Jardine Cycle & Carriage Limited · SGX:C07
Jardine Cycle & Carriage — H1 2021 Earnings Presentation
20 slides from Jardine Cycle & Carriage's earnings presentation, Jul 30, 2021
Slide 1: 2021 Half Year Results Presentation
2021 Half Year Results Presentation Disclaimer: Jardine Cycle & Carriage accepts no liability whatsoever with respect to the use of this document or its contents.
Slide 2: Stephen Gore, Group Finance Director
Stephen Gore Group Finance Director 2
Slide 3: The JC&C Approach
Ww 4 Jardine Cycle & Carriage The JC&C Approach
Slide 4: The JC&C Approach
The JC&C Approach To create growth for Southeast Asia and elevate communities by investing in themes that support our strategy JC&C is the strategic investment platform for Jardines in SEA 4
Slide 5: Diversified Group With Market Leading Positions Across Southeast Asia
Diversified Group With Market Leading Positions Across Southeast Asia Astra Direct Motor Interests Other Strategic Interests Headquarters JC&C Stake 50.1% 46.2% 100% 88% 60% 26.6% 30.8% 10.6% 25.5% • #1 independent automotive group in Indonesia • Long-term vision and commitment to • Largest • Strate
Slide 6: 1H 2021 Financial Highlights
1H 2021 Financial Highlights
Slide 7: Financial Highlights
Financial Highlights • Underlying profit more than doubled to US$346m 1H2021 1H2020 US$m US$m Change • Higher earnings from Astra, principally in Astra 293.4 171.6 71% its automotive businesses Direct Motor Interests 23.7 (0.3) nm • Improved profits from Direct Motor Other Strategic Interests 66.3 2
Slide 8: Financial Highlights – Profit & Loss Account
Financial Highlights – Profit & Loss Account Underlying profit more than doubled to US$346m 1H2021 1H2020 US$m US$m Change Revenue 8,287 6,595 26% Underlying profit 346 138 152% Non-trading items (120) 163 nm Net profit 226 301 -25% US¢ US¢ Underlying EPS 88 35 152% Dividend per share 18 9 100% 8
Slide 9: Financial Highlights – Balance Sheet
Financial Highlights – Balance Sheet Strong balance sheet, with net cash position (excl. FS) 1H2021 Dec-20 US$m US$m Change Shareholders' funds 6,918 6,974 -1% Total equity 15,372 15,307 0% Net debt (2,789) (3,627) -23% Net debt (excl. FS) 40 (854) nm Gearing 18% 24% Gearing (excl. FS) nm 6% US$ US$
Slide 10: Astra
Astra
Slide 11: Astra: Higher earnings, principally in its automotive business
Astra Higher earnings, principally in its automotive business • Net income at US$615m • Net income from Automotive was significantly up at US$231m, mainly due to the negative impact on performance in 2Q2020 from the pandemic and related containment measures, and an increase in sales volumes in 1H202
Slide 12: Underlying Profit – Astra
Underlying Profit – Astra 1H2021 1H2020 US$m US$m Change Automotive 108.6 15.7 592% Financial services 74.3 69.8 6% Heavy equipment, mining, construction and energy 95.7 82.4 16% Agribusiness 15.9 11.6 37% Infrastructure and logistics 3.2 (7.0) nm Information technology 0.5 0.5 0% Property 2.9 2.4 2
Slide 13: Direct Motor Interests
ae (te XN Direct Motor Interests
Slide 14: Direct Motor Interests: Higher profits mainly in Singapore operations
Direct Motor Interests Higher profits mainly in the Singapore operations • Cycle & Carriage Singapore’s contribution significantly up at US$19m, due to higher PC sales and improved trading performance in used car operations • Tunas contributed US$7m, compared to US$3m last year, supported by improve
Slide 15: Underlying Profit – Direct Motor Interests
Underlying Profit – Direct Motor Interests 1H2021 1H2020 US$m US$m Change Singapore (Cycle & Carriage Singapore) 19.3 1.4 1279% Malaysia (Cycle & Carriage Bintang) 0.2 (2.6) nm Myanmar (Cycle & Carriage Myanmar) (1.9) (1.5) 27% Indonesia (Tunas Ridean) 6.9 3.0 130% Less: Central overheads (0.8) (0.6
Slide 16: Other Strategic Interests
Other Strategic Interests
Slide 17: Other Strategic Interests: Stronger overall performance
Other Strategic Interests Stronger overall performance • THACO’s contribution of US$37m was significantly higher - Automotive unit sales up 40%, and margins also increased due to an improved sales mix. Real estate business continued to benefit from a gradual recovery of the market • REE’s contributi
Slide 18: Underlying Profit – Other Strategic Interests
Underlying Profit – Other Strategic Interests 1H2021 1H2020 US$m US$m Change Siam City Cement 13.7 11.5 19% Refrigeration Electrical Engineering 5.5 3.2 72% Vinamilk 10.5 11.8 -11% THACO Corporation - automotive 34.4 4.1 739% - real estate 4.6 1.2 283% - agriculture (2.4) (4.0) -40% 36.6 1.3 2715% O
Slide 19: Outlook
Outlook “Although business conditions have improved in the first half of 2021, the Group remains cautious about performance in the second half of 2021, given the worsening COVID-19 situation in a number of countries across the region.” Ben Keswick Chairman 19
Slide 20: Thank you
Thank you 21
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