TIDMJDS TIDMJAR
RNS Number : 5722H
Jardine Strategic Hldgs Ltd
02 August 2019
To: Business Editor 2nd August 2019
For immediate release
Jardine Cycle & Carriage Limited
2019 Half Year 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
Jonathan Lloyd (852) 2843 8223
Brunswick Group Limited
Ben Fry (65) 6426 8103
2nd August 2019
JARDINE CYCLE & CARRIAGE LIMITED
2019 HALF YEAR FINANCIAL STATEMENTS AND DIVID ANNOUNCEMENT
Highlights
-- Underlying profit modestly down
-- Lower contribution from Astra primarily due to a weaker automotive market
-- Direct Motor Interests affected by increased competition in Vietnam
-- Improved Other Strategic Interests contribution due to higher dividend income
"Jardine Cycle & Carriage reported underlying profit of
US$407 million, reflecting the challenging conditions in the first
half of 2019. The outlook for the rest of the year remains
cautious, with Astra expected to continue to face a soft automotive
market and commodity prices. The Group's Direct Motor Interests
will also continue to be affected by challenging market conditions,
while the contribution from Other Strategic Interests is expected
to be stable."
Ben Keswick, Chairman
Group Results
-------------------------------- ------------------------------ --------- -----------
Six months ended 30th June
-------------------------------- ------------------------------------------ -----------
Restated
2019 2018 Change 2019
US$m US$m % S$m
---------------------------------- ------------- -------------- --------- -----------
Revenue 9,157 9,188 - 12,434
Underlying profit attributable
to
shareholders (#) 407 413 -1 553
Non-trading items^ 20 (240) nm 27
Profit attributable to
shareholders 427 173 147 580
---------------------------------- ------------- -------------- --------- -----------
USc USc Sc
---------------------------------- ------------- -------------- --------- -----------
Underlying earnings per
share (#) 103 104 -1 139
Earnings per share 108 44 147 146
Interim dividend per share
* 18 18 - 24
At At At
30.6.2019 31.12.2018 30.6.2019
------------- -------------- ---------
US$m US$m S$m
---------------------------------- ------------- -------------- --------- -----------
Shareholders' funds 6,408 6,144 4 8,675
---------------------------------- ------------- -------------- --------- -----------
US$ US$ S$
---------------------------------- ------------- -------------- --------- -----------
Net asset value per share 16.21 15.55 4 21.95
---------------------------------- ------------- -------------- --------- -----------
The exchange rate of US$1=S$1.35 (31st December 2018:
US$1=S$1.37) was used for translating assets and liabilities at the
balance sheet date and US$1=S$1.36 (30th June 2018: US$1=S$1.33)
was used for translating the results for the period. The financial
results for the six months ended 30th June 2019 and 30th June 2018
have been prepared in accordance with International Financial
Reporting Standards and have not been audited or reviewed by the
auditors.
The accounts have been restated due to changes in accounting
policies upon adoption of IFRS 16 Leases, as set out in Note 1 to
the condensed financial statements.
# 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 4 to the condensed financial statements.
Management considers this to be a key performance measurement which
enhances the understanding of the Group's underlying business
performances.
^ Included in 'non-trading items' are unrealised gain/losses
arising from the revaluation of the Group's equity investments.
* The Singapore currency equivalent is an estimate as the actual
amount will be determined on the Books Closure Date referred to in
Note 11.
nm not meaningful
CHAIRMAN'S STATEMENT
Overview
Jardine Cycle & Carriage's ("JC&C" or "the Group")
performance in the first half reflected the challenging conditions
in the period, with Astra's performance affected by relatively weak
domestic consumption and a downward trend in commodity prices, only
partially offset by improved contributions from financial services
and gold mining.
Results
JC&C's underlying profit attributable to shareholders of
US$407 million was 1% lower than the same period last year.
Underlying earnings per share were also down 1% at USc103. Profit
attributable to shareholders increased significantly compared with
the same period in 2018 to US$427 million, after accounting for net
non-trading gains of US$20 million which were principally
unrealised fair value gains related to non-current investments. In
2018, there were net non-trading losses of US$240 million. Earnings
per share were USc108, compared with USc44 last year.
The Group's consolidated net debt, excluding Astra's financial
services subsidiaries, was US$3.1 billion at the end of June 2019,
compared to US$2.2 billion at the end of 2018. The increase was
largely due to Astra's additional investments in the
Surabaya-Mojokerto toll road and Gojek, as well as capital
expenditure in its mining contracting business, and additional
investment by JC&C in Truong Hai Auto Corporation. Net debt
within Astra's financial services subsidiaries increased from
US$3.3 billion to US$3.4 billion. JC&C parent company's net
debt was US$1.5 billion, compared with US$1.3 billion at the
previous year end.
The Board has declared an interim one-tier tax exempt dividend
of USc18 per share (2018: USc18 per share) for the half year ended
30 June 2019.
Group Review
The contribution to JC&C's underlying profit attributable to
shareholders by business segments was as follows:
Contribution to JC&C's underlying
profit
Six months ended 30th June
-------------------------------- --------------------------------------
Restated
2019 2018 Change
Business segments US$m US$m %
-------------------------------- ---------- ------------ ------------
Astra 326 354 -8
Direct Motor Interests 55 72 -22
Other Strategic Interests 44 41 7
Corporate Costs (18) (54) -66
Underlying profit attributable
to
shareholders 407 413 -1
---------- ------------ ------------
The accounts have been restated due to changes in accounting
policies upon adoption of IFRS 16 Leases, as set out in Note 1 to
the condensed financial statements
Astra
Astra reported a net profit equivalent to US$691 million, under
Indonesian accounting standards, 6% lower in its local currency
terms. This was mainly due to lower contributions from its
automotive and agribusiness divisions, which more than offset
increased contributions from the financial services and heavy
equipment, mining, construction and energy divisions.
Automotive
Net income from Astra's automotive division fell by 18% to
US$244 million, mainly due to lower car sales volumes and increased
manufacturing costs. Highlights were as follows:
-- Astra's car sales were 6% lower at 253,000 units with the
overall wholesale car market declining by 13% to 482,000 units;
Astra's market share increased from 48% to 53%; 8 new models and 2
revamped models were launched.
-- Astra's Honda motorcycle sales were 8% higher at 2.4 million
units as the wholesale motorcycle market grew by 7% in the first
half of 2019 to 3.2 million units; and 4 new models and 15 revamped
models were launched.
-- Components business Astra Otoparts reported a 19% increase in
net income at US$17 million, mainly due to higher revenue from the
replacement market and export segments.
Financial Services
Net income from Astra's financial services division grew by 32%
to US$199 million mainly due to the recovery of non-performing
loans, lower loan loss provisions and a larger loan portfolio.
Highlights were as follows:
-- Consumer finance businesses saw a 6% increase in the amount
financed to US$3.0 billion. The net income contribution from the
car-focused finance companies increased by 39% to US$50 million,
mainly due to lower non-performing loan losses while the net income
contribution from the motorcycle-focused financing business
increased by 10% to US$87 million, due to a larger loan
portfolio.
-- Heavy equipment-focused finance operations saw a 4% decrease
in the amounts financed at US$151 million. The net income
contribution grew 32% to US$4 million, with lower loan
provisions.
