Credit Quality
Our Temasek Credit Profile1 is a snapshot of our credit quality and financial strength2. For these ratios, the lower the percentage, the higher the credit quality.
(for year ended 31 March)
Total Debt 5%
of Net Portfolio Value
Total Debt 12%
of Liquid Assets3
Interest Expense 4%
of Dividend Income
Interest Expense 1%
of Recurring Income4
Total Debt due in One Year 5%
of Recurring Income4
Total Debt due in next 10 Years 18%
of Liquidity Balance5
Key Credit Parameters (in S$ billion)
| For year ended 31 March | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| Divestments | 15 | 13 | 10 | 19 | 28 | 18 | 16 | 28 | 26 | 39 |
| Dividend income | 8.1 | 6.4 | 7.9 | 7.9 | 7.8 | 7.0 | 9.0 | 8.5 | 11.9 | 8.4 |
| Income from investments | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.3 | 0.4 | 0.8 | 0.7 |
| Interest income | 0.2 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.4 | 0.7 | 0.1 |
| Interest expense |
0.5 | 0.5 | 0.5 | 0.5 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 |
| Net portfolio value | 198 | 215 | 223 | 266 | 242 | 275 | 308 | 313 | 306 | 381 |
| Liquid assets3 | 71.8 | 76.5 | 80.3 | 90.6 | 74.3 | 91.1 | 110.3 | 112.2 | 112.4 | 143.1 |
| Liquidity balance5 | 33.7 | 33.3 | 29.9 | 26.7 | 27.1 | 37.6 | 33.2 | 44.2 | 47.1 | 50.8 |
| Total debt6 | 13.5 | 14.6 | 14.2 | 13.8 | 12.9 | 12.8 | 12.8 | 15.1 | 13.9 | 17.6 |
Temasek Bonds – Maturity Profile and Coupon
Footnotes:
1 From the year ended 31 March 2020, the applicable accounting standard (IFRS 16: Leases) has required us to record our leases, comprising mainly office rental, on our balance sheet. This means that our lease liabilities and interest expense on lease liabilities are included as part of total debt and interest expense respectively. The credit ratios from the year ended 31 March 2020 reflect this change in accounting standards.
2 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.
3 Mainly cash and cash equivalents, and sub-20% listed assets.
4 Divestments, dividend income, income from investments and interest income.
5 Cash and cash equivalents, and short term investments.
6 As at 31 March 2021, we had S$16.0 (US$11.9) billion of Temasek Bonds and Temasek Euro-commercial Paper (ECP) totalling S$1.5 (US$1.1) billion, outstanding, in equivalent Singapore Dollar Value. The weighted average maturity for Temasek Bonds was over 16 years, and above two months for our ECP. All Temasek Bonds are rated Aaa/AAA by Moody’s Investors Service (Moody’s) and S&P Global Ratings (S&P) respectively. Our ECP Programme has short term ratings of P-1/A-1+ by Moody’s and S&P respectively.
7 Exchange rates as at 31 March 2021.
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