Financial Decision Making of SingTel

This document provides an analysis of the financial decision making of SingTel, the leading communication group in Asia. It includes an introduction to SingTel, horizontal and vertical analysis, profitability ratio analysis, dividend ratio analysis, liquidity ratio analysis, and more. The document also discusses the impact of SingTel's financial performance on its brand and reputation.

Running head: FINANCIAL DECISION MAKING OF SINGTEL
Financial Decision Making of SingTel
Name of the University:
Name of the Student:
Authors Note:

1FINANCIAL DECISION MAKING OF SINGTEL
Executive Summary
SingTel Group is positioned as the Asia’s leading communication group and is listed in
the Singapore Stock Exchange. The company offers a wide range of field, mobile, data, internet,
television along with the digital solutions. Moreover, the company also offers internet services
along with having operation and provision of telecommunication services and systems. It was
gathered that SingTel’s stock price is indicated to increase over years. Considering same,
SingTel must have the strategic vision to attain high market share and profit from introducing
and offering innovative telecom services to its consumers. Moreover, strategic financial goals of
the company must also focus on developing strategic partnerships with other telecommunication
companies in ensuring market expansion, business growth and increased profit margin. The
company must also invest in the digital business and services for attaining advantages of industry
changes and for leveraging on consumer knowledge as well as intelligent networks and to attain
high mobile data growth in all its business segments. SingTel can attain huge brand preference in
the telecom market through maintaining its commitment to consumers and making their lives
better with its services, technology and content along with offering experiences those are
effortless.

2FINANCIAL DECISION MAKING OF SINGTEL
Table of Contents
Section A.........................................................................................................................................3
Introduction of SingTel................................................................................................................3
Horizontal and Vertical Analysis.................................................................................................3
Profit Identification......................................................................................................................4
Analysis of Economic Condition.................................................................................................5
Profitability Ratio Analysis.........................................................................................................5
Dividend Ratio Analysis..............................................................................................................6
Liquidity Ratio Analysis..............................................................................................................7
Efficiency Ratio Analysis............................................................................................................8
Risk and Return Analysis............................................................................................................9
Share Price Analysis of SingTel................................................................................................10
Analysis of Non-financial Ratio Parameters.............................................................................11
Section B........................................................................................................................................13
Impact Analysis of SingTel’s Financial Performance...............................................................13
Critics on Impact on Brand and Reputation..............................................................................13
Directors and Non-Executive Directors of SingTel...................................................................13
Conclusion.................................................................................................................................14
References......................................................................................................................................16

3FINANCIAL DECISION MAKING OF SINGTEL
Appendices......................................................................................................................................0
Section A
Introduction of SingTel
SingTel Group is positioned as the Asia’s leading communication group and is listed in
the Singapore Stock Exchange. The company offers a wide range of field, mobile, data, internet,
television along with the digital solutions. Moreover, the company also offers internet services
along with having operation and provision of telecommunication services and systems.
Headquartered in Singapore, SingTel has more than 140 years of operating experience and also
have a subsidiary in Australia that is an integrated telecommunications. SingTel is one of the
renowned listed Singapore companies and listed in the Singapore Exchange through market
capitalization (Singtel.com 2019). The group has a vast network of offices all over the Asia
Pacific, Europe and USA. The yearly turnover of the company in the year 2018 $ 17,532 is
observed in comparison to year 2017 that was $ 16,711. The number of employees recorded for
the company in the year 2017 was recorded to be 25,000. The objective of the report is to
analyze the performance of SingTel in comparison to its competitors within the
telecommunication industry so that suitable recommendations can be provided to the
organization in maintaining its sustainable financial performance and bad reputation.
Horizontal and Vertical Analysis
From conducting horizontal analysis it is signified that there has been positive changes in
the amounts of profit after tax the in the year 2018 in comparison to previous year by 41.75%.
On the other hand, profit for the year of Starhub has decreased in the year 2018 in comparison to

4FINANCIAL DECISION MAKING OF SINGTEL
previous four years by 26.65% (Ir.starhub.com 2019). In addition, the net assets of SingTel have
increased in the year 2018 by 5.10% in comparison to Starhub, where it is observed that the total
assets of the company have decreased in 2018 in comparison to previous four years by 0.02%.
SingTel has attained competitive position in the telecom industry with high market shares
through launching innovative offerings that has drastically increased its profit after tax over
years where Starhub is dealing with fierce competition in delivering consumer values with low
subscription fees that is affecting its profit position (Baños-Caballero, García-Teruel and
Martínez-Solano 2014).
From carrying out vertical analysis it is gathered that the profit after tax of SingTel has
increased in 2018 in comparison to past four years by 30.97%, whereas, profit for the year for
Starhub has observed a nominal increase in profit for the year by 8.49%. Moreover, total assets
of SingTel and Starhub observed increase in 2018 by 100% in contrast to past four years.
Strategic partnership with Airtel has resulted in increasing share market position of SingTel
along with making positive contributions to its profitability position. On the other hand, Starhub
is developing its competitive advantages in improving consumer care and simplifying offerings
for increasing its profitable position (Barth 2015).
Profit Identification
SingTel has observed considerable improvement in its profitable business position in the
telecom industry through attaining revenue increase of 5% as strong consumer growth along with
its higher equipment sales. Such improving position of the company’s profits over the years from
2017 to 2018 has been identified as its EBITDA increased by 3% that has been strong by 7%
excluding the NBN migration revenues. The mobile service profit of SingTel has increased by

5FINANCIAL DECISION MAKING OF SINGTEL
2% in the year 2018 due to addition of 60000 consumers in the prepaid and postpaid handsets
along with wireless broadband services.
Analysis of Economic Condition
The advancement of Singapore economy considers that the county relies on
telecommunications sector and is globally competitive. The industry offers new business
opportunities and generated new value added services based on the observation tht the
telecommunication companies of Singapore offers consumer friendly services at the time of the
economic downturn (Beatty and Liao 2014). Moreover, the industry also observes change of
income along with consumer spending habits. Moreover, it is also observed that easy liquidity
within the market after the great recession of 2018 has resulted in increased inflation within the
Singapore economy.
Profitability Ratio Analysis
SingTel Starhub
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
Net profit
ratio
21.71
%
21.97
%
22.75
%
22.92
%
30.97
%
15.52
%
15.23
%
14.24
%
11.35
%
8.49%
Return on
assets
9.22
%
9.30
%
9.01
%
8.34
%
11.25
%
19.15
%
19.11
%
16.63
%
11.32
%
7.61%
Return on
equity
15.27
%
15.55
%
15.50
%
14.40
%
18.77
%
285.44
%
221.21
%
178.51
%
68.31
%
33.60%
Operating
ratio
70.04
%
71.32
%
71.32
%
71.38
%
72.45
%
81.98
%
83.81
%
83.61
%
85.15
%
88.47%

6FINANCIAL DECISION MAKING OF SINGTEL
The net profit ratio of SingTel is observed to indicate an increasing trend over the years
from 2014 to 2018 in comparison to its competitor Starhub that is indicating a decreasing trend
in its ratio over the five years. This signifies that SingTel is attaining high market share and
profit from introducing and offering innovative telecom services to its consumers, where Starhub
is lacking to maintain its competitive edge and is struggling to modify its consumer care and
product simplification process (Bekaert and Hodrick 2017). The return on assets of SingTel is
observed to indicate an increasing trend over the years from 2014 to 2018 in comparison to its
competitor Starhub that is indicating a decreasing trend in its ratio over the five years. This
signifies that SingTel is able to convert or sell its existing assets to earn revenue that is not
evident in case of Starhub. The return on equity of SingTel is observed to indicate an increasing
trend over the years from 2014 to 2018 in comparison to its competitor Starhub that is indicating
a decreasing trend in its ratio over the five years. This indicates that SingTel is generating
increased profits from its shareholders investments within the organization in comparison to
Starhub (Finkler, Smith and Calabrese 2018). The operating ratio of SingTel and Starhub
signifies an increasing trend over the years from 2014 to 2018. This indicates that both the
companies are able to control their operating expenses in ensuring high net sales (Callen 2015).
Dividend Ratio Analysis
SingTel Starhub
2014 2015 2016 2017 2018 2014 2015 2016 2017 201
8
Earnings per
share ratio
$
0.229
2
$
0.237
3
$
0.242
9
$
0.239
6
$
0.334
0
$
0.215
0
$
0.215
1
$
0.198
0
$
0.155
0
$0.
112
0

