TIDMJDS TIDMJAR
RNS Number : 7819R
Jardine Strategic Hldgs Ltd
31 October 2019
To: Business Editor
31st October 2019
For immediate release
PT Astra International Tbk
2019 Third Quarter Financial Statements
The following announcement was issued today by the Company's
75%-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
Helen Smith (852) 3512 5023
31st October 2019
PT ASTRA INTERNATIONAL TBK
2019 THIRD QUARTER FINANCIAL STATEMENTS
Highlights
-- Net earnings per share down 7% at Rp392
-- Motorcycle sales up 5% but car sales down 7%, both with increased market shares
-- Higher earnings contribution from financial services and gold mining operations
-- Heavy equipment, coal mining and agribusiness activities impacted by lower commodity prices
"While the Group's full year result is expected to continue to
benefit from an improved performance from financial services and
the contribution from the newly acquired gold mine, concerns remain
over relatively weak domestic consumption and low commodity
prices."
Prijono Sugiarto
President Director
Group Results
For the period ended 30th September
2019 2018 Change
Rp bn Rp bn %
---------------- --------------- -------
Net revenue 177,044 174,881 1
---------------- --------------- -------
Net income* 15,868 17,073 (7)
---------------- --------------- -------
Rp Rp
---------------- --------------- -------
Net earnings per share 392 422 (7)
---------------- --------------- -------
As at 30th As at 31st Change
September 2019 December 2018 %
Rp bn Rp bn
---------------- --------------- -------
Shareholders' funds** 142,885 136,947 4
---------------- --------------- -------
Rp Rp
---------------- --------------- -------
Net asset value per
share** 3,529 3,383 4
---------------- --------------- -------
* Net income is profit attributable to owners of the parent,
i.e. Astra International shareholders.
** Shareholders' funds and net asset value per share are based
on equity attributable to owners of the parent.
The financial results for the nine months ended 30th September
2019 and 2018 as well as the financial position as at 30th
September 2019 have been prepared in accordance with Indonesian
Financial Accounting Standards and are unaudited. The financial
position as at 31st December 2018 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
Overview
The Group's net earnings were 7% lower during the first nine
months of 2019, compared with the same period last year, mainly due
to lower contributions from its automotive and agribusiness
divisions, which more than offset a higher contribution from its
financial services division.
Performance
The Group's consolidated net revenue for the period increased by
1% to Rp177.0 trillion, mainly due to higher revenue from its heavy
equipment, mining, construction and energy, financial services, and
infrastructure and logistics divisions, which more than offset
declines in the automotive and agribusiness divisions.
The Group's net income was Rp15.9 trillion, 7% lower than the
same period in 2018. The net asset value per share at 30th
September 2019 was Rp3,529, 4% higher than at the end of 2018.
Net debt, excluding the Group's financial services subsidiaries,
was Rp17.7 trillion at 30th September 2019, compared with Rp13.0
trillion at the end of 2018, mainly due to the Group's new toll
road and Gojek investments, as well as capital expenditure in its
mining contracting operation. The Group's financial services
subsidiaries had net debt of Rp47.1 trillion at 30th September
2019, compared with Rp47.7 trillion at the end of 2018.
Business Activities
Net income attributable to shareholders by business segment was
as follows:
Net Income Attributable to Astra
International
For the period ended 30th September
----------------------------------------
2019 2018 Change
Rp bn Rp bn %
------------ ------------ ------------
Automotive 6,060 7,013 (14)
------------ ------------ ------------
Financial Services 4,306 3,452 25
------------ ------------ ------------
Heavy Equipment, Mining, Construction
and Energy 5,140 5,428 (5)
------------ ------------ ------------
Agribusiness 89 896 (90)
------------ ------------ ------------
Infrastructure and Logistics 155 112 38
------------ ------------ ------------
Information Technology 77 106 (28)
------------ ------------ ------------
Property 41 66 (38)
------------ ------------ ------------
Attributable Net Income 15,868 17,073 (7)
------------ ------------ ------------
Automotive
Net income from the Group's automotive division fell by 14% to
Rp6.1 trillion, mainly due to lower car sales volumes, increased
manufacturing costs, and the effect of foreign exchange
translation. Highlights were as follows:
-- Astra's car sales were 7% lower at 396,000 units. The overall
wholesale market declined by 12% to 754,000 units (source:
Gaikindo). Astra's market share increased from 50% to 53%. 14 new
models and 7 revamped models were launched during the period.
