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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Jardine Matheson Holdings Ld | LSE:JARB | London | Ordinary Share | BMG507361001 | ORD US$0.25(BERMUDA REG) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 64.35 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Real Estate Agents & Mgrs | 36.05B | 686M | 2.3655 | 26.42 | 18.13B |
From Apr 2019 to Apr 2024
TIDMJAR
RNS Number : 9812V
Jardine Cycle & Carriage Limited
27 July 2018
To: Business Editor 27th July 2018
For immediate release
Jardine Cycle & Carriage Limited
2018 Half Year Financial Statements and Dividend Announcement
The following announcement was issued today by the Company's 75%-owned subsidiary, Jardine Cycle & Carriage Limited.
For further information, please contact:
Jardine Matheson Limited
Jonathan Lloyd (852) 2843 8223
Brunswick Group Limited
Karin Wong (852) 3512 5077
27th July 2018
JARDINE CYCLE & CARRIAGE LIMITED
2018 HALF YEAR FINANCIAL STATEMENTS AND DIVID ANNOUNCEMENT
Highlights
-- Underlying earnings per share 10% higher
-- Increased contribution from Astra
-- Stronger performances by Direct Motor Interests and Other Strategic Interests
"The Group performed well during the first half of the year, with a 10% increase in underlying profit attributable to shareholders. For the rest of the year, Astra's overall performance is expected to be satisfactory, led by its heavy equipment and mining businesses although there are concerns over competitive pressures in the car market. The Group's Direct Motor Interests and Other Strategic Interests are expected to continue to perform strongly."
Ben Keswick, Chairman
27th July 2018
Hot Features
Premium
Group Results
-------------------- -------- ---------------------------------------------------------------
Six months ended 30th June
-------------------- ---------------------------------------------------------- -----------
Restated
2018 2017 Change 2018
US$m US$m % S$m
-------------------------------------- --------------- ------------ --------- -------------
Revenue 9,189 8,353 10 12,221
Underlying profit attributable
to
shareholders (#) 414 375 10 550
Non-trading items^ (240) 23 nm (319)
Profit attributable to
shareholders 174 398 -56 231
-------------------------------------- --------------- ------------ --------- -------------
USc USc Sc
-------------------------------------- --------------- ------------ --------- -------------
Underlying earnings per
share (#) 105 95 10 140
Earnings per share 44 101 -56 59
Interim dividend per share
* 18 18 - 24
At At At
30.6.2018 31.12.2017 30.6.2018
--------------- ------------ ---------
US$m US$m S$m
-------------------------------------- --------------- ------------ --------- -------------
Shareholders' funds 5,989 6,408 -7 8,193
-------------------------------------- --------------- ------------ --------- -------------
US$ US$ S$
-------------------------------------- --------------- ------------ --------- -------------
Net asset value per share 15.15 16.21 -7 20.73
-------------------------------------- --------------- ------------ --------- -------------
The exchange rate of US$1=S$1.37 (31st December 2017: US$1=S$1.34) was used for translating assets and liabilities at the balance sheet date and US$1=S$1.33 (30th June 2017: US$1=S$1.40) was used for translating the results for the period. The financial results for the six months ended 30th June 2018 and 30th June 2017 have been prepared in accordance with International Financial Reporting Standards and have not been audited or reviewed by the auditors.
The accounts have been restated due to changes in accounting policies upon adoption of IFRS 9 'Financial Instruments' and IFRS 15 'Revenue from Contracts with Customers', as set out in Note 1 to the condensed financial statements.
# The Group uses 'underlying profit attributable to shareholders' in its internal financial reporting to distinguish between ongoing business performance and non-trading items, as more fully described in Note 4 to the condensed financial statements. Management considers this to be a key performance measurement which enhances the understanding of the Group's underlying business performances.
^ Included in 'non-trading items' are unrealised losses arising from the revaluation of the Group's equity investments.
* The Singapore currency equivalent is an estimate as the actual amount will be determined on the Books Closure Date referred to in Note 11.
nm not meaningful
CHAIRMAN'S STATEMENT
Overview
The Group reported improved results in the first half of the year, with an increased contribution from Astra and stronger performances by Direct Motor Interests and Other Strategic Interests compared with the first half of 2017.
Performance
The Group's revenue for the six months ended 30th June 2018 was US$9.2 billion, a 10% increase over the previous year. Underlying profit attributable to shareholders grew by 10% to US$414 million and underlying profit per share was 10% higher at USc105 per share. Profit attributable to shareholders fell by 56% from US$398 million to US$174 million, after accounting for net non-trading losses of US$240 million, principally unrealised fair value losses related to non-current investments. These result from the adoption of a new accounting standard that requires the unrealised gains or losses arising from the revaluation of equity investments at the end of each financial period to be included in the profit and loss account.
Astra's contribution of US$354 million to the Group's underlying profit was 12% higher than the previous year. The underlying profit from the Group's Direct Motor interests was 18% higher, at US$74 million, while the Group's Other Strategic Interests contributed underlying profit of US$41 million, significantly up on the previous year.
The Group consolidated net debt, excluding Astra's financial services subsidiaries, was US$1.8 billion at the end of June 2018, compared to US$819 million at the end of December 2017. The increase was primarily due to Astra's toll road and GO-JEK investments and capital expenditure in Astra's mining contracting business, together with the investments by the Group in Toyota Motor Corporation and in associates and joint ventures. Net debt within Astra's financial services subsidiaries was US$3.3 billion at the end of June, compared to US$3.4 billion at the end of 2017.
The Board has declared an interim one-tier tax exempt dividend of USc18 per share (2017: USc18 per share).
Group Review
Astra
Astra reported a net profit equivalent to US$750 million, under Indonesian accounting standards, 11% higher in its local currency terms, due to increased contributions from its heavy equipment and mining businesses and an improved contribution from its financial services division, which more than offset lower contributions from its agribusiness and infrastructure operations.
Automotive
Net income from the group's automotive division was flat at US$304 million. Increased earnings in the motorcycle operations and automotive components business was more than offset by lower results in the car operations.
The wholesale market for cars was 4% higher in the period at 554,000 units. Astra's car sales, however, were 10% lower at 268,000 units as a result of increased competition. This resulted in a decline in market share from 56% to 48%. The group launched 12 new models and 4 revamped models during the period.
The wholesale market for motorcycles increased by 11% to 3 million units. Astra Honda Motor's domestic sales rose by 11% to 2.2 million units, with its market share maintained at 74%. The group launched 4 new models and 11 revamped models during the period.
Astra Otoparts, the group's automotive components business, reported net income 4% higher at US$15 million, mainly due to increased revenues from its original equipment manufacturing and replacement market sales.
Financial Services
Net income from the group's financial services division increased by 5% to US$155 million, with an improved contribution from its consumer finance businesses.
During the first half of 2018, the group's consumer finance businesses saw a 6% decrease in the amount financed to US$2.9 billion, mainly due to a reduction in the amount financed in the low cost car segment. The contribution from the group's car-focused finance companies increased by 2% to US$37 million as a result of lower provisioning. The contribution from motorcycle-focused Federal International Finance was 20% higher at US$84 million, due to a larger loan portfolio.
The amount financed through the group's heavy equipment-focused finance operations decreased by 30% to US$160 million, mainly due to reduced lending to small and medium-sized companies.
Permata Bank, in which Astra holds a 44.6% interest, reported net income of US$20 million compared to US$47 million in the equivalent period last year, a decrease of 56%. Permata Bank's results in the first half of 2017 benefited from a one-off gain on the sale of non-performing loans. The bank's gross and net non-performing loan ratios at 30th June 2018 were 4.3% and 1.5%, respectively.
