JDS.L Regulatory News (JDS)

15 May 2007 10:14

Jardine Strategic Hldgs Ld15 May 2007 To: Business Editor 15th May 2007 For immediate release Jardine Cycle & Carriage LimitedFirst Quarter 2007 Financial Statements and Dividend Announcement The following announcement was issued today by the Company's 64%-ownedsubsidiary, Jardine Cycle & Carriage Limited. For further information, please contact: Jardine Matheson LimitedNeil M McNamara (852) 2843 8227 Matheson & Co., LimitedPhilip Hawkins (020) 7816 8136 GolinHarrisKennes Young (852) 2501 7987 Weber Shandwick FinancialRichard Hews/ Helen Thomas/ Hannah Marwood (020) 7067 0700 Jardine Cycle & Carriage LimitedFirst Quarter 2007 Financial Statements and Dividend Announcement Highlights • Underlying earnings per share up 26% to USc22.67• Further improvement in Indonesian motor markets• Good results from most of Astra's non-automotive businesses• Strong performance from Singapore motors "Trading conditions for most of the Group's businesses have been satisfactory,although challenges remain in Astra's motorcycle business in Indonesia and ourMalaysian motor operations. The overall outlook for the year remainsencouraging." Anthony Nightingale, Chairman15 May 2007 Group Results -------------------------------------------------------------------------------- Three months Three months ended 31 March ended 31 March 2007 2006 Change 2007 Change US$m US$m % S$m %--------------------------------------------------------------------------------Revenue 1,932 1,785 8 2,952 2 Underlying profit/profit attributable to shareholders 78 60 29 119 21-------------------------------------------------------------------------------- USc USc Sc-------------------------------------------------------------------------------- Underlying earnings/earnings per share 22.67 17.94 26 34.64 19-------------------------------------------------------------------------------- At At At 31.3.07 31.12.06 Change 31.3.07 Change US$m US$m % S$m %--------------------------------------------------------------------------------Shareholders' funds 1,958 1,906 3 2,970 2-------------------------------------------------------------------------------- US$ US$ S$--------------------------------------------------------------------------------Net asset value per share 5.71 5.56 3 8.66 1-------------------------------------------------------------------------------- The exchange rate of US$1=S$1.52 (31.12.2006: US$1=S$1.54) was used fortranslating assets and liabilities at the balance sheet date and US$1=S$1.53(31.3.2006: US$1=S$1.62) was used for translating the results for the period. The financial results for the three months ended 31 March 2007 have beenprepared in accordance with the International Financial Reporting Standards. These results have not been audited or reviewed by the auditors. CHAIRMAN'S STATEMENT Performance The Group's underlying profit for the first three months of 2007 rose by 29% toUS$78 million and underlying earnings per share were 26% higher at USc22.67.Astra's contribution to underlying profit was US$75 million, up 31%, with anumber of its key businesses performing well. The increase in contribution fromAstra is greater than the 21% earnings growth it reported under Indonesianaccounting standards, mainly due to adjustments necessary to bring the resultsin line with International Financial Reporting Standards. The underlying profitfrom the Group's directly-held motor operations was 6% lower at US$7 million. Consolidated net debt as at 31 March 2007, excluding net debt in Astra'sconsumer finance operations, benefited from healthy operational cash flows and,at US$468 million, was well below 31 December 2006. The Company's own net debtof US$153 million was unchanged from the prior year end. In Indonesia, the wholesale motor car market increased by 6% to 84,500 units.Astra's motor car sales, however, remained relatively flat year-on-year at46,300 units as the 2006 comparative had benefited from a relatively high levelof deliveries of vehicles ordered in 2005. As a result, its market share slippedfrom 58% to 55%. The wholesale motorcycle market grew 21% to 1.1 million unitsin the first quarter, but in the face of keen competition Astra's salesincreased by only 6% to 455,900 units, leading to a decline in its market sharefrom 