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PT Astra International Tbk1H12 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 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.
Highlights
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2012 first half financial highlights• Net earnings per share up 13% to Rp 239• Unit sales of cars up 32% and motorcycles relatively flat• Heavy equipment and mining net revenue up 19%
OverviewThe Group delivered results for the first half of 2012 that were 13% ahead of the corresponding period in 2011. Strong results from the Group’s car and heavy equipment businesses more than offset a lower profit contribution from the Group’s palm oil and motorcycle businesses.
Six months ended 30th June
2012 2011 Change%
Net Revenue (Rp bn) 95,919 76,264 26%
Net Income (Rp bn)* 9,678 8,588 13%
Earnings per share (Rp) 239 212 13%
As at 30th
June 2012As at 31st
December 2011
Shareholders’ Funds (Rp bn)** 64,062 60,449 6%
Net asset value per share (Rp)** 1,582 1,493 6%
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
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Automotive
Automobile
•Toyota•Daihatsu• Isuzu•BMW•Peugeot•UD Truck
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
•TraktorNusantara
Mining Contractor
PAMA PersadaNusantara
Coal Mining
•PMM•TTA• ABP• BEE• ABB / ABJ• DS / DN
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
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Car Motorcycle
Heavy Equipment
Despite tighter competition, Astra continues to maintain leading market position in car,motorcycle, and heavy equipment industries
Market position at 30 June 2012
Source: Gaikindo
Source: United Tractors
Source: AISI
Toyota, 38%
Daihatsu, 15%Isuzu, 3%
Mitsubishi, 14%
Honda, 5%
Suzuki, 10%
Nissan, 6%Others, 8%
Honda, 57%
Yamaha, 35%
Suzuki, 6%Kawasaki, 2%
Komatsu, 44%
Caterpillar, 19%
Hitachi, 20%
Kobelco, 12%
Others, 5%
1H-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 in Indonesia Stock Exchange
• 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
1H 2012 environment Indonesian GDP growth of 6.3%, supported by strong domestic demand, low inflation
rate, attractive interest rate and sufficient liquidity, despite recent weakening of IDR against USD
Strong results from the Group’s automotive businesses in particular car sales which benefited from strong domestic demand and increased supply due to additional capacity and fewer negative supply chain events
Increased competition in the Construction Machinery as a consequence of additional small equipment supply that has been redirected to the Indonesian market from the Chinese market
Improved operating results from Mining Contracting and Mining businesses due to additional mining capacity added
Lower average crude palm oil prices coupled with higher costs of production and operating expenses drove lower results in agribusiness segment
While the outlook remains encouraging, there are a number of factors that may negatively impact short-term growth, including:
• minimum down payments for automotive sector• lower coal and other commodity price• further impact from global economic slowdown
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Consolidated income statement“The Group performed well in the first half of 2012, in particular car sales which benefitted fromstrong domestic demand and increased supply as a consequence of additional capacity and fewernegative supply chain events. Despite the introduction of new minimum down paymentrequirements in auto financing from 15th June 2012, which will negatively impact automotivesales, the Group is expected to perform satisfactorily in the second half of the year.”
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In Billion Rupiah 1H12 1H11 % Chg
USD / IDR, average 9,250 8,716 6%
