REG - Jardine Matheson Hdg - Jardine Cycle & Carriage Ltd – Half-year Results
28/07/2023 14:00
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RNS Number : 6088H Jardine Matheson Hldgs Ltd 28 July 2023
To: Business Editor
28th July 2023
For immediate release
Jardine Cycle & Carriage Limited
2023 Half-Year Financial Statements and Dividend Announcement
The following announcement was issued today by the Company's 76.8%-owned
subsidiary, Jardine Cycle & Carriage Limited.
For further information, please contact:
Jardine Matheson Limited
Jonathan Lloyd
(852) 2843 8223
Brunswick Group Limited
Ben Fry
(65) 9017 9886
28th July 2023
JARDINE CYCLE & CARRIAGE LIMITED
2023 HALF-YEAR FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT
Highlights
● Underlying profit 12% higher at US$583 million
● Improved results from Astra and Direct Motor Interests
● THACO and Other Strategic Interests report lower earnings
● Interim dividend per share of US¢28, unchanged from 2022
"The Group performed well in the first half of 2023, mainly due to higher
contributions from Astra and Direct Motor Interests. THACO's performance was,
however, adversely affected by the challenging economic environment in
Vietnam. While economic uncertainties remain, the Group expects progress to
continue into the second half of the year."
Ben Keswick, Chairman
Group Results
Six months ended 30th June
2023 2022 +/- 2023
US$m US$m % S$m
Revenue 11,686 10,681 9% 15,642
Underlying profit attributable to
shareholders * 583 522 12% 781
Non-trading items^ 65 (35) nm 87
Profit attributable to shareholders 648 487 33% 868
US¢ US¢ S¢
Underlying earnings per share * 148 132 12% 197
Earnings per share 164 123 33% 219
Interim dividend per share 28 28 - 37
At At At
30.6.2023 31.12.2022 30.6.2023
Net asset value per share 19.55 18.07 8% 26.50
The exchange rate of US$1=S$1.36 (31st December 2022: US$1=S$1.34) was used
for translating assets and liabilities at the balance sheet date, and
US$1=S$1.34 (30th June 2022: US$1=S$1.37) was used for translating the results
for the period. The financial results for the six months ended 30th June 2023
and 30th June 2022 have been prepared in accordance with International
Financial Reporting Standards and have not been audited or reviewed by the
auditors.
* The Group uses 'underlying profit attributable to shareholders'
in its internal financial reporting to distinguish between ongoing business
performance and non-trading items, as more fully described in Note 6 to the
condensed financial statements. Management considers this to be a key
performance measurement that enhances the understanding of the Group's
underlying business performances.
^ Included in 'non-trading items' are unrealised gains/losses
arising from the revaluation of the Group's equity investments.
nm not meaningful
CHAIRMAN'S STATEMENT
Overview
Jardine Cycle & Carriage ("JC&C" or "the Group") delivered a good
result, compared to the same period in 2022, mainly due to higher
contributions from Astra and Direct Motor Interests.
Astra contributed US$543 million to the Group's underlying profit, 17% higher
than the same period last year, with improved performances from most of its
businesses.
Direct Motor Interests contributed US$35 million, an increase of 22% compared
to the same period last year, driven primarily by higher profits from the
Malaysia operations and Tunas Ridean in Indonesia.
THACO contributed US$15 million, 72% down from the same period last year,
mainly due to lower automotive profits.
Other Strategic Interests contributed US$29 million, 15% down from the same
period last year. The first quarter contribution of Refrigeration Electrical
Engineering Corporation ("REE") was up 16% from the prior year, offset by
lower profits from Siam City Cement.
Corporate costs totalled US$38 million, compared to US$57 million in the same
period last year. The decrease was mainly due to lower foreign exchange losses
from the translation of foreign currency loans, which more than offset an
increase in net financing charges.
The Group's underlying profit attributable to shareholders increased by 12% to
US$583 million. After accounting for non-trading items, which mainly comprised
gains from the sale and leaseback arrangement in respect of Cycle &
Carriage Singapore's properties, and unrealised amounts arising from the
revaluation of the Group's equity investments, the Group's profit attributable
to shareholders was US$648 million, compared to US$487 million in the same
period last year.
The Group's consolidated net cash position, excluding the net borrowings from
Astra's financial services subsidiaries, was US$776 million at the end of June
2023, compared to US$893 million at the end of 2022. Net debt within Astra's
financial services subsidiaries increased from US$2.8 billion to US$3.3
billion. JC&C parent company's net debt reduced from US$1.5 billion at the
end of 2022 to US$883 million at the end of June 2023, following the receipt
of enhanced dividends from Astra and the proceeds from the sale and leaseback
of Cycle & Carriage Singapore's properties.
During the first half of the year, JC&C increased its interest in REE from
33.6% to 34.4% for US$8 million. In June, JC&C announced a used car and
aftersales partnership with Carro, a leading digital used car platform. The
partnership involves JC&C taking an interest in Carro and Carro will also
acquire an interest in Republic Auto, JC&C's used car subsidiary in
Singapore.
Group Review
The contributions to JC&C's underlying profit attributable to shareholders
by business segment were as follows:
Contribution to JC&C's underlying profit
Six months ended 30th June
Business segments 2023 2022 +/-
US$m
US$m
%
Astra 543 465 17%
THACO 15 52 -72%
Direct Motor Interests 34 28 22%
Other Strategic Interests 29 34 -15%
Corporate Costs - exchange losses (7) (35) 80%
Corporate Costs - others (31) (22) -43%
Underlying profit attributable to shareholders 583 522 12%
Astra
Astra contributed US$543 million to JC&C's underlying profit, 17% higher
than the same period last year. Excluding the unrealised amounts arising from
the revaluation of its equity investments, Astra reported a net profit
equivalent to US$1.2 billion under Indonesian accounting standards, with
stronger performances from most of its businesses, particularly its
automotive, financial services, heavy equipment and mining contracting
operations.
Automotive
Net income increased by 33% to US$379 million, reflecting higher sales
volumes.
● The wholesale car market increased by 7% to 506,000 units in the
first half. Astra's car sales were 7% higher at 278,000 units, with its market
share marginally higher at 55%.
● The wholesale market for motorcycles increased by 43% to 3.2 million
units in the first half. Astra Honda motorcycle sales were 56% higher at 2.6
million units, as the low base in the previous year was affected by production
constraints caused by semiconductor supply issues. Correspondingly, Astra
Honda's market share increased from 73% to 80%.
● Components business, Astra Otoparts, reported an 85% increase in net
profit to US$53 million, mainly due to higher revenue from the original
equipment manufacturer segment.
Financial Services
Net income increased by 32% to US$255 million due to higher contributions from
Astra's consumer finance businesses.
● Consumer finance businesses saw a 27% increase in the amounts
financed to US$4.0 billion. The net income contribution from the car-focused
finance companies increased by 36% to US$75 million, and the contribution from
the motorcycle-focused financing business increased by 30% to US$135 million,
mainly due to larger loan portfolios and lower loan loss provisions.
● General insurance company, Asuransi Astra Buana, reported a 9%
increase in net income to US$46 million due to higher underwriting income.
