Astra International 2021 Third Quarter Financial Statements

28/10/2021, 17:47

General Announcement::Astra's 2021 3rd Quarter Financial Statements

GENERAL ANNOUNCEMENT::ASTRA'S 2021 3RD QUARTER FINANCIAL STATEMENTS

Issuer & Securities

Issuer/ Manager

JARDINE CYCLE & CARRIAGE LIMITED

Securities

JARDINE CYCLE & CARRIAGE LTD - SG1B51001017 - C07

Stapled Security

No

Announcement Details

Announcement Title

General Announcement

Date &Time of Broadcast

28-Oct-2021 17:45:30

Status

New

Announcement Sub Title

Astra's 2021 3rd Quarter Financial Statements

Announcement Reference

SG211028OTHRO5VP

Submitted By (Co./ Ind. Name)

Jeffery Tan Eng Heong

Designation

Company Secretary

Description (Please provide a detailed description of the event in the box below)

We attach for your information a press release announced today in Jakarta by our subsidiary, PT Astra International Tbk.

Attachments

Astra_2021_09_30 Results Release.pdf

Total size =172K MB

https://links.sgx.com/1.0.0/corporate-announcements/X0C7L8WC8MUN41Y9/5e2fd95e45cda2a8069d9ae250d2eb2f606129e3f26a0e3e65d478c… 1/1

28th October 2021	PRESS RELEASE
PT ASTRA INTERNATIONAL TBK ("the Company" or "Astra")
2021 THIRD QUARTER FINANCIAL STATEMENTS

Highlights

• Net earnings per share up 84% (excluding gain on sale of investment in Permata Bank)
• Significant improvement in automotive, with car sales up 79% and motorcycle sales up 26%
• Higher commodity prices benefited the Group
• Strong balance sheet and funding position

"The Group's overall performance improved in the first nine months of 2021, supported by strong automotive sales volumes and higher commodity prices. Although there are uncertainties with the ongoing macroeconomic environment due to impact of the pandemic, the Group's strong performance gives us optimism for the remainder of the year. In addition, the Group's balance sheet position remains healthy and solid."

Djony Bunarto Tjondro

President Director

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Astra group ("Group") Results

	For the period ended 30th September
	2021	2020	Change
	Rp bn	Rp bn	%
Net revenue	167,402	130,349	28
Net income (excluding gain on sale	14,977	8,158	84
of investment in Permata Bank)
Net income	14,977	14,039	7
	Rp	Rp
Net earnings per share (excluding
gain on sale of investment in	370	202	84
Permata Bank)
Net earnings per share	370	347	7
	As at 30th September 2021	As at 31st December 2020	Change
	Rp bn	Rp bn	%
Shareholders' funds	166,540	155,662	7
	Rp	Rp
Net asset value per share	4,114	3,845	7

The financial results for the nine months ended 30th September 2021 and 2020, as well as the financial position as at 30th September 2021, have been prepared in accordance with Indonesian Financial Accounting Standards and are unaudited. The financial position as at 31st December 2020 has been prepared in accordance with Indonesian Financial Accounting Standards and audited in accordance with the auditing standards established by the Indonesian Institute of Certified Public Accountants.

PRESIDENT DIRECTOR'S STATEMENT

Performance

The Group's consolidated net revenue for the first nine months of 2021 was Rp167.4 trillion, an increase of 28% compared with the same period last year. Net income was Rp15.0 trillion, 7% higher than the first nine months of 2020, when the Group benefited from the gain on the sale of its investment in Permata Bank. Excluding this one-off gain, the Group's net income showed an 84% improvement, with better performances from all its business divisions.

The net asset value per share at 30th September 2021 was Rp4,114, 7% higher than the net asset value per share at 31st December 2020.

Net cash, excluding the Group's financial services subsidiaries, was Rp25.5 trillion at 30th September 2021, compared with Rp7.3 trillion at the end of 2020, due to an improved trading performance, together with relatively low capital expenditure realisation and working capital. However, if trading volumes continue to improve in the remainder of the year, both capital expenditure and working capital could increase. The net debt of the Group's financial services subsidiaries slightly increased from Rp39.2 trillion at the end of 2020 to Rp39.3 trillion at 30th September 2021.