In May 2018, Permata Bank divested its 25% shareholding in Astra Sedaya Finance to the group for US$202 million, in order to strengthen the bank's capital position and maximise its capital allocation for lending. Astra Sedaya Finance is now 100%-owned by the group.
Asuransi Astra Buana, the group's general insurance company, reported net income of US$36 million, 2% lower than 2017 due to a reduction in investment income. During the period, the group's life insurance joint venture, Astra Aviva Life, acquired more than 138,000 new individual life customers and 507,000 new participants for its corporate employee benefits programmes.
Heavy Equipment, Mining, Construction and Energy
Net income from the group's heavy equipment, mining, construction and energy businesses increased by 60% to US$237 million.
United Tractors, which is 59.5%-owned, reported a net income of US$396 million, 60% higher than 2017 mainly due to improved performances in its construction machinery, mining contracting and mining operations as a result of increased coal prices.
Within United Tractors' construction machinery business, Komatsu heavy equipment sales were up 37% at 2,400 units, while parts and service revenues were also higher. The mining contracting operations of wholly-owned Pamapersada Nusantara recorded an 8% higher coal production at 56 million tonnes, and 23% higher overburden removal volume at 445 million bank cubic metres. United Tractors' mining subsidiaries reported 22% higher coal sales at 4.4 million tonnes.
During the first half of 2018, Suprabari Mapanindo Mineral, United Tractors' 80.1%-owned coking coal company which became operational in late 2017, achieved coal sales of 342,000 tonnes.
General contractor Acset Indonusa, a 50.1% subsidiary of United Tractors, reported a 14% higher net income at US$5 million, due to higher revenue arising from a larger project pipeline. US$22 million of new construction projects were secured during the period.
Bhumi Jati Power, 25%-owned by United Tractors, is in the process of constructing two 1,000 MW power plants in Central Java, which are scheduled to start commercial operations in 2021.
Agribusiness
Net income from the group's agribusiness division was US$45 million, a decrease of 23% from the prior year. Astra Agro Lestari, which is 79.7%-owned, reported a 23% decline in net income at US$57 million. This decline was primarily due to a fall in crude palm oil prices which were 8% lower at Rp7,893/kg compared to the first half of 2017. This more than offset a 19% improvement in crude palm oil and derivatives sales at 992,000 tonnes.
Infrastructure and Logistics
The group's infrastructure and logistics division reported a net income of US$0.3 million, compared with a net profit of US$8 million in the first half of 2017. Initial losses from the Cikopo-Palimanan toll road, acquired in the first half of 2017, and newly operational Semarang-Solo toll road more than offset improved earnings from the Tangerang-Merak toll road and Serasi Autoraya.
The group's portfolio of toll road interests totals 353km, of which 269km is operational. Toll revenue from the mature 72.5km Tangerang-Merak toll road, operated by 79.3%-owned Marga Mandalasakti, increased by 12% to US$37 million, while the wholly-owned 40.5km Jombang-Mojokerto toll road, of which 39.6km became fully operational in September 2017, recorded US$7 million of toll revenue during the first half of 2018. Toll revenue from the 45%-owned, 116.8km Cikopo-Palimanan toll road increased by 13% to US$50 million. The 40%-owned, 72.6km Semarang-Solo toll road saw toll revenue of US$8 million, a 46% rise from the comparable period last year, with 40.1km now in operation, following the opening of the third section in September 2017.
The group also has a 40% stake in the 11.2km Kunciran-Serpong toll road and a 25% stake in the 39.8km Serpong-Balaraja toll road, both of which are under development.
Serasi Autoraya's net income increased by 39% to US$8 million, primarily due to improved operating margins in its car leasing and rental businesses. Its vehicles under contract rose 4% to 24,000 units.
Information Technology
Net income from the group's information technology division was 24% higher at US$5 million. Astra Graphia, which is 76.9%-owned, reported net income of US$6 million which was 24% higher than 2017 due to higher revenue across its document and information technology solutions and office service businesses.
Property
The group's property division reported a net profit of US$3 million in the first half of 2018, compared to a net profit of US$5 million in the prior year. This decline was due to lower development earnings recognised from its Anandamaya Residences project, reflecting lower percentage completion in its final stages of construction.
In April 2018, 50%-owned Astra Land Indonesia purchased a 3-hectare site in Jakarta's Central Business District for residential and commercial development. Together with the group's other property development projects, Arumaya in South Jakarta and Asya in East Jakarta, the group's land for property development now totals 70 hectares.
Direct Motor Interests
The Group's Direct Motor Interests contributed an underlying profit of US$74 million, 18% above the previous year.
Cycle & Carriage Singapore performed well, with improved margins on passenger cars and an increased contribution from used cars. In Malaysia, Cycle & Carriage Bintang's profit was mainly due to dividend income received from its 49% investment in Mercedes-Benz, Malaysia. In Indonesia, Tunas Ridean's contribution was higher, due to improved performances from its automotive, consumer finance and rental operations. In Vietnam, Truong Hai Auto Corporation recorded a higher profit, principally due to higher unit sales and margins.
Other Strategic Interests
The Group's Other Strategic Interests, which comprise a 25.5% interest in Siam City Cement, a 24.7% interest in Refrigeration Electrical Engineering Corporation ("REE") and a 10.6% interest in Vinamilk in Vietnam, together contributed a profit of US$41 million, compared to US$8 million in 2017, benefiting in particular from Vinamilk dividends declared in the period.
Siam City Cement's profit was higher than the prior year due to an improved domestic performance and lower one-off expenses, partially offset by lower contributions from its regional operations. REE's contribution, based on its reported first quarter performance, was 21% higher than the first quarter of 2017 due to higher contributions from its real estate, infrastructure and power divisions. The Group's investment in Vinamilk, acquired during the second half of last year, produced dividend income of US$24 million.
Outlook
The Group performed well during the first half of the year, with an increase of 10% in underlying profit attributable to shareholders. For the rest of the year, Astra's overall performance is expected to be satisfactory, led by its heavy equipment and mining businesses although there are concerns over competitive pressures in the car market. The Group's Direct Motor Interests and Other Strategic Interests are expected to continue to perform strongly.
Ben Keswick
Chairman
27th July 2018
Statement pursuant to Rule 705(5) of the Listing Manual
The directors confirm that, to the best of their knowledge, nothing has come to the attention of the Board of Directors which may render the accompanying unaudited interim financial results for the six months ended 30th June 2018 to be false or misleading in any material respect.