-- Permata Bank reported a significant increase in net income to
US$50 million, mainly due to higher recoveries from non-performing
loans.
-- General insurance company, Asuransi Astra Buana, reported 9%
growth with net income at US$38 million, due to increased
investment income.
Heavy Equipment, Mining, Construction and Energy
Net income from Astra's heavy equipment, mining, construction
and energy division increased by 2% to US$235 million, mainly due
to the contribution from the new gold mining operation, partly
offset by lower heavy equipment sales. Highlights were as
follows:
-- United Tractors reported a 2% increase with net income at US$393 million.
-- Komatsu heavy equipment sales decreased by 20% to 1,917 units
while parts and service revenues were stable.
-- Mining contracting operations recorded a 5% higher overburden
removal volume at 469 million bank cubic metres and a 7% higher
coal production at 61 million tonnes.
-- Coal mining subsidiaries achieved 11% higher coal sales at 5
million tonnes, including 674,000 tonnes of coking coal sales.
-- Agincourt Resources reported gold sales of 194,000 oz.
-- General contractor, Acset Indonusa, reported a US$28 million
net loss compared to a net income of US$5 million in the equivalent
period last year, mainly due to increased project and funding costs
for several ongoing contracts.
Infrastructure and Logistics
Net income from Astra's infrastructure and logistics division
increased significantly to US$6 million, compared with the same
period in 2018, due to improved earnings from its operational toll
roads. Highlights were as follows:
-- Astra has 339km of operational toll roads along the
Trans-Java network and a further 11km under construction.
-- There was an increase in revenue due to 23% higher traffic
volumes for all operational concessions, following the completion
of the Trans-Java network in December 2018.
-- In May 2019, a 44.5% interest was acquired in the 36km Surabaya-Mojokerto toll road, further strengthening Astra's portfolio in the Trans-Java network.
-- Serasi Autoraya's net income decreased by 20% to US$6
million, due to a 6% fall in vehicles under leasing contract at
22,200 units and 5% lower used car sales at 15,200 units.
Agribusiness
Net income from Astra's agribusiness division fell by 94% to
US$2 million, due to an 18% fall in crude palm oil prices.
Information Technology
Net income from Astra's information technology division fell by
35% to US$3 million due to reduced revenue in IT solutions and
office services business and higher operating costs.
Property
Net income from Astra's property division was 33% lower at US$2
million, mainly due to reduced development earnings from Anandamaya
Residences following the completion of construction in 2018.
Direct Motor Interests
The Group's Direct Motor Interests contributed a profit of US$55
million, 22% down on the previous year primarily due to a lower
contribution from Truong Hai Auto Corporation ("Thaco"). Highlights
were as follows:
-- Cycle & Carriage Singapore contributed a profit of US$29
million, 7% higher than the previous year with the increase in
overall vehicle sales partly offset by lower margins due to higher
certificates of entitlement ("COE") costs. The passenger car market
fell by 7% to 39,900 units, following a decrease in the number of
COEs. CCS passenger car sales grew by 15% to 8,000 units, due to
the launch of new models and competitive pricing, leading to an
increase in its market share from 16% to 20%.
-- In Malaysia, Cycle & Carriage Bintang contributed a loss
of US$1 million to JC&C's underlying profit, compared to a
profit of US$1 million in the first half of 2018 as overall unit
sales declined, and operating expenses and financing costs were
higher.
-- In Indonesia, Tunas Ridean contributed US$10 million to
JC&C's underlying profit, 9% higher than the first half of
2018, due to a stronger contribution from its automotive
operations, partially offset by a lower contribution from its
rental business while the contribution from consumer finance was
stable.
-- In Vietnam, Thaco contributed US$23 million to JC&C's
underlying profit, 39% lower than the equivalent period last year,
due to lower unit sales and margins which reflected the increased
competition in the Vietnamese automotive market, particularly from
completely built up ("CBU") imports.
Other Strategic Interests
The Group's Other Strategic Interests contributed a profit of
US$44 million, 7% up on the previous year. Highlights were as
follows:
-- Siam City Cement contributed a profit of US$12 million, down
8%, as improved domestic performance was offset by a lower
contribution from its regional operations, primarily from
Vietnam.
-- Refrigeration Electrical Engineering Corporation's
contribution of US$4 million, based on its first quarter results as
in the previous year, was 5% down. Weaker performances from its
power and water investments and its M&E business were partially
offset by stronger real estate contributions.
-- Vinamilk which is accounted for as an investment produced a
dividend income of US$28 million, compared to US$24 million in the
previous year. Vinamilk reported a net profit of US$244 million in
the first half, 6% up in local currency terms, due to the rebound
of the fast-moving consumer goods sector as well as an increase in
market share.
Corporate Costs
Corporate costs were US$18 million compared to US$54 million in
the previous year which has improved the underlying profit of the
Group overall. This was primarily due to a foreign exchange gain
from the translation of foreign currency loans in the first half of
2019 compared to a foreign exchange loss in the previous year,
partly offset by higher net financing charges and overheads in the
first half of 2019.
People
Alex Newbigging will be stepping down from his role as Group
Managing Director with effect from 30th September 2019 and moving
on to a new role within the Jardine Matheson Group. I would like to
thank Alex for his contributions to the Group. Ben Birks, who is
currently Chief Executive Officer of Jardine International Motors
Limited, will succeed Alex Newbigging on 1st October 2019 as Group
Managing Director.
Outlook
The outlook for the rest of the year remains cautious, with
Astra expected to continue to face a soft automotive market and
commodity prices. The Group's Direct Motor Interests will also
continue to be affected by challenging market conditions, while the
contribution from Other Strategic Interests is expected to be
stable.
Ben Keswick
Chairman
CORPORATE PROFILE
Jardine Cycle & Carriage ("JC&C" or "the Group") is the
investment holding company of the Jardine Matheson Group in
Southeast Asia. With an investment strategy focused on urbanisation
and the growing middle class in the region, JC&C holds
long-term, strategic interests in diversified market-leading
businesses across Southeast Asia.
The Group has a 50.1% interest in Astra, a diversified group in
Indonesia, which is also the largest independent automotive group
in Southeast Asia.
JC&C also has significant interests in Vietnam, including
26.6% in Truong Hai Auto Corporation, 24.9% in Refrigeration
Electrical Engineering Corporation and 10.6% in Vinamilk. Its
25.5%-owned Siam City Cement also has a presence in South Vietnam,
in addition to operating in Thailand, Cambodia and Bangladesh.
The other investments in JC&C's portfolio are the Cycle
& Carriage businesses in Singapore, Malaysia and Myanmar, and
46.2%-owned Tunas Ridean in Indonesia. These motor businesses are
managed by Jardine International Motors.
JC&C is a leading Singapore-listed company, 75%-owned by the
Jardine Matheson Group. Together with its subsidiaries and
associates, JC&C employs more than 250,000 people across
Southeast Asia.
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 six months ended 30th June 2019 to be false or misleading in
any material respect.
