To: Business Editor 30 July 2025
For immediate release
Jardine Cycle & Carriage Limited
2025 Half-Year Financial Statements and Dividend Announcement
The following announcement was issued today by the Company's 85%-owned subsidiary, Jardine Cycle & Carriage Limited.
For further information, please contact:
Jardine Matheson Limited
Joey Ho (65) 9765 0717
Brunswick Group Limited
Ben Fry (65) 9017 9886
30th July 2025
JARDINE CYCLE & CARRIAGE LIMITED
2025 HALF-YEAR FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT
Highlights
• Underlying profit 6% higher at US$529 million
• Interim dividend per share of US¢28, unchanged from 2024
"For the first half of 2025, we reported a 6% increase in underlying profit. The Group benefitted from foreign exchange gains and lower financing costs at the JC&C corporate level. Total contributions from businesses were 8% lower, resulting primarily from lower profits in the Indonesia businesses, partially offset by improvements in Vietnam and Singapore, reflecting the Group's continued efforts to build portfolio resilience.
In the near term, the macroeconomic environment remains challenging. While the performance of JC&C's businesses in Indonesia and Singapore is expected to remain stable, our Vietnamese businesses are expected to build on the country's economic momentum for the rest of the year. Looking further ahead, we remain focused on our longer-term objective of building a portfolio with strong growth and total shareholder returns."
Ben Birks, Group Managing Director
Group Results
Six months ended 30th June
2025
US$m
2024
US$m
+/-
%
2025
S$m
Revenue
10,802
10,713
1
14,240
Underlying profit attributable to
shareholders *
529
500
6
697
Non-trading items^
(158)
(17)
nm
(208)
Profit attributable to shareholders
371
483
-23
489
US¢
US¢
S¢
Underlying earnings per share *
134
127
6
176
Earnings per share
94
122
-23
124
Interim dividend per share
28
28
-
37
At 30.6.2025
US$
At 31.12.2024
US$
At 30.6.2025
S$
Net asset value per share
21.1
21.0
1
26.9
The exchange rate of US$1=S$1.27 (31st December 2024: US$1=S$1.36) was used for translating assets and liabilities at the balance sheet date, and US$1=S$1.32 (30th June 2024: US$1=S$1.35) was used for translating the results for the period. The financial results for the six months ended 30th June 2025 and 30th June 2024 have been prepared in accordance with International Financial Reporting Standards and have not been audited or reviewed by the auditors.
* The Group uses 'underlying profit attributable to shareholders' in its internal financial reporting to distinguish between ongoing business performance and non-trading items, as more fully described in Note 6 to the condensed financial statements. Management considers this to be a key performance measurement that enhances the understanding of the Group's underlying business performances.
^ Included in 'non-trading items' are unrealised gains/losses arising from the revaluation of the Group's non-current investments.
nm not meaningful
GROUP MANAGING DIRECTOR'S STATEMENT
Overview
Jardine Cycle & Carriage ("JC&C" or "the Group") saw 6% higher underlying profit of US$529 million in the first six months of 2025, compared to US$500 million in the same period in 2024. A US$33 million translation gain on foreign currency corporate loans was recorded in the first half of 2025, compared to a loss of US$28 million in the same period last year, improving the underlying profit of the Group. Lower corporate net debt over the period ended June 2025 compared to the prior period ended June 2024 also resulted in lower net financing charges.
The Group's businesses in Indonesia contributed US$466 million, a decrease of 9%. Vietnam increased its contribution by 17% to US$36 million. JC&C's Regional Interests reported a 16% lower contribution of US$20 million, mainly due to the disposal of Siam City Cement in the second half of 2024. Excluding this disposal, the contribution from Regional Interests would have been 71% higher.
The Group's profit attributable to shareholders was US$371 million after accounting for non-trading items of US$158 million, mainly comprising unrealised fair value losses related to non-current investments, compared to US$483 million in the same period last year.
The Group's consolidated net cash position, excluding the net borrowings from Astra's financial services subsidiaries, was US$26 million at the end of June 2025, compared to net debt of US$235 million at the end of 2024, with the improvement mainly due to strong operating cash flow. Net debt within Astra's financial services subsidiaries increased from US$3.7 billion to US$3.9 billion. JC&C corporate net debt was relatively unchanged at US$810 million.
Dividend
The Board has declared an interim one-tier tax-exempt dividend of US¢28 per share (2024: US¢28 per share) for the half-year ended 30th June 2025.
Strategic Developments
In line with our focus as an engaged investor, JC&C is currently working together with the portfolio companies to review business strategy, priorities and initiatives to deliver future growth and improve returns. The process is expected to complete by the first half of 2026, after which an update will be presented.
Meanwhile, Astra continues to execute its strategic initiatives in automotive, renewable energy as well as industrial and logistics infrastructure, as follows:
In April 2025, as part of Astra's strategy to further strengthen its leading market position in the used car sector, it entered into a partnership in which Toyota invested US$120 million for a 40% stake in Astra Digital Mobil ("ADMO") with Astra retaining 60% ownership. ADMO owns OLXmobbi, an integrated online-to-offline used car business. The partnership with Toyota will increase access to used cars, financing, insurance and aftersales for customers across Indonesia.
In June, in line with United Tractors' strategy to build new earnings stream in renewable energy, it completed the acquisition of an additional 30.6% stake in Supreme Energy Sriwijaya ("SES") for US$31 million, increasing its total direct and indirect shareholding in SERD to 40.4%. SES is a 25.2% shareholder of Supreme Energy Rantau Dedap ("SERD"), which owns an operating geothermal project in South Sumatera with 2 x 49 MW capacity.
In July, as part of Astra's strategy to benefit from the rapidly growing industrial and logistics infrastructure market, it signed a conditional share sale and purchase agreement to acquire an 83.7% stake in Mega Manunggal Property ("MMP"), an industrial and logistics property developer listed on the Indonesia Stock Exchange. Upon completion, Astra will become the new controlling shareholder of MMP, and in line with capital market regulations, will carry out a mandatory tender offer.
Group Review
The contributions to JC&C's underlying profit attributable to shareholders by business segment were as follows:
Contribution to JC&C's underlying profit
Six months ended 30th June
Business segments
2025
US$m
2024
US$m
+/-
%
INDONESIA
Astra
456
497
-8
Tunas Ridean
10
16
-40
466
513
-9
VIETNAM
THACO
17
15
10
REE
10
7
48
Vinamilk
9
8
4
36
30
17
REGIONAL INTERESTS
Cycle & Carriage
16
9
92
Siam City Cement
-
12
-100
Toyota Motor Corporation
4
4
20
20
25
-16
TOTAL CONTRIBUTIONS
522
568
-8
CORPORATE COSTS
Exchange gains/(losses)
33
(28)
nm
Others
(26)
(40)
-36
Underlying profit attributable to
shareholders
529
500
6
INDONESIA
The Group's Indonesian businesses contributed US$466 million to its underlying profit, down 9%.
(A) Astra
Astra contributed US$456 million to JC&C's underlying profit, 8% down from the same period last year, mainly due to weaker performances from its new car, mining services and coal mining operations, partly offset by improved earnings from financial services, agribusiness and infrastructure. Under Indonesian accounting standards, Astra reported a net profit equivalent to US$974 million, excluding the unrealised fair value losses arising from the revaluation of its GoTo and Hermina investments.
Automotive & Mobility
Net income decreased by 8% to US$320 million, reflecting lower sales volumes in a softer automotive market.
