JDS.L Regulatory News (JDS)

30 Apr 2008 13:30

Jardine Strategic Hldgs Ld30 April 2008 To: Business Editor 30th April 2008 For immediate release Jardine Cycle & Carriage Limited First Quarter 2008 Financial Statements and Dividend Announcement The following announcement was issued today by the Company's 65%-ownedsubsidiary, Jardine Cycle & Carriage Limited. For further information, please contact: Jardine Matheson LimitedNeil M McNamara (852) 2843 8227 Matheson & Co., Limited Philip Hawkins (020) 7816 8136 GolinHarrisCharlotte Fan (852) 2501 7978 Weber Shandwick Financial Richard Hews/ Hannah Marwood (020) 7067 0700 30th April 2008 JARDINE CYCLE & CARRIAGE LIMITEDFIRST QUARTER 2008 FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT Highlights • Underlying earnings up 64% to USc36.64 per share • Excellent profit growth from Astra's businesses • Good performance from Singapore motor interests "Jardine Cycle & Carriage enjoyed a good start to 2008, with most of itsbusinesses performing well. The outlook for the year continues to beencouraging, although concerns remain over the possible deterioration in theeconomic environment in which the Group operates." Anthony Nightingale, Chairman30th April 2008 Group Results-------------------------------------------------------------------------------- Three months ended 31st March-------------------------------------------------------------------------------- 2008 2007 Change 2008 US$m US$m % S$m--------------------------------------------------------------------------------Revenue 2,750 1,938 42 3,841Profit after tax 304 182 67 424Underlying profit attributable to shareholders* 128 77 67 179Profit attributable to shareholders 128 78 65 179-------------------------------------------------------------------------------- USc USc Sc--------------------------------------------------------------------------------Underlying earnings* per share 36.64 22.35 64 51.18Earnings per share 36.70 22.67 62 51.26-------------------------------------------------------------------------------- At At At 31.3.08 31.12.07 31.3.08 US$m US$m S$m--------------------------------------------------------------------------------Shareholders' funds 2,335 2,160 8 3,222-------------------------------------------------------------------------------- US$ US$ S$--------------------------------------------------------------------------------Net asset value per share 6.69 6.18 8 9.22-------------------------------------------------------------------------------- The exchange rate of US$1=S$1.38 (31.12.2007: US$1=S$1.44) was used fortranslating assets and liabilities at the balance sheet date and US$1=S$1.40(31.3.2007: US$1=S$1.53) was used for translating the results for the period. The financial results for the three months ended 31st March 2008 have beenprepared 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 4of this report CHAIRMAN'S STATEMENT Overview The Group performed well in the first quarter of 2008 as consumer demand inIndonesia remained healthy in a low interest rate environment and palm oilprices continued to be buoyant. Performance The Group's underlying profit for the three months ended 31st March 2008 rose by67% to US$128 million, while underlying earnings per share were 64% higher atUSc36.64. Profit attributable to shareholders, also US$128 million, was 65%above the first quarter last year. Astra's contribution to the underlying profitwas US$119 million, up 66%, with all its key businesses performing well. Theunderlying profit contribution from the Group's other motor interests grew by41% to US$11 million. The Group's consolidated net debt, excluding borrowing within Astra's financialservices operations, was US$183 million at 31st March 2008, US$52 million lowerthan at the end of 2007. The net debt within the Group's financial servicesoperations was marginally higher at US$1,261 million, while the parent Companynet debt remained at US$31 million. The Board does not propose to declare a dividend for the three months ended 31stMarch 2008 (31st March 2007: Nil). Group