We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| 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 : 5722H
Jardine Strategic Hldgs Ltd
02 August 2019
To: Business Editor 2nd August 2019
For immediate release
Jardine Cycle & Carriage Limited
2019 Half Year Financial Statements and Dividend Announcement
The following announcement was issued today by the Company's 75%-owned subsidiary, Jardine Cycle & Carriage Limited.
For further information, please contact:
Jardine Matheson Limited
Jonathan Lloyd (852) 2843 8223
Brunswick Group Limited
Ben Fry (65) 6426 8103
2nd August 2019
JARDINE CYCLE & CARRIAGE LIMITED
2019 HALF YEAR FINANCIAL STATEMENTS AND DIVID ANNOUNCEMENT
Highlights
-- Underlying profit modestly down -- Lower contribution from Astra primarily due to a weaker automotive market -- Direct Motor Interests affected by increased competition in Vietnam -- Improved Other Strategic Interests contribution due to higher dividend income
"Jardine Cycle & Carriage reported underlying profit of US$407 million, reflecting the challenging conditions in the first half of 2019. The outlook for the rest of the year remains cautious, with Astra expected to continue to face a soft automotive market and commodity prices. The Group's Direct Motor Interests will also continue to be affected by challenging market conditions, while the contribution from Other Strategic Interests is expected to be stable."
Ben Keswick, Chairman
Hot Features
Premium
Group Results
-------------------------------- ------------------------------ --------- -----------
Six months ended 30th June
-------------------------------- ------------------------------------------ -----------
Restated
2019 2018 Change 2019
US$m US$m % S$m
---------------------------------- ------------- -------------- --------- -----------
Revenue 9,157 9,188 - 12,434
Underlying profit attributable
to
shareholders (#) 407 413 -1 553
Non-trading items^ 20 (240) nm 27
Profit attributable to
shareholders 427 173 147 580
---------------------------------- ------------- -------------- --------- -----------
USc USc Sc
---------------------------------- ------------- -------------- --------- -----------
Underlying earnings per
share (#) 103 104 -1 139
Earnings per share 108 44 147 146
Interim dividend per share
* 18 18 - 24
At At At
30.6.2019 31.12.2018 30.6.2019
------------- -------------- ---------
US$m US$m S$m
---------------------------------- ------------- -------------- --------- -----------
Shareholders' funds 6,408 6,144 4 8,675
---------------------------------- ------------- -------------- --------- -----------
US$ US$ S$
---------------------------------- ------------- -------------- --------- -----------
Net asset value per share 16.21 15.55 4 21.95
---------------------------------- ------------- -------------- --------- -----------
The exchange rate of US$1=S$1.35 (31st December 2018: US$1=S$1.37) was used for translating assets and liabilities at the balance sheet date and US$1=S$1.36 (30th June 2018: US$1=S$1.33) was used for translating the results for the period. The financial results for the six months ended 30th June 2019 and 30th June 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.
* The Singapore currency equivalent is an estimate as the actual amount will be determined on the Books Closure Date referred to in Note 11.
nm not meaningful
CHAIRMAN'S STATEMENT
Overview
Jardine Cycle & Carriage's ("JC&C" or "the Group") performance in the first half reflected the challenging conditions in the period, with Astra's performance affected by relatively weak domestic consumption and a downward trend in commodity prices, only partially offset by improved contributions from financial services and gold mining.
Results
JC&C's underlying profit attributable to shareholders of US$407 million was 1% lower than the same period last year. Underlying earnings per share were also down 1% at USc103. Profit attributable to shareholders increased significantly compared with the same period in 2018 to US$427 million, after accounting for net non-trading gains of US$20 million which were principally unrealised fair value gains related to non-current investments. In 2018, there were net non-trading losses of US$240 million. Earnings per share were USc108, compared with USc44 last year.
The Group's consolidated net debt, excluding Astra's financial services subsidiaries, was US$3.1 billion at the end of June 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 Truong Hai Auto Corporation. Net debt within Astra's financial services subsidiaries increased from US$3.3 billion to US$3.4 billion. JC&C parent company's net debt was US$1.5 billion, compared with US$1.3 billion at the previous year end.
The Board has declared an interim one-tier tax exempt dividend of USc18 per share (2018: USc18 per share) for the half year ended 30 June 2019.
Group Review
The contribution to JC&C's underlying profit attributable to shareholders by business segments was as follows:
Contribution to JC&C's underlying
profit
Six months ended 30th June
-------------------------------- --------------------------------------
Restated
2019 2018 Change
Business segments US$m US$m %
-------------------------------- ---------- ------------ ------------
Astra 326 354 -8
Direct Motor Interests 55 72 -22
Other Strategic Interests 44 41 7
Corporate Costs (18) (54) -66
Underlying profit attributable
to
shareholders 407 413 -1
---------- ------------ ------------
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 reported a net profit equivalent to US$691 million, under Indonesian accounting standards, 6% lower in its local currency terms. This was mainly due to lower contributions from its automotive and agribusiness divisions, which more than offset increased contributions from the financial services and heavy equipment, mining, construction and energy divisions.
Automotive
Net income from Astra's automotive division fell by 18% to US$244 million, mainly due to lower car sales volumes and increased manufacturing costs. Highlights were as follows:
-- Astra's car sales were 6% lower at 253,000 units with the overall wholesale car market declining by 13% to 482,000 units; Astra's market share increased from 48% to 53%; 8 new models and 2 revamped models were launched.
-- Astra's Honda motorcycle sales were 8% higher at 2.4 million units as the wholesale motorcycle market grew by 7% in the first half of 2019 to 3.2 million units; and 4 new models and 15 revamped models were launched.
-- Components business Astra Otoparts reported a 19% increase in net income at US$17 million, mainly due to higher revenue from the replacement market and export segments.
Financial Services
Net income from Astra's financial services division grew by 32% to US$199 million mainly due to the recovery of non-performing loans, lower loan loss provisions and a larger loan portfolio. Highlights were as follows:
-- Consumer finance businesses saw a 6% increase in the amount financed to US$3.0 billion. The net income contribution from the car-focused finance companies increased by 39% to US$50 million, mainly due to lower non-performing loan losses while the net income contribution from the motorcycle-focused financing business increased by 10% to US$87 million, due to a larger loan portfolio.
-- Heavy equipment-focused finance operations saw a 4% decrease in the amounts financed at US$151 million. The net income contribution grew 32% to US$4 million, with lower loan provisions.
-- Permata Bank reported a significant increase in net income to US$50 million, mainly due to higher recoveries from non-performing loans.
-- General insurance company, Asuransi Astra Buana, reported 9% growth with net income at US$38 million, due to increased investment income.
