TIDMJDS TIDMJAR
RNS Number : 9197W
Jardine Strategic Hldgs Ltd
24 April 2019
To: Business Editor 24th April 2019
For immediate release
PT Astra International Tbk
2019 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
Jonathan Lloyd (852) 2843 8223
Brunswick Group Limited
Helen Smith (852) 3512 5023
24th April 2019
PT ASTRA INTERNATIONAL TBK
2019 FIRST QUARTER FINANCIAL STATEMENTS
Highlights
-- Net earnings per share up 5% at Rp129
-- Improved earnings contribution from financial services
-- Increased mining contracting volume and contribution from newly acquired gold mine
-- Motorcycle sales up 19%, while car sales fell 5%
-- Agribusiness adversely impacted by lower crude palm oil prices
"The Group's performance was satisfactory in the first quarter
of 2019, supported by increased contributions from its financial
services and mining contracting businesses, as well as the
contribution from its newly acquired gold mining business. For the
remainder of the year, the Group is expected to continue to benefit
from the performance of these businesses, while concerns remain
over lacklustre demand and intense competition in the car market
and weaker commodity prices."
Prijono Sugiarto
President Director
Group Results
For the period ended 31st March
2019 2018 Change
Rp bn Rp bn %
------------ --------------- -------
Net revenue 59,607 55,822 7
------------ --------------- -------
Net income* 5,215 4,980 5
------------ --------------- -------
Rp Rp
------------ --------------- -------
Net earnings per share 129 123 5
------------ --------------- -------
As at 31st As at 31st Change
March 2019 December 2018 %
Rp bn Rp bn
------------ --------------- -------
Shareholders' funds** 141,797 136,947 4
------------ --------------- -------
Rp Rp
------------ --------------- -------
Net asset value per share** 3,503 3,383 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 2019
and 2018 as well as the financial position as at 31st March 2019
have been prepared in accordance with Indonesian Financial
Accounting Standards and are unaudited. The financial position as
at 31st December 2018 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
The Group's net earnings were higher in the first quarter of
2019 compared with the same period last year, mainly due to
increased contributions from its financial services and heavy
equipment, mining, construction and energy businesses, which more
than offset lower contributions from its automotive business and
agribusiness.
Performance
The Group's consolidated net revenue for the period increased by
7% to Rp59.6 trillion, with higher revenue achieved in most
business segments, especially heavy equipment, mining, construction
and energy, and financial services.
The Group's net income was Rp5.2 trillion, 5% higher compared
with the same period in 2018.
The net asset value per share was Rp3,503 at 31st March 2019, 4%
higher than at the end of 2018.
Net debt, excluding the Group's financial services subsidiaries,
was Rp15.2 trillion at 31st March 2019, compared with Rp13.0
trillion at 31st December 2018, mainly due to the investment in
GOJEK. The Group's financial services subsidiaries had net debt of
Rp46.7 trillion at 31st March 2019, compared with Rp47.7 trillion
at the end of 2018.
Business Activities
Net income attributable to shareholders by business segment was
as follows:
Net Income Attributable to Astra
International
For the period ended 31st March
-------------------------------------
2019 2018 Change
Rp bn Rp bn %
-------- ------------------ -------
Automotive 1,905 2,109 (10)
-------- ------------------ -------
Financial Services 1,401 1,060 32
-------- ------------------ -------
Heavy Equipment, Mining, Construction
and Energy 1,828 1,518 20
-------- ------------------ -------
Agribusiness 30 283 (89)
-------- ------------------ -------
Infrastructure and Logistics 16 (23) N/A
-------- ------------------ -------
Information Technology 20 27 (26)
-------- ------------------ -------
Property 15 6 150
-------- ------------------ -------
Attributable Net Income 5,215 4,980 5
-------- ------------------ -------
Automotive
Net income from the Group's automotive division fell by 10% to
Rp1.9 trillion, mainly due to lower car sales volumes and increased
material cost in the manufacturing activities.
The wholesale market for cars declined by 13% to 254,000 units.
Astra's car sales were only 5% lower at 134,000 units, resulting in
an increase in market share from 49% to 53% in the first quarter of
2019. The Group launched 6 new models and 2 revamped models during
the period.
The wholesale market for motorcycles increased by 19% in the
first two months of this year, compared with the equivalent period
in 2018. Wholesale market size information is not yet available for
March 2019. In the first quarter of 2019, Astra Honda Motor's
national sales increased by 19% to 1.3 million units. The Group
launched 2 new models and 12 revamped models during the period.
Astra Otoparts, the Group's components business, reported net
income 9% higher at Rp159 billion. The increase in net income was
mainly due to higher revenue generated from its original equipment
manufacturing, replacement market and export segments.
Financial Services
Net income from the Group's financial services division
increased by 32% to Rp1.4 trillion, due to higher contributions
from most business segments.
The Group's consumer finance businesses saw a 5% increase in the
amount financed to Rp20.8 trillion. The net income contribution
from the Group's car-focused finance companies increased by 51% to
Rp340 billion, mainly due to lower non-performing loan losses.
Motorcycle-focused Federal International Finance's net income was
up 11% at Rp604 billion, primarily due to a larger loan
portfolio.
The amount financed through the Group's heavy equipment-focused
finance operations increased by 15% to Rp974 billion. The net
income contribution from the Group's heavy equipment-focused
finance operations increased by 69% to Rp27 billion, reflecting
higher levels of lending to corporate customers.
