REG - Jardine Matheson Hdg - JC&C - 2024 FY Results and Dividend
27/02/2025 13:15
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250227:nRSa7547Ya&default-theme=true
RNS Number : 7547Y Jardine Matheson Hldgs Ltd 27 February 2025
To: Business Editor
27 February 2025
For immediate release
Jardine Cycle & Carriage Limited
2024 Financial Statements and Dividend Announcement
The following announcement was issued today by the Company's 84.9%-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
27th February 2025
JARDINE CYCLE & CARRIAGE LIMITED
2024 FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT
Highlights
· Underlying profit of US$1.1bn, 5% down from 2023 (3% increase at
constant exchange rates)
· Proposed final dividend of US¢84 per share, representing total
dividend of US¢112 for the year
"Overall, JC&C delivered a resilient performance in 2024, despite
challenging market conditions. In Indonesia, strong performances from the
Group's motorcycle, financial services and infrastructure businesses offset
the impact of a weaker car market and lower coal prices. Weaker domestic
currencies in Indonesia and Vietnam impacted the overall profit contribution
in US dollar terms from our businesses there.
Looking ahead, we are confident the core businesses in our portfolio are
well-positioned to benefit from strong mid- and long-term prospects in their
respective markets, as consumer sentiment recovers."
John Witt, Chairman
Group Results
Year ended 31st December
2024 2023 Change 2024
US$m US$m % S$m
Revenue 22,298 22,235 - 29,821
Underlying profit attributable to
shareholders * 1,102 1,160 -5% 1,474
Non-trading items^ (156) 55 nm (209)
Profit attributable to shareholders 946 1,215 -22% 1,265
US¢ US¢ S¢
Underlying earnings per share * 279 294 -5% 373
Earnings per share 239 308 -22% 320
Dividends per share 112 118 -5% 150
US$ US$ S$
Net asset value per share 21 20 3% 29
The exchange rate of US$1=S$1.36 (31st December 2023: US$1=S$1.32) was used
for translating assets and liabilities at the balance sheet date, and
US$1=S$1.34 (2023: US$1=S$1.34) was used for translating the results for the
period. The financial results for the year ended 31st December 2024 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
2024 was another encouraging year for JC&C. Results were broadly stable,
despite challenging market conditions, and we believe that the business
continues to take the right steps to achieve sustainable long-term growth and
consistently deliver attractive shareholder returns, by actively evolving our
portfolio and allocating capital to high-growth opportunities.
The Group reported 5% lower underlying profit of US$1,102 million in 2024.
Astra in Indonesia reported relatively stable earnings in their local
currency, but Indonesia's contribution to the Group was 3% lower at US$1,027
million, reflecting the strength of the US Dollar. Vietnam's contribution was
unchanged at US$103 million. The Group's Regional Interests contributed US$55
million, 9% higher.
Strategic developments
In 2024, we continued to focus on reducing net debt and building future
flexibility into our balance sheet, as well as prioritising our core
businesses, consistent with our strategy of evolving JC&C's portfolio in
line with its long-term growth and sustainability objectives.
This led to several key changes to the JC&C portfolio during the year,
including new investments in businesses and sectors where we are optimistic
about future growth opportunities.
· We sold our entire 25.5% interest in Siam City Cement ("SCCC") for
US$344 million.
· We also released a further US$43 million from our Regional Interests,
mainly through property sales in Malaysia. These proceeds, together with an
enhanced dividend received from Astra, reduced JC&C's corporate net debt.
· JC&C increased its shareholding in Refrigeration Electrical
Engineering Corporation ("REE") from 34.9% to 41.4%, through a successful
Public Tender Offer and several off-market purchases, for a total of US$99
million.
· Astra progressed its commitment to transitioning away from coal and
into renewables through the investment by United Tractors ("UT") of a further
US$81 million in PT Supreme Energy Rantau Dedap ("SERD"), which operates a
geothermal project in South Sumatera, Indonesia. This increased its total
effective shareholding in the project to 32.7%.
· Astra acquired a 95.8% interest in Heartology Cardiovascular Hospital
for US$40 million, further expanding Astra's presence in the healthcare
sector. In February 2025, Astra increased its ownership in Halodoc from 21% to
31.3% for around US$55 million. Halodoc is the leading healthcare platform in
Indonesia.
Dividends
The Board is recommending a final one-tier tax-exempt dividend of US¢84 per
share (2023: US¢90 per share) which, together with the interim dividend of
US¢28 per share (2023: US¢28 per share), will provide a total dividend for
the year of US¢112 per share (2023: US¢118 per share), 5% lower than 2023.
people
Ben Keswick retired from the Board in August 2024. On behalf of the Board, I
would like to thank him for his guidance and leadership over many years.
In general terms, we believe that refreshing the composition of the Board of
Directors in a well-considered ongoing manner enhances governance, as we
continue to strive to bring together individuals with diverse backgrounds,
experience and areas of expertise to strengthen board decision-making.
In 2024, we welcomed Jean-Pierre Felenbok to the Board. He is an experienced
corporate adviser who has spent many years operating in Southeast Asia across
a wide range of industries.
On behalf of the Board, I would like to express our appreciation to the teams
across our portfolio companies for their continuing dedication and effort.
Their contributions resulted in a solid performance by the overall JC&C
portfolio in 2024.
Finally, we were deeply saddened by the passing of Mikkel Larsen last month.
He was highly regarded by the Board, and his deep experience and expertise -
particularly in sustainability - enriched the strength and quality of our
Board discussions.
outlook
Looking ahead, the diverse nature and high quality of our portfolio provides
us with confidence that our core businesses are well-positioned to benefit
from strong mid- and long-term prospects in their respective markets, as
consumer sentiment recovers.
GROUP MANAGING DIRECTOR'S STATEMENT
Overview of Performance
The overall JC&C portfolio demonstrated earnings resilience in 2024,
although the Group was affected by foreign exchange differences which led to a
5% decline in underlying profit to US$1,102 million. Excluding the foreign
translation impact, the Group's underlying profit would have been 3% higher.
Corporate operating expenses remained stable, but largely due to the
translation of foreign currency loans - with a swing from a foreign exchange
gain of US$22 million last year to a loss of US$17 million this year -
corporate costs increased from US$52 million to US$83 million. The impact of
the translation was partly offset by a reduction in other corporate costs,
with a US$8 million decrease in financing charges, in line with the lower
corporate net debt.
After accounting for non-trading items, the Group's profit attributable to
shareholders was US$946 million, 22% lower than the previous year. The
non-trading items reported in the year mainly comprised a US$127 million loss
from the disposal of SCCC and unrealised fair value losses of US$28 million
related to non-current investments.
There has been increased focus and discipline in managing the Group's
portfolio in order to dispose of non-core businesses, and this resulted in the
Group's consolidated net debt position, excluding the net borrowings within
Astra's financial services subsidiaries, falling to US$235 million at the end
of 2024, compared to US$1,145 million at the end of 2023. This decrease
reflected JC&C's lower corporate net debt of US$816 million, compared to
US$1.3 billion at the end of 2023, as well as Astra's improved operating cash
flow. Net debt within Astra's financial services subsidiaries increased from
US$3.4 billion at the end of 2023 to US$3.7 billion.
Group Review By Segment
The contributions to JC&C's underlying profit attributable to shareholders
by business segment were as follows:
Contribution to JC&C's underlying profit
Year ended 31st December
2024 2023 +/-
Business segments US$m US$m %
INDONESIA
Astra 993 1,019 -3
Tunas Ridean 34 39 -13
1,027 1,058 -3
VIETNAM
THACO 39 36 10
REE 30 32 -6
Vinamilk 34 35 -5
103 103 -
REGIONAL INTERESTS
Cycle & Carriage 32 29 13
Siam City Cement 16 17 -3
Toyota Motor Corporation 7 5 21
55 51 9
Corporate Costs - exchange (losses)/gains (17) 22 nm
Corporate Costs - others (66) (74) -11
Underlying profit attributable to shareholders 1,102 1,160 -5
INDONESIA
The Group's Indonesian businesses contributed US$1,027 million to its
underlying profit, down 3%.
(A) Astra
Astra contributed US$993 million to JC&C's underlying profit, 3% lower
than the previous year, due to the translation impact from a weaker Indonesian
Rupiah. On a Rupiah basis, however, Astra has delivered another year of record
earnings, mainly due to higher earnings from its motorcycle sales, financial
services and infrastructure and logistics businesses.
