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PT Astra International Tbk9M12 Results Presentation
Disclaimer: This report has been prepared by PT Astra International Tbk independently and is circulated for the purpose of general information only. It is notintended 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 asof 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 anypart 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 acceptsliability 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 thatare of a forward-looking nature and are therefore based on management's assumptions about future developments. Forward-looking statements involve certainrisks 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 pricefluctuations and regulatory developments. The reader and/or listener is cautioned to not unduly rely on these forward-looking statements. We do not undertake anyduty to publish any update or revision of any forward-looking statements.
Highlights
1
2012 nine months financial statements• Net earnings per share up 9% to Rp 362 • Unit sales of cars up by 24% and motorcycles 3% lower• Komatsu unit sales down by 15% • Overburden removal and coal extraction up by 8%
OverviewThe Group’s results for the nine months ended 30th September 2012 were 9% ahead of 2011. Strong results from the Group’s car businesses were partially offset by a lower profit contribution from the Group’s palm oil and motorcycle businesses.
Nine months ended 30th September
2012 2011 Change %
Net Revenue (Rp bn) 143,138 119,530 20%
Net Income (Rp bn)* 14,671 13,441 9%
Earnings per share (Rp) 362 332 9%
As at 30th
September 2012As at 31st
December 2011
Shareholders’ Funds (Rp bn)** 66,518 60,449 10%
Net asset value per share (Rp)** 1,643 1,493 10%
Group results
* Net income is profit attributable to owners of the parent. ** Shareholders' funds and Net asset value per share are based on equity attributable to owners of the parent.
Business structure
2
Automotive
Automobile•Toyota•Daihatsu• Isuzu•BMW•Peugeot•UD Trucks
Motorcycle
Honda
Component
Astra Otoparts
Others
Astraworld
Financial Services
Automobile
•Astra Credit Companies
•Toyota Astra Finance
Motorcycle
Federal Intl. Finance
Heavy Equipment
Banking
•SAN Finance•Komatsu Astra
Finance
Bank Permata
Insurance
Asuransi Astra Buana
Heavy Equipment & Mining
Construction Machinery
•United Tractors•Traktor
Nusantara
Mining Contractor
PAMA PersadaNusantara
Coal Mining
•PMM• TTA• ABP• BEE• ABB / ABJ• DS / DN• PJU
Agribusiness
Palm Oil
Astra Agro Lestari
Infrastructure& Logistics
Toll Road
•MMS : 72km•MTN : 11km•MHI : 41km
Water Utility
Palyja
Fuel Logistic
Gresik Terminal
InformationTechnology
Document Solution
Astra Graphia
IT Solution
Astra GraphiaInformation Technology
Logistics
•SERA / TRAC•Mobil 88 (used)•SELOG•TFLI
Market position at 30 September 2012
Toyota37%
Daihatsu15%
Mitsubishi13%
Suzuki11%
Nissan6%
Honda6%
Isuzu3%
Others9%
Car
Source : Gaikindo
Honda58%
Yamaha34%
Suzuki6%
Kawasaki2%
Motorcycle
Source : AISIKomatsu, 44%
Caterpillar, 19%
Hitachi, 20%
Kobelco, 12%
Others, 5%
Heavy Equipment
Source: United Tractors – Internal Market Research
• Astra maintains car market share at 55%, with motorcycle market share increasing from 52% to 58%
• Market share for Komatsu declined by 6% driven by slower demand in mining sector and increased competition
3
9M 2012 corporate actions
4
February • ASF issued Bond (PUB 1 2012) with total of Rp 5 trillion
April • TTA completed coal mining acquisition of Duta Nurcahya (DN) with share ownership of 60%• FIF issued Bond (PUB 1 2012) with total of Rp 4 trillion
June• AI announced a 10 for 1 stock split
• AI paid final 2011 dividend amounting to Rp 5.6 trillion with DPR 45%. Total 2011 dividend Rp 8 trillion
• AOP and Pirelli established a joint venture “PT Evoluzione Tyres” to produce auto tire in Indonesia
• TAFS issued Bond II amounting to Rp 1.3 trillion
• Bank Permata issued Subordinated Debt amounting to Rp 700 billion
January • SANF issued Bond II amounting to Rp 1.5 trillion
August • AOP established two subsidiary companies to produce 4W plastic parts, tube, hose, and transmission belt
July • SERA issued “Serasi Autoraya III” bonds with total principal amount of Rp 780 billion• AOP formed a JV company “PT Astra Juoku Indonesia” to produce automotive lamp
