TIDMJDS TIDMJAR
RNS Number : 2313E
Jardine Strategic Hldgs Ltd
27 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 DIVID ANNOUNCEMENT
Highlights
-- Underlying profit at US$863 million
-- Stable performance from Astra
-- Direct Motor Interests down due to Singapore and Malaysia
-- Other Strategic Interests impacted by Thaco's lower
automotive profits
"Jardine Cycle & Carriage delivered a stable performance in
2019. Astra saw strong contributions from financial services and
the new gold mining operations, but its automotive, heavy
equipment, and agribusiness results were impacted by relatively
weaker domestic consumption and lower commodity prices. Truong Hai
Auto Corporation saw lower performance from its automotive business
as a result of increased competition.
In 2020, market conditions in Indonesia are expected to remain
challenging and conditions generally in Southeast Asia may be
impacted by COVID-19."
Ben Keswick, Chairman
Group Results
-------------------------------- -------------------------- --------- --------- -------
Year ended 31st December
----------------------------------- --------------------------------------------------------
Restated
2019 2018 Change 2019
US$m US$m % S$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
----------------------------------- ------------------------- --------- --------- -------
USc USc Sc
----------------------------------- ------------------------- --------- --------- -------
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$25
million, by way of a public tender offer and market purchases.
Dividends
The Board is recommending a final one-tier tax exempt dividend
of USc69 per share (2018: USc69 per share) which, together with the
interim dividend, will produce a total dividend for the year of
USc87 per share (2018: USc87 per share).
People
On behalf of the Board, I would like to express our appreciation
to our more than 250,000 employees across the region for their
continuing hard work and dedication in what remains a challenging
business environment.
Mr Hassan Abas will be retiring as a director at the close of
the upcoming Annual General Meeting in April 2020, after more than
27 years on the Board. He has also served as the Lead Independent
Director, chairman of the Audit and Remuneration Committees, and as
a member of the Nominating Committee for a number of years. On
behalf of the Board, I would like to record our thanks for his
valuable contribution to the Group.
Outlook
In 2020, market conditions in Indonesia are expected to remain
challenging and conditions generally in Southeast Asia may be
impacted by COVID-19.
Ben Keswick
Chairman
GROUP MANAGING DIRECTOR'S REVIEW
Group Review
The Group's structure comprises three business pillars: (i)
Astra; (ii) Direct Motor Interests ("DMI"), which consists of the
Group's non-Astra automotive businesses; and (iii) Other Strategic
Interests, which covers a range of business interests and which now
includes Thaco following its expansion beyond automotive into
property and agriculture. The contribution to JC&C's underlying
profit attributable to shareholders by business segments was as
follows:
Contribution to JC&C's underlying
profit
Year ended 31st December
-------------------------------- --------------------------------------
Restated
2019 2018 Change
Business segments US$m US$m %
-------------------------------- ---------- ------------ ------------
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 r
eported 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 infrastru c ture 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 c rude 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:
-- C ycle & 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$m %
Revenue 3 18,591.1 18,991.8 -2
Net operating costs 2 (16,394.7) (17,267.7) -5
Operating profit 2,196.4 1,724.1 27
Financing income 93.0 92.1 1
Financing charges (362.7) (260.4) 39
----------- -----------
Net financing charges (269.7) (168.3) 60
Share of associates'
and joint
ventures' results after
tax 622.3 615.8 1
Profit before tax 2,549.0 2,171.6 17
Tax (573.5) (595.1) -4
Profit after tax 3 1,975.5 1,576.5 25
=========== ===========
Profit attributable to:
Shareholders of the Company 881.4 417.6 111
Non-controlling interests 1,094.1 1,158.9 -6
1,975.5 1,576.5 25
=========== ===========
USc USc
----------------------------- ----- ----------- ----------- -------
Earnings per share 5 223 106 111
----------------------------- ----- ----------- ----------- -------
Jardine Cycle & Carriage Limited
Consolidated Statement of Comprehensive Income for the year
ended 31st December 2019
-------------------------------------------------------------
Restated
2019 2018
US$m US$m
Profit for the year 1,975.5 1,576.5
Items that will not be reclassified
to profit or loss:
-------- ---------
Asset revaluation
- surplus during the year 0.2 3.3
