30th Jul 2010 10:29
To: Business Editor 30th July 2010
For immediate release
Jardine Cycle & Carriage Limited
2010 Half Year Financial Statements and Dividend Announcement
The following announcement was issued today by the Company's 70%-owned subsidiary, Jardine Cycle & Carriage Limited.
For further information, please contact:
Jardine Matheson Limited
Neil M McNamara (852) 2843 8227
GolinHarris
Kennes Young (852) 2501 7987
30th July 2010
JARDINE CYCLE & CARRIAGE LIMITED
2010 HALF YEAR FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT
Highlights
·; Underlying earnings per share up 71%
·; Improved performance across most businesses
·; Interim dividend up 45%
|
"The excellent increase in earnings achieved in the first half of 2010 benefited from improved trading conditions, a stronger rupiah and comparison with the relatively weak start to the previous year. While the Group's overall performance in the second half is expected to be more in line with that of 2009, a good result is expected for the full year."
|
Anthony Nightingale, Chairman
30th July 2010
|
Group Results |
|
|||
|
|
Six months ended 30th June |
|||
|
|
|
Restated |
|
|
|
|
2010 US$m |
2009 US$m |
Change % |
2010 S$m |
|
Revenue |
7,411 |
4,615 |
61 |
10,363 |
|
Profit after tax |
848 |
517 |
64 |
1,186 |
|
Underlying profit attributable to shareholders* |
353 |
207 |
71 |
494 |
|
Profit attributable to shareholders |
358 |
211 |
70 |
501 |
|
|
US¢ |
US¢ |
|
S¢ |
|
Underlying earnings* per share |
99.35 |
58.22 |
71 |
138.96 |
|
Earnings per share |
100.79 |
59.29 |
70 |
140.96 |
|
Interim dividend per share** |
16.00 |
11.00 |
45 |
22.45 |
|
|
At 30.6.2010 |
At 31.12.2009 |
|
At 30.6.2010 |
|
|
US$m |
US$m |
|
S$m |
|
Shareholders' funds |
3,196 |
2,911 |
10 |
4,484 |
|
|
US$ |
US$ |
|
S$ |
|
Net asset value per share |
8.98 |
8.18 |
10 |
12.61 |
|
|
|
|
|
|
|
The exchange rate of US$1=S$1.40 (31st December 2009: US$1=S$1.40) was used for translating assets and liabilities at the balance sheet date and US$1=S$1.40 (30th June 2009: US$1=S$1.49) was used for translating the results for the period.
The financial results for the six months ended 30th June 2010 have been prepared in accordance with the International Financial Reporting Standards. These results have not been audited or reviewed by the auditors.
* The basis for calculating underlying earnings is set out in Note 4 of this report. ** The S$ amount is estimated. The actual amount will be determined on the Books Closure Date referred to in Note 12.
|
||||
CHAIRMAN'S STATEMENT
Overview
Jardine Cycle & Carriage produced a fine set of results in the first six months of 2010 as trading conditions remained positive for most of its operations.
Performance
The Group's revenue grew by 61% to US$7.4 billion in the six months ended 30th June 2010. Underlying profit increased by 71% to US$353 million and underlying earnings per share rose by 71% to US¢99.35. Profit attributable to shareholders for the half year of US$358 million included a non-trading gain of US$5 million.
Astra contributed US$349 million to the Group's underlying profit, an increase of 74%, reflecting a stronger rupiah and improved performances from many of its major businesses. Underlying profit contribution from the Group's other motor interests was 33% higher at US$28 million.
The Group's balance sheet remains strong with the benefit of strong operating cashflows. Overall net cash, excluding borrowings in Astra's financial services companies, was US$219 million at the end of June, up from US$64 million at the previous year end. The net debt within Astra's financial services companies was US$2.0 billion, US$511 million up from the end of 2009 due to the growth in its loan book. The Company had net debt of US$169 million at the end of June.
The Board has declared an interim one-tier tax exempt dividend of US¢16 per share (2009: US¢11 per share), a 45% increase. The interim dividend is available in cash in US dollars or Singapore dollars.
Group Review
Astra
Astra recorded a 52% increase in net profit, under Indonesian accounting standards, for the six months equivalent to US$701 million, as the Indonesian economy continued to grow. Consumer demand has remained buoyant, supported by the availability of financing at low interest rates and modest inflation.
Automotive and Financial Services
Astra's automotive and financial services businesses contributed US$275 million to the Group's underlying profit, an increase of 130%, as strong performances were enhanced by a stronger rupiah.
The wholesale motor vehicle market grew by 76% to 370,000 units compared to the same period of the previous year. Astra sold a total of 208,000 motor vehicles, 71% more than the first half of 2009, leading to a decline in market share from 58% to 56%. The wholesale motorcycle market grew by 41% to 3.6 million units while Astra Honda Motors sold a total of 1.7 million units, up 43%, maintaining a relatively stable market share of 46%. The potential for significant increases in vehicle related taxes based on recently introduced legislation has now subsided and no major changes are expected in the current year.
Astra Otoparts, the group's 96%-owned component manufacturing operations, benefited from the expansion of the wholesale automotive market, reporting an 81% increase in profit.
Astra's consumer finance activities recorded higher profits reflecting growth in their loan books and stable net interest margins. In June, Astra agreed, subject to regulatory approvals, to purchase the 47% of Astra Sedaya Finance and Sedaya Pratama that it did not already own. The transaction is expected to complete in the second half of the year. Bank Permata, which is 45%-held, benefited from the positive economic conditions producing an improved performance.
Natural Resources and Other Interests
Natural resources and other interests comprising agribusiness, heavy equipment, mining, information technology, and infrastructure and logistics recorded a 17% higher contribution to the Group's underlying profit, primarily due to favourable currency movements. There were good results from the heavy equipment, infrastructure and logistics businesses, but lower earnings in agribusiness and contract mining.
The group's 80%-owned Astra Agro Lestari, reported a 17% decrease in net income on lower gross profit margins and higher operating expenditure. While crude palm oil prices achieved were on average 3% higher in the first half compared with the previous year, sales were 3% lower at 478,000 tonnes and production costs were higher.
United Tractors, the group's 60%-owned heavy equipment and mining subsidiary, reported a 1% increase in profit. Sales of Komatsu heavy equipment were 95% higher at 2,700 units due to strong demand from the mining and plantation sectors, although a shift in the sales mix towards lower margin units led to a more modest rate of profit growth. Mining subsidiary, Pamapersada Nusantara, reported a 24% increase in coal extracted and a 15% increase in overburden removed, but its earnings fell due to lower gross profit margins caused by higher production costs and the impact of a stronger rupiah.
The group's 77%-held Astra Graphia, which is active in the area of information technology and is the sole distributor of Fuji Xerox equipment in Indonesia, reported a 71% increase in net income. The profit from the group's infrastructure and logistics activities rose by 39%.
Other Motor Interests
The Singapore motor operations faced difficult trading conditions following a reduction in the quota for new vehicle sales, resulting in a slightly lower profit contribution. Cycle & Carriage Bintang benefited from an increase in sales of the new Mercedes-Benz E-Class and improvements in the Malaysian economy. Tunas Ridean also traded well as the Indonesian economy remained robust and interest rates were relatively low. In Vietnam, Truong Hai Auto Corporation contributed a significantly higher profit, due to improved sales and the increase in the Group's shareholding.
Outlook
The excellent increase in earnings achieved in the first half of 2010 benefited from improved trading conditions, a stronger rupiah and comparison with the relatively weak start to the previous year. While the Group's overall performance in the second half is expected to be more in line with that of 2009, a good result is expected for the full year.
Anthony Nightingale
Chairman
30th July 2010
Statement pursuant to Rule 705(5) 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 six months ended 30th June 2010 to be false or misleading in any material respect.
