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JDS Jardine Strategic Holdings Ld

34.41
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Jardine Strategic Holdings Ld LSE:JDS London Ordinary Share BMG507641022 ORD US$0.05(SINGAPORE REG)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 34.41 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Jardine Strategic Hldgs Ltd JC&C 2017 Third Quarter Financial Statements (6566V)

08/11/2017 9:15am

UK Regulatory


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TIDMJDS TIDMJAR

RNS Number : 6566V

Jardine Strategic Hldgs Ltd

08 November 2017

To: Business Editor 8th November 2017

For immediate release

Jardine Cycle & Carriage Limited

2017 Third Quarter Financial Statements and Dividend Announcement

The following announcement was issued today by the Company's 75%-owned subsidiary, Jardine Cycle & Carriage Limited.

For further information, please contact:

Jardine Matheson Limited

Neil M McNamara (852) 2843 8227

Brunswick Group Limited

Karin Wong (852) 3512 5077

8th November 2017

JARDINE CYCLE & CARRIAGE LIMITED

2017 THIRD QUARTER FINANCIAL STATEMENTS AND DIVID ANNOUNCEMENT

Highlights

   --     Underlying earnings per share up 14% 
   --     Improved performances from most of Astra's businesses 
   --     Lower contribution from non-Astra interests 

"The outlook for the rest of the year is expected to remain positive as Astra's results will continue to benefit from increased commodity prices, although there are concerns over greater competition in the car market as well as increased provisioning in certain of its financing activities. The Group's Direct Motor Interests and Other Interests will continue to face market challenges."

Ben Keswick, Chairman

8th November 2017

 
 Group Results 
--------------------------------   ------------------------------------  -------  ----------- 
                                                Nine months ended 30th September 
--------------------------------  ----------------------------------------------  ----------- 
                                                2017               2016   Change         2017 
                                                US$m               US$m        %          S$m 
----------------------------------  ----------------  -----------------  -------  ----------- 
 Revenue                                      12,964             11,632       11       17,952 
 Profit after tax                              1,365              1,071       28        1,891 
 Underlying profit attributable 
  to 
    shareholders (#)                             590                518       14          817 
 Profit attributable to 
  shareholders                                   610                514       19          845 
----------------------------------  ----------------  -----------------  -------  ----------- 
                                                 USc                USc                    Sc 
----------------------------------  ----------------  -----------------  -------  ----------- 
 Underlying earnings per 
  share (#)                                      149                131       14          207 
 Earnings per share                              154                130       19          214 
 Interim dividend per share                       18                 18        -           25 
                                                  At                 At                    At 
                                           30.9.2017         31.12.2016             30.9.2017 
----------------------------------  ----------------  -----------------  -------  ----------- 
                                                US$m               US$m                   S$m 
----------------------------------  ----------------  -----------------  -------  ----------- 
 Shareholders' funds                           6,094              5,755        6        8,281 
----------------------------------  ----------------  -----------------  -------  ----------- 
                                                 US$                US$                    S$ 
----------------------------------  ----------------  -----------------  -------  ----------- 
 Net asset value per share                     15.42              14.56        6        20.95 
----------------------------------  ----------------  -----------------  -------  ----------- 
 
 

The exchange rate of US$1=S$1.36 (31st December 2016: US$1=S$1.44) was used for translating assets and liabilities at the balance sheet date and US$1=S$1.38 (30th September 2016: US$1=S$1.37) was used for translating the results for the period.

The financial results for the nine months ended 30th September 2017 and 30th September 2016 have been prepared in accordance with International Financial Reporting Standards. These results have not been audited or reviewed by the auditors.

# The Group uses 'underlying profit' in its internal financial reporting to distinguish between ongoing business performance and non-trading items, as more fully described in Note 4 to the financial statements. Management considers this to be a key measure which provides additional information to enhance understanding of the Group's underlying business performance.

CHAIRMAN'S STATEMENT

Overview

The Group achieved improved profits in the first nine months of the year with a stronger performance from Astra, offsetting lower profit contributions from the Group's Direct Motor Interests and Other Interests.

Performance

The Group's revenue for the nine months grew by 11% to US$13.0 billion with increases in most of Astra's businesses. The Group's underlying profit attributable to shareholders was 14% higher at US$590 million. Profit attributable to shareholders was up 19% at US$610 million after accounting for net non-trading gains of US$20 million. Earnings per share rose 19% to USc154.

Astra contributed US$499 million to the Group's underlying profit, an increase of 25%. The Group's Direct Motor Interests contributed US$89 million, 21% down on the previous year, while the Group's Other interests contributed US$19 million, 13% lower.

The Group's net cash, excluding net borrowings within Astra's financial services subsidiaries was US$240 million at the end of September, compared to US$709 million at the end of December 2016. The reduction was due to investments made by Astra in toll roads, power plant and property, together with the Company's participation in the rights issue of Siam City Cement. Net debt within Astra's financial services subsidiaries was US$3.5 billion at the end of September, similar to the end of 2016. JC&C parent company's net cash was US$34 million, compared to US$154 million at the end of 2016, following its US$127 million subscription for Siam City Cement's rights issue in May.

The Board has not declared a dividend for the third quarter ended 30th September 2017 (third quarter ended 30th September 2016: Nil).

Group Review

Astra

Astra reported a net profit equivalent to US$1,062 million under Indonesian accounting standards for the nine months, 26% higher in its local currency, with increases seen in most of its operations. The group's automotive businesses achieved improved market shares for both cars and motorcycles, but experienced an increasingly competitive car market. The results from its financial services businesses improved with a return to profit by Permata Bank, while increased commodity prices led to a strong performance from heavy equipment and mining, as well as its agribusiness activities.

Automotive

Net income from the group's automotive division increased by 10% to US$493 million, primarily due to higher car and motorcycle sales, although there was increasing discounting pressure in the car market.

The wholesale market for cars rose by 3% to 804,000 units. Astra's car sales were 5% higher at 444,000 units, resulting in its market share improving from 54% to 55%. The group launched nine new models and ten revamped models during the period.

The wholesale market for motorcycles was flat at 4.3 million units. Astra Honda Motor's domestic sales were, however, 2% higher at 3.2 million units, resulting in its market share improving from 73% to 75%. The group launched seven new models and fourteen revamped models during the period.

Net income of Astra Otoparts, the group's component business, increased 30% to US$28 million, reflecting higher earnings contributions from its joint venture and associate companies driven by increased sales volumes.

Financial Services

Net income from the group's financial services division increased 42% to US$221 million, largely due to a return to profit at Permata Bank.

The group's consumer finance businesses saw a 6% increase in the amount financed, including amounts financed through joint bank financing without recourse, to US$4.2 billion. Car-focused Astra Sedaya Finance reported a 9% increase in net income at US$53 million. Toyota Astra Financial Services recorded a 33% decrease in net income to US$13 million following increases in loan loss provisions. Motorcycle-focused Federal International Finance's net income was 14% higher at US$109 million as it benefited from Honda's improved market share as well as loan product diversification.

The amount financed through the group's heavy equipment-focused finance operations increased by 56% to US$392 million. Net income at Surya Artha Nusantara Finance, which specialises in small and medium size heavy equipment financing, was 40% lower at US$3 million, mainly due to larger loan loss provisions.

Permata Bank, in which Astra holds a 44.6% interest, reported a net income of US$53 million for the period, compared with a net loss of US$93 million in 2016. The bank's gross non-performing loan ratio improved from 8.8% at the end of 2016 to 4.7% at 30th September 2017, while its net non-performing loan ratio improved from 2.2% to 1.8%. Permata Bank's return to profitability was mainly driven by an improvement in asset quality and the previously announced sale of a portfolio of its non-performing loans.

Asuransi Astra Buana, the Group's general insurance company achieved higher investment income, and reported net income up 7% at US$56 million.

