JC&C 2024 Half-Year Results
|
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 |
|
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'.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 2 hours ago ASOS
- 3 hours ago MJ Gleeson
- 3 hours ago Rolls-Royce Holdings
- 4 hours ago Crest Nicholson Holdings
- 4 hours ago Naked Wines