REG - Jardine Strategic Jardine Matheson Hdg - Jardine Cycle & Carriage – Final Results
RNS Number : 2313EJardine Strategic Hldgs Ltd27 February 2020
To: Business Editor
27th February 2020
For immediate release
Jardine Cycle & Carriage Limited
2019 Financial Statements and Dividend Announcement
The following announcement was issued today by the Company's 75%-owned subsidiary, Jardine Cycle & Carriage Limited.
For further information, please contact:
Jardine Matheson Limited
Joey Ho
(65) 9765 0717
Brunswick Group Limited
Ben Fry
(65) 9017 9886
27 February 2020
JARDINE CYCLE & CARRIAGE LIMITED
2019 FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT
Highlights
•
Underlying profit at US$863 million
•
Stable performance from Astra
•
Direct Motor Interests down due to Singapore and Malaysia
•
Other Strategic Interests impacted by Thaco's lower automotive profits
"Jardine Cycle & Carriage delivered a stable performance in 2019. Astra saw strong contributions from financial services and the new gold mining operations, but its automotive, heavy equipment, and agribusiness results were impacted by relatively weaker domestic consumption and lower commodity prices. Truong Hai Auto Corporation saw lower performance from its automotive business as a result of increased competition.
In 2020, market conditions in Indonesia are expected to remain challenging and conditions generally in Southeast Asia may be impacted by COVID-19."
Ben Keswick, Chairman
Group Results
Year ended 31st December
2019
US$m
Restated†
2018
US$m
Change
%
2019
S$m
Revenue
18,591
18,992
-2
25,350
Underlying profit attributable to
shareholders #
863
856
1
1,177
Non-trading items^
18
(438)
nm
25
Profit attributable to shareholders
881
418
111
1,202
Shareholders' funds
6,860
6,144
12
9,243
US¢
US¢
S¢
Underlying earnings per share #
218
217
1
298
Earnings per share
223
106
111
304
Dividend per share
87
87
-
117
US$
US$
S$
Net asset value per share
17.36
15.55
12
23.39
The exchange rate of US$1 =S$1.35 (31st December 2018: US$1=S$1.37) was used for translating assets and liabilities at the balance sheet date and US$1=S$1.36 (2018: US$1=S$1.35 ) was used for translating the results for the period. The financial results for the year ended 31st December 2019 have been prepared in accordance with International Financial Reporting Standards and have not been audited or reviewed by the auditors.
† The accounts have been restated due to changes in accounting policies upon adoption of IFRS 16 Leases, as set out in Note 1 to the condensed financial statements.
# The Group uses 'underlying profit attributable to shareholders' in its internal financial reporting to distinguish between ongoing business performance and non-trading items, as more fully described in Note 5 to the condensed financial statements. Management considers this to be a key performance measurement which enhances the understanding of the Group's underlying business performances.
^ Included in 'non-trading items' are unrealised gain/losses arising from the revaluation of the Group's equity investments.
CHAIRMAN'S STATEMENT
Overview
Jardine Cycle & Carriage ("JC&C" or "the Group") delivered a stable performance in 2019. Astra saw strong contributions from financial services and gold mining, but its automotive, heavy equipment and agribusiness results were impacted by relatively weak domestic consumption and low commodity prices. Truong Hai Auto Corporation ("Thaco") saw lower performance from its automotive business as a result of increased competition. There was a higher contribution from Siam City Cement and the Group received an increased dividend from its investment in Vinamilk.
The Group's underlying profit attributable to shareholders for 2019 was 1% higher at US$863 million. Profit attributable to shareholders increased to US$881 million, after net non-trading gains of US$18 million.
Astra contributed US$716 million to the Group's underlying profit, relatively stable compared to the previous year. The underlying profit from the Group's Direct Motor Interests was 11% lower at US$63 million, while its Other Strategic Interests contributed an underlying profit of US$126 million, down 13% from the previous year. Corporate costs were US$42 million, down from US$77 million in the previous year primarily due to a foreign exchange gain from the translation of foreign currency loans in 2019, compared to a foreign exchange loss in the previous year.
The Group's financial position remains strong, with shareholders' funds up 12% at US$6,860 million and net asset value per share at US$17.36 at the year end. Consolidated net debt excluding financial services companies was US$3.0 billion at 31st December 2019, representing gearing of 20%, up from 16% at the end of 2018.
Astra's financial services subsidiaries had net debt totalling US$3.3 billion, relatively flat compared to the end of 2018. JC&C parent company's net debt was US$1.5 billion, compared with US$1.3 billion at the previous year end.
Strategic Developments
Astra
During the year a further investment of US$100 million was made in Gojek, bringing Astra's total investment to US$250 million. As part of the collaboration between Astra and Gojek, a joint venture company was formed to provide fleet management support for GoCar, a ride-hailing online transportation system in Indonesia.
In May 2019, Astra acquired a 44.5% stake in the 36km Surabaya-Mojokerto toll road for US$113 million. It also completed the acquisition of an additional 10% stake in the 117km Cikopo-Palimanan toll road, in November 2019, bringing its ownership to 55%.
In December 2019, Astra announced the sale of its 44.6% interest in Permata Bank to Bangkok Bank Public Company Limited. The divestment is in line with Astra's ongoing strategic review of its portfolio. Completion of the sale is subject to the fulfillment of certain conditions and the obtaining of necessary approvals.
Direct Motor Interests
Jardine Matheson has a long-term vision and commitment to strengthen its automotive businesses and ensure that they are resilient and able to address anticipated disruption in the sector. In support of this ambition, Jardine International Motors ("JIM") was formed in 2019 to provide management and oversight across the wider Jardine Matheson Group's automotive interests, in order to effectively harness expertise and talent, increase customer focus and create economies of scale. As a result, JC&C's Direct Motor Interests are now managed by JIM while the Group maintains its full ownership of these businesses. The Chief Executive of JIM is former JC&C Chief Executive Alex Newbigging.
Other Strategic Interests
During the year, JC&C increased its interest in Thaco from 25.3% to 26.6% through subscribing to a share placement, for consideration of US$168 million. Thaco continues to diversify its business into property and agriculture, and its property interests in particular are expected to grow in importance going forward.
JC&C also increased its stake in Refrigeration Electrical Engineering Corporation ("REE") from 24.9% to 29.0% for US$25 million, by way of a public tender offer and market purchases.
Dividends
The Board is recommending a final one-tier tax exempt dividend of US¢69 per share (2018: US¢69 per share) which, together with the interim dividend, will produce a total dividend for the year of US¢87 per share (2018: US¢87 per share).
People
On behalf of the Board, I would like to express our appreciation to our more than 250,000 employees across the region for their continuing hard work and dedication in what remains a challenging business environment.
Mr Hassan Abas will be retiring as a director at the close of the upcoming Annual General Meeting in April 2020, after more than 27 years on the Board. He has also served as the Lead Independent Director, chairman of the Audit and Remuneration Committees, and as a member of the Nominating Committee for a number of years. On behalf of the Board, I would like to record our thanks for his valuable contribution to the Group.