On behalf of the Directors
Anthony Nightingale
Director
Hassan Abas
Director
30th July 2010
|
Jardine Cycle & Carriage Limited Consolidated Profit and Loss Account |
|
|
|
|
|
|
|
|||||
|
|
|
Three months ended |
|
|
Six months ended |
|||||
|
|
|
30.6.10 |
|
30.6.09 |
Change |
|
30.6.10 |
|
30.6.09 |
Change |
|
|
Note |
US$m |
|
US$m |
% |
|
US$m |
|
US$m |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
3,841.7 |
|
2,500.4 |
54 |
|
7,410.6 |
|
4,615.1 |
61 |
|
Net operating costs |
2 |
(3,426.6) |
|
(2,136.8) |
60 |
|
(6,602.7) |
|
(4,002.7) |
65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
2 |
415.1 |
|
363.6 |
14 |
|
807.9 |
|
612.4 |
32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing income |
|
15.9 |
|
14.1 |
13 |
|
28.7 |
|
27.1 |
6 |
|
Financing charges |
|
(12.4) |
|
(10.2) |
22 |
|
(25.5) |
|
(21.6) |
18 |
|
Net financing income |
|
3.5 |
|
3.9 |
-10 |
|
3.2 |
|
5.5 |
-42 |
|
Share of associates' and joint ventures' results after tax |
|
151.0 |
|
55.4 |
173 |
|
272.4 |
|
97.0 |
181 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before tax |
|
569.6 |
|
422.9 |
35 |
|
1,083.5 |
|
714.9 |
52 |
|
Tax |
3 |
(132.6) |
|
(118.1) |
12 |
|
(235.2) |
|
(198.1) |
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit after tax |
|
437.0 |
|
304.8 |
43 |
|
848.3 |
|
516.8 |
64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit attributable to: |
|
|
|
|
|
|
|
|
|
|
|
Shareholders of the Company |
|
180.7 |
|
120.7 |
50 |
|
358.5 |
|
210.9 |
70 |
|
Minority interests |
|
256.3 |
|
184.1 |
39 |
|
489.8 |
|
305.9 |
60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
437.0 |
|
304.8 |
43 |
|
848.3 |
|
516.8 |
64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US¢ |
|
US¢ |
|
|
US¢ |
|
US¢ |
|
|
Earnings per share |
4 |
50.80 |
|
33.93 |
50 |
|
100.79 |
|
59.29 |
70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Jardine Cycle & Carriage Limited Consolidated Statement of Comprehensive Income |
|
|
|
Three months ended |
|
Six months ended |
||||
|
|
|
30.6.10 |
|
30.6.09 |
|
30.6.10 |
|
30.6.09 |
|
|
|
US$m |
|
US$m |
|
US$m |
|
US$m |
|
|
|
|
|
|
|
|
|
|
|
Profit for the period |
|
437.0 |
|
304.8 |
|
848.3 |
|
516.8 |
|
|
|
|
|
|
|
|
|
|
|
Translation differences |
|
|
|
|
|
|
|
|
|
- gains arising during the period |
|
14.2 |
|
555.8 |
|
207.3 |
|
307.0 |
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale investments |
|
|
|
|
|
|
|
|
|
- gains arising during the period |
|
8.5 |
|
18.7 |
|
16.9 |
|
20.5 |
|
- transfer to profit and loss |
|
(1.1) |
|
(1.1) |
|
(5.1) |
|
(0.1) |
|
|
|
|
|
|
|
|
|
|
|
Cash flow hedges |
|
|
|
|
|
|
|
|
|
- gains/(losses) arising during the period |
|
3.5 |
|
(22.0) |
|
5.3 |
|
(29.3) |
|
|
|
|
|
|
|
|
|
|
|
Defined benefit pension plans |
|
|
|
|
|
|
|
|
|
- gains/(losses) arising during the period |
|
0.8 |
|
(0.5) |
|
1.1 |
|
(5.6) |
|
|
|
|
|
|
|
|
|
|
|
Share of other comprehensive income of associates and joint ventures, net of tax |
|
(0.9) |
|
0.3 |
|
(1.2) |
|
(1.9) |
|
|
|
|
|
|
|
|
|
|
|
Tax relating to components of other comprehensive income |
|
(1.2) |
|
5.5 |
|
(1.8) |
|
8.3 |
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income for the period |
|
23.8 |
|
556.7 |
|
222.5 |
|
298.9 |
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period |
|
460.8 |
|
861.5 |
|
1,070.8 |
|
815.7 |
|
|
|
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders of the Company |
|
188.0 |
|
366.0 |
|
451.7 |
|
337.1 |
|
|
|
|
|
|
|
|
|
|
|
Minority interests |
|
272.8 |
|
495.5 |
|
619.1 |
|
478.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
460.8 |
|
861.5 |
|
1,070.8 |
|
815.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jardine Cycle & Carriage Limited Consolidated Balance Sheet at 30th June 2010 |
|
|
|
|
|
|
Restated |
|
|
Note |
|
At |
|
At |
|
|
|
|
30.6.10 |
|
31.12.09 |
|
|
|
|
US$m |
|
US$m |
|
Non-current assets |
|
|
|
|
|
|
Intangible assets |
|
|
668.8 |
|
634.7 |
|
Leasehold land use rights |
|
|
431.6 |
|
414.4 |
|
Property, plant and equipment |
|
|
2,288.2 |
|
2,026.0 |
|
Investment properties |
|
|
23.9 |
|
23.1 |
|
Plantations |
|
|
483.9 |
|
425.4 |
|
Interests in associates and joint ventures |
|
|
1,892.2 |
|
1,692.2 |
|
Non-current investments |
|
|
385.3 |
|
309.1 |
|
Non-current debtors |
|
|
1,519.2 |
|
1,196.7 |
|
Deferred tax assets |
|
|
104.4 |
|
73.1 |
|
|
|
|
7,797.5 |
|
6,794.7 |
|
Current assets |
|
|
|
|
|
|
Current investments |
|
|
7.5 |
|
2.3 |
|
Stocks |
|
|
956.9 |
|
895.7 |
|
Current debtors |
|
|
2,867.0 |
|
2,222.2 |
|
Current tax assets |
|
|
101.6 |
|
66.8 |
|
Bank balances and other liquid funds |
|
|
|
|
|
|
- non-financial services companies |
|
|
1,227.0 |
|
805.3 |
|
- financial services companies |
|
|
132.2 |
|
156.2 |
|
|
|
|
1,359.2 |
|
961.5 |
|
|
|
|
5,292.2 |
|
4,148.5 |
|
|
|
|
|
|
|
|
Total assets |
|
|
13,089.7 |
|
10,943.2 |
|
|
|
|
|
|
|
| Non-current liabilities |
|
|
|
|
|
|
Non-current creditors |
|
|
83.4 |
|
74.4 |
| Provisions |
|
|
44.7 |
|
41.2 |
|
Long-term borrowings |
5 |
|
|
|
|
|
- non-financial services companies |
|
|
411.0 |
|
417.2 |
|
- financial services companies |
|
|
868.7 |
|
717.6 |
|
|
|
|
1,279.7 |
|
1,134.8 |
|
Deferred tax liabilities |
|
|
232.7 |
|
227.0 |
|
Pension liabilities |
|
|
112.4 |
|
101.5 |
|
|
|
|
1,752.9 |
|
1,578.9 |
|
Current liabilities |
|
|
|
|
|
|
Current creditors |
|
|
2,375.3 |
|
1,654.8 |
|
Provisions |
|
|
32.7 |
|
34.0 |
|
Current borrowings |
5 |
|
|
|
|
|
- non-financial services companies |
|
|
602.6 |
|
324.6 |
|
- financial services companies |
|
|
1,254.1 |
|
918.3 |
|
|
|
|
1,856.7 |
|
1,242.9 |
|
Current tax liabilities |
|
|
129.9 |
|
115.8 |
|
|
|
|
4,394.6 |
|
3,047.5 |
|
|
|
|
|
|
|
|
Total liabilities |
|
|
6,147.5 |
|
4,626.4 |
|
|
|
|
|
|
|
|
Net assets |
|
|
6,942.2 |
|
6,316.8 |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Share capital |
6 |
|
632.3 |
|
632.3 |
|
Revenue reserve |
7 |
|
2,107.9 |
|
1,916.0 |
|
Other reserves |
8 |
|
455.5 |
|
362.6 |
|
Shareholders' funds |
|
|
3,195.7 |
|
2,910.9 |
|
Minority interests |
9 |
|
3,746.5 |
|
3,405.9 |
|
Total equity |
|
|
6,942.2 |
|
6,316.8 |
|
Jardine Cycle & Carriage Limited Consolidated Statement of Changes in Equity for the three months ended 30th June 2010 |
|
|
Attributable to shareholders of the Company |
|
|
|
|
||||||||||
|
|
|
|
|
|
Asset |
|
|
|
Fair value |
|
|
|
Attributable |
|
|
|
|
Share |
|
Revenue |
|
revaluation |
|
Translation |
|
and other |
|
|
|
to minority |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1st April |
632.3 |
|
2,093.9 |
|
317.8 |
|
113.2 |
|
17.4 |
|
3,174.6 |
