TIDMJDS TIDMJAR
RNS Number : 4999Q
Jardine Strategic Hldgs Ltd
26 February 2021
To: Business Editor 26th February 2021
For immediate release
Jardine Cycle & Carriage Limited
2020 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
26th February 2021
JARDINE CYCLE & CARRIAGE LIMITED
2020 FINANCIAL STATEMENTS AND DIVID ANNOUNCEMENT
Highlights
-- Underlying profit 50% lower at US$429 million
-- Significantly weaker performances from Astra's automotive,
financial services and heavy equipment and mining operations
-- Direct Motor Interests performance affected by lower
profitability in Cycle & Carriage Singapore and Tunas
Ridean
-- Other Strategic Interests performance relatively stable
-- Proposed final dividend of USc34 per share, total dividend of
USc43 per share for the year, 51% lower than 2019
"Jardine Cycle & Carriage's full-year performance reflected
the impact of the COVID-19 pandemic, particularly in the second
quarter when movement restrictions were in place in the markets
where we operate. Some of the Group's businesses began to see
improvements in performance over the second half of the year, but
full-year results for most of them were lower compared to the
previous year.
The Group continues to operate in challenging conditions and
uncertainty remains about the duration of the pandemic. We expect
these conditions to continue for some time and it is too early to
predict what the impact of the pandemic will be on the Group's
performance in 2021. "
Ben Keswick, Chairman
Group Results
Year ended 31st December
2020 2019 Change 2020
US$m US$m % S$m
-------------------------------- ------- ------- -------- -------
Revenue 13,234 18,591 -29 18,225
Underlying profit attributable
to
shareholders (#) 429 863 -50 591
Non-trading items^ 111 18 nm 153
Profit attributable
to shareholders 540 881 -39 744
Shareholders' funds 6,974 6,860 2 9,217
-------------------------------- ------- ------- -------- -------
USc USc Sc
-------------------------------- ------- ------- -------- -------
Underlying earnings
per share (#) 109 218 -50 150
Earnings per share 137 223 -39 188
Dividend per share 43 87 -51 57
US$ US$ S$
------- ------- --------
Net asset value per
share 17.65 17.36 23.33
-------------------------------- ------- ------- -------- -------
The exchange rate of US$1 =S$1.32 (31st December 2019:
US$1=S$1.35) was used for translating assets and liabilities at the
balance sheet date, and US$1=S$1.38 (2019: US$1=S$1.36) was used
for translating the results for the period. The financial results
for the year ended 31st December 2020 have been prepared in
accordance with International Financial Reporting Standards and
have not been audited or reviewed by the auditors.
# 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
The full year performance of Jardine Cycle & Carriage
("JC&C" or "the Group") reflected the continuing challenging
conditions it faced as a result of the pandemic.
Astra contributed US$309 million to the Group's underlying
profit in the year, 57% lower than the previous year, reflecting
weaker performance s from its automotive, financial services and
heavy equipment and mining operations.
The underlyin g profit from Direct Motor Interests was 78% lower
at US$14 million, mainly due to lower contributions from Cycle
& Carriage Singapore and Tunas Ridean.
Other Strategic Interests contributed an underlying profit of
US$120 million, down 5% from the previous year. Truong Hai Auto
Corporation's ("Thaco") automotive business was adversely affected
by lockdown restrictions in the second quarter, but performance has
since improved.
Corporate costs were US$14 million, down from US$42 million in
the previous year, primarily due to lower net financing charges and
higher foreign exchange gains from the translation of foreign
currency loans.
The Group's underlying profit attributable to shareholders was
50% lower than the previous year at US$429 million. After
accounting for non-trading items, profit attributable to
shareholders was US$540 million, 39% lower than the previous year.
The non-trading items recorded in the year included a US$188
million gain on the disposal of Astra's investment in Permata Bank
and unrealised fair value gains related to non-current investments.
These gains in non-trading items were partly offset by an
impairment loss of US$182 million in respect of the Group's
investment in Siam City Cement due to challenging market conditions
over several years.
The Group's financial position remains strong, with
shareholders' funds of US$6,974 million and a net asset value per
share of US$17.65 at the year-end. Consolidated net debt, excluding
Astra's financial services subsidiaries, was US$0.9 billion at the
end of December 2020, compared to US$3.0 billion at the end of
2019, mainly due to the receipt of proceeds from the disposal of
Astra's investment in Permata Bank.
Net debt within Astra's financial services subsidiaries
decreased from US$3.3 billion to US$2.8 billion. JC&C parent
company's net debt was US$1.5 billion, similar to the previous
year-end.
Strategic Developments
In May 2020, Astra completed the sale of its 44.6% interest in
Permata Bank for sale proceeds of US$1.1 billion.
In September 2020, Acset Indonusa, a subsidiary of United
Tractors, raised US$102 million from a rights issue to reduce debt
and to strengthen its capital structure. Following the rights
issue, United Tractors' ownership in Acset Indonusa increased from
50.1% to 64.8%.
In November 2020, Astra acquired a 100% stake for US$45 million
in Jakarta Marga Jaya, which owns 35% of Marga Lingkar Jakarta, the
operator of the 7.7km Kebon Jeruk-Ulujami toll road as part of the
Jakarta Outer Ring Road I.
In November 2020, Astra acquired a further 50% of Astra Aviva
Life (now Asuransi Jiwa Astra) from Aviva International Holdings
Limited for US$95 million, which brought its ownership to 100%.
Dividends
The Board is recommending a final one-tier tax-exempt dividend
of USc34 per share (2019: USc69 per share) which, together with the
interim dividend, will produce a total dividend for the year of
USc43 per share (2019: USc87 per share).
People
On behalf of the Board, I would like to express our gratitude to
our 240,000 employees across the region for their continuing hard
work and dedication in this challenging business environment.
Mr Mark Greenberg has stepped down from the Board after more
than 14 years. He has also served as a member of the Audit
Committee. On behalf of the Board, I would like to record our
appreciation for his valuable contribution to the Group.
I am delighted to welcome Ms Tan Yen Yen, who joined the Board
in January 2021 as an independent director. She has extensive
experience in the area of technology, and we look forward to the
contribution she will bring to the Group.
