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$500
million
·
Interim dividend per share of US¢28, unchanged
from 2023
"In the first half of 2024, the
Group's businesses in Indonesia and Vietnam experienced
softer consumer demand and lower commodity prices
compared to previous high levels. Weaker
domestic currencies in these countries also had an impact on the
overall profit contribution in US dollar terms. Notwithstanding
these current headwinds, to deliver attractive returns to our
shareholders, JC&C has continued to actively take steps to
strengthen future earnings through aligning strategies, capital
allocation and leadership. We expect the performance of our
market-leading businesses to be resilient for the rest of the
year, and we remain confident that
our portfolio can
deliver sustainable long-term growth."
Ben Birks, Group Managing
Director
Group Results
|
|
|
|
|
|
|
Six months ended 30th
June
|
|
|
2024
US$m
|
2023
US$m
|
+/-
%
|
2024
S$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
30.6.2024
|
At
31.12.2023
|
|
At
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$1.1
billion at the end of June 2024, following the receipt of enhanced
dividends from Astra.
Group Review
The contributions to JC&C's
underlying profit attributable to shareholders by business segment
were as follows:
|
|
Contribution to JC&C's
underlying profit
|
|
|
|
Six months ended 30th
June
|
|
Business segments
|
|
2024
US$m
|
2023
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
reserve
|
|
Translation
reserve
|
|
Fair value and other
reserves
|
|
Total
|
|
Attributable to
non-controlling interests
|
|
Total
equity
|
|
|
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$m
|
|
|
|
|
Final one-tier tax exempt dividend
in respect of previous year of US¢90 per share (2023: in respect of
2022 of US¢83)
|
356.4
|
|
330.1
|
6 Earnings per
share
|
Group
|
|
2024
|
|
2023
|
|
US$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$m
|
|
|
|
|
Balance at 1st January as
restated
|
9,775.9
|
|
9,341.1
|
|
|
|
|
Asset revaluation
surplus
|
|
|
|
- surplus on revaluation of
assets
|
6.4
|
|
-
|
Financial assets at
FVOCI
|
|
|
|
- fair value changes
|
(5.4)
|
|
0.5
|
- deferred tax
|
0.1
|
|
-
|
|
(5.3)
|
|
0.5
|
Share of associates' and joint
ventures' fair value changes of financial assets at FVOCI, net of
tax
|
(0.2)
|
|
0.2
|
Cash flow hedges
|
|
|
|
- fair value changes
|
(2.2)
|
|
2.7
|
- deferred tax
|
0.5
|
|
(0.6)
|
|
(1.7)
|
|
2.1
|
Share of associates' and joint
ventures' fair value changes of cash flow hedges, net of
tax
|
6.6
|
|
2.6
|
Defined benefit pension
plans
|
|
|
|
- remeasurements
|
(0.1)
|
|
-
|
- deferred tax
|
-
|
|
0.2
|
|
(0.1)
|
|
0.2
|
Translation difference
|
(456.4)
|
|
363.6
|
Profit for the year
|
764.6
|
|
959.3
|
Issue of shares to non-controlling
interests
|
0.3
|
|
86.7
|
Dividends paid
|
(716.7)
|
|
(1,482.3)
|
Change in shareholding
|
0.1
|
|
1.4
|
Other
|
(0.1)
|
|
(0.5)
|
Balance at 30th June
|
9,373.4
|
|
9,274.9
|
13 Related party
transactions
The following significant related
party transactions took place during the six months ended 30th
June:
|
|
Group
|
|
|
2024
|
|
2023
|
|
|
US$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$m
|
nature of
transaction
|
|
|
|
|
|
Six months ended 30th June 2024
|
|
|
|
|
|
|
|
|
|
|
|
Jardine Matheson Limited
|
Associate of the
Company's
|
|
|
|
|
- Management support services
|
controlling shareholder
|
|
-
|
|
2.2
|
- Business
support services (including HR support and management, and internal
audit and risk management)
|
|
|
-
|
|
0.1
|
|
|
|
|
|
|
Jardine Engineering (S) Pte
Ltd
|
Associate of the
Company's
|
|
|
|
|
- Mechanical and electrical works
|
controlling shareholder
|
|
-
|
|
0.7
|
|
|
|
|
|
|
Jardine Matheson Limited
|
Associate of the
Company's
|
|
|
|
|
- Digital
and innovation services
|
controlling shareholder
|
|
0.3
|
|
-
|
|
|
|
|
|
|
|
|
|
0.3
|
|
3.0
|
19 Additional information
|
Group
|
|
2024
|
|
2023
|
+/-
|
|
US$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'.