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PT ASTRA INTERNATIONAL TBK
First Quarter 2019 - Results Presentation
The materials in this presentation have been prepared by PT Astra International Tbk (Astra) and are general background information about Astra Group business performances current as at the date of this presentation and are subject to change without prior notice. This information is given in summary form and does not purport to be complete. Information in this presentation, including forecast financial information, should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or other financial products or instruments and does not take into account their particular investment objectives, financial situation or needs. Before acting on any information, readers should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, readers should seek independent financial advice. This presentation may contain forward looking statements including statements regarding our intent, belief or current expectations with respect to Astra businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices. Readers are cautioned not to place undue reliance on these forward looking statements; past performance is not a reliable indication of future performance. Astra does not undertake any obligation to publicly release the result of any revisions to these forward looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events. 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 Astra 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.
Disclaimer
1
5,215
2
The financial results for the period ended 31st March 2019 and 2018 as well as the financial position as at 31st March 2019 have been prepared in accordance with Indonesian Financial Accounting Standards and are unaudited. The financial position as at 31st December 2018 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
Rp129
5%
Astra’s automotive national wholesales
Improved earnings
contribution from financial services
Highlights
Net revenue
(Rp bn)
59,607 1Q19
1Q18
7%
Gro
up
Res
ult
s
For
the
pe
rio
d e
nd
ed
31
st M
arch
55,822
5%
5%
4%
4%
1Q19
1Q18 4,980
1Q19
1Q18
Net income
(Rp bn)
Net earnings per share (Rp)
129
123
Shareholder’s funds
(Rp bn)
Net asset value per share (Rp)
Gro
up
Res
ult
s As at 31st
March 2019 141,797
As at 31st December 2018
136,947
As at 31st March 2019
As at 31st December 2018
3,503
3,383
Increased mining contracting volume and contribution from newly
acquired gold mine
Agribusiness adversely impacted
by lower crude palm oil prices
5% 19%
Business Structure
Automobile • Toyota • Daihatsu • Isuzu • BMW • Peugeot • UD Trucks
Other
Motorcycle •Honda
Component •Astra Otoparts
Other Automotive Related Product & Service •AstraWorld
Automobile Financing •Astra Credit
Companies • Toyota Astra
Finance
Motorcycle Financing • Federal
International Finance
Mobile Lending Fintech • Astra WeLab
Digital Arta
Heavy Equipment Financing • Surya Artha
Nusantara Finance
• Komatsu Astra Finance
Banking • Permata Bank
General Insurance • Asuransi Astra
Buana
Life Insurance • Astra Aviva Life
Construction Machinery • United Tractors • Traktor Nusantara
Mining Contracting • Pamapersada Nusantara Mining • Tuah Turangga Agung • Agincourt Resources Construction Industry • Acset Indonusa
Energy • Bhumi Jati Power
Palm Oil Plantation • Astra Agro Lestari Refineries • Tanjung Sarana Lestari • Kreasijaya Adhikarya Commodity Trading • Astra-KLK Pte.Ltd
Cattle in Palm Oil Plantation • Agro Menara Rachmat
General Infrastructure • Astra Toll Nusantara • Astra Nusa Perdana Toll Road • Marga Mandalasakti • Marga Harjaya Infrastruktur • Marga Trans Nusantara • Trans Marga Jateng • Lintas Marga Sedaya Logistics • Serasi Autoraya Sea Port • Pelabuhan Penajam Banua Taka
Document Solution •Astra Graphia
IT Solution • Astra Graphia
Information Technology Office Services Solution • Astragraphia Xprins
Indonesia
Commercial Properties • Menara Astra
Trading Properties • Brahmayasa Bahtera • Samadista Karya • Astra Land Indonesia • Astra Modern Land
Financial Services Heavy Equipment,
Mining, Construction and Energy
Agribusiness Infrastructure and Logistics
Information Technology
Automotive Property
Toyota 31%
Daihatsu 20% Isuzu
2%
Others 47%
Car
• Astra’s car market share increased from 49% to 53%. • Komatsu heavy equipment market share increased from 34% to 38%.
Source : Gaikindo Source: United Tractors – Internal Market Research
Heavy Equipment
Market Position as at 31 March 2019
Komatsu 38%
Caterpillar 16%
Hitachi 20%
Kobelco 11%
Sumitomo 4%
Others 11%
4
Feb‘19 • As part of the collaboration between the Group and GOJEK, a joint venture company was formed to provide fleet management support for the ride-hailing online transportation system of GO-CAR in Indonesia. This strategic collaboration was taken following an additional US$100 million of equity investment by the Group in GOJEK in January 2019, which brought the Group’s total investment in GOJEK to US$250 million.
