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1、Temasek Review 2022 HighlightsWe are driven to realise the promise of tomorrow;Like our early leaders,who charted our growth in Singapore and beyond.Even as our world rapidly changes,we remain anchored to our three roles as an Active Investor,Forward Looking Institution,and Trusted StewardTo do well
2、,do right,do good.With good hearts and determined minds,we embrace the opportunities that lie ahead,knowing our responsibilities to todays and future generations.We build and extend networks to catalyse solutions to the challenges we collectively face.By building with courage and conviction,and inve
3、sting in human potential,we deploy our capital to make a difference.Through our efforts,we aim to build a better,more sustainable world.So every generation prospersAn active investor and shareholderWe deliver sustainable value over the long termA forward looking institutionWe act with integrity and
4、are committed to the pursuit of excellenceA trusted stewardWe strive for the advancement of our communities across generations The Temasek CharterContents Overview4Ten year Performance Overview5Portfolio Highlights6Excerpts from Our Chairmans Message8Sustainability at the CoreInvestor10How We Invest
5、11How We Grew12How We Manage Risks1312month Returns Simulation1420 year Returns OutlookInstitution16A Forward Looking Institution17Our Values18Our OneTemasek Team20Instilling Ownership22Public Markers23Credit QualitySteward24A Trusted Steward25Enabling a Better World26Making a Difference28Group Fina
6、ncial HighlightsAnchored in Asia,we have 65%underlying exposure to developed economies.We ended the year with a net portfolio value of S$403 billion1.(as at 31 March)23223738121Net portfolio valueS$403bNet Portfolio Value(S$b)Invested during the decadeS$31
7、5b Investments&Divestments(S$b)One-year20-year10-year0397716(9)66795872065(2)20-year return to shareholder8%One-year return to shareholder5.81%S$Total Shareholder Return(%)Rolling S$Total Shareholder Return(%)110203040Since 1974Period in years2 6781212143
8、Distribution based on underlying assets.4 Exchange rates as at 31 March 2022.5 The Transportation&Industrials sector includes investments in Energy&Resources.6 Mainly cash and cash equivalents,and sub-20%listed assets.1 Equivalent to US$297 billion,268 billion,227 billion and RMB1.89 trillion as at
9、31 March 2022.2 As at 31 March 2022.Total Shareholder Return in US$terms was 5%,6%,10%,12%,13%and 16%for 1,10,20,30,40-year and since inception periods respectively.Read about our Total Shareholder Return at .sg/tsr or scan the QR codeRead our Investment Update at .sg/update or scan the QR code(as a
10、t 31 March)202220212020Singapore272424China222729Asia(ex Singapore&China)141313Americas212018Europe,Middle East&Africa121211Australia&New Zealand445Geography3(%)202220212020Financial Services 23 2423Transportation&Industrials5 22 1918Telecommunications,Media&Technology 18 2121Consumer&Real Estate 15
11、 1417Life Sciences&Agri-Food 9 108Multi-sector Funds 8 88Others(including Credit)5 45Sector3(%)202220212020Liquid&sub-20%listed assets6 28 3837Listed large blocs(20%and 50%share)8 75Listed large blocs(50%share)12 1010Unlisted assets 52 4548Liquidity(%)S$403bPortfolioRMB1.89tPortfolio4US$297bPortfoli
12、o428263730461InvestmentsDivestments4 Temasek Review 2022 Highlights5Portfolio HighlightsTenyear Performance OverviewOverviewRead the full message from our Chairman at .sg/message or scan the QR codeA clear sense of purpose will guide us,even mor
13、e so in unpredictable times.A clear sense of purpose will guide us,even more so in unpredictable times.The battle against COVID-19 is not over;we need to continue working together to overcome it.We remain committed to doing our part to uplift communities where we can,as we have done since the earlie
14、st days.We continue to support COVID-19 initiatives in five key areas:testing&diagnosis,containment&contact tracing,care&treatment,protection&prevention,and enablement.Staying UnitedOur staff worked selflessly and tirelessly with colleagues from Temasek Trust,Temasek Foundation,and partners to suppo
15、rt these COVID-19 initiatives in Singapore and overseas.They used their skills,knowledge,experience,and networks to deliver solutions that have made,and continue to make,a difference to their communities.Sustainability remains at our core.We need to act now to deliver a better,more inclusive and res
16、ilient future for all.That is why we are actively investing in sustainable solutions in food,water,waste,energy,materials,clean transportation and the built environment,just to name a few.Ultimately,a focus on sustainability and climate change is a journey we must take.It is inextricably linked to a
17、 multi-generational mindset,as we do our part for a more sustainable world that safeguards the future of humanity.The Temasek team has collectively defined our Purpose in the simple statement“So Every Generation Prospers”.This serves as a single,unifying pledge that encapsulates our reasons for bein
18、g who we are,and why we do what we do.Long term generational commitment is fundamental to Temaseks founding.Our predecessors had imbued a long term ownership mindset in everything they did.It is through their unwavering commitment that we can reap the fruits of their labour over the past decades.Sim
