REG - Jardine Matheson Hdg - PT Astra 2024 First Quarter Financial Statements
29/04/2024 12:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240429:nRSc4291Ma&default-theme=true
RNS Number : 4291M Jardine Matheson Hldgs Ltd 29 April 2024
To: Business Editor
29th April 2024
For immediate
release
PT Astra International Tbk
2024 First Quarter Financial Statements
The following announcement was issued today by the Company's 79%-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
29th April 2024
PT ASTRA INTERNATIONAL Tbk ("the Company" or "Astra")
2024 FIRST QUARTER FINANCIAL STATEMENTS
Highlights
● Net earnings per share of Rp201, 5% lower than the same period
last year (excluding fair value adjustments)
● Car sales down 20% and motorcycle sales down 8%, reflecting a
softer national market
● Higher contribution from financial services
● Mining performance impacted by lower coal prices
● Strong financial and funding position
"The Group's overall results in the first quarter of 2024 were lower, mainly
reflecting subdued economic conditions and coal prices that have declined from
previous highs. Notwithstanding these challenges, the Group remains positive
on the growth of Indonesia's economy. Supported by a strong balance sheet, the
Group's diversified portfolio is well-positioned to take advantage of
opportunities for long-term growth."
Djony Bunarto Tjondro
President Director
Astra group ("Group") Results
For the period ended 31st March
2024 2023 Change
Rp bn
Rp bn %
Net revenue 81,209 82,980 (2)
Net income* (before fair value adjustments on investments in GoTo and Hermina) 8,129 8,602 (5)
Net income* 7,464 8,719 (14)
Rp Rp
Net earning per share* (before fair value adjustments on investments in GoTo 201 212 (5)
and Hermina)
Net earnings per share* 184 215 (14)
As at 31st March 2024 As at 31st December 2023 Change
Rp bn
Rp bn
%
Shareholders' funds 207,000 198,640 4
Rp Rp
Net asset value per share 5,113 4,907 4
*Profit attributable to owners of the parent.
The financial results for the three months ended 31st March 2024 and 2023 as
well as the financial position as at 31st March 2024 have been prepared in
accordance with Indonesian Financial Accounting Standards and are unaudited.
The financial position as at 31st December 2023 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 2024 was Rp81.2
trillion, a decrease of 2% compared with the first quarter of 2023. The
Group's net income, excluding fair value adjustments on investments in GoTo
and Hermina, was Rp8.1 trillion, 5% lower than in the first quarter of 2023.
Including these fair value adjustments, the Group's net income declined by 14%
to Rp7.5 trillion. The lower result mainly reflects decreased performance in
the Group's heavy equipment and mining and automotive businesses.
The net asset value per share at 31st March 2024 was Rp5,113, 4% higher than
at 31st December 2023.
Net cash, excluding the Group's financial services subsidiaries was Rp7.4
trillion at 31st March 2024, compared to Rp29 billion at the end of 2023. Net
debt of the Group's financial services subsidiaries was Rp54.3 trillion at
31st March 2024, compared to Rp52.2 trillion at the end of 2023.
Business Activities
The Group's net income by division in the first quarter of 2024, compared with
the same period last year, is set out in the table below:
Net Income by Division
For
the
per
iod
end
ed
31s
t
Mar
ch
2024 2023 Change
Rp bn
Rp bn
%
Automotive 2,750 3,026 (9)
Financial Services 2,086 1,859 12
Heavy Equipment, Mining, Construction and Energy 2,791 3,272 (15)
Agribusiness 184 179 3
Infrastructure and Logistics 251 202 24
Information Technology 22 19 16
Property 45 45 0
Net Income* (before fair value adjustments on investments in GoTo and Hermina) 8,129 8,602 (5)
Fair value adjustments on investments in GoTo and Hermina (665) 117 N/A
Net Income* 7,464 8,719 (14)
*Profit attributable to owners of the parent.
Automotive
Net income from the Group's automotive division decreased by 9% to Rp2.8
trillion, reflecting lower sales volumes.
● The wholesale market for cars decreased by 24% to 215,000 units
in the first quarter of 2024 (source: Gaikindo). Astra's car sales were 20%
lower at 120,000 units, while market share increased from 53% to 56%. Four new
models and three revamped models were launched during the quarter.
● The wholesale market for motorcycles decreased by 5% to
1,735,000 units in the first quarter of 2024 (source: Ministry of Industry).
Astra Honda Motor's sales decreased by 8% to 1,324,000 units, with market
share decreasing from 79% to 76%. One new model and one revamped model were
launched during the quarter.
● The Group's 80%-owned components business, Astra Otoparts,
reported a 10% increase in net income to Rp475 billion in the first quarter of
2024, mainly due to higher earnings from exports which offset lower domestic
original equipment manufacturer sales.
Financial Services
Net income from the Group's financial services division increased by 12% to
Rp2.1 trillion in the first quarter of 2024 compared with the first quarter of
2023, due to higher contribution from consumer financing on larger loan
portfolios.
● The Group's consumer finance businesses saw an 8% increase in
new amounts financed to Rp33.3 trillion. The net income contribution from the
car-focused finance companies increased by 3% to Rp571 billion. The net income
contribution from the Group's motorcycle-focused finance business, Federal
International Finance, increased by 17% to Rp1.1 trillion.
