TIDMJAR
RNS Number : 6088H
Jardine Matheson Hldgs Ltd
28 July 2023
To: Business Editor 28th July 2023
For immediate release
Jardine Cycle & Carriage Limited
2023 Half-Year Financial Statements and Dividend
Announcement
The following announcement was issued today by the Company's
76.8%-owned subsidiary, Jardine Cycle & Carriage Limited.
For further information, please contact:
Jardine Matheson Limited
Jonathan Lloyd (852) 2843 8223
Brunswick Group Limited
Ben Fry (65) 9017 9886
28th July 2023
JARDINE CYCLE & CARRIAGE LIMITED
2023 HALF-YEAR FINANCIAL STATEMENTS AND DIVID ANNOUNCEMENT
Highlights
-- Underlying profit 12% higher at US$583 million
-- Improved results from Astra and Direct Motor Interests
-- THACO and Other Strategic Interests report lower earnings
-- Interim dividend per share of USc28, unchanged from 2022
"The Group performed well in the first half of 2023, mainly due
to higher contributions from Astra and Direct Motor Interests.
THACO's performance was, however, adversely affected by the
challenging economic environment in Vietnam. While economic
uncertainties remain, the Group expects progress to continue into
the second half of the year."
Ben Keswick, Chairman
Group Results
Six months ended 30th June
2023 2022 +/- 2023
US$m US$m % S$m
-------------------------------- ----------- ------------ ----- -----------
Revenue 11,686 10,681 9% 15,642
Underlying profit attributable
to
shareholders * 583 522 12% 781
Non-trading items^ 65 (35) nm 87
Profit attributable to
shareholders 648 487 33% 868
-------------------------------- ----------- ------------ ----- -----------
USc USc Sc
-------------------------------- ----------- ------------ ----- -----------
Underlying earnings per
share * 148 132 12% 197
Earnings per share 164 123 33% 219
Interim dividend per
share 28 28 - 37
At At At
30.6.2023 31.12.2022 30.6.2023
----------- ------------ -----
Net asset value per share 19.55 18.07 8% 26.50
-------------------------------- ----------- ------------ ----- -----------
The exchange rate of US$1=S$1.36 (31st December 2022:
US$1=S$1.34) was used for translating assets and liabilities at the
balance sheet date, and US$1=S$1.34 (30th June 2022: US$1=S$1.37)
was used for translating the results for the period. The financial
results for the six months ended 30th June 2023 and 30th June 2022
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 a good result, compared to the same period in 2022,
mainly due to higher contributions from Astra and Direct Motor
Interests.
Astra contributed US$543 million to the Group's underlying
profit, 17% higher than the same period last year, with improved
performances from most of its businesses.
Direct Motor Interests contributed US$35 million, an increase of
22% compared to the same period last year, driven primarily by
higher profits from the Malaysia operations and Tunas Ridean in
Indonesia.
THACO contributed US$15 million, 72% down from the same period
last year, mainly due to lower automotive profits.
Other Strategic Interests contributed US$29 million, 15% down
from the same period last year. The first quarter contribution of
Refrigeration Electrical Engineering Corporation ("REE") was up 16%
from the prior year, offset by lower profits from Siam City
Cement.
Corporate costs totalled US$38 million, compared to US$57
million in the same period last year. The decrease was mainly due
to lower foreign exchange losses from the translation of foreign
currency loans, which more than offset an increase in net financing
charges.
The Group's underlying profit attributable to shareholders
increased by 12% to US$583 million. After accounting for
non-trading items, which mainly comprised gains from the sale and
leaseback arrangement in respect of Cycle & Carriage
Singapore's properties, and unrealised amounts arising from the
revaluation of the Group's equity investments, the Group's profit
attributable to shareholders was US$648 million, compared to US$487
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$776
million at the end of June 2023, compared to US$893 million at the
end of 2022. Net debt within Astra's financial services
subsidiaries increased from US$2.8 billion to US$3.3 billion.
JC&C parent company's net debt reduced from US$1.5 billion at
the end of 2022 to US$883 million at the end of June 2023,
following the receipt of enhanced dividends from Astra and the
proceeds from the sale and leaseback of Cycle & Carriage
Singapore's properties.
During the first half of the year, JC&C increased its
interest in REE from 33.6% to 34.4% for US$8 million. In June,
JC&C announced a used car and aftersales partnership with
Carro, a leading digital used car platform. The partnership
involves JC&C taking an interest in Carro and Carro will also
acquire an interest in Republic Auto, JC&C's used car
subsidiary in Singapore.
Group Review
The contributions to JC&C's underlying profit attributable
to shareholders by business segment were as follows:
Contribution to JC&C's underlying
profit
Six months ended 30th June
-------------------------------- ----------------------------------------
2023 2022 +/-
Business segments US$m US$m %
-------------------------------- ------------ ------------ ----------
Astra 543 465 17%
THACO 15 52 -72%
Direct Motor Interests 34 28 22%
Other Strategic Interests 29 34 -15%
Corporate Costs - exchange
losses (7) (35) 80%
Corporate Costs - others (31) (22) -43%
Underlying profit attributable
to shareholders 583 522 12%
------------ ------------ ----------
Astra
Astra contributed US$543 million to JC&C's underlying
profit, 17% higher than the same period last year. Excluding the
unrealised amounts arising from the revaluation of its equity
investments, Astra reported a net profit equivalent to US$1.2
billion under Indonesian accounting standards, with stronger
performances from most of its businesses, particularly its
automotive, financial services, heavy equipment and mining
contracting operations.
Automotive
Net income increased by 33% to US$379 million, reflecting higher
sales volumes .
-- The wholesale car market increased by 7% to 506,000 units in
the first half. Astra's car sales were 7% higher at 278,000 units,
with its market share marginally higher at 55%.
-- The wholesale market for motorcycles increased by 43% to 3.2
million units in the first half. Astra Honda motorcycle sales were
56% higher at 2.6 million units, as the low base in the previous
year was affected by production constraints caused by semiconductor
supply issues. Correspondingly, Astra Honda's market share
increased from 73% to 80%.
-- Components business, Astra Otoparts, reported an 85% increase
in net profit to US$53 million, mainly due to higher revenue from
the original equipment manufacturer segment.
Financial Services
Net income increased by 32% to US$255 million due to higher
contributions from Astra's consumer finance businesses.
