TIDMJAR

RNS Number : 0445D

Jardine Matheson Hldgs Ltd

28 February 2022

To: Business Editor 28th February 2022

For immediate release

Jardine Cycle & Carriage Limited

2021 Financial Statements and Dividend Announcement

The following announcement was issued today by the Company's 75%-owned subsidiary, Jardine Cycle & Carriage Limited.

For further information, please contact:

 
 Jardine Matheson Limited 
  Joey Ho                      ( 65) 9765 0717 
 Brunswick Group Limited 
  Ben Fry                      (65) 9017 9886 
 

28th February 2022

JARDINE CYCLE & CARRIAGE LIMITED

2021 FINANCIAL STATEMENTS AND DIVID ANNOUNCEMENT

Highlights

 
 --              Underlying profit of US$786 million, 83% higher than 2020, and 
                  9% lower than 2019 
 --              Higher contributions across the JC&C portfolio 
 --              Proposed final dividend of USc62 per share, total dividend of 
                  USc80 per share for the year, 86% higher than 2020 
 

"Jardine Cycle & Carriage achieved an overall satisfactory result in 2021, with significant recovery across its portfolio compared to 2020. The Group's underlying profit, however, remained lower than 2019, before the start of the pandemic.

The pandemic remains a significant risk to performance in 2022, but the Group is optimistic about the long-term economic prospects of Southeast Asia, and is well placed to benefit from its growth opportunities. "

Ben Keswick, Chairman

Group Results

 
                                        Year ended 31st December 
 
                                     2021     2020     Change     2021 
                                     US$m     US$m          %      S$m 
--------------------------------  -------  -------  ---------  ------- 
 Revenue                           17,688   13,234         34   23,761 
 Underlying profit attributable 
  to 
 shareholders (#)                     786      429         83    1,056 
 Non-trading items^                 (125)      111         nm    (169) 
 Profit attributable to 
  shareholders                        661      540         22      887 
 Shareholders' funds                7,368    6,974          6    9,960 
--------------------------------  -------  -------  ---------  ------- 
                                      USc      USc                  Sc 
--------------------------------  -------  -------  ---------  ------- 
 Underlying earnings per 
  share (#)                           199      109         83      268 
 Earnings per share                   167      137         22      225 
 Dividend per share                    80       43         86      107 
                                      US$      US$                  S$ 
                                  -------  -------  --------- 
 Net asset value per share          18.64    17.65          6    25.20 
--------------------------------  -------  -------  ---------  ------- 
 

The exchange rate of US$1 =S$1.35 (31st December 2020: US$1=S$1.32) was used for translating assets and liabilities at the balance sheet date, and US$1=S$1.34 (2020: US$1=S$1.38) was used for translating the results for the period. The financial results for the year ended 31st December 2021 have been prepared in accordance with International Financial Reporting Standards and have not been audited or reviewed by the auditors.

# The Group uses 'underlying profit attributable to shareholders' in its internal financial reporting to distinguish between ongoing business performance and non-trading items, as more fully described in Note 6 to the condensed financial statements. Management considers this to be a key performance measurement which enhances the understanding of the Group's underlying business performances.

^ Included in 'non-trading items' are unrealised gain/losses arising from the revaluation of the Group's equity investments .

CHAIRMAN'S STATEMENT

Overview

The performance of Jardine Cycle & Carriage ("JC&C" or "the Group") in 2021 recovered substantially compared to 2020, reflecting improvements across all parts of the portfolio. The Group's results were, however, 9% lower than in 2019, prior to the start of the pandemic.

Astra contributed US$655 million to the Group's underlying profit, compared to US$309 million in the previous year, reflecting improved performance s particularly from its automotive, financial services, heavy equipment and mining, and agribusiness operations.

Direct Motor Interests contributed an underlying profit of US$39 million, compared to US$14 million in the previous year, mainly due to improved contributions from Cycle & Carriage Singapore and Tunas Ridean.

Other Strategic Interests contributed an underlying profit of US$151 million, 26% up from the previous year, mainly due to improved contributions from THACO's automotive operations.

Corporate costs increased from US$14 million in 2020 to US$59 million, primarily due to the impact on costs of the translation of foreign currency loans, which led to a foreign exchange loss of US$28 million in 2021, compared to a gain of US$24 million in the previous year.

The Group's underlying profit attributable to shareholders was 83% higher than the previous year at US$786 million. After accounting for non-trading items, profit attributable to shareholders was US$661 million, 22% higher than the previous year. The non-trading items recorded in the year mainly comprised unrealised fair value losses related to non-current investments.

The Group's financial position remains strong, with net asset value per share of US$18.64 at the year-end, 6% higher than at the end of 2020. Consolidated net cash, excluding Astra's financial services subsidiaries, was US$0.8 billion at the end of December 2021, compared to consolidated net debt of US$0.9 billion at the end of 2020, mainly due to improved operating cash flows. Net debt within Astra's financial services subsidiaries decreased from US$2.8 billion to US$2.7 billion.

JC&C corporate net debt was US$1.5 billion, similar to the previous year-end.

Strategic Developments

Astra

Over the past year, Astra has made several strategic investments in new businesses, including US$35 million in Halodoc, a healthcare-based technology platform, as part of its strategic focus on building expertise in the healthcare sector.

Astra also entered into several transactions involving its existing businesses. In its infrastructure business, Astra acquired a 49% stake in Jasamarga Pandaan Malang, the operator of the 38.5km Pandaan-Malang toll road, one of the most important toll roads in East Java, for US$95 million. It also acquired an additional 14% stake in Marga Lingkar Jakarta, the operator of the 7.7km Kebon Jeruk- Ulujami toll road as part of the Jakarta Outer Ring Road, for US$19 million, taking its ownership to 49%. These acquisitions bring Astra's total interests in toll roads to 396km.

In Astra's property business, Astra Land Indonesia ("ALI"), Astra's 50:50 joint venture with Hongkong Land, acquired the remaining 33% stake in Astra Modern Land, the developer of the Asya residential township in East Jakarta, which it did not already own for US$70 million in December 2021.

Finally, in February 2022, ALI established a joint venture with LOGOS to develop and manage modern logistics warehouses in Indonesia.

Direct Motor Interests

During the year, JC&C increased its interest in Cycle & Carriage Bintang from 59.1% to 89.0% for around US$18 million, through a series of on-market purchases and acceptances under its Voluntary General Offer. In June 2021, JC&C also entered into an agreement to acquire the remaining 30% stake that it did not own in Republic Auto, a used car business in Singapore, for approximately US$22 million.

Other Strategic Interests

During the year, JC&C increased its interest in REE from 29.8% to 31.0% through a series of on-market purchases, for around US$10 million.

Dividends

The Board is recommending a final one-tier tax-exempt dividend of USc62 per share (2020: USc34 per share) which, together with the interim dividend of USc18 per share (2020: USc9 per share), will produce a total dividend for the year of USc80 per share (2020: USc43 per share), 86% higher than 2020.

People

On behalf of the Board, I would like to recognise our 240,000 employees across the region for their continuing hard work and efforts, which have enabled the Group to continue to operate despite the challenging environment created by the COVID-19 pandemic.

Ms Vimala Menon, the Lead Independent Director and Chairperson of the Audit Committee, retired from the Board in December 2021. Mr Michael Kok, Chairman of the Remuneration Committee, will be retiring from the Board in March 2022. On behalf of the Board, I would like to record our appreciation and thank Vimala and Michael for their valuable contributions to the Group.

I am delighted to welcome Mr Samuel Tsien, who joined the Board in October 2021 as an independent director. Samuel has many years of experience in the banking and finance sectors, and we look forward to the contribution he will bring to the Group.

Outlook

The pandemic is expected to remain a significant risk to performance in 2022, but the Group is optimistic about the long-term economic prospects of Southeast Asia, and is well placed to benefit from its growth opportunities .

Ben Keswick

Chairman

GROUP MANAGING DIRECTOR'S REVIEW

Group Review

The Group's business comprises three pillars: (i) Astra; (ii) Direct Motor Interests ("DMI"), which consists of the Group's non-Astra automotive businesses; and (iii) Other Strategic Interests. The contribution to JC&C's underlying profit attributable to shareholders by business pillar was as follows:

 
                                    Contribution to JC&C's underlying 
                                     profit 
                                          Year ended 31st December 
--------------------------------   -------------------------------------- 
 
                                          2021        2020         Change 
   Business pillars                       US$m        US$m              % 
--------------------------------   -----------  ----------  ------------- 
 Astra                                     655         309            112 
 Direct Motor Interests                     39          14            183 
 Other Strategic Interests                 151         120             26 
 Corporate Costs                          (59)        (14)            320 
 Underlying profit attributable 
  to 
  shareholders                             786         429             83 
                                   -----------  ----------  ------------- 
 

Astra

Astra contributed US$655 million to JC&C's underlying profit, compared to US$309 million in the previous year. Under Indonesian accounting standards, Astra reported a net income equivalent to US$1.4 billion, reflecting improved performances particularly from its automotive, financial services, heavy equipment and mining, and agribusiness operations.

Automotive

Net income increased significantly to US$509 million in 2021, mainly due to the recovery from the negative impact in 2020 of the pandemic and related containment measures. Sales volumes increased during the year, particularly in the car segment, which benefited from temporary luxury sales tax incentives. Key points were as follows:

 
 --              The wholesale car market increased by 67% to 887,000 units. Astra's 
                  car sales were 81% higher at 489,000 units, with its market share 
                  increasing from 51% to 55%. 
 --              The wholesale market for motorcycles increased by 38% to 5.1 
                  million units. Astra's Honda motorcycle sales grew 36% to 3.9 
                  million units, but saw a slight decrease in market share from 
                  79% to 78%. 
 --              Components business, Astra Otoparts, reported a net profit of 
                  US$43 million compared to a profit of less than US$1 million 
                  last year, mainly due to higher revenues from the original equipment 
                  manufacturer , replacement market and export segments. 
 

Financial Services

Net income increased by 49% to US$345 million, due to higher contribution s from the consumer finance and general insurance businesses . Key points were as follows:

 
 --              Consumer finance businesses saw a 25% increase in the amounts 
                  financed to US$5.8 billion. The net income contribution from 
                  the car-focused finance companies increased by 70% to US$98 million, 
                  and the contribution from the motorcycle-focused financing business 
                  increased by 66% to US$174 million. Both increases were mainly 
                  due to lower loan loss provisioning. 
 --              Heavy equipment-focused finance operations saw an 88% increase 
                  in the amounts financed to US$467 million. The net income contribution 
                  from this business increased by 85% to US$5 million. 
 --              General insurance company, Asuransi Astra Buana, reported a 21% 
                  increase in net income to US$77 million, due to higher investment 
                  and underwriting income . 
 

