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Jardine Matheson Hldgs Ltd Jardine Cycle & Carriage 2021 HY Financial Stmts

29/07/2021 12:07pm

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TIDMJAR TIDMTTM

RNS Number : 8825G

Jardine Matheson Hldgs Ltd

29 July 2021

   To:   Business Editor 
 
  29th July 2021 
  For immediate release 
 

Jardine Cycle & Carriage Limited

2021 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

Joey Ho ( 65) 9765 0717

Brunswick Group Limited

Ben Fry (65) 9017 9886

29th July 2021

JARDINE CYCLE & CARRIAGE LIMITED

2021 HALF YEAR FINANCIAL STATEMENTS AND DIVID ANNOUNCEMENT

Highlights

   --    Underlying profit more than doubled to US$346 million 
   --    Higher earnings from Astra, principally in its automotive businesses 
   --    Improved profits from Direct Motor Interests in Singapore 
   --    Other Strategic Interests stronger, led by a continued THACO recovery 
   --    Interim dividend of USc18 per share, up from USc9 in 2020 

"The Group's underlying profit improved in the first half of 2021, compared with the same period in 2020, when the second quarter of 2020 was particularly affected by significant pandemic-related business restrictions. Although business conditions have since improved, the Group remains cautious about performance in the second half of 2021, given the worsening COVID-19 situation in a number of countries across the region."

Ben Keswick, Chairman

 
 Group Results 
--------------------------------   ------------------------------  -------  ----------- 
                                                Six months ended 30th June 
--------------------------------  ----------------------------------------  ----------- 
                                             2021            2020   Change         2021 
                                             US$m            US$m        %          S$m 
----------------------------------  -------------  --------------  -------  ----------- 
 Revenue                                    8,287           6,595       26       11,045 
 Underlying profit attributable 
  to 
    shareholders *                            346             138      152          462 
 Non-trading items^                         (120)             163       nm        (160) 
 Profit attributable to 
  shareholders                                226             301      -25          302 
----------------------------------  -------------  --------------  -------  ----------- 
                                              USc             USc                    Sc 
----------------------------------  -------------  --------------  -------  ----------- 
 Underlying earnings per 
  share *                                      88              35      152          117 
 Earnings per share                            57              76      -25           76 
 Interim dividend per share                    18               9      100           24 
                                               At              At                    At 
                                        30.6.2021      31.12.2020             30.6.2021 
                                    -------------  --------------  ------- 
                                             US$m            US$m                   S$m 
----------------------------------  -------------  --------------  -------  ----------- 
 Shareholders' funds                        6,918           6,974       -1        9,300 
----------------------------------  -------------  --------------  -------  ----------- 
                                              US$             US$                    S$ 
----------------------------------  -------------  --------------  -------  ----------- 
 Net asset value per share                  17.50           17.65       -1        23.53 
----------------------------------  -------------  --------------  -------  ----------- 
 
 

The exchange rate of US$1=S$1.34 (31st December 2020: US$1=S$1.32) was used for translating assets and liabilities at the balance sheet date, and US$1=S$1.33 (30th June 2020: US$1=S$1.40) was used for translating the results for the period. The financial results for the six months ended 30th June 2021 and 30th June 2020 have been prepared in accordance with International Financial Reporting Standards and have not been audited or reviewed by the auditors.

* 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 6 to the condensed financial statements. Management considers this to be a key performance measurement that enhances the understanding of the Group's underlying business performances.

^ Included in 'non-trading items' are unrealised gains/losses arising from the revaluation of the Group's equity investments.

   nm    not meaningful 

CHAIRMAN'S STATEMENT

Overview

Jardine Cycle & Carriage ("JC&C" or "the Group") produced an increase in underlying profit in the first half of 2021, compared to the same period in 2020, which saw the emergence of the pandemic and the implementation of major lockdown restrictions in the second quarter. Most of the Group's businesses have also seen some performance improvements compared to previous quarters.

Astra contributed US$293 million to the Group's underlying profit in the first half of 2021, 71% higher than the same period last year, with the improvement in its performance largely driven by its automotive businesses.

Direct Motor Interests contributed US$24 million, compared to a loss of US$0.3 million in the same period last year, with performance benefiting mainly from higher profits in the Singapore operations.

Other Strategic Interests contributed a profit of US$66 million compared to US$28 million in the same period last year, mainly due to the continued recovery of THACO's automotive and real estate operations.

Exchange losses of US$21 million from the translation of foreign currency loans at JC&C parent company were substantially lower than in the same period last year.

The Group's underlying profit attributable to shareholders more than doubled from US$138 million to US$346 million. After accounting for non-trading items which included unrealised losses arising from the revaluation of the Group's equity investments and a gain on disposal of Astra's investment in Permata Bank in 2020, the Group's profit attributable to shareholders was 25% lower at US$226 million.

The Group's consolidated net cash position, excluding the net borrowings from Astra's financial services subsidiaries, was US$40 million at the end of June 2021, compared to a net debt of US$854 million at the end of 2020. The change from net debt to net cash was mainly due to strong trading cashflows, together with low capital expenditure and improved working capital management. Net debt within Astra's financial services subsidiaries increased slightly to US$2.9 billion. JC&C parent company's net debt was US$1.6 billion at the end of June 2021.

JC&C parent company increased its interest in Cycle & Carriage Bintang from 59.1% to 88.0% through market purchases and acceptances under its Voluntary General Offer which closed on 4th June 2021. JC&C parent company increased its interest in REE from 29.8% to 30.8%. It also entered into an agreement to acquire the remaining 30% stake that it did not own in Republic Auto, a used car business in Singapore.

Group Review

The contributions to JC&C's underlying profit attributable to shareholders by business segment were as follows:

 
                                            Contribution to JC&C's underlying 
                                                          profit 
                                             Six months ended 30th June 
--------------------------------  ----  ------------------------------------  --------- 
                                                    2021                2020   Change 
   Business segments                                US$m                US$m        % 
--------------------------------  ----  ----------------  ------------------  ------- 
 Astra                                               293                 171       71 
 Direct Motor Interests                               24                   -       nm 
 Other Strategic Interests                            66                  28      138 
 Corporate Costs - exchange 
  losses                                            (21)                (41)      -49 
 Corporate Costs - others                           (16)                (20)      -22 
 Underlying profit attributable 
  to 
  shareholders                                       346                 138      152 
                                        ----------------  ------------------  ------- 
 
 

Astra

Astra contributed US$293 million to JC&C's underlying profit, 71% higher than the same period last year. Under Indonesian accounting standards, Astra reported a net profit equivalent to US$615 million.

Automotive

Net income increased significantly to US$231 million, mainly due to the negative impact on performance in the second quarter of 2020 from the pandemic and related containment measures, and an increase in sales volumes in the first half of 2021, especially in the car segment, which benefited from temporary luxury sales tax incentives. Key points were as follows:

-- The wholesale car market increased by 51% in the first half to 393,000 units. Astra's car sales were 50% higher at 210,000 units, with its market share maintained at 53%. Eight new models and six revamped models were launched.

-- The wholesale market for motorcycles increased by 30% in the first half to 2.5 million units. Astra's Honda motorcycle sales grew by 29% to 1.9 million units, maintaining its market share. Four new models and seven revamped models were launched.

-- Components business, Astra Otoparts, reported a net profit of US$19 million compared to a net loss of US$20 million in the same period last year, mainly due to higher revenues from the original equipment manufacturer and replacement market segments.

Financial Services

Net income increased by 2% to US$149 million, due to higher contribution s from the consumer finance and general insurance businesses . Key points were as follows:

-- Consumer finance businesses saw a 13% increase in the amounts financed to US$2.8 billion. The net income contribution from the car-focused finance companies increased by 3% to US$39 million, and the contribution from the motorcycle-focused financing business also increased by 3% to US$66 million. Both increases were mainly due to lower loan loss provisioning.

-- Heavy equipment-focused finance operations saw a 46% increase in the amounts financed to US$188 million, but the net income contribution from this business fell 20% to US$2 million.

-- General insurance company, Asuransi Astra Buana, reported a 15% increase in net income to US$42 million

due to higher   investment income . 

Heavy Equipment, Mining, Construction and Energy

Net income increased by 13% to US$187 million, mainly due to higher Komatsu heavy equipment sales and improved coal prices . Key points were as follows:

   --    United Tractors reported a 11% increase in net income to US$313 million. 
   --    Komatsu heavy equipment sales increased by 60% to 1,361 units. 

-- Mining contracting operations reported 3% lower overburden removal volume at 409 million bank cubic metres, while coal production was 3% higher at 58 million tonnes.

-- Coal mining subsidiaries achieved 12% higher coal sales at 6.3 million tonnes, including 1.4 million tonnes of metallurgical coal.

   --    Agincourt Resources saw 5% lower gold sales at 176,000 oz. 

-- General contractor, Acset Indonusa, reported a net loss of US$11 million, mainly due to the slowdown of several ongoing projects and reduced construction project opportunities during the pandemic.

Agribusiness

Net income increased by 66% to US$36 million, mainly due to improved crude palm oil prices.

Infrastructure and Logistics

Astra's infrastructure and logistics division reported a net profit of US$6 million, compared to a net loss of US$6 million for the same period last year, mainly due to improved performances in its toll road and Serasi Autoraya operations. Key points were as follows:

-- Toll road revenues were 41% higher. Astra has 358km of operational toll roads along the Trans-Java network and in the Jakarta Outer Ring Road.

