Jardine Cycle & Carriage Limited · SGX:C07
Jardine Cycle & Carriage — H1 2018 Earnings Presentation
27 slides from Jardine Cycle & Carriage's earnings presentation, Aug 28, 2018
Slide 1: Financial Statements and Related Announcement: Half Yearly Results
8/28/2018 Financial Statements and Related Announcement::Half Yearly Results Financial Statements and Related Announcement::Half Yearly Results Issuer & Securities Issuer/ Manager JARDINE CYCLE & CARRIAGE LIMITED Securities JARDINE CYCLE & CARRIAGE LTD - SG1B51001017 - C07 Stapled Security No Announ
Slide 2: 1H 2018 Results
1H 2018 Results Disclaimer: Jardine Cycle & Carriage accepts no liability whatsoever with respect to the use of this document or its contents.
Slide 3: Group Structure
Group Structure JARDINE CYCLE & CARRIAGE ASTRA INTERNATIONAL 50.1% DIRECT MOTOR INTERESTS OTHER STRATEGIC INTERESTS Automotive Cycle & Carriage 100% Singapore 25.5% Siam City Cement Financial Services 59.1% Cycle & Carriage Bintang Refrigeration Electrical Heavy Equipment, Mining, 24.7% Engineering
Slide 4: Financial Highlights
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Slide 5: An Overview of Our Financial Highlights
An Overview of Our Financial Highlights • Revenue and underlying earnings per share up 10% • Strong performances across all businesses • Underlying profit contributions: – Astra’s contribution to Group’s underlying profit up 12% – Direct Motor interests’ contribution to Group’s underlying profit up
Slide 6: Financial Highlights – Profit & Loss Account
Financial Highlights – Profit & Loss Account Revenue and underlying profit up 10% Underlying Revenue Underlying Profit and Revenue from 2000 to present (US$'m) Profit (US$'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 200
Slide 7: Financial Highlights – Profit & Loss Account
Financial Highlights – Profit & Loss Account Revenue and underlying profit up 10% Restated 1H18 1H17 2017 US$m US$m Change US$m Revenue 9,189 8,353 10% 17,337 Underlying profit 414 375 10% 769 Non-trading items (240) 23 n.m. 170 Net profit 174 398 -56% 939 *The 2017 accounts have been restated due t
Slide 8: Financial Highlights – Balance Sheet
Financial Highlights – Balance Sheet Net debt up largely due to new investments, capital expenditure and completion of toll road acquisition Restated Jun-18 Dec-17 US$m US$m Change Shareholders' funds 5,989 6,408 -7% Total equity 12,826 13,398 -4% Net debt (5,095) (4,219) 21% Net cash/(debt) (excl.
Slide 9: Financial Highlights – Other
Financial Highlights – Other Underlying EPS up 10.5%; declares US¢18 interim dividend per share Restated Restated 2017 1H17 1H18 1H18 1H17 2017 S¢ S¢ S¢ US¢ US¢ US¢ 268 133 140 Underlying EPS 105 95 195 327 141 59 EPS 44 101 238 118 25 24 Dividend per share 18 18 86 8
Slide 10: Contribution by Business
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Slide 11: Underlying Profit – By Business
Underlying Profit – By Business Growth in underlying profit driven by higher contributions across all businesses Restated 1H18 1H17 2017 US$m US$m Change US$m Astra 354.5 315.3 12% 622.2 Direct motor interests 73.6 62.6 18% 124.6 Other strategic interests 41.0 8.3 394% 34.3 Corporate costs (55.2) (1
Slide 12: Astra International
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Slide 13: Underlying Profit – Astra
Underlying Profit – Astra Heavy equipment, mining, construction and energy as well as financial services key contributors to growth Restated 1H18 1H17 2017 US$m US$m Change US$m Automotive 142.2 145.7 -2% 283.7 Financial services 77.5 63.3 22% 124.6 Heavy equipment, mining, construction and energy 1
Slide 14: Astra – 1H 2018 Review
Astra – 1H 2018 Review 11% increase in net profit • Net profit equivalent to US$750m, 11% higher in local currency terms • US$354m contribution to the Group’s underlying profit, up 12% • Wholesale 4W market grew 4% at 554,000 units. Astra’s wholesale sales 10% lower at 268,000 units (market share do
