TIDMJDS TIDMJAR

RNS Number : 4999Q

Jardine Strategic Hldgs Ltd

26 February 2021

To: Business Editor 26th February 2021

For immediate release

Jardine Cycle & Carriage Limited

2020 Financial Statements and Dividend Announcement

The following announcement was issued today by the Company's 75%-owned subsidiary, Jardine Cycle & Carriage Limited.

For further information, please contact:

Jardine Matheson Limited

Joey Ho (65) 9765 0717

Brunswick Group Limited

Ben Fry (65) 9017 9886

26th February 2021

JARDINE CYCLE & CARRIAGE LIMITED

2020 FINANCIAL STATEMENTS AND DIVID ANNOUNCEMENT

Highlights

   --     Underlying profit 50% lower at US$429 million 

-- Significantly weaker performances from Astra's automotive, financial services and heavy equipment and mining operations

-- Direct Motor Interests performance affected by lower profitability in Cycle & Carriage Singapore and Tunas Ridean

   --     Other Strategic Interests performance relatively stable 

-- Proposed final dividend of USc34 per share, total dividend of USc43 per share for the year, 51% lower than 2019

"Jardine Cycle & Carriage's full-year performance reflected the impact of the COVID-19 pandemic, particularly in the second quarter when movement restrictions were in place in the markets where we operate. Some of the Group's businesses began to see improvements in performance over the second half of the year, but full-year results for most of them were lower compared to the previous year.

The Group continues to operate in challenging conditions and uncertainty remains about the duration of the pandemic. We expect these conditions to continue for some time and it is too early to predict what the impact of the pandemic will be on the Group's performance in 2021. "

Ben Keswick, Chairman

Group Results

 
                                        Year ended 31st December 
 
                                     2020     2019    Change     2020 
                                     US$m     US$m         %      S$m 
--------------------------------  -------  -------  --------  ------- 
 Revenue                           13,234   18,591       -29   18,225 
 Underlying profit attributable 
  to 
 shareholders (#)                     429      863       -50      591 
 Non-trading items^                   111       18        nm      153 
 Profit attributable 
  to shareholders                     540      881       -39      744 
 Shareholders' funds                6,974    6,860         2    9,217 
--------------------------------  -------  -------  --------  ------- 
                                      USc      USc                 Sc 
--------------------------------  -------  -------  --------  ------- 
 Underlying earnings 
  per share (#)                       109      218       -50      150 
 Earnings per share                   137      223       -39      188 
 Dividend per share                    43       87       -51       57 
                                      US$      US$                 S$ 
                                  -------  -------  -------- 
 Net asset value per 
  share                             17.65    17.36              23.33 
--------------------------------  -------  -------  --------  ------- 
 

The exchange rate of US$1 =S$1.32 (31st December 2019: US$1=S$1.35) was used for translating assets and liabilities at the balance sheet date, and US$1=S$1.38 (2019: US$1=S$1.36) was used for translating the results for the period. The financial results for the year ended 31st December 2020 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 5 to the condensed financial statements. Management considers this to be a key performance measurement which enhances the understanding of the Group's underlying business performances.

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

CHAIRMAN'S STATEMENT

Overview

The full year performance of Jardine Cycle & Carriage ("JC&C" or "the Group") reflected the continuing challenging conditions it faced as a result of the pandemic.

Astra contributed US$309 million to the Group's underlying profit in the year, 57% lower than the previous year, reflecting weaker performance s from its automotive, financial services and heavy equipment and mining operations.

The underlyin g profit from Direct Motor Interests was 78% lower at US$14 million, mainly due to lower contributions from Cycle & Carriage Singapore and Tunas Ridean.

Other Strategic Interests contributed an underlying profit of US$120 million, down 5% from the previous year. Truong Hai Auto Corporation's ("Thaco") automotive business was adversely affected by lockdown restrictions in the second quarter, but performance has since improved.

Corporate costs were US$14 million, down from US$42 million in the previous year, primarily due to lower net financing charges and higher foreign exchange gains from the translation of foreign currency loans.

The Group's underlying profit attributable to shareholders was 50% lower than the previous year at US$429 million. After accounting for non-trading items, profit attributable to shareholders was US$540 million, 39% lower than the previous year. The non-trading items recorded in the year included a US$188 million gain on the disposal of Astra's investment in Permata Bank and unrealised fair value gains related to non-current investments. These gains in non-trading items were partly offset by an impairment loss of US$182 million in respect of the Group's investment in Siam City Cement due to challenging market conditions over several years.

The Group's financial position remains strong, with shareholders' funds of US$6,974 million and a net asset value per share of US$17.65 at the year-end. Consolidated net debt, excluding Astra's financial services subsidiaries, was US$0.9 billion at the end of December 2020, compared to US$3.0 billion at the end of 2019, mainly due to the receipt of proceeds from the disposal of Astra's investment in Permata Bank.

Net debt within Astra's financial services subsidiaries decreased from US$3.3 billion to US$2.8 billion. JC&C parent company's net debt was US$1.5 billion, similar to the previous year-end.

Strategic Developments

In May 2020, Astra completed the sale of its 44.6% interest in Permata Bank for sale proceeds of US$1.1 billion.

In September 2020, Acset Indonusa, a subsidiary of United Tractors, raised US$102 million from a rights issue to reduce debt and to strengthen its capital structure. Following the rights issue, United Tractors' ownership in Acset Indonusa increased from 50.1% to 64.8%.

In November 2020, Astra acquired a 100% stake for US$45 million in Jakarta Marga Jaya, which owns 35% of Marga Lingkar Jakarta, the operator of the 7.7km Kebon Jeruk-Ulujami toll road as part of the Jakarta Outer Ring Road I.

In November 2020, Astra acquired a further 50% of Astra Aviva Life (now Asuransi Jiwa Astra) from Aviva International Holdings Limited for US$95 million, which brought its ownership to 100%.

Dividends

The Board is recommending a final one-tier tax-exempt dividend of USc34 per share (2019: USc69 per share) which, together with the interim dividend, will produce a total dividend for the year of USc43 per share (2019: USc87 per share).

People

On behalf of the Board, I would like to express our gratitude to our 240,000 employees across the region for their continuing hard work and dedication in this challenging business environment.

Mr Mark Greenberg has stepped down from the Board after more than 14 years. He has also served as a member of the Audit Committee. On behalf of the Board, I would like to record our appreciation for his valuable contribution to the Group.

I am delighted to welcome Ms Tan Yen Yen, who joined the Board in January 2021 as an independent director. She has extensive experience in the area of technology, and we look forward to the contribution she will bring to the Group.

Outlook

The Group continues to operate in challenging conditions and uncertainty remains about the duration of the pandemic. We expect these conditions to continue for some time and it is too early to predict what the impact of the pandemic will be on the Group's performance in 2021.

Ben Keswick

Chairman

GROUP MANAGING DIRECTOR'S REVIEW

Group Review

The Group's structure comprises three business pillars: (i) Astra; (ii) Direct Motor Interests ("DMI"), which consists of the Group's non-Astra automotive businesses; and (iii) Other Strategic Interests. The contribution to JC&C's underlying profit attributable to shareholders by business segment was as follows:

 
                                    Contribution to JC&C's underlying 
                                     profit 
                                          Year ended 31st December 
--------------------------------   -------------------------------------- 
 
                                          2020        2019         Change 
   Business segments                      US$m        US$m              % 
--------------------------------   -----------  ----------  ------------- 
 Astra                                     309         716            -57 
 Direct Motor Interests                     14          63            -78 
 Other Strategic Interests                 120         126             -5 
 Corporate Costs                          (14)        (42)            -66 
 Underlying profit attributable 
  to shareholders                          429         863            -50 
                                   -----------  ----------  ------------- 
 

Astra

Astra contributed US$309 million to JC&C's underlying profit, 57% down from the previous year. Excluding the gain on disposal of its investment in Permata Bank, Astra r eported a net profit equivalent to US$702 million under Indonesian accounting standards, 53% lower in its local currency terms than the same period last year. There were weaker performances from its automotive, financial services, and heavy equipment and mining divisions .