On behalf of the Directors
Ben Keswick
Director
Vimala Menon
Director
2nd August 2019
Jardine Cycle & Carriage Limited
Consolidated Profit and Loss Account for the six months ended 30th
June 2019
--------------------------------------------------------------------
Three months Six months ended
ended
Restated Restated
30.6.2019 30.6.2018 Change 30.6.2019 30.6.2018 Change
Note US$m US$m % US$m US$m %
Revenue 4,440.9 4,545.6 -2 9,157.1 9,188.8 -
Net operating costs 2 (4,016.4) (4,180.5) -4 (8,077.3) (8,389.6) -4
Operating profit 2 424.5 365.1 16 1,079.8 799.2 35
Financing income 21.9 22.2 -1 44.4 44.6 -
Financing charges (90.8) (61.1) 49 (178.0) (110.5) 61
---------- ---------- ---------- ----------
Net financing charges (68.9) (38.9) 77 (133.6) (65.9) 103
Share of associates'
and joint
ventures' results
after tax 124.4 147.0 -15 248.4 273.1 -9
Profit before tax 480.0 473.2 1 1,194.6 1,006.4 19
Tax 3 (136.6) (145.1) -6 (256.0) (265.9) -4
Profit after tax 343.4 328.1 5 938.6 740.5 27
========== ========== ========== ==========
Profit attributable
to:
Shareholders of
the Company 115.1 37.7 205 427.5 173.0 147
Non-controlling
interests 228.3 290.4 -21 511.1 567.5 -10
343.4 328.1 5 938.6 740.5 27
========== ========== ========== ==========
USc USc USc USc
----------------------- ---------- ---------- ------- ---------- ---------- -------
Earnings per share 4 29 10 205 108 44 147
----------------------- ---------- ---------- ------- ---------- ---------- -------
Jardine Cycle & Carriage Limited
Consolidated Statement of Comprehensive Income for the six months
ended 30th June 2019
-------------------------------------------------------------------
Three months Six months ended
ended
Restated Restated
30.6.2019 30.6.2018 30.6.2019 30.6.2018
US$m US$m US$m US$m
Profit for the period 343.4 328.1 938.6 740.5
Items that will not be reclassified
to profit or loss:
---------- ---------- ---------- ----------
Asset revaluation surplus - 3.0 - 3.0
Remeasurements of defined benefit
pension plans 0.1 - 0.3 (1.0)
Tax on items that will not be
reclassified - - - 0.2
Share of other comprehensive income
of associates and
joint ventures, net of tax 0.1 0.3 (0.1) 0.9
---------- ---------- ---------- ----------
0.2 3.3 0.2 3.1
Items that may be reclassified
subsequently to profit
or loss:
Translation difference
- gain/(loss) arising during
the period 97.2 (562.9) 284.7 (697.6)
Financial assets at FVOCI (1)
- gain/(loss) arising during the
period 4.8 (17.4) 14.4 (20.7)
- transfer to profit and loss (0.4) (2.4) (0.4) (3.8)
Cash flow hedges
- gain/(loss) arising during the
period (56.8) 51.8 (76.0) 51.7
- transfer to profit and loss 0.8 0.1 1.6 0.4
Tax relating to items that may
be reclassified 14.8 (11.9) 19.3 (11.8)
Share of other comprehensive income
of associates and joint ventures,
net of tax (24.0) (14.5) (36.1) 13.3
36.4 (557.2) 207.5 (668.5)
Other comprehensive income for
the period 36.6 (553.9) 207.7 (665.4)
Total comprehensive income for
the period 380.0 (225.8) 1,146.3 75.1
========== ========== ========== ==========
Attributable to:
Shareholders of the Company 145.2 (221.1) 541.2 (113.8)
Non-controlling interests 234.8 (4.7) 605.1 188.9
380.0 (225.8) 1,146.3 75.1
========== ========== ========== ==========
(1) Fair value through other comprehensive income ("FVOCI")
Jardine Cycle & Carriage Limited
Consolidated Balance Sheet at 30th June 2019
----------------------------------------------
Restated Restated
At At At
Note 30.6.2019 31.12.2018 1.1.2018
US$m US$m US$m
Non-current assets
Intangible assets 1,732.0 1,630.6 1,079.5
Property, plant and equipment 4,666.6 4,457.5 3,404.5
Investment properties 605.7 587.2 618.6
Bearer plants 498.7 486.8 498.0
Interests in associates and
joint ventures 4,658.4 4,250.6 4,280.3
Right-of-use assets 782.5 753.0 762.1
Non-current investments 2,100.8 1,911.2 2,031.8
Non-current debtors 2,932.9 2,867.1 2,824.5
Deferred tax assets 342.7 300.7 322.4
---------- -----------
18,320.3 17,244.7 15,821.7
---------- ----------- ----------
Current assets
Current investments 36.8 50.4 22.7
Properties for sale 358.3 355.8 254.0
Stocks 1,998.8 2,039.7 1,723.8
Current debtors 5,958.1 5,595.5 5,044.9
Current tax assets 154.2 134.9 120.5
Bank balances and other liquid
funds
---------- ----------- ----------
- non-financial services companies 1,376.4 1,711.4 2,398.7
- financial services companies 240.7 187.5 241.1
---------- ----------- ----------
1,617.1 1,898.9 2,639.8
---------- ----------- ----------
10,123.3 10,075.2 9,805.7
---------- ----------- ----------
Total assets 28,443.6 27,319.9 25,627.4
---------- ----------- ----------
Non-current liabilities
Non-current creditors 298.7 271.4 241.6
Provisions 159.1 146.7 113.7
Non-current lease liabilities 94.9 93.3 89.0
Long-term borrowings 5
---------- ----------- ----------
- non-financial services companies 1,819.1 1,125.4 845.0
- financial services companies 1,803.3 1,655.2 1,486.4
---------- ----------- ----------
3,622.4 2,780.6 2,331.4
Deferred tax liabilities 399.7 428.0 212.9
Pension liabilities 272.6 253.0 262.2
---------- -----------
4,847.4 3,973.0 3,250.8
---------- ----------- ----------
Current liabilities
Current creditors 4,854.2 4,951.5 4,152.7
Provisions 98.8 92.8 87.2
Current lease liabilities 42.3 40.5 20.0
Current borrowings 5
---------- ----------- ----------
- non-financial services companies 2,662.8 2,737.9 2,368.5
- financial services companies 1,819.8 1,824.5 2,153.9
---------- ----------- ----------
4,482.6 4,562.4 4,522.4
Current tax liabilities 107.7 213.8 135.4
---------- -----------
9,585.6 9,861.0 8,917.7
---------- -----------
Total liabilities 14,433.0 13,834.0 12,168.5
---------- ----------- ----------
Net assets 14,010.6 13,485.9 13,458.9
========== =========== ==========
Equity
Share capital 6 1,381.0 1,381.0 1,381.0
Revenue reserve 7 6,353.2 6,202.4 6,171.9
Other reserves 8 (1,326.2) (1,439.6) (1,120.1)
---------- -----------
Shareholders' funds 6,408.0 6,143.8 6,432.8
Non-controlling interests 9 7,602.6 7,342.1 7,026.1
---------- -----------
Total equity 14,010.6 13,485.9 13,458.9
========== =========== ==========
Jardine Cycle & Carriage Limited
Consolidated Statement of Changes in Equity for the three months
ended 30th June 2019
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
2019
Balance at 1st
