JC&C - 2022 FY Results and Dividend

RNS Number : 3263R
Jardine Matheson Hldgs Ltd
28 February 2023
 


To:  Business Editor  28
th February 2023
  For immediate release


 

 

 

 

Jardine Cycle & Carriage Limited
2022 Financial Statements and Dividend Announcement

The following announcement was issued today by the Company's 76.6%-owned subsidiary, Jardine Cycle & Carriage Limited.

 

 

 

 



For further information, please contact:

Jardine Matheson Limited
Joey Ho  (65) 9765 0717

Brunswick Group Limited
Ben Fry    (65) 9017 9886



 

 

 

 

 
28th February 2023

JARDINE CYCLE & CARRIAGE LIMITED
2022 FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT

Highlights

· Record underlying profit of US$1,096 million, 39% higher than 2021

· Improved performances from both Astra and non-Astra interests

· Proposed final dividend of US¢83 per share, total dividend of US¢111 for the year, 39% higher than 2021


"The Group achieved a record underlying profit in 2022. Astra achieved a record profit as it benefited from Indonesia's strong economic recovery and higher commodity prices, while the Group's non-Astra interests collectively also made a record contribution, mainly due to the strong performance of THACO and Direct Motor Interests. The Group expects to face challenges ahead arising from uncertainties around the global economic outlook, but we remain confident in the Group's prospects and it is well-positioned to achieve sustainable growth through the opportunities in Southeast Asia."

Ben Keswick, Chairman

Group Results


Year ended 31st December

 


2022

US$m

2021

US$m

Change

%

2022

S$m

Revenue

21,793

17,688

23%

30,065

Underlying profit attributable to

 


 

 

shareholders *

1,096

786

39%

1,512

Non-trading items^

(356)

  (125)

185%

(491)

Profit attributable to shareholders

740

661

12%

1,021


 


 

 


US¢

US¢

 

Underlying earnings per share *

277

199

39%

383

Earnings per share

187

167

12%

258

Dividends per share

111

80

39%

153


US$

US$

 

S$

Net asset value per share

18.07

18.64

-3%

24.29

 

The exchange rate of US$1=S$1.34 (31st December 2021: US$1=S$1.35) was used for translating assets and liabilities at the balance sheet date, and US$1=S$1.38 (2021: US$1=S$1.34) was used for translating the results for the period. The financial results for the year ended 31st December 2022 have been prepared in accordance with International Financial Reporting Standards and have not been audited or reviewed by the auditors.

*  The Group uses 'underlying profit attributable to shareholders' in its internal financial reporting to distinguish between ongoing business performance and non-trading items, as more fully described in Note 6 to the condensed financial statements.  Management considers this to be a key performance measurement that enhances the understanding of the Group's underlying business performances.

^  Included in 'non-trading items' are unrealised gains/losses arising from the revaluation of the Group's equity investments.

nm  not meaningful


CHAIRMAN'S STATEMENT

Overview

Jardine Cycle & Carriage ("JC&C" or "the Group") achieved a record underlying profit in 2022,  reflecting improvements in the performance of most parts of the portfolio.

Astra contributed US$913 million to the Group's underlying profit, 39% higher than the previous year, driven primarily by the recovery in the Indonesian economy and higher commodity prices.

Truong Hai Group Corporation ("THACO")  contributed US$83 million, 34% higher than the previous year, mainly due to a strong performance from its automotive business.

Direct Motor Interests contributed US$63 million, an increase of 62%, with higher profits in Singapore, Malaysia and Indonesia.

The contribution from the Group's Other Strategic Interests was 4% lower at US$86 million, due to a weaker performance by Siam City Cement ("SCCC"), although Refrigeration Engineering Electrical ("REE") continued to perform well, particularly from its renewable energy business.

Corporate costs fell from US$59 million to US$48 million, primarily due to the translation of foreign currency loans, which led to a foreign exchange gain of US$4 million in 2022, compared to a loss of US$28 million in the previous year. This foreign exchange impact more than offset a US$17 million increase in net financing charges.

The Group's underlying profit attributable to shareholders increased by 39% to US$1,096 million. After accounting for non-trading items, the Group's profit attributable to shareholders was US$740 million, 12% higher than the previous year. The non-trading items recorded in the year mainly comprised unrealised fair value losses of US$238 million related to non-current investments, and an impairment loss of US$114 million in respect of the Group's investment in SCCC, necessary due to a challenging operating environment.

The Group's financial position remains strong. The c
onsolidated net cash position, excluding the net borrowings within Astra's financial services subsidiaries, was US$893 million at the end of 2022, compared to US$770 million at the end of 2021, mainly due to strong operating cash flows.  Net debt within Astra's financial services subsidiaries increased from US$2.7 billion at the end of 2021 to US$2.8 billion.  JC&C corporate net debt was US$1.5 billion, similar to the previous year end.

Strategic Developments

 

Astra

 

Over the past year, Astra has continued to make a number of strategic investments in new businesses.  Continuing its focus on providing a compelling financial services offer to its customers, it acquired a 49.6% interest in Bank Jasa Jakarta for US$260 million, with plans to transform it into a digital bank in Indonesia.

 

Astra also continued its diversification away from coal. United Tractors has signed a conditional sale and purchase agreement to acquire 90% interests in Stargate Pacific Resources and Stargate Mineral Asia, a nickel mining and processing business, for a total of US$272 million.  It has also acquired a 31.5% interest in Arkora Hydro, a company focused on hydro-based energy power generation.

 

Astra also acquired a 7.4% interest in Medikaloka Hermina, one of Indonesia's largest hospital groups, as part of its growing focus on medical services.

 

Direct Motor Interests

 

During the year, JC&C further increased its interest in Cycle & Carriage Bintang from 89.0% to 96.9% through on-market purchases, acceptances under its Voluntary General Offer and direct purchases from the minority shareholders. Cycle & Carriage Bintang was successfully delisted from Bursa Malaysia in September.

 

In February 2023, Cycle & Carriage Singapore completed a sale and leaseback arrangement of its properties for around US$230 million.

 

Other Strategic Interests

 

JC&C increased its interest in REE during the year, from 31.0% to 33.6%, through a series of on-market purchases, for around US$34 million.

 

Dividends

 

The Board is recommending a final one-tier tax-exempt dividend of US¢83 per share (2021: US¢62 per share) which, together with the interim dividend of US¢28 per share (2021: US¢18 per share), will produce a total dividend for the year of US¢111 per share (2021: US¢80 per share), 39% higher than 2021.

 

sustainability

 

ESG is firmly embedded in JC&C's management system. It is an important part of its long-term portfolio strategy and is one of the considerations when deploying capital. In 2022, JC&C published its commitments around coal, carbon, energy and biodiversity as part of the Group's role in supporting a just energy transition. In addition, JC&C has published its first Climate Change Report in line with the Task Force on Climate-Related Financial Disclosures ("TCFD") recommendations.

 

People

 

On behalf of the Board, I would like to thank our 240,000 employees across the region for their commitment and effort, which have enabled the Group to achieve a strong performance in 2022.

 

I am delighted to welcome Amy Hsu, who was appointed as Group Finance Director and joined the Board in August. Amy previously carried out various senior finance roles in the Jardine Matheson Group. Stephen Gore, our previous Group Finance Director, has taken on a new role focused on driving business development across Southeast Asia for the Jardine Group.  He remains a Director of JC&C.

 

Outlook 

 

The Group expects to face challenges ahead arising from uncertainties around the global economic outlook, but we remain confident in the Group's prospects and it is well-positioned to achieve sustainable growth through the opportunities in Southeast Asia.

 

Ben Keswick

Chairman

 

GROUP MANAGING DIRECTOR'S REVIEW

 

Group Review

 

The contributions to JC&C's underlying profit attributable to shareholders by business segment were as follows:  


 

Contribution to JC&C's underlying profit

 


 

Year ended 31st December

 

 

Business segments

 

2022

US$m

2021

US$m

Change

%

 

 

Astra

 

913

39%

 

THACO

 

83

34%

 

Direct Motor Interests

 

63

62%

 

Other Strategic Interests

 

86

-4%

 

Corporate Costs - exchange gains/(losses)

 

4

nm

 

Corporate Costs - others

 

(53)

71%

 

Underlying profit attributable to

Shareholders

 

 

1,096

 

786

 

39%

 

 

Astra

 

Astra contributed US$913 million to JC&C's underlying profit, 39% higher than the previous year, led by stronger performances from most of its businesses, particularly its automotive, financial services, heavy equipment and mining operations. Total unrealised fair value losses of US$52 million in respect of its GoTo and Hermina investments were reported under JC&C's non-trading items.

 

Automotive

 

Net income increased by 33% to US$648 million, reflecting higher sales volumes .

 

· The wholesale car market increased by 18% to 1.0 million units in 2022. Astra's car sales were 17% higher at 574,000 units, with its market share relatively stable at 55%. 

· The wholesale market for motorcycles increased by 3% to 5.2 million units in 2022. Astra's Honda motorcycle sales were 2% higher at 4.0 million units, which led to a slight decrease in market share from 78% to 77%. 

· Components business, Astra Otoparts, reported an increase in net income from US$43 million to US$87 million, mainly due to higher revenues from the original equipment manufacturer and replacement market segments.

 

Financial Services

 

Net income for the Financial Services division increased by 22% to US$404 million, due to higher contributions from the consumer finance businesses on the back of the strong automotive performance.

 

· Consumer finance businesses saw a 21% increase in the amounts financed to US$6.8 billion. The net income contribution from the group's car-focused finance companies increased by 35% to US$121 million, and the contribution from the motorcycle-focused financing business increased by 29% to US$214 million, due to larger loan portfolios and lower loss rates.