During the period, the Group's life insurance joint venture, Astra Aviva Life, acquired more than 185,000 new individual life customers and 290,000 new participants for its corporate employee benefits programmes, bringing the respective totals to 341,000 and 657,000 people being insured at the end of September 2017.

Heavy Equipment and Mining

The net income contribution from the group's heavy equipment and mining division increased by 80% to US$255 million.

United Tractors, which is 59.5%-owned, reported net income 80% higher at US$422 million. The increase was due to improved performances in its construction machinery, mining contracting and mining operations, all of which benefited from the strong coal prices.

In its construction machinery business, Komatsu heavy equipment sales were up 73% at 2,744 units, while parts and service revenues were also higher. The mining contracting operations of Pamapersada Nusantara recorded a 5% increase in coal production at 82 million tonnes, while overburden removal was up 12% at 585 million bank cubic metres. United Tractors' mining subsidiaries reported coal sales down 12% at 5 million tonnes, due to lower volumes in its coal trading business.

General contractor Acset Indonusa, a 50.1% subsidiary of United Tractors, reported net income up 178% at US$8 million, with US$536 million in new contracts secured, compared with US$188 million secured in the same period last year.

Agribusiness

Net income from the group's agribusiness division increased by 23% to US$84 million.

Astra Agro Lestari, which is 79.7%-owned, reported net income of US$105 million, up from US$86 million in 2016, benefiting from higher crude palm oil prices and sales volumes. Average crude palm oil prices achieved were up 10% at Rp8,309/kg, while sales of crude palm oil and its derivatives were 15% higher at 1.26 million tonnes compared with the same period last year.

Infrastructure and Logistics

The group's infrastructure and logistics division reported a net loss of US$5 million, compared with a net profit of US$16 million in the same period last year. This was mainly due to initial losses on the newly opened Cikopo-Palimanan toll road in which the group acquired a 45% interest earlier in the year and a loss on the disposal of the group's 49% interest in PAM Lyonnaise Jaya, a water concession with five years left to run. The 72.5km Tangerang-Merak toll road, operated by 79.3%-owned Marga Mandalasakti, saw traffic volumes increase by 6% to 37 million vehicles.

Serasi Autoraya's net income increased by 99% to US$10 million, due to higher net margins in its car leasing and rental, as well as logistics businesses, despite a 6% decline in vehicles under contract.

Information Technology

Net income from the group's information technology division was flat at US$8 million.

Astra Graphia, which is 76.9%-owned, reported net income of US$10 million, mainly from increased revenue from its document solutions and office service businesses, partly offset by lower revenue from Information Technology Solutions.

Property

Net income from the group's property division was 15% higher at US$7 million, mainly due to higher recognised development earnings on its Anandamaya Residences project, which is scheduled for completion in 2018.

In September 2017, 50%-owned Astra Land Indonesia entered into an agreement to increase its shareholding in Astra Modern Land, which is developing a 67-hectare site in East Jakarta, from 50% to 67%.

Direct Motor Interests

The Group's Direct Motor Interests contributed a profit of US$89 million for the first nine months of 2017, 21% down on the comparable period in the prior year. The was due mainly to lower earnings from the automotive activities of Truong Hai Auto Corporation in Vietnam following a reduction in unit sales in the face of an increasingly competitive trading environment, partly offset by a contribution from its real estate business. Cycle & Carriage Singapore's earnings rose as they benefited from higher sales of both new and used cars. In Malaysia, Cycle & Carriage Bintang's contribution continued to suffer from intense competition in the premium car segment. In Indonesia, Tunas Ridean's contribution was lower due to weaker performances in its automotive and consumer finance businesses, partly offset by improved vehicle rental profits.

Other Interests

The Group's Other Interests comprising 25.5%-held Siam City Cement in Thailand and 22.9%-held Refrigeration Electrical Engineering Corporation ("REE") in Vietnam, contributed US$19 million, a decline of 13%. Siam City Cement's profit for the first nine months was significantly lower in local currency terms due mainly to reduced domestic cement prices and sales volumes together with one-off expenses. REE is performing well with strong contributions in the first nine months from all divisions: M&E, real estate, and power and water infrastructure.

Outlook

The outlook for the rest of the year is expected to remain positive as Astra's results will continue to benefit from the increased commodity prices, although there are concerns over greater competition in the car market as well as increased provisioning in certain of its financing activities. The Group's Direct Motor Interests and Other Interests will continue to face market challenges.

Ben Keswick

Chairman

8th November 2017

Statement pursuant to Rule 705(5) of the Listing Manual

The directors confirm that, to the best of their knowledge, nothing has come to the attention of the Board of Directors which may render the accompanying unaudited interim financial results for the nine months ended 30th September 2017 to be false or misleading in any material respect.

On behalf of the Directors

Ben Keswick

Director

Hassan Abas

Director

8th November 2017

 
 Jardine Cycle & Carriage Limited 
  Consolidated Profit and Loss Account for the nine months ended 30th 
  September 2017 
--------------------------------------------------------------------- 
 
 
                                      Three months                    Nine months ended 
                                          ended 
                                  30.9.2017   30.9.2016   Change    30.9.2017    30.9.2016   Change 
                           Note        US$m        US$m        %         US$m         US$m        % 
 
 Revenue                            4,444.7     3,929.1       13     12,963.8     11,632.1       11 
 Net operating costs          2   (3,993.6)   (3,550.9)       12   (11,720.7)   (10,613.9)       10 
 
 Operating profit             2       451.1       378.2       19      1,243.1      1,018.2       22 
 
 Financing income                      26.7        25.3        6         82.7         66.9       24 
 Financing charges                   (38.6)      (33.4)       16      (117.5)       (98.4)       19 
                                 ----------  ----------           -----------  ----------- 
 Net financing charges               (11.9)       (8.1)       47       (34.8)       (31.5)       10 
 Share of associates' 
  and joint 
   ventures' results 
    after tax                         155.4       118.9       31        482.3        336.3       43 
 
 Profit before tax                    594.6       489.0       22      1,690.6      1,323.0       28 
 Tax                          3     (117.0)      (93.5)       25      (325.2)      (252.4)       29 
 
 Profit after tax                     477.6       395.5       21      1,365.4      1,070.6       28 
                                 ==========  ==========           ===========  =========== 
 
 Profit attributable 
  to: 
 Shareholders of the 
  Company                             211.1       186.2       13        610.2        513.8       19 
 Non-controlling interests            266.5       209.3       27        755.2        556.8       36 
 
                                      477.6       395.5       21      1,365.4      1,070.6       28 
                                 ==========  ==========           ===========  =========== 
 
 
                                        USc         USc                   USc          USc 
---------------------------      ----------  ----------  -------  -----------  -----------  ------- 
 Earnings per share           4          53          47       13          154          130       19 
---------------------------      ----------  ----------  -------  -----------  -----------  ------- 
 
 
 Jardine Cycle & Carriage Limited 
  Consolidated Statement of Comprehensive Income for the nine months 
  ended 30th September 2017 
-------------------------------------------------------------------- 
 
 
                                                    Three months          Nine months ended 
                                                        ended 
                                                30.9.2017   30.9.2016   30.9.2017   30.9.2016 
                                                     US$m        US$m        US$m        US$m 
 
 Profit for the period                              477.6       395.5     1,365.4     1,070.6 
 
 Items that will not be reclassified 
  to profit or loss: 
                                               ----------  ----------  ----------  ---------- 
 Asset revaluation surplus                              -         0.7           -        94.4 
 Remeasurements of defined benefit 
  pension plans                                       0.1      (40.9)         0.9      (39.2) 
 Tax on items that will not be reclassified             -         9.7       (0.2)         9.3 
 Share of other comprehensive expense 
  of associates and 
  joint ventures, net of tax                            -       (7.1)       (0.8)       (9.9) 
                                               ----------  ----------  ----------  ---------- 
                                                      0.1      (37.6)       (0.1)        54.6 
 
