TIDMJDS TIDMJAR
RNS Number : 1882D
Jardine Strategic Hldgs Ltd
26 October 2020
To: Business Editor 26th October 2020
For immediate release
PT Astra International Tbk
2020 Third Quarter Financial Statements
The following announcement was issued today by the Company's
75%-owned subsidiary, Jardine Cycle & Carriage Limited, which
holds 50.1% of PT Astra International Tbk.
For further information, please contact:
Jardine Matheson Limited
Jonathan Lloyd (852) 2843 8223
Brunswick Group Limited
Ben Fry (65) 9017 9886
26th October 2020
PT ASTRA INTERNATIONAL TBK (the Company or Astra)
20 20 THIRD QUARTER FINANCIAL STATEMENTS
Highlights
-- Net earnings per share down 49% (before gain on sale of investment in Permata Bank)
-- Car sales down by 51 % , while motorcycle sales fell by 38%
-- Increased loan loss provisions in Financial Services
-- Lower coal prices impact heavy equipment sales and mining contracting volumes
-- Agribusiness benefits from higher crude palm oil prices
-- Strong balance sheet
"The Group's overall performance in the first nine months of
2020 was lower compared to the same period last year, mainly due to
the COVID-19 pandemic, although the Group's performance in the
third quarter showed some improvement compared to the second
quarter as pandemic restrictions were partially eased. The Group's
balance sheet remains strong.
It is expected that the pandemic, and measures taken to contain
it, will persist for some time and will continue to have an adverse
impact on the Group's results for the remainder of the year."
Djony Bunarto Tjondro
President Director
Astra Group Results
For the period ended 30th September
20 20 2019 Change
Rp bn Rp bn %
--------------------- --------------------- -------
Net revenue 130,349 177,044 (26)
--------------------- --------------------- -------
Net income (before
gain on sale of investment
in Permata Bank) 8,158 15,868 (49)
--------------------- --------------------- -------
Net income* 14,039 15,868 (12)
--------------------- --------------------- -------
Rp Rp
--------------------- --------------------- -------
Net earnings per share
(before gain on sale
of investment in Permata
Bank) 202 392 (49)
--------------------- --------------------- -------
Net earnings per share 347 392 (12)
--------------------- --------------------- -------
As at 30th September As at 31st D ecember Change
2020 2019 %
Rp bn Rp bn
--------------------- --------------------- -------
Shareholders' funds 154,727 147,847 5
--------------------- --------------------- -------
Rp Rp
--------------------- --------------------- -------
Net asset value per
share 3,822 3,652 5
--------------------- --------------------- -------
*Net income is profit attributable to owners of the parent, i.e.
Astra International shareholders, and includes the gain on sale of
investment in Permata Bank.
The financial results for the nine months ended 30th September
2020 and 2019, as well as the financial position as at 30th
September 2020, have been prepared in accordance with Indonesian
Financial Accounting Standards and are un audited . The financial
position as at 31st December 20 1 9 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 for first nine months of
2020 was Rp130.3 trillion, a decrease of 26 % compared with the
same period last year. Net income, including the gain from the sale
of the Group's investment in Permata Bank was Rp 14.0 trillion, 12%
lower than the first nine months of 2019. Excluding this one-off
gain, the G roup's net income would have decreased by 49 % to Rp
8.2 t rillion, primarily due to weaker performances by its
automotive, heavy equipment and mining, and financial services
divisions , as a result of the impact of the COVID-19 pandemic and
related containment measures, and lower coal prices .
The net asset value per share at 30th September 2020 was Rp
3,822 , 5% higher than the net asset value per share at 31st
December 2019.
Net cash, excluding the Group's financial services subsidiaries,
was Rp4.4 trillion at 30 th September 2020, compared with net debt
of Rp 22.2 trillion at the end of 2019, following the receipt of
proceeds from the sale of the Group's investment in Permata Bank in
May 2020. Net debt of the Group's financial services subsidiaries
decreased from Rp45.8 trillion at the end of 2019 to Rp 43.0
trillion at 30 th September 2020.
Business Activities
The Group's net income was higher in the third quarter of 2020
compared with the second quarter, driven by Automotive and
Agribusiness. Operations, however, remained under significant
pressure across most business segments. Net income attributable to
shareholders of Astra by business segment was as follows:
Net Income Attributable to Astra
International
For the period ended 30th September
----------------------------------------
20 20 201 9 Change
Rp bn Rp bn %
------------ ------------ ------------
Automotive 1,796 6,060 (70)
------------ ------------ ------------
Financial Services 2,759 4,306 (36)
------------ ------------ ------------
Heavy Equipment, Mining, Construction
and Energy 3,086 5,140 (40)
------------ ------------ ------------
Agribusiness 464 89 421
------------ ------------ ------------
Infrastructure and Logistics (59) 155 N/A
------------ ------------ ------------
Information Technology 26 77 (66)
------------ ------------ ------------
Property 86 41 110
------------ ------------ ------------
Attributable net income (before
gain on sale of investment in
Permata Bank) 8,158 15,868 (49)
------------ ------------ ------------
Gain on sale of investment in 5,881 - N/A
Permata Bank
------------ ------------ ------------
Attributable Net Income 14,039 15,868 (12)
------------ ------------ ------------
Automotive
Net income from the Group's automotive division decreased by 70%
to Rp1.8 trillion, reflecting a significant drop in sales volume .
