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| 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 | 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 : 3905S
Jardine Strategic Hldgs Ltd
06 November 2019
To: Business Editor 6th November 2019
For immediate release
Jardine Cycle & Carriage Limited
2019 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 Ben Fry (65) 6426 8103
6th November 2019
JARDINE CYCLE & CARRIAGE LIMITED
2019 THIRD QUARTER FINANCIAL STATEMENTS AND DIVID ANNOUNCEMENT
Highlights
-- Underlying profit of US$614 million
-- Lower contribution from Astra primarily due to a weaker automotive market and lower commodity prices
-- Direct Motor Interests impacted by increased competition in Vietnam -- Stable contribution from Other Strategic Interests
"Jardine Cycle & Carriage reported underlying profit of US$614 million for the first nine months of 2019, 9% lower than last year. This was due primarily to lower contributions from Astra in Indonesia and Truong Hai Auto Corporation in Vietnam. Astra is expected to continue to be affected by relatively weak domestic consumption and low commodity prices for the remainder of the year, while benefiting from an improved contribution from financial services and its gold mine operations. JC&C's Direct Motor Interests are expected to continue to face challenging market conditions, while the contribution from Other Strategic Interests is expected to be stable."
Ben Keswick, Chairman
Group Results
Hot Features
Premium
Nine months ended 30th September
----------------------------------------------------------------------- -----------
Restated
2019 2018 Change 2019
US$m US$m % S$m
---------------------------------- ----------- ------------ --------- -----------
Revenue 13,909 13,984 -1 18,991
Underlying profit attributable
to
shareholders (#) 614 674 -9 838
Non-trading items^ 115 (300) nm 157
Profit attributable to
shareholders 729 374 95 995
---------------------------------- ----------- ------------ --------- -----------
USc USc Sc
---------------------------------- ----------- ------------ --------- -----------
Underlying earnings per
share (#) 155 170 -9 212
Earnings per share 184 95 95 252
Interim dividend per share 18 18 - 25
At At At
30.9.2019 31.12.2018 30.9.2019
----------- ------------ ---------
US$m US$m S$m
---------------------------------- ----------- ------------ --------- -----------
Shareholders' funds 6,626 6,144 8 9,156
---------------------------------- ----------- ------------ --------- -----------
US$ US$ S$
---------------------------------- ----------- ------------ --------- -----------
Net asset value per share 16.77 15.55 8 23
---------------------------------- ----------- ------------ --------- -----------
The exchange rate of US$1 =S$1.38 (31st December 2018: US$1=S$1.37) was used for translating assets and liabilities at the balance sheet date and US$1=S$1.37 (30th September 2018: US$1=S$1.34) was used for translating the results for the period. The financial results for the nine months ended 30th September 2019 and 30th September 2018 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 16 Leases, 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 gain/losses arising from the revaluation of the Group's equity investments.
CHAIRMAN'S STATEMENT
Overview
The performance of Jardine Cycle & Carriage ("JC&C" or "the Group") in the first nine months of 2019 reflected the challenging conditions faced by Astra and Truong Hai Auto Corporation ("Thaco").
The Group's revenue was 1% lower than the comparable period in 2018 at US$13.9 billion and its underlying profit attributable to shareholders was 9% lower at US$614 million. Underlying earnings per share were also down 9% at USc155. Profit attributable to shareholders increased significantly to US$729 million, due to net non-trading gains of US$115 million from unrealised fair value gains related to non-current investments. For the same period in 2018, there were net non-trading losses of US$300 million from unrealised fair value losses on these investments. Earnings per share were USc184, compared with USc95 last year.
The Group's consolidated net debt, excluding Astra's financial services subsidiaries, was US$2.8 billion at the end of September 2019, compared to US$2.2 billion at the end of 2018. The increase was largely due to Astra's additional investments in the Surabaya-Mojokerto toll road and Gojek, as well as capital expenditure in its mining contracting business, and additional investment by JC&C in Thaco. Net debt of US$3.3 billion within Astra's financial services subsidiaries was unchanged from December 2018. JC&C parent company's net debt was US$1.5 billion, compared with US$1.3 billion at the previous year end.
The Board has not declared a dividend for the third quarter ended 30th September 2019 (2018: Nil). Dividends are usually declared on a semi-annual basis for every six-month period ending 30th June (in respect of an interim dividend) and 31st December (in respect of a final dividend).
Group Review
The contribution to JC&C's underlying profit attributable to shareholders by business segments was as follows:
Contribution to JC&C's underlying
profit
Nine months ended 30th September
-------------------------------- --------------------------------------
Restated
2019 2018 Change
Business segments US$m US$m %
-------------------------------- ---------- ------------ ------------
Astra 536 582 -8
Direct Motor Interests 79 103 -24
Other Strategic Interests 59 56 6
Corporate Costs (60) (67) -11
Underlying profit attributable
to
shareholders 614 674 -9
---------- ------------ ------------
The accounts have been restated due to changes in accounting policies upon adoption of IFRS 16 Leases, as set out in Note 1 to the condensed financial statements
Astra
Astra contributed US$536 million to JC&C's underlying profit, 8% lower than the same period last year with the Rupiah exchange rate being stable. Astra reported a net profit equivalent to US$1.1 billion under Indonesian accounting standards. This was mainly due to lower contributions from its automotive and agribusiness divisions, which more than offset higher contributions from the financial services division.
Automotive
Net income from Astra's automotive division was down 14% at US$428 million, mainly due to lower car sales volumes, increased manufacturing costs and foreign exchange translation losses. Highlights were as follows:
-- Car sales were 7% lower at 396,000 units. The overall Indonesian wholesale market declined by 12% to 754,000. Astra's market share increased from 50% to 53%, and it launched 14 new models and 7 revamped models during the period.
-- Motorcycle sales increased by 5% to 3.7 million units. The Indonesian wholesale market increased by 4% to 4.9 million units and Astra increased its market share slightly to 75%, launching 6 new models and 19 revamped models during the period.
-- Astra Otoparts reported a 24% increase in net income at US$36 million, largely due to higher revenue from the replacement market and lower production costs.
Financial Services
Net income from Astra's financial services division increased by 25% to US$304 million mainly due to a larger loan portfolio and an improvement in non-performing loans. Highlights were as follows:
-- Consumer finance businesses saw a 7% increase in the amount financed to US$4.5 billion. The net income contribution from the car-focused finance companies increased by 31% to US$78 million, mainly due to lower non-performing loan losses. The net income contribution from the motorcycle-focused finance business increased by 8% to US$132 million, mainly due to a larger loan portfolio.
-- Heavy equipment-focused finance operations saw a 17% decrease in the amounts financed to US$220 million. However, the net income contribution grew 27% to US$5 million, with lower loan provisions.
-- Permata Bank reported a significant increase in net income to US$77 million due to higher revenue and lower loan impairment levels, attributable to improved loan quality and recoveries from non-performing loans. The bank's gross and net non-performing loan ratios improved to 3.3% and 1.2%, respectively, compared to 4.4% and 1.7% at the end of 2018.
-- General insurance company, Asuransi Astra Buana, reported a 6% growth in net income at US$57 million, driven by increased investment income.
