TIDMJDS TIDMJAR
RNS Number : 6566V
Jardine Strategic Hldgs Ltd
08 November 2017
To: Business Editor 8th November 2017
For immediate release
Jardine Cycle & Carriage Limited
2017 Third Quarter Financial Statements and Dividend
Announcement
The following announcement was issued today by the Company's
75%-owned subsidiary, Jardine Cycle & Carriage Limited.
For further information, please contact:
Jardine Matheson Limited
Neil M McNamara (852) 2843 8227
Brunswick Group Limited
Karin Wong (852) 3512 5077
8th November 2017
JARDINE CYCLE & CARRIAGE LIMITED
2017 THIRD QUARTER FINANCIAL STATEMENTS AND DIVID
ANNOUNCEMENT
Highlights
-- Underlying earnings per share up 14%
-- Improved performances from most of Astra's businesses
-- Lower contribution from non-Astra interests
"The outlook for the rest of the year is expected to remain
positive as Astra's results will continue to benefit from increased
commodity prices, although there are concerns over greater
competition in the car market as well as increased provisioning in
certain of its financing activities. The Group's Direct Motor
Interests and Other Interests will continue to face market
challenges."
Ben Keswick, Chairman
8th November 2017
Group Results
-------------------------------- ------------------------------------ ------- -----------
Nine months ended 30th September
-------------------------------- ---------------------------------------------- -----------
2017 2016 Change 2017
US$m US$m % S$m
---------------------------------- ---------------- ----------------- ------- -----------
Revenue 12,964 11,632 11 17,952
Profit after tax 1,365 1,071 28 1,891
Underlying profit attributable
to
shareholders (#) 590 518 14 817
Profit attributable to
shareholders 610 514 19 845
---------------------------------- ---------------- ----------------- ------- -----------
USc USc Sc
---------------------------------- ---------------- ----------------- ------- -----------
Underlying earnings per
share (#) 149 131 14 207
Earnings per share 154 130 19 214
Interim dividend per share 18 18 - 25
At At At
30.9.2017 31.12.2016 30.9.2017
---------------------------------- ---------------- ----------------- ------- -----------
US$m US$m S$m
---------------------------------- ---------------- ----------------- ------- -----------
Shareholders' funds 6,094 5,755 6 8,281
---------------------------------- ---------------- ----------------- ------- -----------
US$ US$ S$
---------------------------------- ---------------- ----------------- ------- -----------
Net asset value per share 15.42 14.56 6 20.95
---------------------------------- ---------------- ----------------- ------- -----------
The exchange rate of US$1=S$1.36 (31st December 2016:
US$1=S$1.44) was used for translating assets and liabilities at the
balance sheet date and US$1=S$1.38 (30th September 2016:
US$1=S$1.37) was used for translating the results for the
period.
The financial results for the nine months ended 30th September
2017 and 30th September 2016 have been prepared in accordance with
International Financial Reporting Standards. These results have not
been audited or reviewed by the auditors.
# The Group uses 'underlying profit' in its internal financial
reporting to distinguish between ongoing business performance and
non-trading items, as more fully described in Note 4 to the
financial statements. Management considers this to be a key measure
which provides additional information to enhance understanding of
the Group's underlying business performance.
CHAIRMAN'S STATEMENT
Overview
The Group achieved improved profits in the first nine months of
the year with a stronger performance from Astra, offsetting lower
profit contributions from the Group's Direct Motor Interests and
Other Interests.
Performance
The Group's revenue for the nine months grew by 11% to US$13.0
billion with increases in most of Astra's businesses. The Group's
underlying profit attributable to shareholders was 14% higher at
US$590 million. Profit attributable to shareholders was up 19% at
US$610 million after accounting for net non-trading gains of US$20
million. Earnings per share rose 19% to USc154.
Astra contributed US$499 million to the Group's underlying
profit, an increase of 25%. The Group's Direct Motor Interests
contributed US$89 million, 21% down on the previous year, while the
Group's Other interests contributed US$19 million, 13% lower.
The Group's net cash, excluding net borrowings within Astra's
financial services subsidiaries was US$240 million at the end of
September, compared to US$709 million at the end of December 2016.
The reduction was due to investments made by Astra in toll roads,
power plant and property, together with the Company's participation
in the rights issue of Siam City Cement. Net debt within Astra's
financial services subsidiaries was US$3.5 billion at the end of
September, similar to the end of 2016. JC&C parent company's
net cash was US$34 million, compared to US$154 million at the end
of 2016, following its US$127 million subscription for Siam City
Cement's rights issue in May.
The Board has not declared a dividend for the third quarter
ended 30th September 2017 (third quarter ended 30th September 2016:
Nil).
Group Review
Astra
Astra reported a net profit equivalent to US$1,062 million under
Indonesian accounting standards for the nine months, 26% higher in
its local currency, with increases seen in most of its operations.
The group's automotive businesses achieved improved market shares
for both cars and motorcycles, but experienced an increasingly
competitive car market. The results from its financial services
businesses improved with a return to profit by Permata Bank, while
increased commodity prices led to a strong performance from heavy
equipment and mining, as well as its agribusiness activities.
Automotive
Net income from the group's automotive division increased by 10%
to US$493 million, primarily due to higher car and motorcycle
sales, although there was increasing discounting pressure in the
car market.
The wholesale market for cars rose by 3% to 804,000 units.
Astra's car sales were 5% higher at 444,000 units, resulting in its
market share improving from 54% to 55%. The group launched nine new
models and ten revamped models during the period.
The wholesale market for motorcycles was flat at 4.3 million
units. Astra Honda Motor's domestic sales were, however, 2% higher
at 3.2 million units, resulting in its market share improving from
73% to 75%. The group launched seven new models and fourteen
revamped models during the period.
Net income of Astra Otoparts, the group's component business,
increased 30% to US$28 million, reflecting higher earnings
contributions from its joint venture and associate companies driven
by increased sales volumes.
Financial Services
Net income from the group's financial services division
increased 42% to US$221 million, largely due to a return to profit
at Permata Bank.
The group's consumer finance businesses saw a 6% increase in the
amount financed, including amounts financed through joint bank
financing without recourse, to US$4.2 billion. Car-focused Astra
Sedaya Finance reported a 9% increase in net income at US$53
million. Toyota Astra Financial Services recorded a 33% decrease in
net income to US$13 million following increases in loan loss
provisions. Motorcycle-focused Federal International Finance's net
income was 14% higher at US$109 million as it benefited from
Honda's improved market share as well as loan product
diversification.
