9m 2015 results presentation - astra international laporan keuangan/ai... · * restated due to...
TRANSCRIPT
This report has been prepared by PT Astra International Tbk independently and is circulated for thepurpose 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 andestimations included in this report constitute our judgment as of this date and are subject to changewithout prior notice.
We disclaim any responsibility or liability whatsoever arising which may be brought or suffered by anyperson as a result of acting in reliance upon the whole or any part of the contents of this report andneither PT Astra International Tbk and/or its affiliated companies and/or their respective employeesand/or agents accepts liability for any errors, omissions, negligent or otherwise, in this report and anyinaccuracy herein or omission here from which might otherwise arise.
Cautionary note on forward-looking statements: This report may contain statements regarding thebusiness of PT Astra International Tbk and its subsidiaries that are of a forward-looking nature and aretherefore based on management's assumptions about future developments. Forward-looking statementsinvolve certain risks and uncertainties because they relate to future events. Actual results may varymaterially from those targeted, expected or projected due to several factors. Potential risks anduncertainties includes such factors as general economic conditions, foreign exchange fluctuations, interestrate changes, commodity price fluctuations and regulatory developments. The reader and/or listener iscautioned to not unduly rely on these forward-looking statements. We do not undertake any duty topublish any update or revision of any forward-looking statements.
Disclaimer
Highlights
2
Period ended 30th September
2015 2014* Change
Net revenue (Rp bn) 138,177 150,582 (8%)
Net income (Rp bn)** 11,997 14,499 (17%)
Net earnings per share (Rp) 296 358 (17%)
As at 30th
September 2015As at 31st
December 2014*Change
Shareholders’ funds (Rp bn)*** 100,313 95,494 5%
Net asset value per share (Rp)*** 2,478 2,359 5%
* Restated due to implementation of PSAK 24 (revised 2013) – Employee Benefits** 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 nine months ended 30th September 2015 and 2014 as well as the financial position as at 30th September2015 have been prepared in accordance with Indonesian Financial Accounting Standards and are unaudited.
• Consolidated net revenue 8% lower at Rp 138.2 trillion• Net earnings per share down 17% to Rp 296• Unit car sales down by 20% and motorcycles down by 14%• Lower contribution from all segments except heavy equipment and mining
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
• FederalInternationalFinance
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
• PamapersadaNusantara
Coal Mining
• Tuah TuranggaAgung
Agribusiness
Palm Oil
• Astra Agro Lestari
Infrastructure Logistics & Others
Toll Road
•MMS : 72km•MTN : 11km•MHI : 41km
Water Utility
Palyja
Fuel Logistic
Gresik Terminal
InformationTechnology
Document Solution
• Astra Graphia
IT Solution
• Astra GraphiaInformationTechnology
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
ConstructionContractor
• Acset Indonusa
Office Services
• Astra GraphiaXprins Indonesia
• MMS• MHI• MTN• TMJ
• Astra’s car market share decreased from 51% to 50%, while Astra’s motorcycle market shareincreased from 63% to 68%.
• Komatsu maintained its leading market position with a 37% market share, down from 40% lastyear.
Market position at 30 September 2015
4
Source : Gaikindo
Honda68%
Yamaha28%
Suzuki2%
Kawasaki2%
Motorcycle
Source : AISI
Source: United Tractors – Internal Market Research
Heavy Equipment
Komatsu 37%
Caterpillar21%
Hitachi 19%
Kobelco10%
Others 13%
Toyota32%
Daihatsu17%Isuzu
2%
Mitsubishi11%
Suzuki12%
Nissan3%
Honda15%
Others8%
Car
Corporate actions
5
Jan ‘15
Apr ‘15 • United Tractors through Pama Persada Nusantara acquired 75.5% of PTSumbawa Jutaraya, a gold mining company, for USD 7.4 million.
Jun‘15 • AOP acquired a further 25.8% interest in SKF Indonesia, a bearingproducer for Rp 67 billion, raising AOP’s shareholding to 40%.
