Temasek Review (Annual Report)

{| class="wikitable" style="float:right; width:300px; height:150px;"
|-
! Type
| Publication
|-
! Frequency
| Annual
|-
! Launched
| 2004
|-
! Country
| Singapore
|-
! Website
| [http://www.temasekreview.com.sg Temasek Review]
|}

'''Temasek Review''' is an annual report published by [[Temasek Holdings]], an investment company owned by the [[Government of Singapore]].

Published since 2004, the report provides detailed information on the company’s performance over the past financial year, including its financial statements, an overview of its portfolio, its major investments across geography and sectors, its leadership, as well as its philanthropic activities.

The Temasek Review report is typically structured in 8 to 17 sections. This structure has varied over the years, but the same detailed information is contained within the varying sections.

==2014 Edition - "Our journey has just begun"==
[http://www.temasekreview.com.sg/content/dam/temasek/annual-review-2014/documents/en/Temasek_Review_2014_en.pdf The 11th edition of the Temasek Review, “Our journey has just begun”], was launched on 8 July 2014 and marks the 40th year since the company was founded in 1974.

Structure
# The Temasek Charter
# Ten-year Performance Overview
# Portfolio Highlights
# From Our Chairman
# Investor
# Institution
# Steward
# Group Financial Summary
# Major Investments
# Contact Information
# Temasek Portfolio at Inception

===Summary===
{| class="wikitable" style="text-align:left;"
|+ Performance Overview

| style="width: 420px;" |Portfolio Value
| style="width: 220px;" |S$223 billion
|-
| Total Return to Shareholder (TRS)
| 1.50%
|-
| Net Investments
| S$14 billion
|-
| Group Net Profit
| S$11 billion
|-
| Group Shareholder Equity
| S$187 billion
|-
| Ten-year returns to Temasek on post-March 2003 investments
| 20%
|}

{| class="wikitable" style="text-align:left;"
|+ Portfolio by Geography

| style="width: 420px;" |Asia (excluding Singapore)
| style="width: 220px;" |41%
|-
| Singapore
| 31%
|-
| North America, Europe, Australia & New Zealand
| 14%
|-
| Australia & New Zealand
| 10%
|-
| Latin America, Africa, Central Asia & Middle East
| 4%
|}

{| class="wikitable" style="text-align:left;"
|+ Portfolio by Sector

| style="width: 420px;" |Financial Services
| style="width: 220px;" |30%
|-
| Telecomms, Media & Tech
| 23%
|-
| Transportation & Industrials
| 20%
|-
| Life Sciences, Consumer & Real Estate
| 14%
|-
| Energy & Resources
| 6%
|-
| Others
| 7%
|}

===Major investments===
During the 2014 [[financial year]], Temasek’s top three sectors for investments were financial services, life sciences and energy.<ref>{{Cite news|title =
All you need to know about Temasek Review 2014 in 7 charts|date = 8 July 2014|url = http://www.straitstimes.com/news/business/companies/story/all-you-need-know-about-temasek-review-2014-7-charts-20140708}}</ref>
In the financial services sector, Temasek raised the stake in AIA to over 3.5%,<ref>{{Cite news|title = Temasek Doubles Investment Activity|date = 8 July 2014|url = http://www.ai-cio.com/channel/ASSET_ALLOCATION/Temasek_Doubles_Investment_Activity.html}}</ref> and increased the stake in Industrial and Commercial Bank of China to 8.9% with its outstanding H-shares.<ref>{{Cite news|title = Singapore's wealth fund increases China holdings|date = 8 July 2014|url = http://usa.chinadaily.com.cn/epaper/2014-07/09/content_17689354.htm}}</ref>
During the same year, Temasek also acquired about 1.1% of Lloyds Banking Group,<ref>{{Cite news|title =Temasek asset value shows moderate growth |date = 8 July 2014|url =http://www.todayonline.com/business/temasek-asset-value-shows-moderate-growth}}</ref> the largest domestic bank in the UK.
In the life sciences sector, Temasek invested almost US$1 billion in Gilead Sciences,<ref name="Temasek Year in Review">{{cite web|url = http://temasekreview.com.sg/en/investor/year-in-review.html |title = Temasek Year in Review}}</ref> a developer of treatments for cancer, HIV and other diseases, and also invested US$500 million in Thermo Fisher Scientific,<ref>{{Cite news|title = Temasek’s S$24b in new investments last year its most since 2007|date = 9 July 2014|url = http://www.todayonline.com/singapore/temaseks-s24b-new-investments-last-year-its-most-2007}}</ref> a provider of laboratory equipment and consumables. In June 2013, Temasek increased its stake in Celltrion, a Korean biopharmaceutical company, with an investment of about $130 million.<ref>{{Cite news|title =
S.Korea's Celltrion says Temasek to up stake in the firm by $130 mln|date = 24 June 2014|url = http://www.reuters.com/article/2013/06/24/celltrion-temasek-idUSL3N0F01PP20130624}}</ref>
In the energy space, Temasek invested £235 million in the BG Group, a UK-listed oil and gas company,<ref>{{Cite news|title =Temasek posts 1.5% one-year TSR on weak Asian markets |date = 9 July 2014|url =http://www.btinvest.com.sg/dailyfree/temasek-posts-15-one-year-tsr-weak-asian-markets-20140709/}}</ref> and about S$2 billion in Pavilion Energy, which purchased a 20% interest in three gas concession blocks in Tanzania from Ophir Energy.<ref>{{cite web|url = http://www.temasekreview.com.sg/en/overview/from-our-chairman.html|title = Temasek Overview from our Chairman}}</ref>
In the consumer and technology sectors, Temasek’s investments included China Huiyuan Juice,<ref>{{Cite news|title = China Huiyuan to issue $150 mln bonds to Singapore's Temasek|date = 20 March 2014|url = http://www.reuters.com/article/2014/03/21/chinahuiyuanhu-temasek-idUSL3N0MI0MQ20140321 }}</ref> a juice manufacturer and distributor; Yashili International,<ref>{{Cite news|title = Temasek, Hopu buy $213 million stake in Chinese dairy maker|date = 10 November 2013|url = http://www.reuters.com/article/2013/11/11/us-yashili-mengniu-idUSBRE9AA00M20131111}}</ref> a Chinese infant milk formula manufacturer; and 21 Vianet,<ref>{{Cite news|title = Temasek Buys Shares of Gilead Sciences, China’s 21Vianet|date = 15 February 2014|url = http://www.bloomberg.com/news/2014-02-14/temasek-buys-shares-of-gilead-sciences-china-s-21vianet.html}}</ref> an independent internet data centre in China. Other investments include US$373 million in Qualcomm,<ref name="Temasek Year in Review"/> a fabless semiconductor company focused on wireless communication technologies.
During the year, Temasek’s divestments include Tiger Airways,<ref name="Temasek Year in Review"/> Cheniere Energy <ref>{{Cite news|title = Temasek Sold Stake in Cheniere After Share Price Tripled|date = 15 August 2013|url = http://www.bloomberg.com/news/2013-08-15/temasek-sold-stake-in-cheniere-after-share-price-tripled.html}}</ref> and Youku-Tudou.<ref>{{Cite news|title = Temasek unit to sell Youku Tudou stake for up to S$235m: IFR|date = 14 September 2014|url = http://www.todayonline.com/business/temasek-unit-sell-youku-tudou-stake-s235m-ifr}}</ref>

Temasek’s major investments include:

====Financial services====
* [[AIA Group Limited]]
* [[Bank of China Limited]]
* [[China Construction Bank Corporation]]
* [[China Pacific Insurance (Group)Co., Ltd.]]
* [[DBS Bank|DBS]] Group Holdings Ltd
* [[Industrial and Commercial Bank of China Limited]]
* Ping An Insurance (Group) Company of China, Ltd
* PT Danamon Indonesia, Tbk.
* [[Standard Chartered PLC]]

====Telecommunications, media & technology====
* [[Markit Group Holdings Limited]]
* [[Intouch Holdings Public Company Limited]]
* Singapore Technologies Telemedia Pte Ltd
* STATS ChipPAC Ltd.
* [[Alibaba Group Holding Limited]]
* Bharti Airtel limited
* [[Mediacorp]] Pte Ltd
* [[Singapore Telecommunications Limited]]

====Transportations & industrials====
* [[Evonik Industries AG]]
* [[Keppel Corporation Limited]]
* [[Neptune Orient Lines Limited]]
* PSA International Pte Ltd
* Sembcorp Industries Ltd
* Singapore Technologies Engineering Ltd
* [[Singapore Airlines Limited]]
* Singapore Power Limited
* [[SMRT Corporation]] Ltd

====Life sciences, consumer & real estate====
* Olam International Limited
* CapitaLand Limited
* Celltrion, Inc.
* Gilead Sciences, Inc.
* Li & Fung Limited
* M+S Pte. Ltd.
* Pulau Indah Ventures Sdn Bhd
* Thermo Fisher Scientific Inc.
* Mapletree Investments Pte Ltd
* SATS Ltd.
* Wildlife Reserves Singapore Pte Ltd

====Energy & resources====
* [[The Mosaic Company]]
* BG Group plc
* FTS International, Inc.
* Kunlun Energy Company Limited
* [[MEG Energy Corp.]]
* Repsol, S. A.
* [[Turquoise Hill Resources Ltd.]]
* Pavilion Energy Pte Ltd

==Past Editions==

===2013===
[http://www.temasek.com.sg/documents/download/downloads/20130704205649/TR2013_Eng.pdf The 10th edition of the Temasek Review, “Beyond Investing”], was launched on 4 July 2013 and marks the 39th year since the company was first founded in 1974.

'''Structure'''

# The Temasek Charter
# Performance Overview
# From Our Chairman
# Portfolio Overview
# Group Financial Summary
# Financing Framework
# Shaping Our Portfolio
# Shaping Our Institution
# Expanding Horizons
# Commitment to Community
# Major Investments
# Contact Information
# Temasek Portfolio at Inception

'''Summary'''
{| class="wikitable" style="text-align:left;"
|+ Performance Overview

| style="width: 420px;" |Portfolio Value
| style="width: 220px;" |S$215 billion
|-
| Total Return to Shareholder (TRS)
| 8.86%
|-
| Net Investments
| S$7 billion
|-
| Group Net Profit
| S$11 billion
|-
| Group Shareholder Equity
| S$169 billion
|-
| Ten-year returns to Temasek on post-March 2003 investments
| 20%
|}

{| class="wikitable" style="text-align:left;"
|+ Portfolio by Geography

| style="width: 420px;" |Asia (excluding Singapore)
| style="width: 220px;" |41%
|-
| Singapore
| 30%
|-
| North America, Europe, Australia & New Zealand
| 25%
|-
| Latin America, Africa, Central Asia & Middle East
| 4%
|}

{| class="wikitable" style="text-align:left;"
|+ Portfolio by Sector

| style="width: 420px;" |Financial Services
| style="width: 220px;" |31%
|-
| Telecomms, Media & Tech
| 24%
|-
| Transportation & Industrials
| 20%
|-
| Life Sciences, Consumer & Real Estate
| 12%
|-
| Energy & Resources
| 6%
|-
| Others
| 7%
|}

'''Major Investments'''
During the 2013 [[financial year]], Temasek added investments to its financial services portfolio with a 2% stake in the [[AIA Group Limited|AIA Group]],<ref>{{Cite news|title = Temasek Upbeat About China Economy, Long Chinese Banks|date = 10 July 2013|url = http://english.caijing.com.cn/2013-07-10/113019500.html}}</ref> the largest independent listed pan-Asian life insurance group, and 1% in the Ping An Insurance Group in China.<ref>{{Cite news|title = Temasek Looks to Expand in China as Crunch Is Under Control|date = 5 July 2013|url = http://www.bloomberg.com/news/2013-07-04/temasek-s-assets-surge-to-a-record-on-recovery-in-stock-markets.html}}</ref>

Temasek also rebalanced its stakes in Chinese banks with an increased exposure to the Industrial and Commercial Bank of China (ICBC)<ref>{{Cite news|title = Temasek raises ICBC Stake|date = July 2013|url = http://www.todayonline.com/business/temasek-raises-icbc-stake-807-s944-mln}}</ref> and with a follow-on investment in [[Alibaba Group]],<ref>{{Cite news|title = Alibaba Open to Temasek, CIC Investment to Buy Back Yahoo|date = 8 June 2013|url = http://www.bloomberg.com/news/2012-06-07/alibaba-open-to-temasek-cic-investment-to-buy-back-yahoo-stake.html}}</ref> a leading [[e-commerce]] company in China.

