TIDMJDS
RNS Number : 8680P
Jardine Strategic Hldgs Ld
30 October 2012
To: Business Editor 31st October 2012
For immediate release
PT Astra International Tbk
2012 Third Quarter Financial Statements
The following announcement was issued today by the Company's
72%-owned subsidiary, Jardine Cycle & Carriage Limited, which
holds 50.1% of PT Astra International Tbk.
For further information, please contact:
Jardine Matheson Limited
Neil M McNamara (852) 2843 8227
GolinHarris
Kennes Young (852) 2501 7987
31st October 2012
PT ASTRA INTERNATIONAL TBK
2012 THIRD QUARTER FINANCIAL STATEMENTS
Highlights
-- Net earnings per share up 9% to Rp 362
-- Unit sales of cars up by 24% and motorcycles 3% lower
-- Komatsu unit sales down by 15%
-- Overburden removal and coal extraction up by 8%
"The Group's good result for the first nine months of the year
has been driven primarily by strong car sales. Slowing demand in
the heavy equipment business reflects weakening coal prices, while
a recent fall in CPO prices is also affecting profitability.
Although the prospects for our businesses remain sound and the
Group is expected to produce a satisfactory result for the full
year, the fall in commodity prices has resulted in a less certain
outlook."
Prijono Sugiarto
President Director
31st October 2012
Group Results
Nine months ended 30th September
--------------------------------------------
2012 2011 Change
Rp bn Rp bn %
----------------------------- ---------------- --------------- ---------
Net revenue 143,138 119,530 20
----------------------------- ---------------- --------------- ---------
Net income * 14,671 13,441 9
----------------------------- ---------------- --------------- ---------
Rp Rp
----------------------------- ---------------- --------------- ---------
Net earnings per share 362 332 9
As at 30th As at 31st
September 2012 December 2011 Change
Rp bn Rp bn %
----------------------------- ---------------- --------------- ---------
Shareholders' funds** 66,518 60,449 10
----------------------------- ---------------- --------------- ---------
Rp Rp
----------------------------- ---------------- --------------- ---------
Net asset value per share** 1,643 1,493 10
----------------------------- ---------------- --------------- ---------
* Net income is profit attributable to owners of the parent.
** 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
2012 and 30th September 2011 as well as the financial position as
at 30th September 2012 have been prepared in accordance with
Indonesian Financial Accounting Standards. These results are
unaudited.
The financial position as at 31st December 2011 has been audited
in accordance with the auditing standards established by the
Indonesian Institute of Certified Public Accountants.
PRESIDENT DIRECTOR'S STATEMENT
Overview
The Group's results for the nine months ended 30th September
2012 were 9% ahead of 2011. Strong results from the Group's car
businesses were partially offset by a lower profit contribution
from the Group's palm oil and motorcycle businesses.
Performance
The Group recorded net income of Rp 14.7 trillion, an increase
of 9% over the same period in 2011. Net revenue was up 20% to Rp
143.1 trillion. Net earnings per share were 9% higher at Rp
362.
Astra's net asset value of Rp 1,643 per share at 30th September
2012 was 10% higher than at the end of 2011.
Overall net debt at 30th September 2012, exclusive of the
Group's financial services subsidiaries, was Rp 5.7 trillion,
compared to net debt of Rp 572 billion at the end of 2011, an
increase primarily due to investment and capital expenditure in the
heavy equipment and mining, automotive, and agribusiness segments.
The Group's financial services subsidiaries had net debt at 30th
September 2012 of Rp 36.0 trillion, compared to Rp 31.2 trillion at
year end, due to an increase in the volume financed.
Business Activities
The Group's activities are focused on six business segments -
automotive, financial services, heavy equipment and mining,
agribusiness, infrastructure and logistics, and information
technology.
Automotive
Net income from the Group's automotive businesses grew by 17% to
Rp 7.2 trillion, comprising Rp 3.7 trillion from the Company and
subsidiaries and Rp 3.5 trillion from its automotive associates and
jointly controlled entities. New minimum down-payment requirements
in automotive financing in mid-June 2012 adversely affected
motorcycle market sales, however, the impact on car sales was
mild.
The wholesale market for cars grew by 24% to 816,000 units.
Astra's car sales rose by 24% to 448,000 units with a stable market
share of 55%. Astra launched 17 new models and 26 revamped models
during the first nine months of 2012.
The wholesale market for motorcycles declined by 14% to 5.3
million units. Astra Honda Motor's sales declined by 3% to 3.1
million units, with its market share increasing from 52% to 58%.
During the first nine months of 2012, Astra Honda Motor launched 2
new models and 9 revamped models. The wholesale market for
motorcycles during 2012 has also been negatively impacted by a
tightening of underwriting standards at certain third-party
consumer finance companies.
