Jardine Cycle & Carriage : Astra International 2017 First Quarter Financial Statements

General Announcement::Astra 2017 1st Quarter Financial Statements

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General Announcement::Astra 2017 1st 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	20-Apr-2017 07:20:52
Status	New
Announcement Sub Title	Astra 2017 1st Quarter Financial Statements
Announcement Reference	SG170420OTHRO61T
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 information a press release announced today in Jakarta by our subsidiary, PT Astra International Tbk.

Attachments

Astra_2017_03_31 Results Release.pdf Total size =270K

http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content&B=Announcem...

20/4/2017

20th April 2017 PT ASTRA INTERNATIONAL TBK 2017 FIRST QUARTER FINANCIAL STATEMENTS

PRESS RELEASE

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 Rp bn	2016 Rp bn	Change %
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 March 2017 Rp bn	As at 31st December 2016 Rp bn	Change %
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.

- more -

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 Rp bn	2016 Rp bn	Change %
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.