Heavy Equipment, Mining, Construction & Energy

Net income increased by 79 % to US$427 million, mainly due to higher Komatsu heavy equipment sales and improved coal prices . Key points were as follows:

 
 --              United Tractors reported a 71% increase in net income to US$718 
                  million. 
 --              Komatsu heavy equipment sales increased by 97% to 3,088 units. 
 --              Mining contracting operations reported 3% higher overburden removal 
                  volume at 852 million bank cubic metres, while coal production 
                  was 1% higher at 116 million tonnes. 
 --              Coal mining subsidiaries achieved 3% higher coal sales at 9 million 
                  tonnes, including 2.4 million tonnes of metallurgical coal. 
 --              Agincourt Resources saw 3% higher gold sales at 330,000 oz. 
 --              General contractor, Acset Indonusa, reported a net loss of US$49 
                  million, mainly due to the slowdown of several ongoing projects 
                  and reduced construction project opportunities during the pandemic 
                  . 
 

Agribusiness

Net income from Agribusiness increased significantly to US$110 million, mainly as a result of a 32% increase in average crude palm oil prices.

Infrastructure & Logistics

Astra's infrastructure and logistics division reported a net profit of US$5 million, 53% higher than last year, mainly due to improved performances in its toll road and Serasi Autoraya operations. Key points were as follows:

 
 --              Toll road revenues were 25% higher. Astra has 396km of operational 
                  toll roads along the Trans-Java network and in the Jakarta Outer 
                  Ring Road. 
 --              Serasi Autoraya's net income increased by 26% to US$10 million, 
                  mainly due to improved operating margins and a 5 % increase in 
                  the number of vehicles under contract to 24,300 units, despite 
                  lower used car sales. 
 

Direct Motor Interests

The Group's Direct Motor Interests contributed US$39 million to JC&C's underlying profit, compared to US$14 million in the previous year. Key points were as follows:

 
 --   Cycle & Carriage Singapore contributed US$29 million, 58% up 
       from the previous year, supported by higher profits from its 
       premium and used car operations, which were less impacted than 
       its mass market operations by high COE prices. Total passenger 
       car sales fell 10% to 6,783 units, with market share decreased 
       from 17% to 15%. 
 --   In Indonesia, Tunas Ridean contributed US$16 million, compared 
       to US$1 million last year, mainly due to higher profits from 
       i ts automotive and financial services businesses. 
 --   Cycle & Carriage Bintang in Malaysia contributed a profit of 
       US$1 million, compared to a loss of US$1 million in the previous 
       year. 
 

Other Strategic Interests

Other Strategic Interests contributed US$151 million, 26% up on the previous year. Key points were as follows:

 
 --              THACO contributed a profit of US$62 million, 60% higher than 
                  the previous year, mainly due to stronger automotive results, 
                  as margins benefited from an improved sales mix which offset 
                  a 5% decline in unit sales. 
 --              REE's contribution of US$22 million was 8% higher than the previous 
                  year, mainly due to improved performances from its power and 
                  water investments as a result of favourable hydrography. 
 --              The contribution from Siam City Cement ("SCCC") was US$28 million, 
                  18% up from last year, mainly due to a reduction in corporate 
                  tax rates in respect of its Sri Lanka operations. Excluding the 
                  favourable tax impact, SCCC's contribution would have been flat, 
                  with the benefit of continued cost-saving initiatives offset 
                  by continued lower cement volumes, as market demand was affected 
                  by the pandemic, and, reduced margins as a result of an increase 
                  in coal prices. 
 --              The Group's investment in Vinamilk delivered a dividend income 
                  of US$39 million. Vinamilk reported a 5% decrease in net profit 
                  mainly due to higher input and transportation costs. 
 

Corporate Costs

Corporate costs increased from US$14 million in 2020 to US$59 million, primarily due to the impact on costs of the translation of foreign currency loans, which led to a foreign exchange loss of US$28 million in 2021, compared to a gain of US$24 million in the previous year.

Summary

We saw a strong recovery across the JC&C portfolio in 2021 and I am encouraged that we have achieved results which are close to the Group's pre-pandemic 2019 performance. Overall, we are pleased that the portfolio has demonstrated resilience during these challenging times.

Ben Birks

Group Managing Director

CORPORATE PROFILE

Jardine Cycle & Carriage is the investment holding company of the Jardine Matheson Group in Southeast Asia. JC&C seeks to grow with Southeast Asia by investing in market-leading businesses based on the themes of urbanisation and the emerging consumer class. The Group works closely with its businesses to enable them to achieve their potential and to elevate their communities.

The Group has a 50.1% interest in Astra, a diversified group in Indonesia, which is also the largest independent automotive group in Southeast Asia.

JC&C also has significant interests in Vietnam, including 26.6% in Truong Hai Group Corporation, 31.0% in Refrigeration Electrical Engineering Corporation and 10.6% in Vinamilk. Its 25.5%-owned Siam City Cement also has a presence in South Vietnam, in addition to operating in Thailand, Sri Lanka, Cambodia and Bangladesh.

The Direct Motor Interests in JC&C's portfolio are the Cycle & Carriage businesses in Singapore, Malaysia and Myanmar, and 46.2%-owned Tunas Ridean in Indonesia.

JC&C is a leading Singapore-listed company, 75%-owned by the Jardine Matheson group. Together with its subsidiaries and associates, JC&C employs around 240,000 people across Southeast Asia.

 
 Jardine Cycle & Carriage Limited 
  Consolidated Profit and Loss Account for the six months and full 
  year ended 31st December 2021 
------------------------------------------------------------------ 
 
 
 6 months ended 31(st) December   12 months ended 31(st) 
                                         December 
 
 
                                       2021           2020  Change             2021            2020  Change 
                        Note           US$m           US$m       %             US$m            US$m       % 
 
Revenue (1)                2        9,401.0        6,639.6      42         17,688.0        13,234.2      34 
Net operating costs        3      (8,370.1)      (6,066.2)      38       (15,992.7)      (11,717.0)      36 
Operating profit           3        1,030.9          573.4      80          1,695.3         1,517.2      12 
                              -------------  -------------          ---------------  -------------- 
 
Financing income                       63.0           73.0     -14            126.1           121.6       4 
Financing charges 
 (2)                                 (87.9)        (115.4)     -24          (178.4)         (258.6)     -31 
Net financing charges                (24.9)         (42.4)     -41           (52.3)         (137.0)     -62 
Share of associates' 
 and joint 
  ventures' results 
   after tax                          327.0            8.9    >100            590.6           100.2    >100 
Profit before tax                   1,333.0          539.9    >100          2,233.6         1,480.4      51 
Tax                        4        (306.2)        (107.7)    >100          (515.3)         (234.8)    >100 
Profit after tax                    1,026.8          432.2    >100          1,718.3         1,245.6      38 
                              =============  =============          ===============  ============== 
 
Profit attributable 
 to: 
Shareholders of 
 the Company                          434.3          239.4      81            660.6           540.3      22 
Non-controlling 
 interests                            592.5          192.8    >100          1,057.7           705.3      50 
                                    1,026.8          432.2    >100          1,718.3         1,245.6      38 
                              =============  =============          ===============  ============== 
 
                                        USc            USc                      USc             USc 
Earnings per share: 
- basic                    6            110             61      80              167             137      22 
- diluted                  6            110             61      80              167             137      22 
 

(1) Higher revenue was mainly due to higher sales in Astra's automotive, heavy equipment and mining operations and higher sales in Direct Motor Interests.

   (2)    Decrease in finance charges mainly due to lower level of net debt 
 
 Jardine Cycle & Carriage Limited 
  Consolidated Statement of Comprehensive Income for the six months 
  and full year ended 31st December 2021 
------------------------------------------------------------------- 
 
 
 6 months ended 31(st) December   12 months ended 31(st) 
                                         December 
 
 
                                                2021         2020         2021         2020 
                                                US$m         US$m         US$m         US$m 
 
Profit for the year                          1,026.8        432.2      1,718.3      1,245.6 
 
Items that will not be reclassified 
 to profit or loss: 
 
Asset revaluation 
- surplus during the year                        3.2          1.1          3.3          1.1 
 
Remeasurements of defined benefit 
 pension plans                                 (4.3)       (14.8)        (8.8)       (15.5) 
 
Tax relating to items that will 
 not be reclassified                             2.0          2.1          2.7          1.3 
 
Share of other comprehensive 
 income/(expense) of 
  associates and joint ventures, 
   net of tax                                  (3.2)        (9.4)        (5.2)       (11.2) 
 
                                               (2.3)       (21.0)        (8.0)       (24.3) 
                                       -------------  -----------  -----------  ----------- 
 
Items that may be reclassified 
 subsequently to profit 
  or loss: 
Translation difference 
- gain/(loss) arising during 
 the year                                      186.9        164.6      (153.0)      (160.7) 
- transfer to profit and loss                      -          0.3            -            - 
                                               186.9        164.9      (153.0)      (160.7) 
Financial assets at FVOCI (1) 
- gain/(loss) arising during 
 the year                                        8.3         22.0        (2.1)         19.1 
- transfer to profit and loss                  (0.8)        (0.7)        (2.5)          1.9 
                                                 7.5         21.3        (4.6)         21.0 
Cash flow hedges 
- gain/(loss) arising during 
 the year                                       13.7       (34.3)         95.5       (45.9) 
- transfer to profit and loss                      -            -            -          2.8 
                                                13.7       (34.3)         95.5       (43.1) 
 
Tax relating to items that may 
 be reclassified                               (1.9)          5.6       (18.6)          4.8 
 
Share of other comprehensive 
 income/(expense) of 
  associates and joint ventures, 
   net of tax                                   14.7         21.8         49.9       (56.8) 
                                               220.9        179.3       (30.8)      (234.8) 
                                       -------------  -----------  -----------  ----------- 
 
Other comprehensive income/(expense) 
 for the year                                  218.6        158.3       (38.8)      (259.1) 
 
Total comprehensive income for 
 the year                                    1,245.4        590.5      1,679.5        986.5 
                                       =============  ===========  ===========  =========== 
 
Attributable to: 
Shareholders of the Company                    521.5        305.4        613.8        427.3 
Non-controlling interests                      723.9        285.1      1,065.7        559.2 
                                             1,245.4        590.5      1,679.5        986.5 
                                       =============  ===========  ===========  =========== 
 

(1) Fair value through other comprehensive income ("FVOCI")

 
 Jardine Cycle & Carriage Limited 
  Consolidated Balance Sheet at 31st December 2021 
-------------------------------------------------- 
 
