REG - Jardine Matheson Hdg - JC&C 2025 Half-Year Results
30/07/2025 12:45
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RNS Number : 2221T Jardine Matheson Hldgs Ltd 30 July 2025
To: Business
Editor
30 July 2025
For immediate release
Jardine Cycle & Carriage Limited
2025 Half-Year Financial Statements and Dividend Announcement
The following announcement was issued today by the Company's 85%-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
30th July
2025
JARDINE CYCLE & CARRIAGE LIMITED
2025 HALF-YEAR FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT
Highlights
• Underlying profit 6% higher at US$529 million
• Interim dividend per share of US¢28, unchanged from 2024
"For the first half of 2025, we reported a 6% increase in underlying profit.
The Group benefitted from foreign exchange gains and lower financing costs at
the JC&C corporate level. Total contributions from businesses were 8%
lower, resulting primarily from lower profits in the Indonesia businesses,
partially offset by improvements in Vietnam and Singapore, reflecting the
Group's continued efforts to build portfolio resilience.
In the near term, the macroeconomic environment remains challenging. While the
performance of JC&C's businesses in Indonesia and Singapore is expected to
remain stable, our Vietnamese businesses are expected to build on the
country's economic momentum for the rest of the year. Looking further ahead,
we remain focused on our longer-term objective of building a portfolio with
strong growth and total shareholder returns."
Ben Birks, Group Managing Director
Group Results
Six months ended 30th June
2025 2024 +/- 2025
US$m US$m % S$m
Revenue 10,802 10,713 1 14,240
Underlying profit attributable to
shareholders * 529 500 6 697
Non-trading items^ (158) (17) nm (208)
Profit attributable to shareholders 371 483 -23 489
US¢ US¢ S¢
Underlying earnings per share * 134 127 6 176
Earnings per share 94 122 -23 124
Interim dividend per share 28 28 - 37
At 30.6.2025 At 31.12.2024 At 30.6.2025
US$ US$ S$
Net asset value per share 21.1 21.0 1 26.9
The exchange rate of US$1=S$1.27 (31st December 2024: US$1=S$1.36) was used
for translating assets and liabilities at the balance sheet date, and
US$1=S$1.32 (30th June 2024: US$1=S$1.35) was used for translating the results
for the period. The financial results for the six months ended 30th June 2025
and 30th June 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 non-current investments.
nm not meaningful
GROUP MANAGING DIRECTOR'S STATEMENT
Overview
Jardine Cycle & Carriage ("JC&C" or "the Group") saw 6% higher
underlying profit of US$529 million in the first six months of 2025, compared
to US$500 million in the same period in 2024. A US$33 million translation gain
on foreign currency corporate loans was recorded in the first half of 2025,
compared to a loss of US$28 million in the same period last year, improving
the underlying profit of the Group. Lower corporate net debt over the period
ended June 2025 compared to the prior period ended June 2024 also resulted in
lower net financing charges.
The Group's businesses in Indonesia contributed US$466 million, a decrease of
9%. Vietnam increased its contribution by 17% to US$36 million. JC&C's
Regional Interests reported a 16% lower contribution of US$20 million, mainly
due to the disposal of Siam City Cement in the second half of 2024. Excluding
this disposal, the contribution from Regional Interests would have been 71%
higher.
The Group's profit attributable to shareholders was US$371 million after
accounting for non-trading items of US$158 million, mainly comprising
unrealised fair value losses related to non-current investments, compared to
US$483 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$26 million at the end of June
2025, compared to net debt of US$235 million at the end of 2024, with the
improvement mainly due to strong operating cash flow. Net debt within Astra's
financial services subsidiaries increased from US$3.7 billion to US$3.9
billion. JC&C corporate net debt was relatively unchanged at US$810
million.
Dividend
The Board has declared an interim one-tier tax-exempt dividend of US¢28 per
share (2024: US¢28 per share) for the half-year ended 30th June 2025.
Strategic Developments
In line with our focus as an engaged investor, JC&C is currently working
together with the portfolio companies to review business strategy, priorities
and initiatives to deliver future growth and improve returns. The process is
expected to complete by the first half of 2026, after which an update will be
presented.
Meanwhile, Astra continues to execute its strategic initiatives in automotive,
renewable energy as well as industrial and logistics infrastructure, as
follows:
In April 2025, as part of Astra's strategy to further strengthen its leading
market position in the used car sector, it entered into a partnership in which
Toyota invested US$120 million for a 40% stake in Astra Digital Mobil ("ADMO")
with Astra retaining 60% ownership. ADMO owns OLXmobbi, an integrated
online-to-offline used car business. The partnership with Toyota will increase
access to used cars, financing, insurance and aftersales for customers across
Indonesia.
In June, in line with United Tractors' strategy to build new earnings stream
in renewable energy, it completed the acquisition of an additional 30.6% stake
in Supreme Energy Sriwijaya ("SES") for US$31 million, increasing its total
direct and indirect shareholding in SERD to 40.4%. SES is a 25.2% shareholder
of Supreme Energy Rantau Dedap ("SERD"), which owns an operating geothermal
project in South Sumatera with 2 x 49 MW capacity.
In July, as part of Astra's strategy to benefit from the rapidly growing
industrial and logistics infrastructure market, it signed a conditional share
sale and purchase agreement to acquire an 83.7% stake in Mega Manunggal
Property ("MMP"), an industrial and logistics property developer listed on the
Indonesia Stock Exchange. Upon completion, Astra will become the new
controlling shareholder of MMP, and in line with capital market regulations,
will carry out a mandatory tender offer.
Group Review
The contributions to JC&C's underlying profit attributable to shareholders
by business segment were as follows:
Contribution to JC&C's underlying profit
Six months ended 30th June
2025 2024 +/-
Business segments US$m US$m %
INDONESIA
Astra 456 497 -8
Tunas Ridean 10 16 -40
466 513 -9
VIETNAM
THACO 17 15 10
REE 10 7 48
Vinamilk 9 8 4
36 30 17
REGIONAL INTERESTS
Cycle & Carriage 16 9 92
Siam City Cement - 12 -100
Toyota Motor Corporation 4 4 20
20 25 -16
TOTAL CONTRIBUTIONS 522 568 -8
CORPORATE COSTS
Exchange gains/(losses) 33 (28) nm
Others (26) (40) -36
Underlying profit attributable to
shareholders 529 500 6
INDONESIA
The Group's Indonesian businesses contributed US$466 million to its underlying
profit, down 9%.
