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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Jardine Strategic Holdings Ld | LSE:JDSB | London | Ordinary Share | BMG507641022 | ORD US$0.05(BERMUDA REG) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 27.9722 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMJDS TIDMJAR
RNS Number : 5017G
Jardine Strategic Hldgs Ltd
07 November 2018
To: Business Editor 7th November 2018
For immediate release
Jardine Cycle & Carriage Limited
2018 Third Quarter Financial Statements and Dividend Announcement
The following announcement was issued today by the Company's 75%-owned subsidiary, Jardine Cycle & Carriage Limited.
For further information, please contact:
Jardine Matheson Limited
Jonathan Lloyd (852) 2843 8223
Brunswick Group Limited
Karin Wong (852) 3512 5077
7th November 2018
JARDINE CYCLE & CARRIAGE LIMITED
2018 THIRD QUARTER FINANCIAL STATEMENTS AND DIVID ANNOUNCEMENT
Highlights
-- Underlying earnings per share 14% higher -- Strong growth in Astra -- Improved performances by Direct Motor Interests and Other Strategic Interests
"We expect the Group to achieve satisfactory full year results, notwithstanding concerns over competitive pressure in the car market and weak crude palm oil prices in Indonesia. The Group's Direct Motor Interests and Other Strategic Interests are expected to continue to perform well."
Ben Keswick, Chairman
7th November 2018
Hot Features
Premium
Group Results
-------------------------------- ------------------------------------ --------- -----------
Nine months ended 30th September
-------------------------------- ------------------------------------------------ -----------
Restated
2018 2017 Change 2018
US$m US$m % S$m
---------------------------------- ---------------- ----------------- --------- -----------
Revenue 13,984 12,728 10 18,763
Underlying profit attributable
to
shareholders (#) 675 590 14 906
Non-trading items^ (300) 15 nm (403)
Profit attributable to
shareholders 375 605 -38 503
---------------------------------- ---------------- ----------------- --------- -----------
USc USc Sc
---------------------------------- ---------------- ----------------- --------- -----------
Underlying earnings per
share (#) 171 149 14 229
Earnings per share 95 153 -38 127
Interim dividend per share 18 18 - 24
At At At
30.9.2018 31.12.2017 30.9.2018
---------------- ----------------- ---------
US$m US$m S$m
---------------------------------- ---------------- ----------------- --------- -----------
Shareholders' funds 5,958 6,408 -7 8,149
---------------------------------- ---------------- ----------------- --------- -----------
US$ US$ S$
---------------------------------- ---------------- ----------------- --------- -----------
Net asset value per share 15.07 16.21 -7 20.62
---------------------------------- ---------------- ----------------- --------- -----------
The exchange rate of US$1=S$1.37 (31st December 2017: US$1=S$1.34) was used for translating assets and liabilities at the balance sheet date and US$1=S$1.34 (30th September 2017: US$1=S$1.38) was used for translating the results for the period. The financial results for the nine months ended 30th September 2018 and 30th September 2017 have been prepared in accordance with International Financial Reporting Standards and have not been audited or reviewed by the auditors.
The accounts have been restated due to changes in accounting policies upon adoption of IFRS 9 'Financial Instruments' and IFRS 15 'Revenue from Contracts with Customers', as set out in Note 1 to the condensed financial statements.
# The Group uses 'underlying profit attributable to shareholders' in its internal financial reporting to distinguish between ongoing business performance and non-trading items, as more fully described in Note 4 to the condensed financial statements. Management considers this to be a key performance measurement which enhances the understanding of the Group's underlying business performances.
^ Included in 'non-trading items' are unrealised losses arising from the revaluation of the Group's equity investments.
nm not meaningful
CHAIRMAN'S STATEMENT
Overview
The Group performed well in the first nine months of the year, supported by strong growth in Astra and improved performances by the Group's Direct Motor Interests and Other Strategic Interests.
Performance
The Group's revenue for the nine months ended 30th September 2018 grew by 10% to US$14.0 billion, with revenue growth in most of Astra's businesses. Group underlying profit attributable to shareholders was 14% higher at US$675 million and underlying profit per share was 14% higher at USc171. Profit attributable to shareholders fell by 38% from US$605 million to US$375 million, after accounting for net non-trading losses of US$300 million, principally unrealised fair value losses related to non-current investments. These resulted from the adoption of a new accounting standard that requires the unrealised gains and losses arising from equity investments at the end of each financial period to be included in the profit and loss account.
Astra contributed US$582 million to the Group's underlying profit, an increase of 17%, modestly dampened by the weakening of the Rupiah. The underlying profit from the Group's Direct Motor Interests was 20% higher year-on-year at US$107 million, while the Group's Other Strategic Interests contributed an underlying profit of US$56 million, a significant increase on the previous year.
The Group's consolidated net debt, excluding Astra's financial services subsidiaries, was US$1.2 billion at the end of September 2018, compared to US$819 million at the end of December 2017. The increase was primarily due to Astra's toll road and GO-JEK investments and capital expenditure in Astra's mining contracting business, together with the Group's investments in Toyota Motor Corporation and in associates and joint ventures. Net debt within Astra's financial services subsidiaries was US$3.2 billion at the end of September 2018, compared to US$3.4 billion at the end of 2017.
The Board has not declared a dividend for the third quarter ended 30th September 2018 (September 2017: Nil).
Group Review
Astra
Astra reported a net profit equivalent to US$1,208 million, under Indonesian accounting standards, 21% higher in its local currency terms, due to increased contributions from its heavy equipment, mining, construction and energy, financial services and automotive segments, which more than offset a lower contribution from agribusiness.
Automotive
Net income from the group's automotive division was 7% higher at US$496 million, primarily due to higher motorcycle sales.
The wholesale market for cars was 7% higher in the period at 857,000 units. Astra's car sales, however, were 4% lower at 424,000 units as a result of increased competition, which resulted in a decline in market share from 55% to 50%. The group launched 17 new models and six revamped models during the period.
The wholesale market for motorcycles increased by 9% to 4.7 million units. Astra Honda Motor's domestic sales increased by 9% to 3.5 million units, with its market share stable at 75%. The group launched five new models and 16 revamped models during the period.
Astra Otoparts, Astra's automotive components business, reported net income which was 12% higher at US$29 million, due to increased revenues from its original equipment manufacturing and replacement market sales.
Financial Services
Net income from Astra's financial services division increased by 17% to US$244 million, with an improved contribution from its consumer finance businesses.
During the period, Astra's consumer finance businesses saw a 4% decrease in the amount financed to US$4.3 billion, mainly due to a reduction in amounts financed in the low cost car segment. The net income contribution from the group's car-focused finance companies increased by 12% to US$59 million, as a result of lower provisioning. The net income contribution from motorcycle-focused Federal International Finance was 18% higher at US$127 million, reflecting a larger loan portfolio.
The amount financed through Astra's heavy equipment-focused finance operations decreased by 28% to US$266 million, mainly due to reduced lending to small and medium-sized operations.
In September 2018, Astra and WeLab, a leading technology enabler for consumer lending in China including Hong Kong, announced the establishment of Astra WeLab Digital Arta, 60%-owned by Astra to offer mobile lending products to retail consumers and provide financial technology solutions to enterprise customers.
Permata Bank, in which Astra holds a 44.6% interest, reported net income of US$35 million, compared to US$53 million in the equivalent period last year. Permata Bank's 2017 results benefited from a one-off gain on the sale of non-performing loans. The bank's gross and net non-performing loan ratios at the end of September 2018 were 4.8% and 1.7%, respectively.
