Company Announcements

Jardine Cycle & Carriage 2021 HY Financial Stmts

Source: RNS
RNS Number : 8825G
Jardine Matheson Hldgs Ltd
29 July 2021
 

To:   Business Editor

 

 

29th July 2021

 

For immediate release                  

 

 

 

Jardine Cycle & Carriage Limited

2021 Half Year Financial Statements and Dividend Announcement

 

 

 

The following announcement was issued today by the Company's 75%-owned subsidiary, Jardine Cycle & Carriage Limited.

 

 

 

 

 

For further information, please contact:

 

Jardine Matheson Limited

Joey Ho                                                                                                (65) 9765 0717 

 

Brunswick Group Limited

Ben Fry                                                                                                 (65) 9017 9886

 

 

 

29th July 2021                                         

 

JARDINE CYCLE & CARRIAGE LIMITED

2021 HALF YEAR FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT

 

Highlights

 

·    Underlying profit more than doubled to US$346 million

·    Higher earnings from Astra, principally in its automotive businesses

·    Improved profits from Direct Motor Interests in Singapore

·    Other Strategic Interests stronger, led by a continued THACO recovery

·    Interim dividend of US¢18 per share, up from US¢9 in 2020

 

"The Group's underlying profit improved in the first half of 2021, compared with the same period in 2020, when the second quarter of 2020 was particularly affected by significant pandemic-related business restrictions. Although business conditions have since improved, the Group remains cautious about performance in the second half of 2021, given the worsening COVID-19 situation in a number of countries across the region."

 

Ben Keswick, Chairman

 

Group Results

 

 

 

 

 

 

Six months ended 30th June

 

 

2021

US$m

2020

US$m

Change

%

2021

S$m

Revenue

8,287

6,595

26

11,045

Underlying profit attributable to

 

 

 

 

shareholders *

346

138

152

462

Non-trading items^

 (120)

163

nm

(160)

Profit attributable to shareholders

226

301

-25

302

 

US¢

US¢

 

Underlying earnings per share *

88

35

152

117

Earnings per share

57

76

-25

76

Interim dividend per share

18

9

100

24

 

At

30.6.2021

At

31.12.2020

 

At

30.6.2021

 

US$m

US$m

 

S$m

Shareholders' funds

6,918

6,974

-1

9,300

 

US$

US$

 

S$

Net asset value per share

17.50

17.65

-1

23.53

               

 

The exchange rate of US$1=S$1.34 (31st December 2020: US$1=S$1.32) was used for translating assets and liabilities at the balance sheet date, and US$1=S$1.33 (30th June 2020: US$1=S$1.40) was used for translating the results for the period. The financial results for the six months ended 30th June 2021 and 30th June 2020 have been prepared in accordance with International Financial Reporting Standards and have not been audited or reviewed by the auditors.

 

*       The Group uses 'underlying profit attributable to shareholders' in its internal financial reporting to distinguish between ongoing business performance and non-trading items, as more fully described in Note 6 to the condensed financial statements.  Management considers this to be a key performance measurement that enhances the understanding of the Group's underlying business performances.

^       Included in 'non-trading items' are unrealised gains/losses arising from the revaluation of the Group's equity investments.

nm    not meaningful

CHAIRMAN'S STATEMENT

Overview

Jardine Cycle & Carriage ("JC&C" or "the Group") produced an increase in underlying profit in the first half of 2021, compared to the same period in 2020, which saw the emergence of the pandemic and the implementation of major lockdown restrictions in the second quarter. Most of the Group's businesses have also seen some performance improvements compared to previous quarters.

 

Astra contributed US$293 million to the Group's underlying profit in the first half of 2021, 71% higher than the same period last year, with the improvement in its performance largely driven by its automotive businesses.

 

Direct Motor Interests contributed US$24 million, compared to a loss of US$0.3 million in the same period last year, with performance benefiting mainly from higher profits in the Singapore operations.

 

Other Strategic Interests contributed a profit of US$66 million compared to US$28 million in the same period last year, mainly due to the continued recovery of THACO's automotive and real estate operations.

 

Exchange losses of US$21 million from the translation of foreign currency loans at JC&C parent company were substantially lower than in the same period last year.

 

The Group's underlying profit attributable to shareholders more than doubled from US$138 million to US$346 million. After accounting for non-trading items which included unrealised losses arising from the revaluation of the Group's equity investments and a gain on disposal of Astra's investment in Permata Bank in 2020, the Group's profit attributable to shareholders was 25% lower at US$226 million.

 

The Group's consolidated net cash position, excluding the net borrowings from Astra's financial services subsidiaries, was US$40 million at the end of June 2021, compared to a net debt of US$854 million at the end of 2020. The change from net debt to net cash was mainly due to strong trading cashflows, together with low capital expenditure and improved working capital management. Net debt within Astra's financial services subsidiaries increased slightly to US$2.9 billion. JC&C parent company's net debt was US$1.6 billion at the end of June 2021.

 

JC&C parent company increased its interest in Cycle & Carriage Bintang from 59.1% to 88.0% through market purchases and acceptances under its Voluntary General Offer which closed on 4th June 2021. JC&C parent company increased its interest in REE from 29.8% to 30.8%. It also entered into an agreement to acquire the remaining 30% stake that it did not own in Republic Auto, a used car business in Singapore.

Group Review

The contributions to JC&C's underlying profit attributable to shareholders by business segment were as follows:  

 

 

 

Contribution to JC&C's underlying profit

 

 

 

Six months ended 30th June

 

 

Business segments

 

2021

US$m

2020

US$m

Change

%

 

 

Astra

 

293

171

71

 

Direct Motor Interests

 

24

-

nm

 

Other Strategic Interests

 

66

28

138

 

Corporate Costs - exchange losses

 

(21)

(41)

-49

 

Corporate Costs - others

 

(16)

   (20)

-22

 

Underlying profit attributable to

   shareholders

 

 

346

 

138

 

152

 

               

Astra

Astra contributed US$293 million to JC&C's underlying profit, 71% higher than the same period last year. Under Indonesian accounting standards, Astra reported a net profit equivalent to US$615 million.

 

Automotive

 

Net income increased significantly to US$231 million, mainly due to the negative impact on performance in the second quarter of 2020 from the pandemic and related containment measures, and an increase in sales volumes in the first half of 2021, especially in the car segment, which  benefited from temporary luxury sales tax incentives. Key points were as follows:

 

·    The wholesale car market increased by 51% in the first half to 393,000 units. Astra's car sales were 50% higher at 210,000 units, with its market share maintained at 53%.  Eight new models and six revamped models were launched.

·    The wholesale market for motorcycles increased by 30% in the first half to 2.5 million units. Astra's Honda motorcycle sales grew by 29% to 1.9 million units, maintaining its market share.  Four new models and seven revamped models were launched.

·    Components business, Astra Otoparts, reported a net profit of US$19 million compared to a net loss of US$20 million in the same period last year, mainly due to higher revenues from the original equipment manufacturer and replacement market segments.

 

Financial Services

 

Net income increased by 2% to US$149 million, due to higher contributions from the consumer finance and general insurance businesses. Key points were as follows:

 

·    Consumer finance businesses saw a 13% increase in the amounts financed to US$2.8 billion. The net income contribution from the car-focused finance companies increased by 3% to US$39 million, and the contribution from the motorcycle-focused financing business also increased by 3% to US$66 million. Both increases were mainly due to lower loan loss provisioning.

·    Heavy equipment-focused finance operations saw a 46% increase in the amounts financed to US$188 million, but the net income contribution from this business fell 20% to US$2 million.

·    General insurance company, Asuransi Astra Buana, reported a 15% increase in net income to US$42 million due to higher investment income.

 

Heavy Equipment, Mining, Construction and Energy

 

Net income increased by 13% to US$187 million, mainly due to higher Komatsu heavy equipment sales and improved coal prices. Key points were as follows:

 

·    United Tractors reported a 11% increase in net income to US$313 million.

·    Komatsu heavy equipment sales increased by 60% to 1,361 units.

·    Mining contracting operations reported 3% lower overburden removal volume at 409 million bank cubic metres, while coal production was 3% higher at 58 million tonnes.

·    Coal mining subsidiaries achieved 12% higher coal sales at 6.3 million tonnes, including 1.4 million tonnes of metallurgical coal.

·    Agincourt Resources saw 5% lower gold sales at 176,000 oz.

·    General contractor, Acset Indonusa, reported a net loss of US$11 million, mainly due to the slowdown of several ongoing projects and reduced construction project opportunities during the pandemic.

 

Agribusiness

 

Net income increased by 66% to US$36 million, mainly due to improved crude palm oil prices. 

 

Infrastructure and Logistics

 

Astra's infrastructure and logistics division reported a net profit of US$6 million, compared to a net loss of US$6 million for the same period last year, mainly due to improved performances in its toll road and Serasi Autoraya operations.  Key points were as follows:

 

·    Toll road revenues were 41% higher. Astra has 358km of operational toll roads along the Trans-Java network and in the Jakarta Outer Ring Road.

·    Serasi Autoraya's net income increased significantly to US$6 million mainly due to increased used car sales, improved operating margins and an increase in the numbers of vehicles under contract to 23,000 units.

·    In June, Astra acquired an additional 14% stake in Marga Lingkar Jakarta, the operator of the 7.7km Kebon Jeruk-Ulujami toll road, part of the Jakarta Outer Ring Road I, which brought Astra's ownership to 49%.

 

Direct Motor Interests

The Group's Direct Motor Interests contributed a profit of US$24 million, compared to a loss of US$0.3 million in the same period last year.  Key points were as follows: 

 

·    Cycle & Carriage Singapore made a significantly higher contribution of US$19 million, compared to US$1 million in the previous year. Passenger car sales grew 33% to 4,188 units, with market share at 16%. There was also an improved trading performance in used car operations.

·    In Indonesia, Tunas Ridean contributed US$7 million, compared to US$3 million last year, supported by improved profits from its automotive and financial services businesses.

·    Cycle & Carriage Bintang in Malaysia contributed a profit of US$0.2 million, compared to a loss of US$3 million in the previous year. Despite challenging trading conditions, the financial performance of the business benefited from improved sales due to a sales tax reduction, as well as cost savings initiatives.

