Singtel Annual Report 2020

SUPERCHARGING
THE FUTURE
Annual Report 2020
Group
Enterprise
49
Group
Consumer
35
Credit: Orchard Road Business Association
Group
Governance and
Digital Life
Sustainability
55 63
Supercharging
the Future
2020 will go down in history as the year COVID-19 put a halt to daily life as we know it.
With staying home and social distancing highlighting the need for digital technology
to keep us all connected, it will also be the year remembered for profound changes in
communication behaviour. The arrival of 5G will not only prove timely in addressing these
changes, it will also supercharge the future by reconfiguring how technology, data and
services are deployed to meet consumers’ needs, transforming industries and cities in
the process. As a leader in communications technology, our goal is to keep innovating to
improve the lives of our customers and stakeholders. We are proud to be advancing the
5G charge and committed to creating a brighter digital future for all.
Table of Contents
OVERVIEW PERFORMANCE
An overview of our businesses, Our financial performance
our performance, key achievements
and value created, as well as our 118 Group Five-year
strategy moving forward Financial Summary
122 Group Value Added Statements
01 Financial Highlights 123 Management Discussion
03 FY 2020 Achievements and Analysis
05 Chairman’s Message
07 GCEO Review
09 Who We Are FINANCIALS
11 Our Businesses and Strategy Audited financial statements
13 The Value We Create
15 Our Response to COVID-19 133 Directors’ Statement
19 A 5G Future 144 Independent Auditors’ Report
22 Board of Directors 152 Consolidated Income Statement
27 Organisation Structure 153 Consolidated Statement of
28 Management Committee Comprehensive Income
34 Senior Management 154 Statements of Financial Position
155 Statements of Changes in Equity
159 Consolidated Statement of
BUSINESS REVIEWS Cash Flows
Insights into each of our business units 161 Notes to the Financial Statements
35 Group Consumer
49 Group Enterprise ADDITIONAL INFORMATION
55 Group Digital Life Our shareholders, transactions
61 Key Awards and Accolades with interested persons and other
corporate information
GOVERNANCE AND 260 Interested Person Transactions

SUSTAINABILITY 261 Additional Information on
Our corporate governance, risk Directors Seeking Re-election
management and sustainability efforts 269 Shareholder Information
271 Corporate Information
63 Governance and 272 Contact Points
Sustainability Philosophy
65 Corporate Governance
97 Investor Relations
99 Risk Management Philosophy
and Approach
111 Sustainability
Scan here to view the
Singtel Annual Report
2020 online.
Financial Highlights(1)
FY 2020 FY 2019
OPERATING REVENUE S$16,542m S$17,372m
EBITDA S$4,541m S$4,692m
EBIT S$3,704m S$4,006m
UNDERLYING
NET PROFIT S$2,457m S$2,825m
NET PROFIT S$1,075m(2) S$3,095m
RETURN ON
INVESTED CAPITAL(3) 6.4% 7.7%
RETURN ON
EQUITY 3.8%(2) 10.4%
Notes:
(1)
Based on Singapore Financial Reporting Standards (International) (SFRS(I)). Includes the effects from adoption of SFRS(I) 16, Leases, from 1 April 2019 on a prospective basis.
(2)
Includes the Group’s share of Airtel’s net exceptional loss of S$1.8 billion mainly for regulatory costs.
(3)
Return on invested capital is defined as EBIT (post-tax) divided by average capital.
1
OVERVIEW
EBIT AND SHARE OF ASSOCIATES’ PRE-TAX PROFITS
Contribution by Business
BUSINESS REVIEWS
Australia Consumer 24%
Group Enterprise 23%
Singapore Consumer 13% S$3,704m(4)
GOVERNANCE AND SUSTAINABILITY

Group Digital Life -4%
Share of associates’
pre-tax profits 47%
OPERATING REVENUE SHAREHOLDER PAYOUT

Contribution by Product and Service Dividend Per Share (S¢)
PERFORMANCE
Mobile
Service 2020 12.25
Data and
29% Internet
22%
2019 17.5
FINANCIALS
S$16,542m
For the financial year ended 31 March 2020, the Board
has recommended a final ordinary dividend of 5.45
Singapore cents a share. Together with the interim
dividend of 6.8 Singapore cents, the total ordinary
dividend for the year is 12.25 Singapore cents, compared
to 17.5 Singapore cents last year.
Sale of
Equipment
ADDITIONAL INFORMATION
ICT and Leasing The reduction in dividend payout is prudent to conserve

18% 17% financial headroom to cope with uncertainties in the
current COVID-19 operating environment and the
Others(5) Digital capacity to invest in 5G.
Businesses
7%
7%
Notes:
(4)
Includes costs of S$152 million from International Group and Corporate.
(5)
Includes mainly Fixed Voice and Pay Television.
Singapore Telecommunications Limited | Annual Report 2020 2

FY 2020 Achievements
We are constantly innovating — whether it is investing in next-generation 5G networks

and emerging technologies or enhancing our digital capabilities — we want to bring our
customers best-in-class products and services.
MADE STRIDES IN 5G ACROSS THE REGION
• Singtel submitted its winning bid to operate a 5G network

in Singapore.
• Optus expanded 5G coverage to over 800 fixed wireless
sites in Australia.
• Globe launched the Philippines’ first fixed wireless
5G network.
• AIS debuted Thailand’s first commercial 5G service.
ENHANCED MOBILE FINANCIAL SERVICES
• Expanded Singtel’s mobile wallet Dash’s offerings

and cross-border mobile payment alliance VIA to
include Japan.
• Telkomsel’s TCash integrated with Indonesia’s LinkAja!
app, a digital payment platform that also includes the
e-wallets of several banks.
INNOVATED NEW PRODUCTS AND SERVICES
• Singtel launched StepUp, a digital wellness platform

that rewards customers with local mobile data with every
step they take.
• Optus introduced greater choice and flexibility with its
customisable plans and no lock-in contracts.
• Telkomsel launched Indonesia’s first digital prepaid
mobile service by.U.
EXPANDED REGIONAL GAMING INITIATIVE
• Joined hands with SK Telecom and AIS to launch regional

gaming joint venture and develop new gaming-related
revenue streams.
• Scaled up Singtel’s PVP Esports initiative, taking both PVP
Esports Corporate and Campus Championships regional.
3
OVERVIEW
DEEPENED CYBER SECURITY CAPABILITIES
BUSINESS REVIEWS
• Launched Trustwave’s Fusion platform, a cloud-based
platform that provides enterprises with real-time
visibility of cyber threats and equips them with the
ability to respond swiftly.

INVESTED IN AUSTRALIA-NEW ZEALAND-US SOUTHERN CROSS United
SUBMARINE CABLE SYSTEM CABLE NETWORK Hawaiii States
Kiribati
K irib
bati
• Enhanced regional connectivity with consortium Tokelau
To
Tok
kelau
kel u
partners through Southern Cross NEXT submarine cable,
a new data super-highway between Australia, New Australia
A ustralia Fiji
Zealand and the US that will be completed in 2022.
Zealand
New Ze
eala
and
PERFORMANCE
LISTED AIRTEL AFRICA
• Airtel successfully listed Airtel Africa, the second largest

mobile operator in Africa, on the London Stock Exchange
and Nigeria Stock Exchange, raising US$750 million.
FINANCIALS
RECOGNISED FOR COMMITMENT TO DIVERSITY

AND SUSTAINABILITY
• Won the President’s Award for the Environment 2019,

Singapore’s highest environmental accolade.
• Included in the Bloomberg Gender-Equality Index
for the second year running.
• Singtel was the only Asian telco ranked among Corporate
Knights’ 2020 Global 100 Most Sustainable Corporations.

Chairman’s Message
Dear Shareholders,
This has proven to be the most AIRTEL PERFORMANCE years to move retail and enterprise
challenging year in Singtel’s RECOVERING customers to digital channels and
history, as we faced a convergence The Indian telecoms market has services, we should emerge from this
of intensified competition across moved past the price war and crisis better positioned overall.
our businesses, adverse regulatory consolidation of the last two years
and court rulings in India and an into an improved phase of market WHERE WE STAND
unprecedented public health crisis repair. Airtel has begun recording The uncertainties of COVID-19 make
that has sent economies around gains in pricing and market it hard to forecast the year ahead
the world reeling. Against this share in a three-player market, and for this reason, Singtel did not
backdrop, our net profit for FY 2020 significantly improving last year’s issue any guidance at the financial
declined 65% to S$1.08 billion. performance and carrying this year end. The Group has ensured
Excluding exceptionals, a key item momentum into the new year. ample liquidity and debt facilities
being Airtel’s regulatory charges, During the year, it successfully to cope with the unpredictability of
underlying net profit would have raised capital and is well positioned the current operating environment
dropped 13% to S$2.46 billion. to compete and invest as India as well as commence our investment
transitions to a digital economy. in the rollout of 5G where the returns
COMPETITION AND INDUSTRY are expected to be mid to long term
HEADWINDS As a growth rather than a yield in nature as applications emerge.
Intensified competition across stock, Airtel does not contribute Considering the implications of
markets is eroding industry profit materially to Singtel’s cash flow by COVID-19 and future investment
pools. In our consumer business, way of dividends. The market value needs, the Board recommended a
competition has driven up data of our stake in Airtel at the end of reduced final dividend of 5.45 cents
allowances, blunting the ability to FY 2020 was S$15 billion, higher bringing a total of 12.25 cents to
monetise data growth. We have seen than the book value of S$6 billion. shareholders for the full year.
the growth of MVNOs and value- Despite the challenges, your I trust you will understand this is
seeking consumers shift to SIM Only Board takes a long-term view of a prudent necessity.
plans. Given the financial stress the growth potential of the Indian
experienced by consumers and digital economy and the value of this STANDING WITH THE
businesses in a COVID-19 world, we business to Singtel. COMMUNITY
expect this shift to value to become We can be proud of the way Singtel
more pronounced. BETTER POSITIONED has come together and stood with
POST-COVID the community during this COVID-19
Despite the heightened competition, Singtel’s management continues crisis. The reliance on our networks
we gained market share in mobile to steer the business through the to work and learn from home during
and fixed services in Singapore uncertainty and impact of COVID-19. the circuit breaker period was a
while our enterprise business Contingency plans for dealing stark reminder that our services are
also defended its market leadership with the pandemic have been critical to both the community and
not just in Singapore but across effective in keeping our people safe economy. Through a combination
the region. Looking ahead, our and ensuring business continuity, of employee commitment and
recent 5G licence win will allow particularly the provision of essential company care, Singtel staff in key
us to bolster our network leadership services for our customers. With the support and frontline roles continued
in Singapore and build a 5G pandemic changing the way we work heading into work, to serve the
ecosystem across the region with our and interact and how businesses community. As a company, we also
associates. This should create new engage their customers, the raised S$2 million for vulnerable
revenue opportunities as industries digitalisation that has been integral groups impacted by COVID-19,
and enterprises use the intelligent to our transformation these past besides extending a range of
connectivity we provide to transform years has allowed us to adapt and free services to the broader society
their business models and grow pivot seamlessly to the new normal. coping with the pressures of
their businesses. Building on our efforts in recent staying at home.
5
OVERVIEW
THANKS AND FAREWELL With the pandemic changing
BUSINESS REVIEWS
I would like to extend my thanks the way we work and
and the thanks of the Board to all interact and how businesses
our frontliners and employees for
holding the fort these past months. engage their customers, the
Knowing the Singtel DNA, I have digitalisation that has been
every confidence they will see the integral to our transformation
company through this crisis to these past years has allowed
recovery. As I step down as
Chairman, I would like to thank us to adapt and pivot
past and present Directors for seamlessly to the

their valuable guidance and new normal.
support and our management for
their tireless commitment to the
business over many years. Their
calm and discipline no matter the
circumstances will undoubtedly
lead the Group through the current
volatility towards positive and
progressive outcomes.
I’d also like to welcome

Lee Theng Kiat, Executive Director
of Temasek Holdings and Chairman
PERFORMANCE
of Temasek International, as the
incoming Singtel Chairman.
Theng Kiat’s extensive experience
in mobile communications and
data services and his impeccable
corporate governance and
leadership credentials will be
highly beneficial to Singtel as it
FINANCIALS
charts its way forward in the new
economy. Lastly, many thanks to
our shareholders for their support
these past years. It has been
a privilege to serve.
Stay safe and keep well.

Yours sincerely,
SIMON ISRAEL
Chairman

GCEO Review
Dear Shareholders,
The world was thrust into unchartered however, we have strengthened our key beneficiary as it regains market
territory as we moved into the liquidity and have secured additional share. While we have recognised
last quarter of our financial year. credit facilities as we work towards a S$1.6 billion as our share of Airtel’s
The emergence of COVID-19 has post-COVID recovery and embark on regulatory losses this year, we believe
disrupted not just lives but livelihoods, our 5G rollout. a recovery story is in the making,
upending global supply chains particularly as Airtel has successfully
and throwing already softening LEADING THE WAY IN 5G raised capital and strengthened its
economies off course, many possibly 5G is going mainstream around the balance sheet and the country’s push
into recession. This added to the world this year and we are excited towards Digital India shows no signs
structural pressures we are facing in to lead and shape 5G in Singapore, of waning.
our core business, most keenly felt by having won our licence that will
Optus this financial year. Combined bring 5G coverage to at least half In Thailand, AIS delivered strong
with adverse regulatory outcomes the country by end-2022 and growth for the year but also managed
in India, we’ve had one of our most nationwide coverage by 2025. Our to reinforce its network leadership
trying years. approach to 5G will be differentiated with its recent 5G spectrum win. In
from 4G as we move beyond the Philippines, Globe recorded
WORKING TOWARDS access and connectivity to create double-digit growth in operating
POST-COVID RECOVERY new enterprise use cases and revenue and EBITDA on sustained
Travel and movement restrictions innovative platforms, applications data growth. Telkomsel continued to
have impacted our roaming and services to reposition ourselves lead with its superior network
and prepaid revenues while slowing for growth in the converging and digital offerings although its
economic growth has dampened ecosystem of tech and telco. performance was affected by lower
business spend. While these factors voice and SMS revenues and greater
exacerbated structural shifts in This multi-year capital commitment competition outside Java. We
industry, we did gain market share will be a significant investment in not continue to see immense potential
across our Singapore mobile and just our company’s future but that in our associates’ markets, driven by
fixed services as well as our of the wider community. 5G will be increased smartphone penetration
enterprise business, particularly transformative for industries and and expanding digital economies.
as corporations and government business models, unlock new careers
agencies intensified digitalisation, and create sustainable economic and HEEDING THE CALL TO SERVE
which also added to NCS’ strong social value in the process. Optus in The pandemic and last year’s
order book. Australia continues expanding its bushfires in Australia have made it
5G network having launched a full clear we play a special role in the
Importantly, while the pandemic suite of 5G services in both mobile community that requires us to support
has affected our business, it has also and broadband last November. Our society during times of crisis. Each
created significant opportunities. associates are also advancing their time a bushfire triggered outages to
We’ve seen unprecedented 5G strategies and the Group will fixed line and mobile networks in
digital adoption by consumers and harness its scale to progress this Australia, our service staff worked
enterprises as a result of stay-at- next-generation technology across long hours in difficult conditions to
home and work-from-home provisos. our footprint. get our networks back up and
Having digitalised our operations running. Similarly, when COVID-19
and services in recent years, we’ve STRONG SHOWING BY rendered most of us homebound, our
responded to this extraordinary shift ASSOCIATES staff understood that people rely
online and increased demand for our It’s been a tough two years in India on us and much of the essential work
services almost seamlessly. As such, as the latest market entrant brought we do cannot be done from home.
we are well positioned to leverage unprecedented disruption. The I’m grateful that our call centre
this accelerated digitalisation to grow good news is this has resulted in and retail staff, network engineers
both our core and digital businesses. consolidation into a three-operator and technicians, and IT staff serving
Given the prevailing uncertainties market where Airtel is emerging a other essential services providers
7
OVERVIEW
have been travelling to work daily Our approach to 5G will
BUSINESS REVIEWS
to support our essential and critical be differentiated from 4G
functions. The public’s trust in us
as we move beyond
has gone up due to our resilience
and commitment to serve. access and connectivity
to create new enterprise
EMERGING STRONGER WITH use cases and innovative
OUR COMMUNITY platforms, applications
Besides raising S$3 million for
special education schools which have and services to reposition
been the key beneficiaries of the ourselves for growth in

Singtel Touching Lives Fund for some the converging ecosystem
years now, we also rendered support
of tech and telco.
to segments of our society impacted
by COVID-19. By matching staff
contributions dollar for dollar, we
raised another S$2 million in total,
channelling this to 18 charities
including the Courage Fund
supporting healthcare workers and
vulnerable groups. As many worked
from home, we made digitalisation
more accessible by granting free
connectivity and collaboration
PERFORMANCE
software to SMEs in Singapore
and Australia while providing free
entertainment to the Singapore
public. You have my commitment
that we will continue to do our
part to help.
I would like to thank all our staff
FINANCIALS
for displaying such grace under
pressure at this moment in
time when the work we do is its
most critical. I would also like to
thank our Board for their guidance
and our Management and
Union for their dedication to
navigating the ongoing crisis. It is
my firm belief that we will emerge

stronger with our community.
Yours sincerely,
CHUA SOCK KOONG

Group Chief Executive Officer

Who We Are
UNITED STATES
Asia’s leading
communications
technology group
Singtel is Asia’s leading communications technology
group, operating in one of the world’s fastest growing and
most dynamic regions. Together with Optus and our regional
associates Airtel, AIS, Globe and Telkomsel, we have a presence in
21 countries. Besides core telecom services, we provide an extensive range
of digital solutions. This includes cloud, cyber security and digital advertising
to enterprises as well as entertainment and mobile financial services to
millions of consumers. We are dedicated to continuous innovation, harnessing
next-generation technologies to create new and exciting customer
experiences as we shape a more sustainable, digital future.
9
THAILAND PHILIPPINES
23.3% of ordinary shares(1) 21.0% of ordinary shares, an investor 47.0% of ordinary shares(2)
41.2m mobile customers in telcos, media and technology 89.3m mobile customers
INDONESIA
35.0% effective interest

162.6m mobile customers
SINGAPORE
4.3m mobile customers

0.6m broadband customers
INDIA | SOUTH ASIA | AFRICA
33.3% effective interest

Mobile Customers: AUSTRALIA
283.7m in India
2.9m in South Asia
110.6m in Africa 10.4m mobile customers
1.1m broadband customers
52
Over
700m
More than
enterprise offices in 65%

18
mobile customers in
21
of underlying
net profit from
countries globally operations outside
countries of Singapore
Notes:
(1)
Based on direct equity interest only.
(2)
Singtel has 21.5% interest in Globe’s voting shares.
All figures at 31 March 2020 unless otherwise stated.
Our Businesses and Strategy
Enabling a digital
future to connect our
customers
VISION MISSION
To be Asia Pacific’s best communications To deliver sustainable long-term growth and shareholder returns,
technology company. and generate positive impact for stakeholders.
STRATEGIC PRIORITIES DIFFERENTIATORS BUSINESSES
Accelerating Customer
Digital Transformation Relationships
Credit: Orchard Road Business Association
Digitalising Network
Core Businesses Leadership
Growing New
Data Insights
Digital Services
Building a Regional
Regional Reach
Digital Ecosystem
Championing Digital
Sustainability Innovation
11
OVERVIEW
With 5G set to unleash the full potential of technologies like AI and IoT, we are
positioning our business for new opportunities in this hyper-connected future.
Anticipating this shift, we have rebuilt our business around data, digitalising our
BUSINESS REVIEWS
core business and innovating new digital capabilities. We are prioritising growth
drivers such as cyber security, digital marketing and data analytics that leverage our
existing assets and strengths in connectivity. We are also scaling our regional digital
ecosystem to include mobile financial services and new forms of content to deepen
engagement with the Group’s more than 700 million mobile customers. Even as we
reinvent ourselves, our strategy is grounded in our commitment to sustainability and
digital inclusion.

STAKEHOLDERS
GROUP CONSUMER
Offers a range of digital services from

music, OTT video, to mobile payments Customers
in addition to voice, messaging,
broadband and pay-TV.
Read more about Group Consumer
PERFORMANCE
from page 35 - 48.
Investors
GROUP ENTERPRISE
Delivers core enterprise ICT services
as well as cloud, IoT, cyber security
FINANCIALS
and smart city solutions. Communities
Read more about Group Enterprise

from page 49 - 54.
Regulators and
Governments
GROUP DIGITAL LIFE
Focuses on digital marketing and
data analytics.
Read more about Group Digital Life

from page 55 - 60.
Employees

The Value We Create
We are guided by our key stakeholder principles of serving our customers; ensuring our
company’s long-term viability for shareholders; looking after our people and supporting
the broader community with our sustainability efforts and other initiatives. Our goal is to
create value for all our stakeholders.
FOR OUR CUSTOMERS
Our regional associates now have
353m mobile data users, an

increase of more than 10%
from a year ago.
Together with our associates, our

capital expenditure was more than
S$10b.
173m
downloads of My Singtel and
My Optus apps and our associates’
apps have been made.
FOR OUR INVESTORS
We paid
S$2.86b in dividends
and S$462m in interest.
ACCOLADES
Ranked No.1 on the Singapore
Governance and Transparency Index 2019
for the fifth year running.
SIAS Investors’ Choice Awards 2019: Golden

Circle Award for Most Transparent Company.
13
OVERVIEW
FOR OUR PEOPLE
BUSINESS REVIEWS
We pledged
S$45m
to boost the digital skills of
our Singapore workforce over
three years.
800

Some
employees in Singapore and
Australia have completed skills
conversion and taken on
new roles.
FOR OUR COMMUNITIES
We contributed S$10m
to Esplanade toward the
PERFORMANCE
development of the Singtel
Waterfront Theatre, which
started construction in 2019.
We recycled
26,000kg
FINANCIALS
of electronic waste in FY 2020
in Singapore and Australia.
Since 2016, we’ve invested over
S$5m
We were ranked We contributed over in our Future Makers
S$22m
one of the programmes and supported
Top 100 to the community 76
most sustainable in Singapore and start-ups to encourage
corporations in the world Australia. social innovation.
by Corporate Knights.

Our Response to COVID-19
As a provider of critical telecoms and tech services, our role in keeping

consumers and enterprises connected has taken on new importance in
a time of safe distancing. Since the COVID-19 outbreak, we have moved
quickly to protect the health of our staff and customers, while activating
our business contingency plan to avoid disruption to our services. Our
digitalisation efforts in recent years, to move our customers to digital
channels and enable our employees to work remotely, have helped us
adapt fast. Here is our response to COVID-19.
21 Singtel’s Pandemic Control 23 Singapore 28 Social distancing, travel

JAN Committee convened for the first JAN reported JAN declarations and travel
time and started to formulate and its first bans were implemented
execute action plans. Meeting imported for all staff and strict
daily, the committee implemented case. visitor controls kicked in
precautionary measures across after the long Chinese
work premises in Singapore and New Year weekend.
issued safety advisories to guide
staff. Optus followed suit a couple
of days after.
21 Regular drills were 06 The first Singtel WEEKS OF Contact centres in Malaysia and
FEB conducted across MAR staff tested positive 09 and the Philippines were affected
customer-facing and for COVID-19 in 16 MAR due to travel and movement
operational sites in Singapore. All staff restrictions in both countries.
Singapore and working on the Accommodation was arranged
Australia to prepare same floor were for affected Optus contact centre
staff for situations in immediately asked staff in the Philippines as well as
which they’ve been to work from home Singtel frontline staff who make
exposed to suspected and the office was daily commutes from Malaysia
or confirmed COVID-19 thoroughly disinfected. to Singapore.
cases at work.
15
OVERVIEW
BUSINESS REVIEWS
30 Temperature screening 07 Singapore’s Ministry 11 Workforce segregation
JAN machines were installed FEB of Health declared FEB measures were
at access points of Singtel’s DORSCON Orange. implemented in
Singapore premises and Four days later, the Singapore, with teams
cleaning frequency was WHO declared the split across different
increased. Hand sanitisers COVID-19 outbreak locations to minimise
and masks were distributed a pandemic. infection risk and
to staff in Singapore disruption to operations.
PERFORMANCE
and Australia.
FINANCIALS
16 Optus 25 The first Optus 01 All Singtel and Optus 02 Singapore’s circuit
MAR implemented MAR staff tested APR non-essential staff JUN breaker period was
team positive for started working from lifted and some states
segregation. COVID-19. home. A week later, in Australia began

Substantive Singapore’s circuit easing restrictions.
preventive breaker measures Most Singtel and Optus
and mitigation started. staff continued to work
measures were from home. Site-bound
taken. staff were asked to
adhere to strict social
distancing measures.

Our Response to COVID-19
SUPPORTING CUSTOMERS AND COMMUNITIES

As a homegrown company, we want to stand together with the broader community and keep
them supported during this difficult period. We hope our efforts, including providing a care
package of free services such as entertainment and tech solutions, will provide some relief
to vulnerable individuals, families and small businesses and tide them through these
uncertain times.
we
#StayUnitedSG
may be
a p a r t
but
we are in
this
together
Who would have thought that it would all Stay Home Entertained $ Stay Open for Business Online
come to this. A world where staying away Free access to 30 channels across 5 Singtel Free 6 months access to tools like
from each other has become necessary. CAST packs for everyone in Singapore, Microsoft Teams for video conferencing
It’s a challenging time for us all. But it’s and 30 channels on Singtel TV for Singtel and AWS Virtual Workspace for remote
also the time for us to stay united, now TV customers. These include everything
more than ever. from news and lifestyle to entertainment. on 99SME.sg
Over the past few weeks, Singtel has raised Stay in Touch Visit singtel.com/stay-united-singapore
$2 million to support vulnerable groups
in the community and our courageous Data-free messaging on WhatsApp* for
all Singtel mobile customers. care package.
healthcare workers.
Our nation has overcome many challenges.
During this uncertain period, we will also Stay Protected With everyone’s support, we will stand
do all we can to ensure your life remains 30-day COVID-19 insurance coverage for strong and get through this one too.
as connected as ever, by rolling out a care Singtel prepaid mobile customers who
package of complimentary services. top up on your hi!App. Because together, we can.
*Available till 7 July 2020. All other initiatives are available from 1 April to 30 June 2020 unless otherwise stated.
17
OVERVIEW
CONSUMERS & ENTERPRISES
Provided 95,000 hours of free
BUSINESS REVIEWS
entertainment, data-free WhatsApp
messaging in Singapore and boosted
mobile data in Australia.
Provided SMEs in Singapore and Offered fee waivers on Dash

Australia free use of business solutions
to enable working from home.
7
mobile remittance to countries
for new users and healthcare workers.

COMMUNITIES
Singtel Future Makers 2020

awarded three start-ups
S$40,000
from a Special Pandemic Support
Grant to support innovative solutions
tackling COVID-19 social challenges.
PERFORMANCE
Optus’ Donate Your Data programme saw
200,000
Singtel’s Management Committee joined the nationwide customers contribute over
5m GB
'Sing Along Singapore!' initiative, and gave their best rendition
of 'Home' to show appreciation for frontline health workers,
volunteers and the migrant workforce.
of mobile data to underprivileged youth.
FINANCIALS
Donated Gave more than
S$2m to 18 charities and 1,000

social enterprises to help vulnerable students from low-income backgrounds
groups and healthcare workers in Singapore mobile data and laptops
in Singapore. to support home-based learning.
WORKFORCE
Recruited over Offered more than
500 800
people to fill customer service traineeships under the Singapore
positions in Singapore and Australia. government’s SGUnited
Traineeships programme.

5G5G
A Applications
Future
Powering a world of EVOLUTION OF

MOBILE NETWORK
new possibilities
TECHNOLOGY
5G
5G is slated to be a game changer, promising to enable smart
cities and ultimately, transform and improve life as we know
it. In a post-COVID world of accelerated digitalisation, 5G with From 2020
Mixed-reality (virtual
its ultra-fast speeds, reliability and low latency will connect and physical) enterprise
almost everyone and everything, driving innovation at an and entertainment
applications and mobile
unprecedented scale to unlock immense value for consumers and cloud gaming
enterprises alike. This new 5G-enabled era will see advanced
technologies and applications such as self-driving vehicles,
immersive learning and robotic surgery become a reality. 4G
At Singtel, we are gearing up for this 5G-powered world by
building a 5G ecosystem with the requisite infrastructure and 2011
innovative capabilities, empowering enterprises to operate more Video streaming
creatively and efficiently and delivering exciting new experiences

for consumers.
3G
2005
Internet browsing
2G
1994
Voice calls and
Short Messaging
Service
1G
1988
Voice calls
19
OVERVIEW
GSMA highlights that 5G will be commercially available from 180 operators in 62 markets
by end-2020. The Singtel Group embarked on our 5G rollout last year, starting with Optus in
Australia. We plan to leverage the experience and scale of our Group to grow our 5G ecosystem
and to lead and shape 5G.
BUSINESS REVIEWS
TIMELINE
JAN 2019 • Optus launched Australia’s first 5G fixed

wireless access network.
JUN 2019 • Globe was the first mobile operator in

Southeast Asia to commercially launch 5G

for homes.
NOV 2019 • Optus rolled out 5G in the home and on

(Second from left) Ernest Cu, Globe’s President and CEO with senior
the go. Globe executives at the launch of Globe’s Home Air Fibre 5G
• Telkomsel expanded trials for 5G use
cases in Indonesia.
MAR 2020 • AIS became Thailand’s first operator to

launch 5G mobile services.
APR 2020 • Singtel awarded provisional 5G licence
PERFORMANCE
in Singapore.
JUN 2020 • Singtel awarded 5G licence; to roll out

standalone network providing coverage
to half of Singapore by end-2022 and Singtel’s management with former IMDA Chief Executive Tan Kiat How
nationwide by 2025. at Singtel’s Bringing 5G to Life showcase.
FINANCIALS
We’ll deliver not only super fast mobile broadband
Our immediate priority is to roll out 5G to enhance speeds but also differentiated 5G capabilities
the quality and flexibility of our mobile networks to that will allow businesses to accelerate their digital
fulfil the needs of early adopters. More importantly at transformation and consumers to enjoy new digital
Singtel, our focus is on integrating 5G with AI, cloud services. We’re developing new platforms built upon
and data to deliver next-generation services that 5G’s unprecedented flexibility, latency and scalability
will fundamentally change the way companies work to fuel innovations in consumer experience, smart
and consumers interact with the internet manufacturing, advanced automation and
and smart objects. smart city solutions.
ALLEN LEW MARK CHONG

CEO, Group Strategy and Business Development Group Chief Technology Officer

5G Applications
MARITIME OPERATIONS
Faster turnaround of container
ships at ports with efficient
autonomous cranes and
container trailers.
GAMING
Hyper-realistic, seamless mobile
cloud gaming experience using
augmented or virtual reality
headsets.
5G PERFORMANCE:
THROUGHPUT AND NETWORK
RESPONSE TIME*
AUTONOMOUS VEHICLES
Better road safety with NETWORK
autonomous vehicles outfitted RESPONSE TIME:
with safety sensors and the
ability to communicate with 4G 20 - 40
other vehicles or devices. milliseconds
MANUFACTURING
AND LOGISTICS
Higher efficiency and fewer
defects in smart factories
using machine-learning robots
and video cameras with edge 5G 10 - 20
milliseconds
computing capabilities.
HEALTHCARE
2x faster network
Surgeries performed remotely
using surgical robotic arms and
3D virtual reality headsets to
visualise patient anatomy.
response time
Up to 10x
faster
ENERGY AND UTILITIES
throughput speed
Smart building facilities that
power down when not in use for
higher energy efficiency and
smart meters that monitor real-
time power consumption.
Note:
* Results obtained from Singtel’s early 5G network trials. Further
latency reduction expected in future 5G releases.
21
Board of Directors
OVERVIEW
BUSINESS REVIEWS
Simon Israel Lee Theng Kiat
• Non-executive and non-independent Director • Non-executive and non-independent Director

• Chairman, Singtel Board • Chairman-designate, Singtel Board
• Chairman, Finance and Investment Committee • Member, Corporate Governance and Nominations Committee
• Member, Corporate Governance and Nominations Committee • Member, Executive Resource and Compensation Committee
• Member, Executive Resource and Compensation Committee • Member, Finance and Investment Committee
• Member, Optus Advisory Committee • Member, Optus Advisory Committee
• Date of appointment: Director on 4 July 2003 and Chairman on 29 July 2011 • Date of appointment: 15 January 2020
• Last re-elected: 23 July 2019 • Number of directorships in listed companies (including Singtel): 1
• Number of directorships in listed companies (including Singtel): 2
Mr Simon Israel, 67, is the Chairman of Singapore Mr Lee Theng Kiat, 67, is the Executive Director
PERFORMANCE
Post Limited and a Director of Stewardship Asia Centre of Temasek Holdings (Private) Limited and the Chairman
CLG Limited. He is also a member of the Governing of Temasek International Pte. Ltd. (collectively Temasek).
Board of Lee Kuan Yew School of Public Policy, Leapfrog
Investments Global Leadership Council and Westpac’s Before joining Temasek, Theng Kiat was the
Asia Advisory Board. Simon is a former Director of President and Chief Executive Officer of Singapore
CapitaLand Limited, Fonterra Co-operative Group Limited Technologies Telemedia Pte Ltd and STT Communications
and Stewardship Asia Centre Pte. Ltd. Ltd. Prior to that, he held several senior level positions in
the Singapore Technologies Group. Theng Kiat served in
FINANCIALS
Simon was an Executive Director and President of the Singapore Legal Service for over eight years before
Temasek Holdings (Private) Limited before retiring on joining the Singapore Technologies Group.
1 July 2011. Prior to that, he was Chairman, Asia Pacific
of the Danone Group. Simon also held various positions Theng Kiat holds a Bachelor of Laws (Honours) from the
in Sara Lee Corporation before becoming President National University of Singapore.
(Household & Personal Care), Asia Pacific.
Simon was conferred Knight in the Legion of Honour

by the French government in 2007 and awarded

the Public Service Medal at the Singapore National Day
Awards 2011. He holds a Diploma in Business Studies
from The University of the South Pacific.

Board of Directors
Chua Sock Koong Gautam Banerjee
• Executive and non-independent Director • Non-executive and independent Director

• Member, Optus Advisory Committee • Chairman, Audit Committee
• Date of appointment: Director on 12 October 2006 and Group Chief • Member, Risk Committee
Executive Officer (CEO) on 1 April 2007 • Date of appointment: 1 March 2018
• Last re-elected: 28 July 2017 • Last re-elected: 24 July 2018
• Number of directorships in listed companies (including Singtel): 2 • Number of directorships in listed companies (including Singtel): 3
Ms Chua Sock Koong, 62, was appointed Group CEO Mr Gautam Banerjee, 65, is Senior Managing
on 1 April 2007. She has overall responsibility for the Director of Blackstone Group and Chairman of
Group’s businesses. Blackstone Singapore Pte Ltd. Gautam spent over 30
years with PricewaterhouseCoopers (PwC) and was a
Sock Koong joined Singtel in June 1989 as Treasurer Senior Partner and Executive Chairman of PwC Singapore
before becoming CFO in April 1999. She held the until he retired on 31 December 2012.
positions of Group CFO and CEO, International from
February 2006 to 12 October 2006, when she was Gautam sits on the boards of Singapore Airlines
appointed Deputy Group CEO. Limited, Piramal Enterprises Limited and GIC Private
Limited. He also serves in several not-for-profit
Sock Koong sits on the boards of Bharti Airtel Limited, organisations including Defence Science and Technology
Bharti Telecom Limited, the Defence Science and Agency and Yale-NUS College. He was the Chairman
Technology Agency, Cap Vista Pte Ltd and key subsidiaries of the Listings Advisory Committee of the Singapore
of the Singtel Group. She is also Deputy Chair of the Exchange, a Director of The Indian Hotels Company
GSMA Board. Sock Koong is the Deputy Chairman of the Limited and EDBI Pte Ltd, and a member of the Singapore
Public Service Commission and a member of Singapore’s Legal Service Commission.
Council of Presidential Advisers and the Research,
Innovation and Enterprise Council. Gautam holds a Bachelor of Science (Honours) and an
Honorary Doctor of Laws (LLD) from Warwick University.
Sock Koong was awarded the Public Service Star at the He is a fellow member of the Institute of Chartered
Singapore National Day Awards 2019 and the Medal of Accountants in England and Wales, the Institute of
Commendation (Gold) at the NTUC May Day Awards Singapore Chartered Accountants and the Singapore
2016. Sock Koong holds a Bachelor of Accountancy (First Institute of Directors.
Class Honours) from the University of Singapore. She is
a Fellow Member of the Institute of Singapore Chartered
Accountants and a CFA charterholder.
23
OVERVIEW
BUSINESS REVIEWS
Venky Ganesan Bradley Horowitz
• Non-executive and independent Director • Non-executive and independent Director

• Chairman, Technology Advisory Panel • Member, Finance and Investment Committee
• Member, Finance and Investment Committee • Member, Technology Advisory Panel
• Date of appointment: 2 February 2015 • Date of appointment: 26 December 2018
Mr Venkataraman (Venky) Ganesan, 47, is one of the Mr Bradley Horowitz, 55, is Vice President of Product
PERFORMANCE
Managing Partners of Menlo Ventures, a top-tier Silicon Management at Google, Inc. Over the past decade,
Valley venture capital firm. He focuses on investments in Bradley has led product development for a wide array
the consumer and enterprise sectors. Venky sits on the of consumer products at Google including Gmail, Google
boards of several portfolio companies of Menlo Ventures. Drive & Docs, Blogger, Google Voice, Google News and
He is also a board member of Amobee, Inc., a subsidiary Google Photos. Prior to joining Google, he was the Vice
of Singtel. President of Advanced Development at Yahoo, Inc.
Prior to joining Menlo Ventures, Venky was Managing Bradley is an independent Director of Issuu, Inc. and Lyst
FINANCIALS
Director at Globespan Capital Partners. Before Globespan, Ltd. He is also a member of the Visiting Committee of
he was one of the founders of Trigo Technologies. He Media Lab at the Massachusetts Institute of Technology.
also worked at McKinsey & Company and Microsoft as a
Program Manager. He is the former Chair of the National Bradley holds a Bachelor in Computer Science
Venture Capital Association and a former Director of Avi from the University of Michigan and a Masters in Media
Networks Inc, Palo Alto Networks Inc and Virident Systems. Science from the Media Lab at the Massachusetts
Institute of Technology.
Venky holds a Bachelor of Arts in Economics-Mathematics
from Reed College and a Bachelor of Science in

Engineering and Applied Science (Honours) from the
California Institute of Technology in the US.

Board of Directors
Gail Kelly Low Check Kian
• Non-executive and independent Director • Non-executive and Lead Independent Director

• Chairman, Executive Resource and Compensation Committee • Chairman, Corporate Governance and Nominations Committee
• Chairman, Optus Advisory Committee • Member, Executive Resource and Compensation Committee
• Member, Audit Committee • Member, Finance and Investment Committee
• Member, Corporate Governance and Nominations Committee • Date of appointment: Director on 9 May 2011 and Lead Independent
• Date of appointment: 26 December 2018 Director on 21 July 2015
Mrs Gail Kelly, 64, is a Board Director of Australian Mr Low Check Kian, 61, is a Director of Cluny Park
Philanthropic Services. She is also a Senior Global Adviser Capital. He was previously one of the founding partners
to UBS and a member of the Group of Thirty, Bretton of NewSmith Capital Partners LLP (NewSmith), an
Woods Committee, McKinsey Advisory Council and PLuS independent partnership providing corporate finance
Alliance Advisory Board. advice and investment management services with
its headquarters based in London. Prior to founding
Gail’s executive banking career spanned 35 years. She NewSmith, he was a Senior Vice President and member
was the Group CEO and Managing Director of two banks of the Executive Management Committee of Merrill Lynch
in Australia — St.George Bank from 2002 to 2007 and & Co and its Chairman for the Asia Pacific region.
Westpac Banking Corporation from 2008 to 2015. She was
previously a Director of Woolworths Holdings Limited in Check Kian also sits on the boards of Broadcom Limited,
South Africa, Country Road Group, David Jones and the Singtel Innov8 Pte. Ltd. and Singtel Innov8 Holdings Pte.
Business Council of Australia. Ltd., and is a trustee of the Singapore London School of
Economics Trust and Nanyang Technological University.
Gail holds a Bachelor of Arts and Higher Diploma of He was a Director of Neptune Orient Lines Limited and
Education from the University of Cape Town and an MBA Fullerton Fund Management Company Ltd.
(with Distinction) from the University of the Witwatersrand.
She has been awarded an Honorary Doctorate of Business Check Kian holds a Bachelor of Science (First Class
by the University of New South Wales, Macquarie University Honours) and Master of Science in Economics from the
and Charles Sturt University and an Honorary Doctorate London School of Economics.
of Science in Economics by the University of Sydney.
25
OVERVIEW
BUSINESS REVIEWS
Christina Ong Teo Swee Lian
• Non-executive and independent Director • Non-executive and independent Director

• Member, Audit Committee • Chairman, Risk Committee
• Member, Corporate Governance and Nominations Committee • Member, Corporate Governance and Nominations Committee
• Member, Risk Committee • Member, Executive Resource and Compensation Committee
• Date of appointment: 7 April 2014 • Date of appointment: 13 April 2015
Mrs Christina Ong, 68, is Chairman and Senior Ms Teo Swee Lian, 60, is the Chairman of CapitaLand
PERFORMANCE
Partner of Allen & Gledhill LLP as well as Co-Head of Mall Trust, a Director of AIA Group Ltd, Avanda Investment
its Financial Services Department. She is a Director of Management Pte Ltd, Clifford Capital Holdings Pte. Ltd.,
Hongkong Land Holdings Limited, Oversea-Chinese Clifford Capital Pte. Ltd. and Dubai Financial Services
Banking Corporation Limited, SIA Engineering Company Authority, a member of the Governing Board of the
Limited and Epimetheus Ltd. Christina is a member Duke-NUS Medical School and a council member of the
of the Catalist Advisory Panel and the Corporate Asian Bureau of Finance & Economic Research of NUS
Governance Advisory Committee, a trustee of The Business School.
Stephen A. Schwarzman Scholars Trust and a member of
FINANCIALS
the Supervisory Committee of the ABF Singapore Bond Swee Lian was Special Advisor in the Managing
Index Fund. She also sits on the boards of companies Director’s Office at the Monetary Authority of Singapore
and entities which are owned by Allen & Gledhill LLP. (MAS) until she stepped down in early June 2015. Prior to
that, she was the Deputy Managing Director in charge
Christina is a lawyer and she provides corporate and of Financial Supervision at the MAS, where she oversaw
corporate regulatory and compliance advice, particularly macroeconomic surveillance, regulation and supervision
to listed companies. Her areas of practice include banking of the banking, insurance and capital markets industries.
and securities. She was also a member of the Corporate Governance
Council formed by the MAS.

Christina holds a Bachelor of Laws (Second Upper
Class Honours) from the University of Singapore. She Swee Lian holds a Bachelor of Science (First Class
is a member of the Law Society of Singapore and the Honours) in Mathematics from Imperial College, London
International Bar Association. University and a Master of Science in Applied Statistics from
Oxford University.
Notes:
(1)
Information as at 8 June 2020.
(2)
Mr Peter Mason AM and Mr Bobby Chin stepped down from the Singtel Board at the conclusion of the Annual General Meeting on 23 July 2019.

Organisation Structure
Group Chief Executive Officer
CHUA SOCK KOONG
GROUP BUSINESSES CORPORATE FUNCTIONS
Audit Committee
Chief Executive Officer
Consumer Australia/
Chief Executive Officer Optus
Group Chief Internal Auditor
KELLY BAYER ROSMARIN
CRAIG YOUNG

Consumer Singapore/ Group Chief Technology Officer
Group Chief Digital Officer
MARK CHONG
YUEN KUAN MOON

Group Strategy and Business Development/
Chief Executive Officer Country Chief Officer Thailand
Group Enterprise/
Country Chief Officer Singapore
ALLEN LEW
BILL CHANG
Group Chief Financial Officer
Chief Executive Officer LIM CHENG CHENG

Group Digital Life
SAMBA NATARAJAN
Group Chief Corporate Officer
JEANN LOW
International
ARTHUR LANG Group Chief Human Resources Officer
AILEEN TAN
Group Chief Information Officer
WILLIAM WOO
27
Management Committee
OVERVIEW
BUSINESS REVIEWS
Chua Sock Koong Kelly Bayer Rosmarin
Ms Chua Sock Koong, 62, was appointed Group CEO Ms Kelly Bayer Rosmarin, 44, was appointed as CEO for
on 1 April 2007. She has overall responsibility for the both Consumer Australia and Optus on 1 April 2020. She
Group’s businesses. joined Optus on 1 March 2019, as Deputy CEO, and was
named CEO-designate on 5 December 2019.
PERFORMANCE
Sock Koong joined Singtel in June 1989 as Treasurer before
becoming CFO in April 1999. She held the positions of Prior to joining Optus, Kelly spent 14 years of service with
Group CFO and CEO, International from February 2006 Commonwealth Bank of Australia (CBA) where she held
to 12 October 2006, when she was appointed several senior positions and varied portfolios. Kelly’s
Deputy Group CEO. last appointment was the Group Executive of Institutional
Banking and Markets at CBA. She also spent time as
Sock Koong sits on the boards of Bharti Airtel Limited, a management consultant, in an enterprise software
Bharti Telecom Limited, the Defence Science and company and at a venture-backed high-growth
FINANCIALS
Technology Agency, Cap Vista Pte Ltd and key subsidiaries software start-up.
of the Singtel Group. She is also Deputy Chair of the
GSMA Board. Sock Koong is the Deputy Chairman of the Kelly is recognised for leveraging technology, data and
Public Service Commission and a member of Singapore’s analytics to develop leading customer services and
Council of Presidential Advisers and the Research, experience. Kelly was named in the Top 10 Businesswomen
Innovation and Enterprise Council. in Australia and the Top 25 Women in Asia Pacific Finance
and holds a variety of board and advisory responsibilities.
Sock Koong was awarded the Public Service Star at the
Singapore National Day Awards 2019 and the Medal of Kelly holds a Bachelor’s Degree in Industrial Engineering
Commendation (Gold) at the NTUC May Day Awards & Engineering Management and a Master of Science
2016. Sock Koong holds a Bachelor of Accountancy (First in Management Science & Industrial Engineering from
Class Honours) from the University of Singapore. She is Stanford University, USA.
a Fellow Member of the Institute of Singapore Chartered
Accountants and a CFA charterholder.

Bill Chang Mark Chong
Mr Bill Chang, 53, was appointed CEO, Group Mr Mark Chong, 56, was appointed Group Chief
Enterprise on 16 July 2012. He leads the infocomm and Technology Officer on 1 April 2017. He leads the Group’s
technology (ICT) team, providing solutions to enterprise technology strategy and innovations in the transformation
customers. He also assumed the role of Country Chief of its networks and businesses across Singapore and
Officer Singapore on 1 October 2014, as principal Australia. Prior to his appointment, Mark was CEO,
liaison with local and regulatory bodies. International from January 2013 to March 2017.
Bill joined Singtel in November 2005 as Executive Vice Mark joined Singtel in 1997 and has held various executive
President of Corporate Business and subsequently as positions in the company including the roles of EVP
Managing Director, Business Group. (Networks) in Singapore and Chief Operating Officer of
Advanced Info Service Public Company Limited (AIS),
Bill is the Chairman of the Singapore Polytechnic Board Singtel’s associate in Thailand.
of Governors and co-chaired the Future Jobs and Skills
Sub-committee of the Committee on the Future Economy Mark has represented Singtel on the boards of public
of Singapore. He is a member of the Australian Institute listed companies such as Globe Telecom, Bharti Infratel,
of Company Directors’ International Advisory Technology CS Loxinfo PCL and other non-listed companies such as
Governance and Innovations Panel, and the board of OpenNet. He is currently Chairman of Bridge Mobile
the Urban Redevelopment Authority of Singapore. Alliance and an Authority member of the Civil Aviation
Authority of Singapore.
Bill has won multiple recognitions including the Public
Service Star in conjunction with National Day Honours, He graduated with a Bachelor of Electronics Engineering
the Singapore Computer Society’s IT Leader of the Year and Master in Research in Electronic Systems from
award in 2017, and the honorary Fellow of the Society ENSERG, Grenoble, France, on a Singapore Government
in 2014. scholarship. Mark obtained his MBA from the National
University of Singapore. He is a Senior Fellow with the
Bill graduated with a Bachelor of Engineering (Honours) Singapore Computer Society.
in Electrical and Computer Systems Engineering from
Monash University, Australia and attended the Harvard
Business School’s Advanced Management Program.
29
OVERVIEW
BUSINESS REVIEWS
Arthur Lang Allen Lew
Mr Arthur Lang, 48, is CEO, International having joined Mr Allen Lew, 65, was appointed CEO, Group Strategy and
Singtel in January 2017. His main responsibilities are to Business Development and Country Chief Officer Thailand
oversee the growth of the Group’s regional associates on 1 April 2020.
across Africa, India, Indonesia, the Philippines and
PERFORMANCE
Thailand, strengthen their relationships with overseas Prior to that, Allen was CEO for Consumer Australia
partners, and drive regional initiatives, such as the and Optus where he led Optus to be the go-to operator
regional mobile financial and gaming businesses, for in Australia for great connectivity, innovative services
scale and synergies. and exciting content. Before his posting to Australia, Allen
was Country Chief Officer in Singapore and CEO, Group
Prior to joining Singtel, Arthur was Group Chief Financial Digital Life.
Officer of CapitaLand Limited, where he also ran
CapitaLand’s real estate fund management business. Allen began his career with Singtel in November 1980
FINANCIALS
Prior to CapitaLand, Arthur was at Morgan Stanley and has served in various senior management roles,
where he was Co-head of the Southeast Asia investment both in Singapore and overseas. His first overseas posting
banking division and Chief Operating Officer of the Asia was to Advanced Info Service Public Company Limited
Pacific investment banking division. (AIS), Singtel’s regional associate where he was Chief
Operating Officer for three years before his posting to
Arthur is a board member of Airtel Africa, Globe Telecom, Optus in late 2001, as Managing Director of Optus Mobile.
Bharti Infratel Limited, NetLink NBN Trust, the Land He was later appointed Managing Director of Optus
Transport Authority of Singapore, the National Kidney Consumer Business. He returned to Singapore as CEO
Foundation and the Straits Times School Pocket Money Singapore in 2006.
Fund. He also sits on the Advisory Board of the Lee Kong
Chian School of Business, SMU. In 2018, Arthur was Allen is a board member of AIS and Chairman of the AIS
awarded the Public Service Medal for his contributions. Executive Committee.
Arthur has an MBA from Harvard Business School Allen holds a Bachelor of Electrical Engineering from the
and a BA in Economics (magna cum laude) from University of Western Australia under a Colombo Plan
Harvard University. Scholarship and a Master of Science (Management) from
the Massachusetts Institute of Technology.

Lim Cheng Cheng Jeann Low
Ms Lim Cheng Cheng, 48, is Group Chief Financial Officer. Ms Jeann Low, 59, was appointed Group Chief Corporate
She is responsible for Singtel Group’s finance-related Officer on 10 April 2015. She is responsible for the Group’s
functions including tax, treasury and investor relations. corporate functions including mergers and acquisitions,
corporate communications, legal, regulatory, risk
Cheng Cheng has over 25 years of experience in finance management and procurement.
and mergers and acquisitions. She joined Singtel in 2012
as Vice President, Group Strategic Investment and Prior to this role, she was Group Chief Financial Officer
was appointed Deputy Group Chief Financial Officer on for seven years. Jeann joined Singtel on 12 October 1998
1 October 2014 and Group Chief Financial Officer on as Group Financial Controller and has held several
10 April 2015. management roles including Executive Vice President of
Strategic Investments and CFO of Optus.
Before joining Singtel, Cheng Cheng was Executive
Vice President and Chief Financial Officer at SMRT Jeann is a board member of the Governing Board of the
Corporation. She also worked at Singapore Power for Lee Kong Chian School of Medicine. She is also a Director
10 years in various corporate planning, investments and of Advanced Info Service Public Company Limited (AIS)
finance roles, the last being Head and Vice President and Intouch Holdings Public Company Limited.
(Financial Planning and Analysis).
Jeann holds an Honours Degree in Accountancy from the
Cheng Cheng is a non-executive, non-independent National University of Singapore and is a Fellow Member
Director at SingPost and was the winner of the Best CFO of the Institute of Singapore Chartered Accountants.
(Big Cap) title at the 2018 Singapore Corporate Awards.
Cheng Cheng holds an MBA from the University of

Chicago Booth School of Business and a Bachelor of
Accountancy from Nanyang Technological University. She
is a Chartered Accountant (Singapore) of the Institute of
Singapore Chartered Accountants.
31
OVERVIEW
BUSINESS REVIEWS
Samba Natarajan Aileen Tan
Mr Samba Natarajan, 54, is CEO, Group Digital Life. Ms Aileen Tan, 53, Group Chief HR Officer, is responsible for
He joined Singtel in May 2014 as Managing Director of Singtel Group’s human resources development and leads
Digital Enterprise, leading a team focused on identifying its corporate sustainability function.
and executing on growth opportunities from emerging
PERFORMANCE
technology trends. Aileen joined Singtel in June 2008 as Group Director, HR.
Prior to that, she was Group General Manager, HR at WBL
Samba has more than 25 years of corporate and Corporation Limited and VP, Centres of Excellence with
consulting experience across a wide range of senior Abacus International Pte Ltd.
roles in the areas of strategy, business development
and finance. He worked for Citibank from 1988 to 1997 She co-chairs the Ministry of Manpower’s (MOM) HR
and McKinsey & Company from 1999 to 2014. In his last Industry Transformation Advisory Panel and is a member
role at McKinsey, he was the Leader of Southeast Asia of Ministry of Education’s Institute for Adult Learning
FINANCIALS
Technology, Media & Telecommunications practice. Council, Ministry of Finance’s VITAL’s Advisory Panel and
MOM’s Workplace Safety & Health Council. She is also a
Samba serves on the Board of Directors of Globe Telecom member of the Institute for Human Resource Professionals
in the Philippines. He is also a member of the board of (IHRP) Board, Singapore University of Social Sciences
the Singapore American School. Samba holds a Bachelor Board of Trustees, Home Nursing Foundation Board and
of Engineering degree in Electrical Engineering with Health Sciences Authority Board.
distinction from the Birla Institute of Technology and
Science in Pilani, India; a Post Graduate Diploma in Aileen graduated with a Bachelor of Arts from the
Management from the Indian Institute of Management in National University of Singapore. She holds a Master of
Ahmedabad, India, and an MBA from the Wharton School, Science in Organisational Behaviour from the California
University of Pennsylvania, USA where he was a Ford School of Professional Psychology, Alliant International
Fellow and a Palmer Scholar. University, US. She is a pioneer IHRP Master Professional,
conferred by the IHRP for being a role model for the
HR profession. She received the Public Service Medal in
2018 for significant contributions to Singapore’s human
resources sectors.

William Woo Yuen Kuan Moon
Mr William Woo, 56, was appointed Group Chief Mr Yuen Kuan Moon, 53, was appointed CEO, Consumer
Information Officer from 1 August 2017. William was Singapore in June 2012. He leads the Singapore
the Managing Director of Enterprise Data and Managed consumer business to deliver an integrated suite of
Services and Managing Director of Cyber Security at mobile, broadband and TV services. Moon is concurrently
Group Enterprise. responsible for driving the Group’s digital transformation
as Group Chief Digital Officer, a role that was created
He joined Singtel in May 2011 from Xchanging PLC, where in 2018 to unlock digital growth opportunities in an
he was Managing Director for the Southeast Asia region. era of disruption. Moon has served on the Board of
Prior to that, William spent 20 years at EDS and had Commissioners in Telkomsel since 2009.
held various senior management roles which included
Managing Director of Southeast Asia & India and Vice Since joining Singtel in 1993, Moon has held several
President, Global Service Delivery of Asia, responsible for leadership roles in Marketing, Business Development and
leading the Information Technology Outsourcing, Business Sales, including VP of Regional Operations and EVP of
Process Outsourcing and Applications service delivery Digital Consumer. In 2003, Moon was posted to Telkomsel
across the Asia region. He started his career with the as General Manager for Product Development and
National Computer Board. appointed Director of Commerce from 2005 to 2007.
William graduated with a Bachelor of Applied Science in Moon was appointed to the Board of SkillsFuture
Computing (Distinction) from the Queensland University Singapore in 2016, the Board of Advisors of the Institute
of Technology, Australia, and holds an Executive MBA of Service Excellence at SMU and the Digital Readiness
from the National University of Singapore. Council Steering Committee in 2018 and the SIM
Governing Council in 2019.
Moon holds a First Class Honours degree in Engineering

from the University of Western Australia and a Master of
Science in Management from Stanford University.
33
Senior Management
OVERVIEW
BUSINESS REVIEWS
Hui Weng Cheong Murray King Lim Seng Kong
President & Chief Operating Officer Chief Financial Officer Managing Director
AIS Optus Singtel Enterprise Business,
Group Enterprise
PERFORMANCE
FINANCIALS
Chris Mitchell Ng Kuo Pin Arthur Wong

Managing Director Chief Executive Officer Chief Executive Officer
Optus Business, Group Enterprise NCS, Group Enterprise Global Cyber Security, Group Enterprise

Group
Consumer
DEEPENING DIGITAL
ENGAGEMENT WITH
CONSUMERS
With consumers increasingly relying on their devices,
we are enhancing their digital lifestyles with a
range of services from content to mobile financial
solutions supported by ever faster connections.
Technological advancements like 5G will produce
new breakthroughs and innovations that will
revolutionise how we engage customers and the
digital experiences that we create for them.
35 Credit: Orchard Road Business Association

Group Consumer
Singapore
Singtel is focused on extending our lead in customer experience, harnessing technology
to deliver innovative products and services and smarter conveniences underpinned by
an exceptional network. With more consumers going digital, we continue to invest in the
solutions needed to make it easier for them to get the most out of the digital world.
DRIVING DIGITAL KEEPING IN STEP WITH CUSTOMERS’

CUSTOMER LIFESTYLE NEEDS
ENGAGEMENT Wellness platform Singtel StepUp attracted over
300,000
customers who walk an average
Our all-digital mobile product

GOMO added
8,000
80,000
steps a day.
customers in just one year.

ENTERTAINING SINGAPORE AMID
More than COVID-19
70% Singtel CAST app users grew more than

of our customers go digital for
customer service transactions. 2x and viewership 3x .
DELIGHTING CUSTOMERS WITH offers dining, shopping and activity them an easy and cost-effective way
DIGITAL LIFESTYLE SERVICES deals and rewards in Singapore and to protect themselves and their
We continue to expand the range the region. loved ones.
of digital services and benefits to
complement customers’ lifestyles We made our first foray into the In addition, we broke new ground
and provide a differentiated insurance market, partnering with the launch of the wellness
experience. To connect with our Income to introduce Singapore’s first platform, Singtel StepUp, on My
millennial customers on GOMO, our prepaid data plan that comes with Singtel app. StepUp lets postpaid
all-digital mobile product that comes free personal insurance cover. As mobile customers earn local mobile
with generous data allowances, we many of our prepaid customers are data and redeem fitness products
introduced GOMO Pass, which sole breadwinners, this plan gives and shopping vouchers with every
37
OVERVIEW
step they take. It has proven highly purchase journey, with more options island without the need to lay fibre
popular with more than 300,000 for customers to interact with us and network cables, and serve
customers signing up and clocking switch seamlessly between online customers with faster and more
over 157 billion steps since the launch. and offline touch points. seamless transactions.
BUSINESS REVIEWS
CONNECTING CUSTOMERS TO We have seen some of our digital ADVANCING OUR 5G JOURNEY
QUALITY CONTENT platforms take off in the past year To ensure our customers keep
We have pulled ahead as Singapore’s as many customers embrace our enjoying high-quality and reliable
number one pay-TV provider, with chatbot Shirley and My Singtel app connections, we continue to invest
customers responding positively to to interact with us. Over 1 million in our network to enhance our
quality content offerings including customers use My Singtel app network superiority. Our efforts have
Hong Kong’s TVB Jade and TVB while 34% of them prefer to make been recognised by leading crowd-
Xing He channels at home and on purchases online. sourced benchmarking sites which
the go. As more customers turn to ranked Singtel as Singapore’s fastest

streaming content, Singtel CAST Our digitalisation efforts extend to and widest mobile network.
added seven specially curated shaping the future of retail to
packs to its line-up and doubled its deliver added convenience and We are developing new capabilities
customer base in just a year. a next-generation experience to in advanced technologies such
customers. Last year, we launched as network slicing, which enables
With people having to stay in as UNBOXED by Singtel, Singapore’s the optimised use of different
a result of the prolonged COVID-19 first unmanned 24/7 pop-up store applications on the same network
situation, we offered free access where customers can sign up for infrastructure. This will pave
to 95,000 hours of shows for three services, instantly replace SIM cards, the way for new consumer use
months, as part of a care package to purchase prepaid cards, collect cases that we are exploring and
bring some relief and entertainment devices and more. co-developing in anticipation of the
to not only our customers but arrival of 5G. Together with IMDA
everyone in Singapore while they We continue to enhance the and Razer, we launched the
PERFORMANCE
stay safe at home. UNBOXED experience, upping the nation’s first 5G cloud gaming
ante in retail innovation by powering trial, focusing on developing 5G
DELIVERING A NEXT- the store with 5G connectivity. connectivity to support immersive
GENERATION SHOPPING AND With 5G’s low latency and high gaming on mobile devices.
CUSTOMER EXPERIENCE speeds, UNBOXED can now be
We are also simplifying the easily relocated anywhere on the
SINGTEL FINANCIALS
ST PUP

Group Consumer
Australia
Optus connects more than 10 million customers via our premium mobile and fixed network,
with strong customer value propositions and our commitment to exceptional service. With
our offers for 5G both in the home and on the go, Optus is rolling out 5G at a time when it is
more important than ever for our customers to stay connected.
PREMIUM SPORTS CONTENT LEADING IN 5G

Optus Sport connects over More than
820,000 5G 800
5G sites in major Australian cities.
customers to Premier League and
international football content.
INCREASED DIGITAL ENGAGEMENT STRONG NATIONWIDE NETWORK

Downloads for Optus currently has more than
8,100
My Optus app increased
15% network sites across Australia.

from a year ago.
ADJUSTING TO THE NEW NORMAL We have shown our strong encouraging customers to utilise our
In response to COVID-19, the commitment to Australia and our digital channels, including messaging,
Australian Government asked people customers and colleagues as the so they can find the answers they
to stay home, which meant customers impacts are felt around the world. need quickly.
were relying on our network more Optus led the market in offering
than ever to work, learn, entertain customers free bonus data and CREATING THE CUSTOMER-
themselves and even socialise. waiving frontline healthcare workers’ CENTRIC 5G NETWORK OF
Our network responded well, and postpaid mobile access fees for THE FUTURE
customers are benefitting from our three months to demonstrate our We are focused on ensuring our
strong, nationwide coverage. appreciation. We also put in place customers receive reliable excellent
several measures to assist customers connectivity experiences at home as
Optus Sport’s exclusive live coverage and businesses facing hardship. well as on the go, and this underpins
of the 2019/2020 Premier League, our continued investment in the
UEFA Champions League and Global restrictions on travel and rollout of capacity in our 4G and
Women’s World Cup has continued people movement have impacted 5G networks.
to delight viewers and fuelled record our call centre capacity. We quickly
audience numbers for Optus Sport. retrained our store colleagues, Over 220,000 Australian households
The gripping action kept our 820,000 as well as hired new people from have access to the benefits of 5G
subscribers happy and engaged businesses in affected industries like Home Internet. Our service provides
during this period. travel, in Australia, and have been very fast broadband access, with
39
OVERVIEW
BUSINESS REVIEWS
PERFORMANCE
a minimum 50Mbps guaranteed customer is personally assigned a select the data that they need, and
speed, although most customers dedicated Home Connection Expert add the features — like roaming and
are experiencing average speeds of as their primary point of contact international calls — all in the way
around 150Mbps. We have received during installation to ensure a that best suits them. Optus One is
very positive feedback on the easy seamless connection experience. for those customers who simply
installation and excellent performance This eases what has proven, in the want the best of everything: one-
from Optus 5G Home customers. past, to be a frustrating NBN transition to-one service, dedicated support,
FINANCIALS
process for Australian consumers. network priority and a massive
We are also stocking select 5G 500GB of data.
handsets and will continue to offer We have also provided our customers
additional 5G handsets as technology with more control through additional
partners launch them, so our digital features and options, like the
customers can enjoy 5G Mobile Optus Assistant. This feature delivers
as well. personalised answers to questions
regarding billing and re-contracting,
DELIVERING SPECIALISED, anytime a customer wants it, without

PERSONALISED SERVICE AND having to queue in-store.
PRODUCTS
In response to customer feedback, Even our new mobile phone plans,
Optus launched our unique NBN Optus Choice and Optus One,
Concierge Service to support provide customers with the ability
customers transitioning to the to tailor their plans. Optus Choice
National Broadband Network (NBN). allows customers to choose the
As part of this service, each device they want or bring their own,

Group Consumer
THE CEO CONVERSATION
Keeping a pulse on what

customers want
The digital revolution is rapidly transforming the business environment and raising
customers’ demands. We ask Consumer Singapore CEO Yuen Kuan Moon and Optus CEO
Kelly Bayer Rosmarin to share how Singtel and Optus are keeping pace and reinventing
the customer experience.
How have consumer needs been evolving and how have also rolled out a ‘signature’ concierge service for
Singtel and Optus responded to these changes? our customers moving to Optus NBN in their homes,
transforming a challenging process into one that is
Moon: Today’s consumers have become much savvier positive, reliable and has increased customer satisfaction.
and more discerning, looking beyond price to engage
with companies that understand their needs, particularly Singtel and Optus have spoken about going big on
their digital lifestyles. Whether it’s running daily errands digital. How has the progress been?
or leisure pursuits, consumers are seeking experiences
that are simpler, more effortless and customised to Moon: We have made big strides in shifting customer
their needs. Our digital services and benefits are engagement to our digital platforms. Over 70% of our
evolving to appeal to all customer segments. Last year, customers prefer the immediacy of interacting with us
we introduced a wellness platform, StepUp, which through our self-help channels such as our 24/7 web and
has been an overwhelming success with customers WhatsApp digital chats. We will continue to make further
young and old. In the six months since its launch, over investments, not just in more digital channels, but also in
300,000 have signed up to earn free mobile data and technology such as analytics, AI and machine learning.
enjoy lifestyle products and services rewards. Having This will help us understand our customers better so we
created this positive digital engagement, we intend can provide more intuitive and personalised interactions.
to build on this momentum to deliver more of such
services on My Singtel and GOMO mobile apps. We’ve also harnessed digital to capture more of the
millennial market. Our all-digital mobile product GOMO
As competition ramps up, we believe it is more important has seen more than 80,000 customer sign-ups and
than ever to stay ahead by focusing on delivering the best registered an exceptional Net Promoter Score, which
value, exceptional service and a high-quality network measures customer advocacy, in just one year. GOMO’s
for our customers. success has been repeated in Indonesia with our regional
associate Telkomsel’s launch of sister brand, by.U.
Kelly: Customers, more than ever, expect seamless
experiences and want choice and transparency. These Kelly: We continually develop the My Optus app to ensure
expectations are increasingly raised by best-in-class most of what our customers need can be accessed on the
digital providers across multiple industries. spot, including sending us messages if help is required.
The app is rated 4.6 stars in the App Store and our
We have been responding by simplifying our experiences, aspiration is to drive it even higher. We are also using
digitalising as many interactions as possible, and automation to deliver a more personalised, satisfying
introducing new plans that provide options for customers service. Our Robotics Operations Centre drives excellence
to choose their own features and price points. We have across our automation initiatives, operating more than
41
OVERVIEW
BUSINESS REVIEWS
100 bots that make up our ‘digital workforce’. They help With the pandemic accelerating
us with routine queries, allowing our employees to provide digital adoption, our key priority
swifter service for more complicated customer requests.
is to focus on delivering new services
AI and automation are also helping us optimise our
network design, improve our supply chain, find the and experiences in anticipation of

best new talent and decrease the time it takes for new customers’ evolved expectations
customers to join the Optus network. and demands. At the same time, we
continue to invest in our networks
Now that the 5G era has arrived, tell us what
customers can look forward to and how you see your so it can handle the huge volume of
business transforming. video and data traffic that customers
are increasingly consuming.
Moon: Singapore is in an ideal position to roll out 5G with
robust infrastructure and backhaul fibre connectivity to
support the deployment of coverage. We are pleased to YUEN KUAN MOON
be awarded with a 5G licence from IMDA that will see the CEO, Consumer Singapore
rollout of nationwide 5G coverage in Singapore by 2025.
PERFORMANCE
I have seen first-hand, the transitions from 2G to 3G
to 4G during my time at Singtel and each change has
been a catalyst for innovation. I’m excited that Singtel
has the opportunity to take the lead in unlocking exciting
experiences that will bring 5G to life, in areas such as
learning, entertainment, gaming and healthcare.
We are already exploring and co-developing use
FINANCIALS
cases to identify new 5G consumer innovations that can
enhance customers’ experiences and deliver new and
exciting products and services. For instance, we are
working with IMDA and Razer on a trial to optimise 5G
connectivity for graphics-intense mobile gaming
on the go.
Kelly: 5G will transform the way we live, learn, consume

entertainment, communicate and conduct business. We

are bringing this to life for our customers today through
our 5G home product which is available to 220,000
Australian households. Customers using this 5G service
as an alternative to fixed home internet are experiencing
fantastic speeds. We also offer 5G Mobile and a wide
range of 5G phones.

