REG - Jardine Matheson Hdg - PT Astra 2022 First Quarter Financial Statements

Jardine Matheson HoldingsAnnouncement

27/04/2022 11:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220427:nRSa5450Ja&default-theme=true

RNS Number : 5450J  Jardine Matheson Hldgs Ltd  27 April 2022

 

To:  Business Editor
                                      27th April 2022

 
 
    For immediate release

PT Astra International Tbk

2022 First Quarter Financial Statements

The following announcement was issued today by the Company's 75%-owned
subsidiary, Jardine Cycle & Carriage Limited, which holds 50.1% of PT
Astra International Tbk.

For further information, please contact:

Jardine Matheson Limited

Jonathan Lloyd
 
                                    (852)
2843 8223

Brunswick Group Limited

Ben
Fry
                                    (65)
9017 9886

27th April 2022

PT ASTRA INTERNATIONAL TBK ("the Company" or "Astra")

2022 FIRST QUARTER FINANCIAL STATEMENTS

Highlights

●      Net earnings per share increased by 84% compared with the same
period last year

●      Car sales grew by 44%, while motorcycle sales decreased by 6%

●      Higher contribution from heavy equipment sales, mining
contracting and coal mining businesses

●      Improved Agribusiness performance

●      Strong financial and funding position

 

"The Group delivered a strong performance in the first quarter of 2022,
supported by the domestic economic recovery and higher commodity prices.
Although the pandemic situation has improved, the Group is expected to
continue to face uncertainties from COVID-19 and other external headwinds.
Nevertheless, backed by its robust financial position, the Group is
well-placed to seek new business opportunities to drive long-term sustainable
growth."

Djony Bunarto Tjondro

President Director

Astra group ("Group") Results

                            For the period ended 31st March
                            2022                   2021                      Change

Rp bn
Rp bn
%
 Net revenue                71,871                 51,700                    39
 Net income                 6,859                  3,728                     84
                            Rp                     Rp
 Net earnings per share     169                    92                        84
                            As at 31st March 2022  As at 31st December 2021  Change

Rp bn
Rp bn
%
 Shareholders' funds        179,237                172,053                   4
                            Rp                     Rp
 Net asset value per share  4,427                  4,250                     4

The financial results for the three months ended 31st March 2022 and 2021 as
well as the financial position as at 31st March 2022 have been prepared in
accordance with Indonesian Financial Accounting Standards and are unaudited.
The financial position as at 31st December 2021 has been prepared in
accordance with Indonesian Financial Accounting Standards and audited in
accordance with the auditing standards established by the Indonesian Institute
of Certified Public Accountants.

 

PRESIDENT DIRECTOR'S STATEMENT

Performance

The Group's consolidated net revenue for the first quarter of 2022 was Rp71.9
trillion, an increase of 39% compared with the first quarter of 2021. The
Group's net income was 84% higher at Rp6.9 trillion, reflecting stronger
performances from all its businesses, and in particular the Group's heavy
equipment and mining, automotive, financial services and agribusiness
divisions.

The net asset value per share at 31st March 2022 was Rp4,427, 4% higher than
at 31st December 2021.

Net cash, excluding the Group's financial services subsidiaries, was Rp36.2
trillion at 31st March 2022, compared with Rp30.7 trillion at the end of 2021.
Net debt of the Group's financial services subsidiaries slightly increased
from Rp39.2 trillion at the end of 2021 to Rp39.3 trillion at 31st March 2022.