Outlook
The Group continues to operate in challenging conditions and
uncertainty remains about the duration of the pandemic. We expect
these conditions to continue for some time and it is too early to
predict what the impact of the pandemic will be on the Group's
performance in 2021.
Ben Keswick
Chairman
GROUP MANAGING DIRECTOR'S REVIEW
Group Review
The Group's structure comprises three business pillars: (i)
Astra; (ii) Direct Motor Interests ("DMI"), which consists of the
Group's non-Astra automotive businesses; and (iii) Other Strategic
Interests. The contribution to JC&C's underlying profit
attributable to shareholders by business segment was as
follows:
Contribution to JC&C's underlying
profit
Year ended 31st December
-------------------------------- --------------------------------------
2020 2019 Change
Business segments US$m US$m %
-------------------------------- ----------- ---------- -------------
Astra 309 716 -57
Direct Motor Interests 14 63 -78
Other Strategic Interests 120 126 -5
Corporate Costs (14) (42) -66
Underlying profit attributable
to shareholders 429 863 -50
----------- ---------- -------------
Astra
Astra contributed US$309 million to JC&C's underlying
profit, 57% down from the previous year. Excluding the gain on
disposal of its investment in Permata Bank, Astra r eported a net
profit equivalent to US$702 million under Indonesian accounting
standards, 53% lower in its local currency terms than the same
period last year. There were weaker performances from its
automotive, financial services, and heavy equipment and mining
divisions .
Automotive
Net income fell by 68 % to US$185 million, reflecting a
significant drop in sales volume. After suffering a net loss in the
second quarter, the automotive division saw a return to
profitability in the second half of the year, following a partial
easing of the pandemic containment measures. Key points were as
follows:
-- The wholesale car market declined by 48% to 532,000 units in
2020. Astra's car sales were 50% lower at 270,000 units, reflecting
a slight decline in market share. 16 new models and 18 revamped
models were launched in the year.
-- The wholesale market for motorcycles declined by 44% to 3.7
million units in 2020. Astra's Honda motorcycle sales fell by 41%
to 2.9 million units but it saw an increase in market share. Five
new models and 11 revamped models were launched in the year.
-- Components business, Astra Otoparts, reported a net income of
less than US$1 million, compared to US$52 million in 2019, mainly
due to lower revenues from the original equipment manufacturer,
replacement market and export segments.
Financial Services
Net income from financial services fell by 44% to US$226
million, primarily due to increased loan loss provision s to cover
higher non-performing loan losses in the consumer and heavy
equipment-focused finance businesses . Key points were as
follows:
-- Consumer finance businesses saw a 23% decrease in the amounts
financed to US$4.6 billion. The net income contribution from the
car-focused finance companies decreased by 46% to US$55 million,
while the contribution from the motorcycle-focused financing
business fell by 42% to US$105 million, in both cases due to higher
loan loss provisioning, as non-performing loans increased.
-- Heavy equipment-focused finance operations saw a 17% decrease
in the amounts financed to US$246 million, with the net income
contribution from this business down 59% to US$3 million.
-- General insurance company, Asuransi Astra Buana, reported a
16% decrease in net income to US$62 million, caused by lower
underwriting income.
Heavy Equipment, Mining, Construction & Energy
Net income decreased by 49% to US$234 million, mainly due to
lower heavy equipment sales and mining contracting volume, caused
by weaker coal prices for most of the year. Key points were as
follows:
-- United Tractors reported a 47% decrease in net income to US$410 million.
-- Komatsu heavy equipment sales fell by 47% to 1,564 units, and
parts and service revenues were also lower.
-- Mining contracting operations reported 17% lower overburden
removal volume at 825 million bank cubic metres and 13% lower coal
production at 115 million tonnes.
-- Coal mining subsidiaries achieved 9% higher coal sales at 9.3
million tonnes, including 1.9 million tonnes of coking coal sales,
but profits were affected by lower coal prices.
-- Agincourt Resources saw 22% lower gold sales at 320,000 oz.
-- General contractor, Acset Indonusa, reported a net loss of
US$90 million, mainly due to the slowdown of several ongoing
projects and reduced project opportunities.
Infrastructure & Logistics
Net income from Astra's infrastru c ture and logistics division
decreased from US$21 million to US$3 million, due to lower toll
road revenues and lower operating margins in Serasi Autoraya. Key
points were as follows:
-- Traffic volumes were 12% lower. Astra has interests in almost
358km of operational toll roads along the Trans-Java network and in
the Jakarta Outer Ring Road.
-- Serasi Autoraya's net income decreased by 55% to US$8
million, mainly due to lower operating margins in its car rental
business and lower used car sales, despite a 2% increase in
vehicles under contract at 23,000 units.
Agribusiness
Net income from Agribusiness increased significantly to US$45
million, mainly as a result of a 28% increase in average crude palm
oil prices, which offset a 14% decline in crude palm oil and
derivative sales.
Direct Motor Interests
Direct Motor Interests faced challenging trading conditions
during the year and made a reduced contribution of US$14 million to
the Group's underlying profit, 78% lower than the prior year. Key
points were as follows:
-- C ycle & Carriage Singapore contributed US$19 million,
68% down from the previous year, due to lower sales and weaker
margins. Passenger car sales fell by 44% to 7,572 units and market
share was reduced from 19% to 17%.
-- In Indonesia, Tunas Ridean's contribution of US$1 million was
94% lower. Its automotive business saw reduced sales, while its
consumer finance operations were adversely impacted by lower
lending volumes and increased loan provisioning.
-- Cycle & Carriage Bintang in Malaysia contributed a loss
of US$1 million, compared to a loss of US$6 million in 2019.
Despite challenging trading conditions, the financial performance
of the business benefited from improved sales in the second half of
the year due to a sales tax reduction, as well as cost savings
initiatives.
Other Strategic Interests
Other Strategic Interests contributed US$120 million to the
Group's underlying profit, 5% down on the previous year. Key points
were as follows:
-- Thaco contributed US$39 million, which included an adjustment
of US$7 million in respect of its 2019 results. Excluding the
adjustment, the profit contribution would have been US$46 million,
9% up from the previous year. Thaco's automotive business
contributed US$39 million, this was impacted by lower margins
attributable mainly to difficult market conditions in the first
half of the year as a result of the pandemic, but was partly offset
by higher unit sales for the full year. Thaco's real estate
business contributed US$7 million, compared to US$2 million in the
previous year as sales resumed on the back of a market recovery,
while its new venture in the agriculture sector contributed a loss
of US$8 million.