Asuransi Astra Buana, the group's general insurance company, reported net income 2% higher at US$54 million, due to higher investment and underwriting income. During the period, the group's life insurance joint venture, Astra Aviva Life, acquired more than 232,000 new individual life customers and 663,000 new participants for its corporate employee benefits programmes.
Heavy Equipment, Mining, Construction and Energy
Net income from Astra's heavy equipment, mining, construction and energy division increased by 60% to US$384 million.
United Tractors, which is 59.5%-owned, reported a 61% higher net income at US$642 million mainly due to improved performances in its construction machinery, mining contracting and mining operations, all of which benefited from higher coal prices.
Within United Tractors' construction machinery business, Komatsu heavy equipment sales rose 34% to 3,681 units, while parts and service revenues were also higher. The mining contracting operations of wholly-owned Pamapersada Nusantara recorded a 22% increase in overburden removal volume at 717 million bank cubic metres and 10% higher coal production at 90 million tonnes. United Tractors' mining subsidiaries reported 15% growth in coal sales at 5.8 million tonnes, including sales of 526,000 tonnes of coking coal by Suprabari Mapanindo Mineral, United Tractors' 80.1%-owned coking coal company which became operational in late 2017.
General contractor Acset Indonusa, a 50.1% subsidiary of United Tractors, reported an 18% decrease in net income at US$6 million. US$59 million of new construction projects were secured during the period.
Bhumi Jati Power, 25%-owned by United Tractors, is in the process of constructing two 1,000MW power plants in Central Java, which are scheduled to start commercial operations in 2021.
In August 2018, United Tractors' subsidiary, Danusa Tambang Nusantara, signed a Conditional Share Sale Agreement to acquire a 95% stake in Agincourt Resources, which operates a gold mine in North Sumatra, for approximately US$1.0 billion.
Agribusiness
Net income from Astra's agribusiness division was down 18% at U$63 million.
Astra Agro Lestari, which is 79.7%-owned, reported an 18% decline in net income at US$80 million, primarily due to a fall in crude palm oil prices which were 8% lower at Rp7,639/kg. This more than offset a 23% increase in crude palm oil and derivative sales to 1.6 million tonnes.
Infrastructure and Logistics
Astra's infrastructure and logistics division reported net income of US$8 million compared to a US$5 million net loss in the first nine months of 2017. This was mainly due to improved earnings from the Tangerak-Merak toll road and Serasi Autoraya, as well as the inclusion in the prior year's results of a one-off loss on the disposal of Astra's 49% interest in PAM Lyonnaise Jaya.
The group's portfolio of toll road interests totals 353km, of which 269km is operational. Toll revenue from the mature 72.5km Tangerang-Merak toll road, operated by 79.3%-owned Marga Mandalasakti, increased by 11% to US$56 million, while the wholly-owned 40.5km Jombang-Mojokerto toll road, of which 39.6km became fully operational in September 2017, recorded US$11 million of toll revenue during the first nine months of 2018. Toll revenue from the 45%-owned 116.8km Cikopo-Palimanan toll road increased by 12% to US$74 million. The 40%-owned 72.6km Semarang-Solo toll road recorded toll revenue of US$13 million, a 44% rise from the comparable period last year, with 40.1km now in operation, following the opening of the third section in September 2017. Astra also has a 40% stake in the 11.2km Kunciran-Serpong toll road and a 25% stake in the 39.8km Serpong-Balaraja toll road, both of which are under development.
Serasi Autoraya's net income increased by 41% to US$13 million, primarily due to improved operating margins in its car leasing and rental businesses. Its vehicles under contract rose 1% to 22,800 units.
Information Technology
Net income from Astra's information technology division was 1% higher at US$8 million.
Astra Graphia, which is 76.9%-owned, reported net income of US$10 million, in line with the previous year.
Property
Astra's property division reported a 32% lower net profit of US$5 million, due mainly to reduced development earnings recognised from its Anandamaya Residences project as a result of lower percentage completion in its final stages of construction. Astra's other property development projects comprise Arumaya in South Jakarta and Asya in East Jakarta.
Direct Motor Interests
The Group's Direct Motor Interests contributed an underlying profit of US$107 million, 20% higher than the previous year.
Singapore
In Singapore, the passenger car market declined by 10% to 60,000 units due to the decrease in the number of certificates of entitlement made available to the market. The Group's wholly-owned Cycle & Carriage Singapore ("CCS"), contributed a profit of US$42 million, 10% up on the prior year due to better margins on new cars, alongside improved used car sales. CCS sold a total of 10,300 passenger cars, 4% down on the previous year. Its market share rose from 16% to 17%.
Malaysia
In Malaysia, 59.1%-owned Cycle & Carriage Bintang contributed a profit of US$2 million, mainly comprising dividends received from its investment in Mercedes-Benz Malaysia. At the trading level, a lower loss was incurred, compared to the previous year as the company benefited from the zero rate of GST from June to August. This was, however, partly offset by higher operating expenses and net financing charges as the group continues to invest in upgrading its customer service and network operations.
Indonesia
In Indonesia, 46.2%-owned Tunas Ridean's profit contribution of US$13 million was 23% higher, reflecting improved performances across all segments: automotive, consumer finance and rental operations. Motor car sales at 38,000 units were 3% down due to intense competition, while motorcycle sales which are mainly located in Sumatra, benefited from higher agricultural prices, leading to a 12% increase in sales to 181,000 units. There was an improved contribution from the rental business due to higher gains on disposal of rental vehicles, partly offset by higher depreciation and borrowing costs associated with fleet expansion. The contribution by Mandiri Tunas Finance, 49%-owned by Tunas Ridean, was 47% up on the prior year as higher income was earned on a larger portfolio.
Vietnam
In Vietnam, 25.3%-owned Truong Hai Auto Corporation ("Thaco") performed well, with a 27% increase in contribution to US$53 million from higher unit sales and margins. Thaco's overall vehicle sales rose 9% to 72,000 units with its passenger car sales increasing by 36%, partly offset by a 21% decline in its commercial vehicle sales, leading to an increase in market share from 27% to 31%. The contribution from Thaco's real estate subsidiary remained relatively unchanged from the previous year.
Other Strategic Interests
The Group's Other Strategic Interests, which comprise a 25.5% interest in Siam City Cement, a 24.7% interest in Refrigeration Electrical Engineering Corporation ("REE") and a 10.6% interest in Vinamilk, together contributed a profit of US$56 million, compared to US$19 million in 2017, benefiting in particular from Vinamilk dividends declared in the period and improved results from Siam City Cement.
Siam City Cement's contribution of US$19 million was significantly higher than the prior year, due to improved domestic performance and lower one-off expenses, partially offset by lower contributions from its regional operations. REE's contribution of US$13 million was 27% higher, due mainly to strong contributions from its real estate business, as well as its power and water investments. The Group's investment in Vinamilk, acquired in the last quarter of 2017, produced dividend income of US$24 million.
Outlook
We expect the Group to achieve satisfactory full year results, notwithstanding concerns over competitive pressure in the car market and weak crude palm oil prices in Indonesia. The Group's Direct Motor Interests and Other Strategic Interests are expected to continue to perform well.
Ben Keswick
Chairman
7th November 2018
Statement pursuant to Rule 705(5) of the Listing Manual
The directors confirm that, to the best of their knowledge, nothing has come to the attention of the Board of Directors which may render the accompanying unaudited interim financial results for the nine months ended 30th September 2018 to be false or misleading in any material respect.
