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PT Astra International Tbk 1Q 2016 - Results Presentation
This report has been prepared by PT Astra International Tbk independently and is circulated for the purpose of general information only. It is not intended for the specific person who may receive this report. The information in this report has been obtained from sources which we deem reliable. No warranty (expressed or implied) is made as to the accuracy or completeness of the information. All opinions and estimations included in this report constitute our judgment as of this date and are subject to change without prior notice. We disclaim any responsibility or liability whatsoever arising which may be brought or suffered by any person as a result of acting in reliance upon the whole or any part of the contents of this report and neither PT Astra International Tbk and/or its affiliated companies and/or their respective employees and/or agents accepts liability for any errors, omissions, negligent or otherwise, in this report and any inaccuracy herein or omission here from which might otherwise arise. Cautionary note on forward-looking statements: This report may contain statements regarding the business of PT Astra International Tbk and its subsidiaries that are of a forward-looking nature and are therefore based on management's assumptions about future developments. Forward-looking statements involve certain risks and uncertainties because they relate to future events. Actual results may vary materially from those targeted, expected or projected due to several factors. Potential risks and uncertainties includes such factors as general economic conditions, foreign exchange fluctuations, interest rate changes, commodity price fluctuations and regulatory developments. The reader and/or listener is cautioned to not unduly rely on these forward-looking statements. We do not undertake any duty to publish any update or revision of any forward-looking statements.
Disclaimer
Highlights
2
Period ended 31st March
2016 2015 Change
Net revenue (Rp bn) 41,887 45,187 (7%)
Net income (Rp bn)* 3,112 3,992 (22%)
Net earnings per share (Rp) 77 99 (22%)
As at 31st March 2016
As at 31st December 2015
Change
Shareholders’ funds (Rp bn)** 104,775 102,043 3%
Net asset value per share (Rp)** 2,588 2,521 3%
*Net income is profit attributable to owners of the parent i.e. Astra International shareholders. ** Shareholders' funds and Net asset value per share are based on equity attributable to owners of the parent. The financial results for the three months ended 31st March 2016 and 2015 as well as the financial position as at 31st March 2016 have been prepared in accordance with Indonesian Financial Accounting Standards and are unaudited. The financial position as at 31st December 2015 has been prepared in accordance with Indonesian Financial Accounting Standards and audited in accordance with the auditing standards established by the Indonesian Institute of Certified Public Accountants.
• Net earnings per share down 22% to Rp 77 • Automotive markets moderately weaker • Higher loan loss provisions at Permata Bank • Komatsu heavy equipment sales fell 35%
Business Structure
3
Automotive
Automobile
• Toyota • Daihatsu • Isuzu • BMW • Peugeot • UD Trucks
Motorcycle
• Honda
Component
• Astra Otoparts
Financial Services
• Astra Credit Companies • Toyota Astra
Finance
Motorcycle
• Federal International Finance
Heavy Equipment
Banking
• SAN Finance • Komatsu Astra
Finance
• Bank Permata
Insurance
• Asuransi Astra Buana
• Astra Life
Heavy Equipment & Mining
Construction Machinery
• United Tractors • Traktor
Nusantara
Mining Contracting
• Pamapersada Nusantara
Coal Mining
• Tuah Turangga Agung
Agribusiness Infrastructure Logistics & Others
Toll Road
•MMS : 72km •MTN : 11km •MHI : 41km
Water Utility
Palyja
Fuel Logistic
Gresik Terminal
Information Technology
Document Solution
• Astra Graphia
IT Solution
• Astra Graphia Information Technology
Logistics
•SERA / TRAC •Mobil 88 (used) •SELOG •TFLI
Automobile
Sea Port
Eastkal
Toll Road
Water Utility
• Palyja
Logistics
• SERA / TRAC • Mobil 88 (used) • SELOG • Toyofuji Logistics
Indonesia
Sea Port
• Eastkal
Property
• Menara Astra • Anandamaya Residences
Construction Industry
• Acset Indonusa
Office Services
• Astra Graphia Xprins Indonesia
• MMS • MHI • MTN • TMJ
Other
• AstraWorld
Palm Oil Plantation
• Astra Agro Lestari
Olein Refinery
• Tanjung Sarana Lestari
Commodity Trading
• Kreasijaya Adhikarya
• Astra-KLK Pte.Ltd
Toyota 30%
Daihatsu 16% Isuzu
1% Mitsubishi
10%
Suzuki 11%
Nissan 2%
Honda 22%
Others 8%
Car
• Astra’s car market share decreased from 49% to 48%, while Astra’s motorcycle market share increased from 68% to 72%.