 
                                              Note            2021            2020 
                                                              US$m            US$m 
Non-current assets 
Intangible assets                                          1,775.9         1,816.9 
Right-of-use assets                                          769.4           832.4 
Property, plant and equipment                              3,852.1         4,243.2 
Investment properties                                        529.1           532.2 
Bearer plants                                                498.6           496.7 
Interests in associates and joint ventures                 4,385.5         4,032.6 
Non-current investments                                    2,255.3         2,283.9 
Non-current debtors                                        2,782.7         2,846.8 
Deferred tax assets                                          391.6           370.8 
                                                          17,240.2        17,455.5 
                                                    --------------  -------------- 
Current assets 
Current investments                                           45.6            60.4 
Properties for sale                                          374.7           390.2 
Stocks                                                     1,531.9         1,320.2 
Current debtors                                            5,147.1         4,676.9 
Current tax assets                                           125.4           111.4 
Bank balances and other liquid funds 
- non-financial services companies                         4,210.7         3,095.1 
- financial services companies                               378.1           402.5 
                                                           4,588.8         3,497.6 
                                                          11,813.5        10,056.7 
                                                    --------------  -------------- 
 
Total assets                                              29,053.7        27,512.2 
                                                    --------------  -------------- 
 
Non-current liabilities 
Non-current creditors                                        201.5           278.4 
Non-current provisions                                       183.8           186.3 
Non-current lease liabilities                                 64.4            79.7 
Long-term borrowings                             8 
- non-financial services companies                         2,597.1         1,719.3 
- financial services companies                             1,273.2         1,246.0 
                                                           3,870.3         2,965.3 
Deferred tax liabilities                                     358.9           343.5 
Pension liabilities                                          396.6           389.4 
                                                           5,075.5         4,242.6 
                                                    --------------  -------------- 
 
 
 
Current liabilities 
Current creditors                                          4,488.4         3,534.9 
Current provisions                                           113.0           115.9 
Current lease liabilities                                     52.6            65.2 
Current borrowings                               8 
- non-financial services companies                           843.3         2,229.3 
- financial services companies                             1,846.6         1,930.4 
                                                           2,689.9         4,159.7 
Current tax liabilities                                      239.0            87.3 
                                                           7,582.9         7,963.0 
                                                    --------------  -------------- 
 
Total liabilities                                         12,658.4        12,205.6 
                                                    --------------  -------------- 
 
Net assets                                                16,395.3        15,306.6 
                                                    ==============  ============== 
 
Equity 
Share capital                                    9         1,381.0         1,381.0 
Revenue reserve                                 10         7,374.3         6,937.7 
Other reserves                                  11       (1,387.1)       (1,344.6) 
Shareholders' funds                                        7,368.2         6,974.1 
Non-controlling interests                       12         9,027.1         8,332.5 
Total equity                                              16,395.3        15,306.6 
                                                    ==============  ============== 
 

Jardine Cycle & Carriage Limited

Consolidated Statement of Changes in Equity for the year ended 31st December 2021

 
   Attributable to shareholders of 
             the Company 
 
 
                                                                                                                                    Attributable 
                                                                  Asset                          Fair value                              to non- 
                           Share             Revenue        revaluation       Translation         and other                          controlling             Total 
                         capital             reserve            reserve           reserve          reserves             Total          interests            equity 
                            US$m                US$m               US$m              US$m              US$m              US$m               US$m              US$m 
2021 
Balance at 1st 
 January                 1,381.0             6,937.7              403.4         (1,683.7)            (64.3)           6,974.1            8,332.5          15,306.6 
Total 
 comprehensive 
 income                        -               656.3                1.3            (90.9)              47.1             613.8            1,065.7           1,679.5 
Dividends paid by 
 the Company                   -             (204.7)                  -                 -                 -           (204.7)                  -           (204.7) 
Dividends paid to 
 non-controlling 
 interests                     -                   -                  -                 -                 -                 -            (313.8)           (313.8) 
Issue of shares 
 to 
 non-controlling 
 interests                     -                   -                  -                 -                 -                 -               36.5              36.5 
Change in 
 shareholding                  -              (14.9)                  -                 -                 -            (14.9)             (92.5)           (107.4) 
Other                          -               (0.1)                  -                 -                 -             (0.1)              (1.3)             (1.4) 
Balance at 31st 
 December                1,381.0             7,374.3              404.7         (1,774.6)            (17.2)           7,368.2            9,027.1          16,395.3 
                   =============  ==================  =================  ================  ================  ================  =================  ================ 
 
 
2020 
Balance at 1st 
 January                 1,381.0             6,720.0              403.4         (1,611.0)            (33.3)           6,860.1            8,124.4          14,984.5 
Total 
 comprehensive 
 income                        -               529.4                  -            (72.7)            (29.4)             427.3              559.2             986.5 
Dividends paid by 
 the Company                   -             (311.2)                  -                 -                 -           (311.2)                  -           (311.2) 
Dividends paid to 
 non-controlling 
 interests                     -                   -                  -                 -                 -                 -            (390.6)           (390.6) 
Issue of shares 
 to 
 non-controlling 
 interests                     -                   -                  -                 -                 -                 -               38.9              38.9 
Change in 
 shareholding                  -               (0.8)                  -                 -                 -             (0.8)                0.8                 - 
Other                          -                 0.3                  -                 -             (1.6)             (1.3)              (0.2)             (1.5) 
Balance at 31st 
 December                1,381.0             6,937.7              403.4         (1,683.7)            (64.3)           6,974.1            8,332.5          15,306.6 
                   =============  ==================  =================  ================  ================  ================  =================  ================ 
 
 
 Jardine Cycle & Carriage Limited 
  Company Balance Sheet at 31st December 2021 
--------------------------------------------- 
 
 
                                              Note               2021               2020 
                                                                 US$m               US$m 
 
Non-current assets 
Property, plant and equipment                                    33.1               34.1 
Interests in subsidiaries                                     1,416.5            1,412.2 
Interests in associates and joint ventures                      976.0              998.2 
Non-current investment                                          264.5              223.0 
                                                              2,690.1            2,667.5 
                                                    -----------------  ----------------- 
 
Current assets 
Current debtors                                               1,129.8            1,157.0 
Bank balances and other liquid funds                             24.2               46.5 
                                                              1,154.0            1,203.5 
                                                    -----------------  ----------------- 
 
Total assets                                                  3,844.1            3,871.0 
                                                    -----------------  ----------------- 
 
Non-current liabilities 
Non-current borrowings                                        1,535.9                  - 
Deferred tax liabilities                                          6.2                6.3 
                                                              1,542.1                6.3 
                                                    -----------------  ----------------- 
 
Current liabilities 
Current creditors                                               109.2               65.2 
Current borrowings                                               10.0            1,569.1 
Current tax liabilities                                           1.5                1.8 
                                                                120.7            1,636.1 
                                                    -----------------  ----------------- 
 
Total liabilities                                             1,662.8            1,642.4 
                                                    -----------------  ----------------- 
 
Net assets                                                    2,181.3            2,228.6 
                                                    =================  ================= 
 
Equity 
Share capital                                    9            1,381.0            1,381.0 
Revenue reserve                                 10              474.1              471.7 
Other reserves                                  11              326.2              375.9 
Total equity                                                  2,181.3            2,228.6 
                                                    =================  ================= 
 
 
 Jardine Cycle & Carriage Limited 
  Company Statement of Comprehensive Income for the six months 
  and full year ended 31st December 2021 
-------------------------------------------------------------- 
 
                                                                                                         6 months ended                       12 months ended 
                                                                                                          31st December                          31st December 
 
                                             2021       2020        2021        2020 
                                             US$m       US$m        US$m        US$m 
 
Profit for the year                          64.0      160.7       207.1        99.3 
 
Items that may be reclassified 
 subsequently to 
  profit or loss: 
Translation difference 
- gain/(loss) arising during 
 the year                                  (11.8)      119.1      (49.7)        37.9 
 
Other comprehensive income/(expense) 
 for the year                              (11.8)      119.1      (49.7)        37.9 
 
Total comprehensive income for 
 the year                                    52.2      279.8       157.4       137.2 
                                       ==========  =========  ==========  ========== 
 
 
 Jardine Cycle & Carriage Limited 
  Company Statement of Changes in Equity for the year ended 31 
  st December 2021 
-------------------------------------------------------------- 
 
 
                                                Share       Revenue      Translation         Total 
                                              capital       reserve          reserve        equity 
                                                 US$m          US$m             US$m          US$m 
 
2021 
Balance at 1st January                        1,381.0         471.7            375.9       2,228.6 
 
Total comprehensive income/(expense)                -         207.1           (49.7)         157.4 
 
Dividends paid                                      -       (204.7)                -       (204.7) 
 
Balance at 31st December                      1,381.0         474.1            326.2       2,181.3 
                                        =============  ============  ===============  ============ 
 
 
2020 
Balance at 1st January                        1,381.0         683.6            338.0       2,402.6 
 
Total comprehensive income                          -          99.3             37.9         137.2 
 
Dividends paid                                      -       (311.2)                -       (311.2) 
 
Balance at 31st December                      1,381.0         471.7            375.9       2,228.6 
                                        =============  ============  ===============  ============ 
 
 
 Jardine Cycle & Carriage Limited 
  Consolidated Statement of Cash Flows for the year ended 31st 
  December 2021 
-------------------------------------------------------------- 
 
 
                                                                   2021            2020 
                                                   Note            US$m            US$m 
Cash flows from operating activities 
Cash generated from operations                       15         3,096.0         3,002.1 
 
Interest paid                                                   (139.1)         (215.5) 
Interest received                                                 137.3           112.0 
Other finance costs paid                                         (35.5)          (68.4) 
Income taxes paid                                               (374.8)         (361.7) 
                                                                (412.1)         (533.6) 
Dividends received from associates and joint 
  ventures (net)                                                  344.4           285.9 
 
                                                                 (67.7)         (247.7) 
 
Net cash flows from operating activities                        3,028.3         2,754.4 
 
Cash flows from investing activities 
Sale of intangible assets                                             -             0.6 
Sale of property, plant and equipment                              32.2            34.4 
Sale of associates and joint ventures                                 -         1,138.3 
Sale of investments                                               245.5           444.8 
Purchase of intangible assets                                   (118.5)          (96.5) 
Additions to right-of-use assets                                 (13.3)          (18.1) 
Purchase of property, plant and equipment                       (349.2)         (309.4) 
Purchase of investment properties                                 (1.4)           (6.3) 
Additions to bearer plants                                       (31.7)          (34.8) 
Purchase of subsidiaries, net of cash acquired                        -          (51.8) 
Purchase of shares in associates and joint 
 ventures                                                        (77.1)          (32.5) 
Purchase of investments                                         (375.0)         (483.4) 
 
Net cash flows from investing activities                        (688.5)           585.3 
 
Cash flows from financing activities 
Drawdown of loans (1)                                           4,275.7         1,903.0 
Repayment of loans (1)                                        (4,812.1)       (2,865.8) 
Principal elements of lease payments                            (104.0)         (133.8) 
Changes in controlling interests in subsidiaries                (107.4)               - 
Investments by non-controlling interests                           36.5            38.9 
Dividends paid to non-controlling interests                     (313.8)         (390.6) 
Dividends paid by the Company                                   (204.7)         (311.2) 
 
Net cash flows from financing activities                      (1,229.8)       (1,759.5) 
 
 
Net change in cash and cash equivalents                         1,110.0         1,580.2 
Cash and cash equivalents at the beginning 
 of the year                                                    3,497.6         1,843.4 
Effect of exchange rate changes                                  (18.8)            74.0 
 
Cash and cash equivalents at the end of the 
 year (2)                                                       4,588.8         3,497.6 
                                                         ==============  ============== 
 

(1) The increase in drawdown and repayment of loans includes the refinancing effect of the Company's borrowings from current liabilities to non-current liabilities .

