PT Astra International Tbk 2012 Results Presentation UBS Indonesia Conference 2013, 5-6 March 2013, Mandarin Oriental Hotel Jakarta 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.
34
Embed
PT Astra International Tbk and... · 2019. 11. 27. · PT Astra International Tbk 2012 Results Presentation UBS Indonesia Conference 2013, 5-6 March 2013, Mandarin Oriental Hotel
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
PT Astra International Tbk2012 Results Presentation
UBS Indonesia Conference 2013, 5-6 March 2013, Mandarin Oriental Hotel Jakarta
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 specificperson 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 theaccuracy 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 contentsof 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, negligentor 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 theyrelate 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 asgeneral economic conditions, foreign exchange fluctuations, interest rate changes, commodity price fluctuations and regulatory developments. The reader and/or listener is cautioned tonot 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
1
2012 full year financial statements• Net earnings per share up 9% to Rp 480• Unit sales of cars up by 25%, while motorcycles 4% lower• Good earnings growth from financial services• Strong operating results from mining contracting• Reduced contribution from heavy equipment due to softening coal sector demand
OverviewThe Group’s net earnings per share were up 9% to Rp 480, with improved contributions from the Group’s car and financial services businesses partially offset by lower earnings in the Group’s heavy equipment and mining activities and motorcycle businesses.
Full Year ended 31st December
2012 2011 Change %
Net Revenue (Rp bn) 188,053 162,564 16%
Net Income (Rp bn)* 19,421 17,785 9%
Earnings per share (Rp) 480 439 9%
As at 31st
December 2012As at 31st
December 2011
Shareholders’ Funds (Rp bn)** 71,201 60,449 18%
Net asset value per share (Rp)** 1,759 1,493 18%
Group results
* 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
2
Automotive
Automobile
•Toyota•Daihatsu• Isuzu•BMW•Peugeot•UD Trucks
Motorcycle
Honda
Component
Astra Otoparts
Others
Astraworld
Financial Services
•Astra Credit Companies
•Toyota Astra Finance
Motorcycle
Federal Intl. Finance
Heavy Equipment
Banking
•SAN Finance•Komatsu Astra
Finance
Bank Permata
Insurance
Asuransi Astra Buana
Heavy Equipment & Mining
Construction Machinery
•United Tractors•Traktor
Nusantara
Mining Contractor
PAMA PersadaNusantara
Coal Mining
•PMM• TTA• ABP• BEE• ABB / ABJ• DS / DN• PJU
Agribusiness
Palm Oil
Astra Agro Lestari
Infrastructure& Logistics
Toll Road
•MMS : 72km•MTN : 11km•MHI : 41km
Water Utility
Palyja
Fuel Logistic
Gresik Terminal
InformationTechnology
Document Solution
Astra Graphia
IT Solution
Astra GraphiaInformation Technology
Logistics
•SERA / TRAC•Mobil 88 (used)•SELOG•TFLI
Automobile
Market position at 31 December 2012
Toyota36%
Daihatsu15%
Isuzu3%
Mitsubishi13%
Suzuki11%
Nissan6%
Honda6%
Others10%
Car
Source : Gaikindo
Honda58%
Yamaha34%
Suzuki6%
Kawasaki2%
Motorcycle
Source : AISIKomatsu,
43%
Caterpillar, 19%
Hitachi, 21%
Kobelco, 13%
Others, 4%
Source: United Tractors – Internal Market Research
• Astra maintains car market share at 54%, while motorcycle market share increasing from 53% to 58%
• Market share for Komatsu declined by 6% driven by weakening coal price and increased competition
3
Heavy Equipment
2012 corporate actions
4
February • ASF issued Bond (PUB 1 2012) with total of Rp 5 trillion