On behalf of the Directors
Ben Keswick
Director
Vimala Menon
Director
27th July 2018
Jardine Cycle & Carriage Limited
Consolidated Profit and Loss Account for the six months ended 30th
June 2018
--------------------------------------------------------------------
Three months Six months ended
ended
Restated Restated
30.6.2018 30.6.2017 Change 30.6.2018 30.6.2017 Change
Note US$m US$m % US$m US$m %
Revenue 4,545.6 4,204.4 8 9,188.8 8,353.1 10
Net operating costs 2 (4,180.1) (3,839.3) 9 (8,391.7) (7,562.5) 11
Operating profit 2 365.5 365.1 - 797.1 790.6 1
Financing income 22.2 28.1 -21 44.6 56.0 -20
Financing charges (59.4) (40.5) 47 (107.0) (78.9) 36
---------- ---------- ---------- ----------
Net financing charges (37.2) (12.4) 200 (62.4) (22.9) 172
Share of associates'
and joint
ventures' results
after tax 147.0 171.1 -14 273.2 326.9 -16
Profit before tax 475.3 523.8 -9 1,007.9 1,094.6 -8
Tax 3 (145.2) (109.2) 33 (266.0) (208.2) 28
Profit after tax 330.1 414.6 -20 741.9 886.4 -16
========== ========== ========== ==========
Profit attributable
to:
Shareholders of
the Company 38.6 186.8 -79 174.0 398.5 -56
Non-controlling
interests 291.5 227.8 28 567.9 487.9 -16
330.1 414.6 -20 741.9 886.4 -16
========== ========== ========== ==========
USc USc USc USc
----------------------- ---------- ---------- ------- ---------- ---------- -------
Earnings per share 4 10 47 -79 44 101 -56
----------------------- ---------- ---------- ------- ---------- ---------- -------
Jardine Cycle & Carriage Limited
Consolidated Statement of Comprehensive Income for the six months
ended 30th June 2018
-------------------------------------------------------------------
Three months Six months ended
ended
Restated Restated
30.6.2018 30.6.2017 30.6.2018 30.6.2017
US$m US$m US$m US$m
Profit for the period 330.1 414.6 741.9 886.4
Items that will not be reclassified
to profit or loss:
---------- ---------- ---------- ----------
Asset revaluation surplus 3.0 - 3.0 -
Remeasurements of defined benefit
pension plans - (0.1) (1.0) 0.8
Tax on items that will not be
reclassified - - 0.2 (0.2)
Share of other comprehensive expense
of associates and
joint ventures, net of tax 0.3 (0.1) 0.9 (0.8)
---------- ---------- ---------- ----------
3.3 (0.2) 3.1 (0.2)
Items that may be reclassified
subsequently to profit
or loss:
Translation difference
- gain/(loss) arising during
the period (563.1) 5.4 (697.8) 129.0
Financial assets at FVOCI(1)
- gain/(loss) arising during the
period (17.4) 5.8 (20.7) 12.5
- transfer to profit and loss (2.4) (4.8) (3.8) (4.8)
Cash flow hedges
- gain/(loss) arising during the
period 51.8 0.7 51.7 (20.6)
- transfer to profit and loss 0.1 3.9 0.4 8.2
Tax relating to items that may
be reclassified (11.9) (1.1) (11.8) 3.0
Share of other comprehensive expense
of associates
and joint ventures, net of tax (14.5) (1.8) 13.3 (3.0)
---------- ---------- ---------- ----------
(557.4) 8.1 (668.7) 124.3
Other comprehensive income for
the period (554.1) 7.9 (665.6) 124.1
Total comprehensive income for
the period (224.0) 422.5 76.3 1,010.5
========== ========== ========== ==========
Attributable to:
Shareholders of the Company (220.3) 191.7 (112.9) 470.5
Non-controlling interests (3.7) 230.8 189.2 540.0
(224.0) 422.5 76.3 1,010.5
========== ========== ========== ==========
(1) Fair value through other comprehensive income ("FVOCI")
Jardine Cycle & Carriage Limited
Consolidated Balance Sheet at 30th June 2018
----------------------------------------------
Restated Restated
At At At
Note 30.6.2018 31.12.2017 1.1.2017
US$m US$m US$m
Non-current assets
Intangible assets 1,031.4 1,079.5 972.3
Leasehold land use rights 574.4 625.0 620.4
Property, plant and equipment 3,448.3 3,410.2 2,978.5
Investment properties 602.5 618.6 460.2
Bearer plants 475.6 498.0 496.8
Interests in associates and
joint ventures 4,149.6 4,274.3 3,738.5
Non-current investments 2,126.9 1,973.3 487.8
Non-current debtors 2,837.6 2,827.1 2,691.6
Deferred tax assets 316.1 322.2 291.7
---------- -----------
15,562.4 15,628.2 12,737.8
---------- ----------- ----------
Current assets
Current investments 21.7 22.7 65.2
Properties for sale 312.1 254.0 -
Stocks 1,626.6 1,723.8 1,578.6
Current debtors 5,351.8 5,072.8 4,604.1
Current tax assets 132.9 120.5 136.9
Bank balances and other liquid
funds
---------- ----------- ----------
- non-financial services companies 1,762.1 2,398.7 2,237.2
- financial services companies 173.5 241.1 228.5
---------- ----------- ----------
1,935.6 2,639.8 2,465.7
---------- ----------- ----------
9,380.7 9,833.6 8,850.5
---------- ----------- ----------
Total assets 24,943.1 25,461.8 21,588.3
---------- ----------- ----------
Non-current liabilities
Non-current creditors 159.2 170.8 156.7
Non-current provisions 122.9 113.7 97.6
Long-term borrowings 5
---------- ----------- ----------
- non-financial services companies 1,246.9 845.8 349.9
- financial services companies 1,651.9 1,486.7 1,517.5
---------- ----------- ----------
2,898.8 2,332.5 1,867.4
Deferred tax liabilities 196.0 212.9 188.0
Pension liabilities 260.4 262.2 215.9
---------- -----------
3,637.3 3,092.1 2,525.6
---------- ----------- ----------
Current liabilities
Current creditors 4,108.5 4,223.5 3,363.6
Current provisions 83.4 87.2 85.7
Current borrowings 5
---------- ----------- ----------
- non-financial services companies 2,286.6 2,371.7 1,178.6
- financial services companies 1,845.5 2,154.1 2,264.6
---------- ----------- ----------
4,132.1 4,525.8 3,443.2
Current tax liabilities 156.0 135.4 95.7
---------- -----------
8,480.0 8,971.9 6,988.2
---------- -----------
Total liabilities 12,117.3 12,064.0 9,513.8
---------- ----------- ----------
Net assets 12,825.8 13,397.8 12,074.5
========== =========== ==========
Equity
Share capital 6 1,381.0 1,381.0 1,381.0
Revenue reserve 7 6,015.7 6,147.2 5,515.6
Other reserves 8 (1,407.4) (1,120.1) (1,142.5)
---------- -----------
Shareholders' funds 5,989.3 6,408.1 5,754.1
Non-controlling interests 9 6,836.5 6,989.7 6,320.4
---------- -----------
Total equity 12,825.8 13,397.8 12,074.5
========== =========== ==========
Jardine Cycle & Carriage Limited
Consolidated Statement of Changes in Equity for the three months ended 30th June 2018
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
2018
Balance at 1st
April 1,381.0 6,312.4 402.4 (1,555.4) 4.6 6,545.0 7,216.2 13,761.2
Total
comprehensive
income - 38.7 1.5 (265.3) 4.8 (220.3) (3.7) (224.0)
Dividends paid
by the Company - (271.4) - - - (271.4) - (271.4)
Dividends paid
to
non-controlling
interests - - - - - - (297.3) (297.3)
Capital
contribution by
non-controlling
interest - - - - - - 44.9 44.9
Change in
shareholding - (63.9) - - - (63.9) (138.4) (202.3)
Acquisition of
