TIDMJAR

RNS Number : 1275U

Jardine Matheson Hldgs Ltd

28 July 2022

To: Business Editor 28th July 2022

For immediate release

Jardine Cycle & Carriage Limited

2022 Half-Year Financial Statements and Dividend Announcement

The following announcement was issued today by the Company's 75.9%-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 July 2022

JARDINE CYCLE & CARRIAGE LIMITED

2022 HALF-YEAR FINANCIAL STATEMENTS AND DIVID ANNOUNCEMENT

Highlights

 
      --   Underlying profit 51% higher at US$522 million 
      --   Higher earnings principally from Astra and THACO 
      --   Interim dividend per share increased from USc18 to USc28, reflecting 
            the Board's decision to pay out a higher share of the full-year 
            dividend as interim 
 

"The Group performed strongly in the first half of 2022 and achieved a record half-year underlying profit, mainly due to higher contributions from Astra and THACO. Astra's performance, in particular, benefited from improved economic conditions and higher commodity prices. The Group expects results in the second half of the year to remain strong, although it remains cautious as a result of global economic challenges, ongoing geopolitical developments and the continuing impact of the pandemic."

Ben Keswick, Chairman

 
 Group Results 
--------------------  --------  ---------------------------------  ---  ----  ----------- 
                                                  Six months ended 30th June 
--------------------  ------------------------------------------------------  ----------- 
                                               2022          2021     Change         2022 
                                               US$m          US$m          %          S$m 
--------------------------------------  -----------  ------------  ---------  ----------- 
 Revenue                                     10,681         8,287        29%       14,618 
 Underlying profit attributable 
  to 
    shareholders *                              522           346        51%          715 
 Non-trading items^                            (35)         (120)       -71%         (48) 
 Profit attributable to 
  shareholders                                  487           226       115%          667 
--------------------------------------  -----------  ------------  ---------  ----------- 
                                                USc           USc                      Sc 
--------------------------------------  -----------  ------------  ---------  ----------- 
 Underlying earnings per 
  share *                                       132            88        51%          181 
 Earnings per share                             123            57       115%          169 
 Interim dividend per share                      28            18        56%           38 
                                                 At            At                      At 
                                          30.6.2022    31.12.2021               30.6.2022 
                                        -----------  ------------  --------- 
                                               US$m          US$m                     S$m 
--------------------------------------  -----------  ------------  ---------  ----------- 
 Shareholders' funds                          7,351         7,368       -          10,233 
--------------------------------------  -----------  ------------  ---------  ----------- 
                                                US$           US$                      S$ 
--------------------------------------  -----------  ------------  ---------  ----------- 
 Net asset value per share                    18.60         18.64       -           25.89 
--------------------------------------  -----------  ------------  ---------  ----------- 
 
 

The exchange rate of US$1=S$1.39 (31st December 2021: US$1=S$1.35) was used for translating assets and liabilities at the balance sheet date, and US$1=S$1.37 (30th June 2021: US$1=S$1.33) was used for translating the results for the period. The financial results for the six months ended 30th June 2022 and 30th June 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 that enhances the understanding of the Group's underlying business performances.

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

nm not meaningful

CHAIRMAN'S STATEMENT

Overview

Jardine Cycle & Carriage ("JC&C" or "the Group") delivered strong results in the first half of 2022, compared to the same period in 2021, mainly due to higher contributions from Astra and THACO.

Astra contributed US$465 million to the Group's underlying profit, 58% higher than the same period last year, driven primarily by improved economic conditions and higher commodity prices.

THACO contributed US$52 million, 43% higher than the same period last year, due to a strong automotive performance.

Direct Motor Interests contributed US$28 million, an increase of 20% compared to the same period last year. Lower profits from the Singapore operations were offset by an improved performance by Tunas Ridean in Indonesia.

Other Strategic Interests contributed US$34 million, 13% higher than the same period last year, mainly due to higher profits from Siam City Cement and REE.

Exchange losses of US$35 million from the translation of foreign currency loans at JC&C parent company were higher than in the same period last year. Other corporate costs saw an increase mainly due to higher net financing charges.

The Group's underlying profit attributable to shareholders increased by 51% to US$522 million. After accounting for non-trading items, which mainly comprised unrealised gains and losses arising from the revaluation of the Group's equity investments, the Group's profit attributable to shareholders was US$487 million, compared to US$226 million in the same period last year.

The Group's c onsolidated net cash position, excluding the net borrowings from Astra's financial services subsidiaries, was US$884 million at the end of June 2022, compared to US$770 million at the end of 2021. Net debt within Astra's financial services subsidiaries was at US$2.4 billion. JC&C parent company's net debt was US$1.5 billion at the end of June 2022.

During the first half of the year, JC&C slightly increased its interest in Cycle & Carriage Bintang from 89.0% to 89.99%, through on-market purchases. In July, it announced a general offer to acquire the remaining shares in the company. JC&C also increased its interest in REE from 31.0% to 32.9%.

Group Review

The contributions to JC&C's underlying profit attributable to shareholders by business segment were as follows:

 
                                           Contribution to JC&C's underlying 
                                                         profit 
                                             Six months ended 30th June 
--------------------------------  ----  ------------------------------------  ----- 
                                                    2022      2021        Change 
   Business segments                                US$m      US$m             % 
--------------------------------  ----  ----------------  --------  ------------ 
 Astra                                               465       293           58% 
 THACO                                                52        37           43% 
 Direct Motor Interests                               28        24           20% 
 Other Strategic Interests                            34        29           13% 
 Corporate Costs - exchange 
  losses                                            (35)      (21)           64% 
 Corporate Costs - others                           (22)      (16)           40% 
 Underlying profit attributable 
  to 
  shareholders                                       522       346           51% 
                                        ----------------  --------  ------------ 
 
 

Astra

Astra contributed US$465 million to JC&C's underlying profit, 58% higher than the same period last year. Excluding the unrealised gain from the revaluation of its equity investments, Astra reported a net profit equivalent to US$998 million under Indonesian accounting standards, with stronger performances from all its businesses, and particularly its automotive, financial services, heavy equipment and mining operations.

Automotive

Net income increased by 29% to US$295 million, reflecting higher sales volumes . Key points are as follows:

-- The wholesale car market increased by 21% in the first half to 475,000 units. Astra's car sales were 23% higher at 259,000 units, with its market share increasing from 53% to 54%.

-- The wholesale market for motorcycles decreased by 8% in the first half to 2.2 million units. Astra's Honda motorcycle sales were 13% down to 1.6 million units due to production constraints caused by semiconductor supply issues, which led to a decline in market share from 77% to 73%.

-- Components business, Astra Otoparts, reported a 62% increase in net profit to US$30 million, mainly due to higher revenues from the original equipment manufacturer and replacement market segments.

Financial Services

Net income increased by 36% to US$200 million due to higher contributions from the consumer finance businesses. Key points are as follows:

-- Consumer finance businesses saw an 18% increase in the amounts financed to US$3.3 billion. The net income contribution from the car-focused finance companies increased by 47% to US$57 million due to larger loan portfolios, and the contribution from the motorcycle-focused financing business increased by 60% to US$103 million, mainly due to lower levels of non-performing loans.

