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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 2009 to 2018.

In accordance with the well-established Singapore 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, CapitaLand, 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.

Group Income Statements

In S$ billion

For year ended
31 March
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Revenue 79.6 76.7 83.5 83.5 94.3 92.4 101.6 101.5 97.0 107.1
Cost of sales (57.5) (50.7) (53.0) (56.3) (64.5) (63.7) (70.4) (73.3) (68.6) (75.0)
Gross profit 22.1 26.0 30.5 27.2 29.8 28.7 31.2 28.2 28.4 32.1
Other income 16.2 4.5 4.9 6.3 5.5 6.0 9.2 11.0 10.0 13.3
Expenses:                    
  Selling & 
  Distribution
(5.0) (5.3) (5.8) (5.6) (5.2) (4.7) (5.0) (4.4) (3.7) (3.7)
  Administrative (8.1) (8.7) (7.3) (8.0) (8.7) (8.9) (9.6) (8.0) (8.4) (8.6)
  Finance (2.7) (2.4) (2.6) (2.6) (2.6) (2.3) (2.1) (2.7) (2.8) (3.2)
  Other 
  expenses
(15.3) (10.0) (6.2) (7.1) (6.7) (7.5) (8.1) (16.0) (8.9) (9.5)
Profit before share of results of associates and joint ventures 7.2 4.1 13.5 10.2 12.1 11.3 15.6 8.1 14.6 20.4
Share of results
of associates
1.3 2.4 2.6 3.0 2.5 4.3 3.5 4.4 3.3 6.8
Share of results
of joint ventures
1.9 2.0 1.7 1.6 1.9 1.9 2.1 2.2 2.4 2.3
Profit before
income tax
10.4 8.5 17.8 14.8 16.5 17.5 21.2 14.7 20.3 29.5
Tax expense (1.3) (1.7) (2.0) (1.4) (2.0) (2.3) (2.5) (2.1) (2.6) (2.7)
Profit from continuing operations 9.1 6.8 15.8 13.4 14.5 15.2 18.7 12.6 17.7 26.8
Profit from discontinued operations - - - - - - - - - -
Total profit 9.1  6.8  15.8  13.4  14.5  15.2  18.7  12.6  17.7 26.8

Profit attributable to:

For year ended
31 March
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Equity holder of the Company 6.2 4.6 12.7 10.7 10.7 10.9 14.5 8.4 14.2 21.3
Non-controlling interests 2.9 2.2 3.1 2.7 3.8 4.3 4.2 4.2 3.5 5.5
Total profit 9.1 6.8 15.8 13.4 14.5 15.2 18.7 12.6 17.7 26.8

Group Balance Sheets

In S$ billion

As at
31 March
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Shareholder equity
before fair value reserve
119.9 127.8 134.6 146.4 156.0 172.5 188.0 198.2 210.7 228.0
Mark to market gains/(losses) of sub-20% investments1 (1.5) 21.9 20.9 11.8 13.2 14.9 30.6 19.9 28.2 44.7
Shareholder equity 118.4 149.7 155.5 158.2 169.2 187.4 218.6 218.1 238.9 272.7
Non - controlling interests 22.6 23.5 24.0 23.5 35.2 34.8 37.8 40.6 43.1 47.5
  141.0 173.2 179.5 181.7 204.4 222.2 256.4 258.7 282.0 320.2
Property, plant and equipment 68.2 68.0 66.8 67.8 73.8 59.5 67.5 69.9 70.8 75.2
Intangibles 19.9 19.1 18.9 17.9 18.2 16.4 20.0 20.5 22.6 27.9
Biological assets 1.3 1.4 0.5 0.5
Investments in associates and joint ventures 41.1 44.6 42.1 49.5 50.3 56.7 70.2 80.1 83.5 84.8
Financial assets 40.2 64.2 65.3 60.7 70.3 81.4 101.3 88.4 98.3 132.0
Investment properties 5.3 6.5 7.1 7.9 19.4 20.9 23.5 34.4 38.0 46.3
Deferred tax assets 2.0 1.8 1.7 1.5 1.4 1.4 1.4 1.4 1.4 1.0
Other non - current assets 9.5 10.2 11.3 10.7 12.4 10.9 13.0 13.1 12.8 11.6
Net current assets/ (liabilities) 11.8 22.0 27.6 32.8 34.0 35.9 31.8 31.5 41.3 37.7
  Current
  assets
60.9 70.2 84.5 86.2 95.2 95.3 105.6 104.7 117.7 112.2
  Current
  liabilities
(49.1) (48.2) (56.9) (53.4) (61.2) (59.4) (73.8) (73.2) (76.4) (74.5)
  198.8 236.6 241.0 249.2 280.3 284.6 332.0 342.6 371.2 417.0
Non - current liabilities (57.8) (63.4) (61.5) (67.5) (75.9) (62.4) (75.6) (83.9) (89.2) (96.8)
  141.0 173.2 179.5 181.7 204.4 222.2 256.4 258.7 282.0 320.2
Net debt2 22.1 17.8 9.5 16.1 19.6 9.0 32.6 44.4 39.3 49.7
Footnotes:
The accounting standards require sub-20% investments to be marked to market from the financial year ended 31 March 2006. To provide additional information on shareholder equity excluding market volatility on sub-20% investments, mark to market gains/(losses) recognised directly in equity are separately disclosed.

Total debt less cash and cash equivalents.

Group Cash Flow Statements

In S$ billion

For year ended
31 March
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Operating cash
flow before working
capital changes
14.0 16.4 20.2 16.8 20.1 20.0 20.3 18.4 18.7 20.5
Change in
working capital
1.5 (4.1) (2.9) (1.6) (4.0) (1.5) (3.2) (5.1) (2.3) (3.5)
Cash generated
from operations
15.5 12.3 17.3 15.2 16.1 18.5 17.1 13.3 16.4 17.0
Income tax paid (1.8) (1.3) (1.3) (2.0) (1.8) (2.3) (2.0) (2.1) (2.4) (2.2)
Net cash inflow from operating activities 13.7 11.0 16.0 13.2 14.3 16.2 15.1 11.2 14.0 14.8
Net cash inflow/(outflow) from investing activities 0.1 (5.3) (4.9) (14.8) (15.3) (19.2) (22.6) (14.7) (7.2) (23.0)
Net cash inflow/(outflow) from financing activities (6.4) (0.2) (1.7) (1.4) 4.0 1.0 1.1 2.4 2.7 2.5
Net increase/ (decrease) in cash and cash
equivalents held
7.4 5.5 9.4 (3.0) 3.0 (2.0) (6.4) (1.1) 9.5 (5.7)

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 2016
87.8 134.7 (4.4) 40.6 258.7
  Total
  profit
14.2 3.5 17.7
  Others,
  net1
10.5 (5.1) 1.2 (1.0) 5.6
Balance at
31 March 2017
98.3 143.8 (3.2) 43.1 282.0
  Total
  profit
21.3 5.5 26.8
  Others,
  net1
20.6 (4.0) (4.1) (1.1) 11.4
Balance at
31 March 2018
118.9 161.1 (7.3) 47.5 320.2
Footnote:
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.