PT ASTRA INTERNATIONAL TBK FIRST HALF OF 2021- Results Presentation Disclaimer
The materials in this presentation have been prepared by PT Astra International Tbk (Astra) and are general background information about Astra group (the Group) business performances current as at the date of this presentation and are subject to change without prior notice.
This information is given in summary form and does not purport to be complete. Information in this presentation, including forecast financial information, should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or other financial products or instruments and does not take into account their particular investment objectives, financial situation or needs. Before acting on any information, readers should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, readers should seek independent financial advice.
This presentation may contain forward looking statements including statements regarding our intent, belief or current expectations with respect to Astra businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices. Readers are cautioned not to place undue reliance on these forward-looking statements; past performance is not a reliable indication of future performance. Astra does not undertake any obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.
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 Astra 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.
2 Highlights
Net earnings per share
Rp218 Businesses of the 50% Group benefited from Strong balance sheet 61% higher commodity and funding position 29% prices (before gain on sale of investment in Permata Bank)
of the businesses of the Group improved in the first half of 2021, compared with the same period in 2020, when the Group experienced significant COVID-19 pandemic-related business restrictions in the second quarter of 2020. Although business conditions have improved, the Group's performance for the remainder of the year remains challenging, given that business performance and consumer confidence will still be impacted by the worsening COVID-19 pandemic situation lately in Indonesia. The balance sheet and funding position remain strong.
Ensuring the health and safety of our employees amid the deepening COVID-19 pandemic continues to be the top priority. The greatest strength is our employees. The efforts that all our employees have taken in responding to the challenges faced have contributed to the resilience during these difficult times.
Djony Bunarto Tjondro President Director
3 Astra Group Results
In Billion Rupiah For the period ended 30th June
2021 2020 Change (%)
Net revenue 107,395 89,795 20
Net income (before gain on sale of investment in Permata Bank) 8,831 5,497 61
Net income 8,831 11,378 (22)
Net earnings per share (before gain on sale of investment in Permata Bank) full rupiah 218 137 61
Net earnings per share full rupiah 218 281 (22)
As at 30th June 2021 As at 31st December 2020 Change (%)
Shareholders' funds 162,437 155,662 4
Net asset value per share full rupiah 4,012 3,845 4
The financial results for the six months ended 30th June 2021 and 2020, as well as the financial position as at 30th June 2021, have been prepared in accordance with Indonesian Financial Accounting Standards and are unaudited. The financial position as at 31st December 2020 has been prepared in accordance with Indonesian Financial Accounting Standards and audited in accordance with the auditing standards established by the Indonesian Institute of Certified Public Accountants.
4 Business Structure
Automobile Financing Automobile • Astra Credit Companies Construction Machinery Palm Oil Plantation Toll Road Infrastructure Document Solution Investment Properties • Toyota • Toyota Astra Financial Services • United Tractors • Astra Agro Lestari • Marga Mandalasakti • Astra Graphia • Menara Astra • Lexus • Traktor Nusantara • Marga Trans Nusantara • Samadista Karya • Daihatsu Motorcycle Financing Refineries • Marga Lingkar Jakarta IT Solution • Astra Astari Sejahtera • Isuzu • Federal International Finance Mining Contracting • Tanjung Sarana Lestari • Lintas Marga Sedaya • Astra Graphia • Astari Marga Sarana • BMW • Pamapersada Nusantara • Kreasijaya Adhikarya • Trans Marga Jateng Information Technology • Peugeot Mobile Lending Fintech • Marga Harjaya Infrastruktur Strata Development • UD Trucks • Astra WeLab Digital Arta Mining Commodity Trading • Jasamarga Surabaya Mojokerto Office Services Solution • Brahmayasa Bahtera • Tuah Turangga Agung • Astra-KLK Pte.Ltd • Astragraphia Xprins • Astra Land Indonesia Motorcycle Heavy Equipment Financing • Agincourt Resources Infrastructure Solutions Indonesia • Astra Modern Land • Honda • Surya Artha Nusantara Finance • Astra Infra Solutions • Award Global Infinity • Komatsu Astra Finance Construction Industry Component • Acset Indonusa Logistics Infrastructure • Astra Otoparts General Insurance • Pelabuhan Penajam Banua Taka • Asuransi Astra Buana Energy Other Automotive • Bhumi Jati Power Logistics Related Product & Service Life Insurance • Serasi Autoraya • AstraWorld • Asuransi Jiwa Astra • Solusi Mobilitas Bangsa • Astra Digital Internasional
5 Astra Market Position as of 30th June 2021
Car Motorcycle Heavy Equipment
53% 77% 22% 1H21 1H21 1H21
1H20 : 53% 1H20 : 77% 1H20: 33%*
*Exclude Chinese brands
Brand Market Share Brand Market Share Brand Market Share Toyota* 31% 1H21 Honda 77% Komatsu 22% 1H21 Daihatsu 19% Others 23% Sany 26% Isuzu 3% Source : Ministry of Industry Hitachi 15% 1H21 Others 47% Caterpillar 10%
Source : Gaikindo Kobelco 9% *Include Lexus Sumitomo 6% Others 12%
Source: United Tractors Internal Market Research
6 Corporate Actions
The Group invested around USD5 million in Sayurbox, an e-commerce grocery farm-to-table platform and distributor of fresh goods.
