Académique Documents
Professionnel Documents
Culture Documents
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
Overview
The Groups net earnings per share declined 7% to Rp 106, with higher contributions from the Groups financial services and mining contracting businesses offset by lower earnings in the Groups automotive, heavy equipment and agribusiness segments.
Group results
First Quarter ended 31st March 2013 Net Revenue (Rp bn) Net Income (Rp bn)* Earnings per share (Rp) 46,678 4,310 106 As at 31st December 2012 Shareholders Funds (Rp bn)** Net asset value per share (Rp)** 75,140 1,856 2012 46,353 4,647 115 As at 31st December 2011 71,201 1,759 6% 6% Change 1% (7%) (7%)
* 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
Automotive
Automobile Toyota Daihatsu Isuzu BMW Peugeot UD Trucks Motorcycle Honda Heavy Equipment Component Astra Otoparts SAN Finance Komatsu Astra Finance Banking Others Astraworld Bank Permata Insurance Asuransi Astra Buana
Information Technology
Document Solution Astra Graphia
Logistics SERA / TRAC Mobil 88 (used) SELOG TFLI Water Utility Palyja Fuel Logistic Gresik Terminal
Car
Honda 9% Nissan 6% Suzuki 12% Others 11% Toyota 35% Yamaha 32%
Motorcycle
Suzuki 5% Kawasaki 1%
Heavy Equipment
Others, 3% Daihatsu 14% Kobelco, 15% Komatsu, 43%
Honda 62%
Mitsubishi 13%
Isuzu 3%
Source : Gaikindo
Hitachi, 23%
Source : AISI
Caterpillar, 16%
Astratel acquired 100% share of PT Pelabuhan Penajam Banua Taka (Eastkal Seaport) in Balikpapan, East Kalimantan for Rp 534 billion, to provide an integrated logistic hub for Astra group AOP participated in capital injection of PT TD Automotive Compessor Indonesia and PT Autoplastik Indonesia Pama Persada completed final payment related to increase of its ownership to 75.40% in Asmin Bara Bronang/Jaan coal mines amounting to USD 80 million
February
March
Financial Performance
1Q13 environment
Strong domestic consumption and foreign direct investment continued to support Indonesias economic growth, despite continuous trade deficit that put pressure on IDR against USD Automotive demand remained favorable, benefitting from rising incomes and affordable interest rates, with increasing competition as a consequence of the introduction of additional domestic capacity New minimum down-payment requirements in automotive Shariah-financing, had a negligible impact on the first quarter results Strong financial services performance and growth, benefited from ample funding liquidity and competitive funding cost Reduced demand in the heavy equipment business due to soft commodity prices. Improved coal mining contracting performance driven by increased mine site capacity and good weather condition Increased palm oil production supported by higher crops productivity
In Billion Rupiah USD / IDR, average Revenue Gross Profit Operating Expenses Other Income Equity Income Income Tax Expense Non-controlling interest Net Income
1Q 2013 9,695 46,678 8,106 (4,254) 677 1,462 (1,045) (636) 4,310
1Q 2012 9,088 46,353 8,432 (3,772) 441 1,504 (1,141) (817) 4,647
