29 Apr 2009 11:05
| To: | Business Editor | 29th April 2009 |
| For immediate release |
Jardine Cycle & Carriage Limited
First Quarter 2009 Financial Statements and Dividend Announcement
The following announcement was issued today by the Company's 69%-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 |
29th April 2009
JARDINE CYCLE & CARRIAGE LIMITED
FIRST QUARTER 2009 FINANCIAL STATEMENTS AND DIVIDEND
ANNOUNCEMENT
Highlights
| Underlying earnings per share 35% lower at US¢23.76 |
| Slowdown across major businesses |
| Weaker Rupiah reduces further Astra’s contribution |
"While it is too early to assess the full effect of the global economic downturn, the Group's results for the half year will inevitably be affected by the reduced level of business activity. Nevertheless, Jardine Cycle & Carriage's sound balance sheet and the strong market positions of its businesses leave it well placed to face the current difficulties."
Anthony Nightingale, Chairman
29th April 2009
Group Results
| Three months ended 31st March | ||||
| 2009 US$m | 2008 US$m | Change % | 2009 S$m | |
| Revenue | 2,115 | 2,750 | -23 | 3,220 |
| Profit after tax | 208 | 304 | -32 | 316 |
| Underlying profit attributable to shareholders* | 84 | 128 | -34 | 129 |
| Profit attributable to shareholders | 88 | 128 | -31 | 134 |
| US¢ | US¢ | S¢ | ||
| Underlying earnings* per share | 23.76 | 36.64 | -35 | 36.21 |
| Earnings per share | 24.80 | 36.70 | -32 | 37.76 |
| At 31.3.09 US$m | At 31.12.08 US$m | At 31.3.09 S$m | ||
| Shareholders' funds | 2,229 | 2,263 | -1 | 3,388 |
| US$ | US$ | S$ | ||
| Net asset value per share | 6.27 | 6.36 | -1 | 9.53 |
The exchange rate of US$1=S$1.52 (31.12.2008: US$1=S$1.44) was used for translating assets and liabilities at the balance sheet date and US$1=S$1.52 (31.3.2008: US$1=S$1.40) was used for translating the results for the period.
The financial results for the three months ended 31st March 2009 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 profit and earnings is set out in Note 4 of this report
CHAIRMAN'S STATEMENT
Overview
Jardine Cycle & Carriage produced a reasonable performance in the first quarter of 2009 in light of the prevailing difficult economic conditions.
Performance
The Group recorded revenue of US$2.1 billion for the three months ended 31st March 2009, a decrease of 23%. Underlying profit at US$84 million was 34% lower and underlying earnings per share were down 35% at US¢23.76. Profit attributable to shareholders was US$88 million for the quarter, compared with US$128 million in 2008 after accounting for a non-trading gain arising from the sale of a 51% interest in Tunas Finance.
Astra's contribution to the Group's underlying profit was US$79 million, down 34%. Lower profits were recorded in most of its major businesses and its contribution was reduced further by a weaker Rupiah exchange rate. The underlying profit contribution from the Group's other motor interests fell by 31% to US$8 million. Corporate costs were US$2 million.
The Group benefited from strong operating cash flows and its consolidated net cash, excluding borrowings within Astra's financial services operations, was US$9 million at 31st March 2009, compared to the net debt of US$157 million at the end of 2008. The net debt within Astra's financial services operations was lower at US$1.1 billion. The Company continued to be marginally cash positive.
The Board does not propose to declare a dividend for the three months ended 31st March 2009 (31st March 2008: Nil).
Group Review
Astra
Economic conditions in Indonesia were challenging in the first three months of 2009. The easing of inflationary pressures and lower interest rates, however, are expected to be positive for the market. Under the Indonesian accounting standards, Astra's reported net profit for the quarter declined 17% to the equivalent of US$161 million.
Automotive and Financial Services
Astra's automotive and financial services businesses contributed a profit of US$57 million to the Group's underlying profit, a decrease of 25%.
The Indonesian wholesale motor vehicle market fell by 26% to 100,000 units, while Astra's sales declined by a lower rate of 13% to 58,000 units leading to an increased market share of 58%. The wholesale motorcycle market was 15% lower at 1.2 million units in the period. Sales by Astra Honda Motor were down by 9% at 585,000 units, resulting in a higher market share of 48%. Astra Otoparts' results were affected by a fall in export sales.