Remeasurements of defined benefit
pension plans (29.7) 14.1
Tax on items that will not be reclassified 6.9 (3.5)
Share of other comprehensive income/(expense)
of
associates and joint ventures, net
of tax (14.1) 3.9
---------
(36.7) 17.8
Items that may be reclassified subsequently
to profit or loss:
Translation difference
- gain/(loss) arising during the
year 501.1 (756.2)
Financial assets at FVOCI(1)
- gain/(loss) arising during the
year 20.2 (22.5)
- transfer to profit and loss (1.0) (2.9)
Cash flow hedges
- gain/(loss) arising during the
year (130.1) 52.5
- transfer to profit and loss 1.6 0.4
Tax relating to items that may be
reclassified 31.3 (12.1)
Share of other comprehensive income/(expense)
of
associates and joint ventures, net
of tax (43.6) 13.7
379.5 (727.1)
Other comprehensive income/(expense)
for the year 342.8 (709.3)
Total comprehensive income for the
year 2,318.3 867.2
======== =========
Attributable to:
Shareholders of the Company 1,064.2 104.8
Non-controlling interests 1,254.1 762.4
2,318.3 867.2
======== =========
(1) Fair value through other comprehensive income ("FVOCI")
Jardine Cycle & Carriage Limited
Consolidated Balance Sheet at 31st December 2019
--------------------------------------------------
Restated Restated
At At At
Note 31.12.2019 31.12.2018 1.1.2018
US$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
Fair
Asset value to non-
and
Share Revenue revaluation Translation 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$m
Profit for the year 358.3 257.4
Item s that may be reclassified subsequently
to profit or loss:
------ -----------
Translation difference
- gain/(loss) arising during the year 32.7 (51.8)
Other comprehensive income/(expense)
for the year 32.7 (51.8)
Total comprehensive income for the
year 391.0 205.6
====== ===========
Jardine Cycle & Carriage Limited
Company Statement of Changes in Equity for the year ended 31st
December 2019
----------------------------------------------------------------
Share Revenue Translation Total
capital reserve reserve equity
US$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:
(0.1) -
* intangible assets nm
* right-of-use assets 2.3 9.5 -76
* property, plant and equipment 6.6 6.4 3
- bearer plants - (0.2) -100
0.5 -
* associates and joint ventures 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$m
Dividend paid:
Final one-tier tax exempt dividend in
respect of previous year of 275.4 267.4
USc69 per share (2018: in respect of
2017 of USc68)
Interim one-tier tax exempt dividend
in respect of current year of 71.9 72.0
USc18 per share (2018: USc18)
--------- ---------
347.3 339.4
========= =========
The Board is recommending a final dividend of USc69 per share
which, together with the interim dividend of USc18 per share , will
give a total dividend for the year of USc87 per share.
5 Earnings per share
Group
Restated
2019 2018
US$m US$m
Basic earnings per share
Profit attributable to shareholders 881.4 417.6
Weighted average number of ordinary shares
in issue (millions) 395.2 395.2
Basic earnings per share USc223 USc106
======= =========
Diluted earnings per share USc223 USc106
======= =========
Underlying earnings per share
Underlying profit attributable to shareholders 863.1 856.0
Basic underlying earnings per share USc218 USc217
======= =========
Diluted underlying earnings per share USc218 USc217
======= =========
As at 31st December 2018 and 2019, there were no dilutive
potential ordinary shares in issue.
A reconciliation of the profit attributable to shareholders and
underlying profit attributable to shareholders is as follows:
Group
Restated
2019 2018
US$m US$m
Profit attributable to shareholders 881.4 417.6
Less: Non-trading items (net of tax and non-controlling
interests)
------- ---------
Fair value changes of agricultural produce 1.4 (3.0)
Fair value changes of investment properties 3.3 6.5
Fair value changes of investment (6.8) (441.9)
Net gain on disposal of interests in joint 0.2 -
ventures
Share of associate's negative goodwill arising
from business 20.2 -
combination
18.3 (438.4)
------- ---------
Underlying profit attributable to shareholders 863.1 856.0
======= =========
Non-trading items are separately identified to provide greater
understanding of the Group's underlying business performance. Items
classified as non-trading items include fair value gains or losses
on revaluation of investment properties, agricultural produce and
equity investments which are measured at fair value through profit
and loss; gains and losses arising from the sale of businesses,
investments and properties; impairment of non-depreciable
intangible assets and other investments; provisions for closure of
businesses; acquisition-related costs in business combinations; and
other credits and charges of a non-recurring nature that require
inclusion in order to provide additional insight into the Group's
underlying business performance.
