PT Astra International Tbk

1H 2016 - Results Presentation

 Disclaimer
The material in this presentation has been prepared by PT Astra International Tbk (Astra) and is general
background information about Astra activities 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 your particular investment objectives, financial situation or needs. Before acting on
any information you should consider the appropriateness of the information having regard to these matters, any
relevant offer document and in particular, you 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.
2
Highlights
Net earnings per Car unit sales up 4% Lower volumes in Significant increase in
share down by & Motorcycle unit heavy equipment and loan loss provisions at
12% at Rp176/share sales up 1% mining PermataBank

6 months ended 30th June 2016

2016 2015 Change
Net revenue (Rp bn) 88,208 92,505 (5%)
Net income (Rp bn)* 7,116 8,052 (12%)
Net earnings per share (Rp) 176 199 (12%)
As at 30th As at 31st
Change
June 2016 December 2015
Shareholders funds (Rp bn)** 104,251 102,043 2%
Net asset value per share (Rp)** 2,575 2,521 2%
*Net income is profit attributable to owners of the parent, i.e. Astra International shareholders.
** Shareholders' funds and net asset value per share are based on equity attributable to owners of the parent.
The financial results for the six months ended 30th June 2016 and 2015 as well as the financial position as at 30th June 2016 have been
prepared in accordance with Indonesian Financial Accounting Standards and are unaudited. The financial position as at 31st December
2015 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.

3
 Business Structure
Automotive Information Technology
Automobile Motorcycle Document Solution
Toyota Honda Astra Graphia
Daihatsu
Isuzu Component IT Solution
BMW Astra Otoparts Astra Graphia Information
Peugeot Technology
UD Trucks Others
Astraworld Office Services
Astra Graphia Xprins Indonesia

Financial Services Heavy Equipment & Agribusiness Infrastructure, Logistics

Component
Mining & Others
Automobile Heavy Equipment Construction Machinery Palm Oil Plantation Toll Road Water Utility
Astra Credit SAN Finance United Tractors Astra Agro Lestari MMS Palyja
Companies Komatsu Astra Traktor Nusantara MHI
Toyota Astra Finance Olein Refinery MTN Sea Port
Other
Finance Mining Contracting Tanjung TMJ Eastkal
Banking Pamapersada Nusantara Sarana Lestari TBS
Motorcycle Bank Permata Kreasijaya Adhikarya Property
Federal Coal Mining Logistics Menara Astra
International Insurance Tuah Turangga Agung Commodity Trading SERA / TRAC Anandamaya
Finance Asuransi Astra Astra-KLK Pte.Ltd Mobil 88 (used) Residences
Buana Construction Industry SELOG
Astralife Acset Indonusa Toyofuji Logistics
Indonesia

4
 Market Position as at 30 June 2016
Astras car market share increased from 50% to 51% and Astras motorcycle market share
increased from 67% to 73%.
Komatsu maintained its leading market position with a 34% market share, down from 38% last
year.
Car Motorcycle
Others Suzuki Kawasaki
8% 1% 2%
Yamaha
Toyota 24%
Honda 33%
21%

Nissan Heavy Equipment

1%
Suzuki Others
9% Honda
16% 73%
Mitsubishi Daihatsu
Isuzu 17% Komatsu
10% 1%
34%
Source : Gaikindo Kobelco Source : AISI
15%

Hitachi Caterpillar
18% 17%
5
Source: United Tractors Internal Market Research
Corporate Actions
Jun 16 Permata Bank completed a rights issue which raised Rp5.5 trillion in order to
strengthen its capital base.

Jun 16 General contractor Acset Indonusa, a 50.1% subsidiary of United Tractors,

completed a rights issue raising Rp600 billion to support its business growth.

Jun 16 Astra Agro Lestari completed a Rp4.0 trillion rights issue to strengthen its
balance sheet.