Heavy Equipment, Mining, Construction & Energy
Net income from Astra's heavy equipment, mining, construction and energy division decreased by 5% to US$363 million, principally due to foreign exchange translation, where a significant foreign exchange gain was recorded in the prior year. Excluding foreign exchange translation, net income would have been slightly higher. The contributions from the new gold mining operation and improved mining contracting volumes were partly offset by lower heavy equipment sales due to lower coal prices and lower earnings from general contracting business. Highlights were as follows:
-- United Tractors reported a 5% decrease in net income to US$610 million.
-- Komatsu heavy equipment sales fell 30% to 2,568 units, while parts and service revenues were stable.
-- Mining contracting operations recorded a 5% higher overburden removal volume at 750 million bank cubic metres, and a 7% higher coal production at 96 million tonnes.
-- Coal mining subsidiaries achieved 11% higher coal sales at 6.4 million tonnes including 0.8 million tonnes of coking coal, but were affected by the lower coal prices.
-- Agincourt Resources achieved gold sales of 306,000 oz.
-- General contractor Acset Indonusa reported a net loss of US$53 million compared to a net income of US$6 million in the same period of 2018, mainly due to increased project and funding costs for several ongoing contracts.
Infrastructure & Logistics
Net income from Astra's infrastructure and logistics division increased by 38% to US$11 million, mainly due to improved toll road revenue. Highlights were as follows:
-- Toll revenue increased due to a 22% higher traffic volume in Astra's 339km of operational toll roads along the Trans-Java network.
-- Serasi Autoraya's net income decreased by 23% to US$10 million due to a fall in vehicles under lease and lower used car sales.
Agribusiness
Net income from Astra's agribusiness was down 90% at US$6 million, primarily due to a 16% fall in average crude palm oil prices, despite an increase in crude palm oil and derivatives sales by 10% to 1.7 million tonnes.
Direct Motor Interests
JC&C's Direct Motor Interests contributed US$79 million to the Group's underlying profit, 24% lower than the prior year largely due to a smaller contribution from Thaco. Highlights were as follows:
-- In Vietnam, Thaco's US$33 million contribution to the Group's underlying profit was 38% lower than the same period last year. This was due to an 11% decline in Thaco's vehicle sales in the face of the intense competition in the completely-built-up import segment, as tariffs were eliminated following the full implementation of the ASEAN Trade in Goods Agreement in 2018.
-- In Singapore, Cycle & Carriage Singapore ("CCS") contributed US$42 million to the Group's underlying profit, slightly higher than the previous year. Its passenger car sales grew by 8% to 11,100 units, despite a 4% decrease in the overall passenger car market. This was, however, partly offset by lower margins due to higher certificate of entitlement costs. CCS' market share increased from 17% to 19%, with the launch of new models and competitive pricing.
-- In Indonesia, Tunas Ridean contributed US$14 million to the Group's underlying profit, 8% higher than the previous year. This was due to a stronger contribution from its automotive operations, which was partially offset by a lower contribution from its rental business. Its consumer finance operations were in line with the prior year.
-- In Malaysia, Cycle & Carriage Bintang contributed a loss of US$2 million compared to a profit of US$1 million in 2018, when the business benefited from the one-off zero rate of GST from June to August 2018.
Other Strategic Interests
Other Strategic Interests contributed US$59 million to the Group's underlying profit, 6% up on the previous year. Highlights were as follows:
-- Siam City Cement's underlying profit contribution of US$19 million was in line with the previous year. Its improved domestic performance was offset by a lower contribution from its regional operations, mainly from South Vietnam.
-- The contribution from Refrigeration Electrical Engineering Corporation ("REE") of US$13 million was 3% down on the previous year due to weaker performances from its hydropower investments and its M&E business, which were partially offset by a stronger contribution from real estate.
-- The Group's investment in Vinamilk delivered dividend income of US$28 million, compared to US$24 million in the previous year. Vinamilk's profit for the first nine months of the year was up 6% up in local currency terms, due to the rebound of the fast-moving consumer goods sector as well as an increase in Vinamilk's market share.
Corporate Costs
Corporate costs were US$60 million for the period, compared to US$67 million in the previous year. This was primarily due to a lower foreign exchange loss from the translation of foreign currency loans, partly offset by higher net financing charges and overheads.
People
YC Boon, Deputy Chairman, will be retiring from the Board with effect from 31st December 2019. I would like to thank YC for his significant contribution to the Group over many years.
Outlook
Astra is expected to continue to be affected by relatively weak domestic consumption and low commodity prices for the remainder of the year, while benefiting from an improved contribution from financial services and its gold mine operations. JC&C's Direct Motor Interests are expected to continue to face challenging market conditions, while the contribution from Other Strategic Interests is expected to be stable.
Ben Keswick
Chairman
CORPORATE PROFILE
Jardine Cycle & Carriage ("JC&C" or "the Group") is the investment holding company of the Jardine Matheson Group in Southeast Asia. With an investment strategy focused on urbanisation and the growing middle class in the region, JC&C holds long-term, strategic interests in diversified market-leading businesses across Southeast Asia.
The Group has a 50.1% interest in Astra, a diversified group in Indonesia, which is also the largest independent automotive group in Southeast Asia.
JC&C also has significant interests in Vietnam, including 26.6% in Truong Hai Auto Corporation, 24.9% in Refrigeration Electrical Engineering Corporation and 10.6% in Vinamilk. Its 25.5%-owned Siam City Cement also has a presence in South Vietnam, in addition to operating in Thailand, Sri Lanka, Cambodia and Bangladesh.
The other investments in JC&C's portfolio are the Cycle & Carriage businesses in Singapore, Malaysia and Myanmar, and 46.2%-owned Tunas Ridean in Indonesia. These motor businesses are managed by Jardine International Motors.
JC&C is a leading Singapore-listed company, 75%-owned by the Jardine Matheson Group. Together with its subsidiaries and associates, JC&C employs more than 250,000 people across Southeast Asia.
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 2019 to be false or misleading in any material respect.