Group Consumer
We are creating a 5G virtualised network that detects and workers on the front lines, offering hibernation of
adapts to how it is being used, and we will be working to accounts for affected small businesses, and access to
tailor features for our customers to choose, delivering the our Loop Live collaboration solutions for our business
ultimate, curated experience for customers, businesses customers. We are also playing our role to keep people
and whole communities. positive with a campaign encouraging our communities to
reach out daily to friends, relatives, older people and ask
What impact has the COVID-19 pandemic had on Singtel how they’re doing and share some optimism.
and Optus?
Optus and our charity partners also launched ‘Donate
Moon: We empathise with our customers, businesses Your Data’ which empowers customers to support young
and the community and recognise the challenges they people from disadvantaged backgrounds who may not
are facing during this trying period. Even amid a time have access to connectivity. In the five months since the
of social distancing, our frontline staff and those in launch, more than 200,000 customers have donated
critical functions are still on the ground ensuring that our 5 million GB of mobile data.
customers are well supported with robust connectivity.
Financially, there will be implications as the economic
We also put together a care package to hopefully bring conditions and global lockdowns affect our customers
some cheer and relief to the community. This includes and people, but we are stepping up to the challenge and
free access to entertainment for everyone in Singapore managing the business to do the right thing for the
and free COVID-19 insurance coverage for our prepaid long haul.
customers. We also supported disadvantaged students,
sponsoring SIMs and WiFi dongles to assist in home-based What are your priorities for the year ahead?
learning. As a tech company, it’s our duty to ensure no
one gets left behind in the digital era. Moon: With the pandemic accelerating digital adoption,
our key priority is to focus on delivering new services
This period has triggered a change in consumer behaviour, and experiences in anticipation of customers’ evolved
driving digitalisation across all ages and groups. Customers expectations and demands. At the same time, we
are relying more on digital technologies to keep in touch, continue to invest in our networks so it can handle the
and we’ve seen a growth in broadband and mobile huge volume of video and data traffic that customers
usage and network traffic. Our digitalisation efforts and are increasingly consuming.
investments have helped us respond to increased digital
adoption and manage the surge in data traffic, putting us We will deepen our digitalisation efforts in product and
in good stead for a post-COVID world where these service innovation, process optimisation, as well as
trends continue. expand on our range of digital services. With the success
of our StepUp wellness platform, we are embarking on
Kelly: Our hearts go out to all the people, businesses more strategic partnerships with lifestyle players to bring
and communities that have been affected. The entire fresh experiences that will enhance our customers’
Optus team is dedicated to ensuring our network is digital lifestyles.
strong, so we keep all our customers connected. We have
introduced a number of initiatives including offering Retail innovations have proven just as popular with our
bonus data to our customers, providing support for customers. Our 24/7 unmanned pop-up store, UNBOXED,
customers facing challenging times, waiving postpaid performed very well in the one year since its launch. It has
mobile access fees for three months to thank healthcare attracted more than 50,000 customers to date, delivering
43
OVERVIEW
a customer experience score of 96%. With the greater need
BUSINESS REVIEWS
for social distancing, the contactless shopping experience
offered by UNBOXED is especially relevant, and we are
looking to expand this concept in the coming year.
Kelly: Our priorities are clear — keep Australia connected

and ensure our teams and our network, are strong and Our hearts go out to all the
operating at the highest possible level. We have launched people, businesses and
a new strategy to help us become Australia’s most loved
communities that have been
everyday brand with lasting customer relationships, which
will require our teams to work together to ensure we focus affected. The entire Optus team

on reimagining our customer journeys, digitalising and is dedicated to ensuring our
simplifying our processes and continuing to invest in our network is strong, so we keep all
capabilities. For example, we’ve launched our new Choice
our customers connected.
Plans offering customers the ability to tailor plans to their
needs and budgets, and our My Optus app remains the
leading rated telco app in the App Store. KELLY BAYER ROSMARIN
CEO, Optus
It will be a challenging year. However, we have strong
business fundamentals in place and provide our customers
and communities with an essential service that is more
important now than ever.
PERFORMANCE
FINANCIALS

Group Consumer
Regional Associates
Our regional associates are striving to set new standards of innovation and service and
investing in 5G to deliver better digital experiences for mobile-first customers in their
markets. As a Group, we are drawing on our collective expertise and 700 million-strong
customer base to grow our regional digital ecosystem in mobile financial services, gaming
and digital content.
GROWING THE GROUP’S CONNECTING WITH GEN Z’S AND

MOBILE WALLETS MILLENNIALS THROUGH ESPORTS
PVP corporate and campus
leagues attracted
Singtel, Airtel Africa and India, AIS,

2,000
participating gamers from across
Globe and Telkomsel’s mobile wallets Southeast Asia and
1.4m
have a combined total of
119m users. online views in 2019.
FORGING AHEAD WITH in Thailand to launch 5G. It is focused its flagship customer programme
NEXT-GENERATION NETWORKS on research and development, testing delivering tailored content, lifestyle
As we transition to a 5G future, our and trialling 5G use cases with its rewards and experiences.
associates continue to strengthen partners to develop commercial
their core business offerings and use cases in both the consumer and Our associates collaborate with
maintain their positions as some of enterprise segments. In Indonesia, leading brands across e-commerce,
the leading telcos in their respective Telkomsel successfully conducted entertainment and games on
markets, with a collective S$8 billion 5G trials in Batam and deployed an exclusive digital content and service
invested in network capabilities to additional 24,000 base transceiver bundles for customers. AIS engages
ensure faster, seamless connections stations. Its LTE network now reaches youth who are heavy data users with
for our growing customer base. 95% of the population, ensuring their ZEED Prepaid SIM, partnering
4G penetration continues to increase. Facebook Gaming and YouTube
Our associates have made significant to provide unlimited data. Globe and
progress in 5G deployment. With ENGAGING YOUNG, DIGITAL- Telkomsel deliver a growing line-up
Globe’s launch of Globe at Home FIRST CUSTOMERS of content offerings through their
Air Fibre 5G plans, the Philippines Over a third of our 700 million GoSurf prepaid plans and MAXstream
became the first Southeast Asian customers are young and digitally streaming packages respectively and
country to experience commercial savvy and we continue to engage Airtel’s Amazon partnership offers
5G fixed wireless broadband, them with innovative digital products free subscriptions to Prime bundled
allowing customers to enjoy speeds and services. Telkomsel launched its with voice, data and SMS.
rivalling those offered by fibre. first digital prepaid mobile service
by.U, giving Gen Zs the flexibility of Singtel also serves the passions of
AIS acquired 5G spectrum in February customising services directly, while young gamers through PVP Esports,
2020 and became the first operator Airtel relaunched #AirtelThanks, which has firmly entrenched itself
45
OVERVIEW
as a force for gaming in the region. providing added convenience and complimentary COVID-19 insurance,
In 2019, PVP Esports’ social content driving financial inclusion. in partnership with Income.
reached over 21.8 million across
Southeast Asia, and as the official In Singapore, our mobile wallet Regionally, we saw the successful
BUSINESS REVIEWS
esports presenter of Singapore Comic Dash has evolved beyond enabling launch of LinkAja!, a merger of
Con, PVP Esports attracted 50,000 payments for everyday activities Telkomsel’s e-wallet service with
visitors to its community league finals. like shopping and public transit, those of other state-owned banks.
Building on this success, the 2020 to providing lifestyle services like Airtel Africa partnered leading
edition has been scaled up to two restaurant reservations and travel financial institutions like Finablr
editions with more game titles. insurance. and Mastercard to improve access
to financial services. We have also
We also announced a regional joint Dash has enabled customers to stay strengthened our cross-border
venture with AIS and South Korean safe and stay home during COVID-19. mobile payment alliance VIA,
gaming giant SK Telecom to reinforce Customers have been able to make expanding to welcome new partners

our presence in gaming by developing payments for their online purchases and reach new markets.
new gaming-related revenue with the Dash Visa Virtual Account
streams with partners’ gaming and and remit money to their loved ones Together with Grab, we are taking
entertainment content offerings. in any of the seven countries served a further step in mobile financial
by Dash including Malaysia, the services with a joint application for a
ENHANCING MOBILE FINANCIAL latest addition to its network. This digital full bank licence in Singapore.
SERVICES led to a 70% spike in remittance and We aim to create a differentiated
As lifestyles become increasingly more than double the number of banking experience to cater to the
digital, we have enhanced our mobile new remittance customers in April underserved needs of both consumers
financial offerings to become a compared to February. Dash also and enterprises.
meaningful part of customers’ lives, supported remittance customers with
PERFORMANCE
FINANCIALS

Group Consumer
Forging ahead in mobile

financial services and digital
entertainment
As consumers embrace increasingly digital lifestyles in the region, customer expectations
have evolved. International Group CEO Arthur Lang talks about the Group’s focus on
technology, content and innovation, and strategic partnerships to gain a stronger
competitive edge.
Singtel’s regional associates continue to face intense These investments in networks and digital innovation
competition amid other challenges. Where are the are even more important now that many of us are
bright spots? adapting to a new way of life due to COVID-19. The speed
of digital adoption since the outbreak has solidified our
Arthur: 2019 was a bumpy year but our associates held role in helping consumers and businesses stay connected.
their ground in a highly competitive landscape. Airtel in We’ve been supporting customers with the digital services
particular gained market share and recorded four straight and connectivity crucial to their day-to-day tasks such as
quarters of growth in its mobile business. The industry- data top-ups, mobile remittances and collaboration tools
wide price recovery is encouraging and points to a to make working from home easier.
possible market turnaround. Despite the unexpected
regulatory decisions in India, we believe Airtel is in a good We’re committed to working closely with our associates to
position to ride the upturn, with a stronger balance grow their digital and enterprise businesses, leveraging
sheet from over US$7 billion in fresh funds raised last year, their leading market positions as well as the Group’s scale
a healthier industry structure and the positive trajectory and operating experience.
of its mobile business.
It has been an eventful year for Dash and VIA with
Airtel Africa also saw positive momentum which topped new offerings and partnerships. What can we expect
off a strong year with two milestone achievements: to see next?
crossing the 100 million subscriber mark and a successful
dual listing. AIS, Globe and Telkomsel delivered solid Arthur: It’s exciting to see Dash grow from strength
growth numbers across service and data revenue to strength and reach over a million registered users.
year-on-year. Our goal is for Dash to become an integral part of our
customers’ lives, whether it’s paying for hawker food or
Our associates have been focused on strengthening commuting, remitting money or insurance. We’re planning
their core business offerings and positioning for future to expand Dash’s offerings to include more services in
growth. They collectively invested over S$8 billion in insurance and cash management.
network improvements to ensure faster, seamless
connections for our growing customer base. Last year, We will continue to grow VIA, our cross-border mobile
Globe became the first operator in Southeast Asia to payment alliance. In this digital economy, scale is
launch 5G fixed wireless home broadband while AIS really what counts, and partnerships are key to achieving
also achieved a first in Thailand when it launched 5G this scale. We’re pleased to have welcomed two leading
in March 2020. players, OCBC Bank and Thailand’s KASIKORNBANK,
47
OVERVIEW
to the alliance. We look forward to more partners joining
in the near future, and we expect VIA to reach some
50 million consumers and 2 million merchants across
BUSINESS REVIEWS
Singapore, Thailand, Malaysia, Indonesia and Japan
this year.
Singtel and Grab have teamed up to bid for a digital

banking licence in Singapore. Why is Singtel interested in
exploring this new venture? Our associates have been focused
on strengthening their core business
Arthur: We believe digital banking would be a natural
offerings and positioning for future
extension of the mobile financial services we already
offer. With Grab, we have complementary ecosystems growth. We’re committed to working

and combined synergies in digital, fintech know-how and closely with them to grow their
customer insights, which would enable us to present a digital and enterprise businesses,
new, digital-first model of banking based on simplicity
leveraging their leading market
and affordability. There is an opportunity here to serve
many other consumers and small businesses underserved positions as well as the Group’s
in Singapore, and we are excited about the possibility of scale and operating experience.
winning one of the first digital bank licences in Singapore
to better meet these needs.
ARTHUR LANG
In Southeast Asia, the majority of the adult population is CEO, International Group
underbanked or unbanked but mobile adoption is high.
We believe fintech can make the difference, and we hope
to continue driving innovation and financial inclusion
PERFORMANCE
across our regional footprint, just as we’re doing with
Dash and VIA.
Beyond financial services, you also have plans to grow

your digital entertainment businesses. What are some of
the recent initiatives?
Arthur: We’ve been stepping up our gaming and esports
FINANCIALS
initiatives with our associates as part of our strategy to
grow digital content for millennials and Gen Zs across the
region. We see great potential in Southeast Asia where
over 200 million are gamers. With PVP Esports, we hope to
develop a vibrant and healthy gaming community, uniting
gamers over their passion and providing opportunities to
level up their play.
We’ve also recently joined hands with South Korea’s

SK Telecom and AIS for a regional joint venture. This
exciting strategic investment will see us partner leading
international game developers and leverage our partners’
wealth of knowledge in esports and gaming and their
strong entertainment content offering to engage gamers
across the Asia Pacific. We welcome more strategic
partners and potential investors to join us as we build
something truly unique for Asia’s gaming industry.

49
Group
Enterprise
GEARING UP FOR A DIGITAL

AND HYPER-CONNECTED
FUTURE
We are living in exciting times as the arrival of 5G
promises to accelerate digital transformation at an
unparalleled pace, unleashing greater innovation.
Enterprises can harness the power of emerging
technologies such as IoT, AI and the like to reinvent
themselves and future-proof their business. With
our extensive assets and deep ICT capabilities, we
are empowering enterprises with the solutions they
need to thrive in an intelligently connected future.

Group Enterprise
With the onset of COVID-19, digitalisation is no longer a ‘nice to have’ but a ‘must-have’
for enterprises. Group Enterprise has mobilised our resources to help enterprises stay
connected, agile and secure. We are also helping prepare enterprises for the upturn by
enhancing our overall ICT capabilities to accelerate their digital transformation.
ENHANCING OUR PREPARING A ENABLING

CONNECTIVITY CYBER-READY ENTERPRISES TO
WORKFORCE GO DIGITAL
DURING COVID-19
15,000
INDIGO West and INDIGO
Central submarine cable Sign-ups for conferencing
systems linking Southeast Asia solution Singtel BizConference
to Australia span have risen more than
9,200km 2.5x
students and professionals
trained at the Singtel Cyber
. Security Institute since 2017. .
SUPPORTING ENTERPRISES With SMEs adversely affected, enterprises can easily access them
THROUGH COVID-19 we provided free usage of these across devices at any time, giving
The COVID-19 pandemic has productivity, collaboration and security them the flexibility and agility to
wreaked havoc on companies tools, enabling them to minimise meet dynamic business needs. We
worldwide. To keep their operations business disruptions while keeping provide a robust and comprehensive
going, many companies have their staff safe. In Singapore, we have range of cloud services such as
resorted to working remotely and also given SMEs access to our 99%SME digital transformation consultation,
splitting their teams as part of social e-marketplace at no cost, helping application modernisation, workload
distancing measures to avoid the them build a digital presence and migration, and cloud automation and
COVID-19 spread. reach online consumers. In Australia, security, enabling enterprises to fully
we are providing collaboration, reap the benefits of the cloud.
Singtel responded quickly by mobility, cyber security and enhanced
bundling a suite of services including network solutions with free trials, no Our industry-leading services are
flexible internet connections, mobile contract or free cancellation terms. complemented by our network of
service plans and conferencing interconnected, secure data centres
solutions, allowing enterprises to ENABLING DIGITAL where enterprises’ clouds are hosted.
communicate and collaborate TRANSFORMATION In the past year, we have attracted
securely. We also expanded our The cloud is central to the digital several major cloud providers and
network capacity in Singapore and transformation strategy of enterprises financial services and technology
Australia to cater to the surge in seeking to scale faster and operate customers requiring resilient, well-
bandwidth as companies activated more efficiently. By moving data, connected and scalable data centres
work-from-home arrangements. workloads, and resources to the cloud, to host their cloud platforms.
51
OVERVIEW
BUSINESS REVIEWS
PERFORMANCE
STRENGTHENING by launching the Trustwave Fusion adoption of 5G in Australia and
CORE CAPABILITIES AND Platform which functions as a Singapore by partnering technology,
INFRASTRUCTURE ‘mobile Security Operations Centre’, equipment and solution providers
We continue to strengthen and providing enterprises with real-time to create ecosystems where
enhance the resiliency of our insights on their security status. stakeholders can collaborate to
networks and infrastructure in order Together with Trustwave SpiderLabs develop potential use cases
FINANCIALS
to cater for new technologies that rely Fusion Centre’s global threat and solutions.
on low latency and high-bandwidth intelligence, they can respond faster
connectivity. We completed the to potential threats, reducing Together with Singapore’s A*STAR
construction of the INDIGO West the window of opportunity for and JTC, we are helping companies
and INDIGO Central submarine attackers, as well as minimising develop next-generation Industry 4.0
cable systems linking Southeast Asia damage caused. manufacturing solutions at the
to Perth and Sydney in Australia Advanced Remanufacturing and
respectively. We also expanded our GEARING UP FOR 5G Technology Centre. We are also
network in the Southern Hemisphere Our efforts to help enterprises working with PSA and IMDA to
with the construction of Southern accelerate their digitalisation will develop 5G applications for port
Cross NEXT to connect Australia, be boosted with the imminent operations at the Pasir Panjang
New Zealand and the United States. arrival of 5G from June 2020, which Terminal which could be used at
promises to power advanced the future Tuas Port to reinforce
KEEPING ENTERPRISES SECURE technologies such as IoT, AI and Singapore’s position as a leading
With cyber threats growing in augmented or virtual reality. transhipment and container hub.
frequency and sophistication, we With our subsidiary Optus, we
have reinforced our capabilities are laying the foundation for the

Group Enterprise
Digitalising out of COVID-19

Businesses have been massively disrupted by COVID-19 with many opting to go digital to
operate remotely and transact in contactless ways in order to overcome the crisis. Group
Enterprise CEO Bill Chang says this forced digitalisation could well be a silver lining for
companies as they emerge from this disruption.
Should enterprises think about transformation as they As companies expand their digital footprint, the risk
grapple with the impact of COVID-19? of cyber threats is bound to grow. Enterprises must defend
themselves against such risks to prevent data loss which
Bill: Enterprises haven’t had a choice. The nature of can impact their operations and damage their branding.
the pandemic and the need to socially distance have
forced companies to go digital to connect with their How is Singtel helping enterprises that have embarked
employees, customers, suppliers and partners. In a on the digitalisation move to the next level?
matter of months, this has triggered a massive global
adoption of technologies that enable work-from-home Bill: Singtel and our subsidiary NCS can help enterprises
communication and collaboration. With people turning digitalise with our combined deep experience and vast
to digital solutions for contactless or remote ways to digital expertise. We can partner any enterprise at any
get through the crisis, cyber risks have also risen, stage of their digital transformation journey. Our
which is another thing that enterprises are having purpose-built FutureNow Innovation Centre provides
to grapple with. an experiential platform for enterprises to discover how
digital technologies such as cloud, analytics, 5G, IoT
Enterprises should see the COVID-19 crisis as an and AI can help them reimagine their operational or
opportunity to transform their businesses digitally. The business models. This can help them innovate, enhance
ones that survive and emerge stronger would undoubtedly productivity and redefine customer experiences.
have embraced digital in one way or another. We expect
many of them to continue using digital to evolve and scale We’ve also established a Centre of Digital Excellence
in the post-COVID world, having experienced the benefits to train and equip enterprises with digital skills such as
and efficiencies of going digital. design thinking and data analytics to accelerate their
digital transformation. As their transformation partner,
Digital transformation involves more than adopting we will help our customers ascertain their digital needs
the latest technologies. How should enterprises and, wherever viable, co-create new solutions.
transform digitally?
Enterprises can also gain a deeper understanding of
Bill: To adopt digital technologies effectively, enterprises cyber threats at our Advanced Security Centre and work
must have a clear vision of how their business will operate with us to build a robust cyber defence.
during and post-COVID and develop a transformation
roadmap to achieve their vision. With Australia having launched 5G services
and Singapore to follow later this year, how can
Investing in the digital skillsets of their workforce is also enterprises leverage 5G to innovate and sharpen their
critical for enterprises to make the successful transition competitiveness?
to a digital future. Through the Singapore government’s
TechSkills Accelerator scheme, enterprises can train Bill: 5G is expected to revolutionise industries and
their workforce in digital technologies. companies. Its combo of higher speed and lower latency
53
OVERVIEW
BUSINESS REVIEWS
will enable the optimisation of a plethora of new
technologies such as AI, augmented, virtual or mixed
reality, robotics, mobile edge computing and massive IoT
deployments. We see 5G serving as the launchpad and
digital acceleration platform for enterprises to produce
Enterprises should see the
even more innovative and transformative solutions.
COVID-19 crisis as an opportunity
In Singapore, we’re working with several enterprises on to transform their businesses
their 5G proof-of-concept trials and we’ll facilitate the digitally. The ones that survive and
development of solutions with our 5G platform where

emerge stronger would undoubtedly
application developers can easily build and distribute
their offerings directly to enterprises and consumers. In have embraced digital in one way
Australia, Optus has begun to roll out its 5G network across or another. We expect many of them
several areas in major cities. We’re engaging businesses to continue using digital to evolve
to trial our 5G platform and working with an ecosystem of
and scale in the post-COVID world,
partners to co-create 5G solutions. We’re also ramping up
5G research by partnering Curtin University. having experienced the benefits and
efficiencies of going digital.
As the cyber threat landscape becomes more
sophisticated, how is Singtel protecting enterprises from
BILL CHANG
these fast-evolving threats?
CEO, Group Enterprise
Bill: Digitalisation and hyper-connectivity allow enterprises
PERFORMANCE
to innovate faster and operate with agility and efficiency.
However, they also increase cyber threats, making
enterprises more vulnerable to social engineering phishing
scams, data loss and disruptions through ransomware and
more sophisticated advanced persistent threats.
To help enterprises strengthen their defences, our global

cyber security arm, Trustwave, hones its capabilities
FINANCIALS
in managed security, including threat intelligence and
active threat hunting, security consulting and professional
services and advanced technology services. Its global
network of security operations centres and expertise,
including Trustwave SpiderLabs Fusion Centre, a leading-
edge cyber command facility, provide real-time global
threat intelligence, enabling our managed security
services to respond to threats as they happen.
We can also help enterprises review and implement

information security policies and procedures, validate
incident response plans and ensure data compliance.
Additionally, our elite team of specialists including ethical
hackers, threat hunters, forensic investigators and
researchers at Trustwave SpiderLabs and our corporate
lab, have the spectrum of expertise needed to solve
complex, evolving cyber threats.

Group
Digital
Life
TRANSFORMING THE
CUSTOMER EXPERIENCE
WITH INNOVATION
Consumers today are more discerning than ever,
expecting much more from brands. On the lookout for
more than just a good deal, they want a seamless and
personalised customer journey that revolves around
their lifestyles. Likewise, citizens and visitors value a
public service experience that’s smooth, easy and fast.
To help businesses and government agencies better
engage with their customers and stakeholders, we
equip them with the tools to create positive experiences
and services based on insights from mobility data
analytics and media consumption patterns.
55
VIA connects more than

Group Digital Life
By forging strategic partnerships and driving innovation, Group Digital Life is providing
businesses deeper and more meaningful customer insights to help them plug into the right
stage of customers’ journeys and optimise the way services are delivered.
EMPOWERING DRIVING A CYBER-SECURE FUTURE

MARKETERS As a founding partner of the Innovation
TO CAPTURE DIGITAL Cybersecurity Ecosystem @ Block 71 (ICE71),
OPPORTUNITIES Innov8 has accelerated the growth of
70
cyber security start-ups since 2018, helping
them to go to market and scale in the region.
Amobee’s new data
marketplace gives advertisers
access to more than
60,000 DELIVERING MOBILITY DATA ANALYTICS

SOLUTIONS
audience segments, arming
4b
them with insights to create
targeted bespoke campaigns
Over
for connected TV.
mobility data points are analysed daily in
Australia and Singapore, providing actionable
insights to enterprises.
AMOBEE LEADS IN to bridge this chasm, and equip Another step in deepening Amobee’s
CONVERGED TV AND DIGITAL businesses to effectively execute foray into cross-channel TV is
ADVERTISING campaigns for specific audience a partnership with Gracenote, a
The advertising industry continues segments across both traditional and Nielsen software company. Amobee is
to witness the convergence of digital TV. offering Amobee 4Screen, a solution
traditional and digital mediums, that applies Nielsen-generated
especially in TV. However, due to To enhance its capabilities in this demographics, the industry standard
the fragmented nature of audience area, Amobee expanded its for planning and buying ads, to
data across mobile, desktop and partnership with ITV, the UK’s largest anonymised smart TV viewership and
connected and linear TV screens, commercial broadcaster. ITV launched ad data. This helps advertisers to
advertisers struggle to target PlanetV, an advertising platform identify target audiences better and
common audience groups and powered by Amobee’s technology, build more accurate campaigns that
execute cross-channel campaigns. allowing brands to monitor their drive business results.
Building on its acquisition of campaigns 24/7 in real time and
Videology in 2018, Amobee is combine data sets, in order to reach Amobee’s strengths in cross-channel
strengthening its competencies out to new audience segments. solutions was recognised by Forrester
57
OVERVIEW
which named it a leader in The government enhance visitor experience digital healthcare, financial services
Forrester New Wave™: Cross- and increase visitor arrivals. and next-generation networks.
Channel Video Advertising report.
DataSpark also worked with Tourism Noteworthy investments in 2019
BUSINESS REVIEWS
DATASPARK MAINTAINS POSITIVE Research Australia to conduct include Halodoc, a healthcare
MOMENTUM predictive analysis, in order to forecast platform in Indonesia that enables
Transport, tourism, telco, retail and the impact of recent bushfires on patients across the country to have
commercial property are growth local and international tourism. These live consultations with more than
areas for DataSpark, as data and findings have sparked discussions in 20,000 licensed doctors across the
mobility analytics play an increasingly the Australian Parliamentary Senate country. Halodoc also partners
integral role in evolving these on bushfire relief funding. with Gojek, the leading delivery
industries. In Australia and Singapore, platform in Indonesia, to deliver
DataSpark gained ground in out- In the same vein, DataSpark is also medical prescriptions. In 2019, we
of-home advertising, with large supporting governments in the also invested in AiCure, an AI start-

players taking on Data-as-a-Service region with a predictive method of up in the US, which draws insights
solutions to optimise their assets. tracking the spread of COVID-19 and from video, audio and behavioural
DataSpark Australia recorded wins understanding the socio-economic data to help health practitioners
in transport, with major transport impact of the virus. These use cases and pharmaceutical companies
authorities signing up for mobility are poised to pick up momentum as accurately monitor how participants
data services. the year progresses. respond to medication during
clinical trials.
In support of South Australia’s plan INNOV8 RAMPS UP INVESTMENT
to grow the state’s visitor economy IN NEXT-GENERATION In the area of financial services,
to A$12.8 billion by 2030, DataSpark TECHNOLOGIES Innov8 invested in Kredivo, a fintech
Australia partnered with the South Innovation remains a priority for start-up in Indonesia that allows
Australian government and the the Group, as we seek to capture consumers to purchase goods online
Massachusetts Institute of Technology opportunities in the digital economy. on credit. Shoppers can apply for
PERFORMANCE
to set up a Living Lab at Adelaide’s Innov8 focuses on investments in a loan through a mobile app and get
Lot Fourteen, the Silicon Valley of technologies with the potential to approval in minutes if they qualify.
Australia. The Lab will provide social enhance the Group’s capabilities in
behaviour insights to help the areas such as big data, cyber security,
FINANCIALS

Group Digital Life
Harnessing the
power of digital
Singtel’s digital businesses are gearing up to seize opportunities created by an increasingly
connected world. Group Digital Life’s CEO Samba Natarajan shares insights on the digital
landscape and how the Group’s digital investments will continue scaling in Asia.
What were the key developments for Group Digital Life the convergence of traditional and digital TV is resulting
in the past year and what’s the focus in the year ahead? in a lack of visibility of audiences across these channels.
Second, the imminent removal of third-party cookies from
Samba: FY 2020 was a challenging year for our web browsers will cut off a typical source of insights on
businesses. Amobee faced intense competition as a slew demographics and purchase patterns.
of new players entered the market, and the integration
of Videology, which we acquired in 2018, took longer We have had a head start in offering converged
than expected. traditional and digital TV advertising solutions, to help
marketers resolve this issue and gain insights on TV
We took the difficult decision of closing HOOQ as its audiences, especially with Videology. This will be
business model was no longer viable. Despite acquiring particularly useful for businesses that spend on a mix of
millions of customers and becoming a leading platform both traditional and digital forms of advertising. With this
in Southeast Asia, HOOQ faced significant structural lead, we’re innovating ahead of our competitors to create
changes in the streaming video market. With the high a full suite of converged advertising solutions.
cost of content and consumers’ willingness to pay
faltering amid an increasing array of choices, HOOQ To help marketers gain insights beyond those provided
was not able to grow sufficiently to provide sustainable by third-party cookies, we’ve built a range of brand
returns nor cover content and operating costs. intelligence and data assets by inking significant
partnerships with data providers including Nielsen’s
In the coming year, we will continue to invest software company Gracenote, and Vizio. Through these
meaningfully in new technology that will allow us to partnerships, we will be able to give marketers more
create differentiation from our competitors. We are accurate insights on audiences in a cookie-less world.
also seizing opportunities in digital TV for Amobee and
leveraging the increasing demand for mobility data We’ve also launched a new line of business on the back of
analytics with DataSpark. Our focus is also to continue a landmark partnership with ITV, one of the UK’s largest
investing in new growth engines through Innov8, broadcasters, to enable broadcasters to monetise
particularly digital health and fintech. consumer views as consumption shifts from traditional
linear TV to video streaming.
What does the future hold for the marketing
industry, and how is Amobee positioned to capitalise DataSpark gained ground in FY 2020. How do you
on these trends? envision continuing this traction in FY 2021?
Samba: Two key industry trends are set to challenge the Samba: DataSpark has made positive strides in bringing
way marketers identify and reach their audience. First, mobility data analytics to sectors such as transport and
59
OVERVIEW
BUSINESS REVIEWS
We’ll continue to invest
out-of-home media in Singapore and Australia. The focus meaningfully in new technology
for FY 2021 is to continue expanding into new areas where that will allow us to create
such analytics offers a compelling advantage, such as
differentiation from our
providing aggregated visibility on population mobility

patterns for healthcare and government agencies. competitors. We are also seizing
opportunities in digital TV for
We have a good foothold in helping Optus and our Amobee and leveraging the
associates optimise spend based on analytics, and we
increasing demand for mobility
intend to replicate this for other mobile operators globally.
We will also look at combining insights from telco data data analytics for DataSpark.
with first-party enterprise data in the consumer goods
sector, to deliver new use cases in advertising and store SAMBA NATARAJAN
inventory optimisation. CEO, Group Digital Life
Innov8 has been building its investments in areas such

as fintech. Are these new growth drivers for the Group?
PERFORMANCE
Samba: Innov8 continues to be a powerful platform for
the Singtel Group to keep a finger on the pulse of the
digital economy and innovation. It provides access to
leading solutions in areas that are important to us such
as big data, cyber security, digital healthcare, financial
services and next-generation networks.
For example, as we start to explore digital banking,
FINANCIALS
we are scouting for up-and-coming fintech start-ups
that are developing technology that could complement
core banking services. Through ICE71, the region’s
first cyber security entrepreneur hub founded by
Innov8 and NUS Enterprise, we stay on top of the latest
cyber trends, enabling us to defend our own assets
and those of our enterprise customers amid a rapidly
evolving threat landscape.
Innov8 also positions Singtel as the preferred 5G partner,

bringing us closer to the latest technologies that will
advance networks and use cases.

Key Awards & Accolades
Business Excellence
Singtel Telecom Asia Awards 2019 GTI Group Awards 2020

Asia eCommerce Awards 2019 • Best Broadband Carrier • Winner: Innovative Breakthrough in
• Best Use of User Interface / User Mobile Technology Award (development
Experience Design: Gold (GOMO) World Communication Awards 2019 of Optus’ dual band 5G technology on
• Best Use of Artificial Intelligence: • Best Enterprise Service (Singtel 2300MHz and 3500MHz)
Silver (GOMO) Liquid Infrastructure) • Winner: Innovative Mobile Service and
• The Broadband Pioneer (Singtel Application Award (Optus’ Fixed Wireless
Creative Circle Awards 2019 Intelligent Fibre Broadband) Access Home Broadband)
• Best use of Direct Digital Channels:
Gold (Premier League “Only True NCS PEGA Conference Las Vegas 2019
Fans Get It”) Channel Asia Innovation Awards 2019 • Business Impact Award: Winner
• Best use of Social & Messaging • Partner Value — Enterprise
Platforms: Gold (Premier League “Only The CommsDay Edison Awards 2019
True Fans Get It”) Trustwave • Best Satellite Provider: Winner
• Best use of Social Platforms: Gold
(Premier League “Only True Fans Get It”)
Frost & Sullivan APAC Best Practices
Amobee
Awards 2019
• Southeast Asia and Singapore Adweek Best of Tech Readers’ Choice
Event Marketing Awards 2020 Awards 2019
Managed Security Service Provider of
• Best Use of Influencers: Silver (PVP Esports) • Winner: Mobile Supply-side Platform
the Year
Federation of Asia-Pacific Retailers
PC3 Platinum Brand Award 2019 Asia Pacific Stevie Awards 2019
Associations Awards 2019
• Managed Security Services Provider • Innovative Management in Technology
• Most Innovative Retail Concept
of the Year Industries — More than 100 Employees:
Frost & Sullivan APAC Best Practices Bronze
SC Awards 2019
Awards 2019
• Best Managed Security Service Business Insider’s Hottest AdTech
• Asia-Pacific Mobile Wallet Provider of
Companies of 2019
the Year (Dash)
Telecom Asia Awards 2019
• Singapore IoT Service Provider of the Year
• Best Managed Security Services Provider Internet Advertising Competition
• Secure IoT Service Provider of the Year
of the Year Awards 2019
• Singapore Cloud Infrastructure
• Best Transportation Online Campaign
Competitive Strategy, Innovation &
Leadership Award
Optus (For Boeing and R&R Partners)
Australian Competition and Consumer • Outstanding Social Media Campaign
• Telecom Group of the Year
Commission: Measuring Broadband (For Indeed)
HardwareZone.com Tech Awards 2020 Australia Report 2020
International Business
• Readers’ Choice: Best Broadband and • Highest download speed scores
Awards 2019
Mobile Service
Australian Defence Magazine Essington • Company of the Year — Advertising,
• Readers’ Choice: Best Mobile Data
Lewis Awards 2019 Marketing, & Public Relations —
Roaming Service Provider
• Winner (Repositioning of the Optus Medium-size: Bronze
Marketing Excellence Awards 2019 C1 satellite)
• Excellence in Marketing Transformation: Martech Breakthrough Awards 2019
Gold (Making Connections that Matter) Australian Communications Consumer • Best Overall AdTech Company
• Excellence in Performance Marketing: Action Network Awards 2019
• Challenger Champion of the Decade Mumbrella Asia Awards 2019
Gold (GOMO)
• Marketing Technology Company of
Mob-Ex Awards 2019 Brand Finance Australia Top the Year: Highly Commended
• Best Use of Social Media: Bronze (GOMO) 100 Rankings
• Australia’s Strongest Brand Regional Associates
SBR Listed Companies Award 2019 • 10th in Brand Value
• Telecommunications (UNBOXED) AIS
Customer Experience Professionals Brand Finance Telecoms 300 2019
Singapore Media Awards 2019 Australia Awards 2020 • World’s Strongest Telecoms
• Best Insight-driven Campaign (GOMO) • Global winner: Innovation Award Brand 2019
61
OVERVIEW
Dow Jones Sustainability TMT Finance Awards 2019 Stevie Awards 2019
BUSINESS REVIEWS
Indices 2019 • EMEA TMT IPO of the Year 2019 • Great Employers of the Year in
• World Index and Emerging Market Telecommunications: Gold
Index in Telecommunication Services Globe
Telkomsel
ASEAN Corporate Governance
Ookla Speedtest Award Scorecard 2019 Frost & Sullivan Best Practice Awards 2019
• Fastest mobile and fixed internet • One of the Top Performing Publicly- • Indonesia Mobile Data Service Provider
network in Thailand for H1 2019 Listed Companies in the Philippines of the Year
• Indonesia Telecom Service Provider of
Airtel Asia Corporate Excellence and the Year
App Annie Rankings October 2019 Sustainability Awards 2019
Influential Brands Awards 2019

• Ranked India’s no. 1 music-streaming app • Asia’s Best Workplace of the Year
• Industry Champion • Top Brand in Telecommunications
in terms of Daily Active Users (Wynk Music)
Frost & Sullivan Asia Pacific Best Practices World Branding Awards 2019
EFFIES 2020 • Brand of the Year in Telecommunications —
• Marketing Campaign Effectiveness: Awards 2019
• Philippines Mobile Services Provider Mobile (Indonesia)
Bronze (Airtel Thanks campaign)
of the Year
Marketing Edge Magazine Awards 2019 • Philippines Mobile Data Service Provider
• Brand of the year (Airtel Nigeria) of the Year
• Most customer-centric brand (Airtel Nigeria) • Philippines Telecoms Service Provider
of the Year
OpenSignal Mobile Network Experience
Report 2019 HR Asia Awards 2019
• Ranked No. 1 • Best Company to Work for in Asia
PERFORMANCE
Sustainability and Corporate Citizenship
Singtel President’s Challenge Social Enterprise The Leonie Awards 2019
Award 2019 • Top 10 Best Companies for
2020 Bloomberg Gender-Equality Index
• Social Enterprise Champion of the Year: Gender Diversity
2020 Global 100 World’s Most Sustainable Finalist
Women Corporate Directors Foundation
Corporations
Refinitiv’s Diversity and Inclusion Index 2019 Visionary Award 2019
FINANCIALS
Alpha Southeast Asia 9th Annual • Listed in Top 100 • Leadership and Governance for
Institutional Investor Awards for a Public Company
SkillsFuture Employer Awards
Corporates (Singapore)
• Best Annual Report
(Non-SME) 2019 Optus
SIAS Investors’ Choice Awards 2019 APCO Awards 2019
CDP 2019 • Industry Sector — Telecommunications:
• Golden Circle Award for Most
• A- Leadership score in Climate Change Winner
Transparent Company
Enabling Champion Award 2019 GoodCompany Top 40 Best Workplaces to

Singapore Corporate Awards 2019
• Certificate of Recognition Give Back in 2019
• Best Annual Report
• 5th Place
FTSE4Good Index 2019
Singapore Governance and Transparency
Health Promotion Board Singapore Index 2019
HEALTH Award 2019 • Ranked 1st
• Corporate Award: Excellence
Sustainable Business Awards 2019
President’s Award for the • Best in Stakeholder Engagement
Environment 2019 and Materiality

63
Governance and
Sustainability
Philosophy
CREATING AN
INCLUSIVE DIGITAL-
FIRST FUTURE
At Singtel, we believe that the digital revolution
should benefit everyone. As we seize digital
opportunities, we strive to ensure that technology
not only creates value for our stakeholders, but
also results in a better and more sustainable
future for all. We emphasise responsible business
practices and good governance standards that
guide our long-term growth, enable us to drive
positive change in communities and leave the
smallest environmental footprint possible.

Corporate Governance
OUR GOVERNANCE FRAMEWORK
AUDIT COMMITTEE
CHAIRMAN
CHAIRMAN Key Objective
SIMON ISRAEL GAUTAM BANERJEE Assist the Board in discharging its statutory and other responsibilities
relating to internal controls, financial and accounting matters,
3 independent Directors compliance, and business and financial risk management
Key Objective
Responsible for leadership of
the Board and for creating CORPORATE GOVERNANCE & NOMINATIONS COMMITTEE
conditions for overall Board,
Board Committee and individual CHAIRMAN Key Objectives
Director effectiveness LOW CHECK KIAN Establish and review the profile of Board members; make
recommendations to the Board on the appointment, re-nomination
4 independent Directors and and retirement of Directors; review the independence of Directors;
2 non-independent Directors assist the Board in evaluating the performance of the Board, Board
Committees and Directors; and develop and review the Company’s
corporate governance practices
EXECUTIVE RESOURCE & COMPENSATION COMMITTEE

CHAIRMAN Key Objectives
GAIL KELLY Oversee the remuneration of the Board and Senior Management,
and set appropriate remuneration framework and policies, including
3 independent Directors and long-term incentive schemes, to deliver annual and long-term
2 non-independent Directors performance of the Group, and has oversight of the Group’s culture
and human capital health
THE BOARD OF SINGTEL FINANCE & INVESTMENT COMMITTEE

10 DIRECTORS: CHAIRMAN Key Objectives
SIMON ISRAEL Provide advisory support on the development of the Group’s
7 independent Directors and overall strategy, review strategic issues, approve investments and
3 non-independent Directors 3 independent Directors and divestments, review the Group’s Investment and Treasury Policies,
2 non-independent Directors evaluate and approve financial offers and banking facilities, and
manage the Group’s liabilities
Key Objective
To create value for shareholders RISK COMMITTEE
and to ensure the long-term
success of the Group CHAIRMAN Key Objectives
TEO SWEE LIAN Ensure that Management maintains a sound system of risk
management and internal controls to safeguard shareholders’
3 independent Directors interests and the Group’s assets, and determine the nature and
extent of the material risks that the Board is willing to take in
achieving the Group’s strategic objectives
GROUP CHIEF EXECUTIVE OFFICER

CHUA SOCK KOONG Key Objectives
Manage the Group’s business and implement strategy and policy
MANAGEMENT COMMITTEE
Group CEO, Key Objective
CEO Group Enterprise, Direct Management on operational policies and activities
CEO Consumer Australia,
CEO Consumer Singapore/
Group Chief Digital Officer,
CEO International,
CEO Group Digital Life,
CEO Group Strategy and
Business Development,
Group Chief Corporate Officer,
Group Chief Financial Officer,
Group Chief Human Resources
Officer,
Group Chief Information Officer,
Group Chief Technology Officer
65
OVERVIEW
INTRODUCTION
Singtel aspires to the highest standards of corporate Singtel is listed on the Singapore Exchange Securities
governance as we believe that good governance supports Trading Limited (SGX) and has complied in all material
long-term value creation. To this end, Singtel has in respects with the principles and provisions in the
place a set of well-defined policies and processes to Singapore Code of Corporate Governance 2018
BUSINESS REVIEWS
enhance corporate performance and accountability, as (2018 Code). This report sets out Singtel’s key corporate
well as protect the interests of stakeholders. The Board of governance practices with reference to the 2018 Code. We
Directors is responsible for Singtel’s corporate governance provide a summary of our compliance with the express
standards and policies, and stresses their importance disclosure requirements in the 2018 Code on pages 94 to
across the Group. 96.
RECOGNITION OF SINGTEL’S COMMITMENT TO BEST PRACTICES IN CORPORATE GOVERNANCE

Singapore Governance Singapore Corporate SIAS Investors’ Alpha Southeast Asia
and Transparency Awards 2019 Choice Awards 2019 9th Annual Institutional
Index 2019 Investor Awards for
• Best Annual Report • Golden Circle Award Corporates (Singapore)
• Ranked 1st for Most Transparent
Company • Best Annual Report
• Most Organised Investor
Relations (#2)
DIRECTORS’ ATTENDANCE AT BOARD/GENERAL MEETINGS DURING THE FINANCIAL YEAR ENDED 31 MARCH
2020(1)
PERFORMANCE
Scheduled Board Ad Hoc Board Independent Directors’ Annual General
Meetings Meetings Meetings Meeting
Number of Number of Number of
Number of Meetings Number of Meetings Number of Meetings
Name of Director Meetings Held Attended Meetings Held Attended Meetings Held Attended
Simon Israel 6 6 2 2 – – ✓
Lee Theng Kiat(2) 2 2 - - - - -
Chua Sock Koong 6 6 2 2 – – ✓
Gautam Banerjee 6 6 2 1 3 3 ✓
FINANCIALS
Venkataraman (Venky) Ganesan 6 6 2 1 3 2 –
Bradley Horowitz(3) 6 6 2 - 3 3 ✓
Gail Kelly 6 6 2 2 3 3 ✓
Low Check Kian 6 6 2 2 3 3 ✓
Christina Ong(3) 6 5 2 - 3 1 ✓
Teo Swee Lian 6 6 2 2 3 3 ✓
Dominic Barton (4) 4 3 2 2 3 2 ✓
Bobby Chin(5) 1 1 - - 1 1 ✓
Peter Mason AM(6) 1 1 - - 1 1 ✓
Notes:
(1)
Refers to meetings held/attended while each Director was in office.
(2)
Mr Lee Theng Kiat was appointed to the Board as Chairman-designate on 15 January 2020.
(3)
Mr Bradley Horowitz and Mrs Christina Ong recused themselves and did not participate at the ad hoc Board Meetings due to conflicts of interest.
(4)
Mr Dominic Barton stepped down from the Board with effect from 26 November 2019.
(5)
Mr Bobby Chin stepped down from the Board at the conclusion of the AGM on 23 July 2019.
(6)
Mr Peter Mason AM retired from the Board at the conclusion of the AGM on 23 July 2019.

BOARD MATTERS adoption of half-yearly reporting of financial results from

The Board’s Conduct of Affairs the financial year ending 31 March 2021, there will be
The Board aims to create value for shareholders and four scheduled Board meetings for the year.
ensure the long-term success of the Group by focusing
on the development of the right strategy, business
Material items that require Board approval include:
model, risk appetite, management, succession plan
and compensation framework. It also seeks to align the • The Group’s strategic plans
interests of the Board and Management with that of • The Group’s annual operating plan and budget
shareholders and balance the interests of all stakeholders. • Full-year and half-year financial results
In addition, the Board sets the tone for the entire • Dividend policy and payout
organisation where ethics and values are concerned. • Issue of shares
• Board succession plans
The Board oversees the business affairs of the Singtel • Succession plans for Management Committee
Group. It assumes responsibility for the Group’s overall positions, including appointment of, and compensation
strategic plans and performance objectives, financial for, Management Committee members
plans and annual budget, key operational initiatives, • Underlying principles of long-term incentive schemes
major funding and investment proposals, financial for employees
performance reviews, compliance and accountability • The Group’s risk appetite and risk tolerance for
systems, and corporate governance practices. The Board different categories of risk, as well as risk strategy
also appoints the Group CEO, approves policies and and the policies for management of material risks
guidelines on remuneration as well as the remuneration • Acquisitions and disposals of investments exceeding
for the Board and the Management Committee, and certain material limits
approves the appointment of Directors. In line with • Capital expenditures exceeding certain material
best practices in corporate governance, the Board also limits
oversees the long-term succession planning for the
Management Committee. Attendance at Board or Board Committee meetings via
telephone or video conference is permitted by Singtel’s
Singtel has established financial authorisation and Constitution.
approval limits for operating and capital expenditure, the
procurement of goods and services, and the acquisition Typically, one Board meeting a year is held in Australia,
and disposal of investments. The Board approves where one of Singtel’s key subsidiaries, Optus, is located.
transactions exceeding certain threshold limits, while In addition, the Board makes an overseas trip annually
delegating authority for transactions below those limits to to a country where the Group has a significant investment
the Board Committees and the Management Committee or has an interest in investing, or where Board members
to optimise operational efficiency. can be exposed to new technology relevant to the Group’s
growth strategy. On such occasions, the Board may meet
Board meetings with local business leaders and government officials so
The Board and Board Committees meet regularly to as to help Board members gain greater insight into such
discuss strategy, operational matters and governance countries. The Board also meets Singtel’s partners and
issues. All Board and Board Committee meetings are key customers in those countries to develop stronger
scheduled well in advance of each year in consultation relationships with such partners and customers. Singtel
with the Directors. At every scheduled meeting, the Board also arranges for the Board to meet with experts in the
sets aside time for discussion without the presence of technology/digital space to enhance their knowledge
Management (except the executive Director). The Board in new growth areas and enable the Board to make
also sets aside time for the non-executive Directors to meet more informed decisions. Board meetings may include
without any executives present. The independent Directors presentations by senior executives and external
meet at least once a year, at a meeting chaired by the Lead consultants/experts on strategic issues relating to specific
Independent Director. The Board holds approximately six business areas, as well as presentations by the Group’s
scheduled meetings each year and may also hold ad hoc associates. This allows the Board to develop a good
meetings as and when warranted by circumstances. A total understanding of the Group’s businesses and to promote
of eight Board meetings (including ad hoc Board meetings) active engagement with the Group’s partners and key
and three independent Directors' meetings were held in executives.
the financial year ended 31 March 2020. With the
67
OVERVIEW
A record of the Directors’ attendance at Board meetings all Directors are encouraged to undergo continual
during the financial year ended 31 March 2020 is set out professional development during the term of their
on page 66. Directors who are unable to attend a Board appointment. Professional development may relate
meeting are provided with the briefing materials and can to a particular subject area, committee membership,
discuss issues relating to the matters to be discussed at or key developments in Singtel’s environment, market
BUSINESS REVIEWS
the Board meeting with the Chairman or the Group CEO. or operations. Directors are encouraged to consult
the Chairman if they consider that they personally,
Director development/training or the Board as a whole, would benefit from specific
The Board values ongoing professional development and education or training regarding matters that fall within
recognises that it is important that all Directors receive the responsibility of the Board or relate to the business of
regular training so as to be able to serve effectively on, Singtel.
and contribute to, the Board. The Board has therefore
adopted a policy on continuous professional development During the financial year ended 31 March 2020, the
for Directors. development/training programmes for Directors included

the following:
All new Directors appointed to the Board are briefed • The Directors participated in an annual offsite
by the Chairman, as well as the chairmen of the Board workshop with Senior Management to formulate and
Committees, on issues relevant to the Board and Board plan the Group’s longer-term strategy, during which the
Committees. They are also briefed by Senior Management Directors were briefed on developments in the markets
on the Group’s business activities, strategic direction and in which the Group operates and were introduced to
policies, key business risks, the regulatory environment in new technologies and advancements relevant to the
which the Group operates and governance practices, as Group.
well as their statutory and other duties and responsibilities • Directors were invited to meet with the Technology
as Directors. Advisory Panel, during which they were also updated
by representatives from companies in the digital/
Upon appointment to the Board, each Director receives technology space on emerging trends and technologies
a Directors’ Manual, which sets out the Director’s duties relevant to the Group’s business.
and responsibilities and the Board governance policies • The Board visited the Optus campus in Sydney,
PERFORMANCE
and practices. The Directors’ Manual is maintained by Australia, and met with business leaders and key
the Company Secretary. In line with best practices in customers there.
corporate governance, new Directors also sign a letter • The Board made a trip to the People's Republic of China
of appointment from the Company stating clearly the to visit and engage with leading companies there,
role of the Board and non-executive Directors, the time particularly in the technology space.
commitment that the Director would be expected to • During scheduled Board meetings, the Board was
allocate and other relevant matters. briefed on pertinent topics, including updates on
corporate governance rules, guidelines, and best
FINANCIALS
To ensure Directors can fulfil their obligations and to practices, and developments in technology.
continually improve the performance of the Board,
BOARD COMPOSITION, DIVERSITY AND BALANCE
20% 40%
10%
Independent, Male directors
non-executive directors Female directors

Non-independent,
Independence non-executive directors Gender
Executive director/GCEO Diversity
70% 60%

There are 10 Directors on the Board, comprising 7 requirement to present female candidates, (b) female
non-executive independent Directors, two non-executive candidates are included for consideration by the
non-independent Directors and one executive Director. CGNC whenever it seeks to identify a new Director for
The Board has appointed a Lead Independent Director. appointment to the Board, (c) the Board appoints at
A summary of the role of the Lead Independent Director least one female Director to the CGNC, and (d) there is
is set out on pages 71 to 72. The profiles of the Directors significant and appropriate female representation on the
are set out on pages 22 to 26. Board, recognising that the Board’s needs will change
over time taking into account the skills and experience of
The size and composition of the Board are reviewed the Board.
from time to time by the Corporate Governance and
Nominations Committee (CGNC). The CGNC seeks to Reflecting the focus of the Group’s business in the region,
ensure that the size of the Board is conducive for effective four of Singtel’s 10 Directors are from, and have extensive
discussion and decision making, and that the Board has experience in, jurisdictions outside Singapore, namely,
an appropriate number of independent Directors. The the Chairman, Mr Simon Israel, and non-executive
CGNC also aims to maintain a diversity of expertise, skills Directors, Messrs Venky Ganesan and Bradley Horowitz,
and attributes among the Directors. Any potential conflicts and Mrs Gail Kelly. In relation to gender diversity, 40% of
of interest are taken into consideration. the Singtel Board, or four out of the 10 Board members,
are female. Other than the Group CEO, none of the
In order to ensure that Singtel continues to be able to Directors is a former or current employee of the Company
meet the challenges and demands of the markets in which or its subsidiaries.
Singtel operates, the Board is focused on enhancing the
diversity of skills, expertise and perspectives on the Board Independence
in a structured way by proactively mapping out Singtel’s The Board, taking into account the views of the CGNC,
Board composition needs over the short and medium assesses the independence of each Director annually,
term. and as and when circumstances require, in accordance
with the 2018 Code. A Director is considered independent
Board diversity if he has no relationship with the company, its related
Singtel is committed to building a diverse, inclusive and corporations, substantial shareholders or its officers that
collaborative culture. Singtel recognises and embraces could interfere or be reasonably perceived to interfere,
the benefits of diversity on the Board, and views diversity with the exercise of the director’s independent business
at the Board level as an essential element in supporting judgement in the best interests of the company.
the attainment of its strategic objectives and its
sustainable development. The Board considers the existence of relationships or
circumstances, including those identified by the listing
The Board’s Diversity Policy provides that, in reviewing rules of the Singapore Stock Exchange and the Practice
Board composition and succession planning, the CGNC Guidance, that are relevant in its determination as to
will consider the benefits of all aspects of diversity, whether a Director is independent. Such relationships or
including diversity of skills, experience, background, circumstances include the employment of a Director by
gender, age, ethnicity and other relevant factors. These the Company or any of its related corporations during
differences will be considered in determining the optimum the financial year in question or in any of the previous
composition of the Board and when possible should three financial years; a Director being on the Board
be balanced appropriately. All Board appointments for an aggregate period of more than nine years; the
are made based on merit, in the context of the skills, acceptance by a Director of any significant compensation
experience, independence and knowledge which the from the Company or any of its subsidiaries for the
Board as a whole requires to be effective. Diversity is provision of services during the financial year in question
a key criterion in the instructions to external search or the previous financial year, other than compensation
consultants. for board service; and a Director being related to
any organisation to which the Company or any of its
The Board is of the view that gender is an important subsidiaries made, or from which the Company or any of
aspect of diversity and will strive to ensure that (a) its subsidiaries received, significant payments or material
any brief to external search consultants to search for services during the financial year in question or the
candidates for appointment to the Board will include a previous financial year.
69
OVERVIEW
The CGNC and the Board have assessed the independence performance on the Board and Board Committees and
of each of the Directors in 2020. A summary of the outcome as Lead Independent Director, the CGNC and the Board
of that assessment is set out below. are of the view that Mr Low has at all times exercised
independent judgement in the best interests of the
Based on the declarations of independence provided by
BUSINESS REVIEWS
Company in the discharge of his director’s duties and
the Directors and taking into consideration the guidance should therefore continue to be deemed an Independent
in the 2018 Code, the listing rules and (where relevant) Director.
the Practice Guidance and the Code of Corporate
Governance 2012, the Board has determined that Mrs Christina Ong is a partner of Allen & Gledhill LLP
Ms Chua Sock Koong, Singtel’s Group CEO, Mr Simon Israel, (A&G), which provides legal services to, and receives fees
Chairman of the Singtel Board and Mr Lee Theng Kiat, from, the Singtel Group. However, Mrs Ong does not hold
Chairman-designate of the Singtel Board are the only a 5% or more interest in A&G. Mrs Ong is also on the
non-independent Directors. All other members of the Board board of Oversea-Chinese Banking Corporation Limited,
are considered to be independent Directors. In line with the which provides banking services in the ordinary course of

Board’s Code of Business Conduct and Ethics, each of the business to the Singtel Group. The CGNC and the Board
members of the CGNC and the Board abstained in respect are of the view that the abovementioned relationships do
of the confirmation or his/her independence status. not interfere with the exercise of Mrs Ong’s independent
business judgement in the best interests of Singtel and
Mr Simon Israel is considered non-independent as that she is therefore an Independent Director.
he had previously been deemed non-independent by
virtue of his previous roles as a non-executive director, Ms Teo Swee Lian is the Chairman of CapitaLand Mall
and subsequently executive director, of Temasek Trust (CMT). Singtel is a tenant of some shopping malls
Holdings (Private) Limited (Temasek). He stepped down in CMT’s portfolio. These transactions are conducted in
from Temasek in June 2011. Temasek has an interest of the ordinary course of business, at arm’s length and
approximately 53% in Singtel as at 31 March 2020. based on normal commercial terms and market rates.
In addition to her directorship in CMT, which is a
Mr Lee Theng Kiat is deemed non-independent given his subsidiary of Temasek, Ms Teo is also a director of an
PERFORMANCE
current roles as Executive Director of Temasek and the associated company of Temasek. Ms Teo’s roles in these
Chairman of Temasek International Pte. Ltd. He is not organisations are non-executive in nature and she is
a nominee of Temasek on the Singtel board and does not not involved in the day-to-day conduct of the business
act for Temasek in respect of his board role at Singtel. of these organisations. The CGNC and the Board are
of the view that the relationships described above do
Mr Low Check Kian, Mrs Christina Ong, Ms Teo Swee Lian not interfere with the exercise of Ms Teo’s independent
and Mr Gautam Banerjee are board members of business judgement in the best interests of Singtel and
organisations that purchase services and/or equipment that she is therefore an Independent Director.
from the Singtel Group in the ordinary course of business.
FINANCIALS
Their roles in those organisations are non-executive Mr Venky Ganesan is a director of BitSight Technologies,
in nature and they are not involved in the day-to-day Inc (BitSight). Singtel’s subsidiary, Singtel Innov8 Pte. Ltd.,
conduct of the business of those organisations. The CGNC has an interest of less than 2% in BitSight. The investment
and the Board are of the view that such relationships in BitSight by Singtel Innov8 Pte. Ltd. was made
do not interfere with the exercise of the Directors’ independent of Mr Ganesan’s association with Singtel.
independent business judgement in the best interests Also, BitSight provided services and equipment in the
of Singtel. ordinary course of business to the Singtel Group during
the financial year. The CGNC and the Board are of the
Mr Low Check Kian has served as an Independent view that the abovementioned relationships do not
Director for more than nine years since the date of his first interfere with the exercise of Mr Ganesan’s independent
appointment. The Code of Corporate Governance 2012 business judgement in the best interests of Singtel and
states that the independence of any director who has that he is therefore an Independent Director.
served on the board beyond nine years from the date
of his first appointment should be subject to particularly Mr Bradley Horowitz is an executive of Google, Inc., which
rigorous review. Taking into consideration, among provided services to the Singtel Group in the ordinary
other things, Mr Low’s active participation and actual course of business during the financial year. The CGNC

and the Board are of the view that the abovementioned engagement and an open dialogue among the Directors,
relationship does not interfere with the exercise of as well as between the Board and the Group CEO.
Mr Horowitz’s independent business judgement in the
best interests of Singtel and that he is therefore an The Chairman ensures that the performance of the Board
Independent Director. is evaluated regularly, and guides the development needs
of the Board. The Chairman leads the evaluation of the
Mrs Gail Kelly does not have any of the relationships and Group CEO’s performance and works with the Group CEO
is not faced with any of the circumstances identified in in overseeing talent management to ensure that robust
the 2018 Code, the SGX Listing Manual and the Practice succession plans are in place for the senior leadership
Guidance that could interfere, or be reasonably perceived team.
to interfere, with the exercise of her independent business
judgement in the best interests of Singtel. The CGNC and The Chairman works with the Board, the relevant
the Board are of the view that Mrs Kelly has demonstrated Board Committees and Management to establish the
independence in the discharge of her duties and boundaries of risk undertaken by the Group and ensure
responsibilities as a Director and that she is therefore an that governance systems and processes are in place and
Independent Director. regularly evaluated.
Conflicts of Interest The Chairman plays a significant leadership role by

Under the Board’s Code of Business Conduct and Ethics, providing clear oversight, advice and guidance to the
Directors must avoid situations in which their own Group CEO and Management on strategy and the drive
personal or business interests directly or indirectly conflict, to transform Singtel’s businesses. This involves developing
or appear to conflict, with the interests of Singtel. The a keen understanding of the Group’s diverse and complex
Code of Business Conduct and Ethics provides that where businesses, the industry, partners, regulators and
a Director has a conflict of interest, or it appears that he competitors.
might have a conflict of interest, in relation to any matter,
he should immediately declare his interest at a meeting The Chairman provides support and advice to, and acts
of the Directors or send a written notice to the Company as a sounding board for, the Group CEO, while respecting
containing details of his interest and the conflict, and executive responsibility. He engages with other members
recuse himself from participating in any discussion and of the senior leadership regularly.
decision on the matter. Where relevant, the Directors
have complied with the provisions of the Code of Business The Chairman also maintains effective communications
Conduct and Ethics, and such compliance has been duly with large shareholders and supports the Group CEO in
recorded in the minutes of meeting. engaging with a wide range of other stakeholders such as
partners, governments and regulators where the Group
The Chairman and the Group CEO operates. He travels overseas to visit the Group’s key
The Chairman of the Board is a non-executive associates in the region and, in the process, fosters strong
appointment and is separate from the office of the relationships with the Group’s partners and gathers
Group CEO. The Chairman leads the Board and is valuable feedback for Management to consider and
responsible for ensuring the effectiveness of the Board follow up on.
and its governance processes, while the Group CEO is
responsible for implementing the Group’s strategies and The scope and extent of the Chairman’s and the Board’s
policies, and for conducting the Group’s business. The responsibilities and obligations have been expanding
Chairman and the Group CEO are not related. due to the increased focus on corporate governance,
risk management, regulation and compliance. The Board
Role of the Chairman has agreed with the Chairman that he will commit a
The Chairman is responsible for leadership of the Board significant proportion of his time to his role and will
and is pivotal in creating the conditions for overall Board, manage his other time commitments accordingly.
Board Committee and individual Director effectiveness,
both inside and outside the boardroom. This includes Role of the Lead Independent Director
setting the agenda of the Board in consultation with The Lead Independent Director is appointed by the Board
the Directors and the Group CEO, and promoting active to serve in a lead capacity to coordinate the activities of
71
OVERVIEW
the non-executive Directors in circumstances where it shall step down from the Board no later than at the Annual
would be inappropriate for the Chairman to serve in such General Meeting (AGM) to be held in his sixth year of
capacity. He also assists the Chairman and the Board to service. Where a Director is not appointed at an AGM,
assure effective corporate governance in managing the the Director’s term will be deemed to have commenced
affairs of the Board and the Company. on the date of the AGM immediately following the date
BUSINESS REVIEWS
on which the Director was appointed. The Committee may,
The Lead Independent Director serves as chairman of the in appropriate circumstances, recommend to the Board
CGNC. The role of the Lead Independent Director includes that a Director’s term be extended beyond the second
meeting with the independent Directors at least annually. three-year term. For Chairman, the same principles apply
He provides feedback on the meeting(s) to the Board except that the term is determined from the point he
and/or the Chairman as appropriate. He will also be became Chairman.
available to shareholders if they have concerns relating to
matters that contact through the Chairman, Group CEO Directors must ensure that they are able to give sufficient
or Group CFO has failed to resolve, or where such contact time and attention to the affairs of Singtel and, as part

is inappropriate. of its review process, the CGNC decides whether or not
a Director is able to do so and whether he has been
Board Membership adequately carrying duties as a Director of Singtel.
The CGNC establishes and reviews the profile required The Board has also adopted an internal guideline that
of Board members and makes recommendations to the seeks to address the competing time commitments that
Board on the appointment, re-nomination and retirement may be faced when a Director holds multiple board
of Directors. appointments. The guideline provides that, as a general
rule, each Director should hold no more than five
When an existing Director chooses to retire or is required directorships in public listed companies. However, the
to retire from office by rotation, or the need for a new Board recognises that the individual circumstances and
Director arises, the CGNC reviews the range of expertise, capacity of each Director are different and there may
skills and attributes of the Board and the composition of be circumstances in which a different limit on board
the Board. The CGNC then identifies Singtel’s needs and appointments is appropriate. The guideline also provides
PERFORMANCE
prepares a shortlist of candidates with the appropriate that (a) in support of their candidature for directorship
profile for nomination or re-nomination. or re-election, Directors are to provide the CGNC with
details of other commitments and an indication of the time
The CGNC takes factors such as attendance, preparedness, involved, and (b) non-executive Directors should consult
participation and candour into consideration when the Chairman or chairman of the CGNC before accepting
evaluating the past performance and contributions of a any new appointments as Directors. There are no alternate
Director when making its recommendations to the Board. Directors on the Board.
However, the re-nomination or replacement of a Director
does not necessarily reflect the Director’s performance The Company’s Constitution provides that a Director must
FINANCIALS
or contributions to the Board. The CGNC may have to retire from office at the third AGM after the Director was
consider the need to position and shape the Board in line elected or last re-elected.
with the evolving needs of Singtel and the business.
A retiring Director is eligible for re-election by Singtel
When deciding on the appointment of new Directors shareholders at the AGM. In addition, a Director appointed
to the Board, the CGNC and the Board consider a variety by the Board to fill a casual vacancy or appointed as an
of factors, including the core competencies, skills and additional Director may only hold office until the next
experience that are required on the Board and Board AGM, at which time he will be eligible for re-election by
Committees, diversity, independence, conflicts of interest shareholders. If at any AGM, fewer than three Directors
and time commitments. would retire pursuant to the requirements set out above,
the additional Directors to retire at that AGM shall be
In order to ensure Board renewal, the Board has in place those who have been longest in office since their last
guidelines on the tenure of the Chairman and Directors. re-election or appointment. The Group CEO, as a Director,
The guidelines provide that Directors are appointed for is subject to the same retirement by rotation, resignation
an initial term of three years, and this may be extended and removal provisions as the other Directors, and such
to a second three-year term. As a general rule, a Director provisions will not be subject to any contractual terms

that may have been entered into with the Company. as well as technology advancement, Singtel has done
Shareholders are provided with relevant information away with hard copy Board papers, and Directors are
in the Annual Report on the candidates for election or instead provided with tablet devices to enable them to
re-election. access and read Board and Board Committee papers
prior to and at meetings.
Board Performance
Each year, the CGNC undertakes a process to assess The Board has separate and independent access to the
the effectiveness of the Board, the Board Committees Senior Management and the Company Secretary at all
and individual Directors. For the financial year ended times. Procedures are in place for Directors and Board
31 March 2020, as in previous years, an independent Committees, where necessary, to seek independent
external consultant (2020: Aon Hewitt Singapore) was professional advice, paid for by Singtel.
appointed to facilitate this process. The 2020 survey was
designed to provide an evaluation of the effectiveness of Role of the Company Secretary
the Board, Board Committees, Chairman and individual The Company Secretary attends all Board meetings
Directors, as well as provide insights on the Board culture. and is accountable directly to the Board, through
The Directors and senior management were requested the Chairman, on all matters to do with the proper
to complete evaluation questionnaires on matters such functioning of the Board, including advising the Board
as Board composition, Board processes, the relationship on corporate and administrative matters, as well as
between the Board and management, representation of facilitating orientation and assisting with professional
shareholders and environmental, social and governance development as required. She assists the Board in
(ESG) issues, development and monitoring of strategy implementing and strengthening corporate governance
and priorities, Board Committee effectiveness, CEO policies and processes. The Company Secretary is the
performance management and succession, director primary point of contact between the Company and
development and management, and risk management. the SGX. The Company Secretary is legally trained, with
experience in legal matters and company secretarial
In addition to the appraisal exercise, the contributions practices. The appointment and removal of the Company
and performance of each Director are assessed by the Secretary is subject to the approval of the Board.
CGNC as part of its periodic reviews of the composition
of the Board and the various Board Committees. In the Board and management committees
process, the CGNC is able to identify areas for improving The following Board Committees assist the Board in
the effectiveness of the Board and Board Committees. executing its duties:
The Board is also able to assess the Board Committees • Audit Committee (AC)
through their regular reports to the Board on their • Corporate Governance and Nominations Committee
activities. (CGNC)
• Executive Resource and Compensation Committee
Access to information (ERCC)
Prior to each Board meeting, Singtel’s Management • Finance and Investment Committee (FIC)
provides the Board with information relevant to • Risk Committee (RC)
matters on the agenda for the meeting. In general,
such information is provided a week in advance of the Each Board Committee may make decisions on matters
Board meeting. The Board also receives regular reports within its terms of reference and applicable limits of
pertaining to the operational and financial performance authority. The terms of reference of each committee
of the Group, as well as regular updates, which include are reviewed from time to time, as are the committee
information on the Group’s competitors, and industry and structure and membership.
technological developments. In addition, Directors receive
analysts’ reports on Singtel and other telecommunications The selection of Board Committee members requires
and digital companies on a quarterly basis. Such reports careful management to ensure that each committee
enable the Directors to keep abreast of key issues and comprises Directors with appropriate qualifications
developments in the industry, as well as challenges and skills, and that there is an equitable distribution of
and opportunities for the Group. In line with Singtel’s responsibilities among Board members. The need to
commitment to the conservation of the environment, maximise the effectiveness of the Board, and encourage
73
OVERVIEW
active participation and contribution from Board and accounting matters, compliance, and business and
members, is also taken into consideration. financial risk management.
A record of each Director’s Board Committee The AC reports to the Board on the results of the audits
BUSINESS REVIEWS
memberships and attendance at Board Committee undertaken by the internal and external auditors, the
meetings during the financial year ended 31 March 2020 adequacy of disclosure of information, and the adequacy
is set out on page 78. and effectiveness of the system of risk management and
internal controls. It reviews the quarterly and annual
financial statements with Management and the external
Audit Committee auditors, reviews and approves the annual audit plans
for the internal and external auditors, and reviews the
MEMBERSHIP
internal and external auditors’ evaluation of the Group’s
Gautam Banerjee, committee chairman and
system of internal controls.
independent non-executive Director