The amount financed through the group's heavy equipment-focused
finance operations increased by 56% to US$392 million. Net income
at Surya Artha Nusantara Finance, which specialises in small and
medium size heavy equipment financing, was 40% lower at US$3
million, mainly due to larger loan loss provisions.
Permata Bank, in which Astra holds a 44.6% interest, reported a
net income of US$53 million for the period, compared with a net
loss of US$93 million in 2016. The bank's gross non-performing loan
ratio improved from 8.8% at the end of 2016 to 4.7% at 30th
September 2017, while its net non-performing loan ratio improved
from 2.2% to 1.8%. Permata Bank's return to profitability was
mainly driven by an improvement in asset quality and the previously
announced sale of a portfolio of its non-performing loans.
Asuransi Astra Buana, the Group's general insurance company
achieved higher investment income, and reported net income up 7% at
US$56 million.
During the period, the Group's life insurance joint venture,
Astra Aviva Life, acquired more than 185,000 new individual life
customers and 290,000 new participants for its corporate employee
benefits programmes, bringing the respective totals to 341,000 and
657,000 people being insured at the end of September 2017.
Heavy Equipment and Mining
The net income contribution from the group's heavy equipment and
mining division increased by 80% to US$255 million.
United Tractors, which is 59.5%-owned, reported net income 80%
higher at US$422 million. The increase was due to improved
performances in its construction machinery, mining contracting and
mining operations, all of which benefited from the strong coal
prices.
In its construction machinery business, Komatsu heavy equipment
sales were up 73% at 2,744 units, while parts and service revenues
were also higher. The mining contracting operations of Pamapersada
Nusantara recorded a 5% increase in coal production at 82 million
tonnes, while overburden removal was up 12% at 585 million bank
cubic metres. United Tractors' mining subsidiaries reported coal
sales down 12% at 5 million tonnes, due to lower volumes in its
coal trading business.
General contractor Acset Indonusa, a 50.1% subsidiary of United
Tractors, reported net income up 178% at US$8 million, with US$536
million in new contracts secured, compared with US$188 million
secured in the same period last year.
Agribusiness
Net income from the group's agribusiness division increased by
23% to US$84 million.
Astra Agro Lestari, which is 79.7%-owned, reported net income of
US$105 million, up from US$86 million in 2016, benefiting from
higher crude palm oil prices and sales volumes. Average crude palm
oil prices achieved were up 10% at Rp8,309/kg, while sales of crude
palm oil and its derivatives were 15% higher at 1.26 million tonnes
compared with the same period last year.
Infrastructure and Logistics
The group's infrastructure and logistics division reported a net
loss of US$5 million, compared with a net profit of US$16 million
in the same period last year. This was mainly due to initial losses
on the newly opened Cikopo-Palimanan toll road in which the group
acquired a 45% interest earlier in the year and a loss on the
disposal of the group's 49% interest in PAM Lyonnaise Jaya, a water
concession with five years left to run. The 72.5km Tangerang-Merak
toll road, operated by 79.3%-owned Marga Mandalasakti, saw traffic
volumes increase by 6% to 37 million vehicles.
Serasi Autoraya's net income increased by 99% to US$10 million,
due to higher net margins in its car leasing and rental, as well as
logistics businesses, despite a 6% decline in vehicles under
contract.
Information Technology
Net income from the group's information technology division was
flat at US$8 million.
Astra Graphia, which is 76.9%-owned, reported net income of
US$10 million, mainly from increased revenue from its document
solutions and office service businesses, partly offset by lower
revenue from Information Technology Solutions.
Property
Net income from the group's property division was 15% higher at
US$7 million, mainly due to higher recognised development earnings
on its Anandamaya Residences project, which is scheduled for
completion in 2018.
In September 2017, 50%-owned Astra Land Indonesia entered into
an agreement to increase its shareholding in Astra Modern Land,
which is developing a 67-hectare site in East Jakarta, from 50% to
67%.
Direct Motor Interests
The Group's Direct Motor Interests contributed a profit of US$89
million for the first nine months of 2017, 21% down on the
comparable period in the prior year. The was due mainly to lower
earnings from the automotive activities of Truong Hai Auto
Corporation in Vietnam following a reduction in unit sales in the
face of an increasingly competitive trading environment, partly
offset by a contribution from its real estate business. Cycle &
Carriage Singapore's earnings rose as they benefited from higher
sales of both new and used cars. In Malaysia, Cycle & Carriage
Bintang's contribution continued to suffer from intense competition
in the premium car segment. In Indonesia, Tunas Ridean's
contribution was lower due to weaker performances in its automotive
and consumer finance businesses, partly offset by improved vehicle
rental profits.
Other Interests
The Group's Other Interests comprising 25.5%-held Siam City
Cement in Thailand and 22.9%-held Refrigeration Electrical
Engineering Corporation ("REE") in Vietnam, contributed US$19
million, a decline of 13%. Siam City Cement's profit for the first
nine months was significantly lower in local currency terms due
mainly to reduced domestic cement prices and sales volumes together
with one-off expenses. REE is performing well with strong
contributions in the first nine months from all divisions: M&E,
real estate, and power and water infrastructure.
Outlook
The outlook for the rest of the year is expected to remain
positive as Astra's results will continue to benefit from the
increased commodity prices, although there are concerns over
greater competition in the car market as well as increased
provisioning in certain of its financing activities. The Group's
Direct Motor Interests and Other Interests will continue to face
market challenges.
Ben Keswick
Chairman
8th November 2017
Statement pursuant to Rule 705(5) of the Listing Manual
The directors confirm that, to the best of their knowledge,
nothing has come to the attention of the Board of Directors which
may render the accompanying unaudited interim financial results for
the nine months ended 30th September 2017 to be false or misleading
in any material respect.
