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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Jardine Matheson Holdings Ld | LSE:JARJ | London | Ordinary Share | BMG507361001 | ORD US$0.25(JERSEY REG) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Agents & Mgrs | 36.05B | 686M | 2.3655 | 27.20 | 18.66B |
TIDMJDS TIDMJAR
RNS Number : 4999Q
Jardine Strategic Hldgs Ltd
26 February 2021
To: Business Editor 26th February 2021
For immediate release
Jardine Cycle & Carriage Limited
2020 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
26th February 2021
JARDINE CYCLE & CARRIAGE LIMITED
2020 FINANCIAL STATEMENTS AND DIVID ANNOUNCEMENT
Highlights
-- Underlying profit 50% lower at US$429 million
-- Significantly weaker performances from Astra's automotive, financial services and heavy equipment and mining operations
-- Direct Motor Interests performance affected by lower profitability in Cycle & Carriage Singapore and Tunas Ridean
-- Other Strategic Interests performance relatively stable
-- Proposed final dividend of USc34 per share, total dividend of USc43 per share for the year, 51% lower than 2019
"Jardine Cycle & Carriage's full-year performance reflected the impact of the COVID-19 pandemic, particularly in the second quarter when movement restrictions were in place in the markets where we operate. Some of the Group's businesses began to see improvements in performance over the second half of the year, but full-year results for most of them were lower compared to the previous year.
The Group continues to operate in challenging conditions and uncertainty remains about the duration of the pandemic. We expect these conditions to continue for some time and it is too early to predict what the impact of the pandemic will be on the Group's performance in 2021. "
Ben Keswick, Chairman
Group Results
Year ended 31st December 2020 2019 Change 2020 US$m US$m % S$m -------------------------------- ------- ------- -------- ------- Revenue 13,234 18,591 -29 18,225 Underlying profit attributable to shareholders (#) 429 863 -50 591 Non-trading items^ 111 18 nm 153 Profit attributable to shareholders 540 881 -39 744 Shareholders' funds 6,974 6,860 2 9,217 -------------------------------- ------- ------- -------- ------- USc USc Sc -------------------------------- ------- ------- -------- ------- Underlying earnings per share (#) 109 218 -50 150 Earnings per share 137 223 -39 188 Dividend per share 43 87 -51 57 US$ US$ S$ ------- ------- -------- Net asset value per share 17.65 17.36 23.33 -------------------------------- ------- ------- -------- -------
The exchange rate of US$1 =S$1.32 (31st December 2019: US$1=S$1.35) was used for translating assets and liabilities at the balance sheet date, and US$1=S$1.38 (2019: US$1=S$1.36) was used for translating the results for the period. The financial results for the year ended 31st December 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 5 to the condensed financial statements. Management considers this to be a key performance measurement which enhances the understanding of the Group's underlying business performances.
^ Included in 'non-trading items' are unrealised gain/losses arising from the revaluation of the Group's equity investments .
CHAIRMAN'S STATEMENT
Overview
The full year performance of Jardine Cycle & Carriage ("JC&C" or "the Group") reflected the continuing challenging conditions it faced as a result of the pandemic.
Astra contributed US$309 million to the Group's underlying profit in the year, 57% lower than the previous year, reflecting weaker performance s from its automotive, financial services and heavy equipment and mining operations.
The underlyin g profit from Direct Motor Interests was 78% lower at US$14 million, mainly due to lower contributions from Cycle & Carriage Singapore and Tunas Ridean.
Other Strategic Interests contributed an underlying profit of US$120 million, down 5% from the previous year. Truong Hai Auto Corporation's ("Thaco") automotive business was adversely affected by lockdown restrictions in the second quarter, but performance has since improved.
Corporate costs were US$14 million, down from US$42 million in the previous year, primarily due to lower net financing charges and higher foreign exchange gains from the translation of foreign currency loans.
The Group's underlying profit attributable to shareholders was 50% lower than the previous year at US$429 million. After accounting for non-trading items, profit attributable to shareholders was US$540 million, 39% lower than the previous year. The non-trading items recorded in the year included a US$188 million gain on the disposal of Astra's investment in Permata Bank and unrealised fair value gains related to non-current investments. These gains in non-trading items were partly offset by an impairment loss of US$182 million in respect of the Group's investment in Siam City Cement due to challenging market conditions over several years.
The Group's financial position remains strong, with shareholders' funds of US$6,974 million and a net asset value per share of US$17.65 at the year-end. Consolidated net debt, excluding Astra's financial services subsidiaries, was US$0.9 billion at the end of December 2020, compared to US$3.0 billion at the end of 2019, mainly due to the receipt of proceeds from the disposal of Astra's investment in Permata Bank.
Net debt within Astra's financial services subsidiaries decreased from US$3.3 billion to US$2.8 billion. JC&C parent company's net debt was US$1.5 billion, similar to the previous year-end.
Strategic Developments
In May 2020, Astra completed the sale of its 44.6% interest in Permata Bank for sale proceeds of US$1.1 billion.
In September 2020, Acset Indonusa, a subsidiary of United Tractors, raised US$102 million from a rights issue to reduce debt and to strengthen its capital structure. Following the rights issue, United Tractors' ownership in Acset Indonusa increased from 50.1% to 64.8%.
In November 2020, Astra acquired a 100% stake for US$45 million in Jakarta Marga Jaya, which owns 35% of Marga Lingkar Jakarta, the operator of the 7.7km Kebon Jeruk-Ulujami toll road as part of the Jakarta Outer Ring Road I.
In November 2020, Astra acquired a further 50% of Astra Aviva Life (now Asuransi Jiwa Astra) from Aviva International Holdings Limited for US$95 million, which brought its ownership to 100%.
Dividends
The Board is recommending a final one-tier tax-exempt dividend of USc34 per share (2019: USc69 per share) which, together with the interim dividend, will produce a total dividend for the year of USc43 per share (2019: USc87 per share).
People
On behalf of the Board, I would like to express our gratitude to our 240,000 employees across the region for their continuing hard work and dedication in this challenging business environment.
Mr Mark Greenberg has stepped down from the Board after more than 14 years. He has also served as a member of the Audit Committee. On behalf of the Board, I would like to record our appreciation for his valuable contribution to the Group.
