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Disclaimer
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.
1
Highlights
Net earnings per share Auto Market Share
Return to Sustained higher commodity
Rp466 profitability prices benefited heavy equipment
at and mining businesses, as well as
Permata Bank agribusiness
25% 54% 75%
* 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 year ended 31st December 2017 and 2016 as well as the financial position as at 31st December 2017 and
2016 have been prepared in accordance with Indonesian Financial Accounting Standards and are audited in accordance with the
auditing standards established by the Indonesian Institute of Certified Public Accountants.
2
Business Structure
Automotive
Property
Automobile Heavy Equipment Construction Machinery Palm Oil Plantation Toll Road Document Solution
• Astra Credit • Surya Artha • United Tractors • Astra Agro Lestari • Marga Mandalasakti • Astra Graphia
Companies Nusantara • Traktor Nusantara • Marga Harjaya
Other
• Toyota Astra Finance Refineries Infrastruktur IT Solution
Finance • Komatsu Astra Mining Contracting • Tanjung Sarana Lestari • Marga Trans Nusantara • Astra Graphia
Finance • Pamapersada Nusantara • Kreasijaya Adhikarya • Trans Marga Jateng Information
Motorcycle • Tanjung Bina Lestari • Trans Bumi Serbaraja Technology
• Federal Banking Coal Mining • Lintas Marga Sedaya
International • Permata Bank • Tuah Turangga Agung Commodity Trading Office Services Solution
Finance • Astra-KLK Pte.Ltd Sea Port • Astragraphia Xprins
Insurance Construction Industry • Pelabuhan Penajam Indonesia
• Asuransi Astra • Acset Indonusa Cattle in Palm Oil Banua Taka
Buana Plantation
• Astra Life Energy • Agro Menara Rachmat Logistics
• Bhumi Jati Power • Serasi Autoraya
3
Market Position as at 31 December 2017
• Astra’s car market share decreased from 55% to 54%.
• Astra’s motorcycle market share increased from 74% to 75%.
• Komatsu market share increased from 32% to 35%.
Car Motorcycle
Suzuki Kawasaki
1% 1%
Yamaha
Toyota 23%
35%
Others
46%
Heavy Equipment
Daihatsu Others
Isuzu 17% Honda
17%
2% Komatsu 75%
35%
Source : Gaikindo Source : AISI
Kobelco
15%
Hitachi
15% Caterpillar
18%
4
Source: United Tractors – Internal Market Research
Corporate Actions
Jan ‘17 • Astratel Nusantara completed the acquisition of an initial 40% interest in PT
Baskhara Utama Sedaya, which owns 45% of Lintas Marga Sedaya, the
operator of the newly operational 116.8km Cikopo-Palimanan toll road, and
subsequently conditionally agreed to acquire the remaining 60% interest.
Mar‘17 • United Tractors’ 25%-owned Bhumi Jati Power, which will develop and operate
two 1,000 MW thermal power plants in Central Java, completed its project
financing agreement with lenders. This build, operate and transfer project is
expected to cost approximately US$4.2 billion and is scheduled to start
commercial operation in 2021. Bhumi Jati Power is a joint venture with
Sumitomo Power Corporation and Kansai Electric Power.
Mar‘17 • United Tractors through its subsidiary Tuah Turangga Agung, completed the
acquisition of an 80.1% stake in PT Suprabari Mapanindo Mineral, a coking
coal company in Central Kalimantan.
5
Corporate Actions
May‘17 • Astratel Nusantara acquired the remaining 60% interest in PT Baskhara Utama
Sedaya, which owns 45% of the operator of 116.8km Cikopo-Palimanan toll
road. The total acquisition cost of the Group’s ownership of PT Baskhara
Utama Sedaya is approximately Rp5 trillion.
• Astratel Nusantara increased its stake in the 72.6km Semarang-Solo toll road
from 25% to 40%.
Sep‘17 • Astra Land Indonesia entered into an agreement to increase its shareholding in
Astra Modern Land from 50% to 67%.
• Astratel Nusantara divested its 49% stake in PAM Lyonnaise Jaya.
6
Financial Performance
7
Consolidated Income Statement
“After a satisfactory overall result in 2017, the Group should continue to benefit from
improving economic conditions and stable commodity prices, although competition seen
in the car market is expected to intensify.”
