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PT Astra International Tbk1H 2013 Results Presentation
Nomura Indonesia All Access Conference 2013, 22 October 2013, Shangrilla Hotel Jakarta
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
OverviewThe Group’s net earnings declined by 9%, with improved contributionsfrom the financial services and mining contracting businesses offset bylower contributions from the automotive, heavy equipment andagribusiness segments.
Period ended 30th June
2013 2012 Change
Net Revenue (Rp bn) 94,279 95,919 (2%)
Net Income (Rp bn)* 8,819 9,678 (9%)
Earnings per share (Rp) 218 239 (9%)
As at 30th
June 2013As at 31st
December 2012Change
Shareholders’ Funds (Rp bn)** 75,061 71,201 5%
Net asset value per share (Rp)** 1,854 1,759 5%
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
3
Automotive
Automobile•Toyota•Daihatsu• Isuzu•BMW•Peugeot•UD Trucks
Motorcycle
Honda
Component
Astra Otoparts
Others
Astraworld
Financial Services
•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
Automobile
Sea Port
Eastkal
• Astra’s car market share declined from 56% to 53%, while Astra’s motorcycle market share increased from 57% to 60%
• Komatsu maintains its leading market position, despite tight competition and weaker demand for heavy equipment
Market position at 30 June 2013
4
Toyota36%
Daihatsu15%
Isuzu3%
Mitsubishi13%
Suzuki12%
Nissan5%
Honda8%
Others8%
Car
Source : Gaikindo
Honda60%
Yamaha33%
Suzuki5%
Kawasaki2%
Motorcycle
Source : AISIKomatsu
41%
Caterpillar 18%
Hitachi 22%
Kobelco17%
Others2%
Source: United Tractors – Internal Market Research
Heavy Equipment
2Q13 corporate actions
5
May • AOP completed right issue of Rp 3.0 trillion, with AI participation of Rp 2.9 trillion
June
April • AOP acquired 51% share of PT Pakoakuina (Pako), a wheel rim player for both 2W and 4W for Rp 700 billion
• AI placed 15.7% of AOP shares at a price of Rp 3,750 to increase the liquidity of the stock, generating Rp 2.8 trillion in gross proceeds
Financial Performance
7
Economic conditions continue to support domestic demand, but the Group’soperations are facing increased competition in the car market, higher labour costs andlower commodity prices
Automotive demand remained favorable, benefiting from rising income, withincreasing competition as a consequence of the introduction of additional domesticcapacity
New minimum down-payment requirements in automotive Shariah-financing had anegligible impact on automotive sales in the first-half results; it is too early todetermine the impact of the fuel price increase on automotive sales
Strong financial services performance, benefiting from loan book growth and afavorable credit environment
Reduced demand in the heavy equipment business due to soft commodity prices.Improved coal mining contracting performance driven by increased mine sitecapacity
Increased palm oil production, amidst lower average CPO prices
1H13 environment
Consolidated income statement
8
In Billion Rupiah 1H 2013 1H 2012 Change
USD / IDR, average 9,756 9,250 5%
Revenue 94,279 95,919 (2%)
Gross Profit 16,568 17,915 (8%)
Operating Expenses (8,673) (7,923) 9%
Other Income 1,292 952 36%
Equity Income 3,067 2,937 4%
Income Tax Expense (2,125) (2,512) (15%)
Non-controlling interest (1,310) (1,691) (23%)
Net Income 8,819 9,678 (9%)
“While the outlook for domestic demand remains positive, it is expected that increasedcompetition in the car market, higher employee costs and lower commodity prices willcontinue to impact results in the second half of the year.”