I am delighted to welcome Ms Tan Yen Yen, who joined the Board in January 2021 as an independent director. She has extensive experience in the area of technology, and we look forward to the contribution she will bring to the Group.
Outlook
The Group continues to operate in challenging conditions and uncertainty remains about the duration of the pandemic. We expect these conditions to continue for some time and it is too early to predict what the impact of the pandemic will be on the Group's performance in 2021.
Ben Keswick
Chairman
GROUP MANAGING DIRECTOR'S REVIEW
Group Review
The Group's structure comprises three business pillars: (i) Astra; (ii) Direct Motor Interests ("DMI"), which consists of the Group's non-Astra automotive businesses; and (iii) Other Strategic Interests. The contribution to JC&C's underlying profit attributable to shareholders by business segment was as follows:
Contribution to JC&C's underlying profit Year ended 31st December -------------------------------- -------------------------------------- 2020 2019 Change Business segments US$m US$m % -------------------------------- ----------- ---------- ------------- Astra 309 716 -57 Direct Motor Interests 14 63 -78 Other Strategic Interests 120 126 -5
Corporate Costs (14) (42) -66 Underlying profit attributable to shareholders 429 863 -50 ----------- ---------- -------------
Astra
Astra contributed US$309 million to JC&C's underlying profit, 57% down from the previous year. Excluding the gain on disposal of its investment in Permata Bank, Astra r eported a net profit equivalent to US$702 million under Indonesian accounting standards, 53% lower in its local currency terms than the same period last year. There were weaker performances from its automotive, financial services, and heavy equipment and mining divisions .
Automotive
Net income fell by 68 % to US$185 million, reflecting a significant drop in sales volume. After suffering a net loss in the second quarter, the automotive division saw a return to profitability in the second half of the year, following a partial easing of the pandemic containment measures. Key points were as follows:
-- The wholesale car market declined by 48% to 532,000 units in 2020. Astra's car sales were 50% lower at 270,000 units, reflecting a slight decline in market share. 16 new models and 18 revamped models were launched in the year.
-- The wholesale market for motorcycles declined by 44% to 3.7 million units in 2020. Astra's Honda motorcycle sales fell by 41% to 2.9 million units but it saw an increase in market share. Five new models and 11 revamped models were launched in the year.
-- Components business, Astra Otoparts, reported a net income of less than US$1 million, compared to US$52 million in 2019, mainly due to lower revenues from the original equipment manufacturer, replacement market and export segments.
Financial Services
Net income from financial services fell by 44% to US$226 million, primarily due to increased loan loss provision s to cover higher non-performing loan losses in the consumer and heavy equipment-focused finance businesses . Key points were as follows:
-- Consumer finance businesses saw a 23% decrease in the amounts financed to US$4.6 billion. The net income contribution from the car-focused finance companies decreased by 46% to US$55 million, while the contribution from the motorcycle-focused financing business fell by 42% to US$105 million, in both cases due to higher loan loss provisioning, as non-performing loans increased.
-- Heavy equipment-focused finance operations saw a 17% decrease in the amounts financed to US$246 million, with the net income contribution from this business down 59% to US$3 million.
-- General insurance company, Asuransi Astra Buana, reported a 16% decrease in net income to US$62 million, caused by lower underwriting income.
Heavy Equipment, Mining, Construction & Energy
Net income decreased by 49% to US$234 million, mainly due to lower heavy equipment sales and mining contracting volume, caused by weaker coal prices for most of the year. Key points were as follows:
-- United Tractors reported a 47% decrease in net income to US$410 million.
-- Komatsu heavy equipment sales fell by 47% to 1,564 units, and parts and service revenues were also lower.
-- Mining contracting operations reported 17% lower overburden removal volume at 825 million bank cubic metres and 13% lower coal production at 115 million tonnes.
-- Coal mining subsidiaries achieved 9% higher coal sales at 9.3 million tonnes, including 1.9 million tonnes of coking coal sales, but profits were affected by lower coal prices.
-- Agincourt Resources saw 22% lower gold sales at 320,000 oz.
-- General contractor, Acset Indonusa, reported a net loss of US$90 million, mainly due to the slowdown of several ongoing projects and reduced project opportunities.
Infrastructure & Logistics
Net income from Astra's infrastru c ture and logistics division decreased from US$21 million to US$3 million, due to lower toll road revenues and lower operating margins in Serasi Autoraya. Key points were as follows:
-- Traffic volumes were 12% lower. Astra has interests in almost 358km of operational toll roads along the Trans-Java network and in the Jakarta Outer Ring Road.
-- Serasi Autoraya's net income decreased by 55% to US$8 million, mainly due to lower operating margins in its car rental business and lower used car sales, despite a 2% increase in vehicles under contract at 23,000 units.
Agribusiness
Net income from Agribusiness increased significantly to US$45 million, mainly as a result of a 28% increase in average crude palm oil prices, which offset a 14% decline in crude palm oil and derivative sales.
Direct Motor Interests
Direct Motor Interests faced challenging trading conditions during the year and made a reduced contribution of US$14 million to the Group's underlying profit, 78% lower than the prior year. Key points were as follows:
-- C ycle & Carriage Singapore contributed US$19 million, 68% down from the previous year, due to lower sales and weaker margins. Passenger car sales fell by 44% to 7,572 units and market share was reduced from 19% to 17%.
-- In Indonesia, Tunas Ridean's contribution of US$1 million was 94% lower. Its automotive business saw reduced sales, while its consumer finance operations were adversely impacted by lower lending volumes and increased loan provisioning.
-- Cycle & Carriage Bintang in Malaysia contributed a loss of US$1 million, compared to a loss of US$6 million in 2019. Despite challenging trading conditions, the financial performance of the business benefited from improved sales in the second half of the year due to a sales tax reduction, as well as cost savings initiatives.
Other Strategic Interests
Other Strategic Interests contributed US$120 million to the Group's underlying profit, 5% down on the previous year. Key points were as follows:
-- Thaco contributed US$39 million, which included an adjustment of US$7 million in respect of its 2019 results. Excluding the adjustment, the profit contribution would have been US$46 million, 9% up from the previous year. Thaco's automotive business contributed US$39 million, this was impacted by lower margins attributable mainly to difficult market conditions in the first half of the year as a result of the pandemic, but was partly offset by higher unit sales for the full year. Thaco's real estate business contributed US$7 million, compared to US$2 million in the previous year as sales resumed on the back of a market recovery, while its new venture in the agriculture sector contributed a loss of US$8 million.