7FINANCIAL DECISION MAKING OF SINGTEL
Price/
earnings
ratio
1.70 1.55 1.50 1.49 0.88 1.95 1.72 1.42 1.87 1.61
Dividend
payout ratio
73.30
%
73.75
%
72.04
%
73.04
%
52.39
%
93.01
%
23.25
%
25.25
%
32.25
%
35.7
1%
Dividend
yield ratio
43.08
%
47.55
%
47.95
%
49.02
%
59.73
%
47.62
%
13.51
%
17.79
%
17.24
%
22.2
2%
The earnings per share of SingTel is observed to indicate an increasing trend over the
years from 2014 to 2018 in comparison to its competitor Starhub that is indicating a decreasing
trend in its ratio over the five years. This indicates SingTel is able to attain high net income from
each share of its common stock that is not evident in case of Starhub (Hoyle, Schaefer and
Doupnik 2015). The price earnings ratio of SingTel is observed to indicate an increasing trend
over the years from 2014 to 2018 in comparison to its competitor Starhub that is indicating a
decreasing trend in its ratio over the five years. This signifies SingTel’s positive future
performance where investors are willing to pay more for its share, which is not observed in case
of Starhub (Gupta 2016). The dividend payout ratio of Starhub is observed to indicate an
increasing trend over the years from 2014 to 2018 in comparison to SingTel that is indicating a
decreasing ratio in the year 2018. The dividend yield ratio of SingTel is observed to indicate an
increasing trend over the years from 2014 to 2018 in comparison to its competitor Starhub that is
indicating a decreasing trend till 2017 and has increased in 2018.
Liquidity Ratio Analysis
SingTel Starhub

8FINANCIAL DECISION MAKING OF SINGTEL
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
Debt to
equity ratio 0.65 0.70 0.74 0.71 0.63 12.34 9.18 10.27 3.35
3.
48
Interest
coverage
ratio
14.81 15.13 13.48 12.76 16.60 21.09 24.79 16.23 12.12
9.
06
Current
ratio 0.80 0.83 0.79 0.64 0.72 0.56 0.59 0.87 1.02
1.
07
Quick ratio
0.77 0.78 0.74 0.63 0.72 0.53 0.53 0.81 0.95
0.
98
The debt to equity ratio of SingTel and Starhub is indicating a decreasing trend in its ratio
till the year 2018. This indicates that both the company is not using high debt or loans for its
investment activities and has low debt obligations. The interest coverage ratio of SingTel is
observed to indicate an increasing trend over the years from 2014 to 2018 in comparison to its
competitor Starhub that is indicating a decreasing trend in its ratio over the five years. This
signifies SingTel is addressing all its interest expenses on outstanding debt and maintaining its
financial liquidity that is not observed in case of Starhub (Henderson et al. 2015). The current
ratio of SingTel is observed to indicate an increasing trend over the years from 2014 to 2018 in
comparison to its competitor Starhub that is indicating a decreasing trend in its ratio over the five
years. The quick ratio of SingTel and Starhub is indicating an increasing trend in its ratio in the
year 2018. This signifies that both the company is able to address all its short term liabilities
within a short time span (Karadag 2015).

9FINANCIAL DECISION MAKING OF SINGTEL
Efficiency Ratio Analysis
SingTel Starhub
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
Inventory
turnover (in
days)
4.15 4.87 6.56 4.66 1.36 6.54 7.22 7.91 9.20
11.
37
Debtor's
turnover (in
days)
78.38 78.85 88.79
1
01.46
1
03.68 24.30 23.52 24.79 18.48
11.
37
Creditor's
turnover (in
days)
86.85 87.47 97.40
1
03.93
1
05.72
1
18.46
1
10.73
1
06.24
1
00.91
92.
68
Cash cycle (in
days) (4.32) (3.76) (2.06) 2.20 (0.69)
(
87.61)
(
79.99)
(
73.54)
(
73.23)
(69.
95)
The inventory turnover ratio of Starhub is observed to indicate an increasing trend over the years
from 2014 to 2018 in comparison to its competitor SingTel that is indicating a decreasing trend
in its ratio over the five years. This signifies that Starhub has managed its inventory in a better
manner than SingTel and sold them effectively for attaining high profits (Kieso, Weygandt and
Warfield 2016). The debtors’ turnover ratio of SingTel is observed to indicate an increasing
trend over the years from 2014 to 2018 in comparison to its competitor Starhub that is indicating
a decreasing trend in its ratio over the five years. The creditors’ turnover ratio of SingTel is
observed to indicate an increasing trend over the years from 2014 to 2018 in comparison to its
competitor Starhub that is indicating a decreasing trend in its ratio over the five years. The cash

10FINANCIAL DECISION MAKING OF SINGTEL
cycle of SingTel is observed to indicate a decreasing trend over the years from 2014 to 2018 in
comparison to its competitor Starhub that is indicating a decreasing trend in its ratio over the five
years. This indicates SingTel is less amount of time in selling its resources to attain cash or
revenues, whereas, Starhub is struggling to ensure the same.
Risk and Return Analysis
However, it is also gathered that SingTel’s business profits are under increased pressure
that indicates risk in its profitable position. In addition, risks to the financial position of the
company can also be because of ita quarterly drop in profits because of drastic decline in the
contribution from its local mobile units that continued its weakness in the local mobile
marketplace (Kimmel et al. 2016). Despite such situation, the company SingTel has made an
exceptional return on its investment and has maximized return on equity. The company is also
contributing in maintaining its debt level low in comparison to its regional telecoms.
Share Price Analysis of SingTel
From the share price trend analysis of SingTel over the years from 2016 to 2018 it has
been observed that the annual dividend yield of the company is indicating an increasing trend

11FINANCIAL DECISION MAKING OF SINGTEL
that is around 5.8%. However, a high dividend yield might not be a good indication as it can also
be because of an increase sell-off and increasing share prices (Nobes 2014). The share prices of
the compny are observed to be outranking as based on its portfolio-weight. Additionally Phillip
SING Income ETF that focuses on 30 high quality income stocks has SingTel as it largest
portfolio holdings of 10.2%. The stock price graph of SingTel indicated in the figure below
indicates a strong chart due to a high level time frame. Such timeframe was considered to be
suitable for the long term investors as it excludes the entire short term volatility as well as noise
signal. After dealing with two years decline in earnings, SingTel’s stock price is indicated to
increase that has resulted in a DPS of 17.5 cents (5.7%) yield. With regard to valuation, SingTel
is trading at 32% holding company discount that indicates high financial performance of the
company.

12FINANCIAL DECISION MAKING OF SINGTEL
Analysis of Non-financial Ratio Parameters
The non-financial parameter that are taken into account in analyzing the financial and
sustainable position of SingTel in the Singapore telecom industry includes consumer retention
rate, brand preference, SWOT analysis and its innovation based activities. Premium handset
launches by SingTel has resulted in increased consumer retention rate by 7% in which the
company has added around 41,000 postpaid consumers over the three years from 2016 to 2018.
Increased brand preference by the consumers of SingTel has been identified from its rising
consumer base as they bid the company’s offerings to be approachable and economical.
Moreover, the innovation strategies employed by SingTel has offered the company with several
competitive advantages in the telecom industry (Patel 2014).

13FINANCIAL DECISION MAKING OF SINGTEL
For instance, the company has attained competitive position in the telecom industry with
high market shares through launching innovative offerings such as digital innovation engine
through Innov 8 that offers the company with early access to leading innovations. Moreover,
SingTel launched Future Now innovation centre in accelerating its digital transformation and
successful business transformation in comparison to its major competitors (Robinson et al.
2015). SingTel has attained huge brand preference in the telecom market through maintaining its
commitment to consumers and making their lives better with its services, technology and content
along with offering experiences those are effortless.
Strengths
 Strong position in domestic market
 Increasing consumer base with present
base of 400 million consumers
Weaknesses
 High competition within telecom
industry with rising market share
 High pryce competition in market
impacting competitive strateges
Opportunities
 Prospering 3G market in its regions of
operation
 Growth based initiatives such as
additional satellites
Threat
 Saturated markets in domestic regions
 Increasingly competitive market
resulting in margin pressures

14FINANCIAL DECISION MAKING OF SINGTEL
Section B
Impact Analysis of SingTel’s Financial Performance
SingTel Telecommunications has increased its stake in Bharti Airtel through investing Rs
2,649 crore in the paten Bharti Telecom Ltd by means of preferential shares allotment. This
resulted in the company’s investment to increase to 85, 450,000 new equity shares within the
company. Such strategic partnership with Airtel has resulted in increasing share market position
of SingTel along with making positive contributions to its profitability position (Wahlen,
Baginski and Bradshaw 2014). After taking such investment decision the company’s net profit in
its first quarter increased by 6.9% as pre-tax profit contributions from its associates increased by
14%.
Critics on Impact on Brand and Reputation
SingTel’s investment in Bharti Airtel was observed to have an impact on the company’s
brand image and reputation as the company attained high support from Bharti Airtel investors. It
is also evidenced that the company is attained the highest social media engagement rate with
maximum followers on its social media channels. SingTel’s broadband and data services offered
are in top of the conversations about Singapore telecom’s in the social media sites where the
Singaporeans pace an increased priority on remaining connected with the company’s new
updates through their likes, comments and shares.
Directors and Non-Executive Directors of SingTel
 Simon Israel is a non-executive and independent director of SingTel in the role of leading
the governing board of Singapore Post Limited and the chairman of SingTel. The
contribution of the director has resulted in increasing profitability position of the