Heavy Equipment, Mining, Construction and Energy
Net income from Astra's heavy equipment, mining, construction and energy division increased by 2% to US$235 million, mainly due to the contribution from the new gold mining operation, partly offset by lower heavy equipment sales. Highlights were as follows:
-- United Tractors reported a 2% increase with net income at US$393 million.
-- Komatsu heavy equipment sales decreased by 20% to 1,917 units while parts and service revenues were stable.
-- Mining contracting operations recorded a 5% higher overburden removal volume at 469 million bank cubic metres and a 7% higher coal production at 61 million tonnes.
-- Coal mining subsidiaries achieved 11% higher coal sales at 5 million tonnes, including 674,000 tonnes of coking coal sales.
-- Agincourt Resources reported gold sales of 194,000 oz.
-- General contractor, Acset Indonusa, reported a US$28 million net loss compared to a net income of US$5 million in the equivalent period last year, mainly due to increased project and funding costs for several ongoing contracts.
Infrastructure and Logistics
Net income from Astra's infrastructure and logistics division increased significantly to US$6 million, compared with the same period in 2018, due to improved earnings from its operational toll roads. Highlights were as follows:
-- Astra has 339km of operational toll roads along the Trans-Java network and a further 11km under construction.
-- There was an increase in revenue due to 23% higher traffic volumes for all operational concessions, following the completion of the Trans-Java network in December 2018.
-- In May 2019, a 44.5% interest was acquired in the 36km Surabaya-Mojokerto toll road, further strengthening Astra's portfolio in the Trans-Java network.
-- Serasi Autoraya's net income decreased by 20% to US$6 million, due to a 6% fall in vehicles under leasing contract at 22,200 units and 5% lower used car sales at 15,200 units.
Agribusiness
Net income from Astra's agribusiness division fell by 94% to US$2 million, due to an 18% fall in crude palm oil prices.
Information Technology
Net income from Astra's information technology division fell by 35% to US$3 million due to reduced revenue in IT solutions and office services business and higher operating costs.
Property
Net income from Astra's property division was 33% lower at US$2 million, mainly due to reduced development earnings from Anandamaya Residences following the completion of construction in 2018.
Direct Motor Interests
The Group's Direct Motor Interests contributed a profit of US$55 million, 22% down on the previous year primarily due to a lower contribution from Truong Hai Auto Corporation ("Thaco"). Highlights were as follows:
-- Cycle & Carriage Singapore contributed a profit of US$29 million, 7% higher than the previous year with the increase in overall vehicle sales partly offset by lower margins due to higher certificates of entitlement ("COE") costs. The passenger car market fell by 7% to 39,900 units, following a decrease in the number of COEs. CCS passenger car sales grew by 15% to 8,000 units, due to the launch of new models and competitive pricing, leading to an increase in its market share from 16% to 20%.
-- In Malaysia, Cycle & Carriage Bintang contributed a loss of US$1 million to JC&C's underlying profit, compared to a profit of US$1 million in the first half of 2018 as overall unit sales declined, and operating expenses and financing costs were higher.
-- In Indonesia, Tunas Ridean contributed US$10 million to JC&C's underlying profit, 9% higher than the first half of 2018, due to a stronger contribution from its automotive operations, partially offset by a lower contribution from its rental business while the contribution from consumer finance was stable.
-- In Vietnam, Thaco contributed US$23 million to JC&C's underlying profit, 39% lower than the equivalent period last year, due to lower unit sales and margins which reflected the increased competition in the Vietnamese automotive market, particularly from completely built up ("CBU") imports.
Other Strategic Interests
The Group's Other Strategic Interests contributed a profit of US$44 million, 7% up on the previous year. Highlights were as follows:
-- Siam City Cement contributed a profit of US$12 million, down 8%, as improved domestic performance was offset by a lower contribution from its regional operations, primarily from Vietnam.
-- Refrigeration Electrical Engineering Corporation's contribution of US$4 million, based on its first quarter results as in the previous year, was 5% down. Weaker performances from its power and water investments and its M&E business were partially offset by stronger real estate contributions.
-- Vinamilk which is accounted for as an investment produced a dividend income of US$28 million, compared to US$24 million in the previous year. Vinamilk reported a net profit of US$244 million in the first half, 6% up in local currency terms, due to the rebound of the fast-moving consumer goods sector as well as an increase in market share.
Corporate Costs
Corporate costs were US$18 million compared to US$54 million in the previous year which has improved the underlying profit of the Group overall. This was primarily due to a foreign exchange gain from the translation of foreign currency loans in the first half of 2019 compared to a foreign exchange loss in the previous year, partly offset by higher net financing charges and overheads in the first half of 2019.
People
Alex Newbigging will be stepping down from his role as Group Managing Director with effect from 30th September 2019 and moving on to a new role within the Jardine Matheson Group. I would like to thank Alex for his contributions to the Group. Ben Birks, who is currently Chief Executive Officer of Jardine International Motors Limited, will succeed Alex Newbigging on 1st October 2019 as Group Managing Director.
Outlook
The outlook for the rest of the year remains cautious, with Astra expected to continue to face a soft automotive market and commodity prices. The Group's Direct Motor Interests will also continue to be affected by 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, 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 six months ended 30th June 2019 to be false or misleading in any material respect.
