REG - Jardine Cycle&Carrge Jardine Matheson Hdg - Half Year Results
28/07/2022 12:30
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RNS Number : 0683U Jardine Cycle & Carriage Limited 28 July 2022
To: Business
Editor
28th July 2022
For immediate release
Jardine Cycle & Carriage Limited
2022 Half-Year Financial Statements and Dividend Announcement
The following announcement was issued today by the Company's 75.9%-owned
subsidiary, Jardine Cycle & Carriage Limited.
For further information, please contact:
Jardine Matheson Limited
Joey Ho
(65) 9765 0717
Brunswick Group Limited
Ben
Fry
(65) 9017 9886
28th July
2022
JARDINE CYCLE & CARRIAGE LIMITED
2022 HALF-YEAR FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT
Highlights
· Underlying profit 51% higher at US$522 million
· Higher earnings principally from Astra and THACO
· Interim dividend per share increased from US¢18 to US¢28, reflecting the
Board's decision to pay out a higher share of the full-year dividend as
interim
"The Group performed strongly in the first half of 2022 and achieved a record
half-year underlying profit, mainly due to higher contributions from Astra and
THACO. Astra's performance, in particular, benefited from improved economic
conditions and higher commodity prices. The Group expects results in the
second half of the year to remain strong, although it remains cautious as a
result of global economic challenges, ongoing geopolitical developments and
the continuing impact of the pandemic."
Ben Keswick, Chairman
Group Results
Six months ended 30th June
2022 2021 Change 2022
US$m US$m % S$m
Revenue 10,681 8,287 29% 14,618
Underlying profit attributable to
shareholders * 522 346 51% 715
Non-trading items^ (35) (120) -71% (48)
Profit attributable to shareholders 487 226 115% 667
US¢ US¢ S¢
Underlying earnings per share * 132 88 51% 181
Earnings per share 123 57 115% 169
Interim dividend per share 28 18 56% 38
At At At
30.6.2022 31.12.2021 30.6.2022
US$m US$m S$m
Shareholders' funds 7,351 7,368 - 10,233
US$ US$ S$
Net asset value per share 18.60 18.64 - 25.89
The exchange rate of US$1=S$1.39 (31st December 2021: US$1=S$1.35) was used
for translating assets and liabilities at the balance sheet date, and
US$1=S$1.37 (30th June 2021: US$1=S$1.33) was used for translating the results
for the period. The financial results for the six months ended 30th June 2022
and 30th June 2021 have been prepared in accordance with International
Financial Reporting Standards and have not been audited or reviewed by the
auditors.
* The Group uses 'underlying profit attributable to shareholders'
in its internal financial reporting to distinguish between ongoing business
performance and non-trading items, as more fully described in Note 6 to the
condensed financial statements. Management considers this to be a key
performance measurement that enhances the
understanding of the Group's underlying business performances.
^ Included in 'non-trading items' are unrealised gains/losses
arising from the revaluation of the Group's equity investments.
nm not meaningful
CHAIRMAN'S STATEMENT
Overview
Jardine Cycle & Carriage ("JC&C" or "the Group") delivered strong
results in the first half of 2022, compared to the same period in 2021, mainly
due to higher contributions from Astra and THACO.
Astra contributed US$465 million to the Group's underlying profit, 58% higher
than the same period last year, driven primarily by improved economic
conditions and higher commodity prices.
THACO contributed US$52 million, 43% higher than the same period last year,
due to a strong automotive performance.
Direct Motor Interests contributed US$28 million, an increase of 20% compared
to the same period last year. Lower profits from the Singapore operations were
offset by an improved performance by Tunas Ridean in Indonesia.
Other Strategic Interests contributed US$34 million, 13% higher than the same
period last year, mainly due to higher profits from Siam City Cement and REE.
Exchange losses of US$35 million from the translation of foreign currency
loans at JC&C parent company were higher than in the same period last
year. Other corporate costs saw an increase mainly due to higher net
financing charges.
The Group's underlying profit attributable to shareholders increased by 51% to
US$522 million. After accounting for non-trading items, which mainly comprised
unrealised gains and losses arising from the revaluation of the Group's equity
investments, the Group's profit attributable to shareholders was US$487
million, compared to US$226 million in the same period last year.
The Group's consolidated net cash position, excluding the net borrowings from
Astra's financial services subsidiaries, was US$884 million at the end of June
2022, compared to US$770 million at the end of 2021. Net debt within Astra's
financial services subsidiaries was at US$2.4 billion. JC&C parent
company's net debt was US$1.5 billion at the end of June 2022.
During the first half of the year, JC&C slightly increased its interest in
Cycle & Carriage Bintang from 89.0% to 89.99%, through on-market
purchases. In July, it announced a general offer to acquire the remaining
shares in the company. JC&C also increased its interest in REE from 31.0%
to 32.9%.
Group Review
The contributions to JC&C's underlying profit attributable to shareholders
by business segment were as follows:
Contribution to JC&C's underlying profit
Six months ended 30th June
2022 2021 Change
Business segments US$m US$m %
Astra 465 293 58%
THACO 52 37 43%
Direct Motor Interests 28 24 20%
Other Strategic Interests 34 29 13%
Corporate Costs - exchange losses (35) (21) 64%
Corporate Costs - others (22) (16) 40%
Underlying profit attributable to
shareholders 522 346 51%
Astra
Astra contributed US$465 million to JC&C's underlying profit, 58% higher
than the same period last year. Excluding the unrealised gain from the
revaluation of its equity investments, Astra reported a net profit equivalent
to US$998 million under Indonesian accounting standards, with stronger
performances from all its businesses, and particularly its automotive,
financial services, heavy equipment and mining operations.
Automotive
Net income increased by 29% to US$295 million, reflecting higher sales
volumes. Key points are as follows:
· The wholesale car market increased by 21% in the first half to
475,000 units. Astra's car sales were 23% higher at 259,000 units, with its
market share increasing from 53% to 54%.
· The wholesale market for motorcycles decreased by 8% in the first
half to 2.2 million units. Astra's Honda motorcycle sales were 13% down to 1.6
million units due to production constraints caused by semiconductor supply
issues, which led to a decline in market share from 77% to 73%.
· Components business, Astra Otoparts, reported a 62% increase in net
profit to US$30 million, mainly due to higher revenues from the original
equipment manufacturer and replacement market segments.
Financial Services
Net income increased by 36% to US$200 million due to higher contributions from
the consumer finance businesses. Key points are as follows:
· Consumer finance businesses saw an 18% increase in the amounts
financed to US$3.3 billion. The net income contribution from the car-focused
finance companies increased by 47% to US$57 million due to larger loan
portfolios, and the contribution from the motorcycle-focused financing
business increased by 60% to US$103 million, mainly due to lower levels of
non-performing loans.
· General insurance company, Asuransi Astra Buana, reported a 6%
increase in net income to US$44 million, due to higher underwriting income and
investment income.
Heavy Equipment, Mining, Construction and Energy
Net income increased significantly from US$187 million to US$427 million,
mainly due to improved profits from heavy equipment sales, mining contracting
and coal mining, all of which benefited from higher coal prices. However, coal
operating volumes were adversely impacted by the temporary coal export ban.
