Group Financials

The Group Financials, including Group Income Statements, Group Balance Sheets, Group Cash Flow Statements and Group Statements of Changes in Equity, were prepared and presented based on the audited statutory consolidated financial statements of the Group for the financial years ended 31 March 2008 to 2017.

In accordance with the well-established Singapore Financial Reporting Standards, the Group Financials for Temasek are a consolidation of financial information of Temasek and its operating subsidiaries, such as PSA, Singapore Airlines, Singtel, ST Engineering, etc. For instance, Group operating expenses would include 100% of Temasek's expenses and 100% of expenses reported by the operating subsidiaries. The full revenues of operating subsidiaries are likewise consolidated into the Group revenue figures, less intra-group sales.

The financials of associates, such as DBS, Keppel Corporation, CapitaLand, etc, are not consolidated in the Group Financials. In other words, the revenues and expenses of associates are not included in the Temasek consolidated Group Financials. Instead, Temasek's proportionate share of the profits/losses of these associates are taken into the Group profits in accordance with equity accounting principles.

 


Group Income Statements

In S$ billion

For year ended
31 March
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Revenue 83.3 79.6 76.7 83.5 83.5 94.3 92.4 101.6 101.5 97.0
Cost of sales (53.3) (57.5) (50.7) (53.0) (56.3) (64.5) (63.7) (70.4) (73.3) (68.6)
Gross profit 30.0 22.1 26.0 30.5 27.2 29.8 28.7 31.2 28.2 28.4
Other income 15.8 16.2 4.5 4.9 6.3 5.5 6.0 9.2 11.0 10.0
Expenses:                    
  Selling &                   Distribution (5.2) (5.0) (5.3) (5.8) (5.6) (5.2) (4.7) (5.0) (4.4) (3.7)
  Administrative (8.6) (8.1) (8.7) (7.3) (8.0) (8.7) (8.9) (9.6) (8.0) (8.4)
  Finance (3.2) (2.7) (2.4) (2.6) (2.6) (2.6) (2.3) (2.1) (2.7) (2.8)
  Other expenses (8.7) (15.3) (10.0) (6.2) (7.1) (6.7) (7.5) (8.1) (16.0) (8.9)
Profit before share of results of associates and joint ventures 20.1 7.2 4.1 13.5 10.2 12.1 11.3 15.6 8.1 14.6
Share of results
of associates
3.2 1.3 2.4 2.6 3.0 2.5 4.3 3.5 4.4 3.3
Share of results
of joint ventures
2.2 1.9 2.0 1.7 1.6 1.9 1.9 2.1 2.2 2.4
Profit before
income tax
25.5 10.4 8.5 17.8 14.8 16.5 17.5 21.2 14.7 20.3
Tax expense (3.0) (1.3) (1.7) (2.0) (1.4) (2.0) (2.3) (2.5) (2.1) (2.6)
Total profit 22.5 9.1 6.8 15.8 13.4 14.5 15.2 18.7 12.6 17.7

Profit attributable to:

Equity holder
of the Company
18.2 6.2 4.6 12.7 10.7 10.7 10.9 14.5 8.4 14.2
Non-controlling interests 4.3 2.9 2.2 3.1 2.7 3.8 4.3 4.2 4.2 3.5
Total profit 22.5 9.1 6.8 15.8 13.4 14.5 15.2 18.7 12.6 17.7


