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PT ASTRA INTERNATIONAL TBK Nine Months 2018 - 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
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2
Group Results 9 months ended 30th September
2018 2017* Change
Net revenue (Rp bn) 174,881 150,225 16%
Net income (Rp bn) 17,073 14,159 21%
Net earnings per share (Rp) 422 350 21%
As at 30th September 2018
As at 31st December 2017* Change
Shareholders’ funds (Rp bn) 132,480 123,780 7%
Net asset value per share (Rp) 3,272 3,058 7%
* Restated due to implementation of PSAK No. 69: Agriculture The financial results for the nine months ended 30th September 2018 and 2017 as well as the financial position as at 30th September 2018 have been prepared in accordance with Indonesian Financial Accounting Standards and are unaudited. The financial position as at 31st December 2017 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
Rp422
21% 50% 75%
Auto Market Share Higher coal prices continued to benefit
heavy equipment, mining contracting and mining
revenue
Highlights Lower crude palm oil
prices adversely impacted agribusiness
Business Structure
Automobile • Toyota • Daihatsu • Isuzu • BMW • Peugeot • UD Trucks
Other
Motorcycle •Honda
Component •Astra Otoparts
Others •AstraWorld
Automobile •Astra Credit
Companies •Toyota Astra
Finance
Motorcycle • Federal
International Finance
Mobile Lending Fintech • Astra WeLab
Digital Arta
Heavy Equipment
• Surya Artha Nusantara Finance
• Komatsu Astra Finance
Banking • Permata Bank
Insurance • Asuransi Astra
Buana • Astra Life
Construction Machinery • United Tractors • Traktor Nusantara
Mining Contracting • Pamapersada Nusantara Coal Mining • Tuah Turangga Agung Construction Industry • Acset Indonusa
Energy • Bhumi Jati Power
Palm Oil Plantation • Astra Agro Lestari Refineries • Tanjung Sarana Lestari • Kreasijaya Adhikarya • Tanjung Bina Lestari Commodity Trading • Astra-KLK Pte.Ltd
Cattle in Palm Oil Plantation • Agro Menara Rachmat
Toll Road • Marga Mandalasakti • Marga Harjaya Infrastruktur • Marga Trans Nusantara • Trans Marga Jateng • Trans Bumi Serbaraja • Lintas Marga Sedaya
Sea Port • Pelabuhan Penajam Banua Taka Logistics • Serasi Autoraya
Document Solution •Astra Graphia
IT Solution • Astra Graphia
Information Technology
Office Services Solution • Astragraphia Xprins
Indonesia
• Menara Astra • 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 30%
Daihatsu 17% Isuzu
2%
Others 51%
Car
• Astra’s car market share decreased from 55% to 50%. • Astra’s motorcycle market share maintained at 75%. • Komatsu maintained its leading market position with 35% market share.
Source : Gaikindo Source : AISI
Source: United Tractors – Internal Market Research
Heavy Equipment
4
Komatsu 35%
Caterpillar 18%
Hitachi 14%
Kobelco 13%
Sumitomo 5%
Others 15%
Market Position as at 30 September 2018
Honda 75%
Others 25%
Motorcycle
Feb ‘18 • The Group invested US$150 million for a minority stake in GO-JEK, Indonesia’s leading multi-platform technology group, which provides access to a wide range of services from transportation and payments to food delivery, logistics and other on-demand services.
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Corporate Actions
May‘18 • Permata Bank divested its 25% shareholding in Astra Sedaya Finance to the Group for Rp2.8 trillion, in order to strengthen the bank’s capital position and maximize its capital allocation for lending.
Apr‘18 • 50%-owned Astra Land Indonesia purchased a 3-hectare site in Jakarta’s Central Business District, for residential and commercial development.
Corporate Actions
Aug‘18 • United Tractors’ subsidiary, Danusa Tambang Nusantara, signed a Conditional Share Sale Agreement to acquire a 95% stake in Agincourt Resources, which operates a gold mine in North Sumatera, for approximately US$1.0 billion.
