27 Feb 2009 12:41
| To: | Business Editor | 27th February 2009 |
| For immediate release |
Jardine Cycle & Carriage Limited
2008 Financial Statements and Dividend Announcement
The following announcement was issued today by the Company's 68%-owned subsidiary,
Jardine Cycle & Carriage Limited.
For further information, please contact:
| Jardine Matheson Limited | |
| Neil M McNamara | (852) 2843 8227 |
| GolinHarris | |
| Kennes Young | (852) 2501 7987 |
27th February 2009
JARDINE CYCLE & CARRIAGE LIMITED
2008 FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT
Highlights
Underlying earnings per share up 25% to US¢135.38
Contribution from Astra increases 29%
Dividend per share up 16% for the year at US¢50.00
Business environment deteriorates in final quarter
20% stake in major Vietnamese motor group acquired
"2009 is expected to be a difficult year as the global economic disruption has led to tight liquidity and poor consumer sentiment. Nevertheless, we are confident that the Group's healthy balance sheet and strong underlying businesses will enable Jardine Cycle & Carriage to meet the challenges ahead."
Anthony Nightingale, Chairman
27th February 2009
Group Results
| Year ended 31st December | |||||
| 2008 US$m | 2007 US$m | Change % | 2008 S$m | ||
| Revenue | 11,192 | 8,921 | 25 | 15,780 | |
| Underlying profit attributable to shareholders * | 477 | 374 | 28 | 673 | |
| Profit attributable to shareholders | 448 | 340 | 32 | 632 | |
| US¢ | US¢ | S¢ | |||
| Underlying earnings per share * | 135.38 | 108.28 | 25 | 190.87 | |
| Earnings per share | 127.15 | 98.47 | 29 | 179.26 | |
| Dividend per share ** | 50.00 | 43.00 | 16 | 71.95 | |
| US$m | US$m | S$m | |||
| Shareholders' funds | 2,263 | 2,160 | 5 | 3,256 | |
| US$ | US$ | S$ | |||
| Net asset value per share | 6.36 | 6.18 | 3 | 9.15 | |
The exchange rate of US$1=S$1.44 (31st December 2007: US$1=S$1.44) was used for translating assets and liabilities at the balance sheet date and US$1=S$1.41 (31st December 2007: US$1=S$1.50) was used for translating the results for the year.
The financial results for the year ended 31st December 2008 have been prepared in accordance with the International Financial Reporting Standards. These results have not been audited or reviewed by the auditors.
* The basis for calculating underlying earnings is set out in Note 5 of this report.
** The S$ equivalent is an estimate as the actual amount of the final dividend will be determined on Books Closure Date referred to in Note 15.
CHAIRMAN'S STATEMENT
Overview
The Group's businesses performed well in the first nine months of 2008 but were affected in the final quarter by a steep decline in commodity prices, the weakening of the Rupiah, and a tightening of consumer credit as a result of the global economic downturn. Overall, a satisfactory result was achieved for the year.
Performance
The Group recorded revenue of US$11.2 billion for the year ended 31st December 2008, an increase of 25%. Underlying profit rose by 28% to US$477 million, and underlying earnings per share rose by 25% to US¢135.38. Profit attributable to shareholders at US$448 million was 32% higher than in 2007, after accounting for a net non-trading loss of US$29 million.
Astra's contribution to the underlying profit was up 29% at US$460 million, with its non-automotive activities performing particularly well for most of the year. The Group's share of underlying profit from its other motor interests increased by 4% to US$44 million. Corporate costs and withholding tax on dividends from Indonesia amounted to US$27 million.
The Board is recommending a final tax exempt dividend of US¢36.00 per share. This will give a total dividend for 2008 of US¢50.00 per share, compared to US¢43.00 per share in 2007.
Business Activity
Astra's automotive and financial services businesses produced an excellent contribution to Group profit as they benefited for most of the year from strong consumer demand and a buoyant economy in Indonesia. In the final quarter, however, the economic downturn and tightening consumer credit led to weaker market conditions.
Astra's heavy equipment subsidiary, United Tractors, has continued to seek coal mining investment opportunities following its return to coal mine ownership in early 2007. In 2008, it acquired Tuah Turangga Agung, which owns a coal mine concession in Central Kalimantan. The company also completed a US$390 million rights issue to raise funds for debt refinancing, working capital and capital expenditure.
The performance of Astra Agro Lestari was enhanced by the high crude palm oil prices that existed for most of the year, making it one of Astra's largest profit contributors in 2008. Prices have, however, come down from their peak significantly in recent months. The company has made good progress in increasing its planted area and improving the yield of its existing plantations.
The Group's motor operations in Singapore performed well during the year, supported by an improvement in Mercedes-Benz sales despite a contraction in the overall motor market.
Cycle & Carriage Bintang in Malaysia completed the restructuring of its business operations and is now focused solely on Mercedes-Benz. Loss-making franchises and surplus properties were sold and the balance sheet strengthened, allowing a special dividend of US$30 million to be paid during the year.
The Group has expanded its motor interests into Vietnam with a US$77 million acquisition of 20.5% stake in Truong Hai Automotive Corporation, a motor group with interests in the manufacture, sale and maintenance of commercial vehicles and passenger cars.
People
On behalf of the Directors, I wish to thank our 125,000 staff employed across the Group for their hard work, dedication and commitment to excellence, without which the Group could not have delivered this set of fine results. Thanks are also due to our customers, shareholders and business partners for their continued support.
Outlook
2009 is expected to be a difficult year as the global economic disruption has led to tight liquidity and poor consumer sentiment. Nevertheless, we are confident that the Group's healthy balance sheet and strong underlying businesses will enable Jardine Cycle & Carriage to meet the challenges ahead.
Anthony Nightingale
Chairman
27th February 2009
Group Managing Director's Review
The Group's underlying profit increased by 28% to US$477 million in 2008, and profit attributable to shareholders was US$448 million after accounting for a net non-trading loss of US$29 million. The non-trading loss was mainly due to the fair value loss on plantations caused by the sharp decline in crude palm oil prices in the latter part of the year, partly offset by gains on the disposal of certain plantation and property assets and a writeback of a surplus restructuring provision. This compares with a profit attributable to shareholders of US$340 million in 2007, which was after a net non-trading loss of US$34 million.
Profit growth was recorded by all of Astra's major businesses, producing a 29% higher underlying profit contribution of US$460 million to the Group's results for the year. The contribution from Astra's automotive and financial services operations was up 20% while its resources and other businesses also performed well with their profit contribution growing 35%. The underlying profit contribution from the Group's other directly-held motor interests grew 4%.