-- Siam City Cement's contribution of US$24 million was 3% higher than the previous year. Margins benefited from improved operational efficiencies, which helped to offset the decline in sales.
-- The contribution of US$21 million from REE was 13% higher than the previous year, due to a stronger contribution from real estate and the effect of an increase in the Group's shareholding to 29.8%, partly offset by weaker performances from its hydropower investments and its M&E business.
-- The Group's investment in Vinamilk delivered dividend income of US$37 million, compared to US$36 million in the previous year. Vinamilk's 2020 profit was 5% higher in local currency ter ms as its export business continued to grow, while its domestic dairy segment remained relatively stable.
Corporate Costs
Corporate costs were US$14 million, compared to US$42 million in the previous year, which improved the overall underlying profit of the Group. This was primarily due to lower net financing charges and higher foreign exchange gains from the translation of foreign currency loans.
Summary
The operating environment remains uncertain and trading conditions are expected to remain challenging for some time. The Group remains confident, however, in the long-term economic prospects for Southeast Asia and it will remain focused on delivering its strategic objectives.
Ben Birks
Group Managing Director
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 Truong Hai Auto Corporation, 29.8% 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 other investments in JC&C's portfolio are the Cycle & Carriage businesses in Singapore, Malaysia and Myanmar, and 46.2%-owned Tunas Ridean in Indonesia. These motor businesses are managed by Jardine International Motors.
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.
Jardine Cycle & Carriage Limited Consolidated Profit and Loss Account for the year ended 31st December 2020 -------------------------------------------------------------- 2020 2019 Change Note US$m US$m % Revenue (1) 3 13,234.2 18,591.1 -29 Net operating costs 2 (11,717.0) (16,394.7) -29 Operating profit 1,517.2 2,196.4 -31 Financing income 121.6 93.0 31 Financing charges (2) (258.6) (362.7) -29 ----------- ----------- Net financing charges (137.0) (269.7) -49 Share of associates' and joint ventures' results after tax 100.2 622.3 -84 Profit before tax 1,480.4 2,549.0 -42 Tax (234.8) (573.5) -59 Profit after tax 3 1,245.6 1,975.5 -37 =========== =========== Profit attributable to: Shareholders of the Company 540.3 881.4 -39 Non-controlling interests 705.3 1,094.1 -36 1,245.6 1,975.5 -37 =========== =========== USc USc --------------------------- ----- ----------- ----------- ------- Earnings per share 5 137 223 -39 --------------------------- ----- ----------- ----------- -------
(1) Lower revenue was mainly due to lower sales in Astra's automotive and heavy equipment, mining, construction and energy businesses, as well as Direct Motor Interests;
(2) Decrease in financing charges was mainly due to lower interest rates and lower level of net debt
Jardine Cycle & Carriage Limited Consolidated Statement of Comprehensive Income for the year ended 31st December 2020 ------------------------------------------------------------- 2020 2019 US$m US$m Profit for the year 1,245.6 1,975.5 Items that will not be reclassified to profit or loss: -------- -------- Asset revaluation - surplus during the year 1.1 0.2 Remeasurements of defined benefit pension plans (15.5) (29.7) Tax on items that will not be reclassified 1.3 6.9 Share of other comprehensive income/(expense) of associates and joint ventures, net of tax (11.2) (14.1) -------- (24.3) (36.7) Items that may be reclassified subsequently to profit or loss: Translation difference - gain/(loss) arising during the year (160.7) 501.1 Financial assets at FVOCI(1) - gain arising during the year 19.1 20.2 - transfer to profit and loss 1.9 (1.0) Cash flow hedges - loss arising during the year (45.9) (130.1) - transfer to profit and loss 2.8 1.6 Tax relating to items that may be reclassified 4.8 31.3 Share of other comprehensive income/(expense) of associates and joint ventures, net of tax (56.8) (43.6) (234.8) 379.5 Other comprehensive income/(expense) for the year (259.1) 342.8 Total comprehensive income for the year 986.5 2,318.3 ======== ======== Attributable to: Shareholders of the Company 427.3 1,064.2 Non-controlling interests 559.2 1,254.1 986.5 2,318.3 ======== ========
(1) Fair value through other comprehensive income ("FVOCI")
Jardine Cycle & Carriage Limited Consolidated Balance Sheet at 31st December 2020 -------------------------------------------------- At At Note 31.12.2020 31.12.2019 US$m US$m Non-current assets Intangible assets 1,816.9 1,802.0 Right-of-use assets 832.4 872.5 Property, plant and equipment 4,243.2 4,718.2 Investment properties 532.2 543.2 Bearer plants 496.7 502.9 Interests in associates and joint ventures 4,032.6 5,067.3 Non-current investments 2,283.9 2,105.9 Non-current debtors 2,846.8 2,826.7 Deferred tax assets 370.8 359.2 ----------- ----------- 17,455.5 18,797.9 ----------- ----------- Current assets Current investments 60.4 28.8 Properties for sale 390.2 398.7 Stocks 1,320.2 1,907.1 Current debtors 4,676.9 5,891.2 Current tax assets 111.4 204.9 Bank balances and other liquid funds ----------- ----------- - non-financial services companies 3,095.1 1,588.0 - financial services companies 402.5 255.8 ----------- ----------- 3,497.6 1,843.8 ----------- ----------- 10,056.7 10,274.5 ----------- ----------- Total assets 27,512.2 29,072.4 ----------- ----------- Non-current liabilities Non-current creditors 278.4 324.4 Provisions 186.3 163.4 Non-current lease liabilities 79.7 93.7 Long-term borrowings 7 ----------- ----------- - non-financial services companies 1,719.3 1,923.7 - financial services companies 1,246.0 1,696.9 ----------- ----------- 2,965.3 3,620.6 Deferred tax liabilities 343.5 416.5 Pension liabilities 389.4 330.9 ----------- ----------- 4,242.6 4,949.5 ----------- ----------- Current liabilities Current creditors 3,534.9 4,307.8 Current provisions 115.9 108.6 Current lease liabilities 65.2 56.9 Current borrowings 7 ----------- ----------- - non-financial services companies 2,229.3 2,712.5 - financial services companies 1,930.4 1,852.6 ----------- ----------- 4,159.7 4,565.1 Current tax liabilities 87.3 100.0 ----------- ----------- 7,963.0 9,138.4 ----------- ----------- Total liabilities 12,205.6 14,087.9 ----------- ----------- Net assets 15,306.6 14,984.5 =========== =========== Equity Share capital 8 1,381.0 1,381.0 Revenue reserve 9 6,937.7 6,720.0 Other reserves 10 (1,344.6) (1,240.9) ----------- ----------- Shareholders' funds 6,974.1 6,860.1 Non-controlling interests 11 8,332.5 8,124.4 ----------- ----------- Total equity 15,306.6 14,984.5 =========== ===========