6
Financial Performances

7
Consolidated Income Statement
The first half challenges of soft commodity prices, weak heavy equipment demand,
declines in mining contracting volumes and increases in non-performing loans at
PermataBank are likely to persist for the remainder of the year. Nevertheless, steady
performances are expected from the consumer finance and automotive businesses.
- Prijono Sugiarto, President Director -

In Billion Rupiah 1H16 1H15 Change

IDR / USD, average 13,419 13,009 3%
Net Revenue 88,208 92,505 (5%)
Gross Profit 16,847 17,918 (6%)
Selling, General and Administrative
(9,381) (9,794) (4%)
Expenses
Other Income (Expense) 695 1,481 (53%)
Shares of Results of Joint Ventures and
2,071 2,468 (16%)
Associates
Income Tax Expenses (1,922) (2,315) (17%)
Non-controlling Interests (1,194) (1,706) (30%)
Net Income 7,116 8,052 (12%)

8
 Astra Portfolio as at 30 June 2016
1H16 1H15
Share of Net Income (%) Ownership %
Auto Non-Auto Auto Non-Auto
4W Automotive
SO Toyota, Daihatsu, Isuzu 100
Toyota Astra Motor 51 31 25
Astra Daihatsu Motor 32
Isuzu Astra Motor Indonesia 50
2W Automotive
Astra Honda Motor 50 21 16
Honda SO 100
Component
Astra Otoparts 80 2 2
2001 2014 2015 1H16
Financial Services
Astra Sedaya Finance 86
Federal International Finance 100 Auto (Incl. auto
Toyota Astra Financial Services 50 related Financial 89% 63% 76% 79%
Komatsu Astra Finance 50 25 (7) 21 5 Services)
SAN Finance 60
Asuransi Astra Buana 96
Permata Bank 45
Astra Life 50 Non-Auto 11% 37% 24% 21%
Heavy Equipment & Mining
United Tractors 60
Pamapersada Nusantara 60
Tuah Turangga Agung 60 16 25
Acset Indonusa 30
Traktor Nusantara 50
Agribusiness
Astra Agro Lestari 80 9 4
Infrastructure, Logistics, IT & Others
SERA 100
Palyja 49 3 2
Marga Mandalasakti 79 9
Astra Graphia 77
 Consolidated Balance Sheet
Astras net asset value per share of Rp2,575 at 30 June 2016 was 2% higher than at the end of 2015.
Net cash, excluding the Groups financial services subsidiaries, was Rp2.0 trillion, compared to net cash
of Rp1.0 trillion at the end of 2015. The Groups financial services subsidiaries had net debt of Rp44.2
trillion, compared to Rp44.6 trillion at the end of 2015.

In Billion Rupiah 30-Jun-16 31-Dec-15 Change

Cash and Cash Equivalents 29,203 27,102 8%
Trade Receivables 18,937 17,776 7%
Inventories 15,477 18,337 (16%)
Financing Receivables 61,629 60,105 3%
Investment in Joint Ventures and Associates 32,075 29,640 8%
Fixed Assets 41,588 41,702 0%
Other Assets 50,645 50,773 0%
Total Assets 249,554 245,435 2%
Short-term Borrowings 15,287 11,975 28%
Trade Payables 19,600 20,557 (5%)
Long-term Debt 56,060 58,674 (4%)
Other Liabilities 28,610 27,696 3%
Total Liabilities 119,557 118,902 1%
Equity Attributable to the Owners of The Parent 104,251 102,043 2%
Non controlling Interest 25,746 24,490 5%
Total Equity 129,997 126,533 3%
Net Debt 42,144 43,547 (3%)
Net Cash (Excl. Financial Services) (2,016) (1,034) 95%
10
Consolidated Cash Flow
As at 30 June 2016, Astras booked cash surplus of Rp2.4 trillion, with ending consolidated
cash balance (incl. Bank Overdraft) as at 30 June 2016 of Rp29 trillion.
In Billion Rupiah 1H16 1H15 Change
Cash generated from operations 11,013 14,893 (3,880)
Tax Payments (2,684) (3,152) 468
Interest Received 685 695 (10)
Dividend Received 2,366 2,600 (234)
Net Cash flow provided from Operating Activities 11,380 15,036 (3,656)
Net Capex (3,364) (3,969) 605
Net Investment (3,293) (1,312) (1,981)
Other Investing 209 (968) 1,177
Net Cash flow used in Investing Activities (6,448) (6,249) (199)
Net Proceeds of Debt 2,840 (2,861) 5,701
Finance Costs Paid (960) (269) (691)
Dividend Payments (5,539) (7,529) 1,990
Other Financing 1,079 21 1,058
Net Cash flow used in Financing Activities (2,580) (10,638) 8,058
Increase / (Decrease) in Cash 2,352 (1,851) 4,203
Opening Cash Balance (incl. Bank Overdraft) 27,072 20,728 6,344
Exchange Rate Adjustment (571) 1,051 (1,622)
Closing Cash Balance (incl. Bank Overdraft) 28,853 19,928 8,925
11
Business Updates