Other Strategic Interests

The Group's Other Strategic Interests contributed a profit of US$66 million, compared to US$28 million in the previous year.  Key points were as follows:

 

·    THACO contributed a profit of US$37 million. THACO's automotive unit sales were up 40%, and margins also increased due to an improved sales mix. The real estate business continued to benefit from a gradual recovery of the market.

·    The contribution from Siam City Cement was US$14 million, 19% higher than the same period last year. This was mainly due to higher cement volumes mainly in the regional operations, although overall prices remained under pressure. Margins were also down due to an increase in coal prices, despite continued cost-saving initiatives.

·    REE's contribution of US$6 million, based on its first-quarter results, was 72% higher than the same period last year. There were improved performances from its power and water investments as a result of favourable hydrography and an increase in REE's solar projects. Profits from REE's real estate leasing business were relatively stable.

·    The Group's investment in Vinamilk produced a dividend income of US$11 million, consistent with the same period last year. Vinamilk reported a net profit of US$235 million in the first half, 7% down in local currency terms, due to a weaker domestic market.

 

Corporate Costs

 

There were lower foreign exchange losses from the translation of foreign currency loans and lower net financing charges than in the first half of last year.  Corporate costs totalled US$37 million in the first half, compared to US$61 million in the same period last year.

 

Dividend

 

The Board has declared an interim one-tier tax-exempt dividend of US¢18 per share (2020: US¢9 per share) for the half-year ended 30th June 2021.

 

Outlook 

Although business conditions have improved in the first half of 2021, the Group remains cautious about performance in the second half of 2021, given the worsening COVID-19 situation in a number of countries across the region.

 

 

Ben Keswick

Chairman

 

 

 

CORPORATE PROFILE

 

Jardine Cycle & Carriage is the investment holding company of the Jardine Matheson Group in Southeast Asia. JC&C seeks to grow with Southeast Asia by investing in market-leading businesses based on the themes of urbanisation and the emerging consumer class. The Group works closely with its businesses to enable them to achieve their potential and to elevate their communities.

 

The Group has a 50.1% interest in Astra, a diversified group in Indonesia, which is also the largest independent automotive group in Southeast Asia.

 

JC&C also has significant interests in Vietnam, including 26.6% in THACO Corporation, 30.8% in Refrigeration Electrical Engineering Corporation and 10.6% in Vinamilk. Its 25.5%-owned Siam City Cement also has a presence in South Vietnam, in addition to operating in Thailand, Sri Lanka, Cambodia and Bangladesh.

 

The Direct Motor Interests in JC&C's portfolio are the Cycle & Carriage businesses in Singapore, Malaysia and Myanmar, and 46.2%-owned Tunas Ridean in Indonesia.

 

JC&C is a leading Singapore-listed company, 75%-owned by the Jardine Matheson group. Together with its subsidiaries and associates, JC&C employs around 240,000 people across Southeast Asia.

 

 

Statement pursuant to Rule 705(5) of the Listing Rules of the Singapore Exchange Securities Trading Limited ("SGX-ST")

 

The directors confirm that, to the best of their knowledge, nothing has come to the attention of the Board of Directors which may render the accompanying unaudited interim financial results for the six months ended 30th June 2021 to be false or misleading in any material aspect.

 

 

On behalf of the Board of Directors

 

 

Ben Keswick

Director

 

 

Vimala Menon

Director

 

 

 

 

 

29th July 2021

 

 

Jardine Cycle & Carriage Limited

Consolidated Profit and Loss Account for the six months ended 30th June 2021

 

 

 

 

 

2021

 

2020

Change

 

Note

 

US$m

 

US$m

%

 

 

 

 

 

 

 

Revenue 1

2

 

      8,287.0

 

      6,594.6

26

 

 

 

 

 

 

 

Net operating costs

3

 

     (7,622.6)

 

     (5,650.8)

35

 

 

 

 

 

 

 

Operating profit

3

 

         664.4

 

         943.8

-30

 

 

 

 

 

 

 

Financing income

 

 

           63.1

 

           48.6

30

Financing charges 2

 

 

          (90.5)

 

        (143.2)

-37

Net financing charges

 

 

          (27.4)

 

          (94.6)

-71

Share of associates' and joint

 

 

 

 

 

 

   ventures' results after tax

 

 

         263.6

 

           91.3

189

 

 

 

 

 

 

 

Profit before tax

 

 

         900.6

 

         940.5

-4

Tax

4

 

        (209.1)

 

        (127.1)

65

 

 

 

 

 

 

 

Profit after tax

 

 

         691.5

 

         813.4

-15

 

 

 

 

 

 

 

Profit attributable to:

 

 

 

 

 

 

Shareholders of the Company

 

 

         226.3

 

         300.9

-25

Non-controlling interests

 

 

         465.2

 

         512.5

-9

 

 

 

 

 

 

 

 

 

 

         691.5

 

         813.4

-15

 

 

 

 

 

 

 

 

 

 

 US¢

 

 US¢

 

 

 

 

 

 

Earnings per share

6

 

              57

 

              76

-25

 

 

(1)    Higher revenue was mainly due to higher sales in Astra's automotive, heavy equipment and mining operations and higher sales in Direct Motor Interests.

(2)    Decrease in financing charges was mainly due to lower level of net debt.

 

 

Jardine Cycle & Carriage Limited

Consolidated Statement of Comprehensive Income for the six months ended 30th June 2021

 

 

 

 

2021

 

2020

 

 

US$m

 

US$m

 

 

 

 

 

Profit for the year

 

           691.5

 

           813.4

 

 

 

 

 

 

 

 

 

 

Items that will not be reclassified to profit or loss:

 

 

 

 

 

 

 

 

 

Asset revaluation

 

 

 

 

- surplus during the year

 

               0.1

 

                 -  

 

 

 

 

 

Remeasurements of defined benefit pension plans

 

              (4.5)

 

              (0.7)

 

 

 

 

 

Tax relating to items that will not be reclassified

 

               0.7

 

              (0.8)

 

 

 

 

 

Share of other comprehensive income/(expense) of

 

 

 

 

   associates and joint ventures, net of tax

 

              (2.0)

 

              (1.8)

 

 

 

 

 

 

 

              (5.7)

 

              (3.3)

 

 

 

 

 

Items that may be reclassified subsequently to profit or loss:

 

 

 

 

Translation difference

 

 

 

 

- gain/(loss) arising during the year

 

          (339.9)

 

          (325.3)

- transfer to profit and loss

 

                 -  

 

              (0.3)

 

 

          (339.9)

 

          (325.6)

Financial assets at FVOCI (1)

 

 

 

 

- gain/(loss) arising during the year

 

            (10.4)

 

              (2.9)

- transfer to profit and loss

 

              (1.7)

 

               2.6

 

 

            (12.1)

 

              (0.3)

Cash flow hedges

 

 

 

 

- gain/(loss) arising during the year

 

             81.8

 

            (11.6)

- transfer to profit and loss

 

                 -  

 

               2.8

 

 

             81.8

 

              (8.8)

 

 

 

 

 

Tax relating to items that may be reclassified

 

            (16.7)

 

              (0.8)

 

 

 

 

 

Share of other comprehensive income/(expense) of

 

 

 

 

   associates and joint ventures, net of tax

 

             35.2

 

            (78.6)

 

 

          (251.7)

 

          (414.1)

 

 

 

 

 

Other comprehensive income/(expense) for the year

 

          (257.4)

 

          (417.4)

 

 

 

 

 

Total comprehensive income for the year

 

           434.1

 

           396.0

 

 

 

 

 

Attributable to:

 

 

 

 

Shareholders of the Company

 

             92.3

 

           121.9

Non-controlling interests

 

           341.8

 

           274.1

 

 

 

 

 

 

 

           434.1

 

           396.0

 

(1)   Fair value through other comprehensive income ("FVOCI")

 

 

Jardine Cycle & Carriage Limited

Consolidated Balance Sheet at 30th June 2021

 

 

 

 

 

At

 

At

 

 

Note

 

30.06.2021

 

31.12.2020

 

 

 

 

US$m

 

US$m

Non-current assets

 

 

 

 

 

 

Intangible assets

 

 

 

          1,788.4

 

          1,816.9

Right-of-use assets

 

 

 

             781.9

 

             832.4

Property, plant and equipment

 

 

 

          3,957.4

 

          4,243.2

Investment properties

 

 

 

             519.3

 

             532.2

Bearer plants

 

 

 

             486.1

 

             496.7

Interests in associates and joint ventures

 

 

 

          4,034.1

 

          4,032.6

Non-current investments

 

 

 

          2,165.8

 

          2,283.9

Non-current debtors

 

 

 

          2,822.4

 

          2,846.8

Deferred tax assets

 

 

 

             364.6

 

             370.8

 

 

 

 

        16,920.0

 

        17,455.5

Current assets

 

 

 

 

 

 

Current investments

 

 

 

               79.7

 

               60.4

Properties for sale

 

 

 

             375.6

 

             390.2

Stocks

 

 

 

          1,217.3

 

          1,320.2

Current debtors

 

 

 

          4,948.1

 

          4,676.9

Current tax assets

 

 

 

             123.2

 

             111.4

Bank balances and other liquid funds

 

 

 

 

 

 

- non-financial services companies

 

 

 

          3,754.6

 

          3,095.1

- financial services companies

 

 

 

             358.7

 

             402.5

 

 

 

 

          4,113.3

 

          3,497.6

 

 

 

 

        10,857.2

 

        10,056.7

 

 

 

 

 

 

 

Total assets

 

 

 

        27,777.2

 

        27,512.2

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

Non-current creditors

 

 

 

             191.4

 

             278.4

Provisions

 

 

 

             188.5

 

             186.3

Non-current lease liabilities

 

 

 

               80.5

 

               79.7

Long-term borrowings

 

8

 

 

 

 

- non-financial services companies

 

 

 

          2,980.8

 

          1,719.3

- financial services companies

 

 

 

          1,133.4

 

          1,246.0

 

 

 

 

          4,114.2

 

          2,965.3

Deferred tax liabilities

 

 

 

             323.9

 

             343.5

Pension liabilities

 

 

 

             393.9

 

             389.4

 

 

 

 

          5,292.4

 