Group Balance Sheets

In S$ billion

As at 31 March 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Shareholder equity
before fair value reserve
120.2 119.9 127.8 134.6 146.4 156.0 172.5 188.0 198.2 210.7
Fair value reserve1 23.9 (1.5) 21.9 20.9 11.8 13.2 14.9 30.6 19.9 28.2
Shareholder equity 144.1 118.4 149.7 155.5 158.2 169.2 187.4 218.6 218.1 238.9
Non - controlling interests 25.7 22.6 23.5 24.0 23.5 35.2 34.8 37.8 40.6 43.1
  169.8 141.0 173.2 179.5 181.7 204.4 222.2 256.4 258.7 282.0
Property, plant
and equipment
75.3 68.2 68.0 66.8 67.8 73.8 59.5 67.5 69.9 70.8
Intangibles 21.4 19.9 19.1 18.9 17.9 18.2 16.4 20.0 20.5 22.6
Biological assets 1.3 1.4 0.5
Investments in associates and joint ventures 39.5 41.1 44.6 42.1 49.5 50.3 56.7 70.2 80.1 83.5
Financial assets 73.9 40.2 64.2 65.3 60.7 70.3 81.4 101.3 88.4 98.3
Investment properties 5.0 5.3 6.5 7.1 7.9 19.4 20.9 23.5 34.4 38.0
Properties under development 0.6 0.8 0.2 0.2 0.4 0.5 1.5 2.0 1.9 2.0
Deferred tax assets 1.8 2.0 1.8 1.7 1.5 1.4 1.4 1.4 1.4 1.4
Other non - current assets 9.4 9.5 10.2 11.3 10.7 12.4 10.9 13.0 13.1 12.8
Net current assets/ (liabilities) (3.1) 11.8 22.0 27.6 32.8 34.0 35.9 31.8 31.5 41.3
  Current assets 68.6 60.9 70.2 84.5 86.2 95.2 95.3 105.6 104.7 117.7
  Current liabilities (71.7) (49.1) (48.2) (56.9) (53.4) (61.2) (59.4) (73.8) (73.2) (76.4)
  223.8 198.8 236.6 241.0 249.2 280.3 284.6 332.0 342.6 371.2
Non - current liabilities (54.0) (57.8) (63.4) (61.5) (67.5) (75.9) (62.4) (75.6) (83.9) (89.2)
  169.8 141.0 173.2 179.5 181.7 204.4 222.2 256.4 258.7 282.0
Net debt2 33.8 22.1 17.8 9.5 16.1 19.6 9.0 32.6 44.4 39.3

Footnotes:
Prior to the financial year ended 31 March 2006, long term investments were stated at cost less allowance for diminution in value. With the introduction of FRS39 Financial Instruments: Recognition and Measurement during the financial year ended 31 March 2006, available-for-sale financial assets (AFS) were required to be measured at fair value. At each reporting date, AFS are remeasured at their fair value. Changes in fair value, other than impairment losses, are recognised in other comprehensive income and presented in the fair value reserve in equity until the AFS are disposed. Impairment losses are recognised in the income statement.
Total debt less cash and cash equivalents.

Group Cash Flow Statements

In S$ billion

For year ended
31 March
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Operating cash
flow before working
capital changes
21.2 14.0 16.4 20.2 16.8 20.1 20.0 20.3 18.4 18.7
Change in
working capital
(0.3) 1.5 (4.1) (2.9) (1.6) (4.0) (1.5) (3.2) (5.1) (2.3)
Cash generated
from operations
20.9 15.5 12.3 17.3 15.2 16.1 18.5 17.1 13.3 16.4
Income tax paid (2.0) (1.8) (1.3) (1.3) (2.0) (1.8) (2.3) (2.0) (2.1) (2.4)
Net cash inflow from operating activities 18.9 13.7 11.0 16.0 13.2 14.3 16.2 15.1 11.2 14.0
Net cash inflow/(outflow) from investing activities (30.4) 0.1 (5.3) (4.9) (14.8) (15.3) (19.2) (22.6) (14.7) (7.2)
Net cash inflow/(outflow) from financing activities 13.3 (6.4) (0.2) (1.7) (1.4) 4.0 1.0 1.1 2.4 2.7
Net increase/ (decrease)
in cash and cash
equivalents held
1.8 7.4 5.5 9.4 (3.0) 3.0 (2.0) (6.4) (1.1) 9.5

 

Group Statements of Changes in Equity

In S$ billion

  Attributable to Equity Holder
of the Company
   
  Share Capital
and Other Reserves
Revenue Reserve Currency Translation Reserve Non-controlling Interests Total
Balance at 1 April 2015 96.2 127.0 (4.6) 37.8 256.4
  Total profit 8.4 4.2 12.6
  Others, net1 (8.4) (0.7) 0.2 (1.4) (10.3)
Balance at 31 March 2016 87.8 134.7 (4.4) 40.6 258.7
  Total profit 14.2 3.5 17.7
  Others, net1 10.5 (5.1) 1.2 (1.0) 5.6
Balance at 31 March 2017 98.3 143.8 (3.2) 43.1 282.0


Footnote:
1 Comprise movements during the financial year including but not limited to:

   – Issuance of ordinary shares;
   – Change in fair value of financial assets;
   – Dividends to shareholder;
   – Share of associates and joint ventures’ reserves; and
   – Currency translation differences.

 

TEMASEK REVIEW 2017

TEMASEK REVIEW 2017

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