-- Serasi Autoraya's net income increased significantly to US$6 million mainly due to increased used car sales, improved operating margins and an increase in the numbers of vehicles under contract to 23,000 units.

-- In June, Astra acquired an additional 14% stake in Marga Lingkar Jakarta, the operator of the 7.7km Kebon Jeruk-Ulujami toll road, part of the Jakarta Outer Ring Road I, which brought Astra's ownership to 49%.

Direct Motor Interests

The Group's Direct Motor Interests contributed a profit of US$24 million, compared to a loss of US$0.3 million in the same period last year. Key points were as follows:

-- C ycle & Carriage Singapore made a significantly higher contribution of US$19 million, compared to US$1 million in the previous year. Passenger car sales grew 33% to 4,188 units, with market share at 16%. There was also an improved trading performance in used car operations.

-- In Indonesia, Tunas Ridean contributed US$7 million, compared to US$3 million last year, supported by improved profits from i ts automotive and financial services businesses.

-- Cycle & Carriage Bintang in Malaysia contributed a profit of US$0.2 million, compared to a loss of US$3 million in the previous year. Despite challenging trading conditions, the financial performance of the business benefited from improved sales due to a sales tax reduction, as well as cost savings initiatives.

Other Strategic Interests

The Group's Other Strategic Interests contributed a profit of US$66 million, compared to US$28 million in the previous year. Key points were as follows:

-- THACO contributed a profit of US$37 million. THACO's automotive unit sales were up 40%, and margins also increased due to an improved sales mix. The real estate business continued to benefit from a gradual recovery of the market.

-- The contribution from Siam City Cement was US$14 million, 19% higher than the same period last year. This was mainly due to higher cement volumes mainly in the regional operations, although overall prices remained under pressure. Margins were also down due to an increase in coal prices, despite continued cost-saving initiatives.

-- REE's contribution of US$6 million, based on its first-quarter results, was 72% higher than the same period last year. There were improved performances from its power and water investments as a result of favourable hydrography and an increase in REE's solar projects. Profits from REE's real estate leasing business were relatively stable.

-- The Group's investment in Vinamilk produced a dividend income of US$11 million, consistent with the same period last year. Vinamilk reported a net profit of US$235 million in the first half, 7% down in local currency terms, due to a weaker domestic market.

Corporate Costs

There were lower foreign exchange losses from the translation of foreign currency loans and lower net financing charges than in the first half of last year. Corporate costs totalled US$37 million in the first half, compared to US$61 million in the same period last year.

Dividend

The Board has declared an interim one-tier tax-exempt dividend of USc18 per share (2020: USc9 per share) for the half-year ended 30th June 2021.

Outlook

Although business conditions have improved in the first half of 2021, the Group remains cautious about performance in the second half of 2021, given the worsening COVID-19 situation in a number of countries across the region.

Ben Keswick

Chairman

CORPORATE PROFILE

Jardine Cycle & Carriage is the investment holding company of the Jardine Matheson Group in Southeast Asia. JC&C seeks to grow with Southeast Asia by investing in market-leading businesses based on the themes of urbanisation and the emerging consumer class. The Group works closely with its businesses to enable them to achieve their potential and to elevate their communities.

The Group has a 50.1% interest in Astra, a diversified group in Indonesia, which is also the largest independent automotive group in Southeast Asia.

JC&C also has significant interests in Vietnam, including 26.6% in THACO Corporation, 30.8% in Refrigeration Electrical Engineering Corporation and 10.6% in Vinamilk. Its 25.5%-owned Siam City Cement also has a presence in South Vietnam, in addition to operating in Thailand, Sri Lanka, Cambodia and Bangladesh.

The Direct Motor Interests in JC&C's portfolio are the Cycle & Carriage businesses in Singapore, Malaysia and Myanmar, and 46.2%-owned Tunas Ridean in Indonesia.

JC&C is a leading Singapore-listed company, 75%-owned by the Jardine Matheson group. Together with its subsidiaries and associates, JC&C employs around 240,000 people across Southeast Asia.

Statement pursuant to Rule 705(5) of the Listing Rules of the Singapore Exchange Securities Trading Limited ("SGX-ST")

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 2021 to be false or misleading in any material aspect.

On behalf of the Board of Directors

Ben Keswick

Director

Vimala Menon

Director

29th July 2021

 
 Jardine Cycle & Carriage Limited 
  Consolidated Profit and Loss Account for the six months ended 
  30th June 2021 
--------------------------------------------------------------- 
 
 
                                                  2021              2020   Change 
                                Note              US$m              US$m        % 
 
 Revenue (1)                       2           8,287.0           6,594.6       26 
 
 Net operating costs               3         (7,622.6)         (5,650.8)       35 
 
 Operating profit                  3             664.4             943.8      -30 
 
 Financing income                                 63.1              48.6       30 
 Financing charges (2)                          (90.5)           (143.2)      -37 
                                      ----------------  ---------------- 
 Net financing charges                          (27.4)            (94.6)      -71 
 Share of associates' and 
  joint 
   ventures' results after 
    tax                                          263.6              91.3      189 
 
 Profit before tax                               900.6             940.5       -4 
 Tax                               4           (209.1)           (127.1)       65 
 
 Profit after tax                                691.5             813.4      -15 
                                      ================  ================ 
 
 Profit attributable to: 
 Shareholders of the Company                     226.3             300.9      -25 
 Non-controlling interests                       465.2             512.5       -9 
 
                                                 691.5             813.4      -15 
                                      ================  ================ 
 
                                                   USc               USc 
-----------------------------  -----  ----------------  ----------------  ------- 
 
 Earnings per share                6                57                76      -25 
-----------------------------  -----  ----------------  ----------------  ------- 
 

(1) Higher revenue was mainly due to higher sales in Astra's automotive, heavy equipment and mining operations and higher sales in Direct Motor Interests.

   (2)    Decrease in financing charges was mainly due to lower level of net debt. 
 
 Jardine Cycle & Carriage Limited 
  Consolidated Statement of Comprehensive Income for the six 
  months ended 30th June 2021 
------------------------------------------------------------ 
 
 
                                                                  2021                 2020 
                                                                  US$m                 US$m 
 
 Profit for the year                                             691.5                813.4 
 
 
 Items that will not be reclassified 
  to profit or loss: 
 
 Asset revaluation 
 - surplus during the year                                         0.1                    - 
 
 Remeasurements of defined benefit pension 
  plans                                                          (4.5)                (0.7) 
 
 Tax relating to items that will not 
  be reclassified                                                  0.7                (0.8) 
 
 Share of other comprehensive income/(expense) 
  of 
   associates and joint ventures, net 
    of tax                                                       (2.0)                (1.8) 
 
                                                                 (5.7)                (3.3) 
                                                   -------------------  ------------------- 
 
 Items that may be reclassified subsequently 
  to profit or loss: 
 Translation difference 
 - gain/(loss) arising during the year                         (339.9)              (325.3) 
 - transfer to profit and loss                                       -                (0.3) 
                                                               (339.9)              (325.6) 
 Financial assets at FVOCI (1) 
 - gain/(loss) arising during the year                          (10.4)                (2.9) 
 - transfer to profit and loss                                   (1.7)                  2.6 
                                                                (12.1)                (0.3) 
 Cash flow hedges 
 - gain/(loss) arising during the year                            81.8               (11.6) 
 - transfer to profit and loss                                       -                  2.8 
                                                                  81.8                (8.8) 
 
 Tax relating to items that may be reclassified                 (16.7)                (0.8) 
 
 Share of other comprehensive income/(expense) 
  of 
   associates and joint ventures, net 
    of tax                                                        35.2               (78.6) 
                                                               (251.7)              (414.1) 
                                                   -------------------  ------------------- 
 
 Other comprehensive income/(expense) 
  for the year                                                 (257.4)              (417.4) 
 
 Total comprehensive income for the 
  year                                                           434.1                396.0 
                                                   ===================  =================== 
 
 Attributable to: 
 Shareholders of the Company                                      92.3                121.9 
 Non-controlling interests                                       341.8                274.1 
 
                                                                 434.1                396.0 
                                                   ===================  =================== 
 

(1) Fair value through other comprehensive income ("FVOCI")

 
 Jardine Cycle & Carriage Limited 
  Consolidated Balance Sheet at 30th June 2021 
---------------------------------------------- 
 
 
                                                               At                   At 
                                        Note           30.06.2021           31.12.2020 
                                                             US$m                 US$m 
 Non-current assets 
 Intangible assets                                        1,788.4              1,816.9 
 Right-of-use assets                                        781.9                832.4 
 Property, plant and equipment                            3,957.4              4,243.2 
 Investment properties                                      519.3                532.2 
 Bearer plants                                              486.1                496.7 
 Interests in associates and joint 
  ventures                                                4,034.1              4,032.6 
 Non-current investments                                  2,165.8              2,283.9 
 Non-current debtors                                      2,822.4              2,846.8 
 Deferred tax assets                                        364.6                370.8 
                                              -------------------  ------------------- 
                                                         16,920.0             17,455.5 
                                              -------------------  ------------------- 
 Current assets 
 Current investments                                         79.7                 60.4 
 Properties for sale                                        375.6                390.2 
 Stocks                                                   1,217.3              1,320.2 
 Current debtors                                          4,948.1              4,676.9 
 Current tax assets                                         123.2                111.4 
 Bank balances and other liquid 
  funds 
                                              -------------------  ------------------- 
 - non-financial services companies                       3,754.6              3,095.1 
 - financial services companies                             358.7                402.5 
                                              -------------------  ------------------- 
                                                          4,113.3              3,497.6 
                                              -------------------  ------------------- 
                                                         10,857.2             10,056.7 
                                              -------------------  ------------------- 
 