|
3,743.1 |
|
6,917.7 |
|
Total comprehensive income |
- |
|
180.9 |
|
- |
|
3.5 |
|
3.6 |
|
188.0 |
|
272.8 |
|
460.8 |
|
Dividends paid by the Company |
- |
|
(166.9) |
|
- |
|
- |
|
- |
|
(166.9) |
|
- |
|
(166.9) |
|
Dividends paid to minority shareholders |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(269.1) |
|
(269.1) |
|
Acquisition/disposal of subsidiaries |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(0.3) |
|
(0.3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 30th June |
632.3 |
|
2,107.9 |
|
317.8 |
|
116.7 |
|
21.0 |
|
3,195.7 |
|
3,746.5 |
|
6,942.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1st April as previously reported |
632.3 |
|
1,639.6 |
|
395.9 |
|
(441.0) |
|
2.2 |
|
2,229.0 |
|
2,538.1 |
|
4,767.1 |
|
Change in accounting policy |
- |
|
24.0 |
|
(77.6) |
|
7.5 |
|
- |
|
(46.1) |
|
(40.5) |
|
(86.6) |
|
Balance at 1st April as restated |
632.3 |
|
1,663.6 |
|
318.3 |
|
(433.5) |
|
2.2 |
|
2,182.9 |
|
2,497.6 |
|
4,680.5 |
|
Total comprehensive income |
- |
|
120.8 |
|
- |
|
245.0 |
|
0.2 |
|
366.0 |
|
495.5 |
|
861.5 |
|
Dividends paid by the Company |
- |
|
(128.7) |
|
- |
|
- |
|
- |
|
(128.7) |
|
- |
|
(128.7) |
|
Dividends paid to minority shareholders |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(150.8) |
|
(150.8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 30th June |
632.3 |
|
1,655.7 |
|
318.3 |
|
(188.5) |
|
2.4 |
|
2,420.2 |
|
2,842.3 |
|
5,262.5 |
|
Jardine Cycle & Carriage Limited Consolidated Statement of Changes in Equity for the six months ended 30th June 2010 |
|
|
Attributable to shareholders of the Company |
|
|
|
|
||||||||||
|
|
|
|
|
|
Asset |
|
|
|
Fair value |
|
|
|
Attributable |
|
|
|
|
Share |
|
Revenue |
|
revaluation |
|
Translation |
|
and other |
|
|
|
to minority |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1st January as previously reported |
632.3 |
|
1,885.3 |
|
406.7 |
|
31.7 |
|
15.2 |
|
2,971.2 |
|
3,460.1 |
|
6,431.3 |
|
Change in accounting policy |
- |
|
30.7 |
|
(88.9) |
|
(2.1) |
|
- |
|
(60.3) |
|
(54.2) |
|
(114.5) |
|
Balance at 1st January as restated |
632.3 |
|
1,916.0 |
|
317.8 |
|
29.6 |
|
15.2 |
|
2,910.9 |
|
3,405.9 |
|
6,316.8 |
|
Total comprehensive income |
- |
|
358.8 |
|
- |
|
87.1 |
|
5.8 |
|
451.7 |
|
619.1 |
|
1,070.8 |
|
Dividends paid by the Company |
- |
|
(166.9) |
|
- |
|
- |
|
- |
|
(166.9) |
|
- |
|
(166.9) |
|
Dividends paid to minority shareholders |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(269.7) |
|
(269.7) |
|
Acquisition/disposal of subsidiaries |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(8.8) |
|
(8.8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 30th June |
632.3 |
|
2,107.9 |
|
317.8 |
|
116.7 |
|
21.0 |
|
3,195.7 |
|
3,746.5 |
|
6,942.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1st January as previously reported |
632.3 |
|
1,552.4 |
|
397.7 |
|
(323.0) |
|
3.3 |
|
2,262.7 |
|
2,559.8 |
|
4,822.5 |
|
Change in accounting policy |
- |
|
22.4 |
|
(78.0) |
|
4.7 |
|
- |
|
(50.9) |
|
(45.2) |
|
(96.1) |
|
Balance at 1st January as restated |
632.3 |
|
1,574.8 |
|
319.7 |
|
(318.3) |
|
3.3 |
|
2,211.8 |
|
2,514.6 |
|
4,726.4 |
|
Total comprehensive income |
- |
|
209.6 |
|
(1.4) |
|
129.8 |
|
(0.9) |
|
337.1 |
|
478.6 |
|
815.7 |
|
Dividends paid by the Company |
- |
|
(128.7) |
|
- |
|
- |
|
- |
|
(128.7) |
|
- |
|
(128.7) |
|
Dividends paid to minority shareholders |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(150.9) |
|
(150.9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 30th June |
632.3 |
|
1,655.7 |
|
318.3 |
|
(188.5) |
|
2.4 |
|
2,420.2 |
|
2,842.3 |
|
5,262.5 |
|
Jardine Cycle & Carriage Limited Company Balance Sheet at 30th June 2010 |
|
|
Note |
At |
|
At |
|
|
|
30.6.10 |
|
31.12.09 |
|
|
|
US$m |
|
US$m |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Property, plant and equipment |
|
0.8 |
|
0.5 |
|
Interests in subsidiaries |
|
1,260.0 |
|
1,260.1 |
|
Interests in associates |
|
159.5 |
|
146.9 |
|
Non-current investment |
|
7.6 |
|
7.6 |
|
|
|
1,427.9 |
|
1,415.1 |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
Current debtors |
|
166.3 |
|
0.8 |
|
Bank balances and other liquid funds |
|
7.6 |
|
1.1 |
|
|
|
173.9 |
|
1.9 |
|
|
|
|
|
|
|
Total assets |
|
1,601.8 |
|
1,417.0 |
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
Deferred tax liabilities |
|
0.4 |
|
0.4 |
|
|
|
0.4 |
|
0.4 |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Current creditors |
|
29.4 |
|
30.5 |
|
Current borrowings |
|
176.7 |
|
- |
|
Current tax liabilities |
|
0.9 |
|
0.9 |
|
|
|
207.0 |
|
31.4 |
|
|
|
|
|
|
|
Total liabilities |
|
207.4 |
|
31.8 |
|
|
|
|
|
|
|
Net assets |
|
1,394.4 |
|
1,385.2 |
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
Share capital |
6 |
632.3 |
|
632.3 |
|
Revenue reserve |
7 |
501.4 |
|
492.1 |
|
Other reserves |
8 |
260.7 |
|
260.8 |
|
Total equity |
|
1,394.4 |
|
1,385.2 |
|
|
|
|
|
|
Net asset value per share |
|
US$3.92 |
|
US$3.89 |
|
Jardine Cycle & Carriage Limited Company Statement of Comprehensive Income |
|
|
Three months ended |
|
Six months ended |
||||
|
|
30.6.10 |
|
30.6.09 |
|
30.6.10 |
|
30.6.09 |
|
|
US$m |
|
US$m |
|
US$m |
|
US$m |
|
|
|
|
|
|
|
|
|
|
Profit after tax |
179.1 |
|
103.7 |
|
176.2 |
|
101.6 |
|
|
|
|
|
|
|
|
|
|
Translation difference |
(2.1) |
|
60.5 |
|
(0.1) |
|
(10.1) |
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period |
177.0 |
|
164.2 |
|
176.1 |
|
91.5 |
|
|
|
|
|
|
|
|
|
|
Jardine Cycle & Carriage Limited Company Statement of Changes in Equity |
For the three months ended 30th June 2010
|
|
Share capital |
|
Revenue reserve |
|
Translation reserve |
|
Fair Value and other reserves |
|
Total equity |
|
|
US$m |
|
US$m |
|
US$m |
|
US$m |
|
US$m |
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
|
|
|
|
|
|
|
|
Balance at 1st April |
632.3 |
|
489.2 |
|
261.6 |
|
1.2 |
|
1,384.3 |
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income |
- |
|
179.1 |
|
(2.1) |
|
- |
|
177.0 |
|
|
|
|
|
|
|
|
|
|
|
|
Dividend paid |
- |
|
(166.9) |
|
- |
|
- |
|
(166.9) |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 30th June |
632.3 |
|
501.4 |
|
259.5 |
|
1.2 |
|
1,394.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009 |
|
|
|
|
|
|
|
|
|
|
Balance at 1st April |
632.3 |
|
461.4 |
|
154.3 |
|
0.6 |
|
1,248.6 |
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive expenses |
- |
|
103.7 |
|
60.5 |
|
- |
|
164.2 |
|
|
|
|
|
|
|
|
|
|
|
|
Dividend paid |
- |
|
(128.7) |
|
- |
|
- |
|
(128.7) |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 30th June |
632.3 |
|
436.4 |