On behalf of the Directors
Ben Keswick
Director
Vimala Menon
Director
2nd August 2019
Jardine Cycle & Carriage Limited
Consolidated Profit and Loss Account for the six months ended 30th
June 2019
--------------------------------------------------------------------
Three months Six months ended
ended
Restated Restated
30.6.2019 30.6.2018 Change 30.6.2019 30.6.2018 Change
Note US$m US$m % US$m US$m %
Revenue 4,440.9 4,545.6 -2 9,157.1 9,188.8 -
Net operating costs 2 (4,016.4) (4,180.5) -4 (8,077.3) (8,389.6) -4
Operating profit 2 424.5 365.1 16 1,079.8 799.2 35
Financing income 21.9 22.2 -1 44.4 44.6 -
Financing charges (90.8) (61.1) 49 (178.0) (110.5) 61
---------- ---------- ---------- ----------
Net financing charges (68.9) (38.9) 77 (133.6) (65.9) 103
Share of associates'
and joint
ventures' results
after tax 124.4 147.0 -15 248.4 273.1 -9
Profit before tax 480.0 473.2 1 1,194.6 1,006.4 19
Tax 3 (136.6) (145.1) -6 (256.0) (265.9) -4
Profit after tax 343.4 328.1 5 938.6 740.5 27
========== ========== ========== ==========
Profit attributable
to:
Shareholders of
the Company 115.1 37.7 205 427.5 173.0 147
Non-controlling
interests 228.3 290.4 -21 511.1 567.5 -10
343.4 328.1 5 938.6 740.5 27
========== ========== ========== ==========
USc USc USc USc
----------------------- ---------- ---------- ------- ---------- ---------- -------
Earnings per share 4 29 10 205 108 44 147
----------------------- ---------- ---------- ------- ---------- ---------- -------
Jardine Cycle & Carriage Limited
Consolidated Statement of Comprehensive Income for the six months
ended 30th June 2019
-------------------------------------------------------------------
Three months Six months ended
ended
Restated Restated
30.6.2019 30.6.2018 30.6.2019 30.6.2018
US$m US$m US$m US$m
Profit for the period 343.4 328.1 938.6 740.5
Items that will not be reclassified
to profit or loss:
---------- ---------- ---------- ----------
Asset revaluation surplus - 3.0 - 3.0
Remeasurements of defined benefit
pension plans 0.1 - 0.3 (1.0)
Tax on items that will not be
reclassified - - - 0.2
Share of other comprehensive income
of associates and
joint ventures, net of tax 0.1 0.3 (0.1) 0.9
---------- ---------- ---------- ----------
0.2 3.3 0.2 3.1
Items that may be reclassified
subsequently to profit
or loss:
Translation difference
- gain/(loss) arising during
the period 97.2 (562.9) 284.7 (697.6)
Financial assets at FVOCI (1)
- gain/(loss) arising during the
period 4.8 (17.4) 14.4 (20.7)
- transfer to profit and loss (0.4) (2.4) (0.4) (3.8)
Cash flow hedges
- gain/(loss) arising during the
period (56.8) 51.8 (76.0) 51.7
- transfer to profit and loss 0.8 0.1 1.6 0.4
Tax relating to items that may
be reclassified 14.8 (11.9) 19.3 (11.8)
Share of other comprehensive income
of associates and joint ventures,
net of tax (24.0) (14.5) (36.1) 13.3
36.4 (557.2) 207.5 (668.5)
Other comprehensive income for
the period 36.6 (553.9) 207.7 (665.4)
Total comprehensive income for
the period 380.0 (225.8) 1,146.3 75.1
========== ========== ========== ==========
Attributable to:
Shareholders of the Company 145.2 (221.1) 541.2 (113.8)
Non-controlling interests 234.8 (4.7) 605.1 188.9
380.0 (225.8) 1,146.3 75.1
========== ========== ========== ==========
(1) Fair value through other comprehensive income ("FVOCI")
Jardine Cycle & Carriage Limited
Consolidated Balance Sheet at 30th June 2019
----------------------------------------------
Restated Restated
At At At
Note 30.6.2019 31.12.2018 1.1.2018
US$m US$m US$m
Non-current assets
Intangible assets 1,732.0 1,630.6 1,079.5
Property, plant and equipment 4,666.6 4,457.5 3,404.5
Investment properties 605.7 587.2 618.6
Bearer plants 498.7 486.8 498.0
Interests in associates and
joint ventures 4,658.4 4,250.6 4,280.3
Right-of-use assets 782.5 753.0 762.1
Non-current investments 2,100.8 1,911.2 2,031.8
Non-current debtors 2,932.9 2,867.1 2,824.5
Deferred tax assets 342.7 300.7 322.4
---------- -----------
18,320.3 17,244.7 15,821.7
---------- ----------- ----------
Current assets
Current investments 36.8 50.4 22.7
Properties for sale 358.3 355.8 254.0
Stocks 1,998.8 2,039.7 1,723.8
Current debtors 5,958.1 5,595.5 5,044.9
Current tax assets 154.2 134.9 120.5
Bank balances and other liquid
funds
---------- ----------- ----------
- non-financial services companies 1,376.4 1,711.4 2,398.7
- financial services companies 240.7 187.5 241.1
---------- ----------- ----------
1,617.1 1,898.9 2,639.8
---------- ----------- ----------
10,123.3 10,075.2 9,805.7
---------- ----------- ----------
Total assets 28,443.6 27,319.9 25,627.4
---------- ----------- ----------
Non-current liabilities
Non-current creditors 298.7 271.4 241.6
Provisions 159.1 146.7 113.7
Non-current lease liabilities 94.9 93.3 89.0
Long-term borrowings 5
---------- ----------- ----------
- non-financial services companies 1,819.1 1,125.4 845.0
- financial services companies 1,803.3 1,655.2 1,486.4
---------- ----------- ----------
3,622.4 2,780.6 2,331.4
Deferred tax liabilities 399.7 428.0 212.9
Pension liabilities 272.6 253.0 262.2
---------- -----------
4,847.4 3,973.0 3,250.8
---------- ----------- ----------
Current liabilities
Current creditors 4,854.2 4,951.5 4,152.7
Provisions 98.8 92.8 87.2
Current lease liabilities 42.3 40.5 20.0
Current borrowings 5
---------- ----------- ----------
- non-financial services companies 2,662.8 2,737.9 2,368.5
- financial services companies 1,819.8 1,824.5 2,153.9
---------- ----------- ----------
4,482.6 4,562.4 4,522.4
Current tax liabilities 107.7 213.8 135.4
---------- -----------
9,585.6 9,861.0 8,917.7
---------- -----------
Total liabilities 14,433.0 13,834.0 12,168.5
---------- ----------- ----------
Net assets 14,010.6 13,485.9 13,458.9
========== =========== ==========
Equity
Share capital 6 1,381.0 1,381.0 1,381.0
Revenue reserve 7 6,353.2 6,202.4 6,171.9
Other reserves 8 (1,326.2) (1,439.6) (1,120.1)
---------- -----------
Shareholders' funds 6,408.0 6,143.8 6,432.8
Non-controlling interests 9 7,602.6 7,342.1 7,026.1
---------- -----------
Total equity 14,010.6 13,485.9 13,458.9
========== =========== ==========
Jardine Cycle & Carriage Limited
