PT Astra International Tbk 1H 2014 Results Presentation Disclaimer
Total Page:16
File Type:pdf, Size:1020Kb
PT Astra International Tbk 1H 2014 Results Presentation Disclaimer This report has been prepared by PT Astra International Tbk independently and is circulated for the purpose of general information only. It is not intended for the specific person who may receive this report. The information in this report has been obtained from sources which we deem reliable. No warranty (expressed or implied) is made as to the accuracy or completeness of the information. All opinions and estimations included in this report constitute our judgment as of this date and are subject to change without prior notice. We disclaim any responsibility or liability whatsoever arising which may be brought or suffered by any person as a result of acting in reliance upon the whole or any part of the contents of this report and neither PT Astra International Tbk and/or its affiliated companies and/or their respective employees and/or agents accepts liability for any errors, omissions, negligent or otherwise, in this report and any inaccuracy herein or omission here from which might otherwise arise. Cautionary note on forward-looking statements: This report may contain statements regarding the business of PT Astra International Tbk and its subsidiaries that are of a forward-looking nature and are therefore based on management's assumptions about future developments. Forward-looking statements involve certain risks and uncertainties because they relate to future events. Actual results may vary materially from those targeted, expected or projected due to several factors. Potential risks and uncertainties includes such factors as general economic conditions, foreign exchange fluctuations, interest rate changes, commodity price fluctuations and regulatory developments. The reader and/or listener is cautioned to not unduly rely on these forward-looking statements. We do not undertake any duty to publish any update or revision of any forward-looking statements. Highlights • Indonesia economic growth slowed moderately to 5.2% in 1H 2014 (1H 2013: 5.8%), driven by lower export growth while consumption remained strong. • Improved results from the Group’s agribusiness and contract mining operations were partially offset by a decline in earnings from the Group’s automotive businesses as margins declined in the car sector. • The Group’s financial services businesses recorded earnings up 15%, which included a Rp 440 billion one-time gain on the acquisition of 50% of Astra Aviva Life. Period ended 30th June 2014 2013 Change Net Revenue (Rp bn) 101,528 94,279 8% Net Income (Rp bn)* 9,815 8,819 11% Net earnings per share (Rp) 242 218 11% As at 30th As at 31st Change June 2014 December 2013 Shareholders’ Funds (Rp bn)** 88,418 83,938 5% Net asset value per share (Rp)** 2,184 2,073 5% * Net income is profit attributable to owners of the parent. ** Shareholders' funds and Net asset value per share are based on equity attributable to owners of the parent. 2 Business structure Automotive Financial Services Heavy Equipment Agribusiness Infrastructure, Information & Mining Logistics & Technology Others Automobile Automobile Construction Palm Oil Toll Road Document •Toyota Machinery Solution •Daihatsu •Astra Credit •MMS : 72km Companies •Isuzu •United Tractors •MTN : 11km Astra Graphia •Toyota Astra •BMW •Traktor Astra Agro Lestari •MHI : 41km Finance •Peugeot Nusantara •UD Trucks Motorcycle LogisticsLogistics • IT Solution Motorcycle Federal Intl. Mining Contractor •SERA / TRAC • Finance •Mobil 88 (used) PAMA Persada •SELOG Astra Graphia Honda Nusantara •TFLI Information Heavy Equipment Technology Water Utility • Water Utility Component SAN Finance Palyja •Komatsu Astra Coal Mining Finance Palyja Astra Otoparts Fuel Logistic •PMM Banking • TTA Gresik Terminal • ABP Fuel Logistic Sea Port • BEE Others Bank Permata • ABB / ABJ GresikEastkal Terminal • DS / DN Astraworld Insurance • PJU Property Sea Port • Asuransi Astra •Menara Astra Buana •AnandamayaEastkal • Astra Aviva Life Apartment 3 Market position at 31 June 2014 • Astra’s car market share decreased from 53% to 52%, and Astra’s motorcycle market share increased from 60% to 62%. • Komatsu continue to maintain leading market position with 40% market share. Car Motorcycle Others Kawasaki Suzuki 6% 2% Honda 4% 13% Toyota 35% Nissan Yamaha 3% 32% Suzuki Honda 13% 62% Heavy Equipment Others Daihatsu Mitsubishi Isuzu 13% 15% 12% 2% Komatsu Source : Gaikindo 40% Source : AISI Kobelco 14% Hitachi 19% Caterpillar 14% Source: United Tractors – Internal Market Research 4 Corporate actions • Astra International and Aviva signed an agreement to Jan ‘14 establish Joint Venture “Astra Aviva Life” with ownership structure 50:50, to provide life insurance product in Indonesia. • Bank Permata completed a Rp 1.5 trillion Right Issue VI at price of Rp 1,242 per share. • Bank Permata acquired 25% share of PT Astra Sedaya Mar ‘14 Finance amounted to Rp 2.2 trillion. May‘14 • AI completed acquisition of 50% stake in Astra Aviva Life. • Astra Graphia sold its 51% interest in AGIT Monitise Jun‘14 Indonesia, and recorded a gain on disposal of Rp 42 billion. 