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JC & C 3rd Quarter Results

7th Nov 2008 09:37

RNS Number : 6918H

Jardine Strategic Hldgs Ld

07 November 2008

To: Business Editor	7th November 2008
	For immediate release

Jardine Cycle & Carriage Limited

2008 Third Quarter Financial Statements and Dividend Announcement

The following announcement was issued today by the Company's 68%-owned subsidiary, Jardine Cycle & Carriage Limited.

For further information, please contact

Jardine Matheson Limited	(852) 2843 8227
Neil M McNamara

GolinHarris	(852) 2501 7987
Kennes Young

7th November 2008

JARDINE CYCLE & CARRIAGE LIMITED

2008 THIRD QUARTER FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT

Highlights

Underlying earnings per share up 54% to US¢118.81

Strong consumer demand in Indonesia

Palm oil prices decline from recent highs

"Following the excellent results in the first nine months, the outcome for the full year is expected to be satisfactory. Falling commodity prices, the reaction of consumers to the general economic slowdown and a weakening Rupiah will, however, have an impact on Astra's contribution to the Group."

Anthony Nightingale, Chairman

7th November 2008

Group Results

	Nine months ended 30th September
	2008 US$m	2007 US$m	Change %	2008 S$m
Revenue	8,993	548	37	12,484
Underlying profit attributable to shareholders *	418	265	58	579
Profit attributable to shareholders	419	267	57	581
	US¢	US¢		S¢
Underlying earnings per share *	118.81	76.90	54	164.94
Earnings per share	119.15	77.48	54	165.42
Interim dividend per share (gross)	14.00	11.00	27	19.79
	At 30.9.08 US$m	At 31.12.07 US$m	Change %	At 30.9.08 S$m
Shareholders' funds	2,494	2,160	15	3,567
	US$	US$		S$
Net asset value per share	7.01	6.18	13	10.03

The exchange rate of US$1=S$1.43 (31st December 2007: US$1=S$1.44) was used for translating assets and liabilities at the balance sheet date and US$1=S$1.39 (30th September 2007: US$1=S$1.52) was used for translating the results for the period.

The financial results for the nine months ended 30th September 2008 have been prepared in accordance with the International Financial Reporting Standards. These results have not been audited or reviewed by the auditors.

* The basis for calculating underlying earnings is set out in Note 4 of this report.

CHAIRMAN'S STATEMENT

Overview

The Group enjoyed excellent growth across its major businesses during the first nine months of 2008, although the impact of the global financial turmoil, tightening liquidity and recessionary concerns are beginning to be felt.

Performance

Revenue for the nine months to 30th September 2008 rose by 37% to US$9 billion with increases in all business segments. Underlying profit grew by 58% to US$418 million, while underlying earnings per share increased 54% to US¢118.81. Astra contributed US$399 million to the Group's underlying profit, up 59%, while the contribution from the Group's other motor interests was 25% higher at US$38 million. Net profit was US$419 million after accounting for gains from property disposals offset by restructuring costs in Malaysia.

The Group's consolidated net cash, excluding borrowings within Astra's financial services operations, was US$192 million at 30th September 2008. This compares with net debt of US$235 million at the end of 2007 due to strong operating cash flows, a substantial dividend received from an associate and the proceeds from United Tractors' rights issue, which has been used in part to repay loans arising from the acquisition of a majority interest in a coal mining concession. Net debt within the Group's financial services operations at US$1.4 billion was US$148 million higher than at the end of 2007. The net debt of the parent company at the period end was US$68 million, US$37 million higher than at the end of 2007.

The Board does not propose to declare a dividend for the three months ended 30th September 2008 (30th September 2007: Nil).

Astra

Astra reported a net profit equivalent to US$799 million under Indonesian accounting standards, an increase of 61%, as it benefited from the strong consumer demand and high palm oil prices achieved for most of the period.

Automotive and Financial Services

Astra's automotive and financial services businesses performed well, and their underlying profit contribution to the Group for the nine months increased by 45% to US$258 million.

During the period, the Indonesian wholesale motor vehicle market grew by 47% to 467,000 units and the motorcycle market grew by 42% to 4.8 million units. Astra's motor vehicle sales were 44% ahead at 236,000 units, giving a slightly lower market share of 51%. Sales by the Astra Honda Motor manufacturing and distribution joint venture grew 51% to 2.2 million units, leading to an increase in its market share from 44% to 47%.

Astra Otoparts, which is now 93.9%-owned, also reported improved results due to the strong automotive market.