Revenue 95,919 76,264 26%
Gross Profit 17,915 15,152 18%
Selling & Administration Expenses (7,923) (6,715) 18%
Other Income 952 1,063 (10%)
Equity Income 2,937 2,952 (1%)
Income Tax Expense (2,512) (2,368) 6%
Non-controlling interest (1,691) (1,496) 13%
Net Income 9,678 8,588 13%
- Prijono Sugiarto, President Director
Astra portfolio as at 30 June 2012
• Higher net income contribution in 4W and Heavy Equipment, while lower in 2W and Agribusiness
• Automotive value chain contributes >50% of total group net income
• Net income contribution Auto vs. Non-Auto segments:
Ownership(%)
Share of Net Income (%)
Auto Non-Auto
4W AutomotiveToyota SO, Daihatsu SO, Isuzu SOToyota Astra MotorAstra Daihatsu MotorIsuzu Astra Motor Indonesia
100513245
30.5
2W AutomotiveAstra Honda MotorHonda SO
50100
14.7
ComponentAstra Otoparts 96 5.2
Financial ServicesAstra Sedaya FinanceFederal International FinanceToyota Astra Financial ServicesKomatsu Astra FinanceSAN FinanceAsuransi Astra BuanaPermata Bank
1001005050609645
14.3 4.3
Heavy Equipment & MiningUnited TractorsPamapersada Nusantara
6060
19.3
AgribusinessAstra Agro Lestari 80 7.9
Infrastructure & LogisticsSERAPalyjaMarga Mandalasakti
1004979
3.8
8
2001 2010 2011 1H12
Auto (Incl. autorelated Financial Services)
89% 66% 61% 65%
Non-Auto 11% 34% 39% 35%
Consolidated balance sheetAstra’s net asset value of Rp 1,582 per share* as at Jun’12 was 6% higher than at the end of December 2011
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In Billion Rupiah 30-Jun-12 31-Dec-11 % Chg
Cash and Cash Equivalents 13,587 13,203 3%
Trade Receivables 17,786 14,526 22%
Inventories 13,546 11,990 13%
Financing Receivables 44,685 41,033 9%
Investments in Associates and Jointly Controlled Entities 17,101 16,997 1%
Fixed Assets 32,707 28,804 14%
Other Assets 32,069 26,968 19%
Total Assets 171,481 153,521 12%
Short-term Borrowings 3,543 4,681 (24%)
Trade Payables 16,232 15,542 4%
Long-term Debt 49,771 40,309 23%
Other Liabilities 21,206 17,151 24%
Total Liabilities 90,752 77,683 17%
Equity Attributable to The Owners of The Parent 64,062 60,449 6%
Non – controlling Interest 16,667 15,389 8%
Total Equity 80,729 75,838 6%
Net Debt 39,727 31,787 25%
Net Debt (Excl. Financial Services) 5,756 572 906%
* 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 1H12 1H11 Change
Cash from Operations 8,030 6,590 1,440
Tax Payments (3,096) (1,814) (1,282)
Interest Received 365 295 70
Dividends Received 2,784 2,618 166
Cash Flow from Operating Activities + Dividend Received 8,083 7,689 394
Net Capex (6,015) (4,247) (1,768)
Net Investment (706) (465) (241)
Other Investing (659) (326) (188)
Cash Flow from Investing Activities (7,380) (5,038) (2,342)
Net Proceed of Debt 6,793 7,408 (615)
Interest Payment (482) (282) (200)
Dividend Payment (6,664) (4,728) (1,936)
Other Financing (62) (2,451) (2,513)
Cash Flow from Financing Activities (415) 4,849 (5,264)
Increase in Cash 288 7,500 (7,212)
Opening Cash Balance 13,163 7,093 6,070
Exchange Rate Difference 99 (142) 241
Closing Cash Balance 13,550* 14,451* (901)
*Include Bank Overdraft
Astra229,26354.9%
Astra301,63656.4%
Others188,42445.1%
Others233,62743.6%
4x2 & 4x480.9%
4x2 & 4x480.6%
Commercial16.1%
Commercial 16.4%
Toyota36.5%
Toyota37.8%
Daihatsu14.9%
Daihatsu 15.0%Isuzu 3.1%
Isuzu 3.1%Mitsubishi
16.1%
Mitsubishi13.8%Suzuki 10.5%
Suzuki 9.6%
Honda 5.2%
Honda 4.9%
Nissan 5.2%
Nissan 6.4%
Sedan 3.3% Sedan 2.8%
4x2 & 4x4269,94264.6%
4x2 & 4x4356,98066.7%
Commercial 134,11732.1%
Commercial163,15330.5%
Sedan 49.9 % Sedan 60.7%
4x2 & 4x468.7%
4x2 & 4x468.1%
Commercial 27.5%
Commercial30.3%
M/S1H11
AI Product Segment
Brand Segment AI Product M/S
M/S1H12
AI Product Segment
Brand Segment AI Product M/S
Sedan 3.0%
Source: Gaikindo
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Car1H11 1H12
Wholesale car market increased by 28%, while Astra’s car sales rose by 32%