15FINANCIAL DECISION MAKING OF SINGTEL
company through his exceptional leadership along with creating value for company’s
stakeholders.
 Chua Sock Koong is a non-executive and independent director of SingTel, which has the
role of managing the company’s business along with implementing relevant strategy and
policy. The director contributed towards financial success of the company aging overall
business responsibility of SingTel through efficiently dealing with strategic business
issues related with its Australian business (Wang 2014).
 Bill Chang is a Chief Executive Officer of the SingTel Group who has the role of
managing director of the business group and is responsible for leading Infocom and
technology solutions for enterprising consumers.
 Allen Lew is a Chief Executive Officer of SingTel in the role of managing the consumer
business of Australia. The director contributed to exceptional financial performance of
SingTel through brining in several digital innovations in the company in Singapore and
overseas (Zainudin and Hashim 2016).
Conclusion
Considering the financial performance analysis carried out for SingTel in comparison
with its competitor Starhub, revised vision and effective strategic financial goals has been
developed for the company in ensuring its position as a market leader. From the financial
analysis, it was gathered that SingTel’s stock price is indicated to increase over years.
Considering same, SingTel must have the strategic vision to attain high market share and profit
from introducing and offering innovative telecom services to its consumers. Moreover, strategic
financial goals of the company must also focus on developing strategic partnerships with other
telecommunication companies in ensuring market expansion, business growth and increased

16FINANCIAL DECISION MAKING OF SINGTEL
profit margin. The company must also invest in the digital business and services for attaining
advantages of industry changes and for leveraging on consumer knowledge as well as intelligent
networks and to attain high mobile data growth in all its business segments. SingTel can attain
huge brand preference in the telecom market through maintaining its commitment to consumers
and making their lives better with its services, technology and content along with offering
experiences those are effortless.

17FINANCIAL DECISION MAKING OF SINGTEL
References
Baños-Caballero, S., García-Teruel, P.J. and Martínez-Solano, P., 2014. Working capital
management, corporate performance, and financial constraints. Journal of Business
Research, 67(3), pp.332-338.
Barth, M.E., 2015. Financial accounting research, practice, and financial
accountability. Abacus, 51(4), pp.499-510.
Beatty, A. and Liao, S., 2014. Financial accounting in the banking industry: A review of the
empirical literature. Journal of Accounting and Economics, 58(2-3), pp.339-383.
Bekaert, G. and Hodrick, R., 2017. International financial management. Cambridge University
Press.
Callen, J.L., 2015. A selective critical review of financial accounting research. Critical
Perspectives on Accounting, 26, pp.157-167.
Finkler, S.A., Smith, D.L. and Calabrese, T.D., 2018. Financial management for public, health,
and not-for-profit organizations. CQ Press.
Gupta, A., 2016. Financial Accounting for Management. Pearson Education India.
Henderson, S., Peirson, G., Herbohn, K. and Howieson, B., 2015. Issues in financial accounting.
Pearson Higher Education AU.
Hoyle, J.B., Schaefer, T. and Doupnik, T., 2015. Advanced accounting. McGraw Hill.

18FINANCIAL DECISION MAKING OF SINGTEL
Ir.starhub.com., 2019. StarHub - Investor Relations . [online] Available at:
http://ir.starhub.com/Investors/?page=Annual-Reports [Accessed 18 Apr. 2019].
Karadag, H., 2015. Financial management challenges in small and medium-sized enterprises: A
strategic management approach. EMAJ: Emerging Markets Journal, 5(1), pp.26-40.
Kieso, D.E., Weygandt, J.J. and Warfield, T.D., 2016. Intermediate Accounting, Binder Ready
Version. John Wiley & Sons.
Kimmel, P.D., Weygandt, J.J., Kieso, D.E. and Trenholm, B., 2016. Financial Accounting.
Wiley Custom Learning Solutions.
Nobes, C., 2014. International classification of financial reporting. Routledge.
Patel, B., 2014. Fundamentals of financial management. Vikas Publishing House.
Robinson, T.R., Henry, E., Pirie, W.L. and Broihahn, M.A., 2015. International financial
statement analysis. John Wiley & Sons.
Singtel.com., 2019. Annual Reports & Shareholder Meetings - Singtel. [online] Available at:
https://www.singtel.com/about-Us/investor-relations/annual-reports [Accessed 18 Apr. 2019].
Wahlen, J., Baginski, S. and Bradshaw, M., 2014. Financial reporting, financial statement
analysis and valuation. Nelson Education.
Wang, C., 2014. Accounting standards harmonization and financial statement comparability:
Evidence from transnational information transfer. Journal of Accounting Research, 52(4),
pp.955-992.

19FINANCIAL DECISION MAKING OF SINGTEL
Zainudin, E.F. and Hashim, H.A., 2016. Detecting fraudulent financial reporting using financial
ratio. Journal of Financial Reporting and Accounting, 14(2), pp.266-278.

Running head: FINANCIAL DECISION MAKING OF SINGTEL
Appendices
Singtel Income Statement:-
Particulars
2014 (in
$m)
2015 (in
$m)
%
Chang
e
2016 (in
$m)
%
Chang
e
2017 (in
$m)
%
Chang
e
2018 (in
$m)
%
Change
Operating revenue
16,848.
10
17,222.
90 2.22%
16,961.
20 -1.52%
16,711.
40 -1.47%
17,531.
80 4.91%
Operating expenses
(11,800.
30)
(12,283.
60) 4.10%
(12,096.
80) -1.52%
(11,929.
00) -1.39%
(12,701.
50) 6.48%
Other income 107.60 151.40
40.71
% 148.30 -2.05% 215.30
45.18
% 258.80 20.20%
5,155.4
0
5,090.7
0 -1.25%
5,012.7
0 -1.53%
4,997.7
0 -0.30%
5,089.1
0 1.83%
Depreciation and amortisation
(2,132.7
0)
(2,161.4
0) 1.35%
(2,148.8
0) -0.58%
(2,238.9
0) 4.19%
(2,340.1
0) 4.52%
Exceptional items 114.00 14.80
-
87.02
% (44.80)
-
402.70
% (1.20)
-
97.32
%
1,940.4
0
-
161800.
00%
Profit on operating activities
3,136.7
0
2,944.1
0 -6.14%
2,819.1
0 -4.25%
2,757.6
0 -2.18%
4,689.4
0 70.05%
Share of results of associates and
joint ventures
1,392.6
0
1,735.3
0
24.61
%
2,026.6
0
16.79
%
2,017.3
0 -0.46%
1,786.7
0 -11.43%
Profit before interest, investment
income (net) and tax 4,529.3 4,679.4
3.31%
4,845.7
3.55%
4,774.9
-1.46%
6,476.1
35.63%

1FINANCIAL DECISION MAKING OF SINGTEL
0 0 0 0 0
Interest and investment income (net) 124.50 92.80
-
25.46
% 94.70 2.05% 114.80
21.22
% 45.60 -60.28%
Finance costs (305.90) (309.20) 1.08% (359.60)
16.30
% (374.30) 4.09% (390.20) 4.25%
Profit before tax
4,347.9
0
4,463.0
0 2.65%
4,580.8
0 2.64%
4,515.4
0 -1.43%
6,131.5
0 35.79%
Tax expense (691.00) (678.50) -1.81% (722.50) 6.48% (684.40) -5.27% (701.20) 2.45%
Profit after tax
3,656.9
0
3,784.5
0 3.49%
3,858.3
0 1.95%
3,831.0
0 -0.71%
5,430.3
0 41.75%
Singtel Balance Sheet Statement:-
Particulars
2014 (in
$m)
2015 (in
$m)
%
Chang
e
2016 (in
$m)
%
Chang
e
2017 (in
$m)
%
Chang
e
2018 (in
$m)
%
Chang
e
Current assets:
Cash and cash equivalents 622.50 562.80 -9.59% 461.80
-
17.95
% 533.80
15.59
% 524.90 -1.67%
Trade and other receivables 3,555.80 3,885.20 9.26% 4,366.40
12.39
% 4,924.20
12.77
% 5,035.40 2.26%
Derivative financial instruments 3.40 29.80
776.47
% 17.50
-
41.28
% 352.20
1912.5
7% 397.40
12.83
%
Inventories 169.60 289.80
70.87
% 319.70
10.32
% 107.30
-
66.44
% 23.20
-
78.38
%

