To: Business
Editor
|
27th February 2024
For immediate release
|
PT
Astra International Tbk
2023 Full Year Financial Statements
The following announcement was issued
today by the Company's 78.1%-owned subsidiary, Jardine Cycle &
Carriage Limited, which holds 50.1% of PT Astra International
Tbk.
|
For further information, please
contact:
|
|
Jardine Matheson Limited
Jonathan Lloyd
|
(852) 2843 8223
|
Brunswick Group Limited
Ben Fry
|
(65) 9017 9886
|
27th February 2024
PT
ASTRA INTERNATIONAL TBK ("the Company" or
"Astra")
2023 FULL
YEAR FINANCIAL STATEMENTS
Highlights
·
Record earnings boosted by economic recovery, with
strong performance across most businesses
·
Motorcycle sales grew by 22%, with an increase in
market share, while car market share increased in a soft
market
·
Net earnings per share up 12% at Rp840 (excluding
fair value adjustments)
·
Enhanced final dividend of Rp421 per share
will be proposed on the basis of record results
and elevated coal prices in the first half of 2023
·
The Group's capex and investment for 2023
increased to Rp45.9 trillion
"The Group achieved record earnings in 2023 on the back of a strong recovery in
motorcycle sales and growth in the consumer finance businesses. The
Group continued to demonstrate resilience through its diversified
portfolio, despite lower commodity prices and softening economic
conditions in the second half of the year. While these conditions
remain, we anticipate a cyclical dip in growth in 2024.
However, we are confident that the
Group is well-positioned to achieve long-term growth through the
strengthening of our core businesses, as well as new investments to
support our strategic priorities.
I would like to thank our
stakeholders for their ongoing support and trust, in particular the
Group's employees, whose unwavering commitment and dedication have
made all our achievements possible."
Djony Bunarto Tjondro
President Director
Astra group ("Group") Results
|
For the years ended
31st December
|
2023
Rp bn
|
2022
Rp bn
|
Change
%
|
Net revenue
|
316,565
|
301,379
|
5
|
Net income* (before fair value
adjustments on investments in GoTo and Hermina)
|
33,998
|
30,488
|
12
|
Net income*
|
33,839
|
28,944
|
17
|
|
Rp
|
Rp
|
|
Net earnings per share*
(before fair value adjustments on
investments in GoTo and Hermina)
|
840
|
753
|
12
|
Net earnings per share*
|
836
|
715
|
17
|
|
As at
31st
December
2023
Rp bn
|
As at
31st
December
2022
Rp bn
|
Change
%
|
Shareholders' funds
|
198,640
|
192,142
|
3
|
|
Rp
|
Rp
|
|
Net asset value per share
|
4,907
|
4,746
|
3
|
*
Profit attributable to owners of the parent
The financial results for the years ended 31st December 2023
and 2022 and the financial position as at 31st December 2023 and
2022 have 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.
PRESIDENT DIRECTOR'S STATEMENT
Performance
The Group's consolidated net revenue
for 2023 was Rp316.6 trillion, an increase of 5% compared with the
previous year. The Group's net income,
excluding fair value adjustments on investments in GoTo and
Hermina, was Rp34.0 trillion, a record result which was 12%
higher than the same period last year.
Including these fair value adjustments, the Group's net income
increased by 17% to Rp33.8 trillion. This earnings growth reflects
improved performances from most of the Group's business divisions,
especially the automotive and financial services
divisions.
Net asset value per share at 31st
December 2023 was Rp4,907, 3% higher than at 31st December
2022.
Net cash, excluding the Group's
financial services subsidiaries, at 31st December 2023 was
Rp29 billion, compared to Rp35.1 trillion at 31st December
2022. In addition to the enhanced dividend
distributed in April 2023, the Group's
consolidated capital expenditure and investment for 2023 doubled to
Rp45.9 trillion, mainly attributable to United Tractors'
investments in nickel and renewable energy as part its transition
plan. United Tractors also incurred higher capital expenditure for
replacements of heavy equipment post-pandemic to accommodate
increased business activity. Net debt within the Group's financial services
subsidiaries grew to Rp52.2 trillion at 31st December 2023, from
Rp44.5 trillion at the end of 2022, in line with the growth in
motorcycle lending.
An enhanced final dividend of Rp421
per share (2022: Rp552 per share) will be proposed at the Annual
General Meeting of Shareholders of the Company to be held in April
2024. The proposed final dividend, together with the interim
dividend of Rp98 per share (2022: Rp88 per share) distributed in
October 2023, will bring the proposed total dividend for 2023 to
Rp519 per share (2022: Rp640 per share), representing a dividend
payout ratio of 62% (based on the Group's net income of Rp34.0
trillion, excluding the fair value adjustments on investments in
GoTo and Hermina). This ratio is higher compared to the historical
average dividend payout ratio of the Company.
The Board of Directors' proposal of
the enhanced final dividend is based on the record results and
elevated coal prices in the first half of 2023, reflecting the
continued strong recovery post-pandemic, which enables the Company
to return some excess capital to
shareholders. The Company remains
confident in its long-term growth potential and balance sheet
capacity to continue investing capital in support of its strategic
priorities.