Heavy Equipment, Mining, Construction and Energy
Net income increased by 11% to US$459 million, mainly due to improved profits
from heavy equipment sales and mining contracting which continued to benefit
from elevated coal prices.
● Komatsu heavy equipment sales increased by 9% to 3,100 units, while
its parts and service business revenue was also higher.
● Mining contracting operations reported an 18% increase in coal
production at 59 million tonnes and a 20% increase in overburden removal
volume at 524 million bank cubic metres.
● Coal mining subsidiaries reported an 11% increase in coal sales to
6.4 million tonnes, including 1.3 million tonnes of metallurgical coal.
● Agincourt Resources saw 24% lower gold sales at 110,000 oz.
● General contractor, Acset Indonusa, reported a lower net loss of
US$4 million compared to a net loss of US$8 million in the same period last
year.
Agribusiness
Net income decreased by 55% to US$19 million, mainly due to lower crude palm
oil prices, partly cushioned by higher sales.
Infrastructure and Logistics
Astra's infrastructure and logistics division reported a 42% increase in net
profit to US$33 million, mainly due to improved traffic volumes in its toll
road businesses. Astra has 396km of operational toll roads along the
Trans-Java network and in the Jakarta Outer Ring Road.
THACO
THACO contributed a US$15 million profit, 72% lower compared to the same
period last year. THACO's automotive profits were significantly reduced, as
Vietnam's automotive market overall was impacted by weaker economic and
consumer sentiments, and greater competitive pressure.
Direct Motor Interests
The Group's Direct Motor Interests contributed US$35 million profit, 22% up
compared to the same period last year.
● Cycle & Carriage Singapore's contribution was flat against the
same period last year, mainly due to lower car sales volumes amidst a
tightened COE cycle, partly offset by higher aftersales throughput volumes.
Despite new car sales volumes were 13% down, overall market share increased
from 19% to 20%.
● In Indonesia, Tunas Ridean contributed US$19 million, 30% higher
than the same period last year, supported by improved operating volumes across
its automotive, financial services and leasing businesses.
● Cycle & Carriage Bintang in Malaysia contributed a profit of
US$6 million, 91% higher than the same period last year. New car sales volumes
were 21% up at strong margins, supported by the government sales tax
exemption, which expired in March.
Other Strategic Interests
The Group's Other Strategic Interests contributed a US$29 million profit, 15%
down compared to the same period last year.
● The contribution from Siam City Cement was US$9 million, 41% lower
than the previous year, as it continued to be adversely impacted by high
energy costs.
● Based on its first-quarter results, REE's contribution of US$11
million was 16% higher than the previous year, mainly due to higher earnings
from its water treatment and distribution businesses, and an increase in
JC&C's shareholding.
● The Group's investment in Vinamilk produced a dividend income of
US$9 million, similar to the previous year, with the business reporting an 8%
decrease in net profit, mainly due to high raw material costs.
Corporate Costs
Corporate costs were US$38 million compared to US$57 million in the same
period last year, as foreign exchange losses from the translation of foreign
currency loans decreased from US$35 million to US$7 million. This foreign
exchange impact was, however, offset by a US$11 million increase in net
financing charges.
Dividend
The Board has declared an interim one-tier tax-exempt dividend of US¢28 per
share (2022: US¢28 per share) for the half-year ended 30th June 2023.
Outlook
While economic uncertainties remain, the Group expects progress to continue
into the second half of the year.
Ben Keswick
Chairman
CORPORATE PROFILE
Jardine Cycle & Carriage ("JC&C" or "the Group") is the investment
holding company of the Jardine Matheson Group ("Jardines") in Southeast Asia.
Listed on the Mainboard of the Singapore Exchange and a constituent of the
Straits Times Index, the Group is 76.8%-owned by Jardines.
By investing in the region's market leaders, we aim to deliver sustainable
growth to create evermore opportunities for the people and communities of
Southeast Asia. Together with our subsidiaries and associates, JC&C
provides over 240,000 jobs across the region.
A diversified portfolio
n Astra (50.1%-owned), a prominent Indonesian group participating in
automotive, financial services, heavy equipment, mining, construction &
energy, agribusiness, infrastructure, IT and property.
n THACO (26.6%-owned), Vietnam's fast growing business group with
market leading positions in automotive, real estate and agriculture.
n Direct Motor Interests making up an extensive dealership network
through the Cycle & Carriage businesses in Singapore (100%-owned),
Malaysia (97.0%-owned), and Myanmar (60%-owned), and Tunas Ridean
(49.9%-owned) in Indonesia.
n Other Strategic Interests comprising Refrigeration Electrical
Engineering Corporation (34.4%-owned) in Vietnam with interests in power and
utilities including renewable energy, property development and office leasing,
and mechanical & electrical engineering; Siam City Cement (25.5%-owned)
operating in Thailand, Vietnam, Sri Lanka, Cambodia and Bangladesh; and
Vinamilk (10.6%-owned), the leading dairy producer in Vietnam.
For more information on JC&C and our businesses, visit www.jcclgroup.com
(http://www.jcclgroup.com) .
Statement pursuant to Rule 705(5) of the Listing Rules of the Singapore
Exchange Securities Trading Limited ("SGX-ST")
The directors confirm that, to the best of their knowledge, nothing has come
to the attention of the Board of Directors which may render the accompanying
unaudited interim financial results for the six months ended 30th June 2023 to
be false or misleading in any material aspect.
On behalf of the Board of Directors
Ben Keswick
Director
Steven Phan
Director
28th July 2023
Jardine Cycle & Carriage Limited
Consolidated Profit and Loss Account for the six months ended 30th June 2023
2023 2022 Change
Note US$m US$m %
Revenue ((1)) 2 11,685.6 10,680.5 9
Net operating costs 3 (10,023.7) (9,128.5) 10
Operating profit 3 1,661.9 1,552.0 7
Financing income 76.5 57.6 33
Financing charges ((2)) (108.0) (82.2) 31
Net financing charges (31.5) (24.6) 28
Share of associates' and joint
ventures' results after tax 354.6 320.7 11
Profit before tax 1,985.0 1,848.1 7
Tax 4 (377.4) (359.9) 5
Profit after tax 1,607.6 1,488.2 8
Profit attributable to:
Shareholders of the Company 648.3 487.5 33
Non-controlling interests 959.3 1,000.7 -4
1,607.6 1,488.2 8
US¢ US¢
Earnings per share:
- basic 6 164 123 33
- diluted 6 164 123 33
(1) Higher revenue was mainly due to higher sales from Astra's
automotive, and heavy equipment and mining contracting operations, as well as
Direct Motor Interests.
(2) Increase in financing charges was mainly due to higher interest
cost.
