TIDMJDS TIDMJAR
RNS Number : 7984C
Jardine Strategic Hldgs Ltd
20 April 2017
To: Business Editor 20th April 2017
For immediate release
PT Astra International Tbk
2017 First 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
Neil M McNamara (852) 2843 8227
Brunswick Group Limited
Karin Wong (852) 3512 5077
20th April 2017
PT ASTRA INTERNATIONAL TBK
2017 FIRST QUARTER FINANCIAL STATEMENTS
Highlights
Net earnings per share up 63% at Rp126
Increased market share for both cars and motorcycles
Strong recovery in coal prices benefited heavy equipment and
mining volumes
Agribusiness improved with higher CPO prices and production
"Astra saw good performances from most of its businesses in the
first quarter of 2017. Looking ahead, the Group is expected to
benefit from the continued growth in the Indonesian economy,
supported by higher commodity prices, although its automotive
activities are expected to face increasing price competition."
Prijono Sugiarto
President Director
Group Results
For the period ended 31st March
----------------------------------------
2017 2016 Change
Rp bn Rp bn %
----------------------------- ----------- ------------------- ------
Net revenue 48,780 41,887 16%
----------------------------- ----------- ------------------- ------
Net income * 5,087 3,112 63%
----------------------------- ----------- ------------------- ------
Rp Rp
----------------------------- ----------- ------------------- ------
Net earnings per share 126 77 63%
----------------------------- ----------- ------------------- ------
As at 31st As at 31st December Change
March 2017 2016 %
Rp bn Rp bn
----------------------------- ----------- ------------------- ------
Shareholders' funds** 116,953 111,951 4%
----------------------------- ----------- ------------------- ------
Rp Rp
----------------------------- ----------- ------------------- ------
Net asset value per share** 2,889 2,765 4%
----------------------------- ----------- ------------------- ------
* Net income is profit attributable to owners of the parent,
i.e. Astra International shareholders.
** Shareholders' funds and net asset value per share are based
on equity attributable to owners of the parent.
The financial results for the three months ended 31st March 2017
and 2016 as well as the financial position as at 31st March 2017
have been prepared in accordance with Indonesian Financial
Accounting Standards and are unaudited. The financial position as
at 31st December 2016 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
Overview
During the first quarter of 2017, the Group's automotive
businesses achieved strong market shares for both cars and
motorcycles. The overall wholesale market for cars grew while for
motorcycles declined. The Group's financial services businesses
improved with a return to profit for Permata Bank, while higher
commodity prices led to better trading performances from the heavy
equipment and agribusiness divisions.
Performance
The Group's consolidated net revenue for the period increased by
16% to Rp48.8 trillion, with higher revenue contributions from most
of its business segments.
The Group's net income was 63% higher at Rp5.1 trillion, with
improved results from most business segments except information
technology, and infrastructure and logistics.
The net asset value per share was Rp2,889 at 31st March 2017, 4%
higher than at the end of 2016.
Net cash, excluding the Group's financial services subsidiaries,
was Rp131 billion, significantly lower compared with net cash of
Rp6.2 trillion at the end of 2016, mainly due to toll road and
power plant investments made in the first quarter of 2017. The
Group's financial services subsidiaries had net debt of Rp46.4
trillion, compared with Rp47.7 trillion at the end of 2016.
Business Activities
Net income attributable to shareholders by business segment for
the quarter was as follows:
Net Income Attributable to Astra
International
------------------------------------
For the period ended 31st March
------------------------------------
2017 2016 Change
Rp bn Rp bn %
------------------------------ ----------- ----------- ----------
Automotive 2,288 1,580 45%
------------------------------ ----------- ----------- ----------
Financial Services 1,124 641 75%
------------------------------ ----------- ----------- ----------
Heavy Equipment and Mining 902 442 104%
------------------------------ ----------- ----------- ----------
Agribusiness 638 333 92%
------------------------------ ----------- ----------- ----------
Infrastructure and Logistics 67 69 (3%)
------------------------------ ----------- ----------- ----------
Information Technology 26 34 (23%)
------------------------------ ----------- ----------- ----------
Property 42 13 223%
------------------------------ ----------- ----------- ----------
Attributable Net Income 5,087 3,112 63%
------------------------------ ----------- ----------- ----------
Automotive
Net income from the Group's automotive division increased by 45%
to Rp2.3 trillion, largely due to the sales momentum from
successful new model introductions in 2016 which has continued into
2017.