The results from Astra's financial services activities reflected the increased automotive sales as amounts financed by Federal International Finance and Astra Credit Companies grew by 41% to US$2.3 billion. Bank Permata's results also improved due to improved net interest income and lower operating expenses.

Resources and Other

Astra's resources and other businesses performed well, contributing an underlying profit of US$165 million, 69% above the same period in 2007.

Astra Agro Lestari reported a net profit for the period of US$231 million, representing a growth of 66%. Palm oil production rose by 15% to 735,000 tonnes, while sale prices achieved were on average 41% higher than in the previous year. There have, however, been significant falls in palm oil prices in recent months.

Astra's heavy equipment business maintained its momentum enabling United Tractors to report a profit for the nine months equivalent to US$226 million, 89% higher than in the previous year. Sales of Komatsu equipment rose by 46% to 3,800 units, while its mining subsidiary extracted 12% more coal and removed 27% more overburden. United Tractors' rights issue to raise some US$390 million was successfully completed in September, with Astra fully subscribing for its entitlement. Astra recently increased its interest in the company to 59.5% through market purchases.

Other Motor Interests

The underlying profit contribution from the Group's other motor interests rose by 25% to US$38 million. There were improved performances from the Singapore motor operations, 38%-owned Tunas Ridean in Indonesia and 59%-owned Malaysian subsidiary, Cycle & Carriage Bintang which had completed a major restructuring of its motor activities enabling it to focus exclusively on its Mercedes-Benz marque. Truong Hai Automotive Corporation in Vietnam, in which the Company has recently acquired a 20% interest, made a modest contribution to profit after it was equity accounted for the first time in August. In September, Tunas Ridean entered into a conditional agreement to sell a 51% interest in its wholly-owned consumer finance subsidiary to Bank Mandiri for about US$27 million. The sale, which is subject to regulatory approval, is expected to complete before the end of the year.

Outlook

Following the excellent results in the first nine months, the outcome for the full year is expected to be satisfactory. Falling commodity prices, the reaction of consumers to the general economic slowdown and a weakening Rupiah will, however, have an impact on Astra's contribution to the Group.

Anthony Nightingale

Chairman

7th November 2008

Statement pursuant to Rule 705(4) of the Listing Manual

The directors confirm that, to the best of their knowledge, nothing has come to the attention of the Board of Directors which may render the accompanying unaudited interim financial results for the nine months ended 30th September 2008 to be false or misleading in any material respect.

On behalf of the Directors

Anthony Nightingale

Director

Hassan Abas

Director

7th November 2008

Jardine Cycle & Carriage Limited

Consolidated Profit and Loss Account


		Three months ended			Nine months ended
		30.9.08	30.9.07	Change	30.9.08	30.9.07	Change
	Note	US$m	US$m	%	US$m	US$m	%

Revenue		3,274.4	2,407.1	36	8,992.9	6,547.7	37
Cost of sales		(2,586.7)	(1,860)	39	(7,027.0)	(5,132)	37

Gross profit		687.7	547.0	26	1,965.9	1,415.5	39

Other operating income		25.3	25.1	1	84.1	83.0	1
Selling and distribution expenses		(168.1)	(119.2)	41	(457.6)	(368.4)	24
Administrative expenses		(155.3)	(130.3)	19	(426.2)	(369.2)	15
Other operating expenses		(6.6)	(7.2)	-8	(12.4)	(14.1)	-12

Operating profit		383.0	315.4	21	1,153.8	746.8	54

Financing charges		(14.8)	(19.4)	-24	(43.3)	(63.7)	-32
Financing income		17.9	8.7	106	45.7	25.1	82
Net financing charges		3.1	(10.7)	nm	2.4	(38.6)	nm

Share of associates' and joint ventures' results after tax		93.2	58.4	60	225.7	148.8	52

Profit before tax	2	479.3	363.1	32	1,381.9	857.0	61
Tax	3	(118.6)	(94.6)	25	(383.9)	(221.0)	74

Profit after tax		360.7	268.5	34	998.0	636.0	57

Profit attributable to:
Shareholders of the Company		153.5	113.1	36	418.7	266.6	57
Minority interests		207.2	155.4	33	579.3	369.4	57

