JDS.L Regulatory News (JDS)

31 Jul 2007 11:16

Jardine Strategic Hldgs Ld31 July 2007 To: Business Editor 31st July 2007 For immediate release PT Astra International Tbk2007 Half Year 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 31 July 2007 PT ASTRA INTERNATIONAL TBK2007 HALF YEAR FINANCIAL STATEMENTS Highlights • Earnings per share increased 41% to Rp649• Wholesale motor vehicle sales up 25%• Growth in motorcycle sales held back by competitive pressures• Good performances from financial services and agribusiness "The outlook for the remainder of the year is positive as trading conditions formost of the Group's businesses continue to improve, although challenges remainin the motorcycle market sector." Michael D. RuslimPresident Director31 July 2007 Group Results Six months ended 30 June 2007 2006 Change Rp bn Rp bn %Net revenue 31,571 26,541 19Operating income 3,313 1,970 68 Net income 2,628 1,863 41 Rp RpNet earnings per share 649 460 41 As at 30 As at 31 June 2007 December 2006 Change Rp bn Rp bn %Shareholders' funds 23,718 22,376 6 Rp RpNet asset value per share 5,859 5,527 6 The financial results for the six months ended 30 June 2007 and 30 June 2006have been prepared in accordance with accounting principles generally acceptedin Indonesia. These results are unaudited. The financial results for the year ended 31 December 2006 have been audited inaccordance with auditing standards established by the Indonesian Institute ofAccountants. PRESIDENT DIRECTOR'S STATEMENT Overview The Indonesian economy experienced good growth in the first six months of theyear, compared to the first half of 2006 when it was adapting to the reductionof fuel subsidies. Most of our businesses performed well in this positiveenvironment. Performance The Group's net income for the six months ended 30 June 2007 increased by 41% toRp2.6 trillion compared to the same period in 2006. Earnings per share were also41% higher at Rp649. Automotive Operating income from the Group's automotive businesses, excluding associates,at Rp824 billion was 156% higher than the same period last year. The wholesale market for motor vehicles grew by 32% to 197,320 units in thefirst six months of the year, while Astra's sales increased at a lower rate of25% to 104,280 units. The Group's market share declined from 56% to 53%,although the 2006 comparative had benefited from the delivery early in the yearof backlog orders for Toyota Avanza and Innova from 2005. Sales in the wholesale market for motorcycles in Indonesia rose by 17% to 2.1million units in the first half. In the face of keen competition, motorcyclesales by Astra Honda Motor were only marginally higher at 923,369 units and itsmarket share fell from 50% to 44%. Its contribution to the Group's results wasalso lower. PT Astra Otoparts Tbk's net income increased by 58% to Rp179 billion following a28% increase in sales and improved margins. Non-Automotive Operating income from the Group's non-automotive businesses, comprising mainlyfinancial services, agribusiness and heavy equipment, rose 51% to Rp2.5 trillioncompared to the same period in 2006. The Group's financial services activities benefited from the growth in theautomotive market. The volume financed by Federal International Finance andAstra Credit Companies grew 22% to Rp9.6 trillion, while bad debts were withinprovisioning levels. PT Bank Permata Tbk, a 44.5%-held associate, saw net incomegrow by 38% to Rp194 billion due to higher net interest margins and generalimprovements in the industry. The net income of PT Astra Agro Lestari Tbk was Rp683 billion, an increase of65% over the comparative period in 2006. Palm oil production volumes were down12%, but this was more than offset by a 56% increase in crude palm oil prices.The company continues to source land for new plantations. PT United Tractors Tbk produced net income of Rp552 billion in the first half,up 3%. Sales of Komatsu heavy equipment increased by 57% to 1,733 units, whichmore than compensated for a reduced contribution from its coal miningsubsidiary, PT Pamapersada Nusantara. Adverse weather conditions and operationalinterruptions at some of its mines in the first quarter hampered miningactivities and increased costs. Nevertheless, coal extraction rose by 18% to 24million tons, while overburden removed was 4% lower at 160 million bcm. The Group's infrastructure investments in a toll road and a water utilitycompany are performing satisfactorily, and further opportunities are underreview. Group Astra's net asset value grew by 6% from 31 December 2006 to Rp23.7 trillion, andthe net asset value per share to Rp5,859. The Group's net debt as at 30 June 2007, excluding debt within the financialservices activities, was Rp1.4 trillion, down from Rp3.6 trillion as at 31December 2006. This gave a net debt to equity ratio of 6%, compared to 16% atthe end of the previous year. Including financial services activities, theGroup's net debt as at 30 June 2007 was Rp13.1 trillion, compared to Rp17.2trillion at the end of 2006. Prospects The outlook for the remainder of the year is positive as trading conditions formost of the Group's businesses continue to improve, although challenges remainin the motorcycle market sector. Michael D. RuslimPresident Director31 July 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