Review Astra A strong Indonesian economy and high palm oil prices enabled Astra to report anet profit for the first quarter of 2008, under Indonesian accounting standards,equivalent to US$245 million, an increase of 75%. Automotive and Financial ServicesThe contribution to the Group's underlying profit from Astra's automotive andfinancial services businesses was US$76 million, an increase of 39% over thefirst quarter of 2007, with improved results reflected across all majoroperations. The Indonesian wholesale motor car market grew by 61% to 136,000 units duringthe period. Astra's market share declined, however, from 55% to 49% as its salesgrew by 44% to 67,000 units. The wholesale motorcycle market increased by 35% to1.4 million units, and Astra Honda Motor's sales rose by 41% to 642,000 unitsdespite stiff competition, producing an improvement in market share from 43% to45%. Astra Otoparts' results were strongly ahead of the first quarter of 2007,supported by a 41% increase in domestic and export sales. Astra's consumer finance operations also benefited from the growth in theautomotive market, while Bank Permata achieved better earnings due to improvednet interest income and lower operating expenses. Resources and OtherAstra's resources and other businesses produced a higher underlying profitcontribution to the Group for the first quarter of 2008 of US$55 million, up156%, with improved results from all major operations. Astra Agro Lestari performed strongly and reported a net profit for the quarterequivalent to US$90 million, an increase of 205%. Palm oil production was up 24%at 249,000 tonnes due to an increase in mature plantations and better weatherconditions, while CPO prices achieved were 75% higher compared with the first quarter of 2007. Heavy equipment also performed well, with United Tractors reporting a net profitfor the quarter equivalent to US$56 million, an increase of 107%. Sales ofKomatsu equipment rose by 45% to 1,200 units due to strong demand. Miningsubsidiary, Pamapersada Nusantara, had a satisfactory start to the year withcoal extraction and overburden removal up 27% and 38%, respectively. Other Motor Interests The underlying profit contribution from the Group's other motor interestsincreased by 41% to US$11 million, with improved performances from the Singaporemotor operations and the Group's 37%-owned Indonesian associate, Tunas Ridean.Trading conditions in Malaysia remained difficult, with Cycle & Carriage Bintangrecording only a modest profit contribution. Outlook Jardine Cycle & Carriage enjoyed a good start to 2008, with most of itsbusinesses performing well. The outlook for the year continues to beencouraging, although concerns remain over the possible deterioration in theeconomic environment in which the Group operates. Anthony NightingaleChairman30th April 2008 Statement pursuant to Rule 705(4) of the Listing Manual The directors confirm that, to the best of their knowledge, nothing has come tothe attention of the Board of Directors which may render the accompanyingunaudited interim financial results for the three months ended 31st March 2008to be false or misleading in any material respect. On behalf of the Directors Anthony NightingaleDirector Hassan AbasDirector 30th April 2008 --------------------------------------------------------------------------------Jardine Cycle & Carriage LimitedConsolidated Profit and Loss Account for the three months ended 31 March-------------------------------------------------------------------------------- 2008 2007 Change Note US$m US$m % Revenue 2,750.2 1,937.9 42Cost of sales (2,142.6) (1,535.9) 40 --------- ---------Group profit 607.6 402.0 51 Other operating income 26.4 36.9 -28Selling and distribution expenses (134.7) (117.3) 15Administrative expenses (132.7) (110.9) 20Other operating expenses (2.5) (6.6) -62 --------- ---------Operating profit 364.1 204.1 78 --------- ---------Financing charges (15.4) (22.6) -32Financing income 13.3 8.1 64 --------- ---------Net financing charges (2.1) (14.5) -86Share of associates' and