April 1,381.0 6,514.5 403.3 (1,764.6) 5.1 6,539.3 7,724.3 14,263.6
Total
comprehensive
income - 115.2 - 50.7 (20.7) 145.2 234.8 380.0
Dividends paid by
the Company - (276.5) - - - (276.5) - (276.5)
Dividends paid to
non-controlling
interests - - - - - - (356.3) (356.3)
Acquisition of
subsidiary - - - - - - (0.2) (0.2)
Balance at 30th
June 1,381.0 6,353.2 403.3 (1,713.9) (15.6) 6,408.0 7,602.6 14,010.6
=========== ======== ============ ============ ========= ======== ============= =========
2018
Balance at 1st
April 1,381.0 6,312.4 402.4 (1,555.2) 4.6 6,545.2 7,216.2 13,761.4
Effect of
adoption of IFRS
16 - (1.9) - - - (1.9) (1.6) (3.5)
----------- -------- ------------ ------------ --------- -------- ------------- ---------
Balance as at 1st
April
as restated 1,381.0 6,310.5 402.4 (1,555.2) 4.6 6,543.3 7,214.6 13,757.9
Total
comprehensive
income - 37.8 1.5 (265.2) 4.8 (221.1) (4.7) (225.8)
Dividends paid by
the Company - (271.4) - - - (271.4) - (271.4)
Dividends paid to
non-controlling
interests - - - - - - (297.3) (297.3)
Issue of shares
to
non-controlling
interests - - - - - - 44.9 44.9
Change in
shareholding - (63.9) - - - (63.9) (138.4) (202.3)
Acquisition of
subsidiary - - - - - - 2.0 2.0
Other - (0.1) - - - (0.1) 12.8 12.7
Balance at 30th
June 1,381.0 6,012.9 403.9 (1,820.4) 9.4 5,986.8 6,833.9 12,820.7
=========== ======== ============ ============ ========= ======== ============= =========
Jardine Cycle & Carriage Limited
Consolidated Statement of Changes in Equity for the six months
ended 30th June 2019
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
2019
Balance at 1st
January 1,381.0 6,206.2 403.3 (1,852.6) 9.6 6,147.5 7,345.4 13,492.9
Effect of
adoption of IFRS
16 - (3.8) - 0.1 - (3.7) (3.3) (7.0)
----------- -------- ------------ ------------ --------- -------- ------------- ---------
Balance as at 1st
January
as restated 1,381.0 6,202.4 403.3 (1,852.5) 9.6 6,143.8 7,342.1 13,485.9
Total
comprehensive
income - 427.8 - 138.6 (25.2) 541.2 605.1 1,146.3
Dividends paid by
the Company - (276.5) - - - (276.5) - (276.5)
Dividends paid to
non-controlling
interests - - - - - - (356.9) (356.9)
Issue of shares
to non-
controlling
interests - - - - - - 15.0 15.0
Change in
shareholding - (0.5) - - - (0.5) (2.5) (3.0)
Acquisition of
subsidiary - - - - - - (0.2) (0.2)
Balance at 30th
June 1,381.0 6,353.2 403.3 (1,713.9) (15.6) 6,408.0 7,602.6 14,010.6
=========== ======== ============ ============ ========= ======== ============= =========
2018
Balance at 1st
January 1,381.0 6,173.7 402.4 (1,521.5) (1.0) 6,434.6 7,028.4 13,463.0
Effect of
adoption of IFRS
16 - (1.8) - - - (1.8) (2.3) (4.1)
----------- -------- ------------ ------------ --------- -------- ------------- ---------
Balance as at 1st
January
as restated 1,381.0 6,171.9 402.4 (1,521.5) (1.0) 6,432.8 7,026.1 13,458.9
Total
comprehensive
income - 173.2 1.5 (298.9) 10.4 (113.8) 188.9 75.1
Dividends paid by
the Company - (271.4) - - - (271.4) - (271.4)
Dividends paid to
non-controlling
interests - - - - - - (322.6) (322.6)
Issue of shares
to non-
controlling
interests - - - - - 62.2 62.2
Change in
shareholding - (63.9) - - - (63.9) (135.5) (199.4)
Acquisition of
subsidiary - - - - - - 2.0 2.0
Other - 3.1 - - - 3.1 12.8 15.9
Balance at 30th
June 1,381.0 6,012.9 403.9 (1,820.4) 9.4 5,986.8 6,833.9 12,820.7
=========== ======== ============ ============ ========= ======== ============= =========
Jardine Cycle & Carriage Limited
Company Balance Sheet at 30th June 2019
-----------------------------------------
At At
Note 30.6.2019 31.12.2018
US$m US$m
Non-current assets
Property, plant and equipment 34.3 34.4
Interests in subsidiaries 1,374.2 1,358.3
Interests in associates
and joint ventures 1,164.0 987.0
Non-current investment 179.6 167.6
----------
2,752.1 2,547.3
---------- -----------
Current assets
Current debtors 1,194.3 1,229.9
Bank balances and other
liquid funds 13.6 52.8
---------- -----------
1,207.9 1,282.7
---------- -----------
Total assets 3,960.0 3,830.0
---------- -----------
Non-current liabilities
Deferred tax liabilities 6.2 6.1
----------
6.2 6.1
---------- -----------
Current liabilities
Current creditors 75.6 83.8
Current borrowings 1,528.2 1,379.5
Current tax liabilities 1.6 1.7
----------
1,605.4 1,465.0
---------- -----------
Total liabilities 1,611.6 1,471.1
---------- -----------
Net assets 2,348.4 2,358.9
========== ===========
Equity
Share capital 6 1,381.0 1,381.0
Revenue reserve 7 640.9 672.6
Other reserves 8 326.5 305.3
---------- -----------
Total equity 2,348.4 2,358.9
========== ===========
Net asset value per share US$5.94 US$5.97
Jardine Cycle & Carriage Limited
Company Statement of Comprehensive Income for the six months ended
30th June 2019
--------------------------------------------------------------------
Three months ended Six months ended
30.6.2019 30.6.2018 30.6.2019 30.6.2018
US$m US$m US$m US$m
Profit for the period 250.6 179.1 244.8 169.9
Item that may be reclassified
subsequently to profit
or loss:
Translation difference 3.2 (100.8) 21.2 (53.7)
Other comprehensive income for
the period 3.2 (100.8) 21.2 (53.7)
Total comprehensive income for
the period 253.8 78.3 266.0 116.2
========== ========== ========== ==========
Jardine Cycle & Carriage Limited
Company Statement of Changes in Equity for the six months ended
30th June 2019
-----------------------------------------------------------------
For the three months ended 30th June 2019
Share Revenue Translation Total
capital reserve reserve equity
US$m US$m US$m US$m
2019
Balance at 1st April 1,381.0 666.8 323.3 2,371.1
Total comprehensive income - 250.6 3.2 253.8
Dividend paid - (276.5) - (276.5)
Balance at 30th June 1,381.0 640.9 326.5 2,348.4
========== ========== ============== =========
2018
Balance at 1st April 1,381.0 745.4 404.2 2,530.6
Total comprehensive income - 179.1 (100.8) 78.3
Dividend paid - (271.4) - (271.4)
Balance at 30th June 1,381.0 653.1 303.4 2,337.5
========== ========== ============== =========
For the six months ended 30th June 2019
Share Revenue Translation Total
capital reserve reserve equity
US$m US$m US$m US$m
2019
Balance at 1st January 1,381.0 672.6 305.3 2,358.9
Total comprehensive income - 244.8 21.2 266.0
Dividend paid - (276.5) - (276.5)
Balance at 30th June 1,381.0 640.9 326.5 2,348.4
