REG - Jardine Matheson Hdg - PT Astra – 2022 Full Year Financial Statements
27/02/2023 12:30
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RNS Number : 1762R Jardine Matheson Hldgs Ltd 27 February 2023
To: Business
Editor
27th February 2023
For immediate release
PT Astra International Tbk
2022 Full Year Financial Statements
The following announcement was issued today by the Company's 76.6%-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 February 2023
PT ASTRA INTERNATIONAL TBK ("the Company" or "Astra")
2022 FULL YEAR FINANCIAL STATEMENTS
Highlights
● Record earnings boosted by economic recovery and unprecedented
high commodity prices
● Strong performance across most businesses
● Car and motorcycle sales grow by 17% and 2%, respectively
● Net earnings per share up 51% at Rp753 (excluding fair value
adjustments on investments in GoTo and Hermina)
● An enhanced Final Dividend of Rp552 per share will be proposed
on the basis of unprecedented high coal prices in 2022
● Group capex and investment for 2022 doubles to Rp26.4 trillion
"2022 saw a record underlying performance, reflecting Indonesia's strong
economic recovery and high commodity prices. While there are some
uncertainties around the global economic outlook, including potentially lower
commodity prices, we remain confident in the Group's short-term prospects and
the Group is well-positioned to achieve long-term growth through the
continuing evolution of its business portfolio and the investment of
significant capital to support its strategic priorities.
I would like to thank all the stakeholders who have supported the Group, in
particular the Group's employees who have shown their resilience and
dedication through the recent period which has been challenging."
Djony Bunarto Tjondro
President Director
Astra group ("Group") Results
For the years ended 31st December
2022 2021 Change
Rp bn
Rp bn %
Net revenue 301,379 233,485 29
Net income* (before fair value adjustments on investments in GoTo and Hermina) 30,488 20,196 51
Net income* 28,944 20,196 43
Rp Rp
Net earnings per share* (before fair value adjustments on investments in GoTo 753 499 51
and Hermina)
Net earnings per share* 715 499 43
As at 31st December 2022 As at 31st December 2021 Change
Rp bn
Rp bn
%
Shareholders' funds 192,142 172,053 12
Rp Rp
Net asset value per share 4,746 4,250 12
*Profit attributable to owners of the parent
The financial results for the years ended 31st December 2022 and 2021 and the
financial position as at 31st December 2022 and 2021 have 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 2022 was Rp301.4 trillion, an
increase of 29% compared with the previous year. The Group's net income,
excluding fair value adjustments on investments in GoTo and Hermina, was
Rp30.5 trillion, 51% higher than in 2021. Including these fair value
adjustments, the Group's net income increased by 43% to Rp28.9 trillion. This
strong earnings growth reflects improved performances from most of the Group's
business divisions, especially the heavy equipment and mining, automotive and
financial services businesses.
Net asset value per share at 31st December 2022 was Rp4,746, 12% higher than
at 31st December 2021.
Net cash, excluding the Group's financial services subsidiaries, increased to
Rp35.1 trillion at 31st December 2022, from Rp30.7 trillion at the end of
2021. Net debt within the Group's financial services subsidiaries grew to
Rp44.5 trillion at 31st December 2022, from Rp39.2 trillion at the end of
2021.
An enhanced Final Dividend of Rp552 per share (2021: Rp194 per share) will be
proposed at the Annual General Meeting of Shareholders of the Company to be
held in April 2023. The proposed Final Dividend, together with the Interim
Dividend of Rp88 per share (2021: Rp45 per share) distributed in October 2022,
will bring the proposed total dividend for 2022 to Rp640 per share (2021:
Rp239 per share), representing a dividend payout ratio of 85% (based on the
Group's net income of Rp30.5 trillion, excluding the fair value adjustments on
investments in GoTo and Hermina).
The Board of Directors' proposal of the enhanced Final Dividend is on the
basis of unprecedented high coal prices in 2022, which has allowed its
subsidiary, United Tractors, to propose an enhanced dividend payout. The
Group's consolidated capex and investment for 2022 amounted to Rp26.4
trillion, double the previous year, and going forward, the Group plans to
continue to invest significant capital in Indonesia in line with its strategic
priorities, through organic growth and acquisitions. The Group remains
confident in its long-term growth potential and strong balance sheet, which
enables it to return some excess capital to shareholders.
