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Jardine Strategic (88EI)

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Friday 29 July, 2011

Jardine Strategic

JC&C 2011 Half Year Financial Statements

RNS Number : 3517L
Jardine Strategic Hldgs Ld
29 July 2011
 



    

 

To:  Business Editor

29th July 2011

 

For immediate release

 

Jardine Cycle & Carriage Limited

 

2011 Half Year Financial Statements and Dividend Announcement

 

The following announcement was issued today by the Company's 71%-owned subsidiary, Jardine Cycle & Carriage Limited.

 

For further information, please contact:

 

Jardine Matheson Limited

Neil M McNamara                                                                                      (852) 2843 8227

 

GolinHarris

Kennes Young                                                                                           (852) 2501 7987

 

 

29th July 2011                                              

 

JARDINE CYCLE & CARRIAGE LIMITED

2011 HALF YEAR FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT

                                                   

Highlights

·     Underlying earnings per share up 37% to US¢136.41 

·     Strong results from Astra

·     United Tractors raises some US$700 million through a rights issue

·     Contribution from non-Astra motor interests flat

 

"The Group performed well in the first half of 2011 with strong results from Astra's major businesses. Supply constraints on Astra's automotive activities resulting from the effects of the tsunami in Japan are considered unlikely to have a material impact on the full-year results.  While the outlook for Astra in the remainder of the year is positive, challenges remain for the Group's motor interests in Singapore and Vietnam."  

 

Anthony Nightingale, Chairman

29th July 2011

 

Group Results






  Six months ended 30th June


2011

US$m

2010

US$m

Change

%

2011

S$m

Revenue

9,443

7,411

27

11,821

Profit after tax

1,151

848

36

1,441

Underlying profit attributable to shareholders*

485

353

37

607

Profit attributable to shareholders

485

358

35

607


US¢

US¢


Underlying earnings* per share

136.41

99.35

37

170.76

Earnings per share

136.41

100.79

35

170.76

Interim dividend per share**

18.00

16.00

13

22.15


At

30.6.2011

At

31.12.2010


At

30.6.2011


US$m

US$m


S$m

Shareholders' funds

4,093

3,743

9

5,037


US$

US$


S$

Net asset value per share

11.51

10.52

9

14.16

 

The exchange rate of US$1=S$1.23 (31st December 2010: US$1=S$1.29) was used for translating assets and liabilities at the balance sheet date and US$1=S$1.25 (30th June 2010: US$1=S$1.40) was used for translating the results for the period.

 

The financial results for the six months ended 30th June 2011 have been prepared in accordance with the International Financial Reporting Standards.  These results have not been audited or reviewed by the auditors.

 

*   The basis for calculating underlying earnings is set out in Note 4 of this report.

** The S$ amount is estimated.  The actual amount will be determined on the Books Closure Date referred to in Note 12.

 

 

CHAIRMAN'S STATEMENT

 

Overview

 

Jardine Cycle & Carriage produced a strong set of results in the first half of 2011 as Astra's operations benefited from favourable trading conditions in Indonesia, although the performances of the Group's other motor interests were more mixed.

 

Performance

 

The Group's revenue increased by 27% to US$9.4 billion in the first half of 2011. Underlying profit grew by 37% to US$485 million, and underlying earnings per share also increased by 37% to US¢136.41.    

 

Astra's contribution to the Group's underlying profit rose 41% to US$491 million as the results from good trading performances were enhanced by the strength of the rupiah.  Contribution from the Group's other motor interests was flat at US$28 million.

 

The Group continued to benefit from strong operating cash flows.  Consolidated net cash was US$239 million, excluding borrowings within Astra's financial services subsidiaries, compared to net debt of US$353 million at the end of 2010.  The net debt within Astra's financial services subsidiaries was US$3.2 billion, US$866 million up on the previous year end due to an increase in the volume financed.  The parent company net debt was US$23 million.

 

The Board has declared an interim one-tier tax exempt dividend of US¢18 per share (2010: US¢16 per share). The interim dividend is available in cash in US dollars or Singapore dollars.

 

Group Review

Astra

 

Astra reported a net profit under Indonesian accounting standards of Rp8.6 trillion, up 33%, equivalent to US$985 million.  The Indonesian economy continued to grow, supported by stable inflation, high commodity prices and the availability of consumer finance at affordable interest rates. 

 

Automotive

Astra's automotive businesses generally made progress, although there were mild supply constraints of automotive parts in the second quarter as a consequence of the tsunami in Japan. 


The Indonesian wholesale market for motor vehicles grew by 13% to 418,000 units.  Astra's motor vehicle sales grew by 10% to some 230,000 units, representing a market share of 55% compared with 56% in the same period of the previous year. The wholesale market for motorcycles also grew by 13% to 4.1 million units.  Astra Honda Motor maintained its market-leading position with sales improving by 26% to 2.1 million units, leading to an increase in market share from 46% to 51%.

 

Astra Otoparts, the group's 96%-held component manufacturing business, reported 16% decline in net income due to higher costs.

 

Financial Services

An improved contribution from Astra's consumer finance operations reflected loan book growth, reduced offshore funding costs and stable credit experience. The amount financed in the first half grew by 15%, including balances financed through joint bank financing without recourse. Group insurance company, Asuransi Astra Buana, generated an increase in earnings, due to higher retail and commercial premiums.

 

Astra's 45%-held joint venture, Bank Permata, reported a 33% increase in net income for the first half with a 36% growth in its loan book.

 

Agribusiness

Astra Agro Lestari, which is 80%-held, reported a doubling in net income for the period as average crude palm oil prices increased by 22% and crude palm oil production rose 26% to 594,000 tonnes.

