PT Astra International Tbk laporan keuangan/AI... · PT Astra International Tbk 1H12 Results Presentation Disclaimer: This report has been prepared by PT Astra International Tbk independently

PT Astra International Tbk1H12 Results Presentation

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

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2012 first half financial highlights• Net earnings per share up 13% to Rp 239• Unit sales of cars up 32% and motorcycles relatively flat• Heavy equipment and mining net revenue up 19%

OverviewThe Group delivered results for the first half of 2012 that were 13% ahead of the corresponding period in 2011. Strong results from the Group’s car and heavy equipment businesses more than offset a lower profit contribution from the Group’s palm oil and motorcycle businesses.

Six months ended 30th June

2012 2011 Change%

Net Revenue (Rp bn) 95,919 76,264 26%

Net Income (Rp bn)* 9,678 8,588 13%

Earnings per share (Rp) 239 212 13%

As at 30th

June 2012As at 31st

December 2011

Shareholders’ Funds (Rp bn)** 64,062 60,449 6%

Net asset value per share (Rp)** 1,582 1,493 6%

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 Truck

Motorcycle

Honda

Component

Astra Otoparts

Others

•Astraworld

Financial Services

Automobile

•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

•TraktorNusantara

Mining Contractor

PAMA PersadaNusantara

Coal Mining

•PMM•TTA• ABP• BEE• ABB / ABJ• DS / DN

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

3

Car Motorcycle

Heavy Equipment

Despite tighter competition, Astra continues to maintain leading market position in car,motorcycle, and heavy equipment industries

Market position at 30 June 2012

Source: Gaikindo

Source: United Tractors

Source: AISI

Toyota, 38%

Daihatsu, 15%Isuzu, 3%

Mitsubishi, 14%

Honda, 5%

Suzuki, 10%

Nissan, 6%Others, 8%

Honda, 57%

Yamaha, 35%

Suzuki, 6%Kawasaki, 2%

Komatsu, 44%

Caterpillar, 19%

Hitachi, 20%

Kobelco, 12%

Others, 5%

1H-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 in Indonesia Stock Exchange

• 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

Financial performance

1H 2012 environment Indonesian GDP growth of 6.3%, supported by strong domestic demand, low inflation

rate, attractive interest rate and sufficient liquidity, despite recent weakening of IDR against USD

Strong results from the Group’s automotive businesses in particular car sales which benefited from strong domestic demand and increased supply due to additional capacity and fewer negative supply chain events

Increased competition in the Construction Machinery as a consequence of additional small equipment supply that has been redirected to the Indonesian market from the Chinese market

Improved operating results from Mining Contracting and Mining businesses due to additional mining capacity added

Lower average crude palm oil prices coupled with higher costs of production and operating expenses drove lower results in agribusiness segment

While the outlook remains encouraging, there are a number of factors that may negatively impact short-term growth, including:

• minimum down payments for automotive sector• lower coal and other commodity price• further impact from global economic slowdown

6

Consolidated income statement“The Group performed well in the first half of 2012, in particular car sales which benefitted fromstrong domestic demand and increased supply as a consequence of additional capacity and fewernegative supply chain events. Despite the introduction of new minimum down paymentrequirements in auto financing from 15th June 2012, which will negatively impact automotivesales, the Group is expected to perform satisfactorily in the second half of the year.”

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In Billion Rupiah 1H12 1H11 % Chg

USD / IDR, average 9,250 8,716 6%

Revenue 95,919 76,264 26%

Gross Profit 17,915 15,152 18%

Selling & Administration Expenses (7,923) (6,715) 18%

Other Income 952 1,063 (10%)

Equity Income 2,937 2,952 (1%)

Income Tax Expense (2,512) (2,368) 6%

Non-controlling interest (1,691) (1,496) 13%

Net Income 9,678 8,588 13%

- Prijono Sugiarto, President Director

Astra portfolio as at 30 June 2012

• Higher net income contribution in 4W and Heavy Equipment, while lower in 2W and Agribusiness

• Automotive value chain contributes >50% of total group net income

• Net income contribution Auto vs. Non-Auto segments:

Ownership(%)

Share of Net Income (%)

Auto Non-Auto

4W AutomotiveToyota SO, Daihatsu SO, Isuzu SOToyota Astra MotorAstra Daihatsu MotorIsuzu Astra Motor Indonesia

100513245

30.5

2W AutomotiveAstra Honda MotorHonda SO

50100

14.7

ComponentAstra Otoparts 96 5.2

Financial ServicesAstra Sedaya FinanceFederal International FinanceToyota Astra Financial ServicesKomatsu Astra FinanceSAN FinanceAsuransi Astra BuanaPermata Bank

