends and Non-Controlling Interests Depreciation and Retained Profits DISTRIBUTION OF VALUE ADDED 2023 2022 WE ARE TNB Sec 1 17 OUR INVESTMENT CASE CORE REVENUE Peninsular Malaysia TNBI SESB Others * Others include Goods & Services and Construction Contracts. ** Others include Agriculture, Mining, Public Lighting, Accrued Revenue, Sales Discount, EGAT, TNBI, Other Regulatory Adjustments and SESB Tariff Support Subsidy & Fuel Subsidy. *** Others include Agriculture, Mining, Public Lighting, EGAT, TNBI. Industrial Domestic Commercial Others GROUP SALES OF ELECTRICITY (BY SECTOR) 40.5% 34.7% 2.2%** 2.9%*** 23.9% 27.3% 33.4% 35.1% 5.2% 5.0% 2.0% 1.7% 1.5% 1.1% 91.3% 92.2% Peninsular Malaysia SESB TNBI Others* Total RM Million 2023 48,456.7 2,766.2 776.4 1,067.6 53,066.9 2022 46,879.7 2,561.2 537.7 889.1 50,867.7 51,713.2 Million 2023 130,070.3 GWh 2023 2022 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 18 A3 Stable Moody’s Investors Services