(A) Astra
Astra contributed US$456 million to JC&C's underlying profit, 8% down from
the same period last year, mainly due to weaker performances from its new car,
mining services and coal mining operations, partly offset by improved earnings
from financial services, agribusiness and infrastructure. Under Indonesian
accounting standards, Astra reported a net profit equivalent to US$974
million, excluding the unrealised fair value losses arising from the
revaluation of its GoTo and Hermina investments.
Automotive & Mobility
Net income decreased by 8% to US$320 million, reflecting lower sales volumes
in a softer automotive market.
• The wholesale car market decreased by 9% to 375,000 units in the
first half. However, Astra's market share remained resilient at 54%.
• The wholesale market for motorcycles decreased by 2% to 3.1
million units in the first half. Astra maintained a strong market share of
77%.
• Components business Astra Otoparts reported a 11% increase in net
profit to US$46 million, with higher contributions from all segments.
• The used car business, OLXmobbi, recorded a 26% increase in used
car sales to 15,100 units, while the transportation and logistics solutions
business Serasi Autoraya recorded 4% lower vehicles under contract at 25,800
units.
Financial Services
Net income increased by 6% to US$266 million, due to higher contributions from
Astra's consumer finance businesses on larger loan portfolios.
• Consumer finance businesses saw a 6% increase in the amounts
financed to US$3.4 billion, reflecting strong growth in multipurpose
financing. The net income contribution from the group's car-focused finance
companies increased by 2% to US$73 million, and the contribution from Astra's
motorcycle-focused financing business increased by 4% to US$140 million.
• General insurance company Asuransi Astra Buana reported a 5%
increase in net income to US$47 million, mainly due to higher insurance
revenue.
Heavy Equipment, Mining, Construction and Energy
Net income decreased by 15% to US$303 million, mainly due to lower profits
from the group's coal mining and mining services operations, partly offset by
higher earnings from Astra's gold mining and heavy equipment sales businesses.
• Mining services operations recorded a 9% decline in overburden
removal volume at 533 million bank cubic metres, primarily due to heavy
rainfall.
• Coal mining subsidiaries' revenue was impacted by lower coal
prices, and a slight decline in coal sales to 7.8 million tonnes.
• Komatsu heavy equipment sales were 27% higher at 2,700 units,
driven by stronger demand from all sectors, while revenue from the parts and
service businesses also increased.
• The gold mining businesses reported 14% higher gold sales at
125,000 oz and benefitted from higher gold selling prices.
• United Tractors' nickel mining businesses comprise (i)
majority-owned Stargate Pasific Resources ("SPR") and (ii) 20.1%-owned Nickel
Industries Limited ("NIC"). United Tractors recognised equity income from NIC
for the 6-month period in arrears, based on NIC's results from the final
quarter of 2024 and the first quarter of 2025. The performance of this
business was affected by an impairment relating to two of NIC's older RKEF
processing plants.
Agribusiness
Net income increased by 40% to US$34 million, mainly due to higher sales of
crude palm oil and its derivatives, alongside increased selling prices.
Infrastructure
Astra's infrastructure division reported a 38% increase in net income to US$39
million, mainly due to improved traffic volumes and tariffs. Astra has 396km
of operational toll roads along the Trans-Java network and the Jakarta Outer
Ring Road.
(B) Tunas Ridean
Tunas Ridean contributed US$10 million, 40% lower than the same period last
year, mainly due to lower profits from its consumer finance and automotive
operations.
VIETNAM
JC&C's businesses in Vietnam contributed US$36 million to the Group's
underlying profit, up 17%.
(A) THACO
THACO contributed US$17 million, 10% higher than the previous year. THACO's
automotive unit sales were up 12% to 41,000 units. Although its market share
fell from 21% to 16% due to increased competition, automotive margins remained
strong, supporting THACO's profitability.
(B) REE Corporation
Based on its first-quarter results, REE's contribution of US$10 million was
48% higher than the previous year. This was mainly due to improved hydrology
conditions, which led to higher earnings from the power generation business,
as well as an increased contribution as a result of JC&C increasing its
shareholding from 34.9% to 41.6%.
(C) Vinamilk
JC&C's holding in Vinamilk produced a dividend income of US$9 million,
relatively unchanged from the same period last year.
Regional Interests
Regional Interests contributed US$20 million, 16% down compared to the same
period last year, mainly due to absence of a contribution from Siam City
Cement following its disposal in the second half of 2024, partly offset by
stronger earnings from Cycle & Carriage.
Cycle & Carriage
The contribution from Cycle & Carriage was up 92% to US$16 million. In
Singapore, new car sales were 4% higher at 3,300 units, with market share at
14%. Commercial vehicle sales were up 85%, supported by the delivery of
electric buses under tender projects, while used car sales and aftersales
throughput volume also increased during this period.
CORPORATE COSTS
A US$33 million translation gain on foreign currency corporate loans was
recorded in the first six months of 2025, compared to a loss of US$28 million
in the same period last year, improving the underlying profit of the Group.
Corporate net financing charges decreased due to lower corporate net debt at
the end of June 2025 compared to the end of June 2024.
Outlook
In the near term, the macroeconomic environment remains challenging. While the
performance of JC&C's businesses in Indonesia and Singapore is expected to
remain stable, our Vietnamese businesses are expected to build on the
country's economic momentum for the rest of the year. Looking further ahead,
we remain focused on our longer-term objective of building a portfolio with
strong growth and total shareholder returns.
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 for 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 (41.6% owned), the first publicly 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. JC&C is 85%-owned by the Jardine Matheson Group.
For more information on JC&C and our businesses, visit www.jcclgroup.com.
Statement pursuant to Rule 705(5) of the Listing Rules of the Singapore
Exchange Securities Trading Limited ("SGX-ST")
The directors confirm that, to the best of their knowledge, nothing has come
to the attention of the Board of Directors which may render the accompanying
unaudited interim financial results for the six months ended 30th June 2025 to
be false or misleading in any material aspect.