		360.7	268.5	34	998.0	636.0	57

		US¢	US¢		US¢	US¢
Earnings per share basic	4	43.15	32.61	32	119.15	77.48	54
diluted		43.15	32.60	32	119.12	77.45	54

nm: not meaningful

Jardine Cycle & Carriage Limited Consolidated Balance Sheet
		At	At
	Note	30.9.08	31.12.07
		US$m	US$m
Non-current assets
Intangible assets		477.8	460.4
Leasehold land use rights		409.3	403.7
Property, plant and equipment		1,674.1	1,313.2
Investment properties		21.9	28.0
Plantations		573.5	514.6
Interests in associates and joint ventures		1,522.3	1,342.9
Other investments		128.3	133.9
Non-current debtors		1,104.7	878.3
Deferred tax assets		67.9	60.1
		5,979.8	5,135.1
Current assets
Stocks		860.7	642.9
Current debtors		2,090.7	1,817.3
Current tax assets		46.1	120.8
Current investments		83.1	20.8
Bank balances and other liquid funds
- non-financial services companies		874.4	529.6
- financial services companies		147.2	166.7
		1,021.6	696.3
		4,102.2	3,298.1
Non-current assets classified as held for sale		0.1	3.1
		4,102.3	3,301.2

Total assets		10,082.1	8,436.3

Non-current liabilities
Provisions		22.8	17.8
Long-term borrowings	5
- non-financial services companies		308.7	323.7
- financial services companies		644.3	615.5
		953.0	939.2
Deferred tax liabilities		375.0	306.4
Pension liabilities		40.1	42.3
Other non-current liabilities		98.0	58.6
		1,488.9	1,364.3
Current liabilities
Provisions		29.3	29.7
Current borrowings	5
- non-financial services companies		374.6	446.2
- financial services companies		908.1	806.1
		1,282.7	1,252.3
Current tax liabilities		178.7	136.3
Current creditors		1,665.9	1,095.8
		3,156.6	2,514.1

Total liabilities		4,645.5	3,878.4

Net assets		5,436.6	4,557.9

Equity
Share capital	6	633.4	555.2
Fair value and other reserves	7	331.9	334.8
Revenue reserve	8	1,528.7	1,269.7
Shareholders' funds		2,494.0	2,159.7
Minority interests	9	2,942.6	2,398.2
Total equity		5,436.6	4,557.9

Jardine Cycle & Carriage Limited

Consolidated Statement of Recognised Income and Expense

	Three months ended		Nine months ended
	30.9.08	30.9.07	30.9.08	30.9.07
	US$m	US$m	US$m	US$m

Revaluation surplus of land and buildings, net of tax	-	-	-	0.7

Fair value changes of available-for-sale investments, net of tax	(7.6)	(0.5)	(11.3)	(13.1)

Fair value changes of hedging derivatives, net of tax	(2.6)	(0.1)	4.6	(0.7)

Actuarial gain/(loss) on defined benefit pension plans, net of tax	(0.2)	0.1	2.6	(2.6)

Translation difference	(92.1)	(35.1)	2.2	(43.8)

Net loss recognised directly in equity	(102.5)	(35.6)	(1.9)	(59.5)

Profit after tax	360.7	268.5	998.0	636.0

Total recognised income and expense for the period	258.2	232.9	996.1	576.5

Total recognised income and expense attributable to:

Shareholders of the Company	107.5	96.6	419.3	239.3

Minority interests	150.7	136.3	576.8	337.2

	258.2	232.9	996.1	576.5

Jardine Cycle & Carriage Limited

Company Balance Sheet


	Note	At 30.9.08	At 31.12.07
		US$m	US$m

Non-current assets
Property, plant and equipment		0.6	0.7
Interests in subsidiaries		1,283.7	1,276.3
Interests in associates		100.4	26.4
Other investment		6.6	6.5
		1,391.3	1,309.9

Current assets
Debtors		8.4	8.4
Bank balances and other liquid funds		2.0	6.9
		10.4	15.3

Total assets		1,401.7	1,325.2

Non-current liabilities
Deferred tax liabilities		0.3	0.3
		0.3	0.3

Current liabilities
Current borrowings		70.5	38.1
Current tax liabilities		0.8	0.8
Creditors		72.8	74.6
		144.1	113.5

Total liabilities		144.4	113.8

Net assets		1,257.3	1,211.4

Equity
Share capital	6	633.4	555.2
Share option reserve	7	0.3	0.3
Revenue reserve	8	623.6	655.9
Total equity		1,257.3	1,211.4

Net asset value per share		US$3.54	US$3.47

Jardine Cycle & Carriage Limited

Company Statement of Recognised Income and Expense

	Three months ended		Nine months ended
	30.9.08	30.9.07	30.9.08	30.9.07
	US$m	US$m	US$m	US$m