· General insurance company, Asuransi Astra Buana, reported a 12% increase in net income to US$80 million, primarily as a result of higher underwriting income and investment income.

 

Heavy Equipment, Mining, Construction and Energy

Net income from Heavy Equipment, Mining, Construction and Energy increased significantly from US$427 million to US$850 million, mainly due to improved profits from heavy equipment sales, mining contracting and coal mining, all of which benefited from higher coal prices .

 

· Komatsu heavy equipment sales were 86% higher at 5,750 units, while revenue from the parts and service businesses was also higher.

· Mining contracting operations saw a 12% increase in overburden removal volume at 954 million bank cubic metres, while coal production was stable at 116 million tonnes.

· Coal mining subsidiaries reported a 10% increase in coal sales at 9.9 million tonnes, including 2.4 million tonnes of metallurgical coal.

· Agincourt Resources reported a 13% decrease in gold sales at 286,000 oz.

· General contractor, Acset Indonusa, reported a lower net loss of US$30 million compared to US$49 million last year. The company continued to be impacted by the slowdown of ongoing projects and reduced construction project opportunities .

 

Agribusiness

 

Net income from Agribusiness decreased by 12% to US$92 million, mainly due to lower crude palm oil sales and production, which offset an increase in selling prices.

 

Infrastructure and Logistics

 

Astra's infrastructure and logistics division reported an increase in net profit from US$5 million to US$35 million, due to improved performance in its toll road businesses, which saw a 29% increase in toll road revenues.  Astra has 396km of operational toll roads along the Trans-Java network and in the Jakarta Outer Ring Road .

 

THACO

 

THACO contributed a profit of US$83 million, 34% higher than the previous year. The profit from its automotive business continued to grow, supported by strong production levels and a temporary reduction in registration fees for locally-assembled vehicles. Its unit sales were 30% higher, with market share increased from 22% to 23%. Margins benefited from strong demand and an improved sales mix. The group continues to expand its investment in agriculture and, as a result, saw an increase in losses from this business as substantial pre-production costs were incurred.

 

Direct Motor Interests

 

The Group's Direct Motor Interests contributed a US$63 million profit, 62% up compared to the previous year.

 

· C ycle & Carriage Singapore's contribution was 13% higher at US$33 million, due to increased profits from its premium and used car operations. New passenger car sales volume, however, fell by 15% to 5,761 units, particularly in respect of its mass market models, which was adversely impacted by the tightened COE cycle. Nevertheless, overall market share in Singapore has increased from 15% to 19%.

· In Indonesia, Tunas Ridean contributed US$28 million, 71% higher than the previous year, with higher profits across i ts automotive, financial services and leasing businesses.

· Cycle & Carriage Bintang in Malaysia contributed a profit of US$7 million, compared to US$1 million in the previous year, mainly due to improved sales volumes and margins backed by a larger order book, arising from a temporary reduction in government sales tax.

 

Other Strategic Interests

 

The Group's Other Strategic Interests contributed a US$86 million profit, 4% down compared to the previous year.

· REE's contribution of US$38 million was 70% higher than the previous year, mainly due to an improved performance from its renewable energy investments as a result of favourable hydrology and an increase in renewable wind capacity.

· The Group's investment in Vinamilk produced a slightly lower dividend income of US$37 million, compared to US$39 million in the previous year. Vinamilk reported a 20% decrease in net profit, mainly due to higher raw material costs.

· SCCC's contribution fell by 59% to US$12 million, as the business was adversely impacted by higher energy costs and inflationary pressure, as well as increased tax rates in Sri Lanka and the depreciation of the rupee, which offset improved cement volumes and prices in most of its markets.

 

Corporate Costs

 

Corporate costs were US$48 million, compared to US$59 million in the previous year, improving the overall underlying profit of the Group. This was primarily due to a foreign exchange gain of US$4 million recorded on the translation of foreign currency loans in 2022, compared to a loss of US$28 million in the previous year. This foreign exchange impact more than offset an increase in net financing charges of US$17 million.

 

Summary

 

The Group achieved a strong set of results in 2022.  The Group expects continuing uncertainties around the global economic outlook, but we remain confident in JC&C's prospects and our abilities to achieve sustainable growth.

 

Ben Birks

Group Managing Director

 

 

CORPORATE PROFILE

 

Jardine Cycle & Carriage ("JC&C" or "the Group") is the investment holding company of the Jardine Matheson Group ("Jardines") in Southeast Asia. Listed on the Mainboard of the Singapore Exchange and a constituent of the Straits Times Index, the Group is 76%-owned by Jardines.

 

By investing in the region's market leaders, we aim to deliver sustainable growth to create evermore opportunities for the people and communities of Southeast Asia. Together with our subsidiaries and associates, JC&C provides over 240,000 jobs across the region.

 

A diversified portfolio

 

§

Astra (50.1%-owned), a prominent Indonesian group participating in automotive, financial services, heavy equipment, mining, construction & energy, agribusiness, infrastructure, IT and property.

§

THACO (26.6%-owned), Vietnam's fast growing business group with market leading positions in automotive, real estate and agriculture.

§

Direct Motor Interests making up an extensive dealership network through the Cycle & Carriage businesses in Singapore (100%-owned), Malaysia (96.9%-owned), and Myanmar (60%-owned), and Tunas Ridean (49.9%-owned) in Indonesia.

§

Other Strategic Interests comprising Refrigeration Electrical Engineering Corporation (33.6%-owned) in Vietnam with interests in power and utilities including renewable energy, property development and office leasing, and mechanical & electrical engineering; Siam City Cement (25.5%-owned) operating in Thailand, Vietnam, Sri Lanka, Cambodia and Bangladesh; and Vinamilk (10.6%-owned), the leading dairy producer in Vietnam.

 

For more information on JC&C and our businesses, visit www.jcclgroup.com .

 

Jardine Cycle & Carriage Limited

Consolidated Profit and Loss Account for the six months and full year ended 31st December 2022

 


 


6 months ended 31st December

12 months ended 31st December


 


2022


2021

Change

2022


2021

Change


Note


US$m


US$m

%

US$m


US$m

%




 



 

 



 

Revenue (1)

2


11,113.0


9,401.0

18

21,793.5


17,688.0

23

Net operating costs

3


(9,955.0)


(8,370.1)

19

(19,083.5)


(15,992.7)

19

Operating profit

3


1,158.0


1,030.9

12

2,710.0


1,695.3

60




 



 

 



 

Financing income



62.4


63.0

-1

120.0


126.1

-5

Financing charges (2)



(96.0)


(87.9)

9

(178.2)


(178.4)

0

Net financing charges



(33.6)


(24.9)

35

(58.2)


(52.3)

11

Share of associates' and joint



 



 

 



 

ventures' results after tax



254.7


327.0

-22

575.4


590.6

-3

Profit before tax



1,379.1


1,333.0

3

3,227.2


2,233.6

44

Tax

4


 (411.4)


(306.2)

34

(771.3)


(515.3)

50

Profit after tax



967.7


1,026.8

-6

2,455.9


1,718.3

43




 



 

 



 

Profit attributable to:



 



 

 



 

Shareholders of the Company



252.3


434.3

-42

739.8


660.6

12

Non-controlling interests



715.4


 592.5

21

1,716.1


1,057.7

62




967.7


1,026.8

-6

2,455.9


1,718.3

43




 



 

 



 




 US¢


 US¢

 

 US¢


 US¢

 

Earnings per share:



 



 

 

 


 

- basic

6


64


110

-42

187

 

167

12

- diluted

6


64


110

-42

187

 

167

12

 

(1) Higher revenue was mainly due to higher sales in Astra's automotive, financial services, heavy equipment and mining operations and higher sales in Direct Motor Interests.

(2)  Increase in finance charges mainly due to higher interest rate, partially offset by lower level of net debt

 

 

Jardine Cycle & Carriage Limited

Consolidated Statement of Comprehensive Income for the six months and full year ended 31st December 2022

 


6 months ended

12 months ended


31st December

31st December


2022


2021

2022


2021


US$m


US$m

US$m


US$m


 



 



Profit for the year

967.7


1,026.8

2,455.9


1,718.3


 



 



Items that will not be reclassified to profit and loss:

 



 



Translation difference

(417.4)


113.0

(718.2)


(62.1)


 



 



Asset revaluation

 



 



- surplus during the year

0.9


3.2

0.9


3.3


 



 



Remeasurements of defined benefit pension plans

12.9


(4.3)

13.6


 (8.8)


 



 



Tax relating to items that will not be reclassified

(2.5)


2.0

(2.7)


2.7


 



 



Share of other comprehensive income/(expense) of

 



 



associates and joint ventures, net of tax

4.6


(3.2)

6.0


(5.2)


 



 




(401.5)


110.7

(700.4)


(70.1)


 



 



Items that may be reclassified subsequently to profit

 



 



and loss:

 



 



Translation difference

 



 



- gain/(loss) arising during the year

(341.8)


73.9

(622.7)


(90.9)


 



 



Financial assets at FVOCI (1)

 



 



- gain/(loss) arising during the year

(8.4)


8.3

(20.4)


(2.1)

- transfer to profit and loss

-


(0.8)

(1.9)


(2.5)


(8.4)


7.5

(22.3)


(4.6)

Cash flow hedges

 



 



- gain arising during the year

9.0


13.7

34.7


95.5


 



 



Tax relating to items that may be reclassified

(2.1)


(1.9)

(7.6)


(18.6)


 



 



Share of other comprehensive income of

 



 



associates and joint ventures, net of tax

23.5


14.7

97.6


49.9


(319.8)