Outlook
In 2020, market conditions in Indonesia are expected to remain challenging and conditions generally in Southeast Asia may be impacted by COVID-19.
Ben Keswick
Chairman
GROUP MANAGING DIRECTOR'S REVIEW
Group Review
The Group's structure comprises three business pillars: (i) Astra; (ii) Direct Motor Interests ("DMI"), which consists of the Group's non-Astra automotive businesses; and (iii) Other Strategic Interests, which covers a range of business interests and which now includes Thaco following its expansion beyond automotive into property and agriculture. The contribution to JC&C's underlying profit attributable to shareholders by business segments was as follows:
Contribution to JC&C's underlying profit
Year ended 31st December
Business segments
2019
US$m
Restated†
2018
US$m
Change
%
Astra
716
718
-
Direct Motor Interests
63
71
-11
Other Strategic Interests
126
144
-13
Corporate Costs
(42)
(77)
-46
Underlying profit attributable to
shareholders
863
856
1
† The accounts have been restated due to changes in accounting policies upon adoption of IFRS 16 Leases, as set out in Note 1 to the condensed financial statements
Astra
Astra contributed US$716 million to JC&C's underlying profit, a stable performance compared to the previous year. Astra reported a net profit equivalent to US$1.5 billion under Indonesian accounting standards, largely unchanged from the previous year. There were lower contributions from Astra's automotive and agribusiness divisions, which offset a higher contribution from its financial services business and gold mining operation.
Automotive
Net income from Astra's automotive division was down 1% at US$594 million. This was mainly due to lower car sales volumes and increased manufacturing costs, partially offset by higher motorcycle sales volumes. Highlights were as follows:
•
Car sales were 8% lower at 536,000 units. The Indonesian wholesale market declined by 11% to 1.0 million units in 2019. Astra launched 15 new models and 11 revamped models during the year and increased its market share from 51% to 52%.
•
Motorcycle sales increased by 3% to 4.9 million units. The Indonesian wholesale market increased by 2% to 6.5 million units. Astra's market share was slightly higher at 76%. 6 new models and 21 revamped models were launched during the year.
•
Astra Otoparts reported a 21% increase in net income at US$52 million. This was largely due to higher revenue from the replacement market and lower production costs.
Financial Services
Net income from Astra's financial services division increased by 22% to US$415 million, mainly due to a larger loan portfolio and an improvement in non-performing loans. Highlights were as follows:
•
Consumer finance businesses saw an 8% increase in the amount financed to US$6.2 billion. The net income contribution from Astra's car-focused finance companies increased by 29% to US$106 million, with lower non-performing loan losses. The net income contribution from the group's motorcycle-focused finance business increased by 11% to US$187 million, mainly due to a larger loan portfolio.
•
Heavy equipment-focused finance operations saw an 18% decrease in the amounts financed to US$302 million. The net income contribution from this business grew, however, by 14% to US$7 million, as a result of lower loan provisions.
•
Permata Bank reported a 66% increase in net income to US$106 million, due to improved revenue and lower loan impairment levels, attributable to improved loan quality and better levels of recovery from non-performing loans. The bank's gross and net non-performing loan ratios improved to 2.8% and 1.3%, respectively, compared to 4.4% and 1.7% at the end of 2018.
•
General insurance company Asuransi Astra Buana reported 4% growth in net income at US$77 million, with increased investment income.
Heavy Equipment, Mining, Construction & Energy
Net income from Astra's heavy equipment, mining, construction and energy division increased by 1% to US$475 million, mainly due to the contribution from the new gold mining operation, offset by the impact of lower heavy equipment sales and a loss incurred in the general contracting business. Highlights were as follows:
•
United Tractors reported a 2% increase in net income to US$801 million.
•
Agincourt Resources achieved gold sales of 410,000 oz.
•
Komatsu heavy equipment sales fell by 40% to 2,926 units, while parts and service revenues were also lower.
•
Mining contracting operations saw a 1% higher overburden removal volume at 989 million bank cubic metres, and 5% higher coal production at 131 million tonnes.
•
Coal mining subsidiaries delivered 21% higher coal sales at 8.5 million tonnes, including 1.2 million tonnes of coking coal. However, the business was impacted by lower coal prices.
•
General contractor Acset Indonusa reported a net loss of US$77 million, compared to a net income of US$1 million the year before. This was mainly due to increased project and funding costs for several ongoing contracts.
Infrastructure & Logistics
Net income from Astra's infrastructure and logistics division increased by 49% to US$21 million, mainly due to improved toll road revenue. Highlights were as follows:
•
Toll road revenue increased, with 22% higher traffic volume in Astra's 350km of operational toll roads along the Trans-Java network and Kunciran Serpong toll road.
•
Serasi Autoraya's net income decreased by 17% to US$18 million, due to lower used car sales and a decline in its car leasing business.
Agribusiness
Net income from Astra's agribusiness was down 85% at US$12 million. This was primarily due to an 8% fall in average crude palm oil prices, despite a 3% increase in crude palm oil and derivatives sales to 2.3 million tonnes. There have, however, recently been signs of improvement in prices.
Direct Motor Interests
Direct Motor Interests contributed US$63 million to the Group's underlying profit, 11% lower than the prior year. Highlights were as follows:
•
Cycle & Carriage Singapore ("CCS") contributed US$57 million, 5% lower than the previous year. Its passenger car sales grew by 2% to 13,500 units, despite a 10% decrease in the overall Singapore passenger car market. This was, however, partly offset by lower margins due to stronger competitive pressure. CCS' market share increased from 17% to 19%, with the launch of new models and competitive pricing.
•
In Indonesia, Tunas Ridean contributed US$19 million, 7% higher than the previous year. The stronger contribution from its automotive and consumer finance operations was partially offset by a lower contribution from its rental business.
•
Cycle & Carriage Bintang in Malaysia contributed a loss of US$6 million, compared to a profit of US$2 million in 2018. This was the result of vehicle sales having benefited from a period of zero GST in 2018, and the 2019 results being impacted by a one-off impairment charge in respect of a property asset.
Other Strategic Interests
Other Strategic Interests contributed US$126 million to the Group's underlying profit, 13% down on the previous year. Other Strategic Interests now include Thaco following its diversification into property and agriculture. Highlights were as follows:
•
Thaco's contribution of US$49 million was 34% lower than last year. The contribution of US$46 million from its automotive business was 30% down on the previous year, due to a 9% decline in Thaco's vehicle sales and lower margins. Tariffs were eliminated following the full implementation of the ASEAN Trade in Goods Agreement in 2018, which led to intense competition in the completely-built-up import segment. Thaco's real estate business contributed US$2 million, significantly lower than the US$7 million in 2018 due to the slowdown in the property market.
•
Siam City Cement's contribution of US$24 million was 16% higher than the previous year. Its improved domestic performance in Thailand was, however, offset by a lower contribution from its regional operations, mainly South Vietnam.
