The investment vehicle, which owns a chunk of many of Singapore's biggest companies, said in its first annual report that yearly shareholders' returns as measured by market value were 18% during the past 30 years.

The company managed just a 3% annual return to its sole shareholder -- Singapore's Ministry of Finance -- during the past 10 years in part because of the effects of the Asian financial crisis, the 2001 terrorist attacks in the US, and last year's outbreak of severe acute respiratory syndrome, or SARS, in Asia.

The report marks another step forward onto the global stage for traditionally secretive Temasek, one of the world's biggest state-owned investors. Temasek said that as of March 31, it had S$180 billion (US$107 billion) in assets and an investment portfolio estimated at about S$90 billion.

In recent years, Temasek increasingly has sought to expand its portfolio beyond the city-state, sometimes competing against global players.

Releasing an annual report is part of the company's continuing "efforts to institutionalize Temasek's role as a long-term shareholder and an active investor," Chairman Suppiah Dhanabalan said in the report. Temasek, he added, is "poised as an Asia investment company."

Established in 1974, Temasek was formed to hold and manage the government's investments as it built up Singapore. As a result, Temasek has controlling stakes in the city-state's biggest bank, DBS Group Holdings Inc., phone operator Singapore Telecommunications Ltd., and its flag carrier, Singapore Airlines.

Seeking More Independence

Under the leadership of Ho Ching, wife of Singapore's prime minister, Temasek has sought to shed its dependence on Singapore's tiny S$165 billion domestic economy and expand overseas.

It has emerged as a more nimble and aggressive player, recently reducing its stakes in companies such as SingTel and property developer Keppel Land Ltd., while investing in banks in India, Indonesia and South Korea and regional companies such as Telekom Malaysia Bhd.

Temasek has put S$3.3 billion into companies across Asia in the past two years and recently unveiled plans for a fund-management business. This year, Temasek opened offices in Bombay and Beijing, and it plans to add one in Vietnam before year end.

Though Temasek's disclosure is unprecedented, it isn't clear how illuminating bankers and analysts might find it. The company reported results across a range of benchmarks, including profit and return to shareholders. But it gave a full income statement and balance sheet only for the year ended March 31, and it didn't break out details on items such as its debt.

In the most recent year, Temasek reported net profit surged to S$7.4 billion from S$241 million a year earlier, boosted by investment gains of S$1.9 billion at SingTel on divestments it made.

Examining Returns

Temasek offered two ways of looking at shareholder returns: by market value, which includes the portfolio value of Temasek holdings plus dividends and new cash, and by the underlying performance of Temasek's portfolio companies. They diverge sharply at times.

Some analysts think the performance data should be ignored. Christopher Gee, Singapore strategist for J.P. Morgan, said methods of calculating investment returns have changed significantly during the past three decades. Given Temasek's historical lack of transparency, Mr Gee is unconvinced analysts should rely on a reconstituted track record.

Temasek's report comes amid fresh debate about whether public funds are better managed in public or private hands.

Last week, Standard & Poor's said Singapore's investment strategy, which relies largely on Temasek and the even more secretive Government of Singapore Investment Corp. -- which invests the country's foreign reserves -- generated "markedly inferior" returns during the past five years compared with those of rival Hong Kong.

Debt Ratings

S&P said Singapore's strategy netted nominal annual returns, which aren't adjusted for inflation, of 1.7% to 4%, while Hong Kong's privately managed reserves yielded an average nominal annual return of 6.1%.

Singapore's Ministry of Finance disputed the assertions. It countered that the government has achieved strong investment results, though it didn't give specifics.

The annual report is part of efforts that spokesman Eva Ho said this year are intended to "demystify Temasek and to be more transparent." It also is widely seen as setting the groundwork for a bond issue of as much as US$3 billion.

--Abdul Hadhi contributed to this article

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