• The wholesale car market decreased by 9% to 375,000 units in the first half. However, Astra's market share remained resilient at 54%.
• The wholesale market for motorcycles decreased by 2% to 3.1 million units in the first half. Astra maintained a strong market share of 77%.
• Components business Astra Otoparts reported a 11% increase in net profit to US$46 million, with higher contributions from all segments.
• The used car business, OLXmobbi, recorded a 26% increase in used car sales to 15,100 units, while the transportation and logistics solutions business Serasi Autoraya recorded 4% lower vehicles under contract at 25,800 units.
Financial Services
Net income increased by 6% to US$266 million, due to higher contributions from Astra's consumer finance businesses on larger loan portfolios.
• Consumer finance businesses saw a 6% increase in the amounts financed to US$3.4 billion, reflecting strong growth in multipurpose financing. The net income contribution from the group's car-focused finance companies increased by 2% to US$73 million, and the contribution from Astra's motorcycle-focused financing business increased by 4% to US$140 million.
• General insurance company Asuransi Astra Buana reported a 5% increase in net income to US$47 million, mainly due to higher insurance revenue.
Heavy Equipment, Mining, Construction and Energy
Net income decreased by 15% to US$303 million, mainly due to lower profits from the group's coal mining and mining services operations, partly offset by higher earnings from Astra's gold mining and heavy equipment sales businesses.
• Mining services operations recorded a 9% decline in overburden removal volume at 533 million bank cubic metres, primarily due to heavy rainfall.
• Coal mining subsidiaries' revenue was impacted by lower coal prices, and a slight decline in coal sales to 7.8 million tonnes.
• Komatsu heavy equipment sales were 27% higher at 2,700 units, driven by stronger demand from all sectors, while revenue from the parts and service businesses also increased.
• The gold mining businesses reported 14% higher gold sales at 125,000 oz and benefitted from higher gold selling prices.
• United Tractors' nickel mining businesses comprise (i) majority-owned Stargate Pasific Resources ("SPR") and (ii) 20.1%-owned Nickel Industries Limited ("NIC"). United Tractors recognised equity income from NIC for the 6-month period in arrears, based on NIC's results from the final quarter of 2024 and the first quarter of 2025. The performance of this business was affected by an impairment relating to two of NIC's older RKEF processing plants.
Agribusiness
Net income increased by 40% to US$34 million, mainly due to higher sales of crude palm oil and its derivatives, alongside increased selling prices.
Infrastructure
Astra's infrastructure division reported a 38% increase in net income to US$39 million, mainly due to improved traffic volumes and tariffs. Astra has 396km of operational toll roads along the Trans-Java network and the Jakarta Outer Ring Road.
(B) Tunas Ridean
Tunas Ridean contributed US$10 million, 40% lower than the same period last year, mainly due to lower profits from its consumer finance and automotive operations.
VIETNAM
JC&C's businesses in Vietnam contributed US$36 million to the Group's underlying profit, up 17%.
(A) THACO
THACO contributed US$17 million, 10% higher than the previous year. THACO's automotive unit sales were up 12% to 41,000 units. Although its market share fell from 21% to 16% due to increased competition, automotive margins remained strong, supporting THACO's profitability.
(B) REE Corporation
Based on its first-quarter results, REE's contribution of US$10 million was 48% higher than the previous year. This was mainly due to improved hydrology conditions, which led to higher earnings from the power generation business, as well as an increased contribution as a result of JC&C increasing its shareholding from 34.9% to 41.6%.
(C) Vinamilk
JC&C's holding in Vinamilk produced a dividend income of US$9 million, relatively unchanged from the same period last year.
Regional Interests
Regional Interests contributed US$20 million, 16% down compared to the same period last year, mainly due to absence of a contribution from Siam City Cement following its disposal in the second half of 2024, partly offset by stronger earnings from Cycle & Carriage.
Cycle & Carriage
The contribution from Cycle & Carriage was up 92% to US$16 million. In Singapore, new car sales were 4% higher at 3,300 units, with market share at 14%. Commercial vehicle sales were up 85%, supported by the delivery of electric buses under tender projects, while used car sales and aftersales throughput volume also increased during this period.
CORPORATE COSTS
A US$33 million translation gain on foreign currency corporate loans was recorded in the first six months of 2025, compared to a loss of US$28 million in the same period last year, improving the underlying profit of the Group. Corporate net financing charges decreased due to lower corporate net debt at the end of June 2025 compared to the end of June 2024.
Outlook
In the near term, the macroeconomic environment remains challenging. While the performance of JC&C's businesses in Indonesia and Singapore is expected to remain stable, our Vietnamese businesses are expected to build on the country's economic momentum for the rest of the year. Looking further ahead, we remain focused on our longer-term objective of building a portfolio with strong growth and total shareholder returns.
Ben Birks
Group Managing Director
CORPORATE PROFILE
Jardine Cycle & Carriage ("JC&C" or "the Group") is an investment holding company with a strategic focus on the fast-growing economies of Indonesia and Vietnam. Our portfolio comprises market-leading businesses across different sectors in these countries, alongside further interests in other regional markets.
Indonesia:
• Astra (50.1% owned) is an excellent proxy for Indonesia, with leadership positions in automotive, financial services, heavy equipment, mining, construction & energy, agribusiness, infrastructure, IT and property.
• Tunas Ridean (49.9% owned), one of the largest automotive dealerships in Indonesia.
Vietnam:
• Truong Hai Group Corporation (26.6% owned), Vietnam's automotive market leader and largest private business group in the country, has significant interests in agriculture, real estate, logistics, infrastructure construction, and retail.
• REE Corporation (41.6% owned), the first publicly listed company in Vietnam, participating in power and utilities, including renewable energy, as well as property development and office leasing, and mechanical & electrical engineering.
• Vinamilk (10.6% owned), the leading dairy producer in Vietnam.
Regional Interests:
• Cycle & Carriage, a leading automotive dealership group with an extensive network in Singapore (100% owned) and Malaysia (97.1% owned).
• Toyota Motor Corporation (0.1% owned), a leading multinational automotive manufacturer and the best-selling automotive brand in Indonesia.
Headquartered in Singapore, JC&C is listed on the Mainboard of the Singapore Exchange. JC&C is 85%-owned by the Jardine Matheson Group.
For more information on JC&C and our businesses, visit www.jcclgroup.com.
Statement pursuant to Rule 705(5) of the Listing Rules of the Singapore Exchange Securities Trading Limited ("SGX-ST")
The directors confirm that, to the best of their knowledge, nothing has come to the attention of the Board of Directors which may render the accompanying unaudited interim financial results for the six months ended 30th June 2025 to be false or misleading in any material aspect.
On behalf of the Board of Directors
Ben Birks
Director
Steven Phan
Director
30th July 2025
Jardine Cycle & Carriage Limited
Consolidated Profit and Loss Account for the six months ended 30th June 2025
2025
2024
Change
Note
US$m
US$m
%
Revenue
2
10,802.3
10,713.1
1
Net operating costs
3
(9,653.1)
(9,438.6)
2
Operating profit
3
1,149.2
1,274.5
-10
Financing income
88.0
83.4
6
Financing charges (1)
(141.4)
(167.2)
-15
Net financing charges
(53.4)
(83.8)
-36
Share of associates' and joint
ventures' results after tax (2)
261.1
356.9
-27
Profit before tax
1,356.9
1,547.6
-12
Tax
4
(285.9)
(299.7)
-5
Profit after tax
1,071.0
1,247.9
-14
Profit attributable to:
Shareholders of the Company
371.1
483.3
-23
Non-controlling interests
699.9
764.6
-8
1,071.0
1,247.9
-14
US¢
US¢
Earnings per share:
- basic
6
94
122
-23
- diluted
6
94
122
-23
(1) Decrease in financing charges was mainly due to lower gross debt at Corporate and Astra's heavy equipment and mining business.
