TIDMJDS TIDMJAR
RNS Number : 3471Q
Jardine Strategic Hldgs Ltd
25 February 2021
To: Business Editor 25th February 2021
For immediate release
PT Astra International Tbk
2020 Full Year Financial Statements
The following announcement was issued today by the Company's
75%-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
25th February 2021
PT ASTRA INTERNATIONAL TBK (the Company or Astra)
20 20 FULL YEAR FINANCIAL STATEMENTS
Highlights
-- Net earnings per share down 53 % (before the gain on sale of investment in Permata Bank)
-- Car sales down 50% with a slight decline in market share ,
while motorcycle sales down 4 1 % with increased market share
-- Increased loan loss provisions in the financial services business
-- Lower coal prices impacted heavy equipment sales and mining contracting volumes
-- Agribusiness benefited from higher crude palm oil prices
-- Strong balance sheet and funding position
"The revenue and net income of Astra group (Group) for the year
declined due to the impact of the COVID-19 pandemic and efforts to
contain it. The Group continues to operate in challenging
conditions and uncertainty remains over the duration of the
pandemic. We expect these conditions to continue for some time and
it is too early to predict the impact of the pandemic on the
Group's performance in 2021.
During these challenging and uncertain times, I would like to
thank all our employees for their continued hard work, dedication
and professionalism."
Djony Bunarto Tjondro
President Director
Group Results
For the years ended 3 1st December
20 20 2019 Change
Rp bn Rp bn %
-------------------- -------------------- -------
Net revenue 175,046 237,166 (26)
-------------------- -------------------- -------
Net income (before
the gain on sale of
investment in Permata
Bank) 10, 283 21,707 (53)
-------------------- -------------------- -------
Net income 16, 164 21,707 (26)
-------------------- -------------------- -------
Rp Rp
-------------------- -------------------- -------
Net earnings per share
(before the gain on
sale of investment
in Permata Bank) 255 536 (53)
-------------------- -------------------- -------
Net earnings per share 399 536 (26)
-------------------- -------------------- -------
As at 31st December As at 31st December Change
2020 2019 %
Rp bn Rp bn
-------------------- -------------------- -------
Shareholders' funds 155,662 147,847 5
-------------------- -------------------- -------
Rp Rp
-------------------- -------------------- -------
Net asset value per
share 3,845 3,652 5
-------------------- -------------------- -------
The financial results for the year ended 31st December 2020 and
2019 and the financial position as at 31st December 2020 and 2019
have 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 for 2020 was Rp175.0
trillion, a decrease of 26 % compared with the previous year. Net
income, including the gain from the sale of the Group's investment
in Permata Bank was Rp 16.2 trillion, 26 % lower than 2019.
Excluding this one-off gain, the G roup's net income would have
decreased by 53% to Rp10. 3 t rillion, primarily due to the impact
of the COVID-19 pandemic and related containment measures which
drove weaker performances by the Group's automotive, heavy
equipment and mining, and financial services divisions .
Net asset value per share at 31st December 2020 was Rp 3,845, 5
% higher than that at 31st December 2019.
Net cash, excluding the Group's financial services subsidiaries,
was Rp7.3 trillion at 31st December 2020, compared with net debt of
Rp 22 .2 trillion at the end of 2019, following the receipt of
proceeds from the sale of the Group's investment in Permata Bank in
May 2020. Net debt of the Group's financial services subsidiaries
decreased from Rp45.8 trillion at the end of 2019 to Rp 39.2
trillion at 31s t December 2020.
A final dividend of Rp87 per share (2019: Rp157 per share) will
be proposed at the Annual General Meeting of Shareholders of the
Company to be held in April 202 1 . The proposed final dividend,
together with the interim dividend of Rp27 per share (2019: Rp57
per share) distributed in October 2020, will bring the total
dividend for the year to Rp114 per share (2019: Rp214 per
share).