Translation difference	(62.1)	30.0	10.5	32.2

Net gain/(loss) recognised directly in equity	(62.1)	30.0	10.5	32.2

Profit/(loss) after tax	14.7	(3.2)	119.2	64.9

Total recognised income and expense for the period	(47.4)	26.8	129.7	97.1

Jardine Cycle & Carriage Limited

Consolidated Statement of Cash Flows

		Three months ended		Nine months ended
		30.9.08	30.9.07	30.9.08	30.9.07
	Note	US$m	US$m	US$m	US$m

Cash flows from operating activities	10	468.0	404.8	1,288.2	1,201.7

Cash generated from operations
Interest paid		(15.0)	(28.6)	(43.6)	(69.7)
Interest received		18.7	7.6	46.5	25.0
Other finance costs paid		(0.8)	(0.9)	(2.5)	(3.7)
Income tax paid		(80.7)	(60.7)	(278.9)	(147.5)

		(77.8)	(82.6)	(278.5)	(195.9)

Net cash flows from operating activities		390.2	322.2	1,009.7	1,005.8

Cash flows from investing activities
Sale of leasehold land use rights		-	0.3	6.0	10.0
Sale of property, plant and equipment		16.5	12.8	29.8	35.7
Sale of investment properties		0.4	1.5	9.4	1.5
Sale of subsidiaries, net of cash disposed		2.7	-	(35.5)	-
Sale of shares in associates		-	1.6	4.2	6.7
Sale of other investments		55.2	1.4	63.0	8.4
Purchase of intangible assets		(5.9)	(15.9)	(15.5)	(63.7)
Purchase of leasehold land use rights		(2.9)	(3.1)	(18.7)	(6.6)
Purchase of property, plant and equipment		(156.1)	(61.5)	(374.0)	(187.0)
Purchase of plantations		(23.1)	(13.9)	(57.0)	(29.6)
Purchase of subsidiaries, net of cash acquired		(7.4)	(0.1)	(138.8)	4.5
Purchase of shares in associates		(76.4)	-	(78.7)	-
Purchase of other investments		(94.0)	(20.8)	(139.4)	(46.4)
Capital repayment of other investments		2.2	5.3	12.5	8.3
Dividends received from associates (net)		5.1	0.3	148.9	19.3

Net cash flows used in investing activities		(283.7)	(92.1)	(583.8)	(238.9)

Cash flows from financing activities
Proceeds from issue of shares		-	-	0.1	0.1
Drawdown of loans		542.0	469.3	1,973.4	1,416.5
Repayment of loans		(685.9)	(622.8)	(1,925.5)	(1,950.0)
Investments by minority shareholders		159.7	-	159.7	-
Share of subsidiary's shares issuance cost		(1.2)	-	(1.2)	-
Dividends paid to minority interests		(147.3)	(62.7)	(203.5)	(109.5)
Dividends paid (net)		(83.9)	(12.4)	(83.9)	(12.4)

Net cash flows used in financing activities		(216.6)	(228.6)	(80.9)	(655.3)


Net change in cash and cash equivalents		(110.1)	1.5	345.0	111.6
Cash and cash equivalents at the beginning of the period		1,141.8	661.6	672.1	551.9
Effect of exchange rate changes		(17.8)	(2.9)	(3.2)	(3.3)

Cash and cash equivalents at the end of the period		1,013.9	660.2	1,013.9	660.2

Jardine Cycle & Carriage Limited

Notes

1 Basis of preparation

The financial statements are consistent with those set out in the 2007 audited accounts which have been prepared in accordance with International Financial Reporting Standards ("IFRS"). There have been no changes to the accounting policies described in the 2007 audited accounts except for the adoption of the new interpretations shown below:

IFRIC 11

Group and Treasury Share Transactions

IFRIC 12

Service Concession Arrangements

IFRIC 14

The Limit on a Defined Benefit Asset, Minimum Funding Requirements

and their interaction

The adoption of the new interpretations did not have a material impact on the results of the Group.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group's accounting policies.

Estimates and judgments used in preparing the financial statements are regularly evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results.