May ‘15 • United Tractors acquired a further 10.1% shares of Acset Indonusa,raising its shareholding to 50.1%.
• Astra Honda Motor started exporting the All New Honda Beat eSP tothe Philippines to expand the market.
• United Tractors acquired 40% of PT Acset Indonusa Tbk, a constructioncompany for a purchase consideration of Rp 650 billion.
• Astra Agro Lestari acquired 50% of PT Kreasijaya Adhikarya, a refineryoperator in Dumai, Riau Province, with a daily production capacity of2,000 tonnes of CPO, for a purchase consideration of Rp 75 billion.
Corporate actions
6
Jul ‘15 • During July, Astratel announced the acquisition of a 25% stake in the 73km Semarang - Solo toll road.
Aug ‘15 • AOP and Bridgestone Indonesia signed a JV agreement to establish ajoint venture, Bridgestone Astra Indonesia, with ownership structure:Bridgestone 51% and AOP 49%.
Sep ‘15 • AHM commenced its new 5th plant in Karawang with additionalproduction capacity of 500 thousand units per year for sport type,increasing the annual production capacity to 5.8 million units per year.
Consolidated income statement
8
In Billion Rupiah 9M15 9M14* Change
IDR / USD, average 13,357 11,766 14%
Net Revenue 138,177 150,582 (8%)
Gross Profit 27,263 28,787 (5%)
Selling, General and Administrative Expenses
(14,520) (14,127) 3%
Other Income 2,091 2,222 (6%)
Equity Income 3,557 4,642 (23%)
Income Tax Expenses (3,780) (4,051) (7%)
Non-controlling interests (2,614) (2,974) (12%)
Net Income 11,997 14,499 (17%)
“The challenging trading conditions facing the Group are set tocontinue and we expect our trading performance to remain littlechanged for the remainder of the year.”
- Prijono Sugiarto, President Director -
* Restated due to implementation of PSAK 24 (revised 2013) – Employee Benefits
Ownership %
Share of NI %
9M15 9M14
Auto Non-Auto Auto Non-Auto
4W AutomotiveSO – Toyota, Daihatsu, IsuzuToyota Astra MotorAstra Daihatsu MotorIsuzu Astra Motor Indonesia
100513245
26 23
2W AutomotiveAstra Honda MotorHonda SO
50100
17 15
ComponentAstra Otoparts 80 1 3
Financial ServicesAstra Sedaya FinanceFederal International FinanceToyota Astra Financial ServicesKomatsu Astra FinanceSAN FinanceAsuransi Astra BuanaPermata BankAstra Life
86100505060964550
21 4 19 7
Heavy Equipment & MiningUnited TractorsPamapersada NusantaraTuah Turangga AgungTraktor Nusantara
60606050
28 20
AgribusinessAstra Agro Lestari 80 1 10
Infrastructure, Logistics, IT & OthersSERAPalyjaMarga MandalasaktiAstra Graphia
100497977
2 3
9
2001 2013 2014 9M15
Auto (Incl. autorelated Financial Services)
89% 68% 63% 65%
Non-Auto 11% 32% 37% 35%
Astra portfolio as at 30 September 2015
• Astra’s net asset value per share of Rp 2,478 at 30th September 2015 was 5% higher than at theend of 2014.
• Net debt excluding the Group’s financial services subsidiaries, was Rp 283 billion, compared tonet debt of Rp 3.3 trillion at the end of 2014. The Group’s financial services subsidiaries had netdebt of Rp 47.5 trillion, compared to Rp 45.9 trillion at 2014 year end.
