REG - Jardine Matheson Hdg - JC&C 2024 Half-Year Results
01/08/2024 11:00
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RNS Number : 8120Y Jardine Matheson Hldgs Ltd 01 August 2024
To: Business Editor 1st August 2024
For immediate release
Jardine Cycle & Carriage Limited
2024 Half-Year Financial Statements and Dividend Announcement
The following announcement was issued today by the Company's 83.1%-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
1st August 2024
JARDINE CYCLE & CARRIAGE LIMITED
2024 HALF-YEAR FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT
Highlights
· Adopted new business segment reporting to reflect JC&C's
strategic market focus
· Underlying profit 14% lower at US$500 million
· Interim dividend per share of US¢28, unchanged from 2023
"In the first half of 2024, the Group's businesses in Indonesia and Vietnam
experienced softer consumer demand and lower commodity prices compared to
previous high levels. Weaker domestic currencies in these countries also had
an impact on the overall profit contribution in US dollar terms.
Notwithstanding these current headwinds, to deliver attractive returns to our
shareholders, JC&C has continued to actively take steps to strengthen
future earnings through aligning strategies, capital allocation and
leadership. We expect the performance of our market-leading businesses to be
resilient for the rest of the year, and we remain confident that our portfolio
can deliver sustainable long-term growth."
Ben Birks, Group Managing Director
Group Results
Six months ended 30th June
2024 2023 +/- 2024
US$m US$m % S$m
Revenue 10,713 11,585 -8 14,464
Underlying profit attributable to
shareholders * 500 583 -14 675
Non-trading items^ (17) 65 nm (23)
Profit attributable to shareholders 483 648 -25 652
US¢ US¢ S¢
Underlying earnings per share * 127 148 -14 171
Earnings per share 122 164 -25 165
Interim dividend per share 28 28 - 38
At At At
30.6.2024 31.12.2023 30.6.2024
Net asset value per share 19.6 20.3 -3 26.6
The exchange rate of US$1=S$1.36 (31st December 2023: US$1=S$1.32) was used
for translating assets and liabilities at the balance sheet date, and
US$1=S$1.35 (30th June 2023: US$1=S$1.34) was used for translating the results
for the period. The financial results for the six months ended 30th June 2024
and 30th June 2023 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 non-current investments.
nm not meaningful
GROUP MANAGING DIRECTOR'S STATEMENT
Overview
Jardine Cycle & Carriage ("JC&C" or "the Group") has a high-quality
portfolio that is invested in current and future market-leading businesses of
Southeast Asia, in particular, the largest and fastest growing economies of
Indonesia and Vietnam.
We aim to achieve sustainable long-term growth that outperforms Southeast
Asia's GDP rates and to consistently deliver attractive shareholder returns.
We do so by actively evolving and rebalancing our portfolio and strategically
allocating capital to enhance current profits and grow future earnings through
business development opportunities.
During the first half of 2024, we made good progress towards these strategic
objectives.
• We succeeded in releasing a further US$25 million from within
our portfolio through monetising non-core assets in Malaysia.
• We continued to allocate capital to our future market leaders
and to new investment opportunities. JC&C applied to launch a Public
Tender Offer for Refrigeration Electrical Engineering Corporation ("REE"),
while through United Tractors, the Group invested US$81 million in PT Supreme
Energy Rantau Dedap ("SERD"), which owns a geothermal project in Sumatera,
Indonesia. These developments are in line with JC&C's long-term growth and
sustainability objectives.
• A key role of the Group is to enable the future strategies of
our portfolio companies through people and leadership. In Vietnam, the new
finance appointments of Truong Hai Group Corporation ("THACO") and REE
Corporation are talents from the wider Jardine Matheson Group.
• We maintained our interim dividend payout of US¢28 to our
shareholders.
In line with these portfolio developments, JC&C reorganised its business
segment reporting in 2024, to provide greater clarity and add emphasis to the
Group's focus on the Indonesian and Vietnamese markets. The new group
structure comprises three business pillars:
Indonesia Vietnam Regional Interests
Astra THACO Cycle & Carriage
Tunas Ridean REE Corporation Siam City Cement ("SCCC")
Vinamilk Toyota Motor Corporation ("TMC")
For the first six months of 2024, JC&C recorded 14% lower profits than in
the same period in 2023. The Group's businesses in Indonesia contributed
US$513 million, a decrease of 9%, and Vietnam's contribution was 12% lower at
US$30 million. JC&C's Regional Interests contributed US$25 million, down
13%.
Corporate costs totalled US$68 million, compared to US$41 million in the same
period last year. The increase was mainly due to higher foreign exchange
losses from the translation of foreign currency loans.
The Group's underlying profit attributable to shareholders decreased by 14% to
US$500 million. After accounting for non-trading items of US$17 million, which
mainly comprised unrealised fair value losses related to non-current
investments, the Group's profit attributable to shareholders was US$483
million, compared to US$648 million in the same period last year.
The Group's consolidated net debt position, excluding the net borrowings from
Astra's financial services subsidiaries, was US$543 million at the end of June
2024, compared to US$1,145 million at the end of 2023 mainly due to strong
operating cashflow. Net debt within Astra's financial services subsidiaries
increased from US$3.4 billion to US$3.5 billion. JC&C parent company's net
debt reduced from US$1.3 billion at the end of 2023 to US$1.1 billion at the
end of June 2024, following the receipt of enhanced dividends from Astra.
Group Review
The contributions to JC&C's underlying profit attributable to shareholders
by business segment were as follows:
Contribution to JC&C's underlying profit
Six months ended 30th June
2024 2023 +/-
Business segments US$m US$m %
INDONESIA
Astra 497 543 -8
Tunas Ridean 16 19 -18
513 562 -9
VIETNAM
THACO 15 14 5
REE 7 11 -39
Vinamilk 8 9 -7
30 34 -12
REGIONAL INTERESTS
Cycle & Carriage 9 16 -46
Siam City Cement 12 9 38
Toyota Motor Corporation 4 3 13
25 28 -13
Corporate Costs - exchange losses (28) (7) 310
Corporate Costs - others (40) (34) 15
Underlying profit attributable to
shareholders 500 583 -14
INDONESIA
The Group's Indonesian businesses contributed US$513 million to its underlying
profit, down 9%.
(A) Astra
Astra contributed US$497 million to JC&C's underlying profit, 8% down from
the same period last year, mainly due to weaker performances from its heavy
equipment and mining operations, as well as the translation impact from a
weaker foreign exchange rate. Assuming constant foreign exchange rates with
the equivalent period last year, Astra's contribution would have been 2%
lower. Under Indonesian accounting standards, Astra reported a net profit
equivalent to US$1 billion, excluding the unrealised fair value losses arising
from the revaluation of its GoTo and Hermina investments.