-- The wholesale market for motorcycles increased by 4% to 4.9
million units. Astra Honda Motor's sales increased by 5% to 3.7
million units, with its market share slightly up at 75% (source:
Ministry of Industry). 6 new models and 19 revamped models were
launched during the period.
-- The Group's 80%-owned components business, Astra Otoparts,
reported a 24% increase in net income at Rp512 billion, mainly due
to higher revenue from the replacement market and lower production
costs.
Financial Services
Net income from the Group's financial services division
increased by 25% to Rp4.3 trillion, mainly due to a larger loan
portfolio and an improvement in non-performing loans. Highlights
were as follows:
-- The Group's consumer finance businesses saw a 7% increase in
the amount financed to Rp64.2 trillion. The net income contribution
from the Group's car-focused finance companies increased by 31% to
Rp1.1 trillion, mainly due to lower non-performing loan losses. The
net income contribution from the Group's motorcycle-focused
business, Federal International Finance, increased by 8% to Rp1.9
trillion, mainly due to a larger loan portfolio.
-- The Group's heavy equipment-focused finance operations saw a
17% decrease in the amounts financed to Rp3.1 trillion. The net
income contribution from this segment grew 27% to Rp76 billion,
with lower loan provisions.
-- 44.6%-owned Permata Bank reported a 121% increase in net
income to Rp1.1 trillion, due to improved revenue and lower loan
impairment levels, attributable to improved loan quality and
recoveries from non-performing loans. The bank's gross and net
non-performing loan ratios improved to 3.3% and 1.2%, respectively,
compared to 4.4% and 1.7% at the end of 2018.
-- General insurance company, Asuransi Astra Buana, reported a
6% growth in net income at Rp809 billion, due to increased
investment income.
-- The Group's life insurance joint venture, Astra Aviva Life,
acquired more than 723,000 new individual life customers and
140,000 new participants for its corporate employee benefits
programmes.
Heavy Equipment, Mining, Construction and Energy
Net income from the Group's heavy equipment, mining,
construction and energy division decreased by 5% to Rp5.1 trillion,
principally due to foreign exchange translation, where a
significant gain was recorded in the prior year. Excluding foreign
exchange translation, net income would have been slightly higher,
mainly due to the contribution from the new gold mining operation
and improved mining contracting volume, partly offset by lower
heavy equipment sales, which were impacted by lower coal prices,
and lower earnings from the general contracting business.
Highlights were as follows:
-- 59.5%-owned United Tractors reported a 5% decrease in net income to Rp8.6 trillion.
-- Komatsu heavy equipment sales fell 30% to 2,568 units, while
parts and service revenues were stable.
-- Mining contractor Pamapersada Nusantara recorded a 5% higher
overburden removal volume at 750 million bank cubic metres, and a
7% higher coal production at 96 million tonnes.
-- United Tractors' coal mining subsidiaries achieved 11% higher
coal sales at 6.4 million tonnes, including 0.8 million tonnes of
coking coal, but were affected by lower coal prices.
-- Agincourt Resources, 95%-owned by United Tractors, achieved gold sales of 306,000 oz.
-- General contractor Acset Indonusa, 50.1%-owned by United
Tractors, reported a net loss of Rp752 billion, compared to a net
income of Rp91 billion in the first nine months of 2018, mainly due
to increased project and funding costs for several ongoing
contracts.