- Prijono Sugiarto, President Director
Ownership %
Share of NI %1H 2013 1H 2012
Auto Non-Auto Auto Non-Auto
4W AutomotiveSO – Toyota, Daihatsu, IsuzuToyota Astra MotorAstra Daihatsu MotorIsuzu Astra Motor Indonesia
100513245
28.0 30.5
2W AutomotiveAstra Honda MotorHonda SO
50100
16.6 14.7
ComponentAstra Otoparts 80 5.5 5.2
Financial ServicesAstra Sedaya FinanceFederal International FinanceToyota Astra Financial ServicesKomatsu Astra FinanceSAN FinanceAsuransi Astra BuanaPermata Bank
1001005050609645
19.0 5.3 14.3 4.3
Heavy Equipment & MiningUnited TractorsPamapersada Nusantara
6060
16.0 19.3
AgribusinessAstra Agro Lestari 80 6.5 7.9
Infrastructure, Logistics, ITSERAPalyjaMarga MandalasaktiAstra Graphia
100497977
3.1 3.8
9
2001 2012 1H 12 1H 13
Auto (Incl. autorelated Financial Services)
89% 64% 65% 69%
Non-Auto 11% 36% 35% 31%
Astra portfolio for the period 6 months to June 2013
Net income contribution Auto vs. Non-Auto segments:
• Astra’s net asset value of Rp 1,854 per share* at 30th June 2013 was 5% higher than at the end of 2012
• Overall net debt at 30th June 2013, excluding financial services subsidiaries, was Rp 6.2 trillion, compared to net debt of Rp 8.9 trillion at the end of 2012. DER (incl. FinSer) was maintained at 47%
Consolidated balance sheet
10
In Billion Rupiah 30-Jun-13 31-Dec-12 ChangeCash and Cash Equivalents 14,512 11,055 3,457Trade Receivables 18,502 16,443 2,059Inventories 14,780 15,285 (505)Financing Receivables 52,045 48,631 3,414Investments in Associates and Jointly Controlled Entities 21,328 19,801 1,527Fixed Assets 36,435 34,326 2,109Other Assets 39,557 36,733 2,824Total Assets 197,159 182,274 14,885Short-term Borrowings 10,031 7,202 2,829Trade Payables 16,224 12,685 3,539Long-term Debt 49,801 49,555 246Other Liabilities 25,566 23,018 2,548Total Liabilities 101,622 92,460 9,162Equity Attributable to The Owners of The Parent 75,061 71,201 3,860Non – controlling Interest 20,476 18,613 1,863Total Equity 95,537 89,814 5,723Net Debt 45,320 45,702 (382)Net Debt (Excl. Financial Services) 6,166 8,918 (2,752)
* Net asset value per share is based on equity attributable to the owners of the parent.
Consolidated cash flow
11
In Billion Rupiah 1H 2013 1H 2012 Change
Cash from operations 13,094 7,919 5,175 Tax Payments (3,336) (3,096) (240)Interest received 404 365 39 Dividend Received 2,100 2,784 (684)
Cash flow from Operating Activities + Dividend Received 12,262 7,972 4,290 Net Capex (4,851) (6,208) 1,357 Net Investment (1,174) (706) (468)Other Investing (152) (347) 195
Cash flow for Investing Activities (6,177) (7,261) 1,084 Net proceed of Debt 2,349 6,793 (4,444)Interest Payment (562) (482) (80)Dividend Payment (7,051) (6,664) (387)Other Financing 2,393 (62) 2,455
Cash flow from Financing Activities (2,871) (415) (2,456)Increase in Cash 3,214 296 2,918 Opening Cash Balance 10,815 13,071 (2,256)
Exchange Rate Adjustment 185 93 92
Closing Cash Balance 14,214 13,460 754
The cash inflow from operating activities for the first-half of 2013 was Rp 12.3 trillion, an increase of Rp 4.3 trillion due to working capital improvement.