 

Heavy Equipment and Mining

United Tractors, which is 60%-owned, reported net income up 35% in the first half.  Strong results were seen in its Komatsu heavy equipment business as sales rose 59% to 4,300 units during the half year. The contract coal mining operations of subsidiary, Pamapersada Nusantara, achieved an increase in contract coal production of 6% to 40 million tonnes and an increase in contract overburden removal of 16% to 365 million bcm despite the continuing effects of unfavourable weather conditions and a weak US dollar.  United Tractors sold two million tonnes of coal produced from its own mines.

 

United Tractors completed a rights issue in May which raised some US$700 million to finance the expansion of its coal mining and coal contracting businesses as well as coal-related infrastructure opportunities.

 

Infrastructure and Logistics

Net income from infrastructure and logistics doubled over the period, benefiting from the reversal of a tax provision and an increase in trading volumes.

 

Information Technology

Astra Graphia, 77%-owned, which is active in the area of information technology solutions and is the sole distributor of Fuji Xerox equipment in Indonesia, reported net income up 20%.

 

Other Motor Interests

 

Contribution from the Group's other motor interests was flat. Profit from the Singapore motor operations fell following a sharp reduction in the government quota for new vehicle sales, and in Vietnam, Truong Hai Auto Corporation made a lower contribution despite higher unit sales, due primarily to increased finance costs.  In Indonesia, the contribution from Tunas Ridean was flat as a higher profit from its automotive activities was offset by lower earnings in its finance and rental businesses.  In Malaysia, Cycle & Carriage Bintang saw some earnings improvement due to higher sales.

 

Outlook

 

The Group performed well in the first half of 2011 with strong results from Astra's major businesses. Supply constraints on Astra's automotive activities resulting from the effects of the tsunami in Japan are considered unlikely to have a material impact on the full-year results. While the outlook for Astra in the remainder of the year is positive, challenges remain for the Group's motor interests in Singapore and Vietnam.

 

Anthony Nightingale

Chairman

29th July 2011

 

Statement pursuant to Rule 705(5) of the Listing Manual

 

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 2011 to be false or misleading in any material respect.

 

 

On behalf of the Directors

 

Anthony Nightingale

Director

 

 

 

Hassan Abas

Director

 

29th July 2011

 

 

Jardine Cycle & Carriage Limited

Consolidated Profit and Loss Account for the six months ended 30th June 2011

 

 

 


 Three months ended

 


    Six months ended

 

 


30.6.11 


30.6.10 

Change


 30.6.11 


30.6.10 

Change


Note

US$m 


US$m 

       %


US$m 


US$m 

  %  












Revenue


4,779.1 


3,841.7 

      24


9,443.3 


7,410.6 

      27

Net operating costs

   2

(4,221.7)


(3,426.6)

      23


(8,335.1)


(6,602.7)

      26












Operating profit

   2

557.4 


415.1 

      34


1,108.2 


807.9 

      37












Financing income


20.3 


15.9 

      28


33.3 


28.7 

      16

Financing charges


(21.7)


(12.4)

      75


(36.2)


(25.5)

      42

Net financing income/(charge)


(1.4)


3.5 

     nm


(2.9)


3.2 

     nm

Share of associates' and joint

    ventures' results after tax


 

181.6 


 

151.0 

      20


 

349.4 


 

272.4 

 

      28












Profit before tax


737.6 


569.6 

      29


1,454.7 


1,083.5 

      34

Tax

   3

(168.7)


(132.6)

      27


(303.7)


(235.2)

      29












Profit after tax

 

568.9 


437.0 

      30


1,151.0 


848.3 

      36












Profit attributable to:











Shareholders of the Company


234.7 


180.7 

      30


485.2 


358.5 

      35

Minority interests


334.2 


256.3 

      30


665.8 


489.8 

      36














568.9 


437.0 

      30


1,151.0 


848.3 

      36














US¢ 


US¢



US¢ 


US¢ 


Earnings per share

   4

65.98 


50.80 

      30


136.41 


100.79 

      35












 

nm: not meaningful

 

 

 

 

 

Jardine Cycle & Carriage Limited

Consolidated Statement of Comprehensive Income for the six months ended 30th June 2011

 

 


Three months ended


Six months ended


30.6.11 


30.6.10 


30.6.11 


30.6.10 


US$m 


US$m 


US$m 


US$m 









Profit for the period

568.9 


437.0 


1,151.0 


848.3 









Translation differences








- gains arising  during the period

111.1 


14.2 


365.0 


207.3 









Available-for-sale investments








- gains arising during the period

9.2 


8.5 


4.8 


16.9 

- transfer to profit and loss

(3.0)


(1.1)


(8.5)


(5.1)









Cash flow hedges








- gains/(losses) arising during the period

(12.1)


3.5 


(12.7)


5.3 









Defined benefit pension plans








- gains arising during the period


0.8 



1.1 









Share of other comprehensive income of

   associates and joint ventures, net of tax

 

(1.3)


 

(0.9)


 

(2.0)


 

(1.2)









Tax relating to components of other               

   comprehensive income

 

2.9 


 

(1.2)


 

3.4 


 

(1.8)









Other comprehensive income for the period

106.8 


23.8 


350.0 


222.5 









Total comprehensive income for the period

675.7 


460.8 


1,501.0 


1,070.8 

























Attributable to:
















Shareholders of the Company

282.0 


188.0 


638.9 


451.7 









Minority interests

393.7 


272.8 


862.1 


619.1 










675.7 


460.8 


1,501.0 


1,070.8 

















 

 

Jardine Cycle & Carriage Limited

Consolidated Balance Sheet at 30th June 2011

 

 

 Note


At


At

 