(appointed AC Chairman on 23 July 2019)
The AC is responsible for evaluating the cost effectiveness
Gail Kelly, independent non-executive Director
of external audits, the independence and objectivity of
(appointed AC member on 15 May 2019)
the external auditors, and the nature and extent of the
Christina Ong, independent non-executive Director
non-audit services provided by the external auditors to
Note:
Bobby Chin stepped down as a Director and AC Chairman at the conclusion of the AGM
ensure that the independence of the external auditors
on 23 July 2019. is not compromised. It also makes recommendations
to the Board on the appointment or re-appointment,
KEY OBJECTIVE remuneration and terms of engagement of the external
• Assist the Board objectively in discharging its auditors. In addition, the AC approves the Singtel Internal
statutory and other responsibilities relating to Audit Charter and reviews the internal audit function
internal controls, financial and accounting matters, for independence and effectiveness, adequacy of
compliance, and business and financial risk resourcing, including staff qualifications and experience,
management and its standing within Singtel. The AC also reviews
PERFORMANCE
the performance of Internal Audit, including approving
The terms of reference of the AC provide that the AC decisions relating to appointment or removal of Group
shall comprise at least three Directors, all of whom are Chief Internal Auditor and approving the performance
non-executive Directors and the majority, including and compensation of the Group Chief Internal Auditor.
the chairman, are independent Directors. At least two Based on this, the AC is satisfied that the internal audit
members of the AC, including the AC chairman, must function is independent, effective and adequately
have recent and relevant accounting or related financial resourced.
management expertise or experience. The chairman of
the AC is a Director other than the Chairman of the Singtel During the financial year, the AC reviewed the
FINANCIALS
Board. Management’s and Singtel Internal Audit’s assessment of
fraud risk and held discussions with the external auditors
The AC has explicit authority to investigate any matter to obtain reasonable assurance that adequate measures
within its terms of reference, and has full cooperation were put in place to mitigate fraud risk exposure in
and access to Management. It has direct access to the the Group. The AC also reviewed the adequacy of
internal and external auditors, and full discretion to invite the whistle-blower arrangements instituted by the
any Director or executive officer to attend its meetings, Group through which staff and external parties can in
and reasonable resources to enable it to discharge its confidence raise concerns about possible improprieties
functions. It also has the authority to review its terms in matters of financial reporting or other matters. All
of reference and its own effectiveness annually and whistle-blower complaints were reviewed by the AC at its
recommend necessary changes to the Board. quarterly meetings to ensure independent and thorough
investigation and adequate follow-up.
The main responsibilities of the AC are to assist the
Board objectively in discharging its statutory and other
responsibilities relating to internal controls, financial

The AC met five times during the financial year. At these Report, was provided to the external auditors after the
meetings, the Group CEO, Group Chief Corporate Officer, Independent Auditors’ Report date. The external auditors
Group CFO, Vice President (Group Finance), Group Chief have provided a written confirmation to the AC that they
Internal Auditor and the respective CEOs of the businesses have completed the work in accordance with SSA 720
were also in attendance. During the financial year, the AC (Revised), The Auditor’s Responsibilities Relating to Other
reviewed the results of audits performed by Internal Audit Information, and they have noted no exception. A copy
based on the approved audit plan, significant litigation of the charter of the AC is available on the corporate
and fraud investigations, register of interested person governance page on the Company’s website at www.
transactions and non-audit services rendered by the singtel.com/about-us/company/corporate-governance.
external auditors. The AC also met with the internal and
external auditors, without the presence of Management,
during the financial year.
Corporate Governance and
Nominations Committee
The external auditors provided regular updates and
periodic briefings to the AC on changes or amendments MEMBERSHIP
to accounting standards to enable the members of the AC Low Check Kian, committee chairman and independent
to keep abreast of such changes and its corresponding non-executive Director
impact on the financial statements, if any. Directors are Simon Israel, non-executive Chairman of the Singtel
also invited to attend relevant seminars on changes to Board
accounting standards and issues by leading accounting Lee Theng Kiat, non-executive Chairman-designate
firms. of the Singtel Board (appointed CGNC member on
1 February 2020)
Financial matters Gail Kelly, independent non-executive Director
The AC reviewed the financial statements of the Group (appointed CGNC member on 13 November 2019)
before the announcement of the Group’s quarterly and Christina Ong, independent non-executive Director
full-year results. In the process, the AC reviewed the Teo Swee Lian, independent non-executive Director
key areas of management’s estimates and judgement
applied for key financial issues including revenue KEY OBJECTIVES
recognition, taxation, goodwill impairment, and the joint • Establish and review the profile of Board members
ventures’ and associates’ contingent liabilities, critical • Make recommendations to the Board on the
accounting policies and any other significant matters appointment, re-nomination and retirement of
that might affect the integrity of the financial statements. Directors
The AC also considered the report from the external • Review the independence of Directors
auditors, including their findings on the key areas of • Assist the Board in evaluating the performance of the
audit focus. Significant matters that were discussed with Board, Board Committees and Directors
management, internal and external auditors have been • Develop and review the Company’s corporate
included as key audit matters (KAMs) in the Independent governance practices, taking into account relevant
Auditors’ Report for the financial year ended 31 March local and international developments in the area of
2020. Refer to pages 144 to 151 of this Annual Report. corporate governance
The AC took into consideration the approach and The terms of reference of the CGNC provide that the
methodology applied in the valuation of acquired CGNC shall comprise at least three Directors, the majority
businesses, as well as the reasonableness of the estimates of whom, including the chairman, shall be independent.
and key assumptions used. In addition to the views from As part of its commitment to gender diversity, the Board
the external auditors, subject matter experts including will strive to appoint at least one female Director to the
external tax specialists and legal experts, were consulted. CGNC.
The AC concluded that management’s accounting
treatment and estimates in each of the KAMs were The main activities of the CGNC are outlined in the
appropriate. commentaries on “Board Composition, Diversity and
Balance”, “Board Membership” and “Board Performance”
The information included in the Annual Report, excluding from pages 68 to 73.
the Financial Statements and Independent Auditors’
75
OVERVIEW
The CGNC met three times during the financial year The main responsibilities of the ERCC, as delegated by the
ended 31 March 2020, and also approved various matters Board, are to oversee the remuneration of the Board and
by written resolution. Senior Management. It sets appropriate remuneration
framework and policies, including long-term incentive
schemes, to deliver annual and long-term performance of
BUSINESS REVIEWS
Executive Resource and the Group.
Compensation Committee
The ERCC has been tasked by the Board to approve or
MEMBERSHIP recommend to the Board the appointment, promotion
Gail Kelly, committee chairman and independent and remuneration of Senior Management. The ERCC
non-executive Director (appointed ERCC Chairman reviews the targets of Senior Management across four
on 23 July 2019) broad categories of financial, strategy, operational
Simon Israel, non-executive Chairman of the Singtel and people at the beginning of the financial year and
Board assesses the performance against these targets at the

Lee Theng Kiat, non-executive Chairman-designate end of the financial year. The ERCC also recommends the
of the Singtel Board (appointed ERCC member on Directors’ compensation for the Board’s endorsement.
1 February 2020) Directors’ compensation is subject to the approval of
Low Check Kian, independent non-executive Director shareholders at the AGM. The ERCC’s recommendations
(appointed ERCC member on 4 May 2020) cover all aspects of remuneration for Directors and Senior
Teo Swee Lian, independent non-executive Director Management, including but not limited to Director’s fees,
salaries, allowances, bonuses, options, share-based
Note:
Peter Mason AM retired as a Director and ERCC Chairman at the conclusion of the AGM incentives, management awards, and benefits-in-kind.
on 23 July 2019.
The ERCC seeks expert advice and views on remuneration

KEY OBJECTIVES and governance matters from both within and outside
The ERCC will ensure that competitive and effective the Group as appropriate. The ERCC draws on a pool of
compensation, and progressive policies are in place to independent consultants for diversified views and specific
attract, motivate and retain a pool of talented executives
PERFORMANCE
expertise. The ERCC will ensure that existing relationships,
to meet the current and future growth of the Group. if any, between the Group and its appointed remuneration
This includes an oversight of the Group’s culture and consultants will not affect the independence and
human capital health, ensuring: objectivity of the remuneration consultants.
• Appropriate recruitment, development, retention
and succession planning programs are in place; and The ERCC approves or recommends termination
• An appropriate Corporate Culture (incorporating payments, retirement payments, gratuities, ex-gratia
inclusion, diversity and ethical health), underpinned payments, severance payments and other similar
by the Singtel core values, is fostered within the Group. payments to Senior Management. The ERCC ensures that
FINANCIALS
contracts of service for Senior Management contain fair
The ERCC plays an important role in helping to ensure and reasonable termination clauses.
that the Group is able to attract, motivate and retain
the best talents through competitive and effective The ERCC reviews and ensures appropriate recruitment,
remuneration, as well as progressive and robust policies development and succession planning programmes are in
to achieve the Group’s goals and deliver sustainable place for key executive roles, with the objective of building
shareholder value. strong and sound leadership bench strength for long-
term sustainability of the business. The ERCC conducts,

The terms of reference of the ERCC provide that the on an annual basis, a succession planning review of
ERCC shall comprise at least three Directors, all of whom Senior Management. In addition, the ERCC oversees
shall be non-executive and the majority of whom shall the Group’s culture and human capital health through
be independent. The ERCC is chaired by an independent the following:
non-executive Director.

• Reviews effectiveness of talent management The terms of reference of the FIC provide that the FIC
programmes, including for emerging and niche shall comprise at least three Directors, the majority of
capabilities; whom shall be independent Directors. Membership of the
• Reviews policies, actions and progress made to AC and the FIC is mutually exclusive.
promote the Group’s diversity and inclusion
objectives; The FIC met five times during the financial year ended
• Reviews results, trends and actions taken to address 31 March 2020.
issues raised from employee engagement and culture
surveys; and
• Reviews the sufficiency of the ongoing measures Risk Committee
being adopted to improve employee engagement
and instill appropriate culture within the Group MEMBERSHIP
Teo Swee Lian, committee chairman and independent
The Group CEO, who is not a member of the ERCC, non-executive Director
may attend meetings of the ERCC but does not attend Gautam Banerjee, independent non-executive Director
discussions relating to her own performance and Christina Ong, independent non-executive Director
remuneration. Singtel’s remuneration policy and (appointed RC member on 25 November 2019)
remuneration for Directors and Senior Management are
Notes:
discussed in this report from pages 85 to 94. (1)
Dominic Barton was appointed a Director and RC member on 25 March 2019 and
15 May 2019 respectively. He stepped down as a Director and RC member with effect
from 26 November 2019.
The ERCC met six times during the financial year ended (2)
Bobby Chin stepped down as a Director and RC member at the conclusion of the AGM
31 March 2020. on 23 July 2019.
KEY OBJECTIVES
Finance and Investment Committee • Assist the Board in fulfilling its responsibilities in
relation to governance of material risks in the Group’s
MEMBERSHIP business, which include ensuring that Management
Simon Israel, committee chairman and non-executive maintains a sound system of risk management and
Chairman of the Singtel Board internal controls to safeguard shareholders’ interests
Lee Theng Kiat, non-executive Chairman-designate and the Group’s assets, and determining the nature
of the Singtel Board (appointed FIC member on and extent of the material risks that the Board is
1 February 2020) willing to take in achieving the Group’s strategic
Venky Ganesan, independent non-executive Director objectives
Bradley Horowitz, independent non-executive Director
Low Check Kian, independent non-executive Director The terms of reference of the RC provide that the RC
shall comprise at least three members, the majority of
Note:
Dominic Barton was appointed a Director and FIC member on 25 March 2019 and whom, including the chairman, shall be independent.
15 May 2019 respectively. He stepped down as a Director and FIC member with effect Members of the RC are appointed by the Board, on the
from 26 November 2019.
recommendation of the CGNC. There is at least one
common member between the RC and the AC.
KEY OBJECTIVES
• Provide advisory support on the development of the
The RC reviews the Group’s strategy, policies, framework,
Singtel Group’s overall strategy and on strategic
processes and procedures for the identification,
issues for the Singapore and international businesses
measurement, reporting and mitigation of material
• Consider and approve investments and divestments
risks in the Group’s business and reports any significant
• Review and approve changes in the Singtel Group’s
matters, findings and recommendations in this regard to
investment and treasury policies
the Board.
• Evaluate and approve any financing offers and
banking facilities and manage the Singtel Group’s
The RC meets at least three times a year, with additional
liabilities in line with the Singtel Board’s policies and
meetings to be convened as deemed necessary by the
directives
chairman of the RC. The RC met three times during the
• Oversee any on-market share repurchases pursuant
financial year ended 31 March 2020.
to Singtel’s share purchase mandate
77
OVERVIEW
Advisory Committee/Panel Management Committee
Singtel has two advisory bodies, the Optus Advisory In addition to the five Board Committees and the two
Committee (OAC) and the Technology Advisory Panel advisory bodies, Singtel has a Management Committee
BUSINESS REVIEWS
(TAP). that comprises the Group CEO, CEO Group Enterprise,
CEO Consumer Australia, CEO Consumer Singapore/
The OAC comprises both Board and non-Board Group Chief Digital Officer, CEO International, CEO Group
members, namely Mrs Gail Kelly (committee chairman), Digital Life, CEO Group Strategy and Business
Mr Simon Israel, Mr Lee Theng Kiat, Ms Chua Sock Koong, Development, Group Chief Corporate Officer, Group
Mr John Arthur, Mr David Gonski, Mr John Morschel and CFO, Group Chief Human Resources Officer, Group Chief
Mr Paul O’Sullivan. The OAC discusses strategic business Information Officer and Group Chief Technology Officer.
issues relating to the Australian businesses.
The Management Committee meets every week to review

The TAP advises the Board on developments, issues
and direct Management on operational policies and
and emerging trends in the technology space. The TAP
activities.
comprises distinguished international members and is
chaired by Mr Venky Ganesan. The other members of
the Panel are Mr Manik Gupta, Mr Bradley Horowitz
and Mr Koh Boon Hwee.
DIRECTORS’ BOARD COMMITTEE MEMBERSHIPS AND ATTENDANCE AT BOARD COMMITTEE MEETINGS

DURING THE FINANCIAL YEAR ENDED 31 MARCH 2020(1)
Corporate Executive
Governance and Resource and Finance and
Audit Nominations Compensation Investment Risk
Committee Committee Committee Committee Committee
PERFORMANCE
Number of Number of Number of Number of Number of Number of Number of Number of Number of Number of
Meetings Meetings Meetings Meetings Meetings Meetings Meetings Meetings Meetings Meetings
Name of Director Held Attended Held Attended Held Attended Held Attended Held Attended
Simon Israel – – 3 3 6 6 5 5 – –
Lee Theng Kiat(2) – – 1 1 1 1 1 1 – –
Chua Sock Koong(3) 5 5 3 3 6 6 5 5 3 3
Gautam Banerjee 5 5 – – – – – – 3 3
Venky Ganesan – – – – – – 5 5 – –
Bradley Horowitz(4) – – – – – – 5 3 – –
FINANCIALS
Gail Kelly(5) 3 3 1 1 6 6 – – – –
Low Check Kian(6) – – 3 3 – – 5 5 – –
Christina Ong(7) 5 4 3 3 – – – – 1 1
Teo Swee Lian – – 3 3 6 6 – – 3 3
Dominic Barton(8) – – – – – – 4 4 2 2
Bobby Chin(9) 2 2 – – – – – – 1 1
Peter Mason AM(10) – – – – 3 3 – – – –
Notes:
(1)
Refers to meetings held/attended while each Director was in office.
(2)
Mr Lee Theng Kiat was appointed to the Board as Chairman-designate on 15 January 2020 and a member of the Corporate Governance and Nominations Committee, the Executive
Resource and Compensation Committee and the Finance and Investment Committee on 1 February 2020.
(3)
Ms Chua Sock Koong is not a member of the Board Committees, although she attended meetings of the Committees as appropriate.
(4)
Mr Bradley Horowitz recused himself and did not participate in certain Finance and Investment Committee meetings due to conflicts of interest.
(5)
Mrs Gail Kelly was appointed a member of the Audit Committee and the Corporate Governance and Nominations Committee on 15 May 2019 and 13 November 2019 respectively.
(6)
Mr Low Check Kian was appointed a member of the Executive Resource and Compensation Committee on 4 May 2020.
(7)
Mrs Christina Ong was appointed a member of the Risk Committee on 25 November 2019.
(8)
Mr Dominic Barton was appointed a member of the Finance and Investment Committee and the Risk Committee on 15 May 2019. He stepped down from the Board with effect from
26 November 2019.
(9)
Mr Bobby Chin stepped down from the Board at the conclusion of the AGM on 23 July 2019.
(10)
Mr Peter Mason AM retired from the Board at the conclusion of the AGM on 23 July 2019.

ACCOUNTABILITY AND AUDIT Singtel IA’s reviews also focus on compliance with Singtel’s
Accountability policies, procedures and regulatory responsibilities,
Singtel recognises the importance of providing the performed in the context of financial and operational,
Board with accurate and relevant information on a revenue assurance and information systems reviews.
timely basis. Hence, Board members receive monthly
financial and business reports from Management. Such In line with leading practices, a dedicated Data Analytics
reports compare Singtel’s actual performance against and Robotics function has been established in 2020
the budget, and highlight key business drivers/indicators within Singtel IA to deploy data analytics and robotics
and any major issues that are relevant to Singtel’s automation to increase audit efficiency and effectiveness
performance, position and prospects. as well as design and implement the training roadmap for
the global audit function to increase capabilities.
For the financial year ended 31 March 2020, Singtel’s
Group CEO and Group CFO have provided a written Singtel IA works closely with Management in its internal
confirmation to the Board on the integrity of Singtel’s consulting and control advisory role to promote effective
financial statements and on the adequacy and risk management, robust internal control and good
effectiveness of Singtel’s risk management and internal governance practices in the development of new
control systems, addressing financial, operational, products/services, and implementation of new/enhanced
compliance and information technology risks. This systems and processes. Singtel IA also collaborates with
certification covers Singtel and the subsidiaries that are the internal audit functions of Singtel’s regional associates
under Singtel’s management control. to promote joint reviews and the sharing of knowledge
and/or best practices.
Internal Audit (IA)
Singtel IA comprises a team of 66 staff members, To ensure that the internal audits are performed
including the Group Chief Internal Auditor. Singtel IA effectively, Singtel IA recruits and employs suitably
reports to the AC functionally and to the Group CEO qualified professional staff with the requisite skill sets and
administratively. Singtel IA is a member of the Singapore experience. Singtel IA provides training and development
chapter of the Institute of Internal Auditors (IIA) and opportunities for its staff to ensure their technical
adopts the International Standards for the Professional knowledge and skill sets remain current and relevant.
Practice of Internal Auditing (the IIA Standards) laid down
in the International Professional Practices Framework External Auditor
issued by the IIA. The Board is responsible for the initial appointment
of the external auditor. Shareholders then approve the
Singtel IA has a Quality Assurance programme to ensure appointment at Singtel’s AGM. The external auditor
that its audit activities conform to the IIA Standards. holds office until its removal or resignation. The AC
As part of the programme, internal Quality Assurance assesses the external auditor based on factors such
Reviews are conducted quarterly, and external Quality as the performance and quality of its audit and the
Assurance Reviews are carried out at least once every independence and objectivity of the auditor, and
five years by qualified professionals from an external recommends its appointment to the Board.
organisation. The last external Quality Assurance Review
was successfully completed in 2018 and continues to meet Pursuant to the requirements of the SGX, an audit partner
or exceed the IIA Standards in all key aspects. may only be in charge of a maximum of five consecutive
annual audits and may then return after two years. KPMG
Singtel IA adopts a risk-based approach in formulating has met this requirement. Singtel has complied with Rule
the annual audit plan that aligns its activities to the key 712 and Rule 715 of the SGX Listing Manual in relation to
strategies and risks across the Group’s business. This the appointment of its external auditor.
plan is reviewed and approved by the AC. The reviews
performed by Singtel IA are aimed at assisting the Board In order to maintain the independence of the external
in promoting sound risk management, robust internal auditor, Singtel has developed policies and approval
controls and good corporate governance, through processes regarding the types of non-audit services that
assessing the design and operating effectiveness of the external auditor can provide to the Singtel Group.
controls that govern key business processes and risks The AC reviewed the non-audit services provided by
identified in the overall risk framework of the Group. the external auditor during the financial year and the
79
OVERVIEW
associated fees. The AC is satisfied that the independence The Risk Management Committee, including relevant
and objectivity of the external auditor has not been members from the Senior Management team, is
impaired by the provision of those services. The external responsible for setting the direction of corporate risk
auditor has also provided confirmation of its independence management and monitoring the implementation of
risk management policies and procedures including the
BUSINESS REVIEWS
to the AC.
adequacy of the Group’s insurance programme. The Risk
Management Committee reports to the RC.
Fees for KPMG services for the financial year
ended 31 March 2020 (S$ Mil)
The Board has established a Risk Appetite Statement and
Risk Tolerance Framework to provide guidance to the
Audit services 4.9 Management on key risk parameters. The significant risks
Non-audit services in the Group’s business, including mitigating measures,
(including audit-related services) 0.8 were also reviewed by the RC on a regular basis and
reported to the Board. Risk registers are maintained by

Risk Management and Internal Control the business and operational units which identify the key
The Board has overall responsibility for the governance risks facing the Group’s business and the internal controls
of risk and exercises oversight of the material risks in in place to manage those risks. The RC had reviewed the
the Group’s business. During the financial year ended Group’s risk management framework during the reporting
31 March 2020, the Risk Committee (RC) assisted the period and was satisfied that it continued to be sound.
Board in the oversight of the Group’s risk profile and
policies, adequacy and effectiveness of the Group’s risk Internal and external auditors conduct audits that involve
management system including the framework and process testing the effectiveness of the material internal control
for the identification and management of significant risks, systems within the Singtel Group, relating to financial,
and reports to the Board on material matters, findings operational, compliance and information technology
and recommendations pertaining to risk management. risks. Any material non-compliance or lapses in internal
The AC provides oversight of the financial reporting risk controls are reported to the AC, including the remedial
and the adequacy and effectiveness of the Group’s measures recommended to address the risks identified.
PERFORMANCE
internal control and compliance systems. The AC also reviews the adequacy and timeliness of
the actions taken by Management in response to the
The Board has approved a Group Risk Management recommendations made by the internal and external
Framework for the identification of key risks within auditors. Control self-assessments in key areas of the
the business. This Framework defines 30 categories of Group’s operations are conducted by Management
risks ranging from environmental to operational and on a periodic basis to evaluate the adequacy and
management decision-making risks. The Group’s risk effectiveness of the risk management and internal control
management and internal control framework is aligned systems, including quarterly and annual certifications by
with the ISO 31000:2018 Risk Management framework Management to the AC and the Board respectively on
FINANCIALS
and the Committee of Sponsoring Organisations of the the integrity of financial reporting and the adequacy and
Treadway Commission (COSO) Internal Controls effectiveness of the risk management, internal control and
Integrated Framework. Major incidents and violations, compliance systems.
if any, are reported to the Board to facilitate the Board’s
oversight of the effectiveness of crisis management The Group has put in place a Board Escalation Process
and the adequacy of mitigating measures taken by where major incidents and violations including major/
Management to address the underlying risks. material operational loss events and potential breaches
of laws and regulations by the Company and/or its key

The identification and day-to-day management of risks officers, are required to be reported by Management
rest with Management. Management is responsible and/or Internal Audit to the Board immediately to
for the effective implementation of risk management facilitate the Board’s oversight of crisis management
strategy, policies and processes to facilitate the and adequacy and effectiveness of follow-up actions
achievement of business plans and goals within the risk taken by Management. Through this process, the Board
tolerance established by the Board. Key business risks has been kept informed promptly of any incidents with
are proactively identified, addressed and reviewed on potential material financial, operational, compliance and
an ongoing basis. information technology risk impact. With the outbreak

of the Coronavirus Disease 2019 (COVID-19) pandemic, this regard, or absolute assurance against poor
an ongoing pandemic which resulted in countries taking judgement in decision-making, human error, losses,
containment and mitigation measures to minimise fraud or other irregularities.
cross-border and local transmission of the virus, the
Board was provided with timely and regular updates Further details of the Group’s Risk Management
on Singtel Group’s response plans, covering Singapore, Philosophy and Approach can be found on pages 99
Australia and countries where the Group operates in. to 110.
Singtel has established the Pandemic Control Committee
(PCC) and Emergency Management Team (EMT) to SHAREHOLDER RIGHTS AND ENGAGEMENT
oversee Singtel and Optus response plans respectively, Communication with Shareholders
with the objectives of protecting staff and minimising Singtel is committed to delivering high standards
business disruption. The Group’s Associates have also of corporate disclosure and transparency in our
established Emergency Management Teams and communications with shareholders, analysts and other
implemented comprehensive pandemic response stakeholders in the investment community. Singtel
measures to minimise operation disruption and ensure provides timely, regular and relevant information on
staff well-being. The response plans are constantly the Group’s strategy, performance and prospects to aid
updated to adapt to the pandemic situation. shareholders and investors in their investment decisions.
The Board has received assurance from the Group CEO Over the years, Singtel has won recognition from
and Group CFO that, as at 31 March 2020, the Group’s investors, academia and finance media for its strong
financial records have been properly maintained, the emphasis on corporate governance and proactive
financial statements give a true and fair view of the approach to shareholder communication and
Group’s financial position, operations and performance, engagement. It has also been rated highly on several
and that they are prepared in accordance with indices and rankings for its sustainability practices.
accounting standards.
The Singtel Investor Relations (IR) website is a key
The Board has also received assurance from the Group resource of information for the investment community.
CEO, Group CFO and Management Committee members It contains a wealth of investor-related information on
that the Group’s internal controls and risk management Singtel, including investor presentations, webcasts of
systems were adequate and effective as at 31 March earnings presentations, transcripts of earnings conference
2020 to address financial, operational, compliance and calls, annual reports, upcoming events, dividend policy,
information technology risks. bond programmes, credit ratings and investor factsheets.
Contact details of the IR department are also listed on the
Based on the internal controls established and website for investor queries.
maintained by the Group, work performed by internal and
external auditors, reviews performed by Management In line with amendments to Rule 705 of the SGX
and the various Board Committees as well as assurances Listing Manual, Singtel will be adopting half-yearly
from members of the Management Committee, the announcement of its financial results with effect from
Board, with the concurrence of the AC, is of the opinion the financial year starting 1 April 2020. The half-year and
that the Group’s internal controls and risk management full-year financial results will contain detailed financial
systems were adequate and effective as at 31 March statements, key business drivers and management
2020 to address financial, operational, compliance and commentaries on the financial performance of the
information technology risks, which the Group considers Group. They will be announced within 45 and 60 days
relevant and material to its operations. from the end of each respective financial period.
However, quarterly business updates will be published
The systems of risk management and internal control to give investors insight into the Group's business
established by Management provide reasonable, but performance between the half-year and full-year results
not absolute, assurance that Singtel will not be adversely announcements.
affected by any event that can be reasonably foreseen as
it strives to achieve its business objectives. However, the To allow investors to keep abreast of strategic and
Board also notes that no system of risk management and operational developments, Singtel will continue to make
internal control can provide absolute assurance in timely disclosures of material information to the SGX.
81
OVERVIEW
In view of the unprecedented disruption from COVID-19, with convenient access to public transportation. Under
Singtel will not be providing guidance for the next Singtel’s Constitution and pursuant to the Companies
financial year unlike in previous years. It will update the Act, the Central Provident Fund Board and relevant
market when there are material developments or when intermediaries (as defined in the Companies Act, Chapter
there is greater clarity in the operating environment.
BUSINESS REVIEWS
50) may appoint more than two proxies to attend and
vote on their behalf. A registered shareholder who is not
Singtel proactively engages shareholders and the a relevant intermediary may appoint up to two proxies.
investment community through group and one-on-one There are separate resolutions at general meetings on
meetings, conference calls, email communications, each substantially separate issue and Singtel provides
investor conferences and roadshows. This year, Singtel the necessary information on each resolution to enable
engaged over 500 investors in more than 160 meetings shareholders to exercise their vote on an informed basis.
and conference calls. Meetings were largely undertaken Singtel currently does not implement voting in absentia
by Singtel’s Senior Management and the IR officers. by mail or electronic means as the authentication of
shareholder identity and other related security and

To ensure a two-way flow of information, Singtel integrity issues remain a concern.
commissions an annual survey of investors’ perceptions
to solicit feedback from the investment community At each AGM, the Group CEO delivers a presentation
on a range of strategic and topical issues. The survey to update shareholders on Singtel’s progress over the
provides the Singtel Board and Management with past year. Directors and Senior Management are in
invaluable insights into investors’ views of the Group and attendance to address queries and concerns about
helps Singtel identify areas for improvement in investor Singtel. Singtel’s external auditor and counsel also attend
communication. to help address shareholders’ queries relating to the
conduct of the audit and the auditor’s reports, as well as
Shareholder Meetings clarify any points of law, regulation or meeting procedure
In view of the COVID-19 pandemic, the 28th Annual that may arise. Shareholders are informed of the voting
General Meeting (AGM 2020) to be held in July 2020 will procedures and rules governing the meeting. The minutes
be held via electronic means pursuant to the COVID-19 of all general meetings are posted on Singtel’s IR website.
PERFORMANCE
(Temporary Measures) (Alternative Arrangements for The minutes disclose the names of the Directors, Senior
Meetings for Companies, Variable Capital Companies, Management and, where relevant, the external auditor
Business Trusts, Unit Trusts and Debenture Holders) Order and advisors who attended the meetings, as well as
2020 (Emergency Legislation). Alternative arrangements details of the proceedings, including the questions raised
relating to attendance at the AGM 2020 via electronic by shareholders and the answers given by the Board/
means (including arrangements by which the meeting Management.
can be electronically accessed via live audio-visual
webcast or live audio-only stream), submission of
questions in advance of the AGM 2020, addressing
FINANCIALS
of substantial and relevant questions at the AGM 2020
and voting by appointing the chairman of the meeting
as proxy at the AGM 2020, are set out in Singtel’s
announcement dated 1 July 2020. The description below
sets out Singtel's usual practice for shareholder meetings
when there are no pandemic risks and the Emergency
Legislation is not in operation.
Singtel strongly encourages and supports shareholder

participation at general meetings. Singtel delivers the
Notice of AGM and related information about a month
ahead, providing sufficient time for shareholders to review
the Notice of AGM and appoint proxies to attend the AGM
if they wish. The Notice of AGM is also advertised in The
Straits Times for the benefit of shareholders. Singtel holds
its general meetings at central locations in Singapore

Singtel’s approach to stakeholder engagement and

Electronic Poll Voting at materiality assessment can be found at page 5 of the
Singtel General Meetings Sustainability Report.
In view of the COVID-19 pandemic, voting by
OTHER MATTERS
shareholders at the AGM 2020 will be done by way of Securities Transactions
appointing the chairman of the meeting as proxy in Singtel has in place a Securities Transactions Policy,
accordance with the Emergency Legislation and the which provides that Directors and Top Management
related guidelines or directives issued by government members and persons who are in attendance at Board
agencies or regulatory authorities relating to the and Top Management meetings (Key Officers) should not
conduct of meetings during the pandemic. deal in Singtel securities during the period commencing
one month before the announcement of the financial
The description below sets out Singtel's usual practice statements for the half-year and full financial year,
for voting at shareholder meetings when there are no and ending on the date of the announcement of the
pandemic risks and the Emergency Legislation is not relevant results. In addition, employees who are involved
in operation. in the preparation of the Group’s financial statements
should not deal in Singtel securities during the period
All resolutions at Singtel’s general meetings are commencing six weeks before the announcement of
voted on by poll so as to better reflect shareholders’ financial results for the half-year and full financial year,
shareholding interests and ensure greater and ending on the date of the announcement of the
transparency. Singtel uses electronic poll voting relevant results. The policy also provides that any of the
devices to register the votes of shareholders who above persons who is privy to any material unpublished
attend the general meetings. price-sensitive information relating to the Singtel Group
should not trade in Singtel securities until the information
Singtel appoints an independent external party as is appropriately disseminated to the market, regardless of
scrutineer for the electronic poll voting process. Prior to whether it is during the abovementioned “closed” periods
the general meeting, the scrutineer will review the proxies for trading in Singtel securities. The Company Secretary
and the electronic poll voting system, and attends at the sends regular reminders of the requirements under
proxy verification process, to ensure that the proxy and the policy and the relevant laws and regulations to the
poll voting information are compiled correctly. During the Directors and Management.
general meeting, the scrutineer attends to ensure that the
polling process is properly carried out. A Director is required to notify Singtel of his interest in
Singtel securities within two business days after (a) the
When voting on a resolution has closed, the poll voting date on which he becomes a Director or (b) the date
results, including the number and percentage of votes on which he acquires an interest in Singtel securities. A
cast for and against the resolution, are immediately Director is also required to notify Singtel of any change
presented to shareholders. The poll voting results are in his interests in Singtel securities within two business
promptly filed with SGX on the same day as the meeting. days after he becomes aware of such change. Singtel will
file such disclosure with SGX within one business day of
MANAGING STAKEHOLDER RELATIONSHIPS receiving notification from the Director.
Singtel undertakes a formal stakeholder engagement
exercise, which is facilitated by a third party at least The Securities Transactions Policy also discourages
once every three years to determine the environmental, trading on short-term considerations and reminds
social and governance issues that are important to the Directors and officers of their obligations under insider
stakeholders. These issues form the materiality matrix trading laws. Directors and officers of the Group wishing
upon which targets, metrics, programmes and progress to deal in Singtel securities during a closed period must
are reviewed by and approved by the Board, before secure prior written approval of the Chairman (in the
they are published annually in Singtel’s sustainability case of Directors of Singtel), the Lead Independent
report. Singtel’s executives are also involved in ongoing Director (in the case of the Chairman) or the Group CEO
engagements with these same stakeholders through (in the case of directors of Singtel subsidiaries and Key
various other channels. Officers). Requests for written approval must contain a
83
OVERVIEW
full explanation of the exceptional circumstances and of the IPT disclosure and ensure compliance with the
proposed dealing. If approval is granted, trading must SGX reporting requirements under Chapter 9 of the
be undertaken in accordance with the limits set out in the SGX Listing Manual. The report is submitted to the Audit
written approval. Directors are to inform the Company Committee for review. Under the SGX listing rules, where
Secretary before trading in Singtel securities. The Board is any IPT requires shareholders’ approval, the interested
BUSINESS REVIEWS
kept informed when a Director trades in Singtel securities. person will abstain from voting and the decision will be
A summary of Singtel’s Securities Transactions Policy is made by disinterested shareholders.
available in the Corporate Governance section of the
Singtel corporate website. The Board has adopted a policy that there should be no
loans to Directors, except for loans to fund expenditure
Pursuant to the SGX Listing Manual, the Singtel Group to defend Directors in legal or regulatory proceedings, as
has put in place a policy relating to the maintenance permitted under the Companies Act. As at 31 March 2020,
of a list(s) of persons who are privy to price sensitive there were no loans granted to Directors.
information relating to Singtel. Under the policy, persons

who are to be included in the privy persons list will Codes of Conduct and Practice
be reminded not to trade in Singtel securities while in The Board has adopted a Code of Business Conduct
possession of unpublished price-sensitive information. and Ethics as a means to guide the Directors on the
areas of ethical risk, and help nurture an environment
In relation to the shares of other companies, Directors where integrity and accountability are key. The Code
are prohibited from trading in shares of Singtel’s listed of Business Conduct and Ethics sets out the Board’s
associates when in possession of material price-sensitive principles on dealing with conflicts of interest, maintaining
information relating to such associates. Directors confidentiality, compliance with laws and regulations
are also to refrain from having any direct or indirect and fair dealing. The Board also has a Directors’ Manual,
financial interest in Singtel’s competitors that might or which sets out specific Board governance policies and
might appear to create a conflict of interest or affect the practices and the Directors’ duties and responsibilities.
decisions Directors make on behalf of Singtel. In addition, Singtel has a code of internal corporate
governance practices, policy statements and standards
PERFORMANCE
Continuous Disclosure (Singtel Code), and makes this code available to Board
There are formal policies and procedures to ensure that members as well as employees of the Group. The
Singtel complies with its disclosure obligations under the principles, policies, standards and practices in the Code
listing rules of the SGX. A Market Disclosure Committee of Business Conduct and Ethics, the Directors’ Manual
is responsible for Singtel’s Market Disclosure Policy. The and the Singtel Code are intended to enhance investor
policy contains guidelines and procedures for internal confidence and rapport, and to ensure that decision-
reporting and decision-making with regard to the making is properly carried out in the best interests of the
disclosure of material information. Group. The Code of Business Conduct and Ethics, the
Directors’ Manual and the Singtel Code are maintained
FINANCIALS
No Material Contracts by the Company Secretary and are provided to Directors
Since the end of the previous financial year ended when they are appointed to the Board.
31 March 2019, no material contracts involving the
interest of the Group CEO, any Director, or the controlling Singtel also has a strict code of conduct that applies
shareholder, Temasek Holdings (Private) Limited, has been to all employees. The code sets out principles to guide
entered into by Singtel or any of its subsidiaries, and no employees in carrying out their duties and responsibilities
such contract subsisted as at 31 March 2020, save as may to the highest standards of personal and corporate
be disclosed on SGXNet or herein. integrity when dealing with Singtel, its competitors,
customers, suppliers and the community. The code covers
Interested Person Transactions areas such as equal opportunity employment practices,
As required by the SGX Listing Rules, details of interested workplace health and safety, conduct in the workplace,
person transactions (IPT) entered into by the Group are business conduct, protection of Singtel’s assets,
disclosed in this Annual Report on page 260. Singtel proprietary information and intellectual property, data
Internal Audit regularly reviews the IPT entered into by the protection, confidentiality, conflict of interest, and
Singtel Group to verify the accuracy and completeness non-solicitation of customers and employees.

Singtel adopts a zero tolerance approach to bribery and REMUNERATION

corruption in any form and this is set out in the code as The broad principles that guide the ERCC in its
well as the Singtel Anti-Bribery and Corruption Policy administration of fees, benefits, remuneration and
(ABC Policy). The code and the ABC Policy are posted on incentives for the Board of Directors and Senior
Singtel’s internal website and a summarised version of Management are set out below.
the code, as well as the ABC Policy, are accessible from
the Singtel corporate website. Policies and standards are Remuneration of Non-Executive Directors
clearly stipulated to guide employees in carrying out their Singtel’s Group CEO is an Executive Director and is,
daily tasks. therefore, remunerated as part of Senior Management.
She does not receive Directors’ fees.
Singtel has established an escalation process so that the
Board of Directors, Senior Management, and internal and The ERCC recommends the non-executive Directors’
external auditors are kept informed of corporate crises in fees for the Board’s endorsement and approval by
a timely manner, according to their severity. Such crises shareholders. As Singtel has diverse and complex
may include violations of the code of conduct and/or operations and investments internationally and is not just
applicable laws and regulations, as well as loss events a Singapore-based company, the fees are benchmarked
that have or are expected to have a significant impact, against fees paid by other comparable companies
financial or otherwise, on the Group’s business and in Singapore and Australia, as well as comparable
operations. companies in other countries.
Whistle-Blower Policy Singtel seeks shareholders’ approval at the AGM for

Singtel undertakes to investigate all complaints of Directors’ fees for the financial year ending 31 March 2021
suspected fraud and corruption in an objective manner so that Directors’ fees can be paid on a half-yearly basis
and has a whistle-blower policy and procedures that in arrears. No Director can decide his or her own fees.
provide employees and external parties with well-defined
and accessible channels within the Group for reporting Save as mentioned below, there are no retirement benefit
such concerns. The policy identifies those authorised to schemes or share-based compensation schemes in place
receive complaints, including a direct channel to Singtel for non-executive Directors.
IA and whistle-blower hotline services independently
managed by external service provider. The policy provides Directors are encouraged, but not required, to acquire
mechanisms for reporting suspected fraud, corruption, Singtel shares each year from the open market until they
other illegal or unethical practices or other similar hold the equivalent of one year’s fees in shares, and
matters which may cause financial loss to the Group to continue to hold the equivalent of one year’s fees in
or damage the Group’s reputation. The policy is aimed shares while they remain on the Board.
at encouraging the reporting of such matters with the
confidence that employees and other persons making Financial Year Ended 31 March 2020
such reports will be treated fairly and, to the extent For the financial year ended 31 March 2020, the Chairman
possible, protected from detrimental conduct. received an all-inclusive fee of S$960,000 (excluding
car-related benefits). The fee was paid approximately
On an ongoing basis, the whistle-blower policy is covered two-thirds in cash and approximately one-third in Singtel
during staff training and periodic communication to all shares. No separate retainer fees, committee fees,
staff as part of the Group’s efforts to promote strong attendance fees or travel allowance were paid to the
ethical values and fraud and control awareness. All Chairman.
whistle-blower complaints are investigated independently
by Singtel IA or another appropriately skilled and The fees for non-executive Directors (other than the
knowledgeable independent investigation team as Chairman) comprised a basic retainer fee, additional fees
appropriate, and the outcome of each investigation is for appointment to Board Committees, attendance fees
reported to the AC. for ad hoc Board meetings and a travel allowance for
85
OVERVIEW
Directors who were required to travel out of their country The aggregate Directors’ fees paid to non-executive
or city of residence to attend Board meetings and Board Directors for the financial year ended 31 March 2020 was
Committee meetings that did not coincide with Board S$2,551,039 (details are set out in the table below).
meetings. The framework for determining non-executive
Directors’ fees for the financial year ended 31 March 2020
BUSINESS REVIEWS
Director’s Fees
was the same as the framework for the previous financial Name of Director (S$)
year and is set out below:
Simon Israel(1) 960,000
Basic Retainer Fee Lee Theng Kiat(2) -
Board Chairman S$960,000 per annum Gautam Banerjee 195,271
Director S$110,000 per annum Venky Ganesan(3) 147,000
Bradley Horowitz(4) 193,000
Fee for appointment to Audit Gail Kelly(5) 211,166
Committee and Finance and Low Check Kian(6) 190,000

Investment Committee Christina Ong 184,750
Committee chairman S$60,000 per annum Teo Swee Lian 205,000
Committee member S$35,000 per annum Dominic Barton(7) 143,713
Bobby Chin(8) 60,806
Fee for appointment to Peter Mason AM(9) 60,333
Executive Resource and Total 2,551,039
Compensation Committee
Notes:
Committee chairman S$45,000 per annum (1)
In addition to the Director’s fees set out above, Mr Simon Israel also received car-related
Committee member S$25,000 per annum benefits (S$37,679).
(2)
Mr Lee Theng Kiat was appointed Chairman-designate on 15 January 2020 and a member
of the Corporate Governance and Nominations Committee, the Executive Resource and
Fee for appointment to any Compensation Committee, the Finance and Investment Committee and the Optus
Advisory Committee on 1 February 2020.
other Board Committee (3)
In addition to the Director’s fees set out above, Mr Venky Ganesan received fees of
Committee chairman S$35,000 per annum US$75,000 and US$100,000 for the financial year ended 31 March 2020 in his capacity as
PERFORMANCE
the Chairman of the Technology Advisory Panel and a director of Amobee, Inc
Committee member S$25,000 per annum respectively.
(4)
In addition to the Director’s fees set out above, Mr Bradley Horowitz received fees of
US$50,000 for the financial year ended 31 March 2020 in his capacity as a member of the
Attendance Fee per Ad Hoc Technology Advisory Panel.
In addition to the Director’s fees set out above, Mrs Gail Kelly received fees of S$31,909 for
Board Meeting S$2,000
(5)
the financial year ended 31 March 2020 in her capacity as the Chairman/a member of the
Optus Advisory Committee.
(6)
In addition to the Director’s fees set out above, Mr Low Check Kian received fees of
Travel allowance for Board S$35,000 for the financial year ended 31 March 2020 in his capacity as a director of
meetings and Board Committee Singtel Innov8 Pte. Ltd.
(7)
Mr Dominic Barton was appointed a member of the Finance and Investment Committee
meetings that do not coincide
FINANCIALS
and the Risk Committee on 15 May 2019. He stepped down as a Director and member of
with Board meetings (per day the Finance and Investment Committee and the Risk Committee with effect from
26 November 2019.
of travel required to attend (8)
Mr Bobby Chin stepped down as a Director and member of the Audit Committee and the
meeting) S$3,000 Risk Committee at the conclusion of the AGM on 23 July 2019.
(9)
In addition to the Director’s fees set out above, Mr Peter Mason AM received fees of
S$10,914 in his capacity as the Chairman of the Optus Advisory Committee for the financial
year ended 31 March 2020. He retired as a Director and member of the Executive Resource
and Compensation Committee and the Optus Advisory Committee at the conclusion
of the AGM on 23 July 2019.
There is no employee of the Group who is an immediate

family member of a Director or the GCEO, and whose
remuneration exceeded S$100,000 during the financial
year ended 31 March 2020. No employee of the Group is
a substantial shareholder of the Company.

Financial Year Ending 31 March 2021 28th Annual General Meeting (AGM 2020) to be held
For the financial year ending 31 March 2021, it is proposed in July 2020, subject to shareholders approving his
that aggregate fees of up to S$2,350,000 (2020: up re-appointment as a Director at the AGM.
to S$2,950,000) be paid to Directors. The proposed
framework for Directors’ fees for the financial year ending In a show of solidarity with Singtel and its wider
31 March 2021 is the same as that for the financial year community of stakeholders, the Board of Directors have
ended 31 March 2020. The decrease in the maximum volunteered a 10% cut in the basic retainer fees for the
amount of Directors' fees for the financial year ending financial year ending 31 March 2021. The 10% voluntary
31 March 2021 of S$600,000 as compared to that for the cut has not been factored in the sum of S$2,350,000 being
previous financial year is largely due to the fact that tabled for shareholders' approval at the AGM 2020, but
Mr Lee Theng Kiat has requested that he not be paid will be applied when determining the actual amount of
any Directors' fees. Mr Lee will assume the position of Directors' fees payable for the financial year ending
Chairman of the Board following the conclusion of the 31 March 2021.
Remuneration Strategy and Principles
Our remuneration strategy is designed to attract, motivate and retain employees to drive the current and future
growth of the Company. The following are our guiding principles for remuneration of Senior Management.
ALIGNMENT WITH SHAREHOLDERS’ INTERESTS FAIR AND APPROPRIATE

• Align interests between management and • Offer competitive packages to attract and retain
shareholders highly experienced and talented individuals
• Select appropriate performance metrics for • Link a significant proportion of remuneration to
annual and long-term incentive plans to support performance, both on an annual and long-term
business strategies and ongoing enhancement of basis
shareholder value • Structure a significant but appropriate proportion
• Allow for performance-related clawback if long- of remuneration to be at risk with symmetric upside
term sustained performance targets are not met and downside
• Establish sound and structured funding to ensure
affordability
PAY-FOR-PERFORMANCE EFFECTIVE IMPLEMENTATION

• Measure performance based on a holistic • Ensure link between performance and
balanced scorecard approach, comprising both remuneration is clear and the framework is simple
financial and non-financial metrics for employees to understand
• Ensure targets are appropriately set for threshold, • Meet rigorous corporate governance requirements
target, stretch and exceptional performance levels
REMUNERATION GOVERNANCE During the year, the ERCC engaged Willis Towers
The effectiveness of our remuneration strategy is Watson (Singapore) to conduct Executive Remuneration
underpinned by a robust governance. The ERCC Benchmarking for Senior Management. The ERCC also
reviews remuneration of Senior Management through engaged Aon Hewitt Singapore Pte Ltd (Aon Hewitt)
a process that considers Group, business unit and to provide valuation and vesting computation for grants
individual performance as well as relevant comparative awarded under the Singtel Performance Share Plan 2012.
remuneration in the market. On an annual basis, the Willis Towers Watson, Aon Hewitt and their consultants
ERCC proposes the compensation of the Management are independent and not related to the Group or any
Committee for the Board’s approval and approves of its Directors.
compensation for the other Senior Management.
87
OVERVIEW
Singtel may, under special circumstances, compensate our long-term strategy. Our scorecard comprises key
Senior Management for their past contributions when performance indicators (KPIs) in four broad categories:
their services are no longer needed, in line with market Financial, Strategy, Operational and People. These KPIs
practice; for example, due to redundancies arising from are aligned to the objectives of our Annual Operating
reorganisation or restructuring of the Group.
BUSINESS REVIEWS
Plan and longer-term strategy plan, which are discussed
and approved by the Board. Weightings are allocated
If an executive is involved in misconduct or fraud, to the KPIs for each Senior Management to ensure a
resulting in financial loss to the company, the ERCC balanced approach in assessing individual’s performance
has the discretion not to award and to forfeit incentive and determining the appropriate remuneration.
components of the executive’s remuneration, to the
extent that such award or incentive has not been Remuneration Components
released or disbursed. Our total remuneration provides an appropriate
balance between fixed and performance-related
REMUNERATION FRAMEWORK components. The remuneration structure is such that

Our remuneration framework is designed to incentivise the percentage of the performance-related
executives to deliver the Group’s strategic priorities and components increases for the more senior levels
enhance shareholder value over the short, medium and to reflect their greater accountabilities and impact
long term. on business performance. The key remuneration
components for Senior Management are indicated
Balanced Scorecard in the following diagram and tables.
We use a balanced scorecard approach to measure how
successful we are in serving stakeholders and executing
TOTAL REMUNERATION
PERFORMANCE
FIXED COMPONENTS
BASE SALARY BENEFITS & PROVIDENT/

SUPERANNUATION
+
PERFORMANCE-RELATED COMPONENTS
FINANCIALS
LONG-TERM
VARIABLE BONUS
INCENTIVES ADDITIONAL INFORMATION

Fixed Components
BASE SALARY
Purpose and Linkage Reflects the market worth of the job and considers the responsibilities, competencies and
to Performance experience of the individual. Linked to each executive’s sustained long-term performance.
Policy Approved by the Board based on ERCC’s recommendation and reviewed annually against:
• Peers of similar financial size and complexity to the Group

• Pay and conditions across the Group
• Executive’s contribution and experience
In Australia, consistent with local market practice, executives may opt for a portion of their
salaries to be received in benefits-in-kind, such as superannuation contributions and motor
vehicles, while maintaining the same overall cost to the company.
For 2020, Singtel has implemented a wage freeze across the company, except for
operational and support staff, to conserve financial headroom to cope with the
unprecedented uncertainties.
BENEFITS & PROVIDENT/SUPERANNUATION FUND

Purpose and Linkage Provisions are in line with local market practices and legislative requirements, and not
to Performance directly linked to performance.
Policy Singtel contributes towards the Singapore Central Provident Fund or the Optus
Superannuation Fund or any other chosen fund, as applicable. Singtel also provides in-
company medical scheme, club membership, employee discounts and other benefits that
may incur Australian Fringe Benefits Tax, where applicable.
Participation in benefits is dependent on the country in which the executive is located.

For expatriates located away from home, additional benefits such as accommodation,
children’s education and tax equalisation may be provided.
Performance-Related Components
VARIABLE BONUS
Variable bonuses comprise Performance Bonus and Value Sharing Bonus. In determining the final variable bonus
payments, the ERCC considers the overall Group, business unit and individual performance as well as relevant market
remuneration benchmarks.
PERFORMANCE BONUS (PB)

Purpose Reward short-term performance against annual targets set in the balanced scorecard
(Financial, Strategy, Operational and People KPIs) for each executive.
Award Type Cash bonus
Linkage to Annual payout that will vary based on actual achievement against Group, business unit and
Performance individual performance targets.
Participants All employees
89
OVERVIEW
VALUE SHARING BONUS (VSB)
Purpose Defer Senior Management’s bonuses over a time horizon to ensure alignment with
sustainable value creation for shareholders over the medium term.
BUSINESS REVIEWS
Award Type Cash bonus
Linkage to Tied to the Economic Profit (EP) performance of the Group
Performance
Participants Senior Management
Vesting Mechanism A “VSB” bank is created for each executive to hold the VSB allocated to him or her in any
and Schedule year. One-third of the “bank” balance would be paid out in cash provided it is positive. The
remaining balance will be carried forward and at risk as it is subject to performance-
related clawback and could be reduced in the event of EP underperformance in the future.

LONG-TERM INCENTIVES
Long-term incentives comprise Restricted Share Award (RSA) and Performance Share Award (PSA). These are equity
awards provisionally granted to Senior Management based on performance at the end of each financial year at the
discretion of the ERCC. A significant portion of the remuneration for our Senior Management is delivered in Singtel
shares to ensure that their interests are aligned with shareholders. In particular, the long-term incentives mix is more
heavily weighted towards PSA for more senior executives to increase focus on shareholder returns.
LONG-TERM INCENTIVES (LTI)

Purpose Reinforce the delivery of long-term growth and shareholder value to drive an ownership
culture and retain key talent.
Award Type 2020 Restricted Share Award (RSA) 2020 Performance Share Award (PSA)
Linkage to Individual Performance Group and Individual Performance
PERFORMANCE
Performance
PSA performance conditions are key drivers
of shareholder value creation and aligned to
the Group’s business objectives
Participants Broader group of executives Senior and Top Management
Vesting Mechanism Time-based schedule and subject to Over a three-year performance period.
and Schedule individual’s performance.
• Singtel Group’s Absolute Total
FINANCIALS
50% of the RSA will vest two years from grant Shareholder Return achieved against
date and remaining 50% will vest three years predetermined targets (60%)
from grant date, subject to the following • Singtel Group’s Reported NPAT achieved
conditions: against predetermined targets (20%)
• Environmental, Social and Governance
• Continued employment with the indicators against predetermined
Singtel Group targets (20%)
• Maintaining a satisfactory performance
rating for the financial year preceding

each tranche of vesting

Policy and The number of shares awarded under RSA and PSA is determined using the valuation of the
Governance shares based on a Monte-Carlo simulation. The RSA share awards have a service condition,
while the PSA share awards are conditional upon the achievement of predetermined
performance targets over the performance period. The PSA performance conditions and
targets are approved by the ERCC at the beginning of the performance period.
Minimum Shareholding Requirement

To further strengthen alignment with shareholders, Senior Management are required to
build up and retain at least the equivalent of two times their annual base salary in shares.
Group CEO is expected to hold at least the equivalent of three times her annual base salary
as shareholding.
Treatment of Awards on Cessation of Employment

Special provisions for vesting and lapsing of awards apply for events such as the
termination of employment, misconduct, retirement and any other events approved by
the ERCC. Upon concurrence of any of the events, the ERCC will consider, at its discretion,
whether or not to release any award, and will take into account circumstances on a
case-by-case basis, including (but not limited to) the contributions made by the employee.
Singtel employees are prohibited from entering into transactions in associated products
which limit the economic risk of participating in unvested awards under Singtel’s
equity-based remuneration schemes.
LONG-TERM INCENTIVES VESTING OUTCOMES FOR THE YEAR

For the financial year ended 31 March 2020, the overall vesting outcome for 2017 PSA is 0% as the performance hurdles
were not met. Details of the 2017 PSA vesting conditions and outcomes are outlined in the table below.
2017 PSA
Performance Period: 1 April 2017 to 31 March 2020
Vesting
KPI Vesting Conditions Weighting Outcome %
Singtel Group’s Relative Total Shareholder Return 50% 0%
(Relative TSR) – Percentile ranking against the telco component stocks of the
MSCI Asia Pacific Communication Services Index
Singtel Group’s Absolute Total Shareholder Return 50% 0%
(Absolute TSR) – Absolute TSR achieved against predetermined targets
Overall outcome: 0%
91
OVERVIEW
Remuneration for Key Management
Remuneration of Key Management
For the financial year ended 31 March 2020, there were no termination, retirement and post-employment benefits
granted to Directors and Key Management.
BUSINESS REVIEWS
Remuneration of Executive Director
Summary compensation table for Group CEO (Chua Sock Koong) for the financial year ended 31 March 2020:
Fixed Variable Provident Total Cash

Remuneration Bonus Fund Benefits & Benefits
Name (S$)(1) (S$)(2) (S$)(3) (S$)(4) (S$)(5)
Earned 1,366,562 3,099,932

Chua Sock Koong 1,647,096 9,180 77,094
Paid out 2,896,537 4,629,907

Performance shares granted, vested and lapsed for Ms Chua as at 31 March 2020 are as follows:
Restricted Share Award (RSA)(6)

Granted Vested Lapsed Released
(no. of shares) (no. of shares) (no. of shares) Date (no. of shares)
3-Jun-19 222,324
2017 Awards 382,987 444,648 –
1-Jun-20 222,324
1-Jun-20 198,275
2018 Awards(7)(8) 396,550 198,275 –
1-Jun-21
1-Jun-21
2019 Awards(8) 202,475
1-Jun-22
1-Jun-22
PERFORMANCE
2020 Awards(8)(9) 230,468
1-Jun-23
Performance Share Award (PSA)(6)

2017 Awards 831,718 – 831,718 1-Jun-20 –

2018 Awards(8) 633,618 1-Jun-21
FINANCIALS
2019 Awards(8) 860,127 1-Jun-22
2020 Awards(8)(9) 818,567 1-Jun-23
Notes:
(1)
Fixed Remuneration refers to base salary earned for the financial year ended 31 March 2020.
(2)
Variable Bonus comprises Performance Bonus (PB) and Value Sharing Bonus (VSB). PB varies according to the actual achievement against Group, business unit and individual performance
objectives for the year. VSB is awarded for individual performance and Group Economic Profit (EP) performance for the year. The allocated VSB will be credited into the VSB ‘bank’ and one
third of the ‘bank’ balance is paid out in cash each year provided it is positive. The remaining balance is carried forward to the next year and at risk as it is subject to a clawback feature.
For more details, please refer to pages 89 to 90. Variable Bonus Earned is the sum of PB and VSB awarded for the financial year ended 31 March 2020. Variable Bonus Paid Out is the sum
of PB and VSB paid out in June 2020.

(3)
Provident Fund in Singapore represents payments in respect of company statutory contributions to the Singapore Central Provident Fund.
(4)
Benefits are stated on the basis of direct costs to the company and include car benefits, flexible benefits and other non-cash benefits such as medical cover and club membership.
(5)
Total Cash & Benefits Earned is the sum of Fixed Remuneration, Provident Fund, Benefits and Variable Bonus awarded for the financial year ended 31 March 2020. Total Cash & Benefits
Paid Out is the sum of Fixed Remuneration, Provident Fund, Benefits and Variable Bonus paid out for the financial year ended 31 March 2020.
(6)
Long-term Incentives are awarded in the form of Restricted Share Award (RSA) and Performance Share Award (PSA) under the Singtel Performance Share Plan 2012.
(7)
The second tranche of the RSA granted in 2018 will vest and be released in June 2021, subject to continued employment and meeting of performance conditions.
(8)
The vesting of the RSA and PSA are conditional upon the achievement of predetermined performance targets or vesting conditions over the respective performance period.
(9)
The 2020 grants of RSA and PSA were made in June 2020 for performance for the financial year ended 31 March 2020. The per unit fair values of the RSA and PSA are S$2.168 and
S$1.526 respectively.

Remuneration of Other Key Management

Summary compensation table for the other top five Key Management for the financial year ended 31 March 2020:
Restricted Performance
Fixed Variable Provident Total Cash Share Award Share Award
Remuneration(1) Bonus(2) Fund(3) Benefits(4) & Benefits(5) (RSA)(6)(9) (PSA)(6)(9)
Name (S$) (S$) (S$) (S$) (S$) (no. of shares) (no. of shares)
The following are in alphabetical order:
Allen Lew(7)
CEO Group Earned A$558,768 A$2,769,797
Strategy and A$1,569,231 9,180 A$631,947 94,096 334,208
Business Paid Out A$2,062,741 A$4,273,770
Development
Arthur Lang Earned 365,196 1,228,250
CEO 792,000 17,340 53,714 101,707 168,578
International Paid Out 590,196 1,453,250
Bill Chang Earned 417,971 1,408,800
CEO Group 909,996 17,340 63,493 111,162 394,822
Enterprise Paid Out 1,344,647 2,335,476
Jeann Low Earned 487,632 1,471,799
Group Chief 909,996 13,260 60,911 129,689 460,626
Corporate Officer Paid Out 963,210 1,947,377
Yuen Kuan Moon Earned 557,294 1,547,488
CEO Consumer 909,996 17,340 62,858 148,216 526,429
Singapore Paid Out 1,238,421 2,228,615
Earned 2,348,784 8,237,390
Total 4,984,285 74,460 829,861 584,870 1,884,663
Paid Out 6,058,652 11,947,258
Performance shares granted, vested and lapsed for the above five executives as at 31 March 2020 are as follows:
Restricted Share Award (RSA)

1-Feb-19 13,885
2016 Awards 20,448 27,769 –
3-Feb-20 13,884
3-Jun-19 503,869
2017 Awards 867,985 1,007,734 –
1-Jun-20 503,865
1-Jun-20 499,626
2018 Awards(8)(9) 999,251 499,626 –
1-Jun-21
1-Jun-21
2019 Awards(9) 545,487 –
1-Jun-22
93
OVERVIEW
Performance Share Award (PSA)

2016 Awards 90,815 – 90,815 3-Feb-20 –
BUSINESS REVIEWS
2017 Awards 1,678,971 – 1,678,971 1-Jun-20 –
2018 Awards(9) 1,515,104 1-Jun-21
2019 Awards(9) 2,144,513 1-Jun-22
Notes:
(1)
Fixed Remuneration refers to base salary earned for the financial year ended 31 March 2020.
(2)
Variable Bonus comprises Performance Bonus (PB) and Value Sharing Bonus (VSB). PB varies according to the actual achievement against Group, business unit and individual

performance objectives for the year. VSB is awarded for individual performance and Group Economic Profit (EP) performance for the year. The allocated VSB will be credited into the VSB
‘bank’ and one third of the ‘bank’ balance is paid out in cash each year provided it is positive. The remaining balance is carried forward to the next year and at risk as it is subject to a
clawback feature. For more details, please refer to pages 89 to 90. Variable Bonus Earned is the sum of PB and VSB awarded for the financial year ended 31 March 2020. Variable Bonus
Paid Out is the sum of PB and VSB paid out in June 2020.
(3)
Provident Fund in Singapore represents payments in respect of company statutory contributions to the Singapore Central Provident Fund.
(4)
Benefits are stated on the basis of direct costs to the company and include car benefits, flexible benefits and other non-cash benefits such as medical cover and club membership.
(5)
Total Cash & Benefits Earned is the sum of Fixed Remuneration, Provident Fund, Benefits and Variable Bonus awarded for the financial year ended 31 March 2020. Total Cash & Benefits
Paid Out is the sum of Fixed Remuneration, Provident Fund, Benefits and Variable Bonus paid out for the financial year ended 31 March 2020.
(6)
Long-term Incentives are awarded in the form of Restricted Share Award (RSA) and Performance Share Award (PSA) under the Singtel Performance Share Plan 2012. The 2020 grants of
RSA and PSA were made in June 2020 for performance for the financial year ended 31 March 2020. The per unit fair values of the RSA and PSA are S$2.168 and S$1.526 respectively.
(7)
All remuneration items for Allen Lew are denominated in Australian Dollar, except for his Provident Fund, which is denominated in Singapore Dollar.
(8)
The second tranche of the RSA granted in 2018 will vest and be released in June 2021, subject to continued employment and meeting of performance conditions.
(9)
The vesting of the RSA and PSA are conditional upon the achievement of predetermined performance targets or vesting conditions over the respective performance period.
SUMMARY OF DISCLOSURES – CORPORATE GOVERNANCE
PERFORMANCE
Rule 710 of the SGX Listing Manual requires Singapore Key information on each Director in this Annual Report:
listed companies to describe their corporate governance • Pages 22 to 26 – Directors’ independence status,
practices with specific reference to the 2018 Code in their appointment dates, length of directorship, academic
annual reports for financial years commencing on or after and professional qualifications and present and past
1 January 2019. This summary of disclosures describes our directorships details
corporate governance practices with specific reference to • Pages 66 and 78 – Directors’ meeting attendance
the express disclosure requirements in the principles and • Pages 85 to 92 – Directors’ remuneration
provisions of the 2018 Code. • Pages 261 to 268 – Additional Information on Directors
FINANCIALS
seeking re-election at the Annual General Meeting
to be held on 30 July 2020
Principles and provisions of the 2018 Code – Page reference in

Express disclosure requirements Singtel Annual Report 2020
Provision 1.2 Page 68
The induction, training and development provided to new and existing Directors.

Matters that require Board approval.
Provision 1.4 Pages 73 to 78

Names of the members of the Board Committees, the terms of reference of the Board
Committees, any delegation of the Board’s authority to make decisions, and a summary
of each Board Committee’s activities.


Provision 1.5 Pages 66 and 78
The number of meetings of the Board and Board Committees held in the year, as well as
the attendance of every Board member at these meetings.

The board diversity and progress made towards implementing the board diversity policy,
including objectives.

