Jardine Cycle & Carriage Limited · SGX:C07
Jardine Cycle & Carriage — FY2020 Earnings Presentation
21 slides from Jardine Cycle & Carriage's earnings presentation, Mar 1, 2021
Slide 1: 2020 Full Year Results Presentation
2020 Full Year Results Presentation Disclaimer: Jardine Cycle & Carriage accepts no liability whatsoever with respect to the use of this document or its contents.
Slide 2: Ben Birks, Group Managing Director
Ben Birks, Group Managing Director
Slide 3: Review of FY2020
Review of FY2020 Impact of COVID-19 Mitigating Actions Current Status • The Group experienced challenging • The businesses were stress tested • The Group continues to experience trading conditions in FY2020 due to for profitability and liquidity and challenging trading conditions and the spreading C
Slide 4: Our Approach
Our Approach JC&C is the strategic investment platform for Jardines in Southeast Asia To grow with Southeast Asia and elevate communities by investing in themes that support our strategy We focus on Southeast Asia, where we have proximity, management expertise and knowledge, relationships and a tr
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% 59.1% 60% 26.6% 29.8% 10.6% 25.5% • #1 independent automotive group in Indonesia • Long-term vision and commitment to • Largest • # 1
Slide 6: Stephen Gore, Group Finance Director
Stephen Gore, Group Finance Director
Slide 7: 2020 Full Year Financial Highlights
2020 Full Year Financial Highlights
Slide 8: Financial Highlights
Financial Highlights • Underlying profit 50% down at US$429m FY2020 FY2019 • Significantly weaker performances from US$m US$m Change Astra’s automotive, financial services and heavy equipment and mining operations Astra 309.4 715.7 -57% Direct Motor Interests 13.7 62.9 -78% • Direct Motor Interests
Slide 9: Financial Highlights – Profit & Loss Account
Financial Highlights – Profit & Loss Account Underlying profit at US$429m FY2020 FY2019 US$m US$m Change Revenue 13,234 18,591 -29% Underlying profit 429 863 -50% Non-trading items 111 18 nm Net profit 540 881 -39% Underlying EPS 109 218 -50% Dividend per share 43 87 -51% 9
Slide 10: Financial Highlights – Balance Sheet
Financial Highlights – Balance Sheet Gearing fell mainly due to proceeds from disposal of Astra’s interest in Permata Bank Dec-20 Dec-19 US$m US$m Change Shareholders' funds 6,974 6,860 2% Total equity 15,307 14,985 2% Net debt -3,627 -6,342 -43% Net debt (excl. FS) -854 -3,048 -72% Gearing 24% 42%
Slide 11: Astra
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Slide 12: Astra
Astra Lower results from automotive, financial services and heavy equipment and mining businesses • Net income (excluding the disposal gain of Permata Bank) 53% lower at US$702m, with significantly lower contributions from its automotive, financial services and heavy equipment and mining businesses,
Slide 13: Underlying Profit – Astra
Underlying Profit – Astra FY2020 FY2019 US$m US$m Change Automotive 64.3 268.9 -76% Financial services 110.8 215.9 -49% Heavy equipment, mining, construction and energy 122.7 238.3 -49% Agribusiness 22.0 4.5 389% Infrastructure and logistics 1.2 9.9 -88% Information technology 0.5 6.8 -93% Property
Slide 14: Direct Motor Interests
Direct Motor Interests
Slide 15: Direct Motor Interests
Direct Motor Interests Singapore and Indonesia significantly down • Cycle & Carriage Singapore’s contribution was 68% down at US$19m, due to lower sales and weaker margins • Tunas’ contribution was 94% down at US$1m. Automotive business saw reduced sales, while consumer finance operations were adver
Slide 16: Underlying Profit – Direct Motor Interests
Underlying Profit – Direct Motor Interests Overall 78% down FY2020 FY2019 US$m US$m Change Singapore (Cycle & Carriage Singapore) 18.5 57.1 -68% Malaysia (Cycle & Carriage Bintang) (0.7) (5.6) -88% Myanmar (Cycle & Carriage Myanmar) (3.4) (4.3) -21% Indonesia (Tunas Ridean) 0.8 18.8 -96% Less: Centr
Slide 17: Other Strategic Interests
Wi J Jardine Cycle & Carriage Other Strategic Interests
Slide 18: Other Strategic Interests
Other Strategic Interests Relatively stable performance • Thaco’s contribution of US$39m was 20% lower, or 9% up if adjustment in respect of 2019 results is excluded - Automotive business saw lower margins mainly due to difficult market conditions in the first half of the year as a result of the pan
Slide 19: Underlying Profit – Other Strategic Interests
Underlying Profit – Other Strategic Interests Overall 5% down FY2020 FY2019 US$m US$m Change Siam City Cement 24.2 23.5 3% Refrigeration Electrical Engineering 20.6 18.3 13% Vinamilk 36.7 35.7 3% Truong Hai Auto Corporation - automotive 39.3 46.3 -15% - real estate 7.4 1.7 335% - agriculture (8.1) 0
Slide 20: Outlook
Outlook “The Group continues to operate in challenging conditions and uncertainty remains about the duration of the pandemic. We expect these conditions to continue for some time and it is too early to predict what the impact of the pandemic will be on the Group’s performance in 2021.” Ben Keswick C
Slide 21: THANK YOU
THANK YOU
Jardine Cycle & Carriage — FY2020 Earnings Presentation on 6ix