Consolidated balance sheet
10
In Billion Rupiah 30-Sep-15 31-Dec-14* Change
Cash and Cash Equivalents 24,778 20,902 19%
Trade Receivables 21,176 21,332 (1%)
Inventories 17,819 16,986 5%
Financing Receivables 60,773 60,705 0%
Investment in Joint Ventures and Associates 29,539 27,218 9%
Fixed Assets 42,273 41,250 2%
Other Assets 59,401 47,634 25%
Total Assets 255,759 236,027 8%
Short-term Borrowings 8,579 10,586 (19%)
Trade Payables 22,021 18,839 17%
Long-term Debt 63,933 59,486 7%
Other Liabilities 34,616 26,929 29%
Total Liabilities 129,149 115,840 11%
Equity Attributable to the Owners of The Parent 100,313 95,494 5%
Non – controlling Interest 26,297 24,693 6%
Total Equity 126,610 120,187 5%
Net Debt (47,734) (49,170) (3%)
Net Debt (Excl. Financial Services) (283) (3,314) (91%)
* Restated due to implementation of PSAK 24 (revised 2013) – Employee Benefits
Consolidated cash flow
11
In Billion Rupiah 9M15 9M14 Change
Cash generated from operations 23,757 13,553 10,204
Tax Payments (4,327) (3,860) (467)
Interest received 951 950 1
Dividend Received 2,682 2,935 (253)
Net Cash flow provided from Operating Activities + Dividend Received
23,063 13,578 9,485
Net Capex (5,605) (8,223) 2,618
Net Investment (2,494) (1,365) (1,129)
Other Investing (995) (325) (670)
Net Cash flow used in Investing Activities – Dividend Received
(9,094) (9,913) 819
Net Proceeds of Debt (4,808) 2,549 (7,357)
Finance Costs Paid (442) (754) 312
Dividend Payments (7,538) (7,130) (408)
Other Financing 20 2,194 (2,174)
Net Cash flow used in Financing Activities (12,768) (3,141) (9,627)
Increase/ (Decrease) in Cash 1,201 524 677
Opening Cash Balance (incl. Bank Overdraft) 20,728 18,555 2,173
Exchange Rate Adjustment 2,682 702 1,980
Closing Cash Balance (incl. Bank Overdraft) 24,611 19,781 4,830
As at 30th September 2015, Astra’s ending consolidated cash balance (incl. Bank Overdraft)was Rp 24.6 trillion.
Astra 382,359
50%
Astra 476.23651.1%
Others 382,324
50%
Others456.43248.9%
4x2 & 4x479.7%
4x2 & 4x481.2%
Commercial18.2%
Commercial 16.5%
Toyota31.5%
Toyota33.5%
Daihatsu16.6%
Daihatsu 15.2%
Isuzu 1.9%
Isuzu 2.3%Mitsubishi
11.4%
Mitsubishi11.7%Suzuki 12.1%
Suzuki 12.9% Honda 15.4%
Honda 13.6%
Nissan 2.7%
Nissan 2.9%
Others 8.4%
Others 7.9%
Sedan 2%
Sedan1.9%
4x2 & 4x4540,17870.6%
4x2 & 4x4666,68171.5%
Commercial209,60727.4%
Commercial248,66426.7%
Sedan 52.8% Sedan 61.7%
4x2 & 4x456.4%
4x2 & 4x458.0%
Commercial 33.2%
Commercial31.7%
M/S9M15
AI Product Segment
Brand Segment AI Product M/S
M/S9M14
AI Product Segment
Brand Segment AI Product M/S
Sedan 2.1% Sedan 2.2%
Source: Gaikindo
Automotive – wholesale car market
13
9M15 9M14
Astra’s car sales fell by 20% to 382,000 units, with its market share decreasing from 51% to 50%.
932,668764,683
18%
Automotive – car product launches
During first nine month 2015, Astra launched 14 new models and 8 revamped models.
