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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Jardine Matheson Holdings Ld | LSE:JARJ | London | Ordinary Share | BMG507361001 | ORD US$0.25(JERSEY REG) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| 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 : 5121O
Jardine Strategic Hldgs Ltd
08 November 2016
To: Business Editor 8th November 2016
For immediate release
Jardine Cycle & Carriage Limited
2016 Third Quarter 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
8th November 2016
JARDINE CYCLE & CARRIAGE LIMITED
2016 THIRD QUARTER FINANCIAL STATEMENTS AND DIVID ANNOUNCEMENT
Highlights
-- Underlying earnings per share 10% lower -- Astra's contribution down 7% -- Improved contributions from Direct Motor Interests and Other Interests
"The current trading conditions are likely to be little changed for the remainder of the year. Astra's automotive businesses are expected to continue to produce improved performances, with some progress in its agribusiness and a modest recovery in its heavy equipment and mining operations, although concerns remain over the level of loan-loss provisions at Permata Bank. Steady contributions should be seen from the Group's Direct Motor Interests and Other Interests."
Ben Keswick, Chairman
8th November 2016
Hot Features
Premium
Group Results
-------------------------------- ------------------------------------ ------- -----------
Nine months ended 30th September
-------------------------------- ---------------------------------------------- -----------
Restated
2016 2015 Change 2016
US$m US$m % S$m
---------------------------------- ---------------- ----------------- ------- -----------
Revenue 11,632 11,936 -3 15,946
Profit after tax 1,071 1,166 -8 1,468
Underlying profit attributable
to
shareholders 518 541 -4 710
Profit attributable to
shareholders 514 540 -5 704
---------------------------------- ---------------- ----------------- ------- -----------
USc USc Sc
---------------------------------- ---------------- ----------------- ------- -----------
Underlying earnings per
share 131 145 -10 180
Earnings per share 130 145 -10 178
Interim dividend per share 18 18 - 24
At At At
30.9.2016 31.12.2015 30.9.2016
---------------------------------- ---------------- ----------------- ------- -----------
US$m US$m S$m
---------------------------------- ---------------- ----------------- ------- -----------
Shareholders' funds 5,717 5,166 11 7,808
---------------------------------- ---------------- ----------------- ------- -----------
US$ US$ S$
---------------------------------- ---------------- ----------------- ------- -----------
Net asset value per share 14.46 13.07 11 19.75
---------------------------------- ---------------- ----------------- ------- -----------
The exchange rate of US$1=S$1.37 (31st December 2015: US$1=S$1.41) was used for translating assets and liabilities at the balance sheet date and US$1=S$1.37 (30th September 2015: US$1=S$1.37) was used for translating the results for the period. The financial results for the nine months ended 30th September 2016 and 30th September 2015 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.
CHAIRMAN'S STATEMENT
Overview
The Group's underlying profit in the first nine months of the year was lower due to reduced contributions from Astra's financial services, heavy equipment and mining businesses, which were only partly offset by improvements in most of its other businesses. The Group's Direct Motor Interests and Other Interests reported earnings growth.
Performance
The Group's revenue for the nine months declined by 3% to US$11.6 billion. Underlying profit attributable to shareholders was 4% lower at US$518 million. Underlying earnings per share were 10% lower at USc131, the greater decline reflecting the effects of the rights issue undertaken in 2015. Profit attributable to shareholders was US$514 million, 5% lower than the previous year after accounting for a small non-trading loss on dilution of the Group's interest in Truong Hai Auto Corporation.
Astra's contribution to the Group's underlying profit of US$399 million was 7% down, with the average rupiah exchange rate relatively flat compared with the first nine months of the previous year. The Group's Direct Motor Interests contributed an underlying profit up 11% at US$113 million, while the contribution from Group's Other Interests was 20% higher at US$22 million.
The Group had consolidated net cash, excluding borrowings within Astra's financial services subsidiaries, of US$644 million at the end of September. The improvement over the net cash at the end of December 2015 of US$255 million was due largely to strong operating cashflows. Net debt within Astra's financial services subsidiaries of US$3.2 billion at the end of September was unchanged from the end of last year. JC&C parent company's net cash was US$127 million, compared to US$136 million at the end of 2015.
The Board has not declared a dividend for the third quarter ended 30th September 2016 (September 2015: Nil).
Group Review
Astra
Astra reported a net profit equivalent to US$846 million under Indonesian accounting standards, 6% down in local currency terms. Higher automotive profits were offset by weak coal prices that adversely affected Astra's heavy equipment and mining contracting operations, and a significant increase in loan-loss provisions at Permata Bank that led to a lower contribution from financial services.
Automotive
The group's overall automotive sales improved during the nine months largely due to new model introductions, which also had a positive effect on margins.
The wholesale market for cars increased by 2% to 783,000 units. Astra's car sales were 10% higher at 422,000 units, resulting in an increase in market share from 50% to 54%. The group launched ten new models and seven revamped models during the period.
The wholesale market for motorcycles decreased by 10% to 4.4 million units. Astra Honda Motor's domestic sales were only 3% lower at 3.2 million units. Its market share increased from 68% to 73%, supported by the launch of six new models and eight revamped models during the period.
Net income at Astra Otoparts, the group's component business, increased 59% to US$21 million with higher revenue from its OEM, after-market and export segments.
Financial Services
Net income from the group's financial services businesses declined 31% to US$156 million. Higher earnings at Federal International Finance and Toyota Astra Financial Services were more than offset by a decline in the contribution from the group's other financial services businesses, mainly Permata Bank which recorded a net loss following a significant increase in loan-loss provisions.
The consumer finance businesses saw an 18% increase in the amount financed, which rose to US$4.0 billion including balances financed through joint bank financing without recourse. The car-focused Astra Sedaya Finance reported net income 10% lower at US$49 million due to lower revenue mainly caused by a reduction in used car financing, whereas Toyota Astra Financial Services recorded net income 11% higher at US$19 million. Motorcycle-focused Federal International Finance's net income was up 21% at US$96 million, benefiting from an improved market share and loan product diversification.
The amount financed through the group's heavy equipment-focused finance operations increased by 4% to US$251 million. Surya Artha Nusantara Finance, which specialises in small and medium heavy equipment financing, reported net income 43% lower at US$5 million.
Astra's 45%-held joint venture, Permata Bank, reported a net loss of US$93 million during the first nine months compared with a net income of US$70 million in the same period last year. The decline was due to a significant increase in loan-loss provisions as non-performing loans rose to 4.9% from 2.7% at the end of 2015. In order to strengthen its capital base, the bank completed a rights issue in June which raised some US$400 million, with Astra subscribing for its share.