107.9

(520.3)


31.3


 



 



Other comprehensive income/(expense) for the year

(721.3)


218.6

(1,220.7)


(38.8)

 

 

 


 



Total comprehensive income for the year

246.4


1,245.4

1,235.2


1,679.5


 



 



Attributable to:

 

 


 



Shareholders of the Company

(76.2)


521.5

157.2


613.8

Non-controlling interests

322.6


723.9

1,078.0


1,065.7


246.4


1,245.4

1,235.2


1,679.5

 

(1)  Fair value through other comprehensive income ("FVOCI")

 

Jardine Cycle & Carriage Limited

Consolidated Balance Sheet at 31st December 2022

 



Note


2022

 

2021

 

 

 

 

US$m

 

US$m

Non-current assets

 



 

 


Intangible assets




1,675.4

 

1,775.9

Right-of-use assets




733.2

 

769.4

Property, plant and equipment




3,692.4

 

3,852.1

Investment properties




455.9

 

529.1

Bearer plants




464.7

 

498.6

Interests in associates and joint ventures




4,576.1

 

4,385.5

Non-current investments




2,128.9

 

2,255.3

Non-current debtors




3,041.5

 

2,782.7

Deferred tax assets




404.0

 

391.6





17,172.1

 

17,240.2

Current assets

 



 

 


Current investments




18.2

 

45.6

Properties for sale




400.2

 

374.7

Stocks




2,130.2

 

1,531.9

Current debtors




5,495.2

 

5,147.1

Current tax assets




69.2

 

125.4

Bank balances and other liquid funds




 

 


- non-financial services companies




3,645.7

 

4,210.7

- financial services companies




372.4

 

378.1





4,018.1

 

4,588.8





12,131.1

 

11,813.5





 

 


Total assets

 



29,303.2

 

29,053.7





 

 


Non-current liabilities

 



 

 


Non-current creditors




154.5

 

201.5

Non-current provisions




207.3

 

183.8

Non-current lease liabilities




87.6

 

64.4

Long-term borrowings


8


 

 


- non-financial services companies




1,575.5

 

2,597.1

- financial services companies




1,532.4

 

1,273.2





3,107.9

 

3,870.3

Deferred tax liabilities




385.9

 

358.9

Pension liabilities




337.9

 

396.6





4,281.1

 

5,075.5





 

 


Current liabilities

 



 

 


Current creditors




5,276.9

 

4,488.4

Current provisions




107.2

 

113.0

Current lease liabilities




68.0

 

52.6

Current borrowings


8


 

 


- non-financial services companies




1,177.4

 

843.3

- financial services companies




1,662.9

 

1,846.6





2,840.3

 

2,689.9

Current tax liabilities




280.2

 

239.0





8,572.6

 

7,582.9

 

 



 

 


Total liabilities

 



12,853.7

 

12,658.4

 

 



 

 


Net assets

 



16,449.5

 

16,395.3

 

 



 

 


Equity

 



 

 


Share capital


9


1,381.0

 

1,381.0

Revenue reserve


10


7,737.1

 

7,374.3

Other reserves


11


(1,978.3)

 

(1,387.1)

Shareholders' funds




7,139.8

 

7,368.2

Non-controlling interests


12


9,309.7

 

9,027.1

Total equity

 



16,449.5

 

16,395.3

 

 

Jardine Cycle & Carriage Limited

Consolidated Statement of Changes in Equity for the year ended 31st December 2022

 

 

Attributable to shareholders of the Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributable

 

 

 

 

 

 

 

Asset

 

 

 

Fair value

 

 

 

to non-

 

 

 

Share

 

Revenue

 

revaluation

 

Translation

 

and other

 

 

 

controlling

 

Total

 

capital

 

reserve

 

reserve

 

reserve

 

reserves

 

Total

 

interests

 

equity

 

US$m

 

US$m

 

US$m

 

US$m

 

US$m

 

US$m

 

US$m

 

US$m

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 1st January

1,381.0

 

7,374.3

 

404.7

 

(1,774.6)

 

(17.2)

 

7,368.2

 

9,027.1

 

 16,395.3

Total comprehensive income

-

 

748.1

 

0.4

 

(622.7)

 

31.4

 

157.2

 

1,078.0

 

1,235.2

Dividends paid by the Company

-

 

(357.0)

 

-

 

-

 

-

 

(357.0)

 

-

 

(357.0)

Dividends paid to non-controlling interests

-

 

-

 

-

 

-

 

-

 

-

 

(642.4)

 

(642.4)

Issue of shares to non-controlling interests

-

 

-

 

-

 

-

 

-

 

-

 

46.2

 

46.2

Change in shareholding

-

 

 (28.2)

 

-

 

-

 

-

 

(28.2)

 

(198.9)

 

(227.1)

Other

-

 

 (0.1)

 

(0.3)

 

-

 

-

 

(0.4)

 

(0.3)

 

 (0.7)

Balance at 31st December

  1,381.0

 

7,737.1

 

404.8

 

(2,397.3)

 

14.2

 

7,139.8

 

9,309.7

 

 16,449.5


 

 

 



 


 

 



 


 



 

 

 



 


 

 



 


 


2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 1st January

1,381.0


6,937.7


403.4


(1,683.7)


(64.3)


6,974.1


8,332.5


15,306.6

Total comprehensive income

-


656.3


1.3


(90.9)


47.1


613.8


1,065.7


1,679.5

Dividends paid by the Company

-


(204.7)


-


-


-


(204.7)


-


(204.7)

Dividends paid to non-controlling interests

-


-


-


-


-


-


(313.8)


(313.8)

Issue of shares to non-controlling interests

-


-


-


-


-


-


36.5


36.5

Change in shareholding

-


(14.9)


-


-


-


(14.9)


(92.5)


(107.4)

Other

-


(0.1)


-


-


-


(0.1)


(1.3)


(1.4)

Balance at 31st December

1,381.0


7,374.3


404.7


  (1,774.6)


(17.2)


7,368.2


9,027.1


16,395.3

 

 

Jardine Cycle & Carriage Limited

Company Balance Sheet at 31st December 2022

 

 


 

Note

2022


2021

 

 

 

US$m


US$m

 

 


 



Non-current assets

 


 



Property, plant and equipment

 


33.6


33.1

Interests in subsidiaries

 


1,432.7


1,416.5

Interests in associates and joint ventures

 


864.3


976.0

Non-current investment

 


197.6


264.5


 


2,528.2


2,690.1


 


 



Current assets

 


 



Current debtors

 


1,115.4


1,129.8

Bank balances and other liquid funds

 


72.6


24.2


 


1,188.0


1,154.0

 

 


 



Total assets

 


3,716.2


3,844.1

 

 


 



Non-current liabilities

 


 



Long-term borrowings

 


877.5


1,535.9

Deferred tax liabilities

 


6.2

 

6.2

 

 


883.7


1,542.1

 

 


 



Current liabilities

 


 



Current creditors

 


118.4


109.2

Current borrowings

 


660.0


10.0

Current tax liabilities

 


1.7


1.5


 


780.1


120.7

 

 


 



Total liabilities

 


1,663.8


1,662.8

 

 


 



Net assets

 


2,052.4


2,181.3

 

 


 



Equity



 



Share capital

 

9

1,381.0


1,381.0

Revenue reserve

 

10

337.1


474.1

Other reserves

 

11

334.3


326.2

Total equity

 



2,052.4


2,181.3

 

 

Jardine Cycle & Carriage Limited

Company Statement of Comprehensive Income for the six months and full year ended 31st December 2022

 


6 months ended


12 months ended


31st December


31st December


2022


2021


2022


2021

 

US$m


US$m

 

US$m


US$m


 




 



Profit for the year

6.4


64.0


220.0


207.1


 




 



Items that may be reclassified subsequently to

 




 



profit and loss:

 




 



Translation difference

 




 



- gain/(loss) arising during the year

71.0


(11.8)


8.1


(49.7)


 




 



Other comprehensive income/(expense) for the year

71.0


(11.8)


8.1


(49.7)


 




 



Total comprehensive income for the year

77.4


52.2


228.1


157.4

 

 

Jardine Cycle & Carriage Limited

Company Statement of Changes in Equity for the year ended 31 st December 2022

 


Share

 

Revenue

 

Translation

 

Total


capital

 

reserve

 

reserve

 

equity

 

US$m

 

US$m

 

US$m

 

US$m


 

 

 

 

 

 

 

2022

 

 

 

 

 

 

 

Balance at 1st January

1,381.0

 

474.1

 

326.2

 

2,181.3


 

 

 

 

 

 

 

Total comprehensive income

-

 

220.0

 

8.1

 

228.1


 

 

 

 

 

 

 

Dividends paid

-

 

(357.0)

 

  -

 

(357.0)


 

 

 

 

 

 

 

Balance at 31st December

1,381.0

 

337.1

 

334.3

 

2,052.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

 

 

 

 

 

 

Balance at 1st January

1,381.0


471.7


375.9


2,228.6









Total comprehensive income/(expense)

-


207.1


(49.7)


157.4









Dividends paid

-


(204.7)


-


(204.7)









Balance at 31st December

1,381.0


474.1


326.2


2,181.3

 

 

Jardine Cycle & Carriage Limited

Consolidated Statement of Cash Flows for the year ended 31st December 2022

 

 



2022


2021


Note


US$m


US$m

Cash flows from operating activities



 



Cash generated from operations

15


3,043.8


3,096.0




 



Interest paid



(90.9)


(139.1)

Interest received



122.5


137.3

Other finance costs paid



(38.7)


(35.5)

Income taxes paid



(681.9)


(374.8)

 



(689.0)


(412.1)