April • TTA completed coal mining acquisition of Duta Nurcahya (DN) with share ownership of 60%
• FIF issued Bond (PUB 1 2012) with total of Rp 4 trillion
June
• AI announced a 10 for 1 stock split
• AI paid final 2011 dividend amounting to Rp 5.6 trillion with DPR 45%. Total 2011 dividend Rp 8 trillion
• AOP and Pirelli established a joint venture “PT Evoluzione Tyres” to produce auto tire in Indonesia
• TAFS issued Bond II amounting to Rp 1.3 trillion
• Bank Permata issued Subordinated Debt amounting to Rp 700 billion
January • SANF issued Bond II amounting to Rp 1.5 trillion
July• SERA issued “Serasi Autoraya III” bonds with total principal amount of Rp 780 billion• AOP formed a JV company “PT Astra Juoku Indonesia” to produce automotive lamp
2012 corporate actions
5
October
November
December
• ASF issued Bond (PUB 1 2012) with total of Rp 1.53 trillion
• AHM completed cub to scooter facility conversion project, effectively increased scooter capacity by 1,000 units/day to become 10,600 units/day
• ADM completed new plant in Karawang with total production capacity 120k units/year
• AI paid interim dividend for book year 2012 with DPS of Rp 66 (DPR 45%)
• AI established PT Astra Auto Prima for BMW used car trading
• Bank Permata completed Right Issue V of Rp 2 trillion and issued subordinated loan of Rp 1.8 trillion to strengthen CAR above 12%
• AOP established two subsidiary companies to produce 4W plastic parts, tube, hose, and transmission belt
September
• Astra introduced new collaboration for Low Cost Fuel Efficient cars named “Astra Toyota Agya” and “Astra Daihatsu Ayla”
• UT through TTA acquired 60% of Piranti Jaya Utama (“PJU”), a coal concession in Barunang, Central Kalimantan
Financial Performance
Indonesia domestic consumption and investment remain strong, despitewidening trade deficit that put pressure on IDR against USD
Strong domestic car sales benefited from rising incomes. The impact of newminimum down-payment requirements in automotive conventional financingintroduced in mid-June 2012 was mild for car sales
Motorcycle sales adversely affected by new minimum down-paymentrequirements and lower demand in some areas from outside Java due todeclining commodity prices
Financial services business recorded higher financing growth benefited fromample funding liquidity and competitive funding cost
Slowing demand in the heavy equipment business reflects weakening coal pricesand increased competition from excess production redirected from the Chinesemarket
Despite lower average crude palm oil prices, palm oil production increased dueto higher matured area and seasonally high crops productivity
2012 environment
7
Consolidated income statement
8
In Billion Rupiah 2012 2011 % Chg
USD / IDR, average 9,419 8,773 7%
Revenue 188,053 162,564 16%
Gross Profit 36,200 32,034 13%
Operating Expenses (16,330) (14,202) 15%
Other Income 2,352 2,182 8%
Equity Income 5,676 5,760 (1%)
Income Tax Expense (5,156) (4,697) 10%
Non-controlling interest (3,321) (3,292) 1%
Net Income 19,421 17,785 9%
“The Group’s good result in 2012 was due primarily to strong car sales, enabling Astra to report another year of record earnings and net assets per share. Slowing demand in the heavy equipment business reflected weakening coal prices, while falling CPO prices also affected profitability despite output increasing. While the prospects for our businesses remain sound, the outlook is susceptible to coal and CPO price volatility as well as the effects of new minimum down-payment regulations in automotive Shariah-financing.”