2 Profit before tax

			Group
	Three months ended			Nine months ended
	30.9.08	30.9.07	Change	30.9.08	30.9.07	Change
	US$m	US$m	%	US$m	US$m	%

Profit before tax is determined after including:
Depreciation of property, plant and equipment *	(79.4)	(68.8)	15	(228.6)	(199.6)	15

Amortisation of leasehold land use rights and
intangible assets *	(7.6)	(4.9)	55	(21.4)	(13.0)	65
Provision for warranty and goodwill claims	-	(0.5)	-100	(2.7)	(4.9)	-45
Profit/(loss) on disposal of:
- leasehold land use rights	-	(0.5)	-100	4.0	6.8	-41
- property, plant and equipment	7.7	7.7	-	11.9	12.4	-4
- investment properties	(0.2)	-	100	0.9	-	100
- subsidiaries	(0.2)	-	100	3.5	(1.5)	nm
- associates	(0.1)	0.5	nm	1.1	(2.1)	nm
- repossessed assets	(13.4)	(22.3)	-40	(42.2)	(52.0)	-19
Investment income	5.0	4.3	16	11.9	10.7	11
(Write-down)/reversal of write-down of stocks	(1.3)	0.2	nm	(3.6)	(1.8)	100
Impairment of debtors +	(32.7)	(9.4)	248	(82.2)	(56.6)	45
Net exchange loss	(7.9)	(6.6)	20	(3.1)	(9.2)	-66
Excess of net fair value of identified assets,
liabilities and contingent liabilities acquired
over cost of business combination	-	0.1	-100	-	9.0	-100

nm: not meaningful

* Increase in depreciation and amortisation due to addition of property, plant and equipment, coal mining

concessions and deferred insurance cost

+ Increase in impairment of financing debtors due to higher consumer financing activities

3 Tax

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

4 Earnings per share

		Group
	Three months ended		Nine months ended
	30.9.08	30.9.07	30.9.08	30.9.07
	US$m	US$m	US$m	US$m
Basic earnings per share

Profit attributable to shareholders	153.5	113.1	418.7	266.6
Weighted average number of ordinary shares in issue (millions)	355.7	346.8	351.4	344.1
Basic earnings per share	US¢43.15	US¢32.61	US¢119.15	US¢77.48

Diluted earnings per share

Profit attributable to shareholders	153.5	113.1	418.7	266.6
Weighted average number of ordinary shares in issue (millions)	355.7	346.8	351.4	344.1
Adjustment for assumed conversion of share options (millions)	-*	0.1	0.1	0.1
Weighted average number of ordinary shares for diluted earnings per share (millions)	355.7	346.9	351.5	344.2

Diluted earnings per share	US¢43.15	US¢32.60	US¢119.12	US¢77.45

Underlying earnings per share

Underlying profit attributable to shareholders	153.7	112.3	417.5	264.6

Basic underlying earnings per share	US¢43.21	US¢32.38	US¢118.81	US¢76.90

Diluted underlying earnings per share	US¢43.21	US¢32.37	US¢118.78	US¢76.87

* less than US$0.1 million

A reconciliation of the profit attributable to shareholders and underlying profit attributable to shareholders is as follows:

	Group
	Three months ended		Nine months ended
	30.9.08	30.9.07	30.9.08	30.9.07
	US$m	US$m	US$m	US$m

Profit attributable to shareholders	153.5	113.1	418.7	266.6
Less:
Non-trading items (net of tax and minority interests)
Loss on disposal of subsidiaries	(0.2)	-	(0.2)	(1.5)
Loss on disposal of associates	-	0.1	-	(1.2)
Profit on disposal of other investment	-	0.5	-	0.5
Profit on disposal of surplus properties	-	0.2	2.2	0.2
Restructuring of operations	-	-	(0.8)	-
Excess of net fair value of identified assets,
liabilities and contingent liabilities acquired
over cost of business combination	-	-	-	4.0
	(0.2)	0.8	1.2	2.0
Underlying profit attributable to shareholders	153.7	112.3	417.5	264.6

4 Earnings per share (continued)

The underlying profit attributable to shareholders by business is shown below:

			Group
	Three months ended			Nine months ended
	30.9.08	30.9.07	Change	30.9.08	30.9.07	Change
	US$m	US$m	%	US$m	US$m	%

Astra
Motor vehicles	37.2	22.7	64	94.0	66.1	42
Motorcycles	26.7	19.4	38	68.2	46.5	47
Other automotive	12.1	5.7	112	34.9	15.3	128
Financial services	19.5	21.0	-7	60.5	49.2	23
Automotive and financial services	95.5	68.8	39	257.6	177.1	45

Agribusiness	23.0	26.2	-12	92.2	56.3	64
Heavy equipment	28.4	17.9	59	67.6	36.3	86
Others	2.1	2.2	-5	5.4	4.9	10
Resources and other	53.5	46.3	16	165.2	97.5	69

Corporate costs and others	(4.7)	(10.6)	-56	(24.3)	(23.2)	5
	144.3	104.5	38	398.5	251.4	59