Automotive
Net income decreased by 2% to US$705 million, as a higher contribution from
the motorcycle business was offset by the impact of lower car sales in a
softer market.
· The wholesale market for motorcycles increased by 2% to 6.3 million
units. Astra's Honda motorcycle sales were 1% higher at 4.9 million units,
with a stable market share of 78%.
· Astra maintained a stable market share of 56%, despite the wholesale
car market decreasing by 14% in 2024 to 866,000 units. Astra's car sales were
14% lower at 483,000 units.
· Components business, Astra Otoparts, reported a 10% increase in net
income to US$128 million, mainly due to higher earnings from the replacement
market and exports.
Financial Services
Net income increased by 6% to US$525 million, due to higher contributions from
Astra's consumer finance businesses.
· Consumer finance businesses saw a 9% increase in new amounts financed
to US$8.1 billion, reflecting strong growth in multipurpose financing as well
as increased market share of new vehicle financing. The net income
contribution from the group's car-focused finance companies increased by 4% to
US$150 million, while that from the motorcycle-focused financing business
increased by 7% to US$277 million.
· General insurance company, Asuransi Astra Buana, reported a 8%
increase in net income to US$95 million, primarily due to higher insurance
revenue.
Heavy Equipment, Mining, Construction and Energy
Net income decreased by 5% to US$754 million, mainly due to lower earnings
from Astra's coal mining businesses, partly offset by improved profits from
its mining contracting and gold mining businesses.
· Komatsu heavy equipment sales were 16% lower at 4,400 units, while
revenue from the parts and service businesses was slightly higher.
· Mining contracting operations saw a 5% increase in overburden removal
volume at 1.2 billion bank cubic metres.
· Coal mining subsidiaries recorded own coal sales volume of 10.2
million tonnes. Total coal sales volume including third party coal increased
11% to 13.1 million tonnes but revenue declined due to lower coal prices.
· Its gold mining business reported a 32% increase in gold sales at
232,000 oz, and also benefitted from higher gold prices.
· United Tractors started recording nickel mining profits in 2024 from
its majority-owned Stargate Pasific Resources ("SPR"), and 19.99%-owned Nickel
Industries Limited ("NIC").
Agribusiness
Net income increased by 9% to US$57 million, mainly as a result of higher
crude palm selling prices, partly offset by lower sales.
Infrastructure and Logistics
Astra's infrastructure and logistics division reported a 37% increase in net
profit to US$84 million, primarily due to improved performance in its toll
road businesses, which saw a 5% increase in toll revenues. Astra has 396km of
operational toll roads along the Trans-Java network and in the Jakarta Outer
Ring Road.
(B) Tunas Ridean
Tunas Ridean contributed US$34 million, 13% lower than last year. This was due
to lower profits from its automotive operations. Motorcycle sales declined 5%
to 259,000 units, while car sales were 7% lower at 40,000 units.
VIETNAM
JC&C's businesses in Vietnam contributed US$103 million to its underlying
profit, unchanged from the previous year.
(A) THACO
THACO contributed a profit of US$39 million, 10% up from the previous year.
Its improved automotive profit benefitted from registration tax incentives
implemented in the second half of 2024, with unit sales 10% higher. Its
agricultural operations made a loss due to continued ramp-up of the business.
(B) REE Corporation
REE contributed a profit of US$30 million, 6% down from 2023. REE's
performance was affected by lower earnings from its power generation business,
due to unfavourable hydrology and lower hydropower demand.
(C) Vinamilk
JC&C's holding in Vinamilk produced a dividend income of US$34 million,
compared to US$35 million in the prior year.
Regional Interests
Regional Interests contributed US$55 million, 9% higher compared to 2023.
(A) Cycle & Carriage
The contribution from Cycle & Carriage was 13% higher at US$32 million.
This was mainly due to improved profitability from the Singapore business,
where new car sales were 16% higher at 6,500 units. Used car sales were 22%
higher at 5,800 units.
(B) TMC
The Group's holding in TMC produced a dividend income of US$7 million,
compared to US$5 million in the previous year.
Corporate Costs
Corporate costs increased from US$52 million to US$83 million, mainly due to
foreign exchange losses, partly offset by lower net financing charges.
Looking Forward
We expect continuing resilience from our portfolio companies as they address
ongoing challenges from subdued consumer sentiment across our markets. We will
continue to apply a disciplined focus on delivering higher performance from
our core businesses, supported by our ongoing actions to build future
flexibility into our balance sheet, and we remain confident in the prospects
in our core markets including Indonesia and Vietnam.
Ben Birks
Group Managing Director
CORPORATE PROFILE
Jardine Cycle & Carriage ("JC&C" or "the Group") is an investment
holding company with a strategic focus on the fast-growing economies of
Indonesia and Vietnam. Our portfolio comprises market-leading businesses
across different sectors in these countries, alongside further interests in
other regional markets.
Indonesia:
• Astra (50.1% owned) is an excellent proxy to Indonesia, with
leadership positions in automotive, financial services, heavy equipment,
mining, construction & energy, agribusiness, infrastructure, IT and
property.
• Tunas Ridean (49.9% owned), one of the largest automotive
dealerships in Indonesia.
Vietnam:
• Truong Hai Group Corporation (26.6% owned), Vietnam's automotive
market leader and largest private business group in the country, has
significant interests in agriculture, real estate, logistics, infrastructure
construction, and retail.
• REE Corporation (41.4% owned), the first public listed company in
Vietnam participating in power and utilities including renewable energy as
well as property development and office leasing, and mechanical &
electrical engineering.
• Vinamilk (10.6% owned), the leading dairy producer in Vietnam.
Regional Interests:
• Cycle & Carriage, a leading automotive dealership group with
an extensive network in Singapore (100% owned) and Malaysia (97.1% owned).
• Toyota Motor Corporation (0.1% owned), a leading multinational
automotive manufacturer and the best-selling automotive brand in Indonesia.
Headquartered in Singapore, JC&C is listed on the Mainboard of the
Singapore Exchange and a constituent of the Straits Times Index. JC&C is
84%-owned by the Jardine Matheson Group.
For more information on JC&C and our businesses, visit www.jcclgroup.com
(http://www.jcclgroup.com) .
Jardine Cycle & Carriage Limited
Consolidated Profit and Loss Account for the six months and full year ended
31st December 2024
6 months ended 31st December 12 months ended 31st December
2024 2023 Change 2024 2023 Change
Note US$m US$m % US$m US$m %
Revenue 2 11,585.3 10,649.2 9 22,298.4 22,234.5 0
Net operating costs 3 (10,252.6) (9,206.9) 11 (19,691.2) (19,130.3) 3
Operating profit 3 1,332.7 1,442.3 -8 2,607.2 3,104.2 -16
Financing income 90.5 72.5 25 173.9 149.0 17
Financing charges ((1)) (148.3) (163.5) -9 (315.5) (271.5) 16
Net financing charges (57.8) (91.0) -36 (141.6) (122.5) 16
Share of associates' and joint ventures' results after tax 395.8 378.2 5 752.7 732.8 3
Profit before tax 1,670.7 1,729.5 -3 3,218.3 3,714.5 -13
Tax 4 (367.9) (360.4) 2 (667.6) (737.8) -10
Profit after tax 1,302.8 1,369.1 -5 2,550.7 2,976.7 -14
Profit attributable to:
Shareholders of the Company 462.5 567.1 -18 945.8 1,215.4 -22
Non-controlling interests 840.3 802.0 5 1,604.9 1,761.3 -9
1,302.8 1,369.1 -5 2,550.7 2,976.7 -14
US¢ US¢ US¢ US¢
Earnings per share:
- basic 6 117 143 -18 239 308 -22
- diluted 6 117 143 -18 239 308 -22
(1) Increase in finance charges mainly due to higher gross debt at
Astra's heavy equipment and mining business.