(2) For the purpose of the Consolidated Statement of Cash Flows, cash and cash equivalents comprise deposits with bank and financial institutions, bank and cash balances, net of bank overdrafts. In the balance sheet, bank overdrafts are included under current borrowings.

 
 Jardine Cycle & Carriage Limited 
  Notes to the financial statements for the year ended 31st December 
  2021 
-------------------------------------------------------------------- 
 
   1      Basis of preparation 

The financial statements are consistent with those set out in the 2020 audited accounts which have been prepared in accordance with Singapore Financial Reporting Standards (International) ("SFRS(I)") and International Financial Reporting Standards ("IFRS"). The condensed interim financial statements for the six months ended 31st December 2021 have been prepared in accordance with IAS 34 Interim Financial Reporting. The condensed interim financial statements do not include all the information required for a complete set of financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance of the Group since the last interim financial statements for the period ended 30th June 2021. There have been no changes to the accounting policies described in the 2020 audited accounts except for the adoption of new and amended standards as set out below. The Group has not early adopted any other standard or amendments that have been issued but not yet effective.

The exchange rates used for translating assets and liabilities at the balance sheet date are US$1=S$ 1.3517 (2020: US$1=S$ 1.3216 ), US$1=RM 4.1735 (2020: US$1=RM 4.0245 ), US$1=IDR 14,269 (2020: US$1=IDR 14,105 ), US$1=VND 22,790 (2020: US$1=VND 23,086 ) and US$1=THB 33.318 (2020: US$1= THB 29.920 ).

The exchange rates used for translating the results for the period are US$1=S$ 1.3433 (2020: US$1=S$ 1.3771 ), US$1=RM 4.1485 (2020: US$1=RM 4.2022 ), US$1=IDR 14,345 (2020: US$1=IDR 14,647 ), US$1=VND 22,915 (2020: US$1=VND 23,247 ) and US$1=THB 32.118 (2020: US$1=THB 31.309 ).

Interpretations and amendments to published standard effective in 2021

On 1st January 2021, the Group has adopted the new or amended IFRS and Interpretations of IFRS that are mandatory for application for the financial year. Changes to the Group's accounting policies have been made as required, in accordance with the transitional provisions in the respective IFRS and Interpretations of IFRS.

The adoption of these new or amended IFRS and Interpretations of IFRS did not result in substantial changes to the Group's accounting policies and had no material effect on the amounts reported for the current or prior financial years.

Interest Rate Benchmark Reform - Phase 2: Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (effective from 1st January 2021)

The amendments provide practical expedient from certain requirements under IFRSs as a result of the reform which affect the measurement of financial assets, financial liabilities and lease liabilities, and a number of reliefs for hedging relationships. The Group applied the amendments from 1st January 2021 and there is no significant impact on the Group's consolidated financial statements.

COVID-19 Related Rent Concessions beyond 30th June 2021: Amendment to IFRS 16 Leases (effective from 1st April 2021)

The Group adopted and applied the practical expedient of the Covid-19 Related Rent Concessions: Amendment to IFRS 16 Leases, published in June 2020 ("2020 amendment"), in the 2020 annual financial statements. The 2021 amendment extends the practical expedient in the 2020 amendment to eligible lease payments due on or before 30th June 2022. By using the 2021 amendment, the Group continues to apply the practical expedient consistently to all lease contracts with similar characteristics and in similar circumstances, and does not assess these concessions as lease modifications.

Critical accounting estimates and judgements

The preparation of the condensed interim financial statements require management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates.

In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31st December 2021.

   2      Revenue 
 
   6 months ended 31(st) 
                December 
 
 
                                                                  Direct 
                                                                   Motor 
                                                    Astra      Interests          Total 
                                                     US$m           US$m           US$m 
Group 
2021 
Property                                             32.4              -           32.4 
Motor vehicles                                    3,653.3          599.2        4,252.5 
Financial services                                  896.1              -          896.1 
Heavy equipment, mining, construction 
 and energy                                       2,931.8              -        2,931.8 
Other                                             1,288.2              -        1,288.2 
                                                  8,801.8          599.2        9,401.0 
                                            =============  =============  ============= 
 
From contracts with customers: 
Recognised at a point in time                     7,639.5          566.5        8,206.0 
Recognised over time                                137.1           31.5          168.6 
                                                  7,776.6          598.0        8,374.6 
 
From other sources: 
Rental income from investment properties              5.9              -            5.9 
Revenue from financial services companies           896.1              -          896.1 
Other                                               123.2            1.2          124.4 
                                                  1,025.2            1.2        1,026.4 
 
                                                  8,801.8          599.2        9,401.0 
                                            =============  =============  ============= 
 
 
2020 
Property                                             15.1              -           15.1 
Motor vehicles                                    2,386.5          755.4        3,141.9 
Financial services                                  665.7              -          665.7 
Heavy equipment, mining, construction 
 and energy                                       1,861.8              -        1,861.8 
Other                                               955.1              -          955.1 
                                                  5,884.2          755.4        6,639.6 
                                            =============  =============  ============= 
 
From contracts with customers: 
Recognised at a point in time                     5,024.0          718.6        5,742.6 
Recognised over time                                 88.4           35.9          124.3 
                                                  5,112.4          754.5        5,866.9 
 
From other sources: 
Rental income from investment properties              4.9              -            4.9 
Revenue from financial services companies           669.6              -          669.6 
Other                                                97.3            0.9           98.2 
                                                    771.8            0.9          772.7 
 
                                                  5,884.2          755.4        6,639.6 
                                            =============  =============  ============= 
 
 
   12 months ended 31(st) 
                 December 
 
 
                                                                 Direct 
                                                                  Motor 
                                                    Astra     Interests            Total 
                                                     US$m          US$m             US$m 
Group 
2021 
Property                                             56.6             -             56.6 
Motor vehicles                                    6,642.0       1,402.5          8,044.5 
Financial services                                1,735.2             -          1,735.2 
Heavy equipment, mining, construction 
 and energy                                       5,524.4             -          5,524.4 
Other                                             2,327.3             -          2,327.3 
                                                 16,285.5       1,402.5         17,688.0 
                                            =============  ============  =============== 
 
From contracts with customers: 
Recognised at a point in time                    14,072.9       1,336.4         15,409.3 
Recognised over time                                245.5          63.8            309.3 
                                                 14,318.4       1,400.2         15,718.6 
 
From other sources: 
Rental income from investment properties             11.9             -             11.9 
Revenue from financial services companies         1,735.2             -          1,735.2 
Other                                               220.0           2.3            222.3 
                                                  1,967.1           2.3          1,969.4 
 
                                                 16,285.5       1,402.5         17,688.0 
                                            =============  ============  =============== 
 
 
2020 
Property                                             51.9             -             51.9 
Motor vehicles                                    4,555.5       1,269.4          5,824.9 
Financial services                                1,382.4             -          1,382.4 
Heavy equipment, mining, construction 
 and energy                                       4,106.7             -          4,106.7 
Other                                             1,868.3             -          1,868.3 
                                                 11,964.8       1,269.4         13,234.2 
                                            =============  ============  =============== 
 
From contracts with customers: 
Recognised at a point in time                    10,171.6       1,205.6         11,377.2 
Recognised over time                                211.7          62.3            274.0 
                                                 10,383.3       1,267.9         11,651.2 
 
From other sources: 
Rental income from investment properties              9.7             -              9.7 
Revenue from financial services companies         1,382.4             -          1,382.4 
Other                                               189.4           1.5            190.9 
                                                  1,581.5           1.5          1,583.0 
 
                                                 11,964.8       1,269.4         13,234.2 
                                            =============  ============  =============== 
 
   3      Net operating costs and operating profit 

Group

                                                                                                             6 months ended                                      12 months ended 
                                                                                                              31st December                                         31st December 
 
                                         2021             2020  Change             2021             2020  Change 
                                         US$m             US$m       %             US$m             US$m       % 
Cost of sales and services 
 rendered                           (7,341.0)        (5,263.5)      39       (13,923.0)       (10,419.0)      34 
Other operating income                  125.9            273.9     -54            244.3            827.2     -70 
Selling and distribution 
 expenses                             (459.1)          (508.2)     -10          (867.8)          (933.8)      -7 
Administrative expenses               (603.6)          (540.9)      12        (1,144.2)        (1,065.2)       7 
Other operating expenses               (92.3)           (27.5)    >100          (302.0)          (126.2)    >100 
                                    (8,370.1)        (6,066.2)      38       (15,992.7)       (11,717.0)      36 
                               ==============  ===============          ===============  =============== 
 
Operating profit is 
determined 
after including: 
Amortisation/depreciation 
 of 
- intangible assets                    (85.7)           (64.8)      32          (151.8)          (126.7)      20 
- right-of-use assets                  (75.6)          (115.6)     -35          (149.7)          (189.7)     -21 
- property, plant and 
 equipment                            (368.0)          (372.7)      -1          (735.0)          (763.0)      -4 
- bearer plants                        (13.6)           (13.7)      -1           (27.3)           (26.7)       2 
(Impairment)/write-back 
 of 
- intangible assets                    (13.9)           (33.7)     -59           (13.9)           (33.9)     -59 
- right-of-use assets                   (2.0)                -      nm            (2.0)                -      nm 
- property, plant and 
 equipment                             (37.3)            (8.8)    >100           (37.7)            (9.4)    >100 
- debtors                             (122.0)          (228.1)     -47          (217.4)          (361.4)     -40 
Fair value gain/(loss) 
 on 
- investment properties                 (3.1)              3.2      nm            (3.1)              3.2      nm 
- investments (1)                       (7.7)            137.9      nm          (130.9)            113.4      nm 
- agricultural produce                      -              9.0    -100              3.5              5.8     -40 
- livestock                             (3.4)            (3.4)       0                -            (3.4)    -100 
- derivative not qualifying 
 as hedge                                   -            (3.8)    -100                -            (2.4)    -100 
Profit/(loss) on disposal 
 of: 
- intangible assets                     (1.0)            (1.3)     -23            (1.0)            (1.3)     -23 
- right-of-use assets                   (0.4)                -      nm            (0.4)                -      nm 
- property, plant and 
 equipment                                9.0              5.0      80             20.1             22.2      -9 
- associates and joint 
 ventures (2)                               -             10.6    -100                -            428.5    -100 
- investments                             0.8            (2.2)      nm              2.5              1.7      47 
Loss on disposal/write-down 
 of receivables from 
  collateral vehicles                  (30.1)           (53.5)     -44           (65.2)           (80.8)     -19 
Reversal of write-down/ 
 (write-down) of stocks, 
 net                                      3.1            (2.9)      nm              2.6           (14.3)      nm 
Net exchange gain/(loss) 
 (3)                                      3.2             74.4     -96           (23.7)             20.2      nm 
Dividend and interest income 
 from investments                        57.9             52.8      10             98.9             88.8      11 
                               ==============  ===============          ===============  =============== 
 

nm - not meaningful

(1) Fair value gain/(loss) relates mainly to equity investments in Vinamilk and Toyota Motor Corporation

(2) Profit on disposal of associates and joint ventures in 2020 relates mainly to the sale of Permata Bank

(3) Net loss relates mainly to the impact of revaluing monetary liabilities denominated in US dollars

   4      Tax 

The provision for income tax is based on the statutory tax rates of the respective countries in which the companies operate after taking into account non-deductible expenses and group tax relief.

