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JDS Jardine Strategic Holdings Ld

34.41
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Jardine Strategic Holdings Ld LSE:JDS London Ordinary Share BMG507641022 ORD US$0.05(SINGAPORE REG)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 34.41 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Jardine Strategic Hldgs Ltd JC&C 2017 First Quarter Financial Statements (5383D)

28/04/2017 10:18am

UK Regulatory


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TIDMJDS TIDMJAR

RNS Number : 5383D

Jardine Strategic Hldgs Ltd

28 April 2017

To: Business Editor 28th April 2017

For immediate release

Jardine Cycle & Carriage Limited

2017 First 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

28th April 2017

JARDINE CYCLE & CARRIAGE LIMITED

2017 FIRST QUARTER FINANCIAL STATEMENTS AND DIVID ANNOUNCEMENT

Highlights

   --     Underlying earnings per share up 44% 
   --     Stronger performance from Astra 
   --     Lower contribution from Direct Motor Interests 

"The outlook for the rest of the year is positive with Astra expected to benefit from the continued growth in the Indonesian economy, supported by higher commodity prices, although for its automotive activities there is a risk of increasing price competition. The Group's Direct Motor Interests and the Other Interests are likely to face increased competition."

Ben Keswick, Chairman

28th April 2017

 
 Group Results 
--------------------------------   ---------------------------------  -------  ----------- 
                                                Three months ended 31st March 
--------------------------------  -------------------------------------------  ----------- 
                                               2017             2016   Change         2017 
                                               US$m             US$m        %          S$m 
----------------------------------  ---------------  ---------------  -------  ----------- 
 Revenue                                      4,233            3,649       16        5,967 
 Profit after tax                               469              291       61          661 
 Underlying profit attributable 
  to 
    shareholders                                202              141       44          285 
 Profit attributable to 
  shareholders                                  210              141       50          297 
----------------------------------  ---------------  ---------------  -------  ----------- 
                                                USc              USc                    Sc 
----------------------------------  ---------------  ---------------  -------  ----------- 
 Underlying earnings per 
  share                                          51               36       44           72 
 Earnings per share                              53               36       50           75 
                                                 At               At                    At 
                                          31.3.2017       31.12.2016             31.3.2017 
----------------------------------  ---------------  ---------------  -------  ----------- 
                                               US$m             US$m                   S$m 
----------------------------------  ---------------  ---------------  -------  ----------- 
 Shareholders' funds                          6,033            5,755        5        8,436 
----------------------------------  ---------------  ---------------  -------  ----------- 
                                                US$              US$                    S$ 
----------------------------------  ---------------  ---------------  -------  ----------- 
 Net asset value per share                    15.26            14.56        5        21.34 
----------------------------------  ---------------  ---------------  -------  ----------- 
 

The exchange rate of US$1=S$1.40 (31st December 2016: US$1=S$1.44) was used for translating assets and liabilities at the balance sheet date and US$1=S$1.41 (31st March 2016: US$1=S$1.40) was used for translating the results for the period.

The financial results for the three months ended 31st March 2017 and 31st March 2016 have been prepared in accordance with International Financial Reporting Standards. These results have not been audited or reviewed by the auditors.

CHAIRMAN'S STATEMENT

Overview

Jardine Cycle & Carriage performed well in the first quarter of the year with Astra showing improvements in almost all of its businesses as they benefited from the general growth in the Indonesian economy and a recovery in commodity prices.

Performance

The Group's revenue in the first quarter was US$4.2 billion, 16% up on the previous year, with increases from most of Astra's businesses. The Group's underlying profit rose by 44% to US$202 million. Profit attributable to shareholders was US$210 million, an increase of 50% on the previous year, after accounting for a non-trading gain of US$8 million arising from the valuation at fair value of an investment held by an associate. Earnings per share rose 50% to USc53.

Astra contributed US$185 million to the Group's underlying profit, 67% higher than the comparable period last year. The Group's Direct Motor Interests contributed an underlying profit of US$23 million, a decline of 36%, while no contribution was recognised from the Group's Other Interests.

The Group's net cash, excluding net borrowings within Astra's financial services subsidiaries, was US$263 million at the end of March compared to US$709 million at the end of 2016, mainly due to toll road and power plant investments made by Astra. Net debt within Astra's financial services subsidiaries was US$3.5 billion, similar to the end of 2016. JC&C's net cash was US$153 million, compared to US$154 million at the end of 2016.

The Board has not declared a dividend for the first quarter ended 31st March 2017 (31st March 2016: Nil)

Group Review

Astra

Astra reported a net profit equivalent to US$381 million, under Indonesian accounting standards, 63% higher in its local currency with increases in all businesses, except for infrastructure and logistics and information technology. The group's automotive businesses achieved strong improved market shares for both cars and motorcycles. The overall wholesale market for cars grew while that for motorcycles declined. The financial services businesses improved, with a return to profit for Permata Bank, while higher commodity prices led to better trading performances from the heavy equipment and agribusiness operations.

Automotive

Net income from the group's automotive businesses increased by 45% to US$171 million, largely due to the sales momentum from successful new model introductions in 2016 which has continued into 2017.

