6 Nov 2009 09:11
| To: Business Editor | 6th November 2009 |
| For Immediate release |
Jardine Cycle & Carriage Limited
2009 Third Quarter 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 |
| 6th November 2009 |
| JARDINE CYCLE & CARRIAGE LIMITED |
| 2009 THIRD QUARTER FINANCIAL STATEMENTS AND DIVIDEND |
| ANNOUNCEMENT |
| Highlights | |
| • | Underlying earnings per share down 18% |
| • | Contribution from Astra impacted by currency movements |
| • | Strong growth in contract mining activities |
| "The Group performed satisfactorily in the first nine months of 2009 and, with markets recovering, the outlook for the full year is encouraging." | |
| Anthony Nightingale, Chairman 6th November 2009 | |
| Group Results | |||||
| Nine months ended 30th September | |||||
| 2009 US$m | 2008 US$m | Change % | 2009 S$m | ||
| Revenue | 7,455 | 8,993 | -17 | 10,975 | |
| Profit after tax | 855 | 998 | -14 | 1,259 | |
| Underlying profit attributable to shareholders* | 348 | 418 | -17 | 512 | |
| Profit attributable to shareholders | 352 | 419 | -16 | 518 | |
| US¢ | US¢ | S¢ | |||
| Underlying earnings* per share | 97.86 | 118.81 | -18 | 144.08 | |
| Earnings per share | 98.99 | 119.15 | -17 | 145.74 | |
| Interim dividend per share | 11.00 | 14.00 | -21 | 15.86 | |
| At 30.9.09 US$m | At 31.12.08 US$m | At 30.9.09 S$m | |||
| Shareholders' funds | 2,728 | 2,263 | 21 | 3,860 | |
| US$ | US$ | S$ | |||
| Net asset value per share | 7.67 | 6.36 | 21 | 10.85 | |
The exchange rate of US$1=S$1.42 (31st December 2008: US$1=S$1.44) was used for translating assets and liabilities at the balance sheet date and US$1=S$1.47 (30th September 2008: US$1=S$1.39) was used for translating the results for the period.
The financial results for the nine months ended 30th September 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 earnings is set out in Note 4 of this report.
CHAIRMAN'S STATEMENT
Overview
While the Group's performance has been affected by the global economic slowdown, there have been signs of improvement in the trading environment in recent months.
Performance
The Group's revenue of US$7.5 billion for the nine months ended 30th September 2009 was 17% down on the previous year. Underlying profit was 17% lower at US$348 million, while underlying earnings per share were down 18% at US¢97.86. Astra's contribution to underlying profit fell 17% to US$331 million, primarily due to a 13% decline in the Rupiah exchange rate compared with the same period last year. The Group's other motor interests contributed US$36 million, a reduction of 7%.
Corporate costs and withholding tax on dividends from Indonesia amounted to US$19 million. The profit attributable to shareholders for the period was 16% lower at US$352 million after accounting for a non-trading gain of US$4 million from the sale by Tunas Ridean of 51% of its wholly-owned finance company earlier in the year.
The Group's consolidated net debt, excluding borrowings within Astra's financial services operations, was US$15 million at 30th September 2009, down from US$157 million at the end of 2008 due to strong operating cash flows. The net debt within Astra's financial services operations was US$1.4 billion.
The Board does not propose to declare a dividend for the three months ended 30th September 2009 (30th September 2008: Nil).
Group Review
Astra
The Indonesian economy performed relatively well in the first nine months of 2009 as it benefited from strong domestic demand, government stimulus packages and a relatively low dependence on exports. Astra recorded a net profit for the period, under Indonesian accounting standards, equivalent to US$667 million, 4% lower in its reporting currency than the previous year. While earnings in its automotive and plantation businesses were down, this was largely compensated for by improved profits in its financial services, heavy equipment and contract mining activities.
Automotive and Financial Services
Astra's automotive and financial services businesses made a contribution of US$217 million to the Group's underlying profit, a 16% decline due to reduced consumer demand and the weaker Rupiah.
The Indonesian wholesale market for motor cars declined by 28% to some 337,000 units in the first nine months of 2009. Astra's motor car sales decreased by a lesser rate of 18% to about 195,000 units, enabling its market share to increase from 51% to 58%. The wholesale motorcycle market in Indonesia was 14% lower at 4.1 million units. Astra Honda Motors' sales declined by 16% to 1.9 million units due to intense competition, leading to a slightly lower market share of 46%. The component manufacturing sector was also affected and Astra Otoparts reported a 5% decrease in net income, mainly due to higher operating expenses.
Astra's consumer finance operations achieved higher profits due to the growth in their overall loan book, including balances financed through joint financing without recourse. Astra's 45%-owned associate, Bank Permata, saw its net profit increase by 29% due to higher net interest income and other operating income.
Natural Resources & Other
Astra's natural resources and other businesses, comprising agribusiness, heavy equipment, mining, information technology and infrastructure contributed US$135 million to Jardine Cycle & Carriage's underlying profit, 18% down on the previous year. This was largely due to the sharp fall in crude palm oil prices and the weaker Rupiah, partly compensated by improved results in Astra's mining contracting business.
In agribusiness, Astra's 80%-held subsidiary, Astra Agro Lestari reported a net profit of US$117 million, a fall of 41%. While palm oil production was 7% up at 786,000 tonnes, crude palm oil prices achieved were some 21% down on the previous year.
In heavy equipment, 60%-held United Tractors recorded a 42% rise in profit to US$278 million. Sales of Komatsu equipment fell 41%, but there was strong improvement in mining subsidiary Pamapersada Nusantara. The company performed well with a 10% increase in coal extracted to 48 million tonnes and a 32% increase in overburden removed to 435 million bcm.
In information technology, 77%-owned Astra Graphia's profit declined by 16% due to reduced margins. Astra's infrastructure investments performed satisfactorily.
Other Motor Interests
Underlying profit from the Group's other motor interests was 7% down on the previous year, with the Singapore motor operations and 38%-owned Indonesian associate, Tunas Ridean, producing weaker performances. These were mitigated by improved profit contributions from 59%-owned Malaysian subsidiary, Cycle & Carriage Bintang, and 25%-held Vietnamese associate, Truong Hai Auto Corporation.
Outlook
The Group performed satisfactorily in the first nine months of 2009 and, with markets recovering, the outlook for the full year is encouraging.
Anthony Nightingale
Chairman
6th November 2009
Statement pursuant to Rule 705(5) of the Listing Manual
The directors confirm that, to the best of their knowledge, nothing has come to the attention of the Board of Directors which may render the accompanying unaudited interim financial results for the nine months ended 30th September 2009 to be false or misleading in any material respect.