Other motor interests
Singapore	9.4	9.0	4	27.9	23.6	18
Malaysia	0.6	0.3	100	2.1	1.5	40
Indonesia (Tunas Ridean)	3.0	2.3	30	8.2	5.4	52
	13.0	11.6	12	38.2	30.5	25

Corporate costs	(3.6)	(3.8)	-5	(8.6)	(10.7)	-20
Withholding tax on dividends from Indonesia	-	-	-	(10.6)	(6.6)	61
	(3.6)	(3.8)	-5	(19.2)	(17.3)	11

Underlying profit attributable to shareholders	153.7	112.3	37	417.5	264.6	58

5 Borrowings

	Group
	At	At
	30.9.08	31.12.07
	US$m	US$m

Long-term borrowings:
- secured	755.6	684.7
- unsecured	197.4	254.5
	953.0	939.2

Current borrowings:
- secured	963.9	764.3
- unsecured	318.8	488.0
	1282.7	1,252.3

Total borrowings	2,235.7	2,191.5

Certain subsidiaries of the Group have pledged their assets in order to obtain bank facilities from financial institutions. The value of assets pledged was US$1,275.3 million (31 December 2007: US$1,110.1 million).

6 Share capital

	Company
Three months ended 30 September	2008	2007
	US$m	US$m
Issued and fully paid:
Balance at 1 July - 349,311,506 (2007: 342,741,386) ordinary shares	555.3	495.8
Issue of Nil (2007: 12,000) ordinary shares under the CCL Executives' Share
Option Scheme	-	-*
Issue of 6,351,154 (2007: 4,058,077) ordinary shares under the Scrip Dividend
Scheme	78.1	35.2
Balance at 30 September - 355,662,660 (2007: 346,811,463) ordinary shares	633.4	531.0

Nine months ended 30 September	2008	2007
	US$m	US$m
Issued and fully paid:
Balance at 1 January - 349,260,506 (2007: 342,611,386) ordinary shares	555.2	495.7
Issue of 51,000 (2007: 142,000) ordinary shares under the CCL Executives'	0.1	0.1
Share Option Schemes
Issue of 6,351,154 (2007: 4,058,077) ordinary shares under the Scrip Dividend
Scheme	78.1	35.2
Balance at 30 September - 355,662,660 (2007: 346,811,463) ordinary shares	633.4	531.0

* less than US$0.1 million

The Company did not hold any treasury shares as at 30 September 2008 (30 September 2007: Nil).

The number of shares that may be issued on conversion of all outstanding options granted pursuant to the CCL Executives' Share Option Scheme amounted to 50,000 as at 30 September 2008 (30 September 2007: 149,000).

Except for those mentioned above, there were no other rights, bonus or equity issues during the period between 1 July 2008 and 30 September 2008.

7 Fair value and other reserves

	Group		Company
	At	At	At	At
	30.9.08	30.9.07	30.9.08	30.9.07
	US$m	US$m	US$m	US$m
Composition:
Fair value reserve	(2.3)	2.2	-	-
Asset revaluation reserve	329.5	318.1	-	-
Hedging reserve	1.1	(1.1)	-	-
Share option reserve	0.3	0.3	0.3	0.3
Other reserve	3.3	3.3	-	-
	331.9	322.8	0.3	0.3

7 Fair value and other reserves (continued)

	Group		Company
Three months ended 30 September	2008	2007	2008	2007
	US$m	US$m	US$m	US$m
Movements:
Fair value reserve
Balance at 1 July	0.2	2.5	-	-
Fair value changes of available-for-sale investments, net of tax	(2.5)	(0.3)	-	-
Balance at 30 September	(2.3)	2.2	-	-

Asset revaluation reserve
Balance at 1 July	329.6	318.1	-	-
Reserve realised on disposal of land and buildings	(0.1)	-	-	-
Balance at 30 September	329.5	318.1	-	-

Hedging reserve
Balance at 1 July	2.1	(1.0)	-	-
Fair value changes of derivatives, net of tax	(1.0)	(0.1)	-	-
Balance at 30 September	1.1	(1.1)	-	-

Share option reserve
Balance at 1 July and 30 September	0.3	0.3	0.3	0.3

Other reserve
Balance at 1 July and 30 September	3.3	3.3	-	-

	Group		Company
Nine months ended 30 September	2008	2007	2008	2007
	US$m	US$m	US$m	US$m
Movements:
Fair value reserve
Balance at 1 January	2.5	9.5	-	-
Fair value changes of available-for-sale investments, net of tax	(4.8)	(7.3)	-	-
Balance at 30 September	(2.3)	2.2	-	-