-- General insurance company, Asuransi Astra Buana, reported a 6% increase in net income to US$44 million, due to higher underwriting income and investment income.

Heavy Equipment, Mining, Construction and Energy

Net income increased significantly from US$187 million to US$427 million, mainly due to improved profits from heavy equipment sales, mining contracting and coal mining, all of which benefited from higher coal prices . However, coal operating volumes were adversely impacted by the temporary coal export ban. Key points are as follows:

 
      --   Komatsu heavy equipment sales increased from 1,361 units to 
            2,900 units, while revenue from its parts and service business 
            was also higher. 
      --   Mining contracting operations reported a 13% decrease in coal 
            production at 50 million tonnes but saw a 7% increase in overburden 
            removal volume at 437 million bank cubic metres. 
      --   Coal mining subsidiaries reported a 8% decline in coal sales 
            at 5.8 million tonnes, including 1.3 million tonnes of metallurgical 
            coal. However, this volume impact was more than offset by higher 
            coal selling prices. 
      --   Agincourt Resources saw 18% lower gold sales at 144,000 oz. 
      --   General contractor, Acset Indonusa, reported a net loss of US$8 
            million in the period, compared to a net loss of US$11 million 
            in the same period last year. The company continued to be impacted 
            by the slowdown of several ongoing projects and reduced construction 
            project opportunities during the pandemic. 
 

Agribusiness

Net income increased by 25% to US$44 million, mainly due to improved crude palm oil prices which offset lower sales resulting from the temporary export ban on palm oil.

Infrastructure and Logistics

Astra's infrastructure and logistics division reported an increase in net profit from US$6 million to US$24 million, mainly due to improved performance in its toll road businesses, which saw a 34% increase in toll road revenues. Astra has 396km of operational toll roads along the Trans-Java network and in the Jakarta Outer Ring Road.

THACO

THACO contributed a US$52 million profit, 43% up compared to the same period last year, mainly due to a strong automotive performance supported by a temporary reduction in registration fees for locally-assembled vehicles. THACO's automotive unit sales were up 54%, with market share increasing from 22% to 29%, while margins also increased due to an improved sales mix.

Direct Motor Interests

The Group's Direct Motor Interests contributed a US$28 million profit, 20% up compared to the same period last year. Key points are as follows:

-- C ycle & Carriage Singapore's contribution was 41% lower at US$11 million. Passenger car sales fell 25% to 3,144 units as sales volume was adversely impacted by the tightened COE cycle and stock supply shortages. Its market share, however, increased from 16% to 19%.

-- In Indonesia, Tunas Ridean contributed US$15 million, compared to US$7 million in the same period last year, supported by improved profitability across i ts automotive and financial services businesses.

-- Cycle & Carriage Bintang in Malaysia contributed a profit of US$3 million, compared to US$0.2 million in the same period last year. Despite challenging trading conditions, its financial performance benefited from improved business volume due to the sales tax reduction and cost savings initiatives.

Other Strategic Interests

The Group's Other Strategic Interests contributed a US$34 million profit, 13% up compared to the same period last year. Key points are as follows:

-- The contribution from Siam City Cement was US$15 million, 9% higher than the previous year. Its performance was supported by improved cement volumes and prices in most of its markets, despite being adversely impacted by inflationary pressure and high energy costs.

-- REE's contribution of US$9 million, based on its first-quarter results, was 71% higher than the previous year. The better result was mainly due to an improved performance from its hydropower investments, due to favourable hydrography.

-- The Group's investment in Vinamilk produced a dividend income of US$9 million, compared to US$11 million last year. Vinamilk reported a 20% decrease in net profit, mainly due to higher raw material and transportation costs.

Corporate Costs

Corporate costs totalled US$57 million, compared to US$37 million in the same period last year. The increase was mainly due to higher foreign exchange losses from the translation of foreign currency loans, and higher net financing charges.

Dividend

The Board has declared an interim one-tier tax-exempt dividend of USc28 per share (2021: USc18 per share) for the half-year ended 30th June 2022, reflecting its decision to pay out a higher share of the full-year dividend as interim.

People

Mr Anthony Nightingale, a non-executive director of JC&C and former Chairman of the Board (2002-2012), will be retiring from the Board on 31st July 2022. On behalf of the Board, I would like to record our deep appreciation to Anthony for his valuable contribution and past leadership during his long tenure on the Board.

Outlook

The Group expects results in the second half of the year to remain strong, although it remains cautious as a result of global economic challenges, ongoing geopolitical developments and the continuing impact of the pandem ic.

Ben Keswick

Chairman

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 and the largest independent automotive group in Southeast Asia.

JC&C also has significant interests in Vietnam, including 26.6% in THACO Corporation, 33.2% in Refrigeration Electrical Engineering Corporation and 10.6% in Vinamilk. Siam City Cement, in which it has a 25.5% interest, also has a presence in South Vietnam and operates 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.

Statement pursuant to Rule 705(5) of the Listing Rules of the Singapore Exchange Securities Trading Limited ("SGX-ST")

The directors confirm that, to the best of their knowledge, nothing has come to the attention of the Board of Directors which may render the accompanying unaudited interim financial results for the six months ended 30th June 2022 to be false or misleading in any material aspect.

On behalf of the Board of Directors

Ben Keswick

Director

Steven Phan

Director

28th July 2022

 
Jardine Cycle & Carriage Limited 
 Consolidated Profit and Loss Account for the six months ended 
 30 th June 2022 
-------------------------------------------------------------- 
 
 
                                                2022           2021  Change 
                                 Note           US$m           US$m       % 
 
Revenue (1)                         2       10,680.5        8,287.0      29 
Net operating costs                 3      (9,128.5)      (7,622.6)      20 
Operating profit                    3        1,552.0          664.4     134 
                                       -------------  ------------- 
 
Financing income                                57.6           63.1      -9 
Financing charges (2)                         (82.2)         (90.5)      -9 
Net financing charges                         (24.6)         (27.4)     -10 
Share of associates' and joint 
  ventures' results after tax                  320.7          263.6      22 
Profit before tax                            1,848.1          900.6     105 
Tax                                 4        (359.9)        (209.1)      72 
Profit after tax                             1,488.2          691.5     115 
                                       -------------  ------------- 
 
Profit attributable to: 
Shareholders of the Company                    487.5          226.3     115 
Non-controlling interests                    1,000.7          465.2     115 
                                             1,488.2          691.5     115 
                                       -------------  ------------- 
 
                                                 USc            USc 
Earnings per share 
- basic                             6            123             57     115 
- diluted                           6            123             57     115 
 

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

   (2)    Decrease in financing charges was mainly due to lower level of net debt. 
 