Automotive

Net income fell by 68 % to US$185 million, reflecting a significant drop in sales volume. After suffering a net loss in the second quarter, the automotive division saw a return to profitability in the second half of the year, following a partial easing of the pandemic containment measures. Key points were as follows:

-- The wholesale car market declined by 48% to 532,000 units in 2020. Astra's car sales were 50% lower at 270,000 units, reflecting a slight decline in market share. 16 new models and 18 revamped models were launched in the year.

-- The wholesale market for motorcycles declined by 44% to 3.7 million units in 2020. Astra's Honda motorcycle sales fell by 41% to 2.9 million units but it saw an increase in market share. Five new models and 11 revamped models were launched in the year.

-- Components business, Astra Otoparts, reported a net income of less than US$1 million, compared to US$52 million in 2019, mainly due to lower revenues from the original equipment manufacturer, replacement market and export segments.

Financial Services

Net income from financial services fell by 44% to US$226 million, primarily due to increased loan loss provision s to cover higher non-performing loan losses in the consumer and heavy equipment-focused finance businesses . Key points were as follows:

-- Consumer finance businesses saw a 23% decrease in the amounts financed to US$4.6 billion. The net income contribution from the car-focused finance companies decreased by 46% to US$55 million, while the contribution from the motorcycle-focused financing business fell by 42% to US$105 million, in both cases due to higher loan loss provisioning, as non-performing loans increased.

-- Heavy equipment-focused finance operations saw a 17% decrease in the amounts financed to US$246 million, with the net income contribution from this business down 59% to US$3 million.

-- General insurance company, Asuransi Astra Buana, reported a 16% decrease in net income to US$62 million, caused by lower underwriting income.

Heavy Equipment, Mining, Construction & Energy

Net income decreased by 49% to US$234 million, mainly due to lower heavy equipment sales and mining contracting volume, caused by weaker coal prices for most of the year. Key points were as follows:

   --    United Tractors reported a 47% decrease in net income to US$410 million. 

-- Komatsu heavy equipment sales fell by 47% to 1,564 units, and parts and service revenues were also lower.

-- Mining contracting operations reported 17% lower overburden removal volume at 825 million bank cubic metres and 13% lower coal production at 115 million tonnes.

-- Coal mining subsidiaries achieved 9% higher coal sales at 9.3 million tonnes, including 1.9 million tonnes of coking coal sales, but profits were affected by lower coal prices.

   --    Agincourt Resources saw 22% lower gold sales at 320,000 oz. 

-- General contractor, Acset Indonusa, reported a net loss of US$90 million, mainly due to the slowdown of several ongoing projects and reduced project opportunities.

Infrastructure & Logistics

Net income from Astra's infrastru c ture and logistics division decreased from US$21 million to US$3 million, due to lower toll road revenues and lower operating margins in Serasi Autoraya. Key points were as follows:

-- Traffic volumes were 12% lower. Astra has interests in almost 358km of operational toll roads along the Trans-Java network and in the Jakarta Outer Ring Road.

-- Serasi Autoraya's net income decreased by 55% to US$8 million, mainly due to lower operating margins in its car rental business and lower used car sales, despite a 2% increase in vehicles under contract at 23,000 units.

Agribusiness

Net income from Agribusiness increased significantly to US$45 million, mainly as a result of a 28% increase in average crude palm oil prices, which offset a 14% decline in crude palm oil and derivative sales.

Direct Motor Interests

Direct Motor Interests faced challenging trading conditions during the year and made a reduced contribution of US$14 million to the Group's underlying profit, 78% lower than the prior year. Key points were as follows:

-- C ycle & Carriage Singapore contributed US$19 million, 68% down from the previous year, due to lower sales and weaker margins. Passenger car sales fell by 44% to 7,572 units and market share was reduced from 19% to 17%.

-- In Indonesia, Tunas Ridean's contribution of US$1 million was 94% lower. Its automotive business saw reduced sales, while its consumer finance operations were adversely impacted by lower lending volumes and increased loan provisioning.

-- Cycle & Carriage Bintang in Malaysia contributed a loss of US$1 million, compared to a loss of US$6 million in 2019. Despite challenging trading conditions, the financial performance of the business benefited from improved sales in the second half of the year due to a sales tax reduction, as well as cost savings initiatives.

Other Strategic Interests

Other Strategic Interests contributed US$120 million to the Group's underlying profit, 5% down on the previous year. Key points were as follows:

-- Thaco contributed US$39 million, which included an adjustment of US$7 million in respect of its 2019 results. Excluding the adjustment, the profit contribution would have been US$46 million, 9% up from the previous year. Thaco's automotive business contributed US$39 million, this was impacted by lower margins attributable mainly to difficult market conditions in the first half of the year as a result of the pandemic, but was partly offset by higher unit sales for the full year. Thaco's real estate business contributed US$7 million, compared to US$2 million in the previous year as sales resumed on the back of a market recovery, while its new venture in the agriculture sector contributed a loss of US$8 million.

-- Siam City Cement's contribution of US$24 million was 3% higher than the previous year. Margins benefited from improved operational efficiencies, which helped to offset the decline in sales.

-- The contribution of US$21 million from REE was 13% higher than the previous year, due to a stronger contribution from real estate and the effect of an increase in the Group's shareholding to 29.8%, partly offset by weaker performances from its hydropower investments and its M&E business.

-- The Group's investment in Vinamilk delivered dividend income of US$37 million, compared to US$36 million in the previous year. Vinamilk's 2020 profit was 5% higher in local currency ter ms as its export business continued to grow, while its domestic dairy segment remained relatively stable.

Corporate Costs

Corporate costs were US$14 million, compared to US$42 million in the previous year, which improved the overall underlying profit of the Group. This was primarily due to lower net financing charges and higher foreign exchange gains from the translation of foreign currency loans.

Summary

The operating environment remains uncertain and trading conditions are expected to remain challenging for some time. The Group remains confident, however, in the long-term economic prospects for Southeast Asia and it will remain focused on delivering its strategic objectives.

Ben Birks

Group Managing Director

CORPORATE PROFILE

Jardine Cycle & Carriage is the investment holding company of the Jardine Matheson Group in Southeast Asia. JC&C seeks to grow with Southeast Asia by investing in market leading businesses based on the themes of urbanisation and the emerging consumer class. The Group works closely with its businesses to enable them to achieve their potential and to elevate their communities.

The Group has a 50.1% interest in Astra, a diversified group in Indonesia, which is also the largest independent automotive group in Southeast Asia.

JC&C also has significant interests in Vietnam, including 26.6% in Truong Hai Auto Corporation, 29.8% in Refrigeration Electrical Engineering Corporation and 10.6% in Vinamilk. Its 25.5%-owned Siam City Cement also has a presence in South Vietnam, in addition to operating in Thailand, Sri Lanka, Cambodia and Bangladesh.

The other investments in JC&C's portfolio are the Cycle & Carriage businesses in Singapore, Malaysia and Myanmar, and 46.2%-owned Tunas Ridean in Indonesia. These motor businesses are managed by Jardine International Motors.

JC&C is a leading Singapore-listed company, 75%-owned by the Jardine Matheson Group. Together with its subsidiaries and associates, JC&C employs around 240,000 people across Southeast Asia.

