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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Jardine Matheson Holdings Ld | LSE:JARB | London | Ordinary Share | BMG507361001 | ORD US$0.25(BERMUDA REG) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 64.35 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Real Estate Agents & Mgrs | 36.05B | 686M | 2.3655 | 26.42 | 18.13B |
From Apr 2019 to Apr 2024
TIDMJDS TIDMJAR
RNS Number : 7963X
Jardine Strategic Hldgs Ltd
27 February 2017
To: Business Editor 27th February 2017
For immediate release
Jardine Cycle & Carriage Limited
2016 Financial Statements and Dividend Announcement
The following announcement was issued today by the Company's 75%-owned subsidiary,
Jardine Cycle & Carriage Limited.
For further information, please contact:
Jardine Matheson Limited
Neil M McNamara (852) 2843 8227
Brunswick Group Limited
Karin Wong (852) 3512 5077
27th February 2017
JARDINE CYCLE & CARRIAGE LIMITED
2016 FINANCIAL STATEMENTS AND DIVID ANNOUNCEMENT
Highlights
-- Underlying earnings per share up 3% -- Improved contribution from Astra -- Strong performance across Direct Motor Interests -- Higher contribution from Other Interests
"The outlook for 2017 appears positive as Astra should benefit from improving economic
conditions in Indonesia and higher coal prices, while the Group's Direct Motor Interests and
Other Interests are expected to perform satisfactorily."
Ben Keswick, Chairman
27th February 2017
Hot Features
Premium
Group Results
-------------------------------- ---------------------------- --------- ------------
Year ended 31st December
-------------------------------- ---------------------------------------- ------------
Restated
2016 2015 Change 2016
US$m US$m % S$m
---------------------------------- ------------- ------------ --------- ------------
Revenue 15,764 15,718 - 21,806
Profit after tax 1,498 1,287 16 2,072
Underlying profit attributable
to
shareholders * 679 632 7 939
Profit attributable to
shareholders 702 691 2 971
---------------------------------- ------------- ------------ --------- ------------
USc USc Sc
---------------------------------- ------------- ------------ --------- ------------
Underlying earnings per
share * 172 167 3 238
Earnings per share * 178 183 -3 246
Dividend per share (#) 74 69 7 106
At At At
31.12.2016 31.12.2015 31.12.2016
---------------------------------- ------------- ------------ --------- ------------
US$m US$m S$m
---------------------------------- ------------- ------------ --------- ------------
Shareholders' funds 5,755 5,166 11 8,315
---------------------------------- ------------- ------------ --------- ------------
US$ US$ S$
---------------------------------- ------------- ------------ --------- ------------
Net asset value per share 14.56 13.07 11 21.04
---------------------------------- ------------- ------------ --------- ------------
The exchange rate of US$1=S$1.44 (31st December 2015: US$1=S$1.41) was used for translating assets and liabilities at the balance sheet date and US$1=S$1.38 (2015: US$1=S$1.38) was used for translating the results for the year. The financial results for the year ended 31st December 2016 have been prepared in accordance with the International Financial Reporting Standards. These results have not been audited or reviewed by the auditors.
The accounts have been restated due to a change in accounting policy upon adoption of amendments to IAS 16 "Property, Plant
and Equipment' and IAS 41 'Agriculture', as set out in note 1 to the financial statements.
* The basis for calculating underlying earnings is set out in Note 5 of this report.
(#) The S$ equivalent is an estimate as the actual amount will be determined on Books Closure Date referred to in Note 15.
CHAIRMAN'S STATEMENT
Overview
The Group's results for the year were satisfactory. Improvements were seen in Astra's automotive, heavy equipment, mining contracting and agribusiness operations, offset in part by lower results from financial services due to a significant increase in loan provisions at Permata Bank. The Group's Direct Motor Interests and Other Interests both recorded higher contributions.
Performance
The Group's revenue for 2016 was US$15.8 billion, little changed from the prior year. Underlying profit attributable to shareholders was 7% higher at US$679 million, while underlying earnings per share rose 3% to USc172, with the lower increase due to the effect of the rights issue in 2015. Profit attributable to shareholders was US$702 million after accounting for a net non-trading profit of US$23 million, due to a gain on sale of a property and investment property valuations. This compares to profit attributable to shareholders in 2015 of US$691 million, which included a net non-trading gain of US$59 million.
Astra's contribution to the Group's underlying profit of US$500 million was up 6%. The Group's Direct Motor Interests contributed US$167 million to the Group's underlying profit, up 18%, and its Other Interests contributed US$33 million, 11% higher than in 2015.
The Board is recommending a final one-tier tax-exempt dividend of USc56 per share (2015: USc51 per share) which together with the interim dividend will produce a total dividend of USc74 per share (2015: USc69 per share).
Business Activities
Jardine Cycle & Carriage's ("JC&C") strategy is to pursue the expansion of its business interests in Southeast Asia. This includes supporting the growth of Astra in both its existing operations and new businesses; strengthening its regional Direct Motor Interests, currently operating in Vietnam, Singapore, Malaysia, Indonesia and Myanmar; and developing its Other Interests by investing in market-leading companies that provide exposure to new business sectors in regional economies.
Astra
During the year, Astra consolidated its real estate interests into a new property division to give greater focus to this sector. The current projects comprise the Anandamaya Residences, Astra's 60%-owned luxury residential development in Jakarta's Central Business District, and the adjacent grade A office tower, Menara Astra. In October 2016, PT Astra Land Indonesia, owned 50% by Astra and 50% by Hongkong Land, signed an agreement with a subsidiary of PT Modernland Realty Tbk to acquire and jointly develop a 67-hectare site in Cakung in East Jakarta.
In order to further strengthen its capital base, Astra's 44.6%-held joint venture, Permata Bank is planning a US$220 million rights issue in the first half of 2017, of which US$110 million has already been injected as a capital advance by Astra and Standard Chartered Bank, its two major shareholders. Combined with the US$420 million rights issue completed by the bank in June 2016, this raises some US$640 million of new capital.
Direct Motor Interests
In 2016, Dai Quang Minh Real Estate Investment Joint Stock Company ("DQM") became a subsidiary of the Group's 25.1%-held associate, Truong Hai Auto Corporation. DQM is a real estate company that is developing 1.3 million sq. m. of land within the prime Thu Thiem New Urban Area, District 2, in Ho Chi Minh City. The project is a mixed-use development of residential and commercial buildings, a marina, nature parks and other amenities. In December 2016, DQM recognised an initial profit arising on units sold at its completed development properties.
The Group's 59.1%-owned Malaysian subsidiary, Cycle & Carriage Bintang Berhad, continued its Mercedes-Benz dealership network upgrade and expansion to 12 outlets in West Malaysia. In January 2017, CCB announced a proposed US$14 million acquisition of a strategically located 4,240 sq. m. site at Sungei Besi, Kuala Lumpur, to establish a new Autohaus.
In December 2016, JC&C increased its interest in PT Tunas Ridean Tbk from 43.8% to 44.4%.
Other Interests
Siam City Cement Public Company Limited ("SCCC"), in which JC&C holds a 24.9% interest, has expanded its regional footprint to Bangladesh, Sri Lanka and Vietnam through strategic acquisitions at a cost of some US$1.0 billion. In February 2017, SCCC announced a rights issue of approximately US$480 million to reduce loans used to fund these acquisitions.