Key points are as follows:
· Komatsu heavy equipment sales increased from 1,361 units to 2,900 units, while
revenue from its parts and service business was also higher.
· Mining contracting operations reported a 13% decrease in coal production at 50
million tonnes but saw a 7% increase in overburden removal volume at 437
million bank cubic metres.
· Coal mining subsidiaries reported a 8% decline in coal sales at 5.8 million
tonnes, including 1.3 million tonnes of metallurgical coal. However, this
volume impact was more than offset by higher coal selling prices.
· Agincourt Resources saw 18% lower gold sales at 144,000 oz.
· General contractor, Acset Indonusa, reported a net loss of US$8 million in the
period, compared to a net loss of US$11 million in the same period last year.
The company continued to be impacted by the slowdown of several ongoing
projects and reduced construction project opportunities during the pandemic.
Agribusiness
Net income increased by 25% to US$44 million, mainly due to improved crude
palm oil prices which offset lower sales resulting from the temporary export
ban on palm oil.
Infrastructure and Logistics
Astra's infrastructure and logistics division reported an increase in net
profit from US$6 million to US$24 million, mainly due to improved performance
in its toll road businesses, which saw a 34% increase in toll road revenues.
Astra has 396km of operational toll roads along the Trans-Java network and in
the Jakarta Outer Ring Road.
THACO
THACO contributed a US$52 million profit, 43% up compared to the same period
last year, mainly due to a strong automotive performance supported by a
temporary reduction in registration fees for locally-assembled vehicles.
THACO's automotive unit sales were up 54%, with market share increasing from
22% to 29%, while margins also increased due to an improved sales mix.
Direct Motor Interests
The Group's Direct Motor Interests contributed a US$28 million profit, 20% up
compared to the same period last year. Key points are as follows:
· Cycle & Carriage Singapore's contribution was 41% lower at US$11
million. Passenger car sales fell 25% to 3,144 units as sales volume was
adversely impacted by the tightened COE cycle and stock supply shortages. Its
market share, however, increased from 16% to 19%.
· In Indonesia, Tunas Ridean contributed US$15 million, compared to
US$7 million in the same period last year, supported by improved profitability
across its automotive and financial services businesses.
· Cycle & Carriage Bintang in Malaysia contributed a profit of US$3
million, compared to US$0.2 million in the same period last year. Despite
challenging trading conditions, its financial performance benefited from
improved business volume due to the sales tax reduction and cost savings
initiatives.
Other Strategic Interests
The Group's Other Strategic Interests contributed a US$34 million profit, 13%
up compared to the same period last year. Key points are as follows:
· The contribution from Siam City Cement was US$15 million, 9% higher
than the previous year. Its performance was supported by improved cement
volumes and prices in most of its markets, despite being adversely impacted by
inflationary pressure and high energy costs.
· REE's contribution of US$9 million, based on its first-quarter
results, was 71% higher than the previous year. The better result was mainly
due to an improved performance from its hydropower investments, due to
favourable hydrography.
· The Group's investment in Vinamilk produced a dividend income of US$9
million, compared to US$11 million last year. Vinamilk reported a 20% decrease
in net profit, mainly due to higher raw material and transportation costs.
Corporate Costs
Corporate costs totalled US$57 million, compared to US$37 million in the same
period last year. The increase was mainly due to higher foreign exchange
losses from the translation of foreign currency loans, and higher net
financing charges.
Dividend
The Board has declared an interim one-tier tax-exempt dividend of US¢28 per
share (2021: US¢18 per share) for the half-year ended 30th June 2022,
reflecting its decision to pay out a higher share of the full-year dividend as
interim.
People
Mr Anthony Nightingale, a non-executive director of JC&C and former
Chairman of the Board (2002-2012), will be retiring from the Board on 31st
July 2022. On behalf of the Board, I would like to record our deep
appreciation to Anthony for his valuable contribution and past leadership
during his long tenure on the Board.
Outlook
The Group expects results in the second half of the year to remain strong,
although it remains cautious as a result of global economic challenges,
ongoing geopolitical developments and the continuing impact of the pandemic.
Ben Keswick
Chairman
CORPORATE PROFILE
Jardine Cycle & Carriage is the investment holding company of the Jardine
Matheson Group in Southeast Asia. JC&C seeks to grow with Southeast Asia
by investing in market-leading businesses based on the themes of urbanisation
and the emerging consumer class. The Group works closely with its businesses
to enable them to achieve their potential and to elevate their communities.
The Group has a 50.1% interest in Astra, a diversified group in Indonesia and
the largest independent automotive group in Southeast Asia.
JC&C also has significant interests in Vietnam, including 26.6% in THACO
Corporation, 33.2% in Refrigeration Electrical Engineering Corporation and
10.6% in Vinamilk. Siam City Cement, in which it has a 25.5% interest, also
has a presence in South Vietnam and operates in Thailand, Sri Lanka, Cambodia
and Bangladesh.
The Direct Motor Interests in JC&C's portfolio are the Cycle &
Carriage businesses in Singapore, Malaysia and Myanmar, and 46.2%-owned Tunas
Ridean in Indonesia.
JC&C is a leading Singapore-listed company, 75%-owned by the Jardine
Matheson group. Together with its subsidiaries and associates, JC&C
employs around 240,000 people across Southeast Asia.
Statement pursuant to Rule 705(5) of the Listing Rules of the Singapore
Exchange Securities Trading Limited ("SGX-ST")
The directors confirm that, to the best of their knowledge, nothing has come
to the attention of the Board of Directors which may render the accompanying
unaudited interim financial results for the six months ended 30th June 2022 to
be false or misleading in any material aspect.
On behalf of the Board of Directors
Ben Keswick
Director
Steven Phan
Director
28th July 2022
Jardine Cycle & Carriage Limited
Consolidated Profit and Loss Account for the six months ended 30th June 2022
2022 2021 Change
Note US$m US$m %
Revenue ((1)) 2 10,680.5 8,287.0 29
Net operating costs 3 (9,128.5) (7,622.6) 20
Operating profit 3 1,552.0 664.4 134
Financing income 57.6 63.1 -9
Financing charges ((2)) (82.2) (90.5) -9
Net financing charges (24.6) (27.4) -10
Share of associates' and joint
ventures' results after tax 320.7 263.6 22
Profit before tax 1,848.1 900.6 105
Tax 4 (359.9) (209.1) 72
Profit after tax 1,488.2 691.5 115
Profit attributable to:
Shareholders of the Company 487.5 226.3 115
Non-controlling interests 1,000.7 465.2 115
1,488.2 691.5 115
US¢ US¢
Earnings per share
- basic 6 123 57 115
- diluted 6 123 57 115
(1) Higher revenue was mainly due to higher sales in Astra's automotive
and heavy equipment and mining operations.
(2) Decrease in financing charges was mainly due to lower level of net
debt.