14
Toyota All New AlphardMarch 2015
Toyota RushMarch 2015
Daihatsu SirionFebruary 2015
BMW 218i Gran New Tourer LuxuryAugust 2015
Isuzu D-MaxJune 2015
Toyota Grand New Avanza & VelozAugust 2015
Honda, 3,266,227
67.7%
Honda, 3,797,921
62.7%
Yamaha,1,371,633
28.5%
Yamaha, 1,894,940
31.3%Suzuki, 1.8%
Suzuki, 3.8%
Others, 2%
Others, 2.2%
Cub293,387
9%
Cub658,81317.4%
Scooter2,806,760
85.9%
Scooter2,833,473
74.6%
Sport/Others5.1%
Sport/Others8%
Cub293,98752.2%
Cub658,81361.8%
Scooter2,806,760
77.1%
Scooter2,833,473
70.9%
Sport/Others26.8%
Sport/Others30.8%
Cub563,20611.7%
Cub1,065,318
17.6%
Scooter3,639,372
75.5%
Scooter3,994,278
66%
Sport & Others 12.8%
Sport & Others 16.4%
Brand9M15
Honda Segment Honda Product M/S
Segment Brand9M14
Honda Segment Honda Product M/S
Segment
Automotive – wholesale motorcycle market
Source: AISI
Astra Honda Motor’s sales decreased by 14% to 3.3 million units, with its market share increasingfrom 63% to 68%.
15
20%9M15 9M14
4,821,191 6,052,832
Automotive – motorcycle product launches
16
Honda Vario 150 eSPJanuary 2015
Honda NM4 VultusJune 2015
During first nine month 2015, Astra Honda Motor launched 9 new products and 6 revamped products.
Honda Revo SeriesMay 2015
Honda CB 650 F ABSJune 2015
Honda Sonic 150 RAugust 2015
Honda CB 150 RAugust 2015
OEM,-153%
After Market,
247%
Export, 6%
149
30030
341
Equity IncomeConsolidated Income
47% 52%
42%38%
11%10%
Export After Market OEM
Automotive - components
17
Net Income (IDR billion)
179
641
Revenue (IDR billion)
6% 72%
9M15 9M14 9M15 9M14
9,178
OEM, 48%
After Market,
45%
Export, 7%
8,670
Astra Otoparts, the Group’s component business, saw net income fall by 72% to Rp 179 billion, due to lower volumes and reduced manufacturing margins brought about by a weaker rupiah.
Amount Financed (Rp bio) 9M15 9M14 %
Auto
ACC (Incl. HE) 17,028 20,747 (18)
TAFS 7,501 7,428 1
Total 4W 24,529 28,174 (13)
FIF 21,166 19,619 8
Total Auto 45,695 47,793 (4)
HE
SANF 2,551 1,991 28
KAF 679 682 0
Total HE 3,230 2,673 21
Financial services
18
• 9M15 consolidated net income decreased by 24% to Rp 938 billion.
• Loan book grew by 2% to Rp 135 trillion.
• LDR 88% & CAR 14%.
• Gross-NPL ratio up from 1.4% to 2.5%.
Asuransi Astra Buana
• Lower net income by 19% to Rp 703 billion.
• 9M15 Gross Written Premium up by 1% year on year to Rp 3.2 trillion.
• RBC : 175%, requirement 120%.
Bank Permata
Net income from the Group’s financial services businesses decreased 21% to Rp 3 trillion. Excluding the one-timegain from the acquisition of a 50% stake in Astra Aviva Life in May 2014, net income from the Group’s financialservices businesses declined by 11%. Increased earnings at Federal International Finance and Toyota AstraFinancial Services were offset by a decline in the contributions from its other financial services interests.
Unit Financed 9M15 9M14 %
Auto
ACC (new & used cars) 125,570 159,872 (21)
TAFS 49,637 49,712 0
Total 4W 175,207 209,584 (16)
FIF (Incl.Electronics) 2,351,413 2,281,115 3
HE
ACC (HE - Fleet) 728 620 17
SANF 1,499 1,386 8
KAF 40 110 (64)
Total SANF & KAF 1,539 1,496 3
81.3 85.1
Coal Production (mn tonnes)
3,946 4,514
TTA Mine (all in thousand tonnes)
10,754 11,891
23,368 25,118
3,3203,801853
Construction Machinery Mining Contracting
Mining Construction Contracting
29%35%
22%
14%34%
28%15%
23%
Mining Forestry Construction Agro
United Tractors, which is 59.5%-owned, reported a 6% decrease in net revenue, although net income rose by 17%to Rp 5.6 trillion with the benefit of a weaker Rupiah on its income and monetary assets denominated in US dollars.