subsidiary - - - - - - 2.0 2.0
Other - (0.1) - - - (0.1) 12.8 12.7
---------- -------- ------------ ------------ --------- -------- ------------- ----------
Balance at 30th
June 1,381.0 6,015.7 403.9 (1,820.7) 9.4 5,989.3 6,836.5 12,825.8
========== ======== ============ ============ ========= ======== ============= ==========
2017
Balance at 1st
April 1,381.0 5,719.0 400.4 (1,476.4) 9.2 6,033.2 6,629.5 12,662.7
Effect of
adoption of
IFRS
9 and
IFRS 15 - 8.2 - 0.2 (8.7) (0.3) (1.1) (1.4)
---------- -------- ------------ ------------ --------- -------- ------------- ----------
Balance as at
1(st) April
as restated 1,381.0 5,727.2 400.4 (1,476.2) 0.5 6,032.9 6,628.4 12,661.3
Total
comprehensive
income - 187.5 (0.8) 3.8 1.2 191.7 230.8 422.5
Dividends paid
by the Company - (220.3) - - - (220.3) - (220.3)
Dividends paid
to
non-controlling
interests - - - - - - (253.7) (253.7)
Change in
shareholding - - - - - - (0.1) (0.1)
Other - - - - - - 5.2 5.2
---------- -------- ------------ ------------ --------- -------- ------------- ----------
Balance at 30th
June 1,381.0 5,694.4 399.6 (1,472.4) 1.7 6,004.3 6,610.6 12,614.9
========== ======== ============ ============ ========= ======== ============= ==========
Jardine Cycle & Carriage Limited
Consolidated Statement of Changes in Equity for the six months ended 30th June 2018
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
2018
Balance at 1st
January 1,381.0 6,012.8 402.4 (1,521.7) 152.4 6,426.9 7,014.1 13,441.0
Effect of
adoption of
IFRS
9 and IFRS 15 - 160.9 - - (153.4) 7.5 14.3 21.8
-------- -------- ------------ ------------ --------- -------- ------------- ----------
Balance as at
1(st) January
as restated 1,381.0 6,173.7 402.4 (1,521.7) (1.0) 6,434.4 7,028.4 13,462.8
Total
comprehensive
income - 174.2 1.5 (299.0) 10.4 (112.9) 189.2 76.3
Dividends paid
by the Company - (271.4) - - - (271.4) - (271.4)
Dividends paid
to
non-controlling
interests - - - - - - (322.6) (322.6)
Capital
contribution by
non-controlling
interest - - - - - - 62.2 62.2
Change in
shareholding - (63.9) - - - (63.9) (135.5) (199.4)
Acquisition of
subsidiary - - - - - - 2.0 2.0
Other - 3.1 - - - 3.1 12.8 15.9
-------- -------- ------------ ------------ --------- -------- ------------- ----------
Balance at 30th
June 1,381.0 6,015.7 403.9 (1,820.7) 9.4 5,989.3 6,836.5 12,825.8
======== ======== ============ ============ ========= ======== ============= ==========
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
Effect of
adoption of
IFRS
9 and IFRS 15 - 6.9 - - (7.4) (0.5) (1.4) (1.9)
-------- -------- ------------ ------------ --------- -------- ------------- ----------
Balance as at
1(st) January
as restated 1,381.0 5,515.6 400.4 (1,546.7) 3.8 5,754.1 6,320.4 12,074.5
Total
comprehensive
income - 399.1 (0.8) 74.3 (2.1) 470.5 540.0 1,010.5
Dividends paid
by the Company - (220.3) - - - (220.3) - (220.3)
Dividends paid
to
non-controlling
interests - - - - - - (260.7) (260.7)
Change in
shareholding - - - - - - (0.1) (0.1)
Acquisition of
subsidiary - - - - - - 6.6 6.6
Other - - - - - - 4.4 4.4
-------- -------- ------------ ------------ --------- -------- ------------- ----------
Balance at 30th
June 1,381.0 5,694.4 399.6 (1,472.4) 1.7 6,004.3 6,610.6 12,614.9
======== ======== ============ ============ ========= ======== ============= ==========
Jardine Cycle & Carriage Limited
Company Balance Sheet at 30th June 2018
-----------------------------------------
Restated Restated
At At At
Note 30.6.2018 31.12.2017 1.1.2017
US$m US$m US$m
Non-current assets
Property, plant and equipment 33.5 34.6 32.0
Interests in subsidiaries 1,356.2 1,325.6 1,226.6
Interests in associates
and joint ventures 976.7 983.9 776.7
Non-current investment 186.5 - 11.0
-----------
2,552.9 2,344.1 2,046.3
---------- ----------- ---------
Current assets
Current debtors 1,220.7 1,403.6 42.8
Bank balances and other
liquid funds 5.2 96.5 154.1
---------- ----------- ---------
1,225.9 1,500.1 196.9
---------- ----------- ---------
Total assets 3,778.8 3,844.2 2,243.2
---------- ----------- ---------
Non-current liabilities
Deferred tax liabilities 6.1 6.2 5.6
-----------
6.1 6.2 5.6
---------- ----------- ---------
Current liabilities
Current creditors 74.2 80.8 20.5
Current borrowings 1,359.3 1,262.8 -
Current tax liabilities 1.7 1.7 1.7
-----------
1,435.2 1,345.3 22.2
---------- ----------- ---------
Total liabilities 1,441.3 1,351.5 27.8
---------- ----------- ---------
Net assets 2,337.5 2,492.7 2,215.4
========== =========== =========
Equity
Share capital 6 1,381.0 1,381.0 1,381.0
Revenue reserve 7 653.1 754.6 658.9
Other reserves 8 303.4 357.1 175.5
-----------
Total equity 2,337.5 2,492.7 2,215.4
========== =========== =========
Net asset value per share US$5.91 US$6.31 US$5.61
Jardine Cycle & Carriage Limited
Company Statement of Comprehensive Income for the six months ended
30th June 2018
--------------------------------------------------------------------
Three months ended Six months ended
30.6.2018 30.6.2017 30.6.2018 30.6.2017
US$m US$m US$m US$m
Profit for the period 179.1 211.9 169.9 211.6
Item that may be reclassified
subsequently to profit
or loss:
Translation difference (100.8) 33.5 (53.7) 107.6
Other comprehensive income for
the period (100.8) 33.5 (53.7) 107.6
Total comprehensive income for
the period 78.3 245.4 116.2 319.2
========== ========== ========== ==========
Jardine Cycle & Carriage Limited
Company Statement of Changes in Equity for the six months ended
30th June 2018
-----------------------------------------------------------------
For the three months ended 30th June 2018
Share Revenue Translation Fair Total
capital reserve reserve value equity
reserve
US$m US$m US$m US$m US$m
2018
Balance at 1st April 1,381.0 745.4 404.2 - 2,530.6
Total comprehensive
income - 179.1 (100.8) - 78.3
Dividend paid - (271.4) - - (271.4)
Balance at 30th
June 1,381.0 653.1 303.4 - 2,337.5
========== ========== ============== =========== =========
2017
Balance at 1st April 1,381.0 653.9 249.6 4.7 2,289.2
Effect of adoption
of IFRS9 - 4.7 - (4.7) -
---------- ---------- -------------- ----------- ---------
Balance at 1st April 1,381.0 658.6 249.6 - 2,289.2
Total comprehensive
income - 211.9 33.5 - 245.4
Dividend paid - (220.3) - - (220.3)
Balance at 30th
June 1,381.0 650.2 283.1 - 2,314.3
========== ========== ============== =========== =========
For the six months ended 30th June 2018
Share Revenue Translation Fair value Total
capital reserve reserve reserve equity
US$m US$m US$m US$m US$m
2018
Balance at 1st January 1,381.0 754.6 357.1 - 2,492.7
Total comprehensive
income - 169.9 (53.7) - 116.2
Dividend paid - (271.4) - - (271.4)
Balance at 30th
June 1,381.0 653.1 303.4 - 2,337.5
