Portfolio Performance
Credit Profile
Our Credit Profile provides a quantitative snapshot of our credit quality
and the strength of Temasek’s financial position1.
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Dividend Income
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Recurring Income2
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Recurring Income2
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Liquidity Balance3
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Net Portfolio Value
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Liquid Assets4
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Key Credit Parameters (in S$ billion)
| For year ended 31 March | 2013 | 2014 | 2015 | 2016 | 2017 |
|---|---|---|---|---|---|
| Divestments | 13 | 10 | 19 | 28 | 18 |
| Dividend income | 6.4 | 7.9 | 7.9 | 7.8 | 7.0 |
| Income from investments | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 |
| Interest income | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 |
| Interest expense | 0.5 | 0.5 | 0.5 | 0.4 | 0.4 |
| Net portfolio value | 215 | 223 | 266 | 242 | 275 |
| Liquid assets4 | 76.5 | 80.3 | 90.6 | 74.3 | 91.1 |
| Liquidity balance3 | 33.3 | 29.9 | 26.7 | 27.1 | 37.6 |
| Total debt5 | 14.6 | 14.2 | 13.8 | 12.9 | 12.8 |
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 defined as THPL’s direct and indirect 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.
2 Divestments, dividend income, income from investments and interest income.
3 Cash and cash equivalents, and short term investments.
4 Mainly cash and cash equivalents, and sub‑20% listed assets.
5 As at 31 March 2017, comprised Temasek Bonds totalling S$11.6 (US$8.3) billion, with a weighted average maturity of over 12 years, issued under our US$15 billion Guaranteed Global Medium Term Note (MTN) Programme, and Temasek Euro‑commercial Paper (ECP) totalling S$1.2 (US$0.9) billion, with a weighted average maturity of about 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 short term ratings of A‑1+/P‑1 by S&P and Moody’s respectively.
6 Exchange rates as at 31 March 2017.