The Group's 22.9%-held Refrigeration Electrical Engineering Corporation ("REE") is expanding its property interests with the construction of a new office tower due for completion by the end of 2017. The new building will increase REE's total lettable space from 106,000 sq. m. to 140,000 sq. m.
People
Despite facing challenging economic conditions, the Group achieved a good result in 2016 thanks to the commitment and hard work of its 240,000 employees across the region. On behalf of the Board, I would like to thank them for their contributions.
Outlook
The outlook for 2017 appears positive as Astra should benefit from improving economic conditions in Indonesia and higher coal prices, while the Group's Direct Motor Interests and Other Interests are expected to perform satisfactorily.
Ben Keswick
Chairman
27th February 2017
GROUP MANAGING DIRECTOR'S REVIEW
Overview
The Group's underlying profit increased 7% in 2016. This was underpinned by Astra's strong automotive performance, together with improved results in heavy equipment and mining, agribusiness, infrastructure and logistics, and a number of its financial services operations, which was partially offset by a loss arising from a significant increase in loan-loss provisions by Permata Bank. The Group also benefited from higher contributions from its Direct Motor Interests and Other Interests.
Performance
The Group reported an underlying profit attributable to shareholders of US$679 million, 7% higher than the previous year, while underlying earnings per share grew by 3% to USc172, the smaller increase reflecting the effect of the rights issue undertaken in 2015. Excluding the Group's share of the Permata Bank loss, the Group's underlying profit would have grown 25% to US$791 million.
Profit attributable to shareholders at US$702 million included a net non-trading gain of US$23 million primarily from a land sale and investment property revaluations. This compares to profit attributable to shareholders in 2015 of US$691 million, after accounting for a net non-trading gain of US$59 million arising mainly from the reversal of an impairment charge of US$43 million in respect of the Group's investment in Truong Hai Auto Corporation and a revaluation gain of US$17 million on investment properties.
The Group's net cash, excluding borrowings within Astra's financial services subsidiaries, increased to US$709 million at the end of 2016 from US$255 million at the end of the prior year, due largely to strong operating cashflows within Astra. Net debt within Astra's financial services subsidiaries was US$3.6 billion, compared to US$3.2 billion at the end of 2015. JC&C's net cash was US$154 million, compared to US$136 million at the end of 2015.
Group Review
Astra
Astra reported a net profit equivalent to US$1,137 million under Indonesian accounting standards, a 5% increase in its local currency terms. Higher contributions from automotive, heavy equipment and mining, agribusiness and infrastructure and logistics, were partially offset by a lower contribution from financial services.
Automotive
Net income from the group's automotive businesses in Indonesia increased by 23% to US$688 million. This was largely due to successful new model introductions which also benefited margins.
The wholesale market for cars increased by 5% to 1.1 million units. Astra's car sales were 16% higher at 591,000 units, resulting in an increase in market share from 50% to 56%. Astra launched 14 new models and nine revamped models during the year.
The wholesale market for motorcycles decreased by 8% to 5.9 million units, while Astra Honda Motor's domestic sales were 2% lower at 4.4 million units. However, its market share increased from 69% to 74%, supported by the launch of seven new models and eight revamped models in 2016.
Net income from the component business, Astra Otoparts, increased 31% to US$31 million, with higher revenue from its OEM and after-market segments combined with higher earnings in its associated companies.
Financial Services
Net income from the financial services businesses declined 78% to US$59 million. Improved contributions from Federal International Finance, Toyota Astra Financial Services and Asuransi Astra Buana were more than offset by declines in the other financial services businesses, principally due to a loss recorded by Permata Bank following a significant increase in loan-loss provisions in its commercial loan book. Excluding this loss, the net income from the financial services businesses would have risen 7% to US$282 million.
The consumer finance businesses saw a 21% increase in the amount financed, which rose to US$5.5 billion, including balances financed through joint bank financing without recourse. The car-focused Astra Sedaya Finance reported net income 4% lower at US$70 million following a reduction in used car financing, whereas Toyota Astra Financial Services recorded net income up 15% at US$26 million. Motorcycle-focused Federal International Finance's net income was up 20% at US$135 million, benefiting from loan product diversification.
The amount financed through the group's heavy equipment-focused finance operations increased by 20% to US$352 million. Surya Artha Nusantara Finance, which specialises in small and medium heavy equipment financing, reported net income 26% lower at US$6 million.
Astra's 44.6%-held joint venture, Permata Bank, reported a net loss of US$486 million compared with a net income of US$18 million in 2015. The decline was due to a significant increase in loan-loss provisions amounting to US$921 million, which saw the bank's gross non-performing loan ratio rise from 2.7% at the end of 2015 to 8.8% at the end of 2016, while its net non-performing loan ratio rose from 1.4% to 2.2%. In order to further strengthen its capital base, the bank is to undertake a US$220 million rights issue in the first half of 2017, of which US$110 million has already been injected as a capital advance by Astra and Standard Chartered Bank, its two major shareholders. Combined with the US$420 million rights issue completed in June 2016, this raises approximately US$640 million of new capital.
Net Income at general insurance company, Asuransi Astra Buana, was slightly higher at US$69 million, primarily due to increased investment income. During the year, Astra's life insurance joint venture, Astra Aviva Life, acquired over 158,000 individual life customers and 133,000 participants for its corporate employee benefits programmes, bringing the respective totals to 228,000 and 596,000 at the end of 2016.
Heavy Equipment and Mining
Net income from the heavy equipment and mining businesses increased by 30% to US$227 million.
United Tractors, which is 59.5%-owned, reported net income 30% higher at US$375 million due to the absence of an impairment charge on the carrying value of its coal mining properties, which had affected its 2015 result. Excluding the impact of this impairment charge in 2015, 2016's net income would have been 22% lower than the prior year. United Tractors recorded lower mining contracting revenue, caused largely by relatively weak coal prices for much of 2016, as well as a foreign exchange translation loss on its US dollar monetary assets.
In its construction machinery business, Komatsu heavy equipment sales rose 3% to 2,181 units, while parts and service revenue declined. The mining contracting operations of Pamapersada Nusantara recorded coal production little changed at 109 million tonnes, while overburden removal was 8% lower at 702 million bank cubic metres. United Tractors' mining subsidiaries reported 48% higher coal sales at 6.8 million tonnes.
General contractor Acset Indonusa, a 50.1%-owned subsidiary of United Tractors, reported net income up 63% at US$5 million. Acset secured new contracts worth US$283 million, compared with US$228 million in 2015. To support its business growth, Acset completed a US$45 million rights issue in June 2016.
Agribusiness
Net income from the agribusiness division increased significantly to US$120 million from US$37 million.
Astra Agro Lestari, which is 79.7%-owned, reported net income of US$150 million, up from US$46 million, due to the benefit of the stronger rupiah on the translation of its US dollar monetary liabilities and improved revenue from higher crude palm oil prices. Crude palm oil sold was 3% lower at one million tonnes, while average crude palm oil prices were 11% higher at Rp7,768/kg. Olein sales were 22% lower at 320,000 tonnes. To strengthen its balance sheet, Astra Agro Lestari completed a US$300 million rights issue in June 2016.
Infrastructure and Logistics
Higher earnings from the infrastructure and logistics businesses led to their net income increasing by 35% to US$20 million.