   5      Dividends 

At the Annual General Meeting in 2022, a final one-tier tax exempt dividend in respect of 2021 of USc62 per share amounting to a dividend of approximately US$245.0 million is to be proposed. These financial statements do not reflect this dividend payable, which will be accounted for in shareholders' equity as an appropriation of retained earnings in the year ending 31st December 2022. The dividends paid in 2021 and 2020 were as follows:

 
   Group and Company 
 
 
                                                           2021          2020 
                                                           US$m          US$m 
 
 Final one-tier tax exempt dividend in respect 
  of previous year of 
   USc34 per share (2020: in respect of 2019 
    of USc69)                                             133.2         275.8 
 Interim one-tier tax exempt dividend in respect 
  of current year of 
   USc18 per share (2020: USc9)                            71.5          35.4 
                                                          204.7         311.2 
                                                   ============  ============ 
 
   6      Earnings per share 

Group

                                                                                                                         6 months ended              12 months ended 
                                                                                                                          31st December                 31st December 
 
                                             2021     2020     2021     2020 
                                             US$m     US$m     US$m     US$m 
Basic and diluted earnings per share 
Profit attributable to shareholders         434.3    239.4    660.6    540.3 
Weighted average number of ordinary 
 shares in issue (millions)                 395.2    395.2    395.2    395.2 
 
Basic earnings per share                   USc110    USc61   USc167   USc137 
                                        =========  =======  =======  ======= 
 
Diluted earnings per share                 USc110    USc61   USc167   USc137 
                                        =========  =======  =======  ======= 
 
Basic and diluted underlying earnings 
 per share 
Underlying profit attributable to 
 shareholders                               439.4    291.4    785.9    429.1 
Weighted average number of ordinary 
 shares in issue (millions)                 395.2    395.2    395.2    395.2 
 
Basic underlying earnings per share        USc111    USc74   USc199   USc109 
                                        =========  =======  =======  ======= 
 
Diluted underlying earnings per share      USc111    USc74   USc199   USc109 
                                        =========  =======  =======  ======= 
 

As at 31st December 2021 and 2020, there were no dilutive potential ordinary shares in issue.

A reconciliation of the profit attributable to shareholders and underlying profit attributable to shareholders is as follows:

Group

                                                                                                                         6 months ended              12 months ended 
                                                                                                                  31st December                 31st December 
 
                                                     2021       2020       2021       2020 
                                                     US$m       US$m       US$m       US$m 
 
Profit attributable to shareholders                 434.3      239.4      660.6      540.3 
 
Less: 
Non-trading items (net of tax and 
 non-controlling interests) 
Fair value changes of agricultural 
 produce and livestock                              (1.2)        1.7        1.0        0.7 
Fair value changes of investment properties         (1.5)        0.8      (1.5)        0.8 
Fair value changes of investments                  (11.9)      131.8    (134.3)      109.1 
Impairment loss on associates and 
 joint ventures                                         -    (182.8)          -    (182.8) 
Impairment loss on goodwill on subsidiaries         (1.7)      (8.5)      (1.7)      (8.5) 
Net gain on disposal of interests 
 in associates and joint ventures                       -          -          -      188.3 
Other                                                11.2        5.0       11.2        3.6 
                                                    (5.1)     (52.0)    (125.3)      111.2 
 
Underlying profit attributable to 
 shareholders                                       439.4      291.4      785.9      429.1 
                                              ===========  =========  =========  ========= 
 
 
 Non-trading items are separately identified to provide greater 
  understanding of the Group's underlying business performance. 
  Items classified as non-trading items include fair value gains 
  or losses on revaluation of investment properties, agricultural 
  produce and equity investments which are measured at fair value 
  through profit and loss; gains and losses arising from the sale 
  of businesses, investments and properties; impairment of non-depreciable 
  intangible assets and other investments; provisions for closure 
  of businesses; acquisition-related costs in business combinations; 
  and other credits and charges of a non-recurring nature that 
  require inclusion in order to provide additional insight into 
  the Group's underlying business performance. 
 
   7      Financial Instruments 

Financial instruments by category

The fair values of financial assets and financial liabilities, together with carrying amounts at 31st December 2021 and 2020 are as follows:

 
                                                   Fair 
                                                  value 
                                                through                    Fair value          Financial 
                                  Fair           profit                       through             assets           Other            Total 
                                 value                                          other                 at 
                                    of 
                               hedging              and                 comprehensive          amortised       financial         carrying             Fair 
                           instruments             loss                        income              costs     liabilities           amount            value 
                                  US$m             US$m                          US$m               US$m            US$m             US$m             US$m 
At 31.12.2021 
Financial assets 
  measured at 
   fair value 
Other 
investments 
- equity 
 investments                         -          1,524.5                             -                  -               -          1,524.5          1,524.5 
- debt 
 investments                         -                -                         776.4                  -               -            776.4            776.4 
Derivative 
financial 
  instruments                     15.7              0.6                             -                  -               -             16.3             16.3 
                                  15.7          1,525.1                         776.4                  -               -          2,317.2          2,317.2 
                  ====================  ===============  ============================  =================  ==============  ===============  =============== 
Financial assets 
 not 
  measured at 
   fair value 
Debtors                              -                -                             -            7,091.7               -          7,091.7          7,153.3 
Bank balances 
 and 
 other liquid 
 funds                               -                -                             -            4,588.8               -          4,588.8          4,588.8 
                                     -                -                             -           11,680.5               -         11,680.5         11,742.1 
                  ====================  ===============  ============================  =================  ==============  ===============  =============== 
Financial 
liabilities 
  measured at 
   fair value 
Derivative 
financial 
  instruments                   (54.9)            (0.1)                             -                  -               -           (55.0)           (55.0) 
Contingent 
consideration 
  payable                            -            (8.8)                             -                  -               -            (8.8)            (8.8) 
                                (54.9)            (8.9)                             -                  -               -           (63.8)           (63.8) 
                  ====================  ===============  ============================  =================  ==============  ===============  =============== 
Financial 
liabilities 
not 
  measured at 
   fair value 
Borrowings 
excluding 
  lease 
   liabilities                       -                -                             -                  -       (6,560.2)        (6,560.2)        (6,589.3) 
Lease 
 liabilities                         -                -                             -                  -         (117.0)          (117.0)          (117.0) 
Creditors 
excluding 
  non-financial 
   liabilities                       -                -                             -                  -       (3,075.3)        (3,075.3)        (3,075.3) 
                                     -                -                             -                  -       (9,752.5)        (9,752.5)        (9,781.6) 
                  ====================  ===============  ============================  =================  ==============  ===============  =============== 
 
 
 
 
 
 
 
 
At 31.12.2020 
Financial assets 
  measured at 
   fair value 
Other 
investments 
- equity 
 investments                         -          1,647.0                             -                  -               -          1,647.0          1,647.0 
- debt 
 investments                         -                -                         697.3                  -               -            697.3            697.3 
Derivative 
financial 
  instruments                      9.3              1.6                             -                  -               -             10.9             10.9 
                                   9.3          1,648.6                         697.3                  -               -          2,355.2          2,355.2 
                  ====================  ===============  ============================  =================  ==============  ===============  =============== 
Financial assets 
 not 
  measured at 
   fair value 
Debtors                              -                -                             -            6,621.3               -          6,621.3          6,832.5 
Bank balances 
 and 
 other liquid 
 funds                               -                -                             -            3,497.6               -          3,497.6          3,497.6 
                                     -                -                             -           10,118.9               -         10,118.9         10,330.1 
                  ====================  ===============  ============================  =================  ==============  ===============  =============== 
Financial 
liabilities 
  measured at 
   fair value 
Derivative 
financial 
  instruments                  (168.7)            (0.1)                             -                  -               -          (168.8)          (168.8) 
Contingent 
consideration 
  payable                            -            (8.8)                             -                  -               -            (8.8)            (8.8) 
                               (168.7)            (8.9)                             -                  -               -          (177.6)          (177.6) 
                  ====================  ===============  ============================  =================  ==============  ===============  =============== 
Financial 
liabilities 
not 
  measured at 
   fair value 
Borrowings 
excluding 
  lease 
   liabilities                       -                -                             -                  -       (7,125.0)        (7,125.0)        (7,107.5) 
Lease 
 liabilities                         -                -                             -                  -         (144.9)          (144.9)          (144.9) 
Creditors 
excluding 
  non-financial 
   liabilities                       -                -                             -                  -       (2,232.7)        (2,232.7)        (2,232.7) 
                                     -                -                             -                  -       (9,502.6)        (9,502.6)        (9,485.1) 
                  ====================  ===============  ============================  =================  ==============  ===============  =============== 
 

Fair value estimation

   a)    Financial instruments that are measured at fair value 

For financial instruments that are measured at fair value in the balance sheet, the corresponding fair value measurements are disclosed by level of the following fair value measurement hierarchy:

Quoted prices (unadjusted) in active markets for identical assets or liabilities ("quoted prices in active markets")

The fair values of listed securities and bonds are based on quoted prices in active markets at the balance sheet date. The quoted market price used for listed investments held by the Group is the current bid price.

Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly ("observable current market transactions")

The fair values of derivative financial instruments are determined using rates quoted by the Group's bankers at the balance sheet date. The rates for interest rate swaps and caps, cross-currency swaps and forward foreign exchange contracts are calculated by reference to the market interest rates and foreign exchange rates.

Inputs for the asset or liability that are not based on observable market data ("unobservable inputs")

The fair values of other unlisted equity investments are determined using valuation techniques by reference to observable current market transactions or the market prices of the underlying investments with certain degree of entity-specific estimates or discounted cash flows by projecting the cash inflows from these investments.

There were no changes in valuation techniques during the year.