On behalf of the Board of Directors
Ben Birks
Director
Steven Phan
Director
30th July 2025
Jardine Cycle & Carriage Limited
Consolidated Profit and Loss Account for the six months ended 30th June 2025
2025 2024 Change
Note US$m US$m %
Revenue 2 10,802.3 10,713.1 1
Net operating costs 3 (9,653.1) (9,438.6) 2
Operating profit 3 1,149.2 1,274.5 -10
Financing income 88.0 83.4 6
Financing charges ((1)) (141.4) (167.2) -15
Net financing charges (53.4) (83.8) -36
Share of associates' and joint
ventures' results after tax ((2)) 261.1 356.9 -27
Profit before tax 1,356.9 1,547.6 -12
Tax 4 (285.9) (299.7) -5
Profit after tax 1,071.0 1,247.9 -14
Profit attributable to:
Shareholders of the Company 371.1 483.3 -23
Non-controlling interests 699.9 764.6 -8
1,071.0 1,247.9 -14
US¢ US¢
Earnings per share:
- basic 6 94 122 -23
- diluted 6 94 122 -23
(1) Decrease in financing charges was mainly due to lower gross debt at
Corporate and Astra's heavy equipment and mining business.
(2) Decrease in share of associates' and joint ventures' result was
mainly due to lower profit from Astra's automotive and mobility, and heavy
equipment and mining business.
Jardine Cycle & Carriage Limited
Consolidated Statement of Comprehensive Income for the six months ended 30th
June 2025
2025 2024
US$m US$m
Profit for the period 1,071.0 1,247.9
Items that will not be reclassified to profit and loss:
Translation difference (22.7) (456.4)
Asset revaluation
- surplus during the period - 10.7
Remeasurements of defined benefit pension plans (0.1) -
Share of other comprehensive (expense)/income of
associates and joint ventures, net of tax (1.3) 0.7
(24.1) (445.0)
Items that may be reclassified subsequently to profit and loss:
Translation difference
- loss arising during the period (27.9) (406.2)
Financial assets at FVOCI ((1))
- gain/(loss) arising during the period 20.6 (10.4)
- transfer to profit and loss (0.2) -
20.4 (10.4)
Cash flow hedges
- loss arising during the period (5.7) (4.4)
- transfer to profit and loss 0.2 -
(5.5) (4.4)
Tax relating to items that may be reclassified 0.4 1.2
Share of other comprehensive (expense)/income of
associates and joint ventures, net of tax (12.8) 8.5
(25.4) (411.3)
Other comprehensive expense for the period (49.5) (856.3)
Total comprehensive income for the period 1,021.5 391.6
Attributable to:
Shareholders of the Company 344.2 77.7
Non-controlling interests 677.3 313.9
1,021.5 391.6
(1) Fair value through other comprehensive income ("FVOCI")
Jardine Cycle & Carriage Limited
Consolidated Balance Sheet at 30th June 2025
At At
30.06.2025 31.12.2024
Note US$m US$m
Non-current assets
Intangible assets 1,750.1 1,737.5
Right-of-use assets 749.8 769.3
Property, plant and equipment 5,004.6 4,963.6
Investment properties 544.4 459.1
Bearer plants 455.1 461.9
Interests in associates and joint ventures 5,351.5 5,459.1
Non-current investments 2,563.7 2,556.0
Non-current debtors 3,702.0 3,709.9
Deferred tax assets 481.9 449.5
20,603.1 20,565.9
Current assets
Current investments 64.9 50.0
Properties for sale 511.8 519.3
Stocks 2,501.3 2,441.2
Current debtors 5,965.4 5,607.6
Current tax assets 158.2 80.7
Cash and bank balances
- non-financial services companies 3,109.1 2,791.6
- financial services companies 278.5 296.5
3,387.6 3,088.1
12,589.2 11,786.9
Total assets 33,192.3 32,352.8
Non-current liabilities
Non-current creditors 287.4 227.1
Non-current provisions 311.5 281.4
Non-current lease liabilities 181.7 180.2
Long-term borrowings 8
- non-financial services companies 2,097.6 2,356.3
- financial services companies 1,509.4 1,592.1
3,607.0 3,948.4
Deferred tax liabilities 371.5 413.1
Pension liabilities 375.9 358.1
5,135.0 5,408.3
Current liabilities
Current creditors 5,383.7 5,122.1
Current provisions 106.0 114.0
Current lease liabilities 65.4 74.2
Current borrowings 8
- non-financial services companies 985.0 670.3
- financial services companies 2,702.3 2,421.4
3,687.3 3,091.7
Current tax liabilities 119.0 123.9
9,361.4 8,525.9
Total liabilities 14,496.4 13,934.2
Net assets 18,695.9 18,418.6
Equity
Share capital 9 1,381.0 1,381.0
Revenue reserve 10 9,106.1 9,029.2
Other reserves 11 (2,145.7) (2,118.9)
Shareholders' funds 8,341.4 8,291.3
Non-controlling interests 12 10,354.5 10,127.3
Total equity 18,695.9 18,418.6
Jardine Cycle & Carriage Limited
Consolidated Statement of Changes in Equity for the six months ended 30th June
2025
Attributable to shareholders of the Company
Share Revenue Asset Translation Fair value Total Attributable Total
capital reserve revaluation reserve and other US$m to non- equity
US$m US$m reserve US$m reserves controlling US$m
US$m US$m interests
US$m
2025
Balance at 1st January 1,381.0 9,029.2 414.2 (2,545.3) 12.2 8,291.3 10,127.3 18,418.6
Total comprehensive income - 370.5 - (27.9) 1.6 344.2 677.3 1,021.5
Dividends paid by the Company - (323.5) - - - (323.5) - (323.5)
Dividends declared/ - - - - - - (563.5) (563.5)
paid to non-controlling interests
Issue of shares to non-controlling interests - - - - - - 4.0 4.0
Change in shareholding - 29.4 - - - 29.4 90.1 119.5
Acquisition of subsidiaries - - - - - - 19.8 19.8
Disposal of subsidiaries - - - - - - (0.6) (0.6)
Other - 0.5 - - (0.5) - 0.1 0.1
Balance at 30th June 1,381.0 9,106.1 414.2 (2,573.2) 13.3 8,341.4 10,354.5 18,695.9
2024
Balance at 1st January 1,381.0 8,545.0 410.1 (2,312.2) 15.5 8,039.4 9,775.9 17,815.3