Temasek made major net investments in the energy and resources sectors which included a 6% stake in Repsol,<ref>{{Cite news|title = Repsol Sells $1.3 Billion Stake to Singapore’s Temasek|date = 5 March 2013|url = http://www.bloomberg.com/news/2013-03-04/repsol-sells-5-stake-to-singapore-s-temasek-for-1-3-billion.html}}</ref> a listed Spanish integrated oil company with substantial International Operations, an investment in Kunlun Energy,<ref>{{Cite news|title = Temasek, RRJ snap up half of $1.34bn Kunlun Energy offering|date = 4 April 2012|url = http://www.altassets.net/private-equity-news/by-news-type/deal-news/temasek-rrj-snap-up-half-of-1-34bn-kunlun-energy-offering.html}}</ref> a Chinese gas transmission and midstream company, and a S$300 million investment in Cheniere Energy,<ref name="online.wsj.com">{{Cite news|title = Temasek, RRJ Capital to Invest in Cheniere Energy|date = 7 May 2012|url = http://online.wsj.com/article/SB10001424052702304451104577390960152800428.html}}</ref> a US company which is building a liquefied natural gas (LNG) export terminal.

In the resources sector, Temasek invested in Turquoise Hill Resources,<ref>{{Cite news|title = Temasek Raises Stake in Copper Producer Turquoise Hill to 3.7%|date = 14 November 2012|url = http://www.bloomberg.com/news/2012-11-14/temasek-raises-stake-in-copper-producer-turquoise-hill-to-3-7-.html}}</ref> a Canadian-listed international mining company with assets mainly in Mongolia.

Temasek also increased its stake in Olam International,<ref>{{Cite news|title = Temasek Continues To Throw its Might Behind Olam|date = 20 December 2012|url = http://blogs.wsj.com/deals/2012/12/20/temasek-continues-to-throw-its-might-behind-olam}}</ref> a global integrated supply chain manager and processor of agricultural products and food ingredients, from 16% to almost 23% through a series of market purchases.

Temasek’s exposure to North America and Europe grew as a result of investments in Evonik,<ref>{{Cite news|title = Evonik Owners Sell 4.6% Stake to Temasek Ahead of Fourth IPO Try|date = 11 March 2013|url = http://www.bloomberg.com/news/2013-03-11/evonik-owners-sell-4-6-stake-to-temasek-ahead-of-fourth-ipo-try.html}}</ref> a German specialty chemical company, as well as in Venari Resources,<ref>{{Cite news|title = Exploration startup Venari Resources draws $1B funding|date = 22 May 2012|url = http://www.thedeal.com/content/energy/exploration-startup-venari-resources-draws-1b-funding.php}}</ref> an oil company focused on deep water exploration in the Gulf of Mexico. Temasek also invested in fast-growing technology companies such as Jasper,<ref>{{Cite news|title = Singapore Hot Stocks-Jasper rises on Temasek investment|date = 6 December 2011|url = http://www.reuters.com/article/2011/12/07/singapore-market-stocks-jasperinvestment-idUSL3E7N70FL20111207}}</ref> a global cloud-based platform that enables mobile operators to provide machine to machine services.

In India, Temasek’s partnership with the Godrej Group was furthered through an investment of S$128 million in Godrej Agrovet,<ref>{{Cite news|title = Godrej to consider induction of strategic partner|year = 2012|url = http://www.livemint.com/Companies/HwRJNjmZZLYwxhidk2VnOO/Godrej-to-consider-induction-of-strategic-partner-in-Godrej.html}}</ref> an agribusiness company.

New investments in other growth markets included S$374 million in exchangeable rights for shares in PT Matahari PutraPrima Tbk,<ref>{{Cite news|title = Temasek Holdings buys shares of Matahari Putra for USD 300 million|date = 5 February 2013|url = http://www.newsidx.com/en/news/1795/temasek-holdings-buys-shares-of-matahari-putra-for-usd-300-million}}</ref> a leading operator of hypermarkets in Indonesia, investments inHalkbank,<ref>{{Cite news|title = Temasek Holdings 'buys small stake in Turkish bank'|date = 7 December 2012|url = http://www.bankingandfinance.com.sg/SingleNews.aspx?DirID=164&rec_code=850939&title=Temasek+Holdings+%26%2339%3Bbuys+small+stake+in+Turkish+bank%26%2339%3B}}</ref> a leading SME bank in Turkey, and a S$86 million investment in Netshoes,<ref>{{cite web|url = http://brzilla.blogspot.hk/2012/06/singapore-fund-invests-r135-million-in.html|title = Singapore firm invests R$135 million in Brazil's Netshoes}}</ref> a leading sporting goods and apparel online retailer with operationsin Brazil, Mexico, and Argentina.

Temasek founded the Enterprise Development Group<ref>{{Cite news|title = Temasek Seeks Investments in LNG Sector|date = 20 February 2013|url = http://bizdaily.com.sg/newsite/temasek-seeks-investments-in-lng-sector}}</ref> to find, fund, and grow new businesses. The group was designed to bring together existing platforms and initiatives, ranging from [[venture investments]] in early stage businesses to the development of new business models. Temasek also established Pavilion Energy<ref>{{Cite news|title = Singapore’s Temasek Sets Up LNG Investment Firm Pavilion Energy|date = 5 April 2013|url = http://blogs.wsj.com/deals/2013/04/05/singapores-temasek-sets-up-lng-investment-firm-pavilion-energy}}</ref> to invest in the region’s growing needs for clean energy, especially around the [[LNG]] supply chain (trading, exploration, storage, processing, and shipping).

Overall, Temasek's portfolio of investments includes:

====Financial services====
* [[AIA Group Limited]]
* [[Bank of China Limited]]
* [[China Construction Bank Corporation]]
* [[DBS Bank|DBS]] Group Holdings Ltd
* [[Industrial and Commercial Bank of China Limited]]
* Ping An Insurance (Group) Company of China, Ltd
* PT Danamon Indonesia, Tbk.
* [[Standard Chartered PLC]]

====Telecommunications, media & technology====
* [[Shin Corporation]] Public Company Limited
* Singapore Technologies Telemedia Pte Ltd
* STATS ChipPAC Ltd.
* Bharti Airtel limited
* [[Mediacorp]] Pte Ltd
* [[Singapore Telecommunications Limited]]

====Life sciences, consumer & real estate====
* Olam International Limited
* CapitaLand Limited
* Celltrion, Inc.
* Li & Fung Limited
* M+S Pte. Ltd.
* Pulau Indah Ventures Sdn Bhd
* Mapletree Investments Pte Ltd
* SATS Ltd.
* [[Surbana Corporation Pte Ltd]]
* Wildlife Reserves Singapore Pte Ltd

====Energy & resources====
* [[The Mosaic Company]]
* Cheniere Energy, Inc
* [[Chesapeake Energy Corporation]]
* Clean Energy Fuels Corp.
* FTS International, Inc.
* Kunlun Energy Company Limited
* [[MEG Energy Corp.]]
* Repsol, S. A.
* [[Turquoise Hill Resources Ltd.]]

===2012===

[http://www.temasek.com.sg/documents/download/downloads/20120703190357/TR2012_Eng.pdf The 2012 Temasek Review, titled “Extending Pathways”], was launched in July 2012.

'''Structure'''
# Temasek Charter
# Year in Review
# From Our Chairman
# Portfolio Highlights
# Group Financial Summary
# Financing Framework
# Extending Our Portfolio
# Shaping Our Institution
# Broadening Our Perspectives
# Exercising Stewardship
# Major Investments
# Our Contact Points

'''Summary'''
{| class="wikitable" style="text-align:left;"
|+ Performance Overview

| style="width: 420px;" |Portfolio Value
| style="width: 220px;" |S$198 billion
|-
| Total Shareholder Return (one year return)
| 1.50%
|-
| Returns to Temasek (on post-2002 investments)
| 18%
|-
| Net Investments
| S$7 billion
|-
| Group Net Profit
| S$11 billion
|-
| Group Shareholder Equity
| S$158 billion
|}

{| class="wikitable" style="text-align:left;"
|+ Portfolio by Geography

| style="width: 420px;" |Asia (excluding Singapore)
| style="width: 220px;" |42%
|-
| Singapore
| 30%
|-
| North America, Europe, Australia & New Zealand
| 25%
|-
| Latin America, Africa, Central Asia & Middle East
| 3%
|}

{| class="wikitable" style="text-align:left;"
|+ Portfolio by Sector

| style="width: 420px;" |Financial Services
| style="width: 220px;" |31%
|-
| Telecomms, Media & Technology
| 24%
|-
| Transportation & Industrials
| 21%
|-
| Life Sciences, Consumer & Real Estate
| 12%
|-
| Energy & Resources
| 6%
|-
| Others
| 6%
|}

'''Major Investments'''

During the financial year 2012, one major investment was Temasek’s 40:60 partnership with [[Khazanah Nasional Berhad]]. M+S Pte Ltd<ref>{{cite web|url = http://www.temasek.com.sg/mediacentre/newsreleases?detailid=8259|title = News Releases: Khazanah and Temasek announce strategic joint investments in real estate}}</ref> was formed to develop landmark projects in Singapore’s Marina South and Ophir-Rochor. Separately, Pulau Indah Ventures Sdn Bhd,<ref>{{cite web|url = http://www.nusajayacity.com/milestones_04.php|title = Nusajaya: Signature Developments}}</ref> a 50:50 joint venture between Temasek and Khazanah, was also created to develop two wellness-related projects in [[Iskandar Malaysia]], Johor.

In November 2012, Temasek increased its H-share stake in [[China Construction Bank]]<ref>{{Cite news|title = Temasek Increases Stake in China Construction Bank to 9.42%|date = 21 Nov 2011|url = http://www.bloomberg.com/news/2011-11-21/temasek-increases-stake-in-china-construction-bank-to-9-42-.html}}</ref> (CCB) to 9.4%. Post 31 March 2012, the company rebalanced its overall banking exposure, including an investment of over S$3 billion in the [[Industrial and Commercial Bank of China]].<ref>{{Cite news|title = Temasek Buys ICBC Stake From Goldman|date = 16 Apr 2012|url = http://online.wsj.com/article/SB10001424052702304299304577346590254308920.html}}</ref> Other investments in China included S$190 million in [[CITIC Securities|Citic Securities]],<ref>{{Cite news|title = Kuwait, Temasek Said Among Investors in Citic Securities Hong Kong Offer|date = 15 Sep 2011|url = http://www.bloomberg.com/news/2011-09-15/temasek-kuwait-said-in-group-taking-900-million-citic-securities-stake.html}}</ref> the largest securities firm in China, and Kunlun Energy,<ref>{{Cite news|title = UPDATE 1-Temasek, RRJ buy half of PetroChina unit's $1.3 bln offer|date = 3 Apr 2012|url = http://www.reuters.com/article/2012/04/03/kunlun-offering-price-idUSL3E8F34BU20120403}}</ref> a Hong Kong listed subsidiary of [[PetroChina]] involved in the crude oil and natural gas sector in China.