Jardine Cycle & Carriage Limited
Consolidated Statement of Comprehensive Income for the six months ended 30th
June 2022
2022 2021
US$m US$m
Profit for the year 1,488.2 691.5
Items that will not be reclassified to profit and loss:
Asset revaluation
- surplus during the year - 0.1
Remeasurements of defined benefit pension plans 0.7 (4.5)
Tax relating to items that will not be reclassified (0.2) 0.7
Share of other comprehensive income/(expense) of
associates and joint ventures, net of tax 1.4 (2.0)
1.9 (5.7)
Items that may be reclassified subsequently to profit and loss:
Translation difference
- gain/(loss) arising during the year (581.7) (339.9)
- transfer to profit and loss - -
(581.7) (339.9)
Financial assets at FVOCI ((1))
- gain/(loss) arising during the year (12.0) (10.4)
- transfer to profit and loss (1.9) (1.7)
(13.9) (12.1)
Cash flow hedges
- gain/(loss) arising during the year 25.7 81.8
- transfer to profit and loss - -
25.7 81.8
Tax relating to items that may be reclassified (5.5) (16.7)
Share of other comprehensive income of
associates and joint ventures, net of tax 74.1 35.2
(501.3) (251.7)
Other comprehensive income/(expense) for the year (499.4) (257.4)
Total comprehensive income for the year 988.8 434.1
Attributable to:
Shareholders of the Company 233.4 92.3
Non-controlling interests 755.4 341.8
988.8 434.1
( )
(1) Fair value through other comprehensive income ("FVOCI")
Jardine Cycle & Carriage Limited
Consolidated Balance Sheet at 30th June 2022
At At
Note 30.06.2022 31.12.2021
US$m US$m
Non-current assets
Intangible assets 1,732.4 1,775.9
Right-of-use assets 708.0 769.4
Property, plant and equipment 3,747.2 3,852.1
Investment properties 508.5 529.1
Bearer plants 484.0 498.6
Interests in associates and joint ventures 4,292.0 4,385.5
Non-current investments 2,434.3 2,255.3
Non-current debtors 2,803.3 2,782.7
Deferred tax assets 398.0 391.6
17,107.7 17,240.2
Current assets
Current investments 14.9 45.6
Properties for sale 354.2 374.7
Stocks 1,739.4 1,531.9
Current debtors 5,552.2 5,147.1
Current tax assets 80.2 125.4
Bank balances and other liquid funds
- non-financial services companies 4,070.0 4,210.7
- financial services companies 644.9 378.1
4,714.9 4,588.8
12,455.8 11,813.5
Total assets 29,563.5 29,053.7
Non-current liabilities
Non-current creditors 154.6 201.5
Non-current provisions 184.9 183.8
Non-current lease liabilities 56.0 64.4
Long-term borrowings 8
- non-financial services companies 2,246.3 2,597.1
- financial services companies 1,432.9 1,273.2
3,679.2 3,870.3
Deferred tax liabilities 342.4 358.9
Pension liabilities 395.6 396.6
4,812.7 5,075.5
Current liabilities
Current creditors 5,121.8 4,488.4
Current provisions 108.6 113.0
Current lease liabilities 51.0 52.6
Current borrowings 8
- non-financial services companies 939.5 843.3
- financial services companies 1,623.7 1,846.6
2,563.2 2,689.9
Current tax liabilities 192.0 239.0
8,036.6 7,582.9
Total liabilities 12,849.3 12,658.4
Net assets 16,714.2 16,395.3
Equity
Share capital 9 1,381.0 1,381.0
Revenue reserve 10 7,612.4 7,374.3
Other reserves 11 (1,642.9) (1,387.1)
Shareholders' funds 7,350.5 7,368.2
Non-controlling interests 12 9,363.7 9,027.1
Total equity 16,714.2 16,395.3
Jardine Cycle & Carriage Limited
Consolidated Statement of Changes in Equity for the six months ended 30th June
2022
Attributable to shareholders of the Company
Attributable
Asset Fair value to non-
Share Revenue revaluation Translation and other controlling Total
capital reserve reserve reserve reserves Total interests equity
US$m US$m US$m US$m US$m US$m US$m US$m
2022
Balance at 1st January 1,381.0 7,374.3 404.7 (1,774.6) (17.2) 7,368.2 9,027.1 16,395.3
Total comprehensive income - 488.9 - (280.9) 25.4 233.4 755.4 988.8
Dividends paid by the Company - (247.2) - - - (247.2) - (247.2)
Dividends declared/paid to non-controlling
interests - - - - - - (418.7) (418.7)
Issue of shares to non-controlling interests - - - - - - 3.2 3.2
Change in shareholding - (3.6) - (3.6) (3.1) (6.7)
- -
Other - - (0.3) - (0.3) (0.2) (0.5)
-
Balance at 30th June 1,381.0 7,612.4 404.4 (2,055.5) 8.2 7,350.5 9,363.7 16,714.2
2021
Balance at 1st January 1,381.0 6,937.7 403.4 (1,683.7) (64.3) 6,974.1 8,332.5 15,306.6
Total comprehensive income - 223.7 0.1 (164.8) 33.3 92.3 341.8 434.1
Dividends paid by the Company - (134.2) - - - (134.2) - (134.2)
Dividends declared/paid to non-controlling
interests - - - - (198.1) (198.1)
- -
Issue of shares to non-controlling interests - - - - 0.3
- - 0.3
Change in shareholding - (14.3) - (14.3) (21.5) (35.8)
- -
Other - - - - (1.0) (1.0)
- -
Balance at 30th June 1,381.0 7,012.9 403.5 (1,848.5) (31.0) 6,917.9 8,454.0 15,371.9
Jardine Cycle & Carriage Limited
Company Balance Sheet at 30th June 2022
At At
Note 30.06.2022 31.12.2021
US$m US$m
Non-current assets
Property, plant and equipment 31.7 33.1
Interests in subsidiaries 1,379.4 1,416.5
Interests in associates and joint ventures 947.6 976.0
Non-current investment 222.1 264.5
2,580.8 2,690.1
Current assets
Current debtors 1,093.6 1,129.8
Bank balances and other liquid funds 50.7 24.2
1,144.3 1,154.0
Total assets 3,725.1 3,844.1
Non-current liabilities
Non-current borrowings 1,527.3 1,535.9
Deferred tax liabilities 6.0 6.2
1,533.3 1,542.1
Current liabilities
Current creditors 105.4 109.2
Current borrowings - 10.0
Current tax liabilities 1.5 1.5
106.9 120.7
Total liabilities 1,640.2 1,662.8
Net assets 2,084.9 2,181.3
Equity
Share capital 9 1,381.0 1,381.0
Revenue reserve 10 440.6 474.1
Other reserves 11 263.3 326.2
Total equity 2,084.9 2,181.3
Net asset value per share US$5.28 US$5.52
Jardine Cycle & Carriage Limited
Company Statement of Comprehensive Income for the six months ended 30th June
2022
2022 2021
US$m US$m
Profit for the year 213.6 143.1
Items that may be reclassified subsequently to
profit and loss:
Translation difference
- loss arising during the year (62.9) (37.9)
Other comprehensive expense for the year (62.9) (37.9)