Consolidated Statement of Changes in Equity for the three months ended 30th June 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
April 1,381.0 6,514.5 403.3 (1,764.6) 5.1 6,539.3 7,724.3 14,263.6
Total
comprehensive
income - 115.2 - 50.7 (20.7) 145.2 234.8 380.0
Dividends paid by
the Company - (276.5) - - - (276.5) - (276.5)
Dividends paid to
non-controlling
interests - - - - - - (356.3) (356.3)
Acquisition of
subsidiary - - - - - - (0.2) (0.2)
Balance at 30th
June 1,381.0 6,353.2 403.3 (1,713.9) (15.6) 6,408.0 7,602.6 14,010.6
=========== ======== ============ ============ ========= ======== ============= =========
2018
Balance at 1st
April 1,381.0 6,312.4 402.4 (1,555.2) 4.6 6,545.2 7,216.2 13,761.4
Effect of
adoption of IFRS
16 - (1.9) - - - (1.9) (1.6) (3.5)
----------- -------- ------------ ------------ --------- -------- ------------- ---------
Balance as at 1st
April
as restated 1,381.0 6,310.5 402.4 (1,555.2) 4.6 6,543.3 7,214.6 13,757.9
Total
comprehensive
income - 37.8 1.5 (265.2) 4.8 (221.1) (4.7) (225.8)
Dividends paid by
the Company - (271.4) - - - (271.4) - (271.4)
Dividends paid to
non-controlling
interests - - - - - - (297.3) (297.3)
Issue of shares
to
non-controlling
interests - - - - - - 44.9 44.9
Change in
shareholding - (63.9) - - - (63.9) (138.4) (202.3)
Acquisition of
subsidiary - - - - - - 2.0 2.0
Other - (0.1) - - - (0.1) 12.8 12.7
Balance at 30th
June 1,381.0 6,012.9 403.9 (1,820.4) 9.4 5,986.8 6,833.9 12,820.7
=========== ======== ============ ============ ========= ======== ============= =========
Jardine Cycle & Carriage Limited
Consolidated Statement of Changes in Equity for the six months ended 30th June 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 - 427.8 - 138.6 (25.2) 541.2 605.1 1,146.3
Dividends paid by
the Company - (276.5) - - - (276.5) - (276.5)
Dividends paid to
non-controlling
interests - - - - - - (356.9) (356.9)
Issue of shares
to non-
controlling
interests - - - - - - 15.0 15.0
Change in
shareholding - (0.5) - - - (0.5) (2.5) (3.0)
Acquisition of
subsidiary - - - - - - (0.2) (0.2)
Balance at 30th
June 1,381.0 6,353.2 403.3 (1,713.9) (15.6) 6,408.0 7,602.6 14,010.6
=========== ======== ============ ============ ========= ======== ============= =========
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 - 173.2 1.5 (298.9) 10.4 (113.8) 188.9 75.1
Dividends paid by
the Company - (271.4) - - - (271.4) - (271.4)
Dividends paid to
non-controlling
interests - - - - - - (322.6) (322.6)
Issue of shares
to non-
controlling
interests - - - - - 62.2 62.2
Change in
shareholding - (63.9) - - - (63.9) (135.5) (199.4)
Acquisition of
subsidiary - - - - - - 2.0 2.0
Other - 3.1 - - - 3.1 12.8 15.9
Balance at 30th
June 1,381.0 6,012.9 403.9 (1,820.4) 9.4 5,986.8 6,833.9 12,820.7
=========== ======== ============ ============ ========= ======== ============= =========
Jardine Cycle & Carriage Limited
Company Balance Sheet at 30th June 2019
-----------------------------------------
At At
Note 30.6.2019 31.12.2018
US$m US$m
Non-current assets
Property, plant and equipment 34.3 34.4
Interests in subsidiaries 1,374.2 1,358.3
Interests in associates
and joint ventures 1,164.0 987.0
Non-current investment 179.6 167.6
----------
2,752.1 2,547.3
---------- -----------
Current assets
Current debtors 1,194.3 1,229.9
Bank balances and other
liquid funds 13.6 52.8
---------- -----------
1,207.9 1,282.7
---------- -----------
Total assets 3,960.0 3,830.0
---------- -----------
Non-current liabilities
Deferred tax liabilities 6.2 6.1
----------
6.2 6.1
---------- -----------
Current liabilities
Current creditors 75.6 83.8
Current borrowings 1,528.2 1,379.5
Current tax liabilities 1.6 1.7
----------
1,605.4 1,465.0
---------- -----------
Total liabilities 1,611.6 1,471.1
---------- -----------
Net assets 2,348.4 2,358.9
========== ===========
Equity
Share capital 6 1,381.0 1,381.0
Revenue reserve 7 640.9 672.6
Other reserves 8 326.5 305.3
---------- -----------
Total equity 2,348.4 2,358.9
========== ===========
Net asset value per share US$5.94 US$5.97
Jardine Cycle & Carriage Limited
Company Statement of Comprehensive Income for the six months ended
30th June 2019
--------------------------------------------------------------------
Three months ended Six months ended
30.6.2019 30.6.2018 30.6.2019 30.6.2018
US$m US$m US$m US$m
Profit for the period 250.6 179.1 244.8 169.9
Item that may be reclassified
subsequently to profit
or loss:
Translation difference 3.2 (100.8) 21.2 (53.7)
Other comprehensive income for
the period 3.2 (100.8) 21.2 (53.7)
Total comprehensive income for
the period 253.8 78.3 266.0 116.2
========== ========== ========== ==========
Jardine Cycle & Carriage Limited
Company Statement of Changes in Equity for the six months ended
30th June 2019
-----------------------------------------------------------------
For the three months ended 30th June 2019
Share Revenue Translation Total
capital reserve reserve equity
US$m US$m US$m US$m
2019
Balance at 1st April 1,381.0 666.8 323.3 2,371.1
Total comprehensive income - 250.6 3.2 253.8
Dividend paid - (276.5) - (276.5)
Balance at 30th June 1,381.0 640.9 326.5 2,348.4
========== ========== ============== =========
2018
Balance at 1st April 1,381.0 745.4 404.2 2,530.6
Total comprehensive income - 179.1 (100.8) 78.3
Dividend paid - (271.4) - (271.4)
Balance at 30th June 1,381.0 653.1 303.4 2,337.5
========== ========== ============== =========
For the six months ended 30th June 2019
Share Revenue Translation Total
capital reserve reserve equity
US$m US$m US$m US$m
2019
Balance at 1st January 1,381.0 672.6 305.3 2,358.9
Total comprehensive income - 244.8 21.2 266.0
Dividend paid - (276.5) - (276.5)
Balance at 30th June 1,381.0 640.9 326.5 2,348.4
========== ========== ============== =========
2018
Balance at 1st January 1,381.0 754.6 357.1 2,492.7
Total comprehensive income - 169.9 (53.7) 116.2
Dividend paid - (271.4) - (271.4)
Balance at 30th June 1,381.0 653.1 303.4 2,337.5
========== ========== ============== =========
Jardine Cycle & Carriage Limited
Consolidated Statement of Cash Flows for the six months ended 30th