-- Consumer finance businesses saw a 27% increase in the amounts
financed to US$4.0 billion. The net income contribution from the
car-focused finance companies increased by 36% to US$75 million,
and the contribution from the motorcycle-focused financing business
increased by 30% to US$135 million, mainly due to larger loan
portfolios and lower loan loss provisions.
-- General insurance company, Asuransi Astra Buana, reported a
9% increase in net income to US$46 million due to higher
underwriting income.
Heavy Equipment, Mining, Construction and Energy
Net income increased by 11% to US$459 million, mainly due to
improved profits from heavy equipment sales and mining contracting
which continued to benefit from elevated coal prices.
-- Komatsu heavy equipment sales increased by 9% to 3,100 units,
while its parts and service business revenue was also higher.
-- Mining contracting operations reported an 18% increase in
coal production at 59 million tonnes and a 20% increase in
overburden removal volume at 524 million bank cubic metres.
-- Coal mining subsidiaries reported an 11% increase in coal
sales to 6.4 million tonnes, including 1.3 million tonnes of
metallurgical coal.
-- Agincourt Resources saw 24% lower gold sales at 110,000 oz.
-- General contractor, Acset Indonusa, reported a lower net loss
of US$4 million compared to a net loss of US$8 million in the same
period last year.
Agribusiness
Net income decreased by 55% to US$19 million, mainly due to
lower crude palm oil prices, partly cushioned by higher sales.
Infrastructure and Logistics
Astra's infrastructure and logistics division reported a 42%
increase in net profit to US$33 million, mainly due to improved
traffic volumes in its toll road businesses. Astra has 396km of
operational toll roads along the Trans-Java network and in the
Jakarta Outer Ring Road .
THACO
THACO contributed a US$15 million profit, 72% lower compared to
the same period last year. THACO's automotive profits were
significantly reduced, as Vietnam's automotive market overall was
impacted by weaker economic and consumer sentiments, and greater
competitive pressure.
Direct Motor Interests
The Group's Direct Motor Interests contributed US$35 million
profit, 22% up compared to the same period last year.
-- C ycle & Carriage Singapore's contribution was flat
against the same period last year, mainly due to lower car sales
volumes amidst a tightened COE cycle, partly offset by higher
aftersales throughput volumes. Despite new car sales volumes were
13% down, overall market share increased from 19% to 20%.
-- In Indonesia, Tunas Ridean contributed US$19 million, 30%
higher than the same period last year, supported by improved
operating volumes across i ts automotive, financial services and
leasing businesses.
-- Cycle & Carriage Bintang in Malaysia contributed a profit
of US$6 million, 91% higher than the same period last year. New car
sales volumes were 21% up at strong margins, supported by the
government sales tax exemption, which expired in March.
Other Strategic Interests
The Group's Other Strategic Interests contributed a US$29
million profit, 15% down compared to the same period last year.
-- The contribution from Siam City Cement was US$9 million, 41%
lower than the previous year, as it continued to be adversely
impacted by high energy costs.
-- Based on its first-quarter results, REE's contribution of
US$11 million was 16% higher than the previous year, mainly due to
higher earnings from its water treatment and distribution
businesses, and an increase in JC&C's shareholding.
-- The Group's investment in Vinamilk produced a dividend income
of US$9 million, similar to the previous year, with the business
reporting an 8% decrease in net profit, mainly due to high raw
material costs.
Corporate Costs
Corporate costs were US$38 million compared to US$57 million in
the same period last year, as foreign exchange losses from the
translation of foreign currency loans decreased from US$35 million
to US$7 million. This foreign exchange impact was, however, offset
by a US$11 million increase in net financing charges.
Dividend
The Board has declared an interim one-tier tax-exempt dividend
of USc28 per share (2022: USc28 per share) for the half-year ended
30th June 2023.
Outlook
While economic uncertainties remain, the Group expects progress
to continue into the second half of the year .
Ben Keswick
Chairman
CORPORATE PROFILE
Jardine Cycle & Carriage ("JC&C" or "the Group") is the
investment holding company of the Jardine Matheson Group
("Jardines") in Southeast Asia. Listed on the Mainboard of the
Singapore Exchange and a constituent of the Straits Times Index,
the Group is 76.8%-owned by Jardines.
By investing in the region's market leaders, we aim to deliver
sustainable growth to create evermore opportunities for the people
and communities of Southeast Asia. Together with our subsidiaries
and associates, JC&C provides over 240,000 jobs across the
region.
A diversified portfolio
n Astra (50.1%-owned), a prominent Indonesian group
participating in automotive, financial services, heavy equipment,
mining, construction & energy, agribusiness, infrastructure, IT
and property.
n THACO (26.6%-owned), Vietnam's fast growing business group
with market leading positions in automotive, real estate and
agriculture.
n Direct Motor Interests making up an extensive dealership
network through the Cycle & Carriage businesses in Singapore
(100%-owned), Malaysia (97.0%-owned), and Myanmar (60%-owned), and
Tunas Ridean (49.9%-owned) in Indonesia.
n Other Strategic Interests comprising Refrigeration Electrical
Engineering Corporation (34.4%-owned) in Vietnam with interests in
power and utilities including renewable energy, property
development and office leasing, and mechanical & electrical
engineering; Siam City Cement (25.5%-owned) operating in Thailand,
Vietnam, Sri Lanka, Cambodia and Bangladesh; and Vinamilk
(10.6%-owned), the leading dairy producer in Vietnam.
For more information on JC&C and our businesses, visit
www.jcclgroup.com .
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 2023 to be false or misleading in
any material aspect.
On behalf of the Board of Directors
Ben Keswick
Director
Steven Phan
Director
28th July 2023
Jardine Cycle & Carriage Limited
Consolidated Profit and Loss Account for the six months ended
30th June 2023
--------------------------------------------------------------
2023 2022 Change
Note US$m US$m %
Revenue (1) 2 11,685.6 10,680.5 9
Net operating costs 3 (10,023.7) (9,128.5) 10
Operating profit 3 1,661.9 1,552.0 7
---------- ---------
Financing income 76.5 57.6 33
Financing charges (2) (108.0) (82.2) 31
Net financing charges (31.5) (24.6) 28
Share of associates' and joint
ventures' results after tax 354.6 320.7 11
Profit before tax 1,985.0 1,848.1 7
Tax 4 (377.4) (359.9) 5
Profit after tax 1,607.6 1,488.2 8
========== =========
Profit attributable to:
Shareholders of the Company 648.3 487.5 33
Non-controlling interests 959.3 1,000.7 -4
1,607.6 1,488.2 8
========== =========
USc USc
Earnings per share:
- basic 6 164 123 33
- diluted 6 164 123 33
(1) Higher revenue was mainly due to higher sales from Astra's
automotive, and heavy equipment and mining contracting operations,
as well as Direct Motor Interests.
