To: Business Editor
29th April 2024
For immediate release
PT Astra International
Tbk
2024 First Quarter
Financial Statements
The following announcement was issued today by the
Company's 79%-owned subsidiary, Jardine Cycle & Carriage
Limited, which holds 50.1% of PT Astra International Tbk.
For further information, please contact:
Jardine Matheson Limited
Jonathan Lloyd
(852) 2843 8223
Brunswick Group Limited
Ben Fry
(65) 9017 9886
29th April
2024
PT
ASTRA INTERNATIONAL Tbk ("the Company" or
"Astra")
2024 FIRST QUARTER FINANCIAL
STATEMENTS
Highlights
● Net earnings per share of
Rp201, 5% lower than the same period last year (excluding fair
value adjustments)
● Car sales down 20% and motorcycle sales down 8%, reflecting a
softer national market
● Higher contribution from financial services
● Mining performance impacted by lower coal prices
● Strong financial and
funding position
"The
Group's overall results in the first quarter of 2024 were lower,
mainly reflecting subdued economic conditions and coal prices that
have declined from previous highs. Notwithstanding these
challenges, the Group remains positive on the growth of Indonesia's
economy. Supported by a strong balance sheet, the Group's
diversified portfolio is well-positioned to take advantage of
opportunities for long-term growth."
Djony Bunarto Tjondro
President Director
Astra group ("Group")
Results
|
For the period ended 31st
March
|
2024
Rp bn
|
2023
Rp bn
|
Change
%
|
Net revenue
|
81,209
|
82,980
|
(2)
|
Net income* (before fair value
adjustments on investments in GoTo and Hermina)
|
8,129
|
8,602
|
(5)
|
Net income*
|
7,464
|
8,719
|
(14)
|
|
Rp
|
Rp
|
|
Net earning per share* (before fair
value adjustments on investments in GoTo and Hermina)
|
201
|
212
|
(5)
|
Net earnings per share*
|
184
|
215
|
(14)
|
|
As at 31st March 2024
Rp bn
|
As at 31st
December 2023
Rp bn
|
Change
%
|
Shareholders' funds
|
207,000
|
198,640
|
4
|
|
Rp
|
Rp
|
|
Net asset value per share
|
5,113
|
4,907
|
4
|
*Profit attributable to owners of the parent.
The financial results for the three months ended 31st March
2024 and 2023 as well as the financial position as at 31st March
2024 have been prepared in accordance with Indonesian Financial
Accounting Standards and are unaudited. The financial position as
at 31st December 2023 has been prepared in accordance with
Indonesian Financial Accounting Standards and audited in accordance
with the auditing standards established by the Indonesian Institute
of Certified Public Accountants.
PRESIDENT DIRECTOR'S STATEMENT
Performance
The Group's
consolidated net revenue for the first quarter of 2024 was Rp81.2
trillion, a decrease of 2% compared with the first quarter of 2023.
The Group's net income, excluding fair value adjustments on
investments in GoTo and Hermina, was Rp8.1 trillion, 5% lower than
in the first quarter of 2023. Including these fair value
adjustments, the Group's net income declined by 14% to Rp7.5
trillion. The lower result mainly reflects decreased performance in
the Group's heavy equipment and mining and automotive
businesses.
The net asset value per share at
31st March 2024 was Rp5,113, 4% higher than at 31st December
2023.
Net cash, excluding the Group's
financial services subsidiaries was Rp7.4 trillion at 31st March
2024, compared to Rp29 billion at the end of 2023. Net debt of the
Group's financial services subsidiaries was Rp54.3 trillion at 31st
March 2024, compared to Rp52.2 trillion at the end of
2023.
