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Jardine Strategic (88EI)

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Tuesday 01 November, 2011

Jardine Strategic

JC&C 3rd Quarter Financial Results

RNS Number : 2335R
Jardine Strategic Hldgs Ld
01 November 2011
 



       

                                                                                                          

 

To:        Business Editor

1st November 2011


For immediate release

 

 

Jardine Cycle & Carriage Limited

2011 Third Quarter 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



 

 



      1st November 2011                                           

 

JARDINE CYCLE & CARRIAGE LIMITED

2011 THIRD QUARTER FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT

 

Highlights

·    Underlying earnings per share up 34% to US¢217.82

·    Strong results from Astra

·    Modest improvement in Group's other motor interests

 

"The Group performed well in the first nine months of 2011 with Astra delivering a strong set of results. The Group's other motor business showed some earnings improvement, although challenges remain in Singapore and Vietnam.  While the impact of the deteriorating global economy on the Group's operations is still uncertain, the outlook for the rest of the year remains positive."

 

Anthony Nightingale, Chairman

1st November 2011

 

Group Results






  Nine months ended 30th September


2011

US$m

2010

US$m

Change

%

2011

S$m

Revenue

14,873

11,438

30

18,539

Profit after tax

1,833

1,373

34

2,285

Underlying profit attributable to shareholders*

775

579

34

966

Profit attributable to shareholders

775

584

33

966


US¢

US¢


Underlying earnings* per share

217.82

162.81

34

271.52

Earnings per share

217.82

164.24

33

271.52

Interim dividend per share

18.00

16.00

13

21.66


At

30.9.2011

At

31.12.2010


At

30.9.2011


US$m

US$m


S$m

Shareholders' funds

4,236

3,743

13

5,498


US¢

US¢


Net asset value per share

11.91

10.52

13

15.46

 

The exchange rate of US$1=S$1.30 (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 September 2010: US$1=S$1.38) was used for translating the results for the period.

 

The financial results for the nine months ended 30th September 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.

 

 

               

 

 

 

 

CHAIRMAN'S STATEMENT

 

Overview

 

Jardine Cycle & Carriage produced good earnings growth in the nine months to 30th September 2011. Astra delivered a strong set of results with good performances across all its major business segments supported by growth in domestic demand and robust commodity prices.

 

Performance

 

The Group's revenue for the first nine months of 2011 increased by 30% to US$14.9 billion.  Underlying profit grew by 34% to US$775 million, and underlying earnings per share also increased by 34% to US¢217.82.

 

Astra contributed US$770 million to the Group's underlying profit, a 36% increase with strong trading performances. Contribution from the Group's other motor interests rose 9% to US$43 million.

 

The Group had consolidated net cash of US$39 million at 30th September 2011, excluding borrowings within Astra's financial services subsidiaries, compared to the net debt of US$353 million at the end of 2010. The net debt within Astra's financial services subsidiaries was US$3.4 billion at the period end, US$1.1 billion higher than the end of 2010 due to an increase in volume financed.  The parent company had net debt of US$84 million.

 

The Board has not declared a dividend for the nine months ended 30th September 2011 (30th September 2010: Nil).

 

Group Review

Astra

 

Astra reported a net profit under Indonesian accounting standards of Rp13.4 trillion, up 30%, equivalent to US$1.5 billion. The Indonesian economy continued to grow, supported by high commodity prices and the availability of financing at affordable interest rates, while inflation remained stable. 

 

Automotive

The Indonesian wholesale market for motor vehicles grew by 19% to 660,000 units.  Astra's motor vehicle sales rose by 16% to 362,000 units, representing a market share of 55%, compared to 56% for the same period last year.  The wholesale market for motorcycles grew by 12% to 6.2 million units.  Astra Honda Motor's sales improved by 24% to 3.2 million units, with its market share increasing from 47% to 52%.

 

Astra Otoparts, the group's 96%-owned component manufacturing business, reported a 9% decline in net income due to higher cost of sales and operating expenditure.

 

Financial Services

The increased contribution from Astra's consumer finance operations reflected loan book growth, a reduction in offshore funding costs and stable customer credit experience.   The aggregated amount financed through Astra's automotive consumer finance operations, Federal International Finance, Astra Credit Companies and Toyota Astra Financial Services grew by 14% to US$4.3 billion, including balances financed through joint bank financing without recourse.  The aggregated amount financed through Astra's heavy equipment finance operations, Surya Artha Nusantara Finance and Komatsu Astra Finance grew by 46% to US$601 million.  The heavy equipment finance operations do not utilise joint bank financing facilities. 

 

The group's 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 net income of US$111 million, an increase of 23%, as loan book growth of 39% more than compensated for the lower net interest margins. 

 

Agribusiness

Astra Agro Lestari, which is 80%-held, reported a 51% increase in net income as average crude palm oil prices achieved were 16% higher and crude palm oil production rose 20% to 931,000 tonnes.