On behalf of the Directors
Ben Keswick
Director
Hassan Abas
Director
8th November 2017
Jardine Cycle & Carriage Limited
Consolidated Profit and Loss Account for the nine months ended 30th
September 2017
---------------------------------------------------------------------
Three months Nine months ended
ended
30.9.2017 30.9.2016 Change 30.9.2017 30.9.2016 Change
Note US$m US$m % US$m US$m %
Revenue 4,444.7 3,929.1 13 12,963.8 11,632.1 11
Net operating costs 2 (3,993.6) (3,550.9) 12 (11,720.7) (10,613.9) 10
Operating profit 2 451.1 378.2 19 1,243.1 1,018.2 22
Financing income 26.7 25.3 6 82.7 66.9 24
Financing charges (38.6) (33.4) 16 (117.5) (98.4) 19
---------- ---------- ----------- -----------
Net financing charges (11.9) (8.1) 47 (34.8) (31.5) 10
Share of associates'
and joint
ventures' results
after tax 155.4 118.9 31 482.3 336.3 43
Profit before tax 594.6 489.0 22 1,690.6 1,323.0 28
Tax 3 (117.0) (93.5) 25 (325.2) (252.4) 29
Profit after tax 477.6 395.5 21 1,365.4 1,070.6 28
========== ========== =========== ===========
Profit attributable
to:
Shareholders of the
Company 211.1 186.2 13 610.2 513.8 19
Non-controlling interests 266.5 209.3 27 755.2 556.8 36
477.6 395.5 21 1,365.4 1,070.6 28
========== ========== =========== ===========
USc USc USc USc
--------------------------- ---------- ---------- ------- ----------- ----------- -------
Earnings per share 4 53 47 13 154 130 19
--------------------------- ---------- ---------- ------- ----------- ----------- -------
Jardine Cycle & Carriage Limited
Consolidated Statement of Comprehensive Income for the nine months
ended 30th September 2017
--------------------------------------------------------------------
Three months Nine months ended
ended
30.9.2017 30.9.2016 30.9.2017 30.9.2016
US$m US$m US$m US$m
Profit for the period 477.6 395.5 1,365.4 1,070.6
Items that will not be reclassified
to profit or loss:
---------- ---------- ---------- ----------
Asset revaluation surplus - 0.7 - 94.4
Remeasurements of defined benefit
pension plans 0.1 (40.9) 0.9 (39.2)
Tax on items that will not be reclassified - 9.7 (0.2) 9.3
Share of other comprehensive expense
of associates and
joint ventures, net of tax - (7.1) (0.8) (9.9)
---------- ---------- ---------- ----------
0.1 (37.6) (0.1) 54.6
Items that may be reclassified subsequently
to profit
or loss:
Translation difference
- gain/(loss) arising during the
period (126.4) 146.0 2.6 617.8
Available-for-sale investments
- gain/(loss) arising during the
period 3.1 1.7 14.2 20.5
- transfer to profit and loss (2.8) (0.2) (7.6) -
Cash flow hedges
- loss arising during the period (10.6) (22.7) (31.2) (78.8)
- transfer to profit and loss 3.5 10.3 11.7 29.2
Tax relating to items that may be
reclassified 1.5 3.5 4.5 13.0
Share of other comprehensive expense
of associates and
joint ventures, net of tax (0.6) (3.8) (3.6) (7.1)
---------- ---------- ---------- ----------
(132.3) 134.8 (9.4) 594.6
Other comprehensive income/(expense)
for the period (132.2) 97.2 (9.5) 649.2
Total comprehensive income for the
period 345.4 492.7 1,355.9 1,719.8
========== ========== ========== ==========
Attributable to:
Shareholders of the Company 160.8 230.7 631.3 819.4
Non-controlling interests 184.6 262.0 724.6 900.4
345.4 492.7 1,355.9 1,719.8
========== ========== ========== ==========
Jardine Cycle & Carriage Limited
Consolidated Balance Sheet at 30th September 2017
---------------------------------------------------
At At
Note 30.9.2017 31.12.2016
US$m US$m
Non-current assets
Intangible assets 1,348.5 972.3
Leasehold land use rights 618.5 620.4
Property, plant and equipment 3,264.9 2,978.5
Investment properties 545.6 460.2
Bearer plants 510.5 496.8
Interests in associates and joint ventures 4,231.6 3,738.5
Non-current investments 601.7 487.8
Non-current debtors 2,945.3 2,691.6
Deferred tax assets 340.2 291.2
----------
14,406.8 12,737.3
---------- -----------
Current assets
Current investments 30.9 65.2
Stocks 1,729.5 1,548.4
Current debtors 5,137.7 4,636.7
Current tax assets 128.5 136.9
Bank balances and other liquid funds
---------- -----------
- non-financial services companies 2,106.0 2,237.2
- financial services companies 242.6 228.5
---------- -----------
2,348.6 2,465.7
---------- -----------
9,375.2 8,852.9
---------- -----------
Total assets 23,782.0 21,590.2
---------- -----------
Non-current liabilities
Non-current creditors 180.0 156.7
Non-current provisions 107.9 97.6
Long-term borrowings 5
---------- -----------
- non-financial services companies 392.1 349.9
- financial services companies 1,414.1 1,517.5
---------- -----------
1,806.2 1,867.4
Deferred tax liabilities 260.5 188.0
Pension liabilities 235.6 215.9
----------
2,590.2 2,525.6
---------- -----------
Current liabilities
Current creditors 4,323.9 3,363.6
Current provisions 83.8 85.7
Current borrowings 5
---------- -----------
- non-financial services companies 1,474.4 1,178.6
- financial services companies 2,306.1 2,264.6
---------- -----------
3,780.5 3,443.2
Current tax liabilities 151.7 95.7
----------
8,339.9 6,988.2
----------
Total liabilities 10,930.1 9,513.8
---------- -----------
Net assets 12,851.9 12,076.4
========== ===========
Equity
Share capital 6 1,381.0 1,381.0
Revenue reserve 7 5,827.1 5,508.7
Other reserves 8 (1,114.6) (1,135.1)
----------
Shareholders' funds 6,093.5 5,754.6
Non-controlling interests 9 6,758.4 6,321.8
----------
Total equity 12,851.9 12,076.4
========== ===========
Jardine Cycle & Carriage Limited
Consolidated Statement of Changes in Equity for the three months
ended 30th September 2017
Attributable to shareholders of the Company
Attributable
Asset Fair to non-
value
Share Revenue revaluation Translation and controlling Total
other
capital reserve reserve reserve reserves Total interests equity
US$m US$m US$m US$m US$m US$m US$m US$m
2017
Balance at 1st
July 1,381.0 5,688.1 399.6 (1,472.4) 8.5 6,004.8 6,612.0 12,616.8
Total
comprehensive
income - 211.1 - (45.3) (5.0) 160.8 184.6 345.4
Dividends
declared/paid by
the Company - (72.0) - - - (72.0) - (72.0)
Dividends
declared/paid to
non-controlling
interests - - - - - - (42.7) (42.7)
Change in
shareholding - (0.1) - - - (0.1) - (0.1)
Acquisition of
subsidiaries - - - - - - 1.9 1.9