Business Updates
Astra 301,63556.4%
Astra 321,18453.4%
Others 233,62643.6%
Others280,76846.6%
4x2 & 4x480.5%
4x2 & 4x479.7%
Commercial16.4%
Commercial 18.0%
Toyota37.8%
Toyota35.8%
Daihatsu15.0%
Daihatsu 14.7%
Isuzu 3.1%Isuzu 2.7%
Mitsubishi13.8%
Mitsubishi12.9%
Suzuki 9.6%Suzuki 12.5% Honda 4.9%
Honda 8.2%Nissan 6.4%
Nissan 5.2% Others 8.9%
Others 7.8%
Sedan 2.9% Sedan 2.7%
4x2 & 4x4357,16466.7%
4x2 & 4x4415,70269.1%
Commercial162,68030.4%
Commercial169,84928.2%
Sedan 59.8% Sedan 43.8%
4x2 & 4x468.0%
4x2 & 4x461.6%
Commercial 30.4%
Commercial34.1%
M/S1H12
AI Product Segment
Brand Segment AI Product M/S
M/S1H13
AI Product Segment
Brand Segment AI Product M/S
Sedan 3.1%
Source: Gaikindo
Car
13
1H12 1H13
Domestic car sales grew by 12%. Astra was able to maintain a leading market position with market share of 53%.
601,952
Sedan 2.2%
535,261
Product launches - carAstra launched 6 new car models and 8 revamped models during the first-half of 2013
All New ViosMay 2013
BMW 320dJune 2013
All New Avanza AirbagMay 2013
14
All New Xenia AirbagMay 2013
New Peugeot RCZMay 2013
Isuzu Giga FVZJune 2013
Upcoming models – Astra’s LCGC
15
Astra Toyota AgyaAstra Daihatsu Ayla
Honda, 2,101,881
56.8%
Honda, 2,364,297
60.3%
Yamaha,1,311,323
35.4%
Yamaha, 1,277,781
32.6%
Suzuki, 6.0%Suzuki, 5.3%
Others 1.8%Others 1.8%
Cub609,93229.0%
Cub466,99519.8%
Scooter1,409,337
67.1%
Scooter1,717,700
72.7%
Sport/Others3.9%
Sport/Others7.6%
Cub609,93258.3%
Cub466,99559.5%
Scooter1,409,337
64.7%
Scooter1,717,700
68.7%
Sport/Others17.2 %
Sport/Others28.0%
Cub1,046,459
28.3%
Cub784,76020.0%
Scooter2,176,634
58.8%
Scooter2,498,633
63.7%
Sport & Others 12.9%
Sport & Others 16.3%
Brand1H12
Honda Segment Honda Product M/S
Segment Brand1H13
Honda Segment Honda Product M/S
Segment
Motorcycle
Source: AISI
1H 2012 1H 2013
Motorcycle sales grew by 6%, while Honda sales grew by 12.5%, with market share increased from 57% to 60%.
16
3,702,354 3,923,695
Product launches - motorcycle
17
During the first-half of 2013 AHM launched 2 new models and 5 revamped models
Supra X 125 RApril 2013
Vario 125 CBS Idling Stop March 2013
Honda Verza January 2013
Honda Scoopy FIFebruary 2013
157 147
371 371
Equity Income Consolidated
OEM67%
After Market
25%
Export8%
52% 52%
40%40%
8%
8%
Export After Market OEM
OEM65%
After Market
29%
Export6%
Components
18
Net Income (IDR billion)
• Astra Otoparts, the Group’s 80%-owned automotive components business, reported net income of Rp 519 billion, a decrease of 2%, of which 71% was from associates and jointly controlled entities
• The 19% increase in revenue was offset by higher labour costs
528 519
Revenue (IDR billion)
4,162
19%(2%)
1H 2012 1H 2013 1H 2012 1H 2013
4,961
Amount Financed (Rp bio) 1H 2013 1H 2012 %
Auto
ACC 13,056 12,398 5
TAFS 4,883 4,287 14
Total 4W 17,938 16,685 8
FIF 9,878 9,603 3
Total Auto 27,816 26,288 6
HE
SANF 1,663 2,899 (43)
KAF 907 1,533 (41)
Total HE 2,571 4,432 (42)
