28th Apr 2006 11:41
Jardine Strategic Hldgs Ld28 April 2006 To: Business Editor 28th April 2006 For immediate release PT Astra International TbkFirst Quarter 2006 Consolidated Financial Statements The following announcement was issued today by the Company's 63%-ownedsubsidiary, Jardine Cycle & Carriage Limited, which holds 50.1% of PT AstraInternational Tbk. For further information, please contact: Jardine Matheson LimitedNeil M McNamara (852) 2843 8227 GolinHarrisKennes Young (852) 2501 7987 28 April 2006 PT ASTRA INTERNATIONAL TBK FIRST QUARTER 2006 CONSOLIDATED FINANCIAL STATEMENTS Highlights • Underlying earnings per share down 32% to Rp 254• Automotive sales decreased• Good performance in mining contracting business• Growth in palm oil production and better CPO prices "The first quarter was, as expected, a challenging environment to operate in.Despite the difficult trading conditions, Astra is well-positioned for thefuture and we remain confident that the medium-term outlook is positive." Michael D. RuslimPresident Director28 April 2006 Group Results Three months ended 31 March 2006 2005 Change Rp bn Rp bn %Revenue 13,012 14,427 -10Operating profit 1,359 1,614 -16Underlying profit 1,028 1,510 -32Net income 1,056 1,510 -30 Rp RpUnderlying earnings per share* 254 373 -32Earnings per share* 261 373 -30 As at As at 31.03.06 31.12.05 Change Rp bn Rp bn %Shareholders' funds 21,525 20,424 5 Rp RpNet asset value per share 5,317 5,045 5 The financial results for the three months ended 31 March 2006 and 31 March 2005have been prepared in accordance with accounting principles generally acceptedin Indonesia. These results were not audited or reviewed by the Auditors. The financial results for the year ended 31 December 2005 have been audited inaccordance with the auditing standards established by the Indonesian Instituteof Accountants. \* The basis for calculating underlying profit and earnings per share is set outin the Note. PRESIDENT DIRECTOR'S STATEMENT Overview The escalating fuel prices, rising interest rate and higher inflation in thelast quarter of 2005, impacted consumer purchasing power. In the first quarterof 2006, inflation has moderated and the Indonesian currency has strengthened,but interest rates remained high. Despite the more difficult trading conditions,Astra closed the period well. Performance The Group's underlying profit for the first quarter decreased by 32% to Rp 1trillion and the underlying profit per share decreased to Rp 254. Net incomedecreased by 30% to Rp 1.1 trillion from Rp 1.5 trillion in the first quarter of2005. Automotive Underlying profit from the automotive business fell by 47% to Rp 533.4 billion. The overall market for motor vehicles decreased by 45% to 79,667 units due tothe weaker consumer demand. Astra's motor vehicle sales declined by a smaller31% to 46,272 units, whilst its market share increased from 46% in the previousyear to 58%. In February 2006, Astra launched the Toyota Yaris which istargeted at the younger market, to encouraging response. By the end of March,Astra had booked almost 3,500 units representing a 29% share of the low sedansegment. The overall motorcycle market decreased by 24% to 873,808 units. Hondamotorcycle sales declined by 30% to 430,820 units and its market share decreasedby 4% to 45%. PT Astra Otoparts Tbk component sales were 21% lower at Rp 717.4 billion.However, net income increased from Rp 76.9 billion to Rp 90.0 billion due tonon-recurring gains from asset sales. Non-Automotive Underlying profit from the non-automotive businesses, which comprise mainlyfinancial services, heavy equipment and agribusiness at Rp 581.0 billion, wassimilar to the first quarter of the previous year as the lower profit fromfinancial services was compensated by the better performances from heavyequipment and agribusiness. The amount financed by Federal International Finance ("FIF") and Astra CreditCompanies in the first quarter decreased by 30% to Rp 3.8 trillion, in line withthe automotive market. In April 2006, FIF, Astra's motorcycle financingsubsidiary, issued 'FIF Bond VI' amounting to Rp 600 billion at interest ratesof 13.75% - 14.75% per annum and 1 - 3 year maturities. PT Astra Agro Lestari Tbk booked higher sales due to a 26% increase in crudepalm oil ("CPO") sales volume and better CPO prices. Net income fromagribusiness rose by 10% to Rp 182.2 billion. PT United Tractors Tbk's heavy equipment business also made a strongcontribution. Mining Contractor, PT Pamapersada Nusantara, contributed to thestrong result with a 42% increase in overburden removed and 15% higher coalextraction. Sales of Komatsu heavy equipment at 552 units were 28% below theprevious year, but Komatsu's market share increased by 6% to 55%. Net incomeincreased by 65% to Rp 388.1 billion. The Group continues to review opportunities in the infrastructure sector,including toll roads. Group The Group's net asset value grew by 5% to Rp 21.5 trillion as at 31 March 2006and the net asset value per share rose to Rp 5,317. The Group's net debt as at 31 March 2006 was Rp 7.6 trillion (31 Dec 2005: Rp8.4 trillion). Excluding the Group's financial services businesses, the Group'snet debt at the end of March 2006 was Rp 3.1 trillion (31 Dec 2005: Rp 2.7trillion), representing a net debt to equity ratio of 14.2% (31 Dec 2005:13.4%). Prospects The first quarter was, as expected, a challenging environment to operate in.Despite the difficult trading conditions, Astra is well-positioned for thefuture and we remain confident that the medium-term outlook is positive. Michael D. RuslimPresident Director28 April 2006 NOTE Earnings per share GroupThree months ended 31 March 2006 2005 Basic earnings per shareProfit attributable to shareholders (Rp bn) 1,056 1,510Weighted average number of ordinary shares 4,048 4,048in issue (millions) Basic earnings per share (Rp) 261 373 Underlying earnings per shareUnderlying profit attributable to shareholders (Rp bn) 1,028 1,510 Basic underlying earnings per share (Rp) 254 373 A reconciliation of net income and underlying profit is as follows: GroupThree months ended 31 March 2006 2005 Change Rp bn Rp bn % Underlying profit 1,028 1,510 -32Gain on sale of investments 28 - n.a. Net income 1,056 1,510 -30 - end - For further information, please contact: PT Astra International Tbk Aminuddin, Corporate Secretary Tel: 62 - 21 - 6530 4956 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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