========== ========== ============== ============= =========
2017
Balance at 1st January 1,381.0 654.2 175.5 4.7 2,215.4
Effect of adoption
of IFRS9 - 4.7 - (4.7) -
---------- ---------- -------------- ------------- ---------
Balance at 1st January 1,381.0 658.9 175.5 - 2,215.4
Total comprehensive
income - 211.6 107.6 - 319.2
Dividend paid - (220.3) - - (220.3)
Balance at 30th
June 1,381.0 650.2 283.1 - 2,314.3
========== ========== ============== ============= =========
Jardine Cycle & Carriage Limited
Consolidated Statement of Cash Flows for the six months ended 30th
June 2018
--------------------------------------------------------------------
Three months ended Six months ended
Restated Restated
30.6.2018 30.6.2017 30.6.2018 30.6.2017
Note US$m US$m US$m US$m
Cash flows from operating
activities
Cash generated from operations 10 455.2 676.0 968.5 1,081.4
Interest paid (39.8) (18.6) (71.0) (47.7)
Interest received 22.9 28.3 45.8 53.7
Other finance costs paid (14.5) (20.8) (29.3) (39.2)
Income tax paid (198.5) (132.4) (292.4) (195.5)
---------- ---------- ---------- ----------
(229.9) (143.5) (346.9) (228.7)
Net cash flows from operating
activities 225.3 532.5 621.6 852.7
Cash flows from investing
activities
---------- ---------- ---------- ----------
Sale of leasehold land
use rights - - 11.8 1.5
Sale of property, plant
and equipment 5.3 4.4 8.7 7.0
Sale of investments 59.0 110.6 136.3 116.6
Sale of investment properties - 42.3 - 42.3
Sale of associate and
joint venture - 13.5 - 13.5
Sale of subsidiaries 0.2 - 0.4 -
Purchase of intangible
assets (16.4) (18.6) (35.2) (36.3)
Purchase of leasehold
land use rights (3.0) (11.0) (4.3) (24.6)
Purchase of property,
plant and equipment (192.7) (181.7) (431.2) (357.9)
Purchase of investment
properties (6.3) (91.9) (24.2) (117.6)
Additions to bearer plants (9.8) (10.0) (19.5) (19.6)
Purchase of subsidiaries,
net of cash
acquired - (1.9) (84.6) (10.3)
Purchase of associates
and joint ventures (16.6) (240.9) (116.4) (651.9)
Purchase of investments (113.2) (132.7) (569.2) (146.7)
Dividends received from
associates and
joint ventures (net) 274.9 362.8 279.4 370.1
---------- ---------- ---------- ----------
Net cash flows used in
investing activities (18.6) (155.1) (848.0) (813.9)
Cash flows from financing
activities
---------- ---------- ---------- ----------
Drawdown of loans 935.5 586.0 2,090.8 1,749.1
Repayment of loans (989.0) (593.2) (1,769.8) (1,318.3)
Changes in controlling
interests in subsidiaries (202.3) (0.2) (199.4) (0.2)
Investment by/(payment
to) non-controlling interests 44.9 - 62.2 (0.8)
Dividends paid to non-controlling
interests (297.3) (260.7) (322.6) (260.7)
Dividends paid by the
Company (271.4) (220.3) (271.4) (220.3)
---------- ---------- ---------- ----------
Net cash flow from/(used
in) financing
activities (779.6) (488.4) (410.2) (51.2)
Net change in cash and
cash equivalents (572.9) (111.0) (636.6) (12.4)
Cash and cash equivalents
at the
beginning of the period 2,553.2 2,590.2 2,639.8 2,465.7
Effect of exchange rate
changes (78.7) 1.3 (101.6) 27.2
Cash and cash equivalents
at the end of
the period(1) 1,901.6 2,480.5 1,901.6 2,480.5
========== ========== ========== ==========
(1) For the purpose of the Consolidated Statement of Cash Flows, cash and cash equivalents comprise deposits with bank and financial institutions, bank and cash balances, net of bank overdrafts. In the balance sheet, bank overdrafts are included under current borrowings.
Jardine Cycle & Carriage Limited Notes to the financial statements for the six months ended 30th June 2018 ----------------------------------------------------------------- 1 Basis of preparation
The financial statements are consistent with those set out in the 2017 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 2017 audited accounts except for the adoption of the following new standards, which are effective from 1st January 2018.
IFRS 9 Financial Instruments
IFRS 15 Revenue from Contracts with
Customers
Under IFRS 9, the gains and losses arising from changes in fair value of the Group's investments in equity instruments, previously classified as available-for-sale, will be recognised in profit and loss, instead of through other comprehensive income. Such fair value gains or losses on revaluation of these investments will be classified as non-trading items, and hence will not have any impact on the Group's underlying profit attributable to shareholders. The forward-looking expected credit loss model will affect mainly the loan impairment provisions of the Group's financial services companies in Indonesia. The new hedge accounting rules will align the accounting for hedging instruments closely with the Group's risk management practices, but have no significant impact on the Group's results.
The adoption of IFRS 9 has been accounted for retrospectively and the comparative financial statements have been restated. The adoption has resulted in a decrease in the profit attributable to shareholders for the financial period 6 months ended 30 June 2017 by US$0.6 million and a decrease in shareholders' funds as at 31st December 2017 by US$16.4 million.
IFRS 15 establishes a comprehensive 5-step framework for the recognition of revenue which replaces IAS 11 "Construction Contracts" and IAS 18 "Revenue" which covers contracts for goods and services. The core principle in the framework is that revenue is recognised when control of a good or service transfers to a customer. It provides clarification on recognition criteria for certain revenue elements, resulting in restatements to revenue and net operating costs, respectively.
The adoption of IFRS 15 has been accounted for retrospectively and the comparative financial statements have been restated. The adoption has no significant impact on the Group's profit or underlying profit attributable to shareholders, but resulted in a decrease in shareholders' funds as at 31st December 2017 by US$2.4 million.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group's accounting policies. Estimates and judgments used in preparing the financial statements are regularly evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results.
The exchange rates used for translating assets and liabilities at the balance sheet date are US$1=S$1.368 (2017: US$1=S$1.3779), US$1=RM4.0450 (2017: US$1=RM4.2945), US$1=IDR14,404 (2017: US$1=IDR13,319), US$1=VND22,938 (2017: US$1=VND22,738) and US$1=THB33.2090 (2017: US$1= THB33.9980).
The exchange rates used for translating the results for the period are US$1=S$1.3300 (2017: US$1 =S$1.3981), US$1=RM3.9386 (2017: US$1= RM4.3703), US$1=IDR13,851 (2017: US$1=IDR13,332), US$1=VND22,803 (2017: US$1= VND22,716) and US$1=THB31.8077 (2017: US$1= THB34.5700).