Jardine Cycle & Carriage Limited 
 Consolidated Statement of Comprehensive Income for the six months 
 ended 30 th June 2022 
------------------------------------------------------------------ 
 
 
                                                                2022            2021 
                                                                US$m            US$m 
 
Profit for the year                                          1,488.2           691.5 
 
Items that will not be reclassified to profit 
 and loss: 
 
Asset revaluation 
- surplus during the year                                          -             0.1 
 
Remeasurements of defined benefit pension 
 plans                                                           0.7           (4.5) 
 
Tax relating to items that will not be reclassified            (0.2)             0.7 
 
Share of other comprehensive income/(expense) 
 of 
  associates and joint ventures, net of tax                      1.4           (2.0) 
 
                                                                 1.9           (5.7) 
                                                      --------------  -------------- 
 
Items that may be reclassified subsequently 
 to profit and loss: 
 
Translation difference 
- gain/(loss) arising during the year                        (581.7)         (339.9) 
- transfer to profit and loss                                      -               - 
                                                             (581.7)         (339.9) 
Financial assets at FVOCI (1) 
- gain/(loss) arising during the year                         (12.0)          (10.4) 
- transfer to profit and loss                                  (1.9)           (1.7) 
                                                              (13.9)          (12.1) 
Cash flow hedges 
- gain/(loss) arising during the year                           25.7            81.8 
- transfer to profit and loss                                      -               - 
                                                                25.7            81.8 
 
Tax relating to items that may be reclassified                 (5.5)          (16.7) 
 
Share of other comprehensive income of 
  associates and joint ventures, net of tax                     74.1            35.2 
                                                             (501.3)         (251.7) 
                                                      --------------  -------------- 
 
Other comprehensive income/(expense) for the 
 year                                                        (499.4)         (257.4) 
 
Total comprehensive income for the year                        988.8           434.1 
                                                      --------------  -------------- 
 
Attributable to: 
Shareholders of the Company                                    233.4            92.3 
Non-controlling interests                                      755.4           341.8 
                                                               988.8           434.1 
                                                      --------------  -------------- 
 
   (1)   Fair value through other comprehensive income ("FVOCI") 
 
Jardine Cycle & Carriage Limited 
 Consolidated Balance Sheet at 30 th June 2022 
---------------------------------------------- 
 
 
                                                          At              At 
                                        Note      30.06.2022      31.12.2021 
                                                        US$m            US$m 
Non-current assets 
Intangible assets                                    1,732.4         1,775.9 
Right-of-use assets                                    708.0           769.4 
Property, plant and equipment                        3,747.2         3,852.1 
Investment properties                                  508.5           529.1 
Bearer plants                                          484.0           498.6 
Interests in associates and joint 
 ventures                                            4,292.0         4,385.5 
Non-current investments                              2,434.3         2,255.3 
Non-current debtors                                  2,803.3         2,782.7 
Deferred tax assets                                    398.0           391.6 
                                                    17,107.7        17,240.2 
                                              --------------  -------------- 
Current assets 
Current investments                                     14.9            45.6 
Properties for sale                                    354.2           374.7 
Stocks                                               1,739.4         1,531.9 
Current debtors                                      5,552.2         5,147.1 
Current tax assets                                      80.2           125.4 
Bank balances and other liquid funds 
- non-financial services companies                   4,070.0         4,210.7 
- financial services companies                         644.9           378.1 
                                                     4,714.9         4,588.8 
                                                    12,455.8        11,813.5 
                                              --------------  -------------- 
 
Total assets                                        29,563.5        29,053.7 
                                              --------------  -------------- 
 
Non-current liabilities 
Non-current creditors                                  154.6           201.5 
Non-current provisions                                 184.9           183.8 
Non-current lease liabilities                           56.0            64.4 
Long-term borrowings                       8 
- non-financial services companies                   2,246.3         2,597.1 
- financial services companies                       1,432.9         1,273.2 
                                                     3,679.2         3,870.3 
Deferred tax liabilities                               342.4           358.9 
Pension liabilities                                    395.6           396.6 
                                                     4,812.7         5,075.5 
                                              --------------  -------------- 
 
 
 
Current liabilities 
Current creditors                                    5,121.8         4,488.4 
Current provisions                                     108.6           113.0 
Current lease liabilities                               51.0            52.6 
Current borrowings                         8 
- non-financial services companies                     939.5           843.3 
- financial services companies                       1,623.7         1,846.6 
                                                     2,563.2         2,689.9 
Current tax liabilities                                192.0           239.0 
                                                     8,036.6         7,582.9 
                                              --------------  -------------- 
 
Total liabilities                                   12,849.3        12,658.4 
                                              --------------  -------------- 
 
Net assets                                          16,714.2        16,395.3 
                                              --------------  -------------- 
 
Equity 
Share capital                              9         1,381.0         1,381.0 
Revenue reserve                           10         7,612.4         7,374.3 
Other reserves                            11       (1,642.9)       (1,387.1) 
                                              --------------  -------------- 
Shareholders' funds                                  7,350.5         7,368.2 
Non-controlling interests                 12         9,363.7         9,027.1 
                                              --------------  -------------- 
Total equity                                        16,714.2        16,395.3 
                                              --------------  -------------- 
 

Jardine Cycle & Carriage Limited

Consolidated Statement of Changes in Equity for the six months ended 30 th June 2022

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 
2022 
Balance at 1st 
January                  1,381.0              7,374.3               404.7          (1,774.6)             (17.2)            7,368.2              9,027.1            16,395.3 
Total 
comprehensive 
income                         -                488.9                   -            (280.9)               25.4              233.4                755.4               988.8 
 
Dividends paid 
by the Company                 -              (247.2)                   -                  -                  -            (247.2)                    -             (247.2) 
Dividends 
declared/paid 
to 
non-controlling 
  interests                    -                    -                   -                  -                  -                  -              (418.7)             (418.7) 
Issue of shares 
to 
non-controlling 
interests                      -                    -                   -                  -                  -                  -                  3.2                 3.2 
 
Change in 
shareholding                   -                (3.6)                   -                  -                  -              (3.6)                (3.1)               (6.7) 
 
 
Other                          -                    -               (0.3)                  -                  -              (0.3)                (0.2)               (0.5) 
Balance at 30th 
June                     1,381.0              7,612.4               404.4          (2,055.5)                8.2            7,350.5              9,363.7            16,714.2 
                   -------------    -----------------    ----------------    ---------------    ---------------    ---------------    -----------------    ---------------- 
 
 
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                         -                223.7                 0.1            (164.8)               33.3               92.3                341.8               434.1 
Dividends paid 
by the Company                 -              (134.2)                   -                  -                  -            (134.2)                    -             (134.2) 
Dividends 
declared/paid 
to 
non-controlling 
 
  interests                    -                    -                   -                  -                  -                  -              (198.1)             (198.1) 
Issue of shares 
to 
non-controlling 
interests                      -                    -                   -                  -                  -                  -                  0.3                 0.3 
Change in 
shareholding                   -               (14.3)                   -                  -                  -             (14.3)               (21.5)              (35.8) 
 
Other                          -                    -                   -                  -                  -                  -                (1.0)               (1.0) 
 
Balance at 30th 
June                     1,381.0              7,012.9               403.5          (1,848.5)             (31.0)            6,917.9              8,454.0            15,371.9 
                   -------------    -----------------    ----------------    ---------------    ---------------    ---------------    -----------------    ---------------- 
 
 
Jardine Cycle & Carriage Limited 
 Company Balance Sheet at 30 th June 2022 
----------------------------------------- 
 
 
                                                              At                  At 
                                        Note          30.06.2022          31.12.2021 
                                                            US$m                US$m 
 
Non-current assets 
Property, plant and equipment                               31.7                33.1 
Interests in subsidiaries                                1,379.4             1,416.5 
Interests in associates and joint 
 ventures                                                  947.6               976.0 
Non-current investment                                     222.1               264.5 
                                                         2,580.8             2,690.1 
                                              ------------------  ------------------ 
 