The wholesale market for cars grew by 6% to 283,000 units. Astra's car sales were 27% higher at 161,000 units, resulting in an increase in market share from 48% to 57%. The group launched one new model and two revamped models during the first quarter of 2017.

The wholesale market for motorcycles decreased by 7% to 1.4 million units. While Astra Honda Motor's domestic sales fell 2% to 1.1 million units, its market share rose from 72% to 77%, supported by the launch of four new models and six revamped models during the period.

Net income of Astra Otoparts, the group's component business, increased 83% to US$11 million, supported by higher revenue from its OEM and aftermarket segments and a higher earnings contribution from its joint venture and associates.

Financial Services

Net income from the group's financial services business increased 75% to US$84 million, with improved contributions from most financial services businesses, including Permata Bank.

The group's consumer finance businesses saw a 17% increase in the amount financed, including amounts financed through joint bank financing without recourse, to US$1.4 billion. Car-focused Astra Sedaya Finance reported net income 11% higher at US$18 million, while Toyota Astra Financial Services recorded a 25% increase in net income at US$7 million, both benefiting from growth in the car market and Astra's increased market share. Motorcycle-focused Federal International Finance's net income was up 13% at US$33 million, benefiting from Honda's improved market share and loan product diversification.

The amount financed through the group's heavy equipment-focused finance operations increased by 28% to US$98 million. Net income at Surya Artha Nusantara Finance, which specialises in small and medium heavy equipment financing, was slightly lower at US$1 million.

Astra's 44.6%-held joint venture, Permata Bank, reported net income of US$34 million compared with a net loss of US$28 million in the same period in 2016. The bank's gross non-performing loan ratio declined from 8.8% at the end of 2016 to 6.4% at the end of March 2017, while its net non-performing loan ratio remained stable at 2.2%. The improved performance of Permata Bank was the result of good underlying income and the liquidation of non-performing loans as planned. In order to further strengthen its capital base, a US$220 million rights issue is expected to be completed in the first half of 2017, of which US$110 million had already been injected as a capital advance in December 2016 by its two major shareholders, Astra International and Standard Chartered Bank.

Asuransi Astra Buana, the group's general insurance company, reported net income 4% higher at US$16 million, primarily due to increased automotive underwriting income.

During the period, the group's life insurance joint venture, Astra Aviva Life, acquired close to 67,000 individual life customers and 145,000 participants for its corporate employee benefits programmes, bringing the respective totals to 267,000 and 637,000 at the end of the first quarter of 2017.

Heavy Equipment and Mining

The net income contribution to the group from its heavy equipment and mining business increased by 104% to US$68 million.

United Tractors, which is 59.5%-owned, reported net income 105% higher at US$113 million due to higher business volumes in construction machinery, mining contracting and mining operations, all of which benefited from improved coal prices.

In its construction machinery business, Komatsu heavy equipment sales were up 70% to 847 units, while parts and service revenues were also higher. The mining contracting operations of Pamapersada Nusantara recorded a 2% increase in coal production at 25 million tonnes while overburden removal was 3% higher at 171 million bank cubic metres. United Tractors' mining subsidiaries reported 9% higher coal sales at 1.9 million tonnes.

General contractor Acset Indonusa, a 50.1% subsidiary of United Tractors, reported net income up 63% at US$2 million with new contracts of US$518 million secured in the period, compared with US$176 million secured in the first quarter of 2016.

In March 2017, 25%-owned Bhumi Jati Power, which will develop and operate two 1,000 MW thermal power plants in Central Java, completed its project financing agreement with lenders. This build, operate and transfer project is expected to cost approximately US$4.2 billion and is scheduled to start commercial operation in 2021. Bhumi Jati Power is a joint venture amongst wholly-owned subsidiaries of United Tractors, Sumitomo Corporation and Kansai Electric Power Co Inc.

In March 2017, United Tractors through its subsidiary, Tuah Turangga Agung, completed the acquisition of an 80.1% stake in PT Suprabari Mapanindo Mineral, a coking coal company in Central Kalimantan.

Agribusiness

Net income from the group's agribusiness business increased by 92% to US$48 million in the first quarter of 2017.

Astra Agro Lestari, which is 79.7%-owned, reported net income of US$60 million, up from US$31 million in the first quarter of 2016, due to improved revenue from higher crude palm oil prices and increased crude palm oil production and sales. Average crude palm oil prices achieved were 36% higher at Rp8,953/kg, while sales of crude palm oil and its derivatives were 1% higher at 410,000 tonnes, compared to the same period last year.

Infrastructure and Logistics

Net income of the group's infrastructure and logistics business decreased by 3% to US$5 million, mainly due to initial losses arising from the commencement of the Cikopo-Palimanan toll road and lower earnings from its water utility business.

The 72km Tangerang-Merak toll road, operated by 79.3%-owned Marga Mandalasakti, saw traffic volumes increase by 5% to 12 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 the group has a 25% interest, 23km is now in operation.

In January 2017, the group 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 conditionally 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 40km Serpong-Balaraja toll road, both of which are greenfield, the group's total interest in toll roads amounts to 353km.