Jardine Cycle & Carriage Limited
Consolidated Statement of Comprehensive Income for the six months ended 30th
June 2023
2023 2022
US$m US$m
Profit for the year 1,607.6 1,488.2
Items that will not be reclassified to profit and loss:
Translation difference 363.6 (300.8)
Remeasurements of defined benefit pension plans - 0.7
Tax relating to items that will not be reclassified 0.2 (0.2)
Share of other comprehensive income/(expense) of
associates and joint ventures, net of tax (0.2) 1.4
363.6 (298.9)
Items that may be reclassified subsequently to profit and loss:
Translation difference
- gain/(loss) arising during the year 263.0 (280.9)
Financial assets at FVOCI ((1))
- gain/(loss) arising during the year 1.0 (12.0)
- transfer to profit and loss - (1.9)
1.0 (13.9)
Cash flow hedges
- gain arising during the year 5.1 25.7
Tax relating to items that may be reclassified (1.1) (5.5)
Share of other comprehensive income of
associates and joint ventures, net of tax 5.1 74.1
273.1 (200.5)
Other comprehensive income/(expense) for the year 636.7 (499.4)
Total comprehensive income for the year 2,244.3 988.8
Attributable to:
Shareholders of the Company 915.9 233.4
Non-controlling interests 1,328.5 755.4
2,244.3 988.8
(1)( ) Fair value through other comprehensive income ("FVOCI")
Jardine Cycle & Carriage Limited
Consolidated Balance Sheet at 30th June 2023
At At
30.06.2023 31.12.2022
Note US$m US$m
Non-current assets
Intangible assets 1,757.8 1,675.4
Right-of-use assets 745.0 733.2
Property, plant and equipment 4,193.8 3,692.4
Investment properties 478.2 455.9
Bearer plants 490.3 464.7
Interests in associates and joint ventures 4,739.0 4,576.1
Non-current investments 2,241.1 2,128.9
Non-current debtors 3,531.4 3,041.5
Deferred tax assets 466.6 404.0
18,643.2 17,172.1
Current assets
Current investments 55.3 18.2
Properties for sale 511.2 400.2
Stocks 2,197.6 2,130.2
Current debtors 5,963.1 5,495.2
Current tax assets 60.1 69.2
Bank balances and other liquid funds
- non-financial services companies 3,179.4 3,645.7
- financial services companies 410.0 372.4
3,589.4 4,018.1
12,376.7 12,131.1
Total assets 31,019.9 29,303.2
Non-current liabilities
Non-current creditors 175.2 154.5
Non-current provisions 228.0 207.3
Non-current lease liabilities 226.2 87.6
Long-term borrowings 8
- non-financial services companies 1,667.4 1,575.5
- financial services companies 1,674.9 1,532.4
3,342.3 3,107.9
Deferred tax liabilities 324.7 385.9
Pension liabilities 366.5 337.9
4,662.9 4,281.1
Current liabilities
Current creditors 6,206.0 5,276.9
Current provisions 108.5 107.2
Current lease liabilities 75.5 68.0
Current borrowings 8
- non-financial services companies 735.6 1,177.4
- financial services companies 2,065.9 1,662.9
2,801.5 2,840.3
Current tax liabilities 196.2 280.2
9,387.7 8,572.6
Total liabilities 14,050.6 12,853.7
Net assets 16,969.3 16,449.5
Equity
Share capital 9 1,381.0 1,381.0
Revenue reserve 10 8,055.4 7,737.1
Other reserves 11 (1,710.6) (1,978.3)
Shareholders' funds 7,725.8 7,139.8
Non-controlling interests 12 9,243.5 9,309.7
Total equity 16,969.3 16,449.5
Jardine Cycle & Carriage Limited
Consolidated Statement of Changes in Equity for the six months ended 30th June
2023
Attributable to shareholders of the Company
Share capital US$m Revenue reserve US$m Asset evaluation reserve US$m Translation reserve US$m Fair value and other reserves US$m Total US$m Attributable to non- controlling interests US$m Total equity US$m
2023
Balance at 1st January 1,381.0 7,737.1 404.8 (2,397.3) 14.2 7,139.8 9,309.7 16,449.5
Total comprehensive income - 648.1 - 263.0 4.7 915.8 1,328.5 2,244.3
Dividends paid by the Company - (330.1) - - - (330.1) - (330.1)
Dividends declared/paid to non-controlling Interests
- - - - - - (1,482.3) (1,482.3)
Issue of shares to non-controlling interests - - - - - - 86.7 86.7
Change in shareholding - 0.3 - - - 0.3 1.4 1.7
Other - - - - - - (0.5) (0.5)
Balance at 30th June 1,381.0 8,055.4 404.8 (2,134.3) 18.9 7,725.8 9,243.5 16,969.3
2022
Balance at 1st January 1,381.0 7,374.3 404.7 (1,774.6) (17.2) 7,368.2 9,027.1 16,395.3
Total comprehensive income - 488.9 - (280.9) 25.4 233.4 755.4 988.8
Dividends paid by the Company - (247.2) - - - (247.2) - (247.2)
Dividends declared/paid to non-controlling interests
- - - - - - (418.7) (418.7)
Issue of shares to non-controlling interests - - - - - - 3.2 3.2
Change in shareholding - (3.6) - - - (3.6) (3.1) (6.7)
Other - - (0.3) - - (0.3) (0.2) (0.5)
Balance at 30th June 1,381.0 7,612.4 404.4 (2,055.5) 8.2 7,350.5 9,363.7 16,714.2
Jardine Cycle & Carriage Limited
Company Balance Sheet at 30th June 2023
At At
Note 30.06.2023 31.12.2022
US$m US$m
Non-current assets
Property, plant and equipment 33.1 33.6
Interests in subsidiaries 1,421.3 1,432.7
Interests in associates and joint ventures 857.4 864.3
Non-current investment 230.4 197.6
2,542.2 2,528.2
Current assets
Current debtors 1,092.3 1,115.4
Bank balances and other liquid funds 62.0 72.6
1,154.3 1,188.0
Total assets 3,696.5 3,716.2
Non-current liabilities
Long-term borrowings 695.1 877.5
Deferred tax liabilities 6.1 6.2
701.2 883.7
Current liabilities
Current creditors 292.1 118.4
Current borrowings 250.0 660.0
Current tax liabilities 2.1 1.7
544.2 780.1
Total liabilities 1,245.4 1,663.8
Net assets 2,451.1 2,052.4
Equity
Share capital 9 1,381.0 1,381.0
Revenue reserve 10 757.3 337.1
Other reserves 11 312.8 334.3
Total equity 2,451.1 2,052.4
Net asset value per share US$6.20 US$5.19
Jardine Cycle & Carriage Limited
Company Statement of Comprehensive Income for the six months ended 30th June
2023
2023 2022
US$m US$m
Profit for the year 750.3 213.6
Items that may be reclassified subsequently to
profit and loss:
Translation difference
- loss arising during the year (21.5) (62.9)
Other comprehensive income/(expense) for the year (21.5) (62.9)
Total comprehensive income for the year 728.8 150.7
Jardine Cycle & Carriage Limited
Company Statement of Changes in Equity for the six months ended 30th June 2023
Share Revenue Translation Total
Note capital reserve reserve equity
US$m US$m US$m US$m
2023
Balance at 1st January 1,381.0 337.1 334.3 2,052.4
Total comprehensive income/(expense) - 750.3 (21.5) 728.8
Dividends paid 5 - (330.1) - (330.1)
Balance at 30th June 1,381.0 757.3 312.8 2,451.1
2022
Balance at 1st January 1,381.0 474.1 326.2 2,181.3
Total comprehensive income/(expense) - 213.6 (62.9) 150.7
Dividends paid 5 - (247.1) - (247.1)
Balance at 30th June 1,381.0 440.6 263.3 2,084.9
Jardine Cycle & Carriage Limited
Consolidated Statement of Cash Flows for the six months ended 30th June 2023
2023 2022
Note US$m US$m
Cash flows from operating activities
Cash generated from operations 15 2,019.3 1,805.0
Interest paid (49.9) (58.1)
Interest received 75.1 56.5
Other finance costs paid (31.8) (4.3)
Income tax paid (588.8) (401.3)
(595.4) (407.2)
Dividends received from associates and joint
ventures (net) 374.1 335.8
(221.3) (71.4)
Net cash flows from operating activities 1,798.0 1,733.6
Cash flows from investing activities
Sale of property, plant and equipment 247.1 22.9
Sale of investments 67.4 139.9
Purchase of intangible assets (69.0) (60.2)
Additions to right-of-use assets (4.6) (2.9)
Purchase of property, plant and equipment (702.5) (281.8)
Purchase of investment properties (0.1) (0.2)
Additions to bearer plants (16.8) (18.2)
Purchase of associates and joint ventures (36.0) (70.3)
Purchase of investments (154.0) (289.3)
Net cash flows from investing activities (668.5) (560.1)