Business Activities

The Group's net income was higher in the first quarter of 2022 compared to the
first quarter of 2021. Net income by division was as follows:

 

                                                   Net Income Attributable to Astra International
                                                                                       For
                                                                                       the
                                                                                       per
                                                                                       iod
                                                                                       end
                                                                                       ed
                                                                                       31s
                                                                                       t
                                                                                       Mar
                                                                                       ch
                                                   2022              2021              Change

Rp bn
Rp bn
%
 Automotive                                        2,233             1,434             56
 Financial Services                                1,473             985               50
 Heavy Equipment, Mining, Construction and Energy  2,585             1,088             138
 Agribusiness                                      385               129               198
 Infrastructure and Logistics                      118               42                181
 Information Technology                            12                1                 1,100
 Property                                          53                49                8
 Attributable Net Income                           6,859             3,728             84

 

Automotive

Net income from the Group's automotive division increased by 56% to Rp2.2
trillion, reflecting higher sales volumes. Key points are as follows:

 

●      The wholesale market for cars increased by 41% to 264,000 units
in the first quarter of 2022 (source: Gaikindo), with certain products
benefitting from temporary luxury sales tax incentives. Astra's car sales were
44% higher at 142,000 units and its market share increased from 53% to 54%. 17
new models and 5 revamped models were launched during the quarter.

●      The wholesale market for motorcycles declined by 2% to
1,263,000 units in the first quarter of 2022 (source: Ministry of Industry).
Astra Honda Motor's sales decreased by 6% to 952,000 units, due to
semiconductor supply issues. Its market share also decreased. 1 new model and
6 revamped models were launched during the quarter.

●      The Group's 80%-owned components business, Astra Otoparts,
reported a 37% increase in net income to Rp225 billion in the first quarter of
2022, mainly due to higher revenues from the original equipment manufacturer,
replacement market and export segments.

Financial Services

Net income from the Group's financial services division increased by 50% to
Rp1.5 trillion in the first quarter of 2022 compared to the first quarter of
2021, primarily due to higher contributions from consumer finance. Key points
are as follows:

 

●      The Group's consumer finance businesses saw a 28% increase in
new amounts financed to Rp24.7 trillion. The net income contribution from the
car-focused finance companies increased by 55% to Rp385 billion. The net
income contribution from the Group's motorcycle-focused finance business,
Federal International Finance, increased by 84% to Rp755 billion.

●      The Group's heavy equipment-focused finance companies saw a
141% increase in new amounts financed to Rp3.3 trillion. The net income
contribution from this segment increased by 54% to Rp20 billion.

●      General insurance company Asuransi Astra Buana reported a 9%
increase in net income to Rp341 billion, mainly due to higher underwriting
income and investment income. The Group's life insurance company, Astra Life,
recorded a 15% decrease in gross written premiums to Rp1.3 trillion.

Heavy Equipment, Mining, Construction and Energy

Net income from the Group's heavy equipment, mining, construction and energy
division was 138% higher at Rp2.6 trillion, due to higher contributions from
heavy equipment sales, mining contracting and coal mining. Key points are as
follows:

 

●      59.5%-owned United Tractors reported a 131% increase in net
income to Rp4.3 trillion.

●      Komatsu heavy equipment sales increased by 146% to 1,694 units,
while parts and service revenues were also higher.

●      Mining contractor Pamapersada Nusantara recorded a 9% higher
overburden removal volume at 207 million bank cubic metres, while coal
production was 12% lower at 24 million tonnes.

●      United Tractors' coal mining subsidiaries recorded 21% lower
coal sales at 2.9 million tonnes, including 611,000 tonnes of metallurgical
coal, but this volume impact was more than offset by strong selling prices.

●      Agincourt Resources, 95%-owned by United Tractors, reported a
22% decrease in gold sales at 74,000 oz.

●      General contractor Acset Indonusa, 82.2%-owned by United
Tractors, reported a net loss of Rp25 billion, compared to a net loss of Rp80
billion in the first quarter of 2021, mainly due to the slowdown of several
ongoing projects and reduced construction project opportunities during the
pandemic.

Agribusiness

Net income from the Group's agribusiness division increased by 198% to Rp385
billion. Key points are as follows:

 

●      The net income of 79.7%-owned Astra Agro Lestari increased by
198% to Rp483 billion.

●      Crude palm oil prices rose by 53% to Rp14,912/kg.

