Credit Profile

Our Credit Profile provides a snapshot of our credit quality and the strength of Temasek’s financial position1.

(for year ended 31 March)

Dividend Income over Interest Expense (×) 

Recurring Income2 over Interest Expense (×)

Net Portfolio Value over Total Debt (×) 

Liquid Assets3 over Total Debt (×)

Recurring Income2 over Total Debt 
due in One Year (×)

Liquidity Balance4 over Total Debt 
due in next 10 Years (×)

 

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 4.3
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:
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.
Dividend income, income from investments, interest income and divestments.
Mainly cash and cash equivalents, and sub-20% listed assets.
Cash and cash equivalents, and short term investments.
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.
Exchange rates as at 31 March 2016.

Temasek Review 2016

Investment Themes

Guided broadly by our investment themes, we seek to build a portfolio that delivers sustainable long term returns.

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