12
 Automotive Wholesale Car Market
Astras car sales were 4% higher at 273,000 units, resulting in an increase in market share
from 50% to 51%.
1%
1H16 1H15
531,929 525,491

Others 7.8%
Commercial Commercial
Nissan 1.5% Others 8.1% 145,794
103,578
19.5% Commercial Others 27.7%
Nissan 3.0% Commercial
Others Honda 20.6% 32.5% 262,717 33.9%
258,468 50.0% Honda 15.5%
48.6%
Suzuki 9.3%
Suzuki 11.9%
Mitsubishi
9.6% Mitsubishi
Commercial Isuzu 1.5% Commercial
4x2 & 4x4 18.8% 11.5% 4x2 & 4x4
12.3% Daihatsu 421,172 Isuzu 2.0% 369,556
16.8% 79.2% Daihatsu 70.3%
Astra Astra 16.9% 4x2 & 4x4
4x2 & 4x4
273,461 262,774 56.3%
4x2 & 4x4 4x2 & 4x4 79.2%
51.4% 55.9% 50.0%
86.3% Toyota Toyota
32.9% 31.1.%
Sedan Sedan
Sedan 1.4% 1.3% Sedan 54.7% Sedan 2% 1.9% Sedan 51.2%
M/S AI Product Brand Segment AI Product M/S AI Product Brand Segment AI Product
1H16 Segment M/S 1H15 Segment M/S
13
Source: Gaikindo
Automotive Car Product Launches
During first semester 2016, Astra has launched 6 new models and 5 revamped models.

Toyota All New Fortuner Daihatsu Terios Custom Lexus GSF

January 2016 February 2016 March 2016

BMW M2 Isuzu Elf NMR

April 2016 May 2016
14
 Automotive Wholesale Motorcycle Market
Astra Honda Motors domestic sales were 1% higher at 2.2 million units, resulting in its
market share increasing from 67% to 73%.
7%
1H16 1H15
2,962,888 3,174,162
Others, 2.0%
Sport/Others
Others, 1.8% Suzuki, 1.9% 26.6% Sport & Others
Sport/Others
Suzuki, 1.1% Sport & Others 12.2%
Yamaha 45.3% Yamaha,
12.8%
719,302 919,380
24.3% 29.0%
Sport/Others Sport/Others
8% 4.9%

Scooter
Scooter 2,408,664
2,300,402 Scooter 75.9%
Scooter 570,723
Honda, Scooter 77.6% Honda, Scooter
1,795,352 76.3%
2,158,388 1,795,352 2,131,062 1,837,941
78%
72.8% 83.2% 67.1% 85.2%

Cub
Cub Cub
Cub
Cub Cub
190,635 190,635 282,307 190,151 187,326 377,477
8.8% 67.5% 9.6% 8.9% 50.4% 11.9%
Brand Honda Segment Honda Product Segment Brand Honda Segment Honda Product Segment
1H16 M/S 1H15 M/S
15
Source: AISI
Automotive Motorcycle Product Launches
During first semester 2016, Astra Honda Motor has launched 3 new models and 7 revamped
models.