-- Siam City Cement's contribution of US$24 million was 3%
higher than the previous year. Margins benefited from improved
operational efficiencies, which helped to offset the decline in
sales.
-- The contribution of US$21 million from REE was 13% higher
than the previous year, due to a stronger contribution from real
estate and the effect of an increase in the Group's shareholding to
29.8%, partly offset by weaker performances from its hydropower
investments and its M&E business.
-- The Group's investment in Vinamilk delivered dividend income
of US$37 million, compared to US$36 million in the previous year.
Vinamilk's 2020 profit was 5% higher in local currency ter ms as
its export business continued to grow, while its domestic dairy
segment remained relatively stable.
Corporate Costs
Corporate costs were US$14 million, compared to US$42 million in
the previous year, which improved the overall underlying profit of
the Group. This was primarily due to lower net financing charges
and higher foreign exchange gains from the translation of foreign
currency loans.
Summary
The operating environment remains uncertain and trading
conditions are expected to remain challenging for some time. The
Group remains confident, however, in the long-term economic
prospects for Southeast Asia and it will remain focused on
delivering its strategic objectives.
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, 29.8% 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 around 240,000 people across Southeast
Asia.
Jardine Cycle & Carriage Limited
Consolidated Profit and Loss Account for the year ended 31st
December 2020
--------------------------------------------------------------
2020 2019 Change
Note US$m US$m %
Revenue (1) 3 13,234.2 18,591.1 -29
Net operating costs 2 (11,717.0) (16,394.7) -29
Operating profit 1,517.2 2,196.4 -31
Financing income 121.6 93.0 31
Financing charges (2) (258.6) (362.7) -29
----------- -----------
Net financing charges (137.0) (269.7) -49
Share of associates'
and joint
ventures' results after
tax 100.2 622.3 -84
Profit before tax 1,480.4 2,549.0 -42
Tax (234.8) (573.5) -59
Profit after tax 3 1,245.6 1,975.5 -37
=========== ===========
Profit attributable
to:
Shareholders of the
Company 540.3 881.4 -39
Non-controlling interests 705.3 1,094.1 -36
1,245.6 1,975.5 -37
=========== ===========
USc USc
--------------------------- ----- ----------- ----------- -------
Earnings per share 5 137 223 -39
--------------------------- ----- ----------- ----------- -------
(1) Lower revenue was mainly due to lower sales in Astra's
automotive and heavy equipment, mining, construction and energy
businesses, as well as Direct Motor Interests;
(2) Decrease in financing charges was mainly due to lower
interest rates and lower level of net debt
Jardine Cycle & Carriage Limited
Consolidated Statement of Comprehensive Income for the year
ended 31st December 2020
-------------------------------------------------------------
2020 2019
US$m US$m
Profit for the year 1,245.6 1,975.5
Items that will not be reclassified
to profit or loss:
-------- --------
Asset revaluation
- surplus during the year 1.1 0.2
Remeasurements of defined benefit
pension plans (15.5) (29.7)
Tax on items that will not be reclassified 1.3 6.9
Share of other comprehensive income/(expense)
of
associates and joint ventures, net
of tax (11.2) (14.1)
--------
(24.3) (36.7)
Items that may be reclassified subsequently
to profit or loss:
Translation difference
- gain/(loss) arising during the
year (160.7) 501.1
Financial assets at FVOCI(1)
- gain arising during the year 19.1 20.2
- transfer to profit and loss 1.9 (1.0)
Cash flow hedges
- loss arising during the year (45.9) (130.1)
- transfer to profit and loss 2.8 1.6
Tax relating to items that may be
reclassified 4.8 31.3
Share of other comprehensive income/(expense)
of
associates and joint ventures, net
of tax (56.8) (43.6)
(234.8) 379.5
Other comprehensive income/(expense)
for the year (259.1) 342.8
Total comprehensive income for the
year 986.5 2,318.3
======== ========
Attributable to:
Shareholders of the Company 427.3 1,064.2
Non-controlling interests 559.2 1,254.1
986.5 2,318.3
======== ========
(1) Fair value through other comprehensive income ("FVOCI")
Jardine Cycle & Carriage Limited
Consolidated Balance Sheet at 31st December 2020
--------------------------------------------------
At At
Note 31.12.2020 31.12.2019
US$m US$m
Non-current assets
Intangible assets 1,816.9 1,802.0
Right-of-use assets 832.4 872.5
Property, plant and equipment 4,243.2 4,718.2
Investment properties 532.2 543.2
Bearer plants 496.7 502.9
Interests in associates and
joint ventures 4,032.6 5,067.3
Non-current investments 2,283.9 2,105.9
Non-current debtors 2,846.8 2,826.7
Deferred tax assets 370.8 359.2
----------- -----------
17,455.5 18,797.9
----------- -----------
Current assets
Current investments 60.4 28.8
Properties for sale 390.2 398.7
Stocks 1,320.2 1,907.1
Current debtors 4,676.9 5,891.2
Current tax assets 111.4 204.9
Bank balances and other liquid
funds
----------- -----------
- non-financial services companies 3,095.1 1,588.0
- financial services companies 402.5 255.8
----------- -----------
3,497.6 1,843.8
----------- -----------
10,056.7 10,274.5
----------- -----------
Total assets 27,512.2 29,072.4
----------- -----------
Non-current liabilities
Non-current creditors 278.4 324.4
Provisions 186.3 163.4
Non-current lease liabilities 79.7 93.7
Long-term borrowings 7
----------- -----------
- non-financial services companies 1,719.3 1,923.7
- financial services companies 1,246.0 1,696.9
----------- -----------
2,965.3 3,620.6
Deferred tax liabilities 343.5 416.5
Pension liabilities 389.4 330.9
----------- -----------
4,242.6 4,949.5
----------- -----------
Current liabilities
Current creditors 3,534.9 4,307.8
Current provisions 115.9 108.6
Current lease liabilities 65.2 56.9
Current borrowings 7
----------- -----------
- non-financial services companies 2,229.3 2,712.5
- financial services companies 1,930.4 1,852.6
----------- -----------
4,159.7 4,565.1
Current tax liabilities 87.3 100.0
----------- -----------
7,963.0 9,138.4
----------- -----------
Total liabilities 12,205.6 14,087.9
----------- -----------
Net assets 15,306.6 14,984.5
=========== ===========
Equity
Share capital 8 1,381.0 1,381.0
Revenue reserve 9 6,937.7 6,720.0
Other reserves 10 (1,344.6) (1,240.9)
----------- -----------
Shareholders' funds 6,974.1 6,860.1
Non-controlling interests 11 8,332.5 8,124.4
----------- -----------
Total equity 15,306.6 14,984.5
=========== ===========
Jardine Cycle & Carriage Limited