The Company's corporate costs of US$11 million were 27% lower than the previous year, following a reduction in interest expenses, while US$16 million of withholding tax on dividends from Indonesia was incurred during the year. In addition, the Group's share of Astra's corporate costs together with the adjustments required to align Astra's results with the Group's accounting policies was 21% lower at US$26 million.
The Group's consolidated net debt, excluding borrowings within Astra's financial services operations, was US$157 million at 31st December 2008, US$78 million lower than at the end of 2007. This was a result of strong operating cash flows attributable to Astra. The debt within the Group's financial services operations of US$1.2 billion was US$84 million lower than at the prior year end, following a reduction in joint financing with recourse. At the end of the year, Jardine Cycle & Carriage had parent company net cash of US$4 million, compared to the net debt of US$31 million at the end of 2007.
Astra
The Indonesian economy grew by 6.1% in 2008 and Astra benefited from strong consumer demand and high crude palm oil prices for most of the year. Under Indonesian accounting standards, Astra reported a net profit equivalent to US$942 million for 2008, an increase of 41% over the previous year in its reporting currency.
Astra's financial position benefited from strong operating cash flows, a substantial dividend received from Astra Honda Motor and proceeds from a rights issue by United Tractors, although this was largely offset by the cost of acquisitions and investment in shares in Group companies. Net debt, excluding borrowings within its financial services operations, was reduced slightly to US$169 million at the end of 2008.
Automotive and Financial Services
Astra's automotive and financial services businesses grew strongly for most of 2008, and produced a contribution of US$303 million to the Group's underlying profit, up 20%.
The Indonesian wholesale motor vehicle market rose by 40% to 608,000 units in 2008. Astra's sales grew at a higher rate of 43%, resulting in an improved market share of 52%. Its sales during the year were supported by the launch of four new models and six revamped models.
The wholesale motorcycle market in Indonesia grew by 33% in 2008 to 6.2 million units, with particularly strong demand seen in areas outside Java. This was driven in large part by the increased prosperity following high crude palm oil ("CPO") prices for most of the year and, to a lesser extent, coal prices. Demand has recently declined following the sharp fall in commodity prices and tight liquidity. Sales of the Astra Honda Motor manufacturing and distribution joint venture rose by 34%, achieving a market share of 46%. Three new models and three revamped models were launched in 2008.
The component manufacturing sector benefited from the strong automotive market and Astra Otoparts reported a 24% increase in profit. Sales rose 27% with increases in both the domestic and export markets. Astra now holds an interest of 93.9% in Astra Otoparts, up from 86.7%.
The performance of Astra's consumer finance operations improved in line with the growth in automotive sales. The volume financed by Federal International Finance and Astra Credit Companies was US$2.7 billion, 29% higher in its reporting currency. At the end of 2008, the consumer finance loan book was US$1.3 billion, the same as the previous year as most of the growth was in joint finance without recourse.
Bank Permata, a 44.5%-held associate, saw its net profit reduce by 9% as the effect of changes in future tax rates on deferred tax assets more than offset the improvement in profitability of its banking operations.
Resources and Other
Astra's resources and other businesses comprising agribusiness, heavy equipment, mining, information technology and infrastructure, contributed US$183 million to the Group's underlying profit, an increase of 35%.
In agribusiness, Astra's 79.7%-held subsidiary, Astra Agro Lestari, achieved strong growth with a 33% increase in reported profit. Palm oil production increased by 7% to 982,000 tonnes and CPO prices achieved were on average 19% higher than the previous year.
In heavy equipment, the 59.5%-held United Tractors also performed well and recorded a 78% increase in profit. Sales of Komatsu equipment rose 26% due to strong demand for most of the year, although demand in the last quarter reduced significantly reflecting decline in commodity prices and tightening of credit. Pamapersada Nusantara, the mining subsidiary of United Tractors, achieved an 8% increase in coal extracted at 59 million tonnes and a 25% increase in overburden removed at 442 million bcm in its contract mining operations, while coal sales from its own mines amounted to almost 4 million tonnes.
The group's information technology business and infrastructure investments performed satisfactorily. Marga Mandalasakti, a toll road operator, became a subsidiary during the year when the group's interest was increased from 34% to 62.6%. It handled a 6% increase in traffic volume. PAM Lyonnaise Jaya, in which Astra has a 30% interest and which operates the western Jakarta water utility system, increased its sales of water by 3% to 135 million cubic metres in 2008.
Other Motor Interests
Singapore
The profit contribution from the Group's Singapore motor operations increased by 5% to US$35 million with Mercedes-Benz turning in a good performance.
Although the Singapore economy slipped into recession in the latter part of 2008, modest GDP growth was achieved for the year as a whole. The overall passenger car market fell by 10% to 99,600 units, while the commercial vehicle market fell by 5% to 10,900 units. The Group's passenger car sales were 16% lower and its market share declined slightly to 13%. Sales of Mercedes-Benz passenger cars rose by 5% enhanced by sales of the new C-Class and ongoing demand for the S-Class. Mitsubishi and Kia passenger car sales fell by 18% and 28 %, respectively. Citroen sales were slightly lower than the previous year.
Malaysia
The Group's 59.1%-owned subsidiary, Cycle & Carriage Bintang, completed a major restructuring of its motor activities enabling it to focus on its Mercedes-Benz marque. It contributed an underlying profit of US$3 million, 52% higher than the previous year.
Indonesia
In the Indonesian automotive market, Tunas Ridean performed well, contributing a profit of US$9 million, 19% above the previous year. Sales of motor vehicles grew by 23% and motorcycle sales increased by 22%, while new lending volumes declined by 6%. During the year, the Company increased its shareholding in Tunas Ridean by 0.9% to 38.3%. In January 2009, Tunas Ridean completed the sale of a 51%-interest in its wholly-owned automotive finance subsidiary to Bank Mandiri, which is expected to help enhance the growth potential of this business.
Vietnam
Truong Hai Automotive Corporation ("Thaco"), in which the Group took a 20.5% interest in July, contributed a US$3 million loss as sales in the latter part of the year fell sharply owing to a severe shortage of credit in Vietnam. Despite present trading difficulties, the outlook for Thaco over the medium to long term remains positive as the company is expected to recover strongly once the Vietnam economy rebounds.
Outlook
After a good year in 2008, the Group's businesses are now facing increasingly challenging economic conditions. We are, therefore, fortunate that our operations are well positioned at the forefront of their chosen markets with strong management teams, skilled workforces and the financial capability to weather the current downturn.