49% to 43%. Most of Astra's non-automotive businesses produced good results. Its financialservices operations benefited from the strengthening automotive market, with 19%higher volume financed compared with the same period last year. Its agribusinessactivities also performed well, with a 37% increase in crude palm oil pricesmore than offsetting a 14% decline in sales. United Tractors' heavy equipment business was marginally ahead of the previousyear, following a 46% increase in Komatsu unit sales. Despite a 22% increase incoal extracted by Pamapersada Nusantara ("Pama"), its results were lower due toforeign exchange losses and a 9% fall in overburden removed as a result ofadverse weather and incidents at some of its mines. On 30 April 2007, Pamaentered into a conditional agreement to purchase a 99% interest in Dasa EkaJasatama, a mining company, as part of the reorganisation of the company's debtsdue to Pama. The purchase consideration is expected to amount to some US$30million, which includes the assumption of liabilities. The Group's directly-held motor businesses produced a reduced contributiondespite better performances from Cycle & Carriage in Singapore and Indonesianassociate, Tunas Ridean. Earnings at Cycle & Carriage Bintang in Malaysia weredown in a challenging market, and a foreign exchange loss was realised oninter-company loans following the sale of a Thai subsidiary in January 2007. Dividends The Board does not propose to declare a dividend for the three months ended 31March 2007 (31 March 2006: Nil). Prospects Trading conditions for most of the Group's businesses have been satisfactory,although challenges remain in Astra's motorcycle business in Indonesia and ourMalaysian motor operations. The overall outlook for the year remainsencouraging. Anthony NightingaleChairman15 May 2007 Statement pursuant to Rule 705(4) of the Listing Manual The directors confirm that, to the best of their knowledge, nothing has come tothe attention of the Board of Directors which may render the accompanyingunaudited interim financial results for the three months ended 31 March 2007 tobe false or misleading in any material respect. On behalf of the Directors Anthony NightingaleDirector Hassan AbasDirector 15 May 2007 --------------------------------------------------------------------------------Jardine Cycle & Carriage Limited Consolidated Profit and Loss Account for the three months ended 31 March -------------------------------------------------------------------------------- 2007 2006 Change Note US$m US$m % Revenue 1,932.4 1,785.3 8 Cost of sales (1,535.9) (1,440.1) 7 -------- --------Group profit 396.5 345.2 15 Other operating income 44.3 55.2 -20Selling and distribution expenses (108.7) (100.3) 8Administrative expenses (110.9) (96.4) 15Other operating expenses (15.2) (27.6) -45 -------- --------Operating profit 206.0 176.1 17 Net financing charges (18.1) (14.9) 21Share of associates' and joint ventures' results 46.3 33.4 39 -------- --------Profit before tax 2 234.2 194.6 20Tax 3 (52.7) (48.3) 9 -------- --------Profit after tax 181.5 146.3 24 -------- --------Profit attributable to:Shareholders of the Company 77.7 60.4 29Minority interests 103.8 85.9 21 -------- -------- 181.5 146.3 24 ======== ========-------------------------------------------------------------------------------- USc USc--------------------------------------------------------------------------------Earnings per share 4 - basic 22.67 17.94 26 - diluted 22.66 17.92 26-------------------------------------------------------------------------------- --------------------------------------------------------------------------------Jardine Cycle & Carriage LimitedConsolidated Balance Sheet-------------------------------------------------------------------------------- At At Note 31.3.07 31.12.06 US$m US$mNon-current assetsIntangible assets 486.1 457.7Leasehold land use rights 421.6 429.9Property, plant and equipment 1,271.5 1,274.4Investment properties 33.1 33.0Plantations 463.9 460.1Interests in associates and joint ventures 1,381.1 1,372.3Other investments 96.1 99.8Debtors 863.2 963.1Deferred tax assets 55.9 57.6Other non-current assets 46.9 71.5 -------- -------- 5,119.4 5,219.4 -------- --------Current assetsStocks 567.3 613.2Debtors 1,706.8 1,694.8Current tax assets 