535,263
Sedan 3.0%
12
417,687
Others 8.2%
Others 15.4%
Several product launches - car
All New CamryApril 2012
BMW M5April 2012
Peugeot 107May 2012
Land Cruiser 200June 2012
Toyota 86June 2012
Lexus RX 350June 2012
During first half of 2012 Astra launched 13 new models and 18 revamped models
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Honda2,099,349
51.8%
Honda2,101,881
56.8 %
Yamaha1,646,084
40.6 %
Yamaha1,311,323
35.4 %
Suzuki 6.3 %
Suzuki 6.0 %
Others 1.3 %
Others 1.8 %
Cub42.7 % Cub
29.0 %
Scooter51.2 % Scooter
67.1 %
Sport/Others6.1 %
Sport/Others3.9 %
56.1 % 58.3 %
53.2 %
64.7 %
29.4. %
17.2 %
Cub1,597,255
39.4 % Cub
1,046,45928.3 %
Scooter2,022,678
49.9 % Scooter2,176,634
58.8 %
Sport/Others10.7 %
Sport/Others12.9 %
4,056,075 3,702,354
Brand1H 2011
Honda Segment Honda Product M/S
Segment Brand1H 2012
Honda Segment Honda Product M/S
Segment
Source: AISI
Motorcycle1H 2011 1H 2012
Motorcycle sales decreased by 9%, while Honda’s sales relatively flat (+0.1%)
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Supra XApril 2012
TigerApril 2012
Mega ProJune 2012
PCX 150June 2012
During the first half Astra Honda Motor launched 2 new models and 8 revamped models
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Several product launches - motorcycle
133 157
347371
Equity Income Consolidated
OEM67%
After M
arket2
5%
Export8%
OEM70%
Afte
r Market
23
%
Export7%
Net Income (Rp bio)
Components• PT Astra Otoparts Tbk, the Group’s 95.7%-owned, reported a net income of Rp 528 bn, an increase
of 10% compared to the first half of last year
• Higher sales of 17%, particularly in the OEM and replacement markets, were partly offset by higher material and labor costs that have not been passed on in full to OEM customers
16
480528
1H11 1H12
Financial services
Unit Financed 1H12 1H11 %
Auto
ACC 85,645 75,653 13
TAFS 28,269 23,862 18
Total 4W 113,914 99,515 14
FIF 798,352 757,355 5
HE
SANF 2,261 1,864 21
KAF 228 199 15
Total HE 2,489 2,063 21
* Incl. Joint Financing
Amount Financed (Rp bio) 1H12 1H11 %
Auto
ACC 12,398 10,870 14
TAFS 4,287 3,490 23
Total 4W 16,685 14,360 16
FIF 9,603 9,477 1
HE
SANF 2,899 2,220 31
KAF 1,533 1,144 34
Total HE 4,432 3,364 32
17
• 1H12 consolidated net income increased by
1% to Rp 712 billion vs. 1H11
• Loan book grew by 41% to Rp 84.4 tn
• LDR & CAR with market risk: 95% & 13%
• Net-NPL ratio were down from 0.7% to 0.5%
Asuransi Astra Buana
• 1H12 Gross Written Premium up by 17% to Rp 1.5 trillion
• RBC: 182%, requirement 120%
Bank Permata
Group Financial Services remain strong, in particular Automotive and Heavy Equipment financings
1,615 1,491
590 1,555
2,205
3,046
PMM TTA (all in thousand tonnes)
PT United Tractors Tbk, 59.5%-owned, reported net income of Rp 3.1 trillion in 1H12, a 21% increase compared to the corresponding period in 2011
40.2 45.1
Coal Production (mn tonnes)
2,949 2,556
265 241
680 897
439 537
Mining Forestry Agro Construction
366.4
415.2
Overburden Removal (mn bcm)
13,073 14,258
9,824 12,833
2,722
3,519
Construction Machinery Mining Contracting Mining
Mining Contracting
Coal Mines: Reserves and SalesKomatsu Unit Sales
4,231
30,61025,619
Revenue (Rp bio)
Heavy equipment & mining
1H11 1H12
1H11 1H12
1H11 1H12
18
4,333
1H11 1H12
Combined Coal Reserves (Mio Tons)
TTA 35
PMM 11
ABP 9
ABB/ABJ 60
DS/DN 45
BEE 177
Total 337
221 237
43 30
1H11 1H12
Immature
Mature
5,030
5,543 267
104
1H11 1H12
Export
Local
Area Maturity (‘K Ha) *
Revenue (Rp bio)
CPO Production & Sales (‘K tonnes)
267264
• PT Astra Agro Lestari Tbk, 79.7%-owned, reported net income for the first half of Rp 959 billion• Average crude palm oil prices achieved were 2% lower, despite the increase in palm oil production by 7%
Agribusiness
* Incl. plasma plantation
CPO Yield (tonne/Ha)
19
5,297
5,647
2.32 2.29
1H11 1H12