 
 Jardine Cycle & Carriage Limited 
  Consolidated Profit and Loss Account for the year ended 31st 
  December 2020 
-------------------------------------------------------------- 
 
 
                                           2020         2019   Change 
                              Note         US$m         US$m        % 
 
 Revenue (1)                     3     13,234.2     18,591.1      -29 
 Net operating costs             2   (11,717.0)   (16,394.7)      -29 
 
 Operating profit                       1,517.2      2,196.4      -31 
 
 Financing income                         121.6         93.0       31 
 Financing charges (2)                  (258.6)      (362.7)      -29 
                                    -----------  ----------- 
 Net financing charges                  (137.0)      (269.7)      -49 
 Share of associates' 
  and joint 
   ventures' results after 
    tax                                   100.2        622.3      -84 
 
 Profit before tax                      1,480.4      2,549.0      -42 
 Tax                                    (234.8)      (573.5)      -59 
 
 Profit after tax                3      1,245.6      1,975.5      -37 
                                    ===========  =========== 
 
 Profit attributable 
  to: 
 Shareholders of the 
  Company                                 540.3        881.4      -39 
 Non-controlling interests                705.3      1,094.1      -36 
 
                                        1,245.6      1,975.5      -37 
                                    ===========  =========== 
 
                                            USc          USc 
---------------------------  -----  -----------  -----------  ------- 
 Earnings per share              5          137          223      -39 
---------------------------  -----  -----------  -----------  ------- 
 

(1) Lower revenue was mainly due to lower sales in Astra's automotive and heavy equipment, mining, construction and energy businesses, as well as Direct Motor Interests;

(2) Decrease in financing charges was mainly due to lower interest rates and lower level of net debt

 
 Jardine Cycle & Carriage Limited 
  Consolidated Statement of Comprehensive Income for the year 
  ended 31st December 2020 
------------------------------------------------------------- 
 
 
                                                     2020      2019 
                                                     US$m      US$m 
 
 Profit for the year                              1,245.6   1,975.5 
 
 
 Items that will not be reclassified 
  to profit or loss: 
                                                 --------  -------- 
 
  Asset revaluation 
 - surplus during the year                            1.1       0.2 
 
 Remeasurements of defined benefit 
  pension plans                                    (15.5)    (29.7) 
 
 Tax on items that will not be reclassified           1.3       6.9 
 
 Share of other comprehensive income/(expense) 
  of 
   associates and joint ventures, net 
    of tax                                         (11.2)    (14.1) 
                                                           -------- 
                                                   (24.3)    (36.7) 
 
 Items that may be reclassified subsequently 
  to profit or loss: 
 Translation difference 
 - gain/(loss) arising during the 
  year                                            (160.7)     501.1 
 
 Financial assets at FVOCI(1) 
 - gain arising during the year                      19.1      20.2 
 - transfer to profit and loss                        1.9     (1.0) 
 
 Cash flow hedges 
 - loss arising during the year                    (45.9)   (130.1) 
 - transfer to profit and loss                        2.8       1.6 
 
 Tax relating to items that may be 
  reclassified                                        4.8      31.3 
 
 Share of other comprehensive income/(expense) 
  of 
   associates and joint ventures, net 
    of tax                                         (56.8)    (43.6) 
                                                  (234.8)     379.5 
 
 Other comprehensive income/(expense) 
  for the year                                    (259.1)     342.8 
 
 Total comprehensive income for the 
  year                                              986.5   2,318.3 
                                                 ========  ======== 
 
 Attributable to: 
 
 Shareholders of the Company                        427.3   1,064.2 
 
 Non-controlling interests                          559.2   1,254.1 
 
                                                    986.5   2,318.3 
                                                 ========  ======== 
 

(1) Fair value through other comprehensive income ("FVOCI")

 
 Jardine Cycle & Carriage Limited 
  Consolidated Balance Sheet at 31st December 2020 
-------------------------------------------------- 
 
 
                                                      At           At 
                                       Note   31.12.2020   31.12.2019 
                                                    US$m         US$m 
 Non-current assets 
 Intangible assets                               1,816.9      1,802.0 
 Right-of-use assets                               832.4        872.5 
 Property, plant and equipment                   4,243.2      4,718.2 
 Investment properties                             532.2        543.2 
 Bearer plants                                     496.7        502.9 
 Interests in associates and 
  joint ventures                                 4,032.6      5,067.3 
 Non-current investments                         2,283.9      2,105.9 
 Non-current debtors                             2,846.8      2,826.7 
 Deferred tax assets                               370.8        359.2 
                                             -----------  ----------- 
                                                17,455.5     18,797.9 
                                             -----------  ----------- 
 Current assets 
 Current investments                                60.4         28.8 
 Properties for sale                               390.2        398.7 
 Stocks                                          1,320.2      1,907.1 
 Current debtors                                 4,676.9      5,891.2 
 Current tax assets                                111.4        204.9 
 Bank balances and other liquid 
  funds 
                                             -----------  ----------- 
 - non-financial services companies              3,095.1      1,588.0 
 - financial services companies                    402.5        255.8 
                                             -----------  ----------- 
                                                 3,497.6      1,843.8 
                                             -----------  ----------- 
                                                10,056.7     10,274.5 
                                             -----------  ----------- 
 
 Total assets                                   27,512.2     29,072.4 
                                             -----------  ----------- 
 
 Non-current liabilities 
 Non-current creditors                             278.4        324.4 
 Provisions                                        186.3        163.4 
 Non-current lease liabilities                      79.7         93.7 
 Long-term borrowings                   7 
                                             -----------  ----------- 
 - non-financial services companies              1,719.3      1,923.7 
 - financial services companies                  1,246.0      1,696.9 
                                             -----------  ----------- 
                                                 2,965.3      3,620.6 
 Deferred tax liabilities                          343.5        416.5 
 Pension liabilities                               389.4        330.9 
                                             -----------  ----------- 
                                                 4,242.6      4,949.5 
                                             -----------  ----------- 
 Current liabilities 
 Current creditors                               3,534.9      4,307.8 
 Current provisions                                115.9        108.6 
 Current lease liabilities                          65.2         56.9 
 Current borrowings                     7 
                                             -----------  ----------- 
 - non-financial services companies              2,229.3      2,712.5 
 - financial services companies                  1,930.4      1,852.6 
                                             -----------  ----------- 
                                                 4,159.7      4,565.1 
 Current tax liabilities                            87.3        100.0 
                                             -----------  ----------- 
                                                 7,963.0      9,138.4 
                                             -----------  ----------- 
 
 Total liabilities                              12,205.6     14,087.9 
                                             -----------  ----------- 
 
 Net assets                                     15,306.6     14,984.5 
                                             ===========  =========== 
 
 Equity 
 Share capital                          8        1,381.0      1,381.0 
 Revenue reserve                        9        6,937.7      6,720.0 
 Other reserves                         10     (1,344.6)    (1,240.9) 
                                             -----------  ----------- 
 Shareholders' funds                             6,974.1      6,860.1 
 Non-controlling interests              11       8,332.5      8,124.4 
                                             -----------  ----------- 
 Total equity                                   15,306.6     14,984.5 
                                             ===========  =========== 
 

Jardine Cycle & Carriage Limited

Consolidated Statement of Changes in Equity for the year ended 31st December 2020

 
                                   Attributable to shareholders of the Company 
 
                                                                                         Attributable 
                                                                                                   to 
                                                                                                 non- 
                                                                                          controlling 
                                                                                            interests 
 
                                                                        Fair 
                                                                       value 
                                              Asset                      and 
                      Share   Revenue   revaluation   Translation      other                               Total 
                    capital   reserve       reserve       reserve   reserves     Total                    equity 
                       US$m      US$m          US$m          US$m       US$m      US$m           US$m       US$m 
 2020 
 Balance at 
  1st January       1,381.0   6,720.0         403.4     (1,611.0)     (33.3)   6,860.1        8,124.4   14,984.5 
 Total 
  comprehensive 
  income                  -     529.4             -        (72.7)     (29.4)     427.3          559.2      986.5 
 Dividends paid 
  by the Company          -   (311.2)             -             -          -   (311.2)              -    (311.2) 
 Dividends paid 
  to 
  non-controlling 
  interests               -         -             -             -          -         -        (390.6)    (390.6) 
 Issue of shares 
  to 
  non-controlling 
  interests               -         -             -             -          -         -           38.9       38.9 
 Change in 
  shareholding            -     (0.8)             -             -          -     (0.8)            0.8          - 
 Others                   -       0.3             -             -      (1.6)     (1.3)          (0.2)      (1.5) 
 Balance at 
  31st December     1,381.0   6,937.7         403.4     (1,683.7)     (64.3)   6,974.1        8,332.5   15,306.6 
                   ========  ========  ============  ============  =========  ========  =============  ========= 
 