PAM Lyonnaise Jaya, which operates the western Jakarta water utility system, experienced a 2% decrease in sales volume to 38 million cubic metres.

Serasi Autoraya's net income increased by 82% to US$3 million, due to higher net margins in its car leasing and rental and logistics businesses, despite a 2% decline in contracted vehicles in its car leasing and rental business.

Information Technology

Net income from the group's information technology business decreased by 23% to US$2 million. Astra Graphia, which is 76.9%-owned, reported a 23% decline in net income to US$3 million following a decline in revenue from its IT solutions business.

Property

Net income from the group's property business at US$3 million was significantly higher than the US$1 million achieved in the first quarter of 2016, mainly due to higher development earnings recognised on Anandamaya Residences.

Direct Motor Interests

The Group's Direct Motor Interests contributed an underlying profit of US$23 million, 36% down on the previous year. The reduction was due largely to a lower contribution from Truong Hai Auto Corporation in Vietnam as a result of increased competition. In Singapore, Cycle & Carriage recorded increased profits from higher vehicle unit sales and a larger contribution from its used car business. In Malaysia, Cycle & Carriage Bintang's modest profit reflected intense price competition in the premium car market which impacted margins. In Indonesia, Tunas Ridean's contribution was stable as stronger profits from the automotive and rental businesses were offset by a lower contribution from Mandiri Tunas Finance.

Other Interests

Similar to the previous year, the Group did not recognise any contribution from its Other Interests in the first quarter of 2017. The Group's 24.9%-held Siam City Cement Public Company Limited in Thailand has yet to announce its first quarter results while 22.9%-held Refrigeration Electrical Engineering Corporation in Vietnam, just reported a profit of US$15 million, significantly higher than the previous year. Together, these results are not expected to have a material impact to the Group and will be accounted for in the second quarter.

Outlook

The outlook for the rest of the year is positive with Astra expected to benefit from the continued growth in the Indonesian economy, supported by higher commodity prices, although for its automotive activities there is a risk of increasing price competition. The Group's Direct Motor Interests and the Other Interests are likely to face increased competition.

Ben Keswick

Chairman

28th April 2017

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 three months ended 31st March 2017 to be false or misleading in any material respect.

On behalf of the Directors

Ben Keswick

Director

Hassan Abas

Director

28th April 2017

 
 Jardine Cycle & Carriage Limited 
  Consolidated Profit and Loss Account for the three months ended 
  31st March 2017 
----------------------------------------------------------------- 
 
 
                                            2017        2016   Change 
                                Note        US$m        US$m        % 
 
 Revenue                                 4,232.6     3,648.9       16 
 Net operating costs               2   (3,809.9)   (3,363.6)       13 
 
 Operating profit                  2       422.7       285.3       48 
 
 Financing income                           27.9        18.9       48 
 Financing charges                        (38.4)      (29.0)       32 
                                      ----------  ---------- 
 Net financing charges                    (10.5)      (10.1)        4 
 Share of associates' 
  and joint 
   ventures' results after 
    tax                                    155.8        81.5       91 
 
 Profit before tax                         568.0       356.7       59 
 Tax                               3      (99.0)      (66.0)       50 
 
 Profit after tax                          469.0       290.7       61 
                                      ==========  ========== 
 
 Profit attributable to: 
 Shareholders of the Company               210.4       140.6       50 
 Non-controlling interests                 258.6       150.1       72 
 
                                           469.0       290.7       61 
                                      ==========  ========== 
 
                                             USc         USc 
-----------------------------  -----  ----------  ----------  ------- 
 Earnings per share                4          53          36       50 
-----------------------------  -----  ----------  ----------  ------- 
 
 
 Jardine Cycle & Carriage Limited 
  Consolidated Statement of Comprehensive Income for the three 
  months ended 31st March 2017 
-------------------------------------------------------------- 
 
 
                                                  2017     2016 
                                                  US$m     US$m 
 
 Profit for the period                           469.0    290.7 
 
 
 Items that will not be reclassified 
  to profit or loss: 
                                               -------  ------- 
 
 Remeasurements of defined benefit 
  pension plans                                    0.9      1.1 
 
 Tax on items that will not be reclassified      (0.2)    (0.3) 
 
 Share of other comprehensive expense 
  of associates 
   and joint ventures, net of tax                (0.7)    (0.8) 
                                               -------  ------- 
                                                     -        - 
 
 Items that may be reclassified subsequently 
  to profit or loss: 
                                               -------  ------- 
 
 Translation difference 
 - gain arising during the period                123.1    396.5 
 
 Available-for-sale investments 
 - gain arising during the period                  9.5     13.0 
 - transfer to profit and loss                       -      0.1 
 
 Cash flow hedges 
 - loss arising during the period               (21.3)   (49.4) 
 - transfer to profit and loss                     4.3      8.6 
 
 Tax relating to items that may be 
  reclassified                                     4.1     10.2 
 
 Share of other comprehensive expense 
  of associates 
   and joint ventures, net of tax                (1.2)    (2.4) 
                                                 118.5    376.6 
 
 Other comprehensive income for the 
  period                                         118.5    376.6 
 
