REG - Jardine StrategicJardine Cycle&CarrgeJardine Matheson Hdg - Jardine Cycle & Carriage - Half Year Statements <Origin Href="QuoteRef">JARD.SI</Origin> <Origin Href="QuoteRef">JCYC.SI</Origin> <Origin Href="QuoteRef">JSH.SI</Origin> - Part 2
29/10/2014 09:26
- Part 2: For the preceding part double click ID:nRSA0210Oa
out in the 2013 audited accounts which have been prepared in
accordance with International Financial Reporting Standards ("IFRS"). There have been no changes to the accounting policies
described in the 2013 audited accounts except for the adoption of the following amendments and interpretation:
Amendments to IAS 32Amendments to IAS 36Amendments to IAS 39IFRIC 21 Offsetting Financial Assets and Financial LiabilitiesRecoverable Amount Disclosures for Non-Financial AssetsNovation of Derivatives and Continuation of Hedge AccountingLevies
The adoption of these amendments and interpretation did not have any impact on the results of the Group.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates.
It also requires management to exercise its judgment in the process of applying the Group's accounting policies. Estimates
and judgments used in preparing the financial statements are regularly evaluated and are based on historical experience and
other factors, including expectations of future events that are believed to be reasonable under the circumstances. The
resulting accounting estimates will, by definition, seldom equal the related actual results.
The exchange rates used for translating assets and liabilities at the balance sheet date are US$1=S$1.2492 (2013:
US$1=S$1.2656), US$1=RM3.2100 (2013: US$1=RM3.2815), US$1=IDR11,969 (2013: US$1=IDR12,189) and US$1=VND21,330 (2013:
US$1=VND21,110).
The exchange rates used for translating the results for the period are US$1=S$1.2608 (2013: US$1=S$1.2467), US$1=RM3.2645
(2013: US$1=RM3.1001), US$1=IDR11,729 (2013: US$1=IDR9,756) and US$1=VND21,148 (2013: US$1=VND20,973).
2 Net operating costs and operating profit
Group
Three months ended Six months ended
30.6.2014 30.6.2013 Change 30.6.2014 30.6.2013 Change
US$m US$m % US$m US$m %
Cost of sales (3,953.3) (4,294.7) -8 (7,773.8) (8,630.7) -10
Other operating income 76.1 80.4 -5 144.7 166.9 -13
Selling and distribution expenses (206.7) (223.2) -7 (411.5) (446.8) -8
Administrative expenses (241.8) (262.0) -8 (463.3) (513.7) -10
Other operating expenses (13.9) (4.8) 190 (29.8) (7.1) 320
Net operating costs (4,339.6) (4,704.3) -8 (8,533.7) (9,431.4) -10
Operating profit is determined after including:
Depreciation of property, plant and
equipment (147.8) (173.3) -15 (293.9) (346.9) -15
Amortisation of intangible assets and
leasehold land use rights (22.4) (21.1) 6 (42.8) (41.0) 4
Profit/(loss) on disposal of:
- property, plant and equipment 6.0 3.8 58 12.1 6.3 92
- investments (0.2) 2.4 nm (0.2) 11.7 nm
- associate and joint venture 8.6 - 100 8.6 - 100
Write-down of stocks (12.7) (7.8) 63 (12.7) (11.8) 8
Loss on disposal/write-down of
repossessed assets (11.7) (15.6) -25 (22.1) (29.5) -25
Impairment of debtors (31.0) (33.5) -7 (55.3) (57.8) -4
Dividend and interest income from
investments 8.4 10.0 -16 19.0 22.6 -16
Foreign exchange gain/(loss) (1) (11.1) 0.9 nm (2.8) 14.7 nm
22.6
-16
Foreign exchange gain/(loss) (1)
(11.1)
0.9
nm
(2.8)
14.7
nm
nm: not meaningful
(1) Changes due mainly to the effect of Rupiah exchange rates on assets/liabilities denominated in US Dollars
3 Tax
The provision for income tax is based on the statutory tax rates of the respective countries in which the companies operate
after taking into account non-deductible expenses and group tax relief.