On behalf of the Directors
Ben Keswick
Director
Vimala Menon
Director
7th November 2018
Jardine Cycle & Carriage Limited
Consolidated Profit and Loss Account for the nine months ended 30th
September 2018
---------------------------------------------------------------------
Three months ended Nine months ended
Restated Restated
30.9.2018 30.9.2017 Change 30.9.2018 30.9.2017 Change
Note US$m US$m US$m US$m US$m US$m
Revenue 4,794.7 4,374.3 10 13,983.5 12,727.4 10
Net operating costs 2 (4,231.5) (3,928.9) 8 (12,623.2) (11,491.4) 10
Operating profit 2 563.2 445.4 26 1,360.3 1,236.0 10
Financing income 23.2 26.7 -13 67.8 82.7 -18
Financing charges (68.2) (38.6) 77 (175.2) (117.5) 49
---------- ---------- ----------- -----------
Net financing charges (45.0) (11.9) 278 (107.4) (34.8) 209
Share of associates'
and joint
ventures' results
after tax 183.3 155.4 18 456.5 482.3 -5
Profit before tax 701.5 588.9 19 1,709.4 1,683.5 2
Tax 3 (158.9) (117.0) 36 (424.9) (325.2) 31
Profit after tax 542.6 471.9 15 1,284.5 1,358.3 -5
========== ========== =========== ===========
Profit attributable
to:
Shareholders of
the Company 200.9 206.1 -3 374.9 604.6 -38
Non-controlling
interests 341.7 265.8 29 909.6 753.7 21
542.6 471.9 15 1,284.5 1,358.3 -5
========== ========== =========== ===========
USc USc USc USc
----------------------- ---------- ---------- ------- ----------- ----------- -------
Earnings per share 4 51 52 -3 95 153 -38
----------------------- ---------- ---------- ------- ----------- ----------- -------
Jardine Cycle & Carriage Limited
Consolidated Statement of Comprehensive Income for the nine months
ended 30th September 2018
--------------------------------------------------------------------
Three months Nine months ended
ended
Restated Restated
30.9.2018 30.9.2017 30.9.2018 30.9.2017
US$m US$m US$m US$m
Profit for the period 542.6 471.9 1,284.5 1,358.3
Items that will not be reclassified
to profit or loss:
---------- ---------- ---------- ----------
Asset revaluation surplus - - 3.0 -
Remeasurements of defined benefit
pension plans 0.3 0.1 (0.7) 0.9
Tax on items that will not be reclassified (0.1) - 0.1 (0.2)
Share of other comprehensive expense
of associates and joint ventures,
net of tax (0.1) - 0.8 (0.8)
0.1 0.1 3.2 (0.1)
Items that may be reclassified
subsequently to profit
or loss:
Translation difference
- gain/(loss) arising during the
period (411.6) (126.4) (1,109.4) 2.6
Financial assets at FVOCI(1)
- gain/(loss) arising during the
period (3.4) 3.9 (24.1) 16.4
- transfer to profit and loss 0.7 2.1 (3.1) (2.7)
Cash flow hedges
- gain/(loss) arising during the
period 19.3 (10.6) 71.0 (31.2)
- transfer to profit and loss - 3.5 0.4 11.7
Tax relating to items that may
be reclassified (4.7) 1.5 (16.5) 4.5
Share of other comprehensive expense
of associates and joint ventures,
net of tax 15.5 (0.6) 28.8 (3.6)
(384.2) (126.6) (1,052.9) (2.3)
Other comprehensive income/(expense)
for the period (384.1) (126.5) (1,049.7) (2.4)
Total comprehensive income for
the period 158.5 345.4 234.8 1,355.9
========== ========== ========== ==========
Attributable to:
Shareholders of the Company 37.8 160.8 (75.1) 631.3
Non-controlling interests 120.7 184.6 309.9 724.6
158.5 345.4 234.8 1,355.9
========== ========== ========== ==========
(1) Fair value through other comprehensive income ("FVOCI")
Jardine Cycle & Carriage Limited
Consolidated Balance Sheet at 30th September 2018
---------------------------------------------------
Restated Restated
At At At
Note 30.9.2018 31.12.2017 1.1.2017
US$m US$m US$m
Non-current assets
Intangible assets 1,001.7 1,079.5 972.3
Leasehold land use rights 550.1 625.0 620.4
Property, plant and equipment 3,466.0 3,410.2 2,978.5
Investment properties 581.7 618.6 460.2
Bearer plants 465.3 498.0 496.8
Interests in associates and
joint ventures 4,217.7 4,274.3 3,738.5
Non-current investments 2,046.1 1,973.3 487.8
Non-current debtors 2,890.4 2,827.1 2,691.6
Deferred tax assets 309.4 322.2 291.7
---------- -----------
15,528.4 15,628.2 12,737.8
---------- ----------- ----------
Current assets
Current investments 20.1 22.7 65.2
Properties for sale 303.8 254.0 -
Stocks 1,784.3 1,723.8 1,578.6
Current debtors 5,372.6 5,072.8 4,604.1
Current tax assets 136.9 120.5 136.9
Bank balances and other liquid
funds
---------- ----------- ----------
- non-financial services companies 2,405.3 2,398.7 2,237.2
- financial services companies 192.0 241.1 228.5
---------- ----------- ----------
2,597.3 2,639.8 2,465.7
---------- ----------- ----------
10,215.0 9,833.6 8,850.5
---------- ----------- ----------
Total assets 25,743.4 25,461.8 21,588.3
---------- ----------- ----------
Non-current liabilities
Non-current creditors 159.2 170.8 156.7
Non-current provisions 124.4 113.7 97.6
Long-term borrowings 5
---------- ----------- ----------
- non-financial services companies 1,163.8 845.8 349.9
- financial services companies 1,526.1 1,486.7 1,517.5
---------- ----------- ----------
2,689.9 2,332.5 1,867.4
Deferred tax liabilities 193.8 212.9 188.0
Pension liabilities 257.0 262.2 215.9
---------- -----------
3,424.3 3,092.1 2,525.6
---------- ----------- ----------
Current liabilities
Current creditors 4,888.7 4,223.5 3,363.6
Current provisions 84.6 87.2 85.7
Current borrowings 5
---------- ----------- ----------
- non-financial services companies 2,398.8 2,371.7 1,178.6
- financial services companies 1,865.0 2,154.1 2,264.6
---------- ----------- ----------
4,263.8 4,525.8 3,443.2
Current tax liabilities 200.7 135.4 95.7
---------- -----------
9,437.8 8,971.9 6,988.2
---------- -----------
Total liabilities 12,862.1 12,064.0 9,513.8
---------- ----------- ----------
Net assets 12,881.3 13,397.8 12,074.5
========== =========== ==========
Equity
Share capital 6 1,381.0 1,381.0 1,381.0
Revenue reserve 7 6,148.0 6,147.2 5,515.6
Other reserves 8 (1,570.7) (1,120.1) (1,142.5)
---------- -----------
Shareholders' funds 5,958.3 6,408.1 5,754.1
Non-controlling interests 9 6,923.0 6,989.7 6,320.4
---------- -----------
Total equity 12,881.3 13,397.8 12,074.5
========== =========== ==========
Jardine Cycle & Carriage Limited
Consolidated Statement of Changes in Equity for the three months ended 30th September 2018
Attributable to shareholders of the Company
Attributable
Asset Fair to non-
value
Share Revenue revaluation Translation and controlling Total
other
capital reserve reserve reserve reserves Total interests equity
US$m US$m US$m US$m US$m US$m US$m US$m
2018
Balance at 1st
July 1,381.0 6,015.7 403.9 (1,820.7) 9.4 5,989.3 6,836.5 12,825.8
Total
comprehensive
income - 201.0 - (173.7) 10.5 37.8 120.7 158.5