(2) Increase in financing charges was mainly due to higher interest cost.
Jardine Cycle & Carriage Limited
Consolidated Statement of Comprehensive Income for the six months
ended 30th June 2023
------------------------------------------------------------------
2023 2022
US$m US$m
Profit for the year 1,607.6 1,488.2
Items that will not be reclassified to
profit and loss:
Translation difference 363.6 (300.8)
Remeasurements of defined benefit pension
plans - 0.7
Tax relating to items that will not be
reclassified 0.2 (0.2)
Share of other comprehensive income/(expense)
of
associates and joint ventures, net of
tax (0.2) 1.4
363.6 (298.9)
------- -------
Items that may be reclassified subsequently
to profit and loss:
Translation difference
- gain/(loss) arising during the year 263.0 (280.9)
Financial assets at FVOCI (1)
- gain/(loss) arising during the year 1.0 (12.0)
- transfer to profit and loss - (1.9)
1.0 (13.9)
Cash flow hedges
- gain arising during the year 5.1 25.7
Tax relating to items that may be reclassified (1.1) (5.5)
Share of other comprehensive income of
associates and joint ventures, net of
tax 5.1 74.1
273.1 (200.5)
------- -------
Other comprehensive income/(expense) for
the year 636.7 (499.4)
Total comprehensive income for the year 2,244.3 988.8
======= =======
Attributable to:
Shareholders of the Company 915.9 233.4
Non-controlling interests 1,328.5 755.4
2,244.3 988.8
======= =======
(1) Fair value through other comprehensive income ("FVOCI")
Jardine Cycle & Carriage Limited
Consolidated Balance Sheet at 30th June 2023
---------------------------------------------
At At
30.06.2023 31.12.2022
Note US$m US$m
Non-current assets
Intangible assets 1,757.8 1,675.4
Right-of-use assets 745.0 733.2
Property, plant and equipment 4,193.8 3,692.4
Investment properties 478.2 455.9
Bearer plants 490.3 464.7
Interests in associates and
joint ventures 4,739.0 4,576.1
Non-current investments 2,241.1 2,128.9
Non-current debtors 3,531.4 3,041.5
Deferred tax assets 466.6 404.0
18,643.2 17,172.1
---------- ----------
Current assets
Current investments 55.3 18.2
Properties for sale 511.2 400.2
Stocks 2,197.6 2,130.2
Current debtors 5,963.1 5,495.2
Current tax assets 60.1 69.2
Bank balances and other liquid
funds
- non-financial services companies 3,179.4 3,645.7
- financial services companies 410.0 372.4
3,589.4 4,018.1
12,376.7 12,131.1
---------- ----------
Total assets 31,019.9 29,303.2
---------- ----------
Non-current liabilities
Non-current creditors 175.2 154.5
Non-current provisions 228.0 207.3
Non-current lease liabilities 226.2 87.6
Long-term borrowings 8
- non-financial services companies 1,667.4 1,575.5
- financial services companies 1,674.9 1,532.4
3,342.3 3,107.9
Deferred tax liabilities 324.7 385.9
Pension liabilities 366.5 337.9
4,662.9 4,281.1
---------- ----------
Current liabilities
Current creditors 6,206.0 5,276.9
Current provisions 108.5 107.2
Current lease liabilities 75.5 68.0
Current borrowings 8
- non-financial services companies 735.6 1,177.4
- financial services companies 2,065.9 1,662.9
2,801.5 2,840.3
Current tax liabilities 196.2 280.2
9,387.7 8,572.6
---------- ----------
Total liabilities 14,050.6 12,853.7
---------- ----------
Net assets 16,969.3 16,449.5
========== ==========
Equity
Share capital 9 1,381.0 1,381.0
Revenue reserve 10 8,055.4 7,737.1
Other reserves 11 (1,710.6) (1,978.3)
---------- ----------
Shareholders' funds 7,725.8 7,139.8
Non-controlling interests 12 9,243.5 9,309.7
---------- ----------
Total equity 16,969.3 16,449.5
========== ==========
Jardine Cycle & Carriage Limited
Consolidated Statement of Changes in Equity for the six months
ended 30th June 2023
Attributable to shareholders of the
Company
Fair
value Attributable
Asset and to non-
Share Revenue evaluation Translation 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$m
2023
Balance at 1st
January 1,381.0 7,737.1 404.8 (2,397.3) 14.2 7,139.8 9,309.7 16,449.5
Total
comprehensive
income - 648.1 - 263.0 4.7 915.8 1,328.5 2,244.3
Dividends paid
by
the Company - (330.1) - - - (330.1) - (330.1)
Dividends
declared/paid
to
non-controlling
Interests - - - - - - (1,482.3) (1,482.3)
Issue of shares
to
non-controlling
interests - - - - - - 86.7 86.7
Change in
shareholding - 0.3 - - - 0.3 1.4 1.7
Other - - - - - - (0.5) (0.5)
Balance at 30th
June 1,381.0 8,055.4 404.8 (2,134.3) 18.9 7,725.8 9,243.5 16,969.3
======= ======== ========== =========== ======== ======= ============ =========
2022
Balance at 1st
January 1,381.0 7,374.3 404.7 (1,774.6) (17.2) 7,368.2 9,027.1 16,395.3
Total
comprehensive
income - 488.9 - (280.9) 25.4 233.4 755.4 988.8
Dividends paid
by
the Company - (247.2) - - - (247.2) - (247.2)
Dividends
declared/paid
to
non-controlling
interests - - - - - - (418.7) (418.7)
Issue of shares
to
non-controlling
interests - - - - - - 3.2 3.2
Change in
shareholding - (3.6) - - - (3.6) (3.1) (6.7)
Other - - (0.3) - - (0.3) (0.2) (0.5)
Balance at 30th
June 1,381.0 7,612.4 404.4 (2,055.5) 8.2 7,350.5 9,363.7 16,714.2
======= ======== ========== =========== ======== ======= ============ =========
Jardine Cycle & Carriage Limited
Company Balance Sheet at 30th June 2023
----------------------------------------
At At
Note 30.06.2023 31.12.2022
US$m US$m
Non-current assets
Property, plant and equipment 33.1 33.6
Interests in subsidiaries 1,421.3 1,432.7
Interests in associates and
joint ventures 857.4 864.3
Non-current investment 230.4 197.6
2,542.2 2,528.2
---------- ----------
Current assets
Current debtors 1,092.3 1,115.4
Bank balances and other liquid
funds 62.0 72.6
1,154.3 1,188.0
---------- ----------
Total assets 3,696.5 3,716.2
---------- ----------
Non-current liabilities
Long-term borrowings 695.1 877.5
Deferred tax liabilities 6.1 6.2
701.2 883.7
---------- ----------
Current liabilities