Current assets 
Current debtors                                          1,093.6             1,129.8 
Bank balances and other liquid funds                        50.7                24.2 
                                                         1,144.3             1,154.0 
                                              ------------------  ------------------ 
 
Total assets                                             3,725.1             3,844.1 
                                              ------------------  ------------------ 
 
Non-current liabilities 
Non-current borrowings                                   1,527.3             1,535.9 
Deferred tax liabilities                                     6.0                 6.2 
                                                         1,533.3             1,542.1 
                                              ------------------  ------------------ 
 
Current liabilities 
Current creditors                                          105.4               109.2 
Current borrowings                                             -                10.0 
Current tax liabilities                                      1.5                 1.5 
                                                           106.9               120.7 
                                              ------------------  ------------------ 
 
Total liabilities                                        1,640.2             1,662.8 
                                              ------------------  ------------------ 
 
Net assets                                               2,084.9             2,181.3 
                                              ------------------  ------------------ 
 
Equity 
Share capital                              9             1,381.0             1,381.0 
Revenue reserve                           10               440.6               474.1 
Other reserves                            11               263.3               326.2 
Total equity                                             2,084.9             2,181.3 
                                              ------------------  ------------------ 
 
 
Net asset value per share                                US$5.28             US$5.52 
 
 
Jardine Cycle & Carriage Limited 
 Company Statement of Comprehensive Income for the six months 
 ended 30 th June 2022 
------------------------------------------------------------- 
 
 
                                                    2022        2021 
                                                    US$m        US$m 
 
Profit for the year                                213.6       143.1 
 
Items that may be reclassified subsequently 
 to 
  profit and loss: 
Translation difference 
- loss arising during the year                    (62.9)      (37.9) 
 
Other comprehensive expense for the year          (62.9)      (37.9) 
 
Total comprehensive income for the year            150.7       105.2 
                                              ----------  ---------- 
 
 
Jardine Cycle & Carriage Limited 
 Company Statement of Changes in Equity for the six months ended 
 30th June 2022 
---------------------------------------------------------------- 
 
 
                                                   Share         Revenue        Translation           Total 
                                      Note       capital         reserve            reserve          equity 
                                                    US$m            US$m               US$m            US$m 
 
2022 
Balance at 1st January                           1,381.0           474.1              326.2         2,181.3 
 
Total comprehensive income/(expense)                   -           213.6             (62.9)           150.7 
 
Dividends paid                           5             -         (247.1)                  -         (247.1) 
 
Balance at 30th June                             1,381.0           440.6              263.3         2,084.9 
                                            ------------    ------------    ---------------    ------------ 
 
 
2021 
Balance at 1st January                           1,381.0           471.7              375.9         2,228.6 
 
Total comprehensive income/(expense)                   -           143.1             (37.9)           105.2 
 
Dividends paid                           5             -         (134.2)                  -         (134.2) 
 
Balance at 30th June                          1,381.0              480.6              338.0         2,199.6 
                                            ------------    ------------    ---------------    ------------ 
 
 
Jardine Cycle & Carriage Limited 
 Consolidated Statement of Cash Flows for the six months ended 
 30th June 2022 
-------------------------------------------------------------- 
 
 
                                                                2022             2021 
                                               Note             US$m             US$m 
 Cash flows from operating activities 
 Cash generated from operations                  15          1,805.0          1,513.5 
 
 Interest paid                                                (58.1)           (75.5) 
 Interest received                                              56.5             63.1 
 Other finance costs paid                                      (4.3)           (14.8) 
 Income tax paid                                             (401.3)          (168.9) 
                                                             (407.2)          (196.1) 
 Dividends received from associates 
  and joint                                                    335.8            226.7 
   ventures (net) 
 
                                                              (71.4)             30.6 
 
 Net cash flows from operating activities                    1,733.6          1,544.1 
 
 Cash flows from investing activities 
 Sale of property, plant and equipment                          22.9             18.2 
 Sale of investments                                           139.9            131.9 
 Purchase of intangible assets                                (60.2)           (55.9) 
 Additions to right-of-use assets                              (2.9)            (7.0) 
 Purchase of property, plant and equipment                   (281.8)          (122.7) 
 Purchase of investment properties                             (0.2)            (0.9) 
 Additions to bearer plants                                   (18.2)           (15.5) 
 Purchase of associates and joint ventures                    (70.3)           (26.3) 
 Purchase of investments                                     (289.3)          (217.0) 
 
 Net cash flows from investing activities                    (560.1)          (295.2) 
 
 Cash flows from financing activities 
 Drawdown of loans (1)                                       1,519.5          3,271.1 
 Repayment of loans (1)                                    (1,725.2)        (3,419.0) 
 Principal elements of lease payments                         (35.7)           (45.4) 
 Changes in controlling interests in 
  subsidiaries                                                 (6.7)           (35.8) 
 Investments by non-controlling interests                        3.2              0.3 
 Dividends paid to non-controlling 
  interests                                                  (412.8)          (191.0) 
 Dividends paid by the Company                               (247.2)          (134.2) 
 
 Net cash flows from financing activities                    (904.9)          (554.0) 
 
 
 Net change in cash and cash equivalents                       268.6            694.9 
 Cash and cash equivalents at the beginning 
  of the year                                                4,588.8          3,497.6 
 Effect of exchange rate changes                             (142.5)           (79.2) 
 
 Cash and cash equivalents at the end 
  of the year (2)                                            4,714.9          4,113.3 
                                                     ---------------  --------------- 
 

(1) The drawdown and repayment of loans in 2021 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 six months ended 
  30 th June 2022 
------------------------------------------------------------ 
 
   1      Basis of preparation 

The condensed interim financial statements for the six months ended 30th June 2022 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 annual financial statements for the year ended 31st December 2021. There have been no changes to the accounting policies described in the 2021 audited accounts which have been prepared in accordance with Singapore Financial Reporting Standards (International) ("SFRS(I)") and International Financial Reporting Standards ("IFRS"), 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$1=S$ 1.3922 (2021: US$1=S$ 1.3517 ), US$1=RM 4.4035 (2021: US$1=RM 4.1735 ), US$1=IDR 14,848 (2021: US$1=IDR 14,269 ), US$1=VND 23,254 (2021: US$1=VND 22,790 ) and US$1=THB 35.27 (2021: US$1= THB 33.318 ).

The exchange rates used for translating the results for the period are US$1=S$ 1.3687 (2021: US$1=S$ 1.3328 ), US$1=RM 4.2868 (2021: US$1=RM 4.1096 ), US$1=IDR 14,495 (2021: US$1=IDR 14,360 ), US$1=VND 22,958 (2021: US$1=VND 23,042 ) and US$1=THB 33.856 (2021: US$1=THB 31.016 ).

Interpretations and amendments to published standard effective in 2022

There are no changes to the accounting policies as described in the 2021 annual financial statements and the Group has not early adopted any standard or amendments that have been issued but not yet effective. A number of amendments were effective from 1st January 2022. The more important amendments applicable to the Group is as follows:

Amendments to IAS 37 - Onerous Contracts - Cost of Fulfilling a Contract (effective from 1st January 2022)

The amendments clarify that for the purpose of assessing whether a contract is onerous, the cost of fulfilling the contract includes both the incremental costs of fulfilling that contract and an allocation of other costs that relate directly to fulfilling contracts. The Group applied the amendment from 1st January 2022 and there is no significant impact on the Group's consolidated financial statements.