Dividends received from associates and

 

 




joint ventures (net)

 

 

495.7


 344.4


 

 

 




 

 

(193.3)


(67.7)


 

 

 



Net cash flows from operating activities

 

 

2,850.5


3,028.3

 

 

 

 

 


Cash flows from investing activities



 



Sale of intangible assets



2.2


-

Sale of right-of-use assets



0.2


-

Sale of property, plant and equipment



35.5


32.2

Sale of investments



226.7


245.5

Additions to intangible assets



(118.6)


(118.5)

Additions to right-of-use assets



(24.0)


(13.3)

Purchase of property, plant and equipment



(727.3)


(349.2)

Purchase of investment properties



(0.8)


(1.4)

Additions to bearer plants



(39.4)


(31.7)

Purchase of shares in associates and joint ventures



(397.6)


(77.1)

Purchase of investments



(481.0)


(375.0)

 



 



Net cash flows from investing activities



(1,524.1)


(688.5)

 



 



Cash flows from financing activities



 



Drawdown of loans (1)



3,058.9


4,275.7

Repayment of loans (1)



(3,384.3)


(4,812.1)

Principal elements of lease payments



(86.6)


(104.0)

Changes in controlling interests in subsidiaries



(224.7)


(107.4)

Investments by non-controlling interests



46.2


36.5

Dividends paid to non-controlling interests



(642.4)


(313.8)

Dividends paid by the Company



(357.0)


(204.7)

 



 



Net cash flows from financing activities



(1,589.9)


(1,229.8)




 






 



Net change in cash and cash equivalents



(263.5)


1,110.0

Cash and cash equivalents at the beginning of the year



4,588.8


3,497.6

Effect of exchange rate changes



(307.2)


(18.8)




 



Cash and cash equivalents at the end of the year (2)



4,018.1


4,588.8

 

(1)   The drawdown and repayment of loans in 2021 included the refinancing effect of the Company's borrowings from current liabilities to non-current liabilities.

(2)   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 year ended 31st December 2022

 

1  Basis of preparation

 

The financial statements are consistent with those set out in the 2021 audited accounts which have been prepared in accordance with Singapore Financial Reporting Standards (International) ("SFRS(I)") and International Financial Reporting Standards ("IFRS"). The condensed interim financial statements for the six months ended 31st December 2022 have been prepared in accordance with IAS 34 Interim Financial Reporting. The condensed interim financial statements do not include all the information required for a complete set of financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance of the Group since the last interim financial statements for the period ended 30th June 2022. There have been no changes to the accounting policies described in the 2021 audited accounts except for the adoption of new and amended standards as set out below. The Group has not early adopted any other standard or amendments that have been issued but not yet effective. 

 

The exchange rates used for translating assets and liabilities at the balance sheet date are US$1=S$ 1.3445 (2021: US$1=S$ 1.3517 ), US$1=RM 4.4125 (2021: US$1=RM 4.1735 ), US$1=IDR 15,731 (2021: US$ 1=IDR 14,269) , US$1=VND 23,627 (2021: US$1=VND 22,790 ) and US$1=THB 34.560 (2021: US$1= THB 33.318 ).

 

The exchange rates used for translating the results for the period are US$1=S$ 1.3796 (2021: US$1=S$ 1.3433 ), US$1=RM 4.4104 (2021: US$1=RM 4.1485 ), US$1=IDR 14,922 (2021: US$1=IDR 14,345 ), US$1=VND 23,465 (2021: US$1=VND 22,915 ) and US$1=THB 35.173 (2021: US$1=THB 32.118 ). 

 

Interpretations and amendments to published standard effective in 2022

 

On 1st January 2022, the Group has adopted the new or amended IFRS and Interpretations of IFRS that are mandatory for application for the financial year. Changes to the Group's accounting policies have been made as required, in accordance with the transitional provisions in the respective IFRS and Interpretations of IFRS.

 

The adoption of these new or amended IFRS and Interpretations of IFRS did not result in substantial changes to the Group's accounting policies and had no material effect on the amounts reported for the current or prior financial years.

 

Amendments to IAS 37 - Onerous Contracts - Cost of Fulfilling a Contract (effective from 1st January 2022) clarifies that for the purpose of assessing whether a contract is onerous, the cost of fulfilling the contract includes both the incremental costs of fulfilling that contract and an allocation of other costs that relate directly to fulfilling contracts. The Group applied the amendment from 1st January 2022 and there is no material impact on the Group's consolidated financial statements.

 

Critical accounting estimates and judgements

 

The preparation of the condensed interim financial statements require management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates.

 

In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty are the same as those that applied to the consolidated financial statements for the year ended 31st December 2022.

 

2  Revenue

 

 

 

6 months ended 31st December

 

 

 

Direct

 

 

 

 

 

Motor

 

 

 

Astra

 

Interests

 

Total

 

US$m

 

US$m

 

US$m

Group

 

 

 

 

 

2022

 

 

 

 

 

Property

32.5

 

-

 

32.5

Motor vehicles

4,224.7

 

825.1

 

5,049.8

Financial services

895.4

 

-

 

895.4

Heavy equipment, mining, construction & energy

4,095.7

 

-

 

4,095.7

Other

1,039.6

 

-

 

1,039.6

 

10,287.9

 

825.1

 

11,113.0

 






From contracts with customers:






Recognised at a point in time

9,136.3

 

805.0

 

9,941.3

Recognised over time

114.7

 

17.6

 

132.3


9,251.0

 

822.6

 

10,073.6


 

 

 

 

 

From other sources:

 

 

 

 

 

Rental income from investment properties

11.6

 

-

 

11.6

Revenue from financial services companies

895.4

 

-

 

895.4

Other

129.9

 

2.5

 

132.4


1,036.9

 

2.5

 

1,039.4


 

 

 

 

 


10,287.9

 

825.1

 

11,113.0













2021






Property

32.4


-


32.4

Motor vehicles

3,653.3


599.2


4,252.5

Financial services

896.1


-


896.1

Heavy equipment, mining, construction & energy

2,931.8


-


2,931.8

Other

1,288.2


-


1,288.2


8,801.8


 599.2


9,401.0







From contracts with customers:






Recognised at a point in time

7,639.5


566.5


8,206.0

Recognised over time

137.1


31.5


168.6


7,776.6


598.0


8,374.6







From other sources:






Rental income from investment properties

5.9


-


5.9

Revenue from financial services companies

896.1


-


896.1

Other

123.2


1.2


124.4


1,025.2


1.2


1,026.4








8,801.8


599.2


9,401.0

 

 

12 months ended 31st December

 

 

 

 

 

 

 

 

 

Direct

 

 

 

 

 

Motor

 

 

 

Astra

 

Interests

 

Total

 

US$m

 

US$m

 

US$m

Group

 

 

 

 

 

2022

 

 

 


 

Property

64.6

 

-

 

64.6

Motor vehicles

7,999.1

 

1,588.7

 

9,587.8

Financial services

1,779.6

 

-

 

1,779.6

Heavy equipment, mining, construction & energy

8,261.3

 

-

 

8,261.3

Other

2,100.2

 

-

 

2,100.2

 

20,204.8

 

1,588.7

 

21,793.5

 






From contracts with customers:






Recognised at a point in time

17,946.2

 

1,518.3

 

19,464.5

Recognised over time

213.0

 

65.9

 

 278.9


18,159.2

 

1,584.2

 

 19,743.4


 

 

 

 

 

From other sources:

 

 

 

 

 

Rental income from investment properties

12.3

 

-

 

12.3

Revenue from financial services companies

1,779.6

 

-

 

1,779.6

Other

253.7

 

4.5

 

258.2


2,045.6

 

4.5

 

2,050.1


 

 

 

 

 


20,204.8

 

1,588.7

 

 21,793.5













2021






Property

56.6


-


56.6

Motor vehicles

6,642.0


1,402.5


8,044.5

Financial services

1,735.2


-


1,735.2

Heavy equipment, mining, construction & energy

5,524.4


-


5,524.4

Other

2,327.3


-


2,327.3


16,285.5


1,402.5


 17,688.0







From contracts with customers:






Recognised at a point in time

14,072.9


1,336.4


15,409.3

Recognised over time

 245.5


63.8


309.3


14,318.4


1,400.2


 15,718.6







From other sources:






Rental income from investment properties

11.9


-


11.9

Revenue from financial services companies

1,735.2


-


1,735.2

Other

220.0


2.3


222.3


1,967.1


2.3


1,969.4








16,285.5


1,402.5


17,688.0

 

 

3  Net operating costs and operating profit

 


Group


6 months ended


12 months ended


31st December


31st December


2022


2021

Change


2022


2021

Change


US$m


US$m

%


US$m


US$m

%

Cost of sales and services rendered

(8,615.1)


(7,340.9)

17


(16,885.1)


(13,922.9)

21

Other operating income

53.3


125.9

-58


258.0


244.3

6

Selling and distribution expenses

(452.2)


(459.1)

-2


(890.4)


(867.8)

3

Administrative expenses

(604.3)


(603.6)

0


(1,178.6)


(1,144.2)

3

Other operating expenses

(336.7)


(92.4)

>100


(387.4)


(302.1)

28


(9,955.0)


(8,370.1)

19


(19,083.5)


(15,992.7)

19

 




 

 




 

Operating profit is determined after including:

 



 

 

 



 

Amortisation/depreciation of:

 



 


 



 

- intangible assets

(74.7)


(85.7)

-13


(141.8)


(151.8)

-7

- right-of-use assets

(77.6)


(75.6)

3


(141.1)


(149.7)

-6

- property, plant and equipment

(352.5)


(368.0)

-4


(694.4)