========== ========== ============== =========
2018
Balance at 1st January 1,381.0 754.6 357.1 2,492.7
Total comprehensive income - 169.9 (53.7) 116.2
Dividend paid - (271.4) - (271.4)
Balance at 30th June 1,381.0 653.1 303.4 2,337.5
========== ========== ============== =========
Jardine Cycle & Carriage Limited
Consolidated Statement of Cash Flows for the six months ended 30th
June 2019
--------------------------------------------------------------------
Three months ended Six months ended
Restated Restated
30.6.2019 30.6.2018 30.6.2019 30.6.2018
Note US$m US$m US$m US$m
Cash flows from operating
activities
Cash generated from operations 10 370.1 471.9 975.9 1,001.8
Interest paid (60.6) (41.5) (120.3) (74.5)
Interest received 21.2 22.9 41.7 45.8
Other finance costs paid (27.8) (14.5) (55.9) (29.3)
Income tax paid (284.7) (198.5) (428.5) (292.4)
---------- ---------- ----------------- ----------
(351.9) (231.6) (563.0) (350.4)
Net cash flows from operating
activities 18.2 240.3 412.9 651.4
Cash flows from investing
activities
---------- ---------- ----------------- ----------
Sale of right-of-use assets 0.5 - 0.5 11.8
Sale of property, plant
and equipment 3.2 5.3 6.9 8.7
Sale of investments 73.9 59.0 165.8 136.3
Sale of associate and
joint venture 3.2 - 3.2 -
Sale of subsidiaries 0.2 0.2 0.4 0.4
Purchase of intangible
assets (48.6) (16.4) (96.0) (35.2)
Purchase of right-of-use
assets (6.6) (3.0) (32.1) (4.3)
Purchase of property,
plant and equipment (183.6) (192.7) (464.6) (431.2)
Purchase of investment
properties (6.8) (6.3) (9.6) (24.2)
Additions to bearer plants (10.1) (9.8) (20.7) (19.5)
Purchase of subsidiaries,
net of cash
acquired - - - (84.6)
Purchase of associates
and joint ventures (276.1) (16.6) (320.6) (116.4)
Purchase of investments (65.0) (113.2) (278.6) (569.2)
Dividends received from
associates and
joint ventures (net) 272.7 274.9 272.7 279.4
---------- ---------- ----------------- ----------
Net cash flows used in
investing activities (243.1) (18.6) (772.7) (848.0)
Cash flows from financing
activities
---------- ---------- ----------------- ----------
Drawdown of loans 1,172.2 935.5 2,398.9 2,090.8
Repayment of loans (950.0) (988.0) (1,683.6) (1,767.7)
Principal elements of
lease payments (15.5) (16.0) (38.9) (31.9)
Changes in controlling
interests in subsidiaries - (202.3) (3.0) (199.4)
Investment by non-controlling
interests - 44.9 15.0 62.2
Dividends paid to non-controlling
interests (356.9) (297.3) (356.9) (322.6)
Dividends paid by the
Company (276.5) (271.4) (276.5) (271.4)
---------- ---------- ----------------- ----------
Net cash flow from/(used
in) financing
activities (426.7) (794.6) 55.0 (440.0)
Net change in cash and
cash equivalents (651.6) (572.9) (304.8) (636.6)
Cash and cash equivalents
at the
beginning of the period 2,255.4 2,553.2 1,881.5 2,639.8
Effect of exchange rate
changes 10.8 (78.7) 37.9 (101.6)
Cash and cash equivalents
at the end of
the period (1) 1,614.6 1,901.6 1,614.6 1,901.6
========== ========== ================= ==========
(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 2019
-----------------------------------------------------------------
1 Basis of preparation
The financial statements are consistent with those set out in
the 2018 audited accounts which have been prepared in accordance
with Singapore Financial Reporting Standards (International)
("SFRS(I)") and International Financial Reporting Standards
("IFRS"). There have been no changes to the accounting policies
described in the 2018 audited accounts except for the adoption of
IFRS 16 Leases, which is effective from 1st January 2019.
The standard replaces IAS 17 'Leases' and related
interpretations and introduces a comprehensive model for the
identification of lease arrangements and accounting treatments for
both lessors and lessees. The distinction between operating and
finance leases is removed for lessee accounting, and is replaced by
a model where a lease liability and a corresponding right-of-use
asset have to be recognised on the balance sheet for almost all
leases by the lessees. The Group's recognised right-of-use assets
primarily relate to property leases, equipment and motor vehicles.
Prior to 2019, payments made under operating leases were charged to
profit and loss on a straight-line basis over the period of the
lease. From 1st January 2019, each lease payment is allocated
between settlement of the lease liability and finance cost. The
finance cost is charged to profit and loss over the lease period.
The right-of-use asset is depreciated over the shorter of the
asset's useful life and the lease term on a straight-line
basis.
In addition, leasehold land which represents payments to third
parties to acquire interests in property is now presented under
right-of-use assets. Leasehold land is amortised over the useful
life of the lease, which includes the renewal period if the lease
is likely to be renewed by the Group without significant cost.
The accounting for lessors does not change significantly.
The adoption of IFRS 16 has been accounted for retrospectively
and the comparative financial statements have been restated. The
adoption has resulted in a decrease in the profit attributable to
shareholders for the financial period 6 months ended 30th June 2018
and financial year ended 31st December 2018 by US$1.0m and US$2.0m,
respectively.
As at 31st December 2018, the impact on the statement of
financial position is as follows:-
US$m
Net assets
Leasehold land use rights (597.7)
Property, plant and equipment (29.8)
Interest in associates and
joint ventures (0.7)
Right-of-use assets 753.0
Deferred tax assets 0.4
Debtors (36.1)
Lease liabilities (133.8)
Borrowings 37.7
--------
(7.0)
--------
Equity
Shareholders' funds (3.7)
Non-controlling interests (3.3)
--------
(7.0)
--------
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$1.3537 (2018:US$1=S$1.3659),
US$1= RM4.1435 (2018: US$1= RM4.1480), US$1= IDR14,141 (2018:
US$1=IDR14,481), US$1= VND23,322 (2018: US$1= VND23,175) and US$1=
THB30.7570 (2018: US$1=THB32.5180).
The exchange rates used for translating the results for the
period are US$1= S$1.3578 (2018: US$1=S$1.3300), US$1= RM4.1204
(2018: US$1= RM3.9386), US$1= IDR14,187 (2018: US$1=IDR13,851),
US$1= VND23,271 (2018: US$1= VND22,803) and US$1= THB31.4938 (2018:
US$1=THB31.8077).