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 
 
                                                                   Direct 
                                                                    Motor 
                                                   Astra        Interests            Total 
                                                    US$m             US$m             US$m 
Group 
2022 
Property                                            32.1                -             32.1 
Motor vehicles                                   3,774.4            763.6          4,538.0 
Financial services                                 884.2                -            884.2 
Heavy equipment, mining, construction 
 & energy                                        4,165.6                -          4,165.6 
Other                                            1,060.6                -          1,060.6 
                                                 9,916.9            763.6         10,680.5 
                                           -------------    -------------    ------------- 
 
From contracts with customers: 
Recognised at a point in time                    8,809.9            713.3          9,523.2 
Recognised over time                                98.3             48.3            146.6 
                                                 8,908.2            761.6          9,669.8 
 
From other sources: 
Rental income from investment properties             0.7                -              0.7 
Revenue from financial services companies          884.2                -            884.2 
Other                                              123.8              2.0            125.8 
                                                 1,008.7              2.0          1,010.7 
 
                                                 9,916.9            763.6         10,680.5 
                                           -------------    -------------    ------------- 
 
 
2021 
Property                                            24.2                -             24.2 
Motor vehicles                                   2,988.7            803.3          3,792.0 
Financial services                                 839.1                -            839.1 
Heavy equipment, mining, construction 
 & energy                                        2,592.6                -          2,592.6 
Other                                            1,039.1                -          1,039.1 
                                                 7,483.7            803.3          8,287.0 
                                           -------------    -------------    ------------- 
 
From contracts with customers: 
Recognised at a point in time                    6,433.4            769.9          7,203.3 
Recognised over time                               108.4             32.3            140.7 
                                                 6,541.8            802.2          7,344.0 
 
From other sources: 
Rental income from investment properties             6.0                -              6.0 
Revenue from financial services companies          839.1                -            839.1 
Other                                               96.8              1.1             97.9 
                                                   941.9              1.1            943.0 
 
                                                 7,483.7            803.3          8,287.0 
                                           -------------    -------------    ------------- 
 
   3      Net operating costs and operating profit 
 
   Group 
 
 
                                                           2022            2021  Change 
                                                           US$m            US$m       % 
Cost of sales                                         (8,270.0)       (6,582.0)      26 
Other operating income                                    204.7           118.4      73 
Selling and distribution expenses                       (438.2)         (408.7)       7 
Administrative expenses                                 (574.3)         (540.6)       6 
Other operating expenses                                 (50.7)         (209.7)     -76 
Net operating costs                                   (9,128.5)       (7,622.6)      20 
                                                 --------------  -------------- 
 
Operating profit is determined after 
 including: 
Amortisation/depreciation of: 
- intangible assets                                      (67.1)          (66.1)       2 
- right-of-use assets                                    (63.5)          (74.1)     -14 
- property, plant and equipment                         (341.9)         (367.0)      -7 
- bearer plants                                          (14.3)          (13.7)       4 
(Impairment)/write-back of: 
- property, plant and equipment                             0.1           (0.4)      nm 
- debtors                                                (89.0)          (95.4)      -7 
Fair value gain/(loss) on: 
- investments (1)                                          96.7         (123.2)      nm 
- agricultural produce                                    (0.1)             3.5      nm 
- livestock                                                   -             3.4  > -100 
- derivative not qualifying as hedge                        0.1               -      nm 
Profit/(loss) on disposal of: 
- intangible assets                                       (0.3)               -      nm 
- property, plant and equipment                            11.3            11.1       2 
- investments                                               1.6             1.7      -6 
Loss on disposal/write-down of receivables 
 from 
  collateral vehicles                                    (22.8)          (35.1)     -35 
Write-down of stocks, net                                 (1.7)           (0.5)    >100 
Net exchange loss (2)                                    (31.2)          (26.9)      16 
Dividend and interest income from investments              14.8            41.0     -64 
                                                 --------------  -------------- 
 

nm - not meaningful

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

(2) 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 

An interim dividend in respect of 2022 of USc28 (2021: USc18) per share amounting to a total of US$110.7 million (2021: US$71.5 million) is declared by the Board. 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 six months ending 31st December 2022.

 
   Group and Company 
 
 
                                                       2022         2021 
                                                       US$m         US$m 
 
Final one-tier tax exempt dividend in respect 
 of previous year of 
USc62 per share (2021: in respect of 2020 
 of USc34)                                            247.1        134.2 
                                                -----------  ----------- 
 
   6      Earnings per share 
 
   Group 
 
 
                                                        2022         2021 
                                                        US$m         US$m 
Basic earnings per share 
Profit attributable to shareholders                    487.5        226.3 
Weighted average number of ordinary shares 
 in issue (millions)                                   395.2        395.2 
 
Basic earnings per share                              USc123        USc57 
                                                 -----------  ----------- 
 
Diluted earnings per share                            USc123        USc57 
                                                 -----------  ----------- 
 
Underlying earnings per share 
Underlying profit attributable to shareholders         522.4        346.5 
Weighted average number of ordinary shares 
 in issue (millions)                                   395.2        395.2 
 
Basic underlying earnings per share                   USc132        USc88 
                                                 -----------  ----------- 
 
Diluted underlying earnings per share                 USc132        USc88 
                                                 -----------  ----------- 
 

As at 30th June 2022 and 2021, 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 
 
 
                                                             2022           2021 
                                                             US$m           US$m 
 
Profit attributable to shareholders                         487.5          226.3 
 
Less: 
Non-trading items (net of tax and non-controlling 
 interests) 
                                                    -------------  ------------- 
Fair value changes of agricultural produce 
 and live stock                                                 -            2.2 
Fair value changes of investments                          (34.9)        (122.4) 
                                                           (34.9)        (120.2) 
 
Underlying profit attributable to shareholders              522.4          346.5 
                                                    -------------  ------------- 
 

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 30th June 2022 and 31st December 2021 are as follows:

 
                                             Fair 
                                            value 
                                          through                Fair value       Financial 
                        Fair value         profit                   through          assets          Other           Total 
                                of                                    other              at 
                           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 30.06.2022 
Financial 
 assets 
  measured 
   at fair value 
Other 
investments 
- equity 
 investments                     -        1,686.9                         -               -              -         1,686.9         1,686.9 
- debt 
 investments                     -              -                     762.3               -              -           762.3           762.3 
Derivative 
 financial 
  instruments                 72.5              -                         -               -              -            72.5            72.5 
                              72.5        1,686.9                     762.3               -              -         2,521.7         2,521.7 
                  ----------------  -------------  ------------------------  --------------  -------------  --------------  -------------- 
Financial 
 assets not 
  measured 
   at fair value 
Debtors                          -              -                         -         7,341.5              -         7,341.5         7,188.6 
Bank balances                    -              -                         -         4,714.9              -         4,714.9         4,714.9 
                                 -              -                         -        12,056.4              -        12,056.4        11,903.5 
                  ----------------  -------------  ------------------------  --------------  -------------  --------------  -------------- 
Financial 
 liabilities 
  measured 
   at fair value 
Derivative 
 financial 
  instruments               (16.8)              -                         -               -              -          (16.8)          (16.8) 
Contingent 
 consideration 
  payable                        -          (8.8)                         -               -              -           (8.8)           (8.8) 
                            (16.8)          (8.8)                         -               -              -          (25.6)          (25.6) 
                  ----------------  -------------  ------------------------  --------------  -------------  --------------  -------------- 
Financial 
 liabilities 
 not 
  measured 
   at fair value 
Borrowings 
 excluding 
  lease 
   liabilities                   -              -                         -               -      (6,242.4)       (6,242.4)       (6,259.9) 
Lease 
 liabilities                     -              -                         -               -        (107.0)         (107.0)         (107.0) 
Creditors 
 excluding 
  non-financial 
   liabilities                   -              -                         -               -      (3,734.3)       (3,734.3)       (3,734.3) 
                                 -              -                         -               -     (10,083.7)      (10,083.7)      (10,101.2) 
                  ----------------  -------------  ------------------------  --------------  -------------  --------------  -------------- 
 
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                    -              -                         -         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) 
                  ----------------  -------------  ------------------------  --------------  -------------  --------------  -------------- 
 

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 30.06.2022 
Assets 
Other investments 
- equity investments                    1,522.7                  -                 164.2      1,686.9 
- debt investments                        762.3                  -                     -        762.3 
                                        2,285.0                  -                 164.2      2,449.2 
Derivative financial instruments 
 at fair value 
- through other comprehensive 
 income                                       -               72.5                     -         72.5 
                                        2,285.0               72.5                 164.2      2,521.7 
                                   ------------  -----------------  --------------------  ----------- 
Liabilities 
Contingent consideration 
 payable                                      -                  -                 (8.8)        (8.8) 
Derivative financial instruments 
 at fair value 
- through other comprehensive 
 income                                       -             (16.8)                     -       (16.8) 
                                              -             (16.8)                 (8.8)       (25.6) 
                                   ------------  -----------------  --------------------  ----------- 
 
 
                                        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) 
                                   -----------  -----------------  --------------------  ----------- 
 

During the six months ended 30th June 2022, the GoTo investment was transferred from Unobservable inputs category to Quoted prices in active markets category. There were no transfers among the three categories during the year ended 31st December 2021.

   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 
 
 
                                   At             At 
                           30.06.2022     31.12.2021 
                                 US$m           US$m 
Long-term borrowings: 
- secured                        11.1           12.8 
- unsecured                   3,668.1        3,857.5 
                              3,679.2        3,870.3 
                        -------------  ------------- 
Current borrowings: 
- secured                        70.7          164.6 
- unsecured                   2,492.5        2,525.3 
                              2,563.2        2,689.9 
                        -------------  ------------- 
 
Total borrowings              6,242.4        6,560.2 
                        -------------  ------------- 
 

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$ 53.5 million (31st December 2021: US$ 92.6 million).

   9      Share capital 
 
   Group 
 
 
                                                   2022        2021 
                                                   US$m        US$m 
Six months ended 30th June 
Issued and fully paid: 
Balance at 1st January and 30th June 
- 395,236,288 (2021: 395,236,288) ordinary 
 shares                                         1,381.0     1,381.0 
                                             ----------  ---------- 
 

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

The Company did not hold any treasury shares as at 30th June 2022 ( 30th June 2021: Nil) and did not have any unissued shares under convertibles as at 30th June 2022 ( 30th June 2021: Nil).

There were no subsidiary holdings (as defined in the Listing Rules of the SGX-ST) as at 30th June 2022 ( 30th June 2021: Nil).

   10   Revenue reserve 
 
 Group   Company 
 
 
                                            2022           2021          2022          2021 
                                            US$m           US$m          US$m          US$m 
Movements : 
Balance at 1st January                   7,374.3        6,937.7         474.1         471.7 
Defined benefit pension 
 plans 
- remeasurements                             0.3          (1.6)             -             - 
- deferred tax                             (0.1)            0.2             -             - 
Share of associates' and 
 joint ventures' 
  remeasurements of defined 
   benefit 
  pension plans, net of 
   tax                                       1.2          (1.2)             -             - 
Profit/(loss) attributable 
 to shareholders                           487.5          226.3         213.6         143.1 
Dividends paid by the Company            (247.2)        (134.2)       (247.1)       (134.2) 
Change in shareholding                     (3.6)         (14.3)             -             - 
Balance at 30th June                     7,612.4        7,012.9         440.6         480.6 
                                ----------------  -------------  ------------  ------------ 
 
   11   Other reserves 
 
 Group   Company 
 
 
                                            2022            2021           2022           2021 
                                            US$m            US$m           US$m           US$m 
Composition : 
Asset revaluation reserve                  404.4           403.5              -              - 
Translation reserve                    (2,055.5)       (1,848.5)          263.3          338.0 
Fair value reserve                           9.8            12.8              -              - 
Hedging reserve                            (4.9)          (47.1)              -              - 
Other reserve                                3.3             3.3              -              - 
Balance at 30th June                   (1,642.9)       (1,476.0)          263.3          338.0 
                                  --------------  --------------  -------------  ------------- 
 
Movements : 
Asset revaluation reserve 
Balance at 1st January                     404.7           403.4              -              - 
Surplus on revaluation                         -             0.1              -              - 
 of assets 
Other                                      (0.3)               -              -              - 
Balance at 30th June                       404.4           403.5              -              - 
                                  --------------  --------------  -------------  ------------- 
 
Translation reserve 
Balance at 1st January                 (1,774.6)       (1,683.7)          326.2          375.9 
Translation difference                   (280.9)         (164.8)         (62.9)         (37.9) 
Translation reserve realised                   -               -              -              - 
Balance at 30th June                   (2,055.5)       (1,848.5)          263.3          338.0 
                                  --------------  --------------  -------------  ------------- 
 
Fair value reserve 
Balance at 1st January                      16.5            18.5              -              - 
Financial assets at FVOCI 
- fair value changes                       (5.8)           (5.0)              -              - 
- deferred tax                                 -             0.1              -              - 
- transfer to profit and 
 loss                                      (0.9)           (0.8)              -              - 
Balance at 30th June                         9.8            12.8              -              - 
                                  --------------  --------------  -------------  ------------- 
 
Hedging reserve 
Balance at 1st January                    (37.0)          (86.1)              -              - 
Cash flow hedges 
- fair value changes                        11.1            34.4              -              - 
- deferred tax                             (2.4)           (7.1)              -              - 
  Share of associates' and 
   joint ventures' fair value 
   changes of cash flow hedges, 
   net of tax                               23.4            11.7              -              - 
Balance at 30th June                       (4.9)          (47.1)              -              - 
                                  --------------  --------------  -------------  ------------- 
 
Other reserve 
Balance at 1st January 
 and 30th June                               3.3             3.3              -              - 
                                  --------------  --------------  -------------  ------------- 
 
   12    Non-controlling interests 

Group

 
                                                                    2022            2021 
                                                                    US$m            US$m 
 