 

Heavy Equipment and Mining

United Tractors, which is 60%-owned, reported a 47% improvement in net income. Strong results were seen in its Komatsu heavy equipment business which sold 6,400 units, an increase of 55%.  The contract mining operations of subsidiary, Pamapersada Nusantara, achieved an increase in contract coal production of 11% to 63 million tonnes and an increase in contract overburden removal of 22% to 585 million bcm.  United Tractors sold three million tonnes of coal produced from its own mines.

 

United Tractors and its subsidiaries own interests in eight coal mines following an increase in its stake in Asmin Bara from 30% to 60% and the acquisition of a 20% interest in Bukit Enim Energi. 

 

Infrastructure and Logistics

Net income from infrastructure and logistics grew by 77%, due primarily to the reversal of a prior year tax provision.

 

PAM Lyonnaise Jaya, which operates the western Jakarta water utility system, increased its sales volume in the first nine months of the year by 2% to 114 million cubic metres. 

 

The 72.5 km Tangerang-Merak toll road operated by 79%-owned Marga Mandalasakti reported a 10% increase in traffic volume to 24 million vehicles on higher average tariffs.  In August, the group acquired a 95% stake in the greenfield 40.5 km Kertosono-Mojokerto toll road near Surabaya at a cost of US$86 million.  The overall cost of this toll road project is estimated at some US$400 million.  This acquisition follows the earlier acquisition of a 40% interest in the greenfield 11.2 km Kunciran-Serpong toll road on Jakarta's outer ring road.  

 

Serasi Autoraya´s improved profit was supported by higher vehicles under contract.

 

Information Technology

The group's 77%-owned Astra Graphia which is active in the area of information technology solutions and is the sole distributor of Fuji Xerox equipment in Indonesia, reported 25% higher net income.

 

Other Motor Interests

 

Jardine Cycle & Carriage's other motor interests produced a higher underlying profit.  In Singapore, despite the difficult trading conditions brought about by the sharp reduction in the government quota for new vehicle sales, an improved contribution was achieved. In Indonesia, Tunas Ridean benefited from favourable market conditions with an increase in earnings from its automotive business, although this was partly offset by a lower contribution from its finance and rental activities. In Malaysia, Cycle & Carriage Bintang's earnings were in line with the previous year. In Vietnam, Truong Hai Auto Corporation was able to increase its vehicle sales, but the results were affected by higher funding costs and the weaker dong.

 

Outlook

 

The Group performed well in the first nine months of 2011 with Astra delivering a strong set of results. The Group's other motor business showed some earnings improvement, although challenges remain in Singapore and Vietnam.  While the impact of the deteriorating global economy on the Group's operations is still uncertain, the outlook for the rest of the year remains positive.

 

 

Anthony Nightingale

Chairman

1st November 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 nine months ended 30th September 2011 to be false or misleading in any material respect.

 

 

On behalf of the Directors

 

 

 

 

 

Anthony Nightingale

Director

 

 

 

 

 

Hassan Abas

Director

 

 

 

1st November 2011

 

 

Jardine Cycle & Carriage Limited

Consolidated Profit and Loss Account for the nine months ended 30th September 2011

 

 


Three months ended

 


Nine months ended

 

 


30.9.11 


30.9.10 

Change


30.9.11 


30.9.10 

Change


Note

US$m 


US$m 

%


US$m 


US$m 

%












Revenue


5,430.1 


4,027.0 

35


14,873.4 


11,437.6 

30

Net operating costs

2

(4,793.4)


(3,550.2)

35


(13,128.5)


(10,152.9)

29












Operating profit

2

636.7 


476.8 

34


1,744.9 


1,284.7 

36












Financing income


23.2 


12.8 

81


56.5 


41.5 

36

Financing charges


(23.1)


(16.2)

43


(59.3)


(41.7)

42

Net financing income/(charge)


0.1 


(3.4)

nm


(2.8)


(0.2)

nm

Share of associates' and joint

  ventures' results after tax


 

177.2 


 

149.5 

19


 

526.6 


 

421.9 

25












Profit before tax


814.0 


622.9 

31


2,268.7 


1,706.4 

33

Tax

3

(132.0)


(98.3)

34


(435.7)


(333.5)

31












Profit after tax


682.0 


524.6 

30


1,833.0 


1,372.9 

34












Profit attributable to:











Shareholders of the Company


289.6 


225.7 

28


774.8 


584.2 

33

Non-controlling interests


392.4 


298.9 

31


1,058.2 


788.7 

34














682.0 


524.6 

30


1,833.0 


1,372.9 

34














US¢ 


US¢ 



US¢ 


US¢ 


Earnings per share

4

81.42


63.45 

28


217.82 


164.24 

33












 

nm: not meaningful

 

 

 

Jardine Cycle & Carriage Limited

Consolidated Statement of Comprehensive Income for the nine months ended 30th September 2011

 



Three months ended


Nine months ended



30.9.11


30.9.10


30.9.11


30.9.10



US$m


US$m


US$m


US$m










Profit for the period


682.0 


524.6 


1,833.0 


1,372.9 










Translation differences









- gains/(losses) arising  during the period


(249.8)