June 2019
--------------------------------------------------------------------
Three months ended Six months ended
Restated Restated
30.6.2019 30.6.2018 30.6.2019 30.6.2018
Note US$m US$m US$m US$m
Cash flows from operating
activities
Cash generated from operations 10 370.1 471.9 975.9 1,001.8
Interest paid (60.6) (41.5) (120.3) (74.5)
Interest received 21.2 22.9 41.7 45.8
Other finance costs paid (27.8) (14.5) (55.9) (29.3)
Income tax paid (284.7) (198.5) (428.5) (292.4)
---------- ---------- ----------------- ----------
(351.9) (231.6) (563.0) (350.4)
Net cash flows from operating
activities 18.2 240.3 412.9 651.4
Cash flows from investing
activities
---------- ---------- ----------------- ----------
Sale of right-of-use assets 0.5 - 0.5 11.8
Sale of property, plant
and equipment 3.2 5.3 6.9 8.7
Sale of investments 73.9 59.0 165.8 136.3
Sale of associate and
joint venture 3.2 - 3.2 -
Sale of subsidiaries 0.2 0.2 0.4 0.4
Purchase of intangible
assets (48.6) (16.4) (96.0) (35.2)
Purchase of right-of-use
assets (6.6) (3.0) (32.1) (4.3)
Purchase of property,
plant and equipment (183.6) (192.7) (464.6) (431.2)
Purchase of investment
properties (6.8) (6.3) (9.6) (24.2)
Additions to bearer plants (10.1) (9.8) (20.7) (19.5)
Purchase of subsidiaries,
net of cash
acquired - - - (84.6)
Purchase of associates
and joint ventures (276.1) (16.6) (320.6) (116.4)
Purchase of investments (65.0) (113.2) (278.6) (569.2)
Dividends received from
associates and
joint ventures (net) 272.7 274.9 272.7 279.4
---------- ---------- ----------------- ----------
Net cash flows used in
investing activities (243.1) (18.6) (772.7) (848.0)
Cash flows from financing
activities
---------- ---------- ----------------- ----------
Drawdown of loans 1,172.2 935.5 2,398.9 2,090.8
Repayment of loans (950.0) (988.0) (1,683.6) (1,767.7)
Principal elements of
lease payments (15.5) (16.0) (38.9) (31.9)
Changes in controlling
interests in subsidiaries - (202.3) (3.0) (199.4)
Investment by non-controlling
interests - 44.9 15.0 62.2
Dividends paid to non-controlling
interests (356.9) (297.3) (356.9) (322.6)
Dividends paid by the
Company (276.5) (271.4) (276.5) (271.4)
---------- ---------- ----------------- ----------
Net cash flow from/(used
in) financing
activities (426.7) (794.6) 55.0 (440.0)
Net change in cash and
cash equivalents (651.6) (572.9) (304.8) (636.6)
Cash and cash equivalents
at the
beginning of the period 2,255.4 2,553.2 1,881.5 2,639.8
Effect of exchange rate
changes 10.8 (78.7) 37.9 (101.6)
Cash and cash equivalents
at the end of
the period (1) 1,614.6 1,901.6 1,614.6 1,901.6
========== ========== ================= ==========
(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 six months ended 30th June 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 6 months ended 30th June 2018 and financial year ended 31st December 2018 by US$1.0m 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$1.3537 (2018:US$1=S$1.3659), US$1= RM4.1435 (2018: US$1= RM4.1480), US$1= IDR14,141 (2018: US$1=IDR14,481), US$1= VND23,322 (2018: US$1= VND23,175) and US$1= THB30.7570 (2018: US$1=THB32.5180).
The exchange rates used for translating the results for the period are US$1= S$1.3578 (2018: US$1=S$1.3300), US$1= RM4.1204 (2018: US$1= RM3.9386), US$1= IDR14,187 (2018: US$1=IDR13,851), US$1= VND23,271 (2018: US$1= VND22,803) and US$1= THB31.4938 (2018: US$1=THB31.8077).
2 Net operating costs and operating profit
Group
Three months Six months ended
ended
Restated Restated
30.6.2019 30.6.2018 Change 30.6.2019 30.6.2018 Change
US$m US$m % US$m US$m %
Cost of sales (3,536.8) (3,628.2) -3 (7,282.9) (7,368.2) -1
Other operating income 18.1 73.4 -75 187.0 159.3 17
Selling and distribution
expenses (211.6) (205.2) 3 (415.8) (412.6) 1
Administrative expenses (277.5) (246.0) 13 (546.9) (497.1) 10
Other operating expenses (8.6) (174.5) -95 (18.7) (271.0) -93
---------- ---------- ---------- ----------
Net operating costs (4,016.4) (4,180.5) -4 (8,077.3) (8,389.6) -4
========== ========== ========== ==========
Operating profit is determined
after including:
Depreciation of property,
plant
and equipment (1) (184.0) (141.4) 30 (369.0) (279.9) 32
Depreciation of bearer
plants (6.7) (6.2) 8 (13.5) (12.5) 8
Amortisation of intangible
assets (1) (45.4) (16.4) 177 (86.2) (33.1) 160
Amortisation of right-of-use
assets (25.3) (26.8) -6 (53.8) (49.1) 10
Fair value changes
of :
- agriculture produce 0.1 (0.9) nm 2.8 (0.8) nm
- other investments
(2) (93.0) (155.3) -40 17.1 (238.6) nm
Profit/(loss) on disposal
of:
- property, plant and
equipment (0.4) 3.9 nm (1.3) 4.6 nm
- right-of-use assets 0.2 - nm 0.8 0.2 300
- associates and joint
ventures 0.5 - nm 0.5 - nm
- investments 0.5 1.7 -71 2.6 3.1 -16
Loss on disposal/write-down
of
receivables from collateral
vehicles (13.9) (13.3) 5 (28.0) (27.5) 2
Dividend and interest
income
from investments 46.2 35.7 30 57.2 55.5 3
Write-down of stocks (4.7) (1.8) 161 (7.8) (6.0) 30
Impairment of debtors (28.9) (45.3) -36 (52.2) (81.3) -36
Net exchange gain/(loss)
(3) 3.4 (30.1) nm 3.1 (6.7) 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) Net exchange loss for three months ended 30th June 2018 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 Six months ended
Restated Restated
30.6.2019 30.6.2018 30.6.2019 30.6.2018
US$m US$m US$m US$m
Basic and diluted earnings
per share
Profit attributable to shareholders 115.1 37.7 427.5 173.0
Weighted average number of
shares
in issue (millions) 395.2 395.2 395.2 395.2
Basic earnings per share USc29 USc10 USc108 USc44
========== ========== ========== ==========
Diluted earnings per share USc29 USc10 USc108 USc44
========== ========== ========== ==========
Underlying earnings per share
Underlying profit attributable
to
shareholders 206.0 194.0 407.3 412.9
Weighted average number of
shares
in issue (millions) 395.2 395.2 395.2 395.2
Basic earnings per share USc52 USc49 USc103 USc104
========== ========== ========== ==========
Diluted earnings per share USc52 USc49 USc103 USc104
========== ========== ========== ==========
As at 30th June 2018 and 2019, there were no dilutive potential ordinary shares in issue.