(735.0)

-6

- bearer plants

(13.9)


(13.6)

2


(28.2)


(27.3)

3

Impairment of:

 



 


 



 

- intangible assets 

(1.1)


(13.9)

-92


(1.1)


(13.9)

-92

- right-of-use assets

-


(2.0)

> -100


-


(2.0)

> -100

- property, plant and equipment

(45.7)


(37.3)

23


(45.6)


(37.7)

21

- debtors

(92.3)


(122.0)

-24


(181.3)


(217.4)

-17

Fair value gain/(loss) on:

 



 


 



 

- investment properties

(2.8)


(3.1)

-10


(2.8)


(3.1)

-10

- investments (1)

(366.3)


(7.7)

>100


(269.6)


(130.9)

>100

- agricultural produce

(11.3)


-

nm


(11.4)


3.5

nm

- livestock

-


(3.4)

> -100


-


-

nm

- derivative not qualifying as hedge

-


-

nm


0.1


-

nm

Profit/(loss) on disposal of:

 



 


 



 

- intangible assets

(0.6)


(1.0)

-40


(0.9)


(1.0)

-10

- right-of-use assets

0.1


(0.4)

nm


0.1


(0.4)

nm

- property, plant and equipment

0.7


9.0

-92


12.0


20.1

-40

- investments

0.1


0.8

-88


1.7


2.5

-32

Loss on disposal/write-down of receivables from




 





 

collateral vehicles

(14.5)


(30.1)

-52


(37.3)


(65.2)

-43

(Write-down)/reversal of

 



 


 



 

write-down of stocks, net

(8.3)


3.1

nm


(10.0)


2.6

nm

Net exchange gain/(loss) (2)

49.4


3.2

>100


18.2


(23.7)

nm

Dividend and interest income from investments

60.4


57.9

4


102.0


98.9

3

 

 nm - not meaningful

 

(1)  Fair value gain/(loss) relates mainly to equity investments in GoTo, Hermina, Vinamilk and Toyota Motor Corporation

(2)  Net gain relates mainly to the impact of revaluing monetary liabilities denominated in US dollars

 

 

 

4  Tax

 

The provision for income tax is based on the statutory tax rates of the respective countries in which the companies operate after taking into account non-deductible expenses and group tax relief.

 

5  Dividends

 

At the Annual General Meeting in 2023, a final one-tier tax exempt dividend in respect of 2022 of US¢83 per share amounting to a dividend of approximately US$328.0 million is to be proposed. These financial statements do not reflect this dividend payable, which will be accounted for in shareholders' equity as an appropriation of retained earnings in the year ending 31st December 2023. The dividends paid in 2022 and 2021 were as follows:

 


Group and Company


2022


2021


US$m


US$m


 



Final one-tier tax exempt dividend in respect of previous year of

 



 US¢62 per share (2021: in respect of 2020 of US¢34)

245.2


133.2

Interim one-tier tax exempt dividend in respect of current year of

 



US¢28 per share (2021: US¢18)

111.8


71.5


357.0


204.7

 

 

6  Earnings per share

 

 


Group


6 months ended


12 months ended


31st December


31st December


2022


2021


2022


2021


US$m


US$m


US$m


US$m

Basic and diluted earnings per share

 




 



Profit attributable to shareholders

252.3


434.3


739.8


660.6

Weighted average number of ordinary shares in issue (millions)

395.2


395.2


395.2


395.2


 




 



Basic earnings per share

US¢64


US¢110


US¢187


US¢167


 




 



Diluted earnings per share

US¢64


US¢110


US¢187


US¢167


 




 



Basic and diluted underlying earnings per share

 




 



Underlying profit attributable to shareholders

573.8


439.4


1,096.2


785.9

Weighted average number of ordinary shares in issue (millions)

395.2


395.2


395.2


395.2


 




 



Basic underlying earnings per share

US¢145


US¢111


US¢277


US¢199


 




 



Diluted underlying earnings per share

US¢145


US¢111


US¢277


US¢199

 

As at 31st December 2022 and 2021, 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

 

6 months ended

 

12 months ended

 

31st December

 

31st December

 

2022


2021

 

2022


2021

 

US$m


US$m

 

US$m


US$m

 

 

 


 

 



Profit attributable to shareholders

252.3

 

434.3

 

739.8


660.6

 

 

 


 

 



Less:

 

 


 

 



Non-trading items (attributable to shareholders)

 

 


 

 



Fair value changes of agricultural produce and livestock

(3.4)


(1.2)


(3.4)


1.0

Fair value changes of investment properties

(0.9)


(1.5)


(0.9)


(1.5)

Fair value changes of investments

(203.2)


(11.9)


(238.1)


(134.3)

Impairment loss on associates and joint ventures

(114.0)


-


(114.0)


-

Impairment loss on goodwill on subsidiaries

-


(1.7)


-


(1.7)

Other

-


11.2


-


11.2


(321.5)


(5.1)


(356.4)


(125.3)


 




 



Underlying profit attributable to shareholders

573.8


439.4

 

1,096.2


785.9

 

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 or losses arising from sale of businesses, investments and properties; impairment of non-depreciable intangible assets, associates and joint ventures and other investments; provisions for closure of businesses; acquisition-related costs in business combinations and other credits and charges of a non-recurring nature that require inclusion in order to provide additional insight into the Group's underlying business performance.

 

7  Financial Instruments

 

Financial instruments by category

 

The fair values of financial assets and financial liabilities, together with carrying amounts at 31st December 2022 and 2021 are as follows:

 




Fair














value











 



through


Fair value


Financial







 

Fair value of


profit


 through other


 assets at


Other


Total



 

hedging


and


 comprehensive


 amortised


financial


carrying


Fair

 

  instruments


loss


income


costs


liabilities


amount


value


US$m


US$m


US$m


US$m


US$m


US$m


US$m

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets














measured at fair value














Other investments














- equity investments

-

 

1,384.3

 

-

 

-

 

-

 

1,384.3

 

1,384.3

- debt investments

-

 

-

 

762.8

 

-

 

-

 

762.8

 

762.8

Derivative financial

 


 


 


 


 


 


 

instruments

119.8


0.2


-


-


-


120.0


120.0


119.8

 

1,384.5

 

762.8

 

-

 

-

 

2,267.1

 

2,267.1

Financial assets not 














measured at fair value














Debtors

-

 

-

 

-

 

7,353.7

 

-

 

7,353.7

 

6,957.6

Bank balances

-

 

-

 

-

 

4,018.1

 

-

 

4,018.1

 

4,018.1


-

 

-

 

-

 

11,371.8

 

-

 

11,371.8

 

10,975.7

Financial liabilities














measured at fair value














Derivative financial

 


 


 


 


 


 


 

instruments

(2.0)


(0.4)


 


-


-


(2.4)


(2.4)

Contingent consideration














payable

-


(8.8)


-


-


-


(8.8)


(8.8)


(2.0)

 

(9.2)

 

-

 

-

 

-

 

(11.2)

 

(11.2)

Financial liabilities not 














measured at fair value














Borrowings excluding














lease liabilities

-


-


-


-


(5,948.2)


(5,948.2)


(5,925.7)

Lease liabilities

-

 

-

 

-

 

-

 

(155.6)

 

(155.6)

 

(155.6)

Creditors excluding














non-financial liabilities

-


-


-


-


(3,936.2)


(3,936.2)


(3,936.2)


-

 

 -

 

-

 

-

 

(10,040.0)

 

(10,040.0)

 

(10,017.5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets














measured at fair value














Other investments














- equity investments

-


1,524.5


-


-


-


1,524.5


1,524.5

- debt investments

-


 -


776.4


-


-


776.4


776.4

Derivative financial














instruments

15.7


0.6


-


-


-


16.3


16.3


15.7


 1,525.1


776.4


-


-


2,317.2


2,317.2

Financial assets not 














measured at fair value














Debtors

-


-


-


7,091.7


-


7,091.7


7,153.3

Bank balances

-


-


-


4,588.8


-


4,588.8


4,588.8


-


-


-


11,680.5


-


11,680.5


11,742.1

Financial liabilities














measured at fair value














Derivative financial














instruments

(54.9)


(0.1)


  -


 -


 -


(55.0)


(55.0)

Contingent consideration














payable

-


(8.8)


  -


 -


 -


(8.8)


(8.8)


(54.9)


(8.9)


  -


 -


 -


(63.8)


(63.8)

Financial liabilities not 














measured at fair value














Borrowings excluding














lease liabilities

-


-


-


-


(6,560.2)


(6,560.2)


(6,589.3)

Lease liabilities

-


-


-


-


(117.0)


(117.0)


(117.0)

Creditors excluding














non-financial liabilities

-


-


-


-


(3,075.4)


(3,075.4)


(3,075.4)


-


-


-


-


(9,752.6)


(9,752.6)


(9,781.7)

 

Fair value estimation

 

a)  Financial instruments that are measured at fair value

For financial instruments that are measured at fair value in the balance sheet, the corresponding fair value measurements are disclosed by level of the following fair value measurement hierarchy:

 

Quoted prices (unadjusted) in active markets for identical assets or liabilities ("quoted prices in active markets")

The fair values of listed securities and bonds are based on quoted prices in active markets at the balance sheet date. The quoted market price used for listed investments held by the Group is the current bid price.

 

Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly ("observable current market transactions")

The fair values of derivative financial instruments are determined using rates quoted by the Group's bankers at the balance sheet date. The rates for interest rate swaps and caps, cross-currency swaps and forward foreign exchange contracts are calculated by reference to the market interest rates and foreign exchange rates.

