TIDMJDS TIDMJAR
RNS Number : 2235E
Jardine Strategic Hldgs Ltd
27 February 2020
To: Business Editor 27th February 2020
For immediate release
PT Astra International Tbk
2019 Full Year 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
Ben Fry (65) 9017 9886
27th February 2020
PT ASTRA INTERNATIONAL TBK (the Company)
201 9 FULL YEAR FINANCIAL STATEMENTS
Highlights
-- Net earnings per share stable at Rp536
-- Motorcycle sales up 3% but car sales down 8%, both with increased
market shares
-- Higher earnings contribution from financial services and gold
mining operation
-- Heavy equipment, coal mining and agribusiness activities impacted
by lower commodity prices
"The Group's full year result in 2019 was impacted by relatively
weak domestic consumption and low commodity prices, but benefited
from an improved performance from financial services and the strong
contribution from the Group's newly acquired gold mine. The outlook
for 2020 remains challenging given the uncertain external macro
environment, competition in the car market and weak commodity
prices. Nevertheless, we are encouraged that the Group is well
positioned to benefit from any improvement in economic conditions.
"
Prijono Sugiarto
President Director
Group Results
For the years ended 3 1st December
201 9 2018 Change
Rp bn Rp bn %
--------------- --------------- -------
Net revenue 237,166 239,205 (1)
--------------- --------------- -------
Net income* 21,707 21,673 0
--------------- --------------- -------
Rp Rp
--------------- --------------- -------
Net earnings per share 536 535 0
--------------- --------------- -------
As at 31st As at 31st Change
December 2019 December 2018 %
Rp bn Rp bn
--------------- --------------- -------
Shareholders' funds** 147,847 136,947 8
--------------- --------------- -------
Rp Rp
--------------- --------------- -------
Net asset value per
share** 3,652 3,383 8
--------------- --------------- -------
* 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 year ended 31st December 2019 and
2018 as well as the financial position as at 31st December 2019 and
2018 have been prepared in accordance with Indonesian Financial
Accounting Standards and audited in accordance with the auditing
standards established by the Indonesian Institute of Certified
Public Accountants.
PRESIDENT DIRECTOR'S STATEMENT
Overview
The Group's net earnings were stable, with lower contributions
from its agribusiness and automotive divisions offsetting a higher
contribution from its financial services division and gold mining
operation.
Performance
The Group's consolidated net revenue for the year decreased by
1% to Rp237.2 trillion, mainly due to lower revenue from its
automotive and agribusiness divisions, which more than offset
higher revenue from its financial services and infrastructure and
logistics divisions.
The Group's net income was Rp 21.7 trillion, a stable
performance compared to the previous year. The net asset value per
share at 31st December 2019 was Rp3,652, 8% higher than at the end
of 2018.
Net debt, excluding the Group's financial services subsidiaries,
was Rp22.2 trillion at 31st December 2019, compared with Rp13.0
trillion at the end of 2018, mainly due to the Group's additional
toll road and Gojek investments, as well as capital expenditure in
its mining contracting business. The Group's financial services
subsidiaries had net debt totalling Rp 45.8 trillion at 31st
December 2019, compared with Rp47.7 trillion at the end of
2018.
A final dividend of Rp157 per share (2018: Rp154 per share) will
be proposed at the Annual General Meeting of Shareholders of the
Company to be held in April 2020. The proposed final dividend,
together with the interim dividend of Rp57 per share (2018: Rp60
per share) which had been distributed in October 2019, will bring
the total dividend for the year 2019 to Rp214 per share (2018:
Rp214 per share).
Business Activities
Net income attributable to shareholders by business segment was
as follows:
Net Income Attributable to Astra
International
For the years ended 31st December
--------------------------------------
201 9 201 8 Change
Rp bn Rp bn %
------------ ----------- -----------
Automotive 8,396 8,518 (1)
------------ ----------- -----------
Financial Services 5,864 4,815 22
------------ ----------- -----------
Heavy Equipment, Mining, Construction
and Energy 6,711 6,630 1
------------ ----------- -----------
Agribusiness 168 1,146 (85)
------------ ----------- -----------
Infrastructure and Logistics 292 196 49
------------ ----------- -----------
Information Technology 193 208 (7)
------------ ----------- -----------
Property 83 160 (48)
------------ ----------- -----------
Attributable Net Income 21,707 21,673 0
------------ ----------- -----------
Automotive
Net income from the Group's automotive division fell by 1% to
Rp8.4 trillion, mainly due to lower car sales volumes and increased
manufacturing costs, partly offset by higher motorcycle sales
volumes. Highlights were as follows:
-- Astra's car sales were 8% lower at 536,000 units. The overall
wholesale market declined by 11 % to 1 . 0 3 million units in
2019 (source: Gaikindo). Astra's market share increased from
51% to 52 %. 15 new models and 11 revamped models were launched
during the year.
-- The wholesale market for motorcycles increased by 2 % to 6.5
million units in the year (source: Ministry of Industry). Astra
Honda Motor's sales increased by 3% to 4.9 million units with
a market share 76%, slightly increased compared to last year.
6 new models and 21 revamped models were launched during the
year.
-- The Group's 80%-owned components business, Astra Otoparts, reported
a 21% increase in net income at Rp 740 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 increase
d by 22 % to Rp5.9 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 an 8% increase in the amount financed to Rp87 trillion. The net
income contribution
from the Group's car-focused finance companies increased by 29% to Rp1.5 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 11% to Rp2.6 trillion, mainly due to a larger loan portfolio.