•
The contribution of US$18 million from REE was 4% lower than the previous year, due to weaker performances from its hydropower investments and its M&E business, which were partially offset by a stronger contribution from real estate and the effect of an increase in the Group's shareholding in 2019.
•
The Group's investment in Vinamilk delivered dividend income of US$36 million, compared to US$32 million in the previous year. Vinamilk's 2019 profit was up 3% in local currency terms, with the progressive recovery of the fast-moving consumer goods sector in Vietnam.
Corporate Costs
Corporate costs were US$42 million, compared to US$77 million in the previous year, which has improved the underlying profit of the Group overall. This was primarily due to a foreign exchange gain from the translation of foreign currency loans in 2019 compared to a foreign exchange loss in the previous year, partly offset by higher net financing charges and overheads.
Summary
While conditions over the next year are likely to remain challenging in our key markets, the Group has a track record of delivering strong performance over time. Our portfolio of market-leading businesses, is well-placed to benefit from increasing urbanisation and the growth of the emerging consumer class in Southeast Asia.
Ben Birks
Group Managing Director
CORPORATE PROFILE
Jardine Cycle & Carriage is the investment holding company of the Jardine Matheson Group in Southeast Asia. JC&C seeks to grow with Southeast Asia by investing in market leading businesses based on the themes of urbanisation and the emerging consumer class. The Group works closely with its businesses to enable them to achieve their potential and to elevate their communities.
The Group has a 50.1% interest in Astra, a diversified group in Indonesia, which is also the largest independent automotive group in Southeast Asia.
JC&C also has significant interests in Vietnam, including 26.6% in Truong Hai Auto Corporation, 29% in Refrigeration Electrical Engineering Corporation and 10.6% in Vinamilk. Its 25.5%-owned Siam City Cement also has a presence in South Vietnam, in addition to operating in Thailand, Sri Lanka, Cambodia and Bangladesh.
The other investments in JC&C's portfolio are the Cycle & Carriage businesses in Singapore, Malaysia and Myanmar, and 46.2%-owned Tunas Ridean in Indonesia. These motor businesses are managed by Jardine International Motors.
JC&C is a leading Singapore-listed company, 75%-owned by the Jardine Matheson Group. Together with its subsidiaries and associates, JC&C employs more than 250,000 people across Southeast Asia.
Jardine Cycle & Carriage Limited
Consolidated Profit and Loss Account for the year ended 31st December 2019
Restated
2019
2018
Change
Note
US$m
US$m
%
Revenue
3
18,591.1
18,991.8
-2
Net operating costs
2
(16,394.7)
(17,267.7)
-5
Operating profit
2,196.4
1,724.1
27
Financing income
93.0
92.1
1
Financing charges
(362.7)
(260.4)
39
Net financing charges
(269.7)
(168.3)
60
Share of associates' and joint
ventures' results after tax
622.3
615.8
1
Profit before tax
2,549.0
2,171.6
17
Tax
(573.5)
(595.1)
-4
Profit after tax
3
1,975.5
1,576.5
25
Profit attributable to:
Shareholders of the Company
881.4
417.6
111
Non-controlling interests
1,094.1
1,158.9
-6
1,975.5
1,576.5
25
US¢
US¢
Earnings per share
5
223
106
111
Jardine Cycle & Carriage Limited
Consolidated Statement of Comprehensive Income for the year ended 31st December 2019
Restated
2019
2018
US$m
US$m
Profit for the year
1,975.5
1,576.5
Items that will not be reclassified to profit or loss:
Asset revaluation
- surplus during the year
0.2
3.3
Remeasurements of defined benefit pension plans
(29.7)
14.1
Tax on items that will not be reclassified
6.9
(3.5)
Share of other comprehensive income/(expense) of
associates and joint ventures, net of tax
(14.1)
3.9
(36.7)
17.8
Items that may be reclassified subsequently to profit or loss:
Translation difference
- gain/(loss) arising during the year
501.1
(756.2)
Financial assets at FVOCI1
- gain/(loss) arising during the year
20.2
(22.5)
- transfer to profit and loss
(1.0)
(2.9)
Cash flow hedges
- gain/(loss) arising during the year
(130.1)
52.5
- transfer to profit and loss
1.6
0.4
Tax relating to items that may be reclassified
31.3
(12.1)
Share of other comprehensive income/(expense) of
associates and joint ventures, net of tax
(43.6)
13.7
379.5
(727.1)
Other comprehensive income/(expense) for the year
342.8
(709.3)
Total comprehensive income for the year
2,318.3
867.2
Attributable to:
Shareholders of the Company
1,064.2
104.8
Non-controlling interests
1,254.1
762.4
2,318.3
867.2
(1) Fair value through other comprehensive income ("FVOCI")
Jardine Cycle & Carriage Limited
Consolidated Balance Sheet at 31st December 2019
Restated
Restated
At
At
At
Note
31.12.2019
31.12.2018
1.1.2018
US$m
US$m
US$m
Non-current assets
Intangible assets
1,802.0
1,630.6
1,079.5
Right-of-use assets
872.5
753.0
762.1
Property, plant and equipment
4,718.2
4,457.5
3,404.5
Investment properties
543.2
587.2
618.6
Bearer plants
502.9
486.8
498.0
Interests in associates and joint ventures
5,067.3
4,250.6
4,280.3
Non-current investments
2,105.9
1,911.2
2,031.8
Non-current debtors
2,826.7
2,867.1
2,824.5
Deferred tax assets
359.2
300.7
322.4
18,797.9
17,244.7
15,821.7
Current assets
Current investments
28.8
50.4
22.7
Properties for sale
398.7
355.8
254.0
Stocks
1,907.1
2,039.7
1,723.8
Current debtors
5,891.2
5,595.5
5,044.9
Current tax assets
204.9
134.9
120.5
Bank balances and other liquid funds
- non-financial services companies
1,588.0
1,711.4
2,398.7
- financial services companies
255.8
187.5
241.1
1,843.8
1,898.9
2,639.8
10,274.5
10,075.2
9,805.7
Total assets
29,072.4
27,319.9
25,627.4
Non-current liabilities
Non-current creditors
324.4
271.4
241.6
Provisions
163.4
146.7
113.7
Non-current lease liabilities
93.7
93.3
89.0
Long-term borrowings
7
- non-financial services companies
1,923.7
1,125.4
845.0
- financial services companies
1,696.9
1,655.2
1,486.4
3,620.6
2,780.6
2,331.4
Deferred tax liabilities
416.5
428.0
212.9
Pension liabilities
330.9
253.0
262.2
4,949.5
3,973.0
3,250.8
Current liabilities
Current creditors
4,307.8
4,951.5
4,152.7
Provisions
108.6
92.8
87.2
Current lease liabilities
56.9
40.5
20.0
Current borrowings
7
- non-financial services companies
2,712.5
2,737.9
2,368.5
- financial services companies
1,852.6
1,824.5
2,153.9
4,565.1
4,562.4
4,522.4