The wholesale market for cars grew by 6% to 283,000 units.
Astra's car sales were 27% higher at 161,000 units, resulting in an
increase in market share from 48% to 57%. The Group launched one
new model and two revamped models during the first quarter of
2017.
The wholesale market for motorcycles decreased by 7% to 1.4
million units. While Astra Honda Motor's domestic sales fell 2% to
1.1 million units, its market share rose from 72% to 77%, supported
by the launch of four new models and six revamped models during the
period.
Net income of Astra Otoparts, the Group's component business,
increased 83% to Rp148 billion, supported by higher revenue from
its OEM and aftermarket segments and a higher earnings contribution
from its joint venture and associate companies.
Financial Services
Net income from the Group's financial services division
increased 75% to Rp1.1 trillion, with improved contributions from
most financial services businesses, including Permata Bank.
The Group's consumer finance businesses saw a 17% increase in
the aggregate amount financed, including amounts financed through
joint bank financing without recourse, to Rp18.7 trillion.
Car-focused Astra Sedaya Finance reported net income 11% higher at
Rp237 billion, while Toyota Astra Financial Services recorded a 25%
increase in net income at Rp100 billion, both benefiting from
growth in the car market and Astra's increased market share.
Motorcycle-focused Federal International Finance's net income was
up 13% at Rp444 billion, benefiting from Honda's improved market
share and loan product diversification.
The aggregate amount financed through the Group's heavy
equipment-focused finance operations increased by 28% to Rp1.3
trillion. Net income at Surya Artha Nusantara Finance, which
specialises in small and medium heavy equipment financing, was
slightly lower at Rp20 billion.
Astra's 44.6%-held joint venture, Permata Bank, reported net
income of Rp453 billion compared with net loss of Rp376 billion in
the same period in 2016. The bank's gross non-performing loan ratio
declined from 8.8% at the end of 2016 to 6.4% at the end of March
2017, while its net non-performing loan ratio remained stable at
2.2%. The improved performance of Permata Bank was the result of
good underlying income and the liquidation of non-performing loans
as planned. In order to further strengthen its capital base, a
Rp3.0 trillion rights issue is expected to be completed in the
first half of 2017, of which Rp1.5 trillion had already been
injected as a capital advance in December 2016 by its two major
shareholders, Astra International and Standard Chartered Bank.
Asuransi Astra Buana, the Group's general insurance company,
reported net income 4% higher at Rp215 billion, primarily due to
increased automotive underwriting income.
During the period, the Group's life insurance joint venture,
Astra Aviva Life, acquired close to 67,000 individual life
customers and 145,000 participants for its corporate employee
benefits programmes, bringing the respective totals to 267,000 and
637,000 at the end of the first quarter of 2017.
Heavy Equipment and Mining
The net income contribution to the Group from its heavy
equipment and mining division increased by 104% to Rp902
billion.
United Tractors, which is 59.5%-owned, reported net income 105%
higher at Rp1.5 trillion due to higher business volumes in
construction machinery, mining contracting and mining operations,
all of which benefited from improved coal prices.
In its construction machinery business, Komatsu heavy equipment
sales were up 70% to 847 units, while parts and service revenues
were also higher. The mining contracting operations of Pamapersada
Nusantara recorded a 2% increase in coal production at 25 million
tonnes while overburden removal was 3% higher at 171 million bank
cubic metres. United Tractors' mining subsidiaries reported 9%
higher coal sales at 1.9 million tonnes.