On behalf of the Directors
Anthony Nightingale
Director
Hassan Abas
Director
6th November 2009
| Jardine Cycle & Carriage Limited Consolidated Profit and Loss Account |
| Three months ended | Nine months ended | |||||||||
| 30.9.09 | 30.9.08 | Change | 30.9.09 | 30.9.08 | Change | |||||
| Note | US$m | US$m | % | US$m | US$m | % | ||||
| Revenue | 2,839.6 | 3,274.4 | -13 | 7,454.7 | 8,992.9 | -17 | ||||
| Net operating costs | 2 | (2,471.7) | (2,891.4) | -15 | (6,483.6) | (7,839.1) | -17 | |||
| Operating profit | 2 | 367.9 | 383.0 | -4 | 971.1 | 1,153.8 | -16 | |||
| Financing charges | (13.8) | (14.8) | -7 | (35.4) | (43.3) | -18 | ||||
| Financing income | 13.8 | 17.9 | -23 | 40.9 | 45.7 | -11 | ||||
| Net financing income | - | 3.1 | -100 | 5.5 | 2.4 | 129 | ||||
| Share of associates' and joint ventures' results after tax | 78.9 | 93.2 | -15 | 174.4 | 225.7 |
-23 | ||||
| Profit before tax | 446.8 | 479.3 | -7 | 1,151.0 | 1,381.9 | -17 | ||||
| Tax | 3 | (99.6) | (118.6) | -16 | (295.7) | (383.9) | -23 | |||
| Profit after tax | 347.2 | 360.7 | -4 | 855.3 | 998.0 | -14 | ||||
| Profit attributable to: | ||||||||||
| Shareholders of the Company | 145.3 | 153.5 | -5 | 352.1 | 418.7 | -16 | ||||
| Minority interests | 201.9 | 207.2 | -3 | 503.2 | 579.3 | -13 | ||||
| 347.2 | 360.7 | -4 | 855.3 | 998.0 | -14 | |||||
| US¢ | US¢ | US¢ | US¢ | |||||||
| Earnings per share | 4 | |||||||||
| - basic | 40.85 | 43.15 | -5 | 98.99 | 119.15 | -17 | ||||
| - diluted | 40.85 | 43.15 | -5 | 98.99 | 119.12 | -17 | ||||
| Jardine Cycle & Carriage Limited Consolidated Statement of Comprehensive Income |
| | | Three months ended | | Nine months ended | ||||
| | | 30.9.09 | | 30.9.08 | | 30.9.09 | | 30.9.08 |
| | | US$m | | US$m | | US$m | | US$m |
| | | | | | | | | |
| Profit for the period | | 347.2 | | 360.7 | | 855.3 | | 998.0 |
| | | | | | | | | |
| Translation differences | | | | | | | | |
| - gains/(losses) arising during the period | | 324.8 | | (92.1) | | 636.6 | | 2.2 |
| | | | | | | | | |
| Available-for-sale investments | | | | | | | | |
| - gains/(losses) arising during the period | | 15.0 | | (2.4) | | 35.5 | | 3.2 |
| - transfer to profit and loss | | (3.1) | | 0.5 | | (3.2) | | - |
| | | | | | | | | |
| Cash flow hedges | | | | | | | | |
| - gains/(losses) arising during the period | | 14.9 | | (7.1) | | (14.4) | | 0.9 |
| | | | | | | | | |
| Defined benefit pension plans | | | | | | | | |
| - actuarial gains/(losses) arising during the period | | (0.3) | | (0.2) | | (5.9) | | 3.7 |
| | | | | | | | | |
| Share of other comprehensive income of associates and joint ventures, net of tax | | (0.8) | | (3.3) | | (2.7) | | (10.5) |
| | | | | | | | | |
| Tax relating to components of other comprehensive income | | (3.7) | | 2.1 | | 4.6 | | (1.4) |
| | | | | | | | | |
| | | | | | | | | |
| Other comprehensive income for the period | | 346.8 | | (102.5) | | 650.5 | | (1.9) |
| | | | | | | | | |
| Total comprehensive income for the period | | 694.0 | | 258.2 | | 1,505.8 | | 996.1 |
| | | | | | | | | |
| Attributable to: | | | | | | | | |
| | | | | | | | | |
| Shareholders of the Company | | 298.3 | | 107.5 | | 633.5 | | 419.3 |
| | | | | | | | | |
| Minority interests | | 395.7 | | 150.7 | | 872.3 | | 576.8 |
| | | | | | | | | |
| | | 694.0 | | 258.2 | | 1,505.8 | | 996.1 |
| | | | | | | | | |
| | | | | | | | | |
| Jardine Cycle & Carriage Limited Consolidated Balance Sheet |
| At | At | ||||
| Note | 30.9.09 | 31.12.08 | |||
| US$m | US$m | ||||
| Non-current assets | |||||
| Intangible assets | 609.2 | 531.2 | |||
| Leasehold land use rights | 395.6 | 347.8 | |||
| Property, plant and equipment | 1,984.2 | 1,599.2 | |||
| Investment properties | 19.5 | 17.4 | |||
| Plantations | 455.3 | 352.7 | |||
| Interests in associates and joint ventures | 1,573.9 | 1,355.6 | |||
| Other investments | 273.2 | 179.7 | |||
| Non-current debtors | 1,035.0 | 893.4 | |||
| Deferred tax assets | 61.6 | 57.4 | |||
| 6,407.5 | 5,334.4 | ||||
| Current assets | |||||
| Stocks | 795.3 | 921.4 | |||
| Current debtors | 2,232.9 | 1,690.3 | |||
| Current tax assets | 64.7 | 40.8 | |||
| Current investments | 1.5 | 3.7 | |||
| Bank balances and other liquid funds | |||||
| - non-financial services companies | 831.6 | 656.1 | |||
| - financial services companies | 137.9 | 183.5 | |||
| 969.5 | 839.6 | ||||
| 4,063.9 | 3,495.8 | ||||
| Non-current assets classified as held for sale | - | 0.1 | |||
| 4,063.9 | 3,495.9 | ||||
| Total assets | 10,471.4 | 8,830.3 | |||
| Non-current liabilities | |||||
| Provisions | 41.1 | 30.9 | |||
| Long-term borrowings | 5 | ||||
| - non-financial services companies | 377.8 | 400.7 | |||
| - financial services companies | 615.9 | 563.1 | |||
| 993.7 | 963.8 | ||||
| Deferred tax liabilities | 237.6 | 219.3 | |||
| Pension liabilities | 89.2 | 67.0 | |||
| Non-current creditors | 138.7 | 93.5 | |||
| 1,500.3 | 1,374.5 | ||||
| Current liabilities | |||||
| Provisions | 28.2 | 24.8 | |||
| Current borrowings | 5 | ||||
| - non-financial services companies | 469.2 | 413.2 | |||
| - financial services companies | 901.4 | 798.5 | |||
| 1,370.6 | 1,211.7 | ||||
| Current tax liabilities | 109.9 | 141.9 | |||
| Current creditors | 1,474.5 | 1,254.9 | |||
| 2,983.2 | 2,633.3 | ||||
| Total liabilities | 4,483.5 | 4,007.8 | |||
| Net assets | 5,987.9 | 4,822.5 | |||
| Equity | |||||