Mining Contracting
Coal Mines: SalesKomatsu Unit Sales
2,982
Revenue (Rp bio)
9M15 9M14 9M15 9M14
Heavy equipment and mining
19
1,799
38,295
9M15 9M14 9M15 9M14
40,810
593.1 611.0
Overburden Removal (mn bcm)
6%
Coal Prod:
4%
OB Removal:
3%
13%40%
z
7,100 9,965
3,247
1,795
Export
Local
1,282 1,293
8261,005
300 144
Production Sales Olein Sales
257 250
41 35
Immature
Mature
Area Maturity (‘K Ha) *
Revenue (Rp bio)
CPO Production & Sales (‘K tonnes)
298 285
Astra Agro Lestari, which is 79.7%-held, reported net income of Rp 145 billion, down 92%. The benefit of a weakerRupiah on its US dollar denominated and linked income was more than offset by the impact on its US dollarmonetary liabilities.
* Incl. plasma plantation
CPO Yield (tonne/Ha)
Agribusiness
20
11,760
9M15 9M14
12% 5%
CPO Prod:
1%
5%
10,347
9M15 9M14
9M15 9M14 9M15 9M14
3.49 3.66
CPO Sales: 18%
25,578 29,644
Infrastructure, logistics and others
• Marga Mandalasakti, the 72.5 km Tangerang-Merak toll road, reported an 8% increase intraffic volumes to 34 million vehicles.
TRAC Rental Car (unit)
34,287 31,894
MMS Vehicle Traffic Volume (‘K unit)
9M15 9M14
9M15 9M14
• Serasi Autoraya’s revenue declined by 5% andnet income decreased by 50% to Rp 48billion, with a decline in the number ofvehicles under contract at its TRAC car rentalbusiness to 26,000 units.
14%
8%
21
Divisional Net Revenue
Divisional Net Revenue and Net Income
23
In Billion Rupiah 9M15 9M14 Change
Automotive 70,347 79,684 (12%)
Financial Services 12,742 11,546 10%
Heavy Equipment & Mining 38,207 40,703 (6%)
Agribusiness 10,347 11,760 (12%)
Infrastructure, Logistics & Others 5,052 5,629 (10%)
Information Technology 1,482 1,260 18%
Total 138,177 150,582 (8%)
Divisional Net Income
In Billion Rupiah 9M15 9M14* Change
Automotive 5,329 5,903 (10%)
Financial Services 2,996 3,806 (21%)
Heavy Equipment & Mining 3,342 2,902 15%
Agribusiness 116 1,501 (92%)
Infrastructure, Logistics & Others 91 253 (64%)
Information Technology 123 134 (8%)
Total 11,997 14,499 (17%)
* Restated due to implementation of PSAK 24 (revised 2013) – Employee Benefits
Car products launched in 9M15
24
Models Launched Launching Time Engine Capacity Prices (IDR mn)
Car
Toyota Etios Jan’15 1,200cc 145.3 - 171.1
Lexus NX 200T F Sport Feb’15 2,000cc 935
Lexus NX 200T F Luxury Feb’15 2,000cc 979
Isuzu Elf NKR71 HD 4x4 Feb’15 125ps 448
Daihatsu Sirion Feb’15 1,300cc 155.8-176.8
Daihatsu Terios Mar’15 1,500cc 186.9-243.2
Toyota All New Alphard Mar’15 2,400 - 3,500cc 830-1.530
Toyota All New Vellfire Mar’15 3,500cc 980
Toyota Etios TOMS Mar’15 1,200cc 172.6
Toyota Rush Mar’15 1,500cc 228.7- 257.6
BMW 128i Active Tourer Apr’15 1,500cc 619*
Toyota Camry Apr’15 2,500cc 545-744
BMW X6 xDrive 35i May’15 3,000cc 1,889*
Isuzu D-Max Jun’15 2,500cc 291.8-460.2
