To: Business
Editor
30th July 2024
For immediate release
PT Astra International
Tbk
2024 First Half
Financial Statements
The following announcement was issued today by the
Company's 83.1%-owned subsidiary, Jardine Cycle & Carriage
Limited, which holds 50.1% of PT Astra International Tbk.
For further information, please contact:
Jardine Matheson Limited
Jonathan Lloyd
(852) 2843 8223
Brunswick Group Limited
Ben
Fry
(65) 9017 9886
30th July 2024
PT
ASTRA INTERNATIONAL TBK (the "Company" or
"Astra")
2024 FIRST HALF FINANCIAL
STATEMENTS
Highlights
● Net earnings per share of
Rp412, 4% lower (excluding fair value adjustments)
● Car sales down 17% and motorcycle sales down 4%, reflecting a
softer national market
● Mining performance impacted by lower coal prices
● Higher contribution from financial services,
agribusiness, and infrastructure and
logistics
"The Group's overall results in the
first half of 2024 were lower than the same period last year,
mainly reflecting the weaker performance in
the Group's heavy equipment and mining business following lower coal prices. Despite these challenges, with
the diversified nature of our businesses, the Group anticipates
results to continue to be resilient for the remainder of the year.
We remain confident in Indonesia's long-term growth and our ability
to maintain market-leading positions across our
portfolio."
Djony Bunarto Tjondro
President Director
Astra group ("the Group")
Results
|
For the period ended 30th
June
|
2024
Rp bn
|
2023
Rp bn
|
Change
%
|
Net revenue
|
159,967
|
162,393
|
(1)
|
Net income* (before fair value
adjustments on investments in GoTo and Hermina)
|
16,673
|
17,319
|
(4)
|
Net income*
|
15,856
|
17,449
|
(9)
|
|
Rp
|
Rp
|
|
Net earnings per share* (before fair
value adjustments on investments in GoTo and Hermina)
|
412
|
428
|
(4)
|
Net earnings per share*
|
392
|
431
|
(9)
|
|
As at 30th June
2024 Rp bn
|
As at 31st December
2023 Rp bn
|
Change
%
|
Shareholders' funds
|
199,318
|
198,640
|
0
|
|
Rp
|
Rp
|
|
Net asset value per share
|
4,923
|
4,907
|
0
|
*Profit attributable to owners of the parent.
The financial results for the six
months ended 30th
June 2024
and 2023, as
well as the financial position as at 30th
June 2024, have been prepared in
accordance with Indonesian Financial Accounting Standards and
are unaudited. The financial position as at
31st December 2023 has been prepared in accordance with Indonesian
Financial Accounting Standards and audited in accordance with the
auditing standards established by the Indonesian Institute of
Certified Public Accountants.
PRESIDENT DIRECTOR'S STATEMENT
Performance
The Group's
consolidated net revenue in the first half of 2024 was Rp160.0
trillion, slightly lower compared with the first half of 2023. The
Group's net income, excluding fair value adjustments on investments
in GoTo and Hermina, was Rp16.7 trillion, 4% lower than the same
period last year. Including these fair value adjustments, the
Group's net income declined by 9% to Rp15.9 trillion.
The lower result mainly reflects the weaker
performance in the Group's heavy equipment and mining
business.
The net asset value per share at 30th June 2024 was stable at Rp4,923.
Net cash, excluding the Group's financial services subsidiaries,
was Rp8.1 trillion at 30th June 2024, compared to Rp29 billion at
the end of 2023, mainly due to an overall positive operating
cashflow across the businesses. Net debt of the Group's financial
services subsidiaries was Rp58.1 trillion at 30th June 2024,
compared to Rp52.2 trillion at the end of 2023.