Ben Keswick
Group Managing Director
27th February 2009
| Jardine Cycle & Carriage Limited Consolidated Profit and Loss Account for the year ended 31 December |
| | | | 2008 | | 2007 | | Change |
| | Note | | US$m | | US$m | | % |
| | | | | | | | |
| Revenue | 3 | | 11,192.2 | | 8,920.7 | | 25 |
| Net operating costs | 2 | | (10,041.1) | | (7,860.3) | | 28 |
| Operating profit | 2 | | 1,151.1 | | 1,060.4 | | 9 |
| | | | | | | | |
| Financing charges | | | (54.9) | | (79.7) | | 31 |
| Financing income | | | 63.7 | | 35.6 | | 79 |
| Net financing income/(charges) | | | 8.8 | | (44.1) | | nm |
| | | | | | | | |
| Share of associates’ and joint ventures’ results after tax | | | 270.1 | | 125.7 | | 115 |
| | | | | | | | |
| Profit before tax | | | 1,430.0 | | 1,142.0 | | 25 |
| Tax | | | (366.6) | | (317.5) | | 15 |
| | | | | | | | |
| Profit after tax | 3 | | 1,063.4 | | 824.5 | | 29 |
| | | | | | | | |
| Profit attributable to: | | | | | | | |
| Shareholders of the Company | | | 448.2 | | 340.1 | | 32 |
| Minority interests | | | 615.2 | | 484.4 | | 27 |
| | | | | | | | |
| | | | 1,063.4 | | 824.5 | | 29 |
| | | | | | | | |
| | | | US¢ | | US¢ | | |
| Earnings per share | 5 | | 127.15 | | 98.47 | | 29 |
| | | | | | | | |
nm: not meaningful
| Jardine Cycle & Carriage Limited Consolidated Balance Sheet at 31 December |
| Note | 2008 | 2007 | |||
| US$m | US$m | ||||
| Non-current assets | |||||
| Intangible assets | 531.2 | 460.4 | |||
| Leasehold land use rights | 347.8 | 403.7 | |||
| Property, plant and equipment | 1,599.2 | 1,313.2 | |||
| Investment properties | 17.4 | 28.0 | |||
| Plantations | 352.7 | 514.6 | |||
| Interests in associates and joint ventures | 1,355.6 | 1,342.9 | |||
| Other investments | 179.7 | 133.9 | |||
| Non-current debtors | 893.4 | 878.3 | |||
| Deferred tax assets | 57.4 | 60.1 | |||
| 5,334.4 | 5,135.1 | ||||
| Current assets | |||||
| Stocks | 921.4 | 642.9 | |||
| Current debtors | 1,690.3 | 1,817.3 | |||
| Current tax assets | 40.8 | 120.8 | |||
| Current investments | 3.7 | 20.8 | |||
| Bank balances and other liquid funds | |||||
| - non-financial services companies | 656.1 | 529.6 | |||
| - financial services companies | 183.5 | 166.7 | |||
| 839.6 | 696.3 | ||||
| 3,495.8 | 3,298.1 | ||||
| Non-current assets classified as held for sale | 0.1 | 3.1 | |||
| 3,495.9 | 3,301.2 | ||||
| Total assets | 8,830.3 | 8,436.3 | |||
| Non-current liabilities | |||||
| Provisions | 30.9 | 17.8 | |||
| Long-term borrowings | 7 | ||||
| - non-financial services companies | 400.7 | 323.7 | |||
| - financial services companies | 563.1 | 615.5 | |||
| 963.8 | 939.2 | ||||
| Deferred tax liabilities | 219.3 | 306.4 | |||
| Pension liabilities | 67.0 | 42.3 | |||
| Other non-current liabilities | 93.5 | 58.6 | |||
| 1,374.5 | 1,364.3 | ||||
| Current liabilities | |||||
| Provisions | 24.8 | 29.7 | |||
| Current borrowings | 7 | ||||
| - non-financial services companies | 413.2 | 446.2 | |||
| - financial services companies | 798.5 | 806.1 | |||
| 1,211.7 | 1,252.3 | ||||
| Current tax liabilities | 141.9 | 136.3 | |||
| Current creditors | 1,254.9 | 1,095.8 | |||
| 2,633.3 | 2,514.1 | ||||
| Total liabilities | 4,007.8 | 3,878.4 | |||
| Net assets | 4,822.5 | 4,557.9 | |||
| Equity | |||||
| Share capital | 8 | 632.3 | 555.2 | ||
| Fair value and other reserves | 9 | 78.0 | 331.6 | ||
| Revenue reserve | 10 | 1,552.4 | 1,272.9 | ||
| Shareholders' funds | 2,262.7 | 2,159.7 | |||
| Minority interests | 11 | 2,559.8 | 2,398.2 | ||
| Total equity | 4,822.5 | 4,557.9 |
| Jardine Cycle & Carriage Limited Consolidated Statement of Recognised Income and Expense for the year ended 31 December |
| 2008 | 2007 | ||||
| US$m | US$m | ||||
| Fair value changes of available-for-sale investments, net of tax | (15.7) | (12.3) | |||
| Revaluation surplus of assets, net of tax | 154.2 | 25.6 | |||
| Fair value changes of hedging derivatives, net of tax | 8.1 | (1.3) | |||
| Actuarial loss on defined benefit pension plans, net of tax |
(21.6) |
(0.9) | |||
| Translation difference | (708.6) | (171.1) | |||
| Reserves realised on disposal | 1.7 | 7.2 | |||
| Net loss recognised directly in equity | (581.9) | (152.8) | |||
| Profit after tax | 1,063.4 | 824.5 | |||
| Total recognised income and expense for the year | 481.5 | 671.7 | |||
| Total recognised income and expense attributable to: | |||||
| Shareholders of the Company | 186.5 | 274.6 | |||
| Minority interests | 295.0 | 397.1 | |||
| 481.5 | 671.7 | ||||
| Jardine Cycle & Carriage Limited Company Balance Sheet at 31 December |
| Note | 2008 | 2007 | ||
| US$m | US$m | |||
| Non-current assets | ||||
| Property, plant and equipment | 0.5 | 0.7 | ||
| Interests in subsidiaries | 1,275.7 | 1,276.3 | ||
| Interests in associates | 100.1 | 26.4 | ||
| Other investment | 6.8 | 6.5 | ||
| 1,383.1 | 1,309.9 | |||
| Current assets | ||||
| Debtors | 8.5 | 8.4 | ||
| Bank balances and other liquid funds | 4.0 | 6.9 | ||
| 12.5 | 15.3 | |||
| Total assets | 1,395.6 | 1,325.2 | ||
| Non-current liabilities | ||||
| Deferred tax liabilities | 0.3 | 0.3 | ||
| 0.3 | 0.3 | |||
| Current liabilities | ||||
| Current borrowings | - | 38.1 | ||
| Current tax liabilities | 0.8 | 0.8 | ||
| Creditors | 73.2 | 74.6 | ||
| 74.0 | 113.5 | |||
| Total liabilities | 74.3 | 113.8 | ||
| Net assets | 1,321.3 | 1,211.4 | ||
| Equity | ||||
| Share capital | 8 | 632.3 | 555.2 | |
| Fair value and other reserves | 9 | 225.5 | 223.5 | |
| Revenue reserve | 10 | 463.5 | 432.7 | |
| Total equity | 1,321.3 | 1,211.4 | ||
| Net asset value per share | US$3.71 | US$3.47 |
| Jardine Cycle & Carriage Limited Company Statement of Recognised Income and Expense |
| 2008 | 2007 | ||||||
| US$m | US$m | ||||||
| Fair value gain on available-for-sale investment | 0.3 | - | |||||
| Translation difference | 1.7 | 70.0 | |||||
| Gains recognised directly in equity | 2.0 | 70.0 | |||||
| Profit after tax | 190.3 | 115.8 | |||||
| Total recognised income and expense for the year | 192.3 | 185.8 | |||||