- Prijono Sugiarto, President Director -
8
Divisional Net Revenue and Net Income
Divisional Net Revenue
In Billion Rupiah 2017 2016 Change
Automotive 95,210 94,440 1%
Financial Services 18,641 17,762 5%
Heavy Equipment, Mining, Construction and Energy 64,429 45,112 43%
Agribusiness 17,306 14,121 23%
Infrastructure and Logistics 6,841 7,189 (5%)
Information Technology 3,610 2,451 47%
Property 20 9 122%
Total 206,057 181,084 14%
12
Domestic Wholesale Car Market
In 2017, car sales slightly increased, driven by the new product introductions in the Low MPV
segment and increased commercial vehicle sales.
Weak GDP of 4.79% Improved GDP of 5.07%
LTV Policy (↑2%)
In thousand units (↑25%)
(↓16%)
Astra Others 1,230 1,208
1,116 1,080
1,063
Lehman Crisis
1,013
(↓20%) 894 575 594
765 511 474 501
503
608 411
486 338
290
205
605 655 614 589 579
427 483 510
318 281
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Segment 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Sedan 6% 5% 4% 3% 3% 3% 2% 2% 1% 1%
4x2 & 4x4 64% 69% 67% 64% 67% 65% 57% 54% 58% 55%
Commercial 30% 26% 29% 33% 30% 28% 27% 28% 19% 22%
LCGC 0% 0% 0% 0% 0% 4% 14% 16% 22% 22%
Source: Gaikindo 13
Automotive – Wholesale Car Market
The wholesale
Astra’s car salesmarket
were 10%
for cars
higher
wasatlittle
421,000
changed
units,
atresulting
1.1 million
in an
units.
increase
Astra’sincar
market
sales share
were
from
2% lower
50% atto579,000
54%. units, with its market share decreasing from 55% to 54%
2%
2017 2016
1,079,886 1,062,688
LCGC LCGC
234,554 / 21.7% 235,171/ 22.1%
Others Other Brands Others Other Brands
500,772/ 46.4% 500,772 / 46.4% 473,634/ 44.6% 473,634/ 44.6%
Commercial Commercial,
238,163 / 22.1% 204,249/ 19.2%
Daihatsu Daihatsu
186,381 / 17.3% 189,683/ 17.8%
Sedan Sedan
9,167 / 0.8% 13,601/ 1.3%
M/S Market Segment Brand M/S Market Segment Brand
2017 2016
14
Source: Gaikindo
Automotive – Car Product Launches
In 2017 , Astra launched 11 new model and 11 revamped models.
Lexus RX 200t F Sport (NEW) Astra Daihatsu Ayla BMW 530i (NEW)
January 2017 April 2017 August 2017
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Astra Others
Segment 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Scooter 26% 39% 46% 52% 60% 63% 68% 75% 79% 82%
Scooter Scooter
4,848,540 4,688,004
Scooter 82.4% Scooter 79%
Honda Scooter Honda Scooter
3,781,777 3,661,284
4,385,888 3,781,777 4,380,888 3,661,284
78% 78.1%
74.5% 86.2% 73.9% 83.6%
Honda
HondaCMX
Scoopy
500(New)
Rebel Honda SH 150i (NEW) Honda CBR 250 RR
March 2017 April 2017 August 2017
Honda Revo Honda CRF 150 (New) Honda PCX 150 (NEW)
October 2017 November 2017 December 2017
18
Automotive – Components
Astra Otoparts, the Group’s components business, reported net income up 32% to Rp551
billion, due mainly to an increase in revenues arising from higher replacement market sales
and improved contributions from its joint venture and associate companies.
Revenue (Rp bio) Net Income (Rp bio) Share of Results of Joint
Ventures and Associates (Rp bio)
6% 32% 46%
13,550
551
12,807 335
418
230
2017
FY17 2016
FY16 2017
FY17 2016
FY16 2017
FY17 2016
FY16
19
Financial Services
Net income from the Group’s financial services division increased to Rp3.8 trillion from Rp789 billion
in the prior year due to a return to profitability at Permata Bank and improved earnings contributions
from Astra Sedaya Finance, Federal International Finance and Asuransi Astra Buana.