Current tax liabilities
100.0
213.8
135.4
9,138.4
9,861.0
8,917.7
Total liabilities
14,087.9
13,834.0
12,168.5
Net assets
14,984.5
13,485.9
13,458.9
Equity
Share capital
8
1,381.0
1,381.0
1,381.0
Revenue reserve
9
6,720.0
6,202.4
6,171.9
Other reserves
10
(1,240.9)
(1,439.6)
(1,120.1)
Shareholders' funds
6,860.1
6,143.8
6,432.8
Non-controlling interests
11
8,124.4
7,342.1
7,026.1
Total equity
14,984.5
13,485.9
13,458.9
Jardine Cycle & Carriage Limited
Consolidated Statement of Changes in Equity for the year ended 31st December 2019
Attributable to shareholders of the Company
Attributable
Asset
Fair value
to non-
Share
Revenue
revaluation
Translation
and other
controlling
Total
capital
reserve
reserve
reserve
reserves
Total
interests
equity
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
2019
Balance at 1st January
1,381.0
6,206.2
403.3
(1,852.6)
9.6
6,147.5
7,345.4
13,492.9
Effect of adoption of IFRS 16
-
(3.8)
-
0.1
-
(3.7)
(3.3)
(7.0)
Balance at 1st January as restated
1,381.0
6,202.4
403.3
(1,852.5)
9.6
6,143.8
7,342.1
13,485.9
Total comprehensive income
-
865.5
0.1
241.5
(42.9)
1,064.2
1,254.1
2,318.3
Dividends paid by the Company
-
(347.3)
-
-
-
(347.3)
-
(347.3)
Dividends paid to non-controlling interests
-
-
-
-
-
-
(497.7)
(497.7)
Issue of shares to non-controlling interests
-
-
-
-
-
-
28.6
28.6
Change in shareholding
-
(0.6)
-
-
-
(0.6)
(2.5)
(3.1)
Acquisition of subsidiaries
-
-
-
-
-
-
(0.2)
(0.2)
Balance at 31st December
1,381.0
6,720.0
403.4
(1,611.0)
(33.3)
6,860.1
8,124.4
14,984.5
2018
Balance at 1st January
1,381.0
6,173.7
402.4
(1,521.5)
(1.0)
6,434.6
7,028.4
13,463.0
Effect of adoption of IFRS 16
-
(1.8)
-
-
-
(1.8)
(2.3)
(4.1)
Balance at 1st January as restated
1,381.0
6,171.9
402.4
(1,521.5)
(1.0)
6,432.8
7,026.1
13,458.9
Total comprehensive income
-
424.2
0.9
(331.0)
10.7
104.8
762.4
867.2
Dividends paid by the Company
-
(339.4)
-
-
-
(339.4)
-
(339.4)
Dividends paid to non-controlling interests
-
-
-
-
-
-
(450.6)
(450.6)
Issue of shares to non-controlling interests
-
-
-
-
-
-
62.0
62.0
Change in shareholding
-
(62.1)
-
-
-
(62.1)
(129.8)
(191.9)
Acquisition of subsidiaries
-
-
-
-
-
-
59.6
59.6
Others
-
7.8
-
-
(0.1)
7.7
12.4
20.1
Balance at 31st December
1,381.0
6,202.4
403.3
(1,852.5)
9.6
6,143.8
7,342.1
13,485.9
Jardine Cycle & Carriage Limited
Company Balance Sheet at 31st December 2019
At
At
Note
31.12.2019
31.12.2018
US$m
US$m
Non-current assets
Property, plant and equipment
34.6
34.4
Interests in subsidiaries
1,380.8
1,358.3
Interests in associates and joint ventures
1,169.5
987.0
Non-current investment
205.1
167.6
2,790.0
2,547.3
Current assets
Current debtors
1,181.8
1,229.9
Bank balances and other liquid funds
42.7
52.8
1,224.5
1,282.7
Total assets
4,014.5
3,830.0
Non-current liabilities
Deferred tax liabilities
6.2
6.1
6.2
6.1
Current liabilities
Current creditors
74.7
83.8
Current borrowings
1,529.4
1,379.5
Current tax liabilities
1.6
1.7
1,605.7
1,465.0
Total liabilities
1,611.9
1,471.1
Net assets
2,402.6
2,358.9
Equity
Share capital
8
1,381.0
1,381.0
Revenue reserve
9
683.6
672.6
Other reserves
10
338.0
305.3
Total equity
2,402.6
2,358.9
Net asset value per share
US$6.08
US$5.97
Jardine Cycle & Carriage Limited
Company Statement of Comprehensive Income for the year ended 31st December 2019
Restated
2019
2018
US$m
US$m
Profit for the year
358.3
257.4
Items that may be reclassified subsequently to profit or loss:
Translation difference
- gain/(loss) arising during the year
32.7
(51.8)
Other comprehensive income/(expense) for the year
32.7
(51.8)
Total comprehensive income for the year
391.0
205.6
Jardine Cycle & Carriage Limited
Company Statement of Changes in Equity for the year ended 31st December 2019
Share
capital
Revenue
reserve
Translation
reserve
Total
equity
US$m
US$m
US$m
US$m
2019
Balance at 1st January
1,381.0
672.6
305.3
2,358.9
Total comprehensive income
-
358.3
32.7
391.0
Dividends paid
-
(347.3)
-
(347.3)
Balance at 31st December
1,381.0
683.6
338.0
2,402.6
2018
Balance at 1st January
1,381.0
754.6
357.1
2,492.7
Total comprehensive income
-
257.4
(51.8)
205.6
Dividends paid
-
(339.4)
-
(339.4)
Balance at 31st December
1,381.0
672.6
305.3
2,358.9
Jardine Cycle & Carriage Limited
Consolidated Statement of Cash Flows for the year ended 31st December 2019
Restated
2019
2018
Note
US$m
US$m
Cash flows from operating activities
Cash generated from operations
12
2,315.0
2,790.8
Interest paid
(243.4)
(178.9)
Interest received
86.8
91.9
Other finance costs paid
(119.2)
(72.8)
Income tax paid
(780.0)
(574.0)
(1,055.8)
(733.8)
Dividends received from associates and joint ventures (net)
453.1
556.9
(602.7)
(176.9)
Net cash flows from operating activities
1,712.3
2,613.9
Cash flows from investing activities
Sale of right-of-use assets
1.9
11.7
Sale of property, plant and equipment
26.8
16.8
Sale of investment properties
0.2
0.2
Sale of subsidiaries, net of cash disposed
0.8
0.8
Sale of associate and joint venture
3.2
-
Sale of investments
292.3
234.9
Purchase of intangible assets
(154.2)
(72.2)
Purchase of right-of-use assets
(41.2)
(7.8)
Purchase of property, plant and equipment
(837.6)
(937.2)
Purchase of investment properties
(18.2)
(27.4)
Additions to bearer plants
(43.8)
(44.7)
Purchase of subsidiaries, net of cash acquired
-
(1,190.3)
Purchase of associates and joint ventures
(477.7)
(133.5)
Purchase of investments
(401.1)
(691.9)
Net cash flows used in investing activities
(1,648.6)
(2,840.6)
Cash flows from financing activities
Drawdown of loans
3,618.3
3,358.3
Repayment of loans
(2,869.6)
(2,780.2)
Principal elements of lease payments
(91.0)
(69.3)
Changes in controlling interests in subsidiaries
(3.1)
(191.9)
Investments by non-controlling interests
28.6
62.0
Dividends paid to non-controlling interests
(497.7)
(450.6)
Dividends paid by the Company
(347.3)
(339.4)
Net cash flows used in financing activities
(161.8)
(411.1)
Net change in cash and cash equivalents
(98.1)
(637.8)
Cash and cash equivalents at the beginning of the year
1,881.5
2,639.8
Effect of exchange rate changes
60.0
(120.5)
Cash and cash equivalents at the end of the year(1)
1,843.4
1,881.5
(1) For the purpose of the Consolidated Statement of Cash Flows, cash and cash equivalents comprise deposits with bank and financial institutions, bank and cash balances, net of bank overdrafts. In the balance sheet, bank overdrafts are included under current borrowings.