594 636567644
1H11 1H12
Production Sales
75.1 78.5
1H11 1H12
24,941 30,658
1H11 1H12
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Infrastructure and logistics
• Marga Mandalasakti, Tangerang – Merak72.5km toll road operator, reported a 15% increase in traffic volume to 18 million vehicles
• PAM Lyonnaise Jaya, the western Jakarta water utility system, increased it’s sales volume by 5%
• Serasi Auto Raya reported a 23% y.o.y increase in vehicles under contract at its TRAC car rental business
TRAC Rental Car (unit)
15,523 17,907
1H11 1H12
MMS Vehicle Traffic Volume (‘K unit) Palyja Water Sales Volume (Mn m3)
Divisional revenue and net incomeDivisional Revenue
Divisional Net Income
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In Billion Rupiah 1H12 1H11 % Chg
Automotive 49,675 37,255 33%
4W 38,374 27,354 40%
2W 7,165 6,355 13%
Components 4,136 3,546 17%
Financial Services 6,169 5,475 13%
Heavy Equipment 30,506 25,566 19%
Agribusiness 5,647 5,297 7%
Infrastructure & Logistics 3,095 2,114 46%
Information Technology 827 557 48%
Total 95,919 76,264 26%
In Percentage of Total 1H12 1H11 D
Automotive 50.4% 45.6% 4.8%
4W 30.5% 23.0% 7.5%
2W 14.7% 17.3% -2.6%
Components 5.2% 5.3% -0.1%
Financial Services 18.6% 20.1% -1.5%
Heavy Equipment 19.3% 17.9% 1.4%
Agribusiness 7.9% 11.8% -3.9%
Infrastructure & Logistics 3.3% 4.1% -0.8%
Information Technology 0.5% 0.5% 0.0%
2323
Others 8.2%
Others 15.4%
Recent Models Launched Launching Time Engine Capacity Prices (IDR mn)
Car
Peugeot 308 Apr-12 1,600cc 397*BMW M5 Apr-12 4,395cc 2,058*All New Camry Apr-12 2,500cc 482.7-635.6Land Cruiser 200 Apr-12 4,500cc 1,185-1,475
Peugeot 107 May-12 1,000cc 184.9*
Peugeot 408 Jun-12 1,600cc-2,000cc 317-389*BWM 335i Jun-12 3,000cc 849*BMW 328i Luxury Jun-12 2,000cc 729*BMW 328i Sport Jun-12 2,000cc 699*BMW 320i Luxury Jun-12 2,000cc 649*BMW 320i Sport Jun-12 2,000cc 599*Lexus RX 270 Jun-12 2,700cc 945Lexus RX 350 Jun-12 3,500cc 1,170Lexus RX 350 F Sport Jun-12 3,500cc 1,170Lexus RX 450 Hybrid Jun-12 3,500cc 1,403Lexus IS 300C Jun-12 3,000cc 945Toyota 86 Jun-12 2,000cc 600-636
MotorcycleSupra-X Apr-12 125cc 14.6-15.6Tiger Apr-12 200cc 25.2Mega Pro Jun-12 150cc 18.4-19.6PCX 150 Jun-12 150cc 33.3
*Off the road
Several products launched in 2Q 12
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National Market Data (Summary)
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Others 8.2%
Others 15.4%
1H12 1H11Major Brands
Wholesale Astra Wholesale Astra
Car
Sedan 15,130 61% 13,628 50%Toyota - Vios/Limo, Camry, Altis ; Honda - City,Civic, Accord; Mercedes - C Series, E Series
4X2 & 4X4 356,980 68% 269,942 69%
Toyota - Avanza, Innova, Rush, Yaris: Daihatsu - Xenia, Terios, Gran Max; Nissan - Grand Livina, March; Suzuki - Ertiga, APV; Honda - Jazz, Freed, CR-V; Mitsubishi – Pajero Sport
Pick Up/ Trucks/ Bus 155,062 30% 125,009 28%Mitsubishi – Canter, Fuso, L-300; Suzuki – Carry; Daihatsu – Grand Max; Isuzu – Elf, Panther, Giga; Toyota – Dyna
Double Cabin 8,091 40% 9,108 22%Toyota – Hilux; Mitsubishi – Strada; Isuzu – D-Max;Ford - Ranger
Total 535,263 56% 417,687 55%
Mo
torc
ycle
Cub 1,046,459 58% 1,597,255 56%Honda - Supra X 125, Absolute Revo ; Yamaha -Vega ZR, Jupiter MX, Jupiter Z; Suzuki - Smash Titan, Shogun Axello 125
Scooter 2,176,634 65% 2,022,228 53%Honda - BeAT, Vario, Scoopy; Yamaha - Mio, Xeon, Suzuki - Nex
Sport & Others 479,261 17% 436,592 29%Yamaha V-ixion, Bison; Honda - New Mega Pro, New Tiger; Suzuki - Satria F 150, Thunder EN 125
Total 3,702,354 57% 4,056,075 52%
Source: Gaikindo
For further information please contact:
Investor Relations of PT Astra International Tbk - Attn:
Iwan Hadiantoro / Tira Ardianti / Christian
P: (+62 21) 652 2555
F: (+62 21) 6530 4953
E: [email protected] / [email protected] / [email protected]
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