General contractor Acset Indonusa, a 50.1% subsidiary of United
Tractors, reported net income up 63% at Rp31 billion, with new
contracts of Rp6.9 trillion secured in the period, compared with
Rp2.4 trillion secured in the first quarter of 2016.
In March 2017, 25%-owned Bhumi Jati Power, which will develop
and operate two 1,000 MW thermal power plants in Central Java,
completed its project financing agreement with lenders. This build,
operate and transfer project is expected to cost approximately
US$4.2 billion and is scheduled to start commercial operation in
2021. Bhumi Jati Power is a joint venture amongst wholly owned
subsidiaries of United Tractors, Sumitomo Corporation and Kansai
Electric Power Co Inc.
In March 2017, United Tractors through its subsidiary Tuah
Turangga Agung, also completed the acquisition of an 80.1% stake in
PT Suprabari Mapanindo Mineral, a coking coal company in Central
Kalimantan.
Agribusiness
Net income from the Group's agribusiness division increased by
92% to Rp638 billion in the first quarter of 2017.
Astra Agro Lestari, which is 79.7%-owned, reported net income of
Rp801 billion, up from Rp418 billion in the first quarter of 2016,
due to improved revenue from higher crude palm oil prices and
increased crude palm oil production and sales. Average crude palm
oil prices achieved were 36% higher at Rp8,953/kg, while sales of
crude palm oil and its derivatives were 1% higher at 410,000 tonnes
compared to the same period last year.
Infrastructure and Logistics
Net income of the Group's infrastructure and logistics division
decreased by 3% to Rp67 billion, mainly due to initial losses
arising from the commencement of the Cikopo-Palimanan toll road and
lower earnings from its water utility business.
The 72km Tangerang-Merak toll road, operated by 79.3%-owned
Marga Mandalasakti, saw traffic volumes increase by 5% to 12
million vehicles. Construction continues at the wholly-owned 41km
Jombang-Mojokerto toll road, where 20km is already operational. At
the 73km Semarang-Solo toll road, in which the Group has a 25%
interest, 23km is now in operation.
In January 2017, the Group completed the acquisition of an
initial 40% interest in PT Baskhara Utama Sedaya, which owns 45% of
the operator of the fully operational 116km Cikopo-Palimanan toll
road, and has subsequently conditionally agreed to acquire the
remaining 60% interest. Along with its 40% stake in the 11km
Kunciran-Serpong toll road and a 25% stake in the 40km
Serpong-Balaraja toll road, both of which are greenfield, the
Group's total interest in toll roads amounts to 353km.
PAM Lyonnaise Jaya, which operates the western Jakarta water
utility system, experienced a 2% decrease in sales volume to 38
million cubic metres.
Serasi Autoraya's net income increased by 82% to Rp40 billion,
due to higher net margins in its car leasing and rental and
logistics businesses, despite a 2% decline in contracted vehicles
in its car leasing and rental business.
Information Technology
Net income from the Group's information technology division
decreased by 23% to Rp26 billion.
Astra Graphia, which is 76.9%-owned, reported a 23% decline in
net income to Rp33 billion mainly due to lower revenues from its IT
solutions business.
Property
Net income from the Group's property division at Rp42 billion
was significant higher than the Rp13 billion achieved in first
quarter of 2016, mainly due to higher development earnings
recognised on Anandamaya Residences.
Prospects
Astra saw good performances from most of its businesses in the
first quarter of 2017. Looking ahead, the Group is expected to
benefit from the continued growth in the Indonesian economy,
supported by higher commodity prices, although its automotive
activities are expected to face increasing price competition.
Prijono Sugiarto
President Director
20th April 2017
- end -
For further information, please contact:
PT Astra International Tbk
Pongki Pamungkas, Chief of Corporate Communication, Social
Responsibility & Security
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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