 

Inputs for the asset or liability that are not based on observable market data ("unobservable inputs")

The fair values of other unlisted equity investments are determined using valuation techniques by reference to observable current market transactions or the market prices of the underlying investments with certain degree of entity-specific estimates or discounted cash flows by projecting the cash inflows from these investments.

 

There were no changes in valuation techniques during the year.

 

The table below analyses the Group's financial instruments carried at fair value, by the levels in the fair value measurement hierarchy.

 

 

Quoted


Observable





 

 prices in


 current





 

active


market


Unobservable



 

 markets


transactions


inputs


Total


US$m


US$m


US$m


US$m

2022








Assets








Other investments








- equity investments

1,177.6

 

-

 

206.7

 

1,384.3

- debt investments

762.8

 

-

 

-

 

762.8

 

1,940.4

 

-

 

206.7

 

2,147.1

Derivative financial instruments at fair value

 

 

 

 

 

 

 

- through other comprehensive income

-

 

119.8

 

-

 

119.8

- through profit and loss

-

 

0.2

 

-

 

0.2


1,940.4

 

120.0

 

206.7

 

2,267.1

Liabilities

 

 

 

 

 

 

 

Contingent consideration payable

-

 

-

 

(8.8)

 

(8.8)

Derivative financial instruments at fair value

 

 

 

 

 

 

 

- through other comprehensive income

-

 

(2.0)

 

-

 

(2.0)

- through profit and loss

-

 

(0.4)

 

-

 

(0.4)


-

 

(2.4)

 

-

 

(2.4)


-

 

(2.4)

 

(8.8)

 

(11.2)

 

 

Quoted


Observable





 

 prices in


 current





 

active


market


Unobservable



 

 markets


transactions


inputs


Total


US$m


US$m


US$m


US$m

2021








Assets








Other investments








- equity investments

1,136.7


-


387.8


1,524.5

- debt investments

776.4


-


-


776.4

 

1,913.1


-


387.8


2,300.9

Derivative financial instruments at fair value








- through other comprehensive income

-


15.7


-


 15.7

- through profit and loss

-


0.6


-


 0.6


1,913.1


16.3


387.8


  2,317.2

Liabilities








Contingent consideration payable

-


-


(8.8)


 (8.8)

Derivative financial instruments at fair value








- through other comprehensive income

-


(54.9)


-


(54.9)

- through profit and loss

-


(0.1)


-


(0.1)


-


(55.0)


-


(55.0)


-


(55.0)


(8.8)


(63.8)

 

There were no transfers among the three categories during the year ended 31st December 2022 and 2021.

 

b)  Financial instruments that are not measured at fair value

 

The fair values of current debtors, bank balances and other liquid funds, current creditors, current borrowings and current lease liabilities of the Group and the Company are assumed to approximate their carrying amounts due to the short-term maturities of these assets and liabilities.

 

The fair values of long-term borrowings disclosed are based on market prices or are estimated using the expected future payments discounted at market interest rates. The fair values of non-current lease liabilities are estimated using the expected future payments discounted at market interest rates.

 

 

8  Borrowings

 

 

 

2022

 

2021


US$m

 

US$m

Long-term borrowings:

 

 


- secured

7.1

 

12.8

- unsecured

3,100.8

 

3,857.5


3,107.9

 

3,870.3

Current borrowings:

 

 


- secured

44.1

 

164.6

- unsecured

2,796.2

 

2,525.3


2,840.3

 

2,689.9


 

 


Total borrowings

5,948.2

 

6,560.2

 

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$40.5 million (2021: US$92.6 million).

 

9  Share capital

 

 

 

Group

 

2022

 

2021


US$m

 

US$m

Six months ended 31st December

 

 


Issued and fully paid:

 

 


Balance at 1st July and 31st December

 

 


- 395,236,288 (2021: 395,236,288) ordinary shares

1,381.0

 

1,381.0


 

 



Year ended 31st December

Issued and fully paid:

 

 


Balance at 1st January and 31st December

 

 


- 395,236,288 (2021: 395,236,288) ordinary shares

1,381.0

 

1,381.0

 

There were no rights, bonus or equity issues during the year.

 

The Company did not hold any treasury shares as at 31st December 2022 ( 31st December 2021: Nil) and did not have any unissued shares under convertibles as at 31st December 2022 ( 31st December 2021: Nil).

 

There were no subsidiary holdings (as defined in the Listing Rules of the SGX-ST) as at 31st December 2022 ( 31st December 2021: Nil).

 

 

10  Revenue reserve

 


Group


Company


2022


2021


2022


2021


US$m


US$m


US$m


US$m

Movements :

 




 



Balance at 1st January

7,374.3


6,937.7


474.1


471.7

Defined benefit pension plans

 







- remeasurements

5.8


(2.5)


-


-

- deferred tax

(1.2)


0.7


-


-

Share of associates' and joint ventures'

 




 



remeasurements of defined benefit








pension plans, net of tax

3.7


(2.5)


-


-

Profit attributable to shareholders

739.8


660.6


220.0


207.1

Dividends paid by the Company (Note 5)

(357.0)


(204.7)


(357.0)


(204.7)

Change in shareholding

(28.2)


(14.9)


-


-

Other

(0.1)


(0.1)


-


-

Balance at 31st December

7,737.1


7,374.3


337.1


474.1

 

 

11  Other reserves

 

 


Group


Company


2022


2021


2022


2021


US$m


US$m


US$m


US$m

Composition :

 




 



Asset revaluation reserve

404.8


404.7


-


-

Translation reserve

(2,397.3)


(1,774.6)


334.3


326.2

Fair value reserve

5.8


16.5


-


-

Hedging reserve

5.1


(37.0)


-


-

Other reserve

3.3


3.3


-


-

Balance at 31st December

(1,978.3)


(1,387.1)


334.3


326.2






 



Movements :





 



Asset revaluation reserve

 




 



Balance at 1st January

404.7


403.4


-


-

Surplus on revaluation of assets

0.4


1.3


-


-

Other

(0.3)


-


-


-

Balance at 31st December

404.8


 404.7


-


-

 





 



Translation reserve

 




 



Balance at 1st January

(1,774.6)


(1,683.7)


326.2


375.9

Translation difference

(622.7)


(90.9)


8.1


(49.7)

Balance at 31st December

(2,397.3)


(1,774.6)


334.3


326.2






 



Fair value reserve

 



 

 



Balance at 1st January

16.5


18.5

 

-


-

Financial assets at FVOCI

 



 

 



- fair value changes

(9.8)


(1.0)

 

-


-

- deferred tax

-


0.2

 

-


-

- transfer to profit and loss

(0.9)


(1.2)

 

-


-

Balance at 31st December

5.8


16.5

 

-


-


 



 

 



Hedging reserve

 



 

 



Balance at 1st January

(37.0)


(86.1)

 

-


-

Cash flow hedges

 



 

 



- fair value changes

15.1


40.4

 

-


-

- deferred tax

(3.3)


(8.1)

 

-


-

Share of associates' and joint ventures' 

 



 

 



fair value changes of cash flow hedges,

 



 

 



net of tax

30.3


16.8

 

-


-

Balance at 31st December

5.1


(37.0)

 

-


-


 



 

 



Other reserve

 



 

 



Balance at 1st January and 31st December

3.3


3.3

 

-


-

 

 

12  Non-controlling interests

 


Group


2022


2021


US$m


US$m


 



Balance at 1st January

9,027.1


8,332.5

Asset revaluation surplus

 



- surplus on revaluation of assets

0.5


2.0

Financial assets at FVOCI

 



- fair value changes

(10.6)


(1.1)

- deferred tax

-


0.3

- transfer to profit and loss

(1.0)


(1.3)


(11.6)


(2.1)

Cash flow hedges

 



- fair value changes

19.6


55.1

- deferred tax

(4.3)


(11.0)


15.3


44.1

Share of associates' and joint ventures' fair value changes of

 



cash flow hedges, net of tax

67.3


33.1

Defined benefit pension plans

 



- remeasurements

7.8


(6.3)

- deferred tax

(1.5)


2.0


6.3


(4.3)

Share of associates' and joint ventures' remeasurements of

 



defined benefit pension plans, net of tax

2.3


(2.7)

Translation difference

(718.2)


(62.1)

Profit for the year

1,716.1


1,057.7

Issue of shares to non-controlling interests

46.2


36.5

Dividends paid

(642.4)


(313.8)

Change in shareholding

(198.9)


(92.5)

Other

(0.3)


(1.3)

Balance at 31st December

9,309.7


9,027.1

 

13  Related party transactions

 

The following significant related party transactions took place during the year ended 31st December:

 



Group



2022


2021



US$m


US$m

 

 

 



(a)

With associates and joint ventures:

 




Purchase of goods and services

(6,087.8)


 (4,934.5)


Sale of goods and services

1,880.0


1,434.5


Commission and incentives earned

6.2


6.0


Interest received

18.5


18.0



 



(b)

With related companies and

 



 

associates of ultimate holding

 



 

company:

 




Management fees paid

(4.3)


(6.4)


Purchase of goods and services

(2.6)


(3.2)


Sale of goods and services

2.2


2.2



 



(c)

Remuneration of directors of the

 



 

  Company and key management

 



 

  personnel of the Group:

 




Salaries and other short-term

 




employee benefits

(10.4)


(11.2)

 

 

14  Commitments

 

C apital expenditure authorised for at the balance sheet date, but not recognised in the financial statements is as follows: 

 

 



2022


2021


US$m


US$m


 



Authorised and contracted

 178.8

 

 106.3

Authorised but not contracted

 294.6

 

 282.0


 473.4

 

 388.3

 

15  Cash flows from operating activities

 

 


Group


2022


2021


US$m


US$m


 