 Total comprehensive income for the 
  period                                         587.5    667.3 
                                               =======  ======= 
 
 Attributable to: 
 
 Shareholders of the Company                     278.6    317.5 
 
 Non-controlling interests                       308.9    349.8 
 
                                                 587.5    667.3 
                                               =======  ======= 
 
 
 Jardine Cycle & Carriage Limited 
  Consolidated Balance Sheet at 31st March 2017 
----------------------------------------------- 
 
 
                                                  At           At 
                                    Note   31.3.2017   31.12.2016 
                                                US$m         US$m 
  Non-current assets 
  Intangible assets                          1,044.2        972.3 
  Leasehold land use rights                    621.4        620.4 
  Property, plant and equipment              3,187.7      2,978.5 
  Investment properties                        490.2        460.2 
  Bearer plants                                506.1        496.8 
  Interests in associates 
   and joint ventures                        3,991.8      3,738.5 
  Non-current investments                      502.9        487.8 
  Non-current debtors                        2,870.5      2,691.6 
  Deferred tax assets                          319.2        291.2 
                                          ---------- 
                                            13,534.0     12,737.3 
                                          ----------  ----------- 
  Current assets 
  Current investments                           72.2         65.2 
  Stocks                                     1,743.2      1,548.4 
  Current debtors                            5,102.8      4,636.7 
  Current tax assets                           128.5        136.9 
  Bank balances and other 
   liquid funds 
                                          ----------  ----------- 
  - non-financial services 
   companies                                 2,184.6      2,237.2 
  - financial services companies               410.2        228.5 
                                          ----------  ----------- 
                                             2,594.8      2,465.7 
                                          ----------  ----------- 
                                             9,641.5      8,852.9 
                                          ----------  ----------- 
 
  Total assets                              23,175.5     21,590.2 
                                          ----------  ----------- 
 
  Non-current liabilities 
  Non-current creditors                        198.6        156.7 
  Provisions                                   104.4         97.6 
  Long-term borrowings                 5 
                                          ----------  ----------- 
  - non-financial services 
   companies                                   518.5        349.9 
  - financial services companies             1,791.8      1,517.5 
                                          ----------  ----------- 
                                             2,310.3      1,867.4 
  Deferred tax liabilities                     200.3        188.0 
  Pension liabilities                          224.2        215.9 
                                          ---------- 
                                             3,037.8      2,525.6 
                                          ----------  ----------- 
  Current liabilities 
  Current creditors                          3,739.4      3,363.6 
  Provisions                                    86.9         85.7 
  Current borrowings                   5 
                                          ----------  ----------- 
  - non-financial services 
   companies                                 1,402.9      1,178.6 
  - financial services companies             2,104.3      2,264.6 
                                          ----------  ----------- 
                                             3,507.2      3,443.2 
  Current tax liabilities                      141.5         95.7 
                                          ---------- 
                                             7,475.0      6,988.2 
                                          ---------- 
 
  Total liabilities                         10,512.8      9,513.8 
                                          ----------  ----------- 
 
  Net assets                                12,662.7     12,076.4 
                                          ==========  =========== 
 
  Equity 
  Share capital                        6     1,381.0      1,381.0 
  Revenue reserve                      7     5,719.0      5,508.7 
  Other reserves                       8   (1,066.8)    (1,135.1) 
                                          ---------- 
  Shareholders' funds                        6,033.2      5,754.6 
  Non-controlling interests            9     6,629.5      6,321.8 
                                          ---------- 
  Total equity                              12,662.7     12,076.4 
                                          ==========  =========== 
 

Jardine Cycle & Carriage Limited

Consolidated Statement of Changes in Equity for the three months ended 31st March 2017

 
                              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 
 2017 
 Balance at 1st 
  January            1,381.0   5,508.7         400.4     (1,546.7)       11.2   5,754.6        6,321.8   12,076.4 
 Total 
  comprehensive 
  income                   -     210.3             -          70.3      (2.0)     278.6          308.9      587.5 
 Dividends paid to 
  non-controlling 
  interests                -         -             -             -          -         -          (7.0)      (7.0) 
 Acquisition of 
  subsidiary               -         -             -             -          -         -            6.6        6.6 
 Other                     -         -             -             -          -         -          (0.8)      (0.8) 
                    --------  --------  ------------  ------------  ---------  --------  -------------  --------- 
 Balance at 31st 
  March              1,381.0   5,719.0         400.4     (1,476.4)        9.2   6,033.2        6,629.5   12,662.7 
                    ========  ========  ============  ============  =========  ========  =============  ========= 
 
 2016 
 Balance at 1st 
  January            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                   -     140.8         (0.2)         186.5      (9.6)     317.5          349.8      667.3 
 Dividends paid to 
  non-controlling 
  interests                -         -             -             -          -         -          (0.1)      (0.1) 
 Change in 
  shareholding             -       0.1             -             -          -       0.1              -        0.1 
 Balance at 31st 
  March              1,381.0   5,206.2         346.8     (1,455.6)        5.3   5,483.7        5,910.6   11,394.3 
                    ========  ========  ============  ============  =========  ========  =============  ========= 
 