Total comprehensive income for the year 150.7 105.2
Jardine Cycle & Carriage Limited
Company Statement of Changes in Equity for the six months ended 30th June 2022
Share Revenue Translation Total
Note capital reserve reserve equity
US$m US$m US$m US$m
2022
Balance at 1st January 1,381.0 474.1 326.2 2,181.3
Total comprehensive income/(expense) - 213.6 (62.9) 150.7
Dividends paid 5 - (247.1) - (247.1)
Balance at 30th June 1,381.0 440.6 263.3 2,084.9
2021
Balance at 1st January 1,381.0 471.7 375.9 2,228.6
Total comprehensive income/(expense) - 143.1 (37.9) 105.2
Dividends paid 5 - (134.2) - (134.2)
Balance at 30th June 1,381.0 480.6 338.0 2,199.6
Jardine Cycle & Carriage Limited
Consolidated Statement of Cash Flows for the six months ended 30th June 2022
2022 2021
Note US$m US$m
Cash flows from operating activities
Cash generated from operations 15 1,805.0 1,513.5
Interest paid (58.1) (75.5)
Interest received 56.5 63.1
Other finance costs paid (4.3) (14.8)
Income tax paid (401.3) (168.9)
(407.2) (196.1)
Dividends received from associates and joint 335.8 226.7
ventures (net)
(71.4) 30.6
Net cash flows from operating activities 1,733.6 1,544.1
Cash flows from investing activities
Sale of property, plant and equipment 22.9 18.2
Sale of investments 139.9 131.9
Purchase of intangible assets (60.2) (55.9)
Additions to right-of-use assets (2.9) (7.0)
Purchase of property, plant and equipment (281.8) (122.7)
Purchase of investment properties (0.2) (0.9)
Additions to bearer plants (18.2) (15.5)
Purchase of associates and joint ventures (70.3) (26.3)
Purchase of investments (289.3) (217.0)
Net cash flows from investing activities (560.1) (295.2)
Cash flows from financing activities
Drawdown of loans ((1)) 1,519.5 3,271.1
Repayment of loans ((1)) (1,725.2) (3,419.0)
Principal elements of lease payments (35.7) (45.4)
Changes in controlling interests in subsidiaries (6.7) (35.8)
Investments by non-controlling interests 3.2 0.3
Dividends paid to non-controlling interests (412.8) (191.0)
Dividends paid by the Company (247.2) (134.2)
Net cash flows from financing activities (904.9) (554.0)
Net change in cash and cash equivalents 268.6 694.9
Cash and cash equivalents at the beginning of the year 4,588.8 3,497.6
Effect of exchange rate changes (142.5) (79.2)
Cash and cash equivalents at the end of the year ((2)) 4,714.9 4,113.3
(1) The drawdown and repayment of loans in 2021 includes the refinancing
effect of the Company's borrowings from current liabilities to non-current
liabilities.
(2) For the purpose of the Consolidated Statement of Cash Flows, cash and
cash equivalents comprise deposits with bank and financial institutions, bank
and cash balances, net of bank overdrafts. In the balance sheet, bank
overdrafts are included under current borrowings.
Jardine Cycle & Carriage Limited
Notes to the financial statements for the six months ended 30th June 2022
1 Basis of preparation
The condensed interim financial statements for the six months ended 30th June
2022 have been prepared in accordance with IAS 34 Interim Financial Reporting.
The condensed interim financial statements do not include all the information
required for a complete set of financial statements. However, selected
explanatory notes are included to explain events and transactions that are
significant to an understanding of the changes in the Group's financial
position and performance of the Group since the last annual financial
statements for the year ended 31st December 2021. There have been no changes
to the accounting policies described in the 2021 audited accounts which have
been prepared in accordance with Singapore Financial Reporting Standards
(International) ("SFRS(I)") and International Financial Reporting Standards
("IFRS"), except for the adoption of new and amended standards as set out
below. The Group has not early adopted any other standard or amendments that
have been issued but not yet effective.
The exchange rates used for translating assets and liabilities at the balance
sheet date are US$1=S$1.3922 (2021: US$1=S$1.3517), US$1=RM4.4035 (2021:
US$1=RM4.1735), US$1=IDR14,848 (2021: US$1=IDR14,269), US$1=VND23,254 (2021:
US$1=VND22,790) and US$1=THB35.27 (2021: US$1= THB33.318).
The exchange rates used for translating the results for the period are
US$1=S$1.3687 (2021: US$1=S$1.3328), US$1=RM4.2868 (2021: US$1=RM4.1096),
US$1=IDR14,495 (2021: US$1=IDR14,360), US$1=VND22,958 (2021: US$1=VND23,042)
and US$1=THB33.856 (2021: US$1=THB31.016).
Interpretations and amendments to published standard effective in 2022
There are no changes to the accounting policies as described in the 2021
annual financial statements and the Group has not early adopted any standard
or amendments that have been issued but not yet effective. A number of
amendments were effective from 1st January 2022. The more important amendments
applicable to the Group is as follows:
Amendments to IAS 37 - Onerous Contracts - Cost of Fulfilling a Contract
(effective from 1st January 2022)
The amendments clarify that for the purpose of assessing whether a contract is
onerous, the cost of fulfilling the contract includes both the incremental
costs of fulfilling that contract and an allocation of other costs that relate
directly to fulfilling contracts. The Group applied the amendment from 1st
January 2022 and there is no significant impact on the Group's consolidated
financial statements.
Critical accounting estimates and judgements
The preparation of the condensed interim financial statements require
management to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets,
liabilities, income and expense. Actual results may differ from these
estimates.
In preparing these condensed consolidated interim financial statements, the
significant judgements made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty were the same as those
that applied to the consolidated financial statements for the year ended 31st
December 2021.