5
Corporate Actions
Financial Performance
6
In Billion Rupiah 1Q19 1Q18 Change
USD / IDR, average (full rupiah) 14,126 13,625 4%
Net Revenue 59,607 55,822 7%
Gross Profit 12,612 11,350 11%
Selling, General and Administrative Expenses (5,698) (5,346) 7%
Finance Cost - net (588) (112) 425%
Foreign Exchange (losses)/gains - net (135) 47 N/A
Other Income - net 561 469 20%
Share of Results of Joint Ventures and Associates 1,565 1,536 2%
Income Tax Expenses (1,652) (1,610) 3%
Non-controlling Interests (1,450) (1,354) 7%
Net Income 5,215 4,980 5%
Consolidated Income Statement
7
“The Group’s performance was satisfactory in the first quarter of 2019, supported by increased contributions from its financial services and mining contracting businesses, as well as the contribution from its newly acquired gold mining business. For the remainder of the year, the Group is expected to continue to benefit from the performance of these businesses, while concerns remain over lacklustre demand and intense competition in the car market and weaker commodity prices.”
- Prijono Sugiarto, President Director -
1% 1% 6%
35% 30%
27% 21%
37% 42%
1Q19 1Q18
Divisional Net Income
Divisional Net Revenue
8
Divisional Net Revenue and Net Income
4% 4% 7% 8%
38% 34%
8% 8%
43% 46%
1Q19 1Q18
7%
59,607 55,822
5%
5,215 4,980 5% 5%8% 9%
35% 31%
8% 9%
44% 46%
2018 2017
Automotive
Financial Services
Heavy Equipment, Mining, Construction & Energy
Agribusiness
Others (Infrastructure & Logistics, IT and Property)
• The net asset value per share was Rp3,503 at 31st March 2019, 4% higher than at the end of 2018. • Net debt, excluding the Group’s financial services subsidiaries, was Rp15.2 trillion at 31st March 2019, compared with
Rp13.0 trillion at 31st December 2018, mainly due to the investment in GOJEK. The Group’s financial services subsidiaries had net debt of Rp46.7 trillion at 31st March 2019, compared with Rp47.7 trillion at the end of 2018.
In Billion Rupiah 31-Mar-19 31-Dec-18 Change
Cash and Cash Equivalents 30,079 25,193 19%
Trade Receivables 30,911 31,226 (1%)
Inventories 29,975 30,622 (2%)
Financing Receivables 67,443 65,907 2%
Investment in Joint Ventures and Associates 40,699 40,358 1% Fixed Assets 59,627 57,733 3%
Other Assets 98,382 93,672 5%
Total Assets 357,116 344,711 4%
Short-term Borrowings 16,516 19,588 (16%)
Trade Payables 40,461 42,263 (4%)
Long-term Debt 75,438 66,326 14%
Other Liabilities 44,147 42,171 5%
Total Liabilities 176,562 170,348 4%
Equity Attributable to the Owners of The Parent 141,797 136,947 4%
Non – controlling Interests 38,757 37,416 4%
Total Equity 180,554 174,363 4%
Net Debt 61,875 60,721 2%
Net Debt (Excl. Financial Services) 15,205 13,040 17% 9
Consolidated Balance Sheet
In Billion Rupiah 1Q19 1Q18 Change
Cash Generated from Operations 7,475 6,270 1,205
Tax Payments (1,750) (1,113) (637)
Interest Received 380 380 -
Net Cash flow provided from Operating Activities 6,105 5,537 568
Dividend Received - 2 (2)
Net Investment (2,334) (4,850) 2,516
Net Capex (4,365) (3,458) (907)
Other Investing (511) (150) (361)
Net Cash flow used in Investing Activities (7,210) (8,456) 1,246
Net Proceeds of Debt 7,017 4,079 2,938
Interest Paid (987) (520) (467)
Dividend Payments - (330) 330
Other Financing 170 275 (105)
Net Cash flow provided from Financing Activities 6,200 3,504 2,696
Increase in Cash 5,095 585 4,510
Opening Cash Balance (incl. Bank Overdraft) 24,941 31,574 (6,633)
Exchange Rate Adjustment 5 145 (140)
Closing Cash Balance (incl. Bank Overdraft) 30,041 32,304 (2,263)
As at 31 March 2019, Astra’s consolidated closing cash balance (incl. bank overdraft) was Rp30.0 trillion.