Consolidated Statement of Changes in Equity for the year ended
31st December 2020
Attributable to shareholders of the Company
Attributable
to
non-
controlling
interests
Fair
value
Asset and
Share Revenue revaluation Translation other Total
capital reserve reserve reserve reserves Total equity
US$m US$m US$m US$m US$m US$m US$m US$m
2020
Balance at
1st January 1,381.0 6,720.0 403.4 (1,611.0) (33.3) 6,860.1 8,124.4 14,984.5
Total
comprehensive
income - 529.4 - (72.7) (29.4) 427.3 559.2 986.5
Dividends paid
by the Company - (311.2) - - - (311.2) - (311.2)
Dividends paid
to
non-controlling
interests - - - - - - (390.6) (390.6)
Issue of shares
to
non-controlling
interests - - - - - - 38.9 38.9
Change in
shareholding - (0.8) - - - (0.8) 0.8 -
Others - 0.3 - - (1.6) (1.3) (0.2) (1.5)
Balance at
31st December 1,381.0 6,937.7 403.4 (1,683.7) (64.3) 6,974.1 8,332.5 15,306.6
======== ======== ============ ============ ========= ======== ============= =========
2019
Balance at
1st January 1,381.0 6,202.4 403.3 (1,852.5) 9.6 6,143.8 7,342.1 13,485.9
Total
comprehensive
income - 865.5 0.1 241.5 (42.9) 1,064.2 1,254.1 2,318.3
Dividends paid
by the Company - (347.3) - - - (347.3) - (347.3)
Dividends paid
to
non-controlling
interests - - - - - - (497.7) (497.7)
Issue of shares
to
non-controlling
interests - - - - - - 28.6 28.6
Change in
shareholding - (0.6) - - - (0.6) (2.5) (3.1)
Acquisition
of subsidiaries - - - - - - (0.2) (0.2)
Balance at
31st December 1,381.0 6,720.0 403.4 (1,611.0) (33.3) 6,860.1 8,124.4 14,984.5
======== ======== ============ ============ ========= ======== ============= =========
Jardine Cycle & Carriage Limited
Company Balance Sheet at 31st December 2020
---------------------------------------------
At At
Note 31.12.2020 31.12.2019
US$m US$m
Non-current assets
Property, plant and equipment 34.1 34.6
Interests in subsidiaries 1,412.2 1,380.8
Interests in associates
and joint ventures 998.2 1,169.5
Non-current investment 223.0 205.1
-----------
2,667.5 2,790.0
----------- -----------
Current assets
Current debtors 1,157.0 1,181.8
Bank balances and other
liquid funds 46.5 42.7
----------- -----------
1,203.5 1,224.5
----------- -----------
Total assets 3,871.0 4,014.5
----------- -----------
Non-current liabilities
Deferred tax liabilities 6.3 6.2
-----------
6.3 6.2
----------- -----------
Current liabilities
Current creditors 65.2 74.7
Current borrowings 1,569.1 1,529.4
Current tax liabilities 1.8 1.6
-----------
1,636.1 1,605.7
----------- -----------
Total liabilities 1,642.4 1,611.9
----------- -----------
Net assets 2,228.6 2,402.6
=========== ===========
Equity
Share capital 8 1,381.0 1,381.0
Revenue reserve 9 471.7 683.6
Other reserves 10 375.9 338.0
----------- -----------
Total equity 2,228.6 2,402.6
=========== ===========
Net asset value per share US$5.64 US$6.08
Jardine Cycle & Carriage Limited
Company Statement of Comprehensive Income for the year ended
31st December 2020
--------------------------------------------------------------
2020 2019
US$m US$m
Profit for the year 99.3 358.3
Item s that may be reclassified
subsequently to profit or loss:
------ ------
Translation difference
- gain arising during the year 37.9 32.7
Other comprehensive income for the
year 37.9 32.7
Total comprehensive income for the
year 137.2 391.0
====== ======
Jardine Cycle & Carriage Limited
Company Statement of Changes in Equity for the year ended
31st December 2020
-----------------------------------------------------------
Share Revenue Translation Total
capital reserve reserve equity
US$m US$m US$m US$m
2020
Balance at 1st January 1,381.0 683.6 338.0 2,402.6
Total comprehensive
income - 99.3 37.9 137.2
Dividends paid - (311.2) - (311.2)
Balance at 31st December 1,381.0 471.7 375.9 2,228.6
========= ========= ============ =========
2019
Balance at 1st January 1,381.0 672.6 305.3 2,358.9
Total comprehensive
income - 358.3 32.7 391.0
Dividends paid - (347.3) - (347.3)
Balance at 31st December 1,381.0 683.6 338.0 2,402.6
========= ========= ============ =========
Jardine Cycle & Carriage Limited
Consolidated Statement of Cash Flows for the year ended
31st December 2020
---------------------------------------------------------
2020 2019
Note US$m US$m
Cash flows from operating activities
Cash generated from operations 12 3,002.1 2,315.0
Interest paid (215.5) (243.4)
Interest received 112.0 86.8
Other finance costs paid (68.4) (119.2)
Income tax paid (361.7) (780.0)
---------
(533.6) (1,055.8)
Dividends received from associates
and joint ventures (net) 285.9 453.1
--------- ---------
(247.7) (602.7)
--------- ---------
Net cash flows from operating activities 2,754.4 1,712.3
Cash flows from investing activities
--------- ---------
Sale of intangible assets 0.6 -
Sale of right-of-use assets - 1.9
Sale of property, plant and equipment 34.4 26.8
Sale of investment properties - 0.2
Sale of subsidiaries, net of cash
disposed - 0.8
Sale of associate and joint venture 1,138.3 3.2
Sale of investments 444.8 292.3
Purchase of intangible assets (96.5) (154.2)
Purchase of right-of-use assets (18.1) (41.2)
Purchase of property, plant and
equipment (309.4) (837.6)
Purchase of investment properties (6.3) (18.2)
Additions to bearer plants (34.8) (43.8)
Purchase of subsidiaries, net of
cash acquired (51.8) -
Purchase of associates and joint
ventures (32.5) (477.7)
Purchase of investments (483.4) (401.1)
--------- ---------
Net cash flows used in investing
activities 585.3 (1,648.6)
Cash flows from financing activities
--------- ---------
Drawdown of loans 1,903.0 3,618.3
Repayment of loans (2,865.8) (2,869.6)
Principal elements of lease payments (133.8) (91.0)
Changes in controlling interests
in subsidiaries - (3.1)
Investments by non-controlling interests 38.9 28.6
Dividends paid to non-controlling
interests (390.6) (497.7)
Dividends paid by the Company (311.2) (347.3)
---------
Net cash flows used in financing
activities (1,759.5) (161.8)
Net change in cash and cash equivalents 1,580.2 (98.1)
Cash and cash equivalents at the
beginning of the year 1,843.4 1,881.5
Effect of exchange rate changes 74.0 60.0
Cash and cash equivalents at the
end of the year(1) 3,497.6 1,843.4
========= =========
(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
2020
--------------------------------------------------------------------
1 Basis of preparation
The financial statements are consistent with those set out in
the 2019 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 2019 audited accounts other than the following
changes in relation to rent concessions and government grants.
