Portfolio Performance
Credit Profile
Our Credit Profile provides a snapshot of our credit quality and the strength of Temasek’s financial position1.
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Dividend Income over Interest Expense (×)
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Recurring Income2 over Interest Expense (×)
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Net Portfolio Value over Total Debt (×)
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Liquid Assets3 over Total Debt (×)
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Recurring Income2 over Total Debt
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Liquidity Balance4 over Total Debt
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Key Credit Parameters (in S$ billion)
| For year ended 31 March | 2012 | 2013 | 2014 | 2015 | 2016 |
|---|---|---|---|---|---|
| Divestments | 15 | 13 | 10 | 19 | 28 |
| Dividend income | 8.1 | 6.4 | 7.9 | 7.9 | 7.8 |
| Income from investments | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 |
| Interest income | 0.2 | 0.1 | 0.1 | 0.1 | 0.2 |
| Interest expense | 0.5 | 0.5 | 0.5 | 0.5 | 0.4 |
| Net portfolio value | 198 | 215 | 223 | 266 | 242 |
| Liquid assets3 | 71.8 | 76.5 | 80.3 | 90.6 | 74.3 |
| Liquidity balance4 | 33.7 | 33.3 | 29.9 | 26.7 | 27.1 |
| Total debt5 | 13.5 | 14.6 | 14.2 | 13.8 | 12.9 |
Temasek Bonds – Maturity Profile and Coupon
Footnotes:
1 Based on the financial information of Temasek as an investment company, namely Temasek Holdings (Private) Limited (THPL) and its Investment Holding Companies (IHCs). IHCs are THPL's wholly owned subsidiaries, whose boards of directors or equivalent governing bodies comprise employees or nominees of THPL, wholly owned Temasek Pte. Ltd. (TPL), and/or TPL's wholly owned subsidiaries. The principal activities of THPL and its IHCs are that of investment holding, financing, and/or the provision of investment advisory and consultancy services to THPL and its IHCs.
2 Dividend income, income from investments, interest income and divestments.
3 Mainly cash and cash equivalents, and sub-20% listed assets.
4 Cash and cash equivalents, and short term investments.
5 As at 31 March 2016, comprised Temasek Bonds totalling S$11.6 (US$8.6) billion, with a weighted average maturity of 13 years, issued under our US$15 billion Guaranteed Global Medium Term Note (MTN) Programme, and Temasek Euro-commercial Paper (ECP) totaling S$1.3 (US$1.0) billion, with a weighted average maturity of over one month, issued under our US$5 billion ECP Programme. All Temasek Bonds are rated AAA/Aaa by S&P Global Ratings (S&P) and Moody's Investors Service (Moody's) respectively. Our ECP Programme has the highest short term ratings of A-1+/P-1 by S&P and Moody's respectively.
6 Exchange rates as at 31 March 2016.
