PT Astra International Tbk 9M 2014 Results Presentation Disclaimer
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PT Astra International Tbk 9M 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 • The Group’s net income increased by 8% during the first nine months of the year. Improved results from the Group’s agribusiness, contract mining operations and financial services businesses were partially offset by lower earnings from the automotive businesses as margins declined in the car sector. • The Group’s heavy equipment business reported slightly improved results on higher parts and service revenue, despite lower sales volumes due to the effect of weaker coal prices. Period ended 30th September 2014 2013 Change Net Revenue (Rp bn) 150,582 141,840 6% Net Income (Rp bn)* 14,492 13,464 8% Net earnings per share (Rp) 358 333 8% As at 30th As at 31st Change September 2014 December 2013 Shareholders’ Funds (Rp bn)** 90,506 83,938 8% Net asset value per share (Rp)** 2,236 2,073 8% * 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 •MTNMHI : 11km41km Astra Graphia •Toyota Astra •BMW •Traktor Astra Agro Lestari •MHIMTN : 41km11km Finance •Peugeot Nusantara •UD Trucks Motorcycle LogisticsLogistics IT Solution •SERA / TRAC Motorcycle Federal Intl. Mining Contractor •SERA / TRAC Astra Graphia •Mobil 88 (used) Finance •Mobil 88 (used) Information PAMA Persada •SELOG Honda Technology Nusantara •TFLI Heavy Equipment 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 Residences 3 Market position at 30 September 2014 • Astra’s car market share decreased from 53% to 51%, while Astra’s motorcycle market share increased from 60% to 63%. • Komatsu maintained leading market position with 40% market share, decreased from 41% last year Car Motorcycle Kawasaki Others Suzuki 2% 8% 4% Honda Toyota 14% 33% Yamaha Nissan 31% 3% Suzuki Honda 13% Heavy Equipment 63% Others Daihatsu Mitsubishi Isuzu 15% 12% 12% 2% Kobelco Source : Gaikindo Komatsu 12% 40% Source : AISI Hitachi 19% Caterpillar 17% Source: United Tractors – Internal Market Research 4 Corporate actions • Astra International and Aviva signed an agreement to establish Jan ‘14 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 Astra Sedaya Finance Mar ‘14 amounted to Rp 2.2 trillion. • AI completed acquisition of 50% stake in Astra Aviva Life. May‘14 • Astra Graphia sold its 51% interest in AGIT Monitise Jun‘14 Indonesia, and recorded a gain on disposal of Rp 42 billion. • Astra Agro Lestari acquired 100% stake of oil palm plantation firm Jul‘14 PT Palma Plantasindo, worth Rp 309 billion. • Pama Persada Nusantara acquired 60% share of its sister company, Sep‘14 Tuah Turangga Agung in exchange of the ownership at ABB, ABJ, PMM, and KCM coal mining concessions. 5 Financial Performance Consolidated income statement “The Group's earnings were satisfactory despite being affected by heightened competition in the car market and lower coal prices. We expect the Group’s trading performance to remain little changed for the remainder of the year.” - Prijono Sugiarto, President Director In Billion Rupiah 9M14 9M13 Change USD / IDR, average 11,766 10,150 16% Revenue 150,582 141,840 6% Gross Profit 28,787 25,373 13% Operating Expenses (14,127) (12,914) 9% Other Income 2,437 1,698 44% Equity Income 4,637 4,604 1% Income Tax Expense (4,266) (3,375) 26% Non-controlling interest (2,976) (1,922) 55% Net Income 14,492 13,464 8% 7 Astra portfolio as at 30 September 2014 Ownership Share of NI % % 9M14 9M13 Increased Net Income Auto Non-Auto Auto Non-Auto contribution from Non-Auto 4W Automotive segment, driven by Agribusiness SO – Toyota, Daihatsu, Isuzu 100 Toyota Astra Motor 51 23 30 and Heavy Equipment and Astra