| Share capital | 6 | 632.3 | 632.3 | ||
| Revenue reserve | 7 | 1,734.9 | 1,552.4 | ||
| Other reserves | 8 | 360.5 | 78.0 | ||
| Shareholders' funds | 2,727.7 | 2,262.7 | |||
| Minority interests | 9 | 3,260.2 | 2,559.8 | ||
| Total equity | 5,987.9 | 4,822.5 |
| Jardine Cycle & Carriage Limited Consolidated Statement of Changes in Equity |
For the three months ended 30th September
| Attributable to shareholders of the Company | |||||||||||||||
| Asset | Fair value | Attributable | |||||||||||||
| Share | Revenue | revaluation | Translation | and other | to minority | Total | |||||||||
| capital | reserve | reserve | reserve | reserves | Total | interests | equity | ||||||||
| US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | ||||||||
| 2009 | |||||||||||||||
| Balance at 1st July | 632.3 | 1,629.7 | 395.8 | (191.0) | 2.4 | 2,469.2 | 2,885.5 | 5,354.7 | |||||||
| Total comprehensive income | - | 145.0 | (0.1) | 142.6 | 10.8 | 298.3 | 395.7 | 694.0 | |||||||
| Dividends paid/payable by the Company | - | (40.1) | - | - | - | (40.1) | - | (40.1) | |||||||
| Dividends paid to minority shareholders | - | - | - | - | - | - | (16.3) | (16.3) | |||||||
| Change in shareholding | - | 0.3 | - | - | - | 0.3 | 0.3 | 0.6 | |||||||
| Acquisition/disposal of subsidiaries | - | - | - | - | - | - | (5.0) | (5.0) | |||||||
| Balance at 30th September | 632.3 | 1,734.9 | 395.7 | (48.4) | 13.2 | 2,727.7 | 3,260.2 | 5,987.9 | |||||||
| 2008 | |||||||||||||||
| Balance at 1st July | 555.3 | 1,427.7 | 329.6 | 41.4 | 5.9 | 2,359.9 | 2,672.5 | 5,032.4 | |||||||
| Total comprehensive income | - | 153.5 | (0.1) | (42.4) | (3.5) | 107.5 | 150.7 | 258.2 | |||||||
| Issue of shares by the Company | 78.1 | - | - | - | - | 78.1 | - | 78.1 | |||||||
|
| |||||||||||||||
| Issue of shares to minority shareholders | - | - | - | - | - | - | 159.7 | 159.7 | |||||||
| Dividends paid by the Company | - | (50.3) | - | - | - | (50.3) | - | (50.3) | |||||||
| Dividends paid to minority shareholders | - | - | - | - | - | - | (41.4) | (41.4) | |||||||
| Acquisition/disposal of subsidiaries | - | - | - | - | - | - | 1.1 | 1.1 | |||||||
| Other | - | (1.2) | - | - | - | (1.2) | - | (1.2) | |||||||
| Balance at 30th September | 633.4 | 1,529.7 | 329.5 | (1.0) | 2.4 | 2,494.0 | 2,942.6 | 5,436.6 | |||||||
| Jardine Cycle & Carriage Limited Consolidated Statement of Changes in Equity |
For the nine months ended 30th September
| Attributable to shareholders of the Company | |||||||||||||||
| Share |
| Asset | Fair value | Attributable | |||||||||||
| Share | Revenue | revaluation | Translation | and other |
| to minority | Total | ||||||||
| capital | reserve | reserve | Reserve | Reserves | Total | interests | equity | ||||||||
| US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | ||||||||
| 2009 | |||||||||||||||
| Balance at 1st January | 632.3 | 1,552.4 | 397.7 | (323.0) | 3.3 | 2,262.7 | 2,559.8 | 4,822.5 | |||||||
| Total comprehensive income | - | 351.0 | (2.0) | 274.6 | 9.9 | 633.5 | 872.3 | 1,505.8 | |||||||
| Dividends paid/payable by the Company | - | (168.8) | - | - | - | (168.8) | - | (168.8) | |||||||
| Dividends paid to minority shareholders | - | - | - | - | - | - | (167.2) | (167.2) | |||||||
| Change in shareholding | - | 0.3 | - | - | - | 0.3 | 0.3 | 0.6 | |||||||
| Acquisition/disposal of subsidiaries | - | - | - | - | - | - | (5.0) | (5.0) | |||||||
| Balance at 30th September | 632.3 | 1,734.9 | 395.7 | (48.4) | 13.2 | 2,727.7 | 3,260.2 | 5,987.9 | |||||||
| 2008 | |||||||||||||||
| Balance at 1st January | 555.2 | 1,272.9 | 329.6 | (3.2) | 5.2 | 2,159.7 | 2,398.2 | 4,557.9 | |||||||
| Total comprehensive income | - | 420.0 | (0.1) | 2.2 | (2.8) | 419.3 | 576.8 | 996.1 | |||||||
| Issue of shares by the Company | 78.2 | - | - | - | - | 78.2 | - | 78.2 | |||||||
| Issue of shares to minority shareholders | - | - | - | - | - | - | 159.7 | 159.7 | |||||||
| Dividends paid by the Company | - | (162.0) | - | - | - | (162.0) | - | (162.0) | |||||||
| Dividends paid to minority shareholders | - | - | - | - | - | - | (203.5) | (203.5) | |||||||
| Acquisition/disposal of subsidiaries | - | - | - | - | - | - | 11.4 | 11.4 | |||||||
| Other | - | (1.2) | - | - | - | (1.2) | - | (1.2) | |||||||
| Balance at 30th September | 633.4 | 1,529.7 | 329.5 | (1.0) | 2.4 | 2,494.0 | 2,942.6 | 5,436.6 | |||||||
| Jardine Cycle & Carriage Limited Company Balance Sheet |
| Note | At 30.9.09 | At 31.12.08 | |||||
| US$m | US$m | ||||||
| Non-current assets | |||||||
| Property, plant and equipment | 0.5 | 0.5 | |||||
| Interests in subsidiaries | 1,249.5 | 1,275.7 | |||||
| Interests in associates | 116.9 | 100.1 | |||||
| Other investment | 6.9 | 6.8 | |||||
| 1,373.8 | 1,383.1 | ||||||
| Current assets | |||||||
| Debtors | 9.4 | 8.5 | |||||
| Bank balances and other liquid funds | 48.1 | 4.0 | |||||
| 57.5 | 12.5 | ||||||
| Total assets | 1,431.3 | 1,395.6 | |||||
| Non-current liabilities | |||||||
| Deferred tax liabilities | 0.4 | 0.3 | |||||
| 0.4 | 0.3 | ||||||
| Current liabilities | |||||||
| Current borrowings | 75.6 | - | |||||
| Current tax liabilities | 0.8 | 0.8 | |||||
| Creditors | 26.1 | 73.2 | |||||
| Dividend payable | 39.9 | - | |||||
| 142.4 | 74.0 | ||||||
| Total liabilities | 142.8 | 74.3 | |||||
| Net assets | 1,288.5 | 1,321.3 | |||||
| Share capital and reserves | |||||||