The activity within Astra's consumer finance operations reduced in line with automotive sales and financings were down by 10%. Bank Permata's results for the period were 5% lower.
Resources and Others
The contribution to the Group's underlying profit from Astra's resources and other businesses was down 46% at US$30 million.
In agribusiness, 79.7%-held Astra Agro Lestari recorded a 74% fall in reported profit. The reduction was mainly due to sharply reduced crude palm oil prices achieved, which were on average 32% lower than the previous year, and a 9% fall in production.
Earnings from 59.5%-held United Tractors for the quarter were 57% up following an increased contribution from both its coal mining activities and equipment sales. Mining contracting subsidiary, Pamapersada Nusantara, increased its coal extraction by 3% to 15 million tonnes and overburden removal by 22% to 122 million bcm, while sales from its own mines amounted to almost 700,000 tonnes. Despite a 46% decline in the number of Komatsu units sold, the profit from equipment sales rose due to favourable US dollar exchange rate movements, model mix and a greater turnover in higher margin parts.
Other Motor Interests
Earnings arising from the Group's other motor interests were 31% lower at US$8 million. There were weaker performances from the Singapore motor operations and 38.3%-held Indonesian associate, Tunas Ridean. Modest profit contributions were produced by 59.1%-owned Malaysian subsidiary, Cycle & Carriage Bintang and by 20.5%-held Vietnamese associate, Truong Hai Auto Corporation.
Outlook
While it is too early to assess the full effect of the global economic downturn, the Group's results for the half year will inevitably be affected by the reduced level of business activity. Nevertheless, Jardine Cycle & Carriage's sound balance sheet and the strong market positions of its businesses leave it well placed to face the current difficulties.
Anthony Nightingale
Chairman
29th April 2009
Statement pursuant to Rule 705(5) of the Listing Manual
The directors confirm that, to the best of their knowledge, nothing has come to the attention of the Board of Directors which may render the accompanying unaudited interim financial results for the three months ended 31st March 2009 to be false or misleading in any material respect.
On behalf of the Directors
Anthony Nightingale
Director
Hassan Abas
Director
29th April 2009
| Jardine Cycle & Carriage Limited Consolidated Profit and Loss Account for the three months ended 31st March |
| 2009 | 2008 | Change | ||||
| Note | US$m | US$m | % | |||
| Revenue | 2,114.7 | 2,750.2 | -23 | |||
| Net operating costs | 2 | (1,870.8) | (2,386.1) | -22 | ||
| Operating profit | 2 | 243.9 | 364.1 | -33 | ||
| Financing charges | (11.4) | (15.4) | -26 | |||
| Financing income | 13.0 | 13.3 | -2 | |||
| Net financing income/(charges) | 1.6 | (2.1) | nm | |||
| Share of associates' and joint ventures' results after tax | 41.1 | 59.5 | -31 | |||
| Profit before tax | 286.6 | 421.5 | -32 | |||
| Tax | 3 | (79.0) | (118.0) | -33 | ||
| Profit after tax | 207.6 | 303.5 | -32 | |||
| Profit attributable to: | ||||||
| Shareholders of the Company | 88.2 | 128.2 | -31 | |||
| Minority interests | 119.4 | 175.3 | -32 | |||
| 207.6 | 303.5 | -32 | ||||
| US¢ | US¢ | |||||
| Earnings per share | 4 | 24.80 | 36.70 | -32 | ||
nm: not meaningful
| Jardine Cycle & Carriage Limited Consolidated Statement of Comprehensive Income for the three months ended 31st March |
| 2009 | 2008 | |||
| US$m | US$m | |||
| Profit after tax | 207.6 | 303.5 | ||
| Other comprehensive income/(expenses) | ||||
