Temasek

[iisterry]

Anyone analyse this?

http://www.temasekreport.com/2010/perfor...ments.html

In S$ million
For year ended 31 Mar 2005 2006 2007 2008 2009 2010
Revenue 67,520 79,822 74,563 83,284 79,615 76,658
Cost of sales (43,780) (53,309) (49,282) (53,290) (57,477) (50,679)
Gross profit 23,740 26,513 25,281 29,994 22,138 25,979
Other operating income 3,334 7,678 8,370 15,870 16,198 4,518
Expenses: Selling & Distribution (3,939) (4,086) (4,278) (5,197) (5,042) (5,318)
Administrative (7,003) (8,040) (8,104) (8,619) (8,068) (8,723)
Finance (2,120) (2,415) (2,611) (3,207) (2,727) (2,432)
Other operating expenses (4,648) (4,758) (5,053) (8,681) (15,333) (9,937)
Profit before exceptional items 9,364 14,892 13,605 20,160 7,166 4,087
Exceptional items 404 1,666

Profit after exceptional items 9,768 16,558 13,605 20,160 7,166 4,087
Share of results of associated
companies and partnerships 1,410 1,163 (830) 3,187 1,333 2,374
Share of results of joint ventures 1,037 1,263 1,566 2,182 1,870 2,013
Profit before income tax 12,215 18,984 14,341 25,529 10,369 8,474
Income tax expense (1,837) (2,518) (1,381) (3,055) (1,280) (1,682)
Profit from continuing operations 10,378 16,466 12,960 22,474 9,089 6,792
Profit from discontinued operations 31 67 16

Total profit 10,409 16,533 12,976 22,474 9,089 6,792

Profit attributable to:
Equity holder of the Company 7,521 12,827 9,112 18,240 6,183 4,593
Minority interests 2,888 3,706 3,864 4,234 2,906 2,199
Total profit for the financial year 10,409 16,533 12,976 22,474 9,089 6,792

[Musicwhiz]

What's the point? They are not a listed company and hence are obliged to be less than transparent over their holdings, and their strategies. It will be almost as good as second-guessing.

Anyway, without the opportunity to partake in the profits of an organization (through buying it on a stock exchange and receiving dividends), this means most of the money will filter down to.....the head honchos.

[kazukirai]

Agreed.

This is a meaningless exercise unless (a) you want to feel aggrieved or (b) it suits your political agenda i.e. you belong to an opposition party.

[iisterry]

Hm.. Because it's our reserves? Policies are debated at the grassroots level and submitted for review at Parliament in a Democracy.

I've seen a few suggestions. One of them is to list the company and distribute the shares amongst Singaporeans. This can be in the form of non-transferable equities.

Analysing the company's performance will allow one to determine if the cost of the "fund manager" is too high. An administrative expense of over S$8 billion for an employee count of over 300 translates into almost S$20+ million yearly per individual. Excessive extravagance?

I take offence at this statement.

(b) it suits your political agenda i.e. you belong to an opposition party.

This is the type of attitude that typifies Sillyporeans. I hardly expect that sort of reply coming from you. And, No. I'm non-partisan.

[Musicwhiz]

Analysing the company's performance will allow one to determine if the cost of the "fund manager" is too high. An administrative expense of over S$8 billion for an employee count of over 300 translates into almost S$20+ million yearly per individual. Excessive extravagance?

Haha well I think a disproportionate amount probably goes to the key decision makers, as with any company CEO or Chairman who gets paid the most (like 20x more) as compared to the lowly worker or analyst. It's run exactly like a corporation and thus should be viewed as one.

I take offence at this statement.

This is the type of attitude that typifies Sillyporeans. I hardly expect that sort of reply coming from you. And, No. I'm non-partisan.

I think we can all agree to disagree. Relax, this forum is a place to exchange ideas after all; thus no need to feel offended.

[Nick]

I am guessing that a significant portion of its revenue and expenses are derived from companies outside of Temasek ie its listed subsidiaries where it has more than 50% stake. So perhaps the 8 billion expenses comes from not just Temasek but rather all of its listed subsidiaries combined ? Perhaps someone with accounting knowledge ie MW can enlighten us ? Thanks

[Musicwhiz]

I am guessing that a significant portion of its revenue and expenses are derived from companies outside of Temasek ie its listed subsidiaries where it has more than 50% stake. So perhaps the 8 billion expenses comes from not just Temasek but rather all of its listed subsidiaries combined ? Perhaps someone with accounting knowledge ie MW can enlighten us ? Thanks

Haha sorry! Don't know leh......maybe can email Temasek to find out? It's public reserves, after all.

[Nick]

I am guessing that a significant portion of its revenue and expenses are derived from companies outside of Temasek ie its listed subsidiaries where it has more than 50% stake. So perhaps the 8 billion expenses comes from not just Temasek but rather all of its listed subsidiaries combined ? Perhaps someone with accounting knowledge ie MW can enlighten us ? Thanks

Haha sorry! Don't know leh......maybe can email Temasek to find out? It's public reserves, after all.

Haha not too interested. I don't think any of my companies are Temasek-linked...perhaps with the exception of PST (temasek is very small sub holder) but only through PSA and DBS's stake.

[iisterry]

I am guessing that a significant portion of its revenue and expenses are derived from companies outside of Temasek ie its listed subsidiaries where it has more than 50% stake. So perhaps the 8 billion expenses comes from not just Temasek but rather all of its listed subsidiaries combined ? Perhaps someone with accounting knowledge ie MW can enlighten us ? Thanks

Precisely the reason I'm asking the more seasoned investors here for an analysis.

For a discussion on how a sovereign wealth fund can benefit the citizens, this should be a better forum to kick-start. Not TR, not CNA, not salary.sg or REACH for that purpose.

I find the idea that a citizen can own and partake in a country's economic progress through partial SWF ownership intriguing.

I do not doubt that the actual policy formulation is beyond the capabilities of this forum, but little droplets of water can amount to a torrential tide. No?

[Musicwhiz]

Precisely the reason I'm asking the more seasoned investors here for an analysis.

For a discussion on how a sovereign wealth fund can benefit the citizens, this should be a better forum to kick-start. Not TR, not CNA, not salary.sg or REACH for that purpose.

I find the idea that a citizen can own and partake in a country's economic progress through partial SWF ownership intriguing.

I do not doubt that the actual policy formulation is beyond the capabilities of this forum, but little droplets of water can amount to a torrential tide. No?

Yes, I think you've made an interesting point, and I also think the idea has been mooted before? (Correct me if I am wrong)

But I guess until the reserves of Temasek and GIC are made mroe transparent to the public, there's probably not much we can do by way of analysis unless you are just working on the macro-numbers.

Anyhow, will take a look at the numbers again to see what info I can glean from them.