Sep‘18 • Astra (through its subsidiary, Sedaya Multi Investama) and WeLab, a leading technology enabler for consumer lending in China including Hong Kong, announced the establishment of Astra WeLab Digital Arta, 60%-owned by Astra, to offer mobile lending products to retail consumers and provide financial technology solutions to enterprise customers.
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Financial Performance
7
In Billion Rupiah 9M18 9M17* Change
IDR / USD, average 14,129 13,349 6%
Net Revenue 174,881 150,225 16%
Gross Profit 36,702 30,673 20%
Selling, General and Administrative Expenses (16,500) (15,808) 4%
Other Income 1,702 1,020 67%
Share of Results of Joint Ventures and Associates 5,281 5,594 (6%)
Income Tax Expenses (5,668) (4,091) 39%
Non-controlling Interests (4,444) (3,229) 38%
Net Income 17,073 14,159 21%
“We expect the Group to achieve satisfactory full year results, notwithstanding concerns over competitive pressure in the car market and weak crude palm oil prices.”
- Prijono Sugiarto, President Director -
Consolidated Income Statement
* Restated due to implementation of PSAK No. 69 : Agriculture 8
41% 46%
20% 21%
32% 24% 5% 8% 2% 1%
9M18 9M17*
Others (Infrastructure & Logistics IT and Property)
Agribusiness
Heavy Equipment, Mining, Construction & Energy
Financial Services
Automotive
Divisional Net Income
Divisional Net Revenue
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Divisional Net Revenue and Net Income
*Restated due to implementation of PSAK No. 69 : Agriculture
45% 47%
8% 9%
35% 31%
8% 8% 4% 5%
9M18 9M17
Others (Infrastructure & Logistics, IT and Property)
Agribusiness
Heavy Equipment, Mining, Construction & Energy
Financial Services
Automotive
16% 174,881 150,225
21% 17,073 14,159*
• The net asset value per share was Rp3,272 at 30th September 2018, 7% higher than at the prior year end.
• Net cash excluding the Group’s financial services subsidiaries was Rp1.7 trillion, down from Rp2.7 trillion at 31st December 2017, due mainly to the Group’s toll road and GO-JEK investments and capital expenditure in its mining contracting business. The Group’s financial services subsidiaries had net debt of Rp47.8 trillion, compared with Rp46.1 trillion at the end of 2017.
In Billion Rupiah 30-Sep-18 31-Dec-17* Change Cash and Cash Equivalents 36,669 31,574 16% Trade Receivables 31,390 25,420 23% Inventories 24,357 19,504 25% Financing Receivables 65,057 63,252 3% Investment in Joint Ventures and Associates 41,927 39,260 7% Fixed Assets 53,472 48,402 10% Other Assets 80,453 68,418 18% Total Assets 333,325 295,830 13% Short-term Borrowings 14,851 16,321 (9%) Trade Payables 39,997 29,468 36% Long-term Debt 67,892 58,657 16% Other Liabilities 42,654 34,879 22% Total Liabilities 165,394 139,325 19% Equity Attributable to the Owners of The Parent 132,480 123,780 7% Non – controlling Interest 35,451 32,725 8% Total Equity 167,931 156,505 7% Net Debt (Cash) 46,074 43,404 6% Net Debt (Cash) (Excl. Financial Services) (1,686) (2,654) (36%)
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Consolidated Balance Sheet
* Restated due to implementation of PSAK No. 69 : Agriculture
In Billion Rupiah 9M18 9M17 Change Cash generated from operations 27,523 18,944 8,579 Tax Payments (5,060) (3,272) (1,788) Interest Received 1,162 1,280 (118) Net Cash flow provided from Operating Activities 23,625 16,952 6,673 Dividend Received 3,942 4,300 (358) Net Capex (10,193) (8,301) (1,892) Net Investment (5,796) (7,744) 1,948 Other Investing (594) (648) 54 Net Cash flow used in Investing Activities (12,641) (12,393) (248) Net Proceeds of Debt 3,846 2,422 1,424 Interest Paid (1,893) (1,597) (296) Dividend Payments (7,065) (5,746) (1,319) Other Financing (1,876) (14) (1,862) Net Cash flow used in Financing Activities (6,988) (4,935) (2,053) Increase / (Decrease) in Cash 3,996 (376) 4,372 Opening Cash Balance (incl. Bank Overdraft) 31,574 29,356 2,218 Exchange Rate Adjustment 599 29 570 Closing Cash Balance (incl. Bank Overdraft) 36,169 29,009 7,160
As at 30 September 2018, Astra’s consolidated closing cash balance (incl. bank overdraft) was Rp36.2 trillion.