Net income at Asuransi Astra Buana, the group's general insurance company, was slightly lower at US$52 million, primarily due to reduced underwriting income.
During the first nine months, the group's life insurance joint venture with Aviva plc, Astra Aviva Life, acquired more than 97,000 individual life customers and more than 121,000 participants for its corporate employee benefits programmes, compared with 28,500 and 186,000, respectively, in the whole of 2015.
Heavy Equipment and Mining
The group's net income from its heavy equipment and mining businesses decreased by 43% to US$142 million.
United Tractors, which is 60%-owned, reported net income 44% lower at US$235 million, due to lower heavy equipment and mining contracting revenue, caused largely by low coal prices. There was also a negative impact of the stronger rupiah on translation of its US dollar monetary assets, whereas the previous year saw a positive impact on translation. In its construction machinery business, Komatsu heavy equipment sales fell by 12% to 1,588 units, while parts and service revenue also declined. The mining contracting operations of Pamapersada Nusantara recorded a 3% reduction in coal production to 79 million tonnes and 12% lower overburden removal at 524 million bank cubic metres. United Tractors' mining subsidiaries reported 46% higher coal sales at 6 million tonnes.
General contractor Acset Indonusa, which is just over 50%-owned by United Tractors, reported net income of US$3 million in the first nine months, compared with US$1 million in the same period in 2015. Acset secured new contracts worth US$188 million during the period, compared with US$228 million in the whole of 2015. To support its business growth, Acset completed a rights issue in June raising about US$40 million.
Agribusiness
Astra Agro Lestari, which is 80%-owned, reported net income of US$86 million, up from US$11 million due to the benefit of a stronger rupiah on translation of its US dollar monetary liabilities. Excluding the foreign exchange translation gain the results were flat as higher prices offset the impact of reduced sales. Average crude palm oil prices were up 5% at Rp7,588/kg compared with the prior year while crude palm oil sales were 12% lower at 730,000 tonnes. Olein sales were 23% lower at 231,000 tonnes. To strengthen its balance sheet, Astra Agro Lestari completed a US$300 million rights issue in June.
Infrastructure and Logistics
Net income from infrastructure and logistics increased significantly to US$16 million, mainly due to higher earnings from toll roads, used vehicles and logistics businesses.
The 72.5km Tangerang-Merak toll road, operated by 79%-owned Marga Mandalasakti, achieved a 3% increase in traffic volumes to 35 million vehicles. Construction continues at the wholly-owned 40.5km Jombang-Mojokerto toll road, where 14.7km is already operational. 22.8km of the 72.6km Semarang-Solo toll road, in which the group has a 25% interest is now operational. Taken together with its 40% interest in the 11.2km Kunciran-Serpong toll road and a 25% interest in the 30.0km Serpong-Balaraja toll road, both of which are greenfield, the group is interested in 227km of toll roads.
PAM Lyonnaise Jaya, which operates the western Jakarta water utility system, experienced a 3% improvement in sales volume to 120 million cubic metres.
Serasi Autoraya's net income increased by 43% to US$5 million. Higher used vehicle sales and logistics volumes outweighed the effect of a 6% decline in contracted vehicles in its car leasing and rental business.
Information Technology
Net income from information technology was 15% lower at US$8 million. Astra Graphia, which is 77%-owned, reported a 15% decline in net income to US$10 million, despite an increase in revenue, mainly due to lower net margins.
Property
Astra recognised net income from its new property division of US$6 million under Indonesian accounting standards. Construction continues at the 92%-sold Anandamaya Residences, the group's 60%-owned luxury residential development project located in Jakarta's Central Business District which, together with its 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$113 million for the period, up 11% on the previous year.
In Vietnam, Truong Hai Auto Corporation's profit was 8% higher in local currency terms as it benefited from a 48% increase in unit sales, although its contribution was reduced slightly due to the dilution of the Group's interest in the company. The contribution from the Singapore Motor Operations rose on significantly higher new passenger car sales, together with improved sales of used cars and parts. In Malaysia, Cycle & Carriage Bintang's contribution was down as an increase in unit sales was offset by the lower margins following changes in the sales mix. In Indonesia, Tunas Ridean did well due to enhanced profits from car sales, car rental and its 49%-owned associate, Mandiri Tunas Finance, partly offset by a lower contribution from its motorcycle business.
Other Interests
The Group's Other Interests comprising 24.9%-held Siam City Cement Corporation ("SCCC") in Thailand and 23%-held Refrigeration Electrical Engineering Corporation ("REE") in Vietnam, contributed US$22 million for the period, an increase of 20% over the previous year. This was due mainly to the incorporation of nine months' results for both investments this year, compared to six months' results in 2015 as REE had yet to announce its nine months results when the Group issued its report for the period and the acquisition of the interest in SCCC had only taken place in April of that year.
SCCC reported a profit equivalent to US$86 million for the first nine months, a reduction of 16% in local currency terms that reflected lower domestic cement prices and a decline in sales volumes. REE announced a profit equivalent to US$22 million for the nine months, 17% down in local currency terms due largely to lower contributions from its power business.
Outlook
The current trading conditions are likely to be little changed for the remainder of the year. Astra's automotive businesses are expected to continue to produce improved performances, with some progress in its agribusiness and a modest recovery in its heavy equipment and mining operations, although concerns remain over the level of loan-loss provisions at Permata Bank. Steady contributions should be seen from the Group's Direct Motor Interests and Other Interests.
Ben Keswick
Chairman
8th November 2016
Statement pursuant to Rule 705(5) of the Listing Manual
The directors confirm that, to the best of their knowledge, nothing has come to the attention of the Board of Directors which may render the accompanying unaudited interim financial results for the nine months ended 30th September 2016 to be false or misleading in any material respect.