Permata Bank, in which Astra holds a 44.6% interest, reported
significantly higher net income at Rp377 billion compared with
Rp164 billion in the first quarter of 2018, mainly due to higher
levels of recoveries from non-performing loans. The bank's gross
and net non-performing loan ratios were 3.8% and 1.6%,
respectively, at the end of March 2019 compared to 4.4% and 1.7% at
the end of 2018.
Asuransi Astra Buana, the Group's general insurance company,
reported net income 9% higher at Rp269 billion, due to increased
investment income. During the period, the Group's life insurance
joint venture, Astra Aviva Life, acquired more than 170,000 new
individual life customers and 50,000 new participants for its
corporate employee benefits programmes.
Heavy Equipment, Mining, Construction and Energy
Net income from the Group's heavy equipment, mining,
construction and energy division increased by 20% to Rp1.8
trillion.
United Tractors, which is 59.5%-owned, reported net income of
Rp3.1 trillion, 21% higher than the comparable period in 2018. The
increase was mainly due to improved performance in its mining
contracting business and contribution from the gold mining
operation acquired in December 2018.
Within United Tractors' construction machinery business, Komatsu
heavy equipment sales increased by 1% to 1,181 units, while parts
and service revenues were also higher. The mining contracting
operations of wholly-owned Pamapersada Nusantara recorded a 14%
increase in overburden removal volume at 235 million bank cubic
metres and 15% higher coal production at 31 million tonnes. United
Tractors' coal mining subsidiaries reported 4% lower coal sales at
2.5 million tonnes, including 325,000 tonnes of coking coal sales
by 80.1%-owned Suprabari Mapanindo Mineral. Agincourt Resources, a
95%-owned subsidiary of United Tractors, reported gold sales of
97,000 oz in the first quarter of 2019.
General contractor Acset Indonusa, 50.1%-owned subsidiary of
United Tractors, reported a net loss of Rp91 billion compared to
net income of Rp39 billion recorded in the first quarter last year,
mainly due to increased construction and funding costs of several
ongoing projects.
25%-owned Bhumi Jati Power is in the process of constructing two
1,000MW power plants in Central Java, which are scheduled to start
commercial operations in 2021.
Agribusiness
Net income from the Group's agribusiness division was down 89%
at Rp30 billion.
Astra Agro Lestari, which is 79.7%-owned, reported an 89%
decline in net income to Rp37 billion, primarily due to a fall in
crude palm oil prices, which were 20% lower at Rp6,252/kg compared
with the average in the first quarter of 2018. This more than
offset the impact of a 25% increase in crude palm oil and
derivatives sales to 599,000 tonnes.
Infrastructure and Logistics
Net income from the Group's infrastructure and logistics
division was Rp16 billion, compared with a net loss of Rp23 billion
in the first quarter of 2018. This was mainly due to improved
earnings from its operational toll roads.
Astra has interests in 302km of operational toll roads along the
Trans-Java network, with a further 11km in Greater Jakarta under
construction. Toll revenue from the 79.3%-owned 72.5km
Tangerang-Merak toll road increased by 4% to Rp263 billion, while
the wholly-owned 40.5km Jombang-Mojokerto toll road, which became
fully operational in December 2018, recorded Rp71 billion of toll
revenue in the first quarter of 2019. Toll revenue from the
45%-owned 116.8km Cikopo-Palimanan toll road increased by 18% to
Rp348 billion. The 40%-owned 72.6km Semarang-Solo toll road, which
became fully operational in December 2018, recorded toll revenue of
Rp121 billion.
Serasi Autoraya's net income decreased by 19% to Rp47 billion
due to a 2% fall in vehicles under contract at 22,000 and 2% lower
used car sales at 8,000 units.
Information Technology
Net income from the Group's information technology division was
26% lower at Rp20 billion.
Astra Graphia, which is 76.9%-owned, reported net income of Rp26
billion, 26% lower than the first quarter of last year. While
revenues in the document solutions and office services businesses
rose, the impact was offset by higher operating costs.
Property
Net income from the Group's property division was Rp15 billion,
compared with net income of Rp6 billion in the first quarter of the
previous year, mainly due to increased earnings from Menara
Astra.
The Group's other projects include interests in Arumaya in South
Jakarta and Asya in East Jakarta, both residential projects, and a
3-hectare residential and commercial development in Jakarta's
Central Business District.
Recent Corporate Action
In February 2019, as part of the collaboration between the Group
and GOJEK, a joint venture company was formed to provide fleet
management support for the ride-hailing online transportation
system of GO-CAR in Indonesia. This strategic collaboration was
taken following an additional US$100 million of equity investment
by the Group in GOJEK in January 2019, which brought the Group's
total investment in GOJEK to US$250 million.
Prospects
The Group's performance was satisfactory in the first quarter of
2019, supported by increased contributions from its financial
services and mining contracting businesses, as well as the
contribution from its newly acquired gold mining business. For the
remainder of the year, the Group is expected to continue to benefit
from the performance of these businesses, while concerns remain
over lacklustre demand and intense competition in the car market
and weaker commodity prices.
Prijono Sugiarto
President Director
24th April 2019
For further information, please contact:
PT Astra International Tbk
Pongki Pamungkas, Chief of Corporate Affairs
Tel: +62 - 21 - 5084 3888
-end-
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END
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