Business Activities
The Group's net income, excluding fair value adjustments on investments in
GoTo and Hermina, was 51% higher in 2022 than in the previous year. Net income
by division is as follows:
Net Income by Operating Segments
For
the
yea
rs
end
ed
31s
t
Dec
emb
er
2022 2021 Change
Rp bn
Rp bn
%
Automotive 9,668 7,295 33
Financial Services 6,035 4,947 22
Heavy Equipment, Mining, Construction and Energy 12,678 6,130 107
Agribusiness 1,376 1,571 (12)
Infrastructure and Logistics 527 69 664
Information Technology 75 67 12
Property 129 117 10
Net Income* (before fair value adjustments on investments in GoTo and Hermina) 30,488 20,196 51
Fair value adjustments on investments in GoTo and Hermina (1,544) - N/A
Net income* 28,944 20,196 43
*Profit attributable to owners of the parent
Automotive
Net income from the Group's automotive division increased by 33% to Rp9.7
trillion, reflecting higher sales volume.
● The wholesale car market increased by 18% to 1.0 million units
in 2022 (source: Gaikindo). Astra's car sales in 2022 were 17% higher at
574,000 units, with market share relatively stable at 55%. 31 new and 26
revamped models were launched during the year.
● The wholesale motorcycle market increased by 3% to 5.2 million
units in 2022 (source: Ministry of Industry). Astra Honda Motor's sales
increased by 2% to 4.0 million units in 2022, with sales growth limited by
semiconductor supply issues during the middle of the year, while market share
decreased slightly. Three new and 14 revamped models were launched during the
year.
● The Group's 80%-owned components business, Astra Otoparts,
reported a net income of Rp1.3 trillion, a 117% increase compared to the
previous year, mainly due to higher revenues from the original equipment
manufacturer and replacement market segments.
Financial Services
Net income from the Group's financial services division increased by 22% to
Rp6.0 trillion in 2022, due to higher contributions from its consumer finance
businesses.
● The Group's consumer finance businesses saw a 21% increase in
new amounts financed to Rp101.7 trillion. The net income contribution from the
Group's car-focused finance companies increased by 35% to Rp1.8 trillion, due
to larger loan portfolios. The net income contribution from the Group's
motorcycle-focused finance company, Federal International Finance, increased
by 29% to Rp3.2 trillion, due to a larger loan portfolio and lower loan loss
provisions.
● The Group's heavy equipment-focused finance businesses saw a
47% increase in new amounts financed to Rp9.9 trillion. The net income
contribution from these businesses increased by 38% to Rp102 billion, mainly
due to a larger loan portfolio.
● General insurance company Asuransi Astra Buana reported a 12%
increase in net income to Rp1.2 trillion, mainly due to higher underwriting
income and investment income. The Group's life insurance company, Asuransi
Jiwa Astra, recorded a 5% increase in gross written premiums to Rp6.0
trillion.
Heavy Equipment, Mining, Construction and Energy
Net income from the Group's heavy equipment, mining, construction and energy
division increased by 107% to Rp12.7 trillion, mainly due to higher
contributions from heavy equipment sales, mining contracting and coal mining,
all of which benefitted from unprecedented high coal prices.
● 59.5%-owned United Tractors reported a 104% increase in net
income to Rp21.0 trillion.
● Komatsu heavy equipment sales rose by 86% to 5,750 units and
revenues from its parts and service businesses were also higher.
● Mining services contractor Pamapersada Nusantara recorded a 12%
higher overburden removal volume at 954 million bank cubic metres, while coal
production was relatively stable at 116 million tonnes.
● United Tractors' coal mining subsidiaries achieved 10% higher
coal sales at 9.9 million tonnes, including 2.4 million tonnes of
metallurgical coal.
● Agincourt Resources, 95%-owned by United Tractors, reported a
13% decrease in gold sales to 286,000 oz.
● General contractor Acset Indonusa, 82.2%-owned by United
Tractors, reported a lower net loss of Rp449 billion, compared with a net loss
of Rp696 billion in the previous year. Net losses were incurred mainly as a
result of the continued slowdown of several ongoing projects.
Agribusiness
Net income from the Group's agribusiness division decreased by 12% to Rp1.4
trillion, largely due to lower crude palm oil sales volumes, which were
impacted by the Indonesian export ban imposed for part of the year.
● 79.7%-owned Astra Agro Lestari reported a 12% decrease in net
income to Rp1.7 trillion.
● Crude palm oil and derivative product sales decreased by 22% to
1.5 million tonnes.
● Crude palm oil prices, however, rose by 15% to Rp12,948/kg.
Infrastructure and Logistics
The Group's infrastructure and logistics division reported a significant
increase in net income from Rp69 billion to Rp527 billion, primarily due to
improved performance in its toll road businesses.
