To: Business
Editor
|
27th February 2024
For immediate release
|
Jardine Cycle & Carriage Limited
2023 Financial Statements and Dividend
Announcement
The following announcement was issued
today by the Company's 78.1%-owned subsidiary, Jardine Cycle &
Carriage Limited.
|
For further information, please
contact:
|
|
Jardine Matheson Limited
Joey Ho
|
(65) 9765 0717
|
Brunswick Group Limited
Ben Fry
|
(65) 9017 9886
|
27th
February 2024
JARDINE CYCLE & CARRIAGE LIMITED
2023
FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT
Highlights
· Underlying
profit of US$1,160 million, 6% higher than 2022
· Improved
performances from Astra and Direct Motor Interests
· THACO
performance impacted by softer Vietnamese economy
· Stable
contribution from Other Strategic Interests
· Proposed
final dividend of US¢90 per share, total dividend of US¢118 for the
year, 6% higher than 2022
"The Group posted another very
strong overall underlying profit performance in 2023, principally
reflecting Astra's second year of record profit, despite softer
commodity prices and moderating growth in the second half of the
year. Our Vietnamese businesses, however, were adversely impacted
by slower economic growth. The Group's businesses remain focused on
their strategic priorities to build a solid foundation for
long-term growth."
Ben Keswick, Chairman
Group Results
|
|
|
|
|
|
|
Year ended 31st
December
|
|
|
2023
US$m
|
2022
US$m
|
Change
%
|
2023
S$m
|
Revenue
|
22,235
|
21,566
|
3%
|
29,819
|
Underlying profit attributable
to
|
|
|
|
|
shareholders *
|
1,160
|
1,096
|
6%
|
1,556
|
Non-trading items^
|
55
|
(356)
|
nm
|
74
|
Profit attributable to
shareholders
|
1,215
|
740
|
64%
|
1,630
|
|
|
|
|
|
|
US¢
|
US¢
|
|
S¢
|
Underlying earnings per share
*
|
294
|
277
|
6%
|
394
|
Earnings per share
|
308
|
187
|
64%
|
412
|
Dividends per share
|
118
|
111
|
6%
|
158
|
|
US$
|
US$
|
|
S$
|
Net asset value per share
|
20
|
18
|
13%
|
27
|
|
|
|
|
|
|
| |
The exchange rate of US$1=S$1.32 (31st December 2022:
US$1=S$1.34) was used for translating assets and liabilities at the
balance sheet date, and US$1=S$1.34 (2022: US$1=S$1.38) was used
for translating the results for the period.
The financial
results for the year ended 31st December 2023 have been prepared in
accordance with International Financial Reporting Standards
and have not been audited or reviewed by the
auditors.
* The Group uses 'underlying profit
attributable to shareholders' in its internal financial reporting
to distinguish between ongoing business performance and non-trading
items, as more fully described in Note 6 to the condensed financial
statements. Management considers this to be a key performance
measurement that enhances the understanding of the Group's
underlying business performances.
^ Included in 'non-trading items' are
unrealised gains/losses arising from the revaluation of the Group's
equity investments.
nm not meaningful
CHAIRMAN'S STATEMENT
Overview
Jardine Cycle & Carriage
("JC&C" or "the Group") saw strong underlying profit growth of
6% in 2023, mainly supported by record results from
Astra.
Astra contributed US$1,019 million
to the Group's underlying profit, 12% higher than the previous
year, reflecting improved performances from most of its
businesses.
Direct Motor Interests contributed
US$68 million, an increase of 8%, with higher profits from Tunas
Ridean in Indonesia and Cycle & Carriage Bintang in
Malaysia.
The contribution from the Group's
Other Strategic Interests was 2% down at
US$84 million, due to lower earnings reported by
Refrigeration Engineering Electrical ("REE"), offset by higher
profits in Siam City Cement ("SCCC").
Truong Hai Group Corporation
("THACO") contributed US$36 million, 57% down from the previous
year, mainly due to lower automotive profits.
Corporate costs fell from US$48
million to US$47 million, mainly due to the translation of foreign
currency loans, which led to a US$18 million increase in foreign
exchange gains, partly offset by a US$13 million increase in net
financing charges.
The Group's underlying profit
attributable to shareholders increased by 6% to US$1,160 million.
After accounting for non-trading items, the Group's profit
attributable to shareholders was US$1,215 million, 64% higher than
the previous year. The non-trading items recorded in the year
mainly comprised a US$81 million gain from the sale and leaseback
of properties under Cycle & Carriage Singapore, partly offset
by unrealised fair value losses of US$20 million related to
non-current investments.
The Group's consolidated net debt position, excluding the net borrowings
within Astra's financial services subsidiaries, was US$1,145
million at the end of 2023, compared to a net cash position of
US$893 million at the end of 2022. This increase was mainly due to
the deployment of capital at Astra in a number of strategic
projects as well as continued investment in the organic capital
expenditure needs of its ongoing businesses, and enhanced dividends
paid in 2023 at Astra. Net debt within
Astra's financial services subsidiaries increased from US$2.8
billion at the end of 2022 to US$3.4 billion. JC&C
corporate net debt was US$1.3 billion, down from US$1.5
billion at the end of 2022.
Dividends
The Board is recommending a final
one-tier tax-exempt dividend of US¢90 per share (2022: US¢83 per
share) which, together with the interim dividend of US¢28 per share
(2022: US¢28 per share), will produce a total dividend for the year
of US¢118 per share (2022: US¢111 per share), 6% higher than
2022.
Sustainability
JC&C is a long-term investor in
Southeast Asia and remains committed to the region's development.
We firmly believe in sustainable growth to deliver positive impact
to the communities we serve, and we continue to commit to embedding
sustainability as a core component of our overall corporate
strategy.
The Group is focussing in particular
on decarbonising our businesses and enhancing the long-term
resilience of our portfolio. This involves making increased
investments, which support the transition to a low-carbon future.
Moving forward, we plan to continue maximising our renewable
energy generation on-site, as well as exploring electrification
opportunities.
People
On behalf of the Board, I would like
to express our appreciation to our teams across the region for
their continuing dedication and effort.
I would like to welcome Mikkel
Larsen, who joined the Board in January 2024 and was also appointed
as a member of the Audit & Risk Committee. Mikkel is
currently the Chief Executive Officer of Climate Impact X, a global
exchange and marketplace for high-quality carbon credits. We
look forward to Mikkel's contribution to the Group.
Outlook
The Group expects a challenging year
ahead in view of lower commodity prices and only a mild recovery of
sentiment in Vietnam. The Group's businesses, nevertheless, have
made good progress in 2023 and will remain focused on their
strategic priorities to build a solid foundation for strong
long-term growth.
Ben Keswick
Chairman
GROUP MANAGING DIRECTOR'S REVIEW
Group Review
The Group achieved an underlying
profit growth of 6% in 2023, mainly due to a strong performance in
the first half of the year. Growth in the second half of the year
slowed to 1% compared to the same period in the previous year,
reflecting mainly the decline in commodity prices. The
contributions to JC&C's underlying profit attributable to
shareholders by business segment were as follows:
|
|
Contribution to JC&C's
underlying profit
Year ended 31st
December
|
|
Business segments
|
|
2023
US$m
|
2022
US$m
|
Change
%
|
|
Astra
|
|
1,019
|
913
|
12%
|
|
THACO
|
|
36
|
83
|
-57%
|
|
Direct Motor Interests
|
|
68
|
63
|
8%
|
|
Other Strategic
Interests
|
|
84
|
86
|
-2%
|
|
Corporate Costs - exchange
gains/(losses)
|
|
22
|
4
|
464%
|
|
Corporate Costs - others
|
|
(69)
|
(53)
|
30%
|
|
Underlying profit attributable to
Shareholders
|
|
1,160
|
1,096
|
6%
|
|
Astra
Astra contributed US$1,019 million
to JC&C's underlying profit, 12% higher than the previous year,
due to stronger performances from most of its businesses,
particularly its automotive and financial services operations.
Total unrealised fair value losses of US$5 million in respect of
its GoTo and Hermina investments were reported under JC&C's
non-trading items.
Automotive
Net income increased by 18% to
US$750 million, reflecting higher sales
volumes in the motorcycle and components
businesses.
· The
wholesale car market decreased by 4% to 1.0 million units in
2023. Astra's car sales were 2% lower at 561,000 units, while
its market share rose from 55% to 56%.
· Two new hybrid electric
models ("HEV") and one new battery electric model ("BEV") were
launched in the year, bringing the number of BEV car models that
Astra sells in Indonesia to six and the number of HEV car models to
13, under the Toyota, Lexus and BMW brands.
· The
wholesale market for motorcycles increased by 19% to 6.2 million
units in 2023. Astra's Honda motorcycle sales were 22% higher at
4.9 million units. The low base in the previous year was due
to production constraints caused by semiconductor supply issues.
Astra's market share increased from 77% to 78%.
· Astra launched a new BEV
motorcycle model, the EM1e, during the year.
· Components
business, Astra Otoparts, reported a 39% increase in net income to
US$121 million, mainly due to
improved operating margins and higher contributions
from its associates.
Financial Services
Net income increased by 30% to
US$516 million, due to higher contributions from Astra's consumer
finance businesses.
· Consumer
finance businesses saw a 15% increase in new amounts financed to
US$7.7 billion. 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 US$150 million,
and the contribution from the motorcycle-focused financing business
increased by 29% to US$269 million.
· General
insurance company, Asuransi Astra Buana, reported a 14% increase in
net income to US$92 million, primarily due to higher insurance
revenue.
Heavy Equipment, Mining,
Construction and Energy
Net income was stable at US$832 million, mainly
due to improved profits from heavy
equipment and mining contracting businesses, which offset lower
earnings from its coal and gold mining businesses.
· Komatsu
heavy equipment sales were 8% lower at 5,300 units, although
revenue from the parts and service businesses was
higher.
· Mining
contracting operations saw a 21% increase in overburden removal
volume at 1,158 million bank cubic metres, while coal production
increased by 11% to 129 million tonnes.
· Coal mining
subsidiaries reported a 19% increase in coal sales at 11.8 million
tonnes, but revenue declined due to lower coal prices.
· Agincourt
Resources reported a 39% decrease in gold sales at 175,000
oz.
Agribusiness
Net income decreased by 39% to US$55 million, mainly as a result of lower
crude palm selling prices, partly offset by higher
sales.
Infrastructure and
Logistics
Astra's infrastructure and
logistics division reported an 85% increase in net profit to US$64
million, primarily due to improved performance in its toll road
businesses, which saw a 7% increase in toll road revenues.
Astra has 396km of operational toll roads along
the Trans-Java network and in the Jakarta Outer Ring
Road.
THACO
THACO contributed a profit of US$36
million, 57% down from the previous year. Its automotive profits
were significantly lower, which reflected the slowdown of Vietnam's
economy, weakened consumer sentiment and greater competitive
pressure. Unit sales were 28% down, with a market share
decline from 23% to 21%. Losses from its agricultural
operations were, however, lower than the previous year.
Direct Motor
Interests
The Group's Direct Motor Interests
contributed a US$68 million profit, 8% higher than the previous
year.
· Cycle &
Carriage Singapore's contribution was 24% down at US$25 million,
due to lower new vehicle and used car sales amidst a tight COE
cycle and increased competitive pressure, partly offset by improved
aftersales profitability. New passenger car sales volume fell
by 3% to 5,603 units, and market share decreased from 19% to
18%.
· In
Indonesia, Tunas Ridean contributed US$39 million profit, 39%
higher than the previous year, with higher profits across its
automotive, financial services and leasing businesses.
· Cycle &
Carriage Bintang in Malaysia contributed a profit of US$9 million,
25% higher than the previous year, mainly due to improved
margins.
Other Strategic
Interests
The Group's Other Strategic
Interests contributed a US$84 million profit, 2% lower than the
previous year.
· SCCC's contribution
increased by 43% to US$17 million, as the prior year results
included the effect of higher deferred tax liabilities due to an
increase in tax rates in Sri Lanka in 2022. Excluding this one-off
effect, SCCC's contribution would have been 1% lower than the prior
year, as the business continued to be adversely impacted by lower
sales volume, partly offset by lower operating
costs.
· REE's contribution
declined by 16% to US$32m, due to less favourable weather
conditions resulting in lower profits from its renewable energy
investments.
· The Group's investment in
Vinamilk produced a slightly lower dividend income of US$36
million, compared to US$37 million in the previous year.
Vinamilk reported a 4% increase in net profit, mainly due to lower
input costs, partly offset by higher selling and marketing
expenses.
Corporate
Costs
Corporate costs totalled US$47
million, compared to US$48 million in the previous year. The
improvement was mainly due to a US$18 million increase in foreign
exchange gains from the translation of foreign currency loans,
partly offset by a US$13 million increase in net financing
charges.
Strategic Developments
Astra
Astra continued to make good
progress in 2023 in strategically deploying capital towards a
diversification away from coal. United Tractors completed the
acquisition of interests in two nickel mining and processing
businesses in the period: a 19.99% interest in Nickel Industries
for around US$616 million and a 90% effective interest in Stargate
Pasific Resources and Stargate Mineral Asia, for a total of US$319
million. United Tractors also acquired a 49.6% interest in
Supreme Energy Sriwijaya, which indirectly operates a geothermal
project with an existing capacity of 2 X 49 MW, for US$52
million.
As part of its digital
transformation strategy, Astra has acquired Tokobagus, a company
operating the leading online used car platform in Indonesia under
the OLX brand. Astra has also partnered with Equinix, one of
the world's largest digital infrastructure companies, to develop
data centres in Indonesia.
In pursuing its healthcare
strategy, Astra invested an additional US$100 million in Halodoc, a
leading digital health ecosystem platform in Indonesia, bringing
its total investment to US$135 million and its ownership to
21.0%.