The Group's automotive division saw a return to profitability in
the third quarter after suffering a net loss in the second quarter,
due to an increase in sales volume following the easing of the
containment measures which had caused the temporary closure of
factories and dealerships in the second quarter. Key points were as
follows:
-- The wholesale market for cars declined by 51% to 372 ,000
units in the first nine months of 2020 (source: Gaikindo). Astra's
car sales for that period were 51% lower at 192 ,400 units, with
market share maintained at 52%. In the third quarter of 2020,
Astra's car sales increased to 53,000 units, from 9,700 units in
the second quarter. 13 new models and 15 revamped models were
launched in the first nine months of 2020.
-- The wholesale market for motorcycles declined by 42% to 2.9
mio units in the first nine months of 2020 (source: Ministry of
Industry). Astra Honda Motor's sales decreased by 38 % to 2.3
million units. In the third quarter of 2020, Astra's motorcycle
sales increased to 849,000 units, from 244,000 units in the second
quarter. 4 new models and 9 revamped models were launched in the
first nine months of 2020.
-- The Group's 80%-owned components business, Astra Otoparts,
reported a net loss of Rp243 billion, compared to a net profit of
Rp512 billion in the equivalent period last year , mainly due to
lower revenues from the OEM (original equipment manufacturer) ,
replacement market and export segments.
Financial Services
Net income from the Group's financial services division de
crease d by 36% to Rp 2.8 trillion in the period, primarily due to
increased provision s to cover higher non-performing loan losses in
the consumer and heavy equipment-focused finance businesses. Key
points were as follows:
-- The Group's consumer finance businesses saw a 21% de crease
in new amounts financed to Rp 50.7 trillion. The net income
contribution from the Group's car-focused finance companies de
creased by 39 % to Rp 669 billion, while the net income
contribution from its motorcycle-focused business, Federal
International Finance, de creased by 37 % to Rp 1.2 trillion. Both
decreases were due to higher loan loss provisioning, as
non-performing loans increased.
-- The Group's heavy equipment-focused finance operations saw a
15% de crease in new amounts financed to Rp 2.7 trillion. The net
income contribution from this segment decreased by 54% to Rp35
billion.
-- General insurance company Asuransi Astra Buana reported a 3 %
decrease in net income to Rp 785 billion, caused by lower
underwriting income. The Group's life insurance joint venture,
Astra Aviva Life, acquired more than 1,012,000 new individual life
customers and 55,000 new participants for its corporate employee
benefits programme in the period.
Heavy Equipment, Mining, Construction and Energy
Net income from the Group's heavy equipment, mining,
construction and energy division decreased by 40% to Rp 3.1
trillion, mainly due to lower heavy equipment sales and mining
contracting volume caused by weaker coal prices. Key points were as
follows:
-- 59.5%-owned United Tractors reported a 38% de crease in net income to Rp5.3 trillion.
-- Komatsu heavy equipment sales fell by 54 % to 1,191 units,
while parts and service revenues were also lower.
-- Mining contractor Pamapersada Nusantara recorded 16% lower
overburden removal volume at 631 million bank cubic metres and 12%
lower coal production at 85 million tonnes.
-- United Tractors' coal mining subsidiaries achieved 11 %
higher coal sales at 7.1 million tonnes, including 1.2 million
tonnes of coking coal, but their performance was affected by lower
coal prices.
-- Agincourt Resources, 95%-owned by United Tractors, reported
16 % lower gold sales at 256 ,000 oz .
-- General contractor Acset Indonusa, 64.8%-owned by United
Tractors, reported a net loss of Rp 753 billion , mainly due to the
slowdown of several ongoing projects and reduced project
opportunities during the COVID-19 pandemic .
-- In September 2020, Acset Indonusa raised Rp1.5 trillion from
a rights issue, to reduce debt and to strengthen its capital
structure. Following the rights issue, United Tractors's ownership
in Acset Indonusa increased from 50.1% to 64.8%.
Agribusiness
Net income from the Group's agribusiness division was Rp464
billion, significantly higher compared to the first nine months of
2019, mainly due to higher crude palm oil prices . Key points were
as follows:
-- The net income of 79.7%-owned Astra Agro Lestari increased
from Rp 111 billion to Rp 583 billion, mainly due to higher crude
palm oil prices, which rose by 27% to Rp8,194/kg.
-- Crude palm oil and derivatives sales fell by 12 % to 1.5 million tonnes.
Infras tru cture and Logistics
The Group's infrastructure and logistics division reported a net
loss of Rp59 billion in the first nine months of 2020, compared
with a net profit of Rp155 billion in the same period last year,
due to lower toll road revenues and lower operating margin in
Serasi Autoraya. Key points were as follows:
-- Astra has interests in 350km of operational toll roads along
the Trans-Java network and in the Jakarta Outer Ring Road.
-- There was 15% lower traffic volume in the Group's toll road concessions.
-- Serasi Autoraya's net income decreased by 56 % to Rp 65
billion, mainly due t o lower operating
margin and lower used car sales, despite 2% higher vehicle s under contract at 22,900 units .
Information Technology
Net income from the Group's information technology division was
66 % lower at Rp26 billion, primarily due to lower revenue s in the
document solution and office service businesses of 76.9%-owned
Astra Graphia.
Property
Net income from the Group's property division increased from Rp
41 billion to Rp 86 billion, mainly due to higher occupancy at
Menara Astra and earnings recognised from its Asya Residences
development project.
Prospects
It is expected that the pandemic, and measures taken to contain
it, will persist for some time and will continue to have an adverse
impact on the Group's results for the remainder of the year.
Djony Bunarto Tjondro
President Director
26th October 2020
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
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 Group conducts business operations in all parts of
Indonesia under the management of more than 235 companies,
including subsidiaries, joint ventures and associates companies,
and was supported by more than 190,000 employees, as of September
2020.
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 the eleventh 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 112 Kampung Berseri
Astra and 753 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).
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