Jardine Cycle & Carriage Limited
Consolidated Statement of Changes in Equity for the year ended 31st December 2020
Attributable to shareholders of the Company Attributable to non- controlling interests Fair value Asset and Share Revenue revaluation Translation other Total capital reserve reserve reserve reserves Total equity US$m US$m US$m US$m US$m US$m US$m US$m 2020 Balance at 1st January 1,381.0 6,720.0 403.4 (1,611.0) (33.3) 6,860.1 8,124.4 14,984.5 Total comprehensive income - 529.4 - (72.7) (29.4) 427.3 559.2 986.5 Dividends paid by the Company - (311.2) - - - (311.2) - (311.2) Dividends paid to non-controlling interests - - - - - - (390.6) (390.6) Issue of shares to non-controlling interests - - - - - - 38.9 38.9 Change in shareholding - (0.8) - - - (0.8) 0.8 - Others - 0.3 - - (1.6) (1.3) (0.2) (1.5) Balance at 31st December 1,381.0 6,937.7 403.4 (1,683.7) (64.3) 6,974.1 8,332.5 15,306.6 ======== ======== ============ ============ ========= ======== ============= ========= 2019 Balance at 1st January 1,381.0 6,202.4 403.3 (1,852.5) 9.6 6,143.8 7,342.1 13,485.9 Total comprehensive income - 865.5 0.1 241.5 (42.9) 1,064.2 1,254.1 2,318.3 Dividends paid by the Company - (347.3) - - - (347.3) - (347.3) Dividends paid to non-controlling interests - - - - - - (497.7) (497.7) Issue of shares to non-controlling interests - - - - - - 28.6 28.6 Change in shareholding - (0.6) - - - (0.6) (2.5) (3.1) Acquisition of subsidiaries - - - - - - (0.2) (0.2) Balance at 31st December 1,381.0 6,720.0 403.4 (1,611.0) (33.3) 6,860.1 8,124.4 14,984.5 ======== ======== ============ ============ ========= ======== ============= ========= Jardine Cycle & Carriage Limited Company Balance Sheet at 31st December 2020 --------------------------------------------- At At Note 31.12.2020 31.12.2019 US$m US$m Non-current assets Property, plant and equipment 34.1 34.6 Interests in subsidiaries 1,412.2 1,380.8 Interests in associates and joint ventures 998.2 1,169.5 Non-current investment 223.0 205.1 ----------- 2,667.5 2,790.0 ----------- ----------- Current assets Current debtors 1,157.0 1,181.8 Bank balances and other liquid funds 46.5 42.7 ----------- ----------- 1,203.5 1,224.5 ----------- ----------- Total assets 3,871.0 4,014.5 ----------- ----------- Non-current liabilities Deferred tax liabilities 6.3 6.2 ----------- 6.3 6.2 ----------- ----------- Current liabilities Current creditors 65.2 74.7 Current borrowings 1,569.1 1,529.4 Current tax liabilities 1.8 1.6 ----------- 1,636.1 1,605.7 ----------- ----------- Total liabilities 1,642.4 1,611.9 ----------- ----------- Net assets 2,228.6 2,402.6 =========== =========== Equity Share capital 8 1,381.0 1,381.0 Revenue reserve 9 471.7 683.6 Other reserves 10 375.9 338.0 ----------- ----------- Total equity 2,228.6 2,402.6 =========== =========== Net asset value per share US$5.64 US$6.08 Jardine Cycle & Carriage Limited Company Statement of Comprehensive Income for the year ended 31st December 2020 -------------------------------------------------------------- 2020 2019 US$m US$m Profit for the year 99.3 358.3 Item s that may be reclassified subsequently to profit or loss: ------ ------ Translation difference - gain arising during the year 37.9 32.7 Other comprehensive income for the year 37.9 32.7 Total comprehensive income for the year 137.2 391.0 ====== ====== Jardine Cycle & Carriage Limited Company Statement of Changes in Equity for the year ended 31st December 2020 ----------------------------------------------------------- Share Revenue Translation Total capital reserve reserve equity US$m US$m US$m US$m 2020 Balance at 1st January 1,381.0 683.6 338.0 2,402.6 Total comprehensive income - 99.3 37.9 137.2 Dividends paid - (311.2) - (311.2) Balance at 31st December 1,381.0 471.7 375.9 2,228.6 ========= ========= ============ ========= 2019 Balance at 1st January 1,381.0 672.6 305.3 2,358.9 Total comprehensive income - 358.3 32.7 391.0 Dividends paid - (347.3) - (347.3) Balance at 31st December 1,381.0 683.6 338.0 2,402.6 ========= ========= ============ ========= Jardine Cycle & Carriage Limited Consolidated Statement of Cash Flows for the year ended 31st December 2020 --------------------------------------------------------- 2020 2019 Note US$m US$m Cash flows from operating activities Cash generated from operations 12 3,002.1 2,315.0 Interest paid (215.5) (243.4) Interest received 112.0 86.8 Other finance costs paid (68.4) (119.2) Income tax paid (361.7) (780.0) --------- (533.6) (1,055.8) Dividends received from associates and joint ventures (net) 285.9 453.1 --------- --------- (247.7) (602.7) --------- --------- Net cash flows from operating activities 2,754.4 1,712.3 Cash flows from investing activities --------- --------- Sale of intangible assets 0.6 - Sale of right-of-use assets - 1.9 Sale of property, plant and equipment 34.4 26.8 Sale of investment properties - 0.2
Sale of subsidiaries, net of cash disposed - 0.8 Sale of associate and joint venture 1,138.3 3.2 Sale of investments 444.8 292.3 Purchase of intangible assets (96.5) (154.2) Purchase of right-of-use assets (18.1) (41.2) Purchase of property, plant and equipment (309.4) (837.6) Purchase of investment properties (6.3) (18.2) Additions to bearer plants (34.8) (43.8) Purchase of subsidiaries, net of cash acquired (51.8) - Purchase of associates and joint ventures (32.5) (477.7) Purchase of investments (483.4) (401.1) --------- --------- Net cash flows used in investing activities 585.3 (1,648.6) Cash flows from financing activities --------- --------- Drawdown of loans 1,903.0 3,618.3 Repayment of loans (2,865.8) (2,869.6) Principal elements of lease payments (133.8) (91.0) Changes in controlling interests in subsidiaries - (3.1) Investments by non-controlling interests 38.9 28.6 Dividends paid to non-controlling interests (390.6) (497.7) Dividends paid by the Company (311.2) (347.3) --------- Net cash flows used in financing activities (1,759.5) (161.8) Net change in cash and cash equivalents 1,580.2 (98.1) Cash and cash equivalents at the beginning of the year 1,843.4 1,881.5 Effect of exchange rate changes 74.0 60.0 Cash and cash equivalents at the end of the year(1) 3,497.6 1,843.4 ========= =========
(1) For the purpose of the Consolidated Statement of Cash Flows, cash and cash equivalents comprise deposits with bank and financial institutions, bank and cash balances, net of bank overdrafts. In the balance sheet, bank overdrafts are included under current borrowings.