Elsewhere in Asia, Temasek invested S$180 million in [[Godrej Consumer Products Limited|Godrej Consumer Products]],<ref>{{Cite news|title = Temasek to invest $136 mln in Godrej Consumer Products|date = 21 Jan 2012|url = http://www.reuters.com/article/2012/01/21/godrej-consumer-temasek-investment-idUSL3E8CL07U20120121}}</ref> a leading consumer company in India, and S$70 million in exchangeable bonds issued by Hoang Anh Gia Lai Corporation<ref>{{cite news|title = Temasek invests more in Hoang Anh Gia Lai|date = 6 Jul 2011|url = http://vietnambreakingnews.com/2011/07/temasek-invests-more-in-hoang-anh-gia-lai/#.UfZWvKxy2M1}}</ref> in Vietnam.

In Singapore, Temasek also invested an additional S$280 million in Olam,<ref>{{Cite news|title = Olam urged to reduce debt|date = 7 Dec 2012|url = http://www.thestar.com.my/story.aspx?file=%2f2012%2f12%2f7%2fbusiness%2f12425230&sec=business}}</ref> a global supply chain manager and processor of agricultural products and food ingredients, and participated in the rights issue of [[Tiger Airways]].<ref>{{Cite news|title = Tiger to raise S$158.6 million through rights issue|date = 26 Aug 2011|url = http://www.flightglobal.com/news/articles/tiger-to-raise-s1586-million-through-rights-issue-361308/}}</ref>

In the energy sector, Temasek invested in convertible notes of Clean Energy Fuels,<ref>{{Cite news|title = Clean Energy Fuels Gets $150 Million Investments|date = 29 Aug 2011|url = http://online.wsj.com/article/SB10001424053111904787404576531740425653146.html}}</ref> the largest alternative transportation fuel provider in North America, in August 2011. Investments in the US energy and resources sector also included S$2 billion in FTS International,<ref>{{Cite news|title = Temasek Spends More on Investments, Adds Energy Holdings|date = 6 Jul 2012|url = http://www.bloomberg.com/news/2012-07-05/temasek-assets-rise-to-record-s-198-billion-on-new-holdings-1-.html}}</ref> a shale energy production service provider, and over S$1 billion in [[The Mosaic Company]],<ref>{{Cite news|title = Temasek Buys Stake in Mosaic|date = 21 Dec 2011|url = http://online.wsj.com/article/SB10001424052970204464404577111701088267264.html}}</ref> a fertiliser producer.

These were followed by a S$300 million investment in May in Cheniere Energy,<ref name="online.wsj.com" /> the first American company to obtain all relevant regulatory approvals for the export of liquefied natural gas (LNG) to USA Free Trade Agreement partners, including Singapore. Temasek also converted over S$600 million of previously issued subscription receipts of [[Inmet Mining]]<ref>{{Cite news|title = Temasek swaps Inmet receipts for shares|date = 17 May 2011|url = http://www.miningweekly.com/article/temasek-swaps-inmet-receipts-for-shares-2011-05-17}}</ref> into common shares in May 2011.

Investments in biotechnologies included S$60 million in Portola Pharmaceuticals,<ref>{{Cite news|title = Temasek, Eastern Capital lead $89m round for Portola Pharmaceuticals|date = 22 Nov 2011|url = http://www.altassets.net/private-equity-news/by-news-type/deal-news/temasek-eastern-lead-89m-round-for-portola-pharmaceuticals.html}}</ref> a late-stage [...] development company.

During the year ended March 2012, investments in Latin America included a S$126 million commitment to Integradora de Servicios Petroleros Oro Negro,<ref>{{Cite news|title = Temasek Holdings to increase Mexican investment|date = 17 Jul 2012|url = http://www.mexicotoday.co.uk/article/temasek-holdings-increase-mexican-investment}}</ref> an offshore oil and gas services company in Mexico, as well as S$20 million in Hidrovias do Brasil,<ref>{{Cite news|title = Waterways Brazil will receive investment of U.S. $ 220 million fund|date = 1 Feb 2012|url = http://translate.google.com.sg/translate?sl=pt&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fbrdeal.com%2F2012%2F02%2F01%2Fhidrovias-do-brasil-recebera-aporte-de-us-220-milhoes-de-fundos%2F&act=url}}</ref> a fluvial navigation and port company in Brazil and Uruguay. Temasek also added another S$20 million to its earlier investment in [[Amyris Biotechnologies]].<ref>{{Cite news|title = Amyris Biotechnologies Secures Investment from Temasek Holdings|date = 31 Mar 2010|url = }}</ref>

In May 2012, Temasek made a S$160 million investment in the eighth largest bank in Mexico, Banco del Bajio.<ref>{{cite web|url = http://www.alacrastore.com/storecontent/MarketLine_Financial_Deals-Temasek_Holdings_to_acquire_20_stake_in_Banco_del_Bajio_from_Banco_Sabadell-2052-80170|title = Temasek Holdings to acquire 20% stake in Banco del Bajio from Banco Sabadell}}</ref>

Lastly, Temasek’s partnership with the Oppenheimer family to set up Tana Africa Capital<ref>{{Cite news|title = Oppenheimer, Temasek in African private equity JV|date = 5 Aug 2011|url = http://www.reuters.com/article/2011/08/05/ozabs-africa-fund-idAFJOE7740DV20110805}}</ref> extended the company’s presence in the African consumer and agriculture sectors.

Separately, Temasek also partnered with leading international financial institutions to establish Clifford Capital<ref>{{Cite news|title = Clifford Capital launched to bridge funding gaps|date = 23 Nov 2012|url = http://www.timesbusinessdirectory.com/Singlenews.aspx?DirID=86&rec_code=847424&title=%20Clifford%20Capital%20launched%20to%20bridge%20funding%20gaps}}</ref> to undertake project financing in the region and collaborated with the Singapore Ministry of Finance to sponsor Heliconia Capital Management,<ref>{{cite web|url = http://www.tembusupartners.com/en/index.php/co-invest-plan-to-grow-singapore-into-world-competitors|title = Co-invest plan to grow Singapore into world competitors}}</ref> to seed growth capital for Singapore-based small and medium-sized enterprises.

===2011===
[http://www.temasek.com.sg/documents/report/downloads/20111110171307/TR11%20Eng_Final_2011-07-06_(low%20res).pdf The 2011 Temasek Review, titled "Building for Tomorrow"], was launched in July 2011.

'''Structure'''
# Temasek Charter
# Year in Review
# From Our Chairman
# Portfolio Highlights
# Group Financial Summary
# Financing Framework
# Shaping Our Portfolio
# Shaping Our Institution
# Shaping Our Perspectives
# Shaping Our Community Support
# Major Portfolio Companies
# Our Contact Points

'''Summary'''
{| class="wikitable" style="text-align:left;"
|+ Performance Overview

| style="width: 420px;" |Portfolio Value
| style="width: 220px;" |S$193 billion
|-
| Total Shareholder Return (one year return)
| 4.60%
|-
| Net Investments
| S$4 billion
|-
| Group Net Profit
| S$13 billion
|-
| Group Shareholder Equity
| S$155 billion
|}

{| class="wikitable" style="text-align:left;"
|+ Portfolio by Geography

| style="width: 420px;" |Asia (excluding Singapore)
| style="width: 220px;" |45%
|-
| Singapore
| 32%
|-
| North America, Europe, Australia & New Zealand
| 20%
|-
| Latin America, Africa, Central Asia & Middle East
| 3%
|}

{| class="wikitable" style="text-align:left;"
|+ Portfolio by Sector

| style="width: 420px;" |Financial Services
| style="width: 220px;" |36%
|-
| Telecomms, Media & Technology
| 23%
|-
| Transportation & Industrials
| 22%
|-
| Life Sciences, Consumer & Real Estate
| 11%
|-
| Energy & Resources
| 3%
|-
| Others
| 5%
|}

'''Major Investments '''

Temasek strengthened its portfolio with over S$4 billion of recapitalisations, including the rights issue of [[Standard Chartered]]<ref>{{Cite news|title = Temasek to support StanChart's rights issue-source|date = 12 Oct 2010|url = http://www.reuters.com/article/2010/10/13/stanchart-temasek-idUSSGE69C01X20101013}}</ref> and over S$3 billion in [[China Construction Bank]] and [[Bank of China]] during their respective rights issues.<ref>{{Cite news|title = Temasek to buy out BofA option on CCB rights issue|date = 11 Nov 2010|url = http://www.ft.com/cms/s/df041112-ed43-11df-8cc9-00144feab49a,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Fdf041112-ed43-11df-8cc9-00144feab49a.html%3Fsiteedition%3Duk&siteedition=uk&_i_referer=#axzz2aR36FN3S}}</ref>

Other investments in China included S$90 million in Asian Citrus,<ref>{{Cite news|title = Temasek Subscribed 5.37% of Asian Citrus|date = 6 Jan 2011|url = http://www.sinocast.com/readbeatarticle.do?id=52770}}</ref> one of the largest orange growers and tropical fruit juice suppliers, and an investment in New China Life, a Beijing-based insurer. Temasek also invested in Shanghai Pharmaceuticals, one of the largest integrated pharmaceutical companies in China.<ref>{{Cite news|title = Pfizer, Temasek to invest in Shanghai Pharma's IPO: report|date = 3 May 2011|url = http://www.reuters.com/article/2011/05/03/us-shanghaipharmaipo-idUSTRE74217L20110503}}</ref>

In India, an investment in GMR Energy<ref>{{Cite news|title = Temasek to invest $200 mln in India's GMR Energy|date = 9 Apr 2010|url = http://www.reuters.com/article/2010/04/09/us-temasek-investment-idUSTRE63831X20100409}}</ref> gave Temasek a S$280 million exposure to the country’s growing power sector as did a S$240 million investment in the country’s premier multi-asset class exchange, the National Stock Exchange of India.<ref name="bloomberg.com">{{Cite news|title = Temasek to Buy 5% of National Stock Exchange of India|date = 4 May 2010|url = http://www.bloomberg.com/news/2010-05-04/temasek-buys-nyse-euronext-s-5-stake-in-national-stock-exchange-of-india.html}}</ref> Temasek’s investments in Vietnam included [[Hoang Anh Gia Lai Group|Hoang Anh Gia Lai]],<ref>{{Cite news|title = Temasek invests more in Hoang Anh Gia Lai|date = 5 Jul 2011|url = http://news.com.vn/termofuse/30183.html}}</ref> a leading resources and real estate conglomerate with operations in [[Indochina]].

Temasek increased its investment exposure to Latin America through a partnership with Mexico’s Impulsora Mexicana de Desarrollos Inmobiliarios<ref>{{Cite news|title = Temasek, IMDI Form $200 Million Venture to Invest in Real Estate in Mexico|date = 28 Jul 2010|url = http://www.bloomberg.com/news/2010-07-28/temasek-imdi-form-200-million-venture-to-invest-in-real-estate-in-mexico.html}}</ref> to pursue land banking opportunities.

