TIDMJAR
RNS Number : 8922R
Jardine Matheson Hldgs Ltd
31 October 2023
To: Business Editor 31st October 2023
For immediate release
PT Astra International Tbk
2023 Third Quarter Financial Statements
The following announcement was issued today by the Company's
77.7%-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
31st October 2023
PT ASTRA INTERNATIONAL Tbk ("the Company" or "Astra")
2023 Third Quarter Financial Statements
Highlights
-- Net earnings per share of Rp644, 17% higher than the same
period last year (excluding fair value adjustments on the Group's
investments)
-- Higher contributions from most businesses
-- Car and motorcycle sales up by 2% and 39%, respectively
" The Group's results in the first nine months of 2023 were
encouraging, reflecting continued recovery post-pandemic. We expect
the Group to remain relatively resilient amid global economic
uncertainties and to continue to deliver satisfactory results for
the remainder of the year with growth moderating in the last
quarter."
Djony Bunarto Tjondro
President Director
Astra group ("Group") Results
For the period ended 30th September
20 23 2022 Change
Rp bn Rp bn %
--------------------- -------------------- -------
Net revenue 240,913 221,354 9
--------------------- -------------------- -------
Net income* (before
fair value adjustments
on investments in GoTo
and Hermina) 26 , 069 22,249 17
--------------------- -------------------- -------
Net income* 25 , 691 23,330 10
--------------------- -------------------- -------
Rp Rp
--------------------- -------------------- -------
Net earnings per share*
(before fair value
adjustments on investments
in GoTo and Hermina) 644 550 17
--------------------- -------------------- -------
Net earnings per share* 635 576 10
--------------------- -------------------- -------
As at 30th September As at 31st December Change
2023 2022 %
Rp bn Rp bn
--------------------- -------------------- -------
Shareholders' funds 190,789 192,142 (1)
--------------------- -------------------- -------
Rp Rp
--------------------- -------------------- -------
Net asset value per
share 4,713 4,746 (1)
--------------------- -------------------- -------
*Profit attributable to owners of the parent.
The financial results for the nine months ended 30th September
2023 and 2022, as well as the financial position as at 30th
September 2023, have been prepared in accordance with Indonesian
Financial Accounting Standards and are un audited . The financial
position as at 31st 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 nine months of
2023 was Rp240.9 trillion, 9% higher than the same period last
year. The Group's net income, excluding fair value adjustments on
investments in GoTo and Hermina, was Rp26.1 trillion, 17% higher
than the same period last year. This earnings growth reflects
improved performances from most of the Group's business divisions,
especially the automotive and financial services divisions.
Including fair value adjustments on GoTo and Hermina, the Group's
net income increased by 10% to Rp25.7 trillion compared to the
first nine months of 2022.
The net asset value per share at 30th September 2023 was
Rp4,713, 1% lower than at 31st December 2022.
Net cash, excluding the Group's financial services subsidiaries,
was Rp14.6 trillion at 30th September 2023, compared with Rp35.1
trillion at the end of 2022. Net debt of the Group's financial
services subsidiaries was Rp50.4 trillion at 30th September 2023
compared with Rp44.5 trillion at the end of 2022.
Business Activities
The Group's net income by division in the first nine months of
2023, compared with the same period last year, is set out in the
table below:
Net Income by Division
For the period ended 30th September
----------------------------------------
20 23 20 22 Change
Rp bn Rp bn %
------------ ------------ ------------
Automotive 9,167 6,790 35
------------ ------------ ------------
Financial Services 5,857 4,413 33
------------ ------------ ------------
Heavy Equipment, Mining, Construction
and Energy 9,431 9,533 (1)
------------ ------------ ------------
Agribusiness 638 969 (34)
------------ ------------ ------------
Infrastructure and Logistics 766 386 98
------------ ------------ ------------
Information Technology 96 49 96
------------ ------------ ------------
Property 114 109 5
------------ ------------ ------------
Net Income* (before fair value
adjustments on investments in GoTo
and Hermina) 26,069 22,249 17
------------ ------------ ------------
Fair value adjustments on investments
in GoTo and Hermina (378) 1,081 N/A
------------ ------------ ------------
Net Income* 25,691 23,330 10
------------ ------------ ------------
*Profit attributable to owners of the parent.
Automotive
Net income from the Group's automotive division increased by 35%
to Rp9.2 trillion, reflecting higher sales volumes.
-- The wholesale car market in the first nine months of 2023 was
relatively stable at 755,000 units (source: Gaikindo). Astra's car
sales were 2% higher at 421,000 units, and its market share
increased from 55% to 56%. Sixteen new models and eight revamped
models were launched during the period, including the Lexus RZ, a
battery electric model ("BEV"), and the Toyota Yaris Cross and
Toyota Alphard, two hybrid electric models ("HEV"). The Group now
sells six BEV models and thirteen HEV models in Indonesia, under
Toyota, Lexus and BMW.
-- The wholesale market for motorcycles grew by 31% to 4.7
million units in the first nine months of 2023 (source: Ministry of
Industry). Astra's Honda motorcycle sales amounted to 3.7 million
units, 39% higher than the same period last year, during which the
business was impacted by production constraints caused by
semiconductor supply issues. This was also reflected in its market
share, which increased from 74% to 79%. Three new models and nine
revamped models were launched during the period, including a new
BEV model, the EM1e.
