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 2007 to 2016.

In accordance with the well-established Singapore Financial Reporting Standards, the Group Financials for Temasek are a consolidation of financial information of Temasek as an investment company and its operating subsidiaries, such as PSA, Singapore Airlines, Singtel, ST Engineering, etc, which are majority owned by Temasek. For instance, Group operating expenses would include 100% of Temasek's expenses as an investment company 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, where Temasek does not have majority shareholdings, 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
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Revenue 74.6 83.3 79.6 76.7 83.5 83.5 94.3 92.4 101.6 101.5
Cost of sales (49.3) (53.3) (57.5) (50.7) (53.0) (56.3) (64.5) (63.7) (70.4) (73.3)
Gross profit 25.3 30.0 22.1 26.0 30.5 27.2 29.8 28.7 31.2 28.2
Other income 8.3 15.8 16.2 4.5 4.9 6.3 5.5 6.0 9.2 11.0
Expenses:                    
Selling & Distribution (4.3) (5.2) (5.0) (5.3) (5.8) (5.6) (5.2) (4.7) (5.0) (4.4)
Administrative (8.1) (8.6) (8.1) (8.7) (7.3) (8.0) (8.7) (8.9) (9.6) (8.0)
Finance (2.6) (3.2) (2.7) (2.4) (2.6) (2.6) (2.6) (2.3) (2.1) (2.7)
Other expenses (5.1) (8.7) (15.3) (10.0) (6.2) (7.1) (6.7) (7.5) (8.1) (16.0)
Profit before share of results of associates, partnerships and joint ventures 13.5 20.1 7.2 4.1 13.5 10.2 12.1 11.3 15.6 8.1
Share of results of associates and partnerships (0.8) 3.2 1.3 2.4 2.6 3.0 2.5 4.3 3.5 4.4
Share of results of joint ventures 1.6 2.2 1.9 2.0 1.7 1.6 1.9 1.9 2.1 2.2
Profit before tax 14.3 25.5 10.4 8.5 17.8 14.8 16.5 17.5 21.2 14.7
Tax expense (1.3) (3.0) (1.3) (1.7) (2.0) (1.4) (2.0) (2.3) (2.5) (2.1)
Profit from continuing operations 13.0 22.5 9.1 6.8 15.8 13.4 14.5 15.2 18.7 12.6
Profit from discontinued operations *
Total profit 13.0 22.5 9.1 6.8 15.8 13.4 14.5 15.2 18.7 12.6
                   
Profit attributable to:                  
Equity holder of the Company 9.1 18.2 6.2 4.6 12.7 10.7 10.7 10.9 14.5 8.4
Non-controlling interests 3.9 4.3 2.9 2.2 3.1 2.7 3.8 4.3 4.2 4.2
Total profit 13.0 22.5 9.1 6.8 15.8 13.4 14.5 15.2 18.7 12.6


* Less than S$0.1 billion.
 

Group Balance Sheets

In S$ billion

As at 31 March 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Shareholder equity before fair value reserve 92.9 120.2 119.9 127.8 134.6 146.4 156.0 172.5 188.0 198.2
Fair value reserve1 21.1 23.9 (1.5) 21.9 20.9 11.8 13.2 14.9 30.6 19.9
Shareholder equity 114.0 144.1 118.4 149.7 155.5 158.2 169.2 187.4 218.6 218.1
Non-controlling interests 24.4 25.7 22.6 23.5 24.0 23.5 35.2 34.8 37.8 40.6
  138.4 169.8 141.0 173.2 179.5 181.7 204.4 222.2 256.4 258.7
                     
Property, plant and equipment 65.5 75.3 68.2 68.0 66.8 67.8 73.8 59.5 67.5 69.9
Intangibles 14.8 21.4 19.9 19.1 18.9 17.9 18.2 16.4 20.0 20.5
Biological assets 1.3 1.4
Investments in associates, partnerships and joint ventures 35.0 39.5 41.1 44.6 42.1 49.5 50.3 56.7 70.2 80.1
Financial assets 52.3 73.9 40.2 64.2 65.3 60.7 70.3 81.4 101.3 88.4
Investment properties 3.6 5.0 5.3 6.5 7.1 7.9 19.4 20.9 23.5 34.4
Properties under development 0.2 0.6 0.8 0.2 0.2 0.4 0.5 1.5 2.0 1.9
Deferred tax assets 1.6 1.8 2.0 1.8 1.7 1.5 1.4 1.4 1.4 1.4
Other non-current assets 10.4 9.4 9.5 10.2 11.3 10.7 12.4 10.9 13.0 13.1
Net current assets/(liabilities) 8.4 (3.1) 11.8 22.0 27.6 32.8 34.0 35.9 31.8 31.5

Current assets

59.0 68.6 60.9 70.2 84.5 86.2 95.2 95.3 105.6 104.7

Current liabilities

(50.6) (71.7) (49.1) (48.2) (56.9) (53.4) (61.2) (59.4) (73.8) (73.2)
  191.8 223.8 198.8 236.6 241.0 249.2 280.3 284.6 332.0 342.6
Non-current liabilities (53.4) (54.0) (57.8) (63.4) (61.5) (67.5) (75.9) (62.4) (75.6) (83.9)
  138.4 169.8 141.0 173.2 179.5 181.7 204.4 222.2 256.4 258.7
Net debt2 23.6 33.8 22.1 17.8 9.5 16.1 19.6 9.0 32.6 44.4

Footnotes:
Prior to the financial year ended 31 March 2016, 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
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Operating cash flow before working capital changes 17.6 21.2 14.0 16.4 20.2 16.8 20.1 20.0 20.3 18.4
Changes in working capital 2.5 (0.3) 1.5 (4.1) (2.9) (1.6) (4.0) (1.5) (3.2) (5.1)
Cash generated from operations 20.1 20.9 15.5 12.3 17.3 15.2 16.1 18.5 17.1 13.3
Income tax paid (1.6) (2.0) (1.8) (1.3) (1.3) (2.0) (1.8) (2.3) (2.0) (2.1)
Net cash inflow from operating activities 18.5 18.9 13.7 11.0 16.0 13.2 14.3 16.2 15.1 11.2
Net cash inflow/(outflow)
from investing activities
(23.3) (30.4) 0.1 (5.3) (4.9) (14.8) (15.3) (19.2) (22.6) (14.7)
Net cash inflow/(outflow)
from financing activities
2.2 13.3 (6.4) (0.2) (1.7) (1.4) 4.0 1.0 1.1 2.4
Net increase/(decrease) in cash and cash equivalents held (2.6) 1.8 7.4 5.5 9.4 (3.0) 3.0 (2.0) (6.4) (1.1)

 

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 2014 78.2 115.4 (6.2) 34.8 222.2
  Total profit 14.5 4.2 18.7
  Others, net1 18.0 (2.9) 1.6 (1.2) 15.5
Balance at 31 March 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


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 2016

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