19、ilarly,we must carry forward this spirit of doing things today with tomorrow in mind.Driving Sustainable and Inclusive GrowthDefining Our PurposeWhile it has been a challenging year,I am proud of the incredible adaptability and strength of our Temasek staff.They kept a focus on our Purpose and missi
20、on as a firm,while also volunteering for the many pandemic relief projects,both in Singapore and around the world.In Appreciation The road ahead may look winding and the complexities facing us may seem insurmountable.However,I am confident that we will rise to the challenge,knowing that a difficult
21、environment brings out the very best in us,and by staying committed to doing well,doing right and always doing good as a firm,so every generation prospers.Our world today is immensely complex.The challenges faced by governments,businesses and society have never been so multi-dimensional or far-reach
22、ing.While the future remains unpredictable,we recognise that there is tremendous scope to work together to overcome global challenges,and to harness the power of public and private sectors to achieve a better,more sustainable,and inclusive world.Our Purpose is embedded in everything we do and guides
23、 us towards achieving our long term goal of contributing to a bright future for current and future generations.LIM BOON HENGChairman,Temasek Holdings6 Temasek Review 2022 Highlights7Excerpts from Our Chairmans MessageOverviewTo further align with recommendations of the Task Force on Climate-related
24、Financial Disclosures,we have measured our Portfolio Weighted Average Carbon Intensity(WACI)at 119 tCO2e/S$M revenue for the financial year ended 31 March 2022.We expect our WACI to decrease over time,as we step up efforts to encourage decarbonisation across our portfolio companies and continue to i
25、nvest in less carbon intensive businesses.Pathways Towards Our Climate TargetsWe have identified three pathways towards our climate targets:1 tCO2e refers to tonnes of carbon dioxide equivalent,a standard unit used in greenhouse gas emissions accounting and reporting.2 Our total portfolio emissions
26、refer to the absolute greenhouse gas emissions(Scope 1 and Scope 2)associated with our equities portfolio,excluding private equity funds.3 Negative emissions acquired through investments and carbon offsets.Read more about our sustainability journey at .sg/sustainability or scan the QR codeOverviewSu
27、stainability at the CoreInvesting in climate-aligned opportunitiesEnabling carbon negative solutionsEncouraging decarbonisation efforts in businessesWe are in a critical decade.We must work together to solve the climate challenge,reverse nature loss and build a more inclusive society.At Temasek,doin
28、g well,doing right,and doing good are inseparable,as we strive to activate capital financial,human,natural,and social to catalyse solutions for a more sustainable and inclusive world,so every generation prospers.We set and achieved our target of carbon neutrality as a company three years ago,and hav
29、e maintained this status.Focus on Portfolio EmissionsWe target to reduce the net carbon emissions attributable to our portfolio to half the 2010 levels by 2030,as we aim for net zero portfolio emissions by 2050.(for year ending 31 March)Towards Net Zero2052120202011Carbon Emissions(millio
30、n tCO2e1)Historical Total Portfolio Emissions2Negative Emissions3(Illustrative)Calendar year emissions data and targets are reported in the subsequent financial yearTotal Portfolio Emissions2(Illustrative)Pathway for Net Portfolio Emissions(Illustrative)303026-10-5055222030 Target:11 mill
31、ion tCO2e2050 Ambition:Net Zero EmissionsOur estimated Total Portfolio Emissions have decreased moderately over the year,and the Portfolio Carbon Intensity of our equities portfolio has decreased from 103 tCO2e/S$M portfolio value to 81 tCO2e/S$M portfolio value for the financial year ended 31 March
32、 2022.The decrease is mainly attributable to the impact of COVID-19 on some of our key portfolio companies emissions as well as the time lag in reported emissions data.We continue to accelerate efforts to catalyse and invest in businesses and funds that support the decarbonisation of various sectors
33、,including hard-to-abate sectors such as aviation.Our long term investment horizon,which can span decades,puts us in a unique position to support companies to become more sustainable and adopt carbon abatement strategies.We can deploy catalytic capital in start-ups and growth sectors,partner industr
34、ies to pilot or scale sustainable solutions,or invest alongside portfolio companies as they transition their businesses.We engage our major portfolio companies regularly on their climate transition plans as part of our efforts to achieve a decarbonised and carbon efficient portfolio.To accelerate th
35、e pace of decarbonisation,we launched GenZero in June 2022 as an investment platform company dedicated to catalysing solutions across three focus areas:technology-based solutions,nature-based solutions,and carbon ecosystem enablers.Developing a Diverse and Inclusive Institution Our staff is our most