| Fair value changes of available-for-sale investments | 1.8 | (0.9) | ||
| Fair value reserve transferred to profit and loss | 1.0 | - | ||
| Actuarial loss on defined benefit pension plans | (5.1) | - | ||
| Translation differences | (253.9) | 102.0 | ||
| Fair value loss on cash flow hedges | (7.3) | (0.9) | ||
| Share of other comprehensive expenses of associates and joint ventures, net of tax | (2.2) | (5.2) | ||
| Tax relating to components of other comprehensive income/expenses | 2.8 | 0.3 | ||
| Other comprehensive income/(expense), net of tax | (262.9) | 95.3 | ||
| Total comprehensive income/(expense) for the period | (55.3) | 398.8 | ||
| Attributable to: | ||||
| Shareholders of the Company | (33.7) | 175.3 | ||
| Minority interests | (21.6) | 223.5 | ||
| (55.3) | 398.8 | |||
| Jardine Cycle & Carriage Limited Consolidated Balance Sheet |
| At | At | ||||
| Note | 31.3.09 | 31.12.08 | |||
| US$m | US$m | ||||
| Non-current assets | |||||
| Intangible assets | 504.1 | 531.2 | |||
| Leasehold land use rights | 324.2 | 347.8 | |||
| Property, plant and equipment | 1,574.5 | 1,599.2 | |||
| Investment properties | 16.4 | 17.4 | |||
| Plantations | 347.8 | 352.7 | |||
| Interests in associates and joint ventures | 1,320.4 | 1,355.6 | |||
| Other investments | 184.5 | 179.7 | |||
| Non-current debtors | 769.3 | 893.4 | |||
| Deferred tax assets | 56.5 | 57.4 | |||
| 5,097.7 | 5,334.4 | ||||
| Current assets | |||||
| Stocks | 718.8 | 921.4 | |||
| Current debtors | 1,682.6 | 1,690.3 | |||
| Current tax assets | 42.1 | 40.8 | |||
| Current investments | 3.9 | 3.7 | |||
| Bank balances and other liquid funds | |||||
| - non-financial services companies | 670.9 | 656.1 | |||
| - financial services companies | 134.9 | 183.5 | |||
| 805.8 | 839.6 | ||||
| 3,253.2 | 3,495.8 | ||||
| Non-current assets classified as held for sale | 0.1 | 0.1 | |||
| 3,253.3 | 3,495.9 | ||||
| Total assets | 8,351.0 | 8,830.3 | |||
| Non-current liabilities | |||||
| Provisions | 29.9 | 30.9 | |||
| Long-term borrowings | 5 | ||||
| - non-financial services companies | 359.8 | 400.7 | |||
| - financial services companies | 479.0 | 563.1 | |||
| 838.8 | 963.8 | ||||
| Deferred tax liabilities | 204.9 | 219.3 | |||
| Pension liabilities | 69.3 | 67.0 | |||
| Non-current creditors | 97.7 | 93.5 | |||
| 1,240.6 | 1,374.5 | ||||
| Current liabilities | |||||
| Provisions | 24.4 | 24.8 | |||
| Current borrowings | 5 | ||||
| - non-financial services companies | 301.9 | 413.2 | |||
| - financial services companies | 718.2 | 798.5 | |||
| 1,020.1 | 1,211.7 | ||||
| Current tax liabilities | 153.4 | 141.9 | |||
| Current creditors | 1,145.4 | 1,254.9 | |||
| 2,343.3 | 2,633.3 | ||||
| Total liabilities | 3,583.9 | 4,007.8 | |||
| Net assets | 4,767.1 | 4,822.5 | |||
| Equity | |||||
| Share capital | 6 | 632.3 | 632.3 | ||
| Revenue reserve | 7 | 1,639.6 | 1,552.4 | ||
| Fair value and other reserves | 8 | (42.9) | 78.0 | ||
| Shareholders' funds | 2,229.0 | 2,262.7 | |||
| Minority interests | 9 | 2,538.1 | 2,559.8 | ||
| Total equity | 4,767.1 | 4,822.5 |
| Jardine Cycle & Carriage Limited Consolidated Statement of Changes in Equity for the three months ended 31st March |
| Share capital | Revenue reserve | Fair value and other reserves | Total | Minority interests | Total equity | |
| US$m | US$m | US$m | US$m | US$m | US$m | |
| 2009 | ||||||
| Balance at 1st January | 632.3 | 1,552.4 | 78.0 | 2,262.7 | 2,559.8 | 4,822.5 |
| Comprehensive income/(expense) | - | 87.2 | (120.9) | (33.7) | (21.6) | (55.3) |
| Dividend paid | - | - | - | - | (0.1) | (0.1) |
| Balance at 31st March | 632.3 | 1,639.6 | (42.9) | 2,229.0 | 2,538.1 | 4,767.1 |
| 2008 | ||||||