| Share capital | 6 | 632.3 | 632.3 | ||||
| Revenue reserve | 7 | 410.5 | 463.5 | ||||
| Other reserves | 8 | 245.7 | 225.5 | ||||
| Shareholders' funds | 1,288.5 | 1,321.3 | |||||
| Net asset value per share | US$3.62 | US$3.71 | |||||
| Jardine Cycle & Carriage Limited Company Statement of Comprehensive Income |
| Three months ended | Nine months ended | ||||||
| 30.9.09 | 30.9.08 | 30.9.09 | 30.9.08 | ||||
| US$m | US$m | US$m | US$m | ||||
| Profit after tax | 14.2 | 14.7 | 115.8 | 119.2 | |||
| Translation difference | 30.3 | (62.1) | 20.2 | 10.5 | |||
| Total comprehensive income for the period | 44.5 | (47.4) | 136.0 | 129.7 | |||
| Jardine Cycle & Carriage Limited Company Statement of Changes in Equity |
For the three months ended 30th September
| Share capital US$m | Revenue reserve US$m | Translation reserve US$m | Fair value and other reserves US$m | Total Equity US$m | |||||
| US$m | US$m | US$m | US$m | US$m | |||||
| 2009 | |||||||||
| Balance at 1st July | 632.3 | 436.4 | 214.8 | 0.6 | 1,284.1 | ||||
| Total comprehensive income | - | 14.2 | 30.3 | - | 44.5 | ||||
| Dividend paid/payable | - | (40.1) | - | - | (40.1) | ||||
| Balance at 30th September | 632.3 | 410.5 | 245.1 | 0.6 | 1,288.5 | ||||
| 2008 | |||||||||
| Balance at 1st July | 555.3 | 425.5 | 295.8 | 0.3 | 1,276.9 | ||||
| Total comprehensive income | - | 14.7 | (62.1) | - | (47.4) | ||||
| Issue of shares | 78.1 | - | - | - | 78.1 | ||||
| Dividend paid | - | (50.3) | - | - | (50.3) | ||||
| Balance at 30th September | 633.4 | 389.9 | 233.7 | 0.3 | 1,257.3 | ||||
For the nine months ended 30th September
| Share capital US$m | Revenue reserve US$m | Translation reserve US$m | Fair value and other reserves US$m | Total equity US$m | |||||
| US$m | US$m | US$m | US$m | US$m | |||||
| 2009 | |||||||||
| Balance at 1st January | 632.3 | 463.5 | 224.9 | 0.6 | 1,321.3 | ||||
| Total comprehensive income | - | 115.8 | 20.2 | - | 136.0 | ||||
| Dividend paid/payable | - | (168.8) | - | - | (168.8) | ||||
| Balance at 30th September | 632.3 | 410.5 | 245.1 | 0.6 | 1,288.5 | ||||
| 2008 | |||||||||
| Balance at 1st January | 555.2 | 432.7 | 223.2 | 0.3 | 1,211.4 | ||||
| Total comprehensive income | - | 119.2 | 10.5 | - | 129.7 | ||||
| Issue of shares | 78.2 | - | - | - | 78.2 | ||||
| Dividend paid | - | (162.0) | - | - | (162.0) | ||||
| Balance at 30th September | 633.4 | 389.9 | 233.7 | 0.3 | 1,257.3 | ||||
| Jardine Cycle & Carriage Limited Consolidated Statement of Cash Flows |
| Three months ended | Nine months ended | ||||||||
| 30.9.09 | 30.9.08 | 30.9.09 | 30.9.08 | ||||||
| Note | US$m | US$m | US$m | US$m | |||||
| Cash flows from operating activities | 10 | 242.3 | 445.9 | 986.6 | 1,230.5 | ||||
| Cash generated from operations | |||||||||
| Interest paid | (11.0) | (15.0) | (33.3) | (43.6) | |||||
| Interest received | 14.9 | 18.7 | 40.9 | 46.5 | |||||
| Other finance costs paid | (0.8) | (0.8) | (2.1) | (2.5) | |||||
| Income tax paid | (101.7) | (80.7) | (359.3) | (278.9) | |||||
| (98.6) | (77.8) | (353.8) | (278.5) | ||||||
| Net cash flows from operating activities | 143.7 | 368.1 | 632.8 | 952.0 | |||||
| Cash flows from investing activities | |||||||||
| Sale of leasehold land use rights | 0.1 | - | 1.5 | 6.0 | |||||
| Sale of property, plant and equipment | 1.6 | 9.2 | 11.8 | 13.0 | |||||
| Sale of investment properties | - | 0.4 | - | 9.4 | |||||
| Sale of plantations | - | - | 0.4 | - | |||||
| Sale of subsidiaries, net of cash disposed | - | 2.7 | - | (35.5) | |||||
| Sale of shares in associates | - | - | - | 4.2 | |||||
| Sale of other investments | 19.0 | 55.2 | 37.3 | 63.0 | |||||
| Purchase of intangible assets | (10.2) | (5.9) | (24.2) | (15.5) | |||||
| Purchase of leasehold land use rights | (1.3) | (2.9) | (12.3) | (18.7) | |||||
| Purchase of property, plant and equipment | (65.8) | (126.7) | (302.4) | (299.5) | |||||
| Purchase of plantations | (19.4) | (23.1) | (51.6) | (57.0) | |||||
| Purchase of subsidiaries, net of cash acquired | (4.4) | (7.4) | (4.4) | (138.8) | |||||
| Purchase of shares in associates | (3.1) | (76.4) | (17.9) | (78.7) | |||||
| Purchase of other investments | (23.6) | (94.0) | (73.6) | (139.4) | |||||
| Capital repayment of other investments | 1.4 | 2.2 | 3.8 | 12.5 | |||||
| Dividends received from associates (net) | 13.9 | 5.1 | 140.9 | 148.9 | |||||
| Net cash flows used in investing activities | (91.8) | (261.6) | (290.7) | (526.1) | |||||
| Cash flows from financing activities | |||||||||
| Proceeds from issue of shares | - | - | - | 0.1 | |||||
| Drawdown of loans | 471.7 | 542.0 | 1,327.7 | 1,973.4 | |||||
| Repayment of loans | (444.2) | (685.9) | (1,324.3) | (1,925.5) | |||||
| Investments by minority shareholders | - | 158.5 | - | 158.5 | |||||
| Dividends paid to minority interests | (120.6) | (147.3) | (167.2) | (203.5) | |||||
| Dividends paid by the Company | (1.7) | (83.9) | (130.4) | (83.9) | |||||
| Net cash flows used in financing activities | (94.8) | (216.6) | (294.2) | (80.9) | |||||
| Net change in cash and cash equivalents | (42.9) | (110.1) | 47.9 | 345.0 | |||||
| Cash and cash equivalents at the beginning of the period | 976.0 | 1,141.8 | 839.1 | 672.1 | |||||
| Effect of exchange rate changes | 32.7 | (17.8) | 78.8 | (3.2) | |||||
|
| |||||||||
| Cash and cash equivalents at the end of the period | 965.8 | 1,013.9 | 965.8 | 1,013.9 | |||||