Cash flows from financing activities
Drawdown of loans 2,539.4 1,519.5
Repayment of loans (2,457.4) (1,725.2)
Principal elements of lease payments (51.7) (35.7)
Changes in controlling interests in subsidiaries 1.7 (6.7)
Investments by non-controlling interests 86.7 3.2
Dividends paid to non-controlling interests (1,479.3) (412.8)
Dividends paid by the Company (330.1) (247.2)
Net cash flows from financing activities (1,690.7) (904.9)
Net change in cash and cash equivalents (561.2) 268.6
Cash and cash equivalents at the beginning of the year 4,018.1 4,588.8
Effect of exchange rate changes 131.7 (142.5)
Cash and cash equivalents at the end of the year ((1)) 3,588.6 4,714.9
(1) For the purpose of the Consolidated Statement of Cash Flows, cash and cash
equivalents comprise deposits with bank and financial institutions, bank and
cash balances, net of bank overdrafts. In the balance sheet, bank overdrafts
are included under current borrowings.
Jardine Cycle & Carriage Limited
Notes to the financial statements for the six months ended 30th June 2023
1 Basis of preparation
The condensed interim financial statements for the six months ended 30th June
2023 have been prepared in accordance with IAS 34 Interim Financial Reporting.
The condensed interim financial statements do not include all the information
required for a complete set of financial statements. However, selected
explanatory notes are included to explain events and transactions that are
significant to an understanding of the changes in the Group's financial
position and performance of the Group since the last annual financial
statements for the year ended 31st December 2022. There have been no changes
to the accounting policies described in the 2022 audited accounts which have
been prepared in accordance with Singapore Financial Reporting Standards
(International) ("SFRS(I)") and International Financial Reporting Standards
("IFRS"), except for the adoption of new and amended standards as set out
below. The Group has not early adopted any other standard or amendments that
have been issued but not yet effective.
The exchange rates used for translating assets and liabilities at the balance
sheet date are US$1=S$1.3553 (2022: US$1=S$1.3445), US$1=RM4.6797 (2022:
US$1=RM4.4125), US$1=IDR15,000 (2022: US$1=IDR15,731), US$1=VND23,572 (2022:
US$1=VND23,627) and US$1=THB35.655 (2022: US$1= THB34.560).
The exchange rates used for translating the results for the period are
US$1=S$1.3385 (2022: US$1=S$1.3687), US$1=RM4.481 (2022: US$1=RM4.2868),
US$1=IDR15,006 (2022: US$1=IDR14,495), US$1=VND23,545 (2022: US$1=VND22,958)
and US$1=THB34.419 (2022:
US$1=THB33.856).
Interpretations and amendments to published standard effective in 2023
A number of new standards and amendments were effective from 1st January 2023.
The more important standards and amendments applicable to the Group are as
follows:
IFRS 17 Insurance Contracts (effective from 1st January 2023)
The standard covers recognition, measurement, presentation and disclosure for
insurance contracts and is applicable to the Group's insurance businesses in
Indonesia. Under IFRS 17, all profits are recognised in the profit and loss
over the life of the contracts as insurance services are provided. Prior to
2023, for certain insurance contracts, profits were recognised in the profit
and loss on initial recognition of the contracts. The different timing of
profit recognition will result in an increase in liabilities upon adoption of
IFRS 17. A portion of profits, previously recognised and accumulated in
equity, prior to 2023, will now be recorded as liability under IFRS 17.
Amendments to IAS 12-Deferred Tax related to Assets and Liabilities arising
from a Single Transaction (effective from 1st January 2023)
The amendment requires deferred tax to be recognised on transactions that, on
initial recognition, give rise to equal amounts of taxable and deductible
temporary differences. They typically apply to transactions such as leases of
lessees and decommissioning obligations and require the recognition of
additional deferred tax assets and liabilities.
Amendments to IAS 12-International Tax Reform - Pillar Two Model Rules
(effective for annual reporting period commencing on or after 1st January
2023)
The amendment provides a temporary mandatory exception from deferred tax
accounting in respect of Pillar Two income taxes and certain additional
disclosure requirements.
Critical accounting estimates and judgements
The preparation of the condensed interim financial statements require
management to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets,
liabilities, income and expense. Actual results may differ from these
estimates.
In preparing these condensed consolidated interim financial statements, the
significant judgements made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty were the same as those
that applied to the consolidated financial statements for the year ended 31st
December 2022.
2 Revenue
Direct
Motor
Astra Interests Total
US$m US$m US$m
Group
2023
Property 22.5 - 22.5
Motor vehicles 4,331.1 859.4 5,190.5
Financial services 948.0 - 948.0
Heavy equipment, mining, construction and energy 4,562.2 - 4,562.2
Other 962.4 - 962.4
10,826.2 859.4 11,685.6
From contracts with customers:
Recognised at a point in time 9,597.0 831.6 10,428.6
Recognised over time 147.6 24.5 172.1
9,744.6 856.1 10,600.7
From other sources:
Rental income from investment properties 7.2 - 7.2
Revenue from financial services companies 948.0 - 948.0
Other 126.4 3.3 129.7
1,081.6 3.3 1,084.9
10,826.2 859.4 11,685.6
2022
Property 32.1 - 32.1
Motor vehicles 3,774.4 763.6 4,538.0
Financial services 884.2 - 884.2
Heavy equipment, mining, construction & energy 4,165.6 - 4,165.6
Other 1,060.6 - 1,060.6
9,916.9 763.6 10,680.5
From contracts with customers:
Recognised at a point in time 8,809.9 713.3 9,523.2
Recognised over time 98.3 48.3 146.6
8,908.2 761.6 9,669.8
From other sources:
Rental income from investment properties 0.7 - 0.7
Revenue from financial services companies 884.2 - 884.2
Other 123.8 2.0 125.8
1,008.7 2.0 1,010.7
9,916.9 763.6 10,680.5
3 Net operating costs and operating profit
Group
2023 2022 Change
US$m US$m %
Cost of sales (9,134.8) (8,270.0) 10
Other operating income 220.1 204.7 10
Selling and distribution expenses (439.2) (438.2) 0
Administrative expenses (618.8) (574.3) 8
Other operating expenses (51.0) (50.7) 12
Net operating costs (10,023.7) (9,128.5) 10
Operating profit is determined after including:
Amortisation/depreciation of:
- intangible assets (66.2) (67.1) -1
- right-of-use assets (74.5) (63.5) 17
- property, plant and equipment (359.5) (341.9) 5
- bearer plants (14.9) (14.3) 4
(Impairment)/write-back of:
- property, plant and equipment 0.5 0.1 >100
- debtors (52.3) (89.0) -41
Fair value gain/(loss) on:
- investments ((1)) 9.1 96.7 -91
- agricultural produce 1.2 (0.1) nm
- derivative not qualifying as hedge 0.1 0.1 0
Profit/(loss) on disposal of:
- intangible assets - (0.3) > -100
- property, plant and equipment ((2)) 70.9 11.3 >100
- investments 0.5 1.6 -69
Loss on disposal/write-down of receivables from
collateral vehicles (22.6) (22.8) -1
Write-down of stocks, net (5.0) (1.7) >100
Net exchange loss (30.6) (31.2) -2
Dividend and interest income from investments 46.1 41.6 11
nm - not meaningful
(1) Fair value gain relates mainly to equity investments in GoTo, Hermina,
Vinamilk and Toyota Motor Corporation.