In Brazil, Temasek invested an initial S$500 million in Odebrecht Oil & Gas,<ref>{{Cite news|title = Temasek Buys Stake in Odebrecht Unit in Emerging Markets Plan|date = 20 Oct 2010|url = http://www.bloomberg.com/news/2010-10-19/temasek-holdings-pays-400-million-for-stake-in-brazil-s-odebrecht-unit.html}}</ref> an upstream services provider for the oil industry.

In Singapore, Temasek invested over S$100 million in the first container port business trust listed on the Singapore Exchange, [[Hutchison Port Holdings]] Trust.<ref>{{Cite news|title = Hutchison Port Holdings aims for $5.8 bn in Singapore|url = http://www.avcj.com/avcj/news/2029624/hutchison-port-holdings-aims-usd58bn-singapore}}</ref> In addition, it invested more than S$200 million in ACR Capital,<ref>{{cite web|url = http://www.asiacapitalre.com/Global/Press%20Releases%202011/ACR%20welcomes%20Temasek%20as%20new%20shareholder_8%20February%202011.pdf|title = ACR News: ACR Welcomes Temasek as New Shareholder}}</ref> a pan-Asia reinsurer.

Temasek stepped up its exposure to the energy and resources sector by investing S$200 million in Platmin,<ref name="miningweekly.com">{{Cite news|title = Singapore’s Temasek invests in Platmin|date = 29 Mar 2010|url = http://www.miningweekly.com/article/singapores-temasek-invests-in-platmin-2010-03-29}}</ref> a Canadian-listed platinum producer with assets in South Africa, and S$700 million in [[Chesapeake Energy Corporation]],<ref name="ReferenceA">{{Cite news|title = Temasek Invests in Chesapeake as Part of $1.2 Billion Spent on Resources|date = 12 May 2010|url = http://www.bloomberg.com/news/2010-05-12/temasek-invests-in-chesapeake-as-part-of-1-2-billion-spent-on-resources.html}}</ref> the second-largest producer of natural gas in the USA.

In May 2011 a partnership with RRJ Capital led to a purchase of a 70% stake in FracTech,<ref>{{Cite news|title = Chesapeake Energy Corporation, Temasek Holdings and RRJ Capital Close Recapitalization of Frac Tech Holdings, LLC|date = 9 May 2011|url = http://www.reuters.com/article/2011/05/09/idUS112365+09-May-2011+BW20110509}}</ref> a US-based company providing well stimulation services.

Lastly, Temasek invested S$50 million in [[Tudou]]<ref name=":0">{{Cite news|title = Temasek says it's 'bullish' on China outlook|date = 9 Jul 2011|url = http://usa.chinadaily.com.cn/business/2011-07/09/content_12868824.htm}}</ref>], a well-known Chinese online video site, as well as S$50 million in [[Alibaba Group]],<ref name=":0" /> the leading e-commerce company in China.

In December 2010, Temasek also committed to manage and participate in the Co-Investment Programme for Singapore-based companies. The programme aims to provide growth capital for small and medium-sized enterprises in partnership with co-investors.

===2010===
[http://www.temasek.com.sg/documents/download/downloads/20111125185945/Temasek%20Report%202010%20-%20English%20LOW%20RES.pdf The 2010 Temasek Review, titled "Making a Difference"], was launched in July 2010.

'''Structure'''
# Temasek Charter
# Year in Review
# From Our Chairman
# Portfolio Highlights
# Group Financial Summary
# Temasek Bonds
# Shaping Our Portfolio
# Shaping Our Institution
# Shaping Our Perspectives
# Building a Shared Future
# Major Portfolio Companies
# Our Contact Points

'''Summary'''
{| class="wikitable" style="text-align:left;"
|+ Performance Overview

| style="width: 420px;" |Portfolio Value
| style="width: 220px;" |S$186 billion
|-
| Total Shareholder Return (one year return by market value)
| 42%
|-
| Total Shareholder Return (by market value since inception)
| 17%
|-
| Net Investments
| S$4 billion
|-
| Group Net Profit
| S$5 billion
|-
| Group Shareholder Equity
| S$150 billion
|}

{| class="wikitable" style="text-align:left;"
|+ Portfolio by Geography

| style="width: 420px;" |Asia (excluding Singapore)
| style="width: 220px;" |46%
|-
| Singapore
| 32%
|-
| North America, Europe, Australia & New Zealand
| 20%
|-
| Latin America, Africa, Central Asia & Middle East
| 2%
|}

{| class="wikitable" style="text-align:left;"
|+ Portfolio by Sector

| style="width: 420px;" |Financial Services
| style="width: 220px;" |37%
|-
| Telecomms, Media & Technology
| 24%
|-
| Transportation & Industrials
| 18%
|-
| Life Sciences, Consumer & Real Estate
| 11%
|-
| Energy & Resources
| 6%
|-
| Others
| 4%
|}

'''Major Investments '''

Over the course of the financial year, Temasek reinforced the balance sheets of some of its portfolio companies to enhance their financial flexibility. This included the rights issues of [[Bank Danamon]] and [[Chartered Semiconductor Manufacturing]]<ref>{{Cite news|title = Temasek Considers Offer for Chartered Stake|date = 29 May 2009|url = http://online.wsj.com/article/SB124358220281165909.html}}</ref> in April, [[Neptune Orient Lines]]<ref>{{Cite news|title = NOL's rights issue to improve balance sheet-Temasek|date = 2 Jun 2009|url = http://www.reuters.com/article/2009/06/02/temasek-idUSSGC00116720090602}}</ref> in July and CitySpring in September 2009.

Temasek also injected S$1.5 billion into Singapore Power in October 2009, and S$210million into [[Surbana Corporation Pte Ltd|Surbana]] in February 2010 to support their growth plans.

In the energy and resources sector, Temasek invested S$418 million in the convertible debentures of [[Niko Resources]],<ref name="ReferenceA" /> a Canadian-listed oil and gas company with assets in Asia. Subsequently in April 2010, it invested S$687million in [[Inmet Mining]],<ref>{{Cite news|title = Temasek invests heavily in Inmet Mining to fund big Panama copper project|date = 1 Apr 2010|url = http://www.proactiveinvestors.com/companies/news/5135/temasek-invests-heavily-in-inmet-mining-to-fund-big-panama-copper-project-5135.html}}</ref> a Canadian copper producer with operations in six countries.

In May 2010 Temasek invested S$207 million in Platmin Limited,<ref name="miningweekly.com" /> a platinum producer in South Africa.

In South Korea, Temasek invested S$343 million in [[Seoul Semiconductor]],<ref>{{Cite news|title = UPDATE 1-Temasek to buy $242 mln stake in S.Korea LED firms|date = 3 Nov 2009|url = http://www.reuters.com/article/2009/11/03/temasek-seoulsemicon-idUSSEO3528220091103}}</ref> a Korean light emitting diode (LED) company and its subsidiary, Seoul Optodevice, giving the company exposure to energy-efficient LED displays and lighting products in the technology space.

Temasek also invested in Trinity Limited, a leading luxury menswear retailer in GreaterChina.

Temasek increased its exposure to [[Olam International]] through S$138 million of convertible bonds in October 2009, shortly after an earlier investment of S$438 million in June 2009.

In May 2010, it invested S$251 million on the health sciences front in Celltrion, a Korean bio-pharmaceuticals company developing biosimilars (generic biotech drugs) for both emerging and developed markets.

In China, Temasek invested in [[China Construction Bank]], as well as in Longfor,<ref>{{Cite news|title = Temasek, GIC invest in China's Longfor IPO-source|date = 28 Oct 2009|url = http://in.reuters.com/article/2009/10/28/idINHKG33665720091028}}</ref> a real estate developer, and in China ITS, a transportation infrastructure technology solutions provider.

Temasek also participated in the IPOs of two of its earlier real estate investments, [[Evergrande Real Estate Group|Evergrande Real Estate]] and Kaisa.

In India, Temasek invested S$241 million in the National Stock Exchange of India<ref name="bloomberg.com" /> in May 2010. It also added to its exposure in the infrastructure space with a S$280 million investment in GMR Energy Limited<ref>{{Cite news|title = UPDATE 1-Temasek to invest $200mln in India's GMR Energy-srcs|date = 8 Apr 2010|url = http://www.reuters.com/article/2010/04/08/temasek-gmr-idUSSGE6370KG20100408}}</ref> in June 2010, a leading Indian power utility company.

Other investments included [[Sobha Developers Ltd|Sobha Developers]] in February 2010, a leading developer in South India, and in Essar Energy in April 2010.

In Latin America, Temasek invested S$70 million in [[Amyris Biotechnologies]] Inc, the US parent of Amyris Brasil, a Brazilian company which produces biofuels and other chemicals from sugarcane. It also gained an exposure of S$98 million in [[LAN Airlines]],<ref>{{Cite news|title = Singapore's Temasek buys stake in Chile's LAN Airlines|date = 25 Mar 2010|url = http://www.reuters.com/article/2010/03/25/lan-auction-temasek-idUSSGE62O0I020100325}}</ref> a Chilean airline with pan-regional presence in South America.

In Singapore, Temasek reshaped its portfolio through the divestment of Chartered Semiconductor Manufacturing and the listing of [[Tiger Airways]] on the Singapore Exchange in January 2010. Temasek grabbed a direct stake in [[Singapore Airport Terminal Services]] (SATS) after [[Singapore Airlines]] distributed its stake in SATS to its shareholders.

Lastly, Temasek established SeaTown Holdings,<ref>{{Cite news|title = Temasek Starts Global Investment Company Seatown, Names Ong CEO|date = 10 Feb 2010|url = http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aDsBEpixCnxo}}</ref> a wholly owned global investment company, in August 2009, with committed capital of over S$4 billion and the potential for third-party co-investment in the medium term. Sustainable urban solutions provider, SingBridge International, was also formed in June 2009 to focus on the investment and development of integrated townships and large-scale projects in Asia.

===2009===
[http://www.temasek.com.sg/documents/report/downloads/20111110170954/TR09%20English.pdf The 2009 Temasek Review, titled “Shaping our Journey”], was launched in July 2009.

