28th Apr 2011 10:58
To: Business Editor 28th April 2011
For immediate release
Jardine Cycle & Carriage Limited
First Quarter 2011 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
28th April 2011
JARDINE CYCLE & CARRIAGE LIMITED
FIRST QUARTER 2011 FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT
Highlights
·; Underlying earnings per share up 45% to US¢70.42
·; Strong results from all of Astra's major businesses
·; United Tractors to raise some US$700 million through a rights issue
"The Group performed well in the first quarter and the market outlook remains positive. While there are concerns currently over supply disruptions to Astra's automotive and heavy equipment businesses due to the after effects of the earthquake in Japan, conditions are expected to normalise later in the year."
Anthony Nightingale, Chairman
28th April 2011
Group Results | ||||||
Three months ended 31st March | ||||||
2011 US$m | 2010 US$m | Change % | 2011 S$m | |||
Revenue | 4,664 | 3,569 | 31 | 5,941 | ||
Profit after tax | 582 | 411 | 42 | 742 | ||
Underlying profit attributable to shareholders* | 251 | 173 | 45 | 319 | ||
Profit attributable to shareholders | 251 | 178 | 41 | 319 | ||
US¢ | US¢ | S¢ | ||||
Underlying earnings* per share | 70.42 | 48.58 | 45 | 89.71 | ||
Earnings per share | 70.42 | 49.99 | 41 | 89.71 | ||
At 31.3.2011 | At 31.12.2010 | At 31.3.2011 | ||||
US$m | US$m | S$m | ||||
Shareholders' funds | 4,101 | 3,743 | 10 | 5,172 | ||
US$ | US$ | S$ | ||||
Net asset value per share | 11.53 | 10.52 | 10 | 14.54 | ||
The exchange rate of US$1=S$1.26 (31st December 2010: US$1=S$1.29) was used for translating assets and liabilities at the balance sheet date and US$1=S$1.27 (31st March 2010: US$1=S$1.40) was used for translating the results for the period.
The financial results for the three months ended 31st March 2011 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 produced a strong set of first quarter results as Astra achieved improved performances in all of its major businesses.
Performance
The Group's revenue increased by 31% to US$4.7 billion in the first quarter of 2011. Underlying profit grew by 45% to US$251 million and underlying earnings per share also increased by 45% to US¢70.42
Astra's contribution rose 50% to US$243 million with growth in almost all its business segments. The Group's other motor interests saw a 21% decline in their contribution to US$11 million.
The Group continued to benefit from strong operating cash flows and ended the period with consolidated net cash of US$3 million, excluding borrowings within Astra's financial services companies, compared to net debt of US$353 million at the end of 2010. The net debt within Astra's financial services companies was US$2.7 billion, US$339 million up on the previous year end due to an increase in financing activities. The parent company net debt was US$4 million.
The Board has not declared a dividend for the quarter ended 31st March 2011 (31st March 2010: Nil)
Group Review
Astra
Astra reported a net profit of US$485 million under Indonesian accounting standards for the first quarter of 2011, 43% up on the previous year. The group's operations benefited from favourable economic conditions in Indonesia, including a strengthening rupiah, moderate inflation, rising commodity prices and the availability of consumer finance at affordable interest rates.
Automotive
Astra's automotive businesses generally continued to perform strongly.
The wholesale market for motor vehicles grew by 30% to 225,000 units. Astra's motor vehicle sales grew by 27% to 125,000 units, representing a market share of 56% compared with 57% in the first quarter of 2010. The wholesale market for motorcycles grew by 20% to 2 million units. Astra Honda Motor gained market share, up from 45% to 50%, with sales improving by 32% to nearly 1 million units.
Astra Otoparts, the group's 96%-held component manufacturing business, reported a 7% decline in its net income to US$29 million on higher operating expenditure.
Financial Services
An improved contribution from Astra's consumer finance operations reflected loan book growth, stable net interest margins and sufficient liquidity in the banking sector. Group insurance company, Asuransi Astra Buana, generated only a modest increase in earnings from retail and commercial premiums. Astra's 45%-held joint venture, Bank Permata, reported a 20% increase in net income for the quarter due to growth in its loan book.
