Jardine Cycle & Carriage : Astra 2022 First Half Financial Statements

7/28/22, 6:01 PM

General Announcement::Astra's 2022 First Half Financial Statements

GENERAL ANNOUNCEMENT::ASTRA'S 2022 FIRST HALF 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-Jul-2022 17:58:19

Status

New

Announcement Sub Title

Astra's 2022 First Half Financial Statements

Announcement Reference

SG220728OTHRJKB9

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_2022_06_30 Results Release.pdf

Total size =194K MB

https://links.sgx.com/1.0.0/corporate-announcements/54RWJ2HYVWR7UUV0/7dfdd0c932663a22b5a9bb0b92a2a4dc2ffbed5324c3e5456e797b0c9a8… 1/1

28th July 2022	PRESS RELEASE
PT ASTRA INTERNATIONAL Tbk ("the Company" or "Astra")
2022 FIRST HALF FINANCIAL STATEMENTS

Highlights

• Net earnings per share was 64% higher than the same period last year (excluding fair value gain on the Group's investment in GoTo)
• Car sales grew by 23%, while motorcycle sales decreased by 13%
• Higher commodity prices drive strong performance from heavy equipment sales and mining business
• Strong financial and funding position driving new investments

"In the first half of 2022, the Group recorded good performances from almost all of its business divisions, which was supported by the improvement of economic conditions and significantly higher commodity prices. The Group's results for the rest of the year are expected to remain strong, although the Group anticipates that it may still face an unstable and uncertain trading environment."

Djony Bunarto Tjondro

President Director

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Consolidated Financial Results

	For the period ended 30th June
	2022	2021	Change
	Rp bn	Rp bn	%
Net revenue	143,692	107,395	34
Net income (before the fair	14,462	8,831	64
value gain on the investment in
GoTo)
Net income*	18,174	8,831	106
	Rp	Rp
Net earnings per share (before	357	218	64
the fair value gain on the
investment in GoTo)
Net earnings per share	449	218	106
	As at 30th	As at 31st	Change
	June 2022	December 2021
	%
	Rp bn	Rp bn
Shareholders' funds	183,839	172,053	7
	Rp	Rp
Net asset value per share	4,541	4,250	7

*Profit attributable to owners of the parent.

The financial results for the six months ended 30th June 2022 and 2021, as well as the financial position as at 30th June 2022, have been prepared in accordance with Indonesian Financial Accounting Standards and are unaudited. The financial position as at 31st December 2021 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 in the first half of 2022 was Rp143.7 trillion, 34% higher than the first half of 2021 and ahead of pre-pandemic levels. The Group's net income, including the fair value gain on its investment in GoTo, was Rp18.2 trillion, 106% higher than the first half of 2021. Excluding this unrealised gain, the Group's net income increased by 64% to Rp14.5 trillion, reflecting stronger performances from almost all of its business divisions, and especially the Group's heavy equipment and mining, automotive and financial services divisions.

The net asset value per share at 30th June 2022 was Rp4,541, 7% higher than at 31st December 2021.

Net cash, excluding the Group's financial services subsidiaries, was Rp33.6 trillion at 30th June 2022, compared with Rp30.7 trillion at the end of 2021. Net debt of the Group's financial services subsidiaries was Rp35.9 trillion at 30th June 2022 compared with Rp39.2 trillion at the end of 2021.

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Business Activities

The Group's net income was significantly higher in the first half of 2022, compared with the first half of 2021. Net income by division was as follows:

	Net Income by Operating Segments
	For the period ended 30th June
	2022	2021		Change
	Rp bn	Rp bn		%
Automotive	4,271	3,311		29
Financial Services	2,902	2,134		36
Heavy Equipment, Mining, Construction and	6,194	2,681		131
Energy
Agribusiness	645	517		25
Infrastructure and Logistics	353	91		288
Information Technology	24	14		71
Property	73	83		(12)
Net Income* (before the fair value gain on	14,462	8,831		64
the investment in GoTo)
Fair value gain on the investment in GoTo	3,712	-		N/A
Net Income*	18,174	8,831		106

*Profit attributable to owners of the parent.