Honda BeAT POP Esp Honda CBR150R Honda Vario 150 eSP
January 2016 February 2016 February 2016

Honda PCX 150 Honda CB 650 F Honda Supra GTR 150

February 2016 February 2016 May 2016

16
Automotive Components
Net Income of Astra Otoparts was little changed at Rp152 billion with increased revenue
from its OEM, after market, and export segments largely offset by higher operating costs
and foreign exchange translation loss in its associated companies.

Revenue (IDR billion) Net Income (IDR billion)

12% 0%

6,435 152 152

9
10% 5,724
10%
72
42%
42%
143

48% 80
48%

1H16 1H15 1H16 1H15

Export After Market OEM Shares of Results of Joint Ventures & Associates
Consolidated Income

17
 Financial Services
Net income from the Groups financial services businesses declined 40% to Rp1.3 trillion. Higher earnings
at Federal International Finance and Toyota Astra Financial Services were more than offset by a decline in
the contribution from the Groups other financial services businesses, particularly PermataBank which
recorded a loss following a significant increase in loan-loss provisions.

Unit Financed 1H16 1H15 % Amount Financed (Rp bio) 1H16 1H15 %
ACC (new & used cars) 90,215 91,867 (2) ACC (Incl. HE) 13,266 12,498 6
TAFS 39,003 36,860 6 TAFS 6,580 5,520 19
Auto
Total 4W 129,218 128,727 0 Auto Total 4W 19,846 18,018 10
FIF (Incl.Electronics)000 1,713 1,557 10 FIF 15,880 13,646 16
ACC (HE - Fleet) 257 539 (52) Total Auto 35,726 31,664 13
SANF 222 941 (76) SANF 1,203 1,838 (35)
HE
KAF 153 25 512 HE KAF* 680 289 136
Total SANF & KAF 375 966 (61) Total HE 1,883 2,127 (11)

Asuransi Astra Buana PermataBank

Lower net income by 17% to Rp407 billion. 1H16 consolidated net loss Rp836 billion (1H15:
1H16 Gross Written Premium down by 15% year net income Rp837 billion)
on year to Rp1.9 trillion. Loan book decreased by 8% to Rp121 trillion.
RBC : 234%, requirement 120%. LDR 86% & CAR 19%.
Gross-NPL ratio up from 2.7% at the end of 2015
* Average exchange rate USD/IDR: 13,419 (1H16) & 13,009 (1H15) to 4.6%. 18
Heavy Equipment and Mining
United Tractors, which is 59.5%-owned, reported net income 46% lower at Rp1.9 trillion, which
reflected lower business volumes and the impact from the stronger Rupiah on translation of its US
dollar monetary assets.
Revenue (Rp bio) Mining Contracting
22,564 10% 24,949
547
944 2,370 Coal OB
3,193 Prod: Removal:
4% 373.7 9%
14,741 339.2
11,563

49.8 52.0
6,864 7,291
1H16 1H15 1H16 z 1H15
Construction Machinery Mining Contracting Coal Production (mn tonnes) Overburden Removal (mn bcm)
Mining Construction Contracting

Komatsu Unit Sales Coal Mines: Sales

25% 1,375 58%
14%
1,036
10% 33%

52%
21% 4,457
15% 2,812
32%
23%
1H16 1H15 1H16 1H15
TTA Mine (all in thousand tonnes) 19
Mining Forestry Construction Agro
 Agribusiness
Astra Agro Lestari reported net income up 78% to Rp792 billion, despite lower sales volume and
crude palm oil prices, due to the benefit of a stronger Rupiah on translation of its US dollar
monetary liabilities.
Revenue (Rp bio) CPO Yield (tonne/Ha)
7,229
12% 25%
6,345
2,193
2,097 Export 2.24
Local 1.68
5,036
4,248

1H16 1H15 1H16 1H15

CPO Production & Sales (K tonnes) Area Maturity (K Ha) *
298 298
39 42
CPO CPO
Prod: Sales:
21% 9% Immature
845 259 Mature 256
670
502 551

184 194
1H16 1H15 1H16 1H15 20
Production Sales Olein Sales * Incl. plasma plantation
Infrastructure, Logistics & IT
MMS Vehicle Traffic Volume (K unit) The 72.5km Tangerang-Merak toll road, operated by
79.3%-owned Marga Mandalasakti, reported a 4%
4% increase in traffic volume to 23 million vehicles.
Serasi Autorayas revenue increased by 4% and net
income increased by 63% to Rp44 billion. Higher
23,396 22,483 used vehicle sales and logistics volumes
outweighed the effect of an 8% decline in
contracted vehicles in its car leasing and rental
business.
1H16 1H15 Astragraphia booked higher revenue by 27% on
higher performance in IT Solutions.