Profit before tax

3,227.2


2,233.6


 



Adjustments for:

 



Financing income

  (120.0)


  (126.1)

Financing charges

178.2


178.4

Share of associates' and joint ventures' results after tax

  (575.4)


  (590.6)

Amortisation/depreciation of:

 



- intangible assets

141.8


151.8

- right-of-use assets

141.1


149.7

- property, plant and equipment

694.4


735.0

- bearer plants

28.2


27.3

Impairment of:

 



- intangible assets 

  1.1


13.9

- right-of-use assets

 -


  2.0

- property, plant and equipment

45.6


37.7

- debtors

181.3


217.4

Fair value (gain)/loss on:

 



- investment properties

  2.8


  3.1

- investments

269.6


130.9

- agricultural produce

11.4


 (3.5)

- derivative not qualifying as hedge

 (0.1)


 -

(Profit)/loss on disposal of:

 



- intangible assets

  0.9


  1.0

- right-of-use assets

 (0.1)


  0.4

- property, plant and equipment

 (12.0)


 (20.1)

- investments

 (1.7)


 (2.5)

Loss on disposal/write-down of receivables from collateral vehicles

37.3


65.2

Amortisation of borrowing costs for financial services companies

  9.1


  8.4

Write-down/(reversal of write-down) of stocks

10.0


 (2.6)

Gain on modifications to lease term

 (1.1)


 (0.4)

Changes in provisions

42.7


  4.3

Foreign exchange loss

46.4


21.8


1,131.5


1,002.5


 



Operating profit before working capital changes

4,358.7


3,236.1





Changes in working capital

 



Properties for sale

 (55.0)


10.9

Stocks (1)

  (887.5)


  (319.8)

Concession rights

 (25.5)


 (15.6)

Financing debtors

  (591.3)


  (381.3)

Debtors (2)

  (937.5)


  (416.9)

Creditors (3)

1,192.5


979.9

Pensions

 (10.6)


  2.7


  (1,314.9)


  (140.1)


 



Cash flows from operating activities

3,043.8


3,096.0

 

(1)  Increase in stocks balance mainly due to higher purchases amid higher sales

(2)  Increase in debtors balance mainly due to higher sales activities

(3)  Increase in creditors balance mainly due to higher trade purchases

 

 

16  Notes to consolidated statement of cash flows

 

(a)  Purchase of shares in associates and joint ventures

 

Purchase of shares in associates and joint ventures in 2022 mainly included US$259.8 million for Astra's investment in Bank Jasa Jakarta, US$43.8 million for Astra's investment in PT Jasamarga Pandaan Malang, a toll road operator in Indonesia, US$40.9 million for Astra's investment in PT Mobilitas Digital, US$17.7 million for Astra's investment in PT Arkora Hydropower Plant and US$33.7 million for additional purchase of shares in Refrigeration Electrical Engineering Corporation.

 

Purchase of shares in associates and joint ventures in 2021 mainly included US$66.0 million for Astra's investment in toll road operators in Indonesia and US$9.5 million for additional purchase of shares in Refrigeration Electrical Engineering Corporation.

 

(b)  Changes in controlling interests in subsidiaries

 

Change in controlling interests of subsidiaries in 2022 mainly included an outflow of US$213.9 million for PT United Tractors Tbk shares buyback, US$2.4 million for Astra's acquisition of additional interest in PT Marga Mandalasakti, US$4.7 million and US$3.7 million for acquisition of additional interests in Cycle and Carriage Bintang Berhad and Republic Auto Pte Ltd, respectively.

 

Change in controlling interests of subsidiaries in 2021 mainly included an outflow of US$69.7 million for Astra's acquisition of additional interest in PT Astra Modern Land, US$17.5 million and US$18.8 million for acquisition of additional interests in Cycle and Carriage Bintang Berhad and Republic Auto Pte Ltd, respectively.

 

17  Segment Information

 

Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the Board for the purpose of resource allocation and performance assessment. The Board considers Astra as one operating segment because it represents a single direct investment made by the Company. Decisions for resource allocation and performance assessment of Astra are made by the Board of the Company while resource allocation and performance assessment of the various Astra businesses are made by the board of Astra, taking into consideration the opinions of the Board of the Company. THACO is identified as another operating segment.   Direct Motor Interests are aggregated into one reportable segment based on the similar automotive nature of their products and services, while Other Strategic Interests, comprising the Group's strategic investment portfolio, are aggregated into another reportable segment based on their exposure to market-leading companies in key regional economies. Set out below is an analysis of the segment information. 

 


Underlying businesses performance










Direct


Other




Non-








Motor


Strategic


Corporate


trading




Astra


THACO


Interests


Interests


costs


items


Group


US$m


US$m


US$m


US$m


US$m


US$m


US$m

 














6 months ended 31st December 2022














Revenue

10,287.9

 

  -

 

 825.1

 

-

 

-

 

-

 

11,113.0

Net operating costs

 (8,843.2)

 

  -

 

(791.0)

 

 27.2

 

 32.4

 

(380.4)

 

(9,955.0)

Operating profit

  1,444.7

 

  -

 

 34.1

 

 27.2

 

 32.4

 

(380.4)

 

 1,158.0

Financing income

  61.4

 

  -

 

0.5

 

-

 

0.5

 

-

 

 62.4

Financing charges

 (71.0)

 

  -

 

  (1.3)

 

-

 

(23.7)

 

-

 

(96.0)

Net financing charges

(9.6)

 

  -

 

  (0.8)

 

-

 

(23.2)

 

-

 

(33.6)

Share of associates' and joint

 

 

 

 

 

 

 

 

 

 

 

 

 

ventures' results after tax

301.9

 

  30.5

 

 10.2

 

 24.9

 

-

 

(112.8)

 

 254.7

Profit before tax

  1,737.0

 

  30.5

 

 43.5

 

 52.1

 

9.2

 

(493.2)

 

 1,379.1

Tax

 (400.1)

 

  -

 

  (8.9)

 

-

 

  (0.6)

 

  (1.8)

 

(411.4)

Profit after tax

  1,336.9

 

  30.5

 

 34.6

 

 52.1

 

8.6

 

(495.0)

 

 967.7

Non-controlling interests

 (888.7)

 

  -

 

  (0.2)

 

-

 

-

 

 173.5

 

(715.4)

Profit attributable to

 

 

 

 

 

 

 

 

 

 

 

 

 

shareholders

448.2

 

  30.5

 

 34.4

 

 52.1

 

8.6

 

(321.5)

 

 252.3


 

 

 

 

 

 

 

 

 

 

 

 

 














6 months ended 31st December 2021














Revenue

  8,801.8


  -


 599.2


-


-


-


 9,401.0

Net operating costs

 (7,781.4)


  -


(584.3)


 28.4


(12.9)


(19.9)


(8,370.1)

Operating profit

  1,020.4


  -


 14.9


 28.4


(12.9)


(19.9)


 1,030.9

Financing income

  62.9


  -


-


-


0.1


-


 63.0

Financing charges

 (78.0)


  -


  (0.9)


-


  (9.0)


-


(87.9)

Net financing charges

 (15.1)


  -


  (0.9)


-


  (8.9)


-


(24.9)

Share of associates' and joint














ventures' results after tax

251.5


  25.3


6.8


 33.1


-


 10.3


 327.0

Profit before tax

  1,256.8


  25.3


 20.8


 61.5


(21.8)


  (9.6)


 1,333.0

Tax

 (298.9)


  -


  (5.3)


  (1.6)


  (0.5)


0.1


(306.2)

Profit after tax

957.9


  25.3


 15.5


  59.9


(22.3)


  (9.5)


 1,026.8

Non-controlling interests

 (596.5)


  -


  (0.4)


-


-


4.4


(592.5)

Profit attributable to














shareholders

361.4


  25.3


 15.1


  59.9


(22.3)


  (5.1)


 434.3















 

 

 


Underlying businesses performance










Direct


Other




Non-








Motor


Strategic


Corporate


trading




Astra


THACO


Interests


Interests


costs


items


Group


US$m


US$m


US$m


US$m


US$m


US$m


US$m














12 months ended 31st December 2022














Revenue

20,204.8

 

  -

 

1,588.7

 

 -

 

 -

 

  -

 

21,793.5

Net operating costs

(17,288.9)

 

  -

 

 (1,534.5)

 

36.5

 

 (12.8)

 

 (283.8)

 

 (19,083.5)

Operating profit

 2,915.9

 

  -

 

54.2

 

36.5

 

 (12.8)

 

 (283.8)

 

  2,710.0

Financing income

118.7

 

  -

 

  0.7

 

 -

 

0.6

 

  -

 

120.0

Financing charges

(141.2)

 

  -

 

(2.4)

 

 -

 

 (34.6)

 

  -

 

(178.2)

Net financing charges

(22.5)

 

  -

 

(1.7)

 

 -

 

 (34.0)

 

  -

 

(58.2)

Share of associates' and joint

 

 

 

 

 

 

 

 

 

 

 

 

 

ventures' results after tax

529.5

 

82.8

 

25.1

 

50.8

 

 -

 

 (112.8)

 

575.4

Profit before tax

  3,422.9

 

82.8

 

77.6

 

87.3

 

 (46.8)

 

 (396.6)

 

  3,227.2

Tax

(752.4)

 

  -

 

(13.8)

 

 (1.5)

 

 (1.4)

 

(2.2)

 

(771.3)

Profit after tax

  2,670.5

 

82.8

 

63.8

 

85.8

 

 (48.2)

 

 (398.8)

 

  2,455.9

Non-controlling interests

(1,757.6)

 

  -

 

(0.9)

 

 -

 