30.6.11


31.12.10




US$m


US$m

Non-current assets






Intangible assets



766.3


693.6

Leasehold land use rights



484.3


448.0

Property, plant and equipment



3,337.1


2,521.1

Investment properties



26.2


25.0

Plantations



1,041.0


953.8

Interests in associates and joint ventures



2,353.2


2,211.8

Non-current investments



474.8


410.3

Non-current debtors



2,107.9


1,708.9

Deferred tax assets



106.2


80.2




10,697.0


9,052.7

Current assets






Current investments



5.3


5.7

Stocks



1,181.9


1,310.4

Current debtors



4,296.7


3,199.8

Current tax assets



89.8


128.5

Bank balances and other liquid funds






- non-financial services companies



1,549.3


662.1

- financial services companies



200.1


175.9




1,749.4


838.0




7,323.1


5,482.4







Total assets



18,020.1


14,535.1







Non-current liabilities






Non-current creditors



242.1


83.7

Provisions



69.0


61.0

Long-term borrowings

    5





- non-financial services companies



622.2


421.9

- financial services companies



1,906.3


1,128.0




2,528.5


1,549.9

Deferred tax liabilities



408.3


330.0

Pension liabilities



124.1


106.9




3,372.0


2,131.5

Current liabilities






Current creditors



2,942.8


2,222.5

Provisions



36.3


34.2

Current borrowings

    5





- non-financial services companies



692.6


595.2

- financial services companies



1,515.3


1,402.7




2,207.9


1,997.9

Current tax liabilities



128.2


91.7




5,315.2


4,346.3







Total liabilities



8,687.2


6,477.8







Net assets



9,332.9


8,057.3







Equity






Share capital

    6


       632.3


632.3

Revenue reserve

    7


    2,800.6


2,604.0

Other reserves

    8


       660.5


506.8

Shareholders' funds



    4,093.4


3,743.1

Minority interests

    9


    5,239.5


4,314.2

Total equity



    9,332.9


8,057.3

 

 

 


 

Jardine Cycle & Carriage Limited

Consolidated Statement of Changes in Equity for the three months ended 30th June 2011

 


Attributable to shareholders of the Company










Asset




Fair value 




Attributable 




Share


Revenue 


revaluation


Translation


and other 




to minority 


Total 


capital


reserve 


reserve


reserve


reserves 


Total 


interests 


equity 


US$m


US$m 


US$m


US$m


US$m 


US$m 


US$m 


US$m 

















2011
















Balance at 1st April

632.3


2,855.4 


317.8


268.0


27.4 


4,100.9 


4,784.5 


8,885.4 

Total comprehensive income

-


234.7 


-


49.5


(2.2)


282.0 


393.7 


675.7 

Issue of shares to minority shareholders

-



-


-




282.0 


282.0 

Dividends paid by the Company

-


(288.2)


-


-



(288.2)



(288.2)

Dividends paid to minority shareholders

-



-


-




(352.1)


(352.1)

Acquisition of subsidiaries

-



-


-




134.8


134.8 

Other

-


(1.3)


-


-



(1.3)


(3.4)


(4.7)

















Balance at 30th June

632.3


2,800.6 


317.8


317.5


25.2 


4,093.4 


5,239.5 


9,332.9 

















2010
















Balance at 1st April 

632.3


2,093.9 


317.8


113.2


17.4


3,174.6 


3,743.1 


6,917.7 

Total comprehensive income

-


180.9 


-


3.5


3.6


188.0


272.8 


460.8 

Dividends paid by the Company

-


(166.9)


-


-


-


(166.9)


- 


(166.9)

Dividends paid to minority shareholders

-


- 


-


-


-


- 


(269.1)


(269.1)

Disposal of subsidiaries

-


- 


-


-


-


- 


(0.3)


(0.3)

















Balance at 30th June

632.3


2,107.9 


317.8


116.7


21.0


3,195.7 


3,746.5 


6,942.2 

 



 

 

 

Jardine Cycle & Carriage Limited

Consolidated Statement of Changes in Equity for the six months ended 30th June 2011

 


Attributable to shareholders of the Company










Asset




Fair value 




Attributable 




Share


Revenue 


revaluation


Translation


and other 




to minority 


Total 


capital


reserve 


reserve


Reserve


reserves 


Total 


interests 


equity 


US$m


US$m 


US$m


US$m


US$m 


US$m 


US$m 


US$m 

















2011
















Balance at 1st January

632.3


2,604.0 


317.8


157.6


31.4 


3,743.1 


4,314.2 


8,057.3 

Total comprehensive income

-


485.2 


-


159.9


(6.2)


638.9 


862.1 


1,501.0 

Issue of shares to minority shareholders

-


- 


-


-


- 


- 


284.0 


284.0 

Dividends paid by the Company

-


(288.2)


-


-


- 


(288.2)


- 


(288.2)

Dividends paid to minority shareholders

-


- 


-


-


- 


- 


(353.1)


(353.1)

Acquisition of subsidiaries

-


- 


-


-


- 


- 


134.8 


134.8 

Other

-


(0.4)


-


-


- 


(0.4)


(2.5)


(2.9)

















Balance at 30th June

632.3


2,800.6 


317.8


317.5


25.2 


4,093.4 


5,239.5 


9,332.9 

















2010
















Balance at 1st January

632.3


1,916.0 


317.8


29.6


15.2 


2,910.9 


3,405.9 


6,316.8 

Total comprehensive income

-


358.8 


-


87.1


5.8 


451.7 


619.1 


1,070.8 

Dividends paid by the Company

-


(166.9)


-


-


- 


(166.9)


- 


(166.9)

Dividends paid to minority shareholders

-


- 


-


-


- 


- 


(269.7)


(269.7)