The Group invested around USD35 million in Halodoc, a healthcare-based technology platform.
The Group acquired an additional 14% stake in Marga Lingkar Jakarta, raising its ownership to 49%. Marga Lingkar Jakarta is the operator of the 7.7km Kebon Jeruk-Ulujami toll road, part of the Jakarta Outer Ring Road I.
7 Financial Performance
8 Consolidated Profit and Loss Account In Billion Rupiah 1H21 1H20 Change (%) USD / IDR, average (full Rupiah) 14,360 14,743 (3) Net revenue 107,395 89,795 20 Gross profit 22,836 20,174 13 Selling, general and administrative expenses (11,908) (12,364) (4) Finance income / (costs) net 129 (854) N/A Foreign exchange losses net (23) (171) (87) Other income net 188 1,153 (84) Gain on sale of investment in Permata Bank - 5,881 N/A Share of results of joint ventures and associates 2,769 1,167 137 Income tax expenses (2,848) (1,849) 54 Non-controlling interests (2,312) (1,759) 31 Net income (before gain on sale of investment in Permata Bank) 8,831 5,497 61 Net income 8,831 11,378 (22)
9 Divisional Net Revenue and Net Income
Divisional Net Revenue (Rp bn)
107,395 89,795
20% 40% 36% Automotive Automotive 11% 12% 35% 37% Financial Services Financial Services 10% 10% 4% 5% 44% 46% Heavy Equipment, Mining, Construction and Energy 1H21 1H20 Heavy Equipment, Mining, Construction & Divisional Net Income (Rp bn) Energy Agribusiness 8% 8,831 9% 5,497**Agribusiness Others (Infrastructure & Logistics, Information Technology 35% 31% and Property) 38% 8% 9% Others (Infrastructure & Logistics, IT and 5% 5% 61% 13% 24% Property) 2018 2017 38% 30% 43% 8%* 6%* 1H21 1H20 *Total Agribusiness & Others ** Before the gain on sale of investment in Permata Bank
10 Consolidated Statement of Financial Position
• The net asset value per share at 30th June 2021 was Rp4,012, 4% higher than at 31st December 2020. • Net cash, excluding the financial services subsidiaries, was Rp20.5 trillion at 30th June 2021, compared with Rp7.3 trillion at the end of 2020. The net debt of the financial services subsidiaries increased from Rp39.2 trillion at the end of 2020 to Rp41.2 trillion at 30th June 2021. In Billion Rupiah 30-Jun-21 31-Dec-20 Change (%) Cash and cash equivalents 58,165 47,553 22 Trade receivables 20,776 17,144 21 Financing receivables 65,651 62,546 5 Inventories 21,312 21,634 (1) Investment in joint ventures and associates 34,153 33,483 2 Fixed assets 56,853 59,230 (4) Other assets 97,563 96,613 1 Total assets 354,473 338,203 5 Short-term borrowings 7,884 6,500 21 Trade payables 20,647 16,529 25 Long-term debt 70,898 72,981 (3) Other liabilities 50,773 46,739 9 Total liabilities 150,202 142,749 5 Equity attributable to the owners of the parent 162,437 155,662 4 Non-controlling interests 41,834 39,792 5 Total equity 204,271 195,454 5 Net debt (20,617) (31,928) (35) Net cash (excl. financial services) 20,537 7,318 181
11 Consolidated Statement of Cash Flow