Jardine Cycle & Carriage Limited Notes to the financial statements for the year ended 31st December 2020 -------------------------------------------------------------------- 1 Basis of preparation
The financial statements are consistent with those set out in the 2019 audited accounts which have been prepared in accordance with Singapore Financial Reporting Standards (International) ("SFRS(I)") and International Financial Reporting Standards ("IFRS"). There have been no changes to the accounting policies described in the 2019 audited accounts other than the following changes in relation to rent concessions and government grants. Other amendments which are effective in 2020 and relevant to the Group's operations, do not have a significant effect on the Group's accounting policies. The Group has not early adopted any other standard or amendments that have been issued but not yet effective.
COVID-19 Related Rent Concessions: Amendment to IFRS 16 Leases
The Group has applied the Amendment, which is effective for annual reporting periods beginning on and after 1st June 2020, for the Group's annual reporting period commencing 1st January 2020. Where the Group is a lessee, the practical expedient is applied to account for the change in lease payments resulting from rent concessions granted as a direct consequence of the COVID-19 pandemic and elects not to assess these concessions as lease modifications when all of the following conditions are met:
(i) the revised lease payments are substantially the same as, or less than, the consideration for the lease immediately preceding the change;
(ii) reduction in lease payments relates to payment due on or before 31st December 2021; and
(iii) there is no substantive change to the other terms and conditions of the lease.
Rent concessions fulfilling the above conditions are recognised in the profit and loss over the period in which they cover.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group's accounting policies. Estimates and judgments used in preparing the financial statements are regularly evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results.
The exchange rates used for translating assets and liabilities at the balance sheet date are US$1= S$1.3216 (2019: US$1=S$1.3473), US$1= RM4.0245 (2019: US$1= RM4.0925), US$1= IDR14,105 (2019: US$1=IDR13,901), US$1= VND23,086 (2019: US$1= VND23,173) and US$1= THB29.920 (2019: US$1=THB29.863).
The exchange rates used for translating the results for the period are US$1= S$1.3771 (2019: US$1=S$1.3635), US$1= RM4.202 (2019: US$1= RM4.142), US$1= IDR14,647 (2019: US$1=IDR14,131), US$1= VND23,247 (2019: US$1= VND23,234) and US$1= THB31.309 (2019: US$1=THB30.938).
2 Net operating costs and operating profit Group 2020 2019 Change US$m US$m % Cost of sales (10,419.0) (14,766.3) -29 Other operating income 827.2 379.0 118 Selling and distribution expenses (933.8) (838.7) 11 Administrative expenses (1,065.2) (1,105.9) -4 Other operating expenses (126.2) (62.8) 101 ----------- ----------- Net operating costs (11,717.0) (16,394.7) -29 =========== =========== Operating profit is determined after including: Amortisation/depreciation of - intangible assets (126.7) (136.6) -7 - right-of-use assets (189.7) (127.3) 49 - property, plant and equipment (763.0) (795.5) -4 - bearer plants (26.7) (27.1) -1 Fair value changes of - investment properties 3.2 6.4 -50 - investments(1) 113.4 (9.6) nm - agricultural produce 5.8 4.8 21 - livestock (3.4) - nm - derivative not qualifying as (2.4) - hedges nm Profit/(loss) on disposal of: - intangible assets (1.3) (0.1) nm - right-of-use assets - 2.3 -100 - property, plant and equipment 22.2 6.6 236 - associates and joint ventures(2) 428.5 0.5 nm - investments 1.7 3.5 -51 Loss on disposal/write-down of receivables from collateral vehicles (80.8) (59.7) 35 Dividend and interest income from investments 88.8 97.6 -9 Write-down of stocks, net (14.3) (33.5) -57 (Impairment)/reversal of impairment of (33.9) - * intangible assets nm * right-of-use assets - (9.3) -100 * property, plant and equipment (9.4) (2.1) 348 * bearer plants - (7.9) -100 * debtors(3) (361.4) (111.6) 224 Net exchange gain/(loss)(4) 20.2 12.9 57 ======== ========
nm - not meaningful
(1) Fair value gain/(loss) relates mainly to equity investments in Vinamilk and Toyota Motor Corporation
(2) Profit in 2020 relates mainly to the gain from disposal of Permata Bank
(3) Increase in impairment of debtors relates mainly to higher loss provision attributable to higher non-performing loan losses
(4) Net exchange gain relates mainly to the impact of revaluating monetary liabilities denominated in US dollars
3 Revenue and Profit after tax Group 2020 2019 Change US$m US$m % Revenue: - 1st half 6,594.6 9,157.1 -28 - 2nd half 6,639.6 9,434.0 -30 --------- --------- 13,234.2 18,591.1 -29 ========= ========= Profit after tax: - 1st half 813.4 938.6 -13 - 2nd half 432.2 1,036.9 -58 -------- -------- 1,245.6 1,975.5 -37 ======== ======== 4 Dividends Group and Company 2020 2019 US$m US$m Dividend paid: Final one-tier tax exempt dividend in respect of previous year of 275.8 275.4 USc69 per share (2019: in respect of 2018 of USc69) Interim one-tier tax exempt dividend in respect of current year of 35.4 71.9
USc9 per share (2019: USc18) --------- --------- 311.2 347.3 ========= =========
The Board is recommending a final dividend of USc34 per share which, together with the interim dividend of USc9 per share , will give a total dividend for the year of USc43 per share.