 Total assets                                            27,777.2             27,512.2 
                                              -------------------  ------------------- 
 
 Non-current liabilities 
 Non-current creditors                                      191.4                278.4 
 Provisions                                                 188.5                186.3 
 Non-current lease liabilities                               80.5                 79.7 
 Long-term borrowings                      8 
                                              -------------------  ------------------- 
 - non-financial services companies                       2,980.8              1,719.3 
 - financial services companies                           1,133.4              1,246.0 
                                              -------------------  ------------------- 
                                                          4,114.2              2,965.3 
 Deferred tax liabilities                                   323.9                343.5 
 Pension liabilities                                        393.9                389.4 
                                              -------------------  ------------------- 
                                                          5,292.4              4,242.6 
                                              -------------------  ------------------- 
 Current liabilities 
 Current creditors                                        4,012.1              3,534.9 
 Provisions                                                 114.6                115.9 
 Current lease liabilities                                   45.2                 65.2 
 Current borrowings                        8 
                                              -------------------  ------------------- 
 - non-financial services companies                         733.9              2,229.3 
 - financial services companies                           2,054.2              1,930.4 
                                              -------------------  ------------------- 
                                                          2,788.1              4,159.7 
 Current tax liabilities                                    152.9                 87.3 
                                              -------------------  ------------------- 
                                                          7,112.9              7,963.0 
                                              -------------------  ------------------- 
 
 Total liabilities                                       12,405.3             12,205.6 
                                              -------------------  ------------------- 
 
 Net assets                                              15,371.9             15,306.6 
                                              ===================  =================== 
 
 Equity 
 Share capital                             9              1,381.0              1,381.0 
 Revenue reserve                          10              7,012.9              6,937.7 
 Other reserves                           11            (1,476.0)            (1,344.6) 
                                              -------------------  ------------------- 
 Shareholders' funds                                      6,917.9              6,974.1 
 Non-controlling interests                12              8,454.0              8,332.5 
                                              -------------------  ------------------- 
 Total equity                                            15,371.9             15,306.6 
                                              ===================  =================== 
 

Jardine Cycle & Carriage Limited

Consolidated Statement of Changes in Equity for the six months ended 30th June 2021

 
                                                               Attributable to shareholders of the Company 
                                                                                                                                         Attributable 
                                                                    Asset                            Fair value                               to non- 
                            Share             Revenue         revaluation        Translation          and other                           controlling              Total 
                          capital             reserve             reserve            reserve           reserves             Total           interests             equity 
                             US$m                US$m                US$m               US$m               US$m              US$m                US$m               US$m 
 2021 
 Balance at 1st 
  January                 1,381.0             6,937.7               403.4          (1,683.7)             (64.3)           6,974.1             8,332.5           15,306.6 
 Total 
  comprehensive 
  income                        -               223.7                 0.1            (164.8)               33.3              92.3               341.8              434.1 
 Dividends paid 
  by the Company                -             (134.2)                   -                  -                  -           (134.2)                   -            (134.2) 
 Dividends 
 declared/paid 
 to 
 non-controlling 
   interests                    -                   -                   -                  -                  -                 -             (198.1)            (198.1) 
 Issue of shares 
  to 
  non-controlling 
  interests                     -                   -                   -                  -                  -                 -                 0.3                0.3 
 Change in 
  shareholding                  -              (14.3)                   -                  -                  -            (14.3)              (21.5)             (35.8) 
 Others                         -                   -                   -                  -                  -                 -               (1.0)              (1.0) 
 Balance at 30th 
  June                    1,381.0             7,012.9               403.5          (1,848.5)             (31.0)           6,917.9             8,454.0           15,371.9 
                   ==============  ==================  ==================  =================  =================  ================  ==================  ================= 
 
 
 2020 
 Balance at 1st 
  January                 1,381.0             6,720.0               403.4          (1,611.0)             (33.3)           6,860.1             8,124.4           14,984.5 
 Total 
  comprehensive 
  income                        -               299.3                   -            (152.1)             (25.3)             121.9               274.1              396.0 
 Dividends 
  declared by the 
  Company                       -             (265.1)                   -                  -                  -           (265.1)                   -            (265.1) 
 Dividends 
 declared/paid 
 to 
 non-controlling 
   interests                    -                   -                   -                  -                  -                 -             (110.9)            (110.9) 
 Issue of shares 
  to 
  non-controlling 
  interests                     -                   -                   -                  -                  -                 -                 0.8                0.8 
 Others                         -                 1.3                   -                  -              (1.3)                 -                   -                  - 
 Balance at 30th 
  June                    1,381.0             6,755.5               403.4          (1,763.1)             (59.9)           6,716.9             8,288.4           15,005.3 
                   ==============  ==================  ==================  =================  =================  ================  ==================  ================= 
 
 
 Jardine Cycle & Carriage Limited 
  Company Balance Sheet at 30th June 2021 
----------------------------------------- 
 
 
                                                                 At                      At 
                                       Note              30.06.2021              31.12.2020 
                                                               US$m                    US$m 
 
 Non-current assets 
 Property, plant and equipment                                 33.6                    34.1 
 Interests in subsidiaries                                  1,423.6                 1,412.2 
 Interests in associates and joint 
  ventures                                                    981.3                   998.2 
 Non-current investment                                       254.1                   223.0 
                                             ----------------------  ---------------------- 
                                                            2,692.6                 2,667.5 
                                             ----------------------  ---------------------- 
 
 Current assets 
 Current debtors                                            1,141.6                 1,157.0 
 Bank balances and other liquid 
  funds                                                           -                    46.5 
                                             ----------------------  ---------------------- 
                                                            1,141.6                 1,203.5 
                                             ----------------------  ---------------------- 
 
 Total assets                                               3,834.2                 3,871.0 
                                             ----------------------  ---------------------- 
 
 Non-current liabilities 
 Non-current borrowings                                     1,547.5                       - 
 Deferred tax liabilities                                       6.2                     6.3 
                                             ---------------------- 
                                                            1,553.7                     6.3 
                                             ----------------------  ---------------------- 
 
 Current liabilities 
 Current creditors                                             64.1                    65.2 
 Current borrowings                                            15.2                 1,569.1 
 Current tax liabilities                                        1.6                     1.8 
                                             ---------------------- 
                                                               80.9                 1,636.1 
                                             ----------------------  ---------------------- 
 
 Total liabilities                                          1,634.6                 1,642.4 
                                             ----------------------  ---------------------- 
 
 Net assets                                                 2,199.6                 2,228.6 
                                             ======================  ====================== 
 
 Equity 
 Share capital                            9                 1,381.0                 1,381.0 
 Revenue reserve                         10                   480.6                   471.7 
 Other reserves                          11                   338.0                   375.9 
                                             ----------------------  ---------------------- 
 Total equity                                               2,199.6                 2,228.6 
                                             ======================  ====================== 
 
 
 
 
 Jardine Cycle & Carriage Limited 
  Company Statement of Comprehensive Income for the six months 
  ended 30th June 2021 
-------------------------------------------------------------- 
 
 
                                                         2021            2020 
                                                         US$m            US$m 
 
 Profit/(loss) for the year                             143.1          (61.4) 
 
 Items that may be reclassified subsequently 
  to profit or loss: 
                                               --------------  -------------- 
 Translation difference 
 - loss arising during the year                        (37.9)          (81.2) 
 
 
 Other comprehensive expense for the year              (37.9)          (81.2) 
 
 Total comprehensive income/(expense) for 
  the year                                              105.2         (142.6) 
                                               ==============  ============== 
 
 
 Jardine Cycle & Carriage Limited 
  Company Statement of Changes in Equity for the six months ended 
  30th June 2021 
----------------------------------------------------------------- 
 
 
                                         Share             Revenue         Translation              Total 
                                       capital             reserve             reserve             equity 
                                          US$m                US$m                US$m               US$m 
 
 2021 
 Balance at 1st January                1,381.0               471.7               375.9            2,228.6 
 
 Total comprehensive income/ 
  (expense)                                  -               143.1              (37.9)              105.2 
 
 Dividends paid                              -             (134.2)                   -            (134.2) 
 
 Balance at 30th June                  1,381.0               480.6               338.0            2,199.6 
                               ===============  ==================  ==================  ================= 
 
 
 2020 
 Balance at 1st January                1,381.0               683.6               338.0            2,402.6 
 
 Total comprehensive income/ 
  (expense)                                  -              (61.4)              (81.2)            (142.6) 
 
 Dividends paid                              -             (265.1)                   -            (265.1) 
 
 Balance at 30th June                  1,381.0               357.1               256.8            1,994.9 
                               ===============  ==================  ==================  ================= 
 
 
 Jardine Cycle & Carriage Limited 
  Consolidated Statement of Cash Flows for the six months ended 
  30th June 2021 
--------------------------------------------------------------- 
 