Jardine Cycle & Carriage Limited
Consolidated Statement of Comprehensive Income for the six months and full
year ended 31st December 2024
6 months ended 12 months ended
31st December 31st December
2024 2023 2024 2023
US$m US$m US$m US$m
Profit for the year 1,302.8 1,369.1 2,550.7 2,976.7
Items that will not be reclassified to profit and loss:
Translation difference 102.0 (218.1) (354.4) 145.5
Asset revaluation
- surplus during the year (0.2) - 10.5 -
Remeasurements of defined benefit pension plans 5.6 (1.5) 5.6 (1.5)
Tax relating to items that will not be reclassified (1.1) 0.4 (1.1) 0.6
Share of other comprehensive (expense)/income of associates and joint (4.2) 9.7 (3.5) 9.5
ventures, net of tax
102.1 (209.5) (342.9) 154.1
Items that may be reclassified subsequently to profit and loss:
Translation difference
- gain/(loss) arising during the year 81.1 (177.9) (325.1) 85.1
- transfer to profit and loss 92.0 - 92.0 -
173.1 (177.9) (233.1) 85.1
Financial assets at FVOCI ((1))
- loss arising during the year (2.3) (12.6) (12.7) (11.6)
Cash flow hedges
- gain arising during the year 5.9 6.3 1.5 11.4
- transfer to profit and loss 0.7 - 0.7 -
6.6 6.3 2.2 11.4
Tax relating to items that may be reclassified (1.3) (0.9) (0.1) (2.0)
Share of other comprehensive income/(expense) of associates and joint 0.5 (4.5) 9.0 0.6
ventures, net of tax
176.6 (189.6) (234.7) 83.5
Other comprehensive income/(expense) for the year 278.7 (399.1) (577.6) 237.6
Total comprehensive income for the year 1,581.5 970.0 1,973.1 3,214.3
Attributable to:
Shareholders of the Company 640.1 389.7 717.8 1,305.5
Non-controlling interests 941.4 580.3 1,255.3 1,908.8
1,581.5 970.0 1,973.1 3,214.3
(1) Fair value through other comprehensive income ("FVOCI")
Jardine Cycle & Carriage Limited
Consolidated Balance Sheet at 31st December 2024
Note 2024 2023
US$m US$m
Non-current assets
Intangible assets 1,737.5 1,715.2
Right-of-use assets 769.3 827.9
Property, plant and equipment 4,963.6 4,989.8
Investment properties 459.1 463.0
Bearer plants 461.9 480.7
Interests in associates and joint ventures 5,459.1 5,642.0
Non-current investments 2,556.0 2,572.2
Non-current debtors 3,709.9 3,683.2
Deferred tax assets 449.5 455.5
20,565.9 20,829.5
Current assets
Current investments 50.0 55.0
Properties for sale 519.3 554.0
Stocks 2,441.2 2,599.4
Current debtors 5,607.6 5,493.0
Current tax assets 80.7 80.2
Cash and bank balances
- non-financial services companies 2,791.6 2,421.8
- financial services companies 296.5 360.7
3,088.1 2,782.5
11,786.9 11,564.1
Total assets 32,352.8 32,393.6
Non-current liabilities
Non-current creditors 227.1 254.0
Non-current provisions 281.4 234.7
Non-current lease liabilities 180.2 178.7
Long-term borrowings 8
- non-financial services companies 2,356.3 2,252.9
- financial services companies 1,592.1 1,646.4
3,948.4 3,899.3
Deferred tax liabilities 413.1 468.1
Pension liabilities 358.1 346.3
5,408.3 5,381.1
Current liabilities
Current creditors 5,122.1 5,379.8
Current provisions 114.0 117.0
Current lease liabilities 74.2 79.4
Current borrowings 8
- non-financial services companies 670.3 1,314.0
- financial services companies 2,421.4 2,094.3
3,091.7 3,408.3
Current tax liabilities 123.9 212.7
8,525.9 9,197.2
Total liabilities 13,934.2 14,578.3
Net assets 18,418.6 17,815.3
Equity
Share capital 9 1,381.0 1,381.0
Revenue reserve 10 9,029.2 8,545.0
Other reserves 11 (2,118.9) (1,886.6)
Shareholders' funds 8,291.3 8,039.4
Non-controlling interests 12 10,127.3 9,775.9
Total equity 18,418.6 17,815.3
Jardine Cycle & Carriage Limited
Consolidated Statement of Changes in Equity for the year ended 31st December
2024
Attributable to shareholders of the Company
Share Revenue Asset Translation Fair value Attributable Total
revaluation and other to non-
controlling
capital reserve reserve reserve reserves Total interests equity
US$m US$m US$m US$m US$m US$m US$m US$m
2024
Balance at 1st January 1,381.0 8,545.0 410.1 (2,312.2) 15.5 8,039.4 9,775.9 17,815.3
Total comprehensive income - 949.4 4.1 (233.1) (2.6) 717.8 1,255.3 1,973.1
Dividends paid by the Company - (466.4) - - - (466.4) - (466.4)
Dividends paid to non-controlling interests - - - - - - (922.5) (922.5)
Issue of shares to non-controlling interests - - - - - - 15.0 15.0
Change in shareholding - (0.1) - - - (0.1) 0.1 -
Acquisition of subsidiaries - - - - - - 2.2 2.2
Other - 1.3 - - (0.7) 0.6 1.3 1.9
Balance at 31st December 1,381.0 9,029.2 414.2 (2,545.3) 12.2 8,291.3 10,127.3 18,418.6
2023
Balance at 1st January 1,381.0 7,768.6 404.8 (2,397.3) 14.2 7,171.3 9,341.1 16,512.4
Total comprehensive income - 1,213.8 5.3 85.1 1.3 1,305.5 1,908.8 3,214.3
Dividends paid by the Company - (442.9) - - - (442.9) - (442.9)
Dividends paid to non-controlling interests - - - - - - (1,682.7) (1,682.7)
Issue of shares to non-controlling interests - - - - - - 156.4 156.4
Change in shareholding - (3.1) - - - (3.1) 3.4 0.3
Acquisition of subsidiaries - - - - - - 39.4 39.4
Other - 8.6 - - - 8.6 9.5 18.1
Balance at 31st December 1,381.0 8,545.0 410.1 (2,312.2) 15.5 8,039.4 9,775.9 17,815.3
Jardine Cycle & Carriage Limited
Company Balance Sheet at 31st December 2024
Note 2024 2023
US$m US$m
Non-current assets
Property, plant and equipment 32.2 33.7
Interests in subsidiaries 1,417.1 1,457.9
Interests in associates and joint ventures 386.7 881.3
Non-current investments 687.6 681.2
Non-current debtors 2.7 2.3
2,526.3 3,056.4
Current assets
Current debtors 1,133.4 1,103.9
Cash and bank balances 15.8 26.8
1,149.2 1,130.7
Total assets 3,675.5 4,187.1
Non-current liabilities
Long-term borrowings 824.4 400.0
Deferred tax liabilities 0.4 6.5
824.8 406.5
Current liabilities
Current creditors 272.4 305.7
Current borrowings 10.0 883.4
Current tax liabilities 1.6 2.0
284.0 1,191.1
Total liabilities 1,108.8 1,597.6
Net assets 2,566.7 2,589.5
Equity
Share capital 9 1,381.0 1,381.0
Revenue reserve 10 877.1 823.1
Other reserves 11 308.6 385.4
Total equity 2,566.7 2,589.5
Jardine Cycle & Carriage Limited
Company Statement of Comprehensive Income for the six months and full year
ended 31st December 2024
6 months ended 12 months ended
31st December 31st December
2024 2023 2024 2023
US$m US$m US$m US$m
Profit for the year 35.3 178.6 520.4 928.9
Items that may be reclassified subsequently to profit and loss:
Translation difference
- (loss)/gain arising during the year (1.4) 70.3 (77.2) 48.8
Cash flow hedges
- gain arising during the year 0.4 2.3 0.4 2.3
Other comprehensive (expense)/income for the year (1.0) 72.6 (76.8) 51.1
Total comprehensive income for the year 34.3 251.2 443.6 980.0
Jardine Cycle & Carriage Limited
Company Statement of Changes in Equity for the year ended 31st December 2024
Share Revenue Hedging Translation Total
capital reserve reserve reserve equity
US$m US$m US$m US$m US$m
2024
Balance at 1st January 1,381.0 823.1 2.3 383.1 2,589.5
Total comprehensive income/(expense) - 520.4 0.4 (77.2) 443.6
Dividends paid - (466.4) - - (466.4)
Balance at 31st December 1,381.0 877.1 2.7 305.9 2,566.7
2023
Balance at 1st January 1,381.0 337.1 - 334.3 2,052.4
Total comprehensive income - 928.9 2.3 48.8 980.0
Dividends paid - (442.9) - - (442.9)
Balance at 31st December 1,381.0 823.1 2.3 383.1 2,589.5
Jardine Cycle & Carriage Limited
Consolidated Statement of Cash Flows for the year ended 31st December 2024
2024 2023
Note US$m US$m
Cash flows from operating activities
Cash generated from operations 15 3,380.0 3,047.9
Interest paid (314.2) (257.3)
Interest received 171.2 146.1
Other finance costs paid (11.3) (15.2)
Income taxes paid (824.3) (956.4)
(978.6) (1,082.8)
Dividends received from associates and joint ventures (net) 641.9 506.1
(336.7) (576.7)
Net cash flows from operating activities 3,043.3 2,471.2
Cash flows from investing activities
Sale of intangible assets 0.1 0.1
Sale of right-of-use assets 1.7 0.7
Sale of property, plant and equipment 65.2 257.6
Sale of associates and joint ventures 343.8 -
Sale of investments 170.9 156.6
Purchase of intangible assets (85.4) (77.6)
Additions to right-of-use assets (21.2) (31.2)
Purchase of property, plant and equipment (985.0) (1,421.8)