          4,242.6

Current liabilities

 

 

 

 

 

 

Current creditors

 

 

 

          4,012.1

 

          3,534.9

Provisions

 

 

 

             114.6

 

             115.9

Current lease liabilities

 

 

 

               45.2

 

               65.2

Current borrowings

 

8

 

 

 

 

- non-financial services companies

 

 

 

             733.9

 

          2,229.3

- financial services companies

 

 

 

          2,054.2

 

          1,930.4

 

 

 

 

          2,788.1

 

          4,159.7

Current tax liabilities

 

 

 

             152.9

 

               87.3

 

 

 

 

          7,112.9

 

          7,963.0

 

 

 

 

 

 

 

Total liabilities

 

 

 

        12,405.3

 

        12,205.6

 

 

 

 

 

 

 

Net assets

 

 

 

        15,371.9

 

        15,306.6

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Share capital

 

9

 

          1,381.0

 

          1,381.0

Revenue reserve

 

10

 

          7,012.9

 

          6,937.7

Other reserves

 

11

 

        (1,476.0)

 

        (1,344.6)

Shareholders' funds

 

 

 

          6,917.9

 

          6,974.1

Non-controlling interests

 

12

 

          8,454.0

 

          8,332.5

Total equity

 

 

 

        15,371.9

 

        15,306.6

 

 

Jardine Cycle & Carriage Limited

Consolidated Statement of Changes in Equity for the six months ended 30th June 2021

 

Attributable to shareholders of the Company

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributable

 

 

 

 

 

 

 

Asset

 

 

 

Fair value

 

 

 

to non-

 

 

 

Share

 

Revenue

 

revaluation

 

Translation

 

and other

 

 

 

controlling

 

Total

 

capital

 

reserve

 

reserve

 

reserve

 

reserves

 

Total

 

interests

 

equity

 

US$m

 

US$m

 

US$m

 

US$m

 

US$m

 

US$m

 

US$m

 

US$m

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 1st January

     1,381.0

 

        6,937.7

 

           403.4

 

      (1,683.7)

 

          (64.3)

 

      6,974.1

 

        8,332.5

 

    15,306.6

Total comprehensive income

             -  

 

           223.7

 

               0.1

 

         (164.8)

 

           33.3

 

           92.3

 

           341.8

 

         434.1

Dividends paid by the Company

             -  

 

          (134.2)

 

                 -  

 

                -  

 

               -  

 

        (134.2)

 

                -  

 

        (134.2)

Dividends declared/paid to non-controlling

 

 

 

 

 

 

 

 

 

 

 

 

 

 

               

   interests

             -  

 

                 -  

 

                 -  

 

                -  

 

               -  

 

               -  

 

         (198.1)

 

        (198.1)

Issue of shares to non-controlling interests

             -  

 

                 -  

 

                 -  

 

                -  

 

               -  

 

               -  

 

               0.3

 

             0.3

Change in shareholding

             -  

 

            (14.3)

 

                 -  

 

                -  

 

               -  

 

          (14.3)

 

           (21.5)

 

          (35.8)

Others

             -  

 

                 -  

 

                 -  

 

                -  

 

               -  

 

               -  

 

             (1.0)

 

            (1.0)

Balance at 30th June

     1,381.0

 

        7,012.9

 

           403.5

 

      (1,848.5)

 

          (31.0)

 

      6,917.9

 

        8,454.0

 

    15,371.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 1st January

     1,381.0

 

        6,720.0

 

           403.4

 

      (1,611.0)

 

          (33.3)

 

      6,860.1

 

        8,124.4

 

    14,984.5

Total comprehensive income

             -  

 

           299.3

 

                 -  

 

         (152.1)

 

          (25.3)

 

121.9

 

           274.1

 

         396.0

Dividends declared by the Company

             -  

 

          (265.1)

 

                 -  

 

                -  

 

               -  

 

        (265.1)

 

                -  

 

        (265.1)

Dividends declared/paid to non-controlling

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   interests

             -  

 

                 -  

 

                 -  

 

                -  

 

               -  

 

               -  

 

         (110.9)

 

        (110.9)

Issue of shares to non-controlling interests

             -  

 

                 -  

 

                 -  

 

                -  

 

               -  

 

               -  

 

               0.8

 

             0.8

Others

             -  

 

               1.3

 

                 -  

 

                -  

 

            (1.3)

 

               -  

 

                -  

 

               -  

Balance at 30th June

     1,381.0

 

        6,755.5

 

           403.4

 

      (1,763.1)

 

          (59.9)

 

      6,716.9

 

        8,288.4

 

    15,005.3

 

Jardine Cycle & Carriage Limited

Company Balance Sheet at 30th June 2021

 

 

 

 

 

 

At

 

At

 

 

Note

 

30.06.2021

 

31.12.2020

 

 

 

 

US$m

 

US$m

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

Property, plant and equipment

 

 

 

                 33.6

 

                 34.1

Interests in subsidiaries

 

 

 

            1,423.6

 

            1,412.2

Interests in associates and joint ventures

 

 

 

               981.3

 

               998.2

Non-current investment

 

 

 

               254.1

 

               223.0

 

 

 

 

            2,692.6

 

            2,667.5

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Current debtors

 

 

 

            1,141.6

 

            1,157.0

Bank balances and other liquid funds

 

 

 

-

 

                 46.5

 

 

 

 

            1,141.6

 

            1,203.5

 

 

 

 

 

 

 

Total assets

 

 

 

            3,834.2

 

            3,871.0

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

Non-current borrowings

 

 

 

            1,547.5

 

-

Deferred tax liabilities

 

 

 

                   6.2

 

                   6.3

 

 

 

 

            1,553.7

 

                   6.3

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Current creditors

 

 

 

                 64.1

 

                 65.2

Current borrowings

 

 

 

                 15.2

 

            1,569.1

Current tax liabilities

 

 

 

                   1.6

 

                   1.8

 

 

 

 

                 80.9

 

            1,636.1

 

 

 

 

 

 

 

Total liabilities

 

 

 

            1,634.6

 

            1,642.4

 

 

 

 

 

 

 

Net assets

 

 

 

            2,199.6

 

            2,228.6

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Share capital

 

9

 

            1,381.0

 

            1,381.0

Revenue reserve

 

10

 

               480.6

 

               471.7

Other reserves

 

11

 

               338.0

 

               375.9

Total equity

 

 

 

            2,199.6

 

            2,228.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jardine Cycle & Carriage Limited

Company Statement of Comprehensive Income for the six months ended 30th June 2021

 

 

 

2021

 

2020

 

US$m

 

US$m

 

 

 

 

Profit/(loss) for the year

       143.1

 

        (61.4)

 

 

 

 

Items that may be reclassified subsequently to profit or loss:

 

 

 

Translation difference

 

 

 

- loss arising during the year

        (37.9)

 

        (81.2)

 

 

 

 

 

 

 

 

Other comprehensive expense for the year

        (37.9)

 

        (81.2)

 

 

 

 

Total comprehensive income/(expense) for the year

       105.2

 

      (142.6)

 

Jardine Cycle & Carriage Limited

Company Statement of Changes in Equity for the six months ended 30th June 2021

 

 

 

Share

 

Revenue

 

Translation

 

Total

 

capital

 

reserve

 

reserve

 

equity

 

US$m

 

US$m

 

US$m

 

US$m

 

 

 

 

 

 

 

 

2021

 

 

 

 

 

 

 

Balance at 1st January

        1,381.0

 

           471.7

 

           375.9

 

        2,228.6

 

 

 

 

 

 

 

 

Total comprehensive income/(expense)

-

 

           143.1

 

            (37.9)

 

           105.2

 

 

 

 

 

 

 

 

Dividends paid

-

 

          (134.2)

 

-

 

          (134.2)

 

 

 

 

 

 

 

 

Balance at 30th June

        1,381.0

 

           480.6

 

           338.0

 

        2,199.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

 

 

 

 

 

Balance at 1st January

        1,381.0

 

           683.6

 

           338.0

 

        2,402.6

 

 

 

 

 

 

 

 

Total comprehensive income/(expense)

-

 

            (61.4)

 

            (81.2)

 

          (142.6)

 

 

 

 

 

 

 

 

Dividends paid

-

 

          (265.1)

 

-

 

          (265.1)

 

 

 

 

 

 

 

 

Balance at 30th June

        1,381.0

 

           357.1

 

           256.8

 

        1,994.9

 

Jardine Cycle & Carriage Limited

Consolidated Statement of Cash Flows for the six months ended 30th June 2021

 

 

 

 

 

2021

 

2020

 

Note

 

US$m

 

US$m

Cash flows from operating activities

 

 

 

 

 

Cash generated from operations

15

 

           1,513.5

 

           1,170.8

 

 

 

 

 

 

Interest paid

 

 

               (75.5)

 

             (101.2)

Interest received

 

 

                63.1

 

                44.5

Other finance costs paid

 

 

               (14.8)

 

               (42.3)

Income tax paid

 

 

             (168.9)

 

             (228.0)

 

 

 

             (196.1)

 

             (327.0)

Dividends received from associates and joint ventures (net)

 

 

              226.7

 

                49.5

 

 

 

 

 

 

 

 

 

                30.6

 

             (277.5)

 

 

 

 

 

 

Net cash flows from operating activities

 

 

           1,544.1

 

              893.3

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Sale of intangible assets

 

 

                    -  

 

                  0.6

Sale of property, plant and equipment

 

 

                18.2

 

                23.0

Sale of subsidiaries, net of cash disposed

 

 

                    -  

 

                  0.5

Sale of associates and joint ventures

 

 

                    -  

 

           1,138.3

Sale of investments

 

 

              131.9

 

              187.6

Purchase of intangible assets

 

 

               (55.9)

 

               (49.4)

Additions to right-of-use assets

 

 

                 (7.0)

 

                 (7.7)

Purchase of property, plant and equipment

 

 

             (122.7)

 

             (164.7)

Purchase of investment properties

 

 

                 (0.9)

 

                 (5.6)

Additions to bearer plants

 

 

               (15.5)

 

               (16.0)

Purchase of subsidiaries, net of cash acquired

 

 

                    -  

 

                 (0.1)

Purchase of associates and joint ventures

 

 

               (26.3)

 

               (23.9)

Purchase of investments

 

 

             (217.0)

 

             (213.2)

 

 

 

 

 

 

Net cash flows used in investing activities

 

 

             (295.2)

 

              869.4

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

Drawdown of loans (1)

 

 

           3,271.1

 

           1,188.3

Repayment of loans (1)

 

 

          (3,419.0)

 

          (1,694.3)

Principal elements of lease payments

 

 

               (45.4)

 

               (47.3)

Changes in controlling interests in subsidiaries

 

 

               (35.8)

 

                    -  

Investments by non-controlling interests

 

 

                  0.3

 

                  0.8

Dividends paid to non-controlling interests

 

 

             (191.0)

 

               (22.0)

Dividends paid by the Company

 

 

             (134.2)

 

                    -  

 

 

 

 

 

 

Net cash flows used in financing activities

 

 

             (554.0)

 

             (574.5)

 

 

 

 

 

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

 

              694.9

 

           1,188.2

Cash and cash equivalents at the beginning of the year

 

 

           3,497.6

 

           1,843.4

Effect of exchange rate changes

 

 

               (79.2)

 

                  9.0

 

 

 

 

 

 

Cash and cash equivalents at the end of the year (2)

 

 

           4,113.3

 

           3,040.6

 

 

 

 

 

 

 

(1)  The increase in drawdown and repayment of loans includes the refinancing effect of the Company's borrowings from current liabilities to non-current liabilities.