Business Activities
The
Group's net income by division in the first quarter of 2024,
compared with the same period last year, is set out in the table
below:
|
Net Income by
Division
|
For the period
ended 31st March
|
2024
Rp bn
|
2023
Rp bn
|
Change
%
|
Automotive
|
2,750
|
3,026
|
(9)
|
Financial Services
|
2,086
|
1,859
|
12
|
Heavy Equipment, Mining,
Construction and Energy
|
2,791
|
3,272
|
(15)
|
Agribusiness
|
184
|
179
|
3
|
Infrastructure and
Logistics
|
251
|
202
|
24
|
Information Technology
|
22
|
19
|
16
|
Property
|
45
|
45
|
0
|
Net
Income* (before fair value adjustments on investments in GoTo and
Hermina)
|
8,129
|
8,602
|
(5)
|
Fair value adjustments on investments in GoTo and
Hermina
|
(665)
|
117
|
N/A
|
Net
Income*
|
7,464
|
8,719
|
(14)
|
*Profit attributable to owners of the parent.
Automotive
Net income from the Group's automotive division
decreased by 9% to Rp2.8 trillion, reflecting lower sales
volumes.
● The wholesale market for cars decreased by 24% to 215,000
units in the first quarter of 2024 (source: Gaikindo). Astra's car sales
were 20% lower at 120,000 units, while market share increased from
53% to 56%. Four new models and three revamped models were launched
during the quarter.
● The wholesale market for motorcycles decreased by 5% to
1,735,000 units in the first quarter of 2024 (source: Ministry of Industry). Astra
Honda Motor's sales decreased by 8% to 1,324,000 units, with market
share decreasing from 79% to 76%. One new model and one revamped
model were launched during the quarter.
● The Group's 80%-owned components business, Astra Otoparts,
reported a 10% increase in net income to Rp475
billion in the first quarter of 2024, mainly
due to higher earnings
from exports which offset lower domestic original equipment
manufacturer sales.
Financial
Services
Net income from the
Group's financial services division increased by 12% to Rp2.1
trillion in the first quarter of 2024 compared with the first
quarter of 2023, due to higher
contribution from consumer financing on larger
loan portfolios.
● The Group's consumer finance businesses saw an 8% increase in
new amounts financed to Rp33.3 trillion. The net income
contribution from the car-focused finance companies increased by 3%
to Rp571 billion. The net income contribution from the Group's
motorcycle-focused finance business, Federal International Finance,
increased by 17% to Rp1.1 trillion.
● The Group's heavy equipment-focused finance companies saw a 4%
increase in new amounts financed to Rp3.3 trillion. The net income
contribution from this segment increased by 2% to Rp47
billion.
● The Group's general insurance company,
Asuransi Astra Buana reported a 12% increase in net income
to Rp384 billion, mainly due to higher
underwriting income and investment income. The Group's life
insurance company, Asuransi Jiwa Astra, recorded a 10% decrease in
gross written premiums to Rp1.5 trillion.
Heavy Equipment,
Mining, Construction and Energy
Net income from the Group's heavy equipment, mining,
construction and energy division was 15% lower at Rp2.8 trillion,
mainly due to a lower contribution from its mining and construction
machinery businesses.
● 59.5%-owned United Tractors reported a 15% decrease in
net income to Rp4.5 trillion.
● Komatsu heavy equipment sales decreased by 37% to 1,100 units,
while revenues from its parts and service businesses were also
lower.
● Mining contractor Pamapersada
Nusantara reported 17% higher overburden
removal volume at 286 million bank cubic metres and 21% higher coal
production at 32 million tonnes.
● United Tractors' coal mining subsidiaries reported a 33%
increase in coal sales at 4.0 million tonnes (including 765,000
tonnes of metallurgical coal), but revenue declined due to lower
coal prices.
● United Tractors' gold mining subsidiary, Agincourt
Resources, reported
16% lower gold sales at 49,000 oz.
● United Tractors' nickel mining business comprises (i)
majority-owned Stargate Pasific Resources ("SPR"), which was newly acquired in
December 2023, and (ii) 19.99%-owned Nickel Industries Limited
("NIC"), which was acquired
in September 2023. SPR reported 383,000 wet metric tonnes (wmt) of
nickel ore sales in the first quarter of 2024, comprising 203,000
wmt of saprolite and 180,000 wmt of limonite. United Tractors books
equity income from NIC in arrears, owing to the timing of NIC's
results announcements. NIC reported 34,400 tonnes of nickel metal
sold in the final quarter of 2023.