 2019 
 Balance at 
  1st January       1,381.0   6,202.4         403.3     (1,852.5)        9.6   6,143.8        7,342.1   13,485.9 
 Total 
  comprehensive 
  income                  -     865.5           0.1         241.5     (42.9)   1,064.2        1,254.1    2,318.3 
 Dividends paid 
  by the Company          -   (347.3)             -             -          -   (347.3)              -    (347.3) 
 Dividends paid 
  to 
  non-controlling 
  interests               -         -             -             -          -         -        (497.7)    (497.7) 
 Issue of shares 
  to 
  non-controlling 
  interests               -         -             -             -          -         -           28.6       28.6 
 Change in 
  shareholding            -     (0.6)             -             -          -     (0.6)          (2.5)      (3.1) 
 Acquisition 
  of subsidiaries         -         -             -             -          -         -          (0.2)      (0.2) 
 Balance at 
  31st December     1,381.0   6,720.0         403.4     (1,611.0)     (33.3)   6,860.1        8,124.4   14,984.5 
                   ========  ========  ============  ============  =========  ========  =============  ========= 
 
 
 Jardine Cycle & Carriage Limited 
  Company Balance Sheet at 31st December 2020 
--------------------------------------------- 
 
 
                                                 At           At 
                                  Note   31.12.2020   31.12.2019 
                                               US$m         US$m 
 
 Non-current assets 
 Property, plant and equipment                 34.1         34.6 
 Interests in subsidiaries                  1,412.2      1,380.8 
 Interests in associates 
  and joint ventures                          998.2      1,169.5 
 Non-current investment                       223.0        205.1 
                                        ----------- 
                                            2,667.5      2,790.0 
                                        -----------  ----------- 
 
 Current assets 
 Current debtors                            1,157.0      1,181.8 
 Bank balances and other 
  liquid funds                                 46.5         42.7 
                                        -----------  ----------- 
                                            1,203.5      1,224.5 
                                        -----------  ----------- 
 
 Total assets                               3,871.0      4,014.5 
                                        -----------  ----------- 
 
 Non-current liabilities 
 Deferred tax liabilities                       6.3          6.2 
                                        ----------- 
                                                6.3          6.2 
                                        -----------  ----------- 
 
 Current liabilities 
 Current creditors                             65.2         74.7 
 Current borrowings                         1,569.1      1,529.4 
 Current tax liabilities                        1.8          1.6 
                                        ----------- 
                                            1,636.1      1,605.7 
                                        -----------  ----------- 
 
 Total liabilities                          1,642.4      1,611.9 
                                        -----------  ----------- 
 
 Net assets                                 2,228.6      2,402.6 
                                        ===========  =========== 
 
 Equity 
 Share capital                       8      1,381.0      1,381.0 
 Revenue reserve                     9        471.7        683.6 
 Other reserves                     10        375.9        338.0 
                                        -----------  ----------- 
 Total equity                               2,228.6      2,402.6 
                                        ===========  =========== 
 
 
 Net asset value per share                  US$5.64      US$6.08 
 
 
 Jardine Cycle & Carriage Limited 
  Company Statement of Comprehensive Income for the year ended 
  31st December 2020 
-------------------------------------------------------------- 
 
 
                                        2020    2019 
                                        US$m    US$m 
 
 Profit for the year                    99.3   358.3 
 
 Item s that may be reclassified 
  subsequently to profit or loss: 
                                      ------  ------ 
 Translation difference 
 - gain arising during the year         37.9    32.7 
 
 
 Other comprehensive income for the 
  year                                  37.9    32.7 
 
 Total comprehensive income for the 
  year                                 137.2   391.0 
                                      ======  ====== 
 
 
 Jardine Cycle & Carriage Limited 
  Company Statement of Changes in Equity for the year ended 
  31st December 2020 
----------------------------------------------------------- 
 
 
                                Share    Revenue   Translation      Total 
                              capital    reserve       reserve     equity 
                                 US$m       US$m          US$m       US$m 
 
 2020 
 Balance at 1st January       1,381.0      683.6         338.0    2,402.6 
 
 Total comprehensive 
  income                            -       99.3          37.9      137.2 
 
 Dividends paid                     -    (311.2)             -    (311.2) 
 
 Balance at 31st December     1,381.0      471.7         375.9    2,228.6 
                            =========  =========  ============  ========= 
 
 
 2019 
 Balance at 1st January       1,381.0      672.6         305.3    2,358.9 
 
 Total comprehensive 
  income                            -      358.3          32.7      391.0 
 
 Dividends paid                     -    (347.3)             -    (347.3) 
 
 Balance at 31st December     1,381.0      683.6         338.0    2,402.6 
                            =========  =========  ============  ========= 
 
 
 Jardine Cycle & Carriage Limited 
  Consolidated Statement of Cash Flows for the year ended 
  31st December 2020 
--------------------------------------------------------- 
 
 
                                                      2020       2019 
                                           Note       US$m       US$m 
Cash flows from operating activities 
Cash generated from operations               12    3,002.1    2,315.0 
 
Interest paid                                      (215.5)    (243.4) 
Interest received                                    112.0       86.8 
Other finance costs paid                            (68.4)    (119.2) 
Income tax paid                                    (361.7)    (780.0) 
                                                            --------- 
                                                   (533.6)  (1,055.8) 
Dividends received from associates 
 and joint ventures (net)                            285.9      453.1 
                                                 ---------  --------- 
 
                                                   (247.7)    (602.7) 
                                                 ---------  --------- 
 
Net cash flows from operating activities           2,754.4    1,712.3 
 
Cash flows from investing activities 
                                                 ---------  --------- 
Sale of intangible assets                              0.6          - 
Sale of right-of-use assets                              -        1.9 
Sale of property, plant and equipment                 34.4       26.8 
Sale of investment properties                            -        0.2 
Sale of subsidiaries, net of cash 
 disposed                                                -        0.8 
Sale of associate and joint venture                1,138.3        3.2 
Sale of investments                                  444.8      292.3 
Purchase of intangible assets                       (96.5)    (154.2) 
Purchase of right-of-use assets                     (18.1)     (41.2) 
Purchase of property, plant and 
 equipment                                         (309.4)    (837.6) 
Purchase of investment properties                    (6.3)     (18.2) 
Additions to bearer plants                          (34.8)     (43.8) 
Purchase of subsidiaries, net of 
 cash acquired                                      (51.8)          - 
Purchase of associates and joint 
 ventures                                           (32.5)    (477.7) 
Purchase of investments                            (483.4)    (401.1) 
                                                 ---------  --------- 
 
Net cash flows used in investing 
 activities                                          585.3  (1,648.6) 
 
Cash flows from financing activities 
                                                 ---------  --------- 
Drawdown of loans                                  1,903.0    3,618.3 
Repayment of loans                               (2,865.8)  (2,869.6) 
Principal elements of lease payments               (133.8)     (91.0) 
Changes in controlling interests 
 in subsidiaries                                         -      (3.1) 
Investments by non-controlling interests              38.9       28.6 
Dividends paid to non-controlling 
 interests                                         (390.6)    (497.7) 
Dividends paid by the Company                      (311.2)    (347.3) 
                                                            --------- 
 
Net cash flows used in financing 
 activities                                      (1,759.5)    (161.8) 
 
 
Net change in cash and cash equivalents            1,580.2     (98.1) 
Cash and cash equivalents at the 
 beginning of the year                             1,843.4    1,881.5 
Effect of exchange rate changes                       74.0       60.0 
 
Cash and cash equivalents at the 
 end of the year(1)                                3,497.6    1,843.4 
                                                 =========  ========= 
 

(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 year ended 31st December 
  2020 
-------------------------------------------------------------------- 
 
   1      Basis of preparation 

The financial statements are consistent with those set out in the 2019 audited accounts which have been prepared in accordance with Singapore Financial Reporting Standards (International) ("SFRS(I)") and International Financial Reporting Standards ("IFRS"). There have been no changes to the accounting policies described in the 2019 audited accounts other than the following changes in relation to rent concessions and government grants. Other amendments which are effective in 2020 and relevant to the Group's operations, do not have a significant effect on the Group's accounting policies. The Group has not early adopted any other standard or amendments that have been issued but not yet effective.