 
 
 
 Jardine Cycle & Carriage Limited 
  Company Balance Sheet at 31st March 2017 
------------------------------------------ 
 
 
                                                 At           At 
                                   Note   31.3.2017   31.12.2016 
                                               US$m         US$m 
 
 Non-current assets 
 Property, plant and equipment                 33.2         32.0 
 Interests in subsidiaries                  1,267.5      1,226.6 
 Interests in associates and 
  joint ventures                              804.5        776.7 
 Non-current investment                        11.4         11.0 
                                            2,116.6      2,046.3 
                                         ----------  ----------- 
 
 Current assets 
 Current debtors                               43.9         42.8 
 Bank balances and other liquid 
  funds                                       152.5        154.1 
                                         ----------  ----------- 
                                              196.4        196.9 
                                         ----------  ----------- 
 
 Total assets                               2,313.0      2,243.2 
                                         ----------  ----------- 
 
 Non-current liabilities 
 Deferred tax liabilities                       5.8          5.6 
                                                5.8          5.6 
                                         ----------  ----------- 
 
 Current liabilities 
 Current creditors                             16.3         20.5 
 Current tax liabilities                        1.7          1.7 
                                               18.0         22.2 
                                         ----------  ----------- 
 
 Total liabilities                             23.8         27.8 
                                         ----------  ----------- 
 
 Net assets                                 2,289.2      2,215.4 
                                         ==========  =========== 
 
 Equity 
 
 Share capital                        6     1,381.0      1,381.0 
 Revenue reserve                      7       653.9        654.2 
 Other reserves                       8       254.3        180.2 
 Total equity                               2,289.2      2,215.4 
                                         ==========  =========== 
 
 Net asset value per share                  US$5.79      US$5.61 
 
 
 Jardine Cycle & Carriage Limited 
  Company Statement of Comprehensive Income for the three months 
  ended 31st March 2017 
---------------------------------------------------------------- 
 
 
                                                2017    2016 
                                                US$m    US$m 
 
 Loss for the period                           (0.3)     (4.9) 
 
 Item that may be reclassified subsequently 
  to profit or loss: 
                                              ------  -------- 
 Translation difference 
 - gain arising during the period               74.1     103.4 
 
 
 Other comprehensive income for the 
  period                                        74.1     103.4 
 
 Total comprehensive income for the 
  period                                        73.8      98.5 
                                              ======  ======== 
 
 
 Jardine Cycle & Carriage Limited 
  Company Statement of Changes in Equity for the three months ended 
  31st March 2017 
------------------------------------------------------------------- 
 
 
                              Share    Revenue   Translation   Fair value     Total 
                            capital    reserve       reserve      reserve    equity 
                               US$m       US$m          US$m         US$m      US$m 
 
 2017 
 Balance at 1st January     1,381.0      654.2         175.5          4.7   2,215.4 
 
 Total comprehensive 
  income                          -      (0.3)          74.1            -      73.8 
 
 Balance at 31st 
  March                     1,381.0      653.9         249.6          4.7   2,289.2 
                          =========  =========  ============  ===========  ======== 
 
 
 2016 
 Balance at 1st January     1,381.0      628.2         223.9          3.5   2,236.6 
 
 Total comprehensive 
  income                          -      (4.9)         103.4            -      98.5 
 
 Balance at 31st 
  March                     1,381.0      623.3         327.3          3.5   2,335.1 
                          =========  =========  ============  ===========  ======== 
 
 
 Jardine Cycle & Carriage Limited 
  Consolidated Statement of Cash Flows for the three months ended 
  31st March 2017 
----------------------------------------------------------------- 
 
 
                                                       2017       2016 
                                            Note       US$m       US$m 
Cash flows from operating activities 
Cash generated from operations                10      400.4      504.1 
 
Interest paid                                        (29.1)     (15.0) 
Interest received                                      25.4       18.1 
Other finance costs paid                             (18.4)     (13.9) 
Income tax paid                                      (63.1)     (91.4) 
                                                  ---------  --------- 
 
                                                     (85.2)    (102.2) 
 
Net cash flows from operating activities              315.2      401.9 
 
Cash flows from investing activities 
                                                  ---------  --------- 
Sale of property, plant and equipment                   2.6        6.9 
Sale of investment properties                             -        1.0 
Sale of investments                                     6.0       16.5 
Sale of leasehold land use rights                       1.5          - 
Purchase of intangible assets                        (17.7)     (14.6) 
Purchase of leasehold land use rights                (13.6)      (3.3) 
Purchase of property, plant and equipment           (176.2)     (92.8) 
Purchase of investment properties                    (25.7)     (13.1) 
Additions to bearer plants                            (9.6)     (12.2) 
Purchase of subsidiaries, net of 
 cash acquired                                        (8.4)      (0.3) 
Purchase of shares in associates 
 and joint ventures                                 (411.0)     (25.4) 
Purchase of investments                              (14.0)     (18.2) 
Dividends received from associates 
 and joint ventures (net)                               7.3          - 
 
Net cash flows used in investing 
 activities                                         (658.8)    (155.5) 
 