Agribusiness
Astra Agro Lestari, which is 80%-held, reported an increase of 140% in net income to US$74 million for the period due to an average increase of 26% in crude palm oil prices achieved and a 26% increase in palm oil production to 275,000 tonnes.
Heavy Equipment and Mining
United Tractors, which is 60%-owned, reported net income of US$147 million, 43% higher than the same period of 2010. Strong results were seen in its Komatsu heavy equipment business, which sold 2,200 units during the quarter, an increase of 81%. The contract coal mining operations of subsidiary, Pamapersada Nusantara recorded an increase in contract coal production of 1% to 19 million tonnes and an increase in contract overburden removal of 8% to 167 million bcm, although it continued to be affected by unfavourable weather and a weak US dollar.
United Tractors announced plans for a rights issue to raise some US$700 million to fund its coal mining and coal contractor businesses as well as coal-related infrastructure opportunities.
Infrastructure and Logistics
PAM Lyonnaise Jaya, which operates the western Jakarta water utility system, increased its sales volume in the first quarter of 2011 by 2%. The toll road operated by Marga Mandalasakti, reported a 10% increase in traffic volume to 8 million vehicles on higher average tariffs, while Serasi Autoraya, the vehicle rental business, had improved profit, supported by higher contracted vehicles.
Information Technology
Astra Graphia, 77%-owned, which is active in the area of information technology solutions and is the sole distributor of Fuji Xerox equipment in Indonesia, reported net income of US$2 million, up 23%.
Other Motor Interests
Underlying profit from the Group's other motor interests was lower with declines in most businesses. The contribution from the Singapore motor operations fell due to a sharp reduction in government quota for new vehicle sales. In Indonesia, Tunas Ridean's contribution was lower as a higher profit from its automotive activities was offset by lower earnings in its finance and vehicle rental businesses. Truong Hai Auto Corporation in Vietnam produced a slightly reduced profit, while in Malaysia, Cycle & Carriage Bintang saw some improvement on higher sales.
Outlook
The Group performed well in the first quarter and the market outlook remains positive. While there are concerns currently over supply disruptions to Astra's automotive and heavy equipment businesses due to the after effects of the earthquake in Japan, conditions are expected to normalise later in the year.
Anthony Nightingale
Chairman
28th April 2011
Statement pursuant to Rule 705(5) of the Listing Manual
The directors confirm that, to the best of their knowledge, nothing has come to the attention of the Board of Directors which may render the accompanying unaudited interim financial results for the three months ended 31st March 2011 to be false or misleading in any material respect.
On behalf of the Directors
Anthony Nightingale
Director
Hassan Abas
Director
28th April 2011
Jardine Cycle & Carriage Limited Consolidated Profit and Loss Account for the three months ended 31st March 2011 |
2011 | 2010 | Change | ||||
Note | US$m | US$m | % | |||
Revenue | 4,664.2 | 3,568.9 | 31 | |||
Net operating costs | 2 | (4,113.4) | (3,176.1) | 30 | ||
Operating profit | 2 | 550.8 | 392.8 | 40 | ||
Financing income | 13.0 | 12.8 | 2 | |||
Financing charges | (14.5) | (13.1) | 11 | |||