4 Earnings per share
Group
Three months ended Six months ended
30.6.2014 30.6.2013 30.6.2014 30.6.2013
US$m US$m US$m US$m
Basic earnings per share
Profit attributable to shareholders 215.0 221.7 433.2 452.6
Weighted average number of ordinary shares
in issue (millions) 355.7 355.7 355.7 355.7
Basic earnings per share US¢60.44 US¢62.33 US¢121.79 US¢127.24
Diluted earnings per share US¢60.44 US¢62.33 US¢121.79 US¢127.24
Underlying earnings per share
Underlying profit attributable to shareholders 194.6 221.7 412.8 452.6
Weighted average number of ordinary shares
in issue (millions) 355.7 355.7 355.7 355.7
Basic earnings per share US¢54.71 US¢62.33 US¢116.05 US¢127.24
Diluted earnings per share US¢54.71 US¢62.33 US¢116.05 US¢127.24
A reconciliation of the profit attributable to shareholders and underlying profit attributable to shareholders is as
follows:
Group
Three months ended Six months ended
30.6.2014 30.6.2013 30.6.2014 30.6.2013
US$m US$m US$m US$m
Profit attributable to shareholders 215.0 221.7 433.2 452.6
Less:
Non-trading items (net of tax and non-
controlling interests)
Negative goodwill on acquisition of business 18.8 - 18.8 -
Gain on disposal of a joint venture 3.1 - 3.1 -
Loss on dilution of interest in an associate (1.5) - (1.5) -
20.4 - 20.4 -
Underlying profit attributable to shareholders 194.6 221.7 412.8 452.6
The profit attributable to shareholders by business is shown below:
Group
Three months ended Six months ended
30.6.2014 30.6.2013 Change 30.6.2014 30.6.2013 Change
US$m US$m % US$m US$m %
Astra
Automotive 79.5 112.5 -29 165.1 220.7 -25
Financial services 45.2 56.6 -20 87.0 110.3 -21
Heavy equipment and mining 44.1 36.7 20 85.0 72.4 17
Agribusiness 20.0 14.6 37 46.6 29.3 59
Infrastructure and logistics 3.6 5.1 -29 7.3 11.5 -37
Information technology 1.3 1.8 -28 2.4 2.8 -14
193.7 227.3 -15 393.4 447.0 -12
Less: Withholding tax on dividend (12.2) (13.9) -12 (12.2) (13.9) -12
181.5 213.4 -15 381.2 433.1 -12
Other motor interests
Singapore 7.6 5.6 36 16.1 12.4 30
Malaysia 0.4 0.2 100 0.7 0.2 250
Indonesia (Tunas Ridean) 2.3 2.3 - 5.2 6.9 -25
Vietnam 7.5 4.0 88 14.9 5.0 198
Myanmar (0.1) - nm (0.2) - nm
17.7 12.1 46 36.7 24.5 50
Corporate costs (4.6) (3.8) 21 (5.1) (5.0) 2
Underlying profit attributable to shareholders 194.6 221.7 -12 412.8 452.6 -9
-9
5 Borrowings
Group
At At
30.6.2014 31.12.2013
US$m US$m
Long-term borrowings:
- secured 1,842.4 1,792.8
- unsecured 289.8 432.1
2,132.2 2,224.9
Current borrowings:
- secured 1,979.0 1,881.8
- unsecured 1,312.6 1,266.4
3,291.6 3,148.2
Total borrowings 5,423.8 5,373.1
Certain subsidiaries of the Group have pledged their assets in order to obtain bank facilities from financial institutions.
The value of assets pledged was US$2,346.8 million (31st December 2013: US$2,323.8 million).
6 Share capital
Company
2014 2013
US$m US$m
Three months ended 30th June
Issued and fully paid:
Balance at 1st April and 30th June
- 355,712,660 (2013: 355,712,660) ordinary shares 632.6 632.6
Six months ended 30th June
Issued and fully paid:
Balance at 1st January and 30th June
- 355,712,660 (2013: 355,712,660) ordinary shares 632.6 632.6
The Company did not hold any treasury shares as at 30th June 2014 (30th June 2013: Nil).
The Company did not have any unissued shares under convertibles as at 30th June 2014 (30th June 2013: Nil).
There were no other rights, bonus or equity issues during the period between 1st April 2014 and 30th June 2014.