1001005050609645

14.3 4.3

Heavy Equipment & MiningUnited TractorsPamapersada Nusantara

6060

19.3

AgribusinessAstra Agro Lestari 80 7.9

Infrastructure & LogisticsSERAPalyjaMarga Mandalasakti

1004979

3.8

8

2001 2010 2011 1H12

Auto (Incl. autorelated Financial Services)

89% 66% 61% 65%

Non-Auto 11% 34% 39% 35%

Consolidated balance sheetAstra’s net asset value of Rp 1,582 per share* as at Jun’12 was 6% higher than at the end of December 2011

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In Billion Rupiah 30-Jun-12 31-Dec-11 % Chg

Cash and Cash Equivalents 13,587 13,203 3%

Trade Receivables 17,786 14,526 22%

Inventories 13,546 11,990 13%

Financing Receivables 44,685 41,033 9%

Investments in Associates and Jointly Controlled Entities 17,101 16,997 1%

Fixed Assets 32,707 28,804 14%

Other Assets 32,069 26,968 19%

Total Assets 171,481 153,521 12%

Short-term Borrowings 3,543 4,681 (24%)

Trade Payables 16,232 15,542 4%

Long-term Debt 49,771 40,309 23%

Other Liabilities 21,206 17,151 24%

Total Liabilities 90,752 77,683 17%

Equity Attributable to The Owners of The Parent 64,062 60,449 6%

Non – controlling Interest 16,667 15,389 8%

Total Equity 80,729 75,838 6%

Net Debt 39,727 31,787 25%

Net Debt (Excl. Financial Services) 5,756 572 906%

* Net asset value per share is based on equity attributable to the owners of the parent.

Consolidated cash flow

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In Billion Rupiah 1H12 1H11 Change

Cash from Operations 8,030 6,590 1,440

Tax Payments (3,096) (1,814) (1,282)

Interest Received 365 295 70

Dividends Received 2,784 2,618 166

Cash Flow from Operating Activities + Dividend Received 8,083 7,689 394

Net Capex (6,015) (4,247) (1,768)

Net Investment (706) (465) (241)

Other Investing (659) (326) (188)

Cash Flow from Investing Activities (7,380) (5,038) (2,342)

Net Proceed of Debt 6,793 7,408 (615)

Interest Payment (482) (282) (200)

Dividend Payment (6,664) (4,728) (1,936)

Other Financing (62) (2,451) (2,513)

Cash Flow from Financing Activities (415) 4,849 (5,264)

Increase in Cash 288 7,500 (7,212)

Opening Cash Balance 13,163 7,093 6,070

Exchange Rate Difference 99 (142) 241

Closing Cash Balance 13,550* 14,451* (901)

*Include Bank Overdraft

Business Update

Astra229,26354.9%

Astra301,63656.4%

Others188,42445.1%

Others233,62743.6%

4x2 & 4x480.9%

4x2 & 4x480.6%

Commercial16.1%

Commercial 16.4%

Toyota36.5%

Toyota37.8%

Daihatsu14.9%

Daihatsu 15.0%Isuzu 3.1%

Isuzu 3.1%Mitsubishi

16.1%

Mitsubishi13.8%Suzuki 10.5%

Suzuki 9.6%

Honda 5.2%

Honda 4.9%

Nissan 5.2%

Nissan 6.4%

Sedan 3.3% Sedan 2.8%

4x2 & 4x4269,94264.6%

4x2 & 4x4356,98066.7%

Commercial 134,11732.1%

Commercial163,15330.5%

Sedan 49.9 % Sedan 60.7%

4x2 & 4x468.7%

4x2 & 4x468.1%

Commercial 27.5%

Commercial30.3%

M/S1H11

AI Product Segment

Brand Segment AI Product M/S

M/S1H12

AI Product Segment

Brand Segment AI Product M/S

Sedan 3.0%

Source: Gaikindo

12

Car1H11 1H12

Wholesale car market increased by 28%, while Astra’s car sales rose by 32%

535,263

Sedan 3.0%

12

417,687

Others 8.2%

Others 15.4%

Several product launches - car

All New CamryApril 2012

BMW M5April 2012

Peugeot 107May 2012

Land Cruiser 200June 2012

Toyota 86June 2012

Lexus RX 350June 2012

During first half of 2012 Astra launched 13 new models and 18 revamped models

13

Honda2,099,349

51.8%

Honda2,101,881

56.8 %

Yamaha1,646,084

40.6 %

Yamaha1,311,323

35.4 %

Suzuki 6.3 %

Suzuki 6.0 %

Others 1.3 %

Others 1.8 %

Cub42.7 % Cub

29.0 %

Scooter51.2 % Scooter

67.1 %

Sport/Others6.1 %

Sport/Others3.9 %

56.1 % 58.3 %

53.2 %

64.7 %

29.4. %

17.2 %

Cub1,597,255

39.4 % Cub

1,046,45928.3 %

Scooter2,022,678

49.9 % Scooter2,176,634

58.8 %

Sport/Others10.7 %

Sport/Others12.9 %

4,056,075 3,702,354

Brand1H 2011

Honda Segment Honda Product M/S

Segment Brand1H 2012

Honda Segment Honda Product M/S

Segment

Source: AISI

Motorcycle1H 2011 1H 2012

Motorcycle sales decreased by 9%, while Honda’s sales relatively flat (+0.1%)