● The Group has interests in 396km of operational toll roads
along the Trans-Java network and in the Jakarta Outer Ring Road. The Group's
toll road concessions saw 29% higher toll revenue during the period.
● Serasi Autoraya's net income increased by 19% to Rp169 billion,
mainly due to an 8% increase in vehicles under contract to 26,200 units,
despite a lower used car earnings contribution.
Information Technology
The Group's information technology division, represented by 76.9%-owned Astra
Graphia, reported a 12% increase in net income to Rp75 billion, primarily due
to an improved operating margin.
Property
The Group's property division saw a 10% increase in net income to Rp129
billion, primarily due to a higher occupancy rate in Menara Astra and the
handover of units in the Arumaya development starting at the end of 2022.
Recent Corporate Actions
● Over the past year, the Group has continued to make a number of
strategic investments in new businesses. As part of its strategy to grow its
financial services business, the Group, through PT Sedaya Multi Investama,
acquired 49.56% of Bank Jasa Jakarta (BJJ) for approximately Rp3.9 trillion.
BJJ is jointly controlled by the Group and WeLab Sky Limited (WeLab), which
also owns 49.56%. The Group and WeLab intend to transform BJJ into an
innovative digital bank in Indonesia.
● The Group continued its business diversification away from coal
mining, among others, by the proposed investment in nickel mining and
processing (smelter) businesses through Danusa Tambang Nusantara, a subsidiary
of United Tractors, by signing a conditional share sale and purchase agreement
to acquire 90% shareholdings in Stargate Pacific Resources and Stargate
Mineral Asia for approximately Rp4.3 trillion. The Group, through United
Tractors, also invested in 31.49% of Arkora Hydro, a public company focused on
hydro-based energy power generation.
● The Group acquired a 7.45% interest in Medikaloka Hermina, one
of Indonesia's largest hospital groups, as part of its growing focus on
medical services.
● The Group continued to pursue its strategy of investing in
digital businesses by leading the funding round of Paxel, a technology-based
logistics business, for US$14.5 million. It also increased its investments in
Sayurbox, an e-commerce grocery platform, bringing its total investment in
that business to US$13.6 million, and in Mapan, a digital community-based
social commerce platform, bringing its investment to US$5.4 million.
● The Group, through a subsidiary of Astra Land Indonesia, its
joint venture with Hongkong Land, acquired approximately 41 Ha of land in
Tangerang, in the western part of Greater Jakarta, for the development of
landed residential and commercial properties.
Prospects
2022 saw a record underlying performance, reflecting Indonesia's strong
economic recovery and high commodity prices. While there are some
uncertainties around the global economic outlook, including potentially lower
commodity prices, we remain confident in the Group's short-term prospects and
the Group is well-positioned to achieve long-term growth through the
continuing evolution of its business portfolio and the investment of
significant capital to support its strategic priorities.
Djony Bunarto Tjondro
President Director
27th February 2023
For further information, please contact:
PT Astra International Tbk
Riza Deliansyah, Chief of Corporate Affairs
Email: corcomm@ai.astra.co.id (mailto:corcomm@ai.astra.co.id)
- end -
About Astra
Astra is one of Indonesia's largest public companies, comprising 270
subsidiaries, joint ventures, and associate companies, supported by around
200,000 employees. The company's diversified business model creates synergies
and opportunities across industry sectors, including automotive, financial
services, heavy equipment, mining construction and energy, agribusiness,
infrastructure and logistics, information technology, and property. The
company has a new sustainability framework that contains Astra 2030
Sustainability Aspirations. It will guide Astra's transition journey to be a
more sustainable business by 2030 and beyond. Astra wishes to contribute to
the strength and resilience of the Indonesian economy while supporting an
inclusive and prosperous society.
Astra has a strong record of public and social contributions through four
pillars, which consist of health, education, environment, and
entrepreneurship, as well as nine foundations to contribute to the growth of
the Indonesian economy while encouraging a more inclusive and prosperous
society. Established in 2010, Astra's Semangat Astra Terpadu Untuk (SATU)
Indonesia Awards programme has recognised the contribution of 565 young
Indonesians across each of these focus areas, including 87 national-level
recipients and 478 provincial-level recipients. The SATU Indonesia Awards
programme is integrated with Astra's wide range of community activities
through 170 Kampung Berseri Astra and 1,060 Desa Sejahtera Astra initiatives
in 34 provinces throughout Indonesia.
For more about Astra, visit www.astra.co.id & www.satu-indonesia.com, and
follow us on Instagram (@SATU_Indonesia), YouTube (SATU Indonesia), Facebook
(Semangat Astra Terpadu) and Twitter (@SATU_Indonesia).
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