A reconciliation of the profit attributable to shareholders and underlying profit attributable to shareholders is as follows:
Group
Three months
ended Six months ended
Restated Restated
30.6.2019 30.6.2018 30.6.2019 30.6.2018
US$m US$m US$m US$m
Profit attributable to shareholders 115.1 37.7 427.5 173.0
Less: Non-trading items
---------- ---------- ---------- ----------
Fair value changes of agriculture
produce - (0.2) 0.8 (0.1)
Fair value changes of other
investments (91.1) (156.1) 19.2 (239.8)
Net gain on disposal of interests
in joint ventures 0.2 - 0.2 -
(90.9) (156.3) 20.2 (239.9)
---------- ---------- ---------- ----------
Underlying profit attributable
to shareholders 206.0 194.0 407.3 412.9
========== ========== ========== ==========
Non-trading items are separately identified to provide greater understanding of the Group's underlying business performance. Items classified as non-trading items include fair value gains or losses on revaluation of investment properties, agricultural produce and equity investments which are measured at fair value through profit and loss; gains and losses arising from the sale of businesses, investments and properties; impairment of non-depreciable intangible assets and other investments; provisions for closure of businesses; acquisition-related costs in business combinations; and other credits and charges of a non-recurring nature that require inclusion in order to provide additional insight into the Group's underlying business performance.
5 Borrowings
Group
At Restated
At
30.6.2019 31.12.2018
US$m US$m
Long-term borrowings:
- secured 960.2 1,209.5
- unsecured 2,662.2 1,571.1
---------- -----------
3,622.4 2,780.6
---------- -----------
Current borrowings:
- secured 1,343.3 1,418.1
- unsecured 3,139.3 3,144.3
---------- -----------
4,482.6 4,562.4
---------- -----------
Total borrowings 8,105.0 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$1,099.6 million (31st December 2018: US$1,336.9 million).
6 Share capital
Company
2019 2018
US$m US$m
Three months ended 30th June
Issued and fully paid:
Balance at 1st April and 30th June
- 395,236,288 (2018: 395,236,288) ordinary
shares 1,381.0 1,381.0
Six months ended 30th June
Issued and fully paid:
Balance at 1st January and 30th June
- 395,236,288 (2018: 395,236,288) ordinary
shares 1,381.0 1,381.0
======== ========
There were no rights, bonus or equity issues during the period between 1st April 2019 and 30th June 2019. The Company did not hold any treasury shares as at 30th June 2019 (30th June 2018: Nil) and did not have any unissued shares under convertibles as at 30th June 2019 (30th June 2018: Nil).
There were no subsidiary holdings (as defined in the Listing Manual of the SGX-ST) as at 30th June 2019 (30th June 2018: Nil).
7 Revenue reserve
Group Company
Restated
Three months ended 30th June 2019 2018 2019 2018
US$m US$m US$m US$m
Movements:
Balance at 1st April 6,514.5 6,312.4 666.8 745.4
Effect of adoption of IFRS 16 - (1.9) - -
------- -------- ------- -------
Balance at 1st April as restated 6,514.5 6,310.5 666.8 745.4
Asset revaluation reserve realised - - - -
on disposal of assets
Defined benefit pension plans
- remeasurements 0.1 - - -
- deferred tax - - - -
Share of associates' and joint ventures'
remeasurements
of defined benefit pension plans,
net of tax - 0.1 - -
Profit attributable to shareholders 115.1 37.7 250.6 179.1
Dividends paid by the Company (276.5) (271.4) (276.5) (271.4)
Change in shareholding - (63.9) - -
Other - (0.1) - -
Balance at 30th June 6,353.2 6,012.9 640.9 653.1
======= ======== ======= =======
Group Company
Six months ended 30th June 2019 2018 2019 2018
US$m US$m US$m US$m
Movements:
Balance at 1st January 6,206.2 6,173.7 672.6 754.6
Effect of adoption of IFRS 16 (3.8) (1.8) - -
------- ------- ------- -------
Balance at 1st January as restated 6,202.4 6,171.9 672.6 754.6
Asset revaluation reserve realised - - - -
on disposal of assets
Defined benefit pension plans
- remeasurements 0.2 (0.2) - -
- deferred tax - - - -
Share of associates' and joint ventures'
remeasurements
of defined benefit pension plans,
net of tax 0.1 0.4 - -
Profit attributable to shareholders 427.5 173.0 244.8 169.9
Dividends paid by the Company (276.5) (271.4) (276.5) (271.4)
Change in shareholding (0.5) (63.9) - -
Other - 3.1 - -
Balance at 30th June 6,353.2 6,012.9 640.9 653.1
======= ======= ======= =======
8 Other reserves
Group Company
2019 2018 2019 2018
US$m US$m US$m US$m
Composition:
Asset revaluation reserve 403.3 403.9 - -
Translation reserve (1,713.9) (1,820.4) 326.5 303.4
Fair value reserve 9.6 (0.1) - -
Hedging reserve (28.5) 6.2 - -
Other reserve 3.3 3.3 - -
--------- --------- ------------- -------------
Balance at 30th June (1,326.2) (1,407.1) 326.5 303.4
========= ========= ============= =============
Three months ended 30th June
Movements:
Asset revaluation reserve
Balance at 1st April 403.3 402.4 - -
Revaluation surplus - 1.5 - -
Reserve realised on disposal of - - - -
assets
Balance at 30th June 403.3 403.9 - -
========= ========= ============= =============
Translation reserve
Balance at 1st April (1,764.6) (1,555.2) 323.3 404.2
Effect of adoption of IFRS 16 - - - -
--------- --------- ------------- -------------
Balance at 1st April as restated (1,764.6) (1,555.2) 323.3 404.2
Translation difference 50.7 (265.2) 3.2 (100.8)
--------- --------- ------------- -------------
Balance at 30th June (1,713.9) (1,820.4) 326.5 303.4
========= ========= ============= =============
Fair value reserve
Balance at 1st April 7.1 12.2 - -
Financial assets at FVOCI
- fair value changes 2.3 (8.4) - -
- deferred tax (0.1) 0.2 - -
- transfer to profit and loss (0.2) (1.1) - -
Share of associates' and joint
ventures' fair
value changes of financial assets
at FVOCI,
net of tax 0.5 (3.0) - -
--------- --------- ------------- -------------
Balance at 30th June 9.6 (0.1) - -
========= ========= ============= =============
Hedging reserve
Balance at 1st April (5.3) (10.9) - -
Cash flow hedges
- fair value changes (21.2) 24.0 - -
- deferred tax 5.4 (5.7) - -
- transfer to profit and loss 0.4 - - -
Share of associates' and joint
ventures' fair
value changes of cash flow hedges,
net of tax (7.8) (1.2) - -
Balance at 30th June (28.5) 6.2 - -
========= ========= ============= =============
Other reserve