14

Supra XApril 2012

TigerApril 2012

Mega ProJune 2012

PCX 150June 2012

During the first half Astra Honda Motor launched 2 new models and 8 revamped models

15

Several product launches - motorcycle

133 157

347371

Equity Income Consolidated

OEM67%

After M

arket2

5%

Export8%

OEM70%

Afte

r Market

23

%

Export7%

Net Income (Rp bio)

Components• PT Astra Otoparts Tbk, the Group’s 95.7%-owned, reported a net income of Rp 528 bn, an increase

of 10% compared to the first half of last year

• Higher sales of 17%, particularly in the OEM and replacement markets, were partly offset by higher material and labor costs that have not been passed on in full to OEM customers

16

480528

1H11 1H12

Financial services

Unit Financed 1H12 1H11 %

Auto

ACC 85,645 75,653 13

TAFS 28,269 23,862 18

Total 4W 113,914 99,515 14

FIF 798,352 757,355 5

HE

SANF 2,261 1,864 21

KAF 228 199 15

Total HE 2,489 2,063 21

* Incl. Joint Financing

Amount Financed (Rp bio) 1H12 1H11 %

Auto

ACC 12,398 10,870 14

TAFS 4,287 3,490 23

Total 4W 16,685 14,360 16

FIF 9,603 9,477 1

HE

SANF 2,899 2,220 31

KAF 1,533 1,144 34

Total HE 4,432 3,364 32

17

• 1H12 consolidated net income increased by

1% to Rp 712 billion vs. 1H11

• Loan book grew by 41% to Rp 84.4 tn

• LDR & CAR with market risk: 95% & 13%

• Net-NPL ratio were down from 0.7% to 0.5%

Asuransi Astra Buana

• 1H12 Gross Written Premium up by 17% to Rp 1.5 trillion

• RBC: 182%, requirement 120%

Bank Permata

Group Financial Services remain strong, in particular Automotive and Heavy Equipment financings

1,615 1,491

590 1,555

2,205

3,046

PMM TTA (all in thousand tonnes)

PT United Tractors Tbk, 59.5%-owned, reported net income of Rp 3.1 trillion in 1H12, a 21% increase compared to the corresponding period in 2011

40.2 45.1

Coal Production (mn tonnes)

2,949 2,556

265 241

680 897

439 537

Mining Forestry Agro Construction

366.4

415.2

Overburden Removal (mn bcm)

13,073 14,258

9,824 12,833

2,722

3,519

Construction Machinery Mining Contracting Mining

Mining Contracting

Coal Mines: Reserves and SalesKomatsu Unit Sales

4,231

30,61025,619

Revenue (Rp bio)

Heavy equipment & mining

1H11 1H12

1H11 1H12

1H11 1H12

18

4,333

1H11 1H12

Combined Coal Reserves (Mio Tons)

TTA 35

PMM 11

ABP 9

ABB/ABJ 60

DS/DN 45

BEE 177

Total 337

221 237

43 30

1H11 1H12

Immature

Mature

5,030

5,543 267

104

1H11 1H12

Export

Local

Area Maturity (‘K Ha) *

Revenue (Rp bio)

CPO Production & Sales (‘K tonnes)

267264

• PT Astra Agro Lestari Tbk, 79.7%-owned, reported net income for the first half of Rp 959 billion• Average crude palm oil prices achieved were 2% lower, despite the increase in palm oil production by 7%

Agribusiness

* Incl. plasma plantation

CPO Yield (tonne/Ha)

19

5,297

5,647

2.32 2.29

1H11 1H12

594 636567644

1H11 1H12

Production Sales

75.1 78.5

1H11 1H12

24,941 30,658

1H11 1H12

20

Infrastructure and logistics

• Marga Mandalasakti, Tangerang – Merak72.5km toll road operator, reported a 15% increase in traffic volume to 18 million vehicles

• PAM Lyonnaise Jaya, the western Jakarta water utility system, increased it’s sales volume by 5%

• Serasi Auto Raya reported a 23% y.o.y increase in vehicles under contract at its TRAC car rental business

TRAC Rental Car (unit)