The 72km Tangerang-Merak toll road, operated by 79.3%-owned Marga Mandalasakti, saw traffic volumes increase by 3% to 48 million vehicles. Construction continues at the wholly-owned 41km Jombang-Mojokerto toll road, where 20km is already operational. At the 73km Semarang-Solo toll road, in which Astra has a 25% interest, 23km is now operational.
In January 2017, Astra completed the acquisition of an initial 40% interest in PT Baskhara Utama Sedaya, which owns 45% of the operator of the fully operational 116km Cikopo-Palimanan toll road, and has subsequently agreed to acquire the remaining 60% interest.
Along with its 40% stake in the 11km Kunciran-Serpong toll road and a 25% stake in the 30km Serpong-Balaraja toll road, both of which are greenfield, the group's total interest in toll roads amounts to 343km.
PAM Lyonnaise Jaya, which operates the western Jakarta water utility system, experienced a 1% increase in sales volume to 162 million cubic metres.
Serasi Autoraya's net income rose by 96% to US$8 million, where higher net margins in its car leasing and rental, used vehicle sales and logistics businesses outweighed the effect of a 3% decline in contracted vehicles in its car leasing and rental business.
Information Technology
Net income from the information technology division decreased by 4% to US$15 million. Astra Graphia, which is 76.9%-owned, reported a 4% decline in net income to US$19 million, despite an increase in revenue mainly due to lower net margins.
Property
Net income from the group's new property division was US$8 million, compared with US$16 million in 2015. The reduction was primarily due to a lower revaluation gain on its grade A office tower development, Menara Astra.
Construction continues to progress at the 93%-sold Anandamaya Residences, the group's 60%-owned luxury residential development in Jakarta's Central Business District, which together with the adjacent grade A office tower, Menara Astra, are on schedule for completion in 2018.
Direct Motor Interests
The Group's Direct Motor Interests contributed a profit of US$167 million, an 18% increase from the previous year.
Vietnam
In Vietnam, 25.1%-owned Truong Hai Auto Corporation ("Thaco") contributed a profit of US$94 million, a 10% increase. The improvement was due to a higher automotive profit following an increase in vehicle unit sales and the recognition of an initial profit from its real estate business through Dai Quang Minh Real Estate Investment Joint Stock Company, which is now a subsidiary of Thaco. The vehicle market in Vietnam grew by 26% to 352,300 units, while Thaco's overall sales grew by 39% to 110,500 units. Its passenger car sales grew by 54% to 63,500 units and its commercial vehicle sales increased by 23% to 47,100 units, although it did suffer lower margins and increased operating and financing costs.
Singapore
The Singapore passenger car market grew 52% to 87,500 units following an increase in the number of certificates of entitlement. The Group's Singapore motor operations saw earnings grow 26% to US$49 million due to a 45% increase in passenger car sales to 12,500 units, together with improved contributions from used cars and parts. The Group's passenger car market share saw a slight decline from 15% to 14%.
Malaysia
There was a contribution of US$6 million from 59.1%-owned Cycle & Carriage Bintang in Malaysia, which included the recognition of dividend income received from Mercedes-Benz Malaysia. This represented a 28% decline due to lower margins following changes in the sales mix despite an increase in unit sales.
Indonesia
In Indonesia, 44.4%-owned Tunas Ridean performed well with a contribution of US$18 million, 94% up on the previous year, due to stronger contributions from its automotive and rental operations and from 49%-owned Mandiri Tunas Finance. Motor car sales were 17% higher at 51,000 units, while motorcycle sales were stable at 206,300 units.
Other Interests
The Group's Other Interests comprising 24.9%-held Siam City Cement Public Company Limited ("SCCC") in Thailand and 22.9%-held Refrigeration Electrical Engineering Corporation ("REE") in Vietnam, contributed US$33 million, an increase of 11%.
SCCC reported a profit equivalent to US$111 million for 2016, a reduction of 15% in local currency terms. Its contribution to JC&C was US$22 million for the year, compared to US$21 million for the nine months of ownership in 2015. SCCC's lower earnings were mainly due to the decline in domestic cement prices, partly offset by the contribution from new acquisitions.
In line with its strategy to broaden its regional exposure, SCCC acquired 99% of Holcim (Lanka) Limited for US$374 million in August 2016, and a 100% interest in Cemex Thailand and Cemex Bangladesh in May 2016 at a total cost of US$61 million. Siam City Cement (Lanka) Limited (formerly Holcim (Lanka) Limited), is the market leader in Sri Lanka with an estimated 40% market share. SCCC is also acquiring, for an estimated US$524 million, a 65% interest in Holcim (Vietnam) Co. Ltd, the second largest player in Southern Vietnam with an estimated 20% market share. In February 2017, SCCC announced a rights issue of approximately US$480 million to reduce the loans used to fund these acquisitions.
REE's contribution was up 25% at US$11 million. Higher contribution from the M&E business segment was due to the completion of a larger number of projects, while the power and water business segment achieved a satisfactory performance. The property development and management segment performed well with improvement in office leasing rates, alongside a higher contribution from its 29%-held development property associate, Saigon Real Estate.
Alex Newbigging
Group Managing Director
27th February 2017
Jardine Cycle & Carriage Limited
Consolidated Profit and Loss Account for the year ended 31st
December 2016
--------------------------------------------------------------
2016 2015 Change
Note US$m US$m %
Revenue 3 15,764.0 15,718.3 -
Net operating costs 2 (14,264.3) (14,543.7) -2
Operating profit 2 1,499.7 1,174.6 28
Financing income 93.3 84.1 11
Financing charges (132.4) (105.1) 26
----------- -----------
Net financing charges (39.1) (21.0) 86
Share of associates'
and joint
ventures' results after
tax 379.9 471.1 -19
Profit before tax 1,840.5 1,624.7 13
Tax (343.0) (338.2) 1
Profit after tax 3 1,497.5 1,286.5 16
=========== ===========
Profit attributable to:
Shareholders of the Company 701.7 690.8 2
Non-controlling interests 795.8 595.7 34
1,497.5 1,286.5 16
=========== ===========
USc USc
----------------------------- ----- ----------- ----------- -------
Earnings per share 5 178 183 -3
----------------------------- ----- ----------- ----------- -------
Jardine Cycle & Carriage Limited
Consolidated Statement of Comprehensive Income for the year
ended 31st December 2016