5 Earnings per share Group 2020 2019 US$m US$m Basic earnings per share Profit attributable to shareholders 540.3 881.4 Weighted average number of ordinary shares in issue (millions) 395.2 395.2 Basic earnings per share USc137 USc223 ======= ======= Diluted earnings per share USc137 USc223 ======= ======= Underlying earnings per share Underlying profit attributable to shareholders 429.1 863.1 Basic underlying earnings per share USc109 USc218 ======= ======= Diluted underlying earnings per share USc109 USc218 ======= =======
As at 31st December 2019 and 2020, there were no dilutive potential ordinary shares in issue.
A reconciliation of the profit attributable to shareholders and underlying profit attributable to shareholders is as follows:
Group 2020 2019 US$m US$m Profit attributable to shareholders 540.3 881.4 Less: Non-trading items (net of tax and non-controlling interests) Fair value changes of agricultural produce and live stock 0.7 1.4 Fair value changes of an investment properties 0.8 3.3 Fair value changes of investments 109.1 (6.8) Impairment loss on associates and joint (182.8) - ventures Impairment loss on goodwill on subsidiaries (8.5) - Net gain on disposal of interests in associates and joint ventures 188.3 0.2 Share of associate's negative goodwill arising from business combination - 20.2 Others 3.6 - 111.2 18.3 -------- ------ Underlying profit attributable to shareholders 429.1 863.1 ======== ======
Non-trading items are separately identified to provide greater understanding of the Group's underlying business performance. Items classified as non-trading items include fair value gains or losses on revaluation of investment properties, agricultural produce and equity investments which are measured at fair value through profit and loss; gains and losses arising from the sale of businesses, investments and properties; impairment of non-depreciable intangible assets, associates and joint ventures and other investments; provisions for closure of businesses; acquisition-related costs in business combinations; and other credits and charges of a non-recurring nature that require inclusion in order to provide additional insight into the Group's underlying business performance.
6 Segment information
Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the Board for the purpose of resource allocation and performance assessment. Set out below is an analysis of the segment information:
Underlying businesses performance ------------------------------------------------------------------ Direct Other Non- Motor Strategic Corporate trading Astra Interests Interests Costs items Group US$m US$m US$m US$m US$m US$m 2020 Revenue 11,964.8 1,269.4 - - - 13,234.2 Net operating costs (11,041.8) (1,241.3) 36.7 8.8 520.6 (11,717.0) ------------ ---------------- ---------------- ---------------- -------------- ------------ Operating profit/(loss) 923.0 28.1 36.7 8.8 520.6 1,517.2 Financing income 121.2 0.3 - 0.1 - 121.6 Financing charges (233.6) (3.1) - (21.9) - (258.6) ------------ ---------------- ---------------- ---------------- -------------- ------------ Net financing charges (112.4) (2.8) - (21.8) - (137.0) Share of associates' and joint ventures' results after tax 202.8 (2.3) 86.4 - (186.7) 100.2 ------------ -------------- Profit before tax 1,013.4 23.0 123.1 (13.0) 333.9 1,480.4 Tax (220.1) (7.1) (3.0) (1.1) (3.5) (234.8) ------------ ---------------- ---------------- ---------------- -------------- ------------ Profit after tax 793.3 15.9 120.1 (14.1) 330.4 1,245.6 Non-controlling interests (483.9) (2.2) - - (219.2) (705.3) ------------ ---------------- ---------------- ---------------- -------------- ------------ Profit attributable to shareholders 309.4 13.7 120.1 (14.1) 111.2 540.3 ============ ================ ================ ================ ============== ============ Net cash/(debt) (excluding net debt of financial services companies) 626.4 39.1 - (1,519.0) (853.5) Total equity 13,953.3 282.7 1,366.6 (296.0) 15,306.6 ============ ================ ================ ================ ============ Underlying businesses performance ---------------------------------------------------------------- Direct Other Non- Motor Strategic Corporate trading Astra Interests Interests Costs items Group US$m US$m US$m US$m US$m US$m 2019 Revenue 16,802.9 1,788.2 - - - 18,591.1 Net operating costs (14,711.0) (1,721.2) 35.7 (0.3) 2.1 (16,394.7) ---------- ---------------- ---------------- ---------------- -------------- ------------ Operating profit/(loss) 2,091.9 67.0 35.7 (0.3) 2.1 2,196.4 Financing income 92.1 0.4 - 0.5 - 93.0 Financing charges (317.6) (4.4) - (40.7) - (362.7) ---------- ---------------- ---------------- ---------------- -------------- ------------ Net financing charges (225.5) (4.0) - (40.2) - (269.7) Share of associates' and joint ventures' results after tax 493.0 15.0 92.9 - 21.4 622.3 ---------- -------------- ------------ Profit before tax 2,359.4 78.0 128.6 (40.5) 23.5 2,549.0 Tax (555.5) (12.9) (2.6) (1.0) (1.5) (573.5) ---------- ---------------- ---------------- ---------------- -------------- ------------ Profit after tax 1,803.9 65.1 126.0 (41.5) 22.0 1,975.5 Non-controlling interests (1,088.2) (2.2) - - (3.7) (1,094.1) ---------- ---------------- ---------------- ---------------- -------------- ------------ Profit attributable to shareholders 715.7 62.9 126.0 (41.5) 18.3 881.4
========== ================ ================ ================ ============== ============ Net cash/(debt) (excluding net debt of financial services companies) (1,553.8) (19.9) - (1,474.5) (3,048.2) Total equity 13,591.0 287.8 1,500.4 (394.7) 14,984.5 ========== ================ ================ ================ ============ 7 Borrowings Group 2020 2019 US$m US$m Long-term borrowings: * secured 391.6 765.1 * unsecured 2,573.7 2,855.5 -------- -------- 2,965.3 3,620.6 ======== ======== Current borrowings: * secured 443.1 1,138.5 * unsecured 3,716.6 3,426.6 -------- -------- 4,159.7 4,565.1 -------- -------- Total borrowings 7,125.0 8,185.7 ======== ========
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$295.6 million (31st December 2019: US$877.1 million).