Cash flows from financing activities 
                                                  ---------  --------- 
Drawdown of loans                                   4,260.2    2,366.0 
Repayment of loans                                (3,817.2)  (2,559.9) 
Payment for capital reduction to 
 non-controlling interests                            (0.8)          - 
Dividends paid to non-controlling 
 interests                                                -      (0.1) 
 
Net cash flows from/(used) in financing 
 activities (1)                                       442.2    (194.0) 
 
 
Net change in cash and cash equivalents                98.6       52.4 
Cash and cash equivalents at the 
 beginning of the period                            2,465.7    2,173.0 
Effect of exchange rate changes                        25.9       45.5 
 
Cash and cash equivalents at the 
 end of the period                                  2,590.2    2,270.9 
                                                  =========  ========= 
 

(1) Increase in cash from financing activities largely to finance toll road and power plant investments made by Astra

 
 Jardine Cycle & Carriage Limited 
  Notes to the financial statements for the three months ended 
  31st March 2017 
-------------------------------------------------------------- 
 
   1      Basis of preparation 

The financial statements are consistent with those set out in the 2016 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 2016 audited accounts.

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$1.3982 (2016: US$1=S$1.4449), US$1=RM4.4257 (2016: US$1=RM4.4852), US$1= IDR13,321 (2016: US$1=IDR13,436), US$1=VND22,760 (2016: US$1=VND22,765) and US$1=THB34.4630 (2016: US$1=THB35.8090).

The exchange rates used for translating the results for the period are US$1=S$1.4098 (2016: US$1 =S$1.3961), US$1=RM4.4334 (2016: US$1=RM4.1001), US$1=IDR13,342 (2016: US$1=IDR13,506), US$1=VND22,705 (2016: US$1=VND22,272) and US$1=THB34.8873 (2016: US$1=THB35.5893).

   2      Net operating costs and operating profit 
 
                                                               Group 
      Three months ended 31st March                         2017        2016   Change 
                                                            US$m        US$m        % 
 
      Cost of sales                                    (3,421.1)   (3,001.8)       14 
      Other operating income                                51.8        54.2       -4 
      Selling and distribution expenses                  (196.2)     (170.6)       15 
      Administrative expenses                            (231.0)     (221.6)        4 
      Other operating expenses                            (13.4)      (23.8)      -44 
                                                      ----------  ---------- 
      Net operating costs                              (3,809.9)   (3,363.6)       13 
                                                      ==========  ========== 
 
      Operating profit is determined after 
       including: 
      Depreciation of property, plant and equipment      (122.5)     (123.4)       -1 
      Depreciation of bearer plants                        (5.8)       (5.0)       16 
      Amortisation of leasehold land use rights 
       and intangible assets                              (24.7)      (22.9)        8 
      Profit/(loss) on disposal of: 
 
        *    property, plant and equipment                   0.7         5.9      -88 
                                                             1.2           - 
        *    leasehold land use rights                                             nm 
      Loss on disposal/write-down of repossessed 
       assets                                             (14.0)      (14.6)       -4 
      Dividend and interest income from investments          9.7        10.1       -4 
      Write-down of stocks                                 (1.1)       (0.8)       38 
      Impairment of debtors (1)                           (36.9)      (18.1)      104 
      Net exchange loss (2)                                (3.6)      (16.0)      -78 
                                                      ==========  ========== 
 

nm - not meaningful

   (1)   Increase due mainly to impairment of financing debtors 

(2) Decrease due mainly to lower net 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 31st March                      2017    2016 
                                                         US$m    US$m 
      Basic and diluted earnings per share 
      Profit attributable to shareholders               210.4   140.6 
      Weighted average number of ordinary shares 
       in issue (millions)                              395.2   395.2 
      Basic earnings per share                          USc53   USc36 
                                                       ======  ====== 
      Diluted earnings per share                        USc53   USc36 
                                                       ======  ====== 
      Basic and diluted underlying earnings per 
       share 
      Underlying profit attributable to shareholders    202.0   140.6 
      Weighted average number of ordinary shares 
       in issue (millions)                              395.2   395.2 
      Basic earnings per share                          USc51   USc36 
                                                       ======  ====== 
      Diluted earnings per share                        USc51   USc36 
                                                       ======  ====== 
 

As at 31st March 2016 and 2017, 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 31st March                        2017    2016 
                                                           US$m    US$m 
 
      Profit attributable to shareholders                 210.4   140.6 
 
      Less: Non-trading item 
      Gain on valuation at fair value of an investment      8.4       - 
       held by an associate 
 
      Underlying profit attributable to shareholders      202.0   140.6 
                                                         ======  ====== 
 
   5      Borrowings 
 
                                  Group 
                                 At           At 
                          31.3.2017   31.12.2016 
                               US$m         US$m 
 Long-term borrowings: 
 
   *    secured             1,496.4      1,229.2 
 
   *    unsecured             813.9        638.2 
                         ----------  ----------- 
                            2,310.3      1,867.4 
                         ----------  ----------- 
 Current borrowings: 
 
   *    secured             1,838.9      1,972.2 
 
   *    unsecured           1,668.3      1,471.0 
                         ----------  ----------- 
                            3,507.2      3,443.2 
                         ----------  ----------- 
 
 Total borrowings           5,817.5      5,310.6 
                         ==========  =========== 
 

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$1,940.7 million (31st December 2016: US$1,884.7 million).