-------------------------------------------------------------
2016 2015
US$m US$m
Profit for the year 1,497.5 1,286.5
Items that will not be reclassified
to profit or loss:
-------- ----------
Asset revaluation
- surplus during the year 107.1 -
Remeasurements of defined benefit
pension plans 34.5 (5.9)
Tax on items that will not be reclassified (8.2) 1.3
Share of other comprehensive expense
of associates and
joint ventures, net of tax (0.6) (2.3)
-------- ----------
132.8 (6.9)
Items that may be reclassified subsequently
to profit or loss:
Translation difference
- gain/(loss) arising during the
year 229.5 (1,057.3)
Available-for-sale investments
- gain/(loss) arising during the
year 16.7 (31.7)
- transfer to profit and loss 0.3 (6.9)
Cash flow hedges
- gain/(loss) arising during the
year (219.2) 141.2
- transfer to profit and loss 189.0 (97.1)
Tax relating to items that may be
reclassified 8.4 (11.2)
Share of other comprehensive income/(expense)
of
associates and joint ventures, net
of tax (3.7) 5.0
221.0 (1,058.0)
Other comprehensive income/(expense)
for the year 353.8 (1,064.9)
Total comprehensive income for the
year 1,851.3 221.6
======== ==========
Attributable to:
Shareholders of the Company 855.4 186.7
Non-controlling interests 995.9 34.9
1,851.3 221.6
======== ==========
Jardine Cycle & Carriage Limited
Consolidated Balance Sheet at 31st December 2016
--------------------------------------------------
Restated Restated
At At At
Note 31.12.2016 31.12.2015 1.1.2015
US$m US$m US$m
Non-current assets
Intangible assets 972.3 894.2 922.3
Leasehold land use rights 620.4 569.1 618.3
Property, plant and equipment 2,978.5 2,878.4 3,548.1
Investment properties 460.2 253.2 203.7
Bearer plants 496.8 484.7 482.9
Interests in associates
and joint ventures 3,738.5 3,261.7 2,624.4
Non-current investments 487.8 404.3 525.0
Non-current debtors 2,691.6 2,639.4 2,898.6
Deferred tax assets 291.2 220.0 231.6
-----------
12,737.3 11,605.0 12,054.9
----------- ----------- ---------
Current assets
Current investments 65.2 31.7 17.8
Stocks 1,548.4 1,531.7 1,538.1
Current debtors 4,636.7 4,231.6 4,704.9
Current tax assets 136.9 158.3 109.7
Bank balances and other
liquid funds
----------- ----------- ---------
- non-financial services
companies 2,237.2 1,927.6 1,389.9
- financial services companies 228.5 247.5 382.1
----------- ----------- ---------
2,465.7 2,175.1 1,772.0
----------- ----------- ---------
8,852.9 8,128.4 8,142.5
----------- ----------- ---------
Total assets 21,590.2 19,733.4 20,197.4
----------- ----------- ---------
Non-current liabilities
Non-current creditors 156.7 164.4 280.0
Provisions 97.6 94.4 89.2
Long-term borrowings 7
----------- ----------- ---------
- non-financial services
companies 349.9 701.1 448.3
- financial services companies 1,517.5 1,796.0 2,176.3
----------- ----------- ---------
1,867.4 2,497.1 2,624.6
Deferred tax liabilities 188.0 201.2 296.6
Pension liabilities 215.9 219.6 210.1
-----------
2,525.6 3,176.7 3,500.5
----------- ----------- ---------
Current liabilities
Current creditors 3,363.6 3,006.8 2,983.9
Provisions 85.7 60.6 55.7
Current borrowings 7
----------- ----------- ---------
- non-financial services
companies 1,178.6 971.6 1,180.7
- financial services companies 2,264.6 1,683.2 1,891.8
----------- ----------- ---------
3,443.2 2,654.8 3,072.5
Current tax liabilities 95.7 107.5 105.8
-----------
6,988.2 5,829.7 6,217.9
-----------
Total liabilities 9,513.8 9,006.4 9,718.4
----------- ----------- ---------
Net assets 12,076.4 10,727.0 10,479.0
=========== =========== =========
Equity
Share capital 8 1,381.0 1,381.0 632.6
Revenue reserve 9 5,508.7 5,065.3 4,654.9
Other reserves 10 (1,135.1) (1,280.2) (779.0)
-----------
Shareholders' funds 5,754.6 5,166.1 4,508.5
Non-controlling interests 11 6,321.8 5,560.9 5,970.5
-----------
Total equity 12,076.4 10,727.0 10,479.0
=========== =========== =========
Jardine Cycle & Carriage Limited
Consolidated Statement of Changes in Equity for the year ended 31st December 2016
Attributable to shareholders of the Company
Fair
value Attributable
Asset and to
Share Revenue revaluation Translation other non-controlling Total
capital reserve reserve reserve reserves Total interests equity
US$m US$m US$m US$m US$m US$m US$m US$m
2016
Balance at 1st
January as
previously
reported 1,381.0 5,221.4 347.0 (1,697.4) 14.9 5,266.9 5,741.6 11,008.5
Effect of
amendments to
IAS
16 and IAS 41 - (156.1) - 55.3 - (100.8) (180.7) (281.5)
--------- --------- ------------- ------------- --------- -------- ----------------- ---------
Balance at 1st
January as
restated 1,381.0 5,065.3 347.0 (1,642.1) 14.9 5,166.1 5,560.9 10,727.0
Total
comprehensive
income - 710.3 53.4 95.4 (3.7) 855.4 995.9 1,851.3
Dividends paid by
the Company - (270.1) - - - (270.1) - (270.1)
Dividends paid to
non-controlling
interests - - - - - - (360.5) (360.5)
Issue of shares
to
non-controlling
interests - - - - - - 117.5 117.5
Change in
shareholding - 4.1 - - - 4.1 4.3 8.4
Other - (0.9) - - - (0.9) 3.7 2.8
--------- --------- ------------- ------------- --------- -------- ----------------- ---------
Balance at 31st
December 1,381.0 5,508.7 400.4 (1,546.7) 11.2 5,754.6 6,321.8 12,076.4
========= ========= ============= ============= ========= ======== ================= =========
2015
Balance at 1st
January as
previously
reported 632.6 4,813.7 347.0 (1,196.0) 25.9 4,623.2 6,175.4 10,798.6
Effect of
amendments to
IAS
16 and IAS 41 - (158.8) - 44.1 - (114.7) (204.9) (319.6)
--------- --------- ------------- ------------- --------- -------- ----------------- ---------
Balance at 1st
January as
restated 632.6 4,654.9 347.0 (1,151.9) 25.9 4,508.5 5,970.5 10,479.0
Total
comprehensive
income - 687.9 - (490.2) (11.0) 186.7 34.9 221.6
Dividends paid by
the Company - (305.9) - - - (305.9) - (305.9)
Dividends paid to
non-controlling
interests - - - - - - (465.0) (465.0)
Issue of shares
by the Company 752.3 - - - - 752.3 - 752.3
Issue of shares
to
non-controlling
interests - - - - - - 1.6 1.6
Share issue
expenses of the
Company (3.9) - - - - (3.9) - (3.9)
Change in
shareholding - 19.1 - - - 19.1 (19.5) (0.4)
Acquisition of
subsidiaries - - - - - - 28.4 28.4
Other - 9.3 - - - 9.3 10.0 19.3
--------- --------- ------------- ------------- --------- -------- ----------------- ---------
Balance at 31st
December 1,381.0 5,065.3 347.0 (1,642.1) 14.9 5,166.1 5,560.9 10,727.0
========= ========= ============= ============= ========= ======== ================= =========
Jardine Cycle & Carriage Limited
Company Balance Sheet at 31st December 2016
---------------------------------------------
Note 2016 2015
US$m US$m
Non-current assets
Property, plant and equipment 32.0 32.9
Interests in subsidiaries 1,226.6 1,253.0
Interests in associates and
joint ventures 776.7 787.0
Non-current investment 11.0 10.0
2,046.3 2,082.9
-------- --------
Current assets