 Items that may be reclassified subsequently 
  to profit 
  or loss: 
 Translation difference 
  - gain/(loss) arising during the 
   period                                         (126.4)       146.0         2.6       617.8 
 
 Available-for-sale investments 
 - gain/(loss) arising during the 
  period                                              3.1         1.7        14.2        20.5 
 - transfer to profit and loss                      (2.8)       (0.2)       (7.6)           - 
 
 Cash flow hedges 
 - loss arising during the period                  (10.6)      (22.7)      (31.2)      (78.8) 
 - transfer to profit and loss                        3.5        10.3        11.7        29.2 
 
 Tax relating to items that may be 
  reclassified                                        1.5         3.5         4.5        13.0 
 
 Share of other comprehensive expense 
  of associates and 
  joint ventures, net of tax                        (0.6)       (3.8)       (3.6)       (7.1) 
                                               ----------  ----------  ----------  ---------- 
                                                  (132.3)       134.8       (9.4)       594.6 
 
 Other comprehensive income/(expense) 
  for the period                                  (132.2)        97.2       (9.5)       649.2 
 
 Total comprehensive income for the 
  period                                            345.4       492.7     1,355.9     1,719.8 
                                               ==========  ==========  ==========  ========== 
 
 Attributable to: 
 
 Shareholders of the Company                        160.8       230.7       631.3       819.4 
 
 Non-controlling interests                          184.6       262.0       724.6       900.4 
 
                                                    345.4       492.7     1,355.9     1,719.8 
                                               ==========  ==========  ==========  ========== 
 
 
 Jardine Cycle & Carriage Limited 
  Consolidated Balance Sheet at 30th September 2017 
--------------------------------------------------- 
 
 
                                                             At           At 
                                               Note   30.9.2017   31.12.2016 
                                                           US$m         US$m 
 Non-current assets 
 Intangible assets                                      1,348.5        972.3 
 Leasehold land use rights                                618.5        620.4 
 Property, plant and equipment                          3,264.9      2,978.5 
 Investment properties                                    545.6        460.2 
 Bearer plants                                            510.5        496.8 
 Interests in associates and joint ventures             4,231.6      3,738.5 
 Non-current investments                                  601.7        487.8 
 Non-current debtors                                    2,945.3      2,691.6 
 Deferred tax assets                                      340.2        291.2 
                                                     ---------- 
                                                       14,406.8     12,737.3 
                                                     ----------  ----------- 
 Current assets 
 Current investments                                       30.9         65.2 
 Stocks                                                 1,729.5      1,548.4 
 Current debtors                                        5,137.7      4,636.7 
 Current tax assets                                       128.5        136.9 
 Bank balances and other liquid funds 
                                                     ----------  ----------- 
 - non-financial services companies                     2,106.0      2,237.2 
 - financial services companies                           242.6        228.5 
                                                     ----------  ----------- 
                                                        2,348.6      2,465.7 
                                                     ----------  ----------- 
                                                        9,375.2      8,852.9 
                                                     ----------  ----------- 
 
 Total assets                                          23,782.0     21,590.2 
                                                     ----------  ----------- 
 
 Non-current liabilities 
 Non-current creditors                                    180.0        156.7 
 Non-current provisions                                   107.9         97.6 
 Long-term borrowings                             5 
                                                     ----------  ----------- 
 - non-financial services companies                       392.1        349.9 
 - financial services companies                         1,414.1      1,517.5 
                                                     ----------  ----------- 
                                                        1,806.2      1,867.4 
 Deferred tax liabilities                                 260.5        188.0 
 Pension liabilities                                      235.6        215.9 
                                                     ---------- 
                                                        2,590.2      2,525.6 
                                                     ----------  ----------- 
 Current liabilities 
 Current creditors                                      4,323.9      3,363.6 
 Current provisions                                        83.8         85.7 
 Current borrowings                               5 
                                                     ----------  ----------- 
 - non-financial services companies                     1,474.4      1,178.6 
 - financial services companies                         2,306.1      2,264.6 
                                                     ----------  ----------- 
                                                        3,780.5      3,443.2 
 Current tax liabilities                                  151.7         95.7 
                                                     ---------- 
                                                        8,339.9      6,988.2 
                                                     ---------- 
 
 Total liabilities                                     10,930.1      9,513.8 
                                                     ----------  ----------- 
 
 Net assets                                            12,851.9     12,076.4 
                                                     ==========  =========== 
 
 Equity 
 Share capital                                    6     1,381.0      1,381.0 
 Revenue reserve                                  7     5,827.1      5,508.7 
 Other reserves                                   8   (1,114.6)    (1,135.1) 
                                                     ---------- 
 Shareholders' funds                                    6,093.5      5,754.6 
 Non-controlling interests                        9     6,758.4      6,321.8 
                                                     ---------- 
 Total equity                                          12,851.9     12,076.4 
                                                     ==========  =========== 
 

Jardine Cycle & Carriage Limited

Consolidated Statement of Changes in Equity for the three months ended 30th September 2017

 
                              Attributable to shareholders of the Company 
                                                                                          Attributable 
                                               Asset                     Fair                  to non- 
                                                                        value 
                       Share   Revenue   revaluation   Translation        and              controlling      Total 
                                                                        other 
                     capital   reserve       reserve       reserve   reserves    Total       interests     equity 
                        US$m      US$m          US$m          US$m       US$m    US$m             US$m       US$m 
 2017 
 Balance at 1st 
  July               1,381.0   5,688.1         399.6     (1,472.4)        8.5   6,004.8        6,612.0   12,616.8 
 Total 
  comprehensive 
  income                   -     211.1             -        (45.3)      (5.0)     160.8          184.6      345.4 
 Dividends 
  declared/paid by 
  the Company              -    (72.0)             -             -          -    (72.0)              -     (72.0) 
 Dividends 
 declared/paid to 
 non-controlling 
   interests               -         -             -             -          -         -         (42.7)     (42.7) 
 Change in 
  shareholding             -     (0.1)             -             -          -     (0.1)              -      (0.1) 
 Acquisition of 
  subsidiaries             -         -             -             -          -         -            1.9        1.9 
 Other                     -         -             -             -          -         -            2.6        2.6 
 Balance at 30th 
  September          1,381.0   5,827.1         399.6     (1,517.7)        3.5   6,093.5        6,758.4   12,851.9 
                    ========  ========  ============  ============  =========  ========  =============  ========= 
 
 2016 
 Balance at 1st 
  July               1,381.0   5,190.3         393.8     (1,421.7)        9.5   5,552.9        6,040.7   11,593.6 
 Total 
  comprehensive 
  income                   -     171.1           0.4          64.7      (5.5)     230.7          262.0      492.7 
 Dividends 
  declared/paid by 
  the Company              -    (71.6)             -             -          -    (71.6)              -     (71.6) 
 Dividends 
 declared/paid to 
 non-controlling 
   interests               -         -             -             -          -         -         (29.8)     (29.8) 
 Issue of shares 
  to 
  non-controlling 
  interests                -         -             -             -          -         -            6.2        6.2 
 Change in 
  shareholding             -       4.0             -             -          -       4.0            4.3        8.3 
 Other                     -       0.5             -             -          -       0.5            2.5        3.0 
                    --------  --------  ------------  ------------  ---------  --------  -------------  --------- 
 Balance at 30th 
  September          1,381.0   5,294.3         394.2     (1,357.0)        4.0   5,716.5        6,285.9   12,002.4 
                    ========  ========  ============  ============  =========  ========  =============  ========= 
 
 
 
