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

Jardine Matheson HoldingsAnnouncement

31/10/2022 10:00

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RNS Number : 7315E  Jardine Matheson Hldgs Ltd  31 October 2022

 

To:  Business
Editor
31st October 2022

 
For immediate release

PT Astra International Tbk
2022 Third Quarter Financial Statements

The following announcement was issued today by the Company's 76%-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

31st October 2022

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

2022 THIRD QUARTER FINANCIAL STATEMENTS

Highlights

●      Net earnings per share (excluding fair value gain on the
Group's investment in GoTo) of Rp550, 49% higher than in the same period last
year

●      Car sales grow by 20%, while motorcycle sales decrease by 8%

●      Higher commodity prices support strong performance from heavy
equipment sales and mining business

 

"The Group's performance during the first nine months of 2022 was
satisfactory, mainly supported by the economic recovery and higher commodity
prices. Business performance for the remainder of the year is expected to
remain steady. Nonetheless, the outlook will see headwinds brought about by
higher inflation, rising interest rates and global macroeconomic pressures."

Djony Bunarto Tjondro
President Director

Astra group ("Group") Results

                                                                         For the period ended 30th September
                                                                         2022                       2021                      Change

Rp bn
Rp bn                    %
 Net revenue                                                             221,354                    167,402                   32
 Net income* (before fair value gain on investment in GoTo)              22,249                     14,977                    49
 Net income*                                                             23,330                     14,977                    56
                                                                         Rp                         Rp
 Net earnings per share* (before fair value gain on investment in GoTo)  550                        370                       49
 Net earnings per share*                                                 576                        370                       56
                                                                         As at 30th September 2022  As at 31st December 2021  Change

Rp bn
Rp bn
%
 Shareholders' funds                                                     189,223                    172,053                   10
                                                                         Rp                         Rp
 Net asset value per share                                               4,674                      4,250                     10

*Profit attributable to owners of the parent

 

The financial results for the nine months ended 30th September 2022 and 2021,
as well as the financial position as at 30th September 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 nine months of 2022 was
Rp221.4 trillion, an increase of 32% compared with the same period last year.
The Group's net income, excluding the fair value gain on its investment in
GoTo was Rp22.2 trillion, 49% higher than in the first nine months of 2021.
Including this fair value gain, the Group's net income increased by 56% to
Rp23.3 trillion. This increase reflects stronger performances from most of its
business divisions, especially the heavy equipment and mining, automotive and
financial services businesses.

The net asset value per share at 30th September 2022 was Rp4,674, 10% higher
than the net asset value per share at 31st December 2021.

Net cash, excluding the Group's financial services subsidiaries, was Rp37.1
trillion at 30th September 2022, compared with Rp30.7 trillion at the end of
2021. Net debt of the Group's financial services subsidiaries was Rp41.5
trillion at 30th September 2022, compared with Rp39.2 trillion at the end of
2021.

Business Activities
The Group's net income was 56% higher in the first nine months of 2022 than in
the same period last year. Net income by division is as follows:

 

                                                             Net Income by Operating Segments
                                                                                       For
                                                                                       the
                                                                                       per
                                                                                       iod
                                                                                       end
                                                                                       ed
                                                                                       30t
                                                                                       h
                                                                                       Sep
                                                                                       tem
                                                                                       ber
                                                             2022         2021         Change

Rp bn
Rp bn
%
 Automotive                                                  6,790        5,515        23
 Financial Services                                          4,413        3,384        30
 Heavy Equipment, Mining, Construction and Energy            9,533        4,650        105
 Agribusiness                                                969          1,171        (17)
 Infrastructure and Logistics                                386          98           294
 Information Technology                                      49           28           75
 Property                                                    109          131          (17)
 Net Income* (before fair value gain on investment in GoTo)  22,249       14,977       49
 Fair value gain on investment in GoTo                       1,081        -            N/A
 Net income*                                                 23,330       14,977       56

*Profit attributable to owners of the parent

 

Automotive
Net income from the Group's automotive division increased by 23% to Rp6.8
trillion, reflecting higher sales volumes. Key points are as follows:

●      The wholesale market for cars increased by 21% to 758,000 units
in the first nine months of 2022 (source: Gaikindo). Astra's car sales for
that period were 20% higher at 413,000 units, with market share maintained at
55%. 27 new models and 21 revamped models were launched during the period.

●      The wholesale market for motorcycles decreased by 4% to 3.6
million units in the first nine months of 2022 (source: Ministry of Industry).
Astra Honda Motor, which experienced temporary supply chain disruption related
to a shortage of semiconductor chips, saw an 8% decrease in sales to 2.7
million units. Three new models and nine revamped models were launched during
the period.