On behalf of the Directors
Ben Keswick
Director
Hassan Abas
Director
8th November 2016
Jardine Cycle & Carriage Limited
Consolidated Profit and Loss Account for the nine months ended 30th
September 2016
---------------------------------------------------------------------
Three months Nine months ended
ended
30.9.2016 30.9.2015 Change 30.9.2016 30.9.2015 Change
Note US$m US$m % US$m US$m %
Revenue 3,929.1 3,698.8 6 11,632.1 11,936.1 -3
Net operating costs 2 (3,550.9) (3,305.3) 7 (10,613.9) (10,797.3) -2
Operating profit 2 378.2 393.5 -4 1,018.2 1,138.8 -11
Financing income 25.3 17.6 44 66.9 66.9 -
Financing charges (33.4) (24.7) 35 (98.4) (75.2) 31
---------- ---------- ----------- -----------
Net financing charges (8.1) (7.1) 14 (31.5) (8.3) 280
Share of associates'
and joint
ventures' results
after tax 118.9 105.1 13 336.3 338.3 -1
Profit before tax 489.0 491.5 -1 1,323.0 1,468.8 -10
Tax 3 (93.5) (109.4) -14 (252.4) (302.7) -17
Profit after tax 395.5 382.1 4 1,070.6 1,166.1 -8
========== ========== =========== ===========
Profit attributable
to:
Shareholders of the
Company 186.2 180.8 3 513.8 539.8 -5
Non-controlling interests 209.3 201.3 4 556.8 626.3 -11
395.5 382.1 4 1,070.6 1,166.1 -8
========== ========== =========== ===========
USc USc USc USc
--------------------------- ---------- ---------- ------- ----------- ----------- -------
Earnings per share 4 47 49 -4 130 145 -10
--------------------------- ---------- ---------- ------- ----------- ----------- -------
Jardine Cycle & Carriage Limited
Consolidated Statement of Comprehensive Income for the nine months
ended 30th September 2016
--------------------------------------------------------------------
Three months Nine months ended
ended
30.9.2016 30.9.2015 30.9.2016 30.9.2015
US$m US$m US$m US$m
Profit for the period 395.5 382.1 1,070.6 1,166.1
Items that will not be reclassified
to profit or loss:
---------- ---------- ---------- ----------
Asset revaluation surplus 0.7 - 94.4 -
Remeasurements of defined benefit
pension plans (40.9) (0.4) (39.2) 2.3
Tax on items that will not be reclassified 9.7 0.1 9.3 (0.6)
Share of other comprehensive expense
of associates and
joint ventures, net of tax (7.1) (0.2) (9.9) (1.9)
---------- ---------- ---------- ----------
(37.6) (0.5) 54.6 (0.2)
Items that may be reclassified subsequently
to profit
or loss:
Translation difference
- gain/(loss) arising during the
period 146.0 (910.9) 617.8 (1,599.8)
Available-for-sale investments
- gain/(loss) arising during the
period 1.7 (17.1) 20.5 (42.9)
- transfer to profit and loss (0.2) 0.3 - (8.2)
Cash flow hedges
- gain/(loss) arising during the
period (22.7) 40.0 (78.8) 32.1
- transfer to profit and loss 10.3 24.7 29.2 65.3
Tax relating to items that may be
reclassified 3.5 (15.5) 13.0 (23.8)
Share of other comprehensive income/(expense)
of associates and joint ventures,
net of tax (3.8) 0.6 (7.1) 5.6
---------- ---------- ---------- ----------
134.8 (877.9) 594.6 (1,571.7)
Other comprehensive income/(expense)
for the period 97.2 (878.4) 649.2 (1,571.9)
Total comprehensive income for the
period 492.7 (496.3) 1,719.8 (405.8)
========== ========== ========== ==========
Attributable to:
Shareholders of the Company 230.7 (216.7) 819.4 (177.1)
Non-controlling interests 262.0 (279.6) 900.4 (228.7)
492.7 (496.3) 1,719.8 (405.8)
========== ========== ========== ==========
Jardine Cycle & Carriage Limited
Consolidated Balance Sheet at 30th September 2016
---------------------------------------------------
Restated Restated
At At At
Note 30.9.2016 31.12.2015 1.1.2015
US$m US$m US$m
Non-current assets
Intangible assets 993.9 894.2 922.3
Leasehold land use rights 583.0 569.1 618.3
Property, plant and equipment 2,989.2 2,878.4 3,548.1
Investment properties 465.5 253.2 203.7
Bearer plants 535.9 484.7 482.9
Interests in associates
and joint ventures 3,764.5 3,261.7 2,624.4
Non-current investments 423.7 404.3 525.0
Non-current debtors 2,660.5 2,639.4 2,898.6
Deferred tax assets 264.8 220.0 231.6
----------
12,681.0 11,605.0 12,054.9
---------- ----------- ---------
Current assets
Current investments 61.0 31.7 17.8
Stocks 1,444.0 1,531.7 1,538.1
Current debtors 4,727.0 4,231.6 4,704.9
Current tax assets 163.3 158.3 109.7
Bank balances and other
liquid funds
---------- ----------- ---------
- non-financial services
companies 1,997.1 1,927.6 1,389.9
- financial services companies 356.1 247.5 382.1
---------- ----------- ---------
2,353.2 2,175.1 1,772.0
---------- ----------- ---------
8,748.5 8,128.4 8,142.5
---------- ----------- ---------
Total assets 21,429.5 19,733.4 20,197.4
---------- ----------- ---------
Non-current liabilities
Non-current creditors 247.9 164.4 280.0
Provisions 112.1 94.4 89.2
Long-term borrowings 5
---------- ----------- ---------
- non-financial services
companies 382.0 701.1 448.3
- financial services companies 1,952.1 1,796.0 2,176.3
---------- ----------- ---------
2,334.1 2,497.1 2,624.6
Deferred tax liabilities 187.9 201.2 296.6
Pension liabilities 294.1 219.6 210.1
----------
3,176.1 3,176.7 3,500.5
---------- ----------- ---------
Current liabilities
Current creditors 3,485.5 3,006.8 2,983.9
Provisions 77.5 60.6 55.7
Current borrowings 5
---------- ----------- ---------
- non-financial services
companies 971.5 971.6 1,180.7
- financial services companies 1,626.0 1,683.2 1,891.8
---------- ----------- ---------
2,597.5 2,654.8 3,072.5
Current tax liabilities 90.5 107.5 105.8
----------
6,251.0 5,829.7 6,217.9
----------
Total liabilities 9,427.1 9,006.4 9,718.4
---------- ----------- ---------
Net assets 12,002.4 10,727.0 10,479.0
========== =========== =========
Equity
Share capital 6 1,381.0 1,381.0 632.6
Revenue reserve 7 5,294.3 5,065.3 4,654.9
Other reserves 8 (958.8) (1,280.2) (779.0)
----------
Shareholders' funds 5,716.5 5,166.1 4,508.5
Non-controlling interests 9 6,285.9 5,560.9 5,970.5
----------
Total equity 12,002.4 10,727.0 10,479.0
========== =========== =========
Jardine Cycle & Carriage Limited
Consolidated Statement of Changes in Equity for the three months ended 30th September 2016
Attributable to shareholders of the Company
Attributable
Asset Fair to non-
value
