PT ASTRA INTERNATIONAL TBK First Half 2018
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PT ASTRA INTERNATIONAL TBK First Half 2018 - 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 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. 1 Highlights Net earnings per share Auto Market Share Higher coal prices Rp257 benefited heavy Lower crude palm oil equipment, mining prices adversely contracting and mining impacted agribusiness 11% 48% 74% volumes 6 months ended 30th June Group Results 2018 2017* Change Net revenue (Rp bn) 112,554 98,031 15% Net income (Rp bn) 10,384 9,340 11% Net earnings per share (Rp) 257 231 11% As at 30th As at 31st Change June 2018 December 2017* Shareholders’ funds (Rp bn) 127,721 123,780 3% Net asset value per share (Rp) 3,155 3,058 3% * Restated due to implementation of PSAK No. 69: Agriculture The financial results for the six months ended 30th June 2018 and 2017 as well as the financial position as at 30th June 2018 have been prepared in accordance with Indonesian Financial Accounting Standards and are unaudited. The financial position as at 31st December 2017 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. 2 Business Structure Automotive Property Automobile Motorcycle • Menara Astra • Toyota •Honda • Brahmayasa Bahtera • Daihatsu • Samadista Karya • Isuzu Component • Astra Land Indonesia • BMW •Astra Otoparts • Astra Modern Land • Peugeot • UD Trucks Others •AstraWorld Heavy Equipment, Infrastructure Information Financial Services Agribusiness Mining, Construction and Logistics Technology and Energy Automobile Heavy Equipment Construction Machinery Palm Oil Plantation Toll Road Document Solution •Astra Credit • Surya Artha • United Tractors • Astra Agro Lestari • Marga Mandalasakti •Astra Graphia Companies Nusantara • Traktor Nusantara • Marga Harjaya •Toyota AstraOther Finance Refineries Infrastruktur IT Solution Finance • Komatsu Astra Mining Contracting • Tanjung Sarana Lestari • Marga Trans Nusantara • Astra Graphia Finance • Pamapersada Nusantara • Kreasijaya Adhikarya • Trans Marga Jateng Information Motorcycle • Tanjung Bina Lestari • Trans Bumi Serbaraja Technology • Federal Banking Coal Mining • Lintas Marga Sedaya International • Permata Bank • Tuah Turangga Agung Commodity Trading Office Services Solution Finance • Astra-KLK Pte.Ltd Sea Port • Astragraphia Xprins Insurance Construction Industry • Pelabuhan Penajam Indonesia • Asuransi Astra • Acset Indonusa Cattle in Palm Oil Banua Taka Buana Plantation • Astra Life Energy • Agro Menara Rachmat Logistics • Bhumi Jati Power • Serasi Autoraya Market Position as at 30 June 2018 • Astra’s car market share decreased from 56% to 48%. • Astra’s motorcycle market share maintained at 74%. • Komatsu maintained its leading market position with 36% market share. Car Motorcycle Suzuki Kawasaki 1% 1% Toyota Yamaha 29% 23% Others 52% Heavy Equipment Daihatsu 17% Others Isuzu Honda 21% 74% 2% Komatsu 36% Source : Gaikindo Source : AISI Kobelco 14% Hitachi 13% Caterpillar 16% 4 Source: United Tractors – Internal Market Research Corporate Actions Feb ‘18 • The Group invested US$150 million for a minority stake in GO-JEK, Indonesia’s leading multi-platform technology group, which provides access to a wide range of services from transportation and payments to food delivery, logistics and other on-demand services. Apr‘18 • 50%-owned Astra Land Indonesia purchased a 3-hectare site in Jakarta’s Central Business District, for residential and commercial development. May‘18 • Permata Bank divested its 25% shareholding in Astra Sedaya Finance to the Group for Rp2.8 trillion, in order to strengthen the bank’s capital position and maximize its capital allocation for lending. 