●      The Group's 80%-owned components business, Astra Otoparts,
reported a net income of Rp832 billion, an 86% increase compared to the
equivalent period last 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 30% to
Rp4.4 trillion in the first nine months of 2022, due to higher contributions
from its consumer finance businesses. Key points are as follows:

●      The Group's consumer finance businesses saw a 23% increase in
amounts financed to Rp74.4 trillion. The net income contribution from the
Group's car-focused finance companies increased by 41% to Rp1.3 trillion due
to larger loan portfolios. The net income contribution from the Group's
motorcycle-focused finance company, Federal International Finance, increased
by 43% to Rp2.3 trillion, mainly due to lower loan loss provisions.

●      The Group's heavy equipment-focused finance companies saw an
81% increase in amounts financed to Rp8.1 trillion. The net income
contribution from these businesses increased by 45% to Rp71 billion, mainly
due to larger loan portfolios.

●      General insurance company Asuransi Astra Buana reported a 9%
increase in net income to Rp932 billion, due to higher underwriting income and
investment income. The Group's life insurance company, Astra Life, recorded 3%
higher gross written premiums at Rp4.1 trillion.

Heavy Equipment, Mining, Construction and Energy
Net income from the Group's heavy equipment, mining, construction and energy
division increased by 105% to Rp9.5 trillion, mainly due to higher
contributions from heavy equipment sales, mining contracting and coal mining,
all of which benefitted from higher commodity prices. Key points are as
follows:

 

●      59.5%-owned United Tractors reported a 103% increase in net
income to Rp15.9 trillion.

●      Komatsu heavy equipment sales increased by 107% to 4,500 units
and saw higher revenue from its parts and service businesses.

●      Mining contractor Pamapersada Nusantara recorded a 10% increase
in overburden removal volume at 691 million bank cubic metres, while there was
a 5% decline in coal production to 83 million tonnes.

●      United Tractors' coal mining subsidiaries recorded a slight
increase in coal sales at 7.8 million tonnes, including 1.6 million tonnes of
metallurgical coal.

●      Agincourt Resources, 95%-owned by United Tractors, reported 16%
lower gold sales at 216,000 oz.

●      General contractor Acset Indonusa, 82.2%-owned by United
Tractors, reported a lower net loss of Rp227 billion, compared with a net loss
of Rp386 billion in the first nine months of 2021. The net loss was mainly due
to the slowdown of several ongoing projects and reduced new construction
project opportunities.

Agribusiness
Net income from the Group's agribusiness division decreased by 17% to Rp969
billion, largely due to lower CPO production. Key points are as follows:

 

●      79.7%-owned Astra Agro Lestari reported a 17% decrease in net
income to Rp1.2 trillion.

●      Crude palm oil prices rose by 24% to Rp13,244/kg.

●      Crude palm oil and derivative product sales decreased by 28% to
1.1 million tonnes.

Infrastructure and Logistics
The Group's infrastructure and logistics division reported an increase in net
income from Rp98 billion in the first nine months of the previous year to
Rp386 billion, primarily due to improved performance in its toll road
businesses. Key points are as follows:

 

●      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 37% higher toll revenue during the period.

●      Serasi Autoraya's net income increased by 3% to Rp119 billion,
mainly due to a 6% increase in vehicles under contract to 24,900 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 higher net income of Rp49 billion, compared with Rp28
billion in the same period last year, primarily due to an improved operating
margin.

Property
The Group's property division reported a 17% decrease in net income to Rp109
billion, compared with the first nine months of the previous year, primarily
due to lower earnings from the last few remaining units in its Anandamaya
Residences residential development.

Recent Corporate Actions

●      In July 2022, the Group established PT Mobilitas Digital
Indonesia, a 50:50 joint venture company with Toyota Motor Asia Pacific Pte
Ltd providing full-service commercial vehicle rentals in Indonesia.

●      In August 2022, the Group invested in PT Arkora Hydro Tbk, a
public company focusing on hydro-based energy power generation, with a
shareholding of 31.49%.

●      In September 2022, the Group completed the acquisition of a
49.56% stake in PT Bank Jasa Jakarta (BJJ). The commercial bank will be
jointly controlled by the Group and WeLab Sky Limited (WeLab Sky), which also
owns a 49.56% interest. Going forward, the Group and WeLab plan to transform
BJJ into a digital bank in Indonesia.

Prospects

The Group's performance during the first nine months of 2022 was satisfactory,
mainly supported by the economic recovery and higher commodity prices.
Business performance for the remainder of the year is expected to remain
steady. Nonetheless, the outlook will see headwinds brought about by higher
inflation, rising interest rates and global macroeconomic pressures.

Djony Bunarto Tjondro

President Director

31st October 2022

For further information, please contact:

PT Astra International Tbk

Riza Deliansyah, Chief of Corporate Affairs

Tel: +62 - 21 - 5084 3888

 

- end -

 

About Astra

Astra is one of Indonesia's largest public companies, comprising 245
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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