Business Activities
The Group's net income was lower in 2020 compared to that of the
previous year. Net income attributable to shareholders of Astra by
business division was as follows:
Net Income Attributable to Astra
International
For the years ended 31st December
--------------------------------------
20 20 201 9 Change
Rp bn Rp bn %
------------- ----------- ----------
Automotive 2, 705 8,396 (68)
------------- ----------- ----------
Financial Services 3,310 5,864 (44)
------------- ----------- ----------
Heavy Equipment, Mining, Construction
and Energy 3, 430 6,711 (49)
------------- ----------- ----------
Agribusiness 664 168 295
------------- ----------- ----------
Infrastructure and Logistics 45 292 ( 85 )
------------- ----------- ----------
Information Technology 36 193 (81)
------------- ----------- ----------
Property 93 83 12
------------- ----------- ----------
Attributable net income (before
the gain on sale of investment
in Permata Bank) 10,283 21,707 (53)
------------- ----------- ----------
Gain on sale of investment in 5, 881 - N/A
Permata Bank
------------- ----------- ----------
Attributable Net Income 16, 164 21,707 (26)
------------- ----------- ----------
Automotive
Net income from the Group's automotive division decreased by 6
8% to Rp 2. 7 trillion, reflecting a significant drop in sales
volume . After suffering a net loss in the second quarter, the
automotive division saw a return to profitability in the second
half of the year following a partial easing of the pandemic
containment measures. Key points were as follows:
-- The wholesale market for cars declined by 48% to 532 ,000
units in 2020 (source: Gaikindo). Astra's car sales for 2020 were
50 % lower at 270,000 units, reflecting a slight decline in market
share. 16 new models and 18 revamped models were launched during
the year.
-- The wholesale market for motorcycles declined by 44% to
3,663,000 units in 2020 (source: Ministry of Industry). Astra Honda
Motor's sales decreased by 41 % to 2 ,892,000 units, reflecting an
increased market share. Five new models and 11 revamped models were
launched during the year.
-- The Group's 80%-owned components business, Astra Otoparts,
saw a decrease in net income from Rp740 billion to Rp 2 billion in
2020 , mainly due to lower revenues from the original equipment
manufacturer , replacement market and export segments.
Financial Services
Net income from the Group's financial services division de
crease d by 4 4 % to Rp 3. 3 trillion in 2020, primarily due to
increased provision s to cover higher non-performing loans in the
consumer and heavy equipment-focused finance businesses. Key points
were as follows:
-- The Group's consumer finance businesses saw a 23 % de crease
in the new amount financed to Rp 67 trillion. The net income
contribution from the Group's car-focused finance companies de
creased by 46 % to Rp 803 billion. The net income contribution from
its motorcycle-focused business, Federal International Finance,
de
creased by 42 % to Rp 1.5 trillion.
-- The Group's heavy equipment-focused finance operations saw a
17 % de crease in the new amount financed to Rp 3.6 trillion. The
net income contribution from this segment decreased by 59% to Rp40
billion.
-- General insurance company Asuransi Astra Buana reported a 16
% decrease in net income to Rp 912 billion, mainly due to lower
underwriting income. The Group's life insurance company, Astra
Life, recorded gross written premium of Rp3.8 trillion in 2020, an
11% increase from the previous year.
-- In November, the G roup acquired a further 49.99% of PT Astra
Aviva Life (subsequently renamed PT Asuransi Jiwa Astra) from Aviva
International Holding s Limited, which brought the Group's
ownership to 99.99%.
Heavy Equipment, Mining, Construction and Energy
Net income from the Group's heavy equipment, mining,
construction and energy division decreased by 49 % to Rp 3.4
trillion, mainly due to lower heavy equipment sales and mining
contracting volume caused by weaker coal prices for most of the
year. Key points were as follows:
-- 59.5%-owned United Tractors reported a 47% de crease in net income to Rp6.0 trillion.
-- Komatsu heavy equipment sales fell by 47 % to 1,564 units,
while parts and service revenues were also lower.
-- Mining contractor Pamapersada Nusantara recorded 17 % lower
overburden removal volume at 825 million
bank cubic metres and 13 % lower coal production at 115 million tonnes.
-- United Tractors' coal mining subsidiaries achieved 9 % higher
coal sales at 9. 3 million tonnes, including 1.9 million tonnes of
coking coal, but their performance was affected by lower coal
prices.
-- Agincourt Resources, 95%-owned by United Tractors, reported
22% lower gold sales at 320 ,000 oz .
-- General contractor Acset Indonusa, 64.8%-owned by United
Tractors, reported a net loss of Rp1.3 trillion, mainly due to the
slowdown of several ongoing projects and reduced project
opportunities during the COVID-19 pandemic.
-- Bhumi Jati Power, 25%-owned by United Tractors, is in the
process of constructing two 1,000MW power plants in Central Java.
The construction progress reached 97% as of December 2020.