The table below analyses the Group's financial instruments carried at fair value, by the levels in the fair value measurement hierarchy.

 
                                         Quoted          Observable 
                                         prices             current 
                                             in 
                                         active              market          Unobservable 
                                        markets        transactions                inputs            Total 
                                           US$m                US$m                  US$m             US$m 
At 31.12.2021 
Assets 
Other investments 
                                   ------------  ------------------  --------------------  --------------- 
- equity investments                    1,136.7                   -                 387.8          1,524.5 
- debt investments                        776.4                   -                     -            776.4 
                                   ------------  ------------------  --------------------  --------------- 
                                        1,913.1                   -                 387.8          2,300.9 
Derivative financial instruments 
 at fair value 
- through other comprehensive 
 income                                       -                15.7                     -             15.7 
- through profit and loss                     -                 0.6                     -              0.6 
                                   ------------  ------------------  --------------------  --------------- 
                                        1,913.1                16.3                 387.8          2,317.2 
                                   ============  ==================  ====================  =============== 
Liabilities 
Contingent consideration 
 payable                                      -                   -                 (8.8)            (8.8) 
Derivative financial instruments 
 at fair value 
                                   ------------  ------------------  --------------------  --------------- 
- through other comprehensive 
 income                                       -              (54.9)                     -           (54.9) 
- through profit and loss                     -               (0.1)                     -            (0.1) 
                                   ------------  ------------------  --------------------  --------------- 
                                              -              (55.0)                     -           (55.0) 
                                   ------------  ------------------  --------------------  --------------- 
                                              -              (55.0)                 (8.8)           (63.8) 
                                   ============  ==================  ====================  =============== 
 
 
                                         Quoted         Observable 
                                         prices            current 
                                             in 
                                         active             market          Unobservable 
                                        markets       transactions                inputs        Total 
                                           US$m               US$m                  US$m         US$m 
At 31.12.2020 
Assets 
Other investments 
                                   ------------  -----------------  --------------------  ----------- 
- equity investments                    1,320.7                  -                 326.3      1,647.0 
- debt investments                        697.3                  -                     -        697.3 
                                   ------------  -----------------  --------------------  ----------- 
                                        2,018.0                  -                 326.3      2,344.3 
Derivative financial instruments 
 at fair value 
- through other comprehensive 
 income                                       -                9.3                     -          9.3 
- through profit and loss                     -                1.6                     -          1.6 
                                   ------------  -----------------  --------------------  ----------- 
                                        2,018.0               10.9                 326.3      2,355.2 
                                   ============  =================  ====================  =========== 
Liabilities 
Contingent consideration 
 payable                                      -                  -                 (8.8)        (8.8) 
Derivative financial instruments 
 at fair value 
                                   ------------  -----------------  --------------------  ----------- 
- through other comprehensive 
 income                                       -            (168.7)                     -      (168.7) 
- through profit and loss                     -              (0.1)                     -        (0.1) 
                                   ------------  -----------------  --------------------  ----------- 
                                              -            (168.8)                     -      (168.8) 
                                   ------------  -----------------  --------------------  ----------- 
                                              -            (168.8)                 (8.8)      (177.6) 
                                   ============  =================  ====================  =========== 
 

There were no transfers among the three categories during the year ended 31st December 2021 and 2020.

   b)    Financial instruments that are not measured at fair value 

The fair values of current debtors, bank balances and other liquid funds, current creditors, current borrowings and current lease liabilities of the Group and the Company are assumed to approximate their carrying amounts due to the short-term maturities of these assets and liabilities.

The fair values of long-term borrowings disclosed are based on market prices or are estimated using the expected future payments discounted at market interest rates. The fair values of non-current lease liabilities are estimated using the expected future payments discounted at market interest rates.

   8      Borrowings 
 
 Group 
 
 
                                  2021          2020 
                                  US$m          US$m 
Long-term borrowings: 
- secured                         12.8         391.6 
- unsecured                    3,857.5       2,573.7 
                        --------------  ------------ 
                               3,870.3       2,965.3 
                        ==============  ============ 
Current borrowings: 
- secured                        164.6         443.1 
- unsecured                    2,525.3       3,716.6 
                        --------------  ------------ 
                               2,689.9       4,159.7 
                        ==============  ============ 
 
Total borrowings               6,560.2       7,125.0 
                        ==============  ============ 
 

Certain subsidiaries of the Group have pledged their assets in order to obtain bank facilities from financial institutions. The value of assets pledged was US$92.6 million (31st December 2020: US$295.7 million).

   9      Share capital 
 
   Group 
 
 
                                                            2021          2020 
                                                            US$m          US$m 
Six months ended 31st December 
Issued and fully paid: 
Balance at 1st July and 31st December 
- 395,236,288 (2020: 395,236,288) ordinary shares        1,381.0       1,381.0 
                                                    ============  ============ 
 
 
Year ended 31st December 
Issued and fully paid: 
Balance at 1st January and 31st December 
- 395,236,288 (2020: 395,236,288) ordinary shares        1,381.0       1,381.0 
                                                    ============  ============ 
 

There were no rights, bonus or equity issues during the year.

The Company did not hold any treasury shares as at 31st December 2021 ( 31st December 2020: Nil) and did not have any unissued shares under convertibles as at 31st December 2021 ( 31st December 2020: Nil).

There were no subsidiary holdings (as defined in the Listing Rules of the SGX-ST) as at 31st December 2021 ( 31st December 2020: Nil).

   10   Revenue reserve 
 
 Group   Company 
 
 
                                               2021           2020          2021          2020 
                                               US$m           US$m          US$m          US$m 
Movements : 
Balance at 1st January                      6,937.7        6,720.0         471.7         683.6 
Defined benefit pension plans 
- remeasurements                              (2.5)          (5.6)             -             - 
- deferred tax                                  0.7            0.5             -             - 
Share of associates' and joint 
 ventures' 
  remeasurements of defined benefit 
  pension plans, net of tax                   (2.5)          (5.8)             -             - 
Profit attributable to shareholders           660.6          540.3         207.1          99.3 
Dividends paid by the Company               (204.7)        (311.2)       (204.7)       (311.2) 
Change in shareholding                       (14.9)          (0.8)             -             - 
Other                                         (0.1)            0.3             -             - 
Balance at 31st December                    7,374.3        6,937.7         474.1         471.7 
                                      =============  =============  ============  ============ 
 
   11    Other reserves 
 
 Group   Company 
 
 
 
                                             2021           2020          2021          2020 
                                             US$m           US$m          US$m          US$m 
Composition : 
Asset revaluation reserve                   404.7          403.4             -             - 
Translation reserve                     (1,774.6)      (1,683.7)         326.2         375.9 
Fair value reserve                           16.5           18.5             -             - 
Hedging reserve                            (37.0)         (86.1)             -             - 
Other reserve                                 3.3            3.3             -             - 
Balance at 31st December                (1,387.1)      (1,344.6)         326.2         375.9 
                                    =============  =============  ============  ============ 
 
Movements : 
Asset revaluation reserve 
Balance at 1st January                      403.4          403.4             -             - 
Surplus on revaluation of assets              1.3              -             -             - 
Balance at 31st December                    404.7          403.4             -             - 
                                    =============  =============  ============  ============ 
 
Translation reserve 
Balance at 1st January                  (1,683.7)      (1,611.0)         375.9         338.0 
Translation difference                     (90.9)         (72.7)        (49.7)          37.9 
Balance at 31st December                (1,774.6)      (1,683.7)         326.2         375.9 
                                    =============  =============  ============  ============ 
 
Fair value reserve 
Balance at 1st January                       18.5           12.2             -             - 
Financial assets at FVOCI 
- fair value changes                        (1.0)            9.2             -             - 
- deferred tax                                0.2          (0.1)             -             - 
- transfer to profit and loss               (1.2)            1.1             -             - 
Share of associates' and joint 
 ventures' 
  fair value changes of financial 
   assets at 
  FVOCI, net of tax                             -          (2.3)             -             - 
Other                                           -          (1.6)             -             - 
Balance at 31st December                     16.5           18.5             -             - 
                                    =============  =============  ============  ============ 
 
Hedging reserve 
Balance at 1st January                     (86.1)         (48.8)             -             - 
Cash flow hedges 
- fair value changes                         40.4         (25.1)             -             - 
- deferred tax                              (8.1)            3.5             -             - 
- transfer to profit and loss                   -            1.4             -             - 
Share of associates' and joint 
 ventures' 
  fair value changes of cash flow 
   hedges, 
  net of tax                                 16.8         (17.1)             -             - 
Balance at 31st December                   (37.0)         (86.1)             -             - 
                                    =============  =============  ============  ============ 
 
Other reserve 
Balance at 1st January and 31st 
 December                                     3.3            3.3             -             - 
                                    =============  =============  ============  ============ 
 
   12    Non-controlling interests 
 
   Group 
 
 
                                                                    2021            2020 
                                                                    US$m            US$m 
 
Balance at 1st January                                           8,332.5         8,124.4 
Asset revaluation surplus 
- surplus on revaluation of assets                                   2.0             1.1 
Financial assets at FVOCI 
- fair value changes                                               (1.1)             9.9 
- deferred tax                                                       0.3           (0.1) 
- transfer to profit and loss                                      (1.3)             0.8 
                                                                   (2.1)            10.6 
Share of associates' and joint ventures' fair 
 value changes of 
  financial assets at FVOCI, net of tax                                -           (2.2) 
Cash flow hedges 
- fair value changes                                                55.1          (20.8) 
- deferred tax                                                    (11.0)             1.5 
- transfer to profit and loss                                          -             1.4 
                                                                    44.1          (17.9) 
Share of associates' and joint ventures' fair 
 value changes of 
  cash flow hedges, net of tax                                      33.1          (35.2) 
Defined benefit pension plans 
- remeasurements                                                   (6.3)           (9.9) 
- deferred tax                                                       2.0             0.8 
                                                                   (4.3)           (9.1) 
Share of associates' and joint ventures' remeasurements 
 of 
  defined benefit pension plans, net of tax                        (2.7)           (5.4) 
Translation difference                                            (62.1)          (88.0) 
Translation reserve realised                                           -               - 
Profit for the year                                              1,057.7           705.3 
Issue of shares to non-controlling interests                        36.5            38.9 
Dividends paid                                                   (313.8)         (390.6) 
Change in shareholding                                            (92.5)             0.8 
Other                                                              (1.3)           (0.2) 
Balance at 31st December                                         9,027.1         8,332.5 
                                                          ==============  ============== 
 
   13    Related party transactions 

The following significant related party transactions took place during the year ended 31st December:

 
   Group 
 
 
                                                     2021          2020 
                                                     US$m          US$m 
 
(a)   With associates and joint ventures: 
 Purchase of goods and services                 (4,934.5)     (3,072.8) 
 Sale of goods and services                       1,434.5         844.1 
 Commission and incentives earned                     6.0          19.7 
 Interest received                                   18.0          25.2 
                                            =============  ============ 
 