| Jardine Cycle & Carriage Limited Consolidated Statement of Cash Flows |
| 2008 | 2007 | ||||||
| Note | US$m | US$m | |||||
| Cash flows from operating activities | 12 | 1,477.2 | 1,491.4 | ||||
| Cash generated from operations | |||||||
| Interest paid | (55.4) | (79.7) | |||||
| Interest received | 64.4 | 35.6 | |||||
| Other finance costs paid | (3.1) | (6.2) | |||||
| Income tax paid | (353.5) | (211.8) | |||||
| (347.6) | (262.1) | ||||||
| Net cash flows from operating activities | 1,129.6 | 1,229.3 | |||||
| Cash flows from investing activities | |||||||
| Sale of leasehold land use rights | 9.4 | 10.9 | |||||
| Sale of property, plant and equipment | 82.9 | 41.4 | |||||
| Sale of investment properties | 9.1 | 6.3 | |||||
| Sale of plantations | 13.8 | - | |||||
| Sale of subsidiaries, net of cash disposed | (33.3) | - | |||||
| Sale of shares in associates and joint ventures | 4.0 | 33.6 | |||||
| Sale of other investments | 66.4 | 7.3 | |||||
| Purchase of intangible assets | (20.5) | (22.0) | |||||
| Purchase of leasehold land use rights | (19.8) | (8.7) | |||||
| Purchase of property, plant and equipment | (593.8) | (332.2) | |||||
| Purchase of plantations | (70.5) | (41.1) | |||||
| Purchase of subsidiaries, net of cash acquired | (229.5) | 2.0 | |||||
| Purchase of shares in associates and joint ventures | (77.6) | - | |||||
| Purchase of other investments | (156.2) | (61.2) | |||||
| Capital repayment of other investments | 14.3 | 8.1 | |||||
| Dividends received from associates and joint ventures (net) | 168.2 | 39.3 | |||||
| Net cash flows used in investing activities | (833.1) | (316.3) | |||||
| Cash flows from financing activities | |||||||
| Proceeds from issue of shares | 0.1 | 0.2 | |||||
| Drawdown of loans | 2,528.6 | 2,193.8 | |||||
| Repayment of loans | (2,364.0) | (2,799.2) | |||||
| Investments by minority interests | 152.7 | 0.4 | |||||
| Dividends paid to minority interests | (257.8) | (148.9) | |||||
| Dividends paid (net) | (82.5) | (20.7) | |||||
| Net cash flows used in financing activities | (22.9) | (774.4) | |||||
| Net change in cash and cash equivalents | 273.6 | 138.6 | |||||
| Cash and cash equivalents at the beginning of the year | 672.1 | 551.9 | |||||
| Effect of exchange rate changes | (106.6) | (18.4) | |||||
| Cash and cash equivalents at the end of the year | 839.1 | 672.1 |
| Jardine Cycle & Carriage Limited Notes |
| 1 | Basis of preparation |
| The financial statements are consistent with those set out in the 2007 audited accounts which have been prepared in accordance with International Financial Reporting Standards ("IFRS"). There have been no changes to the accounting policies described in the 2007 audited accounts except for the adoption of the new interpretations shown below: |
| IFRIC 11 | Group and Treasury Share Transactions | |
| IFRIC 12 | Service Concession Arrangements | |
| IFRIC 14 | The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction |
| The adoption of the new interpretations did not have a material impact on the results of the Group. | |
| The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group's accounting policies. Estimates and judgments used in preparing the financial statements are regularly evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results. |
| 2 | Net operating costs and operating profit |
| 2008 | 2007 | Change | ||
| Year ended 31 December | US$m | US$m | % | |
| Cost of sales | (8,829.2) | (6,983.2) | 26 | |
| Other operating income | 156.7 | 153.1 | 2 | |
| Selling and distribution expenses | (565.8) | (486.2) | 16 | |
| Administrative expenses | (592.6) | (509.9) | 16 | |
| Other operating expenses (1) | (210.2) | (34.1) | 516 | |
| Net operating costs | (10,041.1) | (7,860.3) | 28 | |
| Operating profit is determined after crediting/ (charging): | ||||
| Depreciation of property, plant and equipment | (287.1) | (269.2) | 7 | |
| Amortisation of leasehold land use rights and intangible assets | (26.3) | (18.4) | 43 | |
| Fair value changes of plantations | (161.9) | 35.0 | nm | |
| Impairment of: | ||||
| - debtors | (106.6) | (68.5) | 56 | |
| - leasehold land use rights | (5.1) | - | 100 | |
| Profit/(loss) on disposal of: | ||||
| - leasehold land use rights | 6.5 | 7.2 | -10 | |
| - property, plant and equipment (2) | 46.0 | 11.6 | 297 | |
| - associates and joint ventures | 1.1 | (5.1) | nm | |
| - repossessed assets | (50.7) | (73.3) | -31 | |
| Write-down of stocks | (15.1) | (5.4) | 180 | |
| Dividend and interest income from other investments | 15.8 | 12.6 | 25 | |
| Net exchange loss | (49.7) | (21.9) | 127 | |
| Excess of net fair value of identified assets, liabilities and contingent liabilities acquired over cost of business combination | - | 5.4 | -100 |
nm: not meaningful
(1) Increase mainly due to fair value changes of plantations
(2) Increase due to disposal of surplus assets
| 3 | Revenue and Profit after tax |
| 2008 | 2007 | Change | ||
| Year ended 31 December | US$m | US$m | % | |
| Revenue: | ||||
| - 1st half | 5,718.5 | 4,140.6 | 38 | |
| - 2nd half | 5,473.7 | 4,780.1 | 15 | |
| 11,192.2 | 8,920.7 | 25 | ||
| Profit after tax: | ||||
| - 1st half | 637.3 | 367.5 | 73 | |
| - 2nd half | 426.1 | 457.0 | -7 | |
| 1,063.4 | 824.5 | 29 | ||
| 4 | Dividends |
| | Group and Company | ||
| Year ended 31 December | 2008 | | 2007 |
| | US$m | | US$m |
| Dividends paid: | | | |
| - Final dividend in respect of previous year of US¢32.00 per share, (2007: in respect of 2006 of US¢17.00 less income tax) | 109.1 | | 48.2 |
| | | | |
| - Interim dividend in respect of current year of US¢14.00 per share, (2007: US¢11.00 less income tax) | 50.4 | | 31.8 |
| | 159.5 | | 80.0 |
| | | | |
| Value of scrip dividends allotted and issued: | | | |
| - Final dividend of previous financial year | 77.0 | | 35.7 |
| - Interim dividend of current financial year | - | | 23.6 |
| | 77.0 | | 59.3 |
The Board is recommending a final dividend of US¢36.00 per share which, together with the interim dividend, will give a total dividend for the year of US¢50.00 per share.