Other - - - - - - 2.6 2.6
Balance at 30th
September 1,381.0 5,827.1 399.6 (1,517.7) 3.5 6,093.5 6,758.4 12,851.9
======== ======== ============ ============ ========= ======== ============= =========
2016
Balance at 1st
July 1,381.0 5,190.3 393.8 (1,421.7) 9.5 5,552.9 6,040.7 11,593.6
Total
comprehensive
income - 171.1 0.4 64.7 (5.5) 230.7 262.0 492.7
Dividends
declared/paid by
the Company - (71.6) - - - (71.6) - (71.6)
Dividends
declared/paid to
non-controlling
interests - - - - - - (29.8) (29.8)
Issue of shares
to
non-controlling
interests - - - - - - 6.2 6.2
Change in
shareholding - 4.0 - - - 4.0 4.3 8.3
Other - 0.5 - - - 0.5 2.5 3.0
-------- -------- ------------ ------------ --------- -------- ------------- ---------
Balance at 30th
September 1,381.0 5,294.3 394.2 (1,357.0) 4.0 5,716.5 6,285.9 12,002.4
======== ======== ============ ============ ========= ======== ============= =========
Attributable
Asset Fair to non-
value
Share Revenue revaluation Translation and controlling Total
other
capital reserve reserve reserve reserves Total interests equity
US$m US$m US$m US$m US$m US$m US$m US$m
2017
Balance at 1st
January 1,381.0 5,508.7 400.4 (1,546.7) 11.2 5,754.6 6,321.8 12,076.4
Total
comprehensive
income - 610.8 (0.8) 29.0 (7.7) 631.3 724.6 1,355.9
Dividends
declared/paid
by
the Company - (292.3) - - - (292.3) - (292.3)
Dividends
declared/paid to
non-controlling
interests - - - - - - (303.4) (303.4)
Change in
shareholding - (0.1) - - - (0.1) (0.1) (0.2)
Acquisition of
subsidiaries - - - - - - 8.5 8.5
Other - - - - - - 7.0 7.0
Balance at 30th
September 1,381.0 5,827.1 399.6 (1,517.7) 3.5 6,093.5 6,758.4 12,851.9
======== ======== ============ ============ ========= ======== ============= =========
2016
Balance at 1st
January 1,381.0 5,065.3 347.0 (1,642.1) 14.9 5,166.1 5,560.9 10,727.0
Total
comprehensive
income - 498.0 47.2 285.1 (10.9) 819.4 900.4 1,719.8
Dividends
declared/paid
by
the Company - (272.6) - - - (272.6) - (272.6)
Dividends
declared/paid to
non-controlling
interests - - - - - - (272.4) (272.4)
Issue of shares
to
non-controlling
interests - - - - - - 89.0 89.0
Change in
shareholding - 4.1 - - - 4.1 4.3 8.4
Other - (0.5) - - - (0.5) 3.7 3.2
-------- -------- ------------ ------------ --------- -------- ------------- ---------
Balance at 30th
September 1,381.0 5,294.3 394.2 (1,357.0) 4.0 5,716.5 6,285.9 12,002.4
======== ======== ============ ============ ========= ======== ============= =========
Jardine Cycle & Carriage Limited
Company Balance Sheet at 30th September 2017
----------------------------------------------
At At
Note 30.9.2017 31.12.2016
US$m US$m
Non-current assets
Property, plant and equipment 33.9 32.0
Interests in subsidiaries 1,304.2 1,226.6
Interests in associates and joint
ventures 968.1 776.7
Non-current investment - 11.0
2,306.2 2,046.3
---------- -----------
Current assets
Current debtors 39.7 42.8
Bank balances and other liquid
funds 34.4 154.1
---------- -----------
74.1 196.9
---------- -----------
Total assets 2,380.3 2,243.2
---------- -----------
Non-current liabilities
Deferred tax liabilities 6.1 5.6
6.1 5.6
---------- -----------
Current liabilities
Current creditors 19.1 20.5
Dividend payable 71.2 -
Current tax liabilities 1.7 1.7
92.0 22.2
---------- -----------
Total liabilities 98.1 27.8
---------- -----------
Net assets 2,282.2 2,215.4
========== ===========
Equity
Share capital 6 1,381.0 1,381.0
Revenue reserve 7 586.8 654.2
Other reserves 8 314.4 180.2
Total equity 2,282.2 2,215.4
========== ===========
Net asset value per share US$5.77 US$5.61
Jardine Cycle & Carriage Limited
Company Statement of Comprehensive Income for the nine months
ended 30th September 2017
---------------------------------------------------------------
Three months ended Nine months ended
30.9.2017 30.9.2016 30.9.2017 30.9.2016
US$m US$m US$m US$m
Profit for the period 13.3 7.5 224.9 192.3
Item that may be reclassified
subsequently to profit
or loss:
Translation difference 31.3 (29.1) 138.9 79.3
Available-for-sale investment
transferred to profit
and loss (4.7) - (4.7) -
Other comprehensive income/(expense)
for the period 26.6 (29.1) 134.2 79.3
Total comprehensive income/(expense)
for the period 39.9 (21.6) 359.1 271.6
========== ========== ========== ==========
Jardine Cycle & Carriage Limited
Company Statement of Changes in Equity for the nine months ended
30th September 2017
------------------------------------------------------------------
For the three months ended 30th September 2017
Share Revenue Translation Fair Total
capital reserve reserve value equity
reserve
US$m US$m US$m US$m US$m
2017
Balance at 1st July 1,381.0 645.5 283.1 4.7 2,314.3
Total comprehensive
income - 13.3 31.3 (4.7) 39.9
Dividends declared/paid - (72.0) - - (72.0)
Balance at 30th September 1,381.0 586.8 314.4 - 2,282.2
========== ========== ============== ========== =========
2016
Balance at 1st July 1,381.0 612.0 332.3 3.5 2,328.8
Total comprehensive
income - 7.5 (29.1) - (21.6)
Dividends declared/paid - (71.6) - - (71.6)
Balance at 30th September 1,381.0 547.9 303.2 3.5 2,235.6
========== ========== ============== ========== =========
For the nine months ended 30th September 2017
Share Revenue Translation Fair Total
capital reserve reserve value equity
reserve
US$m US$m US$m US$m US$m
2017
Balance at 1st January 1,381.0 654.2 175.5 4.7 2,215.4
Total comprehensive
income - 224.9 138.9 (4.7) 359.1
Dividends declared/paid - (292.3) - - (292.3)
Balance at 30th September 1,381.0 586.8 314.4 - 2,282.2
========== ========== ============== ========== =========
2016
Balance at 1st January 1,381.0 628.2 223.9 3.5 2,236.6
Total comprehensive
income - 192.3 79.3 - 271.6
Dividends declared/paid - (272.6) - - (272.6)
Balance at 30th September 1,381.0 547.9 303.2 3.5 2,235.6
========== ========== ============== ========== =========
Jardine Cycle & Carriage Limited
Consolidated Statement of Cash Flows for the nine months ended
30th September 2017
----------------------------------------------------------------
Three months ended Nine months ended
30.9.2017 30.9.2016 30.9.2017 30.9.2016
Note US$m US$m US$m US$m
Cash flows from operating
activities
Cash generated from operations 10 438.1 618.4 1,510.3 1,515.9