130.8 123.6Other investments 8.4 3.0Bank balances and other liquid funds - non-finance companies 398.0 395.6- finance companies 140.0 172.8 538.0 568.4 2,951.3 3,003.0Non-current assets classified as held for sale 2.3 2.2 -------- -------- 2,953.6 3,005.2 -------- --------Total assets 8,073.0 8,224.6 -------- --------Non-current liabilitiesProvisions 16.6 15.5Long-term borrowings 5- non-finance companies 306.0 325.0- finance companies 548.9 722.7 854.9 1,047.7Deferred tax liabilities 288.8 299.6Other non-current liabilities 184.1 179.7 -------- -------- 1,344.4 1,542.5 -------- --------Current liabilitiesProvisions 27.7 26.3Current borrowings 5 - non-finance companies 563.9 675.3- finance companies 919.4 953.9 1,483.3 1,629.2Current tax liabilities 50.6 36.3Creditors 983.8 935.1 -------- -------- 2,545.4 2,626.9 -------- -------- Total liabilities 3,889.8 4,169.4 -------- -------- Net assets 4,183.2 4,055.2 ======== ========EquityShare capital 6 495.8 495.7Fair value and other reserves 7 322.0 330.2Revenue reserve 8 1,139.9 1,079.7 -------- --------Shareholders' funds 1,957.7 1,905.6Minority interests 9 2,225.5 2,149.6 -------- -------- 4,183.2 4,055.2 ======== ======== --------------------------------------------------------------------------------Jardine Cycle & Carriage LimitedConsolidated Statement of Recognised Income and Expense for the three months ended 31 March-------------------------------------------------------------------------------- 2007 2006 US$m US$m Revaluation surplus of intangible assets, net of tax - 3.2 Revaluation deficit of land and buildings, net of tax - (0.1) Fair value changes of available-for-sale investments, net of tax (17.0) - Fair value changes of hedging derivatives, net of tax 0.3 - Actuarial loss on defined benefit pension plans, net of tax (2.8) - Translation difference (36.8) 261.3 -------- --------Net gain/(loss) recognised directly in equity (56.3) 264.4 Profit after tax 181.5 146.3 -------- --------Total recognised income and expense for the period 125.2 410.7 ======== ======== Total recognised income and expense attributable to: Shareholders of the Company 51.8 183.8 Minority interests 73.4 226.9 -------- -------- 125.2 410.7 ======== ======== --------------------------------------------------------------------------------Jardine Cycle & Carriage LimitedCompany Balance Sheet-------------------------------------------------------------------------------- At At Note 31.3.07 31.12.06 US$m US$m Non-current assetsProperty, plant and equipment 0.9 0.9Interests in subsidiaries 1,216.4 1,202.0Interests in associates 48.4 47.8 -------- -------- 1,265.7 1,250.7 -------- --------Current assetsDebtors 10.0 20.0Bank balances and other liquid funds 18.0 29.1 -------- -------- 28.0 49.1 -------- -------- Total assets 1,293.7 1,299.8 -------- -------- Non-current liabilitiesDeferred tax liabilities 0.3 0.4 -------- -------- 0.3 0.4 -------- -------- Current liabilitiesCurrent borrowings 171.4 182.4Current tax liabilities 0.7 0.8Creditors 59.4 70.1 -------- -------- 231.5 253.3 -------- -------- Total liabilities 231.8 253.7 -------- -------- Net assets 1,061.9 1,046.1 ======== ======== Share capital and reserves Share capital 6 495.8 495.7Share option reserve 7 0.3 0.3Revenue reserve 8 565.8 550.1 -------- --------Shareholders' funds 1,061.9 1,046.1 ======== ======== Net asset value per share US$3.10 US$3.05 --------------------------------------------------------------------------------Jardine Cycle & Carriage LimitedCompany Statement of Recognised Income and Expense for the three months ended31 March-------------------------------------------------------------------------------- 2007 2006 US$m US$m Translation difference - gain recognised directly in equity 12.6 24.0 Profit/(loss) after tax 3.1 (9.6) -------- --------Total recognised income and expense for the period 15.7 14.4 ======== ======== Total recognised income and expense attributable to: Shareholders of the Company 15.7 14.4 ======== ======== --------------------------------------------------------------------------------Jardine Cycle & Carriage LimitedConsolidated Statement of Cash Flows for the three months ended 31 March-------------------------------------------------------------------------------- 2007 2006 Note US$m US$m Cash flows