                                                                                         Attributable 
                                              Asset                     Fair                  to non- 
                                                                       value 
                      Share   Revenue   revaluation   Translation        and              controlling      Total 
                                                                       other 
                    capital   reserve       reserve       reserve   reserves    Total       interests     equity 
                       US$m      US$m          US$m          US$m       US$m    US$m             US$m       US$m 
 2017 
 Balance at 1st 
  January           1,381.0   5,508.7         400.4     (1,546.7)       11.2   5,754.6        6,321.8   12,076.4 
 Total 
  comprehensive 
  income                  -     610.8         (0.8)          29.0      (7.7)     631.3          724.6    1,355.9 
 Dividends 
  declared/paid 
  by 
  the Company             -   (292.3)             -             -          -   (292.3)              -    (292.3) 
 Dividends 
 declared/paid to 
 non-controlling 
   interests              -         -             -             -          -         -        (303.4)    (303.4) 
 Change in 
  shareholding            -     (0.1)             -             -          -     (0.1)          (0.1)      (0.2) 
 Acquisition of 
  subsidiaries            -         -             -             -          -         -            8.5        8.5 
 Other                    -         -             -             -          -         -            7.0        7.0 
 Balance at 30th 
  September         1,381.0   5,827.1         399.6     (1,517.7)        3.5   6,093.5        6,758.4   12,851.9 
                   ========  ========  ============  ============  =========  ========  =============  ========= 
 
 2016 
 Balance at 1st 
  January           1,381.0   5,065.3         347.0     (1,642.1)       14.9   5,166.1        5,560.9   10,727.0 
 Total 
  comprehensive 
  income                  -     498.0          47.2         285.1     (10.9)     819.4          900.4    1,719.8 
 Dividends 
  declared/paid 
  by 
  the Company             -   (272.6)             -             -          -   (272.6)              -    (272.6) 
 Dividends 
 declared/paid to 
 non-controlling 
   interests              -         -             -             -          -         -        (272.4)    (272.4) 
 Issue of shares 
  to 
  non-controlling 
  interests               -         -             -             -          -         -           89.0       89.0 
 Change in 
  shareholding            -       4.1             -             -          -       4.1            4.3        8.4 
 Other                    -     (0.5)             -             -          -     (0.5)            3.7        3.2 
                   --------  --------  ------------  ------------  ---------  --------  -------------  --------- 
 Balance at 30th 
  September         1,381.0   5,294.3         394.2     (1,357.0)        4.0   5,716.5        6,285.9   12,002.4 
                   ========  ========  ============  ============  =========  ========  =============  ========= 
 
 
 Jardine Cycle & Carriage Limited 
  Company Balance Sheet at 30th September 2017 
---------------------------------------------- 
 
 
                                                    At           At 
                                      Note   30.9.2017   31.12.2016 
                                                  US$m         US$m 
 
 Non-current assets 
 Property, plant and equipment                    33.9         32.0 
 Interests in subsidiaries                     1,304.2      1,226.6 
 Interests in associates and joint 
  ventures                                       968.1        776.7 
 Non-current investment                              -         11.0 
                                               2,306.2      2,046.3 
                                            ----------  ----------- 
 
 Current assets 
 Current debtors                                  39.7         42.8 
 Bank balances and other liquid 
  funds                                           34.4        154.1 
                                            ----------  ----------- 
                                                  74.1        196.9 
                                            ----------  ----------- 
 
 Total assets                                  2,380.3      2,243.2 
                                            ----------  ----------- 
 
 Non-current liabilities 
 Deferred tax liabilities                          6.1          5.6 
                                                   6.1          5.6 
                                            ----------  ----------- 
 
 Current liabilities 
 Current creditors                                19.1         20.5 
 Dividend payable                                 71.2            - 
 Current tax liabilities                           1.7          1.7 
                                                  92.0         22.2 
                                            ----------  ----------- 
 
 Total liabilities                                98.1         27.8 
                                            ----------  ----------- 
 
 Net assets                                    2,282.2      2,215.4 
                                            ==========  =========== 
 
 Equity 
 Share capital                           6     1,381.0      1,381.0 
 Revenue reserve                         7       586.8        654.2 
 Other reserves                          8       314.4        180.2 
 Total equity                                  2,282.2      2,215.4 
                                            ==========  =========== 
 
 
 Net asset value per share                     US$5.77      US$5.61 
 
 
 Jardine Cycle & Carriage Limited 
  Company Statement of Comprehensive Income for the nine months 
  ended 30th September 2017 
--------------------------------------------------------------- 
 
 
                                          Three months ended       Nine months ended 
                                         30.9.2017   30.9.2016   30.9.2017   30.9.2016 
                                              US$m        US$m        US$m        US$m 
 
 Profit for the period                        13.3         7.5       224.9       192.3 
 
 Item that may be reclassified 
  subsequently to profit 
   or loss: 
 
 Translation difference                       31.3      (29.1)       138.9        79.3 
 Available-for-sale investment 
  transferred to profit 
  and loss                                   (4.7)           -       (4.7)           - 
 
 
 Other comprehensive income/(expense) 
  for the period                              26.6      (29.1)       134.2        79.3 
 
 Total comprehensive income/(expense) 
  for the period                              39.9      (21.6)       359.1       271.6 
                                        ==========  ==========  ==========  ========== 
 
 
 Jardine Cycle & Carriage Limited 
  Company Statement of Changes in Equity for the nine months ended 
  30th September 2017 
------------------------------------------------------------------ 
 

For the three months ended 30th September 2017

 
 
                                  Share     Revenue     Translation        Fair      Total 
                                capital     reserve         reserve       value     equity 
                                                                        reserve 
                                   US$m        US$m            US$m        US$m       US$m 
 
 2017 
 Balance at 1st July            1,381.0       645.5           283.1         4.7    2,314.3 
 
 Total comprehensive 
  income                              -        13.3            31.3       (4.7)       39.9 
 
 Dividends declared/paid              -      (72.0)               -           -     (72.0) 
 
 Balance at 30th September      1,381.0       586.8           314.4           -    2,282.2 
                             ==========  ==========  ==============  ==========  ========= 
 
 
 2016 
 Balance at 1st July            1,381.0       612.0           332.3         3.5    2,328.8 
 
 Total comprehensive 
  income                              -         7.5          (29.1)           -     (21.6) 
 
 Dividends declared/paid              -      (71.6)               -           -     (71.6) 
 
 Balance at 30th September      1,381.0       547.9           303.2         3.5    2,235.6 
                             ==========  ==========  ==============  ==========  ========= 
 

For the nine months ended 30th September 2017

 
 
                                  Share     Revenue     Translation        Fair      Total 
                                capital     reserve         reserve       value     equity 
                                                                        reserve 
                                   US$m        US$m            US$m        US$m       US$m 
 
 2017 
 Balance at 1st January         1,381.0       654.2           175.5         4.7    2,215.4 
 
 Total comprehensive 
  income                              -       224.9           138.9       (4.7)      359.1 
 
 Dividends declared/paid              -     (292.3)               -           -    (292.3) 
 
 Balance at 30th September      1,381.0       586.8           314.4           -    2,282.2 
                             ==========  ==========  ==============  ==========  ========= 
 
 
 2016 
 Balance at 1st January         1,381.0       628.2           223.9         3.5    2,236.6 
 
 Total comprehensive 
  income                              -       192.3            79.3           -      271.6 
 
 Dividends declared/paid              -     (272.6)               -           -    (272.6) 
 
 Balance at 30th September      1,381.0       547.9           303.2         3.5    2,235.6 
                             ==========  ==========  ==============  ==========  ========= 
 
 
 Jardine Cycle & Carriage Limited 
  Consolidated Statement of Cash Flows for the nine months ended 
  30th September 2017 
---------------------------------------------------------------- 
 
 
                                             Three months ended       Nine months ended 
                                            30.9.2017   30.9.2016    30.9.2017   30.9.2016 
                                     Note        US$m        US$m         US$m        US$m 
 Cash flows from operating 
  activities 
 Cash generated from operations        10       438.1       618.4      1,510.3     1,515.9 
 