|
214.8 |
|
0.6 |
|
1,284.1 |
|
|
|
|
|
|
|
|
|
|
|
For the six months ended 30th June 2010
|
|
Share capital |
|
Revenue reserve |
|
Translation reserve |
|
Fair value and other reserves |
|
Total equity |
|
|
US$m |
|
US$m |
|
US$m |
|
US$m |
|
US$m |
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
|
|
|
|
|
|
|
|
Balance at 1st January |
632.3 |
|
492.1 |
|
259.6 |
|
1.2 |
|
1,385.2 |
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income |
- |
|
176.2 |
|
(0.1) |
|
- |
|
176.1 |
|
|
|
|
|
|
|
|
|
|
|
|
Dividend paid |
- |
|
(166.9) |
|
- |
|
- |
|
(166.9) |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 30th June |
632.3 |
|
501.4 |
|
259.5 |
|
1.2 |
|
1,394.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009 |
|
|
|
|
|
|
|
|
|
|
Balance at 1st January |
632.3 |
|
463.5 |
|
224.9 |
|
0.6 |
|
1,321.3 |
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive expenses |
- |
|
101.6 |
|
(10.1) |
|
- |
|
91.5 |
|
|
|
|
|
|
|
|
|
|
|
|
Dividend paid |
- |
|
(128.7) |
|
- |
|
- |
|
(128.7) |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 30th June |
632.3 |
|
436.4 |
|
214.8 |
|
0.6 |
|
1,284.1 |
|
|
|
|
|
|
|
|
|
|
|
|
Jardine Cycle & Carriage Limited Consolidated Statement of Cash Flows |
|
|
|
Three months ended |
|
Six months ended |
||||
|
|
|
30.6.10 |
|
30.6.09 |
|
30.6.10 |
|
30.6.09 |
|
|
Note |
US$m |
|
US$m |
|
US$m |
|
US$m |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities |
10 |
239.3 |
|
298.1 |
|
517.3 |
|
744.3 |
|
|
|
|
|
|
|
|
|
|
|
Cash generated from operations |
|
|
|
|
|
|
|
|
|
Interest paid |
|
(11.6) |
|
(10.3) |
|
(21.8) |
|
(22.3) |
|
Interest received |
|
16.8 |
|
13.9 |
|
28.0 |
|
26.0 |
|
Other finance costs paid |
|
(1.4) |
|
(0.4) |
|
(3.3) |
|
(1.3) |
|
Income tax paid |
|
(191.7) |
|
(192.2) |
|
(289.4) |
|
(257.6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(187.9) |
|
(189.0) |
|
(286.5) |
|
(255.2) |
|
|
|
|
|
|
|
|
|
|
|
Net cash flows from operating activities |
|
51.4 |
|
109.1 |
|
230.8 |
|
489.1 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
Sale of leasehold land use rights |
|
- |
|
- |
|
- |
|
1.4 |
|
Sale of property, plant and equipment |
|
1.9 |
|
2.8 |
|
3.9 |
|
10.2 |
|
Sale of plantations |
|
- |
|
0.1 |
|
- |
|
0.4 |
|
Sale of subsidiaries, net of cash disposed |
|
0.5 |
|
- |
|
4.1 |
|
- |
|
Sale of investments |
|
11.7 |
|
15.4 |
|
22.1 |
|
18.3 |
|
Purchase of intangible assets |
|
(14.1) |
|
(6.8) |
|
(23.1) |
|
(14.0) |
|
Purchase of leasehold land use rights |
|
(17.7) |
|
(10.0) |
|
(18.7) |
|
(11.0) |
|
Purchase of property, plant and equipment |
|
(140.5) |
|
(105.1) |
|
(228.9) |
|
(236.6) |
|
Additions to plantations |
|
(22.8) |
|
(17.8) |
|
(43.3) |
|
(32.2) |
|
Purchase of subsidiaries, net of cash acquired |
|
- |
|
0.2 |
|
(0.5) |
|
- |
|
Purchase of shares in associates |
|
- |
|
(14.8) |
|
(12.5) |
|
(14.8) |
|
Purchase of investments |
|
(49.0) |
|
(34.8) |
|
(75.8) |
|
(50.0) |
|
Capital repayment of investments |
|
- |
|
2.4 |
|
0.5 |
|
2.4 |
|
Dividends received from associates (net) |
|
137.8 |
|
122.6 |
|
152.5 |
|
127.0 |
|
|
|
|
|
|
|
|
|
|
|
Net cash flows used in investing activities |
|
(92.2) |
|
(45.8) |
|
(219.7) |
|
(198.9) |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
Drawdown of loans |
|
1,105.7 |
|
672.3 |
|
1,738.7 |
|
856.0 |
|
Repayment of loans |
|
(608.6) |
|
(468.4) |
|
(1,116.6) |
|
(880.1) |
|
Dividends paid to minority interests |
|
(86.6) |
|
(46.5) |
|
(87.2) |
|
(46.6) |
|
Dividends paid by the Company |
|
(166.9) |
|
(128.7) |
|
(166.9) |
|
(128.7) |
|
|
|
|
|
|
|
|
|
|
|
Net cash flows from/(used in) financing activities |
|
243.6 |
|
28.7 |
|
368.0 |
|
(199.4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
202.8 |
|
92.0 |
|
379.1 |
|
90.8 |
|
Cash and cash equivalents at the beginning of the period |
|
1,158.1 |
|
805.5 |
|
962.1 |
|
839.1 |
|
Effect of exchange rate changes |
|
3.6 |
|
78.5 |
|
23.3 |
|
46.1 |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period |
|
1,364.5 |
|
976.0 |
|
1,364.5 |
|
976.0 |
|
Jardine Cycle & Carriage Limited Notes to the financial statements for the six months ended 30th June 2010 |
1 Basis of preparation
The financial statements are consistent with those set out in the 2009 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 2009 audited accounts except for the change in accounting policy on the Group's owner-occupied leasehold properties, and the adoption of the amendments and interpretation described in the paragraphs below.
Previously, the Group's owner-occupied freehold land and buildings, and the building component of owner-occupied leasehold properties were stated at valuation. Independent valuations were performed every three years on an open market basis, and in the case of the building component of leasehold properties, on the basis of depreciated replacement cost. In the intervening years, the Directors reviewed the carrying values and adjustments were made where there were material changes. Revaluation surpluses and deficits were recognised in other comprehensive income and accumulated in equity under asset revaluation reserves except for movements on individual properties below depreciated cost which were recognised in profit and loss. Leasehold land was carried at amortised cost.
With effect from 1st January 2010, the Group revised its accounting policy in respect of its owner-occupied freehold land and buildings, and the building component of owner-occupied leasehold properties to the cost model, under which these assets are carried at cost less any accumulated depreciation and impairment. This change harmonises the treatment of land and buildings, both freehold and leasehold, and aligns the Group's accounting policy with industry practice, enhancing the comparability of the Group's financial statements with those of its international peers. The Directors believe that the new policy provides reliable and more relevant financial information to the users of the accounts.
This change in accounting policy has been accounted for retrospectively, and the comparative financial statements have been restated.
The following amendments and interpretation to existing standards which are effective in the current accounting period and relevant to the Group's operations were adopted in 2010:
Amendment to IAS 39 Eligible Hedged Items
Improvements to IFRSs (2009)
IFRIC 17 Distributions of Non-cash Assets to Owners
The change in accounting policy and the adoption of the amendments and interpretation do not have any significant 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.
