JDS.L Regulatory News (JDS)

30 Apr 2007 11:39

Jardine Strategic Hldgs Ld30 April 2007 To: Business Editor 30th April 2007 For immediate release PT Astra International TbkFirst Quarter 2007 Financial Statements The following announcement was issued today by the Company's 64%-ownedsubsidiary, Jardine Cycle & Carriage Limited, which holds 50.1% of PT AstraInternational Tbk. For further information, please contact: Jardine Matheson LimitedNeil M McNamara (852) 2843 8227 GolinHarrisKennes Young (852) 2501 7987 30 April 2007 PT ASTRA INTERNATIONAL TBKFIRST QUARTER 2007 FINANCIAL STATEMENTS Highlights • Earnings per share up 21% to Rp 315• Wholesale motor car and motorcycle markets grew by 6% and 21%, respectively• Stronger crude palm oil prices offset decline in sales volume• Komatsu unit sales increased by 46% "The first quarter of 2007 showed good growth compared to the difficult firstquarter of 2006, which had been impacted by a slowdown in the Indonesian economyfollowing the reduction of the fuel subsidies towards the end of 2005. Thecurrent trading conditions for most of Astra's businesses are showing signs ofimprovement, although the motorcycle market has become extremely competitivewhich may affect results for the year." Michael D. RuslimPresident Director30 April 2007 Group Results Three months ended 31 March 2007 2006 Change Rp bn Rp bn % Net revenue 14,731 13,344 10Operating income 1,623 1,359 19Net income 1,275 1,056 21 Rp RpNet earnings per share 315 261 21 As at 31 As at 31 March 2007 December 2006 Rp Change Rp bn bn % Shareholders' funds 23,510 22,376 5 Rp RpNet asset value per share 5,807 5,527 5 The financial results for the three months ended 31 March 2007 and 31 March 2006have been prepared in accordance with accounting principles generally acceptedin Indonesia. These results are unaudited. The financial position as at 31 December 2006 has been audited in accordancewith the auditing standards established by the Indonesian Institute ofAccountants. PRESIDENT DIRECTOR'S STATEMENT Overview The first quarter of 2007 showed good growth compared to the difficult firstquarter of 2006, which had been impacted by a slowdown in the Indonesian economyfollowing the reduction of the fuel subsidies towards the end of 2005. Performance The Group's net income for the first quarter of 2007 increased by 21% year onyear to Rp 1.3 trillion. Earnings per share for the period increased 21% year onyear to Rp 315. Automotive Operating income from the Group's automotive businesses in the first quarterrose 109% year on year to Rp 446 billion. The wholesale car market increased by 6% year on year to 84,511 units. Astra'scar sales for the period were, however, flat at 46,320 units, leading to itsmarket share declining from 58% to 55%. Stronger than normal market share in thefirst quarter of 2006 was mainly due to the delivery of Toyota Avanza and Innovabacklog orders that had spilled over from 2005. In April, Astra launched theToyota New Vios and the Daihatsu Sirion. The wholesale market for motorcycles grew by 21% year on year to 1.1 millionunits. Astra Honda motorcycle sales for the period were 6% up to 455,860 units.Its market share, however, fell from 49% to 43% in the face of keen competition.In April, Astra launched the Honda Revo, a new 100 cc product targeted at themiddle to low-income segment. PT Astra Otoparts Tbk's net income decreased by 32% year on year to Rp 61billion in the absence of substantial amount of forex gain and gain on disposalof investments that occurred in the same period last year. Non-Automotive Operating income from the Group's non-automotive businesses in the firstquarter, comprising mainly financial services, agribusiness and heavy equipment,was Rp 1.2 trillion, an increase of 2% compared to the same period last year.All operations produced improved performances, with the exception of miningsubsidiary, PT Pamapersada Nusantara ("Pama"). Astra's financial services activities also benefited from the increase inautomotive sales with the volume financed by Federal International Finance andAstra Credit Companies some 19% higher year on year at Rp 4.5 trillion. The net income of PT Astra Agro Lestari Tbk ("AAL") for the quarter increased by48% year on year to Rp 269 billion. For the period, crude palm oil prices roseby 37% and more than offset the 14% decline in sales volume. AAL continues tosource land for new oil palm and rubber plantations. Bank Permata's net income for the first three months was Rp 85 billion, anincrease of 14% compared to the same period last year, due mainly to higher netinterest margin. Compared to the same period last year, net income of PT United Tractors Tbk ("UT") fell by 36% to Rp 248 billion mainly due to forex losses. Coal extracted was22% above the previous year's tonnage, while overburden removed was 9% lowerowing to loss of productivity due to adverse weather and incidents at some ofits mines. Improved demand led to sales of Komatsu heavy equipment increasing by46% to 808 units, but UT's market share declined to 52% due to increasingcompetition from smaller brands. Astra's infrastructure investments in a toll road and a water utility aregenerating positive, albeit, small contributions. Various infrastructure projectopportunities continue to be evaluated. Group The Group's net asset value grew by 5% since the end of the previous year to Rp23.5 trillion, and the net asset value per share rose to Rp 5,807. The Group's net debt as at 31 March 2007 was Rp 14.7 trillion, compared to Rp17.1 trillion at the end of 2006. If the debt within the Group's financialservices businesses is excluded, net debt at 31 March 2007 would have been Rp2.6 trillion, representing a net debt to equity ratio of 11%, compared with netdebt of Rp 3.6 trillion at the end of last year and a net debt to equity ratioof 16%. Group borrowings, excluding the financial services businesses, declinedby 14% to Rp 5.9 trillion since the end of 2006. Prospects The current trading conditions for most of Astra's businesses are showing signsof improvement, although the motorcycle market has become extremely competitivewhich may affect results for the year. Michael D. RuslimPresident Director30 April 2007 - end - For further information, please contact: PT Astra International TbkAminuddin, Corporate SecretaryTel: 62 - 21 - 6531 0418 This information is provided by RNS The company news service from the London Stock Exchange