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Consolidated Cash Flow
Business Updates
12
Astra’s car sales were 10% higher at 421,000 units, resulting in an increase in market share from 50% to 54%.
Astra 424,604 / 49.6%
Astra 443,906 / 55.2%
Others 431,955 / 50.4%
Others 360,258 / 44.8%
4x2 & 4x4 474,481 / 55.4%
4x2 & 4x4
443,500 / 55.2%
Commercial 207,826 / 24.3% Commercial
173,211 / 21.5%
LCGC 168,756 / 19.7% LCGC
179,768 / 22.4%
Toyota & Lexus 258,523 / 30.2%
Toyota & Lexus 289,921 / 36.1%
Daihatsu 147,513 / 17.2%
Daihatsu 140,233 / 17.4%
Isuzu, 18,480 / 2.2% Isuzu, 13,723 / 1.7%
Other Brands 432,043 / 50.4%
Other Brands 360,287 / 44.8%
M/S 9M18
Market Segment
Brand
M/S 9M17
Market Segment
Brand
Sedan 7,685 / 1%
Sedan 5,496 / 0.6%
9M18 9M17
The wholesale market for cars was 7% higher in the period at 857,000 units. Astra’s car sales, however, were 4% lower at 424,000 units as a result of increased competition, which resulted in a decline in market share from 55% to 50%.
7%
Source: Gaikindo 13
Automotive – Wholesale Car Market
804,164 856,559
Toyota C-HR (NEW) April 2018
Daihatsu Sirion (NEW) February 2018
During first nine months 2018 , Astra launched 17 new models and 6 revamped models.
Peugeot 3008 SUV (NEW) March 2018
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Isuzu Traga (NEW) May 2018
BMW 6 Series GT (NEW) August 2018
Lexus ES (NEW) August 2018
Automotive – Car Product Launches
Honda 74.9%
Others 25.1%
4,722,242 units
Source: AISI
9M18 9M17
The wholesale market for motorcycles increased by 9% to 4.7 million units. Astra Honda Motor’s domestic sales increased by 9% to 3.5 million units, with its market share stable at 75%.
9%
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Automotive – Wholesale Motorcycle Market
Honda 74.6%
Others 25.4%
4,340,252 units
Honda CB 150 Verza February 2018
During first nine months 2018, Astra Honda Motor launched 5 new model and 16 revamped models.
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Honda BeAT Sporty January 2018
Automotive – Motorcycle Product Launches
Honda GL 1800 Gold Wing (NEW) April 2018
Honda Super Cub August 2018
Honda Vario 150 (NEW) April 2018
Honda Forza (NEW) August 2018
322
236
414 370
11,501 9,975
Astra Otoparts, the Group’s automotive components business, reported net income 12% higher at Rp414 billion, due to increased revenues from its original equipment manufacturing and replacement market sales.
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Net Income (Rp bio) Revenue (Rp bio)
15% 12%
Share of Results of Joint Ventures and Associates (Rp bio)
36%
9M18 9M17 9M18 9M17 9M18 9M17
Automotive – Components
Net income from the Group’s financial services division increased by 17% to Rp3.5 trillion, with an improved contribution from its consumer finance businesses.
