REG - Jardine Matheson Hdg - PT Astra – 2023 Full Year Financial Statements
27/02/2024 10:45
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RNS Number : 6227E Jardine Matheson Hldgs Ltd 27 February 2024
To: Business Editor 27th February 2024
For immediate release
PT Astra International Tbk
2023 Full Year Financial Statements
The following announcement was issued today by the Company's 78.1%-owned
subsidiary, Jardine Cycle & Carriage Limited, which holds 50.1% of PT
Astra International Tbk.
For further information, please contact:
Jardine Matheson Limited (852) 2843 8223
Jonathan Lloyd
Brunswick Group Limited (65) 9017 9886
Ben Fry
27th February 2024
PT ASTRA INTERNATIONAL TBK ("the Company" or "Astra")
2023 FULL YEAR FINANCIAL STATEMENTS
Highlights
· Record earnings boosted by economic recovery, with strong performance
across most businesses
· Motorcycle sales grew by 22%, with an increase in market share, while
car market share increased in a soft market
· Net earnings per share up 12% at Rp840 (excluding fair value
adjustments)
· Enhanced final dividend of Rp421 per share will be proposed on the
basis of record results and elevated coal prices in the first half of 2023
· The Group's capex and investment for 2023 increased to Rp45.9
trillion
"The Group achieved record earnings in 2023 on the back of a strong recovery
in motorcycle sales and growth in the consumer finance businesses. The Group
continued to demonstrate resilience through its diversified portfolio, despite
lower commodity prices and softening economic conditions in the second half of
the year. While these conditions remain, we anticipate a cyclical dip in
growth in 2024. However, we are confident that the Group is well-positioned to
achieve long-term growth through the strengthening of our core businesses, as
well as new investments to support our strategic priorities.
I would like to thank our stakeholders for their ongoing support and trust, in
particular the Group's employees, whose unwavering commitment and dedication
have made all our achievements possible."
Djony Bunarto Tjondro
President Director
Astra group ("Group") Results
For the years ended 31(st) December
2023 2022 Change
Rp bn Rp bn %
Net revenue 316,565 301,379 5
Net income* (before fair value adjustments on investments in GoTo and Hermina) 33,998 30,488 12
Net income* 33,839 28,944 17
Rp Rp
Net earnings per share* (before fair value adjustments on investments in GoTo 840 753 12
and Hermina)
Net earnings per share* 836 715 17
As at 31(st) As at 31(st) Change
December 2023 December 2022 %
Rp bn Rp bn
Shareholders' funds 198,640 192,142 3
Rp Rp
Net asset value per share 4,907 4,746 3
* Profit attributable to owners of the parent
The financial results for the years ended 31st December 2023 and 2022 and the
financial position as at 31st December 2023 and 2022 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 2023 was Rp316.6 trillion, an
increase of 5% compared with the previous year. The Group's net income,
excluding fair value adjustments on investments in GoTo and Hermina, was
Rp34.0 trillion, a record result which was 12% higher than the same period
last year. Including these fair value adjustments, the Group's net income
increased by 17% to Rp33.8 trillion. This earnings growth reflects improved
performances from most of the Group's business divisions, especially the
automotive and financial services divisions.
Net asset value per share at 31st December 2023 was Rp4,907, 3% higher than at
31st December 2022.
Net cash, excluding the Group's financial services subsidiaries, at 31st
December 2023 was Rp29 billion, compared to Rp35.1 trillion at 31st December
2022. In addition to the enhanced dividend distributed in April 2023, the
Group's consolidated capital expenditure and investment for 2023 doubled to
Rp45.9 trillion, mainly attributable to United Tractors' investments in nickel
and renewable energy as part its transition plan. United Tractors also
incurred higher capital expenditure for replacements of heavy equipment
post-pandemic to accommodate increased business activity. Net debt within the
Group's financial services subsidiaries grew to Rp52.2 trillion at 31st
December 2023, from Rp44.5 trillion at the end of 2022, in line with the
growth in motorcycle lending.