from operating activities 10 457.0 353.5 Cash generated from operations Interest paid (22.4) (22.4)Interest received 8.1 9.1Other finance costs paid (0.1) (0.1)Income tax paid (52.0) (89.9) (66.4) (103.3) -------- --------Net cash flows from operating activities 390.6 250.2 Cash flows from investing activities Sale of leasehold land use rights 9.1 2.3Sale of property, plant and equipment 1.6 12.1Sale of subsidiaries, net of cash disposed - (27.7)Sale of other investments 6.5 -Purchase of intangible assets (34.1) -Purchase of leasehold land use rights (1.8) (2.7)Purchase of property, plant and equipment (62.3) (88.4)Purchase of plantations (7.3) (3.1)Purchase of shares in associates - (31.5)Purchase of other investments (10.1) -Acquisition of subsidiaries, net of cash acquired (1.0) (3.5)Capital repayment of other investments 2.4 0.2Dividends received from associates (net) 8.0 94.4 Net cash flows used in investing activities (89.0) (47.9) Cash flows from financing activities Proceeds from issue of shares 0.1 -Drawdown of loans 333.6 466.1Repayment of loans (663.7) (682.8)Investment by minority interests - 9.4Dividends paid to minority interests (0.1) (0.2) Net cash flows used in financing activities (330.1) (207.5) -------- -------- Net change in cash and cash equivalents (28.5) (5.2)Cash and cash equivalents at the beginning of the period 551.9 491.0Effect of exchange rate changes (3.7) 31.2 -------- --------Cash and cash equivalents at the end of the period 519.7 517.0 ======== ======== --------------------------------------------------------------------------------Jardine Cycle & Carriage LimitedNotes-------------------------------------------------------------------------------- 1 Basis of preparation The financial statements are consistent with those set out in the 2006 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 2006 audited accounts except for the adoption of the amendment, new standard and interpretations shown below: Amendment to IAS 1 Presentation of Financial Statements - Capital Disclosure IFRS 7 Financial Instruments Disclosures IFRIC 8 Scope of IFRS 2 Share-based Payment IFRIC 9 Reassessment of Embedded Derivatives IFRIC 10 Interim Financial Reporting and Impairment The adoption of the amendment, new standard 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 polices. Estimates and judgments used in preparing the financial statements are continually 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 Profit before tax Group Three months ended 31 March 2007 2006 Change US$m US$m % Profit before tax is determined after including: Interest income 8.1 9.1 -11 Interest expense (22.4) (19.7) 14 Depreciation and amortisation of property, plant and equipment and leasehold land use rights (65.8) (54.7) 20 Fair value changes of: - plantations 1.2 0.5 140 - financial derivative contracts 0.8 (4.1) nm Provision for: - warranty and goodwill claims (2.6) (2.0) 30 Profit/(loss) on disposal of: - leasehold land use rights 7.2 1.2 500 - property, plant and equipment 1.1 1.7 -35 - shares in subsidiaries (1.5) 7.2 nm - repossessed assets (8.6) (25.1) -66 Write-down of stocks (0.9) (1.2) -25 Write-back in impairment/(impairment) of debtors (27.5) 0.5 nm Net exchange gain/(loss) (6.2) 26.9 nm Excess of net fair value of identified assets, liabilities and contingent liabilities acquired over cost of business combination 6.0 0.2 nm ======= ======= nm: not meaningful 3 Tax The provision for income tax is based on the statutory tax rates of the respective countries in which the companies operate after taking into account non-deductible expenses and group tax relief. 4 Earnings per share Group Three months ended 31 March 2007 2006 US$m US$m Basic earnings per share Underlying profit/profit attributable to shareholders 77.7 60.4 Weighted average number of ordinary shares in issue (millions) 342.7 336.7 Basic underlying earnings/earnings per share USc22.67 USc17.94 ======= ======= Diluted earnings per share Underlying profit/profit attributable to shareholders 77.7 60.4 Weighted average number of ordinary shares in issue (millions) 342.7 336.7 Adjustment for assumed conversion of share options (millions) 0.1 0.3 ------- ------- Weighted average number of ordinary shares for diluted earnings per share (millions) 342.8 337.0 ======= ======= Diluted underlying earnings/earnings per share USc22.66 USc17.92 ======= ======= The profit attributable to shareholders by business is shown below: Group Three months ended 31 March 2007 2006 Change US$m US$m % Astra Motor vehicles 21.3 10.2 109 Motorcycles 15.9 15.7 1 Other automotive 3.6 3.4 6 ------- ------- Total automotive 40.8 29.3 39 Non-automotive 35.5 29.2 22 Corporate costs and others (0.8) (5.4) -85 ------- ------- Trading profit 75.5 53.1 42 Foreign exchange difference (1.0) 3.7 nm ------- ------- 74.5 56.8 31 ------- ------- Motors Singapore 6.0 5.5 9 Malaysia 0.4 0.9 -56 Indonesia (Tunas Ridean) 1.5 0.6 150 Australia 0.2 - 100 Others (1.5) - 100 ------- ------- 6.6 7.0 -6 ------- ------- Corporate costs and others (3.4) (3.4) - ------- ------- ------- ------- Profit attributable to shareholders 77.7 60.4 29 ======= ======= nm: not meaningful 5 Borrowings Group At 31.3.07 At 31.12.06 US$m US$m Long-term borrowings: - secured 439.2 519.4 - unsecured 415.7 528.3 -------- -------- 854.9 1,047.7 -------- -------- Current borrowings: - secured 548.9 502.8 - unsecured 934.4 1,126.4 -------- -------- 1,483.3 1,629.2 -------- -------- -------- -------- Total borrowings 2,338.2 2,676.9 ======== ======== Certain subsidiaries of the Group have pledged their assets in order to obtain bank loans and guarantee facilities from financial institutions. The value of assets pledged/mortgaged was US$765.9 million (31 December 2006: US$944.5 million). 6 Share capital Company 2007 2006 US$m US$m Share capital: Balance at 1 January 495.7 185.4 Transfer from share premium - 274.0 Issue of shares under CCL Executives' Shares Option Scheme 0.1 - -------- -------- Balance at 31 March 495.8 459.4 ======== ======== Share premium: Balance at 1 January - 274.0 Transfer to share capital - (274.0) -------- -------- Balance at 31 March - - ======== ======== Pursuant to the abolition of the concepts of authorised share capital and the nominal value of share capital in the Companies (Amendment) Act 2005 which took effect on 30 January 2006, the amount in share premium has become part of the Company's share capital. 7 Fair value and other reserves Group Company 2007 2006 2007 2006 Composition: US$m US$m US$m US$m ------------ Fair value reserve 1.0 2.8 - - Asset revaluation reserve 318.0 336.9 - - Hedging reserve (0.6) - - - Share option reserve 0.3 0.3 0.3 0.3 Other reserve 3.3 3.4 - - ------- ------- ------- -------- Balance at 31 March 322.0 343.4 0.3 0.3 ======= ======= ======= ======== Movements: ---------- Fair value reserve Balance at 1 January 9.5 1.2 - - Fair value changes of available-for-sale investments, net of tax (8.5) 1.6 - - ------- ------- ------- -------- Balance at 31 March 1.0 2.8 - - ======= ======= ======= ======== Asset revaluation reserve Balance at 1 January 317.9 336.9 - - Revaluation deficit of land and buildings, net of tax - (0.1) - - Reserve realised on disposal of land and buildings 0.1 0.1 - - ------- ------- ------- -------- Balance at 31 March 318.0 336.9 - - ======= ======= ======= ======== Hedging reserve Balance at 1 January (0.8) - - - Fair value changes of derivatives, net of tax 0.2 - - - ------- ------- ------- -------- Balance at 31 March (0.6) - - - ======= ======= ======= ======== Share option reserve Balance at 1 January and 31 March 0.3 0.3 0.3 0.3 ======= ======= ======= ======== Other reserve Balance at 1 January 3.3 3.8 - - Reserve realised on disposal of a subsidiary - (0.4) - - ------- ------- ------- -------- Balance at 31 March 3.3 3.4 - - ======= ======= ======= ======== 8 Revenue reserve Group Company 2007 2006 2007 2006 US$m US$m US$m US$m Composition: ------------ Translation reserve 50.4 57.7 165.8 101.3 Retained earnings 1,089.5 902.5 400.0 305.3 ------- ------- ------- ------- Balance at 31 March 1,139.9 960.2 565.8 406.6 ======= ======= ======= ======= Movements: ---------- Translation reserve Balance at 1 January 66.9 (63.1) 153.2 77.3 Translation difference (17.9) 117.8 12.6 24.0 Reserve realised on disposal of subsidiaries 1.4 3.0 - - ------- ------- ------- ------- Balance at 31 March 50.4 57.7 165.8 101.3 ======= ======= ======= ======= Retained earnings Balance at 1 January 1,012.8 840.7 396.9 314.9 Asset revaluation reserve realised on disposal of land and buildings (0.1) (0.1) - - Capital