Astra Otoparts, the Group's 95.7%-owned component manufacturing
business, reported a net income of Rp 767 billion, an increase of
2%. The 13% increase in revenue, which was mainly in respect of the
OEM and replacement markets, was largely offset by higher raw
material and labour costs that could not be fully passed on to
customers.
Financial Services
Net income from the Group's financial services businesses grew
by 9% to Rp 2.8 trillion.
The aggregated amount financed through Astra's
automotive-focused consumer finance operations, Federal
International Finance, Astra Credit Companies and Toyota Astra
Financial Services, grew by 3% to Rp 38.6 trillion, including
balances financed through joint bank financing without recourse.
The aggregated amount financed through Astra's heavy
equipment-focused finance operations, Surya Artha Nusantara Finance
and Komatsu Astra Finance, grew by 12% to Rp 5.8 trillion.
Astra's 44.5%-held joint venture, Bank Permata, reported net
income of Rp 1.1 trillion, an increase of 16%, with growth in net
interest income and fee-based income partly offset by higher
operating costs. Group insurance company, Asuransi Astra Buana,
recorded slightly higher earnings with strong growth in gross
written premiums, partly offset by higher commissions and claims
expenses.
Heavy Equipment and Mining
The Group's net income from its heavy equipment and mining
businesses grew by 3% to Rp 2.7 trillion.
United Tractors, which is 59.5%-owned, reported net income up 3%
at Rp 4.5 trillion as net revenue rose 11%.
In the construction machinery business, net revenue decreased by
5% as sales of Komatsu heavy equipment fell 15% to 5,455 units,
following a decline in mining sector demand due to the fall in coal
prices, and increased competition from excess production redirected
from the Chinese market. The effect was partly mitigated by strong
spare parts and service revenue growth.
The mining contracting operations of subsidiary Pamapersada
Nusantara reported a 26% improvement in net revenue as contract
coal production increased 8% to 69 million tonnes and contract
overburden removed rose 8% to 634 million bcm.
While United Tractors' mining subsidiaries reported an increase
in net revenue of 28%, with coal sales increasing 41% to 4.5
million tonnes, a decline in average coal sale prices and increased
fuel costs negatively impacted gross profit margins. United
Tractors and its subsidiaries own interests in 9 coal mines with
combined reserves estimated at 380 million tonnes.
Agribusiness
The Group's net income from agribusiness decreased by 10% to Rp
1.3 trillion.
Astra Agro Lestari, which is 79.7%-held, reported net income for
the first nine months of Rp 1.7 trillion, 10% down. While average
crude palm oil prices achieved were marginally lower compared with
the same period last year, palm oil production increased 11% to 1
million tonnes, leading to an 8% increase in revenue. However, net
income fell owing to higher production costs and operating
expenses.
Infrastructure and Logistics
Net income from infrastructure and logistics fell by 2% to Rp
472 billion, as 2011 benefited from the reversal of a tax
provision, excluding which net income rose 22%.
The 72.5 km Tangerang-Merak toll road operated by 79.3%-owned
Marga Mandalasakti reported a 16% increase in traffic volume in the
first nine months to 28 million vehicles on higher average tariffs.
The Group's 95%-owned greenfield 40.5 km Kertosono-Mojokerto toll
road near Surabaya, which was acquired in late 2011, remains under
construction and is expected to be completed in 2013 subject to the
timely completion of land acquisitions.
PAM Lyonnaise Jaya, which operates the western Jakarta water
utility system, increased its sales volume by 4% to 118 million
cubic metres.
Serasi Autoraya's improved profit was supported by a 19%
increase in vehicles under contract at its TRAC car rental business
to over 31,000 units.
Information Technology
Net income from information technology grew by 16% to Rp 82
billion.
Astra Graphia, 76.9%-owned, which is active in the area of
information technology solutions and is the sole distributor of
Fuji Xerox equipment in Indonesia, reported net income of Rp 107
billion, up 16%.
Prospects
The Group's good result for the first nine months of the year
has been driven primarily by strong car sales. Slowing demand in
the heavy equipment business reflects weakening coal prices, while
a recent fall in CPO prices is also affecting profitability.
Although the prospects for our businesses remain sound and the
Group is expected to produce a satisfactory result for the full
year, the fall in commodity prices has resulted in a less certain
outlook.
Prijono Sugiarto
President Director
31st October2012
For further information, please contact:
PT Astra International Tbk
Arief Istanto, Chief of Corporate Communication
Tel: + 62 - 21 - 6530 4956
This information is provided by RNS
The company news service from the London Stock Exchange
END
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