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Financial Services
Permata Bank
* Average exchange rate USD/IDR: 14,129 (9M18) & 13,349 (9M17) **Tentative figure, waiting confirmation from OJK
Asuransi Astra Buana • Higher net income by 2% to Rp764 billion. • 9M18 Gross Written Premium up by 7% YoY to
Rp3.4 trillion. • RBC: 230%** vs regulatory minimum of 120%.
Unit Financed 9M18 9M17 %
Auto
ACC 130,988 137,229 (5%)
TAF 60,424 86,447 (30%)
Total ACC & TAF 191,412 223,676 (14%)
FIF (Incl.Electronics)’000 2,807,636 2,661,335 5%
Total Auto 2,998,986 2,884,912 5%
HE
SANF 801 689 16%
KAF 427 514 (17%)
Total HE 1,227 1,203 2%
Amount Financed (Rp bio) 9M18 9M17 %
Auto
ACC 19,638 21,018 (7%)
TAF 12,014 15,737 (24%)
Total ACC & TAF 31,653 36,755 (14%)
FIF (Incl.Electronics) 28,445 25,841 10%
Total Auto 60,098 62,596 (4%)
HE
SANF 1,206 2,613 (54%)
KAF* 2,553 2,608 (2%)
Total HE 3,758 5,221 (28%)
• 9M18 consolidated net income of Rp494 billion (9M17: consolidated net income of Rp708 billion,
benefited from a one-off gain on the sale of non-performing loans).
• Loan book increased by 15% YoY to Rp107 trillion. • LDR 91%, Total CAR 19%, and CET-1 ratio 17%. • Gross and Net NPL at the end of September 2018 were
4.8% and 1.7% respectively, with NPL coverage ratio of 189%.
716.6 586.6
Overburden Removal (mn bcm)
8.4
3.8
New Contracts Secured (Rp tn)
90.3 82.4
Coal Production (mn tonnes)
5,815
5,078
Total Coal Sales (all in thousand tonnes) 19
35% 38%
47% 46%
13%
12%
4%
4%
Construction Machinery Mining Contracting
Mining Construction Industry
53% 50%
10%
12%
21%
22%
16%
16%
Mining Forestry Construction Agro
Mining Contracting
Coal Sales (incl. Trading) Komatsu Unit Sales 3,681
Revenue (Rp bio)
9M18 9M17 9M18 9M17
9M18 9M17 9M18 9M17
32%
Coal Production
10%
OB Removal
22%
15% 34%
United Tractors, which is 59.5%-owned, reported 61% higher net income at Rp9.1 trillion, mainly due to improved performances in its construction machinery, mining contracting and mining operations, all of which benefited from increased coal prices.
61,125
46,258
2,744
General Contractor New Contracts
Heavy Equipment, Mining, Construction and Energy
2016 2017
During 9M18, Acset has secured Rp835 billion of new construction projects.
124%
7,639 8,309 1,555
1,264
CPO & Derivatives Sales 20
1,425 1,203
CPO Production
3.17 2.95 61% 58%
39% 42%
Export
Local
Revenue (Rp bio)
CPO Production (‘K tonnes)
CPO Productivity (tonne/Ha)
9M18 9M17
10% 7%
18%
9M18 9M17
9M18 9M17 9M18 9M17
23%
Astra Agro Lestari, which is 79.7%-owned, reported an 18% decline in net income at Rp1.1 trillion. The decline was primarily due to a fall in crude palm oil prices which were 8% lower at Rp7,639/kg. This more than offset a 23% increase in crude palm oil and derivatives sales at 1.6 million tonnes.