Agribusiness
Net income from the Group's agribusiness division was down 90%
at Rp89 billion. Highlights were as follows:
-- 79.7%-owned Astra Agro Lestari reported a 90% decline in net
income to Rp111 billion, primarily due to a fall in crude palm oil
prices.
-- Average crude palm oil prices fell 16% to Rp6,449/kg.
-- Crude palm oil and derivatives sales increased by 10% to 1.7 million tonnes.
Infrastructure and Logistics
Net income from the Group's infrastructure and logistics
division increased by 38% to Rp155 billion, mainly due to improved
revenue from its operational toll roads. Highlights were as
follows:
-- The Group has interests in 339km of operational toll roads
along the Trans-Java network and a further 11km currently under
construction in the Jakarta Outer Ring Road.
-- Toll revenue increased due to a 22% higher traffic volume in
the Group's operational concessions, following the completion of
the Trans-Java network in December 2018.
-- Serasi Autoraya's net income decreased by 23% to Rp147
billion, due to a reduction in vehicles under lease and lower used
car sales.
Information Technology
Net income from the Group's information technology division was
28% lower at Rp77 billion.
76.9%-owned Astra Graphia reported a 28% lower net income at
Rp100 billion, due to lower operating profit margins, despite
increased revenue from its document solution and office service
solution businesses.
Property
Net income from the Group's property division was 38% lower at
Rp41 billion, mainly due to reduced development earnings recognised
from Anandamaya Residences, as a result of the completion of
construction in 2018.
The Group's other projects include interests in Arumaya in South
Jakarta, Asya in East Jakarta (both of which are residential
projects) and a 3-hectare residential and commercial development in
Jakarta's Central Business District.
Prospects
While the Group's full year result is expected to continue to
benefit from an improved performance from financial services and
the contribution from the newly acquired gold mine, concerns remain
over relatively weak domestic consumption and low commodity
prices.
Prijono Sugiarto
President Director
31st October 2019
For further information, please contact:
PT Astra International Tbk
Pongki Pamungkas, Chief of Corporate Affairs
Tel: +62 - 21 - 5084 3888
- end -
About Astra
PT Astra International Tbk was established in 1957 in Jakarta as
a general trading company under the name Astra International Inc.
In 1990, for the purpose of the company's initial public offering
(IPO), the name of the company changed to PT Astra International
Tbk, followed by listing its shares on the Indonesia Stock Exchange
under the ticker code ASII.
Astra has developed its business by implementing a business
model based on synergies and diversification within seven business
segments, consisting of: 1) Automotive, 2) Financial Services, 3)
Heavy Equipment, Mining, Construction & Energy, 4)
Agribusiness, 5) Infrastructure and Logistics, 6) Information
Technology and 7) Property.
Astra conducts business operations in all parts of Indonesia
under the management of more than 230 subsidiaries, joint ventures
and associates companies, and was supported by more than 226,000
employees, as of September 2019.
As one of the largest national business groups today, Astra has
built a strong reputation through offering a range of quality
products and services, taking into account the implementation of
good corporate governance and environmental governance. Astra
always aspires to be the pride of the nation that participates in
efforts to improve the welfare of the Indonesian people.
Therefore, Astra's business activities strive to apply a
balanced mix in the commercial aspects of business and non-business
contributions through 9 foundations and a variety of sustainable
social responsibility programmes in the fields of health,
education, the environment and the development of small and
medium-sized enterprises (SMEs). Astra initiated the Semangat Astra
Terpadu Untuk (SATU) Indonesia Awards programme, which has entered
a decade this year, and has given recognition awards to 305 young
Indonesians, consisting of 59 national level recipients and 246
provincial level recipients in the fields of Health, Education, the
Environment, Entrepreneurship and Technology, which are integrated
with Astra's wide range of community activities through 85 Kampung
Berseri Astra and 645 Desa Sejahtera Astra initiated in 34
provinces throughout Indonesia.
For further information, please visit www.astra.co.id &
www.satu-indonesia.com.
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END
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