Astra First Quarter Results

To: Business Editor 28th April 2011

For immediate release

PT Astra International Tbk

First Quarter 2011 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 April 2011

PT ASTRA INTERNATIONAL TBK

FIRST QUARTER 2011 FINANCIAL STATEMENTS

Highlights

·; Net earnings per share up 43% to Rp1,063

·; Sales of motor vehicles and motorcycles up 27% and 32%, respectively

·; Komatsu unit sales up 81%

·; Crude palm oil prices and volumes up 26%

"The Group performed well in the first three months of the year across all of its major business units and the demand outlook remains encouraging. Supply disruptions are, however, beginning to impact our automotive and heavy equipment businesses following the recent disaster in Japan, although these should be temporary and conditions are expected to normalize later in the year."

Prijono Sugiarto

President Director

28th April 2011

Group Results

The financial results for three months ended 31st March 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

Favourable economic conditions in Indonesia, including stable inflation, rising commodity prices and the availability of consumer finance at attractive interest rates, helped the Group to deliver a strong set of results for the first quarter of 2011.

Performance

The Group's net income for the three months ended 31st March 2011 at Rp4.3 trillion was 43% higher than the corresponding period in 2010. Earnings per share were also up 43% at Rp1,063. Net revenue increased by 30% to Rp38.7 trillion.

Astra's net asset value of Rp63.8 trillion, or Rp15,761 per share, at the end of March 2011 was 9% higher than at the end of 2010.

Overall, net debt excluding borrowings within the Group's financial services subsidiaries was Rp320 billion, a decrease of 91%, due to strong operating inflows. The Group's financial services subsidiaries had net debt at 31st March 2011 of Rp23.4 trillion, compared to Rp21.1 trillion at the end of 2010, due to an increase in the volume financed.

Business Activities

The contribution to net income from the Group´s automotive businesses grew by 28% to Rp2.1 trillion.

The wholesale market for motor vehicles grew by 30% compared to the corresponding period in 2010 to 225,000 units. Astra's motor vehicle sales grew by 27% to 125,000 units, representing a market share of 56% compared with 57% in the first quarter of 2010. Astra launched the Isuzu Elf facelift model during the quarter.

The wholesale market for motorcycles grew by 20% to 2.0 million units during the first quarter of 2011. Astra Honda Motor gained market share from 45% to 50% with sales improving by 32% to 990,000 units. During this period, the company launched the Honda CBR, Revo Fit and Honda New Supra X.

Astra Otoparts, the Group's 95.7%-held component manufacturing business, reported its net income was down by 7% to Rp259 billion on higher operating expenditure.

Financial Services

Net income from the Group´s financial services businesses grew by 25% to Rp797 billion.

An improved contribution from Astra's consumer finance operations reflected loan book growth, stable net interest margins and sufficient liquidity in the banking sector. The amount financed through Federal International Finance, Astra Credit Companies and Toyota Astra Financial Services in the first quarter of 2011 grew by 21% to Rp11.8 trillion, excluding balances financed through joint bank financing without recourse.

Group insurance company, Asuransi Astra Buana, generated only a modest increase in earnings from retail and commercial premiums.

Astra's 44.5%-held joint venture, Bank Permata, reported net income of Rp321 billion for the first three months of 2011, an increase of 20%, due to loan book growth.

Heavy Equipment and Mining

The Group's net income from its heavy equipment and mining businesses grew by 43% to Rp785 billion.

United Tractors, which is 59.5%-owned, reported net income of Rp1.3 trillion for the period ended 31st March 2011, 43% higher than the same period of 2010. Strong results were seen in its Komatsu heavy equipment business, which sold 2,207 units during the quarter, an increase of 81%. The contract coal mining operations of subsidiary, Pamapersada Nusantara recorded an increase in contract coal production of 1% to 18.8 million tonnes and an increase in contract overburden removal of 8% to 166.7 million bcm, though it continued to be affected by unfavourable weather conditions and a weak US dollar. Through its own mines, United Tractors sold 1.0 million tonnes of coal.

United Tractors recently announced 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 140% to Rp521 billion.

Astra Agro Lestari, which is 79.7%-held, reported a net income of Rp654 billion for the period ended 31st March 2011, an increase of 140% due to improved crude palm oil prices achieved, which were on average 26% higher, and higher palm oil production at 275,000 tonnes, 26% higher.

Infrastructure and Logistics

Net income from infrastructure and logistics grew by 163% to Rp221 billion, primarily due to the reversal of a prior year income tax provision.

PAM Lyonnaise Jaya, which operates the western Jakarta water utility system, increased its sales volume in the first quarter of 2011 by 2% to 36.9 million cubic metres. 

The toll road operated by 79.3%-owned Marga Mandalasakti, reported a 10% increase in traffic volume to 7.6 million vehicles on higher average tariffs, while Serasi Autoraya's improved profit was supported by higher contracted vehicles.

Information Technology

Net income from information technology grew by 21% to Rp17 billion.

Astra Graphia, 76.9%-owned, which is active in the area of information technology solutions and is the sole distributor of Fuji Xerox equipment in Indonesia, reported net income of Rp22 billion, up 23%.

 Prospects

The Group performed well in the first three months of the year across all of its major business units and the demand outlook remains encouraging. Supply disruptions are, however, beginning to impact our automotive and heavy equipment businesses following the recent disaster in Japan, although these should be temporary and conditions are expected to normalize later in the year.

Prijono Sugiarto

President Director

28th April 2011

- end -

For further information, please contact:

PT Astra International Tbk

Tel: + 62 - 21 - 6530 4956