(2) Profit on disposal of property, plant and equipment includes US$65
million gain from sale and leaseback of properties.
4 Tax
The provision for income tax is based on the statutory tax rates of the
respective countries in which the companies operate after taking into account
non-deductible expenses and group tax relief.
5 Dividends
An interim dividend in respect of 2023 of US¢28 (2022: US¢28) per share
amounting to a total of US$110.7 million (2022: US$110.7 million) is declared
by the Board. These financial statements do not reflect this dividend payable,
which will be accounted for in shareholders' equity as an appropriation of
retained earnings in the six months ending 30th June 2023.
Group and Company
2023 2022
US$m US$m
Final one-tier tax exempt dividend in respect of previous year of
US¢83 per share (2022: in respect of 2021 of US¢62) 330.1 247.1
6 Earnings per share
Group
2023 2022
US$m US$m
Basic earnings per share
Profit attributable to shareholders 648.3 487.5
Weighted average number of ordinary shares in issue (millions) 395.2 395.2
Basic earnings per share US¢164 US¢123
Diluted earnings per share US¢164 US¢123
Underlying earnings per share
Underlying profit attributable to shareholders 583.3 522.4
Weighted average number of ordinary shares in issue (millions) 395.2 395.2
Basic underlying earnings per share US¢148 US¢132
Diluted underlying earnings per share US¢148 US¢132
As at 30th June 2023 and 2022, there were no dilutive potential ordinary
shares in issue.
A reconciliation of the profit attributable to shareholders and underlying
profit attributable to shareholders is as follows:
Group
2023 2022
US$m US$m
Profit attributable to shareholders 648.3 487.5
Less:
Non-trading items (net of tax and non-controlling interests)
Fair value changes of agricultural produce and livestock 0.3 -
Fair value changes of investments (0.3) (34.9)
Gain on sale and leaseback of properties 65.0 -
65.0 (34.9)
Underlying profit attributable to shareholders 583.3 522.4
Non-trading items are separately identified to provide greater understanding
of the Group's underlying business performance. Items classified as
non-trading items include fair value gains or losses on revaluation of
investment properties, agricultural produce and equity investments which are
measured at fair value through profit and loss; gains and losses arising from
the sale of businesses, investments and properties; impairment of
non-depreciable intangible assets and other investments; provisions for
closure of businesses; acquisition-related costs in business combinations; and
other credits and charges of a non-recurring nature that require inclusion in
order to provide additional insight into the Group's underlying business
performance.
7 Financial Instruments
Financial instruments by category
The fair values of financial assets and financial liabilities, together with
carrying amounts at 30th June 2023 and 31st December 2022 are as follows:
Fair
value
through Fair value Financial
Fair value of profit through other assets at Other Total
hedging and comprehensive amortised financial carrying Fair
instruments loss income costs liabilities amount value
US$m US$m US$m US$m US$m US$m US$m
At 30.06.2023
Financial assets
measured at fair value
Other investments
- equity investments - 1,437.7 - - - 1,437.7 1,437.7
- debt investments - - 858.7 - - 858.7 858.7
Derivative financial
instruments 33.4 - - - - 33.4 33.4
33.4 1,437.7 858.7 - - 2,329.8 2,329.8
Financial assets not
measured at fair value
Debtors - - - 8,153.4 - 8,153.4 7,608.9
Bank balances - - - 3,589.4 - 3,589.4 3,589.4
- - - 11,742.8 - 11,742.8 11,198.3
Financial liabilities
measured at fair value
Derivative financial
instruments (8.7) - - - - (8.7) (8.7)
Contingent consideration
payable - (8.8) - - - (8.8) (8.8)
(8.7) (8.8) - - - (17.5) (17.5)
Financial liabilities not
measured at fair value
Borrowings excluding
lease liabilities - - - - (6,143.8) (6,143.8) (6,188.3)
Lease liabilities - - - - (301.7) (301.7) (301.7)
Creditors excluding
non-financial liabilities - - - - (4,715.6) (4,715.6) (4,715.6)
- - - - (11,161.1) (11,161.1) (11,205.6)
At 31.12.2022
Financial assets
measured at fair value
Other investments
- equity investments - 1,384.3 - - - 1,384.3 1,384.3
- debt investments - - 762.8 - - 762.8 762.8
Derivative financial
instruments 119.8 0.2 - - - 120.0 120.0
119.8 1,384.5 762.8 - - 2,267.1 2,267.1
Financial assets not
measured at fair value
Debtors - - - 7,353.7 - 7,353.7 6,957.6
Bank balances - - - 4,018.1 - 4,018.1 4,018.1
- - - 11,371.8 - 11,371.8 10,975.7
Financial liabilities
measured at fair value
Derivative financial
instruments (2.0) (0.4) - - - (2.4) (2.4)
Contingent consideration
payable - (8.8) - - - (8.8) (8.8)
(2.0) (9.2) - - - (11.2) (11.2)
Financial liabilities not
measured at fair value
Borrowings excluding
lease liabilities - - - - (5,948.2) (5,948.2) (5,925.7)
Lease liabilities - - - - (155.6) (155.6) (155.6)
Creditors excluding
non-financial liabilities - - - - (3,936.2) (3,936.2) (3,936.2)
- - - - (10,040.0) (10,040.0) (10,017.5)
Fair value estimation
a) Financial instruments that are measured at fair value
For financial instruments that are measured at fair value in the balance
sheet, the corresponding fair value measurements are disclosed by level of the
following fair value measurement hierarchy:
Quoted prices (unadjusted) in active markets for identical assets or
liabilities ("quoted prices in active markets")
The fair values of listed securities and bonds are based on quoted prices in
active markets at the balance sheet date. The quoted market price used for
listed investments held by the Group is the current bid price.