Business Activities
The
Group's net income by division in the first half of 2024, compared
with the first half of 2023 is set out in the table below:
|
Net Income by
Division
|
For the
period ended 30th
June
|
2024
Rp
bn
|
2023
Rp
bn
|
Change
%
|
Automotive
|
5,533
|
5,693
|
(3)
|
Financial Services
|
4,116
|
3,826
|
8
|
Heavy Equipment, Mining,
Construction and Energy
|
5,848
|
6,886
|
(15)
|
Agribusiness
|
399
|
293
|
36
|
Infrastructure and
Logistics
|
620
|
502
|
24
|
Information Technology
|
63
|
51
|
24
|
Property
|
94
|
68
|
38
|
Net
Income* (before fair value adjustments on investments in GoTo and
Hermina)
|
16,673
|
17,319
|
(4)
|
Fair value adjustments on investments in GoTo and
Hermina
|
(817)
|
130
|
N/A
|
Net
Income*
|
15,856
|
17,449
|
(9)
|
*Profit attributable to owners of the parent.
Automotive
Net income from the Group's automotive division
decreased by 3% to Rp5.5 trillion, reflecting lower sales volumes
in a softer automotive market.
● The wholesale car market decreased by 19% to 408,000 units in
the first half of 2024 (source:
Gaikindo). Astra's car sales were 17% lower at 232,000
units, which resulted in its market share increasing from 55% to
57%. Four new models and five revamped models were launched during
the period.
● The wholesale market for motorcycles slightly decreased to 3.2
million units in the first half of 2024 (source: Ministry of Industry). Astra
Honda Motor's sales amounted to 2.4 million units, 4% lower than
the same period last year, and its market share decreased from 80%
to 77%. Four new models and three revamped models were launched
during the period.
● The Group's 80%-owned components business, Astra Otoparts,
reported a 26% increase in net income to Rp1.0 trillion in the
first half of 2024, mainly due to higher earnings from exports,
which offset the impact of lower domestic original equipment
manufacturer sales.
● The Group's used car business, OLXmobbi, recorded 12,000 units
of used car sales through its platform, double the same period last
year.
Financial
Services
Net income from the
Group's financial services division increased by 8% to Rp4.1
trillion in the first half of 2024 compared to the first half of
2023, due to higher contributions
from consumer finance on larger loan
portfolios.
● The Group's consumer finance businesses saw a
5% increase in new amounts financed to
Rp62.8 trillion. The net income contribution from the Group's
car-focused finance companies increased by
2% to Rp1.1 trillion. The net income
contribution from the Group's motorcycle-focused finance company,
Federal International Finance, increased by 12% to Rp2.2
trillion.
● The Group's heavy equipment-focused finance companies saw new
amounts financed increased by 10% to Rp6.2 trillion. The net income
contribution from these businesses increased by 7% to Rp97
billion.
● The Group's
general insurance company Asuransi Astra
Buana reported an 11% increase in net income to Rp763 billion, benefitting from higher
underwriting income
and investment income. The Group's life insurance
company, Astra Life, recorded a 3% decrease in gross written
premiums to Rp3.0 trillion.
Heavy Equipment,
Mining, Construction and Energy
Net income from the
Group's heavy equipment, mining, construction and energy division
was 15% lower at Rp5.8 trillion, mainly due to a lower contribution
from its mining and heavy equipment businesses, as coal prices
declined.
● 59.5%-owned United Tractors reported a 15% decrease in net income to Rp9.5
trillion.
● Komatsu heavy equipment sales decreased by 32% to 2,100 units, and revenues from its parts and service businesses were
also lower.
● Mining contractor Pamapersada
Nusantara ("PAMA")
provides mining services to mine concession
owners, by assisting them with coal production and overburden
removal. In the first half of 2024, PAMA recorded 590 million bcm
of overburden removal, a 13% increase from the same period last
year and 70 million tonnes of coal production for its clients, an
18% increase from the same period last year.
● United Tractors' coal mining subsidiaries recorded a 17%
increase in coal sales to 7.5 million tonnes, including 1.6 million
tonnes of metallurgical coal.
● Agincourt Resources, 95%-owned by
United Tractors, reported
a slight increase in gold
sales to 110,000 oz and benefitted from higher
gold selling prices.