Disposal of subsidiaries

-


- 


-


-


- 


- 


(8.8)


(8.8)

















Balance at 30th June

632.3


2,107.9 


317.8


116.7


21.0 


3,195.7 


3,746.5 


6,942.2 


 

Jardine Cycle & Carriage Limited

Company Balance Sheet at 30th June 2011

 

 

               

At


At

 

               

30.6.11


31.12.10


                Note

US$m


US$m






Non-current assets





Property, plant and equipment

               

30.6


29.3

Interests in subsidiaries


1,437.6


1,373.2

Interests in associates


190.6


173.7

Non-current investment

               

8.4


8.0



1,667.2


1,584.2






Current assets





Current debtors


69.6


0.7

Bank balances and other liquid funds


13.8


6.9



83.4


7.6






Total assets


1,750.6


1,591.8






Non-current liabilities





Deferred tax liabilities


0.2


0.4



0.2


0.4






Current liabilities





Current creditors


113.0


31.2

Current borrowings


36.5


-

Current tax liabilities


1.0


0.8



150.5


32.0






Total liabilities


150.7


32.4






Net assets


1,599.9


1,559.4






Equity





Share capital

                6

632.3


632.3

Revenue reserve

                7

508.2


540.3

Other reserves

                8

459.4


386.8

Total equity


1,599.9


1,559.4






Net asset value per share


US$4.50


US$4.38

 

 

 

 

Jardine Cycle & Carriage Limited

Company Statement of Comprehensive Income for the six months ended 30th June 2011

 

 

 

Three months ended


Six months ended

 

30.6.11


30.6.10


30.6.11


30.6.10


US$m


US$m


US$m


US$m









Profit after tax

259.2


179.1


256.1


176.2

















Translation difference

39.1


(2.1)


72.6


(0.1)

















Other comprehensive income for the period

39.1


(2.1)


72.6


(0.1)









Total comprehensive income for the period

298.3


177.0


328.7


176.1









 

 

 

Jardine Cycle & Carriage Limited

Company Statement of Changes in Equity for the six months ended 30th June 2011

 

 

For the three months ended 30th June 2011

 

 

Share 

capital 


 

Revenue 

reserve 


 

Translation 

Reserve 


Fair value 

and other 

reserves 


 

Total 

equity 


US$m 


US$m 


US$m 


US$m 


US$m 











2011










Balance at 1st April

632.3 


537.2 


419.4 


0.9 


1,589.8 











Total comprehensive income


259.2 


39.1 



298.3 











Dividend paid


(288.2)




(288.2)











Balance at 30th June

632.3 


508.2 


458.5 


0.9 


1,599.9 





















2010










Balance at 1st April

632.3 


489.2 


261.6 


1.2 


1,384.3 











Total comprehensive income

- 


179.1 


(2.1)


- 


177.0 











Dividend paid

- 


(166.9)


- 


- 


(166.9)











Balance at 30th June

632.3 


501.4 


259.5 


1.2 


1,394.4 











 

For the six months ended 30th June 2011

 

 

Share 

capital 


 

Revenue 

reserve 


 

Translation 

reserve 


Fair value 

and other 

reserves 


 

Total 

equity 


US$m 


US$m 


US$m 


US$m 


US$m











2011










Balance at 1st January

632.3 


540.3 


385.9 


0.9 


1,559.4 











Total comprehensive income


256.1 


72.6 



328.7 











Dividend paid


(288.2)




(288.2)











Balance at 30th June

632.3 


508.2 


458.5 


0.9 


1,599.9 





















2010










Balance at 1st January

632.3 


492.1 


259.6 


1.2 


1,385.2 











Total comprehensive income

- 


176.2 


(0.1)


- 


176.1 











Dividend paid

- 


(166.9)


- 


- 


(166.9)











Balance at 30th June

632.3 


501.4 


259.5 


1.2 


1,394.4 











 

 

Jardine Cycle & Carriage Limited

Consolidated Statement of Cash Flows for the six months ended 30th June 2011

 



Three months ended


Six months ended



30.6.11 


30.6.10 


30.6.11 


30.6.10 


Note

US$m 


US$m 


US$m 


US$m 










Cash flows from operating activities









Cash generated from operations

10

438.7 


239.3 


819.0 


517.3 










Interest paid


(15.9)


(11.6)


(29.3)


(21.8)

Interest received


21.8 


16.8 


33.3 


28.0 

Other finance costs paid


(3.4)


(1.4)


(4.5)


(3.3)

Income tax paid


(137.5)


(191.7)


(258.4)


(289.4)












(135.0)


(187.9)


(258.9)


(286.5)










Net cash flows from operating activities


303.7 


51.4 


560.1 


230.8 










Cash flows from investing activities









Sale of property, plant and equipment


3.2 


1.9 


6.7 


3.9 

Sale of subsidiaries, net of cash disposed


0.7 


0.5 


0.7 


4.1 

Liquidation of associate


- 


- 


1.1 


- 

Sale of investments


33.2 


11.7 


54.6 


22.1 

Purchase of intangible assets


(16.1)


(14.1)


(29.6)


(23.1)

Purchase of leasehold land use rights


(40.1)


(17.7)


(66.2)


(18.7)

Purchase of property, plant and equipment


(281.9)


(140.5)


(382.7)


(228.9)

Additions to plantations


(22.7)


(22.8)


(40.3)


(43.3)

Purchase of subsidiaries, net of cash acquired


(71.8)


- 


(71.8)


(0.5)

Purchase of shares in associates and joint

    ventures


 

(10.7)


 

- 


 

(21.2)


 

(12.5)

Purchase of investments


(80.7)


(49.0)


(97.1)


(75.8)

Capital repayment of investments


1.7 




1.9 


0.5 

Dividends received from associates and joint

    ventures (net)