Higher net income contribution from financial services due to strong financing activities and declining funding cost Lower contribution from 4W due to margin compression driven by tight competition and rising labor cost Net income contribution Auto vs. Non-Auto segments:
2001 2011 61% 2012 64% 1Q 2013 69%
4W Automotive
SO Toyota, Daihatsu, Isuzu Toyota Astra Motor Astra Daihatsu Motor Isuzu Astra Motor Indonesia Astra Honda Motor Honda SO
27.4
2W Automotive
16.6
5.9
19.4
4. 7
89%
16.0
Non-Auto
11%
39%
36%
31%
6.6
3.4
31-Mar-13
11,766 17,625 14,843 49,839 21,152 34,738 37,704 187,667 7,561 14,841 46,902 24,593 93,897 75,140 18,630 93,770 42,697 6,204
31-Dec-12
11,055 16,443 15,285 48,631 19,801 34,326 36,733 182,274 7,202 12,685 49,555 23,018 92,460 71,201 18,613 89,814 45,702 8,918
Change
6% 7% (3%) 2% 7% 1% 3% 3% 5% 17% (5%) 7% 2% 6% 0% 4% (7%) (30%)
10
1Q 2013
7,434 (1,208) 177 82 6,485 (2,086) (457) (50) (2,593) (2,330) (274) (543) (3,147) 745 10,815 105 11,665
1Q 2012
3,488 (1,137) 146 67 2,564 (2,969) (211) (126) (3,306) 1,630 (233) 1,397 655 13,071 52 13,778
Change
3,946 (71) 31 15 3,921 883 (246) 76 713 (3,960) (41) (543) (4,544) 90 (2,256) 53 (2,113) 11
Business Updates
Car
Domestic car sales grew by 18%. Astra was able to maintain a leading market position with market share of 52% 1Q12 250,830 1Q13 295,909
Others 7.4% Nissan 5.6% Others 8.8% Others 105,504 42.1% Commercial 16.1% Nissan 6.9% Honda 3.2% Suzuki 8.5% Mitsubishi 14.6%
Isuzu 3.2%
Commercial 33.2%
Daihatsu 16%
Daihatsu 14.3%
Sedan 2.4%
Sedan 60.1%
Sedan 2.5%
Sedan 43.4%
M/S 1Q12
AI Product Segment
Brand
Segment
AI Product M/S
M/S 1Q13
AI Product Segment
Brand
Segment
AI Product M/S
Source: Gaikindo
13
14
Motorcycle
Motorcycle sales grew by 2%, while Honda sales grew by 14%, with market share increased to 62% 1Q12 1Q13 1,931,677 1,960,850
Others 1.6 % Suzuki, 6.6% Yamaha, 709,388 36.7% Sport/Others 4.4 % Scooter 649,794 61.1% Cub 366,829 34.5%
Brand 1Q12 Source: AISI Honda Segment
Sport/Others 27.1%
Brand 1Q13
Honda Segment
15
16
Components
Astra Otoparts, the Groups 95.7%-owned components manufacturing business, reported net income of Rp 267 billion, an increase of 2%, of which 71% was contributed from associates and jointly controlled entities. The 11% increase in revenue which was mainly in respect of the OEM and replacement markets, was partly offset by higher raw material and labour costs that could not be passed on to customers in full. Revenue (IDR billion)
11%
2,361 8% 42%
After Market 23% Export 7%
2,124 8% 41%
263
267
Export 7% After Market 29% OEM 64%
200
190
51%
1Q 2012
50%
OEM 70%
63
1Q 2013
77
1Q 2013 Consolidated 17
Export
After Market
OEM
Financial services
Unit Financed ACC Auto TAFS Total 4W FIF SANF HE KAF Total HE Amount Financed (Rp bio) ACC Auto TAFS Total 4W FIF SANF HE KAF Total HE 1Q13 44,859 14,872 59,731 410,197 647 109 756 1Q13 6,230 2,289 8,519 4,709 777 542 1,319 1Q12 39,720 13,885 53,605 381,556 1,160 114 1,274 1Q12 5,831 2,062 7,893 4,636 1,413 782 2,195
Net income from the financial services businesses grew by 23% to Rp 1.0 tn, driven by financing activity growth and better net interest margin due to declining funding cost
% 13 7 11 8 (44) (4) (41) % 7 11 8 2 (45) (31) (40) 18