The exchange rates used for translating assets and liabilities at the balance sheet date at 30th June 2010 are US$1=S$1.4033 (31st December 2009: US$1=S$1.4032), US$1=RM3.2665 (31st December 2009: US$1=RM3.4218), US$1=IDR9,083 (31st December 2009: US$1=IDR 9,400) and US$1=VND19,068 (31st December 2009: US$1=VND18,479).
The exchange rates used for translating the results for the six months are US$1=S$1.3984 (2009: US$1 =S$1.4921), US$1=RM3.3014 (2009: US$1=RM3.5907), US$1=IDR9,182 (2009: US$1=IDR11,036) and US$1=VND18,937 (2009: US$1=VND17,694).
2 Net operating costs and operating profit
|
|
|
Group |
|
|||||
|
|
Three months ended |
|
Six months ended |
|||||
|
|
30.6.10 |
|
30.6.09 |
Change |
30.6.10 |
|
30.6.09 |
Change |
|
|
US$m |
|
US$m |
% |
US$m |
|
US$m |
% |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
(3,095.3) |
|
(1,910.7) |
62 |
(5,988.0) |
|
(3,567.5) |
68 |
|
Other operating income |
38.7 |
|
29.1 |
33 |
95.8 |
|
59.3 |
62 |
|
Selling and distribution expenses |
(183.2) |
|
(129.5) |
41 |
(349.2) |
|
(243.3) |
44 |
|
Administrative expenses |
(187.8) |
|
(131.0) |
43 |
(343.0) |
|
(244.6) |
40 |
|
Other operating expenses |
1.0 |
|
5.3 |
-81 |
(18.3) |
|
(6.6) |
177 |
|
Net operating costs |
(3,426.6) |
|
(2,136.8) |
60 |
(6,602.7) |
|
(4,002.7) |
65 |
|
|
|
|
|
|
|
|
|
|
|
Operating profit is determined after including: |
|
|
|
|
|
|
|
|
|
Depreciation of property, plant and |
|
|
|
|
|
|
|
|
|
equipment |
(112.3) |
|
(78.4) |
43 |
(218.3) |
|
(145.1) |
50 |
|
Amortisation of intangible assets and |
|
|
|
|
|
|
|
|
|
leasehold land use rights |
(11.9) |
|
(8.8) |
35 |
(23.4) |
|
(18.0) |
30 |
|
Profit/(loss) on disposal of: |
|
|
|
|
|
|
|
|
|
- leasehold land use rights |
(0.4) |
|
(0.1) |
300 |
(0.4) |
|
(1.2) |
-67 |
|
- property, plant and equipment |
0.5 |
|
(4.2) |
nm |
1.2 |
|
7.0 |
-83 |
|
- subsidiaries |
(0.3) |
|
- |
100 |
17.5 |
|
- |
100 |
|
- repossessed assets |
(13.5) |
|
(12.2) |
11 |
(23.4) |
|
(17.9) |
31 |
|
Dividend and interest income from investments |
6.0 |
|
4.6 |
30 |
9.5 |
|
8.3 |
14 |
|
(Write-down) / reversal of write-down of stocks |
(3.5) |
|
1.4 |
nm |
(4.3) |
|
1.1 |
nm |
|
Impairment of debtors |
(26.1) |
|
(16.6) |
57 |
(51.8) |
|
(32.8) |
58 |
|
Fair value changes of derivatives not qualified as hedges (1) |
(0.4) |
|
(8.9) |
-96 |
(0.9) |
|
(10.1) |
-91 |
|
Net exchange gain (2) |
(1.2) |
|
29.5 |
nm |
(4.9) |
|
24.4 |
nm |
nm: not meaningful
(1) Decrease due mainly to lower loss on hedging of Indonesian rupiah against United States dollars
(2) Changes due mainly to stronger Indonesian rupiah against United States dollars
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
|
|
Six months ended
|
||||
|
|
30.6.10
|
|
30.6.09
|
|
30.6.10
|
|
30.6.09
|
|
|
US$m
|
|
US$m
|
|
US$m
|
|
US$m
|
|
Basic earnings per share
|
|
|
|
|
|
|
|
|
Profit attributable to shareholders
|
180.7
|
|
120.7
|
|
358.5
|
|
210.9
|
|
Weighted average number of ordinary
shares in issue (millions)
|
355.7
|
|
355.7
|
|
355.7
|
|
355.7
|
|
Basic earnings per share
|
US¢50.80
|
|
US¢33.93
|
|
US¢100.79
|
|
US¢59.29
|
|
|
|
|
|
|
|
|
|
|
|
Group
|
||||||
|
|
Three months ended
|
|
Six months ended
|
||||
|
|
30.6.10
|
|
30.6.09
|
|
30.6.10
|
|
30.6.09
|
|
|
US$m
|
|
US$m
|
|
US$m
|
|
US$m
|
|
Diluted earnings per share
|
|
|
|
|
|
|
|
|
Profit attributable to shareholders
|
180.7
|
|
120.7
|
|
358.5
|
|
210.9
|
|
Weighted average number of ordinary shares
in issue (millions)
|
355.7
|
|
355.7
|
|
355.7
|
|
355.7
|
|
Adjustment for assumed conversion of share
options (millions)
|
- *
|
*
|
- *
|
|
- *
|
|
- *
|
|
Weighted average number of ordinary shares
for diluted earnings per share (millions)
|
355.7
|
|
355.7
|
|
355.7
|
|
355.7
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
US¢50.80
|
|
US¢33.93
|
|
US¢100.79
|
|
US¢59.29
|
|
|
|
|
|
|
|
|
|
|
Underlying earnings per share
|
|
|
|
|
|
|
|
|
Underlying profit attributable to shareholders
|
180.6
|
|
120.6
|
|
353.4
|
|
207.1
|
|
Basic underlying earnings per share
|
US¢50.77
|
|
US¢33.90
|
|
US¢99.35
|
|
US¢58.22
|
|
Diluted underlying earnings per share
|
US¢50.77
|
|
US¢33.90
|
|
US¢99.35
|
|
US¢58.22
|
* less than 0.1 million
A reconciliation of the profit attributable to shareholders and underlying profit attributable to shareholders is as follows:
|
|
Group |
||||||
|
|
Three months ended |
|
Six months ended |
||||
|
|
30.6.10 |
|
30.6.09 |
|
30.6.10 |
|
30.6.09 |
|
|
US$m |
|
US$m |
|
US$m |
|
US$m |
|
|
|
|
|
|
|
|
|
|
Profit attributable to shareholders |
180.7 |
|
120.7 |
|
358.5 |
|
210.9 |
|
Less: |
|
|
|
|
|
|
|
|
Non-trading items (net of tax and minority interests) |
|
|
|
|
|
|
|
|
Profit on disposal of subsidiaries and associates |
0.1 |
|
0.1 |
|
5.1 |
|
3.8 |
|
Underlying profit attributable to shareholders |
180.6 |
|
120.6 |
|
353.4 |
|
207.1 |
|
|
|
|
|
|
|
|
|
The underlying profit attributable to shareholders by business is shown below:
|
|
Group |
|||||||
|
|
Three months ended |
|
Six months ended |
|||||
|
|
30.6.10 |
|
30.6.09 |
Change |
30.6.10 |
|
30.6.09 |
Change |
|
|
US$m |
|
US$m |
% |
US$m |
|
US$m |
% |
|
Astra |
|
|
|
|
|
|
|
|
|
Motor vehicles |
60.2 |
|
23.8 |
153 |
110.3 |
|
46.8 |
136 |
|
Motorcycles |
35.6 |
|
11.7 |
204 |
63.6 |
|
20.3 |
213 |
|
Other automotive |
15.3 |
|
8.0 |
91 |
29.6 |
|
13.7 |
116 |
|
Financial services |
37.0 |
|
21.0 |
76 |
71.4 |
|
38.8 |
84 |
|
Automotive and financial services |
148.1 |
|
64.5 |
130 |
274.9 |
|
119.6 |
130 |
|
|
|
|
|
|
|
|
|
|
|
Agribusiness |
15.9 |
|
20.4 |
-22 |
27.6 |
|
27.9 |
-1 |
|
Heavy equipment and mining |
32.7 |
|
30.2 |
8 |
61.7 |
|
51.3 |
20 |
|
Other |
6.3 |
|
3.9 |
62 |
11.6 |
|
6.8 |
71 |
|
Natural resources and other |
54.9 |
|
54.5 |
1 |
100.9 |
|
86.0 |
17 |
|
|
|
|
|
|
|
|
|
|
|
Corporate costs and other |
(15.2) |
|
1.1 |
nm |
(26.4) |
|
(4.8) |
