Institution
Credit Quality
Our Temasek Credit Profile is a snapshot of our credit quality and financial strength. 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
- Net Portfolio Value
Total Debt
12% of Liquid
Assets
- Total Debt
- Liquid Assets
Interest Expense
4% of Dividend Income
- Interest Expense
- Dividend Income
Interest Expense
1% of Recurring
Income
- Interest Expense
- Recurring Income
Total Debt due in One Year
5% of Recurring
Income
- Total Debt due in One Year
- Recurring Income
Total Debt due in next 10 Years
18% of Liquidity
Balance
- Total Debt due in next 10 Years
- Liquidity Balance
As an investment company, our dividend income and divestment proceeds are used to pay our business expenses; bond investors; taxes to the government; dividends to our shareholder; and make investments.
For the year ended 31 March 2021, Temasek earned S$8 billion in dividend income and divested S$39 billion. These amounts formed the bulk of our cash inflows.
Unlike pension or oil funds, we do not have inflows from pension contributions or oil revenues. Temasek had S$18 billion of debt outstanding as at 31 March 2021.
Our interest expense for the year ended 31 March 2021 was about 4% of our dividend income.
(for year ended 31 March)
Key Credit Parameters (in S$ billion)
| For year ended 31 March | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|
| Divestments | 18 | 16 | 28 | 26 | 39 |
| Dividend income | 7.0 | 9.0 | 8.5 | 11.9 | 8.4 |
| Income from investments | 0.2 | 0.3 | 0.4 | 0.8 | 0.7 |
| Interest income | 0.2 | 0.2 | 0.4 | 0.7 | 0.1 |
| Interest expense | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 |
| Net portfolio value | 275 | 308 | 313 | 306 | 381 |
| Liquid assets | 91.1 | 110.3 | 112.2 | 112.4 | 143.1 |
| Liquidity balance | 37.6 | 33.2 | 44.2 | 47.1 | 50.8 |
| Total debt | 12.8 | 12.8 | 15.1 | 13.9 | 17.6 |
Discover More