Net financing income | (1.5) | (0.3) | 400 | |||
Share of associates' and joint ventures' results after tax |
167.8 |
121.4 |
38 | |||
Profit before tax | 717.1 | 513.9 | 40 | |||
Tax | 3 | (135.0) | (102.6) | 32 | ||
Profit after tax | 582.1 | 411.3 | 42 | |||
Profit attributable to: | ||||||
Shareholders of the Company | 250.5 | 177.8 | 41 | |||
Minority interests | 331.6 | 233.5 | 42 | |||
582.1 | 411.3 | 42 | ||||
US¢ | US¢ | |||||
Earnings per share | 4 | 70.42 | 49.99 | 41 | ||
Jardine Cycle & Carriage Limited Consolidated Statement of Comprehensive Income for the three months ended 31st March 2011 |
2011 | 2010 | ||
US$m | US$m | ||
Profit for the period | 582.1 | 411.3 | |
Translation differences | |||
- gains arising during the period | 253.9 | 193.1 | |
Available-for-sale investments | |||
- gains/(losses) arising during the period | (4.4) | 8.4 | |
- transfer to profit and loss | (5.5) | (4.0) | |
Cash flow hedges | |||
- gains/(losses) arising during the period | (0.6) | 1.8 | |
Defined benefit pension plans | |||
- actuarial gains arising during the period | - | 0.3 | |
Share of other comprehensive income of associates and joint ventures, net of tax |
(0.7) |
(0.3) | |
Tax relating to components of other comprehensive income | 0.5 | (0.6) | |
Other comprehensive income for the period | 243.2 | 198.7 | |
Total comprehensive income for the period | 825.3 | 610.0 | |
Attributable to: | |||
Shareholders of the Company | 356.9 | 263.7 | |
Minority interests | 468.4 | 346.3 | |
825.3 | 610.0 | ||
Jardine Cycle & Carriage Limited Consolidated Balance Sheet at 31st March 2011 |
Note | At | At | |||
31.3.11 | 31.12.10 | ||||
US$m | US$m | ||||
Non-current assets | |||||
Intangible assets | 725.6 | 693.6 | |||
Leasehold land use rights | 471.4 | 448.0 | |||
Property, plant and equipment | 2,725.7 | 2,521.1 | |||
Investment properties | 25.8 | 25.0 | |||
Plantations | 1,004.0 | 953.8 | |||
Interests in associates and joint ventures | 2,433.8 | 2,211.8 | |||
Non-current investments | 411.2 | 410.3 | |||
Non-current debtors | 1,798.5 | 1,708.9 | |||
Deferred tax assets | 92.5 | 80.2 | |||
9,688.5 | 9,052.7 | ||||
Current assets | |||||
Current investments | 6.9 | 5.7 | |||
Stocks | 1,243.3 | 1,310.4 | |||
Current debtors | 3,941.6 | 3,199.8 | |||
Current tax assets | 140.6 | 128.5 | |||
Bank balances and other liquid funds | |||||
- non-financial services companies | 1,026.0 | 662.1 | |||
- financial services companies | 177.6 | 175.9 | |||
1,203.6 | 838.0 | ||||
6,536.0 | 5,482.4 | ||||
Total assets | 16,224.5 | 14,535.1 | |||
Non-current liabilities | |||||
Non-current creditors | 196.0 | 83.7 | |||
Provisions | 65.2 | 61.0 | |||
Long-term borrowings | 5 | ||||
- non-financial services companies | 454.0 | 421.9 | |||
- financial services companies | 1,362.9 | 1,128.0 | |||
1,816.9 | 1,549.9 | ||||
Deferred tax liabilities | 330.2 | 330.0 | |||
Pension liabilities | 116.2 | 106.9 | |||
2,524.5 | 2,131.5 | ||||
Current liabilities | |||||
Current creditors | 2,560.8 | 2,222.5 | |||
Provisions | 35.2 | 34.2 | |||
Current borrowings | 5 | ||||
- non-financial services companies | 573.1 | 595.2 | |||
- financial services companies | 1,509.0 | 1,402.7 | |||
2,082.1 | 1,997.9 | ||||
Current tax liabilities | 136.5 | 91.7 | |||
4,814.6 | 4,346.3 | ||||
Total liabilities | 7,339.1 | 6,477.8 | |||
Net assets | 8,885.4 | 8,057.3 | |||
Equity | |||||
Share capital | 6 | 632.3 | 632.3 | ||
Revenue reserve | 7 | 2,855.4 | 2,604.0 | ||