Interest paid (19.1) (17.4) (66.8) (45.0)
Interest received 30.9 22.4 84.6 64.0
Other finance costs paid (18.6) (22.0) (57.8) (53.4)
Income tax paid (112.6) (70.6) (308.1) (302.7)
---------- ---------- ----------- ----------
(119.4) (87.6) (348.1) (337.1)
Net cash flows from operating
activities 318.7 530.8 1,162.2 1,178.8
Cash flows from investing
activities
---------- ---------- ----------- ----------
Sale of leasehold land use
rights 0.4 - 1.9 3.4
Sale of property, plant and
equipment 4.7 6.1 11.7 15.7
Sale of investments 143.0 79.4 259.6 112.7
Sale of investment properties (0.1) - 42.2 1.0
Sale of subsidiaries, net
of cash disposed (0.3) - (0.3) -
Sale of shares in associates
and joint ventures 22.0 3.5 35.5 3.5
Purchase of intangible assets (16.0) (20.2) (52.3) (53.7)
Purchase of leasehold land
use rights (2.9) (9.0) (27.5) (25.5)
Purchase of property, plant
and equipment (150.1) (103.6) (508.0) (288.6)
Purchase of investment properties (22.2) (22.9) (139.8) (54.3)
Additions to bearer plants (10.4) (14.4) (30.0) (42.7)
Purchase of subsidiaries,
net of cash
acquired (7.5) - (17.8) (0.9)
Purchase of shares in associates
and joint
ventures (6.0) (14.2) (657.9) (229.3)
Purchase of investments (178.3) (38.2) (325.0) (105.5)
Dividends received from associates
and
joint ventures (net) 71.3 19.4 441.4 233.0
---------- ---------- ----------- ----------
Net cash flows used in investing
activities (152.4) (114.1) (966.3) (431.2)
Cash flows from financing
activities
---------- ---------- ----------- ----------
Drawdown of loans 3,547.5 2,679.1 11,587.0 7,586.5
Repayment of loans (3,787.0) (3,164.7) (11,386.5) (7,853.3)
Changes in controlling interests
in subsidiaries - 11.2 (0.2) 11.2
Investment by/(payment to)
non-controlling
interests - 0.7 (0.8) 81.1
Dividend paid to non-controlling
interests (42.7) (29.8) (303.4) (272.4)
Dividend paid by the Company (2.2) (0.8) (222.5) (201.8)
---------- ---------- ----------- ----------
Net cash flow used in financing
activities (284.4) (504.3) (326.4) (648.7)
Net change in cash and cash
equivalents (118.1) (87.6) (130.5) 98.9
Cash and cash equivalents
at the
beginning of the period 2,480.5 2,421.0 2,465.7 2,173.0
Effect of exchange rate changes (18.2) 16.7 9.0 78.2
Cash and cash equivalents
at the end of
the period 2,344.2 2,350.1 2,344.2 2,350.1
========== ========== =========== ==========
Jardine Cycle & Carriage Limited
Notes to the financial statements for the nine months ended
30th September 2017
-------------------------------------------------------------
1 Basis of preparation
The financial statements are consistent with those set out in
the 2016 audited accounts which have been prepared in accordance
with International Financial Reporting Standards ("IFRS"). There
have been no changes to the accounting policies described in the
2016 audited accounts.
The preparation of financial statements in conformity with IFRS
requires the use of certain critical accounting estimates. It also
requires management to exercise its judgment in the process of
applying the Group's accounting policies. Estimates and judgments
used in preparing the financial statements are regularly evaluated
and are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable
under the circumstances. The resulting accounting estimates will,
by definition, seldom equal the related actual results.
The exchange rates used for translating assets and liabilities
at the balance sheet date are US$1=S$1.3589 (2016: US$1=S$1.4449),
US$1=RM4.2300 (2016: US$1=RM4.4852), US$1= IDR13,492 (2016:
US$1=IDR13,436), US$1=VND22,728 (2016: US$1=VND22,765) and
US$1=THB33.3790 (2016: US$1=THB35.8090).
The exchange rates used for translating the results for the
period are US$1=S$1.3848 (2016: US$1 =S$1.3708), US$1=RM4.3333
(2016: US$1=RM4.0664), US$1=IDR13,351 (2016: US$1=IDR13,323),
US$1=VND22,721 (2016: US$1=VND22,301) and US$1=THB34.1512 (2016:
US$1=THB35.2047).
2 Net operating costs and operating profit
Group
Three months Nine months ended
ended
30.9.2017 30.9.2016 Change 30.9.2017 30.9.2016 Change
US$m US$m % US$m US$m %
Cost of sales (3,558.1) (3,192.8) 11 (10,476.8) (9,522.8) 10
Other operating income 46.0 64.4 -29 174.6 177.2 -1
Selling and distribution
expenses (226.7) (179.7) 26 (649.2) (541.2) 20
Administrative expenses (236.1) (224.6) 5 (709.5) (667.9) 6
Other operating expenses (18.7) (18.2) 3 (59.8) (59.2) 1
---------- ---------- ----------- -----------
Net operating costs (3,993.6) (3,550.9) 12 (11,720.7) (10,613.9) 10
========== ========== =========== ===========
Group
Three months ended Nine months ended
30.9.2017 30.9.2016 Change 30.9.2017 30.9.2016 Change
US$m US$m % US$m US$m %
Operating profit is determined
after including:
Depreciation of property,
plant
and equipment (126.6) (121.3) 4 (372.8) (365.0) 2
Depreciation of bearer
plants (6.1) (5.5) 11 (17.9) (15.6) 15
Amortisation of leasehold
land
use rights and intangible
assets (26.2) (25.7) 2 (77.2) (71.4) 8
Profit/(loss) on disposal
of:
- leasehold land use
rights 0.4 0.1 300 1.4 3.0 -53
- property, plant
and equipment 0.8 2.1 -62 4.0 9.1 -56
- investment properties - - (13.4) -
(1) - nm
- investments 5.5 7.3 -25 10.3 7.3 41
- associates and joint
ventures (2) (17.2) 2.4 nm (4.5) (1.9) 137
Loss on disposal/write-down
of
repossessed assets (15.6) (14.3) 9 (42.7) (46.6) -8
Dividend and interest
income
from investments 12.5 10.3 21 40.2 34.3 17
Write-down of stocks (2.3) 5.9 nm (7.4) (2.9) 155
Impairment of debtors
(3) (44.1) (36.6) 20 (123.4) (84.2) 47
Net exchange loss
(4) 2.3 (9.0) nm (3.4) (29.8) -89
========== ========== ========== ==========
nm - not meaningful
(1) Loss on sale of property to a joint venture
(2) Loss on disposal of a joint venture in third quarter 2017
partly offset by gain on partial disposal of interest in a
joint
venture in the previous quarter
(3) Increase mainly due to impairment of financing debtors
(4) Changes mainly due to fluctuation of rupiah on monetary
assets and liabilities denominated in US dollars
3 Tax
The provision for income tax is based on the statutory tax rates
of the respective countries in which the companies operate after
taking into account non-deductible expenses and group tax
relief.