Dividends
declared/paid
by the Company - (70.1) - - - (70.1) - (70.1)
Dividends
declared/paid
to
non-controlling
interests - - - - - - (37.0) (37.0)
Investment
by/(payment)
to
non-controlling
interests - - - - - - (1.2) (1.2)
Change in
shareholding - 1.2 - - - 1.2 4.4 5.6
Acquisition of - - - - - - - -
subsidiaries
Other - 0.2 - - (0.1) 0.1 (0.4) (0.3)
Balance at 30th
September 1,381.0 6,148.0 403.9 (1,994.4) 19.8 5,958.3 6,923.0 12,881.3
======== ======== ============ ============ ========= ======== ============= =========
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
Effect of
adoption of
IFRS 9 and IFRS
15 - 6.3 - - (6.8) (0.5) (1.4) (1.9)
-------- -------- ------------ ------------ --------- -------- ------------- ---------
Balance as at 1st
July
as restated 1,381.0 5,694.4 399.6 (1,472.4) 1.7 6,004.3 6,610.6 12,614.9
Total
comprehensive
income - 206.1 - (45.3) - 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 5,828.4 399.6 (1,517.7) 1.7 6,093.0 6,757.0 12,850.0
======== ======== ============ ============ ========= ======== ============= =========
Jardine Cycle & Carriage Limited
Consolidated Statement of Changes in Equity for the nine months ended 30th September 2018
Attributable to shareholders of the Company
Attributable
Asset Fair to non-
value
Share Revenue revaluation Translation and controlling Total
other
capital reserve reserve reserve reserves Total interests equity
US$m US$m US$m US$m US$m US$m US$m US$m
2018
Balance at 1st
January 1,381.0 6,012.8 402.4 (1,521.7) 152.4 6,426.9 7,014.1 13,441.0
Effect of
adoption of IFRS
9 and IFRS 15 - 160.9 - - (153.4) 7.5 14.3 21.8
----------- -------- ------------ ------------ --------- -------- ------------- ---------
Balance at 1st
January as
restated 1,381.0 6,173.7 402.4 (1,521.7) (1.0) 6,434.4 7,028.4 13,462.8
Total
comprehensive
income - 375.2 1.5 (472.7) 20.9 (75.1) 309.9 234.8
Dividends
declared/paid by
the Company - (341.5) - - - (341.5) - (341.5)
Dividends
declared/paid to
non-controlling
interests - - - - - - (359.6) (359.6)
Investment
by/(payment) to
non-controlling
interests - - - - - - 61.0 61.0
Change in
shareholding - (62.7) - - - (62.7) (131.1) (193.8)
Acquisition of
subsidiaries - - - - - - 2.0 2.0
Other - 3.3 - - (0.1) 3.2 12.4 15.6
Balance at 30th
September 1,381.0 6,148.0 403.9 (1,994.4) 19.8 5,958.3 6,923.0 12,881.3
=========== ======== ============ ============ ========= ======== ============= =========
2017
Balance at 1st
January 1,381.0 5,508.7 400.4 (1,546.7) 11.2 5,754.6 6,321.8 12,076.4
Effect of
adoption of IFRS
9 and IFRS 15 - 6.9 - - (7.4) (0.5) (1.4) (1.9)
----------- -------- ------------ ------------ --------- -------- ------------- ---------
Balance at 1st
January as
restated 1,381.0 5,515.6 400.4 (1,546.7) 3.8 5,754.1 6,320.4 12,074.5
Total
comprehensive
income - 605.2 (0.8) 29.0 (2.1) 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 5,828.4 399.6 (1,517.7) 1.7 6,093.0 6,757.0 12,850.0
=========== ======== ============ ============ ========= ======== ============= =========
Jardine Cycle & Carriage Limited
Company Balance Sheet at 30th September 2018
----------------------------------------------
Restated Restated
At At At
Note 30.9.2018 31.12.2017 1.1.2017
US$m US$m US$m
Non-current assets
Property, plant and equipment 34.6 34.6 32.0
Interests in subsidiaries 1,356.6 1,325.6 1,226.6
Interests in associates
and joint ventures 985.8 983.9 776.7
Non-current investment 180.6 - 11.0
-----------
2,557.6 2,344.1 2,046.3
---------- ----------- ---------
Current assets
Current debtors 1,227.3 1,403.6 42.8
Bank balances and other
liquid funds 19.3 96.5 154.1
---------- ----------- ---------
1,246.6 1,500.1 196.9
---------- ----------- ---------
Total assets 3,804.2 3,844.2 2,243.2
---------- ----------- ---------
Non-current liabilities
Deferred tax liabilities 6.1 6.2 5.6
-----------
6.1 6.2 5.6
---------- ----------- ---------
Current liabilities
Current creditors 76.0 80.8 20.5
Dividend payable 71.1 - -
Current borrowings 1,394.4 1,262.8 -
Current tax liabilities 1.7 1.7 1.7
-----------
1,543.2 1,345.3 22.2
---------- ----------- ---------
Total liabilities 1,549.3 1,351.5 27.8
---------- ----------- ---------
Net assets 2,254.9 2,492.7 2,215.4
========== =========== =========
Equity
Share capital 6 1,381.0 1,381.0 1,381.0
Revenue reserve 7 569.1 754.6 658.9
Other reserves 8 304.8 357.1 175.5
-----------
Total equity 2,254.9 2,492.7 2,215.4
========== =========== =========
Net asset value per share US$5.71 US$6.31 US$5.61
Jardine Cycle & Carriage Limited
Company Statement of Comprehensive Income for the nine months
ended 30th September 2018
---------------------------------------------------------------
Three months ended Nine months ended
Restated Restated
30.9.2018 30.9.2017 30.9.2018 30.9.2017
US$m US$m US$m US$m
(Loss)/profit for the period (13.9) 8.6 156.0 220.2
Item that may be reclassified
subsequently to profit
or loss:
Translation difference 1.4 31.3 (52.3) 138.9
Other comprehensive income/(expense)
for the
period 1.4 31.3 (52.3) 138.9
Total comprehensive (expense)/income
for the
period (12.5) 39.9 103.7 359.1
========== ========== ========== ==========
Jardine Cycle & Carriage Limited
Company Statement of Changes in Equity for the nine months ended
30th September 2018
------------------------------------------------------------------
For the three months ended 30th September 2018
Share Revenue Translation Fair Total
capital reserve reserve value equity
reserve
US$m US$m US$m US$m US$m
2018
Balance at 1st July 1,381.0 653.1 303.4 - 2,337.5
Total comprehensive
income - (13.9) 1.4 - (12.5)
Dividends declared/paid - (70.1) - - (70.1)
Balance at 30th September 1,381.0 569.1 304.8 - 2,254.9
========== ========== ============== =========== =========
2017
Balance at 1st July 1,381.0 645.5 283.1 4.7 2,314.3
Effect of adoption
of IFRS 9 - 4.7 - (4.7) -
---------- ---------- -------------- ----------- ---------
Balance at 1st July
as restated 1,381.0 650.2 283.1 - 2,314.3
Total comprehensive
income - 8.6 31.3 - 39.9
Dividends declared/paid - (72.0) - - (72.0)
Balance at 30th September 1,381.0 586.8 314.4 - 2,282.2
========== ========== ============== =========== =========
For the nine months ended 30th September 2018
Share Revenue Translation Fair Total
capital reserve reserve value equity
reserve
US$m US$m US$m US$m US$m
2018
Balance at 1st January 1,381.0 754.6 357.1 - 2,492.7
Total comprehensive
income - 156.0 (52.3) - 103.7
Dividends declared/paid - (341.5) - - (341.5)
Balance at 30th September 1,381.0 569.1 304.8 - 2,254.9
========== ========== ============== =========== =========
