REG - Jardine Matheson Hdg - PT Astra 2023 First Quarter Financial Statements

Jardine Matheson HoldingsAnnouncement

19/04/2023 07:00

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RNS Number : 7169W  Jardine Matheson Hldgs Ltd  19 April 2023

 

To:  Business
Editor
19th April 2023

 
For immediate release

PT Astra International Tbk
2023 First Quarter Financial Statements

The following announcement was issued today by the Company's 76.8%-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

19th April 2023

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

2022 FIRST QUARTER FINANCIAL STATEMENTS

Highlights

●      Net earnings per share of Rp212, 25% higher than the same
period last year (excluding fair value adjustments on investments in GoTo and
Hermina)

●      Car and motorcycle sales up by 6% and 51%, respectively

●      Higher contributions from most businesses

●      Strong financial and funding position

"The Group's results were satisfactory in the first quarter of 2023, supported
by improved performances by most businesses. Although the Group's performance
for the rest of the year is likely to be affected by the global economic
environment and softening commodity prices, the Group is cautiously optimistic
about Indonesia's economic resilience and is well-positioned to benefit from
its continued economic recovery."

Djony Bunarto Tjondro

President Director

Astra group ("Group") Results

                                                                                 For the period ended 31st March
                                                                                 2023                   2022                      Change

Rp bn
Rp bn                    %
 Net revenue                                                                     82,980                 71,871                    15
 Net income* (before fair value adjustments on investments in GoTo and Hermina)  8,602                  6,859                     25
 Net income*                                                                     8,719                  6,859                     27
                                                                                 Rp                     Rp
 Net earnings per share* (before fair value adjustments on investments in GoTo   212                    169                       25
 and Hermina)
 Net earnings per share*                                                         215                    169                       27
                                                                                 As at 31st March 2023  As at 31st December 2022  Change

Rp bn
Rp bn
%
 Shareholders' funds                                                             199,867                192,142                   4
                                                                                 Rp                     Rp
 Net asset value per share                                                       4,937                  4,746                     4

*Profit attributable to owners of the parent

 

The financial results for the three months ended 31st March 2023 and 2022 as
well as the financial position as at 31st March 2023 have been prepared in
accordance with Indonesian Financial Accounting Standards and are unaudited.
The financial position as at 31st December 2022 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 2023 was Rp83.0
trillion, an increase of 15% compared with the first quarter of 2022. The
Group's net income, excluding fair value adjustments on investments in GoTo
and Hermina, was Rp8.6 trillion, 25% higher than in the first quarter of 2022.
Including these fair value adjustments, the Group's net income increased by
27% to Rp8.7 trillion. This earnings growth reflects improved performances
from most of the Group's business divisions, especially its automotive, heavy
equipment and mining, and financial services businesses.

The net asset value per share at 31st March 2023 was Rp4,937, 4% higher than
at 31st December 2022.

Net cash, excluding the Group's financial services subsidiaries, was Rp46.4
trillion at 31st March 2023, compared with Rp35.1 trillion at the end of 2022.
Net debt of the Group's financial services subsidiaries grew to Rp45.9
trillion at 31st March 2023 from Rp44.5 trillion at the end of 2022.

Business Activities
The Group's net income was higher in the first quarter of 2023 compared to the
first quarter of 2022. Net income by division was as follows:

                                                                                 Net Income by Operating Segments
                                                                                                           For
                                                                                                           the
                                                                                                           per
                                                                                                           iod
                                                                                                           end
                                                                                                           ed
                                                                                                           31s
                                                                                                           t
                                                                                                           Mar
                                                                                                           ch
                                                                                 2023         2022         Change

Rp bn
Rp bn
%
 Automotive                                                                      3,026        2,233        36
 Financial Services                                                              1,859        1,473        26
 Heavy Equipment, Mining, Construction and Energy                                3,272        2,585        27
 Agribusiness                                                                    179          385          (54)
 Infrastructure and Logistics                                                    202          118          71
 Information Technology                                                          19           12           58
 Property                                                                        45           53           (15)
 Net Income* (before fair value adjustments on investments in GoTo and Hermina)  8,602        6,859        25
 Fair value adjustments on investments in GoTo and Hermina                       117          -            N/A
 Net income*                                                                     8,719        6,859        27

*Profit attributable to owners of the parent

 

Automotive
Net income from the Group's automotive division increased by 36% to Rp3.0
trillion, reflecting higher sales volumes.

●      The wholesale market for cars increased by 7% to 282,000 units
in the first quarter of 2023 (source: Gaikindo). Astra's car sales were 6%
higher at 150,000 units, but its market share decreased slightly from 54% to
53%. Three new models and seven revamped models were launched during the
quarter.