Share Revenue revaluation Translation and controlling Total
other
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
July 1,381.0 5,190.3 393.8 (1,421.7) 9.5 5,552.9 6,040.7 11,593.6
Total
comprehensive
income - 171.1 0.4 64.7 (5.5) 230.7 262.0 492.7
Dividends
declared/paid
by the
Company - (71.6) - - - (71.6) - (71.6)
Dividends
declared/paid
to
non-controlling
interests - - - - - - (29.8) (29.8)
Issue of shares
to
non-controlling
interests - - - - - - 6.2 6.2
Change in
shareholding - 4.0 - - - 4.0 4.3 8.3
Other - 0.5 - - - 0.5 2.5 3.0
Balance at 30th
September 1,381.0 5,294.3 394.2 (1,357.0) 4.0 5,716.5 6,285.9 12,002.4
======== ======== ============ ============ ========= ======== ============= =========
2015
Balance at 1st
July 632.6 4,795.9 347.0 (1,455.1) 9.9 4,330.3 5,698.0 10,028.3
Total
comprehensive
income - 180.6 - (414.1) 16.8 (216.7) (279.6) (496.3)
Dividends
declared/paid
by the
Company - (70.8) - - - (70.8) - (70.8)
Dividends
declared/paid
to
non-controlling
interests - - - - - - (21.8) (21.8)
Issue of shares
by the Company 752.3 - - - - 752.3 - 752.3
Share issue
expenses of the
Company (4.1) - - - - (4.1) - (4.1)
Change in
shareholding - (0.6) - - - (0.6) 0.4 (0.2)
Acquisition of
subsidiary - - - - - - (0.8) (0.8)
Other - 0.9 - - - 0.9 1.1 2.0
-------- -------- ------------ ------------ --------- -------- ------------- ---------
Balance at 30th
September 1,380.8 4,906.0 347.0 (1,869.2) 26.7 4,791.3 5,397.3 10,188.6
======== ======== ============ ============ ========= ======== ============= =========
Jardine Cycle & Carriage Limited
Consolidated Statement of Changes in Equity for the nine months ended 30th September 2016
Attributable to shareholders of the Company
Attributable
Asset Fair to non-
value
Share Revenue revaluation Translation and controlling Total
other
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 - 498.0 47.2 285.1 (10.9) 819.4 900.4 1,719.8
Dividends
declared/paid
by
the Company - (272.6) - - - (272.6) - (272.6)
Dividends
declared/paid
to
non-controlling
interests - - - - - - (272.4) (272.4)
Issue of shares
to
non-controlling
interests - - - - - - 89.0 89.0
Change in
shareholding - 4.1 - - - 4.1 4.3 8.4
Other - (0.5) - - - (0.5) 3.7 3.2
-------- -------------
Balance at 30th
September 1,381.0 5,294.3 394.2 (1,357.0) 4.0 5,716.5 6,285.9 12,002.4
======== ======== ============ ============ ========= ======== ============= =========
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 - 539.4 - (717.3) 0.8 (177.1) (228.7) (405.8)
Dividends
declared/paid
by
the Company - (308.3) - - - (308.3) - (308.3)
Dividends
declared/paid
to
non-controlling
interests - - - - - - (365.8) (365.8)
Issue of shares
by the Company 752.3 - - - - 752.3 - 752.3
Share issue
expenses of the
Company (4.1) - - - - (4.1) - (4.1)
Issue of shares
to
non-controlling
interests - - - - - - 1.6 1.6
Change in
shareholding - 19.1 - - - 19.1 (19.3) (0.2)
Acquisition of
subsidiary - - - - - - 29.9 29.9
Other - 0.9 - - - 0.9 9.1 10.0
-------- -------- ------------ ------------ --------- -------- ------------- ---------
Balance at 30th
September 1,380.8 4,906.0 347.0 (1,869.2) 26.7 4,791.3 5,397.3 10,188.6
======== ======== ============ ============ ========= ======== ============= =========
Jardine Cycle & Carriage Limited
Company Balance Sheet at 30th September 2016
----------------------------------------------
At At
Note 30.9.2016 31.12.2015
US$m US$m
Non-current assets
Property, plant and equipment 33.9 32.9
Interests in subsidiaries 1,297.6 1,253.0
Interests in associates and
joint ventures 818.8 787.0
Non-current investment 10.4 10.0
2,160.7 2,082.9
---------- -----------
Current assets
Current debtors 44.4 44.8
Bank balances and other liquid
funds 127.0 135.9
---------- -----------
171.4 180.7
---------- -----------
Total assets 2,332.1 2,263.6
---------- -----------
Non-current liabilities
Deferred tax liabilities 5.9 5.7
5.9 5.7
---------- -----------
Current liabilities
Current creditors 17.9 19.8
Dividend payable 71.0 -
Current tax liabilities 1.7 1.5
90.6 21.3
---------- -----------
Total liabilities 96.5 27.0
---------- -----------
Net assets 2,235.6 2,236.6
========== ===========
Equity
Share capital 6 1,381.0 1,381.0
Revenue reserve 7 547.9 628.2
Other reserves 8 306.7 227.4
Total equity 2,235.6 2,236.6
========== ===========
Net asset value per share US$5.66 US$5.66
Jardine Cycle & Carriage Limited
Company Statement of Comprehensive Income for the nine months
ended 30th September 2016
---------------------------------------------------------------
Three months ended Nine months ended
30.9.2016 30.9.2015 30.9.2016 30.9.2015
US$m US$m US$m US$m
Profit for the period 7.5 14.1 192.3 254.9
Item that will be reclassified
subsequently to profit
or loss:
Translation difference (29.1) (110.4) 79.3 (140.2)
Other comprehensive income/(expense)
for the period (29.1) (110.4) 79.3 (140.2)
Total comprehensive income for
the period (21.6) (96.3) 271.6 114.7
========== ========== ========== ==========
Jardine Cycle & Carriage Limited
Company Statement of Changes in Equity for the nine months ended
30th September 2016
------------------------------------------------------------------
For the three months ended 30th September 2016
Fair
Share Revenue Translation value Total
capital reserve reserve and other equity
reserves
US$m US$m US$m US$m US$m
2016
Balance at 1st July 1,381.0 612.0 332.3 3.5 2,328.8
Total comprehensive
income - 7.5 (29.1) - (21.6)
Dividends declared/paid - (71.6) - - (71.6)
Balance at 30th
September 1,381.0 547.9 303.2 3.5 2,235.6
========== ========== ============== =========== =========
2015
Balance at 1st July 632.6 509.1 320.2 1.7 1,463.6
Total comprehensive
income - 14.1 (110.4) - (96.3)
Dividends declared/paid - (70.8) - - (70.8)
Issue of shares 752.3 - - - 752.3
Share issue expenses (4.1) - - - (4.1)
Balance at 30th
September 1,380.8 452.4 209.8 1.7 2,044.7
========== ========== ============== =========== =========
For the nine months ended 30th September 2016
Fair
Share Revenue Translation value Total
capital reserve reserve and other equity
reserves
US$m US$m US$m US$m US$m
2016
Balance at 1st January 1,381.0 628.2 223.9 3.5 2,236.6