2017
Balance at 1st January 1,381.0 654.2 175.5 4.7 2,215.4
Effect of adoption
of IFRS 9 - 4.7 - (4.7) -
---------- ---------- -------------- ----------- ---------
Balance at 1st January
as restated 1,381.0 658.9 175.5 - 2,215.4
Total comprehensive
income - 220.2 138.9 - 359.1
Dividends declared/paid - (292.3) - - (292.3)
Balance at 30th September 1,381.0 586.8 314.4 - 2,282.2
========== ========== ============== =========== =========
Jardine Cycle & Carriage Limited
Consolidated Statement of Cash Flows for the nine months ended
30th September 2018
----------------------------------------------------------------
Three months ended Nine months ended
Restated Restated
30.9.2018 30.9.2017 30.9.2018 30.9.2017
Note US$m US$m US$m US$m
Cash flows from operating
activities
Cash generated from operations 10 1,211.9 442.0 2,180.4 1,523.4
Interest paid (41.7) (19.1) (112.7) (66.8)
Interest received 22.1 30.9 67.9 84.6
Other finance costs paid (20.1) (18.6) (49.4) (57.8)
Income tax paid (122.5) (112.6) (414.9) (308.1)
---------- ---------- ----------
(162.2) (119.4) (509.1) (348.1)
Net cash flows from operating
activities 1,049.7 322.6 1,671.3 1,175.3
Cash flows from investing
activities
---------- ---------- ---------- ----------
Sale of leasehold land use
rights - 0.4 11.8 1.9
Sale of property, plant
and equipment 6.0 4.7 14.7 11.7
Sale of investments 50.1 143.0 186.4 259.6
Sale of investment properties - (0.1) - 42.2
Sale of subsidiaries, net
of cash disposed 0.2 (0.3) 0.6 (0.3)
Sale of shares in associates
and joint ventures - 22.0 - 35.5
Purchase of intangible assets (14.2) (16.0) (49.4) (52.3)
Purchase of leasehold land
use rights (0.6) (2.9) (4.9) (27.5)
Purchase of property, plant
and equipment (264.6) (150.1) (695.8) (508.0)
Purchase of investment properties (0.6) (22.2) (24.8) (139.8)
Additions to bearer plants (11.9) (10.4) (31.4) (30.0)
Purchase of subsidiaries,
net of cash
acquired (49.6) (7.5) (134.2) (17.8)
Purchase of shares in associates
and joint
ventures (14.1) (6.0) (130.5) (657.9)
Purchase of investments (57.6) (178.3) (626.8) (325.0)
Dividends received from
associates and
joint ventures (net) 45.5 71.3 324.9 441.4
---------- ---------- ----------
Net cash flows used in investing
activities (311.4) (152.4) (1,159.4) (966.3)
Cash flows from financing
activities
---------- ---------- ---------- ----------
Drawdown of loans 637.0 144.6 2,727.8 1,893.7
Repayment of loans (596.0) (388.0) (2,368.2) (1,706.3)
Changes in controlling interests
in subsidiaries 5.6 - (193.8) (0.2)
Investment by/(payment to)
non-controlling
interests (1.2) - 61.0 (0.8)
Dividend paid to non-controlling
interests (37.0) (42.7) (359.6) (303.4)
Dividend paid by the Company - (2.2) (269.0) (222.5)
---------- ---------- ----------
Net cash flow used in financing
activities 8.4 (288.3) (401.8) (339.5)
Net change in cash and cash
equivalents 746.7 (118.1) 110.1 (130.5)
Cash and cash equivalents
at the
beginning of the period 1,901.6 2,480.5 2,639.8 2,465.7
Effect of exchange rate
changes (84.5) (18.2) (186.1) 9.0
Cash and cash equivalents
at the end of
the period 2,563.8 2,344.2 2,563.8 2,344.2
========== ========== ========== ==========
Jardine Cycle & Carriage Limited
Notes to the financial statements for the nine months ended
30th September 2018
-------------------------------------------------------------
1 Basis of preparation
The financial statements are consistent with those set out in the 2017 audited accounts which have been prepared in accordance with International Financial Reporting Standards ("IFRS"). There have been no changes to the accounting policies described in the 2017 audited accounts except for the adoption of the following new standards, which are effective from 1st January 2018.
IFRS 9 Financial Instruments
IFRS 15 Revenue from Contracts with
Customers
Under IFRS 9, the gains and losses arising from changes in fair value of the Group's investments in equity instruments, previously classified as available-for-sale, will be recognised in profit and loss, instead of through other comprehensive income. Such fair value gains or losses on revaluation of these investments will be classified as non-trading items, and hence will not have any impact on the Group's underlying profit attributable to shareholders. The forward-looking expected credit loss model will affect mainly the loan impairment provisions of the Group's financial services companies in Indonesia. The new hedge accounting rules will align the accounting for hedging instruments closely with the Group's risk management practices, but have no significant impact on the Group's results.
The adoption of IFRS 9 has been accounted for retrospectively and the comparative financial statements have been restated. The adoption has resulted in a decrease in the profit attributable to shareholders for the financial period 9 months ended 30 September 2017 by US$5.6 million and a decrease in shareholders' funds as at 31st December 2017 by US$16.4 million.
IFRS 15 establishes a comprehensive 5-step framework for the recognition of revenue which replaces IAS 11 "Construction Contracts" and IAS 18 "Revenue" which covers contracts for goods and services. The core principle in the framework is that revenue is recognised when control of a good or service transfers to a customer. It provides clarification on recognition criteria for certain revenue elements, resulting in restatements to revenue and net operating costs, respectively.
The adoption of IFRS 15 has been accounted for retrospectively and the comparative financial statements have been restated. The adoption has no significant impact on the Group's profit or underlying profit attributable to shareholders, but resulted in a decrease in shareholders' funds as at 31st December 2017 by US$2.4 million.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group's accounting policies. Estimates and judgments used in preparing the financial statements are regularly evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results.
The exchange rates used for translating assets and liabilities at the balance sheet date are US$1=S$1.3676 (2017: US$1=S$1.337), US$1=RM4.142 (2017: US$1=RM4.065), US$1=IDR14,929 (2017: US$1= IDR13,548), US$1=VND23,340 (2017: US$1=VND22,704 and US$1=THB32.385 (2017: US$1= THB32.689).
The exchange rates used for translating the results for the period are US$1=S$1.3418 (2017: US$1 = S$1.3848), US$1=RM3.994 (2017: US$1= RM4.3333), US$1=IDR14,129 (2017: US$1= IDR13,351), US$1=VND22,968 (2017: US$1= VND22,721) and US$1=THB32.1433 (2017: US$1= THB34.1512).