 -

 

42.4

 

(1,716.1)

Profit attributable to

 

 

 

 

 

 

 

 

 

 

 

 

 

shareholders

912.9

 

82.8

 

62.9

 

85.8

 

 (48.2)

 

 (356.4)

 

739.8


 

 

 

 

 

 

 

 

 

 

 

 

 

As at 31.12.2022

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash/(debt) (excluding

 

 

 

 

 

 

 

 

 

 

 

 

 

net debt of financial 

 

 

 

 

 

 

 

 

 

 

 

 

 

services companies)

  2,348.7

 

  -

 

(3.4)

 

 -

 

  (1,452.5)

 

 

 

892.8

Total equity

15,496.8

 

 678.8

 

308.4

 

658.6

 

  (693.1)

 

 

 

16,449.5




























12 months ended 31st December 2021














Revenue

16,285.5


  -


1,402.5


 -


 -


  -


17,688.0

Net operating costs

 (14,496.1)


  -


 (1,358.1)


38.9


 (41.1)


 (136.3)


 (15,992.7)

Operating profit

  1,789.4


  -


44.4


38.9


 (41.1)


 (136.3)


  1,695.3

Financing income

125.8


  -


  0.2


 -


0.1


  -


126.1

Financing charges

(159.5)


  -


(1.9)


 -


 (17.0)


  -


(178.4)

Net financing charges

(33.7)


  -


(1.7)


 -


 (16.9)


  -


(52.3)

Share of associates' and joint














ventures' results after tax

452.9


61.9


11.8


53.7


 -


10.3


590.6

Profit before tax

  2,208.6


61.9


54.5


92.6


 (58.0)


 (126.0)


  2,233.6

Tax

(498.4)


  -


(11.4)


 (3.0)


 (1.2)


(1.3)


(515.3)

Profit after tax

  1,710.2


61.9


43.1


89.6


 (59.2)


 (127.3)


  1,718.3

Non-controlling interests

(1,055.4)


  -


(4.3)


 -


 -


2.0


(1,057.7)

Profit attributable to














shareholders

654.8


61.9


38.8


89.6


 (59.2)


 (125.3)


660.6















As at 31.12.2021














Net cash/(debt) (excluding














net debt of financial 














services companies)

  2,233.1


  -


34.5


 -


  (1,497.3)




770.3

Total equity

15,160.6


 672.3


281.0


770.0


  (488.6)




16,395.3

 

Segment assets and liabilities are not disclosed as these are not regularly provided to the Board of the Company.

 

Set out below are analyses of the Group's revenue and non-current assets, by geographical areas:

 








Indonesia


Other


Total








US$m


US$m


US$m

Non-current assets as at












31.12.2022







10,102.5


 1,495.2


11,597.7

31.12.2021







10,204.7


1,605.9


11,810.6

 

Non-current assets excluded financial instruments and deferred tax assets. Indonesia is disclosed separately as a geographical area as most of the customers are based in Indonesia.

 

18  Interested person transactions

 



 

Aggregate value

 

Aggregate value



 

of all interested

 

 of all interested



 

person

 

person



 

transactions

 

transactions



 

(excluding

 

conducted under



 

transactions less

 

shareholders' 



 

than S$100,000

 

mandate



 

and transactions

 

pursuant to Rule



 

conducted under

 

920 (excluding



 

shareholders'

 

 transactions less



 

mandate

 

 than S$100,000)

 


 

 pursuant to

 

 



 

Rule 920)

 

 

Name of interested person and

Nature of relationship


US$m

 

 US$m

 nature of transaction

 


 

 

 

For the year ended 31st December 2022






 






Hongkong Land (Singapore) Pte Ltd

Associate of the Company's





- Purchase of a motor vehicle

controlling shareholder


 -


 0.2







Jardine Matheson Limited

Associate of the Company's





- Management support services

controlling shareholder


 -


 4.0

- Cyber security services



 -


 0.3

- Business support services (including HR






  support and management, and internal






  audit and risk management)



-


 0.2

- Digital and innovation services received



1.1


 -

- Digital support and innovation services






  provided



0.6


-







Jardine Matheson & Co., Ltd

Associate of the Company's





- Human resource and

controlling shareholder





  administration services



 -


  0.5







The Dairy Farm Company Ltd

Associate of the Company's





- Data analytics services

controlling shareholder


 -


  0.4







Tan Yen Yen

Director of the Company





- Purchase of a motor vehicle



 0.2


 -







Hongkong Land (Unicode)

Associate of the Company's





Investments Limited

controlling shareholder





- Subscription of shares in a joint venture



10.4


 -







PT Astra Land Indonesia

Associate of the Company's





- Subscription of shares by a subsidiary

controlling shareholder


10.4


 -




 22.7


  5.6

 

19  Additional information

 

 

 

Group

 

6 months ended 31st December

 

12 months ended 31st December

 

2022


2021

Change

 

2022


2021

Change

 

US$m


US$m

%

 

US$m


US$m

%

Astra International

 



 

 

 



 

Automotive

  168.4


  123.8

36


  296.8


  232.4

28

Financial services

  102.2


 98.2

4


  202.3


  172.5

17

Heavy equipment, mining, construction & energy

  211.5


  121.2

75


  423.7


  216.9

95

Agribusiness

 27.3


 38.0

-28


 49.6


 53.9

-8

Infrastructure & logistics

 5.5


 (0.8)

nm


 17.7


 2.4

>100

Information technology

 1.7


 1.8

-6


 2.5


 2.3

9

Property

 2.9


 2.8

4


 5.4


 5.7

-5


  519.5


  385.0

35


  998.0


  686.1

45

Less: Withholding tax on dividend

  (71.3)


  (23.6)

>100


(85.1)


  (31.3)

>100

 

  448.2


  361.4

24


  912.9


  654.8

39

 

 



 

 

 



 

THACO

 



 

 

 



 

Automotive

 42.1


 22.9

84

 

 97.7


 54.4

80

Real estate

 (0.1)


 0.1

nm

 

(0.3)


 4.7

nm

Agriculture

  (17.7)


 (0.6)

>100

 

(25.6)


 (3.0)

>100

Other

 6.2


 2.9

>100

 

 11.0


 5.8

90

 

 30.5


 25.3

21

 

 82.8


 61.9

34

 

 



 

 

 



 

Direct Motor Interests

 



 

 

 



 

Singapore

 21.5


 9.8

>100


 32.9


 29.1

13

Malaysia

 3.7


 0.6

>100


 6.9


 0.8

>100

Myanmar

 (3.3)


 (3.4)

-3


(3.3)


 (5.3)

-38

Indonesia (Tunas Ridean)

 13.5


 9.5

42


 28.1


 16.4

71

Less: central overheads

 (1.0)


 (1.4)

-29


(1.7)


 (2.2)

-23


 34.4


 15.1

>100


 62.9


 38.8

62

 

 



 

 

 



 

Other Strategic Interests

 



 

 

 



 

Siam City Cement

 (3.4)


 14.8

nm


 11.6


 28.5

-59

REE

 28.3


 16.7

69


 37.7


 22.2

70

Vinamilk

 27.2


 28.4

-4


 36.5


 38.9

-6

 

 52.1


 59.9

-13


 85.8


 89.6

-4

 

 



 

 

 



 

Corporate costs

 



 

 

 



 

Central overheads

 (9.1)


 (9.5)

-4


(23.0)


  (20.4)

13

Dividend income from other investments

 2.2


 2.6

-15


 4.8


 5.6

-14

Net financing charges

  (23.1)


 (9.0)

>100


(33.9)


  (16.9)

>100

Exchange differences

 38.6


 (6.4)

nm


 3.9


  (27.5)

nm


 8.6


  (22.3)

nm


(48.2)


  (59.2)

-19

 

 



 

 

 



 

Underlying profit attributable to shareholders

  573.8


  439.4

31


  1,096.2


  785.9

39

 

 

20  Dividend and closure of books

 

NOTICE IS HEREBY GIVEN that, subject to shareholders' approval being obtained at the forthcoming 54th Annual General Meeting of the Company ("AGM") for the proposed final one-tier tax-exempt dividend of US$0.83 per share for the financial year ended 31st December 2022 (the "Final Dividend"), the Transfer Books and Register of Members of the Company will be closed from 5.00 p.m. on Tuesday, 30th May 2023 (the "Record Date") up to, and including Wednesday, 31st May 2023, for the purpose of determining shareholders' entitlement to the Final 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 Record Date will be registered before entitlements to the Final Dividend are determined.

 

Subject to approval being obtained as aforesaid, shareholders (being Depositors) whose securities accounts with The Central Depository (Pte) Limited are credited with shares of the Company as at 5.00 p.m. on the Record Date will rank for the Final Dividend.  

 

The Final Dividend, if approved at the AGM, will be paid on 30th June 2023.

 

21  Others

 

The results do not include any pre-acquisition profits and have not been affected by any item, transaction or event of a material or unusual nature other than the non-trading items shown in Note 5 of this report.

 

The Company confirms that it has procured undertakings from all its directors and executive officers under Rule 720(1) of the Listing Rules of the SGX-ST.

 

No significant event or transaction other than as contained in this report has occurred between 1st January 2023 and the date of this report.

 

 

22  Notice pursuant to Rule 704(13) of the Listing Manual

 

Pursuant to Rule 704(13) of the SGX-ST Listing Manual, Jardine Cycle & Carriage Limited wishes to announce that no person occupying a managerial position in the Company or any of its principal subsidiaries is a relative of a director or chief executive officer or substantial shareholder of the Company.

 

- 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 year ended 31 December 2022 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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
FR KVLBLXLLBBBL
UK 100