Inputs other than quoted prices in active markets that are observable for the
asset or liability, either directly or indirectly ("observable current market
transactions")
The fair values of derivative financial instruments are determined using rates
quoted by the Group's bankers at the balance sheet date. The rates for
interest rate swaps and caps, cross-currency swaps and forward foreign
exchange contracts are calculated by reference to the market interest rates
and foreign exchange rates.
Inputs for the asset or liability that are not based on observable market data
("unobservable inputs")
The fair values of other unlisted equity investments are determined using
valuation techniques by reference to observable current market transactions or
the market prices of the underlying investments with certain degree of
entity-specific estimates or discounted cash flows by projecting the cash
inflows from these investments.
There were no changes in valuation techniques during the year.
The table below analyses the Group's financial instruments carried at fair
value, by the levels in the fair value measurement hierarchy.
Quoted Observable
prices in current
active market Unobservable
markets transactions Inputs Total
US$m US$m US$m US$m
At 30.06.2023
Assets
Other investments
- equity investments 1,209.6 - 228.1 1,437.7
- debt investments 858.7 - - 858.7
2,068.3 - 228.1 2,296.4
Derivative financial instruments at fair value
- through other comprehensive income - 33.4 - 33.4
2,068.3 33.4 228.1 2,329.8
Liabilities
Contingent consideration payable - - (8.8) (8.8)
Derivative financial instruments at fair value
- through other comprehensive income - (8.7) - (8.7)
- (8.7) (8.8) (17.5)
At 31.12.2022
Assets
Other investments
- equity investments 1,177.6 - 206.7 1,384.3
- debt investments 762.8 - - 762.8
1,940.4 - 206.7 2,147.1
Derivative financial instruments at fair value
- through other comprehensive income - 119.8 - 119.8
- through profit and loss - 0.2 - 0.2
1,940.4 120.0 206.7 2,267.1
Liabilities
Contingent consideration payable - - (8.8) (8.8)
Derivative financial instruments at fair value
- through other comprehensive income - (2.0) - (2.0)
- through profit and loss - (0.4) - (0.4)
- (2.4) - (2.4)
- (2.4) (8.8) (11.2)
There were no transfers among the three categories during the six months ended
30th June 2023 and the year ended 31st December 2022.
b) Financial instruments that are not measured at fair value
The fair values of current debtors, bank balances and other liquid funds,
current creditors, current borrowings and current lease liabilities of the
Group and the Company are assumed to approximate their carrying amounts due to
the short-term maturities of these assets and liabilities.
The fair values of long-term borrowings disclosed are based on market prices
or are estimated using the expected future payments discounted at market
interest rates. The fair values of non-current lease liabilities are estimated
using the expected future payments discounted at market interest rates.
8 Borrowings
Group
At At
30.06.2023 31.12.2022
US$m US$m
Long-term borrowings:
- secured 6.4 7.1
- unsecured 3,335.9 3,100.8
3,342.3 3,107.9
Current borrowings:
- secured 50.6 44.1
- unsecured 2,750.9 2,796.2
2,801.5 2,840.3
Total borrowings 6,143.8 5,948.2
Certain subsidiaries of the Group have pledged their assets in order to obtain
bank facilities from financial institutions. The value of assets pledged was
US$53.3 million (31st December 2022: US$40.5 million).
9 Share capital
Group
2023 2022
US$m US$m
Six months ended 30th June
Issued and fully paid:
Balance at 1st January and 30th June
- 395,236,288 (2022: 395,236,288) ordinary shares 1,381.0 1,381.0
There were no rights, bonus or equity issues during the period.
The Company did not hold any treasury shares as at 30th June 2023 (30th June
2022: Nil) and did not have any unissued shares under convertibles as at 30th
June 2023 (30th June 2022: Nil).
There were no subsidiary holdings (as defined in the Listing Rules of the
SGX-ST) as at 30th June 2023 (30th June 2022: Nil).
10 Revenue reserve
Group Company
2023 2022 2023 2022
US$m US$m US$m US$m
Movements:
Balance at 1st January 7,737.1 7,374.3 337.1 474.1
Defined benefit pension plans
- remeasurements - 0.3 - -
- deferred tax - (0.1) - -
Share of associates' and joint ventures'
remeasurements of defined benefit
pension plans, net of tax (0.2) 1.2 - -
Profit attributable to shareholders 648.3 487.5 750.3 213.6
Dividends paid by the Company (330.1) (247.2) (330.1) (247.1)
Change in shareholding 0.3 (3.6) - -
Balance at 30th June 8,055.4 7,612.4 757.3 440.6
11 Other reserves
Group Company
2023 2022 2023 2022
US$m US$m US$m US$m
Composition:
Asset revaluation reserve 404.8 404.4 - -
Translation reserve (2,134.3) (2,055.5) 312.8 263.3
Fair value reserve 6.5 9.8 - -
Hedging reserve 9.1 (4.9) - -
Other reserve 3.3 3.3 - -
Balance at 30th June (1,710.6) (1,642.9) 312.8 263.3
Movements:
Asset revaluation reserve
Balance at 1st January 404.8 404.7 - -
Other - (0.3) - -
Balance at 30th June 404.8 404.4 - -
Translation reserve
Balance at 1st January (2,397.3) (1,774.6) 334.3 326.2
Translation difference 263.0 (280.9) (21.5) (62.9)
Balance at 30th June (2,134.3) (2,055.5) 312.8 263.3
Fair value reserve
Balance at 1st January 5.8 16.5 - -
Financial assets at FVOCI
- fair value changes 0.5 (5.8) - -
- transfer to profit and loss - (0.9) - -
Share of associates' and joint ventures' fair
value changes of financial assets at
FVOCI, net of tax 0.2 - - -
Balance at 30th June 6.5 9.8 - -
Hedging reserve
Balance at 1st January 5.1 (37.0) - -
Cash flow hedges
- fair value changes 2.4 11.1 - -
- deferred tax (0.5) (2.4) - -
Share of associates' and joint ventures' fair
value changes of cash flow hedges,
net of tax 2.1 23.4 - -
Balance at 30th June 9.1 (4.9) - -
Other reserve
Balance at 1st January and 30th June 3.3 3.3 - -
12 Non-controlling interests
Group
2023 2022
US$m US$m
Balance at 1st January 9,309.7 9,027.1
Financial assets at FVOCI
- fair value changes 0.5 (6.2)
- deferred tax - 0.1
- transfer to profit and loss - (1.0)
0.5 (7.1)
Share of associates' and joint ventures' fair value changes of
financial assets at FVOCI, net of tax 0.2 -
Cash flow hedges
- fair value changes 2.7 14.6
- deferred tax (0.6) (3.2)
2.1 11.4
Share of associates' and joint ventures' fair value changes of
cash flow hedges, net of tax 2.6 50.7