Current debtors 42.8 44.8
Bank balances and other liquid
funds 154.1 135.9
-------- --------
196.9 180.7
-------- --------
Total assets 2,243.2 2,263.6
-------- --------
Non-current liabilities
Deferred tax liabilities 5.6 5.7
5.6 5.7
-------- --------
Current liabilities
Current creditors 20.5 19.8
Current tax liabilities 1.7 1.5
22.2 21.3
-------- --------
Total liabilities 27.8 27.0
-------- --------
Net assets 2,215.4 2,236.6
======== ========
Equity
Share capital 8 1,381.0 1,381.0
Revenue reserve 9 654.2 628.2
Other reserves 10 180.2 227.4
Total equity 2,215.4 2,236.6
======== ========
Net asset value per share US$5.61 US$5.66
Jardine Cycle & Carriage Limited
Company Statement of Comprehensive Income for the year ended
31st December 2016
--------------------------------------------------------------
2016 2015
US$m US$m
Profit for the year 296.1 428.3
Items that may be reclassified subsequently
to profit or loss:
------- ----------
Translation difference
- loss arising during the year (48.4) (126.1)
Available-for-sale investment
- gain arising during the year 1.2 1.8
------- ----------
Other comprehensive expense for the
year (47.2) (124.3)
Total comprehensive income for the
year 248.9 304.0
======= ==========
Jardine Cycle & Carriage Limited
Company Statement of Changes in Equity for the year ended 31st
December 2016
----------------------------------------------------------------
Fair
Share Revenue Translation value Total
capital reserve reserve and other equity
reserves
US$m US$m US$m US$m US$m
2016
Balance at 1st January 1,381.0 628.2 223.9 3.5 2,236.6
Total comprehensive
income - 296.1 (48.4) 1.2 248.9
Dividends paid - (270.1) - - (270.1)
Balance at 31st
December 1,381.0 654.2 175.5 4.7 2,215.4
========== ========== ============== =========== =========
2015
Balance at 1st January 632.6 505.8 350.0 1.7 1,490.1
Total comprehensive
income - 428.3 (126.1) 1.8 304.0
Issue of shares 752.3 - - - 752.3
Share issue expenses (3.9) - - - (3.9)
Dividends paid - (305.9) - - (305.9)
Balance at 31st
December 1,381.0 628.2 223.9 3.5 2,236.6
========== ========== ============== =========== =========
Jardine Cycle & Carriage Limited
Consolidated Statement of Cash Flows for the year ended 31st
December 2016
--------------------------------------------------------------
2016 2015
Note US$m US$m
Cash flows from operating activities
Cash generated from operations 12 1,851.9 2,363.9
Interest paid (61.8) (57.5)
Interest received 89.3 83.9
Other finance costs paid (65.7) (43.7)
Income tax paid (414.0) (498.8)
---------- ---------
(452.2) (516.1)
Net cash flows from operating activities 1,399.7 1,847.8
Cash flows from investing activities
---------- ---------
Sale of intangible assets 0.5 -
Sale of leasehold land use rights 3.4 1.5
Sale of property, plant and equipment 22.6 15.6
Sale of investment properties 1.0 1.1
Sale of subsidiaries, net of cash
disposed - 0.7
Sale of associate and joint venture 3.5 2.4
Sale of investments 121.7 102.2
Purchase of intangible assets (74.9) (77.2)
Purchase of leasehold land use rights (30.3) (24.7)
Purchase of property, plant and equipment (467.9) (463.7)
Purchase of investment properties (80.2) (31.8)
Additions to bearer plants (56.4) (72.4)
Purchase of subsidiaries, net of
cash acquired (13.7) (60.6)
Purchase of shares in associates
and joint ventures (380.5) (727.5)
Purchase of investments (207.6) (116.0)
Dividends received from associates
and joint ventures (net) 331.6 318.9
----------
Net cash flows used in investing
activities (827.2) (1,131.5)
Cash flows from financing activities
---------- ---------
Issue of shares, net of expenses - 748.4
Drawdown of loans 10,913.4 6,285.7
Repayment of loans (10,690.9) (6,452.0)
Changes in controlling interests
in subsidiaries 8.3 (0.4)
Investments by non-controlling interests 109.6 1.6
Dividends paid to non-controlling
interests (360.5) (465.0)
Dividends paid by the Company (270.1) (305.9)
---------- ---------
Net cash flows used in financing
activities (290.2) (187.6)
Net change in cash and cash equivalents 282.3 528.7
Cash and cash equivalents at the
beginning of the year 2,173.0 1,758.1
Effect of exchange rate changes 10.4 (113.8)
Cash and cash equivalents at the
end of the year 2,465.7 2,173.0
========== =========
Jardine Cycle & Carriage Limited
Notes to the financial statements for the year ended 31st December
2016
--------------------------------------------------------------------
1 Basis of preparation
The financial statements are consistent with those set out in the 2015 audited accounts which have been prepared in accordance with International Financial Reporting Standards ("IFRS"). There have been no changes to the accounting policies described in the 2015 audited accounts except for the adoption of the following amendments:
Amendments to IFRS Accounting for Acquisitions of
11 Interests in Joint Operations
Amendments to IAS 1 Disclosure Initiative: Presentation
of Financial Statements
Amendments to IAS 16 Clarification of Acceptable Methods
and IAS 38 of Depreciation and Amortisation
Amendments to IAS 16 Agriculture: Bearer Plants
and IAS 41
Annual Improvements 2012 - 2014 Cycle
to IFRSs
The adoption of these amendments did not have any impact on the results of the Group except for the adoption of IAS 16 'Property, Plant and Equipment' and IAS 41 'Agriculture'. These IASs provide definition to a bearer plant and require bearer plants to be accounted for in the same way as property, plant and equipment in IAS 16, because their operation is similar to that of manufacturing. Consequently, the amendments include them within the scope of IAS 16, instead of IAS 41. The produce growing on bearer plants will remain within the scope of IAS 41. The adoption of these amendments has been accounted for retrospectively and the comparative financial statements have been restated. The adoption has resulted in an increase in the profit attributable to shareholders for the financial year 2015 by US$2.7 million and a decrease in the shareholders' funds as at 31st December 2015 by US$100.8 million.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group's accounting policies. Estimates and judgments used in preparing the financial statements are regularly evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results.
The exchange rates used for translating assets and liabilities at the balance sheet date are US$1=S$1.4449 (2015: US$1=S$1.4144), US$1=RM4.4852 (2015: US$1=RM4.2945), US$1=IDR13,436 (2015: US$1=IDR13,795), US$1=VND22,765 (2015: US$1=VND22,495) and US$1=THB35.8090 (2015: US$1=THB36.1000).
The exchange rates used for translating the results for the year are US$1=S$1.3833 (2015: US$1 =S$1.3784), US$1=RM4.1462 (2015: US$1=RM3.9380), US$1=IDR13,330 (2015: US$1=IDR13,458), US$1=VND22,373 (2015: US$1=VND21,959) and US$1=THB35.2710 (2015: US$1=THB34.4138).