reserve realised on disposal of a subsidiary - 0.4 - - Actuarial loss on defined benefit pension plans, net of tax (1.1) - - - Gain on dilution of interest in investments - 1.1 - - Profit/(loss) attributable to shareholders 77.7 60.4 3.1 (9.6) Total recognised gain/(loss) for the period 76.5 61.8 3.1 (9.6) Reserve realised 0.2 - - - ------- ------- ------- ------- Balance at 31 March 1,089.5 902.5 400.0 305.3 ======= ======= ======= ======= 9 Minority interests Group 2007 2006 US$m US$m Balance at 1 January 2,149.6 2,050.6 Fair value changes of available-for-sale investments, net of tax (8.5) 1.6 Fair value changes of derivatives, net of tax 0.1 - Actuarial loss on defined benefit pension plans, net of tax (1.7) - Loss on dilution of interest in investments - (1.1) Translation difference (20.3) 140.5 Net gain/(loss) recognised directly in equity (30.4) 141.0 Profit for the period 103.8 85.9 -------- -------- Total recognised gain for the period 73.4 226.9 Dividends (net) (0.1) (0.2) Issue of shares - 9.4 Acquisition/disposal of subsidiaries 2.3 (160.6) Reserve realised 0.3 - -------- -------- Balance at 31 March 2,225.5 2,126.1 ======== ======== 10 Cash flows from operating activities Group Three months ended 31 March 2007 2006 US$m US$m Profit before tax 234.2 194.6 Adjustments for: Interest income (8.1) (9.1) Financing charges 22.6 19.5 Share of associates' and joint ventures' results (46.3) (33.4) Depreciation, amortisation and impairment of property, plant and equipment and leasehold land use rights 65.8 54.7 Amortisation of intangible assets 1.0 - (Write back in impairment)/impairment of: - other investments (0.3) 0.1 - debtors 27.5 (0.5) (Profit)/loss on disposal of: - leasehold land use rights (7.2) (1.2) - property, plant and equipment (1.1) (1.7) - repossessed assets 8.6 25.1 - subsidiaries 1.5 (7.2) Fair value changes of plantations (1.2) (0.5) Write-down of stocks 0.9 1.2 Changes in provisions 3.6 2.9 Foreign exchange translation difference 5.6 (57.1) Excess of net fair value of identified assets, liabilities and contingent liabilities acquired over cost of business combination (6.0) (0.2) 66.9 (7.4) -------- -------- Operating profit before working capital changes 301.1 187.2 Changes in working capital: Stocks 45.5 46.4 Financing debtors 117.5 269.0 Debtors (63.9) (110.0) Creditors 54.7 (39.1) Pensions 2.1 - 155.9 166.3 -------- -------- Cash flows from operations 457.0 353.5 ======== ======== 11 Interested person transactions Aggregate value of all interested person transactions Aggregate value of (excluding all interested person transactions less transactions than S$100,000 and conducted under transactions shareholders' mandate conducted under pursuant to Rule 920 shareholders' (excluding mandate pursuant to transactions less Name of interested person Rule 920) than S$100,000) ------------------------- -------------- --------------- US$m US$m Three months ended 31 March 2007 Jardine Matheson Limited - management consultancy services - 0.3 Director of the Company, Owen Howell-Price - sale of a motor vehicle 0.2 - - purchase of a used motor vehicle 0.1 - -------------- --------------- 0.3 0.3 ============== =============== 12 Issue of shares The number of shares that may be issued on conversion of all outstanding options granted pursuant to the CCL Executives' Share Option Schemes amounted to 163,000 as at 31 March 2007 (31 December 2006: 291,000). Between 1 January 2007 and 31 March 2007, 128,000 ordinary shares were issued for cash to executives who exercised the options granted under the CCL Executives' Share Option Schemes to subscribe for shares in the capital of the Company at the exercise prices of S$1.204, S$1.645 and S$1.664 per share. Except for those mentioned above, there were no other rights, bonus or equity issues during the period between 1 January 2007 and 31 March 2007. 13 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 1 April 2007 and the date of this report. - end - For further information, please contact:Jardine Cycle & Carriage LimitedHo Yeng Tat Tel: 65 64708108 The full text of the Financial Statements and Dividend Announcement for thefirst quarter ended 31 March 2007 can be accessed through the internet at'www.jcclgroup.com'. 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