Process for the selection, appointment and re-appointment of Directors to the Board,
including the criteria used to identify and evaluate potential new directors and channels
used in searching for appropriate candidate.

Where the Board considers a Director to be independent in spite of the existence of
a relationship which may affect his or her independence, the nature of the Director’s
relationship and the reasons for considering him or her as independent should be
disclosed.
Provision 4.5 Pages 22 to 26 and

The listed company directorships and principal commitments of each director, and Page 72
where a director holds a significant number of such directorships and commitments,
the NC’s and Board’s reasoned assessment of the ability of the director to diligently
discharge his or her duties are disclosed.

How the assessments of the Board, its Board committees and each Director have been
conducted, including the identity of any facilitator and its connection, if any, with the
Company or any of its Directors.

The Company discloses the engagement of any remuneration consultants and their
independence.
Principle 8 Pages 87 to 91
Clear disclosure of remuneration policies, level and mix of remuneration, and procedure
for setting remuneration, and the relationship between remuneration, performance and
value creation.
Provision 8.1 For the CEO and

The Company discloses the policy and criteria for setting remuneration, as well as management:
names, amounts and breakdown of remuneration of (a) each individual director and the Pages 87 to 94
CEO; and (b) at least the top five key management personnel (who are not Directors or
the CEO) in bands no wider than S$250,000 and in aggregate the total remuneration For non-executive Directors:
paid to these key management personnel. Pages 85 to 87
95
OVERVIEW
Names and remuneration of employees who are substantial shareholders of the
BUSINESS REVIEWS
company, or are immediate family members of a Director, the CEO or a substantial
shareholder of the company, and whose remuneration exceeds S$100,000 during the
year, in bands no wider than S$100,000. The disclosure states clearly the employee’s
relationship with the relevant director or the CEO or substantial shareholder.
Provision 8.3 For non-executive Directors:

The Company discloses all forms of remuneration and other payments and benefits, Pages 85 to 87
paid by the company and its subsidiaries to directors and key management personnel
of the company, and also discloses details of employee share schemes. For key management

personnel:
Pages 92 to 94
For employee share

schemes:
Pages 90 to 94

Whether the Board has received assurance from (a) the CEO and the CFO that the
financial records have been properly maintained and the financial statements give
true and fair view of the Company’s operations and finances; and (b) the CEO and the
other key management personnel who are responsible, regarding the adequacy and
effectiveness of the Company’s risk management and internal control systems.
PERFORMANCE
Directors’ attendance at general meetings of shareholders held during the financial year.
Provision 12.1 Pages 81 to 83 and

The steps taken to solicit and understand the views of shareholders. Pages 97 to 98
Provision 13.2 Page 83 and

The strategy and key areas of focus in relation to the management of stakeholder Pages 111 to 117
FINANCIALS
relationships during the reporting period.

Investor Relations
Strive for clear, open and accurate Promote regular two-way investor Maintain leadership and set the
disclosures to help investors make communication through different bar for corporate governance and
informed and timely decisions about touch points and forums sustainability standards
their Singtel securities
PROACTIVE AND OPEN management of Singtel, Optus and India and the UK, who issue regular
COMMUNICATION WITH THE our regional associates. Participants reports. We monitor analyst, industry
INVESTMENT COMMUNITY also gained first-hand experience and media reports closely, as part
During the financial year ended of our digital services through demos of our efforts to continuously improve
31 March 2020, the management and of our mobile financial services, IoT disclosures and IR practices.
Investor Relations (IR) team engaged solutions and customer service bots.
more than 500 investors in over Each year, we commission an
160 meetings and conference calls Retail investors are an important part independent study on investor
to discuss the Group’s business strategy of our outreach efforts. We have been perceptions of our businesses.
and operational and financial a long-term sponsor of the Securities The study, comprising in-depth
performance. We also participated Investors Association (Singapore) interviews with approximately 70
in local and overseas investor (SIAS) Investor Education Programme institutional investors and research
conferences and roadshows in Europe, and the annual Singtel-SIAS dialogue analysts, gives our Board and
Canada, Malaysia and the US. provides a regular platform for us management a better understanding
to communicate our strategy and of investors’ views and concerns.
A key focus of the year’s investor performance with retail shareholders. It also helps the IR team identify
communications programme was Retail investors are welcome to areas of investor focus, enabling us
to help investors understand the contact us directly through email to tailor our communications and
progress made in the digitalisation or telephone. disclosures accordingly. The latest
of our operations and in growing study highlighted investors’ concerns
new revenue streams. Management Despite the COVID-19 situation, over the challenging market
from our digital marketing, cyber we have not stopped our active conditions in Singapore and Australia
security and payment businesses engagement with investors. We although this was partly alleviated
presented their strategies and continue to maintain contact by our regional associates’ improved
initiatives. We also continued to with them using video and audio competitive positions in their
organise tours of our business conferencing facilities. respective markets. Respondents
facilities, including our FutureNow also paid greater attention to the
Innovation Centre and the newly MAINTAIN LEAD IN CORPORATE Group’s capital allocation and
launched UNBOXED, Singapore’s GOVERNANCE, TRANSPARENCY balance sheet, which have supported
first unmanned retail pop-up store. AND INVESTOR RELATIONS Singtel’s strong dividend payouts.
We continue to nurture and maintain
The annual Singtel Investor Day strong links with sell-side research Good corporate governance also
attracted over 70 participants, analysts and are well-covered by plays a vital role in shaping investor
who appreciated the opportunity more than 20 analysts, based in perception of the integrity,
to interact directly with the senior Singapore, Malaysia, Hong Kong, transparency, accountability and
97
OVERVIEW
efficiency of a company. We keep The Singtel IR website is the primary over a conference call on the day
abreast of the latest developments source of corporate information, of the results announcement and
and benchmark ourselves against financial data and significant business a transcript of the conference call
best practices in key areas such as developments for both bond is posted on the Singtel IR website
BUSINESS REVIEWS
disclosure, board structure, shareholder and equity investors. All material the next work day.
rights and remuneration. announcements are made available
on the IR website immediately after SHAREHOLDER INFORMATION
We proactively engage investors to they are released to the Singapore As at 31 March 2020, Temasek
understand their views on sustainability Exchange to ensure fair, equal and Holdings (Private) Limited remained
and how it influences their investment prompt dissemination of information. our largest shareholder, with 53%
decisions. We provide disclosures In addition, we constantly review the of issued share capital. Other
on our sustainability initiatives level of disclosure, to align it with Singapore shareholders held
and help investors understand our global best practices and take into approximately 12%. In terms of
material issues, policies and efforts account new business initiatives. geographical distribution, the US/

in areas such as the environment Canada and Europe accounted
and climate change, data protection, During our earnings announcements, for approximately 11% and 9%
supply chain, social matters and we provide extensive information, of issued shares respectively.
human rights. We have endorsed including detailed financial statements,
the Task Force on Climate-related management discussion and
Financial Disclosures’ voluntary analyses and presentation slides.
framework and are working towards Our management responds to
meeting its standards. questions from investors and analysts
IR CALENDAR OF EVENTS SHARE OWNERSHIP BY GEOGRAPHY(1)
PERFORMANCE
May 2019 US/Canada
• Non-deal Equity Roadshows, Singapore, 11% Europe
Europe and North America
Singapore 9%
Asia
June 2019 (ex-Temasek)
(ex-Singapore)
• Singtel Investor Day, Singapore 12%
5%
July 2019
FINANCIALS
• 27th Annual General Meeting, Singapore
16.3b
Others
August 2019
11%
• Non-deal Equity Roadshows, Singapore
and Malaysia
shares(2)
November 2019
• Non-deal Equity Roadshows, Singapore Temasek
and the UK Holdings(3)

• Citi Access Day, Singapore 53%
February 2020
• Non-deal Equity Roadshow, Singapore
May 2020
• Non-deal Equity Roadshows, Singapore, Notes:
(1)
These figures do not add up to 100% due to rounding.
Europe and North America (2)
As at 31 March 2020.
(3)
Includes direct and deemed interest.

Risk Management
Philosophy and Approach
We identify and manage risks to reduce the uncertainty associated with executing our
business strategies and to maximise opportunities that may arise. Risks can take various
forms and can have material adverse impact on our reputation, operations, human
resources and financial performance.
We have established a comprehensive risk management framework approved by our

Risk Committee. The risk management framework sets out the governance structure
for managing risks, our risk philosophy, risk appetite and tolerance levels, our risk
management approach as well as risk factors.
In addition, our risk assessment and mitigation strategy is aligned with our Group strategy
and an integral part of the annual business planning and budgeting process.
Governance Structure for Managing Risks
THE BOARD
• Instils culture and approach for risk governance • Reviews key risks and mitigation plans
• Provides oversight of risk management systems • Determines risk appetite and tolerance
and internal controls • Monitors exposure
RISK COMMITTEE AUDIT COMMITTEE

• Reviews and recommends risk strategy and policies • Reviews adequacy and effectiveness of the
• Oversees design, implementation and monitoring Group’s internal control framework
of internal controls • Oversees financial reporting risk for the Group
• Reviews adequacy and effectiveness of the Group’s • Oversees internal and external audit processes
risk framework • Monitors exposure
• Monitors the implementation of risk mitigation plans
MANAGEMENT COMMITTEE
• Implements risk management practices within all business units and functions
RISK MANAGEMENT COMMITTEE

• Supports the Board and Risk Committee in terms • Reviews the risk assessments carried out by
of risk governance and oversight the business units
• Sets the direction and strategies to align risk • Reviews and assesses risk management systems
management and monitoring with the Group’s and tools
risk appetite and tolerance • Reviews efficiency and effectiveness of
mitigation and coverage of risk exposure
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OVERVIEW
Our Risk Philosophy
Our risk philosophy and risk management approach are based on three key principles:
BUSINESS REVIEWS
RISK-CENTRIC CULTURE STRONG CORPORATE PROACTIVE RISK
• Set the appropriate tone at GOVERNANCE STRUCTURE MANAGEMENT PROCESS
the top • Promote good corporate • Robust processes and systems
• Promote awareness, governance to identify, quantify, monitor,
ownership and productive • Provide proper segregation mitigate and manage risks
management of key risks of duties • Benchmark against global
• Promote accountability • Clearly define risk-taking best practices
responsibility and authority

• Promote ownership and
accountability for risk-taking
Risk Appetite
The Board has approved the following risk appetite statement:
• The Group is committed to delivering value to our shareholders achieved through sustained profitable growth.
However, we shall not compromise our integrity, values and reputation by risking brand damage, service
delivery standards, severe network disruption or regulatory non-compliance.
PERFORMANCE
• The Group will defend our market leadership position in Singapore and strengthen our market position in
Australia and in the Pacific through our regional associates. We will continue to pursue business expansion in
the emerging markets, including acquiring controlling stakes in the associates, and actively managing the risks.
• The Group is prepared to take measured risks to seek new growth in the digital space by providing global
platforms and enablers, targeted at a global footprint, while leveraging our current scale and core strengths.
FINANCIALS
The Group targets an investment grade credit rating and dividend payout policy consistent with our stated
dividend policy and guidance.
Risk Management
We have established a rigorous and framework is effectively implemented review and assess the environmental,
systematic risk review process to identify, within the business units. The business social and governance (ESG) risks
monitor, manage and report risks units are supported by specialised that exist or emerge in our broader
throughout the organisation based on functions such as Regulatory, Legal, value chain, and we address them
our risk philosophy. Management has Tax, Cyber Resilience, Environment with various corporate sustainability
the primary responsibility for identifying, and Sustainability, Insurance, Treasury initiatives. Our corporate sustainability
managing and reporting to the Board and Credit Management in the initiatives are discussed further on
the key risks faced by the Group. management of risks. In addition, page 111 and in our Group Sustainability
Management is also responsible for through stakeholder engagement and Report.
ensuring that the risk management materiality assessments, we regularly

Risk Management
Our key risk management activities and Group CFO, with assurance However, we aim to mitigate the
also include scenario planning, from the Management Committee exposure through appropriate
business continuity/disaster recovery members, provide an annual written risk management strategies and
management and crisis planning certification to the Board confirming internal controls.
and management. Close monitoring the integrity of financial reporting,
and control processes, including and the efficiency and effectiveness
The section below sets out the
the use of appropriate key risk and of the risk management, internal
principal risk types, which are not
key performance indicators, are control and compliance systems.
listed in the order of significance.
implemented to ensure the risk profiles
are managed within policy limits. In the course of their statutory audit, • Pandemic Risks/COVID-19
external auditors review our material • Economic Risks
In addition, we have in place a formal internal controls to the extent of the • Political Risks
programme of risk and control self- scope laid out in their audit plans.
• Regulatory and Litigation Risks
assessment where line personnel are Any material non-compliance and
involved in the ongoing assessment internal control weaknesses, together • Competitive Risks
and improvement of risk management with their recommendations to • Expansion Risks
and controls. The effectiveness of address them, are reported to the AC. • Project Risks
our risk management policies and Our Management, with the assistance
• New Business Risks
processes is reviewed on a regular of Singtel IA, follows up on the
basis and, where necessary, improved. auditors’ recommendations as part • Technology Risks
Independent reviews are conducted of their role in reviewing our system • Vendor/Supply Chain Risks
by third-party consultants regularly of internal controls. • Information Technology Risks
to ensure the appropriateness of the
• Data Protection and
risk management framework. The systems that are in place are
Privacy Risks
The consultants also report key risks intended to provide reasonable but
to the Board, as well as provide not absolute assurance against • Cyber Security Risks
periodic support and input when material misstatements or loss, • Network Failure and
undertaking specific risk assessments. as well as to ensure the safeguarding Catastrophic Risks
Overall, the risk management of assets, the maintenance of proper • Financial Risks
processes facilitate alignment of our accounting records, the reliability
• Talent Management Risks
strategy and annual operating plan of financial information, compliance
with the management of key risks. with applicable legislation, regulations • Electromagnetic Energy Risks
and best practices, and the • Climate Change Risks
Singtel’s Internal Audit (IA) carries identification and management
out reviews and internal control of business risks.
advisory activities aligned to the PANDEMIC RISKS/COVID-19
key risks in our businesses. This Risk Factors The Group could be adversely
provides independent assurance impacted by global pandemics,
to the Audit Committee (AC) on Our financial performance and and the Group’s business and
the adequacy and effectiveness operations are influenced by a vast operations have been affected by the
of our risk management, financial range of risk factors. Many of these unprecedented disruption caused by
reporting processes, and internal affect not just our businesses, the COVID-19 pandemic, which has
control and compliance systems. but also other businesses in and shaken governments, health systems,
outside the telecommunications economies and societies around the
In order to provide assurance to industry. These risks vary widely world. Since its outbreak, COVID-19
the Board, the CEOs of our business and many are beyond the Group’s has spread with alarming speed across
units submit an annual report on the control. There may also be risks that various countries and territories, and
key risks and mitigation strategies are either presently unknown or not resulted in a significant number of
for their respective businesses to currently assessed as significant, infections and fatalities. The economic
the Risk Committee. Our Group CEO which may later prove to be material. consequences of the outbreak are yet to
101
OVERVIEW
unfold although governments in many changes in enterprise and consumer macroeconomic environment and this
countries are implementing budgetary behaviours, and government and could have an adverse effect on our
interventions and economic stimulus regulatory actions, may pose significant overall Group strategy and growth.
programmes. The outbreak of such challenges to the management of
BUSINESS REVIEWS
infectious diseases together with the capital investments, working capital The global credit and equity markets
restrictions on travel and imposition of and business changes. have experienced substantial
quarantine and/or lockdown measures dislocations, liquidity disruptions
may have an adverse effect on various As the COVID-19 situation develops, and market corrections. These and
aspects of our business and operations, the consequences of the COVID-19 other related events have had a
impacting mobile roaming revenue outbreak or any future outbreak of significant impact on economic growth
and business continuity. The disruptions infectious disease are unpredictable as a whole and consequently, on
of such pandemic outbreaks to global and there can be no assurance that consumer and business demand for
supply chains of network systems, any precautionary or other measures telecommunications, IT and related
equipment, handsets, devices and taken against such infectious diseases services, and digital services.

content, could impact or lead to would be effective. The effectiveness
delays in the deployment, installation, of the measures adopted by various Our planning and management
upgrading, operation and maintenance governments in response to the review processes involve keeping
of network infrastructure, and/or COVID-19 outbreak and the extent to abreast of the economic and market
delivery of equipment, handsets, which these can mitigate the adverse developments and periodic monitoring
devices and content. The imposition economic impacts from the pandemic of budgets and expenditures to
of movement restriction measures on remain uncertain. There can be no optimise the allocation of capital
a nationwide or at a city level in the assurance that the business among the various businesses in our
countries that we operate in, could environment and/or customer demand Group. Each of the business units
lead to access and workforce will fully recover post-COVID. in our Group has continuing cost
constraints and impede our ability However, we will continue to monitor management and transformation
to operate and serve our customers, the impact on our business, financial programmes to drive improvements
resulting in deterioration in service condition, results of operations and in their cost structures and/or
PERFORMANCE
levels and/or quality, delays to projects prospects, and institute the necessary changes in their business model.
and deliverables to customers, inability measures to protect the health and
to meet contractual obligations and/ safety of our workforce, and to mitigate POLITICAL RISKS
or failure to comply with regulatory the risks to our business. We will also Our business is geographically
requirements. Such measures could plan and adjust our strategies to diversified with operations in
significantly dampen both consumer adapt to the post-COVID scenario, Singapore, Australia and the emerging
and enterprise spending, and adversely as telecommuting and digitalisation markets. Some of the countries in
affect revenues. Decline in revenues accelerate, and telecommunications which we operate have experienced
FINANCIALS
and delay in payments or non-payments infrastructure becomes even more or continue to experience political
from customers’ default may lead to critical. instability. The continuation or
funding constraints for the Group. re-emergence of such political
ECONOMIC RISKS instability in the future could have a
A prolonged and widespread pandemic Changes in domestic, regional and material adverse effect on economic or
outbreak may result in a global global economic conditions may social conditions in those countries, as
recession with severe impact to various have a material adverse effect on well as on the ownership, control and
sectors such as telecommunication, the demand for telecommunications, condition of our assets in those areas.
aviation, travel, retail, tourism, auto, information technology (IT) and related
manufacturing and oil and gas; services, digital services, and hence, We work closely with the Management
reduced investment and spending; on our financial performance and and our partners in the countries
and severe unemployment. An economic operations. Global headwinds such where we operate, to leverage the
downturn of this scale, coupled with as trade tensions and the COVID-19 local expertise, knowledge and
the uncertainties around disruption to pandemic outbreak have resulted ability to manage the local and
business models posed by technology, in significant uncertainty in the socio-economic conditions and risks.

Risk Management
This way, we ensure compliance In Singapore, the Infocomm Media In Australia, the government
with the laws and are better able to Development Authority (IMDA) has, has adopted security legislation
implement risk mitigation measures. in its implementation of the Next and made decisions which have
Generation Nationwide Broadband affected the industry. In particular,
As our Enterprise and Digital Life Network (Next Gen NBN), designed equipment vendors from countries
businesses expand their business a structure to level the playing field with certain legal structures or
operations across the region and to make the benefits of the Next power have been excluded from
around the world, exposure to Gen NBN available to all industry participating in the supply of
similar political and socio-economic players. This Next Gen NBN structure equipment for 5G infrastructure.
risks may increase in the future. has significantly altered the existing
cost model of the industry and We have access to appropriate
REGULATORY AND increased the level of competition regulatory expertise and staffing
LITIGATION RISKS in the broadband market. resources in Singapore and Australia
Regulatory Risks and we work closely with the various
Our businesses depend on licences In Australia, the government has stakeholders and our partners in the
issued by government authorities. implemented a significant reform countries we operate in. We monitor
Failure to meet regulatory requirements of the fixed line telecommunications new developments closely and
could result in fines or other sanctions sector, including the rollout of a participate regularly in discussions
including ultimately, the revocation of national broadband network by and consultations with the respective
licences. Our operations are subject the government-owned entity, regulatory authorities and the industry
to extensive government regulations, NBN Co, operated on a wholesale-only to propose changes and provide
which may impact or limit our flexibility open access basis. It is possible that feedback on regulatory reforms
to respond to market conditions, the Australian government’s policy and developments in the
competition, new technologies or decisions relating to the national telecommunications and media
changes in cost structures. Governments broadband network or commercial industry. In addition to instituting
may alter their policies relating to the decisions taken by NBN Co could measures and processes to ensure
telecommunications, IT, multimedia ultimately lead to a sub-optimal regulatory compliances, we conduct
and related industries, as well as the or negative outcome for Optus. training and refresher sessions
regulatory environment (including for staff and management.
taxation) in which we operate. Such Our operations are also subject
changes could have a material to various other laws and regulations Access to Spectrum
adverse effect on our financial such as those relating to customer Access to spectrum is critically
performance and operations. data privacy and protection, important for supporting our business
payment services and anti-money of providing mobile voice, data and
Our overseas investments are also laundering, anti-bribery and other connectivity services. The
subject to the risk of imposition of corruption, workplace safety and use of spectrum in most countries
laws and regulations restricting the health, public order and safety, where we operate is regulated by
level, percentage and manner of cyber security, online falsehoods government authorities and requires
foreign ownership and investment, and national security. The regulatory licences. Failure to acquire access
as well as the risk of nationalisation. landscape for the media and to spectrum, or new or additional
Furthermore, judicial developments telecommunications industry has spectrum, on reasonable commercial
in various jurisdictions can be seen changes with recent terms, or at all, could have a material
unpredictable. Any of these factors developments applicable to cyber adverse effect on our core
can materially and adversely security and consumer protection. communications business, financial
affect our overseas investments. These changes, together with performance and growth plans.
increasing scrutiny and regulators
Consumer Australia, Consumer inclined to strong enforcement Taxation Risks
Singapore and Group Enterprise actions, may lead to additional Our Group has operations across
are impacted by the implementation compliance costs to the business. a large number of jurisdictions, and
of national broadband networks in Failure to meet regulations may we are subject to the tax regulations,
both Australia and Singapore. adversely affect our businesses. or changes in regulations, in the
103
OVERVIEW
respective jurisdictions in which network operators (MVNOs), industry in the telecommunications industry
we operate. The tax legislations or revenue may decrease further and by handset providers and other
changes may increase our compliance our market share may decline. digital service providers and
obligations and business costs. Singapore’s Next Gen NBN allows non-traditional telecommunications
BUSINESS REVIEWS
Retail Service Providers (RSPs) service providers, including social
We are committed to comply with equal and open access to Netlink media networks and over-the-top
applicable tax laws in countries Trust’s fibre network and in turn, has (OTT) players which provide
where we operate. We have skilled increased competitive pressure in multimedia and video content,
staff in taxation matters and work fixed broadband and home services. applications and services directly
with external tax advisors where on demand.
necessary. Material tax disputes and In the Australian mobile market,
risks are escalated in accordance in addition to the incumbent We continue to invest in our
with the risk management framework, operator, a number of participants networks to ensure that they
and appropriate disclosures are are subsidiaries of international have the coverage, capacity and

made in our financial statements. groups and operators, and have speed that will provide our
made large investments which are customers with the best network
Litigation Risks now sunk costs. We are, therefore, and connectivity experience.
We are exposed to the risk of regulatory exposed to the risk of irrational Group Consumer is focused
and litigation action by regulators pricing being introduced by such on driving efficiencies and
and other parties. Such regulatory competitors. The consumer fixed innovation via new technologies,
matters and litigation actions may line services market continues to products, services, processes
have a material effect on our financial be dominated by the incumbent and business models to meet
condition and results of operations. provider, which can leverage its evolving customer needs and
Examples of such litigation are scale and market position to restrict enhance customer experiences.
disclosed as contingent liabilities in the development of competition.
the Notes to the Financial Statements. With the deployment of the Australian Group Enterprise Business
national broadband network, Business customers enjoy a wide
PERFORMANCE
We have put in place master supply competition is expected to increase range of choices for many of our
agreements with key vendors, further as new operators enter services, including fixed, mobile,
master services agreements with key the market. With the impending cloud, managed services and
customers, and implemented contract merger of two existing operators, hosting, IT services and consulting.
policies to manage contractual mobile competition is expected Competitors include multinational
arrangements with our vendors and to further intensify. IT and telecommunications
customers. The policies also set out companies, technology companies
the necessary risk empowerment The operations of our regional that introduce new communication
FINANCIALS
framework and principles for the associates’ businesses are also services, as well as other
Management Committee, CEOs, subject to highly competitive market non-traditional players, while the
and Management to approve conditions. Their growth depends enterprise market in Australia
deviations from the standard terms. in part on the adoption of mobile is dominated by the incumbent.
data services in their markets. Some The quality and prices of these
COMPETITIVE RISKS of these markets have and could services can influence a potential
We face competitive risks in all continue to experience intensifying business customer’s decision.
markets and business segments price competition for mobile data Prices for some of these services
in which we operate. services from new competitors have declined significantly in

and/or smaller scale competitors, recent years as a result of capacity
Group Consumer Business leading to lower profitability and additions, technology innovations
The telecommunications market potential loss of market share for and price competition. Such price
in Singapore is highly competitive. our associates. declines are expected to continue.
As competition further intensifies
with the entry of a fourth mobile Our business models and profits are Group Enterprise continues to
network operator and mobile virtual also challenged by disintermediation focus on offering companies

Risk Management
comprehensive and integrated our expansion strategy and develop PROJECT RISKS
infocomm technology (ICT) solutions new revenue streams. Our efforts are We incur substantial capital expenditure
and initiatives to strengthen challenged by the limited availability in constructing and maintaining our
customer engagement. This includes of opportunities, competition from networks and IT systems infrastructure.
broadening our solution portfolio other potential investors, foreign These projects are subject to risks
to cover new areas of customer ownership restrictions, government associated with the construction,
needs, such as cloud computing, and regulatory policies, political supply, installation and operation
cyber security and digital solutions considerations and the specific of equipment and systems.
for smart cities and enterprises. preferences of sellers. We face
challenges arising from integrating The projects that we undertake as
Group Digital Life Business newly acquired businesses with our contractors to operate and maintain
The digital products and services own operations, managing these infrastructure are subject to the risks
we offer are primarily in the areas of businesses and talent in markets of increased project costs, disputes
digital marketing and data analytics. where we have limited experience and unexpected implementation
Competition is intense, with many and/or resources and financing delays, any of which can result
OTT operators offering these services these acquisitions. We also risk not in an inability to meet projected
and facing low barriers to entry. being able to generate synergies completion dates or service levels.
from these acquisitions, and the
Group Digital Life aspires to become acquisitions becoming a drain on our Group Enterprise is a major IT service
a significant global player in these management and capital resources. provider to governments and large
areas by delivering distinctive enterprises in the region. We face
products and services in the target The business strategies of some potential project execution risks such
markets and launching them of our regional associates involve as effort estimation or technical
quickly to capture market share. expanding operations outside their complexities which can result in cost
We will continue to scale our digital home countries, as well as in-country overruns, project delays and losses.
businesses, leveraging our valuable mergers and acquisitions. These
assets, such as extensive customer associates may enter into joint We have a risk management framework
knowledge, touch points, intelligent ventures and other arrangements in place for systematic assessment,
networks and our customer base. with other parties. Such joint ventures monitoring and reporting of project
and other arrangements involve risks. Risk profiling of the projects is
EXPANSION RISKS risks, including, but not limited to, performed from bid qualification and
Given the size of the Singapore and the possibility that the joint venture or participation and reviewed throughout
Australia markets, our future growth investment partner may have economic project execution. This is to ensure
depends, to a large extent, on our or business interests or goals that that appropriate attention and quality
ability to grow our overseas operations are not consistent with those of the assurance and focus are given by
in both core communications and associates. There is no guarantee that management to high risk projects.
new digital services. This comes with the regional associates can generate
considerable risks. synergies and successfully build a NEW BUSINESS RISKS
competitive regional footprint. Beyond our traditional carriage
Partnership Relations business in Singapore and Australia,
The success of our strategic We adopt a disciplined approach we are venturing into new growth
investments depends, to a large extent, in our investment evaluation and areas to create additional revenue
on our relationships with, and the decision-making process. Members streams, including 5G, regional
strength of our partners. There is no of our management team are also premium OTT video, mobile payment
guarantee that we will be able to directors on the boards of our and remittance services, gaming and
maintain these relationships or that associates and joint ventures. In content, managed services, cloud
our partners will remain committed addition to sharing network expertise, services, cyber security, ICT, data
to the partnerships. product innovation and development, analytics and digital marketing.
and commercial experience, best There is no assurance that we will be
Acquisition Risks practices in the areas of corporate successful in these ventures and gain
We continually look for investment governance and financial reporting market share, and these businesses
opportunities that can contribute to are shared across the Group. may require substantial capital,
105
OVERVIEW
new expertise, considerable process restrict vendors from certain countries including compliance with existing
or system changes, as well as from participating in the supply of 5G and/or new laws and regulations,
organisational, cultural and mindset network equipment to mobile network and associated increased cost of
changes. These businesses may also operators. This limits the available compliance. The digital bank may not
BUSINESS REVIEWS
expose us to regulatory and IT security vendor sources and may lead to higher be able to attract, integrate and retain
risks, along with the risks associated investment costs. the right talent with the appropriate
with industries like cyber security, skillsets and expertise to develop
media, online content, such as media With 5G, as with the deployment of our and/or execute the bank’s business
regulation, brand safety, intellectual various networks, we will continue to strategies and plans, or effectively
property infringement, content rights monitor health and safety concerns manage risks arising from the bank’s
disputes, online falsehood, and data around exposure to electromagnetic activities. The digital bank may lose
protection regulations and legislation. energy emissions (EME), ensure full its licence to continue operations
compliance with government mandated if its financial performance does not
As new businesses place new demands standards and institute the necessary meet expectations or deteriorates.

on people, processes and systems, precautionary measures to safeguard There could also be a misalignment
we respond by continually updating the health and safety of the public and of interests, goals and cultures between
our organisation structure, talent our customers. the members of the consortium, and/
management and development or with the management of the digital
programmes, reviewing our policies Digital Banking Risks bank, resulting in an inability to
and processes, and investing in new In June 2019, the Monetary Authority resolve disputes in an effective and
technologies to meet changing needs. of Singapore (MAS) announced that timely manner.
We will constantly stay abreast of new it will issue up to two digital full bank
trends and build strategic partnerships (DFB) licences and three digital We will collaborate with our partners
with market players to stay competitive. wholesale bank (DWB) licences. and the digital bank to drive synergies
The digital bank licences will allow from the combined strengths, digital
5G Risks companies (including non-bank players) assets and know-how, and other
In Singapore, IMDA has announced to conduct digital banking businesses in resources of the Group and partners.
PERFORMANCE
Singtel Mobile Singapore Pte Ltd Singapore and this marks a new chapter We will have appropriate board
as one of the winners of its 5G Call- in the liberalisation of Singapore’s representation and shareholders’
For-Proposal and will allocate radio banking industry. We have formed a agreement to ensure governance
frequency spectrum for us to deploy consortium with Grab Holdings Inc. to and rights protection and oversee
nationwide 5G networks. In Australia, apply for a DFB licence, which will allow the establishment of sound risk
new spectrum licences for the 26GHz the digital bank to take deposits from management principles, policies
band are likely to be auctioned in late and provide banking services to retail and procedures and sustainable
2020. Failure to acquire the licences and non-retail customer segments. business practices.
FINANCIALS
in Australia could have an adverse
effect on our core communications Should our consortium be awarded TECHNOLOGY RISKS
business and our competitiveness. the licence, there is no assurance that Rapid and significant technological
The business case for investment in the consortium will be successful in its changes are typical in the
5G network and related systems digital banking venture. The digital telecommunications and ICT industry.
has risks of uncertainty and may bank requires substantial capital outlay Technological changes may reduce
be earnings dilutive. There may and could be subjected to investment costs, expand the capacity of new
also be a long payback period as and/or financial losses arising from infrastructure, bring new sources
5G use cases and revenue and failure to scale and acquire customers of revenue, and/or result in shorter
monetisation opportunities are not and/or the failure to manage the periods for investment recovery, all
yet fully developed. The existing various risk exposure related to the of which present both opportunities
high quality 4G networks may also digital banking business, including aswell as disruptions and challenges.
limit the perceived value of 5G and credit risks, market risks, liquidity These changes may materially affect
impact its monetisation potential. risks, technology risks and/or other the Group’s capital expenditure
operational risks. The business is and operating costs, as well as
In addition, the Australian government also exposed to the regulatory risks thedemand for products and services
has implemented security legislation to associated with the banking industry, offered by our business divisions.

Risk Management
The rapid advancements in wireless We continue to invest in upgrading, governments and regulators on
communications and new digital modernising through digital various vendors to ensure our key
technologies such as 5G, AI, Application transformation initiatives and vendors comply with the relevant laws
Programming Interfaces, cloud and equipping our people and systems and regulations. We also monitor our
blockchain are driving the development with new capabilities to ensure we relationships with key vendors closely
of entirely new ecosystems and are able to deliver innovative and and develop new relationships to
business models. This may leave relevant services to our customers. mitigate supply risks. We have in place a
us with infrastructure and systems Sustainable Supply Chain Management
that are technically obsolete before VENDOR/SUPPLY CHAIN RISKS strategy and approach, including a
the end of their expected useful life We rely on third-party vendors Supplier Code of Conduct, which is
and may require us to replace and and service providers and their regularly updated to manage risks that
upgrade our network and systems to extended supply chain in many may exist in our supply chain (Refer to
remain competitive, and as a result, aspects of our business for various the Singtel Group Sustainability Report
incur additional capital expenditure. purposes, including, but not limited for more details on how we address
to, the construction, operations and these risks and issues).
On the other hand, these changes also maintenance of our network, the
present opportunities for us to build supply of handsets and equipment, INFORMATION TECHNOLOGY RISKS
upon our connectivity advantage, systems and application development Our businesses and operations rely
depending on our ability to apply services, customer service operations, heavily on information technology
these technologies to relevant services. content provision and customer and we have established the Cyber
In the emerging markets in which acquisition. Accordingly, our operations Security Resiliency Committee to
our associates operate, regulatory and reputation may be affected by provide oversight of all IT and network
practices, including spectrum third-party vendors or their supply security risks, including cyber security
availability, may also not necessarily chains failing to perform their threats and data privacy breaches.
synchronise with the technology obligations or failing to operate in The committee is chaired by CEO,
progression path and the market line with increased expectations of Group Enterprise and comprises senior
demand for new technologies. key stakeholders such as government, members from the businesses, various
regulators and customers on a IT and network domains, and meets on
Each business unit faces the ongoing broadening set of ESG issues. a regular basis. The committee develops
risk of market entry by new operators In addition, the industry is dominated appropriate policies and frameworks
and service providers (including non- by a few key vendors for such to ensure information system security,
telecommunications players) that, by services, handsets and equipment. reviews the projects and initiatives
using newer or lower cost technologies, Any severe delays, failure or refusal on IT and network security, reviews
may succeed in rapidly attracting by a key vendor to provide such IT security incidents, and establishes
customers away from established services, handsets or equipment overall governance by performing
market participants. Our business may arising from disruptions caused audits and cyber security drills.
also incur substantial development by global pandemics including the
expenditure to gain access to related COVID-19 situation, government- We have established a Group Cyber
or enabling technologies to pursue imposed bans on vendors and/or Security Policy for managing risks
new growth opportunities in the sanctions due to security and other associated with information security.
business, e.g. the ICT industry. The concerns, or any consolidation of The policy is developed based on
challenge is to modify our existing the industry, may significantly affect industry best practices and is aligned
infrastructure and processes in a our business and operations. with international standards such as
timely and cost-effective manner to ISO 27001. The policy covers holistically
facilitate such implementation, failing We monitor new legislation introduced various aspects of IT risk governance,
which, this could adversely affect our such as the recent Australian including change management,
quality of service, financial condition Modern Slavery Act, as well as the user access management, database
and operational performance. developments and restrictions by configuration standards and disaster
107
OVERVIEW
recovery planning, and provides order to refine our practices. We have implementing a multi-layered security
the cornerstone for driving robust implemented security policies, framework to ensure there are
IT security controls across the Group. procedures, technologies and tools relevant preventive, detective and
designed to minimise the risk of privacy recovery measures. This includes
BUSINESS REVIEWS
We have also established a Project breaches. We have also established training our people to adopt a
Management Methodology to ensure an escalation process for incident security-first mindset and security
that new systems are developed with management, which includes security by design principle, being vigilant
appropriate IT security controls and breaches to ensure timely response, to existing and new cyber threats,
are subject to rigorous acceptance internally and externally, deploying the tools and resources
tests, including penetration testing, to minimise impact. to mitigate risks and ensuring
prior to implementation. compliance reviews on third-party
CYBER SECURITY RISKS service providers are conducted.
DATA PROTECTION The scale and level of sophistication
AND PRIVACY RISKS of cyber security threats have We have been building our capabilities

We seek to protect the data privacy increased with the changing tactics organically, as well as partnerships
of our customers in our networks and and tools by cyber attackers, ranging with best-of-breed technology partners.
systems. Significant failure of security from terrorist attacks, state-sponsored We have approximately 1,800 cyber
measures or lapses in established hacking, black-hat hacking or even security professionals, global security
processes may undermine customer internal threats and ransomware. operations and engineering centres
confidence and result in litigation As our business is heavily dependent and a specialised team of ethical
actions from customers and/or on the resiliency of our network hackers and forensic experts assisting
regulatory fines and penalties. We may infrastructure, and supporting systems, the businesses to manage vulnerabilities
also be subject to the imposition of we are exposed to cyber security and threats, achieve regulatory
additional regulatory measures relating threats which can result in disruptions compliance and implement secure
to the security and privacy of customer to our network and services provided solutions. The Group’s Cyber Security
data, which may impact the way we to customers, and leakage of sensitive Institute conducts regular training
conduct our business and/or market and/or confidential information. programmes to enhance the cyber
PERFORMANCE
our products and services to customers. The exposure is further intensified security skills and preparedness of our
with the growing dependency on staff as well as our customers, including
Regulators in various countries have connectivity and smart devices by businesses and governments in the
strengthened existing legislation our customers, and can lead to Asia Pacific. The Group also invested
and introduced new laws to protect impact on our reputation, litigation in a research and development lab
consumer privacy. In Australia, actions from customers and/or to drive innovation in this area.
regulators are increasingly active regulatory fines and penalties.
in enforcing existing laws and are NETWORK FAILURE AND
FINANCIALS
examining options to extend these Group Enterprise is growing our cyber CATASTROPHIC RISKS
laws to address public concern over security business globally. The failure The telecommunications industry faces
data breaches and the activities of to keep up with and counteract a continuous challenge of providing
social media platforms. In the United increasing cyber security threats can fast, secure and reliable networks to
States, regulators in California materially and adversely affect our an increasingly digital and connected
have implemented new legislation reputation, cyber security business world. The provision of our services
governing consumer data and privacy. and growth strategy. depends on the quality, stability,
resilience and robustness of our networks
We continue to ensure data privacy We adopt a holistic approach in and systems. We face the risk of
by protecting the personal data of our managing and addressing risks of malfunction of, loss of, or damage to,
customers and staff. We also ensure cyber threats and attacks by keeping network infrastructure from natural or
compliance with applicable privacy abreast of the threat landscape and other uncontrollable events such as
laws, and perform regular reviews in business environment as well as acts of terrorism.

Risk Management
Some of the countries in which we and/ infrastructure, we have business external talent pools to ensure a robust
or our regional associates operate continuity plans and insurance succession pipeline. The loss of some
have experienced a number of major programmes and policies in place. or all of our key executives or the
natural catastrophes over the years, inability to attract, build and retain
including typhoons, droughts, floods, FINANCIAL RISKS key talent and leaders, could materially
fires and earthquakes. Some of these The main risks arising from our and adversely affect our business.
catastrophes have also increased financial assets and liabilities are
in intensity and frequency due to foreign exchange, interest rate, market, We continue to invest in the skills of
climate change factors, causing liquidity, access to financing sources our existing workforce and build up
prolonged and exacerbated impact and increased credit risks. Financial our current and emerging capabilities
on our infrastructure and operations. markets continue to be volatile, and through external professional hires
with the unprecedented global and targeted recruitment. In order
In addition, other events that are/are recessionary impacts arising from the to develop and retain talent, we
not within our control and/or our uncertainties posed by the COVID-19 conduct regular skills assessment
regional associates’ control, such as situation, may heighten execution risk in the critical business areas and
fire, deliberate acts of sabotage, for funding activities and increase credit set out structured developmental
vendor failure/negligence, pandemic risk premiums for market participants. roadmaps to fill new and emerging
shutdowns, industrial accidents, skills gaps. We have a targeted
blackouts, terrorist attacks, criminal We are exposed to foreign exchange development approach to develop
acts or large scale cyber attacks fluctuations from our operations young, emerging and future
on our network and systems, and through subsidiaries as well technical and business leaders
could damage, cause operational as associates and joint ventures through formal learning activities,
interruptions or otherwise adversely operating in foreign countries. These coaching and mentoring, as well
affect any of the facilities and relate to our dividend receipts and as providing critical experiences
activities, as well as potentially cause the translation of the foreign currency such as international assignments,
injury or death to personnel. Such earnings and carrying values of our rotations and special projects.
losses or damages may significantly overseas operations. Additionally,
disrupt our operations, which may have a significant portion of associates and Succession management is key
a materially adverse effect on our joint venture purchases and liabilities to ensuring that the Group effectively
ability to deliver services to customers. are denominated in foreign currencies, manages the short-term and
Sustained or significant disruption versus the local currency of the long-term risks associated with
to our services can also significantly respective operations. This gives rise critical roles. A robust annual
impact our reputation with our to changes in cost structures and fair succession planning review by the
customers. Our inability to operate value gains or losses when marked businesses and the Management
our networks or customer support to market. Committee, with the involvement of
systems may have a material impact the Board for senior leadership roles,
on our business. We have established policies, guidelines ensures that leadership succession
and control procedures to manage plans are current and relevant to
We continue to make our networks and report exposure to such risks. support the business strategies.
robust and resilient, and continually Our financial risk management is
review our processes to prevent discussed further on page 239 in ELECTROMAGNETIC
any network disruptions and to have Note 37 to the Financial Statements. ENERGY RISKS
an effective communication process Health concerns have been raised
for timely updates to our stakeholders TALENT MANAGEMENT RISKS globally about the potential exposure
during any incident and/or crisis. As we seek new avenues of growth, to EME emissions from using mobile
There is a defined crisis management it is pertinent to be able to attract, handsets or being exposed to mobile
and escalation process for our CEOs develop and sustain talent with new transmission equipment. While there
and senior management to respond skills and capabilities. We also identify, is no substantiated evidence of public
to emergencies and catastrophic develop and build the next generation health risks from exposure to the levels
events. In addition to key network of leaders from both internal and of EME typically emitted from mobile
109
OVERVIEW
phones, perceived health risks can change factors. Apart from physical
be a concern for our customers, the risk, damage to our networks and
community, and regulators. Perceived disruptions to our operations, there
health risks in terms of environmental are also other energy security and
BUSINESS REVIEWS
exposure from mobile base station regulatory risks associated with
equipment can impact and cause climate change, which could result
concern for the local communities in stricter greenhouse gas emission
on the implementation of new or standards, ‘carbon’ taxes, and/or
upgrading of existing mobile base changes in energy prices or
stations. This may impact the mobile accompanying infrastructure
coverage at that locality and also, investments for adaptation or mitigation.
our mobile business. In addition, To address these concerns, we have
government legislations and industry adopted a two-pronged approach,
requirements may be introduced to an absolute greenhouse emissions

address this perceived risk, affecting reduction goal and the adaptation
our ability to deploy the mobile of our infrastructure to continue building
communications infrastructure. resilience against climate change risks.
These perceived health risks could
result in reduced demand for mobile We have set absolute carbon reduction
communications services and/or targets approved by the Science Based
litigation actions against us. Target initiative in 2017 to address
the continued impact of carbon and
We design and deploy our network increasing temperatures. This approach
to comply with the relevant progressively aligns our 2030 carbon
government-mandated standards contribution and reduction target with
for exposure to EME. Our standards the agreements made at Paris COP 21
are based upon those recommended and the Intergovernmental Panel on
PERFORMANCE
by the International Commission on Climate Change reports. Our aspiration
Non-Ionizing Radiation Protection is to meet the more aggressive 1.5°C
(ICNIRP), which is a related agency of target and net zero by 2050. We
the World Health Organisation. The adapt our infrastructure design and
ICNIRP standards are adopted by many standards progressively to long-term
countries around the world and are scenarios related to climate change,
considered best practices. We continue such as increased risk of inundation
to monitor research findings on EME, and stronger cyclonic activities, rising
FINANCIALS
health risks and their implications on temperatures and higher frequency
relevant standards and regulations. and severity of bushfires in Australia.
We have also supported a global
CLIMATE CHANGE RISKS agreement for the ICT industry through
Climate change is one of the key our active participation at the GSM
long-term global risks that has the Association to align the efforts of this
potential to impact our operations, sector and we continue working with our
infrastructure and supply chain. stakeholders to prepare our disclosures
Some of the countries in which we on climate-related risks to align to the

and/or our regional associates recommendations of the Task Force for
operate have experienced several Climate-Related Financial Disclosures.
extreme weather events, including
typhoons, droughts, floods and
bushfires, which have increased in
intensity and frequency due to climate

Sustainability
The Singtel Group is committed to creating a lasting positive impact for all our stakeholders.
We aim to do this by leveraging our resources and working closely with our strategic
partners to build a sustainable future in four key areas: Environment, People, Community,
and Marketplace and Customers.
Some of the ways we are working towards achieving these commitments include initiatives
that accelerate our shift to renewable energy to make our goal of net zero emissions
a reality by 2050; support vulnerable groups in our communities such as those affected by
the devastating Australian bushfires last year; and develop our people by deepening their
digital skills.
Reflecting the success of our efforts, we were once again recognised in areas such as
governance, diversity and climate change over the past year. We were the only Asian telco
named in Corporate Knights’ 2020 Global 100 Most Sustainable Corporations in the World
index. For our initiatives to promote inclusivity, we were included in Bloomberg's global
Gender-Equality Index for the second year running. In Singapore, we were honoured with
the President’s Award for the Environment 2019, the highest environmental accolade
in the country.
111
OVERVIEW
ENVIRONMENT
LEAVING THE SMALLEST FOOTPRINT
BUSINESS REVIEWS
CLIMATE ACTION RECYCLE & REUSE
We achieved carbon emissions avoidance of We recycled, reused and
3,498 tCO2e/year
incinerated for energy recovery
and an improvement in electricity intensity of

84%
105 kWh/TB
of waste generated
within our operations.
.

Extreme weather events over the past of a 1.65 MWp solar panel system initiatives ReCYCLE in Singapore
year have starkly highlighted the on NCS Bedok data centre’s rooftop. and Mobile Muster in Australia.
growing reality and urgency of climate
change. We have made concerted In the area of climate adaptation, Our next step is to reduce our
efforts in recent years to minimise we continue to play an active role packaging wherever possible.
our environmental impact and build in the Australian Business Roundtable Sustainable packaging helps
operational resilience to the effects for Disaster Resilience and Safer lower our carbon footprint and
of climate change for our business and Communities (ABR), working to environmental impact on our value
communities by focusing on climate ensure that communities across chain, from resource utilisation
PERFORMANCE
action and product stewardship. Australia are better able to prepare to product packaging and all the
for, respond to and recover from way to their waste streams.
For our dedication to climate disasters triggered by natural
action, carbon emissions reduction hazards such as the recent bushfires. In Australia, we consolidated our
and engagement of the wider Together with ABR members, sustainable packaging strategy into
community on sustainability, Singtel we kickstarted the development of 10 targets for 2019-2021 and aligned
won the President’s Award for the a Resilience Index Priority Initiative them with the National Packaging
Environment 2019, Singapore’s to improve decision-making that Waste targets to make all packaging
FINANCIALS
highest environmental accolade. prioritises the future prosperity 100% reusable, recyclable or
and safety of our communities. compostable by 2025. As part of this
RALLYING FOR CLIMATE ACTION journey, all components that make
AND ADAPTATION To help communities rebuild packaging unrecyclable have been
Recognising the urgency of the following the devastating bushfires removed from our products. We
climate emergency, we want to in Australia in 2019, we supported received an Australian Packaging
take the lead in charting a course volunteer firefighters’ mobile services Covenant Organisation Award
to tackle this global issue. In July 2019, and set up the Green Shoots grants for the third consecutive year in
Singtel was the only Southeast Asian programme to help small businesses recognition of Optus’ sustainable
firm in a pioneering group of 28 in affected areas restore connectivity. packaging achievements.
global companies to commit to
keeping global temperature increase REDUCING WASTE THROUGH
within 1.5°C above pre-industrial RECYCLING
levels and reaching net zero emissions We are committed to resource
by 2050. Reducing emissions involves conservation and reducing pollution
accelerating our use of renewable by recovering and recycling e-waste
energy, such as the installation through our e-waste recycling

Sustainability
PEOPLE
BUILDING OUR CAPABILITIES FOR THE FUTURE
UPSKILLING OUR STAFF GENDER DIVERSITY

We invested more than
IN MANAGEMENT
S$22m in staff training,

clocking an average of for our 19,800 28%
32.7
employees in Singapore
of female employees in
hours per person and Australia. middle and top management.
Our people are our most important future capabilities amid the global In Singapore, women represent a third
asset, and we strive to equip them competition for talent. We placed of staff and 40% of our board. We
with the digital skills needed to support 724 students in our scholarship and established Gender Diversity Councils
the Group’s business priorities and internship programmes and hired in Singapore and Australia with senior
thrive in today’s fast-changing another 70 students for our leadership representation to drive
economy. We advocate continuous Management Associate and Optus greater progress towards gender
learning among our employees by Graduate programmes in the past balance. In Australia, we became
investing in their development. year. In particular, we have stepped a Workplace Gender Equality Agency
up efforts to increase the proportion Pay Equity Ambassador, committing
INVESTING IN OUR STAFF FOR of students specialising in technology- to the pay equity pledge to promote
A DIGITAL FUTURE related fields in order to nurture more and improve gender equality.
In September 2019, we announced that young talent with digital skills.
we would invest S$45 million over three For the second year running, we were
years to deepen the digital skills of EMBRACING DIVERSITY one of five Singapore companies to
employees in Singapore. Dubbed ACT, the We are committed to promoting be recognised in the Bloomberg
initiative aims to Accelerate employees’ diversity in our workplace. A culture Gender-Equality Index for advancing
learning and skills development, empower of diversity and inclusion is essential gender equality. We were also named
them to Co-create their skills pathways, to staying relevant to our stakeholders one of the top 10 employers for Gender
and Transform employee roles to ensure as it offers a range of viewpoints Diversity at the Leonie Awards 2019 and
that they remain relevant. We launched and improves our creativity and were included in the Refinitiv Global
a learning app called #CURIOUS, overall performance. Diversity & Inclusion Index 2019.
featuring learning channels with over
100,000 courses and videos, enabling Workforce Age Distribution
staff to develop new competencies in
fields such as analytics.
Our investments in our people have paid

off. Close to 800 employees in Singapore
and Australia have undergone skills
Singtel Optus
conversion to take on new roles.
Besides upskilling our workforce,

developing young talent is also a crucial
part of our strategy to build Singtel’s < 30 years old 20% < 30 years old 23%
30-49 years old 61% 30-49 years old 59%
≥ 50 years old 19% ≥ 50 years old 18%
113
OVERVIEW
COMMUNITY
THE MOST CONNECTED COMMUNITIES
BUSINESS REVIEWS
SINGTEL TOUCHING STAFF BOOSTING DIGITAL
LIVES FUND VOLUNTEERISM LITERACY
Raised
S$3m
Clocked Taught more than
in 2019, bringing the

total funds donated to
28,226 114,000
hours in volunteering in FY 2020. students how to be
S$45m

safe, responsible and
positive in the digital
since its inception in 2002. world in FY 2020.
To drive positive and sustainable change LENDING A HELPING HAND Now in its fourth year, our Pathways 2
for communities, we have put in place Our programmes have helped to equip Employment Programme in Australia
various initiatives that enable us to play the vulnerable with skills that enhance helps youth from disadvantaged
a significant role in advancing the their employability and ability to live backgrounds improve their future
progress, development and inclusion independently and also bring cheer employability prospects, both within
of vulnerable segments of society. to their lives. Optus and the broader retail sector.
PERFORMANCE
FINANCIALS
Consumer Singapore CEO Yuen Kuan Moon, Group CEO Chua Sock Koong and Group Chief Human Resources Officer Aileen Tan mingling with
children with special needs at the Singtel Carnival 2019.

Sustainability
Minister for Education Mr Ong Ye Kung and Singtel’s management flag off the 2019 Race Against Cancer.
Optus Retail employees coached our regional associates operate and educators to support digital safety
172 students and 20 of them successfully through Better Together, our annual and responsibility in Singapore
gained employment with us. overseas volunteering programme. and Australia.
About 100 staff volunteers from
Our staff are also encouraged to Singtel, Optus, Airtel, AIS and Globe We have been collaborating with DQ
volunteer their time and give back participated in four expeditions Institute on its #DQEveryChild initiative,
to the community through initiatives to Australia, India, the Philippines with the aim of empowering every
such as the Singtel Carnival, Singapore’s and Thailand for the ninth edition child with digital intelligence. On Safer
largest event designed exclusively of Better Together in 2019. Internet Day 2020, we supported the
for children with special needs. The launch of DQ Institute’s Child Online
2019 event was organised by 1,800 staff PROMOTING ONLINE Safety Index (COSI), the world’s first
volunteers and saw more than 1,600 SAFETY FOR CHILDREN real-time analytical platform to help
students from 14 special education Educating our children and youth about countries better monitor and
schools enjoy a fun-filled day of online safety has become increasingly understand the status of children’s
games, activities and performances. important as digitalisation becomes online safety. COSI will enable
a way of life for many. In the past stakeholders to identify areas for
We have also been extending our five years, our Singtel Group Digital improvement and work on coordinated
volunteering outreach to support Thumbprint Programme has reached responses to minimise digital risks
communities in countries where more than 540,000 students, parents for children.
115
OVERVIEW
INCLUSION AND WELL-BEING As a technology company, we Optus customers to donate data
A key focus of our community strategy leverage our strengths to drive from their mobile plan to young
is advancing the disability employment digital inclusion for vulnerable Australians in need.
agenda in Singapore. As a founder segments. We supported 1,000
BUSINESS REVIEWS
and co-chair of the Singapore disadvantaged seniors in Singapore Fighting cancer is another cause close
Business Network on DisAbility, we with free mobile services under to our hearts. We have been the title
have been actively supporting SG CareLine’s 24-hour telephone sponsor of the Singtel-Singapore
Enable’s mentorship and internship befriending service. We are also Cancer Society Race Against Cancer
programmes for tertiary students helping to bridge the digital divide for 11 consecutive years. In 2019, we
with disabilities, as well as university through our Donate Your Data donated S$250,000 to the Singapore
career fairs and CV clinics to help initiative, which was scaled up Cancer Society to support its Help the
the students build their resumes. in December 2019 and has allowed Children and Youth Programme.

MARKETPLACE AND CUSTOMERS
ADVOCATING RESPONSIBLE AND ETHICAL BUSINESS PRACTICES
No person or organisation can go it through capacity building and track to support successful applicants
alone to build a sustainable future mentorship workshops and connecting making innovative use of technology
for all. Since 2016, we have invested them with our ecosystem of partners. to address issues arising from the
S$5 million in Singtel Future Makers, coronavirus. We recognise start-
our regional accelerator programme, With the COVID-19 outbreak ups need more help to find their
which was set up to encourage highlighting the importance of social footing during this period and hope
innovation that addresses social and enterprises more than ever in tackling our programme will allow them
environmental issues in the community. social and community challenges to scale their solutions for wider
Through the programme, we hope to in this region, Singtel Future Makers social impact even post-COVID.
PERFORMANCE
spur start-ups that share this same 2020 was launched with a special
vision by providing support for them pandemic support grant on a fast
FINANCIALS

Sustainability
KEY ENVIRONMENTAL AND SOCIAL PERFORMANCE INDICATORS
Singapore Australia
2020 2019 2020 2019
Environmental Performance(1)
Energy use (GJ) 1,466,802 1,347,094 1,834,699 1,749,622

Carbon footprint (tonnes CO2 equivalent) 162,566 164,629 427,706 418,060
Electricity intensity (kWh/TB) 83 97 133 160
Water use (cubic metres) 864,646 753,238 68,737(2) 78,774(3)
Hazardous and non-hazardous wastes (tonnes) 7,658 7,538 883(4) 2,294(4)
Social Performance: People
Gender diversity (% female)

– Total employees 35 35 31 32
– Middle and Top Management 34 34 22 22
Employee voluntary turnover (%) 15.7 18.3 15.3 17.0
Employee voluntary turnover by gender (%)
– Male 10.6 12.4 9.4 10.6
– Female 5.1 5.9 5.9 6.4
Average training hours per employee 40.2 34.8 19.6 18.4
Employee health and safety(5)
– Workplace injury incidence rate 0.8 1.5 2.1 2.2
– Workplace injury frequency rate 0.4 0.7 1.2 1.3
– Workplace injury severity rate 7.9 12.9 8.3 16.7
Social Performance: Community
Community investment ($ million)(6) S$8.6 S$11.7 A$14.7 A$8.7

Total volunteering hours 11,487 13,503 16,739 13,206
Notes:
(1)
Please refer to the Singtel Group Sustainability Report 2020 for the reporting scope of environmental indicators.
(2)
Water use for Optus Sydney Campus and Optus Melbourne office only.
(3)
Water use for Optus Sydney Campus only. Scan here to view
(4)
Data covers waste directly managed by Optus’ contracted waste vendor. the Singtel Group
(5)
Workplace safety and health metrics based on International Labour Organization (ILO) definitions. Sustainability Report 2020
(6)
Community investment has been verified by The London Benchmarking Group (LBG). online.
117
Group Five-year
Financial Summary
OVERVIEW
Financial Year ended 31 March
2020(1) 2019(1) 2018(1) 2017 2016

Income Statement (S$ million)
BUSINESS REVIEWS
Group operating revenue 16,542 17,372 17,268 16,711 16,961
Australia Consumer 7,251 7,579 7,475 7,192 7,684
Australia Consumer (A$ million) 7,753 7,659 7,128 6,897 7,532
Singapore Consumer 2,110 2,234 2,236 2,380 2,426
Group Enterprise 6,026 6,329 6,477 6,600 6,397
Group Digital Life 1,145 1,224 1,080 539 454
International Group(2) 10 6 - - -

Group EBITDA 4,541 4,692 5,051 4,998 5,013
Australia Consumer 2,388 2,456 2,591 2,521 2,510
Australia Consumer (A$ million) 2,553 2,482 2,470 2,416 2,462
Singapore Consumer 757 748 753 792 774
Group Enterprise 1,587 1,695 1,863 1,913 1,959
Group Digital Life (48) (92) (51) (122) (137)
International Group (55) (38) (22) (18) (18)
Corporate (87) (78) (84) (88) (76)
Group EBIT (before associates) 1,961 2,470 2,801 2,759 2,864

Australia Consumer 898 1,164 1,261 1,283 1,326
Australia Consumer (A$ million) 960 1,178 1,203 1,229 1,301
PERFORMANCE
Singapore Consumer 497 501 513 508 504
Group Enterprise 858 1,080 1,256 1,268 1,337
Group Digital Life (140) (152) (120) (190) (206)
International Group (60) (43) (23) (20) (19)
Corporate (92) (81) (85) (90) (79)
Share of associates' pre-tax profits(3) 1,743 1,536 2,461 2,886 2,791

Group EBITDA and share of associates'
FINANCIALS
pre-tax profits(3) 6,284 6,228 7,511 7,884 7,804
Group EBIT 3,704 4,006 5,261 5,645 5,655
Underlying net profit(4) 2,457 2,825 3,593 3,871 3,805
Net profit(5) 1,075 3,095 5,473 3,853 3,871
Exchange rate(6) (A$ against S$) 0.935 0.990 1.049 1.043 1.020
''Associate'' refers to an associate and/or a joint venture under SFRS(I).
Notes:
(1)
Based on Singapore Financial Reporting Standards (International) (SFRS(I)). FY 2020 includes the effects from adoption of SFRS(I) 16, Leases, from 1 April 2019 on a prospective basis.
(2)
Comprises mainly mobile financial business, and gaming and digital content business.
(3)
Excludes the Group's share of the associates' significant one-off items which have been classified as exceptional items of the Group.
(4)
Underlying net profit is defined as net profit before exceptional items.
(5)
FY 2020 includes the Group's share of Airtel's net exceptional loss of S$1.80 billion mainly for regulatory costs. FY 2018 included the gain on disposal of economic interest in NetLink Trust
of S$2.03 billion.
(6)
Average A$ rate for translation of Optus' operating revenue.

Group Five-year
Financial Summary
2020(1) 2019(1) 2018(1) 2017 2016

Cash Flow (S$ million)
Group free cash flow(2) 3,781 3,650 3,606 3,054 2,718

Optus 1,285 1,006 989 514 631
Optus (A$ million) 1,396 1,028 947 500 617
Singtel and other subsidiaries 1,202 1,242 1,126 1,040 869
Associates' dividends (net of withholding tax) 1,294 1,402 1,492 1,500 1,218
Group cash capital expenditure 2,037 1,718 2,349 2,261 1,930
Balance Sheet (S$ million)
Total assets 48,955 48,915 48,496 48,294 43,566

Shareholders' funds 26,789 29,838 29,737 28,214 24,989
Net debt 12,499 9,883 9,877 10,384 9,142
Key Ratios
Proportionate EBITDA from outside Singapore (%) 79 76 76 75 74

Return on invested capital (%) (3)
6.4 7.7 9.6 10.9 11.7
Return on equity (%) 3.8 10.4 18.9 14.5 15.6
Return on total assets (%) 2.1 6.3 11.2 8.3 9.0
Net debt to EBITDA and share of associates'
pre-tax profits (number of times) 2.0 1.6 1.3 1.3 1.2
EBITDA and share of associates' pre-tax profits
to net interest expense (number of times) 13.8 16.2 20.1 23.4 25.3
Per Share Information (S cents)
Earnings per share - underlying net profit 15.05 17.31 22.01 24.07 23.88
Earnings per share - basic 6.58 18.96 33.53 23.96 24.29
Net assets per share 164 183 182 173 157
Dividend per share - ordinary 12.25 17.50 17.50 17.50 17.50
Dividend per share - special - - 3.0 - -
Notes:
(1)
Based on SFRS(I). FY 2020 includes the effects from adoption of SFRS(I) 16, Leases, from 1 April 2019 on a prospective basis.
(2)
Free cash flow refers to cash flow from operating activities, including dividends from associates, less cash capital expenditure.
(3)
Return on invested capital is defined as EBIT (post-tax) divided by average capital.
119
OVERVIEW
FIVE-YEAR FINANCIAL REVIEW
FY 2020 Underlying net profit fell 13% to S$2.46 billion, with increased
This has been a challenging year, given structural net losses at Airtel and weakness at Australia Consumer
BUSINESS REVIEWS
shifts in the industry, soft economic conditions, adverse due to continuing data price competition, lower equipment
regulatory outcomes in India and the onset of COVID-19 sales and margins, and low NBN resale margins.
in the fourth quarter. With a 6% depreciation in the
Australian Dollar, operating revenue declined 4.8% Net profit declined 65% to S$1.08 billion due to net exceptional
to S$16.54 billion and EBITDA fell 3.2% to S$4.54 billion. losses of S$1.38 billion mainly arising from share of Airtel’s
In constant currency terms, operating revenue dipped exceptional charges for regulatory costs, including the
2.0% mainly from lower mobile service revenue and adjusted gross revenue matter and a one-time spectrum
equipment sales while EBITDA remained stable on charge.
reduction in operating lease expenses under the new lease
accounting standard. EBIT (before associates) reduced

19% after including depreciation of right-of-use assets.
FY 2019 The associates’ pre-tax contributions declined a steep 38%

The Group executed well on its strategy amid challenging to S$1.54 billion mainly caused by operating losses at Airtel
conditions and gained market share in mobile across both and a lower contribution from Telkomsel amid aggressive
Singapore and Australia. Operating revenue was stable price competition in India and Indonesia respectively. The
at S$17.37 billion while EBITDA declined 7.1% to S$4.69 billion decline was partly mitigated by double-digit profit growth
due partly to a 6% depreciation in the Australian Dollar. In at Globe in the Philippines with robust revenue growth in
constant currency terms, operating revenue grew 3.7% driven mobile and broadband.
mainly by increases in ICT, digital services and equipment
sales. However, EBITDA was down 3.9% mainly due to lower With lower contributions from the associates, underlying net
PERFORMANCE
legacy carriage services especially voice, and price erosion. profit declined 21%. Net profit was S$3.10 billion, down 44%
from FY 2018(1).
FY 2018 Telkomsel due to intense competition and the mandated

The Group delivered record earnings for FY 2018 with net reduction in mobile termination charges in India, as well
profit of S$5.45 billion bolstered by an exceptional gain of as a lower contribution from NetLink NBN Trust following
FINANCIALS
S$2.03 billion from the divestment of units in NetLink Trust the reduction in economic interest of 75.2% in July 2017.
and a strong core performance. Operating revenue The decline was partly mitigated by a higher contribution
was S$17.53 billion, 4.9% higher than FY 2017, while EBITDA from Intouch which was acquired in November 2016.
rose 1.8% to S$5.09 billion reflecting strong customer
gains in Australia and the first-time contribution from With lower associates’ contributions, higher depreciation
Turn, which was acquired by Amobee in April 2017. and amortisation charges on network investments and
In constant currency terms, operating revenue and spectrum, as well as increased net finance expense,
EBITDA increased by 4.7% and 1.5% respectively. underlying net profit declined 8.4%.
The associates’ pre-tax contributions declined 15% to

S$2.46 billion on weaker earnings from Airtel India and
Note:
(1)
Included gain on disposal of economic interest in NetLink Trust of S$2.03 billion.

Group Five-year
Financial Summary
FY 2017 The associates’ pre-tax contributions rose 5.4% to
The Group delivered resilient earnings amid heightened S$2.94 billion despite weakness in Airtel which faced intense
competition across all the markets the Group operated in. price competition in India. Strong growth at Telkomsel
Operating revenue was S$16.71 billion, 1.5% lower than and NetLink Trust, as well as the first-time contribution
FY 2016 but would have increased 2.0% excluding the impact from Intouch, which was acquired in November 2016,
of regulatory mobile termination rates change in Australia was partly offset by lower profits at Airtel, AIS and Globe.
from 1 January 2016. EBITDA remained stable at S$5.0 billion.
The Australian Dollar appreciated 2% against the Singapore Underlying net profit grew 2.9% and net profit was stable
Dollar. In constant currency terms, operating revenue at S$3.85 billion with an exceptional loss compared
and EBITDA decreased by 2.6% and 1.5% respectively. to an exceptional gain in FY 2016.
FY 2016 The associates’ pre-tax contributions rose 8.2% to

The Group delivered a strong performance with resilient core S$2.79 billion and would have increased 9.7% excluding
business and robust contributions from associates. Operating the currency translation impact. The regional associates
revenue was S$16.96 billion, 1.5% lower than FY 2015 with the recorded strong customer and mobile data growth, with
Australian Dollar declining a steep 9% against the Singapore higher earnings from Telkomsel and Globe offsetting
Dollar and the impact of lower mobile termination rates in the decline in Airtel.
Australia from 1 January 2016. In constant currency terms,
operating revenue would have grown 4.1% across all business Underlying net profit was stable and net profit including
units with first-time contribution from Trustwave, Inc., a newly exceptional items increased 2.4% to S$3.87 billion. In constant
acquired cyber security business. EBITDA was S$5.01 billion, currency terms, underlying net profit and net profit would
1.5% lower than FY 2015 and in constant currency terms, have increased 4.0% and 5.5% respectively from FY 2015.
would have increased 4.1% with strong cost management.
121
Group Value Added
Statements
OVERVIEW
GROUP VALUE ADDED STATEMENTS PRODUCTIVITY DATA
FY 2020(1) FY 2019
BUSINESS REVIEWS
(S$ million) (S$ million)
Value added from: Value Added

(S$ million)
Operating revenue 16,542 17,372
Less: Purchases of goods and services (9,753) (10,314) 2020 7,034
-1,918
6,789 7,058 2019 8,952
Other income 179 225

Interest and investment income (net) 180 38

Share of associates' post-tax results(2)(3) (530) 1,563
Exceptional items (pre-tax) 416 68 Value Added Per Employee
(S$‘000)
245 1,894
2020 305
-67
Total value added 7,034 8,952
2019 372
Distribution of total value added

To employees in wages, salaries and benefits 2,426 2,590
To government in income and other taxes 513 675
To providers of capital on: Value Added Per Dollar
- Interest on borrowings 462 393 of Employee Costs
PERFORMANCE
- Dividends to shareholders 2,857 2,857 (S$)
Total distribution 6,258 6,515

2020 2.90
-0.56
2019 3.46
Retained in business
Depreciation and amortisation 2,580 2,222
Retained (losses) /profits (3)
(1,782) 238
Non-controlling interests (22) (23)
FINANCIALS
776 2,437 Value Added Per Dollar
of Turnover
Total value added 7,034 8,952 (S$)
2020 0.43
Average number of employees 23,080 24,071 -0.09
2019 0.52
"Associate" refers to an associate and/or a joint venture under SFRS(I).
Notes:
(1)
Includes the effects from adoption of SFRS(I) 16, Leases, from 1 April 2019 on a prospective basis.
(2)
Includes the Group's share of the associates' significant one-off items.
(3)
FY 2020 includes the Group's share of Airtel's net exceptional loss of S$1.80 billion mainly for regulatory costs.