COVID-19 Related Rent Concessions: Amendment to IFRS 16 Leases

The Group has applied the Amendment, which is effective for annual reporting periods beginning on and after 1st June 2020, for the Group's annual reporting period commencing 1st January 2020. Where the Group is a lessee, the practical expedient is applied to account for the change in lease payments resulting from rent concessions granted as a direct consequence of the COVID-19 pandemic and elects not to assess these concessions as lease modifications when all of the following conditions are met:

(i) the revised lease payments are substantially the same as, or less than, the consideration for the lease immediately preceding the change;

   (ii)   reduction in lease payments relates to payment due on or before 31st December 2021; and 

(iii) there is no substantive change to the other terms and conditions of the lease.

Rent concessions fulfilling the above conditions are recognised in the profit and loss over the period in which they cover.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group's accounting policies. Estimates and judgments used in preparing the financial statements are regularly evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results.

The exchange rates used for translating assets and liabilities at the balance sheet date are US$1= S$1.3216 (2019: US$1=S$1.3473), US$1= RM4.0245 (2019: US$1= RM4.0925), US$1= IDR14,105 (2019: US$1=IDR13,901), US$1= VND23,086 (2019: US$1= VND23,173) and US$1= THB29.920 (2019: US$1=THB29.863).

The exchange rates used for translating the results for the period are US$1= S$1.3771 (2019: US$1=S$1.3635), US$1= RM4.202 (2019: US$1= RM4.142), US$1= IDR14,647 (2019: US$1=IDR14,131), US$1= VND23,247 (2019: US$1= VND23,234) and US$1= THB31.309 (2019: US$1=THB30.938).

   2      Net operating costs and operating profit 
 
                                               Group 
 
                                            2020         2019   Change 
                                            US$m         US$m        % 
 Cost of sales                        (10,419.0)   (14,766.3)      -29 
 Other operating income                    827.2        379.0      118 
 Selling and distribution expenses       (933.8)      (838.7)       11 
 Administrative expenses               (1,065.2)    (1,105.9)       -4 
 Other operating expenses                (126.2)       (62.8)      101 
                                     -----------  ----------- 
 Net operating costs                  (11,717.0)   (16,394.7)      -29 
                                     ===========  =========== 
 
 
 Operating profit is determined 
  after including: 
 Amortisation/depreciation of 
 - intangible assets                      (126.7)   (136.6)     -7 
 - right-of-use assets                    (189.7)   (127.3)     49 
 - property, plant and equipment          (763.0)   (795.5)     -4 
 - bearer plants                           (26.7)    (27.1)     -1 
 Fair value changes of 
 - investment properties                      3.2       6.4    -50 
 - investments(1)                           113.4     (9.6)     nm 
 - agricultural produce                       5.8       4.8     21 
 - livestock                                (3.4)         -     nm 
 - derivative not qualifying as             (2.4)         - 
  hedges                                                        nm 
 Profit/(loss) on disposal of: 
 - intangible assets                        (1.3)     (0.1)     nm 
 - right-of-use assets                          -       2.3   -100 
 - property, plant and equipment             22.2       6.6    236 
 - associates and joint ventures(2)         428.5       0.5     nm 
 - investments                                1.7       3.5    -51 
 Loss on disposal/write-down of 
  receivables from collateral vehicles     (80.8)    (59.7)     35 
 Dividend and interest income 
  from investments                           88.8      97.6     -9 
 Write-down of stocks, net                 (14.3)    (33.5)    -57 
 (Impairment)/reversal of impairment 
  of 
                                           (33.9)         - 
   *    intangible assets                                       nm 
 
   *    right-of-use assets                     -     (9.3)   -100 
 
   *    property, plant and equipment       (9.4)     (2.1)    348 
 
   *    bearer plants                           -     (7.9)   -100 
 
   *    debtors(3)                        (361.4)   (111.6)    224 
 Net exchange gain/(loss)(4)                 20.2      12.9     57 
                                         ========  ======== 
 

nm - not meaningful

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

(2) Profit in 2020 relates mainly to the gain from disposal of Permata Bank

(3) Increase in impairment of debtors relates mainly to higher loss provision attributable to higher non-performing loan losses

(4) Net exchange gain relates mainly to the impact of revaluating monetary liabilities denominated in US dollars

   3      Revenue and Profit after tax 
 
                      Group 
 
                   2020       2019   Change 
                   US$m       US$m        % 
 Revenue: 
 - 1st half     6,594.6    9,157.1      -28 
 - 2nd half     6,639.6    9,434.0      -30 
              ---------  --------- 
               13,234.2   18,591.1      -29 
              =========  ========= 
 
 
 Profit after tax: 
 - 1st half             813.4     938.6   -13 
 - 2nd half             432.2   1,036.9   -58 
                     --------  -------- 
                      1,245.6   1,975.5   -37 
                     ========  ======== 
 
   4      Dividends 
 
                                           Group and Company 
                                              2020       2019 
                                              US$m       US$m 
 Dividend paid: 
 Final one-tier tax exempt dividend in 
  respect of previous year of                275.8      275.4 
 USc69 per share (2019: in respect of 
  2018 of USc69) 
 Interim one-tier tax exempt dividend 
  in respect of current year of               35.4       71.9 
 USc9 per share (2019: USc18) 
                                         ---------  --------- 
                                             311.2      347.3 
                                         =========  ========= 
 

The Board is recommending a final dividend of USc34 per share which, together with the interim dividend of USc9 per share , will give a total dividend for the year of USc43 per share.

   5      Earnings per share 
 
                                                        Group 
 
                                                     2020     2019 
                                                     US$m     US$m 
 Basic earnings per share 
 Profit attributable to shareholders                540.3    881.4 
 Weighted average number of ordinary 
  shares in issue (millions)                        395.2    395.2 
 Basic earnings per share                          USc137   USc223 
                                                  =======  ======= 
 Diluted earnings per share                        USc137   USc223 
                                                  =======  ======= 
 
 
 Underlying earnings per share 
 Underlying profit attributable to shareholders     429.1    863.1 
 Basic underlying earnings per share               USc109   USc218 
                                                  =======  ======= 
 Diluted underlying earnings per share             USc109   USc218 
                                                  =======  ======= 
 

As at 31st December 2019 and 2020, there were no dilutive potential ordinary shares in issue.

A reconciliation of the profit attributable to shareholders and underlying profit attributable to shareholders is as follows:

 
                                                        Group 
 
                                                      2020    2019 
                                                      US$m    US$m 
 
 Profit attributable to shareholders                 540.3   881.4 
 Less: Non-trading items (net of tax and non-controlling 
  interests) 
 Fair value changes of agricultural 
  produce and live stock                               0.7     1.4 
 Fair value changes of an investment 
  properties                                           0.8     3.3 
 Fair value changes of investments                   109.1   (6.8) 
 Impairment loss on associates and joint           (182.8)       - 
  ventures 
 Impairment loss on goodwill on subsidiaries         (8.5)       - 
 Net gain on disposal of interests in 
  associates and joint ventures                      188.3     0.2 
 Share of associate's negative goodwill 
  arising from business combination                      -    20.2 
 Others                                                3.6       - 
 
                                                     111.2    18.3 
                                                  --------  ------ 
 Underlying profit attributable to shareholders      429.1   863.1 
                                                  ========  ====== 
 

Non-trading items are separately identified to provide greater understanding of the Group's underlying business performance. Items classified as non-trading items include fair value gains or losses on revaluation of investment properties, agricultural produce and equity investments which are measured at fair value through profit and loss; gains and losses arising from the sale of businesses, investments and properties; impairment of non-depreciable intangible assets, associates and joint ventures 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.