● General contractor Acset Indonusa, 87.7%-owned by United Tractors, reported an increased net loss of Rp42 billion, compared with
a net loss of Rp30 billion in the first quarter of last
year.
Agribusiness
Net income from the
Group's agribusiness division increased by 3% to Rp184 billion,
mainly due to higher sales of crude palm oil ("CPO") and its
derivatives.
● Net
income of 79.7%-owned Astra Agro Lestari increased by 3% to Rp231
billion.
● CPO and its derivative product sales
increased by 4% to 379,000 tonnes.
● CPO prices were slightly lower at Rp11,911/kg.
Infrastructure and
Logistics
The Group's
infrastructure and logistics division reported a
24% increase in net income to Rp251 billion,
primarily due to improved performance in its logistics and toll road
businesses.
● The Group saw 2% higher daily toll revenue from its 396km of
operational toll roads along the Trans-Java network and the Jakarta
Outer Ring Road.
● Serasi Autoraya reported 4% higher vehicles under contract at
26,400 units, higher vehicle disposals and higher contribution from
car auctions.
Information
Technology
The Group's
information technology division,
represented by 76.9%-owned Astra Graphia, reported a 16% increase
in net income to Rp22 billion primarily due to improved operating
margin.
Property
Net income from the
Group's property division was relatively stable at Rp45 billion,
mainly due to an improvement in occupancy at Menara Astra, offset
by lower residential units handed over in Arumaya
Residences.
Corporate Action
In March, the Group, through United
Tractors, completed the acquisition of a 20.2% stake in PT Supreme
Energy Rantau Dedap ("SERD"), which owns an operating
geothermal project in South Sumatera with an existing capacity of 2
x 49 MW, for USD80.7 million. Following this transaction, the
Group's total direct and indirect shareholding in SERD is
32.7%.
Prospects
The Group's overall results in the first quarter
of 2024 were lower, mainly reflecting subdued economic conditions
and coal prices that have declined from previous highs.
Notwithstanding these challenges, the Group remains positive on the
growth of Indonesia's economy. Supported by a strong balance sheet,
the Group's diversified portfolio is well-positioned to take
advantage of opportunities for long-term
growth.
Djony Bunarto Tjondro
President Director
29th April 2024
For further information, please contact:
PT
Astra International Tbk
Riza Deliansyah, Chief of Corporate
Affairs
Email: corcomm@ai.astra.co.id
About Astra
Astra is one of Indonesia's largest
public companies, comprising 283 subsidiaries, joint ventures, and
associate companies, supported by more than 200,000 employees. The
company's diversified business model creates synergies and
opportunities across industry sectors, including automotive,
financial services, heavy equipment, mining construction and
energy, agribusiness, infrastructure and logistics, information
technology, and property. The company has a sustainability
framework that contains Astra's 2030 Sustainability Aspirations,
which will guide Astra's transition journey to be a more
sustainable business going forward. Astra wishes to contribute to
the strength and resilience of the Indonesian economy while
supporting an inclusive and prosperous society.
Astra has a strong record of public
and social contribution through four pillars, which consist of
health, education, environment, and entrepreneurship, as well as
nine foundations to contribute to the growth of the Indonesian
economy while encouraging a more inclusive and prosperous society.
Established in 2010, Astra's Semangat Astra Terpadu Untuk (SATU)
Indonesia Awards programme has recognised the contribution of 657
young Indonesians across each of these focus areas, including 92
national- level recipients and 565 provincial-level recipients. The
SATU Indonesia Awards programme is integrated with Astra's wide
range of community activities through 200 Kampung Berseri Astra and
1,196 Desa Sejahtera Astra initiatives in 35 provinces throughout
Indonesia.
For more about Astra, visit
www.astra.co.id & www.satu-indonesia.com, and follow us on
Instagram (@SATU_Indonesia), YouTube (SATU Indonesia), Facebook
(Semangat Astra Terpadu) and Twitter (@SATU_Indonesia).