36、 important asset,and we value diversity and the cross-fertilisation of experiences and ideas.We seek to create an inclusive and cohesive work environment that celebrates and values their unique personalities,diverse perspectives,skill sets,and experiences.We also believe that staff diversity is impo
37、rtant.Today,our staff represents 33 nationalities with a gender mix of 55%male to 45%female.Our senior management is 78%male and 22%female.8 Temasek Review 2022 Highlights9We grew with Singapore in our early years.In 2002,we stepped out to build a second wing of growth with a transforming Asia.We ha
38、ve since increased our exposure outside Asia to capture global opportunities for innovation.Our initial portfolio in 1974 reflected Singapores early stages of industrialisation.Some of these companies,and others added since,have grown into iconic Singapore brands,such as the Singapore Zoo.Others,lik
39、e DBS and Singapore Airlines,have transformed into regional and global champions.We focus on trends driven by technological advances that cater to demographic shifts and sustainability objectives,transforming business models,or shifting consumption patterns.As at 31 March 2022,our net portfolio valu
40、e was S$403 billion1.1 Equivalent to US$297 billion,268 billion,227 billion and RMB1.89 trillion as at 31 March 2022.2 Incorporation of Temasek on 25 June 1974.3 Financial year-end was changed from 31 December before 1993 to 31 March from 1994 onwards.4 From the financial year ended 31 March 2006,th
41、e accounting standards require sub-20%investments to be marked to market.See our initial portfolio at .sg/portfolioatinception or scan the QR codeDriven by our views of the trends shaping societies,we invest today with tomorrow in mind.We aim to build a forward looking and resilient portfolio that d
42、elivers sustainable returns over the long term.We deploy capital to catalyse solutions that can enable the transition to a low carbon economy,and tap on opportunities to build future growth sectors and leading enterprises through our efforts in innovation.Our investment activities are aligned to fou
43、r structural trends that shape our long term portfolio construction.Our investment discipline is centred around intrinsic value and our risk-return framework.This framework forms the basis of our investment decisions,capital allocation,performance measurement and incentive system.For each investment
44、 we make,we conduct bottom-up intrinsic value analysis,with expected returns evaluated against a risk-adjusted cost of capital that is derived using the capital asset pricing model.Investments in riskier sectors or markets will have higher costs of capital.We use risk-adjusted cost of capital to nor
45、malise the risks in order to compare the relative attractiveness among investment opportunities.We have full discretion as an owner and investor to reshape and rebalance our investment holdings as the situation warrants.We are predominantly invested in equities.Based on our risk-return appetite,we i
46、nvest or divest in line with our outlook and value tests.We may take concentrated positions or remain in cash,but we do not have targets for investing by asset class,country,sector or single name.As an active and engaged shareholder,we seek to add value to our portfolio across all stages of enterpri
47、se growth.We proactively promote good governance,looking to boards to drive strategy and oversee management,who,in turn,run their respective companies.DigitisationSustainable LivingFuture of ConsumptionLonger Lifespans Temasek Net Portfolio Value since InceptionListingof SingtelAsianFinancial Crisis
48、DotcomPeakSARSEpidemic500300350400(in S$billion)450Temasek steps upinvestments in AsiaGlobalFinancial CrisisMarketdislocationCOVID-19Pandemic02220090807060504030209594392742Market valueShareholder equityShareholder equity excluding mark to market movement4
49、Financial Year S$403b Net portfolio value on 31 March 202210 Temasek Review 2022 Highlights11InvestorHow We InvestHow We GrewWhile we expect volatility consistent with a largely equities portfolio,we manage our portfolio to deliver sustainable returns over the long term.For our current portfolio mix
50、,our Monte Carlo simulations show a five-in-six chance that one-year forward portfolio returns may range from-16%to+30%.Our annual returns ranged from-30%to+46%,over the past 20 years.Narrower curves in the chart below mean less volatility compared,for instance,to the flatter curves of the 2008/09 G
51、lobal Financial Crisis years.1 Based on Monte Carlo simulation for 12-month forward portfolio returns distribution,assuming no change in market conditions or portfolio mix.2 Total Shareholder Return.3 Periods of low market volatility.4 Periods of medium market volatility.5 Periods of high market vol
52、atility.Simulation of 12-month Forward Portfolio ReturnsRelative Likelihood-60-40-20020406080100120Potential Portfolio Returns a Year Later(%)Probable range of12-month returns by 31 March 2023-16%to+30%Fiveinsix chance range of returns1Actual TSR2(%)a year laterLow(%)High(%) 20085-3055-3