●      The wholesale market for motorcycles increased by 44% to
1,824,000 units in the first quarter of 2023 (source: Ministry of Industry).
Astra Honda Motor's sales increased by 51% to 1,436,000 units, with market
share increasing from 75% to 79%. One new model and three revamped models were
launched during the quarter.

●      The Group's 80%-owned components business, Astra Otoparts,
reported a 92% increase in net income to Rp433 billion in the first quarter of
2023, mainly due to higher revenue from the original equipment manufacturer
segment.

Financial Services
Net income from the Group's financial services division increased by 26% to
Rp1.9 trillion in the first quarter of 2023 compared to the first quarter of
2022, due to higher contributions from consumer and heavy equipment finance.

●      The Group's consumer finance businesses saw a 24% increase in
new amounts financed to Rp30.6 trillion. The net income contribution from the
car-focused finance companies increased by 45% to Rp557 billion, due to larger
loan portfolios and lower loan loss provisions. The net income contribution
from the Group's motorcycle-focused finance business, Federal International
Finance, increased by 26% to Rp948 billion, due to a more extensive loan
portfolio and lower loan loss provisions.

●      The Group's heavy equipment-focused finance companies saw a 4%
decrease in new amounts financed to Rp3.2 trillion. The net income
contribution from this segment increased by 130% to Rp46 billion, mainly due
to larger loan portfolios.

●      The Group's general insurance company Asuransi Astra Buana
reported a relatively stable net income at Rp342 billion. The Group's life
insurance company, Astra Life, recorded a 23% increase in gross written
premiums to Rp1.6 trillion.

Heavy Equipment, Mining, Construction and Energy
Net income from the Group's heavy equipment, mining, construction and energy
division was 27% higher at Rp3.3 trillion, mainly due to higher contributions
from heavy equipment sales, mining contracting and coal mining, all of which
benefitted from favourable coal prices.

●      59.5%-owned United Tractors reported a 23% increase in net
income to Rp5.3 trillion.

●      Komatsu heavy equipment sales increased by 6% to 1,791 units
and revenues from its parts and service businesses were also higher.

●      Mining contractor Pamapersada Nusantara recorded a 19% higher
overburden removal volume at 246 million bank cubic metres and a 12% higher
coal production at 27 million tonnes.

●      United Tractors' coal mining subsidiaries recorded a slight
increase in coal sales at 3.0 million tonnes, including 698,000 tonnes of
metallurgical coal.

●      Agincourt Resources, 95%-owned by United Tractors, reported a
21% decrease in gold sales at 59,000 oz.

●      General contractor Acset Indonusa, 82.2%-owned by United
Tractors, reported a higher net loss of Rp30 billion, compared with a net loss
of Rp25 billion in the first quarter of last year, mainly due to higher
financing cost.

Agribusiness
Net income from the Group's agribusiness division decreased by 54% to Rp179
billion, largely due to lower crude palm oil selling prices and sales volumes.

●      The net income of 79.7%-owned Astra Agro Lestari decreased by
54% to Rp225 billion.

●      Crude palm oil prices were 19% lower at Rp12,032/kg.

●      Crude palm oil and derivative product sales fell by 6% to
364,000 tonnes.

Infrastructure and Logistics
The Group's infrastructure and logistics division reported a 71% increase in
net income to  Rp202 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 8% higher daily toll revenue during the period.

●      Serasi Autoraya's net income increased by 6% to Rp38 billion,
largely due to a 3% increase in vehicles under contract to 25,400 units,
despite a lower contribution from used car earnings.

Information Technology
The Group's information technology division, represented by 76.9%-owned Astra
Graphia, reported a 58% increase in net income to Rp19 billion, primarily due
to higher revenue and improved operating margin.

Property
Net income from the Group's property division saw a 15% decrease in net income
to Rp45 billion, primarily due to lower handover of units in the Asya and
Anandamaya Residences residential projects, which was partly offset by a
higher occupancy rate at Menara Astra.

Recent Corporate Actions
In April, Astra formed a joint venture with Equinix, Inc
(https://www.astra.co.id/Media-Room/Press-Release/Equinix-and-Astra-Form-a-Joint-Venture-to-Support-Indonesia-s-Growing-Digital-Needs)
., one of the world's largest digital infrastructure companies, with 25% and
75% ownership, respectively. The joint venture will develop data centres in
Indonesia.

Prospects

The Group's results were satisfactory in the first quarter of 2023, supported
by improved performances by most businesses. Although the Group's performance
for the rest of the year is likely to be affected by the global economic
environment and softening commodity prices, the Group is cautiously optimistic
about Indonesia's economic resilience and is well-positioned to benefit from
its continued economic recovery.

Djony Bunarto Tjondro

President Director

18th April 2023

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 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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