Total comprehensive income - 484.1 4.3 (406.2) (4.5) 77.7 313.9 391.6
Dividends paid by the Company - (356.4) - - - (356.4) - (356.4)
Dividends declared/ - - - - - - (716.7) (716.7)
paid to non-controlling interests
Issue of shares to non-controlling interests - - - - - - 0.3 0.3
Change in shareholding - (0.1) - - - (0.1) 0.1 -
Other - (0.8) - - - (0.8) (0.1) (0.9)
Balance at 30th June 1,381.0 8,671.8 414.4 (2,718.4) 11.0 7,759.8 9,373.4 17,133.2
Jardine Cycle & Carriage Limited
Company Statement of Comprehensive Income for the six months ended 30th June
2025
2025 2024
US$m US$m
Profit for the period 304.5 485.1
Items that may be reclassified subsequently to profit and loss:
Translation difference
- gain/(loss) arising during the period 169.0 (75.8)
Cash flow hedges
- loss arising during the period (2.7) -
Other comprehensive income/(expense) for the period 166.3 (75.8)
Total comprehensive income for the period 470.8 409.3
Jardine Cycle & Carriage Limited
Company Balance Sheet at 30th June 2025
At At
30.06.2025 31.12.2024
Note US$m US$m
Non-current assets
Property, plant and equipment 34.6 32.2
Interests in subsidiaries 1,511.4 1,417.1
Interests in associates and joint ventures 412.3 386.7
Non-current investments 673.1 687.6
Non-current debtors - 2.7
2,631.4 2,526.3
Current assets
Current debtors 1,186.5 1,133.4
Cash and bank balances 31.9 15.8
1,218.4 1,149.2
Total assets 3,849.8 3,675.5
Non-current liabilities
Long-term borrowings 843.9 824.4
Deferred tax liabilities 0.9 0.4
844.8 824.8
Current liabilities
Current creditors 289.4 272.4
Current borrowings - 10.0
Current tax liabilities 1.6 1.6
291.0 284.0
Total liabilities 1,135.8 1,108.8
Net assets 2,714.0 2,566.7
Equity
Share capital 9 1,381.0 1,381.0
Revenue reserve 10 858.1 877.1
Other reserves 11 474.9 308.6
Total equity 2,714.0 2,566.7
Net asset value per share US$6.87 US$6.49
Jardine Cycle & Carriage Limited
Company Statement of Changes in Equity for the six months ended 30th June 2025
Share Revenue Hedging Translation Total
Note capital reserve reserve reserve equity
US$m US$m US$m US$m US$m
2025
Balance at 1st January 1,381.0 877.1 2.7 305.9 2,566.7
Total comprehensive income/(expense) - 304.5 (2.7) 169.0 470.8
Dividends paid 5 - (323.5) - - (323.5)
Balance at 30th June 1,381.0 858.1 - 474.9 2,714.0
2024
Balance at 1st January 1,381.0 823.1 2.3 383.1 2,589.5
Total comprehensive income/(expense) - 485.1 - (75.8) 409.3
Dividends paid 5 - (356.4) - - (356.4)
Balance at 30th June 1,381.0 951.8 2.3 307.3 2,642.4
Jardine Cycle & Carriage Limited
Consolidated Statement of Cash Flows for the six months ended 30th June 2025
2025 2024
Note US$m US$m
Cash flows from operating activities
Cash generated from operations 15 1,747.7 2,233.2
Interest paid (135.1) (167.9)
Interest received 78.8 72.0
Other finance costs paid (6.2) (6.5)
Income tax paid (395.4) (431.9)
(457.9) (534.3)
Dividends received from associates and joint
ventures (net) 346.1 416.9
(111.8) (117.4)
Net cash flows from operating activities 1,635.9 2,115.8
Cash flows from investing activities
Sale of right-of-use assets 1.5 -
Sale of property, plant and equipment 20.5 12.7
Sale of subsidiaries, net of cash disposed 34.2 -
Sale of associate 0.1 -
Sale of investments 46.0 83.3
Purchase of intangible assets (41.1) (35.8)
Additions to right-of-use assets (8.3) (11.0)
Purchase of property, plant and equipment (479.7) (481.3)
Purchase of investment properties (0.8) (1.3)
Additions to bearer plants (10.6) (14.7)
Purchase of shares in subsidiaries, net of cash acquired (106.6) -
Purchase of shares in associates and joint ventures (76.2) (103.9)
Purchase of investments (156.1) (134.2)
Net cash flows from investing activities (777.1) (686.2)
Cash flows from financing activities
Drawdown of loans 1,959.8 2,727.2
Repayment of loans (1,708.6) (2,348.0)
Principal elements of lease payments (48.0) (52.6)
Changes in controlling interests in subsidiaries 121.0 -
Investments by non-controlling interests 4.0 0.3
Dividends paid to non-controlling interests (561.0) (713.5)
Dividends paid by the Company (323.5) (356.4)
Net cash flows from financing activities (556.3) (743.0)
Net change in cash and cash equivalents 302.5 686.6
Cash and cash equivalents at the beginning of the period 3,088.1 2,782.5
Effect of exchange rate changes (3.0) (146.2)
Cash and cash equivalents at the end of the period ((1)) 3,387.6 3,322.9
(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 2025
1 Basis of preparation
The condensed interim financial statements for the six months ended 30th June
2025 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 2024. There have been no changes
to the accounting policies described in the 2024 audited accounts except for
the adoption of new and amended standards. The Group has not early adopted
any standards 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$1.2742 (2024: US$1=S$1.3586), US$1=RM4.2198 (2024:
US$1=RM4.4565), US$1=IDR16,233 (2024: US$1=IDR16,162), US$1=VND26,093 (2024:
US$1=VND25,477) and US$1=THB32.552 (2024: US$1=THB34.180).
The exchange rates used for translating the results for the period are
US$1=S$1.3183 (2024: US$1=S$1.3501), US$1=RM4.3443 (2024: US$1=RM4.7352),
US$1=IDR16,426 (2024: US$1=IDR16,041), US$1=VND25,716 (2024: US$1=VND25,021)
and US$1=THB33.391 (2024: US$1=THB36.396).
