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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 2010 to 2020.

In accordance with the well-established International 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, 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.

In 2018, Temasek adopted the International Financial Reporting Standards (IFRS), in line with Singapore's convergence with IFRS. This included the adoption of IFRS 9: Financial Instruments in 2018 and IFRS 16: Leases in 2019. You can find out more information here.

Group Income Statements

In S$ billion

For year ended
31 March1
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Revenue 76.7 83.5 83.5 94.3 92.4 101.6 101.5 97.0 107.4 114.6 118.6
Cost of sales (50.7) (53.0) (56.3) (64.5) (63.7) (70.4) (73.3) (68.6) (74.7) (85.0) (87.4)
Gross profit 26.0 30.5 27.2 29.8 28.7 31.2 28.2 28.4 32.7 29.6 31.2
Other income 4.5 4.9 6.3 5.5 6.0 9.2 11.0 10.0 13.3 7.2 7.3
Expenses:                      
  Selling & Distribution (5.3) (5.8) (5.6) (5.2) (4.7) (5.0) (4.4) (3.7) (3.3) (3.4) (3.5)
  Administrative (8.7) (7.3) (8.0) (8.7) (8.9) (9.6) (8.0) (8.4) (8.7) (8.4) (8.4)
  Finance (2.4) (2.6) (2.6) (2.6) (2.3) (2.1) (2.7) (2.8) (3.2) (3.7) (4.7)
  Other expenses (10.0) (6.2) (7.1) (6.7) (7.5) (8.1) (16.0) (8.9) (9.5) (7.4) (10.5)
Profit before share of results of associates, partnerships and joint ventures 4.1 13.5 10.2 12.1 11.3 15.6 8.1 14.6 21.3 13.9 11.4
Share of results
of associates and partnerships
2.4 2.6 3.0 2.5 4.3 3.5 4.4 3.3 6.8 2.6 3.5
Share of results of joint ventures 2.0 1.7 1.6 1.9 1.9 2.1 2.2 2.4 2.3 2.2 0.3
Profit before income tax 8.5 17.8 14.8 16.5 17.5 21.2 14.7 20.3 30.4 18.7 15.2
Tax expense (1.7) (2.0) (1.4) (2.0) (2.3) (2.5) (2.1) (2.6) (2.8) (2.8) (2.9)
Profit for the year 6.8 15.8 13.4 14.5 15.2 18.7 12.6 17.7 27.6 15.9 12.3
Less: Non-controlling interest (2.2) (3.1) (2.7) (3.8) (4.3) (4.2) (4.2) (3.5) (5.9) (4.1) (3.5)
Group net profit 4.6 12.7 10.7 10.7 10.9 14.5  8.4 14.2 21.7 11.8 8.8

Additional Information:

For year ended
31 March1
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Group net profit, including unrealised mark to market losses of sub-20% investments2
11.8 8.8
Add: Unrealised mark to market losses of sub-20% investments  1.0 2.6
Group net profit, excluding unrealised mark to market losses of sub-20% investments  4.6 12.7 10.7 10.7 10.9 14.5 8.4 14.2 21.7 12.8 11.4

Group Balance Sheets

In S$ billion

As at
31 March1

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Shareholder equity excluding cumulative mark to market gains of sub-20% investments  127.8 134.6 146.4 156.0 172.5 188.0 198.2 210.7 227.4 246.3 257.7
Cumulative mark to market gains/(losses) of sub-20% investments3 21.9 20.9 11.8 13.2 14.9 30.6 19.9 28.2 44.7 37.2 32.8
Shareholder equity 149.7 155.5 158.2 169.2 187.4 218.6 218.1 238.9 272.1 283.5 290.5
Non - controlling interests 23.5 24.0 23.5 35.2 34.8 37.8 40.6 43.1 47.1 47.7 72.6
  173.2 179.5 181.7 204.4 222.2 256.4 258.7 282.0 319.2 331.2 363.1
Property, plant and equipment 68.0 66.8 67.8 73.8 59.5 67.5 69.9 70.8 73.2 78.5 82.1
Rights-of-use assets 9.4
Intangible assets 19.1 18.9 17.9 18.2 16.4 20.0 20.5 22.6 27.9 27.7 28.8
Biological assets 1.3 1.4 0.5 0.5 0.5 0.5
Investments in associates, partnerships and joint ventures 44.6 42.1 49.5 50.3 56.7 70.2 80.1 83.5 84.8 85.0 87.2
Financial assets 64.2 65.3 60.7 70.3 81.4 101.3 88.4 98.3 132.0 134.0 137.3
Investment properties 6.7 7.3 8.3 19.9 22.4 25.5 36.3 40.0 46.3 56.3 98.1
Deferred tax assets 1.8 1.7 1.5 1.4 1.4 1.4 1.4 1.4 1.0 0.8 1.3
Other non - current assets 10.2 11.3 10.7 12.4 10.9 13.0 13.1 12.8 11.8 7.4 8.8
Net current assets/(liabilities) 22.0 27.6 32.8 34.0 35.9 31.8 31.5 41.3 38.2 44.0 48.7
  Current assets 70.2 84.5 86.2 95.2 95.3 105.6 104.7 117.7 113.1 118.8 141.5
  Current liabilities (48.2) (56.9) (53.4) (61.2) (59.4) (73.8) (73.2) (76.4) (74.9) (74.8) (92.8)
  236.6 241.0 249.2 280.3 284.6 332.0 342.6 371.2 415.7 434.2 502.2
Non - current liabilities (63.4) (61.5) (67.5) (75.9) (62.4) (75.6) (83.9) (89.2) (96.5) (103.0) (139.1)
  173.2 179.5 181.7 204.4 222.2 256.4 258.7 282.0 319.2 331.2 363.1
Net debt4 17.8 9.5 16.1 19.6 9.0 32.6 44.4 39.3 49.7 51.9 83.35