(2) Decrease in share of associates' and joint ventures' result was mainly due to lower profit from Astra's automotive and mobility, and heavy equipment and mining business.
Jardine Cycle & Carriage Limited
Consolidated Statement of Comprehensive Income for the six months ended 30th June 2025
2025
2024
US$m
US$m
Profit for the period
1,071.0
1,247.9
Items that will not be reclassified to profit and loss:
Translation difference
(22.7)
(456.4)
Asset revaluation
- surplus during the period
-
10.7
Remeasurements of defined benefit pension plans
(0.1)
-
Share of other comprehensive (expense)/income of
associates and joint ventures, net of tax
(1.3)
0.7
(24.1)
(445.0)
Items that may be reclassified subsequently to profit and loss:
Translation difference
- loss arising during the period
(27.9)
(406.2)
Financial assets at FVOCI (1)
- gain/(loss) arising during the period
20.6
(10.4)
- transfer to profit and loss
(0.2)
-
20.4
(10.4)
Cash flow hedges
- loss arising during the period
(5.7)
(4.4)
- transfer to profit and loss
0.2
-
(5.5)
(4.4)
Tax relating to items that may be reclassified
0.4
1.2
Share of other comprehensive (expense)/income of
associates and joint ventures, net of tax
(12.8)
8.5
(25.4)
(411.3)
Other comprehensive expense for the period
(49.5)
(856.3)
Total comprehensive income for the period
1,021.5
391.6
Attributable to:
Shareholders of the Company
344.2
77.7
Non-controlling interests
677.3
313.9
1,021.5
391.6
(1) Fair value through other comprehensive income ("FVOCI")
Jardine Cycle & Carriage Limited
Consolidated Balance Sheet at 30th June 2025
At
At
30.06.2025
31.12.2024
Note
US$m
US$m
Non-current assets
Intangible assets
1,750.1
1,737.5
Right-of-use assets
749.8
769.3
Property, plant and equipment
5,004.6
4,963.6
Investment properties
544.4
459.1
Bearer plants
455.1
461.9
Interests in associates and joint ventures
5,351.5
5,459.1
Non-current investments
2,563.7
2,556.0
Non-current debtors
3,702.0
3,709.9
Deferred tax assets
481.9
449.5
20,603.1
20,565.9
Current assets
Current investments
64.9
50.0
Properties for sale
511.8
519.3
Stocks
2,501.3
2,441.2
Current debtors
5,965.4
5,607.6
Current tax assets
158.2
80.7
Cash and bank balances
- non-financial services companies
3,109.1
2,791.6
- financial services companies
278.5
296.5
3,387.6
3,088.1
12,589.2
11,786.9
Total assets
33,192.3
32,352.8
Non-current liabilities
Non-current creditors
287.4
227.1
Non-current provisions
311.5
281.4
Non-current lease liabilities
181.7
180.2
Long-term borrowings
8
- non-financial services companies
2,097.6
2,356.3
- financial services companies
1,509.4
1,592.1
3,607.0
3,948.4
Deferred tax liabilities
371.5
413.1
Pension liabilities
375.9
358.1
5,135.0
5,408.3
Current liabilities
Current creditors
5,383.7
5,122.1
Current provisions
106.0
114.0
Current lease liabilities
65.4
74.2
Current borrowings
8
- non-financial services companies
985.0
670.3
- financial services companies
2,702.3
2,421.4
3,687.3
3,091.7
Current tax liabilities
119.0
123.9
9,361.4
8,525.9
Total liabilities
14,496.4
13,934.2
Net assets
18,695.9
18,418.6
Equity
Share capital
9
1,381.0
1,381.0
Revenue reserve
10
9,106.1
9,029.2
Other reserves
11
(2,145.7)
(2,118.9)
Shareholders' funds
8,341.4
8,291.3
Non-controlling interests
12
10,354.5
10,127.3
Total equity
18,695.9
18,418.6
Jardine Cycle & Carriage Limited
Consolidated Statement of Changes in Equity for the six months ended 30th June 2025
Attributable to shareholders of the Company
Share
capital
US$m
Revenue
reserve
US$m
Asset
revaluation
reserve
US$m
Translation
reserve
US$m
Fair value
and other
reserves
US$m
Total
US$m
Attributable
to non-
controlling
interests
US$m
Total
equity
US$m
2025
Balance at 1st January
1,381.0
9,029.2
414.2
(2,545.3)
12.2
8,291.3
10,127.3
18,418.6
Total comprehensive income
-
370.5
-
(27.9)
1.6
344.2
677.3
1,021.5
Dividends paid by the Company
-
(323.5)
-
-
-
(323.5)
-
(323.5)
Dividends declared/
paid to non-controlling interests
-
-
-
-
-
-
(563.5)
(563.5)
Issue of shares to non-controlling interests
-
-
-
-
-
-
4.0
4.0
Change in shareholding
-
29.4
-
-
-
29.4
90.1
119.5
Acquisition of subsidiaries
-
-
-
-
-
-
19.8
19.8
Disposal of subsidiaries
-
-
-
-
-
-
(0.6)
(0.6)
Other
-
0.5
-
-
(0.5)
-
0.1
0.1
Balance at 30th June
1,381.0
9,106.1
414.2
(2,573.2)
13.3
8,341.4
10,354.5
18,695.9
2024
Balance at 1st January
1,381.0
8,545.0
410.1
(2,312.2)
15.5
8,039.4
9,775.9
17,815.3
Total comprehensive income
-
484.1
4.3
(406.2)
(4.5)
77.7
313.9
391.6
Dividends paid by the Company
-
(356.4)
-
-
-
(356.4)
-
(356.4)
Dividends declared/
paid to non-controlling interests
-
-
-
-
-
-
(716.7)
(716.7)
Issue of shares to non-controlling interests
-
-
-
-
-
-
0.3
0.3
Change in shareholding
-
(0.1)
-
-
-
(0.1)
0.1
-
Other
-
(0.8)
-
-
-
(0.8)
(0.1)
(0.9)
Balance at 30th June
1,381.0
8,671.8
414.4
(2,718.4)
11.0
7,759.8
9,373.4
17,133.2
Jardine Cycle & Carriage Limited
Company Statement of Comprehensive Income for the six months ended 30th June 2025
2025
2024
US$m
US$m
Profit for the period
304.5
485.1
Items that may be reclassified subsequently to profit and loss:
Translation difference
- gain/(loss) arising during the period
169.0
(75.8)
Cash flow hedges
- loss arising during the period
(2.7)
-
Other comprehensive income/(expense) for the period
166.3
(75.8)
Total comprehensive income for the period
470.8
409.3
Jardine Cycle & Carriage Limited
Company Balance Sheet at 30th June 2025
At
At
30.06.2025
31.12.2024
Note
US$m
US$m
Non-current assets
Property, plant and equipment
34.6
32.2
Interests in subsidiaries
1,511.4
1,417.1
Interests in associates and joint ventures
412.3
386.7
Non-current investments
673.1
687.6
Non-current debtors
-
2.7
2,631.4
2,526.3
Current assets
Current debtors
1,186.5
1,133.4
Cash and bank balances
31.9
15.8
1,218.4
1,149.2
Total assets
3,849.8
3,675.5
Non-current liabilities
Long-term borrowings
843.9
824.4
Deferred tax liabilities
0.9
0.4
844.8
824.8
Current liabilities
Current creditors
289.4
272.4
Current borrowings
-
10.0
Current tax liabilities
1.6
1.6
291.0
284.0
Total liabilities
1,135.8
1,108.8
Net assets