'''Structure'''
# Temasek @ 35
# Year in Review
# From our Chairman
# Portfolio Highlights
# Group Financial Summary
# Shaping our Portfolio
# Shaping our Institution
# Shaping our Ideas
# Building A Shared Future
# Major Portfolio Companies
# Our Contact Points

'''Summary'''
{| class="wikitable" style="text-align:left;"
|+ Performance Overview

| style="width: 420px;" |Portfolio Value
| style="width: 220px;" |S$130 billion
|-
| Total Shareholder Return (one year TSR by shareholder funds)
| -18%%
|-
| Total Shareholder Return (one year TSR by market value)
| -30%
|-
| Net Divestments
| S$7 billion
|-
| Group Net Profit
| S$6 billion
|-
| Group Shareholder Equity
| S$118 billion
|}

{| class="wikitable" style="text-align:left;"
|+ Portfolio by Geography

| style="width: 420px;" |Singapore
| style="width: 220px;" |31%
|-
| North Asia (China, Taiwan, Korea)
| 27%
|-
| OECD Economies (excluding Korea & Mexico)
| 22%
|-
| ASEAN (excluding Singapore)
| 9%
|-
| South Asia (India, Pakistan)
| 7%
|-
| Latin America & Others
| 4%
|}

{| class="wikitable" style="text-align:left;"
|+ Portfolio by Sector

| style="width: 420px;" |Financial Services
| style="width: 220px;" |33%
|-
| Telecommunications, Media
| 26%
|-
| Transportation & Logisticss
| 13%
|-
| Real Estate
| 9%
|-
| Infrastructure, Industrial & Engineering
| 6%
|-
| Energy & Resources
| 5%
|-
| Life Sciences, Consumer & Lifestyle
| 1%
|-
| Technology
| 1%
|-
| Others
| 6%
|}

'''Major Investments'''

During the financial year 2009, Temasek divested S$16 billion of assets and made S$9 billion of new investments, of which S$3 billion were into the rights offerings of its [[Portfolio (finance)|portfolio]] companies, such as [[Standard Chartered]],<ref>"[http://news.asiaone.com/News/Latest+News/Business/Story/A1Story20080129-47238.html Temasek raises Standard Chartered stake to 19%]". 29 January 2008.</ref> [[DBS Bank|DBS Group]], and [[CapitaLand]].<ref>"[http://www.reuters.com/article/2009/02/09/capitaland-temasek-idUSSGC00101420090209 CapitaLand says Temasek to buy 40 pct of rights issue]". 9 February 2009.</ref>

Post March 2009, Temasek invested over S$1 billion in the rights issues of [[Bank Danamon]],<ref>"[http://www.bloomberg.com/apps/news?pid=newsarchive&sid=avGU7wwPzJus&refer=asia Bank Danamon Said to Seek $336 Million From Investors]". 17 February 2009.</ref> [[Neptune Orient Lines]],<ref>"[http://www.reuters.com/article/2009/06/02/temasek-idUSSGC00116720090602 NOL's rights issue to improve balance sheet-Temasek]". 1 June 2009.</ref> and [[Chartered Semiconductor Manufacturing]].<ref>"[http://newspapers.nl.sg/Digitised/Article/biztimes20090310-1.2.2.aspx Temasek backs US$300m Chartered cash call]". 10 March 2009.</ref>

New investments included about S$700 million in September 2008 for a sub-5% stake in Hong Kong-based [[Li & Fung]],<ref>"[http://www.reuters.com/article/2008/09/08/lifung-shares-idUSHKF07948520080908 Li & Fung jumps 8.9 pct after Temasek takes stake]". 7 September 2008.</ref> a global leader in [[supply chain management]] for brands and retailers worldwide.

In June 2009, Temasek also reinvested in Singapore-based [[Olam International]],<ref>"[http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aYMBmvUz7RFQ Temasek Buys Olam Stake, Shifts Focus to Commodities]". 1 June 2009.</ref> a leader in the supply chain management of agricultural products and food ingredients, with S$438 million for a 13.8% stake.

As of 31 March 2009, Temasek held an investment of about S$150 million in Lung Ming,<ref>"[http://www.eurasiac.com/?q=mongolia-lures-temasek-cic-and-other-sovereign-wealth-funds Mongolia lures Temasek, CIC and other Sovereign Wealth Funds]". 21 December 2009.</ref> an independent [[iron ore]] company that owned and operated the Eruu Gol iron ore mine in Mongolia.

In the infrastructure, industrial & engineering space, Temasek took a 19.5% stake in South Korea’s ENK, which supplies cylinders for [[compressed natural gas]] (CNG).

In Brazil, Temasek provided growth capital with a 15.4% stake in [[San Antonio International]],<ref>"[http://www.reuters.com/article/2009/12/03/temasek-oil-idUSSIN49080720091203 Singapore's Temasek sells oil exploration unit]". 3 December 2009.</ref> an onshore oilfield service company in Latin America.

During the year, Temasek rebalanced its portfolio by fully divesting its stakes in [[Bank Internasional Indonesia]],<ref>"[http://connection.ebscohost.com/c/articles/31611095/singapores-temasek-sell-42-stake-indonesian-bank Singapore's Temasek to Sell 42% Stake in Indonesian Bank]". March 2008.</ref> [[Bank of America]],<ref>"[http://www.bloomberg.com/apps/news?pid=newsarchive&sid=amntz8g737uY Temasek Sells Bank of America Stake, Looks to China]". 15 May 2009.</ref> [[Barclays]],<ref>"[http://online.wsj.com/article/SB124402933796181059.html Temasek Loses Big on Stake in Barclays]". 4 June 2009.</ref> [[China Minsheng Bank]],<ref>"[http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aA3Tel5bB.IA Temasek Said to Have Sold Entire Stake in China Minsheng Bank]". 9 March 2009.</ref> E.SUN Financial Holding,<ref>"[http://www.chinaknowledge.com/newswires/News_Detail.aspx?type=1&NewsID=13750 Temasek to sell stake in Taiwan's E.Sun]". 5 March 2008.</ref> Singapore Food Industries,<ref>"[http://www.theedgesingapore.com/component/content/1021.html?task=view SATS to buy Temasek’s stake in Singapore Food Industries for $334.5m]". 2 December 2008.</ref> SCS Computer Systems,<ref>"[http://onefinanceasia.com/news/106-Temasek-evaluating-stake-in-Singapore-Computer-Systems.html Temasek evaluating stake in Singapore Computer Systems]". 30 July 2008.</ref> and SNP Corporation.

Temasek’s initial position in Merrill Lynch had been exchanged into shares in Bank of America in January 2009, when the latter completed an offer to buy the former. Temasek’s exposure thus changed from specific Merrill exposures to the diversified exposure of Bank of America to the US economy. As the risk-return profile had also shifted substantially, Temasek made the decision to divest out of Bank of America and redeploy its funds elsewhere, notwithstanding the expected realised loss.

Temasek also completed the long-planned divestment of its three power generating companies in Singapore. The first was the sale of [[Tuas Power Ltd|Tuas Power]] in March 2008 to SinoSing Power, a wholly owned subsidiary of [[China Huaneng Group]], followed by the September 2008 sale of [[Senoko Power Station|Senoko Power]]<ref>"[http://news.asiaone.com/News/Latest+News/Business/Story/A1Story20080707-75171.html Temasek launches Senoko Power sale]". 7 July 2008.</ref> to Lion Power Holdings, a consortium led by [[Marubeni Corporation]] of Japan. The sale of the last power generating company, [[PowerSeraya]],<ref>"[http://www.bloomberg.com/apps/news?pid=newsarchive&sid=avPocO4RVsw8 Malaysia’s YTL Power to Buy Temasek’s PowerSeraya]". 2 December 2008.</ref> to [[YTL Power International Berhad|YTL Power International]] of Malaysia was sealed in December 2008 and completed in March 2009. Total proceeds from these divestments amounted to just over S$11 billion.

===2008===
[http://www.temasek.com.sg/documents/report/downloads/20111110170757/TR08%20English%20FINAL.pdf The 2008 Temasek Review, titled “Risks & Opportunities”], was launched in July 2008.

'''Structure'''
# Institutional Overview
# Year in Summary
# Portfolio Highlights
# To My Fellow Stakeholders
# Group Financial Summary
# Investments
# Shaping the Institution
# Engaging the World
# Extending Pathways
# Major Portfolio Investments
# Our Reach

'''Summary'''
{| class="wikitable" style="text-align:left;"
|+ Performance Overview

| style="width: 420px;" |Portfolio Value
| style="width: 220px;" |S$185 billion
|-
| Total Shareholder Return (one year TSR by shareholder funds)
| 17%
|-
| Total Shareholder Return (one year TSR by market value)
| 7%
|-
| Group Net Profit
| S$18 billion
|-
| Group Shareholder Equity
| S$144 billion
|-
| Net Investments
| S$10 billion
|}

{| class="wikitable" style="text-align:left;"
|+ Portfolio by Geography

| style="width: 420px;" |Singapore
| style="width: 220px;" |33%
|-
| North Asia (China, Taiwan, Korea)
| 22%
|-
| OECD Economies (excluding Korea & Mexico)
| 23%
|-
| ASEAN (excluding Singapore)
| 12%
|-
| South Asia (India, Pakistan)
| 7%
|-
| Latin America & Others
| 3%
|}

{| class="wikitable" style="text-align:left;"
|+ Portfolio by Sector

| style="width: 420px;" |Financial Services
| style="width: 220px;" |40%
|-
| Telecommunications, Media
| 24%
|-
| Transportation & Logistics
| 10%
|-
| Real Estate
| 7%
|-
| Infrastructure, Industrial & Engineering
| 6%
|-
| Energy & Resources
| 5%
|-
| Life Sciences, Consumer & Lifestyle
| 2%
|-
| Technology
| 2%
|-
| Others
| 4%
|}

'''Major Investments'''

Temasek’s portfolio grew almost 13% as at 31 March 2008 from S$164 billion to S$185 billion on a [[Marked to market|marked-to-market]] basis.

Investments in the financial services sector included about US$2 billion into [[Barclays plc|Barclays PLC]]<ref>"[http://www.reuters.com/article/2007/07/27/us-singapore-temasek-ho-idUSSIN33472320070727 Temasek's leading lady bets on Barclays]". 27 July 2007.</ref> in July 2007 to support their capital needs for their subsequently unsuccessful bid for ABN AMRO.

Amid the [[credit crunch]] during the second half of 2007, Temasek also anchored the December 2007 capital raising by [[Merrill Lynch]]<ref>"[http://www.cnbc.com/id/22395384 Merrill Lynch Will Sell Stake to Temasek Holdings]". 25 December 2007.</ref> with a US$4.9 billion investment for a 9% stake. A further US$3.4 billion was invested in the company in July 2008,<ref>"[http://www.nytimes.com/2008/07/29/business/worldbusiness/29iht-merrill.4.14866295.html?_r=4& Singapore to the rescue of a troubled Merrill Lynch]". 29 July 2008.</ref> of which US$2.5 billion was from a reset payment from Merrill and US$900 million was new capital.

Temasek increased its stake in [[Standard Chartered Bank]]<ref>"[http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSTW5.fUnWcg Temasek Raises Stake in Standard Chartered to 18%]". 24 December 2007.</ref> to about 19%, and entered into an agreement to divest indirect stakes in PT [[Bank Internasional Indonesia]].<ref>"[http://www.ft.com/intl/cms/s/6a84444e-e3f8-11dc-8799-0000779fd2ac,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F6a84444e-e3f8-11dc-8799-0000779fd2ac.html&_i_referer=#axzz2aObJbqii Temasek Holdings to sell BII stake]". 26 February 2008.</ref> However, the transaction was not completed as scheduled on the closing date of 31 July 2008, due to non-completion by the buyer for regulatory reasons.

In the transportation and logistics sector, Temasek saw its investments in two low-cost airlines, [[Tiger Airways]] and Orangestar Investment Holdings, turn profitable by the end of the year.

Meanwhile, Temasek divested its stake in [[China Cosco Holdings|China COSCO Holdings]],<ref>"[http://dealbook.nytimes.com/2007/11/29/temasek-sells-shares-in-china-cosco/ Temasek Sells Shares in China Cosco]". 29 November 2007.</ref> an integrated shipping, ports and logistics operator, took up a cornerstone position in [[China Railway Construction Corporation]],<ref>"[http://www.businessweek.com/stories/2008-02-26/china-railway-construction-ipo-on-trackbusinessweek-business-news-stock-market-and-financial-advice China Railway Construction IPO On Track]". 26 February 2008.</ref> an infrastructure construction company focused on railways, highways, and public transportation systems, and took a stake in Wasion, a manufacturer of electricity meters in China.

In July 2008, Temasek also divested its entire 54% stake in SNP Corporation,<ref>"[http://www.reidin.com/news/showNews/hk_haymea-hkasiind-20080827-1/temasek-sees-limited-opportunities-ahead.html Temasek sees limited opportunities ahead]". 27 August 2008.</ref> a printing company, for approximately S$111 million.