Asset revaluation reserve
Balance at 1 January	329.6	317.9	-	-
Revaluation surplus of land and buildings, net of tax	-	0.3	-	-
Reserve realised on disposal of land and buildings	(0.1)	(0.1)	-	-
Balance at 30 September	329.5	318.1	-	-

Hedging reserve
Balance at 1 January	(0.9)	(0.8)	-	-
Fair value changes of derivatives, net of tax	2.0	(0.3)	-	-
Balance at 30 September	1.1	(1.1)	-	-

Share option reserve
Balance at 1 January and 30 September	0.3	0.3	0.3	0.3

Other reserve
Balance at 1 January and 30 September	3.3	3.3	-	-

8 Revenue reserve

	Group		Company
	At	At	At	At
	30.9.08	30.9.07	30.9.08	30.9.07
	US$m	US$m	US$m	US$m
Composition:
Translation reserve	(1.0)	48.0	233.7	185.4
Retained earnings	1,529.7	1,199.6	389.9	382.8
	1,528.7	1,247.6	623.6	568.2

	Group		Company
Three months ended 30 September	2008	2007	2008	2007
	US$m	US$m	US$m	US$m
Movements:
Translation reserve
Balance at 1 July	41.4	64.1	295.8	155.4
Translation difference	(42.4)	(16.1)	(62.1)	30.0
Balance at 30 September	(1.0)	48.0	233.7	185.4

Retained earnings
Balance at 1 July	1,427.7	1,118.1	425.5	417.6
Asset revaluation reserve realised on disposal of land and buildings	0.1	-	-	-
Actuarial loss on defined benefit pension plans, net of tax	(0.1)	-	-	-
Profit/(loss) attributable to shareholders	153.5	113.1	14.7	(3.2)
Total recognised gain/(loss) for the period	153.5	113.1	14.7	(3.2)
Dividends (net)	(50.3)	(31.6)	(50.3)	(31.6)
Other	(1.2)	-	-	-
Balance at 30 September	1,529.7	1,199.6	389.9	382.8

	Group		Company
Nine months ended 30 September	2008	2007	2008	2007
	US$m	US$m	US$m	US$m
Movements:
Translation reserve
Balance at 1 January	(3.2)	66.9	223.2	153.2
Translation difference	2.2	(20.4)	10.5	32.2
Reserve realised on disposal of subsidiaries	-	1.5	-	-
Balance at 30 September	(1.0)	48.0	233.7	185.4

Retained earnings
Balance at 1 January	1,272.9	1,012.8	432.7	396.9
Asset revaluation reserve realised on disposal of land and buildings	0.1	0.1	-	-
Actuarial gain/(loss) on defined benefit pension plans, net of tax	1.2	(1.1)	-	-
Profit attributable to shareholders	418.7	266.6	119.2	64.9
Total recognised gain for the period	420.0	265.6	119.2	64.9
Dividends (net)	(162.0)	(79.0)	(162.0)	(79.0)
Other	(1.2)	0.2	-	-
Balance at 30 September	1,529.7	1,199.6	389.9	382.8

9 Minority interests

	Group
Three months ended 30 September	2008	2007
	US$m	US$m

Balance at 1 July	2,672.5	2,256.2
Fair value changes of available-for-sale investments, net of tax	(5.1)	(0.2)
Fair value changes of hedging derivatives, net of tax	(1.6)	-
Actuarial gain/(loss) on defined benefit pension plans, net of tax	(0.1)	0.1
Translation difference	(49.7)	(19.0)
Total loss recognised directly in equity	(56.5)	(19.1)
Profit for the period	207.2	155.4
Total recognised gain for the period	150.7	136.3
Dividends (net)	(41.4)	(14.6)
Acquisition/disposal of subsidiaries	1.1	-
Issue of shares	159.7	-
Balance at 30 September	2,942.6	2,377.9

Nine months ended 30 September	2008	2007
	US$m	US$m

Balance at 1 January	2,398.2	2,149.6
Revaluation surplus of land and buildings, net of tax	-	0.4
Fair value changes of available-for-sale investments, net of tax	(6.5)	(5.8)
Fair value changes of hedging derivatives, net of tax	2.6	(0.4)
Actuarial gain/(loss) on defined benefit pension plans, net of tax	1.4	(1.5)
Translation difference	-	(24.9)
Total loss recognised directly in equity	(2.5)	(32.2)
Profit for the period	579.3	369.4
Total recognised gain for the period	576.8	337.2
Dividends (net)	(203.5)	(109.5)
Acquisition/disposal of subsidiaries	11.4	0.6
Issue of shares	159.7	-
Balance at 30 September	2,942.6	2,377.9