6 Segment information
Operating segments are identified on the basis of internal
reports about components of the Group that are regularly reviewed
by the Board for the purpose of resource allocation and performance
assessment. Set out below is an analysis of the segment
information:
Direct Other Non-
Motor Strategic Corporate trading
Astra Interests Interests Costs items Group
US$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 Aggregate value
of all interested of all interested
person transactions person transactions
(excluding transactions conducted under
less than S$100,000 shareholders' mandate
and transactions pursuant to Rule
conducted under 920 (excluding
shareholders' mandate transactions less
pursuant to Rule than S$100,000)
920)
-------------------------- -------------------------
Name of interested person Nature of relationship US$m US$m
and nature
of transaction
Three months ended 31st
December
2019
Jardine Engineering (S) Associate of the
Pte Ltd Company's controlling
shareholder
- MEP infrastructure
upgrade works - 0.9
- replacement of
variable refrigerant
volume - 0.2
Jardine International Associate of the
Motors Limited Company's controlling
shareholder
- management consultancy 1.0 -
services
Jardine International Associate of the
Motors (S) Company's controlling
Pte. Limited shareholder
- management consultancy 0.1 -
services
- 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., Associate of the
Ltd Company's controlling
shareholder
- human resource and
administration
services - 0.2
Jardine Matheson Associate of the
(Singapore) Ltd Company's controlling
shareholder
- rental of premises - 0.1
Unicode Investments Associate of the
Limited Company's controlling
shareholder
- subscription of shares 2.7 -
in a joint
venture
PT Astra Land Indonesia Associate of the
Company's controlling
shareholder
- subscription of shares 2.7 -
by a subsidiary
Benjamin Herrenden Birks Director of the Company
- purchase of a motor 0.1 -
vehicle
6.6 3.2
========================= =======================
Aggregate value Aggregate value
of all interested of all interested
person transactions person transactions
(excluding transactions conducted under
less than S$100,000 shareholders'
and transactions mandate pursuant
conducted under to Rule 920 (excluding
shareholders' transactions
mandate pursuant less than S$100,000)
to Rule 920)
------------------------
Name of interested Nature of relationship US$m US$m
person and
nature of transaction
Year ended 31st
December 2019
Hongkong Land Ltd Associate of the
Company's controlling
shareholder
- management support services - 0.2
Jardine Engineering Associate of the
(S) Pte Company's controlling
Ltd shareholder
- MEP infrastructure upgrade
works - 0.9
- replacement of variable refrigerant
volume - 0.2
Jardine International Associate of the
Motors Company's controlling
Limited shareholder
- management 1.6 -
consultancy services
Jardine International Associate of the
Motors Company's controlling
(S) Pte. Limited shareholder
- management 0.3 -
consultancy services
- rental of premises - 0.2
Jardine Matheson Associate of the
Limited Company's controlling
shareholder
- management support services - 4.4
- cyber security services - 0.2
Jardine Matheson & Co., Associate of the
Ltd Company's controlling
shareholder
- human resource and administration
services - 0.2
Jardine Matheson Associate of the
(Singapore) Company's controlling
Ltd shareholder
- rental of premises - 0.1
ZungFu Company Ltd Associate of the
Company's controlling
shareholder
- human resource capital management
services - 0.1
Unicode Investments Associate of the
Limited Company's controlling
shareholder
- subscription of 2.7 -
shares in
a joint venture
PT Astra Land Indonesia Associate of the
Company's controlling
shareholder
- subscription of 2.7 -
shares by
a subsidiary
Benjamin Herrenden Director of the Company
Birks
- purchase of a motor 0.1 -
vehicle
7.4 6.5
======================== ========================
14 Additional information
Group
Restated
2019 2018 Change
US$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.
END
FR ZZGZZFVZGGZM
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