4 Earnings per share
Group
Three months ended Nine months ended
30.9.2017 30.9.2016 30.9.2017 30.9.2016
US$m US$m US$m US$m
Basic and diluted earnings
per share
Profit attributable to
shareholders 211.1 186.2 610.2 513.8
Weighted average number
of shares
in issue (millions) 395.2 395.2 395.2 395.2
Basic earnings per share USc53 USc47 USc154 USc130
========== ========== ========== ==========
Diluted earnings per share USc53 USc47 USc154 USc130
========== ========== ========== ==========
Underlying earnings per
share
Underlying profit attributable
to
shareholders 214.8 186.2 590.1 518.1
Weighted average number
of shares
in issue (millions) 395.2 395.2 395.2 395.2
Basic earnings per share USc54 USc47 USc149 USc131
========== ========== ========== ==========
Diluted earnings per share USc54 USc47 USc149 USc131
========== ========== ========== ==========
As at 30th September 2016 and 2017, there were no dilutive
potential ordinary shares in issue.
A reconciliation of the profit attributable to shareholders and
underlying profit attributable to shareholders is as follows:
Group
Three months ended Nine months ended
30.9.2017 30.9.2016 30.9.2017 30.9.2016
US$m US$m US$m US$m
Profit attributable to
shareholders 211.1 186.2 610.2 513.8
Less: Non-trading items
---------- ---------- ---------- ----------
Fair value changes of an
investment
property held by a joint
venture - - 10.3 -
Gain on disposal of an
investment 4.9 - 4.9 -
Net loss on disposal of
interests in
subsidiary and joint ventures (8.5) - (3.5) -
Gain/loss on valuation
at fair value of an
investment held by an associate (0.1) - 8.4 -
Loss on dilution of interest
in an associate - - - (4.3)
---------- ---------- ---------- ----------
(3.7) - 20.1 (4.3)
---------- ---------- ---------- ----------
Underlying profit attributable
to
shareholders 214.8 186.2 590.1 518.1
========== ========== ========== ==========
Non-trading items are separately identified to provide greater
understanding of the Group's underlying business performance. Items
classified as non-trading items include fair value gains or losses
on revaluation of investment properties and agricultural produce;
gains and losses arising from the sale of businesses, investments
and properties; impairment of non-depreciable intangible assets and
other investments; provisions for closure of businesses;
acquisition-related costs in business combinations; and other
credits and charges of a non-recurring nature that require
inclusion in order to provide additional insight into the Group's
underlying business performance.
5 Borrowings
Group
At At
30.9.2017 31.12.2016
US$m US$m
Long-term borrowings:
* secured 1,437.5 1,229.2
* unsecured 368.7 638.2
---------- -----------
1,806.2 1,867.4
---------- -----------
Current borrowings:
* secured 1,903.7 1,972.2
* unsecured 1,876.8 1,471.0
---------- -----------
3,780.5 3,443.2
---------- -----------
Total borrowings 5,586.7 5,310.6
========== ===========
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$1,912.7 million (31st December 2016:
US$1,884.7 million).
6 Share capital
Company
2017 2016
US$m US$m
Three months ended 30th September
Issued and fully paid:
Balance at 1st July and 30th September
- 395,236,288 (2016: 395,236,288) ordinary
shares 1,381.0 1,381.0
Nine months ended 30th September
Issued and fully paid:
Balance at 1st January and 30th September
- 395,236,288 (2016: 395,236,288) ordinary
shares 1,381.0 1,381.0
======== ========
There were no rights, bonus or equity issues during the period
between 1st July 2017 and 30th September 2017. The Company did not
hold any treasury shares and did not have any unissued shares under
convertibles as at 30th September 2017 (30th September 2016:
Nil).
7 Revenue reserve
Group Company
Three months ended 30th September 2017 2016 2017 2016
US$m US$m US$m US$m
Movements:
Balance at 1st July 5,688.1 5,190.3 645.5 612.0
Asset revaluation reserve realised
on disposal of assets - (0.1) - -
Defined benefit pension plans
- remeasurements - (15.3) - -
- deferred tax - 3.7 - -
Share of associates' and joint ventures'
remeasurements
of defined benefit pension plans,
net of tax - (3.4) - -
Profit attributable to shareholders 211.1 186.2 13.3 7.5
Dividends declared/paid by the Company (72.0) (71.6) (72.0) (71.6)
Change in shareholding (0.1) 4.0 - -
Other - 0.5 - -
Balance at 30th September 5,827.1 5,294.3 586.8 547.9
======= ======= ====== ======
Group Company
Nine months ended 30th September 2017 2016 2017 2016
US$m US$m US$m US$m
Movements:
Balance at 1st January 5,508.7 5,065.3 654.2 628.2
Asset revaluation reserve realised
on disposal of assets 0.8 0.1 - -
Defined benefit pension plans
- remeasurements 0.3 (14.7) - -
- deferred tax (0.1) 3.5 - -
Share of associates' and joint ventures'
remeasurements
of defined benefit pension plans,
net of tax (0.4) (4.7) - -
Profit attributable to shareholders 610.2 513.8 224.9 192.3
Dividends declared/paid by the Company (292.3) (272.6) (292.3) (272.6)
Change in shareholding (0.1) 4.1 - -
Other - (0.5) - -
Balance at 30th September 5,827.1 5,294.3 586.8 547.9
======= ======= ======= =======
8 Other reserves
Group Company
2017 2016 2017 2016
US$m US$m US$m US$m
Composition:
Asset revaluation reserve 399.6 394.2 - -
Translation reserve (1,517.7) (1,357.0) 314.4 303.2
Fair value reserve 15.7 15.7 - 3.5
Hedging reserve (15.5) (15.0) - -
Other reserve 3.3 3.3 - -
--------- --------- ----- ------
Balance at 30th September (1,114.6) (958.8) 314.4 306.7
========= ========= ===== ======
Three months ended 30th September
Movements:
Asset revaluation reserve
Balance at 1st July 399.6 393.8 - -
Revaluation surplus - 0.3 - -
Reserve realised on disposal of assets - 0.1 - -
Balance at 30th September 399.6 394.2 - -
========= ========= ===== ======
Translation reserve
Balance at 1st July (1,472.4) (1,421.7) 283.1 332.3
Translation difference (45.3) 64.7 31.3 (29.1)