Automotive
Net income decreased by 3% to US$345 million, reflecting lower sales volumes
in a softer automotive market.
• The wholesale car market decreased by 19% to 408,000 units in
the first half. Astra's car sales were 17% lower at 232,000 units, and its
market share increased from 55% to 57%.
• The wholesale market for motorcycles decreased slightly to 3.2
million units in the first half. Astra Honda motorcycle sales were 4% lower at
2.4 million units, with its market share decreasing from 80% to 77%.
• Components business Astra Otoparts reported a 26% increase in
net profit to US$63 million, mainly due to higher export earnings which offset
the impact of lower domestic original equipment manufacturer sales.
• The used car digital trading business, OLXmobbi, recorded
12,000 units of used car sales through its platform, double the same period
last year.
Financial Services
Net income increased by 8% to US$257 million, due to higher contributions from
Astra's consumer finance businesses on larger loan portfolios.
• Consumer finance businesses saw a 5% increase in the amounts
financed to US$3.9 billion. The net income contribution from the car-focused
finance companies increased by 2% to US$72 million, and the contribution from
the motorcycle-focused financing business increased by 12% to US$141 million.
• General insurance company Asuransi Astra Buana reported an 11%
increase in net income to US$48 million, mainly due to higher insurance
revenue.
Heavy Equipment, Mining, Construction and Energy
Net income decreased by 15% to US$365 million, mainly due to lower profits
from heavy equipment sales and mining operations, as coal prices declined.
• Komatsu heavy equipment sales were 32% lower at 2,100 units.
• Mining contracting operations saw a 13% increase in overburden
removal volume at 590 million bank cubic metres and an 18% increase in coal
production for its clients, to 70 million tonnes.
• Coal mining subsidiaries reported a 17% increase in coal sales
to 7.5 million tonnes, but revenue declined due to lower coal prices.
• Agincourt Resources reported a slight increase in gold sales
to 110,000 oz, and benefitted from higher gold selling prices.
• United Tractors recorded nickel mining profit contributions in
2024 from its (i) majority-owned Stargate Pasific Resources ("SPR"), which was
acquired in December 2023, and (ii) 19.99%-owned Nickel Industries Limited
("NIC"), acquired in September 2023. United Tractors recognised equity income
from NIC for the 6-month period in arrears based on NIC's results up to the
first quarter of 2024, owing to the timing of NIC's results announcements. SPR
reported 967,000 wet metric tonnes of nickel ore sales in the first half of
2024, while NIC reported 67,200 tonnes of nickel metal sold in the last
quarter of 2023 and in the first quarter of 2024.
Agribusiness
Net income increased by 36% to US$25 million, mainly due to higher sales of
crude palm oil and its derivatives, alongside increased selling prices.
Infrastructure and Logistics
Astra's infrastructure and logistics division reported a 24% increase in net
income to US$39 million, primarily due to improved traffic volumes in its toll
road businesses. Astra has 396km of operational toll roads along the
Trans-Java network and the Jakarta Outer Ring Road.
(B) Tunas Ridean
Tunas Ridean contributed US$16 million, 18% lower than the same period last
year, due to lower profits from its automotive operations and the translation
impact from a weaker foreign exchange rate. Motorcycle sales declined 16% to
123,000 units, while car sales were 4% lower at 22,000 units.
VIETNAM
JC&C's businesses in Vietnam contributed US$30 million to the Group's
underlying profit, down 12%.
(A) THACO
THACO contributed US$15 million, 5% up compared to the previous year. The car
market increased marginally as it continued to be impacted by weak consumer
demand. THACO's unit sales, meanwhile, were up 10% to 36,600 units, improving
its market share from 21% to 23%. Nonetheless, automotive profit declined due
to lower margins, as a result of greater competitive pressure.
(B) REE Corporation
Based on its first-quarter results, REE's contribution of US$7 million was 39%
lower than the previous year. This was mainly due to lower hydropower demand
which led to lower earnings from the power generation business.
In July, JC&C applied to launch a public tender offer ("PTO") to acquire
additional shares of REE. JC&C currently owns a 34.9% interest in REE, and
a PTO is required to cross the 35.0% shareholding threshold. The application
is pending regulatory approval.
(C) Vinamilk
JC&C's holding in Vinamilk produced a dividend income of US$8 million,
compared to US$9 million in the previous year, due to the translation effect
from a weaker foreign exchange rate.
Regional Interests
Regional Interests contributed US$25 million, 13% down compared to the same
period last year.
(A) Cycle & Carriage
The contribution from Cycle & Carriage was 46% lower at US$9 million. In
Singapore, new car sales were 16% higher at 3,174 units. However, its profit
was impacted by higher leasing expenses, and a lower profit contribution from
the used car operations of Republic Auto due to a 40% reduction in
shareholding since October 2023. Profit from the Malaysia operations was also
lower, as the business transitioned to an agency model at the start of the
year.
(B) SCCC
The contribution from Siam City Cement was US$12 million, 38% higher than the
previous year, as lower energy costs supported improved profits.
(C) TMC
The Group's investment in TMC produced a dividend income of US$4 million in
the first half of 2024, compared to US$3 million in the same period last year.
Corporate Costs
Corporate costs were US$68 million compared to US$41 million in the same
period last year, as foreign exchange losses from the translation of foreign
currency loans increased from US$7 million to US$28 million.
Dividend
The Board has declared an interim one-tier tax-exempt dividend of US¢28 per
share (2023: US¢28 per share) for the half-year ended 30th June 2024.
Outlook
"To deliver attractive returns to our shareholders, JC&C has continued to
actively take steps to strengthen future earnings through aligning strategies,
capital allocation and leadership. We expect the performance of our
market-leading businesses to be resilient for the rest of the year, and we
remain confident that our portfolio can deliver sustainable long-term growth."
Ben Birks
Group Managing Director
CORPORATE PROFILE
Jardine Cycle & Carriage ("JC&C" or "the Group") is an investment
holding company with a strategic focus on the fast-growing economies of
Indonesia and Vietnam. Our portfolio comprises market-leading businesses
across different sectors in these countries, alongside further interests in
other regional markets.
Indonesia:
• Astra (50.1%-owned) is an excellent proxy to Indonesia, with
leadership positions in automotive, financial services, heavy equipment,
mining, construction & energy, agribusiness, infrastructure, IT and
property.