SERA Unit in Contract (unit) Astragraphia Revenue (Rp bio)

8% 1,213
957
46% 89%
31%
23,972 26,158 AGIT

1%
54% 69%
AGDS

1H16 1H15 1H16 1H15

21
Appendices

22
Divisional Net Revenue and Net Income
Divisional Net Revenue
In Billion Rupiah 1H16 1H15 Change
Automotive 46,273 47,848 (3%)
Financial Services 8,529 8,456 1%
Heavy Equipment & Mining 22,366 24,890 (10%)
Agribusiness 6,345 7,229 (12%)
Infrastructure, Logistics & Others 3,640 3,213 13%
Information Technology 1,055 869 21%
Total 88,208 92,505 (5%)

Divisional Net Income

In Billion Rupiah 1H16 1H15 Change
Automotive 3,864 3,422 13%
Financial Services 1,253 2,085 (40%)
Heavy Equipment & Mining 1,121 2,048 (45%)
Agribusiness 631 354 78%
Infrastructure, Logistics & Others 174 68 156%
Information Technology 73 75 (3%)
Total 7,116 8,052 (12%) 23
 Car Products Launched in 1H16
Models Launched Launching Period Engine Capacity Prices (Rp mio)

Toyota All New Fortuner Jan16 2,400cc 2,700cc 442-631.5

Daihatsu Sirion Sport Jan16 1,300cc 168.3-179.3

Toyota Rush Feb16 1,500cc 237.8-262.5

Daihatsu Terios Feb16 1,500cc 228.1-242.2

Lexus GSF Mar16 2,000cc 1,245

Lexus GS Mar16 2,000cc 1,185

Lexus LX Mar16 5,700cc 3,015

BMW M2 Apr16 3,000cc 1,349*

Isuzu NMR 71T May16 4,500cc 387.5-302.5

BMW X1 18i May16 1,500cc 619*

BMW X1 18i xLine May16 1,500cc 659*

*off the road price

24
 Motorcycle Products Launched in 1H16
Models Launched Launching Period Engine Capacity Prices (Rp mio)

Honda BeAT POP eSP Jan16 110cc 14.3-15

Honda CBR 150 R Feb16 150cc 32.5-33.3

Honda CBR 500 R Feb16 500cc 144

Honda PCX 150 Feb16 150cc 39.8

Honda Vario 150 eSP Feb16 150cc 20.7

Honda Vario 125 eSP Feb16 125cc 17.7-18.3

Honda CB 500 F Feb16 500cc 133-139

Honda CB 500 X Feb16 500cc 147

Honda CB 650 F Feb16 650cc 235

Honda Supra GTR 150 May16 150cc 21.3-21.5

25
 National Market Data
1H6 1H15
Major Brands
Wholesale Astra Wholesale Astra
Toyota - Vios/Limo, Camry, Altis; Honda - City, Civic,
Sedan 7,179 54.7% 10,141 51.2%
Accord; BMW - 3 Series, 5 Series
Toyota - Avanza, Agya, Innova, Rush
Daihatsu - Xenia, Ayla, Terios; Honda Mobilio,
HR-V, Jazz; Suzuki - Ertiga, Karimun Wagon - R, APV;
4X2 & 4X4 421,172 55.9% 369,556 56.3%
Datsun Go Panca; Mitsubishi Pajero Sport,
Mirage, Outlander Sport; Nissan Livina, X-Trail,
Car