Jardine Cycle & Carriage Limited
Notes to the financial statements for the year ended 31st December 2019
1 Basis of preparation
The financial statements are consistent with those set out in the 2018 audited accounts which have been prepared in accordance with Singapore Financial Reporting Standards (International) ("SFRS(I)") and International Financial Reporting Standards ("IFRS"). There have been no changes to the accounting policies described in the 2018 audited accounts except for the adoption of IFRS 16 Leases, which is effective from 1st January 2019.
The standard replaces IAS 17 'Leases' and related interpretations and introduces a comprehensive model for the identification of lease arrangements and accounting treatments for both lessors and lessees. The distinction between operating and finance leases is removed for lessee accounting, and is replaced by a model where a lease liability and a corresponding right-of-use asset have to be recognised on the balance sheet for almost all leases by the lessees. The Group's recognised right-of-use assets primarily relate to property leases, equipment and motor vehicles. Prior to 2019, payments made under operating leases were charged to profit and loss on a straight-line basis over the period of the lease. From 1st January 2019, each lease payment is allocated between settlement of the lease liability and finance cost. The finance cost is charged to profit and loss over the lease period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.
In addition, leasehold land which represents payments to third parties to acquire interests in property is now presented under right-of-use assets. Leasehold land is amortised over the useful life of the lease, which includes the renewal period if the lease is likely to be renewed by the Group without significant cost.
The accounting for lessors does not change significantly.
The adoption of IFRS 16 has been accounted for retrospectively and the comparative financial statements have been restated. The adoption has resulted in a decrease in the profit attributable to shareholders for the financial year ended 31st December 2018 by US$2.0m.
As at 31st December 2018, the impact on the statement of financial position is as follows:-
US$m
Net assets
Leasehold land use rights
(597.7)
Right-of-use assets
753.0
Property, plant and equipment
(29.8)
Interest in associates and joint ventures
(0.7)
Deferred tax assets
0.4
Debtors
(36.1)
Lease liabilities
(133.8)
Borrowings
37.7
(7.0)
Equity
Shareholders' funds
(3.7)
Non-controlling interests
(3.3)
(7.0)
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$1.3473 (2018: US$1 = S$1.3659), US$1 = RM4.0925 (2018: US$1 = RM4.148), US$1 = IDR13,901 (2018: US$1=IDR14,481), US$1= VND23,173 (2018: US$1= VND23,175) and US$1= THB29.863 (2018: US$1=THB32.518).
The exchange rates used for translating the results for the period are US$1 = S$1.3635 (2018: US$1 = S$1.3499), US$1 = RM4.142 (2018: US$1 = RM4.039), US$1 = IDR14,131 (2018: US$1 = IDR14,267), US$1 = VND23,234 (2018: US$1 = VND23,044) and US$1 = THB30.938 (2018: US$1 =THB32.331).
2 Net operating costs and operating profit
Group
Restated
2019
2018
Change
US$m
US$m
%
Cost of sales
(14,766.3)
(15,083.5)
-2
Other operating income
379.0
330.1
15
Selling and distribution expenses
(838.7)
(882.2)
-5
Administrative expenses
(1,105.9)
(1,062.6)
4
Other operating expenses
(62.8)
(569.5)
-89
Net operating costs
(16,394.7)
(17,267.7)
-5
Operating profit is determined after including:
Amortisation/depreciation of
- intangible assets(1)
(136.6)
(70.0)
170
- right-of-use assets
(127.3)
(107.9)
18
- property, plant and equipment(1)
(795.5)
(576.3)
38
- bearer plants
(27.1)
(25.0)
8
Fair value changes of
- investment properties
6.4
13.6
-53
- investments(2)
(9.6)
(443.5)
-98
- agricultural produce
4.8
(10.2)
nm
- derivative not qualifying as hedge
-
0.1
-100
Profit/(loss) on disposal of:
- intangible assets
(0.1)
-
nm
- right-of-use assets
2.3
9.5
-76
- property, plant and equipment
6.6
6.4
3
- bearer plants
-
(0.2)
-100
- associates and joint ventures
0.5
-
nm
- investments
3.5
3.3
6
Loss on disposal/write-down of receivables from collateral vehicles
(59.7)
(53.7)
11
Dividend and interest income from investments
97.6
89.1
10
Write-down of stocks, net
(33.5)
(14.6)
129
(Impairment)/reversal of impairment of
- intangible assets
-
(13.1)
-100
- right-of-use assets
(9.3)
-
nm
- property, plant and equipment
(2.1)
3.9
nm
- bearer plants
(7.9)
-
nm
- debtors(3)
(111.6)
(208.5)
-46
Net exchange gain/(loss)(4)
12.9
(34.5)
nm
nm - not meaningful
(1) Increase in depreciation and amortisation mainly relates to the property, plant and equipment and
intangible assets of a subsidiary acquired in late 2018
(2) Fair value gain/(loss) relates mainly to equity investments in Vinamilk and Toyota Motor Corporation
(3) Decrease in impairment of debtors relates mainly to lower impairment of financing debtors attributable to
lower non-performing loan losses
(4) Net exchange gain/(loss) relates mainly to the impact revaluating monetary liabilities denominated in US dollars
3 Revenue and Profit after tax
Group
Restated
2019
2018
Change
US$m
US$m
%
Revenue:
- 1st half
9,157.1
9,188.8
-
- 2nd half
9,434.0
9,803.0
-4
18,591.1
18,991.8
-2
Revenue fell by 2% mainly due to declines in Astra's automotive, agribusiness and heavy equipment businesses, partly offset by increases in its financial services and infrastructure and logistics businesses.