 

(2)  For the purpose of the Consolidated Statement of Cash Flows, cash and cash equivalents comprise deposits with bank and financial institutions, bank and cash balances, net of bank overdrafts. In the balance sheet, bank overdrafts are included under current borrowings.

 

Jardine Cycle & Carriage Limited

Notes to the financial statements for the six months ended 30th June 2021

 

1      Basis of preparation

 

The condensed interim financial statements for the six months ended 30th June 2021 have been prepared in accordance with IAS 34 Interim Financial Reporting. The condensed interim financial statements do not include all the information required for a complete set of financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance of the Group since the last annual financial statements for the year ended 31 December 2020.  There have been no changes to the accounting policies described in the 2020 audited accounts which have been prepared in accordance with Singapore Financial Reporting Standards (International) ("SFRS(I)") and International Financial Reporting Standards ("IFRS"), except for the adoption of new and amended standards as set out below. The Group has not early adopted any other standard or amendments that have been issued but not yet effective. 

 

The exchange rates used for translating assets and liabilities at the balance sheet date are US$1=S$1.3444 (2020: US$1=S$1.3216), US$1=RM4.1552 (2020: US$1=RM4.0245), US$1=IDR14,496 (2020: US$1=IDR14,105), US$1=VND23,013 (2020: US$1=VND23,086) and US$1=THB32.056 (2020: US$1= THB29.920).

 

The exchange rates used for translating the results for the period are US$1=S$1.3328 (2020: US$1=S$1.4011), US$1=RM4.1096 (2020: US$1=RM4.2694), US$1=IDR14,360 (2020: US$1=IDR14,786), US$1=VND23,042 (2020: US$1=VND23,335) and US$1=THB31.016 (2020: US$1=THB31.735).

 

Interpretations and amendments to published standard effective in 2021

 

On 1st January 2021, the Group has adopted the new or amended IFRS and Interpretations of IFRS that are mandatory for application for the financial year. Changes to the Group's accounting policies have been made as required, in accordance with the transitional provisions in the respective IFRS and Interpretations of IFRS.

 

The adoption of these new or amended IFRS and Interpretations of IFRS did not result in substantial changes to the Group's accounting policies and had no material effect on the amounts reported for the current or prior financial years.

 

Interest Rate Benchmark Reform - Phase 2: Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (effective from 1st January 2021)

 

The amendments provide a number of practical expedients as a result of the reform which affect the measurement of financial assets, financial liabilities and lease liabilities, and a number of reliefs for hedging relationships. The adoption of these amendments does not have a significant impact on the Group's consolidated financial statements.

 

COVID-19 Related Rent Concessions beyond 30th June 2021: Amendment to IFRS 16 Leases (effective from 1st April 2021)

 

The Group adopted and applied the practical expedient of the Covid-19 Related Rent Concessions: Amendment to IFRS 16 Leases, published in June 2020 ("2020 amendment"), in the 2020 annual financial statements. The 2021 amendment extends the practical expedient in the 2020 amendment to eligible lease payments due on or before 30th June 2022. By using the 2021 amendment, the Group continues to apply the practical expedient consistently to all lease contracts with similar characteristics and in similar circumstances, and does not assess these concessions as lease modifications.

 

Critical accounting estimates and judgements

 

The preparation of the condensed interim financial statements require management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates.

 

In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31 December 2020.

 

2      Revenue

 

 

 

 

 Direct 

 

 

 

 

 

 Motor 

 

 

 

 Astra

 

 Interests

 

 Total

 

 US$m

 

 US$m

 

 US$m

Group

 

 

 

 

 

2021

 

 

 

 

 

Property

              24.2

 

                  -  

 

              24.2

Motor vehicles

         2,988.7

 

            803.3

 

         3,792.0

Financial services

            839.1

 

                  -  

 

            839.1

Heavy equipment, mining, construction and energy

         2,592.6

 

                  -  

 

         2,592.6

Others

         1,039.1

 

                  -  

 

         1,039.1

 

         7,483.7

 

            803.3

 

         8,287.0

 

 

 

 

 

 

From contracts with customers:

 

 

 

 

 

Recognised at a point in time

         6,433.4

 

            769.9

 

         7,203.3

Recognised over time

            108.4

 

              32.3

 

            140.7

 

         6,541.8

 

            802.2

 

         7,344.0

 

 

 

 

 

 

From other sources:

 

 

 

 

 

Rental income from investment properties

                6.0

 

                  -  

 

                6.0

Revenue from financial services companies

            839.1

 

                  -  

 

            839.1

Others

              96.8

 

                1.1

 

              97.9

 

            941.9

 

                1.1

 

            943.0

 

 

 

 

 

 

 

         7,483.7

 

            803.3

 

         8,287.0

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

 

 

 

Property

              36.8

 

                  -  

 

              36.8

Motor vehicles

         2,169.0

 

            514.0

 

         2,683.0

Financial services

            716.7

 

                  -  

 

            716.7

Heavy equipment, mining, construction and energy

         2,244.9

 

                  -  

 

         2,244.9

Others

            913.2

 

                  -  

 

            913.2

 

         6,080.6

 

            514.0

 

         6,594.6

 

 

 

 

 

 

From contracts with customers:

 

 

 

 

 

Recognised at a point in time

         5,147.6

 

            487.0

 

         5,634.6

Recognised over time

            123.3

 

              26.4

 

            149.7

 

         5,270.9

 

            513.4

 

         5,784.3

 

 

 

 

 

 

From other sources:

 

 

 

 

 

Rental income from investment properties

                4.8

 

                  -  

 

                4.8

Revenue from financial services companies

            712.8

 

                  -  

 

            712.8

Others

              92.1

 

                0.6

 

              92.7

 

            809.7

 

                0.6

 

            810.3

 

 

 

 

 

 

 

         6,080.6

 

            514.0

 

         6,594.6

 

3      Net operating costs and operating profit

 

 

 

 

 

 

 

 

Group

 

 

 

 

 

 

 

2021

 

 

 

2020

Change

 

 

 

 

 

US$m

 

 

 

US$m

%

Cost of sales

 

 

 

 

     (6,582.0)

 

 

 

   (5,155.5)

28

Other operating income

 

 

 

 

         118.4

 

 

 

       553.3

-79

Selling and distribution expenses

 

 

 

 

        (408.7)

 

 

 

      (425.6)

-4

Administrative expenses

 

 

 

 

        (540.6)

 

 

 

      (524.3)

3

Other operating expenses

 

 

 

 

        (209.7)

 

 

 

        (98.7)

>100

Net operating costs

 

 

 

 

     (7,622.6)

 

 

 

   (5,650.8)

35

 

 

 

 

 

 

 

 

 

 

 

Operating profit is determined after including:

 

 

 

 

 

 

 

 

 

 

Amortisation/depreciation of

 

 

 

 

 

 

 

 

 

 

- intangible assets

 

 

 

 

          (66.1)

 

 

 

        (61.9)

7

- right-of-use assets

 

 

 

 

          (74.1)

 

 

 

        (74.1)

             -  

- property, plant and equipment

 

 

 

 

        (367.0)

 

 

 

      (390.3)

-6

- bearer plants

 

 

 

 

          (13.7)

 

 

 

        (13.0)

5

(Impairment)/write-back of

 

 

 

 

 

 

 

 

 

 

- intangible assets 

 

 

 

 

-

 

 

 

          (0.2)

> -100

- property, plant and equipment

 

 

 

 

            (0.4)

 

 

 

          (0.6)

-33

- debtors

 

 

 

 

          (95.4)

 

 

 

      (133.3)

-28

Fair value gain/(loss) on

 

 

 

 

 

 

 

 

 

 

- investments (1)

 

 

 

 

        (123.2)

 

 

 

        (24.5)

>100

- agricultural produce

 

 

 

 

             3.5

 

 

 

          (3.2)

nm

- derivative not qualifying as hedge

 

 

 

 

               

 

 

 

           1.4

> -100

- livestock

 

 

 

 

             3.4

 

 

 

-

nm

Profit/(loss) on disposal of:

 

 

 

 

 

 

 

 

 

 

- property, plant and equipment

 

 

 

 

           11.1

 

 

 

         17.2

-35

- associates and joint ventures (2)

 

 

 

 

-

 

 

 

       417.9

> -100

- investments

 

 

 

 

             1.7

 

 

 

           3.9

-56

Loss on disposal/write-down of receivables from

 

 

 

 

 

 

 

 

 

 

   collateral vehicles

 

 

 

 

          (35.1)

 

 

 

        (27.3)

29

Write-down of stocks, net

 

 

 

 

            (0.5)

 

 

 

        (11.4)

-96

Net exchange gain/(loss) (3)

 

 

 

 

          (26.9)

 

 

 

        (54.2)

-50

Dividend and interest income from investments

 

 

 

 

           41.0

 

 

 

         36.0

14

                                     

 

 nm - not meaningful

 

(1) Fair value gain/(loss) relates mainly to equity investments in Vinamilk and Toyota Motor Corporation

(2) Profit on disposal of associates and joint ventures in 2020 relates mainly to the sale of Permata Bank

(3) Net loss relates mainly to the impact of revaluing monetary liabilities denominated in US dollars

 

4      Tax

 

The provision for income tax is based on the statutory tax rates of the respective countries in which the companies operate after taking into account non-deductible expenses and group tax relief.