Other reserves | 8 | 613.2 | 506.8 | ||
Shareholders' funds | 4,100.9 | 3,743.1 | |||
Minority interests | 9 | 4,784.5 | 4,314.2 | ||
Total equity | 8,885.4 | 8,057.3 |
Jardine Cycle & Carriage Limited Consolidated Statement of Changes in Equity for the three months ended 31st March 2011 |
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$m | ||||||||
2011 | |||||||||||||||
Balance at 1st January | 632.3 | 2,604.0 | 317.8 | 157.6 | 31.4 | 3,743.1 | 4,314.2 | 8,057.3 | |||||||
Total comprehensive income | - | 250.5 | - | 110.4 | (4.0) | 356.9 | 468.4 | 825.3 | |||||||
Issue of shares to minority shareholders | - | - | - | - | - | - | 2.0 | 2.0 | |||||||
Dividends paid to minority shareholders | - | - | - | - | - | - | (1.0) | (1.0) | |||||||
Change in shareholding | - | 0.9 | - | - | - | 0.9 | 0.9 | 1.8 | |||||||
Balance at 31st March | 632.3 | 2,855.4 | 317.8 | 268.0 | 27.4 | 4,100.9 | 4,784.5 | 8,885.4 | |||||||
2010 | |||||||||||||||
Balance at 1st January | 632.3 | 1,916.0 | 317.8 | 29.6 | 15.2 | 2,910.9 | 3,405.9 | 6,316.8 | |||||||
Total comprehensive income | - | 177.9 | - | 83.6 | 2.2 | 263.7 | 346.3 | 610.0 | |||||||
Issue of shares to minority shareholders | - | - | - | - | - | - | 0.2 | 0.2 | |||||||
Dividends paid to minority shareholders | - | - | - | - | - | - | (0.6) | (0.6) | |||||||
Disposal of subsidiaries | - | - | - | - | - | - | (8.7) | (8.7) | |||||||
Balance at 31st March | 632.3 | 2,093.9 | 317.8 | 113.2 | 17.4 | 3,174.6 | 3,743.1 | 6,917.7 | |||||||
Jardine Cycle & Carriage Limited Company Balance Sheet at 31st March 2011 |
At | At | |||
31.3.11 | 31.12.10 | |||
Note | US$m | US$m | ||
Non-current assets | ||||
Property, plant and equipment | 30.0 | 29.3 | ||
Interests in subsidiaries | 1,402.7 | 1,373.2 | ||
Interests in associates | 183.3 | 173.7 | ||
Non-current investment | 8.2 | 8.0 | ||
1,624.2 | 1,584.2 | |||
Current assets | ||||
Current debtors | 1.1 | 0.7 | ||
Bank balances and other liquid funds | 35.2 | 6.9 | ||
36.3 | 7.6 | |||
Total assets | 1,660.5 | 1,591.8 | ||
Non-current liabilities | ||||
Deferred tax liabilities | 0.4 | 0.4 | ||
0.4 | 0.4 | |||
Current liabilities | ||||
Current creditors | 29.9 | 31.2 | ||
Current borrowings | 39.4 | - | ||
Current tax liabilities | 1.0 | 0.8 | ||
70.3 | 32.0 | |||
Total liabilities | 70.7 | 32.4 | ||
Net assets | 1,589.8 | 1,559.4 | ||
Equity | ||||
Share capital | 6 | 632.3 | 632.3 | |
Revenue reserve | 7 | 537.2 | 540.3 | |
Other reserves | 8 | 420.3 | 386.8 | |
Total equity | 1,589.8 | 1,559.4 | ||
Net asset value per share | US$4.47 | US$4.38 |
Jardine Cycle & Carriage Limited Company Statement of Comprehensive Income for the three months ended 31st March 2011 |
2011 | 2010 | ||
US$m | US$m | ||
Loss after tax | (3.1) | (2.9) | |
Translation gains arising during the period | 33.5 | 2.0 | |
Other comprehensive income for the period | 33.5 | 2.0 | |
Total comprehensive income for the period | 30.4 | (0.9) | |
Jardine Cycle & Carriage Limited Company Statement of Changes in Equity for the three months ended 31st March 2011 |
Share capital |
Revenue reserve |
Translation reserve | Fair value and other reserves |
Total equity | |||||
US$m | US$m | US$m | US$m | US$m | |||||
2011 | |||||||||
Balance at 1st January | 632.3 | 540.3 | 385.9 | 0.9 | 1,559.4 | ||||
Total comprehensive income | - | (3.1) | 33.5 | - | 30.4 | ||||
Balance at 31st March | 632.3 | 537.2 | 419.4 | 0.9 | 1,589.8 | ||||