| 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: | |||
| IFRS 8 | Operating Segments | ||
| IAS 1 (revised 2007) | Presentation of Financial Statements | ||
| IAS 23 (revised 2007) | Borrowing Costs | ||
| Amendments to IFRS 1 | Cost of an Investment in a Subsidiary, Jointly Controlled Entity or | ||
| and IAS 27 | Asscociate | ||
| Amendment to IFRS 2 | Vesting Conditions and Cancellations | ||
| Amendments to IFRS 7 | Improving Disclosures about Financial Instruments | ||
| IFRIC 13 | Customer Loyalty Programmes | ||
| IFRIC 16 | Hedges of a Net Investment in a Foreign Operation | ||
| Improvements to IFRSs (2008) | |||
| The Group also early adopted the following standards and amendments to existing standards which are relevant to its operations: | |||
| IFRS 3 (revised 2008) | Business Combinations | ||
| Amendment to IFRS 8 | Operating Segments | ||
| Amendment to IAS 27 | Consolidated and Separate Financial Statements | ||
| 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 | Nine months ended | ||||||||
| 30.9.09 | 30.9.08 | Change | 30.9.09 | 30.9.08 | Change | ||||
| US$m | US$m | % | US$m | US$m | % | ||||
| Cost of sales | (2,217.5) | (2,586.7) | -14 | (5,785.0) | (7,027.0) | -18 | |||
| Other operating income | 28.2 | 25.3 | 11 | 86.5 | 84.1 | 3 | |||
| Selling and distribution expenses | (143.8) | (168.1) | -14 | (387.4) | (457.6) | -15 | |||
| Administrative expenses | (134.1) | (155.3) | -14 | (386.6) | (426.2) | -9 | |||
| Other operating expenses | (4.5) | (6.6) | -32 | (11.1) | (12.4) | -10 | |||
| Net operating costs | (2,471.7) | (2,891.4) | -15 | (6,483.6) | (7,839.1) | -17 | |||
|
| Group | |||||||||
| Three months ended | Nine months ended | |||||||||
| 30.9.09 | 30.9.08 | Change | 30.9.09 | 30.9.08 | Change | |||||
| US$m | US$m | % | US$m | US$m | % | |||||
| Operating profit is determined after including: | ||||||||||
| Depreciation of property, plant and | ||||||||||
| equipment | (92.3) | (79.4) | 16 | (245.6) | (228.6) | 7 | ||||
| Amortisation of leasehold land use rights | ||||||||||
| and intangible assets | (9.7) | (7.6) | 28 | (27.7) | (21.4) | 29 | ||||
| Profit/(loss) on disposal of: | ||||||||||
| - leasehold land use rights | - | - | - | (1.2) | 4.0 | nm | ||||
| - property, plant and equipment | 0.3 | 7.7 | -96 | 6.3 | 11.9 | -47 | ||||
| - investment properties | - | (0.2) | -100 | - | 0.9 | -100 | ||||
| - subsidiaries | - | (0.2) | -100 | - | 3.5 | -100 | ||||
| - associates | - | (0.1) | -100 | - | 1.1 | -100 | ||||
| - repossessed assets | (9.4) | (13.4) | -30 | (27.3) | (42.2) | -35 | ||||
| Dividend and interest income from other investments |
4.2 | 5.0 | -16 | 12.5 | 11.9 | 5 | ||||
| (Write-down)/reversal of write-down of stocks | 0.8 | (1.3) | nm | 1.9 | (3.6) | nm | ||||
| Impairment of debtors | (25.2) | (32.7) | -23 | (58.0) | (82.2) | -29 | ||||
| Fair value changes of derivatives not qualified as hedges (1) | (3.7) | 2.6 | nm | (13.8) | 3.3 | nm | ||||
| Net exchange gain/(loss) (2) | (11.5) | (7.9) | 46 | 12.9 | (3.1) | nm | ||||
| nm: not meaningful | ||||||||||
| (1) | Decrease due mainly to hedging of Indonesian Rupiah against United States Dollars | |||||||||
| (2) | Increase due mainly to stronger Indonesian Rupiah against United States Dollars | |||||||||
| 3 | Tax |
| The provision for income tax is based on the statutory tax rates of the respective countries in which the companies operate after taking into account non-deductible expenses and group tax relief. |
| 4 | Earnings per share | | | | | | | |||
| | | | | | Group | | | |||
| | | Three months ended | | Nine months ended | ||||||
| | | 30.9.09 | | 30.9.08 | | 30.9.09 | | 30.9.08 | ||
| | | US$m | | US$m | | US$m | | US$m | ||
| | Basic earnings per share | | | | | | | | ||
| | Profit attributable to shareholders | 145.3 | | 153.5 | | 352.1 | | 418.7 | ||
| | Weighted average number of ordinary shares in issue (millions) | 355.7 | | 355.7 | | 355.7 | | 351.4 | ||
| | Basic earnings per share | US¢40.85 | | US¢43.15 | | US¢98.99 | | US¢119.15 | ||
| | | | | | | | | | ||
| | Diluted earnings per share | | | | | | | | ||
| | Profit attributable to shareholders | 145.3 | | 153.5 | | 352.1 | | 418.7 | ||
| | Weighted average number of ordinary shares in issue (millions) | 355.7 | | 355.7 | | 355.7 | | 351.4 | ||
| | Adjustment for assumed conversion of share options (millions) | - * | | - * | | -* | | 0.1 | ||
| | Weighted average number of ordinary shares for diluted earnings per share (millions) | 355.7 | | 355.7 | | 355.7 | | 351.5 | ||
| | | | | | | | | | ||
| | Diluted earnings per share | US¢40.85 | | US¢43.15 | | US¢98.99 | | US¢119.12 | ||
| | | | | | | | | | ||
| | Underlying earnings per share | | | | | | | | ||
| | Underlying profit attributable to shareholders | 145.1 | | 153.7 | | 348.1 | | 417.5 | ||
| | Basic underlying earnings per share | US¢40.79 | | US¢43.21 | | US¢97.86 | | US¢118.81 | ||
| | Diluted underlying earnings per share | US¢40.79 | | US¢43.21 | | US¢97.86 | | US¢118.78 | ||
| | | | | | | | | | ||
| | *less than 0.1 million | | | | | | | | ||
| A reconciliation of the profit attributable to shareholders and underlying profit attributable to shareholders is as follows: |
| Group | ||||||||
| Three months ended | Nine months ended | |||||||
| 30.9.09 | 30.9.08 | 30.9.09 | 30.9.08 | |||||