Critical accounting estimates and judgements
The preparation of the condensed interim financial statements require
management to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets,
liabilities, income and expense. Actual results may differ from these
estimates.
In preparing these condensed consolidated interim financial statements, the
significant judgements made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty were the same as those
that applied to the consolidated financial statements for the year ended 31st
December 2024.
2 Revenue
Regional
Indonesia Interests Total
US$m US$m US$m
Group
2025
Automotive and mobility 3,718.7 881.3 4,600.0
Financial services 975.7 - 975.7
Heavy equipment, mining, construction & energy 4,157.1 - 4,157.1
Agribusiness 879.5 - 879.5
Infrastructure 94.1 - 94.1
Information technology 72.8 - 72.8
Property 23.1 - 23.1
9,921.0 881.3 10,802.3
From contracts with customers:
Recognised at a point in time 7,059.9 851.7 7,911.6
Recognised over time 1,717.3 24.9 1,742.2
8,777.2 876.6 9,653.8
From other sources:
Rental income from investment properties 6.8 - 6.8
Revenue from financial services companies 975.7 - 975.7
Other 161.3 4.7 166.0
1,143.8 4.7 1,148.5
9,921.0 881.3 10,802.3
2024
Automotive and mobility 4,151.5 784.1 4,935.6
Financial services 941.3 - 941.3
Heavy equipment, mining, construction & energy 4,010.7 - 4,010.7
Agribusiness 642.9 - 642.9
Infrastructure 85.4 - 85.4
Information technology 70.4 - 70.4
Property 26.8 - 26.8
9,929.0 784.1 10,713.1
From contracts with customers:
Recognised at a point in time 6,959.1 756.9 7,716.0
Recognised over time 1,868.1 23.2 1,891.3
8,827.2 780.1 9,607.3
From other sources:
Rental income from investment properties 5.1 - 5.1
Revenue from financial services companies 941.2 - 941.2
Other 155.5 4.0 159.5
1,101.8 4.0 1,105.8
9,929.0 784.1 10,713.1
Revenue relating to Astra's contract mining services business has been
reclassified from 'recognised at a point in time' to 'recognised over time' in
2024 comparatives.
3 Net operating costs and operating profit
Group
2025 2024 Change
US$m US$m %
Cost of sales (8,531.0) (8,390.8) 2
Other operating income 230.1 118.6 94
Selling and distribution expenses (401.9) (402.3) 0
Administrative expenses (687.0) (632.6) 9
Other operating expenses (263.3) (131.5) >100
(9,653.1) (9,438.6) 2
Operating profit is determined after including:
Amortisation/depreciation of:
- intangible assets (50.7) (49.6) 2
- right-of-use assets (68.8) (76.1) -10
- property, plant and equipment (434.0) (413.9) 5
- bearer plants (15.6) (15.3) 2
Write-back of impairment/(Impairment) of:
- property, plant and equipment 0.6 (0.2) nm
- debtors (51.9) (50.3) 3
Fair value (loss)/gain on:
- investments ((1)) (180.7) (43.7) >100
- agricultural produce (5.4) 1.4 nm
- derivatives not qualifying as hedge (0.1) 0.1 nm
Profit/(loss) on disposal of:
- right-of-use assets 1.2 - nm
- property, plant and equipment 10.6 3.4 >100
- investments 0.5 0.1 >100
- loss of control in subsidiaries ((2)) 34.6 - nm
- associates becoming subsidiaries (3.7) - nm
Loss on disposal/write-down of receivables from
collateral vehicles (30.2) (31.0) -3
Write-down of stocks, net (6.9) (4.6) 50
Net exchange gain/(loss) ((3)) 45.4 (68.0) nm
Dividend and interest income from investments 47.5 43.2 10
nm - not meaningful
(1) Fair value loss relates mainly to equity investments in Vinamilk, Toyota
Motor Corporation, GoTo and Hermina.
(2) Net gain on disposal mainly relates to the disposal of one of Astra's coal
mining subsidiaries.
(3) Net exchange gain/(loss) relates mainly to the impact of revaluing
monetary liabilities denominated in US dollars.
4 Tax
The provision for income tax is based on the statutory tax rates of the
respective countries in which the companies operate after taking into account
non-deductible expenses and group tax relief.
5 Dividends
An interim dividend in respect of 2025 of US¢28 (2024: US¢28) per share
amounting to a total of US$110.7 million (2024: US$110.7 million) is declared
by the Board. These financial statements do not reflect this dividend payable,
which will be accounted for in shareholders' equity as an appropriation of
retained earnings in the six months ending 31st December 2025.
Group and Company
2025 2024
US$m US$m
Final one-tier tax exempt dividend in respect of previous year of
US¢84 per share (2024: in respect of 2023 of US¢90) 323.5 356.4
6 Earnings per share
Group
2025 2024
US$m US$m
Earnings per share
Profit attributable to shareholders 371.1 483.3
Weighted average number of ordinary shares in issue (millions) 395.2 395.2
Basic earnings per share US¢94 US¢122
Diluted earnings per share US¢94 US¢122
Underlying earnings per share
Underlying profit attributable to shareholders 529.1 500.1
Weighted average number of ordinary shares in issue (millions) 395.2 395.2
Basic underlying earnings per share US¢134 US¢127
Diluted underlying earnings per share US¢134 US¢127
As at 30th June 2025 and 2024, there were no dilutive potential ordinary
shares in issue.
A reconciliation of the profit attributable to shareholders and underlying
profit attributable to shareholders is as follows:
Group
2025 2024
US$m US$m
Profit attributable to shareholders 371.1 483.3
Less:
Non-trading items (net of tax and non-controlling interests)
Fair value changes of agricultural produce and livestock (1.7) 0.4
Fair value changes of investments (165.4) (17.2)
Net gain on disposal of interests in subsidiaries 10.1 -
Others (1.0) -
(158.0) (16.8)
Underlying profit attributable to shareholders 529.1 500.1
Non-trading items are separately identified to provide greater understanding
of the Group's underlying business performance. Items classified as
non-trading items include fair value gains or losses on revaluation of
investment properties, agricultural produce and equity investments which are
measured at fair value through profit and loss; gains and losses arising from
the sale of businesses, investments and properties; impairment of
non-depreciable intangible assets, associates and joint ventures and other
investments; provisions for closure of businesses; acquisition-related costs
in business combinations and other credits and charges of a non-recurring
nature that require inclusion in order to provide additional insight into the
Group's underlying business performance.