joint ventures' 59.5 46.3 29 results after tax --------- ---------Profit before tax 2 421.5 235.9 79Tax 3 (118.0) (54.4) 117 --------- ---------Profit after tax 303.5 181.5 67 --------- ---------Profit attributable to:Shareholders of the Company 128.2 77.7 65Minority interests 175.3 103.8 69 --------- --------- 303.5 181.5 67 ========= =========-------------------------------------------------------------------------------- USc USc--------------------------------------------------------------------------------Earnings per share 4- basic 36.70 22.67 62- diluted 36.70 22.66 62-------------------------------------------------------------------------------- --------------------------------------------------------------------------------Jardine Cycle & Carriage LimitedConsolidated Balance Sheet-------------------------------------------------------------------------------- At At Note 31.3.08 31.12.07 US$m US$mNon-current assetsIntangible assets 475.3 460.4Leasehold land use rights 420.9 403.7Property, plant and equipment 1,488.2 1,313.2Investment properties 22.8 28.0Plantations 544.7 514.6Interests in associates and joint ventures 1,341.1 1,342.9Other investments 143.7 133.9Non-current debtors 851.9 814.0Deferred tax assets 66.6 60.1Other non-current assets 57.1 64.3 --------- --------- 5,412.3 5,135.1 --------- ---------Current assetsStocks 646.0 642.9Current debtors 2,048.2 1,817.3Current tax assets 117.1 120.8Current investments 29.9 20.8Bank balances and other liquid funds --------- --------- non-financial services companies 613.6 529.6- financial services companies 156.2 166.7 --------- -------- 769.8 696.3 --------- -------- 3,611.0 3,298.1Non-current assets classified as held for sale 8.7 3.1 --------- -------- 3,619.7 3,301.2 --------- -------- Total assets 9,032.0 8,436.3 --------- -------- Non-current liabilitiesProvisions 18.0 17.8Long-term borrowings 5 --------- --------- non-financial services companies 305.7 323.7- financial services companies 643.5 615.5 --------- -------- 949.2 939.2Deferred tax liabilities 314.1 306.4Pension liabilities 42.8 42.3Other non-current liabilities 69.2 58.6 --------- -------- 1,393.3 1,364.3 --------- --------Current liabilitiesProvisions 32.8 29.7Current borrowings 5 --------- --------- non-financial services companies 492.4 446.2- financial services companies 774.7 806.1 --------- -------- 1,267.1 1,252.3Current tax liabilities 100.0 136.3Current creditors 1,306.9 1,095.8 --------- -------- 2,706.8 2,514.1Liabilities directly associated with non-current assets held for sale 0.9 - --------- -------- 2,707.7 2,514.1 --------- -------- --------- --------Total liabilities 4,101.0 3,878.4 --------- -------- --------- --------Net assets 4,931.0 4,557.9 ========= ========EquityShare capital 6 555.3 555.2Fair value and other reserves 7 331.9 334.8Revenue reserve 8 1,447.9 1,269.7 --------- --------Shareholders' funds 2,335.1 2,159.7Minority interests 9 2,595.9 2,398.2 --------- --------Total equity 4,931.0 4,557.9 ========= ======== --------------------------------------------------------------------------------------------Jardine Cycle & Carriage LimitedConsolidated Statement of Recognised Income and Expense for the three months ended 31 March-------------------------------------------------------------------------------------------- 2008 2007 US$m US$mFair value changes of available-for-sale investments, net of tax (6.9) (17.0) Fair value changes of hedging derivatives, net of tax 0.4 0.3 Actuarial loss on defined benefit pension plans, net of tax (0.2) (2.8) Translation difference 102.0 (36.8) --------- --------Net gain/(loss) recognised directly in equity 95.3 (56.3) Profit after tax 303.5 181.5 --------- --------Total recognised income and expense for the period 398.8 125.2 ========= ======== Total recognised income and expense attributable to: Shareholders of the Company 175.3 51.8 Minority interests 223.5 73.4 --------- -------- 398.8 125.2 ========= ======== --------------------------------------------------------------------------------Jardine Cycle & Carriage LimitedCompany Balance Sheet-------------------------------------------------------------------------------- At At 31.3.08 31.12.07 US$m US$m Non-current assetsProperty, plant and equipment 0.7 0.7Interests in subsidiaries 1,330.6 1,276.3Interests in associates 27.6 26.4Other investment 6.8 6.5 ---------- ---------- 1,365.7 1,309.9 ---------- ----------Current assetsDebtors 8.8 8.4Bank balances and other liquid funds 1.2 6.9 ---------- ---------- 10.0 15.3 ---------- ---------- Total assets 1,375.7 1,325.2 ---------- ---------- Non-current liabilitiesDeferred tax liabilities 0.4 0.3 ---------- ---------- 0.4 0.3 ---------- ---------- Current liabilitiesCurrent borrowings 32.6 38.1Current tax liabilities 0.8 0.8Creditors 76.4 74.6 ---------- ---------- 109.8 113.5 ---------- ---------- Total liabilities 110.2 113.8 ---------- ---------- Net assets 1,265.5 1,211.4 ========== ========== Share capital and reserves Share capital 555.3 555.2Share option reserve 0.3 0.3Revenue reserve 709.9 655.9 ---------- ----------Shareholders' funds 1,265.5 1,211.4 ========== ========== Net asset value per share US$3.62 US$3.47 ---------------------------------------------------------------------------------------Jardine Cycle & Carriage LimitedCompany Statement of Recognised Income and Expense for the three months ended 31 March--------------------------------------------------------------------------------------- 2008 2007 US$m US$m Translation difference - gain recognised directly in equity 56.0 12.6 Profit/(loss) after tax (2.0) 3.1 -------- -------Total recognised income and expense for the period 54.0 15.7 ======== ======= ---------------------------------------------------------------------------------------Jardine Cycle & Carriage LimitedConsolidated Statement of Cash Flows for the three months ended 31 March--------------------------------------------------------------------------------------- 2008 2007 Note US$m US$m Cash flows from operating activities 10 426.9 460.3 Cash generated from operations -------- --------Interest paid (15.9) (22.4)Interest received 9.5 8.1Other finance costs paid (1.0) (0.1)Income tax paid (158.5) (53.7) -------- -------- (165.9) (68.1) -------- --------Net cash flows from operating activities 261.0 392.2 Cash flows from investing activities -------- --------Sale of leasehold land use rights - 9.1Sale of property, plant and equipment 5.9 1.6Sale of investment properties 9.1 -Sale of subsidiaries, net of cash disposed (42.8) -Sale of other investments 0.2 6.5Purchase of intangible assets (5.2) (34.1)Purchase of leasehold land use rights (12.4) (1.8)Purchase of property, plant and equipment (114.3) (62.3)Purchase of plantations (19.0) (7.3)Purchase of other investments (21.4) (10.1)Acquisition of subsidiaries, net of cash acquired (116.2) (1.0)Capital repayment of other investments 2.8 2.4Dividends received from associates (net) 122.1 8.0 -------- --------Net cash flows used in investing activities (191.2) (89.0) Cash flows from financing activities -------- --------Proceeds from issue of shares 0.1 0.1Drawdown of loans 731.4 351.8Repayment of loans (740.1) (683.5)Dividends paid to minority interests (0.2) (0.1) -------- --------Net cash flows used in financing activities (8.8) (331.7) -------- --------Net change in cash and cash equivalents 61.0 (28.5)Cash and cash equivalents at the beginning of the period 672.1 551.9Effect of exchange rate changes 20.4 (3.7) -------- --------Cash and cash equivalents at the end of the period 753.5 519.7 ======== ======== --------------------------------------------------------------------------------Jardine Cycle & Carriage LimitedNotes--------------------------------------------------------------------------------1 Basis of preparation The financial statements are consistent with those set out in the 2007 auditedaccounts which have been prepared in accordance with International FinancialReporting Standards ("IFRS"). There have been no changes to the accountingpolicies described in the 2007 audited accounts except for the adoption