| Balance at 1st January | 555.2 | 1,272.9 | 331.6 | 2,159.7 | 2,398.2 | 4,557.9 |
| Comprehensive income | - | 128.5 | 46.8 | 175.3 | 223.5 | 398.8 |
|
| ||||||
| Issue of share capital | 0.1 | - | - | 0.1 | - | 0.1 |
| Dividend paid | - | - | - | - | (0.2) | (0.2) |
| Acquisition/disposal of subsidiaries | - | - | - | - | (25.6) | (25.6) |
| Balance at 31st March | 555.3 | 1,401.4 | 378.4 | 2,335.1 | 2,595.9 | 4,931.0 |
| Jardine Cycle & Carriage Limited Company Balance Sheet |
| At 31.3.09 | At 31.12.08 | |||
| S$m | US$m | |||
| Non-current assets | ||||
| Property, plant and equipment | 0.5 | 0.5 | ||
| Interests in subsidiaries | 1,207.5 | 1,275.7 | ||
| Interests in associates | 94.8 | 100.1 | ||
| Other investment | 6.4 | 6.8 | ||
| 1,309.2 | 1,383.1 | |||
| Current assets | ||||
| Debtors | 8.0 | 8.5 | ||
| Bank balances and other liquid funds | 1.4 | 4.0 | ||
| 9.4 | 12.5 | |||
| Total assets | 1,318.6 | 1,395.6 | ||
| Non-current liabilities | ||||
| Deferred tax liabilities | 0.3 | 0.3 | ||
| 0.3 | 0.3 | |||
| Current liabilities | ||||
| Current tax liabilities | 0.7 | 0.8 | ||
| Creditors | 69.0 | 73.2 | ||
| 69.7 | 74.0 | |||
| Total liabilities | 70.0 | 74.3 | ||
| Net assets | 1,248.6 | 1,321.3 | ||
| Share capital and reserves | ||||
| Share capital | 6 | 632.3 | 632.3 | |
| Revenue reserve | 7 | 461.4 | 463.5 | |
| Fair value and other reserves | 8 | 154.9 | 225.5 | |
| Shareholders' funds | 1,248.6 | 1,321.3 | ||
| Net asset value per share | US$3.51 | US$3.71 |
| Jardine Cycle & Carriage Limited Company Statement of Comprehensive Income for the three months ended 31st March |
| 2009 | 2008 | ||
| US$m | US$m | ||
| Loss after tax | (2.1) | (2.0) | |
| Translation difference | (70.6) | 56.0 | |
| Total comprehensive income/(expense) for the period | (72.7) | 54.0 | |
| Jardine Cycle & Carriage Limited Company Statement of Changes in Equity for the three months ended 31st March |
| Share capital | Revenue reserve | Fair value and other reserves | Total | |
| US$m | US$m | US$m | US$m | |
| 2009 | ||||
| Balance at 1st January | 632.3 | 463.5 | 225.5 | 1,321.3 |
| Comprehensive expense | - | (2.1) | (70.6) | (72.7) |
| Balance at 31st March | 632.3 | 461.4 | 154.9 | 1,248.6 |
| 2008 | ||||
| Balance at 1st January | 555.2 | 432.7 | 223.5 | 1,211.4 |
| Comprehensive income/(expense) | - | (2.0) | 56.0 | 54.0 |
| Issue of share capital | 0.1 | - | - | 0.1 |
| Balance at 31st March | 555.3 | 430.7 | 279.5 | 1,265.5 |
| Jardine Cycle & Carriage Limited Consolidated Statement of Cash Flows for the three months ended 31st March |
| 2009 | 2008 | ||||
| Note | US$m | US$m | |||
| Cash flows from operating activities | |||||
| Cash generated from operations | 10 | 443.8 | 426.9 | ||
| Interest paid | (12.0) | (15.9) | |||
| Interest received | 12.1 | 9.5 | |||
| Other finance costs paid | (0.9) | (1.0) | |||
| Income tax paid | (65.4) | (158.5) | |||
| (66.2) | (165.9) | ||||
| Net cash flows from operating activities | 377.6 | 261.0 | |||
| Cash flows from investing activities | |||||
| Sale of leasehold land use rights | 1.4 | - | |||
| Sale of property, plant and equipment | 17.8 | 5.9 | |||
| Sale of investment properties | - | 9.1 | |||
| Sale of plantations | 0.3 | - | |||
| Sale of subsidiaries, net of cash disposed | - | (42.8) | |||
| Sale of other investments | 2.9 | 0.2 | |||
| Purchase of intangible assets | (7.2) | (5.2) | |||
| Purchase of leasehold land use rights | (1.0) | (12.4) | |||
| Purchase of property, plant and equipment | (139.5) | (114.3) | |||
| Purchase of plantations | (14.4) | (19.0) | |||
| Purchase of other investments | (15.2) | (21.4) | |||