 
                                                                     2021                    2020 
                                             Note                    US$m                    US$m 
 Cash flows from operating activities 
 Cash generated from operations                15                 1,513.5                 1,170.8 
 
 Interest paid                                                     (75.5)                 (101.2) 
 Interest received                                                   63.1                    44.5 
 Other finance costs paid                                          (14.8)                  (42.3) 
 Income tax paid                                                  (168.9)                 (228.0) 
                                                                           ---------------------- 
                                                                  (196.1)                 (327.0) 
 Dividends received from associates 
  and joint ventures (net)                                          226.7                    49.5 
                                                   ----------------------  ---------------------- 
 
                                                                     30.6                 (277.5) 
                                                   ----------------------  ---------------------- 
 
 Net cash flows from operating activities                         1,544.1                   893.3 
 
 Cash flows from investing activities 
                                                   ----------------------  ---------------------- 
 Sale of intangible assets                                              -                     0.6 
 Sale of property, plant and equipment                               18.2                    23.0 
 Sale of subsidiaries, net of cash 
  disposed                                                              -                     0.5 
 Sale of associates and joint ventures                                  -                 1,138.3 
 Sale of investments                                                131.9                   187.6 
 Purchase of intangible assets                                     (55.9)                  (49.4) 
 Additions to right-of-use assets                                   (7.0)                   (7.7) 
 Purchase of property, plant and 
  equipment                                                       (122.7)                 (164.7) 
 Purchase of investment properties                                  (0.9)                   (5.6) 
 Additions to bearer plants                                        (15.5)                  (16.0) 
 Purchase of subsidiaries, net of 
  cash acquired                                                         -                   (0.1) 
 Purchase of associates and joint 
  ventures                                                         (26.3)                  (23.9) 
 Purchase of investments                                          (217.0)                 (213.2) 
 
 Net cash flows used in investing 
  activities                                                      (295.2)                   869.4 
 
 Cash flows from financing activities 
                                                   ----------------------  ---------------------- 
 Drawdown of loans (1)                                            3,271.1                 1,188.3 
 Repayment of loans (1)                                         (3,419.0)               (1,694.3) 
 Principal elements of lease payments                              (45.4)                  (47.3) 
 Changes in controlling interests                                  (35.8)                       - 
  in subsidiaries 
 Investments by non-controlling 
  interests                                                           0.3                     0.8 
 Dividends paid to non-controlling 
  interests                                                       (191.0)                  (22.0) 
 Dividends paid by the Company                                    (134.2)                       - 
                                                                           ---------------------- 
 
 Net cash flows used in financing 
  activities                                                      (554.0)                 (574.5) 
 
 
 Net change in cash and cash equivalents                            694.9                 1,188.2 
 Cash and cash equivalents at the 
  beginning of the year                                           3,497.6                 1,843.4 
 Effect of exchange rate changes                                   (79.2)                     9.0 
 
 Cash and cash equivalents at the 
  end of the year (2)                                             4,113.3                 3,040.6 
                                                   ======================  ====================== 
 
 

(1) The increase in drawdown and repayment of loans includes the refinancing effect of the Company's borrowings from current liabilities to non-current liabilities .

(2) 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 2021 
----------------------------------------------------------------- 
 
   1      Basis of preparation 

The condensed interim financial statements for the six months ended 30th June 2021 have been prepared in accordance with IAS 34 Interim Financial Reporting. The condensed interim financial statements do not include all the information required for a complete set of financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance of the Group since the last annual financial statements for the year ended 31 December 2020. There have been no changes to the accounting policies described in the 2020 audited accounts which have been prepared in accordance with Singapore Financial Reporting Standards (International) ("SFRS(I)") and International Financial Reporting Standards ("IFRS"), except for the adoption of new and amended standards as set out below. The Group has not early adopted any other standard or amendments that have been issued but not yet effective.

The exchange rates used for translating assets and liabilities at the balance sheet date are US$1=S$ 1.3444 (2020: US$1=S$ 1.3216 ), US$1=RM 4.1552 (2020: US$1=RM 4.0245 ), US$1=IDR 14,496 (2020: US$1=IDR 14,105 ), US$1=VND 23,013 (2020: US$1=VND 23,086 ) and US$1=THB 32.056 (2020: US$1= THB 29.920 ).

The exchange rates used for translating the results for the period are US$1=S$ 1.3328 (2020: US$1=S$ 1.4011 ), US$1=RM 4.1096 (2020: US$1=RM 4.2694 ), US$1=IDR 14,360 (2020: US$1=IDR 14,786 ), US$1=VND 23,042 (2020: US$1=VND 23,335 ) and US$1=THB 31.016 (2020: US$1=THB 31.735 ).

Interpretations and amendments to published standard effective in 2021

On 1st January 2021, the Group has adopted the new or amended IFRS and Interpretations of IFRS that are mandatory for application for the financial year. Changes to the Group's accounting policies have been made as required, in accordance with the transitional provisions in the respective IFRS and Interpretations of IFRS.

The adoption of these new or amended IFRS and Interpretations of IFRS did not result in substantial changes to the Group's accounting policies and had no material effect on the amounts reported for the current or prior financial years.

Interest Rate Benchmark Reform - Phase 2: Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (effective from 1st January 2021)

The amendments provide a number of practical expedients as a result of the reform which affect the measurement of financial assets, financial liabilities and lease liabilities, and a number of reliefs for hedging relationships. The adoption of these amendments does not have a significant impact on the Group's consolidated financial statements.

COVID-19 Related Rent Concessions beyond 30th June 2021: Amendment to IFRS 16 Leases (effective from 1st April 2021)

The Group adopted and applied the practical expedient of the Covid-19 Related Rent Concessions: Amendment to IFRS 16 Leases, published in June 2020 ("2020 amendment"), in the 2020 annual financial statements. The 2021 amendment extends the practical expedient in the 2020 amendment to eligible lease payments due on or before 30th June 2022. By using the 2021 amendment, the Group continues to apply the practical expedient consistently to all lease contracts with similar characteristics and in similar circumstances, and does not assess these concessions as lease modifications.

Critical accounting estimates and judgements

The preparation of the condensed interim financial statements require management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates.

In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31 December 2020.

   2      Revenue 
 
                                                                           Direct 
                                                                            Motor 
                                                       Astra            Interests                Total 
                                                        US$m                 US$m                 US$m 
 Group 
 2021 
 Property                                               24.2                    -                 24.2 
 Motor vehicles                                      2,988.7                803.3              3,792.0 
 Financial services                                    839.1                    -                839.1 
 Heavy equipment, mining, construction 
  and energy                                         2,592.6                    -              2,592.6 
 Others                                              1,039.1                    -              1,039.1 
                                         -------------------  -------------------  ------------------- 
                                                     7,483.7                803.3              8,287.0 
                                         ===================  ===================  =================== 
 
 From contracts with customers: 
                                         -------------------  -------------------  ------------------- 
 Recognised at a point in time                       6,433.4                769.9              7,203.3 
 Recognised over time                                  108.4                 32.3                140.7 
                                                              -------------------  ------------------- 
                                                     6,541.8                802.2              7,344.0 
 
 From other sources: 
                                         -------------------  -------------------  ------------------- 
 Rental income from investment 
  properties                                             6.0                    -                  6.0 
 Revenue from financial services 
  companies                                            839.1                    -                839.1 
 Others                                                 96.8                  1.1                 97.9 
                                                              -------------------  ------------------- 
                                                       941.9                  1.1                943.0 
 
                                                     7,483.7                803.3              8,287.0 
                                         ===================  ===================  =================== 
 
 
 2020 
 Property                                               36.8                    -                 36.8 
 Motor vehicles                                      2,169.0                514.0              2,683.0 
 Financial services                                    716.7                    -                716.7 
 Heavy equipment, mining, construction 
  and energy                                         2,244.9                    -              2,244.9 
 Others                                                913.2                    -                913.2 
                                         -------------------  -------------------  ------------------- 
                                                     6,080.6                514.0              6,594.6 
                                         ===================  ===================  =================== 
 
 From contracts with customers: 
                                         -------------------  -------------------  ------------------- 
 Recognised at a point in time                       5,147.6                487.0              5,634.6 
 Recognised over time                                  123.3                 26.4                149.7 
                                         -------------------  -------------------  ------------------- 
                                                     5,270.9                513.4              5,784.3 
 
 From other sources: 
                                         -------------------  -------------------  ------------------- 
 Rental income from investment 
  properties                                             4.8                    -                  4.8 
 Revenue from financial services 
  companies                                            712.8                    -                712.8 
 Others                                                 92.1                  0.6                 92.7 
                                         -------------------  -------------------  ------------------- 
                                                       809.7                  0.6                810.3 
 
                                                     6,080.6                514.0              6,594.6 
                                         ===================  ===================  =================== 
 
   3      Net operating costs and operating profit 
 
                                                                  Group 
                                                   2021                     2020              Change 
                                                   US$m                     US$m                   % 
 Cost of sales                                (6,582.0)                (5,155.5)                  28 
 Other operating income                           118.4                    553.3                 -79 
 Selling and distribution 
  expenses                                      (408.7)                  (425.6)                  -4 
 Administrative expenses                        (540.6)                  (524.3)                   3 
 Other operating expenses                       (209.7)                   (98.7)                >100 
                                      -----------------          --------------- 
 Net operating costs                          (7,622.6)                (5,650.8)                  35 
                                      =================          =============== 
 