130.6 


115.2 


337.9 










Available-for-sale investments









- gains arising during the period


9.4 


18.5 


14.2 


35.4 

- transfer to profit and loss


(6.5)


(1.8)


(15.0)


(6.9)










Cash flow hedges









- gains arising during the period


39.9 


1.8 


27.2 


7.1 










Defined benefit pension plans









- gains arising during the period



1.5 



2.6 










Share of other comprehensive income of

  associates and joint ventures, net of tax    


 


 

0.9 


 

(2.0)


 

(0.3)










Tax relating to components of other

  comprehensive income

 

 

(9.3)


 

(0.8)


 

(5.9)


 

(2.6)










Other comprehensive income for the period


(216.3)


150.7 


133.7 


373.2 










Total comprehensive income for the period


465.7 


675.3 


1,966.7 


1,746.1 




























Attributable to:


















Shareholders of the Company


208.6 


292.8 


847.5 


744.5 










Non-controlling interests


257.1 


382.5 


1,119.2 


1,001.6 












465.7 


675.3 


1,966.7 


1,746.1 



















 

 

 

Jardine Cycle & Carriage Limited

Consolidated Balance Sheet at 30th September 2011

 

 

Note


At


At

 



30.9.11


31.12.10




US$m


US$m

Non-current assets






Intangible assets



898.5


693.6

Leasehold land use rights



491.7


448.0

Property, plant and equipment



3,393.8


2,521.1

Investment properties



24.5


25.0

Plantations



1,025.8


953.8

Interests in associates and joint ventures



2,473.7


2,211.8

Non-current investments



559.2


410.3

Non-current debtors



2,207.5


1,708.9

Deferred tax assets



118.1


80.2




11,192.8


9,052.7

Current assets






Current investments



7.5


5.7

Stocks



1,352.8


1,310.4

Current debtors



4,699.2


3,199.8

Current tax assets



87.1


128.5

Bank balances and other liquid funds






- non-financial services companies



1,564.2


662.1

- financial services companies



231.0


175.9




1,795.2


838.0




7,941.8


5,482.4







Total assets



19,134.6


14,535.1







Non-current liabilities






Non-current creditors



211.7


83.7

Provisions



69.7


61.0

Long-term borrowings

    5





- non-financial services companies



642.2


421.9

- financial services companies



1,993.9


1,128.0




2,636.1


1,549.9

Deferred tax liabilities



403.1


330.0

Pension liabilities



126.9


106.9




3,447.5


2,131.5

Current liabilities






Current creditors



3,235.0


2,222.5

Provisions



36.0


34.2

Current borrowings

    5





- non-financial services companies



886.7


595.2

- financial services companies



1,651.5


1,402.7




2,538.2


1,997.9

Current tax liabilities



135.4


91.7




5,944.6


4,346.3







Total liabilities



9,392.1


6,477.8







Net assets



9,742.5


8,057.3







Equity






Share capital

    6


632.3


632.3

Revenue reserve

    7


3,024.0


2,604.0

Other reserves

    8


579.5


506.8

Shareholders' funds



4,235.8


3,743.1

Non-controlling interests

    9


5,506.7


4,314.2

Total equity



9,742.5


8,057.3

 

 

 

 


Jardine Cycle & Carriage Limited



Attributable to shareholders of the Company


















Attributable








Asset



Fair value




to non-




Share


Revenue


revaluation


Translation

and other




controlling


Total


capital


reserve


reserve


reserve


reserves


Total


interests


equity


US$m


US$m


US$m


US$m


US$m


US$m


US$m


US$m

















2011
















Balance at 1st July

632.3


2,800.6 


317.8


317.5 


25.2


4,093.4 


5,239.5 


9,332.9 

Total comprehensive income

-


289.6 


-


(108.4)


27.4


208.6 


257.1 


465.7 

Issue of shares to non-controlling

  interests

 

-


 


 

-


 


 

-


 


 

19.8 


 

19.8 

















Dividends paid by the Company

-


(66.1)


-



-


(66.1)



(66.1)

Dividends paid to non-controlling

  interests

 

-


 


 

-


 


 

-


 


 

(13.3)


 

(13.3)

















Other

-


(0.1)


-



-


(0.1)


3.6 


3.5 

















Balance at 30th September

632.3


3,024.0 


317.8


209.1 


52.6


4,235.8 


5,506.7 


9,742.5 

















2010
















Balance at 1st July

632.3


2,107.9 


317.8


116.7 


21.0


3,195.7 


3,746.5 


6,942.2 

Total comprehensive income

-


226.2 


-


58.7 


7.9


292.8 


382.5 


675.3 

Issue of shares to non-controlling

  interests

 

-


 

- 


 

-


 

- 


 

-


 

- 


 

0.4 


 

0.4 

Dividends paid by the Company

-


(57.9)


-


- 


-


(57.9)