Direct Motor
Interests
In Singapore, the Group completed a
sale and leaseback arrangement in respect of its properties for
US$225 million. It also entered into a used car and
aftersales partnership with Carro, a leading digital used car
platform.
In Malaysia, Cycle & Carriage
Bintang's business has transitioned to the Mercedes-Benz agency
model, starting from 2024.
Other Strategic
Interests
The current operating environment in
Vietnam remains challenging, but management remains optimistic that
the Group's partners will be able to take advantage of mid-term
growth opportunities under this difficult market. JC&C
increased its support for THACO in the near term by investing
around US$350 million through a
subscription for a five-year convertible bond. JC&C has
also increased its interest in REE from 33.6% to 34.9% through a
series of on-market purchases, for around US$14 million.
Summary
The Group achieved a good set of
results in 2023, benefitting from the strength of its
market-leading businesses and the performance of its overall
portfolio. The Group's businesses remain focused on their strategic
priorities to build a solid foundation for long-term
growth.
Ben Birks
Group Managing Director
CORPORATE PROFILE
Jardine Cycle & Carriage
("JC&C" or "the Group") is the investment holding company of
the Jardine Matheson Group ("Jardines") in Southeast Asia. Listed
on the Mainboard of the Singapore Exchange and a constituent of the
Straits Times Index, the Group is 78%-owned by Jardines.
By investing in the region's market
leaders, we aim to deliver sustainable growth to create evermore
opportunities for the people and communities of Southeast Asia. The
JC&C regional portfolio includes Astra, THACO, Direct Motor
Interests and Other Strategic Interests. Together with our
subsidiaries and associates, the Group provides over 240,000 jobs
across the region.
For more information on JC&C and
our businesses, visit www.jcclgroup.com.
Jardine Cycle & Carriage Limited
Consolidated Profit and Loss Account for the six months and
full year ended 31st December 2023
|
|
|
|
6 months ended 31st
December
|
|
12 months ended 31st
December
|
|
|
|
|
|
Restated
|
|
|
|
|
Restated
|
|
|
|
|
2023
|
|
2022
|
Change
|
|
2023
|
|
2022
|
Change
|
|
Note
|
|
US$m
|
|
US$m
|
%
|
|
US$m
|
|
US$m
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (1)
|
2
|
|
10,548.9
|
|
10,998.3
|
-4
|
|
22,234.5
|
|
21,565.5
|
3
|
Net operating costs
|
3
|
|
(9,106.6)
|
|
(9,840.3)
|
-7
|
|
(19,130.3)
|
|
(18,855.5)
|
2
|
Operating profit
|
3
|
|
1,442.3
|
|
1,158.0
|
25
|
|
3,104.2
|
|
2,710.0
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing income
|
|
|
72.5
|
|
62.4
|
16
|
|
149.0
|
|
120.0
|
24
|
Financing charges
(2)
|
|
|
(163.5)
|
|
(96.0)
|
70
|
|
(271.5)
|
|
(178.2)
|
52
|
Net financing charges
|
|
|
(91.0)
|
|
(33.6)
|
>100
|
|
(122.5)
|
|
(58.2)
|
>100
|
Share of associates' and
joint
|
|
|
|
|
|
|
|
|
|
|
|
ventures' results after
tax
|
|
|
378.2
|
|
254.7
|
48
|
|
732.8
|
|
575.4
|
27
|
Profit before tax
|
|
|
1,729.5
|
|
1,379.1
|
25
|
|
3,714.5
|
|
3,227.2
|
15
|
Tax
|
4
|
|
(360.4)
|
|
(411.4)
|
-12
|
|
(737.8)
|
|
(771.3)
|
-4
|
Profit after tax
|
|
|
1,369.1
|
|
967.7
|
41
|
|
2,976.7
|
|
2,455.9
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders of the
Company
|
|
|
567.1
|
|
252.3
|
>100
|
|
1,215.4
|
|
739.8
|
64
|
Non-controlling
interests
|
|
|
802.0
|
|
715.4
|
12
|
|
1,761.3
|
|
1,716.1
|
3
|
|
|
|
1,369.1
|
|
967.7
|
41
|
|
2,976.7
|
|
2,455.9
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US¢
|
|
US¢
|
|
|
US¢
|
|
US¢
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
- basic
|
6
|
|
143
|
|
64
|
>100
|
|
308
|
|
187
|
65
|
- diluted
|
6
|
|
143
|
|
64
|
>100
|
|
308
|
|
187
|
65
|
(1)
Higher revenue was mainly due to higher sales in
Astra's automotive, financial services, heavy equipment and
contract mining operations.
(2) Increase in
finance charges mainly due to higher interest rate and higher level
of net debt.
Jardine Cycle & Carriage Limited
Consolidated Statement of Comprehensive Income for the six
months and full year ended 31st December 2023
|
|
6 months
ended
31st
December
|
|
12 months
ended
31st
December
|
|
|
|
Restated
|
|
|
|
Restated
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
US$m
|
|
US$m
|
|
US$m
|
|
US$m
|
|
|
|
|
|
|
|
|
Profit for the year
|
1,369.1
|
|
967.7
|
|
2,976.7
|
|
2,455.9
|
|
|
|
|
|
|
|
|
Items that will not be reclassified
to profit and loss:
|
|
|
|
|
|
|
|
Translation difference
|
(218.1)
|
|
(417.4)
|
|
145.5
|
|
(718.2)
|
|
|
|
|
|
|
|
|
Asset revaluation
|
|
|
|
|
|
|
|
- surplus during the
year
|
-
|
|
0.9
|
|
-
|
|
0.9
|
|
|
|
|
|
|
|
|
Remeasurements of defined benefit
pension plans
|
(1.5)
|
|
12.9
|
|
(1.5)
|
|
13.6
|
|
|
|
|
|
|
|
|
Tax relating to items that will not
be reclassified
|
0.4
|
|
(2.5)
|
|
0.6
|
|
(2.7)
|
|
|
|
|
|
|
|
|
Share of other comprehensive
income/(expense) of
|
|
|
|
|
|
|
|
associates and joint
ventures, net of tax
|
9.7
|
|
4.6
|
|
9.5
|
|
6.0
|
|
|
|
|
|
|
|
|
|
(209.5)
|
|
(401.5)
|
|
154.1
|
|
(700.4)
|
|
|
|
|
|
|
|
|
Items that may be reclassified
subsequently to
|
|
|
|
|
|
|
|
profit and loss:
|
|
|
|
|
|
|
|
Translation difference
|
|
|
|
|
|
|
|
- gain/(loss) arising during the
year
|
(177.9)
|
|
(341.8)
|
|
85.1
|
|
(622.7)
|
|
|
|
|
|
|
|
|
Financial assets at FVOCI
(1)
|
|
|
|
|
|
|
|
- loss arising during the
year
|
(12.6)
|
|
(8.4)
|
|
(11.6)
|
|
(20.4)
|
- transfer to profit and
loss
|
-
|
|
-
|
|
-
|
|
(1.9)
|
|
(12.6)
|
|
(8.4)
|
|
(11.6)
|
|
(22.3)
|
Cash flow hedges
|
|
|
|
|
|
|
|
- gain arising during the
year
|
6.3
|
|
9.0
|
|
11.4
|
|
34.7
|
|
|
|
|
|
|
|
|
Tax relating to items that may be
reclassified
|
(0.9)
|
|
(2.1)
|
|
(2.0)
|
|
(7.6)
|
|
|
|
|
|
|
|
|
Share of other comprehensive
income/(expense) of
|
|
|
|
|
|
|
|
associates and joint
ventures, net of tax
|
(4.5)
|
|
23.5
|
|
0.6
|
|
97.6
|
|
(189.6)
|
|
(319.8)
|
|
83.5
|
|
(520.3)
|
|
|
|
|
|
|
|
|
Other comprehensive
income/(expense) for the year
|
(399.1)
|
|
(721.3)
|
|
237.6
|
|
(1,220.7)
|
|
|
|
|
|
|
|
|
Total comprehensive income for the year
|
970.0
|
|
246.4
|
|
3,214.3
|
|
1,235.2
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
Shareholders of the
Company
|
389.7
|
|
(76.2)
|
|
1,305.5
|
|
157.2
|
Non-controlling
interests
|
580.3
|
|
322.6
|
|
1,908.8
|
|
1,078.0
|
|
970.0
|
|
246.4
|
|
3,214.3
|
|
1,235.2
|
(1) Fair value through other comprehensive income
("FVOCI")
Jardine Cycle & Carriage Limited
Consolidated Balance Sheet at 31st December
2023
|
|
|
|
|
|
|
Restated
|
|
|
Note
|
|
2023
|
|
2022
|
|
|
|
|
US$m
|
|
US$m
|
Non-current assets
|
|
|
|
|
|
|
Intangible assets
|
|
|
|
1,715.2
|
|
1,632.5
|
Right-of-use assets
|
|
|
|
827.9
|
|
733.2
|
Property, plant and
equipment
|
|
|
|
4,989.8
|
|
3,692.4
|
Investment properties
|
|
|
|
463.0
|
|
455.9
|
Bearer plants
|
|
|
|
480.7
|
|
464.7
|
Interests in associates and joint
ventures
|
|
|
|
5,642.0
|
|
4,576.1
|
Non-current investments
|
|
|
|
2,572.2
|
|
2,128.9
|
Non-current debtors
|
|
|
|
3,683.2
|
|
3,088.4
|
Deferred tax assets
|
|
|
|
455.5
|
|
403.5
|
|
|
|
|
20,829.5
|
|
17,175.6
|
Current assets
|
|
|
|
|
|
|
Current investments
|
|
|
|
55.0
|
|
18.2
|
Properties for sale
|
|
|
|
554.0
|
|
400.2
|
Stocks
|
|
|
|
2,599.4
|
|
2,130.2
|
Current debtors
|
|
|
|
5,493.0
|
|
5,421.4
|
Current tax assets
|
|
|
|
80.2
|
|
69.2
|
Cash and bank balances
|
|
|
|
|
|
|
- non-financial services
companies
|
|
|
|
2,421.8
|
|
3,645.7
|
- financial services
companies
|
|
|
|
360.7
|
|
372.4
|
|
|
|
|
2,782.5
|
|
4,018.1
|
|
|
|
|
11,564.1
|
|
12,057.3
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
32,393.6
|
|
29,232.9
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
Non-current creditors
|
|
|
|
198.1
|
|
163.1
|
Non-current provisions
|
|
|
|
234.7
|
|
207.3
|
Non-current lease
liabilities
|
|
|
|
234.6
|
|
87.6
|
Long-term borrowings
|
|
8
|
|
|
|
|
- non-financial services
companies
|
|
|
|
2,252.9
|
|
1,575.5
|
- financial services
companies
|
|
|
|
1,646.4
|
|
1,532.4
|
|
|
|
|
3,899.3
|
|
3,107.9
|
Deferred tax liabilities
|
|
|
|
468.1
|
|
385.9
|
Pension liabilities
|
|
|
|
346.3
|
|
337.9
|
|
|
|
|
5,381.1
|
|
4,289.7
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
Current creditors
|
|
|
|
5,378.4
|
|
5,135.9
|
Current provisions
|
|
|
|
117.0
|
|
107.2
|
Current lease
liabilities
|
|
|
|
80.8
|
|
68.0
|
Current borrowings
|
|
8
|
|
|
|
|
- non-financial services
companies
|
|
|
|
1,314.0
|
|
1,177.4
|
- financial services
companies
|
|
|
|
2,094.3
|
|
1,662.9
|
|
|
|
|
3,408.3
|
|
2,840.3
|
Current tax liabilities
|
|
|
|
212.7
|
|
279.4
|
|
|
|
|
9,197.2
|
|
8,430.8
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
14,578.3
|
|
12,720.5
|
|
|
|
|
|
|
|
Net assets
|
|
|
|
17,815.3
|
|
16,512.4
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Share capital
|
|
9
|
|
1,381.0
|
|
1,381.0
|
Revenue reserve
|
|
10
|
|
8,545.0
|
|
7,768.6
|
Other reserves
|
|
11
|
|
(1,886.6)
|
|
(1,978.3)
|
Shareholders' funds
|
|
|
|
8,039.4
|
|
7,171.3
|
Non-controlling
interests
|
|
12
|
|
9,775.9
|
|
9,341.1
|
Total equity
|
|
|
|
17,815.3
|
|
16,512.4
|
Jardine Cycle & Carriage Limited
Consolidated Statement of Changes in Equity for the year ended
31st December 2023
|
|
Attributable to shareholders
of the Company
|
|
|
|
|
|
|
|
|
Share
capital
US$m
|
|
Revenue
reserve
US$m
|
|
Asset
revaluation
reserve
US$m
|
|
Translation
reserve
US$m
|
|
Fair value
and other
reserves
US$m
|
|
Total
US$m
|
|
Attributable
to non-
controlling
interests
US$m
|
|
Total
equity
US$m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1st January as
restated
|
|
1,381.0
|
|
7,768.6
|
|
404.8
|
|
(2,397.3)
|
|
14.2
|
|
7,171.3
|
|
9,341.1
|
|
16,512.4
|
Total comprehensive
income
|
|
-
|
|
1,213.8
|
|
5.3
|
|
85.1
|
|
1.3
|
|
1,305.5
|
|
1,908.8
|
|
3,214.3
|
Dividends paid by the
Company
|
|
-
|
|
(442.9)
|
|
-
|
|
-
|
|
-
|
|
(442.9)
|
|
-
|
|
(442.9)
|
Dividends paid to non-controlling
interests
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,682.7)
|
|
(1,682.7)
|
Issue of shares to non-controlling
interests
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
156.4
|
|
156.4
|
Change in shareholding
|
|
-
|
|
(3.1)
|
|
-
|
|
-
|
|
-
|
|
(3.1)
|
|
3.4
|
|
0.3
|
Acquisition of