2 Net operating costs and operating profit
Group
Three months Nine months ended
ended
Restated Restated
30.9.2018 30.9.2017 Change 30.9.2018 30.9.2017 Change
US$m US$m % US$m US$m %
Cost of sales (3,794.8) (3,487.7) 9 (11,164.8) (10,240.4) 9
Other operating income 86.2 42.5 103 245.5 169.7 45
Selling and distribution
expenses (206.2) (226.7) -9 (618.5) (649.2) -5
Administrative expenses (245.2) (236.1) 4 (742.9) (709.5) 5
Other operating expenses (71.5) (20.9) 242 (342.5) (62.0) 452
---------- ---------- ----------- -----------
Net operating costs (4,231.5) (3,928.9) 8 (12,623.2) (11,491.4) 10
========== ========== =========== ===========
Operating profit is determined
after including:
Depreciation of property,
plant
and equipment(1) (142.7) (126.6) 13 (425.6) (372.8) 14
Depreciation of bearer
plants (6.1) (6.1) - (18.6) (17.9) 4
Amortisation of leasehold
land
use rights and intangible
assets (24.9) (26.2) -5 (76.0) (77.2) -2
Fair value changes
of:
- agriculture produce (5.1) - nm (5.9) - nm
- investments (2) (57.3) (0.8) nm (295.9) (2.2) nm
Profit/(loss) on disposal
of:
- property, plant
and equipment 2.0 0.8 150 6.6 4.0 65
- leasehold land use
rights - 0.4 -100 0.2 1.4 -86
- investment properties
(3) - - - - (13.4) -100
- investments 0.2 0.6 -67 3.3 5.4 -39
- subsidiaries - 0.1 -100 - 0.1 -100
- associates and joint
ventures - (17.2) -100 - (4.5) -100
Loss on disposal/write-down
of
repossessed assets (12.7) (15.6) -19 (40.2) (42.7) -6
Dividend and interest
income
from investments(4) 10.9 12.5 -13 66.4 40.2 65
Write-down of stocks (2.6) (2.3) 13 (8.6) (7.4) 16
Impairment of debtors (51.7) (44.1) 17 (133.0) (123.4) 8
Reversal of impairment
of
property, plant and
equipment 1.7 - nm 1.7 - nm
Net exchange gain(loss)
(5) 28.8 2.3 nm 22.1 (3.4) nm
======== ======== ======== ========
nm - not meaningful
(1) Increase mainly due to purchase of property, plant and equipment relating to heavy equipment
(2) Fair value loss in 2018 relates mainly to equity investments in Vinamilk and Toyota Motor Corporation
(3) Loss on sale of property to a joint venture in FY2017 (4) Increase due to dividend from Vinamilk which was initially acquired in 4Q 2017
(5) Net exchange gain relates mainly to the weakening of Indonesia Rupiah and Singapore dollars on US dollars denominated monetary assets and liabilities
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
Restated Restated
30.9.2018 30.9.2017 30.9.2018 30.9.2017
US$m US$m US$m US$m
Basic and diluted earnings
per share
Profit attributable to
shareholders 200.9 206.1 374.9 604.6
Weighted average number
of shares
in issue (millions) 395.2 395.2 395.2 395.2
Basic earnings per share USc51 USc52 USc95 USc153
========== ========== ========== ==========
Diluted earnings per share USc51 USc52 USc95 USc153
========== ========== ========== ==========
Underlying earnings per
share
Underlying profit attributable
to
shareholders 261.2 214.8 675.1 590.1
Weighted average number
of shares
in issue (millions) 395.2 395.2 395.2 395.2
Basic earnings per share USc66 USc54 USc171 USc149
========== ========== ========== ==========
Diluted earnings per share USc66 USc54 USc171 USc149
========== ========== ========== ==========
As at 30th September 2017 and 2018, there were no dilutive potential ordinary shares in issue.
A reconciliation of the profit attributable to shareholders and underlying profit attributable to shareholders is as follows:
Group
Three months ended Nine months ended
Restated Restated
30.9.2018 30.9.2017 30.9.2018 30.9.2017
US$m US$m US$m US$m
Profit attributable to
shareholders 200.9 206.1 374.9 604.6
Less: Non-trading items
---------- ---------- ---------- ----------
Fair value changes of an
investment
property held by a joint
venture - - - 10.3
Net loss on disposal of
interests in
subsidiary and joint ventures - (8.5) - (3.5)
Gain/loss on valuation
at fair value of an
investment held by an associate - (0.1) - 8.4
Fair value of changes of
agriculture
produce (1.6) - (1.7) -
Fair value changes of investments (58.7) (0.1) (298.5) (0.7)
---------- ---------- ---------- ----------
(60.3) (8.7) (300.2) 14.5
---------- ---------- ---------- ----------
Underlying profit attributable
to
shareholders 261.2 214.8 675.1 590.1
========== ========== ========== ==========
Non-trading items are separately identified to provide greater understanding of the Group's underlying business performance. Items classified as non-trading items include fair value gains or losses on revaluation of investment properties and agricultural produce; gains and losses arising from the sale of businesses, investments and properties; impairment of non-depreciable intangible assets and other investments; provisions for closure of businesses; acquisition-related costs in business combinations; and other credits and charges of a non-recurring nature that require inclusion in order to provide additional insight into the Group's underlying business performance.
5 Borrowings
Group
At At
30.9.2018 31.12.2017
US$m US$m
Long-term borrowings:
- secured 1,378.8 1,509.7
- unsecured 1,311.1 822.8
---------- -----------
2,689.9 2,332.5
---------- -----------
Current borrowings:
- secured 1,769.5 1,640.9
- unsecured 2,494.3 2,884.9
---------- -----------
4,263.8 4,525.8
---------- -----------
Total borrowings 6,953.7 6,858.3
========== ===========
Certain subsidiaries of the Group have pledged their assets in order to obtain bank facilities from financial institutions. The value of assets pledged was US$1,663.9 million (31st December 2017: US$1,783.8 million).
6 Share capital
Company
2018 2017
US$m US$m
Three months ended 30th September
Issued and fully paid:
Balance at 1st July and 30th September
- 395,236,288 (2017: 395,236,288) ordinary
shares 1,381.0 1,381.0
Nine months ended 30th September
Issued and fully paid:
Balance at 1st January and 30th September
- 395,236,288 (2017: 395,236,288) ordinary
shares 1,381.0 1,381.0
======== ========
There were no rights, bonus or equity issues during the period between 1st July 2018 and 30th September 2018. The Company did not hold any treasury shares and did not have any unissued shares under convertibles as at 30th September 2018 (30th September 2017: Nil).
There were no subsidiary holdings (as defined in the Listing Manual of the SGX-ST) as at 30th September 2018 (30th September 2017: Nil).