Other amendments which are effective in 2020 and relevant to the
Group's operations, do not have a significant effect on the Group's
accounting policies. The Group has not early adopted any other
standard or amendments that have been issued but not yet
effective.
COVID-19 Related Rent Concessions: Amendment to IFRS 16
Leases
The Group has applied the Amendment, which is effective for
annual reporting periods beginning on and after 1st June 2020, for
the Group's annual reporting period commencing 1st January 2020.
Where the Group is a lessee, the practical expedient is applied to
account for the change in lease payments resulting from rent
concessions granted as a direct consequence of the COVID-19
pandemic and elects not to assess these concessions as lease
modifications when all of the following conditions are met:
(i) the revised lease payments are substantially the same as, or
less than, the consideration for the lease immediately preceding
the change;
(ii) reduction in lease payments relates to payment due on or before 31st December 2021; and
(iii) there is no substantive change to the other terms and
conditions of the lease.
Rent concessions fulfilling the above conditions are recognised
in the profit and loss over the period in which they cover.
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$1.3216 (2019: US$1=S$1.3473),
US$1= RM4.0245 (2019: US$1= RM4.0925), US$1= IDR14,105 (2019:
US$1=IDR13,901), US$1= VND23,086 (2019: US$1= VND23,173) and US$1=
THB29.920 (2019: US$1=THB29.863).
The exchange rates used for translating the results for the
period are US$1= S$1.3771 (2019: US$1=S$1.3635), US$1= RM4.202
(2019: US$1= RM4.142), US$1= IDR14,647 (2019: US$1=IDR14,131),
US$1= VND23,247 (2019: US$1= VND23,234) and US$1= THB31.309 (2019:
US$1=THB30.938).
2 Net operating costs and operating profit
Group
2020 2019 Change
US$m US$m %
Cost of sales (10,419.0) (14,766.3) -29
Other operating income 827.2 379.0 118
Selling and distribution expenses (933.8) (838.7) 11
Administrative expenses (1,065.2) (1,105.9) -4
Other operating expenses (126.2) (62.8) 101
----------- -----------
Net operating costs (11,717.0) (16,394.7) -29
=========== ===========
Operating profit is determined
after including:
Amortisation/depreciation of
- intangible assets (126.7) (136.6) -7
- right-of-use assets (189.7) (127.3) 49
- property, plant and equipment (763.0) (795.5) -4
- bearer plants (26.7) (27.1) -1
Fair value changes of
- investment properties 3.2 6.4 -50
- investments(1) 113.4 (9.6) nm
- agricultural produce 5.8 4.8 21
- livestock (3.4) - nm
- derivative not qualifying as (2.4) -
hedges nm
Profit/(loss) on disposal of:
- intangible assets (1.3) (0.1) nm
- right-of-use assets - 2.3 -100
- property, plant and equipment 22.2 6.6 236
- associates and joint ventures(2) 428.5 0.5 nm
- investments 1.7 3.5 -51
Loss on disposal/write-down of
receivables from collateral vehicles (80.8) (59.7) 35
Dividend and interest income
from investments 88.8 97.6 -9
Write-down of stocks, net (14.3) (33.5) -57
(Impairment)/reversal of impairment
of
(33.9) -
* intangible assets nm
* right-of-use assets - (9.3) -100
* property, plant and equipment (9.4) (2.1) 348
* bearer plants - (7.9) -100
* debtors(3) (361.4) (111.6) 224
Net exchange gain/(loss)(4) 20.2 12.9 57
======== ========
nm - not meaningful
(1) Fair value gain/(loss) relates mainly to equity investments
in Vinamilk and Toyota Motor Corporation
(2) Profit in 2020 relates mainly to the gain from disposal of
Permata Bank
(3) Increase in impairment of debtors relates mainly to higher
loss provision attributable to higher non-performing loan
losses
(4) Net exchange gain relates mainly to the impact of
revaluating monetary liabilities denominated in US dollars
3 Revenue and Profit after tax
Group
2020 2019 Change
US$m US$m %
Revenue:
- 1st half 6,594.6 9,157.1 -28
- 2nd half 6,639.6 9,434.0 -30
--------- ---------
13,234.2 18,591.1 -29
========= =========
Profit after tax:
- 1st half 813.4 938.6 -13
- 2nd half 432.2 1,036.9 -58
-------- --------
1,245.6 1,975.5 -37
======== ========
4 Dividends
Group and Company
2020 2019
US$m US$m
Dividend paid:
Final one-tier tax exempt dividend in
respect of previous year of 275.8 275.4
USc69 per share (2019: in respect of
2018 of USc69)
Interim one-tier tax exempt dividend
in respect of current year of 35.4 71.9
USc9 per share (2019: USc18)
--------- ---------
311.2 347.3
========= =========
The Board is recommending a final dividend of USc34 per share
which, together with the interim dividend of USc9 per share , will
give a total dividend for the year of USc43 per share.