2010 | |||||||||
Balance at 1st January | 632.3 | 492.1 | 259.6 | 1.2 | 1,385.2 | ||||
Total comprehensive income | - | (2.9) | 2.0 | - | (0.9) | ||||
Balance at 31st March | 632.3 | 489.2 | 261.6 | 1.2 | 1,384.3 | ||||
Jardine Cycle & Carriage Limited Consolidated Statement of Cash Flows for the three months ended 31st March 2011 |
2011 | 2010 | ||||
Note | US$m | US$m | |||
Cash flows from operating activities | |||||
Cash generated from operations | 10 | 380.3 | 278.0 | ||
Interest paid | (13.4) | (10.2) | |||
Interest received | 11.5 | 11.2 | |||
Other finance costs paid | (1.1) | (1.9) | |||
Income tax paid | (120.9) | (97.7) | |||
(123.9) | (98.6) | ||||
Net cash flows from operating activities | 256.4 | 179.4 | |||
Cash flows from investing activities | |||||
Sale of property, plant and equipment | 3.5 | 2.0 | |||
Sale of subsidiaries, net of cash disposed | - | 3.6 | |||
Liquidation of associate | 1.1 | - | |||
Sale of investments | 21.4 | 10.4 | |||
Purchase of intangible assets | (13.5) | (9.0) | |||
Purchase of leasehold land use rights | (26.1) | (1.0) | |||
Purchase of property, plant and equipment | (100.8) | (88.4) | |||
Additions to plantations | (17.6) | (20.5) | |||
Purchase of subsidiaries, net of cash acquired | - | (0.5) | |||
Purchase of shares in associates and joint ventures | (10.5) | (12.5) | |||
Purchase of investments | (16.4) | (27.0) | |||
Capital repayment of investments | 0.2 | 0.5 | |||
Dividends received from associates and joint ventures (net) | 16.3 | 14.7 | |||
Net cash flows used in investing activities | (142.4) | (127.7) | |||
Cash flows from financing activities | |||||
Drawdown of loans | 1,219.1 | 633.0 | |||
Repayment of loans | (992.7) | (508.0) | |||
Change in controlling interests in subsidiaries | 1.8 | - | |||
Investments by minority shareholders | 2.0 | 0.2 | |||
Dividends paid to minority interests | (1.0) | (0.6) | |||
Net cash flows from financing activities | 229.2 | 124.6 | |||
Net change in cash and cash equivalents | 343.2 | 176.3 | |||
Cash and cash equivalents at the beginning of the period | 847.8 | 962.1 | |||
Effect of exchange rate changes | 24.3 | 19.7 | |||
Cash and cash equivalents at the end of the period | 1,215.3 | 1,158.1 |
Jardine Cycle & Carriage Limited Notes to the financial statements for the three months ended 31st March 2011 |
1 Basis of preparation
The financial statements are consistent with those set out in the 2010 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 2010 audited accounts except for the adoption of the new standard, amendments and interpretations shown below:
IAS 24 | Related Party Disclosures |
IFRIC 19 | Extinguishing Financial Liabilities with Equity Instruments |
Amendment to IFRS 3 | Business Combinations |
Amendment to IFRS 7 | Financial Instruments: Disclosures |
Amendment to IAS 1 | Presentation of Financial Statements |
Amendment to IAS 32 | Classification of Rights Issues |
Amendment to IAS 34 | Interim Financial Reporting |
Amendment to IFRIC 13 | Customer Loyalty Programmes |
Amendment to IFRIC 14 | Prepayments of a Minimum Funding Requirement |
The adoption of these new standard, amendments and 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.
The exchange rates used for translating assets and liabilities at the balance sheet date are US$1=S$1.2612 (2010: US$1=S$1.2883), US$1=RM3.0262 (2010: US$1=RM3.0705), US$1=IDR8,709 (2010: US$1=IDR8,991) and US$1=VND20,905 (2010: US$1=VND19,499).