--------- --------- ----- ------
Balance at 30th September (1,517.7) (1,357.0) 314.4 303.2
========= ========= ===== ======
Fair value reserve
Balance at 1st July 17.0 15.3 4.7 3.5
Available-for-sale investments
- fair value changes 1.7 0.5 - -
- deferred tax (0.1) 0.1 - -
- transfer to profit and loss (3.8) (0.1) (4.7) -
Share of associates' and joint ventures'
fair
value changes of available-for-sale
investments,
net of tax 0.9 (0.1) - -
--------- --------- ----- ------
Balance at 30th September 15.7 15.7 - 3.5
========= ========= ===== ======
Hedging reserve
Balance at 1st July (11.8) (9.1) - -
Cash flow hedges
- fair value changes (5.1) (10.7) - -
- deferred tax 0.8 1.5 - -
- transfer to profit and loss 1.8 5.1 - -
Share of associates' and joint ventures'
fair
value changes of cash flow hedges,
net of tax (1.2) (1.8) - -
Balance at 30th September (15.5) (15.0) - -
========= ========= ===== ======
Other reserve
Balance at 1st July and 30th September 3.3 3.3 - -
========= ========= ===== ======
Group Company
Nine months ended 30th September 2017 2016 2017 2016
US$m US$m US$m US$m
Movements:
Asset revaluation reserve
Balance at 1st January 400.4 347.0 - -
Revaluation surplus - 47.3 - -
Reserve realised on disposal of assets (0.8) (0.1) - -
--------- --------- ----- -----
Balance at 30th September 399.6 394.2 - -
========= ========= ===== =====
Translation reserve
Balance at 1st January (1,546.7) (1,642.1) 175.5 223.9
Translation difference 29.0 285.1 138.9 79.3
--------- --------- ----- -----
Balance at 30th September (1,517.7) (1,357.0) 314.4 303.2
========= ========= ===== =====
Fair value reserve
Balance at 1st January 13.0 5.2 4.7 3.5
Available-for-sale investments
- fair value changes 7.1 9.1 - -
- deferred tax (0.2) - - -
- transfer to profit and loss (6.1) - (4.7) -
Share of associates' and joint ventures'
fair
value changes of available-for-sale
investments,
net of tax 1.9 1.4 - -
--------- --------- ----- -----
Balance at 30th September 15.7 15.7 - 3.5
========= ========= ===== =====
Hedging reserve
Balance at 1st January (5.1) 6.4 - -
Cash flow hedges
- fair value changes (14.9) (36.9) - -
- deferred tax 2.3 5.9 - -
- transfer to profit and loss 5.9 14.6 - -
Share of associates' and joint ventures'
fair
value changes of cash flow hedges,
net of tax (3.7) (5.0) - -
Balance at 30th September (15.5) (15.0) - -
========= ========= ===== =====
Other reserve
Balance at 1st January and 30th September 3.3 3.3 - -
========= ========= ===== =====
9 Non-controlling interests
Group
Three months ended 30th September 2017 2016
US$m US$m
Balance at 1st July 6,612.0 6,040.7
Asset revaluation surplus - 0.4
Available-for-sale investments
- fair value changes 1.4 1.2
- deferred tax (0.1) 0.1
- transfer to profit and loss 1.0 (0.1)
Share of associates' and joint ventures'
fair value changes of
available-for-sale investments, net of tax 0.9 (0.3)
Cash flow hedges
- fair value changes (5.5) (12.0)
- deferred tax 0.9 1.8
- transfer to profit and loss 1.7 5.2
Share of associates' and joint ventures'
fair value changes of cash
flow hedges, net of tax (1.2) (1.6)
Defined benefit pension plans
- remeasurements 0.1 (25.6)
- deferred tax - 6.0
Share of associates' and joint ventures'
remeasurements
of defined benefit pension plans, net of
tax - (3.7)
Translation difference (81.1) 81.3
Profit for the period 266.5 209.3
Dividends declared/paid to non-controlling
interests (42.7) (29.8)
Issue of shares to non-controlling interests - 6.2
Change in shareholding - 4.3
Acquisition of subsidiaries 1.9 -
Other 2.6 2.5
------- -------
Balance at 30th September 6,758.4 6,285.9
======= =======
Group
Nine months ended 30th September 2017 2016
US$m US$m
Balance at 1st January 6,321.8 5,560.9
Asset revaluation surplus - 47.1
Available-for-sale investments
- fair value changes 7.1 11.4
- deferred tax (0.2) -
- transfer to profit and loss (1.5) -
Share of associates' and joint ventures'
fair value changes of
available-for-sale investments, net of tax 1.8 1.3
Cash flow hedges
- fair value changes (16.3) (41.9)
- deferred tax 2.6 7.1
- transfer to profit and loss 5.8 14.6
Share of associates' and joint ventures'
fair value changes of cash
flow hedges, net of tax (3.6) (4.8)
Defined benefit pension plans
- remeasurements 0.6 (24.5)
- deferred tax (0.1) 5.8
Share of associates' and joint ventures'
remeasurements
of defined benefit pension plans, net of
tax (0.4) (5.2)
Translation difference (26.4) 332.7
Profit for the period 755.2 556.8
Dividends declared/paid to non-controlling
interests (303.4) (272.4)
Issue of shares to non-controlling interests - 89.0
Change in shareholding (0.1) 4.3
Acquisition of subsidiaries 8.5 -
Other 7.0 3.7
------- -------
Balance at 30th September 6,758.4 6,285.9
======= =======
10 Cash flows from operating activities
Group
Three months Nine months ended
ended
30.9.2017 30.9.2016 30.9.2017 30.9.2016
US$m US$m US$m US$m
Profit before tax 594.6 489.0 1,690.6 1,323.0
Adjustments for:
--------- --------- --------- ---------
Financing income (26.7) (25.3) (82.7) (66.9)
Financing charges 38.6 33.4 117.5 98.4
Share of associates' and joint
ventures' results after tax (155.4) (118.9) (482.3) (336.3)
Depreciation of property, plant
and equipment 126.6 121.3 372.8 365.0
Depreciation of bearer plants 6.1 5.5 17.9 15.6
Amortisation of leasehold land
use rights and intangible
assets 26.2 25.7 77.2 71.4
(Profit)/loss on disposal of:
- leasehold land use rights (0.4) (0.1) (1.4) (3.0)
- property, plant and equipment (0.8) (2.1) (4.0) (9.1)
- investment properties - - 13.4 -
- investments (5.5) (7.3) (10.3) (7.3)
- subsidiaries (0.1) - (0.1) -
- associates and joint ventures 17.2 (2.4) 4.5 1.9
Loss on disposal/write-down of
repossessed assets 15.6 14.3 42.7 46.6
Write-down of stocks 2.3 (5.9) 7.4 2.9
Impairment of debtors 44.1 36.6 123.4 84.2
Changes in provisions 9.1 12.6 13.9 30.1