   6      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. Set out below is an analysis of the segment information:

 
                                      Underlying businesses performance 
                  ------------------------------------------------------------------ 
                                          Direct             Other                              Non- 
                                           Motor         Strategic         Corporate         trading 
                         Astra         Interests         Interests             Costs           items         Group 
                          US$m              US$m              US$m              US$m            US$m          US$m 
2020 
Revenue               11,964.8           1,269.4                 -                 -               -      13,234.2 
Net operating 
 costs              (11,041.8)         (1,241.3)              36.7               8.8           520.6    (11,717.0) 
                  ------------  ----------------  ----------------  ----------------  --------------  ------------ 
Operating 
 profit/(loss)           923.0              28.1              36.7               8.8           520.6       1,517.2 
 
Financing income         121.2               0.3                 -               0.1               -         121.6 
Financing 
 charges               (233.6)             (3.1)                 -            (21.9)               -       (258.6) 
                  ------------  ----------------  ----------------  ----------------  --------------  ------------ 
Net financing 
 charges               (112.4)             (2.8)                 -            (21.8)               -       (137.0) 
Share of 
associates' 
and joint 
ventures' 
results after 
 tax                     202.8             (2.3)              86.4                 -         (186.7)         100.2 
                  ------------                                                        -------------- 
Profit before 
 tax                   1,013.4              23.0             123.1            (13.0)           333.9       1,480.4 
Tax                    (220.1)             (7.1)             (3.0)             (1.1)           (3.5)       (234.8) 
                  ------------  ----------------  ----------------  ----------------  --------------  ------------ 
Profit after 
 tax                     793.3              15.9             120.1            (14.1)           330.4       1,245.6 
Non-controlling 
 interests             (483.9)             (2.2)                 -                 -         (219.2)       (705.3) 
                  ------------  ----------------  ----------------  ----------------  --------------  ------------ 
Profit 
 attributable 
 to shareholders         309.4              13.7             120.1            (14.1)           111.2         540.3 
                  ============  ================  ================  ================  ==============  ============ 
Net cash/(debt) 
 (excluding net 
 debt 
of financial 
 services 
 companies)              626.4              39.1                 -         (1,519.0)                       (853.5) 
Total equity          13,953.3             282.7           1,366.6           (296.0)                      15,306.6 
                  ============  ================  ================  ================                  ============ 
 
 
                                     Underlying businesses performance 
                  ---------------------------------------------------------------- 
                                        Direct             Other                              Non- 
                                         Motor         Strategic         Corporate         trading 
                       Astra         Interests         Interests             Costs           items         Group 
                        US$m              US$m              US$m              US$m            US$m          US$m 
2019 
Revenue             16,802.9           1,788.2                 -                 -               -      18,591.1 
Net operating 
 costs            (14,711.0)         (1,721.2)              35.7             (0.3)             2.1    (16,394.7) 
                  ----------  ----------------  ----------------  ----------------  --------------  ------------ 
Operating 
 profit/(loss)       2,091.9              67.0              35.7             (0.3)             2.1       2,196.4 
 
Financing income        92.1               0.4                 -               0.5               -          93.0 
Financing 
 charges             (317.6)             (4.4)                 -            (40.7)               -       (362.7) 
                  ----------  ----------------  ----------------  ----------------  --------------  ------------ 
Net financing 
 charges             (225.5)             (4.0)                 -            (40.2)               -       (269.7) 
Share of 
associates' 
and joint 
ventures' 
results after 
 tax                   493.0              15.0              92.9                 -            21.4         622.3 
                  ----------                                                        --------------  ------------ 
Profit before 
 tax                 2,359.4              78.0             128.6            (40.5)            23.5       2,549.0 
Tax                  (555.5)            (12.9)             (2.6)             (1.0)           (1.5)       (573.5) 
                  ----------  ----------------  ----------------  ----------------  --------------  ------------ 
Profit after 
 tax                 1,803.9              65.1             126.0            (41.5)            22.0       1,975.5 
Non-controlling 
 interests         (1,088.2)             (2.2)                 -                 -           (3.7)     (1,094.1) 
                  ----------  ----------------  ----------------  ----------------  --------------  ------------ 
Profit 
 attributable 
 to shareholders       715.7              62.9             126.0            (41.5)            18.3         881.4 
                  ==========  ================  ================  ================  ==============  ============ 
 
Net cash/(debt) 
 (excluding net 
 debt of 
 financial 
 services 
 companies)        (1,553.8)            (19.9)                 -         (1,474.5)                     (3,048.2) 
Total equity        13,591.0             287.8           1,500.4           (394.7)                      14,984.5 
                  ==========  ================  ================  ================                  ============ 
 
 
   7      Borrowings 
 
                                Group 
 
                             2020      2019 
                             US$m      US$m 
 Long-term borrowings: 
 
   *    secured             391.6     765.1 
 
   *    unsecured         2,573.7   2,855.5 
                         --------  -------- 
                          2,965.3   3,620.6 
                         ========  ======== 
 
 Current borrowings: 
 
   *    secured             443.1   1,138.5 
 
   *    unsecured         3,716.6   3,426.6 
                         --------  -------- 
                          4,159.7   4,565.1 
                         --------  -------- 
 
 Total borrowings         7,125.0   8,185.7 
                         ========  ======== 
 

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$295.6 million (31st December 2019: US$877.1 million).

   8      Share capital 
 
                                                     Group 
                                                  2020      2019 
                                                  US$m      US$m 
 Six months ended 31st December 
 Issued and fully paid: 
 Balance at 1st July and 31st December 
 - 395,236,288 (2019: 395,236,288) ordinary 
  shares                                       1,381.0   1,381.0 
 
 Year ended 31st December 
 Issued and fully paid: 
 Balance at 1st January and 31st December 
 - 395,236,288 (2019: 395,236,288) ordinary 
  shares                                       1,381.0   1,381.0 
                                              ========  ======== 
 

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

The Company did not hold any treasury shares as at 31st December 2020 (31st December 2019: Nil) and did not have any unissued shares under convertibles as at 31st December 2020 (31st December 2019: Nil).

There were no subsidiary holdings (as defined in the Listing Manual of the SGX-ST) as at 31st December 2020 (31st December 2019: Nil).