Current creditors 292.1 118.4
Current borrowings 250.0 660.0
Current tax liabilities 2.1 1.7
544.2 780.1
---------- ----------
Total liabilities 1,245.4 1,663.8
---------- ----------
Net assets 2,451.1 2,052.4
========== ==========
Equity
Share capital 9 1,381.0 1,381.0
Revenue reserve 10 757.3 337.1
Other reserves 11 312.8 334.3
Total equity 2,451.1 2,052.4
========== ==========
Net asset value per share US$6.20 US$5.19
Jardine Cycle & Carriage Limited
Company Statement of Comprehensive Income for the six months
ended 30th June 2023
-------------------------------------------------------------
2023 2022
US$m US$m
Profit for the year 750.3 213.6
Items that may be reclassified subsequently
to
profit and loss:
Translation difference
- loss arising during the year (21.5) (62.9)
Other comprehensive income/(expense) for
the year (21.5) (62.9)
Total comprehensive income for the year 728.8 150.7
====== ======
Jardine Cycle & Carriage Limited
Company Statement of Changes in Equity for the six months ended
30th June 2023
----------------------------------------------------------------
Share Revenue Translation Total
Note capital reserve reserve equity
US$m US$m US$m US$m
2023
Balance at 1st January 1,381.0 337.1 334.3 2,052.4
Total comprehensive income/(expense) - 750.3 (21.5) 728.8
Dividends paid 5 - (330.1) - (330.1)
Balance at 30th June 1,381.0 757.3 312.8 2,451.1
======= ======= =========== =======
2022
Balance at 1st January 1,381.0 474.1 326.2 2,181.3
Total comprehensive income/(expense) - 213.6 (62.9) 150.7
Dividends paid 5 - (247.1) - (247.1)
Balance at 30th June 1,381.0 440.6 263.3 2,084.9
======= ======= =========== =======
Jardine Cycle & Carriage Limited
Consolidated Statement of Cash Flows for the six months ended
30th June 2023
--------------------------------------------------------------
2023 2022
Note US$m US$m
Cash flows from operating activities
Cash generated from operations 15 2,019.3 1,805.0
Interest paid (49.9) (58.1)
Interest received 75.1 56.5
Other finance costs paid (31.8) (4.3)
Income tax paid (588.8) (401.3)
(595.4) (407.2)
Dividends received from associates
and joint
ventures (net) 374.1 335.8
---------- ----------
(221.3) (71.4)
Net cash flows from operating activities 1,798.0 1,733.6
Cash flows from investing activities
Sale of property, plant and equipment 247.1 22.9
Sale of investments 67.4 139.9
Purchase of intangible assets (69.0) (60.2)
Additions to right-of-use assets (4.6) (2.9)
Purchase of property, plant and equipment (702.5) (281.8)
Purchase of investment properties (0.1) (0.2)
Additions to bearer plants (16.8) (18.2)
Purchase of associates and joint ventures (36.0) (70.3)
Purchase of investments (154.0) (289.3)
Net cash flows from investing activities (668.5) (560.1)
Cash flows from financing activities
Drawdown of loans 2,539.4 1,519.5
Repayment of loans (2,457.4) (1,725.2)
Principal elements of lease payments (51.7) (35.7)
Changes in controlling interests in
subsidiaries 1.7 (6.7)
Investments by non-controlling interests 86.7 3.2
Dividends paid to non-controlling
interests (1,479.3) (412.8)
Dividends paid by the Company (330.1) (247.2)
Net cash flows from financing activities (1,690.7) (904.9)
Net change in cash and cash equivalents (561.2) 268.6
Cash and cash equivalents at the beginning
of the year 4,018.1 4,588.8
Effect of exchange rate changes 131.7 (142.5)
Cash and cash equivalents at the end
of the year (1) 3,588.6 4,714.9
========== ==========
(1) 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
30th June 2023
------------------------------------------------------------
1 Basis of preparation
The condensed interim financial statements for the six months
ended 30th June 2023 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 2022.
There have been no changes to the accounting policies described in
the 2022 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$1=S$ 1.3553 (2022: US$1=S$ 1.3445
), US$1=RM 4.6797 (2022: US$1=RM 4.4125 ), US$1=IDR 15,000 (2022:
US$1=IDR 15,731 ), US$1=VND 23,572 (2022: US$1=VND 23,627 ) and
US$1=THB 35.655 (2022: US$1= THB 34.560 ).
The exchange rates used for translating the results for the
period are US$1=S$ 1.3385 (2022: US$1=S$ 1.3687 ), US$1=RM 4.481
(2022: US$1=RM 4.2868 ), US$1=IDR 15,006 (2022: US$1=IDR 14,495 ),
US$1=VND 23,545 (2022: US$1=VND22,958) and US$1=THB 34.419 (2022:
US$1=THB 33.856 ).
Interpretations and amendments to published standard effective
in 2023
A number of new standards and amendments were effective from 1st
January 2023. The more important standards and amendments
applicable to the Group are as follows:
IFRS 17 Insurance Contracts (effective from 1st January
2023)
The standard covers recognition, measurement, presentation and
disclosure for insurance contracts and is applicable to the Group's
insurance businesses in Indonesia. Under IFRS 17, all profits are
recognised in the profit and loss over the life of the contracts as
insurance services are provided. Prior to 2023, for certain
insurance contracts, profits were recognised in the profit and loss
on initial recognition of the contracts. The different timing of
profit recognition will result in an increase in liabilities upon
adoption of IFRS 17. A portion of profits, previously recognised
and accumulated in equity, prior to 2023, will now be recorded as
liability under IFRS 17.
Amendments to IAS 12-Deferred Tax related to Assets and
Liabilities arising from a Single Transaction (effective from 1st
January 2023)
The amendment requires deferred tax to be recognised on
transactions that, on initial recognition, give rise to equal
amounts of taxable and deductible temporary differences. They
typically apply to transactions such as leases of lessees and
decommissioning obligations and require the recognition of
additional deferred tax assets and liabilities.