53、0 20184-17241 20193-1318-2 20214-16266 20224-1630There are inherent risks whenever we invest,divest,or hold our assets,and wherever we operate.We adopt a long term view of our investments,with the flexibility to take concentrated positions.We invest across all
54、stages of the business life cycle,from early stage and/or unlisted,to large or listed assets.We do not have targets for investing by asset class,country,sector or single name.Our long investment horizon means we have a portfolio of predominantly equities,including listed and unlisted assets,and priv
55、ate equity funds,designed to deliver higher risk-adjusted returns over the long term.Consequently,our portfolio is expected to have higher year-to-year volatility of annual returns,with higher risks of negative returns in any one year.Our investment posture is to ride out short term market volatilit
56、y and focus on generating sustainable returns over the long term.Given the expected volatility,we manage our leverage and liquidity prudently for resilience and investment flexibility,even in times of extreme stress.Organisational Risk Management FrameworkWe track and manage risks proactively,throug
57、h economic and market cycles,including specific risks at the asset level.To minimise operational risks,we embed risk management in our systems and processes.These include our approval authority delegation,company policies,standard operating procedures and risk reporting to our Board.We do not manage
58、 our portfolio to short term mark to market changes.We evaluate the potential for sustained loss of overall portfolio value over prolonged periods,and use different scenarios to test our resilience.Legal&RegulatoryWe comply with all obligations under Singapore laws and regulations,including those ar
59、ising from international treaties and UN sanctions.We also comply with the laws and regulations of jurisdictions where we have investments or operations.Our Temasek Code of Ethics and Conduct and its related policies guide our Board directors and staff in their daily dealings and conduct.(as at 31 M
60、arch)Simulation of 12-month Forward Portfolio Returns12 Temasek Review 2022 Highlights1312month Returns SimulationHow We Manage RisksInvestorYear-to-year Annual Returns during 20-year Period(%)Relative Likelihood-ve0+veHigh Ambition Climate ChangeCentralAcute US Monetary ShockFurther Escalation of G
61、lobal Strategic RivalryChina Hard LandingLow Ambition Climate ChangeCentral Scenario with slightly higher likelihoodof higher returns,except against the High Ambition Climate Change Scenario Geometric Returns(Compounded Annualised)at the End of 20-year Period(%)Relative Likelihood-ve0+ve Higher like
62、lihood of higher positive returns for Temasek PortfolioLower likelihood of negative returns for Temasek Portfolio20-year Expected Returns for Various Temasek ScenariosThe Central Scenario offers higher 20-year expected returns for the Temasek Portfolio,compared to those under the other alternate sce
63、narios of Acute US Monetary Shock,Further Escalation of Global Strategic Rivalry,Low Ambition Climate Change and China Hard Landing.Our Temasek Geometric Expected Return Model,or T-GEM,simulates the range of possible returns for our portfolio over the next 20 years.These simulations do not predict a
64、ctual outcomes.20-year Expected Returns for Different Portfolio MixUnder our Central Scenario,the Temasek Portfolio has the highest upside potential(see blue shaded),but also the highest volatility,as shown in the charts below.The Global Bond Portfolio has the lowest upside potential and the least y
65、ear-to-year volatility.Geometric Returns(Compounded Annualised)at the End of 20-year Period(%)Relative Likelihood-ve0+veLower likelihood of negative returns for Central Scenario,except against the High Ambition Climate Change ScenarioCentral Scenario sees higher likelihood of higher returns,except a
66、gainst the High Ambition Climate Change ScenarioGlobal Equity PortfolioTemasek PortfolioGlobal Bond PortfolioYear-to-year Annual Returns during 20-year Period(%)Relative Likelihood-ve0+veWider curve of greater annual volatility forTemasek PortfolioNarrower curve for Global Bond Portfolio means less
67、volatility in year-to-year annual returnsLikelihood of Year-to-year Annual Returns during 20-year Period,by Portfolio MixLikelihood of Year-to-year Annual Returns during 20-year Period,by Potential Scenario(as at 31 March 2022)(as at 31 March 2022)Likelihood of Geometric Returns(Compounded Annualise
68、d)at the End of 20-year Period,by Potential ScenarioLikelihood of Geometric Returns(Compounded Annualised)at the End of 20-year Period,by Portfolio Mix14 Temasek Review 2022 Highlights1520year Returns OutlookInvestorThe character of Temasek is shaped by our Purpose,our MERITT values,our Temasek Char
69、ter and our business strategy as we strive to do right,as individuals and as a team.At Temasek,our Purpose Statement“So Every Generation Prospers”guides us to make a difference,by actively shaping and building a better tomorrow for todays and future generations.We do this by investing in human poten