On behalf of the Directors
Ben Keswick
Director
Vimala Menon
Director
6th November 2019
Jardine Cycle & Carriage Limited
Consolidated Profit and Loss Account for the nine months ended 30th
September 2019
---------------------------------------------------------------------
Three months Nine months ended
ended
Restated Restated
30.9.2019 30.9.2018 Change 30.9.2019 30.9.2018 Change
Note US$m US$m % US$m US$m %
Revenue 4,751.9 4,794.7 -1 13,909.0 13,983.5 -1
Net operating costs 2 (4,129.3) (4,230.1) -2 (12,206.6) (12,619.7) -3
Operating profit 2 622.6 564.6 10 1,702.4 1,363.8 25
Financing income 21.8 23.2 -6 66.2 67.8 -2
Financing charges (92.3) (70.3) 31 (270.3) (180.8) 50
---------- ---------- ----------- -----------
Net financing charges (70.5) (47.1) 50 (204.1) (113.0) 81
Share of associates'
and joint
ventures' results
after tax 187.5 183.3 2 435.9 456.4 -4
Profit before tax 739.6 700.8 6 1,934.2 1,707.2 13
Tax 3 (142.9) (158.9) -10 (398.9) (424.8) -6
Profit after tax 596.7 541.9 10 1,535.3 1,282.4 20
========== ========== =========== ===========
Profit attributable
to:
Shareholders of
the Company 301.4 200.5 50 728.9 373.5 95
Non-controlling
interests 295.3 341.4 -14 806.4 908.9 -11
596.7 541.9 10 1,535.3 1,282.4 20
========== ========== =========== ===========
USc USc USc USc
----------------------- ---------- ---------- ------- ----------- ----------- -------
Earnings per share 4 76 51 50 184 95 95
----------------------- ---------- ---------- ------- ----------- ----------- -------
Jardine Cycle & Carriage Limited
Consolidated Statement of Comprehensive Income for the nine months
ended 30th September 2019
--------------------------------------------------------------------
Three months Nine months ended
ended
Restated Restated
30.9.2019 30.9.2018 30.9.2019 30.9.2018
US$m US$m US$m US$m
Profit for the period 596.7 541.9 1,535.3 1,282.4
Items that will not be reclassified
to profit or loss:
---------- ---------- ---------- ----------
Asset revaluation surplus - - - 3.0
Remeasurements of defined benefit
pension plans (0.1) 0.3 0.2 (0.7)
Tax on items that will not be
reclassified - (0.1) - 0.1
Share of other comprehensive income
of associates and
joint ventures, net of tax 0.1 (0.1) - 0.8
---------- ---------- ---------- ----------
- 0.1 0.2 3.2
Items that may be reclassified
subsequently to profit
or loss:
Translation difference
- gain/(loss) arising during
the period (16.5) (411.4) 268.2 (1,109.0)
Financial assets at FVOCI (1)
- gain/(loss) arising during the
period 3.7 (3.4) 18.1 (24.1)
- transfer to profit and loss (0.2) 0.7 (0.6) (3.1)
Cash flow hedges
- gain/(loss) arising during the
period (23.7) 19.3 (99.7) 71.0
- transfer to profit and loss - - 1.6 0.4
Tax relating to items that may
be reclassified 4.5 (4.7) 23.8 (16.5)
Share of other comprehensive income
of associates and
joint ventures, net of tax (21.6) 15.5 (57.7) 28.8
---------- ---------- ---------- ----------
(53.8) (384.0) 153.7 (1,052.5)
Other comprehensive income for
the period (53.8) (383.9) 153.9 (1,049.3)
Total comprehensive income for
the period 542.9 158.0 1,689.2 233.1
========== ========== ========== ==========
Attributable to:
Shareholders of the Company 288.3 37.5 829.5 (76.3)
Non-controlling interests 254.6 120.5 859.7 309.4
542.9 158.0 1,689.2 233.1
========== ========== ========== ==========
(1) Fair value through other comprehensive income ("FVOCI")
Jardine Cycle & Carriage Limited
Consolidated Balance Sheet at 30th September 2019
---------------------------------------------------
Restated Restated
At At At
Note 30.9.2019 31.12.2018 1.1.2018
US$m US$m US$m
Non-current assets
Intangible assets 1,781.4 1,630.6 1,079.5
Property, plant and equipment 4,641.9 4,457.5 3,404.5
Investment properties 518.5 587.2 618.6
Bearer plants 500.6 486.8 498.0
Interests in associates and
joint ventures 4,825.7 4,250.6 4,280.3
Right-of-use assets 843.0 753.0 762.1
Non-current investments 2,190.0 1,911.2 2,031.8
Non-current debtors 2,875.4 2,867.1 2,824.5
Deferred tax assets 365.7 300.7 322.4
---------- -----------
18,542.2 17,244.7 15,821.7
---------- ----------- ----------
Current assets
Current investments 42.7 50.4 22.7
Properties for sale 362.7 355.8 254.0
Stocks 2,000.3 2,039.7 1,723.8
Current debtors 6,014.6 5,595.5 5,044.9
Current tax assets 182.0 134.9 120.5
Bank balances and other liquid
funds
---------- ----------- ----------
- non-financial services companies 1,696.9 1,711.4 2,398.7
- financial services companies 197.9 187.5 241.1
---------- ----------- ----------
1,894.8 1,898.9 2,639.8
---------- ----------- ----------
10,497.1 10,075.2 9,805.7
---------- ----------- ----------
Total assets 29,039.3 27,319.9 25,627.4
---------- ----------- ----------
Non-current liabilities
Non-current creditors 294.8 271.4 241.6
Provisions 163.3 146.7 113.7
Non-current lease liabilities 85.1 93.3 89.0
Long-term borrowings 5
---------- ----------- ----------
- non-financial services companies 2,017.5 1,125.4 845.0
- financial services companies 1,766.5 1,655.2 1,486.4
---------- ----------- ----------
3,784.0 2,780.6 2,331.4
Deferred tax liabilities 406.2 428.0 212.9
Pension liabilities 278.8 253.0 262.2
---------- -----------
5,012.2 3,973.0 3,250.8
---------- ----------- ----------
Current liabilities
Current creditors 5,154.6 4,951.5 4,152.7
Provisions 98.5 92.8 87.2
Current lease liabilities 41.5 40.5 20.0
Current borrowings 5
---------- ----------- ----------
- non-financial services companies 2,433.6 2,737.9 2,368.5
- financial services companies 1,757.5 1,824.5 2,153.9
---------- ----------- ----------
4,191.1 4,562.4 4,522.4
Current tax liabilities 102.7 213.8 135.4
---------- -----------
9,588.4 9,861.0 8,917.7
---------- -----------
Total liabilities 14,600.6 13,834.0 12,168.5
---------- ----------- ----------
Net assets 14,438.7 13,485.9 13,458.9
========== =========== ==========
Equity
Share capital 6 1,381.0 1,381.0 1,381.0
Revenue reserve 7 6,584.3 6,202.4 6,171.9
Other reserves 8 (1,339.3) (1,439.6) (1,120.1)
---------- -----------
Shareholders' funds 6,626.0 6,143.8 6,432.8
Non-controlling interests 9 7,812.7 7,342.1 7,026.1
---------- -----------
Total equity 14,438.7 13,485.9 13,458.9
========== =========== ==========
Jardine Cycle & Carriage Limited
Consolidated Statement of Changes in Equity for the three months ended 30th September 2019
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