| Purchase of subsidiaries, net of cash acquired | (0.2) | (116.2) | |||
| Capital repayment of other investments | - | 2.8 | |||
| Dividends received from associates and joint ventures (net) | 4.4 | 122.1 | |||
| Net cash flows used in investing activities | (150.7) | (191.2) | |||
| Cash flows from financing activities | |||||
| Proceeds from issue of shares | - | 0.1 | |||
| Drawdown of loans | 183.7 | 731.4 | |||
| Repayment of loans | (411.7) | (740.1) | |||
| Dividends paid to minority interests | (0.1) | (0.2) | |||
| Net cash flows used in financing activities | (228.1) | (8.8) | |||
| Net change in cash and cash equivalents | (1.2) | 61.0 | |||
| Cash and cash equivalents at the beginning of the period | 839.1 | 672.1 | |||
| Effect of exchange rate changes | (32.4) | 20.4 | |||
| Cash and cash equivalents at the end of the period | 805.5 | 753.5 |
| Jardine Cycle & Carriage Limited Notes |
| 1 | Basis of preparation |
| The financial statements are consistent with those set out in the 2008 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 2008 audited accounts except for the adoption of the new standards amendments and interpretations shown below: |
| Amendment to IAS 1 | Presentation of Financial Statements |
| Amendment to IAS 16 | Property, Plant and Equipment and consequential amendment to IAS 7 - Statement of Cash Flows |
| Amendment to IAS 19 | Employee Benefits |
| Amendment to IAS 23 | Borrowing Costs |
| Amendment to IAS 27 | Consolidated and Separate Financial Statements |
| Amendment to IAS 28 | Investments in Associates and consequential amendment to IAS 32 - Financial Instruments: Presentation and IFRS 7 - Financial Instruments: Disclosures |
| Amendment to IAS 36 | Impairment of Assets |
| Amendment to IAS 38 | Intangible Assets |
| Amendment to IAS 39 | Financial Instruments: Recognition and Measurement |
| Amendment to IAS 40 | Investment Property |
| Amendment to IAS 41 | Agriculture |
| Amendment to IFRS 2 | Share-based Payment |
| IFRS 8 | Operating Segments |
| IFRIC 13 | Customer Loyalty Programmes |
| IFRIC 16 | Hedges of a Net Investment in a Foreign Operation |
| The adoption of these new standards, amendments and 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 |
| | Group | | |||
| Three months ended 31st March | 2009 | | 2008 | Change | |
| | US$m | US$m | % | ||
| Cost of sales | (1,656.8) | (2,142.6) | -23 | ||
| Other operating income | 29.3 | 26.4 | 11 | ||
| Selling and distribution expenses | (114.0) | (134.7) | -15 | ||
| Administrative expenses | (117.4) | (132.7) | -12 | ||
| Other operating expenses(1) | (11.9) | (2.5) | 376 | ||
| Net operating costs | (1,870.8) | (2,386.1) | -22 | ||
| | | | | ||
| Operating profit is determined after including: | | | | ||
| Depreciation of property, plant and equipment | (70.7) | (73.0) | -3 | ||
| Amortisation of leasehold land use rights and intangible assets | (9.2) | (7.2) | 28 | ||
| Profit/(loss) on disposal of: | | | | ||
| - property, plant and equipment (2) | 10.3 | 1.2 | 758 | ||
| - subsidiaries | - | 3.5 | -100 | ||
| - repossessed assets | (5.7) | (14.2) | -60 | ||
| Net write-down of stocks | (0.3) | (0.8) | -63 | ||
| Impairment of debtors | (16.2) | (19.6) | -17 | ||
| Dividend and interest income from other investment | 3.7 | 3.3 | 12 | ||
| Net exchange gain/(loss) | (5.1) | 4.3 | nm | ||
nm: not meaningful
| (1) | Increase due to exchange loss |
| (2) | Increase due to disposal of surplus assets |
| 3 | Tax |
| The provision for income tax is based on the statutory tax rates of the respective countries in which the companies operate after taking into account non-deductible expenses and group tax relief. | |