 Interest paid                                 (19.1)      (17.4)       (66.8)      (45.0) 
 Interest received                               30.9        22.4         84.6        64.0 
 Other finance costs paid                      (18.6)      (22.0)       (57.8)      (53.4) 
 Income tax paid                              (112.6)      (70.6)      (308.1)     (302.7) 
                                           ----------  ----------  -----------  ---------- 
 
                                              (119.4)      (87.6)      (348.1)     (337.1) 
 
 Net cash flows from operating 
  activities                                    318.7       530.8      1,162.2     1,178.8 
 
 Cash flows from investing 
  activities 
                                           ----------  ----------  -----------  ---------- 
 Sale of leasehold land use 
  rights                                          0.4           -          1.9         3.4 
 Sale of property, plant and 
  equipment                                       4.7         6.1         11.7        15.7 
 Sale of investments                            143.0        79.4        259.6       112.7 
 Sale of investment properties                  (0.1)           -         42.2         1.0 
 Sale of subsidiaries, net 
  of cash disposed                              (0.3)           -        (0.3)           - 
 Sale of shares in associates 
  and joint ventures                             22.0         3.5         35.5         3.5 
 Purchase of intangible assets                 (16.0)      (20.2)       (52.3)      (53.7) 
 Purchase of leasehold land 
  use rights                                    (2.9)       (9.0)       (27.5)      (25.5) 
 Purchase of property, plant 
  and equipment                               (150.1)     (103.6)      (508.0)     (288.6) 
 Purchase of investment properties             (22.2)      (22.9)      (139.8)      (54.3) 
 Additions to bearer plants                    (10.4)      (14.4)       (30.0)      (42.7) 
 Purchase of subsidiaries, 
  net of cash 
   acquired                                     (7.5)           -       (17.8)       (0.9) 
 Purchase of shares in associates 
  and joint 
   ventures                                     (6.0)      (14.2)      (657.9)     (229.3) 
 Purchase of investments                      (178.3)      (38.2)      (325.0)     (105.5) 
 Dividends received from associates 
  and 
   joint ventures (net)                          71.3        19.4        441.4       233.0 
                                           ----------  ----------  -----------  ---------- 
 
 Net cash flows used in investing 
  activities                                  (152.4)     (114.1)      (966.3)     (431.2) 
 
 Cash flows from financing 
  activities 
                                           ----------  ----------  -----------  ---------- 
 Drawdown of loans                            3,547.5     2,679.1     11,587.0     7,586.5 
 Repayment of loans                         (3,787.0)   (3,164.7)   (11,386.5)   (7,853.3) 
 Changes in controlling interests 
  in subsidiaries                                   -        11.2        (0.2)        11.2 
 Investment by/(payment to) 
  non-controlling 
  interests                                         -         0.7        (0.8)        81.1 
 Dividend paid to non-controlling 
  interests                                    (42.7)      (29.8)      (303.4)     (272.4) 
 Dividend paid by the Company                   (2.2)       (0.8)      (222.5)     (201.8) 
                                           ----------  ----------  -----------  ---------- 
 
 Net cash flow used in financing 
  activities                                  (284.4)     (504.3)      (326.4)     (648.7) 
 
 
 Net change in cash and cash 
  equivalents                                 (118.1)      (87.6)      (130.5)        98.9 
 Cash and cash equivalents 
  at the 
  beginning of the period                     2,480.5     2,421.0      2,465.7     2,173.0 
 Effect of exchange rate changes               (18.2)        16.7          9.0        78.2 
 
 Cash and cash equivalents 
  at the end of 
     the period                               2,344.2     2,350.1      2,344.2     2,350.1 
                                           ==========  ==========  ===========  ========== 
 
 
 Jardine Cycle & Carriage Limited 
  Notes to the financial statements for the nine months ended 
  30th September 2017 
------------------------------------------------------------- 
 
   1      Basis of preparation 

The financial statements are consistent with those set out in the 2016 audited accounts which have been prepared in accordance with International Financial Reporting Standards ("IFRS"). There have been no changes to the accounting policies described in the 2016 audited accounts.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group's accounting policies. Estimates and judgments used in preparing the financial statements are regularly evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results.

The exchange rates used for translating assets and liabilities at the balance sheet date are US$1=S$1.3589 (2016: US$1=S$1.4449), US$1=RM4.2300 (2016: US$1=RM4.4852), US$1= IDR13,492 (2016: US$1=IDR13,436), US$1=VND22,728 (2016: US$1=VND22,765) and US$1=THB33.3790 (2016: US$1=THB35.8090).

The exchange rates used for translating the results for the period are US$1=S$1.3848 (2016: US$1 =S$1.3708), US$1=RM4.3333 (2016: US$1=RM4.0664), US$1=IDR13,351 (2016: US$1=IDR13,323), US$1=VND22,721 (2016: US$1=VND22,301) and US$1=THB34.1512 (2016: US$1=THB35.2047).

   2      Net operating costs and operating profit 
 
                                                     Group 
                                 Three months                    Nine months ended 
                                     ended 
                             30.9.2017   30.9.2016   Change    30.9.2017    30.9.2016   Change 
                                  US$m        US$m        %         US$m         US$m        % 
 
 Cost of sales               (3,558.1)   (3,192.8)       11   (10,476.8)    (9,522.8)       10 
 Other operating income           46.0        64.4      -29        174.6        177.2       -1 
 Selling and distribution 
  expenses                     (226.7)     (179.7)       26      (649.2)      (541.2)       20 
 Administrative expenses       (236.1)     (224.6)        5      (709.5)      (667.9)        6 
 Other operating expenses       (18.7)      (18.2)        3       (59.8)       (59.2)        1 
                            ----------  ----------           -----------  ----------- 
 Net operating costs         (3,993.6)   (3,550.9)       12   (11,720.7)   (10,613.9)       10 
                            ==========  ==========           ===========  =========== 
 
 
 
                                                        Group 
                                 Three months ended                Nine months ended 
                                30.9.2017   30.9.2016   Change   30.9.2017   30.9.2016   Change 
                                     US$m        US$m        %        US$m        US$m        % 
 
 Operating profit is determined 
  after including: 
 Depreciation of property, 
  plant 
  and equipment                   (126.6)     (121.3)        4     (372.8)     (365.0)        2 
 Depreciation of bearer 
  plants                            (6.1)       (5.5)       11      (17.9)      (15.6)       15 
 Amortisation of leasehold 
  land 
  use rights and intangible 
   assets                          (26.2)      (25.7)        2      (77.2)      (71.4)        8 
 Profit/(loss) on disposal 
  of: 
 - leasehold land use 
  rights                              0.4         0.1      300         1.4         3.0      -53 
 - property, plant 
  and equipment                       0.8         2.1      -62         4.0         9.1      -56 
 - investment properties                -           -               (13.4)           - 
  (1)                                                        -                               nm 
 - investments                        5.5         7.3      -25        10.3         7.3       41 
 - associates and joint 
  ventures (2)                     (17.2)         2.4       nm       (4.5)       (1.9)      137 
 Loss on disposal/write-down 
  of 
  repossessed assets               (15.6)      (14.3)        9      (42.7)      (46.6)       -8 
 Dividend and interest 
  income 
  from investments                   12.5        10.3       21        40.2        34.3       17 
 Write-down of stocks               (2.3)         5.9       nm       (7.4)       (2.9)      155 
 Impairment of debtors 
  (3)                              (44.1)      (36.6)       20     (123.4)      (84.2)       47 
 Net exchange loss 
  (4)                                 2.3       (9.0)       nm       (3.4)      (29.8)      -89 
                               ==========  ==========           ==========  ========== 
 
 

nm - not meaningful

   (1)       Loss on sale of property to a joint venture 

(2) Loss on disposal of a joint venture in third quarter 2017 partly offset by gain on partial disposal of interest in a joint

venture in the previous quarter

   (3)       Increase mainly due to impairment of financing debtors 

(4) Changes mainly due to fluctuation of rupiah on monetary assets and liabilities denominated in US dollars

   3      Tax 

The provision for income tax is based on the statutory tax rates of the respective countries in which the companies operate after taking into account non-deductible expenses and group tax relief.