2,714.0
2,566.7
Equity
Share capital
9
1,381.0
1,381.0
Revenue reserve
10
858.1
877.1
Other reserves
11
474.9
308.6
Total equity
2,714.0
2,566.7
Net asset value per share
US$6.87
US$6.49
Jardine Cycle & Carriage Limited
Company Statement of Changes in Equity for the six months ended 30th June 2025
Share
Revenue
Hedging
Translation
Total
Note
capital
reserve
reserve
reserve
equity
US$m
US$m
US$m
US$m
US$m
2025
Balance at 1st January
1,381.0
877.1
2.7
305.9
2,566.7
Total comprehensive income/(expense)
-
304.5
(2.7)
169.0
470.8
Dividends paid
5
-
(323.5)
-
-
(323.5)
Balance at 30th June
1,381.0
858.1
-
474.9
2,714.0
2024
Balance at 1st January
1,381.0
823.1
2.3
383.1
2,589.5
Total comprehensive income/(expense)
-
485.1
-
(75.8)
409.3
Dividends paid
5
-
(356.4)
-
-
(356.4)
Balance at 30th June
1,381.0
951.8
2.3
307.3
2,642.4
Jardine Cycle & Carriage Limited
Consolidated Statement of Cash Flows for the six months ended 30th June 2025
2025
2024
Note
US$m
US$m
Cash flows from operating activities
Cash generated from operations
15
1,747.7
2,233.2
Interest paid
(135.1)
(167.9)
Interest received
78.8
72.0
Other finance costs paid
(6.2)
(6.5)
Income tax paid
(395.4)
(431.9)
(457.9)
(534.3)
Dividends received from associates and joint
ventures (net)
346.1
416.9
(111.8)
(117.4)
Net cash flows from operating activities
1,635.9
2,115.8
Cash flows from investing activities
Sale of right-of-use assets
1.5
-
Sale of property, plant and equipment
20.5
12.7
Sale of subsidiaries, net of cash disposed
34.2
-
Sale of associate
0.1
-
Sale of investments
46.0
83.3
Purchase of intangible assets
(41.1)
(35.8)
Additions to right-of-use assets
(8.3)
(11.0)
Purchase of property, plant and equipment
(479.7)
(481.3)
Purchase of investment properties
(0.8)
(1.3)
Additions to bearer plants
(10.6)
(14.7)
Purchase of shares in subsidiaries, net of cash acquired
(106.6)
-
Purchase of shares in associates and joint ventures
(76.2)
(103.9)
Purchase of investments
(156.1)
(134.2)
Net cash flows from investing activities
(777.1)
(686.2)
Cash flows from financing activities
Drawdown of loans
1,959.8
2,727.2
Repayment of loans
(1,708.6)
(2,348.0)
Principal elements of lease payments
(48.0)
(52.6)
Changes in controlling interests in subsidiaries
121.0
-
Investments by non-controlling interests
4.0
0.3
Dividends paid to non-controlling interests
(561.0)
(713.5)
Dividends paid by the Company
(323.5)
(356.4)
Net cash flows from financing activities
(556.3)
(743.0)
Net change in cash and cash equivalents
302.5
686.6
Cash and cash equivalents at the beginning of the period
3,088.1
2,782.5
Effect of exchange rate changes
(3.0)
(146.2)
Cash and cash equivalents at the end of the period (1)
3,387.6
3,322.9
(1) For the purpose of the Consolidated Statement of Cash Flows, cash and cash equivalents comprise deposits with bank and financial institutions, bank and cash balances, net of bank overdrafts. In the balance sheet, bank overdrafts are included under current borrowings.
Jardine Cycle & Carriage Limited
Notes to the financial statements for the six months ended 30th June 2025
1 Basis of preparation
The condensed interim financial statements for the six months ended 30th June 2025 have been prepared in accordance with IAS 34 Interim Financial Reporting. The condensed interim financial statements do not include all the information required for a complete set of financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance of the Group since the last annual financial statements for the year ended 31st December 2024. There have been no changes to the accounting policies described in the 2024 audited accounts except for the adoption of new and amended standards. The Group has not early adopted any standards or amendments that have been issued but not yet effective.
The exchange rates used for translating assets and liabilities at the balance sheet date are US$1=S$1.2742 (2024: US$1=S$1.3586), US$1=RM4.2198 (2024: US$1=RM4.4565), US$1=IDR16,233 (2024: US$1=IDR16,162), US$1=VND26,093 (2024: US$1=VND25,477) and US$1=THB32.552 (2024: US$1=THB34.180).
The exchange rates used for translating the results for the period are US$1=S$1.3183 (2024: US$1=S$1.3501), US$1=RM4.3443 (2024: US$1=RM4.7352), US$1=IDR16,426 (2024: US$1=IDR16,041), US$1=VND25,716 (2024: US$1=VND25,021) and US$1=THB33.391 (2024: US$1=THB36.396).
Critical accounting estimates and judgements
The preparation of the condensed interim financial statements require management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates.
In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31st December 2024.
2 Revenue
Regional
Indonesia
Interests
Total
US$m
US$m
US$m
Group
2025
Automotive and mobility
3,718.7
881.3
4,600.0
Financial services
975.7
-
975.7
Heavy equipment, mining, construction & energy
4,157.1
-
4,157.1
Agribusiness
879.5
-
879.5
Infrastructure
94.1
-
94.1
Information technology
72.8
-
72.8
Property
23.1
-
23.1
9,921.0
881.3
10,802.3
From contracts with customers:
Recognised at a point in time
7,059.9
851.7
7,911.6
Recognised over time
1,717.3
24.9
1,742.2
8,777.2
876.6
9,653.8
From other sources:
Rental income from investment properties
6.8
-
6.8
Revenue from financial services companies
975.7
-
975.7
Other
161.3
4.7
166.0
1,143.8
4.7
1,148.5
9,921.0
881.3
10,802.3
2024
Automotive and mobility
4,151.5
784.1
4,935.6
Financial services
941.3
-
941.3
Heavy equipment, mining, construction & energy
4,010.7
-
4,010.7
Agribusiness
642.9
-
642.9
Infrastructure
85.4
-
85.4
Information technology
70.4
-
70.4
Property
26.8
-
26.8
9,929.0
784.1
10,713.1
From contracts with customers:
Recognised at a point in time
6,959.1
756.9
7,716.0
Recognised over time
1,868.1
23.2
1,891.3
8,827.2
780.1
9,607.3
From other sources:
Rental income from investment properties
5.1
-
5.1
Revenue from financial services companies
941.2
-
941.2
Other
155.5
4.0
159.5
1,101.8
4.0
1,105.8
9,929.0
784.1
10,713.1
Revenue relating to Astra's contract mining services business has been reclassified from 'recognised at a point in time' to 'recognised over time' in 2024 comparatives.