5 Earnings per share
Group
2020 2019
US$m US$m
Basic earnings per share
Profit attributable to shareholders 540.3 881.4
Weighted average number of ordinary
shares in issue (millions) 395.2 395.2
Basic earnings per share USc137 USc223
======= =======
Diluted earnings per share USc137 USc223
======= =======
Underlying earnings per share
Underlying profit attributable to shareholders 429.1 863.1
Basic underlying earnings per share USc109 USc218
======= =======
Diluted underlying earnings per share USc109 USc218
======= =======
As at 31st December 2019 and 2020, there were no dilutive
potential ordinary shares in issue.
A reconciliation of the profit attributable to shareholders and
underlying profit attributable to shareholders is as follows:
Group
2020 2019
US$m US$m
Profit attributable to shareholders 540.3 881.4
Less: Non-trading items (net of tax and non-controlling
interests)
Fair value changes of agricultural
produce and live stock 0.7 1.4
Fair value changes of an investment
properties 0.8 3.3
Fair value changes of investments 109.1 (6.8)
Impairment loss on associates and joint (182.8) -
ventures
Impairment loss on goodwill on subsidiaries (8.5) -
Net gain on disposal of interests in
associates and joint ventures 188.3 0.2
Share of associate's negative goodwill
arising from business combination - 20.2
Others 3.6 -
111.2 18.3
-------- ------
Underlying profit attributable to shareholders 429.1 863.1
======== ======
Non-trading items are separately identified to provide greater
understanding of the Group's underlying business performance. Items
classified as non-trading items include fair value gains or losses
on revaluation of investment properties, agricultural produce and
equity investments which are measured at fair value through profit
and loss; gains and losses arising from the sale of businesses,
investments and properties; impairment of non-depreciable
intangible assets, associates and joint ventures and other
investments; provisions for closure of businesses;
acquisition-related costs in business combinations; and other
credits and charges of a non-recurring nature that require
inclusion in order to provide additional insight into the Group's
underlying business performance.
6 Segment information
Operating segments are identified on the basis of internal
reports about components of the Group that are regularly reviewed
by the Board for the purpose of resource allocation and performance
assessment. Set out below is an analysis of the segment
information:
Underlying businesses performance
------------------------------------------------------------------
Direct Other Non-
Motor Strategic Corporate trading
Astra Interests Interests Costs items Group
US$m US$m US$m US$m US$m US$m
2020
Revenue 11,964.8 1,269.4 - - - 13,234.2
Net operating
costs (11,041.8) (1,241.3) 36.7 8.8 520.6 (11,717.0)
------------ ---------------- ---------------- ---------------- -------------- ------------
Operating
profit/(loss) 923.0 28.1 36.7 8.8 520.6 1,517.2
Financing income 121.2 0.3 - 0.1 - 121.6
Financing
charges (233.6) (3.1) - (21.9) - (258.6)
------------ ---------------- ---------------- ---------------- -------------- ------------
Net financing
charges (112.4) (2.8) - (21.8) - (137.0)
Share of
associates'
and joint
ventures'
results after
tax 202.8 (2.3) 86.4 - (186.7) 100.2
------------ --------------
Profit before
tax 1,013.4 23.0 123.1 (13.0) 333.9 1,480.4
Tax (220.1) (7.1) (3.0) (1.1) (3.5) (234.8)
------------ ---------------- ---------------- ---------------- -------------- ------------
Profit after
tax 793.3 15.9 120.1 (14.1) 330.4 1,245.6
Non-controlling
interests (483.9) (2.2) - - (219.2) (705.3)
------------ ---------------- ---------------- ---------------- -------------- ------------
Profit
attributable
to shareholders 309.4 13.7 120.1 (14.1) 111.2 540.3
============ ================ ================ ================ ============== ============
Net cash/(debt)
(excluding net
debt
of financial
services
companies) 626.4 39.1 - (1,519.0) (853.5)
Total equity 13,953.3 282.7 1,366.6 (296.0) 15,306.6
============ ================ ================ ================ ============
Underlying businesses performance
----------------------------------------------------------------
Direct Other Non-
Motor Strategic Corporate trading
Astra Interests Interests Costs items Group
US$m US$m US$m US$m US$m US$m
2019
Revenue 16,802.9 1,788.2 - - - 18,591.1
Net operating
costs (14,711.0) (1,721.2) 35.7 (0.3) 2.1 (16,394.7)
---------- ---------------- ---------------- ---------------- -------------- ------------
Operating
profit/(loss) 2,091.9 67.0 35.7 (0.3) 2.1 2,196.4
Financing income 92.1 0.4 - 0.5 - 93.0
Financing
charges (317.6) (4.4) - (40.7) - (362.7)
---------- ---------------- ---------------- ---------------- -------------- ------------
Net financing
charges (225.5) (4.0) - (40.2) - (269.7)
Share of
associates'
and joint
ventures'
results after
tax 493.0 15.0 92.9 - 21.4 622.3
---------- -------------- ------------
Profit before
tax 2,359.4 78.0 128.6 (40.5) 23.5 2,549.0
Tax (555.5) (12.9) (2.6) (1.0) (1.5) (573.5)
---------- ---------------- ---------------- ---------------- -------------- ------------
Profit after
tax 1,803.9 65.1 126.0 (41.5) 22.0 1,975.5
Non-controlling
interests (1,088.2) (2.2) - - (3.7) (1,094.1)
---------- ---------------- ---------------- ---------------- -------------- ------------
Profit
attributable
to shareholders 715.7 62.9 126.0 (41.5) 18.3 881.4
========== ================ ================ ================ ============== ============
Net cash/(debt)
(excluding net
debt of
financial
services
companies) (1,553.8) (19.9) - (1,474.5) (3,048.2)
Total equity 13,591.0 287.8 1,500.4 (394.7) 14,984.5
========== ================ ================ ================ ============
7 Borrowings
Group
2020 2019
US$m US$m
Long-term borrowings:
* secured 391.6 765.1
* unsecured 2,573.7 2,855.5
-------- --------
2,965.3 3,620.6
======== ========
Current borrowings:
* secured 443.1 1,138.5
* unsecured 3,716.6 3,426.6
-------- --------
4,159.7 4,565.1
-------- --------
Total borrowings 7,125.0 8,185.7
======== ========
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$295.6 million (31st December 2019:
US$877.1 million).