2FINANCIAL DECISION MAKING OF SINGTEL
Total current assets 4,351.30 4,767.60 9.57% 5,165.40 8.34% 5,917.50
14.56
% 5,980.90 1.07%
Non-current assets:
Trade and other receivables - - 0.00% - 0.00% 769.50 0.00% 747.20 -2.90%
Property, plant and equipment
11,096.3
0
10,683.2
0 -3.72%
11,154.0
0 4.41%
11,892.9
0 6.62%
11,800.8
0 -0.77%
Intangible assets
10,739.7
0
11,948.6
0
11.26
%
12,968.4
0 8.53%
13,072.8
0 0.81%
13,969.1
0 6.86%
Subsidiaries - - - - -
Associates 178.30 275.20
54.35
% 356.30
29.47
% 1,952.20
447.91
% 2,005.50 2.73%
Joint ventures 9,949.90
10,571.0
0 6.24%
10,729.9
0 1.50%
12,282.9
0
14.47
%
12,782.6
0 4.07%
Available-for-sale ("AFS")
investments 291.30 268.30 -7.90% 147.50
-
45.02
% 192.90
30.78
% 197.90 2.59%
Derivative financial instruments 298.00 742.10
149.03
% 622.60
-
16.10
% 455.20
-
26.89
% 409.60
-
10.02
%
Deferred tax assets 828.50 803.80 -2.98% 692.30
-
13.87
% 657.80 -4.98% 360.10
-
45.26
%
Loan to an associate 1,330.50 1,610.50
21.04
% 1,100.50
-
31.67
% 1,100.50 0.00% -
-
100.00
%
Other non-current receivables 256.20 396.50
54.76
% 628.80
58.59
% -
-
100.00
% - 0.00%

3FINANCIAL DECISION MAKING OF SINGTEL
Total non-current assets
34,968.7
0
37,299.2
0 6.66%
38,400.3
0 2.95%
42,376.7
0
10.36
%
42,272.8
0
-
0.25%
Total assets
39,320.0
0
42,066.8
0 6.99%
43,565.7
0 3.56%
48,294.2
0
10.85
%
48,253.7
0
-
0.08%
Current liabilities:
Trade and other payables 3,796.30 4,458.50
17.44
% 4,594.00 3.04% 4,922.40 7.15% 5,233.90 6.33%
Advance billings 643.60 614.00 -4.60% 800.20
30.33
% 835.40 4.40% 794.10 -4.94%
Provision 1.60 5.80
262.50
% 3.10
-
46.55
% -
-
100.00
% -
Current tax liabilities 366.00 419.40
14.59
% 364.40
-
13.11
% 296.30
-
18.69
% 351.30
18.56
%
Borrowings (unsecured) 774.60 150.00
-
80.64
% 595.50
297.00
% 3,046.90
411.65
% 1,800.50
-
40.91
%
Borrowings (secured) 38.90 24.40
-
37.28
% 90.20
269.67
% 86.70 -3.88% 23.10
-
73.36
%
Derivative financial instruments 11.50 16.80
46.09
% 24.60
46.43
% 15.80
-
35.77
% 70.00
343.04
%
Net deferred gain 57.50 67.90
18.09
% 67.90 0.00% 68.80 1.33% 20.10
-
70.78
%
Total current liabilities 5,690.00 5,756.80 1.17% 6,539.90
13.60
% 9,272.30
41.78
% 8,293.00
-
10.56
%
Non-current liabilities:

4FINANCIAL DECISION MAKING OF SINGTEL
Borrowings (unsecured) 7,046.90 8,590.90
21.91
% 9,019.00 4.98% 7,852.70
-
12.93
% 8,525.10 8.56%
Borrowings (secured) 179.50 213.50
18.94
% 236.00
10.54
% 199.60
-
15.42
% 81.50
-
59.17
%
Advance billings 298.50 265.30
-
11.12
% 265.50 0.08% 245.70 -7.46% 225.10 -8.38%
Deferred income 7.60 -
-
100.00
% - 0.00% - -
Net deferred gain 1,155.70 1,369.80
18.53
% 1,323.30 -3.39% 1,282.70 -3.07% 357.70
-
72.11
%
Derivative financial instruments 412.80 265.40
-
35.71
% 316.20
19.14
% 303.10 -4.14% 302.20 -0.30%
Deferred tax liabilities 444.90 521.70
17.26
% 585.30
12.19
% 574.60 -1.83% 520.40 -9.43%
Other non-current liabilities 191.30 315.50
64.92
% 278.00
-
11.89
% 349.90
25.86
% 295.10
-
15.66
%
Total non-current liabilities 9,737.20
11,542.1
0
18.54
%
12,023.3
0 4.17%
10,808.3
0
-
10.11
%
10,307.1
0
-
4.64%
Total liabilities
15,427.2
0
17,298.9
0
12.13
%
18,563.2
0 7.31%
20,080.6
0 8.17%
18,600.1
0
-
7.37%
Net assets
23,892.8
0
24,767.9
0 3.66%
25,002.5
0 0.95%
28,213.6
0
12.84
%
29,653.6
0 5.10%
Share capital and reserves:

5FINANCIAL DECISION MAKING OF SINGTEL
Share capital 2,634.00 2,634.00 0.00% 2,634.00 0.00% 4,127.30
56.69
% 4,127.30 0.00%
Reserves
21,234.2
0
22,099.3
0 4.07%
22,355.2
0 1.16%
24,086.3
0 7.74%
25,551.9
0 6.08%
Equity attributable to
shareholders of the Company
23,868.2
0
24,733.3
0 3.62%
24,989.2
0 1.03%
28,213.6
0
12.90
%
29,679.2
0 5.19%
Non-controlling interests 24.40 34.60
41.80
% 35.70 3.18% 22.40
-
37.25
% (3.20)
-
114.29
%
Other reserves - - (22.40) 0.00% (22.40) 0.00% (22.40) 0.00%
Total equity
23,892.6
0
24,767.9
0 3.66%
25,002.5
0 0.95%
28,213.6
0
12.84
%
29,653.6
0 5.10%
Starhub Income Statement:-
Particulars
2014 (in
$m)
2015 (in
$m)
%
Change
2016 (in
$m)
%
Change
2017 (in
$m)
%
Change
2018 (in
$m)
%
Change
Revenue 2,387.20 2,444.30 2.39% 2,396.70 -1.95% 2,410.70 0.58% 2,362.00 -2.02%
Operating expenses
(1,957.10
)
(2,048.60
) 4.68%
(2,003.80
) -2.19%
(2,052.70
) 2.44%
(2,089.70
) 1.80%
Other income 46.60 45.60 -2.15% 32.20 -29.39% 4.40 -86.34% 1.20 -72.73%
Profit from operations 476.70 441.30 -7.43% 425.10 -3.67% 362.40 -14.75% 273.50 -24.53%
Finance income 2.00 2.00 0.00% 3.50 75.00% 3.70 5.71% 3.20 -13.51%

6FINANCIAL DECISION MAKING OF SINGTEL
Finance expense (22.60) (17.80) -21.24% (26.20) 47.19% (29.90) 14.12% (30.20) 1.00%
Net finance costs (20.60) (15.80) -23.30% (22.70) 43.67% (26.20) 15.42% (27.00) 3.05%
Non-operating
income/(loss) - 15.00 0.00% 9.50 -36.67% (0.70)
-
107.37
% -
-
100.00
%
Share of loss of associate,
net of tax - (0.30) 0.00% (1.60)
433.33
% (2.20) 37.50% (1.00) -54.55%
Profit before taxation 456.10 440.20 -3.49% 410.30 -6.79% 333.30 -18.77% 245.50 -26.34%
Taxation (85.60) (67.90) -20.68% (68.90) 1.47% (59.80) -13.21% (44.90) -24.92%
Profit for the year 370.50 372.30 0.49% 341.40 -8.30% 273.50 -19.89% 200.60 -26.65%
Starhub Balance Sheet Statement:-
Particulars
2014 (in
$m)
2015 (in
$m)
%
Chang
e
2016 (in
$m)
%
Chang
e
2017 (in
$m)
%
Chang
e
2018 (in
$m)
%
Chang
e
Non-current assets:
Property, plant and equipment 400.50 890.00
122.22
% 918.00 3.15% 870.10 -5.22% 893.20 2.65%
Intangible assets 79.30 388.10
389.41
% 463.80 19.51% 557.60 20.22% 670.00 20.16%
Subsidiaries 1,692.10 -
-
100.00
% - 0.00% - 0.00% - 0.00%
Associate - 27.50 0.00% 25.90 -5.82% 23.70 -8.49% 22.70 -4.22%
Other investments 0.00% 0.00% 0.00% -