The exchange rates used for translating the results for the period are US$1=S$1.2738 (2010: US$1 =S$1.4050), US$1=RM3.0469 (2010: US$1=RM3.3653), US$1=IDR8,863 (2010: US$1=IDR9,272) and US$1=VND20,425 (2010: US$1=VND18,871).
2 Net operating costs and operating profit
Group |
| ||||
Three months ended 31st March | 2011 | 2010 | Change | ||
US$m | US$m | % | |||
Cost of sales | (3,759.4) | (2,892.7) | 30 | ||
Other operating income | 57.1 | 57.1 | - | ||
Selling and distribution expenses | (189.1) | (166.0) | 14 | ||
Administrative expenses | (214.3) | (155.2) | 38 | ||
Other operating expenses | (7.7) | (19.3) | -60 | ||
Net operating costs | (4,113.4) | (3,176.1) | 30 | ||
Operating profit is determined after including: | |||||
Depreciation of property, plant and equipment | (137.2) | (106.0) | 29 | ||
Amortisation of leasehold land use rights and intangible assets | (14.1) | (11.5) | 23 | ||
Profit/(loss) on disposal of: | |||||
- property, plant and equipment | 1.8 | 0.7 | 157 | ||
- subsidiaries | - | 17.8 | -100 | ||
- repossessed assets | (14.7) | (9.9) | 48 | ||
- investments | 5.4 | 4.4 | 23 | ||
Impairment of debtors | (17.4) | (25.7) | -32 | ||
Dividend and interest income from investments | 4.4 | 3.5 | 26 | ||
3 Tax
The provision for income tax is based on the statutory tax rates of the respective countries in which the companies operate after taking into account non-deductible expenses and group tax relief.
4 Earnings per share
Group |
Three months ended 31st March | 2011 | 2010 | |
US$m | US$m | ||
Basic earnings per share | |||
Profit attributable to shareholders | 250.5 | 177.8 | |
Weighted average number of ordinary shares in issue (millions) | 355.7 | 355.7 | |
Basic earnings per share | US¢70.42 | US¢49.99 | |
Diluted earnings per share | |||
Profit attributable to shareholders | 250.5 | 177.8 | |
Weighted average number of ordinary shares in issue (millions) | 355.7 | 355.7 | |
Adjustment for assumed conversion of share options (millions) | -* | -* | |
Weighted average number of ordinary shares for diluted earnings per share (millions) |
355.7 |
355.7 | |
Diluted earnings per share | US¢70.42 | US¢49.99 | |
Underlying earnings per share | |||
Underlying profit attributable to shareholders | 250.5 | 172.8 | |
Basic underlying earnings per share | US¢70.42 | US¢48.58 | |
Diluted underlying earnings per share | US¢70.42 | US¢48.58 |
* less than 0.1 million
A reconciliation of the profit attributable to shareholders and underlying profit attributable to shareholders is as follows:
Three months ended 31st March | 2011 | 2010 | ||
US$m | US$m | |||
Profit attributable to shareholders | 250.5 | 177.8 | ||
Less: | ||||
Non-trading item (net of tax and minority interests) | ||||
Profit on disposal of subsidiaries | - | 5.0 | ||
Underlying profit attributable to shareholders | 250.5 | 172.8 | ||
The underlying profit attributable to shareholders by business is shown below:
Three months ended 31st March | 2011 | 2010 | Change | |
US$m | US$m | % | ||
Astra | ||||
Automotive | 110.1 | 81.2 | 36 | |
Financial services | 45.1 | 34.4 | 31 | |
Agribusiness | 29.5 | 11.7 | 152 | |
Heavy equipment and mining | 44.4 | 29.0 | 53 | |
Infrastructure and logistics | 12.5 | 4.6 | 172 | |
Information technology | 0.9 | 0.7 | 29 | |
242.5 | 161.6 | 50 | ||
Other motor interests | ||||
Singapore | 5.4 | 7.8 | -31 | |
Malaysia | 1.5 | 1.2 | 25 | |
Indonesia (Tunas Ridean) | 3.4 | 4.1 | -17 | |
Vietnam | 0.8 | 0.9 | -11 | |
11.1 | 14.0 | -21 | ||
Corporate costs | (3.1) | (2.8) | 11 | |
Underlying profit attributable to shareholders | 250.5 | 172.8 | 45 | |
5 Borrowings
Group |
| ||||
At | At | ||||
31.3.11 | 31.12.10 | ||||
US$m | US$m | ||||
Long-term borrowings: | |||||
- secured | 1,479.2 | 1,299.0 | |||
- unsecured | 337.7 | 250.9 | |||
1,816.9 | 1,549.9 | ||||
Current borrowings: | |||||
- secured | 1,609.6 | 1,554.7 | |||
- unsecured | 472.5 | 443.2 | |||
2,082.1 | 1,997.9 | ||||
Total borrowings | 3,899.0 | 3,547.8 | |||
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$2,087.4 million (31st December 2010: US$2,016.1 million).
