Jardine Cycle & Carriage

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Financial Results for the Year ended 31 December 2017

Highlights :
1. The Group’s revenue for the year was 12% up at US$17.7 billion
2. Underlying earnings per share up 16%
3. Improvements in most of Astra’s businesses
4. Weaker overall performances from Direct Motor Interests and Other Strategic Interests
5. Acquisition of a strategic stake in Vinamilk
6. Astra should continue to benefit in 2018 from improving economic condistions and stable commodity prices
7. In February 2018, Astra invested US$150 million for a minority stake in GO-JEK
8. The Group’s Direct Motor Interests will continue to face challenges
9. Other Strategic Interests are expected to produce growth.

More details in http://infopub.sgx.com/FileOpen/JCC_Dec%...eID=491051

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Increase in Shareholding in PT Tunas Ridean Tbk

Jardine Cycle & Carriage Limited announced that it has today purchased 41,500,000 shares in PT Tunas Ridean Tbk at Rp1,300 per share for a total cash consideration of Rp54 billion (approximately USD3.9 million).

As a result of the purchase, JC&C's shareholding in Tunas Ridean has increased from 44.37% to 45.12%.

The purchase is funded by internal resources, and the consideration was arrived at on a willing-buyer, willing-seller basis having regard to the prevailing market price. As at 26th March 2018, the closing market price of a Tunas Ridean share on the Indonesia Stock Exchange was Rp1,365.

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Increase in Shareholding in Refrigeration Electrical Engineering Corporation

Jardine Cycle & Carriage Limited announced that its wholly-owned subsidiary, Platinum Victory Pte. Ltd. ("PVPL"), has on 28th March 2018 purchased 41,500,000 shares in Refrigeration Electrical Engineering Corporation ("REE") for an aggregate cash consideration of approximately USD3.1 million.

As a result of the purchase, PVPL's shareholding in REE has increased from 23.91% to 24.46%.

The purchase was funded by internal resources, and the consideration was arrived at on a willing-buyer, willing-seller basis having regard to the prevailing market price. As at 28th March 2018, the closing market price of a REE share on the Ho Chi Minh Stock Exchange was VND38,600.

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Increase in Shareholding in PT Tunas Ridean Tbk

Jardine Cycle & Carriage Limited announced that it has on 4 June 2018 purchased 62,500,000 shares in PT Tunas Ridean Tbk at IDR1,300 per share for a total cash consideration of IDR81.3 billion (approximately USD5.9 million).

As a result of the purchase, JC&C's shareholding in Tunas Ridean has increased from 45.12% to 46.24%.

The purchase is funded by internal resources, and the consideration was arrived at on a willing-buyer, willing-seller basis having regard to the prevailing market price. As at 4th June 2018, the closing market price of a Tunas Ridean share on the Indonesia Stock Exchange was IDR1,305.

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Half-Yearly Results for the Six Months ended 30th June 2018

Highlights :
1. The Group’s revenue for the six months ended 30th June 2018 was US$9.2 billion, a 10% increase over the previous year
2. Underlying earnings per share 10% higher at US$1.05 per share
3. Profit attributable to shareholders fell by 56% from US$398 million to US$174 million, after accounting for net non-trading losses of US$240 million
4. Increased contribution from Astra, it’s contribution of US$354 million to the Group’s underlying profit was 12% higher than the previous year
5. For the rest of the year, Astra’s overall performance is expected to be satisfactory
6. Stronger performances by Direct Motor Interests and Other Strategic Interests
7. As at 30 june 2018, NAV per share was US$15.15
8. Declared an interim one-tier tax exempt dividend of US¢18 per share (2017: US¢18 per share).

More details in http://infopub.sgx.com/FileOpen/JCC_1H20...eID=517920

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Financial Results for the Year Ended 31 December 2018 ("FY2018")

Highlights :
1. Group's revenue for the year increased by 10% to US$19 billion
2. Group’s underlying profit attributable to shareholders was 12% higher at US$858 million
3. Underlying profit per share was also 12% higher at US¢217
4. Profit attributable to shareholders fell by 55% from US$939 million to US$420 million
5. The Group’s financial position remains strong, with shareholders' funds at US$6,148 million
6. Net asset value per share at US$15.56 at the year end, albeit down by 4% from the end of 2017
7. Consolidated net debt, excluding financial services companies, was US$2.2 billion at 31st December 2018, representing gearing of 16%
8. A final one-tier tax dividend of US¢69 per share (2017: US¢68 per share) which, together with the interim dividend, will produce a total dividend of US¢87 per share (2017: US¢86 per share)
9. Strong growth at Astra International and improved performances in non-Astra interests.