Balance at 1st April and 30th June 3.3 3.3 - -
========= ========= ============= =============
Group Company
Six months ended 30th June 2019 2018 2019 2018
US$m US$m US$m US$m
Movements:
Asset revaluation reserve
Balance at 1st January 403.3 402.4 - -
Revaluation surplus - 1.5 - -
Reserve realised on disposal of assets - - - -
--------- --------- ----- ------
Balance at 30th June 403.3 403.9 - -
========= ========= ===== ======
Translation reserve
Balance at 1st January (1,852.6) (1,521.5) 305.3 357.1
Effect of adoption of IFRS 16 0.1 - - -
--------- --------- ----- ------
Balance at 1st January as restated (1,852.5) (1,521.5) 305.3 357.1
Translation difference 138.6 (298.9) 21.2 (53.7)
--------- --------- ----- ------
Balance at 30th June (1,713.9) (1,820.4) 326.5 303.4
========= ========= ===== ======
Fair value reserve
Balance at 1st January 0.5 15.1 - -
Financial assets at FVOCI
- fair value changes 6.9 (10.0) - -
- deferred tax (0.1) 0.3 - -
- transfer to profit and loss (0.2) (1.8) - -
Share of associates' and joint ventures'
fair
value changes of financial assets
at FVOCI,
net of tax 2.5 (3.7) - -
--------- --------- ----- ------
Balance at 30th June 9.6 (0.1) - -
========= ========= ===== ======
Hedging reserve
Balance at 1st January 5.8 (19.4) - -
Cash flow hedges
- fair value changes (29.7) 23.8 - -
- deferred tax 7.4 (5.7) - -
- transfer to profit and loss 0.8 0.2 - -
Share of associates' and joint ventures'
fair
value changes of cash flow hedges,
net of tax (12.8) 7.3 - -
Balance at 30th June (28.5) 6.2 - -
========= ========= ===== ======
Other reserve
Balance at 1st January and 30th June 3.3 3.3 - -
========= ========= ===== ======
9 Non-controlling interests
Group
Three months ended 30th June 2019 2018
US$m US$m
Balance at 1st April 7,724.3 7,216.2
Effect of adoption of IFRS 16 - (1.6)
------- -------
Balance at 1st April as restated 7,724.3 7,214.6
Asset revaluation surplus - 1.5
Financial assets at FVOCI
- fair value changes 2.5 (9.0)
- deferred tax (0.1) 0.2
- transfer to profit and loss (0.2) (1.3)
Share of associates' and joint ventures'
fair value changes of
financial assets at FVOCI, net of tax 0.4 (2.9)
Cash flow hedges
- fair value changes (35.6) 27.8
- deferred tax 9.6 (6.6)
* transfer to profit and loss 0.4 0.1
Share of associates' and joint ventures'
fair value changes of cash
flow hedges, net of tax (17.1) (7.4)
Share of associates' and joint ventures'
remeasurements
of defined benefit pension plans, net of
tax 0.1 0.2
Translation difference 46.5 (297.7)
Profit for the period 228.3 290.4
Dividends paid (356.3) (297.3)
Capital contribution by non-controlling
interests - 44.9
Change in shareholding - (138.4)
Acquisition of subsidiary (0.2) 2.0
Other - 12.8
------- -------
Balance at 30th June 7,602.6 6,833.9
======= =======
Group
Six months ended 30th June 2019 2018
US$m US$m
Balance at 1st January 7,345.4 7,028.4
Effect of adoption of IFRS 16 (3.3) (2.3)
------- -------
Balance at 1st January as restated 7,342.1 7,026.1
Asset revaluation surplus - 1.5
Financial asset at FVOCI
- fair value changes 7.5 (10.7)
- deferred tax (0.1) 0.3
- transfer to profit and loss (0.2) (2.0)
Share of associates' and joint ventures'
fair value changes of
financial assets at FVOCI, net of tax 2.5 (3.7)
Cash flow hedges
- fair value changes (46.3) 27.9
- deferred tax 12.1 (6.7)
* transfer to profit and loss 0.8 0.2
Share of associates' and joint ventures'
fair value changes of cash
flow hedges, net of tax (28.3) 13.4
Defined benefit pension plans
- remeasurements 0.1 (0.8)
- deferred tax - 0.2
Share of associates' and joint ventures'
remeasurements
of defined benefit pension plans, net of
tax (0.2) 0.5
Translation difference 146.1 (398.7)
Profit for the period 511.1 567.5
Dividends paid (356.9) (322.6)
Capital contribution by non-controlling
interests 15.0 62.2
Change in shareholding (2.5) (135.5)
Acquisition of subsidiary (0.2) 2.0
Other - 12.8
------- -------
Balance at 30th June 7,602.6 6,833.9
======= =======
10 Cash flows from operating activities
Group
Three months ended Six months ended
30.6.2019 30.6.2018 30.6.2019 30.6.2018
US$m US$m US$m US$m
Profit before tax 480.0 473.2 1,194.6 1,006.4
Adjustments for:
--------- --------- --------- ---------
Financing income (21.9) (22.2) (44.4) (44.6)
Financing charges (1) 90.8 61.1 178.0 110.5
Share of associates' and joint
ventures' results after tax (124.4) (147.0) (248.4) (273.1)
Depreciation of property, plant
and equipment 184.0 141.4 369.0 279.9
Depreciation of bearer plants 6.7 6.2 13.5 12.5
Amortisation of right-of-use assets 25.3 26.8 53.8 49.1
Amortisation of intangible assets 45.4 16.4 86.2 33.1
Fair value changes of:
- other investments 93.0 155.3 (17.1) 238.6
- agricultural produce (0.1) 0.9 (2.8) 0.8
(Profit)/loss on disposal of:
- right-of-use assets (0.2) - (0.8) (0.2)
- property, plant and equipment 0.4 (3.9) 1.3 (4.6)
- investment properties - - - -
- investments (0.5) (1.7) (2.6) (3.1)
- associate and joint venture (0.5) - (0.5) -
Loss on disposal/write-down of
repossessed assets 13.9 13.3 28.0 27.5
Amortisation of borrowing costs
for financial services
companies 2.5 2.4 4.9 5.0
Write-down of stocks 4.7 1.8 7.8 6.0
Impairment of debtors 28.9 45.3 52.2 81.3
Changes in provisions 8.5 8.6 17.7 18.3
Foreign exchange loss 4.0 34.4 3.1 13.8
--------- --------- --------- ---------
360.5 339.1 498.9 550.8
--------- --------- --------- ---------
Operating profit before working
capital changes 840.5 812.3 1,693.5 1,557.2
Changes in working capital:
--------- --------- --------- ---------
Properties for sale 0.1 (76.2) 6.1 (76.2)
Stocks 32.7 (107.3) 41.2 (42.4)
Concession rights (12.3) (5.1) (39.0) (6.7)
Financing debtors (2) (111.9) (141.5) (245.9) (145.7)
Debtors (2) (183.5) (211.4) (222.4) (560.0)
Creditors (3) (202.3) 194.5 (271.3) 262.2
Pensions 6.8 6.6 13.7 13.4
--------- --------- --------- ---------
(470.4) (340.4) (717.6) (555.4)
--------- --------- --------- ---------
Cash flows from operating activities 370.1 471.9 975.9 1,001.8
========= ========= ========= =========
(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
(3) Decrease in creditors balance due mainly to lower trade purchases
11 Dividend and closure of books
The Board has declared an interim one-tier tax exempt dividend of USc18 per share (2018: USc18 per share).