Prijono SugiartoPresident Director
• Higher net income contribution from 4W on stronger consumer demand and solid new models line up
• Lower contribution from 2W due to down-payment regulation, lower margin from scooter & FI models, and reduced demand driven by weakening commodity prices in some areas
• Net income contribution Auto vs. Non-Auto segments:
Ownership % Share of NI %
Auto Non-Auto
4W AutomotiveSO – Toyota, Daihatsu, IsuzuToyota Astra MotorAstra Daihatsu MotorIsuzu Astra Motor Indonesia
100513245
30.1
2W AutomotiveAstra Honda MotorHonda SO
50100
13.5
ComponentAstra Otoparts 96 5.2
Financial ServicesAstra Sedaya FinanceFederal International FinanceToyota Astra Financial ServicesKomatsu Astra FinanceSAN FinanceAsuransi Astra BuanaPermata Bank
1001005050609645
15.0 4.1
Heavy Equipment & MiningUnited TractorsPamapersada Nusantara
• Astra’s net asset value of Rp 1,759 per share* at Dec’12 was 18% higher than at the end of 2011
• Net debt at Dec’12 was Rp 45.6 tn, up by 43% primarily due to investment and capital expenditure in the heavy equipment, mining, automotive and agribusiness sectors. Overall, DER was maintained at 51%
Consolidated balance sheet
10
In Billion Rupiah 31-Dec-12 31-Dec-11 % Chg
Cash and Cash Equivalents 11,055 13,111 (16%)
Trade Receivables 16,443 14,526 13%
Inventories 15,285 11,990 27%
Financing Receivables 48,631 41,033 19%
Investments in Associates and Jointly Controlled Entities 19,801 16,997 16%
Fixed Assets 34,326 28,983 18%
Other Assets 36,733 27,679 33%
Total Assets 182,274 154,319 18%
Short-term Borrowings 7,202 4,681 54%
Trade Payables 12,685 15,542 (18%)
Long-term Debt 49,555 40,309 23%
Other Liabilities 23,018 17,949 28%
Total Liabilities 92,460 78,481 18%
Equity Attributable to The Owners of The Parent 71,201 60,449 18%
Non – controlling Interest 18,613 15,389 21%
Total Equity 89,814 75,838 18%
Net Debt 45,608 31,787 43%
Net Debt (Excl. Financial Services) 8,889 572 1,454%
* Net asset value per share is based on equity attributable to the owners of the parent.
Consolidated cash flow
11
In Billion Rupiah 2012 2011 Change
Cash from operations 13,945 13,492 453
Tax Payments (5,688) (4,177) (1,511)
Interest received 675 696 (21)
Dividend Received 4,064 4,240 (176)
Cash flow from Operating Activities + Dividend Received 12,996 14,251 (1,255)
Net Capex (10,054) (9,628) (426)
Net Investment (2,571) (3,226) 655
Other Investing (809) (598) (201)
Cash flow for Investing Activities (13,956) (13,914) (42)
Net proceed of Debt 9,163 11,581 (2,418)
Interest Payment (990) (662) (328)
Dividend Payment (9,768) (8,191) (1,577)
Other Financing (332) 2,654 (2,986)
Cash flow from Financing Activities (1,927) 5,382 (7,309)
Increase / (Decrease) in Cash (2,432) 6,048 (8,480)
Opening Cash Balance 13,163 7,093 6,070
Exchange Rate Adjustment 178 22 156
Closing Cash Balance 10,909 13,163 (2,254)
The cash inflow from operating activities for the year was Rp 13.9 tn, an increase of Rp 453 bn from 2011, due to the Group’s strong operating result and working capital management.
Historical domestic motorcycle sales• Indonesia is the 3rd largest motorcycle market in the world after China and India• Shifting consumer demand from cub to matic scooter type
16
2,287
4,6884,4275,074
3,888
2,810
7,373
5,8526,216
8,013
7,064
Fuel price increase (↓13%)
Lehman Crisis( ↓6%)
Min. DP requirement
Source: AISI
Honda, 4,273,888
53.3%
Honda, 4,088,888
57.9%
Yamaha, 3,136,073
39.1% Yamaha, 2,423,854
34.3%
Suzuki, 6.2%
Suzuki, 6%
Others 1.4 %
Others 1.8%
Cub1,667,264
39%Cub
1,058,28125.9%
Scooter2,381,908
55.7%
Scooter2,859,989
69.9%
Sport/Others5.3%
Sport/Others4.2%
Cub1,667,264
55.4%
Cub1,058,281
57.1%
Scooter2,381,908
57.4% Scooter2,859,989
68%
Sport/Others26.3 %
Sport/Others17 %
Cub3,008,747
37.6%Cub
1,852,79226.2%
Scooter4,150,591
51.8%Scooter