2 Net operating costs and operating profit
Group
2016 2015 Change
US$m US$m %
Cost of sales (12,800.5) (12,786.6) -
Other operating income 269.7 342.9 -21
Selling and distribution expenses (712.7) (788.4) -10
Administrative expenses (911.1) (846.1) 8
Other operating expenses (1) (109.7) (465.5) -76
----------- -----------
Net operating costs (14,264.3) (14,543.7) -2
=========== ===========
(1) Decrease due mainly to impairment of coal mining properties in 2015
Group
2016 2015 Change
US$m US$m %
Operating profit is determined after
including:
Depreciation of property, plant and equipment (488.3) (520.7) -6
Depreciation of bearer plants (21.5) (19.3) 11
Amortisation of leasehold land use rights
and intangible assets (97.5) (95.9) 2
Fair value changes of investment properties
* investment properties 7.6 33.6 -77
* contingent consideration 15.0 41.9 -64
* agricultural produce 22.0 - 100
Profit/(loss) on disposal of:
- intangible assets (1.0) - 100
- leasehold land use rights 0.8 1.1 -27
- property, plant and equipment 3.6 8.6 -58
- bearer plants (38.2) (3.1) nm
- associates and joint venture (1.8) - -100
- investments 7.0 6.2 13
Loss on disposal/write-down of repossessed
assets (60.2) (66.9) -10
Dividend and interest income from investments 42.3 37.3 13
Write-down of stocks (9.5) (19.9) -52
Impairment of intangible assets (3.4) (16.1) -79
Impairment of property, plant and equipment
(1) (1.8) (371.2) -100
Impairment of debtors (94.9) (105.8) -10
Net exchange loss (2) (11.6) (3.2) 263
======== ========
nm - not meaningful
(1) Decrease due mainly to impairment of coal mining properties in 2015
(2) Increase due mainly to net impact of stronger rupiah on monetary assets and liabilities denominated in US dollars
3 Revenue and Profit after tax
Group
2016 2015 Change
US$m US$m %
Revenue:
* 1st half 7,703.0 8,237.3 -6
* 2nd half 8,061.0 7,481.0 8
--------- ---------
15,764.0 15,718.3 -
========= =========
Profit after tax:
* 1st half 675.1 784.0 -14
* 2nd half 822.4 502.5 64
--------- ---------
1,497.5 1,286.5 16
========= =========
4 Dividends
Group and Company
2016 2015
US$m US$m
Dividend paid:
Final one-tier tax exempt dividend in respect
of previous year of 200.0 232.6
USc51 per share (2015: in respect of 2014
of USc67)
Interim one-tier tax exempt dividend in respect
of current year of 70.1 73.3
USc18 per share (2015: USc18.00)
--------- ---------
270.1 305.9
========= =========
The Board is recommending a final dividend of USc56 per share which, together with the interim dividend of USc18 per share, will give a total dividend for the year of USc74 per share.
5 Earnings per share
Group
2016 2015
US$m US$m
Basic earnings per share
Profit attributable to shareholders 701.7 690.8
Weighted average number of ordinary shares
in issue (millions)* 395.2 378.1
Basic earnings per share USc178 USc183
======= =======
Diluted earnings per share USc178 USc183
======= =======
Underlying earnings per share
Underlying profit attributable to shareholders 679.1 631.8
Basic underlying earnings per share USc172 USc167
======= =======
Diluted underlying earnings per share USc172 USc167
======= =======
* The weighted average number of shares in issue for 2015 has taken into account the effect of the rights issue completed in July 2015, in accordance with IAS 33 Earnings per Share.
As at 31st December 2015 and 2016, there were no dilutive potential ordinary shares in issue.
A reconciliation of the profit attributable to shareholders and underlying profit attributable to shareholders is as follows:
Group
2016 2015
US$m US$m
Profit attributable to shareholders 701.7 690.8
Less: Non-trading items (net of tax and non-controlling
interests)
------ ------
Gain on disposal of property 16.0 -
Fair value changes of agricultural produce 6.6 -
Fair value changes of investment properties 4.3 17.3
Reversal of impairment charge on associate - 42.5
Gain on disposal of associate/joint venture - 0.8
Loss on dilution of interest in an associate (4.3) (1.6)
22.6 59.0
------ ------
Underlying profit attributable to shareholders 679.1 631.8
====== ======
6 Segment information
Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the Board for the purpose of resource allocation and performance assessment. Set out below is an analysis of the segment information:
Direct
Motor Other Corporate
Astra Interests Interests Costs Group
US$m US$m US$m US$m US$m
2016
Revenue 13,609.6 2,154.4 - - 15,764.0
Net operating costs (12,164.3) (2,074.8) - (25.2) (14,264.3)
---------- --------- --------- --------- ----------
Operating profit/(loss) 1,445.3 79.6 (25.2) 1,499.7
Financing income 91.8 0.6 - 0.9 93.3
Financing charges (130.9) (1.2) - (0.3) (132.4)
---------- --------- --------- --------- ----------
Net financing charges (39.1) (0.6) - 0.6 (39.1)
Share of associates' and
joint ventures'
results after tax 231.8 112.1 36.0 - 379.9
----------
Profit before tax 1,638.0 191.1 36.0 (24.6) 1,840.5
Tax (324.9) (15.0) (2.8) (0.3) (343.0)
---------- --------- --------- --------- ----------
Profit after tax 1,313.1 176.1 33.2 (24.9) 1,497.5
Non-controlling interests (786.4) (9.4) - - (795.8)
--------- --------- --------- ----------
Profit attributable to
shareholders 526.7 166.7 33.2 (24.9) 701.7
Non-trading items (26.9) - - 4.3 (22.6)
---------- --------- --------- --------- ----------
Underlying profit attributable
to shareholders 499.8 166.7 33.2 (20.6) 679.1
---------- --------- --------- --------- ----------
Net cash (excluding net
debt of financial
services companies) 460.9 91.0 - 156.8 708.7
Total equity 10,690.8 581.9 641.1 162.6 12,076.4
---------- --------- --------- --------- ----------
Direct
Motor Other Corporate
Astra Interests Interests Costs Group
US$m US$m US$m US$m US$m
2015
Revenue 13,702.2 2,016.1 - - 15,718.3
Net operating costs (12,589.6) (1,945.2) - (8.9) (14,543.7)
---------- --------- --------- --------- ----------
Operating profit/(loss) 1,112.6 70.9 - (8.9) 1,174.6
Financing income 83.4 0.4 - 0.3 84.1
Financing charges (101.8) (0.4) - (2.9) (105.1)
---------- --------- --------- --------- ----------
Net financing charges (18.4) - - (2.6) (21.0)
Share of associates' and
joint ventures'
results after tax 302.5 136.8 31.8 - 471.1
----------
Profit before tax 1,396.7 207.7 31.8 (11.5) 1,624.7
Tax (321.8) (14.4) (1.8) (0.2) (338.2)
---------- --------- --------- --------- ----------
Profit after tax 1,074.9 193.3 30.0 (11.7) 1,286.5
Non-controlling interests (586.0) (9.7) - - (595.7)
--------- --------- --------- ----------
Profit attributable to
shareholders 488.9 183.6 30.0 (11.7) 690.8
Non-trading items (18.1) (42.5) - 1.6 (59.0)
---------- --------- --------- --------- ----------
Underlying profit attributable
to shareholders 470.8 141.1 30.0 (10.1) 631.8
---------- --------- --------- --------- ----------
Net cash (excluding net
debt of financial
services companies) 75.0 42.4 - 137.5 254.9
Total equity 9,472.9 478.2 627.8 148.1 10,727.0
---------- --------- --------- --------- ----------
7 Borrowings
Group
2016 2015
US$m US$m
Long-term borrowings:
* secured 1,229.2 1,533.9
* unsecured 638.2 963.2
-------- --------
1,867.4 2,497.1
======== ========
Current borrowings:
* secured 1,972.2 1,595.3
* unsecured 1,471.0 1,059.5
-------- --------
3,443.2 2,654.8
-------- --------
Total borrowings 5,310.6 5,151.9
======== ========
Certain subsidiaries of the Group have pledged their assets in order to obtain bank facilities from financial institutions. The value of assets pledged was US$1,884.7 million (31st December 2015: US$1,903.0 million).