Business Activities
The Group's net income by division
in 2023, compared with the previous year, is set out in the table
below:
|
Net Income by
Division
|
For the years ended
31st December
|
2023
Rp bn
|
2022
Rp bn
|
Change
%
|
Automotive
|
11,417
|
9,668
|
18
|
Financial Services
|
7,852
|
6,035
|
30
|
Heavy Equipment, Mining,
Construction and Energy
|
12,664
|
12,678
|
0
|
Agribusiness
|
841
|
1,376
|
(39)
|
Infrastructure and
Logistics
|
973
|
527
|
85
|
Information Technology
|
109
|
75
|
45
|
Property
|
142
|
129
|
10
|
Net
Income* (before fair value adjustments on investments in GoTo and
Hermina)
|
33,998
|
30,488
|
12
|
Fair value adjustments on investments in GoTo and
Hermina
|
(159)
|
(1,544)
|
90
|
Net
income*
|
33,839
|
28,944
|
17
|
* Profit attributable to owners of the
parent
Automotive
Net income from the Group's
automotive division increased by 18% to Rp11.4 trillion, reflecting
higher sales in the motorcycle and components
businesses.
· The
wholesale car market decreased by 4% to 1.0 million units in 2023
(source: Gaikindo).
Astra's car sales in 2023 were 2% lower at 561,000 units, while
market share increased from 55% to 56%. Sixteen new and eleven
revamped models were launched during the year.
· The
Group launched the Lexus RZ, a battery
electric model ("BEV"), and the Toyota Yaris Cross and Toyota
Alphard, two hybrid electric models ("HEV"). The Group now sells
six BEV models and thirteen HEV models in Indonesia, under Toyota,
Lexus and BMW brands.
· The
wholesale motorcycle market grew 19% to 6.2 million units in 2023
(source: Ministry of
Industry). Astra Honda Motor's sales increased by 22% to 4.9
million units in 2023, and its market share
increased from 77% to 78%. Three new and
thirteen revamped models were launched during the year,
including a BEV model, the EM1e.
· The
Group's 80%-owned components business, Astra Otoparts, reported a
39% increase in net income to Rp1.8
trillion in 2023, mainly
due to higher sales
volumes and improved operating margin.
Financial
Services
Net income from the Group's
financial services division increased by 30% to Rp7.9 trillion in
2023, primarily due to higher contributions from its consumer
finance businesses.
· The
Group's consumer finance businesses saw a 15% increase in new amounts financed
to Rp117.3 trillion. Supported by larger loan portfolios
and lower loan loss provisions, the net income contribution from
the Group's car-focused finance companies increased by 24% to Rp2.3
trillion, and the net income contribution from the Group's
motorcycle-focused finance company, Federal International Finance,
increased by 29% to Rp4.1 trillion.
· The
Group's heavy
equipment-focused finance businesses saw an 8% increase in new amounts financed
to Rp10.7 trillion. The net income contribution from
these businesses increased significantly by 75% to Rp178 billion,
mainly due to a larger loan portfolio.
· General insurance company Asuransi Astra Buana reported
a 14% increase in
net income to Rp1.4 trillion, mainly due to higher underwriting
income and investment income. The Group's life insurance company,
Asuransi Jiwa Astra, recorded a 2%
increase in gross written premiums to
Rp6.1 trillion.
Heavy Equipment, Mining,
Construction and Energy
Net income from the Group's heavy
equipment, mining, construction and energy division was stable at
Rp12.7 trillion, with improved performance from construction
machinery and mining contracting offsetting lower contributions
from its coal and gold mining businesses.
· 59.5%-owned United Tractors reported a 2% decrease in net income to
Rp20.6 trillion.
· Komatsu heavy equipment sales decreased by 8% to 5,300 units, while
revenues from its parts and service businesses
were higher.
· Mining
services contractor Pamapersada
Nusantara recorded 21% higher overburden
removal volume at 1.2 billion bank cubic metres, and coal production for its
customers increased by 11% to 129 million tonnes.
· United
Tractors' coal mining subsidiaries recorded 19% higher coal sales
volume at 11.8 million tonnes (including 2.5 million tonnes of
metallurgical coal), but revenue declined due to lower coal
prices.
· Agincourt Resources, 95%-owned by
United Tractors, reported a 39% decrease in
gold sales to 175,000 oz.
· General contractor Acset Indonusa, 87.7%-owned by United
Tractors, reported a lower net loss of Rp270 billion, compared with
a net loss of Rp449 billion in the previous year.
Agribusiness
Net income from the Group's
agribusiness division decreased by 39% to Rp841 billion,
largely due to lower crude palm oil
("CPO") selling prices, partly offset by higher sales.
· 79.7%-owned Astra Agro Lestari reported a 39% decrease in net
income to Rp1.1 trillion.
· CPO
and derivative product sales increased by 13% to 1.7 million
tonnes.
· CPO
prices were 14% lower at Rp11,142/kg.