2019
Balance at 1st
July 1,381.0 6,353.2 403.3 (1,713.9) (15.6) 6,408.0 7,602.6 14,010.6
Total
comprehensive
income - 301.4 - (2.2) (10.9) 288.3 254.6 542.9
Dividends paid by
the Company - (70.3) - - - (70.3) - (70.3)
Dividends paid to
non-controlling
interests - - - - - - (45.3) (45.3)
Issue of shares
to
non-controlling
interests - - - - - - 0.8 0.8
Balance at 30th
September 1,381.0 6,584.3 403.3 (1,716.1) (26.5) 6,626.0 7,812.7 14,438.7
=========== ======== ============ ============ ========= ======== ============= =========
2018
Balance at 1st
July 1,381.0 6,015.7 403.9 (1,820.5) 9.4 5,989.5 6,836.5 12,826.0
Effect of
adoption of IFRS
16 - (2.8) - 0.1 - (2.7) (2.6) (5.3)
----------- -------- ------------ ------------ --------- -------- ------------- ---------
Balance as at 1st
July
as restated 1,381.0 6,012.9 403.9 (1,820.4) 9.4 5,986.8 6,833.9 12,820.7
Total
comprehensive
income - 200.6 - (173.6) 10.5 37.5 120.5 158.0
Dividends paid by
the Company - (70.1) - - - (70.1) - (70.1)
Dividends paid to
non-controlling
interests - - - - - - (37.0) (37.0)
Issue of shares
to
non-controlling
interests - - - - - - (1.2) (1.2)
Change in
shareholding - 1.2 - - - 1.2 4.4 5.6
Other - 0.2 - - (0.1) 0.1 (0.4) (0.3)
Balance at 30th
September 1,381.0 6,144.8 403.9 (1,994.0) 19.8 5,955.5 6,920.2 12,875.7
=========== ======== ============ ============ ========= ======== ============= =========
Jardine Cycle & Carriage Limited
Consolidated Statement of Changes in Equity for the nine months ended 30th September 2019
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
2019
Balance at 1st
January 1,381.0 6,206.2 403.3 (1,852.6) 9.6 6,147.5 7,345.4 13,492.9
Effect of
adoption of IFRS
16 - (3.8) - 0.1 - (3.7) (3.3) (7.0)
----------- -------- ------------ ------------ --------- -------- ------------- ---------
Balance as at 1st
January
as restated 1,381.0 6,202.4 403.3 (1,852.5) 9.6 6,143.8 7,342.1 13,485.9
Total
comprehensive
income - 729.2 - 136.4 (36.1) 829.5 859.7 1,689.2
Dividends paid by
the Company - (346.8) - - - (346.8) - (346.8)
Dividends paid to
non-controlling
interests - - - - - - (402.2) (402.2)
Issue of shares
to
non-controlling
interests - - - - - - 15.8 15.8
Change in
shareholding - (0.5) - - - (0.5) (2.5) (3.0)
Acquisition of
subsidiary - - - - - - (0.2) (0.2)
Balance at 30th
September 1,381.0 6,584.3 403.3 (1,716.1) (26.5) 6,626.0 7,812.7 14,438.7
=========== ======== ============ ============ ========= ======== ============= =========
2018
Balance at 1st
January 1,381.0 6,173.7 402.4 (1,521.5) (1.0) 6,434.6 7,028.4 13,463.0
Effect of
adoption of IFRS
16 - (1.8) - - - (1.8) (2.3) (4.1)
----------- -------- ------------ ------------ --------- -------- ------------- ---------
Balance as at 1st
January
as restated 1,381.0 6,171.9 402.4 (1,521.5) (1.0) 6,432.8 7,026.1 13,458.9
Total
comprehensive
income - 373.8 1.5 (472.5) 20.9 (76.3) 309.4 233.1
Dividends paid by
the Company - (341.5) - - - (341.5) - (341.5)
Dividends paid to
non-controlling
interests - - - - - - (359.6) (359.6)
Issue of shares
to
non-controlling
interests - - - - - 61.0 61.0
Change in
shareholding - (62.7) - - - (62.7) (131.1) (193.8)
Acquisition of
subsidiary - - - - - - 2.0 2.0
Other - 3.3 - - (0.1) 3.2 12.4 15.6
Balance at 30th
September 1,381.0 6,144.8 403.9 (1,994.0) 19.8 5,955.5 6,920.2 12,875.7
=========== ======== ============ ============ ========= ======== ============= =========
Jardine Cycle & Carriage Limited
Company Balance Sheet at 30th September 2019
----------------------------------------------
At At
Note 30.9.2019 31.12.2018
US$m US$m
Non-current assets
Property, plant and equipment 33.7 34.4
Interests in subsidiaries 1,346.3 1,358.3
Interests in associates
and joint ventures 1,140.3 987.0
Non-current investment 193.3 167.6
----------
2,713.6 2,547.3
---------- -----------
Current assets
Current debtors 1,182.8 1,229.9
Bank balances and other
liquid funds 21.9 52.8
---------- -----------
1,204.7 1,282.7
---------- -----------
Total assets 3,918.3 3,830.0
---------- -----------
Non-current liabilities
Deferred tax liabilities 6.0 6.1
----------
6.0 6.1
---------- -----------
Current liabilities
Current creditors 145.1 83.8
Current borrowings 1,553.3 1,379.5
Current tax liabilities 1.5 1.7
----------
1,699.9 1,465.0
---------- -----------
Total liabilities 1,705.9 1,471.1
---------- -----------
Net assets 2,212.4 2,358.9
========== ===========
Equity
Share capital 6 1,381.0 1,381.0
Revenue reserve 7 551.8 672.6
Other reserves 8 279.6 305.3
---------- -----------
Total equity 2,212.4 2,358.9
========== ===========
Net asset value per share US$5.60 US$5.97
Jardine Cycle & Carriage Limited
Company Statement of Comprehensive Income for the nine months
ended 30th September 2019
---------------------------------------------------------------
Three months ended Nine months ended
30.9.2019 30.9.2018 30.9.2019 30.9.2018
US$m US$m US$m US$m
Profit/(loss) for the period (18.8) (13.9) 226.0 156.0
Item that may be reclassified
subsequently to profit
or loss:
Translation difference (46.9) 1.4 (25.7) (52.3)
Other comprehensive income for
the period (46.9) 1.4 (25.7) (52.3)
Total comprehensive income for
the period (65.7) (12.5) 200.3 103.7
========== ========== ========== ==========
Jardine Cycle & Carriage Limited
Company Statement of Changes in Equity for the nine months ended
30th September 2019
------------------------------------------------------------------
For the three months ended 30th September 2019
Share Revenue Translation Total
capital reserve reserve equity
US$m US$m US$m US$m
2019
Balance at 1st July 1,381.0 640.9 326.5 2,348.4
Total comprehensive income - (18.8) (46.9) (65.7)
Dividend paid - (70.3) - (70.3)
Balance at 30th September 1,381.0 551.8 279.6 2,212.4
========== ========== ============== =========
2018
Balance at 1st July 1,381.0 653.1 303.4 2,337.5
Total comprehensive income - (13.9) 1.4 (12.5)
Dividend paid - (70.1) - (70.1)
Balance at 30th September 1,381.0 569.1 304.8 2,254.9
========== ========== ============== =========
For the nine months ended 30th September 2019
Share Revenue Translation Total
capital reserve reserve equity
US$m US$m US$m US$m
2019
Balance at 1st January 1,381.0 672.6 305.3 2,358.9
Total comprehensive income - 226.0 (25.7) 200.3
Dividend paid - (346.8) - (346.8)
Balance at 30th September 1,381.0 551.8 279.6 2,212.4