Agribusiness
Net income from the Group's agribusiness division was Rp 664
billion, significantly higher than 2019, mainly due to higher crude
palm oil prices . Key points were as follows:
-- The net income of 79.7%-owned Astra Agro Lestari increased
from Rp 211 billion to Rp 833 billion, mainly due to higher crude
palm oil prices, which rose by 28 % to Rp 8,545 /kg.
-- Crude palm oil and derivatives sales fell by 14 % to 2 million tonnes.
Infras tru cture and Logistics
The Group's infrastructure and logistics division reported a
fall in net income from Rp292 billion to Rp 45 billion in 2020, as
a result of reduced toll road revenues and lower operating margin
in Serasi Autoraya. Key points were as follows:
-- Astra has interests in almost 358km of operational toll roads
along the Trans-Java network and in the Jakarta Outer Ring
Road.
-- The Group's toll road concessions experienced a 1 2 % fall in traffic volume.
-- Serasi Autoraya's net income decreased by 55 % to Rp 11 3
billion, mainly due t o lower operating margin in its car rental
business and lower used car sales, despite a 2 % increase in the
number of vehicle s under contract to 23 , 0 00 units .
-- In November, the Group acquired a 100% stake in Jakarta Marga
Jaya, which owns 35% of Marga Lingkar Jakarta, the operator of the
7.7km Kebon Jeruk-Ulujami toll road, part of the Jakarta Outer Ring
Road I .
Information Technology
Net income from the Group's information technology division was
81% lower at Rp 36 billion, primarily due to lower revenue s in the
document solution and office service businesses of 76.9%-owned
Astra Graphia.
Property
Net income from the Group's property division increased from Rp
83 billion to Rp 9 3 billion, mainly due to higher occupancy at
Menara Astra and earnings recognised from its Asya Residences
development project.
Prospects
The revenue and net income of the Group for the year declined
due to the impact of the COVID-19 pandemic and efforts to contain
it. The Group continues to operate in challenging conditions and
uncertainty remains over the duration of the pandemic. We expect
these conditions to continue for some time and it is too early to
predict the impact of the pandemic on the Group's performance in
2021.
Djony Bunarto Tjondro
President Director
25th February 2021
For further information, please contact:
PT Astra International Tbk
Riza Deliansyah, Chief of Corporate Affairs
Tel: +62 - 21 - 5084 3888
- end -
About Astra
PT Astra International Tbk was established in 1957 in Jakarta as
a general trading company under the name Astra International Inc.
In 1990, for the purpose of the company's initial public offering
(IPO), the name of the company changed to PT Astra International
Tbk, followed by listing its shares on the Indonesia Stock Exchange
under the ticker code ASII.
Astra has developed its business by implementing a business
model based on synergies and diversification within seven business
divisions: 1) Automotive, 2) Financial Services, 3) Heavy
Equipment, Mining, Construction & Energy, 4) Agribusiness, 5)
Infrastructure and Logistics, 6) Information Technology and 7)
Property.
Astra Group conducts business operations in all parts of
Indonesia under the management of more than 238 companies,
including subsidiaries, joint ventures and associates, and was
supported by more than 187,000 employees, as of December 2020.
As one of the largest national business groups in Indonesia
today, Astra has built a strong reputation through offering a range
of quality products and services, taking into account the
implementation of good corporate and environmental governance.
Astra always aspires to be the pride of the nation that
participates in efforts to improve the welfare of the Indonesian
people.
Astra's business activities strive to apply a balanced mix in
the commercial aspects of business and non-business contributions
through 9 foundations and a variety of sustainable social
responsibility programmes, namely Astra Untuk Indonesia Sehat ,
Astra Untuk Indonesia Cerdas, Astra Untuk Indonesia Hijau and Astra
Untuk Indonesia Kreatif .
Astra initiated the Semangat Astra Terpadu Untuk (SATU)
Indonesia Awards programme, which has entered its eleventh year,
and has given recognition awards to 397 young Indonesians,
consisting of 70 national level recipients and 327 provincial level
recipients in the fields of Health, Education, the Environment,
Entrepreneurship and Technology, which are integrated with Astra's
wide range of community activities through 116 Kampung Berseri
Astra and 755 Desa Sejahtera Astra initiatives in 34 provinces
throughout Indonesia.
For further information, please visit www.astra.co.id &
www.satu-indonesia.com , and follow Astra through Instagram
(@SATU_Indonesia), Youtube (SATU Indonesia), Facebook (Semangat
Astra Terpadu) and Twitter (@SATU_Indonesia).
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