2 Revenue
Direct
Motor
Astra Interests Total
US$m US$m US$m
Group
2022
Property 32.1 - 32.1
Motor vehicles 3,774.4 763.6 4,538.0
Financial services 884.2 - 884.2
Heavy equipment, mining, construction & energy 4,165.6 - 4,165.6
Other 1,060.6 - 1,060.6
9,916.9 763.6 10,680.5
From contracts with customers:
Recognised at a point in time 8,809.9 713.3 9,523.2
Recognised over time 98.3 48.3 146.6
8,908.2 761.6 9,669.8
From other sources:
Rental income from investment properties 0.7 - 0.7
Revenue from financial services companies 884.2 - 884.2
Other 123.8 2.0 125.8
1,008.7 2.0 1,010.7
9,916.9 763.6 10,680.5
2021
Property 24.2 - 24.2
Motor vehicles 2,988.7 803.3 3,792.0
Financial services 839.1 - 839.1
Heavy equipment, mining, construction & energy 2,592.6 - 2,592.6
Other 1,039.1 - 1,039.1
7,483.7 803.3 8,287.0
From contracts with customers:
Recognised at a point in time 6,433.4 769.9 7,203.3
Recognised over time 108.4 32.3 140.7
6,541.8 802.2 7,344.0
From other sources:
Rental income from investment properties 6.0 - 6.0
Revenue from financial services companies 839.1 - 839.1
Other 96.8 1.1 97.9
941.9 1.1 943.0
7,483.7 803.3 8,287.0
3 Net operating costs and operating profit
Group
2022 2021 Change
US$m US$m %
Cost of sales (8,270.0) (6,582.0) 26
Other operating income 204.7 118.4 73
Selling and distribution expenses (438.2) (408.7) 7
Administrative expenses (574.3) (540.6) 6
Other operating expenses (50.7) (209.7) -76
Net operating costs (9,128.5) (7,622.6) 20
Operating profit is determined after including:
Amortisation/depreciation of:
- intangible assets (67.1) (66.1) 2
- right-of-use assets (63.5) (74.1) -14
- property, plant and equipment (341.9) (367.0) -7
- bearer plants (14.3) (13.7) 4
(Impairment)/write-back of:
- property, plant and equipment 0.1 (0.4) nm
- debtors (89.0) (95.4) -7
Fair value gain/(loss) on:
- investments ((1)) 96.7 (123.2) nm
- agricultural produce (0.1) 3.5 nm
- livestock - 3.4 > -100
- derivative not qualifying as hedge 0.1 - nm
Profit/(loss) on disposal of:
- intangible assets (0.3) - nm
- property, plant and equipment 11.3 11.1 2
- investments 1.6 1.7 -6
Loss on disposal/write-down of receivables from
collateral vehicles (22.8) (35.1) -35
Write-down of stocks, net (1.7) (0.5) >100
Net exchange loss ((2)) (31.2) (26.9) 16
Dividend and interest income from investments 14.8 41.0 -64
nm - not meaningful
(1) Fair value gain/(loss) relates mainly to equity investments in GoTo,
Vinamilk and Toyota Motor Corporation
(2) Net loss relates mainly to the impact of revaluing monetary liabilities
denominated in US dollars
4 Tax
The provision for income tax is based on the statutory tax rates of the
respective countries in which the companies operate after taking into account
non-deductible expenses and group tax relief.
5 Dividends
An interim dividend in respect of 2022 of US¢28 (2021: US¢18) per share
amounting to a total of US$110.7 million (2021: US$71.5 million) is declared
by the Board. These financial statements do not reflect this dividend payable,
which will be accounted for in shareholders' equity as an appropriation of
retained earnings in the six months ending 31st December 2022.
Group and Company
2022 2021
US$m US$m
Final one-tier tax exempt dividend in respect of previous year of
US¢62 per share (2021: in respect of 2020 of US¢34) 247.1 134.2
6 Earnings per share
Group
2022 2021
US$m US$m
Basic earnings per share
Profit attributable to shareholders 487.5 226.3
Weighted average number of ordinary shares in issue (millions) 395.2 395.2
Basic earnings per share US¢123 US¢57
Diluted earnings per share US¢123 US¢57
Underlying earnings per share
Underlying profit attributable to shareholders 522.4 346.5
Weighted average number of ordinary shares in issue (millions) 395.2 395.2
Basic underlying earnings per share US¢132 US¢88
Diluted underlying earnings per share US¢132 US¢88
As at 30th June 2022 and 2021, there were no dilutive potential ordinary
shares in issue.
A reconciliation of the profit attributable to shareholders and underlying
profit attributable to shareholders is as follows:
Group
2022 2021
US$m US$m
Profit attributable to shareholders 487.5 226.3
Less:
Non-trading items (net of tax and non-controlling interests)
Fair value changes of agricultural produce and live stock - 2.2
Fair value changes of investments (34.9) (122.4)
(34.9) (120.2)
Underlying profit attributable to shareholders 522.4 346.5
Non-trading items are separately identified to provide greater understanding
of the Group's underlying business performance. Items classified as
non-trading items include fair value gains or losses on revaluation of
investment properties, agricultural produce and equity investments which are
measured at fair value through profit and loss; gains and losses arising from
the sale of businesses, investments and properties; impairment of
non-depreciable intangible assets and other investments; provisions for
closure of businesses; acquisition-related costs in business combinations; and
other credits and charges of a non-recurring nature that require inclusion in
order to provide additional insight into the Group's underlying business
performance.
7 Financial Instruments
Financial instruments by category
The fair values of financial assets and financial liabilities, together with
carrying amounts at 30th June 2022 and 31st December 2021 are as follows:
Fair
value
through Fair value Financial
Fair value of profit through other assets at Other Total
hedging and comprehensive amortised financial carrying Fair
instruments loss income costs liabilities amount value
US$m US$m US$m US$m US$m US$m US$m
At 30.06.2022
Financial assets
measured at fair value
Other investments
- equity investments - 1,686.9 - - - 1,686.9 1,686.9
- debt investments - - 762.3 - - 762.3 762.3
Derivative financial
instruments 72.5 - - - - 72.5 72.5
72.5 1,686.9 762.3 - - 2,521.7 2,521.7
Financial assets not
measured at fair value
Debtors - - - 7,341.5 - 7,341.5 7,188.6
Bank balances - - - 4,714.9 - 4,714.9 4,714.9
- - - 12,056.4 - 12,056.4 11,903.5
Financial liabilities
measured at fair value
Derivative financial
instruments (16.8) - - - - (16.8) (16.8)
Contingent consideration
payable - (8.8) - - - (8.8) (8.8)
(16.8) (8.8) - - - (25.6) (25.6)
Financial liabilities not
measured at fair value
Borrowings excluding
lease liabilities - - - - (6,242.4) (6,242.4) (6,259.9)
Lease liabilities - - - - (107.0) (107.0) (107.0)
Creditors excluding
non-financial liabilities - - - - (3,734.3) (3,734.3) (3,734.3)
- - - - (10,083.7) (10,083.7) (10,101.2)
At 31.12.2021
Financial assets
measured at fair value
Other investments
- equity investments - 1,524.5 - - - 1,524.5 1,524.5
- debt investments - - 776.4 - - 776.4 776.4
Derivative financial
instruments 15.7 0.6 - - - 16.3 16.3
15.7 1,525.1 776.4 - - 2,317.2 2,317.2
Financial assets not
measured at fair value
Debtors - - - 7,091.7 - 7,091.7 7,153.3
Bank balances - - - 4,588.8 - 4,588.8 4,588.8
- - - 11,680.5 - 11,680.5 11,742.1
Financial liabilities
measured at fair value
Derivative financial
instruments (54.9) (0.1) - - - (55.0) (55.0)
Contingent consideration
payable - (8.8) - - - (8.8) (8.8)
(54.9) (8.9) - - - (63.8) (63.8)
Financial liabilities not
measured at fair value
Borrowings excluding
lease liabilities - - - - (6,560.2) (6,560.2) (6,589.3)
Lease liabilities - - - - (117.0) (117.0) (117.0)
Creditors excluding
non-financial liabilities - - - - (3,075.3) (3,075.3) (3,075.3)
- - - - (9,752.5) (9,752.5) (9,781.6)
Fair value estimation
a) Financial instruments that are measured at fair value
For financial instruments that are measured at fair value in the balance
sheet, the corresponding fair value measurements are disclosed by level of the
following fair value measurement hierarchy:
Quoted prices (unadjusted) in active markets for identical assets or
liabilities ("quoted prices in active markets")
The fair values of listed securities and bonds are based on quoted prices in
active markets at the balance sheet date. The quoted market price used for
listed investments held by the Group is the current bid price.