10 Cash flows from operating activities

	Group
	Three months ended		Nine months ended
	30.9.08	30.9.07	30.9.08	30.9.07
	US$m	US$m	US$m	US$m

Profit before tax	479.3	363.1	1,381.9	857.0

Adjustments for:
Financing charges	14.8	19.4	43.3	63.7
Financing income	(17.9)	(8.7)	(45.7)	(25.1)
Share of associates' and joint ventures' results	(93.2)	(58.4)	(225.7)	(148.8)
Depreciation of property, plant and equipment	79.4	68.8	228.6	199.6
Amortisation of leasehold land use rights and intangible assets	7.6	4.9	21.4	13.0
(Profit)/loss on disposal of:
- leasehold land use rights	-	0.5	(4.0)	(6.8)
- property, plant and equipment	(7.7)	(7.7)	(11.9)	(12.4)
- investment properties	0.2	-	(0.9)	-
- other investments	(0.8)	-	(0.8)	-
- repossessed assets	13.4	22.3	42.2	52.0
- subsidiaries	0.2	-	(3.5)	1.5
- associates	0.1	(0.5)	(1.1)	2.1
Fair value changes of investment properties	-	-	-	(0.4)
Write-down/(reversal) of write-down of stocks	1.3	(0.2)	3.6	1.8
Impairment of debtors	32.7	9.4	82.2	56.6
Changes in provisions	3.8	2.7	12.8	8.2
Foreign exchange translation difference	11.2	(5.3)	8.6	(0.7)
Excess of net fair value of identified assets, liabilities and contingent liabilities acquired over cost of business combination	-	(0.1)	-	(9.0)
	45.1	47.1	149.1	195.3
Operating profit before working capital changes	524.4	410.2	1,531.0	1,052.3

Changes in working capital:
Stocks *	(135.6)	43.5	(238.6)	76.9
Financing debtors *	(170.9)	(24.3)	(354.4)	90.2
Debtors *	26.0	(73.1)	(270.0)	(286.6)
Creditors **	225.8	44.7	626.8	262.4
Pensions	3.8	2.1	1.5	6.5
Financial derivatives	(5.5)	1.7	(8.1)	-
	(56.4)	(5.4)	(242.8)	149.4
Cash flows from operating activities	468.0	404.8	1,288.2	1,201.7

* Increase in stocks and debtors due to higher sales and financing activities

** Increase in creditors due to higher purchases and longer credit period

11 Interested person transactions

Name of interested person	Aggregate value of all interested person transactions (excluding transactions less than S$100,000 and transactions conducted under shareholders' mandate pursuant to Rule 920)	Aggregate value of all interested person transactions conducted under shareholders' mandate pursuant to Rule 920 (excluding transactions less than S$100,000)
	US$m	US$m
Three months ended 30 Sept 2008
Jardine Matheson Limited - management consultancy services	-	0.9

Nine months ended 30 Sept 2008
Jardine Matheson Limited - management consultancy services	-	1.9

Jardine OneSolution (2001) Pte Ltd
- information technology services	-	0.6
	-	2.5

12 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 4 of this report.

No significant transaction or event has occurred between 1 October 2008 and the date of this report.

- end -

For further information, please contact:	Tel: 65 64708108
Jardine Cycle & Carriage Limited
Ho Yeng Tat

The full text of the Financial Statements and Dividend Announcement for the nine months ended 30 September 2008 can be accessed through the internet at 'www.jcclgroup.com'.

Corporate Profile

Jardine Cycle & Carriage ("JC&C") has a 50.1% interest in Astra International, a leading listed Indonesian conglomerate, and other motor interests in Southeast Asia. Together with its subsidiaries and associates, JC&C employs some 125,000 people across Indonesia, Malaysia, Singapore and Vietnam. JC&C is a Singapore-listed company and a member of the Jardine Matheson group.

Astra is the largest independent automotive group in Southeast Asia, with additional interests in financial services, agribusiness, heavy equipment, mining & energy, information technology and infrastructure. JC&C has directly-held subsidiaries operating in Singapore and Malaysia under the Cycle & Carriage banner, and associates, Tunas Ridean in Indonesia and Truong Hai Automotive Corporation in Vietnam. The JC&C Group represents some of the world's leading motoring marques including Honda, Mercedes-Benz and Toyota.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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