| 4 | Earnings per share |
| Group | |||
| Three months ended 31st March | 2009 | 2008 | |
| US$m | US$m | ||
| Basic earnings per share | |||
| Profit attributable to shareholders | 88.2 | 128.2 | |
| Weighted average number of ordinary shares in issue (millions) | 355.7 | 349.3 | |
| Basic earnings per share | US¢24.80 | US¢36.70 | |
| Diluted earnings per share | |||
| Profit attributable to shareholders | 88.2 | 128.2 | |
| Weighted average number of ordinary shares in issue (millions) | 355.7 | 349.3 | |
| Adjustment for assumed conversion of share options (millions) | - * | - * | |
| Weighted average number of ordinary shares for diluted earnings per share (millions) | 355.7 | 349.3 | |
| Diluted earnings per share | US¢24.80 | US¢36.70 | |
| Underlying earnings per share | |||
| Underlying profit attributable to shareholders | 84.5 | 128.0 | |
| Basic underlying earnings per share | US¢23.76 | US¢36.64 | |
| Diluted underlying earnings per share | US¢23.76 | US¢36.64 | |
| * Less than 0.1 million | |||
A reconciliation of the profit attributable to shareholders and underlying profit attributable to shareholders is as follows:
| Group |
| Three months ended 31st March | 2009 | 2008 | |
| US$m | US$m | ||
| Profit attributable to shareholders | 88.2 | 128.2 | |
| Less: Non-trading items (net of tax and minority interests) | |||
| Profit/(loss) on disposal of | |||
| - surplus properties | - | 0.9 | |
| - subsidiaries and associates | 3.7 | (0.1) | |
| Restructuring of operations | - | (0.6) | |
| 3.7 | 0.2 | ||
| Underlying profit attributable to shareholders | 84.5 | 128.0 | |
The underlying profit attributable to shareholders by business is shown below:
| Group | ||||
| Three months ended 31st March | 2009 | 2008 | Change | |
| US$m | US$m | % | ||
| Astra | ||||
| Motor vehicles | 23.0 | 25.2 | -9 | |
| Motorcycles | 8.6 | 18.2 | -53 | |
| Other automotive | 7.6 | 11.1 | -32 | |
| Financial services | 17.8 | 21.1 | -16 | |
| Automotive and financial services | 57.0 | 75.6 | -25 | |
| Agribusiness | 7.5 | 36.0 | -79 | |
| Heavy equipment and mining | 21.1 | 16.8 | 26 | |
| Others | 1.0 | 1.9 | -47 | |
| Resources and others | 29.6 | 54.7 | -46 | |
| Corporate costs and others | (7.8) | (11.0) | -29 | |
| 78.8 | 119.3 | -34 | ||
| Other motor interests | ||||
| Singapore | 4.9 | 8.4 | -42 | |
| Malaysia | 0.7 | 0.5 | 40 | |
| Indonesia (Tunas Ridean) | 1.3 | 2.2 | -41 | |
| Vietnam | 0.8 | - | 100 | |
| 7.7 | 11.1 | -31 | ||
| Corporate costs | (2.0) | (2.4) | -17 | |
| Underlying profit attributable to shareholders | 84.5 | 128.0 | -34 | |
| 5 | Borrowings |
| Group | |||||||
| At | At | ||||||
| 31.3.09 | 31.12.08 | ||||||
| US$m | US$m | ||||||
| Long-term borrowings: | |||||||
| - secured | 531.2 | 637.9 | |||||
| - unsecured | 307.6 | 325.9 | |||||
| 838.8 | 963.8 | ||||||
| Current borrowings: | |||||||
| - secured | 735.4 | 832.4 | |||||
| - unsecured | 284.7 | 379.3 | |||||
| 1,020.1 | 1,211.7 | ||||||
| Total borrowings | 1,858.9 | 2,175.5 | |||||
| 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$907.2 million (31st December 2008: US$1,074.1 million). |
| 6 | Share capital |
| Company | ||||||
| 2009 |
| 2008 | ||||
| US$m | US$m | |||||
| Issued and fully paid: | ||||||
| Balance at 1st January - 355,677,660 (2008: 349,260,506) ordinary shares | 632.3 | 555.2 | ||||
| Issue of 1,000 (2008:21,000) ordinary shares under the CCL Executives' Share Option Scheme | - | 0.1 | ||||
| Balance at 31st March - 355,678,660 (2008: 349,281,506) ordinary shares | 632.3 | 555.3 | ||||
The Company did not hold any treasury shares as at 31st March 2009 (31st March 2008: Nil).