Inputs other than quoted prices in active markets that are observable for the
asset or liability, either directly or indirectly ("observable current market
transactions")
The fair values of derivative financial instruments are determined using rates
quoted by the Group's bankers at the balance sheet date. The rates for
interest rate swaps and caps, cross-currency swaps and forward foreign
exchange contracts are calculated by reference to the market interest rates
and foreign exchange rates.
Inputs for the asset or liability that are not based on observable market data
("unobservable inputs")
The fair values of other unlisted equity investments are determined using
valuation techniques by reference to observable current market transactions or
the market prices of the underlying investments with certain degree of
entity-specific estimates or discounted cash flows by projecting the cash
inflows from these investments.
There were no changes in valuation techniques during the year.
The table below analyses the Group's financial instruments carried at fair
value, by the levels in the fair value measurement hierarchy.
Quoted Observable
prices in current
active market Unobservable
markets transactions inputs Total
US$m US$m US$m US$m
At 30.06.2022
Assets
Other investments
- equity investments 1,522.7 - 164.2 1,686.9
- debt investments 762.3 - - 762.3
2,285.0 - 164.2 2,449.2
Derivative financial instruments at fair value
- through other comprehensive income - 72.5 - 72.5
2,285.0 72.5 164.2 2,521.7
Liabilities
Contingent consideration payable - - (8.8) (8.8)
Derivative financial instruments at fair value
- through other comprehensive income - (16.8) - (16.8)
- (16.8) (8.8) (25.6)
Quoted Observable
prices in current
active market Unobservable
markets transactions inputs Total
US$m US$m US$m US$m
At 31.12.2021
Assets
Other investments
- equity investments 1,136.7 - 387.8 1,524.5
- debt investments 776.4 - - 776.4
1,913.1 - 387.8 2,300.9
Derivative financial instruments at fair value
- through other comprehensive income - 15.7 - 15.7
- through profit and loss - 0.6 - 0.6
1,913.1 16.3 387.8 2,317.2
Liabilities
Contingent consideration payable - - (8.8) (8.8)
Derivative financial instruments at fair value
- through other comprehensive income - (54.9) - (54.9)
- through profit and loss - (0.1) - (0.1)
- (55.0) - (55.0)
- (55.0) (8.8) (63.8)
During the six months ended 30th June 2022, the GoTo investment was
transferred from Unobservable inputs category to Quoted prices in active
markets category. There were no transfers among the three categories during
the year ended 31st December 2021.
b) Financial instruments that are not measured at fair value
The fair values of current debtors, bank balances and other liquid funds,
current creditors, current borrowings and current lease liabilities of the
Group and the Company are assumed to approximate their carrying amounts due to
the short-term maturities of these assets and liabilities.
The fair values of long-term borrowings disclosed are based on market prices
or are estimated using the expected future payments discounted at market
interest rates. The fair values of non-current lease liabilities are estimated
using the expected future payments discounted at market interest rates.
8 Borrowings
Group
At At
30.06.2022 31.12.2021
US$m US$m
Long-term borrowings:
- secured 11.1 12.8
- unsecured 3,668.1 3,857.5
3,679.2 3,870.3
Current borrowings:
- secured 70.7 164.6
- unsecured 2,492.5 2,525.3
2,563.2 2,689.9
Total borrowings 6,242.4 6,560.2
Certain subsidiaries of the Group have pledged their assets in order to obtain
bank facilities from financial institutions. The value of assets pledged was
US$53.5 million (31st December 2021: US$92.6 million).
9 Share capital
Group
2022 2021
US$m US$m
Six months ended 30th June
Issued and fully paid:
Balance at 1st January and 30th June
- 395,236,288 (2021: 395,236,288) ordinary shares 1,381.0 1,381.0
There were no rights, bonus or equity issues during the period.
The Company did not hold any treasury shares as at 30th June 2022 (30th June
2021: Nil) and did not have any unissued shares under convertibles as at 30th
June 2022 (30th June 2021: Nil).
There were no subsidiary holdings (as defined in the Listing Rules of the
SGX-ST) as at 30th June 2022 (30th June 2021: Nil).
10 Revenue reserve
Group Company
2022 2021 2022 2021
US$m US$m US$m US$m
Movements:
Balance at 1st January 7,374.3 6,937.7 474.1 471.7
Defined benefit pension plans
- remeasurements 0.3 (1.6) - -
- deferred tax (0.1) 0.2 - -
Share of associates' and joint ventures'
remeasurements of defined benefit
pension plans, net of tax 1.2 (1.2) - -
Profit/(loss) attributable to shareholders 487.5 226.3 213.6 143.1
Dividends paid by the Company (247.2) (134.2) (247.1) (134.2)
Change in shareholding (3.6) (14.3) - -
Balance at 30th June 7,612.4 7,012.9 440.6 480.6
11 Other reserves
Group Company
2022 2021 2022 2021
US$m US$m US$m US$m
Composition:
Asset revaluation reserve 404.4 403.5 - -
Translation reserve (2,055.5) (1,848.5) 263.3 338.0
Fair value reserve 9.8 12.8 - -
Hedging reserve (4.9) (47.1) - -
Other reserve 3.3 3.3 - -
Balance at 30th June (1,642.9) (1,476.0) 263.3 338.0
Movements:
Asset revaluation reserve
Balance at 1st January 404.7 403.4 - -
Surplus on revaluation of assets - 0.1 - -
Other (0.3) - - -
Balance at 30th June 404.4 403.5 - -
Translation reserve
Balance at 1st January (1,774.6) (1,683.7) 326.2 375.9
Translation difference (280.9) (164.8) (62.9) (37.9)
Translation reserve realised - - - -
Balance at 30th June (2,055.5) (1,848.5) 263.3 338.0
Fair value reserve
Balance at 1st January 16.5 18.5 - -
Financial assets at FVOCI
- fair value changes (5.8) (5.0) - -
- deferred tax - 0.1 - -
- transfer to profit and loss (0.9) (0.8) - -
Balance at 30th June 9.8 12.8 - -
Hedging reserve
Balance at 1st January (37.0) (86.1) - -
Cash flow hedges
- fair value changes 11.1 34.4 - -
- deferred tax (2.4) (7.1) - -
Share of associates' and joint ventures' fair value changes of cash flow
hedges, net of tax
23.4 11.7 - -