Financial services
19
• 1H 2013 consolidated net income increased
by 15% to Rp 818 billion
• Loan book grew by 27% to Rp 107.3 trillion
• LDR 91.8% & CAR 15.6%
• Net-NPL ratio were down from 0.5% to 0.4%
Asuransi Astra Buana
• 1H 2013 Gross Written Premium up by 22% year on year to Rp 1.9 trillion
• RBC : 201%, requirement 120%
Bank Permata
Net income from the financial services businesses grew by 19% to Rp 2.1 tn, driven by loan book growth
Unit Financed 1H 2013 1H 2012 %
Auto
ACC 95,047 85,645 11
TAFS 32,124 28,269 14
Total 4W 127,171 113,914 12
FIF 860,135 798,352 8
HE
SANF 1,479 2,261 (35)
KAF 199 228 (13)
Total HE 1,678 2,489 (33)
* Incl. Joint Financing
44.5 50.1
Coal Production (mn tonnes)
407.3
414.5
Overburden Removal (mn bcm)
1,491 710
1,555
1,459
3,046
2,169
PMM Mines TTA Mines (all in thousand tonnes)
14,1658,484
12,92614,436
3,5191,981
Construction Machinery Mining Contracting Mining
60%
48%
6%
8%
21%
21%
13%
23%
Mining Forestry Agro Construction
United Tractors, 59.5%-owned, reported net income down 25% to Rp 2.3 trillion, mainly due to lower heavy equipment sales
Mining Contracting
Coal Mines: Reserves and SalesKomatsu Unit Sales
2,452
Revenue (Rp bio)
1H 2012 1H 2013 1H 2012 1H 2013
Heavy equipment & mining
20
4,231 Est. Combined Coal Reserves (Mio Tons)
TTA 33PMM 8ABP 9ABB/ABJ 84DS/DN 45BEE 200PJU 45Total 424
30,610
1H 2012 1H 2013 1H 2012 1H 2013
24,901
237 238
30 37 Immature
Mature
5,543 5,395
104
100 Export
Local
Area Maturity (‘K Ha) *
Revenue (Rp bio)
CPO Production & Sales (‘K tonnes)275
267
• Astra Agro Lestari, 79.7%-held, reported net income of Rp 717 billion• Despite palm oil production increasing 11% to 704 thousand tonnes, revenue decreased 3% to
Rp 5.5 trillion, due to 16% lower average crude palm oil prices achieved at Rp 6,638 per kg
* Incl. plasma plantation
CPO Yield (tonne/Ha)
Agribusiness
21
5,647
5,495
2.29 2.25
636704
644752
Production Sales
1H 2012 1H 2013 1H 2012 1H 2013
1H 2012 1H 2013 1H 2012 1H 2013
78.5 78.2
30,658 31,223
Infrastructure and logistics
22
• Marga Mandalasakti, Tangerang – Merak 72.5km toll road operator, reported an 11% increase in traffic volumes to 20 million vehicles
• PAM Lyonnaise Jaya, the western Jakarta water utility system, reported a modest decrease in sales volume to 78.2 million cubic metres
• Serasi Autoraya’s revenue improved, supported by a 2% increase in vehicles under contract at its TRAC car rental business to over 31,000 units, however profit declined on higher depreciation and operating costs
TRAC Rental Car (unit)
17,907 19,958
MMS Vehicle Traffic Volume (‘K unit) Palyja Water Sales Volume (Mn m3)
1H 2012 1H 2013
1H 2012 1H 20131H 2012 1H 2013
Appendices
Divisional Revenue
Divisional Net Income
Divisional revenue and net income
24
In Billion Rupiah 1H 2013 1H 2012 % ChgAutomotive 53,208 49,675 7%
4W 39,851 38,374 4%2W 8,422 7,165 18%Components 4,935 4,136 19%
