Temasek Report 2010

Temasek was incorporated as an independently managed commercial investment company in 1974.

Our initial portfolio of 35 investments, valued at about S$354 million, ranged from a detergent manufacturer to start-up shipyards.

In the 1990s, statutory entities such as SingTel, SingPower and PSA were corporatised and transferred to Temasek.

As at 31 March 2010, our portfolio market value was S$186 billion. The book value of our portfolio increased to S$150 billion, up from S$50 billion 10 years ago.

To date, the biggest single-year increase in our portfolio value has been the uplift from the listing of SingTel in 1993. Conversely, the global financial crisis of 2008 led to our steepest one-year decline in March 2009.

Our secular growth since inception has been underpinned by earnings from our portfolio companies and our direct investment activities.

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1. 1Incorporation of Temasek on 25 June 1974.
2. 2 Financial Year 75 began on 25 June 1974 and ended on 31 December 1975.
3. 3 Financial year-end was changed from 31 December before 1993 to 31 March from 1994 onwards.
4. 4 Since financial year ended 31 March 2006, with the adoption of FRS 39, sub-20% investments have been measured at fair values which fluctuate with market prices. Prior to 2006, sub-20% investments were measured at lower of cost or market value.