subsidiaries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
39.4
|
|
39.4
|
Other
|
|
-
|
|
8.6
|
|
-
|
|
-
|
|
-
|
|
8.6
|
|
9.5
|
|
18.1
|
Balance at 31st December
|
|
1,381.0
|
|
8,545.0
|
|
410.1
|
|
(2,312.2)
|
|
15.5
|
|
8,039.4
|
|
9,775.9
|
|
17,815.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 Restated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1st January
as
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
previously
reported
|
|
1,381.0
|
|
7,374.3
|
|
404.7
|
|
(1,774.6)
|
|
(17.2)
|
|
7,368.2
|
|
9,027.1
|
|
16,395.3
|
Effect of adoption of IFRS
17
|
|
-
|
|
31.5
|
|
-
|
|
-
|
|
-
|
|
31.5
|
|
31.4
|
|
62.9
|
Balance at 1st January as
restated
|
|
1,381.0
|
|
7,405.8
|
|
404.7
|
|
(1,774.6)
|
|
(17.2)
|
|
7,399.7
|
|
9,058.5
|
|
16,458.2
|
Total comprehensive
income
|
|
-
|
|
748.1
|
|
0.4
|
|
(622.7)
|
|
31.4
|
|
157.2
|
|
1,078.0
|
|
1,235.2
|
Dividends paid by the
Company
|
|
-
|
|
(357.0)
|
|
-
|
|
-
|
|
-
|
|
(357.0)
|
|
-
|
|
(357.0)
|
Dividends paid to non-controlling
interests
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(642.4)
|
|
(642.4)
|
Issue of shares to non-controlling
interests
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
46.2
|
|
46.2
|
Change in shareholding
|
|
-
|
|
(28.2)
|
|
-
|
|
-
|
|
-
|
|
(28.2)
|
|
(198.9)
|
|
(227.1)
|
Other
|
|
-
|
|
(0.1)
|
|
(0.3)
|
|
-
|
|
-
|
|
(0.4)
|
|
(0.3)
|
|
(0.7)
|
Balance at 31st December
|
|
1,381.0
|
|
7,768.6
|
|
404.8
|
|
(2,397.3)
|
|
14.2
|
|
7,171.3
|
|
9,341.1
|
|
16,512.4
|
Jardine Cycle & Carriage Limited
Company Balance Sheet at 31st December 2023
|
|
|
Note
|
|
2023
|
|
2022
|
|
|
|
|
US$m
|
|
US$m
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
|
|
33.7
|
|
33.6
|
Interests in
subsidiaries
|
|
|
|
1,457.9
|
|
1,432.7
|
Interests in associates and joint
ventures
|
|
|
|
881.3
|
|
864.3
|
Non-current investment
|
|
|
|
681.2
|
|
197.6
|
Non-current debtors
|
|
|
|
2.3
|
|
-
|
|
|
|
|
3,056.4
|
|
2,528.2
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
Current debtors
|
|
|
|
1,103.9
|
|
1,115.4
|
Bank balances and other liquid
funds
|
|
|
|
26.8
|
|
72.6
|
|
|
|
|
1,130.7
|
|
1,188.0
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
4,187.1
|
|
3,716.2
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
Long-term borrowings
|
|
|
|
400.0
|
|
877.5
|
Deferred tax liabilities
|
|
|
|
6.5
|
|
6.2
|
|
|
|
|
406.5
|
|
883.7
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
Current creditors
|
|
|
|
305.7
|
|
118.4
|
Current borrowings
|
|
|
|
883.4
|
|
660.0
|
Current tax liabilities
|
|
|
|
2.0
|
|
1.7
|
|
|
|
|
1,191.1
|
|
780.1
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
1,597.6
|
|
1,663.8
|
|
|
|
|
|
|
|
Net assets
|
|
|
|
2,589.5
|
|
2,052.4
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Share capital
|
|
9
|
|
1,381.0
|
|
1,381.0
|
Revenue reserve
|
|
10
|
|
823.1
|
|
337.1
|
Other reserves
|
|
11
|
|
385.4
|
|
334.3
|
Total equity
|
|
|
|
2,589.5
|
|
2,052.4
|
Jardine Cycle & Carriage Limited
Company Statement of Comprehensive Income for the six months
and full year ended 31st December 2023
|
|
6 months
ended
31st
December
|
|
12 months
ended
31st
December
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
US$m
|
|
US$m
|
|
US$m
|
|
US$m
|
|
|
|
|
|
|
|
|
Profit for the year
|
178.6
|
|
6.4
|
|
928.9
|
|
220.0
|
|
|
|
|
|
|
|
|
Items that may be reclassified
subsequently to
|
|
|
|
|
|
|
|
profit and loss:
|
|
|
|
|
|
|
|
Translation difference
|
|
|
|
|
|
|
|
- gain arising during the
year
|
70.3
|
|
71.0
|
|
48.8
|
|
8.1
|
|
|
|
|
|
|
|
|
Cash flow hedges
|
|
|
|
|
|
|
|
- gain arising during the
year
|
2.3
|
|
-
|
|
2.3
|
|
-
|
|
|
|
|
|
|
|
|
Other comprehensive income for the
year
|
72.6
|
|
71.0
|
|
51.1
|
|
8.1
|
|
|
|
|
|
|
|
|
Total comprehensive income for the
year
|
251.2
|
|
77.4
|
|
980.0
|
|
228.1
|
Jardine Cycle & Carriage Limited
Company Statement of Changes in Equity for the year ended
31st December 2023
|
|
|
Share
|
|
Revenue
|
|
|
Hedging
|
|
|
Translation
|
|
Total
|
|
|
capital
|
|
reserve
|
|
|
reserve
|
|
|
reserve
|
|
equity
|
|
|
US$m
|
|
US$m
|
|
|
US$m
|
|
|
US$m
|
|
US$m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1st January
|
|
1,381.0
|
|
337.1
|
|
|
-
|
|
|
334.3
|
|
2,052.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
income/(expense)
|
|
-
|
|
928.9
|
|
|
2.3
|
|
|
48.8
|
|
980.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid
|
|
-
|
|
(442.9)
|
|
|
-
|
|
|
-
|
|
(442.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 31st December
|
|
1,381.0
|
|
823.1
|
|
|
2.3
|
|
|
383.1
|
|
2,589.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1st January
|
|
1,381.0
|
|
474.1
|
|
|
-
|
|
|
326.2
|
|
2,181.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
income/(expense)
|
|
-
|
|
220.0
|
|
|
-
|
|
|
8.1
|
|
228.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid
|
|
-
|
|
(357.0)
|
|
|
-
|
|
|
-
|
|
(357.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 31st December
|
|
1,381.0
|
|
337.1
|
|
|
-
|
|
|
334.3
|
|
2,052.4
|
Jardine Cycle & Carriage Limited
Consolidated Statement of Cash Flows for the year ended 31st
December 2023
|
|
|
|
2023
|
|
2022
|
|
Note
|
|
US$m
|
|
US$m
|
Cash flows from operating activities
|
|
|
|
|
|
Cash generated from
operations
|
15
|
|
3,047.9
|
|
3,043.8
|
|
|
|
|
|
|
Interest paid
|
|
|
(257.3)
|
|
(90.9)
|
Interest received
|
|
|
146.1
|
|
122.5
|
Other finance costs paid
|
|
|
(15.2)
|
|
(38.7)
|
Income taxes paid
|
|
|
(956.4)
|
|
(681.9)
|
|
|
|
(1,082.8)
|
|
(689.0)
|
Dividends received from associates
and
|
|
|
|
|
|
joint ventures
(net)
|
|
|
506.1
|
|
495.7
|
|
|
|
|
|
|
|
|
|
(576.7)
|
|
(193.3)
|
|
|
|
|
|
|
Net cash flows from operating activities
|
|
|
2,471.2
|
|
2,850.5
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
Sale of intangible
assets
|
|
|
0.1
|
|
2.2
|
Sale of right-of-use
assets
|
|
|
0.7
|
|
0.2
|
Sale of property, plant and
equipment
|
|
|
257.6
|
|
35.5
|
Sale of investments
|
|
|
156.6
|
|
226.7
|
Purchase of intangible
assets
|
|
|
(77.6)
|
|
(118.6)
|
Additions to right-of-use
assets
|
|
|
(31.2)
|
|
(24.0)
|
Purchase of property, plant and
equipment
|
|
|
(1,421.8)
|
|
(727.3)
|
Purchase of investment
properties
|
|
|
(0.3)
|
|
(0.8)
|
Additions to bearer
plants
|
|
|
(34.2)
|
|
(39.4)
|
Purchase of subsidiaries, net of
cash acquired
|
|
|
(423.9)
|
|
-
|
Purchase of shares in associates
and joint ventures
|
|
|
(819.7)
|
|
(397.6)
|
Purchase of investments
|
|
|
(645.2)
|
|
(481.0)
|
|
|
|
|
|
|
Net cash flows from investing activities
|
|
|
(3,038.9)
|
|
(1,524.1)
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
Drawdown of loans
|
|
|
5,273.1
|
|
3,058.9
|
Repayment of loans
|
|
|
(3,916.3)
|
|
(3,384.3)
|
Principal elements of lease
payments
|
|
|
(109.8)
|
|
(86.6)
|
Changes in controlling interests in
subsidiaries
|
|
|
(1.7)
|
|
(224.7)
|
Investments by non-controlling
interests
|
|
|
156.4
|
|
46.2
|
Dividends paid to non-controlling
interests
|
|
|
(1,682.7)
|
|
(642.4)
|
Dividends paid by the
Company
|
|
|
(442.9)
|
|
(357.0)
|
|
|
|
|
|
|
Net cash flows from financing activities
|
|
|
(723.9)
|
|
(1,589.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash
equivalents
|
|
|
(1,291.6)
|
|
(263.5)
|
Cash and cash equivalents at the
beginning of the year
|
|
|
4,018.1
|
|
4,588.8
|
Effect of exchange rate
changes
|
|
|
56.0
|
|
(307.2)
|
|
|
|
|
|
|
Cash and cash equivalents at the
end of the year (1)
|
|
|
2,782.5
|
|
4,018.1
|
(1) For the purpose of the
Consolidated Statement of Cash Flows, cash and cash equivalents
comprise deposits with bank and financial institutions, bank and
cash balances, net of bank overdrafts. In the balance sheet, bank
overdrafts are included under current borrowings.
Jardine Cycle & Carriage Limited
Notes to the financial statements for the year ended 31st
December 2023
|
1 Basis of
preparation
The financial statements are
consistent with those set out in the 2022 audited accounts which
have been prepared in accordance with Singapore Financial Reporting
Standards (International) ("SFRS(I)") and International Financial
Reporting Standards ("IFRS"). The condensed interim financial
statements for the six months ended 31st December 2023 have been
prepared in accordance with IAS 34 Interim Financial Reporting. The
condensed interim financial statements do not include all the
information required for a complete set of financial statements.
However, selected explanatory notes are included to explain events
and transactions that are significant to an understanding of the
changes in the Group's financial position and performance of the
Group since the last interim financial statements for the period
ended 30th June 2023. There have been no changes to the accounting
policies described in the 2022 audited accounts except for the adoption of new and amended standards
as set out below. The Group has not early adopted any other
standard or amendments that have been issued but not yet
effective.
The exchange rates used for
translating assets and liabilities at the balance sheet date are
US$1=S$1.3185 (2022: US$1=S$1.3445), US$1=RM4.5872 (2022: US$1=
RM4.4125),
US$1=IDR15,416 (2022: US$1= IDR15,731),
US$1=VND24,276 (2022: US$1=VND23,627) and
US$1=THB34.211 (2022: US$1= THB34.560).
The exchange rates used for
translating the results for the period are
US$1=S$1.3411 (2022: US$1=S$1.3796), US$1=RM4.5631 (2022:
US$1=RM4.4104),
US$1=IDR15,217 (2022: US$1=IDR14,922), US$1=VND23,877 (2022:
US$1=VND23,465) and
US$1=THB34.776 (2022: US$1=THB35.173).
Interpretations and amendments to published standard effective
in 2023
The Group has adopted the following
standard and amendments for the annual reporting period commencing
1st January 2023.
IFRS 17 Insurance Contracts (effective from 1st January
2023)
The standard covers recognition,
measurement, presentation and disclosure for insurance contracts
and is applicable to the Group's insurance businesses in Indonesia.
Prior to the adoption of IFRS 17, profits were recognised in the
profit and loss on initial recognition of certain insurance
contracts. Under IFRS 17, all profits are recognised in the profit
and loss over the life of the contracts as insurance services are
provided. The adoption of IFRS 17 resulted in certain restatements
to the Group's financial statements.