Infrastructure and
Logistics
The Group's infrastructure and
logistics division reported an 85% increase in net income to Rp973
billion, due to improved performance in its toll road, transportation
solutions and logistics businesses.
· The
Group has interests in 396km of operational toll roads along the
Trans-Java network and in the Jakarta Outer Ring Road. The Group's
toll road concessions saw 7% higher daily toll revenue during the
year.
· Serasi
Autoraya's net income increased by 26% to Rp213 billion,
mainly due to higher contributions from its
transportation solutions and logistics services businesses, with
vehicles under contract relatively stable at 25,800 units, which
more than offset a lower contribution from its used car
business.
Information
Technology
The Group's information technology
division, represented by 76.9%-owned Astra Graphia, reported a 45%
increase in net income to Rp109 billion, primarily due to improved
operating margin.
Property
The Group's property division saw a
10% increase in net income to Rp142 billion, mainly due to an improvement in occupancy at Menara
Astra.
Corporate
Actions
Over the past year, the Group
continued to invest capital to strengthen its core portfolio and
for business diversification:
Automotive
·
Acquisition of Tokobagus (OLX), a company
operating a leading classifieds platform in Indonesia. This
acquisition is expected to strengthen the Group's digital
ecosystem.
Heavy Equipment, Mining, Construction and
Energy
·
Acquisition of 70% stakes in Stargate Pasific
Resources ("SPR"), a nickel mining company, and Stargate Mineral
Asia ("SMA"), a nickel processing company, for Rp3.2 trillion. In
addition, acquisition of a 66.7% stake in Anugerah Surya Pacific
Resources, which owns 30% in each of SPR and SMA, for Rp1.6
trillion.
·
Acquisition of 19.99% stake in Nickel Industries
Limited ("NIC") for AUD942.7 million. While listed on the
Australian Securities Exchange, NIC is an integrated nickel mining
and processing company with major assets located in
Indonesia.
·
Acquisition of 49.6% stake in Supreme Energy
Sriwijaya ("SES") for USD51.9 million. SES is a 25.2% shareholder
of Supreme Energy Rantau Dedap, which owns an operating geothermal
project in South Sumatera with an existing capacity of 2 x 49
MW.
Others
·
Additional investment of USD100 million in
Halodoc, a leading digital health ecosystem platform in Indonesia.
The Group's cumulative investment increased to USD135 million for a
total shareholding of 21.04%.
·
Acquisition of 96.92% stake in Bhumi Prama Arjasa
("BPA") for USD85 million. BPA owns the Mandarin Oriental Hotel
(Jakarta) and the prime 1-hectare land where it is
located.
·
A joint venture with Equinix, Inc., one of the
world's largest digital infrastructure companies, to develop data
centres in Indonesia, where the Group has a
25% shareholding.
Prospects
The Group achieved record earnings in 2023 on the back of a strong recovery in
motorcycle sales and growth in the consumer finance businesses. The
Group continued to demonstrate resilience through its diversified
portfolio, despite lower commodity prices and softening economic
conditions in the second half of the year. While these conditions
remain, we anticipate a cyclical dip in growth in 2024.
However, we are confident that the
Group is well-positioned to achieve long-term growth through the
strengthening of our core businesses, as well as new investments to
support our strategic priorities.
Djony Bunarto Tjondro
President Director
27th February 2024
For further information, please contact:
PT
Astra International Tbk
Riza Deliansyah, Chief of Corporate
Affairs
Email: corcomm@ai.astra.co.id
- end
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About Astra
Astra is one of Indonesia's largest
public companies, comprising 283 subsidiaries, joint ventures, and
associate companies, supported by more than 200,000 employees. The
company's diversified business model creates synergies and
opportunities across industry sectors, including automotive,
financial services, heavy equipment, mining construction and
energy, agribusiness, infrastructure and logistics, information
technology, and property. The company has a new sustainability
framework that contains Astra 2030 Sustainability Aspirations. It
will guide Astra's transition journey to be a more sustainable
business by 2030 and beyond. Astra wishes to contribute to the
strength and resilience of the Indonesian economy, supporting an
inclusive and prosperous society.
Astra has a strong record of
sustainable social contributions through four pillars, which
consist of health, education, environment, and entrepreneurship, as
well as nine foundations to contribute to the growth of the
Indonesian economy while encouraging a more inclusive and
prosperous society. Established in 2010, Semangat Astra Terpadu
Untuk (SATU) Indonesia Awards programme has recognised the
contribution of 565 young Indonesians across each of these focus
areas, including 87 national-level recipients and 478
provincial-level recipients. The SATU Indonesia Awards programme is
integrated with Astra's wide range of community activities through
170 Kampung Berseri Astra and 1,060 Desa Sejahtera Astra
initiatives in 34 provinces throughout Indonesia.
For more about Astra, visit
www.astra.co.id & www.satu-indonesia.com, and follow us on
Instagram (@SATU_Indonesia), YouTube (SATU Indonesia), Facebook
(Semangat Astra Terpadu) and Twitter (@SATU_Indonesia).