Temasek Review 2021
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

Net Portfolio Value over Total Debt
  • Total Debt
  • Net Portfolio Value

Total Debt
12% of Liquid Assets

Net Portfolio Value over Total Debt
  • Total Debt
  • Liquid Assets

Interest Expense
4% of Dividend Income

Net  Portfolio Value over Total Debt
  • Interest Expense
  • Dividend Income

Interest Expense
1% of Recurring Income

Net Portfolio Value over Total Debt
  • Interest Expense
  • Recurring Income

Total Debt due in One Year
5% of Recurring Income

Total Debt due in One Year 3 % 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 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