7FINANCIAL DECISION MAKING OF SINGTEL
- - - 60.00 36.00 40.00%
Amounts due from related parties 106.00 -
-
100.00
% 7.60 0.00% 7.90 3.95% 8.20 3.80%
Contract assets - - 0.00% 40.00 0.00% 76.70 91.75% 67.40
-
12.13%
Contract costs - - 0.00% - 0.00% 5.80 0.00% 5.70 -1.72%
Deferred tax assets - - 0.00% - 0.00% - 0.00% 1.50 0.00%
Total non-current assets 2,277.90 1,305.60
-
42.68
% 1,455.30
11.47
% 1,601.80
10.07
% 1,704.70 6.42%
Current assets:
Inventories 36.80 54.30 47.55% 49.60 -8.66% 71.90 44.96% 75.20 4.59%
Contract assets - - 0.00% - 0.00% 285.00 0.00% 277.00 -2.81%
Contract costs - - 0.00% - 0.00% 18.30 0.00% 17.30 -5.46%
Trade receivables 147.70 153.30 3.79% 172.20 12.33% 201.50 17.02% 282.80 40.35%
Other receivables, deposits and
prepayments 34.00 196.80
478.82
% 212.20 7.83% 87.40
-
58.81% 94.20 7.78%
Amounts due from related parties 272.60 26.00
-
90.46% 21.80
-
16.15% 24.90 14.22% 18.30
-
26.51%
Cash and cash equivalents 176.00 173.40 -1.48% 285.20 64.48% 345.20 21.04% 166.00
-
51.91%
Total current assets 667.10 603.80 -9.49% 741.00
22.72
% 1,034.20
39.57
% 930.80
-
10.00
%
Total assets
2,945.00 1,909.40
-
35.16 2,196.30
15.03
% 2,636.00
20.02
% 2,635.50
-0.02%

8FINANCIAL DECISION MAKING OF SINGTEL
%
Current liabilities:
Contract liabilities - - 0.00% - 0.00% 78.60 0.00% 70.20
-
10.69%
Trade and other payables 342.90 687.30
100.44
% 707.90 3.00% 625.00
-
11.71% 574.50 -8.08%
Amounts due to related parties 385.60 122.50
-
68.23% 67.10
-
45.22% 64.80 -3.43% 57.50
-
11.27%
Borrowings 200.00 137.50
-
31.25% 10.00
-
92.73% 120.00
1100.0
0% 50.10
-
58.25%
Provision for taxation 35.50 80.60
127.04
% 70.50
-
12.53% 125.50 78.01% 119.50 -4.78%
Total current liabilities 964.00 1,027.90 6.63% 855.50
-
16.77
% 1,013.90
18.52
% 871.80
-
14.02
%
Non-current liabilities:
Contract liabilities - - 0.00% - 0.00% 22.40 0.00% 32.50 45.09%
Trade and other payables 23.30 22.70 -2.58% 21.60 -4.85% 0.90
-
95.83% 33.30
3600.0
0%
Borrowings 487.50 550.00 12.82% 977.50 77.73% 857.50
-
12.28% 978.40 14.10%
Deferred income - 1.10 0.00% 1.40 27.27% -
-
100.00
% - 0.00%
Deferred tax liabilities 75.90 120.10 58.23% 145.40 21.07% 135.40 -6.88% 131.50 -2.88%
Total non-current liabilities 586.70 693.90
18.27
% 1,145.90 65.14% 1,016.20
-
11.32
% 1,175.70
15.70
%
Total liabilities 1,550.70 1,721.80
11.03
% 2,001.40 16.24% 2,030.10 1.43% 2,047.50 0.86%
Net assets - 3.89% 210.88 -2.95%

9FINANCIAL DECISION MAKING OF SINGTEL
1,394.30 187.60
86.55
% 194.90 605.90 % 588.00
Equity:
Share capital 282.60 293.50 3.86% 299.70 2.11% 299.70 0.00% 299.70 0.00%
Perpetual capital securities - - 0.00% - 0.00% 199.90 0.00% 199.90 0.00%
Reserves 1,111.70 (105.90)
-
109.53
% (104.80) -1.04% 101.90
-
197.23
% 28.50
-
72.03%
Equity attributable to owners of
the Company 1,394.30 187.60
-
86.55
% 194.90 3.89% 601.50
208.62
% 528.10
-
12.20
%
Non-controlling interests - - 0.00% - 0.00% 4.40 0.00% 59.90
1261.3
6%
Total equity 1,394.30 187.60
-
86.55
% 194.90 3.89% 605.90
210.88
% 588.00 -2.95%
Singtel Income Statement:-
Particulars
2014
(in $m)
Perce
ntage
2015
(in $m)
Perce
ntage
2016
(in $m)
Perce
ntage
2017
(in $m)
Perce
ntage
2018
(in $m)
Perce
ntage
Operating revenue
16,848.
10
100.00
%
17,222.
90
100.00
%
16,961.
20
100.00
%
16,711.
40
100.00
%
17,531.
80
100.00
%
Operating expenses
(11,800
.30)
70.04
%
(12,283
.60)
71.32
%
(12,096
.80)
71.32
%
(11,929
.00)
71.38
%
(12,701
.50)
72.45
%
Other income 107.60 0.64% 151.40 0.88% 148.30 0.87% 215.30 1.29% 258.80 1.48%
30.60 29.56 29.55 29.91 29.03

10FINANCIAL DECISION MAKING OF SINGTEL
5,155.4
0 %
5,090.7
0 %
5,012.7
0 %
4,997.7
0 %
5,089.1
0 %
Depreciation and amortisation
(2,132.
70)
12.66
%
(2,161.
40)
12.55
%
(2,148.
80)
12.67
%
(2,238.
90)
13.40
%
(2,340.
10)
13.35
%
Exceptional items 114.00 0.68% 14.80 0.09% (44.80)
-
0.26% (1.20)
-
0.01%
1,940.4
0
11.07
%
Profit on operating activities
3,136.7
0
18.62
%
2,944.1
0
17.09
%
2,819.1
0
16.62
%
2,757.6
0
16.50
%
4,689.4
0
26.75
%
Share of results of associates and
joint ventures
1,392.6
0 8.27%
1,735.3
0
10.08
%
2,026.6
0
11.95
%
2,017.3
0
12.07
%
1,786.7
0
10.19
%
Profit before interest,
investment income (net) and tax
4,529.3
0
26.88
%
4,679.4
0
27.17
%
4,845.7
0
28.57
%
4,774.9
0
28.57
%
6,476.1
0
36.94
%
Interest and investment income
(net) 124.50 0.74% 92.80 0.54% 94.70 0.56% 114.80 0.69% 45.60 0.26%
Finance costs
(305.90
) 1.82%
(309.20
) 1.80%
(359.60
) 2.12%
(374.30
) 2.24%
(390.20
) 2.23%
Profit before tax
4,347.9
0
25.81
%
4,463.0
0
25.91
%
4,580.8
0
27.01
%
4,515.4
0
27.02
%
6,131.5
0
34.97
%
Tax expense
(691.00
) 4.10%
(678.50
) 3.94%
(722.50
) 4.26%
(684.40
) 4.10%
(701.20
) 4.00%
Profit after tax
3,656.9
0
21.71
%
3,784.5
0
21.97
%
3,858.3
0
22.75
%
3,831.0
0
22.92
%
5,430.3
0
30.97
%

11FINANCIAL DECISION MAKING OF SINGTEL
Singtel Balance Sheet Statement:-
Particulars
2014
(in $m)
Perce
ntage
2015
(in $m)
Perce
ntage
2016
(in $m)
Perce
ntage
2017
(in $m)
Perce
ntage
2018
(in $m)
Perce
ntage
Current assets:
Cash and cash equivalents 622.50
14.31
% 562.80
11.80
% 461.80 8.94% 533.80 9.02% 524.90 8.78%
Trade and other receivables
3,555.8
0
81.72
%
3,885.2
0
81.49
%
4,366.4
0
84.53
%
4,924.2
0
83.21
%
5,035.4
0
84.19
%
Derivative financial instruments 3.40 0.08% 29.80 0.63% 17.50 0.34% 352.20 5.95% 397.40 6.64%
Inventories 169.60 3.90% 289.80 6.08% 319.70 6.19% 107.30 1.81% 23.20 0.39%
Total current assets
4,351.3
0
11.07
%
4,767.6
0
11.33
%
5,165.4
0
11.86
%
5,917.5
0
12.25
%
5,980.9
0
12.39
%
Non-current assets:
Trade and other receivables - 0.00% - 0.00% - 0.00% 769.50 1.82% 747.20 1.77%
Property, plant and equipment
11,096.
30
31.73
%
10,683.
20
28.64
%
11,154.
00
29.05
%
11,892.
90
28.06
%
11,800.
80
27.92
%
Intangible assets
10,739.
70
30.71
%
11,948.
60
32.03
%
12,968.
40
33.77
%
13,072.
80
30.85
%
13,969.
10
33.05
%
Subsidiaries - 0.00% - 0.00% - 0.00% - 0.00% - 0.00%
Associates 178.30 0.51% 275.20 0.74% 356.30 0.93%
1,952.2
0 4.61%
2,005.5
0 4.74%
Joint ventures
9,949.9
0
28.45
%
10,571.
00
28.34
%
10,729.
90
27.94
%
12,282.
90
28.99
%
12,782.
60
30.24
%