of thenew interpretations shown below: IFRIC 11 Group and Treasury Share TransactionsIFRIC 12 Service Concession ArrangementsIFRIC 13 Customer Loyalty ProgrammesIFRIC 14 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction The adoption of the new interpretations did not have a material impact on theresults of the Group. The preparation of financial statements in conformity with IFRS requires the useof certain critical accounting estimates. It also requires management toexercise its judgment in the process of applying the Group's accounting polices.Estimates and judgments used in preparing the financial statements arecontinually evaluated and are based on historical experience and other factors,including expectations of future events that are believed to be reasonable underthe circumstances. The resulting accounting estimates will, by definition,seldom equal the related actual results. 2 Profit before tax GroupThree months ended 31 March 2008 2007 Change US$m US$m %Profit before tax is determined after Including:Depreciation of property, plant and equipment (73.0) (62.8) 16Amortisation of leasehold land use rights andintangible assets (7.2) (4.0) 80Fair value changes of financial derivatives 1.0 0.8 25Provision for warranty and goodwill claims (1.8) (2.6) -31Profit/(loss) on disposal of:- leasehold land use rights - 7.2 -100- property, plant and equipment 1.2 1.1 9- investment properties 1.1 - 100- subsidiaries 3.5 (1.5) nm- repossessed assets (14.2) (8.6) 65Net write-down of stocks (0.8) (0.9) -11Impairment of debtors (19.6) (27.5) -29Net exchange gain/(loss) 4.3 (6.2) nmExcess of net fair value of identified assets, liabilities and contingent liabilities acquired over cost of business combination - 6.0 -100 ======= =======nm: not meaningful 3 Tax The provision for income tax is based on the statutory tax rates of therespective countries in which the companies operate after taking into accountnon-deductible expenses and group tax relief. 4 Earnings per share GroupThree months ended 31 March 2008 2007 US$m US$mBasic earnings per share Profit attributable to shareholders 128.2 77.7Weighted average number of ordinary shares in issue (millions) 349.3 342.7Basic earnings per share USc36.70 USc22.67 ========= =========Diluted earnings per share Profit attributable to shareholders 128.2 77.7Weighted average number of ordinary shares in issue (millions) 349.3 342.7Adjustment for assumed conversion of share options (millions) - * 0.1 --------- ---------Weighted average number of ordinary shares for diluted earnings per share (millions) 349.3 342.8 ========= =========Diluted earnings per share USc36.70 USc22.66 ========= =========Underlying earnings per share Underlying profit attributable to shareholders 128.0 76.6Basic underlying earnings per share USc36.64 USc22.35 ========= =========Diluted underlying earnings per share USc36.64 USc22.34 ========= ========= * Less than 0.1 million A reconciliation of the profit attributable to shareholders and underlyingprofit attributable to shareholders is as follows: GroupThree months ended 31 March 2008 2007 US$m US$m Profit attributable to shareholders 128.2 77.7 Less: Non-trading items (net of tax and minority interests) ------- -------Net loss on disposal of subsidiaries (0.1) (1.5)Profit on disposal of surplus properties 0.9 -Restructuring of operations (0.6) -Excess of net fair value of identified assets, liabilities and contingent liabilities acquired over cost of business combination - 2.6 ------- ------- 0.2 1.1 ------- -------Underlying profit attributable to shareholders 128.0 76.6 ======= ======= The underlying profit attributable to shareholders by business is shown below: Group Three months ended 31 March 2008 2007 Change US$m US$m %Astra ------- -------Motor vehicles 25.2 21.4 18Motorcycles 18.2 16.0 14Other automotive 11.1 3.3 236Financial services 21.1 13.6 55 ------- -------Automotive and financial services 75.6 54.3 39 ------- -------Agribusiness 36.0 11.8 205Heavy equipment 16.8 8.2 105Others 1.9 1.4 36 ------- -------Resources and