September • Astra introduced new collaboration for Low Cost Fuel Efficient cars named “Astra Toyota Agya” and “Astra Daihatsu Ayla”
• UT through TTA acquired 60% of Piranti Jaya Utama (“PJU”), a coal concession in Barunang, Central Kalimantan
Financial Performance
Indonesia domestic consumption remains strong supported by low inflationrate, attractive interest rate and sufficient liquidity, and increased foreigndirect investment, despite recent weakening of IDR against USD
Domestic car sales benefitted from rising incomes. The introduction ofminimum down-payments in auto financing in June 2012 mainly impactedsales in the motorcycle market
Slowing demand in the heavy equipment business reflects weakening coalprices and increased competition from excess production redirected from theChinese market
Despite lower average crude palm oil prices, palm oil production increaseddue to higher matured area and seasonally high crops productivity
While the prospects for the businesses remain sound, the fall in commodityprices has resulted in a less certain outlook
9M 2012 environment
6
Consolidated income statement
7
In Billion Rupiah 9M12 9M11 % Chg
USD / IDR, average 9,348 8,690 8%
Revenue 143,138 119,530 20%
Gross Profit 27,286 23,822 15%
Operating Expenses (12,042) (10,512) 15%
Other Income 1,564 1,629 (4%)
Equity Income 4,290 4,461 (4%)
Income Tax Expense (3,900) (3,478) 12%
Non-controlling interest (2,527) (2,481) 2%
Net Income 14,671 13,441 9%
The group recorded net income of Rp 14.7 tn for 9M12, 9% ahead of same period last year, supported by: Strong car sales on higher consumer demand and increased capacity Higher financial services profitability on new financing growth and better net interest margin Improved heavy equipment & mining results, mainly contributed by spare parts & services business and
mining contracting business on stronger coal production and overburden removal
• Higher net income contribution from 4W on stronger consumer demand and solid new models line up
• Lower contribution from 2W due to down-payment regulation and lack of scooter supply, and commodity related businesses driven by weakening commodity prices
• Net income contribution Auto vs. Non-Auto segments:
Ownership % Share of NI %
Auto Non-Auto
4W AutomotiveSO – Toyota, Daihatsu, IsuzuToyota Astra MotorAstra Daihatsu MotorIsuzu Astra Motor Indonesia
100513245
30.1
2W AutomotiveAstra Honda MotorHonda SO
50100
14.3
ComponentAstra Otoparts 96 5.0
Financial ServicesAstra Sedaya FinanceFederal International FinanceToyota Astra Financial ServicesKomatsu Astra FinanceSAN FinanceAsuransi Astra BuanaPermata Bank
1001005050609645
15.0 4.3
Heavy Equipment & MiningUnited TractorsPamapersada Nusantara
6060
18.4
AgribusinessAstra Agro Lestari 80 9.1
Infrastructure, Logistics, ITSERAPalyjaMarga MandalasaktiAstra Graphia
100497977
3.8
Astra portfolio as at 30 September 2012
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2001 2010 2011 9M12
Auto (Incl. autorelated Financial Services)
89% 66% 61% 64%
Non-Auto 11% 34% 39% 36%
• Astra’s net asset value of Rp 1,643 per share* at Sep’12 was 10% higher than at the end of 2011
• Net debt at Sep’12 was Rp 41.7 tn, up by 31% due to an increased in the volume financed in financial services business and investment/capex in the heavy equipment, mining and agribusiness sectors. Overall, DER was maintained at 50%
Consolidated balance sheet
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In Billion Rupiah 30-Sep-12 31-Dec-11 % ChgCash and Cash Equivalents 12,558 13,203 (5%)Trade Receivables 18,577 14,526 28%Inventories 14,262 11,990 19%Financing Receivables 47,328 41,033 15%Investments in Associates and Jointly Controlled Entities 18,358 16,997 8%Fixed Assets 33,552 28,804 16%Other Assets 33,856 27,636 23%Total Assets 178,491 154,189 16%Short-term Borrowings 3,563 4,681 (24%)Trade Payables 14,836 15,542 (5%)Long-term Debt 50,700 40,309 26%Other Liabilities 25,744 17,819 44%Total Liabilities 94,843 78,351 21%Equity Attributable to The Owners of The Parent 66,518 60,449 10%Non – controlling Interest 17,130 15,389 11%Total Equity 83,648 75,838 10%Net Debt 41,705 31,787 31%Net Debt (Excl. Financial Services) 5,691 572 895%
* Net asset value per share is based on equity attributable to the owners of the parent.
