TIDMJAR
RNS Number : 6084H
Jardine Matheson Hldgs Ltd
28 July 2023
To: Business Editor 28th July 2023
For immediate release
PT Astra International Tbk
2023 First Half Financial Statements
The following announcement was issued today by the Company's
76.8%-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
Ben Fry (65) 9017 9886
28th July 2023
PT ASTRA INTERNATIONAL Tbk (the "Company" or "Astra")
2023 FIRST HALF FINANCIAL STATEMENTS
Highlights
-- Net earnings per share 20% higher at Rp428 (excluding fair value adjustments)
-- Higher contributions from most businesses
-- Car and motorcycle sales up by 7% and 56%, respectively
-- Strong financial and funding position
"Astra Group performed well in the first half of 2023, with
improved performances from most businesses. While the global
economic environment continues to raise challenges, we are
confident that Astra Group's performance for the remainder of the
year should be satisfactory."
Djony Bunarto Tjondro
President Director
Astra Group ("the Group") Results
For the period ended 30(th) June
2023 2022 Change
Rp bn Rp bn %
------------- --------------- -------
Net revenue 162,393 143,692 13
------------- --------------- -------
Net income* (before
fair value adjustments
on investments in GoTo
and Hermina) 17 ,3 19 14,462 20
------------- --------------- -------
Net income* 17 , 449 18,174 (4)
------------- --------------- -------
Rp Rp
------------- --------------- -------
Net earnings per share*
(before fair value
adjustments on investments
in GoTo and Hermina) 428 357 20
------------- --------------- -------
Net earnings per share* 431 449 (4)
------------- --------------- -------
As at 30(th) As at 31(st)
June 2023 December 2022 Change
Rp bn Rp bn %
------------- --------------- -------
Shareholders' funds 186,346 192,142 (3)
------------- --------------- -------
Rp Rp
------------- --------------- -------
Net asset value per
share 4,603 4,746 (3)
------------- --------------- -------
*Profit attributable to owners of the parent.
The financial results for the six months ended 30(th) June 2023
and 2022, as well as the financial position as at 30(th) June 2023,
have been prepared in accordance with Indonesian Financial
Accounting Standards and are un audited . The financial position as
at 31(st) December 2022 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 2023
was Rp162.4 trillion, 13% higher than in the first half of 2022.
The Group's net income, excluding fair value adjustments, was
Rp17.3 trillion, 20% higher than in the first half of 2022. This
earnings growth reflects improved performances from most of the
Group's business divisions, especially automotive, financial
services, and heavy equipment and mining. Including these fair
value adjustments, the Group's net income decreased by 4% to Rp17.4
trillion compared to the first half of 2022, which included a fair
value gain of Rp3.7 trillion on GoTo and Hermina.
The net asset value per share at 30(th) June 2023 was Rp4,603,
3% lower than at 31(st) December 2022.
Net cash, excluding the Group's financial services subsidiaries,
was Rp23.9 trillion at 30(th) June 2023, compared with Rp35.1
trillion at the end of 2022. Net debt of the Group's financial
services subsidiaries was Rp50.1 trillion at 30(th) June 2023
compared with Rp44.5 trillion at the end of 2022.
Business Activities
The Group's net income by division in the first half of 2023
compared with the first half of 2022 is set out in the table
below:
Net Income by Division
For the period ended 30(th) June
-------------------------------------
2023 2022 Change
Rp bn Rp bn %
----------- ----------- -----------
Automotive 5,693 4,271 33
----------- ----------- -----------
Financial Services 3,826 2,902 32
----------- ----------- -----------
Heavy Equipment, Mining, Construction
and Energy 6,886 6,194 11
----------- ----------- -----------
Agribusiness 293 645 (55)
----------- ----------- -----------
Infrastructure and Logistics 502 353 42
----------- ----------- -----------
Information Technology 51 24 113
----------- ----------- -----------
Property 68 73 (7)
----------- ----------- -----------
Net Income* (before fair value
adjustments on investments in
GoTo and Hermina) 17,319 14,462 20
----------- ----------- -----------
Fair value adjustments on investments
in GoTo and Hermina 130 3,712 (96)
----------- ----------- -----------
Net Income* 17,449 18,174 (4)
----------- ----------- -----------
*Profit attributable to owners of the parent.