7 Revenue reserve
Group Company
Three months ended 30th June 2014 2013 2014 2013
US$m US$m US$m US$m
Balance at 1st April 4,571.7 4,000.9 521.0 508.5
Defined benefit pension plans
- actuarial loss (0.1) (1.2) - -
- deferred tax 0.1 0.2 - -
Share of associates' and joint ventures' actuarial
gain/(loss) on defined benefit pension plans 0.3 (0.8) - -
Profit attributable to shareholders 215.0 221.7 251.1 288.9
Dividends paid by the Company (317.6) (373.1) (317.6) (373.1)
Change in shareholding 23.7 77.8 - -
Other - (1.1) - -
Balance at 30th June 4,493.1 3,924.4 454.5 424.3
Group Company
Six months ended 30th June 2014 2013 2014 2013
US$m US$m US$m US$m
Balance at 1st January 4,329.9 3,786.7 525.1 512.2
Defined benefit pension plans
- actuarial gain/(loss) 2.2 (6.2) - -
- deferred tax (0.5) 1.4 - -
Share of associates' and joint ventures' actuarial
gain/(loss) on defined benefit pension plans 1.3 (3.1) - -
Profit attributable to shareholders 433.2 452.6 247.0 285.2
Dividends paid by the Company (317.6) (373.1) (317.6) (373.1)
Change in shareholding 44.7 67.2 - -
Other (0.1) (1.1) - -
Balance at 30th June 4,493.1 3,924.4 454.5 424.3
8 Other reserves
Group Company
2014 2013 2014 2013
US$m US$m US$m US$m
Composition:
Asset revaluation reserve 338.8 333.7 - -
Translation reserve (1,009.1) (263.6) 434.7 416.7
Fair value reserve 29.5 25.5 0.1 (1.2)
Hedging reserve (12.0) 1.5 - -
Other reserve 3.3 3.3 - -
Balance at 30th June (649.5) 100.4 434.8 415.5
Group Company
Three months ended 30th June 2014 2013 2014 2013
US$m US$m US$m US$m
Movements:
Asset revaluation reserve
Balance at 1st April and at 30th June 338.8 333.7 - -
Translation reserve
Balance at 1st April (810.2) (168.0) 420.6 442.4
Translation difference (198.9) (95.6) 14.1 (25.7)
Balance at 30th June (1,009.1) (263.6) 434.7 416.7
Group Company
Three months ended 30th June 2014 2013 2014 2013
US$m US$m US$m US$m
Fair value reserve
Balance at 1st April 41.5 29.1 0.1 (1.2)
Available-for-sale investments
- fair value changes (11.8) (2.3) - -
- deferred tax (0.1) - - -
- transfer to profit and loss - (1.0) - -
Share of associates' and joint ventures' fair
value changes of available-for-sale
investments, net of tax (0.1) (0.3) - -
Balance at 30th June 29.5 25.5 0.1 (1.2)
Hedging reserve
Balance at 1st April (1.9) (9.0) - -
Cash flow hedges
- fair value changes (15.4) 8.0 - -
- deferred tax 2.2 (2.6) - -
- transfer to profit and loss 5.4 2.6 - -
Share of associates' and joint ventures' fair
value changes of cash flow hedges, net of tax (2.3) 2.5 - -
Balance at 30th June (12.0) 1.5 - -
Other reserve
Balance at 1st April and 30th June 3.3 3.3 - -
Group Company
Six months ended 30th June 2014 2013 2014 2013
US$m US$m US$m US$m
Movements:
Asset revaluation reserve
Balance at 1st January and 30th June 338.8 333.7 - -
Translation reserve
Balance at 1st January (1,078.8) (143.5) 414.7 469.6
Translation difference 69.7 (120.1) 20.0 (52.9)
Balance at 30th June (1,009.1) (263.6) 434.7 416.7
Fair value reserve
Balance at 1st January 31.1 28.9 0.1 (1.2)
Available-for-sale investments
- fair value changes (2.3) 3.1 - -
- deferred tax (0.1) - - -
- transfer to profit and loss - (5.9) - -
Share of associates' and joint ventures' fair
value changes of available-for-sale
investments, net of tax 0.8 (0.6) - -
Balance at 30th June 29.5 25.5 0.1 (1.2)
Hedging reserve
Balance at 1st January 4.2 (8.4) - -
Cash flow hedges
- fair value changes (39.5) 1.9 - -
- deferred tax 4.0 (2.4) - -
- transfer to profit and loss 22.7 7.4 - -
Share of associates' and joint ventures' fair
value changes of cash flow hedges, net of tax (3.4) 3.0 - -
Balance at 30th June (12.0) 1.5 - -
Other reserve
Balance at 1st January and 30th June 3.3 3.3 - -
9 Non-controlling interests
Group
Three months ended 30th June 2014 2013
US$m US$m