• Komatsu maintained its leading market position with a 34% market share, down from 38% last year.
Market Position at 31 March 2016
4
Source : Gaikindo
Honda 72%
Yamaha 24%
Suzuki 2%
Kawasaki 2%
Motorcycle
Source : AISI
Source: United Tractors – Internal Market Research
Heavy Equipment
Komatsu 34%
Caterpillar 16%
Hitachi 20%
Kobelco 15%
Others 15%
Financial Performance
Consolidated Income Statement
6
In Billion Rupiah 1Q16 1Q15 Change
IDR / USD, average 13,506 12,857 5%
Net Revenue 41,887 45,187 (7%)
Gross Profit 7,973 8,561 (7%)
Selling, General and Administrative Expenses
(4,594) (4,842) (5%)
Other Income (Expense) 290 852 (66%)
Shares of Results of Joint Ventures and Associates
818 1,291 (37%)
Income Tax Expenses (848) (1,054) (20%)
Non-controlling Interests (527) (816) (35%)
Net Income 3,112 3,992 (22%)
The Group experienced lower sales within heavy equipment and mining, and agribusiness, together with a reduced net revenue contribution from Astra’s Toyota sales operations following the implementation of the restructuring to a two-tiered distribution model. Profitability declined primarily due to a reduced contribution from heavy equipment and mining, financial services, information technology, and automotive.
- Prijono Sugiarto, President Director -
Ownership %
Share of NI %
1Q16 1Q15
Auto Non-Auto Auto Non-Auto
4W Automotive SO – Toyota, Daihatsu, Isuzu Toyota Astra Motor Astra Daihatsu Motor Isuzu Astra Motor Indonesia
100 51 32 50
27
23
2W Automotive Astra Honda Motor Honda SO
50
100
22
16
Component Astra Otoparts
80
2
2
Financial Services Astra Sedaya Finance Federal International Finance Toyota Astra Financial Services Komatsu Astra Finance SAN Finance Asuransi Astra Buana Permata Bank Astra Life
86
100 50 50 60 96 45 50
27
(7)
23
7
Heavy Equipment & Mining United Tractors Pamapersada Nusantara Tuah Turangga Agung Acset Indonusa Traktor Nusantara
60 60 60 30 50
14
24
Agribusiness Astra Agro Lestari
80
11
3
Infrastructure, Logistics, IT & Others SERA Palyja Marga Mandalasakti Astra Graphia
100 49 79 77
4
2
7
2001 2014 2015 1Q16
Auto (Incl. auto related Financial Services)
89%
63%
76%
78%
Non-Auto
11%
37%
24%
22%
Astra Portfolio as at 31 March 2016
• Astra’s net asset value per share of Rp 2,588 at 31 March 2016 was 3% higher than at the end of 2015.
• Net cash, excluding the Group’s financial services subsidiaries, was Rp 3.1 trillion, compared to net cash of Rp 1.0 trillion at the end of 2015. The Group’s financial services subsidiaries had net debt of Rp 42.0 trillion, compared to Rp 44.6 trillion at the end of 2015.
Consolidated Balance Sheet
8
In Billion Rupiah 31-Mar-16 31-Dec-15 Change
Cash and Cash Equivalents 27,173 27,102 0%
Trade Receivables 18,227 17,776 3%
Inventories 16,996 18,337 (7%)
Financing Receivables 60,184 60,105 0%
Investment in Joint Ventures and Associates 29,659 29,640 0%
Fixed Assets 41,364 41,702 (1%)
Other Assets 51,078 50,773 1%
Total Assets 244,681 245,435 0%
Short-term Borrowings 12,761 11,975 7%
Trade Payables 21,077 20,557 3%
Long-term Debt 53,239 58,674 (9%)
Other Liabilities 27,914 27,696 1%
Total Liabilities 114,991 118,902 (3%)
Equity Attributable to the Owners of The Parent 104,775 102,043 3%
Non – controlling Interest 24,915 24,490 2%
Total Equity 129,690 126,533 2%
Net Debt (Cash) 38,827 43,547 (11%)
Net Debt (Cash) (Excl. Financial Services) (3,139) (1,034) 204%
Consolidated Cash Flow
9
In Billion Rupiah 1Q16 1Q15 Change
Cash generated from operations 6,944 9,625 (2,681)
Tax Payments (1,166) (1,553) 387
Interest received 317 317 0
Net Cash flow provided from Operating Activities 6,095 8,389 (2,294)
Net Capex (1,632) (1,640) 8
Net Investment (349) (161) (188)
Other Investing (276) (346) 70
Net Cash flow used in Investing Activities (2,257) (2,147) (110)
Net Proceeds of Debt (2,777) (4,048) 1,271
Finance Costs Paid (453) (19) (434)
Dividend Payments - (10) 10
Net Cash flow used in Financing Activities (3,230) (4,077) 847
Increase/ (Decrease) in Cash 608 2,165 (1,557)
Opening Cash Balance (incl. Bank Overdraft) 27,072 20,728 6,344
Exchange Rate Adjustment (553) 812 (1,365)
Closing Cash Balance (incl. Bank Overdraft) 27,127 23,705 3,422
• As at 31 March 2016, Astra’s booked cash surplus of Rp 608 billion, with ending consolidated cash balance (incl. Bank Overdraft) as at 31 March 2016 of Rp 27 trillion.