8 Share capital
Group
2016 2015
US$m US$m
Three months ended 31st December
Issued and fully paid:
Balance at 1st October
* 395,236,288 (2015: 395,236,288) ordinary shares 1,381.0 1,380.8
Change in share issue expenses - 0.2
-------- --------
Balance at 31st December 1,381.0 1,381.0
======== ========
Year ended 31st December
Issued and fully paid:
Balance at 1st January - 395,236,288 (2015:
355,712,660) ordinary shares 1,381.0 632.6
Shares issued arising from rights issue
* Nil (2015: 39,523,628) ordinary shares - 752.3
Share issue expenses - (3.9)
-------- --------
Balance at 31st December - 395,236,288 (2015:
395,236,288) ordinary shares 1,381.0 1,381.0
======== ========
There were no rights, bonus or equity issues during the year.
The Company did not hold any treasury shares as at 31st December 2016 (31st December 2015: Nil) and did not have any unissued shares under convertibles as at 31st December 2016 (31st December 2015: Nil).
9 Revenue reserve
Group Company
2016 2015 2016 2015
US$m US$m US$m US$m
Movements:
Balance at 1st January as previously
reported 5,221.4 4,813.7 628.2 505.8
Effect of amendments to IAS 16 and
IAS 41 (156.1) (158.8) - -
------- ------- ------- -------
Balance at 1st January as restated 5,065.3 4,654.9 628.2 505.8
Asset revaluation reserve realised
on disposal of assets 0.2 - - -
Defined benefit pension plans
* remeasurements 13.2 (2.3) - -
- deferred tax (3.1) 0.5 - -
Share of associates' and joint ventures'
remeasurements
of defined benefit pension plans,
net of tax (1.7) (1.1) - -
Profit attributable to shareholders 701.7 690.8 296.1 428.3
Dividends paid by the Company (270.1) (305.9) (270.1) (305.9)
Change in shareholding 4.1 19.1 - -
Other (0.9) 9.3 - -
Balance at 31st December 5,508.7 5,065.3 654.2 628.2
======= ======= ======= =======
10 Other reserves
Group Company
2016 2015 2016 2015
US$m US$m US$m US$m
Composition:
Asset revaluation reserve 400.4 347.0 - -
Translation reserve (1,546.7) (1,642.1) 175.5 223.9
Fair value reserve 13.0 5.2 4.7 3.5
Hedging reserve (5.1) 6.4 - -
Other reserve 3.3 3.3 - -
--------- --------- ------ -------
Balance at 31st December (1,135.1) (1,280.2) 180.2 227.4
========= ========= ====== =======
Movements:
Asset revaluation reserve
Balance at 1st January 347.0 347.0 - -
Revaluation surplus 53.6 - - -
Reserve realised on disposal of assets (0.2) - - -
Balance at 31st December 400.4 347.0 - -
========= ========= ====== =======
Translation reserve
Balance at 1st January as previously
reported (1,697.4) (1,196.0) 223.9 350.0
Effect of amendments to IAS 16 and
IAS 41 55.3 44.1 - -
--------- --------- ------ -------
Balance at 1st January as restated (1,642.1) (1,151.9) 223.9 350.0
Translation difference 95.4 (490.2) (48.4) (126.1)
--------- --------- ------ -------
Balance at 31st December (1,546.7) (1,642.1) 175.5 223.9
========= ========= ====== =======
Fair value reserve
Balance at 1st January 5.2 36.1 3.5 1.7
Available-for-sale investments
- fair value changes 7.6 (26.2) 1.2 1.8
- deferred tax 0.1 0.1 - -
- transfer to profit and loss 0.1 (3.3) - -
Share of associates' and joint ventures'
fair
value changes of available-for-sale
investments,
net of tax - (1.5) - -
Balance at 31st December 13.0 5.2 4.7 3.5
========= ========= ====== =======
Hedging reserve
Balance at 1st January 6.4 (13.5) - -
Cash flow hedges
- fair value changes (101.5) 69.6 - -
- deferred tax 3.6 (5.3) - -
- transfer to profit and loss 88.2 (48.5) - -
Share of associates' and joint ventures'
fair
value changes of cash flow hedges,
net of tax (1.8) 4.1 - -
Balance at 31st December (5.1) 6.4 - -
========= ========= ====== =======
Other reserve
Balance at 1st January and 31st December 3.3 3.3 - -
========= ========= ====== =======
11 Non-controlling interests
Group
2016 2015
US$m US$m
Balance at 1st January as previously reported 5,741.6 6,175.4
Effect of amendments to IAS 16 and IAS 41 (180.7) (204.9)
------- -------
Balance at 1st January as restated 5,560.9 5,970.5
Asset revaluation surplus 53.5 -
Available-for-sale investments
- fair value changes 9.1 (5.5)
- deferred tax 0.2 -
- transfer to profit and loss 0.2 (3.6)
Share of associates' and joint ventures'
fair value changes of
available-for-sale investments, net of tax (0.1) (1.5)
Cash flow hedges
- fair value changes (117.7) 71.6
- deferred tax 4.5 (6.0)
- transfer to profit and loss 100.8 (48.6)
Share of associates' and joint ventures'
fair value changes of cash
flow hedges, net of tax (1.8) 3.9
Defined benefit pension plans
- remeasurements 21.3 (3.6)
- deferred tax (5.1) 0.8
Share of associates' and joint ventures'
remeasurements of
defined benefit pension plans, net of tax 1.1 (1.2)
Translation difference 134.1 (567.1)
Profit for the year 795.8 595.7
Issue of shares 117.5 1.6
Dividends paid (360.5) (465.0)
Change in shareholding 4.3 (19.5)
Acquisition of subsidiaries - 28.4
Other 3.7 10.0
------- -------
Balance at 31st December 6,321.8 5,560.9
======= =======
12 Cash flows from operating activities
Group
2016 2015
US$m US$m
Profit before tax 1,840.5 1,624.7
Adjustments for:
------- -------
Financing income (93.3) (84.1)
Financing charges 132.4 105.1
Share of associates' and joint ventures' results
after tax (379.9) (471.1)
Depreciation of property, plant and equipment 488.3 520.7
Depreciation of bearer plants 21.5 19.3
Amortisation of leasehold land use rights
and intangible assets 97.5 95.9
Fair value changes of:
- investment properties (7.6) (33.6)
- contingent consideration (15.0) (41.9)
- agricultural produce (22.0) -
Impairment of:
- intangible assets 3.4 16.1
- property, plant and equipment 1.8 371.2
- debtors 94.9 105.8
(Profit)/loss on disposal of:
- intangible assets 1.0 -
- leasehold land use rights (0.8) (1.1)
- property, plant and equipment (3.6) (8.6)
- investment properties - (0.1)
- bearer plants 38.2 3.1
- associate and joint venture 1.8 -
- investments (7.0) (6.2)
Loss on disposal/write-down of repossessed
assets 60.2 66.9
Write-down of stocks 9.5 19.9
Changes in provisions 32.6 29.7
Foreign exchange loss (15.8) 49.6
438.1 756.6
Operating profit before working capital changes 2,278.6 2,381.3
Changes in working capital:
------- -------
Stocks (64.5) (210.0)
Concession rights (61.4) (29.1)
Financing debtors (1) (443.9) (30.2)
Debtors (1) (186.2) 175.8
Creditors (2) 304.3 49.7
Pensions 25.0 26.4
(426.7) (17.4)
------- -------
Cash flows from operating activities 1,851.9 2,363.9
======= =======
(1) Increase in debtors balance due mainly to higher financing activities and receivables
(2) Increase in creditors balance due mainly to higher trade purchases
13 Interested person transactions
Aggregate value Aggregate value
of all interested of all interested
person transactions person transactions
(excluding transactions conducted under
less than S$100,000 shareholders'
and transactions mandate pursuant
conducted under to Rule 920 (excluding
shareholders' transactions
mandate pursuant less than S$100,000)
to Rule 920)
-------------------------- ----------------------------
Name of interested person US$m US$m
Three months ended 31st December
2016
