JDS.L Regulatory News (JDS)

29 Jul 2008 10:37



To: Business Editor 29th July 2008 For immediate release

PT Astra International Tbk2008 Half Year Financial Statements

The following announcement was issued today by the Company's 67%-owned subsidiary, Jardine Cycle & Carriage Limited, which holds 50.1% of PT Astra International Tbk.

For further information, please contact:Jardine Matheson LimitedNeil M McNamara (852) 2843 8227GolinHarrisKennes Young (852) 2501 7987

29th July 2008PT ASTRA INTERNATIONAL TBK 2008 HALF YEAR FINANCIAL STATEMENTS Highlights 

Earnings per share up 81% 

Strong demand for both motorcars and motorcycles

Excellent performances from all major businesses

"While the Group performed exceptionally well in the first half of the year, certain markets are expected to become more challenging in response to growing inflation and a higher interest rate trend. We are, however, confident that the prospects for the Group in the medium term remain attractive." Michael D. RuslimPresident Director29th July 2008

Group Results 

The financial results for the six months ended 30th June 2008 and 30th June 2007 have been prepared in accordance with accounting principles generally accepted in Indonesia. These results are unaudited.The financial position as at 31st December 2007 has been audited in accordance with the auditing standards established by the Indonesian Institute of Certified Public Accountants.PRESIDENT DIRECTOR'S STATEMENTOverviewThe Group's major businesses performed well in the first half of 2008 as overall economic conditions in Indonesia remained relatively strong, supported by firm commodity prices. PerformanceThe Group's revenue for the first half of 2008 increased by 46% to Rp46 trillion. Net income grew by 81% to Rp4.7 trillion. Earnings per share were Rp1,174, up 81%. Automotive and Financial ServicesOperating income from the Group's automotive and financial services businesses, excluding associates and joint ventures, at Rp2,232 billion, was 57% higher than the same period last year. The Group's share of results from its automotive and financial services associates and joint ventures was Rp1,114 billion, 50% higher than in the previous year. The wholesale market for motorcars grew by 48% to nearly 293,000 units. However, Astra's motorcar sales increased at a lower rate of 41% to about 148,000 units and its market share was 51% compared to 53% in the same period last year. In the second quarter, Astra launched the new Daihatsu Sirion D.The wholesale market for motorcycles grew by 44% year on year to about 3.1 million units. Astra Honda Motor's sales rose 52% to nearly 1.4 million units and its market share increased from 44% to 46%. The new Honda BeAT, a 110 cc scooter model, was launched in May 2008.The net income of PT Astra Otoparts Tbk, which is 92%-owned, increased strongly by 138% to Rp426 billion, following a 43% increase in sales, both in the domestic and export markets, combined with improved margins, lower operating expenses and gain on sale of fixed assets.The Group's financial services activities also benefited from the growth in the automotive market. The amount financed by Federal International Finance and Astra Credit Companies grew by 39% to Rp13.3 trillion. At 30th June 2008, the consumer finance loan book was Rp15.0 trillion, the same level as at 30th June of last year as the strong growth was mostly financed by the increased use of joint financing without recourse to the Group. PT Bank Permata Tbk, a 44.5%-held associate, saw net income grow by 41% to Rp273 billion, due to higher net interest income and lower operating expenses. Resources and OthersOperating income from the Group's resources and other businesses, comprising agribusiness, heavy equipment, information technology and infrastructure, rose by 119% to Rp4.3 trillion.The net income of PT Astra Agro Lestari Tbk, which is 80%-owned, was Rp1,597 billion for the first half of 2008, an increase of 134% over the same period last year. The results benefited from a 59% increase in palm oil prices achieved and a 20% increase in palm oil production to 494,000 tonnes, due to the increase of mature plantation area and better weather conditions. PT United Tractors Tbk, which is 59%-owned, produced a net income of Rp1,206 billion, up 118% from the same period last year. Strong demand led to sales of Komatsu heavy equipment increasing by 44% to almost 2,500 units. The company's mining subsidiary, PT Pamapersada Nusantara, extracted nearly 30 million tonnes of coal during the period, up 23%, while overburden removed increased by 31% to 210 million bcm, compared to the first half of 2007. United Tractors completed the acquisition in February 2008 of a controlling interest in a coal mining concession in Central Kalimantan. It has recently announced a rights issue to raise some Rp3.6 trillion to refinance this acquisition and to provide funding for its working capital requirements and further investments, particularly in the mining sector.PT Astra Graphia Tbk, which is 77%-owned, booked net income of Rp36 billion, an increase of 7% from the same period last year. The Group's infrastructure investments are performing satisfactorily. PAM Lyonnaise Jaya, the Company's 30%-held water distributor, maintained sales of water of 66 million cubic metres, while 34%-held toll road operator, Marga Mandala Sakti, handled a 7% increase in traffic volumes. Astra is continuing to review further infrastructure investments. GroupThe Group's net asset value grew by 10% from Rp27.0 trillion at the end of 2007 to Rp29.7 trillion at 30th June 2008, representing a net asset value per share of Rp7,333.The Group had net cash of Rp0.9 trillion as at 30th June 2008 (excluding debt within the financial services activities) compared to net debt of Rp1.7 trillion at the prior year end due to the strong operating cashflows and a substantial dividend received from an associate, partly offset by the acquisition of the controlling interest in a coal mining concession in Central Kalimantan. Including the financial services activities, the Group's net debt as at 30th June 2008 was Rp11.4 trillion, compared to Rp13.5 trillion at the end of 2007. ProspectsWhile the Group performed exceptionally well in the first half of the year, certain markets are expected to become more challenging in response to growing inflation and a higher interest rate trend. We are, however, confident that the prospects for the Group in the medium term remain attractive.Michael D. RuslimPresident Director29th July 2008

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For further information, please contact:PT Astra International TbkAminuddin, Corporate Secretary Tel: 62 - 21 - 6531 0418