● United Tractors recorded nickel mining profit contributions in
2024 from its majority-owned Stargate Pasific Resources
("SPR"), and 19.99%-owned
Nickel Industries Limited ("NIC"). United Tractors recognised
equity income from NIC for the 6-month period in arrears based on
NIC's results up to the first quarter of 2024, owing to the timing
of NIC's results announcements. SPR reported 967,000 wet metric
tonnes of nickel ore sales in the first half of 2024, while NIC
reported 67,200 tonnes of nickel metal sold in the last quarter of
2023 and in the first quarter of 2024.
● General contractor Acset Indonusa, 87.7%-owned by United Tractors, reported an increased net loss of Rp136 billion, compared with
a net loss of Rp55 billion in the first half of the previous
year.
Agribusiness
Net income from the
Group's agribusiness division increased by 36% to Rp399 billion,
mainly due to higher crude palm oil ("CPO") selling prices and higher CPO and
derivative product sales.
● The net income of 79.7%-owned Astra Agro Lestari
increased by
36% to
Rp501 billion.
● CPO and derivative product sales increased by 4% to 781,000
tonnes.
● CPO prices were 8% higher at Rp12,248/kg.
Infrastructure and
Logistics
The Group's
infrastructure and logistics division reported a 24% increase in
net income to Rp620 billion, primarily due
to improved performance in its logistics
and toll road businesses.
● The Group saw 5% higher daily toll revenue from its 396km of
operational toll roads along the Trans-Java network and the Jakarta
Outer Ring Road.
● Serasi Autoraya reported 6% higher vehicles under contract at
26,900 units, increased vehicle disposals, a larger contribution
from car auctions and a higher contribution from its logistics
services business.
Information
Technology
The Group's
information technology division, represented by 76.9%-owned Astra
Graphia, reported a 24% increase in net income to
Rp63 billion, primarily
due to improved operating margin.
Property
The Group's property division reported a 38%
increase in net income to Rp94 billion, mainly due to an
improvement in occupancy at Menara Astra and higher earnings from
Asya Residences, offset by lower residential units handed over at
Arumaya Residences.
Prospects
The Group's overall results in the first half of
2024 were lower than the same period last year, mainly
reflecting the weaker performance in the
Group's heavy equipment and mining business following lower coal prices. Despite these challenges, with
the diversified nature of our businesses, the Group anticipates
results to continue to be resilient for the remainder of the year.
We remain confident in Indonesia's long-term growth and our ability
to maintain market-leading positions across our
portfolio.
Djony Bunarto Tjondro
President Director
30th July 2024
For further information, please contact:
PT
Astra International Tbk
Riza Deliansyah, Chief of Corporate
Affairs
Tel: +62 - 21 - 5084
3888
-end-
About Astra
Astra is one of Indonesia's largest
public companies, comprising 291 subsidiaries, joint ventures, and
associate companies, supported by more than 200,000 employees. The
company's diversified business model creates synergies and
opportunities across industry sectors, including automotive,
financial services, heavy equipment, mining construction and
energy, agribusiness, infrastructure and logistics, information
technology, and property. The company has a sustainability
framework that contains Astra 2030 Sustainability Aspirations,
which will guide Astra's transition journey to be a more
sustainable business by 2030 and beyond. Astra wishes to contribute
to the strength and resilience of the Indonesian economy while
supporting an inclusive and prosperous society.
Astra has a strong record of public
and social contributions through four pillars, which consist of
health, education, environment, and entrepreneurship, as well as
nine foundations to contribute to the growth of the Indonesian
economy while encouraging a more inclusive and prosperous society.
Established in 2010, Astra's Semangat Astra Terpadu Untuk (SATU)
Indonesia Awards programme has recognised the contribution of 657
young Indonesians across each of these focus areas, including 92
national level recipients and 565 provincial-level recipients. The
SATU Indonesia Awards programme is integrated with Astra's wide
range of community activities through 200 Kampung Berseri Astra and
1,196 Desa Sejahtera Astra initiatives in 35 provinces throughout
Indonesia.
For more
about Astra, visit www.astra.co.id and follow us on Instagram
@satu_Indonesia, TikTok @satu_indonesia, YouTube SATU Indonesia, X
Twitter @SATU_Indonesia, LinkedIn PT Astra International Tbk, and
Facebook Semangat Astra Terpadu.