Total comprehensive
income - 192.3 79.3 - 271.6
Dividends declared/paid - (272.6) - - (272.6)
Balance at 30th
September 1,381.0 547.9 303.2 3.5 2,235.6
========== ========== ============== =========== =========
2015
Balance at 1st January 632.6 505.8 350.0 1.7 1,490.1
Total comprehensive
income - 254.9 (140.2) - 114.7
Dividends declared/paid - (308.3) - - (308.3)
Issue of shares 752.3 - - - 752.3
Share issue expenses (4.1) - - - (4.1)
Balance at 30th
September 1,380.8 452.4 209.8 1.7 2,044.7
========== ========== ============== =========== =========
Jardine Cycle & Carriage Limited
Consolidated Statement of Cash Flows for the nine months ended
30th September 2016
----------------------------------------------------------------
Three months ended Nine months ended
30.9.2016 30.9.2015 30.9.2016 30.9.2015
Note US$m US$m US$m US$m
Cash flows from operating
activities
Cash generated from operations 10 618.4 694.4 1,515.9 1,861.0
Interest paid (17.4) (13.4) (45.0) (43.5)
Interest received 22.4 16.2 64.0 65.8
Other finance costs paid (22.0) (9.5) (53.4) (27.3)
Income tax paid (70.6) (84.8) (302.7) (356.5)
---------- ---------- ---------- ----------
(87.6) (91.5) (337.1) (361.5)
Net cash flows from operating
activities 530.8 602.9 1,178.8 1,499.5
Cash flows from investing
activities
---------- ---------- ---------- ----------
Sale of leasehold land use
rights - 0.4 3.4 1.1
Sale of property, plant and
equipment 6.1 45.5 15.7 54.2
Sale of investments 79.4 10.9 112.7 75.0
Sale of investment properties - 0.1 1.0 0.1
Sale of shares in associates
and joint ventures 3.5 - 3.5 -
Purchase of intangible assets (20.2) (18.9) (53.7) (90.3)
Purchase of leasehold land
use rights (9.0) (8.6) (25.5) (24.1)
Purchase of property, plant
and equipment (103.6) (104.6) (288.6) (356.5)
Purchase of investment properties (22.9) (7.9) (54.3) (19.1)
Additions to bearer plants (14.4) (16.3) (42.7) (56.0)
Purchase of subsidiaries,
net of cash
acquired - (0.3) (0.9) (60.8)
Purchase of shares in associates
and joint
ventures (14.2) (76.8) (229.3) (724.3)
Purchase of investments (38.2) (11.2) (105.5) (108.8)
Dividends received from associates
and
joint ventures (net) 19.4 10.5 233.0 249.8
---------- ---------- ---------- ----------
Net cash flows used in investing
activities (114.1) (177.2) (431.2) (1,059.7)
Cash flows from financing
activities
---------- ---------- ---------- ----------
Issue of shares - 748.2 - 748.2
Drawdown of loans 2,679.1 1,285.4 7,586.5 4,594.3
Repayment of loans (3,164.7) (2,104.8) (7,853.3) (4,991.8)
Changes in controlling interests
in subsidiaries 11.2 (0.2) 11.2 (0.2)
Investment by non-controlling
interests 0.7 - 81.1 1.6
Dividend paid to non-controlling
interests (29.8) (21.8) (272.4) (365.8)
Dividend paid by the Company (0.8) 3.1 (201.8) (234.4)
---------- ---------- ---------- ----------
Net cash flow used in financing
activities (504.3) (90.1) (648.7) (248.1)
Net change in cash and cash
equivalents (87.6) 335.6 98.9 191.7
Cash and cash equivalents
at the
beginning of the period 2,421.0 1,582.8 2,173.0 1,758.1
Effect of exchange rate changes 16.7 (57.4) 78.2 (88.8)
Cash and cash equivalents
at the end of
the period 2,350.1 1,861.0 2,350.1 1,861.0
========== ========== ========== ==========
Jardine Cycle & Carriage Limited
Notes to the financial statements for the nine months ended
30th September 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 11 Accounting for Acquisitions of 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 to 2012 - 2014 Cycle
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 a decrease in the profit attributable to shareholders for the nine months ended 30th September 2015 by US$4.2 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$1.3658 (2015: US$1=S$1.4144), US$1=RM4.1435 (2015: US$1=RM4.2945), US$1=IDR12,998 (2015: US$1=IDR13,795), US$1=VND22,305 (2015: US$1=VND22,495) and US$1=THB34.7000 (2015: US$1=THB36.1000).
The exchange rates used for translating the results for the period are US$1=S$1.3708 (2015: US$1=S$1.3678), US$1=RM4.0664 (2015: US$1=RM3.8208), US$1=IDR13,323 (2015: US$1=IDR13,357), US$1=VND22,301 (2015: US$1=VND21,802) and US$1=THB35.2047 (2015: US$1=THB33.9313).
2 Net operating costs and operating profit
Group
Three months Nine months ended
ended
30.9.2016 30.9.2015 Change 30.9.2016 30.9.2015 Change
US$m US$m % US$m US$m %
Cost of sales (3,192.8) (2,984.4) 7 (9,522.8) (9,736.6) -2
Other operating income 64.4 66.6 -3 177.2 204.1 -13
Selling and distribution
expenses (179.7) (176.9) 2 (541.2) (581.7) -7
Administrative expenses (224.6) (205.4) 9 (667.9) (652.5) 2
Other operating expenses (18.2) (5.2) 250 (59.2) (30.6) 93
---------- ---------- ----------- -----------
Net operating costs (3,550.9) (3,305.3) 7 (10,613.9) (10,797.3) -2
========== ========== =========== ===========
Group
Three months Nine months ended
ended
30.9.2016 30.9.2015 Change 30.9.2016 30.9.2015 Change
US$m US$m % US$m US$m %
Operating profit is determined
after including:
Depreciation of property,
plant
and equipment (121.3) (122.4) -1 (365.0) (388.5) -6
Depreciation of bearer
plants (5.5) (4.6) 20 (15.6) (14.2) 10
Amortisation of leasehold
land
use rights and intangible
assets (25.7) (37.4) -31 (71.4) (102.0) -30
Profit/(loss) on disposal
of:
- leasehold land use
rights 0.1 0.3 -67 3.0 0.9 233
- property, plant
and equipment 2.1 2.2 -5 9.1 7.4 23
- investments 7.3 - 100 7.3 7.2 1
- associate and joint
venture 2.4 0.1 nm (1.9) (1.6) 19
Loss on disposal/write-down
of
repossessed assets (14.3) (17.3) -17 (46.6) (50.5) -8
Dividend and interest
income
from investments 10.3 9.4 10 34.3 27.7 24
Write-down of stocks 5.9 (3.0) nm (2.9) (12.5) -77
Impairment of debtors (36.6) (24.1) 52 (84.2) (74.5) 13
Net exchange gain/(loss)
(1) (9.0) 16.7 nm (29.8) 15.0 nm
========== ========== ========== ==========
nm - not meaningful
(1) Net exchange loss in 2016 due mainly to impact of stronger rupiah on monetary assets and liabilities
denominated in US dollars
3 Tax
The provision for income tax is based on the statutory tax rates of the respective countries in which the companies operate after taking into account non-deductible expenses and group tax relief.