| 5 | Earnings per share |
| 2008 | 2007 | ||
| US$m | US$m | ||
| Basic earnings per share | |||
| Profit attributable to shareholders | 448.2 | 340.1 | |
| Weighted average number of ordinary shares in issue (millions) | 352.5 | 345.4 | |
| Basic earnings per share | US¢127.15 | US¢98.47 | |
| Diluted earnings per share | |||
| Profit attributable to shareholders | 448.2 | 340.1 | |
| Weighted average number of ordinary shares in issue (millions) | 352.5 | 345.4 | |
| Adjustment for assumed conversion of share options (millions) | - * | - * | |
| Weighted average number of ordinary shares for diluted earnings per share (millions) | 352.5 | 345.4 | |
| Diluted earnings per share | US¢127.15 | US¢98.47 | |
| Underlying earnings per share | |||
| Underlying profit attributable to shareholders | 477.2 | 374.0 | |
| Basic underlying earnings per share | US¢135.38 | US¢108.28 | |
| Diluted underlying earnings per share | US¢135.38 | US¢108.28 |
* less than US$0.1 million
| A reconciliation of the profit attributable to shareholders and underlying profit attributable to shareholders is as follows: |
| Group | |||||
| 2008 | 2007 | ||||
| US$m | US$m | ||||
| Profit attributable to shareholders | 448.2 | 340.1 | |||
| Less: | |||||
| Non-trading items (net of tax and minority interests) | |||||
| Fair value changes of: | |||||
| - plantations | (47.0) | 9.5 | |||
| - investment properties | 0.2 | 0.4 | |||
| Profit/(loss) on disposal of: | |||||
| - plantation assets | 9.3 | - | |||
| - surplus properties | 2.2 | 0.2 | |||
| - subsidiaries and associates | (0.1) | (5.8) | |||
| Impairment of motorcycle distribution franchise rights in an associate | - | (37.6) | |||
| Impact of reduced tax rates on deferred tax on valuation of franchise rights | 4.9 | - | |||
| Restructuring of operations | 1.5 | (4.0) | |||
| Excess of net fair value of identifiable assets, liabilities and contingent liabilities acquired over cost of business combination | - | 2.4 | |||
| Others | - | 1.0 | |||
| (29.0) | (33.9) | ||||
| Underlying profit attributable to shareholders | 477.2 | 374.0 | |||
The underlying profit attributable to shareholders by business is shown below:
| Group | |||||
| 2008 | 2007 | Change | |||
| US$m | US$m | % | |||
| Astra | |||||
| Motor vehicles | 111.1 | 84.9 | 31 | ||
| Motorcycles | 82.3 | 65.0 | 27 | ||
| Other automotive | 33.3 | 24.3 | 37 | ||
| Financial services | 76.1 | 78.6 | -3 | ||
| Automotive and financial services | 302.8 | 252.8 | 20 | ||
| Agribusiness | 95.9 | 86.0 | 12 | ||
| Heavy equipment and mining | 81.3 | 43.6 | 86 | ||
| Others | 6.3 | 6.5 | -3 | ||
| Resources and other | 183.5 | 136.1 | 35 | ||
| Corporate costs and others | (25.8) | (32.6) | -21 | ||
| 460.5 | 356.3 | 29 | |||
| Other motor interests | |||||
| Singapore | 34.6 | 32.8 | 5 | ||
| Malaysia | 3.5 | 2.3 | 52 | ||
| Indonesia (Tunas Ridean) | 8.9 | 7.5 | 19 | ||
| Vietnam | (2.9) | - | -100 | ||
| 44.1 | 42.6 | 4 | |||
| Corporate costs | (10.8) | (14.8) | -27 | ||
| Withholding tax on dividends from Indonesia | (16.6) | (10.1) | 64 | ||
| (27.4) | (24.9) | 10 | |||
| Underlying profit attributable to shareholders | 477.2 | 374.0 | 28 |
| 6 | Segment information |
| (a) | Primary reporting format - business segments |
The segment results for the years ended 31 December 2008 and 2007 are as follows:
| | Revenue | | Segment Results | ||||
| | 2008 | | 2007 | | 2008 | | 2007 |
| | US$m | | US$m | | US$m | | US$m |
| Astra: | | | | | | | |
| - Automotive | 5,390.0 | | 4,181.4 | | 288.0 | | 234.7 |
| - Financial services | 832.8 | | 822.7 | | 183.2 | | 173.3 |
| - Heavy equipment and mining | 2,859.9 | | 1,982.3 | | 404.5 | | 259.6 |
| - Agribusiness | 836.4 | | 650.5 | | 218.4 | | 352.3 |
| - Others | 108.8 | | 80.6 | | 9.4 | | 11.3 |
| - Elimination | (54.3) | | (35.6) | | 0.9 | | 0.9 |
| | 9,973.6 | | 7,681.9 | | 1,104.4 | | 1,032.1 |
| Motor | 1,218.6 | | 1,238.8 | | 56.9 | | 43.2 |
| Others | - | | - | | (10.2) | | (14.9) |
| | 11,192.2 | | 8,920.7 | | 1,151.1 | | 1,060.4 |
| Net financing charges | | | | | 8.8 | | (44.1) |
| Share of associates’ and joint ventures’ results: | | | | | | | |
| - Astra | | | | | 264.0 | | 116.0 |
| - Motor | | | | | 6.1 | | 9.2 |
| - Others | | | | | - | | 0.5 |
| | | | | | 270.1 | | 125.7 |
| Profit before tax | | | | | 1,430.0 | | 1,142.0 |
| Tax | | | | | (366.6) | | (317.5) |