- 


(57.9)

Dividends paid to non-controlling

  interests

 

-


 

- 


 

-


 

- 


 

-


 

- 


 

(2.6)


 

(2.6)

















Balance at 30th September

632.3


2,276.2 


317.8


175.4 


28.9


3,430.6 


4,126.8 


7,557.4 

 

 

 

Jardine Cycle & Carriage Limited








Attributable to shareholders of the Company


















Attributable








Asset



Fair value




to non-




Share


Revenue


revaluation


Translation

and other




controlling


Total


capital


reserve


reserve


reserve


reserves


Total


interests


equity


US$m


US$m


US$m


US$m


US$m


US$m


US$m


US$m

















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

-


774.8 



51.5


21.2


847.5 


1,119.2 


1,966.7 

Issue of shares to non-controlling

  interests

 

-


 


 


 

-


 

-


 


 

303.8 


 

303.8 

















Dividends paid by the Company

-


(354.3)



-


-


(354.3)



(354.3)

Dividends paid to non-controlling

  interests

 

-


 


 


 

-


 

-


 


 

(366.4)


 

(366.4)

















Acquisition of subsidiaries

-




-


-



138.6 


138.6 

Other

-


(0.5)



-


-


(0.5)


(2.7)


(3.2)

















Balance at 30th September

632.3


3,024.0 


317.8 


209.1


52.6


4,235.8 


5,506.7 


9,742.5 

















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

-


585.0 


- 


145.8


13.7


744.5 


1,001.6 


1,746.1 

Issue of shares to non-controlling

  interests

 

-


 

- 


 

- 


 

-


 

-


 

- 


 

0.4 


 

0.4 

















Dividends paid by the Company

-


(224.8)


- 


-


-


(224.8)


- 


(224.8)

Dividends paid to non-controlling

  interests

 

-


 

- 


 

- 


 

-


 

-


 

- 


 

(272.3)


 

(272.3)

















Disposal of subsidiaries

-


- 


- 


-


-


- 


(8.8)


(8.8)

















Balance at 30th September

632.3


2,276.2 


317.8 


175.4


28.9


3,430.6 


4,126.8 


7,557.4 


 

 

 

Jardine Cycle & Carriage Limited

Company Balance Sheet at 30th September 2011

 

 


At


At

 


30.9.11


31.12.10


          Note

US$m


US$m






Non-current assets





Property, plant and equipment


29.2


29.3

Interests in subsidiaries


1,362.9


1,373.2

Interests in associates


190.4


173.7

Non-current investment


7.9


8.0



1,590.4


1,584.2






Current assets





Current debtors


73.8


0.7

Bank balances and other liquid funds


27.5


6.9



101.3


7.6






Total assets


1,691.7


1,591.8






Non-current liabilities





Deferred tax liabilities


0.2


0.4



0.2


0.4






Current liabilities





Current creditors


105.0


31.2

Current borrowings


111.8


-

Current tax liabilities


1.6


0.8



218.4


32.0






Total liabilities


218.6


32.4






Net assets


1,473.1


1,559.4






Equity





Share capital

                6

632.3


632.3

Revenue reserve

                7

462.5


540.3

Other reserves

                8

378.3


386.8

Total equity


1,473.1


1,559.4






Net asset value per share


US$4.14


US$4.38

 

 

 

Jardine Cycle & Carriage Limited

Company Statement of Comprehensive Income for the nine months ended 30th September 2011

 

 

Three months ended


Nine months ended

 

30.9.11


30.9.10


30.9.11


30.9.10


US$m


US$m


US$m


US$m









Profit after tax

20.4 


(0.6)


276.5 


175.6 

















Translation difference

(81.1)


88.4 


(8.5)


88.3 

















Other comprehensive income for the period

(81.1)


88.4 


(8.5)


88.3 









Total comprehensive income for the period

(60.7)


87.8 


268.0 


263.9 









 

 

 

Jardine Cycle & Carriage Limited

Company Statement of Changes in Equity for the nine months ended 30th September 2011

 

Three months ended 30th September 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 July

632.3


508.2 


458.5 


0.9


1,599.9 











Total comprehensive income

-


20.4 


(81.1)


-


(60.7)











Dividend paid

-


(66.1)



-


(66.1)











Balance at 30th September

632.3


462.5 


377.4 


0.9


1,473.1 





















2010










Balance at 1st July

632.3


501.4 


259.5 


1.2


1,394.4 











Total comprehensive income

-


(0.6)


88.4 


-


87.8 











Dividend paid

-


(57.9)


- 


-


(57.9)











Balance at 30th September

632.3


442.9 


347.9 


1.2


1,424.3 











 

Nine months ended 30th September 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

-


276.5 


(8.5)


-


268.0 











Dividend paid

-


(354.3)



-


(354.3)











Balance at 30th September

632.3


462.5 


377.4 


0.9


1,473.1 





















2010










Balance at 1st January

632.3


492.1 


259.6 


1.2


1,385.2 











Total comprehensive income

-


175.6 


88.3 


-


263.9 











Dividend paid

-


(224.8)


