TIDMJAR
RNS Number : 8820G
Jardine Matheson Hldgs Ltd
29 July 2021
To: Business Editor 29th July 2021
For immediate release
PT Astra International Tbk
2021 First Half 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
29th July 2021
PT ASTRA INTERNATIONAL Tbk (the Company or Astra)
2021 FIRST HALF FINANCIAL STATEMENTS
Highlights
-- Net earnings per share 61% higher (before gain on sale of investment in Permata Bank in 2020), but still
behind 2019 levels
-- Strong improvement in the automotive business, with car sales up 50 % and motorcycle sales up 2 9 %
-- Businesses of Astra group ("the Group") benefited from higher commodity price s
-- Strong balance sheet and funding position
"Most of the businesses of the Group improved in the first half
of 2021, compared with the same period in 2020, when the Group
experienced significant COVID-19 pandemic-related business
restrictions in the second quarter of 2020. Although business
conditions have improved, the Group's performance for the remainder
of the year remains challenging, given that business performance
and consumer confidence will still be impacted by the worsening
COVID-19 pandemic situation lately in Indonesia. The Group's
balance sheet and funding position remain strong.
Ensuring the health and safety of our employees amid the
deepening COVID-19 pandemic continues to be the Group's top
priority. The Group's greatest strength is our employees. The
efforts that all our employees have taken in responding to the
challenges faced have contributed to the Group's resilience during
these difficult times."
Djony Bunarto Tjondro
President Director
Astra Group Results
For the period ended 30th June
2021 20 20 Change
Rp bn Rp bn %
---------------- -------------------- -------
Net revenue 107,395 89,795 20
---------------- -------------------- -------
Net income (before
gain on sale of investment
in Permata Bank in
the first half 2020) 8,831 5,497 61
---------------- -------------------- -------
Net income 8,831 11,378 (2 2 )
---------------- -------------------- -------
Rp Rp
---------------- -------------------- -------
Net earnings per share
(before gain on sale
of investment in Permata
Bank) 218 137 61
---------------- -------------------- -------
Net earnings per share 218 281 (2 2 )
---------------- -------------------- -------
As at 30th June As at 31st December Change
2021 2020 %
Rp bn Rp bn
---------------- -------------------- -------
Shareholders' funds 162,437 155,662 4
---------------- -------------------- -------
Rp Rp
---------------- -------------------- -------
Net asset value per
share 4,012 3,845 4
---------------- -------------------- -------
The financial results for the six months ended 30th June 2021
and 2020, as well as the financial position as at 30th June 2021,
have been prepared in accordance with Indonesian Financial
Accounting Standards and are un audited . The financial position as
at 31st December 2020 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
Performance
The Group's consolidated net revenue in the first half of 2021
was Rp 10 7.4 trillion, a 20% in crease from the comparable period
last year. Net income, however, was Rp 8. 8 trillion, 2 2 % lower
than the first half of 2020, when the Group benefited from the gain
on the sale of its investment in Permata Bank. Excluding this
one-off gain, the G roup's net income showed a 61 % improvement ,
primarily due to a better performance from its automotive division
.
The net asset value per share at 30th June 2021 was Rp4,012, 4%
higher than at 31st December 2020.
Net cash, excluding the Group's financial services subsidiaries,
was Rp20.5 trillion at 30 th June 2021, compared with Rp7.3
trillion at the end of 2020, due to an improved trading
performance, alongside realisation of low capital expenditure and
working capital requirements. If trading volumes continue to
recover in the remainder of the year, both capital expenditure and
working capital could increase. The net debt of the Group's
financial services subsidiaries increased from Rp39.2 trillion at
the end of 2020 to Rp 41.2 trillion at 30 th June 2021.
Business Activities
The Group's net income was lower in the first half of 2021
compared to that of the first half of 2020. Net income attributable
to shareholders of Astra by division was as follows:
Net Income Attributable to Astra
International
For the period ended 30th June
-------------------------------------
2021 20 20 Change
Rp bn Rp bn %
----------- ------------- ---------
Automotive 3,311 716 362
----------- ------------- ---------
Financial Services 2,134 2, 102 2
----------- ------------- ---------
Heavy Equipment, Mining, Construction
and Energy 2,681 2, 368 13
----------- ------------- ---------
Agribusiness 517 31 2 66
----------- ------------- ---------
Infrastructure and Logistics 91 ( 88 ) N/A
----------- ------------- ---------
Information Technology 14 16 (13)
----------- ------------- ---------
Property 83 71 17
----------- ------------- ---------
Attributable net income (before
gain on sale of investment in
Permata Bank) 8,831 5,497 61
----------- ------------- ---------
Gain on sale of investment in - 5,881 N/A
Permata Bank
----------- ------------- ---------
Attributable Net Income 8,831 1 1 , 378 (2 2 )
----------- ------------- ---------
Automotive
Net income from the Group's automotive division increased by 3
62% to Rp 3. 3 trillion , mainly due to the negative impact on
performance in the second quarter of last year of the pandemic and
related containment measures, as well as an increase in sales
volumes in the first half of this year, especially in the car
segment, which benefited from temporary luxury sales tax incentives
. Key points were as follows:
-- The wholesale market for cars increased by 51% to 393,000 units in the first half of 2021 (source:
Gaikindo). Astra's car sales were 50% higher at 210,000 units and its market
share was maintained at 53%. Eight new models and six revamped models were launched during the period.
-- The wholesale market for motorcycles increased by 30% to 2.5 million units in the first half of 2021
(source: Ministry of Industry of the Republic of Indonesia). Astra Honda
Motor's sales in creased by 29% to 1.9 million units, with a stable market share. Four new models and seven
revamped models were launched during the period.