| Profit after tax | | | | | 1,063.4 | | 824.5 |
The segment assets and liabilities as at 31 December 2008 and 2007 and capital expenditure for the years then ended are as follows:
| | Segment Assets | | Segment Liabilities | | Capital Expenditure | ||||||
| | 2008 | | 2007 | | 2008 | | 2007 | | 2008 | | 2007 |
| | US$m | | US$m | | US$m | | US$m | | US$m | | US$m |
| Astra: | | | | | | | | | | | |
| - Automotive | 1,378.8 | | 1,464.1 | | 418.2 | | 387.4 | | 143.0 | | 110.0 |
| - Financial services | 2,004.8 | | 2,070.6 | | 1,660.8 | | 1,731.9 | | 31.2 | | 31.7 |
| - Heavy equipment and mining | 1,912.6 | | 1,379.4 | | 533.4 | | 338.7 | | 606.9 | | 195.2 |
| - Agribusiness | 757.4 | | 897.3 | | 73.2 | | 69.3 | | 129.5 | | 85.7 |
| - Others | 201.8 | | 77.5 | | 36.4 | | 22.0 | | 154.8 | | 8.5 |
| - Elimination | (13.9) | | (20.3) | | (13.9) | | (20.0) | | - | | - |
| | 6,241.5 | | 5,868.6 | | 2,708.1 | | 2,529.3 | | 1,065.4 | | 431.1 |
| Motor | 286.1 | | 352.3 | | 114.6 | | 125.7 | | 9.4 | | 4.4 |
| Others | 0.9 | | 1.1 | | 10.0 | | 10.9 | | - | | 0.3 |
| | 6,528.5 | | 6,222.0 | | 2,832.7 | | 2,665.9 | | 1,074.8 | | 435.8 |
| Investments in associates and joint ventures: | | | | | | | | | | | |
| - Astra | 1,245. | | 1,305.0 | | - | | - | | - | | - |
| - Motor | 110.0 | | 37.9 | | - | | - | | - | | - |
| - Others | - | | - | | - | | - | | - | | - |
| | 1,355.6 | | 1,342.9 | | - | | - | | - | | - |
| Unallocated assets/liabilities | 946.2 | | 871.4 | | 1,175.1 | | 1,212.5 | | - | | - |
| | 8,830.3 | | 8,436.3 | | 4,007.8 | | 3,878.4 | | 1,074.8 | | 435.8 |
Other segment items are as follows:
| Depreciation and | |||||||
| amortisation | Impairment of debtors | ||||||
| 2008 | 2007 | 2008 | 2007 | ||||
| US$m | US$m | US$m | US$m | ||||
| Astra: | |||||||
| - Automotive | 92.4 | 89.1 | 0.7 | 0.6 | |||
| - Financial services | 20.4 | 13.3 | 99.6 | 77.7 | |||
| - Heavy equipment and mining | 161.9 | 149.3 | 5.9 | (10.2) | |||
| - Agribusiness | 22.4 | 19.2 | - | (0.1) | |||
| - Others | 7.9 | 8.0 | 0.2 | 0.2 | |||
| 305.0 | 278.9 | 106.4 | 68.2 | ||||
| Motor | 8.2 | 8.5 | 0.2 | 0.3 | |||
| Others | 0.2 | 0.2 | - | - | |||
| 313.4 | 287.6 | 106.6 | 68.5 | ||||
The Group is organised into two main business segments, namely Astra and Motor while the Others segment consists of investment holding activities. Astra is further organised into four main business segments, namely Automotive, Financial Services, Heavy Equipment and Mining and Agribusiness while its Others segment comprise mainly information technology and infrastructure businesses.
Inter-segment revenue is not significant. Unallocated assets and liabilities comprise other investments, tax assets and liabilities, cash and cash equivalents and borrowings of non-financial services companies. Capital expenditure comprises additions to property, plant and equipment, intangible assets, leasehold land use rights, investment properties and plantations, including those arising from acquisitions of subsidiary undertakings.
The exchange rates used for translating assets and liabilities at the balance sheet date are US$1 = S$1.44 (2007: S$1.44), US$1 = RM3.47 (2007: RM3.31) and US$1 = Rp10,950 (2007: Rp9,419).
The exchange rates used for translating the results for the year are US$1 = S$1.41 (2007: US$1.50), US$1 = RM3.34 (2007: RM3.43) and US$1 = Rp9,757 (2007: Rp9,164).
| (b) | Secondary reporting format - geographical segments |
The Group's two business segments operate in three main geographical areas:
Singapore is the home country of the Company. The areas of operation are motor vehicle distribution, retail and provision of after-sales services and other investment holding activities.
Indonesia - the areas of operation are mainly the assembly, distribution and retailing of motor vehicles and motorcycles, financial services, heavy equipment and mining, agribusiness and others consisting mainly of information technology and infrastructure.
Malaysia - the areas of operation are mainly motor vehicle distribution, retail and provision of after-sales services.
Revenue is based on the country in which the customer is located. It would not be materially different if it is based on the country in which the order is received. Total assets and capital expenditure are shown by the geographical area in which the assets are located.