Unit Financed 2017 2016 % Amount Financed (Rp bio) 2017 2016 %
ACC 178,327 185,188 (4) ACC 27,275 27,475 (1)
TAF 107,971 112,914 (4) TAF 19,831 19,559 1
Auto Total ACC & TAF 286,298 298,102 (4) Auto Total ACC & TAF 47,106 47,034 0
FIF (Incl.Electronics)’000 3,569 3,475 3 FIF (Incl.Electronics) 34,622 32,621 6
Total Auto 81,728 79,655 3
SANF 975 504 93 SANF 3,004 3,056 (2)
HE KAF 578 291 99 HE KAF* 2,855 1,643 74
Total HE 1,553 795 95 Total HE 5,859 4,699 25
11,781 8,893
10,252 10,823
9,684 8,219 8,867
6,377
6,644 6,844
5,339 6,049 5,912 7,035
5,354
3,533 4,663
8,467 3,788
5,404 6,202
4,345 4,203 3,513 3,788
3,111 2,124 2,181
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Market Share 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Komatsu 45% 47% 46% 49% 43% 41% 40% 36% 32% 35%
Caterpillar 23% 21% 16% 18% 19% 19% 18% 22% 17% 18%
Hitachi 17% 18% 19% 15% 21% 21% 20% 18% 20% 15%
Others 15% 14% 19% 18% 17% 19% 22% 24% 31% 32%
Source: UT’s internal research
21
Heavy Equipment, Mining, Construction and Energy
United Tractors, which is 59.5%-owned, reported net income 48% higher at Rp7.4 trillion. The increase
was mainly due to significantly stronger coal prices that led to improved performances in its
construction machinery and mining contracting businesses, as well as its mining operations.
Revenue (Rp bio) Mining Contracting
64,559 42%
3,030 45,539
7,181 Coal OB
1,794 Production Removal
29,637 5,124 3% 14%
798.7
24,003 701.5
Komatsu Unit Sales Coal Sales (incl. Trading) General Contractor New Contracts
3,788 74% 7% 124%
15%
24%
2,181
11% 10%
8.4
46%
6,336 6,866
50% 14% 3.8
30%
2017 2016 2017 2016 2017 2016
Total Coal Sales (all in thousand tonnes) New Contracts Secured (Rp tn)
22
Mining Forestry Construction Agro
Agribusiness
Astra Agro Lestari, which is 79.7%-owned, reported net income of Rp2.0 trillion. Despite improved
revenue from higher crude palm oil prices and sales volumes, the result was little changed from
2016, which had benefited from significant foreign exchange translation gains. Excluding the
impact of foreign exchange in both years, net income would have been 8% higher.
Revenue (Rp bio) CPO Yield (tonne/Ha)
17,306
23% 14,122 3%
4,880
4,249
Export
Local 3.96 3.84
12,426
9,873
CPO Production (‘K tonnes) CPO & Derivatives Sales (‘K tonnes) Average CPO Price (Rp/Kg)
5% 12% 6%
4% 13% 3%
SERA Vehicles under Contract (units) The 72.5km Tangerang-Merak toll road, operated by 79.3%-owned Marga
Mandalasakti, saw traffic volumes increase by 4% to 50 million vehicles.
2%
The 116.8km Cikopo-Palimanan toll road, in which the Group acquired 45%
interest, traffic increased by 13% to 17 million vehicles.