7 Financial Instruments
Financial instruments by category
The fair values of financial assets and financial liabilities, together with
carrying amounts at 30th June 2025 and 31st December 2024 are as follows:
Fair
value
through Fair value Financial
Fair value of profit through other assets at Other Total
hedging and comprehensive amortised financial carrying Fair
instruments loss income costs liabilities amount value
US$m US$m US$m US$m US$m US$m US$m
At 30 June 2025
Financial assets
measured at fair value
Other investments
- equity investments - 1,103.8 - - - 1,103.8 1,103.8
- debt investments - 425.3 1,099.5 - - 1,524.8 1,524.8
Derivative financial
instruments 19.7 - - - - 19.7 19.7
19.7 1,529.1 1,099.5 - - 2,648.3 2,648.3
Financial assets not
measured at fair value
Debtors - - - 8,602.7 - 8,602.7 8,084.7
Bank balances - - - 3,387.6 - 3,387.6 3,387.6
- - - 11,990.3 - 11,990.3 11,472.3
Financial liabilities
measured at fair value
Derivative financial
instruments (8.4) (0.1) - - - (8.5) (8.5)
(8.4) (0.1) - - - (8.5) (8.5)
Financial liabilities not
measured at fair value
Borrowings excluding
lease liabilities - - - - (7,294.3) (7,294.3) (7,272.0)
Lease liabilities - - - - (247.1) (247.1) (247.1)
Creditors excluding
non-financial liabilities - - - - (4,085.5) (4,085.5) (4,085.5)
- - - - (11,626.9) (11,626.9) (11,604.6)
At 31 December 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)
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 six months ended 30th
June 2025 and the year ended 31st December 2024.
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 June 2025
Assets
Other investments
- equity investments 935.1 - 168.7 1,103.8
- debt investments 1,099.5 - 425.3 1,524.8
2,034.6 - 594.0 2,628.6
Derivative financial instruments at fair value
- through other comprehensive income - 19.7 - 19.7
2,034.6 19.7 594.0 2,648.3
Liabilities
Derivative financial instruments at fair value
- through other comprehensive income - (8.4) - (8.4)
- through profit and loss - (0.1) - (0.1)
- (8.5) - (8.5)
Quoted Observable
prices in current
active market Unobservable
markets transactions inputs Total
US$m US$m US$m US$m
At 31 December 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 other profit and loss - (2.3) - (2.3)
- (3.8) - (3.8)
There were no transfers among the three categories during the six months ended
30th June 2025 and the year ended 31st December 2024.
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
30.06.2025 31.12.2024
US$m US$m
Long-term borrowings:
- secured 32.4 43.9
- unsecured 3,574.6 3,904.5
3,607.0 3,948.4
Current borrowings:
- secured 34.3 41.6
- unsecured 3,653.0 3,050.1
3,687.3 3,091.7
Total borrowings 7,294.3 7,040.1
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$29.4 million (31st December 2024: US$49.2 million).
9 Share capital
Group
2025 2024
US$m US$m
Six months ended 30th June
Issued and fully paid:
Balance at 1st January and 30th June
- 395,236,288 (2024: 395,236,288) ordinary shares 1,381.0 1,381.0
There were no rights, bonus or equity issues during the period.
The Company did not hold any treasury shares as at 30th June 2025 and 2024 and
did not have any unissued shares under convertibles as at 30th June 2025 and
2024.
There were no subsidiary holdings (as defined in the Listing Rules of the
SGX-ST) as at 30th June 2025 and 2024.
10 Revenue reserve
Group Company
2025 2024 2025 2024
US$m US$m US$m US$m
Movements:
Balance at 1st January 9,029.2 8,545.0 877.1 823.1
Defined benefit pension plans
- remeasurements 0.1 0.1 - -
Share of associates' and joint ventures'
remeasurements of defined benefit
pension plans, net of tax (0.7) 0.7 - -
Profit attributable to shareholders 371.1 483.3 304.5 485.1
Dividends paid by the Company (323.5) (356.4) (323.5) (356.4)
Change in shareholding 29.4 (0.1) - -
Other 0.5 (0.8) - -
Balance at 30th June 9,106.1 8,671.8 858.1 951.8
11 Other reserves
Group Company
2025 2024 2025 2024
US$m US$m US$m US$m
Composition:
Asset revaluation reserve 414.2 414.4 - -
Translation reserve (2,573.2) (2,718.4) 474.9 307.3
Fair value reserve 4.2 (4.9) - -
Hedging reserve 6.3 12.6 - 2.3
Other reserve 2.8 3.3 - -
(2,145.7) (2,293.0) 474.9 309.6
Movements:
Asset revaluation reserve
Balance at 1st January 414.2 410.1 - -
Surplus on revaluation of assets - 4.3 - -
Balance at 30th June 414.2 414.4 - -
Translation reserve
Balance at 1st January (2,545.3) (2,312.2) 305.9 383.1
Translation difference (27.9) (406.2) 169.0 (75.8)
Balance at 30th June (2,573.2) (2,718.4) 474.9 307.3
Fair value reserve
Balance at 1st January (5.9) 0.2 - -
Financial assets at FVOCI
- fair value changes 9.9 (5.0) - -
- deferred tax (0.1) 0.1 - -
- transfer to profit and loss (0.1) - - -
Share of associates' and joint ventures'
fair value changes of financial assets at
FVOCI, net of tax 0.4 (0.2) - -
Balance at 30th June 4.2 (4.9) - -
Hedging reserve
Balance at 1st January 14.8 12.0 2.7 2.3
Cash flow hedges
- fair value changes (4.2) (2.2) (2.7) -
- deferred tax 0.3 0.5 - -
- transfer to profit and loss 0.1 - - -
Share of associates' and joint ventures'
fair value changes of cash flow hedges,
net of tax (4.7) 2.3 - -
Balance at 30th June 6.3 12.6 - 2.3
Other reserve
Balance at 1st January 3.3 3.3 - -
Other (0.5) - - -
Balance at 1st January and 30th June 2.8 3.3 - -
12 Non-controlling interests
Group
2025 2024
US$m US$m
