Group Financials

The Group Financials comprise the Group Income Statements, Balance Sheet, Cash Flow Statements, and Statements of Changes in Equity. They are prepared based on Temasek’s audited consolidated statutory financial statements for the financial years ended 31 March 2022 to 2026.

Prepared in accordance with International Financial Reporting Standards (IFRS), the Group Financials consolidate Temasek and its operating subsidiaries, such as PSA, Singapore Airlines, Singtel, and ST Engineering, etc. This means 100% of the revenues and expenses of these subsidiaries are included, with intra-group transactions eliminated.

Associates, such as DBS and Keppel, etc., are not consolidated in the Group Financials. Instead, Temasek's proportionate share of their profits/losses is recognised in the Group results in accordance with equity accounting principles.

In 2018, Temasek adopted IFRS, as part of Singapore’s convergence with international accounting standards.