At the 72.6km Semarang-Solo toll road, in which the Group has a 40%
23,397 23,853
interest, 40.1km is now in operation and traffic rose 3% to 12
million vehicles
Astra Graphia Revenue (Rp bio) Astra Graphia Net Income (Rp bio)
3,918 44% 1%
37% 2,713
4%
38%
25% 41%
113 257 255
25% 1,134
38% 55%
37% 1,543
2017 2016 2017 2016
25
Property
26
Appendices
27
Car Product Launches 2017
Models Launched Launching Period Engine Capacity Prices (Rp mio)
Lexus RX 200t F Sport (NEW) Jan’17 2,000cc 1,340
Toyota Kijang Innova Venturer Jan’17 2,000cc-2,400cc 388.6-447.9
Toyota Corolla Altis Jan’17 2,000cc 426.1-460.6
Astra Toyota Agya Apr’17 1,000cc-1,200cc 127.6-151.9
Astra Daihatsu Ayla Apr’17 1,000cc-1,200cc 92.6-146.3
Toyota Voxy (NEW) Aug’17 2,000cc 446
Lexus LS 500 (NEW) Aug’17 3,500cc 3,500
BMW 530i Luxury (NEW) Aug’17 2,000cc 1,149*
BMW 530i M Sport (NEW) Aug’17 2,000cc 1,379*
BMW 520d (NEW) Aug’17 2,000cc 1,009*
Toyota Innova Aug’17 2,000cc-2,400cc 298.7-453.8
Toyota Fortuner Aug’17 2,400cc-2,700cc 467.3-659.4
Toyota Sienta Aug’17 1,500cc 233.7-323.5
Toyota Hilux Aug’17 2,000cc-2,500cc 203.4-446.9
* Off the Road price
28
Car Product Launches 2017
Models Launched Launching Period Engine Capacity Prices (Rp mio)
Lexus NX Aug’17 2,000cc 1,005
Isuzu MU-X 4x4 (NEW) Aug’17 2,500cc 468
Isuzu MU-X Aug’17 2,500cc 485-498
Isuzu NLR 55 (NEW) Aug’17 2,800cc - 100ps 244.7-257
Isuzu NLR 71 (NEW) Aug’17 4,600cc -125ps 264.7-274.3
Toyota Rush (NEW) Nov’17 1,500cc 239.9-261.3
Daihatsu Terios (NEW) Nov’17 1,500cc 195.2-247.9
Daihatsu Xenia Custom Nov’17 1,300cc 202.4-213.3
29
Motorcycle Product Launches 2017
Models Launched Launching Period Engine Capacity Prices (Rp mio)
Honda PCX 150 Jan’17 150cc 40.1
Honda CRF 250 (NEW) Feb’17 250cc 62.9
Honda CRF 1000L Africa Twin (NEW) Feb’17 1,000cc 464-499
Honda CBR 250R Repsol Feb’17 250cc 63.2-72
Honda CB 500F Feb’17 500cc 139.3
Honda CBR 500R Feb’17 500cc 144.3
Honda Supra X 125 Feb’17 125cc 16.8-17.8
Honda Scoopy (NEW) Mar’17 110cc 17.8
Honda CB 500X Mar’17 500cc 147.4
Honda CMX 500 Rebel (NEW) Mar’17 500cc 147.4
Honda SH150i (NEW) Apr’17 150cc 44.9
Honda CB650F Apr’17 650cc 235
Honda Vario 150 Apr’17 150cc 21.2
Honda Vario 125 Apr’17 125cc 18.2-18.8
Honda Supra GTR Apr’17 150cc 21.6-21.8
Honda CBR 150R Apr’17 150cc 33.0-33.7
Honda BeAT Street Jun’17 110cc 15.9
30
Motorcycle Product Launches 2017
Models Launched Launching Period Engine Capacity Prices (Rp mio)
Honda CBR1000R (NEW) Aug’17 1,000cc 575.4
Honda CB150R Aug’17 150cc 26-27.1
Honda CBR250RR Kabuki Aug’17 250cc 63.5-70.8
Honda Sonic 150R Sep’17 150cc 21.9-22.3
Honda BeAT POP eSP Oct’17 110cc 14.7-15.4
Honda Revo Oct’17 110cc 13.6-15.3
Honda CRF 150 (NEW) Nov’17 150cc 31.8
Honda Vario eSP Nov’17 110cc 16.7-17.6
Honda PCX 150 (NEW) Dec’17 150cc 27-32
31
National Automotive Market Data
2017 2016
Major Brands
Wholesale Astra Wholesale Astra
Toyota – Avanza, Innova, Fortuner; Honda – HR-V,
Non LCGC 845,332 48% 827,517 52%
Mobilio, BR-V, Daihatsu – Xenia, Terios, Gran Max
Astra Toyota – Calya, Agya; Astra Daihatsu – Sigra,
Car