Asuransi Astra Buana 1Q 2013 Gross Written Premium up by 34% year on year to Rp 936 billion RBC : 265%, requirement 120% Bank Permata 1Q 2013 consolidated net income increased by 7% to Rp 356 billion Loan book grew by 36% to Rp 101.1 trillion LDR 89.9% & CAR 16.2% Net-NPL ratio were down from 0.6% to 0.4%
PT United Tractors Tbk, 59.5%-owned, reported net income down 26% at Rp 1.1 trillion mainly due to lower contribution from construction machinery segment Revenue (Rp bio) Mining Contracting
12,450
1,176 7,077 7,275
4,197
21.1 1Q 2012
Mining Coal Production (mn tonnes)
1Q 2012
Construction Machinery
1Q 2013
Mining Contracting
1,272
18% 22% 9% 51%
63%
1Q 2012
Mining Forestry
1Q 2013
Agro Construction
33 8 9 84 45 200 45 424
497 1Q 2013
19
Agribusiness
PT Astra Agro Lestari Tbk, 79.7%-owned, reported net income of Rp 356 billion in 1Q 2013 Palm oil production increased 22% to 352 thousand tonnes, while average crude palm oil prices achieved were 16% lower compared with last year at Rp 6,464 per kg
Revenue (Rp bio)
2,724 2,581 95 2,486 1Q 2012
Export Local
1Q 2012
1Q 2013
274 38
Mature
289
299
352
383 237
236
1Q 2012 Production
1Q 2013 Sales
1Q 2012
* Incl. plasma plantation
1Q 2013 20
29,340
31,246
1Q 2012
1Q 2013
8,614
9,515
38.5
37.3
1Q 2012
1Q 2013
1Q 2012
1Q 2013
21
Appendices
1Q 2013
26,348 19,818 4,179 2,351 3,269 12,431 2,724 1,540 366 46,678
1Q 2012
23,927 18,253 3,559 2,115 3,047 14,973 2,581 1,439 386 46,353
% Chg
10% 9% 17% 11% 7% (17%) 6% 7% (5%) 1%
1Q 2013
49.9% 27.4% 16.6% 5.9% 24.1% 16.0% 6.6% 2.9% 0.5%
1Q 2012
51.4% 30.1% 15.9% 5.4% 18.2% 20.0% 6.5% 3.3% 0.6%
Launching Time
Jan-13 Jan-13 Jan-13 Jan-13 Jan-13 Feb-13 Feb-13 Mar-13
Engine Capacity
4,600cc 5,000cc 2,000cc 2,000cc 2,000cc 125ps 3,000cc 1,200cc
Car
Launching Time
Jan-13 Jan-13 Feb-13 Feb-13 Mar-13 Mar-13
Engine Capacity
150cc 110cc 110cc 110cc 110cc 125cc
24
1Q12 Astra
43%
Wholesale
5,759
Astra
60%
Major Brands
Toyota - Vios/Limo, Camry, Altis ; Honda - City, Civic, Accord; Mercedes - E Series, C Series Toyota - Avanza, Innova, Rush, Yaris: Daihatsu - Xenia, Terios, Gran Max; Nissan - Grand Livina, Evalia, March; Suzuki - Ertiga, APV, Swift; Honda - Jazz, CR-V, Brio, Freed; Mitsubishi Pajero Sport, Mirage, Outlander Sport Mitsubishi Canter, L-300, Strada; Suzuki Carry; Daihatsu Gran Max; Isuzu Elf, Panther, Giga; Toyota Dyna Toyota Hilux; Mitsubishi Strada; Ford Ranger; Isuzu D-Max Honda - Supra X 125, Revo Series, Blade; Yamaha Jupiter MX, Vega ZR, Jupiter Z; Suzuki Smash Titan, Shogun Axello 125 Honda - BeAT, Vario, Scoopy; Yamaha - Mio, Xeon, Fino; Suzuki Nex, Lets, Hayate Yamaha - V-ixion, Bison; Honda - CB 150 R, Verza, New Mega Pro; Suzuki - Satria F 150, Thunder 125
201,166
61%
166,087
71%
Car
Pick Up/ Trucks/ Bus Double Cabin Total
Motorcycle
Source: Gaikindo
25
For further information please contact: Investor Relations of PT Astra International Tbk - Attn: Iwan Hadiantoro / Tira Ardianti / Inneke Soendoro / Christian P: (+62 21) 652 2555 F: (+62 21) 6530 4953 E: iwan.hadiantoro@ai.astra.co.id / tira.ardianti@ai.astra.co.id / laurentia.innekesoendoro@ai.astra.co.id / christian@ai.astra.co.id
26