●      Crude palm oil and derivative product sales fell by 15% to
385,000 tonnes.

Infrastructure and Logistics

The Group's infrastructure and logistics division reported a 181% increase in
net income to  Rp118 billion, due to improved performance in its toll road
businesses. Key points are as follows:

 

●      The Group's toll road concessions saw 28% higher toll revenue,
including contribution from newly acquired Pandaan-Malang toll road.

●      Astra has interests in 396km of operational toll roads along
the Trans-Java network and in the Jakarta Outer Ring Road.

●      Serasi Autoraya's net income decreased by 5% to Rp36 billion,
mainly due to lower operating margin and lower used car sales despite a 10%
increase in the number of vehicles under contract to 24,600 units.

Information Technology

The Group's information technology division, represented by 76.9%-owned Astra
Graphia, reported net income of Rp12 billion, compared with Rp1 billion in
the first quarter of the previous year, primarily due to improved operating
margin.

Property

Net income from the Group's property division increased by 8% to Rp53 billion,
mainly due to higher earnings recognised from Asya Residences.

Prospects

The Group delivered a strong performance in the first quarter of 2022,
supported by the domestic economic recovery and higher commodity prices.
Although the pandemic situation has improved, the Group is expected to
continue to face uncertainties from COVID-19 and other external headwinds.
Nevertheless, backed by its robust financial position, the Group is
well-placed to seek new business opportunities to drive long-term sustainable
growth.

Djony Bunarto Tjondro

President Director

27th April 2022

For further information, please contact:

PT Astra International Tbk

Riza Deliansyah, Chief of Corporate Affairs

Tel: +62 - 21 - 5084 3888

 

- end -

 

About Astra

PT Astra International Tbk was established in 1957 in Jakarta as a general
trading company under Astra International Inc. In 1990, for the purpose of the
company's initial public offering (IPO), the name of the company changed to PT
Astra International Tbk, followed by listing its shares on the Indonesia Stock
Exchange under the ticker code ASII.

Astra has developed its business by implementing a business model based on
synergies and diversification within seven business divisions: 1) Automotive,
2) Financial Services, 3) Heavy Equipment, Mining, Construction & Energy,
4) Agribusiness, 5) Infrastructure and Logistics, 6) Information Technology
and 7) Property.

Astra Group conducts business operations in all parts of Indonesia under the
management of more than 240 companies, including subsidiaries, joint ventures
and associates, and was supported by nearly 190,000 employees as of March
2022.

As one of the largest national business groups in Indonesia today, Astra has
built a strong reputation by offering a range of quality products and
services, taking into account the implementation of good corporate and
environmental governance. Astra always aspires to be the pride of the nation
that participates in efforts to improve the welfare of the Indonesian people.

Astra's business activities strive to apply a balanced mix of the commercial
aspects of business and non-business contributions through 9 foundations and a
variety of sustainable social responsibility programmes, namely Astra Untuk
Indonesia Sehat, Astra Untuk Indonesia Cerdas, Astra Untuk Indonesia Hijau and
Astra Untuk Indonesia Kreatif.

Astra initiated the Semangat Astra Terpadu Untuk (SATU) Indonesia Awards
programme, which has entered its eleventh year and has given recognition
awards to 493 young Indonesians, consisting of 81 national level recipients
and 412 provincial level recipients in the fields of Health, Education, the
Environment, Entrepreneurship and Technology, which are integrated with
Astra's wide range of community activities through 133 Kampung Berseri Astra
and 930 Desa Sejahtera Astra initiatives in 34 provinces throughout Indonesia.

For further information, please visit www.astra.co.id (http://www.astra.co.id)
& www.satu-indonesia.com (http://www.satu-indonesia.com) , and follow
Astra through Instagram (@satu_Indonesia), Youtube (SATU Indonesia), Facebook
(Semangat Astra Terpadu) and Twitter (@satu_Indonesia).

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  MSCPPUGGCUPPGUM