The number of shares that may be issued on conversion of all outstanding options granted pursuant to the CCL Executives' Share Option Scheme amounted to 34,000 as at 31st March 2009 (31st March 2008: 80,000).
Except for those mentioned above, there were no other rights, bonus or equity issues during the period between 1st January 2009 and 31st March 2009.
| 7 | Revenue reserve |
| Group | Company | ||||||
| 2009 | 2008 | 2009 | 2008 | ||||
| US$m | US$m | US$m | US$m | ||||
| Balance at 1st January | 1,552.4 | 1,272.9 | 463.5 | 432.7 | |||
| Asset revaluation reserve realised on disposal of land and buildings | 1.8 | 0.4 | - | - | |||
| Defined benefit pension plans | |||||||
| - actuarial loss | (2.4) | - | - | - | |||
| - deferred tax | 0.5 | - | - | - | |||
| Share of associates' and joint ventures' actuarial loss on defined benefit pension plans, net of tax | (0.9) | (0.1) | - | - | |||
| Profit/(loss) attributable to shareholders | 88.2 | 128.2 | (2.1) | (2.0) | |||
| Balance at 31st March | 1,639.6 | 1,401.4 | 461.4 | 430.7 | |||
| 8 | Fair value and other reserves |
| Group | Company | |||||||
| 2009 | 2008 | 2009 | 2008 | |||||
| US$m | US$m | US$m | US$m | |||||
| Composition: | ||||||||
| Fair value reserve | (1.3) | (0.5) | 0.3 | - | ||||
| Asset revaluation reserve | 395.9 | 329.2 | - | - | ||||
| Hedging reserve | (0.1) | (0.4) | - | - | ||||
| Share option reserve | 0.3 | 0.3 | 0.3 | 0.3 | ||||
| Translation reserve | (441.0) | 46.5 | 154.3 | 279.2 | ||||
| Other reserve | 3.3 | 3.3 | - | - | ||||
| Balance at 31st March | (42.9) | 378.4 | 154.9 | 279.5 | ||||
| Movements: | ||||||||
| Fair value reserve | ||||||||
| Balance at 1st January | (3.0) | 2.5 | 0.3 | - | ||||
| Available-for-sale investments | ||||||||
| - fair value changes | 0.9 | - | - | - | ||||
| - deferred tax | (0.1) | - | - | - | ||||
| - transfer to profit and loss | 0.5 | - | - | - | ||||
| Share of associates' and joint ventures' fair value changes of available-for-sale investments, net of tax | 0.4 | (3.0) | - | - | ||||
| Balance at 31st March | (1.3) | (0.5) | 0.3 | - | ||||
| Asset revaluation reserve | ||||||||
| Balance at 1st January | 397.7 | 329.6 | - | - | ||||
| Reserve realised on disposal of land and buildings | (1.8) | (0.4) | - | - | ||||
| Balance at 31st March | 395.9 | 329.2 | - | - | ||||
| Hedging reserve | ||||||||
| Balance at 1st January | 2.7 | (0.9) | - | - | ||||
| Cash flow hedges | ||||||||
| - fair value changes | (2.9) | - | - | - | ||||
| - deferred tax | 0.7 | - | - | - | ||||
| Share of associates' and joint ventures' fair value changes of cash flow hedges, net of tax | (0.6) | 0.5 | - | - | ||||
| Balance at 31st March | (0.1) | (0.4) | - | - | ||||
| Share option reserve | ||||||||
| Balance at 1st January and 31st March | 0.3 | 0.3 | 0.3 | 0.3 | ||||
| Translation reserve | ||||||||
| Balance at 1st January | (323.0) | (3.2) | 224.9 | 223.2 | ||||
| Translation difference | (118.0) | 49.7 | (70.6) | 56.0 | ||||
| Balance at 31st March | (441.0) | 46.5 | 154.3 | 279.2 | ||||
| Other reserve | ||||||||
| Balance at 1st January and 31st March | 3.3 | 3.3 | - | - | ||||
| 9 | Minority interests |
| Group | |||
| 2009 | 2008 | ||
| US$m | US$m | ||