8 Share capital Group 2020 2019 US$m US$m Six months ended 31st December Issued and fully paid: Balance at 1st July and 31st December - 395,236,288 (2019: 395,236,288) ordinary shares 1,381.0 1,381.0 Year ended 31st December Issued and fully paid: Balance at 1st January and 31st December - 395,236,288 (2019: 395,236,288) ordinary shares 1,381.0 1,381.0 ======== ========
There were no rights, bonus or equity issues during the year.
The Company did not hold any treasury shares as at 31st December 2020 (31st December 2019: Nil) and did not have any unissued shares under convertibles as at 31st December 2020 (31st December 2019: Nil).
There were no subsidiary holdings (as defined in the Listing Manual of the SGX-ST) as at 31st December 2020 (31st December 2019: Nil).
9 Revenue reserve Group Company 2020 2019 2020 2019 US$m US$m US$m US$m Movements : Balance at 1st January 6,720.0 6,202.4 683.6 672.6 Defined benefit pension plans * remeasurements (5.6) (12.7) - - * deferred tax 0.5 2.5 - - Share of associates' and joint ventures' remeasurements of defined benefit pension plans, net of tax (5.8) (5.7) - - Profit attributable to shareholders 540.3 881.4 99.3 358.3 Dividends paid by the Company (311.2) (347.3) (311.2) (347.3) Change in shareholding (0.8) (0.6) - - Other 0.3 - - - Balance at 31st December 6,937.7 6,720.0 471.7 683.6 ======= ======= ======= ======= 10 Other reserves Group Company 2020 2019 2020 2019 US$m US$m US$m US$m Composition : Asset revaluation reserve 403.4 403.4 - - Translation reserve (1,683.7) (1,611.0) 375.9 338.0 Fair value reserve 18.5 12.2 - - Hedging reserve (86.1) (48.8) - - Other reserve 3.3 3.3 - - --------- --------- ----- ----- Balance at 31st December (1,344.6) (1,240.9) 375.9 338.0 ========= ========= ===== ===== Movements : Asset revaluation reserve Balance at 1st January 403.4 403.3 - - Revaluation surplus - 0.1 - - Balance at 31st December 403.4 403.4 - - ========= ========= ===== ===== Translation reserve Balance at 1st January (1,611.0) (1,852.5) 338.0 305.3 Translation difference (72.7) 241.5 37.9 32.7 Balance at 31st December (1,683.7) (1,611.0) 375.9 338.0 ========= ========= ===== ===== Fair value reserve Balance at 1st January 12.2 0.5 -- Financial assets at FVOCI - fair value changes 9.2 9.7 -- - deferred tax (0.1) (0.1) -- - transfer to profit and loss 1.1 (0.5) -- Share of associates' and joint ventures' fair value changes of financial assets at FVOCI, net of tax (2.3) 2.6 -- Others (1.6) - -- Balance at 31st December 18.5 12.2 -- ====== ====== Hedging reserve Balance at 1st January (48.8) 5.8 -- Cash flow hedges - fair value changes (25.1) (52.2) -- - deferred tax 3.5 12.6 -- - transfer to profit and loss 1.4 0.8 -- Share of associates' and joint ventures' fair value changes of cash flow hedges, net of tax (17.1) (15.8) -- Balance at 31st December (86.1) (48.8) -- ====== ====== Other reserve Balance at 1st January and 31st December 3.3 3.3 -- ====== ====== 11 Non-controlling interests Group 2020 2019 US$m US$m Balance at 1st January 8,124.4 7,342.1 Asset revaluation surplus 1.1 0.1 Financial assets at FVOCI - fair value changes 9.9 10.5 - deferred tax (0.1) (0.2) - transfer to profit and loss 0.8 (0.5) Share of associates' and joint ventures' fair value changes of Financial assets at FVOCI, net of tax (2.2) 2.6 Cash flow hedges - fair value changes (20.8) (77.9) - deferred tax 1.5 19.0 * transfer to profit and loss 1.4 0.8 Share of associates' and joint ventures' fair value changes of cash flow hedges, net of tax (35.2) (33.0) Defined benefit pension plans - remeasurements (9.9) (18.9) - deferred tax 0.8 4.4 Share of associates' and joint ventures' remeasurements of defined benefit pension plans, net of tax (5.4) (6.5) Translation difference (88.0) 259.6 Profit for the year 705.3 1,094.1 Issue of shares to non-controlling interests 38.9 28.6 Dividends paid (390.6) (497.7) Change in shareholding 0.8 (2.5) Acquisition of subsidiaries - (0.2) Other (0.2) - ------- ------- Balance at 31st December 8,332.5 8,124.4 ======= ======= 12 Cash flows from operating activities Group 2020 2019 US$m US$m Profit before tax 1,480.4 2,549.0 Adjustments for: ---------- --------- Financing income (121.6) (93.0) Financing charges 258.6 362.7 Share of associates' and joint ventures' results after tax (100.2) (622.3) Amortisation/depreciation of - intangible assets 126.7 136.6 - right-of-use assets 189.7 127.3 - property, plant and equipment 763.0 795.5 - bearer plants 26.7 27.1 Impairment/(reversal of impairment) of - intangible assets 33.9 - - right-of-use assets - 9.3 - property, plant and equipment 9.4 2.1 - bearer plants - 7.9 - debtors 361.4 111.6 Fair value changes of: - investment properties (3.2) (6.4) - investment (113.4) 9.6
- agricultural produce (5.8) (4.8) - livestock 3.4 - - derivative not qualifying as hedges 2.4 - (Profit)/loss on disposal of: - intangible assets 1.3 0.1 - right-of-use assets - (2.3) - property, plant and equipment (22.2) (6.6) - associates and joint ventures (428.5) (0.5) - investments (1.7) (3.5) Loss on disposal/write-down of receivables from collateral vehicles 80.8 59.7 Amortisation of borrowing costs for financial services companies 9.5 9.7 Write-down of stocks 14.3 33.5 Loss on modifications to lease terms 4.4 - Changes in provisions 37.2 32.9 Foreign exchange loss (22.6) (10.4) 1,103.5 975.8 Operating profit before working capital changes 2,583.9 3,524.8 Changes in working capital: ---------- --------- Properties for sale 2.6 (27.6) Stocks (1) 447.9 78.0 Concession rights (9.8) (77.3) Financing debtors 135.2 (291.0) Debtors (2) 910.8 (8.7) Creditors (3) (1,110.5) (919.7) Pensions 42.0 36.5 418.2 (1,209.8) ---------- --------- Cash flows from operating activities 3,002.1 2,315.0 ========== ========= (1) Decrease in stock balance mainly due to lower purchases (2) Decrease in debtors balance due mainly to lower sales activities and repayment (3) Decrease in creditors balance due mainly to lower