Profit after tax:
- 1st half
938.6
740.5
27
- 2nd half
1,036.9
836.0
24
1,975.5
1,576.5
25
4 Dividends
Group and Company
2019
2018
US$m
US$m
Dividend paid:
Final one-tier tax exempt dividend in respect of previous year of
275.4
267.4
US¢69 per share (2018: in respect of 2017 of US¢68)
Interim one-tier tax exempt dividend in respect of current year of
71.9
72.0
US¢18 per share (2018: US¢18)
347.3
339.4
The Board is recommending a final dividend of US¢69 per share which, together with the interim dividend of US¢18 per share, will give a total dividend for the year of US¢87 per share.
5 Earnings per share
Group
Restated
2019
2018
US$m
US$m
Basic earnings per share
Profit attributable to shareholders
881.4
417.6
Weighted average number of ordinary shares in issue (millions)
395.2
395.2
Basic earnings per share
US¢223
US¢106
Diluted earnings per share
US¢223
US¢106
Underlying earnings per share
Underlying profit attributable to shareholders
863.1
856.0
Basic underlying earnings per share
US¢218
US¢217
Diluted underlying earnings per share
US¢218
US¢217
As at 31st December 2018 and 2019, there were no dilutive potential ordinary shares in issue.
A reconciliation of the profit attributable to shareholders and underlying profit attributable to shareholders is as follows:
Group
Restated
2019
2018
US$m
US$m
Profit attributable to shareholders
881.4
417.6
Less: Non-trading items (net of tax and non-controlling interests)
Fair value changes of agricultural produce
1.4
(3.0)
Fair value changes of investment properties
3.3
6.5
Fair value changes of investment
(6.8)
(441.9)
Net gain on disposal of interests in joint ventures
0.2
-
Share of associate's negative goodwill arising from business
combination
20.2
-
18.3
(438.4)
863.1
856.0
Non-trading items are separately identified to provide greater understanding of the Group's underlying business performance. Items classified as non-trading items include fair value gains or losses on revaluation of investment properties, agricultural produce and equity investments which are measured at fair value through profit and loss; gains and losses arising from the sale of businesses, investments and properties; impairment of non-depreciable intangible assets and other investments; provisions for closure of businesses; acquisition-related costs in business combinations; and other credits and charges of a non-recurring nature that require inclusion in order to provide additional insight into the Group's underlying business performance.
6 Segment information
Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the Board for the purpose of resource allocation and performance assessment. Set out below is an analysis of the segment information:
Direct
Other
Non-
Motor
Strategic
Corporate
trading
Astra
Interests
Interests
Costs
items
Group
US$m
US$m
US$m
US$m
US$m
US$m
2019
Revenue
16,802.9
1,788.2
-
-
-
18,591.1
Net operating costs
(14,711.0)
(1,721.2)
35.7
(0.3)
2.1
(16,394.7)
Operating profit/(loss)
2,091.9
67.0
35.7
(0.3)
2.1
2,196.4
Financing income
92.1
0.4
-
0.5
-
93.0
Financing charges
(317.6)
(4.4)
-
(40.7)
-
(362.7)
Net financing charges
(225.5)
(4.0)
-
(40.2)
-
(269.7)
Share of associates' and joint ventures'
results after tax
493.0
15.0
92.9
-
21.4
622.3
Profit before tax
2,359.4
78.0
128.6
(40.5)
23.5
2,549.0
Tax
(555.5)
(12.9)
(2.6)
(1.0)
(1.5)
(573.5)
Profit after tax
1,803.9
65.1
126.0
(41.5)
22.0
1,975.5
Non-controlling interests
(1,088.2)
(2.2)
-
-
(3.7)
(1,094.1)
Profit attributable to shareholders
715.7
62.9
126.0
(41.5)
18.3
881.4
Net cash/(debt) (excluding net debt
of financial services companies)
(1,553.8)
(19.9)
-
(1,474.5)
(3,048.2)
Total equity
13,591.0
287.8
1,500.4
(394.7)
14,984.5
Direct
Other
Non-
Motor
Strategic
Corporate
trading
Restated
Astra
Interests
Interests
Costs
items
Group
US$m
US$m
US$m
US$m
US$m
US$m
2018
Revenue
17,054.2
1,937.6
-
-
-
18,991.8
Net operating costs
(14,962.8)
(1,853.3)
31.9
(43.4)
(440.1)
(17,267.7)
Operating profit/(loss)
2,091.4
84.3
31.9
(43.4)
(440.1)
1,724.1
Financing income
90.8
0.6
-
0.7
-
92.1
Financing charges
(223.5)
(3.9)
-
(33.0)
-
(260.4)
Net financing charges
(132.7)
(3.3)
-
(32.3)
-
(168.3)
Share of associates' and joint ventures'
results after tax
487.2
13.1
114.6
-
0.9
615.8
Profit before tax
2,445.9
94.1
146.5
(75.7)
(439.2)
2,171.6
Tax
(578.8)
(16.3)
(2.4)
(1.2)
3.6
(595.1)
Profit after tax
1,867.1
77.8
144.1
(76.9)
(435.6)
1,576.5
Non-controlling interests
(1,149.0)
(7.1)
-
-
(2.8)
(1,158.9)
Profit attributable to shareholders
718.1
70.7
144.1
(76.9)
(438.4)
417.6
Net cash/(debt) (excluding net debt
of financial services
companies)
(869.9)
(14.3)
-
(1,267.7)
(2,151.9)
Total equity
12,225.2
268.0
1,196.7
(204.0)
13,485.9
7 Borrowings
Group
Restated
2019
2018
US$m
US$m
Long-term borrowings:
- secured
765.1
1,209.5
- unsecured
2,855.5
1,571.1
3,620.6
2,780.6
Current borrowings:
- secured
1,138.5
1,418.1
- unsecured
3,426.6
3,144.3
4,565.1
4,562.4
Total borrowings
8,185.7
7,343.0
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$877.1 million (31st December 2018: US$1,337.1 million).
8 Share capital
Group
2019
2018
US$m
US$m
Three months ended 31st December
Issued and fully paid:
Balance at 1st October and 31st December
- 395,236,288 (2018: 395,236,288) ordinary shares
1,381.0
1,381.0
Year ended 31st December
Issued and fully paid:
Balance at 1st January and 31st December
- 395,236,288 (2018: 395,236,288) ordinary shares
1,381.0
1,381.0
There were no rights, bonus or equity issues during the year.
The Company did not hold any treasury shares as at 31st December 2019 (31st December 2018: Nil) and did not have any unissued shares under convertibles as at 31st December 2019 (31st December 2018: Nil).
There were no subsidiary holdings (as defined in the Listing Manual of the SGX-ST) as at 31st December 2019 (31st December 2018: Nil).