-- The Group's 80%-owned components business, Astra Otoparts,
reported a 58% increase in net income to Rp1.3 trillion in the
first nine months 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 33% to Rp5.9 trillion in the first nine months of
2023, due to higher contributions from consumer finance and general
insurance .
-- The Group's consumer finance businesses saw a 20 % in crease
in new amounts financed to Rp89.0 trillion. The net income
contribution from the Group's car-focused finance companies
increased by 28 % to Rp1.7 trillion, while the net income
contribution from the Group's motorcycle-focused finance company,
Federal International Finance, in creased by 31 % to Rp3.0
trillion. Both improvements were due to larger loan portfolios and
lower loan loss provisions.
-- The Group's heavy equipment-focused finance companies
recorded a 3% increase in new amounts financed to Rp8.4 trillion.
The net income contribution from these businesses increased by 89%
to Rp134 billion, mainly due to larger loan portfolios.
-- General insurance company Asuransi Astra Buana reported a 12%
in crease in net income to Rp1.0 trillion, reflecting higher
underwriting and investment income . The Group's life insurance
company, Astra Life, recorded 7% higher gross written premiums at
Rp4.4 trillion.
Heavy Equipment, Mining, Construction and Energy
Net income from the Group's heavy equipment, mining,
construction and energy division in the first nine months of 2023
was 1% lower at Rp9.4 trillion, mainly due to lower contributions
from its coal and gold mining businesses.
-- 59.5%-owned United Tractors reported a 3 % decrease in net income to Rp15.3 trillion.
-- Komatsu heavy equipment sales decreased by 4 % to 4,400
units, while there was higher revenue from the parts and service
businesses.
-- Mining contractor Pamapersada Nusantara recorded a 23 %
increase in overburden removal volume at 853 million bank cubic
metres and a 16% increase in coal production at 96 million
tonnes.
-- United Tractors' coal mining subsidiaries recorded a 10%
increase in coal sales to 8.5 million tonnes, including 1.8 million
tonnes of metallurgical coal, but revenue declined by 2% due to
lower coal prices.
-- Agincourt Resources, 95%-owned by United Tractors, reported
32 % lower gold sales at 147,000 oz .
-- General contractor Acset Indonusa, 87.7%-owned by United
Tractors, reported a lower net loss of Rp151 billion, compared with
a net loss of Rp227 billion in the first nine months of 2022.
Agribusiness
Net income from the Group's agribusiness division in the first
nine months of 2023 decreased by 34% to Rp638 billion, largely due
to lower crude palm oil ("CPO") selling prices.
-- The net income of 79.7%-owned Astra Agro Lestari decreased by 34 % to Rp 801 billion.
-- CPO and derivative product sales increased by 18% to 1.3 million tonnes.
-- CPO prices were 16% lower at Rp11,153/kg.
Infras tru cture and Logistics
The Group's infrastructure and logistics division reported a 98%
increase in net income to Rp766 billion in the first nine months of
2023, due to improved performance in its toll road, transportation
solutions and logistics 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 6% higher daily toll revenue
during the period.
-- Serasi Autoraya's net income increased by 28% to Rp152
billion, mainly due to an improved operating margin and a 2%
increase in vehicles under contract to 25,400 units, which more
than offset a lower contribution from used car earnings.
Information Technology
The Group's information technology division, represented by
76.9%-owned Astra Graphia, reported a 96% increase in net income to
Rp96 billion, primarily due to improved operating margin and higher
revenue.
Property
The Group's property division reported a 5% increase in net
income to Rp114 billion, mainly due to a higher number of units
handed over in Arumaya Residences and an improvement in occupancy
at Menara Astra.
Recent Corporate Actions
-- In August, the Group, through United Tractors, signed a
subscription agreement to acquire 40.476% of new shares issued by
Supreme Energy Sriwijaya ("SES") for USD42.3 million. SES is a
25.2% shareholder of Supreme Energy Rantau Dedap, which owns a
license to operate geothermal with an existing capacity of 2 x 49
MW that is already in operation in South Sumatera. Completion of
the transaction is subject to certain conditions precedent.
-- In September, the Group, through United Tractors, completed a
transaction to subscribe for a 19.99% shareholding in Nickel
Industries Limited ("NIC") for AUD942.7 million. NIC, which is
listed on the Australian Securities Exchange, is an integrated
nickel mining and processing company with major assets located in
Indonesia.
Prospects
The Group's results in the first nine months of 2023 were
encouraging, reflecting continued recovery post-pandemic. We expect
the Group to remain relatively resilient amid global economic
uncertainties and to continue to deliver satisfactory results for
the remainder of the year with growth moderating in the last
quarter.
Djony Bunarto Tjondro
President Director
31st October 2023
For further information, please contact:
PT Astra International Tbk
Riza Deliansyah, Chief of Corporate Affairs
Tel: +62 - 21 - 5084 3888
About Astra
Astra is one of Indonesia's largest public companies, comprising
274 subsidiaries, joint ventures, and associate companies,
supported by more than 200,000 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 includes Astra's 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 entrepreneurship 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 365 young Indonesians
across each of these focus areas, including 87 national level 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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