30 Jul 2009 10:19
| To: Business Editor | 30th July 2009 For immediate release |
PT Astra International Tbk
2009 Half Year Financial Statements
The following announcement was issued today by the Company's 69%-owned subsidiary, Jardine Cycle & Carriage Limited, which holds 50.1% of PT Astra International Tbk.
| For further information, please contact: | |
| Jardine Matheson Limited | |
| Neil M McNamara | (852) 2843 8227 |
| GolinHarris | |
| Kennes Young | (852) 2501 7987 |
30th July 2009
PT ASTRA INTERNATIONAL TBK
2009 HALF YEAR FINANCIAL STATEMENTS
Highlights
| • | Earnings per share down 11% |
| • | Slow-down across major businesses |
| • | Wholesale motor markets decline |
| • | Strong improvement in contribution from mining contracting |
"Consumer confidence is likely to benefit from the recent positive developments in inflation, interest rates and the appreciation of the Rupiah. Nevertheless, the Group's markets are expected to remain challenging in the second half of the year, particularly in its motorcycle business."
Michael D. Ruslim
President Director
30th July 2009
Group Results
| Six months ended 30th June | |||
|
| 2009 Rp bn | 2008 Rp bn | Change % |
| Net revenue | 44,761 | 46,267 | (3) |
| Operating income | 5,886 | 6,611 | (11) |
| Net income | 4,243 | 4,754 | (11) |
| Rp | Rp |
| |
| Net earnings per share | 1,048 | 1,174 | (11) |
|
| As at 30th June 2009 Rp bn | As at 31st December 2008 Rp bn | Change % |
| Shareholders' funds | 35,136 | 33,080 | 6 |
| Rp | Rp | ||
| Net asset value per share | 8,679 | 8,171 | 6 |
The financial results for the six months ended 30th June 2009 and 30th June 2008 have been prepared in accordance with accounting principles generally accepted in Indonesia. These results are unaudited.
The financial position as at 31st December 2008 has been audited in accordance with the auditing standards established by the Indonesian Institute of Certified Public Accountants.
PRESIDENT DIRECTOR'S STATEMENT
Overview
The Group's businesses continued to experience the effects of the global economic downturn in the first six months of 2009. Lower profits were reported in a number of major businesses, with the exception of financial services, heavy equipment and mining contracting.
Performance
The Group's net revenue for the six months ended 30th June 2009 fell by 3% to Rp44.8 trillion. Net income was 11% lower at Rp4.2 trillion, compared to the results achieved in the first half of 2008, while earnings per share were down by 11% at Rp1,048.
The net asset value was 6% higher at Rp35.1 trillion at the end of June 2009, compared to the prior year end, representing a net asset value per share of Rp8,679.
The Group benefited from strong operating cash flows during the period. At 30th June 2009, excluding its financial services activities, the Group had net cash of Rp692 billion compared to net debt of Rp1.8 trillion at the end of 2008. Including its financial services activities, the Group's net debt at 30th June 2009 was Rp11.6 trillion, compared to Rp14.7 trillion at the end of 2008.
Business Activity
Automotive and Financial Services
Operating income from the Group's automotive and financial services businesses, excluding associates and jointly controlled entities, was 11% lower in the first half of 2009 at Rp1,977 billion. The Group's share of results from its automotive and financial services associates and jointly controlled entities was Rp856 billion, a reduction of 23%.
The wholesale market for motor cars declined by 28% to some 210,000 units in the first half of 2009 due to weaker consumer demand. Astra's motor car sales decreased by a lesser rate of 18% to some 121,000 units, producing an increased market share of 58%. Astra launched several new and facelift models and new models during the period, including the new Altis, the Daihatsu Luxio 1,500 cc and the Toyota Hilux D Cab 4x4.
The wholesale market for motorcycles fell by 17% to some 2.5 million units. Astra Honda Motor's sales declined in line with the market reflecting a stable market share of 46%. During the period, Astra Honda Motor launched the new Absolute Revo.
The component manufacturing sector was also affected, and 94%-owned Astra Otoparts reported a 40% decrease in operating profit, primarily due to higher operating expenses. Its net income fell by 18% to Rp314 billion.
The contribution from Astra's consumer finance operations increased reflecting growth in their overall book, including balances financed through joint financing without recourse. The amount directly financed by Federal International Finance and Astra Credit Companies in the first six months was 11% lower than the equivalent period last year at Rp11.8 trillion. The net profit of 45%-held associate, PT Bank Permata Tbk, was Rp321 billion, 18% up on the first half of 2008 due to higher net interest income and other operating income.
Resources and Other
The operating income from the Group's resources and other businesses, comprising agribusiness, heavy equipment, mining, information technology and infrastructure, was 11% lower for the period at Rp3.8 trillion. This was primarily due to the sharp fall in crude palm oil prices, partly mitigated by the strong results from the heavy equipment and mining businesses.
The net income of 80%-held PT Astra Agro Lestari Tbk was down 52% at Rp770 billion. Palm oil production was 1% higher at 499,000 tonnes, but crude palm oil prices achieved were on average 23% lower than the previous year.
PT United Tractors Tbk, which is 60%-owned, saw its net income increase by 55% to Rp1,873 billion in the first six months. While the number of Komatsu units sold declined by 44%, profit improved due to sales mix. Mining contracting subsidiary, PT Pamapersada Nusantara, increased its coal extraction by 3% to 30 million tonnes and overburden removal by 30% to 272 million bcm, while sales from its own mines amounted to over 1 million tonnes.
PT Astra Graphia Tbk, which is 77%-owned, saw its net income decline by 29% due to reduced margins.
The Group's infrastructure investments performed satisfactorily. The 30%-held PT PAM Lyonnaise Jaya, which operates the western Jakarta water utility system, increased its sales volume by 2% to 67 million cubic metres. PT Marga Mandalasakti, the 63%-owned toll road operator experienced a 1% decrease in traffic volume.
Prospects
Consumer confidence is likely to benefit from the recent positive developments in inflation, interest rates and the appreciation of the Rupiah. Nevertheless, the Group's markets are expected to remain challenging in the second half of the year, particularly in its motorcycle business.
Michael D. Ruslim
President Director
30th July 2009
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| For further information, please contact: |
| PT Astra International Tbk |
| Arief Istanto, Chief of Corporate Communication |
| Tel: + 62 - 21 - 6530 4956 |