Management Discussion and Analysis

SUMMARY STATEMENTS OF FINANCIAL POSITION
  As at 31 March
  2020(1)
(S$ million)		 2019
(S$ million)
Current assets 7,176 7,078
Non-current assets 41,779 41,837
Total assets 48,955 48,915
Current liabilities 10,579 8,794
Non-current liabilities 11,562 10,311
Total liabilities 22,141 19,105
Net assets 26,814 29,810
Share capital 4,127 4,127
Retained earnings 25,448 27,513
Currency translation reserve(2) (2,444) (1,768)
Other reserves (342) (35)
Equity attributable to shareholders 26,789 29,838
Non-controlling interests 25 (28)
Total equity 26,814 29,810
Notes:
  • Includes the effects from adoption of SFRS(I) 16, Leases, from 1 April 2019 on a prospective basis.
  • ‘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’s financial position remains healthy.

Total assets were stable with recognition of right-of-use assets under the new lease accounting standard, offset by reduction in the carrying value of joint ventures due mainly to higher losses at Airtel. Total liabilities increased on borrowings and inclusion of lease liabilities under the new lease accounting standard.    

Currency translation losses increased due mainly to translation losses for Optus, Telkomsel and Airtel partly mitigated by translation gains for the Group’s US Dollar denominated subsidiaries.