Balance at 30th June (4.9) (47.1) - -
Other reserve
Balance at 1st January and 30th June 3.3 3.3 - -
12 Non-controlling interests
Group
2022 2021
US$m US$m
Balance at 1st January 9,027.1 8,332.5
Financial assets at FVOCI
- fair value changes (6.2) (5.4)
- deferred tax 0.1 0.1
- transfer to profit and loss (1.0) (0.9)
(7.1) (6.2)
Cash flow hedges
- fair value changes 14.6 47.4
- deferred tax (3.2) (9.8)
- transfer to profit and loss - -
11.4 37.6
Share of associates' and joint ventures' fair value changes of
cash flow hedges, net of tax 50.7 23.5
Defined benefit pension plans
- remeasurements 0.4 (2.9)
- deferred tax (0.1) 0.5
0.3 (2.4)
Share of associates' and joint ventures' remeasurements of
defined benefit pension plans, net of tax 0.2 (0.8)
Translation difference (300.8) (175.1)
Profit for the year 1,000.7 465.2
Issue of shares to non-controlling interests 3.2 0.3
Dividends paid (418.7) (198.1)
Change in shareholding (3.1) (21.5)
Other (0.2) (1.0)
Balance at 30th June 9,363.7 8,454.0
13 Related party transactions
The following significant related party transactions took place during the six
months ended 30th June:
Group
2022 2021
US$m US$m
(a) With associates and joint ventures:
Purchase of goods and services (2,765.6) (2,179.9)
Sale of goods and services 1,030.2 541.2
Commission and incentives earned 3.2 2.3
Interest received 8.7 8.9
(b) With related companies and
associates of ultimate holding
company:
Management fees paid (2.7) (1.5)
Purchase of goods and services (1.7) (1.6)
Sale of goods and services 0.9 0.4
(c) Remuneration of directors of the
Company and key management
personnel of the Group:
Salaries and other short-term
employee benefits 5.9 4.6
14 Commitments
Capital expenditure authorised for at the balance sheet date, but not
recognised in the financial statements is as follows:
Group
At At
30.06.2022 31.12.2021
US$m US$m
Authorised and contracted 137.5 106.3
Authorised but not contracted 254.9 282.0
392.4 388.3
15 Cash flows from operating activities
Group
2022 2021
US$m US$m
Profit before tax 1,848.1 900.6
Adjustments for:
Financing income (57.6) (63.1)
Financing charges 82.2 90.5
Share of associates' and joint ventures' results after tax (320.7) (263.6)
Amortisation/depreciation of:
- intangible assets 67.1 66.1
- right-of-use assets 63.5 74.1
- property, plant and equipment 341.9 367.0
- bearer plants 14.3 13.7
Impairment/(write-back of impairment) of:
- property, plant and equipment (0.1) 0.4
- debtors 89.0 95.4
Fair value (gain)/loss on:
- investment (96.7) 123.2
- agricultural produce 0.1 (3.5)
- livestock - (3.4)
- derivative not qualifying as hedge (0.1) -
(Profit)/loss on disposal of:
- intangible assets 0.3 -
- property, plant and equipment (11.3) (11.1)
- investments (1.6) (1.7)
Loss on disposal/write-down of receivables from collateral vehicles 22.8 35.1
Amortisation of borrowing costs for financial services companies 4.4 4.4
Write-down of stocks 1.7 0.5
Changes in provisions 10.0 10.8
Foreign exchange loss 53.8 26.6
263.0 561.4
Operating profit before working capital changes 2,111.1 1,462.0
Changes in working capital:
Properties for sale 6.1 4.1
Stocks ((1)) (332.2) 21.7
Concession rights (5.6) (3.7)
Financing debtors (209.7) (307.5)
Debtors ((2)) (600.3) (263.7)
Creditors ((3)) 820.5 590.2
Pensions 15.1 10.4
(306.1) 51.5
Cash flows from operating activities 1,805.0 1,513.5
(1) Increase in stock balance mainly due to higher purchases amid higher
sales
(2) Increase in debtors balance mainly due to higher sales activities
(3) Increase in creditors balance mainly due to higher trade purchases
16 Notes to consolidated statement of cash flows
(a) Purchase of shares in associates and joint ventures
Purchase of shares in associates and joint ventures for the six months ended
30th June 2022 mainly included US$45.1 million for Astra's investment in PT
Jasamarga Pandaan Malang, a toll road operator in Indonesia and US$23.6
million for additional purchase of shares in Refrigeration Electrical
Engineering Corporation.
Purchase of shares in associates and joint ventures for the six months ended
30th June 2021 mainly included US$19.0 million for Astra's investment in PT
Marga Lingkar, a toll road operator in Indonesia and US$7.2 million for
additional purchase of shares in Refrigeration Electrical Engineering
Corporation.
(b) Changes in controlling interests in subsidiaries
Change in controlling interests of subsidiaries for the six months ended 2022
included an outflow of US$2.5 million for Astra's acquisition of additional
interest in PT Marga Mandalasakti, US$0.5 million and US$3.7 million for
acquisition of additional interests in Cycle and Carriage Bintang Berhad and
Republic Auto Pte Ltd, respectively.
Change in controlling interests of subsidiaries for the six months ended 2021
included an outflow of US$17.0 million and US$18.8 million for acquisition of
additional interests in Cycle and Carriage Bintang Berhad and Republic Auto
Pte Ltd, respectively.
17 Segment Information
Operating segments are identified on the basis of internal reports about
components of the Group that are regularly reviewed by the Board for the
purpose of resource allocation and performance assessment. The Board considers
Astra as one operating segment because it represents a single direct
investment made by the Company. Decisions for resource allocation and
performance assessment of Astra are made by the Board of the Company while
resource allocation and performance assessment of the various Astra businesses
are made by the board of Astra, taking into consideration the opinions of the
Board of the Company. THACO is identified as another operating segment.
Direct Motor Interests are aggregated into one reportable segment based on the
similar automotive nature of their products and services, while Other
Strategic Interests, comprising the Group's strategic investment portfolio,
are aggregated into another reportable segment based on their exposure to
market-leading companies in key regional economies. Set out below is an
analysis of the segment information.