As at 30th June 2021, consolidated closing cash balance was Rp58.2 trillion. In Billion Rupiah 1H21 1H20 Change Cash generated from operations 19,038 15,305 3,733 Tax payments (1,294) (2,163) 869 Interest received 1,071 832 239 Net cash flows provided from operating activities 18,815 13,974 4,841 Net capex (1,743) (2,444) 701 Net investment (1,495) 16,098 (17,593) Dividend received 2,938 500 2,438 Other investing (562) (674) 112 Net cash flows (used in) / provided from investing activities (862) 13,480 (14,342) Net proceeds of debt (2,143) (7,867) 5,724 Finance costs paid (1,068) (1,772) 704 Dividend payments (4,452) (323) (4,129) Other financing 5 12 (7) Net cash flows used in financing activities (7,658) (9,950) 2,292 Increase in cash 10,295 17,504 (7,209) Opening cash balance 47,553 24,324 23,229 Exchange rate adjustment 317 296 21 Closing cash balance 58,165 42,124 16,041
12 Business Update
13 Automotive Wholesale Car Market
The wholesale market for cars increased by 51% to 393,000 units in the first half of 2021 (source: Gaikindo). car sales were 50% higher at 210,000 units and its market share maintained at 53%. 51% 1H21 1H20
393,469 Units 260,932 Units
LCGC 73,609 / 19% Others Other Brands 183,654 / 47% Commercial 183,875 / 47% 103,385 / 26% LCGC 54,726 / 21% Isuzu, 12,074 / 3% Others Other Brands 121,427 / 47% Commercial 121,793 / 47% Daihatsu 62,761 / 24% 4x2 & 4x4 74,827 / 19% Isuzu, 7,107 / 3% Astra 213,621 / 54% 4x2 & 4x4 Daihatsu 209,815 / 53% 141,270 / 54% 49,774 / 19% Toyota & Lexus Astra 122,693 / 31% 139,505 / 53% Toyota & Lexus Sedan Sedan 82,258 / 31% 2,854 / 1% 2,175 / 1% M/S Market Segment Brand M/S Market Segment Brand 1H21 1H20 Source: Gaikindo
14 Automotive Car Product Launches
Eight new models and six revamped models were launched during the period.
BMW X5 xDrive40i xLine Lexus LS500 Daihatsu Rocky (NEW) January 2021 February 2021 April 2021
Toyota Raize (NEW) Toyota Alphard BMW M4 Coupe Competition (NEW) April 2021 June 2021 June 2021
15 Automotive Motorcycle Product Launches The wholesale market for motorcycles increased by 30% to 2.5 million units in the first half of 2021 (source: Ministry of Industry). Astra Honda sales increased by 29% to 1.9 million units, with a stable market share. Four new models and seven revamped models were launched during the period.
Honda CBR150R (NEW) Honda PCX 160 (NEW) Honda CRF250 Rally January 2021 January 2021 March 2021
Honda Vario 125 Honda Rebel Honda CB150R (NEW) April 2021 April 2021 May 2021
16 Automotive Components
The 80%-owned components business, Astra Otoparts, reported a net profit of Rp267 billion, compared to a net loss of Rp296 billion in the equivalent period last year, mainly due to higher revenues from the original equipment manufacturer and replacement market segments Share of Results of Joint Ventures and Revenue (Rp bn) Net Income (Rp bn) Associates (Rp bn) 26% 563 443
267 237
7,151 5,653 (206) (296)
1H21 1H20 1H21 1H20 1H21 1H20
17 Financial Services Net income from the financial services division increased by 2% to Rp2.1 trillion in the period, due to higher contributions from the consumer finance and general insurance businesses.