2 Net operating costs and operating profit
Group
Three months Six months ended
ended
Restated Restated
30.6.2019 30.6.2018 Change 30.6.2019 30.6.2018 Change
US$m US$m % US$m US$m %
Cost of sales (3,536.8) (3,628.2) -3 (7,282.9) (7,368.2) -1
Other operating income 18.1 73.4 -75 187.0 159.3 17
Selling and distribution
expenses (211.6) (205.2) 3 (415.8) (412.6) 1
Administrative expenses (277.5) (246.0) 13 (546.9) (497.1) 10
Other operating expenses (8.6) (174.5) -95 (18.7) (271.0) -93
---------- ---------- ---------- ----------
Net operating costs (4,016.4) (4,180.5) -4 (8,077.3) (8,389.6) -4
========== ========== ========== ==========
Operating profit is determined
after including:
Depreciation of property,
plant
and equipment (1) (184.0) (141.4) 30 (369.0) (279.9) 32
Depreciation of bearer
plants (6.7) (6.2) 8 (13.5) (12.5) 8
Amortisation of intangible
assets (1) (45.4) (16.4) 177 (86.2) (33.1) 160
Amortisation of right-of-use
assets (25.3) (26.8) -6 (53.8) (49.1) 10
Fair value changes
of :
- agriculture produce 0.1 (0.9) nm 2.8 (0.8) nm
- other investments
(2) (93.0) (155.3) -40 17.1 (238.6) nm
Profit/(loss) on disposal
of:
- property, plant and
equipment (0.4) 3.9 nm (1.3) 4.6 nm
- right-of-use assets 0.2 - nm 0.8 0.2 300
- associates and joint
ventures 0.5 - nm 0.5 - nm
- investments 0.5 1.7 -71 2.6 3.1 -16
Loss on disposal/write-down
of
receivables from collateral
vehicles (13.9) (13.3) 5 (28.0) (27.5) 2
Dividend and interest
income
from investments 46.2 35.7 30 57.2 55.5 3
Write-down of stocks (4.7) (1.8) 161 (7.8) (6.0) 30
Impairment of debtors (28.9) (45.3) -36 (52.2) (81.3) -36
Net exchange gain/(loss)
(3) 3.4 (30.1) nm 3.1 (6.7) nm
======== ======== ======== ========
nm - not meaningful
(1) Increase in depreciation and amortisation cost mainly
relates to the property, plant and equipment and intangible assets
of subsidiary acquired in late 2018
(2) Fair value gain/(loss) relates mainly to equity investments
in Vinamilk and Toyota Motor Corporation
(3) Net exchange loss for three months ended 30th June 2018
relates mainly to the impact of stronger US dollars on monetary
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 Six months ended
Restated Restated
30.6.2019 30.6.2018 30.6.2019 30.6.2018
US$m US$m US$m US$m
Basic and diluted earnings
per share
Profit attributable to shareholders 115.1 37.7 427.5 173.0
Weighted average number of
shares
in issue (millions) 395.2 395.2 395.2 395.2
Basic earnings per share USc29 USc10 USc108 USc44
========== ========== ========== ==========
Diluted earnings per share USc29 USc10 USc108 USc44
========== ========== ========== ==========
Underlying earnings per share
Underlying profit attributable
to
shareholders 206.0 194.0 407.3 412.9
Weighted average number of
shares
in issue (millions) 395.2 395.2 395.2 395.2
Basic earnings per share USc52 USc49 USc103 USc104
========== ========== ========== ==========
Diluted earnings per share USc52 USc49 USc103 USc104
========== ========== ========== ==========
As at 30th June 2018 and 2019, there were no dilutive potential
ordinary shares in issue.
A reconciliation of the profit attributable to shareholders and
underlying profit attributable to shareholders is as follows:
Group
Three months
ended Six months ended
Restated Restated
30.6.2019 30.6.2018 30.6.2019 30.6.2018
US$m US$m US$m US$m
Profit attributable to shareholders 115.1 37.7 427.5 173.0
Less: Non-trading items
---------- ---------- ---------- ----------
Fair value changes of agriculture
produce - (0.2) 0.8 (0.1)
Fair value changes of other
investments (91.1) (156.1) 19.2 (239.8)
Net gain on disposal of interests
in joint ventures 0.2 - 0.2 -
(90.9) (156.3) 20.2 (239.9)
---------- ---------- ---------- ----------
Underlying profit attributable
to shareholders 206.0 194.0 407.3 412.9
========== ========== ========== ==========
Non-trading items are separately identified to provide greater
understanding of the Group's underlying business performance. Items
classified as non-trading items include fair value gains or losses
on revaluation of investment properties, agricultural produce and
equity investments which are measured at fair value through profit
and loss; gains and losses arising from the sale of businesses,
investments and properties; impairment of non-depreciable
intangible assets and other investments; provisions for closure of
businesses; acquisition-related costs in business combinations; and
other credits and charges of a non-recurring nature that require
inclusion in order to provide additional insight into the Group's
underlying business performance.
5 Borrowings
Group
At Restated
At
30.6.2019 31.12.2018
US$m US$m
Long-term borrowings:
- secured 960.2 1,209.5
- unsecured 2,662.2 1,571.1
---------- -----------
3,622.4 2,780.6
---------- -----------
Current borrowings:
- secured 1,343.3 1,418.1
- unsecured 3,139.3 3,144.3
---------- -----------
4,482.6 4,562.4
---------- -----------
Total borrowings 8,105.0 7,343.0
========== ===========
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$1,099.6 million
(31st December 2018: US$1,336.9 million).
6 Share capital
Company
2019 2018
US$m US$m
Three months ended 30th June
Issued and fully paid:
Balance at 1st April and 30th June
- 395,236,288 (2018: 395,236,288) ordinary
shares 1,381.0 1,381.0
Six months ended 30th June
Issued and fully paid:
Balance at 1st January and 30th June
- 395,236,288 (2018: 395,236,288) ordinary
shares 1,381.0 1,381.0
======== ========
There were no rights, bonus or equity issues during the period
between 1st April 2019 and 30th June 2019. The Company did not hold
any treasury shares as at 30th June 2019 (30th June 2018: Nil) and
did not have any unissued shares under convertibles as at 30th June
2019 (30th June 2018: Nil).
There were no subsidiary holdings (as defined in the Listing
Manual of the SGX-ST) as at 30th June 2019 (30th June 2018:
Nil).