Management
Discussion and Analysis
GROUP
Change in
constant
2020(1) 2019 Change currency(2)
(S$ million) (S$ million) (%) (%)
Operating revenue 16,542 17,372 -4.8 -2.0
EBITDA 4,541 4,692 -3.2 **
EBITDA margin 27.5% 27.0%
Share of associates’ pre-tax profits(3) 1,743 1,536 13.5 8.8
EBIT 3,704 4,006 -7.5 -8.1

(exclude share of associates’ pre-tax profits(3)) 1,961 2,470 -20.6 -18.6
Net finance expense (282) (355) -20.6 -17.1
Taxation (988) (850) 16.3 15.5
Underlying net profit(4) 2,457 2,825 -13.0 -14.0
Underlying earnings per share(4) (S cents) 15.1 17.3 -13.1 -14.0
Exceptional items (post-tax) (1,382) 270 nm nm
Net profit 1,075 3,095 -65.3 -65.8
Basic earnings per share (S cents) 6.6 19.0 -65.3 -65.8
Share of associates’ post-tax profits(3) 1,277 1,383 -7.7 -11.6
“Associate” refers to an associate and/or a joint venture under SFRS(I).
“**” denotes less than +/-0.05%.

“nm” denotes not meaningful.
Notes:
(1)
Includes the effects from adoption of Singapore Financial Reporting Standards (International) (SFRS(I)) 16, Leases, from 1 April 2019 on a prospective basis. The adoption has resulted
in lower operating lease expenses and increases in depreciation charge and interest expense.
(2)
Assuming constant exchange rates for the Australian Dollar, United States Dollar and/or regional currencies (Indian Rupee, Indonesian Rupiah, Philippine Peso and Thai Baht) from the
previous year ended 31 March 2019 (FY 2019).
(3)
Excludes the Group’s share of the associates’ significant one-off items which have been classified as exceptional items of the Group.
(4)
Underlying net profit refers to net profit before exceptional items.
123
OVERVIEW
The Group faced a challenging year EBIT (before associates) declined gain of S$270 million last year. The net
in FY 2020 marked by structural 21% and would have been down exceptional loss arose mainly from the
shifts in the industry, weak economic 19% in constant currency terms. share of Airtel’s exceptional charges for
conditions, adverse regulatory outcomes regulatory costs, including the adjusted
BUSINESS REVIEWS
in India, and the onset of COVID-19 The Australia business posted lower gross revenue matter and a one-time
from February 2020. Despite these operating revenue and earnings with spectrum charge. Consequently,
challenges, the Group remained resilient its consumer business impacted by the Group recorded a net profit of
and gained customer market share in low margins from NBN resale and S$1.08 billion, down 65% from FY 2019.
mobile and fixed services in Singapore, equipment sales although this was partly
and maintained its enterprise market mitigated by higher NBN migration The Group has successfully diversified
leadership in Singapore and the revenues. Its enterprise business was its earnings base through its
Asia Pacific region. The Group also weighed down by lower legacy services expansion and investments in overseas
strengthened its network position with and intense price competition. markets. On a proportionate basis
ongoing investments, and won 5G if the associates are consolidated

spectrums in Singapore and Thailand, The post-tax underlying profit line-by-line, operations outside
as well as launched 5G services in contributions from the associates fell Singapore accounted for slightly over
Australia and the Philippines. 7.7% on higher net loss from Airtel which three-quarters of both the Group’s
was partly offset by higher profits proportionate revenue and EBITDA.
In constant currency terms, operating from Telkomsel, AIS and Globe. While
revenue slid 2.0% on lower mobile operating performance improved in The Group’s combined mobile customer
service revenue and equipment sales India and Africa, Airtel’s net loss widened base reached 705 million, up 13 million
across Singapore and Australia, due to higher finance costs, foreign from a year ago, mainly from Airtel.
aggravated by COVID-19. EBITDA, exchange losses and lower tax credits.
however, was stable from continued
cost management, wage credits from Net finance expense fell 21% despite
the Singapore government and lower higher interest expense on lease
operating lease expenses under the liabilities as the Group recorded
PERFORMANCE
new lease accounting standard. With S$148 million of income from its
a 6% depreciation in the Australian investment as a pre-IPO shareholder
Dollar, operating revenue and EBITDA in Airtel Africa.
fell 4.8% and 3.2% respectively.
With the weakness in the Australia
Including depreciation and amortisation business and higher net losses at Airtel,
charges which rose 16% (21% in underlying net profit declined 13%. Net
constant currency terms) mainly exceptional loss was S$1.38 billion for
FINANCIALS
from right-of-use assets, the Group’s the year compared to a net exceptional

Management
BUSINESS SEGMENT
Change in
constant
2020(1) 2019 Change currency(2)
Operating revenue
Australia Consumer 7,251 7,579 -4.3 1.2
Singapore Consumer(3) 2,110 2,234 -5.5 -5.5
Group Enterprise 6,026 6,329 -4.8 -3.8
Group Digital Life 1,145 1,224 -6.4 -7.3
International Group (3)(4)
10 6 60.7 60.7
Group 16,542 17,372 -4.8 -2.0
EBITDA
Australia Consumer 2,388 2,456 -2.7 2.8
Singapore Consumer(3) 757 748 1.2 1.2
Group Enterprise 1,587 1,695 -6.4 -6.1
Group Digital Life (48) (92) -47.4 -47.5
International Group(3)(4) (55) (38) 47.2 47.2
Corporate (87) (78) 12.2 12.2
Group 4,541 4,692 -3.2 **
EBIT (before share of associates' pre-tax profits)

Australia Consumer 898 1,164 -22.8 -18.5
Singapore Consumer (3)
497 501 -0.8 -0.8
Group Enterprise 858 1,080 -20.6 -21.2
Group Digital Life (140) (152) -8.0 -8.7
International Group (3)(4)
(60) (43) 39.9 39.9
Corporate (92) (81) 14.4 14.4
Group 1,961 2,470 -20.6 -18.6
Australia Consumer (A$ million)

NBN migration revenues 607 184 230.3
Excluding NBN migration revenues
- Operating revenue 7,146 7,475 -4.4
- EBITDA 1,946 2,299 -15.4
- EBIT 353 994 -64.5
“**” denotes less than +/-0.05%.
Notes:
(1)
(2)
Assuming constant exchange rates for the Australian Dollar and United States Dollar from FY 2019.
(3)
Comparatives have been adjusted to exclude certain digital businesses (mainly Singtel Dash) transferred to ‘International Group’ from 1 April 2019.
(4)
Comprises mainly mobile financial business, and gaming and digital content business. EBITDA and EBIT include the corporate costs of International Group which also supports the Group’s
regional investments. The results here do not include the equity accounted results of the regional associates which are shown under the ‘Associates’ section.
125
OVERVIEW
AUSTRALIA CONSUMER and prepaid revenues, as well as the demand streaming service HOOQ,
Operating revenue and EBITDA grew impact from amortisation of handset which was placed under liquidation in
1.2% and 2.8% respectively, boosted subsidies. For the year, the number of March 2020. Amobee’s revenue fell 7.9%
by NBN migration revenues which postpaid customers(1) grew by 130,000 as growth in programmatic platform
BUSINESS REVIEWS
peaked during the year. Excluding as GOMO and SIM-only plans gained business was negated by continued
NBN migration revenues, operating traction. EBITDA, however, rose 1.2% declines in legacy managed media
revenue and EBITDA fell 4.4% and on strong cost management, wage and social businesses, and spending
15% respectively, reflecting lower credits and recovery of infrastructure cuts by certain key customers. Despite
contributions from retail fixed and costs from a telco operator. EBIT lower operating revenue, negative
equipment sales. Retail fixed margins remained stable after including higher EBITDA fell 47% with cost management
declined on a higher mix of NBN depreciation from right-of-use assets. and lower losses from HOOQ partly on
customers which grew a strong cessation of its operations. Including
251,000 from a year ago but resulted GROUP ENTERPRISE higher depreciation and amortisation
in adverse margin impact. Equipment Operating revenue and EBITDA charges from investments in technology

sales revenue and margins declined, decreased 4.8% and 6.4% respectively platform and right-of-use assets,
reflecting lower sales volume, price on continued declines in legacy services negative EBIT reduced by 8.0%.
competition and lower handset vendor especially voice, aggressive price
rebates. Mobile service revenue competition as well as weak business INTERNATIONAL GROUP
declined 4.7% on higher SIM-only sentiment. Excluding Australia, both Operating revenue increased mainly
plan adoption and intense data price operating revenue and EBITDA would from the growth in Dash’s remittance
competition. For the year, strong have been stable. ICT revenue, which and payment services as well as
postpaid additions drove an increase constituted 51% (FY 2019: 48%) of Group sponsorship revenue for PVP Esports.
of 167,000 in total mobile customer Enterprise’s revenue, was stable but Dash’s monthly active user base
base(1). EBIT fell 19% after including grew 1.5% in constant currency terms rose 84% and remittance transaction
depreciation and amortisation charges with growth in Singapore offsetting counts grew 71% from a year ago
which rose 22% mainly from right-of-use lower sales in Australia. In Singapore, with increased scale. EBITDA and
assets, and would have declined 65% ICT revenue grew strongly at 6.7% driven EBIT losses increased on continued
PERFORMANCE
excluding NBN migration revenues. by NCS and higher data centre revenue ramp-up of the digital businesses.
boosted by new wins and service turn-
SINGAPORE CONSUMER on for a large customer. NCS delivered
In Singapore, competition remained robust revenue growth of 7.0% and
intense. Mobile operators launched closed the year with a strong order
all-digital brands and the fourth book of S$3.2 billion from new wins and
mobile network operator commercially key contract renewals. The Australia
launched at end of March 2020. business faced challenging market
FINANCIALS
Operating revenue declined 5.5% with dynamics, legacy product declines,
reductions in mobile, TV and fixed voice pricing pressures as well as weaker
partly mitigated by growth in fixed demand especially from the government
broadband. Excluding the 2018 FIFA and financial sectors. EBIT declined by
World Cup revenue last year, TV revenue 21% after including higher depreciation
would have been stable. Equipment from right-of-use assets and
sales declined 3.9% due mainly to the amortisation of software intangibles.
supply disruption for certain premium
handsets and soft consumer sentiment GROUP DIGITAL LIFE

from COVID-19 in the March quarter. Operating revenue declined 6.4% due
Mobile service revenue fell 7.5% on mainly to lower revenues from digital
continued voice erosion, lower roaming marketing arm Amobee and video-on-
Note:
(1)
Includes Enterprise mobile customers.

Management
ASSOCIATES(1)
Change in
constant
2020 2019 Change currency(2)
Group share of associates' pre-tax profits(3) 1,743 1,536 13.5 8.8

(excluding Airtel and BTL) 2,146 2,047 4.8 1.5
Share of post-tax profits

Telkomsel 885 843 5.0 2.5
AIS 305 286 6.5 1.0
Intouch (3)(4)
- operating results 105 101 3.7 -1.6

- amortisation of acquired intangibles (23) (22) 1.4 -3.9
83 79 4.4 -0.9
Globe 278 251 11.0 6.6
Airtel(3)(5)
- ordinary results (India and South Asia) (350) (368) -4.8 -5.2
- ordinary results (Africa)(6) 68 145 -52.9 -53.3
- associates (14) (30) -52.0 -51.7
- exceptional items (mainly deferred tax credits) - 121 nm nm
(296) (131) 125.3 125.2
Bharti Telecom Ltd (BTL)(7) (63) (40) 58.1 59.2

(359) (171) 109.6 109.8
Regional associates(3) 1,191 1,287 -7.5 -11.7

Other associates(3)(8) 85 95 -10.4 -10.4
Group share of associates’ post-tax profits(3) 1,277 1,383 -7.7 -11.6

(excluding Airtel and BTL) 1,636 1,554 5.3 2.0
“Associate” refers to an associate and/or a joint venture under SFRS(I).
Notes:
(1)
Based on SFRS(I) and includes the adoption of SFRS(I) 16, Leases, from 1 April 2019 on a prospective basis.
(2)
Assuming constant exchange rates for the regional currencies (Indian Rupee, Indonesian Rupiah, Philippine Peso and Thai Baht) from FY 2019.
(3)
Share of results excludes the Group’s share of the associates’ significant one-off items which have been classified as exceptional items of the Group.
(4)
Singtel holds an equity interest of 21.0% in Intouch which has an equity interest of 40.5% in AIS.
(5)
Singtel’s equity interest in Airtel was 33.3% as at 31 March 2020 (31 March 2019: 39.5%).
(6)
Airtel’s equity interest in Airtel Africa was 56.0% as at 31 March 2020 (31 March 2019: 68.3%).
(7)
BTL held an equity interest of 38.8% in Airtel as at 31 March 2020 (31 March 2019: 50.1%).
(8)
Includes the share of results of Singapore Post Limited and NetLink NBN Trust (holding company of NetLink Trust).
127
OVERVIEW
Telkomsel AIS Globe Airtel(1)
Country mobile penetration rate 120% 140% 150% 88%

Market share, 31 March 2020(2) 59.3% 45.2% 55.0% 28.4%
Market share, 31 March 2019(2) 60.9% 45.2% 56.6% 28.0%
BUSINESS REVIEWS
Market position(2) #1 #1 #1 #3
Mobile customers ('000)
- Aggregate 162,567 41,156 89,320 397,200
- Proportionate 56,898 9,598 42,007 122,158
Growth in mobile customers(3) (%) -3.6% -0.8% 7.0% 3.4%
Notes:
(1)
Mobile penetration rate, market share and market position pertain to India market only.
(2)
Based on number of mobile customers.
(3)
Compared against 31 March 2019 and based on aggregate mobile customers.

The regional associates continued Intouch’s post-tax profit contribution was strong momentum with revenue and
to ramp up their investments in stable as a higher contribution from AIS EBITDA up 14% and 29% respectively in
network infrastructure, spectrum offset the decline in Thaicom’s satellite constant US Dollar terms across voice,
and content to drive data and business. With a stronger Thai Baht, data and mobile money. Airtel’s stake
digital growth during the year. post-tax profit contribution rose 4.4%. in Africa was diluted to 56.0% as at 31
March 2020 (31 March 2019: 68.3%).
Telkomsel continued to face intense Globe delivered a strong performance Consequently, including increased
competition outside Java and with healthy growth in service revenue foreign exchange losses from currency
pressures on its legacy business. and EBITDA of 10% and 11% respectively headwinds and higher tax expense, the
Overall operating revenue rose 2.0% from data and home broadband Group’s share of Airtel Africa’s ordinary
with growth in data and digital services services, fuelled by the increased net profit declined 53% to S$68 million.
offsetting lower voice and SMS revenues. popularity of streaming, on-demand
EBITDA increased on higher revenue video content and gaming. Despite With the absence of large tax credits,
PERFORMANCE
and lower operating lease expenses. higher depreciation charges from the share of Airtel group’s underlying
Despite higher depreciation from an expanded network and share net loss increased to S$296 million
right-of-use assets and increased of increased equity losses from its (FY 2019: S$131 million). Including the
startup losses from its fintech associate, associates, Globe’s post-tax profit rose share of Bharti Telecom Limited’s
Telkomsel’s post-tax profit rose 2.5% 6.6% and in Singapore Dollar terms grew ("BTL") net loss of S$63 million (FY 2019:
due to the reduction in corporate 11% from a stronger Philippine Peso. S$40 million) mainly from higher net
tax rate from January 2020. With a finance expense on borrowings, the
stronger Indonesian Rupiah, Telkomsel’s Airtel has started to turn the corner total share of underlying net losses
FINANCIALS
post-tax contribution increased with the consolidation in the Indian of Airtel group and BTL doubled
5.0% in Singapore Dollar terms. mobile market. The mobile price hikes from a year ago to S$359 million.
in December 2019 have lifted Airtel’s
AIS’ service revenue (excluding mobile revenue by 11% and driven strong Airtel recorded significant exceptional
interconnect and equipment rental) 4G customer gains. Overall operating charges during the year which have
grew 4.8% from both mobile and revenue from India and South Asia been classified as exceptional items
fixed broadband services. EBITDA grew 7% and EBITDA rose steeply by of the Group. The exceptional items
increased on revenue growth and 47% on revenue growth and lower comprised mainly regulatory costs
lower payments from a new operating lease expenses. Despite including provisions and interest
partnership agreement with TOT higher depreciation and amortisation relating to the adjusted gross revenue
Public Company Limited signed charges and increased finance costs, matter, and a one-time spectrum
in September 2019. Including higher the Group’s share of ordinary net loss charge. Including the share of Airtel’s
depreciation and spectrum reduced by 4.8% to S$350 million. net exceptional charges of S$1.80 billion,
amortisation charges, AIS’ post-tax the overall contribution from Airtel
profit grew 1.0% and in Singapore Airtel Africa was listed on the London and BTL was a net loss of S$2.16 billion,
Dollar terms rose 6.5% from a Stock Exchange and Nigerian Stock compared to a net profit of S$34 million
stronger Thai Baht. Exchange in July 2019. It maintained its last year.

Management
CASH FLOW
2020(1) 2019 Change
(S$ million) (S$ million) (%)
Net cash inflow from operating activities 5,817 5,368 8.4
Net cash outflow for investing activities (2,921) (2,329) 25.4
Net cash outflow for financing activities (2,447) (3,056) -19.9
Net change in cash balance 450 (16) nm
Exchange effects on cash balance 37 4 @
Cash balance at beginning of year 513 525 -2.3
Cash balance at end of year 1,000 513 95.0
Optus 1,285 1,006 27.7

Singtel and other subsidiaries 1,202 1,242 -3.2
Associates (net dividends after withholding tax) 1,294 1,402 -7.7
Group free cash flow 3,781 3,650 3.6
Optus (A$ million) 1,396 1,028 35.8
Cash capital expenditure as a percentage of operating revenue 12% 10%

“@” denotes more than 500%.
Note:
(1)
Includes the effects from adoption of SFRS(I) 16, Leases, from 1 April 2019 on a prospective basis. The adoption has resulted in higher operating cash flow from lower operating lease
payments now classified as part of financing cash flow.
Net cash inflow from operating rights issue of S$735 million and Optus’ cash flows partially offset by higher
activities grew 8.4% to S$5.82 billion acquisition of 3.6 GHz spectrum for capital expenditure. On a comparable
on positive working capital and lower S$163 million (A$185 million). Capital basis to last year where operating
tax payments which offset the decline expenditure totalled S$2.04 billion, lease payments were classified as
in earnings and lower associates’ comprising S$1.36 billion (A$1.45 billion) part of operating cash flow, free cash
dividends. Dividends received from the for Optus and S$682 million for the flow would have declined by 8.5%.
associates fell 7.7% due mainly to a lower rest of the Group. In Optus, capital
contribution from Telkomsel and the investments in mobile amounted to Net cash outflow for financing activities
absence of dividends from Airtel India. A$895 million with the balance in fixed amounted to S$2.45 billion. Major
and other investments. The other cash outflows included net interest
The investing cash outflow was major capital investments for the rest payments of S$463 million, and
S$2.92 billion. During the year, Singtel of the Group included S$318 million payments of S$1.75 billion for final
received proceeds of S$128 million from for fixed and data infrastructure, dividends relating to FY 2019 and
the disposal of a property in Singapore S$181 million for mobile and the balance S$1.11 billion for interim dividends
and S$148 million as return from its for ICT and other investments. relating to FY 2020, partly offset
investment as a pre-IPO shareholder by net increase in borrowings of
in Airtel Africa. Payments were made The Group’s free cash flow grew 3.6% S$726 million.
for Singtel’s subscription to Airtel’s to S$3.78 billion on higher operating
129
OVERVIEW
SUMMARY STATEMENTS OF FINANCIAL POSITION
As at 31 March
2020(1) 2019
(S$ million) (S$ million)
BUSINESS REVIEWS
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)
PERFORMANCE
Total equity 26,814 29,810
Notes:
(1)
(3)
‘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 Currency translation losses increased
FINANCIALS
remains healthy. due mainly to translation losses
for Optus, Telkomsel and Airtel
Total assets were stable with partly mitigated by translation
recognition of right-of-use assets gains for the Group’s US Dollar
under the new lease accounting denominated subsidiaries.
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.

Management
CAPITAL MANAGEMENT AND DIVIDEND POLICY

2020(1) 2019
Gross debt (S$ million) 13,499 10,396

Net debt (S$ million)
(2)
12,499 9,883
Net debt gearing ratio (%) (3)
31.8 24.9
Net debt to EBITDA and share of associates’ pre-tax profits (number of times) 2.0 1.6
Interest cover (number of times)
(4)
13.8 16.2
Notes:
(1)
(2)
Net debt is defined as gross debt adjusted for related hedging balances less cash and bank balances.
(3)
Net debt gearing ratio is defined as the ratio of net debt to net capitalisation. Net capitalisation is the aggregate of net debt, shareholders’ funds and non-controlling interests.
(4)
Interest cover refers to the ratio of EBITDA and share of associates’ pre-tax profits to net interest expense.
As at 31 March 2020, the Group’s net 81% of underlying net profit. This is lower
debt was S$12.5 billion, an increase than the 17.5 cents paid last year, as
of S$2.6 billion from a year ago. the Board took the prudent decision
The increase was due mainly to to conserve financial headroom to
the recognition of S$2.1 billion of cope with uncertainties in the current
lease liabilities under SFRS(I) 16 and COVID-19 operating environment
participation in Airtel’s rights issue. and the capacity to invest in 5G.
The Group has one of the strongest Given the uncertainty of the impact
credit ratings among telecommunication of the COVID-19 pandemic on economic
companies in the Asia Pacific region activity and the Group’s business,
and continues to maintain a healthy the Group has not provided guidance
capital structure. Singtel is currently for the next financial year ending
rated A1 by Moody’s and A by S&P 31 March 2021. The Group continues
Global Ratings. to review its financial outlook and
shareholders’ returns. It will update
For the financial year ended 31 March the market when there are material
2020, the total ordinary dividend developments or when there is greater
payout, including the proposed final clarity in the operating environment.
dividend, is 12.25 cents per share or
131
Table of Contents
FINANCIALS
133 Directors’ Statement

144 Independent Auditors’ Report
152 Consolidated Income Statement
153 Consolidated Statement of Comprehensive Income
154 Statements of Financial Position
155 Statements of Changes in Equity
159 Consolidated Statement of Cash Flows
161 Notes to the Financial Statements
260 Interested Person Transactions

261 Additional Information on Directors Seeking Re-election
269 Shareholder Information
271 Corporate Information
272 Contact Points
Directors’ Statement
For the financial year ended 31 March 2020
The Directors present their statement to the members together with the audited financial statements of the Company (“Singtel”)
and its subsidiaries (the “Group”) for the financial year ended 31 March 2020.
In the opinion of the Directors,
(a) the consolidated financial statements of the Group and the statement of financial position and statement of changes
in equity of the Company as set out on pages 152 to 259 are drawn up so as to give a true and fair view of the financial
position of the Group and of the Company as at 31 March 2020, and the financial performance, changes in equity and
cash flows of the Group and changes in equity of the Company for the financial year ended on that date; and
(b) at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as
and when they fall due.
1. DIRECTORS
The Directors of the Company in office at the date of this statement are -
Simon Claude Israel (Chairman)

Lee Theng Kiat (Chairman-designate) (appointed on 15 January 2020)
Chua Sock Koong (Group Chief Executive Officer)
Gautam Banerjee
Venkataraman Vishnampet Ganesan
Bradley Joseph Horowitz
Gail Patricia Kelly
Low Check Kian
Christina Hon Kwee Fong (Christina Ong)
Teo Swee Lian
Dominic Stephen Barton, who served during the financial year, stepped down as a Director of the Company on 26
November 2019.
Peter Edward Mason AM(1), who served during the financial year, retired following the conclusion of the Annual General
Meeting on 23 July 2019.
Bobby Chin Yoke Choong, who served during the financial year, stepped down as a Director of the Company following
the conclusion of the Annual General Meeting on 23 July 2019.
Note:
(1) Member of the Order of Australia
2. ARRANGEMENTS TO ENABLE DIRECTORS TO ACQUIRE BENEFITS BY MEANS OF THE ACQUISITION OF SHARES AND
DEBENTURES
Neither at the end of nor at any time during the financial year was the Company a party to any arrangement whose object
is to enable the Directors of the Company to acquire benefits by means of the acquisition of shares in, or debentures of,
the Company or any other body corporate, except for performance shares granted under the Singtel Performance Share
Plan 2012 (the “Singtel PSP 2012”) and share options granted by Amobee Group Pte. Ltd. (“Amobee”).
133
OVERVIEW
3. DIRECTORS’ INTERESTS IN SHARES AND DEBENTURES
The interests of the Directors holding office at the end of the financial year in the share capital of the Company and
related corporations according to the register of Directors’ shareholdings kept by the Company under Section 164 of the
Singapore Companies Act were as follows –
BUSINESS REVIEWS
Holdings registered in the name of Holdings in which Director is
Director or nominee deemed to have an interest
At 1 April 2019 At 1 April 2019
or date of or date of
appointment, appointment,
At 31 March 2020 if later At 31 March 2020 if later
The Company

Singapore Telecommunications Limited
(Ordinary shares)
Simon Claude Israel 1,114,652(1) 1,019,593 1,360(2) 1,360
Lee Theng Kiat - - - -
Chua Sock Koong 8,588,872(3) 8,229,844 3,174,949(4) 4,104,371
Gautam Banerjee - - - -
Bradley Joseph Horowitz - - - -
Gail Patricia Kelly - - - -
Low Check Kian 1,490 1,490 - -
Christina Ong - - - -
Teo Swee Lian 1,550 1,550 - -
(American Depositary Shares)
PERFORMANCE
Venkataraman Vishnampet Ganesan 3,341.45(5) 3,341.45 - -
Subsidiary Corporations
Amobee Group Pte. Ltd.

(Options to subscribe for ordinary shares)
Venkataraman Vishnampet Ganesan 1,581,805 1,581,805 - -
FINANCIALS
Optus Finance Pty Limited
(A$250,000,000 4% fixed rate notes due 2022)
Simon Claude Israel A$1,600,000(6) A$1,600,000 - -
(principal amount) (principal amount)
(A$500,000,000 3.25% fixed rate notes due 2023)

Simon Claude Israel A$1,000,000(7) A$1,000,000 - -

3. DIRECTORS’ INTERESTS IN SHARES AND DEBENTURES (Cont’d)

Related Corporations
Ascendas Funds Management (S) Limited

(Unit holdings in Ascendas Real Estate Investment Trust)
Simon Claude Israel 1,160,000(8) 1,000,000 - -
Chua Sock Koong 185,600 142,000 - -
Gautam Banerjee 20,000 20,000 - -
Ascendas Property Fund Trustee Pte. Ltd.

(Unit holdings in Ascendas India Trust)
Ascott Residence Trust Management Limited

(Unit holdings in Ascott Residence Trust)
Chua Sock Koong 384,000 - - -
Teo Swee Lian 3,000 - - -
(S$250,000,000 4.68% perpetual bonds issued by Ascott Residence Trust)

Chua Sock Koong S$500,000 - - -
(principal amount)
CapitaLand Commercial Trust Management Limited

(Unit holdings in CapitaLand Commercial Trust)
Chua Sock Koong 50,000 - - -
CapitaLand Limited
(Ordinary shares)
Simon Claude Israel 141,931(6) - - -
(S$1,000,000,000 2.95% convertible bonds due 2022)

Chua Sock Koong S$500,000 - - -
(principal amount)
CapitaLand Mall Trust Management Limited

(Unit holdings in CapitaLand Mall Trust)
Simon Claude Israel 65,600(6) - - -
Chua Sock Koong 285,000 - 25,000 25,000
135
OVERVIEW

BUSINESS REVIEWS
Mapletree Commercial Trust Management Ltd.

(Unit holdings in Mapletree Commercial Trust)
Mapletree Industrial Trust Management Ltd.

(Unit holdings in Mapletree Industrial Trust)

Simon Claude Israel 990,160(6) 990,160 - -
Chua Sock Koong 11,000 11,000 - -
Mapletree Logistics Trust Management Ltd.

(Unit holdings in Mapletree Logistics Trust)
Mapletree North Asia Commercial Trust Management Ltd.

(Unit holdings in Mapletree North Asia Commercial Trust)
Chua Sock Koong 430,000 430,000 50,000(2) 50,000
Mapletree Real Estate Advisors Pte. Ltd.
PERFORMANCE
(Unit holdings in Mapletree US Logistics Private Trust)
Christina Ong 185 185 - -
(Unit holdings in Mapletree EU Logistics Private Trust)

Mapletree Treasury Services Limited

(S$625,500,000 4.5% perpetual capital securities)
FINANCIALS
Simon Claude Israel S$500,000 S$500,000 - -
Olam International Limited

(Ordinary shares)
Low Check Kian 1,024,995 1,024,995 2,074,518(9) 2,074,518


Singapore Airlines Limited

(Ordinary shares)
Simon Claude Israel 9,000(10) 9,000 - -
Chua Sock Koong 2,000 2,000 - -
Gautam Banerjee 7,100 - - -
Low Check Kian 5,600 5,600 - -
Singapore Technologies Engineering Limited

(Ordinary shares)
Notes:
(1) 1,110,241 ordinary shares held in the name of Citibank Nominees Singapore Pte Ltd and 4,411 ordinary shares held in the name of DBS Nominees (Private) Limited.
(2) Held by Director’s spouse.
(3) 688,750 ordinary shares held in the name of DBS Nominees (Private) Limited and 2,000,000 ordinary shares held jointly with spouse in the name of DBSN Services Pte Ltd.
(4) Ms Chua Sock Koong’s deemed interest of 3,174,949 shares included:
(a) 28,137 ordinary shares held by Ms Chua’s spouse; and
(b) An aggregate of up to 3,146,812 ordinary shares in Singtel awarded to Ms Chua pursuant to the Singtel PSP 2012, subject to certain performance criteria being met and
other terms and conditions. Depending on the extent of the satisfaction of the relevant minimum performance criteria, up to an aggregate of 4,309,544 ordinary shares
may be released pursuant to the conditional awards granted.
According to the Register of Directors’ Shareholdings, Ms Chua had a deemed interest in 10,836,742 shares held by DBS Trustee Limited, the trustee of a trust established for the
purposes of the Singtel Performance Share Plan and the Singtel PSP 2012 for the benefit of eligible employees of the Group, as at 19 November 2012, being the date on which the
Securities and Futures (Disclosure of Interests) Regulations 2012 (the “SFA (DOI) Regulations”) came into operation. Under regulation 6 of the SFA (DOI) Regulations, Ms Chua is
exempted from reporting interests, and changes in interests, in shares held by the trust, with effect from 19 November 2012.
(5) 1 American Depositary Share represents 10 ordinary shares in Singtel.
(6) Held in the name of Citibank Nominees Singapore Pte Ltd.
(7) Held in the name of Citibank N.A. (Hong Kong).
(8) 116,000 units held jointly by Mr Simon Claude Israel and his spouse, and 1,044,000 units held in the name of Citibank Nominees Singapore Pte Ltd.
(9) Held by Cluny Capital Limited. Mr Low Check Kian is the sole shareholder of Cluny Capital Limited.
(10) 6,200 ordinary shares held in the name of Citibank Nominees Singapore Pte Ltd and 2,800 ordinary shares held in the name of DBS Nominees (Private) Limited.
According to the register of Directors’ shareholdings, there were no changes to any of the above-mentioned interests
between the end of the financial year and 21 April 2020.
137
OVERVIEW
4. PERFORMANCE SHARES
The Executive Resource and Compensation Committee (“ERCC”) is responsible for administering the Singtel PSP 2012.
At the date of this statement, the members of the ERCC are Gail Kelly (Chairman of the ERCC), Simon Claude Israel, Lee
Theng Kiat, Low Check Kian and Teo Swee Lian.
BUSINESS REVIEWS
At the Extraordinary General Meeting held on 27 July 2012, the shareholders approved the adoption of the Singtel PSP
2012. The duration of the Singtel PSP 2012 is 10 years from 27 July 2012. This plan gives the flexibility to either allot and issue
and deliver new Singtel shares or purchase and deliver existing Singtel shares upon the vesting of awards.
The participants of the Singtel PSP 2012 will receive fully paid Singtel shares free of charge, the equivalent in cash,
or combinations thereof, provided that certain prescribed performance targets or vesting conditions are met within a
prescribed performance period. The performance period for the awards granted is three years, except for Restricted Share
Awards which have a performance period of two years. The number of Singtel shares that will vest for each participant or

category of participants will be determined at the end of the performance period based on the level of attainment of the
performance targets or vesting conditions.
Awards comprising an aggregate of 101.4 million shares have been granted under the Singtel PSP 2012 from its
commencement to 31 March 2020.
Performance share awards granted, vested and cancelled during the financial year, and share awards outstanding at the
end of the financial year, were as follows –
Additional
share
Balance Share awards Share Share Balance
as at awards from targets awards awards as at
1 April 2019 granted exceeded vested cancelled 31 March 2020
PERFORMANCE
Date of grant (’000) (’000) (’000) (’000) (’000) (’000)
Share award for Chairman

(Simon Claude Israel)
14.08.19 - 95 - (95) - -
Performance shares
(Restricted Share Awards)
For Group Chief Executive Officer
FINANCIALS
(Chua Sock Koong)
20.06.16 136 - - (136) - -
19.06.17 383 - 62 (223) - 222
19.06.18 397 - - - - 397
20.06.19 - 202 - - - 202
916 202 62 (359) - 821

4. PERFORMANCE SHARES (Cont’d)
Additional
share
Date of grant (’000) (’000) (’000) (’000) (’000) (’000)
For other staff

20.06.16 2,916 - - (2,877) (39) -
20.03.17 14 - - (14) - -
19.06.17 6,235 - 991 (3,656) (229) 3,341
21.09.17 87 - 14 (50) (35) 16
18.12.17 29 - 5 (17) - 17
14.03.18 118 - 4 (15) (97) 10
19.06.18 8,423 - - (106) (873) 7,444
21.09.18 82 - - - - 82
18.12.18 77 - - - - 77
21.03.19 147 - - - (18) 129
20.06.19 - 8,354 - (11) (767) 7,576
23.09.19 - 69 - - - 69
03.01.20 - 129 - - - 129
30.03.20 - 25 - - - 25
18,128 8,577 1,014 (6,746) (2,058) 18,915
Sub-total 19,044 8,779 1,076 (7,105) (2,058) 19,736
Performance shares
(Performance Share Awards)
For Group Chief Executive Officer
(Chua Sock Koong)
20.06.16 1,695 - - - (1,695) -
19.06.17 832 - - - - 832
19.06.18 634 - - - - 634
20.06.19 - 860 - - - 860
3,161 860 - - (1,695) 2,326
139
OVERVIEW
4. PERFORMANCE SHARES (Cont’d)
Additional
share
BUSINESS REVIEWS
Date of grant (’000) (’000) (’000) (’000) (’000) (’000)
For other staff

20.06.16 6,580 - - - (6,580) -
20.03.17 91 - - - (91) -
19.06.17 3,708 - - - (54) 3,654
21.09.17 24 - - - (24) -
18.12.17 17 - - - - 17

14.03.18 79 - - - (79) -
19.06.18 3,374 - - - (163) 3,211
21.09.18 24 - - - - 24
18.12.18 12 - - - - 12
20.06.19 - 5,321 - - (212) 5,109
23.09.19 - 18 - - - 18
03.01.20 - 101 - - - 101
30.03.20 - 10 - - - 10
13,909 5,450 - - (7,203) 12,156
Sub-total 17,070 6,310 - - (8,898) 14,482
Total 36,114 15,184 1,076 (7,200) (10,956) 34,218
PERFORMANCE
During the financial year, awards in respect of an aggregate of 7.2 million shares granted under the Singtel PSP 2012 were
vested. The awards were satisfied by the delivery of existing shares purchased from the market as permitted under the
Singtel PSP 2012.
As at 31 March 2020, no participant (other than Ms Chua Sock Koong) has received shares pursuant to the vesting of
awards granted under the Singtel PSP 2012 which, in aggregate, represents five per cent or more of the aggregate of -
(i) the total number of new shares available under the Singtel PSP 2012; and
FINANCIALS
(ii) the total number of existing shares purchased for delivery of awards released under the Singtel PSP 2012.
5. SHARE OPTION PLANS
During the financial year, there were:

(a) no options granted by the Company to any person to take up unissued shares of the Company; and
(b) no shares issued by virtue of any exercise of options to take up unissued shares of the Company.
There were no unissued shares of the Company under option at the end of the financial year.

5. SHARE OPTION PLANS (Cont’d)
The particulars of the share option plans of subsidiary corporations of the Company are as follows:
Amobee Group Pte. Ltd.
In April 2015, Amobee, a wholly-owned subsidiary corporation of the Company, implemented the 2015 Long-Term
Incentive Plan (“Amobee LTI Plan”). Under the terms of Amobee LTI Plan, options to purchase ordinary shares of Amobee
may be granted to employees (including executive directors) and non-executive directors of Amobee and/or any of its
subsidiaries.
Options are exercisable at a price no less than 100% of the fair value of the ordinary shares of Amobee on the date of
grant.
From 1 April 2019 to 31 March 2020, options in respect of an aggregate of 14.7 million of ordinary shares in Amobee have
been granted to the employees and non-executive directors of Amobee and/or its subsidiaries. As at 31 March 2020,
options in respect of an aggregate of 84.9 million of ordinary shares in Amobee are outstanding.
The grant dates and exercise prices of the share options were as follows –
Date of grant Exercise price
For employees
13 April 2015, 14 October 2015 US$0.54 to US$0.79
20 January 2016, 10 May 2016, 23 June 2016, 24 August 2016, 25 January 2017,
19 July 2017, 18 August 2017, 12 September 2017, 25 January 2018 US$0.54
21 August 2018, 25 March 2019 US$0.55 to US$0.58
15 August 2019, 29 October 2019 US$0.58
For non-executive directors

14 October 2015 US$0.54
21 August 2018 US$0.55
1 October 2019 US$0.58
The options granted to employees and non-executive directors expire 10 years and 5 years from the date of grant
respectively.
During the financial year, 73,988 ordinary shares of Amobee were issued pursuant to the exercise of options granted
under the Amobee LTI Plan. The persons to whom the options have been granted do not have the right to participate, by
virtue of the options, in any share issue of any other company.
Trustwave Holdings, Inc.
In December 2015, Trustwave Holdings, Inc. (“Trustwave”), a wholly-owned subsidiary corporation of the Company,
implemented the Stock Option Incentive Plan (“Trustwave ESOP”). Under the terms of the Trustwave ESOP, options to
purchase common stock of Trustwave may be granted to employees (including executive directors) and non-executive
directors of Trustwave and/or any of its subsidiaries.
Options are exercisable at a price no less than 100% of the fair value of the common stock of Trustwave on the date of
grant.
141
OVERVIEW
5. SHARE OPTION PLANS (Cont’d)
From 1 April 2019 to 31 March 2020, no options in respect of common stock in Trustwave have been granted to the
employees of Trustwave and/or its subsidiaries. As at 31 March 2020, options in respect of an aggregate of 1.2 million of
common stock in Trustwave are outstanding.
BUSINESS REVIEWS
The grant dates and exercise prices of the stock options were as follows –
1 December 2015, 22 January 2016, 19 May 2016, 12 September 2016 US$16.79

20 January 2017 US$16.24
15 March 2018, 23 May 2018, 12 July 2018, 31 August 2018 US$15.37

The options granted expire 10 years from the date of grant.
No common stock of Trustwave was issued during the financial year pursuant to the exercise of options granted under
the Trustwave ESOP. The persons to whom the options have been granted do not have the right to participate, by virtue
of the options, in any share issue of any other company.
HOOQ Digital Pte. Ltd. (in creditors’ voluntary liquidation)
HOOQ Digital Pte. Ltd. (in creditors’ voluntary liquidation) (“HOOQ”), which was placed under creditors’ voluntary
liquidation on 26 March 2020, had granted share options to the employees of HOOQ and/or its subsidiaries under the
HOOQ Digital Employee Share Option Scheme (the “Scheme”) during the financial year ended 31 March 2020.
From 1 April 2019 to 31 March 2020, options in respect of an aggregate of 17.8 million of ordinary shares in HOOQ have
PERFORMANCE
been granted to the employees of HOOQ and/or its subsidiaries under the Scheme. As at 31 March 2020, options in
respect of an aggregate of 58.0 million of ordinary shares in HOOQ are outstanding.
The grant dates and exercise price of the share options granted under the Scheme, in addition to those which have been
disclosed in the 2019 Annual Report, were as follows –
16 April 2019, 15 July 2019, 15 October 2019 US$0.07
FINANCIALS
Options are exercisable at a price no less than 100% of the fair value of the ordinary shares of HOOQ on the date of grant.
The options granted expire 10 years from the date of grant.
No ordinary shares of HOOQ were issued during the financial year pursuant to the exercise of options granted under the
Scheme. The persons to whom the options have been granted do not have the right to participate, by virtue of the options,
in any share issue of any other company.

6. AUDIT COMMITTEE
At the date of this statement, the Audit Committee comprises the following members, all of whom are non-executive and
independent -
Gautam Banerjee (appointed Chairman of the Audit Committee on 23 July 2019)

Christina Hon Kwee Fong (Christina Ong)
Gail Kelly (appointed on 15 May 2019)
Bobby Chin Yoke Choong, who served during the financial year, stepped down as Chairman of the Audit Committee
following the conclusion of the Annual General Meeting on 23 July 2019.
The Audit Committee carried out its functions in accordance with Section 201B of the Singapore Companies Act, Chapter
50.
In performing its functions, the Committee reviewed the overall scope and results of both internal and external audits and
the assistance given by the Company’s officers to the auditors. It met with the Company’s internal auditors to discuss the
results of the respective examinations and their evaluation of the Company’s system of internal accounting controls. The
Committee also held discussions with the internal and external auditors and is satisfied that the processes put in place by
management provide reasonable assurance on mitigation of fraud risk exposure to the Group.
The Committee also reviewed the financial statements of the Company and the Group, as well as the Independent
Auditors’ Report thereon. In the review of the financial statements of the Company and the Group, the Committee had
discussed with management the accounting principles that were applied and their judgement of items that might affect
the integrity of the financial statements.
In addition, the Committee had, with the assistance of the internal auditors, reviewed the procedures set up by the
Company and the Group to identify and report, and where necessary, sought appropriate approval for interested person
transactions.
The Committee has full access to and has the co-operation of management and has been given the resources required
for it to discharge its function properly. It also has full discretion to invite any executive officer to attend its meetings. The
external and internal auditors have unrestricted access to the Audit Committee.
The Committee has nominated KPMG LLP for re-appointment as auditors of the Company at the forthcoming Annual
General Meeting.
7. AUDITORS
The auditors, KPMG LLP, have expressed their willingness to accept re-appointment.
On behalf of the Directors
Simon Claude Israel Chua Sock Koong

Chairman Director
Singapore
27 May 2020
143
Independent Auditors’ Report
Members of Singapore Telecommunications Limited
OVERVIEW
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Singapore Telecommunications Limited (‘the Company’) and its subsidiaries (‘the
BUSINESS REVIEWS
Group’), which comprise the consolidated statement of financial position of the Group and the statement of financial position of
the Company as at 31 March 2020 and the consolidated income statement, consolidated statement of comprehensive income,
consolidated statement of changes in equity and consolidated statement of cash flows of the Group, and the statement of
changes in equity of the Company for the year then ended, and notes to the financial statements, including a summary of
significant accounting policies, as set out on pages 152 to 259.
In our opinion, the accompanying consolidated financial statements of the Group and the statement of financial position and
statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Singapore
Companies Act, Chapter 50 (‘the Act’) and Singapore Financial Reporting Standards (International) (‘SFRS(I)s’) so as to give a

true and fair view of the consolidated financial position of the Group and the financial position of the Company as at 31 March
2020 and of the consolidated financial performance, consolidated changes in equity and consolidated cash flows of the Group
and the changes in equity of the Company for the year ended on that date.
Basis for opinion
We conducted our audit in accordance with Singapore Standards on Auditing (‘SSAs’). Our responsibilities under those standards
are further described in the ‘Auditors’ responsibilities for the audit of the financial statements’ section of our report. We are
independent of the Group in accordance with the Accounting and Corporate Regulatory Authority Code of Professional Conduct
and Ethics for Public Accountants and Accounting Entities (‘ACRA Code’) together with the ethical requirements that are relevant
to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
PERFORMANCE
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
statements of the current period. These matters were addressed in the context of our audit of the financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Revenue recognition
FINANCIALS
The key audit matter How the matter was addressed in our audit
For the main Operating Revenues – Mobile Service, Data and We obtained an understanding of the nature of the various
Internet and Sale of Equipment, there is an inherent risk around revenue streams and the related revenue recording processes,
the accuracy and timing of revenue recognition given the systems and controls. We have also ascertained that revenue
complexity of systems and the large volume of data processed, was recognised in accordance with the adopted accounting
which are also impacted by changing pricing models and the policies.
introduction of new products and tariff arrangements.

Our audit approach included controls testing as well as
substantive procedures. For our procedures on the design and
operating effectiveness of controls over significant IT systems,
we involved our IT specialists.

Revenue recognition (Cont’d)

Significant management judgements and estimates are In particular, our procedures included:
required when accounting for revenue from long-term
contracts with respect to the Group Enterprise Infocomm • IT systems: Testing of the design and implementation,
Technology (“ICT”) Operating Revenues. For some of these and the operating effectiveness of automated controls
ICT contracts, estimates are required in determining the over the capture of data at the network switches
completeness and valuation of provisions against contracts and interfaces between relevant IT applications,
that are expected to be loss-making and the recoverability of measurement and billing of revenue, and the recording
the contract assets. of entries in the general ledger.
The accounting policies for revenue recognition are set out in • Manual controls: Testing of the design and
Note 2.24 to the financial statements and the various revenue implementation, and the operating effectiveness of
streams for the Group have been disclosed in Note 4 to the manual controls over the initiation, authorisation,
financial statements. recording, and processing of revenue transactions. This
included evaluating process controls over authorising
new price plans and rate changes and the adjustments
to the relevant billing systems. We had also tested the
access controls and change management controls over
the relevant billing systems.
• Testing of contracts in the ICT business for appropriate

revenue recognition and provisioning for contracts
that were expected to be loss-making. We challenged
management’s underlying assumptions in making their
judgements on the provisions required, including those
relating to the recoverability of contract assets.
• Assessing the appropriateness of the revenue

recognition policies for the products and services
offered by the Group in applying SFRS(I) 15 Revenue
from Contracts with Customers, which included but was
not limited to:
- Assessing the appropriateness of the transaction
price and its allocation to performance
obligations identified within bundled contracts
based on stand-alone selling prices; and
- Inspection of customer contracts to evaluate
whether performance obligations were satisfied
over time or at a point in time, and assessed the
reasonableness of estimates used in respect to
revenue recognition and deferral of revenue.
• Testing of manual journal entries recorded in the

general ledger relating to revenue recognition.
Findings
We found that the processes and controls to account for revenue were operating effectively.
We found that the key assumptions used and estimates made in regard to revenue recognition were reasonable.
145
OVERVIEW
Impairment assessment of goodwill

Goodwill is subject to an annual impairment test or more We evaluated whether CGUs were appropriately identified
BUSINESS REVIEWS
frequently if there are indications of impairment. by management based on our understanding of the current
business structure of the Group.
At 31 March 2020, the Group’s statement of financial position
includes goodwill amounting to S$11.4 billion, primarily related We involved our valuation specialists in the overall assessment
to the following cash generating units (“CGUs”): of the recoverable amounts of the respective CGUs.
Singtel Optus Pty Limited (“Optus”): S$9.3 billion In particular, our procedures included:
Amobee, Inc. (“Amobee”): S$1.0 billion
Global Cyber Security: S$1.1 billion Optus, Amobee and Global Cyber Security

We assessed the reasonableness of the key assumptions used
The Group performed impairment assessments for each of the by management in developing the cash flow forecasts and the
CGUs by estimating the recoverable amounts. The recoverable discount rates used in computing the recoverable amounts,
amount is the discounted sum of individually forecasted cash which included but are not limited to:
flows for each year and the value of the cash flows for the
years thereafter using a long-term growth rate. • Agreeing the cash flow forecasts used in the impairment
model to Board approved forecasts and budgets;
For Amobee, the recoverable amount was calculated to be
below the carrying value of the CGU and an impairment loss • Considering management’s expectations of the future
of S$195 million was recognised in the income statement with business developments and corroborated certain
a corresponding reduction of the carrying value. information with market data; we also considered
planned operational improvements to the businesses
As the recoverable amount for the other CGUs was calculated and how these plans would impact future cash flows
PERFORMANCE
to be in excess of the respective carrying amounts, no and whether these were appropriately reflected in the
impairment was determined. cash flow forecasts used;
Forecasting of future cash flows is a highly judgmental process • Challenging the appropriateness of cash flow forecasts
which requires estimation of revenue growth rates, profit used by comparing against historical trends and recent
margins, discount rates and future economic conditions. performance and industry trends. Where relevant,
assessing whether budgeted cash flows for prior years
Refer to Note 25 to the financial statements for the impairment were achieved to assess forecasting accuracy;
assessments.
FINANCIALS
• Comparing the discount rates and terminal growth
rates to observable market data; and
• Performing a sensitivity analysis of the key assumptions

used to determine which reasonable changes to
assumptions would change the outcome of the
impairment assessment.
Findings
We found the identification of CGUs to be reasonable and appropriate.
We found the key assumptions and estimates used in determining the recoverable amounts to be within a supportable range.
We found the computation of the impairment amount to be reasonable.

Share of joint ventures’ reported contingent liabilities and provision for losses relating to regulatory litigations and tax
disputes
The Group’s significant joint ventures have a number of on- Our audit procedures included:
going disputes and litigations with their local regulators and
tax authorities. • Inquiring with management and legal counsel of the
joint ventures to understand the process and internal
Significant judgement is required by management in assessing controls relating to the identification and assessment
the likelihood of the outcome of each matter and whether the of the disputes and litigations, and recognition of the
risk of loss is remote, possible or probable and whether the related liabilities, where appropriate.
matter is considered a contingent liability to be disclosed.
Where the risk of loss is probable, management is required • Reviewing the audit working papers of the auditors of
to estimate the provision amount based on the expected the joint ventures (‘Component Auditors’), in particular
economic outflow resulting from the disputes and litigations. their assessment on the regulatory litigations and
tax disputes that may have a material impact to the
Please refer to Note 43 to the financial statements for financial statements.
‘Significant Contingent Liabilities of Associates and Joint
Ventures’. • Discussing with the Component Auditors on their
evaluation of the probability and magnitude of losses
Bharti Airtel Limited Adjusted Gross Revenue (“AGR”) matter relating to the disputes and litigations, and their
On 24 October 2019, the Supreme Court of India had ruled conclusions reached in accordance with SFRS(I) 1-37
that Bharti Airtel Limited, the Group’s equity accounted Provisions, Contingent Liabilities and Contingent Assets.
joint venture, was liable to pay to the Department of
Telecommunications certain dues relating to a longstanding • For the AGR matter, we have reviewed the Component
dispute over the definition of AGR applied in calculating levies Auditors’ working papers and the calculation provided
payable. Management’s judgement is required in determining by management to them and discussed the audit
the provisions due to the extensive amount of information work performed over the underlying data and the
involved. computations of the amounts. We have also read
the Supreme Court of India ruling to ascertain that
all elements mentioned had been appropriately
considered.
Findings
We found management’s assessment of the regulatory litigations and tax disputes to be reasonable, and the disclosure of
contingent liabilities to be appropriate. The share of losses relating to the joint ventures’ litigations and disputes were also found
to be appropriately recorded.
147
OVERVIEW
Taxation
The Group is exposed to tax disputes with local tax authorities in Our audit procedures included:
BUSINESS REVIEWS
the jurisdiction it operates in on a regular basis. The assessment
of the outcome of such disputes requires significant judgement • Inquiring with management on the tax issues raised
and could have a material impact on the financial statements. by the tax authorities and assessing their impact to the
financial statements;
Australian Tax Office (“ATO”) audit
The Group has been responding to an on-going specific issue • Involving our tax specialists in assessing the
audit by the ATO in connection with the acquisition financing appropriateness of the accounting treatments of
of Optus. significant tax issues adopted by the Group; and

The Group has engaged external specialists to advise on this • Assessing the reasonableness of management’s
matter and to assist in raising objections to the amended position and the accounting impact to the
assessments. Significant judgement is required in assessing Group’s consolidated financial statements.
the probability and timing of the outlays necessary for the
resolution of this matter. With respect to the ATO matter:
Please refer to Note 42 to the financial statements. • Involving our tax specialist in assessing the
appropriateness of management’s judgements taken on
this matter, and the disclosure as a contingent liability,
and that the amount paid continues to represent a
receivable as at 31 March 2020;
• Examining the advice that the Group had obtained
PERFORMANCE
from external specialists to support the position taken
by management; and
• Inquiring with management and the external specialists

to discuss the appropriateness of the Group’s position
on the matter.
Findings
We found the position of management and the basis for it to be appropriate.
FINANCIALS
We found the disclosures to the consolidated financial statements to be adequate and appropriate in accordance to SFRS(I) 1-37
Provisions, Contingent Liabilities and Contingent Assets.

Implementation of SFRS(I) 16 Leases

On 1 April 2019, the Group adopted SFRS(I) 16 Leases, using Our procedures included:
the modified retrospective approach without restating prior
periods’ information. • Evaluating the appropriateness of the transition
approach and practical expedients applied;
Management’s judgement and estimates are required in the
application of SFRS(I) 16, including the application of transition • Identifying and testing of controls relating to the
options and practical expedients and the determination of key completeness and accuracy of lease information;
assumptions used in measuring the lease liabilities.
• Assessing the reasonableness of management’s key
The accounting policies for leases are set out in Note 2.25 to assumptions such as lease terms and discount rates
the financial statements and the effects of the implementation used; and
of SFRS(I) 16 for the Group have been disclosed in Note 2.2 to
the financial statements. • Evaluating the completeness, accuracy and relevance
of disclosures in the financial statements.
Findings
We found the transition approach and practical expedients applied to be appropriate. The controls to account for leases were
operating effectively and the key assumptions used by management were found to be reasonable.
We found the disclosures to the consolidated financial statements to be adequate and appropriate in accordance to SFRS(I) 16
Leases.
Other information
Management is responsible for the other information contained in the annual report. Other information is defined as all
information in the annual report other than the financial statements and our auditors’ report thereon. We have not obtained any
other information prior to the date of this auditors’ report. The other information is expected to be made available to us after
the date of this auditors’ report.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information identified above
when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
When we read the other information, if we conclude that there is a material misstatement therein, we are required to communicate
the matter to those charged with governance and take appropriate actions in accordance with SSAs.
Responsibilities of management and directors for the financial statements
Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the
provisions of the Act and SFRS(I)s, and for devising and maintaining a system of internal accounting controls sufficient to provide
a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are
properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and
to maintain accountability of assets.
149
OVERVIEW
In preparing the financial statements, management is responsible for assessing the Group’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
The directors’ responsibilities include overseeing the Group’s financial reporting process.
BUSINESS REVIEWS
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is
a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.

As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout
the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal controls.
• Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal controls.
PERFORMANCE
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt
on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditors’ report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditors’ report. However, future events or conditions may cause the Group to cease to continue as a going concern.
FINANCIALS
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether
the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities
within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction,
supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal controls that we identify during our audit.
We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence,
and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.

From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the
financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors’
report unless the law or regulations preclude public disclosure about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
Report on other legal and regulatory requirements
In our opinion, the accounting and other records required by the Act to be kept by the Company and by those subsidiary
corporations incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions
of the Act.
The engagement partner on the audit resulting in this independent auditors’ report is Mr Ong Pang Thye.
KPMG LLP
Public Accountants and
Chartered Accountants
Singapore
27 May 2020
151
Consolidated Income Statement
OVERVIEW
2020 2019
Notes S$ Mil S$ Mil
Operating revenue 4 16,542.3 17,371.7
BUSINESS REVIEWS
Operating expenses 5 (12,179.7) (12,904.5)
Other income 6 178.8 224.7
4,541.4 4,691.9
Depreciation and amortisation 7 (2,580.3) (2,222.2)
1,961.1 2,469.7
Exceptional items 8 415.7 68.2

Profit on operating activities 2,376.8 2,537.9
Share of results of associates and joint ventures 9 (529.6) 1,562.7
Profit before interest, investment income (net) and tax 1,847.2 4,100.6
Interest and investment income (net) 10 180.0 38.1

Finance costs 11 (461.8) (392.8)
Profit before tax 1,565.4 3,745.9
Tax expense 12 (513.2) (674.8)
PERFORMANCE
Profit after tax 1,052.2 3,071.1
Attributable to:
Shareholders of the Company 1,074.6 3,094.5
Non-controlling interests (22.4) (23.4)
1,052.2 3,071.1
FINANCIALS
Earnings per share attributable to shareholders of the Company
- basic (cents) 13 6.58 18.96
- diluted (cents) 13 6.56 18.93 ADDITIONAL INFORMATION
The accompanying notes on pages 161 to 259 form an integral part of these financial statements.
Independent Auditors’ Report – pages 144 to 151.

Consolidated Statement
of Comprehensive Income
2020 2019
S$ Mil S$ Mil
Profit after tax 1,052.2 3,071.1
Other comprehensive (loss)/ income
Items that may be reclassified subsequently to income statement:
Exchange differences arising from translation of foreign operations

and other currency translation differences (675.3) (484.5)
Cash flow hedges

- Fair value changes 506.9 182.9
- Tax effects (84.3) (23.7)
422.6 159.2
- Fair value changes transferred to income statement (433.2) (122.4)

- Tax effects 84.2 17.8
(349.0) (104.6)
73.6 54.6
Share of other comprehensive (loss)/ income of associates and joint ventures (278.9) 283.8
Items that will not be reclassified subsequently to income statement:
Fair value changes on Fair Value through Other Comprehensive Income

(“FVOCI”) investments (184.9) 13.2
Other comprehensive loss, net of tax (1,065.5) (132.9)
Total comprehensive (loss)/ income (13.3) 2,938.2
Attributable to:
Shareholders of the Company 8.0 2,962.3
Non-controlling interests (21.3) (24.1)
(13.3) 2,938.2
153
Statements of Financial Position
As at 31 March 2020
OVERVIEW
Group Company
31 March 31 March 31 March 31 March
2020 2019 2020 2019
Notes S$ Mil S$ Mil S$ Mil S$ Mil
BUSINESS REVIEWS
Current assets
Cash and cash equivalents 15 999.6 512.7 97.3 81.6
Trade and other receivables 16 5,559.4 5,992.7 2,065.3 1,960.9
Inventories 17 279.6 417.6 26.3 37.2
Derivative financial instruments 18 337.2 155.1 5.3 0.7
7,175.8 7,078.1 2,194.2 2,080.4
Non-current assets
Property, plant and equipment 19 10,363.8 11,050.4 2,205.8 2,250.0
Right-Of-Use assets 20 2,060.5 - 623.5 -
Intangible assets 21 13,735.9 14,016.7 - -
Subsidiaries 22 - - 19,679.2 20,009.2

Joint ventures 23 11,637.7 12,857.9 22.8 22.8
Associates 24 2,074.1 2,060.2 24.7 24.7
Fair value through other comprehensive
income (“FVOCI”) investments 26 515.0 646.9 4.0 5.3
Deferred tax assets 12 234.2 276.6 - -
Other assets 27 640.4 644.4 105.7 130.7
41,779.1 41,836.7 22,799.9 22,568.6
Total assets 48,954.9 48,914.8 24,994.1 24,649.0
Current liabilities
Trade and other payables 28 5,640.9 5,817.1 2,417.1 1,737.5
Advance billings 732.9 812.1 85.5 89.8
Current tax liabilities 199.4 255.0 76.4 83.6
Borrowings (unsecured) 29 3,588.2 1,846.2 - -
Borrowings (secured) 30 382.3 34.0 63.2 4.8
PERFORMANCE
Derivative financial instruments 18 14.0 9.2 - 0.5
Net deferred gain 32 20.8 20.8 - -
10,578.5 8,794.4 2,642.2 1,916.2
Non-current liabilities
Advance billings 189.9 197.4 122.2 129.2
Borrowings (unsecured) 29 8,384.0 8,734.4 942.5 786.5
Borrowings (secured) 30 1,818.1 49.5 581.2 7.7
Net deferred gain 32 373.7 375.0 - -
Deferred tax liabilities 12 525.5 515.1 275.5 274.5
FINANCIALS
Other non-current liabilities 33 148.3 289.8 18.7 26.5
11,562.4 10,310.7 1,985.2 1,416.2
Total liabilities 22,140.9 19,105.1 4,627.4 3,332.4
Net assets 26,814.0 29,809.7 20,366.7 21,316.6
Share capital and reserves

Share capital 34 4,127.3 4,127.3 4,127.3 4,127.3
Reserves 22,661.9 25,710.5 16,239.4 17,189.3
Equity attributable to shareholders

of the Company 26,789.2 29,837.8 20,366.7 21,316.6
Non-controlling interests 24.8 (28.1) - -
Total equity 26,814.0 29,809.7 20,366.7 21,316.6

Attributable to shareholders of the Company
155
Currency Fair Non-
Share Treasury Capital Translation Hedging Value Retained Other controlling Total
Capital Shares(1) Reserve Reserve(2) Reserve Reserve Earnings Reserves(3) Total Interests Equity
Group - 2020 S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil
Balance as at 1 April 2019,

previously reported 4,127.3 (31.7) (76.3) (1,767.5) 0.3 (10.3) 27,513.0 83.0 29,837.8 (28.1) 29,809.7
Effects of adoption of SFRS(I) 16 - - - - - - (211.2) - (211.2) - (211.2)

restated 4,127.3 (31.7) (76.3) (1,767.5) 0.3 (10.3) 27,301.8 83.0 29,626.6 (28.1) 29,598.5
Changes in equity for the year
Performance shares purchased

by the Company - (1.8) - - - - - - (1.8) - (1.8)
by the Company on behalf of
subsidiaries - (1.2) - - - - - - (1.2) - (1.2)

by Trust(5) - (14.8) - - - - - - (14.8) - (14.8)
Performance shares vested - 18.5 (18.5) - - - - - - - -
Equity-settled share-based
payment - - 31.5 - - - - - 31.5 - 31.5
Transfer of liability to equity - - 4.7 - - - - - 4.7 - 4.7
Cash paid to employees under
performance share plans - - (0.3) - - - - - (0.3) - (0.3)
by Singtel Optus Pty Limited
(“Optus”) and vested - - (5.2) - - - - - (5.2) - (5.2)
Goodwill reclassified on dilution of
equity interest in joint venture - - - - - - (91.7) 91.7 - - -
Final dividend paid (see Note 35) - - - - - - (1,746.7) - (1,746.7) - (1,746.7)
Interim dividend paid (see Note 35) - - - - - - (1,110.0) - (1,110.0) - (1,110.0)
Dividend paid to
non-controlling interests - - - - - - - - - (5.2) (5.2)
Deconsolidation of subsidiary - - (2.9) - - - - - (2.9) 79.4 76.5
Reclassification due to disposal
Statements of Changes in Equity
of FVOCI investments - - - - - (19.0) 19.0 - - - -

Others - - - - - - 1.3 - 1.3 - 1.3
- 0.7 9.3 - - (19.0) (2,928.1) 91.7 (2,845.4) 74.2 (2,771.2)
Total comprehensive (loss)/

income for the year - - - (676.4) 73.6 (184.9) 1,074.6 (278.9) 8.0 (21.3) (13.3)
Balance as at 31 March 2020 4,127.3 (31.0) (67.0) (2,443.9) 73.9 (214.2) 25,448.3 (104.2) 26,789.2 24.8 26,814.0
Attributable to shareholders of the Company
Currency Fair Non-

Share Treasury Capital Translation Hedging Value Retained Other controlling Other Total
Capital Shares(1) Reserve Reserve(2) Reserve Reserve Earnings Reserves(3) Total Interests Reserve(4) Equity
Group - 2019 S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil
Balance as at 1 April 2018 4,127.3 (32.7) (96.2) (1,283.7) (54.3) (18.9) 27,269.4 (173.8) 29,737.1 (3.2) (22.4) 29,711.5

by the Company - (1.8) - - - - - - (1.8) - - (1.8)
by Trust(5) - (17.5) - - - - - - (17.5) - - (17.5)
Performance shares vested - 20.3 (20.3) - - - - - - - - -
Equity-settled share-based
payment - - 38.0 - - - - - 38.0 - - 38.0

Transfer of liability to equity - - 7.8 - - - - - 7.8 - - 7.8
performance share plans - - (0.1) - - - - - (0.1) - - (0.1)
by Optus and vested - - (5.5) - - - - - (5.5) - - (5.5)
Final dividend paid
(see Note 35) - - - - - - (1,746.7) - (1,746.7) - - (1,746.7)
Interim dividend paid
(see Note 35) - - - - - - (1,109.9) - (1,109.9) - - (1,109.9)
Dividend paid to
non-controlling interests - - - - - - - - - (5.4) - (5.4)
Acquisition of
non-controlling interests(4) - - - - - - - (27.0) (27.0) 4.6 22.4 -
Reclassification due to disposal
of FVOCI investments - - - - - (4.6) 4.6 - - - - -
Others - - - - - - 1.1 - 1.1 - - 1.1
- 1.0 19.9 - - (4.6) (2,850.9) (27.0) (2,861.6) (0.8) 22.4 (2,840.0)
Total comprehensive (loss)/

income for the year - - - (483.8) 54.6 13.2 3,094.5 283.8 2,962.3 (24.1) - 2,938.2
Balance as at 31 March 2019 4,127.3 (31.7) (76.3) (1,767.5) 0.3 (10.3) 27,513.0 83.0 29,837.8 (28.1) - 29,809.7
Singapore Telecommunications Limited | Annual Report 2020

156
ADDITIONAL INFORMATION FINANCIALS PERFORMANCE GOVERNANCE AND SUSTAINABILITY BUSINESS REVIEWS OVERVIEW
Share Treasury Capital Hedging Fair Value Retained Total

Capital Shares(1) Reserve Reserve Reserve Earnings Equity
Company - 2020 S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil

previously reported 4,127.3 (1.1) 45.2 24.2 2.0 17,119.0 21,316.6
Effects of adoption of SFRS(I) 16 - - - - - (73.2) (73.2)
Balance as at 1 April 2019, restated 4,127.3 (1.1) 45.2 24.2 2.0 17,045.8 21,243.4

by the Company - (1.8) - - - - (1.8)
Performance shares vested - 1.3 (1.3) - - - -
Equity-settled share-based payment - - 12.2 - - - 12.2
Transfer of liability to equity - - 4.6 - - - 4.6
performance share plans - - (0.3) - - - (0.3)
Contribution to Trust (5) - - (11.3) - - - (11.3)
Final dividend paid (see Note 35) - - - - - (1,747.2) (1,747.2)
Interim dividend paid (see Note 35) - - - - - (1,110.4) (1,110.4)
Others - - - - - 1.3 1.3
- (0.5) 3.9 - - (2,856.3) (2,852.9)
Total comprehensive income/ (loss)

for the year - - - 6.0 (1.3) 1,971.5 1,976.2
Balance as at 31 March 2020 4,127.3 (1.6) 49.1 30.2 0.7 16,161.0 20,366.7
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OVERVIEW
Share Treasury Capital Hedging Fair Value Retained Total

Capital Shares(1) Reserve Reserve Reserve Earnings Equity
Company - 2019 S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil
Balance as at 1 April 2018 4,127.3 (1.0) 39.4 4.0 2.2 17,112.2 21,284.1
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by the Company - (1.8) - - - - (1.8)
Performance shares vested - 1.7 (1.7) - - - -
Equity-settled share-based payment - - 13.6 - - - 13.6
Transfer of liability to equity - - 7.8 - - - 7.8

performance share plans - - (0.1) - - - (0.1)
Contribution to Trust(5) - - (13.8) - - - (13.8)
Final dividend paid (see Note 35) - - - - - (1,747.2) (1,747.2)
Interim dividend paid (see Note 35) - - - - - (1,110.4) (1,110.4)
- (0.1) 5.8 - - (2,857.6) (2,851.9)
Total comprehensive income/ (loss)

for the year - - - 20.2 (0.2) 2,864.4 2,884.4
Balance as at 31 March 2019 4,127.3 (1.1) 45.2 24.2 2.0 17,119.0 21,316.6
Notes:
(1) ‘Treasury Shares’ are accounted for in accordance with Singapore Financial Reporting Standards (International) (“SFRS(I)”) 1-32, Financial Instruments: Presentation.
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(2) ‘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.
(3) ‘Other Reserves’ relate mainly to goodwill on acquisitions completed prior to 1 April 2001 and the share of other comprehensive income or loss of the associates and joint ventures.
(4) This amount was a reserve for an obligation which arose from a put option written with the non-controlling shareholder of Trustwave Holdings, Inc. (“Trustwave”). In May 2018, the put
option was exercised for the acquisition of the remaining 2% equity interest in Trustwave.
(5) DBS Trustee Limited (the “Trust”) is the trustee of a trust established to administer the performance share plans.
FINANCIALS

Consolidated Statement of Cash Flows
2020 2019
S$ Mil S$ Mil
Cash Flows From Operating Activities
Adjustments for -
Depreciation and amortisation 2,580.3 2,222.2
Share of results of associates and joint ventures 529.6 (1,562.7)
Exceptional items (non-cash) (486.0) (171.7)
Interest and investment income (net) (180.0) (38.1)
Finance costs 461.8 392.8
Other non-cash items 35.6 36.3
2,941.3 878.8
Operating cash flow before working capital changes 4,506.7 4,624.7
Changes in operating assets and liabilities

Trade and other receivables 188.5 (431.6)
Trade and other payables 55.8 338.8
Inventories 119.5 (33.6)
Cash generated from operations 4,870.5 4,498.3
Dividends received from associates and joint ventures 1,439.2 1,548.9

Income tax and withholding tax paid (491.9) (679.5)
Payment to employees in cash under performance share plans (0.5) (0.1)
Net cash from operating activities 5,817.3 5,367.6
Cash Flows From Investing Activities
Payment for purchase of property, plant and equipment (2,036.6) (1,718.1)

Purchase of intangible assets (350.0) (216.7)
Investment in associate/ joint venture (Note 1) (761.8) (2.3)
Payment for acquisition of intangibles and other assets (Note 2) - (123.1)
Deferred payment/ payment for acquisition of subsidiary, net of cash acquired (Note 3) (4.2) (5.8)
Payment for acquisition of FVOCI investments (Note 4) (85.2) (436.9)
Proceeds from disposal of subsidiary - 15.4
Deconsolidation of subsidiary (3.0) -
Payment for acquisition of non-controlling interests - (16.1)
Proceeds/ Deferred proceeds from disposal of associate and joint venture 6.9 14.8
Proceeds from sale of property, plant and equipment 145.8 160.9
Proceeds from sale of FVOCI investments 30.8 14.8
Interest received 6.8 7.0
Investment income received from FVOCI investments (net of withholding tax paid) 147.7 0.3
Withholding tax paid on intra-group interest income (18.0) (22.7)
Net cash used in investing activities (2,920.8) (2,328.5)
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Consolidated Statement of Cash Flows
OVERVIEW
2020 2019
Note S$ Mil S$ Mil
Cash Flows From Financing Activities
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Proceeds from term loans 5,684.6 7,157.1
Repayment of term loans (5,667.9) (6,983.1)
Proceeds from bond issue 1,803.7 1,177.6
Repayment of bonds (690.3) (1,139.1)
Increase in finance lease liabilites - 44.3
Lease payments (403.9) (34.5)
Net proceeds from borrowings 726.2 222.3
Final dividend paid to shareholders of the Company (1,746.7) (1,746.7)
Interim dividend paid to shareholders of the Company (1,110.0) (1,109.9)
Net interest paid on borrowings and swaps (463.3) (385.1)

Settlement of swaps for bonds repaid 173.9 (6.2)
Purchase of performance shares (23.0) (25.6)
Dividend paid to non-controlling interests (5.2) (5.4)
Others 1.3 1.1
Net cash used in financing activities (2,446.8) (3,055.5)
Net change in cash and cash equivalents 449.7 (16.4)

Exchange effects on cash and cash equivalents 37.2 4.2
Cash and cash equivalents at beginning of year 512.7 524.9
Cash and cash equivalents at end of year 15 999.6 512.7
Note 1: Investment in joint venture
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In the current financial year, Singtel paid S$735 million for subscription to Bharti Airtel Limited’s rights issue based on its
rights entitlement for its direct stake of 15%.
Note 2: Payment for acquisition of intangibles and other assets
In the previous financial year, Singtel’s wholly-owned subsidiary, Amobee Inc., acquired the technology platform,
intellectual property and certain other assets of Videology, Inc. and its subsidiaries for S$123 million (US$90 million).
FINANCIALS
Note 3: Payment for acquisition of subsidiary
In the current financial year, deferred payment of S$4.2 million was made in respect of the acquisition of Hivint Pty
Limited (“Hivint”).
In the previous financial year, Singtel’s wholly-owned subsidiary, Optus Cyber Security Pty Limited, completed the
acquisition of 100% shares in Hivint, a cyber security consulting company in Australia, for S$17 million (A$17 million) of
which S$5.8 million was paid.
Note 4: Payment for acquisition of FVOCI investments
In the previous financial year, a payment of S$344 million (US$250 million) was made for Singtel’s acquisition of 5.7%
equity interest in Airtel Africa Limited.