CPO & Derivatives Sales (‘K tonnes)
9M18 9M17
Agribusiness
Average CPO Price (Rp/Kg)
8%
13,762 12,493
22,800 22,562
180 125
793 715
SERA Vehicles under Contract (units)
MMS Toll Revenue (Rp bio)
9M18 9M17
9M18 9M17
1%
11%
Infrastructure and Logistics
151
14
MHI Toll Revenue (Rp bio)
9M18 9M17
1,041 929
LMS Toll Revenue (Rp bio)
9M18 9M17
12% 972% 9M18 9M17
TMJ Toll Revenue (Rp bio)
44%
Toll Road Concessions As at 30 September 2018
In Operation 269.0
Under Development 84.4
Total 353.4
21
The Group’s infrastructure and logistics division reported a net income of Rp112 billion, compared to a Rp66 billion net loss in the first nine months of 2017. This was mainly due to improved earnings from the Tangerang-Merak toll road and Serasi Autoraya as well as the inclusion in the prior year’s results of a one-off loss on the disposal of the Group’s 49% interest in PAM Lyonnaise Jaya.
Astra Toll Roads Portfolio (Km)
[72.5km] [116.8km] [72.6km]*
* 40.1km is in operation
[40.5km]*
* 39.6 km is in operation
37% 1,543
25% 1,134
38% 113
AGDS AGIT AXI
40% 51%
27% 32%
33%
17%
Astra Graphia Revenue (Rp bio)
9M18 9M17
2,673
2,026
32%
138 136
Astra Graphia Net Income (Rp bio)
9M18 9M17
1%
Astra Graphia, which is 76.9%-owned, reported 1% higher net income of Rp138 billion due to increased revenue from all of its businesses.
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Information Technology
66
97
Net Income (Rp bio)
9M18 9M17
32% The Group’s property division reported 32% lower net profit of Rp66 billion, due mainly to reduced development earnings recognised from its Anandamaya Residences project as a result of lower percentage completion in its final stages of construction. The Group’s other property development projects comprise Arumaya in South Jakarta and Asya in East Jakarta.
23
Property
Appendices
24
Models Launched Launching Period Engine Capacity Prices (Rp mio) BMW 520i Luxury Jan’18 2,000cc 1,009* Daihatsu Sirion Feb’18 1,300cc 182.5-193.5 Toyota Yaris Feb’18 1,500cc 235.4-275.9 Lexus RX 350L Mar’18 3,500cc 2,135 Peugeot 3008 Mar’18 1,600cc 697 Isuzu Giga FVR34 Mar’18 7,800cc 543-557 Isuzu Giga FVM34 Mar’18 7,800cc 648-675 Isuzu Giga FVZ34 Mar’18 7,800cc 820-833
Toyota Alphard Mar’18 2,500-3,500cc 925.2-1,773.4
Toyota C-HR Apr’18 1,800cc 488.7-490.2 Toyota Vios Apr’18 1,500cc 291.1-326 BMW X3 xDrive20i Luxury Apr’18 2,000cc 1,009* Isuzu Traga May'18 2,500cc 190
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Car Product Launches 2018
* Off the Road price
Models Launched Launching Period Engine Capacity Prices (Rp mio) BMW X1 xDrive18i Dynamic Jun'18 1,500cc 609* BMW i8 Roadster Jun'18 1,500cc 3,969* BMW i8 Coupe Jun'18 1,500cc 3,559* BMW 530i Touring M Sport Aug'18 1,998cc 1,429* BMW 6 series GT Aug'18 1,998cc 1,569* Lexus ES Aug'18 2,487cc 1,150 Lexus UX Aug'18 1,987cc N/A Isuzu NMR81 T SHD Aug'18 4,788cc 342.6 Toyota Innova Aug'18 2,000cc-2,400cc 305.2-460.3 Toyota Fortuner Aug'18 2,400cc-2,700cc 471.9-663.9
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Car Product Launches 2018
* Off the Road price