7 Revenue reserve
Group Company
Restated
Three months ended 30th June 2019 2018 2019 2018
US$m US$m US$m US$m
Movements:
Balance at 1st April 6,514.5 6,312.4 666.8 745.4
Effect of adoption of IFRS 16 - (1.9) - -
------- -------- ------- -------
Balance at 1st April as restated 6,514.5 6,310.5 666.8 745.4
Asset revaluation reserve realised - - - -
on disposal of assets
Defined benefit pension plans
- remeasurements 0.1 - - -
- deferred tax - - - -
Share of associates' and joint ventures'
remeasurements
of defined benefit pension plans,
net of tax - 0.1 - -
Profit attributable to shareholders 115.1 37.7 250.6 179.1
Dividends paid by the Company (276.5) (271.4) (276.5) (271.4)
Change in shareholding - (63.9) - -
Other - (0.1) - -
Balance at 30th June 6,353.2 6,012.9 640.9 653.1
======= ======== ======= =======
Group Company
Six months ended 30th June 2019 2018 2019 2018
US$m US$m US$m US$m
Movements:
Balance at 1st January 6,206.2 6,173.7 672.6 754.6
Effect of adoption of IFRS 16 (3.8) (1.8) - -
------- ------- ------- -------
Balance at 1st January as restated 6,202.4 6,171.9 672.6 754.6
Asset revaluation reserve realised - - - -
on disposal of assets
Defined benefit pension plans
- remeasurements 0.2 (0.2) - -
- deferred tax - - - -
Share of associates' and joint ventures'
remeasurements
of defined benefit pension plans,
net of tax 0.1 0.4 - -
Profit attributable to shareholders 427.5 173.0 244.8 169.9
Dividends paid by the Company (276.5) (271.4) (276.5) (271.4)
Change in shareholding (0.5) (63.9) - -
Other - 3.1 - -
Balance at 30th June 6,353.2 6,012.9 640.9 653.1
======= ======= ======= =======
8 Other reserves
Group Company
2019 2018 2019 2018
US$m US$m US$m US$m
Composition:
Asset revaluation reserve 403.3 403.9 - -
Translation reserve (1,713.9) (1,820.4) 326.5 303.4
Fair value reserve 9.6 (0.1) - -
Hedging reserve (28.5) 6.2 - -
Other reserve 3.3 3.3 - -
--------- --------- ------------- -------------
Balance at 30th June (1,326.2) (1,407.1) 326.5 303.4
========= ========= ============= =============
Three months ended 30th June
Movements:
Asset revaluation reserve
Balance at 1st April 403.3 402.4 - -
Revaluation surplus - 1.5 - -
Reserve realised on disposal of - - - -
assets
Balance at 30th June 403.3 403.9 - -
========= ========= ============= =============
Translation reserve
Balance at 1st April (1,764.6) (1,555.2) 323.3 404.2
Effect of adoption of IFRS 16 - - - -
--------- --------- ------------- -------------
Balance at 1st April as restated (1,764.6) (1,555.2) 323.3 404.2
Translation difference 50.7 (265.2) 3.2 (100.8)
--------- --------- ------------- -------------
Balance at 30th June (1,713.9) (1,820.4) 326.5 303.4
========= ========= ============= =============
Fair value reserve
Balance at 1st April 7.1 12.2 - -
Financial assets at FVOCI
- fair value changes 2.3 (8.4) - -
- deferred tax (0.1) 0.2 - -
- transfer to profit and loss (0.2) (1.1) - -
Share of associates' and joint
ventures' fair
value changes of financial assets
at FVOCI,
net of tax 0.5 (3.0) - -
--------- --------- ------------- -------------
Balance at 30th June 9.6 (0.1) - -
========= ========= ============= =============
Hedging reserve
Balance at 1st April (5.3) (10.9) - -
Cash flow hedges
- fair value changes (21.2) 24.0 - -
- deferred tax 5.4 (5.7) - -
- transfer to profit and loss 0.4 - - -
Share of associates' and joint
ventures' fair
value changes of cash flow hedges,
net of tax (7.8) (1.2) - -
Balance at 30th June (28.5) 6.2 - -
========= ========= ============= =============
Other reserve
Balance at 1st April and 30th June 3.3 3.3 - -
========= ========= ============= =============
Group Company
Six months ended 30th June 2019 2018 2019 2018
US$m US$m US$m US$m
Movements:
Asset revaluation reserve
Balance at 1st January 403.3 402.4 - -
Revaluation surplus - 1.5 - -
Reserve realised on disposal of assets - - - -
--------- --------- ----- ------
Balance at 30th June 403.3 403.9 - -
========= ========= ===== ======
Translation reserve
Balance at 1st January (1,852.6) (1,521.5) 305.3 357.1
Effect of adoption of IFRS 16 0.1 - - -
--------- --------- ----- ------
Balance at 1st January as restated (1,852.5) (1,521.5) 305.3 357.1
Translation difference 138.6 (298.9) 21.2 (53.7)
--------- --------- ----- ------
Balance at 30th June (1,713.9) (1,820.4) 326.5 303.4
========= ========= ===== ======
Fair value reserve
Balance at 1st January 0.5 15.1 - -
Financial assets at FVOCI
- fair value changes 6.9 (10.0) - -
- deferred tax (0.1) 0.3 - -
- transfer to profit and loss (0.2) (1.8) - -
Share of associates' and joint ventures'
fair
value changes of financial assets
at FVOCI,
net of tax 2.5 (3.7) - -
--------- --------- ----- ------
Balance at 30th June 9.6 (0.1) - -
========= ========= ===== ======
Hedging reserve
Balance at 1st January 5.8 (19.4) - -
Cash flow hedges
- fair value changes (29.7) 23.8 - -
- deferred tax 7.4 (5.7) - -
- transfer to profit and loss 0.8 0.2 - -
Share of associates' and joint ventures'
fair
value changes of cash flow hedges,
net of tax (12.8) 7.3 - -
Balance at 30th June (28.5) 6.2 - -
========= ========= ===== ======
Other reserve
Balance at 1st January and 30th June 3.3 3.3 - -
========= ========= ===== ======
9 Non-controlling interests
Group
Three months ended 30th June 2019 2018
US$m US$m
Balance at 1st April 7,724.3 7,216.2
Effect of adoption of IFRS 16 - (1.6)
------- -------
Balance at 1st April as restated 7,724.3 7,214.6
Asset revaluation surplus - 1.5
Financial assets at FVOCI
- fair value changes 2.5 (9.0)
- deferred tax (0.1) 0.2
- transfer to profit and loss (0.2) (1.3)
Share of associates' and joint ventures'
fair value changes of
financial assets at FVOCI, net of tax 0.4 (2.9)
Cash flow hedges
- fair value changes (35.6) 27.8
- deferred tax 9.6 (6.6)
* transfer to profit and loss 0.4 0.1
Share of associates' and joint ventures'
fair value changes of cash
flow hedges, net of tax (17.1) (7.4)
Share of associates' and joint ventures'
remeasurements
of defined benefit pension plans, net of
tax 0.1 0.2
Translation difference 46.5 (297.7)
Profit for the period 228.3 290.4
Dividends paid (356.3) (297.3)
Capital contribution by non-controlling
interests - 44.9
Change in shareholding - (138.4)
Acquisition of subsidiary (0.2) 2.0
Other - 12.8
------- -------
Balance at 30th June 7,602.6 6,833.9
======= =======
Group
Six months ended 30th June 2019 2018
US$m US$m
Balance at 1st January 7,345.4 7,028.4
Effect of adoption of IFRS 16 (3.3) (2.3)
------- -------
Balance at 1st January as restated 7,342.1 7,026.1
Asset revaluation surplus - 1.5
Financial asset at FVOCI
- fair value changes 7.5 (10.7)
- deferred tax (0.1) 0.3
- transfer to profit and loss (0.2) (2.0)
Share of associates' and joint ventures'
fair value changes of
financial assets at FVOCI, net of tax 2.5 (3.7)
Cash flow hedges
- fair value changes (46.3) 27.9
- deferred tax 12.1 (6.7)
* transfer to profit and loss 0.8 0.2
Share of associates' and joint ventures'