| Total | Capital | ||||
| Revenue | assets | expenditure | |||
| US$m | US$m | US$m | |||
| Year ended 31 December 2008 | |||||
| Singapore | 1,051.7 | 261.3 | 8.5 | ||
| Indonesia | 9,973.6 | 8,398.5 | 1,065.4 | ||
| Malaysia | 166.9 | 99.4 | 0.9 | ||
| Others | - | 71.1 | - | ||
| 11,192.2 | 8,830.3 | 1,074.8 |
| Total | Capital | ||||
| Revenue | assets | expenditure | |||
| US$m | US$m | US$m | |||
| Year ended 31 December 2007 | |||||
| Singapore | 1,046.6 | 289.2 | 2.2 | ||
| Indonesia | 7,681.9 | 8,018.4 | 431.1 | ||
| Malaysia | 192.2 | 128.7 | 2.5 | ||
| 8,920.7 | 8,436.3 | 435.8 | |||
| 7 | Borrowings |
| Group | ||||
| 2008 | 2007 | |||
| US$m | US$m | |||
| Long-term borrowings: | ||||
| - secured | 637.9 | 684.7 | ||
| - unsecured | 325.9 | 254.5 | ||
| 963.8 | 939.2 | |||
| Current borrowings: | ||||
| - secured | 832.3 | 764.3 | ||
| - unsecured | 379.4 | 488.0 | ||
| 1,211.7 | 1,252.3 | |||
| Total borrowings | 2,175.5 | 2,191.5 | ||
| Certain subsidiaries of the Group have pledged their assets in order to obtain bank facilities from financial institutions. The value of assets pledged was US$1,074.1 million (31 December 2007: US$1,110.1 million). |
| 8 | Share capital |
| Company | |||
| 2008 |
| 2007 | |
| US$m | US$m | ||
| Issued and fully paid: | |||
| Balance at 1 January - 349,260,506 (2007: 342,611,386) ordinary shares | 555.2 | 495.7 | |
| Issue of 66,000 (2007: 190,000) ordinary shares under the CCL Executives' | 0.1 | 0.2 | |
| Share Option Scheme | |||
| Issue of 6,351,154 (2007: 6,459,120) ordinary shares under the Scrip Dividend | |||
| Scheme | 77.0 | 59.3 | |
| Balance at 31 December - 355,677,660 (2007: 349,260,506) ordinary shares | 632.3 | 555.2 | |
| The Company did not hold any treasury shares as at 31 December 2008 (31 December 2007: Nil). |
| The number of shares that may be issued on conversion of all outstanding options granted pursuant to the CCL Executives' Share Option Scheme amounted to 35,000 as at 31 December 2008 (31 December 2007: 101,000). |
| Except for those mentioned above, there were no other rights, bonus or equity issues during the financial year. |
| 9 | Fair value and other reserves |
| Group | Company | ||||||
| 2008 | 2007 | 2008 | 2007 | ||||
| US$m | US$m | US$m | US$m | ||||
| Composition: | |||||||
| Fair value reserve | (3.0) | 2.5 | 0.3 | - | |||
| Asset revaluation reserve | 397.7 | 329.6 | - | - | |||
| Hedging reserve | 2.7 | (0.9) | - | - | |||
| Share option reserve | 0.3 | 0.3 | 0.3 | 0.3 | |||
| Translation reserve | (323.0) | (3.2) | 224.9 | 223.2 | |||
| Other reserve | 3.3 | 3.3 | - | - | |||
| 78.0 | 331.6 | 225.5 | 223.5 | ||||
| Movements: | |||||||
| Fair value reserve | |||||||
| Balance at 1 January | 2.5 | 9.5 | - | - | |||
| Fair value changes of available-for-sale investments, net of tax | (7.2) | (7.5) | 0.3 | - | |||
| Reserve realised on disposal | 1.7 | 0.5 | - | - | |||
| Balance at 31 December | (3.0) | 2.5 | 0.3 | - | |||
| Asset revaluation reserve | |||||||
| Balance at 1 January | 329.6 | 317.9 | - | - | |||
| Revaluation surplus of assets, net of tax | 68.8 | 12.8 | - | - | |||
| Reserve realised on disposal | (0.7) | (1.1) | - | - | |||
| Balance at 31December | 397.7 | 329.6 | - | - | |||
| Hedging reserve | |||||||
| Balance at 1 January | (0.9) | (0.8) | - | - | |||
| Fair value changes of derivatives, net of tax | 3.6 | (0.6) | - | - | |||
| Reserve realised on disposal | - | 0.5 | - | - | |||
| Balance at 31December | 2.7 | (0.9) | - | - | |||
| Share option reserve | |||||||
| Balance at 1 January / 31 December | 0.3 | 0.3 | 0.3 | 0.3 | |||
| Translation reserve | |||||||
| Balance at 1 January | (3.2) | 66.9 | 223.2 | 153.2 | |||
| Translation difference (1) | (319.8) | (76.6) | 1.7 | 70.0 | |||
| Reserve realised on disposal | - | 6.5 | - | - | |||
| Balance at 31December | (323.0) | (3.2) | 224.9 | 223.2 | |||
| Other reserve | |||||||
| Balance at 1 January / 31 December | 3.3 | 3.3 | - | - | |||
| 10 | Revenue reserve |
| Group | Company | ||||||
| 2008 | 2007 | 2008 | 2007 | ||||
| US$m | US$m | US$m | US$m | ||||
| Retained earnings | |||||||
| Balance at 1 January | 1,272.9 | 1,012.8 | 432.7 | 396.9 | |||
| Asset revaluation reserve realised on disposal of assets | 0.7 | 1.1 | - | - | |||
| Actuarial loss on defined benefit pension plans,net of tax | (9.0) | (0.5) | - | - | |||
| Gain on dilution of interests in investments | 0.2 | - | - | - | |||
| Reserve realised on disposal | - | (0.6) | - | - | |||
| Profit attributable to shareholders | 448.2 | 340.1 | 190.3 | 115.8 | |||
| Total recognised gain for the year | 440.1 | 340.1 | 190.3 | 115.8 | |||
| Dividends (net) | (159.5) | (80.0) | (159.5) | (80.0) | |||
| Other | (1.1) | - | - | - | |||
| Balance at 31December | 1,552.4 | 1,272.9 | 463.5 | 432.7 | |||
| 11 | Minority interests |
| Group | |||
| 2008 | 2007 | ||
| US$m | US$m | ||
| Balance at 1 January | 2,398.2 | 2,149.6 | |
| Revaluation surplus of assets, net of tax | 85.4 | 12.8 | |
| Fair value changes of available-for-sale investments, net of tax | (8.5) | (4.8) | |
| Fair value changes of hedging derivatives, net of tax | 4.5 | (0.7) | |
| Actuarial loss on defined benefit pension plans, net of tax | (12.6) | (0.4) | |
| Loss on dilution of interests in investments | (0.2) | - | |
| Translation difference | (388.8) | (94.5) | |
| Reserve realised on disposal | - | 0.3 | |
| Profit for the year | 615.2 | 484.4 | |
| Total recognised gain for the year | 295.0 | 397.1 | |
| Dividends (net) | (257.8) | (148.9) | |
| Issue of shares | 151.2 | 0.4 | |
| Acquisition/disposal of subsidiaries | (26.8) | - | |
| Balance at 31 December | 2,559.8 | 2,398.2 | |
| 12 | Cash flows from operating activities |
| Group | ||||
| 2008 | 2007 | |||
| US$m | US$m | |||
| Profit before tax | 1,430.0 | 1,142.0 | ||
| Adjustments for: | ||||
| Financing income | (63.7) | (35.6) | ||
| Financing charges | 54.9 | 79.7 | ||
| Share of associates' and joint ventures' results after tax | (270.1) | (125.7) | ||
| Depreciation of property, plant and equipment | 287.1 | 269.2 | ||