   6      Share capital 
 
                                                                 Group 
                                                              2017      2016 
                                                              US$m      US$m 
 Three months ended 31st March 
 Issued and fully paid: 
 Balance at 1st January and 31st March 
 
   *    395,236,288 (2016: 395,236,288) ordinary shares    1,381.0   1,381.0 
 
 

There were no rights, bonus or equity issues during the period between 1st January 2017 and 31st March 2017. The Company did not hold any treasury shares as at 31st March 2017 (31st March 2016: Nil) and did not have any unissued shares under convertibles as at 31st March 2017 (31st March 2016: Nil).

As at 31st March 2017, the Company had utilised S$930 million of the S$1,028 million rights issue proceeds raised from the 2015 rights issue exercise. The utilisation of the rights issue proceeds is in accordance with the intended use of proceeds as stated in the Offer Information Statement dated 29th June 2015, registered by the Company with the Monetary Authority of Singapore.

   7      Revenue reserve 
 
                                                  Group          Company 
                                                2017     2016   2017   2016 
                                                US$m     US$m   US$m   US$m 
  Movements: 
  Balance at 1st January                     5,508.7  5,065.3  654.2  628.2 
  Asset revaluation reserve realised 
   on disposal of assets                           -      0.2      -      - 
  Defined benefit pension plans 
  - remeasurements                               0.3      0.4      -      - 
  - deferred tax                               (0.1)    (0.1)      -      - 
  Share of associates' and joint ventures' 
   remeasurements 
     of defined benefit pension plans, 
     net of tax                                (0.3)    (0.3)      -      - 
  Profit attributable to shareholders          210.4    140.6  (0.3)  (4.9) 
  Change in shareholding                           -      0.1      -      - 
  Balance at 31st March                      5,719.0  5,206.2  653.9  623.3 
                                             =======  =======  =====  ===== 
 
   8      Other reserves 
 
                                                    Group            Company 
                                                  2017       2016   2017   2016 
                                                  US$m       US$m   US$m   US$m 
   Composition: 
   Asset revaluation reserve                     400.4      346.8      -      - 
   Translation reserve                       (1,476.4)  (1,455.6)  249.6  327.3 
   Fair value reserve                             18.5       12.7    4.7    3.5 
   Hedging reserve                              (12.6)     (10.7)      -      - 
   Other reserve                                   3.3        3.3      -      - 
                                             ---------  ---------  -----  ----- 
   Balance at 31st March                     (1,066.8)  (1,103.5)  254.3  330.8 
                                             =========  =========  =====  ===== 
 
   Movements: 
   Asset revaluation reserve 
   Balance at 1st January                        400.4      347.0      -      - 
   Reserve realised on disposal of assets            -      (0.2)      -      - 
                                             ---------  ---------  -----  ----- 
   Balance at 31st March                         400.4      346.8      -      - 
                                             =========  =========  =====  ===== 
 
  Translation reserve 
  Balance at 1st January                     (1,546.7)  (1,642.1)  175.5  223.9 
  Translation difference                          70.3      186.5   74.1  103.4 
                                             ---------  ---------  -----  ----- 
  Balance at 31st March                      (1,476.4)  (1,455.6)  249.6  327.3 
                                             =========  =========  =====  ===== 
 
   Fair value reserve 
   Balance at 1st January                         13.0        5.2    4.7    3.5 
   Available-for-sale investments 
   - fair value changes                            4.5        6.0      -      - 
 
      *    deferred tax                          (0.1)      (0.1)      -      - 
 
      *    transfer to profit and loss               -        0.1      -      - 
  Share of associates' and joint ventures' 
   fair 
    value changes of available-for-sale 
     investments, net of tax                       1.1        1.5      -      - 
                                             ---------  ---------  -----  ----- 
   Balance at 31st March                          18.5       12.7    4.7    3.5 
                                             =========  =========  =====  ===== 
 
 
                                                  Group        Company 
                                                2017    2016  2017  2016 
                                                US$m    US$m  US$m  US$m 
 
   Hedging reserve 
   Balance at 1st January                      (5.1)     6.4     -     - 
   Cash flow hedges 
   - fair value changes                       (10.0)  (23.5)     -     - 
   - deferred tax                                2.0     4.9     -     - 
   - transfer to profit and loss                 2.2     4.3     -     - 
   Share of associates' and joint ventures' 
    fair 
    value changes of cash flow hedges, 
     net of tax                                (1.7)   (2.8)     -     - 
  Balance at 31st March                       (12.6)  (10.7)     -     - 
                                              ======  ======  ====  ==== 
 
  Other reserve 
  Balance at 1st January and 31st March          3.3     3.3     -     - 
                                              ======  ======  ====  ==== 
 
   9      Non-controlling interests 
 
                                                    Group 
                                                  2017     2016 
                                                  US$m     US$m 
 