others 54.7 21.4 156 Corporate costs and others (11.0) (3.8) 189 ------- ------- 119.3 71.9 66 ------- -------Other motor interestsSingapore 8.4 6.0 40Malaysia 0.5 0.4 25Indonesia (Tunas Ridean) 2.2 1.5 47 ------- ------- 11.1 7.9 41 ------- ------- Corporate costs (2.4) (3.2) -25 ------- ------- ------- -------Underlying profit attributable to shareholders 128.0 76.6 67 ======= ======= 5 Borrowings Group At At 31.3.08 31.12.07 US$m US$mLong-term borrowings:- secured 745.2 684.7- unsecured 204.0 254.5 --------- --------- 949.2 939.2 --------- ---------Current borrowings:- secured 777.9 764.3- unsecured 489.2 488.0 --------- --------- 1,267.1 1,252.3 --------- --------- --------- ---------Total borrowings 2,216.3 2,191.5 ========= ========= Certain subsidiaries of the Group have pledged their assets in order to obtainbank facilities from financial institutions. The value of assets pledged wasUS$1,150.7 million (31 December 2007: US$1,110.1 million). 6 Share capital Company 2008 2007 US$m US$mIssued and fully paid:Balance at 1 January - 349,260,506 (2007: 342,611,386) ordinary shares 555.2 495.7Issue of 21,000 (2007:128,000) ordinary shares under the CCL Executives' Share Option Schemes 0.1 0.1 ------- -------Balance at 31 March - 349,281,506 (2007: 342,739,386) ordinary shares 555.3 495.8 ======= ======= The Company did not hold any treasury shares as at 31 March 2008 (31 March 2007:Nil). The number of shares that may be issued on conversion of all outstanding optionsgranted pursuant to the CCL Executives' Share Option Schemes amounted to 80,000as at 31 March 2008 (31 March 2007: 163,000). Except for those mentioned above, there were no other rights, bonus or equityissues during the period between 1 January 2008 and 31 March 2008. 7 Fair value and other reserves Group Company 2008 2007 2008 2007Composition: US$m US$m US$m US$mFair value reserve (0.5) 1.0 - -Asset revaluation reserve 329.2 318.0 - -Hedging reserve (0.4) (0.6) - -Share option reserve 0.3 0.3 0.3 0.3Other reserve 3.3 3.3 - - ------- ------- ------- -------Balance at 31 March 331.9 322.0 0.3 0.3 ======= ======= ======= ======= Movements:Fair value reserveBalance at 1 January 2.5 9.5 - -Fair value changes of available-for-sale (3.0) (8.5) - - investments, net of tax ------- ------- ------- -------Balance at 31 March (0.5) 1.0 - - ======= ======= ======= =======Asset revaluation reserveBalance at 1 January 329.6 317.9 - -Reserve realised on disposal of land and buildings (0.4) 0.1 - - ------- ------- ------- -------Balance at 31 March 329.2 318.0 - - ======= ======= ======= =======Hedging reserveBalance at 1 January (0.9) (0.8) - -Fair value changes of derivatives, net of tax 0.5 0.2 - - ------- ------- ------- -------Balance at 31 March (0.4) (0.6) - - ======= ======= ======= =======Share option reserveBalance at 1 January and 31 March 0.3 0.3 0.3 0.3 ======= ======= ======= =======Other reserveBalance at 1 January and 31 March 3.3 3.3 - - ======= ======= ======= ======= 8 Revenue reserve Group Company 2008 2007 2008 2007 US$m US$m US$m US$m Composition:Translation reserve 46.5 50.4 279.2 165.8Retained earnings 1,401.4 1,089.5 430.7 400.0 --------- --------- --------- ---------Balance at 31 March 1,447.9 1,139.9 709.9 565.8 ========= ========= ========= =========Movements:Translation reserveBalance at 1 January (3.2) 66.9 223.2 153.2Translation difference 49.7 (17.9) 56.0 12.6Reserve realised on disposal of subsidiaries - 1.4 - - --------- --------- --------- ---------Balance at 31 March 46.5 50.4 279.2 165.8 ========= ========= ========= ========= Retained earningsBalance at 1 January 1,272.9 1,012.8 432.7 396.9 --------- --------- --------- ---------Asset revaluation reserve realised on disposal of land and 0.4 (0.1) - - buildingsActuarial loss on defined benefit pension plans, net of tax (0.1) (1.1) - -Profit/(loss) attributable toshareholders 128.2 77.7 (2.0) 3.1 --------- --------- --------- ---------Total recognised gain/(loss) for the period 128.5 76.5 (2.0) 3.1Reserve realised - 0.2 - - --------- --------- --------- ---------Balance