Consolidated cash flow
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In Billion Rupiah 9M12 9M11 Change
Cash from operations 10,835 10,064 771Tax Payments (4,383) (2,973) (1,410)Interest received 529 470 59 Dividend Received 3,021 2,639 382
Cash flow from Operating Activities + Dividend Received 10,002 10,200 (198)Net Capex (8,652) (6,693) (1,959)Net Investment (1,238) (2,426) 1,188 Other Investing (658) (610) (48)
Cash flow for Investing Activities (10,548) (9,729) (819)Net proceed of Debt 7,277 10,711 (3,434)Interest Payment (733) (449) (284)Dividend Payment (6,674) (5,368) (1,306)Other Financing (94) 2,612 (2,706)
Cash flow from Financing Activities (224) 7,506 (7,730)Increase in Cash (770) 7,977 (8,747)Opening Cash Balance 13,163 7,093 6,070
Exchange Rate Adjustment 155 15 140
Closing Cash Balance 12,548 15,085 (2,537)
Astra maintains strong cash flow generated from operating activities and dividend received
Business Updates
Astra362,30354.9%
Astra447,77654.9%
Others297,55445.1%
Others368,54645.1%
4x2 & 4x480.6%
4x2 & 4x479.6%
Commercial16.4%
Commercial 17.0%
Toyota36.2%
Toyota36.6%
Daihatsu15.2%
Daihatsu 14.8%Isuzu 3.2%
Isuzu 3.1%Mitsubishi14.8%
Mitsubishi13.4%Suzuki 10.4%
Suzuki 10.8%
Honda 5.5%
Honda 5.5%
Nissan 5.7%
Nissan 6.4%
Others 8.7%
Others 8.9%
Sedan 3.3% Sedan 3.2%
4x2 & 4x4428,39564.9%
4x2 & 4x4545,77366.9%
Commercial 209,82431.8%
Commercial244,67430.0%
Sedan 50.9 % Sedan 58.6%
4x2 & 4x468.2%
4x2 & 4x465.3%
Commercial 28.3%
Commercial31.1%
M/S9M11
AI Product Segment
Brand Segment AI Product M/S
M/S9M12
AI Product Segment
Brand Segment AI Product M/S
Sedan 3.0%
Source: Gaikindo
Car
12
9M2011 9M2012
Domestic car sales grew by 24%. Astra was able to maintain a leading market position with 55% market share
816,822
Sedan 3.4%
659,857
Several product launches - carFor the first 9M12, Astra launched 17 new car models and 26 revamped models
Toyota FJ CruiserSeptember 2012
BMW 640i Gran CoupeSeptember 2012
Toyota Fortuner VNTAgustus 2012
Toyota Hi-AceSeptember 2012
Toyota ViosSeptember 2012
13
Honda3,190,683
51.5%
Honda3,079,18157.8%
Yamaha2,519,593
40.7%Yamaha
1,836,87534.5%
Suzuki 6.4%
Suzuki 5.9%
Others 1.4 %
Others 1.8%
Cub 1,321,019
41.4%Cub
847,97227.5%
Scooter1,690,072
53.0%Scooter
2,101,60568.3%
Sport/Others5.6%
Sport/Others4.2%
Cub54.3% Cub
58.3%
Scooter54.6 %
Scooter67.1 %
Sport/Others26.8. %
Sport/Others17.4 %
Cub2,431,033
39.2% Cub
1,454,53727.3%
Scooter3,094,229
49.9%Scooter
3,129,96458.7%
Sport/Others10.8%
Sport/Others14.0%
Brand9M11
Honda Segment Honda Product M/S
Segment Brand9M12
Honda Segment Honda Product M/S
Segment
Motorcycle
Source: AISI
9M 2011 9M 2012
Motorcycle sales declined by 14%, impacted by minimum down-payment regulation and a tightening underwriting standard. Honda sales declined by 3%, with market share increased to 58%
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6,194,700 5,331,166
During 9M 2012 Astra Honda Motor launched 2 new models and 9 revamped models
Several product launches - motorcycle
15
Supra X125 Helm In PGM-FIJuly 2012
PCX 150June 2012
Mega ProJune 2012
BeatJanuary 2012
New Vario Techno-PGM FIMarch 2012