3 Net operating costs and operating profit
Group
2025
2024
Change
US$m
US$m
%
Cost of sales
(8,531.0)
(8,390.8)
2
Other operating income
230.1
118.6
94
Selling and distribution expenses
(401.9)
(402.3)
0
Administrative expenses
(687.0)
(632.6)
9
Other operating expenses
(263.3)
(131.5)
>100
(9,653.1)
(9,438.6)
2
Operating profit is determined after including:
Amortisation/depreciation of:
- intangible assets
(50.7)
(49.6)
2
- right-of-use assets
(68.8)
(76.1)
-10
- property, plant and equipment
(434.0)
(413.9)
5
- bearer plants
(15.6)
(15.3)
2
Write-back of impairment/(Impairment) of:
- property, plant and equipment
0.6
(0.2)
nm
- debtors
(51.9)
(50.3)
3
Fair value (loss)/gain on:
- investments (1)
(180.7)
(43.7)
>100
- agricultural produce
(5.4)
1.4
nm
- derivatives not qualifying as hedge
(0.1)
0.1
nm
Profit/(loss) on disposal of:
- right-of-use assets
1.2
-
nm
- property, plant and equipment
10.6
3.4
>100
- investments
0.5
0.1
>100
- loss of control in subsidiaries (2)
34.6
-
nm
- associates becoming subsidiaries
(3.7)
-
nm
Loss on disposal/write-down of receivables from
collateral vehicles
(30.2)
(31.0)
-3
Write-down of stocks, net
(6.9)
(4.6)
50
Net exchange gain/(loss) (3)
45.4
(68.0)
nm
Dividend and interest income from investments
47.5
43.2
10
nm - not meaningful
(1) Fair value loss relates mainly to equity investments in Vinamilk, Toyota Motor Corporation, GoTo and Hermina.
(2) Net gain on disposal mainly relates to the disposal of one of Astra's coal mining subsidiaries.
(3) Net exchange gain/(loss) relates mainly to the impact of revaluing monetary liabilities denominated in US dollars.
4 Tax
The provision for income tax is based on the statutory tax rates of the respective countries in which the companies operate after taking into account non-deductible expenses and group tax relief.
5 Dividends
An interim dividend in respect of 2025 of US¢28 (2024: US¢28) per share amounting to a total of US$110.7 million (2024: US$110.7 million) is declared by the Board. These financial statements do not reflect this dividend payable, which will be accounted for in shareholders' equity as an appropriation of retained earnings in the six months ending 31st December 2025.
Group and Company
2025
2024
US$m
US$m
Final one-tier tax exempt dividend in respect of previous year of
US¢84 per share (2024: in respect of 2023 of US¢90)
323.5
356.4
6 Earnings per share
Group
2025
2024
US$m
US$m
Earnings per share
Profit attributable to shareholders
371.1
483.3
Weighted average number of ordinary shares in issue (millions)
395.2
395.2
Basic earnings per share
US¢94
US¢122
Diluted earnings per share
US¢94
US¢122
Underlying earnings per share
Underlying profit attributable to shareholders
529.1
500.1
Weighted average number of ordinary shares in issue (millions)
395.2
395.2
Basic underlying earnings per share
US¢134
US¢127
Diluted underlying earnings per share
US¢134
US¢127
As at 30th June 2025 and 2024, there were no dilutive potential ordinary shares in issue.
A reconciliation of the profit attributable to shareholders and underlying profit attributable to shareholders is as follows:
Group
2025
2024
US$m
US$m
Profit attributable to shareholders
371.1
483.3
Less:
Non-trading items (net of tax and non-controlling interests)
Fair value changes of agricultural produce and livestock
(1.7)
0.4
Fair value changes of investments
(165.4)
(17.2)
Net gain on disposal of interests in subsidiaries
10.1
-
Others
(1.0)
-
(158.0)
(16.8)
Underlying profit attributable to shareholders
529.1
500.1
Non-trading items are separately identified to provide greater understanding of the Group's underlying business performance. Items classified as non-trading items include fair value gains or losses on revaluation of investment properties, agricultural produce and equity investments which are measured at fair value through profit and loss; gains and losses arising from the sale of businesses, investments and properties; impairment of non-depreciable intangible assets, associates and joint ventures and other investments; provisions for closure of businesses; acquisition-related costs in business combinations and other credits and charges of a non-recurring nature that require inclusion in order to provide additional insight into the Group's underlying business performance.
7 Financial Instruments
Financial instruments by category
The fair values of financial assets and financial liabilities, together with carrying amounts at 30th June 2025 and 31st December 2024 are as follows:
Fair
value
through
Fair value
Financial
Fair value of
profit
through other
assets at
Other
Total
hedging
and
comprehensive
amortised
financial
carrying
Fair
instruments
loss
income
costs
liabilities
amount
value
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 30 June 2025
Financial assets
measured at fair value
Other investments
- equity investments
-
1,103.8
-
-
-
1,103.8
1,103.8
- debt investments
-
425.3
1,099.5
-
-
1,524.8
1,524.8
Derivative financial
instruments
19.7
-
-
-
-
19.7
19.7
19.7
1,529.1
1,099.5
-
-
2,648.3
2,648.3
Financial assets not
measured at fair value
Debtors
-
-
-
8,602.7
-
8,602.7
8,084.7
Bank balances
-
-
-
3,387.6
-
3,387.6
3,387.6
-
-
-
11,990.3
-
11,990.3
11,472.3
Financial liabilities
measured at fair value
Derivative financial
instruments
(8.4)
(0.1)
-
-
-
(8.5)
(8.5)
(8.4)
(0.1)
-
-
-
(8.5)
(8.5)
Financial liabilities not
measured at fair value
Borrowings excluding
lease liabilities
-
-
-
-
(7,294.3)
(7,294.3)
(7,272.0)
Lease liabilities
-
-
-
-
(247.1)
(247.1)
(247.1)
Creditors excluding
non-financial liabilities
-
-
-
-
(4,085.5)
(4,085.5)
(4,085.5)
-
-
-
-
(11,626.9)
(11,626.9)
(11,604.6)
At 31 December 2024
Financial assets
measured at fair value
Other investments
- equity investments
-
1,222.9
-
-
-
1,222.9
1,222.9
- debt investments
-
399.0
984.1
-
-
1,383.1
1,383.1
Derivative financial
instruments
42.6
0.8
-
-
-
43.4
43.4
42.6
1,622.7
984.1
-
-
2,649.4
2,649.4
Financial assets not
measured at fair value
Debtors
-
-
-
8,121.9
-
8,121.9
7,627.1
Bank balances
-
-
-
3,088.1
-
3,088.1
3,088.1
-
-
-
11,210.0
-
11,210.0
10,715.2
Financial liabilities
measured at fair value
Derivative financial
instruments
(1.5)
(2.3)
-
-
-
(3.8)
(3.8)
(1.5)
(2.3)
-
-
-
(3.8)
(3.8)
Financial liabilities not
measured at fair value
Borrowings excluding
lease liabilities
-
-
-
-
(7,040.1)
(7,040.1)
(7,008.2)
Lease liabilities
-
-
-
-
(254.4)
(254.4)
(254.4)
Creditors excluding
non-financial liabilities
-
-
-
-
(3,847.9)
(3,847.9)
(3,847.9)
-
-
-
-
(11,142.4)
(11,142.4)
(11,110.5)
Fair value estimation
a) Financial instruments that are measured at fair value
For financial instruments that are measured at fair value in the balance sheet, the corresponding fair value measurements are disclosed by level of the following fair value measurement hierarchy:
Quoted prices (unadjusted) in active markets for identical assets or liabilities ("quoted prices in active markets")
The fair values of listed securities and bonds are based on quoted prices in active markets at the balance sheet date. The quoted market price used for listed investments held by the Group is the current bid price.
Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly ("observable current market transactions")
The fair values of derivative financial instruments are determined using rates quoted by the Group's bankers at the balance sheet date. The rates for interest rate swaps and caps, cross-currency swaps and forward foreign exchange contracts are calculated by reference to the market interest rates and foreign exchange rates.
Inputs for the asset or liability that are not based on observable market data ("unobservable inputs")
The fair values of other unlisted equity investments are determined using valuation techniques by reference to observable current market transactions or the market prices of the underlying investments with certain degree of entity-specific estimates or discounted cash flows by projecting the cash inflows from these investments.
There were no changes in valuation techniques during the six months ended 30th June 2025 and the year ended 31st December 2024.
The table below analyses the Group's financial instruments carried at fair value, by the levels in the fair value measurement hierarchy.
Quoted
Observable
prices in
current
active
market
Unobservable
markets
transactions
inputs
Total
US$m
US$m
US$m
US$m
At 30 June 2025
Assets
Other investments
- equity investments
935.1
-
168.7
1,103.8
- debt investments
1,099.5
-
425.3
1,524.8
2,034.6
-
594.0
2,628.6
Derivative financial instruments at fair value
- through other comprehensive income
-
19.7
-
19.7
2,034.6
19.7
594.0
2,648.3
Liabilities
Derivative financial instruments at fair value
- through other comprehensive income
-
(8.4)
-
(8.4)
- through profit and loss
-
(0.1)
-
(0.1)
-
(8.5)
-
(8.5)
Quoted
Observable
prices in
current
active
market
Unobservable
markets
transactions
inputs
Total
US$m
US$m
US$m
US$m
At 31 December 2024
Assets
Other investments
- equity investments
1,054.6
-
168.3
1,222.9
- debt investments
984.1
-
399.0
1,383.1
2,038.7
-
567.3
2,606.0
Derivative financial instruments at fair value
- through other comprehensive income
-
42.6
-
42.6
- through profit and loss
-
0.8
-
0.8
-
43.4
-
43.4
2,038.7
43.4
567.3
2,649.4
Liabilities
Derivative financial instruments at fair value
- through other comprehensive income
-
(1.5)
-
(1.5)
- through other profit and loss
-
(2.3)
-
(2.3)
-
(3.8)
-
(3.8)
There were no transfers among the three categories during the six months ended 30th June 2025 and the year ended 31st December 2024.
b) Financial instruments that are not measured at fair value
The fair values of current debtors, bank balances and other liquid funds, current creditors, current borrowings and current lease liabilities of the Group and the Company are assumed to approximate their carrying amounts due to the short-term maturities of these assets and liabilities.
The fair values of long-term borrowings disclosed are based on market prices or are estimated using the expected future payments discounted at market interest rates. The fair values of non-current lease liabilities are estimated using the expected future payments discounted at market interest rates.
8 Borrowings
Group
At
At
30.06.2025
31.12.2024
US$m
US$m
Long-term borrowings:
- secured
32.4
43.9
- unsecured
3,574.6
3,904.5
3,607.0
3,948.4
Current borrowings:
- secured
34.3
41.6
- unsecured
3,653.0
3,050.1
3,687.3
3,091.7
Total borrowings
7,294.3
7,040.1
Certain subsidiaries of the Group have pledged their assets in order to obtain bank facilities from financial institutions. The value of assets pledged was US$29.4 million (31st December 2024: US$49.2 million).
9 Share capital
Group
2025
2024
US$m
US$m
Six months ended 30th June
Issued and fully paid:
Balance at 1st January and 30th June
- 395,236,288 (2024: 395,236,288) ordinary shares
1,381.0
1,381.0
There were no rights, bonus or equity issues during the period.
The Company did not hold any treasury shares as at 30th June 2025 and 2024 and did not have any unissued shares under convertibles as at 30th June 2025 and 2024.
There were no subsidiary holdings (as defined in the Listing Rules of the SGX-ST) as at 30th June 2025 and 2024.
10 Revenue reserve
Group
Company
2025
2024
2025
2024
US$m
US$m
US$m
US$m
Movements:
Balance at 1st January
9,029.2
8,545.0
877.1
823.1
Defined benefit pension plans
- remeasurements
0.1
0.1
-
-
Share of associates' and joint ventures'
remeasurements of defined benefit
pension plans, net of tax
(0.7)
0.7
-
-
Profit attributable to shareholders
371.1
483.3
304.5
485.1
Dividends paid by the Company
(323.5)
(356.4)
(323.5)
(356.4)
Change in shareholding
29.4
(0.1)
-
-
Other
0.5
(0.8)
-
-
Balance at 30th June
9,106.1
8,671.8
858.1
951.8
11 Other reserves
Group
Company
2025
2024
2025
2024
US$m
US$m
US$m
US$m
Composition:
Asset revaluation reserve
414.2
414.4
-
-
Translation reserve
(2,573.2)
(2,718.4)
474.9
307.3
Fair value reserve
4.2
(4.9)
-
-
Hedging reserve
6.3
12.6
-
2.3
Other reserve
2.8
3.3
-
-
(2,145.7)
(2,293.0)
474.9
309.6
Movements:
Asset revaluation reserve
Balance at 1st January
414.2
410.1
-
-
Surplus on revaluation of assets
-
4.3
-
-
Balance at 30th June
414.2
414.4
-
-
Translation reserve
Balance at 1st January
(2,545.3)
(2,312.2)
305.9
383.1
Translation difference
(27.9)
(406.2)
169.0
(75.8)
Balance at 30th June
(2,573.2)
(2,718.4)
474.9
307.3
Fair value reserve
Balance at 1st January
(5.9)
0.2
-
-
Financial assets at FVOCI
- fair value changes
9.9
(5.0)
-
-
- deferred tax
(0.1)
0.1
-
-
- transfer to profit and loss
(0.1)
-
-
-
Share of associates' and joint ventures'
fair value changes of financial assets at
FVOCI, net of tax
0.4
(0.2)
-
-
Balance at 30th June
4.2
(4.9)
-
-
Hedging reserve
Balance at 1st January
14.8
12.0
2.7
2.3
Cash flow hedges
- fair value changes
(4.2)
(2.2)
(2.7)
-
- deferred tax
0.3
0.5
-
-
- transfer to profit and loss
0.1
-
-
-
Share of associates' and joint ventures'
fair value changes of cash flow hedges,
net of tax
(4.7)
2.3
-
-
Balance at 30th June
6.3
12.6
-
2.3
Other reserve
Balance at 1st January
3.3
3.3
-
-
Other
(0.5)
-
-
-
Balance at 1st January and 30th June
2.8
3.3
-
-
12 Non-controlling interests
Group
2025
2024
US$m
US$m
Balance at 1st January
10,127.3
9,775.9
Asset revaluation surplus
- surplus on revaluation of assets
-
6.4
Financial assets at FVOCI
- fair value changes
10.7
(5.4)
- deferred tax
(0.1)
0.1
- transfer to profit and loss
(0.1)
-
10.5
(5.3)
Share of associates' and joint ventures' fair value changes of
financial assets at FVOCI, net of tax
0.4
(0.2)
