JC&C Q1 Results

To: Business Editor 25th April 2012

For immediate release

Jardine Cycle & Carriage Limited

First Quarter 2012 Financial Statements and Dividend Announcement

The following announcement was issued today by the Company's 71%-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

25th April 2012

JARDINE CYCLE & CARRIAGE LIMITED

FIRST QUARTER 2012 FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT

Highlights

·; Earnings per share up 6%

·; Growth in most of Astra's major business segments

·; Challenging conditions in Singapore and Vietnam

"The outlook generally remains encouraging, although the trading environment for Astra could become more challenging, particularly due to changes in financial regulations impacting the automotive industry, while the Group's Singapore and Vietnam businesses continue to face a difficult trading environment."

Ben Keswick, Chairman

25th April 2012

The exchange rate of US$1=S$1.26 (31st December 2011: US$1=S$1.30) was used for translating assets and liabilities at the balance sheet date and US$1=S$1.25 (31st March 2011: US$1=S$1.27) was used for translating the results for the period.

The financial results for the three months ended 31st March 2012 have been prepared in accordance with the International Financial Reporting Standards. These results have not been audited or reviewed by the auditors.

CHAIRMAN'S STATEMENT

Overview

The Group performed well in the first quarter with profit growth in most of Astra's major business segments.

Performance

The Group's revenue increased by 19% to US$5.5 billion in the first quarter of 2012. Profit attributable to shareholders grew by 6% to US$266 million and earnings per share also rose 6% to US¢74.67.

Astra's contribution was up 5% to US$253 million with growth in most of its major businesses. The Group's other motor interests contributed a profit of US$16 million, 41% up on the previous year.

The Group had consolidated net debt of US$97 million at the end of March 2012, excluding borrowings within Astra's financial services subsidiaries, compared to the net debt of US$108 million at the end of 2011. The net debt within Astra's financial services subsidiaries was US$3.5 billion at the end of March, up from US$3.4 billion at the end of 2011, reflecting an increase in the volume financed. The parent company had net cash of US$24 million.

The Board has not declared a dividend for the first quarter ended 31st March 2012 (31st March 2011: Nil)

Group Review

Astra

Trading conditions in Indonesia remained favourable, enabling Astra to report a net profit equivalent to US$511 million under Indonesian accounting standards, 8% above the previous year in its reporting currency.

Automotive

The wholesale market for motor vehicles grew by 11% to 251,000 units. Astra's motor vehicle sales rose by 16% to 146,000 units, representing a market share of 58% compared to 56% in the first quarter of last year. Astra launched three new models and ten revamped models in the first quarter of 2012.

The wholesale market for motorcycles declined by 3% to 1.9 million units. Astra Honda Motor's sales improved by 7% to 1.1 million units, with its market share increasing from 50% to 55%. During the first quarter, Astra Honda Motor launched one new model and five revamped models.

In March, Bank Indonesia and the Ministry of Finance, both announced new minimum down-payment regulations governing loans in the automotive sector. These new regulations, which become effective in June, may have an adverse impact on automotive sales in the second half of the year.

Astra Otoparts, the 96%-owned component manufacturing business, reported a net income of US$29 million, an increase of 2% compared to the first quarter last year. The results benefited from revenue which was 17% higher, although this was largely offset by increased material and labour costs.

Financial Services

The aggregated amount financed through Astra's automotive-focused consumer finance operations, Federal International Finance, Astra Credit Companies and Toyota Astra Financial Services, grew by 6% to US$1.4 billion, including balances financed through joint bank financing without recourse. The aggregated amount financed through Astra's heavy equipment-focused finance operations, Surya Artha Nusantara Finance and Komatsu Astra Finance, grew by 42% to US$241 million. The heavy equipment-focused finance operations do not utilise joint bank financing facilities.

The group's insurance company, Asuransi Astra Buana, reported slightly lower earnings, due to lower retail underwriting income.

Astra's 45%-held joint venture, Bank Permata, reported net income of US$36 million, an increase of 3%, driven by growth in net interest income and fee-based income partly offset by higher operating costs.

Heavy Equipment and Mining

United Tractors, which is 60%-owned, reported net income of US$168 million, an 18% increase compared to the corresponding period in 2011. Sales of Komatsu heavy equipment were 2,200 units, the same as the corresponding period last year. Unit sales were negatively impacted by high rainfall and increased competition, although total sales value increased by 11% due to the sales mix.