- 


-


(224.8)











Balance at 30th September

632.3


442.9 


347.9 


1.2


1,424.3 











 

 

 

Jardine Cycle & Carriage Limited

Consolidated Statement of Cash Flows for the nine months ended 30th September 2011

 



Three months ended


Nine months ended



30.9.11


30.9.10


30.9.11


30.9.10


Note

US$m


US$m


US$m


US$m










Cash flows from operating activities









Cash generated from operations

10

355.5 


216.7 


1,174.5 


734.0 










Interest paid


(19.1)


(12.1)


(48.4)


(33.9)

Interest received


21.3 


12.2 


54.6 


40.2 

Other finance costs paid


(1.0)


(2.9)


(5.5)


(6.2)

Income tax paid


(139.0)


(150.5)


(397.4)


(439.9)












(137.8)


(153.3)


(396.7)


(439.8)










Net cash flows from operating activities


217.7 


63.4 


777.8 


294.2 










Cash flows from investing activities









Sale of leasehold land use rights


2.1 


0.2 


2.1 


0.2 

Sale of property, plant and equipment


3.8 


2.7 


10.5 


6.6 

Sale of investment properties


1.4 


- 


1.4 


- 

Sale of subsidiaries, net of cash disposed


0.6 


- 


1.3 


4.1 

Liquidation of associate


- 


- 


1.1 


- 

Sale of investments


45.4 


8.9 


100.0 


31.0 

Purchase of intangible assets


(48.0)


(19.2)


(77.6)


(42.3)

Purchase of leasehold land use rights


(14.6)


(20.7)


(80.8)


(39.4)

Purchase of property, plant and equipment


(244.4)


(161.4)


(627.1)


(390.3)

Additions to plantations


(10.4)


(16.8)


(50.7)


(60.1)

Purchase of subsidiaries, net of cash acquired


(138.7)


- 


(210.5)


(0.5)

Purchase of shares in associates and joint

   ventures

 

(11.2)


 

(13.4)


 

(32.4)


 

(25.9)

Purchase of investments


(140.1)


(50.1)


(237.2)


(125.9)

Capital repayment of investments


1.2 


1.1 


3.1 


1.6 

Dividends received from associates and joint

   ventures (net)

 

7.2 


 

8.2 


 

316.8 


 

160.7 










Net cash flows used in investing activities


(545.7)


(260.5)


(880.0)


(480.2)










Cash flows from financing activities









Drawdown of loans


1,493.5 


987.7 


4,704.1 


2,726.4 

Repayment of loans


(1,026.1)


(888.5)


(3,232.6)


(2,005.1)

Change in controlling interests in subsidiaries


- 


- 


2.1 


- 

Investments by non-controlling interests


19.3 


0.4 


298.4 


0.4 

Dividends paid to non-controlling interests


(13.4)


(185.1)


(366.5)


(272.3)

Dividends paid by the Company


(66.1)


(57.9)


(354.3)


(224.8)










Net cash flows from financing activities


407.2 


(143.4)


1,051.2 


224.6 



















Net change in cash and cash equivalents


79.2 


(340.5)


949.0 


38.6 

Cash and cash equivalents at the beginning of

    the period

 

1,759.7 


 

1,364.5 


 

847.8 


 

962.1 

Effect of exchange rate changes


(40.9)


15.1 


1.2 


38.4 

Cash and cash equivalents at the end of

    the period

 

1,798.0 


 

1,039.1 


 

1,798.0 


 

1,039.1 

 

 

 

Jardine Cycle & Carriage Limited

Notes to the financial statements for the nine months ended 30th September 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

IFRIC 19

Amendment to IFRS 3

Amendment to IFRS 7

Amendment to IAS 1

Amendment to IAS 32

Amendment to IAS 34

Amendment to IAS 13

Amendment to IFRIC 14

Related Party Disclosures

Extinguishing Financial Liabilities with Equity Instruments

Business Combinations

Financial Instruments: Disclosures

Presentation of Financial Statements

Classification of Rights Issues

Interim Financial Reporting

Customer Loyalty Programmes

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$1.2980 (2010: US$1=S$1.2883), US$1=RM3.1888 (2010: US$1=RM3.0705), US$1=IDR8,823 (2010: US$1=IDR8,991) and US$1=VND20,832 (2010: US$1=VND19,499).

 

The exchange rates used for translating the results for the period are US$1=S$1.2465 (2010: US$1 =S$1.3807), US$1=RM3.0294 (2010: US$1=RM3.2508), US$1=IDR8,690 (2010: US$1=IDR9,112) and US$1=VND20,580 (2010: US$1=VND19,078).