• Tunas Ridean (49.9%-owned), one of the largest automotive
dealerships in Indonesia.
Vietnam:
• Truong Hai Group Corporation (26.6%-owned), Vietnam's automotive
market leader and largest private business group in the country, has
significant interests in agriculture, real estate, logistics, infrastructure
construction, and retail.
• REE Corporation (34.9%-owned), the first public listed company in
Vietnam participating in power and utilities including renewable energy as
well as property development and office leasing, and mechanical &
electrical engineering.
• Vinamilk (10.6%-owned), the leading dairy producer in Vietnam.
Regional Interests:
• Cycle & Carriage, a leading automotive dealership group in
Southeast Asia with an extensive network in Singapore (100%-owned), Malaysia
(97.1%-owned) and Myanmar (60%-owned).
• Siam City Cement (25.5%-owned), Thailand's second largest cement
producer with regional operations in Vietnam, Sri Lanka, Cambodia and
Bangladesh.
• Toyota Motor Corporation (0.09%-owned), a leading multinational
automotive manufacturer and the best-selling automotive brand in Indonesia.
Headquartered in Singapore, JC&C is listed on the Mainboard of the
Singapore Exchange and a constituent of the Straits Times Index. JC&C is
83%-owned by the Jardine Matheson Group.
For more information on JC&C and our businesses, visit www.jcclgroup.com.
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 2024 to
be false or misleading in any material aspect.
On behalf of the Board of Directors
Ben Birks
Director
Steven Phan
Director
1st August 2024
Jardine Cycle & Carriage Limited
Consolidated Profit and Loss Account for the six months ended 30th June 2024
Restated
2024 2023 Change
Note US$m US$m %
Revenue ((1)) 2 10,713.1 11,585.3 -8
Net operating costs 3 (9,438.6) (9,923.4) -5
Operating profit 3 1,274.5 1,661.9 -23
Financing income 83.4 76.5 9
Financing charges ((2)) (167.2) (108.0) 55
Net financing charges (83.8) (31.5) 166
Share of associates' and joint
ventures' results after tax 356.9 354.6 1
Profit before tax 1,547.6 1,985.0 -22
Tax 4 (299.7) (377.4) -21
Profit after tax 1,247.9 1,607.6 -22
Profit attributable to:
Shareholders of the Company 483.3 648.3 -25
Non-controlling interests 764.6 959.3 -20
1,247.9 1,607.6 -22
US¢ US¢
Earnings per share:
- basic 6 122 164 -26
- diluted 6 122 164 -26
(1) Lower revenue was mainly due to lower sales from Astra's automotive,
heavy equipment and coal mining operations, as well as Cycle & Carriage
Malaysia.
(2) Increase in financing charges was mainly due to higher gross debt at
Astra's heavy equipment and mining business and higher interest cost at the
Corporate level.
Jardine Cycle & Carriage Limited
Consolidated Statement of Comprehensive Income for the six months ended 30th
June 2024
Restated
2024 2023
US$m US$m
Profit for the year 1,247.9 1,607.6
Items that will not be reclassified to profit and loss:
Translation difference (456.4) 363.6
Asset revaluation
- surplus during the year 10.7 -
Tax relating to items that will not be reclassified - 0.2
Share of other comprehensive income/(expense) of
associates and joint ventures, net of tax 0.7 (0.2)
(445.0) 363.6
Items that may be reclassified subsequently to profit and loss:
Translation difference
- gain/(loss) arising during the year (406.2) 263.0
Financial assets at FVOCI ((1))
- gain/(loss) arising during the year (10.4) 1.0
Cash flow hedges
- gain/(loss) arising during the year (4.4) 5.1
Tax relating to items that may be reclassified 1.2 (1.1)
Share of other comprehensive income of
associates and joint ventures, net of tax 8.5 5.1
(411.3) 273.1
Other comprehensive income/(expense) for the year (856.3) 636.7
Total comprehensive income for the year 391.6 2,244.3
Attributable to:
Shareholders of the Company 77.7 915.8
Non-controlling interests 313.9 1,328.5
391.6 2,244.3
(1)( ) Fair value through other comprehensive income ("FVOCI")
Jardine Cycle & Carriage Limited
Consolidated Balance Sheet at 30th June 2024
At At
Note 30.06.2024 31.12.2023
US$m US$m
Non-current assets
Intangible assets 1,636.8 1,715.2
Right-of-use assets 747.9 827.9
Property, plant and equipment 4,860.0 4,989.8
Investment properties 448.3 463.0
Bearer plants 451.6 480.7
Interests in associates and joint ventures 5,477.7 5,642.0
Non-current investments 2,462.1 2,572.2
Non-current debtors 3,654.6 3,683.2
Deferred tax assets 445.5 455.5
20,184.5 20,829.5
Current assets
Current investments 44.1 55.0
Properties for sale 522.1 554.0
Stocks 2,207.6 2,599.4
Current debtors 5,401.6 5,493.0
Current tax assets 89.4 80.2
Cash and bank balances
- non-financial services companies 3,002.0 2,421.8
- financial services companies 320.9 360.7
3,322.9 2,782.5
11,587.7 11,564.1
Total assets 31,772.2 32,393.6
Non-current liabilities
Non-current creditors 249.0 254.0
Non-current provisions 237.2 234.7
Non-current lease liabilities 162.7 178.7
Long-term borrowings 8
- non-financial services companies 2,847.6 2,252.9
- financial services companies 1,534.2 1,646.4
4,381.8 3,899.3
Deferred tax liabilities 403.2 468.1
Pension liabilities 342.2 346.3
5,776.1 5,381.1
Current liabilities
Current creditors 5,533.1 5,379.8
Current provisions 111.2 117.0
Current lease liabilities 71.9 79.4
Current borrowings 8
- non-financial services companies 697.6 1,314.0
- financial services companies 2,317.0 2,094.3
3,014.6 3,408.3
Current tax liabilities 132.1 212.7
8,862.9 9,197.2
Total liabilities 14,639.0 14,578.3
Net assets 17,133.2 17,815.3
Equity
Share capital 9 1,381.0 1,381.0
Revenue reserve 10 8,671.8 8,545.0
Other reserves 11 (2,293.0) (1,886.6)
Shareholders' funds 7,759.8 8,039.4
Non-controlling interests 12 9,373.4 9,775.9
Total equity 17,133.2 17,815.3
Jardine Cycle & Carriage Limited
Consolidated Statement of Changes in Equity for the six months ended 30th June