Amendments to IAS 12-International Tax Reform - Pillar Two Model
Rules (effective for annual reporting period commencing on or after
1st January 2023)
The amendment provides a temporary mandatory exception from
deferred tax accounting in respect of Pillar Two income taxes and
certain additional disclosure requirements.
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
2022.
2 Revenue
Direct
Motor
Astra Interests Total
US$m US$m US$m
Group
2023
Property 22.5 - 22.5
Motor vehicles 4,331.1 859.4 5,190.5
Financial services 948.0 - 948.0
Heavy equipment, mining, construction
and energy 4,562.2 - 4,562.2
Other 962.4 - 962.4
10,826.2 859.4 11,685.6
======== ========= ========
From contracts with customers:
Recognised at a point in time 9,597.0 831.6 10,428.6
Recognised over time 147.6 24.5 172.1
9,744.6 856.1 10,600.7
From other sources:
Rental income from investment properties 7.2 - 7.2
Revenue from financial services
companies 948.0 - 948.0
Other 126.4 3.3 129.7
1,081.6 3.3 1,084.9
10,826.2 859.4 11,685.6
======== ========= ========
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
======== ========= ========
3 Net operating costs and operating profit
Group
2023 2022 Change
US$m US$m %
Cost of sales (9,134.8) (8,270.0) 10
Other operating income 220.1 204.7 10
Selling and distribution expenses (439.2) (438.2) 0
Administrative expenses (618.8) (574.3) 8
Other operating expenses (51.0) (50.7) 12
Net operating costs (10,023.7) (9,128.5) 10
========== =========
Operating profit is determined
after including:
Amortisation/depreciation of:
- intangible assets (66.2) (67.1) -1
- right-of-use assets (74.5) (63.5) 17
- property, plant and equipment (359.5) (341.9) 5
- bearer plants (14.9) (14.3) 4
(Impairment)/write-back of:
- property, plant and equipment 0.5 0.1 >100
- debtors (52.3) (89.0) -41
Fair value gain/(loss) on:
- investments (1) 9.1 96.7 -91
- agricultural produce 1.2 (0.1) nm
- derivative not qualifying as
hedge 0.1 0.1 0
Profit/(loss) on disposal of:
- intangible assets - (0.3) > -100
- property, plant and equipment
(2) 70.9 11.3 >100
- investments 0.5 1.6 -69
Loss on disposal/write-down of
receivables from
collateral vehicles (22.6) (22.8) -1
Write-down of stocks, net (5.0) (1.7) >100
Net exchange loss (30.6) (31.2) -2
Dividend and interest income from
investments 46.1 41.6 11
========== =========
nm - not meaningful
(1) Fair value gain relates mainly to equity investments in
GoTo, Hermina, Vinamilk and Toyota Motor Corporation.
(2) Profit on disposal of property, plant and equipment includes
US$65 million gain from sale and leaseback of properties.
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 2023 of USc28 (2022: USc28)
per share amounting to a total of US$110.7 million (2022: US$110.7
million) is declared by the Board. These financial statements do
not reflect this dividend payable, which will be accounted for in
shareholders' equity as an appropriation of retained earnings in
the six months ending 30th June 2023.
Group and Company
2023 2022
US$m US$m
Final one-tier tax exempt dividend in
respect of previous year of
USc83 per share (2022: in respect of 2021
of USc62) 330.1 247.1
========= ========
6 Earnings per share
Group
2023 2022
US$m US$m
Basic earnings per share
Profit attributable to shareholders 648.3 487.5
Weighted average number of ordinary shares
in issue (millions) 395.2 395.2
Basic earnings per share USc164 USc123
====== ======
Diluted earnings per share USc164 USc123
====== ======
Underlying earnings per share
Underlying profit attributable to shareholders 583.3 522.4
Weighted average number of ordinary shares
in issue (millions) 395.2 395.2
Basic underlying earnings per share USc148 USc132
====== ======
Diluted underlying earnings per share USc148 USc132
====== ======
As at 30th June 2023 and 2022, there were no dilutive potential
ordinary shares in issue.
A reconciliation of the profit attributable to shareholders and
underlying profit attributable to shareholders is as follows:
Group
2023 2022
US$m US$m
Profit attributable to shareholders 648.3 487.5
Less:
Non-trading items (net of tax and non-controlling
interests)
----- ------
Fair value changes of agricultural produce
and livestock 0.3 -
Fair value changes of investments (0.3) (34.9)
Gain on sale and leaseback of properties 65.0 -
65.0 (34.9)
Underlying profit attributable to shareholders 583.3 522.4
===== ======
Non-trading items are separately identified to provide greater
understanding of the Group's underlying business performance. Items
classified as non-trading items include fair value gains or losses
on revaluation of investment properties, agricultural produce and
equity investments which are measured at fair value through profit
and loss; gains and losses arising from the sale of businesses,
investments and properties; impairment of non-depreciable
intangible assets and other investments; provisions for closure of
businesses; acquisition-related costs in business combinations; and
other credits and charges of a non-recurring nature that require
inclusion in order to provide additional insight into the Group's
underlying business performance.