Purchase of investment properties (2.0) (0.3)
Additions to bearer plants (33.3) (34.2)
Purchase of subsidiaries, net of cash acquired (10.6) (423.9)
Purchase of shares in associates and joint ventures (244.7) (819.7)
Purchase of investments (292.0) (645.2)
Net cash flows from investing activities (1,092.5) (3,038.9)
Cash flows from financing activities
Drawdown of loans ((1)) 4,499.8 5,273.1
Repayment of loans ((1)) (4,540.2) (3,916.3)
Principal elements of lease payments (114.9) (109.8)
Changes in controlling interests in subsidiaries (0.1) (1.7)
Investments by non-controlling interests 15.0 156.4
Dividends paid to non-controlling interests (922.5) (1,682.7)
Dividends paid by the Company (466.4) (442.9)
Net cash flows from financing activities (1,529.3) (723.9)
Net change in cash and cash equivalents 421.5 (1,291.6)
Cash and cash equivalents at the beginning of the year 2,782.5 4,018.1
Effect of exchange rate changes (115.9) 56.0
Cash and cash equivalents at the end of the year ((2)) 3,088.1 2,782.5
(1) For the purpose of the Consolidated Statement of Cash Flows, cash and
cash equivalents comprise deposits with bank and financial institutions, bank
and cash balances, net of bank overdrafts. In the balance sheet, bank
overdrafts are included under current borrowings.
Jardine Cycle & Carriage Limited
Notes to the financial statements for the year ended 31st December 2024
1 Basis of preparation
The financial statements are consistent with those set out in the 2023 audited
accounts which have been prepared in accordance with Singapore Financial
Reporting Standards (International) ("SFRS(I)") and International Financial
Reporting Standards ("IFRS"). The condensed interim financial statements for
the six months ended 31st December 2024 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
interim financial statements for the period ended 30th June 2024. There have
been no changes to the accounting policies described in the 2023 audited
accounts except for the adoption of new and amended standards. 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$1.3586 (2023: US$1=S$1.3185), US$1=RM4.4565 (2023:
US$1=RM4.5872), US$1=IDR16,162 (2023: US$1=IDR15,416), US$1=VND25,477 (2023:
US$1=VND24,276) and US$1=THB34.18 (2023: US$1=THB34.211).
The exchange rates used for translating the results for the year are
US$1=S$1.3373 (2023: US$1=S$1.3411), US$1=RM4.5597 (2023: US$1=RM4.5631),
US$1=IDR15,906 (2023: US$1=IDR15,217), US$1=VND25,083 (2023: US$1=VND23,877)
and US$1=THB35.225 (2023: US$1=THB34.776).
Critical accounting estimates and judgements
The preparation of the condensed interim financial statements require
management to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets,
liabilities, income and expense. Actual results may differ from these
estimates.
In preparing these condensed consolidated interim financial statements, the
significant judgements made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty are the same as those
that applied to the consolidated financial statements for the year ended 31st
December 2024.
2 Revenue
6 months ended 31st December
Regional
Indonesia Interests Total
US$m US$m US$m
Group
2024
Automotive 4,245.5 858.9 5,104.4
Financial services 975.9 - 975.9
Heavy equipment, mining, construction & energy 4,406.1 - 4,406.1
Agribusiness 728.6 - 728.6
Infrastructure & logistics 242.4 - 242.4
Information technology 79.8 - 79.8
Property 48.1 - 48.1
10,726.4 858.9 11,585.3
From contracts with customers:
Recognised at a point in time 7,462.7 823.3 8,286.0
Recognised over time 2,103.0 31.2 2,134.2
9,565.7 854.5 10,420.2
From other sources:
Rental income from investment properties 5.4 - 5.4
Revenue from financial services companies 976.0 - 976.0
Other 179.3 4.4 183.7
1,160.7 4.4 1,165.1
10,726.4 858.9 11,585.3
2023
Automotive 3,969.4 769.8 4,739.2
Financial services 909.8 - 909.8
Heavy equipment, mining, construction & energy 3,866.6 - 3,866.6
Agribusiness 737.6 - 737.6
Infrastructure & logistics 282.0 - 282.0
Information technology 78.7 - 78.7
Property 35.3 - 35.3
9,879.4 769.8 10,649.2
From contracts with customers:
Recognised at a point in time 6,709.7 746.7 7,456.4
Recognised over time 2,097.2 19.5 2,116.7
8,806.9 766.2 9,573.1
From other sources:
Rental income from investment properties 2.8 - 2.8
Revenue from financial services companies 909.8 - 909.8
Other 159.9 3.6 163.5
1,072.5 3.6 1,076.1
9,879.4 769.8 10,649.2
12 months ended 31st December
Regional
Indonesia Interests Total
US$m US$m US$m
Group
2024
Automotive 8,254.3 1,643.0 9,897.3
Financial services 1,917.2 - 1,917.2
Heavy equipment, mining, construction & energy 8,416.8 - 8,416.8
Agribusiness 1,371.5 - 1,371.5
Infrastructure & logistics 470.5 - 470.5
Information technology 150.2 - 150.2
Property 74.9 - 74.9
20,655.4 1,643.0 22,298.4
From contracts with customers:
Recognised at a point in time 14,421.8 1,580.2 16,002.0
Recognised over time 3,971.1 54.4 4,025.5
18,392.9 1,634.6 20,027.5
From other sources:
Rental income from investment properties 10.5 - 10.5
Revenue from financial services companies 1,917.2 - 1,917.2
Other 334.8 8.4 343.2
2,262.5 8.4 2,270.9
20,655.4 1,643.0 22,298.4
2023
Automotive 8,300.5 1,629.2 9,929.7
Financial services 1,757.5 - 1,757.5
Heavy equipment, mining, construction & energy 8,428.8 - 8,428.8
Agribusiness 1,363.3 - 1,363.3
Infrastructure & logistics 551.2 - 551.2
Information technology 146.2 - 146.2
Property 57.8 - 57.8
20,605.3 1,629.2 22,234.5
From contracts with customers:
Recognised at a point in time 14,687.1 1,578.3 16,265.4
Recognised over time 3,864.4 44.0 3,908.4
18,551.5 1,622.3 20,173.8
From other sources:
Rental income from investment properties 10.0 - 10.0
Revenue from financial services companies 1,757.5 - 1,757.5
Other 286.3 6.9 293.2
2,053.8 6.9 2,060.7
20,605.3 1,629.2 22,234.5
3 Net operating costs and operating profit
Group
6 months ended 12 months ended
31st December 31st December
2024 2023 Change 2024 2023 Change
US$m US$m % US$m US$m %
Cost of sales and services rendered (9,039.9) (8,150.9) 11 (17,430.7) (17,185.4) 1
Other operating income 191.7 139.4 38 310.3 359.5 -14
Selling and distribution expenses (421.3) (422.5) 0 (823.6) (861.7) -4
Administrative expenses (723.8) (663.5) 9 (1,356.4) (1,282.3) 6
Other operating expenses (259.3) (109.4) >100 (390.8) (160.4) >100
(10,252.6) (9,206.9) 11 (19,691.2) (19,130.3) 3
Operating profit is determined after including:
Amortisation/depreciation of:
- intangible assets (64.3) (31.3) >100 (113.9) (97.5) 17
- right-of-use assets (76.2) (80.0) -5 (152.3) (154.5) -1
- property, plant and equipment (429.9) (395.4) 9 (843.8) (754.9) 12
- bearer plants (16.1) (15.2) 6 (31.4) (30.1) 4
(Impairment)/write-back of impairment of:
- intangible assets (18.9) (34.1) -45 (18.9) (34.1) -45
- property, plant and equipment (8.9) 0.6 nm (9.1) 1.1 nm
- debtors (64.2) (71.5) -10 (114.5) (123.8) -8
Fair value gain/(loss) on:
- investment properties 0.8 (2.7) nm 0.8 (2.7) nm
- investments ((1)) 14.4 (38.6) nm (29.3) (29.5) -1
- agricultural produce 5.9 0.4 >100 7.3 1.6 >100
- derivatives not qualifying as hedges - (0.2) > -100 0.1 (0.1) nm
Profit/(loss) on disposal of:
- intangible assets (0.1) (0.5) -80 (0.1) (0.5) -80
- right-of-use assets 0.8 0.6 33 0.8 0.6 33
- property, plant and equipment 29.9 6.2 >100 33.3 77.1 -57
- investment properties (1.8) - nm (1.8) - nm
- bearer plants (0.1) - nm (0.1) - nm
- associates ((2)) (126.5) - nm (126.5) - nm
- investments - 0.1 > -100 0.1 0.6 -83
Bargain purchase on acquisition of subsidiaries - 2.2 > -100 - 2.2 > -100
Loss on disposal/write-down of receivables from collateral vehicles (30.6) (32.2) -5 (61.6) (54.8) 12
Write-down of stocks (17.3) (7.9) >100 (21.9) (12.9) 70
Net exchange gain/(loss) ((3)) 16.9 24.3 -25 (51.1) (6.3) >100
Dividend and interest income from investments 82.8 74.4 11 126.0 120.5 5
nm - not meaningful
(1) Fair value gain/(loss) relates mainly to equity investments in GoTo,
Hermina, Vinamilk and Toyota Motor Corporation
(2) Loss on disposal of associates relates to disposal of Siam City
Cement.