   9      Revenue reserve 
 
                                              Group            Company 
 
                                            2020     2019     2020     2019 
                                            US$m     US$m     US$m     US$m 
   Movements : 
   Balance at 1st January                6,720.0  6,202.4    683.6    672.6 
   Defined benefit pension plans 
 
     *    remeasurements                   (5.6)   (12.7)        -        - 
 
     *    deferred tax                       0.5      2.5        -        - 
   Share of associates' and joint 
    ventures' remeasurements 
     of defined benefit pension plans, 
      net of tax                           (5.8)    (5.7)        -        - 
   Profit attributable to shareholders     540.3    881.4     99.3    358.3 
   Dividends paid by the Company         (311.2)  (347.3)  (311.2)  (347.3) 
   Change in shareholding                  (0.8)    (0.6)        -        - 
   Other                                     0.3        -        -        - 
   Balance at 31st December              6,937.7  6,720.0    471.7    683.6 
                                         =======  =======  =======  ======= 
 
   10    Other reserves 
 
                                     Group            Company 
 
                                   2020       2019   2020   2019 
                                   US$m       US$m   US$m   US$m 
  Composition : 
  Asset revaluation reserve       403.4      403.4      -      - 
  Translation reserve         (1,683.7)  (1,611.0)  375.9  338.0 
  Fair value reserve               18.5       12.2      -      - 
  Hedging reserve                (86.1)     (48.8)      -      - 
  Other reserve                     3.3        3.3      -      - 
                              ---------  ---------  -----  ----- 
  Balance at 31st December    (1,344.6)  (1,240.9)  375.9  338.0 
                              =========  =========  =====  ===== 
 
  Movements : 
  Asset revaluation reserve 
  Balance at 1st January          403.4      403.3      -      - 
  Revaluation surplus                 -        0.1      -      - 
  Balance at 31st December        403.4      403.4      -      - 
                              =========  =========  =====  ===== 
 
  Translation reserve 
  Balance at 1st January      (1,611.0)  (1,852.5)  338.0  305.3 
  Translation difference         (72.7)      241.5   37.9   32.7 
  Balance at 31st December    (1,683.7)  (1,611.0)  375.9  338.0 
                              =========  =========  =====  ===== 
 
 
   Fair value reserve 
   Balance at 1st January             12.2     0.5  -- 
   Financial assets at FVOCI 
   - fair value changes                9.2     9.7  -- 
   - deferred tax                    (0.1)   (0.1)  -- 
   - transfer to profit and loss       1.1   (0.5)  -- 
   Share of associates' and joint 
    ventures' fair 
     value changes of financial 
      assets at FVOCI, 
     net of tax                      (2.3)     2.6  -- 
   Others                            (1.6)       -  -- 
   Balance at 31st December           18.5    12.2  -- 
                                    ======  ====== 
 
   Hedging reserve 
   Balance at 1st January           (48.8)     5.8  -- 
   Cash flow hedges 
   - fair value changes             (25.1)  (52.2)  -- 
   - deferred tax                      3.5    12.6  -- 
   - transfer to profit and loss       1.4     0.8  -- 
   Share of associates' and joint 
    ventures' fair 
     value changes of cash flow 
      hedges, net of tax            (17.1)  (15.8)  -- 
   Balance at 31st December         (86.1)  (48.8)  -- 
                                    ======  ====== 
 
   Other reserve 
   Balance at 1st January and 
    31st December                      3.3     3.3  -- 
                                    ======  ====== 
 
   11    Non-controlling interests 
 
                                                    Group 
 
                                                  2020     2019 
                                                  US$m     US$m 
 
Balance at 1st January                         8,124.4  7,342.1 
Asset revaluation surplus                          1.1      0.1 
Financial assets at FVOCI 
- fair value changes                               9.9     10.5 
- deferred tax                                   (0.1)    (0.2) 
- transfer to profit and loss                      0.8    (0.5) 
Share of associates' and joint ventures' 
 fair value changes of 
  Financial assets at FVOCI, net of tax          (2.2)      2.6 
Cash flow hedges 
- fair value changes                            (20.8)   (77.9) 
- deferred tax                                     1.5     19.0 
 
  *    transfer to profit and loss                 1.4      0.8 
Share of associates' and joint ventures' 
 fair value changes of cash 
 flow hedges, net of tax                        (35.2)   (33.0) 
Defined benefit pension plans 
- remeasurements                                 (9.9)   (18.9) 
- deferred tax                                     0.8      4.4 
Share of associates' and joint ventures' 
 remeasurements of 
 defined benefit pension plans, net of 
  tax                                            (5.4)    (6.5) 
Translation difference                          (88.0)    259.6 
Profit for the year                              705.3  1,094.1 
Issue of shares to non-controlling interests      38.9     28.6 
Dividends paid                                 (390.6)  (497.7) 
Change in shareholding                             0.8    (2.5) 
Acquisition of subsidiaries                          -    (0.2) 
Other                                            (0.2)        - 
                                               -------  ------- 
Balance at 31st December                       8,332.5  8,124.4 
                                               =======  ======= 
 
   12     Cash flows from operating activities 
 
                                                           Group 
 
                                                         2020       2019 
                                                         US$m       US$m 
 
   Profit before tax                                  1,480.4    2,549.0 
 
   Adjustments for: 
                                                   ----------  --------- 
   Financing income                                   (121.6)     (93.0) 
   Financing charges                                    258.6      362.7 
   Share of associates' and joint ventures' 
    results after tax                                 (100.2)    (622.3) 
   Amortisation/depreciation of 
   - intangible assets                                  126.7      136.6 
   - right-of-use assets                                189.7      127.3 
   - property, plant and equipment                      763.0      795.5 
   - bearer plants                                       26.7       27.1 
   Impairment/(reversal of impairment) of 
   - intangible assets                                   33.9          - 
   - right-of-use assets                                    -        9.3 
   - property, plant and equipment                        9.4        2.1 
   - bearer plants                                          -        7.9 
   - debtors                                            361.4      111.6 
   Fair value changes of: 
   - investment properties                              (3.2)      (6.4) 
   - investment                                       (113.4)        9.6 
   - agricultural produce                               (5.8)      (4.8) 
   - livestock                                            3.4          - 
   - derivative not qualifying as hedges                  2.4          - 
   (Profit)/loss on disposal of: 
   - intangible assets                                    1.3        0.1 
   - right-of-use assets                                    -      (2.3) 
   - property, plant and equipment                     (22.2)      (6.6) 
   - associates and joint ventures                    (428.5)      (0.5) 
   - investments                                        (1.7)      (3.5) 
   Loss on disposal/write-down of receivables 
    from collateral vehicles                             80.8       59.7 
   Amortisation of borrowing costs for financial 
    services companies                                    9.5        9.7 
   Write-down of stocks                                  14.3       33.5 
   Loss on modifications to lease terms                   4.4          - 
   Changes in provisions                                 37.2       32.9 
   Foreign exchange loss                               (22.6)     (10.4) 
                                                      1,103.5      975.8 
   Operating profit before working capital 
    changes                                           2,583.9    3,524.8 
 
   Changes in working capital: 
                                                   ----------  --------- 
   Properties for sale                                    2.6     (27.6) 
   Stocks (1)                                           447.9       78.0 
   Concession rights                                    (9.8)     (77.3) 
   Financing debtors                                    135.2    (291.0) 
   Debtors (2)                                          910.8      (8.7) 
   Creditors (3)                                    (1,110.5)    (919.7) 
   Pensions                                              42.0       36.5 
                                                        418.2  (1,209.8) 
                                                   ----------  --------- 
   Cash flows from operating activities               3,002.1    2,315.0 
                                                   ==========  ========= 
 
   (1)   Decrease in stock balance mainly due to lower purchases 
   (2)   Decrease in debtors balance due mainly to lower sales activities and repayment 
   (3)   Decrease in creditors balance due mainly to lower trade purchases amid slowdown in demand 
   13     Interested person transactions 
 
                                                                                 Aggregate 
                                                                                  value of 
                                                                            all interested 
                                                                                    person 
                                                                              transactions             Aggregate 
                                                                                (excluding              value of 
                                                                              transactions        all interested 
                                                                                 less than   person transactions 
                                                                                 S$100,000             conducted 
                                                                          and transactions   under shareholders' 
                                                                                 conducted               mandate 
                                                                                     under              pursuant 
                                                                             shareholders'               to Rule 
                                                                                   mandate        920 (excluding 
                                                                                  pursuant          transactions 
                                                                                   to Rule             less than 
                                                                                      920)            S$100,000) 
                                                                        ------------------  -------------------- 
 Name of interested                                  Nature of                        US$m                US$m 
  person and nature of                               relationship 
  transaction 
 
