Astra 2011 Half Year Financial Results

To: Business Editor 28th July 2011

For immediate release

PT Astra International Tbk

2011 Half Year Financial Statements

The following announcement was issued today by the Company's 71%-owned subsidiary, Jardine Cycle & Carriage Limited, which holds 50.1% of PT Astra International Tbk.

For further information, please contact:

Jardine Matheson Limited

Neil M McNamara (852) 2843 8227

GolinHarris

Kennes Young (852) 2501 7987

28th July 2011

PT ASTRA INTERNATIONAL TBK

2011 HALF YEAR FINANCIAL STATEMENTS

Highlights

·; Net earnings per share up 33% to Rp2,121

·; Sales of motor vehicles and motorcycles up 10% and 26%, respectively

·; Komatsu unit sales up 59%, supported by robust commodity prices

·; Excellent performance from palm oil activities

"The Group performed well in the first half of the year with strong performances from most business segments. Automotive supply constraints as a consequence of events in Japan had a mild impact on the first half results, however the Group is increasingly confident that the overall situation in Japan will not have a material impact on the full-year results. The demand outlook in Indonesia remains encouraging."

Prijono Sugiarto

President Director

28th July 2011

Group Results

 * Shareholders' funds and Net asset value are based on equity attributable to the owners of the parent.

The financial results for the six months ended 30th June 2011 and 2010 have been prepared in accordance with accounting principles generally accepted in Indonesia. These results are unaudited.

The financial position as at 31st December 2010 has been audited in accordance with the auditing standards established by the Indonesian Institute of Certified Public Accountants.

PRESIDENT DIRECTOR'S STATEMENT

Overview

The Indonesian economy continued to grow in the first half of 2011, supported by stable inflation, high commodity prices and the availability of consumer finance at attractive interest rates. The Group delivered a strong set of results across all major business segments, despite mild supply constraints in the automotive businesses as a consequence of the recent tsunami in Japan.  

Performance

The Group's net revenue for the six months ended 30th June 2011 increased by 24% to Rp76.3 trillion. Net income grew by 33% to Rp8.6 trillion, and earnings per share were also up 33% at Rp2,121.

Astra's net asset value of Rp53.3 trillion, or Rp13,169 per share, at 30th June 2011 was 8% higher than at the end of 2010.

The Group has continued to benefit from strong operating cash flows. Overall net cash excluding borrowings within the Group's financial services subsidiaries was Rp2.9 trillion, compared to net debt of Rp3.5 trillion at the end of 2010. The Group's financial services subsidiaries had net debt at 30th June 2011 of Rp23.4 trillion, compared to Rp21.1 trillion at the prior year end, due to an increase in the volume financed.

Business Activities

Net income from the Group's automotive businesses grew by 18% to Rp3.9 trillion. Its share of results from its automotive associates and jointly controlled entities was Rp2.4 trillion, an increase of 17%.

The wholesale market for motor vehicles grew by 13% to 418,000 units. Astra's motor vehicle sales grew by 10% to some 230,000 units, representing a market share of 55%.

The wholesale market for motorcycles grew by 13% to 4.1 million units. Astra Honda Motor's sales improved by 26% to 2.1 million units, leading to its market share increasing from 46% to 51%. During the second quarter of the year the company launched the Honda CBR 150 and Honda Spacy.

Astra Otoparts, the 95.7%-owned component manufacturing business, reported a net income of Rp480 billion, a decline of 16% due to higher costs.

Financial Services

Net income from the Group´s financial services businesses grew by 37% to Rp1.7 trillion.

An improved contribution from Astra´s consumer finance operations reflected loan book growth, reduced offshore funding costs and a stable customer credit experience. The amount financed through Federal International Finance, Astra Credit Companies and Toyota Astra Financial Services in the first half of 2011 grew by 15% to Rp23.8 trillion, including balances financed through joint bank financing without recourse.

Group insurance company, Asuransi Astra Buana, generated an increase in earnings, due to higher retail and commercial premiums.

Astra´s 44.5%-held joint venture, Bank Permata, reported net income of Rp695 billion for the first half, an increase of 33%, with loan book growth of 36%.

Heavy Equipment and Mining

The Group´s net income from its heavy equipment and mining businesses grew by 34% to Rp1.5 trillion.

United Tractors, which is 59.5%-owned, reported net income up 35% to Rp2.5 trillion for the first half. Strong results were seen in its Komatsu heavy equipment business, which sold 4,333 units, an increase of 59%. The contract coal mining operations of subsidiary, Pamapersada Nusantara, achieved an increase in contract coal production of 6% to 39.9 million tonnes and an increase in contract overburden removal of 16% to 365 million bcm despite the continuing effects of unfavourable weather conditions and a weak US dollar. United Tractors sold 2.2 million tonnes of coal produced from its own mines.

United Tractors recently completed a Rp6.1 trillion rights issue to finance the expansion of its coal mining and coal contractor businesses as well as coal-related infrastructure opportunities.

Agribusiness

The contribution to the Group´s net income from agribusiness increased by 100% to Rp1.0 trillion.

Astra Agro Lestari, which is 79.7%-held, reported a doubling of net income to Rp1.3 trillion in the first half as average crude palm oil prices achieved were 22% higher and palm oil production was up 26% at 594,000 tonnes.

Infrastructure and Logistics

Net income from infrastructure and logistics grew by 96% to Rp351 billion, primarily due to the reversal of a prior year income tax provision, and an increase in trading volumes.

The toll road operated by 79.3%-owned Marga Mandalasakti, reported a 10% increase in traffic volume to 16 million vehicles on higher average tariffs, while Serasi Autoraya´s improved profit was supported by higher vehicles in contract.

Information Technology

Net income from information technology grew by 20% to Rp41 billion.

Astra Graphia, 76.9%-owned, reported net income of Rp53 billion, up 20%.

Prospects

The Group performed well in the first half of the year with strong performances from most business segments. Automotive supply constraints as a consequence of events in Japan had a mild impact on the first half results, however the Group is increasingly confident that the overall situation in Japan will not have a material impact on the full-year results. The demand outlook in Indonesia remains encouraging.

Prijono Sugiarto

President Director

28th July 2011

For further information, please contact:

PT Astra International Tbk

Tel: + 62 - 21 - 6530 4956