Underlying business performance
Direct Other Non-
Motor Strategic Corporate trading
Astra THACO Interests Interests costs items Group
US$m US$m US$m US$m US$m US$m US$m
6 months ended 30th June 2022
Revenue 9,916.9 - 763.6 - - - 10,680.5
Net operating costs (8,445.7) - (743.5) 9.3 (45.2) 96.6 (9,128.5)
Operating profit 1,471.2 - 20.1 9.3 (45.2) 96.6 1,552.0
Financing income 57.3 - 0.2 - 0.1 - 57.6
Financing charges (70.2) - (1.1) - (10.9) - (82.2)
Net financing charges (12.9) - (0.9) - (10.8) - (24.6)
Share of associates' and joint
ventures' results after tax 227.6 52.3 14.9 25.9 - - 320.7
Profit before tax 1,685.9 52.3 34.1 35.2 (56.0) 96.6 1,848.1
Tax (352.3) - (4.9) (1.5) (0.8) (0.4) (359.9)
Profit after tax 1,333.6 52.3 29.2 33.7 (56.8) 96.2 1,488.2
Non-controlling interests (868.9) - (0.7) - - (131.1) (1,000.7)
Profit attributable to
shareholders 464.7 52.3 28.5 33.7 (56.8) (34.9) 487.5
As at 30.06.2022
Net cash/(debt) (excluding
net debt of financial
services companies) 2,335.4 - 10.7 - (1,461.9) 884.2
Total equity 15,637.7 685.7 288.1 738.4 (635.7) 16,714.2
6 months ended 30th June 2021
Revenue 7,483.7 - 803.3 - - - 8,287.0
Net operating costs (6,714.7) - (773.8) 10.5 (28.2) (116.4) (7,622.6)
Operating profit 769.0 - 29.5 10.5 (28.2) (116.4) 664.4
Financing income 62.9 - 0.2 - - - 63.1
Financing charges (81.5) - (1.0) - (8.0) - (90.5)
Net financing charges (18.6) - (0.8) - (8.0) - (27.4)
Share of associates' and joint
ventures' results after tax 201.4 36.6 5.0 20.6 - - 263.6
Profit before tax 951.8 36.6 33.7 31.1 (36.2) (116.4) 900.6
Tax (199.5) - (6.1) (1.4) (0.7) (1.4) (209.1)
Profit after tax 752.3 36.6 27.6 29.7 (36.9) (117.8) 691.5
Non-controlling interests (458.9) - (3.9) - - (2.4) (465.2)
Profit attributable to
shareholders 293.4 36.6 23.7 29.7 (36.9) (120.2) 226.3
As at 31.12.2021
Net cash/(debt) (excluding
net debt of financial
services companies) 2,233.1 - 34.5 - (1,497.3) 770.3
Total equity 15,160.6 672.3 281.0 770.0 (488.6) 16,395.3
Segment assets and liabilities are not disclosed as these are not regularly
provided to the Board of the Company.
Set out below are analyses of the Group's revenue and non-current assets, by
geographical areas:
Indonesia Other Total
US$m US$m US$m
Non-current assets as at
30.06.2022 9,892.2 1,579.9 11,472.1
31.12.2021 10,204.7 1,605.9 11,810.6
Non-current assets excluded financial instruments and deferred tax assets.
Indonesia is disclosed separately as a geographical area as most of the
customers are based in Indonesia.
18 Interested person transactions
Aggregate value Aggregate value
of all interested of all interested
person person
transactions transactions
(excluding conducted under
transactions less shareholders'
than S$100,000 mandate
and transactions pursuant to Rule
conducted under 920 (excluding
shareholders' transactions less
mandate than S$100,000)
pursuant to
Rule 920)
Name of interested person and Nature of relationship US$m US$m
nature of transaction
Six months ended 30th June 2022
Jardine Matheson Limited Associate of the Company's
- Management support services controlling shareholder - 2.6
Jardine Matheson Limited Associate of the Company's
- Business support services controlling shareholder - 0.1
The Dairy Farm Company Ltd Associate of the Company's
- Data analytics services controlling shareholder - 0.2
Jardine Matheson Limited Associate of the Company's
- Digital and innovation services controlling shareholder 1.5 -
Hongkong Land (Unicode) Associate of the Company's
Investments Limited controlling shareholder
- Subscription of shares in an associate 0.4 -
PT Astra Land Indonesia Associate of the Company's
- Subscription of shares by a subsidiary controlling shareholder 0.4 -
Tan Yen Yen Director of the Company
- purchase of a motor vehicle 0.2 -
2.5 2.9
19 Additional information
Group
2022 2021 Change
US$m US$m %
Astra International
Automotive 128.4 108.6 18
Financial services 100.1 74.3 35
Heavy equipment, mining, construction & energy 212.2 95.7 >100
Agribusiness 22.3 15.9 40
Infrastructure & logistics 12.2 3.2 >100
Information technology 0.8 0.5 60
Property 2.5 2.9 -14
478.5 301.1 59
Less: Withholding tax on dividend (13.8) (7.7) 79
464.7 293.4 58
THACO
Automotive 60.1 34.4 75
Real estate 0.1 4.6 -98
Agriculture (7.9) (2.4) >100
52.3 36.6 43
Direct Motor Interests
Singapore 11.4 19.3 -41
Malaysia 3.2 0.2 >100
Myanmar - (1.9) -100
Indonesia (Tunas Ridean) 14.6 6.9 >100
Less: central overheads (0.7) (0.8) -13
28.5 23.7 20
Other Strategic Interests
Siam City Cement 15.0 13.7 9
REE 9.4 5.5 71
Vinamilk 9.3 10.5 -11
33.7 29.7 13
Corporate costs
Central overheads (13.9) (10.9) 28
Dividend income from other investments 2.6 3.0 -13
Net financing charges (10.8) (7.9) 37
Exchange differences (34.7) (21.1) 64
(56.8) (36.9) 54
Underlying profit attributable to shareholders 522.4 346.5 51
20 Dividend and closure of books
The Board has declared an interim one-tier tax exempt dividend of US¢28 per
share (2021: US¢18 per share).
NOTICE IS HEREBY GIVEN that the Transfer Books and the Register of Members of
the Company will be closed from 5.00 p.m. on Tuesday, 30th August 2022
("Record Date") up to, and including Wednesday, 31st August 2022 for the
purpose of determining shareholders' entitlement to the interim dividend.
Duly completed transfers of shares of the Company in physical scrip received
by the Company's Share Registrar, M & C Services Private Limited at 112
Robinson Road #05-01, Singapore 068902 up to 5.00 p.m. on the Record Date will
be registered before entitlements to the interim dividend are determined.
Shareholders (being Depositors) whose securities accounts with The Central
Depository (Pte) Limited are credited with shares of the Company as at 5.00
p.m. on the Record Date will rank for the interim dividend.
The interim dividend will be paid on Thursday, 29th September 2022.
21 Subsequent Events
In July 2022, Astra signed a Shares Subscription Agreement to subscribe for a
49.56% stake of PT Bank Jasa Jakarta for approximately US$265 million.
Completion of this transaction is subject to, inter alia, a regulatory stake
approval.
In July 2022, United Tractors, a subsidiary of Astra, announced a share
buyback programme of approximately US$340m.
In July 2022, the Company has submitted a notice of unconditional voluntary
take-over offer to acquire all the remaining ordinary shares in Cycle &
Carriage Bintang not already held by the Company.
No significant event or transaction other than as contained in this report has
occurred between 1st July 2022 and the date of this report.
22 Others
The results do not include any pre-acquisition profits and have not been
affected by any item, transaction or event of a material or unusual nature
other than the non-trading items shown in Note 6 of this report.
The Company confirms that it has procured undertakings from all its directors
and executive officers under Rule 720(1) of the Listing Rules of the SGX-ST.
- end -
For further information, please contact:
Jardine Cycle & Carriage Limited
Jeffery Tan Eng Heong
Tel: 65 64708111
The full text of the Financial Statements and Dividend Announcement for the
half year ended 30th June 2022 can be accessed through the internet at '
(file:///C%3A/Users/lcor5228/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/VJ0BKHR7/www.jcclgroup.com)
www.jcclgroup.com (https://www.jcclgroup.com/) '.
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