(b)   With related companies and 
       associates of ultimate holding 
       company: 
 Management fees paid                               (6.4)         (7.1) 
 Purchase of goods and services                     (3.2)         (3.1) 
 Sale of goods and services                           2.2           1.4 
                                            =============  ============ 
 
(c)   Remuneration of directors of the 
       Company and key management 
       personnel of the Group: 
      Salaries and other short-term 
   employee benefits                               (10.6)         (9.1) 
                                            =============  ============ 
 
   14    Commitments 

C apital expenditure authorised for at the balance sheet date, but not recognised in the financial statements is as follows:

 
   Group 
 
 
                                          2021            2020 
                                          US$m            US$m 
 
Authorised and contracted                106.3            85.0 
Authorised but not contracted            282.0           249.0 
                                         388.3           334.0 
                                ==============  ============== 
 
   15     Cash flows from operating activities 
 
   Group 
 
 
                                                            2021           2020 
                                                            US$m           US$m 
 
Profit before tax                                        2,233.6        1,480.4 
 
Adjustments for: 
Financing income                                         (126.1)        (121.6) 
Financing charges                                          178.4          258.6 
Share of associates' and joint ventures' results 
 after tax                                               (590.6)        (100.2) 
Amortisation/depreciation of 
- intangible assets                                        151.8          126.7 
- right-of-use assets                                      149.7          189.7 
- property, plant and equipment                            735.0          763.0 
- bearer plants                                             27.3           26.7 
Impairment/(write-back of impairment) of 
- intangible assets                                         13.9           33.9 
- right-of-use assets                                        2.0              - 
- property, plant and equipment                             37.7            9.4 
- debtors                                                  217.4          361.4 
Fair value (gain)/loss on 
- investment properties                                      3.1          (3.2) 
- investments                                              130.9        (113.4) 
- agricultural produce                                     (3.5)          (5.8) 
- livestock                                                    -            3.4 
- derivative not qualifying as hedge                           -            2.4 
(Profit)/loss on disposal of: 
- intangible assets                                          1.0            1.3 
- right-of-use assets                                        0.4              - 
- property, plant and equipment                           (20.1)         (22.2) 
- associates and joint ventures                                -        (428.5) 
- investments                                              (2.5)          (1.7) 
Loss on disposal/write-down of receivables from 
 collateral vehicles                                        65.2           80.8 
Amortisation of borrowing costs for financial 
 services companies                                          8.4            9.5 
(Reversal of write-down) / write-down of stocks            (2.6)           14.3 
(Gain) / loss on modifications to lease term               (0.4)            4.4 
Changes in provisions                                        4.3           37.2 
Foreign exchange (gain) / loss                              21.8         (22.6) 
                                                         1,002.5        1,103.5 
 
Operating profit before working capital changes          3,236.1        2,583.9 
 
Changes in working capital 
Properties for sale                                         10.9            2.6 
Stocks (1)                                               (319.8)          447.9 
Concession rights                                         (15.6)          (9.8) 
Financing debtors                                        (381.3)          135.2 
Debtors (2)                                              (416.9)          910.8 
Creditors (3)                                              979.9      (1,110.5) 
Pensions                                                     2.7           42.0 
                                                         (140.1)          418.2 
 
Cash flows from operating activities                     3,096.0        3,002.1 
                                                   =============  ============= 
 
   (1)   Increase in stocks balance mainly due to higher purchases 
   (2)   Increase in debtors balance mainly due to higher sales activities 
   (3)   Increase in creditors balance mainly due to higher trade purchases 
   16     Notes to consolidated statement of cash flows 
   (a)       Purchase of shares in associates and joint ventures 

Purchase of shares in associates and joint ventures in 2021 mainly included US$66.0 million for Astra's investment in toll road operators in Indonesia and US$9.5 million for additional purchase of shares in Refrigeration Electrical Engineering Corporation.

Purchase of shares in associates and joint ventures in 2020 mainly included US$24.0 million as payment for deferred consideration in PT Jasamarga Surabaya Mojokerto, a toll road operator in Indonesia, US$1.2 million and US$4.4 million for additional purchase of shares in Truong Hai Auto Corporation (now known as Truong Hai Group Corporation) and Refrigeration Electrical Engineering Corporation, respectively.

   (b)       Sale of associates and joint ventures 

There were no associates or joint ventures disposed during the year.

Sale of associates and joint ventures in 2020 mainly included US$1,135.8 million received from the sale of Astra's 44.6% interest in Bank Permata.

   (c)       Changes in controlling interests in subsidiaries 

Change in controlling interests of subsidiaries in 2021 mainly included an outflow of US$69.7 million for Astra's acquisition of additional interest in PT Astra Modern Land, US$17.5 million and US$18.8 million for acquisition of additional interests in Cycle and Carriage Bintang Berhad and Republic Auto Pte Ltd, respectively.

T here were no changes in controlling interests of subsidiaries in 2020.

   17     Segment Information 

Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the Board for the purpose of resource allocation and performance assessment. The Board considers Astra as one operating segment because it represents a single direct investment made by the Company. Decisions for resource allocation and performance assessment of Astra are made by the Board of the Company while resource allocation and performance assessment of the various Astra businesses are made by the board of Astra, taking into consideration the opinions of the Board of the Company. Direct Motor Interests are aggregated into one reportable segment based on the similar automotive nature of their products and services, while Other Strategic Interests, comprising the Group's strategic investment portfolio, are aggregated into another reportable segment based on their exposure to market-leading companies in key regional economies. Set out below is an analysis of the segment information.

 
   Underlying business perfomrance 
 
 
                                          Direct          Other                          Non- 
                                           Motor      Strategic      Corporate        trading 
                            Astra      Interests      Interests          costs          items          Group 
                             US$m           US$m           US$m           US$m           US$m           US$m 
 
6 months ended 31st 
 December 2021 
Revenue                   8,801.8          599.2              -              -              -        9,401.0 
Net operating costs     (7,781.4)        (584.3)           28.4         (12.9)         (19.9)      (8,370.1) 
                     ------------  -------------  -------------  -------------  -------------  ------------- 
Operating profit          1,020.4           14.9           28.4         (12.9)         (19.9)        1,030.9 
                     ------------  -------------  -------------  -------------  -------------  ------------- 
Financing income             62.9              -              -            0.1              -           63.0 
Financing charges          (78.0)          (0.9)              -          (9.0)              -         (87.9) 
                     ------------  -------------  -------------  -------------  -------------  ------------- 
Net financing 
 charges                   (15.1)          (0.9)              -          (8.9)              -         (24.9) 
Share of 
associates' 
and joint 
  ventures' results 
   after 
   tax                      251.5            6.8           58.4              -           10.3          327.0 
                     ------------  -------------  -------------  -------------  -------------  ------------- 
Profit before tax         1,256.8           20.8           86.8         (21.8)          (9.6)        1,333.0 
Tax                       (298.9)          (5.3)          (1.6)          (0.5)            0.1        (306.2) 
                     ------------  -------------  -------------  -------------  -------------  ------------- 
Profit after tax            957.9           15.5           85.2         (22.3)          (9.5)        1,026.8 
Non-controlling 
 interests                (596.5)          (0.4)              -              -            4.4        (592.5) 
                     ------------  -------------  -------------  -------------  -------------  ------------- 
Profit attributable 
 to 
  shareholders              361.4           15.1           85.2         (22.3)          (5.1)          434.3 
                                                                                =============  ============= 
 
 
 
 
 
 
 
 
6 months ended 31st 
 December 2020 
Revenue                   5,884.2          755.4              -              -              -        6,639.6 
Net operating costs     (5,550.8)        (726.5)           24.9           55.8          130.4      (6,066.2) 
                     ------------  -------------  -------------  -------------  -------------  ------------- 
Operating profit            333.4           28.9           24.9           55.8          130.4          573.4 
                     ------------  -------------  -------------  -------------  -------------  ------------- 
Financing income             72.9            0.1              -              -              -           73.0 
Financing charges         (106.2)          (1.2)              -          (8.0)              -        (115.4) 
                     ------------  -------------  -------------  -------------  -------------  ------------- 
Net financing 
 charges                   (33.3)          (1.1)              -          (8.0)              -         (42.4) 
Share of 
associates' 
and joint 
  ventures' results 
   after 
   tax                      129.0          (3.8)           69.0              -        (185.3)            8.9 
                     ------------  -------------  -------------  -------------  -------------  ------------- 
Profit before tax           429.1           24.0           93.9           47.8         (54.9)          539.9 
Tax                        (96.9)          (6.9)          (1.6)          (0.5)          (1.8)        (107.7) 
                     ------------  -------------  -------------  -------------  -------------  ------------- 
Profit after tax            332.2           17.1           92.3           47.3         (56.7)          432.2 
Non-controlling 
 interests                (194.4)          (3.1)              -              -            4.7        (192.8) 
                     ------------  -------------  -------------  -------------  -------------  ------------- 
Profit attributable 
 to 
  shareholders              137.8           14.0           92.3           47.3         (52.0)          239.4 
                     ============  =============  =============  =============  =============  ============= 
 
 
   Underlying business perfomrance 
 
 
                                          Direct         Other                          Non- 
                                           Motor     Strategic       Corporate       trading 
                            Astra      Interests     Interests           costs         items           Group 
                             US$m           US$m          US$m            US$m          US$m            US$m 
 
12 months ended 
31st 
December 2021 
Revenue                  16,285.5        1,402.5             -               -             -        17,688.0 
Net operating 
 costs                 (14,496.1)      (1,358.1)          38.9          (41.1)       (136.3)      (15,992.7) 
Operating profit          1,789.4           44.4          38.9          (41.1)       (136.3)         1,695.3 
Financing income            125.8            0.2             -             0.1             -           126.1 
Financing charges         (159.5)          (1.9)             -          (17.0)             -         (178.4) 
Net financing 
 charges                   (33.7)          (1.7)             -          (16.9)             -          (52.3) 
Share of 
associates' 
and joint 
  ventures' 
   results after 
   tax                      452.9           11.8         115.6               -          10.3           590.6 
Profit before tax         2,208.6           54.5         154.5          (58.0)       (126.0)         2,233.6 
Tax                       (498.4)         (11.4)         (3.0)           (1.2)         (1.3)         (515.3) 
Profit after tax          1,710.2           43.1         151.5          (59.2)       (127.3)         1,718.3 
Non-controlling 
 interests              (1,055.4)          (4.3)             -               -           2.0       (1,057.7) 
Profit 
attributable 
to 
  shareholders              654.8           38.8         151.5          (59.2)       (125.3)           660.6 
                                                                                ============  ============== 
 
As at 31.12.2021 
Net cash/(debt) 
(excluding 
  net debt of 
  financial 
  services 
   companies)             2,233.1           34.5             -       (1,497.3)                         770.3 
Total equity             15,160.6          281.0       1,442.3         (488.6)                      16,395.3 
                   ==============  =============  ============  ==============                ============== 
 