2 Net operating costs and operating profit
Group
Three months Six months ended
ended
30.6.2018 30.6.2017 Change 30.6.2018 30.6.2017 Change
US$m US$m % US$m US$m %
Cost of sales (3,629.1) (3,415.5) 6 (7,370.0) (6,752.7) 9
Other operating income 73.4 72.6 1 159.3 127.2 25
Selling and distribution
expenses (205.0) (226.3) -9 (412.3) (422.5) -2
Administrative expenses (244.9) (242.4) 1 (497.7) (473.4) 5
Other operating expenses (174.5) (27.7) 530 (271.0) (41.1) 559
---------- -------------- ------------ ------------
Net operating costs (4,180.1) (3,839.3) 9 (8,391.7) (7,562.5) 11
========== ============== ============ ============
Operating profit is determined
after including:
Depreciation of property,
plant
and equipment (143.4) (123.7) 16 (282.9) (246.2) 15
Depreciation of bearer
plants (6.2) (6.0) 3 (12.5) (11.8) 6
Amortisation of leasehold
land
use rights and intangible
assets (25.1) (26.3) -5 (51.1) (51.0) -
Fair value changes
of :
- agriculture produce (0.9) - nm (0.8) - nm
- other investments
(1) (155.3) (4.2) nm (238.6) (1.4) nm
Profit/(loss) on disposal
of:
- property, plant
and equipment 3.9 2.5 56 4.6 3.2 44
- leasehold land use
rights - (0.2) -100 0.2 1.0 -80
- investments 1.7 4.8 -65 3.1 4.8 -35
Loss on disposal/write-down
of
repossessed assets (13.3) (13.1) 2 (27.5) (27.1) 1
Dividend and interest
income
from investments (2) 35.7 18.0 98 55.5 27.7 100
Write-down of stocks (1.8) (4.0) -55 (6.0) (5.1) 18
Impairment of debtors (45.3) (42.4) 7 (81.3) (79.3) 3
Net exchange loss
(3) (30.1) (2.1) nm (6.7) (5.7) 18
=========== =========== ========= ========
nm - not meaningful
(1) Fair value loss in 2018 relates mainly to equity investments in Vinamilk and Toyota Motor Corporation
(2) Increase due to dividend from Vinamilk which was initially acquired in fourth quarter 2017
(3) Net exchange loss for three months ended 30 June 2018 relates mainly to the impact of stronger US dollars on monetary 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 Six months ended
Restated Restated
30.6.2018 30.6.2017 30.6.2018 30.6.2017
US$m US$m US$m US$m
Basic and diluted earnings
per share
Profit attributable to
shareholders 38.6 186.8 174.0 398.5
Weighted average number
of shares
in issue (millions) 395.2 395.2 395.2 395.2
Basic earnings per share USc10 USc47 USc44 USc101
========== ========== ========== ==========
Diluted earnings per share USc10 USc47 USc44 USc101
========== ========== ========== ==========
Underlying earnings per
share
Underlying profit attributable
to
shareholders 194.9 173.3 413.9 375.3
Weighted average number
of shares
in issue (millions) 395.2 395.2 395.2 395.2
Basic earnings per share USc49 USc44 USc105 USc95
========== ========== ========== ==========
Diluted earnings per share USc49 USc44 USc105 USc95
========== ========== ========== ==========
As at 30th June 2017 and 2018, there were no dilutive potential ordinary shares in issue.
A reconciliation of the profit attributable to shareholders and underlying profit attributable to shareholders is as follows:
Group
Three months ended Six months ended
Restated Restated
30.6.2018 30.6.2017 30.6.2018 30.6.2017
US$m US$m US$m US$m
Profit attributable to
shareholders 38.6 186.8 174.0 398.5
Less: Non-trading items
---------- ---------- ---------- ----------
Fair value changes of
an investment
property held by a joint
venture - 10.3 - 10.3
Gain on partial disposal
of interest in a
joint venture - 5.0 - 5.0
Gain on valuation at fair
value of an
investment held by an
associate - 0.1 - 8.5
Fair value changes of
agriculture produce (0.2) - (0.1) -
Fair value changes of
other investments (156.1) (1.9) (239.8) (0.6)
(156.3) 13.5 (239.9) 23.2
---------- ---------- ---------- ----------
Underlying profit attributable
to
shareholders 194.9 173.3 413.9 375.3
========== ========== ========== ==========
Non-trading items are separately identified to provide greater understanding of the Group's underlying business performance. Items classified as non-trading items include fair value gains or losses on revaluation of investment properties and agricultural produce; gains and losses arising from the sale of businesses, investments and properties; impairment of non-depreciable intangible assets and other investments; provisions for closure of businesses; acquisition-related costs in business combinations; and other credits and charges of a non-recurring nature that require inclusion in order to provide additional insight into the Group's underlying business performance.
5 Borrowings
Group
At At
30.6.2018 31.12.2017
US$m US$m
Long-term borrowings:
- secured 1,811.0 1,509.7
- unsecured 1,087.8 822.8
---------- -----------
2,898.8 2,332.5
---------- -----------
Current borrowings:
- secured 1,688.9 1,640.9
- unsecured 2,443.2 2,884.9
---------- -----------
4,132.1 4,525.8
---------- -----------
Total borrowings 7,030.9 6,858.3
========== ===========
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$34,910.0 million (31st December 2017: US$1,783.8 million).
6 Share capital
Company
2018 2017
US$m US$m
Three months ended 30th June
Issued and fully paid:
Balance at 1st April and 30th June
- 395,236,288 (2017: 395,236,288) ordinary
shares 1,381.0 1,381.0
Six months ended 30th June
Issued and fully paid:
Balance at 1st January and 30th June
- 395,236,288 (2017: 395,236,288) ordinary
shares 1,381.0 1,381.0
======== ========
There were no rights, bonus or equity issues during the period between 1st April 2018 and 30th June 2018. The Company did not hold any treasury shares as at 30th June 2018 (30th June 2017: Nil) and did not have any unissued shares under convertibles as at 30th June 2018 (30th June 2017: Nil).
There were no subsidiary holdings (as defined in the Listing Manual of the SGX-ST) as at 30th June 2018 (30th June 2017: Nil).
7 Revenue reserve
Group Company
Three months ended 30th June 2018 2017 2018 2017
US$m US$m US$m US$m
Movements:
Balance at 1st April 6,312.4 5,719.0 745.4 653.9
Effect of adoption of IFRS 9 and
IFRS 15 - 8.2 - 4.7
------- ------- ------- -------
Balance at 1st April as restated 6,312.4 5,727.2 745.4 658.6
Asset revaluation reserve realised
on disposal of assets - 0.8 - -
Defined benefit pension plans
- remeasurements - - - -
- deferred tax - - - -
Share of associates' and joint ventures'
remeasurements
of defined benefit pension plans,
net of tax 0.1 (0.1) - -
Profit attributable to shareholders 38.6 186.8 179.1 211.9
Dividends paid by the Company (271.4) (220.3) (271.4) (220.3)
Change in shareholding (63.9) - - -
Other (0.1) - - -
Balance at 30th June 6,015.7 5,694.4 653.1 650.2
======= ======= ======= =======
Group Company
Six months ended 30th June 2018 2017 2018 2017
US$m US$m US$m US$m
Movements:
Balance at 1st January 6,012.8 5,508.7 754.6 654.2
Effect of adoption of IFRS 9 and
IFRS 15 160.9 6.9 - 4.7
------- ------- ------- -------
Balance at 1st January as restated 6,173.7 5,515.6 754.6 658.9
Asset revaluation reserve realised
on disposal of assets - 0.8 - -
Defined benefit pension plans
- remeasurements (0.2) 0.3 - -
- deferred tax - (0.1) - -
Share of associates' and joint ventures'
remeasurements
of defined benefit pension plans,
net of tax 0.4 (0.4) - -
Profit attributable to shareholders 174.0 398.5 169.9 211.6
Dividends paid by the Company (271.4) (220.3) (271.4) (220.3)
Change in shareholding (63.9) - - -
Other 3.1 - - -
Balance at 30th June 6,015.7 5,694.4 653.1 650.2
======= ======= ======= =======
8 Other reserves
Group Company
2018 2017 2018 2017
US$m US$m US$m US$m
Composition:
Asset revaluation reserve 403.9 399.6 - -
Translation reserve (1,820.7) (1,472.4) 303.4 283.1
Fair value reserve (0.1) 10.2 - -
Hedging reserve 6.2 (11.8) - -
Other reserve 3.3 3.3 - -
--------- --------- ------------- -----
Balance at 30th June (1,407.4) (1,071.1) 303.4 283.1
========= ========= ============= =====
Three months ended 30th June
Movements:
Asset revaluation reserve
Balance at 1st April 402.4 400.4 - -