In the telecommunications and media sectors, Temasek invested in private equity opportunities such as an indirect stake in [[Bharti Airtel]],<ref>"[http://articles.economictimes.indiatimes.com/2007-07-04/news/28407370_1_temasek-holdings-indirect-stake-bharti-executives Temasek picks 4.99% in Airtel for $2 bn]". 4 July 2007.</ref> India’s leading wireless service provider.

Regarding the energy sector, Temasek increased its exposure to non-conventional fuel sources through an increase in its stake in [[MEG Energy]], one of the largest private pure-play Canadian oil sands companies, and through investments in companies engaged in oil and gas exploration activities.

Temasek also announced its intention to divest its three power generation companies ([[Tuas Power Ltd|Tuas Power]], Senoko Power, and [[PowerSeraya]]) in October 2007.

Concerning the life sciences sector, Temasek took a minority stake in Interpharma Investments Limited, an important pharmaceutical distribution company in Asia, and invested in Invida Pharmaceutical Holdings,<ref>"[http://www.valute.it/news/story.aspx?id=9753497&bw=20080303005612 Valeant Pharmaceuticals Divests Asia Region to Invida Pharmaceutical Holdings for $37.8 Million]". 3 March 2008.</ref> alongside partners Zuellig and [[Quintiles]].

Within the technology sector, Temasek completed the voluntary cash tender offer for [[STATS ChipPAC Ltd|STATS ChipPac]],<ref>"[http://www.reuters.com/article/2007/05/18/idUSSIN9946620070518 STATS ChipPAC says Temasek acquired 83 pct of firm]". 18 May 2007.</ref> increasing its stake from 35% to 83%. Temasek also participated in a co-investment opportunity in Lattice Power, a China-based company with differentiated proprietary technology for manufacturing LEDs.

===2007===
[http://www.temasek.com.sg/documents/report/downloads/20111110170650/Temasek%20Review%202007_Full.pdf The 2007 Temasek Review, titled “Creating Value”], was launched in July 2007.

'''Structure'''
# Portfolio Highlights
# From the Chairman
# Group Financial Summary
# Our Investments
# Our People, Our Institution
# Our Community, Our Future
# Major Portfolio Investments
# Our Reach

'''Summary'''
{| class="wikitable" style="text-align:left;"
|+ Performance Overview

| style="width: 420px;" |Portfolio Value
| style="width: 220px;" |S$164 billion
|-
| Total Shareholder Return (one year TSR by shareholder funds)
| 25%
|-
| Total Shareholder Return (one year TSR by market value)
| 27%
|-
| Group Net Profit
| S$9 billion
|-
| Group Shareholder Equity
| S$114 billion
|}

{| class="wikitable" style="text-align:left;"
|+ Portfolio by Geography

| style="width: 420px;" |Singapore
| style="width: 220px;" |38%
|-
| North Asia (China, Taiwan, Korea)
| 24%
|-
| OECD Economies (excluding Korea)
| 40%
|-
| ASEAN (excluding Singapore)
| 12%
|-
| South Asia (India, Pakistan)
| 4%
|-
| Others
| 2%
|}

{| class="wikitable" style="text-align:left;"
|+ Portfolio by Sector

| style="width: 420px;" |Financial Services
| style="width: 220px;" |38%
|-
| Telecommunications, Media
| 23%
|-
| Transportation & Logistics
| 12%
|-
| Real Estate
| 9%
|-
| Infrastructure, Industrial & Engineering
| 6%
|-
| Energy & Resources
| 6%
|-
| Technology
| 2%
|-
| Life Sciences, Consumer & Lifestyle
| 1%
|-
| Others
| 3%
|}

'''Major Investments'''

Temasek invested almost S$16 billion and monetised over S$5 billion from its portfolio during the 2007 financial year.

''Singapore''

Temasek made its most substantial investment in food and beverage to-date with a 15% stake in [[Fraser and Neave]],<ref>"[http://www.fraserandneave.com/library/08Dec2006_F&N%20places%20out%20$900m%20worth%20of%20shares%20to%20Temasek%20Holdings%20PressRelease%5E8Dec06.pdf F&N places out $900 million worth of shares to Temasek Holdings]". 8 December 2006.</ref> one of Singapore’s most recognised food and beverage enterprises.

In May 2007, Temasek raised its stake in [[STATS ChipPAC Ltd|STATS ChipPAC]] from 35% to 83% following a voluntary cash tender offer for the company in March 2007.

Temasek worked closely with regulators and partners like [[Hyflux]] on the initial public offering of [[CitySpring Infrastructure Trust]].<ref>"[http://www.temasek.com.sg/mediacentre/newsreleases?detailid=8436 Temasek subsidiary seeks to list infrastructure business trust]". 9 January 2007.</ref>

''OECD Economies''

Investments in [[OECD]] economies included two companies in [...] development, [[Intercell AG]] of Austria and Vical Inc<ref>"[http://www.marketwatch.com/story/vical-in-pact-to-sell-25-million-in-stock-to-temasek Vical in pact to sell $25 million in stock to Temasek]". 19 October 2006.</ref> of USA, both of which have platform technologies for the development of vaccines.

Temasek also took advantage of the introduction of different risk-related securities in the debt market by securitising part of its [[private equity funds]] portfolio at attractive terms. This generated significant [[liquidity]] from an otherwise illiquid asset class, through Astrea,<ref>"[http://www.alacrastore.com/research/moodys-global-credit-research-ASTREA_LLC-PBS_SF80955 ASTREA LLC]". 17 August 2006.</ref> a special purpose vehicle, which holds a portfolio of investments in private equity funds.

Temasek completed its first investment in childcare services with a 12% stake in [[ABC Learning Centres]],<ref>"[http://www.smh.com.au/news/business/temasek-buys-12-per-cent-of-abc/2007/05/29/1180205251681.html Temasek buys 12% of ABC]". 30 May 2007.</ref> an Australian company operating childcare centres in Australia, New Zealand, the UK, and USA.

Investments in Mitsui Life of Japan added to Temasek’s portfolio in the financial services sector.

''Emerging Markets''

Temasek continued to explore economies in transformation as potential new markets by investing in Russia at the initial public offering of the [[PIK Group]] and through a small portfolio exposure in Latin America.

Investments in [[VTB Bank]] and [[Sberbank]] of Russia added to its portfolio in the financial services sector.

During the year, Temasek also invested in Integra Group, a Russian oil field services company, and in Standard Chartered.<ref>"[http://www.bloomberg.com/apps/news?pid=newsarchive&sid=agoxDWFdY5kY Temasek Buys 12% of Standard Chartered From Khoo]". 28 March 2006.</ref>

''China''

Over the year, Temasek invested over S$1.6 billion to back emerging champions in China: Country Garden,<ref>"[http://www.chinawealthplanning.com/english/index.php?option=com_content&task=view&id=2020 Temasek Pours $1 Billion into China-Focused Fund]". 11 December 2007.</ref> a property developer, Xingyu Hengdeli,<ref>"[http://www.ucigroup.cn/en/news/news_06_06_30.htm HK-listed Xinyu Hengdeli to sell 9.94 pct stake to Singapore's Temasek]". 30 June 2006.</ref> a luxury watch retail chain, and [[Yingli Green Energy]],<ref>"[http://www.chinaknowledge.com/newswires/News_Detail.aspx?type=1&NewsID=9643 Temasek invests in fast-growing sectors in China]". 7 August 2007.</ref> a solar equipment producer.

Temasek’s investments in new private equity funds such as CITIC Capital China Partners and Trust Bridge Partners complement its direct investments in China.

Temasek also provided expansion capital to Jiuda Salt, China’s largest independent salt producer, and invested in both [[Sino-Forest Corporation|Sino-Forest]], China’s leading private forestry company, as well as Lian Lian Holdings Ltd, which provides a low cost platform for mobile [[micro-payments]].

''India/Pakistan''

New investment commitments in India included [[Tata Sky]],<ref>"[http://articles.economictimes.indiatimes.com/2007-06-08/news/28438915_1_dth-service-temasek-dth-segment Tatas dilute 10% stake in Tata Sky to Temasek]". 8 June 2007.</ref> a provider of [[Direct To Home|Direct-to-Home]] digital satellite TV services, and INX Media,<ref>"[http://articles.economictimes.indiatimes.com/2007-03-15/news/28395822_1_temasek-holdings-dunearn-investments-minority-stake Temasek Holdings invests in Indian TV venture]". 15 March 2007.</ref> a television broadcaster.

During the year, Temasek completed a second tranche of investment in Firstsource Solutions,<ref>"[http://articles.economictimes.indiatimes.com/2007-01-05/news/28400103_1_firstsource-metavante-equity-shares First Source makes pre-IPO placement to two US firms]". 5 January 2007.</ref> one of the emerging champions in the business processing [[outsourcing]] space in India.

In June 2007, Temasek’s platform in NIB Bank of Pakistan was expanded through the acquisition of Pakistan Industrial Credit & Investment Corporation Ltd (PICIC).<ref>"[http://dawn.com/news/222129/temasek-acquires-46pc-picic-shares Temasek acquires 46pc PICIC shares]". December 7, 2006.</ref>

''Vietnam''

In Vietnam, Temasek took a 9% stake in the first Vietnam-focused infrastructure fund, Vietnam Infrastructure Limited, a closed-end AIM-listed fund managed by VinaCapital.

In June 2007, Temasek also took a 10% stake in Minh Phu Seafood Joint-Stock Company,<ref>"[http://www.agri-biz.com/Singlenews.aspx?DirID=65&rec_code=82932 Temasek takes 10% stake in Viet seafood giant Minh Phu]". 14 June 2007.</ref> a leading shrimp processor and exporter in Vietnam with exports to USA, Japan, Canada, EU, and Australia.

Temasek also made its second investment in Indochina Capital’s Vietnam-dedicated real estate funds to acquire and develop office, retail, residential, hotel, and resort properties.

===2006===
[http://www.temasek.com.sg/documents/report/downloads/20111110170516/TR2006.pdf The 2006 Temasek Review, titled “Managing for Value”], was launched in July 2006.

'''Structure'''
# Our Portfolio Highlights
# From the Chairman
# Group Financial Summary
# Our Investments
# Our Institution
# Our Partners and Friends
# Our Major Portfolio Investments
# Our Presence

'''Summary'''
{| class="wikitable" style="text-align:left;"
|+ Performance Overview

| style="width: 420px;" |Portfolio Value
| style="width: 220px;" |S$129 billion
|-
| Total Shareholder Return (one year TSR by shareholder funds)
| 28%
|-
| Total Shareholder Return (one year TSR by market value)
| 24%
|-
| Group Net Profit
| S$13 billion
|-
| Group Shareholder Equity
| S$91 billion
|-
| Net Investments
| S$8 billion
|}

{| class="wikitable" style="text-align:left;"
|+ Portfolio by Geography

| style="width: 420px;" |Singapore
| style="width: 220px;" |44%
|-
| OECD Economies (excluding Korea)
| 20%
|-
| North Asia (China, Taiwan, Korea)
| 19%
|-
| ASEAN (excluding Singapore)
| 19%
|-
| South Asia (India, Pakistan)
| 3%
|-
| Others
| 2%
|}

{| class="wikitable" style="text-align:left;"
|+ Portfolio by Sector

| style="width: 420px;" |Financial Services
| style="width: 220px;" |35%
|-
| Telecommunications, Media
| 26%
|-
| Transportation & Logistics
| 13%
|-
| Real Estate
| 7%
|-
| Infrastructure, Industrial & Engineering
| 9%
|-
| Energy & Resources
| 6%
|-
| Others
| 4%
|}

'''Major Investments'''

'''During the 2006 financial year, Temasek made S$21 billion of new investments, and monetised S$13 billion of its portfolio.'''