Balance at 1st April 6,392.7 6,236.7
Available-for-sale investments
- fair value changes 1.3 (10.5)
- deferred tax (0.2) 0.1
- transfer to profit and loss - (1.2)
Share of associates' and joint ventures' fair value changes of
available-for-sale investments, net of tax (0.1) (0.3)
Cash flow hedges
- fair value changes (12.9) 6.9
- deferred tax 1.8 (2.4)
- transfer to profit and loss 5.4 2.4
Share of associates' and joint ventures' fair value changes of cash
flow hedges, net of tax (2.3) 2.4
Defined benefit pension plans
- actuarial loss (0.2) (2.7)
- deferred tax 0.2 0.5
Share of associates' and joint ventures' actuarial gain/(loss) on
defined benefit pension plans 0.5 (1.3)
Translation difference (281.4) (124.4)
Profit for the period 302.9 295.0
Issue of shares - 19.3
Dividends paid (344.3) (410.2)
Change in shareholding 24.3 206.6
Acquisition/disposal of subsidiaries - 67.8
Other - (1.1)
Balance at 30th June 6,087.7 6,283.6
Group
Six months ended 30th June 2014 2013
US$m US$m
Balance at 1st January 5,621.9 6,064.7
Available-for-sale investments
- fair value changes 7.0 (8.9)
- deferred tax (0.2) 0.1
- transfer to profit and loss - (6.5)
Share of associates' and joint ventures' fair value changes of
available-for-sale investments, net of tax 0.8 (0.6)
Cash flow hedges
- fair value changes (36.5) 1.8
- deferred tax 3.5 (2.4)
- transfer to profit and loss 22.6 7.3
Share of associates' and joint ventures' fair value changes of cash
flow hedges, net of tax (3.4) 2.9
Defined benefit pension plans
- actuarial gain/(loss) 3.4 (9.0)
- deferred tax (0.7) 1.9
Share of associates' and joint ventures' actuarial gain/(loss) on
defined benefit pension plans 0.8 (3.6)
Translation difference 85.6 (154.9)
Profit for the period 586.0 579.9
Issue of shares - 19.3
Dividends paid (345.3) (411.6)
Change in shareholding 142.3 137.2
Acquisition/disposal of subsidiaries - 67.1
Other (0.1) (1.1)
Balance at 30th June 6,087.7 6,283.6
10 Cash flows from operating activities
Group
Three months ended Six months ended
30.6.2014 30.6.2013 30.6.2014 30.6.2013
US$m US$m US$m US$m
Profit before tax 662.1 642.8 1,280.5 1,267.9
Adjustments for:
Financing income (28.9) (18.4) (53.1) (31.3)
Financing charges 22.6 30.9 42.7 58.8
Share of associates' and joint ventures' results
after tax (164.8) (168.5) (301.5) (323.5)
Depreciation of property, plant and equipment 147.8 173.3 293.9 346.9
Amortisation of intangible assets and leasehold
land use rights 22.4 21.1 42.8 41.0
(Profit)/loss on disposal of:
- property, plant and equipment (6.0) (3.8) (12.1) (6.3)
- investments 0.2 (2.4) 0.2 (11.7)
- plantations 1.2 - - -
- subsidiaries - - - (1.0)
- associate and joint venture (8.6) - (8.6) -
Loss on disposal/write-down of repossessed assets 11.7 15.6 22.1 29.5
Write-down of stocks 12.7 7.8 12.7 11.8
Impairment of debtors 31.0 33.5 55.3 57.8
Changes in provisions 6.5 9.8 14.6 16.4
Foreign exchange loss 3.6 7.6 17.4 2.6
51.4 106.5 126.4 191.0
Operating profit before working capital changes 713.5 749.3 1,406.9 1,458.9
Changes in working capital:
Stocks (1) (233.3) 1.8 (416.3) 48.9
Financing debtors (2) (147.7) (252.8) (277.4) (399.8)
Debtors (3) (64.6) (85.5) (468.2) (283.5)
Creditors (4) 287.1 173.8 625.3 525.9
Pensions 5.6 10.7 11.0 19.2
(152.9) (152.0) (525.6) (89.3)
Cash flows from operating activities 560.6 597.3 881.3 1,369.6
1,369.6
(1) Increase mainly due to slower sales of certain inventories
(2) Increase mainly due to higher financing activities
(3) Increase mainly due to higher sales volume and prepayments for purchase of assets
(4) Increase mainly due to purchases to support sales activities and accrual for operating expenses
11 Dividend and closure of books
The Board has declared an interim one-tier tax exempt dividend of US¢18 per share (2013: US¢18 per share).