12FINANCIAL DECISION MAKING OF SINGTEL
Available-for-sale ("AFS")
investments 291.30 0.83% 268.30 0.72% 147.50 0.38% 192.90 0.46% 197.90 0.47%
Derivative financial instruments 298.00 0.85% 742.10 1.99% 622.60 1.62% 455.20 1.07% 409.60 0.97%
Deferred tax assets 828.50 2.37% 803.80 2.16% 692.30 1.80% 657.80 1.55% 360.10 0.85%
Loan to an associate
1,330.5
0 3.80%
1,610.5
0 4.32%
1,100.5
0 2.87%
1,100.5
0 2.60% - 0.00%
Other non-current receivables 256.20 0.73% 396.50 1.06% 628.80 1.64% - 0.00% - 0.00%
Total non-current assets
34,968.
70
88.93
%
37,299.
20
88.67
%
38,400.
30
88.14
%
42,376.
70
87.75
%
42,272.
80
87.61
%
Total assets
39,320.
00
100.00
%
42,066.
80
100.00
%
43,565.
70
100.00
%
48,294.
20
100.00
%
48,253.
70
100.00
%
Current liabilities:
Trade and other payables
3,796.3
0
66.72
%
4,458.5
0
77.45
%
4,594.0
0
70.25
%
4,922.4
0
53.09
%
5,233.9
0
63.11
%
Advance billings 643.60
11.31
% 614.00
10.67
% 800.20
12.24
% 835.40 9.01% 794.10 9.58%
Provision 1.60 0.03% 5.80 0.10% 3.10 0.05% - 0.00% - 0.00%
Current tax liabilities 366.00 6.43% 419.40 7.29% 364.40 5.57% 296.30 3.20% 351.30 4.24%
Borrowings (unsecured) 774.60
13.61
% 150.00 2.61% 595.50 9.11%
3,046.9
0
32.86
%
1,800.5
0
21.71
%
Borrowings (secured) 38.90 0.68% 24.40 0.42% 90.20 1.38% 86.70 0.94% 23.10 0.28%
Derivative financial instruments 0.20% 0.29% 0.38% 0.17% 0.84%

13FINANCIAL DECISION MAKING OF SINGTEL
11.50 16.80 24.60 15.80 70.00
Net deferred gain 57.50 1.01% 67.90 1.18% 67.90 1.04% 68.80 0.74% 20.10 0.24%
Total current liabilities
5,690.0
0
36.88
%
5,756.8
0
33.28
%
6,539.9
0
35.23
%
9,272.3
0
46.18
%
8,293.0
0
44.59
%
Non-current liabilities:
Borrowings (unsecured)
7,046.9
0
72.37
%
8,590.9
0
74.43
%
9,019.0
0
75.01
%
7,852.7
0
72.65
%
8,525.1
0
82.71
%
Borrowings (secured) 179.50 1.84% 213.50 1.85% 236.00 1.96% 199.60 1.85% 81.50 0.79%
Advance billings 298.50 3.07% 265.30 2.30% 265.50 2.21% 245.70 2.27% 225.10 2.18%
Deferred income 7.60 0.08% - 0.00% - 0.00% - 0.00% - 0.00%
Net deferred gain
1,155.7
0
11.87
%
1,369.8
0
11.87
%
1,323.3
0
11.01
%
1,282.7
0
11.87
% 357.70 3.47%
Derivative financial instruments 412.80 4.24% 265.40 2.30% 316.20 2.63% 303.10 2.80% 302.20 2.93%
Deferred tax liabilities 444.90 4.57% 521.70 4.52% 585.30 4.87% 574.60 5.32% 520.40 5.05%
Other non-current liabilities 191.30 1.96% 315.50 2.73% 278.00 2.31% 349.90 3.24% 295.10 2.86%
Total non-current liabilities
9,737.2
0
63.12
%
11,542.
10
66.72
%
12,023.
30
64.77
%
10,808.
30
53.82
%
10,307.
10
55.41
%
Total liabilities
15,427.
20
100.00
%
17,298.
90
100.00
%
18,563.
20
100.00
%
20,080.
60
100.00
%
18,600.
10
100.00
%
Net assets
23,892.
100.00
% 24,767.
100.00
% 25,002.
100.00
% 28,213.
100.00
% 29,653.
100.00
%

14FINANCIAL DECISION MAKING OF SINGTEL
80 90 50 60 60
Share capital and reserves:
Share capital
2,634.0
0
11.04
%
2,634.0
0
10.65
%
2,634.0
0
10.54
%
4,127.3
0
14.63
%
4,127.3
0
13.91
%
Reserves
21,234.
20
88.96
%
22,099.
30
89.35
%
22,355.
20
89.46
%
24,086.
30
85.37
%
25,551.
90
86.09
%
Equity attributable to
shareholders of the Company
23,868.
20
99.90
%
24,733.
30
99.86
%
24,989.
20
99.95
%
28,213.
60
100.00
%
29,679.
20
100.09
%
Non-controlling interests 24.40 0.10% 34.60 0.14% 35.70 0.14% 22.40 0.08% (3.20)
-
0.01%
Other reserves - 0.00% - 0.00% (22.40)
-
0.09% (22.40)
-
0.08% (22.40)
-
0.08%
Total equity
23,892.
60
100.00
%
24,767.
90
100.00
%
25,002.
50
100.00
%
28,213.
60
100.00
%
29,653.
60
100.00
%
Starhub Income Statement:-
Particulars
2014 (in
$m)
Percen
tage
2015 (in
$m)
Percen
tage
2016 (in
$m)
Percen
tage
2017 (in
$m)
Percen
tage
2018 (in
$m)
Percen
tage
Revenue 2,387.20
100.00
% 2,444.30
100.00
% 2,396.70
100.00
% 2,410.70
100.00
% 2,362.00
100.00
%
Operating expenses
(1,957.1
0) 81.98%
(2,048.6
0) 83.81%
(2,003.8
0) 83.61%
(2,052.7
0) 85.15%
(2,089.7
0) 88.47%
Other income 46.60 1.95% 45.60 1.87% 32.20 1.34% 4.40 0.18% 1.20 0.05%
Profit from operations 476.70
19.97
% 441.30
18.05
% 425.10
17.74
% 362.40
15.03
% 273.50
11.58
%

15FINANCIAL DECISION MAKING OF SINGTEL
Finance income 2.00 0.08% 2.00 0.08% 3.50 0.15% 3.70 0.15% 3.20 0.14%
Finance expense (22.60) 0.95% (17.80) 0.73% (26.20) 1.09% (29.90) 1.24% (30.20) 1.28%
Net finance costs (20.60) 0.86% (15.80) 0.65% (22.70) 0.95% (26.20) 1.09% (27.00) 1.14%
Non-operating
income/(loss) - 0.00% 15.00 0.61% 9.50 0.40% (0.70) 0.03% - 0.00%
Share of loss of
associate, net of tax - 0.00% (0.30) 0.01% (1.60) 0.07% (2.20) 0.09% (1.00) 0.04%
Profit before taxation 456.10
19.11
% 440.20
18.01
% 410.30
17.12
% 333.30
13.83
% 245.50
10.39
%
Taxation (85.60) 3.59% (67.90) 2.78% (68.90) 2.87% (59.80) 2.48% (44.90) 1.90%
Profit for the year 370.50
15.52
% 372.30
15.23
% 341.40
14.24
% 273.50
11.35
% 200.60 8.49%
Starhub Balance Sheet Statement:-
Particulars
2014
(in $m)
Percen
tage
2015
(in $m)
Percen
tage
2016
(in $m)
Percen
tage
2017
(in $m)
Percen
tage
2018
(in $m)
Percen
tage
Non-current assets:
Property, plant and equipment 400.50
17.58
% 890.00
68.17
% 918.00
63.08
% 870.10
54.32
% 893.20
52.40
%
Intangible assets 79.30 3.48% 388.10
29.73
% 463.80
31.87
% 557.60
34.81
% 670.00
39.30
%
Subsidiaries
1,692.1
0
74.28
% - 0.00% - 0.00% - 0.00% - 0.00%
Associate - 0.00% 27.50 2.11% 25.90 1.78% 23.70 1.48% 22.70 1.33%
Other investments 0.00% 0.00% 0.00% 3.75% 2.11%

