Jardine Matheson Holdings Limited · SGX:J36
Jardine Matheson — Jardine Cycle & Carriage — FY2019 Earnings Presentation
30 slides from Jardine Matheson's earnings presentation, Mar 2, 2020
Slide 1: Financial Statements and Related Announcement: Full Yearly Results
REPL::FINANCIAL STATEMENTS AND RELATED ANNOUNCEMENT::FULL YEARLY RESULTS Issuer & Securities Issuer/ Manager JARDINE CYCLE & CARRIAGE LIMITED Securities JARDINE CYCLE & CARRIAGE LTD - SG1B51001017 - C07 Stapled Security No Announcement Details Announcement Title Financial Statements and Related Anno
Slide 2: Related Announcements
Related Announcements 27/02/2020 18:05:37
Slide 3: 2019 Full Year Results Presentation
2019 Full Year Results Presentation Disclaimer: Jardine Cycle & Carriage accepts no liability whatsoever with respect to the use of this document or its contents.
Slide 4: Benjamin Birks, Group Managing Director
Benjamin Birks, Group Managing Director
Slide 5: Our Strategy: The Southeast Asia Opportunity
Our Strategy The Southeast Asia Opportunity We focus on Southeast Asia, where we have proximity, management 4th largest expertise, knowledge, relationships and economy globally by 2030 a track record of delivering performance Today 2030 Our investment themes are urbanisation and the emerging 657
Slide 6: Our Presence
Our Presence JC&C is an investment holding company of Jardines in Southeast Asia VIETNAM MYANMAR THAILAND MALAYSIA SINGAPORE INDONESIA 4
Slide 7: Business interests in Southeast Asia
Business interests in Southeast Asia DIRECT MOTOR OTHER STRATEGIC ASTRA INTERESTS INTERESTS 5
Slide 8: Jardine International Motors (JIM)
Jardine International Motors (JIM) JIM’s unified strategy is digitally-led, customer-centric and focused on taking full advantage of future opportunities to generate new streams of revenue in the automotive sector. JIM 6
Slide 9: 2019 Full Year Financial Highlights
2019 Full Year Financial Highlights
Slide 10: Financial Highlights
Financial Highlights • Underlying profit at US$863 million Restated FY2019 FY2018 • Stable performance from Astra US$m US$m Change Astra 715.7 718.1 0% • Direct Motor Interests down due to Direct Motor Interests 62.9 70.7 -11% Singapore and Malaysia Other Strategic Interests 126.0 144.1 -13% • Other
Slide 11: Financial Highlights – Profit & Loss Account
Financial Highlights – Profit & Loss Account Underlying profit at US$863m Underlying Underlying Profit and Revenue from 2006 to present Profit (US$'m) 1,200 30,000 1,000 25,000 800 20,000 600 15,000 400 10,000 200 5,000 0 0 (200) -5,000 Astra Non Astra / Corporate Revenue 2006 2007 2008 2009 2010 20
Slide 12: Financial Highlights – Profit & Loss Account
Financial Highlights – Profit & Loss Account Underlying profit at US$863m Restated FY2019 FY2018 US$m US$m Change Revenue 18,591 18,992 -2% Underlying profit 863 856 1% Non-trading items 18 (438) nm Net profit 881 418 111% Underlying EPS 218 217 1% Dividend per share 87 87 0% *The 2018 accounts have
Slide 13: Financial Highlights – Balance Sheet
Financial Highlights – Balance Sheet Strong financial position with shareholders’ funds 12% up and net asset value per share at US$17.36 Restated Dec-19 Dec-18 US$m US$m Change Shareholders' funds 6,860 6,144 12% Total equity 14,985 13,486 11% Net debt (6,342) (5,444) 16% Net debt (excl. FS) (3,048)
Slide 14: Astra
wy 4 Jardine Cycle & Carriage Astra
Slide 15: Astra
Astra Automotive Financial Services Heavy Equipment, Mining, Construction & Energy Core businesses Market share Total amount financed from Astra’s One of the largest coal mining 52% Cars | 76% Motorcycles consumer finance businesses contractors in Indonesia US$6.2 billion Agribusiness Infrastructure
Slide 16: Astra: Lower automotive and agribusiness offset by higher financial services and gold mining
Astra Lower automotive and agribusiness offset by higher financial services and gold mining • Net profit equivalent to US$1.5bn, with lower contributions from automotive and agribusiness divisions, which offset a higher contribution from financial services and gold mining operation • Net income from