An enhanced final dividend of Rp421 per share (2022: Rp552 per share) will be
proposed at the Annual General Meeting of Shareholders of the Company to be
held in April 2024. The proposed final dividend, together with the interim
dividend of Rp98 per share (2022: Rp88 per share) distributed in October 2023,
will bring the proposed total dividend for 2023 to Rp519 per share (2022:
Rp640 per share), representing a dividend payout ratio of 62% (based on the
Group's net income of Rp34.0 trillion, excluding the fair value adjustments on
investments in GoTo and Hermina). This ratio is higher compared to the
historical average dividend payout ratio of the Company.
The Board of Directors' proposal of the enhanced final dividend is based on
the record results and elevated coal prices in the first half of 2023,
reflecting the continued strong recovery post-pandemic, which enables the
Company to return some excess capital to shareholders. The Company remains
confident in its long-term growth potential and balance sheet capacity to
continue investing capital in support of its strategic priorities.
Business Activities
The Group's net income by division in 2023, compared with the previous year,
is set out in the table below:
Net Income by Division
For
the
yea
rs
end
ed
31(
st)
Dec
emb
er
2023 2022 Change
Rp bn Rp bn %
Automotive 11,417 9,668 18
Financial Services 7,852 6,035 30
Heavy Equipment, Mining, Construction and Energy 12,664 12,678 0
Agribusiness 841 1,376 (39)
Infrastructure and Logistics 973 527 85
Information Technology 109 75 45
Property 142 129 10
Net Income* (before fair value adjustments on investments in GoTo and Hermina) 33,998 30,488 12
Fair value adjustments on investments in GoTo and Hermina (159) (1,544) 90
Net income* 33,839 28,944 17
* Profit attributable to owners of the parent
Automotive
Net income from the Group's automotive division increased by 18% to Rp11.4
trillion, reflecting higher sales in the motorcycle and components businesses.
· The wholesale car market decreased by 4% to 1.0 million units in
2023 (source: Gaikindo). Astra's car sales in 2023 were 2% lower at 561,000
units, while market share increased from 55% to 56%. Sixteen new and eleven
revamped models were launched during the year.
· The Group launched the Lexus RZ, a battery electric model
("BEV"), and the Toyota Yaris Cross and Toyota Alphard, two hybrid electric
models ("HEV"). The Group now sells six BEV models and thirteen HEV models in
Indonesia, under Toyota, Lexus and BMW brands.
· The wholesale motorcycle market grew 19% to 6.2 million units in
2023 (source: Ministry of Industry). Astra Honda Motor's sales increased by
22% to 4.9 million units in 2023, and its market share increased from 77% to
78%. Three new and thirteen revamped models were launched during the year,
including a BEV model, the EM1e.
· The Group's 80%-owned components business, Astra Otoparts,
reported a 39% increase in net income to Rp1.8 trillion in 2023, mainly due to
higher sales volumes and improved operating margin.
Financial Services
Net income from the Group's financial services division increased by 30% to
Rp7.9 trillion in 2023, primarily due to higher contributions from its
consumer finance businesses.
· The Group's consumer finance businesses saw a 15% increase in new
amounts financed to Rp117.3 trillion. Supported by larger loan portfolios and
lower loan loss provisions, the net income contribution from the Group's
car-focused finance companies increased by 24% to Rp2.3 trillion, and the net
income contribution from the Group's motorcycle-focused finance company,
Federal International Finance, increased by 29% to Rp4.1 trillion.
· The Group's heavy equipment-focused finance businesses saw an 8%
increase in new amounts financed to Rp10.7 trillion. The net income
contribution from these businesses increased significantly by 75% to Rp178
billion, mainly due to a larger loan portfolio.
· General insurance company Asuransi Astra Buana reported a 14%
increase in net income to Rp1.4 trillion, mainly due to higher underwriting
income and investment income. The Group's life insurance company, Asuransi
Jiwa Astra, recorded a 2% increase in gross written premiums to Rp6.1
trillion.
Heavy Equipment, Mining, Construction and Energy
Net income from the Group's heavy equipment, mining, construction and energy
division was stable at Rp12.7 trillion, with improved performance from
construction machinery and mining contracting offsetting lower contributions
from its coal and gold mining businesses.
· 59.5%-owned United Tractors reported a 2% decrease in net income
to Rp20.6 trillion.
· Komatsu heavy equipment sales decreased by 8% to 5,300 units,
while revenues from its parts and service businesses were higher.
· Mining services contractor Pamapersada Nusantara recorded 21%
higher overburden removal volume at 1.2 billion bank cubic metres, and coal
production for its customers increased by 11% to 129 million tonnes.