(3) 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
At the Annual General Meeting in 2025, a final one-tier tax-exempt dividend in
respect of 2024 of US¢84 per share amounting to a dividend of approximately
US$332.0 million is to be proposed. These financial statements do not reflect
this dividend payable, which will be accounted for in shareholders' equity as
an appropriation of retained earnings in the year ending 31st December 2025.
The dividends paid in 2024 and 2023 were as follows:
Group and Company
2024 2023
US$m US$m
Final one-tier tax exempt dividend in respect of previous year of US¢90 per 359.8 329.5
share (2023: in respect of 2022 of US¢83)
Interim one-tier tax exempt dividend in respect of current year of US¢28 106.6 113.4
per share (2023: US¢28)
466.4 442.9
6 Earnings per share
Group
6 months ended 12 months ended
31st December 31st December
2024 2023 2024 2023
US$m US$m US$m US$m
Basic and diluted earnings per share
Profit attributable to shareholders 462.5 567.1 945.8 1,215.4
Weighted average number of ordinary shares in issue (millions) 395.2 395.2 395.2 395.2
Basic earnings per share US¢117 US¢143 US¢239 US¢308
Diluted earnings per share US¢117 US¢143 US¢239 US¢308
Basic and diluted underlying earnings per share
Underlying profit attributable to shareholders 602.0 576.8 1,102.1 1,160.1
Weighted average number of ordinary shares in issue (millions) 395.2 395.2 395.2 395.2
Basic underlying earnings per share US¢152 US¢146 US¢279 US¢294
Diluted underlying earnings per share US¢152 US¢146 US¢279 US¢294
As at 31st December 2024 and 2023, there were no dilutive potential ordinary
shares in issue.
A reconciliation of the profit attributable to shareholders and underlying
profit attributable to shareholders is as follows:
Group
6 months ended 12 months ended
31st December 31st December
2024 2023 2024 2023
US$m US$m US$m US$m
Profit attributable to shareholders 462.5 567.1 945.8 1,215.4
Less:
Non-trading items (net of tax and non-controlling interests)
Fair value changes of agricultural produce and livestock 1.8 0.2 2.2 0.5
Fair value changes of investment properties (0.1) (1.0) (0.1) (1.0)
Fair value changes of investments (10.5) (19.7) (27.7) (20.0)
Impairment loss on goodwill on subsidiaries - (6.4) - (6.4)
Bargain purchase on acquisition of subsidiaries - 0.5 - 0.5
Net loss on disposal of interests in associates (126.6) - (126.6) -
Gain on sale and leaseback of properties 13.8 16.1 13.8 81.1
Gain on sale of property - 0.6 - 0.6
Other (17.9) - (17.9) -
(139.5) (9.7) (156.3) 55.3
Underlying profit attributable to shareholders 602.0 576.8 1,102.1 1,160.1
Non-trading items are separately identified to provide greater understanding
of the Group's underlying business performance. Items classified as
non-trading items include: fair value gains or losses on revaluation of
investment properties, agricultural produce and equity investments which are
measured at fair value through profit and loss; gains or losses arising from
sale of businesses, investments and properties; impairment of non-depreciable
intangible assets, associates and joint ventures and other investments;
provisions for closure of businesses; acquisition-related costs in business
combinations and other credits and charges of a non-recurring nature that
require inclusion in order to provide additional insight into the Group's
underlying business performance.
7 Financial Instruments
Financial instruments by category
The fair values of financial assets and financial liabilities, together with
carrying amounts at 31st December 2024 and 2023 are as follows:
Fair
value
through Fair value Financial
Fair value of profit through other assets at Other Total
hedging and comprehensive amortised financial carrying Fair
instruments loss income costs liabilities amount value
US$m US$m US$m US$m US$m US$m US$m
2024
Financial assets measured at fair value
Other investments
- equity investments - 1,222.9 - - - 1,222.9 1,222.9
- debt investments - 399.0 984.1 - - 1,383.1 1,383.1
Derivative financial instruments 42.6 0.8 - - - 43.4 43.4
42.6 1,622.7 984.1 - - 2,649.4 2,649.4
Financial assets not measured at fair value
Debtors - - - 8,121.9 - 8,121.9 7,627.1
Bank balances - - - 3,088.1 - 3,088.1 3,088.1
- - - 11,210.0 - 11,210.0 10,715.2
Financial liabilities measured at fair value
Derivative financial instruments (1.5) (2.3) - - - (3.8) (3.8)
(1.5) (2.3) - - - (3.8) (3.8)
Financial liabilities not measured at fair value
Borrowings excluding lease liabilities - - - - (7,040.1) (7,040.1) (7,008.2)
Lease liabilities - - - - (254.4) (254.4) (254.4)
Creditors excluding non-financial liabilities - - - - (3,847.9) (3,847.9) (3,847.9)
- - - - (11,142.4) (11,142.4) (11,110.5)
2023
Financial assets measured at fair value
Other investments
- equity investments - 1,292.5 - - - 1,292.5 1,292.5
- debt investments - 418.5 916.2 - - 1,334.7 1,334.7
Derivative financial instruments 50.8 0.7 - - - 51.5 51.5
50.8 1,711.7 916.2 - - 2,678.7 2,678.7
Financial assets not measured at fair value
Debtors - - - 7,714.7 - 7,714.7 7,175.1
Bank balances - - - 2,782.5 - 2,782.5 2,782.5
- - - 10,497.2 - 10,497.2 9,957.6
Financial liabilities measured at fair value
Derivative financial instruments (4.2) (0.1) - - - (4.3) (4.3)
(4.2) (0.1) - - - (4.3) (4.3)
Financial liabilities not measured at fair value
Borrowings excluding lease liabilities - - - - (7,307.6) (7,307.6) (7,284.4)
Lease liabilities - - - - (258.1) (258.1) (258.1)
Creditors excluding non-financial liabilities - - - - (4,058.1) (4,058.1) (4,058.1)
- - - - (11,623.8) (11,623.8) (11,600.6)
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
2024
Assets
Other investments
- equity investments 1,054.6 - 168.3 1,222.9
- debt investments 984.1 - 399.0 1,383.1
2,038.7 - 567.3 2,606.0
Derivative financial instruments at fair value
- through other comprehensive income - 42.6 - 42.6
- through profit and loss - 0.8 - 0.8
- 43.4 - 43.4
2,038.7 43.4 567.3 2,649.4
Liabilities
Derivative financial instruments at fair value
- through other comprehensive income - (1.5) - (1.5)
- through profit and loss - (2.3) - (2.3)
- (3.8) - (3.8)
Quoted Observable
prices in current
active market Unobservable
markets transactions inputs Total
US$m US$m US$m US$m
2023
Assets
Other investments
- equity investments 1,117.2 - 175.3 1,292.5
- debt investments 916.2 - 418.5 1,334.7
2,033.4 - 593.8 2,627.2
Derivative financial instruments at fair value
- through other comprehensive income - 50.8 - 50.8
- through profit and loss - 0.7 - 0.7
- 51.5 - 51.5
2,033.4 51.5 593.8 2,678.7
Liabilities
Derivative financial instruments at fair value
- through other comprehensive income - (4.2) - (4.2)
- through profit and loss - (0.1) - (0.1)
- (4.3) - (4.3)
There were no transfers among the three categories during the year ended 31st
December 2024 and 2023.