5 Financial Performance 6 Consolidated Income Statement “The Group’s performance for the rest of the year is expected to be satisfactory, supported by ongoing growth in the Indonesian economy and stable coal prices, although there are concerns over competitive pressures in the car market and weak crude palm oil prices.” - Prijono Sugiarto, President Director - In Billion Rupiah 1H18 1H17* Change IDR / USD, average 13,851 13,330 4% Net Revenue 112,554 98,031 15% Gross Profit 23,256 19,674 18% Selling, General and Administrative (10,791) (10,387) 4% Expenses Other Income 1,141 849 34% Share of Results of Joint Ventures and 3,028 3,772 (20%) Associates Income Tax Expenses (3,440) (2,573) 34% Non-controlling Interests (2,810) (1,995) 41% Net Income 10,384 9,340 11% * Restated due to implementation of PSAK No. 69 : Agriculture 7 Divisional Net Revenue and Net Income Divisional Net Revenue In Billion Rupiah 1H18 1H17 Change Automotive 50,579 46,510 9% Financial Services 9,502 9,169 4% Heavy Equipment, Mining, Construction and Energy 38,874 29,330 33% Agribusiness 9,021 8,546 6% Infrastructure and Logistics 3,068 3,476 (12%) Information Technology 1,497 996 50% Property 13 4 225% Total 112,554 98,031 15% Divisional Net Income In Billion Rupiah 1H18 1H17* Change Automotive 4,215 4,200 0% Financial Services 2,142 2,035 5% Heavy Equipment, Mining, Construction and Energy 3,282 2,057 60% Agribusiness 625 815 (23%) Infrastructure and Logistics 4 110 (96%) Information Technology 68 55 24% Property 48 68 (29%) Total 10,384 9,340 11% 8 * Restated due to implementation of PSAK No. 69 : Agriculture Consolidated Balance Sheet • The net asset value per share was Rp3,155 at 30th June 2018, 3% higher than at the prior year end. • Net debt excluding the Group’s financial services subsidiaries was Rp6.6 trillion compared with net cash of Rp2.7 trillion at 31st December 2017, due mainly to the Group’s toll road and GO-JEK investments and capital expenditure in its mining contracting business. The Group’s financial services subsidiaries had net debt of Rp47.9 trillion, compared with Rp46.1 trillion at the end of 2017. In Billion Rupiah 30-Jun-18 31-Dec-17* Change Cash and Cash Equivalents 26,329 31,574 (17%) Trade Receivables 29,869 25,420 18% Inventories 20,381 19,504 4% Financing Receivables 64,227 63,252 2% Investment in Joint Ventures and Associates 39,721 39,260 1% Fixed Assets 51,557 48,402 7% Other Assets 77,252 68,418 13% Total Assets 309,336 295,830 5% Short-term Borrowings 14,655 16,321 (10%) Trade Payables 29,626 29,468 1% Long-term Debt 66,149 58,657 13% Other Liabilities 37,026 34,879 6% Total Liabilities 147,456 139,325 6% Equity Attributable to the Owners of The Parent 127,721 123,780 3% Non – controlling Interest 34,159 32,725 4% Total Equity 161,880 156,505 3% Net Debt (Cash) 54,475 43,404 26% Net Debt (Cash) (Excl. Financial Services) 6,598 (2,654) (349%) 9 * Restated due to implementation of PSAK No. 69 : Agriculture Consolidated Cash Flow As at 30 June 2018, Astra’s consolidated closing cash balance (incl. bank overdraft) was Rp25.8 trillion. In Billion Rupiah 1H18 1H17 Change Cash generated from operations 11,943 13,822 (1,879) Tax Payments (3,455) (2,009) (1,446) Interest Received 765 799 (34) Net Cash flow provided from Operating Activities 9,253 12,612 (3,359) Dividend Received 3,235 4,102 (867) Net Capex (6,277) (5,925) (352) Net Investment (5,096) (4,882) (214) Other Investing (170) (2,810) 2,640 Net Cash flow used in Investing Activities (8,308) (9,515) 1,207 Net Proceeds of Debt 3,098 5,686 (2,588) Interest Paid (1,147) (1,073) (74) Dividend Payments (7,045) (5,743) (1,302) Other Financing (1,901) (14) (1,887) Net Cash flow used in Financing Activities (6,995) (1,144) (5,851) (Decrease) / Increase in Cash (6,050) 1,953 (8,003) Opening Cash Balance (incl. Bank Overdraft) 31,574 29,356 2,218 Exchange Rate Adjustment 315 (41) 356 Closing Cash Balance (incl. Bank Overdraft) 25,839 31,268 (5,429) 10 Business Updates 11 Automotive – Wholesale Car Market Astra’sThe wholesale car sales market were 10 for% highercars was at 4214% ,higher000 units, in the resulting period in at an 554 increase,000 units in market.