Management Discussion and Analysis (Summary Statement)

Management Discussion and Analysis

Summary Statements of Financial Position

	As at 31 March
	2018 (S$ million)	2017 (S$ million)
Current assets	5,981	5,918
Non-current assets	42,273	42,377
Total assets	48,254	48,294
Current liabilities	8,293	9,272
Non-current liabilities	10,307	10,808
Total liabilities	18,600	20,081
Net assets	29,654	28,214
Share capital	4,127	4,127
Retained earnings	31,601	29,494
Currency translation reserve ⁽¹⁾	(5,773)	(4,508)
Other reserves	(276)	(900)
Equity attributable to shareholders	29,679	28,214
Non-controlling interests and other reserve	(26)	*
Total equity	29,654	28,214

“*” denotes less than S$0.5 million.

Note:

(1)‘Currency translation reserve’ relates mainly to the translation of the net assets of foreign subsidiaries, associates and joint ventures of the Group denominated mainly in Australian Dollar, Indian Rupee, Indonesian Rupiah, Philippine Peso, Thai Baht and United States Dollar.

The Group is in a strong financial position.

Total assets were stable with additions from the purchase of spectrum, acquisition of Turn and upstake of 1.7% equity interest in BTL offset by the repayment of unitholder loan of S$1.10 billion by NetLink Trust. Total liabilities decreased on the reduction in borrowings and the release of net deferred gains of S$1.10 billion on past sales of infrastructure assets to NetLink Trust following the disposal of an effective interest of 75.2% in NetLink Trust in July 2017.

Currency translation losses increased mainly from the translation of the Group’s investments in Optus, Telkomsel and Airtel due to the weaker Australian Dollar, Indonesian Rupiah and Indian Rupee against the Singapore Dollar from a year ago.