trade purchases amid slowdown in demand 13 Interested person transactions Aggregate value of all interested person transactions Aggregate (excluding value of transactions all interested less than person transactions S$100,000 conducted and transactions under shareholders' conducted mandate under pursuant shareholders' to Rule mandate 920 (excluding pursuant transactions to Rule less than 920) S$100,000) ------------------ -------------------- Name of interested Nature of US$m US$m person and nature of relationship transaction Six months ended 31st December 2020 Jardine Engineering Associate of the (S) Pte Ltd Company's controlling shareholder - Air conditioner replacement - 0.1 Jardine International Associate of the Motors Limited Company's controlling shareholder - management consultancy 1.6 - services Jardine International Associate of the Motors (S) Pte. Limited Company's controlling shareholder - management consultancy 0.3 - services Jardine Matheson Limited Associate of the Company's controlling shareholder * management support services - 2.1 1.0 - * digital and innovation services * cyber security services - 0.3 Jardine Matheson & Associate of the Co., Ltd Company's controlling shareholder * human resource and administration services - 0.2 Jardine Matheson (Singapore) Associate of the Ltd Company's controlling shareholder 0.5 - * digital and innovation services 3.4 2.7 ================= ================== 13 Interested person transactions (continued) Aggregate value of all interested person Aggregate transactions value of (excluding all interested transactions person less than transactions S$100,000 conducted and transactions under shareholders' conducted mandate under pursuant shareholders' to Rule mandate 920 (excluding pursuant transactions to Rule less than 920) S$100,000) ----------------- -------------------- Name of interested Nature of US$m US$m person and nature of relationship transaction Year ended 31st December 2020 Hongkong Land Ltd Associate of the Company's controlling shareholder
- management support services - 0.1 Jardine Engineering Associate of the (S) Pte Ltd Company's controlling shareholder - Air conditioner replacement - 0.1 Jardine International Associate of the Motors Limited Company's controlling shareholder - management consultancy 3.7 - services Jardine International Associate of the Motors (S) Pte. Limited Company's controlling shareholder - management consultancy 0.5 - services Jardine Matheson Limited Associate of the Company's controlling shareholder * management support services - 3.1 1.0 - * digital and innovation services * cyber security services - 0.3 Jardine Matheson & Associate of the Co., Ltd Company's controlling shareholder * human resource and administration services - 0.4 Jardine Matheson (Singapore) Associate of the Ltd Company's controlling shareholder 0.5 - * digital and innovation services 5.7 4.0 ================= ================== 14 Additional information Group 2020 2019 Change US$m US$m % Astra International Automotive 64.3 268.9 -76 Financial services 110.8 215.9 -49 Heavy equipment, mining, construction & energy 122.7 238.3 -49 Agribusiness 22.0 4.5 389 Infrastructure & logistics 1.2 9.9 -88 Information technology 0.5 6.8 -93 Property 2.9 2.7 7 ------- ------- 324.4 747.0 -57 Less: Withholding tax on dividend (15.0) (31.3) -52 ------- 309.4 715.7 -57 ------- Direct Motor Interests Singapore 18.5 57.1 -68 Malaysia (0.7) (5.6) -88 Myanmar (3.4) (4.3) -21 Indonesia (Tunas Ridean) 0.8 18.8 -96 Less: central overheads (1.5) (3.1) -52 13.7 62.9 -78 ------- ------- Other Strategic Interests Siam City Cement 24.2 23.5 3 Refrigeration Electrical Engineering 20.6 18.3 13 Vinamilk 36.7 35.7 3 Truong Hai Auto Corporation ------- ------- - automotive 39.3 46.3 -15 - real estate 7.4 1.7 335 - agriculture (8.1) 0.5 nm ------- ------- 38.6 48.5 -20 ------- ------- 120.1 126.0 -5 ------- ------- Corporate costs Central overheads (21.4) (23.5) -9 Dividend income from other investments 5.1 5.0 2 Net financing charges (21.7) (40.2) -46 Exchange differences 23.9 17.2 39 ------- ------- (14.1) (41.5) -66 ------- ------- Underlying profit attributable to shareholders 429.1 863.1 -50 ======= ======= 15 Record Date
NOTICE IS HEREBY GIVEN that, subject to shareholders' approval being obtained at the forthcoming 52nd Annual General Meeting of the Company ("AGM") for the proposed final one-tier tax-exempt dividend of US$0.34 per share for the financial year ended 31st December 2020 (the "Final Dividend"), the Transfer Books and Register of Members of the Company will be closed from 5.00 p.m. on Friday, 28th May 2021 (the "Record Date") up to, and including Monday, 31st May 2021, for the purpose of determining shareholders' entitlement to the Final 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 Final Dividend are determined.
Subject to approval being obtained as aforesaid, 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 Final Dividend.
The Final Dividend, if approved at the AGM, will be paid on 25th June 2021.
16 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 5 of this report.
The Company confirms that it has procured undertakings from all its directors and executive officers under Rule 720(1) of the Listing Manual.
No significant event or transaction other than as contained in this report has occurred between 1st January 2021 and the date of this report.
17 Notice pursuant to Rule 704(13) of the Listing Manual
Pursuant to Rule 704(13) of the SGX-ST Listing Manual, Jardine Cycle & Carriage Limited wishes to announce that no person occupying a managerial position in the Company or any of its principal subsidiaries is a relative of a director or chief executive officer or substantial shareholder of the Company.
- 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 year ended 31st December 2020 can be accessed through the internet at 'www.jcclgroup.com'.
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