Credit Quality
Our Temasek Credit Profile is a snapshot of our credit quality and financial strength1. 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 Assets2
Interest Expense 3%
of Dividend Income
Interest Expense 1%
of Recurring Income3
Total Debt due in One Year 3%
of Recurring Income3
Total Debt due in next 10 Years 18%
of Liquidity Balance4
Key Credit Parameters (in S$ billion)
| For year ended 31 March | 2016 | 2017 | 2018 | 2019 | 2020 |
|---|---|---|---|---|---|
| Divestments | 28 | 18 | 16 | 28 | 26 |
| Dividend income | 7.8 | 7.0 | 9.0 | 8.5 | 11.9 |
| Income from investments | 0.2 | 0.2 | 0.3 | 0.4 | 0.8 |
| Interest income | 0.2 | 0.2 | 0.2 | 0.4 | 0.7 |
| Interest expense |
0.4 | 0.4 | 0.4 | 0.4 | 0.4 |
| Net portfolio value | 242 | 275 | 308 | 313 | 306 |
| Liquid assets2 | 74.3 | 91.1 | 110.3 | 112.2 | 112.4 |
| Liquidity balance4 | 27.1 | 37.6 | 33.2 | 44.2 | 47.1 |
| Total debt5 | 12.9 | 12.8 | 12.8 | 15.1 | 13.9 |
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 Mainly cash and cash equivalents, and sub-20% listed assets.
3 Divestments, dividend income, income from investments and interest income.
4 Cash and cash equivalents, and short term investments.
5 As at 31 March 2020, we had S$12.6 (US$8.8) billion of Temasek Bonds and Temasek Euro-commercial Paper (ECP) totalling S$1.2 (US$0.9) billion, outstanding, in equivalent Singapore Dollar Value. The weighted average maturity for Temasek Bonds was over 12 years, and above one month 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.
6 Exchange rates as at 31 March 2020.
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