 

2      Net operating costs and operating profit

 


Group


 

 

Three months ended


Nine months ended

 

 

30.9.11


30.9.10

Change

30.9.11


30.9.10

Change


US$m


US$m

%

US$m


US$m

%










Cost of sales

(4,381.1)


(3,220.0)

36

(11,996.0)


(9,208.0)

30

Other operating income

68.1 


63.7 

7

197.2 


159.5 

24

Selling and distribution expenses

(219.2)


(192.1)

14

(610.3)


(541.3)

13

Administrative expenses

(259.2)


(195.1)

33

(709.4)


(538.1)

32

Other operating expenses

(2.0)


(6.7)

-70

(10.0)


(25.0)

-60

Net operating costs

(4,793.4)


(3,550.2)

35

(13,128.5)


(10,152.9)

29

Operating profit is determined after including:








Depreciation of property, plant and

    equipment

 

(154.4)


 

(119.8)

29

(430.4)


 

(338.1)

27

Amortisation of intangible assets and

    leasehold land use rights 

 

(15.6)


 

(12.5)

25

 

(44.7)


 

(35.9)

25

Profit/(loss) on disposal of:









-  subsidiaries


0.1 

-100


17.6 

-100

-  repossessed assets

(22.7)


(15.2)

49

(54.7)


(38.6)

42

-  other investments

6.9 


1.7 

306

16.2 


7.7 

110

Impairment of debtors

(32.9)


(28.3)

16

(77.7)


(80.1)

-3

Dividend and interest income from

    investments

6.4 


 

12.6 

-49

 

25.8 


 

22.1 

17

 

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


Nine months ended


30.9.11


30.9.10


30.9.11


30.9.10


US$m


US$m


US$m


US$m

Basic earnings per share








Profit attributable to shareholders

289.6


225.7


774.8


584.2

Weighted average number of ordinary shares

   in issue (millions)

 

355.7


 

355.7


 

355.7


 

355.7

Basic earnings per share

US¢81.42


US¢63.45


US¢217.82


US¢164.24









Diluted earnings per share








Profit attributable to shareholders

289.6


225.7


774.8


584.2

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¢81.42


US¢63.45


US¢217.82


US¢164.24









Underlying earnings per share








Underlying profit attributable to shareholders

289.6


225.7


774.8


579.1

Basic underlying earnings per share

US¢81.42


US¢63.45


US¢217.82


US¢162.81

Diluted underlying earnings per share

US¢81.42


US¢63.45


US¢217.82


US¢162.81

 

* 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


Nine months ended


30.9.11


30.9.10


30.9.11


30.9.10


US$m


US$m


US$m


US$m









Profit attributable to shareholders

289.6


225.7


774.8


584.2

Less: 








Non-trading items (net of tax and non-controlling








   interests)








Profit on disposal of subsidiaries

-


-


-


5.1

Underlying profit attributable to shareholders

289.6


225.7


774.8


579.1

 

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

 

               


Group


 

 

Three months ended


Nine months ended

 

 

30.9.11


30.9.10

Change

30.9.11


30.9.10

Change


US$m


US$m

%

US$m


US$m

%

Astra









Automotive

128.1 


108.3 

18

353.9 


285.4 

24

Financial services

50.3 


40.5 

24

146.5 


111.9 

31

Agribusiness

27.3 


26.2 

4

85.5 


53.8 

59

Heavy equipment and mining

63.3 


36.3 

74

151.7 


98.0 

55

Infrastructure and logistics

7.7 


5.2 

48

27.9 


15.0 

86

Information technology

1.8 


1.3 

38

4.1 


3.1 

32


278.5 


217.8 

28

769.6 


567.2 

36

Other motor interests









Singapore

8.4 


5.5 

53

21.4 


18.8 

14

Malaysia

1.1 


1.8 

-39

3.9 


4.0 

-3

Indonesia (Tunas Ridean)

4.1 


2.5 

64

11.9 


10.2 

17

Vietnam

2.2 


2.0 

10

6.1 


6.9 

-12


15.8 


11.8 

34

43.3 


39.9 

9










Corporate costs

(4.6)


(3.6)

28

(11.6)


(9.8)

18

Withholding tax on dividends from Indonesia

(0.1)


(0.3)

-67

(26.5)


(18.2)

46


(4.7)


(3.9)

21

(38.1)


(28.0)

36










Underlying profit attributable

to shareholders

 

289.6 


 

225.7 

 

28

 

774.8 


 

579.1 

 

34

       

5      Borrowings



Group


At


At


30.9.11


31.12.10


US$m


US$m






2,135.5


1,299.0


500.6


250.9


2,636.1


1,549.9






1,803.3


1,554.7


734.9


443.2


2,538.2


1,997.9






5,174.3


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 was US$2,599.9 million (31st December 2010: US$2,016.1 million).