4 Earnings per share
Group
Three months ended Nine months ended
30.9.2016 30.9.2015 30.9.2016 30.9.2015
US$m US$m US$m US$m
Basic and diluted earnings
per share
Profit attributable to
shareholders 186.2 180.8 513.8 539.8
Weighted average number
of shares
in issue (millions)* 395.2 372.4 395.2 372.4
Basic earnings per share USc47 USc49 USc130 USc145
========== ========== ========== ==========
Diluted earnings per share USc47 USc49 USc130 USc145
========== ========== ========== ==========
Underlying earnings per
share
Underlying profit attributable
to
shareholders 186.2 180.7 518.1 541.4
Weighted average number
of shares
in issue (millions)* 395.2 372.4 395.2 372.4
Basic underlying earnings
per share USc47 USc49 USc131 USc145
========== ========== ========== ==========
Diluted underlying earnings
per share USc47 USc49 USc131 USc145
========== ========== ========== ==========
* The weighted average number of shares in issue for 2015 has taken into account the effect of the rights
issue completed in July 2015, in accordance with IAS 33 Earnings per Share.
As at 30th September 2015 and 2016, there were no dilutive potential ordinary shares in issue.
A reconciliation of the profit attributable to shareholders and underlying profit attributable to shareholders is as follows:
Group
Three months ended Nine months ended
30.9.2016 30.9.2015 30.9.2016 30.9.2015
US$m US$m US$m US$m
Profit attributable to
shareholders 186.2 180.8 513.8 539.8
Less: Non-trading item
Loss on dilution of interest
in an associate - 0.1 (4.3) (1.6)
Underlying profit attributable
to
shareholders 186.2 180.7 518.1 541.4
========== ========== ========== ==========
5 Borrowings
Group
At At
30.9.2016 31.12.2015
US$m US$m
Long-term borrowings:
* secured 1,661.5 1,533.9
* unsecured 672.6 963.2
---------- -----------
2,334.1 2,497.1
---------- -----------
Current borrowings:
- secured 1,604.1 1,595.3
- unsecured 993.4 1,059.5
---------- -----------
2,597.5 2,654.8
---------- -----------
Total borrowings 4,931.6 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$1,960.2 million (31st December 2015: US$1,903.0 million).
6 Share capital
Company
2016 2015
US$m US$m
Three months ended 30th September
Issued and fully paid:
Balance at 1st July
- 395,236,288 (2015: 355,712,660) ordinary
shares 1,381.0 632.6
Shares issued arising from rights issue
- Nil (2015: 39,523,628) ordinary shares - 752.3
- Share issue expenses - (4.1)
-------- --------
Balance at 30th September
- 395,236,288 (2015: 395,236,288) ordinary
shares 1,381.0 1,380.8
======== ========
Nine months ended 30th September
Issued and fully paid:
Balance at 1st January
- 395,236,288 (2015: 355,712,660) ordinary
shares 1,381.0 632.6
Shares issued arising from rights issue
- Nil (2015: 39,523,628) ordinary shares - 752.3
- Share issue expenses - (4.1)
-------- --------
Balance at 30th September
- 395,236,288 (2015: 395,236,288) ordinary
shares 1,381.0 1,380.8
======== ========
There were no rights, bonus or equity issues during the period between 1st July 2016 and 30th September 2016. The Company did not hold any treasury shares and did not have any unissued shares under convertibles as at 30th September 2016 (30th September 2015: Nil).
7 Revenue reserve
Group Company
Three months ended 30th September 2016 2015 2016 2015
US$m US$m US$m US$m
Movements:
Balance at 1st July 5,190.3 4,795.9 612.0 509.1
Asset revaluation reserve realised
on disposal of assets (0.1) - - -
Defined benefit pension plans
- remeasurements (15.3) (0.1) - -
- deferred tax 3.7 - - -
Share of associates' and joint ventures'
remeasurements
of defined benefit pension plans,
net of tax (3.4) (0.1) - -
Profit attributable to shareholders 186.2 180.8 7.5 14.1
Dividends declared/paid by the Company (71.6) (70.8) (71.6) (70.8)
Change in shareholding 4.0 (0.6) - -
Other 0.5 0.9 - -
Balance at 30th September 5,294.3 4,906.0 547.9 452.4
======= ======= ====== ======
Group Company
Nine months ended 30th September 2016 2015 2016 2015
US$m US$m US$m US$m
Movements:
Balance at 1st January as previously
reported 5,221.4 4,813.7 628.2 505.8
Effect of amendments to IAS 16 and
IAS 41 (156.1) (158.8) - -
------- ------- ------- -------
Balance at 1st January as restated 5,065.3 4,654.9 628.2 505.8
Asset revaluation reserve realised
on disposal of assets 0.1 - - -
Defined benefit pension plans
- remeasurements (14.7) 1.0 - -
- deferred tax 3.5 (0.3) - -
Share of associates' and joint ventures'
remeasurements
of defined benefit pension plans,
net of tax (4.7) (1.1) - -
Profit attributable to shareholders 513.8 539.8 192.2 254.9
Dividends declared/paid by the Company (272.6) (308.3) (272.5) (308.3)
Change in shareholding 4.1 19.1 - -
Other (0.5) 0.9 - -
Balance at 30th September 5,294.3 4,906.0 547.9 452.4
======= ======= ======= =======
8 Other reserves
Group Company
2016 2015 2016 2015
US$m US$m US$m US$m
Composition:
Asset revaluation reserve 394.2 347.0 - -
Translation reserve (1,357.0) (1,869.2) 303.2 209.8
Fair value reserve 15.7 (2.6) 3.5 1.7
Hedging reserve (15.0) 26.0 - -
Other reserve 3.3 3.3 - -
--------- --------- ------ -------
Balance at 30th September (958.8) (1,495.5) 306.7 211.5
========= ========= ====== =======
Three months ended 30th September
Movements:
Asset revaluation reserve
Balance at 1st July 393.8 347.0 - -
Revaluation surplus 0.3 - - -
Reserve realised on disposal of assets 0.1 - - -
Balance at 30th September 394.2 347.0 - -
========= ========= ====== =======
Translation reserve
Balance at 1st July (1,421.7) (1,455.1) 332.3 320.2
Translation difference 64.7 (414.1) (29.1) (110.4)
--------- --------- ------ -------
Balance at 30th September (1,357.0) (1,869.2) 303.2 209.8
========= ========= ====== =======
Fair value reserve