Defined benefit pension plans
- remeasurements - 0.4
- deferred tax 0.2 (0.1)
0.2 0.3
Share of associates' and joint ventures' remeasurements of
defined benefit pension plans, net of tax - 0.2
Translation difference 363.6 (300.8)
Profit for the year 959.3 1,000.7
Issue of shares to non-controlling interests 86.7 3.2
Dividends paid (1,482.3) (418.7)
Change in shareholding 1.4 (3.1)
Other (0.5) (0.2)
Balance at 30th June 9,243.5 9,363.7
13 Related party transactions
The following significant related party transactions took place during the six
months ended 30th June:
Group
2023 2022
US$m US$m
(a) With associates and joint ventures:
Purchase of goods and services (3,206.5) (2,765.6)
Sale of goods and services 1,312.5 1,030.2
Commission and incentives earned 5.2 3.2
Bank deposit and balances 16.5 -
Interest received 9.3 8.7
(b) With related companies and
associates of ultimate holding
company:
Management fees paid (2.6) (2.7)
Purchase of goods and services (85.7) (1.7)
Sale of goods and services 0.7 0.9
(c) Remuneration of directors of the
Company and key management
personnel of the Group:
Salaries and other short-term
employee benefits 5.7 5.9
14 Commitments
Capital expenditure authorised for at the balance sheet date, but not
recognised in the financial statements is as follows:
Group
At At
30.06.2023 31.12.2022
US$m US$m
Authorised and contracted 182.0 178.8
Authorised but not contracted 289.5 294.6
471.5 473.4
15 Cash flows from operating activities
Group
2023 2022
US$m US$m
Profit before tax 1,985.0 1,848.1
Adjustments for:
Financing income (76.5) (57.6)
Financing charges 108.0 82.2
Share of associates' and joint ventures' results after tax (354.6) (320.7)
Amortisation/depreciation of:
- intangible assets 66.2 67.1
- right-of-use assets 74.5 63.5
- property, plant and equipment 359.5 341.9
- bearer plants 14.9 14.3
Impairment/(write-back of impairment) of:
- property, plant and equipment (0.5) (0.1)
- debtors 52.3 89.0
Fair value (gain)/loss on:
- investment (9.1) (96.7)
- agricultural produce (1.2) 0.1
- derivative not qualifying as hedge (0.1) (0.1)
(Profit)/loss on disposal of:
- intangible assets - 0.3
- property, plant and equipment (70.9) (11.3)
- investments (0.5) (1.6)
Loss on disposal/write-down of receivables from collateral vehicles 22.6 22.8
Amortisation of borrowing costs for financial services companies 4.3 4.4
Write-down of stocks 5.0 1.7
Changes in provisions 14.5 10.0
Foreign exchange (gain)/loss (15.4) 53.8
193.0 263.0
Operating profit before working capital changes 2,178.0 2,111.1
Changes in working capital:
Properties for sale (91.5) 6.1
Stocks ((1)) (48.2) (332.2)
Concession rights (22.1) (5.6)
Financing debtors (317.2) (209.7)
Debtors ((2)) (423.8) (600.3)
Creditors ((3)) 731.6 820.5
Pensions 12.5 15.1
(158.7) (306.1)
Cash flows from operating activities 2,019.3 1,805.0
(1) Increase in stock balance mainly due to higher purchases amid higher
sales.
(2) Increase in debtors balance mainly due to higher sales activities.
(3) Increase in creditors balance mainly due to higher trade purchases.
16 Notes to consolidated statement of cash flows
(a) Purchase of shares in associates and joint ventures
Purchase of shares in associates and joint ventures for the six months ended
30th June 2023 mainly included US$25.6 million for Astra's investment in PT
Equinix Indonesia JKT, US$2.3 million in PT Aisin Indonesia and US$8.1 million
for additional purchase of shares in Refrigeration Electrical Engineering
Corporation.
Purchase of shares in associates and joint ventures for the six months ended
30th June 2022 mainly included US$45.1 million for Astra's investment in PT
Jasamarga Pandaan Malang, a toll road operator in Indonesia and US$23.6
million for additional purchase of shares in Refrigeration Electrical
Engineering Corporation.
(b) Changes in controlling interests in subsidiaries
Change in controlling interests of subsidiaries for the six months ended 30th
June 2023 included an inflow of US$0.7 million and US$1.0 million for Astra's
decrease in interest in PT Astra Auto Digital and PT Suprabari Mapanindo
Mineral, respectively.
Change in controlling interests of subsidiaries for the six months ended 2022
included an outflow of US$2.5 million for Astra's acquisition of additional
interest in PT Marga Mandalasakti, US$0.5 million and US$3.7 million for
acquisition of additional interests in Cycle and Carriage Bintang Berhad and
Republic Auto Pte Ltd, respectively.
(c) Sale and leaseback of assets held by Cycle & Carriage Industries Pte
Ltd ("CCI")
CCI entered into a sale-and-leaseback agreement with third parties in respect
of its properties in Singapore. The properties mainly comprise leasehold land
and buildings used as showrooms, service centres, workshops, and warehouses.
The leaseback duration would be 10 to 15 years with options to renew for two
of the properties. The sale-and-leaseback agreement allowed the Group to
unlock the value of its real estate assets held through CCI, of which the net
proceeds of US$225 million was re-deployed to reduce the Company's debt. Gains
arising from the sale-and-leaseback transaction amounted to US$65 million.
17 Segment Information
Operating segments are identified on the basis of internal reports about
components of the Group that are regularly reviewed by the Board for the
purpose of resource allocation and performance assessment. The Board considers
Astra as one operating segment because it represents a single direct
investment made by the Company. Decisions for resource allocation and
performance assessment of Astra are made by the Board of the Company while
resource allocation and performance assessment of the various Astra businesses
are made by the board of Astra, taking into consideration the opinions of the
Board of the Company. THACO is identified as another operating segment based
on the scale of its businesses, and the Board considered the information
useful to the readers of the financial statement. Direct Motor Interests are
aggregated into one reportable segment based on the similar automotive nature
of their products and services, while Other Strategic Interests, comprising
the Group's strategic investment portfolio, are aggregated into another
reportable segment based on their exposure to market-leading companies in key
regional economies. Set out below is an analysis of the segment information.