Group Cash Flow Statements

In S$ billion

For year ended 31 March1 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Operating cash flow before
working capital changes
16.4 20.2 16.8 20.1 20.0 20.3 18.4 18.7 20.8 19.7 23.1
Change in working capital (4.1) (2.9) (1.6) (4.0) (1.5) (3.2) (5.1) (2.3) (3.8) (1.7) (3.7)
Cash generated from operations 12.3 17.3 15.2 16.1 18.5 17.1 13.3 16.4 17.0 18.0 19.4
Income tax paid (1.3) (1.3) (2.0) (1.8) (2.3) (2.0) (2.1) (2.4) (2.2) (2.2) (2.0)
Net cash inflow from operating activities 11.0 16.0 13.2 14.3 16.2 15.1 11.2 14.0 14.8 15.8 17.4
Net cash (outflow) from investing activities (5.3) (4.9) (14.8) (15.3) (19.2) (22.6) (14.7) (7.2) (23.0) (13.5) (9.8)
Net cash inflow/(outflow) from financing activities (0.2) (1.7) (1.4) 4.0 1.0 1.1 2.4 2.7 2.5 11.0 2.0
Net increase/(decrease) in cash and cash equivalents held 5.5 9.4 (3.0) 3.0 (2.0) (6.4) (1.1) 9.5 (5.7) 13.3 9.6

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 31 March 2018 118.8 160.6 (7.3) 47.1 319.2

  Effects of adoption of IFRS 91

(44.5) 44.3 (0.1) (0.3)
  Profit for the year 11.8 4.1 15.9
  Others, net6 4.1 (5.5) 1.2 (3.4) (3.6)
Balance at 31 March 2019 78.4 211.2 (6.1) 47.7 331.2
  Effects of adoption of IFRS 16 (1.2) (0.5) (1.7)
  Profit for the year 8.8 3.5 12.3
  Others, net6 4.0 (5.7) 1.1 21.9 21.3
Balance at 31 March 2020 82.4 213.1 (5.0) 72.6 363.1
Footnote:
1 On 1 April 2018, the Group adopted International Financial Reporting Standards (IFRS). The Group also adopted new and amended IFRS and Interpretations of IFRS that were mandatory for application for the financial year ended 31 March 2019, which included IFRS 1: First-time adoption of IFRS, IFRS 9: Financial Instruments and IFRS 15: Revenue from Contracts with Customers. Changes in accounting policies as a result of IFRS 1 and IFRS 15 were applied retrospectively to the Group financial statements for the year ended 31 March 2018. The effects of adoption of IFRS 9 were recognised in the shareholder equity as at 1 April 2018. Comparative financial statements for the years ended 31 March 2010 to 2017 were prepared based on Singapore Financial Reporting Standards.
2 From the financial year ended 31 March 2019, IFRS 9 requires unrealised mark to market gains or losses of sub-20% investments to be included in the Group net profit.
3 The accounting standards require sub-20% investments to be marked to market from the financal year ended 31 March 2006. To provide additional information on shareholder equity excluding market volatility on sub-20% investments, unrealised mark to market gains or losses are separately disclosed.
4 Total debt less cash and cash equivalents.
5Group net debt increased from S$51.9b to S$83.3b primarily due to adoption of IFRS16 and consolidation of new subsidiaries during the year ended 31 March 2020.
6  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.
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