-- The Group's heavy equipment-focused finance operations saw an 18% decrease in the amounts financed to Rp4.3
trillion. The
net income contribution from this business grew, however, by 1 4 % to Rp98 billion, as a result of lower loan
loss provisions.
-- 44.6%-owned Permata Bank reported a 66% increase in net income to Rp1.5 trillion, 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.
-- In December 2019, the Group announced the agreement to sell its 44.6% stake in Permata Bank by entering a
Conditional Share
Purchase Agreement with Bangkok Bank Public Company Limited. Completion of the transaction is subject to certain
conditions
including approvals by the shareholders of Bangkok Bank and the receipt of the applicable regulatory approvals
in Indonesia
and Thailand, which it is hoped will all be achieved by the end of 2020.
-- General insurance company, Asuransi Astra Buana, reported 4% growth in net income to Rp1.1 trillion, due to
increased investment
income.
-- The Group's life insurance joint venture, Astra Aviva Life, acquired more than 1,203 ,000 new individual life
customers
and 188 ,000 new participants for its corporate employee benefits programmes in 2019.
Heavy Equipment, Mining, Construction and Energy
Net income from the Group's heavy equipment, mining,
construction and energy division increased by 1 % to Rp 6.7
trillion, 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:
-- 59.5%-owned United Tractors reported a 2% increase in net income to Rp11.3 trillion.
-- Komatsu heavy equipment sales fell by 40% to 2,926 units, while parts and service revenues were also lower.
-- Mining contractor Pamapersada Nusantara recorded a 1% higher overburden removal volume at 989 million bank cubic
metres,
and a 5% higher coal production at 131 million tonnes.
-- United Tractors' coal mining subsidiaries achieved 21% higher coal sales at 8.5 million tonnes, including 1. 2
million tonnes
of coking coal, but they were affected by lower coal prices.
-- Agincourt Resources, 95%-owned by United Tractors, achieved gold sales of 410,000 oz .
-- General contractor Acset Indonusa, 50.1%-owned by United Tractors, reported a net loss of Rp1.1 trillion,
compared to a
net income of Rp18 billion in the previous year, mainly due to increased project and funding costs for several
ongoing contracts.
Agribusiness
Net income from the Group's agribusiness division was down 85%
at Rp168 billion. Highlights were as follows:
-- 79.7%-owned Astra Agro Lestari reported an 85% decline in net income to Rp211 billion, primarily due to lower
crude palm
oil prices.
-- Average crude palm oil prices fell 8% to Rp6,689 /k g.
-- Crude palm oil and derivatives sales increased by 3% to 2.3 million tonnes.
Infras tru cture and Logistics
Net income from the Group's infrastru c ture and logistics
division increased by 49% to Rp292 billion, mainly due to improved
revenue from its operational toll roads. Highlights were as
follows:
-- The Group has interests in 350km of operational toll roads along the Trans-Java network and in the Jakarta Outer
Ring Road.
-- Toll revenue increased due to 2 2% higher traffic volume in the Group's operational concessions, following the
completion
of the Trans-Java network in December 2018 and Kunciran-Serpong toll road in December 2019.
-- Astra Tol Nusantara acquired 44.5% stake in Jasamarga Surabaya Mojokerto, the concession holder of the 36km
Surabaya-Mojokerto
toll road, in May 2019.
-- In November 2019, Astra Tol Nusantara completed the acquisition of an additional 10% stake in Lintas Marga
Sedaya, operator
of the 117km Cikopo-Palimanan toll road, bringing its ownership to 55%.
-- Serasi Autoraya's net income decreased by 17% to Rp250 billion, due to lower used car sales and a decline in its
car leasing
business.
-- As part of the collaboration between the Group and Gojek, a joint venture company was formed to provide fleet
management
support for GoCar, a ride-hailing online transportation system in Indonesia.
Information Technology
Net income from the Group's information technology division was 7 % lower at Rp 193 billion.
76.9%-owned Astra Graphia reported 7 % lower net income at Rp 25
1 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 48% lower at
Rp 83 billion, mainly due to reduced development earnings
recognised from Anandamaya Residences as a result of the completion
of its construction in 2018 .
The Group's other projects include interests in Arumaya in South
Jakarta and Asya in East Jakarta, both residential projects, and a
3-hectare residential and commercial development in Jakarta's
Central Business District.
Other Corporate Action
During the year a further investment of US$100 million was made
in Gojek, bringing Astra's total investment to US$250 million.
Prospects
The Group's full year result in 2019 was impacted by relatively
weak domestic consumption and low commodity prices, but benefited
from an improved performance from financial services and the strong
contribution from the Group's newly acquired gold mine. The outlook
for 2020 remains challenging given the uncertain external macro
environment, competition in the car market and weak commodity
prices. Nevertheless, we are encouraged that the Group is well
positioned to benefit from any improvement in economic
conditions.
Prijono Sugiarto
President Director
27th February 2020
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 235 subsidiaries, joint ventures
and associates companies, and was supported by more than 226,000
employees, as of December 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 Astra Untuk Indonesia Sehat, Astra
Untuk Indonesia Cerdas, Astra Untuk Indonesia Hijau and Astra Untuk
Indonesia Kreatif.
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 87 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, and follow Astra through 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 or visit www.rns.com.
END
FR KKABDBBKDOBB
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