 

293.3 


 

137.8 


 

309.6 


 

152.5 










Net cash flows used in investing activities


(191.9)


(92.2)


(334.3)


(219.7)










Cash flows from financing activities









Drawdown of loans


1,991.5 


1,105.7 


3,210.6 


1,738.7 

Repayment of loans


(1,213.8)


(608.6)


(2,206.5)


(1,116.6)

Change in controlling interests in subsidiaries


0.3 


- 


2.1 


- 

Investments by minority shareholders


277.1 


- 


279.1 


- 

Dividends paid to minority interests


(352.1)


(86.6)


(353.1)


(87.2)

Dividends paid by the Company


(288.2)


(166.9)


(288.2)


(166.9)










Net cash flows from financing activities


414.8 


243.6 


644.0 


368.0 



















Net change in cash and cash equivalents


526.6 


202.8 


869.8 


379.1 

Cash and cash equivalents at the beginning

    of the period


 

1,215.3 


 

1,158.1 


 

847.8 


 

962.1 

Effect of exchange rate changes


17.8 


3.6 


42.1 


23.3 










Cash and cash equivalents at the end

    of the period


 

1,759.7 


 

1,364.5 


 

1,759.7 


 

1,364.5 



 

 

Jardine Cycle & Carriage Limited

Notes to the financial statements for the six months ended 30th June 2011

     

1      Basis of preparation

 

The financial statements are consistent with those set out in the 2010 audited accounts which have been prepared in accordance with International Financial Reporting Standards ("IFRS"). There have been no changes to the accounting policies described in the 2010 audited accounts except for the adoption of the new standard, amendments and interpretations shown below:

 

 

 

IAS 24

Related Party Disclosures

IFRIC 19

Extinguishing Financial Liabilities with Equity Instruments

Amendment to IFRS 3

Business Combinations

Amendment to IFRS 7

Financial Instruments: Disclosures

Amendment to IAS 1

Presentation of Financial Statements

Amendment to IAS 32

Classification of Rights Issues

Amendment to IAS 34

Interim Financial Reporting

Amendment to IFRIC 13

Customer Loyalty Programmes

Amendment to IFRIC 14

Prepayments of a Minimum Funding Requirement

 

The adoption of these new standard, amendments and interpretations did not have a material impact on the results of the Group.

 

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group's accounting policies.  Estimates and judgments used in preparing the financial statements are regularly evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.  The resulting accounting estimates will, by definition, seldom equal the related actual results. 

 

The exchange rates used for translating assets and liabilities at the balance sheet date are US$1=S$1.2306 (2010: US$1=S$1.2883), US$1=RM3.0218 (2010: US$1=RM3.0705), US$1=IDR8,597 (2010: US$1=IDR8,991) and US$1=VND20,593 (2010: US$1=VND19,499).

 

The exchange rates used for translating the results for the period are US$1=S$1.2518 (2010: US$1 =S$1.3984), US$1=RM3.0241 (2010: US$1=RM3.3014), US$1=IDR8,716 (2010: US$1=IDR9,182) and US$1=VND20,496 (2010: US$1=VND18,937).

 

2      Net operating costs and operating profit

               

Group

 

  Three months ended


Six months ended

 

 

30.6.11 


30.6.10 

Change

30.6.11 


30.6.10 

Change


US$m 


US$m 

%

US$m


US$m 

%










Cost of sales

(3,855.5)


(3,095.3)

25

(7,614.9)


(5,988.0)

27

Other operating income

72.0


38.7 

86

129.1 


95.8 

35

Selling and distribution expenses

(202.0)


(183.2)

10

(391.1)


(349.2)

12

Administrative expenses

(235.9)


(187.8)

26

(450.2)


(343.0)

31

Other operating expenses

(0.3)


1.0 

nm

(8.0)


(18.3)

-56

Net operating costs

(4,221.7)


(3,426.6)

23

(8,335.1)


(6,602.7)

26

        Operating profit is determined after including:








Depreciation of property, plant and









   equipment

(138.8)


(112.3)

24

(276.0)


(218.3)

26

Amortisation of intangible assets and









   leasehold land use rights

(15.0)


(11.9)

26

(29.1)


(23.4)

24

Profit/(loss) on disposal of:









-  subsidiaries


(0.3)

-100

- 


17.5 

-100

-  repossessed assets

(17.3)


(13.5)

28

(32.0)


(23.4)

37

Write-down of stocks

(0.9)


(3.5)

-74

(3.4)


(4.3)

-21

Impairment of debtors

(27.4)


(26.1)

5

(44.8)


(51.8)

-14

Dividend and interest income from









   investments (1)

15.0 


6.0 

150

19.4 


9.5 

104

 

(1) Increase due to higher dividend income and additional investments

 

 

3      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. 

 

4      Earnings per share


Group


  Three months ended


Six months ended


30.6.11


30.6.10


30.6.11


30.6.10


US$m


US$m


US$m


US$m

Basic earnings per share








Profit attributable to shareholders

234.7


180.7


485.2


358.5

Weighted average number of ordinary 

    shares in issue (millions)

 

355.7


 

355.7


 

355.7


 

355.7

Basic earnings per share

US¢65.98


US¢50.80


US¢136.41


US¢100.79









Diluted earnings per share








Profit attributable to shareholders

234.7


180.7


485.2


358.5

Weighted average number of ordinary shares

    in issue (millions)

 

355.7


 

355.7


 

355.7


 

355.7

Adjustment for assumed conversion of share

    options (millions)

 

-   *

 

 

 

-   *


 

-   *


 

-    *

Weighted average number of ordinary shares

    for diluted earnings per share (millions)

 

355.7


 

