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'.
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