70、tial,which,in turn,builds and sustains our portfolio,our institution and our wider communities,always with tomorrow clearly in our minds.Building a Better,Smarter,More Sustainable WorldSustainability is at the core of everything we do.Our commitment to ensuring a more sustainable planet drives our f
71、ocus as an investor,institution and steward.We look for opportunities to invest in companies addressing global sustainability challenges,and to help companies transform business models to be more sustainable.We incorporate Environmental,Social and Governance considerations into our investment decisi
72、on making and management.We encourage companies to adopt policies and practices that safeguard and enhance long term sustainability and resilience of their business.We seek to build a resilient and inclusive Temasek by developing our people,capabilities and processes around sustainability,good gover
73、nance and a strong set of values.We foster community partnerships and provide gifts to Temasek Trust to uplift lives and build resilience in our communities.We look across generations as a steward,investing with tomorrow in mind.Promoting Good GovernanceWe advocate good governance and uphold the San
74、tiago Principles for sovereign investments.We had supported the International Monetary Fund initiative to frame these principles in 2008.Our Board and ManagementChaired by Mr Lim Boon Heng,our Temasek Board and management ensure compliance with the rules and regulations wherever we have investments
75、or operations.Find out more about our Board at .sg/board or scan the QR codeSee the list of our senior team at .sg/team or scan the QR codeWe are guided by our MERITT values and strive to do well,do right,and do good.As a purpose-driven organisation,we are guided by our MERITT values,and are united
76、by our Temasek Heartbeat.Our people give back to their communities,including working through T-Touch,a staff-driven volunteer initiative.ExcellenceWe are passionately committed to learning,improving and delivering outstanding resultsMeritocracyWe are fair and objective in recognising contributions a
77、nd performanceTrustWe foster a culture of mutual support and confidenceTeamworkWe value each other and work together to benefit from our complementary strengthsRespectWe treat others as we would like others to treat usIntegrityWe are honest to ourselves,our profession,our institution,and our stakeho
78、lders16 Temasek Review 2022 Highlights17Our ValuesA Forward Looking InstitutionInstitutionLearn more about our people at .sg/heartbeat or scan the QR code(as at 31 March)About 60%of our staff across our 13 offices in 9 countries are Singaporeans.Chinese(11%),American(6%),Indian(6%),British(3%)and Ma
79、laysian(3%)constitute the next 5 largest nationality groups.We have grown over the last two decades,from less than 200 to over 600 strong in Singapore.Our Staff Composition SingaporeOur Staff Composition GlobalWe have about 900 people,representing 33 nationalities across 13 offices in 9 countries,in
80、vesting and working together to build a better tomorrow.We strive to do well,do right,and do good,to build a brighter,kinder and more inclusive tomorrow for this and future generations.At the core of this ambition is our people their values,passions,capabilities,and their willingness to learn,lead a
81、nd take on new ideas and responsibilities.Rooted in MeritocracyTemasek has its roots in Singapore,a country founded on the ideals of meritocracy,regardless of race,language or religion.Our character is shaped by the values,the integrity and the capability of our people.Temasek,built and sustained by
82、 its people,serves as an active global investor and a trusted steward.We value diversity,the cross-fertilisation of experiences and ideas across geographies and cultures,and the ability to connect dots in a complex world.Developing Our PeopleWe work to transform for relevance and impact,as we have d
83、one through the years.We encourage mobility as a way of developing our talent,both between functions and across geographies.Our colleagues are given opportunities to broaden their experiences and exposure outside their home base,and also to build their skill sets and leadership capabilities across o
84、ur global network.An Inclusive TeamWe bond as OneTemasek,embracing different perspectives,skill sets and experiences.The interaction among all of us from diverse backgrounds creates an inclusive workplace where we can grow and thrive individually and collectively as an institution,towards our common
85、 Purpose,“So Every Generation Prospers”.Our offices around the world are anchored by strong local cores.Overall,our nationality mix is about 60%Singaporeans and 40%other nationals,which includes about 10%Singapore Permanent Residents(PRs).This mix will evolve as we grow our international footprint.S
86、upporting Our CommunitiesOur staff are active volunteers who give back to their communities in many ways.Our annual Community Day is on 25 June,the date on which we were incorporated in 1974.Staff in our various offices work with beneficiaries on each anniversary and throughout the year.Our people h
87、ave volunteered to support our community response towards COVID-19,and other activities to extend a helping hand to the vulnerable.880 SingaporeansOther Nationalities22202817841SingaporeansSingapore PRsOther Nationalities5395886096546292220211918Jenny Wee,an Associate in Temaseks Legal&Re