 
12 months ended 
31st 
December 2020 
Revenue                  11,964.8        1,269.4             -               -             -        13,234.2 
Net operating 
 costs                 (11,041.8)      (1,241.3)          36.7             8.8         520.6      (11,717.0) 
Operating profit            923.0           28.1          36.7             8.8         520.6         1,517.2 
Financing income            121.2            0.3             -             0.1             -           121.6 
Financing charges         (233.6)          (3.1)             -          (21.9)             -         (258.6) 
Net financing 
 charges                  (112.4)          (2.8)             -          (21.8)             -         (137.0) 
Share of 
associates' 
and joint 
  ventures' 
   results after 
   tax                      202.8          (2.3)          86.4               -       (186.7)           100.2 
Profit before tax         1,013.4           23.0         123.1          (13.0)         333.9         1,480.4 
Tax                       (220.1)          (7.1)         (3.0)           (1.1)         (3.5)         (234.8) 
Profit after tax            793.3           15.9         120.1          (14.1)         330.4         1,245.6 
Non-controlling 
 interests                (483.9)          (2.2)             -               -       (219.2)         (705.3) 
Profit 
attributable 
to 
  shareholders              309.4           13.7         120.1          (14.1)         111.2           540.3 
                                                                                ============ 
 
As at 31.12.2020 
Net cash/(debt) 
(excluding 
  net debt of 
  financial 
  services 
   companies)               626.4           39.1             -       (1,519.0)                       (853.5) 
Total equity             13,953.3          282.7       1,366.6         (296.0)                      15,306.6 
                   ==============  =============  ============  ==============                ============== 
 

Segment assets and liabilities are not disclosed as these are not regularly provided to the Board of the Company.

Set out below are analyses of the Group's revenue and non-current assets, by geographical areas:

 
                           Indonesia     Other       Total 
                                US$m      US$m        US$m 
Non-current assets 
 as at 
31.12.2021                  10,204.7   1,605.9    11,810.6 
31.12.2020                  10,414.8   1,539.2    11,954.0 
 

Non-current assets excluded financial instruments and deferred tax assets. Indonesia is disclosed separately as a geographical area as most of the customers are based in Indonesia.

   18     Interested person transactions 
 
                                                                   Aggregate value                 Aggregate value 
                                                                 of all interested               of all interested 
                                                                            person                          person 
                                                                      transactions                    transactions 
                                                                        (excluding                 conducted under 
                                                                      transactions                   shareholders' 
                                                                              less 
                                                                    than S$100,000                         mandate 
                                                                  and transactions                     pursuant to 
                                                                                                              Rule 
                                                                   conducted under                  920 (excluding 
                                                                     shareholders'                    transactions 
                                                                                                              less 
                                                                           mandate                 than S$100,000) 
                                                                       pursuant to 
                                                                         Rule 920) 
                                                    ------------------------------  ------------------------------ 
Name of interested       Nature of relationship                               US$m                            US$m 
person 
and 
   nature of 
   transaction 
For the year ended 31st 
 December 2021 
 
Hongkong Land Ltd        Associate of the 
                          Company's 
- Management support 
 services                  controlling shareholder                               -                             0.1 
 
Jardine Engineering (S)  Associate of the 
 Pte Ltd                  Company's 
- Air conditioner 
 maintenance 
 services                  controlling shareholder                               -                             0.3 
 
 Jardine Matheson        Associate of the 
 Limited                  Company's 
- Management support 
 services                  controlling shareholder                               -                             3.2 
- Cyber security services                                                        -                             0.3 
- Digital and                                                                  0.8                               - 
innovation 
services 
 
Jardine Matheson & Co.,  Associate of the 
 Ltd                      Company's 
- Human resource and       controlling 
                           shareholder 
    administration services                                                      -                             0.4 
 
Jardine Matheson         Associate of the 
(Singapore)               Company's 
Ltd 
- Digital and              controlling                                         1.0                               - 
innovation                 shareholder 
services 
 
The Dairy Farm Company   Associate of the 
 Ltd                      Company's 
- Data analytics 
 services                  controlling shareholder                               -                             0.4 
 
Schindler Lift (S) Pte   Associate of the 
 Ltd                      Company's 
- Lift maintenance and 
 services                  controlling shareholder                               -                             0.2 
 
Jardine International    Associate of the 
 Motors Limited           Company's 
- Management               controlling                                         2.4                               - 
consultancy                shareholder 
services 
 
Jardine International    Associate of the 
 Motors (S)               Company's 
  Pte. Limited             controlling 
                           shareholder 
  - Management                                                                 0.4                               - 
  consultancy 
  services 
  - Human resource capital 
   services                                                                      -                             0.1 
  - Purchase of a motor 
   vehicle                                                                       -                             0.2 
  - Sale of a motor vehicle                                                      -                             0.1 
 
Spouse of Michael Kok    Director of the 
 Pak Kuan                 Company 
- Purchase of a motor                                                          0.2                               - 
 vehicle 
- Sale of a motor                                                              0.1                               - 
vehicle 
 
Hongkong Land (Unicode)  Associate of the 
                          Company's 
  Investments Limited      controlling 
                           shareholder 
  - Subscription of                                                            9.2                               - 
  shares 
  in an associate 
 
PT Astra Land Indonesia  Associate of the 
                          Company's 
- Subscription of          controlling                                         9.2                               - 
shares                     shareholder 
by a subsidiary 
                                                                              23.3                             5.3 
                                                    ==============================  ============================== 
 
   19      Additional information 

Group

                                                                                               6 months ended 31st December             12 months ended 31st December 
 
                                        2021         2020  Change         2021         2020  Change 
                                        US$m         US$m       %         US$m         US$m       % 
Astra International 
Automotive                             123.8         48.6    >100        232.4         64.3    >100 
Financial services                      98.2         41.0    >100        172.5        110.8      56 
Heavy equipment, mining, 
 construction & energy                 121.2         40.3    >100        216.9        122.7      77 
Agribusiness                            38.0         10.4    >100         53.9         22.0    >100 
Infrastructure & logistics             (0.8)          8.2      nm          2.4          1.2     100 
Information technology                   1.8            -      nm          2.3          0.5    >100 
Property                                 2.8          0.5    >100          5.7          2.9      97 
                                       385.0        149.0    >100        686.1        324.4    >100 
Less: Withholding tax on 
 dividend                             (23.6)       (11.2)    >100       (31.3)       (15.0)    >100 
                                       361.4        137.8    >100        654.8        309.4    >100 
                                 -----------  -----------          -----------  ----------- 
Direct Motor Interests 
Singapore                                9.8         17.1     -43         29.1         18.5      57 
Malaysia                                 0.6          1.9     -68          0.8        (0.7)      nm 
Myanmar                                (3.4)        (1.9)      79        (5.3)        (3.4)      56 
Indonesia (Tunas Ridean)                 9.5        (2.2)      nm         16.4          0.8    >100 
Less: central overheads                (1.4)        (0.9)      56        (2.2)        (1.5)      47 
                                        15.1         14.0       8         38.8         13.7    >100 
                                 -----------  -----------          -----------  ----------- 
 
Other Strategic Interests 
Siam City Cement                        14.8         12.7      17         28.5         24.2      18 
Refrigeration Electrical 
 Engineering                            16.7         17.4      -4         22.2         20.6       8 
Vinamilk                                28.4         24.9      14         38.9         36.7       6 
Truong Hai Group Corporation 
- automotive                            25.8         35.2     -27         60.2         39.3      53 
- real estate                            0.1          6.2     -98          4.7          7.4     -36 
- agriculture                          (0.6)        (4.1)     -85        (3.0)        (8.1)     -63 
                                        25.3         37.3     -32         61.9         38.6      60 
                                        85.2         92.3      -8        151.5        120.1      26 
                                 -----------  -----------          -----------  ----------- 
 
Corporate costs 
Central overheads                      (9.5)       (12.3)     -23       (20.4)       (21.4)      -5 
Dividend income from other 
 investments                             2.6          2.4       8          5.6          5.1      10 
Net financing charges                  (9.0)        (7.9)      14       (16.9)       (21.7)     -22 
Exchange differences                   (6.4)         65.1      nm       (27.5)         23.9      nm 
                                      (22.3)         47.3      nm       (59.2)       (14.1)    >100 
                                 -----------  -----------          -----------  ----------- 
 
Underlying profit attributable 
 to shareholders                       439.4        291.4      51        785.9        429.1      83 
                                 ===========  ===========          ===========  =========== 
 
   20     Dividend and closure of books 

NOTICE IS HEREBY GIVEN that, subject to shareholders' approval being obtained at the forthcoming 53rd Annual General Meeting of the Company ("AGM") for the proposed final one-tier tax-exempt dividend of US$0.62 per share for the financial year ended 31st December 2021 (the "Final Dividend"), the Transfer Books and Register of Members of the Company will be closed from 5.00 p.m. on Tuesday, 31st May 2022 (the "Record Date") up to, and including Wednesday, 1st June 2022, for the purpose of determining shareholders' entitlement to the Final Dividend. Duly completed transfers of shares of the Company in physical scrip received by the Company's Share Registrar, M & C Services Private Limited at 112 Robinson Road #05-01, Singapore 068902 up to 5.00 p.m. on the Record Date will be registered before entitlements to the Final Dividend are determined.

Subject to approval being obtained as aforesaid, shareholders (being Depositors) whose securities accounts with The Central Depository (Pte) Limited are credited with shares of the Company as at 5.00 p.m. on the Record Date will rank for the Final Dividend.

The Final Dividend, if approved at the AGM, will be paid on 29th June 2022.

   21   Others 

The results do not include any pre-acquisition profits and have not been affected by any item, transaction or event of a material or unusual nature other than the non-trading items shown in Note 5 of this report.

The Company confirms that it has procured undertakings from all its directors and executive officers under Rule 720(1) of the Listing Rules of the SGX-ST.

No significant event or transaction other than as contained in this report has occurred between 1st January 2022 and the date of this report.

   22    Notice pursuant to Rule 704(13) of the Listing Manual 

Pursuant to Rule 704(13) of the SGX-ST Listing Manual, Jardine Cycle & Carriage Limited wishes to announce that no person occupying a managerial position in the Company or any of its principal subsidiaries is a relative of a director or chief executive officer or substantial shareholder of the Company.

- end -

For further information, please contact:

Jardine Cycle & Carriage Limited

Jeffery Tan Eng Heong

Tel: 65 64708111

The full text of the Financial Statements and Dividend Announcement for the year ended 31 December 2021 can be accessed through the internet at 'www.jcclgroup.com'.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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END

FR SELFEAEESEFE

(END) Dow Jones Newswires

February 28, 2022 07:28 ET (12:28 GMT)

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