7 Revenue reserve
Group Company
Restated Restated
Three months ended 30th September 2018 2017 2018 2017
US$m US$m US$m US$m
Movements:
Balance at 1st July 6,015.7 5,688.1 653.1 645.5
Effect of adoption of IFRS 9 and
IFRS 15 - 6.3 - 4.7
------- -------- ------ --------
Balance at 1st July as restated 6,015.7 5,694.4 653.1 650.2
Defined benefit pension plans
- remeasurements 0.1 - - -
- deferred tax - - - -
Share of associates' and joint ventures'
remeasurements of defined benefit
pension
plans, net of tax - - - -
Profit/(loss) attributable to shareholders 200.9 206.1 (13.9) 8.6
Dividends paid/declared by the Company (70.1) (72.0) (70.1) (72.0)
Change in shareholding 1.2 (0.1) - -
Other 0.2 - - -
Balance at 30th September 6,148.0 5,828.4 569.1 586.8
======= ======== ====== ========
Group Company
Restated Restated
Nine months ended 30th September 2018 2017 2018 2017
US$m US$m US$m US$m
Movements:
Balance at 1st January 6,012.8 5,508.7 754.6 654.2
Effect of adoption of IFRS 9 and
IFRS 15 160.9 6.9 - 4.7
------- -------- ------- --------
Balance at 1st January as restated 6,173.7 5,515.6 754.6 658.9
Asset revaluation reserve realised
on disposal of
assets - 0.8 - -
Defined benefit pension plans
- remeasurements (0.1) 0.3 - -
- deferred tax - (0.1) - -
Share of associates' and joint ventures'
remeasurements of defined benefit
pension
plans, net of tax 0.4 (0.4) - -
Profit attributable to shareholders 374.9 604.6 156.0 220.2
Dividends paid/declared by the Company (341.5) (292.3) (341.5) (292.3)
Change in shareholding (62.7) (0.1) - -
Other 3.3 - - -
Balance at 30th September 6,148.0 5,828.4 569.1 586.8
======= ======== ======= ========
8 Other reserves
Group Company
Restated Restated
2018 2017 2018 2017
US$m US$m US$m US$m
Composition:
Asset revaluation reserve 403.9 399.6 - -
Translation reserve (1,994.4) (1,517.7) 304.8 314.4
Fair value reserve (1.5) 13.9 - -
Hedging reserve 18.0 (15.5) - -
Other reserve 3.3 3.3 - -
--------- --------- ----- --------
Balance at 30th September (1,570.7) (1,116.4) 304.8 314.4
========= ========= ===== ========
Three months ended 30th September
Movements:
Asset revaluation reserve
Balance at 1st July and 30th September 403.9 399.6 - -
========= ========= ===== ========
Translation reserve
Balance at 1st July (1,820.7) (1,472.4) 303.4 283.1
Translation difference (173.7) (45.3) 1.4 31.3
--------- --------- ----- --------
Balance at 30th September (1,994.4) (1,517.7) 304.8 314.4
========= ========= ===== ========
Fair value reserve
Balance at 1st July (0.1) 17.0 4.7 4.7
Effect of adoption of IFRS 9 and
IFRS 15 - (6.8) (4.7) (4.7)
--------- --------- ----- --------
Balance at 1st July as restated (0.1) 10.2 - -
Financial assets at FVOCI
- fair value changes (1.6) 1.8 - -
- deferred tax - (0.1) - -
- transfer to profit and loss 0.3 1.1 - -
Share of associates' and joint ventures'
fair
value changes of financial assets
at FVOCI,
net of tax - 0.9 - -
Others (0.1) - - -
Balance at 30th September (1.5) 13.9 - -
========= ========= ===== ========
Group Company
Restated Restated
Three months ended 30th September 2018 2017 2018 2017
US$m US$m US$m US$m
Hedging reserve
Balance at 1st July 6.2 (11.8) - -
Cash flow hedges
- fair value changes 8.9 (5.1) - -
- deferred tax (2.2) 0.8 - -
- transfer to profit and loss - 1.8 - -
Share of associates' and joint ventures'
fair
value changes of cash flow hedges,
net of tax 5.1 (1.2) - -
Balance at 30th September 18.0 (15.5) - -
===== ======== ==== ========
Other reserve
Balance at 1st July and 30th September 3.3 3.3 --
=== ===
Group Company
Restated Restated
Nine months ended 30th September 2018 2017 2018 2017
US$m US$m US$m US$m
Movements:
Asset revaluation reserve
Balance at 1st January 402.4 400.4 - -
Revaluation surplus 1.5 - - -
Reserve realised on disposal of assets - (0.8) - -
--------- --------- ------ --------
Balance at 30th September 403.9 399.6 - -
========= ========= ====== ========
Translation reserve
Balance at 1st January (1,521.7) (1,546.7) 357.1 175.5
Translation difference (472.7) 29.0 (52.3) 138.9
--------- --------- ------ --------
Balance at 30th September (1,994.4) (1,517.7) 304.8 314.4
========= ========= ====== ========
Fair value reserve
Balance at 1st January 168.5 13.0 - 4.7
Effect of adoption of IFRS 9 and
IFRS 15 (153.4) (7.4) - (4.7)
--------- --------- ------ --------
Balance at 1st January as restated 15.1 5.6 - -
Financial assets at FVOCI
- fair value changes (11.6) 7.8 - -
- deferred tax 0.3 (0.2) - -
- transfer to profit and loss (1.5) (1.2) - -
Share of associates' and joint ventures'
fair
value changes of financial assets
at FVOCI,
net of tax (3.7) 1.9 - -
Others (0.1) - - -
Balance at 30th September (1.5) 13.9 - -
========= ========= ====== ========
Hedging reserve
Balance at 1st January (19.4) (5.1) - -
Cash flow hedges
- fair value changes 32.7 (14.9) - -
- deferred tax (7.9) 2.3 - -
- transfer to profit and loss 0.2 5.9 - -
Share of associates' and joint ventures'
fair
value changes of cash flow hedges,
net of tax 12.4 (3.7) - -
Balance at 30th September 18.0 (15.5) - -
========= ========= ====== ========
Other reserve
Balance at 1st January and 30th September 3.3 3.3 - -
========= ========= ====== ========
9 Non-controlling interests
Group
Restated
Three months ended 30th September 2018 2017
US$m US$m
Balance at 1st July 6,836.5 6,612.0
Effect of adoption of IFRS 9 and IFRS 15 - (1.4)
------- --------
Balance at 1st July as restated 6,836.5 6,610.6
Financial assets at FVOCI
- fair value changes (1.8) 2.1
- deferred tax - (0.1)
- transfer to profit and loss 0.4 1.0
Share of associates' and joint ventures'
fair value changes of
financial assets at FVOCI, net of tax - 0.9
Cash flow hedges
- fair value changes 10.4 (5.5)
- deferred tax (2.5) 0.9
* transfer to profit and loss - 1.7
Share of associates' and joint ventures'
fair value changes of cash
flow hedges, net of tax 10.4 (1.2)
Defined benefit pension plans
- remeasurements 0.2 0.1
- deferred tax (0.1) -
Share of associates' and joint ventures'
remeasurements
of defined benefit pension plans, net of
tax (0.1) -
Translation difference (237.9) (81.1)
Profit for the period 341.7 265.8
Dividends declared/paid to non-controlling
interests (37.0) (42.7)
Investment by/(payment to) non-controlling
interests (1.2) -
Change in shareholding 4.4 -
Acquisition of subsidiaries - 1.9
Other (0.4) 2.6
------- --------
Balance at 30th September 6,923.0 6,757.0
======= ========
Group
Restated
Nine months ended 30th September 2018 2017
US$m US$m
Balance at 1st January 7,014.1 6,321.8
Effect of adoption of IFRS 9 and IFRS 15 14.3 (1.4)
------- --------
Balance at 1st July as restated 7,028.4 6,320.4
Asset revaluation surplus 1.5 -
Financial assets at FVOCI
- fair value changes (12.5) 8.6
- deferred tax 0.3 (0.2)
- transfer to profit and loss (1.6) (1.5)
Share of associates' and joint ventures'
fair value changes of
financial assets at FVOCI, net of tax (3.7) 1.8
Cash flow hedges
- fair value changes 38.3 (16.3)
- deferred tax (9.2) 2.6
* transfer to profit and loss 0.2 5.8
Share of associates' and joint ventures'
fair value changes of cash
flow hedges, net of tax 23.8 (3.6)
Defined benefit pension plans
- remeasurements (0.6) 0.6
- deferred tax 0.1 (0.1)
Share of associates' and joint ventures'
remeasurements
of defined benefit pension plans, net of
tax 0.4 (0.4)
Translation difference (636.7) (26.4)
Profit for the period 909.6 753.7
Dividends declared/paid to non-controlling
interests (359.6) (303.4)
Investment by/(payment to) non-controlling
interests 61.0 -
Change in shareholding (131.1) (0.1)