Notes to the Financial Statements
These notes form an integral part of and should be read in conjunction with the accompanying financial statements.
1. GENERAL
Singtel is domiciled and incorporated in Singapore and is publicly traded on the Singapore Exchange Limited. The
address of its registered office is 31 Exeter Road, Comcentre, Singapore 239732.
The principal activities of the Company consist of the operation and provision of telecommunications systems and
services, and investment holding. The principal activities of the significant subsidiaries are disclosed in Note 46.
In Singapore, the Group has the rights to provide fixed national and international telecommunications services to 31
March 2037, and public cellular mobile telephone services to 31 March 2032. In addition, the Group is licensed to offer
Internet services and has also obtained frequency spectrum and licence rights to install, operate and maintain mobile
communication systems and services including wireless broadband systems and services. The Group also holds the
requisite licence to provide nationwide subscription television services.
In Australia, Optus is granted telecommunication licences under the Telecommunications Act 1991. Pursuant to the
Telecommunications (Transitional Provisions and Consequential Amendments) Act 1997, the licences continued to have
effect after the deregulation of telecommunications in Australia in 1997. The licences do not have a finite term, but are of
continuing operation until cancelled under the Telecommunications Act 1997.
These financial statements were authorised and approved for issue in accordance with a Directors’ resolution dated 27
May 2020.
2. SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of Accounting
The financial statements are prepared in accordance with Singapore Financial Reporting Standards (International)
(“SFRS(I)”) including related interpretations, and the provisions of the Singapore Companies Act. They have been
prepared under the historical cost basis, except as disclosed in the accounting policies below.
Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
The preparation of financial statements in conformity with SFRS(I) requires management to make judgements, estimates
and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income
and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimates are revised and in any future periods affected.
Critical accounting estimates and assumptions used that are significant to the financial statements, and areas involving
a higher degree of judgement are disclosed in Note 3.
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OVERVIEW
2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
2.2 Changes in significant accounting policies
The accounting policies have been consistently applied by the Group, and are consistent with those used in the previous
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financial year. Other than SFRS(I) 16 Leases, the adoption of the new or revised SFRS(I)s and Interpretations to SFRS(I)
(“INT SFRS(I)”) which were mandatory from 1 April 2019 had no significant impact on the financial statements of the
Group or the Company in the current financial year.
The Group has adopted SFRS(I) 16 on a mandatory basis from 1 April 2019. The new policies for leases are described in
Note 2.25. The Group has applied SFRS(I) 16 using the modified retrospective approach where the cumulative effects of
initial application are recognised in the opening statement of financial position as at 1 April 2019, with no restatement
of comparative information. The Group has elected to account for short term leases and leases of low-value assets as
operating expenses on a straight-line basis. The right-of-use assets are measured at the carrying amounts discounted

from the commencement date or amounts of the lease liabilities on adoption (adjusted for any prepaid or accrued lease
expenses).
In applying SFRS(I) 16 for the first time, the Group has used the following practical expedients:
(a) The use of single discount rate to a portfolio of leases with reasonably similar characteristics.
(b) The exclusion of initial direct costs for the measurement of the right-of-use asset at the date of initial application.
(c) On transition to SFRS(I) 16, the Group elected to apply the practical expedient to grandfather the assessment of
which transactions are leases. The Group applied SFRS(I) 16 only to contracts that were previously identified as
leases. Contracts that were not identified as leases under SFRS (I) 1-17 and SFRS(I) INT 4 were not reassessed for
whether there is a lease under SFRS(I) 16. Therefore, the definition of a lease under SFRS(I) 16 was applied only to
PERFORMANCE
contracts entered into or changed on or after 1 April 2019.
When measuring lease liabilities for leases that were classified as operating leases, the Group discounted lease payments
using the applicable incremental borrowing rates at 1 April 2019. The weighted average rate applied was 2.9%.
As at 1 April 2019, right-of-use assets and lease liabilities recorded under SFRS(I) 16 were S$2.23 billion and S$2.39 billion
respectively. The undiscounted commitments for operating leases disclosed as at 31 March 2019 was S$3.42 billion. The
differences are mainly due to discounting and the reassessment of renewal periods for lease contracts for which the
Group is reasonably certain to exercise.
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2.3 Foreign Currencies
2.3.1 Functional and presentation currency
Items included in the financial statements of each entity in the Group are measured using the currency of the primary
economic environment in which the entity operates (the “functional currency”). The statement of financial position and
statement of changes in equity of the Company and consolidated financial statements of the Group are presented in
Singapore Dollar, which is the functional and presentation currency of the Company and the presentation currency of the
Group.

2.3.2 Transactions and balances
Transactions in a currency other than the functional currency (“foreign currency”) are translated into the functional
currency at the exchange rates prevailing at the date of the transactions. Monetary assets and liabilities denominated
in foreign currencies at the end of the reporting period are translated at exchange rates ruling at that date. Foreign
exchange differences arising from translation are recognised in the income statement.
2.3.3 Translation of foreign operations’ financial statements
In the preparation of the consolidated financial statements, the assets and liabilities of foreign operations are translated
to Singapore Dollar at exchange rates ruling at the end of the reporting period except for share capital and reserves
which are translated at historical rates of exchange (see below for translation of goodwill and fair value adjustments).
Income and expenses in the consolidated income statement are translated using either the average exchange rates
for the month or year, which approximate the exchange rates at the dates of the transactions. All resulting translation
differences are taken directly to ‘Other Comprehensive Income’.
On loss of control of a subsidiary, loss of significant influence of an associate or loss of joint control of a joint venture, the
accumulated translation differences relating to that foreign operation are reclassified from equity to the consolidated
income statement as part of gain or loss on disposal.
On partial disposal where there is no loss of control of a subsidiary, the accumulated translation differences relating to the
disposal are reclassified to non-controlling interests. For partial disposals of associates or joint ventures, the proportionate
accumulated translation differences relating to the disposal are taken to the consolidated income statement.
2.3.4 Translation of goodwill and fair value adjustments
Goodwill and fair value adjustments arising on the acquisition of foreign entities completed on or after 1 April 2005 are
treated as assets and liabilities of the foreign entities and are recorded in the functional currencies of the foreign entities
and translated at the exchange rates prevailing at the end of the reporting period. However, for acquisitions of foreign
entities completed prior to 1 April 2005, goodwill and fair value adjustments continue to be recorded at the exchange
rates at the respective dates of the acquisitions.
2.3.5 Net investment in a foreign entity
The exchange differences on loans from the Company to its subsidiaries, associates or joint ventures which form part
of the Company’s net investment in the subsidiaries, associates or joint ventures are included in ‘Currency Translation
Reserve’ in the consolidated financial statements. On disposal of the foreign entity, the accumulated exchange differences
deferred in the ‘Currency Translation Reserve’ are reclassified to the consolidated income statement in a similar manner
as described in Note 2.3.3.
2.4 Cash and Cash Equivalents
For the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise cash on hand, balances
with banks and fixed deposits with original maturity of mainly three months or less, net of bank overdrafts which are
repayable on demand and which form an integral part of the Group’s cash management.
Bank overdrafts are included under borrowings in the statement of financial position.
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OVERVIEW
2.5 Contract Assets
Where revenue recognised for a customer contract exceeds the amount received or receivable from a customer, a contract
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asset is recognised. Contract assets arise from bundled telecommunications contracts where equipment delivered at a
point in time are bundled with services delivered over time. Contract assets also arise from information technology
contracts where performance obligations are delivered over time (see Note 2.24). Contract assets are transferred to
trade receivables when the consideration for performance obligations are billed. Contract assets are included in ‘Trade
and other receivables’ under current assets as they are expected to be realised in the normal operating cycle. Contract
assets are subject to impairment review for credit risk in accordance with the expected loss model.
2.6 Trade and Other Receivables

Trade and other receivables, including contract assets and receivables from subsidiaries, associates and joint ventures,
are initially recognised at fair values and subsequently measured at amortised cost using the effective interest method,
less an allowance for expected credit loss (“ECL”).
The Group applied the ‘simplified approach’ for determining the allowance for ECL for trade receivables and contract
assets, where lifetime ECL are recognised in the income statement at initial recognition of receivables and updated at
each reporting date. Lifetime ECL represents the expected credit losses that will result from all possible default events
over the expected life of the receivable. When determining the allowance for ECL, the Group considers reasonable and
supportable information that is relevant and available for customer types. This includes both qualitative and quantitative
information based on the Group’s historical experience and forward looking information such as general economic
factors as applicable. Loss events include financial difficulty or bankruptcy of the debtor, significant delay in payments
and breaches of contracts.
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Trade and other receivables are written off against the allowance for ECL when there is no reasonable expectation of
recovery. Subsequent recoveries of amounts previously written off are recognised in the income statement.
2.7 Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined on the weighted average basis.
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated cost of completion
and selling expenses.
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2.8 Contract Liabilities
Where the amounts received or receivable from customers exceed the revenues recognised for contracts, contract
liabilities or advance billings are recognised in the statement of financial position. Contract liabilities or advance billings
are recognised as revenues when services are provided to customers.
2.9 Trade and Other Payables

Trade and other payables are initially recognised at fair value and subsequently measured at amortised cost using the
effective interest method.

2.10 Borrowings
Borrowings are initially recognised at fair value of the consideration received less directly attributable transaction costs.
After initial recognition, borrowings are subsequently stated at amortised cost using the effective interest method.
2.11 Provisions
A provision is recognised when there is a present legal or constructive obligation as a result of past events, it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate
can be made of the amount of the obligation. No provision is recognised for future operating losses.
For information technology contracts, a provision for expected project loss is made when it is probable that total contract
costs will exceed total contract revenue.
Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate.
2.12 Contingencies
A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only
by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group;
or a present obligation that arises from past events but is not recognised because it is not probable that an outflow of
resources embodying economic benefits will be required to settle the obligation; or the amount of the obligation cannot
be measured with sufficient reliability.
Contingent liabilities are not recognised on the statement of financial position of the Group, except for contingent liabilities
assumed in a business combination that are present obligations and for which fair values can be reliably determined.
2.13 Group Accounting
The accounting policy for investments in subsidiaries, associates and joint ventures in the Company’s financial statements
is stated in Note 2.14. The Group’s accounting policy on goodwill is stated in Note 2.20.1.
2.13.1 Subsidiaries
Subsidiaries are entities (including structured entities) controlled by the Group. Control exists when the Group has power
over the entity, is exposed, or has rights, to variable returns from its involvement with the entity and has the ability
to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give the
Group the ability to direct activities that significantly affect the entity’s returns. The Group reassesses whether or not it
controls an investee if facts and circumstances indicate that there are changes to one or more of the elements of control
listed above. Subsidiaries are consolidated from the date that control commences until the date that control ceases. All
significant inter-company balances and transactions are eliminated on consolidation.
2.13.2 Associates
Associates are entities over which the Group has significant influence. Significant influence is the power to participate in
the financial and operating policy decisions of the investee but is not control or joint control over those policies.
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2.13.2 Associates (Cont’d)
Investments in associates are accounted for in the consolidated financial statements using the equity method of accounting.
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Equity accounting involves recording the investment in associates initially at cost, and recognising the Group’s share of
the post-acquisition results of associates in the consolidated income statement, and the Group’s share of post-acquisition
reserve movements in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of
the investments in the consolidated statement of financial position.
Where the Group’s interest in an associate reduces as a result of a deemed disposal, any gain or loss arising as a result
of the deemed disposal is taken to the consolidated income statement.
Where the Group increases its interest in its existing associate and it remains as an associate, the incremental cost of

investment is added to the existing carrying amount without considering the fair value of the associate’s identifiable
assets and liabilities.
In the consolidated statement of financial position, investments in associates include goodwill on acquisition identified on
acquisitions completed on or after 1 April 2001, net of accumulated impairment losses. Goodwill is assessed for impairment
as part of the investment in associates.
When the Group’s share of losses in an associate equals or exceeds its interest in the associate, including loans that
are in fact extensions of the Group’s investment, the Group does not recognise further losses, unless it has incurred or
guaranteed obligations in respect of the associate.
Unrealised gains resulting from transactions with associates are eliminated to the extent of the Group’s interest in the
associate. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no
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evidence of impairment.
2.13.3 Joint ventures
Joint ventures are joint arrangements whereby the parties that have joint control of the arrangement have rights to the
net assets of the joint arrangements. Joint control is the contractually agreed sharing of control of an arrangement, which
exists only when decisions about the relevant activities require unanimous consent of the parties sharing the control.
The Group’s interest in joint ventures is accounted for in the consolidated financial statements using the equity method of
FINANCIALS
accounting.
Where the Group’s interest in a joint venture reduces as a result of a deemed disposal, any gain or loss arising as a result
of the deemed disposal is taken to the consolidated income statement.
Where the Group increases its interest in its existing joint venture and it remains as a joint venture, the incremental cost
of investment is added to the existing carrying amount without considering the fair value of the joint venture’s identifiable
assets and liabilities.
In the consolidated statement of financial position, investments in joint ventures include goodwill on acquisition identified
on acquisitions completed on or after 1 April 2001, net of accumulated impairment losses. Goodwill is assessed for
impairment as part of the investment in joint ventures.

2.13.3 Joint ventures (Cont’d)
The Group’s interest in its unincorporated joint operations is accounted for by recognising the Group’s share of assets and
liabilities from the joint operations, as well as expenses incurred by the Group and the Group’s share of income earned
from the joint operations, in the consolidated financial statements.
Unrealised gains resulting from transactions with joint ventures are eliminated to the extent of the Group’s interest in the
joint venture. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no
evidence of impairment.
2.13.4 Dividends from associates and joint ventures
Dividends are recognised when the Group’s rights to receive payment have been established. Dividends received from
an associate or joint venture in excess of the Group’s carrying value of the equity accounted investee are recognised as
dividend income in the consolidated income statement where there is no legal or constructive obligation to refund the
dividend nor is there any commitment to provide financial support to the investee. Equity accounting is then suspended
until the investee has made sufficient profits to cover the income previously recognised for the excess cash distributions.
2.13.5 Structured entity
The Trust has been consolidated in the consolidated financial statements under SFRS(I) 10, Consolidated Financial
Statements.
2.13.6 Business combinations
Business combinations are accounted for using the acquisition method on and after 1 April 2010. The consideration for
each acquisition is measured at the aggregate of the fair values of assets given, liabilities incurred and equity interests
issued by the Group and any contingent consideration arrangement at acquisition date. Acquisition-related costs, other
than those associated with the issue of debt or equity, are expensed as incurred.
Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is
classified as equity, it is not re-measured and settlement is accounted for within equity. Otherwise, subsequent changes
to the fair value of the contingent consideration are recognised in the consolidated income statement.
For business combinations that are achieved in stages, any existing equity interests in the acquiree entity are re-measured
to their fair values at acquisition date and any changes are taken to the consolidated income statement.
Non-controlling interests in subsidiaries represent the equity in subsidiaries which are not attributable, directly or indirectly,
to the shareholders of the Company, and are presented separately in the consolidated statement of comprehensive
income, consolidated statement of changes in equity and within equity in the consolidated statement of financial position.
The Group elects for each individual business combination whether non-controlling interests in the acquiree entity are
recognised at fair value, or at the non-controlling interests’ proportionate share of the fair value of the acquiree entity’s
identifiable net assets, at the acquisition date.
Total comprehensive income is attributed to non-controlling interests based on their respective interests in a subsidiary,
even if this results in the non-controlling interests having a debit balance.
Changes in the Group’s interest in subsidiaries that do not result in loss of control are accounted for as equity transactions.
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OVERVIEW
2.13.6 Business combinations (Cont’d)
When the Group loses control of a subsidiary, any interest retained in the former subsidiary is recorded at fair value with
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the re-measurement gain or loss recognised in the consolidated income statement.
2.14 Investments in Subsidiaries, Associates and Joint Ventures
In the Company’s statement of financial position, investments in subsidiaries, associates and joint ventures, including
loans that meet the definition of equity instruments, are stated at cost less accumulated impairment losses. Where an
indication of impairment exists, the carrying amount of the investment is assessed and written down immediately to its
recoverable value. On disposal of investments in subsidiaries, associates and joint ventures, the difference between the
net disposal proceeds and the carrying amount of the investment is recognised in the income statement of the Company.

2.15 Fair Value Through Other Comprehensive Income (“FVOCI”) Investments
On initial recognition, the Group has made an irrevocable election to designate all equity investments (other than
investments in subsidiaries, associates or joint ventures) as FVOCI investments as these are strategic investments held
for the long term. They are initially recognised at fair value plus directly attributable transaction costs, with subsequent
changes in fair value and translation differences recognised in ‘Other Comprehensive Income’ and accumulated within
‘Fair Value Reserve’ in equity. Upon disposal, the gain or loss accumulated in equity is transferred to retained earnings
and is not reclassified to the income statement. Dividends are recognised in the income statement when the Group’s right
to receive payments is established.
Purchases and sales of investments are recognised on trade date, which is the date that the Group commits to purchase
or sell the investment.
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2.16 Derivative Financial Instruments and Hedging Activities
The Group enters into the following derivative financial instruments to hedge its risks, namely -
Cross currency swaps and interest rate swaps as fair value hedges for interest rate risk and cash flow hedges for
currency risk arising from the Group’s issued bonds. The swaps involve the exchange of principal and floating or fixed
interest receipts in the foreign currency in which the issued bonds are denominated, for principal and floating or fixed
interest payments in the entities’ functional currencies.
FINANCIALS
Forward foreign exchange contracts as cash flow hedges for the Group’s exposure to foreign currency exchange risks
arising from forecasted or committed expenditure.
Derivative financial instruments are initially recognised at fair value on the date the derivative contract is entered into
and are subsequently re-measured at their fair values at the end of each reporting period.
A derivative financial instrument is carried as an asset when the fair value is positive and as a liability when the fair value
is negative.
Any gains or losses arising from changes in fair value are recognised immediately in the income statement, unless they
qualify for hedge accounting.

2.16.1 Hedge accounting
At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and
the hedged item, along with the risk management objectives and strategy for undertaking various hedge transactions.
At inception and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting
the changes in fair values or cash flows of the hedged item attributable to the hedged risk. To be effective, the hedging
relationships are to meet all of the following requirements:
(i) there is an economic relationship between the hedged item and the hedging instrument;
(ii) the effect of credit risk does not dominate the fair value changes that result from that economic relationship; and
(iii) the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that
the Group hedges and the quantity of the hedging instrument that the Group uses to hedge that quantity of the
hedged item.
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk
management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of
the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again.
The Group designates the full change in the fair value of a forward currency contract (i.e. including the forwards elements)
as the hedged risk for all its hedging relationships involving forward currency contracts.
Note 18.1 sets out the details of the fair values of the derivative instruments used for hedging purposes.
Fair value hedge
Designated derivative financial instruments that qualify for fair value hedge accounting are initially recognised at fair
value on the date that the contract is entered into. Changes in fair value of derivatives are recorded in the income
statement together with any changes in the fair value of the hedged items that are attributable to the hedged risks.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer
qualifies for hedge accounting. The adjustment to the carrying amount of the hedged item arising from the hedged risk is
amortised in the income statement from that date.
Cash flow hedge
The effective portion of changes in the fair value of the designated derivative financial instruments that qualify as cash flow
hedges are recognised in ‘Other Comprehensive Income’. The gain or loss relating to the ineffective portion is recognised
immediately in the income statement. Amounts accumulated in the ‘Hedging Reserve’ within equity are transferred to the
income statement in the periods when the hedged items affect the income statement.
However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial
liability, the gain or loss previously recognised in ‘Other Comprehensive Income’ and accumulated in equity are removed
from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. This
transfer does not affect ‘Other Comprehensive Income’. Furthermore, if the Group expects some or all the loss accumulated
in ‘Other Comprehensive Income’ will not be recovered in the future, that amount is immediately reclassified to the income
statement.
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2.16.1 Hedge accounting (Cont’d)
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer
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qualifies for hedge accounting. Any cumulative gain or loss deferred in equity at that time remains in equity and is
transferred to the income statement when the forecast transaction is recognised in the income statement. When a
forecast transaction is no longer expected to occur, the cumulative gain or loss that was deferred in equity is recognised
immediately in the income statement.
2.17 Fair Value Estimation of Financial Instruments
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date, regardless of whether that price is directly observable or estimated using

another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the
characteristics of the asset or liability which market participants would take into account when pricing the asset or liability
at the measurement date.
The following methods and assumptions are used to estimate the fair value of each class of financial instrument –
Bank balances, receivables and payables, current borrowings
The carrying amounts approximate fair values due to the relatively short maturity of these instruments.
Quoted and unquoted investments
The fair values of investments traded in active markets are based on the market quoted price or the price quoted by the
PERFORMANCE
market maker at the close of business at the end of the reporting period.
The fair values of unquoted investments are determined primarily using recent arm’s length transactions.
Cross currency and interest rate swaps
The fair value of a cross currency or an interest rate swap is the estimated amount that the swap contract can be
exchanged for or settled with under normal market conditions. This fair value can be estimated using the discounted cash
flow method where the future cash flows of the swap contract are discounted at the prevailing market foreign exchange
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rates and interest rates. Market interest rates are actively quoted interest rates or interest rates computed by applying
techniques to these actively quoted interest rates.
Forward foreign currency contracts
The fair value of forward foreign exchange contracts is determined using forward exchange market rates for contracts
with similar maturity profiles at the end of the reporting period.
Non-current borrowings
For disclosure purposes, the fair values of non-current borrowings which are traded in active markets are based on the
quoted market ask price. For other non-current borrowings, the fair values are based on valuations provided by service
providers or estimated by discounting the future contractual cash flows using discount rates based on the borrowing
rates which the Group expects would be available at the end of the reporting period.

2.18 Financial Guarantee Contracts
Financial guarantees issued by the Company prior to 1 April 2010 are recorded initially at fair values plus transaction costs
and amortised in the income statement over the period of the guarantee. Financial guarantees issued by the Company
on or after 1 April 2010 are directly charged to the subsidiary as guarantee fees based on fair values.
2.19 Property, Plant and Equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses,
where applicable. The cost of self-constructed assets includes the cost of material, direct labour, capitalised borrowing
costs and an appropriate proportion of production overheads.
Depreciation is calculated on a straight-line basis to write off the cost of the property, plant and equipment over its
expected useful life. The estimated useful lives are as follows –
No. of years
Buildings 5 - 40
Transmission plant and equipment 5 - 25
Switching equipment 3 - 15
Other plant and equipment 2 - 20
Other plant and equipment consist mainly of motor vehicles, office equipment, and furniture and fittings.
No depreciation is provided on freehold land, long-term leasehold land with a remaining lease period of more than 100
years and capital work-in-progress. Leasehold land with a remaining lease period of 100 years or less is depreciated in
equal instalments over its remaining lease period.
In respect of capital work-in-progress, assets are depreciated from the month the asset is completed and ready for use.
Costs of computer software which are an integral part of the related hardware are capitalised and recognised as assets
and included in property, plant and equipment when it is probable that the costs will generate economic benefits beyond
one year and the costs are associated with identifiable software products which can be reliably measured by the Group.
The cost of property, plant and equipment includes expenditure that is directly attributable to the acquisition of the items.
Dismantlement, removal or restoration costs are included as part of the cost if the obligation for dismantlement, removal
or restoration is incurred as a consequence of acquiring or using the asset. Costs may also include transfers from equity
of any gains or losses on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment.
Subsequent expenditure is included in the carrying amount of an asset when it is probable that future economic benefits,
in excess of the originally assessed standard of performance of the existing asset, will flow to the Group.
The residual values and useful lives of property, plant and equipment are reviewed, and adjusted as appropriate, at the
end of each reporting period.
On disposal of property, plant and equipment, the difference between the disposal proceeds and its carrying value is
taken to the income statement.
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OVERVIEW
2.20 Intangible Assets
2.20.1 Goodwill
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Goodwill on acquisition of subsidiaries on and after 1 April 2010 represents the excess of the consideration transferred,
the recognised amount of any non-controlling interest in the acquiree entity and the fair value of any previous equity
interest in the acquiree entity over the fair value of the net identifiable assets acquired, including contingent liabilities,
at the acquisition date. Such goodwill is recognised separately as intangible asset and stated at cost less accumulated
impairment losses.
Acquisitions completed prior to 1 April 2001

Goodwill on acquisitions of subsidiaries, associates and joint ventures completed prior to 1 April 2001 had been adjusted
in full against ‘Other Reserves’ within equity. Such goodwill has not been retrospectively capitalised and amortised.
The Group also had acquisitions where the costs of acquisition were less than the fair value of identifiable net assets
acquired. Such differences (negative goodwill) were adjusted against ‘Other Reserves’ in the year of acquisition.
Goodwill which has been previously taken to ‘Other Reserves’, is not taken to the consolidated income statement when the
entity is disposed of or when the goodwill is impaired.
Acquisitions completed on or after 1 April 2001
Prior to 1 April 2004, goodwill on acquisitions of subsidiaries, associates and joint ventures completed on or after 1 April
2001 was capitalised and amortised on a straight-line basis in the consolidated income statement over its estimated
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useful life of up to 20 years. In addition, goodwill was assessed for indications of impairment at the end of each reporting
period.
Since 1 April 2004, goodwill is no longer amortised but is tested annually for impairment or whenever there is an indication
of impairment (see Note 2.21). The accumulated amortisation for goodwill as at 1 April 2004 had been eliminated with a
corresponding decrease in the capitalised goodwill.
When there is negative goodwill, a bargain purchase gain is recognised directly in the consolidated income statement.
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Gains or losses on disposal of subsidiaries, associates and joint ventures include the carrying amount of capitalised
goodwill relating to the entity sold.
2.20.2 Other intangible assets
Expenditure on telecommunication and spectrum licences are capitalised and amortised using the straight-line method
over their estimated useful lives of 11 to 16 years.
Other intangible assets which are acquired in business combinations are carried at fair values at the date of acquisition,
and amortised on a straight-line basis over the period of the expected benefits. Customer relationships or customer
contracts, brand, and technology have estimated useful lives of 4 to 10 years. Other intangible assets are stated at cost
less accumulated amortisation and accumulated impairment losses.

2.21 Impairment of Non-Financial Assets
Goodwill on acquisition of subsidiaries is subject to an annual impairment test or is more frequently tested for impairment
if events or changes in circumstances indicate that it might be impaired. Goodwill is not amortised (see Note 2.20.1).
Other intangible assets of the Group, which have finite useful lives and are subject to amortisation, as well as property, plant
and equipment and investments in subsidiaries, associates and joint ventures, are reviewed at the end of each reporting
period to determine whether there is any indicator for impairment, or whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. If any such indication exists, the assets’ recoverable amounts
are estimated.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately
identifiable cash flows (cash-generating units).
An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of the asset’s fair value less costs of disposal and its value-in-use.
An impairment loss for an asset, other than goodwill on acquisition of subsidiaries, is reversed if, and only if, there has
been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was
recognised. Impairment loss on goodwill on acquisition of subsidiaries is not reversed.
2.22 Non-current Assets (or Disposal Groups) Held For Sale
Non-current assets (or disposal groups) are classified as assets held for sale and stated at the lower of their carrying
amounts and fair value less costs to sell if their carrying amounts are recovered principally through sale transactions
rather than through continuing use.
2.23 Share Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new equity shares are
taken to equity as a deduction, net of tax, from the proceeds.
When the Company purchases its own equity share capital, the consideration paid, including any directly attributable
costs, is recognised as ‘Treasury Shares’ within equity. When the shares are subsequently disposed, the realised gains or
losses on disposal of the treasury shares are included in ‘Other Reserves’ of the Company.
The Trust acquires shares in the Company from the open market for delivery to employees upon vesting of performance
shares awarded under Singtel performance share plans. Such shares are designated as ‘Treasury Shares’. In the
consolidated financial statements, the cost of unvested shares, including directly attributable costs, is recognised as
‘Treasury Shares’ within equity.
Upon vesting of the performance shares, the weighted average costs of the shares delivered to employees, whether held
by the Company or the Trust, are transferred to ‘Capital Reserve’ within equity in the financial statements.
2.24 Revenue Recognition
Revenue is recognised when the Group satisfies a performance obligation by transferring control of a promised good or
service to the customer. It is measured based on the amount of the transaction price allocated to the satisfied performance
obligation, and are net of goods and services tax, rebates, discounts and sales within the Group.
Revenue from service contracts (e.g. telecommunications or pay TV) are recognised ratably over the contract periods as
control over the services passes to the customers as services are provided. Service revenue is also recognised based on
usage (e.g. minutes of traffic/ bytes of data).
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OVERVIEW
2.24 Revenue Recognition (Cont’d)
For prepaid cards which have been sold, revenue is recognised based on usage. A contract liability is recognised for
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advance payments received from customers where services have not been rendered as at the end of the reporting
period. Expenses directly attributable to the unearned revenue are deferred until the revenue is recognised.
Revenue from the sale of equipment (primarily handsets and accessories) is recognised upon the transfer of control to
the customer or third party dealer which generally coincides with delivery and acceptance of the equipment sold.
Goods and services deliverable under bundled telecommunication contracts are identified as separate performance
obligations to the extent that the customer can benefit from the goods or services on their own. The transaction price
is allocated between goods and services based on their relative standalone selling prices. Standalone selling prices

are determined by assessing prices paid for standalone equipment and for service-only contracts (e.g. arrangements
where customers bring their own equipment). Where standalone selling prices are not directly observable, estimation
techniques are used.
Contracts with customers generally do not include a material right. In cases where material rights are granted such as
the award of mobile price plan discount vouchers, a portion of the transaction price is deferred as a contract liability (see
Note 2.8) and is not recognised as revenue until this additional performance obligation has been satisfied or has lapsed.
Incentives given to customers are recognised as a reduction from revenue in accordance with the specific terms and
conditions of each contract.
Non-refundable, upfront service activation and setup fees associated with service arrangements are deferred and
recognised over the associated service contract period or customer life.
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The Group may exchange network capacity with other capacity or service providers. The exchange is regarded as a
transaction which generates revenue unless the transaction lacks commercial substance or the fair value of neither the
capacity received nor the capacity given up is reliably measurable.
When the Group has control of goods or services prior to delivery to a customer, the Group is the principal in the sale to
the customer. If another party has control of goods and services prior to transfer to a customer, then the Group is acting
as an agent for the other party and revenue is recognised net of any related payments. The Group typically acts as an
agent for digital mobile content such as music and video.
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For information technology projects, revenue is recognised over time based on the cost-to-cost method, i.e. based on
the proportion of contract costs incurred for work performed to date relative to the estimated total contract costs, while
invoicing is typically based on milestones. A contract asset is recognised for work performed. Any amount previously
recognised as a contract asset is transferred to trade receivable upon invoicing to the customer. If the milestone payment
exceeds the revenue recognised to date, then the Group recognises a contract liability for the difference.
Revenues from sale of perpetual software licences and the related hardware are recognised when title passes to the
customer, generally upon delivery.
Revenues from digital advertising services and solutions are recognised when advertising services are delivered, and
when digital advertising impressions are delivered or click-throughs occur. Revenue from sale of advertising space is
recognised when the advertising space is filled and sold to customers. The Group is generally the principal in transactions
carried out through Amobee’s advertising platforms and therefore reports gross revenue based on the amount billed to
customers.

2.24 Revenue Recognition (Cont’d)
Dividend income is recorded gross in the income statement when the right to receive payment is established.
Interest income is recognised on a time proportion basis using the effective interest method.
Revenue recognition for leases is described in Note 2.25.2.
2.25 Leases
The Group has applied SFRS(I) 16 using the modified retrospective approach and accordingly, the comparative
information has not been restated and continues to be reported under SFRS(I) 1-17 Leases, and related interpretations.
The details of the changes in accounting policies are disclosed below.
2.25.1 Lessee accounting
The Group is a lessee mainly for central offices, data centres, corporate offices, retail stores, network equipment, ducts
and manholes.
From 1 April 2019
The Group implements a single accounting model where lessees recognise right-of-use assets and liabilities for all
leases. The Group accounts for short term leases, i.e. leases with terms of 12 months or less, as well as low-valued assets
as operating expenses in the income statement over the lease term.
A right-of-use asset and a lease liability are recognised at commencement date of the contract for all leases conveying
the right to control the use of identified assets for a period of time. The commencement date is the date on which a lessor
makes an underlying asset available for use by a lessee.
Renewal and termination options exercisable by the Group are included in lease terms across the Group if the Group is
reasonably certain that they are to be extended (or not terminated).
After the commencement date, the right-of-use assets are measured at cost less any accumulated depreciation and any
accumulated impairment losses and adjusted for any re-measurement of the lease liability.
Depreciation is calculated using the straight-line method over the shorter of the asset’s useful life or the lease term.
The lease liability is initially measured at the present value of the lease payments that are not paid at that date. The lease
payments are discounted using the Group’s incremental borrowing rate or the rate implicit in the lease.
After the commencement date, the Group measures the lease liability by:
- increasing the carrying amount to reflect interest on the lease liability,
- reducing the carrying amount to reflect lease payments made, and
- re-measuring the carrying amount to reflect any reassessment or lease modifications.
Before 1 April 2019
Operating leases are leases where substantially all the risks and rewards of ownership are not transferred to the Group.
Operating lease payments are recognised as operating expenses in the income statement on a straight-line basis over
the lease term.
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OVERVIEW
2.25.1 Lessee accounting (Cont’d)
Finance leases are those leasing agreements which effectively transfer substantially all the risks and benefits incidental to
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ownership of the leased items to the Group. Assets financed under such leases are treated as if they had been purchased
outright at the lower of fair value and present value of the minimum lease payments. The liabilities to the lessor are
recognised as finance lease obligations in the statement of financial position. Lease payments are apportioned between
finance expenses and reduction of the lease liability to achieve a constant periodic rate of interest on the remaining
balance of the liability.
2.25.2 Lessor accounting
The Group is a lessor mainly for data centres, ducts and fibres, as well as handsets.

Operating leases are leases where the Group retains substantially all the risks and rewards of ownership of the assets.
Income from operating leases are recognised on a straight-line basis over the lease terms as the entitlement to the fees
accrues. The leased assets are included in the statement of financial position as property, plant and equipment.
Finance leases are leases of assets where substantially all the risks and rewards incidental to ownership of the assets
are transferred by the Group to the lessees. Receivables under finance leases are presented in the statement of financial
position at an amount equal to the net investment in the leases and the leased assets are derecognised. Finance income
is allocated using a constant periodic rate of return on the net investment over the lease term.
2.25.3 Intermediate lessor
The Group as an intermediate lessor accounts for a head lease and a sublease as two separate contracts. The sublease
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transaction is accounted as either finance lease or operating lease by reference to the right-of-use asset arising from the
head lease. Leasing transactions with customers are accounted as operating or finance leases by reference to the head
lease.
2.25.4 Sales of network capacity
Sales of network capacity are accounted as finance leases where -
(i) the purchaser’s right of use is exclusive and irrevocable;
FINANCIALS
(ii) the asset is specific and separable;
(iii) the terms of the contract are for the major part of the asset’s economic useful life;
(iv) the attributable costs or carrying value can be measured reliably; and
(v) no significant risks are retained by the Group.
Sales of network capacity that do not meet the above criteria are accounted for as operating leases.

2.26 Contract Costs
Sales commission and the costs of customer premise equipment directly attributable to obtaining and fulfilling a
customer’s contract are capitalised in the statement of financial position and amortised as operating expenses over the
contract period or expected customer relationship period.
Costs to obtain contracts in the form of handset subsidies given to mobile customers via indirect channels are also
capitalised in the statement of financial position but are amortised as a reduction of mobile service revenue over the
contract period or expected customer relationship period. The contract period or expected customer relationship period
typically ranges from 1 year to 5 years.
Capitalised contract costs are included in ‘Other Assets’ under non-current assets.
2.27 Employees’ Benefits
2.27.1 Defined contribution plans
Defined contribution plans are post-employment benefit plans under which the Group pays fixed contributions into
separate entities such as the Central Provident Fund. The Group has no legal or constructive obligation to pay further
contributions if any of the funds do not hold sufficient assets to pay all employee benefits relating to employee services
in the current and preceding financial years.
The Group’s contributions to the defined contribution plans are recognised in the income statement as expenses in the
financial year to which they relate.
2.27.2 Employees’ leave entitlements
Employees’ entitlements to annual leave and long service leave are recognised when they accrue to employees. A
provision is made for the estimated liability of annual leave and long service leave as a result of services rendered by
employees up to the end of the reporting period.
2.27.3 Share-based compensation
Performance shares and share options

The performance share plans of the Group are accounted for either as equity-settled share-based payments or cash-
settled share-based payments. The share option plans of the subsidiaries are accounted for as equity-settled share-
based payments.
Equity-settled share-based payments are measured at fair value at the date of grant, whereas cash-settled share-based
payments are measured at current fair value at the end of each reporting period. The share-based payment expense is
amortised and recognised in the income statement on a straight-line basis over the vesting period.
At the end of each reporting period, the Group revises its estimates of the number of equity instruments that the
participants are expected to receive based on non-market vesting conditions. The difference is charged or credited to
the income statement, with a corresponding adjustment to equity or liability for equity-settled and cash-settled share-
based payments respectively.
The dilutive effects of the Singtel performance share plans are reflected as additional share dilution in the computation
of diluted earnings per share.
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OVERVIEW
2.28 Borrowing Costs
Borrowing costs comprise interest, amortisation of discounts or premiums relating to borrowings, amortisation of ancillary
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costs incurred in arranging the borrowings, and lease charges. Borrowing costs are generally expensed as incurred,
except to the extent that they are capitalised if they are directly attributable to the acquisition, construction, or production
of a qualifying asset.
2.29 Pre-incorporation Expenses
Pre-incorporation expenses are expensed as incurred.
2.30 Government Grants

Grants in recognition of specific expenses are recognised in the income statement over the periods necessary to match
them with the relevant expenses they are intended to compensate. Grants related to depreciable assets are deferred
and recognised in the income statement over the period in which such assets are depreciated and used in the projects
subsidised by the grants.
2.31 Income Tax
Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in the income
statement except to the extent that it relates to a business combination, or items recognised directly in equity or in ‘Other
Comprehensive Income’.
The current tax is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement
PERFORMANCE
as it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that
are not taxable or tax deductible. The Group’s liability for current tax is calculated using tax rates (and tax laws) that have
been enacted or substantively enacted in countries where the Company and its subsidiaries operate, at the end of the
reporting period.
Deferred taxation is provided in full, using the liability method, on all temporary differences at the end of the reporting
period between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However,
if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business
combination that at the time of the transaction affects neither accounting nor taxable profit/ loss, it is not recognised.
FINANCIALS
Deferred income tax is also not recognised for goodwill which is not deductible for tax purposes. The amount of deferred
tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities,
using tax rates (and tax laws) enacted or substantively enacted in countries where the Company and its subsidiaries
operate, at the end of the reporting period.
Deferred tax liabilities are provided on all taxable temporary differences arising on investments in subsidiaries, associates
and joint ventures, except where the timing of the reversal of the temporary difference can be controlled and it is probable
that the temporary difference will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences and carry forward of unutilised tax losses,
to the extent that it is probable that future taxable profit will be available against which the deductible temporary
differences and carry forward of unused losses can be utilised.

2.31 Income Tax (Cont’d)
At the end of each reporting period, the Group re-assesses unrecognised deferred tax assets and the carrying amount of
deferred tax assets. The Group recognises a previously unrecognised deferred tax asset to the extent that it is probable
that future taxable profit will allow the deferred tax asset to be recovered. The Group conversely reduces the carrying
amount of a deferred tax asset to the extent that it is no longer probable that sufficient future taxable profit will be
available to allow the benefit of all or part of the deferred tax asset to be utilised.
Current and deferred tax are charged or credited directly to equity if the tax relates to items that are credited or charged,
in the same or different period, directly to equity.
2.32 Dividends
Interim and special dividends are recorded in the financial year in which they are declared payable. Final dividends are
recorded in the financial year in which the dividends are approved by the shareholders.
2.33 Segment Reporting
An operating segment is identified as the component of the Group that is regularly reviewed by the chief operating
decision maker in order to allocate resources to the segment and to assess its performance.
2.34 Exceptional Items
Exceptional items refer to items of income or expense within the income statement from ordinary activities that are of
such size, nature or incidence that their separate disclosure is considered necessary to explain the performance for the
financial year.
3. CRITICAL ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition,
seldom be equal to the future actual results. As accounting standards are principles-based, professional judgement is
required under certain circumstances. The estimates, assumptions and judgements that bear a significant risk of causing
a material adjustment to the carrying amounts of assets and liabilities are discussed below.
3.1 Impairment Reviews
The accounting policies for impairment of non-financial assets are stated in Note 2.21.
During an impairment review, the Group assesses whether the carrying amount of an asset or cash-generating unit
exceeds its recoverable amount. Recoverable amount is defined as the higher of an asset’s or cash-generating unit’s fair
value less costs of disposal and its value-in-use. In making this judgement, the Group evaluates the fair value less costs
of disposal or value-in-use which is supported by the net present value of future cash flows derived from such assets
or cash-generating units using cash flow projections which have been discounted at an appropriate rate. Forecasts of
future cash flows are based on the Group’s estimates using historical, sector and industry trends, general market and
economic conditions, changes in technology and other available information.
Goodwill recorded by associates and joint ventures is required to be tested for impairment at least annually. The
impairment assessment requires the exercise of significant judgement about future market conditions, including growth
rates and discount rates applicable in a number of markets where the associates and joint ventures operate.
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OVERVIEW
3. CRITICAL ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS (Cont’d)
3.1 Impairment Reviews (Cont’d)
The assumptions used by management to determine the fair value less costs of disposal and value-in-use calculations
BUSINESS REVIEWS
of goodwill on acquisition of subsidiaries are disclosed in Note 25. The carrying values of joint ventures and associates
including goodwill capitalised are stated in Note 23 and Note 24 respectively.
3.2 Expected Credit Loss (“ECL”) of Receivables
At each reporting date, the Group assesses whether trade and other receivables are credit-impaired. The allowance for
ECL is based on management’s assessment of the collectability of individual customer accounts taking into consideration
the credit worthiness and financial condition of those customers. The Group also records an allowance for all other
receivables based on management’s collective assessment of their collectability taking into consideration multiple factors

including historical experience of credit losses, forward looking information as applicable and the aging of the receivables
with allowances generally increasing as the receivable ages. If there is a deterioration of customers’ financial condition
or if future default rates in general differ from those currently anticipated, the Group may have to adjust the allowance
for credit losses, which would affect earnings in the period that adjustments are made.
The exposure to credit risk for receivables is disclosed in Note 16.
3.3 Estimated Useful Lives of Property, Plant and Equipment
Property, plant and equipment balances represent a significant component of the Group’s assets. Property, plant and
equipment are recorded at cost and depreciated on a straight-line basis over the estimated useful lives of the assets. The
Group reviews the estimated useful lives of property, plant and equipment on an annual basis based on factors such as
business plans and strategies, expected level of usage and future technological developments. It is possible that future
PERFORMANCE
results of operations could be materially affected by changes in these estimates brought about by changes in the factors
mentioned above. A reduction in the estimated useful lives would increase the recorded depreciation and decrease the
carrying value of property, plant and equipment.
3.4 Taxation
3.4.1 Deferred tax asset
The Group reviews the carrying amount of deferred tax assets at each reporting date. A deferred tax asset is recognised
FINANCIALS
to the extent that it is probable that future taxable profit will be available against which the temporary differences can
be utilised. This involves judgement regarding the future financial performance of the particular legal entity or tax group
for which the deferred tax asset has been recognised.
3.4.2 Income taxes
The Group is subject to income taxes in numerous jurisdictions. Judgement is involved in determining the group-wide
provision for income taxes. There are certain transactions and computations for which the ultimate tax determination is
uncertain during the ordinary course of business, including the tax matters disclosed in Note 42(b). The Group recognises
liabilities for expected tax issues based on estimates of whether additional taxes will be due. Where the final outcome of
these matters is different from the amounts that were initially recognised, such differences will impact the income tax and
deferred tax provisions in the period in which such determination is made.

3.5 Fair values of derivative financial instruments
The Group uses valuation techniques to determine the fair values of financial instruments. The valuation techniques used
for different financial instruments are selected to reflect how the market would be expected to price the instruments,
using inputs that reasonably reflect the risk-return factors inherent in the instruments. Depending on the characteristics
of the financial instruments, observable market factors are available for use in most valuations, while others involve a
greater degree of judgment and estimation.
3.6 Share-based Payments
Equity-settled share-based payments are measured at fair value at the date of grant, whereas cash-settled share-
based payments are measured at current fair value at the end of each reporting period. In addition, the Group revises
the estimated number of equity instruments that participants are expected to receive based on non-market vesting
conditions at the end of each reporting period.
The Group uses expert valuation services to determine the fair values. The assumptions of the valuation model used to
determine the fair values are set out in Note 5.3.
3.7 Contingent Liabilities
The Group consults with its legal counsel on matters related to litigation, and other experts both within and outside the
Group with respect to matters in the ordinary course of business. As at 31 March 2020, the Group was involved in various
legal proceedings where it has been vigorously defending its claims as disclosed in Note 42. Assessment on whether the
risk of loss is remote, possible or probable requires significant judgement given the complexities involved.
The Group’s associates and joint ventures also report significant contingent liabilities. The significant contingent liabilities
of the Group’s associates and joint ventures are disclosed in Note 43.
3.8 Revenue Recognition
The accounting policies for revenue recognition are stated in Note 2.24.
The application of SFRS(I) 15 requires the Group to exercise judgement in identifying distinct or non-distinct performance
obligations. For bundled telecommunications contracts, the Group is required to estimate the standalone selling prices of
performance obligations, which materially impacts the allocation of revenue between performance obligations. Where
the Group does not sell equivalent goods or services in similar circumstances on a standalone basis, it is necessary to
estimate the standalone selling price. Changes in estimates of standalone selling prices can significantly influence the
allocation of the transaction price between performance obligations. When estimating the standalone selling price, the
Group maximises the use of observable inputs.
The assessment of whether the Group presents operating revenue as the principal, or net after deduction of costs as
an agent, is a matter of judgement which requires an analysis of both the legal form and the substance of contracts.
Depending on the conclusion reached, there may be material differences in the amounts of revenues and expenses,
though there is no impact on profit.
3.9 Leases
The application of SFRS(I) 16 requires the Group to exercise judgement and estimates in applying transition options and
practical expedients, and in the determination of key assumptions used in measuring the lease liabilities. Key assumptions
include lease terms and discount rates on the lease payments.
181
OVERVIEW
3.9 Leases (Cont’d)
In determining the lease term, the Group considers all relevant facts and circumstances that create an economic incentive
BUSINESS REVIEWS
for the Group to exercise an extension option, or not to exercise a termination option. Extension options (or periods after
termination options) are only included in the lease term if the Group is reasonably certain to exercise an option to extend
the lease, or not to exercise an option to terminate the lease.
The lease payments are discounted using the rate implicit in the lease or the Group’s incremental borrowing rate. This
requires the Group to estimate the rate of interest that it would have to pay to borrow the funds to obtain a similar asset
over a similar term.
Changes in these assumptions may significantly impact the measurement of the lease liabilities.

The accounting policies for leases are stated in Note 2.25. The effects of the implementation of SFRS(I) 16 have been
disclosed in Note 2.2.
4. OPERATING REVENUE
Group
2020 2019
S$ Mil S$ Mil
Mobile service(1) 4,854.5 5,395.7

Sale of equipment 2,567.5 2,864.8
PERFORMANCE
Handset operating lease income(2) 200.4 140.5
Mobile 7,622.4 8,401.0
Data and Internet 3,611.9 3,352.8
Managed services 1,777.1 1,880.8
Cyber security 565.8 548.7
Business application services 564.1 485.1
Communication engineering 145.4 119.0
Infocomm Technology (“ICT”)(3) 3,052.4 3,033.6
Digital businesses(4) 1,168.6 1,245.3
FINANCIALS
Fixed voice 705.2 899.0
Pay television 313.5 372.7
Others(5) 68.3 67.3
Operating revenue 16,542.3 17,371.7
Operating revenue 16,542.3 17,371.7

Other income 178.8 224.7

Interest and investment income (see Note 10) 180.0 38.1
Total 16,901.1 17,634.5

4. OPERATING REVENUE (Cont’d)
Notes:
(1) Includes revenues from subscription (prepaid/postpaid), interconnect, outbound and inbound roaming, wholesale revenue from MVNOs (Mobile Virtual Network Operators) and
mobile content services such as music and video.
(2) Comprises revenue from lease of handsets to mobile customers. Handset leasing plans in Australia ceased from July 2019.
(3) Includes equipment sales related to ICT services.
(4) Mainly from provisions of digital marketing and advertising services.
(5) Includes energy reselling fees.
As at 31 March 2020, the transaction price attributable to unsatisfied performance obligations for ICT services rendered
by NCS Pte. Ltd. was approximately S$3 billion (31 March 2019: S$3 billion) which would substantially be recognised as
operating revenue over the next 5 years.
Service contracts with consumers typically range from a month to 3 years, and contracts with enterprises typically range
from 1 to 3 years.
5. OPERATING EXPENSES
Group
2020 2019
S$ Mil S$ Mil
Cost of equipment sold(1) 3,060.9 3,106.1

Other cost of sales 2,622.3 2,757.0
Staff costs 2,426.1 2,590.0
Selling and administrative costs(2) 2,087.0 2,490.0
Traffic expenses 1,593.3 1,573.4
Repair and maintenance 390.1 388.0
12,179.7 12,904.5
Notes:
(1) Includes equipment costs related to ICT services.
(2) Includes supplies and services, as well as rentals of properties and mobile base stations for the previous financial year.
5.1 Staff Costs
Group
2020 2019
S$ Mil S$ Mil
Staff costs included the following -
Contributions to defined contribution plans 203.6 225.1

Performance share and share option expenses
- equity-settled arrangements 31.5 38.0
- cash-settled arrangements 7.5 3.3
183
OVERVIEW
5. OPERATING EXPENSES (Cont’d)
5.2 Key Management Personnel Compensation
BUSINESS REVIEWS
Group
2020 2019
S$ Mil S$ Mil
Key management personnel compensation(1)

Executive director(2) 3.1 3.5
Other key management personnel(3) 13.0 15.9
16.1 19.4
Directors’ remuneration(4) 3.0 2.7

19.1 22.1
Notes:
(1) Comprise base salary, bonus, contributions to defined contribution plans and other benefits, but exclude performance share and share option expenses disclosed below.
(2) The Group Chief Executive Officer, an executive director of Singtel, was awarded up to 1,062,602 (2019: 1,030,168) ordinary shares of Singtel pursuant to Singtel performance
share plans, subject to certain performance criteria including other terms and conditions being met. The performance share expense computed in accordance with SFRS(I) 2,
Share-based Payment, was S$1.6 million (2019: S$1.5 million).
(3) The other key management personnel of the Group comprise the Chief Executive Officers of Consumer Singapore, Group Enterprise, Group Digital Life, International Group, and
Group Strategy and Business Development (formerly the Chief Executive Officer of Consumer Australia), as well as the Group Chief Corporate Officer, Group Chief Financial
Officer, Group Chief Human Resources Officer, Group Chief Information Officer, and Group Chief Technology Officer.
The other key management personnel were awarded up to 3,612,224 (2019: 3,537,119) ordinary shares of Singtel pursuant to Singtel performance share plans, subject to certain
performance criteria including other terms and conditions being met. The performance share expense computed in accordance with SFRS(I) 2 was S$6.2 million (2019: S$6.1
million).
(4) Directors’ remuneration comprises the following:
(i) Directors’ fees of S$3.0 million (2019: S$2.7 million), including fees paid to certain directors in their capacities as members of the Optus Advisory Committee and the
Technology Advisory Panel, and as directors of Singtel Innov8 Pte. Ltd. and Amobee, Inc.
(ii) Car-related benefits of the Chairman of S$37,679 (2019: S$24,557).
In addition to the Directors’ remuneration, Venkataraman Vishnampet Ganesan, a non-executive director of Singtel, was awarded 831,087 of share options pursuant to the
Amobee Long-Term Incentive Plan in 2019. The share option expense computed in accordance with SFRS(I) 2 was S$68,585 (2019: S$104,278).
PERFORMANCE
5.3 Share-based Payments
5.3.1 Performance share plans
With effect from 1 April 2012, Restricted Share Awards and Performance Share Awards are granted to selected employees
of Singtel and its subsidiaries. The awards are conditional upon the achievement of predetermined performance targets
or vesting conditions over the performance period, which is two and three years for the Restricted Share Awards and
FINANCIALS
three years for the Performance Share Awards. Both awards are generally settled by delivery of Singtel shares, with the
awards for certain senior executives to be settled by Singtel shares or cash, at the option of the recipient.

5.3.1 Performance share plans (Cont’d)
Additionally, early vesting of the performance shares can also occur under special circumstances as approved by the
Executive Resource and Compensation Committee such as retirement, redundancy, illness and death while in employment.
Though the performance shares are awarded by Singtel, the respective subsidiaries bear all costs and expenses in any
way arising out of, or connected with, the grant and vesting of the awards to their employees.
The fair values of the performance shares are estimated using a Monte-Carlo simulation methodology at the measurement
dates, which are the grant value dates for equity-settled awards, and at the end of the reporting period for cash-settled
awards.
Restricted Share Awards
The movements of the number of performance shares for the Restricted Share Awards during the financial year were as
follows –
Outstanding Outstanding
as at Awarded as at
1 April from targets 31 March
Group and Company 2019 Granted exceeded Vested Cancelled 2020
2020 ‘000 ‘000 ‘000 ‘000 ‘000 ‘000
Date of grant
FY2017(1)
20 June 2016 3,052 - - (3,013) (39) -
September 2016 to March 2017 14 - - (14) - -
FY2018
19 June 2017 6,618 - 1,053 (3,879) (229) 3,563
September 2017 to March 2018 234 - 23 (82) (132) 43
FY2019
19 June 2018 8,820 - - (106) (873) 7,841
September 2018 to March 2019 306 - - - (18) 288
FY2020
20 June 2019 - 8,556 - (11) (767) 7,778
September 2019 to March 2020 - 223 - - - 223
19,044 8,779 1,076 (7,105) (2,058) 19,736
Note:
(1) “FY2017” denotes financial year ended 31 March 2017.
185
OVERVIEW
BUSINESS REVIEWS
as at Awarded as at
1 April from targets 31 March
Group and Company 2018 Granted exceeded Vested Cancelled 2019
2019 ‘000 ‘000 ‘000 ‘000 ‘000 ‘000
Date of grant
FY2016
17 June 2015 2,187 - - (2,166) (21) -
September 2015 to March 2016 20 - - (20) - -

FY2017
20 June 2016 4,911 - 1,748 (3,401) (206) 3,052
September 2016 to March 2017 20 - 8 (14) - 14
FY2018
19 June 2017 7,293 - - (201) (474) 6,618
September 2017 to March 2018 314 - - - (80) 234
FY2019
19 June 2018 - 9,529 - (17) (692) 8,820
September 2018 to March 2019 - 306 - - - 306
PERFORMANCE
14,745 9,835 1,756 (5,819) (1,473) 19,044
FINANCIALS

The fair values of the Restricted Share Awards and the assumptions of the fair value model for the grants were as
follows –
Date of grant
Equity-settled 19 June 2017 19 June 2018 20 June 2019
Fair value at grant date S$3.34 S$2.85 S$2.85
Assumptions under Monte-Carlo Model

Expected volatility
Singtel 14.3% 14.6% 11.8%
MSCI Asia Pacific Telco Component Stocks 36 months historical 36 months historical 36 months historical
volatility preceding volatility preceding volatility preceding
May 2017 May 2018 May 2019
Risk free interest rates

Yield of Singapore Government Securities on 7 June 2017 7 June 2018 6 June 2019
Cash-settled Date of grant

2020 19 June 2017 19 June 2018 20 June 2019
Fair value at 31 March 2020 S$2.54 S$2.46 S$2.30

Expected volatility
Singtel 17.0% 17.0% 17.0%
MSCI Asia Pacific Telco Component Stocks 36 months historical volatility preceding March 2020

Yield of Singapore Government Securities on 31 March 2020 31 March 2020 31 March 2020
187
OVERVIEW
BUSINESS REVIEWS
2019 20 June 2016 19 June 2017 19 June 2018
Fair value at 31 March 2019 S$3.02 S$2.93 S$2.77

Expected volatility
Singtel 12.1% 12.1% 12.1%

Performance Share Awards
The movements of the number of performance shares for the Performance Share Awards during the financial year were
as follows –
as at as at
1 April 31 March
Group and Company 2019 Granted Cancelled 2020
2020 ‘000 ‘000 ‘000 ‘000
PERFORMANCE
Date of grant
FY2017
20 June 2016 8,275 - (8,275) -
September 2016 to March 2017 91 - (91) -
FY2018
FINANCIALS
19 June 2017 4,540 - (54) 4,486
September 2017 to March 2018 120 - (103) 17
FY2019
19 June 2018 4,008 - (163) 3,845
September 2018 to March 2019 36 - - 36
FY2020
20 June 2019 - 6,181 (212) 5,969

September 2019 to March 2020 - 129 - 129
17,070 6,310 (8,898) 14,482

as at as at
1 April 31 March
Group and Company 2018 Granted Cancelled 2019
2019 ‘000 ‘000 ‘000 ‘000
Date of grant
FY2016
17 June 2015 8,529 - (8,529) -
September 2015 to March 2016 157 - (157) -
FY2017
20 June 2016 8,651 - (376) 8,275
September 2016 to March 2017 91 - - 91
FY2018
19 June 2017 4,729 - (189) 4,540
September 2017 to March 2018 156 - (36) 120
FY2019
19 June 2018 - 4,171 (163) 4,008
September 2018 to March 2019 - 36 - 36
22,313 4,207 (9,450) 17,070
The fair values of the Performance Share Awards and the assumptions of the fair value model for the grants were as
follows –
Date of grant
Equity-settled 19 June 2017 19 June 2018 20 June 2019
Fair value at grant date S$1.28 S$1.77 S$1.77

Expected volatility
Singtel 14.3% 14.6% 11.8%
MSCI Asia Pacific Telco Component Stocks 36 months historical 36 months historical 36 months historical
volatility preceding volatility preceding volatility preceding
May 2017 May 2018 May 2019

Yield of Singapore Government Securities on 7 June 2017 7 June 2018 6 June 2019
189
OVERVIEW
BUSINESS REVIEWS
2020 19 June 2017 19 June 2018 20 June 2019
Fair value at 31 March 2020 - S$1.17 S$1.54

Expected volatility
Singtel 17.0% 17.0% 17.0%


2019 20 June 2016 19 June 2017 19 June 2018
Fair value at 31 March 2019 - S$0.07 S$1.23

Expected volatility
Singtel 12.1% 12.1% 12.1%
PERFORMANCE
5.3.2 Amobee’s share options - equity-settled arrangement
In April 2015, Amobee Group Pte. Ltd. (“Amobee”), a wholly-owned subsidiary of the Company, implemented the 2015
Long-Term Incentive Plan (“Amobee LTI Plan”). Selected employees (including executive directors) and non-executive
directors of Amobee and/or its subsidiaries are granted options to purchase ordinary shares of Amobee.
FINANCIALS
Options are exercisable at a price no less than 100% of the fair value of the ordinary shares of Amobee on the date of grant.
Options for employees are scheduled to be fully vested in either 3 years or 3.5 years from the vesting commencement
date. ADDITIONAL INFORMATION

5.3.2 Amobee’s share options - equity-settled arrangement (Cont’d)
The grant dates, exercise prices and fair values of the share options were as follows –
Equity-settled Fair value at

Exercise price grant/ repriced date
Date of grant US$ US$

For employees
13 April 2015 0.79 0.224 to 0.261
14 October 2015 0.54 to 0.79 0.217 to 0.287
20 January 2016, 10 May 2016, 24 August 2016, 25 January 2017 0.54 0.287
23 June 2016 0.54 0.273 to 0.287
19 July 2017, 18 August 2017, 12 September 2017, 25 January 2018 0.54 0.260 to 0.268
21 August 2018, 25 March 2019 0.55 to 0.58 0.259 to 0.266
15 August 2019, 29 October 2019 0.58 0.248 to 0.287
For non-executive directors

14 October 2015 0.54 0.203
21 August 2018 0.55 0.181
1 October 2019 0.58 0.215
The terms of the options granted to employees and non-executive directors are 10 years and 5 years from the date of
grant respectively.
The fair values for the share options granted were estimated using the Black-Scholes pricing model.
From 1 April 2019 to 31 March 2020,
(a) options in respect of an aggregate of 14.7 million of ordinary shares in Amobee have been granted to the employees
and non-executive directors of Amobee and/or its subsidiaries.
(b) 73,988 ordinary shares of Amobee were issued pursuant to the exercise of options granted under the Amobee LTI
Plan.
As at 31 March 2020, options in respect of an aggregate of 84.9 million of ordinary shares in Amobee are outstanding.
5.3.3 Trustwave’s share options - equity-settled arrangement
In December 2015, Trustwave Holdings, Inc. (“Trustwave”), a wholly-owned subsidiary of the Company, implemented the
Stock Option Incentive Plan (“Trustwave ESOP’’). Selected employees (including executive directors) and non-executive
directors of Trustwave and/or its subsidiaries are granted options to purchase common stock of Trustwave.
Options are exercisable at a price no less than 100% of the fair value of the common stock of Trustwave on the date of
grant, and are scheduled to be fully vested 4 years from the vesting commencement date.
191
OVERVIEW
5.3.3 Trustwave’s share options - equity-settled arrangement (Cont’d)
The grant dates, exercise prices and fair values of the stock options were as follows –
BUSINESS REVIEWS
Equity-settled Fair value at
Exercise price grant date
Date of grant US$ US$

1 December 2015 16.79 6.57
22 January 2016 16.79 6.28
19 May 2016 16.79 6.16 to 6.27
12 September 2016 16.79 6.03 to 6.10

20 January 2017 16.24 5.93 to 6.57
15 March 2018 15.37 6.71 to 6.92
23 May 2018 15.37 6.80 to 7.05
12 July 2018 15.37 6.97
31 August 2018 15.37 6.17
The term of each option granted is 10 years from the date of grant.
The fair values for the stock options granted were estimated using the Black-Scholes pricing model.
From 1 April 2019 to 31 March 2020, no options in respect of common stock in Trustwave have been granted. As at 31 March
2020, options in respect of an aggregate of 1.2 million of common stock in Trustwave are outstanding.
5.4 Structured Entity
PERFORMANCE
The Trust’s purpose is to purchase the Company’s shares from the open market for delivery to the recipients upon vesting
of the share-based payments awards.
As at the end of the reporting period, the Trust held the following assets -
Group Company
2020 2019 2020 2019
FINANCIALS
S$ Mil S$ Mil S$ Mil S$ Mil
Cost of Singtel shares, net of vesting 26.8 28.0 24.6 26.0

Cash at bank 0.4 0.5 0.4 0.4
27.2 28.5 25.0 26.4


5.4 Structured Entity (Cont’d)
The details of Singtel shares held by the Trust were as follows –
Number of shares Amount

2020 2019 2020 2019
Group ‘000 ‘000 S$ Mil S$ Mil
Balance as at 1 April 8,231 7,613 28.0 29.1

Purchase of Singtel shares 4,506 5,504 14.8 17.5
Vesting of shares (4,736) (4,886) (16.0) (18.6)
Balance as at 31 March 8,001 8,231 26.8 28.0
Upon consolidation of the Trust in the consolidated financial statements, the weighted average cost of vested Singtel
shares is taken to ‘Capital Reserve’ whereas the weighted average cost of unvested shares is taken to ‘Treasury Shares’
within equity. See Note 2.23.
5.5 Other Operating Expense Items
Group
2020 2019
S$ Mil S$ Mil
Operating expenses included the following -
Auditors’ remuneration
- KPMG LLP, Singapore 2.4 2.4
- KPMG, Australia 1.2 1.2
- Other KPMG offices 1.2 1.3
Non-audit fees(1) paid to

- KPMG LLP, Singapore 0.5 0.4
- KPMG, Australia 0.2 0.4
- Other KPMG offices 0.1 0.1
Impairment of trade receivables 191.5 121.8

Allowance for inventory obsolescence 1.6 1.1
Lease expenses for short term leases (under SFRS(I) 16) 27.0 -
Note:
(1) The non-audit fees for the current financial year ended 31 March 2020 included S$0.4 million (2019: S$0.4 million) and S$0.2 million (2019: S$0.2 million) paid to KPMG LLP,
Singapore and KPMG, Australia in respect of tax services, certification and review for regulatory purposes.
The Audit Committee had undertaken a review of the non-audit services provided by the auditors, KPMG LLP, and in the
opinion of the Audit Committee, these services did not affect the independence of the auditors.
193
OVERVIEW
6. OTHER INCOME
Other income included the following items -
BUSINESS REVIEWS
Group
2020 2019
S$ Mil S$ Mil
Rental income 3.2 3.3

Net gains on disposal of property, plant and equipment 3.6 5.3
Net foreign exchange gains 5.2 3.4
7. DEPRECIATION AND AMORTISATION

Group
2020 2019
S$ Mil S$ Mil
Depreciation of property, plant and equipment 1,825.6 1,896.1

Depreciation of right-of-use assets (under SFRS(I) 16) 403.0 -
Amortisation of intangible assets 351.7 326.1
2,580.3 2,222.2
8. EXCEPTIONAL ITEMS
PERFORMANCE
Group
2020 2019
S$ Mil S$ Mil
Exceptional gains
Gain on dilution of interest in joint ventures 671.6 -
Gain on disposal of property 96.6 105.5
FINANCIALS
Gain on sale and leaseback - 42.4
Gain on disposal of a subsidiary - 19.2
Gain on disposal of a joint venture - 0.3
768.2 167.4
Exceptional losses
Impairment of goodwill of a subsidiary (194.8) -
Deconsolidation of subsidiary (85.5) -
Staff restructuring costs (50.1) (88.4)
Provision for contingent claims and other charges (20.2) (10.8)

Impairment of other intangibles (1.9) -
(352.5) (99.2)
415.7 68.2

9. SHARE OF RESULTS OF ASSOCIATES AND JOINT VENTURES
Group
2020 2019
S$ Mil S$ Mil
Share of ordinary results

- joint ventures 1,553.5 1,338.2
- associates 190.8 197.7
1,744.3 1,535.9
Share of net exceptional (losses)/ gains of associates and
joint ventures (post-tax)(1) (1,807.9) 301.1
Share of tax of ordinary results

- joint ventures (435.1) (241.7)
- associates (30.9) (32.6)
(466.0) (274.3)
(529.6) 1,562.7
Note:
(1) Comprised share of exceptional items from Airtel, Singapore Post and Intouch. The share of Airtel’s exceptional items in the current financial year included provisions made for
regulatory costs (including related penalties and interest charges as applicable) arising from (a) an adverse ruling on the definition of Adjusted Gross Revenue which forms the
basis for payment of license fee and spectrum usage charges. Airtel continues to make representations to the Indian government and the Supreme Court for reliefs; and (b) one
time spectrum charge.
195
OVERVIEW
10. INTEREST AND INVESTMENT INCOME (NET)
Group
2020 2019
BUSINESS REVIEWS
S$ Mil S$ Mil
Interest income from

- bank deposits 6.5 7.6
- others 1.2 0.7
7.7 8.3
Dividends from joint ventures 10.8 13.0

Gross dividends and income from FVOCI investments 148.4 0.5
166.9 21.8

Other foreign exchange gains 11.2 5.9
Other fair value gains 1.5 10.3
Fair value (losses)/ gains on fair value hedges
- hedged items (149.5) (35.0)
- hedging instruments 149.9 35.1
0.4 0.1
Fair value (losses)/ gains on cash flow hedges
- hedged items (431.8) (122.4)
- hedging instruments 431.8 122.4
- -
180.0 38.1
PERFORMANCE
11. FINANCE COSTS
Group
2020 2019
S$ Mil S$ Mil
FINANCIALS
Interest expense on
- bonds 309.6 308.4
- bank loans 51.1 56.5
- lease liabilities(1) 81.7 8.2
442.4 373.1
Financing related costs 16.8 17.0

Effects of hedging using interest rate swaps 2.6 2.7
461.8 392.8
Note:
(1) Interest expense in the previous financial year was in respect of finance lease liabilities which were reclassified to lease liabilities with the adoption of SFRS(I) 16 Leases from 1
April 2019.