Balance at 1st January                         6,321.8  5,560.9 
Available-for-sale investments 
- fair value changes                               5.0      7.0 
- deferred tax                                   (0.1)    (0.1) 
Share of associates' and joint ventures' 
 fair value changes of 
  available-for-sale investments, net of tax       1.0      1.6 
Cash flow hedges 
- fair value changes                            (11.3)   (25.9) 
- deferred tax                                     2.3      5.5 
- transfer to profit and loss                      2.1      4.3 
Share of associates' and joint ventures' 
 fair value changes of cash 
 flow hedges, net of tax                         (1.6)    (2.7) 
Defined benefit pension plans 
- remeasurements                                   0.6      0.7 
- deferred tax                                   (0.1)    (0.2) 
Share of associates' and joint ventures' 
 remeasurements 
 of defined benefit pension plans, net of 
  tax                                            (0.4)    (0.5) 
Translation difference                            52.8    210.0 
Profit for the period                            258.6    150.1 
Dividends paid                                   (7.0)    (0.1) 
Acquisition of subsidiary                          6.6        - 
Other                                            (0.8)        - 
                                               -------  ------- 
Balance at 31st March                          6,629.5  5,910.6 
                                               =======  ======= 
 
   10     Cash flows from operating activities 
 
                                                            Group 
                                                          2017     2016 
                                                          US$m     US$m 
 
    Profit before tax                                    568.0    356.7 
 
    Adjustments for: 
                                                       -------  ------- 
    Financing income                                    (27.9)   (18.9) 
    Financing charges                                     38.4     29.0 
    Share of associates' and joint ventures' results 
     after tax                                         (155.8)   (81.5) 
    Depreciation of property, plant, equipment           122.5    123.4 
    Depreciation of bearer plants                          5.8      5.0 
    Amortisation of leasehold land use rights 
     and intangible assets                                24.7     22.9 
    Impairment of debtors                                 36.9     18.1 
    (Profit)/loss on disposal of: 
 
      *    property, plant and equipment                 (0.7)    (5.9) 
 
      *    leasehold land use rights                     (1.2)        - 
 
      *    investments                                       -      0.1 
    Loss on disposal/write-down of repossessed 
     assets                                               14.0     14.6 
    Write-down of stocks                                   1.1      0.8 
    Changes in provisions                                  8.2      8.3 
    Foreign exchange loss                                  8.6     12.2 
                                                          74.6    128.1 
   Operating profit before working capital changes       642.6    484.8 
 
   Changes in working capital: 
                                                       -------  ------- 
   Stocks (1)                                          (201.7)     89.5 
   Concession rights                                    (24.7)    (8.5) 
   Financing debtors                                    (43.2)   (28.7) 
   Debtors (2)                                         (258.3)  (105.7) 
   Creditors (3)                                         278.5     66.6 
   Pensions                                                7.2      6.1 
                                                       (242.2)     19.3 
                                                       -------  ------- 
   Cash flows from operating activities                  400.4    504.1 
                                                       =======  ======= 
 

(1) Increase in stocks balance due mainly to longer inventory days and purchases to support sales activities

(2) Increase in debtors balance due mainly to dividend receivables from associates and joint ventures and higher sales activities

   (3)   Increase in creditors balance due mainly to purchases to support sales activities 
   11     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 March 
 2017 
 Jardine Matheson Limited 
 - management support services                                     -                       1.2 
 PT Hero Supermarket Tbk 
 - transportation services                                         -                       0.1 
 Jardine Matheson (Singapore) 
  Ltd 
 - rental of premises                                              -                       0.1 
                                                                   -                       1.4 
                                   =================================  ======================== 
 
   12     Additional information 
 
                                                             Group 
       Three months ended 31st March                      2017    2016   Change 
                                                          US$m    US$m        % 
       Astra International 
       Automotive                                         80.7    54.0       49 
       Financial services                                 42.2    23.8       77 
       Heavy equipment and mining                         33.9    16.4      107 
       Agribusiness                                       24.0    12.4       94 
       Infrastructure & logistics                          2.5     2.5        - 
       Information technology                              1.0     1.3      -23 
       Property                                            0.2     0.1      100 
                                                        ------  ------ 
                                                         184.5   110.5       67 
                                                                ------ 
       Direct Motor Interests 
       Vietnam                                             7.4    20.5      -64 
       Singapore                                          11.9     9.9       20 
       Malaysia                                              -     1.4     -100 
       Indonesia (Tunas Ridean)                            3.4     3.4        - 
       Myanmar                                           (0.2)       -     -100 
                                                        ------  ------ 
                                                          22.5    35.2      -36 
                                                        ------  ------ 
 
       Corporate costs                                   (5.0)   (5.1)       -2 
 
       Underlying profit attributable to shareholders    202.0   140.6       44 
                                                        ======  ====== 
 
   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.

No significant event or transaction other than as contained in this report has occurred between 1st April 2017 and the date of this report.

The Company confirms that it has procured undertakings from all its directors and executive officers under Rule 720(1) of the Listing Manual.

- 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 first quarter ended 31st March 2017 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.

The company news service from the London Stock Exchange

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