Balance at 1st January                                           9,027.1         8,332.5 
Financial assets at FVOCI 
- fair value changes                                               (6.2)           (5.4) 
- deferred tax                                                       0.1             0.1 
- transfer to profit and loss                                      (1.0)           (0.9) 
                                                                   (7.1)           (6.2) 
Cash flow hedges 
- fair value changes                                                14.6            47.4 
- deferred tax                                                     (3.2)           (9.8) 
- transfer to profit and loss                                          -               - 
                                                                    11.4            37.6 
Share of associates' and joint ventures' fair 
 value changes of 
  cash flow hedges, net of tax                                      50.7            23.5 
Defined benefit pension plans 
- remeasurements                                                     0.4           (2.9) 
- deferred tax                                                     (0.1)             0.5 
                                                                     0.3           (2.4) 
Share of associates' and joint ventures' remeasurements 
 of 
  defined benefit pension plans, net of tax                          0.2           (0.8) 
Translation difference                                           (300.8)         (175.1) 
Profit for the year                                              1,000.7           465.2 
Issue of shares to non-controlling interests                         3.2             0.3 
Dividends paid                                                   (418.7)         (198.1) 
Change in shareholding                                             (3.1)          (21.5) 
Other                                                              (0.2)           (1.0) 
Balance at 30th June                                             9,363.7         8,454.0 
                                                          --------------  -------------- 
 
   13    Related party transactions 

The following significant related party transactions took place during the six months ended 30th June:

Group

 
                                                      2022            2021 
                                                      US$m            US$m 
 
(a)   With associates and joint ventures: 
 Purchase of goods and services                  (2,765.6)       (2,179.9) 
 Sale of goods and services                        1,030.2           541.2 
 Commission and incentives earned                      3.2             2.3 
 Interest received                                     8.7             8.9 
                                            --------------  -------------- 
 
(b)   With related companies and 
       associates of ultimate holding 
       company: 
 Management fees paid                                (2.7)           (1.5) 
 Purchase of goods and services                      (1.7)           (1.6) 
 Sale of goods and services                            0.9             0.4 
                                            --------------  -------------- 
 
(c)   Remuneration of directors of the 
       Company and key management 
       personnel of the Group: 
      Salaries and other short-term 
   employee benefits                                   5.9             4.6 
                                            --------------  -------------- 
 
   14    Commitments 

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

Group

 
                                           At             At 
                                   30.06.2022     31.12.2021 
                                         US$m           US$m 
 
Authorised and contracted               137.5          106.3 
Authorised but not contracted           254.9          282.0 
                                        392.4          388.3 
                                -------------  ------------- 
 
   15     Cash flows from operating activities 

Group

 
                                                              2022             2021 
                                                              US$m             US$m 
 
Profit before tax                                          1,848.1            900.6 
 
Adjustments for: 
Financing income                                            (57.6)           (63.1) 
Financing charges                                             82.2             90.5 
Share of associates' and joint ventures' results 
 after tax                                                 (320.7)          (263.6) 
Amortisation/depreciation of: 
- intangible assets                                           67.1             66.1 
- right-of-use assets                                         63.5             74.1 
- property, plant and equipment                              341.9            367.0 
- bearer plants                                               14.3             13.7 
Impairment/(write-back of impairment) of: 
- property, plant and equipment                              (0.1)              0.4 
- debtors                                                     89.0             95.4 
Fair value (gain)/loss on: 
- investment                                                (96.7)            123.2 
- agricultural produce                                         0.1            (3.5) 
- livestock                                                      -            (3.4) 
- derivative not qualifying as hedge                         (0.1)                - 
(Profit)/loss on disposal of: 
- intangible assets                                            0.3                - 
- property, plant and equipment                             (11.3)           (11.1) 
- investments                                                (1.6)            (1.7) 
Loss on disposal/write-down of receivables 
 from collateral vehicles                                     22.8             35.1 
Amortisation of borrowing costs for financial 
 services companies                                            4.4              4.4 
Write-down of stocks                                           1.7              0.5 
Changes in provisions                                         10.0             10.8 
Foreign exchange loss                                         53.8             26.6 
                                                             263.0            561.4 
 
Operating profit before working capital changes            2,111.1          1,462.0 
 
Changes in working capital: 
Properties for sale                                            6.1              4.1 
Stocks (1)                                                 (332.2)             21.7 
Concession rights                                            (5.6)            (3.7) 
Financing debtors                                          (209.7)          (307.5) 
Debtors (2)                                                (600.3)          (263.7) 
Creditors (3)                                                820.5            590.2 
Pensions                                                      15.1             10.4 
                                                           (306.1)             51.5 
 
Cash flows from operating activities                       1,805.0          1,513.5 
                                                   ---------------  --------------- 
 
   (1)   Increase in stock balance mainly due to higher purchases amid higher sales 
   (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 for the six months ended 30th June 2022 mainly included US$45.1 million for Astra's investment in PT Jasamarga Pandaan Malang, a toll road operator in Indonesia and US$23.6 million for additional purchase of shares in Refrigeration Electrical Engineering Corporation.

Purchase of shares in associates and joint ventures for the six months ended 30th June 2021 mainly included US$19.0 million for Astra's investment in PT Marga Lingkar, a toll road operator in Indonesia and US$7.2 million for additional purchase of shares in Refrigeration Electrical Engineering Corporation.

(b) Changes in controlling interests in subsidiaries

Change in controlling interests of subsidiaries for the six months ended 2022 included an outflow of US$2.5 million for Astra's acquisition of additional interest in PT Marga Mandalasakti, US$0.5 million and US$3.7 million for acquisition of additional interests in Cycle and Carriage Bintang Berhad and Republic Auto Pte Ltd, respectively.

Change in controlling interests of subsidiaries for the six months ended 2021 included an outflow of US$17.0 million and US$18.8 million for acquisition of additional interests in Cycle and Carriage Bintang Berhad and Republic Auto Pte Ltd, respectively.

   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. THACO is identified as another operating segment. 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 
  performance 
 
 
                                                               Direct          Other                          Non- 
                                                                Motor      Strategic      Corporate        trading 
                              Astra              THACO      Interests      Interests          costs          items          Group 
                               US$m               US$m           US$m           US$m           US$m           US$m           US$m 
 
6 months ended 
 30th June 2022 
Revenue                     9,916.9                  -          763.6              -              -              -       10,680.5 
Net operating 
 costs                    (8,445.7)                  -        (743.5)            9.3         (45.2)           96.6      (9,128.5) 
Operating profit            1,471.2                  -           20.1            9.3         (45.2)           96.6        1,552.0 
Financing income               57.3                  -            0.2              -            0.1              -           57.6 
Financing 
 charges                     (70.2)                  -          (1.1)              -         (10.9)              -         (82.2) 
Net financing 
 charges                     (12.9)                  -          (0.9)              -         (10.8)              -         (24.6) 
Share of 
associates' 
and joint 
  ventures' 
   results 
   after tax                  227.6               52.3           14.9           25.9              -              -          320.7 
Profit before 
 tax                        1,685.9               52.3           34.1           35.2         (56.0)           96.6        1,848.1 
Tax                         (352.3)                  -          (4.9)          (1.5)          (0.8)          (0.4)        (359.9) 
Profit after tax            1,333.6               52.3           29.2           33.7         (56.8)           96.2        1,488.2 
Non-controlling 
 interests                  (868.9)                  -          (0.7)              -              -        (131.1)      (1,000.7) 
Profit 
attributable 
to 
  shareholders                464.7               52.3           28.5           33.7         (56.8)         (34.9)          487.5 
                                                                                                     -------------  ------------- 
 