LCGC 234,554 75% 235,171 69% Ayla; Honda - Brio Satya; Datsun - GO Panca; Suzuki
- Karimun Wagon R
Total 1,079,886 54% 1,062,688 55%
Honda - Supra Series, Revo Series, Blade; Yamaha –
Cub 446,781 71% 522,082 70% Jupiter MX King, Jupiter ZX, Vega Force; Suzuki –
Motorcycle
32
Equity Research Contact Details
No Brokerage House Analyst Name Contact Number Email Address
1 Bahana Sekuritas Andri Ngaserin +62 21 250 5735 andri@bahana.co.id
2 BCA Sekuritas Pandu Anugrah +62 21 23587222 pandu.anugrah@bcasekuritas.co.id
3 CIMB Sekuritas Indonesia Erindra Krisnawan +62 21 30061732 erindra.krisnawan@cimb.com
4 Ciptadana Sekuritas Asia Arief Budiman +62 21 2557 4800 budimanarief@ciptadana.com
5 Citigroup Investment Research Ferry Wong +62 21 2924 9213 ferry.wong@citi.com
6 CLSA Indonesia Sarina Lesmina +62 21 2554 8820 sarina.lesmina@clsa.com
7 Credit Suisse Sekuritas Indonesia Jahanzeb Naseer +62 21 2553 7977 jahanzeb.naseer@credit-suisse.com
8 Danareksa Sekuritas Stefanus Darmagiri +62 21 2955 5831 stefanus.darmagiri@danareksa.com
9 DBS Vickers Maynard Priajaya Arif +62 21 3003 4900 maynard.arif@id.dbsvickers.com
10 Deutsche Verdhana Securities Joko Sogie +62 21 2964 4543 joko.sogie@db-gmresearch.com
11 Goldman Sachs Pramod Kumar +91 22 6616 9043 pramod.kumar@gs.com
12 HSBC Global Research Tarun Bhatnagar +65 6658 0614 tarunbhatnagar@hsbc.com.sg
13 Indo Premier Sekuritas Chandra Pasaribu +62 21 5793 1168 chandra.pasaribu@ipc.co.id
14 J.P. Morgan Securities Indonesia Aditya Srinath +65 6882 7138 aditya.s.srinath@jpmorgan.com
15 Kresna Securities Robertus Yanuar Hardy +62 21 2939 1900 robertus.hardy@kresnasecurities.com
16 Mandiri Sekuritas Ariyanto Kurniawan +62 21 5296 9682 ariyanto.kurniawan@mandirisek.co.id
17 Maybank Kim Eng Securities Isnaputra Iskandar +62 21 2557 1129 isnaputra.iskandar@maybank-ke.co.id
18 BoA Merrill Lynch Swati Chopra +65 6678 0405 swati.chopra@baml.com
19 Mirae Asset Sekuritas Indonesia Franky Rivan +62 21 515 1140 franky@miraeasset.co.id
20 NH Korindo Sekuritas Arnold Sampeliling +62 21 797 6202 arnold@nhsec.co.id
21 Nomura Indonesia Elvira Tjandrawinata +62 21 2991 3341 elvira.tjandrawinata@nomura.com
22 Onix Capital Bagus Hananto +62 21 3190 1777 bagus.hananto@ocap.co.id
23 RHB Sekuritas Indonesia Andrey Wijaya +62 21 2598 6888 andrey.wijaya@id.oskgroup.com
24 Samuel Sekuritas Akhmad Nurcahyadi +62 21 2854 8144 akhmad.nurcahyadi@samuel.co.id
25 Sinarmas Sekuritas Evan Lie Hadiwidjaja +62 21 392 5550 evan.hadiwidjaja@sinarmassekuritas.co.id
26 Sucor Sekuritas Raditya Immanzah +62 21 8067 3164 raditya.immanzah@sucorsekuritas.com
27 Trimegah Securities Willinoy Sitorus +62 21 2924 9088 willinoy.sitorus@trimegah.com
28 UBS Securities Indonesia Ronald Liem +62 21 2554 7032 ronald.liem@ubs.com
29 UOB Kay Hian Securities Stevanus Juanda +62 21 2993 3845 stevanusjuanda@uobkayhian.com
30 Valbury Asia Securities Budi Rustanto +62 21 2553 3600 budi.rustanto@valbury.com
31 Yuanta Securities Indonesia Yusuf Ade Winoto +62 21 515 5890 yusuf.winoto@yuanta.co.id
33
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
34