JDS.L Regulatory News (JDS)

30 Apr 2008 13:22

Jardine Strategic Hldgs Ld30 April 2008 To: Business Editor 30th April 2008 For immediate release PT Astra International TbkFirst Quarter 2008 Financial Statements The following announcement was issued today by the Company's 65%-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 GolinHarrisCharlotte Fan (852) 2501 7978 30th April 2008 PT ASTRA INTERNATIONAL TBK FIRST QUARTER 2008 FINANCIAL STATEMENTS Highlights • Earnings per share up 76%• Motor car and motorcycle sales up 44% and 41%, respectively• Strong performance from all major businesses "The Group had a strong start to 2008. The outlook for the rest of the year ispositive, although the impact of high oil prices and food inflation couldadversely affect consumer demand later in the year. " Michael D. RuslimPresident Director30th April 2008 Group Results Three months ended 31st March 2008 2007 Change Rp bn Rp bn %Net revenue 21,780 14,782 47Operating income 3,129 1,596 96 Net income 2,249 1,275 76 Rp RpNet earnings per share 555 315 76 As at 31st As at 31st March 2008 December 2007 Change Rp bn Rp bn %Shareholders' funds 29,148 26,963 8 Rp RpNet asset value per share 7,200 6,660 8 The financial results for the year ended 31st March 2008 and 31st March 2007have been prepared in accordance with accounting principles generally acceptedin Indonesia. These results are unaudited. The financial position as at 31st December 2007 has been audited in accordancewith the auditing standards established by the Indonesian Institute of CertifiedPublic Accountants. PRESIDENT DIRECTOR'S STATEMENT Overview The Group's major businesses performed well in the first quarter of 2008 asconsumer demand remained healthy and commodity prices continued to strengthen. Performance The Group's revenue for the first quarter of 2008 increased by 47% to Rp22trillion. Net income grew by 76% to Rp2.2 trillion. Earnings per share wereRp555. Automotive and Financial Services Operating income from the Group's automotive and financial services businesses,excluding associates and joint ventures, at Rp1,095 billion, was 51% higher thanthe same period last year. The Group's share of results from its automotive andfinancial services associates and joint ventures was Rp499 billion, 35% higherthan the previous year. The wholesale market for motor cars grew by 61% to 136,000 units. HoweverAstra's motor car sales increased at a lower rate of 44% to 67,000 units and itsmarket share declined from 55% to 49%. This was due to temporary capacityconstraints faced by Astra Daihatsu Motor which produces the strong sellingToyota Avanza and Daihatsu Xenia models. During the first quarter of 2008, Astralaunched several Toyota models - the Innova G Captain Seat, the new CorollaAltis, the Yaris Facelift and J-Grade, the Lexus LX 570, and also the newPeugeot 308. The wholesale market for motorcycles grew by 35% year on year to 1.4 millionunits. Astra Honda Motor's sales were 41% higher than the previous year at642,000 units and its market share increased 2% to 45%. Astra Honda Motorlaunched the revamped Honda New Revo 100cc model in February 2008 and the newCity Sport-1 125 cc model in April 2008. With an enhanced marketing strategy andthe introduction of new models, its market position is expected to remain stabledespite stiff competition. The net income of PT Astra Otoparts Tbk, which is 86.7%-owned, increasedstrongly by 243% to Rp210 billion, following a 41% increase in sales, both inthe domestic and export markets, combined with better margin, lower operatingexpense and gain on sales of fixed assets. The Group's financial services activities also benefited from the growth in theautomotive market. The amount financed by Federal International Finance andAstra Credit Companies grew by 38% to Rp6.2 trillion. At 31st March 2008, theconsumer finance loan book was at Rp15.2 trillion, 3% lower from Rp15.6 trillionat the end of last year due to increased use of joint financing without recourse PT Bank Permata Tbk, a 44.5%-held associate, saw net income grow by 106% to Rp174 billion, due to higher net interest income and lower operating expenses. Resources and Others Operating income from the Group's resources and other businesses, comprisingagribusiness, heavy equipment, information technology and infrastructure rose by134% to Rp2.0 trillion. The net income of PT Astra Agro Lestari Tbk, which is 79.7%-owned, was Rp827billion for the first quarter of 2008, an increase of 208% from the same periodlast year. Palm oil production at 249,000 tonnes was 24% higher due to theincrease of mature plantation area and better weather conditions. Palm oil salesincreased by 25% to 241,000 tonnes. PT United Tractors Tbk, which is 58.5%-owned, produced a net income of Rp517billion, up 108% from the same period last year. Sales of Komatsu heavyequipment increased by 45% to 1,200 units in response to strong demand. TheCompany's mining subsidiary, PT Pamapersada Nusantara, produced 14 milliontonnes of coal during the period, 27% higher than the previous year, whileoverburden removed increased by 38% to 99 million bcm, compared to the firstquarter of 2007, which was affected by adverse weather and operationalinterruptions. United Tractors' coal mining activities also performed morestrongly with the volume of coal sold growing by 54% to 1 million tonnes year onyear. PT Astra Graphia Tbk, which is 76.9%-owned, booked net income of Rp20 billion,an increase of 24% from the same period last year. The Group's infrastructure investments are performing satisfactorily. PAMLyonnaise Jaya, the Company's 30%-held water distributor, maintained sales ofwater of 32 million cubic metres while 34%-held toll road operator, MargaMandala Sakti, handled a 6% increase in traffic volumes. Astra is continuing toreview further infrastructure investments. Group The Group's net asset value grew by 8% from Rp27 trillion at the end of 2007 toRp29 trillion. The net asset value per share was Rp7,200. The Group's net debt as at 31st March 2008, excluding debt within the financialservices activities, was Rp1.5 trillion, down from Rp1.7 trillion as at 31stDecember 2007, with the net debt to equity ratio reducing from 6.4% to 5.2%.Including financial services activities, the Group's net debt as at 31st March2008 was Rp13.1 trillion, compared to Rp13.5 trillion at the end of 2007. Prospects The Group had a strong start to 2008. The outlook for the rest of the year ispositive although the impact of high oil prices and food inflation couldadversely affect consumer demand later in the year. Michael D. Ruslim President Director 30th April 2008 -end- For further information, please contact: PT Astra International Tbk Aminuddin, Corporate Secretary Tel: 62 - 21 - 6531 0418 This information is provided by RNS The company news service from the London Stock Exchange