 Operating profit is determined 
  after including: 
 Amortisation/depreciation of 
 - intangible assets                             (66.1)                   (61.9)                   7 
 - right-of-use assets                           (74.1)                   (74.1)                   - 
 - property, plant and equipment                (367.0)                  (390.3)                  -6 
 - bearer plants                                 (13.7)                   (13.0)                   5 
 (Impairment)/write-back of 
 - intangible assets                                  -                    (0.2)              > -100 
 - property, plant and equipment                  (0.4)                    (0.6)                 -33 
 - debtors                                       (95.4)                  (133.3)                 -28 
 Fair value gain/(loss) on 
 - investments (1)                              (123.2)                   (24.5)                >100 
 - agricultural produce                             3.5                    (3.2)                  nm 
 - derivative not qualifying as                                              1.4              > -100 
  hedge 
 - livestock                                        3.4                        -                  nm 
 Profit/(loss) on disposal of: 
 - property, plant and equipment                   11.1                     17.2                 -35 
 - associates and joint ventures                      -                    417.9              > -100 
  (2) 
 - investments                                      1.7                      3.9                 -56 
 Loss on disposal/write-down of 
  receivables from 
   collateral vehicles                           (35.1)                   (27.3)                  29 
 Write-down of stocks, net                        (0.5)                   (11.4)                 -96 
 Net exchange gain/(loss) (3)                    (26.9)                   (54.2)                 -50 
 Dividend and interest income 
  from investments                                 41.0                     36.0                  14 
                                      =================          =============== 
 
 

nm - not meaningful

(1) Fair value gain/(loss) relates mainly to equity investments in Vinamilk and Toyota Motor Corporation

(2) Profit on disposal of associates and joint ventures in 2020 relates mainly to the sale of Permata Bank

(3) Net loss relates mainly to the impact of revaluing monetary liabilities denominated in US dollars

   4      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.

   5      Dividends 

An interim dividend in respect of 2021 of USc18 (2020: USc9) per share amounting to a total of US$71.1 million (2020: US$35.4 million) is declared by the Board. These financial statements do not reflect this dividend payable, which will be accounted for in shareholders' equity as an appropriation of retained earnings in the six months ended 30th June 2021.

 
                                                                  Group and Company 
                                                             2021              2020 
                                                             US$m              US$m 
 
 Final one-tier tax exempt dividend in respect 
  of previous year of 
   USc34 per share (2020: in respect of 2019 
    of USc69)                                               134.2             265.1 
                                                 ================  ================ 
 
   6      Earnings per share 
 
                                                           Group 
                                                            2021     2020 
                                                            US$m     US$m 
 Basic earnings per share 
 Profit attributable to shareholders                       226.3    300.9 
 Weighted average number of ordinary shares 
  in issue (millions)                                      395.2    395.2 
 Basic earnings per share                                  USc57    USc76 
                                                      ==========  ======= 
 Diluted earnings per share                                USc57    USc76 
                                                      ==========  ======= 
 
 Underlying earnings per share 
 Underlying profit attributable to shareholders            346.5    137.7 
 Weighted average number of ordinary shares 
  in issue (millions)                                      395.2    395.2 
 Basic underlying earnings per share                       USc88    USc35 
                                                      ==========  ======= 
 Diluted underlying earnings per share                     USc88    USc35 
                                                      ==========  ======= 
 
 

As at 30th June 2020 and 2021, 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 
                                                              2021        2020 
                                                              US$m        US$m 
 
 Profit attributable to shareholders                         226.3       300.9 
 Less: Non-trading items (net of tax and 
  non-controlling interests) 
                                                      ------------  ---------- 
 Fair value changes of agricultural produce                    2.2       (1.0) 
 Fair value changes of investments                         (122.4)      (22.7) 
 Net gain on disposal of interests in 
  associates and 
   joint ventures                                                -       188.3 
 Share of joint venture's gain on sale 
  of financial asset                                             -         0.3 
 Others                                                          -       (1.7) 
 
                                                           (120.2)       163.2 
                                                      ------------  ---------- 
 Underlying profit attributable to shareholders              346.5       137.7 
                                                      ============  ========== 
 
 

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, agricultural produce and equity investments which are measured at fair value through profit and loss; 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.

   7      Financial Instruments 

Financial instruments by category

The fair values of financial assets and financial liabilities, together with carrying amounts at 30th June 2021 and 31st December 2020 are as follows:

 
                                                      Fair 
                                                     value 
                                                   through                   Fair value    Financial 
                                    Fair            profit                      through       assets          Other             Total 
                                   value                                          other           at 
                                      of 
                                 hedging               and                comprehensive    amortised      financial          carrying              Fair 
                             instruments              loss                       income        costs    liabilities            amount             value 
                                    US$m              US$m                         US$m         US$m           US$m              US$m              US$m 
 At 30.06.2021 
 Financial 
  assets 
   measured 
    at fair value 
 Other 
 investments 
 - equity 
  investments                          -           1,516.3                            -            -              -           1,516.3           1,516.3 
 - debt 
  investments                          -                 -                        729.2            -              -             729.2             729.2 
 Derivative 
  financial 
   instruments                      28.7                 -                            -            -              -              28.7              28.7 
                                    28.7           1,516.3                        729.2            -              -           2,274.2           2,274.2 
                   =====================  ================  ===========================  ===========  =============  ================  ================ 
 Financial 
  assets not 
   measured 
    at fair value 
 Debtors                               -                 -                            -      6,902.9              -           6,902.9           6,952.3 
 Bank balances                         -                 -                            -      4,113.3              -           4,113.3           4,113.3 
                   ---------------------  ----------------  ---------------------------  -----------  -------------  ----------------  ---------------- 
                                       -                 -                            -     11,016.2                         11,016.2          11,065.6 
                   =====================  ================  ===========================  ===========  =============  ================  ================ 
 Financial 
  liabilities 
   measured 
    at fair value 
 Derivative 
  financial 
   instruments                    (50.7)                 -                            -            -              -            (50.7)            (50.7) 
 Contingent 
  consideration 
   payable                             -             (8.8)                            -            -              -             (8.8)             (8.8) 
                   ---------------------  ----------------  ---------------------------  -----------  -------------  ----------------  ---------------- 
                                  (50.7)             (8.8)                            -            -              -            (59.5)            (59.5) 
                   =====================  ================  ===========================  ===========  =============  ================  ================ 
 Financial 
  liabilities 
  not 
   measured 
    at fair value 
 Borrowings 
  excluding 
   lease 
    liabilities                        -                 -                            -            -      (6,902.3)         (6,902.3)         (5,383.4) 
 Lease 
  liabilities                          -                 -                            -            -        (125.7)           (125.7)           (125.7) 
 Creditors 
  excluding 
   non-financial 
    liabilities                        -                 -                            -            -      (2,707.5)         (2,707.5)         (2,707.5) 
                   ---------------------  ----------------  ---------------------------  -----------  -------------  ----------------  ---------------- 
                                       -                 -                            -            -      (9,735.5)         (9,735.5)         (8,216.6) 
                   =====================  ================  ===========================  ===========  =============  ================  ================ 
 
 At 31.12.2020 
 Financial 
  assets 
   measured 
    at fair value 
 Other 
 investments 
 - equity 
  investments                          -           1,647.0                                                                    1,647.0           1,647.0 
 - debt 
  investments                          -                 -                        697.3                                         697.3             697.3 
 Derivative 
  financial 
   instruments                       9.3               1.6                            -            -              -              10.9              10.9 
                                     9.3           1,648.6                        697.3            -              -           2,355.2           2,355.2 
                   =====================  ================  ===========================  ===========  =============  ================  ================ 
 Financial 
  assets not 
   measured 
    at fair value 
 Debtors                               -                 -                            -      6,621.3              -           6,621.3           6,832.5 
 Bank balances                         -                 -                            -      3,497.6              -           3,497.6           3,497.6 
                   ---------------------  ----------------  ---------------------------  -----------  -------------  ----------------  ---------------- 
                                       -                 -                            -     10,118.9              -          10,118.9          10,330.1 
                   =====================  ================  ===========================  ===========  =============  ================  ================ 
 Financial 
  liabilities 
   measured 
    at fair value 
 Derivative 
  financial 
   instruments                   (168.7)             (0.1)                            -            -              -           (168.8)           (168.8) 
 Contingent 
  consideration 
   payable                                           (8.8)                            -            -              -             (8.8)             (8.8) 
                   ---------------------  ----------------  ---------------------------  -----------  -------------  ----------------  ---------------- 
                                 (168.7)             (8.9)                            -            -              -           (177.6)           (177.6) 
                   =====================  ================  ===========================  ===========  =============  ================  ================ 
 Financial 
  liabilities 
  not 
   measured 
    at fair value 
 Borrowings 
  excluding 
   lease 
    liabilities                        -                 -                            -            -      (7,125.0)         (7,125.0)         (7,107.5) 
 Lease 
  liabilities                          -                 -                            -            -        (144.9)           (144.9)           (144.9) 
 Creditors 
  excluding 
   non-financial 
    liabilities                        -                 -                            -            -      (2,232.7)         (2,232.7)         (2,232.7) 
                   ---------------------  ----------------  ---------------------------  -----------  -------------  ----------------  ---------------- 
                                       -                 -                            -            -      (9,502.6)         (9,502.6)         (9,485.1) 
                   =====================  ================  ===========================  ===========  =============  ================  ================ 
 

Fair value estimation

   a)    Financial instruments that are measured at fair value 

For financial instruments that are measured at fair value in the balance sheet, the corresponding fair value measurements are disclosed by level of the following fair value measurement hierarchy:

Quoted prices (unadjusted) in active markets for identical assets or liabilities ("quoted prices in active markets")

The fair values of listed securities and bonds are based on quoted prices in active markets at the balance sheet date. The quoted market price used for listed investments held by the Group is the current bid price.

Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly ("observable current market transactions")

The fair values of derivative financial instruments are determined using rates quoted by the Group's bankers at the balance sheet date. The rates for interest rate swaps and caps, cross-currency swaps and forward foreign exchange contracts are calculated by reference to the market interest rates and foreign exchange rates.

Inputs for the asset or liability that are not based on observable market data ("unobservable inputs")

The fair values of other unlisted equity investments are determined using valuation techniques by reference to observable current market transactions or the market prices of the underlying investments with certain degree of entity-specific estimates or discounted cash flows by projecting the cash inflows from these investments.

There were no changes in valuation techniques during the year.

The table below analyses the Group's financial instruments carried at fair value, by the levels in the fair value measurement hierarchy.

 
                                          Quoted          Observable 
                                          prices             current 
                                              in 
                                          active              market          Unobservable 
                                         markets        transactions                inputs           Total 
                                            US$m                US$m                  US$m            US$m 
 At 30.06.2021 
 Assets 
 Other investments 
                                    ------------  ------------------  --------------------  -------------- 
 - equity investments                    1,162.3                   -                 354.0         1,516.3 
 - debt investments                        729.2                   -                     -           729.2 
                                    ------------  ------------------  --------------------  -------------- 
                                         1,891.5                   -                 354.0         2,245.5 
 Derivative financial instruments 
  at fair value 
 - through other comprehensive 
  income                                       -                28.7                     -            28.7 
 - through profit and loss                     -                   -                     -               - 
                                    ------------  ------------------  --------------------  -------------- 
                                         1,891.5                28.7                 354.0         2,274.2 
                                    ============  ==================  ====================  ============== 
 Liabilities 
 Contingent consideration 
  payable                                      -                   -                 (8.8)           (8.8) 
 Derivative financial instruments 
  at fair value 
                                    ------------  ------------------  --------------------  -------------- 
 - through other comprehensive 
  income                             -                        (50.7)   -                            (50.7) 
 - through profit and loss           -                             -   -                                - 
                                    ------------  ------------------  --------------------  -------------- 
                                     -                        (50.7)   -                            (50.7) 
                                     -                        (50.7)                 (8.8)          (59.5) 
                                    ============  ==================  ====================  ============== 
 
 
                                       Quoted           Observable 
                                       prices              current 
                                           in 
                                       active               market          Unobservable 
                                      markets         transactions                inputs           Total 
                                         US$m                 US$m                  US$m            US$m 
 At 31.12.2020 
 Assets 
 Other investments 
                                    ---------  -------------------  --------------------  -------------- 
 - equity investments                 1,320.7                    -                 326.3         1,647.0 
 - debt investments                     697.3                    -                     -           697.3 
                                    ---------  -------------------  --------------------  -------------- 
                                      2,018.0                    -                 326.3         2,344.3 
 Derivative financial instruments 
  at fair value 
 - through other comprehensive 
  income                                    -                  9.3                     -             9.3 
 - through profit and loss                  -                  1.6                     -             1.6 
                                    ---------  -------------------  --------------------  -------------- 
                                      2,018.0                 10.9                 326.3         2,355.2 
                                    =========  ===================  ====================  ============== 
 Liabilities 
 Contingent consideration 
  payable                                   -                    -                 (8.8)           (8.8) 
 Derivative financial instruments 
  at fair value 
                                    ---------  -------------------  --------------------  -------------- 
 - through other comprehensive 
  income                                    -              (168.7)                     -         (168.7) 
 - through profit and loss                  -                (0.1)                     -           (0.1) 
                                    ---------  -------------------  --------------------  -------------- 
                                            -              (168.8)                     -         (168.8) 
                                            -              (168.8)                 (8.8)         (177.6) 
                                    =========  ===================  ====================  ============== 
 

There were no transfers among the three categories during the six months ended 30th June 2021 and the year ended 31st December 2020.

   b)    Financial instruments that are not measured at fair value 

The fair values of current debtors, bank balances and other liquid funds, current creditors, current borrowings and current lease liabilities of the Group and the Company are assumed to approximate their carrying amounts due to the short-term maturities of these assets and liabilities.

The fair values of long-term borrowings disclosed are based on market prices or are estimated using the expected future payments discounted at market interest rates. The fair values of non-current lease liabilities are estimated using the expected future payments discounted at market interest rates.

   8      Borrowings 
 
                                       Group 
                                          At             At 
                                  30.06.2021     31.12.2020 
                                        US$m           US$m 
 Long-term borrowings: 
 - secured                              41.4          391.6 
 - unsecured                         4,072.8        2,573.7 
                             ---------------  ------------- 
                                     4,114.2        2,965.3 
                             ===============  ============= 
 Current borrowings: 
 - secured                             270.8          443.1 
 - unsecured                         2,517.3        3,716.6 
                             ---------------  ------------- 
                                     2,788.1        4,159.7 
                             ---------------  ------------- 
 
 Total borrowings                    6,902.3        7,125.0 
                             ===============  ============= 
 
 

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$ 157.9 million (31st December 2020: US$ 295.6 million).

   9      Share capital 
 
                                                          Group 
                                                           2021           2020 
                                                           US$m           US$m 
 Six months ended 30th June 
 Issued and fully paid: 
 Balance at 1st January and 30th June 
 - 395,236,288 (2020: 395,236,288) ordinary 
 shares                                                 1,381.0        1,381.0 
                                                  =============  ============= 
 
 

There were no rights, bonus or equity issues during the period.

The Company did not hold any treasury shares as at 30th June 2021 ( 30th June 2020: Nil) and did not have any unissued shares under convertibles as at 30th June 2021 ( 30th June 2020: Nil).

There were no subsidiary holdings (as defined in the Listing Rules of the SGX-ST) as at 30th June 2021 ( 30th June 2020: Nil).

   10   Revenue reserve 
 
                                                 Group                      Company 
                                                  2021            2020         2021         2020 
                                                  US$m            US$m         US$m         US$m 
 Movements : 
 Balance at 1st January                        6,937.7         6,720.0        471.7        683.6 
 Defined benefit pension plans 
 - remeasurements                                (1.6)           (0.3)            -            - 
 - deferred tax                                    0.2           (0.2)            -            - 
 Share of associates' and joint 
  ventures' remeasurements 
   of defined benefit pension plans, 
   net of tax                                    (1.2)           (1.1)            -            - 
 Profit/(loss) attributable to 
  shareholders                                   226.3           300.9        143.1       (61.4) 
 Dividends paid by the Company                 (134.2)         (265.1)      (134.2)      (265.1) 
 Change in shareholding                         (14.3)               -            -            - 
 Others                                              -             1.3            -            - 
 Balance at 30th June                          7,012.9         6,755.5        480.6        357.1 
                                        ==============  ==============  ===========  =========== 
 
 
   11    Other reserves 
 
                                                         Group                  Company 
                                              2021            2020            2021        2020 
                                              US$m            US$m            US$m        US$m 
 Composition : 
 Asset revaluation reserve                   403.5           403.4               -           - 
 Translation reserve                     (1,848.5)       (1,763.1)           338.0       256.8 
 Fair value reserve                           12.8             8.4               -           - 
 Hedging reserve                            (47.1)          (71.6)               -           - 
 Other reserve                                 3.3             3.3               -           - 
                                    --------------  --------------  --------------  ---------- 
 Balance at 30th June                    (1,476.0)       (1,419.6)           338.0       256.8 
                                    ==============  ==============  ==============  ========== 
 
 Movements : 
 Asset revaluation reserve 
 Balance at 1st January                      403.4           403.4               -           - 
 Revaluation of tangible assets 
   before reclassification                     0.1               -               -           - 
                                    --------------  --------------  --------------  ---------- 
 Balance at 30th June                        403.5           403.4               -           - 
                                    ==============  ==============  ==============  ========== 
 
 Translation reserve 
 Balance at 1st January                  (1,683.7)       (1,611.0)           375.9       338.0 
 Translation difference                    (164.8)         (151.9)          (37.9)      (81.2) 
 Translation reserve realised                    -           (0.2)               -           - 
                                    --------------  --------------  --------------  ---------- 
 Balance at 30th June                    (1,848.5)       (1,763.1)           338.0       256.8 
                                    ==============  ==============  ==============  ========== 
 
 Fair value reserve 
 Balance at 1st January                       18.5            12.2               -           - 
 Financial assets at FVOCI 
 - fair value changes                        (5.0)           (1.4)               -           - 
 - deferred tax                                0.1               -               -           - 
 - transfer to profit and loss               (0.8)             1.4               -           - 
 Share of associates' and joint 
  ventures' fair value 
   changes of financial assets                   -           (2.5)         -          - 
    at FVOCI, net of tax 
 Others                                          -           (1.3)         -             - 
                                    --------------  --------------  --------------  ---------- 
 Balance at 30th June                         12.8             8.4               -           - 
                                    ==============  ==============  ==============  ========== 
 