   4      Earnings per share 
 
                                                       Group 
                                    Three months ended       Nine months ended 
                                   30.9.2017   30.9.2016   30.9.2017   30.9.2016 
                                        US$m        US$m        US$m        US$m 
 
 Basic and diluted earnings 
  per share 
 Profit attributable to 
  shareholders                         211.1       186.2       610.2       513.8 
 Weighted average number 
  of shares 
  in issue (millions)                  395.2       395.2       395.2       395.2 
 Basic earnings per share              USc53       USc47      USc154      USc130 
                                  ==========  ==========  ==========  ========== 
 Diluted earnings per share            USc53       USc47      USc154      USc130 
                                  ==========  ==========  ==========  ========== 
 
 Underlying earnings per 
  share 
 Underlying profit attributable 
  to 
  shareholders                         214.8       186.2       590.1       518.1 
 Weighted average number 
  of shares 
   in issue (millions)                 395.2       395.2       395.2       395.2 
 Basic earnings per share              USc54       USc47      USc149      USc131 
                                  ==========  ==========  ==========  ========== 
 Diluted earnings per share            USc54       USc47      USc149      USc131 
                                  ==========  ==========  ==========  ========== 
 

As at 30th September 2016 and 2017, there were no dilutive potential ordinary shares in issue.

A reconciliation of the profit attributable to shareholders and underlying profit attributable to shareholders is as follows:

 
                                                         Group 
                                      Three months ended       Nine months ended 
                                     30.9.2017   30.9.2016   30.9.2017   30.9.2016 
                                          US$m        US$m        US$m        US$m 
 
 Profit attributable to 
  shareholders                           211.1       186.2       610.2       513.8 
 Less: Non-trading items 
                                    ----------  ----------  ----------  ---------- 
 Fair value changes of an 
  investment 
   property held by a joint 
    venture                                  -           -        10.3           - 
 Gain on disposal of an 
  investment                               4.9           -         4.9           - 
 Net loss on disposal of 
  interests in 
   subsidiary and joint ventures         (8.5)           -       (3.5)           - 
 Gain/loss on valuation 
  at fair value of an 
  investment held by an associate        (0.1)           -         8.4           - 
 Loss on dilution of interest 
  in an associate                            -           -           -       (4.3) 
                                    ----------  ----------  ----------  ---------- 
                                         (3.7)           -        20.1       (4.3) 
                                    ----------  ----------  ----------  ---------- 
 Underlying profit attributable 
  to 
  shareholders                           214.8       186.2       590.1       518.1 
                                    ==========  ==========  ==========  ========== 
 

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 and agricultural produce; gains and losses arising from the sale of businesses, investments and properties; impairment of non-depreciable intangible assets and other investments; provisions for closure of businesses; acquisition-related costs in business combinations; and other credits and charges of a non-recurring nature that require inclusion in order to provide additional insight into the Group's underlying business performance.

   5      Borrowings 
 
                                  Group 
                                 At           At 
                          30.9.2017   31.12.2016 
                               US$m         US$m 
 Long-term borrowings: 
 
   *    secured             1,437.5      1,229.2 
 
   *    unsecured             368.7        638.2 
                         ----------  ----------- 
                            1,806.2      1,867.4 
                         ----------  ----------- 
 Current borrowings: 
 
   *    secured             1,903.7      1,972.2 
 
   *    unsecured           1,876.8      1,471.0 
                         ----------  ----------- 
                            3,780.5      3,443.2 
                         ----------  ----------- 
 
 Total borrowings           5,586.7      5,310.6 
                         ==========  =========== 
 

Certain subsidiaries of the Group have pledged their assets in order to obtain bank facilities from financial institutions. The value of assets pledged was US$1,912.7 million (31st December 2016: US$1,884.7 million).

   6      Share capital 
 
                                                     Company 
                                                  2017      2016 
                                                  US$m      US$m 
 
 Three months ended 30th September 
 Issued and fully paid: 
 Balance at 1st July and 30th September 
 - 395,236,288 (2016: 395,236,288) ordinary 
  shares                                       1,381.0   1,381.0 
 
 Nine months ended 30th September 
 Issued and fully paid: 
 Balance at 1st January and 30th September 
 - 395,236,288 (2016: 395,236,288) ordinary 
  shares                                       1,381.0   1,381.0 
                                              ========  ======== 
 

There were no rights, bonus or equity issues during the period between 1st July 2017 and 30th September 2017. The Company did not hold any treasury shares and did not have any unissued shares under convertibles as at 30th September 2017 (30th September 2016: Nil).

   7      Revenue reserve 
 
                                                  Group           Company 
  Three months ended 30th September             2017     2016    2017    2016 
                                                US$m     US$m    US$m    US$m 
  Movements: 
  Balance at 1st July                        5,688.1  5,190.3   645.5   612.0 
  Asset revaluation reserve realised 
   on disposal of assets                           -    (0.1)       -       - 
  Defined benefit pension plans 
  - remeasurements                                 -   (15.3)       -       - 
  - deferred tax                                   -      3.7       -       - 
  Share of associates' and joint ventures' 
   remeasurements 
    of defined benefit pension plans, 
     net of tax                                    -    (3.4)       -       - 
  Profit attributable to shareholders          211.1    186.2    13.3     7.5 
  Dividends declared/paid by the Company      (72.0)   (71.6)  (72.0)  (71.6) 
  Change in shareholding                       (0.1)      4.0       -       - 
  Other                                            -      0.5       -       - 
  Balance at 30th September                  5,827.1  5,294.3   586.8   547.9 
                                             =======  =======  ======  ====== 
 
 
                                                  Group            Company 
  Nine months ended 30th September              2017     2016     2017     2016 
                                                US$m     US$m     US$m     US$m 
  Movements: 
  Balance at 1st January                     5,508.7  5,065.3    654.2    628.2 
  Asset revaluation reserve realised 
   on disposal of assets                         0.8      0.1        -        - 
  Defined benefit pension plans 
  - remeasurements                               0.3   (14.7)        -        - 
  - deferred tax                               (0.1)      3.5        -        - 
  Share of associates' and joint ventures' 
   remeasurements 
    of defined benefit pension plans, 
     net of tax                                (0.4)    (4.7)        -        - 
  Profit attributable to shareholders          610.2    513.8    224.9    192.3 
  Dividends declared/paid by the Company     (292.3)  (272.6)  (292.3)  (272.6) 
  Change in shareholding                       (0.1)      4.1        -        - 
  Other                                            -    (0.5)        -        - 
  Balance at 30th September                  5,827.1  5,294.3    586.8    547.9 
                                             =======  =======  =======  ======= 
 
   8      Other reserves 
 
                                                     Group             Company 
                                                   2017       2016   2017    2016 
                                                   US$m       US$m   US$m    US$m 
   Composition: 
   Asset revaluation reserve                      399.6      394.2      -       - 
   Translation reserve                        (1,517.7)  (1,357.0)  314.4   303.2 
   Fair value reserve                              15.7       15.7      -     3.5 
   Hedging reserve                               (15.5)     (15.0)      -       - 
   Other reserve                                    3.3        3.3      -       - 
                                              ---------  ---------  -----  ------ 
   Balance at 30th September                  (1,114.6)    (958.8)  314.4   306.7 
                                              =========  =========  =====  ====== 
 
   Three months ended 30th September 
 
   Movements: 
   Asset revaluation reserve 
   Balance at 1st July                            399.6      393.8      -       - 
   Revaluation surplus                                -        0.3      -       - 
   Reserve realised on disposal of assets             -        0.1      -       - 
   Balance at 30th September                      399.6      394.2      -       - 
                                              =========  =========  =====  ====== 
 
