Jardine Cycle & Carriage Limited · SGX:C07
Jardine Cycle & Carriage — FY2015 Earnings Presentation
23 slides from Jardine Cycle & Carriage's earnings presentation, Feb 29, 2016
Slide 1: 2015 Results Presentation to Analysts on 29 February 2016
General Announcement::2015 Results Presentation to emeat2015 RESIIGEERAIstbhIGAmelysison 29Februeny 2016 Beeclotl on 29 February 2016 General Announcement::2018 Results Presentation to Analysts on 29 February 2016 Issuer & Securities Page 1 of 1 Issuer/ Manager JARDINE CYCLE & CARRIAGE LIMITED Secur
Slide 2: Disclaimer
Disclaimer: Jardine Cycle & Carriage accepts no liability whatsoever with respect to the use of this document or its contents.
Slide 3: Highlights
Highlights • Underlying earnings per share 22% down • Astra profit lower and contribution reduced further on translation into US dollars • Good performances from Direct Motor Interests • Contribution from new businesses under Other Interests 2 /22
Slide 4: Underlying profit (US$'m)
Underlying profit from 2000 to present 1,200 1,000 Underlying profit (US$'m) 800 600 400 200 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 (200) Year Astra Non-Astra/Corporate 3 /22 3 /22
Slide 5: Financial Highlights – Profit & Loss Account
Financial Highlights – Profit & Loss Account 2015 2014 US$m US$m Change Revenue 15,718 18,675 -16% Underlying profit 638 793 -20% Non-trading items 50 27 85% Attributable profit 688 820 -16% 4 /22
Slide 6: Financial Highlights – Balance Sheet
Financial Highlights – Balance Sheet 2015 2014 US$m US$m Change Shareholders' funds 5,267 4,623 14% Total equity 11,009 10,799 2% Net debt (2,977) (3,925) -24% Net debt (excl. FS) 255 (239) nm Gearing 27% 36% Gearing (excl. FS) n.a. 2% 5 /22
Slide 7: Financial Highlights – Other
Financial Highlights – Other 2014 2015 2015 2014 S¢ S¢ US¢ US¢ Change 275 232 Underlying EPS 169 217 -22% 285 251 EPS 182 224 -19% 111 97 Dividend per share 69 85 -19% $16.68 $18.85 Net asset value per share $13.33 $12.63 6% 6 /22
Slide 8: Group Structure
Group Structure Rill4 Jardine Cycle & Carriage @ Astra International Direct Motor Interests Other Interests " Cycle & Carriage Automotive Mii; Singapore Motor Siam City Cement Operations Financial Services . j Refrigeration Electrical Cycle & Carriage Bintang Seay et Heavy Equipment and Mining 44 Tu
Slide 9: Underlying Profit
Underlying Profit 8 /22
Slide 10: Underlying Profit – By Activity
Underlying Profit – By Activity 2015 2014 US$m US$m Change Astra 476.5 724.0 -34% Direct motor interests 141.1 82.3 71% Other interests 30.0 - nm Corporate costs (10.1) (13.5) -25% Underlying profit 637.5 792.8 -20% 9 /22
Slide 11: Underlying Profit – Astra
Underlying Profit – Astra 2015 2014 US$m US$m Change Automotive 247.2 332.6 -26% Financial services 132.3 181.6 -27% Heavy equipment and mining 87.2 137.8 -37% Agribusiness 18.4 84.1 -78% Infrastructure, logistics and others 9.1 18.1 -50% Information technology 7.6 7.2 6% Withholding tax on dividend
Slide 12: Astra International
LZ ASTRA international 11/22
Slide 13: Astra – 2015 Review
Astra – 2015 Review • Reported net profit equivalent to US$1,075m, 25% down in rupiah terms • Weaker commodity prices and reduced domestic consumption, as well as increased competition in the car sector and a deterioration in corporate credit quality, which together with a higher impairment charge r
Slide 14: Astra – 2015 Review
Astra – 2015 Review • Permata Bank reported net income 84% lower at US$18m, as loan loss provisions increased following a rise in non-performing loans to 2.7% from 1.7% in 2014 • Asuransi Astra Buana recorded net income down 10% at US$68m primarily due to lower investment earnings • United Tractors
Slide 15: Direct Motor Interests
Direct Motor Interests 14 /22
Slide 16: Underlying Profit – Direct Motor Interests
Underlying Profit – Direct Motor Interests 2015 2014 US$m US$m Change Vietnam (Truong Hai Auto Corporation) 84.9 38.6 120% Singapore Motors 39.2 33.6 17% Malaysia (Cycle & Carriage Bintang) 7.8 1.9 311% Indonesia (Tunas Ridean) 9.4 8.9 6% Myanmar (Cycle and Carriage Automobile Myanmar) (0.2) (0.7) -
Slide 17: Truong Hai Auto Corporation (Thaco) – 2015 Review
Truong Hai Auto Corporation (“Thaco”) – 2015 Review • An excellent year, with contribution of US$85m more than twice that of 2014, due to strong vehicle sales and good margins • Vehicle market grew by 58% to 282,000 units, while Thaco’s overall sales rose 89% to 79,500 units, leading to an increase
Slide 18: Singapore Motors – 2015 Review
Singapore Motors – 2015 Review • Profit contribution rose 17% to US$39m • PC market almost doubled to 57,600 units • PC sales of 8,600 units was 62% higher, while its market share declined from 18% to 15% Mercedes-Benz unit sales grew by 18% Kia unit sales more than doubled Mitsubishi unit sales gre
Slide 19: Cycle & Carriage Bintang – 2015 Review
Cycle & Carriage Bintang – 2015 Review • Profit contribution of US$8m was significantly higher, reflecting good trading environment and recognition of dividend income from Mercedes- Benz Malaysia • Mercedes-Benz unit sales were 55% up with good margins earned, particularly from the hybrid models 18
Slide 20: Tunas Ridean – 2015 Review
Tunas Ridean – 2015 Review • Profit contribution was 6% up at US$9m, as impact of decline in unit sales and margin pressure in automotive business was more than offset by improved earnings of the 49%-owned Mandiri Tunas Finance • 4W sales were 19% lower at 43,400 units, while 2W sales were 1% lower
Slide 21: Other Interests
Other Interests 20 /22
Slide 22: Underlying Profit – Other Interests
Underlying Profit – Other Interests 2015 2014 US$m US$m Change Siam City Cement 21.3 - nm Refrigeration & Electrical Engineering 8.7 - nm 30.0 - nm 21 /22
Slide 23: Outlook
Outlook “The Group remains cautious about the outlook for 2016 given the uncertain external macro-economic environment in the region, although Astra’s strong cash generation and sound balance sheet are enabling it to invest for the future and to benefit from any improvement in trading conditions. Th
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