● The Group's heavy equipment-focused finance companies saw a 4%
increase in new amounts financed to Rp3.3 trillion. The net income
contribution from this segment increased by 2% to Rp47 billion.
● The Group's general insurance company, Asuransi Astra Buana
reported a 12% increase in net income to Rp384 billion, mainly due to higher
underwriting income and investment income. The Group's life insurance company,
Asuransi Jiwa Astra, recorded a 10% decrease in gross written premiums to
Rp1.5 trillion.
Heavy Equipment, Mining, Construction and Energy
Net income from the Group's heavy equipment, mining, construction and energy
division was 15% lower at Rp2.8 trillion, mainly due to a lower contribution
from its mining and construction machinery businesses.
● 59.5%-owned United Tractors reported a 15% decrease in net
income to Rp4.5 trillion.
● Komatsu heavy equipment sales decreased by 37% to 1,100 units,
while revenues from its parts and service businesses were also lower.
● Mining contractor Pamapersada Nusantara reported 17% higher
overburden removal volume at 286 million bank cubic metres and 21% higher coal
production at 32 million tonnes.
● United Tractors' coal mining subsidiaries reported a 33%
increase in coal sales at 4.0 million tonnes (including 765,000 tonnes of
metallurgical coal), but revenue declined due to lower coal prices.
● United Tractors' gold mining subsidiary, Agincourt Resources,
reported 16% lower gold sales at 49,000 oz.
● United Tractors' nickel mining business comprises (i)
majority-owned Stargate Pasific Resources ("SPR"), which was newly acquired in
December 2023, and (ii) 19.99%-owned Nickel Industries Limited ("NIC"), which
was acquired in September 2023. SPR reported 383,000 wet metric tonnes (wmt)
of nickel ore sales in the first quarter of 2024, comprising 203,000 wmt of
saprolite and 180,000 wmt of limonite. United Tractors books equity income
from NIC in arrears, owing to the timing of NIC's results announcements. NIC
reported 34,400 tonnes of nickel metal sold in the final quarter of 2023.
● General contractor Acset Indonusa, 87.7%-owned by United
Tractors, reported an increased net loss of Rp42 billion, compared with a net
loss of Rp30 billion in the first quarter of last year.
Agribusiness
Net income from the Group's agribusiness division increased by 3% to Rp184
billion, mainly due to higher sales of crude palm oil ("CPO") and its
derivatives.
● Net income of 79.7%-owned Astra Agro Lestari increased by 3% to
Rp231 billion.
● CPO and its derivative product sales increased by 4% to 379,000
tonnes.
● CPO prices were slightly lower at Rp11,911/kg.
Infrastructure and Logistics
The Group's infrastructure and logistics division reported a 24% increase in
net income to Rp251 billion, primarily due to improved performance in its
logistics and toll road businesses.
● The Group saw 2% higher daily toll revenue from its 396km of
operational toll roads along the Trans-Java network and the Jakarta Outer Ring
Road.
● Serasi Autoraya reported 4% higher vehicles under contract at
26,400 units, higher vehicle disposals and higher contribution from car
auctions.
Information Technology
The Group's information technology division, represented by 76.9%-owned Astra
Graphia, reported a 16% increase in net income to Rp22 billion primarily due
to improved operating margin.
Property
Net income from the Group's property division was relatively stable at Rp45
billion, mainly due to an improvement in occupancy at Menara Astra, offset by
lower residential units handed over in Arumaya Residences.
Corporate Action
In March, the Group, through United Tractors, completed the acquisition of a
20.2% stake in PT Supreme Energy Rantau Dedap ("SERD"), which owns an
operating geothermal project in South Sumatera with an existing capacity of 2
x 49 MW, for USD80.7 million. Following this transaction, the Group's total
direct and indirect shareholding in SERD is 32.7%.
Prospects
The Group's overall results in the first quarter of 2024 were lower, mainly
reflecting subdued economic conditions and coal prices that have declined from
previous highs. Notwithstanding these challenges, the Group remains positive
on the growth of Indonesia's economy. Supported by a strong balance sheet, the
Group's diversified portfolio is well-positioned to take advantage of
opportunities for long-term growth.
Djony Bunarto Tjondro
President Director
29th April 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)
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 sustainability framework that contains Astra's 2030
Sustainability Aspirations, which will guide Astra's transition journey to be
a more sustainable business going forward. 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 contribution 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 657 young
Indonesians across each of these focus areas, including 92 national- level
recipients and 565 provincial-level recipients. The SATU Indonesia Awards
programme is integrated with Astra's wide range of community activities
through 200 Kampung Berseri Astra and 1,196 Desa Sejahtera Astra initiatives
in 35 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).
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 MSCPPURCCUPCGUBRecent news on Jardine Matheson Holdings
See all newsREG - Jardine Matheson Hdg - Transaction in Own Shares
AnnouncementREG - Jardine Matheson Hdg - Transaction in Own Shares
AnnouncementREG - Jardine Matheson Hdg - Transaction in Own Shares
AnnouncementREG - Jardine Matheson Hdg - Transaction in Own Shares
AnnouncementREG - Jardine Matheson Hdg - Additional Listing
Announcement