Balance at 1st July 15.3 6.1 3.5 1.7
Available-for-sale investments
- fair value changes 0.5 (7.7) - -
- deferred tax 0.1 0.3 - -
- transfer to profit and loss (0.1) 0.2 - -
Share of associates' and joint ventures'
fair
value changes of available-for-sale
investments,
net of tax (0.1) (1.5) - -
--------- --------- ------ -------
Balance at 30th September 15.7 (2.6) 3.5 1.7
========= ========= ====== =======
Hedging reserve
Balance at 1st July (9.1) 0.5 - -
Cash flow hedges
- fair value changes (10.7) 18.9 - -
- deferred tax 1.5 (7.6) - -
- transfer to profit and loss 5.1 12.4 - -
Share of associates' and joint ventures'
fair
value changes of cash flow hedges,
net of tax (1.8) 1.8 - -
Balance at 30th September (15.0) 26.0 - -
========= ========= ====== =======
Other reserve
Balance at 1st July and 30th September 3.3 3.3 - -
========= ========= ====== =======
Group Company
Nine months ended 30th September 2016 2015 2016 2015
US$m US$m US$m US$m
Movements:
Asset revaluation reserve
Balance at 1st January 347.0 347.0 - -
Revaluation surplus 47.3 - - -
Reserve realised on disposal of assets (0.1) - - -
--------- --------- ----- -------
Balance at 30th September 394.2 347.0 - -
========= ========= ===== =======
Translation reserve
Balance at 1st January as previously
reported (1,697.4) (1,196.0) 223.9 350.0
Effect of amendments to IAS 16 and
IAS 41 55.3 44.1 - -
--------- --------- ----- -------
Balance at 1st January as restated (1,642.1) (1,151.9) 223.9 350.0
Translation difference 285.1 (717.3) 79.3 (140.2)
--------- --------- ----- -------
Balance at 30th September (1,357.0) (1,869.2) 303.2 209.8
========= ========= ===== =======
Fair value reserve
Balance at 1st January 5.2 36.1 3.5 1.7
Available-for-sale investments
- fair value changes 9.1 (32.7) - -
- deferred tax - 0.3 - -
- transfer to profit and loss - (3.9) - -
Share of associates' and joint ventures'
fair
value changes of available-for-sale
investments,
net of tax 1.4 (2.4) - -
--------- --------- ----- -------
Balance at 30th September 15.7 (2.6) 3.5 1.7
========= ========= ===== =======
Hedging reserve
Balance at 1st January 6.4 (13.5) - -
Cash flow hedges
- fair value changes (36.9) 12.9 - -
- deferred tax 5.9 (11.3) - -
- transfer to profit and loss 14.6 32.7 - -
Share of associates' and joint ventures'
fair
value changes of cash flow hedges,
net of tax (5.0) 5.2 - -
Balance at 30th September (15.0) 26.0 - -
========= ========= ===== =======
Other reserve
Balance at 1st January and 30th September 3.3 3.3 - -
========= ========= ===== =======
9 Non-controlling interests
Group
Three months ended 30th September 2016 2015
US$m US$m
Balance at 1st July 6,040.7 5,698.0
Asset revaluation surplus 0.4 -
Available-for-sale investments
- fair value changes 1.2 (9.4)
- deferred tax 0.1 0.2
- transfer to profit and loss (0.1) 0.1
Share of associates' and joint ventures'
fair value changes of
available-for-sale investments, net of
tax (0.3) (1.5)
Cash flow hedges
- fair value changes (12.0) 21.1
- deferred tax 1.8 (8.4)
- transfer to profit and loss 5.2 12.3
Share of associates' and joint ventures'
fair value changes of cash
flow hedges, net of tax (1.6) 1.8
Defined benefit pension plans
- remeasurements (25.6) (0.3)
- deferred tax 6.0 0.1
Share of associates' and joint ventures'
remeasurements
of defined benefit pension plans, net of
tax (3.7) (0.1)
Translation difference 81.3 (496.8)
Profit for the period 209.3 201.3
Dividends declared/paid to non-controlling
interests (29.8) (21.8)
Issue of shares to non-controlling interests 6.2 -
Change in shareholding 4.3 0.4
Acquisition of subsidiary - (0.8)
Other 2.5 1.1
------- -------
Balance at 30th September 6,285.9 5,397.3
======= =======
Group
Nine months ended 30th September 2016 2015
US$m US$m
Balance at 1st January as previously reported 5,741.6 6,175.4
Effect of amendments to IAS 16 and IAS 41 (180.7) (204.9)
------- -------
Balance at 1st January as restated 5,560.9 5,970.5
Asset revaluation reserve surplus 47.1 -
Available-for-sale investments
- fair value changes 11.4 (10.2)
- deferred tax - 0.2
- transfer to profit and loss - (4.3)
Share of associates' and joint ventures'
fair value changes of
available-for-sale investments, net of
tax 1.3 (2.4)
Cash flow hedges
- fair value changes (41.9) 19.2
- deferred tax 7.1 (13.0)
- transfer to profit and loss 14.6 32.6
Share of associates' and joint ventures'
fair value changes of cash
flow hedges, net of tax (4.8) 5.2
Defined benefit pension plans
- remeasurements (24.5) 1.3
- deferred tax 5.8 (0.3)
Share of associates' and joint ventures'
remeasurements
of defined benefit pension plans, net of
tax (5.2) (0.8)
Translation difference 332.7 (882.5)
Profit for the period 556.8 626.3
Dividends declared/paid to non-controlling
interests (272.4) (365.8)
Issue of shares to non-controlling interests 89.0 1.6
Change in shareholding 4.3 (19.3)
Acquisition of subsidiary - 29.9
Other 3.7 9.1
------- -------
Balance at 30th September 6,285.9 5,397.3
======= =======
10 Cash flows from operating activities
Group
Three months Nine months ended
ended
30.9.2016 30.9.2015 30.9.2016 30.9.2015
US$m US$m US$m US$m
Profit before tax 489.0 491.5 1,323.0 1,468.8
Adjustments for:
--------- --------- --------- ---------
Financing income (25.3) (17.6) (66.9) (66.9)
Financing charges 33.4 24.7 98.4 75.2
Share of associates' and joint ventures'
results after tax (118.9) (105.1) (336.3) (338.3)
Depreciation of property, plant
and equipment 121.3 122.4 365.0 388.5
Depreciation of bearer plants 5.5 4.6 15.6 14.2
Amortisation of leasehold land use
rights and intangible
assets 25.7 37.4 71.4 102.0
(Profit)/loss on disposal of:
- leasehold land use rights (0.1) (0.3) (3.0) (0.9)