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
2024 2023
US$m US$m
Long-term borrowings:
- secured 43.9 29.1
- unsecured 3,904.5 3,870.2
3,948.4 3,899.3
Current borrowings:
- secured 41.6 34.7
- unsecured 3,050.1 3,373.6
3,091.7 3,408.3
Total borrowings 7,040.1 7,307.6
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$49.2 million (2023: US$39.9 million).
9 Share capital
Group
2024 2023
US$m US$m
Six months and full year ended 31st December
Issued and fully paid:
Balance at 1st January, 1st July and 31st December
- 395,236,288 (2023: 395,236,288) ordinary shares 1,381.0 1,381.0
There were no rights, bonus or equity issues during the year.
The Company did not hold any treasury shares as at 31st December 2024 and 2023
and did not have any unissued shares under convertibles as at 31st December
2024 and 2023.
There were no subsidiary holdings (as defined in the Listing Rules of the
SGX-ST) as at 31st December 2024 and 2023.
10 Revenue reserve
Group Company
2024 2023 2024 2023
US$m US$m US$m US$m
Movements:
Balance at 1st January 8,545.0 7,768.6 823.1 337.1
Defined benefit pension plans
- remeasurements 5.6 - - -
- deferred tax (1.2) 0.1 - -
Share of associates' and joint ventures' remeasurements of defined benefit (0.8) (1.7) - -
pension plans, net of tax
Profit attributable to shareholders 945.8 1,215.4 520.4 928.9
Dividends paid by the Company (Note 5) (466.4) (442.9) (466.4) (442.9)
Change in shareholding (0.1) (3.1) - -
Other 1.3 8.6 - -
Balance at 31st December 9,029.2 8,545.0 877.1 823.1
11 Other reserves
Group Company
2024 2023 2024 2023
US$m US$m US$m US$m
Composition:
Asset revaluation reserve 414.2 410.1 - -
Translation reserve (2,545.3) (2,312.2) 305.9 383.1
Fair value reserve (5.9) 0.2 - -
Hedging reserve 14.8 12.0 2.7 2.3
Other reserve 3.3 3.3 - -
(2,118.9) (1,886.6) 308.6 385.4
Movements:
Asset revaluation reserve
Balance at 1st January 410.1 404.8 - -
Surplus on revaluation of assets 4.2 - - -
Share of associates' and joint ventures' asset revaluation surplus (0.1) 5.3 - -
Balance at 31st December 414.2 410.1 - -
Translation reserve
Balance at 1st January (2,312.2) (2,397.3) 383.1 334.3
Translation difference (325.1) 85.1 (77.2) 48.8
Transfer to profit and loss 92.0 - - -
Balance at 31st December (2,545.3) (2,312.2) 305.9 383.1
Fair value reserve
Balance at 1st January 0.2 5.8 - -
Financial assets at FVOCI
- fair value changes (6.1) (5.6) - -
- deferred tax 0.1 - - -
Share of associates' and joint ventures' fair value changes of financial (0.1) - - -
assets at FVOCI, net of tax
Balance at 31st December (5.9) 0.2 - -
Hedging reserve
Balance at 1st January 12.0 5.1 2.3 -
Cash flow hedges
- fair value changes 0.7 6.8 0.4 2.3
- deferred tax (0.1) (1.0) - -
- transfer to profit and loss 0.7 - - -
Share of associates' and joint ventures' fair value changes of cash flow 2.2 1.1 - -
hedges, net of tax
Other (0.7) - - -
Balance at 31st December 14.8 12.0 2.7 2.3
Other reserve
Balance at 1st January and 31st December 3.3 3.3 - -
12 Non-controlling interests
Group
2024 2023
US$m US$m
Balance at 1st January 9,775.9 9,341.1
Asset revaluation surplus
- surplus on revaluation of assets 6.3 -
Share of associates' and joint ventures' asset revaluation surplus (0.2) 7.9
Financial assets at FVOCI
- fair value changes (6.6) (6.0)
- deferred tax 0.1 -
(6.5) (6.0)
Share of associates' and joint ventures' fair value changes of financial (0.1) -
assets at FVOCI, net of tax
Cash flow hedges
- fair value changes 0.8 4.6
- deferred tax (0.2) (1.0)
0.6 3.6
Share of associates' and joint ventures' fair value changes of cash flow 7.0 (0.5)
hedges, net of tax
Defined benefit pension plans
- remeasurements - (1.5)
- deferred tax 0.1 0.5
0.1 (1.0)
Share of associates' and joint ventures' remeasurements of defined benefit (2.4) (2.0)
pension plans, net of tax
Translation difference (354.4) 145.5
Profit for the year 1,604.9 1,761.3
Issue of shares to non-controlling interests 15.0 156.4
Dividends paid (922.5) (1,682.7)
Change in shareholding 0.1 3.4
Acquisition of subsidiaries 2.2 39.4
Other 1.3 9.5
Balance at 31st December 10,127.3 9,775.9
13 Related party transactions
The following significant related party transactions took place during the
year ended 31st December:
Group
2024 2023
US$m US$m
(a) With associates and joint ventures:
Purchase of goods and services (5,903.3) (6,441.3)
Sale of goods and services 1,736.4 2,296.8
Commission and incentives earned 10.3 10.2
Bank deposits and balances 49.6 19.5
Interest received 19.6 18.0
(b) With related companies and
associates of ultimate holding
company:
Management fees paid (4.5) (6.6)
Purchase of goods and services (1.4) (1.7)
Sale of goods and services 0.3 1.5
(c) Remuneration of directors of the
Company and key management
personnel of the Group:
Salaries and other short-term employee benefits (14.5) (12.0)
14 Commitments
Capital expenditure authorised for at the balance sheet date, but not
recognised in the financial statements is as follows:
Group
2024 2023
US$m US$m
Authorised and contracted 109.3 163.6
Authorised but not contracted 845.1 576.4
954.4 740.0
15 Cash flows from operating activities
Group
2024 2023
US$m US$m
Profit before tax 3,218.3 3,714.5
Adjustments for:
Financing income (173.9) (149.0)
Financing charges 315.5 271.5
Share of associates' and joint ventures' results after tax (752.7) (732.8)
Amortisation/depreciation of:
- intangible assets 113.9 97.5
- right-of-use assets 152.3 154.5
- property, plant and equipment 843.8 754.9
- bearer plants 31.4 30.1
Impairment/(write-back of impairment) of:
- intangible assets 18.9 34.1
- property, plant and equipment 9.1 (1.1)
- debtors 114.5 123.8
Fair value (gain)/loss on:
- investment properties (0.8) 2.7
- investments 29.3 29.5
- agricultural produce (7.3) (1.6)
- derivatives not qualifying as hedges (0.1) 0.1
(Profit)/loss on disposal of:
- intangible assets 0.1 0.5
- right-of-use assets (0.8) (0.6)
- property, plant and equipment (33.3) (77.1)
- investment properties 1.8 -
- bearer plants 0.1 -
- associates 126.5 -
- investments (0.1) (0.6)
Loss on disposal/write-down of receivables from collateral vehicles 61.6 54.8
Bargain purchase on acquisition of subsidiaries - (2.2)
Amortisation of borrowing costs for financial services companies 8.4 8.5
Write-down of stocks 21.9 12.9
Loss on modifications to lease term - 0.8
Changes in provisions 70.0 44.4
Foreign exchange loss/(gain) 71.6 (12.3)
1,021.7 643.3
Operating profit before working capital changes 4,240.0 4,357.8
Changes in working capital
Properties for sale 9.6 (147.6)
Stocks ((1)) (98.1) (595.7)
Concession rights (21.8) (31.2)
Financing debtors (636.4) (517.4)
Debtors ((2)) (89.8) (157.3)
Creditors and provisions ((3)) (56.4) 140.6
Pensions 32.9 (1.3)
(860.0) (1,309.9)
Cash flows from operating activities 3,380.0 3,047.9
(1) Increase in purchase of assets held for rental offset by lower stock
balance in Astra automotive
(2) Increase in debtors balance mainly due to higher prepayments
(3) Decrease in creditors balance mainly due to lower trade purchases
16 Notes to consolidated statement of cash flows
(a) Purchase of shares in subsidiaries
The acquisitions in 2024 mainly comprised net cash outflow of US$4.4 million
for a 96% interest in PT Tunas Era Asia, a leading hospital in Jakarta
specialising in cardiology, and US$4.2 million for a 90% interest in PT
Lestarikan Bumi Papua, a nature-based solutions company engaged in the
utilisation of carbon sequestration and storage.