88、gulatory team,distributing oximeters at Temasek Shophouse.18 Temasek Review 2022 Highlights19InstitutionOur OneTemasek Team ve+ve ve+ve00Wealth Added&Total Dollar ReturnWealth Added Incentives1,2WA Incentives Relative Scale(B)20203203,4204202Wealth Added(WA)in dollar
89、s Total Shareholder Return in dollars(Total Dollar Return or TDR)Paid-out portion of WA Bonus earned for prior years performance Deferred portion of WA Bonus earned for prior years performance,with future clawback risks Co-investment units which grow or shrink with total returns to shareholder,and a
90、re subject to performance and time-based conditions Clawback of deferred WA Bonus from prior years Clawback balances carried forward for future bonus offset Part of earned WA Bonus used to offset the clawback balances brought forward from prior yearWA&TDR Relative Scale(A)Our ownership ethos places
91、the institution above the individual,emphasises long term over short term,and aligns employee and shareholder interests over economic cycles.Our compensation framework aims to foster a high performing and responsible culture,where our employees think and act as owners with a strong sense of intergen
92、erational duty.We balance rewards for short term performance and long term value creation,and share gains and pains alongside our shareholder.Deferred incentives and clawbacks are integral to our remuneration.Longer term incentives can be deferred up to 12 years,and are subject to market risks and c
93、lawbacks,to account for the sustainability of returns over market cycles.Annual Cash Bonuses Our Short Term IncentivesOur short term annual cash bonuses are driven by company-wide,team and individual performance,and capped within budgeted limits.WA Bonus Bank Our Medium Term IncentivesA portion of o
94、ur Wealth Added(WA)incentive pool is distributed into each employees notional WA bonus bank account,based on the individuals performance and contributions over four years.A negative pool is effectively a clawback.Co-ownership Grants Our Long Term IncentivesWe may award co-investment grants,which ves
95、t according to performance or time-based conditions,and lapse after 12 years.Co-ownership Alignment in Practice As part of co-ownership alignment,we have clawbacks when both WA and portfolio returns are negative.In the last decade,we had four clawback pools.Three of these were clawback balances carr
96、ied forward when the deferred WA incentives were not enough to clear the clawback pools from prior years.Clawback balances were then made good from future years positive WA.This demanding framework for sharing gains and the associated risks and pains through market cycles has been tested and reaffir
97、ms our ownership ethos.In addition,we continue to set aside a portion of the time-based co-investment grants towards our carbon abatement goals,in line with our T2030 sustainability goals.1 WA incentives awarded in the year were for WA performance in the prior year.2 WA incentives of key management
98、team which includes CEOs,Presidents,Senior Managing Directors,Managing Directors,as well as management Directors.3 No new T-Scope pool was generated due to negative WA in the prior year.4 WA Bonus attributable to the IPO of Alibaba was split into three tranches over 2016,2017 and 2018,subject to sus
99、tained performance.(for year ended 31 March)WA Incentives of Key Team20 Temasek Review 2022 Highlights21InstitutionInstilling Ownership5%5%5%Total DebtNet Portfolio Value202122 Total Debt 5%of Net Portfolio Value12%12%19%Total DebtLiquid Assets202122 Total Debt 19%of Liquid Assets4Our Temasek Credit
100、 Profile is a snapshot of our credit quality and financial strength1.1 Based on the financial information of Temasek as an investment company,namely Temasek Holdings(Private)Limited(THPL)and its Investment Holding Companies(IHCs).IHCs are defined as THPLs direct and indirect wholly owned subsidiarie
101、s,whose boards of directors or equivalent governing bodies comprise employees or nominees of THPL,wholly owned Temasek Pte.Ltd.(TPL),and/or TPLs wholly owned subsidiaries.The principal activities of THPL and its IHCs are that of investment holding,financing,and/or the provision of investment advisor
102、y and consultancy services.Read more on Temaseks Credit Profile at .sg/credit or scan the QR code(for year ended 31 March)2 From time to time,rating agencies may modify their rating criteria.Such criteria changes may lead to a revision in the rating assigned to an entity,sometimes even when the enti
103、tys financial position has not materially changed.3 Exchange rates as at 31 March 2022.4 Mainly cash and cash equivalents,and sub-20%listed assets.5 Divestments,dividend income,income from investments and interest income.6 Cash and cash equivalents,and short term investments.3%5%7%Total Debt due in
104、One YearRecurring Income20212218%18%28%Total Debt duein next 10 YearsLiquidity Balance202122 Total Debt due in One Year 7%of Recurring Income5 Total Debt due in next 10 Years 28%of Liquidity Balance6 1%1%1%Interest ExpenseRecurring Income202122202122 Interest Expense 1%of Recurring Income5 3%4%5%Int