The effect of adopting IFRS 17 on
the consolidated financial statement for the year ended 31st
December 2022 were as follows:
(a) On the profit and
loss account
|
|
|
|
Adjustment
|
|
|
|
|
As
|
|
upon
|
|
|
|
|
previously
|
|
adoption
|
|
|
|
|
reported
|
|
of IFRS
17
|
|
Restated
|
|
|
US$m
|
|
US$m
|
|
US$m
|
|
|
|
|
|
|
|
Revenue
|
|
21,793.5
|
|
(228.0)
|
|
21,565.5
|
Net operating cost
|
|
(19,083.5)
|
|
228.0
|
|
(18,855.5)
|
Operating profit
|
|
2,710.0
|
|
-
|
|
2,710.0
|
(b) On the consolidated
balance sheet
|
|
|
|
Adjustment
|
|
|
|
|
As
|
|
upon
|
|
|
|
|
previously
|
|
adoption
|
|
|
|
|
reported
|
|
of IFRS
17
|
|
Restated
|
|
|
US$m
|
|
US$m
|
|
US$m
|
|
|
|
|
|
|
|
Intangible assets
|
|
1,675.4
|
|
(42.9)
|
|
1,632.5
|
Deferred tax assets
|
|
404.0
|
|
(0.5)
|
|
403.5
|
Non-current debtors
|
|
3,041.5
|
|
46.9
|
|
3,088.4
|
Current debtors
|
|
5,495.2
|
|
(73.8)
|
|
5,421.4
|
|
|
|
|
|
|
|
Non-current creditors
|
|
154.5
|
|
8.6
|
|
163.1
|
Current creditors
|
|
5,276.9
|
|
(141.0)
|
|
5,135.9
|
Current tax liabilities
|
|
280.2
|
|
(0.8)
|
|
279.4
|
|
|
|
|
|
|
|
Shareholders' funds
|
|
7,139.8
|
|
31.5
|
|
7,171.3
|
Non-controlling interests
|
|
9,309.7
|
|
31.4
|
|
9,341.1
|
The consolidated balance sheet on
1st January 2022 is not presented, as the impact of adoption of
IFRS17 is not significant.
Other than as detailed above, there
is no other material impact to the Group's consolidated financial
statements upon adoption of the standard.
The adoption of these new or
amended IFRS and Interpretations of IFRS did not result in
substantial changes to the Group's accounting policies and had no
material effect on the amounts reported for the current or prior
financial years.
Disclosure of Accounting Policies - Amendments to IAS 1 and
IFRS Practice Statement 2 (effective from 1st January
2023)
The amendments require entities to
disclose material rather than significant accounting policies. The
amendments define what is 'material accounting policy information'
and explain how to identify when accounting policy information is
material. Material accounting policy information is information
that, when considered together with other information included in
an entity's financial statements, can reasonably be expected to
influence decisions that the primary users of general purpose
financial statements make on the basis of those financial
statements. IASB further clarifies that immaterial accounting
policy information does not need to be disclosed. If it is
disclosed, it should not obscure material accounting information.
To support this amendment, the IASB also amended IFRS Practice
Statement 2 Making Materiality Judgements to provide guidance on
how to apply the concept of materiality to accounting policy
disclosures.
Amendment to IAS 12 - Deferred Tax related to Assets and
Liabilities arising from a Single Transaction (effective from 1st
January 2023)
The amendment requires deferred tax
to be recognised on transactions that, on initial recognition, give
rise to equal amounts of taxable and deductible temporary
differences. They typically apply to transactions such as leases of
lessees and decommissioning obligations and require the recognition
of additional deferred tax assets and liabilities. The Group
applied the amendment from 1st January 2023 and there is no
material impact on the Group's consolidated financial
statements.
Amendment to IAS 12 - International Tax Reform - Pillar Two
Model Rules (effective for annual reporting period commencing on or
after 1st January 2023)
The amendment provides a temporary
mandatory exception from deferred tax accounting in respect of
Pillar Two income taxes and certain additional disclosure
requirements. The Group is within the scope of the OECD Pillar Two
model rules, and has applied the amendment from 1st January
2023.
Pillar Two legislation has been
enacted or substantially enacted in certain jurisdictions in which
the Group operates. The legislation will be effective for the
Group's annual reporting period commencing 1st January 2024. Since
the Pillar Two legislation was not effective at 31st December 2023,
the Group has no related current tax exposure.
The Group is in scope of the
enacted or substantively enacted legislation and has performed an
assessment of the Group's potential exposure to Pillar Two income
taxes when the legislation comes into effect. The assessment of the
potential exposure to Pillar Two income taxes is based on the
latest financial information for the year ended 31st December 2023
of the constituent entities in the Group. The Group does not expect
a material exposure to Pillar Two income taxes in those
jurisdictions.
There are no other amendments which
are effective in 2023 and relevant to the Group's operations, that
have a significant impact on the Group's results, financial
position and accounting policies.
Critical accounting estimates and judgements
The preparation of the condensed
interim financial statements require management to make judgements,
estimates and assumptions that affect the application of accounting
policies and the reported amounts of assets, liabilities, income
and expense. Actual results may differ from these
estimates.
In preparing these condensed
consolidated interim financial statements, the significant
judgements made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty are the same
as those that applied to the consolidated financial statements for
the year ended 31st December 2023.
2 Revenue
|
6 months ended 31st
December
|
|
|
|
Direct
|
|
|
|
|
|
Motor
|
|
|
|
Astra
|
|
Interests
|
|
Total
|
|
US$m
|
|
US$m
|
|
US$m
|
Group
|
|
|
|
|
|
2023
|
|
|
|
|
|
Property
|
35.3
|
|
-
|
|
35.3
|
Motor vehicles
|
3,969.4
|
|
769.8
|
|
4,739.2
|
Financial services
|
809.5
|
|
-
|
|
809.5
|
Heavy equipment, mining,
construction & energy
|
3,866.6
|
|
-
|
|
3,866.6
|
Other
|
1,098.3
|
|
-
|
|
1,098.3
|
|
9,779.1
|
|
769.8
|
|
10,548.9
|
|
|
|
|
|
|
From contracts with customers:
|
|
|
|
|
|
Recognised at a point in
time
|
8,637.1
|
|
746.7
|
|
9,383.8
|
Recognised over time
|
169.8
|
|
19.5
|
|
189.3
|
|
8,806.9
|
|
766.2
|
|
9,573.1
|
|
|
|
|
|
|
From other sources:
|
|
|
|
|
|
Rental income from investment
properties
|
2.8
|
|
-
|
|
2.8
|
Revenue from financial services
companies
|
809.5
|
|
-
|
|
809.5
|
Other
|
159.9
|
|
3.6
|
|
163.5
|
|
972.2
|
|
3.6
|
|
975.8
|
|
|
|
|
|
|
|
9,779.1
|
|
769.8
|
|
10,548.9
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 Restated
|
|
|
|
|
|
Property
|
32.5
|
|
-
|
|
32.5
|
Motor vehicles
|
4,224.7
|
|
825.1
|
|
5,049.8
|
Financial services
|
780.7
|
|
-
|
|
780.7
|
Heavy equipment, mining,
construction & energy
|
4,095.7
|
|
-
|
|
4,095.7
|
Other
|
1,039.6
|
|
-
|
|
1,039.6
|
|
10,173.2
|
|
825.1
|
|
10,998.3
|
|
|
|
|
|
|
From contracts with customers:
|
|
|
|
|
|
Recognised at a point in
time
|
9,136.3
|
|
805.0
|
|
9,941.3
|
Recognised over time
|
114.7
|
|
17.6
|
|
132.3
|
|
9,251.0
|
|
822.6
|
|
10,073.6
|
|
|
|
|
|
|
From other sources:
|
|
|
|
|
|
Rental income from investment
properties
|
11.6
|
|
-
|
|
11.6
|
Revenue from financial services
companies
|
780.7
|
|
-
|
|
780.7
|
Other
|
129.9
|
|
2.5
|
|
132.4
|
|
922.2
|
|
2.5
|
|
924.7
|
|
|
|
|
|
|
|
10,173.2
|
|
825.1
|
|
10,998.3
|
|
12 months ended 31st
December
|
|
|
|
Direct
|
|
|
|
|
|
Motor
|
|
|
|
Astra
|
|
Interests
|
|
Total
|
|
US$m
|
|
US$m
|
|
US$m
|
Group
|
|
|
|
|
|
2023
|
|
|
|
|
|
Property
|
57.8
|
|
-
|
|
57.8
|
Motor vehicles
|
8,300.5
|
|
1,629.2
|
|
9,929.7
|
Financial services
|
1,757.5
|
|
-
|
|
1,757.5
|
Heavy equipment, mining,
construction & energy
|
8,428.8
|
|
-
|
|
8,428.8
|
Other
|
2,060.7
|
|
-
|
|
2,060.7
|
|
20,605.3
|
|
1,629.2
|
|
22,234.5
|
|
|
|
|
|
|
From contracts with customers:
|
|
|
|
|
|
Recognised at a point in
time
|
18,234.1
|
|
1,578.3
|
|
19,812.4
|
Recognised over time
|
317.4
|
|
44.0
|
|
361.4
|
|
18,551.5
|
|
1,622.3
|
|
20,173.8
|
|
|
|
|
|
|
From other sources:
|
|
|
|
|
|
Rental income from investment
properties
|
10.0
|
|
-
|
|
10.0
|
Revenue from financial services
companies
|
1,757.5
|
|
-
|
|
1,757.5
|
Other
|
286.3
|
|
6.9
|
|
293.2
|
|
2,053.8
|
|
6.9
|
|
2,060.7
|
|
|
|
|
|
|
|
20,605.3
|
|
1,629.2
|
|
22,234.5
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 Restated
|
|
|
|
|
|
Property
|
64.6
|
|
-
|
|
64.6
|
Motor vehicles
|
7,999.1
|
|
1,588.7
|
|
9,587.8
|
Financial services
|
1,551.6
|
|
-
|
|
1,551.6
|
Heavy equipment, mining,
construction & energy
|
8,261.3
|
|
-
|
|
8,261.3
|
Other
|
2,100.2
|
|
-
|
|
2,100.2
|
|
19,976.8
|
|
1,588.7
|
|
21,565.5
|
|
|
|
|
|
|
From contracts with customers:
|
|
|
|
|
|
Recognised at a point in
time
|
17,946.2
|
|
1,518.3
|
|
19,464.5
|
Recognised over time
|
213.0
|
|
65.9
|
|
278.9
|
|
18,159.2
|
|
1,584.2
|
|
19,743.4
|
|
|
|
|
|
|
From other sources:
|
|
|
|
|
|
Rental income from investment
properties
|
12.3
|
|
-
|
|
12.3
|
Revenue from financial services
companies
|
1,551.6
|
|
-
|
|
1,551.6
|
Other
|
253.7
|
|
4.5
|
|
258.2
|
|
1,817.6
|
|
4.5
|
|
1,822.1
|
|
|
|
|
|
|
|
19,976.8
|
|
1,588.7
|
|
21,565.5
|
3 Net operating costs and
operating profit
|
Group
|
|
6 months
ended
31st
December
|
|
12 months
ended
31st
December
|
|
|
|
Restated
|
|
|
|
|
Restated
|
|
|
2023
|
|
2022
|
Change
|
|
2023
|
|
2022
|
Change
|
|
US$m
|
|
US$m
|
%
|
|
US$m
|
|
US$m
|
%
|
Cost of sales and services
rendered
|
(8,050.6)
|
|
(8,500.4)
|
-5
|
|
(17,185.4)
|
|
(16,657.1)
|
3
|
Other operating income
|
139.4
|
|
53.3
|
>100
|
|
359.5
|
|
258.0
|
39
|
Selling and distribution
expenses
|
(422.5)
|
|
(452.2)
|
-7
|
|
(861.7)
|
|
(890.4)
|
-3
|
Administrative expenses
|
(663.5)
|
|
(604.3)
|
10
|
|
(1,282.3)
|
|
(1,178.6)
|
9
|
Other operating expenses
|
(109.4)
|
|
(336.7)
|
-68
|
|
(160.4)
|
|
(387.4)
|
-59
|
|
(9,106.6)
|
|
(9,840.3)
|
-7
|
|
(19,130.3)
|
|
(18,855.5)
|
2
|
|
|
|
|
|
|
|
|
|
|
Operating profit is determined after
including:
|
|
|
|
|
|
|
|
|
|
Amortisation/depreciation
of:
|
|
|
|
|
|
|
|
|
|
- intangible assets
|
(31.3)
|
|
(74.7)
|
-58
|
|
(97.5)
|
|
(141.8)
|
-31
|
- right-of-use assets
|
(80.0)
|
|
(77.6)
|
3
|
|
(154.5)
|
|
(141.1)
|
9
|
- property, plant and
equipment
|
(395.4)
|
|
(352.5)
|
12
|
|
(754.9)
|
|
(694.4)
|
9
|
- bearer plants
|
(15.2)
|
|
(13.9)
|
9
|
|
(30.1)
|
|
(28.2)
|
7
|
(Impairment)/write-back
of:
|
|
|
|
|
|
|
|
|
|
- intangible
assets
|
(34.1)
|
|
(1.1)
|
>100
|
|
(34.1)
|
|
(1.1)
|
>100
|
- property, plant and
equipment
|
0.6
|
|
(45.7)
|
nm
|
|
1.1
|
|
(45.6)
|
nm
|
- debtors
|
(71.5)
|
|
(92.3)
|
-36
|
|
(123.8)
|
|
(181.3)
|
-38
|
Fair value gain/(loss)
on:
|
|
|
|
|
|
|
|
|
|
- investment properties
|
(2.7)
|
|
(2.8)
|
-4
|
|
(2.7)
|
|
(2.8)
|
-4
|
- investments
(1)
|
(38.6)
|
|
(366.3)
|
-89
|
|
(29.5)
|
|
(269.6)
|
-89
|
- agricultural produce
|
0.4
|
|
(11.3)
|
nm
|
|
1.6
|
|
(11.4)
|
nm
|
- derivative not qualifying as
hedge
|
(0.2)
|
|
-
|
nm
|
|
(0.1)
|
|
0.1
|
nm
|
Profit/(loss) on disposal
of:
|
|
|
|
|
|
|
|
|
|
- intangible assets
|
(0.5)
|
|
(0.6)
|
-17
|
|
(0.5)
|
|
(0.9)
|
-44
|
- right-of-use assets
|
0.6
|
|
0.1
|
>100
|
|
0.6
|
|
0.1
|
>100
|
- property, plant and equipment
(2)
|
6.2
|
|
0.7
|
>100
|
|
77.1
|
|
12.0
|
>100
|
- investments
|
0.1
|
|
0.1
|
0
|
|
0.6
|
|
1.7
|
-65
|
Negative goodwill on acquisition of
subsidiaries
|
2.2
|
|
-
|
nm
|
|
2.2
|
|
-
|
nm
|
Loss on disposal/write-down of
receivables from
|
|
|
|
|
|
|
|
|
|
collateral
vehicles
|
(32.2)
|
|
(14.5)
|
>100
|
|
(54.8)
|
|
(37.3)
|
47
|
Write-down of stocks
|
(7.9)
|
|
(8.3)
|
-5
|
|
(12.9)
|
|
(10.0)
|
29
|
Net exchange gain/(loss)
|
24.3
|
|
49.4
|
-50
|
|
(6.3)
|
|
18.2
|
nm
|
Dividend and interest income from
investments
|
74.4
|
|
60.4
|
23
|
|
120.5
|
|
102.0
|
18
|
nm - not meaningful
(1) Fair value gain/(loss) relates
mainly to equity investments in GoTo, Hermina, Vinamilk and Toyota
Motor Corporation
(2) Profit
on disposal includes gain from sale and leaseback of
properties
4 Tax
The provision for income tax is
based on the statutory tax rates of the respective countries in
which the companies operate after taking into account
non-deductible expenses and group tax relief.