7 Financial Instruments
Financial instruments by category
The fair values of financial assets and financial liabilities,
together with carrying amounts at 30th June 2023 and 31st December
2022 are as follows:
Fair
value
through Fair value Financial
Fair value profit through assets Other Total
of other at
hedging and comprehensive amortised financial carrying Fair
instruments loss income costs liabilities amount value
US$m US$m US$m US$m US$m US$m US$m
At 30.06.2023
Financial
assets
measured
at fair value
Other investments
- equity
investments - 1,437.7 - - - 1,437.7 1,437.7
- debt investments - - 858.7 - - 858.7 858.7
Derivative
financial
instruments 33.4 - - - - 33.4 33.4
33.4 1,437.7 858.7 - - 2,329.8 2,329.8
=========== ======= ============== ========== =========== ========== ==========
Financial
assets not
measured
at fair value
Debtors - - - 8,153.4 - 8,153.4 7,608.9
Bank balances - - - 3,589.4 - 3,589.4 3,589.4
- - - 11,742.8 - 11,742.8 11,198.3
=========== ======= ============== ========== =========== ========== ==========
Financial
liabilities
measured
at fair value
Derivative
financial
instruments (8.7) - - - - (8.7) (8.7)
Contingent
consideration
payable - (8.8) - - - (8.8) (8.8)
(8.7) (8.8) - - - (17.5) (17.5)
=========== ======= ============== ========== =========== ========== ==========
Financial
liabilities
not
measured
at fair value
Borrowings
excluding
lease liabilities - - - - (6,143.8) (6,143.8) (6,188.3)
Lease liabilities - - - - (301.7) (301.7) (301.7)
Creditors
excluding
non-financial
liabilities - - - - (4,715.6) (4,715.6) (4,715.6)
- - - - (11,161.1) (11,161.1) (11,205.6)
=========== ======= ============== ========== =========== ========== ==========
At 31.12.2022
Financial
assets
measured
at fair value
Other investments
- equity
investments - 1,384.3 - - - 1,384.3 1,384.3
- debt investments - - 762.8 - - 762.8 762.8
Derivative
financial
instruments 119.8 0.2 - - - 120.0 120.0
119.8 1,384.5 762.8 - - 2,267.1 2,267.1
=========== ======= ============== ========== =========== ========== ==========
Financial
assets not
measured
at fair value
Debtors - - - 7,353.7 - 7,353.7 6,957.6
Bank balances - - - 4,018.1 - 4,018.1 4,018.1
- - - 11,371.8 - 11,371.8 10,975.7
=========== ======= ============== ========== =========== ========== ==========
Financial
liabilities
measured
at fair value
Derivative
financial
instruments (2.0) (0.4) - - - (2.4) (2.4)
Contingent
consideration
payable - (8.8) - - - (8.8) (8.8)
(2.0) (9.2) - - - (11.2) (11.2)
=========== ======= ============== ========== =========== ========== ==========
Financial
liabilities
not
measured
at fair value
Borrowings
excluding
lease liabilities - - - - (5,948.2) (5,948.2) (5,925.7)
Lease liabilities - - - - (155.6) (155.6) (155.6)
Creditors
excluding
non-financial
liabilities - - - - (3,936.2) (3,936.2) (3,936.2)
- - - - (10,040.0) (10,040.0) (10,017.5)
=========== ======= ============== ========== =========== ========== ==========
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 30.06.2023
Assets
Other investments
- equity investments 1,209.6 - 228.1 1,437.7
- debt investments 858.7 - - 858.7
2,068.3 - 228.1 2,296.4
Derivative financial instruments
at fair value
- through other comprehensive
income - 33.4 - 33.4
2,068.3 33.4 228.1 2,329.8
======= ============ ============ =======
Liabilities
Contingent consideration
payable - - (8.8) (8.8)
Derivative financial instruments
at fair value
- through other comprehensive
income - (8.7) - (8.7)
- (8.7) (8.8) (17.5)
======= ============ ============ =======
At 31.12.2022
Assets
Other investments
- equity investments 1,177.6 - 206.7 1,384.3
- debt investments 762.8 - - 762.8
1,940.4 - 206.7 2,147.1
Derivative financial instruments
at fair value
- through other comprehensive
income - 119.8 - 119.8
- through profit and loss - 0.2 - 0.2
1,940.4 120.0 206.7 2,267.1
======= ===== ===== =======
Liabilities
Contingent consideration
payable - - (8.8) (8.8)
Derivative financial instruments
at fair value
- through other comprehensive
income - (2.0) - (2.0)
- through profit and loss - (0.4) - (0.4)
- (2.4) - (2.4)
- (2.4) (8.8) (11.2)
======= ===== ===== =======
There were no transfers among the three categories during the
six months ended 30th June 2023 and the year ended 31st December
2022.
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
30.06.2023 31.12.2022
US$m US$m
Long-term borrowings:
- secured 6.4 7.1
- unsecured 3,335.9 3,100.8
3,342.3 3,107.9
---------- ----------
Current borrowings:
- secured 50.6 44.1
- unsecured 2,750.9 2,796.2
2,801.5 2,840.3
---------- ----------
Total borrowings 6,143.8 5,948.2
========== ==========
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$ 53.3 million (31st December 2022:
US$ 40 .5 million).
9 Share capital
Group
2023 2022
US$m US$m
Six months ended 30th June
Issued and fully paid:
Balance at 1st January and 30th June
- 395,236,288 (2022: 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
2023 ( 30th June 2022: Nil) and did not have any unissued shares
under convertibles as at 30th June 2023 ( 30th June 2022: Nil).
There were no subsidiary holdings (as defined in the Listing
Rules of the SGX-ST) as at 30th June 2023 ( 30th June 2022:
Nil).
10 Revenue reserve
Group Company
2023 2022 2023 2022
US$m US$m US$m US$m
Movements :
Balance at 1st January 7,737.1 7,374.3 337.1 474.1
Defined benefit pension plans
- remeasurements - 0.3 - -
- deferred tax - (0.1) - -
Share of associates' and
joint ventures'
remeasurements of defined
benefit
pension plans, net of tax (0.2) 1.2 - -
Profit attributable to shareholders 648.3 487.5 750.3 213.6
Dividends paid by the Company (330.1) (247.2) (330.1) (247.1)
Change in shareholding 0.3 (3.6) - -
Balance at 30th June 8,055.4 7,612.4 757.3 440.6
======= ======= ======= =======
11 Other reserves
Group Company
2023 2022 2023 2022
US$m US$m US$m US$m
Composition :
Asset revaluation reserve 404.8 404.4 - -
Translation reserve (2,134.3) (2,055.5) 312.8 263.3
Fair value reserve 6.5 9.8 - -
Hedging reserve 9.1 (4.9) - -
Other reserve 3.3 3.3 - -
Balance at 30th June (1,710.6) (1,642.9) 312.8 263.3
========= ========= ====== ======
Movements :
Asset revaluation reserve
Balance at 1st January 404.8 404.7 - -
Other - (0.3) - -
Balance at 30th June 404.8 404.4 - -
========= ========= ====== ======
Translation reserve
Balance at 1st January (2,397.3) (1,774.6) 334.3 326.2
Translation difference 263.0 (280.9) (21.5) (62.9)
Balance at 30th June (2,134.3) (2,055.5) 312.8 263.3
========= ========= ====== ======
Fair value reserve
Balance at 1st January 5.8 16.5 - -
Financial assets at FVOCI
- fair value changes 0.5 (5.8) - -
- transfer to profit and
loss - (0.9) - -