Automotive

Net income from the Group's automotive division increased by 29% to Rp4.3 trillion, reflecting higher sales volumes. Key points are as follows:

• The wholesale market for cars increased by 21% to 475,000 units in the first half of 2022 (source: Gaikindo). Astra's car sales were 23% higher at 259,000 units, and its market share increased from 53% to 54%. 18 new models and 10 revamped models were launched during the period.
• The wholesale market for motorcycles decreased by 8% to 2.2 million units in the first half of 2022 (source: Ministry of Industry of the Republic of Indonesia). Astra Honda
  Motor's sales decreased by 13% to 1.6 million units due to production constraints caused by semiconductor supply issues which impacted the business more than competitors. As a result, its market share also decreased, from 77% to 73%. 1 new model and 7 revamped models were launched during the period.
• The Group's 80%-owned components business, Astra Otoparts, reported a net income of Rp432 billion, a 62% increase compared to the equivalent period last year, mainly due to higher revenues from the original equipment manufacturer and replacement market segments.

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Financial Services

Net income from the Group's financial services division increased by 36% to Rp2.9 trillion in the first half of this year due to higher contributions from the consumer finance businesses. Key points are as follows:

• The Group's consumer finance businesses saw an 18% increase in amounts financed to Rp47.2 trillion. The net income contribution from the Group's car-focused finance companies increased by 47% to Rp827 billion on larger loan portfolios. The net income contribution from the Group's motorcycle-focused finance company, Federal International Finance, increased by 60% to Rp1.5 trillion mainly due to lower loan loss provisions.
• The Group's heavy equipment-focused finance companies saw a 112% increase in amounts financed to Rp5.7 trillion. The net income contribution from these businesses increased by 54% to Rp43 billion, mainly due to larger loan portfolios.
• General insurance company Asuransi Astra Buana reported a 6% increase in net income to Rp633 billion, due to higher underwriting income and investment income. The Group's life insurance company, Astra Life, recorded 3% higher gross written premiums to Rp2.9 trillion.

Heavy Equipment, Mining, Construction and Energy

Net income from the Group's heavy equipment, mining, construction and energy division increased by 131% to Rp6.2 trillion, mainly due to higher contributions from heavy equipment sales, mining contracting and coal mining, all of which benefitted from higher coal prices. However, there were some adverse impacts on the coal operating volumes arising from Indonesia's temporary export ban on coal in January. Key points are as follows:

• 59.5%-ownedUnited Tractors reported a 129% increase in net income to Rp10.4 trillion.
• Komatsu heavy equipment sales increased by 111% to 2,900 units and saw higher revenue from its parts and service businesses.
• Mining contractor Pamapersada Nusantara recorded a 7% increase in overburden removal volume at 437 million bank cubic metres, while there was a 13% decline in coal production to 50.4 million tonnes.
• United Tractors' coal mining subsidiaries recorded 8% lower coal sales at 5.8 million tonnes, including 1.3 million tonnes of metallurgical coal. However, this volume impact was more than offset by higher coal selling prices.
• Agincourt Resources, 95%-owned by United Tractors, reported 18% lower gold sales at 144,000 oz.
• General contractor Acset Indonusa, 82.2%-owned by United Tractors, reported a lower net loss of Rp114 billion, compared with a net loss of Rp153 billion in the first half of 2021. The net loss was mainly due to the slowdown of several ongoing projects and reduced construction project opportunities during the pandemic.

Agribusiness

Net income from the Group's agribusiness division increased by 25% to Rp645 billion, mainly due to improved crude palm oil prices. Key points are as follows:

• The net income of 79.7%-owned Astra Agro Lestari increased by 25% to Rp809 billion.

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