5 Dividends
At the Annual General Meeting in
2024, a final one-tier tax-exempt dividend in respect of 2023 of
US¢90 per share amounting to a dividend of approximately US$355.7
million is to be proposed. These financial statements do not
reflect this dividend payable, which will be accounted for in
shareholders' equity as an appropriation of retained earnings in
the year ending 31st December 2024. The dividends paid in 2023 and
2022 were as follows:
|
Group and
Company
|
|
2023
|
|
2022
|
|
US$m
|
|
US$m
|
|
|
|
|
Final one-tier tax exempt dividend
in respect of previous year of
|
|
|
|
US¢83 per share (2022: in
respect of 2021 of US¢62)
|
329.5
|
|
245.2
|
Interim one-tier tax exempt
dividend in respect of current year of
|
|
|
|
US¢28 per share (2022:
US¢28)
|
113.4
|
|
111.8
|
|
442.9
|
|
357.0
|
6 Earnings per
share
|
Group
|
|
6 months
ended
31st
December
|
|
12 months
ended
31st
December
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
US$m
|
|
US$m
|
|
US$m
|
|
US$m
|
Basic and diluted earnings per share
|
|
|
|
|
|
|
|
Profit attributable to
shareholders
|
567.1
|
|
252.3
|
|
1,215.4
|
|
739.8
|
Weighted average number of ordinary
shares in issue (millions)
|
395.2
|
|
395.2
|
|
395.2
|
|
395.2
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
US¢143
|
|
US¢64
|
|
US¢308
|
|
US¢187
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
US¢143
|
|
US¢64
|
|
US¢308
|
|
US¢187
|
|
|
|
|
|
|
|
|
Basic and diluted underlying earnings per
share
|
|
|
|
|
|
|
|
Underlying profit attributable to
shareholders
|
576.8
|
|
573.8
|
|
1,160.1
|
|
1,096.2
|
Weighted average number of ordinary
shares in issue (millions)
|
395.2
|
|
395.2
|
|
395.2
|
|
395.2
|
|
|
|
|
|
|
|
|
Basic underlying earnings per
share
|
US¢146
|
|
US¢145
|
|
US¢294
|
|
US¢277
|
|
|
|
|
|
|
|
|
Diluted underlying earnings per
share
|
US¢146
|
|
US¢145
|
|
US¢294
|
|
US¢277
|
As at 31st
December 2023 and 2022, there were no dilutive potential
ordinary shares in issue.
A reconciliation of the profit
attributable to shareholders and underlying profit attributable to
shareholders is as follows:
|
Group
|
|
6 months
ended
31st
December
|
|
12 months
ended
31st
December
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
US$m
|
|
US$m
|
|
US$m
|
|
US$m
|
|
|
|
|
|
|
|
|
Profit attributable to shareholders
|
567.1
|
|
252.3
|
|
1,215.4
|
|
739.8
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
Non-trading items (net of tax and non-controlling
interests)
|
|
|
|
|
|
|
|
Fair value changes of agricultural
produce and livestock
|
0.2
|
|
(3.4)
|
|
0.5
|
|
(3.4)
|
Fair value changes of investment
properties
|
(1.0)
|
|
(0.9)
|
|
(1.0)
|
|
(0.9)
|
Fair value changes of
investments
|
(19.7)
|
|
(203.2)
|
|
(20.0)
|
|
(238.1)
|
Impairment loss on associates and
joint ventures
|
-
|
|
(114.0)
|
|
-
|
|
(114.0)
|
Impairment loss on goodwill on
subsidiaries
|
(6.4)
|
|
-
|
|
(6.4)
|
|
-
|
Negative goodwill on acquisition of
subsidiaries
|
0.5
|
|
-
|
|
0.5
|
|
-
|
Gain on sale and leaseback of
properties
|
16.1
|
|
-
|
|
81.1
|
|
-
|
Gain on sale of property
|
0.6
|
|
-
|
|
0.6
|
|
-
|
|
(9.7)
|
|
(321.5)
|
|
55.3
|
|
(356.4)
|
|
|
|
|
|
|
|
|
Underlying profit attributable to
shareholders
|
576.8
|
|
573.8
|
|
1,160.1
|
|
1,096.2
|
Non-trading items are separately identified to
provide greater understanding of the Group's underlying business
performance. Items classified as non-trading items include: fair
value gains or losses on revaluation of investment properties,
agricultural produce and equity investments which are measured at
fair value through profit and loss; gains or losses arising from
sale of businesses, investments and properties; impairment of
non-depreciable intangible assets, associates and joint ventures
and other investments; provisions for closure of businesses;
acquisition-related costs in business combinations and other
credits and charges of a non-recurring nature that require
inclusion in order to provide additional insight into the Group's
underlying business performance.
7 Financial
Instruments
Financial instruments by category
The fair values of financial assets
and financial liabilities, together with carrying amounts at
31st December 2023 and 2022 are as
follows:
|
|
|
Fair
|
|
|
|
|
|
|
|
|
|
|
|
|
|
value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
through
|
|
Fair
value
|
|
Financial
|
|
|
|
|
|
|
|
Fair
value of
|
|
profit
|
|
through other
|
|
assets at
|
|
Other
|
|
Total
|
|
|
|
hedging
|
|
and
|
|
comprehensive
|
|
amortised
|
|
financial
|
|
carrying
|
|
Fair
|
|
instruments
|
|
loss
|
|
income
|
|
costs
|
|
liabilities
|
|
amount
|
|
value
|
|
US$m
|
|
US$m
|
|
US$m
|
|
US$m
|
|
US$m
|
|
US$m
|
|
US$m
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
measured at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- equity investments
|
-
|
|
1,292.5
|
|
-
|
|
-
|
|
-
|
|
1,292.5
|
|
1,292.5
|
- debt investments
|
-
|
|
418.5
|
|
916.2
|
|
-
|
|
-
|
|
1,334.7
|
|
1,334.7
|
Derivative financial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
instruments
|
50.8
|
|
0.7
|
|
-
|
|
-
|
|
-
|
|
51.5
|
|
51.5
|
|
50.8
|
|
1,711.7
|
|
916.2
|
|
-
|
|
-
|
|
2,678.7
|
|
2,678.7
|
Financial assets not
|
|
|
|
|
|
|
|
|
|
|
|
|
|
measured at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors
|
-
|
|
-
|
|
-
|
|
7,714.8
|
|
-
|
|
7,714.8
|
|
7,175.1
|
Bank balances
|
-
|
|
-
|
|
-
|
|
2,782.5
|
|
-
|
|
2,782.5
|
|
2,782.5
|
|
-
|
|
-
|
|
-
|
|
10,497.3
|
|
-
|
|
10,497.3
|
|
9,957.6
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
measured at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative financial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
instruments
|
(4.2)
|
|
(0.1)
|
|
-
|
|
-
|
|
-
|
|
(4.3)
|
|
(4.3)
|
Contingent consideration
|
|
|
|
|
|
|
|
|
|
|
|
|
|
payable
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(4.2)
|
|
(0.1)
|
|
-
|
|
-
|
|
-
|
|
(4.3)
|
|
(4.3)
|
Financial liabilities not
|
|
|
|
|
|
|
|
|
|
|
|
|
|
measured at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
lease liabilities
|
-
|
|
-
|
|
-
|
|
-
|
|
(7,307.6)
|
|
(7,307.6)
|
|
(7,284.4)
|
Lease liabilities
|
-
|
|
-
|
|
-
|
|
-
|
|
(315.4)
|
|
(315.4)
|
|
(315.4)
|
Creditors excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-financial
liabilities
|
-
|
|
-
|
|
-
|
|
-
|
|
(4,000.8)
|
|
(4,000.8)
|
|
(4,000.8)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(11,623.8)
|
|
(11,623.8)
|
|
(11,600.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 Restated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
measured at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- equity investments
|
-
|
|
1,384.3
|
|
-
|
|
-
|
|
-
|
|
1,384.3
|
|
1,384.3
|
- debt investments
|
-
|
|
-
|
|
762.8
|
|
-
|
|
-
|
|
762.8
|
|
762.8
|
Derivative financial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
instruments
|
119.8
|
|
0.2
|
|
-
|
|
-
|
|
-
|
|
120.0
|
|
120.0
|
|
119.8
|
|
1,384.5
|
|
762.8
|
|
-
|
|
-
|
|
2,267.1
|
|
2,267.1
|
Financial assets not
|
|
|
|
|
|
|
|
|
|
|
|
|
|
measured at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors
|
-
|
|
-
|
|
-
|
|
7,293.1
|
|
-
|
|
7,293.1
|
|
6,897.0
|
Bank balances
|
-
|
|
-
|
|
-
|
|
4,018.1
|
|
-
|
|
4,018.1
|
|
4,018.1
|
|
-
|
|
-
|
|
-
|
|
11,311.2
|
|
-
|
|
11,311.2
|
|
10,915.1
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
measured at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative financial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
instruments
|
(2.0)
|
|
(0.4)
|
|
-
|
|
-
|
|
-
|
|
(2.4)
|
|
(2.4)
|
Contingent consideration
|
|
|
|
|
|
|
|
|
|
|
|
|
|
payable
|
-
|
|
(8.8)
|
|
-
|
|
-
|
|
-
|
|
(8.8)
|
|
(8.8)
|
|
(2.0)
|
|
(9.2)
|
|
-
|
|
-
|
|
-
|
|
(11.2)
|
|
(11.2)
|
Financial liabilities not
|
|
|
|
|
|
|
|
|
|
|
|
|
|
measured at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
lease liabilities
|
-
|
|
-
|
|
-
|
|
-
|
|
(5,948.2)
|
|
(5,948.2)
|
|
(5,925.7)
|
Lease liabilities
|
-
|
|
-
|
|
-
|
|
-
|
|
(155.6)
|
|
(155.6)
|
|
(155.6)
|
Creditors excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-financial
liabilities
|
-
|
|
-
|
|
-
|
|
-
|
|
(3,855.4)
|
|
(3,855.4)
|
|
(3,855.4)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(9,959.2)
|
|
(9,959.2)
|
|
(9,936.7)
|
Fair value estimation
a) Financial
instruments that are measured at fair value
For financial instruments that are
measured at fair value in the balance sheet, the corresponding fair
value measurements are disclosed by level of the following fair
value measurement hierarchy:
Quoted prices (unadjusted) in active markets for identical
assets or liabilities ("quoted prices in active
markets")
The fair
values of listed securities and bonds are based on quoted prices in
active markets at the balance sheet date. The quoted market price
used for listed investments held by the Group is the current bid
price.
Inputs other than quoted prices in active markets that are
observable for the asset or liability, either directly or
indirectly ("observable current market
transactions")
The fair
values of derivative financial instruments are determined using
rates quoted by the Group's bankers at the balance sheet date. The
rates for interest rate swaps and caps, cross-currency swaps and
forward foreign exchange contracts are calculated by reference to
the market interest rates and foreign exchange rates.
Inputs for the asset or liability that are not based on
observable market data ("unobservable inputs")
The fair values of other unlisted
equity investments are determined using valuation techniques by
reference to observable current market transactions or the market
prices of the underlying investments with certain degree of
entity-specific estimates or discounted cash flows by projecting
the cash inflows from these investments.
There were no changes in valuation
techniques during the year.