========== ========== ============== =========
2018
Balance at 1st January 1,381.0 754.6 357.1 2,492.7
Total comprehensive income - 156.0 (52.3) 103.7
Dividend paid - (341.5) - (341.5)
Balance at 30th September 1,381.0 569.1 304.8 2,254.9
========== ========== ============== =========
Jardine Cycle & Carriage Limited
Consolidated Statement of Cash Flows for the nine months ended
30th September 2019
----------------------------------------------------------------
Three months ended Nine months
ended
Restated Restated
30.9.2019 30.9.2018 30.9.2019 30.9.2018
Note US$m US$m US$m US$m
Cash flows from operating
activities
Cash generated from operations 10 967.1 1,229.5 1,943.0 2,231.3
Interest paid (63.9) (43.7) (184.2) (118.2)
Interest received 20.3 22.1 62.0 67.9
Other finance costs paid (31.3) (20.1) (87.2) (49.4)
Income tax paid (188.0) (122.5) (616.5) (414.9)
---------- ---------- ------------ ----------
(262.9) (164.2) (825.9) (514.6)
Net cash flows from operating
activities 704.2 1,065.3 1,117.1 1,716.7
Cash flows from investing
activities
---------- ---------- ------------ ----------
Sale of right-of-use assets 1.4 - 1.9 11.8
Sale of property, plant
and equipment 7.3 6.0 14.2 14.7
Sale of investments 21.8 50.1 187.6 186.4
Sale of investment properties 0.1 - 0.1 -
Sale of associate - - 3.2 -
Sale of subsidiaries 0.2 0.2 0.6 0.6
Purchase of intangible
assets (54.2) (14.2) (150.2) (49.4)
Purchase of right-of-use
assets (4.4) (0.6) (36.5) (4.9)
Purchase of property,
plant and equipment (160.7) (264.6) (625.3) (695.8)
Purchase of investment
properties (1.7) (0.6) (11.3) (24.8)
Additions to bearer plants (10.9) (11.9) (31.6) (31.4)
Purchase of subsidiaries,
net of cash
acquired - (49.6) - (134.2)
Purchase of associates
and joint ventures (25.7) (14.1) (346.3) (130.5)
Purchase of investments (48.3) (57.6) (326.9) (626.8)
Dividends received from
associates and
joint ventures (net) 23.7 45.5 296.4 324.9
---------- ---------- ------------ ----------
Net cash flows used in
investing activities (251.4) (311.4) (1,024.1) (1,159.4)
Cash flows from financing
activities
---------- ---------- ------------ ----------
Drawdown of loans 667.6 637.0 3,066.5 2,727.8
Repayment of loans (779.4) (593.4) (2,464.5) (2,363.5)
Principal elements of
lease payments (16.2) (18.2) (55.1) (50.1)
Changes in controlling
interests in
subsidiaries - 5.6 (3.0) (193.8)
Investment by/(payment
to) non-controlling
interests 0.8 (1.2) 15.8 61.0
Dividends paid to non-controlling
interests (45.3) (37.0) (402.2) (359.6)
Dividends paid by the
Company - - (275.0) (269.0)
---------- ---------- ------------ ----------
Net cash flow used in
financing
activities (172.5) (7.2) (117.5) (447.2)
Net change in cash and
cash equivalents 280.3 746.7 (24.5) 110.1
Cash and cash equivalents
at the
beginning of the period 1,614.6 1,901.6 1,881.5 2,639.8
Effect of exchange rate
changes (0.9) (84.5) 37.0 (186.1)
Cash and cash equivalents
at the end of
the period (1) 1,894.0 2,563.8 1,894.0 2,563.8
========== ========== ============ ==========
(1) For the purpose of the Consolidated Statement of Cash Flows, cash and cash equivalents comprise deposits with bank and financial institutions, bank and cash balances, net of bank overdrafts. In the balance sheet, bank overdrafts are included under current borrowings.
Jardine Cycle & Carriage Limited Notes to the financial statements for the nine months ended 30th September 2019 ------------------------------------------------------------- 1 Basis of preparation
The financial statements are consistent with those set out in the 2018 audited accounts which have been prepared in accordance with Singapore Financial Reporting Standards (International) ("SFRS(I)") and International Financial Reporting Standards ("IFRS"). There have been no changes to the accounting policies described in the 2018 audited accounts except for the adoption of IFRS 16 Leases, which is effective from 1st January 2019.
The standard replaces IAS 17 'Leases' and related interpretations and introduces a comprehensive model for the identification of lease arrangements and accounting treatments for both lessors and lessees. The distinction between operating and finance leases is removed for lessee accounting, and is replaced by a model where a lease liability and a corresponding right-of-use asset have to be recognised on the balance sheet for almost all leases by the lessees. The Group's recognised right-of-use assets primarily relate to property leases, equipment and motor vehicles. Prior to 2019, payments made under operating leases were charged to profit and loss on a straight-line basis over the period of the lease. From 1st January 2019, each lease payment is allocated between settlement of the lease liability and finance cost. The finance cost is charged to profit and loss over the lease period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.
In addition, leasehold land which represents payments to third parties to acquire interests in property is now presented under right-of-use assets. Leasehold land is amortised over the useful life of the lease, which includes the renewal period if the lease is likely to be renewed by the Group without significant cost.
The accounting for lessors does not change significantly.
The adoption of IFRS 16 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 30th September 2018 and financial year ended 31st December 2018 by US$1.4m and US$2.0m, respectively.
As at 31st December 2018, the impact on the statement of financial position is as follows:-
US$m
Net assets
Leasehold land use rights (597.7)
Property, plant and equipment (29.8)
Interest in associates and
joint ventures (0.7)
Right-of-use assets 753.0
Deferred tax assets 0.4
Debtors (36.1)
Lease liabilities (133.8)
Borrowings 37.7
--------
(7.0)
--------
Equity
Shareholders' funds (3.7)
Non-controlling interests (3.3)
--------
(7.0)
--------
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$1.3818 (2018:US$1=S$1.3659), US$1=RM4.1873(2018:US$1=RM4.148), US$1=IDR14,174(2018:US$1=IDR14,481), US$1=VND23,201(2018:US$1=VND23,175) and US$1=THB30.582(2018:US$1=THB32.518).
The exchange rates used for translating the results for the period are US$1= S$1.3654(2018: US$1=S$1.3418), US$1= RM4.1403(2018: US$1= RM3.9937), US$1= IDR14,173(2018: US$1=IDR14,129), US$1= VND23,248 (2018: US$1= VND22,968) and US$1= THB31.2226(2018: US$1=THB32.1433).