Revaluation surplus 1.5 - - -
Reserve realised on disposal of
assets - (0.8) - -
Balance at 30th June 403.9 399.6 - -
========= ========= ============= =====
Translation reserve
Balance at 1st April (1,555.4) (1,476.4) 404.2 249.6
Effect of adoption of IFRS 9 and
IFRS 15 - 0.2 - -
--------- --------- ------------- -----
Balance at 1st April as restated (1,555.4) (1,476.2) 404.2 249.6
Translation difference (265.3) 3.8 (100.8) 33.5
--------- --------- ------------- -----
Balance at 30th June (1,820.7) (1,472.4) 303.4 283.1
========= ========= ============= =====
Fair value reserve
Balance at 1st April 12.2 18.5 - 4.7
Effect of adoption of IFRS 9 and
IFRS 15 - (8.7) - (4.7)
--------- --------- ------------- -----
Balance at 1st April as restated 12.2 9.8 - -
Financial assets at FVOCI
- fair value changes (8.4) 2.8 - -
- deferred tax 0.2 - - -
- transfer to profit and loss (1.1) (2.3) - -
Share of associates' and joint
ventures' fair
value changes of financial assets
at FVOCI,
net of tax (3.0) (0.1) - -
--------- --------- ------------- -----
Balance at 30th June (0.1) 10.2 - -
========= ========= ============= =====
Hedging reserve
Balance at 1st April (10.9) (12.6) - -
Cash flow hedges
- fair value changes 24.0 0.2 - -
- deferred tax (5.7) (0.5) - -
- transfer to profit and loss - 1.9 - -
Share of associates' and joint
ventures' fair
value changes of cash flow hedges,
net of tax (1.2) (0.8) - -
Balance at 30th June 6.2 (11.8) - -
========= ========= ============= =====
Other reserve
Balance at 1st April and 30th June 3.3 3.3 - -
========= ========= ============= =====
Movements:
Asset revaluation reserve
Balance at 1st January 402.4 400.4 - -
Revaluation surplus 1.5 - - -
Reserve realised on disposal of assets - (0.8) - -
--------- --------- ------- ------
Balance at 30th June 403.9 399.6 - -
========= ========= ======= ======
Translation reserve
Balance at 1st January (1,521.7) (1,546.7) 357.1 175.5
Translation difference (299.0) 74.3 (53.7) 107.6
--------- --------- ------- ------
Balance at 30th June (1,820.7) (1,472.4) 303.4 283.1
========= ========= ======= ======
Fair value reserve
Balance at 1st January 168.5 13.0 - 4.7
Effect of adoption of IFRS 9 and
IFRS 15 (153.4) (7.4) - (4.7)
--------- --------- ------- ------
Balance at 1st January as restated 15.1 5.6 - -
Financial assets at FVOCI
- fair value changes (10.0) 6.0 - -
- deferred tax 0.3 (0.1) - -
- transfer to profit and loss (1.8) (2.3) - -
Share of associates' and joint ventures'
fair
value changes of financial assets
at FVOCI,
net of tax (3.7) 1.0 - -
--------- --------- ------- ------
Balance at 30th June (0.1) 10.2 - -
========= ========= ======= ======
Hedging reserve
Balance at 1st January (19.4) (5.1) - -
Cash flow hedges
- fair value changes 23.8 (9.8) - -
- deferred tax (5.7) 1.5 - -
- transfer to profit and loss 0.2 4.1 - -
Share of associates' and joint ventures'
fair
value changes of cash flow hedges,
net of tax 7.3 (2.5) - -
Balance at 30th June 6.2 (11.8) - -
========= ========= ======= ======
Other reserve
Balance at 1st January and 30th June 3.3 3.3 - -
========= ========= ======= ======
9 Non-controlling interests
Group
Three months ended 30th June 2018 2017
US$m US$m
Balance at 1st April 7,216.2 6,629.5
Effect of adoption of IFRS 9 and IFRS 15 - (1.1)
------- -------
Balance at 1st April as restated 7,216.2 6,628.4
Asset revaluation surplus 1.5 -
Financial assets at FVOCI
- fair value changes (9.0) 3.0
- deferred tax 0.2 -
- transfer to profit and loss (1.3) (2.5)
Share of associates' and joint ventures'
fair value changes of
financial assets at FVOCI, net of tax (2.9) (0.1)
Cash flow hedges
- fair value changes 27.8 0.5
- deferred tax (6.6) (0.6)
* transfer to profit and loss 0.1 2.0
Share of associates' and joint ventures'
fair value changes of cash
flow hedges, net of tax (7.4) (0.8)
Remeasurements of defined benefit pension
plans - (0.1)
Share of associates' and joint ventures'
remeasurements
of defined benefit pension plans, net of
tax 0.2 -
Translation difference (297.8) 1.6
Profit for the period 291.5 227.8
Dividends paid (297.3) (253.7)
Capital contribution by non-controlling
interests 44.9 -
Change in shareholding (138.4) (0.1)
Acquisition of subsidiary 2.0 -
Other 12.8 5.2
------- -------
Balance at 30th June 6,836.5 6,610.6
======= =======
Group
Six months ended 30th June 2018 2017
US$m US$m
Balance at 1st January 7,014.1 6,321.8
Effect of adoption of IFRS 9 and IFRS 15 14.3 (1.4)
------- -------
Balance at 1st January as restated 7,028.4 6,320.4
Asset revaluation surplus 1.5 -
Financial asset at FVOCI
- fair value changes (10.7) 6.5
- deferred tax 0.3 (0.1)
- transfer to profit and loss (2.0) (2.5)
Share of associates' and joint ventures'
fair value changes of
financial assets at FVOCI, net of tax (3.7) 0.9
Cash flow hedges
- fair value changes 27.9 (10.8)
- deferred tax (6.7) 1.7
* transfer to profit and loss 0.2 4.1
Share of associates' and joint ventures'
fair value changes of cash
flow hedges, net of tax 13.4 (2.4)
Defined benefit pension plans
- remeasurements (0.8) 0.5
- deferred tax 0.2 (0.1)
Share of associates' and joint ventures'
remeasurements
of defined benefit pension plans, net of
tax 0.5 (0.4)
Translation difference (398.8) 54.7
Profit for the period 567.9 487.9
Dividends paid (322.6) (260.7)
Capital contribution by non-controlling
interests 62.2 -
Change in shareholding (135.5) (0.1)
Acquisition of subsidiary 2.0 6.6
Other 12.8 4.4
------- -------
Balance at 30th June 6,836.5 6,610.6
======= =======
10 Cash flows from operating activities
Group
Three months ended Six months ended
30.6.2018 30.6.2017 30.6.2018 30.6.2017
US$m US$m US$m US$m
Profit before tax 475.3 523.8 1,007.9 1,094.6
Adjustments for:
--------- --------- --------- ---------
Financing income (22.2) (28.1) (44.6) (56.0)
Financing charges 59.4 40.5 107.0 78.9
Share of associates' and joint
ventures' results after tax (147.0) (171.1) (273.2) (326.9)
Depreciation of property, plant
and equipment 143.4 123.7 282.9 246.2
Depreciation of bearer plants 6.2 6.0 12.5 11.8
Amortisation of leasehold land
use rights and intangible
assets 25.1 26.3 51.1 51.0
Fair value changes of:
- other investments 155.3 4.2 238.6 1.4
- agricultural produce 0.9 - 0.8 -
(Profit)/loss on disposal of:
- leasehold land use rights - 0.2 (0.2) (1.0)
- property, plant and equipment (3.9) (2.5) (4.6) (3.2)
- investment properties - 13.4 - 13.4
- investments (1.7) (4.8) (3.1) (4.8)
- associate and joint venture - (12.7) - (12.7)
Loss on disposal/write-down of
repossessed assets 13.3 13.1 27.5 27.1
Amortisation of borrowing costs
for financial services
companies 2.4 3.6 5.0 8.0
Write-down of stocks 1.8 4.0 6.0 5.1
Impairment of debtors 45.3 42.4 81.3 79.3
Changes in provisions 8.6 (3.4) 18.3 4.8
Foreign exchange loss 34.4 0.1 13.8 8.7
--------- --------- --------- ---------
321.3 54.9 519.1 131.1
--------- --------- --------- ---------
Operating profit before working
capital changes 796.6 578.7 1,527.0 1,225.7
Changes in working capital:
--------- --------- --------- ---------
Properties for sale (76.2) - (76.2) -
Stocks (1) (107.3) 95.1 (42.4) (106.6)
Concession rights (5.1) (20.7) (6.7) (45.4)
Financing debtors (2) (141.5) (103.8) (145.7) (147.0)
Debtors (2) (212.4) (167.2) (563.1) (425.5)
Creditors (3) 194.5 286.7 262.2 565.8
Pensions 6.6 7.2 13.4 14.4
--------- --------- --------- ---------
(341.4) 97.3 (558.5) (144.3)
--------- --------- --------- ---------
Cash flows from operating activities 455.2 676.0 968.5 1,081.4
========= ========= ========= =========
(1) Increase in stocks balance due mainly to purchases to support sales activities
(2) Increase in debtors balance due mainly to higher sales activities
(3) Increase in creditors balance due mainly to purchases to support sales activities
11 Dividend and closure of books
The Board has declared an interim one-tier tax exempt dividend of USc18 per share (2017: USc18 per share).