| US$m | US$m | US$m | US$m | |||||
| Profit attributable to shareholders | 145.3 | 153.5 | 352.1 | 418.7 | ||||
| Less: | ||||||||
| Non-trading items (net of tax and minority interests) | ||||||||
| Profit on disposal of | ||||||||
| - surplus properties | - | - | - | 2.2 | ||||
| - subsidiaries and associates | - | (0.2) | - | (0.2) | ||||
| - subsidiary of an associate | 0.2 | - | 4.0 | - | ||||
| Restructuring of operations | - | - | - | (0.8) | ||||
| 0.2 | (0.2) | 4.0 | 1.2 | |||||
| Underlying profit attributable to shareholders | 145.1 | 153.7 | 348.1 | 417.5 | ||||
| The underlying profit attributable to shareholders by business is shown below: | |||||||||
| Group | |||||||||
| Three months ended | Nine months ended | ||||||||
| 30.9.09 | 30.9.08 | Change | 30.9.09 | 30.9.08 | Change | ||||
| US$m | US$m | % | US$m | US$m | % | ||||
| Astra | |||||||||
| Motor vehicles | 30.9 | 37.2 | -17 | 77.7 | 94.0 | -17 | |||
| Motorcycles | 22.3 | 26.7 | -16 | 42.6 | 68.2 | -38 | |||
| Other automotive | 13.1 | 12.1 | 8 | 31.2 | 34.9 | -11 | |||
| Financial services | 26.5 | 19.5 | 36 | 65.3 | 60.5 | 8 | |||
| Automotive and financial services | 92.8 | 95.5 | -3 | 216.8 | 257.6 | -16 | |||
| Agribusiness | 18.9 | 23.0 | -18 | 46.8 | 92.2 | -49 | |||
| Heavy equipment and mining | 32.6 | 28.4 | 15 | 83.9 | 67.6 | 24 | |||
| Other | 1.8 | 2.1 | -14 | 4.2 | 5.4 | -22 | |||
| Natural resources and other | 53.3 | 53.5 | - | 134.9 | 165.2 | -18 | |||
| Corporate costs and other | (12.1) | (4.7) | 157 | (20.6) | (24.3) | -15 | |||
| 134.0 | 144.3 | -7 | 331.1 | 398.5 | -17 | ||||
| Other motor interests | |||||||||
| Singapore | 8.0 | 9.4 | -15 | 21.3 | 27.9 | -24 | |||
| Malaysia | 1.3 | 0.6 | 117 | 3.8 | 2.1 | 81 | |||
| Indonesia (Tunas Ridean) | 1.9 | 3.0 | -37 | 4.8 | 8.2 | -41 | |||
| Vietnam | 3.6 | - | 100 | 5.7 | - | 100 | |||
| 14.8 | 13.0 | 14 | 35.6 | 38.2 | -7 | ||||
| Corporate costs | (3.6) | (3.6) | - | (8.0) | (8.6) | -7 | |||
| Withholding tax on dividends from Indonesia | (0.1) | - | 100 | (10.6) | (10.6) | - | |||
| (3.7) | (3.6) | 3 | (18.6) | (19.2) | -3 | ||||
| Underlying profit attributable to shareholders | 145.1 | 153.7 | -6 | 348.1 | 417.5 | -17 | |||
| 5 | Borrowings | ||||
| Group | |||||
| At |
| At | |||
| 30.9.09 | 31.12.08 | ||||
| US$m | US$m | ||||
| Long-term borrowings: | |||||
| - secured | 744.4 | 637.9 | |||
| - unsecured | 249.3 | 325.9 | |||
| 993.7 | 963.8 | ||||
| Current borrowings: | |||||
| - secured | 942.0 | 832.4 | |||
| - unsecured | 428.6 | 379.3 | |||
| 1,370.6 | 1,211.7 | ||||
| Total borrowings | 2,364.3 | 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$1,184.2 million (31 December 2008: US$1,074.1 million). |
| 6 | Share capital | |||||
| Company | ||||||
| Three months ended 30th September | 2009 |
| 2008 | |||
| US$m | US$m | |||||
| Issued and fully paid: | ||||||
| Balance at 1st July - 355,678,660 (2008: 349,311,506) ordinary shares | 632.3 | 555.3 | ||||
| Issue of Nil (2008: 6,351,154) ordinary shares under the Scrip Dividend Scheme | - | 78.1 | ||||
| Balance at 30th September - 355,678,660 (2008: 355,662,660) ordinary shares | 632.3 | 633.4 | ||||
| Nine months ended 30th September | 2009 |
| 2008 | |||
| US$m | US$m | |||||
| Issued and fully paid: | ||||||
| Balance at 1st January - 355,677,660 (2008: 349,260,506) ordinary shares | 632.3 | 555.2 | ||||
| Issue of 1,000 (2008: 51,000) ordinary shares under the CCL Executives' | ||||||
| Share Option Scheme | -- * | 0.1 | ||||
| Issue of Nil (2008: 6,351,154) ordinary shares under the Scrip Dividend Scheme | -- | 78.1 | ||||
| Balance at 30th September - 355,678,660 (2008: 355,662,660) ordinary shares | 632.3 | 633.4 | ||||
| * less than 0.1 million | ||||||
| The Company did not hold any treasury shares as at 30th September 2009 (30th September 2008: Nil). | ||||||
| The number of shares that may be issued on conversion of all outstanding options granted pursuant to the CCL Executives' Share Option Scheme amounted to 34,000 as at 30th September 2009 (30th September 2008: 50,000). | ||||||
| Except for those mentioned above, there were no other rights, bonus or equity issues during the period between 1st July 2009 and 30th September 2009. | ||||||
| 7 | Revenue reserve | ||||||||||||||
| Group | Company | ||||||||||||||
| Three months ended 30th September | 2009 | 2008 | 2009 | 2008 | |||||||||||
| US$m | US$m | US$m | US$m | ||||||||||||
| Movements: | |||||||||||||||
| Balance at 1st July | 1,629.7 | 1,427.7 | 436.4 | 425.5 | |||||||||||
| Asset revaluation reserve realised on disposal of land and buildings | 0.1 | 0.1 | - | - | |||||||||||
| Actuarial loss on defined benefit pension plans | (0.1) | (0.1) | - | - | |||||||||||
| Share of associates' and joint ventures' actuarial gain on defined benefit pension plans, net of tax | (0.3) | - | - | - | |||||||||||
| Profit attributable to shareholders | 145.3 | 153.5 | 14.2 | 14.7 | |||||||||||
| Dividends paid/payable by the Company | (40.1) | (50.3) | (40.1) | (50.3) | |||||||||||
| Change in shareholding | 0.3 | - | - | - | |||||||||||
| Other | - | (1.2) | - | - | |||||||||||
| Balance at 30th September | 1,734.9 | 1,529.7 | 410.5 | 389.9 | |||||||||||
| Group | Company | ||||||||||||||
| Nine months ended 30th September | 2009 | 2008 | 2009 | 2008 | |||||||||||
| US$m | US$m | US$m | US$m | ||||||||||||