March
Daihatsu Gran Max; Suzuki Carry, APV;
Pick Up / Truck / Bus 99,222 31.7% 141,320 33.8% Mitsubishi Canter, L-300, Strada; Isuzu Elf, Giga;
Panther; Toyota Hi-Lux, Dyna, Hi-Ace
Toyota - Hilux; Mitsubishi - Strada; Ford - Ranger;
Double Cabin 4,356 51.8% 4,474 38.3%
Isuzu - D-Max; Nissan - Frontier
Total 531,929 51.3% 525,491 50%
Honda - Supra X 125, Revo Series, Blade; Yamaha
Cub 282,307 67.5% 377,477 50.4% Jupiter MX King, Jupiter ZX, Vega Force; Suzuki
Shooter, Shogun Axelo
Motorcycle

Honda - BeAT, Vario, Scoopy; Yamaha - Mio, X Ride,

Scooter 2,300,402 78% 2,409,664 76.3%
GT 125; Suzuki Address
Yamaha - V-ixion R - 15, Byson; Honda CB 150 R
Sport & Others 380,179 45.3% 387,021 26.6% Street Fire, CBR 150R, Verza, Sonic 150R; Suzuki -
Satria F 150
Total 2,962,888 72.8% 3,174,162 67.2%
26
Equity Research Contact Details
No Brokerage Analyst Email
1 Bahana Securities Leonardo Henry Gavaza Leonardo@bahana.co.id
2 BCA Sekuritas Darmawan Halim darmawan.halim@bcasekuritas.co.id
3 CIMB Securities Indonesia Erindra Krisnawan erindra.krisnawan@cimb.com
4 Ciptadana Securities Arief Budiman budimanarief@ciptadana.com
5 Citigroup Investment Research Ferry Wong Ferry.wong@citi.com
6 CLSA Indonesia Sarina Lesmina sarina.lesmina@clsa.com
7 Credit Suisse Securities Indonesia Jahanzeb Naseer jahanzeb.naseer@credit-suisse.com
8 Danareksa Sekuritas Stefanus Darmagiri stefanus.darmagiri@danareksa.com
9 DBS Vickers Maynard Priajaya Arif maynard.arif@id.dbsvickers.com
10 Deutsche Verdhana Securities Nicholas Nugroho nicholas.nugroho@db.com
11 Goldman Sachs Ben Hartwright ben.hartwright@gs.com
12 HSBC Tarun Bhatnagar tarunbhatnagar@hsbc.com.sg
13 IndoPremier Securities Chandra Pasaribu chandra.pasaribu@ipc.co.id
14 J.P. Morgan Aditya Srinath aditya.s.srinath@jpmorgan.com
15 Mandiri Sekuritas Ariyanto Kurniawan ariyanto.kurniawan@mandirisek.co.id
16 Macquarie Capital Securities Indonesia Lyall Taylor lyall.taylor@macquarie.com
17 Maybank Kim Eng Securities Isnaputra Iskandar isnaputra.iskandar@maybank-ke.co.id
18 Merrill Lynch Swati Chopra swati.chopra@baml.com
19 Morgan Stanley Andri Ngaserin andri.ngaserin@morganstanley.com
20 Nomura Indonesia Elvira Tjandrawinata elvira.tjandrawinata@nomura.com
21 Onix Capital Bagus Hananto bagus.hananto@ocap.co.id
22 Reliance Securities Robertus Yanuar Hardi robertus@reliance-securities.com
23 RHB OSK Securities Indonesia Andrey Wijaya andrey.wijaya@id.oskgroup.com
24 Trimegah Securities Frederick Daniel frederick.daniel@trimegah.com
25 UBS Securities Indonesia Ronald Liem ronald.liem@ubs.com
26 UOB Kay Hian Securities Stevanus Juanda stevanusjuanda@uobkayhian.com
27 Valbury Asia Securities Budi Rustanto budi.rustanto@valbury.com
27
28 Yuanta Securities Indonesia Kim Kwie Sjamsudin kim.kwie@yuanta.co.id
For further information please contact:
PT Astra International Tbk
Corporate Investor Relations
P: (+62 21) 652 2555
F: (+62 21) 6530 4953
E: investor@ai.astra.co.id

28