10
Consolidated Cash Flow
Business Update
11
Astra’s car sales were 10% higher at 421,000 units, resulting in an increase in market share from 50% to 54%.
Astra 134,264 / 52.9%
Astra 141,933 / 48.6%
Others 119,599 / 47.1%
Others 150,220 / 51.4%
4x2 & 4x4 137,634 / 54.2%
4x2 & 4x4
157,532 / 53.9%
Commercial 62,473 / 24.6%
Commercial 71,953 / 24.6%
LCGC 52,388 / 20.7%
LCGC 60,796 / 20.8%
Toyota & Lexus 77,605 / 30.6%
Toyota & Lexus 84,931 / 29.1%
Daihatsu 50,699 / 20.0%
Daihatsu 51,607 / 17.7%
Isuzu, 5,960 / 2.3% Isuzu, 5,395 / 1.8%
Other Brands 119,599 / 47.1%
Other Brands 150,220 / 51.4%
M/S 1Q19
Market Segment
Brand
M/S 1Q18
Market Segment
Brand
Sedan 1,872 / 0.7%
Sedan 1,368 / 0.5%
1Q19 1Q18
The wholesale market for cars declined by 13% to 254,000 units. Astra’s car sales, however, were only 5% lower at 134,000 units, resulting in an increase in market share from 49% to 53% in the first quarter of 2019.
13%
Source: Gaikindo 12
Automotive – Wholesale Car Market
292,153 253,863
Toyota New Avanza January 2019
During 1Q19, Astra launched 6 new models and 2 revamped models.
Daihatsu Grand New Xenia January 2019
13
Toyota All New Camry (NEW) January 2019
Isuzu FVR 34 P TH January 2019
BMW X3 sDrive20i (NEW) March 2019
Automotive – Car Product Launches
Astra Honda Motor’s national sales increased by 19% to 1.3 million units. The Group launched 2 new models and 12 revamped models during the period.
Honda PCX EV (NEW) January 2019
14
Honda BeAT eSP January 2019
Automotive – Motorcycle Product Launches
Honda CB650R (NEW) February 2019
Honda Scoopy February 2019
Honda CB150 Verza February 2019
Honda Supra X 125 FI March 2019
59 61 159
146
3,943 3,838
Astra Otoparts, the Group’s components business, reported net income 9% higher at Rp159 billion. The increase in net income was mainly due to higher revenue generated from its original equipment manufacturing, replacement market and export segments.
15
Net Income (Rp bio) Revenue (Rp bio)
3% 9%
Share of Results of Joint Ventures and Associates (Rp bio)
3%
1Q19 1Q18 1Q19 1Q18 1Q19 1Q18
Automotive – Components
Net income from the Group’s financial services division increased by 32% to Rp1.4 trillion, due to higher contributions from most business segments.
16
Financial Services
Permata Bank
* Unit financed includes electronics **Average exchange rate USD/IDR: 14,126 (1Q19) & 13,625 (1Q18) ***Tentative figure, awaiting confirmation from OJK
Asuransi Astra Buana
• Higher net income by 9% to Rp269 billion.
• 1Q19 Gross Written Premium up by 15% YoY to Rp1.4 trillion.
• RBC: 247%*** vs regulatory minimum of 120%.