Temasek's Aranda Investments acquired 5.5 million shares in [[Mahindra & Mahindra Financial Services Limited|Mahindra & Mahindra]], a utility vehicle and tractor manufacturer in India,<ref>{{Cite press release|title = Temasek Holdings' Subsidiary Acquires 5.5 million M&M Shares|url = http://www.temasek.com.sg/mediacentre/newsreleases?detailid=8533}}</ref> in March 2005.

In June 2005, Temasek invested $7.5 million in Apollo Healthstreet, a medical business process outsourcing and IT services company that specialises in servicing US-based clients,<ref>{{Cite news|title = Temasek arm, One Equity to invest $7.5m in Apollo Health Street|date = 2 May 2006|url = http://www.thehindubusinessline.com/todays-paper/tp-corporate/temasek-arm-one-equity-to-invest-75m-in-apollo-health-street/article2176433.ece?ref=archive}}</ref> and partnered Zuellig and [[Quintiles]] to form a pharmaceutical sales and commercialisation joint-venture, Asia Pacific Pharmaceutical Holdings (APPH)<ref>{{Cite press release|title = Interpharma, Quintiles and Temasek to Form Pharma Commercialization Joint Venture in Asia Pacific With US$112 Million Investment Fund|url = http://www.prnewswire.com/news-releases/interpharma-quintiles-and-temasek-to-form-pharma-commercialization-joint-venture-in-asia-pacific-with-us112-million-investment-fund-54602577.html}}</ref> [[Asia Pacific Pharmaceutical Holdings]].

Temasek also made an investment of US$1.5 billion for a 5% stake in [[China Construction Bank]]<ref name="temasek1">{{Cite press release|title = China Construction Bank and Temasek Established Strategic Partnership in Beijing|url = http://www.temasek.com.sg/mediacentre/newsreleases?detailid=8465}}</ref> and acquired an 8.3% stake in [[Hopson Development Holdings]], a developer of residential properties in China in August 2005.

Following that, in the next month, Temasek took a 5% in [[Kinh Do Corporation|Kinh Do]],<ref>{{Cite news|title = Kinh Do stocks begin trading|date = 13 December 2005|url = http://vietnamnews.vn/economy/149191/kinh-do-stocks-begin-trading.html}}</ref> a Vietnamese confectionery maker with a 50% market share who also distributes its products into [[Cambodia]].

In October 2005, Temasek acquired 25% of Medreich, a pharmaceutical firm which provides [[[...] formulation]] and manufacturing services for a wide range of generic products to global pharmaceutical companies.<ref>{{Cite news|title = Temasek buys 25% in Medreich for Rs 109 cr|date = 15 October 2005|url = http://articles.economictimes.indiatimes.com/2005-10-15/news/27510649_1_medreich-group-temasek-uk}}</ref>

Temasek also co-invested with [[J.W. Childs Associates|J. W. Childs]], an American private equity firm, in an investment consortium led by OSIM to acquire [[Brookstone]], a specialty retailer across the USA.<ref>{{Cite news|title = This Chairmaker Sure Isn't Sitting Back|date = 16 October 2005|url = http://www.businessweek.com/stories/2005-10-16/this-chairmaker-sure-isnt-sitting-back}}</ref> <nowiki> </nowiki>

Temasek also co-invested with [[Cargill]] in [[oil palm]] plantations in [[Indonesia]] and [[Papua New Guinea]] in November 2005 through a [[Joint venture|joint-venture]] company, CTP Holdings,<ref>{{Cite press release|title = Cargill and Temasek Holdings Invest in Palm Plantations in Indonesia and Papua New Guinea|url = http://www.temasek.com.sg/mediacentre/newsreleases?detailid=8453}}</ref> and committed US$10million in a [[venture capital fund]], GSR Ventures, to fund wireless, Internet, new media, [[semiconductor]], and other technology-rich companies in China.

In December 2005, Temasek partnered Troika Dialog Asset Management with an initial total commitment of US$150 million to establish the Russia New Growth Fund LP to seek out investments in Russia and in countries of the former [[Soviet Union]].<ref>{{Cite press release|title = Troika Dialog and Temasek Holdings Announce Launch of New Private Equity Fund for Russia and CIS|url = http://www.temasek.com.sg/mediacentre/newsreleases?detailid=8452}}</ref> Temasek also participated as a cornerstone investor in the initial public offering of China's [[Dongfeng Motor Group]].

During this period, Temasek also co-invested with [[Silver Lake Partners]] and [[KKR]], two American [[private equity]] firms, in the US$2.7 billion carve-out of the Semiconductor Products Group of Agilent Technologies to form [[Avago Technologies]], which manufactures analogue and optoelectronic components.

In January 2006, Temasek joined a [[consortium]] of Thai investors to invest in [[Shin Corporation|Shin Corp]]<ref>{{Cite press release|title = Temasek-SCB led investor group acquires Shinawatra and Damapong Families’ stakes in Shin Corp|url = http://www.temasek.com.sg/mediacentre/newsreleases?detailid=8450}}</ref> and co-invested with Istithmar PJSC of [[Dubai]] in Thailand's healthcare sector, each taking about 6% in [[Bumrungrad Hospital]], one of the largest hospitals in [[Southeast Asia]].<ref>{{Cite press release|title = Istithmar and Temasek Invest in Bumrungrad|url = http://www.temasek.com.sg/mediacentre/newsreleases?detailid=8451}}</ref>

In March 2006, Temasek placed out 770 million [[SingTel]] ordinary shares worth over S$2 billion<ref>{{Cite press release|title = Liquidity of SingTel Stock Further Enhanced|url = http://www.temasek.com.sg/mediacentre/newsreleases?detailid=8446}}</ref> and completed its purchase of an 11.5% stake in [[Standard Chartered]] from the Tan Sri Khoo Teck Puat Estate.<ref>{{Cite news|title = Ho Ching's Temasek Buys Standard Chartered Stake|date = 28 March 2006|url = http://www.forbes.com/2006/03/28/temasek-standard-chartered-cx_po_0328autofacescan02.html}}</ref> Temasek also participated in the restructuring of [[China Aviation Oil]] with a minority co-investment stake alongside oil major [[BP]]<ref>{{Cite news|title = China Aviation rescue plan agreed|date = 3 March 2006|url = http://news.bbc.co.uk/2/hi/business/4771370.stm}}</ref> and invested in [[Tata Teleservices]], one of India's telecom service providers.<ref>{{Cite news|title = Singapore's Temasek buys stake in Tata Teleservices |date = 8 March 2006|url = http://news.oneindia.in/2006/03/08/singapores-temasek-buys-stake-in-tata-teleservices-1141828429.html}}</ref>

Temasek also invested some US$400 million in the E.Sun Financial Holding Company in March 2006. E.Sun Financial Holding Company was the holding company of [[Taiwan]]'s E.Sun Commercial Bank.<ref>{{Cite news|title = E.Sun partners with Temasek Holdings|date = 15 March 2006|url = http://www.taipeitimes.com/News/biz/archives/2006/03/15/2003297512}}</ref> Temasek also acquired a 9.95% Stake in i-Logistics, a Japanese logistics firm with core capabilities in international and multi-modal distribution services.<ref>{{Cite press release|title = Temasek Holdings Acquires a 9.95% Stake in i-Logistics|url = http://www.temasek.com.sg/mediacentre/newsreleases?detailid=8448}}</ref>

In April 2006, Temasek made a follow-on investment in ICICI OneSource, one of India's leading BPO providers and expanded its exposure to infrastructure in India by partnering [[Reliance Energy]] for a 50% stake in the US$200 million Reliance India Power Fund.<ref>{{Cite news|title = Reliance, Temasek to launch India power fund|date = 26 July 2004|url = http://expressindia.indianexpress.com/news/fullstory.php?newsid=34248}}</ref> Temasek also made a minority investment in Aptuit, a contract research company providing [[Pre-clinical development|pre-clinical]] development services and clinical trial materials.<ref>{{Cite press release|title = Aptuit Secures Additional Private Equity Funding, Bringing Potential Capital Available to More Than $750 Million|url = http://www.aptuit.com/Resource-Library/Press-Room/Press-Releases/20060410001.aspx}}</ref>

Temasek subsequently invested US$106 million in [[eMobile]], a Japanese wireless services provider,<ref>{{Cite press release|title = eMobile completed 27.3 billion yen additional equity financing to reach a total of 143.2 billion yen and secured over 360 billion yen capital through equity and debt financing; Temasek Holdings to become the third largest shareholder of eMobile|url = http://www.temasek.com.sg/mediacentre/newsreleases?detailid=8441}}</ref> in May 2006 and completed its investment in Neumayer Tekfor, a global producer of precision automotive parts.

In August 2006, Temasek acquired 30% of PT Chandra Asri, an Indonesian producer of [[ethylene]], a key feedstock for [[petrochemical]] products.<ref>{{Cite news|title = Chandra Asri Berniat IPO, Target Rp 4,5 Triliun|date = 8 August 2006|url = http://rafflesia.wwf.or.id/library/admin/attachment/clips/2006-08-14-114-0001-001-04-0901.pdf}}</ref>

===2005===
[http://www.temasek.com.sg/documents/report/downloads/20111110170134/TMReview05Final1107.pdf The 2005 Temasek Review, titled “Reshaping our Portfolio”], was launched in July 2005.

'''Structure'''
# Mission Statement
# Corporate Profile
# Our Portfolio
# Wealth Added
# Total Shareholder’s Return
# Message from Chairman
# Group Financial Summary
# Temasek Highlights
# Risk Management
# Corporate Governance
# Board of Directors
# Senior Management
# Temasek Advisory Panel
# Temasek International Panel
# Our People, Our Values
# Major Temasek-Linked Companies
# Temasek Offices

'''Summary'''
{| class="wikitable" style="text-align:left;"
|+ Performance Overview

| style="width: 420px;" |Portfolio Value
| style="width: 220px;" |S$103 billion
|-
| Total Shareholder Return (one year TSR by shareholder funds)
| 12%
|-
| Total Shareholder Return (one year TSR by market value)
| 16%
|-
| Group Net Profit
| S$7.6 billion
|-
| Group Shareholder Equity
| S$71 billion
|-
| Net Investments
| S$8 billion
|}

{| class="wikitable" style="text-align:left;"
|+ Portfolio by Geography

| style="width: 420px;" |Singapore
| style="width: 220px;" |49%
|-
|Australia
| 18%
|-
| ASEAN (excluding Singapore)
| 9%
|-
| China, Taiwan, Korea, North Asia
| 8%
|-
| US
| 6%
|-
| Europe
| 5%
|-
| India, Pakistan, South Asia
| 2%
|-
| Japan
| 1%
|}

{| class="wikitable" style="text-align:left;"
|+ Portfolio by Sector

| style="width: 420px;" |Financial Services
| style="width: 220px;" |35%
|-
| Telecommunications, Media
| 33%
|-
| Financial Services
| 21%
|-
| Transportation & Logistics
| 17%
|-
| Infrastructure, Engineering & Technology
| 10%
|-
| Property
| 8%
|-
| Energy & Resources
| 8%
|-
| Biopharma &others
| 3%
|}

'''Major Investments'''

During the 2005 financial year, Temasek restructured its portfolio by divesting some of its existing investments and made new investments of almost $13 billion. In total, Temasek monetised about S$5 billion of its portfolio.