450 |
|
|
187.8 |
|
120.1 |
56 |
349.4 |
|
200.8 |
74 |
|
Other motor interests |
|
|
|
|
|
|
|
|
|
Singapore |
5.5 |
|
8.7 |
-37 |
13.3 |
|
13.7 |
-3 |
|
Malaysia |
1.0 |
|
1.8 |
-44 |
2.2 |
|
2.5 |
-12 |
|
Indonesia (Tunas Ridean) |
3.6 |
|
1.6 |
125 |
7.7 |
|
2.9 |
166 |
|
Vietnam |
4.0 |
|
1.3 |
208 |
4.9 |
|
2.1 |
133 |
|
|
14.1 |
|
13.4 |
5 |
28.1 |
|
21.2 |
33 |
|
|
|
|
|
|
|
|
|
|
|
Corporate costs |
(3.4) |
|
(2.4) |
42 |
(6.2) |
|
(4.4) |
41 |
|
Withholding tax on dividends from Indonesia |
(17.9) |
|
(10.5) |
70 |
(17.9) |
|
(10.5) |
70 |
|
|
(21.3) |
|
(12.9) |
65 |
(24.1) |
|
(14.9) |
62 |
|
|
|
|
|
|
|
|
|
|
|
Underlying profit attributable to shareholders |
180.6 |
|
120.6 |
50 |
353.4 |
|
207.1 |
71 |
nm: not meaningful
5 Borrowings
|
|
|
Group |
||
|
|
|
At |
|
At |
|
|
|
30.6.10 |
|
31.12.09 |
|
|
|
US$m |
|
US$m |
|
Long-term borrowings: |
|
|
|
|
|
- secured |
|
1,101.1 |
|
920.1 |
|
- unsecured |
|
178.6 |
|
214.7 |
|
|
|
1,279.7 |
|
1,134.8 |
|
Current borrowings: |
|
|
|
|
|
- secured |
|
1,371.7 |
|
969.9 |
|
- unsecured |
|
485.0 |
|
273.0 |
|
|
|
1,856.7 |
|
1,242.9 |
|
|
|
|
|
|
|
Total borrowings |
|
3,136.4 |
|
2,377.7 |
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$1,737.8 million (31st December 2009: US$1,369.9 million).
6 Share capital
|
|
Company |
||
|
|
2010 |
|
2009 |
|
|
US$m |
|
US$m |
|
Three months ended 30th June |
|
|
|
|
Issued and fully paid: |
|
|
|
|
Balance at 1st April - 355,678,660 (2009: 355,678,660) ordinary shares |
632.3 |
|
632.3 |
|
Issue of nil ordinary shares under the CCL Executives' Share Option Scheme |
- |
|
- |
|
Balance at 30th June - 355,678,660 (2009: 355,678,660) ordinary shares |
632.3 |
|
632.3 |
|
|
|
|
|
|
Six months ended 30th June |
|
|
|
|
Issued and fully paid: |
|
|
|
|
Balance at 1st January - 355,678,660 (2009: 355,677,660) ordinary shares |
632.3 |
|
632.3 |
|
Issue of nil (2009: 1,000) ordinary shares under the CCL Executives' Share |
|
|
|
|
Option Scheme |
- |
|
- * |
|
Balance at 30th June - 355,678,660 (2009: 355,678,660) ordinary shares |
632.3 |
|
632.3 |
* less than 0.1 million
The Company did not hold any treasury shares as at 30th June 2010 (30th June 2009: Nil).
The number of shares that may be issued on conversion of all outstanding options granted pursuant to the CCL Executives' Share Option Scheme amounted to 34,000 as at 30th June 2010 (30th June 2009: 34,000).
There were no other rights, bonus or equity issues during the period between 1stApril 2010 and 30th June 2010.
7 Revenue reserve
|
|
Group |
|
Company |
||||
|
Three months ended 30th June |
2010 |
|
2009 |
|
2010 |
|
2009 |
|
|
US$m |
|
US$m |
|
US$m |
|
US$m |
|
|
|
|
|
|
|
|
|
|
Balance at 1st April as previously reported |
2,093.9 |
|
1,639.6 |
|
489.2 |
|
461.4 |
|
Change in accounting policy |
- |
|
24.0 |
|
- |
|
- |
|
Balance at 1st April as restated |
2,093.9 |
|
1,663.6 |
|
489. 2 |
|
461.4 |
|
Defined benefit pension plans |
|
|
|
|
|
|
|
|
- actuarial gain/(loss) |
0.3 |
|
(0.2) |
|
- |
|
- |
|
- deferred tax |
(0.1) |
|
0.1 |
|
- |
|
- |
|
Share of associates' and joint ventures' actuarial gain on defined benefit pension plans, net of tax |
- |
|
0.2 |
|
- |
|
- |
|
Profit attributable to shareholders |
180.7 |
|
120.7 |
|
179.1 |
|
103.7 |
|
Dividends paid by the Company |
(166.9) |
|
(128.7) |
|
(166.9) |
|
(128.7) |
|
Balance at 30th June |
2,107.9 |
|
1,655.7 |
|
501.4 |
|
436.4 |
|
|
Group |
|
Company |
||||
|
Six months ended 30th June |
2010 |
|
2009 |
|
2010 |
|
2009 |
|
|
US$m |
|
US$m |
|
US$m |
|
US$m |
|
|
|
|
|
|
|
|
|
|
Balance at 1st January as previously reported |
1,885.3 |
|
1,552.4 |
|
492.1 |
|
463.5 |
|
Change in accounting policy |
30.7 |
|
22.4 |
|
- |
|
- |
|
Balance at 1st January as restated |
1,916.0 |
|
1,574.8 |
|
492.1 |
|
463.5 |
|
Asset revaluation reserve realised on disposal of land and buildings |
- |
|
1.4 |
|
- |
|
- |
|
Defined benefit pension plans |
|
|
|
|
|
|
|
|
- actuarial gain/(loss) |
0.4 |
|
(2.6) |
|
- |
|
- |
|
- deferred tax |
(0.1) |
|
0.6 |
|
- |
|
- |
|
Share of associates' and joint ventures' actuarial loss on defined benefit pension plans, net of tax |
- |
|
(0.7) |
|
- |
|
- |
|
Profit attributable to shareholders |
358.5 |
|
210.9 |
|
176.2 |
|
101.6 |
|
Dividends paid by the Company |
(166.9) |
|
(128.7) |
|
(166.9) |
|
(128.7) |
|
Balance at 30th June |
2,107.9 |
|
1,655.7 |
|
501.4 |
|
436.4 |
8 Other reserves
|
|
Group |
|
Company |
||||
|
|
Three months ended 30 June 2010 |
|
Three Months ended 30th June 2009 |
|
Three months ended 30th June 2010 |
|
Three months ended 30th June 2009 |
|
|
US$m |
|
US$m |
|
US$m |
|
US$m |
|
Composition: |
|
|
|
|
|
|
|
|
Asset revaluation reserve |
317.8 |
|
318.3 |
|
- |
|
- |
|
Translation reserve |
116.7 |
|
(188.5) |
|
259.5 |
|
214.8 |
|
Fair value reserve |
21.1 |
|
7.0 |
|
0.9 |
|
0.3 |
|
Hedging reserve |
(3.7) |
|
(8.2) |
|
- |
|
- |
|
Share option reserve |
0.3 |
|
0.3 |
|
0.3 |
|
0.3
|
|
Other reserve |
3.3 |
|
3.3 |
|
- |
|
- |
|
Balance at 30th June |
455.5 |
|
132.2 |
|
260.7 |
|
215.4 |
|
|
|
|
|
||||
|
|
Group |
|
Company |
||||
|
Three months ended 30th June |
2010 |
|
2009 |
|
2010 |
|
2009 |
|
|
US$m |
|
US$m |
|
US$m |
|
US$m |
|
|
|
|
|
|
|
|
|
|
Movements: |
|
|
|
|
|
|
|
|
Asset revaluation reserve |
|
|
|
|
|
|
|
|
Balance at 1st April as previously reported |
317.8 |
|
395.9 |
|
- |
|
- |
|
Change in accounting policy |
- |
|
(77.6) |
|
- |
|
- |
|
Balance at 1st April as restated and at 30th June |
317.8 |
|
318.3 |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
Translation reserve |
|
|
|
|
|
|
|
|
Balance at 1st April as previously reported |
113.2 |
|
(441.0) |
|
261.6 |
|
154.3 |
|
Change in accounting policy |
- |
|
7.5 |
|
- |
|
- |
|
Balance at 1st April as restated |
113.2 |
|
(433.5) |
|
261.6 |
|
154.3 |
|
Translation difference |
3.5 |
|
245.0 |