| Balance at 1st January | 2,559.8 | 2,398.2 | |
| Available-for-sale investments | |||
| - fair value changes | 0.9 | (0.9) | |
| - transfer to profit and loss | 0.5 | - | |
| Share of associates' and joint ventures' fair value changes of available-for-sale investments, net of tax | 0.4 | (3.0) | |
| Cash flow hedges | |||
| - fair value changes | (4.4) | (0.9) | |
| - deferred tax | 1.1 | 0.3 | |
| Share of associates' and joint ventures' fair value changes of cash flow hedges, net of tax | (0.6) | 0.5 | |
| Defined benefit pension plans | |||
| - actuarial loss | (2.7) | - | |
| - deferred tax | 0.6 | - | |
| Share of associates' and joint ventures' actuarial loss on defined benefit pension plans, net of tax | (0.9) | (0.1) | |
| Translation difference | (135.9) | 52.3 | |
| Profit for the period | 119.4 | 175.3 | |
| Dividends (net) | (0.1) | (0.2) | |
| Acquisition/disposal of subsidiaries | - | (25.6) | |
| Balance at 31st March | 2,538.1 | 2,595.9 | |
| 10 | Cash flows from operating activities |
| Group | ||||
| Three months ended 31st March | 2009 | 2008 | ||
| US$m | US$m | |||
| Profit before tax | 286.6 | 421.5 | ||
| Adjustments for: | ||||
| Financing charges | 11.4 | 15.4 | ||
| Financing income | (13.0) | (13.3) | ||
| Share of associates' and joint ventures' results after tax | (41.1) | (59.5) | ||
| Depreciation of property, plant and equipment | 70.7 | 73.0 | ||
| Amortisation of leasehold land use rights and intangible assets | 9.2 | 7.2 | ||
| Impairment of debtors | 16.2 | 19.6 | ||
| (Profit)/loss on disposal of: | ||||
| - leasehold land use rights | 1.1 | - | ||
| - property, plant and equipment | (10.3) | (1.2) | ||
| - investment properties | - | (1.1) | ||
| - investments | 1.1 | - | ||
| - repossessed assets | 5.7 | 14.2 | ||
| - subsidiaries | - | (3.5) | ||
| Write-down of stocks | 0.3 | 0.8 | ||
| Changes in provisions | 2.7 | 3.4 | ||
| Foreign exchange translation difference | 7.9 | (8.3) | ||
| 61.9 | 46.7 | |||
| Operating profit before working capital changes | 348.5 | 468.2 | ||
| Changes in working capital: | ||||
| Stocks (1) | 152.0 | (6.6) | ||
| Financing debtors | 17.8 | (30.1) | ||
| Debtors | (14.3) | (226.9) | ||
| Creditors (2) | (61.0) | 222.3 | ||
| Pensions | 0.8 | - | ||
| 95.3 | (41.3) | |||
| Cash flows from operations | 443.8 | 426.9 | ||
| (1) | Increase due to lower inventory level |
| (2) | Decrease due to lower purchases and settlements |
| 11 | 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 31st March 2009 | ||||
| Jardine Matheson Limited | ||||
| - management consultancy services | - | 0.2 | ||
| Jardine OneSolution (2001) Pte Ltd | ||||
| - purchase of computer equipment | - | 0.1 | ||
| - | 0.3 |
| 12 | 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.
No significant transaction or event has occurred between 1st April 2009 and the date of this report.
- 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 first quarter ended 31st March 2009 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 more than 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 Auto Corporation in Vietnam. The JC&C Group represents some of the world's leading motoring marques including Honda, Mercedes-Benz and Toyota.