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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END
IR PPUCAMUPPGGR
(END) Dow Jones Newswires
July 28, 2022 08:22 ET (12:22 GMT)
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