 

6      Share capital


Company


2011


2010


US$m


US$m

Three months ended 30th September




Issued and fully paid:




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

632.3


632.3

Issue of 10,000 (2010: 1,000) ordinary shares under the CCL Executives' Share

  Option Scheme

 

- *


 

- *

Balance at 30th September - 355,699,660 (2010: 355,679,660) ordinary shares

632.3


632.3





Nine months ended 30th September




Issued and fully paid:




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

632.3


632.3

Issue of 20,000 (2010: 1,000) ordinary shares under the CCL Executives' Share

  Option Scheme

 

- *


 

- *

Balance at 30th September - 355,699,660 (2010: 355,679,660) ordinary shares

632.3


632.3

        * less than 0.1 million

 

        The Company did not hold any treasury shares as at 30th September 2011 (30th September 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 13,000 as at 30th September 2011 (30th September 2010: 33,000).

       

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

 

7      Revenue reserve


Group


Company

Three months ended 30th September

2011


2010


2011


2010


US$m


US$m


US$m


US$m









Balance at 1st July

2,800.6 


2,107.9 


508.2 


501.4 

Defined benefit pension plans








- actuarial gain


0.6 



- 

- deferred tax


(0.1)



- 

Profit attributable to shareholders

289.6 


225.7 


20.4 


(0.6)

Dividends paid by the Company

(66.1)


(57.9)


(66.1)


(57.9)

Other

(0.1)


- 



- 

Balance at 30th September

3,024.0 


2,276.2 


462.5 


442.9 






Group


Company

Nine months ended 30th September

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


1.0 



- 

- deferred tax


(0.2)



- 

Profit attributable to shareholders

774.8 


584.2 


276.5 


175.6 

Dividends paid by the Company

(354.3)


(224.8)


(354.3)


(224.8)

Other

(0.5)


- 



- 

Balance at 30th September

3,024.0 


2,276.2 


462.5 


442.9 

 

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

209.1 


175.4 


377.4 


347.9 

Fair value reserve

39.9 


28.1 


0.6 


0.9 

Hedging reserve

9.1 


(2.8)



- 

Share option reserve

0.3 


0.3 


0.3 


0.3 

Other reserve

3.3 


3.3 



- 

Balance at 30th September

579.5 


522.1 


378.3 


349.1 






Group


Company

Three months ended 30th September

2011


2010


2011


  2010


US$m


US$m


US$m


  US$m









Movements:








Asset revaluation reserve








Balance at 1st July and at 30th September

317.8 


317.8 



- 









Translation reserve








Balance at 1st July

317.5 


116.7 


458.5 


259.5 

Translation difference

(108.4)


58.7 


(81.1)


88.4 

Balance at 30th September

209.1 


175.4 


377.4 


347.9 









 


Group


Company

Three months ended 30th September

2011


2010


2011


2010


US$m


US$m


US$m


US$m

Fair value reserve








Balance at 1st July

27.6 


21.1 


0.6 


0.9 

Available-for-sale investments








    - fair value changes

15.4 


8.0 



- 

    - deferred tax

0.1 


- 



- 

    - transfer to profit and loss

(3.1)


(0.9)



- 

Share of associates' and joint ventures' fair

        value changes of available-for-sale

        investments, net of tax  

 

 

(0.1)


 

 

(0.1)


 

 


 

 

- 

Balance at 30th September

39.9 


28.1 


0.6 


0.9









Hedging reserve








Balance at 1st July

(6.0)


(3.7)



Cash flow hedges








    - fair value changes

19.7 


0.5 



    - deferred tax

(4.8)


(0.2)



Share of associates' and joint ventures' fair

        value changes of cash flow hedges, net of tax

 

0.2 


 

0.6 


 


 

Balance at 30th September

9.1 


(2.8)











        Share option reserve

Balance at 1st July and 30th September

0.3 


0.3 


0.3 


0.3 









Other reserve








Balance at 1st July and 30th September

3.3 


3.3 



- 






Group


Company

Nine months ended 30th September

2011


2010


2011


2010


US$m


US$m


US$m


US$m

Movements:








Asset revaluation reserve








Balance at 1st January and 30th September

317.8 


317.8 



- 









Translation reserve








Balance at 1st January

157.6 


29.6 


385.9 


259.6 

Translation difference

51.5 


145.8 


(8.5)


88.3 

Balance at 30th September

209.1 


175.4 


377.4 


347.9 









Fair value reserve








Balance at 1st January

28.8 


16.4 


0.6 


0.9 

Available-for-sale investments








    - fair value changes

18.0 


15.6 



- 

    - deferred tax

0.2 


(0.1)



- 

    - transfer to profit and loss

(7.2)


(3.3)



-

Share of associates' and joint ventures' fair

   value changes of available-for-sale investments,

   net of tax  

 

 

0.1 


 

 

(0.5)


 

 


 

 

- 

Balance at 30th September

39.9 


28.1


0.6 


0.9 









Hedging reserve








Balance at 1st January

(1.0)


(4.8)



- 

Cash flow hedges








    - fair value changes

14.7 


2.2 



- 

    - deferred tax

(3.5)


(0.6)



- 

Share of associates' and joint ventures' fair

   value changes of cash flow hedges, net of tax

 

(1.1)


 

0.4 


 


 

- 

Balance at 30th September

9.1 


(2.8)