Models Launched Launching Period Engine Capacity Prices (Rp mio) Honda BeAT Sporty Jan’18 110cc 15.2-15.4 Honda BeAT Street Jan’18 110cc 15.9 Honda CBR 150 R Jan’18 150cc 32.9-33.7 Honda CB 150 Verza Feb’18 150cc 19.3-19.9 Honda Scoopy Feb’18 110cc 17.8 Honda Supra X 125 FI Mar’18 125cc 17.1-18.1 Honda GL1800 Gold Wing Apr'18 1,800cc 1,010 Honda Vario 150 Apr'18 150cc 22.5 Honda Vario 125 Apr'18 125cc 19.9 Honda CB500R Apr'18 500cc 144.9 Honda CB500F Apr'18 500cc 139.9 Honda CB500X Apr'18 500cc 148.9 Honda CB650F Apr'18 650cc 235.38 Honda PCX Hybrid Apr'18 150cc 40.3 Honda Supra GTR150R May'18 150cc 22.3
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Motorcycle Product Launches 2018
28
Motorcycle Product Launches 2018 Models Launched Launching Period Engine Capacity Prices (Rp mio)
CB 150R Jul’18 150cc 26.8-27.9 CBR 250RR Jul’18 250cc 59.9-71.3 Super Cub 125 Aug'18 125cc 55 Forza Aug'18 250cc N/A CRF1000L Africa Twin Aug'18 998cc 464.1-499.1 Sonic 150R Aug'18 150cc 22.5-22.7
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No Brokerage House Analyst Name Contact Number Email Address 1 BCA Sekuritas Aditya Eka Prakasa +62 21 23587222 [email protected] 2 BoA 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 2554 8820 [email protected] 7 Danareksa Sekuritas Stefanus Darmagiri +62 21 2955 5831 [email protected] 8 DBS Vickers Maynard Priajaya Arif +62 21 3003 4900 [email protected] 9 Deutsche Verdhana Securities Joko Sogie +62 21 2964 4543 [email protected] 10 Goldman Sachs Pramod Kumar +91 22 6616 9043 [email protected] 11 HSBC Global Research Colin Davis +65 6658 0606 [email protected] 12 Indo Premier Sekuritas Raditya Immanzah +62 21 5793 1168 [email protected] 13 J.P. Morgan Securities Indonesia Benny Kurniawan +62 21 5291 8024 [email protected] 14 Kresna Securities Franky Rivan +62 21 2939 1900 [email protected] 15 Macquarie Sekuritas Indonesia Robert Pranata +62 21 2598 8366 [email protected] 16 Mandiri Sekuritas Ariyanto Kurniawan +62 21 5296 9682 [email protected] 17 Maybank Kim Eng Securities Isnaputra Iskandar +62 21 2557 1129 [email protected] 18 Morgan Stanley Divya Gangahar Kothiyal +65 6834-6438 [email protected] 19 NH Korindo Sekuritas Arnold Sampeliling +62 21 797 6202 [email protected] 20 Nomura Indonesia Elvira Tjandrawinata +62 21 2991 3341 [email protected] 21 Onix Capital Bagus Hananto +62 21 3190 1777 [email protected] 22 RHB Sekuritas Indonesia Andrey Wijaya +62 21 2598 6888 [email protected] 23 Samuel Sekuritas Akhmad Nurcahyadi +62 21 2854 8144 [email protected] 24 Sinarmas Sekuritas Evan Lie Hadiwidjaja +62 21 392 5550 [email protected] 25 Trimegah Securities Willinoy Sitorus +62 21 2924 9088 [email protected] 26 UOB Kay Hian Securities Stevanus Juanda +62 21 2993 3845 [email protected] 27 Valbury Asia Securities Budi Rustanto +62 21 2553 3600 [email protected] 28 Yuanta Securities Indonesia Kristiadi +62 21 5153 608 [email protected]
Equity Research Contact Details
For further information please contact:
PT Astra International Tbk Corporate Investor Relations P: (+62 21) 5082 1997 E: [email protected]
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