Business Updates
Astra 127,263 47.6%
Astra 137,209 48.6%
Others 139,964 52.4%
Others 145,135 51.4%
4x2 & 4x4 83.3%
4x2 & 4x4 78.4%
Commercial 15.4%
Commercial 20.4%
Toyota 30.1%
Toyota 30.4%
Daihatsu 15.9% Daihatsu
16.1%
Isuzu 1.5%
Isuzu 2.1%
Mitsubishi 10.4%
Mitsubishi 11.6%
Suzuki 10.8% Suzuki 12.4%
Honda 21.8%
Honda 15.8%
Nissan 2.0%
Nissan 3.6%
Others 7.7%
Others 8%
Sedan 1.1%
Sedan 1.4%
4x2 & 4x4 205,043
76.7%
4x2 & 4x4 195,578 69.3%
Commercial 59,180 22.2%
Commercial 82,709 29.3%
Sedan 54.8% Sedan 41.3%
4x2 & 4x4 51.8%
4x2 & 4x4 54.7%
Commercial 33.1%
Commercial 33.8%
M/S 1Q16
AI Product Segment
Brand
Segment
AI Product M/S
M/S 1Q15
AI Product Segment
Brand
Segment
AI Product M/S
Sedan 1.3% Sedan 1.2%
Source: Gaikindo
Automotive – Wholesale Car Market
11
1Q16 1Q15
• Astra’s car sales fell by 7% to 127,263 units, with its market share decreasing from 49% to 48%.
282,344 267,227
5%
Automotive – Car Product Launches • During first quarter 2016, Astra launched 2 new models and 5 revamped models.
12
Lexus GSF March 2016
Toyota All New Fortuner January 2016
Daihatsu Terios Custom February 2016
Daihatsu Sirion Sport January 2016
Honda, 1,090,615
72.5%
Honda, 1,093,394
68.1%
Yamaha, 359,775 23.9%
Yamaha, 436,692 27.2%
Suzuki, 1.5% Suzuki, 2% Others, 2.1%
Others, 2.7%
Cub 85,348 7.8%
Cub 105,769
9.7%
Scooter 940,126 86.2%
Scooter 931,207 85.2%
Sport/Others 6.0%
Sport/Others 5.1%
Cub 85,348 59.9%
Cub 105,769 55.4%
Scooter 940,126 79.6%
Scooter 931,207 77.1%
Sport/Others 36.1%
Sport/Others 27.3%
Cub 142,456
9.5%
Cub 190,856 11.9%
Scooter 1,181782
78.6%
Scooter 1,207,758
75.2%
Sport & Others 11.9%
Sport & Others 12.9%
Brand 1Q16
Honda Segment
Honda Product M/S
Segment
Brand 1Q15
Honda Segment
Honda Product M/S
Segment
Automotive – Wholesale Motorcycle Market
Source: AISI
• Astra Honda Motor’s sales decreased by 0.3% to 1,090,615 units, with its market share increasing from 68% to 72%.
13
6% 1Q16 1Q15 1,504,468 1,605,043
Honda CBR150R February 2016
Automotive – Motorcycle Product Launches
14
Honda BeAT POP Esp January 2016
• During first quarter 2016, Astra Honda Motor launched 2 new products and 7 revamped products.