   Translation reserve 
   Balance at 1st July                        (1,472.4)  (1,421.7)  283.1   332.3 
   Translation difference                        (45.3)       64.7   31.3  (29.1) 
                                              ---------  ---------  -----  ------ 
   Balance at 30th September                  (1,517.7)  (1,357.0)  314.4   303.2 
                                              =========  =========  =====  ====== 
 
   Fair value reserve 
   Balance at 1st July                             17.0       15.3    4.7     3.5 
   Available-for-sale investments 
   - fair value changes                             1.7        0.5      -       - 
   - deferred tax                                 (0.1)        0.1      -       - 
   - transfer to profit and loss                  (3.8)      (0.1)  (4.7)       - 
   Share of associates' and joint ventures' 
    fair 
    value changes of available-for-sale 
     investments, 
    net of tax                                      0.9      (0.1)      -       - 
                                              ---------  ---------  -----  ------ 
   Balance at 30th September                       15.7       15.7      -     3.5 
                                              =========  =========  =====  ====== 
 
   Hedging reserve 
   Balance at 1st July                           (11.8)      (9.1)      -       - 
   Cash flow hedges 
   - fair value changes                           (5.1)     (10.7)      -       - 
   - deferred tax                                   0.8        1.5      -       - 
   - transfer to profit and loss                    1.8        5.1      -       - 
   Share of associates' and joint ventures' 
    fair 
    value changes of cash flow hedges, 
     net of tax                                   (1.2)      (1.8)      -       - 
  Balance at 30th September                      (15.5)     (15.0)      -       - 
                                              =========  =========  =====  ====== 
 
  Other reserve 
  Balance at 1st July and 30th September            3.3        3.3      -       - 
                                              =========  =========  =====  ====== 
 
 
                                                     Group            Company 
   Nine months ended 30th September                2017       2016   2017   2016 
                                                   US$m       US$m   US$m   US$m 
 
   Movements: 
   Asset revaluation reserve 
   Balance at 1st January                         400.4      347.0      -      - 
   Revaluation surplus                                -       47.3      -      - 
   Reserve realised on disposal of assets         (0.8)      (0.1)      -      - 
                                              ---------  ---------  -----  ----- 
   Balance at 30th September                      399.6      394.2      -      - 
                                              =========  =========  =====  ===== 
 
   Translation reserve 
   Balance at 1st January                     (1,546.7)  (1,642.1)  175.5  223.9 
   Translation difference                          29.0      285.1  138.9   79.3 
                                              ---------  ---------  -----  ----- 
   Balance at 30th September                  (1,517.7)  (1,357.0)  314.4  303.2 
                                              =========  =========  =====  ===== 
 
   Fair value reserve 
   Balance at 1st January                          13.0        5.2    4.7    3.5 
   Available-for-sale investments 
   - fair value changes                             7.1        9.1      -      - 
   - deferred tax                                 (0.2)          -      -      - 
   - transfer to profit and loss                  (6.1)          -  (4.7)      - 
   Share of associates' and joint ventures' 
    fair 
    value changes of available-for-sale 
     investments, 
    net of tax                                      1.9        1.4      -      - 
                                              ---------  ---------  -----  ----- 
   Balance at 30th September                       15.7       15.7      -    3.5 
                                              =========  =========  =====  ===== 
 
   Hedging reserve 
   Balance at 1st January                         (5.1)        6.4      -      - 
   Cash flow hedges 
   - fair value changes                          (14.9)     (36.9)      -      - 
   - deferred tax                                   2.3        5.9      -      - 
   - transfer to profit and loss                    5.9       14.6      -      - 
   Share of associates' and joint ventures' 
    fair 
    value changes of cash flow hedges, 
     net of tax                                   (3.7)      (5.0)      -      - 
  Balance at 30th September                      (15.5)     (15.0)      -      - 
                                              =========  =========  =====  ===== 
 
  Other reserve 
  Balance at 1st January and 30th September         3.3        3.3      -      - 
                                              =========  =========  =====  ===== 
 
   9      Non-controlling interests 
 
                                                    Group 
Three months ended 30th September                 2017     2016 
                                                  US$m     US$m 
 
Balance at 1st July                            6,612.0  6,040.7 
Asset revaluation surplus                            -      0.4 
Available-for-sale investments 
- fair value changes                               1.4      1.2 
- deferred tax                                   (0.1)      0.1 
- transfer to profit and loss                      1.0    (0.1) 
Share of associates' and joint ventures' 
 fair value changes of 
  available-for-sale investments, net of tax       0.9    (0.3) 
Cash flow hedges 
- fair value changes                             (5.5)   (12.0) 
- deferred tax                                     0.9      1.8 
- transfer to profit and loss                      1.7      5.2 
Share of associates' and joint ventures' 
 fair value changes of cash 
 flow hedges, net of tax                         (1.2)    (1.6) 
Defined benefit pension plans 
- remeasurements                                   0.1   (25.6) 
- deferred tax                                       -      6.0 
Share of associates' and joint ventures' 
 remeasurements 
 of defined benefit pension plans, net of 
  tax                                                -    (3.7) 
Translation difference                          (81.1)     81.3 
Profit for the period                            266.5    209.3 
Dividends declared/paid to non-controlling 
 interests                                      (42.7)   (29.8) 
Issue of shares to non-controlling interests         -      6.2 
Change in shareholding                               -      4.3 
Acquisition of subsidiaries                        1.9        - 
Other                                              2.6      2.5 
                                               -------  ------- 
Balance at 30th September                      6,758.4  6,285.9 
                                               =======  ======= 
 
 
                                                    Group 
Nine months ended 30th September                  2017     2016 
                                                  US$m     US$m 
 
Balance at 1st January                         6,321.8  5,560.9 
Asset revaluation surplus                            -     47.1 
Available-for-sale investments 
- fair value changes                               7.1     11.4 
- deferred tax                                   (0.2)        - 
- transfer to profit and loss                    (1.5)        - 
Share of associates' and joint ventures' 
 fair value changes of 
  available-for-sale investments, net of tax       1.8      1.3 
Cash flow hedges 
- fair value changes                            (16.3)   (41.9) 
- deferred tax                                     2.6      7.1 
- transfer to profit and loss                      5.8     14.6 
Share of associates' and joint ventures' 
 fair value changes of cash 
 flow hedges, net of tax                         (3.6)    (4.8) 
Defined benefit pension plans 
- remeasurements                                   0.6   (24.5) 
- deferred tax                                   (0.1)      5.8 
Share of associates' and joint ventures' 
 remeasurements 
  of defined benefit pension plans, net of 
   tax                                           (0.4)    (5.2) 
Translation difference                          (26.4)    332.7 
Profit for the period                            755.2    556.8 
Dividends declared/paid to non-controlling 
 interests                                     (303.4)  (272.4) 
Issue of shares to non-controlling interests         -     89.0 
Change in shareholding                           (0.1)      4.3 
Acquisition of subsidiaries                        8.5        - 
Other                                              7.0      3.7 
                                               -------  ------- 
Balance at 30th September                      6,758.4  6,285.9 
                                               =======  ======= 
 
   10     Cash flows from operating activities 
 
                                                            Group 
                                              Three months       Nine months ended 
                                                  ended 
                                          30.9.2017  30.9.2016  30.9.2017  30.9.2016 
                                               US$m       US$m       US$m       US$m 
 
   Profit before tax                          594.6      489.0    1,690.6    1,323.0 
 