Unit Financed 1H21 1H20 Change(%) Amount Financed (Rp bn) 1H21 1H20 Change (%)
ACC 93,316 77,167 21 ACC 13,981 11,382 23
TAF 46,571 36,189 29 TAF 9,867 7,717 28
Total ACC & TAF 139,887 113,356 23 Auto Total ACC & TAF 23,848 19,099 25 Auto FIFGROUP* 1,425 1,518 (6) FIFGROUP* 16,196 16,219 (0)
Total Auto 1,564,887 1,631,356 (4) Total Auto 40,044 35,318 13
SANF 937 627 49 SANF 1,730 1,091 59
HE KAF 223 243 (8) HE KAF** 954 743 28
Total HE 1,160 870 33 Total HE 2,684 1,834 46
Asuransi Astra Buana Asuransi Jiwa Astra • Net income of Rp597 billion in 1H21, up by 15% YoY • Gross written premium of Rp2.8 trillion in 1H21, up by 78% YoY • Gross written premium of Rp2.7 trillion in 1H21, stable YoY • RBC: 238%*** vs regulatory minimum of 120%
* Unit financed includes electronics **Average exchange rate USD/IDR: 14,360 (1H21) & 14,743 (1H20) ***Tentative figure, awaiting confirmation from OJK
18 Heavy Equipment, Mining, Construction and Energy
Net income from the Group heavy equipment, mining, construction and energy division increased by 13% to Rp2.7 trillion, due to higher Komatsu heavy equipment sales and improved coal prices. UNITED TRACTORS Revenue (Rp bn) Mining Contracting 37,311 33,192 2% Coal Production OB Removal 12% 2% 3% 3% 12% 20% 12% 18% 409.1 421.0 41% 46% 57.6 56.0 25% 22% 1H21 1H20 1H21 1H20
Construction Machinery Mining Contracting Coal Mining Gold Mining Construction Industry Coal Production (mn tonnes) Overburden Removal (mn bcm)
Komatsu Unit Sales Coal Sales (incl. Trading) Gold Sales Volume 1,361 853 60% 6,283 12% 5,627 5% 10% 29% 12% 1,446 868 15% 30% 46% 22% 4,837 4,759 176 186 36% 1H21 1H20 1H21 1H20 1H21 1H20 Mining Forestry Construction Agro Thermal Coal ('K tonnes) Metallurgical Coal ('K tonnes) Gold Sales Equivalent ('K Oz)
19 Agribusiness Net income from the agribusiness division increased by 66% to Rp517 billion, mainly due to improved crude palm oil prices
ASTRA AGRO LESTARI Revenue (Rp bn) CPO Productivity (tonne/Ha) 10,832 9,081 19% 5%
47% 56% 1.65 1.73 53% Export 44% Domestic
1H21 1H20 1H21 1H20
tonnes) tonnes) Average CPO Price (Rp/Kg)
7% 9% 27%
758 707 933 1,030 10,274 8,109
1H21 1H20 1H21 1H20 1H21 1H20
20 Infrastructure and Logistics
The infrastructure and logistics division reported a net income of Rp91 billion, compared with a net loss of Rp88 billion in the first half of 2020, due to improved performance in its toll road and Serasi Autoraya businesses.
SERA Unit in Contract (Units) Toll Road Revenue Toll Road Toll Road Length (Rp bn) Change (%) Concessions (km) 1% 1H21 1H20
MMS 72.5 561 466 20 23,004 22,850
MTN 11.1 51 27 89
MLJ* 7.7 132 - N/A 1H21 1H20 LMS 116.8 830 594 40 SERA Used Car Sales (Units) TMJ 72.6 315 230 37 16,763 15,265 MHI 40.5 179 132 36 10% JSM 36.3 212 173 23 13,207 12,448
Total 357.5 2,280 1,622 41 3,556 2,817 *Acquired in November 2020 1H21 1H20
Ibid Used Car Sold from Auction Mobil88 Used Car Sold
21 Information Technology
Net income from the information technology division was 13% lower at Rp14 billion, primarily due to lower revenue in the office service business of 76.9%-owned Astra Graphia. ASTRA GRAPHIA
Revenue (Rp bn) Net Income (Rp bn)
1,257 1,452
13% 14% 19% 31%
37% 30%
18 21 44% 39%
1H21 1H20 1H21 1H20
Astra Graphia Document Solution Astra Graphia Information Technology Astragraphia Xprins Indonesia
22 Property
Net Income (Rp bn)
17% Net income from the property division increased by 17% to Rp83 billion, mainly due to 83 71 higher occupancy and lower operational costs at Menara Astra.