Balance at 1st January 10,127.3 9,775.9
Asset revaluation surplus
- surplus on revaluation of assets - 6.4
Financial assets at FVOCI
- fair value changes 10.7 (5.4)
- deferred tax (0.1) 0.1
- transfer to profit and loss (0.1) -
10.5 (5.3)
Share of associates' and joint ventures' fair value changes of
financial assets at FVOCI, net of tax 0.4 (0.2)
Cash flow hedges
- fair value changes (1.5) (2.2)
- deferred tax 0.3 0.5
- transfer to profit and loss 0.1 -
(1.1) (1.7)
Share of associates' and joint ventures' fair value changes of
cash flow hedges, net of tax (8.9) 6.6
Defined benefit pension plans
- remeasurements (0.2) (0.1)
- deferred tax - -
(0.2) (0.1)
Share of associates' and joint ventures' remeasurements of
defined benefit pension plans, net of tax (0.6) -
Translation difference (22.7) (456.4)
Profit for the period 699.9 764.6
Issue of shares to non-controlling interests 4.0 0.3
Dividends paid (563.5) (716.7)
Change in shareholding 90.1 0.1
Acquisition of subsidiaries 19.8 -
Disposal of subsidiaries (0.6) -
Other 0.1 (0.1)
Balance at 30th June 10,354.5 9,373.4
13 Related party transactions
The following significant related party transactions took place during the six
months ended 30th June:
Group
2025 2024
US$m US$m
(a) With associates and joint ventures:
Purchase of goods and services (2,520.6) (2,806.9)
Sale of goods and services 853.2 842.0
Commission and incentives earned 4.7 5.4
Bank deposit and balances 56.9 10.9
Interest received 9.6 8.6
(b) With related companies and
associates of ultimate holding
company:
Management fees paid (3.0) (2.0)
Purchase of goods and services (0.4) (0.3)
Sale of goods and services 0.1 0.2
(c) Remuneration of directors of the
Company and key management
personnel of the Group:
Salaries and other short-term
employee benefits 7.4 5.9
14 Commitments
Capital expenditure authorised for at the balance sheet date, but not
recognised in the financial statements is as follows:
Group
At At
30.06.2025 31.12.2024
US$m US$m
Authorised and contracted 88.8 109.3
Authorised but not contracted 746.1 845.1
834.9 954.4
15 Cash flows from operating activities
Group
2025 2024
US$m US$m
Profit before tax 1,356.9 1,547.6
Adjustments for:
Financing income (88.0) (83.4)
Financing charges 141.4 167.2
Share of associates' and joint ventures' results after tax (261.1) (356.9)
Amortisation/depreciation of:
- intangible assets 50.7 49.6
- right-of-use assets 68.8 76.1
- property, plant and equipment 434.0 413.9
- bearer plants 15.6 15.3
Impairment/(write-back of impairment) of:
- property, plant and equipment (0.6) 0.2
- debtors 51.9 50.3
Fair value (gain)/loss on:
- investment 180.7 43.7
- agricultural produce 5.4 (1.4)
- derivative not qualifying as hedge 0.1 (0.1)
(Profit)/loss on disposal of:
- right-of-use assets (1.2) -
- property, plant and equipment (10.6) (3.4)
- investments (0.5) (0.1)
- loss of control in subsidiaries (34.6) -
- associates becoming subsidiaries 3.7 -
Loss on disposal/write-down of receivables from collateral vehicles 30.2 31.0
Amortisation of borrowing costs for financial services companies 4.4 3.9
Write-down of stocks 6.9 4.6
Loss on modifications to lease term 1.9 -
Changes in provisions 28.8 21.6
Foreign exchange (gain)/ loss (50.3) 108.1
577.6 540.2
Operating profit before working capital changes 1,934.5 2,087.8
Changes in working capital:
Properties for sale (0.8) (1.9)
Stocks ((1)) (95.4) 189.3
Concession rights (10.0) (5.0)
Financing debtors (395.0) (359.8)
Debtors (25.8) (140.8)
Creditors ((2)) 320.6 447.3
Pensions 19.6 16.3
(186.8) 145.4
Cash flows from operating activities 1,747.7 2,233.2
(1) Increase in stock balance mainly due to Astra's heavy equipment
business and Cycle & Carriage.
(2) Increase in creditors balance mainly due to higher 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 2025 mainly included US$56.4 million for Astra's investment in PT
Polinasi Iddea Investama, US$6.2 million for Astra's investment in Supreme
Energy Rantau Dedap, US$5.6 million for Astra's investment in PT Bank Saqu
Indonesia (formerly known as "PT Bank Jasa Jakarta") and US$2.5 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 2024 mainly included US$80.6 million for Astra's investment in PT
Supreme Energy Rantau Dedap, US$20.8 million for Astra's investment in PT Bank
Saqu Indonesia (formerly known as "PT Bank Jasa Jakarta") and US$1.3 million
for Astra's investment in PT Supreme Energy Sriwijaya.
(b) Purchase of shares in subsidiaries
Purchase of shares in subsidiaries for the six months ended 30th June 2025
mainly included US$48.8 million for Astra's acquisition in PT Pratista
Industrial Properti Satu, US$27.3 million for Astra's acquisition of in PT
Pratista Industrial Properti Dua and US$30.5 million for Astra's acquisition
in PT Supreme Energy Sriwijaya.
(c) Sale of subsidiaries
Sale of subsidiaries for the six months ended 30th June 2025 mainly included
US$35.0 million for Astra's disposal of PT Borneo Berkat Makmur.
(d) Sale of associate
Sale of associate for the six months ended 30th June 2025 mainly included
US$0.1 million for Astra's disposal of PT Jabar Environmental Solutions.
(e) Change in controlling interests in subsidiaries
Change in controlling interests in subsidiaries for the six months ended 30th
June 2025 included an inflow of US$121.0 million for Astra's partial disposal
of interest in PT Astra Digital Mobil.