More details in :
1. https://links.sgx.com/FileOpen/JCC_Dec%2...eID=545254
2. https://links.sgx.com/FileOpen/Astra_201...eID=545253

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PT Astra International 2019 First Quater Financial Statements

Highlights :
* Net earnings per share up 5% at Rp129
* Improved earnings contribution from financial services
* Increased mining contracting volume and contribution from newly acquired gold mine
* Motorcycle sales up 19%, while car sales fell 5%
* Agribusiness adversely impacted by lower crude palm oil prices

Prospects
The Group’s performance was satisfactory in the first quarter of 2019, supported by increased contributions from its financial services and mining contracting businesses, as well as the contribution from its newly acquired gold mining business. For the remainder of the year, the Group is expected to continue to benefit from the performance of these businesses, while concerns remain over lacklustre demand and intense competition in the car market and weaker commodity prices.

More details in https://links.sgx.com/FileOpen/Astra_201...eID=555534

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Jardine Cycle & Carriage Announces Appointment of New Group Managing Director

Jardine Cycle & Carriage Limited today announced that on 30th September 2019, Mr Alex Newbigging will be stepping down from his role as Group Managing Director after over seven years in this role.

With effect from 1st October 2019, Mr Newbigging will be the Chief Executive Officer of Jardine International Motors Limited ("JIM") and based in Hong Kong. JIM is a management company established by Jardines in May 2019 to provide unified strategy and leadership to Jardines’ automotive interests in Greater China and Southeast Asia. Mr Newbigging will also assume responsibility for Jardine Strategic’s investment in Zhongsheng Group, an automotive dealership group representing a diversified portfolio of marques across China.

Mr Newbigging will be succeeded by Mr Benjamin Birks.

Mr Birks was most recently the Chief Executive Officer of Zung Fu, having held the role since 2016, and in recent months JIM. He was previously the CEO of Jardine Pacific and IKEA Hong Kong, the General Manager of Zung Fu Macau and Executive Assistant to Jardine Matheson’s previous Managing Director, Mr Anthony Nightingale. Mr Birks joined Jardines in 2000.

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2019 Half Year Financial Statement

Highlights :
* Underlying profit modestly down
* Underlying profit attributable to shareholders of US$407 million was 1% lower than the same period last year
* Underlying earnings per share were also down 1% at US¢103
* The Group’s consolidated net debt, excluding Astra’s financial services subsidiaries, was US$3.1 billion at the end of June 2019, compared to US$2.2 billion at the end of 2018
* Lower contribution from Astra primarily due to a weaker automotive market
* Astra reported a net profit equivalent to US$691 million, under Indonesian accounting standards, 6% lower in its local currency terms
* Direct Motor Interests affected by increased competition in Vietnam
* Improved Other Strategic Interests contribution due to higher dividend income
* The Board has declared an interim one-tier tax exempt dividend of US¢18 per share (2018: US¢18 per share) for the half year ended 30 June 2019.

More details in https://links.sgx.com/FileOpen/JCC_1H201...eID=573016

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Proposed Public Tender Offer for Shares in Refrigeration Electrical Engineering Corporation

Jardine Cycle & Carriage Limited ("JC&C") announced that its wholly-owned subsidiary, Platinum Victory Pte. Ltd. ("PVPL"), has submitted an application to launch a public tender offer ("PTO") for shares in Refrigeration Electrical Engineering Corporation ("REE"). The application is pending regulatory approval.

PVPL currently owns 24.9% of REE. In order to further acquire shares which would bring its shareholding in REE to above 25.0%, PVPL is required under Vietnam laws to make a PTO for shares in REE.

If approved, and subject to the level of acceptances, the proposed PTO will be for the acquisition of up to 10.11% of shares in REE at an offer price of VND45,000 per share. As at today, the closing market price of a REE share on the Ho Chi Minh Stock Exchange was VND36,550. The proposed PTO will only be for shares in REE that are held by non-Vietnamese persons and entities, as PVPL is a non-Vietnamese entity and REE is subject to a 49.0% foreign ownership limit, which has been reached.

More details in https://links.sgx.com/1.0.0/corporate-an...uddies.com