2 Net operating costs and operating profit
Group
Three months Nine months ended
ended
Restated Restated
30.9.2019 30.9.2018 Change 30.9.2019 30.9.2018 Change
US$m US$m % US$m US$m %
Cost of sales (3,771.7) (3,793.6) -1 (11,054.6) (11,161.8) -1
Other operating income 165.8 86.2 92 352.8 245.5 44
Selling and distribution
expenses (212.0) (206.3) 3 (627.8) (618.9) 1
Administrative expenses (284.3) (244.9) 16 (831.2) (742.0) 12
Other operating expenses (27.1) (71.5) -62 (45.8) (342.5) -87
---------- ---------- ----------- -----------
Net operating costs (4,129.3) (4,230.1) -2 (12,206.6) (12,619.7) -3
========== ========== =========== ===========
Operating profit is determined
after including:
Depreciation of property,
plant
and equipment (1) (218.8) (140.9) 55 (587.8) (420.8) 40
Depreciation of bearer
plants (6.7) (6.1) 10 (20.2) (18.6) 9
Amortisation of intangible
assets (1) (31.9) (16.5) 93 (118.1) (49.6) 138
Amortisation of right-of-use
assets (31.4) (27.1) 16 (85.2) (76.2) 12
Fair value changes
of :
- agriculture produce (0.5) (5.1) -90 2.3 (5.9) nm
- other investments
(2) 92.1 (57.3) nm 109.2 (295.9) nm
- derivative not qualifying
as hedge (0.1) - nm (0.1) - nm
Profit/(loss) on disposal
of:
- intangible assets (0.1) - nm (0.1) - nm
- property, plant and
equipment 2.4 2.0 20 1.1 6.6 -83
- right-of-use assets 0.7 - nm 1.5 0.2 nm
- associates and joint - - 0.5 -
ventures nm nm
- investments 0.2 0.2 - 2.8 3.3 -15
Loss on disposal/write-down
of
receivables from collateral
vehicles (14.6) (12.7) 15 (42.6) (40.2) 6
Dividend and interest
income
from investments 15.2 10.9 39 72.4 66.4 9
Write-down of stocks (2.1) (2.6) -19 (9.9) (8.6) 15
Writeback/(impairment)
of :
- property, plant and
equipment (0.1) 1.7 nm (0.1) 1.7 nm
Impairment of debtors
(3) (25.5) (51.7) -51 (77.7) (133.0) -42
Net exchange gain/(loss)
(4) (24.6) 28.8 nm (21.5) 22.1 nm
======== ======== ======== ========
nm - not meaningful
(1) Increase in depreciation and amortisation cost mainly relates to the property, plant and equipment and intangible assets of subsidiary acquired in late 2018
(2) Fair value gain/(loss) relates mainly to equity investments in Vinamilk and Toyota Motor Corporation
(3) Decrease in impairment of debtors relates mainly to lower impairment of financing debtors attributable to lower non-performing loan losses
(4) Net exchange loss for three months and nine months ended 30th September 2019 relates mainly to the impact of stronger US dollars on monetary liabilities denominated in US dollars
3 Tax
The provision for income tax is based on the statutory tax rates of the respective countries in which the companies operate after taking into account non-deductible expenses and group tax relief.
4 Earnings per share
Group
Three months ended Nine months ended
Restated Restated
30.9.2019 30.9.2018 30.9.2019 30.9.2018
US$m US$m US$m US$m
Basic and diluted earnings
per share
Profit attributable to shareholders 301.4 200.5 728.9 373.5
Weighted average number of
shares
in issue (millions) 395.2 395.2 395.2 395.2
Basic earnings per share USc76 USc51 USc184 USc95
========== ========== ========== ==========
Diluted earnings per share USc76 USc51 USc184 USc95
========== ========== ========== ==========
Underlying earnings per share
Underlying profit attributable
to
shareholders 206.7 260.8 614.0 673.7
Weighted average number of
shares
in issue (millions) 395.2 395.2 395.2 395.2
Basic earnings per share USc52 USc66 USc155 USc170
========== ========== ========== ==========
Diluted earnings per share USc52 USc66 USc155 USc170
========== ========== ========== ==========
As at 30th September 2018 and 2019, there were no dilutive potential ordinary shares in issue.
A reconciliation of the profit attributable to shareholders and underlying profit attributable to shareholders is as follows:
Group
Three months
ended Nine months ended
Restated Restated
30.9.2019 30.9.2018 30.9.2019 30.9.2018
US$m US$m US$m US$m
Profit attributable to shareholders 301.4 200.5 728.9 373.5
Less: Non-trading items
---------- ---------- ---------- ----------
Fair value changes of agriculture
produce (0.1) (1.6) 0.7 (1.7)
Fair value changes of other
investments 94.8 (58.7) 114.0 (298.5)
Net gain on disposal of interests
in joint ventures - - 0.2 -
94.7 (60.3) 114.9 (300.2)
---------- ---------- ---------- ----------
Underlying profit attributable
to shareholders 206.7 260.8 614.0 673.7
========== ========== ========== ==========
Non-trading items are separately identified to provide greater understanding of the Group's underlying business performance. Items classified as non-trading items include fair value gains or losses on revaluation of investment properties, agricultural produce and equity investments which are measured at fair value through profit and loss; gains and losses arising from the sale of businesses, investments and properties; impairment of non-depreciable intangible assets and other investments; provisions for closure of businesses; acquisition-related costs in business combinations; and other credits and charges of a non-recurring nature that require inclusion in order to provide additional insight into the Group's underlying business performance.
5 Borrowings
Group
Restated
30.9.2019 31.12.2018
US$m US$m
Long-term borrowings:
- secured 936.3 1,209.5
- unsecured 2,847.7 1,571.1
---------- -----------
3,784.0 2,780.6
---------- -----------
Current borrowings:
- secured 1,097.7 1,418.1
- unsecured 3,093.4 3,144.3
---------- -----------
4,191.1 4,562.4
---------- -----------
Total borrowings 7,975.1 7,343.0
========== ===========
Certain subsidiaries of the Group have pledged their assets in order to obtain bank facilities from financial institutions. The value of assets pledged was US$931.5 million (31st December 2018: US$1,336.9 million).
6 Share capital
Company
2019 2018
US$m US$m
Three months ended 30th September
Issued and fully paid:
Balance at 1st July and 30th September
- 395,236,288 (2018: 395,236,288) ordinary
shares 1,381.0 1,381.0
Nine months ended 30th September
Issued and fully paid:
Balance at 1st January and 30th September
- 395,236,288 (2018: 395,236,288) ordinary
shares 1,381.0 1,381.0
======== ========
There were no rights, bonus or equity issues during the period between 1st July 2019 and 30th September 2019. The Company did not hold any treasury shares as at 30th September 2019 (30th September 2018: Nil) and did not have any unissued shares under convertibles as at 30th September 2019 (30th September 2018: Nil).
There were no subsidiary holdings (as defined in the Listing Manual of the SGX-ST) as at 30th September 2019 (30th September 2018: Nil).