Automotive
Net income from the Group's automotive division increased by 33%
to Rp5.7 trillion, reflecting higher sales volumes.
-- The wholesale car market increased by 7% to 506,000 units in
the first half of 2023 (source: Gaikindo). Astra's car sales were
7% higher at 278,000 units, and its market share was marginally
higher at 55%. Eleven new models and six revamped models were
launched during the period, including a battery electric model
("BEV"), the Lexus RZ, and a hybrid electric model ("HEV"), the
Toyota Yaris Cross. The Toyota Yaris Cross is the second HEV
produced locally in Indonesia following the launch of the Toyota
Innova Zenix in late 2022. Following the launch of the Lexus RZ,
the Group now sells three BEV models locally, including the Lexus
UX300e and the Toyota bZ4X.
-- The wholesale market for motorcycles grew strongly by 43% to
3.2 million units in the first half of 2023 (source: Ministry of
Industry). Astra Honda Motor's sales amounted to 2.6 million units,
56% higher than the same period last year, during which the
business was impacted by production constraints caused by
semiconductor supply issues. As a result, its market share in the
first half of 2023 increased from 73% to 80%. Two new models and
seven revamped models were launched during the period.
-- The Group's 80%-owned components business, Astra Otoparts,
reported an 85% increase in net income to Rp802 billion in the
first half of 2023, mainly due to higher revenue from the original
equipment manufacturer segment .
Financial Services
Net income from the Group's financial services division
increased by 32% to Rp3.8 trillion in the first half of 2023
compared to the first half of 2022, due to higher contributions
from consumer and heavy equipment finance .
-- The Group's consumer finance businesses saw a 27 % in crease
in new amounts financed to Rp59.8 trillion. The net income
contribution from the Group's car-focused finance companies
increased by 36 % to Rp1.1 trillion, as a result of larger loan
portfolios and lower loan loss provisions. The net income
contribution from the Group's motorcycle-focused finance company,
Federal International Finance, in creased by 30 % to Rp2.0
trillion, also due to a larger loan portfolio and lower loan loss
provisions.
-- The Group's heavy equipment-focused finance companies saw new
amounts financed stable at Rp5.7 trillion. The net income
contribution from these businesses increased by 112% to Rp91
billion, mainly due to the growth of the total loan portfolio.
-- General insurance company Asuransi Astra Buana reported a 9%
in crease in net income to Rp688 billion, benefitting from higher
underwriting income , while investment income which continues to be
the major contributor to net income was stable. The Group's life
insurance company, Astra Life, recorded 9% higher gross written
premiums at Rp3.1 trillion.
Heavy Equipment, Mining, Construction and Energy
Net income from the Group's heavy equipment, mining,
construction and energy division was 11% higher at Rp6.9 trillion,
mainly due to higher contributions from its heavy equipment and
mining contracting businesses.
-- 59.5%-owned United Tractors reported an 8 % increase in net income to Rp11.2 trillion.
-- Komatsu heavy equipment sales increased by 9 % to 3,100 units
and there was also higher revenue from the parts and service
businesses.
-- Mining contractor Pamapersada Nusantara recorded a 20 %
increase in overburden removal volume at 524 million bank cubic
metres and an 18% higher coal production at 59 million tonnes.
-- United Tractors' coal mining subsidiaries recorded an 11%
increase in coal sales to 6.4 million tonnes, including 1.3 million
tonnes of metallurgical coal.
-- Agincourt Resources, 95%-owned by United Tractors, reported
24 % lower gold sales at 110,000 oz .
-- General contractor Acset Indonusa, 82.2%-owned by United
Tractors, reported a lower net loss of Rp55 billion, compared with
a net loss of Rp114 billion in the first half of the previous
year.
Agribusiness
Net income from the Group's agribusiness division decreased by
55% to Rp293 billion, largely due to lower crude palm oil selling
prices.
-- The net income of 79.7%-owned Astra Agro Lestari decreased by 55 % to Rp 368 billion.
-- Crude palm oil and derivative product sales increased by 18% to 754,000 tonnes.
-- Crude palm oil prices, however, were 24% lower at Rp11,355/kg.
Infrastructure and Logistics
The Group's infrastructure and logistics division reported a 42%
increase in net income to Rp502 billion, primarily due to an
improved performance in its toll road businesses .
