TIDMJAR
RNS Number : 5450J
Jardine Matheson Hldgs Ltd
27 April 2022
To: Business Editor 27th April 2022
For immediate release
PT Astra International Tbk
2022 First Quarter Financial Statements
The following announcement was issued today by the Company's
75%-owned subsidiary, Jardine Cycle & Carriage Limited, which
holds 50.1% of PT Astra International Tbk.
For further information, please contact:
Jardine Matheson Limited
Jonathan Lloyd (852) 2843 8223
Brunswick Group Limited
Ben Fry (65) 9017 9886
27th April 2022
PT ASTRA INTERNATIONAL TBK ("the Company" or "Astra")
2022 FIRST QUARTER FINANCIAL STATEMENTS
Highlights
-- Net earnings per share increased by 84% compared with the same period last year
-- Car sales grew by 44%, while motorcycle sales decreased by 6%
-- Higher contribution from heavy equipment sales, mining
contracting and coal mining businesses
-- Improved Agribusiness performance
-- Strong financial and funding position
"The Group delivered a strong performance in the first quarter
of 2022, supported by the domestic economic recovery and higher
commodity prices. Although the pandemic situation has improved, the
Group is expected to continue to face uncertainties from COVID-19
and other external headwinds. Nevertheless, backed by its robust
financial position, the Group is well-placed to seek new business
opportunities to drive long-term sustainable growth ."
Djony Bunarto Tjondro
President Director
Astra group ("Group") Results
For the period ended 31st March
20 22 2021 Change
Rp bn Rp bn %
----------------- -------------------- -------
Net revenue 71,871 51,700 39
----------------- -------------------- -------
Net income 6,859 3,728 84
----------------- -------------------- -------
Rp Rp
----------------- -------------------- -------
Net earnings per share 169 92 84
----------------- -------------------- -------
As at 31st March As at 31st December Change
2022 2021 %
Rp bn Rp bn
----------------- -------------------- -------
Shareholders' funds 179,237 172,053 4
----------------- -------------------- -------
Rp Rp
----------------- -------------------- -------
Net asset value per
share 4,427 4,250 4
----------------- -------------------- -------
The financial results for the three months ended 31st March 2022
and 2021 as well as the financial position as at 31st March 2022
have been prepared in accordance with Indonesian Financial
Accounting Standards and are unaudited. The financial position as
at 31st December 2021 has been prepared in accordance with
Indonesian Financial Accounting Standards and audited in accordance
with the auditing standards established by the Indonesian Institute
of Certified Public Accountants.
PRESIDENT DIRECTOR'S STATEMENT
Performance
The Group's consolidated net revenue for the first quarter of
2022 was Rp71.9 trillion, an increase of 39% compared with the
first quarter of 2021. The Group's net income was 84% higher at
Rp6.9 trillion, reflecting stronger performances from all its
businesses, and in particular the Group's heavy equipment and
mining, automotive, financial services and agribusiness
divisions.
The net asset value per share at 31st March 2022 was Rp4,427, 4%
higher than at 31st December 2021.
Net cash, excluding the Group's financial services subsidiaries,
was Rp36.2 trillion at 31st March 2022, compared with Rp30.7
trillion at the end of 2021. Net debt of the Group's financial
services subsidiaries slightly increased from Rp39.2 trillion at
the end of 2021 to Rp39.3 trillion at 31st March 2022.
Business Activities
The Group's net income was higher in the first quarter of 2022
compared to the first quarter of 2021. Net income by division was
as follows:
Net Income Attributable to Astra
International
For the period ended 31st March
-------------------------------------
20 22 20 21 Change
Rp bn Rp bn %
----------- ----------- -----------
Automotive 2,233 1,434 56
----------- ----------- -----------
Financial Services 1,473 985 50
----------- ----------- -----------
Heavy Equipment, Mining, Construction
and Energy 2,585 1,088 138
----------- ----------- -----------
Agribusiness 385 129 198
----------- ----------- -----------
Infrastructure and Logistics 118 42 181
----------- ----------- -----------
Information Technology 12 1 1,100
----------- ----------- -----------
Property 53 49 8
----------- ----------- -----------
Attributable Net Income 6,859 3,728 84
----------- ----------- -----------
Automotive
Net income from the Group's automotive division increased by 56%
to Rp2.2 trillion, reflecting higher sales volumes. Key points are
as follows:
-- The wholesale market for cars increased by 41% to 264,000
units in the first quarter of 2022 (source: Gaikindo), with certain
products benefitting from temporary luxury sales tax incentives.
Astra's car sales were 44% higher at 142,000 units and its market
share increased from 53% to 54%. 17 new models and 5 revamped
models were launched during the quarter.
-- The wholesale market for motorcycles declined by 2% to
1,263,000 units in the first quarter of 2022 (source: Ministry of
Industry). Astra Honda Motor's sales decreased by 6% to 952,000
units, due to semiconductor supply issues. Its market share also
decreased. 1 new model and 6 revamped models were launched during
the quarter.
-- The Group's 80%-owned components business, Astra Otoparts,
reported a 37% increase in net income to Rp225 billion in the first
quarter of 2022, mainly due to higher revenues from the original
equipment manufacturer, replacement market and export segments
.
Financial Services
Net income from the Group's financial services division
increased by 50% to Rp1.5 trillion in the first quarter of 2022
compared to the first quarter of 2021, primarily due to higher
contributions from consumer finance . Key points are as
follows:
-- The Group's consumer finance businesses saw a 28% increase in
new amounts financed to Rp24.7 trillion. The net income
contribution from the car-focused finance companies increased by
55% to Rp385 billion. The net income contribution from the Group's
motorcycle-focused finance business, Federal International Finance,
increased by 84% to Rp755 billion.