The acquisitions in 2023 comprised net cash outflow of US$62.7 million for a
100% interest in PT Tokobagus, a company operating the leading online used car
platform in Indonesia under the OLX brand, US$76.6 million for a 96.9%
interest in PT Jaya Mandarin Agung, owner of the Mandarin Oriental Hotel
Jakarta, as well as US$284.6 million, for a 70% interest each in PT Stargate
Mineral Asia and PT Stargate Pasific Resources and a 67% interest in PT
Anugerah Surya Pacific Resources, companies which operate nickel mining and
smelter businesses ("Stargate acquisitions").
(b) Purchase of shares in associates and joint ventures
Purchase of shares in associates and joint ventures in 2024 mainly included
US$80.7 million for Astra's investment in PT Supreme Energy Rantau Dedap,
US$27.1 million for Astra's investment in PT Saka Surya Wisesa, US$22.1
million for Astra's investment in PT Bank Jasa Jakarta and US$98.5 million for
additional purchase of shares in Refrigeration Electrical Engineering
Corporation.
Purchase of shares in associates and joint ventures in 2023 mainly included
US$616.3 million for Astra's investment in Nickel Industries Limited, US$98.6
million for Astra's investment in PT Polinasi Iddea Investama, US$52.8 million
for Astra's investment in PT Supreme Energy Sriwijaya, US$25.3 million for
Astra's investment in PT Equinix Indonesia JKT and US$14.2 million for
additional purchase of shares in Refrigeration Electrical Engineering
Corporation.
(c) Sale of associates and joint ventures
Sale of associates ventures in 2024 mainly included US$343.5 million received
from the sale of 25.5% interest in Siam City Cement.
There were no associates and joint ventures disposed in 2023.
(d) Changes in controlling interests of subsidiaries
There is no significant change in controlling interests of subsidiaries in
2024.
Change in controlling interests of subsidiaries in 2023 mainly included an
outflow of US$3.3 million for Astra's acquisition of additional interest in PT
Acset Indonusa Tbk.
17 Segment Information
Operating segments are identified on the basis of internal reports about
components of the Group that are regularly reviewed by the Board for the
purpose of resource allocation and performance assessment. In 2024, the
business segment reporting was re-organised to give greater clarity and add
emphasis to the Group's focused markets of Indonesia and Vietnam. Within
Indonesia and Vietnam; Astra, THACO and REE are operating segments identified
by the Group. The Board considers Astra as one operating segment because it
represents a single direct investment made by the Company. Decisions for
resource allocation and performance assessment of Astra are made by the Board
of the Company while resource allocation and performance assessment of the
various Astra businesses are made by the board of Astra, taking into
consideration the opinions of the Board of the Company. THACO and REE are also
identified as operating segments based on the scale and growth of their
businesses, and the Board considered the information useful to the readers of
the financial statements. Regional Interests represent the Group's collective
businesses outside of Indonesia and Vietnam. Set out below is an analysis of
the segment information.
Underlying business performance Non-
Indonesia Vietnam Regional Corporate trading
Astra Other THACO REE Other Interests costs items Group
US$m US$m US$m US$m US$m US$m US$m US$m US$m
6 months ended 31st December 2024
Revenue 10,726.4 - - - - 858.9 - - 11,585.3
Net operating costs (9,325.6) - - - 25.3 (812.0) (2.6) (137.7) (10,252.6)
Operating profit 1,400.8 - - - 25.3 46.9 (2.6) (137.7) 1,332.7
Financing income 79.0 - - - - 1.0 10.5 - 90.5
Financing charges (115.9) - - - - (7.6) (24.8) - (148.3)
Net financing charges (36.9) - - - - (6.6) (14.3) - (57.8)
Share of associates' and joint ventures' results after tax 330.0 19.2 24.0 23.0 - (2.5) - 2.1 395.8
Profit before tax 1,693.9 19.2 24.0 23.0 25.3 37.8 (16.9) (135.6) 1,670.7
Tax (365.5) (0.7) - - - (3.6) 1.4 0.5 (367.9)
Profit after tax 1,328.4 18.5 24.0 23.0 25.3 34.2 (15.5) (135.1) 1,302.8
Non-controlling interests (832.6) - - - - (3.3) - (4.4) (840.3)
Profit attributable to shareholders 495.8 18.5 24.0 23.0 25.3 30.9 (15.5) (139.5) 462.5
6 months ended 31st December 2023
Revenue 9,879.4 - - - - 769.8 - - 10,649.2
Net operating costs (8,450.9) - - - 26.5 (738.0) 15.7 (60.2) (9,206.9)
Operating profit 1,428.5 - - - 26.5 31.8 15.7 (60.2) 1,442.3
Financing income 68.2 - - - - 0.9 3.4 - 72.5
Financing charges (126.0) - - - - (7.9) (29.6) - (163.5)
Net financing charges (57.8) - - - - (7.0) (26.2) - (91.0)
Share of associates' and joint ventures' results after tax 308.3 20.1 21.1 20.8 - 5.9 - 2.0 378.2
Profit before tax 1,679.0 20.1 21.1 20.8 26.5 30.7 (10.5) (58.2) 1,729.5
Tax (373.4) - - - - (5.9) (0.2) 19.1 (360.4)
Profit after tax 1,305.6 20.1 21.1 20.8 26.5 24.8 (10.7) (39.1) 1,369.1
Non-controlling interests (829.6) - - - - (1.8) - 29.4 (802.0)
Profit attributable to shareholders 476.0 20.1 21.1 20.8 26.5 23.0 (10.7) (9.7) 567.1
Underlying business performance Non-
Indonesia Vietnam Regional Corporate trading
Astra Other THACO REE Other Interests costs items Group
US$m US$m US$m US$m US$m US$m US$m US$m US$m
12 months ended 31st December 2024
Revenue 20,655.4 - - - - 1,643.0 - - 22,298.4
Net operating costs (17,931.0) - - - 33.7 (1,569.3) (44.6) (180.0) (19,691.2)
Operating profit 2,724.4 - - - 33.7 73.7 (44.6) (180.0) 2,607.2
Financing income 150.2 - - - - 1.8 21.9 - 173.9
Financing charges (239.4) - - - - (15.0) (61.1) - (315.5)
Net financing charges (89.2) - - - - (13.2) (39.2) - (141.6)
Share of associates' and joint ventures' results after tax 636.1 35.9 39.4 29.7 - 9.5 - 2.1 752.7
Profit before tax 3,271.3 35.9 39.4 29.7 33.7 70.0 (83.8) (177.9) 3,218.3
Tax (658.1) (1.8) - - - (8.5) 0.6 0.2 (667.6)
Profit after tax 2,613.2 34.1 39.4 29.7 33.7 61.5 (83.2) (177.7) 2,550.7
Non-controlling interests (1,620.0) - - - - (6.3) - 21.4 (1,604.9)
Profit attributable to shareholders 993.2 34.1 39.4 29.7 33.7 55.2 (83.2) (156.3) 945.8
Net cash/(debt) (excluding net debt of financial services companies) 599.8 - - - - (19.1) (815.7) (235.0)
Total equity 16,751.2 212.8 684.5 397.0 - 205.6 167.5 18,418.6
12 months ended 31st December 2023
Revenue 20,605.3 - - - - 1,629.2 - - 22,234.5
Net operating costs (17,609.6) - - - 35.5 (1,567.0) (4.2) 15.0 (19,130.3)
Operating profit 2,995.7 - - - 35.5 62.2 (4.2) 15.0 3,104.2
Financing income 140.9 - - - - 1.7 6.4 - 149.0
Financing charges (204.5) - - - - (13.5) (53.5) - (271.5)
Net financing charges (63.6) - - - - (11.8) (47.1) - (122.5)
Share of associates' and joint ventures' results after tax 609.2 39.4 35.8 31.7 - 14.7 - 2.0 732.8
Profit before tax 3,541.3 39.4 35.8 31.7 35.5 65.1 (51.3) 17.0 3,714.5
Tax (741.3) (0.3) - - - (12.3) (0.8) 16.9 (737.8)
Profit after tax 2,800.0 39.1 35.8 31.7 35.5 52.8 (52.1) 33.9 2,976.7
Non-controlling interests (1,780.7) - - - - (2.0) - 21.4 (1,761.3)
Profit attributable to shareholders 1,019.3 39.1 35.8 31.7 35.5 50.8 (52.1) 55.3 1,215.4
Net cash/(debt) (excluding net debt of financial services companies) 124.2 - - - - (14.4) (1,254.9) (1,145.1)
Total equity 16,309.6 200.1 673.3 288.7 - 618.0 (274.4) 17,815.3
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 non-current assets, by geographical
areas:
Indonesia Vietnam Other Total
US$m US$m US$m US$m
2024 12,593.9 1,081.5 175.1 13,850.5
2023 12,564.1 962.0 592.5 14,118.6
Non-current assets excluded financial instruments and deferred tax assets.