· United Tractors' coal mining subsidiaries recorded 19% higher
coal sales volume at 11.8 million tonnes (including 2.5 million tonnes of
metallurgical coal), but revenue declined due to lower coal prices.
· Agincourt Resources, 95%-owned by United Tractors, reported a 39%
decrease in gold sales to 175,000 oz.
· General contractor Acset Indonusa, 87.7%-owned by United
Tractors, reported a lower net loss of Rp270 billion, compared with a net loss
of Rp449 billion in the previous year.
Agribusiness
Net income from the Group's agribusiness division decreased by 39% to Rp841
billion, largely due to lower crude palm oil ("CPO") selling prices, partly
offset by higher sales.
· 79.7%-owned Astra Agro Lestari reported a 39% decrease in net
income to Rp1.1 trillion.
· CPO and derivative product sales increased by 13% to 1.7 million
tonnes.
· CPO prices were 14% lower at Rp11,142/kg.
Infrastructure and Logistics
The Group's infrastructure and logistics division reported an 85% increase in
net income to Rp973 billion, due to improved performance in its toll road,
transportation solutions and logistics 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 7% higher daily toll revenue during the year.
· Serasi Autoraya's net income increased by 26% to Rp213 billion,
mainly due to higher contributions from its transportation solutions and
logistics services businesses, with vehicles under contract relatively stable
at 25,800 units, which more than offset a lower contribution from its used car
business.
Information Technology
The Group's information technology division, represented by 76.9%-owned Astra
Graphia, reported a 45% increase in net income to Rp109 billion, primarily due
to improved operating margin.
Property
The Group's property division saw a 10% increase in net income to Rp142
billion, mainly due to an improvement in occupancy at Menara Astra.
Corporate Actions
Over the past year, the Group continued to invest capital to strengthen its
core portfolio and for business diversification:
Automotive
· Acquisition of Tokobagus (OLX), a company operating a leading
classifieds platform in Indonesia. This acquisition is expected to strengthen
the Group's digital ecosystem.
Heavy Equipment, Mining, Construction and Energy
· Acquisition of 70% stakes in Stargate Pasific Resources ("SPR"), a
nickel mining company, and Stargate Mineral Asia ("SMA"), a nickel processing
company, for Rp3.2 trillion. In addition, acquisition of a 66.7% stake in
Anugerah Surya Pacific Resources, which owns 30% in each of SPR and SMA, for
Rp1.6 trillion.
· Acquisition of 19.99% stake in Nickel Industries Limited ("NIC") for
AUD942.7 million. While listed on the Australian Securities Exchange, NIC is
an integrated nickel mining and processing company with major assets located
in Indonesia.
· Acquisition of 49.6% stake in Supreme Energy Sriwijaya ("SES") for
USD51.9 million. SES is a 25.2% shareholder of Supreme Energy Rantau Dedap,
which owns an operating geothermal project in South Sumatera with an existing
capacity of 2 x 49 MW.
Others
· Additional investment of USD100 million in Halodoc, a leading digital
health ecosystem platform in Indonesia. The Group's cumulative investment
increased to USD135 million for a total shareholding of 21.04%.
· Acquisition of 96.92% stake in Bhumi Prama Arjasa ("BPA") for USD85
million. BPA owns the Mandarin Oriental Hotel (Jakarta) and the prime
1-hectare land where it is located.
· A joint venture with Equinix, Inc., one of the world's largest
digital infrastructure companies, to develop data centres in Indonesia, where
the Group has a 25% shareholding.
Prospects
The Group achieved record earnings in 2023 on the back of a strong recovery in
motorcycle sales and growth in the consumer finance businesses. The Group
continued to demonstrate resilience through its diversified portfolio, despite
lower commodity prices and softening economic conditions in the second half of
the year. While these conditions remain, we anticipate a cyclical dip in
growth in 2024. However, we are confident that the Group is well-positioned to
achieve long-term growth through the strengthening of our core businesses, as
well as new investments to support our strategic priorities.
Djony Bunarto Tjondro
President Director
27th February 2024
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 283
subsidiaries, joint ventures, and associate companies, supported by more than
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, supporting an inclusive
and prosperous society.
Astra has a strong record of sustainable 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, 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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