Slide 15: Astra – 1H 2018 Review
Astra – 1H 2018 Review United Tractors net income up by 60% • Amount financed through the heavy equipment-focused finance operations decreased 30% to US$160m, mainly due to reduced lending to small and medium-sized borrowers • Permata Bank’s net income 56% lower at US$20m, as last year results benef
Slide 16: Astra – 1H 2018 Review
Astra – 1H 2018 Review Astra’s land for property development totals 70 hectares • Astra Agro Lestari’s net income down 23% at US$57m, primarily due to lower crude palm oil prices. Average CPO prices 8% lower at Rp7,893/kg, while sales of CPO and its derivatives were 19% higher at 992,000 tonnes • In
Slide 17: Direct Motor Interests
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Slide 18: Underlying Profit – Direct Motor Interests
Underlying Profit – Direct Motor Interests Overall underlying profit across Direct Motor Interests up 18% 1H18 1H17 2017 US$m US$m Change US$m Singapore (Cycle & Carriage Singapore) 27.6 24.1 15% 57.0 Malaysia (Cycle & Carriage Bintang) 0.9 1.3 -31% (1.3) Myanmar (Cycle & Carriage Myanmar) (1.5) (1.
Slide 19: Cycle & Carriage Singapore – 1H 2018 Review
Cycle & Carriage Singapore – 1H 2018 Review Improved margins on passenger cars and higher sales from used cars • Contribution of US$28m up 15% - Margins improved on passenger cars - Increased contributions from used cars • PC market down 7% to 42,600 units • CCS’s PC sales down 5% at 6,900 units, Ma
Slide 20: Cycle & Carriage Bintang – 1H 2018 Review
Cycle & Carriage Bintang – 1H 2018 Review 17% increase in passenger car sales • Contributed US$0.9m, 31% down YOY • 17% increase in PC unit sales and the recognition of dividend income from its 49% investment in Mercedes- Benz Malaysia, were offset by higher operating expenses and financing costs 19
Slide 21: Cycle & Carriage Myanmar – 1H 2018 Review
Cycle & Carriage Myanmar – 1H 2018 Review Increase sales offset by lower margins • Contributed a lower loss of US$1.5m (1H 2017: US$1.9m loss) mainly due to increase in sales volume, partly offset by lower margins and higher operating expenses 20
Slide 22: Tunas Ridean – 1H 2018 Review
Tunas Ridean – 1H 2018 Review Higher contributions from automotive, consumer finance and rental operations • Contribution of US$9m up 32%, due to improved performances from its automotive, consumer finance and rental operations • 4W sales down 6% to 25,600 units, but margins improved due to less dis
Slide 23: Truong Hai Auto Corporation (Thaco) – 1H 2018 Review
Truong Hai Auto Corporation (“Thaco”) – 1H 2018 Review Overall unit sales up 7% to 50,500 units • Contribution of US$38m up 16%, mainly due to higher unit sales and margins • Vehicle market down 18% to 135,900 units. Thaco’s overall sales up 7% to 50,500 units, with overall market share at 37% (2017
Slide 24: Other Strategic Interests
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Slide 25: Underlying Profit – Other Strategic Interests
Underlying Profit – Other Strategic Interests Substantial growth to US$41m driven by Vinamilk dividends 1H18 1H18 2017 US$m US$m Change US$m Siam City Cement 13.2 5.0 164% 11.3 Refrigeration Electrical Engineering 4.0 3.3 21% 13.7 Vinamilk 23.8 - n.m. 9.3 Other Strategic Interests 41.0 8.3 394% 34.3
Slide 26: Outlook
Outlook “The Group performed well during the first half of the year, with a 10% increase in underlying profit attributable to shareholders. For the rest of the year, Astra’s overall performance is expected to be satisfactory, led by its heavy equipment and mining businesses although there are concer
Slide 27: Thank You
wi & Jardine Cycle & Carriage THANK YOU
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