16FINANCIAL DECISION MAKING OF SINGTEL
- - - 60.00 36.00
Amounts due from related
parties 106.00 4.65% - 0.00% 7.60 0.52% 7.90 0.49% 8.20 0.48%
Contract assets - 0.00% - 0.00% 40.00 2.75% 76.70 4.79% 67.40 3.95%
Contract costs - 0.00% - 0.00% - 0.00% 5.80 0.36% 5.70 0.33%
Deferred tax assets - 0.00% - 0.00% - 0.00% - 0.00% 1.50 0.09%
Total non-current assets
2,277.9
0
77.35
%
1,305.6
0
68.38
%
1,455.3
0
66.26
%
1,601.8
0
60.77
%
1,704.7
0
64.68
%
Current assets:
Inventories 36.80 5.52% 54.30 8.99% 49.60 6.69% 71.90 6.95% 75.20 8.08%
Contract assets - 0.00% - 0.00% - 0.00% 285.00
27.56
% 277.00
29.76
%
Contract costs - 0.00% - 0.00% - 0.00% 18.30 1.77% 17.30 1.86%
Trade receivables 147.70
22.14
% 153.30
25.39
% 172.20
23.24
% 201.50
19.48
% 282.80
30.38
%
Other receivables, deposits
and prepayments 34.00 5.10% 196.80
32.59
% 212.20
28.64
% 87.40 8.45% 94.20
10.12
%
Amounts due from related
parties 272.60
40.86
% 26.00 4.31% 21.80 2.94% 24.90 2.41% 18.30 1.97%
Cash and cash equivalents 176.00
26.38
% 173.40
28.72
% 285.20
38.49
% 345.20
33.38
% 166.00
17.83
%
Total current assets 667.10
22.65
% 603.80
31.62
% 741.00
33.74
%
1,034.2
0
39.23
% 930.80
35.32
%
Total assets
2,945.0
0
100.00
%
1,909.4
0
100.00
%
2,196.3
0
100.00
%
2,636.0
0
100.00
%
2,635.5
0
100.00
%

17FINANCIAL DECISION MAKING OF SINGTEL
Current liabilities:
Contract liabilities - 0.00% - 0.00% - 0.00% 78.60 7.75% 70.20 8.05%
Trade and other payables 342.90
35.57
% 687.30
66.86
% 707.90
82.75
% 625.00
61.64
% 574.50
65.90
%
Amounts due to related parties 385.60
40.00
% 122.50
11.92
% 67.10 7.84% 64.80 6.39% 57.50 6.60%
Borrowings 200.00
20.75
% 137.50
13.38
% 10.00 1.17% 120.00
11.84
% 50.10 5.75%
Provision for taxation 35.50 3.68% 80.60 7.84% 70.50 8.24% 125.50
12.38
% 119.50
13.71
%
Total current liabilities 964.00
62.17
%
1,027.9
0
59.70
% 855.50
42.75
%
1,013.9
0
49.94
% 871.80
42.58
%
Non-current liabilities:
Contract liabilities - 0.00% - 0.00% - 0.00% 22.40 2.20% 32.50 2.76%
Trade and other payables 23.30 3.97% 22.70 3.27% 21.60 1.88% 0.90 0.09% 33.30 2.83%
Borrowings 487.50
83.09
% 550.00
79.26
% 977.50
85.30
% 857.50
84.38
% 978.40
83.22
%
Deferred income - 0.00% 1.10 0.16% 1.40 0.12% - 0.00% - 0.00%
Deferred tax liabilities 75.90
12.94
% 120.10
17.31
% 145.40
12.69
% 135.40
13.32
% 131.50
11.18
%
Total non-current liabilities 586.70
37.83
% 693.90
40.30
%
1,145.9
0
57.25
%
1,016.2
0
50.06
%
1,175.7
0
57.42
%
Total liabilities
1,550.7
0
100.00
%
1,721.8
0
100.00
%
2,001.4
0
100.00
%
2,030.1
0
100.00
%
2,047.5
0
100.00
%
Net assets
1,394.3
100.00
% 187.60
100.00
% 194.90
100.00
% 605.90
100.00
% 588.00
100.00
%

18FINANCIAL DECISION MAKING OF SINGTEL
0
Equity:
Share capital 282.60
20.27
% 293.50
156.45
% 299.70
153.77
% 299.70
49.83
% 299.70
56.75
%
Perpetual capital securities - 0.00% - 0.00% - 0.00% 199.90
33.23
% 199.90
37.85
%
Reserves
1,111.7
0
79.73
%
(105.90
)
-
56.45
%
(104.80
)
-
53.77
% 101.90
16.94
% 28.50 5.40%
Equity attributable to
owners of the Company
1,394.3
0
100.00
% 187.60
100.00
% 194.90
100.00
% 601.50
99.27
% 528.10
89.81
%
Non-controlling interests - 0.00% - 0.00% - 0.00% 4.40 0.73% 59.90
10.19
%
Total equity
1,394.3
0
100.00
% 187.60
100.00
% 194.90
100.00
% 605.90
100.00
% 588.00
100.00
%
Particulars Detail
s
Singtel Starhub
2014 (in
$m)
2015 (in
$m)
2016 (in
$m)
2017 (in
$m)
2018 (in
$m)
2014 (in
$m)
2015 (in
$m)
2016 (in
$m)
2017 (in
$m)
2018 (in
$m)
Revenue A
16,848.
10
17,222.
90
16,961.
20
16,711.
40
17,531.
80
2,387.2
0
2,444.3
0
2,396.7
0
2,410.7
0
2,362.0
0
Operating
expenses B
11,800.
30
12,283.
60
12,096.
80
11,929.
00
12,701.
50
1,957.1
0
2,048.6
0
2,003.8
0
2,052.7
0
2,089.7
0
Net profit C
3,656.9
0
3,784.5
0
3,858.3
0
3,831.0
0
5,430.3
0 370.50 372.30 341.40 273.50 200.60
Opening D

19FINANCIAL DECISION MAKING OF SINGTEL
total assets
39,983.
50
39,320.
00
42,066.
80
43,565.
70
48,294.
20
1,882.7
0
1,987.2
0
1,909.4
0
2,196.3
0
2,636.0
0
Closing total
assets E
39,320.
00
42,066.
80
43,565.
70
48,294.
20
48,253.
70
1,987.2
0
1,909.4
0
2,196.3
0
2,636.0
0
2,635.5
0
Average
total assets
F=(D+
E)/2
39,651.
75
40,693.
40
42,816.
25
45,929.
95
48,273.
95
1,934.9
5
1,948.3
0
2,052.8
5
2,416.1
5
2,635.7
5
Opening
total equity G
23,989.
20
23,892.
60
24,767.
90
25,002.
50
28,213.
60 110.60 149.00 187.60 194.90 605.90
Closing total
equity H
23,892.
60
24,767.
90
25,002.
50
28,213.
60
29,653.
60 149.00 187.60 194.90 605.90 588.00
Average
total equity
I=(G+
H)/2
23,940.
90
24,330.
25
24,885.
20
26,608.
05
28,933.
60 129.80 168.30 191.25 400.40 596.95
Net profit
ratio C/A 21.71% 21.97% 22.75% 22.92% 30.97% 15.52% 15.23% 14.24% 11.35% 8.49%
Return on
assets C/F 9.22% 9.30% 9.01% 8.34% 11.25% 19.15% 19.11% 16.63% 11.32% 7.61%
Return on
equity C/I 15.27% 15.55% 15.50% 14.40% 18.77%
285.44
%
221.21
%
178.51
% 68.31% 33.60%
Operating
ratio B/A 70.04% 71.32% 71.32% 71.38% 72.45% 81.98% 83.81% 83.61% 85.15% 88.47%
Singtel Starhub
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
Net profit ratio 21.71% 21.97% 22.75% 22.92% 30.97% 15.52% 15.23% 14.24% 11.35% 8.49%
Return on assets 9.22% 9.30% 9.01% 8.34% 11.25% 19.15% 19.11% 16.63% 11.32% 7.61%
Return on 15.27% 15.55% 15.50% 14.40% 18.77% 285.44% 221.21% 178.51% 68.31% 33.60%

20FINANCIAL DECISION MAKING OF SINGTEL
equity
Operating ratio 70.04% 71.32% 71.32% 71.38% 72.45% 81.98% 83.81% 83.61% 85.15% 88.47%
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
Singtel Starhub
0.00%
50.00%
100.00%
150.00%
200.00%
250.00%
300.00%
Profitability Ratios
Net profit ratio
Return on assets
Return on equity
Operating ratio
Particulars Det
ails
Singtel Starhub
2014
(in $m)
2015
(in $m)
2016
(in $m)
2017
(in $m)
2018
(in $m)
2014
(in $m)
2015
(in $m)
2016
(in $m)
2017
(in $m)
2018
(in $m)
Net profit A
3,656.9
0
3,784.5
0
3,858.3
0
3,831.0
0
5,430.3
0 370.50 372.30 341.40 273.50 200.60
Number of outstanding
shares (in units) B
15,955.
00
15,948.
00
15,884.
00
15,989.
00
16,258.
00
1,723.0
0
1,731.0
0
1,724.0
0
1,764.0
0
1,791.0
0
Market price per share C
$
0.390
$
0.368
$
0.365
$
0.357
$
0.293
$
0.42
$
0.37
$
0.28
$
0.29
$
0.18