| Amortisation of leasehold land use rights and intangible assets | 26.3 | 18.4 | ||
| Fair value changes of: | ||||
| - plantations | 161.9 | (35.0) | ||
| - investment properties | (0.5) | (1.7) | ||
| Impairment of: | ||||
| - debtors | 106.6 | 68.5 | ||
| - leasehold land use rights | 5.1 | - | ||
| - property, plant and equipment | - | 0.2 | ||
| - intangible assets | 0.5 | - | ||
| (Profit)/loss on disposal of: | ||||
| - leasehold land use rights | (6.5) | (7.2) | ||
| - property, plant and equipment | (46.0) | (11.6) | ||
| - investment properties | (0.9) | - | ||
| - plantations | (3.6) | 0.2 | ||
| - subsidiaries | (3.3) | 1.5 | ||
| - associates and joint ventures | (1.1) | 5.1 | ||
| - repossessed assets | 50.7 | 73.3 | ||
| - other investments | 3.1 | (0.3) | ||
| Write-down of stocks | 15.1 | 5.4 | ||
| Revaluation deficit on property, plant and equipment | 2.8 | 4.2 | ||
| Changes in provisions | 21.3 | 10.6 | ||
| Foreign exchange loss | 3.9 | 9.9 | ||
| Excess of net fair value of identifiable assets, liabilities and contingent liabilities acquired over cost of business combination | - | (5.4) | ||
| 343.6 | 323.7 | |||
| Operating profit before working capital changes | 1,773.6 | 1,465.7 | ||
| Changes in working capital: | ||||
| Stocks (1) | (418.0) | (42.3) | ||
| Financing debtors (2) | (218.8) | 42.2 | ||
| Debtors | 1.8 | (227.6) | ||
| Creditors (3) | 329.7 | 250.4 | ||
| Pensions | 8.9 | 3.0 | ||
| (296.4) | 25.7 | |||
| Cash flows from operating activities | 1,477.2 | 1,491.4 | ||
| (1) Increase due to higher inventory level | ||||
| (2) Increase due to higher financing activities |
|
|
|
|
| (3) Increase due to higher purchases and longer credit period |
|
|
|
|
| 13 | Comparative figures |
| The following comparative figures of the consolidated balance sheet and profit and loss account have been reclassified to conform with the current year's presentation: |
| Before | After | |||||
| Reclassification | Reclassification | Reclassification | ||||
| US$m | US$m | US$m | ||||
| Revenue | 8,895.6 | 25.1 | 8,920.7 | |||
| Cost of sales | (6,983.0) | (0.2) | (6,983.2) | |||
| Other operating income | 178.2 | (25.1) | 153.1 | |||
| Financing charges | (79.9) | 0.2 | (79.7) | |||
| 14 | Interested person transactions |
| Name of interested person | | Aggregate value of all interested person transactions (excluding transactions less than S$100,000 and transactions conducted under shareholders’ mandate pursuant to Rule 920) | | Aggregate value of all interested person transactions conducted under shareholders’ mandate pursuant to Rule 920 (excluding transactions less than S$100,000) |
| | | US$m | | US$m |
| Three months ended 31 Dec 2008 | | | | |
| Jardine Matheson Limited - management consultancy services | | - | | 0.5 |
| | | | | |
| Jardine Lloyd Thompson Pte Ltd | | | | |
| - insurance services | | - | | 0.1 |
| | | - | | 0.6 |
| | | | | |
| Year ended 31 Dec 2008 | | | | |
| Jardine Matheson Limited - management consultancy services | | - | | 2.4 |
| | | | | |
| Jardine OneSolution (2001) Pte Ltd | | | | |
| - information technology services | | - | | 0.5 |
| | | | | |
| Jardine Lloyd Thompson Pte Ltd | | | | |
| - insurance services | | - | | 0.1 |
| | | - | | 3.0 |
| 15 | Closure of books |
NOTICE IS HEREBY GIVEN that the Transfer Books and the Register of Members will be closed from 5.00 pm on Friday, 15 May 2009 to Monday, 18 May 2009 for the purpose of determining shareholders' entitlement to the final dividend.
Duly completed transfers received by Jardine Cycle & Carriage Limited's Share Registrar, M & C Services Private Limited at 138 Robinson Road #17-00, The Corporate Office, Singapore 068906 up to 5.00 p.m. on Friday, 15 May 2009 ("Books Closure Date") will be registered before entitlements to the final dividend are determined. Shareholders whose securities accounts with The Central Depository (Pte) Limited ("CDP") are credited with shares as at the Books Closure Date will be entitled to the final dividend. The final dividend will be paid on or about 24 June 2009. In the absence of any election, the dividend will be paid in US dollars. Details on this elective will be furnished to shareholders in due course.
| 16 | Others |
The results do not include any pre-acquisition profits and have not been affected by any item, transaction or event of a material or unusual nature other than the non-trading items shown in Note 5 of this report.
No significant transaction or event has occurred between 1 January 2009 and the date of this report.
| 17 | Notice pursuant to Rule 704(11) of the Listing Manual |
Pursuant to Rule 704(11) of the SGX-ST Listing Manual, Jardine Cycle & Carriage Limited wishes to announce that no person occupying a managerial position in the Company or any of its principal subsidiaries is a relative of a director or chief executive officer or substantial shareholder of the Company.
- end -
For further information, please contact:
Jardine Cycle & Carriage Limited
| Ho Yeng Tat | Tel: 65 64708108 |
The full text of the Financial Statements and Dividend Announcement for the financial year ended 31 December 2008 can be accessed through the internet at 'www.jcclgroup.com'.
Corporate Profile
Jardine Cycle & Carriage ("JC&C") has a 50.1% interest in Astra International, a leading listed Indonesian conglomerate, and other motor interests in Southeast Asia. Together with its subsidiaries and associates, JC&C employs some 125,000 people across Indonesia, Malaysia, Singapore and Vietnam. JC&C is a Singapore-listed company and a member of the Jardine Matheson group.
Astra is the largest independent automotive group in Southeast Asia, with additional interests in financial services, agribusiness, heavy equipment and mining, information technology and infrastructure. JC&C has directly-held subsidiaries operating in Singapore and Malaysia under the Cycle & Carriage banner, and associates, Tunas Ridean in Indonesia and Truong Hai Automotive Corporation in Vietnam. The JC&C Group represents some of the world's leading motoring marques including Honda, Mercedes-Benz and Toyota.