17 Segment Information
Operating segments are identified on the basis of internal reports about
components of the Group that are regularly reviewed by the Board for the
purpose of resource allocation and performance assessment. In 2024, the
business segment reporting was re-organised to give greater clarity and add
emphasis to the Group's focused markets of Indonesia and Vietnam. Within
Indonesia and Vietnam; Astra, THACO and REE are operating segments identified
by the Group. The Board considers Astra as one operating segment because it
represents a single direct investment made by the Company. Decisions for
resource allocation and performance assessment of Astra are made by the Board
of the Company while resource allocation and performance assessment of the
various Astra businesses are made by the board of Astra, taking into
consideration the opinions of the Board of the Company. THACO and REE are also
identified as operating segments based on the scale and growth of their
businesses, and the Board considered the information useful to the readers of
the financial statements. Regional Interests represent the Group's collective
businesses outside of Indonesia and Vietnam. Set out below is an analysis of
the segment information.
Underlying businesses performance Non-
Indonesia Vietnam Regional Corporate trading
Astra Other THACO REE Other Interests costs items Group
US$m US$m US$m US$m US$m US$m US$m US$m US$m
6 months ended 30th June 2025
Revenue 9,921.0 - - - - 881.3 - - 10,802.3
Net operating costs (8,678.3) - - - 8.7 (845.4) 17.1 (155.2) (9,653.1)
Operating profit 1,242.7 - - - 8.7 35.9 17.1 (155.2) 1,149.2
Financing income 77.6 - - - - 0.6 9.8 - 88.0
Financing charges (114.3) - - - - (8.0) (19.1) - (141.4)
Net financing charges (36.7) - - - - (7.4) (9.3) - (53.4)
Share of associates' and joint
ventures' results after tax 224.7 10.8 17.0 9.9 - (1.4) - 0.1 261.1
Profit before tax 1,430.7 10.8 17.0 9.9 8.7 27.1 7.8 (155.1) 1,356.9
Tax (279.8) (1.4) - - - (3.7) (0.5) (0.5) (285.9)
Profit after tax 1,150.9 9.4 17.0 9.9 8.7 23.4 7.3 (155.6) 1,071.0
Non-controlling interests (694.6) - - - - (2.9) - (2.4) (699.9)
Profit attributable to
shareholders 456.3 9.4 17.0 9.9 8.7 20.5 7.3 (158.0) 371.1
At 30 June 2025
Net cash/(debt) (excluding
net debt of financial
services companies) 876.3 - - - - (40.0) (809.8) 26.5
Total equity 17,066.0 210.6 685.1 392.2 - 239.2 102.8 18,695.9
6 months ended 30th June 2024
Revenue 9,929.0 - - - - 784.1 - - 10,713.1
Net operating costs (8,605.4) - - - 8.4 (757.3) (42.0) (42.3) (9,438.6)
Operating profit 1,323.6 - - - 8.4 26.8 (42.0) (42.3) 1,274.5
Financing income 71.2 - - - - 0.8 11.4 - 83.4
Financing charges (123.5) - - - - (7.4) (36.3) - (167.2)
Net financing charges (52.3) - - - - (6.6) (24.9) - (83.8)
Share of associates' and joint
ventures' results after tax 306.1 16.7 15.4 6.7 - 12.0 - - 356.9
Profit before tax 1,577.4 16.7 15.4 6.7 8.4 32.2 (66.9) (42.3) 1,547.6
Tax (292.6) (1.1) - - - (4.9) (0.8) (0.3) (299.7)
Profit after tax 1,284.8 15.6 15.4 6.7 8.4 27.3 (67.7) (42.6) 1,247.9
Non-controlling interests (787.4) - - - - (3.0) - 25.8 (764.6)
Profit attributable to
shareholders 497.4 15.6 15.4 6.7 8.4 24.3 (67.7) (16.8) 483.3
At 31 December 2024
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
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
Non-current assets as at
30 June 2025 12,597.5 1,077.3 180.7 13,855.5
31 December 2024 12,593.9 1,081.5 175.1 13,850.5
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$m
nature of transaction
Six months ended 30th June 2025
Jardine Matheson Limited Associate of the Company's
- Management support services controlling shareholder - 3.2
- Human resource and
administration services - 0.2
Jardine Matheson Limited, Jardine Associate of the Company's
Pacific Holdings Limited & Jardine controlling shareholder
Matheson Management (SEA)
Pte Limited
- SEA regional office support costs - 1.3
Jardine Matheson Limited Associate of the Company's
- Digital and innovation services controlling shareholder 0.2 -
0.2 4.7
19 Underlying Profit by Business
Group
2025 2024 +/-
US$m US$m %
Indonesia
Astra International
Automotive and mobility 146.9 165.0 -11
Financial services 133.4 128.6 4
Heavy equipment, mining, construction & energy 143.4 182.7 -22
Agribusiness 18.7 12.0 56
Infrastructure 19.4 14.4 35
Information technology 2.5 2.0 25
Property 3.4 2.9 17
467.7 507.6 -8
Less: Withholding tax on dividend (11.4) (10.2) 12
456.3 497.4 -8
Tunas Ridean 9.4 15.6 -40
465.7 513.0 -9
Vietnam
THACO
Automotive 15.6 11.6 34
Real estate 1.0 0.1 >100
Agriculture (2.4) (0.9) >100
Other 2.8 4.6 -39
17.0 15.4 10
REE 9.9 6.7 48
Vinamilk 8.7 8.4 4
35.6 30.5 17
Regional Interests
Cycle & Carriage 16.3 8.5 92
Siam City Cement - 12.3 -100
Toyota Motor Corporation 4.2 3.5 20
20.5 24.3 -16
Corporate costs
Central overheads (16.3) (14.8) 10
Net financing charges (9.3) (25.0) -63
Exchange differences 32.9 (27.9) nm
7.3 (67.7) nm
Underlying profit attributable to shareholders 529.1 500.1 6
20 Dividend and closure of books
The Board has declared an interim one-tier tax exempt dividend of US¢28 per
share (2024: 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 Tuesday, 2nd September 2025
("Record Date") up to, and including Wednesday, 3rd September 2025 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, 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 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, 3rd October 2025.
21 Subsequent Events
In July, Astra signed a conditional share sale and purchase agreement to
acquire an 83.7% stake in Mega Manunggal Property ("MMP"), an industrial and
logistics property developer listed on the Indonesia Stock Exchange.
No significant event or transaction other than as contained in this report has
occurred between 1st July 2025 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 2025 can be accessed through the internet at
'www.jcclgroup.com'.
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