105、erest ExpenseDividend Income202122 Interest Expense 5%of Dividend IncomeOur Temasek Review,Credit Profile and Temasek Bonds serve as public markers to anchor our commitment as a robust and disciplined institution through generations.The Temasek Review is our annual scorecard.Our Credit Profile cover
106、s our key credit parameters1 in terms of leverage,interest coverage,and debt service coverage.Our credit ratios facilitate a quantitative assessment of our credit quality and demonstrate our fundamental strength as an investment company.We have received overall credit ratings of Aaa/AAA by Moodys In
107、vestors Service and S&P Global Ratings respectively2.We issue Temasek Bonds and Euro-commercial Paper periodically to a diversified investor base,including retail,institutional and accredited investors.Their credit spreads are living public market signals of any perceived changes in Temaseks credit
108、quality.Our public markers instil financial discipline,broaden our stakeholder base,and facilitate our communications with the wider community.USD BondSGD BondGBP BondEUR BondYear of MaturityNotional Issue Size(S$b)3Coupon(%)0.42.10.52.61.00.91.00.71.00.30.51.02.7000%3.7850%4.0000%4.0475%4.2000%4.20
109、00%2.3750%1.5000%0.5000%1.2500%4.6250%5.1250%3.6250%1.0000%3.3750%2.2500%2.5000%5.3750%0.51.61.80.70.80.71.31.51.31.31.02.7500%2.8000%2.3750%1.6250%1.8000%1.70.70.50.3742429282625232201230123456 Temasek Bonds Maturity Profile and CouponCredit QualityPublic MarkersInstitution22
110、Temasek Review 2022 Highlights23Coinvestment with Temasek1 Under the Singapore Constitution,Temaseks past reserves are those accumulated by the Company before the current term of Government.2 The Singapore President has an independent custodial role under the Singapore Constitution to safeguard the
111、respective past reserves of the Singapore Government and the Fifth Schedule entities,including those of Temasek.3 Fair market value is the price agreed between a willing buyer and a willing seller on an arms length basis.We do things today with tomorrow clearly in our minds,always aspiring to do wel
112、l,do right,and do good,for todays and future generations.Our Temasek Charter defines who we are and what we do as an investor,institution and steward.We own and manage our portfolio for the long term,as a commercial company registered under the Singapore Companies Act,guided by our Board.Our added r
113、esponsibility under the Singapore Constitution is to safeguard the past reserves1 of our Company.Neither the President of Singapore2 nor the Singapore Government is involved in our investment or other business decisions,except in relation to the protection of our past reserves.Temasek does not manag
114、e Singapores Central Provident Fund savings.Neither are we a fund manager of Government assets or foreign exchange reserves.Relating to the President of SingaporeThe Board and CEO of Temasek have a duty to seek the Presidents approval before any draw occurs on our past reserves.There is no draw on o
115、ur past reserves if our total reserves equal or exceed our past reserves.Mark to market declines on existing investments are not a draw on past reserves.We have a duty to ensure every disposal of investment is transacted at fair market value3.A realised loss arising from such disposals at fair marke
116、t value is not a draw on past reserves.Relating to Our ShareholderWe declare dividends annually in accordance with our dividend policy.Relating to Our Portfolio CompaniesCompanies in our portfolio are guided and managed by their respective boards and management.Temasek does not direct their business
117、 decisions or operations.We expect companies to abide by sound corporate governance and codes of conduct and ethics.Relating to Our CommunitiesWe gift philanthropic funds to Temasek Trust to support community initiatives.These philanthropic gifts are disbursed from Temasek Trust to Temasek Foundatio
118、n and other non-profit entities to support programmes on a sustainable basis,delivering on our Community Investment Mandate to connect people,uplift communities,protect our planet and advance capabilities.See how we enable a better world at .sg/touchinglives or scan the QR codeOur not-for-profit gif
119、ts to Temasek Trust enable Temasek Foundation and other non-profit entities to connect people,uplift communities,protect our planet and advance capabilities,in Singapore,Asia and beyond.A Trusted StewardStewardEnabling a Better World Mandate for Community InvestmentConnecting PeopleAdvancing Capabil
120、itiesUplifting CommunitiesProtecting PlanetFinancial EconomicsInstitute for Sim Kee BoonFinancial Oversight and Governance of GiftsMatching Grants and Volunteer Leave SchemePro bono Seed FundingStaff Volunteer InitiativeKnowledge Centresand other donorsOn white or light backgroundFull ColourDonation
121、s24 Temasek Review 2022 Highlights25Our staff and philanthropic initiatives enable people to rise above challenges,so that our communities can have brighter and more resilient futures.Learn more about the F.A.C.E.programme at .sg/FACE or scan the QR codeLBs social worker Qayyum Norshapiee conducting