The table below analyses the
Group's financial instruments carried at fair value, by the levels
in the fair value measurement hierarchy.
|
Quoted
|
|
Observable
|
|
|
|
|
|
prices in
|
|
current
|
|
|
|
|
|
active
|
|
market
|
|
Unobservable
|
|
|
|
markets
|
|
transactions
|
|
inputs
|
|
Total
|
|
US$m
|
|
US$m
|
|
US$m
|
|
US$m
|
2023
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Other investments
|
|
|
|
|
|
|
|
- equity investments
|
1,117.2
|
|
-
|
|
175.3
|
|
1,292.5
|
- debt investments
|
916.2
|
|
-
|
|
418.5
|
|
1,334.7
|
|
2,033.4
|
|
-
|
|
593.8
|
|
2,627.2
|
Derivative financial instruments at
fair value
|
|
|
|
|
|
|
|
- through other comprehensive
income
|
-
|
|
50.8
|
|
-
|
|
50.8
|
- through profit and
loss
|
-
|
|
0.7
|
|
-
|
|
0.7
|
|
2,033.4
|
|
51.5
|
|
593.8
|
|
2,678.7
|
Liabilities
|
|
|
|
|
|
|
|
Derivative financial instruments at
fair value
|
|
|
|
|
|
|
|
- through other comprehensive
income
|
-
|
|
(4.2)
|
|
-
|
|
(4.2)
|
- through profit and
loss
|
-
|
|
(0.1)
|
|
-
|
|
(0.1)
|
|
-
|
|
(4.3)
|
|
-
|
|
(4.3)
|
|
-
|
|
(4.3)
|
|
-
|
|
(4.3)
|
|
Quoted
|
|
Observable
|
|
|
|
|
|
prices in
|
|
current
|
|
|
|
|
|
active
|
|
market
|
|
Unobservable
|
|
|
|
markets
|
|
transactions
|
|
inputs
|
|
Total
|
|
US$m
|
|
US$m
|
|
US$m
|
|
US$m
|
2022
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Other investments
|
|
|
|
|
|
|
|
- equity investments
|
1,177.6
|
|
-
|
|
206.7
|
|
1,384.3
|
- debt investments
|
762.8
|
|
-
|
|
-
|
|
762.8
|
|
1,940.4
|
|
-
|
|
206.7
|
|
2,147.1
|
Derivative financial instruments at
fair value
|
|
|
|
|
|
|
|
- through other comprehensive
income
|
-
|
|
119.8
|
|
-
|
|
119.8
|
- through profit and
loss
|
-
|
|
0.2
|
|
-
|
|
0.2
|
|
1,940.4
|
|
120.0
|
|
206.7
|
|
2,267.1
|
Liabilities
|
|
|
|
|
|
|
|
Contingent consideration
payable
|
-
|
|
-
|
|
(8.8)
|
|
(8.8)
|
Derivative financial instruments at
fair value
|
|
|
|
|
|
|
|
- through other comprehensive
income
|
-
|
|
(2.0)
|
|
-
|
|
(2.0)
|
- through profit and
loss
|
-
|
|
(0.4)
|
|
-
|
|
(0.4)
|
|
-
|
|
(2.4)
|
|
-
|
|
(2.4)
|
|
-
|
|
(2.4)
|
|
(8.8)
|
|
(11.2)
|
There were no transfers among the
three categories during the year ended 31st December 2023 and
2022.
b) Financial
instruments that are not measured at fair value
The fair values of current debtors,
bank balances and other liquid funds, current creditors, current
borrowings and current lease liabilities of the Group and the
Company are assumed to approximate their carrying amounts due to
the short-term maturities of these assets and
liabilities.
The fair values of long-term
borrowings disclosed are based on market prices or are estimated
using the expected future payments discounted at market interest
rates. The fair values of non-current lease liabilities are
estimated using the expected future payments discounted at market
interest rates.
8 Borrowings
|
Group
|
|
2023
|
|
2022
|
|
US$m
|
|
US$m
|
Long-term borrowings:
|
|
|
|
- secured
|
29.1
|
|
7.1
|
- unsecured
|
3,870.2
|
|
3,100.8
|
|
3,899.3
|
|
3,107.9
|
Current borrowings:
|
|
|
|
- secured
|
34.7
|
|
44.1
|
- unsecured
|
3,373.6
|
|
2,796.2
|
|
3,408.3
|
|
2,840.3
|
|
|
|
|
Total borrowings
|
7,307.6
|
|
5,948.2
|
Certain subsidiaries of the Group
have pledged their assets in order to obtain bank facilities from
financial institutions. The value of assets pledged was US$39.9
million (2022: US$40.5 million).
9 Share
capital
|
Group
|
|
2023
|
|
2022
|
|
US$m
|
|
US$m
|
Six months ended 31st December
|
|
|
|
Issued and fully paid:
|
|
|
|
Balance at 1st July and 31st
December
|
|
|
|
- 395,236,288 (2022: 395,236,288) ordinary shares
|
1,381.0
|
|
1,381.0
|
|
|
|
|
|
|
|
|
Year ended 31st December
|
|
|
|
Issued and fully paid:
|
|
|
|
Balance at 1st January and 31st
December
|
|
|
|
- 395,236,288 (2022: 395,236,288) ordinary shares
|
1,381.0
|
|
1,381.0
|
There were no rights, bonus or
equity issues during the year.
The Company did not hold any
treasury shares as at 31st December
2023 (31st December
2022: Nil) and did not have any unissued shares
under convertibles as at 31st
December 2023 (31st
December 2022: Nil).
There were no subsidiary holdings
(as defined in the Listing Rules of the SGX-ST) as at 31st December 2023
(31st December 2022: Nil).
10 Revenue reserve
|
Group
|
|
Company
|
|
|
|
Restated
|
|
|
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
US$m
|
|
US$m
|
|
US$m
|
|
US$m
|
Movements:
|
|
|
|
|
|
|
|
Balance at 1st January
|
|
|
|
|
|
|
|
- as previously reported
|
7,737.1
|
|
7,374.3
|
|
337.1
|
|
474.1
|
- effect of adoption of IFRS
17
|
31.5
|
|
31.5
|
|
-
|
|
-
|
Balance at 1st January as
restated
|
7,768.6
|
|
7,405.8
|
|
337.1
|
|
474.1
|
Defined benefit pension
plans
|
|
|
|
|
|
|
|
- remeasurements
|
-
|
|
5.8
|
|
-
|
|
-
|
- deferred tax
|
0.1
|
|
(1.2)
|
|
-
|
|
-
|
Share of associates' and joint
ventures'
|
|
|
|
|
|
|
|
remeasurements of defined
benefit
|
|
|
|
|
|
|
|
pension plans, net of
tax
|
(1.7)
|
|
3.7
|
|
-
|
|
-
|
Profit attributable to
shareholders
|
1,215.4
|
|
739.8
|
|
928.9
|
|
220.0
|
Dividends paid by the Company (Note
5)
|
(442.9)
|
|
(357.0)
|
|
(442.9)
|
|
(357.0)
|
Change in shareholding
|
(3.1)
|
|
(28.2)
|
|
-
|
|
-
|
Other
|
8.6
|
|
(0.1)
|
|
-
|
|
-
|
Balance at 31st December
|
8,545.0
|
|
7,768.6
|
|
823.1
|
|
337.1
|
11 Other reserves
|
Group
|
|
Company
|
|
|
|
Restated
|
|
|
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
US$m
|
|
US$m
|
|
US$m
|
|
US$m
|
Composition:
|
|
|
|
|
|
|
|
Asset revaluation
reserve
|
410.1
|
|
404.8
|
|
-
|
|
-
|
Translation reserve
|
(2,312.2)
|
|
(2,397.3)
|
|
383.1
|
|
334.3
|
Fair value reserve
|
0.2
|
|
5.8
|
|
-
|
|
-
|
Hedging reserve
|
12.0
|
|
5.1
|
|
2.3
|
|
-
|
Other reserve
|
3.3
|
|
3.3
|
|
-
|
|
-
|
Balance at 31st December
|
(1,886.6)
|
|
(1,978.3)
|
|
385.4
|
|
334.3
|
|
|
|
|
|
|
|
|
Movements:
|
|
|
|
|
|
|
|
Asset revaluation reserve
|
|
|
|
|
|
|
|
Balance at 1st January
|
404.8
|
|
404.7
|
|
-
|
|
-
|
Surplus on revaluation of
assets
|
-
|
|
0.4
|
|
-
|
|
-
|
Share of associates' and joint
ventures'
|
|
|
|
|
|
|
|
revaluation
surplus
|
5.3
|
|
-
|
|
-
|
|
-
|
Other
|
-
|
|
(0.3)
|
|
-
|
|
-
|
Balance at 31st December
|
410.1
|
|
404.8
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
Translation reserve
|
|
|
|
|
|
|
|
Balance at 1st January
|
(2,397.3)
|
|
(1,774.6)
|
|
334.3
|
|
326.2
|
Translation difference
|
85.1
|
|
(622.7)
|
|
48.8
|
|
8.1
|
Balance at 31st December
|
(2,312.2)
|
|
(2,397.3)
|
|
383.1
|
|
334.3
|
|
|
|
|
|
|
|
|
Fair value reserve
|
|
|
|
|
|
|
|
Balance at 1st January
|
5.8
|
|
16.5
|
|
-
|
|
-
|
Financial assets at
FVOCI
|
|
|
|
|
|
|
|
- fair value changes
|
(5.6)
|
|
(9.8)
|
|
-
|
|
-
|
- transfer to profit and
loss
|
-
|
|
(0.9)
|
|
-
|
|
-
|
Balance at 31st December
|
0.2
|
|
5.8
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
Hedging reserve
|
|
|
|
|
|
|
|
Balance at 1st January
|
5.1
|
|
(37.0)
|
|
-
|
|
-
|
Cash flow hedges
|
|
|
|
|
|
|
|
- fair value changes
|
6.8
|
|
15.1
|
|
2.3
|
|
-
|
- deferred tax
|
(1.0)
|
|
(3.3)
|
|
-
|
|
-
|
Share of associates' and joint
ventures'
|
|
|
|
|
|
|
|
fair value changes of cash
flow hedges,
|
|
|
|
|
|
|
|
net of tax
|
1.1
|
|
30.3
|
|
-
|
|
-
|
Balance at 31st December
|
12.0
|
|
5.1
|
|
2.3
|
|
-
|
|
|
|
|
|
|
|
|
Other reserve
|
|
|
|
|
|
|
|
Balance at 1st January and 31st
December
|
3.3
|
|
3.3
|
|
-
|
|
-
|
12 Non-controlling
interests
|
Group
|
|
|
|
Restated
|
|
2023
|
|
2022
|
|
US$m
|
|
US$m
|
|
|
|
|
Balance at 1st January
|
|
|
|
- as previously reported
|
9,309.7
|
|
9,027.1
|
- effect of adoption of IFRS
17
|
31.4
|
|
31.4
|
Balance at 1st January as
restated
|
9,341.1
|
|
9,058.5
|
Asset revaluation
surplus
|
|
|
|
- surplus on revaluation of
assets
|
-
|
|
0.5
|
Share of associates' and joint
ventures' asset revaluation surplus
|
7.9
|
|
-
|
Financial assets at
FVOCI
|
|
|
|
- fair value changes
|
(6.0)
|
|
(10.6)
|
- transfer to profit and
loss
|
-
|
|
(1.0)
|
|
(6.0)
|
|
(11.6)
|
Cash flow hedges
|
|
|
|
- fair value changes
|
4.6
|
|
19.6
|
- deferred tax
|
(1.0)
|
|
(4.3)
|
|
3.6
|
|
15.3
|
Share of associates' and joint
ventures' fair value changes of
|
|
|
|
cash flow hedges, net of
tax
|
(0.5)
|
|
67.3
|
Defined benefit pension
plans
|
|
|
|
- remeasurements
|
(1.5)
|
|
7.8
|
- deferred tax
|
0.5
|
|
(1.5)
|
|
(1.0)
|
|
6.3
|
Share of associates' and joint
ventures' remeasurements of
|
|
|
|
defined benefit pension
plans, net of tax
|
(2.0)
|
|
2.3
|
Translation difference
|
145.5
|
|
(718.2)
|
Profit for the year
|
1,761.3
|
|
1,716.1
|
Issue of shares to non-controlling
interests
|
156.4
|
|
46.2
|
Dividends paid
|
(1,682.7)
|
|
(642.4)
|
Change in shareholding
|
3.4
|
|
(198.9)
|
Acquisition of
subsidiaries
|
39.4
|
|
-
|
Other
|
9.5
|
|
(0.3)
|
Balance at 31st December
|
9,775.9
|
|
9,341.1
|
13 Related party
transactions
The following significant related
party transactions took place during the year ended 31st
December:
|
|
Group
|
|
|
2023
|
|
2022
|
|
|
US$m
|
|
US$m
|
|
|
|
|
|
(a)
|
With associates and joint ventures:
|
|
|
|
|
Purchase of goods and
services
|
(6,441.3)
|
|
(6,087.8)
|
|
Sale of goods and
services
|
2,296.8
|
|
1,880.0
|
|
Bank deposits and
balances
|
19.5
|
|
-
|
|
Commission and incentives
earned
|
10.2
|
|
6.2
|
|
Interest received
|
18.0
|
|
18.5
|
|
|
|
|
|
(b)
|
With related companies and
|
|
|
|
|
associates of ultimate holding
|
|
|
|
|
company:
|
|
|
|
|
Management fees paid
|
(6.6)
|
|
(4.3)
|
|
Purchase of goods and
services
|
(1.7)
|
|
(2.6)
|
|
Sale of goods and
services
|
1.5
|
|
2.2
|
|
|
|
|
|
(c)
|
Remuneration of directors of the
|
|
|
|
|
Company and key management
|
|
|
|
|
personnel of the Group:
|
|
|
|
|
Salaries and other
short-term
|
|
|
|
|
employee benefits
|
(11.8)
|
|
(10.5)
|
14 Commitments
Capital
expenditure authorised for at the balance sheet date, but not
recognised in the financial statements is as follows:
|
Group
|
|
2023
|
|
2022
|
|
US$m
|
|
US$m
|
|
|
|
|
Authorised and
contracted
|
163.6
|
|
178.8
|
Authorised but not
contracted
|
576.4
|
|
294.6
|
|
740.0
|
|
473.4
|
15 Cash flows from operating
activities
|
Group
|
|
2023
|
|
2022
|
|
US$m
|
|
US$m
|
|
|
|
|
Profit before tax
|
3,714.5
|
|
3,227.2
|
|
|
|
|
Adjustments for:
|
|
|
|
Financing income
|
(149.0)
|
|
(120.0)
|
Financing charges
|
271.5
|
|
178.2
|
Share of associates' and joint
ventures' results after tax
|
(732.8)
|
|
(575.4)
|
Amortisation/depreciation
of:
|
|
|
|
- intangible assets
|
97.5
|
|
141.8
|
- right-of-use assets
|
154.5
|
|
141.1
|
- property, plant and
equipment
|
754.9
|
|
694.4
|
- bearer plants
|
30.1
|
|
28.2
|
Impairment/(write-back of
impairment) of:
|
|
|
|
- intangible
assets
|
34.1
|
|
1.1
|
- property, plant and
equipment
|
(1.1)
|
|
45.6
|
- debtors
|
123.8
|
|
181.3
|
Fair value (gain)/loss
on:
|
|
|
|
- investment properties
|
2.7
|
|
2.8
|
- investments
|
29.5
|
|
269.6
|
- agricultural produce
|
(1.6)
|
|
11.4
|
- derivative not qualifying as
hedge
|
0.1
|
|
(0.1)
|
(Profit)/loss on disposal
of:
|
|
|
|
- intangible assets
|
0.5
|
|
0.9
|
- right-of-use assets
|
(0.6)
|
|
(0.1)
|
- property, plant and
equipment
|
(77.1)
|
|
(12.0)
|
- investments
|
(0.6)
|
|
(1.7)
|
Loss on disposal/write-down of
receivables from collateral vehicles
|
54.8
|
|
37.3
|
Negative goodwill on acquisition of
subsidiaries
|
(2.2)
|
|
-
|
Amortisation of borrowing costs for
financial services companies
|
8.5
|
|
9.1
|
Write-down of stocks
|
12.9
|
|
10.0
|
(Gain)/loss on modifications to
lease term
|
0.8
|
|
(1.1)
|
Changes in provisions
|
44.4
|
|
42.7
|
Foreign exchange
(gain)/loss
|
(12.3)
|
|
46.4
|
|
643.3
|
|
1,131.5
|
|
|
|
|
Operating profit before working capital
changes
|
4,357.8
|
|
4,358.7
|
|
|
|
|
Changes in working capital
|
|
|
|
Properties for sale
|
(147.6)
|
|
(55.0)
|
Stocks (1)
|
(595.7)
|
|
(887.5)
|
Concession rights
|
(31.2)
|
|
(25.5)
|
Financing debtors
|
(517.4)
|
|
(591.3)
|
Debtors (2)
|
(157.3)
|
|
(937.5)
|
Creditors (3)
|
140.6
|
|
1,192.5
|
Pensions
|
(1.3)
|
|
(10.6)
|
|
(1,309.9)
|
|
(1,314.9)
|
|
|
|
|
Cash flows from operating
activities
|
3,047.9
|
|
3,043.8
|
(1) Increase in stocks
balance mainly due to higher purchases amid higher sales
(2) Increase in debtors
balance mainly due to higher sales activities
(3) Increase in creditors balance mainly due to higher
trade purchases
16 Notes to consolidated
statement of cash flows
(a) Purchase of shares in subsidiaries
The acquisitions in 2023 comprised
net cash outflow of US$67.2 million for a 100% interest in PT
Tokobagus, a company operating a leading classifieds platform in
Indonesia under the OLX brand, US$80.5 million for a 96.9% interest
in PT Jaya Mandarin Agung, owner of the Mandarin Oriental Hotel
Jakarta, and US$347.9 million, including settlement of shareholder
loan and termination of contract with a third party, for a 70%
interest each in PT Stargate Mineral Asia and PT Stargate Pasific
Resources as well as a 67% interest in PT Anugerah Surya Pacific
Resources, companies which operate in nickel mining, services and
smelter.