| Movements: | |||||||||||||||
| Balance at 1st January | 1,552.4 | 1,272.9 | 463.5 | 432.7 | |||||||||||
| Asset revaluation reserve realised on disposal of land and buildings | 2.0 | 0.1 | - | - | |||||||||||
| Defined benefit pension plans |
| ||||||||||||||
| - actuarial gain/(loss) | (2.7) | 1.7 | - | - | |||||||||||
| - deferred tax | 0.6 | (0.5) | - | - | |||||||||||
| Share of associates' and joint ventures' actuarial loss on defined benefit pension plans, net of tax | (1.0) | - | - | - | |||||||||||
| Profit attributable to shareholders | 352.1 | 418.7 | 115.8 | 119.2 | |||||||||||
| Dividends paid/payable by the Company | (168.8) | (162.0) | (168.8) | (162.0) | |||||||||||
| Change in shareholding | 0.3 | - | - | - | |||||||||||
| Other | - | (1.2) | - | - | |||||||||||
| Balance at 30th September | 1,734.9 | 1,529.7 | 410.5 | 389.9 | |||||||||||
| 8 | Other reserves | |||||||
| Group | Company | |||||||
| 2009 | 2008 | 2009 | 2008 | |||||
| US$m | US$m | US$m | US$m | |||||
| Composition: | ||||||||
| Asset revaluation reserve | 395.7 | 329.5 | - | - | ||||
| Translation reserve | (48.4) | (1.0) | 245.1 | 233.7 | ||||
| Fair value reserve | 12.8 | (2.3) | 0.3 | - | ||||
| Hedging reserve | (3.2) | 1.1 | - | - | ||||
| Share option reserve | 0.3 | 0.3 | 0.3 | 0.3 | ||||
| Other reserve | 3.3 | 3.3 | - | - | ||||
| Balance at 30th September | 360.5 | 330.9 | 245.7 | 234.0 | ||||
| Group | Company | |||||||
| Three months ended 30th September | 2009 | 2008 | 2009 | 2008 | ||||
| US$m | US$m | US$m | US$m | |||||
| Movements: | ||||||||
| Asset revaluation reserve | ||||||||
| Balance at 1st July | 395.8 | 329.6 | - | - | ||||
| Reserve realised on disposal of land and buildings | (0.1) | (0.1) | - | - | ||||
| Balance at 30th September | 395.7 | 329.5 | - | - | ||||
| Translation reserve | ||||||||
| Balance at 1st July | (191.0) | 41.4 | 214.8 | 295.8 | ||||
| Translation difference | 142.6 | (42.4) | 30.3 | (62.1) | ||||
| Balance at 30th September | (48.4) | (1.0) | 245.1 | 233.7 | ||||
| Fair value reserve | ||||||||
| Balance at 1st July | 7.0 | 0.2 | 0.3 | - | ||||
| Available-for-sale investments | ||||||||
| - fair value changes | 6.8 | 0.1 | - | - | ||||
| - transfer to profit and loss | (1.5) | 0.3 | - | - | ||||
| Share of associates' and joint ventures' fair value changes of available-for-sale investments, net of tax | 0.5 | (2.9) | - | - | ||||
| Balance at 30th September | 12.8 | (2.3) | 0.3 | - | ||||
| Hedging reserve | ||||||||
| Balance at 1st July | (8.2) | 2.1 | - | - | ||||
| Cash flow hedges | ||||||||
| - fair value changes | 7.4 | (3.1) | - | - | ||||
| - deferred tax | (1.9) | 0.9 | - | - | ||||
| Share of associates' and joint ventures' fair value changes of cash flow hedges, net of tax | (0.5) | 1.2 | - | - | ||||
| Balance at 30th September | (3.2) | 1.1 | - | - | ||||
| Group | Company | |||||||
| Three months ended 30th September | 2009 | 2008 | 2009 | 2008 | ||||
| US$m | US$m | US$m | US$m | |||||
| Movements: | ||||||||
| Share option reserve | ||||||||
| Balance at 1st July and 30th September | 0.3 | 0.3 | 0.3 | 0.3 | ||||
| Other reserve | ||||||||
| Balance at 1st July and 30th September | 3.3 | 3.3 | - | - | ||||
| Group | Company | |||||||
| Nine months ended 30th September | 2009 | 2008 | 2009 | 2008 | ||||
| US$m | US$m | US$m | US$m | |||||
| Movements: | ||||||||
| Asset revaluation reserve | ||||||||
| Balance at 1st January | 397.7 | 329.6 | - | - | ||||
| Reserve realised on disposal of land and buildings | (2.0) | (0.1) | - | - | ||||
| Balance at 30th September | 395.7 | 329.5 | - | - | ||||
| Translation reserve | ||||||||
| Balance at 1st January | (323.0) | (3.2) | 224.9 | 223.2 | ||||
| Translation difference | 274.6 | 2.2 | 20.2 | 10.5 | ||||
| Balance at 30th September | (48.4) | (1.0) | 245.1 | 233.7 | ||||
| Fair value reserve | ||||||||
| Balance at 1st January | (3.0) | 2.5 | 0.3 | - | ||||
| Available-for-sale investments | ||||||||
| - fair value changes | 15.9 | 2.5 | - | - | ||||
| - deferred tax | (0.2) | - | - | - | ||||
| - transfer to profit and loss | (1.5) | - | - | - | ||||
| Share of associates' and joint ventures' fair value changes of available-for-sale investments, net of tax | 1.6 | (7.3) | - | - | ||||
| Balance at 30th September | 12.8 | (2.3) | 0.3 | - | ||||
| Hedging reserve | ||||||||
| Balance at 1st January | 2.7 | (0.9) | - | - | ||||
| Cash flow hedges | ||||||||
| - fair value changes | (5.3) | - | - | - | ||||
| - deferred tax | 1.3 | - | - | - | ||||
| Share of associates' and joint ventures' fair value changes of cash flow hedges, net of tax | (1.9) | 2.0 | - | - | ||||
| Balance at 30th September | (3.2) | 1.1 | - | - | ||||
| Share option reserve | ||||||||
| Balance at 1st January and 30th September | 0.3 | 0.3 | 0.3 | 0.3 | ||||
| Other reserve | ||||||||
| Balance at 1st January and 30th September | 3.3 | 3.3 | - | - | ||||
| 9 | Minority interests | |||
| Group | ||||
| Three months ended 30th September | 2009 | 2008 | ||
| US$m | US$m | |||
| Balance at 1st July | 2,885.5 | 2,672.5 | ||
| Available-for-sale investments | ||||
| - fair value changes | 8.2 | (2.5) | ||
| - deferred tax | (0.1) | - | ||
| - transfer to profit and loss | (1.6) | 0.2 | ||
| Share of associates' and joint ventures' fair value changes of available-for-sale investments, net of tax | 0.5 | (2.8) | ||