6 Share capital
Company | |||
2011 | 2010 | ||
US$m | US$m | ||
Issued and fully paid: | |||
Balance at 1st January - 355,679,660 (2010: 355,678,660) ordinary shares | 632.3 | 632.3 | |
Issue of 10,000 (2010: Nil) ordinary shares under the CCL Executives' | |||
Share Option Scheme | -* | - | |
Balance at 31st March - 355,689,660 (2010: 355,678,660) ordinary shares | 632.3 | 632.3 | |
* less than 0.1 million
The Company did not hold any treasury shares as at 31st March 2011 (31st March 2010: Nil).
The number of shares that may be issued on conversion of all outstanding options granted pursuant to the CCL Executives' Share Option Scheme amounted to 23,000 as at 31st March 2011 (31st March 2010: 34,000).
There were no other rights, bonus or equity issues during the period between 1st January 2011 and 31st March 2011.
7 Revenue reserve
Group | Company | ||||||
2011 | 2010 | 2011 | 2010 | ||||
US$m | US$m | US$m | US$m | ||||
Movements: | |||||||
Balance at 1st January | 2,604.0 | 1,916.0 | 540.3 | 492.1 | |||
Defined benefit pension plans | |||||||
- actuarial gain | - | 0.1 | - | - | |||
Profit attributable to shareholders | 250.5 | 177.8 | (3.1) | (2.9) | |||
Change in shareholding | 0.9 | - | - | - | |||
Balance at 31st March | 2,855.4 | 2,093.9 | 537.2 | 489.2 | |||
8 Other reserves
Group | Company |
| ||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||
US$m | US$m | US$m | US$m | |||||||||
Composition: | ||||||||||||
Asset revaluation reserve | 317.8 | 317.8 | - | - | ||||||||
Translation reserve | 268.0 | 113.2 | 419.4 | 261.6 | ||||||||
Fair value reserve | 24.5 | 18.3 | 0.6 | 0.9 | ||||||||
Hedging reserve | (0.7) | (4.5) | - | - | ||||||||
Share option reserve | 0.3 | 0.3 | 0.3 | 0.3 | ||||||||
Other reserve | 3.3 | 3.3 | - | - | ||||||||
Balance at 31st March | 613.2 | 448.4 | 420.3 | 262.8 | ||||||||
| ||||||||||||
Group | Company |
| ||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||
US$m | US$m | US$m | US$m | |||||||||
Movements: | ||||||||||||
Asset revaluation reserve | ||||||||||||
Balance at 1st January and 31st March | 317.8 | 317.8 | - | - | ||||||||
Translation reserve | ||||||||||||
Balance at 1st January | 157.6 | 29.6 | 385.9 | 259.6 | ||||||||
Translation difference | 110.4 | 83.6 | 33.5 | 2.0 | ||||||||
Balance at 31st March | 268.0 | 113.2 | 419.4 | 261.6 | ||||||||
Fair value reserve | ||||||||||||
Balance at 1st January | 28.8 | 16.4 | 0.6 | 0.9 | ||||||||
Available-for-sale investments | ||||||||||||
- fair value changes | (1.8) | 4.0 | - | - | ||||||||
- deferred tax | 0.2 | - | - | - | ||||||||
- transfer to profit and loss | (2.7) | (1.9) | - | - | ||||||||
Share of associates' and joint ventures' fair value changes of available-for-sale investments, net of tax |
- |
(0.2) |
- |
- | ||||||||
Balance at 31st March | 24.5 | 18.3 | 0.6 | 0.9 | ||||||||
Hedging reserve | ||||||||||||
Balance at 1st January | (1.0) | (4.8) | - | - | ||||||||
Cash flow hedges | ||||||||||||
- fair value changes | 0.9 | 0.4 | - | - | ||||||||
- deferred tax | (0.2) | (0.1) | - | - | ||||||||
Share of associates' and joint ventures' fair value changes of cash flow hedges, net of tax |