Share of associates' and
joint ventures' fair
value changes of financial
assets at
FVOCI, net of tax 0.2 - - -
Balance at 30th June 6.5 9.8 - -
========= ========= ====== ======
Hedging reserve
Balance at 1st January 5.1 (37.0) - -
Cash flow hedges
- fair value changes 2.4 11.1 - -
- deferred tax (0.5) (2.4) - -
Share of associates' and
joint ventures' fair
value changes of cash flow
hedges,
net of tax 2.1 23.4 - -
Balance at 30th June 9.1 (4.9) - -
========= ========= ====== ======
Other reserve
Balance at 1st January and
30th June 3.3 3.3 - -
========= ========= ====== ======
12 Non-controlling interests
Group
2023 2022
US$m US$m
Balance at 1st January 9,309.7 9,027.1
Financial assets at FVOCI
- fair value changes 0.5 (6.2)
- deferred tax - 0.1
- transfer to profit and loss - (1.0)
0.5 (7.1)
Share of associates' and joint ventures' fair
value changes of
financial assets at FVOCI, net of tax 0.2 -
Cash flow hedges
--------- -------
- fair value changes 2.7 14.6
- deferred tax (0.6) (3.2)
--------- -------
2.1 11.4
Share of associates' and joint ventures' fair
value changes of
cash flow hedges, net of tax 2.6 50.7
Defined benefit pension plans
- remeasurements - 0.4
- deferred tax 0.2 (0.1)
0.2 0.3
Share of associates' and joint ventures' remeasurements
of
defined benefit pension plans, net of tax - 0.2
Translation difference 363.6 (300.8)
Profit for the year 959.3 1,000.7
Issue of shares to non-controlling interests 86.7 3.2
Dividends paid (1,482.3) (418.7)
Change in shareholding 1.4 (3.1)
Other (0.5) (0.2)
Balance at 30th June 9,243.5 9,363.7
========= =======
13 Related party transactions
The following significant related party transactions took place
during the six months ended 30th June:
Group
2023 2022
US$m US$m
(a) With associates and joint ventures:
Purchase of goods and services (3,206.5) (2,765.6)
Sale of goods and services 1,312.5 1,030.2
Commission and incentives earned 5.2 3.2
Bank deposit and balances 16.5 -
Interest received 9.3 8.7
========= =========
(b) With related companies and
associates of ultimate holding
company:
Management fees paid (2.6) (2.7)
Purchase of goods and services (85.7) (1.7)
Sale of goods and services 0.7 0.9
========= =========
(c) Remuneration of directors of the
Company and key management
personnel of the Group:
Salaries and other short-term
employee benefits 5.7 5.9
========= =========
14 Commitments
C apital expenditure authorised for at the balance sheet date,
but not recognised in the financial statements is as follows:
Group
At At
30.06.2023 31.12.2022
US$m US$m
Authorised and contracted 182.0 178.8
Authorised but not contracted 289.5 294.6
471.5 473.4
========== ==========
15 Cash flows from operating activities
Group
2023 2022
US$m US$m
Profit before tax 1,985.0 1,848.1
Adjustments for:
Financing income (76.5) (57.6)
Financing charges 108.0 82.2
Share of associates' and joint ventures' results
after tax (354.6) (320.7)
Amortisation/depreciation of:
- intangible assets 66.2 67.1
- right-of-use assets 74.5 63.5
- property, plant and equipment 359.5 341.9
- bearer plants 14.9 14.3
Impairment/(write-back of impairment) of:
- property, plant and equipment (0.5) (0.1)
- debtors 52.3 89.0
Fair value (gain)/loss on:
- investment (9.1) (96.7)
- agricultural produce (1.2) 0.1
- derivative not qualifying as hedge (0.1) (0.1)
(Profit)/loss on disposal of:
- intangible assets - 0.3
- property, plant and equipment (70.9) (11.3)
- investments (0.5) (1.6)
Loss on disposal/write-down of receivables
from collateral vehicles 22.6 22.8
Amortisation of borrowing costs for financial
services companies 4.3 4.4
Write-down of stocks 5.0 1.7
Changes in provisions 14.5 10.0
Foreign exchange (gain)/loss (15.4) 53.8
193.0 263.0
Operating profit before working capital changes 2,178.0 2,111.1
Changes in working capital:
Properties for sale (91.5) 6.1
Stocks (1) (48.2) (332.2)
Concession rights (22.1) (5.6)
Financing debtors (317.2) (209.7)
Debtors (2) (423.8) (600.3)
Creditors (3) 731.6 820.5
Pensions 12.5 15.1
(158.7) (306.1)
Cash flows from operating activities 2,019.3 1,805.0
======= =======
(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 2023 mainly included US$25.6 million for
Astra's investment in PT Equinix Indonesia JKT, US$2.3 million in
PT Aisin Indonesia and US$8.1 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 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.
(b) Changes in controlling interests in subsidiaries
Change in controlling interests of subsidiaries for the six
months ended 30th June 2023 included an inflow of US$0.7 million
and US$1.0 million for Astra's decrease in interest in PT Astra
Auto Digital and PT Suprabari Mapanindo Mineral, respectively.
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.
(c) Sale and leaseback of assets held by Cycle & Carriage
Industries Pte Ltd ("CCI")
CCI entered into a sale-and-leaseback agreement with third
parties in respect of its properties in Singapore. The properties
mainly comprise leasehold land and buildings used as showrooms,
service centres, workshops, and warehouses. The leaseback duration
would be 10 to 15 years with options to renew for two of the
properties. The sale-and-leaseback agreement allowed the Group to
unlock the value of its real estate assets held through CCI, of
which the net proceeds of US$225 million was re-deployed to reduce
the Company's debt. Gains arising from the sale-and-leaseback
transaction amounted to US$65 million.
17 Segment Information
Operating segments are identified on the basis of internal
reports about components of the Group that are regularly reviewed
by the Board for the purpose of resource allocation and performance
assessment. The Board considers Astra as one operating segment
because it represents a single direct investment made by the
Company. Decisions for resource allocation and performance
assessment of Astra are made by the Board of the Company while
resource allocation and performance assessment of the various Astra
businesses are made by the board of Astra, taking into
consideration the opinions of the Board of the Company. THACO is
identified as another operating segment based on the scale of its
businesses, and the Board considered the information useful to the
readers of the financial statement. Direct Motor Interests are
aggregated into one reportable segment based on the similar
automotive nature of their products and services, while Other
Strategic Interests, comprising the Group's strategic investment
portfolio, are aggregated into another reportable segment based on
their exposure to market-leading companies in key regional
economies. Set out below is an analysis of the segment
information.