Cash flow hedges
- fair value changes
(1.5)
(2.2)
- deferred tax
0.3
0.5
- transfer to profit and loss
0.1
-
(1.1)
(1.7)
Share of associates' and joint ventures' fair value changes of
cash flow hedges, net of tax
(8.9)
6.6
Defined benefit pension plans
- remeasurements
(0.2)
(0.1)
- deferred tax
-
-
(0.2)
(0.1)
Share of associates' and joint ventures' remeasurements of
defined benefit pension plans, net of tax
(0.6)
-
Translation difference
(22.7)
(456.4)
Profit for the period
699.9
764.6
Issue of shares to non-controlling interests
4.0
0.3
Dividends paid
(563.5)
(716.7)
Change in shareholding
90.1
0.1
Acquisition of subsidiaries
19.8
-
Disposal of subsidiaries
(0.6)
-
Other
0.1
(0.1)
Balance at 30th June
10,354.5
9,373.4
13 Related party transactions
The following significant related party transactions took place during the six months ended 30th June:
Group
2025
2024
US$m
US$m
(a)
With associates and joint ventures:
Purchase of goods and services
(2,520.6)
(2,806.9)
Sale of goods and services
853.2
842.0
Commission and incentives earned
4.7
5.4
Bank deposit and balances
56.9
10.9
Interest received
9.6
8.6
(b)
With related companies and
associates of ultimate holding
company:
Management fees paid
(3.0)
(2.0)
Purchase of goods and services
(0.4)
(0.3)
Sale of goods and services
0.1
0.2
(c)
Remuneration of directors of the
Company and key management
personnel of the Group:
Salaries and other short-term
employee benefits
7.4
5.9
14 Commitments
Capital expenditure authorised for at the balance sheet date, but not recognised in the financial statements is as follows:
Group
At
At
30.06.2025
31.12.2024
US$m
US$m
Authorised and contracted
88.8
109.3
Authorised but not contracted
746.1
845.1
834.9
954.4
15 Cash flows from operating activities
Group
2025
2024
US$m
US$m
Profit before tax
1,356.9
1,547.6
Adjustments for:
Financing income
(88.0)
(83.4)
Financing charges
141.4
167.2
Share of associates' and joint ventures' results after tax
(261.1)
(356.9)
Amortisation/depreciation of:
- intangible assets
50.7
49.6
- right-of-use assets
68.8
76.1
- property, plant and equipment
434.0
413.9
- bearer plants
15.6
15.3
Impairment/(write-back of impairment) of:
- property, plant and equipment
(0.6)
0.2
- debtors
51.9
50.3
Fair value (gain)/loss on:
- investment
180.7
43.7
- agricultural produce
5.4
(1.4)
- derivative not qualifying as hedge
0.1
(0.1)
(Profit)/loss on disposal of:
- right-of-use assets
(1.2)
-
- property, plant and equipment
(10.6)
(3.4)
- investments
(0.5)
(0.1)
- loss of control in subsidiaries
(34.6)
-
- associates becoming subsidiaries
3.7
-
Loss on disposal/write-down of receivables from collateral vehicles
30.2
31.0
Amortisation of borrowing costs for financial services companies
4.4
3.9
Write-down of stocks
6.9
4.6
Loss on modifications to lease term
1.9
-
Changes in provisions
28.8
21.6
Foreign exchange (gain)/ loss
(50.3)
108.1
577.6
540.2
Operating profit before working capital changes
1,934.5
2,087.8
Changes in working capital:
Properties for sale
(0.8)
(1.9)
Stocks (1)
(95.4)
189.3
Concession rights
(10.0)
(5.0)
Financing debtors
(395.0)
(359.8)
Debtors
(25.8)
(140.8)
Creditors (2)
320.6
447.3
Pensions
19.6
16.3
(186.8)
145.4
Cash flows from operating activities
1,747.7
2,233.2
(1) Increase in stock balance mainly due to Astra's heavy equipment business and Cycle & Carriage.
(2) Increase in creditors balance mainly due to higher purchases.
16 Notes to consolidated statement of cash flows
(a) Purchase of shares in associates and joint ventures
Purchase of shares in associates and joint ventures for the six months ended 30th June 2025 mainly included US$56.4 million for Astra's investment in PT Polinasi Iddea Investama, US$6.2 million for Astra's investment in Supreme Energy Rantau Dedap, US$5.6 million for Astra's investment in PT Bank Saqu Indonesia (formerly known as "PT Bank Jasa Jakarta") and US$2.5 million for additional purchase of shares in Refrigeration Electrical Engineering Corporation.
Purchase of shares in associates and joint ventures for the six months ended 30th June 2024 mainly included US$80.6 million for Astra's investment in PT Supreme Energy Rantau Dedap, US$20.8 million for Astra's investment in PT Bank Saqu Indonesia (formerly known as "PT Bank Jasa Jakarta") and US$1.3 million for Astra's investment in PT Supreme Energy Sriwijaya.
(b) Purchase of shares in subsidiaries
Purchase of shares in subsidiaries for the six months ended 30th June 2025 mainly included US$48.8 million for Astra's acquisition in PT Pratista Industrial Properti Satu, US$27.3 million for Astra's acquisition of in PT Pratista Industrial Properti Dua and US$30.5 million for Astra's acquisition in PT Supreme Energy Sriwijaya.
(c) Sale of subsidiaries
Sale of subsidiaries for the six months ended 30th June 2025 mainly included US$35.0 million for Astra's disposal of PT Borneo Berkat Makmur.
(d) Sale of associate
Sale of associate for the six months ended 30th June 2025 mainly included US$0.1 million for Astra's disposal of PT Jabar Environmental Solutions.
(e) Change in controlling interests in subsidiaries
Change in controlling interests in subsidiaries for the six months ended 30th June 2025 included an inflow of US$121.0 million for Astra's partial disposal of interest in PT Astra Digital Mobil.
17 Segment Information
Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the Board for the purpose of resource allocation and performance assessment. In 2024, the business segment reporting was re-organised to give greater clarity and add emphasis to the Group's focused markets of Indonesia and Vietnam. Within Indonesia and Vietnam; Astra, THACO and REE are operating segments identified by the Group. The Board considers Astra as one operating segment because it represents a single direct investment made by the Company. Decisions for resource allocation and performance assessment of Astra are made by the Board of the Company while resource allocation and performance assessment of the various Astra businesses are made by the board of Astra, taking into consideration the opinions of the Board of the Company. THACO and REE are also identified as operating segments based on the scale and growth of their businesses, and the Board considered the information useful to the readers of the financial statements. Regional Interests represent the Group's collective businesses outside of Indonesia and Vietnam. Set out below is an analysis of the segment information.