12. TAXATION
12.1 Tax Expense
Group
2020 2019
S$ Mil S$ Mil
Current income tax

- Singapore 207.5 223.5
- Overseas 110.5 223.7
318.0 447.2
Deferred tax expense 47.0 36.2
Tax expense attributable to current year’s profit 365.0 483.4
Adjustments in respect of prior years -

Current income tax 9.5 5.0
Deferred income tax (10.7) 12.4
Withholding and dividend distribution taxes on dividend income from

associates and joint ventures 149.4 174.0
513.2 674.8
The tax expense on profits was different from the amount that would arise using the Singapore standard rate of income
tax due to the following –
Group
2020 2019
S$ Mil S$ Mil

Less: Share of results of associates and joint ventures 529.6 (1,562.7)
2,095.0 2,183.2
Tax calculated at tax rate of 17 per cent (2019: 17 per cent) 356.2 371.1
Effects of -
Different tax rates of other countries 3.8 36.3
Income not subject to tax (159.2) (29.5)
Expenses not deductible for tax purposes 84.5 29.4
Deferred tax asset not recognised 82.9 79.1
Others (3.2) (3.0)
Tax expense attributable to current year’s profit 365.0 483.4
197
OVERVIEW
12. TAXATION (Cont’d)
12.2 Deferred Taxes
The movements of the deferred tax assets and liabilities (prior to offsetting of balances within the same tax jurisdiction)
BUSINESS REVIEWS
during the financial year were as follows -
TWDV(1)
in excess of
NBV(2) of
depreciable
Group - 2020 Provisions assets Others Total
Deferred tax assets S$ Mil S$ Mil S$ Mil S$ Mil
Balance as at 1 April 2019, previously reported 37.4 50.7 213.3 301.4

Effects of adoption of SFRS(I) 16 - - 116.7 116.7
Balance as at 1 April 2019, restated 37.4 50.7 330.0 418.1
Credited/ (Charged) to income statement 14.2 (26.1) (19.0) (30.9)
Charged to other comprehensive income - - (0.1) (0.1)
Transfer to current tax (19.1) - (0.1) (19.2)
Translation differences (2.3) (2.7) (9.6) (14.6)
Balance as at 31 March 2020 30.2 21.9 301.2 353.3
Offshore interest
Accelerated and dividend
Group - 2020 tax depreciation not remitted Others Total
PERFORMANCE
Deferred tax liabilities S$ Mil S$ Mil S$ Mil S$ Mil
Balance as at 1 April 2019, previously reported (459.9) (5.3) (74.7) (539.9)

Effects of adoption of SFRS(I) 16 - - (95.8) (95.8)
Balance as at 1 April 2019, restated (459.9) (5.3) (170.5) (635.7)
(Charged)/ Credited to income statement (23.8) - 15.4 (8.4)
Transfer (from)/ to current tax (1.2) - 1.7 0.5
Translation differences (0.4) - (0.6) (1.0)
FINANCIALS
Balance as at 31 March 2020 (485.3) (5.3) (154.0) (644.6)

12.2 Deferred Taxes (Cont’d)
TWDV(1)
in excess of Tax losses
NBV(2) of and unutilised
depreciable capital
Group - 2019 Provisions assets allowances Others Total
Deferred tax assets S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil
Balance as at 1 April 2018 43.1 79.2 18.4 234.5 375.2

Credited/ (Charged) to income statement 2.3 (25.6) (19.0) (9.6) (51.9)
Charged to other comprehensive income - - - (5.9) (5.9)
Transfer to current tax (5.3) - - - (5.3)
Translation differences (2.7) (2.9) 0.6 (5.7) (10.7)
Balance as at 31 March 2019 37.4 50.7 - 213.3 301.4
Offshore interest
Accelerated and dividend
Group - 2019 tax depreciation not remitted Others Total
Deferred tax liabilities S$ Mil S$ Mil S$ Mil S$ Mil
Balance as at 1 April 2018 (411.9) (5.2) (140.7) (557.8)

(Charged)/ Credited to income statement (47.2) (0.1) 47.6 0.3
Transfer to current tax - - 19.7 19.7
Disposal of a subsidiary (0.1) - - (0.1)
Translation differences (0.7) - (1.3) (2.0)
Balance as at 31 March 2019 (459.9) (5.3) (74.7) (539.9)
199
OVERVIEW
BUSINESS REVIEWS
Company - 2020 Provisions Others Total
Deferred tax assets S$ Mil S$ Mil S$ Mil
Balance as at 1 April 2019, previously reported 0.4 11.9 12.3

Effects of adoption of SFRS(I) 16 - 116.7 116.7
Balance as at 1 April 2019, restated 0.4 128.6 129.0
Charged to income statement - (6.5) (6.5)
Balance as at 31 March 2020 0.4 122.1 122.5

Accelerated tax
Company - 2020 depreciation Others Total
Deferred tax liabilities S$ Mil S$ Mil S$ Mil
Balance as at 1 April 2019, previously reported (286.8) - (286.8)

Effects of adoption of SFRS(I) 16 - (95.8) (95.8)
Balance as at 1 April 2019, restated (286.8) (95.8) (382.6)
(Charged)/ Credited to income statement (22.6) 7.2 (15.4)
Balance as at 31 March 2020 (309.4) (88.6) (398.0)
PERFORMANCE
Company - 2019 Provisions Others Total
Deferred tax assets S$ Mil S$ Mil S$ Mil
Balance as at 1 April 2018 0.5 10.8 11.3

(Charged)/ Credited to income statement (0.1) 1.1 1.0
Balance as at 31 March 2019 0.4 11.9 12.3
FINANCIALS
Accelerated tax
Company - 2019 depreciation Total
Deferred tax liabilities S$ Mil S$ Mil
Balance as at 1 April 2018 (279.5) (279.5)

Charged to income statement (7.3) (7.3)
Balance as at 31 March 2019 (286.8) (286.8)

Notes:
(1) TWDV – Tax written down value
(2) NBV – Net book value

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set-off current tax assets against
current tax liabilities, and when deferred income taxes relate to the same fiscal authority.
The amounts, determined after appropriate offsetting, were shown in the statements of financial position as follows –
Group Company
2020 2019 2020 2019
Deferred tax assets 234.2 276.6 - -

Deferred tax liabilities (525.5) (515.1) (275.5) (274.5)
(291.3) (238.5) (275.5) (274.5)
Deferred tax assets are recognised to the extent that realisation of the related tax benefits through future taxable profits
is probable.
As at 31 March 2020, the subsidiaries of the Group had estimated unutilised income tax losses of approximately S$1.61
billion (31 March 2019: S$1.65 billion), of which S$81 million (31 March 2019: S$25 million) will expire in the next five years
and S$952 million (31 March 2019: S$960 million) will expire from 2025 to 2040.
As at 31 March 2020, the subsidiaries of the Group also had estimated unutilised investment allowances of S$43 million
(31 March 2019: S$46 million) and unutilised capital tax losses of S$57 million (31 March 2019: S$69 million). There were
no unabsorbed capital allowances as at 31 March 2020 (31 March 2019: S$19 million).
These unutilised income tax losses and investment allowances, and unabsorbed capital allowances are available for set-
off against future taxable profits, subject to the agreement of the relevant tax authorities and compliance with certain
provisions of the income tax regulations of the respective countries in which the subsidiaries operate. The unutilised
capital tax losses are available for set-off against future capital gains of a similar nature subject to compliance with
certain statutory tests in Australia.
As at the end of the reporting period, the potential tax benefits arising from the following items were not recognised in
the financial statements due to uncertainty on their recoverability –
Group
2020 2019
S$ Mil S$ Mil
Unutilised income tax losses and investment allowances,

and unabsorbed capital allowances 1,653.8 1,711.8
Unutilised capital tax losses 56.5 69.3
201
OVERVIEW
13. EARNINGS PER SHARE
Group
2020 2019
BUSINESS REVIEWS
‘000 ‘000
Weighted average number of ordinary shares in issue for calculation of basic

earnings per share(1) 16,322,412 16,322,339
Adjustment for dilutive effects of performance share plans 26,816 19,963
Weighted average number of ordinary shares for calculation of

diluted earnings per share 16,349,228 16,342,302
Note:

(1) Adjusted to exclude the number of performance shares held by the Trust and the Company.
‘Basic earnings per share’ is calculated by dividing the Group’s profit attributable to shareholders of the Company by the
weighted average number of ordinary shares in issue during the financial year.
For ‘Diluted earnings per share’, the weighted average number of ordinary shares in issue includes the number of
additional shares outstanding if the potential dilutive ordinary shares arising from the performance shares granted
by the Group were issued. Adjustment is made to earnings for the dilutive effect arising from the associates and joint
ventures’ dilutive shares.
PERFORMANCE
FINANCIALS

14. RELATED PARTY TRANSACTIONS
In addition to the related party information disclosed elsewhere in the financial statements, the Group had the following
significant transactions and balances with related parties –
Group
2020 2019
S$ Mil S$ Mil
Income
Subsidiaries of ultimate holding company
Telecommunications 86.8 100.3
Rental and maintenance 30.2 28.8
Associates
Joint ventures
Expenses
Utilities 89.8 80.9
Depreciation of right-of-use assets (under SFRS(I) 16) 34.5 -
Interest expense on lease liabilities (under SFRS(I) 16) 10.2 -
Associates
Postal 6.7 7.8
Maintenance 8.0 6.5
Joint ventures
Transmission capacity 7.9 7.5
Others
Right-of-use assets (under SFRS(I) 16) 201.2 -
Lease liabilities (under SFRS(I) 16) 278.4 -
Associates
Sale and leaseback gain from associate - 42.4
Proceeds from sale of property, plant and equipment - 2.4
Due from subsidiaries of ultimate holding company 18.3 37.1
Due to subsidiaries of ultimate holding company 10.7 11.0
All the above transactions were on normal commercial terms and conditions and at market rates.
Please refer to Note 5.2 for information on key management personnel compensation.
203
OVERVIEW
15. CASH AND CASH EQUIVALENTS
Group Company
2020 2019 2020 2019
BUSINESS REVIEWS
Fixed deposits 152.0 153.5 65.7 42.4

Cash and bank balances 847.6 359.2 31.6 39.2
999.6 512.7 97.3 81.6
The carrying amounts of the cash and cash equivalents approximate their fair values.

Cash and cash equivalents denominated in currencies other than the respective functional currencies of the Group’s
entities were as follows –
Group Company
2020 2019 2020 2019
USD 131.0 106.5 69.8 44.8

HKD 21.8 22.3 1.8 *
EUR 15.1 4.1 5.7 0.5
”*” denotes less than S$0.05 million.
PERFORMANCE
The maturities of the fixed deposits were as follows -
Group Company
2020 2019 2020 2019
Less than three months 137.2 142.9 65.7 42.4
FINANCIALS
Over three months 14.8 10.6 - -
152.0 153.5 65.7 42.4
As at 31 March 2020, the weighted average effective interest rate of the fixed deposits of the Group and the Company
were 0.8% (31 March 2019: 2.1%) per annum and 0.5% (31 March 2019: 2.2%) per annum respectively.
The exposure of cash and cash equivalents to interest rate risks is disclosed in Note 37.3.

16. TRADE AND OTHER RECEIVABLES
Group Company
2020 2019 2020 2019
Current S$ Mil S$ Mil S$ Mil S$ Mil
Trade receivables 2,126.2 2,341.3 423.1 422.2

Contract assets 2,555.6 2,591.0 16.9 22.0
4,681.8 4,932.3 440.0 444.2
Less: Allowance for ECL (310.8) (259.7) (93.5) (94.3)
4,371.0 4,672.6 346.5 349.9
Other receivables 399.7 421.9 34.3 22.8
Loans to subsidiaries - - 116.1 122.4

Less: Allowance for ECL - - - (9.3)
- - 116.1 113.1
Amount due from subsidiaries

- trade - - 879.1 828.8
- non-trade - - 691.3 585.6
Less: Allowance for ECL - - (70.1) (45.4)
- - 1,500.3 1,369.0
Amount due from associates and

joint ventures
- trade 17.2 30.3 1.7 1.3
- non-trade 142.3 98.9 2.4 2.0
159.5 129.2 4.1 3.3
Prepayments 545.8 685.0 46.5 73.5

Interest receivable 66.0 70.3 17.5 29.3
Others 17.4 13.7 - -
5,559.4 5,992.7 2,065.3 1,960.9
“ECL” denotes expected credit loss.
Trade receivables are non-interest bearing and are generally on 14-day or 30-day terms, while balances due from
carriers are on 60-day terms. There was no significant change in contract assets during the year.
As at 31 March 2020, the effective interest rate of an amount due from a subsidiary of S$387.1 million (31 March 2019:
S$331.0 million) was 0.004% (31 March 2019: 0.33%) per annum. The loans to subsidiaries and amounts due from other
subsidiaries, associates and joint ventures were unsecured, interest-free and repayable on demand.
205
OVERVIEW
16. TRADE AND OTHER RECEIVABLES (Cont’d)
The age analysis of trade receivables and contract assets (before allowance for expected credit loss) was as follows -
BUSINESS REVIEWS
Group Company
2020 2019 2020 2019
Less than 60 days 4,189.7 4,393.5 292.3 297.1

61 to 120 days 144.2 173.2 38.9 61.2
More than 120 days 347.9 365.6 108.8 85.9
4,681.8 4,932.3 440.0 444.2

The movements in the allowance for expected credit losses of trade receivables and contract assets were as follows -
Group Company
2020 2019 2020 2019
Balance as at 1 April 259.7 263.8 94.3 96.4

Acquisition of a subsidiary - 0.9 - -
Allowance 203.8 146.4 27.0 30.5
Utilisation of allowance (120.9) (120.3) (26.9) (26.6)
Write-back of allowance (12.3) (24.6) (0.9) (6.0)
Translation differences (19.5) (6.5) - -
PERFORMANCE
Balance as at 31 March 310.8 259.7 93.5 94.3
The maximum exposure to credit risk for trade receivables and contract assets were as follows -
Group Company
2020 2019 2020 2019
FINANCIALS
Individuals 2,195.9 2,269.4 114.5 131.8
Corporations and others 2,175.1 2,403.2 232.0 218.1
4,371.0 4,672.6 346.5 349.9
The expected credit losses for debts which are collectively assessed are estimated based on a provision matrix by
reference to historical credit loss experience of the different segments, adjusted as appropriate to reflect current
conditions and estimates of future economic conditions as applicable. The expected credit losses for debts which are
individually assessed are based on an analysis of the debtor’s current financial position and are adjusted for factors that
are specific to the debtors.

17. INVENTORIES
Group Company
2020 2019 2020 2019
Equipment held for resale 251.9 379.1 0.2 0.1

Maintenance and capital works’ inventories 27.7 38.5 26.1 37.1
279.6 417.6 26.3 37.2
18. DERIVATIVE FINANCIAL INSTRUMENTS
Group Company
2020 2019 2020 2019
Balance as at 1 April 280.0 64.6 (65.7) (135.1)

Fair value gains
- included in income statement 585.8 163.5 155.6 50.1
- included in ‘Hedging Reserve’ 60.8 59.6 4.5 19.3
Settlement of swaps for bonds repaid (173.9) 6.2 - -
Balance as at 31 March 717.8 280.0 94.4 (65.7)
Group Company
2020 2019 2020 2019
Disclosed as -
Current asset 337.2 155.1 5.3 0.7
Non-current asset 517.5 283.6 134.2 125.9
Current liability (14.0) (9.2) - (0.5)
Non-current liability (122.9) (149.5) (45.1) (191.8)
717.8 280.0 94.4 (65.7)
207
OVERVIEW
18. DERIVATIVE FINANCIAL INSTRUMENTS (Cont’d)
18.1 Fair Values
The fair values of the currency and interest rate swap contracts exclude accrued interest of S$10.6 million (31 March 2019:
BUSINESS REVIEWS
S$16.3 million). The accrued interest is separately disclosed in Note 16 and Note 28.
The fair values of the derivative financial instruments were as follows –
Group Company
Fair values Fair values
Assets Liabilities Assets Liabilities
2020 S$ Mil S$ Mil S$ Mil S$ Mil

Fair value and cash flow hedges
Cross currency swaps 792.9 15.4 123.2 15.4
Interest rate swaps 17.9 121.5 - 29.7
Forward foreign exchange contracts 43.9 - 16.3 -
854.7 136.9 139.5 45.1
Disclosed as -
Current 337.2 14.0 5.3 -
Non-current 517.5 122.9 134.2 45.1
854.7 136.9 139.5 45.1
PERFORMANCE
Group Company
Fair values Fair values
Assets Liabilities Assets Liabilities
2019 S$ Mil S$ Mil S$ Mil S$ Mil
Fair value and cash flow hedges

Cross currency swaps 414.6 95.5 1.0 60.2
Interest rate swaps 11.1 59.8 - 8.9
FINANCIALS
Forward foreign exchange contracts 12.9 1.5 3.3 1.0
Derivatives that do not qualify for

hedge accounting
Cross currency swaps - - 104.7 104.7
Interest rate swaps - 1.9 17.5 17.5
Forward foreign exchange contracts 0.1 - 0.1 -
438.7 158.7 126.6 192.3
Disclosed as -
Current 155.1 9.2 0.7 0.5
Non-current 283.6 149.5 125.9 191.8
438.7 158.7 126.6 192.3

18. DERIVATIVE FINANCIAL INSTRUMENTS (Cont’d)
18.1 Fair Values (Cont’d)
The cash flow hedges are designated for foreign currency commitments and repayments of principal and interest of
foreign currency denominated bonds.
The forecast transactions for the foreign currency commitments are expected to occur in the financial year ending 31 March
2021, while the forecast transactions for the repayment of principal and interest of the foreign currency denominated
bonds will occur according to the timing disclosed in Note 29.
As at 31 March 2020, the details of the outstanding derivative financial instruments were as follows -
Group Company
2020 2019 2020 2019
Interest rate swaps

Notional principal
(S$ million equivalent) 3,832.4 2,557.4 703.4 2,663.4
Fixed interest rates 1.6% - 5.4% 2.0% - 6.2% 1.9% - 3.9% 2.0% - 4.5%
Floating interest rates 0.2% - 1.9% 1.8% - 3.6% - 1.8% - 3.6%
Cross currency swaps

Notional principal
(S$ million equivalent) 5,891.5 4,600.2 712.7 5,014.4
Fixed interest rates 2.6% - 7.5% 2.6% - 7.5% 5.2% 2.4% - 5.2%
Floating interest rates 1.3% - 3.5% 2.3% - 4.0% 3.0% - 3.5% 2.3% - 4.0%
Forward foreign exchange

Notional principal
(S$ million equivalent) 604.6 705.7 242.2 306.3
The interest rate swaps entered into by the Group are re-priced at intervals ranging from monthly to six-monthly periods.
The interest rate swaps entered into by the Company are re-priced every six months.
209
19. PROPERTY, PLANT AND EQUIPMENT
Transmission Other Capital

Freehold Leasehold plant and Switching plant and work-in-
land land Buildings equipment equipment equipment progress Total
Group - 2020 S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil
Cost
Balance as at 1 April 2019 20.3 252.5 910.2 20,037.4 2,522.8 7,537.0 1,662.0 32,942.2
Additions (net of rebates) - - 5.1 84.4 14.9 198.4 1,748.4 2,051.2
Disposals/ Write-offs - - (11.9) (113.0) (172.3) (998.6) (41.2) (1,337.0)
Reclassifications/ Adjustments 1.3 (252.5) 6.8 1,158.6 420.3 106.0 (1,730.7) (290.2)
Translation differences (1.9) - (26.7) (1,434.4) (109.6) (326.1) (76.6) (1,975.3)
Balance as at 31 March 2020 19.7 - 883.5 19,733.0 2,676.1 6,516.7 1,561.9 31,390.9
Accumulated depreciation
Balance as at 1 April 2019 - 72.2 380.7 14,005.6 1,951.4 5,447.1 - 21,857.0

Depreciation charge for the year - - 42.6 1,010.4 117.2 655.4 - 1,825.6
Disposals/ Write-offs - - (4.8) (111.9) (171.3) (998.3) - (1,286.3)
Reclassifications/ Adjustments - (72.2) - - - (8.5) - (80.7)
Translation differences - - (2.4) (998.7) (57.5) (254.7) - (1,313.3)
Balance as at 31 March 2020 - - 416.1 13,905.4 1,839.8 4,841.0 - 21,002.3
Accumulated impairment
Balance as at 1 April 2019 - 2.0 7.3 5.4 0.3 19.8 - 34.8
Disposals/ Write-offs - - (6.9) - - - - (6.9)
Reclassifications/ Adjustments - (2.0) - - - - - (2.0)
Translation differences - - - - - (1.1) - (1.1)
Balance as at 31 March 2020 - - 0.4 5.4 0.3 18.7 - 24.8
Net Book Value as at 31 March 2020 19.7 - 467.0 5,822.2 836.0 1,657.0 1,561.9 10,363.8

210
19. PROPERTY, PLANT AND EQUIPMENT (Cont’d)
211
Group - 2019 S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil
Cost
Balance as at 1 April 2018 21.2 264.7 911.1 19,932.8 2,617.9 7,252.5 1,567.5 32,567.7
Additions (net of rebates) - 4.6 0.4 50.3 18.8 139.2 1,729.2 1,942.5
Disposals/ Write-offs - (3.4) (4.0) (45.0) (138.8) (196.6) (2.1) (389.9)
Acquisition of a subsidiary - - - - - 0.1 - 0.1
Disposal of a subsidiary - (13.9) - (18.9) - (0.1) - (32.9)
Reclassifications/ Adjustments - - 17.0 855.3 73.3 538.9 (1,589.9) (105.4)
Translation differences (0.9) 0.5 (14.3) (737.1) (48.4) (197.0) (42.7) (1,039.9)
Balance as at 31 March 2019 20.3 252.5 910.2 20,037.4 2,522.8 7,537.0 1,662.0 32,942.2
Balance as at 1 April 2018 - 81.8 360.7 13,515.6 1,986.3 5,133.8 - 21,078.2
Depreciation charge for the year - 4.3 24.0 1,044.8 134.7 688.3 - 1,896.1
Disposals/ Write-offs - (0.5) (3.4) (32.3) (138.8) (188.6) - (363.6)
Disposal of a subsidiary - (13.9) - (18.1) - (0.1) - (32.1)
Reclassifications/ Adjustments - - - - - (38.6) - (38.6)
Translation differences - 0.5 (0.6) (504.4) (30.8) (147.7) - (683.0)
Balance as at 31 March 2019 - 72.2 380.7 14,005.6 1,951.4 5,447.1 - 21,857.0
Balance as at 1 April 2018 - 2.0 7.3 5.4 0.3 20.4 - 35.4
Translation differences - - - - - (0.6) - (0.6)
Balance as at 31 March 2019 - 2.0 7.3 5.4 0.3 19.8 - 34.8
Net Book Value as at 31 March 2019 20.3 178.3 522.2 6,026.4 571.1 2,070.1 1,662.0 11,050.4

Company - 2020 S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil
Cost
Balance as at 1 April 2019 0.4 229.4 524.4 3,120.4 688.2 1,972.1 529.3 7,064.2
Additions (net of rebates) - - 4.3 26.0 1.2 107.5 325.9 464.9
Disposals/ Write-offs - - (10.1) (54.7) (154.9) (54.7) (41.2) (315.6)
Reclassifications - (229.4) 2.5 90.0 27.1 84.2 (203.8) (229.4)
Balance as at 31 March 2020 0.4 - 521.1 3,181.7 561.6 2,109.1 610.2 6,984.1
Balance as at 1 April 2019 - 62.7 310.4 2,429.8 619.5 1,378.5 - 4,800.9

Depreciation charge for the year - - 15.8 102.7 30.7 151.8 - 301.0
Disposals/ Write-offs - - (3.1) (53.6) (154.1) (54.5) - (265.3)
Reclassifications - (62.7) - - - - - (62.7)
Balance as at 31 March 2020 - - 323.1 2,478.9 496.1 1,475.8 - 4,773.9
Balance as at 1 April 2019 - 2.0 7.2 4.1 - - - 13.3
Disposals/ Write-offs - - (6.9) - - - - (6.9)
Reclassifications - (2.0) - - - - - (2.0)
Balance as at 31 March 2020 - - 0.3 4.1 - - - 4.4
Net Book Value as at 31 March 2020 0.4 - 197.7 698.7 65.5 633.3 610.2 2,205.8

212
213
Company - 2019 S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil
Cost
Balance as at 1 April 2018 0.4 228.2 523.1 3,079.6 768.2 1,937.2 403.0 6,939.7
Additions (net of rebates) - 4.6 0.4 22.6 1.8 23.0 287.2 339.6
Disposals/ Write-offs - (3.4) (4.0) (32.1) (100.1) (73.4) (2.1) (215.1)
Reclassifications - - 4.9 50.3 18.3 85.3 (158.8) -
Balance as at 31 March 2019 0.4 229.4 524.4 3,120.4 688.2 1,972.1 529.3 7,064.2
Balance as at 1 April 2018 - 59.2 293.0 2,346.1 682.2 1,286.5 - 4,667.0

Depreciation charge for the year - 4.0 20.8 103.2 37.4 154.8 - 320.2
Disposals/ Write-offs - (0.5) (3.4) (19.5) (100.1) (62.8) - (186.3)
Balance as at 31 March 2019 - 62.7 310.4 2,429.8 619.5 1,378.5 - 4,800.9
Balance as at 1 April 2018
and 31 March 2019 - 2.0 7.2 4.1 - - - 13.3
Net Book Value as at 31 March 2019 0.4 164.7 206.8 686.5 68.7 593.6 529.3 2,250.0
OVERVIEW
Property, plant and equipment included the following -
BUSINESS REVIEWS
Group Company
2020 2019 2020 2019
Net book value of property, plant and equipment
Staff costs capitalised 200.2 188.3 31.4 25.9

20. RIGHT-OF-USE ASSETS
Mobile base
stations/ Other
Central offices properties Equipment Others Total
Group - 2020 S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil
Cost
Balance as at 1 April 2019 1,518.3 577.1 458.3 9.4 2,563.1
Additions (net of rebates) 112.3 62.8 41.7 2.0 218.8
Disposals/ Write-offs (2.4) (81.5) - - (83.9)
Reclassifications/ Adjustments 6.0 244.4 26.3 - 276.7
PERFORMANCE
Balance as at 31 March 2020 1,496.1 798.7 528.4 10.4 2,833.6
Balance as at 1 April 2019 - 191.4 139.2 - 330.6
Depreciation charge for the year 267.2 81.0 50.6 4.2 403.0
Disposals/ Write-offs - (22.7) - - (22.7)
Reclassifications/ Adjustments 3.0 70.7 5.1 - 78.8
FINANCIALS
Balance as at 31 March 2020 254.2 319.5 195.4 4.0 773.1
Net Book Value as at 31 March 2020 1,241.9 479.2 333.0 6.4 2,060.5 ADDITIONAL INFORMATION

20. RIGHT-OF-USE ASSETS (Cont’d)
Other
Central offices properties Equipment Others Total
Company - 2020 S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil
Cost
Balance as at 1 April 2019 12.9 426.2 454.2 0.5 893.8
Additions (net of rebates) - 3.4 11.5 - 14.9
Reclassifications/ Adjustments 6.0 223.4 - - 229.4
Balance as at 31 March 2020 18.9 571.5 465.7 0.5 1,056.6
Balance as at 1 April 2019 - 191.4 139.2 - 330.6
Depreciation charge for the year 6.4 13.2 40.7 0.2 60.5
Reclassifications/ Adjustments 3.0 61.7 - - 64.7
Balance as at 31 March 2020 9.4 243.6 179.9 0.2 433.1
Net book value as at 31 March 2020 9.5 327.9 285.8 0.3 623.5
21. INTANGIBLE ASSETS
Group
31 March 31 March
2020 2019
S$ Mil S$ Mil
Goodwill on acquisition of subsidiaries 11,429.9 11,538.3

Telecommunications and spectrum licences 2,024.7 2,116.2
Technology and brand 143.9 183.9
Customer relationships and others 137.4 178.3
13,735.9 14,016.7
215
OVERVIEW
21. INTANGIBLE ASSETS (Cont’d)
21.1 Goodwill on Acquisition of Subsidiaries
BUSINESS REVIEWS
Group
2020 2019
S$ Mil S$ Mil
Balance as at 1 April 11,538.3 11,372.2

Acquisition of subsidiaries - 109.9
Impairment charge for the year (194.8) -
Translation differences 86.4 56.2
Balance as at 31 March 11,429.9 11,538.3

Cost 11,632.3 11,538.3
Accumulated impairment (202.4) -
Net book value as at 31 March 11,429.9 11,538.3
21.2 Telecommunications and Spectrum Licences
Group
2020 2019
S$ Mil S$ Mil
PERFORMANCE
Balance as at 1 April 2,116.2 2,355.5
Additions 286.1 130.2
Amortisation for the year (205.9) (210.0)
Reclassification/ Adjustment - (71.8)
Translation differences (171.7) (87.7)
Balance as at 31 March 2,024.7 2,116.2
FINANCIALS
Cost 3,610.0 3,622.9
Accumulated amortisation (1,579.1) (1,500.5)
Accumulated impairment (6.2) (6.2)
Net book value as at 31 March 2,024.7 2,116.2


21. INTANGIBLE ASSETS (Cont’d)
21.3 Technology and Brand
Group
2020 2019
S$ Mil S$ Mil
Balance as at 1 April 183.9 204.6

Acquisition of a subsidiary - 18.8
Balance as at 31 March 143.9 183.9
Cost 618.6 611.7

Accumulated amortisation (382.0) (334.8)
Accumulated impairment (92.7) (93.0)
Net book value as at 31 March 143.9 183.9
21.4 Customer Relationships and Others
Group
2020 2019
S$ Mil S$ Mil

Additions 72.6 86.6
Impairment charge for the year (1.9) -
Disposals (21.7) (0.1)
Reclassification/ Adjustment - 125.3
Translation differences 8.1 (0.7)
Cost 491.6 437.1

Accumulated amortisation (352.3) (258.8)
Accumulated impairment (1.9) -
Net book value as at 31 March 137.4 178.3
217
OVERVIEW
22. SUBSIDIARIES
Company
31 March 31 March
BUSINESS REVIEWS
2020 2019
S$ Mil S$ Mil
Unquoted equity shares, at cost 15,036.1 14,259.7

Shareholders’ advances 5,733.0 5,733.0
Deemed investment in a subsidiary 32.5 32.5
20,801.6 20,025.2
Less: Allowance for impairment losses (1,122.4) (16.0)
19,679.2 20,009.2

The advances given to subsidiaries were interest-free and unsecured with settlement neither planned nor likely to occur
in the foreseeable future.
The deemed investment in a subsidiary, Singtel Group Treasury Pte. Ltd. (“SGT”), arose from financial guarantees provided
by the Company for loans drawn down by SGT prior to 1 April 2010.
The significant subsidiaries of the Group are set out in Note 46.1 to Note 46.3.
PERFORMANCE
FINANCIALS

23. JOINT VENTURES
Group Company
2020 2019 2020 2019
Quoted equity shares, at cost 3,533.4 2,798.4 - -

Unquoted equity shares, at cost 5,791.5 5,777.9 22.8 22.8
9,324.9 8,576.3 22.8 22.8
Goodwill on consolidation adjusted

against shareholders’ equity (1,225.9) (1,225.9) - -
Share of post-acquisition reserves (net of
dividends, and accumulated amortisation of
goodwill) 8,012.8 9,635.7 - -
Translation differences (4,444.1) (4,098.2) - -
2,342.8 4,311.6 - -
Less: Allowance for impairment losses (30.0) (30.0) - -
11,637.7 12,857.9 22.8 22.8
As at 31 March 2020,
(i) The market value of the quoted equity shares in joint ventures held by the Group was S$24.55 billion (31 March
2019: S$18.89 billion).
(ii) The Group’s proportionate interest in the capital commitments of joint ventures was S$2.45 billion (31 March 2019:
S$1.97 billion).
The details of joint ventures are set out in Note 46.5.
Optus has an interest in an unincorporated joint operation to share certain 4G network sites and radio infrastructure
across Australia whereby it holds an interest of 50% (31 March 2019: 50%) in the assets, with access to the shared network
and shares 50% (31 March 2019: 50%) of the cost of building and operating the network.
The Group’s property, plant and equipment included the Group’s interest in the property, plant and equipment employed
in the unincorporated joint operation amounting to S$1.08 billion (31 March 2019: S$1.10 billion).
219
OVERVIEW
23. JOINT VENTURES (Cont’d)
The summarised financial information of the Group’s significant joint ventures namely Bharti Airtel Limited (“Airtel”), PT
Telekomunikasi Selular (“Telkomsel”), Globe Telecom, Inc. (“Globe”) and Advanced Info Service Public Company Limited
(“AIS”), based on their financial statements and a reconciliation with the carrying amounts of the investments in the
BUSINESS REVIEWS
consolidated financial statements were as follows –
Airtel Telkomsel Globe AIS

Group - 2020 S$ Mil S$ Mil S$ Mil S$ Mil
Statement of comprehensive income

Revenue 16,982.6 8,848.6 4,464.7 8,002.1
Depreciation and amortisation (5,371.8) (1,893.5) (935.4) (2,233.4)
Interest income 336.1 47.3 10.1 10.9
Interest expense (2,701.7) (262.4) (178.9) (227.0)

Income tax credit/ (expense) 2,350.8 (811.9) (280.5) (257.0)
(Loss)/ Profit after tax (5,995.8) 2,527.6 590.5 1,325.1

Other comprehensive (loss)/ income (230.2) (40.3) (44.2) 3.1
Total comprehensive (loss)/ income (6,226.0) 2,487.3 546.3 1,328.2
Statement of financial position

Current assets 14,470.6 2,062.7 2,002.7 2,401.9
Non-current assets 53,535.9 7,402.2 6,886.5 13,862.4
Current liabilities (24,837.2) (2,420.5) (2,529.2) (5,450.8)
Non-current liabilities (24,135.3) (2,177.3) (3,996.7) (8,002.2)
Net assets 19,034.0 4,867.1 2,363.3 2,811.3
Less: Non-controlling interests (4,626.2) * 4.1 (5.6)
PERFORMANCE
Net assets attributable to equity holders 14,407.8 4,867.1 2,367.4 2,805.7
Proportion of the Group’s ownership 33.3% 35.0% 47.0% 23.3%(1)

Group’s share of net assets 4,796.3 1,703.5 1,113.4 654.3
Goodwill capitalised 1,238.5 1,403.6 381.1 313.2
Others(2) 92.8 - (143.6) (17.0)
Carrying amount of the investment 6,127.6 3,107.1 1,350.9 950.5
FINANCIALS
Other items
Cash and cash equivalents 3,000.6 1,194.7 405.6 1,406.4
Non-current financial liabilities excluding
trade and other payables (23,165.3) (1,816.4) (3,579.9) (3,012.8)
Current financial liabilities excluding
trade and other payables (6,199.9) (474.4) (533.7) (1,116.2)
Group’s share of market value 15,118.3 NA 3,377.9 6,049.1

Dividends received during the year - 905.7 154.3 212.4
‘‘NA’’ denotes Not Applicable.

“*” denotes amount of less than S$0.05 million.
Notes:
(1) Based on the Group’s direct equity interest in AIS.
(2) Others include adjustments to align the respective local accounting standards to SFRS(I).

Airtel Telkomsel Globe AIS

Group - 2019 S$ Mil S$ Mil S$ Mil S$ Mil

Revenue 15,671.4 8,461.0 3,980.2 7,146.6
Depreciation and amortisation (4,141.4) (1,265.9) (793.7) (1,455.6)
Interest income 276.3 50.1 13.6 6.8
Interest expense (2,123.0) (99.3) (166.6) (141.0)
Income tax credit/ (expense) 663.3 (816.1) (249.4) (243.5)
Profit after tax 183.5 2,407.6 532.5 1,228.3

Other comprehensive (loss)/ income (202.3) 36.0 5.3 -
Total comprehensive (loss)/ income (18.8) 2,443.6 537.8 1,228.3

Current assets 6,448.6 2,614.3 1,724.0 1,965.8
Non-current assets 47,339.4 5,893.0 5,838.9 10,700.0
Current liabilities (18,236.1) (2,138.8) (1,981.4) (3,388.7)
Non-current liabilities (19,113.3) (913.0) (3,606.5) (6,853.1)
Net assets 16,438.6 5,455.5 1,975.0 2,424.0
Less: Non-controlling interests (2,558.1) * 0.6 (5.4)
Net assets attributable to equity holders 13,880.5 5,455.5 1,975.6 2,418.6
Proportion of the Group’s ownership 39.5% 35.0% 47.1% 23.3%(1)

Group’s share of net assets 5,484.2 1,909.4 930.1 564.0
Goodwill capitalised 1,508.4 1,403.6 375.1 308.1
Others(2) 427.8 - (129.5) (8.1)
Carrying amount of the investment 7,420.4 3,313.0 1,175.7 864.0
Other items
Cash and cash equivalents 1,588.5 1,267.3 427.0 960.5
Non-current financial liabilities excluding
trade and other payables (18,359.7) (560.9) (3,352.2) (482.1)
Current financial liabilities excluding
trade and other payables (7,732.5) (78.8) (224.8) (3,929.1)
Group’s share of market value 10,309.9 NA 3,130.5 5,447.4
Dividends received during the year 58.7 954.4 144.1 211.2
‘‘NA’’ denotes Not Applicable.

“*” denotes amount of less than S$0.05 million.
Notes:
(1) Based on the Group’s direct equity interest in AIS.
221
OVERVIEW
The aggregate information of the Group’s investments in joint ventures which are not individually significant were as
follows –
BUSINESS REVIEWS
Group
2020 2019
S$ Mil S$ Mil
Share of profit after tax 9.8 9.3

Share of other comprehensive income 1.0 *
Share of total comprehensive income 10.8 9.3

Aggregate carrying value 101.6 84.8
“*” denotes amount of less than S$0.05 million
24. ASSOCIATES
Group Company
2020 2019 2020 2019
Quoted equity shares, at cost 1,733.4 1,733.4 24.7 24.7

Unquoted equity shares, at cost 88.7 79.2 - -
1,822.1 1,812.6 24.7 24.7
PERFORMANCE
Goodwill on consolidation adjusted against
shareholders’ equity 29.4 29.4 - -
Share of post-acquisition reserves (net of
dividends, and accumulated amortisation of
goodwill) 79.5 135.1 - -
Translation differences 179.1 138.6 - -
288.0 303.1 - -
FINANCIALS
Less: Allowance for impairment losses (5.0) (5.0) - -
Reclassification to ‘Net deferred gain’

(see Note 32) (31.0) (50.5) - -
2,074.1 2,060.2 24.7 24.7

(i) The market values of the quoted equity shares in associates held by the Group and the Company were S$2.68
billion (31 March 2019: S$2.98 billion) and S$318.6 million (31 March 2019: S$494.0 million) respectively.
(ii) The Group’s proportionate interest in the capital commitments of the associates was S$257.4 million (31 March
2019: S$139.9 million).

24. ASSOCIATES (Cont’d)
The details of associates are set out in Note 46.4.
The summarised financial information of the Group’s significant associate namely Intouch Holdings Public Company
Limited (“Intouch”), based on its financial statements and a reconciliation with the carrying amount of the investment in
the consolidated financial statements was as follows –
2020 2019
Group S$ Mil S$ Mil

Revenue 200.7 250.1
Profit after tax 468.4 451.7

Other comprehensive income/ (loss) 5.7 (0.9)
Total comprehensive income 474.1 450.8

Current assets 712.0 743.1
Non-current assets 1,588.6 1,532.5
Current liabilities (388.0) (305.1)
Non-current liabilities (198.8) (205.5)
Net assets 1,713.8 1,765.0
Less: Non-controlling interests (257.4) (304.6)
Net assets attributable to equity holders 1,456.4 1,460.4
Proportion of the Group’s ownership 21.0% 21.0%

Group’s share of net assets 305.9 306.7
Goodwill and other identifiable intangible assets 1,465.6 1,441.7
Others(1) (73.0) (46.8)
Carrying amount of the investment 1,698.5 1,701.6
Other items
Group’s share of market value 1,461.3 1,653.2
Dividends received during the year 73.3 78.5
Note:
223
OVERVIEW
24. ASSOCIATES (Cont’d)
The aggregate information of the Group’s investments in associates which are not individually significant were as follows –
BUSINESS REVIEWS
Group
2020 2019
S$ Mil S$ Mil
Share of profit after tax 57.7 49.7

Share of other comprehensive (loss)/ income (3.1) 0.4
Share of total comprehensive income 54.6 50.1

25. IMPAIRMENT REVIEWS
Goodwill arising on acquisition of subsidiaries
The carrying values of the Group’s goodwill on acquisition of subsidiaries as at 31 March 2020 were assessed for
impairment during the financial year.
Goodwill is allocated for impairment testing purposes to the individual entity which is also the cash-generating unit
(“CGU”).
The Group is structured into three business segments, Group Consumer, Group Enterprise and Group Digital Life. Based
on the relative fair value approach, the goodwill of Optus is fully allocated to Consumer Australia included in the Group
Consumer segment for the purpose of goodwill impairment testing.
PERFORMANCE
The recoverable values of CGUs including goodwill are assessed based on discounted cash flow models using cash flow
projections from financial budgets and forecasts approved by management. The Group has used cash flow projections
of five years except for Amobee and the Global Cyber Security business which were based on cash flow projections of ten
years to better reflect their stages of growth. Cash flows beyond the terminal year are extrapolated using the estimated
growth rates stated in the table below. Key assumptions used in the discounted cash flow models are growth rates,
operating margins, capital expenditure and discount rates.
The terminal growth rates used do not exceed the long term average growth rates of the respective industry and country
FINANCIALS
in which the entity operates and are consistent with forecasts included in industry reports.
The discount rates applied to the cash flow projections are based on Weighted Average Cost of Capital (WACC) where
the cost of a company’s debt and equity capital are weighted to reflect its capital structure.

25. IMPAIRMENT REVIEWS (Cont’d)
The details are shown in the table below:
31 March 31 March Terminal growth rate(1) Pre-tax discount rate

2020 2019 31 March 31 March 31 March 31 March
Group S$ Mil S$ Mil 2020 2019 2020 2019
Carrying value of goodwill in -
Optus Group 9,259.5 9,272.2 3.0% 3.0% 7.1% 8.4%
Global Cyber Security

business(2) 1,097.4 1,046.6 3.5% 4.0% 11.4% 12.0%
Amobee, Inc. (“Amobee”) 990.8 1,137.3 3.0% 3.0% 13.7% 14.3%
SCS Computer Systems Pte. Ltd.

(“SCS”) 82.2 82.2 2.0% 2.0% 7.0% 7.8%
Notes:
(1) Weighted average growth rate used to extrapolate cash flows beyond the terminal year.
(2) Global Cyber Security business, which comprises the cyber security businesses across the Group including Trustwave, is considered a single CGU for the purpose of goodwill
impairment testing.
As at 31 March 2020, no impairment charge was required for goodwill arising from acquisition of Optus Group, Global
Cyber Security business and SCS.
For Amobee, an impairment loss of S$195 million (2019: nil), which was fully allocated to goodwill, was recognised
during the financial year. Amobee’s recoverable value was impacted by shifts in the advertising industry spend towards
programmatic platform, leading to sustained decline in its legacy businesses. Following the impairment loss recognised
in the Amobee CGU, the recoverable amount was equal to the carrying amount.
225
OVERVIEW
26. FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (“FVOCI”) INVESTMENTS
Group Company
2020 2019 2020 2019
BUSINESS REVIEWS

Additions 87.5 437.1 - -
Disposals/ Write-offs (34.5) (9.6) - -
Net fair value (losses)/ gains included in
‘Other Comprehensive Income’ (184.9) 13.2 (1.3) (0.2)
Translation differences * 8.3 - -
Balance as at 31 March 515.0 646.9 4.0 5.3

Group Company
2020 2019 2020 2019
Cost 718.5 646.5 3.3 3.3

Fair value changes (203.5) 0.4 0.7 2.0
515.0 646.9 4.0 5.3
PERFORMANCE
FVOCI investments included the following –
Group Company
2020 2019 2020 2019
Quoted equity securities
FINANCIALS
- Africa 150.2 - - -
- Singapore 4.0 5.3 4.0 5.3
- United States of America 4.2 16.6 - -
158.4 21.9 4.0 5.3
Unquoted
Equity securities 334.5 600.8 - -
Others 22.1 24.2 - -
356.6 625.0 - -
515.0 646.9 4.0 5.3

27. OTHER ASSETS
Group Company
2020 2019 2020 2019
Non-current S$ Mil S$ Mil S$ Mil S$ Mil
Capitalised contract costs (net) 319.5 273.4 * 0.1

Prepayments 129.3 157.8 105.7 130.6
Tax recoverable from ATO(1) 117.2 128.5 - -
Other receivables 74.4 84.7 - -
640.4 644.4 105.7 130.7
Note:
(1) In November 2016, the Group paid A$134 million to the Australian Taxation Office (“ATO”) for amended tax assessments received in respect of the acquisition financing of Optus.
This payment has been recorded as a tax recoverable from the ATO pending outcome of its objections to the ATO (see Note 42(b)).
The movements in capitalised contract costs (net) were as follows -
Group Company
2020 2019 2020 2019

Contract costs incurred 293.8 296.4 - 0.2
Amortisation to operating expenses (85.4) (132.9) (0.1) (1.3)
Amortisation to mobile service revenue (150.2) (121.4) - -
Balance as at 31 March 319.5 273.4 * 0.1
227
OVERVIEW
28. TRADE AND OTHER PAYABLES
Group Company
2020 2019 2020 2019
BUSINESS REVIEWS
Trade payables 4,407.1 4,455.2 705.7 657.2

Accruals 813.7 844.3 207.4 226.0
Interest payable on borrowings and swaps 118.6 132.1 29.4 40.3
Contract liabilities (handset sales) 69.2 111.7 - -
Deferred income 31.6 54.5 4.0 26.6
Customers’ deposits 24.5 33.6 17.2 19.3
Due to associates and joint ventures
23.3 14.9

- trade 47.7 21.5
- non-trade 0.1 0.1 - -
23.4 47.8 14.9 21.5
Due to subsidiaries
- trade - - 196.2 371.9
- non-trade - - 1,201.8 340.4
- - 1,398.0 712.3
Other payables 152.8 137.9 40.5 34.3
5,640.9 5,817.1 2,417.1 1,737.5
The trade payables are non-interest bearing and are generally settled on 30 or 60 days terms, with some payables
relating to handset and network investments having payment terms of up to a year.
PERFORMANCE
The interest payable on borrowings and swaps are mainly settled on a quarterly or semi-annual basis.
The amounts due to subsidiaries are unsecured, repayable on demand and interest-free.
29. BORROWINGS (UNSECURED)
Group Company
FINANCIALS
2020 2019 2020 2019
Current
Bonds 2,033.4 678.5 - -
Bank loans 1,554.8 1,167.7 - -
3,588.2 1,846.2 - -
Non-current
Bonds 7,323.1 7,267.5 942.5 786.5
Bank loans 1,060.9 1,466.9 - -
8,384.0 8,734.4 942.5 786.5
Total unsecured borrowings 11,972.2 10,580.6 942.5 786.5

29. BORROWINGS (UNSECURED) (Cont’d)
29.1 Bonds
Group Company
2020 2019 2020 2019
Principal amount S$ Mil S$ Mil S$ Mil S$ Mil
US$2,850 million(1)
(31 March 2019: US$2,100 million) 4,040.7 2,832.0 - -
US$500 million(1) 942.5 786.5 942.5 786.5
US$500 million(1)(2) - 678.5 - -
€1,200 million(1)(2)
(31 March 2019: €700 million) 1,885.4 1,076.8 - -
A$1,150 million(2) 1,004.0 1,100.1 - -
S$600 million(1) 600.0 599.8 - -

S$550 million 549.9 549.8 - -
S$150 million(2) 150.0 149.9 - -
HK$1,000 million(2) 184.0 172.6 - -
9,356.5 7,946.0 942.5 786.5
Classified as -
Current 2,033.4 678.5 - -
Non-current 7,323.1 7,267.5 942.5 786.5
9,356.5 7,946.0 942.5 786.5
Notes:
(1) The bonds are listed on the Singapore Exchange Limited.
(2) The bonds, issued by Optus Group, are subject to a negative pledge that limits the amount of secured indebtedness of certain subsidiaries of Optus.
29.2 Bank Loans
Group
31 March 31 March
2020 2019
S$ Mil S$ Mil
Current 1,554.8 1,167.7

Non-current 1,060.9 1,466.9
2,615.7 2,634.6
229
OVERVIEW
29.3 Maturity
The maturity periods of the non-current unsecured borrowings at the end of the reporting period were as follows -
BUSINESS REVIEWS
Group Company
2020 2019 2020 2019
Between 1 and 5 years 3,468.8 5,927.3 - -

Over 5 years 4,915.2 2,807.1 942.5 786.5
8,384.0 8,734.4 942.5 786.5

29.4 Interest Rates
The weighted average effective interest rates at the end of the reporting period were as follows -
Group Company
2020 2019 2020 2019
% % % %
Bonds (fixed rate) 3.4 3.9 7.4 7.4

Bank loans (floating rate) 1.1 2.5 - -
29.5 The tables below set out the maturity profile of borrowings and related swaps based on expected contractual undiscounted
PERFORMANCE
cash flows.
Less than Between Over

1 year 1 and 5 years 5 years
Group S$ Mil S$ Mil S$ Mil
As at 31 March 2020
Net-settled interest rate swaps 23.0 27.4 22.4
Cross currency interest rate swaps (gross-settled)
FINANCIALS
- Inflow (208.0) (550.1) (644.0)
- Outflow 138.6 475.8 504.4
(46.4) (46.9) (117.2)
Borrowings 3,604.4 4,104.6 5,369.8
3,558.0 4,057.7 5,252.6
As at 31 March 2019

- Inflow (339.4) (878.0) (881.4)
- Outflow 289.9 760.2 746.5
(13.2) (101.1) (125.9)
Borrowings 2,033.8 6,458.5 3,524.0
2,020.6 6,357.4 3,398.1


Company S$ Mil S$ Mil S$ Mil
As at 31 March 2020
- Inflow (52.6) (210.3) (367.9)
- Outflow 32.0 128.2 224.1
(16.8) (73.4) (135.3)
Borrowings 52.6 210.3 1,249.2
35.8 136.9 1,113.9
As at 31 March 2019
- Inflow (183.6) (602.8) (715.0)
- Outflow 168.8 544.1 597.8
(13.8) (54.8) (109.4)
Borrowings 50.0 199.9 1,281.1
36.2 145.1 1,171.7
30. BORROWINGS (SECURED)
Group Company
2020 2019 2020 2019
Current
Lease liabilities 382.3 34.0 63.2 4.8
382.3 34.0 63.2 4.8
Non-current
Lease liabilities 1,818.1 49.5 581.2 7.7
1,818.1 49.5 581.2 7.7
Total secured borrowings 2,200.4 83.5 644.4 12.5
As at 31 March 2019, secured borrowings were finance lease liabilities in respect of certain assets leased from NetLink
Trust. With the adoption of SFRS(I) 16 Leases from 1 April 2019, the finance lease liabilities were reclassified to lease
liabilities. As at 31 March 2020, secured borrowings were lease liabilities in respect of right-of-use assets.
231
OVERVIEW
30. BORROWINGS (SECURED) (Cont’d)
30.1 Maturity
The maturity periods of the non-current secured borrowings at the end of the reporting period were as follows –
BUSINESS REVIEWS
Group Company
2020 2019 2020 2019
Between 1 and 5 years 956.4 49.5 236.6 7.7

Over 5 years 861.7 - 344.6 -
1,818.1 49.5 581.2 7.7

30.2 The tables below set out the maturity profile of lease liabilities based on expected contractual undiscounted cash
flows -
Group S$ Mil S$ Mil S$ Mil
As at 31 March 2020
Lease liabilties 450.3 1,140.7 990.3

Company S$ Mil S$ Mil S$ Mil
PERFORMANCE
As at 31 March 2020
Lease liabilties 87.2 310.8 421.9
30.3 Finance Lease Liabilities
As at 31 March 2019, the minimum lease payments under the finance lease liabilities were payable as follows -
Group Company
FINANCIALS
As at 31 March 2019 S$ Mil S$ Mil
Within 1 year 38.2 5.5

Between 1 and 5 years 52.6 8.0
Over 5 years - -
90.8 13.5
Less: Future finance charges (7.3) (1.0)

83.5 12.5
The weighted average effective interest rates per annum for the Group and the Company as at 31 March 2019 were 7.1%
and 7.3% respectively.

31. RECONCILIATION OF LIABILITIES FROM FINANCING ACTIVITIES
Derivative
Lease Interest financial
Bonds Bank loans liabilities payable instruments
As at 1 April 2019 7,946.0 2,634.6 83.5 132.1 (280.0)
Financing cash flows(1) 1,113.4 16.7 (403.9) (463.3) 173.9
Non-cash changes:
Fair value adjustments 149.6 - - - (214.8)

Amortisation of bond discount (2.6) - - - -
Foreign exchange movements 150.1 (35.6) (125.7) * (396.9)
Additions of lease liabilities - - 2,646.5 - -
Interest expense - - - 449.8 -
297.1 (35.6) 2,520.8 449.8 (611.7)
As at 31 March 2020 9,356.5 2,615.7 2,200.4 118.6 (717.8)
Derivative
Finance lease Interest financial
Bonds Bank loans liabilities payable instruments
As at 1 April 2018 7,884.9 2,501.7 104.6 137.9 (64.6)
Financing cash flows(1) 38.5 174.0 9.8 (385.1) (6.2)
Non-cash changes:
Fair value adjustments 35.0 - - - (223.1)

Amortisation of bond discount 2.0 - - - -
Foreign exchange movements (7.2) (41.1) - (8.2) 13.9
Additions of finance lease liabilities - - 25.5 - -
Interest expense - - - 387.5 -
Adjustment (7.2) - (56.4) - -
22.6 (41.1) (30.9) 379.3 (209.2)
As at 31 March 2019 7,946.0 2,634.6 83.5 132.1 (280.0)
Note:
(1) The cash flows comprise the net amount of proceeds from borrowings and repayments of borrowings, net interest paid on borrowings, and settlement of swaps for bonds repaid
in the statement of cash flows.
233
OVERVIEW
32. NET DEFERRED GAIN
Group
31 March 31 March
2020 2019
BUSINESS REVIEWS
S$ Mil S$ Mil
Unamortised deferred gain 425.5 446.3

Reclassification from ‘Associates’ (see Note 24) (31.0) (50.5)
Net deferred gain 394.5 395.8
Classified as -
Current 20.8 20.8

Non-current 373.7 375.0
394.5 395.8
NetLink Trust (“NLT”) is a business trust established as part of the Infocomm Media Development Authority of Singapore’s
effective open access requirements under Singapore’s Next Generation Nationwide Broadband Network.
In prior years, Singtel had sold certain infrastructure assets, namely ducts, manholes and exchange buildings (“Assets”)
to NLT. At the consolidated level, the gain on disposal of Assets recognised by Singtel is deferred in the Group’s statement
of financial position and amortised over the useful lives of the Assets. The unamortised deferred gain is released to the
Group’s income statement when NLT is partially or fully sold, based on the proportionate equity interest disposed.
Singtel sold its 100% interest in NLT to NetLink NBN Trust (the “Trust”) in July 2017 for cash as well as a 24.8% interest in the
PERFORMANCE
Trust. With the divestment, Singtel ceased to own units in NLT but holds an interest of 24.8% in the Trust which owns all the
units in NLT.
33. OTHER NON-CURRENT LIABILITIES
Group Company
2020 2019 2020 2019
FINANCIALS
Performance share liability 6.8 5.4 6.8 5.4

Other payables 141.5 284.4 11.9 21.1
148.3 289.8 18.7 26.5
Other payables mainly relate to accruals of rental for certain network sites, long-term employee entitlements and asset
retirement obligations.

34. SHARE CAPITAL
Number of shares Share capital

Group and Company Mil S$ Mil
Balance as at 31 March 2020 and 31 March 2019 16,329.1 4,127.3
All issued shares are fully paid and have no par value. The issued shares carry one vote per share and a right to dividends
as and when declared by the Company.
Capital Management
The Group is committed to delivering sustainable dividends, while maintaining an optimal capital structure and investment
grade credit ratings. The Group monitors capital based on gross and net gearing ratios. In order to achieve an optimal
capital structure, the Group may adjust the amount of dividend payment, return capital to shareholders, issue new
shares, buy back issued shares, obtain new borrowings or reduce its borrowings.
From time to time, the Group purchases its own shares from the market. The shares purchased are primarily for delivery
to employees upon vesting of performance shares awarded under Singtel performance share plans. The Group can also
cancel the shares which are repurchased from the market.
There were no changes in the Group’s approach to capital management during the financial year.
35. DIVIDENDS
Group Company
2020 2019 2020 2019
Final dividend of 10.7 cents

(2019: 10.7 cents) per share, paid 1,746.7 1,746.7 1,747.2 1,747.2
Interim dividend of 6.8 cents

(2019: 6.8 cents) per share, paid 1,110.0 1,109.9 1,110.4 1,110.4
2,856.7 2,856.6 2,857.6 2,857.6
During the financial year, a final one-tier tax exempt ordinary dividend of 10.7 cents per share, totalling S$1.75 billion was
paid in respect of the previous financial year ended 31 March 2019. In addition, an interim one-tier tax exempt ordinary
dividend of 6.8 cents per share totalling S$1.11 billion was paid in respect of the current financial year ended 31 March
2020.
The amount paid by the Group differed from that paid by the Company due to dividends on performance shares held by
the Trust that were eliminated on consolidation of the Trust.
The Directors have proposed a final one-tier tax exempt ordinary dividend of 5.45 cents per share, totalling approximately
S$890 million in respect of the current financial year ended 31 March 2020 for approval at the forthcoming Annual
General Meeting.
These financial statements do not reflect the above final dividend payable of approximately S$890 million, which will be
accounted for in the ‘Shareholders’ Equity’ as an appropriation of ‘Retained Earnings’ in the next financial year ending 31
March 2021.
235
OVERVIEW
36. FAIR VALUES OF FINANCIAL ASSETS AND LIABILITIES
The Group classifies fair value measurements using a fair value hierarchy which reflects the significance of the inputs
used in determining the measurements. The fair value hierarchy has the following levels -
BUSINESS REVIEWS
(a) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
(b) inputs other than quoted prices included within Level 1 which are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); and
(c) inputs for the asset or liability which are not based on observable market data (unobservable inputs) (Level 3).
36.1 Financial assets and liabilities measured at fair value

Group Level 1 Level 2 Level 3 Total
31 March 2020 S$ Mil S$ Mil S$ Mil S$ Mil
Financial assets
FVOCI investments (Note 26)

- Quoted equity securities 158.4 - - 158.4
- Unquoted investments - - 356.6 356.6
158.4 - 356.6 515.0
Derivative financial instruments (Note 18) - 854.7 - 854.7
158.4 854.7 356.6 1,369.7
PERFORMANCE
Financial liabilities
- 136.9 - 136.9
Group Level 1 Level 2 Level 3 Total

FINANCIALS
Financial assets

- Unquoted investments - - 625.0 625.0
21.9 - 625.0 646.9
21.9 438.7 625.0 1,085.6
- 158.7 - 158.7

36. FAIR VALUES OF FINANCIAL ASSETS AND LIABILITIES (Cont’d)
36.1 Financial assets and liabilities measured at fair value (Cont’d)
Company Level 1 Level 2 Level 3 Total

Financial assets

4.0 139.5 - 143.5
- 45.1 - 45.1
Company Level 1 Level 2 Level 3 Total

Financial assets

5.3 126.6 - 131.9
- 192.3 - 192.3
See Note 2.17 for the policies on fair value estimation of the financial assets and liabilities.
237
OVERVIEW
36.1 Financial assets and liabilities measured at fair value (Cont’d)
The following table presents the reconciliation for the unquoted FVOCI investments measured at fair value based on
BUSINESS REVIEWS
unobservable inputs (Level 3) -
Group
2020 2019
S$ Mil S$ Mil
FVOCI investments - unquoted

Total gains included in ‘Fair Value Reserve’ 56.2 4.1

Additions 33.1 437.1
Disposals (18.7) (2.3)
Transfer out from Level 3(1) (339.1) (10.1)

Note:
(1) Included the transfer of the Group’s direct equity investment of 5.5% in Airtel Africa Plc, which was listed on the London Stock Exchange and Nigeria Stock Exchange during the
year, to Level 1 of the fair value hierarchy.
36.2 Financial assets and liabilities not measured at fair value (but with fair value disclosed)
Carrying Value Fair value

Level 1 Level 2 Level 3 Total
PERFORMANCE
S$ Mil S$ Mil S$ Mil S$ Mil S$ Mil
As at 31 March 2020
Group
Bonds (Note 29.1) 9,356.5 7,848.9 1,951.0 - 9,799.9
FINANCIALS
Company
Bonds (Note 29.1) 942.5 1,071.7 - - 1,071.7
As at 31 March 2019
Group
Bonds (Note 29.1) 7,946.0 6,235.4 2,013.0 - 8,248.4
Company
Bonds (Note 29.1) 786.5 936.4 - - 936.4

36.2 Financial assets and liabilities not measured at fair value (but with fair value disclosed) (Cont’d)
See Note 2.17 on the basis of estimating the fair values and Note 18 for information on the derivative financial instruments
used for hedging the risks associated with the borrowings.
Except as disclosed in the above tables, the carrying values of other financial assets and liabilities approximate their fair
values.
37. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
37.1 Financial Risk Factors
The Group’s activities are exposed to a variety of financial risks: foreign exchange risk, interest rate risk, credit risk,
liquidity risk and market risk. The Group’s overall risk management seeks to minimise the potential adverse effects of
these risks on the financial performance of the Group.
The Group uses financial instruments such as currency forwards, cross currency and interest rate swaps, and foreign
currency borrowings to hedge certain financial risk exposures. No financial derivatives are held or sold for speculative
purposes.
The Directors assume responsibility for the overall financial risk management of the Group. For the financial year ended
31 March 2020, the Risk Committee and Finance and Investment Committee (“FIC”), which are committees of the Board,
assisted the Directors in reviewing and establishing policies relating to financial risk management in accordance with the
policies and directives of the Directors.
37.2 Foreign Exchange Risk
The foreign exchange risk of the Group arises from subsidiaries, associates and joint ventures operating in foreign
countries, mainly Australia, India, Indonesia, the Philippines, Thailand and the United States of America. Additionally, the
Group’s joint venture in India, Bharti Airtel Limited, is primarily exposed to foreign exchange risks from its operations in
Sri Lanka and 14 countries across Africa. Translation risks of overseas net investments are not hedged unless approved by
the FIC.
The Group has borrowings denominated in foreign currencies that have primarily been hedged into the functional
currency of the respective borrowing entities using cross currency swaps in order to reduce the foreign currency exposure
on these borrowings. As the hedges are intended to be perfect, any change in the fair value of the cross currency swaps
has minimal impact on profit and equity.
The Group Treasury Policy, as approved by the FIC, is to substantially hedge all known transactional currency exposures.
The Group generates revenue, receives foreign dividends and incurs costs in currencies which are other than the functional
currencies of the operating units, thus giving rise to foreign exchange risk. The currency exposures are primarily for the
Australian Dollar, Euro, Hong Kong Dollar, Indian Rupee, Indonesian Rupiah, Philippine Peso, Pound Sterling, Thai Baht,
United States Dollar and Japanese Yen.
Foreign currency purchases and forward currency contracts are used to reduce the Group’s transactional exposure to
foreign currency exchange rate fluctuations. The foreign exchange difference on trade balances is disclosed in Note 6
and the foreign exchange difference on non-trade balances is disclosed in Note 10.
239
OVERVIEW
37. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Cont’d)
37.2 Foreign Exchange Risk (Cont’d)
The critical terms (i.e. the notional amount, maturity and underlying) of the derivative financial instruments and their
BUSINESS REVIEWS
corresponding hedged items are the same. The Group performs a qualitative assessment of effectiveness and it is
expected that derivative financial instruments and the value of the corresponding hedged items will systematically
change in opposite direction in response to movements in the underlying exchange rates.
The main source of hedge ineffectiveness in these hedging relationships is the effect of the counterparty and the Group’s
own credit risk on the fair value of the derivative financial instruments, which is not reflected in the fair value of the
hedged items attributable to changes in foreign currency rates. No other source of ineffectiveness emerged from these
hedging relationships.