fair value changes of cash
flow hedges, net of tax (28.3) 13.4
Defined benefit pension plans
- remeasurements 0.1 (0.8)
- deferred tax - 0.2
Share of associates' and joint ventures'
remeasurements
of defined benefit pension plans, net of
tax (0.2) 0.5
Translation difference 146.1 (398.7)
Profit for the period 511.1 567.5
Dividends paid (356.9) (322.6)
Capital contribution by non-controlling
interests 15.0 62.2
Change in shareholding (2.5) (135.5)
Acquisition of subsidiary (0.2) 2.0
Other - 12.8
------- -------
Balance at 30th June 7,602.6 6,833.9
======= =======
10 Cash flows from operating activities
Group
Three months ended Six months ended
30.6.2019 30.6.2018 30.6.2019 30.6.2018
US$m US$m US$m US$m
Profit before tax 480.0 473.2 1,194.6 1,006.4
Adjustments for:
--------- --------- --------- ---------
Financing income (21.9) (22.2) (44.4) (44.6)
Financing charges (1) 90.8 61.1 178.0 110.5
Share of associates' and joint
ventures' results after tax (124.4) (147.0) (248.4) (273.1)
Depreciation of property, plant
and equipment 184.0 141.4 369.0 279.9
Depreciation of bearer plants 6.7 6.2 13.5 12.5
Amortisation of right-of-use assets 25.3 26.8 53.8 49.1
Amortisation of intangible assets 45.4 16.4 86.2 33.1
Fair value changes of:
- other investments 93.0 155.3 (17.1) 238.6
- agricultural produce (0.1) 0.9 (2.8) 0.8
(Profit)/loss on disposal of:
- right-of-use assets (0.2) - (0.8) (0.2)
- property, plant and equipment 0.4 (3.9) 1.3 (4.6)
- investment properties - - - -
- investments (0.5) (1.7) (2.6) (3.1)
- associate and joint venture (0.5) - (0.5) -
Loss on disposal/write-down of
repossessed assets 13.9 13.3 28.0 27.5
Amortisation of borrowing costs
for financial services
companies 2.5 2.4 4.9 5.0
Write-down of stocks 4.7 1.8 7.8 6.0
Impairment of debtors 28.9 45.3 52.2 81.3
Changes in provisions 8.5 8.6 17.7 18.3
Foreign exchange loss 4.0 34.4 3.1 13.8
--------- --------- --------- ---------
360.5 339.1 498.9 550.8
--------- --------- --------- ---------
Operating profit before working
capital changes 840.5 812.3 1,693.5 1,557.2
Changes in working capital:
--------- --------- --------- ---------
Properties for sale 0.1 (76.2) 6.1 (76.2)
Stocks 32.7 (107.3) 41.2 (42.4)
Concession rights (12.3) (5.1) (39.0) (6.7)
Financing debtors (2) (111.9) (141.5) (245.9) (145.7)
Debtors (2) (183.5) (211.4) (222.4) (560.0)
Creditors (3) (202.3) 194.5 (271.3) 262.2
Pensions 6.8 6.6 13.7 13.4
--------- --------- --------- ---------
(470.4) (340.4) (717.6) (555.4)
--------- --------- --------- ---------
Cash flows from operating activities 370.1 471.9 975.9 1,001.8
========= ========= ========= =========
(1) Increase in financing charges mainly due to higher level of net debt
(2) Increase in debtors balance due mainly to higher sales and financing activities
(3) Decrease in creditors balance due mainly to lower trade purchases
11 Dividend and closure of books
The Board has declared an interim one-tier tax exempt dividend
of USc18 per share (2018: USc18 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
Wednesday, 28th August 2019 ("Books Closure Date") up to, and
including Thursday, 29th August 2019 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, M & C Services
Private Limited at 112 Robinson Road #05-01, Singapore 068902 up to
5.00 p.m. on the Books Closure 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 Books Closure Date will rank for the interim
dividend.
The interim dividend will be paid on Monday, 7th October 2019.
Shareholders will have the option to receive the interim dividend
in Singapore dollars and in the absence of any election, the
interim dividend will be paid in US dollars. Details on this
elective will be furnished to shareholders in due course.
12 Interested person transactions
Aggregate value Aggregate value
of all interested of all interested
person transactions person transactions
(excluding transactions conducted under
less than S$100,000 shareholders'
and transactions mandate pursuant
conducted under to Rule 920 (excluding
shareholders' transactions
mandate pursuant less than S$100,000)
to Rule 920)
----------------------------- -----------------------------
Name of interested person US$m US$m
Three months ended 30th June
2019
Jardine Matheson Limited
- management support services - 2.1
Hongkong Land Ltd
- management support services - 0.1
- 2.2
================================== ========================
Six months ended 30th June 2019
Jardine Matheson Limited
- management support services - 2.1
Hongkong Land Ltd
- management support services - 0.2
---------------------------------- ------------------------
- 2.3
================================== ========================
13 Additional information
Group
Three months Six months ended
ended
30.6.2019 30.6.2018 Change 30.6.2019 30.6.2018 Change
US$m US$m % US$m US$m %
Astra International
Automotive 49.1 70.2 -30 111.5 142.2 -22
Financial services 49.9 38.5 30 99.7 77.5 29
Heavy equipment, mining,
construction & energy 53.2 62.5 -15 117.3 118.7 -1
Agribusiness 0.1 12.2 -99 0.4 22.6 -98
Infrastructure & logistics 2.1 0.9 133 2.7 0.1 nm
Information technology 0.9 1.5 -40 1.6 2.4 -33
Property 0.9 (0.5) nm 2.3 (0.5) nm
---------- ---------- ---------- ----------
156.2 185.3 -16 335.5 363.0 -8
Less: Withholding
tax on dividend (9.2) (8.7) 6 (9.2) (8.7) 6
---------- ---------- ---------- ----------
147.0 176.6 -17 326.3 354.3 -8
---------- ---------- ---------- ----------
Direct Motor Interests
Singapore 15.3 14.3 7 28.8 27.0 7
Malaysia (0.1) 2.6 nm (0.7) 0.7 nm
Indonesia (Tunas Ridean) 4.4 4.2 5 9.9 9.1 9
Myanmar (1.0) (0.9) 11 (2.8) (1.5) 87
Vietnam
---------- ---------- ---------- ----------
- automotive 10.0 21.4 -53 22.3 33.5 -33
- real estate 0.4 4.0 -90 0.4 4.0 -90
---------- ---------- ---------- ----------
10.4 25.4 -59 22.7 37.5 -39
Less: Central overheads (1.6) (0.7) 129 (2.4) (1.3) 85
27.4 44.9 -39 55.5 71.5 -22
---------- ---------- ---------- ----------
Other Strategic Interests
Siam City Cement 12.1 13.2 -8 12.1 13.2 -8
Refrigeration Electrical
Engineering 3.8 4.0 -5 3.8 4.0 -5
Vinamilk 27.8 14.2 96 27.8 23.8 17
43.7 31.4 39 43.7 41.0 7
---------- ---------- ---------- ----------
Corporate costs
Central overheads (5.9) (5.1) 16 (11.5) (10.2) 13
Dividend income from
other
investments, net of
tax 2.7 2.7 - 2.7 2.7 -
Net financing charges (10.5) (7.6) 38 (20.1) (14.1) 43
Exchange differences 1.6 (48.9) nm 10.7 (32.3) nm
---------- ---------- ---------- ----------
(12.1) (58.9) -79 (18.2) (53.9) -66
---------- ---------- ---------- ----------
Underlying profit
attributable to
shareholders 206.0 194.0 6 407.3 412.9 -1
========== ========== ========== ==========
nm - not meaningful
14 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 July 2019 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 June 2019 can be accessed
through the internet at 'www.jcclgroup.com'.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR SSDFSFFUSEFA
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