We are governed by a set of stringent financial policies and disciplines.
We manage our leverage and liquidity prudently to ensure balance sheet resilience and flexibility, even in times of extreme stress. We aim to ensure that our primary sources of cashflows can cover our non-discretionary operating expenses and debt repayments.
Our Board sets our overall debt limit, taking into account our shareholder funds, cash flow and credit profile.
Capital and Liquidity Management
Our primary sources of funds include divestment proceeds, as well as dividends and distributions received from our portfolio, supplemented by our Temasek Bonds and Euro-commercial Paper.
We plan proactively for a long-dated and well distributed debt maturity profile, and avoid a large debt tower in any one year.
As a policy, Temasek does not issue any financial guarantees for the obligations of our portfolio companies.
Foreign Exchange Management
Our risk-adjusted return for each investment factors in foreign exchange (FX) risk. Where appropriate, we close up our FX exposure in the forward market.
(for year ended 31 March)