 Hedging reserve 
 Balance at 1st January                     (86.1)          (48.8)               -           - 
 Cash flow hedges 
 - fair value changes                         34.4           (0.9)               -           - 
 - deferred tax                              (7.1)           (1.1)               -           - 
 - transfer to profit and loss                   -             1.4               -           - 
 Share of associates' and joint 
  ventures' fair value 
   changes of cash flow hedges, 
    net of tax                                11.7          (22.2)               -           - 
 Balance at 30th June                       (47.1)          (71.6)               -           - 
                                    ==============  ==============  ==============  ========== 
 
 Other reserve 
 Balance at 1st January and 30th 
 June                                          3.3             3.3               -           - 
                                    ==============  ==============  ==============  ========== 
 
 
   12    Non-controlling interests 
 
             Group 
 
 
                                                               2021                 2020 
                                                               US$m                 US$m 
 
 Balance at 1st January                                     8,332.5              8,124.4 
 Financial assets at FVOCI 
 - fair value changes                                         (5.4)                (1.5) 
 - deferred tax                                                 0.1                    - 
 - transfer to profit and loss                                (0.9)                  1.2 
                                                              (6.2)                (0.3) 
 Share of associates' and joint ventures' 
  fair value changes of 
   financial assets at FVOCI, net of tax                          -                (2.4) 
 Cash flow hedges 
 - fair value changes                                          47.4               (10.7) 
 - deferred tax                                               (9.8)                  0.3 
 - transfer to profit and loss                                    -                  1.4 
                                                               37.6                (9.0) 
 Share of associates' and joint ventures' 
  fair value changes of 
   cash flow hedges, net of tax                                23.5               (51.5) 
 Defined benefit pension plans 
 - remeasurements                                             (2.9)                (0.4) 
 - deferred tax                                                 0.5                (0.6) 
                                                              (2.4)                (1.0) 
 Share of associates' and joint ventures' 
  remeasurements of 
   defined benefit pension plans, net of tax                  (0.8)                (0.7) 
 Translation difference                                     (175.1)              (173.4) 
 Translation reserve realised                                     -                (0.1) 
 Profit for the year                                          465.2                512.5 
 Issue of shares to non-controlling interests                   0.3                  0.8 
 Dividends paid                                             (198.1)              (110.9) 
 Change in shareholding                                      (21.5)                    - 
 Others                                                       (1.0)                    - 
 Balance at 30th June                                       8,454.0              8,288.4 
                                                ===================  =================== 
 
   13    Related party transactions 

The following significant related party transactions took place during the six months ended 30th June:

 
                                                                    Group 
                                                             2021                 2020 
                                                             US$m                 US$m 
 
 (a)     With associates and joint ventures: 
         Purchase of goods and services                 (2,179.9)            (1,555.4) 
         Sale of goods and services                         541.2                407.9 
         Commission and incentives earned                     2.3                  7.5 
         Interest received                                    8.9                 17.0 
                                                  ===============  =================== 
 
 (b)     With related companies and 
          associates of ultimate holding 
          company: 
         Management fees paid                               (1.5)                (5.8) 
         Purchase of goods and services                     (1.6)                (2.3) 
         Sale of goods and services                           0.4                  1.6 
                                                  ===============  =================== 
 
 (c)     Remuneration of directors of the 
          Company and key management 
          personnel of the Group: 
         Salaries and other short-term 
           employee benefits                                  4.6                  4.5 
                                                  ===============  =================== 
 
 
 
 
   14    Commitments 

C apital expenditure authorised for at the balance sheet date, but not recognised in the financial statements is as follows:

 
                                               Group 
                                                       At               At 
                                               30.06.2021       31.12.2020 
                                                     US$m             US$m 
 
  Authorised and contracted                          68.0             85.0 
  Authorised but not contracted                     219.8            249.0 
                                                    287.8            334.0 
                                         ================  =============== 
 
 
   15     Cash flows from operating activities 
 
                                                             Group 
                                                                  2021            2020 
                                                                  US$m            US$m 
 
 Profit before tax                                               900.6           940.5 
 
 Adjustments for: 
                                                        --------------  -------------- 
 Financing income                                               (63.1)          (48.6) 
 Financing charges                                                90.5           143.2 
 Share of associates' and joint ventures' results 
 after tax                                                     (263.6)          (91.3) 
 Amortisation/depreciation of 
 - intangible assets                                              66.1            61.9 
 - right-of-use assets                                            74.1            74.1 
 - property, plant and equipment                                 367.0           390.3 
 - bearer plants                                                  13.7            13.0 
 Impairment/(write-back of impairment) of 
 - intangible assets                                                 -             0.2 
 - property, plant and equipment                                   0.4             0.6 
 - debtors                                                        95.4           133.3 
 Fair value (gain)/loss on 
 - investment                                                    123.2            24.5 
 - agricultural produce                                          (3.5)             3.2 
 - derivative not qualifying as hedge                                -           (1.4) 
 - livestock                                                     (3.4)               - 
 (Profit)/loss on disposal of: 
 - property, plant and equipment                                (11.1)          (17.2) 
 - associate and joint venture                                       -         (417.9) 
 - investments                                                   (1.7)           (3.9) 
 Loss on disposal/write-down of receivables 
  from collateral vehicles                                        35.1            27.3 
 Amortisation of borrowing costs for financial 
  services companies                                               4.4             4.6 
 Write-down of stocks                                              0.5            11.4 
 Changes in provisions                                            10.8             9.8 
 Foreign exchange loss                                            26.6            36.2 
                                                                 561.4           353.3 
 Operating profit before working capital changes               1,462.0         1,293.8 
 
 Changes in working capital: 
                                                        --------------  -------------- 
 Properties for sale                                               4.1             5.1 
 Stocks                                                           21.7           158.5 
 Concession rights                                               (3.7)           (5.1) 
 Financing debtors                                             (307.5)          (80.8) 
 Debtors (1)                                                   (263.7)           703.2 
 Creditors (2)                                                   590.2         (919.5) 
 Pensions                                                         10.4            15.6 
                                                                  51.5         (123.0) 
                                                        --------------  -------------- 
 Cash flows from operating activities                          1,513.5         1,170.8 
                                                        ==============  ============== 
 
 
   (1)   Increase in debtors balance mainly due to higher sales activities 
   (2)   Increase in creditors balance mainly due to higher trade purchases 
   16     Notes to consolidated statement of cash flows 
   (a)           Purchase of shares in associates and joint ventures 

Purchase of shares in associates and joint ventures for the six months ended 30th June 2021 mainly included US$19.0 million for Astra's investment in PT Marga Lingkar, a toll road operator in Indonesia and US$7.2 million for additional purchase of shares in Refrigeration Electrical Engineering Corporation.

Purchase of shares in associates and joint ventures for the six months ended 30th June 2020 mainly included US$23.9 million as payment for deferred consideration in PT Jasamarga Surabaya Mojokerto, a toll road operator in Indonesia.

   (b)           Sale of associates and joint ventures 

There were no associates and joint ventures disposed of in the six months ended 30th June 2021.

Sale of associates and joint ventures for the six months ended 30th June 2020 mainly included US$1,135.8 million received from the sale of Astra's 44.6% interest in Permata Bank.

   (c)           Changes in controlling interests in subsidiaries 

Change in controlling interests of subsidiaries for the six months ended 2021 included an outflow of US$17.0 million and US$18.8 million for acquisition of additional interests in Cycle and Carriage Bintang Berhad and Republic Auto Pte Ltd, respectively.

There were no changes in controlling interests of subsidiaries for the six months ended 30th June 2020.

   17     Segment Information 

Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the Board for the purpose of resource allocation and performance assessment. The Board considers Astra as one operating segment because it represents a single direct investment made by the Company. Decisions for resource allocation and performance assessment of Astra are made by the Board of the Company while resource allocation and performance assessment of the various Astra businesses are made by the board of Astra, taking into consideration the opinions of the Board of the Company. Direct Motor Interests are aggregated into one reportable segment based on the similar automotive nature of their products and services, while Other Strategic Interests, comprising the Group's strategic investment portfolio, are aggregated into another reportable segment based on their exposure to market-leading companies in key regional economies. Set out below is an analysis of the segment information.