NOTICE IS HEREBY GIVEN that the Transfer Books and the Register of Members of the Company will be closed from 5.00 p.m. on Wednesday, 28th August 2019 ("Books Closure Date") up to, and including Thursday, 29th August 2019 for the purpose of determining shareholders' entitlement to the interim dividend.
Duly completed transfers of shares of the Company in physical scrip received by the Company's Share Registrar, M & C Services Private Limited at 112 Robinson Road #05-01, Singapore 068902 up to 5.00 p.m. on the Books Closure Date will be registered before entitlements to the interim dividend are determined. Shareholders (being Depositors) whose securities accounts with The Central Depository (Pte) Limited are credited with shares of the Company as at 5.00 p.m. on the Books Closure Date will rank for the interim dividend.
The interim dividend will be paid on Monday, 7th October 2019. Shareholders will have the option to receive the interim dividend in Singapore dollars and in the absence of any election, the interim dividend will be paid in US dollars. Details on this elective will be furnished to shareholders in due course.
12 Interested person transactions
Aggregate value Aggregate value
of all interested of all interested
person transactions person transactions
(excluding transactions conducted under
less than S$100,000 shareholders'
and transactions mandate pursuant
conducted under to Rule 920 (excluding
shareholders' transactions
mandate pursuant less than S$100,000)
to Rule 920)
----------------------------- -----------------------------
Name of interested person US$m US$m
Three months ended 30th June
2019
Jardine Matheson Limited
- management support services - 2.1
Hongkong Land Ltd
- management support services - 0.1
- 2.2
================================== ========================
Six months ended 30th June 2019
Jardine Matheson Limited
- management support services - 2.1
Hongkong Land Ltd
- management support services - 0.2
---------------------------------- ------------------------
- 2.3
================================== ========================
13 Additional information
Group
Three months Six months ended
ended
30.6.2019 30.6.2018 Change 30.6.2019 30.6.2018 Change
US$m US$m % US$m US$m %
Astra International
Automotive 49.1 70.2 -30 111.5 142.2 -22
Financial services 49.9 38.5 30 99.7 77.5 29
Heavy equipment, mining,
construction & energy 53.2 62.5 -15 117.3 118.7 -1
Agribusiness 0.1 12.2 -99 0.4 22.6 -98
Infrastructure & logistics 2.1 0.9 133 2.7 0.1 nm
Information technology 0.9 1.5 -40 1.6 2.4 -33
Property 0.9 (0.5) nm 2.3 (0.5) nm
---------- ---------- ---------- ----------
156.2 185.3 -16 335.5 363.0 -8
Less: Withholding
tax on dividend (9.2) (8.7) 6 (9.2) (8.7) 6
---------- ---------- ---------- ----------
147.0 176.6 -17 326.3 354.3 -8
---------- ---------- ---------- ----------
Direct Motor Interests
Singapore 15.3 14.3 7 28.8 27.0 7
Malaysia (0.1) 2.6 nm (0.7) 0.7 nm
Indonesia (Tunas Ridean) 4.4 4.2 5 9.9 9.1 9
Myanmar (1.0) (0.9) 11 (2.8) (1.5) 87
Vietnam
---------- ---------- ---------- ----------
- automotive 10.0 21.4 -53 22.3 33.5 -33
- real estate 0.4 4.0 -90 0.4 4.0 -90
---------- ---------- ---------- ----------
10.4 25.4 -59 22.7 37.5 -39
Less: Central overheads (1.6) (0.7) 129 (2.4) (1.3) 85
27.4 44.9 -39 55.5 71.5 -22
---------- ---------- ---------- ----------
Other Strategic Interests
Siam City Cement 12.1 13.2 -8 12.1 13.2 -8
Refrigeration Electrical
Engineering 3.8 4.0 -5 3.8 4.0 -5
Vinamilk 27.8 14.2 96 27.8 23.8 17
43.7 31.4 39 43.7 41.0 7
---------- ---------- ---------- ----------
Corporate costs
Central overheads (5.9) (5.1) 16 (11.5) (10.2) 13
Dividend income from
other
investments, net of
tax 2.7 2.7 - 2.7 2.7 -
Net financing charges (10.5) (7.6) 38 (20.1) (14.1) 43
Exchange differences 1.6 (48.9) nm 10.7 (32.3) nm
---------- ---------- ---------- ----------
(12.1) (58.9) -79 (18.2) (53.9) -66
---------- ---------- ---------- ----------
Underlying profit
attributable to
shareholders 206.0 194.0 6 407.3 412.9 -1
========== ========== ========== ==========
nm - not meaningful
14 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 July 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
Jeffery Tan Eng Heong
Tel: 65 64708111
The full text of the Financial Statements and Dividend Announcement for the period ended 30th June 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
IR SSDFSFFUSEFA
(END) Dow Jones Newswires
August 02, 2019 05:41 ET (09:41 GMT)
1 Year Jardine Strategic Holdin... Chart |
1 Month Jardine Strategic Holdin... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