2024
Attributable to shareholders of the Company
Share capital Revenue reserve Asset revaluation Translation reserve Fair value and other reserves Total Attributable to Total equity
non-controlling interests
reserve
US$m US$m US$m US$m US$m US$m US$m US$m
2024
Balance at 1st January 1,381.0 8,545.0 410.1 (2,312.2) 15.5 8,039.4 9,775.9 17,815.3
Total comprehensive income - 484.1 4.3 (406.2) (4.5) 77.7 313.9 391.6
Dividends paid by the Company - (356.4) - - - (356.4) - (356.4)
Dividends declared/paid to non-controlling interests - - - - - - (716.7) (716.7)
Issue of shares to non-controlling interests - - - - - - 0.3 0.3
Change in shareholding - (0.1) - - - (0.1) 0.1 -
Other - (0.8) - - - (0.8) (0.1) (0.9)
Balance at 30th June 1,381.0 8,671.8 414.4 (2,718.4) 11.0 7,759.8 9,373.4 17,133.2
2023
Balance at 1st January as restated 1,381.0 7,768.6 404.8 (2,397.3) 14.2 7,171.3 9,341.1 16,512.4
Total comprehensive income - 648.1 - 263.0 4.7 915.8 1,328.5 2,244.3
Dividends paid by the Company - (330.1) - - - (330.1) - (330.1)
Dividends declared/paid to non-controlling interests - - - - - - (1,482.3) (1,482.3)
Issue of shares to non-controlling interests - - - - - - 86.7 86.7
Change in shareholding - 0.3 - - - 0.3 1.4 1.7
Other - - - - - - (0.5) (0.5)
Balance at 30th June 1,381.0 8,086.9 404.8 (2,134.3) 18.9 7,757.3 9,274.9 17,032.2
Jardine Cycle & Carriage Limited
Company Statement of Comprehensive Income for the six months ended 30th June
2024
2024 2023
US$m US$m
Profit for the year 485.1 750.3
Items that may be reclassified subsequently to profit and loss:
Translation difference
- loss arising during the year (75.8) (21.5)
Other comprehensive expense for the year (75.8) (21.5)
Total comprehensive income for the year 409.3 728.8
Jardine Cycle & Carriage Limited
Company Balance Sheet at 30th June 2024
At At
Note 30.06.2024 31.12.2023
US$m US$m
Non-current assets
Property, plant and equipment 32.5 33.7
Interests in subsidiaries 1,415.6 1,457.9
Interests in associates and joint ventures 855.7 881.3
Non-current investments 699.8 681.2
Non-current debtors 2.3 2.3
3,005.9 3,056.4
Current assets
Current debtors 1,065.9 1,103.9
Cash and bank balances 27.8 26.8
1,093.7 1,130.7
Total assets 4,099.6 4,187.1
Non-current liabilities
Long-term borrowings 984.6 400.0
Deferred tax liabilities 6.8 6.5
991.4 406.5
Current liabilities
Current creditors 294.0 305.7
Current borrowings 170.0 883.4
Current tax liabilities 1.8 2.0
465.8 1,191.1
Total liabilities 1,457.2 1,597.6
Net assets 2,642.4 2,589.5
Equity
Share capital 9 1,381.0 1,381.0
Revenue reserve 10 951.8 823.1
Other reserves 11 309.6 385.4
Total equity 2,642.4 2,589.5
Net asset value per share US$6.69 US$6.55
Jardine Cycle & Carriage Limited
Company Statement of Changes in Equity for the six months ended 30th June 2024
Share Revenue Hedging Translation Total
Note capital reserve reserve reserve equity
US$m US$m US$m US$m US$m
2024
Balance at 1st January 1,381.0 823.1 2.3 383.1 2,589.5
Total comprehensive income/(expense) - 485.1 - (75.8) 409.3
Dividends paid 5 - (356.4) - - (356.4)
Balance at 30th June 1,381.0 951.8 2.3 307.3 2,642.4
2023
Balance at 1st January 1,381.0 337.1 - 334.3 2,052.4
Total comprehensive income/(expense) - 750.3 - (21.5) 728.8
Dividends paid 5 - (330.1) - - (330.1)
Balance at 30th June 1,381.0 757.3 - 312.8 2,451.1
Jardine Cycle & Carriage Limited
Consolidated Statement of Cash Flows for the six months ended 30th June 2024
2024 2023
Note US$m US$m
Cash flows from operating activities
Cash generated from operations 15 2,233.2 2,019.3
Interest paid (167.9) (49.9)
Interest received 72.0 75.1
Other finance costs paid (6.5) (31.8)
Income tax paid (431.9) (588.8)
(534.3) (595.4)
Dividends received from associates and joint ventures (net) 416.9 374.1
(117.4) (221.3)
Net cash flows from operating activities 2,115.8 1,798.0
Cash flows from investing activities
Sale of property, plant and equipment 12.7 247.1
Sale of investments 83.3 67.4
Purchase of intangible assets (35.8) (69.0)
Additions to right-of-use assets (11.0) (4.6)
Purchase of property, plant and equipment (481.3) (702.5)
Purchase of investment properties (1.3) (0.1)
Additions to bearer plants (14.7) (16.8)
Purchase of shares in associates and joint ventures (103.9) (36.0)
Purchase of investments (134.2) (154.0)
Net cash flows from investing activities (686.2) (668.5)
Cash flows from financing activities
Drawdown of loans 2,727.2 2,539.4
Repayment of loans (2,348.0) (2,457.4)
Principal elements of lease payments (52.6) (51.7)
Changes in controlling interests in subsidiaries - 1.7
Investments by non-controlling interests 0.3 86.7
Dividends paid to non-controlling interests (713.5) (1,479.3)
Dividends paid by the Company (356.4) (330.1)
Net cash flows from financing activities (743.0) (1,690.7)
Net change in cash and cash equivalents 686.6 (561.2)
Cash and cash equivalents at the beginning of the year 2,782.5 4,018.1
Effect of exchange rate changes (146.2) 131.7
Cash and cash equivalents at the end of the year ((1)) 3,322.9 3,588.6
(1) 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 2024
1 Basis of preparation
The condensed interim financial statements for the six months ended 30th June
2024 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 31st December 2023. There have been no changes
to the accounting policies described in the 2023 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 Group adopted IFRS 17 'Insurance Contracts' ('IFRS 17') in 2023. Prior to
the adoption of IFRS 17, profits were recognised in the profit and loss
account on initial recognition of certain insurance contracts. Under IFRS 17,
all profits are recognised in the profit and loss account over the life of the
contracts as insurance services are provided.