(0.4) |
- |
- |
- | ||||||||
Balance at 31st March | (0.7) | (4.5) | - | - | ||||||||
Share option reserve | ||||||||||||
Balance at 1st January and 31st March | 0.3 | 0.3 | 0.3 | 0.3 |
| |||||||
| ||||||||||||
Other reserve |
| |||||||||||
Balance at 1st January and 31st March | 3.3 | 3.3 | - | - |
| |||||||
| ||||||||||||
9 Minority interests
Group | |||
2011 | 2010 | ||
US$m | US$m | ||
Balance at 1st January | 4,314.2 | 3,405.9 | |
Available-for-sale investments | |||
- fair value changes | (2.6) | 4.4 | |
- deferred tax | 0.1 | (0.1) | |
- transfer to profit and loss | (2.8) | (2.1) | |
Share of associates' and joint ventures' fair value changes of available-for-sale investments, net of tax |
- |
(0.1) | |
Cash flow hedges | |||
- fair value changes | (1.5) | 1.4 | |
- deferred tax | 0.4 | (0.3) | |
Share of associates' and joint ventures' fair value changes of cash flow hedges, net of tax |
(0.3) |
- | |
Defined benefit pension plans | |||
- actuarial gain | - | 0.2 | |
- deferred tax | - | (0.1) | |
Translation difference | 143.5 | 109.5 | |
Profit for the period | 331.6 | 233.5 | |
Issue of shares | 2.0 | 0.2 | |
Dividends paid | (1.0) | (0.6) | |
Change in shareholding | 0.9 | - | |
Disposal of subsidiaries | - | (8.7) | |
Balance at 31st March | 4,784.5 | 3,743.1 | |
10 Cash flows from operating activities
Group | |||
Three months ended 31st March | 2011 | 2010 | |
US$m | US$m | ||
Profit before tax | 717.1 | 513.9 | |
Adjustments for: | |||
Financing income | (13.0) | (12.8) | |
Financing charges | 14.5 | 13.1 | |
Share of associates' and joint ventures' results after tax | (167.8) | (121.4) | |
Depreciation of property, plant and equipment | 137.2 | 106.0 | |
Amortisation of intangible assets | 14.1 | 11.5 | |
Impairment of debtors | 17.4 | 25.7 | |
(Profit)/loss on disposal of: | |||
- property, plant and equipment | (1.8) | (0.7) | |
- subsidiaries | - | (17.8) | |
- repossessed assets | 14.7 | 9.9 | |
- investments | (5.4) | (4.4) | |
- write-down of stocks | 2.5 | 0.8 | |
Changes in provisions | 3.8 | 4.4 | |
Foreign exchange loss | (4.8) | 6.8 | |
11.4 | 21.1 | ||
Operating profit before working capital changes | 728.5 | 535.0 | |
Changes in working capital: | |||
Stocks | 25.7 | 53.8 | |
Financing debtors (1) | (358.5) | (276.1) | |
Debtors (2) | (346.0) | (252.7) | |
Creditors(3) | 324.9 | 215.1 | |
Pensions | 5.7 | 2.9 | |
(348.2) | (257.0) | ||
Cash flows from operating activities | 380.3 | 278.0 | |
(1) Decrease due to higher financing activities
(2) Decrease due to higher sales activities and prepayments
(3) Increase due to higher purchases, accruals 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 31st March 2011 | ||||
Jardine Matheson Limited - management support services |
- |
1.9 |
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 event or transaction has occurred between 1st April 2011 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 first quarter ended 31st March 2011 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 156,000 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