Jardine Matheson Limited
- management support services - 1.1
PT Hero Supermarket Tbk
- transportation services (goods) - 0.1
Schindler Lifts (Singapore)
Pte Ltd
- supply and installation of
lifts - 0.2
Jardine Lloyd Thompson Limited
- insurance brokerage services - 0.1
Director of the Company, Chang
See Hiang
- sale of a used motor vehicle 0.2 -
Unicode Investments Limited
- subscription of shares in 7.3 -
a joint venture
PT Astra Land Indonesia
- subscription of shares by 7.3 -
a subsidiary
------------------------- ------------------------
14.8 1.5
========================= ========================
Year ended 31st December 2016
Jardine Matheson Limited
- management support services - 3.6
Jardine Matheson (Singapore)
Ltd
- sale of a motor vehicle - 0.3
- purchase of a used motor vehicle - 0.1
Jardine Engineering (Singapore)
Pte Ltd
- maintenance service for air-conditioning
equipment - 0.1
PT Hero Supermarket Tbk
- transportation services (staff/goods) 0.1 0.7
Schindler Lifts (Singapore)
Pte Ltd
- supply and installation of
lifts - 0.2
Jardine Lloyd Thompson Limited
- insurance brokerage services - 0.2
Director of the Company, Chang
See Hiang
- sale of a used motor vehicle 0.2 -
Unicode Investments Limited
- subscription of shares in 7.3 -
a joint venture
PT Astra Land Indonesia
- subscription of shares by 7.3 -
a subsidiary
------------------------- ------------------------
14.9 5.2
========================= ========================
14 Additional information
Group
2016 2015 Change
US$m US$m %
Astra International
Automotive 312.8 246.8 27
Financial services 29.7 132.3 -78
Heavy equipment and mining 114.0 87.2 31
Agribusiness 60.1 18.4 227
Infrastructure & logistics 9.8 6.4 53
Information technology 7.4 7.6 -3
Property (7.6) (2.6) 192
------- -------
526.2 496.1 6
Less: Withholding tax on dividend (26.4) (25.3) 4
-------
499.8 470.8 6
-------
Direct Motor Interests
Vietnam 93.6 84.9 10
Singapore 49.4 39.2 26
Malaysia 5.6 7.8 -28
Indonesia (Tunas Ridean) 18.2 9.4 94
Myanmar (0.1) (0.2) -50
------- -------
166.7 141.1 18
------- -------
Other Interests
Siam City Cement 22.3 21.3 5
Refrigeration Electrical Engineering 10.9 8.7 25
------- -------
33.2 30.0 11
------- -------
Corporate costs (20.6) (10.1) 104
Underlying profit attributable to shareholders 679.1 631.8 7
======= =======
15 Closure of books
NOTICE IS HEREBY GIVEN that, subject to shareholders' approval being obtained at the forthcoming 48th Annual General Meeting of the Company ("AGM") for the proposed final one-tier tax-exempt dividend of US$0.56 per share for the financial year ended 31st December 2016 (the "Final Dividend"), the Transfer Books and Register of Members of the Company will be closed from 5.00 p.m. on Wednesday, 17th May 2017 (the "Books Closure Date") up to, and including Thursday, 18th May 2017, for the purpose of determining shareholders' entitlement to the Final Dividend. Duly completed transfers of shares of the Company in physical scrip received by the Company's Share Registrar, M & C Services Private Limited at 112 Robinson Road #05-01, Singapore 068902 up to 5.00 p.m. on the Books Closure Date will be registered before entitlements to the Final Dividend are determined.
Subject to approval being obtained as aforesaid, shareholders (being Depositors) whose securities accounts with The Central Depository (Pte) Limited are credited with shares of the Company as at 5.00 p.m. on the Books Closure Date will rank for the Final Dividend.
The Final Dividend, if approved at the AGM, will be paid on Tuesday, 27th June 2017. Shareholders will have the option to receive the Final Dividend in Singapore dollars, and in the absence of any election, the Final Dividend will be paid in US dollars. Details on this elective will be furnished to shareholders after approval of the Final Dividend.
16 Others
The results do not include any pre-acquisition profits and have not been affected by any item, transaction or event of a material or unusual nature other than the non-trading items shown in Note 5 of this report.
In February 2017, the Company acquired 229,900 shares in the capital of Siam City Cement Public Company Limited ("SCCC") for a total consideration of approximately US$1.8m, increasing the Company's interest in SCCC from 24.90% to 24.99%.
The Company confirms that it has procured undertakings from all its directors and executive officers under Rule 720(1) of the Listing Manual.
No significant event or transaction other than as contained in this report has occurred between 1st January 2017 and the date of this report.
17 Notice pursuant to Rule 704(13) of the Listing Manual
Pursuant to Rule 704(13) of the SGX-ST Listing Manual, Jardine Cycle & Carriage Limited wishes to announce that no person occupying a managerial position in the Company or any of its principal subsidiaries is a relative of a director or chief executive officer or substantial shareholder of the Company.
- end -
For further information, please contact:
Jardine Cycle & Carriage Limited
Jeffery Tan Eng Heong
Tel: 65 64708111
The full text of the Financial Statements and Dividend Announcement for the year ended 31st December 2016 can be accessed through the internet at 'www.jcclgroup.com'.
Corporate Profile
Jardine Cycle & Carriage ("JC&C") is a leading Singapore-listed company and a member of the Jardine Matheson Group. It has an interest of just over 50% in Astra International ("Astra"), a premier listed Indonesian conglomerate, as well as Direct Motor Interests and Other Interests in Southeast Asia. Together with its subsidiaries and associates, JC&C employs over 240,000 people across Indonesia, Vietnam, Singapore, Thailand, Malaysia and Myanmar.
Astra is the largest independent automotive group in Southeast Asia, with further interests in financial services, heavy equipment and mining, agribusiness, infrastructure and logistics, information technology and property. JC&C's Direct Motor Interests operate in Singapore, Malaysia and Myanmar under the Cycle & Carriage banner, and through Tunas Ridean in Indonesia and Truong Hai Auto Corporation in Vietnam. JC&C's Other Interests comprise interests in market leading businesses in the region through which JC&C gains exposure to key economies by supporting such businesses in their long term development.
Jardine Matheson is a diversified business group focused principally on Asia. Its businesses comprise a combination of cash generating activities and long-term property assets. In addition to its 75% shareholding in the Company, the Jardine Matheson Group's interests include Jardine Pacific, Jardine Motors, Jardine Lloyd Thompson, Hongkong Land, Dairy Farm and Mandarin Oriental. These companies are leaders in the fields of engineering and construction, transport services, motor vehicles, insurance broking, property investment and development, retailing, restaurants and luxury hotels.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR KMGZZLDRGNZG
(END) Dow Jones Newswires
February 27, 2017 04:51 ET (09:51 GMT)
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