122、 a mental health screening for Li Cheng.The AI software analysing Li Chengs emotions in real time.Strengthening the Mental Health of Seniors Ms Lim Li Cheng,70,a retired bank receptionist,suffers from schizophrenia and spends most of her time alone in her one-room rental flat in Clementi.At times,sh
123、e finds herself consumed by negative thoughts and mood swings.These feelings intensified during Singapores COVID-19 circuit breaker period in 2020.However,she has grown calmer and more relaxed in recent months due to the fortnightly mental health screening sessions,which tap on Artificial Intelligen
124、ce(AI)technology,and follow-up counselling sessions organised by social service agency Lions Befrienders(LB).“Social stigma and fear of losing face are preventing many seniors from sharing or seeking help for their mental health problems.Some are socially isolated,especially during the pandemic,whic
125、h can feed into negative tendencies and aggravate their mental condition.The evidence-based F.A.C.E.programme can help detect mentalhealth issues accurately,and allow early intervention tokeep our seniors healthy andresilient,”Lim Hock Chuan,Head,Programmes,Temasek Foundation“The screenings have hel
126、ped me tobecome more aware of my feelings.My counsellor also reminds me to relax and focus onthings that are important.Ifeelcalmer now,”Lim Li Cheng,participant of F.A.C.E.programmeHarnessing TechnologyLi Cheng is among over 4,000 seniors who will be screened by the end of 2023 for mental health iss
127、ues as part of LBs Facial Analysis Correlation of Emotions(F.A.C.E.)programme.The programme,which was rolled out in July 2021,is supported by a S$190,000 grant from Temasek Foundation that covers costs such as the purchase of laptops and software licence fees.The software uses proprietary computer v
128、ision algorithms and machine learning techniques to analyse facial expressions,and provides information on the emotions of the seniors such as contentment,sadness and fear.Based on the reports,counsellors recommend appropriate follow-up actions,such as referring serious cases to hospitals or counsel
129、ling sessions for milder cases.Since the start of the pandemic two years ago,LB has observed that more seniors are showing signs of mental health issues.However,it does not employ enough experienced counsellors to conduct the screenings.LB found its solution in the AI software.The software can be op
130、erated by people without experience in counselling.In fact,it takes only about two weeks to train someone to operate the software and conduct the 15-minute question and answer session.Seniors said the screenings are useful and would recommend it to others who want to understand their emotions better
131、.26 Temasek Review 2022 Highlights27StewardMaking a DifferenceGroup shareholder equity was S$357 billion,with group net profit of S$11 billion.Mark to market(MTM)movement of sub-20%investmentsShareholder equity excluding MTM movement of sub-20%investments35730122 291 258 209823
132、91721 87227322920222111 Group Shareholder Equity(S$b)S$357b Group Net Profit(S$b)S$11bFollow us on Instagram temasekseenSubscribe to us on YouTube/temasekdigitalLike us on Facebook TemasekFollow us on LinkedIn TemasekScan the QR code
133、below to find us on WeChatVisit us at .sg Join us on Telegram temasekholdings SingaporeTemasek Holdings(Private)LimitedTemasek International Pte.Ltd.60B Orchard Road#06-18 Tower 2 The AtriumOrchard Singapore 238891Tel:+65 6828 6828 .sgContact us via email at .sg or scan the QR code for our full cont
134、act information Follow us on Twitter TemasekBrusselsMumbaiLondonHanoiShanghaiShenzhenBeijingSan FranciscoMexico CityNew YorkWashington,D.C.So PauloSingapore Temasek officesContact Information(as at 31 March1)Group Income Statements(in S$billion)For year ended 31 March0182019202
135、020212022Revenue94.392.4101.6101.597.0107.4114.6118.6110.9134.9Group net profit 10.710.914.58.414.221.711.88.856.510.6Group net profit,including unrealised MTM losses/(gains)of sub-20%investments2From the financial year ended 31 March 2019,IFRS 9 requires unrealised MTM gains or losses of sub-20%inv
136、estments to be included in the Group net profit.View the full Group Financial Summary at .sg/groupfinancials11.88.856.510.6Unrealised MTM losses/(gains)of sub-20%investments1.02.6(45.5)10.3Group net profit,excluding unrealised MTM losses/(gains)of sub-20%investments10.710.914.58.414.221.712.811.411.
137、020.9 Group Balance Sheets(in S$billion)As at 31 March00212022Total assets 341.5344.0405.8415.8447.6490.6509.0595.0653.0672.3Shareholder equity169.2187.4218.6218.1238.9272.1283.5290.5347.5357.3Net debt319.69.032.644.439.349.751.983.3 91.590.01 On 1 April 2018,the Gro
138、up adopted International Financial Reporting Standards(IFRS)with retrospective application for the year ended 31 March 2018.Comparative financial statements for the years ended 31 March 2013 to 2017 were prepared based on Singapore Financial Reporting Standards.2 From the financial year ended 31 March 2019,IFRS 9 requires unrealised MTM gains or losses of sub-20%investments to be included in the Group net profit.3 Total debt less cash and cash equivalents.28 Temasek Review 2022 HighlightsGroup Financial HighlightsExplore Temasek Review 2022 at .sg