OEM67%
After Market
24%
Export9%
Components
16
210 214
544 553
Equity Income Consolidated
OEM70%
After Market
22%,
Export 8%
Net Income (IDR billion)
• PT Astra Otoparts Tbk, the Group’s 95.7%-owned, reported a net income of Rp 767 bn, an increase of 2%
• The 13% increase in revenue, mainly in respect of the OEM and replacement markets, was largely offset by higher raw material and labour costs that could not be fully passed on to customers
754 767
9M11 9M12
49% 51%
40%41%
11%
8%
Export After Market OEM
9M11 9M12
Revenue (IDR billion)
5,4516,168
Unit Financed 9M12 9M11 %
Auto
ACC 126,331 115,750 9
TAFS 41,149 36,596 12
Total 4W 167,480 152,346 10
FIF 1,214,964 1,233,574 (2)
HE
SANF 2,936 2,799 5
KAF 296 337 (12)
Total HE 3,232 3,136 3
* Incl. Joint Financing
Amount Financed (Rp bio) 9M12 9M11 %
Auto
ACC 18,091 16,560 9
TAFS 6,207 5,306 17
Total 4W 24,298 21,866 11
FIF 14,304 15,504 (8)
HE
SANF 3,752 3,363 12
KAF 2,084 1,861 12
Total HE 5,836 5,224 12
Financial services
17
• 9M12 consolidated net income increased by
16% to Rp 1.1 trillion vs. 9M11
• Loan book grew by 39% to Rp 89.9 trillion
• LDR & CAR with market risk: 97% & 13%
• Net-NPL ratio were down from 0.7% to 0.4%
Asuransi Astra Buana
• 9M12 Gross Written Premium up by 15% to Rp 2.5 trillion
• RBC: 205%, requirement 120%
Bank Permata
Group Financial Services recorded a net income growth by 9% to Rp 2.8 tn, driven by financing activity growth and better spread due to declining funding cost
68%56%
6%
6%
16%
24%
10%
14%
Mining Forestry Agro Construction
2,512 2,225
699 2,295
3,211
4,520
PMM TTA (all in thousand tonnes)
PT United Tractors Tbk, 59.5%-owned, reported net income up 3% at Rp 4.5 trillion as net revenue rose 11%
63.6 68.5
Coal Production (mn tonnes)
588.5
634.0
Overburden Removal (mn bcm)
19,905 18,991
15,932 20,128
3,915 5,018
Construction Machinery Mining Contracting Mining
Mining Contracting
Coal Mines: Reserves and SalesKomatsu Unit Sales
5,455
44,13739,752
Revenue (Rp bio)
9M11 9M12
9M11 9M12
9M11 9M12
Heavy equipment & mining
18
6,396
9M11 9M12
Est. Combined Coal Reserves (Mio Tons)
TTA 35PMM 11ABP 9ABB/ABJ 60DS/DN 45BEE 177PJU 45Total 382
220 235
45 33
9M11 9M12
Immature
Mature
7,591
8,382 345
193
9M11 9M12
Export
Local
Area Maturity (‘K Ha) *
Revenue (Rp bio)
CPO Production & Sales (‘K tonnes)268265
• PT Astra Agro Lestari Tbk, 79.7%-owned, reported net income of Rp 1.7 trillion in 9M12, 10% down
• Palm oil production increased 11% to 1 million tonnes, while average CPO prices achieved were marginally lower
* Incl. plasma plantation
CPO Yield (tonne/Ha)
Agribusiness
19
7,936
8,575
3.64 3.71
9M11 9M12
931 1,035890 994
9M11 9M12Production Sales
113.7 117.9
9M11 9M12
26,120 31,174
9M11 9M12
Infrastructure and logistics
20
• Marga Mandalasakti, Tangerang – Merak 72.5km toll road operator, reported a 16% increase in traffic volume to 28 million vehicles
• PAM Lyonnaise Jaya, the western Jakarta water utility system, increased it’s sales volume by 4%
• Serasi Auto Raya reported a 19% y.o.y increase in vehicles under contract at its TRAC car rental business to over 31,000 units