-









Share option reserve








Balance at 1st January and 30th September

0.3 


0.3 


0.3 


0.3 









Other reserve








Balance at 1st January and 30th September

3.3 


3.3 



- 

 

9      Non-controlling interests


Group

Three months ended 30th September

2011


2010


US$m


US$m





Balance at 1st July

5,239.5 


3,746.5 

Available-for-sale investments




- fair value changes

(6.0)


10.5 

- deferred tax

0.1 


- 

- transfer to profit and loss

(3.4)


(0.9)

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

 

(0.3)


 

(0.1)

Cash flow hedges




- fair value changes

20.2 


1.3 

- deferred tax

(4.7)


(0.3)

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

 

0.2 


 

0.5 

Defined benefit pension plans




- actuarial gain

- 


0.9 

- deferred tax

- 


(0.2)

Translation difference

(141.4)


71.9 

Profit for the period

392.4 


298.9 

Issue of shares

19.8 


0.4 

Dividends paid

(13.3)


(2.6)

Acquisition/disposal of subsidiaries

3.8 


- 

Other

(0.2)


- 

Balance at 30th September

5,506.7 


4,126.8 




Group

    Nine months ended 30th September

2011


2010


US$m


US$m





    Balance at 1st January

4,314.2 


3,405.9 

    Available-for-sale investments




    - fair value changes

(3.8)


19.8 

    - deferred tax

0.2 


(0.1)

    - transfer to profit and loss

(7.8)


(3.6)

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

       available-for-sale investments, net of tax

 

- 


 

(0.5)

    Cash flow hedges




    - fair value changes

12.5 


4.9 

    - deferred tax

(2.8)


(1.2)

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

      flow hedges, net of tax

 

(1.0)


 

0.3 

    Defined benefit pension plans




    - actuarial gain

- 


1.6 

    - deferred tax

- 


(0.4)

    Translation difference

63.7 


192.1 

    Profit for the period

1,058.2 


788.7 

    Issue of shares

303.8 


0.4 

    Dividends paid

(366.4)


(272.3)

    Acquisition/disposal of subsidiaries

138.6 


(8.8)

    Other

(2.7)


- 

    Balance at 30th September

5,506.7 


4,126.8 

 

10    Cash flows from operating activities

               

Group


Three months ended


Nine months ended


30.9.11


30.9.10


30.9.11


30.9.10


US$m


US$m


US$m


US$m









    Profit before tax

814.0


622.9 


2,268.7 


1,706.4 









    Adjustments for:








    Financing income

(23.2)


(12.8)


(56.5)


(41.5)

    Financing charges

23.1 


16.2 


59.3 


41.7 

    Share of associates' and joint ventures' results

   after tax

 

(177.2)


 

(149.5)


 

(526.6)


 

(421.9)









    Depreciation of property, plant and equipment                    

154.4 


119.8 


430.4 


338.1 

Amortisation of intangible assets and leasehold

   land use rights

 

15.6 


 

12.5 


 

44.7 


 

35.9 









   (Profit)/loss on disposal of:








     - leasehold land use rights

(2.0)


(0.1)


(2.0)


0.3 

     - property, plant and equipment

(3.2)


(0.6)


(7.4)


(1.8)

     - intangible assets

- 


0.2 


0.1 


0.2 

     - investment properties

(0.5)


- 


(0.5)


- 

     - investments

(6.9)


(1.7)


(16.2)


(7.7)

     - repossessed assets

22.7 


15.2 


54.7 


38.6 

     - subsidiaries

- 


(0.1)


- 


(17.6)

     - associates

- 


- 


(0.3)


- 

   Write-down of stocks

5.3 


1.4 


8.7 


5.7 

   Impairment of debtors

32.9 


28.3 


77.7 


80.1 

   Changes in provisions

5.0 


3.8 


13.9 


11.1 

    Foreign exchange (gain)/loss

(2.5)


1.3 


(2.3)


5.2 

    Excess of net fair value of identifiable assets, liabilities








   and contingent liabilities acquired over cost of








   business combination

- 


- 


(0.5)


- 


43.5 


33.9 


77.2 


66.4 

    Operating profit before working capital changes

857.5 


656.8 


2,345.9 


1,772.8 









    Changes in working capital:








Stocks 

(268.6)


(157.5)


(209.9)


(292.4)

Financing debtors (1)

(347.9)


(304.9)


(1,173.9)


(851.8)

Debtors  (2)

(313.9)


1.2 


(812.2)


(379.3)

Creditors (3)

422.3 


15.4 


1,006.9 


470.0 

Pensions

6.1 


5.7 


17.7 


14.7 


(502.0)


(440.1)


(1,171.4)


(1,038.8)

    Cash flows from operating activities

355.5 


216.7 


1,174.5 


734.0 

 

(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 September 2011





Jardine Matheson Limited

- management support services


 

-


 

1.4






Nine months ended 30th September 2011





Jardine Matheson Limited

- management support services


 

-


 

4.5

         

12    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 nine months ended 30th September 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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