7 Revenue reserve
Group Company
Restated
Three months ended 30th September 2019 2018 2019 2018
US$m US$m US$m US$m
Movements:
Balance at 1st July 6,353.2 6,015.7 640.9 653.1
Effect of adoption of IFRS 16 - (2.8) - -
------- -------- ------ ------
Balance at 1st July as restated 6,353.2 6,012.9 640.9 653.1
Defined benefit pension plans
- remeasurements (0.1) 0.1 - -
Share of associates' and joint ventures'
remeasurements of defined benefit
pension plans, net of tax 0.1 - - -
Profit/(loss) attributable to shareholders 301.4 200.5 (18.8) (13.9)
Dividends paid by the Company (70.3) (70.1) (70.3) (70.1)
Change in shareholding - 1.2 - -
Other - 0.2 - -
Balance at 30th September 6,584.3 6,144.8 551.8 569.1
======= ======== ====== ======
Group Company
Restated
Nine months ended 30th September 2019 2018 2019 2018
US$m US$m US$m US$m
Movements:
Balance at 1st January 6,206.2 6,173.7 672.6 754.6
Effect of adoption of IFRS 16 (3.8) (1.8) - -
------- -------- ------- -------
Balance at 1st January as restated 6,202.4 6,171.9 672.6 754.6
Defined benefit pension plans
- remeasurements 0.1 (0.1) - -
Share of associates' and joint ventures'
remeasurements of defined benefit
pension plans, net of tax 0.2 0.4 - -
Profit attributable to shareholders 728.9 373.5 226.0 156.0
Dividends paid by the Company (346.8) (341.5) (346.8) (341.5)
Change in shareholding (0.5) (62.7) - -
Other - 3.3 - -
Balance at 30th September 6,584.3 6,144.8 551.8 569.1
======= ======== ======= =======
8 Other reserves
Group Company
Restated
2019 2018 2019 2018
US$m US$m US$m US$m
Composition:
Asset revaluation reserve 403.3 403.9 - -
Translation reserve (1,716.1) (1,994.0) 279.6 304.8
Fair value reserve 11.8 (1.5) - -
Hedging reserve (41.6) 18.0 - -
Other reserve 3.3 3.3 - -
--------- --------- ------------- -------------
Balance at 30th September (1,339.3) (1,570.3) 279.6 304.8
========= ========= ============= =============
Three months ended 30th September
Movements:
Asset revaluation reserve
Balance at 1st July and 30th September 403.3 403.9 - -
========= ========= ============= =============
Translation reserve
Balance at 1st July (1,713.9) (1,820.5) 326.5 303.4
Effect of adoption of IFRS 16 - 0.1 - -
--------- --------- ------------- -------------
Balance at 1st July as restated (1,713.9) (1,820.4) 326.5 303.4
Translation difference (2.2) (173.6) (46.9) 1.4
--------- --------- ------------- -------------
Balance at 30th September (1,716.1) (1,994.0) 279.6 304.8
========= ========= ============= =============
Fair value reserve
Balance at 1st July 9.6 (0.1) - -
Financial assets at FVOCI
- fair value changes 1.8 (1.6) - -
- transfer to profit and loss (0.1) 0.3 - -
Share of associates' and joint
ventures' fair
value changes of financial assets
at FVOCI,
net of tax 0.5 (0.1) - -
Balance at 30th September 11.8 (1.5) - -
========= ========= ============= =============
Hedging reserve
Balance at 1st July (28.5) 6.2 - -
Cash flow hedges
- fair value changes (7.8) 8.9 - -
- deferred tax 1.5 (2.2) - -
Share of associates' and joint
ventures' fair
value changes of cash flow hedges,
net of tax (6.8) 5.1 - -
Balance at 30th September (41.6) 18.0 - -
========= ========= ============= =============
Other reserve
Balance at 1st July and 30th September 3.3 3.3 - -
========= ========= ============= =============
Group Company
Restated
Nine months ended 30th September 2019 2018 2019 2018
US$m US$m US$m US$m
Movements:
Asset revaluation reserve
Balance at 1st January 403.3 402.4 - -
Revaluation surplus - 1.5 - -
Balance at 30th September 403.3 403.9 - -
========= ========= ====== ======
Translation reserve
Balance at 1st January (1,852.6) (1,521.5) 305.3 357.1
Effect of adoption of IFRS 16 0.1 - - -
--------- --------- ------ ------
Balance at 1st January as restated (1,852.5) (1,521.5) 305.3 357.1
Translation difference 136.4 (472.5) (25.7) (52.3)
--------- --------- ------ ------
Balance at 30th September (1,716.1) (1,994.0) 279.6 304.8
========= ========= ====== ======
Fair value reserve
Balance at 1st January 0.5 15.1 - -
Financial assets at FVOCI
- fair value changes 8.7 (11.6) - -
- deferred tax (0.1) 0.3 - -
- transfer to profit and loss (0.3) (1.5) - -
Share of associates' and joint ventures'
fair
value changes of financial assets
at FVOCI,
net of tax 3.0 (3.7) - -
Others - (0.1) - -
--------- --------- ------ ------
Balance at 30th September 11.8 (1.5) - -
========= ========= ====== ======
Hedging reserve
Balance at 1st January 5.8 (19.4) - -
Cash flow hedges
- fair value changes (37.5) 32.7 - -
- deferred tax 8.9 (7.9) - -
- transfer to profit and loss 0.8 0.2 - -
Share of associates' and joint ventures'
fair
value changes of cash flow hedges,
net of tax (19.6) 12.4 - -
Balance at 30th September (41.6) 18.0 - -
========= ========= ====== ======
Other reserve
Balance at 1st January and 30th September 3.3 3.3 - -
========= ========= ====== ======
9 Non-controlling interests
Group
Restated
Three months ended 30th September 2019 2018
US$m US$m
Balance at 1st July 7,602.6 6,836.5
Effect of adoption of IFRS 16 - (2.6)
------- --------
Balance at 1st July as restated 7,602.6 6,833.9
Financial assets at FVOCI
- fair value changes 1.9 (1.8)
- transfer to profit and loss (0.1) 0.4
Share of associates' and joint ventures'
fair value changes of
financial assets at FVOCI, net of tax 0.5 -
Cash flow hedges
- fair value changes (15.9) 10.4
- deferred tax 3.0 (2.5)
Share of associates' and joint ventures'
fair value changes of cash
flow hedges, net of tax (15.8) 10.4
Defined benefit pension plans
* remeasurements - 0.2
* deferred tax - (0.1)
Share of associates' and joint ventures'
remeasurements
of defined benefit pension plans, net of
tax - (0.1)
Translation difference (14.3) (237.8)
Profit for the period 295.3 341.4
Dividends paid (45.3) (37.0)
Issue of shares to non-controlling interests 0.8 (1.2)
Change in shareholding - 4.4
Other - (0.4)
------- --------
Balance at 30th September 7,812.7 6,920.2
======= ========
Group
Restated
Nine months ended 30th September 2019 2018
US$m US$m
Balance at 1st January 7,345.4 7,028.4
Effect of adoption of IFRS 16 (3.3) (2.3)
------- --------
Balance at 1st January as restated 7,342.1 7,026.1
Asset revaluation surplus - 1.5
Financial asset at FVOCI
- fair value changes 9.4 (12.5)
- deferred tax (0.1) 0.3
- transfer to profit and loss (0.3) (1.6)
Share of associates' and joint ventures'
fair value changes of
financial assets at FVOCI, net of tax 3.0 (3.7)
Cash flow hedges
- fair value changes (62.2) 38.3
- deferred tax 15.1 (9.2)
* transfer to profit and loss 0.8 0.2
Share of associates' and joint ventures'