|
(2.1) |
|
60.5 |
|
Balance at 30th June |
116.7 |
|
(188.5) |
|
259.5 |
|
214.8 |
|
|
|
|
|
|
|
|
|
|
Fair value reserve |
|
|
|
|
|
|
|
|
Balance at 1st April |
18.3 |
|
(1.3) |
|
0.9 |
|
0.3 |
|
Available-for-sale investments |
|
|
|
|
|
|
|
|
- fair value changes |
3.6 |
|
8.2 |
|
- |
|
- |
|
- deferred tax |
(0.1) |
|
(0.1) |
|
- |
|
- |
|
- transfer to profit and loss |
(0.5) |
|
(0.5) |
|
- |
|
- |
|
Share of associates' and joint ventures' fair value changes of available-for-sale investments, net of tax |
(0.2) |
|
0.7 |
|
- |
|
- |
|
Balance at 30th June |
21.1 |
|
7.0 |
|
0.9 |
|
0.3 |
|
|
|
|
|
|
|
|
|
|
|
Group |
|
Company |
||||
|
|
2010 |
|
2009 |
|
2010 |
|
2009 |
|
|
US$m |
|
US$m |
|
US$m |
|
US$m |
|
|
|
|
|
|
|
|
|
|
Hedging reserve |
|
|
|
|
|
|
|
|
Balance at 1st April |
(4.5) |
|
(0.1) |
|
- |
|
- |
|
Cash flow hedges |
|
|
|
|
|
|
|
|
- fair value changes |
1.3 |
|
(9.8) |
|
- |
|
- |
|
- deferred tax |
(0.3) |
|
2.5 |
|
- |
|
- |
|
Share of associates' and joint ventures' fair value changes of cash flow hedges, net of tax |
(0.2) |
|
(0.8) |
|
- |
|
- |
|
Balance at 30th June |
(3.7) |
|
(8.2) |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
Share option reserve
|
Balance at 1st April and 30th June |
0.3 |
|
0.3 |
|
0.3 |
|
0.3 |
|
|
|
|
|
|
|
|
|
|
Other reserve |
|
|
|
|
|
|
|
|
Balance at 1st April and 30th June |
3.3 |
|
3.3 |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
Group |
|
Company |
||||
|
Six months ended 30th June |
2010 |
|
2009 |
|
2010 |
|
2009 |
|
|
US$m |
|
US$m |
|
US$m |
|
US$m |
|
Movements: |
|
|
|
|
|
|
|
|
Asset revaluation reserve |
|
|
|
|
|
|
|
|
Balance at 1st January as previously reported |
406.7 |
|
397.7 |
|
- |
|
- |
|
Change in accounting policy |
(88.9) |
|
(78.0) |
|
- |
|
- |
|
Balance at 1st January as restated |
317.8 |
|
319.7 |
|
- |
|
- |
|
Reserve realised on disposal of land and buildings |
- |
|
(1.4) |
|
- |
|
- |
|
Balance at 30th June |
317.8 |
|
318.3 |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
Translation reserve |
|
|
|
|
|
|
|
|
Balance at 1st January as previously reported |
31.7 |
|
(323.0) |
|
259.6 |
|
224.9 |
|
Change in accounting policy |
(2.1) |
|
4.7 |
|
- |
|
- |
|
Balance at 1st January as restated |
29.6 |
|
(318.3) |
|
259.6 |
|
224.9 |
|
Translation difference |
87.1 |
|
129.8 |
|
(0.1) |
|
(10.1) |
|
Balance at 30th June |
116.7 |
|
(188.5) |
|
259.5 |
|
214.8 |
|
|
|
|
|
|
|
|
|
|
Fair value reserve |
|
|
|
|
|
|
|
|
Balance at 1st January |
16.4 |
|
(3.0) |
|
0.9 |
|
0.3 |
|
Available-for-sale investments |
|
|
|
|
|
|
|
|
- fair value changes |
7.6 |
|
9.1 |
|
- |
|
- |
|
- deferred tax |
(0.1) |
|
(0.2) |
|
- |
|
- |
|
- transfer to profit and loss |
(2.4) |
|
- |
|
- |
|
- |
|
Share of associates' and joint ventures' fair value changes of available-for-sale investments, net of tax |
(0.4) |
|
1.1 |
|
- |
|
- |
|
Balance at 30th June |
21.1 |
|
7.0 |
|
0.9 |
|
0.3 |
|
|
|
|
|
|
|
|
|
|
Hedging reserve |
|
|
|
|
|
|
|
|
Balance at 1st January |
(4.8) |
|
2.7 |
|
- |
|
- |
|
Cash flow hedges |
|
|
|
|
|
|
|
|
- fair value changes |
1.7 |
|
(12.7) |
|
- |
|
- |
|
- deferred tax |
(0.4) |
|
3.2 |
|
- |
|
- |
|
Share of associates' and joint ventures' fair value changes of cash flow hedges, net of tax |
(0.2) |
|
(1.4) |
|
- |
|
- |
|
Balance at 30th June |
(3.7) |
|
(8.2) |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
Share option reserve |
|
|
|
|
|
|
|
|
Balance at 1st January and 30th June |
0.3 |
|
0.3 |
|
0.3 |
|
0.3 |
|
|
|
|
|
|
|
|
|
|
Other reserve |
|
|
|
|
|
|
|
|
Balance at 1st January and 30th June |
3.3 |
|
3.3 |
|
- |
|
- |
9 Minority interests
|
|
Group |
||
|
Three months ended 30th June |
2010 |
|
2009 |
|
|
US$m |
|
US$m |
|
|
|
|
|
|
Balance at 1st April as previously reported |
3,743.1 |
|
2,538.1 |
|
Change in accounting policy |
- |
|
(40.5) |
|
Balance at 1st April as restated |
3,743.1 |
|
2,497.6 |
|
Available-for-sale investments |
|
|
|
|
- fair value changes |
4.9 |
|
10.5 |
|
- deferred tax |
- |
|
(0.1) |
|
- transfer to profit and loss |
(0.6) |
|
(0.6) |
|
Share of associates' and joint ventures' fair value changes of available-for-sale investments, net of tax |
(0.3) |
|
0.7 |
|
Cash flow hedges |
|
|
|
|
- fair value changes |
2.2 |
|
(12.2) |
|
- deferred tax |
(0.6) |
|
3.0 |
|
Share of associates' and joint ventures' fair value changes of cash flow hedges, net of tax |
(0.2) |
|
(0.6) |
|
Defined benefit pension plans |
|
|
|
|
- actuarial gain/(loss) |
0.5 |
|
(0.3) |
|
- deferred tax |
(0.1) |
|
0.1 |
|
Share of associates' and joint ventures' actuarial gain on defined benefit pension plans, net of tax |
- |
|
0.1 |
|
Translation difference |
10.7 |
|
310.8 |
|
Profit for the period |
256.3 |
|
184.1 |
|
Dividends paid |
(269.1) |
|
(150.8) |
|
Acquisition/disposal of subsidiaries |
(0.3) |
|
- |
|
Balance at 30th June |
3,746.5 |
|
2,842.3 |
|
|
Group |
||
|
Six months ended 30th June |
2010 |
|
2009 |
|
|
US$m |
|
US$m |
|
|
|
|
|
|
Balance at 1st January as previously reported |
3,460.1 |
|
2,559.8 |
|
Change in accounting policy |
(54.2) |
|
(45.2) |
|
Balance at 1st January as restated |
3,405.9 |
|
2,514.6 |
|
Available-for-sale investments |
|
|
|
|
- fair value changes |
9.3 |
|
11.4 |
|
- deferred tax |
(0.1) |
|
(0.1) |
|
- transfer to profit and loss |
(2.7) |
|
(0.1) |
|
Share of associates' and joint ventures' fair value changes of available-for-sale investments, net of tax |
(0.4) |
|
1.1 |
|
Cash flow hedges |
|
|
|
|
- fair value changes |
3.6 |
|
(16.6) |
|
- deferred tax |
(0.9) |
|
4.1 |
|
Share of associates' and joint ventures' fair value changes of cash flow hedges, net of tax |
(0.2) |
|
(1.2) |
|
Defined benefit pension plans |
|
|
|
|
- actuarial gain/(loss) |
0.7 |
|
(3.0) |
|
- deferred tax |
(0.2) |
|
0.7 |
|