4,208,21959.6%
Sport & Others 10.6%
Sport & Others 14.2%
Brand2011
Honda Segment Honda Product M/S
Segment Brand2012
Honda Segment Honda Product M/S
Segment
Motorcycle
Source: AISI
2011 2012
Motorcycle sales declined by 12%, impacted by minimum down-payment regulation and a tightening underwriting standards. Honda sales declined by 4%, with market share increased to 58%
17
8,012,540 7,064,457
During 2012 Astra Honda Motor launched 4 new models and 10 revamped models
Several product launches 2012 - motorcycle
18
Honda Supra X125 Helm In PGM-FI
July 2012
CB 150 R StreetFireDecember 2012
Q1 2012 Q4 2012Q3 2012Q2 2012
Honda CBR 150 February 2012
Honda Vario Techno PGM-FIMarch 2012
Honda Mega ProJune 2012
Honda PCX 150 June 2012
Honda Beat PGM-FIOctober 2012
OEM68%
After Market
25%
Export 7%
OEM68%
After Market
23%
Export9%
313 269
694 784
Equity Income Consolidated
Components
19
Net Income (IDR billion)
• PT Astra Otoparts Tbk, the Group’s 95.7%-owned, reported a net income of Rp 1.1 tn, an increase of 5%
• The 12% 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
1,007 1,053
2011 2012
50% 51%
40%
40%
10%
9%
Export After Market OEM
2011 2012
Revenue (IDR billion)
7,364
8,27712%5%
Unit Financed 2012 2011 %
Auto
ACC 164,605 151,827 8
TAFS 54,777 48,343 13
Total 4W 219,382 200,170 10
FIF 1,614,782 1,658,950 (3)
HE
SANF 3,715 3,892 (5)
KAF 377 467 (19)
Total HE 4,092 4,359 (6)
* Incl. Joint Financing
Amount Financed (Rp bio) 2012 2011 %
Auto
ACC 23,165 21,589 7
TAFS 8,255 7,044 17
Total 4W 31,420 28,633 10
FIF 18,877 20,729 (9)
HE
SANF 4,610 4,594 0
KAF 2,483 2,658 (7)
Total HE 7,093 7,252 (2)
Financial services
20
• 2012 consolidated net income increased by
18% to Rp 1.4 trillion vs. 2011
• Loan book grew by 36% to Rp 94.9 trillion
• LDR 89.5% & CAR 16%
• Net-NPL ratio were down from 0.6% to 0.4%
Asuransi Astra Buana
• 2012 Gross Written Premium up by 14% to Rp 3.1 trillion
• RBC: 245%, requirement 120%
Bank Permata
Group Financial Services recorded a net income growth by 12% to Rp 3.7 tn, driven by financing activity growth and better net interest margin due to declining funding cost
Lower heavy equipment market in 2012 driven by a decline in mining sector demand due to the fall in coal prices and impact on mining regulation
In Unit
Source: UT’s internal research
67%
54%
6%
6%
17%
24%
10%
16%
Mining Forestry Agro Construction
3,446 2,725
1,043 2,848
4,489
5,573
PMM TTA (all in thousand tonnes)
PT United Tractors Tbk, 59.5%-owned, reported net income down 2% at Rp 5.8 trillion mainly due to lower contribution from construction machinery segment
• Indonesia is the world largest palm oil producer• Global economic crisis contributed to a softening CPO demand in 2012• Government encourages domestic investment to go to downstream sector
Source : Oil World
217 234
50 39
2011 2012
Immature
Mature
10,281
11,231
492
333
2011 2012
Export
Local
Area Maturity (‘K Ha) *
Revenue (Rp bio)
CPO Production & Sales (‘K tonnes)
273267
• PT Astra Agro Lestari Tbk, 79.7%-owned, reported net income of Rp 2.4 tn in 2012• Palm oil production increased 16% to 1.5 million tonnes, while average crude palm oil prices
achieved were 3% lower compared with last year
* Incl. plasma plantation
CPO Yield (tonne/Ha)
Agribusiness
24
10,773
11,564
4.98 5.23
2011 2012
1,2681,476
1,255 1,424
2011 2012
Production Sales
153.2 159.8
2011 2012
27,877 31,292
2011 2012
Infrastructure and logistics
25
• Marga Mandalasakti, Tangerang – Merak72.5km toll road operator, reported a 15% increase in traffic volume to 37 million vehicles
• PAM Lyonnaise Jaya, the western Jakarta water utility system, increased it’s sales volume by 4% to 160 million cubic metres
• Serasi Auto Raya reported a 12% y.o.y increase in vehicles under contract at its TRAC car rental business to over 31,000 units