fair value changes of cash
flow hedges, net of tax (44.1) 23.8
Defined benefit pension plans
- remeasurements 0.1 (0.6)
- deferred tax - 0.1
Share of associates' and joint ventures'
remeasurements
of defined benefit pension plans, net of
tax (0.2) 0.4
Translation difference 131.8 (636.5)
Profit for the period 806.4 908.9
Dividends paid (402.2) (359.6)
Issue of shares to non-controlling interests 15.8 61.0
Change in shareholding (2.5) (131.1)
Acquisition of subsidiary (0.2) 2.0
Other - 12.4
------- --------
Balance at 30th September 7,812.7 6,920.2
======= ========
10 Cash flows from operating activities
Group
Three months ended Nine months ended
Restated Restated
30.9.2019 30.9.2018 30.9.2019 30.9.2018
US$m US$m US$m US$m
Profit before tax 739.6 700.8 1,934.2 1,707.2
Adjustments for:
--------- --------- --------- ---------
Financing income (21.8) (23.2) (66.2) (67.8)
Financing charges (1) 92.3 70.3 270.3 180.8
Share of associates' and joint
ventures' results after tax (187.5) (183.3) (435.9) (456.4)
Depreciation of property, plant
and equipment 218.8 140.9 587.8 420.8
Depreciation of bearer plants 6.7 6.1 20.2 18.6
Amortisation of right-of-use assets 31.4 27.1 85.2 76.2
Amortisation of intangible assets 31.9 16.5 118.1 49.6
Impairment/(reversal of impairment)
of
- property, plant and equipment 0.1 (1.7) 0.1 (1.7)
Fair value changes of:
- other investments (92.1) 57.3 (109.2) 295.9
- agricultural produce 0.5 5.1 (2.3) 5.9
(Profit)/loss on disposal of:
- right-of-use assets (0.7) - (1.5) (0.2)
- property, plant and equipment (2.4) (2.0) (1.1) (6.6)
- intangible assets 0.1 - 0.1 -
- investments (0.2) (0.2) (2.8) (3.3)
- associate and joint venture - - (0.5) -
Loss on disposal/write-down of
receivables from
collateral vehicles 14.6 12.7 42.6 40.2
Amortisation of borrowing costs
for financial services
companies 2.4 2.3 7.3 7.3
Write-down of stocks 2.1 2.6 9.9 8.6
Impairment of debtors 25.5 51.7 77.7 133.0
Changes in provisions 7.4 8.6 25.1 26.9
Foreign exchange loss 20.3 (27.6) 23.4 (13.8)
--------- --------- --------- ---------
149.4 163.2 648.3 714.0
--------- --------- --------- ---------
Operating profit before working
capital changes 889.0 864.0 2,582.5 2,421.2
Changes in working capital:
--------- --------- --------- ---------
Properties for sale (5.3) (1.3) 0.8 (77.5)
Stocks (45.4) (233.4) (4.2) (275.8)
Concession rights (26.9) (4.0) (65.9) (10.7)
Financing debtors (2) (62.7) (86.6) (308.6) (232.3)
Debtors (2) (21.6) (217.8) (244.0) (777.8)
Creditors 233.2 902.6 (38.1) 1,164.8
Pensions 6.8 6.0 20.5 19.4
--------- --------- --------- ---------
78.1 365.5 (639.5) (189.9)
--------- --------- --------- ---------
Cash flows from operating activities 967.1 1,229.5 1,943.0 2,231.3
========= ========= ========= =========
(1) Increase in financing charges mainly due to higher level of net debt
(2) Increase in debtors balance due mainly to higher sales and financing activities
11 Interested person transactions
Aggregate value Aggregate value
of all of all interested
interested person person transactions
transactions conducted under
(excluding transactions shareholders'
less than S$100,000 mandate pursuant
and transactions to Rule 920
conducted under (excluding transactions
shareholders' less than S$100,000
mandate pursuant
to Rule 920)
US$m US$m
Name of interested person
Three months ended 30th
September 2019
Zungfu Company Ltd
- human resource capital
management services - 0.1
Jardine Matheson Limited
- management support services - 1.0
Jardine International Motors
Limited
* management consultancy services - 0.6
Jardine International Motors
(S) Pte. Limited
- management consultancy
services - 0.2
- 1.9
=========================== =========================
Nine months ended 30th September
2019
Hongkong Land Ltd
- management support services - 0.2
Zungfu Company Ltd
- human resource capital
management services - 0.1
Jardine Matheson Limited
- management support services - 3.1
Jardine International Motors
Limited
- management consultancy
services - 0.6
Jardine International Motors
(S) Pte. Limited
- management consultancy
services - 0.2
- 4.2
=========================== =========================
12 Additional information
Group
Three months Nine months ended
ended
Restated Restated
30.9.2019 30.9.2018 Change 30.9.2019 30.9.2018 Change
US$m US$m % US$m US$m %
Astra International
Automotive 85.6 91.4 -6 197.1 233.6 -16
Financial services 52.7 44.9 17 152.4 122.4 25
Heavy equipment, mining,
construction & energy 65.0 75.8 -14 182.3 194.5 -6
Agribusiness 2.1 10.9 -81 2.5 33.5 -93
Infrastructure & logistics 2.5 3.9 -36 5.2 4.0 30
Information technology 1.1 1.3 -15 2.7 3.7 -27
Property 0.3 (0.9) nm 2.6 (1.4) nm
---------- ---------- ---------- ----------
209.3 227.3 -8 544.8 590.3 -8
Less: Withholding
tax on dividend 0.1 0.1 - (9.1) (8.6) 6
---------- ---------- ---------- ----------
209.4 227.4 -8 535.7 581.7 -8
---------- ---------- ---------- ----------
Direct Motor Interests
Singapore 13.2 14.5 -9 42.0 41.5 1
Malaysia (1.7) 0.6 nm (2.4) 1.3 nm
Indonesia (Tunas Ridean) 4.1 3.9 5 14.0 13.0 8
Myanmar (1.0) (1.4) -29 (3.8) (2.9) 31
Vietnam
---------- ---------- ---------- ----------
- automotive 9.5 15.3 -38 31.8 48.8 -35
- real estate 0.3 - nm 0.7 4.0 -83
---------- ---------- ---------- ----------
9.8 15.3 -36 32.5 52.8 -38
Less: Central overheads (0.8) (1.0) -20 (3.2) (2.3) 39
23.6 31.9 -26 79.1 103.4 -24
---------- ---------- ---------- ----------
Other Strategic Interests
Siam City Cement 7.0 6.0 17 19.1 19.2 -1
Refrigeration Electrical
Engineering 8.9 9.1 -2 12.7 13.1 -3
Vinamilk - - nm 27.8 23.8 17
15.9 15.1 5 59.6 56.1 6
---------- ---------- ---------- ----------
Corporate costs
Central overheads (6.5) (5.3) 23 (18.0) (15.5) 16
Dividend income from
other
investments, net
of tax - - nm 2.7 2.7 -
Net financing charges (10.6) (8.6) 23 (30.7) (22.7) 35
Exchange differences (25.1) 0.3 nm (14.4) (32.0) -55
---------- ---------- ---------- ----------
(42.2) (13.6) 210 (60.4) (67.5) -11
---------- ---------- ---------- ----------
Underlying profit
attributable to
shareholders 206.7 260.8 -21 614.0 673.7 -9
========== ========== ========== ==========
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 October 2019 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
Joey Ho
Tel: 65 64708115
The full text of the Financial Statements and Dividend Announcement for the period ended 30th September 2019 can be accessed through the internet at 'www.jcclgroup.com'.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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