PT ASTRA INTERNATIONAL TBK Nine Months 2018
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PT ASTRA INTERNATIONAL TBK Nine Months 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 Rp422 continued to benefit Lower crude palm oil heavy equipment, mining prices adversely contracting and mining impacted agribusiness 21% 50% 75% revenue 9 months ended 30th September Group Results 2018 2017* Change Net revenue (Rp bn) 174,881 150,225 16% Net income (Rp bn) 17,073 14,159 21% Net earnings per share (Rp) 422 350 21% As at 30th As at 31st Change September 2018 December 2017* Shareholders’ funds (Rp bn) 132,480 123,780 7% Net asset value per share (Rp) 3,272 3,058 7% * Restated due to implementation of PSAK No. 69: Agriculture The financial results for the nine months ended 30th September 2018 and 2017 as well as the financial position as at 30th September 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 Mining, Construction Agribusiness and Logistics Technology and Energy Automobile Heavy Construction Machinery Palm Oil Plantation Toll Road Document Solution •Astra Credit Equipment • United Tractors • Astra Agro Lestari • Marga Mandalasakti •Astra Graphia Companies • Surya Artha • Traktor Nusantara • Marga Harjaya •Toyota AstraOther Nusantara Refineries Infrastruktur IT Solution Finance Finance Mining Contracting • Tanjung Sarana Lestari • Marga Trans Nusantara • Astra Graphia • Komatsu Astra • Pamapersada Nusantara • Kreasijaya Adhikarya • Trans Marga Jateng Information Motorcycle Finance • Tanjung Bina Lestari • Trans Bumi Serbaraja Technology • Federal Coal Mining • Lintas Marga Sedaya International Banking • Tuah Turangga Agung Commodity Trading Office Services Solution Finance • Permata Bank • Astra-KLK Pte.Ltd Sea Port • Astragraphia Xprins Construction Industry • Pelabuhan Penajam Indonesia Mobile Lending Insurance • Acset Indonusa Cattle in Palm Oil Banua Taka Fintech • Asuransi Astra Plantation • Astra WeLab Buana Energy • Agro Menara Rachmat Logistics Digital Arta • Astra Life • Bhumi Jati Power • Serasi Autoraya Market Position as at 30 September 2018 • Astra’s car market share decreased from 55% to 50%. • Astra’s motorcycle market share maintained at 75%. • Komatsu maintained its leading market position with 35% market share. Car Motorcycle Toyota Others 30% 25% Others 51% Heavy Equipment Honda Others 75% Daihatsu 15% Isuzu 17% Komatsu 2% 35% Sumitomo 5% Source : Gaikindo Source : AISI Kobelco 13% Hitachi 14% Caterpillar 18% 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 Corporate Actions Aug‘18 • United Tractors’ subsidiary, Danusa Tambang Nusantara, signed a Conditional Share Sale Agreement to acquire a 95% stake in Agincourt Resources, which operates a gold mine in North Sumatera, for approximately US$1.0 billion. Sep‘18 • Astra (through its subsidiary, Sedaya Multi Investama) and WeLab, a leading technology enabler for consumer lending in China including Hong Kong, announced the establishment of Astra WeLab Digital Arta, 60%-owned by Astra, to offer mobile lending products to retail consumers and provide financial technology solutions to enterprise customers. 6 Financial Performance 7 Consolidated Income Statement “We expect the Group to achieve satisfactory full year results, notwithstanding concerns over competitive pressure in the car market and weak crude palm oil prices.” - Prijono Sugiarto, President Director - In Billion Rupiah 9M18 9M17* Change IDR / USD, average 14,129 13,349 6% Net Revenue 174,881 150,225 16% Gross Profit 36,702 30,673 20% Selling, General and Administrative (16,500) (15,808) 4% Expenses Other Income 1,702 1,020 67% Share of Results of Joint Ventures and 5,281 5,594 (6%) Associates Income Tax Expenses (5,668) (4,091) 39% Non-controlling Interests (4,444) (3,229) 38% Net Income 17,073 14,159 21% * Restated due to implementation of PSAK No. 69 : Agriculture 8 Divisional Net Revenue and Net Income Divisional Net Revenue 16% Others (Infrastructure & Logistics, IT and Property) 174,881 150,225 4% 5% Agribusiness 8% 8% 35% 31% Heavy Equipment, Mining, Construction & Energy 8% 9% Financial Services 45% 47% Automotive 9M18 9M17 Divisional Net Income Others (Infrastructure & Logistics IT and Property) 21% 17,073 14,159* 2% 1% Agribusiness 5% 8% 24% 32% Heavy Equipment, Mining, Construction & Energy 20% 21% Financial Services 41% 46% Automotive 9M18 9M17* *Restated due to implementation of PSAK No. 69 : Agriculture 9 Consolidated Balance Sheet • The net asset value per share was Rp3,272 at 30th September 2018, 7% higher than at the prior year end. • Net cash excluding the Group’s financial services subsidiaries was Rp1.7 trillion, down from 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 Rp47.8 trillion, compared with Rp46.1 trillion at the end of 2017. In Billion Rupiah 30-Sep-18 31-Dec-17* Change Cash and Cash Equivalents 36,669 31,574 16% Trade Receivables 31,390 25,420 23% Inventories 24,357 19,504 25% Financing Receivables 65,057 63,252 3% Investment in Joint Ventures and Associates 41,927 39,260 7% Fixed Assets 53,472 48,402 10% Other Assets 80,453 68,418 18% Total Assets 333,325 295,830 13% Short-term Borrowings 14,851 16,321 (9%) Trade Payables 39,997 29,468 36% Long-term Debt 67,892 58,657 16% Other Liabilities 42,654 34,879 22% Total Liabilities 165,394 139,325 19% Equity Attributable to the Owners of The Parent 132,480 123,780 7% Non – controlling Interest 35,451 32,725 8% Total Equity 167,931 156,505 7% Net Debt (Cash) 46,074 43,404 6% Net Debt (Cash) (Excl. Financial Services) (1,686) (2,654) (36%) 10 * Restated due to implementation of PSAK No. 69 : Agriculture Consolidated Cash Flow As at 30 September 2018, Astra’s consolidated closing cash balance (incl. bank overdraft) was Rp36.2 trillion. In Billion Rupiah 9M18 9M17 Change Cash generated from operations 27,523 18,944 8,579 Tax Payments (5,060) (3,272) (1,788) Interest Received 1,162 1,280 (118) Net Cash flow provided from Operating Activities 23,625 16,952 6,673 Dividend Received 3,942 4,300 (358) Net Capex (10,193) (8,301) (1,892) Net Investment (5,796) (7,744)