at 31 March 1,401.4 1,089.5 430.7 400.0 ========= ========= ========= ========= 9 Minority interests Group 2008 2007 US$m US$m Balance at 1 January 2,398.2 2,149.6 --------- ---------Fair value changes of available-for-sale investments, net of tax (3.9) (8.5)Fair value changes of derivatives, net of tax (0.1) 0.1Actuarial loss on defined benefit pension plans, net of tax (0.1) (1.7)Translation difference 52.3 (20.3) --------- ---------Net gain/(loss) recognised directly in equity 48.2 (30.4)Profit for the period 175.3 103.8 --------- ---------Total recognised gain for the period 223.5 73.4Dividends (net) (0.2) (0.1)Acquisition/disposal of subsidiaries (25.6) 2.3Reserve realised - 0.3 --------- ---------Balance at 31 March 2,595.9 2,225.5 ========= ========= 10 Cash flows from operating activities GroupThree months ended 31 March 2008 2007 US$m US$m Profit before tax 421.5 235.9Adjustments for: -------- --------Financing charges 15.4 22.6Financing income (13.3) (8.1)Share of associates' and joint ventures' results (59.5) (46.3)Depreciation of property, plant and equipment 73.0 62.8Amortisation of leasehold land use rights and intangible assets 7.2 4.0Impairment of debtors 19.6 27.5(Profit)/loss on disposal of:- leasehold land use rights - (7.2)- property, plant and equipment (1.2) (1.1)- investment properties (1.1) -- repossessed assets 14.2 8.6- subsidiaries (3.5) 1.5Write-down of stocks 0.8 0.9Changes in provisions 3.4 3.6Foreign exchange translation difference (11.3) 4.1Excess of net fair value of identified assets, liabilities and contingent liabilities acquired over cost of business combination - (6.0) -------- -------- 43.7 66.9 -------- --------Operating profit before working capital changes 465.2 302.8 Changes in working capital: -------- --------Stocks (6.6) 45.5Financing debtors (30.1) 117.5Debtors (226.9) (63.9)Creditors 222.3 57.8Pensions - 2.1Financial derivatives 3.0 (1.5) -------- -------- (38.3) 157.5 -------- --------Cash flows from operations 426.9 460.3 ======== ======== 11 Interested person transactions Aggregate value of all interested person transactions (excluding Aggregate value of all transactions less than interested person S$100,000 and transactions conducted transactions conducted under shareholders' under shareholders' mandate pursuant to Rule Name of interested person mandate pursuant to 920 (excluding transactions Rule 920) less than S$100,000) ------------------------------- ------------------------------- US$m US$m Three months ended 31 March 2008Jardine Matheson Limited- management consultancy services - 0.4 Jardine OneSolution (2001) Pte Ltd- Information technology services - 0.5 ------------------------------- ------------------------------- - 0.9 =============================== =============================== 12 Others The results do not include any pre-acquisition profits and have not beenaffected by any item, transaction or event of a material or unusual nature.No significant transaction or event has occurred between 1 April 2008 and thedate 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 2008 can be accessed through the internet atwww.jcclgroup.com. Corporate ProfileJardine Cycle & Carriage is a Singapore-listed company and a member of theJardine Matheson Group. It has a 50.1% interest in Astra, a leading listedIndonesian conglomerate that operates in six core business sectors; automotive,financial services, agribusiness, heavy equipment, information technology andinfrastructure. Astra's listed affiliates comprise Astra Otoparts (86.7%), AstraAgro Lestari (79.7%), Astra Graphia (76.9%), United Tractors (58.5%) and BankPermata (44.5%). Jardine Cycle & Carriage has further motor interests inSoutheast Asia, providing retail, distribution and after-sales service forleading brands including Honda, Mercedes-Benz, Mitsubishi and Toyota. TheCompany together with its subsidiaries and associates employ some 110,000 peopleacross Indonesia, Malaysia and Singapore. This information is provided by RNS The company news service from the London Stock Exchange