8 Share capital
Group
2020 2019
US$m US$m
Six months ended 31st December
Issued and fully paid:
Balance at 1st July and 31st December
- 395,236,288 (2019: 395,236,288) ordinary
shares 1,381.0 1,381.0
Year ended 31st December
Issued and fully paid:
Balance at 1st January and 31st December
- 395,236,288 (2019: 395,236,288) ordinary
shares 1,381.0 1,381.0
======== ========
There were no rights, bonus or equity issues during the
year.
The Company did not hold any treasury shares as at 31st December
2020 (31st December 2019: Nil) and did not have any unissued shares
under convertibles as at 31st December 2020 (31st December 2019:
Nil).
There were no subsidiary holdings (as defined in the Listing
Manual of the SGX-ST) as at 31st December 2020 (31st December 2019:
Nil).
9 Revenue reserve
Group Company
2020 2019 2020 2019
US$m US$m US$m US$m
Movements :
Balance at 1st January 6,720.0 6,202.4 683.6 672.6
Defined benefit pension plans
* remeasurements (5.6) (12.7) - -
* deferred tax 0.5 2.5 - -
Share of associates' and joint
ventures' remeasurements
of defined benefit pension plans,
net of tax (5.8) (5.7) - -
Profit attributable to shareholders 540.3 881.4 99.3 358.3
Dividends paid by the Company (311.2) (347.3) (311.2) (347.3)
Change in shareholding (0.8) (0.6) - -
Other 0.3 - - -
Balance at 31st December 6,937.7 6,720.0 471.7 683.6
======= ======= ======= =======
10 Other reserves
Group Company
2020 2019 2020 2019
US$m US$m US$m US$m
Composition :
Asset revaluation reserve 403.4 403.4 - -
Translation reserve (1,683.7) (1,611.0) 375.9 338.0
Fair value reserve 18.5 12.2 - -
Hedging reserve (86.1) (48.8) - -
Other reserve 3.3 3.3 - -
--------- --------- ----- -----
Balance at 31st December (1,344.6) (1,240.9) 375.9 338.0
========= ========= ===== =====
Movements :
Asset revaluation reserve
Balance at 1st January 403.4 403.3 - -
Revaluation surplus - 0.1 - -
Balance at 31st December 403.4 403.4 - -
========= ========= ===== =====
Translation reserve
Balance at 1st January (1,611.0) (1,852.5) 338.0 305.3
Translation difference (72.7) 241.5 37.9 32.7
Balance at 31st December (1,683.7) (1,611.0) 375.9 338.0
========= ========= ===== =====
Fair value reserve
Balance at 1st January 12.2 0.5 --
Financial assets at FVOCI
- fair value changes 9.2 9.7 --
- deferred tax (0.1) (0.1) --
- transfer to profit and loss 1.1 (0.5) --
Share of associates' and joint
ventures' fair
value changes of financial
assets at FVOCI,
net of tax (2.3) 2.6 --
Others (1.6) - --
Balance at 31st December 18.5 12.2 --
====== ======
Hedging reserve
Balance at 1st January (48.8) 5.8 --
Cash flow hedges
- fair value changes (25.1) (52.2) --
- deferred tax 3.5 12.6 --
- transfer to profit and loss 1.4 0.8 --
Share of associates' and joint
ventures' fair
value changes of cash flow
hedges, net of tax (17.1) (15.8) --
Balance at 31st December (86.1) (48.8) --
====== ======
Other reserve
Balance at 1st January and
31st December 3.3 3.3 --
====== ======
11 Non-controlling interests
Group
2020 2019
US$m US$m
Balance at 1st January 8,124.4 7,342.1
Asset revaluation surplus 1.1 0.1
Financial assets at FVOCI
- fair value changes 9.9 10.5
- deferred tax (0.1) (0.2)
- transfer to profit and loss 0.8 (0.5)
Share of associates' and joint ventures'
fair value changes of
Financial assets at FVOCI, net of tax (2.2) 2.6
Cash flow hedges
- fair value changes (20.8) (77.9)
- deferred tax 1.5 19.0
* transfer to profit and loss 1.4 0.8
Share of associates' and joint ventures'
fair value changes of cash
flow hedges, net of tax (35.2) (33.0)
Defined benefit pension plans
- remeasurements (9.9) (18.9)
- deferred tax 0.8 4.4
Share of associates' and joint ventures'
remeasurements of
defined benefit pension plans, net of
tax (5.4) (6.5)
Translation difference (88.0) 259.6
Profit for the year 705.3 1,094.1
Issue of shares to non-controlling interests 38.9 28.6
Dividends paid (390.6) (497.7)
Change in shareholding 0.8 (2.5)
Acquisition of subsidiaries - (0.2)
Other (0.2) -
------- -------
Balance at 31st December 8,332.5 8,124.4
======= =======
12 Cash flows from operating activities
Group
2020 2019
US$m US$m
Profit before tax 1,480.4 2,549.0
Adjustments for:
---------- ---------
Financing income (121.6) (93.0)
Financing charges 258.6 362.7
Share of associates' and joint ventures'
results after tax (100.2) (622.3)
Amortisation/depreciation of
- intangible assets 126.7 136.6
- right-of-use assets 189.7 127.3
- property, plant and equipment 763.0 795.5
- bearer plants 26.7 27.1
Impairment/(reversal of impairment) of
- intangible assets 33.9 -
- right-of-use assets - 9.3
- property, plant and equipment 9.4 2.1
- bearer plants - 7.9
- debtors 361.4 111.6
Fair value changes of:
- investment properties (3.2) (6.4)
- investment (113.4) 9.6
- agricultural produce (5.8) (4.8)
- livestock 3.4 -
- derivative not qualifying as hedges 2.4 -
(Profit)/loss on disposal of:
- intangible assets 1.3 0.1
- right-of-use assets - (2.3)
- property, plant and equipment (22.2) (6.6)
- associates and joint ventures (428.5) (0.5)
- investments (1.7) (3.5)
Loss on disposal/write-down of receivables
from collateral vehicles 80.8 59.7
Amortisation of borrowing costs for financial
services companies 9.5 9.7
Write-down of stocks 14.3 33.5
Loss on modifications to lease terms 4.4 -
Changes in provisions 37.2 32.9
Foreign exchange loss (22.6) (10.4)
1,103.5 975.8
Operating profit before working capital
changes 2,583.9 3,524.8
Changes in working capital:
---------- ---------
Properties for sale 2.6 (27.6)
Stocks (1) 447.9 78.0
Concession rights (9.8) (77.3)
Financing debtors 135.2 (291.0)