Underlying business performance
-------------------------------------------------
Direct Other Non-
Motor Strategic Corporate trading
Astra THACO Interests Interests costs items Group
US$m US$m US$m US$m US$m US$m US$m
6 months ended
30th June 2023
Revenue 10,826.2 - 859.4 - - - 11,685.6
Net operating
costs (9,259.0) - (832.7) 9.0 (16.2) 75.2 (10,023.7)
Operating profit 1,567.2 - 26.7 9.0 (16.2) 75.2 1,661.9
Financing income 72.7 - 0.8 - 3.0 - 76.5
Financing charges (78.5) - (5.6) - (23.9) - (108.0)
Net financing
charges (5.8) - (4.8) - (20.9) - (31.5)
Share of associates'
and joint
ventures' results
after tax 300.9 14.7 18.2 20.8 - - 354.6
Profit before
tax 1,862.3 14.7 40.1 29.8 (37.1) 75.2 1,985.0
Tax (367.9) - (5.1) (1.0) (1.2) (2.2) (377.4)
Profit after tax 1,494.4 14.7 35.0 28.8 (38.3) 73.0 1,607.6
Non-controlling
interests (951.1) - (0.2) - - (8.0) (959.3)
Profit attributable
to
Shareholders 543.3 14.7 34.8 28.8 (38.3) 65.0 648.3
======= ==========
As at 30.06.2023
Net cash/(debt)
(excluding
net debt of financial
services companies) 1,700.9 - (49.0) - (875.5) 776.4
Total equity 15,522.0 672.0 363.7 661.9 (250.2) 16,969.4
========= ===== ========= ========= ========= ==========
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 31.12.2022
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
========= ===== ========= ========= ========= ==========
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 non-current assets, by
geographical areas:
Indonesia Other Total
US$m US$m US$m
Non-current assets
as at
30.06.2023 10,919.5 1,484.6 12,404.1
31.12.2022 10,102.5 1,495.2 11,597.7
Non-current assets excluded financial instruments and deferred
tax assets. Indonesia is disclosed separately as a geographical
area as most of the customers are based in Indonesia.
18 Interested person transactions
Aggregate
value of all
interested
person
transactions
(excluding
transactions
less than
S$100,000
and
transactions
conducted
under
shareholders'
mandate
pursuant
to Rule 920)
--------------
Aggregate
value of all
interested
person
transactions
conducted
under
shareholders'
mandate pursuant
to Rule 920
(excluding
transactions
less than
S$100,000)
-------------- ------------------
Name of interested person Nature of US$m US$m
and relationship
nature of transaction
Six months ended 30th
June 2023
Jardine Matheson Limited Associate of
the
Company's
controlling
shareholder
* Management support services - 2.4
* Business support services (including HR support and
management, and internal audit and risk management) - 0.1
Jardine Matheson & Co., Associate of
Ltd the
Company's
controlling
shareholder
* Human resource and administrative services - 0.3
Jardine Engineering (S) Associate of
Pte Ltd the
Company's
controlling
shareholder
* Air conditioner maintenance services - 0.3
The Dairy Farm Company Associate of
Ltd the
Company's
controlling
shareholder
* Data analytics services - 0.1
Jardine Matheson Limited Associate of
the
Company's
controlling
shareholder
* Digital and innovation services 0.3 -
Hongkong Land (Unicode) Associate of
the
Company's
controlling
shareholder
Investments Limited
* Subscription of shares in an associate 21.1 -
PT Astra Land Indonesia Associate of
the
Company's
controlling
shareholder
* Issuance of shares in a joint venture 21.1 -
Mandarin Oriental Holdings Associate of
B.V. the
Company's
controlling
shareholder
* Sale of shares in a subsidiary 12.5 -
Mandarin Oriental Hotel Associate of
Group Ltd the
Company's
controlling
shareholder
* Sale of receivables under a shareholder loan
agreement 8.8 -
-------------- ------------------
63.8 3.2
============== ==================
19 Additional information
Group
2023 2022 +/-
US$m US$m %
Astra International
Automotive 173.6 128.4 35
Financial services 127.3 100.1 27
Heavy equipment, mining, construction &
energy 228.8 212.2 8
Agribusiness 9.4 22.3 -58
Infrastructure & logistics 16.8 12.2 38
Information technology 1.7 0.8 >100
Property 2.3 2.5 -8
559.9 478.5 17
Less: Withholding tax on dividend (16.6) (13.8) -20
543.3 464.7 17
------ ------
THACO
Automotive 12.2 55.6 -78
Real estate (2.4) (0.1) >-100
Agriculture (0.4) (7.9) 95
Other 5.3 4.7 13
------ ------
14.7 52.3 -72
------ ------
Direct Motor Interests
Singapore 11.6 11.4 2
Malaysia 6.1 3.2 91
Myanmar (1.1) - nm
Indonesia (Tunas Ridean) 19.0 14.6 30
Less: central overheads (0.8) (0.7) -14
34.8 28.5 22
------ ------
Other Strategic Interests
Siam City Cement 8.9 15.0 -41
REE 10.9 9.4 16
Vinamilk 9.0 9.3 -3
28.8 33.7 -15
------ ------
Corporate costs
Central overheads (13.8) (13.9) 1
Dividend income from other investments 3.1 2.6 19
Net financing charges (20.8) (10.8) -93
Exchange differences (6.8) (34.7) 80
(38.3) (56.8) 33
------ ------
Underlying profit attributable to shareholders 583.3 522.4 12
====== ======
20 Dividend and closure of books
The Board has declared an interim one-tier tax exempt dividend
of USc28 per share (2022: USc28 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
Wednesday, 6th September 2023 ("Record Date") up to, and including
Thursday, 7th September 2023 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 Friday, 6th October
2023.
21 Subsequent Events
In July, Astra invested US$100 million in new and existing
shares in Halodoc, a leading digital health ecosystem platform in
Indonesia, bringing its total investment to US$135 million and
ownership to 21.04%.
In July, Astra, signed an agreement to acquire 100% interest of
Tokobagus, a company operating a leading classifieds platform in
Indonesia under the OLX brand. Completion of this transaction is
subject to the fulfilment of certain conditions precedent.
No significant event or transaction other than as contained in
this report has occurred between 1st July 2023 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 PPUWCMUPWGPR
(END) Dow Jones Newswires
July 28, 2023 08:48 ET (12:48 GMT)
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