Slide 17: Underlying Profit – Astra
Underlying Profit – Astra Relatively stable contribution Restated FY2019 FY2018 US$m US$m Change Automotive 268.9 271.7 -1% Financial services 215.9 171.4 26% Heavy equipment, mining, construction and energy 238.3 230.2 4% Agribusiness 4.5 43.2 -90% Infrastructure and logistics 9.9 6.7 48% Informati
Slide 18: Direct Motor Interests
wy 34 Sd Jardine Cycle & Carriage Direct Motor Interests
Slide 19: Automotive – Jardine International Motors strategic oversight
Automotive – Jardine International Motors strategic oversight Singapore Malaysia Leading diverse automotive group Leading MB dealer group 6 facilities | 8 brands Listed on Bursa Malaysia 13 facilities | 2 brands 19% Passenger Cars market share > 13,500 units sold Myanmar 6 facilities | 3 brands Indo
Slide 20: Direct Motor Interests: Impacted by Singapore and Malaysia
Direct Motor Interests Impacted by Singapore and Malaysia • Cycle & Carriage Singapore’s contribution of US$57m was 5% lower than the previous year, with lower margins which offset an increase in unit sales • Cycle & Carriage Bintang contributed a loss of US$6m, compared to a profit of US$2m in 2018
Slide 21: Underlying Profit – Direct Motor Interests
Underlying Profit – Direct Motor Interests 11% down Restated FY2019 FY2018 US$m US$m Change Singapore (Cycle & Carriage Singapore) 57.1 60.4 -5% Malaysia (Cycle & Carriage Bintang) (5.6) 1.7 nm Myanmar (Cycle & Carriage Myanmar) (4.3) (4.9) -12% Indonesia (Tunas Ridean) 18.8 17.5 7% Less: Central ov
Slide 22: Other Strategic Interests
wy 4 Jardine Cycle & Carriage Other Strategic Interests
Slide 23: Vietnam – THACO
Vietnam – THACO Automotive Property development Automotive 77.5% in DQM Thu Thiem New Urban Area (Ho Chi Minh City District 2) Property development in Yangon, Myanmar – Myanmar Centre Infrastructure development Residential, commercial and amenities development Represents BMW, MINI, Kia, Ma
Slide 24: Vietnam – REE
Vietnam – REE Listed on Ho Chi Minh Stock Exchange Strategic interests in power and utilities companies (thermal, hydro, solar, wind) Among best local real estate developers and operators of business space Top 3 M&E players in Vietnam Power & Utilities Property development M&E services 3,496 MW tota
Slide 25: Thailand – Siam City Cement
Thailand – Siam City Cement Listed on Thailand Stock Exchange in 1977 > 25 million tonnes per annum of cement capacity Leading cement manufacturer • Thailand • South Vietnam • Sri Lanka • Cambodia • Bangladesh 23
Slide 26: Vietnam – Vinamilk
Vietnam – Vinamilk Listed on Ho Chi Minh Stock Exchange #1 dairy producer in Vietnam (61% market share by volume) Vietnam dairy consumption: 19kg per capita (Thailand: 32kg per capita) Dairy farming Production Retail 15 dairy farms | 29,000 heads 14 factories > 250 SKUs Vietnam > 250,000 retail poin
Slide 27: Other Strategic Interests: Impacted by Thaco's lower automotive profits
Other Strategic Interests Impacted by Thaco’s lower automotive profits • Thaco’s contribution of US$49m was 34% lower than last year - Automotive business 30% down due to 9% decline in vehicle sales and lower margins - Real estate contributed significantly lower profit due to the slowdown in the pro
Slide 28: Underlying Profit – Other Strategic Interests
Underlying Profit – Other Strategic Interests 13% down Restated FY2019 FY2018 US$m US$m Change Siam City Cement 23.5 20.2 16% Refrigeration Electrical Engineering 18.3 19.0 -4% Vinamilk 35.7 31.9 12% Truong Hai Auto Corporation - automotive 46.3 65.8 -30% - real estate 1.7 7.2 -76% - agriculture 0.5
Slide 29: Outlook
Outlook “In 2020, market conditions in Indonesia are expected to remain challenging and conditions generally in Southeast Asia may be impacted by COVID-19.” Ben Keswick Chairman 27
Slide 30: Thank You
Wy ad Jardine Cycle & Carriage THANK YOU
Jardine Cycle & Carriage — FY2019 Earnings Presentation on 6ix