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.
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(for year ended 31 March)
Total Debt
5% of Net Portfolio Value
- Total Debt
- Net Portfolio Value
Total Debt
19% of Liquid Assets
- Total Debt
- Liquid Assets
Interest Expense
5% of Dividend Income
- Interest Expense
- Dividend Income
Interest Expense
1% of Recurring Income
- Interest Expense
- Recurring Income
Total Debt due in One Year
7% of Recurring Income
- Total Debt due in One Year
- Recurring Income
Total Debt due in next 10 Years
28% 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; interest and principal to bond investors; taxes to tax authorities; dividends to our shareholder; and make investments.
For the year ended 31 March 2022, Temasek earned S$9 billion in dividend income and divested S$37 billion. These amounts formed the bulk of our recurring cash inflows.
Temasek had S$22 billion of debt outstanding as at 31 March 2022, representing 5% of our net portfolio value. Our portfolio is liquid — our listed holdings are about eight times our debt outstanding. In a very unlikely extreme scenario where we have no other cash inflows, divesting a small part of our listed holdings would be sufficient to cover the total debt outstanding in four days.
Our interest expense for the year ended 31 March 2022 was about 5% of our dividend income.
(for year ended 31 March)
Key Credit Parameters (in S$ billion)
| For year ended 31 March | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Divestments | 16 | 28 | 26 | 39 | 37 |
| Dividend income | 9.0 | 8.5 | 11.9 | 8.4 | 9.4 |
| Income from investments | 0.3 | 0.4 | 0.8 | 0.7 | 1.0 |
| Interest income | 0.2 | 0.4 | 0.7 | 0.1 | 0.1 |
| Interest expense | 0.4 | 0.4 | 0.4 | 0.4 | 0.5 |
| Net portfolio value | 308 | 313 | 306 | 381 | 403 |
| Liquid assets | 110.3 | 112.2 | 112.4 | 143.1 | 113.6 |
| Liquidity balance | 33.2 | 44.2 | 47.1 | 50.8 | 38.4 |
| Total debt | 12.8 | 15.1 | 13.9 | 17.6 | 22.0 |
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