1H21 1H20
23 Appendices
24 Car Product Launches 2021
Prices (Rp mn) Models Launched Launching Period Engine Capacity off the road BMW X1 sDrive18i 1,500cc 669 760 BMW X5 xDrive40i xLine 3,000cc 1,559 1,771 BMW X7 xDrive40i Opulence 3,000cc 2,299 2,611 BMW X3 xDrive30i M Sport 2,000cc 1,139 1,294 Lexus LS500 3,500cc 3,800 4,700* Daihatsu Rocky (NEW) 1,000cc -1,200cc 178.9 241.4** Toyota Raize (NEW) 1,000cc -1,200cc 202.0 265.9** Toyota Alphard 2,500cc - 3,500cc 1,065.5 1,993.5* BMW 520i M Sport (NEW) 2,000cc 1,109 1,259 BMW 530i Opulence (NEW) 2,000cc 1,279 1,452 BMW 430i Coupe M Sports Pro (NEW) 2,000cc 1,339 1,589 BMW 430i Convertible M Sport (NEW) 2,000cc 1,529 1,736 BMW M3 Competition (NEW) 3,000cc 2,059 2,338 BMW M4 Coupé Competition (NEW) 3,000cc 2,119 2,406
* On the road price ** On the road price with 100% luxury tax incentive
25 Motorcycle Product Launches 2021
Models Launched Launching Period Engine Capacity Prices (Rp mn) Honda CBR150R (NEW) 150cc 35.9 40.8 Honda PCX 160 (NEW) 160cc 30.4 43.6 Honda Forza 250cc 83.8 Honda CBR250RR 250cc 61.6 77.3 Honda CBR600RR (NEW) 600cc 550 Honda CRF250 250cc 87.5 Honda CB650R 650cc 296.4 Honda Vario 125 125cc 21.0 22.1 Honda Rebel 500cc 192.0-197.0 Honda CB150R (NEW) 150cc 29.7 30.7 Honda CB150 Verza 150cc 20.3 20.9
26 Equity Research Contact Details
No Brokerage House Analyst Name Contact Number Email Address 1 Aldiracita Sekuritas Indonesia Agus Pramono +62 21 39834551 [email protected] 2 BCA Sekuritas Johanes Prasetia +62 21 23587222 [email protected] 3 BofA Merrill Lynch Swati Chopra +65 6678 0405 [email protected] 4 Ciptadana Sekuritas Asia Arief Budiman +62 21 2557 4800 [email protected] 5 Citigroup Investment Research Ferry Wong +62 21 2924 9213 [email protected] 6 CLSA Indonesia Sarina Lesmina +62 21 5088 7888 [email protected] 7 Credit Suisse Sekuritas Indonesia Robert Pranata +62 21 2553 7976 [email protected] 8 Danareksa Sekuritas Stefanus Darmagiri +62 21 2955 5831 [email protected] 9 DBS Vickers Maynard Priajaya Arif +62 21 3003 4900 [email protected] 10 HSBC Global Research Rahul Bhatia +65 6658 0623 [email protected] 11 Indopremiere Sekuritas Timothy Handerson +6221 5088 7168 [email protected] 12 J.P. Morgan Securities Indonesia Benny Kurniawan +62 21 5291 8024 [email protected] 13 Macquarie Sekuritas Indonesia Ari Jahja +62 21 25988366 [email protected] 14 Mandiri Sekuritas Ariyanto Kurniawan +62 21 5296 9682 [email protected] 15 Maybank Kim Eng Securities Isnaputra Iskandar +62 21 2557 1129 [email protected] 16 MNC Sekuritas Catherina Vincentia +62 21 2980 3111 [email protected] 17 Morgan Stanley Divya Gangahar Kothiyal +65 6834 6438 [email protected] 18 Panin Sekuritas Nico Laurens +62 21 515 3055 [email protected] 19 RHB Sekuritas Indonesia Andrey Wijaya +62 21 2598 6888 [email protected] 20 Samuel Sekuritas Selvi Ocktaviani +62 21 2854 8100 [email protected] 21 Sinarmas Sekuritas Evan Lie Hadiwidjaja +62 21 392 5550 [email protected] 22 Trimegah Securities Willinoy Sitorus +62 21 2924 9088 [email protected] 23 UBS Sekuritas Indonesia Igor Putra +62 21 2554 7033 [email protected] 24 UOB Kay Hian Securities Stevanus Juanda +62 21 2993 3845 [email protected] 25 Valbury Asia Securities Budi Rustanto +62 21 2553 3600 [email protected]
27 For further information please contact: PT Astra International Tbk Corporate Investor Relations P: (+62 21) 5084 3888 E: [email protected]