Daihatsu Motor 32 Mining: Isuzu Astra Motor Indonesia 45 2W Automotive 2001 2012 2013 9M14 Astra Honda Motor 50 15 17 Honda SO 100 Auto (Incl. auto related Component Financial Services) 89% 64% 68% 59% Astra Otoparts 80 3 4 Financial Services Astra Sedaya Finance 75 Federal International Finance 100 Non-Auto 11% 36% 32% 41% Toyota Astra Financial Services 50 Komatsu Astra Finance 50 18 8 19 6 SAN Finance 60 Asuransi Astra Buana 96 Permata Bank 45 Astra Aviva Life 50 Heavy Equipment & Mining United Tractors 60 20 16 Pamapersada Nusantara 60 Agribusiness Astra Agro Lestari 80 10 5 Infrastructure, Logistics, IT SERA 100 Palyja 49 3 3 Marga Mandalasakti 79 Astra Graphia 77 8 Consolidated balance sheet • Astra’s net asset value of Rp 2,236 per share at 30th September 2014 was 8% higher than at the end of 2013. • Net debt at 30th September 2014, exclusive of the Group’s financial services subsidiaries, was Rp 3.8 trillion, a 3% increase, compared to net debt of Rp 3.7 trillion at the end of 2013. In Billion Rupiah 30-Sep-2014 31-Dec-13 Change Cash and Cash Equivalents 19,821 18,557 7% Trade Receivables 23,123 19,843 17% Inventories 19,078 14,433 32% Financing Receivables 59,441 54,677 9% Investment in Jointly Controlled Entities and Associates 26,584 23,870 11% Fixed Assets 40,774 37,862 8% Other Assets 47,580 44,752 6% Total Assets 236,401 213,994 10% Short-term Borrowings 11,481 12,854 -11% Trade Payables 21,409 17,275 24% Long-term Debt 55,526 51,669 7% Other Liabilities 32,514 26,008 25% Total Liabilities 120,930 107,806 12% Equity Attributable to Owners of The Parent 90,506 83,938 8% Non – controlling Interest 24,965 22,250 12% Total Equity 115,471 106,188 9% Net Debt (47,186) (45,966) 3% Net Debt (Excl. Financial Services) (3,807) (3,687) 3% 9 Consolidated cash flow As at 30 September 2014, Astra ending cash balance was Rp 19.8 trillion. In Billion Rupiah 9M14 9M13 Change Cash from operations 13,553 21,216 (7,663) Tax Payments (3,860) (4,918) 1,058 Interest received 950 632 318 Dividends Received 2,935 2,192 743 Cash flow from Operating Activities + Dividends Received 13,578 19,122 (5,544) Net Capex (8,223) (6,496) (1,727) Net Investment (1,365) (1,320) (45) Other Investing (325) (286) (39) Cash flow for Investing Activities – Dividends Received (9,913) (8,102) (1,811) Net proceed of Debt 2,549 (80) 2,629 Finance Costs Payment (754) (848) 94 Dividend Payment (7,130) (7,057) (73) Other Financing 2,194 2,392 (198) Cash flow for Financing Activities (3,141) (5,593) 2,452 (Decrease) / Increase in Cash 524 5,427 (4,903) Opening Cash Balance (incl. Bank Overdraft) 18,555 10,815 7,740 Exchange Rate Adjustment 702 856 (154) Closing Cash Balance (incl. Bank overdraft) 19,781 17,098 2,683 10 Business Updates Automotive – wholesale car market Astra’s car sales fell by 1%, with its market share decreasing from 53% to 51%. 3% 9M14 9M13 932,943 908,345 Others 7.9% Others 8.2% Nissan 2.9% Commercial Commercial 247,682 Nissan 5.3% Honda 13.6% 26.5% 258,593 Others Commercial Others Honda 7.7% 28.5% Commercial 456,704 31.8% 429,692 31.8% 49% Suzuki 12.9% 47.3% Suzuki 13.3% Mitsubishi Mitsubishi 11.7% 12.8% Commercial Isuzu 2.3% Commercial Isuzu 2.6% 16.5% Daihatsu 17.2% Daihatsu 4x2 & 4x4 4x2 & 4x4 15.2% 14.7% 667,609 622,530 71.6% 68.5% 4x2 & 4x4 Astra Astra 4x2 & 4x4 61.2% 476,239 4x2 & 4x4 4x2 & 4x4 478,653 79.6% 51% 81.2% 57.9% 52.7% Toyota Toyota 33.5% 35.2% Sedan Sedan Sedan 2.2% 1.9% Sedan 60.6% Sedan 3.2% 3.0%% Sedan 56.0% M/S AI Product Brand Segment AI Product M/S AI Product Brand Segment AI Product 9M14 Segment M/S 9M13 Segment M/S Source: Gaikindo 12 Automotive – car product launches During first 9M 2014 , Astra launched 18 new models and 9 revamped models.