NOTICE IS HEREBY GIVEN that the Transfer Books and the Register of Members of the Company will be closed from 5.00 p.m. on Tuesday, 28th August 2018 ("Books Closure Date") up to, and including Wednesday, 29th August 2018 for the purpose of determining shareholders' entitlement to the interim dividend.
Duly completed transfers of shares of the Company in physical scrip received by the Company's Share Registrar, M & C Services Private Limited at 112 Robinson Road #05-01, Singapore 068902 up to 5.00 p.m. on the Books Closure Date will be registered before entitlements to the interim dividend are determined. Shareholders (being Depositors) whose securities accounts with The Central Depository (Pte) Limited are credited with shares of the Company as at 5.00 p.m. on the Books Closure Date will rank for the interim dividend.
The interim dividend will be paid on Friday, 5th October 2018. Shareholders will have the option to receive the interim dividend in Singapore dollars and in the absence of any election, the interim dividend will be paid in US dollars. Details on this elective will be furnished to shareholders in due course.
12 Interested person transactions
Aggregate value Aggregate value of
of all interested all interested person
person transactions transactions
(excluding transactions conducted under
less than S$100,000 shareholders'
and transactions mandate pursuant to
conducted under Rule 920 (excluding
shareholders' transactions less
mandate pursuant than S$100,000)
to Rule 920)
----------------------------- --------------------------
Name of interested person US$m US$m
Three months ended 30(th)
June 2018
Jardine Matheson Limited
* management support services - 1.1
JLT Specialty Pte Ltd
* insurance brokerage services - 0.2
PT Hero Supermarket Tbk
* transportation services - 0.1
Unicode Investments Limited
10.4 -
* subscription of shares in a joint venture
PT Astra Land Indonesia
10.4 -
* subscription of shares by a subsidiary
Director of the Company
* purchase of a motor vehicle 0.1
--------- -------------
20.9 1.4
========= =============
Six months ended 30(th) June
2018
Jardine Matheson Limited
* management support services - 2.4
JLT Specialty Pte Ltd
* insurance brokerage services - 0.2
PT Hero Supermarket Tbk
* transportation services - 0.2
Unicode Investments Limited
10.4 -
* subscription of shares in a joint venture
PT Astra Land Indonesia
10.4 -
* subscription of shares by a subsidiary
PT Brahmayasa Bahtera
2.3 -
* sale of land to a joint venture
Director of the Company
0.1 -
* purchase of a motor vehicle
--------- -------------
23.2 2.8
========= =============
13 Additional information
Group
Three months ended Six months ended
30.6.2018 30.6.2017 Change 30.6.2018 30.6.2017 Change
US$m US$m % US$m US$m %
Astra International
Automotive 70.2 65.0 8 142.2 145.7 -2
Financial services 38.5 21.1 82 77.5 63.3 22
Heavy equipment, mining,
construction & energy 63.0 43.4 45 118.8 77.3 54
Agribusiness 12.2 7.3 67 22.6 31.3 -28
Infrastructure & logistics 0.9 1.6 -44 0.1 4.1 -98
Information technology 1.5 1.1 36 2.5 2.1 19
Property (0.5) (1.0) -50 (0.5) (0.8) -38
---------- ---------- ---------- ----------
185.8 138.5 34 363.2 323.0 12
Less: Withholding tax
on dividend (8.7) (7.7) 13 (8.7) (7.7) 13
---------- ---------- ---------- ----------
177.1 130.8 35 354.5 315.3 12
---------- ---------- ---------- ----------
Direct Motor Interests
Singapore 14.7 12.2 20 27.6 24.1 15
Malaysia 2.7 1.3 108 0.9 1.3 -30
Indonesia (Tunas Ridean) 4.2 3.5 20 9.1 6.9 32
Myanmar (0.9) (1.7) -47 (1.5) (1.9) -21
Vietnam
---------- ---------- ---------- ----------
- automotive 21.3 20.8 2 33.5 28.2 19
- real estate 4.0 4.0 - 4.0 4.0 -
---------- ---------- ---------- ----------
25.3 24.8 2 37.5 32.2 16
46.0 40.1 15 73.6 62.6 18
---------- ---------- ---------- ----------
Other Strategic Interests
Siam City Cement 13.2 5.0 164 13.2 5.0 164
Refrigeration Electrical
Engineering 4.0 3.3 21 4.0 3.3 21
Vinamilk 14.2 - nm 23.8 - nm
31.4 8.3 278 41.0 8.3 394
---------- ---------- ---------- ----------
Corporate costs (59.6) (5.9) nm (55.2) (10.9) 406
Underlying profit attributable
to
shareholders 194.9 173.3 12 413.9 375.3 10
========== ========== ========== ==========
nm - not meaningful
14 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.
In July 2018, the Group acquired an additional 2.2 million shares in Truong Hai Auto Corporation for a cash consideration of US$7 million, raising its shareholding from 25.16% to 25.30%.
No significant event or transaction other than as contained in this report has occurred between 1st July 2018 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 period ended 30th June 2018 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 Strategic Interests in Southeast Asia. Together with its subsidiaries and associates, JC&C employs over 250,000 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, mining, construction and energy, 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 Strategic Interests comprise interests in market leading businesses in the region through which JC&C gains exposure to key economies by supporting the long-term growth of these companies.
JC&C is 75% owned by the Jardine Matheson Group, a diversified business group focused principally on markets in Greater China and Southeast Asia.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR GUGDRSSDBGIR
(END) Dow Jones Newswires
July 27, 2018 06:53 ET (10:53 GMT)
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