-- The Group's heavy equipment-focused finance companies saw a
141% increase in new amounts financed to Rp3.3 trillion. The net
income contribution from this segment increased by 54 % to Rp20
billion.
-- General insurance company Asuransi Astra Buana reported a 9%
increase in net income to Rp341 billion, mainly due to higher
underwriting income and investment income. The Group's life
insurance company, Astra Life, recorded a 15% decrease in gross
written premiums to Rp1.3 trillion.
Heavy Equipment, Mining, Construction and Energy
Net income from the Group's heavy equipment, mining,
construction and energy division was 138% higher at Rp2.6 trillion,
due to higher contributions from heavy equipment sales, mining
contracting and coal mining . Key points are as follows:
-- 59.5%-owned United Tractors reported a 131% increase in net income to Rp4.3 trillion.
-- Komatsu heavy equipment sales increased by 146% to 1,694
units, while parts and service revenues were also higher.
-- Mining contractor Pamapersada Nusantara recorded a 9% higher
overburden removal volume at 207 million bank cubic metres, while
coal production was 12% lower at 24 million tonnes.
-- United Tractors' coal mining subsidiaries recorded 21% lower
coal sales at 2.9 million tonnes, including 611,000 tonnes of
metallurgical coal, but this volume impact was more than offset by
strong selling prices.
-- Agincourt Resources, 95%-owned by United Tractors, reported a
22% decrease in gold sales at 74,000 oz .
-- General contractor Acset Indonusa, 82.2%-owned by United
Tractors, reported a net loss of Rp25 billion , compared to a net
loss of Rp80 billion in the first quarter of 2021, mainly due to
the slowdown of several ongoing projects and reduced construction
project opportunities during the pandemic.
Agribusiness
Net income from the Group's agribusiness division increased by
198% to Rp385 billion. Key points are as follows:
-- The net income of 79.7%-owned Astra Agro Lestari increased by 198% to Rp483 billion.
-- Crude palm oil prices rose by 53% to Rp14,912/kg.
-- Crude palm oil and derivative product sales fell by 15% to 385,000 tonnes.
Infras tru cture and Logistics
The Group's infrastructure and logistics division reported a
181% increase in net income to Rp118 billion, due to improved
performance in its toll road businesses . Key points are as
follows:
-- The Group's toll road concessions saw 28 % higher toll
revenue, including contribution from newly acquired Pandaan-Malang
toll road.
-- Astra has interests in 396km of operational toll roads along
the Trans-Java network and in the Jakarta Outer Ring Road.
-- Serasi Autoraya's net income decreased by 5 % to Rp36
billion, mainly due to lower operating margin and lower used car
sales despite a 10 % increase in the number of vehicles under
contract to 24,600 units.
Information Technology
The Group's information technology division, represented by
76.9%-owned Astra Graphia, reported net income of Rp12 billion,
compared with Rp1 billion in the first quarter of the previous
year, primarily due to improved operating margin.
Property
Net income from the Group's property division increased by 8% to
Rp53 billion, mainly due to higher earnings recognised from Asya
Residences.
Prospects
The Group delivered a strong performance in the first quarter of
2022, supported by the domestic economic recovery and higher
commodity prices. Although the pandemic situation has improved, the
Group is expected to continue to face uncertainties from COVID-19
and other external headwinds. Nevertheless, backed by its robust
financial position, the Group is well-placed to seek new business
opportunities to drive long-term sustainable growth.
Djony Bunarto Tjondro
President Director
27th April 2022
For further information, please contact:
PT Astra International Tbk
Riza Deliansyah, Chief of Corporate Affairs
Tel: +62 - 21 - 5084 3888
- end -
About Astra
PT Astra International Tbk was established in 1957 in Jakarta as
a general trading company under Astra International Inc. In 1990,
for the purpose of the company's initial public offering (IPO), the
name of the company changed to PT Astra International Tbk, followed
by listing its shares on the Indonesia Stock Exchange under the
ticker code ASII.
Astra has developed its business by implementing a business
model based on synergies and diversification within seven business
divisions: 1) Automotive, 2) Financial Services, 3) Heavy
Equipment, Mining, Construction & Energy, 4) Agribusiness, 5)
Infrastructure and Logistics, 6) Information Technology and 7)
Property.
Astra Group conducts business operations in all parts of
Indonesia under the management of more than 240 companies,
including subsidiaries, joint ventures and associates, and was
supported by nearly 190,000 employees as of March 2022.
As one of the largest national business groups in Indonesia
today, Astra has built a strong reputation by offering a range of
quality products and services, taking into account the
implementation of good corporate and environmental governance.
Astra always aspires to be the pride of the nation that
participates in efforts to improve the welfare of the Indonesian
people.
Astra's business activities strive to apply a balanced mix of
the commercial aspects of business and non-business contributions
through 9 foundations and a variety of sustainable social
responsibility programmes, namely Astra Untuk Indonesia Sehat,
Astra Untuk Indonesia Cerdas, Astra Untuk Indonesia Hijau and Astra
Untuk Indonesia Kreatif.
Astra initiated the Semangat Astra Terpadu Untuk (SATU)
Indonesia Awards programme, which has entered its eleventh year and
has given recognition awards to 493 young Indonesians, consisting
of 81 national level recipients and 412 provincial level recipients
in the fields of Health, Education, the Environment,
Entrepreneurship and Technology, which are integrated with Astra's
wide range of community activities through 133 Kampung Berseri
Astra and 930 Desa Sejahtera Astra initiatives in 34 provinces
throughout Indonesia.
For further information, please visit www.astra.co.id &
www.satu-indonesia.com , and follow Astra through Instagram
(@satu_Indonesia), Youtube (SATU Indonesia), Facebook (Semangat
Astra Terpadu) and Twitter (@satu_Indonesia).
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END
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