All hedge relationships remain effective and there is no hedge relationship in which hedge accounting is no longer
applied.
37.3 Interest Rate Risk
The Group has cash balances placed with reputable banks and financial institutions which generate interest income
for the Group. The Group manages its interest rate risks on its interest income by placing the cash balances on varying
maturities and interest rate terms.
The Group’s borrowings include bank borrowings and bonds. The borrowings expose the Group to interest rate risk. The
Group seeks to minimise its exposure to these risks by entering into interest rate swaps over the duration of its borrowings.
Interest rate swaps entail the Group agreeing to exchange, at specified intervals, the difference between fixed and
variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. As at 31 March
PERFORMANCE
2020, after taking into account the effect of interest rate swaps, approximately 72% (31 March 2019: 66%) of the Group’s
borrowings were at fixed rates of interest.
As at 31 March 2020, assuming that the market interest rate is 50 basis points higher or lower and with no change to the
other variables, the annualised interest expense on borrowings would be higher or lower by S$15.8 million (2019: S$15.4
million).
The critical terms (i.e. the notional amount, maturity and underlying) of the derivative financial instruments and their
corresponding hedged items are the same. The Group performs a qualitative assessment of effectiveness and it is
FINANCIALS
expected that derivative financial instruments and the value of the corresponding hedged items will systematically
change in opposite direction in response to movements in the underlying interest rates.
The main source of hedge ineffectiveness in these hedging relationships is the effect of the counterparty and the Group’s
own credit risk on the fair value of the interest rate swaps, which is not reflected in the fair value of the hedge items
attributable to changes in interest rates. No other source of ineffectiveness emerged from these hedging relationships.
Interest rate swap contracts paying fixed rate interest amounts are designated and effective as cash flow hedges in
reducing the Group’s cash flow exposure resulting from variable interest rates on borrowings. The interest rate swaps and
the interest payments on the borrowings occur simultaneously and the amount accumulated in equity is reclassified to
the income statement over the period that the floating rate interest payments on borrowings affect the income statement.

37. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Cont’d)
37.3 Interest Rate Risk (Cont’d)
Interest rate swap contracts paying floating rate interest amounts are designated and effective as fair value hedges of
interest rate movements. During the year, the hedge was fully effective in hedging the fair value exposure to interest rate
movements. The carrying amount of the bond increased by S$124.7 million (31 March 2019: decreased by S$23.5 million)
which was included in the income statement at the same time that the fair value of the interest rate swap was included
in the income statement.
As at 31 March 2020, S$2.83 billion (31 March 2019: S$2.54 billion) of borrowings were designated in fair value hedge
relationships. All hedge relationships remained effective and there was no hedge relationship in which hedge accounting
could no longer be applied.
37.4 Credit Risk
Financial assets that potentially subject the Group to concentrations of credit risk consist primarily of trade receivables,
contract assets, cash and cash equivalents and financial instruments used in hedging activities.
The Group has no significant concentration of credit risk from trade receivables and contract assets due to its diverse
customer base. Credit risk is managed through the application of credit assessment and approvals, credit limits and
monitoring procedures. Where appropriate, the Group obtains deposits or bank guarantees from customers or enters
into credit insurance arrangements. The Group’s exposure to credit risk and the measurement bases used to determine
expected credit losses is disclosed in Note 16.
The Group places its cash and cash equivalents with a number of major commercial banks and other financial institutions
with high credit ratings. Derivative counterparties are limited to high credit rating commercial banks and other financial
institutions. The Group has policies that limit the financial exposure to any one financial institution.
37.5 Liquidity Risk
To manage liquidity risk, the Group monitors and maintains a level of cash and cash equivalents deemed adequate by
the management to finance the Group’s operations and to mitigate the effects of fluctuations in cash flows. Due to the
dynamic nature of the underlying business, the Group aims at maintaining funding flexibility with adequate committed
and uncommitted credit lines available to ensure that the Group is able to meet the short-term obligations of the Group
as they fall due.
In April 2020, the Group obtained total credit facilities of S$4.17 billion for general corporate purposes and refinancing of
existing facilities.
The maturity profile of the Group’s borrowings and related swaps based on expected contractual undiscounted cash
flows is disclosed in Note 29.5.
37.6 Market Risk
The Group has investments in quoted equity shares. The market value of these investments will fluctuate with market
conditions.
241
OVERVIEW
38. SEGMENT INFORMATION
Segment information is presented based on the information reviewed by senior management for performance
measurement and resource allocation.
BUSINESS REVIEWS
The Group is structured into three business segments, Group Consumer, Group Enterprise and Group Digital Life.
Group Consumer comprises the consumer businesses across Singapore and Australia, which focus on driving greater
value and performance from the core carriage business including mobile, pay TV, fixed broadband and voice, as well
as equipment sales. It also includes the Group’s regional investments in AIS and Intouch (which has an equity interest of
40.5% in AIS) in Thailand, Airtel in India, Africa and Sri Lanka, Globe in the Philippines, and Telkomsel in Indonesia, as well
as two key digital businesses – mobile financial business, and gaming and digital content business.
Group Enterprise comprises the business groups across Singapore, Australia, the United States of America, Europe and

the region, and focuses on growing the Group’s position in the enterprise markets. Key services include mobile, equipment
sales, fixed voice and data, managed services, cloud computing, cyber security, IT services and professional consulting.
Group Digital Life (“GDL”) focuses on using the latest Internet technologies and assets of the Group’s operating companies
to develop new revenue and growth engines by entering into adjacent businesses where it has a competitive advantage.
It has two key businesses – digital marketing (Amobee) as well as advanced analytics and intelligence capabilities
(DataSpark). It also serves as Singtel’s digital innovation engine through Innov8.
Corporate comprises the costs of Group functions not allocated to the business segments.
The measurement of segment results which is before exceptional items, is in line with the basis of information presented
to management for internal management reporting purposes.
PERFORMANCE
The costs of shared and common infrastructure are allocated to the business segments using established methodologies.
FINANCIALS

38. SEGMENT INFORMATION (Cont’d)
The Group’s reportable segments by the three business segments for the financial years ended 31 March 2020 and 31
March 2019 were as follows –
Group Group Group Group

Consumer Enterprise Digital Life Corporate Total
Operating revenue 9,371.0 6,025.9 1,145.4 - 16,542.3

Operating expenses (6,404.1) (4,488.5) (1,195.8) (91.3) (12,179.7)
Other income 123.5 49.2 2.2 3.9 178.8
Earnings before interest, tax, depreciation
and amortisation (“EBITDA”) 3,090.4 1,586.6 (48.2) (87.4) 4,541.4
Share of pre-tax results of associates and

joint ventures
- Airtel (403.2) - - - (403.2)
- Telkomsel 1,168.9 - - - 1,168.9
- Globe 410.2 - - - 410.2
- AIS 365.0 - - - 365.0
- Intouch 101.0 - - - 101.0
- Others 1.3 - - 99.4 100.7
1,643.2 - - 99.4 1,742.6
EBITDA and share of pre-tax results
of associates and joint ventures 4,733.6 1,586.6 (48.2) 12.0 6,284.0
Depreciation and amortisation (1,755.3) (728.7) (91.6) (4.7) (2,580.3)
Earnings before interest and tax (“EBIT”) 2,978.3 857.9 (139.8) 7.3 3,703.7
Segment assets
Investment in associates and joint ventures
- Airtel 6,127.6 - - - 6,127.6
- Telkomsel 3,107.1 - - - 3,107.1
- Globe 1,350.9 - - - 1,350.9
- AIS 950.5 - - - 950.5
- Intouch 1,698.5 - - - 1,698.5
- Others 30.1 - - 447.1 477.2
13,264.7 - - 447.1 13,711.8
Goodwill on acquisition of subsidiaries 9,184.5 1,254.6 990.8 - 11,429.9

Other assets 13,588.4 6,302.1 1,113.8 2,808.9 23,813.2
36,037.6 7,556.7 2,104.6 3,256.0 48,954.9
243
OVERVIEW
Group Group Group Group

Consumer Enterprise Digital Life Corporate Total
BUSINESS REVIEWS
Operating revenue 9,818.6 6,329.3 1,223.8 - 17,371.7
Operating expenses (6,803.9) (4,701.7) (1,315.2) (83.7) (12,904.5)
Other income/ (expense) 151.6 67.6 (0.3) 5.8 224.7
EBITDA 3,166.3 1,695.2 (91.7) (77.9) 4,691.9
Share of pre-tax results of associates and

joint ventures

- Airtel (511.2) - - - (511.2)
- Telkomsel 1,128.3 - - - 1,128.3
- Globe 367.8 - - - 367.8
- AIS 343.2 - - - 343.2
- Intouch 96.1 - - - 96.1
- Others 1.0 - - 110.7 111.7
1,425.2 - - 110.7 1,535.9
EBITDA and share of pre-tax results
of associates and joint ventures 4,591.5 1,695.2 (91.7) 32.8 6,227.8
Depreciation and amortisation (1,544.5) (614.8) (60.3) (2.6) (2,222.2)
EBIT 3,047.0 1,080.4 (152.0) 30.2 4,005.6
PERFORMANCE
Segment assets
Investment in associates and joint ventures
- Airtel 7,420.4 - - - 7,420.4
- Telkomsel 3,313.0 - - - 3,313.0
- Globe 1,175.7 - - - 1,175.7
- AIS 864.0 - - - 864.0
- Intouch 1,701.6 - - - 1,701.6
- Others 24.3 - - 419.1 443.4
FINANCIALS
14,499.0 - - 419.1 14,918.1
Goodwill on acquisition of subsidiaries 9,190.0 1,211.0 1,137.3 - 11,538.3

Other assets 13,512.4 5,705.6 949.0 2,291.4 22,458.4
37,201.4 6,916.6 2,086.3 2,710.5 48,914.8


A reconciliation of the total reportable segments’ EBIT to the Group’s profit before tax was as follows –
Group
2020 2019
S$ Mil S$ Mil
EBIT 3,703.7 4,005.6
Share of exceptional items of associates and joint ventures (post-tax) (1,806.2) 301.1
Share of tax expense of associates and joint ventures (466.0) (274.3)
Exceptional items 415.7 68.2
Profit before interest, investment income (net) and tax 1,847.2 4,100.6
Interest and investment income (net) 180.0 38.1
Finance costs (461.8) (392.8)
The Group’s revenue from its major products and services are disclosed in Note 4.
The Group’s revenue is mainly derived from Singapore and Australia which respectively accounted for approximately
39% (2019: 38%) and 51% (2019: 52%) of the total revenue for the financial year ended 31 March 2020, with the remaining
10% (2019: 10%) from the United States of America and other countries where the Group operates in. The geographical
information on the Group’s non-current assets is not presented as it is not used for segmental reporting purposes.
The Group has a large and diversified customer base which consists of individuals and corporations. There was no single
customer that contributed 10% or more of the Group’s revenue for the financial years ended 31 March 2020 and 31 March
2019.
39. OPERATING LEASE COMMITMENTS (AS A LESSOR)
The following table sets out the maturity analysis of the undiscounted lease payments to be received after the reporting
date –
Group Company
2020 2019 2020 2019
Less than 1 year 83.4 62.0 80.5 61.7

Over 5 years 268.2 328.4 268.2 328.4
619.1 682.6 613.3 672.0
245
OVERVIEW
40. LEASE COMMITMENTS (AS A LESSEE)
(a) The lease commitments for short term leases (excluding contracts of one month or less) was S$22.2 million as at 31
March 2020.
BUSINESS REVIEWS
(b) The lease commitments yet to be commenced as at 31 March 2020 was S$385 million.
41. COMMITMENTS
41.1 The commitments for capital expenditure and investments which had not been recognised in the financial statements,
excluding the commitments shown under Note 41.2 were as follows -
Group Company

2020 2019 2020 2019
Authorised and contracted for 864.2 987.5 247.2 250.3
41.2 As at 31 March 2020, the Group’s commitments for the purchase of broadcasting programme rights were S$559 million
(31 March 2019: S$926 million). The commitments included only the minimum guaranteed amounts payable under the
respective contracts and did not include amounts that may be payable based on revenue share arrangement which
cannot be reliably determined as at the end of the reporting period.
42. CONTINGENT LIABILITIES OF SINGTEL AND ITS SUBSIDIARIES
PERFORMANCE
(a) Guarantees
(i) The Group and Company provided bankers’ and other guarantees, and insurance bonds of S$622.7 million
and S$202.7 million (31 March 2019: S$592.4 million and S$109.1 million) respectively.
(ii) The Company provided guarantees for loans of S$1.69 billion (31 March 2019: S$1.24 billion) drawn down
FINANCIALS
under various loan facilities entered into by Singtel Group Treasury Pte. Ltd. (“SGT”), a wholly-owned
subsidiary, with maturities between May 2020 and December 2022.
(iii) The Company provided guarantees for SGT’s notes issue of an aggregate equivalent amount of S$5.03
billion (31 March 2019: S$3.95 billion) due between April 2020 and August 2029.
(b) In 2016 and 2017, Singapore Telecom Australia Investments Pty Limited (“STAI”) received amended assessments
from the Australian Taxation Office (“ATO”) in connection with the acquisition financing of Optus. The assessments
comprised of primary tax of A$268 million, interest of A$58 million and penalties of A$67 million. STAI’s holding
company, Singtel Australia Investment Ltd, would be entitled to refund of withholding tax estimated at A$89 million.
STAI’s objections to the amended assessments were disallowed by the ATO on 27 September 2019. Based on legal
advice, STAI has appealed the ATO’s objection decisions in the Federal Court of Australia on 11 November 2019. In
accordance with the ATO administrative practice, STAI paid a minimum amount of 50% of the assessed primary tax
on 21 November 2016. This payment continued to be recognised as a receivable as at 31 March 2020.

42. CONTINGENT LIABILITIES OF SINGTEL AND ITS SUBSIDIARIES (Cont’d)
The Group has received advice from external experts in relation to this matter and will vigorously defend its
position. Accordingly, no provision has been made as at 31 March 2020.
In December 2018, Singtel Group received additional assessments amounting to S$120 million from Inland Revenue
Authority of Singapore (“IRAS”) for reduction in group relief claims in Year of Assessment 2014. In May 2020, Singtel
finalised the tax position with IRAS.
(c) The Group is contingently liable for claims arising in the ordinary course of business and from certain tax
assessments which are being contested, the outcome of which are not presently determinable. The Group is
vigorously defending all these claims.
43. SIGNIFICANT CONTINGENT LIABILITIES OF ASSOCIATES AND JOINT VENTURES
(a) Airtel, a joint venture of the Group, has disputes with various government authorities in the respective jurisdictions
where its operations are based, as well as with third parties regarding certain transactions entered into in the
ordinary course of business.
On 8 January 2013, Department of Telecommunications (“DOT”) issued a demand on Airtel Group for Rs. 52.01
billion (S$982 million) towards levy of one time spectrum charge, which was further revised on 27 June 2018 to
Rs. 84.14 billion (S$1.59 billion), excluding related interest. In the opinion of Airtel, the above demand amounts
to alteration of the terms of the licenses issued in the past. Airtel had filed a petition with the Hon’ble High Court
of Bombay, which has directed DOT not to take any coercive action until the next date of hearing. The matter is
currently pending with the Hon’ble High Court of Bombay.
On 4 July 2019, the Telecom Disputes Settlement and Appellate Tribunal (“TDSAT”) in a similar matter of another
unrelated telecom service provider, passed an order providing partial relief and confirming the basis for the balance
of the one time spectrum charge. The said telecom service provider filed an appeal in the Hon’ble Supreme Court
of India which was dismissed on 16 March 2020. With the ruling, Airtel Group assessed and provided Rs. 56.42
billion (S$1.07 billion) as an exceptional charge in its financial statements as at 31 March 2020, comprising Rs. 18.08
billion (S$0.34 billion) of principal demand and Rs. 38.35 billion (S$0.73 billion) of related interest. Notwithstanding
this, Airtel Group intends to continue to pursue its legal remedies.
Other taxes, custom duties and demands under adjudication, appeal or disputes and related interest for some
disputes as at 31 March 2020 amounted to approximately Rs. 143.2 billion (S$2.70 billion). In respect of some of the
tax issues, pending final decisions, Airtel had deposited amounts with statutory authorities.
(b) AIS, a joint venture of the Group, has various commercial disputes and significant litigations which are pending
adjudication.
CAT Telecom Public Company Limited (“CAT”) has demanded that AIS’ subsidiary, Digital Phone Company Limited
(“DPC”) pay additional revenue share of THB 3.4 billion (S$148 million) arising from the abolishment of excise tax,
as well as to transfer the telecommunications systems which would have been supplied under the Concession
Agreement between CAT and DPC of THB 13.4 billion (S$583 million) or to pay the same amount plus interest.
247
OVERVIEW
43. SIGNIFICANT CONTINGENT LIABILITIES OF ASSOCIATES AND JOINT VENTURES (Cont’d)
TOT Public Company Limited (“TOT”) has demanded that AIS pay the following:
(a) additional charges for porting of subscribers from 900MHz to 2100MHz network of THB 41.1 billion (S$1.78
BUSINESS REVIEWS
billion) plus interest.
(b) additional revenue share of THB 36.2 billion (S$1.57 billion) plus interest based on gross interconnection
income from 2007 to 2015.
(c) additional revenue share of THB 62.8 billion (S$2.72 billion) arising from what TOT claims to be an illegality
of two amendments made to the Concession Agreement, namely, Amendment 6 (regarding reduction in
prepaid revenue share rate) made in 2001 and Amendment 7 (regarding deduction of roaming expense from
revenue share) made in 2002, which have resulted in lower revenue share. In January 2020, AIS received the

award from the Arbitral Tribunal to pay THB 31.1 billion (S$1.35 billion) and 1.25% interest per month after 30
November 2015. In April 2020, AIS filed a motion to the Central Administrative Court to set aside this award.
As at 31 March 2020, other claims against AIS and its subsidiaries which are pending adjudication amounted to
THB 16.1 billion (S$698 million).
The above claims have not included potential interest and penalty.
AIS believes that the above claims will be settled in favour of AIS and will have no material impact to its financial
statements.
(c) In October 2017, Intouch and its subsidiary, Thaicom Public Company Limited (“Thaicom”) received letters from
the Ministry of Digital Economy and Society (the “Ministry”) stating that Thaicom 7 and Thaicom 8 satellites
PERFORMANCE
(the “Satellites”) are governed under the terms of a 1991 satellite operating agreement between Intouch and
the Ministry which entails the transfer of asset ownership, procurement of backup satellites, payment of revenue
share, and procurement of property insurance. Intouch and Thaicom have obtained legal advice and are of the
opinion that the Satellites are not covered under the Agreement but instead under the licence from the National
Broadcasting and Telecommunications Commission. This case is pending arbitration.
(d) Globe, a joint venture of the Group, is contingently liable for various claims arising in the ordinary conduct of
business and certain tax assessments which are either pending decision by the Courts or are being contested, the
outcome of which are not presently determinable. In the opinion of Globe’s management and legal counsel, the
FINANCIALS
eventual liability under these claims, if any, will not have a material or adverse effect on Globe’s financial position
and results of operations.
In June 2016, the Philippine Competition Commission (“PCC”) claimed that the Joint Notice of Acquisition filed by
Globe, PLDT Inc. (“PLDT”) and San Miguel Corporation (“SMC”) on the acquisition of SMC’s telecommunications
business was deficient and cannot be claimed to be deemed approved. In July 2016, Globe filed a petition with the
Court of Appeals of the Philippines (“CA”) to stop the PCC from reviewing the acquisition. In October 2017, the CA
ruled in favour of Globe and PLDT, and declared the acquisition as valid and deemed approved. PCC subsequently
elevated the case to the Supreme Court to review the CA’s rulings.
(e) As at 31 March 2020, Telkomsel, a joint venture of the Group, has filed appeals and cross-appeals amounting to
approximately IDR 492 billion (S$43 million) for various tax claims arising in certain tax assessments which are
pending final decisions, the outcome of which is not presently determinable.

44. SUBSEQUENT EVENTS
(a) On 29 April 2020, the Infocomm Media Development Authority announced that Singtel Mobile Singapore Pte. Ltd.
(“Singtel Mobile”), a wholly-owned subsidiary of the Company, has been given a provisional award for 5G network
pending completion of regulatory processes. Singtel Mobile will be assigned 100MHz of 3.5GHz spectrum and
800MHz of mmWave spectrum to deploy 5G networks.
(b) On 26 May 2020, Bharti Telecom Limited completed the sale of 2.75% stake in Airtel for a consideration of
approximately S$1.6 billion. Following the close of this transaction, Singtel’s effective shareholding in Airtel has
reduced from 33.3% to 31.9%.
45. EFFECTS OF SFRS(I) AND INT SFRS(I) ISSUED BUT NOT YET ADOPTED
Certain new or revised SFRS(I) and INT SFRS(I) are mandatory for adoption by the Group for the financial year beginning
on or after 1 April 2020. The new or revised SFRS(I) and INT SFRS(I) are not expected to have a significant impact on the
financial statements of the Group and the Company in the period of initial application.
46. COMPANIES IN THE GROUP
The Company’s immediate and ultimate holding company is Temasek Holdings (Private) Limited, a company incorporated
in Singapore. The following were the significant subsidiaries as well as associates and joint ventures as at 31 March 2020
and 31 March 2019.
46.1 Significant subsidiaries incorporated in Singapore
Percentage of effective
equity interest held by
Name of subsidiary Principal activities the Group
2020 2019
% %
1. Amobee Asia Pte. Ltd. Provision of internet advertising solutions 100 100
2. Consumer Journeys Pte. Ltd. Provision of lifestyle services to end users 100 -
3. DataSpark Pte. Ltd. Develop and market data analytics and insights 100 100
products and services
4. Group Enterprise Pte. Ltd. Telecommunications resellers and third party 100 100
telecommunications providers
5. HOOQ Digital Pte. Ltd.(1) Provision of regional premium over-the-top video - 65

services
6. NCS Communications Provision of facilities management and 100 100

Engineering Pte. Ltd. consultancy services, and distributor of specialised
telecommunications and data communication
products
7. NCS Pte. Ltd. Provision of information technology and 100 100

consultancy services
8. NCSI Solutions Pte. Ltd. Provision of information technology services 100 100
9. SCS Computer Systems Pte. Ltd. Provision of information technology services 100 100
249
OVERVIEW
46. COMPANIES IN THE GROUP (Cont’d)
46.1 Significant subsidiaries incorporated in Singapore (Cont’d)
BUSINESS REVIEWS
2020 2019
% %
10. Singapore Telecom Holding of strategic investments and provision of 100 100
International Pte Ltd technical and management consultancy services
11. SingCash Pte Ltd Provision of money remittance services 100 100

12. SingNet Pte Ltd Provision of internet access and pay television 100 100
services
13. Singtel Cyber Security Provision of information security services and 100 100
(Singapore) Pte. Ltd. products
14. Singtel Innov8 Ventures Provision of fund management services 100 100
Pte. Ltd.
15. Singtel Mobile Singapore Operation and provision of cellular mobile 100 100
Pte. Ltd. telecommunications systems and services, and sale
of telecommunications equipment
16. ST-2 Satellite Ventures Provision of satellite capacity for telecommunications 61.9 61.9
PERFORMANCE
Private Limited and video broadcasting services
17. Sembawang Cable Depot Provision of storage facilities for submarine 60 60

Pte Ltd telecommunication cables and related equipment
18. Singtel Digital Media Pte Ltd Development and management of online internet 100 100
portal to provide digital content services and digital
marketing solutions
FINANCIALS
19. SingtelSat Pte Ltd Provision of satellite capacity for telecommunications 100 100
and video broadcasting services
20. Telecom Equipment Pte Ltd Engaged in the sale and maintenance of 100 100
telecommunications equipment, and mobile finance
services
21. Trustwave Pte. Ltd. Provision of information security services and 100 100
products
All companies are audited by KPMG LLP.
Note:
(1) HOOQ Digital Pte. Ltd. (“HOOQ”), a 76.5%-owned subsidiary, was placed under creditors’ voluntary liquidation and hence was deconsolidated from March 2020.

46.2 Significant subsidiaries incorporated in Australia
2020 2019
% %
1. Amobee ANZ Pty Ltd Provision of internet advertising solutions 100 100
2. Alphawest Services Pty Ltd(1) Provision of information technology services 100 100
3. Ensyst Pty Limited Provision of cloud services 100 100
4. Hivint Pty Limited Provision of information security services and 100 100
products
5. NCSI (Australia) Pty Limited Provision of information technology services 100 100
6. Optus Administration Pty Provision of management services to the Optus 100 100
Limited(1) Group
7. Optus ADSL Pty Limited(1) Provision of carriage services 100 100
8. Optus Billing Services Pty Provision of billing services to the Optus Group 100 100
Limited(*)(1)
9. Optus C1 Satellite Pty Limited(1) C1 Satellite contracting party 100 100
10. Optus Content Pty Limited(1) Provision of digital content acquisition 100 100
11. Optus Data Centres Pty Provision of data communication services 100 100
Limited(1)
12. Optus Fixed Infrastructure Pty Provision of telecommunications services 100 100
Limited(1)
13. Optus Insurance Services Pty Provision of handset insurance and related services 100 100
Limited
14. Optus Internet Pty Limited(1) Provision of services over Hybrid Fibre Co-Axial 100 100
network and National Broadband Network
15. Optus Mobile Pty Limited(1) Provision of mobile phone services 100 100
251
OVERVIEW
46.2 Significant subsidiaries incorporated in Australia (Cont’d)
BUSINESS REVIEWS
2020 2019
% %
16. Optus Networks Pty Limited(1) Provision of telecommunications services 100 100
17. Optus Satellite Pty Limited(1) Provision of satellite services 100 100

18. Optus Systems Pty Limited(1) Provision of information technology services to the 100 100
Optus Group
19. Optus Vision Media Pty Provision of broadcasting related services 20 20

Limited(*)(2)
20. Optus Vision Pty Limited (1) Provision of telecommunications services 100 100
21. Optus Wholesale Pty Limited(1) Provision of services to wholesale customers 100 100
22. Prepaid Services Pty Limited(1) Distribution of prepaid mobile products 100 100
23. Reef Networks Pty Ltd(1) Operation and maintenance of fibre optic network 100 100
between Brisbane and Cairns
PERFORMANCE
24. TWH Australia Pty. Ltd. Provision of information security services and 100 100
products
25. Uecomm Operations Pty Provision of data communication services 100 100
Limited(1)
26. Virgin Mobile (Australia) Provision of mobile phone services 100 100
FINANCIALS
Pty Limited(1)
27. Vividwireless Group Limited(1) Provision of wireless broadband services 100 100
All companies are audited by KPMG, Australia, except for those companies denoted (*) where no statutory audit is
required.
Notes:
(1) These entities are relieved from the Australian Corporations Act 2001 requirements for preparation, audit and lodgement of financial reports pursuant to ASIC Class Order
2016/785 (as amended) dated 30 March 2007.
(2) Optus Vision Media Pty Limited is deemed to be a subsidiary by virtue of control.

46.3 Significant subsidiaries incorporated outside Singapore and Australia
Country of Percentage of effective

incorporation/ equity interest held by
Name of subsidiary Principal activities operation the Group
2020 2019
% %
1. Amobee EMEA Limited Provision of internet advertising solutions United Kingdom 100 100
2. Amobee, Inc. Provision of internet advertising solutions USA 100 100
3. Amobee Ltd Research and development centre Israel 100 100
4. Breach Security, Ltd. Provision of information security services Israel 100 100
and products
5. Global Enterprise Provision of data communication and Malaysia 100 100

International Malaysia value added network services
Sdn. Bhd.
6. HOOQ Digital (India) Provision of over-the-top video services India - 65

Private Limited(2) and related activities and services
7. HOOQ Digital Mauritius Content operations and procurement Mauritius - 65

Private Limited(2)
8. HOOQ Digital Provision of market research, sales and Philippines - 65

(Philippines) Inc.(2) marketing support services
9. HOOQ Digital (Thailand) Provision of market research, sales and Thailand - 65

Company Limited(2) marketing support services
10. Lanka Communication Provision of telecommunications services Sri Lanka 82.9 82.9
Services (Pvt) Limited
11. M86 Security Provision of information security services United Kingdom 100 100
International, Ltd. and products
12. M86 Security Israel, Ltd. Provision of information security services Israel 100 100
and products
13. NCS Information Software development and provision of People’s 100 100
Technology (Suzhou) information technology services Republic of
Co., Ltd.(3) China
14. NCSI (Chengdu) Co., Provision of information technology People’s 100 100
Ltd(3) research and development, and other Republic of
information technology related services China
253
OVERVIEW
46.3 Significant subsidiaries incorporated outside Singapore and Australia (Cont’d)
BUSINESS REVIEWS
2020 2019
% %
15. NCSI (HK) Limited Provision of information technology Hong Kong 100 100
services
16. NCSI (Malaysia) Sdn Provision of information technology Malaysia 100 100

Bhd services
17. NCSI (Philippines) Inc. Provision of information technology and Philippines 100 100
communication engineering services
18. NCSI (Shanghai), Provision of system integration, software People’s 100 100
Co. Ltd(3) research and development and other Republic of
information technology related services China
19. NCSI Technologies Provision of information technology India 100 100

(India) Pvt. Ltd. services
20. SCS Information Consultancy, sale of computer equipment Brunei 100 100
Technology Sdn Bhd and software including provision of
PERFORMANCE
marketing, maintenance and other
related services
21. Singtel Global Private Provision of infotainment products and Mauritius 100 100
Limited services, and investment holding
22. Singtel Global India Provision of telecommunications services India 100 100
Private Limited and all related activities
FINANCIALS
23. Singtel Innov8 Ventures Provision of investment consulting services USA 100 100
LLC
24. Singapore Telecom Provision of telecommunications services Hong Kong 100 100
Hong Kong Limited and all related activities
25. Singapore Telecom Provision of telecommunications services Japan 100 100

Japan Co Ltd and all related activities
26. Singapore Telecom Provision of telecommunications services South Korea 100 100
Korea Limited and all related activities
27. Singapore Telecom Provision of telecommunications, USA 100 100

USA, Inc. engineering and marketing services

46.3 Significant subsidiaries incorporated outside Singapore and Australia (Cont’d)

2020 2019
% %
28. Singtel (Europe) Limited Provision of telecommunications services United Kingdom 100 100
and all related activities
29. Singtel Taiwan Limited Provision of telecommunications services Taiwan 100 100
and all related activities
30. STI Solutions (Shanghai) Provision of telecommunications services People’s 100 100
Co., Ltd and all related activities Republic of
China
31. Sudong Sdn. Bhd. Management, provision and operations Malaysia 100 100
of a call centre for telecommunications
services
32. Trustwave Canada, Inc. Provision of information security services Canada 100 100
and products
33. Trustwave Government Provision of information security services USA 100 100
Solutions, LLC and products
34. Trustwave Holdings, Inc. Provision of information security services USA 100 100
and products
35. Trustwave Limited Provision of information security services United Kingdom 100 100
and products
36. Trustwave SecureConnect Provision of information security services USA 100 100
Inc. and products
All companies are audited by a member firm of KPMG.

Notes:
(1) The place of business of the subsidiaries are the same as their country of incorporation.
(2) The holding company, HOOQ, was placed under creditors’ voluntary liquidation. Accordingly, HOOQ and these subsidiaries were deconsolidated from March 2020.
(3) Subsidiary’s financial year-end is 31 December.
255
OVERVIEW
46.4 Associates of the Group
BUSINESS REVIEWS
Name of associate Principal activities operation the Group
2020 2019
% %
1. 2359 Media Pte. Ltd. Development and design of Singapore 28.3 28.3
mobile-based advertising
2. APT Satellite Holdings Investment holding Bermuda 20.3 20.3

Limited(2)
3. APT Satellite International Investment holding British Virgin 28.6 28.6

Company Limited(2) Islands
4. Digital Games International To operate a regional game store and Singapore 33.3 -
Pte. Ltd.(3) online community portal
5. HOPE Technik Pte Ltd Provision of high performance unique Singapore 21.3 21.3
engineering solutions
6. Intouch Holdings Public Investment holding Thailand 21.0 21.0

Company Limited(4)
PERFORMANCE
7. Kai Square Provision of next generation cloud-based Singapore 39.2 39.2
video surveillance services, monitoring
and analytics based on unified platform
8. MassiveImpact Provision of performance based mobile British Virgin 48.9 48.9

International Ltd advertising platform Islands
9. NetLink Trust(5) To own, install, operate and maintain Singapore 24.8 24.8
FINANCIALS
the passive infrastructure for Singapore’s
Next Generation Nationwide Broadband
Network
10. NetLink NBN Trust(5) Investment holding Singapore 24.8 24.8
11. Sentilla Corporation Provision of energy management USA 31.0 31.0

services for data centres

46.4 Associates of the Group (Cont’d)

Name of associate Principal activities operation the Group
2020 2019
% %
12. Singapore Post Operation and provision of post and Singapore 21.7 21.7
Limited(5) parcel, eCommerce logistics and
property
13. SESTO Robotics Pte Ltd Provision of autonomous mobile robots Singapore 25.1 28.5
14. Viewers Choice Pte Ltd Provision of services relating to motor Singapore 49.2 49.2
vehicle rental and retail of general
merchandise
Notes:
(1) The place of business of the associates are the same as their country of incorporation.
(2) The company has been equity accounted for in the consolidated financial statements based on results ended, or as at, 31 December 2019, the financial year-end of the company.
(3) This represents the Group’s direct interest in Digital Games International Pte. Ltd.
(4) Audited by Deloitte Touche Tohmatsu Jaiyos Audit Co. Ltd, Bangkok.
(5) Audited by Deloitte & Touche LLP, Singapore.
46.5 Joint ventures of the Group

Name of joint venture Principal activities operation the Group
2020 2019
% %
1. Acasia Communications Provision of networking services to Malaysia 14.3 14.3

Sdn Bhd(3) business customers operating within
and outside Malaysia
2. ACPL Marine Pte Ltd To own, operate and manage Singapore 16.7 16.7
maintenance-cum-laying cableships
3. Advanced Info Service Provision of mobile, broadband, Thailand 23.3 23.3

Public Company international telecommunications
Limited(4)(5) services, call centre and data transmission
4. ASEAN Cableship Operation of cableships for laying, Singapore 16.7 16.7

Pte Ltd repair and maintenance of submarine
telecommunication cables
5. ASEAN Telecom Holdings Investment holding Malaysia 14.3 14.3

Sdn Bhd(3)
257
OVERVIEW
46.5 Joint ventures of the Group (Cont’d)
BUSINESS REVIEWS
2020 2019
% %
6. Asiacom Philippines, Investment holding Philippines 40.0 40.0

Inc.(3)
7. Bharti Airtel Provision of mobile, long distance India 33.3 39.5

Limited(6) broadband and telephony
telecommunications services, enterprise
solutions, pay television and passive
infrastructure
8. Bharti Telecom Investment holding India 49.4 48.9

Limited(6)
9. Bridge Mobile Pte. Ltd. Provision of regional mobile services Singapore 33.9 34.5
10. Globe Telecom, Inc.(7)(8) Provision of mobile, broadband, Philippines 21.5 21.5
international and fixed line
telecommunications services
PERFORMANCE
11. Grid Communications Provision of public trunk radio services Singapore 50.0 50.0
Pte. Ltd.(3)
12. Indian Ocean Cableship Leasing, operating and managing of Singapore 50.0 50.0
Pte. Ltd. maintenance-cum-laying cableship
13. International Cableship Ownership and chartering of cableships Singapore 45.0 45.0
Pte Ltd
FINANCIALS
14. Main Event Television Pty Provision of cable television programmes Australia 33.3 33.3
Limited
15. Pacific Bangladesh Provision of mobile telecommunications, Bangladesh 45.0 45.0

Telecom Limited broadband and data transmission services
16. Pacific Carriage Operation and provision of Bermuda 29.99 39.99

Holdings Limited(9) telecommunications facilities and services

utilising a network of submarine cable
systems
17. PT Telekomunikasi Provision of mobile telecommunications Indonesia 35.0 35.0

Selular(10) and related services

46.5 Joint ventures of the Group (Cont’d)

2020 2019
% %
18. Radiance Sale, distribution, installation and Singapore 50.0 50.0

Communications maintenance of telecommunications
Pte Ltd(3) equipment
19. Southern Cross Cables Operation and provision of Bermuda 27.87 39.99
Holdings Limited(9)(11) telecommunications facilities and services
utilising a network of submarine cable
systems
20. VA Dynamics Sdn. Bhd.(3) Distribution of networking cables and Malaysia 49.0 49.0
related products
Notes:
(1) The place of business of the joint ventures are the same as their country of incorporation, unless otherwise specified.
(2) The Group holds substantive participating rights over the significant financial and operating decisions of the above joint ventures, which enables the Group to exercise joint
control with the other shareholders.
(3) The company has been equity accounted for in the consolidated financial statements based on the results ended, or as at, 31 December 2019, the financial year-end of the
company.
(4) Audited by Deloitte Touche Tohmatsu Jaiyos Audit Co. Ltd, Bangkok.
(5) This represents the Group’s direct interest in AIS.
(6) Audited by Deloitte Haskins & Sells LLP, New Delhi. Bharti Airtel Limited has business operations in India, Sri Lanka, and 14 countries across Africa.
(7) Audited by Navarro Amper & Co. (a member firm of Deloitte Touche Tohmatsu Limited) up till 31 December 2019 and Isla Lipana & Co./PwC Philippines with effect from 1 January
2020.
(8) The Group has a 47.0% effective economic interest in Globe.
(9) The Southern Cross Cable Consortium operates through two separate companies. Southern Cross Cables Holdings Limited owns a cable network between Australia and the USA,
with operations outside the USA. Pacific Carriage Holdings Limited has operations within the USA.
(10) Audited by Purwantono, Sungkoro & Surja (a member firm of Ernst & Young).
(11) Audited by KPMG, Bermuda.
259
Interested Person Transactions
OVERVIEW
The aggregate value of all interested person transactions during the financial year ended 31 March 2020 (excluding transactions
less than S$100,000) were as follows -
Name of interested person Nature of Relationship S$ mil
BUSINESS REVIEWS
Certis CISCO Auxiliary Police Force Pte Ltd Each interested person is an associate of 8.8
Certis CISCO Protection Services Pte Ltd Singapore Telecommunications Limited’s 0.4
Ensign InfoSecurity (Systems) Pte Ltd controlling shareholder, Temasek Holdings 4.4
Fullerton Fund Management Company Ltd (Private) Limited 0.5
Grid Communications Pte. Ltd. 1.8
Mediacorp Pte Ltd 0.7
Nexwave Technologies Pte Ltd 0.4
PSA Corporation Ltd 2.3
Radiance Communications Pte Ltd 4.1

SATS Ltd 0.1
Singapore Power Limited 1.2
Singex Venues Pte Ltd 0.2
SingEx Exhibitions Pte Ltd 0.1
ST Electronics (Info-Security) Pte Ltd 0.8
ST Engineering Electronics Ltd. 1.4
ST Engineering iDirect, Inc. 0.1
StarHub Cable Vision Ltd 31.5
StarHub Ltd 9.4
StarHub Mobile Pte Ltd 6.0
Synergy FMI Pte Ltd 0.2
74.4
PERFORMANCE
FINANCIALS

Additional Information on
Directors Seeking Re-election
Name of Director Chua Sock Koong
Date of appointment 12 October 2006 (as Director)

1 April 2007 (as Group Chief Executive Officer)
Date of last re-appointment 28 July 2017
(if applicable)
Age 62
Country of principal Singapore
residence
The Board’s comments After reviewing the recommendation of the Corporate Governance and Nominations Committee
on this re-election/ and Ms Chua’s qualifications and experience (as set out below), the Board has approved that
appointment Ms Chua stands for re-election as an executive and non-independent Director.
Ms Chua will, upon re-election, continue to serve as a member of the Optus Advisory Committee.
Whether appointment is Executive

executive, and if so, the
area of responsibility
Job title (e.g. Lead ID, AC Executive and non-independent Director
Chairman, AC Member
etc.) Member of the Optus Advisory Committee
Professional qualifications Bachelor of Accountancy (First Class Honours) from the University of Singapore
Fellow Member of the Institute of Singapore Chartered Accountants
CFA charterholder
Working experience and Singapore Telecommunications Limited
occupation(s) during the 2007 to present
past 10 years Group Chief Executive Officer
Ms Chua currently also serves as a Director/Member/Trustee of various entities including

those which are owned by Singapore Telecommunications Limited. Please refer to her present
directorships/principal commitments provided below for further information.
Shareholding interest in Yes
the listed issuer and its 9,009,471 ordinary shares in Singapore Telecommunications Limited (Direct interest)
subsidiaries 1,922,632 ordinary shares in Singapore Telecommunications Limited (Deemed interest)
Any relationship (including No

immediate family
relationships) with any
existing director, existing
executive officer, the
issuer and/or substantial
shareholder of the listed
issuer or of any of its
principal subsidiaries
261
OVERVIEW
Name of Director Chua Sock Koong
Conflict of interests No
(including any competing
BUSINESS REVIEWS
business)
Undertaking (in the format Yes
set out in Appendix 7.7)
under Rule 720(1) has been
submitted to the listed
issuer
Other Principal Commitments* Including Directorships
* “Principal Commitments” has the same meaning as defined in the Code of Corporate Governance 2018.

Past (for the last 5 years) Other principal commitments:
• Optus Digital Life Australia Investments Pty Limited, Director
• Optus ICT Investments Pty Limited, Director
• Singapore Management University Board of Trustees, Member
• Singapore Telecom Australia Investments Pty Ltd, Director
• Singtel Australia Investment Ltd, Director
• Singtel Optus Pty Limited, Director
• Singtel Singapore Pte Ltd, Director
Present Other listed company:
• Bharti Airtel Limited, Director
Other principal commitments:

• Bharti Telecom Limited, Director
PERFORMANCE
• Cap Vista Pte Ltd, Director
• Council of Presidential Advisers, Member
• Defence Science and Technology Agency, Director
• GSMA, Deputy Chairman
• Indonesia-Singapore Business Council, Member
• Public Service Commission, Member and Deputy Chairman
• Research, Innovation and Enterprise Council, Member
• Singapore Telecom International Pte Ltd, Director
FINANCIALS
• Singapore Telecom Mobile Pte Ltd, Director
• Singtel Group Treasury Pte. Ltd., Director
• Singtel Innov8 Holdings Pte. Ltd., Director
• Singtel Innov8 Pte. Ltd., Director ADDITIONAL INFORMATION

Name of Director Low Check Kian
Date of appointment 9 May 2011 (as Director)

21 July 2015 (as Lead Independent Director)
Date of last re-appointment 28 July 2017
(if applicable)
Age 61
residence
on this re-election/ and Mr Low’s qualifications and experience (as set out below), the Board has confirmed Mr Low’s
appointment independence and approved that Mr Low stands for re-election as a non-executive and
independent Director.
Mr Low will, upon re-election, continue to serve as Lead Independent Director, Chairman of the
Corporate Governance and Nominations Committee, and a member of the Executive Resource
and Compensation Committee and the Finance and Investment Committee.
Whether appointment is Non-executive
Job title (e.g. Lead ID, AC Non-executive and Lead Independent Director
Chairman, AC Member
etc.) Chairman of the Corporate Governance and Nominations Committee
Member of the Executive Resource and Compensation Committee
Member of the Finance and Investment Committee

Professional qualifications B. Sc (First Class Honours) and M. Sc in Economics from the London School of Economics
Working experience and Cluny Park Capital Pte. Ltd.
past 10 years Director
Cluny Properties Pte. Ltd.

2010 to present
Director
Cluny Capital Limited (BVI)

2007 to present
Director
Singapore Exchange Limited

2010 to 2011
Director
NewSmith Capital Partners (Asia) Pte Ltd

2003 to 2012
Chairman
263
OVERVIEW
Name of Director Low Check Kian
Shareholding interest in Yes

the listed issuer and its 1,490 ordinary shares in Singapore Telecommunications Limited (Direct interest)
BUSINESS REVIEWS
subsidiaries
immediate family

business)
issuer
PERFORMANCE
Past (for the last 5 years) Other listed company:
• Neptune Orient Lines Limited, Non-executive and Independent Director

• Fullerton Fund Management Company Ltd, Non-executive Director
• Renewfibre Asia Private Limited, Director
Present Other listed company:
• Broadcom Limited, Director
FINANCIALS
• Cluny Capital Limited (BVI), Director
• Cluny Park Capital Pte. Ltd., Director
• Cluny Properties Pte. Ltd., Director
• Nanyang Technological University, Director/Trustee
• Singtel Innov8 Holdings Pte. Ltd., Director
• Singtel Innov8 Pte. Ltd., Director
• The Singapore London School of Economics Trust, Trustee

Name of Director Lee Theng Kiat
Date of appointment 15 January 2020
Date of last re-appointment Not applicable

(if applicable)
Age 67
residence
on this re-election/ and Mr Lee’s qualifications and experience (as set out below), the Board has confirmed Mr Lee’s
appointment independence and approved that Mr Lee stands for re-election as a non-executive and non-
independent Director.
Mr Lee will, upon re-election, continue to serve as a member of the Corporate Governance and
Nominations Committee, the Executive Resource and Compensation Committee, and the Optus
Advisory Committee. He will be appointed Chairman of the Board and Chairman of the Finance
and Investment Committee following the conclusion of the 28th Annual General Meeting.
Whether appointment is Non-executive
Job title (e.g. Lead ID, AC Chairman-designate
Chairman, AC Member
etc.) Non-executive and non-independent Director
Member of the Corporate Governance and Nominations Committee
Member of the Executive Resource and Compensation Committee
Member of the Finance and Investment Committee
Member of the Optus Advisory Committee

Professional qualifications Bachelor of Laws (Honours) from the National University of Singapore
Working experience and Temasek Holdings (Private) Limited
past 10 years Executive Director
2016 to present
Director
265
OVERVIEW
Name of Director Lee Theng Kiat
Working experience and Temasek International Pte. Ltd.

BUSINESS REVIEWS
past 10 years (Cont’d) Chairman
2017 to 2019
Deputy Chairman
2012 to 2015
President
2012 to 2013
General Counsel
2012 to 2013
Head, South East Asia, Co-Head India

STT Communications Ltd
2000 to 2012
President & Chief Executive Officer
Singapore Technologies Telemedia Pte Ltd

2000 to 2012
President & Chief Executive Officer
Shareholding interest in No
the listed issuer and its
subsidiaries
immediate family
PERFORMANCE
FINANCIALS
business)
issuer
Past (for the last 5 years) Nil
Present Other principal commitments:
• Liquidity Pte Ltd, Director
• Sygnum AG, Zurich, Investor/Shareholder
• Temasek Holdings (Private) Limited, Executive Director
• Temasek International Pte. Ltd., Chairman
• Xi Yan Pte Ltd, Director

Name of Director Chua Sock Koong Low Check Kian Lee Theng Kiat
Information required
Disclose the following matters concerning an appointment of director.
(a) Whether at any time during the last 10 years, an application No No No
or a petition under any bankruptcy law of any jurisdiction
was filed against him or against a partnership of which
he was a partner at the time when he was a partner or at
any time within 2 years from the date he ceased to be a
partner?
(b) Whether at any time during the last 10 years, an application No No No
or a petition under any law of any jurisdiction was filed
against an entity (not being a partnership) of which he was
a director or an equivalent person or a key executive, at
the time when he was a director or an equivalent person or
a key executive of that entity or at any time within 2 years
from the date he ceased to be a director or an equivalent
person or a key executive of that entity, for the winding
up or dissolution of that entity or, where that entity is
the trustee of a business trust, that business trust, on the
ground of insolvency?
(c) Whether there is any unsatisfied judgment against him? No No No
(d) Whether he has ever been convicted of any offence, in No No No
Singapore or elsewhere, involving fraud or dishonesty
which is punishable with imprisonment, or has been the
subject of any criminal proceedings (including any pending
criminal proceedings of which he is aware) for such
purpose?
(e) Whether he has ever been convicted of any offence, in No No No
Singapore or elsewhere, involving a breach of any law or
regulatory requirement that relates to the securities or
futures industry in Singapore or elsewhere, or has been the
subject of any criminal proceedings (including any pending
criminal proceedings of which he is aware) for such
breach?
(f) Whether at any time during the last 10 years, judgment No No No
has been entered against him in any civil proceedings in
Singapore or elsewhere involving a breach of any law or
regulatory requirement that relates to the securities or
futures industry in Singapore or elsewhere, or a finding of
fraud, misrepresentation or dishonesty on his part, or he
has been the subject of any civil proceedings (including any
pending civil proceedings of which he is aware) involving
an allegation of fraud, misrepresentation or dishonesty on
his part?
267
OVERVIEW
Name of Director Chua Sock Koong Low Check Kian Lee Theng Kiat
(g) Whether he has ever been convicted in Singapore or No No No
elsewhere of any offence in connection with the formation
or management of any entity or business trust?
BUSINESS REVIEWS
(h) Whether he has ever been disqualified from acting as a No No No
director or an equivalent person of any entity (including
the trustee of a business trust), or from taking part directly
or indirectly in the management of any entity or business
trust?
(i) Whether he has ever been the subject of any order, No No No
judgment or ruling of any court, tribunal or governmental
body, permanently or temporarily enjoining him from

engaging in any type of business practice or activity?
(j) Whether he has ever, to his knowledge, been concerned No No No
with the management or conduct, in Singapore or
elsewhere, of the affairs of:–
(i) any corporation which has been investigated for No No No

a breach of any law or regulatory requirement
governing corporations in Singapore or elsewhere; or
(ii) any entity (not being a corporation) which has been No No No

investigated for a breach for any law or regulatory
requirement governing such entities in Singapore or
elsewhere; or
PERFORMANCE
(iii) any business trust which has been investigated No No No
for a breach of any law or regulatory requirement
governing business trusts in Singapore or elsewhere;
or
(iv) any entity or business trust which has been No No No

investigated for a breach of any law or regulatory
FINANCIALS
requirement that relates to the securities or futures
industry in Singapore or elsewhere,
in connection with any matter occurring or arising during

that period when he was so concerned with the entity or
business trust?
(k) Whether he has been the subject of any current or past No No No
investigation or disciplinary proceedings, or has been
reprimanded or issued any warning, by the Monetary

Authority of Singapore or any other regulatory authority,
exchange, professional body or government agency,
whether in Singapore or elsewhere?
Note:
Information as at 8 June 2020.

Shareholder Information
As at 2 June 2020
ORDINARY SHARES
Number of ordinary shareholders 330,743
Voting rights:
On a show of hands – every member present in person and each proxy shall have one vote
On a poll – every member present in person or by proxy shall have one vote for every share he holds or represents
(The Company cannot exercise any voting rights in respect of shares held by it as treasury shares or subsidiary holdings(1))
Note:
(1) “Subsidiary holdings” is defined in the Listing Manual to mean shares referred to in Sections 21(4), 21(4B), 21(6A) and 21(6C) of the Companies Act, Chapter 50 of Singapore.
SUBSTANTIAL SHAREHOLDERS
No. of shares
Direct Deemed
interest interest
Temasek Holdings (Private) Limited 8,132,818,602 453,517,849(1)
Note:
(1) Deemed through interests of subsidiaries and associated companies.
MAJOR SHAREHOLDERS LIST – TOP 20

No. of % of issued
No. Name shares held share capital(1)
1 Temasek Holdings (Private) Limited 8,132,818,602 49.81

2 Citibank Nominees Singapore Pte Ltd 1,966,275,821 12.04
3 DBS Nominees (Private) Limited 1,787,676,930 10.95
4 DBSN Services Pte Ltd 868,180,066 5.32
5 Central Provident Fund Board 816,202,403 5.00
6 HSBC (Singapore) Nominees Pte Ltd 687,659,667 4.21
7 Atrium Investments Pte Ltd 358,354,351 2.19
8 Raffles Nominees (Pte) Limited 266,022,945 1.63
9 BPSS Nominees Singapore (Pte.) Ltd. 106,811,451 0.65
10 United Overseas Bank Nominees (Private) Limited 66,380,554 0.41
11 OCBC Nominees Singapore Private Limited 37,768,141 0.23
12 Maybank Kim Eng Securities Pte Ltd 26,814,544 0.16
13 Phillip Securities Pte Ltd 23,156,783 0.14
14 OCBC Securities Private Ltd 22,184,370 0.14
15 UOB Kay Hian Pte Ltd 19,594,153 0.12
16 Morgan Stanley Asia (Singapore) Securities Pte Ltd 15,954,095 0.10
17 DB Nominees (Singapore) Pte Ltd 15,856,943 0.10
18 Merrill Lynch (Singapore) Pte Ltd 13,890,897 0.08
19 CGS-CIMB Securities (Singapore) Pte Ltd 13,611,739 0.08
20 CDP Nominees Pte Ltd 10,880,000 0.07
15,256,094,455 93.43
Note:
(1) The percentage of issued ordinary shares is calculated based on the number of issued ordinary shares of the Company as at 2 June 2020.
269
Shareholder Information
OVERVIEW
As at 2 June 2020
ANALYSIS OF SHAREHOLDERS
No. of % of No. of % of issued

Range of holdings holders holders shares share capital
BUSINESS REVIEWS
1 - 99 3,310 1.00 139,973 0.00
100 - 1,000 235,651 71.25 60,695,901 0.37
1,001 - 10,000 74,313 22.47 274,136,547 1.68
10,001 - 1,000,000 17,410 5.26 633,490,569 3.88
1,000,001 and above 59 0.02 15,360,695,310 94.07
330,743 100.00 16,329,158,300 100.00
Note:
As at 2 June 2020, the Company had no treasury share and subsidiary holdings. Based on information available to the Company as at 2 June 2020, approximately 47% of the issued ordinary
shares of the Company is held by the public and, therefore, Rule 723 of the Listing Manual issued by the Singapore Exchange Securities Trading Limited is complied with. The percentage of

issued ordinary shares held by the public is calculated based on the number of issued ordinary shares of the Company as at 2 June 2020.
SHARE PURCHASE MANDATE
At the 27th Annual General Meeting of the Company held on 23 July 2019 (2019 AGM), the shareholders approved the renewal
of a mandate to enable the Company to purchase or otherwise acquire not more than 5% of the issued ordinary share capital
of the Company as at the date of the 2019 AGM. As at 2 June 2020, there is no current on-market buy-back of shares pursuant
to the mandate.
PERFORMANCE
FINANCIALS

Corporate Information(1)
BOARD OF DIRECTORS RISK COMMITTEE SHARE REGISTRAR
Simon Israel (Chairman) Teo Swee Lian (Chairman) M & C Services Private Limited
Lee Theng Kiat (Chairman-designate) Gautam Banerjee 112 Robinson Road
Chua Sock Koong (Group CEO) Christina Ong #05-01
Gautam Banerjee Singapore 068902
Venkataraman (Venky) Ganesan LEAD INDEPENDENT DIRECTOR Tel: +65 6228 0544
Bradley Horowitz Fax: +65 6225 1452
Gail Kelly Low Check Kian Email: [email protected]
Low Check Kian Email: [email protected] Website: www.mncsingapore.com
Christina Ong
Teo Swee Lian OPTUS ADVISORY COMMITTEE SINGTEL AMERICAN
DEPOSITARY RECEIPTS
AUDIT COMMITTEE Gail Kelly (Chairman)
Simon Israel Citibank Shareholder Services
Gautam Banerjee (Chairman) Lee Theng Kiat PO Box 43077
Gail Kelly Chua Sock Koong Providence, Rhode Island 02940-3077
Christina Ong John Arthur USA
David Gonski AC(2) Tel: 1 877 248 4237
CORPORATE GOVERNANCE AND John Morschel (Toll free within USA)
NOMINATIONS COMMITTEE Paul O’Sullivan Tel: +1 781 575 4555 (Outside USA)
Email: [email protected]
Low Check Kian (Chairman) TECHNOLOGY ADVISORY PANEL Website: www.citi.com/dr
Simon Israel
Lee Theng Kiat Venky Ganesan (Chairman) AUDITORS
Gail Kelly Manik Gupta
Christina Ong Bradley Horowitz KPMG LLP
Teo Swee Lian Koh Boon Hwee (appointed on 24 July 2018)
16 Raffles Quay
EXECUTIVE RESOURCE AND ASSISTANT COMPANY SECRETARY #22-00
COMPENSATION COMMITTEE Hong Leong Building
Lim Li Ching Singapore 048581
Gail Kelly (Chairman) Tel: +65 6213 3388
Simon Israel REGISTERED OFFICE Fax: +65 6225 0984
Lee Theng Kiat
Low Check Kian 31 Exeter Road Audit Partner: Ong Pang Thye
Teo Swee Lian Comcentre
Singapore 239732 INVESTOR RELATIONS
FINANCE AND INVESTMENT Tel: +65 6838 3388
COMMITTEE Fax: +65 6732 8428 31 Exeter Road
Website: www.singtel.com #19-00 Comcentre
Simon Israel (Chairman) Singapore 239732
Lee Theng Kiat Tel: +65 6838 2123
Venky Ganesan Email: [email protected]
Bradley Horowitz
Low Check Kian
Notes:
(1) The information in this section is as at 8 June 2020.
(2) Companion of the Order of Australia.
271
Contact Points
OVERVIEW
SINGAPORE Melbourne EUROPE
367 Collins Street
Singtel Headquarters Melbourne, VIC 3000, Australia Frankfurt
31 Exeter Road, Comcentre Tel: +61 3 9233 4000 Center Frankfurt Westend
Singapore 239732 Fax: +61 3 9233 4900 Friedrich-Ebert-Anlage 36
BUSINESS REVIEWS
Tel: +65 6838 3388 60325 Frankfurt, Germany
Fax: +65 6732 8428 Perth Tel: +49 69 9750 3445
Website: www.singtel.com Optus Centre Perth Fax: +49 69 9750 3200
Level 3, 2 Victoria Avenue Email: [email protected]
NCS Pte Ltd Perth, WA 6000, Australia
5 Ang Mo Kio Street 62 Tel: +61 8 9288 3000 London
NCS Hub, Singapore 569141 Fax: +61 8 9288 3030 Birchin Court
Republic of Singapore 20 Birchin Lane
Tel: +65 6556 8000 London EC3V 9DU
Fax: +65 6556 7000 CHINA United Kingdom

Email: [email protected] Tel: +44 20 7122 8000
Beijing Fax: +44 20 7122 8088
Unit 1503, Beijing Silver Tower Email: [email protected]
AUSTRALIA No 2 Dongsanhuanbei Road
Chaoyang District, Beijing 100027
Singtel Optus Pty Limited Sydney People’s Republic of China HONG KONG
(Head Office) Tel: +86 10 6410 6193 / 4 / 5
Optus Centre Sydney Fax: +86 10 6410 6196 Quarry Bay
1 Lyonpark Road, Macquarie Park Email: [email protected] 21/F, 1063 King’s Road,
NSW 2113, Australia Quarry Bay, Hong Kong
Tel: +61 2 8082 7800 Guangzhou Tel: +852 2877 1500
Fax: +61 2 8082 7100 Room 3615, 36F, BLK B, China Shine Fax: +852 2802 1500
Website: www.optus.com.au No. 9 Lin He Xi Road, Tian He District Email: [email protected]
PERFORMANCE
Guangzhou, 510610
Adelaide People’s Republic of China
Level 4, 108 North Terrace Tel: +86 20 3886 3887 INDIA
Adelaide, SA 5000, Australia Fax: +86 20 3882 5545
Tel: +61 8 7328 5114 Bangalore
Fax: +61 1800 500 261 Shanghai Suite No. 304 DBS Business Centre
10F, No.2 Building of Real Power Inno- 26 Cunningham Road
Brisbane vation Centre, Bangalore 560052, India
Optus Centre Brisbane 51 Zhengxue Road Tel: +91 80 2226 7272
FINANCIALS
Level 9, 15 Green Squareclose Yangpu District, Fax: +91 80 2225 0509
Fortitude Valley, QLD 4006, Shanghai 200433 Email: [email protected]
Australia Tel: +86 21 3362 0388
Tel: +61 7 3304 7000 Fax: +86 21 3362 0389 Chennai
Fax: +61 7 3174 7087 Email: [email protected] 20/30, Paras Plaza
3rd Floor, Cathedral Garden Road
Canberra Shenzhen Nungambakkam,
Level 3, 10 Moore Street Room 109, 9F, Tower B Chennai 600034, India
Canberra, ACT 2601, Australia TCL Building, Tel: +91 44 4264 9410
Tel: +61 2 6222 3800 Gao Xin Nan Yi Road, Nanshan District Fax: +91 44 4264 9414
Fax: +61 2 6222 3838 Shenzhen 518057 Email: [email protected]
People’s Republic of China

Contact Points
Hyderabad KOREA
Reliance Business Centre
303 Swapna Lok Complex Seoul
92 Sarojini Devi Road Room 3501, Trade Tower
Secunderabad 500003, India 511, Yeongdong-daero, Gangnam-gu
Tel: +91 40 2781 2699 Seoul 06164, Korea
Fax: +91 40 2781 2724 Tel: +82 2 3287 7500
Email: [email protected] Fax: +82 2 3287 7589
Mumbai
301-303, 3rd Floor, Midas,
Sahar Plaza Complex, MALAYSIA
Mathuradas Vasanji Road,
Andheri East, Kuala Lumpur
Mumbai 400059, India Unit TA-16-1, Level 16, Tower A
Tel: +91 22 4075 7777 Plaza 33, No. 1 Jalan Kemajuan,
Fax: +91 22 2824 4996 Seksyen 13
Email: [email protected] 46200 Petaling Jaya
Selangor Darul Ehsan, Malaysia
New Delhi Tel: +603 7931 8798
13th Floor, B Wing, Statesman House Fax: +603 7931 9455
148 Barakhamba Road
New Delhi 110001, India
Tel: +91 11 4362 1199 PHILIPPINES
Fax: +91 11 4152 1683
Email: [email protected] Manila
Unit 7F, The Curve Tower
32nd St., cor. 3rd Avenue
JAPAN Bonifacio Global City, Taguig City
Philippines
Tokyo Tel: +63 2 793 1400
8F, Meguro Central Square Email: [email protected]
3-1-1 Kamiosaki
Shinagawa-Ku
Tokyo 141-0021, Japan USA
Tel: +81 3 5795 1077
Fax: +81 3 5795 1088 San Francisco (Head Office)
Email: [email protected] 901 Marshall Street,
Suite 125
Osaka Redwood City, CA 94063, USA
3F, Shin-Osaka Hankyu Building Tel: +1 650 508 6800
1-1-1 Miyahara Fax: +1 650 508 1578
Yodogawa-ku, Email: [email protected]
Osaka-shi, Osaka
532-0003, Japan New York
Tel: +81 6 7668 8417 115 Broadway Street
Email: [email protected] Suite 07-123
New York, NY 10006, USA
273
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Singapore Telecommunications Limited
(CRN:199201624D)
31 Exeter Road, Comcentre

Singapore 239732
T +65 6838 3388
www.singtel.com
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SUPERCHARGING

GOVERNANCE AND 260 Interested Person Transactions

OPERATING REVENUE S$16,542m S$17,372m

EBITDA S$4,541m S$4,692m

EBIT S$3,704m S$4,006m

NET PROFIT S$1,075m(2) S$3,095m

Group Enterprise 23%

Singapore Consumer 13% S$3,704m(4)

GOVERNANCE AND SUSTAINABILITY

OPERATING REVENUE SHAREHOLDER PAYOUT

ICT and Leasing The reduction in dividend payout is prudent to conserve

Singapore Telecommunications Limited | Annual Report 2020 2

We are constantly innovating — whether it is investing in next-generation 5G networks

MADE STRIDES IN 5G ACROSS THE REGION

• Singtel submitted its winning bid to operate a 5G network

ENHANCED MOBILE FINANCIAL SERVICES

• Expanded Singtel’s mobile wallet Dash’s offerings

INNOVATED NEW PRODUCTS AND SERVICES

• Singtel launched StepUp, a digital wellness platform

EXPANDED REGIONAL GAMING INITIATIVE

• Joined hands with SK Telecom and AIS to launch regional

GOVERNANCE AND SUSTAINABILITY

• Airtel successfully listed Airtel Africa, the second largest

RECOGNISED FOR COMMITMENT TO DIVERSITY

• Won the President’s Award for the Environment 2019,

Singapore Telecommunications Limited | Annual Report 2020 4

GOVERNANCE AND SUSTAINABILITY

I’d also like to welcome

Stay safe and keep well.

Singapore Telecommunications Limited | Annual Report 2020 6

GOVERNANCE AND SUSTAINABILITY

I would like to thank all our staff

my firm belief that we will emerge

CHUA SOCK KOONG

Singapore Telecommunications Limited | Annual Report 2020 8

35.0% effective interest

4.3m mobile customers

INDIA | SOUTH ASIA | AFRICA

33.3% effective interest

enterprise offices in 65%

STRATEGIC PRIORITIES DIFFERENTIATORS BUSINESSES

Credit: Orchard Road Business Association

GOVERNANCE AND SUSTAINABILITY

Offers a range of digital services from

Read more about Group Consumer

Read more about Group Enterprise

Read more about Group Digital Life

Singapore Telecommunications Limited | Annual Report 2020 12

FOR OUR CUSTOMERS

Our regional associates now have

353m mobile data users, an

Together with our associates, our

FOR OUR INVESTORS

SIAS Investors’ Choice Awards 2019: Golden

GOVERNANCE AND SUSTAINABILITY

FOR OUR COMMUNITIES

Since 2016, we’ve invested over

We were ranked We contributed over in our Future Makers

Singapore Telecommunications Limited | Annual Report 2020 14

As a provider of critical telecoms and tech services, our role in keeping

INDIA | SOUTH ASIA | AFRICA