There were no subsidiaries acquired
in 2022.
(b) Purchase of shares in associates and joint
ventures
Purchase of shares in associates
and joint ventures in 2023 mainly included US$616.3 million for
Astra's investment in Nickel Industries Ltd, US$98.6 million for
Astra's investment in PT Polinasi Iddea Investama, US$52.8
million for Astra's investment in PT
Supreme Energy Sriwijaya, US$25.3 million
for Astra's investment in PT Equinix Indonesia JKT and US$14.2
million for additional purchase of shares in Refrigeration
Electrical Engineering Corporation.
Purchase of shares in associates
and joint ventures in 2022 mainly included US$259.8 million for
Astra's investment in Bank Jasa Jakarta, US$43.8 million
for Astra's investment in PT Jasamarga Pandaan
Malang, a toll road operator in Indonesia,
US$40.9 million for Astra's investment in PT Mobilitas Digital,
US$17.7 million for Astra's investment in PT Arkora Hydropower
Plant and US$33.7 million for additional purchase of shares in
Refrigeration Electrical Engineering Corporation.
(c) Changes in controlling interests in
subsidiaries
Change in controlling interests of
subsidiaries in 2023 mainly included an outflow of US$3.3 million
for Astra's acquisition of additional interest in PT Acset Indonusa
Tbk.
Change in controlling interests of
subsidiaries in 2022 mainly included an outflow of US$213.9 million
for PT United Tractors Tbk shares buyback, US$2.4 million for
Astra's acquisition of additional interest in PT Marga
Mandalasakti, US$4.7 million and US$3.7 million for acquisition of
additional interests in Cycle and Carriage Bintang Berhad and
Republic Auto Pte Ltd, respectively.
(d) Sale and leaseback of assets
held by Cycle & Carriage Industries Pte Ltd
("CCI")
CCI entered into a
sale-and-leaseback agreement with third parties in respect of its
properties in Singapore. The properties mainly comprise leasehold
land and buildings used as showrooms, service centres, workshops,
and warehouses. The leaseback duration
would be 10 to 15 years with options to renew for two of the
properties. The sale-and-leaseback agreement allowed the Group to
unlock the value of its real estate assets held through CCI, of
which the net proceeds of US$225 million was re-deployed to reduce
the Company's debt. Profit arising from the sale-and-leaseback
transaction, net of deferred tax impact, amounted to US$81
million.
17 Segment
Information
Operating segments are identified
on the basis of internal reports about components of the Group that
are regularly reviewed by the Board for the purpose of resource
allocation and performance assessment. The Board considers Astra as
one operating segment because it represents a single direct
investment made by the Company. Decisions for resource allocation
and performance assessment of Astra are made by the Board of the
Company while resource allocation and performance assessment of the
various Astra businesses are made by the board of Astra, taking
into consideration the opinions of the Board of the Company.
THACO is identified as another operating
segment. Direct Motor Interests are aggregated into one reportable
segment based on the similar automotive nature of their products
and services, while Other Strategic Interests, comprising the
Group's strategic investment portfolio, are aggregated into another
reportable segment based on their exposure to market-leading
companies in key regional economies. Set out below is an analysis
of the segment information.
|
Underlying businesses performance
|
|
|
|
|
|
|
|
|
|
Direct
|
|
Other
|
|
|
|
Non-
|
|
|
|
|
|
|
|
Motor
|
|
Strategic
|
|
Corporate
|
|
trading
|
|
|
|
Astra
|
|
THACO
|
|
Interests
|
|
Interests
|
|
costs
|
|
items
|
|
Group
|
|
US$m
|
|
US$m
|
|
US$m
|
|
US$m
|
|
US$m
|
|
US$m
|
|
US$m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6
months ended 31st December 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
9,779.1
|
|
-
|
|
769.8
|
|
-
|
|
-
|
|
-
|
|
10,548.9
|
Net operating costs
|
(8,350.6)
|
|
-
|
|
(740.9)
|
|
26.5
|
|
18.6
|
|
(60.2)
|
|
(9,106.6)
|
Operating profit
|
1,428.5
|
|
-
|
|
28.9
|
|
26.5
|
|
18.6
|
|
(60.2)
|
|
1,442.3
|
Financing income
|
68.2
|
|
-
|
|
0.9
|
|
-
|
|
3.4
|
|
-
|
|
72.5
|
Financing charges
|
(126.0)
|
|
-
|
|
(7.9)
|
|
-
|
|
(29.6)
|
|
-
|
|
(163.5)
|
Net financing charges
|
(57.8)
|
|
-
|
|
(7.0)
|
|
-
|
|
(26.2)
|
|
-
|
|
(91.0)
|
Share of associates' and
joint
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ventures' results after
tax
|
308.3
|
|
21.1
|
|
17.4
|
|
29.4
|
|
-
|
|
2.0
|
|
378.2
|
Profit before tax
|
1,679.0
|
|
21.1
|
|
39.3
|
|
55.9
|
|
(7.6)
|
|
(58.2)
|
|
1,729.5
|
Tax
|
(373.4)
|
|
-
|
|
(4.6)
|
|
(0.9)
|
|
(0.6)
|
|
19.1
|
|
(360.4)
|
Profit after tax
|
1,305.6
|
|
21.1
|
|
34.7
|
|
55.0
|
|
(8.2)
|
|
(39.1)
|
|
1,369.1
|
Non-controlling
interests
|
(829.6)
|
|
-
|
|
(1.8)
|
|
-
|
|
-
|
|
29.4
|
|
(802.0)
|
Profit attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders
|
476.0
|
|
21.1
|
|
32.9
|
|
55.0
|
|
(8.2)
|
|
(9.7)
|
|
567.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restated
6
months ended 31st December 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
10,173.2
|
|
-
|
|
825.1
|
|
-
|
|
-
|
|
-
|
|
10,998.3
|
Net operating costs
|
(8,728.5)
|
|
-
|
|
(791.0)
|
|
27.2
|
|
32.4
|
|
(380.4)
|
|
(9,840.3)
|
Operating profit
|
1,444.7
|
|
-
|
|
34.1
|
|
27.2
|
|
32.4
|
|
(380.4)
|
|
1,158.0
|
Financing income
|
61.4
|
|
-
|
|
0.5
|
|
-
|
|
0.5
|
|
-
|
|
62.4
|
Financing charges
|
(71.0)
|
|
-
|
|
(1.3)
|
|
-
|
|
(23.7)
|
|
-
|
|
(96.0)
|
Net financing charges
|
(9.6)
|
|
-
|
|
(0.8)
|
|
-
|
|
(23.2)
|
|
-
|
|
(33.6)
|
Share of associates' and
joint
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ventures' results after
tax
|
301.9
|
|
30.5
|
|
10.2
|
|
24.9
|
|
-
|
|
(112.8)
|
|
254.7
|
Profit before tax
|
1,737.0
|
|
30.5
|
|
43.5
|
|
52.1
|
|
9.2
|
|
(493.2)
|
|
1,379.1
|
Tax
|
(400.1)
|
|
-
|
|
(8.9)
|
|
-
|
|
(0.6)
|
|
(1.8)
|
|
(411.4)
|
Profit after tax
|
1,336.9
|
|
30.5
|
|
34.6
|
|
52.1
|
|
8.6
|
|
(495.0)
|
|
967.7
|
Non-controlling
interests
|
(888.7)
|
|
-
|
|
(0.2)
|
|
-
|
|
-
|
|
173.5
|
|
(715.4)
|
Profit attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders
|
448.2
|
|
30.5
|
|
34.4
|
|
52.1
|
|
8.6
|
|
(321.5)
|
|
252.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying businesses performance
|
|
|
|
|
|
|
|
|
|
Direct
|
|
Other
|
|
|
|
Non-
|
|
|
|
|
|
|
|
Motor
|
|
Strategic
|
|
Corporate
|
|
trading
|
|
|
|
Astra
|
|
THACO
|
|
Interests
|
|
Interests
|
|
costs
|
|
items
|
|
Group
|
|
US$m
|
|
US$m
|
|
US$m
|
|
US$m
|
|
US$m
|
|
US$m
|
|
US$m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
months ended 31st December 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
20,605.3
|
|
-
|
|
1,629.2
|
|
-
|
|
-
|
|
-
|
|
22,234.5
|
Net operating costs
|
(17,609.6)
|
|
-
|
|
(1,573.6)
|
|
35.5
|
|
2.4
|
|
15.0
|
|
(19,130.3)
|
Operating profit
|
2,995.7
|
|
-
|
|
55.6
|
|
35.5
|
|
2.4
|
|
15.0
|
|
3,104.2
|
Financing income
|
140.9
|
|
-
|
|
1.7
|
|
-
|
|
6.4
|
|
-
|
|
149.0
|
Financing charges
|
(204.5)
|
|
-
|
|
(13.5)
|
|
-
|
|
(53.5)
|
|
-
|
|
(271.5)
|
Net financing charges
|
(63.6)
|
|
-
|
|
(11.8)
|
|
-
|
|
(47.1)
|
|
-
|
|
(122.5)
|
Share of associates' and
joint
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ventures' results after
tax
|
609.2
|
|
35.8
|
|
35.6
|
|
50.2
|
|
-
|
|
2.0
|
|
732.8
|
Profit before tax
|
3,541.3
|
|
35.8
|
|
79.4
|
|
85.7
|
|
(44.7)
|
|
17.0
|
|
3,714.5
|
Tax
|
(741.3)
|
|
-
|
|
(9.7)
|
|
(1.9)
|
|
(1.8)
|
|
16.9
|
|
(737.8)
|
Profit after tax
|
2,800.0
|
|
35.8
|
|
69.7
|
|
83.8
|
|
(46.5)
|
|
33.9
|
|
2,976.7
|
Non-controlling
interests
|
(1,780.7)
|
|
-
|
|
(2.0)
|
|
-
|
|
-
|
|
21.4
|
|
(1,761.3)
|
Profit attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders
|
1,019.3
|
|
35.8
|
|
67.7
|
|
83.8
|
|
(46.5)
|
|
55.3
|
|
1,215.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
at 31.12.2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash/(debt)
(excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net debt of
financial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
services
companies)
|
124.2
|
|
-
|
|
(14.4)
|
|
-
|
|
(1,254.9)
|
|
|
|
(1,145.1)
|
Total equity
|
16,309.6
|
|
673.3
|
|
414.4
|
|
692.4
|
|
(274.4)
|
|
|
|
17,815.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
months ended 31st December 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
19,976.8
|
|
-
|
|
1,588.7
|
|
-
|
|
-
|
|
-
|
|
21,565.5
|
Net operating costs
|
(17,060.9)
|
|
-
|
|
(1,534.5)
|
|
36.5
|
|
(12.8)
|
|
(283.8)
|
|
(18,855.5)
|
Operating profit
|
2,915.9
|
|
-
|
|
54.2
|
|
36.5
|
|
(12.8)
|
|
(283.8)
|
|
2,710.0
|
Financing income
|
118.7
|
|
-
|
|
0.7
|
|
-
|
|
0.6
|
|
-
|
|
120.0
|
Financing charges
|
(141.2)
|
|
-
|
|
(2.4)
|
|
-
|
|
(34.6)
|
|
-
|
|
(178.2)
|
Net financing charges
|
(22.5)
|
|
-
|
|
(1.7)
|
|
-
|
|
(34.0)
|
|
-
|
|
(58.2)
|
Share of associates' and
joint
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ventures' results after
tax
|
529.5
|
|
82.8
|
|
25.1
|
|
50.8
|
|
-
|
|
(112.8)
|
|
575.4
|
Profit before tax
|
3,422.9
|
|
82.8
|
|
77.6
|
|
87.3
|
|
(46.8)
|
|
(396.6)
|
|
3,227.2
|
Tax
|
(752.4)
|
|
-
|
|
(13.8)
|
|
(1.5)
|
|
(1.4)
|
|
(2.2)
|
|
(771.3)
|
Profit after tax
|
2,670.5
|
|
82.8
|
|
63.8
|
|
85.8
|
|
(48.2)
|
|
(398.8)
|
|
2,455.9
|
Non-controlling
interests
|
(1,757.6)
|
|
-
|
|
(0.9)
|
|
-
|
|
-
|
|
42.4
|
|
(1,716.1)
|
Profit attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders
|
912.9
|
|
82.8
|
|
62.9
|
|
85.8
|
|
(48.2)
|
|
(356.4)
|
|
739.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
at 31.12.2022 Restated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash/(debt)
(excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net debt of
financial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
services
companies)
|
2,348.7
|
|
-
|
|
(3.4)
|
|
-
|
|
(1,452.5)
|
|
|
|
892.8
|
Total equity
|
15,559.7
|
|
678.8
|
|
308.4
|
|
658.6
|
|
(693.1)
|
|
|
|
16,512.4
|
Segment assets and liabilities are
not disclosed as these are not regularly provided to the Board of
the Company.