Acquisition of subsidiaries 2.0 8.5
Other 12.4 7.0
------- --------
Balance at 30th September 6,923.0 6,757.0
======= ========
10 Cash flows from operating activities
Group
Three months ended Nine months ended
Restated Restated
30.9.2018 30.9.2017 30.9.2018 30.9.2017
US$m US$m US$m US$m
Profit before tax 701.5 588.9 1,709.4 1,683.5
Adjustments for:
--------- --------- ---------- ---------
Financing income (23.2) (26.7) (67.8) (82.7)
Financing charges 68.2 38.6 175.2 117.5
Share of associates' and joint
ventures' results after tax (183.3) (155.4) (456.5) (482.3)
Depreciation of property, plant
and equipment 142.7 126.6 425.6 372.8
Depreciation of bearer plants 6.1 6.1 18.6 17.9
Amortisation of leasehold land
use rights and intangible
assets 24.9 26.2 76.0 77.2
Fair value changes of:
- agriculture produce 5.1 - 5.9 -
- investments 57.3 0.8 295.9 2.2
(Profit)/loss on disposal of:
- leasehold land use rights - (0.4) (0.2) (1.4)
- property, plant and equipment (2.0) (0.8) (6.6) (4.0)
- investment properties - - - 13.4
- investments (0.2) (0.6) (3.3) (5.4)
- subsidiaries - (0.1) - (0.1)
- associates and joint ventures - 17.2 - 4.5
Loss on disposal/write-down of
repossessed assets 12.7 15.6 40.2 42.7
Amortisation of borrowing costs
for financial services 2.3 3.3 7.3 11.3
Write-down of stocks 2.6 2.3 8.6 7.4
Impairment of debtors 51.7 44.1 133.0 123.4
Reversal of impairment of property,
plant
and equipment (1.7) - (1.7) -
Changes in provisions 8.6 9.1 26.9 13.9
Foreign exchange loss (27.6) (2.1) (13.8) 6.6
--------- --------- ---------- ---------
144.2 103.8 663.3 234.9
--------- --------- ---------- ---------
Operating profit before working
capital changes 845.7 692.7 2,372.7 1,918.4
Changes in working capital:
--------- --------- ---------- ---------
Properties for sale (1.3) - (77.5) -
Stocks (1) (233.4) (132.0) (275.8) (238.6)
Concession rights (4.0) (20.1) (10.7) (65.5)
Financing debtors (2) (86.6) 44.8 (232.3) (102.2)
Debtors (2) (217.1) (307.8) (780.2) (733.3)
Creditors (3) 902.6 157.2 1,164.8 723.0
Pensions 6.0 7.2 19.4 21.6
--------- --------- ---------- ---------
366.2 (250.7) (192.3) (395.0)
--------- --------- ---------- ---------
Cash flows from operating activities 1,211.9 442.0 2,180.4 1,523.4
========= ========= ========== =========
(1) Increase in stocks balance mainly due to purchases to support sales activities
(2) Increase in debtors balance mainly due to higher sales activities
(3) Increase in creditors balance mainly due to purchases to support sales activities and accruals for dividend payable
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$m
Three months ended 30th September
2018
Jardine Matheson Limited
- management support services - 1.1
Cycle & Carriage Industries
Pte Ltd
- sale of a motor vehicle - 0.2
- purchase of a motor vehicle - 0.1
PT Astra Land Indonesia
- management support services - 0.1
- 1.5
========================= =========================
Nine months ended 30th September
2018
Jardine Matheson Limited
- management support services - 3.5
JLT Specialty Pte Ltd
- insurance brokerage services - 0.2
PT Hero Supermarket Tbk
- transportation services - 0.2
Cycle & Carriage Industries
Pte Ltd
- sale of a motor vehicle - 0.2
- purchase of a motor vehicle - 0.1
Unicode Investments Limited
- subscription of shares in 10.4 -
a joint venture
PT Astra Land Indonesia
- subscription of shares by 10.4 -
a subsidiary
- management support services - 0.1
PT Brahmayasa Bahtera
2.3 -
* sale of land to a joint venture
Director of the Company
- purchase of a motor vehicle 0.1 -
------------------------- -------------------------
23.2 4.3
========================= =========================
12 Additional information
Group
Three months Nine months ended
ended
Restated Restated
30.9.2018 30.9.2017 Change 30.9.2018 30.9.2017 Change
US$m US$m % US$m US$m %
Astra International
Automotive 91.4 83.8 9 233.6 229.5 2
Financial services 44.9 34.3 31 122.4 97.6 25
Heavy equipment,mining
construction &
energy 75.9 50.2 51 194.7 127.5 53
Agribusiness 10.9 10.8 1 33.5 42.1 -20
Infrastructure &
logistics 3.9 2.0 95 4.0 6.1 -34
Information technology 1.3 1.8 -28 3.8 3.9 -3
Property (0.9) 0.2 nm (1.4) (0.6) 133
------------- ---------- ------------------ ----------
227.4 183.1 24 590.6 506.1 17
Less: Withholding
tax on
dividend 0.1 0.1 - (8.6) (7.6) 13
------------- ---------- ------------------ ----------
227.5 183.2 24 582.0 498.5 17
------------- ---------- ------------------ ----------
Direct Motor Interests
Singapore 14.8 14.3 3 42.4 38.4 10
Malaysia 0.6 (0.5) nm 1.5 0.8 88
Indonesia (Tunas
Ridean) 3.9 3.7 5 13.0 10.6 23
Myanmar (1.4) (0.4) 250 (2.9) (2.3) 26
Vietnam
------------- ---------- ------------------ ----------
- automotive 15.3 9.3 65 48.8 37.5 30
- real estate - - - 4.0 4.0 -
------------- ---------- ------------------ ----------
15.3 9.3 65 52.8 41.5 27
33.2 26.4 26 106.8 89.0 20
------------- ---------- ------------------ ----------
Other Strategic
Interests
Siam City Cement 6.0 3.9 54 19.2 8.9 116
Refrigeration
Electrical
Engineering 9.1 7.0 30 13.1 10.3 27
Vinamilk - - - 23.8 - nm
15.1 10.9 39 56.1 19.2 192
------------- ---------- ------------------ ----------
Corporate costs (14.6) (5.7) 156 (69.8) (16.6) 320
261.2 214.8 22 675.1 590.1 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.
On 2nd November 2018, the Group purchased an additional 695,020 shares in Refrigeration Electrical Engineering Corporation for a cash consideration of approximately US$1.0 million increasing its shareholding from 24.65% to 24.88%.
No significant event or transaction other than as contained in this report has occurred between 1st September 2018 and the date of this report.
The Company confirms that it has procured undertakings from all its directors and executive officers under Rule 720(1) of the Listing Manual.
- end -
For further information, please contact:
Jardine Cycle & Carriage Limited
Jeffery Tan Eng Heong
Tel: 65 64708111
The full text of the Financial Statements and Dividend Announcement for the period ended 30th September 2018 can be accessed through the internet at 'www.jcclgroup.com'.
Corporate Profile
Jardine Cycle & Carriage ("JC&C") is a leading Singapore-listed company and a member of the Jardine Matheson Group. It has an interest of just over 50% in Astra International ("Astra"), a premier listed Indonesian conglomerate, as well as Direct Motor Interests and Other Strategic Interests in Southeast Asia. Together with its subsidiaries and associates, JC&C employs over 250,000 people across Indonesia, Vietnam, Singapore, Thailand, Malaysia and Myanmar.
Astra is the largest independent automotive group in Southeast Asia, with further interests in financial services, heavy equipment, mining, construction and energy, agribusiness, infrastructure and logistics, information technology and property. JC&C's Direct Motor Interests operate in Singapore, Malaysia and Myanmar under the Cycle & Carriage banner, and through Tunas Ridean in Indonesia and Truong Hai Auto Corporation in Vietnam. JC&C's Other Strategic Interests comprise interests in market leading businesses in the region through which JC&C gains exposure to key economies by supporting the long-term growth of these companies.
JC&C is 75% owned by the Jardine Matheson Group, a diversified business group focused principally on markets in Greater China and Southeast Asia.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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November 07, 2018 04:22 ET (09:22 GMT)
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