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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Jardine Strategic Holdings Ld | LSE:JDS | London | Ordinary Share | BMG507641022 | ORD US$0.05(SINGAPORE REG) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 34.41 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMJDS TIDMJAR
RNS Number : 5383D
Jardine Strategic Hldgs Ltd
28 April 2017
To: Business Editor 28th April 2017
For immediate release
Jardine Cycle & Carriage Limited
2017 First Quarter Financial Statements and Dividend Announcement
The following announcement was issued today by the Company's 75%-owned subsidiary, Jardine Cycle & Carriage Limited.
For further information, please contact:
Jardine Matheson Limited
Neil M McNamara (852) 2843 8227
Brunswick Group Limited
Karin Wong (852) 3512 5077
28th April 2017
JARDINE CYCLE & CARRIAGE LIMITED
2017 FIRST QUARTER FINANCIAL STATEMENTS AND DIVID ANNOUNCEMENT
Highlights
-- Underlying earnings per share up 44% -- Stronger performance from Astra -- Lower contribution from Direct Motor Interests
"The outlook for the rest of the year is positive with Astra expected to benefit from the continued growth in the Indonesian economy, supported by higher commodity prices, although for its automotive activities there is a risk of increasing price competition. The Group's Direct Motor Interests and the Other Interests are likely to face increased competition."
Ben Keswick, Chairman
28th April 2017
Group Results -------------------------------- --------------------------------- ------- ----------- Three months ended 31st March -------------------------------- ------------------------------------------- ----------- 2017 2016 Change 2017 US$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.
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