 

5      Dividends

 

An interim dividend in respect of 2021 of US¢18 (2020: US¢9) per share amounting to a total of US$71.1 million (2020: US$35.4 million) is declared by the Board. These financial statements do not reflect this dividend payable, which will be accounted for in shareholders' equity as an appropriation of retained earnings in the six months ended 30th June 2021.

 

Group and Company

 

2021

 

2020

 

US$m

 

US$m

 

 

 

 

Final one-tier tax exempt dividend in respect of previous year of

 

 

 

   US¢34 per share  (2020: in respect of 2019 of US¢69)

           134.2

 

           265.1

 

6      Earnings per share

 

 

 

 

 

 

Group

 

 

 

 

 

 

2021

 

2020

 

 

 

 

 

US$m

 

US$m

Basic earnings per share

 

 

 

 

 

 

 

Profit attributable to shareholders

 

 

 

 

     226.3

 

  300.9

Weighted average number of ordinary shares in issue (millions)

 

 

 

 

     395.2

 

  395.2

Basic earnings per share

 

 

 

 

US¢57

 

US¢76

Diluted earnings per share

 

 

 

 

US¢57

 

US¢76

 

 

 

 

 

 

 

 

Underlying earnings per share

 

 

 

 

 

 

 

Underlying profit attributable to shareholders

 

 

 

 

     346.5

 

  137.7

Weighted average number of ordinary shares in issue (millions)

 

 

 

 

     395.2

 

  395.2

Basic underlying earnings per share

 

 

 

 

US¢88

 

US¢35

Diluted underlying earnings per share

 

 

 

 

US¢88

 

US¢35

                   

 

As at 30th June 2020 and 2021, there were no dilutive potential ordinary shares in issue.

 

A reconciliation of the profit attributable to shareholders and underlying profit attributable to shareholders is as follows:

 

 

 

 

 

 

 

Group

 

 

 

 

 

 

2021

 

2020

 

 

 

 

 

US$m

 

US$m

 

 

 

 

 

 

 

 

Profit attributable to shareholders

 

 

 

 

     226.3

 

  300.9

Less: Non-trading items (net of tax and non-controlling interests)

 

 

 

 

 

 

 

Fair value changes of agricultural produce

 

 

 

 

         2.2

 

     (1.0)

Fair value changes of investments

 

 

 

 

   (122.4)

 

   (22.7)

Net gain on disposal of interests in associates and

 

 

 

 

 

 

 

   joint ventures

 

 

 

 

           -  

 

  188.3

Share of joint venture's gain on sale of financial asset

 

 

 

 

           -  

 

      0.3

Others

 

 

 

 

           -  

 

     (1.7)

 

 

 

 

 

 

 

 

 

 

 

 

 

   (120.2)

 

  163.2

Underlying profit attributable to shareholders

 

 

 

 

     346.5

 

  137.7

                   

 

        Non-trading items are separately identified to provide greater understanding of the Group's underlying business performance. Items classified as non-trading items include fair value gains or losses on revaluation of investment properties, agricultural produce and equity investments which are measured at fair value through profit and loss; gains and losses arising from the sale of businesses, investments and properties; impairment of non-depreciable intangible assets and other investments; provisions for closure of businesses; acquisition-related costs in business combinations; and other credits and charges of a non-recurring nature that require inclusion in order to provide additional insight into the Group's underlying business performance.

 

7      Financial Instruments

 

Financial instruments by category

 

The fair values of financial assets and financial liabilities, together with carrying amounts at 30th June 2021 and 31st December 2020 are as follows:

 

 

 

 

Fair

 

 

 

 

 

 

 

 

 

 

 

 

 

value

 

 

 

 

 

 

 

 

 

 

 

 

 

through

 

Fair value

 

Financial

 

 

 

 

 

 

 

Fair value of

 

profit

 

 through other

 

 assets at

 

Other

 

Total

 

 

 

hedging

 

and

 

 comprehensive

 

 amortised

 

financial

 

carrying

 

Fair

 

  instruments

 

loss

 

income

 

costs

 

liabilities

 

amount

 

value

 

US$m

 

US$m

 

US$m

 

US$m

 

US$m

 

US$m

 

US$m

At 30.06.2021

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

   measured at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

Other investments

 

 

 

 

 

 

 

 

 

 

 

 

 

- equity investments

-

 

     1,516.3

 

-

 

-

 

-

 

    1,516.3

 

    1,516.3

- debt investments

 

-

 

 

-

 

                      729.2

 

 

-

 

 

-

 

       

729.2

 

      

 729.2

Derivative financial

 

 

 

 

 

 

 

 

 

 

 

 

 

   instruments

                28.7

 

-

 

-

 

-

 

-

 

          28.7

 

          28.7

 

                28.7

 

     1,516.3

 

729.2                       

 

-

 

-

 

    2,274.2

 

    2,274.2

Financial assets not  

 

 

 

 

 

 

 

 

 

 

 

 

 

   measured at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

Debtors

-

 

-

 

-

 

6,902.9        

 

-

 

    6,902.9

 

    6,952.3

Bank balances

-

 

-

 

-

 

4,113.3       

 

-

 

    4,113.3

 

    4,113.3

 

-

 

-

 

-

 

11,016.2      

 

 

 

  11,016.2

 

  11,065.6

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

   measured at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial

 

 

 

 

 

 

 

 

 

 

 

 

 

   instruments

               (50.7)

 

-

 

-

 

-

 

-

 

        (50.7)

 

        (50.7)

Contingent consideration

 

 

 

 

 

 

 

 

 

 

 

 

 

   payable

 -

 

           (8.8)

 

-

 

-

 

-

 

           (8.8)

 

           (8.8)

 

               (50.7)

 

           (8.8)

 

-

 

-

 

-

 

        (59.5)

 

        (59.5)

Financial liabilities not 

 

 

 

 

 

 

 

 

 

 

 

 

 

   measured at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings excluding

 

 

 

 

 

 

 

 

 

 

 

 

 

   lease liabilities

-

 

-

 

-

 

-

 

   (6,902.3)

 

   (6,902.3)

 

   (5,383.4)

Lease liabilities

-

 

-

 

-

 

-

 

      (125.7)

 

      (125.7)

 

      (125.7)

Creditors excluding

 

 

 

 

 

 

 

 

 

 

 

 

 

   non-financial liabilities

-

 

-

 

-

 

-

 

   (2,707.5)

 

   (2,707.5)

 

   (2,707.5)

 

-

 

-

 

-

 

-

 

   (9,735.5)

 

   (9,735.5)

 

   (8,216.6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At 31.12.2020

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

   measured at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

Other investments

 

 

 

 

 

 

 

 

 

 

 

 

 

- equity investments

-

 

     1,647.0

 

 

 

 

 

 

 

    1,647.0

 

    1,647.0

- debt investments

-

 

-

 

697.3                       

 

 

 

 

 

        697.3

 

        697.3

Derivative financial

 

 

 

 

 

 

 

 

 

 

 

 

 

   instruments

                  9.3

 

             1.6

 

-

 

-

 

-

 

          10.9

 

          10.9

 

                  9.3

 

     1,648.6

 

697.3                       

 

-

 

-

 

    2,355.2

 

    2,355.2

Financial assets not 

 

 

 

 

 

 

 

 

 

 

 

 

 

   measured at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

Debtors

-

 

-

 

-

 

6,621.3        

 

-

 

    6,621.3

 

    6,832.5

Bank balances

-

 

-

 

-

 

3,497.6        

 

-

 

    3,497.6

 

    3,497.6

 

-

 

-

 

-

 

10,118.9      

 

-

 

  10,118.9

 

  10,330.1

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

   measured at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial

 

 

 

 

 

 

 

 

 

 

 

 

 

   instruments

            (168.7)

 

           (0.1)

 

-

 

-

 

-

 

      (168.8)

 

      (168.8)

Contingent consideration

 

 

 

 

 

 

 

 

 

 

 

 

 

   payable

 

 

           (8.8)

 

-

 

-

 

-

 

           (8.8)

 

           (8.8)

 

            (168.7)

 

           (8.9)

 

-

 

-

 

-

 

      (177.6)

 

      (177.6)

Financial liabilities not 

 

 

 

 

 

 

 

 

 

 

 

 

 

   measured at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings excluding

 

 

 

 

 

 

 

 

 

 

 

 

 

   lease liabilities

-

 

-

 

-

 

-

 

   (7,125.0)

 

   (7,125.0)

 

   (7,107.5)

Lease liabilities

-

 

-

 

-

 

-

 

      (144.9)

 

      (144.9)

 

      (144.9)

Creditors excluding

 

 

 

 

 

 

 

 

 

 

 

 

 

   non-financial liabilities

-

 

-

 

-

 

-

 

   (2,232.7)

 

   (2,232.7)

 

   (2,232.7)

 

-

 

-

 

-

 

-

 

   (9,502.6)

 

   (9,502.6)

 

   (9,485.1)

 

 

Fair value estimation

 

a)    Financial instruments that are measured at fair value

For financial instruments that are measured at fair value in the balance sheet, the corresponding fair value measurements are disclosed by level of the following fair value measurement hierarchy:

 

Quoted prices (unadjusted) in active markets for identical assets or liabilities ("quoted prices in active markets")

The fair values of listed securities and bonds are based on quoted prices in active markets at the balance sheet date. The quoted market price used for listed investments held by the Group is the current bid price.

 

Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly ("observable current market transactions")

The fair values of derivative financial instruments are determined using rates quoted by the Group's bankers at the balance sheet date. The rates for interest rate swaps and caps, cross-currency swaps and forward foreign exchange contracts are calculated by reference to the market interest rates and foreign exchange rates.