-- The Group has interests in 396km of operational toll roads
along the Trans-Java network and in the Jakarta Outer Ring Road.
The Group's toll road concessions saw 7% higher daily toll revenue
during the period.
-- Serasi Autoraya's net income increased by 6% to Rp84 billion,
mainly due to improved operating margin and a 1% increase in
vehicles under contract to 25,400 units, despite a lower
contribution from used car earnings.
Information Technology
The Group's information technology division, represented by
76.9%-owned Astra Graphia, reported a 113% increase in net income
to Rp51 billion, primarily due to higher revenue and improved
operating margin.
Property
The Group's property division reported a 7% decrease in net
income to Rp68 billion, primarily due to lower earnings from lower
handover of units in the Asya Residences and Anandamaya Residences
residential projects, which were partly offset by higher earnings
from the handover of units in Arumaya Residences and a higher
occupancy rate in Menara Astra.
Recent Corporate Actions
-- In June, the Group, through United Tractors, entered into a
subscription agreement to acquire a 19.99% stake in Nickel
Industries Limited ("NIC") with a total transaction value of A$943
million. The completion of this transaction is subject to the
fulfillment of certain conditions precedent, including approval by
NIC shareholders under the Australian Securities Exchange Listing
Rules.
-- In June, the Group, through Astra Land Indonesia, acquired a
96.92% stake in Jaya Mandarin Agung, owner of the Mandarin Oriental
Hotel Jakarta and the prime 1-hectare site where the hotel is
located. The total transaction value is US$85 million.
-- In July, the Group, through Astra Digital Internasional,
invested an additional US$100 million in Halodoc, a leading digital
health ecosystem platform in Indonesia, bringing the Group's total
investment to US$135 million and ownership to 21.04%.
-- In July, the Group, through Astra Digital Mobil, signed an
agreement to acquire 99.98% of Tokobagus, a company operating a
leading classifieds platform in Indonesia under the OLX brand. The
remaining 0.02% will be acquired by Astra Digital Internasional.
Completion of this transaction is subject to the fulfilment of
certain conditions precedent.
Prospects
The Group performed well in the first half of 2023, with
improved performances from most businesses. While the global
economic environment continues to raise challenges, we are
confident that the Group's performance for the remainder of the
year should be satisfactory.
Djony Bunarto Tjondro
President Director
28th July 2023
For further information, please contact:
PT Astra International Tbk
Riza Deliansyah, Chief of Corporate Affairs
Tel: +62 - 21 - 5084 3888
-end-
About Astra
Astra is one of Indonesia's largest public companies, comprising
270 subsidiaries, joint ventures, and associate companies,
supported by more than 190,000 employees. The company's diversified
business model creates synergies and opportunities across industry
sectors including automotive, financial services, heavy equipment,
mining construction and energy, agribusiness, infrastructure and
logistics, information technology, and property. The company has a
new sustainability framework which contains Astra 2030
Sustainability Aspirations. It will guide Astra in the transition
journey to be a more sustainable business by 2030 and beyond. Astra
wishes to contribute to the strength and resilience of the
Indonesian economy while supporting an inclusive and prosperous
society.
Astra has a strong record of public and social contributions
through four pillars, which consist of health, education,
environment, and entrepreneurships as well as nine foundations to
contribute to the growth of the Indonesian economy while
encouraging a more inclusive and prosperous society. Established in
2010, Astra's Semangat Astra Terpadu Untuk (SATU) Indonesia Awards
programme, has recognised the contribution of 565 young Indonesians
across each of these focus areas, including 87 national level
recipients and 487 provincial level recipients. The SATU Indonesia
Awards programme is integrated with Astra's wide range of community
activities through 170 Kampung Berseri Astra and 1,060 Desa
Sejahtera Astra initiatives in 34 provinces throughout
Indonesia.
For more about Astra, visit www.astra.co.id &
www.satu-indonesia.com , and follow us on Instagram
(@SATU_Indonesia), YouTube (SATU Indonesia), Facebook (Semangat
Astra Terpadu) and Twitter (@SATU_Indonesia).
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END
IR BDGDRIXDDGXI
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July 28, 2023 08:42 ET (12:42 GMT)
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