TRAC Rental Car (unit)
23,775 27,516
9M11 9M12
MMS Vehicle Traffic Volume (‘K unit) Palyja Water Sales Volume (Mn m3)
Appendices
Divisional Revenue
Divisional Net Income
Divisional revenue and net income
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In Billion Rupiah 9M12 9M11 % ChgAutomotive 74,969 59,138 27%
4W 57,902 43,629 33%2W 10,934 10,086 8%Components 6,133 5,423 13%
Financial Services 9,611 8,580 12%Heavy Equipment 44,010 39,680 11%Agribusiness 8,575 7,936 8%Infrastructure & Logistics 4,800 3,331 44%Information Technology 1,173 865 36%Total 143,138 119,530 20%
In Percentage of Total 9M12 9M11 ∆Automotive 49.4% 46.0% 3.4%
4W 30.1% 23.8% 6.3%2W 14.3% 16.8% (2.5%)Components 5.0% 5.4% (0.4%)
Financial Services 19.3% 19.3% 0.0%Heavy Equipment 18.4% 19.6% (1.2%)Agribusiness 9.1% 11.0% (1.9%)Infrastructure & Logistics 3.2% 3.6% (0.4%)Information Technology 0.6% 0.5% 0.1%
Several products launched in 9M 2012
23
Recent Models Launched Launching Time Engine Capacity Prices (IDR mn)
Car BMW 640i Grancoupe Jul-12 3,000 cc 1,628*Toyota Fortuner VNT Aug-12 2,500-2,700cc 387-489.7Toyota FJ Cruiser Sep-12 4,000cc 800-900Toyota Hi Ace Sep-12 2,500cc 355-398Toyota Vios Sep-12 1,500cc 216.6-263.1BMW X6 xDrive35i LCI Sep-12 3,000 cc 1,768*BMW M6 Sep-12 4,400cc 2,398*BMW 730Li LCI Sep-12 3,000 cc 1,688*BMW 740Li LCI Sep-12 3,000 cc 1,988*BMW 750Li LCI Sep-12 4,400 cc 2,898*BMW 760Li LCI Sep-12 6,000 cc 3,388*BMW 730Ld LCI Sep-12 3,000 cc 1,748*
MotorcycleSupra X 125 Helm In PGM-FI Jul-12 125cc 16.3
*Off the road
National market data (summary)
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9M12 9M11Major BrandsWholesale Astra Wholesale Astra
Car
Sedan 25,875 59% 21,638 51% Toyota - Vios/Limo, Camry, Altis ; Honda - City,Accord, Civic; Mercedes - C Series, E Series
4X2 & 4X4 545,773 65% 428,395 68%
Toyota - Avanza, Innova, Rush, Yaris: Daihatsu - Xenia, Terios, Gran Max; Nissan - Grand Livina, Evalia; Suzuki - Ertiga, APV; Honda - Jazz, Freed, CR-V, Brio; Mitsubishi – Pajero Sport, Outlander Sport, Mirage
Pick Up/ Trucks/ Bus 229,899 31% 195,380 28%Mitsubishi – Canter, L-300, Fuso; Suzuki – Carry; Daihatsu – Grand Max; Isuzu – Elf, Panther, Giga; Toyota – Dyna
Double Cabin 14,775 38% 14,444 25% Ford – Ranger; Toyota – Hilux; Mitsubishi – Strada; Isuzu – D-Max
Total 816,322 55% 659,857 55%
Mot
orcy
cle Cub 1,454,537 58% 2,431,033 54%
Honda - Supra X 125, Absolute Revo ; Yamaha -Jupiter MX, Vega ZR, Jupiter Z; Suzuki – SmashTitan, Shogun Axello 125
Scooter 3,129,964 67% 3,094,229 55% Honda - BeAT, Vario, Spacy; Yamaha - Mio, Fino, Xeon; Suzuki – Nex, Skydrive, Hayate
Sport & Others 746,665 17% 669,438 27% Yamaha V-ixion, Bison; Honda - New Mega Pro, New Tiger; Suzuki - Satria F 150, Thunder EN 125
Total 5,331,166 58% 6,194,700 52%
Source: Gaikindo
For further information please contact:Investor Relations of PT Astra International Tbk - Attn:Iwan Hadiantoro / Tira Ardianti / Inneke Soendoro / ChristianP: (+62 21) 652 2555F: (+62 21) 6530 4953E: [email protected] / [email protected] /
[email protected] / [email protected]
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