Whilst the net impact of the adoption of IFRS 17 was immaterial to the 2023
condensed interim financial statements for the six months ended 30th June
2023, we have made restatements to the Group's published financial statements
for the six months ended 30th June 2023 to ensure comparability with the IFRS
17 restatements made in the 2023 Annual Report.
The exchange rates used for translating assets and liabilities at the balance
sheet date are US$1=S$1.3579 (2023: US$1=S$1.3185), US$1=RM4.7172 (2023:
US$1=RM4.5872), US$1=IDR16,421 (2023: US$1=IDR15,416), US$1=VND25,458 (2023:
US$1=VND24,276) and US$1=THB36.848 (2023: US$1=THB34.211).
The exchange rates used for translating the results for the period are
US$1=S$1.3501 (2023: US$1=S$1.3385), US$1=RM4.7351 (2023: US$1=RM4.481),
US$1=IDR16,041 (2023: US$1=IDR15,006), US$1=VND25,021 (2023: US$1=VND23,545)
and US$1=THB36.396 (2023: US$1=THB34.419).
Critical accounting estimates and judgements
The preparation of the condensed interim financial statements require
management to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets,
liabilities, income and expense. Actual results may differ from these
estimates.
In preparing these condensed consolidated interim financial statements, the
significant judgements made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty were the same as those
that applied to the consolidated financial statements for the year ended 31st
December 2023.
2 Revenue
Regional
Indonesia Interests Total
US$m US$m US$m
Group
2024
Automotive 4,008.8 784.1 4,792.9
Financial services 941.3 - 941.3
Heavy equipment, mining, construction & energy 4,010.7 - 4,010.7
Agribusiness 642.9 - 642.9
Infrastructure & logistics 228.1 - 228.1
Information technology 70.4 - 70.4
Property 26.8 - 26.8
9,929.0 784.1 10,713.1
From contracts with customers:
Recognised at a point in time 8,700.3 756.9 9,457.2
Recognised over time 126.9 23.2 150.1
8,827.2 780.1 9,607.3
From other sources:
Rental income from investment properties 5.1 - 5.1
Revenue from financial services companies 941.2 - 941.2
Other 155.5 4.0 159.5
1,101.8 4.0 1,105.8
9,929.0 784.1 10,713.1
2023 Restated
Automotive 4,331.1 859.4 5,190.5
Financial services 847.7 - 847.7
Heavy equipment, mining, construction & energy 4,562.2 - 4,562.2
Agribusiness 625.7 - 625.7
Infrastructure & logistics 269.2 - 269.2
Information technology 67.5 - 67.5
Property 22.5 - 22.5
10,725.9 859.4 11,585.3
From contracts with customers:
Recognised at a point in time 9,597.0 831.6 10,428.6
Recognised over time 147.6 24.5 172.1
9,744.6 856.1 10,600.7
From other sources:
Rental income from investment properties 7.2 - 7.2
Revenue from financial services companies 847.7 - 847.7
Other 126.4 3.3 129.7
981.3 3.3 984.6
10,725.9 859.4 11,585.3
3 Net operating costs and operating profit
Group
Restated
2024 2023 Change
US$m US$m %
Cost of sales (8,390.8) (9,034.5) -7
Other operating income 118.6 220.1 -46
Selling and distribution expenses (402.3) (439.2) -8
Administrative expenses (632.6) (618.8) 2
Other operating expenses (131.5) (51.0) >100
(9,438.6) (9,923.4) -5
Operating profit is determined after including:
Amortisation/depreciation of:
- intangible assets (49.6) (66.2) -25
- right-of-use assets (76.1) (74.5) 2
- property, plant and equipment (413.9) (359.5) 15
- bearer plants (15.3) (14.9) 3
(Impairment)/write-back of impairment of:
- property, plant and equipment (0.2) 0.5 nm
- debtors (50.3) (52.3) -4
Fair value gain/(loss) on:
- investments ((1)) (43.7) 9.1 nm
- agricultural produce 1.4 1.2 17
- derivatives not qualifying as hedge 0.1 0.1 0
Profit on disposal of:
- property, plant and equipment ((2)) 3.4 70.9 -95
- investments 0.1 0.5 -80
Loss on disposal/write-down of receivables from collateral vehicles (31.0) (22.6) 37
Write-down of stocks, net (4.6) (5.0) -8
Net exchange loss (68.0) (30.6) >100
Dividend and interest income from investments 43.2 46.1 -6
nm - not meaningful
(1) Fair value loss relates mainly to equity investments in GoTo, Hermina,
Vinamilk and Toyota Motor Corporation.
(2) Profit on disposal of property, plant and equipment in 2023 includes US$65
million gain from sale and leaseback of properties.
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 2024 of US¢28 (2023: US¢28) per share
amounting to a total of US$110.7 million (2023: US$110.7 million) is declared
by the Board. These financial statements do not reflect this dividend payable,
which will be accounted for in shareholders' equity as an appropriation of
retained earnings in the six months ending 31st December 2024.
Group and Company
2024 2023
US$m US$m
Final one-tier tax exempt dividend in respect of previous year of US¢90 per 356.4 330.1
share (2023: in respect of 2022 of US¢83)
6 Earnings per share
Group
2024 2023
US$m US$m
Basic earnings per share
Profit attributable to shareholders 483.3 648.3
Weighted average number of ordinary shares in issue (millions) 395.2 395.2
Basic earnings per share US¢122 US¢164
Diluted earnings per share US¢122 US¢164
Underlying earnings per share
Underlying profit attributable to shareholders 500.1 583.3
Weighted average number of ordinary shares in issue (millions) 395.2 395.2
Basic underlying earnings per share US¢127 US¢148
Diluted underlying earnings per share US¢127 US¢148
As at 30th June 2024 and 2023, there were no dilutive potential ordinary
shares in issue.
A reconciliation of the profit attributable to shareholders and underlying
profit attributable to shareholders is as follows:
Group
2024 2023
US$m US$m
Profit attributable to shareholders 483.3 648.3
Less:
Non-trading items (net of tax and non-controlling interests)
Fair value changes of agricultural produce and livestock 0.4 0.3
Fair value changes of investments (17.2) (0.3)
Gain on sale and leaseback of properties - 65.0
(16.8) 65.0
Underlying profit attributable to shareholders 500.1 583.3
Non-trading items are separately identified to provide greater
understanding of the Group's underlying business performance. Items classified
as non-trading items include fair value gains or losses on revaluation of
investment properties, agricultural produce and equity investments which are
measured at fair value through profit and loss; gains and losses arising from
the sale of businesses, investments and properties; impairment of
non-depreciable intangible assets, associates and joint ventures and other
investments; provisions for closure of businesses; acquisition-related costs
in business combinations; and other credits and charges of a non-recurring
nature that require inclusion in order to provide additional insight into the
Group's underlying business performance.