   Adjustments for: 
                                          ---------  ---------  ---------  --------- 
   Financing income                          (26.7)     (25.3)     (82.7)     (66.9) 
   Financing charges                           38.6       33.4      117.5       98.4 
   Share of associates' and joint 
    ventures' results after tax             (155.4)    (118.9)    (482.3)    (336.3) 
   Depreciation of property, plant 
    and equipment                             126.6      121.3      372.8      365.0 
   Depreciation of bearer plants                6.1        5.5       17.9       15.6 
   Amortisation of leasehold land 
    use rights and intangible 
     assets                                    26.2       25.7       77.2       71.4 
   (Profit)/loss on disposal of: 
   - leasehold land use rights                (0.4)      (0.1)      (1.4)      (3.0) 
   - property, plant and equipment            (0.8)      (2.1)      (4.0)      (9.1) 
   - investment properties                        -          -       13.4          - 
   - investments                              (5.5)      (7.3)     (10.3)      (7.3) 
   - subsidiaries                             (0.1)          -      (0.1)          - 
   - associates and joint ventures             17.2      (2.4)        4.5        1.9 
   Loss on disposal/write-down of 
    repossessed assets                         15.6       14.3       42.7       46.6 
   Write-down of stocks                         2.3      (5.9)        7.4        2.9 
   Impairment of debtors                       44.1       36.6      123.4       84.2 
   Changes in provisions                        9.1       12.6       13.9       30.1 
   Foreign exchange loss                      (2.1)      (8.5)        6.6        4.1 
                                          ---------  ---------  ---------  --------- 
                                               94.8       78.9      216.5      297.6 
                                          ---------  ---------  ---------  --------- 
   Operating profit before working 
    capital changes                           689.4      567.9    1,907.1    1,620.6 
 
   Changes in working capital: 
                                          ---------  ---------  ---------  --------- 
   Stocks (1)                               (132.0)     (63.1)    (238.6)      111.1 
   Concession rights                         (20.1)      (4.8)     (65.5)     (28.3) 
   Financing debtors (2)                       44.8     (49.6)    (102.2)    (215.2) 
   Debtors (2)                              (307.8)     (71.3)    (733.3)    (262.1) 
   Creditors (3)                              156.6      232.1      721.2      269.4 
   Pensions                                     7.2        7.2       21.6       20.4 
                                          ---------  ---------  ---------  --------- 
                                            (251.3)       50.5    (396.8)    (104.7) 
                                          ---------  ---------  ---------  --------- 
   Cash flows from operating activities       438.1      618.4    1,510.3    1,515.9 
                                          =========  =========  =========  ========= 
 
   (1)     Increase in stocks balance mainly due to purchases to support sales activities 

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

(3) Increase in creditors balance mainly due to purchases to support sales activities, deferred payments and accruals for dividend payable and operating expenses

   11     Interested person transactions 
 
                                                   Aggregate value 
                                                 of all interested                  Aggregate value 
                                               person transactions                of all interested 
                                           (excluding transactions              person transactions 
                                               less than S$100,000                  conducted under 
                                                  and transactions                    shareholders' 
                                                   conducted under                 mandate pursuant 
                                                     shareholders'           to Rule 920 (excluding 
                                                  mandate pursuant                     transactions 
                                                      to Rule 920)             less than S$100,000) 
                                      ----------------------------   ------------------------------ 
 Name of interested person                                   US$m                              US$m 
 Three months ended 30th September 
 2017 
 Jardine Matheson Limited 
 - management support services                                         -                        1.0 
 JLT Specialty Pte Ltd 
 - insurance brokerage services                                        -                        0.2 
 PT Hero Supermarket Tbk 
 - transportation services                                             -                        0.1 
                                       ---------------------------------  ------------------------- 
                                                                       -                        1.3 
                                       =================================  ========================= 
 Nine months ended 30th September 
  2017 
 Jardine Matheson Limited 
 - management support services                                         -                        3.3 
 Jardine Lloyd Thompson PCS Pte 
  Ltd 
 - purchase of a used car                                              -                        0.1 
 Jardine Matheson (Singapore) 
  Ltd 
 - rental of premises                                                  -                        0.1 
 JLT Specialty Pte Ltd 
 - insurance brokerage services                                        -                        0.2 
 PT Hero Supermarket Tbk 
 - transportation services                                             -                        0.3 
                                       ---------------------------------  ------------------------- 
                                                                       -                        4.0 
                                       =================================  ========================= 
 
 
   12     Additional information 
 
                                                        Group 
                                   Three months                   Nine months ended 
                                       ended 
                               30.9.2017   30.9.2016   Change   30.9.2017   30.9.2016   Change 
                                    US$m        US$m        %        US$m        US$m        % 
 Astra International 
 Automotive                         83.8        75.6       11       229.5       211.6        8 
 Financial services                 34.3        31.2       10        97.6        78.0       25 
 Heavy equipment and 
  mining                            50.2        29.3       71       127.5        71.2       79 
 Agribusiness                       10.8        10.7        1        42.1        34.3       23 
 Infrastructure & logistics          2.0         2.8      -29         6.1         8.0      -24 
 Information technology              1.8         1.3       38         3.9         4.0       -3 
 Property                            0.2         0.2        -       (0.6)         0.4       nm 
                              ----------  ----------           ----------  ---------- 
                                   183.1       151.1       21       506.1       407.5       24 
 Less: Withholding 
  tax on dividend                    0.1       (1.0)       nm       (7.6)       (8.7)      -13 
                              ----------  ----------           ----------  ---------- 
                                   183.2       150.1       22       498.5       398.8       25 
                              ----------  ----------           ----------  ---------- 
 Direct Motor Interests 
 Vietnam                             9.3        17.4      -47        41.5        60.5      -31 
 Singapore                          14.3        11.5       24        38.4        33.1       16 
 Malaysia                          (0.5)         1.1       nm         0.8         5.4      -85 
 Indonesia (Tunas Ridean)            3.7         4.5      -18        10.6        13.8      -23 
 Myanmar                           (0.4)       (0.1)      300       (2.3)       (0.2)       nm 
                              ----------  ----------           ----------  ---------- 
                                    26.4        34.4      -23        89.0       112.6      -21 
                              ----------  ----------           ----------  ---------- 
 
 Other Interests                    10.9         6.7       63        19.2        22.0      -13 
 
 Corporate costs                   (5.7)       (5.0)       14      (16.6)      (15.3)        8 
 
 Underlying profit 
  attributable to 
  shareholders                     214.8       186.2       15       590.1       518.1       14 
                              ==========  ==========           ==========  ========== 
 

nm - not meaningful

   13     Others 

The results do not include any pre-acquisition profits and have not been affected by any item, transaction or event of a material or unusual nature.

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

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

- end -

For further information, please contact:

Jardine Cycle & Carriage Limited

Jeffery Tan Eng Heong

Tel: 65 64708111

The full text of the Financial Statements and Dividend Announcement for the period ended 30th September 2017 can be accessed through the internet at 'www.jcclgroup.com'.

Corporate Profile

Jardine Cycle & Carriage ("JC&C") is a leading Singapore-listed company and a member of the Jardine Matheson Group. It has an interest of just over 50% in Astra International ("Astra"), a premier listed Indonesian conglomerate, as well as Direct Motor Interests and Other Interests in Southeast Asia. Together with its subsidiaries and associates, JC&C employs over 240,000 people across Indonesia, Vietnam, Singapore, Thailand, Malaysia and Myanmar.

Astra is the largest independent automotive group in Southeast Asia, with further interests in financial services, heavy equipment and mining, agribusiness, infrastructure and logistics, information technology and property. JC&C's Direct Motor Interests operate in Singapore, Malaysia and Myanmar under the Cycle & Carriage banner, and through Tunas Ridean in Indonesia and Truong Hai Auto Corporation in Vietnam. JC&C's Other Interests comprise interests in market leading businesses in the region through which JC&C gains exposure to key economies by supporting such businesses in their long term development.

Jardine Matheson is a diversified business group focused principally on Asia. Its businesses comprise a combination of cash generating activities and long-term property assets. In addition to its 75% shareholding in the Company, the Jardine Matheson Group's interests include Jardine Pacific, Jardine Motors, Jardine Lloyd Thompson, Hongkong Land, Dairy Farm and Mandarin Oriental. These companies are leaders in the fields of engineering and construction, transport services, motor vehicles, insurance broking, property investment and development, retailing, restaurants and luxury hotels.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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