 
                                        Underlying businesses performance 
 
                                           Direct          Other                            Non- 
                                            Motor      Strategic        Corporate        trading 
                            Astra       Interests      Interests            costs          items            Group 
                             US$m            US$m           US$m             US$m           US$m             US$m 
 For six months 
 ended 
 30.06.2021 
 Revenue                  7,483.7           803.3              -                -              -          8,287.0 
 Net operating 
  costs                 (6,714.7)         (773.8)           10.5           (28.2)        (116.4)        (7,622.6) 
                   --------------  --------------  -------------  ---------------  -------------  --------------- 
 Operating profit           769.0            29.5           10.5           (28.2)        (116.4)            664.4 
 Financing income            62.9             0.2              -                -              -             63.1 
 Financing 
  charges                  (81.5)           (1.0)              -            (8.0)              -           (90.5) 
                   --------------  --------------  -------------  ---------------  -------------  --------------- 
 Net financing 
  charges                  (18.6)           (0.8)              -            (8.0)              -           (27.4) 
 Share of 
 associates' 
 and joint 
   ventures' 
    results 
    after tax               201.4             5.0           57.2                -              -            263.6 
                   --------------  --------------  -------------  ---------------  -------------  --------------- 
 Profit before 
  tax                       951.8            33.7           67.7           (36.2)        (116.4)            900.6 
 Tax                      (199.5)           (6.1)          (1.4)            (0.7)          (1.4)          (209.1) 
                   --------------  --------------  -------------  ---------------  -------------  --------------- 
 Profit after tax           752.3            27.6           66.3           (36.9)        (117.8)            691.5 
 Non-controlling 
  interests               (458.9)           (3.9)              -                -          (2.4)          (465.2) 
                   --------------  --------------  -------------  ---------------  -------------  --------------- 
 Profit 
 attributable 
 to 
   shareholders             293.4            23.7           66.3           (36.9)        (120.2)            226.3 
                   ==============  ==============  =============  ===============  =============  =============== 
 
 As at 30.06.2021 
 Net cash/(debt) 
  (excluding 
   net debt of 
   financial 
   services 
    companies)            1,503.4            86.0              -        (1,549.5)                            39.9 
 Total equity            14,173.9           282.4        1,381.2          (465.6)                        15,371.9 
                   ==============  ==============  =============  ===============                 =============== 
 
 For six months 
 ended 
 30.06.2020 
 Revenue                  6,080.6           514.0              -                -              -          6,594.6 
 Net operating 
  costs                 (5,491.0)         (514.8)           11.8           (47.0)          390.2        (5,650.8) 
                   --------------  --------------  -------------  ---------------  -------------  --------------- 
 Operating profit           589.6           (0.8)           11.8           (47.0)          390.2            943.8 
 Financing income            48.3             0.2              -              0.1              -             48.6 
 Financing 
  charges                 (127.4)           (1.9)              -           (13.9)              -          (143.2) 
                   --------------  --------------  -------------  ---------------  -------------  --------------- 
 Net financing 
  charges                  (79.1)           (1.7)              -           (13.8)              -           (94.6) 
 Share of 
 associates' 
 and joint 
   ventures' 
    results 
    after tax                73.8             1.5           17.4                -          (1.4)             91.3 
                   --------------  --------------  -------------  ---------------  -------------  --------------- 
 Profit before 
  tax                       584.3           (1.0)           29.2           (60.8)          388.8            940.5 
 Tax                      (123.2)           (0.2)          (1.4)            (0.6)          (1.7)          (127.1) 
                   --------------  --------------  -------------  ---------------  -------------  --------------- 
 Profit after tax           461.1           (1.2)           27.8           (61.4)          387.1            813.4 
 Non-controlling 
  interests               (289.5)             0.9              -                -        (223.9)          (512.5) 
                   --------------  --------------  -------------  ---------------  -------------  --------------- 
 Profit 
 attributable 
 to 
   shareholders             171.6           (0.3)           27.8           (61.4)          163.2            300.9 
                   ==============  ==============  =============  ===============  =============  =============== 
 
 As at 31.12.2020 
 Net cash/(debt) 
  (excluding 
   net debt of 
   financial 
   services 
    companies)              626.4            39.1              -        (1,519.0)                         (853.5) 
 Total equity            13,953.3           282.7        1,366.6          (296.0)                        15,306.6 
                   ==============  ==============  =============  ===============                 =============== 
 
 

Segment assets and liabilities are not disclosed as these are not regularly provided to the Board of the Company.

Set out below are analyses of the Group's revenue and non-current assets, by geographical areas:

 
                                   Indonesia      Other        Total 
                                        US$m       US$m         US$m 
 Non-current assets as at 
 30.06.2021                         10,019.5    1,547.7     11,567.2 
 31.12.2020                         10,414.8    1,539.2     11,954.0 
 

Non-current assets excluded financial instruments and deferred tax assets. Indonesia is disclosed separately as a geographical area as most of the customers are based in Indonesia.

   18     Interested person transactions 
 
                                                                            Aggregate              Aggregate value 
                                                                                value 
                                                                    of all interested            of all interested 
                                                                               person                       person 
                                                                         transactions                 transactions 
                                                                           (excluding              conducted under 
                                                                     transactionsless                Shareholders' 
                                                                       than S$100,000                      mandate 
                                                                                  and                  pursuant to 
                                                                         transactions                         Rule 
                                                                                                    920 (excluding 
                                                                            conducted                 transactions 
                                                                                under                         less 
                                                                        shareholders'              than S$100,000) 
                                                                              mandate 
                                                                             pursuant 
                                                                                   to 
                                                                            Rule 920) 
                                                            -------------------------  --------------------------- 
 Name of interested person     Nature of relationship                            US$m                         US$m 
  and 
    nature of transaction 
 Six months ended 30th 
  June 2021 
 
 Jardine Matheson Limited      Associate of the 
                                Company's 
   - management support 
    services                     controlling shareholder                            -                          1.4 
 
 Jardine Matheson & Co.,       Associate of the 
  Ltd                           Company's 
   - human resource and          controlling shareholder 
     administration services                                                        -                          0.2 
 
 Jardine International         Associate of the 
  Motors Limited                Company's 
   - management consultancy      controlling shareholder                          1.1                            - 
    services 
 
 Jardine International         Associate of the 
  Motors (S)                    Company's 
   Pte. Limited                  controlling shareholder 
   - management consultancy                                                       0.1                            - 
    services 
 
 Jardine Matheson Limited      Associate of the 
  /                             Company's 
    Jardine Matheson             controlling shareholder 
    (Singapore) 
    Ltd 
 - Digital and innovation                                                         1.3                            - 
  services 
 
 Jardine Engineering (S)       Associate of the 
  Pte Ltd                       Company's 
 - Air conditioner 
  maintenance 
  services                       controlling shareholder                            -                          0.3 
 
 Zung Fu Company Ltd           Associate of the 
                                Company's 
 - human resource capital        controlling shareholder 
  management services                                                               -                          0.1 
 
 Spouse of Michael Kok         Director of the 
  Pak Kuan                      Company 
 - purchase of a motor                                                            0.2                            - 
  vehicle 
                                                                                  2.7                          2.0 
                                                            =========================  =========================== 
 
   19   Additional information 
 
                                                                        Group 
                                                              2021          2020         Change 
                                                              US$m          US$m              % 
 Astra International 
 Automotive                                                  108.6          15.7          > 100 
 Financial services                                           74.3          69.8              6 
 Heavy equipment, mining, construction 
  & energy                                                    95.7          82.4             16 
 Agribusiness                                                 15.9          11.6             37 
 Infrastructure & logistics                                    3.2         (7.0)             nm 
 Information technology                                        0.5           0.5              - 
 Property                                                      2.9           2.4             21 
                                                      ------------  ------------ 
                                                             301.1         175.4             72 
 Less: Withholding tax on dividend                           (7.7)         (3.8)          > 100 
                                                                    ------------ 
                                                             293.4         171.6             71 
                                                                    ------------ 
 Direct Motor Interests 
 Singapore                                                    19.3           1.4          > 100 
 Malaysia                                                      0.2         (2.6)             nm 
 Myanmar                                                     (1.9)         (1.5)             27 
 Indonesia (Tunas Ridean)                                      6.9           3.0          > 100 
 Less: central overheads                                     (0.8)         (0.6)             33 
                                                              23.7         (0.3)             nm 
                                                      ------------  ------------ 
 
 Other Strategic Interests 
 Siam City Cement                                             13.7          11.5             19 
 Refrigeration Electrical Engineering                          5.5           3.2             72 
 Vinamilk                                                     10.5          11.8          ( 11) 
 Truong Hai Auto Corporation 
                                                      ------------  ------------ 
 - automotive                                                 34.4           4.1          > 100 
 - real estate                                                 4.6           1.2          > 100 
 - agriculture                                               (2.4)         (4.0)          ( 40) 
                                                      ------------  ------------ 
                                                              36.6           1.3          > 100 
                                                      ------------  ------------ 
                                                              66.3          27.8          > 100 
                                                      ------------  ------------ 
 
 Corporate costs 
 Central overheads                                          (10.9)         (9.1)             20 
 Dividend income from other investments                        3.0           2.7             11 
 Net financing charges                                       (7.9)        (13.8)          ( 43) 
 Exchange differences                                       (21.1)        (41.2)          ( 49) 
                                                      ------------  ------------ 
                                                            (36.9)        (61.4)          ( 40) 
                                                      ------------  ------------ 
 
 Underlying profit attributable to shareholders              346.5         137.7          > 100 
                                                      ============  ============ 
 
 
   20     Dividend and closure of books 

The Board has declared an interim one-tier tax exempt dividend of USc18 per share (2020: USc9 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, 31st August 2021 (" Record Date") up to, and including Wednesday, 1st September 2021 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 Record 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 Record Date will rank for the interim dividend.

The interim dividend will be paid on Thursday, 30th September 2021.

   21   Subsequent Events 

No significant event or transaction other than as contained in this report has occurred between 1st July 2021 and the date of this report

   22   Others 

The results do not include any pre-acquisition profits and have not been affected by any item, transaction or event of a material or unusual nature other than the non-trading items shown in Note 6 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 Rules of the SGX-ST.

- 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 half year ended 30th June 2021 can be accessed through the internet at 'www.jcclgroup.com'.

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.

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