Unit Financed 1Q19 1Q18 %
Auto
ACC 50,023 49,390 1
TAF 19,953 19,056 5
Total ACC & TAF 69,976 68,446 2
FIF* (in thousand) 878 879 (0)
Total Auto 947,868 947,143 0
HE
SANF 345 190 82
KAF 94 106 (11)
Total HE 439 296 48
Amount Financed (Rp bio) 1Q19 1Q18 %
Auto
ACC 7,602 7,488 2
TAF 4,049 3,750 8
Total ACC & TAF 11,651 11,239 4
FIF 9,138 8,487 8
Total Auto 20,789 19,726 5
HE
SANF 517 267 94
KAF** 456 579 (21)
Total HE 974 846 15
• 1Q19 net income of Rp377 billion
(1Q18: net income of Rp164 billion)
• Loan book increased by 5% YoY to Rp105 trillion
• LDR 87%, Total CAR 20%
• Gross and Net NPL at the end of March 2019 were 3.8% and 1.6% respectively (2018: 4.4% and 1.7% respectively)
97
Gold Mine (in thousand oz)
2,547 2,599
Total Coal Sales (all in thousand tonnes)
234.6
207.1
Overburden Removal (mn bcm)
59
30
New Contracts Secured (Rp bn)
30.5 26.7
Coal Production (mn tonnes)
17
30% 36%
42% 42%
16% 18%
8% 4%
4%
Construction Machinery Mining Contracting Coal Mining Gold Mining Construction Industry
48% 60%
13% 8%
27% 19%
12% 13%
Mining Forestry Construction Agro
Mining Contracting
Coal Sales (incl. Trading) Komatsu Unit Sales 1,181
Revenue (Rp bio)
1Q19 1Q18 1Q19 1Q18
1Q19 1Q18 1Q19 1Q18
19%
Coal Production
15%
OB Removal
14%
4% 1%
United Tractors, which is 59.5%-owned, reported net income of Rp3.1 trillion, 21% higher than the comparable period in 2018. The increase was mainly due to improved performance in its mining contracting business and contribution from the gold mining operation acquired in December 2018.
22,621 19,011
1,171
General Contractor
New Contracts
Heavy Equipment, Mining, Construction and Energy
1Q18 1Q19
97%
Gold Sales
1Q19
6,252 7,855
599 480
CPO & Derivatives Sales 18
415
388
CPO Production
0.91 0.88
50% 62%
50% 38%
Export
Local
CPO Production (‘K tonnes)
1Q19 1Q18
5% 3%
7%
1Q19 1Q18
1Q19 1Q18 1Q19 1Q18
25%
Astra Agro Lestari, which is 79.7%-owned, reported a 89% decline in net income to Rp37 billion, primarily due to a fall in crude palm oil prices, which were 20% lower at Rp6,252/kg compared with the average in the first quarter of 2018. This more than offset a 25% increase in crude palm oil and derivatives sales to 599,000 tonnes.
CPO & Derivatives Sales (‘K tonnes)
1Q19 1Q18
Agribusiness
Average CPO Price (Rp/Kg)
20%
4,233 4,446
Revenue (Rp bio) CPO Productivity (tonne/Ha)
22,124 22,632
121
50
263 253
SERA Units in Contract (Units)
MMS Toll Revenue (Rp bio)
1Q19 1Q18
1Q19 1Q18
2%
4%
Infrastructure and Logistics
71
39
MHI Toll Revenue (Rp bio)
1Q19 1Q18
348 296
LMS Toll Revenue (Rp bio)
1Q19 1Q18
18% 82% 1Q19 1Q18
TMJ Toll Revenue (Rp bio)
143%
Toll Road As at
31 March 2019
In Operation 302.4
Under Construction 11.2
The Group’s infrastructure and logistics division reported net income of Rp16 billion, compared with a net loss of Rp23 billion in the first quarter of 2018. This was mainly due to improved earnings from operational toll roads.
Astra Toll Roads Portfolio (Km)
[72.5km] [116.8km] [72.6km] [40.5km]
19
50% 54%
23% 38%
27% 8%
Astra Graphia Document Solution
Astra Graphia Information Technology
Astragraphia Xprins Indonesia
Astra Graphia Revenue (Rp bio)
1Q19 1Q18
730
630 16%
26
35
Astra Graphia Net Income (Rp bio)
1Q19 1Q18
26%
Astra Graphia, which is 76.9%-owned, reported net income of Rp26 billion, 26% lower than the first quarter of last year. While revenues in the document solutions and office services businesses rose, the impact was offset by higher operating costs.
20
Information Technology
15
6
Net Income (Rp bio)
1Q19 1Q18
150%
Net income from the Group’s property division was Rp15 billion, compared with net income of Rp6 billion in the first quarter of the previous year, mainly due to increased earnings from Menara Astra. The Group’s other projects include interests in Arumaya in South Jakarta and Asya in East Jakarta, both residential projects, and a 3-hectare residential and commercial development in Jakarta’s Central Business District.