Foreign exchange loss (2.1) (8.5) 6.6 4.1
--------- --------- --------- ---------
94.8 78.9 216.5 297.6
--------- --------- --------- ---------
Operating profit before working
capital changes 689.4 567.9 1,907.1 1,620.6
Changes in working capital:
--------- --------- --------- ---------
Stocks (1) (132.0) (63.1) (238.6) 111.1
Concession rights (20.1) (4.8) (65.5) (28.3)
Financing debtors (2) 44.8 (49.6) (102.2) (215.2)
Debtors (2) (307.8) (71.3) (733.3) (262.1)
Creditors (3) 156.6 232.1 721.2 269.4
Pensions 7.2 7.2 21.6 20.4
--------- --------- --------- ---------
(251.3) 50.5 (396.8) (104.7)
--------- --------- --------- ---------
Cash flows from operating activities 438.1 618.4 1,510.3 1,515.9
========= ========= ========= =========
(1) Increase in stocks balance mainly due to purchases to support sales activities
(2) Increase in debtors balance mainly due to higher sales
activities and dividends receivable from associates and joint
ventures
(3) Increase in creditors balance mainly due to purchases to
support sales activities, deferred payments and accruals for
dividend payable and operating expenses
11 Interested person transactions
Aggregate value
of all interested Aggregate value
person transactions of all interested
(excluding transactions person transactions
less than S$100,000 conducted under
and transactions shareholders'
conducted under mandate pursuant
shareholders' to Rule 920 (excluding
mandate pursuant transactions
to Rule 920) less than S$100,000)
---------------------------- ------------------------------
Name of interested person US$m US$m
Three months ended 30th September
2017
Jardine Matheson Limited
- management support services - 1.0
JLT Specialty Pte Ltd
- insurance brokerage services - 0.2
PT Hero Supermarket Tbk
- transportation services - 0.1
--------------------------------- -------------------------
- 1.3
================================= =========================
Nine months ended 30th September
2017
Jardine Matheson Limited
- management support services - 3.3
Jardine Lloyd Thompson PCS Pte
Ltd
- purchase of a used car - 0.1
Jardine Matheson (Singapore)
Ltd
- rental of premises - 0.1
JLT Specialty Pte Ltd
- insurance brokerage services - 0.2
PT Hero Supermarket Tbk
- transportation services - 0.3
--------------------------------- -------------------------
- 4.0
================================= =========================
12 Additional information
Group
Three months Nine months ended
ended
30.9.2017 30.9.2016 Change 30.9.2017 30.9.2016 Change
US$m US$m % US$m US$m %
Astra International
Automotive 83.8 75.6 11 229.5 211.6 8
Financial services 34.3 31.2 10 97.6 78.0 25
Heavy equipment and
mining 50.2 29.3 71 127.5 71.2 79
Agribusiness 10.8 10.7 1 42.1 34.3 23
Infrastructure & logistics 2.0 2.8 -29 6.1 8.0 -24
Information technology 1.8 1.3 38 3.9 4.0 -3
Property 0.2 0.2 - (0.6) 0.4 nm
---------- ---------- ---------- ----------
183.1 151.1 21 506.1 407.5 24
Less: Withholding
tax on dividend 0.1 (1.0) nm (7.6) (8.7) -13
---------- ---------- ---------- ----------
183.2 150.1 22 498.5 398.8 25
---------- ---------- ---------- ----------
Direct Motor Interests
Vietnam 9.3 17.4 -47 41.5 60.5 -31
Singapore 14.3 11.5 24 38.4 33.1 16
Malaysia (0.5) 1.1 nm 0.8 5.4 -85
Indonesia (Tunas Ridean) 3.7 4.5 -18 10.6 13.8 -23
Myanmar (0.4) (0.1) 300 (2.3) (0.2) nm
---------- ---------- ---------- ----------
26.4 34.4 -23 89.0 112.6 -21
---------- ---------- ---------- ----------
Other Interests 10.9 6.7 63 19.2 22.0 -13
Corporate costs (5.7) (5.0) 14 (16.6) (15.3) 8
Underlying profit
attributable to
shareholders 214.8 186.2 15 590.1 518.1 14
========== ========== ========== ==========
nm - not meaningful
13 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.
No significant event or transaction other than as contained in
this report has occurred between 1st September 2017 and the date 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 Manual.
- 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 period ended 30th September 2017 can be
accessed through the internet at 'www.jcclgroup.com'.
Corporate Profile
Jardine Cycle & Carriage ("JC&C") is a leading
Singapore-listed company and a member of the Jardine Matheson
Group. It has an interest of just over 50% in Astra International
("Astra"), a premier listed Indonesian conglomerate, as well as
Direct Motor Interests and Other Interests in Southeast Asia.
Together with its subsidiaries and associates, JC&C employs
over 240,000 people across Indonesia, Vietnam, Singapore, Thailand,
Malaysia and Myanmar.
Astra is the largest independent automotive group in Southeast
Asia, with further interests in financial services, heavy equipment
and mining, agribusiness, infrastructure and logistics, information
technology and property. JC&C's Direct Motor Interests operate
in Singapore, Malaysia and Myanmar under the Cycle & Carriage
banner, and through Tunas Ridean in Indonesia and Truong Hai Auto
Corporation in Vietnam. JC&C's Other Interests comprise
interests in market leading businesses in the region through which
JC&C gains exposure to key economies by supporting such
businesses in their long term development.
Jardine Matheson is a diversified business group focused
principally on Asia. Its businesses comprise a combination of cash
generating activities and long-term property assets. In addition to
its 75% shareholding in the Company, the Jardine Matheson Group's
interests include Jardine Pacific, Jardine Motors, Jardine Lloyd
Thompson, Hongkong Land, Dairy Farm and Mandarin Oriental. These
companies are leaders in the fields of engineering and
construction, transport services, motor vehicles, insurance
broking, property investment and development, retailing,
restaurants and luxury hotels.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
November 08, 2017 04:15 ET (09:15 GMT)
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