 

Inputs for the asset or liability that are not based on observable market data ("unobservable inputs")

The fair values of other unlisted equity investments are determined using valuation techniques by reference to observable current market transactions or the market prices of the underlying investments with certain degree of entity-specific estimates or discounted cash flows by projecting the cash inflows from these investments.

 

There were no changes in valuation techniques during the year.

 

The table below analyses the Group's financial instruments carried at fair value, by the levels in the fair value measurement hierarchy.

 

 

Quoted

 

Observable

 

 

 

 

 

 prices in

 

 current

 

 

 

 

 

active

 

market

 

Unobservable

 

 

 

 markets

 

transactions

 

inputs

 

Total

 

US$m

 

US$m

 

US$m

 

US$m

At 30.06.2021

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Other investments

 

 

 

 

 

 

 

- equity investments

    1,162.3

 

                 -  

 

             354.0

 

   1,516.3

- debt investments

       729.2

 

                 -  

 

                   -  

 

      729.2

 

    1,891.5

 

                 -  

 

             354.0

 

   2,245.5

Derivative financial instruments at fair value

 

 

 

 

 

 

 

- through other comprehensive income

-

 

             28.7

 

-

 

        28.7

- through profit and loss

-

 

-

 

-

 

            -  

 

1,891.5     

 

             28.7

 

354.0

 

   2,274.2

Liabilities

 

 

 

 

 

 

 

Contingent consideration payable

-

 

-

 

               (8.8)

 

         (8.8)

Derivative financial instruments at fair value

 

 

 

 

 

 

 

- through other comprehensive income

-                

 

            (50.7)

 

-                      

 

       (50.7)

- through profit and loss

-                

 

                 -  

 

-                     

 

            -  

 

-                

 

            (50.7)

 

-                     

 

       (50.7)

 

-               

 

            (50.7)

 

               (8.8)

 

       (59.5)

 

 

 

Quoted

 

Observable

 

 

 

 

 

 prices in

 

 current

 

 

 

 

 

active

 

market

 

Unobservable

 

 

 

 markets

 

transactions

 

inputs

 

Total

 

US$m

 

US$m

 

US$m

 

US$m

At 31.12.2020

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Other investments

 

 

 

 

 

 

 

- equity investments

1,320.7

 

-

 

326.3

 

1,647.0

- debt investments

697.3

 

-

 

-

 

697.3

 

2,018.0     

 

                 -  

 

326.3              

 

   2,344.3

Derivative financial instruments at fair value

 

 

 

 

 

 

 

- through other comprehensive income

-                

 

               9.3

 

-                     

 

          9.3

- through profit and loss

 -               

 

               1.6

 

-                     

 

          1.6

 

2,018.0     

 

             10.9

 

326.3              

 

   2,355.2

Liabilities

 

 

 

 

 

 

 

Contingent consideration payable

-

 

-

 

(8.8)

 

(8.8)

Derivative financial instruments at fair value

 

 

 

 

 

 

 

- through other comprehensive income

-                

 

          (168.7)

 

-

 

     (168.7)

- through profit and loss

-                

 

              (0.1)

 

-

 

         (0.1)

 

-                

 

          (168.8)

 

-

 

     (168.8)

 

-                

 

          (168.8)

 

               (8.8)

 

     (177.6)

 

There were no transfers among the three categories during the six months ended 30th June 2021 and the year ended 31st December 2020.

 

b)    Financial instruments that are not measured at fair value

 

The fair values of current debtors, bank balances and other liquid funds, current creditors, current borrowings and current lease liabilities of the Group and the Company are assumed to approximate their carrying amounts due to the short-term maturities of these assets and liabilities.

 

The fair values of long-term borrowings disclosed are based on market prices or are estimated using the expected future payments discounted at market interest rates. The fair values of non-current lease liabilities are estimated using the expected future payments discounted at market interest rates.

 

8      Borrowings

 

 

 

 

 

 

 

Group

 

 

 

At

 

At

 

30.06.2021

 

31.12.2020

 

US$m

 

US$m

Long-term borrowings:

 

 

 

- secured

           41.4

 

        391.6

- unsecured

      4,072.8

 

     2,573.7

 

      4,114.2

 

     2,965.3

Current borrowings:

 

 

 

- secured

         270.8

 

        443.1

- unsecured

      2,517.3

 

     3,716.6

 

      2,788.1

 

     4,159.7

 

 

 

 

Total borrowings

      6,902.3

 

     7,125.0

                     

 

Certain subsidiaries of the Group have pledged their assets in order to obtain bank facilities from financial institutions. The value of assets pledged was US$157.9 million (31st December 2020: US$295.6 million).

 

9      Share capital

 

 

 

 

 

 

 

Group

 

 

 

2021

 

2020

 

US$m

 

US$m

Six months ended 30th June

 

 

 

Issued and fully paid:

 

 

 

Balance at 1st January and 30th June

 

 

 

- 395,236,288 (2020: 395,236,288) ordinary shares

      1,381.0

 

      1,381.0

                     

 

There were no rights, bonus or equity issues during the period.

 

The Company did not hold any treasury shares as at 30th June 2021 (30th June 2020: Nil) and did not have any unissued shares under convertibles as at 30th June 2021 (30th June 2020: Nil).

 

There were no subsidiary holdings (as defined in the Listing Rules of the SGX-ST) as at 30th June 2021 (30th June 2020: Nil).

 

10   Revenue reserve

 

 

 

 

Group

 

 

Company

 

 

2021

 

2020

 

2021

 

2020

 

US$m

 

US$m

 

US$m

 

US$m

Movements:

 

 

 

 

 

 

 

Balance at 1st January

    6,937.7

 

    6,720.0

 

    471.7

 

    683.6

Defined benefit pension plans

 

 

 

 

 

 

 

- remeasurements

         (1.6)

 

         (0.3)

 

          -  

 

          -  

- deferred tax

          0.2

 

         (0.2)

 

          -  

 

          -  

Share of associates' and joint ventures' remeasurements

 

 

 

 

 

 

 

   of defined benefit pension plans, net of tax

         (1.2)

 

         (1.1)

 

          -  

 

          -  

Profit/(loss) attributable to shareholders

      226.3

 

      300.9

 

    143.1

 

     (61.4)

Dividends paid by the Company

     (134.2)

 

     (265.1)

 

   (134.2)

 

   (265.1)

Change in shareholding

       (14.3)

 

            -  

 

          -  

 

          -  

Others

           -  

 

          1.3

 

          -  

 

          -  

Balance at 30th June

   7,012.9

 

   6,755.5

 

    480.6

 

    357.1

                         

 

11    Other reserves

 

 

 

 

 

 

Group

 

 

Company

 

 

2021

 

2020

 

2021

 

2020

 

 

US$m

 

US$m

 

US$m

 

US$m

 

Composition:

 

 

 

 

 

 

 

 

Asset revaluation reserve

       403.5

 

       403.4

 

         -  

 

         -  

 

Translation reserve

  (1,848.5)

 

  (1,763.1)

 

    338.0

 

    256.8

 

Fair value reserve

         12.8

 

           8.4

 

         -  

 

         -  

 

Hedging reserve

       (47.1)

 

       (71.6)

 

         -  

 

         -  

 

Other reserve

           3.3

 

           3.3

 

         -  

 

         -  

 

Balance at 30th June

  (1,476.0)

 

  (1,419.6)

 

    338.0

 

    256.8

 

 

 

 

 

 

 

 

 

 

Movements:

 

 

 

 

 

 

 

 

Asset revaluation reserve

 

 

 

 

 

 

 

 

Balance at 1st January

       403.4

 

       403.4

 

         -  

 

         -  

 

Revaluation of tangible assets

 

 

 

 

 

 

 

 

   before reclassification

           0.1

 

            -  

 

         -  

 

         -  

 

Balance at 30th June

       403.5

 

       403.4

 

         -  

 

         -  

 

 

 

 

 

 

 

 

 

 

Translation reserve

 

 

 

 

 

 

 

 

Balance at 1st January

  (1,683.7)

 

  (1,611.0)

 

    375.9

 

    338.0

 

Translation difference

     (164.8)

 

     (151.9)

 

    (37.9)

 

    (81.2)

 

Translation reserve realised

            -  

 

         (0.2)

 

         -  

 

         -  

 

Balance at 30th June

  (1,848.5)

 

  (1,763.1)

 

    338.0

 

    256.8

 

 

 

 

 

 

 

 

 

 

Fair value reserve

 

 

 

 

 

 

 

 

Balance at 1st January

         18.5

 

         12.2

 

         -  

 

         -  

 

Financial assets at FVOCI

 

 

 

 

 

 

 

 

- fair value changes

         (5.0)

 

         (1.4)

 

         -  

 

         -  

 

- deferred tax

           0.1

 

            -  

 

         -  

 

         -  

 

- transfer to profit and loss

         (0.8)

 

           1.4

 

         -  

 

         -  

 

Share of associates' and joint ventures' fair value

 

 

 

 

 

 

 

 

   changes of financial assets at FVOCI, net of tax

-

 

         (2.5)

 

      -

 

          -

 

Others

-

 

         (1.3)

 

          -

 

         -

 

Balance at 30th June

         12.8

 

           8.4

 

         -  

 

         -  

 

 

 

 

 

 

 

 

 

 

Hedging reserve

 

 

 

 

 

 

 

 

Balance at 1st January

       (86.1)

 

       (48.8)

 

         -  

 

         -  

 

Cash flow hedges

 

 

 

 

 

 

 

 

- fair value changes

         34.4

 

         (0.9)

 

         -  

 

         -  

 

- deferred tax

         (7.1)

 

         (1.1)

 

         -  

 

         -  

 

- transfer to profit and loss

-   

 

           1.4

 

         -  

 

         -  

 

Share of associates' and joint ventures' fair value

 

 

 

 

 

 

 

 

   changes of cash flow hedges, net of tax

         11.7

 

       (22.2)

 

         -  

 

         -  

 

Balance at 30th June

 

       (71.6)

 

         -  

 

         -  

 

 

 

 

 

 

 

 

 

 

Other reserve

 

 

 

 

 

 

 

 

Balance at 1st January and 30th June

           3.3

 

           3.3

 

         -  

 

         -  

 

                             

 

12    Non-controlling interests

 

 

 

 

 

 