Share of associates' and joint ventures' actuarial loss on defined benefit pension plans, net of tax |
- |
|
(0.8) |
|
Translation difference |
120.2 |
|
177.2 |
|
Profit for the period |
489.8 |
|
305.9 |
|
Dividends paid |
(269.7) |
|
(150.9) |
|
Acquisition/disposal of subsidiaries |
(8.8) |
|
- |
|
Balance at 30th June |
3,746.5 |
|
2,842.3 |
10 Cash flows from operating activities
|
|
Group | ||||||
|
|
Three months ended |
|
Six months ended | ||||
|
|
30.6.10 |
|
30.6.09 |
|
30.6.10 |
|
30.6.09 |
|
|
US$m |
|
US$m |
|
US$m |
|
US$m |
|
|
|
|
|
|
|
|
|
|
Profit before tax |
569.6 |
|
422.9 |
|
1,083.5 |
|
714.9 |
|
|
|
|
|
|
|
|
|
|
Adjustments for: |
|
|
|
|
|
|
|
|
Financing income |
(15.9) |
|
(14.1) |
|
(28.7) |
|
(27.1) |
|
Financing charges |
12.4 |
|
10.2 |
|
25.5 |
|
21.6 |
|
Share of associates' and joint ventures' results after tax |
(151.0) |
|
(55.4) |
|
(272.4) |
|
(97.0) |
|
Depreciation of property, plant and equipment |
112.3 |
|
78.4 |
|
218.3 |
|
145.1 |
|
Amortisation of intangible assets and leasehold land use rights |
11.9 |
|
8.8 |
|
23.4 |
|
18.0 |
|
(Profit)/loss on disposal of: |
|
|
|
|
|
|
|
|
- leasehold land use rights |
0.4 |
|
0.1 |
|
0.4 |
|
1.2 |
|
- property, plant and equipment |
(0.5) |
|
4.2 |
|
(1.2) |
|
(7.0) |
|
- intangible assets |
- |
|
0.1 |
|
- |
|
0.1 |
|
- investments |
(1.6) |
|
(1.1) |
|
(6.0) |
|
- |
|
- repossessed assets |
13.5 |
|
12.2 |
|
23.4 |
|
17.9 |
|
- subsidiaries |
0.3 |
|
- |
|
(17.5) |
|
- |
|
(Reversal of write-down) / write-down of stocks |
3.5 |
|
(1.4) |
|
4.3 |
|
(1.1) |
|
Impairment of debtors |
26.1 |
|
16.6 |
|
51.8 |
|
32.8 |
|
Changes in provisions |
2.9 |
|
4.0 |
|
7.3 |
|
6.7 |
|
Foreign exchange translation difference |
(2.9) |
|
(72.3) |
|
3.9 |
|
(64.4) |
|
|
11.4 |
|
(9.7) |
|
32.5 |
|
46.8 |
|
Operating profit before working capital changes |
581.0 |
|
413.2 |
|
1,116.0 |
|
761.7 |
|
|
|
|
|
|
|
|
|
|
Changes in working capital: |
|
|
|
|
|
|
|
|
Stocks (1) |
(188.7) |
|
4.6 |
|
(134.9) |
|
159.0 |
|
Financing debtors (2) |
(270.8) |
|
(72.8) |
|
(546.9) |
|
(55.0) |
|
Debtors (3) |
(127.8) |
|
(174.8) |
|
(380.5) |
|
(189.1) |
|
Creditors (4) |
239.5 |
|
125.1 |
|
454.6 |
|
64.1 |
|
Pensions |
6.1 |
|
2.8 |
|
9.0 |
|
3.6 |
|
|
(341.7) |
|
(115.1) |
|
(598.7) |
|
(17.4) |
|
Cash flows from operating activities |
239.3 |
|
298.1 |
|
517.3 |
|
744.3 |
(1) Increase due to stock holding to support higher sales activities
(2) Increase due to higher financing activities
(3) Increase due to higher sales activities and prepayments
(4) Decrease 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 30th June 2010 |
|
|
|
|
|
Jardine Matheson Limited - management consultancy services |
|
- |
|
1.0 |
|
|
|
|
|
|
|
Hongkong Land (Singapore) Pte Ltd |
|
|
|
|
|
- sale of a motor vehicle |
|
- |
|
0.2 |
|
|
|
|
|
|
|
|
|
- |
|
1.2 |
|
|
|
|
|
|
|
Six months ended 30th June 2010 |
|
|
|
|
|
Jardine Matheson Limited - management consultancy services |
|
- |
|
1.6 |
|
|
|
|
|
|
|
Jardine Matheson (Singapore) Ltd |
|
|
|
|
|
- sale of a motor vehicle |
|
- |
|
0.2 |
|
- purchase of a used motor vehicle |
|
- |
|
0.1 |
|
|
|
|
|
|
|
Hongkong Land (Singapore) Pte Ltd |
|
|
|
|
|
- sale of a motor vehicle |
|
- |
|
0.2 |
|
|
|
|
|
|
|
Jardine Lloyd Thompson Asia Pte Ltd |
|
|
|
|
|
- sale of a motor vehicle |
|
- |
|
0.2 |
|
|
|
|
|
|
|
Jardine Engineering (Singapore) Pte Ltd |
|
|
|
|
|
- maintenance of air-conditioning equipment |
|
- |
|
0.1 |
|
|
|
|
|
|
|
|
|
- |
|
2.4 |
12 Dividend and closure of books
The Board has declared an interim one-tier tax exempt dividend of US¢16 per share (2009: US¢11 per share).
NOTICE IS HEREBY GIVEN that the Transfer Books and the Register of Members will be closed from 5.00 pm on
Tuesday, 17th August 2010 to Wednesday, 18th August 2010 for the purpose of determining shareholders' entitlement to the interim dividend.
Duly completed transfers received by Jardine Cycle & Carriage Limited's Share Registrar, M&C Services Private Limited at 138 Robinson Road #17-00, The Corporate Office, Singapore 068906 up to 5.00 pm on Tuesday, 17th August 2010 ("Books Closure Date") will be registered before entitlements to the interim dividend are determined. Shareholders whose securities accounts with The Central Depository (Pte) Limited ("CDP") are credited with shares as at the Books Closure Date will be entitled to the interim dividend. The interim dividend will be paid on or about Monday, 27th September 2010. Shareholders will have the option to receive the dividend in Singapore dollars and in the absence of any election, the dividend will be paid in US dollars. Details on this elective will be furnished to shareholders in due course.
13 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 event or transaction has occurred between 1st July 2010 and the date of this report.
- end -
For further information, please contact:
Jardine Cycle & Carriage Limited
Ho Yeng Tat Tel: 65 64708108
The full text of the Financial Statements and Dividend Announcement for the six months ended 30th June 2010 can be accessed through the internet at 'www.jcclgroup.com'.
Corporate Profile
Jardine Cycle & Carriage ("JC&C") is a leading Singapore-listed company and a member of the Jardine Matheson group. It has an interest of just over 50% in Astra, a major listed Indonesian conglomerate, and other motor interests in Southeast Asia. Together with its subsidiaries and associates, JC&C employs some 137,000 people across Indonesia, Malaysia, Singapore and Vietnam.
Astra is the largest independent automotive group in Southeast Asia, with additional interests in financial services, agribusiness, heavy equipment and mining, 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 Auto Corporation in Vietnam. The JC&C Group represents some of the world's leading motoring marques including Mercedes-Benz, Honda and Toyota.
Related Shares:
JDS.L