7 Financial Instruments
Financial instruments by category
The fair values of financial assets and financial liabilities, together with
carrying amounts at 30th June 2024 and 31st December 2023 are as follows:
Fair
value
through Fair value Financial
Fair value of profit through other assets at Other Total
hedging and comprehensive amortised financial carrying Fair
instruments loss income costs liabilities amount value
US$m US$m US$m US$m US$m US$m US$m
At 30.06.2024
Financial assets measured at fair value
Other investments
- equity investments - 1,194.4 - - - 1,194.4 1,194.4
- debt investments - 406.4 905.4 - - 1,311.8 1,311.8
Derivative financial instruments 91.9 - - - - 91.9 91.9
91.9 1,600.8 905.4 - - 2,598.1 2,598.1
Financial assets not measured at fair value
Debtors - - - 7,593.7 - 7,593.7 7,244.8
Bank balances - - - 3,322.9 - 3,322.9 3,322.9
- - - 10,916.6 - 10,916.6 10,567.7
Financial liabilities measured at fair value
Derivative financial instruments (5.5) - - - - (5.5) (5.5)
(5.5) - - - - (5.5) (5.5)
Financial liabilities not measured at fair value
Borrowings excluding lease liabilities - - - - (7,396.5) (7,396.5) (7,614.2)
Lease liabilities - - - - (234.6) (234.6) (234.6)
Creditors excluding non-financial liabilities - - - - (4,200.5) (4,200.5) (4,200.5)
- - - - (11,831.6) (11,831.6) (1,049.3)
At 31.12.2023
Financial assets measured at fair value
Other investments
- equity investments - 1,292.5 - - - 1,292.5 1,292.5
- debt investments - 418.5 916.2 - - 1,334.7 1,334.7
Derivative financial instruments 50.8 0.7 - - - 51.5 51.5
50.8 1,711.7 916.2 - - 2,678.7 2,678.7
Financial assets not measured at fair value
Debtors - - - 7,714.7 - 7,714.7 7,175.1
Bank balances - - - 2,782.5 - 2,782.5 2,782.5
- - - 10,497.2 - 10,497.2 9,957.6
Financial liabilities measured at fair value
Derivative financial instruments (4.2) (0.1) - - - (4.3) (4.3)
(4.2) (0.1) - - - (4.3) (4.3)
Financial liabilities not measured at fair value
Borrowings excluding lease liabilities - - - - (7,307.6) (7,307.6) (7,284.4)
Lease liabilities - - - - (258.1) (258.1) (258.1)
Creditors excluding non-financial liabilities - - - - (4,058.1) (4,058.1) (4,058.1)
- - - - (11,623.8) (11,623.8) (11,600.6)
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 30.06.2024
Assets
Other investments
- equity investments 1,031.6 - 162.8 1,194.4
- debt investments 905.4 - 406.4 1,311.8
1,937.0 - 569.2 2,506.2
Derivative financial instruments at fair value
- through other comprehensive income - 91.9 - 91.9
1,937.0 91.9 569.2 2,598.1
Liabilities
Derivative financial instruments at fair value
- through other comprehensive income - (5.5) - (5.5)
- (5.5) - (5.5)
Quoted Observable
prices in current
active market Unobservable
markets transactions inputs Total
US$m US$m US$m US$m
At 31.12.2023
Assets
Other investments
- equity investments 1,117.2 - 175.3 1,292.5
- debt investments 916.2 - 418.5 1,334.7
2,033.4 - 593.8 2,627.2
Derivative financial instruments at fair value
- through other comprehensive income - 50.8 - 50.8
- through profit and loss - 0.7 - 0.7
- 51.5 - 51.5
2,033.4 51.5 593.8 2,678.7
Liabilities
Derivative financial instruments at fair value
- through other comprehensive income - (4.2) - (4.2)
- through profit and loss - (0.1) - (0.1)
- (4.3) - (4.3)
There were no transfers among the three categories during the six months ended
30th June 2024 and the year ended 31st December 2023.
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
30.06.2024 31.12.2023
US$m US$m
Long-term borrowings:
- secured 33.7 29.1
- unsecured 4,348.1 3,870.2
4,381.8 3,899.3
Current borrowings:
- secured 29.2 34.7
- unsecured 2,985.4 3,373.6
3,014.6 3,408.3
Total borrowings 7,396.4 7,307.6
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$34.5 million (31st December 2023: US$39.9 million).
9 Share capital
Group
2024 2023
US$m US$m
Six months ended 30th June
Issued and fully paid:
Balance at 1st January and 30th June
- 395,236,288 (2023: 395,236,288) ordinary shares 1,381.0 1,381.0
There were no rights, bonus or equity issues during the period.
The Company did not hold any treasury shares as at 30th June 2024 and 2023 and
did not have any unissued shares under convertibles as at 30th June 2024 and
2023.
There were no subsidiary holdings (as defined in the Listing Rules of the
SGX-ST) as at 30th June 2024 and 2023.