Group

 

 

 

2021

 

2020

 

US$m

 

US$m

 

 

 

 

Balance at 1st January

        8,332.5

 

        8,124.4

Financial assets at FVOCI

 

 

 

- fair value changes

              (5.4)

 

              (1.5)

- deferred tax

               0.1

 

                 -  

- transfer to profit and loss

              (0.9)

 

               1.2

 

              (6.2)

 

              (0.3)

Share of associates' and joint ventures' fair value changes of

 

 

 

   financial assets at FVOCI, net of tax

-

 

              (2.4)

Cash flow hedges

 

 

 

- fair value changes

             47.4

 

            (10.7)

- deferred tax

              (9.8)

 

               0.3

- transfer to profit and loss

                 -  

 

               1.4

 

             37.6

 

              (9.0)

Share of associates' and joint ventures' fair value changes of

 

 

 

   cash flow hedges, net of tax

             23.5

 

            (51.5)

Defined benefit pension plans

 

 

 

- remeasurements

              (2.9)

 

              (0.4)

- deferred tax

               0.5

 

              (0.6)

 

              (2.4)

 

              (1.0)

Share of associates' and joint ventures' remeasurements of

 

 

 

   defined benefit pension plans, net of tax

              (0.8)

 

              (0.7)

Translation difference

          (175.1)

 

          (173.4)

Translation reserve realised

-

 

              (0.1)

Profit for the year

           465.2

 

           512.5

Issue of shares to non-controlling interests

               0.3

 

               0.8

Dividends paid

          (198.1)

 

          (110.9)

Change in shareholding

            (21.5)

 

-

Others

              (1.0)

 

-

Balance at 30th June

        8,454.0

 

        8,288.4

 

13    Related party transactions

 

The following significant related party transactions took place during the six months ended 30th June:

 

 

 

 

 

 

 

Group

 

 

 

2021

 

2020

 

 

 

US$m

 

US$m

 

 

 

 

 

 

 

(a)

With associates and joint ventures:

 

 

 

 

 

Purchase of goods and services

   (2,179.9)

 

   (1,555.4)

 

 

Sale of goods and services

       541.2

 

       407.9

 

 

Commission and incentives earned

           2.3

 

           7.5

 

 

Interest received

           8.9

 

         17.0

 

 

 

 

 

 

 

(b)

With related companies and

 

 

 

 

 

  associates of ultimate holding

 

 

 

 

 

  company:

 

 

 

 

 

Management fees paid

          (1.5)

 

          (5.8)

 

 

Purchase of goods and services

          (1.6)

 

          (2.3)

 

 

Sale of goods and services

           0.4

 

           1.6

 

 

 

 

 

 

 

(c)

Remuneration of directors of the

 

 

 

 

 

  Company and key management

 

 

 

 

 

  personnel of the Group:

 

 

 

 

 

Salaries and other short-term

 

 

 

 

 

   employee benefits

           4.6

 

           4.5

 

 

 

 

 

 

 

 

 

 

 

 

 

                         

 

14    Commitments

 

Capital expenditure authorised for at the balance sheet date, but not recognised in the financial statements is as follows: 

 

 

 

 

 

 

 

 

Group

 

 

 

At

 

At

 

 

 

30.06.2021

 

31.12.2020

 

 

 

US$m

 

US$m

 

 

 

 

 

 

 

 

Authorised and contracted

            68.0

 

           85.0

 

 

Authorised but not contracted

          219.8

 

         249.0

 

 

 

          287.8

 

         334.0

 

                       

 

 

15     Cash flows from operating activities

 

 

 

 

 

 

 

 

Group

 

 

2021

 

2020

 

 

US$m

 

US$m

 

 

 

 

 

 

Profit before tax

      900.6

 

      940.5

 

 

 

 

 

 

Adjustments for:

 

 

 

 

Financing income

       (63.1)

 

       (48.6)

 

Financing charges

        90.5

 

      143.2

 

Share of associates' and joint ventures' results after tax

     (263.6)

 

       (91.3)

 

Amortisation/depreciation of

 

 

 

 

- intangible assets

        66.1

 

        61.9

 

- right-of-use assets

        74.1

 

        74.1

 

- property, plant and equipment

      367.0

 

      390.3

 

- bearer plants

        13.7

 

        13.0

 

Impairment/(write-back of impairment) of

 

 

 

 

- intangible assets 

            -  

 

          0.2

 

- property, plant and equipment

          0.4

 

          0.6

 

- debtors

        95.4

 

      133.3

 

Fair value (gain)/loss on

 

 

 

 

- investment

      123.2

 

        24.5

 

- agricultural produce

         (3.5)

 

          3.2

 

- derivative not qualifying as hedge

            -  

 

         (1.4)

 

- livestock

         (3.4)

 

            -  

 

(Profit)/loss on disposal of:

 

 

 

 

- property, plant and equipment

       (11.1)

 

       (17.2)

 

- associate and joint venture

            -  

 

     (417.9)

 

- investments

         (1.7)

 

         (3.9)

 

Loss on disposal/write-down of receivables from collateral vehicles

        35.1

 

        27.3

 

Amortisation of borrowing costs for financial services companies

          4.4

 

          4.6

 

Write-down of stocks

          0.5

 

        11.4

 

Changes in provisions

        10.8

 

          9.8

 

Foreign exchange loss

        26.6

 

        36.2

 

 

      561.4

 

      353.3

 

Operating profit before working capital changes

   1,462.0

 

   1,293.8

 

 

 

 

 

 

Changes in working capital:

 

 

 

 

Properties for sale

          4.1

 

          5.1

 

Stocks

        21.7

 

      158.5

 

Concession rights

         (3.7)

 

         (5.1)

 

Financing debtors

     (307.5)

 

       (80.8)

 

Debtors (1)

     (263.7)

 

      703.2

 

Creditors (2)

      590.2

 

     (919.5)

 

Pensions

        10.4

 

        15.6

 

 

        51.5

 

     (123.0)

 

Cash flows from operating activities

   1,513.5

 

   1,170.8

 

                     

 

(1)   Increase in debtors balance mainly due to higher sales activities

(2)   Increase in creditors balance mainly due to higher trade purchases

 

16     Notes to consolidated statement of cash flows

 

(a)           Purchase of shares in associates and joint ventures

 

Purchase of shares in associates and joint ventures for the six months ended 30th June 2021 mainly included US$19.0 million for Astra's investment in PT Marga Lingkar, a toll road operator in Indonesia and US$7.2 million for additional purchase of shares in Refrigeration Electrical Engineering Corporation.

 

Purchase of shares in associates and joint ventures for the six months ended 30th June 2020 mainly included US$23.9 million as payment for deferred consideration in PT Jasamarga Surabaya Mojokerto, a toll road operator in Indonesia.

 

(b)           Sale of associates and joint ventures

 

There were no associates and joint ventures disposed of in the six months ended 30th June 2021.

 

Sale of associates and joint ventures for the six months ended 30th June 2020 mainly included US$1,135.8 million received from the sale of Astra's 44.6% interest in Permata Bank.

 

(c)           Changes in controlling interests in subsidiaries

 

Change in controlling interests of subsidiaries for the six months ended 2021 included an outflow of US$17.0 million and US$18.8 million for acquisition of additional interests in Cycle and Carriage Bintang Berhad and Republic Auto Pte Ltd, respectively.

 

There were no changes in controlling interests of subsidiaries for the six months ended 30th June 2020.

 

17     Segment Information

 

Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the Board for the purpose of resource allocation and performance assessment. The Board considers Astra as one operating segment because it represents a single direct investment made by the Company. Decisions for resource allocation and performance assessment of Astra are made by the Board of the Company while resource allocation and performance assessment of the various Astra businesses are made by the board of Astra, taking into consideration the opinions of the Board of the Company. Direct Motor Interests are aggregated into one reportable segment based on the similar automotive nature of their products and services, while Other Strategic Interests, comprising the Group's strategic investment portfolio, are aggregated into another reportable segment based on their exposure to market-leading companies in key regional economies. Set out below is an analysis of the segment information.                  

 

Underlying businesses performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct

 

Other

 

 

 

Non-

 

 

 

 

 

 

Motor

 

Strategic

 

Corporate

 

trading

 

 

 

 

Astra

 

Interests

 

Interests

 

costs

 

items

 

Group

 

 

US$m

 

US$m

 

US$m

 

US$m

 

US$m

 

US$m

 

For six months ended 30.06.2021

 

 

 

 

 

 

 

 

 

 

 

Revenue

     7,483.7

 

       803.3

 

            -  

 

             -  

 

           -  

 

     8,287.0

 

Net operating costs

   (6,714.7)

 

     (773.8)

 

        10.5

 

        (28.2)

 

    (116.4)

 

    (7,622.6)

 

Operating profit

        769.0

 

         29.5

 

        10.5

 

        (28.2)

 

    (116.4)

 

        664.4

 

Financing income

          62.9

 

           0.2

 

            -  

 

             -  

 

           -  

 

          63.1

 

Financing charges

        (81.5)

 

         (1.0)

 

            -  

 

          (8.0)

 

           -  

 

         (90.5)

 

Net financing charges

        (18.6)

 

         (0.8)

 

            -  

 

          (8.0)

 

           -  

 

         (27.4)

 

Share of associates' and joint

 

 

 

 

 

 

 

 

 

 

 

 

   ventures' results after tax

        201.4

 

           5.0

 

        57.2

 

             -  

 

           -  

 

        263.6

 

Profit before tax

        951.8

 

         33.7

 

        67.7

 

        (36.2)

 

    (116.4)

 

        900.6

 

Tax

      (199.5)

 

         (6.1)

 

        (1.4)

 

          (0.7)

 

        (1.4)

 

       (209.1)

 

Profit after tax

        752.3

 

         27.6

 

        66.3

 

        (36.9)

 

    (117.8)

 

        691.5

 

Non-controlling interests

      (458.9)

 

         (3.9)

 

            -  

 

             -  

 

        (2.4)

 

       (465.2)

 

Profit attributable to

 

 

 

 

 

 

 

 

 

 

 

 

   shareholders

        293.4

 

         23.7

 

        66.3

 

        (36.9)

 

    (120.2)

 

        226.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As at 30.06.2021

 