Financial Services 6,707 6,168 9%Heavy Equipment 24,864 30,506 (18%)Agribusiness 5,495 5,647 (3%)Infrastructure & Logistics 3,105 3,095 0%Information Technology 900 828 9%Total 94,279 95,919 (2%)
In Billion Rupiah 1H 2013 1H 2012 ∆Automotive 50.1% 50.4% (0.3%)
4W 28.0% 30.5% (2.5%)2W 16.6% 14.7% 1.9%Components 5.5% 5.2% 0.3%
Financial Services 24.3% 18.6% 5.7%Heavy Equipment 16.0% 19.3% (3.3%)Agribusiness 6.5% 7.9% (1.4%)Infrastructure & Logistics 2.5% 3.3% (0.8%)Information Technology 0.6% 0.5% 0.1%
Car products launched in 1H13
25
Models Launched Launching Time Engine Capacity Prices (IDR mn)
Car Lexus LS 460 L Jan-13 4,600cc 2,300Lexus LS 600 HL Jan-13 5,000cc 2,900BMW X1 sDrive18i Business Jan-13 2,000cc 499*BMW X1 sDrive18i xLine Jan-13 2,000cc 559*BMW X1 sDrive20d Sport Jan-13 2,000cc 649*Isuzu NQR 71 Feb-13 125ps 287.5BMW M 135i Feb-13 3,000cc 888*Toyota Etios Valco Mar-13 1,200cc 139.5-169.5Toyota All New Avanza Airbag May-13 1,300cc-1,500cc 155.5-193Toyota All New Vios May-13 1,500cc 242.5-272.5Daihatsu All New Xenia Airbag May-13 1,000cc-1,300cc 133.1-185.8Peugeot New RCZ May-13 1,600cc 689.1*Isuzu Giga FVZ Jun-13 7,800cc 788.5BMW 320d Jun-13 2,000cc 659**Off the road
Motorcycle products launched in 1H13
26
Models Launched Launching Time Engine Capacity Prices (IDR mn)*MotorcycleHonda Verza Jan-13 150cc 16.1 – 16.9Honda Revo Series Jan-13 110cc 13Honda Vario Feb-13 110cc 14.6Honda Scoopy FI Feb-13 110cc 13.9Honda Spacy FI Mar-13 110cc 13.2Honda Vario 125 CBS Idling Stop Mar-13 125cc 16.4Honda Supra X 125 R Apr-13 125cc 14.9-15.9
27
1H 2013 1H 2012Major BrandsWholesale Astra Wholesale Astra
Car
Sedan 16,401 43.8% 15,417 59.8% Toyota - Vios/Limo, Camry, Altis ; Honda - City,Civic, Accord; Mercedes - E Series, C Series
4X2 & 4X4 415,702 61.5% 357,164 68.0%
Toyota - Avanza, Innova, Rush, Yaris: Daihatsu - Xenia, Terios, Gran Max; Nissan - Grand Livina, March, Evalia; Suzuki - Ertiga, APV, Swift; Honda - Jazz, CR-V, Freed; Mitsubishi – PajeroSport, Mirage, Outlander Sport
Pick Up/ Trucks/ Bus 162,248 33.5% 154,844 29.8%Mitsubishi – Canter, L-300, Strada; Suzuki – Carry; Daihatsu – Gran Max; Isuzu – Elf, Panther, Giga; Toyota – Dyna ,,Hi-Lux, Hi-Ace
Double Cabin 7,601 37.4% 7,836 41.4% Toyota – Hilux; Mitsubishi – Strada; Ford – Ranger; Isuzu – D-Max
Total 601,952 53.4% 535,261 56.4%
Mot
orcy
cle
Cub 784,760 59.5% 1,046,459 58.3%Honda - Supra X 125, Revo Series, Blade; Yamaha -Jupiter MX, Vega RR, Jupiter Z; Suzuki – SmashTitan, Shooter, Shogun Axello 125
Scooter 2,498,633 68.7% 2,176,634 64.7% Honda - BeAT, Vario, Scoopy; Yamaha - Mio, Xeon, X-Ride; Suzuki – Nex, Hayate, Let’s
Sport & Others 640,302 28.0% 479,261 17.2%Yamaha - V-ixion, Byson, Scorpio Z; Honda - CB 150 R, Verza, New Mega Pro; Suzuki - Satria F 150, Thunder 125
Total 3,923,695 60.3% 3,702,354 56.8%
Source: Gaikindo
National market data (summary)
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]
28