9 Revenue reserve
Group
Company
Restated
Restated
2019
2018
2019
2018
US$m
US$m
US$m
US$m
Movements:
Balance at 1st January
6,206.2
6,173.7
672.6
754.6
Effect of adoption of IFRS 16
(3.8)
(1.8)
-
-
Balance at 1st January as restated
6,202.4
6,171.9
672.6
754.6
Asset revaluation reserve realised on disposal of assets
-
0.4
-
-
Defined benefit pension plans
- remeasurements
(12.7)
5.2
-
-
- deferred tax
2.5
(1.3)
-
-
Share of associates' and joint ventures' remeasurements
of defined benefit pension plans, net of tax
(5.7)
2.3
-
-
Profit attributable to shareholders
881.4
417.6
358.3
257.4
Dividends paid by the Company
(347.3)
(339.4)
(347.3)
(339.4)
Change in shareholding
(0.6)
(62.1)
-
-
Other
-
7.8
-
-
Balance at 31st December
6,720.0
6,202.4
683.6
672.6
10 Other reserves
Group
Company
Restated
Restated
2019
2018
2019
2018
US$m
US$m
US$m
US$m
Composition:
Asset revaluation reserve
403.4
403.3
-
-
Translation reserve
(1,611.0)
(1,852.5)
338.0
305.3
Fair value reserve
12.2
0.5
-
-
Hedging reserve
(48.8)
5.8
-
-
Other reserve
3.3
3.3
-
-
Balance at 31st December
(1,240.9)
(1,439.6)
338.0
305.3
Movements:
Asset revaluation reserve
Balance at 1st January
403.3
402.4
-
-
Revaluation surplus
0.1
1.6
-
-
Reserve realised on disposal of assets
-
(0.4)
-
-
Share of associates' and joint ventures' revaluation surplus
-
(0.3)
-
-
Balance at 31st December
403.4
403.3
-
-
Translation reserve
Balance at 1st January
(1,852.6)
(1,521.5)
305.3
357.1
Effect of adoption of IFRS 16
0.1
-
-
-
Balance at 1st January as restated
(1,852.5)
(1,521.5)
305.3
357.1
Translation difference
241.5
(331.0)
32.7
(51.8)
Balance at 31st December
(1,611.0)
(1,852.5)
338.0
305.3
Fair value reserve
Balance at 1st January
0.5
15.1
-
-
Financial assets at FVOCI
- fair value changes
9.7
(10.8)
-
-
- deferred tax
(0.1)
0.3
-
-
- transfer to profit and loss
(0.5)
(1.4)
-
-
Share of associates' and joint ventures' fair
value changes of Financial assets at FVOCI,
net of tax
2.6
(2.6)
-
-
Others
-
(0.1)
-
-
Balance at 31st December
12.2
0.5
-
-
Hedging reserve
Balance at 1st January
5.8
(19.4)
-
-
Cash flow hedges
- fair value changes
(52.2)
24.0
-
-
- deferred tax
12.6
(5.8)
-
-
- transfer to profit and loss
0.8
0.2
-
-
Share of associates' and joint ventures' fair
value changes of cash flow hedges, net of tax
(15.8)
6.8
-
-
Balance at 31st December
(48.8)
5.8
-
-
Other reserve
Balance at 1st January and 31st December
3.3
3.3
-
-
11 Non-controlling interests
Group
Restated
2019
2018
US$m
US$m
Balance at 1st January as previously reported
7,345.4
7,028.4
Effect of adoption of IFRS 16
(3.3)
(2.3)
Balance at 1st January as restated
7,342.1
7,026.1
Asset revaluation surplus
0.1
1.7
Share of associates' and joint ventures' asset revaluation surplus
-
(0.5)
Financial assets at FVOCI
- fair value changes
10.5
(11.7)
- deferred tax
(0.2)
0.3
- transfer to profit and loss
(0.5)
(1.5)
Share of associates' and joint ventures' fair value changes of
Financial assets at FVOCI, net of tax
2.6
(2.6)
Cash flow hedges
- fair value changes
(77.9)
28.5
- deferred tax
19.0
(6.9)
- transfer to profit and loss
0.8
0.2
Share of associates' and joint ventures' fair value changes of cash
flow hedges, net of tax
(33.0)
12.1
Defined benefit pension plans
- remeasurements
(18.9)
8.9
- deferred tax
4.4
(2.2)
Share of associates' and joint ventures' remeasurements of
defined benefit pension plans, net of tax
(6.5)
2.4
Translation difference
259.6
(425.2)
Profit for the year
1,094.1
1,158.9
Issue of shares to non-controlling interests
28.6
62.0
Dividends paid
(497.7)
(450.6)
Change in shareholding
(2.5)
(129.8)
Acquisition of subsidiaries
(0.2)
59.6
Other
-
12.4
Balance at 31st December
8,124.4
7,342.1
12 Cash flows from operating activities
Group
Restated
2019
2018
US$m
US$m
Profit before tax
2,549.0
2,171.6
Adjustments for:
Financing income
(93.0)
(92.1)
Financing charges (1)
362.7
260.4
Share of associates' and joint ventures' results after tax
(622.3)
(615.8)
Amortisation/depreciation of
- intangible assets
136.6
70.0
- right-of-use assets
127.3
107.9
- property, plant and equipment
795.5
576.3
- bearer plants
27.1
25.0
Impairment/(reversal of impairment) of
- intangible assets
-
13.1
- right-of-use assets
9.3
-
- property, plant and equipment
2.1
(3.9)
- bearer plants
7.9
-
- debtors
111.6
208.5
Fair value changes of:
- investment properties
(6.4)
(13.6)
- investment
9.6
443.5
- agricultural produce
(4.8)
10.2
(Profit)/loss on disposal of:
- intangible assets
0.1
-
- right-of-use assets
(2.3)
(9.5)
- property, plant and equipment
(6.6)
(6.4)
- bearer plants
-
0.2
- associate and joint venture
(0.5)
-
- investments
(3.5)
(3.3)
Loss on disposal/write-down of receivables from collateral vehicles
59.7
53.7
Amortisation of borrowing costs for financial services companies
9.7
9.7
Write-down of stocks
33.5
14.6
Changes in provisions
32.9
28.5
Foreign exchange loss
(10.4)
37.7
975.8
1,114.7
Operating profit before working capital changes
3,524.8
3,286.3
Changes in working capital:
Properties for sale
(27.6)
55.9
Stocks
78.0
(446.1)
Concession rights
(77.3)
(20.0)
Financing debtors (2)
(291.0)
(331.1)
Debtors
(8.7)
(831.0)
Creditors (3)
(919.7)
1,054.8
Pensions
36.5
22.0
(1,209.8)
(495.5)
Cash flows from operating activities
2,315.0
2,790.8
(1) Increase in financing charges mainly due to higher levels of net debt
(2) Increase in financing debtors balance due mainly to higher financing activities
(3) Decrease in creditors balance due mainly to lower trade purchases
13 Interested person transactions
Aggregate value of all interested person transactions (excluding transactions less than S$100,000 and transactions conducted under shareholders' mandate pursuant to Rule 920)
Aggregate value of all interested person transactions
conducted under shareholders' mandate pursuant to Rule 920 (excluding transactions less than S$100,000)
Name of interested person and nature of transaction
Nature of relationship
US$m
US$m
Three months ended 31st December 2019
Jardine Engineering (S) Pte Ltd
Associate of the Company's controlling shareholder
- MEP infrastructure upgrade works
-
0.9
- replacement of variable refrigerant volume
-
0.2
Jardine International Motors Limited
Associate of the Company's controlling shareholder
- management consultancy services
1.0
-
Jardine International Motors (S) Pte. Limited
Associate of the Company's controlling shareholder
- management consultancy services
0.1
-
- rental of premises
-
0.2
Jardine Matheson Limited
Associate of the Company's controlling shareholder
- management support services