Underlying business performance
Direct Other Non-
Motor Strategic Corporate trading
Astra THACO Interests Interests costs items Group
US$m US$m US$m US$m US$m US$m US$m
6 months ended 30th June 2023
Revenue 10,826.2 - 859.4 - - - 11,685.6
Net operating costs (9,259.0) - (832.7) 9.0 (16.2) 75.2 (10,023.7)
Operating profit 1,567.2 - 26.7 9.0 (16.2) 75.2 1,661.9
Financing income 72.7 - 0.8 - 3.0 - 76.5
Financing charges (78.5) - (5.6) - (23.9) - (108.0)
Net financing charges (5.8) - (4.8) - (20.9) - (31.5)
Share of associates' and joint
ventures' results after tax 300.9 14.7 18.2 20.8 - - 354.6
Profit before tax 1,862.3 14.7 40.1 29.8 (37.1) 75.2 1,985.0
Tax (367.9) - (5.1) (1.0) (1.2) (2.2) (377.4)
Profit after tax 1,494.4 14.7 35.0 28.8 (38.3) 73.0 1,607.6
Non-controlling interests (951.1) - (0.2) - - (8.0) (959.3)
Profit attributable to
Shareholders 543.3 14.7 34.8 28.8 (38.3) 65.0 648.3
As at 30.06.2023
Net cash/(debt) (excluding
net debt of financial
services companies) 1,700.9 - (49.0) - (875.5) 776.4
Total equity 15,522.0 672.0 363.7 661.9 (250.2) 16,969.4
6 months ended 30th June 2022
Revenue 9,916.9 - 763.6 - - - 10,680.5
Net operating costs (8,445.7) - (743.5) 9.3 (45.2) 96.6 (9,128.5)
Operating profit 1,471.2 - 20.1 9.3 (45.2) 96.6 1,552.0
Financing income 57.3 - 0.2 - 0.1 - 57.6
Financing charges (70.2) - (1.1) - (10.9) - (82.2)
Net financing charges (12.9) - (0.9) - (10.8) - (24.6)
Share of associates' and joint
ventures' results after tax 227.6 52.3 14.9 25.9 - - 320.7
Profit before tax 1,685.9 52.3 34.1 35.2 (56.0) 96.6 1,848.1
Tax (352.3) - (4.9) (1.5) (0.8) (0.4) (359.9)
Profit after tax 1,333.6 52.3 29.2 33.7 (56.8) 96.2 1,488.2
Non-controlling interests (868.9) - (0.7) - - (131.1) (1,000.7)
Profit attributable to
shareholders 464.7 52.3 28.5 33.7 (56.8) (34.9) 487.5
As at 31.12.2022
Net cash/(debt) (excluding
net debt of financial
services companies) 2,335.4 - 10.7 - (1,461.9) 884.2
Total equity 15,637.7 685.7 288.1 738.4 (635.7) 16,714.2
Segment assets and liabilities are not disclosed as these are not regularly
provided to the Board of the Company.
Set out below are analyses of the Group's non-current assets, by geographical
areas:
Indonesia Other Total
US$m US$m US$m
Non-current assets as at
30.06.2023 10,919.5 1,484.6 12,404.1
31.12.2022 10,102.5 1,495.2 11,597.7
Non-current assets excluded financial instruments and deferred tax assets.
Indonesia is disclosed separately as a geographical area as most of the
customers are based in Indonesia.
18 Interested person transactions
Aggregate value of all interested person transactions (excluding transactions Aggregate value of all interested person transactions conducted under
less than S$100,000 and transactions conducted under shareholders' mandate shareholders' mandate pursuant to Rule 920 (excluding transactions less than
pursuant to Rule 920) S$100,000)
Name of interested person and Nature of relationship US$m US$m
nature of transaction
Six months ended 30th June 2023
Jardine Matheson Limited Associate of the Company's controlling shareholder
- Management support services - 2.4
- Business support services (including HR support and management, and internal - 0.1
audit and risk management)
Jardine Matheson & Co., Ltd Associate of the Company's controlling shareholder
- Human resource and administrative services - 0.3
Jardine Engineering (S) Pte Ltd Associate of the Company's controlling shareholder
- Air conditioner maintenance services - 0.3
The Dairy Farm Company Ltd Associate of the Company's controlling shareholder
- Data analytics services - 0.1
Jardine Matheson Limited Associate of the Company's controlling shareholder
- Digital and innovation services 0.3 -
Hongkong Land (Unicode) Associate of the Company's controlling shareholder
Investments Limited
- Subscription of shares in an associate 21.1 -
PT Astra Land Indonesia Associate of the Company's controlling shareholder
- Issuance of shares in a joint venture 21.1 -
Mandarin Oriental Holdings B.V. Associate of the Company's controlling shareholder
- Sale of shares in a subsidiary 12.5 -
Mandarin Oriental Hotel Group Ltd Associate of the Company's controlling shareholder
- Sale of receivables under a shareholder loan agreement 8.8 -
63.8 3.2
19 Additional information
Group
2023 2022 +/-
US$m US$m %
Astra International
Automotive 173.6 128.4 35
Financial services 127.3 100.1 27
Heavy equipment, mining, construction & energy 228.8 212.2 8
Agribusiness 9.4 22.3 -58
Infrastructure & logistics 16.8 12.2 38
Information technology 1.7 0.8 >100
Property 2.3 2.5 -8
559.9 478.5 17
Less: Withholding tax on dividend (16.6) (13.8) -20
543.3 464.7 17
THACO
Automotive 12.2 55.6 -78
Real estate (2.4) (0.1) >-100
Agriculture (0.4) (7.9) 95
Other 5.3 4.7 13
14.7 52.3 -72
Direct Motor Interests
Singapore 11.6 11.4 2
Malaysia 6.1 3.2 91
Myanmar (1.1) - nm
Indonesia (Tunas Ridean) 19.0 14.6 30
Less: central overheads (0.8) (0.7) -14
34.8 28.5 22
Other Strategic Interests
Siam City Cement 8.9 15.0 -41
REE 10.9 9.4 16
Vinamilk 9.0 9.3 -3
28.8 33.7 -15
Corporate costs
Central overheads (13.8) (13.9) 1
Dividend income from other investments 3.1 2.6 19
Net financing charges (20.8) (10.8) -93
Exchange differences (6.8) (34.7) 80
(38.3) (56.8) 33
Underlying profit attributable to shareholders 583.3 522.4 12
20 Dividend and closure of books
The Board has declared an interim one-tier tax exempt dividend of US¢28 per
share (2022: US¢28 per share).
NOTICE IS HEREBY GIVEN that the Transfer Books and the Register of Members of
the Company will be closed from 5.00 p.m. on Wednesday, 6th September 2023
("Record Date") up to, and including Thursday, 7th September 2023 for the
purpose of determining shareholders' entitlement to the interim dividend.
Duly completed transfers of shares of the Company in physical scrip received
by the Company's Share Registrar, M & C Services Private Limited at 112
Robinson Road #05-01, Singapore 068902 up to 5.00 p.m. on the Record Date will
be registered before entitlements to the interim dividend are determined.
Shareholders (being Depositors) whose securities accounts with The Central
Depository (Pte) Limited are credited with shares of the Company as at 5.00
p.m. on the Record Date will rank for the interim dividend.
The interim dividend will be paid on Friday, 6th October 2023.
21 Subsequent Events
In July, Astra invested US$100 million in new and existing shares in Halodoc,
a leading digital health ecosystem platform in Indonesia, bringing its total
investment to US$135 million and ownership to 21.04%.
In July, Astra, signed an agreement to acquire 100% interest of Tokobagus, a
company operating a leading classifieds platform in Indonesia under the OLX
brand. Completion of this transaction is subject to the fulfilment of certain
conditions precedent.
No significant event or transaction other than as contained in this report has
occurred between 1st July 2023 and the date of this report.
22 Others
The results do not include any pre-acquisition profits and have not been
affected by any item, transaction or event of a material or unusual nature
other than the non-trading items shown in Note 6 of this report.
The Company confirms that it has procured undertakings from all its directors
and executive officers under Rule 720(1) of the Listing Rules of the SGX-ST.
- end -
For further information, please contact:
Jardine Cycle & Carriage Limited
Jeffery Tan Eng Heong
Tel: 65 64708111
The full text of the Financial Statements and Dividend Announcement for the
half year ended 30th June 2022 can be accessed through the internet at
'www.jcclgroup.com'.
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