 Six months ended 31st 
  December 2020 
  Jardine Engineering                                Associate of the 
   (S) Pte Ltd                                       Company's 
                                                     controlling 
                                                     shareholder 
  - Air conditioner 
   replacement                                                                           -                 0.1 
  Jardine International                              Associate of the 
   Motors Limited                                    Company's 
                                                     controlling 
                                                     shareholder 
  - management consultancy                                                             1.6                   - 
   services 
  Jardine International                              Associate of the 
   Motors (S) Pte. Limited                           Company's 
                                                     controlling 
                                                     shareholder 
  - management consultancy                                                             0.3                   - 
   services 
 Jardine Matheson Limited                            Associate of the 
                                                     Company's 
                                                     controlling 
                                                     shareholder 
 
   *    management support services                                                      -                 2.1 
                                                                                       1.0                   - 
   *    digital and innovation services 
 
   *    cyber security services                                                          -                 0.3 
 Jardine Matheson &                                  Associate of the 
  Co., Ltd                                           Company's 
                                                     controlling 
                                                     shareholder 
 
   *    human resource and administration services                                       -                 0.2 
 Jardine Matheson (Singapore)                        Associate of the 
  Ltd                                                Company's 
                                                     controlling 
                                                     shareholder 
                                                                                       0.5                   - 
   *    digital and innovation services 
                                                                                       3.4                 2.7 
                                                                         =================  ================== 
 
   13     Interested person transactions (continued) 
 
                                                                                 Aggregate 
                                                                                  value of 
                                                                            all interested 
                                                                                    person             Aggregate 
                                                                              transactions              value of 
                                                                                (excluding        all interested 
                                                                              transactions                person 
                                                                                 less than          transactions 
                                                                                 S$100,000             conducted 
                                                                          and transactions   under shareholders' 
                                                                                 conducted               mandate 
                                                                                     under              pursuant 
                                                                             shareholders'               to Rule 
                                                                                   mandate        920 (excluding 
                                                                                  pursuant          transactions 
                                                                                   to Rule             less than 
                                                                                      920)            S$100,000) 
                                                                         -----------------  -------------------- 
 Name of interested                                  Nature of                        US$m                US$m 
  person and nature of                               relationship 
  transaction 
  Year ended 31st December 
   2020 
  Hongkong Land Ltd                                  Associate of the 
                                                     Company's 
                                                     controlling 
                                                     shareholder 
  - management support 
   services                                                                              -                 0.1 
  Jardine Engineering                                Associate of the 
   (S) Pte Ltd                                       Company's 
                                                     controlling 
                                                     shareholder 
  - Air conditioner 
   replacement                                                                           -                 0.1 
  Jardine International                              Associate of the 
   Motors Limited                                    Company's 
                                                     controlling 
                                                     shareholder 
  - management consultancy                                                             3.7                   - 
   services 
  Jardine International                              Associate of the 
   Motors (S) Pte. Limited                           Company's 
                                                     controlling 
                                                     shareholder 
  - management consultancy                                                             0.5                   - 
   services 
 Jardine Matheson Limited                            Associate of the 
                                                     Company's 
                                                     controlling 
                                                     shareholder 
 
   *    management support services                                                      -                 3.1 
                                                                                       1.0                   - 
   *    digital and innovation services 
 
   *    cyber security services                                                          -                 0.3 
 Jardine Matheson &                                  Associate of the 
  Co., Ltd                                           Company's 
                                                     controlling 
                                                     shareholder 
 
   *    human resource and administration services                                       -                 0.4 
 Jardine Matheson (Singapore)                        Associate of the 
  Ltd                                                Company's 
                                                     controlling 
                                                     shareholder 
                                                                                       0.5                   - 
   *    digital and innovation services 
                                                                                       5.7                 4.0 
                                                                         =================  ================== 
 
   14   Additional information 
 
                                                Group 
 
                                             2020     2019   Change 
                                             US$m     US$m        % 
 Astra International 
 Automotive                                  64.3    268.9      -76 
 Financial services                         110.8    215.9      -49 
 Heavy equipment, mining, construction 
  & energy                                  122.7    238.3      -49 
 Agribusiness                                22.0      4.5      389 
 Infrastructure & logistics                   1.2      9.9      -88 
 Information technology                       0.5      6.8      -93 
 Property                                     2.9      2.7        7 
                                          -------  ------- 
                                            324.4    747.0      -57 
 Less: Withholding tax on dividend         (15.0)   (31.3)      -52 
                                                   ------- 
                                            309.4    715.7      -57 
                                                   ------- 
 Direct Motor Interests 
 Singapore                                   18.5     57.1      -68 
 Malaysia                                   (0.7)    (5.6)      -88 
 Myanmar                                    (3.4)    (4.3)      -21 
 Indonesia (Tunas Ridean)                     0.8     18.8      -96 
 Less: central overheads                    (1.5)    (3.1)      -52 
                                             13.7     62.9      -78 
                                          -------  ------- 
 
 Other Strategic Interests 
 Siam City Cement                            24.2     23.5        3 
 Refrigeration Electrical Engineering        20.6     18.3       13 
 Vinamilk                                    36.7     35.7        3 
 Truong Hai Auto Corporation 
                                          -------  ------- 
 - automotive                                39.3     46.3      -15 
 - real estate                                7.4      1.7      335 
 - agriculture                              (8.1)      0.5       nm 
                                          -------  ------- 
                                             38.6     48.5      -20 
                                          -------  ------- 
                                            120.1    126.0       -5 
                                          -------  ------- 
 
 Corporate costs 
 Central overheads                         (21.4)   (23.5)       -9 
 Dividend income from other investments       5.1      5.0        2 
 Net financing charges                     (21.7)   (40.2)      -46 
 Exchange differences                        23.9     17.2       39 
                                          -------  ------- 
                                           (14.1)   (41.5)      -66 
                                          -------  ------- 
 
 Underlying profit attributable 
  to shareholders                           429.1    863.1      -50 
                                          =======  ======= 
 
   15   Record Date 

NOTICE IS HEREBY GIVEN that, subject to shareholders' approval being obtained at the forthcoming 52nd Annual General Meeting of the Company ("AGM") for the proposed final one-tier tax-exempt dividend of US$0.34 per share for the financial year ended 31st December 2020 (the "Final Dividend"), the Transfer Books and Register of Members of the Company will be closed from 5.00 p.m. on Friday, 28th May 2021 (the "Record Date") up to, and including Monday, 31st May 2021, for the purpose of determining shareholders' entitlement to the Final Dividend. Duly completed transfers of shares of the Company in physical scrip received by the Company's Share Registrar, M & C Services Private Limited at 112 Robinson Road #05-01, Singapore 068902 up to 5.00 p.m. on the Record Date will be registered before entitlements to the Final Dividend are determined.

Subject to approval being obtained as aforesaid, shareholders (being Depositors) whose securities accounts with The Central Depository (Pte) Limited are credited with shares of the Company as at 5.00 p.m. on the Record Date will rank for the Final Dividend.

The Final Dividend, if approved at the AGM, will be paid on 25th June 2021.

   16   Others 

The results do not include any pre-acquisition profits and have not been affected by any item, transaction or event of a material or unusual nature other than the non-trading items shown in Note 5 of this report.

The Company confirms that it has procured undertakings from all its directors and executive officers under Rule 720(1) of the Listing Manual.

No significant event or transaction other than as contained in this report has occurred between 1st January 2021 and the date of this report.

   17    Notice pursuant to Rule 704(13) of the Listing Manual 

Pursuant to Rule 704(13) of the SGX-ST Listing Manual, Jardine Cycle & Carriage Limited wishes to announce that no person occupying a managerial position in the Company or any of its principal subsidiaries is a relative of a director or chief executive officer or substantial shareholder of the Company.

- end -

For further information, please contact:

Jardine Cycle & Carriage Limited

Jeffery Tan Eng Heong

Tel: 65 64708111

The full text of the Financial Statements and Dividend Announcement for the year ended 31st December 2020 can be accessed through the internet at 'www.jcclgroup.com'.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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February 26, 2021 05:08 ET (10:08 GMT)

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