At the end of September 2004, Temasek increased its stake in NOL from approximately 29% to over 67% through a mandatory general offer.<ref name="temasek2">{{Cite press release|title = Close of Temasek's offer for NOL|url = http://www.temasek.com.sg/mediacentre/newsreleases?detailid=8518}}</ref>

Temasek made its maiden investment in Russia, with a 3% stake in London-listed company [[Mobile TeleSystems|Mobile Telesystems]].<ref>{{Cite press release|title = Amtel Holland Holdings N.V. Is Pleased to Announce That It Has Closed A Round of Private Equity Capital Totaling US$ 70 million on June 30th, 2005|url = http://www.temasek.com.sg/mediacentre/newsreleases?detailid=8464}}</ref> Temasek also acquired a number of small pre-IPO and IPO stakes in various emerging players, particularly in the on-line and technology space such as SOMA Networks,<ref>{{Cite press release|title = SOMA Networks Raises $50 Million in Financing Led by Temasek Holdings and Morgan Stanley Venture Partners|url = http://www.prnewswire.com/news-releases/soma-networks-raises-50-million-in-financing-led-by-temasek-holdings-and-morgan-stanley-venture-partners-54620287.html}}</ref> a US-based provider of wireless broadband equipment, and Harbour Networks, a Chinese manufacturer of Internet Protocol-based next generation network equipment.

Temasek acquired a 3% stake in [[China Power International Development|China Power International]]<ref>{{Cite news|title = China Power makes sharp IPO trading debut|date = 16 October 2004|url = http://www.chinadaily.com.cn/english/doc/2004-10/16/content_382958.htm}}</ref> at its IPO at the end of 2004.

In January 2005, Asia Financial Holdings, a wholly owned subsidiary of Temasek, acquired a 5% stake in China Minsheng Banking Corporation (Minsheng), China’s first privately owned bank.

Two months later, AFH completed its first investment in Malaysia’s banking sector, partnering Langkah Bahagia to jointly purchase a 30% stake in Malaysian Plantations,<ref>{{Cite press release|title = Langkah Bahagia and Duxton Investments Invest in MPlant|url = http://www.temasek.com.sg/mediacentre/newsreleases?detailid=8536}}</ref> the 100% shareholder of Alliance Bank Berhad. Also in March 2005, AFH made its first direct investment in Pakistan, with a 25% stake in the listed NDLC-IFIC Bank (NIB).<ref>{{Cite press release|title = NIB Bank Announced AFH has acquired 25% of the shareholding of NIB|url = http://www.temasek.com.sg/mediacentre/newsreleases?detailid=8535}}</ref>

In April 2005, Temasek joined a US$100 million [[consortium]] led by [[Rolls-Royce Group PLC|Rolls-Royce]] to develop high temperature [[Solid Oxide Fuel Cells|solid oxide fuel cells]] for one to two megawatt power systems.<ref>{{Cite press release|title = Rolls-Royce and Singapore Partners to Invest in Fuel Cells|url = http://www.temasek.com.sg/mediacentre/newsreleases?detailid=8512}}</ref>

Temasek subsequently took a 24% stake in Great Wall Airline Co.,<ref>{{Cite press release|title = China Great Wall Industry Corporation, Singapore Airlines Cargo and Dahlia Investments to Form Joint Venture Cargo Airline in China|url = http://www.temasek.com.sg/mediacentre/newsreleases?detailid=8509}}</ref> a cargo airline venture with [[SIA Cargo]] (25%) and [[China Great Wall Industry Corporation|China Great Wall Industry Corp]] (51%), in May 2005.<nowiki> </nowiki>

In July 2005, AFH increased its stake in NIB to 73% through a general offer to minority shareholders<ref>{{Cite press release|title = Singapore Equity Raises Stake in NIB to 72.6%|url = http://www.temasek.com.sg/mediacentre/newsreleases?detailid=8466}}</ref> and signed a definitive agreement with the China Construction Bank (CCB)<ref name="temasek1"/> to invest US$1 billion in its upcoming [[Initial public offering|Initial Public Offering]] (IPO).

Following that, in August 2005, AFH purchased a 5.1% stake in CCB from the majority owner, China SAFE Investments Ltd., and announced its agreement to acquire a 10% interest in [[Bank of China]].<ref>{{Cite press release|title = Bank of China and Temasek Holdings Sign Strategic Investment Agreement|url = http://www.temasek.com.sg/mediacentre/newsreleases?detailid=8458}}</ref>

Temasek then took a 50% stake in SingSpring Pte Ltd,<ref>{{Cite press release|title = Divestment of 50% Equity in SingSpring Pte Ltd|url = http://www.temasek.com.sg/mediacentre/newsreleases?detailid=8542}}</ref> a [[desalination]] facility in Singapore, in September 2005.

In December 2005, Temasek invested US$1.5 billion for a 5% stake in Bank of China.<ref>{{Cite news|title = Temasek to buy 5% of Bank of China - report|date = 26 December 2005|url = http://www.chinadaily.com.cn/english/doc/2005-12/26/content_506677.htm}}</ref>

===2004===
[http://www.temasek.com.sg/documents/report/downloads/20111110165633/TR04_Secured.pdf The 2004 Temasek Review, titled “Investing in Value”], was launched in July 2004.

'''Structure'''''
# Mission and Corporate Profile
# Our Portfolio
# Wealth Added
# Total Shareholder’s Return
# Message from Chairman
# Group Financial Statements
# Temasek Highlights
# Risk Management
# Corporate Governance
# People
# Major Temasek-Linked Companies
# Board of Directors
# Senior Management
# Temasek Turns 30
'''Summary'''
{| class="wikitable" style="text-align:left;"
|+ Performance Overview
| style="width: 420px;" |Portfolio Value
| style="width: 220px;" |S$90 billion
|-
| Total Shareholder Return (one year TSR by shareholder funds)
| 15%
|-
| Total Shareholder Return (one year TSR by market value)
| 46%
|-
| Group Net Profit
| S$7.4 billion
|-
| Group Shareholder Equity
| S$65 billion

{| class="wikitable" style="text-align:left;"
|+ Portfolio by Geography
| style="width: 420px;" |Singapore
| style="width: 220px;" |52%
|-
|Australia
| 17%
|-
| ASEAN (excluding Singapore)
| 9%
|-
| Europe
| 7%
|-
| US
| 7%
|-
| China, Taiwan, Korea
| 6%
|-
| India, Pakistan
| 1%
|-
| Japan
| 1%
|}

{| class="wikitable" style="text-align:left;"
|+ Portfolio by Sector
| style="width: 420px;" |Financial Services
| style="width: 220px;" |35%
|-
| Telecommunications, Media
| 36%
|-
| Financial Services
| 21%
|-
| Transportation & Logistics
| 14%
|-
| Infrastructure, Engineering & Technology
| 10%
|-
| Energy & Resources
| 7%
|-
| Property
| 6%
|-
| Others
| 6%
|}

'''Major Investments'''''

Across the financial years 2004 and 2003, Temasek divested 36 investments, realising proceeds of S$1.6 billion with a net gain of S$765 million.

In September 2003, Temasek invested US$90 million for a 16% stake in [[Quintiles]],<ref>{{Cite press release|title = Temasek Invests US$90 Million in Quintiles|url = http://www.temasek.com.sg/mediacentre/newsreleases?detailid=8566}}</ref> a provider of clinical trial and commercialisation services to the pharmaceutical and biotechnology industries. Temasek also acquired a 14% stake in Matrix Laboratories<ref>{{Cite press release|title = Matrix Laboratories Limited today signed definitive agreements with India Newbridge Investments Limited and Maxwell (Mauritius) Pte Limited|url = http://www.temasek.com.sg/mediacentre/newsreleases?detailid=8527}}</ref> of India and an 8% stake in Apollo Hospital Enterprise Limited,<ref>{{Cite news|title = Temasek picks up stake in Apollo Hospitals|date = 30 July 2004|url = http://timesofindia.indiatimes.com/business/india-business/Temasek-picks-up-stake-in-Apollo-Hospitals/articleshow/796613.cms}}</ref> a fully integrated private healthcare services provider in India.

In December 2003, Temasek took an 11% stake in [[Tiger Airways]], a joint venture with [[Singapore Airlines]], the Ryan family who founded [[Ryanair]], and Indigo Partners/Newbridge, which are associated funds of the [[Texas Pacific Group]].<nowiki> </nowiki>

Temasek’s first investment in airports was in the Airport Authority of Thailand in March 2004.

In the same month, Temasek made its first major direct investment in Malaysia with a 5% stake in [[Telekom Malaysia]],<ref>{{Cite news|title = Telekom Malaysia looks east|date = 18 December 2004|url = http://atimes.com/atimes/Southeast_Asia/FL18Ae01.html}}</ref> the country’s pioneer telecommunications provider.

Temasek then took a 19% stake in Jetstar Asia Airways, a Singapore-based low-cost carrier in partnership with Australia’s Qantas Airways and two other Singapore investors,<ref>{{Cite press release|title = New Low Cost Airline for Asia|url = http://www.temasek.com.sg/mediacentre/newsreleases?detailid=8528}}</ref> in April 2004.

In August 2004, Temasek increased its stake in NOL to above 30%,<ref name="temasek2"/> triggering a mandatory general offer under the Singapore Code on Takeovers and Mergers. At the close of the offer on 29 September 2004, Temasek’s stake in NOL was above 68%.

ST Telemedia, a private investment holding company part of Temasek Holdings, acquired a 62% stake in US submarine cable operator [[Global Crossing]]<ref>{{Cite press release|title = Global Crossing Emerges From Chapter 11; ST Telemedia and Global Crossing Complete Investment|url = http://www.sttelemedia.com/content.asp?ContentId=711}}</ref> and a 33% stake in India’s [[Idea Cellular]]<ref>{{Cite press release|title = IDEA, STT-TM deal finalised|url = http://www.india-cellular.com/News-Oct-Dec-2004.htm}}</ref> jointly with Telekom Malaysia, and became a significant shareholder in US-listed [[Equinix]].<ref>{{Cite news|title = Wall Street Drought Ends for Hosting Companies|date = 24 November 2003|url = http://news.netcraft.com/archives/2003/11/24/wall_street_drought_ends_for_hosting_companies.html}}</ref>

In the power, energy, and natural resources fields, Temasek invested in companies such as [[Hyflux]]<ref>{{Cite news|title = Temasek buys into Hyflux|date = 11 January 2003|url = http://newspapers.nl.sg/Digitised/Article/today20030111-1.2.17.4.aspx}}</ref> (membrane technology for water purification) and [[Olam International|Olam]]<ref>{{Cite press release|title = SINGAPORE-BASED GLOBAL PLAYER, OLAM INTERNATIONAL, ATTRACTS US$45 MILLION OF PRIVATE EQUITY|url = http://olamonline.com/singapore-based-global-player-olam-international-attracts-us45-million-of-private-equity}}</ref> (agricultural commodity supply chain management), as part of this theme.

In the IT sector, Temasek acquired a minority stake in ICICI OneSource,<ref>{{Cite press release|title = ICICI OneSource Raises Fresh Capital|url = http://www.temasek.com.sg/mediacentre/newsreleases?detailid=8520}}</ref> a business process outsourcing company focused on the financial sector, and made an investment in [[Tata Consultancy Services]], an IT services company.

==References==
{{reflist|2}}

{{DEFAULTSORT:Temasek Review}}
[[Category:Sovereign wealth funds]]
[[Category:Temasek Holdings]]

🪦 Wikipedia History

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Deleted: March 14, 2015

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