355.7


 

355.7


 

355.7









Diluted earnings per share

US¢65.98


US¢50.80


US¢136.41


US¢100.79









Underlying earnings per share








Underlying profit attributable to shareholders

234.7


180.6


485.2


353.4

Basic underlying earnings per share

US¢65.98


US¢50.77


US¢136.41


US¢99.35

Diluted underlying earnings per share

US¢65.98


US¢50.77


US¢136.41


US¢99.35

 

* less than 0.1 million

 

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


Group


  Three months ended


Six months ended


30.6.11


30.6.10


30.6.11


30.6.10


US$m


US$m


US$m


US$m









Profit attributable to shareholders

234.7


180.7


485.2


358.5

Less: 








Non-trading items (net of tax and minority interests)








Profit on disposal of subsidiaries

-


0.1


-


5.1

Underlying profit attributable to shareholders

234.7


180.6


485.2


353.4

 

        The underlying profit attributable to shareholders by business is shown below:

 

               

Group

 

Three months ended


Six months ended

 

 

30.6.11 


30.6.10 

 Change

30.6.11 


30.6.10 

   Change


US$m 


US$m 

      %

US$m 


US$m 

       %

Astra









Automotive

115.7 


95.9 

      21

225.8 


177.1 

      27

Financial services

51.1 


37.0 

      38

96.2 


71.4 

      35

Agribusiness

28.7 


15.9 

      81

58.2 


27.6 

    111

Heavy equipment and mining

44.0 


32.7 

      35

88.4 


61.7 

      43

Infrastructure and logistics

7.7 


5.2 

      48

20.2 


9.8 

    106

Information technology

1.4 


1.1 

      27

2.3 


1.8 

      28


248.6 


187.8 

      32

491.1 


349.4 

      41

Other motor interests









Singapore

7.6 


5.5 

      38

13.0 


13.3 

       -2

Malaysia

1.3 


1.0 

      30

2.8 


2.2 

      27

Indonesia (Tunas Ridean)

4.4 


3.6 

      22

7.8 


7.7 

        1

Vietnam

3.1 


4.0 

     -23

3.9 


4.9 

     -20


16.4 


14.1 

      16

27.5 


28.1 

       -2










Corporate costs

(3.9)


(3.4)

      15

(7.0)


(6.2)

      13

Withholding tax on dividends from Indonesia

(26.4)


(17.9)

      47

(26.4)


(17.9)

      47


(30.3)


(21.3)

      42

(33.4)


(24.1)

      39










Underlying profit attributable to shareholders

234.7 


180.6 

      30

485.2 


353.4 

      37

       

5      Borrowings



Group



At


At



30.6.11


31.12.10



US$m


US$m

Long-term borrowings:





  - secured


2,076.3


1,299.0

  - unsecured


452.2


250.9



2,528.5


1,549.9

Current borrowings:





  - secured


1,660.8


1,554.7

  - unsecured


547.1


443.2



2,207.9


1,997.9






Total borrowings


4,736.4


3,547.8

 

Certain subsidiaries of the Group have pledged their assets in order to obtain bank facilities from financial institutions.  The value of assets pledged wasd was US$2,529.6 million (31st December 2010: US$2,016.1 million).

 

6      Share capital


Company


2011


2010


US$m


US$m

Three months ended 30th June




Issued and fully paid:




Balance at 1st April - 355,689,660  (2010:  355,678,660) ordinary shares

632.3


632.3

Issue of nil ordinary shares under the CCL Executives' Share Option Scheme

-


Balance at 30th June - 355,689,660 (2010: 355,678,660) ordinary shares

632.3






Six months ended 30th June




Issued and fully paid:




Balance at 1st January - 355,679,660  (2010:  355,678,660) ordinary shares

632.3


632.3

Issue of 10,000 (2010: Nil) ordinary shares under the CCL Executives' Share




        Option Scheme

        - *


         -   

Balance at 30th June - 355,689,660 (2010: 355,678,660) ordinary shares

632.3


       

* less than 0.1 million


The Company did not hold any treasury shares as at 30th June 2011 (30th June 2010: Nil).


The number of shares that may be issued on conversion of all outstanding options granted pursuant to the CCL Executives' Share Option Scheme amounted to 23,000 as at 30th June 2011 (30th June 2010: 34,000).


There were no other rights, bonus or equity issues during the period between 1st April 2011 and 30th June 2011.


 

7      Revenue reserve

 


Group


Company

Three months ended 30th June

2011 


2010 


2011 


2010 


US$m 


US$m 


US$m 


US$m 









Balance at 1st April

2,855.4 


2,093.9 


537.2 


489.2 

Defined benefit pension plans








  - actuarial gain


0.3 



  - deferred tax


(0.1)



Profit attributable to shareholders

234.7 


180.7


259.2 


179.1 

Dividends paid by the Company

(288.2)


(166.9)


(288.2)


(166.9)

Other

(1.3)




Balance at 30th June

2,800.6 


2,107.9 


508.2 


501.4 






Group


Company

Six months ended 30th June

2011 


2010 


2011 


2010 


US$m 


US$m 


US$m 


US$m 









Balance at 1st January

2,604.0 


1,916.0 


540.3 


492.1 

Defined benefit pension plans








  - actuarial gain


0.4 



  - deferred tax


(0.1)



Profit attributable to shareholders

485.2 


358.5


256.1 


176.2 

Dividends paid by the Company

(288.2)


(166.9)


(288.2)


(166.9)

Other

(0.4)




Balance at 30th June

2,800.6 


2,107.9 


508.2 


501.4 

8      Other reserves


Group


Company


2011 


2010 


2011 


2010 


US$m 


US$m 


US$m 


US$m 

Composition:








Asset revaluation reserve

317.8 


317.8 



- 

Translation reserve

317.5 


116.7 


458.5 


259.5 

Fair value reserve

27.6 


21.1 


0.6 


0.9 

Hedging reserve

(6.0)


(3.7)



- 

Share option reserve

0.3 


0.3 


0.3 


0.3 

Other reserve

3.3 


3.3 



- 

Balance at 30th June

660.5 


455.5 


459.4 


260.7 






Group


Company

Three months ended 30th June

2011 


2010 


2011 


2010 


US$m 


US$m 


US$m 


US$m 









Movements:








Asset revaluation reserve








Balance at 1st April and at 30th June

317.8 


317.8 



- 









Translation reserve








Balance at 1st April

268.0 


113.2 


419.4 


261.6 

Translation difference

49.5 


3.5 


39.1 


(2.1)

Balance at 30th June

317.5 


116.7 


458.5 


259.5 









 


Group


Company

Three months ended 30th June

2011


2010


2011


2010


US$m


US$m


US$m


US$m

Fair value reserve








Balance at 1st April

24.5


18.3


0.6


0.9

Available-for-sale investments








- fair value changes

4.4


3.6


-


-

- deferred tax

(0.1)


(0.1)


-


-

- transfer to profit and loss

(1.4)


(0.5)


-


-

Share of associates' and joint ventures' fair

  value changes of available-for-sale

  investments, net of tax  

 

 

0.2


 

 

(0.2)


 

 

-


 

 

-

Balance at 30th June

27.6


21.1


0.6


0.9









Hedging reserve








Balance at 1st April

(0.7)


(4.5)


-


-

Cash flow hedges








- fair value changes

(5.9)


1.3


-


-

- deferred tax

1.5


(0.3)


-


-

Share of associates' and joint ventures' fair

  value changes of cash flow hedges, net of tax

 

(0.9)


 

(0.2)


 

-


 

-

Balance at 30th June

(6.0)


(3.7)


-


-









        Share option reserve

Balance at 1st April and 30th June

0.3 


0.3 


0.3


0.3









Other reserve








Balance at 1st April and 30th June

3.3 


3.3 


-


-






Group


Company

Six months ended 30th June

2011 


2010 


2011


2010


US$m 


US$m 


US$m


US$m

Movements:








Asset revaluation reserve








Balance at 1st January and 30th June

317.8 


317.8 


-


-









Translation reserve








Balance at 1st January

157.6 


29.6 


385.9


259.6

Translation difference

159.9 


87.1 


72.6


(0.1)

Balance at 30th June

317.5 


116.7 


458.5


259.5









Fair value reserve








Balance at 1st January

28.8 


16.4 


0.6


0.9

Available-for-sale investments








- fair value changes

2.6 


7.6 


-


-

- deferred tax

0.1 


(0.1)


-


-

- transfer to profit and loss

(4.1)


(2.4)


-


-

Share of associates' and joint ventures' fair

  value changes of available-for-sale investments,

net of tax  

 

 

0.2 


 

 

(0.4)


 

 

-


 

 

-

Balance at 30th June

27.6 


21.1 


0.6


0.9









Hedging reserve








Balance at 1st January

(1.0)


(4.8)


-


-

Cash flow hedges








- fair value changes

(5.0)


1.7 


-


-

- deferred tax

1.3 


(0.4)


-


-

Share of associates' and joint ventures' fair

  value changes of cash flow hedges, net of tax

 

(1.3)


 

(0.2)


 

-


 

-

Balance at 30th June

(6.0)


(3.7)


-


-









Share option reserve








Balance at 1st January and 30th June

0.3 


0.3 


0.3


0.3









Other reserve








Balance at 1st January and 30th June

3.3 


3.3 


-


-

 

 

9      Minority interests


Group

Three months ended 30th June

2011 


2010 


US$m 


US$m 





Balance at 1st April

4,784.5 


3,743.1 

Available-for-sale investments




- fair value changes

4.8 


4.9 

- transfer to profit and loss

(1.6)


(0.6)

Share of associates' and joint ventures' fair value changes of available-for-sale investments, net of tax

 

0.3 


 

(0.3)

Cash flow hedges




- fair value changes

(6.2)


2.2 

- deferred tax

1.5 


(0.6)

Share of associates' and joint ventures' fair value changes of cash flow hedges, net of tax

 

(0.9)


 

(0.2)

Defined benefit pension plans




- actuarial gain


0.5 

- deferred tax


(0.1)

Translation difference

61.6 


10.7 

Profit for the period

334.2 


256.3 

Issue of shares

282.0 


- 

Dividends paid

(352.1)


(269.1)

Acquisition/disposal of subsidiaries

134.8 


(0.3)

Other

(3.4)


- 

Balance at 30th June

5,239.5 


3,746.5 




Group

Six months ended 30th June

2011 


2010 


US$m 


US$m 





Balance at 1st January

4,314.2 


3,405.9 

Available-for-sale investments




- fair value changes

2.2 


9.3 

- deferred tax

0.1 


(0.1)

- transfer to profit and loss

(4.4)


(2.7)

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

  available-for-sale investments, net of tax

 

0.3 


 

(0.4)

Cash flow hedges




- fair value changes

(7.7)


3.6 

- deferred tax

1.9 


(0.9)

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

  flow hedges, net of tax

 

(1.2)


 

(0.2)

Defined benefit pension plans




- actuarial gain


0.7 

- deferred tax


(0.2)

Translation difference

205.1 


120.2 

Profit for the period

665.8 


489.8 

Issue of shares

284.0 


- 

Dividends paid

(353.1)


(269.7)

Acquisition/disposal of subsidiaries

134.8 


(8.8)