NOTICE IS HEREBY GIVEN that the Transfer Books and the Register of Members will be closed from 5.00 pm on Friday, 29th
August 2014 ("Books Closure Date") up to, and including Monday, 1st September 2014 for the purpose of determining
shareholders' entitlement to the interim dividend.
Duly completed transfers of shares in physical scrip received by Jardine Cycle & Carriage Limited's Share Registrar, M&C
Services Private Limited at 112 Robinson Road #05-01, Singapore 068902 up to 5.00 pm on the Books Closure Date will be
registered before entitlements to the interim dividend are determined. Shareholders (being Depositors) whose securities
accounts with The Central Depository (Pte) Limited are credited with shares as at the Books Closure Date will rank for the
interim dividend.
The interim dividend will be paid on or about Thursday, 9th October 2014. Shareholders will have the option to receive the
interim dividend in Singapore dollars and in the absence of an election, the interim dividend will be paid in US dollars.
Details on this elective will be furnished to shareholders in due course.
12 Interested person transactions
Aggregate value of all Aggregate value of all
interested person interested person
transactions (excluding Transactions
transactions less than conducted under
S$100,000 and shareholders'
transactions conducted mandate pursuant to
under shareholders' Rule 920 (excluding
mandate pursuant to transactions less than
Name of interested person Rule 920) S$100,000)
US$m US$m
Three months ended 30th June 2014
Jardine Matheson Limited
- management support services - 1.1
PT Hero Supermarket Tbk
- provision of transportation services - 0.4
Hongkong Land (Singapore) Pte Ltd
- sale of a motor vehicle - 0.2
- purchase of a used motor vehicle - 0.1
- 1.8
Six months ended 30th June 2014
Jardine Matheson Limited
- management support services - 2.3
PT Hero Supermarket Tbk
- provision of transportation services - 0.9
Hongkong Land Group Limited
- interest on loan - 0.3
Hongkong Land (Singapore) Pte Ltd
- sale of a motor vehicle - 0.2
- purchase of a used motor vehicle - 0.1
PT Brahmayasa Bahtera
- loan and interest on loan from PT Astra
International Tbk 5.5 -
Director of the Company, Lim Hwee Hua
- sale of a motor vehicle - 0.3
- purchase of a used motor vehicle - 0.1
5.5 4.2
13 Others
The results do not include any pre-acquisition profits and have not been affected by any item, transaction or event of a
material or unusual nature.
No significant event or transaction has occurred between 1st July 2014 and the date of this report.
- end -
For further information, please contact:
Jardine Cycle & Carriage Limited
Ho Yeng Tat Tel: 65 64708108
The full text of the Financial Statements and Dividend Announcement for the six months ended 30th June 2014 can be accessed
through the internet at 'www.jcclgroup.com'.
Corporate Profile
Jardine Cycle & Carriage ("JC&C") is a leading Singapore-listed company and a member of the Jardine Matheson Group. It has
an interest of just over 50% in Astra, a premier listed Indonesian conglomerate, as well as other motor interests in
Southeast Asia. Together with its subsidiaries and associates, JC&C employs around 235,000 people across Indonesia,
Malaysia, Singapore, Vietnam and Myanmar.
Astra is the largest independent automotive group in Southeast Asia, with further interests in financial services, heavy
equipment and mining, agribusiness, infrastructure and logistics, and information technology. JC&C has motor businesses
operating in Singapore, Malaysia and Myanmar under the Cycle & Carriage banner, as well as other motor interests through
Tunas Ridean in Indonesia and Truong Hai Auto Corporation in Vietnam. The JC&C Group represents some of the world's leading
motoring marques including Mercedes-Benz, Toyota, Honda and Kia.
This information is provided by RNS
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