 

 

 

 

 

 

 

 

 

 

 

Net cash/(debt) (excluding

 

 

 

 

 

 

 

 

 

 

 

 

   net debt of financial    

 

 

 

 

 

 

 

 

 

 

 

 

   services companies)

     1,503.4

 

         86.0

 

            -  

 

   (1,549.5)

 

 

 

          39.9

 

Total equity

   14,173.9

 

       282.4

 

   1,381.2

 

      (465.6)

 

 

 

   15,371.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For six months ended 30.06.2020

 

 

 

 

 

 

 

 

 

 

 

Revenue

     6,080.6

 

       514.0

 

            -  

 

             -  

 

           -  

 

     6,594.6

 

Net operating costs

   (5,491.0)

 

     (514.8)

 

        11.8

 

        (47.0)

 

     390.2

 

    (5,650.8)

 

Operating profit

        589.6

 

         (0.8)

 

        11.8

 

        (47.0)

 

     390.2

 

        943.8

 

Financing income

          48.3

 

           0.2

 

            -  

 

           0.1

 

           -  

 

          48.6

 

Financing charges

      (127.4)

 

         (1.9)

 

            -  

 

        (13.9)

 

           -  

 

       (143.2)

 

Net financing charges

        (79.1)

 

         (1.7)

 

            -  

 

        (13.8)

 

           -  

 

         (94.6)

 

Share of associates' and joint

 

 

 

 

 

 

 

 

 

 

 

 

   ventures' results after tax

          73.8

 

           1.5

 

        17.4

 

             -  

 

        (1.4)

 

          91.3

 

Profit before tax

        584.3

 

         (1.0)

 

        29.2

 

        (60.8)

 

     388.8

 

        940.5

 

Tax

      (123.2)

 

         (0.2)

 

        (1.4)

 

          (0.6)

 

        (1.7)

 

       (127.1)

 

Profit after tax

        461.1

 

         (1.2)

 

        27.8

 

        (61.4)

 

     387.1

 

        813.4

 

Non-controlling interests

      (289.5)

 

           0.9

 

            -  

 

             -  

 

    (223.9)

 

       (512.5)

 

Profit attributable to

 

 

 

 

 

 

 

 

 

 

 

 

   shareholders

        171.6

 

         (0.3)

 

        27.8

 

        (61.4)

 

     163.2

 

        300.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As at 31.12.2020

 

 

 

 

 

 

 

 

 

 

 

 

Net cash/(debt) (excluding

 

 

 

 

 

 

 

 

 

 

 

 

   net debt of financial    

 

 

 

 

 

 

 

 

 

 

 

 

   services companies)

        626.4

 

         39.1

 

            -  

 

   (1,519.0)

 

 

 

       (853.5)

 

Total equity

   13,953.3

 

       282.7

 

   1,366.6

 

      (296.0)

 

 

 

   15,306.6

 

                                               

 

Segment assets and liabilities are not disclosed as these are not regularly provided to the Board of the Company.

 

Set out below are analyses of the Group's revenue and non-current assets, by geographical areas:

 

 

 

 

 

 

 

Indonesia

 

Other

 

Total

 

 

 

 

 

 

 

US$m

 

US$m

 

US$m

Non-current assets as at

 

 

 

 

 

 

 

 

 

 

 

30.06.2021

 

 

 

 

 

 

  10,019.5

 

  1,547.7

 

   11,567.2

31.12.2020

 

 

 

 

 

 

  10,414.8

 

  1,539.2

 

   11,954.0

 

Non-current assets excluded financial instruments and deferred tax assets. Indonesia is disclosed separately as a geographical area as most of the customers are based in Indonesia.

 

18     Interested person transactions

 

 

 

Aggregate value 

 

Aggregate value

 

 

 

of all interested

 

 of all interested

 

 

 

person

 

person

 

 

 

transactions

 

transactions

 

 

 

(excluding

 

conducted under

 

 

 

transactionsless

 

Shareholders'

 

 

 

than S$100,000

 

mandate

 

 

 

and

transactions

 

pursuant to Rule

920 (excluding

 

 

 

conducted under

 

transactions less

 

 

 

shareholders'

 

than S$100,000)

 

 

 

mandate

 

 

 

 

 

 pursuant to

 

 

 

 

 

Rule 920)

 

 

Name of interested person and

Nature of relationship

 

US$m

 

                    US$m

    nature of transaction

 

 

 

 

 

Six months ended 30th June 2021

 

 

 

 

 

 

 

 

 

 

 

Jardine Matheson Limited

Associate of the Company's

 

 

 

                   

   - management support services

   controlling shareholder

 

 -   

 

                        1.4

 

 

 

 

 

 

Jardine Matheson & Co., Ltd

Associate of the Company's

 

 

 

 

   - human resource and

   controlling shareholder

 

 

 

 

     administration services

 

 

                       -  

 

                        0.2

 

 

 

 

 

 

Jardine International Motors Limited

Associate of the Company's

 

 

 

 

   - management consultancy services

   controlling shareholder

 

                      1.1

 

 -

 

 

 

 

 

 

Jardine International Motors (S)

Associate of the Company's

 

 

 

 

   Pte. Limited 

   controlling shareholder

 

 

 

 

   - management consultancy services

 

 

                      0.1

 

 -  

 

 

 

 

 

 

Jardine Matheson Limited /

Associate of the Company's

 

 

 

 

    Jardine Matheson (Singapore) Ltd

   controlling shareholder

 

 

 

 

-   Digital and innovation services

 

 

                      1.3

 

                          -  

 

 

 

 

 

 

Jardine Engineering (S) Pte Ltd

Associate of the Company's

 

 

 

 

- Air conditioner maintenance services

   controlling shareholder

 

                       -  

 

                        0.3

 

 

 

 

 

 

Zung Fu Company Ltd

Associate of the Company's

 

 

 

 

- human resource capital

   controlling shareholder

 

 

 

 

  management services

 

 

                       -  

 

                        0.1

 

 

 

 

 

 

Spouse of Michael Kok Pak Kuan

Director of the Company

 

 

 

 

- purchase of a motor vehicle

 

 

                      0.2

 

                          -  

 

 

 

                      2.7

 

                        2.0

 

19   Additional information

 

 

 

 

 

 

 

Group

 

 

2021

 

2020

Change

 

 

US$m

 

US$m

%

 

Astra International

 

 

 

 

 

Automotive

     108.6

 

       15.7

 >100

 

Financial services

       74.3

 

       69.8

            6

 

Heavy equipment, mining, construction & energy

       95.7

 

       82.4

          16

 

Agribusiness

       15.9

 

       11.6

          37

 

Infrastructure & logistics

         3.2

 

       (7.0)

 nm

 

Information technology

         0.5

 

         0.5

           -  

 

Property

         2.9

 

         2.4

          21

 

 

     301.1

 

     175.4

          72

 

Less: Withholding tax on dividend

       (7.7)

 

       (3.8)

 >100

 

 

     293.4

 

     171.6

          71

 

Direct Motor Interests

 

 

 

 

 

Singapore

       19.3

 

         1.4

 >100

 

Malaysia

         0.2

 

       (2.6)

 nm

 

Myanmar

       (1.9)

 

       (1.5)

          27

 

Indonesia (Tunas Ridean)

         6.9

 

         3.0

 >100

 

Less: central overheads

       (0.8)

 

       (0.6)

          33

 

 

       23.7

 

       (0.3)

 nm

 

 

 

 

 

 

 

Other Strategic Interests

 

 

 

 

 

Siam City Cement

       13.7

 

       11.5

          19

 

Refrigeration Electrical Engineering

         5.5

 

         3.2

          72

 

Vinamilk

       10.5

 

       11.8

        (11)

 

Truong Hai Auto Corporation

 

 

 

 

 

- automotive

       34.4

 

         4.1

 >100

 

- real estate

         4.6

 

         1.2

 >100

 

- agriculture

       (2.4)

 

       (4.0)

        (40)

 

 

       36.6

 

         1.3

 >100

 

 

       66.3

 

       27.8

 >100

 

 

 

 

 

 

 

Corporate costs

 

 

 

 

 

Central overheads

     (10.9)

 

       (9.1)

          20

 

Dividend income from other investments

         3.0

 

         2.7

          11

 

Net financing charges

       (7.9)

 

     (13.8)

        (43)

 

Exchange differences

     (21.1)

 

     (41.2)

        (49)

 

 

     (36.9)

 

     (61.4)

        (40)

 

 

 

 

 

 

 

Underlying profit attributable to shareholders

     346.5

 

     137.7

 >100

 

                     

20     Dividend and closure of books 

 

The Board has declared an interim one-tier tax exempt dividend of US¢18 per share (2020: US¢9 per share).

 

NOTICE IS HEREBY GIVEN that the Transfer Books and the Register of Members of the Company will be closed from 5.00 p.m. on Tuesday, 31st August 2021 ("Record Date") up to, and including Wednesday, 1st September 2021 for the purpose of determining shareholders' entitlement to the interim dividend.

 

Duly completed transfers of shares of the Company in physical scrip received by the Company's Share Registrar, M & C Services Private Limited at 112 Robinson Road #05-01, Singapore 068902 up to 5.00 p.m. on the Record Date will be registered before entitlements to the interim dividend are determined.  Shareholders (being Depositors) whose securities accounts with The Central Depository (Pte) Limited are credited with shares of the Company as at 5.00 p.m. on the Record Date will rank for the interim dividend.

 

The interim dividend will be paid on Thursday, 30th September 2021.

 

21   Subsequent Events

 

        No significant event or transaction other than as contained in this report has occurred between 1st July 2021 and the date of this report

 

 

22   Others

 

The results do not include any pre-acquisition profits and have not been affected by any item, transaction or event of a material or unusual nature other than the non-trading items shown in Note 6 of this report.

 

The Company confirms that it has procured undertakings from all its directors and executive officers under Rule 720(1) of the Listing Rules of the SGX-ST.

 

- end -

 

For further information, please contact:

Jardine Cycle & Carriage Limited

Jeffery Tan Eng Heong

Tel: 65 64708111

 

The full text of the Financial Statements and Dividend Announcement for the half year ended 30th June 2021 can be accessed through the internet at 'www.jcclgroup.com'.

 

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