21
Property
Appendices
22
Models Launched Launching Period Engine Capacity Prices (Rp mio)
Toyota All New Camry Jan’19 2,500cc 613.4-806.6
Toyota New Avanza Jan’19 1,300cc-1,500cc 191.1-239.5
Daihatsu Grand New Xenia Jan’19 1,300cc-1,500cc 183.4-228.9
Isuzu FVR 34 P TH Jan’19 245ps 625
Isuzu GVR 34 J HP ABS Jan’19 285ps 681
Isuzu GVZ 34 K HP ABS Jan’19 285ps 916
Isuzu GXZ 60 K ABS Jan’19 345ps 1,011
BMW X3 sDrive20i Mar’19 2,000cc 909*
23
Car Product Launches 1Q19
* Off the Road price
Models Launched Launching Period Engine Capacity Prices (Rp mio)
Honda PCX EV Jan’19 - (B2B only)
Honda BeAT eSP Jan’19 110cc 15.1 – 16.3
Honda BeAT Street eSP Jan’19 110cc 16.2
Honda CB650R Feb’19 650cc 237.4
Honda PCX 150 Feb’19 150cc 28-31
Honda CB500X Feb’19 500cc 156
Honda CB500F Feb’19 500cc 135.4 – 141.9
Honda CBR500R Feb’19 500cc 146.9
Honda CMX500 Rebel Feb’19 500cc 156
Honda Scoopy Feb’19 110cc 18.4
Honda CB150 Verza Feb’19 150cc 19.4 – 20.1
Honda Supra X 125 FI Mar’19 125cc 17.5 – 18.5
Honda Vario 125 Mar’19 125cc 19.4 – 20.2
Honda Vario 150 Mar’19 150cc 22.8
24
Motorcycle Product Launches 1Q19
25
No Brokerage House Analyst Name Contact Number Email Address
1 BCA Sekuritas Aditya Eka Prakasa +62 21 23587222 [email protected] 2 BofA Merrill Lynch Swati Chopra +65 6678 0405 [email protected] 3 CIMB Sekuritas Indonesia Jovent Muliadi +62 21 3006 1727 [email protected] 4 Ciptadana Sekuritas Asia Arief Budiman +62 21 2557 4800 [email protected] 5 Citigroup Investment Research Ferry Wong +62 21 2924 9213 [email protected] 6 CLSA Indonesia Sarina Lesmina +62 21 5088 7888 [email protected] 7 Credit Suisse Sekuritas Indonesia Andri Ngaserin +62 21 2553 7917 [email protected] 8 Danareksa Sekuritas Stefanus Darmagiri +62 21 2955 5831 [email protected] 9 DBS Vickers Maynard Priajaya Arif +62 21 3003 4900 [email protected]
10 Deutsche Verdhana Securities Joko Sogie +62 21 2964 4543 [email protected] 11 Goldman Sachs Pramod Kumar +91 22 6616 9043 [email protected] 12 HSBC Global Research Colin Davis +65 6658 0606 [email protected]
13 Indo Premier Sekuritas Raditya Immanzah +62 21 5793 1168 [email protected] 14 J.P. Morgan Securities Indonesia Benny Kurniawan +62 21 5291 8024 [email protected] 15 Kresna Securities Franky Rivan +62 21 2939 1900 [email protected] 16 Macquarie Sekuritas Indonesia Robert Pranata +62 21 2598 8366 [email protected] 17 Mandiri Sekuritas Ariyanto Kurniawan +62 21 5296 9682 [email protected] 18 Maybank Kim Eng Securities Isnaputra Iskandar +62 21 2557 1129 [email protected] 19 Morgan Stanley Divya Gangahar Kothiyal +65 6834-6438 [email protected] 20 NH Korindo Sekuritas Arnold Sampeliling +62 21 797 6202 [email protected] 21 Nomura Indonesia Elvira Tjandrawinata +62 21 2991 3341 [email protected] 22 Onix Capital Bagus Hananto +62 21 3190 1777 [email protected] 23 RHB Sekuritas Indonesia Andrey Wijaya +62 21 2598 6888 [email protected] 24 Samuel Sekuritas Akhmad Nurcahyadi +62 21 2854 8144 [email protected] 25 Sinarmas Sekuritas Evan Lie Hadiwidjaja +62 21 392 5550 [email protected] 26 Trimegah Securities Willinoy Sitorus +62 21 2924 9088 [email protected] 27 UOB Kay Hian Securities Stevanus Juanda +62 21 2993 3845 [email protected] 28 Valbury Asia Securities Budi Rustanto +62 21 2553 3600 [email protected]
Equity Research Contact Details
For further information please contact:
PT Astra International Tbk
Corporate Investor Relations
P: (+62 21) 5084 3888
26