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Business Activities

The Group's net income was higher in the first nine months of 2021 compared to that of the same period last year. Net income by division was as follows:

	Net Income Attributable to Astra International
	For the period ended 30th September
	2021	2020		Change
	Rp bn	Rp bn		%
Automotive	5,515	1,796		207
Financial Services	3,384	2,759		23
Heavy Equipment, Mining, Construction and Energy	4,650	3,086		51
Agribusiness	1,171	464		152
Infrastructure and Logistics	98	(59)		N/A
Information Technology	28	26		8
Property	131	86		52
Attributable net income (excluding gain on sale	14,977	8,158		84
of investment in Permata Bank)
Gain on sale of investment in Permata Bank	-	5,881		N/A
Attributable Net Income	14,977	14,039		7

Automotive

Net income from the Group's automotive division increased by 207% to Rp5.5 trillion, mainly due to the significant adverse impact on performance in the second quarter of last year from the pandemic and related containment measures, as well as an increase in sales volume in the first nine months of this year, especially in the car segment which benefited from temporary luxury sales tax incentives. Key points were as follows:

• The wholesale market for cars increased by 69% to 628,000 units in the first nine months of 2021 (source: Gaikindo). Astra's car sales for that period were 79% higher at 344,000 units, with market share increasing from 52% to 55%. 10 new models and 16 revamped models were launched in the first nine months of 2021.
• The wholesale market for motorcycles increased by 31% to 3.8 million units in the first nine months of 2021 (source: Ministry of Industry). Astra Honda Motor's sales increased by 26% to 2.9 million units. Four new models and 14 revamped models were launched in the first nine months of 2021.
• The Group's 80%-owned components business, Astra Otoparts, reported a net income of Rp446 billion, compared to a net loss of Rp243 billion in the equivalent period last year, mainly due to higher revenues from the original equipment manufacturer, replacement market and export segments.

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Financial Services

Net income from the Group's financial services division increased by 23% to Rp3.4 trillion in the first nine months of 2021, primarily due to higher contribution from the consumer finance and general insurance businesses. Key points were as follows:

• The Group's consumer finance businesses saw a 20% increase in new amounts financed to Rp60.7 trillion. The net income contribution from the Group's car-focused finance companies increased by 41% to Rp940 billion, while the net income contribution from its motorcycle-focused business, Federal International Finance, increased by 38% to Rp1.6 trillion. Both increases were mainly due to lower loan loss provisioning.
• The Group's heavy equipment-focused finance business saw a 68% increase in new amounts financed to Rp4.5 trillion. The net income contribution from this segment increased by 32% to Rp49 billion.
• General insurance company Asuransi Astra Buana reported a 9% increase in net income to Rp853 billion, mainly due to higher investment income. The Group's life insurance company, Astra Life, recorded a 58% increase in gross written premiums to Rp4.0 trillion.

Heavy Equipment, Mining, Construction and Energy

Net income from the Group's heavy equipment, mining, construction and energy division increased by 51% to Rp4.7 trillion, due to higher Komatsu heavy equipment sales and improved coal prices. Key points were as follows:

• 59.5%-ownedUnited Tractors reported a 46% increase in net income to Rp7.8 trillion.
• Komatsu heavy equipment sales rose 84% to 2,194 units, while parts and service revenues were also higher.
• Mining services contractor Pamapersada Nusantara recorded slightly lower overburden removal volume at 630 million bank cubic metres and a 2% higher coal production at 87 million tonnes.
• United Tractors' coal mining subsidiaries achieved 8% higher coal sales at 7.7 million tonnes, including 1.9 million tonnes of metallurgical coal.
• Agincourt Resources, 95%-owned by United Tractors, reported a slight increase in gold sales at 258,000 oz.
• General contractor Acset Indonusa, 82.2%-owned by United Tractors, reported a net loss of Rp386 billion, mainly due to the slowdown of several ongoing projects and reduced construction project opportunities during the pandemic.
• In August 2021, Acset Indonusa raised Rp1.5 trillion from a new equity issue, to reduce debt and to strengthen its capital structure. Following the new equity issue, United
  Tractors' ownership in Acset Indonusa increased from 64.8% to 82.2%.

Agribusiness

Net income from the Group's agribusiness division increased by 152% to Rp1.2 trillion, mainly due to improved crude palm oil prices. Key points were as follows:

• The net income of 79.7%-owned Astra Agro Lestari increased by 152% to Rp1.5 trillion.
• Crude palm oil prices rose by 31% to Rp10,699/kg.
• Crude palm oil and derivative product sales were relatively stable at 1.5 million tonnes.
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