Honda CBR500R February 2016
Honda PCX 150 February 2016
Honda Vario 150 eSP February 2016
Honda CB500X February 2016
63 62
18 25
Shares of Results of Joint Ventures & Associates Consolidated Income
48% 50%
41% 41%
11% 9%
Export After Market OEM
Automotive - Components
15
Net Income (IDR billion)
87
Revenue (IDR billion)
9% 8%
1Q16 1Q15 1Q16 1Q15
2,874 3,123
Astra Otoparts, the Group’s component business, saw net income fall by 8% to Rp 81 billion, due to a lower contribution from its OEM manufacturing business on higher operating costs.
•
81
Amount Financed (Rp bio) 1Q16 1Q15 %
Auto
ACC (Incl. HE) 6,522 6,320 3
TAFS 2,424 2,768 (12)
Total 4W 8,945 9,088 (2)
FIF 7,030 6,207 13
Total Auto 15,975 15,295 4
HE
SANF 653 789 (17)
KAF 366 89 311
Total HE 1,018 878 16
Financial Services
16
• 1Q16 consolidated net loss Rp 376 billion (1Q15: net income Rp 567 billion)
• Loan book decreased by 6% to Rp 124 trillion.
• LDR 90% & CAR 15%.
• Gross-NPL ratio up from 2.7% at the end of 2015 to 3.5%.
Asuransi Astra Buana
• Lower net income by 31% to Rp 207 billion.
• 1Q16 Gross Written Premium down by 7% year on year to Rp 1.0 trillion.
• RBC : 230%, requirement 120%.
Bank Permata
Net income from the Group’s financial services businesses decreased 46% to Rp 641 billion. Increased earnings at Federal International Finance and Toyota Astra Financial Services were more than offset by a decline in the contributions from its other financial services interests, in particular Permata Bank.
Unit Financed 1Q16 1Q15 %
Auto
ACC (new & used cars) 44,874 47,139 (5)
TAFS 14,642 18,622 (21)
Total 4W 59,516 65,761 (9)
FIF (Incl.Electronics)’000 765 722 6
HE
ACC (HE - Fleet) 154 332 (54)
SANF 105 408 (74)
KAF 75 9 733
Total SANF & KAF 180 417 (57)
•
24.5 25.5
Coal Production (mn tonnes)
163.4 174.9
Overburden Removal (mn bcm)
1,751 1,713
TTA Mine (all in thousand tonnes)
3,371 3,893
5,583 7,005
1,284
1,437 458
313
Construction Machinery Mining Contracting
Mining Construction Contracting
21% 33% 16%
25% 48%
30% 15%
12%
Mining Forestry Construction Agro
United Tractors, which is 59.5%-owned, reported net income of Rp 731 billion, a 55% decrease due to lower net revenue on lower business volumes.
Mining Contracting
Coal Mines: Sales Komatsu Unit Sales
763
Revenue (Rp bio)
1Q16 1Q15 1Q16 1Q15
Heavy Equipment and Mining
17
499
10,696
1Q16 1Q15 1Q16 1Q15
12,648 15%
Coal Prod:
4%
OB Removal:
7%
2% 35%
z
•
339 386
271 258
106 60
Production Sales Olein Sales
Area Maturity (‘K Ha) *
Revenue (Rp bio)
CPO Production & Sales (‘K tonnes)
298 298
Astra Agro Lestari, which is 79.7%-owned, reported net income of Rp 418 billion, up 168%. Although crude palm oil sales were 5% higher at 271,352 tonnes, and olein sales increased by 78% to 106,498 tonnes, average crude palm oil prices achieved were 16% lower at Rp 6,593/kg.
* Incl. plasma plantation
CPO Yield (tonne/Ha)
Agribusiness
18
3,233
1Q16 1Q15
7% 14%
CPO Prod: 12%
3,018
1Q16 1Q15
1Q16 1Q15 1Q16 1Q15
CPO Sales:
5%
•
23,926 26,931
Infrastructure, Logistics & IT
SERA Unit in Contract (unit)
11,485 10,819
MMS Vehicle Traffic Volume (‘K unit)
1Q16 1Q15
1Q16 1Q15
11%
6%
19
51% 68%
49% 32%
Astragraphia Revenue (Rp bio)
1Q16 1Q15
103%
AGDS
AGIT
2%
• The 72.5 km Tangerang-Merak toll road, operated by 79.3%-owned Marga Mandalasakti, reported a 6% increase in traffic volumes to 11 million vehicles.
• Serasi Autoraya’s revenue increased by 1% and net income increased by 29% to Rp 22 billion, with an 11% decline in the number of vehicles under contract at its car leasing and rental business to 23,926 units.