5 Financial Performance Consolidated income statement “The Group’s businesses produced mixed results in the first half, despite generally strong operating volumes. While the outlook for the remainder of the year is for a satisfactory operating performance, it is expected that there will continue to be heightened competition in the car market and a subdued outlook for coal prices.” - Prijono Sugiarto, President Director In Billion Rupiah 1H14 1H13 Change USD / IDR, average 11,729 9,756 20% Revenue 101,528 94,279 8% Gross Profit 19,144 16,568 16% Operating Expenses (9,224) (8,673) 6% Other Income 1,413 1,292 9% Equity Income 3,329 3,067 9% Income Tax Expense (2,841) (2,125) 34% Non-controlling interest (2,006) (1,310) 53% Net Income 9,815 8,819 11% 7 Astra portfolio as at 30 June 2014 Ownership Share of NI % % 1H14 1H13 Auto Non-Auto Auto Non-Auto 4W Automotive SO – Toyota, Daihatsu, Isuzu 100 Toyota Astra Motor 51 23 28 Astra Daihatsu Motor 32 Isuzu Astra Motor Indonesia 45 Increased Net Income 2W Automotive contribution from Non-Auto Astra Honda Motor 50 16 17 segment, driven by Agribusiness Honda SO 100 Component and Heavy Equipment and Astra Otoparts 80 3 6 Mining: Financial Services 2001 2012 2013 1H14 Astra Sedaya Finance 75 Federal International Finance 100 Toyota Astra Financial Services 50 Auto (Incl. auto related Komatsu Astra Finance 50 16 9 19 5 Financial Services) 89% 64% 68% 58% SAN Finance 60 Asuransi Astra Buana 96 Permata Bank 45 Astra Aviva Life 50 Non-Auto 11% 36% 32% 42% Heavy Equipment & Mining United Tractors 60 20 16 Pamapersada Nusantara 60 Agribusiness Astra Agro Lestari 80 11 7 Infrastructure, Logistics, IT SERA 100 Palyja 49 2 2 Marga Mandalasakti 79 77 Astra Graphia 8 Consolidated balance sheet • Astra’s net asset value of Rp 2,184 per share at 30th June 2014 was 5% higher than at the end of 2013. • Net debt at 30th June 2014, exclusive of the Group’s financial services subsidiaries, was Rp 4.2 trillion, compared to net debt of Rp 3.7 trillion at the end of 2013, a 14% increase. In Billion Rupiah 30-Jun-14 31-Dec-13 Change Cash and Cash Equivalents 17,160 18,557 (8%) Trade Receivables 22,947 19,843 16% Inventories 18,708 14,433 30% Financing Receivables 57,265 54,677 5% Investment in Jointly Controlled Entities and Associates 25,144 23,870 5% Fixed Assets 39,017 37,862 3% Other Assets 46,888 44,752 5% Total Assets 227,129 213,994 6% Short-term Borrowings 12,022 12,854 (6%) Trade Payables 20,681 17,275 20% Long-term Debt 51,456 51,669 (0%) Other Liabilities 30,177 26,008 16% Total Liabilities 114,336 107,806 6% Equity Attributable to Owners of The Parent 88,418 83,938 5% Non – controlling Interest 24,375 22,250 10% Total Equity 112,793 106,188 6% Net Debt (46,318) (45,966) 1% Net Debt (Excl. Financial Services) (4,219) (3,687) 14% 9 Consolidated cash flow As at 30 June 2014, Astra ending cash balance was Rp 17 trillion. In Billion Rupiah 1H14 1H13 Change Cash from operations 9,866 13,110 (3,244) Tax Payments (2,612) (3,336) 724 Interest received 666 404 262 Dividends Received 2,858 2,100 758 Cash flow from Operating Activities + Dividends Received 10,778 12,278 (1,500) Net Capex (5,293) (4,867) (426) Net Investment (1,194) (1,174) (20) Other Investing (279) (152) (127) Cash flow for Investing Activities – Dividends Received (6,766) (6,193) (573) Net proceed of Debt (539) 2,349 (2,888) Interest Payment (485) (562) 77 Dividend Payment (7,132) (7,051) (81) Other Financing 2,194 2,393 (199) Cash flow for Financing Activities (5,962) (2,871) (3,091) (Decrease) / Increase in Cash (1,950) 3,214 (5,164) Opening Cash Balance 18,555 10,815 7,740 Exchange Rate Adjustment 227 185 42 Closing Cash Balance (incl. Bank overdraft) 16,832 14,214 2,618 10 Business Updates Automotive – wholesale car market Astra’s car sales rose by 4% with the market share decreasing from 53% to 52%. 1H14 1H13 642,311 602,214 Others 7.4% Nissan 3.1% Commercial Others 8.0% 171,707 Commercial Honda 12.9% 26.7% Nissan 5.2% Others Commercial 173,210 Honda 8.2% 307,831 31.8% Others 28.8% Commercial 47.9% Suzuki 12.7% 281,032 46.7% Suzuki 12.5% 33.5% Mitsubishi Mitsubishi 11.9% 12.9% Commercial Isuzu 2.3% Commercial Isuzu 2.7% 16.3% Daihatsu 4x2 & 4x4 18.0% Daihatsu 14.8% 457,628 14.7% 4x2 & 4x4 71.2% 412,615 Astra 4x2 & 4x4 Astra 4x2 & 4x4 68.5% 334,480 62.1% 4x2 & 4x4 4x2 & 4x4 321,182 79.7% 52.1% 59.5% 81.3% Toyota 53.3% Toyota 34.9% 35.8% Sedan 2.4% Sedan 2.0% Sedan 60.7% Sedan 2.2% Sedan 2.7% Sedan 43.8% M/S AI Product Brand Segment AI Product M/S AI Product Brand Segment AI Product 1H14 Segment M/S 1H13 Segment M/S Source: Gaikindo 12 Automotive – car product launches During first semester 2014 , Astra launched 11 new models and 7 revamped models.