Underlying businesses performance
Non-
Indonesia
Vietnam
Regional
Corporate
trading
Astra
Other
THACO
REE
Other
Interests
costs
items
Group
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
6 months ended 30th June 2025
Revenue
9,921.0
-
-
-
-
881.3
-
-
10,802.3
Net operating costs
(8,678.3)
-
-
-
8.7
(845.4)
17.1
(155.2)
(9,653.1)
Operating profit
1,242.7
-
-
-
8.7
35.9
17.1
(155.2)
1,149.2
Financing income
77.6
-
-
-
-
0.6
9.8
-
88.0
Financing charges
(114.3)
-
-
-
-
(8.0)
(19.1)
-
(141.4)
Net financing charges
(36.7)
-
-
-
-
(7.4)
(9.3)
-
(53.4)
Share of associates' and joint
ventures' results after tax
224.7
10.8
17.0
9.9
-
(1.4)
-
0.1
261.1
Profit before tax
1,430.7
10.8
17.0
9.9
8.7
27.1
7.8
(155.1)
1,356.9
Tax
(279.8)
(1.4)
-
-
-
(3.7)
(0.5)
(0.5)
(285.9)
Profit after tax
1,150.9
9.4
17.0
9.9
8.7
23.4
7.3
(155.6)
1,071.0
Non-controlling interests
(694.6)
-
-
-
-
(2.9)
-
(2.4)
(699.9)
Profit attributable to
shareholders
456.3
9.4
17.0
9.9
8.7
20.5
7.3
(158.0)
371.1
At 30 June 2025
Net cash/(debt) (excluding
net debt of financial
services companies)
876.3
-
-
-
-
(40.0)
(809.8)
26.5
Total equity
17,066.0
210.6
685.1
392.2
-
239.2
102.8
18,695.9
6 months ended 30th June 2024
Revenue
9,929.0
-
-
-
-
784.1
-
-
10,713.1
Net operating costs
(8,605.4)
-
-
-
8.4
(757.3)
(42.0)
(42.3)
(9,438.6)
Operating profit
1,323.6
-
-
-
8.4
26.8
(42.0)
(42.3)
1,274.5
Financing income
71.2
-
-
-
-
0.8
11.4
-
83.4
Financing charges
(123.5)
-
-
-
-
(7.4)
(36.3)
-
(167.2)
Net financing charges
(52.3)
-
-
-
-
(6.6)
(24.9)
-
(83.8)
Share of associates' and joint
ventures' results after tax
306.1
16.7
15.4
6.7
-
12.0
-
-
356.9
Profit before tax
1,577.4
16.7
15.4
6.7
8.4
32.2
(66.9)
(42.3)
1,547.6
Tax
(292.6)
(1.1)
-
-
-
(4.9)
(0.8)
(0.3)
(299.7)
Profit after tax
1,284.8
15.6
15.4
6.7
8.4
27.3
(67.7)
(42.6)
1,247.9
Non-controlling interests
(787.4)
-
-
-
-
(3.0)
-
25.8
(764.6)
Profit attributable to
shareholders
497.4
15.6
15.4
6.7
8.4
24.3
(67.7)
(16.8)
483.3
At 31 December 2024
Net cash/(debt) (excluding
net debt of financial
services companies)
599.8
-
-
-
-
(19.1)
(815.7)
(235.0)
Total equity
16,751.2
212.8
684.5
397.0
-
205.6
167.5
18,418.6
Segment assets and liabilities are not disclosed as these are not regularly provided to the Board of the Company.
Set out below are analyses of the Group's non-current assets, by geographical areas:
Indonesia
Vietnam
Other
Total
US$m
US$m
US$m
US$m
Non-current assets as at
30 June 2025
12,597.5
1,077.3
180.7
13,855.5
31 December 2024
12,593.9
1,081.5
175.1
13,850.5
Non-current assets excluded financial instruments and deferred tax assets.
18 Interested person transactions
Aggregate value
of all interested
person
transactions
(excluding
transactions less
than S$100,000
and transactions
conducted under
shareholders'
mandate
pursuant to
Rule 920)
Aggregate value
of all interested
person
transactions
conducted under
shareholders'
mandate
pursuant to Rule
920 (excluding
transactions less
than S$100,000)
Name of interested person and
Nature of relationship
US$m
US$m
nature of transaction
Six months ended 30th June 2025
Jardine Matheson Limited
Associate of the Company's
- Management support services
controlling shareholder
-
3.2
- Human resource and
administration services
-
0.2
Jardine Matheson Limited, Jardine
Pacific Holdings Limited & Jardine
Matheson Management (SEA)
Pte Limited
Associate of the Company's
controlling shareholder
- SEA regional office support costs
-
1.3
Jardine Matheson Limited
Associate of the Company's
- Digital and innovation services
controlling shareholder
0.2
-
0.2
4.7
19 Underlying Profit by Business
Group
2025
2024
+/-
US$m
US$m
%
Indonesia
Astra International
Automotive and mobility
146.9
165.0
-11
Financial services
133.4
128.6
4
Heavy equipment, mining, construction & energy
143.4
182.7
-22
Agribusiness
18.7
12.0
56
Infrastructure
19.4
14.4
35
Information technology
2.5
2.0
25
Property
3.4
2.9
17
467.7
507.6
-8
Less: Withholding tax on dividend
(11.4)
(10.2)
12
456.3
497.4
-8
Tunas Ridean
9.4
15.6
-40
465.7
513.0
-9
Vietnam
THACO
Automotive
15.6
11.6
34
Real estate
1.0
0.1
>100
Agriculture
(2.4)
(0.9)
>100
Other
2.8
4.6
-39
17.0
15.4
10
REE
9.9
6.7
48
Vinamilk
8.7
8.4
4
35.6
30.5
17
Regional Interests
Cycle & Carriage
16.3
8.5
92
Siam City Cement
-
12.3
-100
Toyota Motor Corporation
4.2
3.5
20
20.5
24.3
-16
Corporate costs
Central overheads
(16.3)
(14.8)
10
Net financing charges
(9.3)
(25.0)
-63
Exchange differences
32.9
(27.9)
nm
7.3
(67.7)
nm
Underlying profit attributable to shareholders
529.1
500.1
6
20 Dividend and closure of books
The Board has declared an interim one-tier tax exempt dividend of US¢28 per share (2024: US¢28 per share).
NOTICE IS HEREBY GIVEN that the Transfer Books and the Register of Members of the Company will be closed from 5.00 p.m. on Tuesday, 2nd September 2025 ("Record Date") up to, and including Wednesday, 3rd September 2025 for the purpose of determining shareholders' entitlement to the interim dividend.
Duly completed transfers of shares of the Company in physical scrip received by the Company's Share Registrar, Boardroom Corporate & Advisory Services Pte. Ltd. at 1 Harbourfront Avenue, Keppel Bay Tower #14-07, Singapore 098632 up to 5.00 p.m. on the Record Date will be registered before entitlements to the interim dividend are determined. Shareholders (being Depositors) whose securities accounts with The Central Depository (Pte) Limited are credited with shares of the Company as at 5.00 p.m. on the Record Date will rank for the interim dividend.
The interim dividend will be paid on Friday, 3rd October 2025.
21 Subsequent Events
In July, Astra signed a conditional share sale and purchase agreement to acquire an 83.7% stake in Mega Manunggal Property ("MMP"), an industrial and logistics property developer listed on the Indonesia Stock Exchange.
No significant event or transaction other than as contained in this report has occurred between 1st July 2025 and the date of this report.
22 Others
The results do not include any pre-acquisition profits and have not been affected by any item, transaction or event of a material or unusual nature other than the non-trading items shown in Note 6 of this report.
The Company confirms that it has procured undertakings from all its directors and executive officers under Rule 720(1) of the Listing Rules of the SGX-ST.
- end -
For further information, please contact:
Jardine Cycle & Carriage Limited
Jeffery Tan Eng Heong
Tel: 65 64708111
The full text of the Financial Statements and Dividend Announcement for the half year ended 30th June 2025 can be accessed through the internet at 'www.jcclgroup.com'.
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