| Cash flow hedges | ||||
| - fair value changes | 7.5 | (4.0) | ||
| - deferred tax | (1.8) | 1.2 | ||
| Share of associates' and joint ventures' fair value changes of cash flow hedges, net of tax | (0.7) | 1.2 | ||
| Defined benefit pension plans | ||||
| - actuarial loss | (0.2) | (0.1) | ||
| - deferred tax | 0.1 | - | ||
| Share of associates' and joint ventures' actuarial loss on defined benefit pension plans, net of tax | (0.3) | - | ||
| Translation difference | 182.2 | (49.7) | ||
| Profit for the period | 201.9 | 207.2 | ||
| Issue of shares | - | 159.7 | ||
| Dividends paid | (16.3) | (41.4) | ||
| Change in shareholding | 0.3 | - | ||
| Acquisition/disposal of subsidiaries | (5.0) | 1.1 | ||
| Balance at 30th September | 3,260.2 | 2,942.6 | ||
| Nine months ended 30th September | 2009 | 2008 | ||
| US$m | US$m | |||
| Balance at 1st January | 2,559.8 | 2,398.2 | ||
| Available-for-sale investments | ||||
| - fair value changes | 19.6 | 0.7 | ||
| - deferred tax | (0.2) | - | ||
| - transfer to profit and loss | (1.7) | - | ||
| Share of associates' and joint ventures' fair value changes of available-for-sale investments, net of tax | 1.6 | (7.2) | ||
| Cash flow hedges | ||||
| - fair value changes | (9.1) | 0.9 | ||
| - deferred tax | 2.3 | (0.3) | ||
| Share of associates' and joint ventures' fair value changes of cash flow hedges, net of tax | (1.9) | 2.0 | ||
| Defined benefit pension plans | ||||
| - actuarial gain/(loss) | (3.2) | 2.0 | ||
| - deferred tax | 0.8 | (0.6) | ||
| Share of associates' and joint ventures' actuarial loss on defined benefit pension plans, net of tax | (1.1) | - | ||
| Translation difference | 362.0 | - | ||
| Profit for the period | 503.2 | 579.3 | ||
| Issue of shares | - | 159.7 | ||
| Dividends paid | (167.2) | (203.5) | ||
| Change in shareholding | 0.3 | - | ||
| Acquisition/disposal of subsidiaries | (5.0) | 11.4 | ||
| Balance at 30th September | 3,260.2 | 2,942.6 | ||
| 10 | Cash flows from operating activities | |||||||
| Group | ||||||||
| Three monthsended | Nine months ended | |||||||
| 30.9.09 | 30.9.08 | 30.9.09 | 30.9.08 | |||||
| US$m | US$m | US$m | US$m | |||||
| Profit before tax | 446.8 | 479.3 | 1,151.0 | 1,381.9 | ||||
| Adjustments for: | ||||||||
| Financing charges | 13.8 | 14.8 | 35.4 | 43.3 | ||||
| Financing income | (13.8) | (17.9) | (40.9) | (45.7) | ||||
| Share of associates' and joint ventures' results after tax | (78.9) | (93.2) | (174.4) | (225.7) | ||||
| Depreciation of property, plant and equipment | 92.3 | 79.4 | 245.6 | 228.6 | ||||
| Amortisation of leasehold land use rights and intangible assets | 9.7 | 7.6 | 27.7 | 21.4 | ||||
| (Profit)/loss on disposal of: | ||||||||
| - leasehold land use rights | - | - | 1.2 | (4.0) | ||||
| - property, plant and equipment | (0.3) | (7.7) | (6.3) | (11.9) | ||||
| - intangible assets | - | - | 0.1 | - | ||||
| - investment properties | - | 0.2 | - | (0.9) | ||||
| - other investments | (3.0) | (0.8) | (3.0) | (0.8) | ||||
| - repossessed assets | 9.4 | 13.4 | 27.3 | 42.2 | ||||
| - subsidiaries | - | 0.2 | - | (3.5) | ||||
| - associates | - | 0.1 | - | (1.1) | ||||
| (Reversal of write-down)/write-down of stocks | (0.8) | 1.3 | (1.9) | 3.6 | ||||
| Impairment of debtors | 25.2 | 32.7 | 58.0 | 82.2 | ||||
| Changes in provisions | 5.2 | 3.8 | 11.9 | 12.8 | ||||
| Foreign exchange translation difference | 52.1 | 5.6 | (12.3) | 0.5 | ||||
| 110.9 | 39.5 | 168.4 | 141.0 | |||||
| Operating profit before working capital changes | 557.7 | 518.8 | 1,319.4 | 1,522.9 | ||||
| Changes in working capital: | ||||||||
| Stocks (1) | 0.6 | (157.6) | 159.6 | (296.3) | ||||
| Financing debtors (2) | (193.7) | (170.9) | (248.7) | (354.4) | ||||
| Debtors (3) | (82.3) | 26.0 | (271.4) | (270.0) | ||||
| Creditors | (42.8) | 225.8 | 21.3 | 626.8 | ||||
| Pensions | 2.8 | 3.8 | 6.4 | 1.5 | ||||
| (315.4) | (72.9) | (332.8) | (292.4) | |||||
| Cash flows from operating activities | 242.3 | 445.9 | 986.6 | 1,230.5 | ||||
| (1) | Decrease due to lower inventory level |
| (2) | Increase due to higher financing activities |
| (3) | Increase due to higher mining activities and longer collection days |
| 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 30th September 2009 | |||||
| Jardine Matheson Limited - management consultancy services | - | 0.6 | |||
| Cold Storage Singapore (1983) Pte Limited | |||||
| - sale of a motor vehicle | - | 0.2 | |||
| JLT Risk Solutions Asia Pte Limited | |||||
| - insurance services | - | 0.1 | |||
| - | 0.9 | ||||
| Nine months ended 30th September 2009 | |||||
| Jardine Matheson Limited - management consultancy services | - | 1.4 | |||
| Jardine OneSolution (2001) Pte Ltd | |||||
| - purchase of computer equipment | - | 0.1 | |||
| Cold Storage Singapore (1983) Pte Limited | |||||
| - sale of a motor vehicle | - | 0.2 | |||
| JLT Risk Solutions Asia Pte Limited | |||||
| - insurance services | - | 0.1 | |||
| - | 1.8 |
| 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 other than the non-trading items shown in Note 4 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 nine months ended 30th September 2009 can be accessed through the internet at 'www.jcclgroup.com'.
Corporate Profile
Jardine Cycle & Carriage ("JC&C") has an interest of just over 50% in Astra, 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.