10 Revenue reserve
Group Company
2024 2023 2024 2023
US$m US$m US$m US$m
Movements:
Balance at 1st January as restated 8,545.0 7,768.6 823.1 337.1
Defined benefit pension plans
- remeasurements 0.1 - - -
Share of associates' and joint ventures'
remeasurements of defined benefit
pension plans, net of tax 0.7 (0.2) - -
Profit attributable to shareholders 483.3 648.3 485.1 750.3
Dividends paid by the Company (356.4) (330.1) (356.4) (330.1)
Change in shareholding (0.1) 0.3 - -
Other (0.8) - - -
Balance at 30th June 8,671.8 8,086.9 951.8 757.3
11 Other reserves
Group Company
2024 2023 2024 2023
US$m US$m US$m US$m
Composition:
Asset revaluation reserve 414.4 404.8 - -
Translation reserve (2,718.4) (2,134.3) 307.3 312.8
Fair value reserve (4.9) 6.5 - -
Hedging reserve 12.6 9.1 2.3 -
Other reserve 3.3 3.3 - -
(2,293.0) (1,710.6) 309.6 312.8
Movements:
Asset revaluation reserve
Balance at 1st January 410.1 404.8 - -
Surplus on revaluation of assets 4.3 - - -
Balance at 30th June 414.4 404.8 - -
Translation reserve
Balance at 1st January (2,312.2) (2,397.3) 383.1 334.3
Translation difference (406.2) 263.0 (75.8) (21.5)
Balance at 30th June (2,718.4) (2,134.3) 307.3 312.8
Fair value reserve
Balance at 1st January 0.2 5.8 - -
Financial assets at FVOCI
- fair value changes (5.0) 0.5 - -
- deferred tax 0.1 - - -
Share of associates' and joint ventures'
fair value changes of financial assets at
FVOCI, net of tax (0.2) 0.2 - -
Balance at 30th June (4.9) 6.5 - -
Hedging reserve
Balance at 1st January 12.0 5.1 2.3 -
Cash flow hedges
- fair value changes (2.2) 2.4 - -
- deferred tax 0.5 (0.5) - -
Share of associates' and joint ventures'
fair value changes of cash flow hedges,
net of tax 2.3 2.1 - -
Balance at 30th June 12.6 9.1 2.3 -
Other reserve
Balance at 1st January and 30th June 3.3 3.3 - -
12 Non-controlling interests
Group
2024 2023
US$m US$m
Balance at 1st January as restated 9,775.9 9,341.1
Asset revaluation surplus
- surplus on revaluation of assets 6.4 -
Financial assets at FVOCI
- fair value changes (5.4) 0.5
- deferred tax 0.1 -
(5.3) 0.5
Share of associates' and joint ventures' fair value changes of financial (0.2) 0.2
assets at FVOCI, net of tax
Cash flow hedges
- fair value changes (2.2) 2.7
- deferred tax 0.5 (0.6)
(1.7) 2.1
Share of associates' and joint ventures' fair value changes of cash flow 6.6 2.6
hedges, net of tax
Defined benefit pension plans
- remeasurements (0.1) -
- deferred tax - 0.2
(0.1) 0.2
Translation difference (456.4) 363.6
Profit for the year 764.6 959.3
Issue of shares to non-controlling interests 0.3 86.7
Dividends paid (716.7) (1,482.3)
Change in shareholding 0.1 1.4
Other (0.1) (0.5)
Balance at 30th June 9,373.4 9,274.9
13 Related party transactions
The following significant related party transactions took place during the six
months ended 30th June:
Group
2024 2023
US$m US$m
(a) With associates and joint ventures:
Purchase of goods and services (2,806.9) (3,206.5)
Sale of goods and services 842.0 1,312.5
Commission and incentives earned 5.4 5.2
Bank deposit and balances 10.9 16.5
Interest received 8.6 9.3
(b) With related companies and
associates of ultimate holding
company:
Management fees paid (2.0) (2.6)
Purchase of goods and services (0.3) (85.7)
Sale of goods and services 0.2 0.7
(c) Remuneration of directors of the
Company and key management
personnel of the Group:
Salaries and other short-term
employee benefits 5.9 5.7
14 Commitments
Capital expenditure authorised for at the balance sheet date, but not
recognised in the financial statements is as follows:
Group
At At
30.06.2024 31.12.2023
US$m US$m
Authorised and contracted 125.2 163.6
Authorised but not contracted 738.0 576.4
863.2 740.0
15 Cash flows from operating activities
Group
2024 2023
US$m US$m
Profit before tax 1,547.6 1,985.0
Adjustments for:
Financing income (83.4) (76.5)
Financing charges 167.2 108.0
Share of associates' and joint ventures' results after tax (356.9) (354.6)
Amortisation/depreciation of:
- intangible assets 49.6 66.2
- right-of-use assets 76.1 74.5
- property, plant and equipment 413.9 359.5
- bearer plants 15.3 14.9
Impairment/(write-back of impairment) of:
- property, plant and equipment 0.2 (0.5)
- debtors 50.3 52.3
Fair value (gain)/loss on:
- investment 43.7 (9.1)
- agricultural produce (1.4) (1.2)
- derivative not qualifying as hedge (0.1) (0.1)
Profit on disposal of:
- property, plant and equipment (3.4) (70.9)
- investments (0.1) (0.5)
Loss on disposal/write-down of receivables from collateral vehicles 31.0 22.6
Amortisation of borrowing costs for financial services companies 3.9 4.3
Write-down of stocks 4.6 5.0
Changes in provisions 21.6 14.5
Foreign exchange (gain)/ loss 108.1 (15.4)
540.2 193.0
Operating profit before working capital changes 2,087.8 2,178.0
Changes in working capital:
Properties for sale (1.9) (91.5)
Stocks ((1)) 189.3 (48.2)
Concession rights (5.0) (22.1)
Financing debtors (359.8) (317.2)
Debtors ((2)) (140.8) (423.8)
Creditors ((3)) 447.3 731.6
Pensions 16.3 12.5
145.4 (158.7)
Cash flows from operating activities 2,233.2 2,019.3
(1) Decrease in stock balance in line with lower sales.
(2) Increase in debtors balance mainly due to higher sales activities near
month end.
(3) 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 2024 mainly included US$80.6 million for Astra's investment in PT
Supreme Energy Rantau Dedap, US$20.8 million in PT Bank Jasa Jakarta and
US$1.3 million in PT Supreme Energy Sriwijaya.
Purchase of shares in associates and joint ventures for the six months ended
30th June 2023 mainly included US$25.6 million for Astra's investment in PT
Equinix Indonesia JKT, US$2.3 million in PT Aisin Indonesia and US$8.1 million
for additional purchase of shares in Refrigeration Electrical Engineering
Corporation.
(b) Changes in controlling interests in subsidiaries
Change in controlling interests of subsidiaries for the six months ended 30th
June 2023 included an inflow of US$0.7 million and US$1.0 million for Astra's
decrease in interest in PT Astra Auto Digital and PT Suprabari Mapanindo
Mineral, respectively.
17 Segment Information
Operating segments are identified on the basis of internal reports about
components of the Group that are regularly reviewed by the Board for the
purpose of resource allocation and performance assessment. In 2024, the
business segment reporting was re-organised to give greater clarity and add
emphasis to the Group's focused markets of Indonesia and Vietnam. Within
Indonesia and Vietnam; Astra, THACO and REE are operating segments identified
by the Group. The Board considers Astra as one operating segment because it
represents a single direct investment made by the Company. Decisions for
resource allocation and performance assessment of Astra are made by the Board
of the Company while resource allocation and performance assessment of the
various Astra businesses are made by the board of Astra, taking into
consideration the opinions of the Board of the Company. THACO and REE are also
identified as operating segments based on the scale and growth of their
businesses, and the Board considered the information useful to the readers of
the financial statements. Regional Interests represent the Group's collective
businesses outside of Indonesia and Vietnam. Set out below is an analysis of
the segment information.