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$m
nature of transaction
12 months ended 31st December 2024
Jardine Matheson Limited Associate of the Company's
- Management support services controlling shareholder - 4.7
- Business support services (including HR support and management, and - 0.1
internal audit and risk management)
- Cyber security services - 0.3
Jardine Matheson & Co., Ltd Associate of the Company's
- Human resource and administrative services controlling shareholder - 0.6
Jardine Engineering (S) Pte Ltd Associate of the Company's
- Mechanical and electrical works controlling shareholder - 0.7
Jardine Matheson Limited, Jardine Pacific Associate of the Company's
Holdings Limited & Jardine Matheson controlling shareholder
Management (SEA) Pte Limited
- SEA regional office support costs - 3.0
Marina Bay Hotel Private Limited Associate of the Company's
- Banquet services controlling shareholder - 0.1
Jardine Matheson Limited Associate of the Company's
- Digital and innovation services controlling shareholder 0.8 -
Hongkong Land (Unicode) Associate of the Company's
Investments Limited controlling shareholder
- Subscription of shares in an associate 3.5 -
PT Astra Land Indonesia Associate of the Company's
- Issuance of shares in a joint venture controlling shareholder 3.5 -
7.8 9.5
19 Underlying Profit by Business
Group
6 months ended 31st December 12 months ended 31st December
2024 2023 Change 2024 2023 Change
US$m US$m % US$m US$m %
INDONESIA
Astra International
Automotive 170.0 168.1 1 330.0 341.7 -3
Financial services 129.2 130.8 -1 257.8 258.1 0
Heavy equipment, mining, construction & energy 193.0 193.1 0 375.7 421.9 -11
Agribusiness 14.6 17.8 -18 26.6 27.2 -2
Infrastructure & logistics 22.6 15.2 49 42.0 32.0 31
Information technology 2.9 1.9 53 4.9 3.6 36
Property 4.0 3.1 29 6.9 5.4 28
536.3 530.0 1 1,043.9 1,089.9 -4
Less: Withholding tax on dividend (40.5) (54.0) -25 (50.7) (70.6) -28
495.8 476.0 4 993.2 1,019.3 -3
Tunas Ridean 18.5 20.1 -8 34.1 39.1 -13
514.3 496.1 4 1,027.3 1,058.4 -3
VIETNAM
THACO
Automotive 26.2 17.8 47 37.8 30.0 26
Real estate 1.8 4.3 -58 1.9 1.9 0
Agriculture (3.0) (3.9) -23 (3.9) (4.3) -9
Other (1.0) 2.9 nm 3.6 8.2 -56
24.0 21.1 14 39.4 35.8 10
REE 23.0 20.8 11 29.7 31.7 -6
Vinamilk 25.3 26.5 -5 33.7 35.5 -5
72.3 68.4 6 102.8 103.0 0
REGIONAL INTEREST
Cycle & Carriage 23.7 12.8 85 32.2 28.6 13
Siam City Cement 3.9 7.7 -51 16.2 16.6 -3
Toyota Motor Corporation 3.3 2.5 32 6.8 5.6 21
30.9 23.0 34 55.2 50.8 9
CORPORATE COSTS
Central overheads (11.6) (13.2) -13 (26.4) (27.0) -3
Net financing charges (14.2) (26.3) -46 (39.2) (47.1) -17
Exchange differences 10.3 28.8 -64 (17.6) 22.0 nm
(15.5) (10.7) 44 (83.2) (52.1) 60
Underlying profit attributable to shareholders 602.0 576.8 4 1,102.1 1,160.1 -5
20 Dividend and closure of books
NOTICE IS HEREBY GIVEN that, subject to shareholders' approval being obtained
at the forthcoming 56th Annual General Meeting of the Company ("AGM") for the
proposed final one-tier tax-exempt dividend of US$0.84 per share for the
financial year ended 31st December 2024 (the "Final Dividend"), the Transfer
Books and Register of Members of the Company will be closed from 5.00 p.m. on
Thursday, 29th May 2025 (the "Record Date") up to, and including Friday, 30th
May 2025, for the purpose of determining shareholders' entitlement to the
Final Dividend. Duly completed transfers of shares of the Company in physical
scrip received by the Company's Share Registrar, Boardroom Corporate &
Advisory Services Pte. Ltd. at 1 Harbourfront Avenue, Keppel Bay Tower #14-07,
Singapore 098632 up to 5.00 p.m. on the Record Date will be registered before
entitlements to the Final Dividend are determined.
Subject to approval being obtained as aforesaid, shareholders (being
Depositors) whose securities accounts with The Central Depository (Pte)
Limited are credited with shares of the Company as at 5.00 p.m. on the Record
Date will rank for the Final Dividend.
The Final Dividend, if approved at the AGM, will be paid on 13th June 2025.
21 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.
No significant event or transaction other than as contained in this report has
occurred between 1st January 2025 and the date of this report.
22 Notice pursuant to Rule 704(13) of the Listing Manual
Pursuant to Rule 704(13) of the SGX-ST Listing Manual, Jardine Cycle &
Carriage Limited wishes to announce that no person occupying a managerial
position in the Company or any of its principal subsidiaries is a relative of
a director or chief executive officer or substantial shareholder of the
Company.
- end -
For further information, please contact:
Jardine Cycle & Carriage Limited
Jeffery Tan Eng Heong
Tel: 65 64708111
The full text of the Financial Statements and Dividend Announcement for the
year ended 31 December 2024 can be accessed through the internet at
'www.jcclgroup.com'.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END FR XDLFLELLBBBZRecent news on Jardine Matheson Holdings
See all newsREG - Jardine Matheson Hdg - Director/PDMR Shareholding
AnnouncementREG - Jardine Matheson Hdg - Director/PDMR Shareholding
AnnouncementREG - Jardine Matheson Hdg - Total Voting Rights
AnnouncementREG - Jardine Matheson Hdg DFI Retail Group - Directorate Change
AnnouncementREG - Jardine Matheson Hdg - Interim Management Statement
Announcement