Other

(2.5)


- 

Balance at 30th June

5,239.5 


3,746.5 

 

10    Cash flows from operating activities


Group


   Three months ended


       Six months ended


30.6.11 


30.6.10 


30.6.11 


30.6.10 


US$m 


US$m 


US$m 


US$m 









Profit before tax

737.6 


569.6 


1,454.7 


1,083.5 









Adjustments for:








Financing income

(20.3)


(15.9)


(33.3)


(28.7)

Financing charges

21.7 


12.4 


36.2 


25.5 

Share of associates' and joint ventures' results

  after tax

 

(181.6)


 

(151.0)


 

(349.4)


 

(272.4)

Depreciation of property, plant and equipment                

138.8 


112.3 


276.0 


218.3 

Amortisation of intangible assets and leasehold

  land use rights

 

15.0 


 

11.9 


 

29.1 


 

23.4 

(Profit)/loss on disposal of:








 - leasehold land use rights

- 


0.4 


- 


0.4 

 - property, plant and equipment

(2.4)


(0.5)


(4.2)


(1.2)

 - intangible assets

0.1 


- 


0.1 


- 

 - investments

(3.9)


(1.6)


(9.3)


(6.0)

 - repossessed assets

17.3 


13.5 


32.0 


23.4 

 - subsidiaries

- 


0.3 


- 


(17.5)

 - associates

(0.3)


- 


(0.3)


- 

Write-down of stocks

0.9 


3.5 


3.4 


4.3 

Impairment of debtors

27.4 


26.1 


44.8 


51.8 

Changes in provisions

5.1 


2.9 


8.9 


7.3 

Foreign exchange (gain)/loss

5.0 


(2.9)


0.2 


3.9 

Excess of net fair value of identifiable assets, liabilities








  and contingent liabilities acquired over cost of








  business combination

(0.5)


- 


(0.5)


- 


22.3 


11.4 


33.7 


32.5 

Operating profit before working capital changes

759.9 


581.0 


1,488.4 


1,116.0 









Changes in working capital:








Stocks 

33.0 


(188.7)


58.7 


(134.9)

Financing debtors (1)

(467.5)


(270.8)


(826.0)


(546.9)

Debtors  (2)

(152.3)


(127.8)


(498.3)


(380.5)

Creditors (3)

259.7 


239.5 


584.6 


454.6 

Pensions

5.9 


6.1 


11.6 


9.0 


(321.2)


(341.7)


(669.4)


(598.7)

Cash flows from operating activities

438.7 


239.3 


819.0 


517.3       

 

(1)   Decrease due to higher financing activities

(2)   Decrease due to higher sales activities and prepayments

(3)   Increase due to higher purchases and accruals

 

 

11    Interested person transactions

 

 

 

 

 

 

 

 

 

 

Name of interested person


 

Aggregate value of all interested person transactions (excluding transactions less than S$100,000 and transactions conducted under shareholders' mandate pursuant to Rule 920)


 

Aggregate value of all interested person transactions conducted under shareholders' mandate pursuant to Rule 920 (excluding transactions less than S$100,000)



US$m


US$m

Three months ended 30th June 2011





Jardine Matheson Limited

- management support services


 

-


 

1.2






Six months ended 30th June 2011





Jardine Matheson Limited

- management support services


 

-


 

3.1

               

 

 

12    Dividend and closure of books

The Board has declared an interim one-tier tax exempt dividend of US¢18 per share (2010: US¢16 per share).

 

NOTICE IS HEREBY GIVEN that the Transfer Books and the Register of Members will be closed from 5.00 pm on 

Tuesday, 16th August 2011 to Wednesday, 17th August 2011 for the purpose of determining shareholders' entitlement to the interim dividend.

 

Duly completed transfers received by Jardine Cycle & Carriage Limited's Share Registrar, M&C Services Private Limited at 138 Robinson Road #17-00, The Corporate Office, Singapore 068906 up to 5.00 pm on Tuesday, 16th August 2011 ("Books Closure Date") will be registered before entitlements to the interim dividend are determined.  Shareholders whose securities accounts with The Central Depository (Pte) Limited ("CDP") are credited with shares as at the Books Closure Date will be entitled to the interim dividend. The interim dividend will be paid on or about Monday, 26th September 2011.  Shareholders will have the option to receive the dividend in Singapore dollars and in the absence of any election, the dividend will be paid in US dollars.  Details on this elective will be furnished to shareholders in due course.

 

 

13    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 4 of this report.

 

        No significant event or transaction has occurred between 1st July 2011 and the date of this report.

 

 

- end -

For further information, please contact:

 

Jardine Cycle & Carriage Limited

Ho Yeng Tat                  Tel:  65  64708108

 

The full text of the Financial Statements and Dividend Announcement for the six months ended 30th June 2011 can be accessed through the internet at 'www.jcclgroup.com'.

 

Corporate Profile               

Jardine Cycle & Carriage ("JC&C") is a leading Singapore-listed company and a member of the Jardine Matheson group.  It has an interest of just over 50% in Astra, a major listed Indonesian conglomerate, and other motor interests in Southeast Asia.  Together with its subsidiaries and associates, JC&C employs some 156,000 people across Indonesia, Malaysia, Singapore and Vietnam. 

 

Astra is the largest independent automotive group in Southeast Asia, with additional interests in financial services, agribusiness, heavy equipment and mining, information technology and infrastructure.  JC&C has directly-held subsidiaries operating in Singapore and Malaysia under the Cycle & Carriage banner, and associates, Tunas Ridean in Indonesia and Truong Hai Auto Corporation in Vietnam.  The JC&C Group represents some of the world's leading motoring marques including Mercedes-Benz, Honda and Toyota.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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