-
1.4
- cyber security services
-
0.2
Jardine Matheson & Co., Ltd
Associate of the Company's controlling shareholder
- human resource and administration services
-
0.2
Jardine Matheson (Singapore) Ltd
Associate of the Company's controlling shareholder
- rental of premises
-
0.1
Unicode Investments Limited
Associate of the Company's controlling shareholder
- subscription of shares in a joint venture
2.7
-
PT Astra Land Indonesia
Associate of the Company's controlling shareholder
- subscription of shares by a subsidiary
2.7
-
Benjamin Herrenden Birks
Director of the Company
- purchase of a motor vehicle
0.1
-
6.6
3.2
Aggregate value of all interested person transactions (excluding transactions less than S$100,000 and transactions conducted under shareholders' mandate pursuant to Rule 920)
Aggregate value of all interested person transactions
conducted under shareholders' mandate pursuant to Rule 920 (excluding transactions less than S$100,000)
Name of interested person and nature of transaction
Nature of relationship
US$m
US$m
Year ended 31st December 2019
Hongkong Land Ltd
Associate of the Company's controlling shareholder
- management support services
-
0.2
Jardine Engineering (S) Pte Ltd
Associate of the Company's controlling shareholder
- MEP infrastructure upgrade works
-
0.9
- replacement of variable refrigerant volume
-
0.2
Jardine International Motors Limited
Associate of the Company's controlling shareholder
- management consultancy services
1.6
-
Jardine International Motors (S) Pte. Limited
Associate of the Company's controlling shareholder
- management consultancy services
0.3
-
- rental of premises
-
0.2
Jardine Matheson Limited
Associate of the Company's controlling shareholder
- management support services
-
4.4
- cyber security services
-
0.2
Jardine Matheson & Co., Ltd
Associate of the Company's controlling shareholder
- human resource and administration services
-
0.2
Jardine Matheson (Singapore) Ltd
Associate of the Company's controlling shareholder
- rental of premises
-
0.1
ZungFu Company Ltd
Associate of the Company's controlling shareholder
- human resource capital management services
-
0.1
Unicode Investments Limited
Associate of the Company's controlling shareholder
- subscription of shares in a joint venture
2.7
-
PT Astra Land Indonesia
Associate of the Company's controlling shareholder
- subscription of shares by a subsidiary
2.7
-
Benjamin Herrenden Birks
Director of the Company
- purchase of a motor vehicle
0.1
-
7.4
6.5
14 Additional information
Group
Restated
2019
2018
Change
US$m
US$m
%
Astra International
Automotive
268.9
271.7
-1
Financial services
215.9
171.4
26
Heavy equipment, mining, construction & energy
238.3
230.2
4
Agribusiness
4.5
43.2
-90
Infrastructure & logistics
9.9
6.7
48
Information technology
6.8
7.3
-7
Property
2.7
18.5
-85
747.0
749.0
-
Less: Withholding tax on dividend
(31.3)
(30.9)
1
715.7
718.1
-
Direct Motor Interests
Singapore
57.1
60.4
-5
Malaysia
(5.6)
1.7
nm
Myanmar
(4.3)
(4.9)
-12
Indonesia (Tunas Ridean)
18.8
17.5
7
Less: central overheads
(3.1)
(4.0)
-23
62.9
70.7
-11
Other Strategic Interests
Siam City Cement
23.5
20.2
16
Refrigeration Electrical Engineering
18.3
19.0
-4
Vinamilk
35.7
31.9
12
Truong Hai Auto Corporation
- automotive
46.3
65.8
-30
- real estate
1.7
7.2
-76
- agriculture
0.5
-
nm
48.5
73.0
-34
126.0
144.1
-13
Corporate costs
Central overheads
(23.5)
(18.9)
24
Dividend income from other investments
5.0
4.9
2
Net financing charges
(40.2)
(32.4)
24
Exchange differences
17.2
(30.5)
nm
(41.5)
(76.9)
-46
Underlying profit attributable to shareholders
863.1
856.0
1
15 Record Date
NOTICE IS HEREBY GIVEN that, subject to shareholders' approval being obtained at the forthcoming 51st Annual General Meeting of the Company ("AGM") for the proposed final one-tier tax-exempt dividend of US$0.69 per share for the financial year ended 31st December 2019 (the "Final Dividend"), the Transfer Books and Register of Members of the Company will be closed from 5.00 p.m. on Friday, 15th May 2020 (the "Record Date") up to, and including Monday, 18th May 2020, for the purpose of determining shareholders' entitlement to the Final Dividend. Duly completed transfers of shares of the Company in physical scrip received by the Company's Share Registrar, M & C Services Private Limited at 112 Robinson Road #05-01, Singapore 068902 up to 5.00 p.m. on the Record Date will be registered before entitlements to the Final Dividend are determined.
Subject to approval being obtained as aforesaid, shareholders (being Depositors) whose securities accounts with The Central Depository (Pte) Limited are credited with shares of the Company as at 5.00 p.m. on the Record Date will rank for the Final Dividend.
The Final Dividend, if approved at the AGM, will be paid on 25th June 2020. Shareholders will have the option to receive the Final Dividend in Singapore dollars, and in the absence of any election, the Final Dividend will be paid in US dollars. Details on this elective will be furnished to shareholders after approval of the Final Dividend.
16 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 other than the non-trading items shown in Note 5 of this report.
The Company confirms that it has procured undertakings from all its directors and executive officers under Rule 720(1) of the Listing Manual.
On 22nd January 2020, the Group announced the purchase of an additional 17,250 shares in Refrigeration Electrical Engineering Corporation for an aggregate cash consideration of approximately US$0.03 million, increasing its shareholding from 29.008% to 29.014%.
No significant event or transaction other than as contained in this report has occurred between 1st January 2020 and the date of this report.
17 Notice pursuant to Rule 704(13) of the Listing Manual
Pursuant to Rule 704(13) of the SGX-ST Listing Manual, Jardine Cycle & Carriage Limited wishes to announce that no person occupying a managerial position in the Company or any of its principal subsidiaries is a relative of a director or chief executive officer or substantial shareholder of the Company.
- end -
For further information, please contact:
Jardine Cycle & Carriage Limited
Jeffery Tan Eng Heong
Tel: 65 64708111
The full text of the Financial Statements and Dividend Announcement for the year ended 31st December 2019 can be accessed through the internet at 'www.jcclgroup.com'.
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 or visit www.rns.com.ENDFR ZZGZZFVZGGZM
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