As at 30.06.2022 
Net cash/(debt) 
 (excluding 
  net debt of 
  financial 
  services 
   companies)               2,335.4                  -           10.7              -      (1,461.9)                         884.2 
Total equity               15,637.7              685.7          288.1          738.4        (635.7)                      16,714.2 
                  -----------------  -----------------  -------------  -------------  -------------                 ------------- 
 
 
6 months ended 
 30th June 2021 
Revenue                     7,483.7                  -          803.3              -              -              -        8,287.0 
Net operating 
 costs                    (6,714.7)                  -        (773.8)           10.5         (28.2)        (116.4)      (7,622.6) 
Operating profit              769.0                  -           29.5           10.5         (28.2)        (116.4)          664.4 
Financing income               62.9                  -            0.2              -              -              -           63.1 
Financing 
 charges                     (81.5)                  -          (1.0)              -          (8.0)              -         (90.5) 
Net financing 
 charges                     (18.6)                  -          (0.8)              -          (8.0)              -         (27.4) 
Share of 
associates' 
and joint 
  ventures' 
   results 
   after tax                  201.4               36.6            5.0           20.6              -              -          263.6 
Profit before 
 tax                          951.8               36.6           33.7           31.1         (36.2)        (116.4)          900.6 
Tax                         (199.5)                  -          (6.1)          (1.4)          (0.7)          (1.4)        (209.1) 
Profit after tax              752.3               36.6           27.6           29.7         (36.9)        (117.8)          691.5 
Non-controlling 
 interests                  (458.9)                  -          (3.9)              -              -          (2.4)        (465.2) 
Profit 
attributable 
to 
  shareholders                293.4               36.6           23.7           29.7         (36.9)        (120.2)          226.3 
                                                                                                     ------------- 
 
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              672.3          281.0          770.0        (488.6)                      16,395.3 
                  -----------------  -----------------  -------------  -------------  -------------                 ------------- 
 

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 
30.06.2022                      9,892.2     1,579.9    11,472.1 
31.12.2021                     10,204.7     1,605.9    11,810.6 
 

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                    Aggregate 
                                                                                value                        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               920 (excluding 
                                                                                under 
                                                                        shareholders'                 transactions 
                                                                                                              less 
                                                                              mandate              than S$100,000) 
                                                                             pursuant 
                                                                                   to 
                                                                            Rule 920) 
                                                           --------------------------  --------------------------- 
Name of interested person     Nature of relationship                             US$m                         US$m 
 and 
   nature of transaction 
Six months ended 30th 
 June 2022 
 
Jardine Matheson Limited      Associate of the 
                               Company's 
  - Management support 
   services                     controlling shareholder                             -                          2.6 
 
Jardine Matheson Limited      Associate of the 
                               Company's 
  - Business support 
   services                     controlling shareholder                             -                          0.1 
 
The Dairy Farm Company        Associate of the 
 Ltd                           Company's 
  - Data analytics services     controlling shareholder                             -                          0.2 
 
Jardine Matheson Limited      Associate of the 
                               Company's 
- Digital and innovation        controlling shareholder                           1.5                            - 
 services 
 
Hongkong Land (Unicode)       Associate of the 
                               Company's 
  Investments Limited           controlling shareholder 
- Subscription of shares 
 in an associate                                                                  0.4                            - 
 
PT Astra Land Indonesia       Associate of the 
                               Company's 
- Subscription of shares 
 by a subsidiary                controlling shareholder                           0.4                            - 
 
Tan Yen Yen                   Director of the 
                               Company 
- purchase of a motor                                                             0.2                            - 
 vehicle 
                                                           --------------------------  --------------------------- 
                                                                                  2.5                          2.9 
                                                           --------------------------  --------------------------- 
 
   19   Additional information 
 
   Group 
 
 
                                                        2022         2021        Change 
                                                        US$m         US$m             % 
Astra International 
Automotive                                             128.4        108.6            18 
Financial services                                     100.1         74.3            35 
Heavy equipment, mining, construction & 
 energy                                                212.2         95.7          >100 
Agribusiness                                            22.3         15.9            40 
Infrastructure & logistics                              12.2          3.2          >100 
Information technology                                   0.8          0.5            60 
Property                                                 2.5          2.9           -14 
                                                       478.5        301.1            59 
Less: Withholding tax on dividend                     (13.8)        (7.7)            79 
                                                       464.7        293.4            58 
                                                 -----------  ----------- 
 
THACO 
Automotive                                              60.1         34.4            75 
Real estate                                              0.1          4.6           -98 
Agriculture                                            (7.9)        (2.4)          >100 
                                                 -----------  ----------- 
                                                        52.3         36.6            43 
                                                 -----------  ----------- 
 
Direct Motor Interests 
Singapore                                               11.4         19.3           -41 
Malaysia                                                 3.2          0.2          >100 
Myanmar                                                    -        (1.9)          -100 
Indonesia (Tunas Ridean)                                14.6          6.9          >100 
Less: central overheads                                (0.7)        (0.8)           -13 
                                                        28.5         23.7            20 
                                                 -----------  ----------- 
 
Other Strategic Interests 
Siam City Cement                                        15.0         13.7             9 
REE                                                      9.4          5.5            71 
Vinamilk                                                 9.3         10.5           -11 
                                                        33.7         29.7            13 
                                                 -----------  ----------- 
 
Corporate costs 
Central overheads                                     (13.9)       (10.9)            28 
Dividend income from other investments                   2.6          3.0           -13 
Net financing charges                                 (10.8)        (7.9)            37 
Exchange differences                                  (34.7)       (21.1)            64 
                                                      (56.8)       (36.9)            54 
                                                 -----------  ----------- 
 
Underlying profit attributable to shareholders         522.4        346.5            51 
                                                 -----------  ----------- 
 
   20   Dividend and closure of books 

The Board has declared an interim one-tier tax exempt dividend of USc28 per share (2021: USc18 per share).

NOTICE IS HEREBY GIVEN that the Transfer Books and the Register of Members of the Company will be closed from 5.00 p.m. on Tuesday, 30th August 2022 (" Record Date") up to, and including Wednesday, 31st August 2022 for the purpose of determining shareholders' entitlement to the interim 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 interim dividend are determined. 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 interim dividend.

The interim dividend will be paid on Thursday, 29th September 2022.

   21   Subsequent Events 

In July 2022, Astra signed a Shares Subscription Agreement to subscribe for a 49.56% stake of PT Bank Jasa Jakarta for approximately US$265 million. Completion of this transaction is subject to, inter alia, a regulatory stake approval.

In July 2022, United Tractors, a subsidiary of Astra, announced a share buyback programme of approximately US$340m.

In July 2022, the Company has submitted a notice of unconditional voluntary take-over offer to acquire all the remaining ordinary shares in Cycle & Carriage Bintang not already held by the Company.

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

   22   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 6 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.

- 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 half year ended 30th June 2022 can be accessed through the internet at ' www.jcclgroup.com '.

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July 28, 2022 08:22 ET (12:22 GMT)

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