*off the road
Car products launched in 9M15
25
Models Launched Launching Time Engine Capacity Prices (IDR mn)
Car
Daihatsiu Great New Xenia Aug'15 1,000cc – 1,300cc 151.7-205.8
Toyota Grand New Avanza Aug'15 1,300cc – 1,500cc 178.1-211
Toyota Grand New Veloz Aug'15 1,300cc – 1,500cc 204.2-226.9
Toyota All New Hi-Lux Aug'15 2,000cc – 2,500cc 194.4-435.1
BMW 218i Gran Tourer Luxury Aug'15 1,500cc 659*
Peugeot 3008 Aug'15 1,600cc 516.8*
Lexus ES Series Aug'15 2,500cc 940-1,035
BMW 340i M Sport Individual Aug'15 3,000cc 1,199*
*off the road
Motorcycle products launched in 9M15
26
Models Launched Launching Time Engine Capacity Prices (IDR mn)
Motorcycle
Honda Vario 125 eSP Jan’15 125cc 16.9-17.5
Honda Vario 150 eSP Jan’15 150cc 19.9-20.1
Honda Scoopy FI May’15 110cc 16.3
Honda Revo Series May’15 100-110cc 13.0-14.6
Honda PCX May’15 150cc 39.8
Honda CBR 1000 RR SP Jun’15 1,000cc 575
Honda NM 4 Vultus Jun’15 745cc 435
Honda CBR 650 F Jun’15 650cc 240
Honda CB 650 F ABS Jun’15 650cc 235
Honda CB 500 F ABS Jun’15 500cc 125
Honda CB 500 X Jun’15 500cc 135
Motorcycle products launched in 9M15
27
Models Launched Launching Time Engine Capacity Prices (IDR mn)
Motorcycle
Honda Sonic 150R Aug’15 150cc 21
Honda CB 150 R StreetFire Aug’15 150cc 25.4
Honda Verza Aug’15 150cc 17.9-18.8
Vario 110 eSP Sep’15 150cc 15.8-16.7
28
9M15 9M14Major Brands
Wholesale Astra Wholesale Astra
Car
Sedan 14,898 52.8% 17,343 61.7%Toyota - Vios/Limo, Altis, Camry; Honda - City, Civic,Accord; BMW - 3 Series, 5 Series
4X2 & 4X4 540,178 56.4% 666,681 58%
Toyota - Avanza, Agya, Innova, RushDaihatsu - Xenia, Ayla, Terios; Honda – Mobilio, HR-V, Jazz; Suzuki - Ertiga, Karimun Wagon - R , APV; Datsun – Go Panca; Mitsubishi – Pajero Sport, Mirage, Outlander Sport Nissan – X-Trail, Livina,March
Pick Up/ Trucks/ Bus 202,803 32.6% 239,668 31.3%Daihatsu – Gran Max; Suzuki – Carry, APV; Mitsubishi – Canter, L-300, Strada; Isuzu – Elf, Giga;Panther; Toyota – Dyna ,Hi-Lux, Hi-Ace
Double Cabin 6,804 49.8% 8,976 40.8%Toyota - Hilux; Mitsubishi - Strada; Ford - Ranger; Isuzu - D-Max; Nissan - Frontier
Total 764,683 50% 932,668 51.1%
Mo
torc
ycle
Cub 563,206 52.2% 1,065,318 61.8%Honda - Supra X 125, Revo Series, Blade; Yamaha –Jupiter MX, Jupiter ZX, Vega Force; Suzuki –Shooter, Shogun 125
Scooter 3,639,372 77.1% 3,994,278 70.9%Honda - BeAT, Vario, Scoopy; Yamaha - Mio, X Ride, GT 125; Suzuki – Adress
Sport & Others 618,613 26.8% 993,236 30.8%Yamaha - V-ixion R - 15, Byson; Suzuki - Satria F 150, Honda - CBR 150R, Verza, CB 150 R
Total 4,821,191 6,052,832
Source: Gaikindo & AISI
National market data (summary)
For further information please contact:
PT Astra International Tbk:
Corporate Investor Relations Division
P: (+62 21) 652 2555
F: (+62 21) 6530 4953
29