Set out below are analyses of the
Group's revenue and non-current assets, by geographical
areas:
|
|
|
|
|
|
|
Indonesia
|
|
Other
|
|
Total
|
|
|
|
|
|
|
|
US$m
|
|
US$m
|
|
US$m
|
Non-current assets as at
|
|
|
|
|
|
|
|
|
|
|
|
31.12.2023
|
|
|
|
|
|
|
12,564.1
|
|
1,554.5
|
|
14,118.6
|
31.12.2022 Restated
|
|
|
|
|
|
|
10,059.6
|
|
1,495.2
|
|
11,554.8
|
Non-current assets excluded
financial instruments and deferred tax assets. Indonesia is
disclosed separately as a geographical area as most of the
customers are based in Indonesia.
18 Interested person
transactions
|
|
|
Aggregate
value
|
|
Aggregate
value
|
|
|
|
of all
interested
|
|
of all
interested
|
|
|
|
person
|
|
person
|
|
|
|
transactions
|
|
transactions
|
|
|
|
(excluding
|
|
conducted
under
|
|
|
|
transactions
less
|
|
shareholders'
|
|
|
|
than
S$100,000
|
|
mandate
|
|
|
|
and
transactions
|
|
pursuant to
Rule
|
|
|
|
conducted
under
|
|
920
(excluding
|
|
|
|
shareholders'
|
|
transactions
less
|
|
|
|
mandate
|
|
than
S$100,000)
|
|
|
|
pursuant
to
|
|
|
|
|
|
Rule 920)
|
|
|
Name of interested person
and
|
Nature of
relationship
|
|
US$m
|
|
US$m
|
nature of
transaction
|
|
|
|
|
|
12
months ended 31st December 2023
|
|
|
|
|
|
|
|
|
|
|
|
Jardine Matheson Limited
|
Associate of the
Company's
|
|
|
|
|
- Management support
services
|
controlling
shareholder
|
|
-
|
|
6.2
|
- Business support services
(including
HR support and management,
and
internal audit and risk
management)
|
|
|
-
|
|
0.2
|
- Cyber security services
|
|
|
-
|
|
0.3
|
|
|
|
|
|
|
Jardine Matheson & Co.,
Ltd
|
Associate of the
Company's
|
|
|
|
|
- Human resource and
administrative
services
|
controlling shareholder
|
|
-
|
|
0.6
|
|
|
|
|
|
|
Jardine Engineering (S) Pte
Ltd
|
Associate
of the Company's
|
|
|
|
|
- Air conditioner maintenance
services
|
controlling shareholder
|
|
-
|
|
0.3
|
|
|
|
|
|
|
The Dairy Farm Company
Ltd
|
Associate
of the Company's
|
|
|
|
|
- Data analytics services
|
controlling shareholder
|
|
-
|
|
0.2
|
|
|
|
|
|
|
Jardine Matheson Limited
|
Associate of the
Company's
|
|
|
|
|
- Digital and innovation
services
|
controlling
shareholder
|
|
0.6
|
|
-
|
|
|
|
|
|
|
Hongkong Land (Unicode)
|
Associate
of the Company's
|
|
|
|
|
Investments
Limited
|
controlling
shareholder
|
|
|
|
|
- Subscription of shares in
an
associate
|
|
|
28.5
|
|
-
|
|
|
|
|
|
|
PT Astra Land Indonesia
|
Associate of the
Company's
|
|
|
|
|
- Issuance of shares in a joint
venture
|
controlling shareholder
|
|
28.5
|
|
-
|
|
|
|
|
|
|
Mandarin Oriental Holdings
B.V.
|
Associate of the
Company's
|
|
|
|
|
- Sale of shares in a
subsidiary
|
controlling
shareholder
|
|
12.5
|
|
-
|
|
|
|
|
|
|
Mandarin Oriental Hotel Group
Ltd
|
Associate
of the Company's
|
|
|
|
|
- Sale of receivables under
a
shareholder loan
agreement
|
controlling shareholder
|
|
8.8
|
|
-
|
|
|
|
|
|
|
|
|
|
78.9
|
|
7.8
|
19 Underlying Profit by Business
|
Group
|
|
6 months ended 31st
December
|
|
12 months ended 31st
December
|
|
2023
|
|
2022
|
Change
|
|
2023
|
|
2022
|
Change
|
|
US$m
|
|
US$m
|
%
|
|
US$m
|
|
US$m
|
%
|
Astra International
|
|
|
|
|
|
|
|
|
|
Automotive
|
168.1
|
|
168.4
|
0
|
|
341.7
|
|
296.8
|
15
|
Financial services
|
130.8
|
|
102.2
|
28
|
|
258.1
|
|
202.3
|
28
|
Heavy equipment, mining,
construction & energy
|
193.1
|
|
211.5
|
-9
|
|
421.9
|
|
423.7
|
0
|
Agribusiness
|
17.8
|
|
27.3
|
-35
|
|
27.2
|
|
49.6
|
-45
|
Infrastructure &
logistics
|
15.2
|
|
5.5
|
>100
|
|
32.0
|
|
17.7
|
81
|
Information technology
|
1.9
|
|
1.7
|
12
|
|
3.6
|
|
2.5
|
44
|
Property
|
3.1
|
|
2.9
|
7
|
|
5.4
|
|
5.4
|
0
|
|
530.0
|
|
519.5
|
2
|
|
1,089.9
|
|
998.0
|
9
|
Less: Withholding tax on
dividend
|
(54.0)
|
|
(71.3)
|
24
|
|
(70.6)
|
|
(85.1)
|
17
|
|
476.0
|
|
448.2
|
6
|
|
1,019.3
|
|
912.9
|
12
|
|
|
|
|
|
|
|
|
|
|
THACO
|
|
|
|
|
|
|
|
|
|
Automotive
|
17.8
|
|
42.1
|
-58
|
|
30.0
|
|
97.7
|
-69
|
Real estate
|
4.3
|
|
(0.2)
|
nm
|
|
1.9
|
|
(0.3)
|
nm
|
Agriculture
|
(7.2)
|
|
(17.7)
|
59
|
|
(7.6)
|
|
(25.6)
|
70
|
Other
|
6.2
|
|
6.3
|
-2
|
|
11.5
|
|
11.0
|
5
|
|
21.1
|
|
30.5
|
-31
|
|
35.8
|
|
82.8
|
-57
|
|
|
|
|
|
|
|
|
|
|
Direct Motor Interests
|
|
|
|
|
|
|
|
|
|
Singapore
|
13.5
|
|
21.5
|
-37
|
|
25.1
|
|
32.9
|
-24
|
Malaysia
|
2.5
|
|
3.7
|
-32
|
|
8.6
|
|
6.9
|
25
|
Myanmar
|
(2.3)
|
|
(3.3)
|
30
|
|
(3.4)
|
|
(3.3)
|
-3
|
Indonesia (Tunas Ridean)
|
20.1
|
|
13.5
|
49
|
|
39.1
|
|
28.1
|
39
|
Less: central overheads
|
(0.9)
|
|
(1.0)
|
10
|
|
(1.7)
|
|
(1.7)
|
0
|
|
32.9
|
|
34.4
|
-4
|
|
67.7
|
|
62.9
|
8
|
|
|
|
|
|
|
|
|
|
|
Other Strategic Interests
|
|
|
|
|
|
|
|
|
|
Siam City Cement
|
7.7
|
|
(3.4)
|
nm
|
|
16.6
|
|
11.6
|
43
|
REE
|
20.8
|
|
28.3
|
-27
|
|
31.7
|
|
37.7
|
-16
|
Vinamilk
|
26.5
|
|
27.2
|
-3
|
|
35.5
|
|
36.5
|
-3
|
|
55.0
|
|
52.1
|
6
|
|
83.8
|
|
85.8
|
-2
|
|
|
|
|
|
|
|
|
|
|
Corporate costs
|
|
|
|
|
|
|
|
|
|
Central overheads
|
(13.2)
|
|
(9.1)
|
-45
|
|
(27.0)
|
|
(23.0)
|
-17
|
Dividend income from other
investments
|
2.5
|
|
2.2
|
14
|
|
5.6
|
|
4.8
|
17
|
Net financing charges
|
(26.3)
|
|
(23.1)
|
-14
|
|
(47.1)
|
|
(33.9)
|
-39
|
Exchange differences
|
28.8
|
|
38.6
|
-25
|
|
22.0
|
|
3.9
|
>100
|
|
(8.2)
|
|
8.6
|
nm
|
|
(46.5)
|
|
(48.2)
|
4
|
|
|
|
|
|
|
|
|
|
|
Underlying profit attributable to
shareholders
|
576.8
|
|
573.8
|
1
|
|
1,160.1
|
|
1,096.2
|
6
|
20 Dividend and closure of
books
NOTICE IS HEREBY GIVEN that,
subject to shareholders' approval being obtained at the forthcoming
55th Annual General Meeting of the Company ("AGM") for the proposed final one-tier
tax-exempt dividend of US$0.90 per share for the financial year
ended 31st December 2023 (the "Final Dividend"), the Transfer Books
and Register of Members of the Company will be closed from 5.00
p.m. on Thursday, 30th May 2024 (the "Record Date") up to, and including
Friday, 31st May 2024, for the purpose of determining shareholders'
entitlement to the Final Dividend. Duly completed transfers of
shares of the Company in physical scrip received by the Company's
Share Registrar, Boardroom Corporate & Advisory Services Pte.
Ltd. at 1 Harbourfront Avenue, Keppel Bay Tower #14-07, Singapore
098632 up to 5.00 p.m. on the Record Date will be registered before
entitlements to the Final Dividend are determined.
Subject to approval being obtained
as aforesaid, shareholders (being Depositors) whose securities
accounts with The Central Depository (Pte) Limited are credited
with shares of the Company as at 5.00 p.m. on the Record Date will
rank for the Final Dividend.
The Final Dividend, if approved at
the AGM, will be paid on 18th June 2024.
21 Others
The results do not include any
pre-acquisition profits and have not been affected by any item,
transaction or event of a material or unusual nature other than the
non-trading items shown in Note 5 of this report.
The Company confirms that it has
procured undertakings from all its directors and executive officers
under Rule 720(1) of the Listing Rules of the SGX-ST.
No significant event or transaction
other than as contained in this report has occurred between 1st
January 2024 and the date of this report.
22 Notice pursuant to Rule 704(13) of the
Listing Manual
Pursuant to Rule 704(13) of the
SGX-ST Listing Manual, Jardine Cycle & Carriage Limited wishes
to announce that no person occupying a managerial position in the
Company or any of its principal subsidiaries is a relative of a
director or chief executive officer or substantial shareholder of
the Company.
- end
-
For further information, please
contact:
Jardine Cycle & Carriage
Limited
Jeffery Tan Eng Heong
Tel: 65 64708111
The full text of the Financial
Statements and Dividend Announcement for the year ended 31 December
2023 can be accessed through the internet at
'www.jcclgroup.com'.