21FINANCIAL DECISION MAKING OF SINGTEL
Dividend per share D
$
0.168
$
0.175
$
0.175
$
0.175
$
0.175
$
0.20
$
0.05
$
0.05
$
0.05
$
0.04
Earnings per share
ratio
E=
A/B
$
0.2292
$
0.2373
$
0.2429
$
0.2396
$
0.3340
$
0.215
$
0.215
$
0.198
$
0.155
$
0.112
Price/earnings ratio
F=
C/E 1.70 1.55 1.50 1.49 0.88 1.95 1.72 1.42 1.87 1.61
Dividend payout ratio
G=
D/E
73.30
%
73.75
%
72.04
%
73.04
%
52.39
%
93.01
%
23.25
%
25.25
%
32.25
%
35.71
%
Dividend yield ratio
H=
D/C
43.08
%
47.55
%
47.95
%
49.02
%
59.73
%
47.62
%
13.51
%
17.79
%
17.24
%
22.22
%
Singtel Starhub
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
Earnings per share
ratio
$
0.2292
$
0.2373
$
0.2429
$
0.2396
$
0.3340
$
0.2150
$
0.2151
$
0.1980
$
0.1550
$0.112
0
Price/earnings
ratio 1.70 1.55 1.50 1.49 0.88 1.95 1.72 1.42 1.87 1.61
Dividend payout
ratio 73.30% 73.75% 72.04% 73.04% 52.39% 93.01% 23.25% 25.25% 32.25%
35.71
%
Dividend yield
ratio 43.08% 47.55% 47.95% 49.02% 59.73% 47.62% 13.51% 17.79% 17.24%
22.22
%

22FINANCIAL DECISION MAKING OF SINGTEL
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
Singtel Starhub
$-
$0.5000
$1.0000
$1.5000
$2.0000
$2.5000
Dividend Ratios
Earnings per share ratio
Price/earnings ratio
Dividend payout ratio
Dividend yield ratio
Particulars Deta
ils
Singtel Starhub
2014 (in
$m)
2015 (in
$m)
2016 (in
$m)
2017 (in
$m)
2018 (in
$m)
2014 (in
$m)
2015 (in
$m)
2016 (in
$m)
2017 (in
$m)
2018 (in
$m)
Total liabilities A
15,427.
40
17,298.
90
18,563.
20
20,080.
60
18,600.
10
1,838.2
0
1,721.8
0
2,001.4
0
2,030.1
0
2,047.5
0
Total equity B
23,892.
60
24,767.
90
25,002.
50
28,213.
60
29,653.
60 149.00 187.60 194.90 605.90 588.00
Operating
profit C
4,529.3
0
4,679.4
0
4,845.7
0
4,774.9
0
6,476.1
0 476.70 441.30 425.10 362.40 273.50
Interest
expense D 305.90 309.20 359.60 374.30 390.20 22.60 17.80 26.20 29.90 30.20
Current assets E

23FINANCIAL DECISION MAKING OF SINGTEL
4,531.3
0
4,767.6
0
5,165.4
0
5,917.5
0
5,980.9
0 671.60 603.80 741.00
1,034.2
0 930.80
Inventories F 169.60 289.80 319.70 107.30 23.20 42.40 54.30 49.60 71.90 75.20
Current
liabilities G
5,690.0
0
5,756.8
0
6,539.9
0
9,272.3
0
8,293.0
0
1,192.9
0
1,027.9
0 855.50
1,013.9
0 871.80
Debt to equity
ratio A/B 0.65 0.70 0.74 0.71 0.63 12.34 9.18 10.27 3.35 3.48
Interest
coverage ratio C/D 14.81 15.13 13.48 12.76 16.60 21.09 24.79 16.23 12.12 9.06
Current ratio E/G 0.80 0.83 0.79 0.64 0.72 0.56 0.59 0.87 1.02 1.07
Quick ratio
(E-
F)/G 0.77 0.78 0.74 0.63 0.72 0.53 0.53 0.81 0.95 0.98
Singtel Starhub
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
Debt to equity
ratio 0.65 0.70 0.74 0.71 0.63 12.34 9.18 10.27 3.35 3.48
Interest coverage
ratio 14.81 15.13 13.48 12.76 16.60 21.09 24.79 16.23 12.12 9.06
Current ratio 0.80 0.83 0.79 0.64 0.72 0.56 0.59 0.87 1.02 1.07
Quick ratio 0.77 0.78 0.74 0.63 0.72 0.53 0.53 0.81 0.95 0.98

24FINANCIAL DECISION MAKING OF SINGTEL
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
Singtel Starhub
-
5.00
10.00
15.00
20.00
25.00
30.00
Stability and Liquidity Ratios
Debt to equity ratio
Interest coverage ratio
Current ratio
Quick ratio
Particulars Details Singtel Starhub
2014
(in $m)
2015
(in $m)
2016
(in $m)
2017
(in $m)
2018
(in $m)
2014
(in $m)
2015
(in $m)
2016
(in $m)
2017
(in $m)
2018
(in $m)
Revenue A
16,848.
10
17,222.
90
16,961.
20
16,711.
40
17,531.
80
2,387.2
0
2,444.3
0
2,396.7
0
2,410.7
0
2,362.0
0
Opening
inventories B 213.70 169.60 289.80 319.70 107.30 43.20 42.40 54.30 49.60 71.90
Closing
inventories C 169.60 289.80 319.70 107.30 23.20 42.40 54.30 49.60 71.90 75.20
Average
inventories
D=(B+
C)/2 191.65 229.70 304.75 213.50 65.25 42.80 48.35 51.95 60.75 73.55
Opening
receivables E
3,680.0
0
3,555.8
0
3,885.2
0
4,366.4
0
4,924.2
0 156.20 161.70 153.30 172.20 71.90

25FINANCIAL DECISION MAKING OF SINGTEL
Closing
receivables F
3,555.8
0
3,885.2
0
4,366.4
0
4,924.2
0
5,035.4
0 161.70 153.30 172.20 71.90 75.20
Average
receivables
G=(E+
F)/2
3,617.9
0
3,720.5
0
4,125.8
0
4,645.3
0
4,979.8
0 158.95 157.50 162.75 122.05 73.55
Opening payables H
4,221.9
0
3,796.3
0
4,458.5
0
4,594.0
0
4,922.4
0 753.70 795.80 687.30 707.90 625.00
Closing payables I
3,796.3
0
4,458.5
0
4,594.0
0
4,922.4
0
5,233.9
0 795.80 687.30 707.90 625.00 574.50
Average payables
J=(H+I)
/2
4,009.1
0
4,127.4
0
4,526.2
5
4,758.2
0
5,078.1
5 774.75 741.55 697.60 666.45 599.75
Inventory
turnover (in
days)
K=365/
(A/D) 4.15 4.87 6.56 4.66 1.36 6.54 7.22 7.91 9.20 11.37
Debtor's
turnover (in
days)
L=365/
(A/G) 78.38 78.85 88.79 101.46 103.68 24.30 23.52 24.79 18.48 11.37
Creditor's
turnover (in
days)
M=365/
(A/J) 86.85 87.47 97.40 103.93 105.72 118.46 110.73 106.24 100.91 92.68
Cash cycle (in
days)
N=K+L
-M (4.32) (3.76) (2.06) 2.20 (0.69) (87.61) (79.99) (73.54) (73.23) (69.95)
Singtel Starhub
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
Inventory turnover
(in days) 4.15 4.87 6.56 4.66 1.36 6.54 7.22 7.91 9.20 11.37

26FINANCIAL DECISION MAKING OF SINGTEL
Debtor's turnover
(in days) 78.38 78.85 88.79 101.46 103.68 24.30 23.52 24.79 18.48 11.37
Creditor's turnover
(in days) 86.85 87.47 97.40 103.93 105.72 118.46 110.73 106.24 100.91 92.68
Cash cycle (in
days) (4.32) (3.76) (2.06) 2.20 (0.69) (87.61) (79.99) (73.54) (73.23) (69.95)
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
Singtel Starhub
(100.00)
(50.00)
-
50.00
100.00
150.00
Efficiency Ratios
Inventory turnover (in days)
Debtor's turnover (in days)
Creditor's turnover (in days)
Cash cycle (in days)