15,523 17,907

1H11 1H12

MMS Vehicle Traffic Volume (‘K unit) Palyja Water Sales Volume (Mn m3)

Appendices

Divisional revenue and net incomeDivisional Revenue

Divisional Net Income

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In Billion Rupiah 1H12 1H11 % Chg

Automotive 49,675 37,255 33%

4W 38,374 27,354 40%

2W 7,165 6,355 13%

Components 4,136 3,546 17%

Financial Services 6,169 5,475 13%

Heavy Equipment 30,506 25,566 19%

Agribusiness 5,647 5,297 7%

Infrastructure & Logistics 3,095 2,114 46%

Information Technology 827 557 48%

Total 95,919 76,264 26%

In Percentage of Total 1H12 1H11 D

Automotive 50.4% 45.6% 4.8%

4W 30.5% 23.0% 7.5%

2W 14.7% 17.3% -2.6%

Components 5.2% 5.3% -0.1%

Financial Services 18.6% 20.1% -1.5%

Heavy Equipment 19.3% 17.9% 1.4%

Agribusiness 7.9% 11.8% -3.9%

Infrastructure & Logistics 3.3% 4.1% -0.8%

Information Technology 0.5% 0.5% 0.0%

2323

Others 8.2%

Others 15.4%

Recent Models Launched Launching Time Engine Capacity Prices (IDR mn)

Car

Peugeot 308 Apr-12 1,600cc 397*BMW M5 Apr-12 4,395cc 2,058*All New Camry Apr-12 2,500cc 482.7-635.6Land Cruiser 200 Apr-12 4,500cc 1,185-1,475

Peugeot 107 May-12 1,000cc 184.9*

Peugeot 408 Jun-12 1,600cc-2,000cc 317-389*BWM 335i Jun-12 3,000cc 849*BMW 328i Luxury Jun-12 2,000cc 729*BMW 328i Sport Jun-12 2,000cc 699*BMW 320i Luxury Jun-12 2,000cc 649*BMW 320i Sport Jun-12 2,000cc 599*Lexus RX 270 Jun-12 2,700cc 945Lexus RX 350 Jun-12 3,500cc 1,170Lexus RX 350 F Sport Jun-12 3,500cc 1,170Lexus RX 450 Hybrid Jun-12 3,500cc 1,403Lexus IS 300C Jun-12 3,000cc 945Toyota 86 Jun-12 2,000cc 600-636

MotorcycleSupra-X Apr-12 125cc 14.6-15.6Tiger Apr-12 200cc 25.2Mega Pro Jun-12 150cc 18.4-19.6PCX 150 Jun-12 150cc 33.3

*Off the road

Several products launched in 2Q 12

24

National Market Data (Summary)

24

Others 8.2%

Others 15.4%

1H12 1H11Major Brands

Wholesale Astra Wholesale Astra

Car

Sedan 15,130 61% 13,628 50%Toyota - Vios/Limo, Camry, Altis ; Honda - City,Civic, Accord; Mercedes - C Series, E Series

4X2 & 4X4 356,980 68% 269,942 69%

Toyota - Avanza, Innova, Rush, Yaris: Daihatsu - Xenia, Terios, Gran Max; Nissan - Grand Livina, March; Suzuki - Ertiga, APV; Honda - Jazz, Freed, CR-V; Mitsubishi – Pajero Sport

Pick Up/ Trucks/ Bus 155,062 30% 125,009 28%Mitsubishi – Canter, Fuso, L-300; Suzuki – Carry; Daihatsu – Grand Max; Isuzu – Elf, Panther, Giga; Toyota – Dyna

Double Cabin 8,091 40% 9,108 22%Toyota – Hilux; Mitsubishi – Strada; Isuzu – D-Max;Ford - Ranger

Total 535,263 56% 417,687 55%

Mo

torc

ycle

Cub 1,046,459 58% 1,597,255 56%Honda - Supra X 125, Absolute Revo ; Yamaha -Vega ZR, Jupiter MX, Jupiter Z; Suzuki - Smash Titan, Shogun Axello 125

Scooter 2,176,634 65% 2,022,228 53%Honda - BeAT, Vario, Scoopy; Yamaha - Mio, Xeon, Suzuki - Nex

Sport & Others 479,261 17% 436,592 29%Yamaha V-ixion, Bison; Honda - New Mega Pro, New Tiger; Suzuki - Satria F 150, Thunder EN 125

Total 3,702,354 57% 4,056,075 52%

Source: Gaikindo

For further information please contact:

Investor Relations of PT Astra International Tbk - Attn:

Iwan Hadiantoro / Tira Ardianti / Christian

P: (+62 21) 652 2555

F: (+62 21) 6530 4953

E: [email protected] / [email protected] / [email protected]

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