JDS.L Regulatory News (JDS)

31 Oct 2007 09:49

Jardine Strategic Hldgs Ld31 October 2007 To: Business Editor 31st October 2007 For immediate release PT Astra International Tbk 2007 Nine Months 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 31 October 2007 PT ASTRA INTERNATIONAL TBK2007 NINE MONTHS FINANCIAL STATEMENTS Highlights • Earnings per share increase 53% to Rp 1,131 • Motor vehicle sales up 29%, but motorcycle sales down 8% • Good performances from other major businesses "While we expect challenges to remain in the motorcycle market and a possibledampening effect from the recent high oil prices, our outlook for the remainderof the year is positive." Michael D. RuslimPresident Director31 October 2007 Group Results Nine months ended 30 September 2007 2006 Change Rp bn Rp bn % Net revenue 50,621 41,011 23 Operating income 5,855 3,091 89 Net income 4,581 2,992 53 Rp Rp Net earnings per share 1,131 739 53 As at 30 As at 31 September 2007 December 2006 Change Rp bn Rp bn % Shareholders' funds 25,668 22,376 15 Rp Rp Net asset value per share 6,340 5,527 15 The financial results for the nine months ended 30 September 2007 and 30September 2006 have been prepared in accordance with accounting principlesgenerally accepted in 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 Trading conditions continued to improve due to the low interest rateenvironment, ongoing recovery in the automotive market and higher palm oilprices. Performance The Group's net income for the nine months ended 30 September 2007 increased by53% to Rp4.6 trillion compared to the same period in 2006. There were improvedcontributions from most major businesses. Earnings per share also rose 53% to Rp1,131. Automotive Operating income from the Group's automotive businesses, excluding associates,increased by 133% to Rp1.3 trillion compared with the same period last year. The Indonesian wholesale market for motor vehicles grew by 36% to 318,220 unitsin the first nine months of the year, while Astra's sales increased by 29% to163,699 units. The Group's market share, however, declined from 54% to 51% as2006 benefited from the delivery of 2005 backlog orders for Toyota Avanza andInnova. Sales in the wholesale market for motorcycles in Indonesia rose by 9% to 3.4million units in the first nine months. Motorcycle sales by Astra Honda Motor,which are reflected in income from associates, were down 8% to 1.5 million unitsdue to intense competition, resulting in a reduced market share of 44%. Astraintroduced the Fit X (100 cc) in August, two variants of New Supra X 125 cc(Carburettor and Injection) in September and the New Vario (110 cc automaticscooter) in October. PT Astra Otoparts Tbk's net income increased by 40% to Rp287 billion following a26% increase in sales and improved margins. Non-Automotive Operating income from the Group's non-automotive businesses, excludingassociates, comprising mainly financial services, agribusiness and heavyequipment, rose 80% to Rp4.5 trillion compared to the same period in 2006. The Group's financial services activities benefited from the growth in theautomotive sector. The volume financed by Federal International Finance andAstra Credit Companies grew 17% to Rp15.3 trillion. As of 30 September 2007, thetotal financial services' book stood at Rp15.6 trillion (down 18% from Rp19.0trillion). The charge for doubtful receivables was reduced by 11% and lossesincurred on repossessed assets also fell by 35%. PT Bank Permata Tbk, a44.5%-held associate, saw net income grow by 66% to Rp371 billion due to highernet interest margins and lower operating expenses. The net income of PT Astra Agro Lestari Tbk was Rp1.3 trillion, an increase of106% over the comparative period. Palm oil production volumes were down 10%, butthis was more than offset by an overall increase in crude palm oil prices by66%. PT United Tractors Tbk's net income rose 31% to Rp1.1 trillion. Sales of Komatsuheavy equipment were 59% higher at 2,621 units due to growth in the mining,forestry, agriculture and construction industries. Mining subsidiary, PTPamapersada Nusantara, overcame earlier setbacks of adverse weather conditionsand operational interruptions and achieved a 25% increase in coal extracted,although overburden removal was flat. It also benefited from the write-back of abad debt provision. 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 15% from 31 December 2006 to Rp25.7 trillion,and the net asset value per share rose to Rp 6,340. The Group's net debt as at 30 September 2007 was Rp12.5 trillion, compared toRp17.1 trillion at the end of 2006. Excluding debt within the financialservices activities, the Group's net debt as at 30 September 2007 was Rp967billion, some Rp2.6 trillion lower than at the end of 2006. This resulted in anet debt to equity ratio of 4%, compared to 16% at the prior year-end. Prospects While we expect challenges to remain in the motorcycle market and a possibledampening effect from the recent high oil prices, our outlook for the remainderof the year is positive. Michael D. RuslimPresident Director 31 October 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