Debtors (2) 910.8 (8.7)
Creditors (3) (1,110.5) (919.7)
Pensions 42.0 36.5
418.2 (1,209.8)
---------- ---------
Cash flows from operating activities 3,002.1 2,315.0
========== =========
(1) Decrease in stock balance mainly due to lower purchases
(2) Decrease in debtors balance due mainly to lower sales activities and repayment
(3) Decrease in creditors balance due mainly to lower trade purchases amid slowdown in demand
13 Interested person transactions
Aggregate
value of
all interested
person
transactions Aggregate
(excluding value of
transactions all interested
less than person transactions
S$100,000 conducted
and transactions under shareholders'
conducted mandate
under pursuant
shareholders' to Rule
mandate 920 (excluding
pursuant transactions
to Rule less than
920) S$100,000)
------------------ --------------------
Name of interested Nature of US$m US$m
person and nature of relationship
transaction
Six months ended 31st
December 2020
Jardine Engineering Associate of the
(S) Pte Ltd Company's
controlling
shareholder
- Air conditioner
replacement - 0.1
Jardine International Associate of the
Motors Limited Company's
controlling
shareholder
- management consultancy 1.6 -
services
Jardine International Associate of the
Motors (S) Pte. Limited Company's
controlling
shareholder
- management consultancy 0.3 -
services
Jardine Matheson Limited Associate of the
Company's
controlling
shareholder
* management support services - 2.1
1.0 -
* digital and innovation services
* cyber security services - 0.3
Jardine Matheson & Associate of the
Co., Ltd Company's
controlling
shareholder
* human resource and administration services - 0.2
Jardine Matheson (Singapore) Associate of the
Ltd Company's
controlling
shareholder
0.5 -
* digital and innovation services
3.4 2.7
================= ==================
13 Interested person transactions (continued)
Aggregate
value of
all interested
person Aggregate
transactions value of
(excluding all interested
transactions person
less than transactions
S$100,000 conducted
and transactions under shareholders'
conducted mandate
under pursuant
shareholders' to Rule
mandate 920 (excluding
pursuant transactions
to Rule less than
920) S$100,000)
----------------- --------------------
Name of interested Nature of US$m US$m
person and nature of relationship
transaction
Year ended 31st December
2020
Hongkong Land Ltd Associate of the
Company's
controlling
shareholder
- management support
services - 0.1
Jardine Engineering Associate of the
(S) Pte Ltd Company's
controlling
shareholder
- Air conditioner
replacement - 0.1
Jardine International Associate of the
Motors Limited Company's
controlling
shareholder
- management consultancy 3.7 -
services
Jardine International Associate of the
Motors (S) Pte. Limited Company's
controlling
shareholder
- management consultancy 0.5 -
services
Jardine Matheson Limited Associate of the
Company's
controlling
shareholder
* management support services - 3.1
1.0 -
* digital and innovation services
* cyber security services - 0.3
Jardine Matheson & Associate of the
Co., Ltd Company's
controlling
shareholder
* human resource and administration services - 0.4
Jardine Matheson (Singapore) Associate of the
Ltd Company's
controlling
shareholder
0.5 -
* digital and innovation services
5.7 4.0
================= ==================
14 Additional information
Group
2020 2019 Change
US$m US$m %
Astra International
Automotive 64.3 268.9 -76
Financial services 110.8 215.9 -49
Heavy equipment, mining, construction
& energy 122.7 238.3 -49
Agribusiness 22.0 4.5 389
Infrastructure & logistics 1.2 9.9 -88
Information technology 0.5 6.8 -93
Property 2.9 2.7 7
------- -------
324.4 747.0 -57
Less: Withholding tax on dividend (15.0) (31.3) -52
-------
309.4 715.7 -57
-------
Direct Motor Interests
Singapore 18.5 57.1 -68
Malaysia (0.7) (5.6) -88
Myanmar (3.4) (4.3) -21
Indonesia (Tunas Ridean) 0.8 18.8 -96
Less: central overheads (1.5) (3.1) -52
13.7 62.9 -78
------- -------
Other Strategic Interests
Siam City Cement 24.2 23.5 3
Refrigeration Electrical Engineering 20.6 18.3 13
Vinamilk 36.7 35.7 3
Truong Hai Auto Corporation
------- -------
- automotive 39.3 46.3 -15
- real estate 7.4 1.7 335
- agriculture (8.1) 0.5 nm
------- -------
38.6 48.5 -20
------- -------
120.1 126.0 -5
------- -------
Corporate costs
Central overheads (21.4) (23.5) -9
Dividend income from other investments 5.1 5.0 2
Net financing charges (21.7) (40.2) -46
Exchange differences 23.9 17.2 39
------- -------
(14.1) (41.5) -66
------- -------
Underlying profit attributable
to shareholders 429.1 863.1 -50
======= =======
15 Record Date
NOTICE IS HEREBY GIVEN that, subject to shareholders' approval
being obtained at the forthcoming 52nd Annual General Meeting of
the Company ("AGM") for the proposed final one-tier tax-exempt
dividend of US$0.34 per share for the financial year ended 31st
December 2020 (the "Final Dividend"), the Transfer Books and
Register of Members of the Company will be closed from 5.00 p.m. on
Friday, 28th May 2021 (the "Record Date") up to, and including
Monday, 31st May 2021, 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 2021.
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.
No significant event or transaction other than as contained in
this report has occurred between 1st January 2021 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 2020 can be accessed
through the internet at 'www.jcclgroup.com'.
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END
FR DZGZZLVKGMZG
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