• Astragraphia booked higher revenue by 35% on higher performance in IT Solutions.
620
459
Appendices
Divisional Net Revenue
Divisional Net Revenue and Net Income
21
In Billion Rupiah 1Q16 1Q15 Change
Automotive 21,800 23,136 (6%)
Financial Services 4,172 4,160 0%
Heavy Equipment & Mining 10,629 12,621 (16%)
Agribusiness 3,018 3,233 (7%)
Infrastructure, Logistics & Others 1,744 1,616 8%
Information Technology 524 421 24%
Total 41,887 45,187 (7%)
Divisional Net Income
In Billion Rupiah 1Q16 1Q15 Change
Automotive 1,580 1,621 (3%)
Financial Services 641 1,191 (46%)
Heavy Equipment & Mining 442 983 (55%)
Agribusiness 333 124 168%
Infrastructure, Logistics & Others 82 36 128%
Information Technology 34 37 (8%)
Total 3,112 3,992 (22%)
Car Products Launched in 2016
22
Models Launched Launching
Period Engine Capacity Prices (Rp mio)
Car
Toyota All New Fortuner Jan’16 2,400cc – 2,700cc 442-631.5
Daihatsu Sirion Sport Jan’16 1,300cc 168.3-179.3
Toyota Rush Feb’16 1,500cc 237.8-262.5
Daihatsu Terios Feb’16 1,500cc 228.1-242.2
Lexus GSF Mar’16 2,000cc 1,245
Lexus GS Mar’16 2,000cc 1,185
Lexus LX Mar’16 5,700cc 3,015
Motorcycle Products Launched in 2016
23
Models Launched Launching Period Engine Capacity Prices (Rp mio)
Motorcycle
Honda BeAT POP eSP Jan’16 110cc 14.3-15
Honda CBR 150 R Feb’16 150cc 32.5-33.3
Honda CBR 500 R Feb’16 500cc 144
Honda PCX 150 Feb’16 150cc 39.8
Honda Vario 150 eSP Feb’16 150cc 20.7
Honda Vario 125 eSP Feb’16 125cc 17.7-18.3
Honda CB 500 F Feb’16 500cc 133-139
Honda CB 500 X Feb’16 500cc 147
Honda CB 650 F Feb’16 650cc 235
24
Source: Gaikindo & AISI
National Market Data 1Q16 1Q15
Major Brands Wholesale Astra Wholesale Astra
Car
Sedan 3,004 54.8% 4,057 41.3% Toyota - Vios/Limo, Camry, Altis; Honda - City, Civic, Accord; BMW - 3 Series, 5 Series
4X2 & 4X4 205,043 51.8% 195,578 54.7%
Toyota - Avanza, Agya, Innova, Rush Daihatsu - Xenia, Ayla, Terios; Honda – Mobilio, HR-V, Jazz; Suzuki - Ertiga, Karimun Wagon - R, APV; Datsun – Go Panca; Mitsubishi – Pajero Sport, Mirage, Outlander Sport; Nissan – Livina, X-Trail, March
Pick Up / Truck / Bus 57,444 33.1% 80,467 33.8% Daihatsu – Gran Max; Suzuki – Carry, APV; Mitsubishi – Canter, L-300, Strada; Isuzu – Elf, Giga; Panther; Toyota – Hi-Lux, Dyna, Hi-Ace
Double Cabin 1,736 35% 2,242 39.7% Toyota - Hilux; Mitsubishi - Strada; Ford - Ranger; Isuzu - D-Max; Nissan - Frontier
Total 267,227 47.6% 282,344 48.6%
Mo
torc
ycle
Cub 142,456 59.9% 190,856 55.4% Honda - Supra X 125, Revo Series, Blade; Yamaha – Jupiter MX King, Jupiter ZX, Vega Force; Suzuki – Shooter, Shogun Axelo
Scooter 1,181,782 79.6% 1,207,758 77.1% Honda - BeAT, Vario, Scoopy; Yamaha - Mio, X Ride, GT 125; Suzuki – Adress
Sport & Others 180,230 36.1% 206,429 27.3% Yamaha - V-ixion R - 15, Byson; Honda – CB 150 R Street Fire, CBR 150R, Verza, Sonic 150R; Suzuki - Satria F 150
Total 1,504,468 72.5% 1,605,043 68.1%
For further information please contact:
PT Astra International Tbk:
Corporate Investor Relations
P: (+62 21) 652 2555
F: (+62 21) 6530 4953
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