-- The Group's 80%-owned components business, Astra Otoparts, reported a net profit of Rp26 7 billion ,
compared to a net loss of Rp296 billion in the equivalent period last year,
mainly due to higher revenues from the original equipment manufacturer and replacement market segments.
Financial Services
Net income from the Group's financial services division
increased by 2 % to Rp 2.1 trillion in the first half of this year,
due to higher contribution s from the consumer finance and general
insurance businesses. Key points were as follows:
-- The Group's consumer finance businesses saw a 13% in crease in amounts financed to Rp40.0 trillion. The net
income contribution from the Group's car-focused finance companies
increased by 3% to Rp 564 billion, while the net income contribution from its motorcycle-focused business,
Federal International Finance, also in creased by 3% to Rp 949 billion.
Both increases were mainly due to lower loan loss provisioning.
-- The Group's heavy equipment-focused finance operations saw a 46% increase in amounts financed to
Rp2.7 trillion. The net income contribution from this bussines decreased by
20% to Rp28 billion, mainly due to a reduced loan portfolio.
-- General insurance company Asuransi Astra Buana reported a 1 5 % in crease in net income to Rp 5
97 billion, mainly due to higher investment income . The Group's life insurance
company, Astra Life, recorded a 78% increase in gross written premiums to Rp2.8 trillion.
Heavy Equipment, Mining, Construction and Energy
Net income from the Group's heavy equipment, mining,
construction and energy division increased by 13 % to Rp 2. 7
trillion, due to higher Komatsu heavy equipment sales and improved
coal prices . Key points were as follows:
-- 59.5%-owned United Tractors reported a n 11 % increase in net income to Rp 4. 5 trillion.
-- Komatsu heavy equipment sales increased by 60% to 1,361 units, while parts and service revenues were also
higher.
-- Mining contractor Pamapersada Nusantara recorded a 3% lower overburden removal volume at 40 9 million bank
cubic metres , while there was a 3% higher coal production at 58 million
tonnes.
-- United Tractors' coal mining subsidiaries achieved 12% higher coal sales at 6.3 million tonnes, including
1.4 million tonnes of metallurgical coal.
-- Agincourt Resources, 95%-owned by United Tractors, reported 5% lower gold sales at 176,000 oz .
-- General contractor Acset Indonusa, 64.8%-owned by United Tractors, reported a net loss of Rp 1 53 billion ,
mainly due to the slowdown of several ongoing projects and reduced
construction project opportunities during the pandemic .
Agribusiness
Net income from the Group's agribusiness division increased by
66 % to Rp 517 billion, mainly due to improved crude palm oil price
s. Key points were as follows:
-- The net income of 79.7%-owned Astra Agro Lestari increased by 66 % to Rp 649 billion.
-- Crude palm oil prices rose by 2 7 % to Rp 10, 274 /kg.
-- Crude palm oil and derivative product sales fell by 9 % to 933 ,000 tonnes.
Infras tru cture and Logistics
The Group's infrastru c ture and logistics division reported a
net income of Rp 91 billion, compared with a net loss of Rp88
billion in the first half of 2020, due to improved performance in
its toll road and Serasi Autoraya businesses . Key points were as
follows:
-- Astra has interests in almost 358km of operational toll roads along the Trans-Java network and
in the Jakarta Outer Ring Road.
-- The Group's toll road concessions saw 41% higher toll revenue.
-- In June, the Group acquired an additional 14% stake in Marga Lingkar Jakarta, raising its
ownership to 49%. Marga Lingkar Jakarta is the operator of the 7.7km Kebon Jeruk-Ulujami
toll road, part of the Jakarta Outer Ring Road I.
-- Serasi Autoraya's net income increased by 138% to Rp81 billion, mainly due to increased used car
sales, improved operating margin and a slight increase in number of vehicles
under contract to 23,000 units.
Information Technology
Net income from the Group's information technology division was
13 % lower at Rp 1 4 billion, primarily due to lower revenue in the
office service business of 76.9%-owned Astra Graphia.
Property
Net income from the Group's property division increased by 17 %
to Rp 83 billion, mainly due to higher occupancy and lower
operational costs at Menara Astra .
Prospects
Most of the businesses of the Group improved in the first half
of 2021, compared with the same period in 2020, when the Group
experienced significant COVID-19 pandemic-related business
restrictions in the second quarter of 2020. Although business
conditions have improved, the Group's performance for the remainder
of the year remains challenging, given that business performance
and consumer confidence will still be impacted by the worsening
COVID-19 pandemic situation lately in Indonesia. The Group's
balance sheet and funding position remain strong.
Djony Bunarto Tjondro
President Director
29th July 2021
For further information, please contact:
PT Astra International Tbk
Riza Deliansyah, 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
divisions: 1) Automotive, 2) Financial Services, 3) Heavy
Equipment, Mining, Construction & Energy, 4) Agribusiness, 5)
Infrastructure and Logistics, 6) Information Technology and 7)
Property.
Astra Group conducts business operations in all parts of
Indonesia under the management of more than 238 companies,
including subsidiaries, joint ventures and associates, and was
supported by more than 187,300 employees, as of June 2021.
As one of the largest national business groups in Indonesia
today, Astra has built a strong reputation through offering a range
of quality products and services, taking into account the
implementation of good corporate 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.
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, namely 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 its eleventh year,
and has given recognition awards to 397 young Indonesians,
consisting of 70 national level recipients and 327 provincial level
recipients in the fields of Health, Education, the Environment,
Entrepreneurship and Technology. Some of the recipients of this
program has been collaborated with 133 Astra Berseri Villages and
930 Astra Prosperous Villages 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).
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