Underlying businesses performance Non-
Indonesia Vietnam Regional Corporate trading
Astra Other THACO REE Other Interests costs items Group
US$m US$m US$m US$m US$m US$m US$m US$m US$m
6 months ended 30th June 2024
Revenue 9,929.0 - - - - 784.1 - - 10,713.1
Net operating costs (8,605.4) - - - 8.4 (757.9) (41.4) (42.3) (9,438.6)
Operating profit 1,323.6 - - - 8.4 26.2 (41.4) (42.3) 1,274.5
Financing income 71.2 - - - - 0.8 11.4 - 83.4
Financing charges (123.5) - - - - (7.4) (36.3) - (167.2)
Net financing charges (52.3) - - - - (6.6) (24.9) - (83.8)
Share of associates' and joint
ventures' results after tax 306.1 16.7 15.4 6.7 - 12.0 - - 356.9
Profit before tax 1,577.4 16.7 15.4 6.7 8.4 31.6 (66.3) (42.3) 1,547.6
Tax (292.6) (1.1) - - - (4.3) (1.4) (0.3) (299.7)
Profit after tax 1,284.8 15.6 15.4 6.7 8.4 27.3 (67.7) (42.6) 1,247.9
Non-controlling interests (787.4) - - - - (3.0) - 25.8 (764.6)
Profit attributable to
shareholders 497.4 15.6 15.4 6.7 8.4 24.3 (67.7) (16.8) 483.3
As at 30.06.2024
Net cash/(debt) (excluding
net debt of financial
services companies) 596.4 - - - - (15.2) (1,124.4) (543.2)
Total equity 15,511.0 193.8 661.4 276.5 - 602.0 (111.5) 17,133.2
Restated
6 months ended 30th June 2023
Revenue 10,725.9 - - - - 859.4 - - 11,585.3
Net operating costs (9,158.7) - - - 9.0 (829.6) (19.3) 75.2 (9,923.4)
Operating profit 1,567.2 - - - 9.0 29.8 (19.3) 75.2 1,661.9
Financing income 72.7 - - - - 0.8 3.0 - 76.5
Financing charges (78.5) - - - - (5.6) (23.9) - (108.0)
Net financing charges (5.8) - - - - (4.8) (20.9) - (31.5)
Share of associates' and joint
ventures' results after tax 300.9 19.3 14.7 10.9 - 8.8 - - 354.6
Profit before tax 1,862.3 19.3 14.7 10.9 9.0 33.8 (40.2) 75.2 1,985.0
Tax (367.9) (0.3) - - - (5.8) (1.2) (2.2) (377.4)
Profit after tax 1,494.4 19.0 14.7 10.9 9.0 28.0 (41.4) 73.0 1,607.6
Non-controlling interests (951.1) - - - - (0.2) - (8.0) (959.3)
Profit attributable to
shareholders 543.3 19.0 14.7 10.9 9.0 27.8 (41.4) 65.0 648.3
As at 31.12.2023
Net cash/(debt) (excluding
net debt of financial
services companies) 124.2 - - - - (14.4) (1,254.9) (1,145.1)
Total equity 16,309.6 200.1 673.3 288.7 - 618.0 (274.4) 17,815.3
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 non-current assets, by geographical
areas:
Indonesia Vietnam Other Total
US$m US$m US$m US$m
Non-current assets as at
30.06.2024 12,210.8 937.9 473.6 13,622.3
31.12.2023 12,564.1 962.0 592.5 14,118.6
Non-current assets excluded financial instruments and deferred tax assets.
Indonesia and Vietnam are disclosed separately as a geographical area as most
of the customers are based in Indonesia and Vietnam.
18 Interested person transactions
Aggregate value Aggregate value
of all interested of all interested
person person
transactions transactions
(excluding conducted under
transactions less shareholders'
than S$100,000 mandate
and transactions pursuant to Rule
conducted under 920 (excluding
shareholders' transactions less
mandate than S$100,000)
pursuant to
Rule 920)
Name of interested person and Nature of relationship US$m US$m
nature of transaction
Six months ended 30th June 2024
Jardine Matheson Limited Associate of the Company's
- Management support services controlling shareholder - 2.2
- Business support services (including HR support and management, and internal - 0.1
audit and risk management)
Jardine Engineering (S) Pte Ltd Associate of the Company's
- Mechanical and electrical works controlling shareholder - 0.7
Jardine Matheson Limited Associate of the Company's
- Digital and innovation services controlling shareholder 0.3 -
0.3 3.0
19 Additional information
Group
2024 2023 +/-
US$m US$m %
Indonesia
Astra International
Automotive 160.0 173.6 -8
Financial services 128.6 127.3 1
Heavy equipment, mining, construction & energy 182.7 228.8 -20
Agribusiness 12.0 9.4 28
Infrastructure & logistics 19.4 16.8 15
Information technology 2.0 1.7 18
Property 2.9 2.3 26
507.6 559.9 -9
Less: Withholding tax on dividend (10.2) (16.6) -39
497.4 543.3 -8
Tunas Ridean 15.6 19.0 -18
513.0 562.3 -9
Vietnam
THACO
Automotive 11.6 12.2 -5
Real estate 0.1 (2.4) nm
Agriculture (0.9) (0.4) >100
Other 4.6 5.3 -13
15.4 14.7 5
REE 6.7 10.9 -39
Vinamilk 8.4 9.0 -7
30.5 34.6 -12
Regional Interests
Cycle & Carriage 8.5 15.8 -46
Siam City Cement 12.3 8.9 38
Toyota Motor Corporation 3.5 3.1 13
24.3 27.8 -13
Corporate costs
Central overheads (14.8) (13.8) 7
Net financing charges (25.0) (20.8) 20
Exchange differences (27.9) (6.8) >100
(67.7) (41.4) 64
Underlying profit attributable to shareholders 500.1 583.3 -14
20 Dividend and closure of books
The Board has declared an interim one-tier tax exempt dividend of US¢28 per
share (2023: US¢28 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 Wednesday, 4th September 2024
("Record Date") up to, and including Thursday, 5th September 2024 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, Boardroom Corporate & Advisory Services
Pte. Ltd. at 1 Harbourfront Avenue, Keppel Bay Tower #14-07, Singapore 098632
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 Friday, 4th October 2024.
21 Subsequent Events
No significant event or transaction other than as contained in this report has
occurred between 1st July 2024 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 2024 can be accessed through the internet at
'www.jcclgroup.com'.
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