The contract coal mining operations of subsidiary, Pamapersada Nusantara, achieved an increase in contract coal production of 9% to 21 million tonnes and an increase in contract overburden removal of 17% to 196 million bcm with the benefit of additional mining capacity. United Tractors sold 1.5 million tonnes of coal produced from its own mines in the first quarter, compared to 1.0 million tonnes in the first quarter of 2011.

Agribusiness

Astra Agro Lestari, which is 80%-held, reported net income for the first quarter of US$42 million, 42% down on the previous year. While palm oil production rose by 5% to 289,000 tonnes, average crude palm oil prices achieved were 7% lower and net income was negatively impacted by higher costs of production and operating expenses.

Infrastructure and Logistics

The contribution to Astra's net income from its infrastructure and logistics operations fell by 30% to US$17 million as the first quarter of 2011 had benefited from the reversal of a tax provision.  

The 72.5 km Tangerang - Merak toll road, operated by 79%-owned Marga Mandalasakti, reported a 14% increase in traffic volume to 9 million vehicles.

PAM Lyonnaise Jaya, which operates the western Jakarta water utility system, increased its sales volume in the first quarter of 2012 by 5% to 39 million cubic metres.

Serasi Autoraya reported a 26% increase in vehicles under contract at its TRAC car rental business.

Information Technology

77%-owned Astra Graphia, which is active in the area of information technology solutions and is the sole distributor of Fuji Xerox equipment in Indonesia, reported a 53% increase in net income to US$4 million.

Other motor interests

Underlying profit from the Group's other motor interests grew by 41% to US$16 million. The Singapore motor operations performed well with good growth in sales of Mercedes-Benz passenger cars and used cars. Trading conditions for the remainder of the year, however, are expected to be challenging due to a low government quota on new vehicles and higher costs for certificates of entitlement.

In Malaysia, Cycle & Carriage Bintang reported an increase in profit, supported by the inclusion of Lowe Motors which was acquired in May 2011. In Indonesia, Tunas Ridean's contribution improved with higher earnings across its automotive, vehicle rental and finance businesses. In Vietnam, while Truong Hai Auto Corporation experienced difficult trading conditions, its contribution rose in comparison with the results from the first quarter of 2011 which were affected by a sharp currency devaluation.

Outlook

The outlook generally remains encouraging, although the trading environment for Astra could become more challenging, particularly due to changes in financial regulations impacting the automotive industry, while the Group's Singapore and Vietnam businesses continue to face a difficult trading environment.

Ben Keswick

Chairman

25th April 2012

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 three months ended 31st March 2012 to be false or misleading in any material respect.

On behalf of the Directors

Ben Keswick

Director

Hassan Abas

Director

25th April 2012

1 Basis of preparation

The financial statements are consistent with those set out in the 2011 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 2011 audited accounts except for the adoption of the Amendments to IFRS 7 - Financial Instruments: Disclosures on Derecognition. The adoption of these amendments did not have any 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 are US$1=S$1.2556 (2011: US$1=S$1.2996), US$1=RM3.0663 (2011: US$1=RM3.1744), US$1=IDR9,180 (2011: US$1=IDR9,068) and US$1=VND20,830 (2011: US$1=VND21,033).

The exchange rates used for translating the results for the period are US$1=S$1.2520 (2011: US$1 =S$1.2738), US$1=RM3.0358 (2011: US$1=RM3.0469), US$1=IDR9,088 (2011: US$1=IDR8,863) and US$1=VND20,887 (2011: US$1=VND20,425).

2 Net operating costs and operating profit

 (1) Increase due mainly to higher 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

* less than 0.1 million

The profit attributable to shareholders by business is shown below:

5 Borrowings

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$2,577.9 million (31st December 2011: US$2,582.7 million).

6 Share capital

* less than 0.1 million

The Company did not hold any treasury shares as at 31st March 2012 (31st March 2011: Nil).

No share options granted pursuant to the CCL Executives' Share Option Scheme were outstanding as at 31st March 2012 (31st March 2011: 23,000).

There were no other rights, bonus or equity issues during the period between 1st January 2012 and 31st March 2012.

7 Revenue reserve