- property, plant and equipment (2.1) (2.2) (9.1) (7.4)
- investments (7.3) - (7.3) (7.2)
- associate and joint venture (2.4) (0.1) 1.9 1.6
Loss on disposal/write-down of repossessed
assets 14.3 17.3 46.6 50.5
Write-down of stocks (5.9) 3.0 2.9 12.5
Impairment of debtors 36.6 24.1 84.2 74.5
Changes in provisions 12.6 7.7 30.1 23.5
Foreign exchange (gain)/loss (8.5) 5.3 4.1 29.0
--------- --------- --------- ---------
78.9 121.2 297.6 350.8
--------- --------- --------- ---------
Operating profit before working
capital changes 567.9 612.7 1,620.6 1,819.6
Changes in working capital:
--------- --------- --------- ---------
Stocks (1) (63.1) (104.3) 111.1 (128.9)
Concession rights (4.8) (6.7) (28.3) (24.8)
Financing debtors (2) (49.6) 84.3 (215.2) (52.0)
Debtors (2) (71.3) (33.7) (262.1) (46.5)
Creditors (3) 232.1 136.7 269.4 277.3
Pensions 7.2 5.4 20.4 16.3
--------- --------- --------- ---------
50.5 81.7 (104.7) 41.4
--------- --------- --------- ---------
Cash flows from operating
activities 618.4 694.4 1,515.9 1,861.0
========= ========= ========= =========
(1) Decrease in stocks balance due mainly to shorter inventory days
(2) Increase in debtors balance due mainly to higher financing/sales activities
(3) Increase in creditors balance due mainly to higher trade purchases and accrual for dividend payable as well as operating
expenses
11 Interested person transactions
Aggregate value
of all interested Aggregate value
person transactions of all interested
(excluding transactions person transactions
less than S$100,000 conducted under
and transactions shareholders'
conducted under mandate pursuant
shareholders' to Rule 920 (excluding
mandate pursuant transactions less
to Rule 920) than S$100,000)
--------------------------- -------------------------------
Name of interested person US$m US$m
Three months ended 30th September
2016
Jardine Matheson Limited
- management support services - 0.7
PT Hero Supermarket Tbk
- transportation services (goods) - 0.2
PT Jardine Lloyd Thompson
- insurance brokerage services - 0.1
-------------------------- -------------------------
- 1.0
========================== =========================
Nine months ended 30th September
2016
Jardine Matheson Limited
- management support services - 2.5
Jardine Matheson (Singapore)
Ltd
- sale of a motor vehicle - 0.3
- purchase of a used motor vehicle - 0.1
Jardine Engineering (Singapore)
Pte Ltd
- maintenance service for air-conditioning
equipment - 0.1
PT Hero Supermarket Tbk
- transportation services (staff/goods) 0.1 0.6
PT Jardine Lloyd Thompson
- insurance brokerage services - 0.1
-------------------------- -------------------------
0.1 3.7
========================== =========================
12 Additional information
Group
Three months Nine months ended
ended
30.9.2016 30.9.2015 Change 30.9.2016 30.9.2015 Change
US$m US$m % US$m US$m %
Astra International
Automotive 75.6 63.7 19 211.6 186.0 14
Financial services 31.2 32.1 -3 78.0 112.4 -31
Heavy equipment and
mining 29.3 46.5 -37 71.2 125.4 -43
Agribusiness 10.7 (9.3) nm 34.3 4.3 698
Infrastructure and
logistics 3.0 0.8 275 8.4 3.4 147
Information technology 1.3 1.7 -24 4.0 4.6 -13
---------- ---------- ---------- ----------
151.1 135.5 12 407.5 436.1 -7
Less: Withholding tax
on dividend (1.0) 0.5 nm (8.7) (8.5) 2
---------- ---------- ---------- ----------
150.1 136.0 10 398.8 427.6 -7
---------- ---------- ---------- ----------
Direct Motor Interests
Vietnam 17.4 20.2 -14 60.5 61.2 -1
Singapore 11.5 8.8 31 33.1 28.1 18
Malaysia 1.1 1.9 -42 5.4 6.5 -17
Indonesia (Tunas Ridean) 4.5 2.3 96 13.8 6.5 112
Myanmar (0.1) (0.3) -67 (0.2) (0.5) -60
---------- ---------- ---------- ----------
34.4 32.9 5 112.6 101.8 11
---------- ---------- ---------- ----------
Other Interests 6.7 6.5 3 22.0 18.4 20
Corporate costs (5.0) 5.3 nm (15.3) (6.4) 139
Underlying profit attributable
to
shareholders 186.2 180.7 3 518.1 541.4 -4
========== ========== ========== ==========
13 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.
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 October 2016 and the date of this report:
(a) On 22nd September 2016, PT Menara Astra ("MA"), a wholly-owned subsidiary of Astra, together with
Unicode Investments Limited ("UIL"), a subsidiary of the Group's ultimate parent company, Jardine Matheson
Holdings Limited, established a company, PT Astra Land Indonesia ("ALI") for the purpose of property
holding with MA holding a 50% interest in the company and UIL the remaining 50%. The total share capital of
ALI amounting to approximately US$58 million was fully paid in October 2016.
(b) On 11th October 2016, PT Tuah Turangga Agung, a subsidiary of Astra's 59.5%-owned PT United Tractors
Tbk, signed a Conditional Sale and Purchase of Shares Agreement ("CSPA") to acquire an 80.1% stake in
PT Suprabari Mapanindo Mineral, a coal mining concession holder, for approximately US$46 million. An
advance payment of US$12 million was made on 19th October 2016, and the transaction is expected to be
completed no later than six months from the signing of the CSPA.
(c) On 19th October 2016, ALI and PT Mitra Sindo Makmur ("MSM"), a subsidiary of PT Modernland Realty
Tbk, established an equal joint venture company, PT Astra Modern Land ("AML"). AML will undertake the
development of residential and commercial properties within the Jakarta Garden City located in East Jakarta.
- 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 period ended 30th September 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 some 245,000 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 UBVARNSAARAA
(END) Dow Jones Newswires
November 08, 2016 04:20 ET (09:20 GMT)
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