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PUBLIC EXPOSE 2023
PT Astra International Tbk
www.astra.co.id | Corporate Investor Relations | P: (+62 21) 5084 3888 | E: investor@ai.astra.co.id
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Disclaimer & Cautionary Statements
The materials in this presentation have been prepared by PT Astra International Tbk (Astra) and show general background information about Astra group (the Group)
business performances are current as at the date of this presentation and are subject to change without prior notice.
This information is given in summary form and does not purport to be complete. Information in this presentation, including forecast financial information, should not
be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or other financial products or
instruments and does not take into account their particular investment objectives, financial situation or needs. Before acting on any information, readers should
consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, readers should seek independence
financial advice.
Forward-Looking Statements
This presentation may contain forward looking statements, including statements regarding our intent, belief or current expectations with respect to the Group
businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices.
Readers are cautioned not to place undue reliance on these forward-looking statements; past performance is not a reliable indication of future performance. Astra
does not undertake any obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or circumstances after the date
hereof to reflect the occurrence of unanticipated events. We disclaim any responsibility or liability whatsoever arising which may be brought or suffered by any
person as a result of acting in reliance upon the whole or any part of the contents of this report and neither Astra and/or its affiliated companies and/or their
respective employees and/or agents accepts liability for any errors, omissions, negligence or otherwise, in this report and any inaccuracy herein or omission here from
which might otherwise arise.
Unaudited Consolidated Financial Information
The financial results for the nine months ended 30th September 2023 and 2022, as well as the financial position as at 30th September 2023, have been prepared in
accordance with Indonesian Financial Accounting Standards and are unaudited. The financial position as at 31st December 2022 has been prepared in accordance
with Indonesian Financial Accounting Standards and audited in accordance with the auditing standards established by the Indonesian Institute of Certified Public
Accountants.
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Financial Highlights
For the period ended 30th September 2023
Net Revenue Net Income Net Earnings/ Share
Rp240,913 bn Rp25,691 bn 10% Rp644*
9% 17%
Rp26,069 bn* 17%
* Excluding fair value adjustments on investments in GoTo and Hermina
As at 30th September 2023 vs 31st December 2022
Shareholder’s Funds Net Assets Value/ Share
Rp190,789 bn 1% Rp4,713 1%
“The Group’s results in the first nine months of 2023 were encouraging, reflecting continued recovery post-
pandemic. We expect the Group to remain relatively resilient amid global economic uncertainties and to continue
to deliver satisfactory results for the remainder of the year with growth moderating in the last quarter.”
Djony Bunarto Tjondro
President Director
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Business Structure
Automotive Financial Services HEMCE Agribusiness Infrastructure & Logistics Information Technology Property
Car 4W Financing Construction Machinery Palm Oil Plantations Toll Roads Document Solutions Investment Properties
2W Financing
Mining Construction
IT Solutions
Refineries
• Tanjung Sarana Lestari
Heavy Equipment Financing
• Kreasijaya Adhikarya
Coal Mining
Office Services Trading Properties
Motorcycle General & Life Insurance Commodity Trading
• Astra-KLK Pte.Ltd Infrastructure Solutions
Non-Coal Mining
Component Digital Ventures
Sea Port
Construction Industry
Other Automotive Related Logistics
Product & Service
Banking Renewable energy
• Unitra Persada Energia
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Recent Corporate Actions
Core and Adjacent Investments
• The Group acquired Tokobagus, a company operating a leading classifieds platform in Indonesia under the OLX brand. (Aug’23)
• The Group acquired a 96.92% stake in Jaya Mandarin Agung (now: Bhumi Prama Arjasa), owner of the Mandarin Oriental Hotel Jakarta and
the prime 1-hectare site where the hotel is located. The total transaction value is USD85 million. (Jun’23)
• Astra formed a joint venture with Equinix, Inc., one of the world’s largest digital infrastructure companies, with 25% and 75% ownership,
respectively. The joint venture will develop data centres in Indonesia. (Apr’23)
Portfolio Transition Journey
• The Group completed a transaction to subscribe for a 19.99% shareholding in Nickel Industries Limited (“NIC”) for AUD942.7 million. NIC,
which is listed on the Australian Securities Exchange, is an integrated nickel mining and processing company with major assets located in
Indonesia. (Sep’23)
• The Group signed a subscription agreement to acquire 40.476% of new shares issued by Supreme Energy Sriwijaya (“SES”) for USD42.3
million. SES is a 25.2% shareholder of Supreme Energy Rantau Dedap, which owns a license to operate geothermal with an existing capacity
of 2 x 49 MW that is already in operation in South Sumatera. Completion of the transaction is subject to certain conditions precedent.
(Aug’23)
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Recent Corporate Actions New Business Line : Healthcare • The Group invested an additional USD100 million in Halodoc, a leading digital health ecosystem platform in Indonesia, bringing the Group’s total investment to USD135 million and ownership to 21.04%. (Jul’23)
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Financial Performance
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Consolidated Profit and Loss Account
For the period ended 30th September
In Rp bn
2023 2022 Change (%)
USD / IDR, average (full Rupiah) 15,101 14,666 3
Net revenue 240,913 221,354 9
Gross profit 53,587 51,279 5
Selling, general and administrative expenses (21,148) (20,454) 3
Finance income – net 183 293 (38)
Foreign exchange losses – net (342) 58 N/A
Fair value adjustments on investments:
- GoTo and Hermina (378) 1,081 N/A
- Others 94 122 (23)
Other income – net 1,947 1,115 75
Share of results of joint ventures and associates 7,249 5,976 21
Income tax expenses (7,617) (7,458) 2
Non-controlling interests 7,884 8,682 (9)
Net income (before fair value adjustments on investments in GoTo and Hermina) 26,069 22,249 17
Net income 25,691 23,330 10
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Divisional Revenue and Net Income
240,913
221,354
41%
39%
Net Revenue (Rp bn) 9% 9% Automotive
9%
40% 41% Financial Services
7% 7%
3% 4%
Heavy Equipment, Mining, Construction and Energy
9M23 9M22
Agribusiness
26,069**
22,249** Others (Infrastructure & Logistics, Information
35% Technology and Property)
31%
Net Income (Rp bn) 23%
17% 20%
36% 43% *Total Agribusiness & Others
**Before fair value adjustments on investments in GoTo and Hermina
6%* 6%*
9M23 9M22
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Consolidated Statement of Financial Position
• The net asset value per share at 30th September 2023 was Rp4,713, 1% lower than at 31st December 2022.
• Net cash, excluding the Group’s financial services subsidiaries, was Rp14.6 trillion at 30th September 2023, compared with Rp35.1 trillion at the end of
2022. Net debt of the Group’s financial services subsidiaries was Rp50.4 trillion at 30th September 2023 compared with Rp44.5 trillion at the end of 2022.
In Rp bn 30-Sep-23 31-Dec-22 Change (%)
Cash and cash equivalents 50,938 61,295 (17)
Trade receivables 30,976 29,425 5
Financing receivables 77,349 72,077 7
Inventories 39,473 36,626 8
Investment in joint ventures and associates 59,939 46,725 28
Fixed assets 69,685 59,536 17
Other assets 114,615 107,613 7
Total assets 442,975 413,297 7
Short-term borrowings 13,676 5,643 142
Trade payables 44,756 37,644 19
Long-term debt 73,123 65,078 12
Other liabilities 72,451 61,212 18
Total liabilities 204,006 169,577 20
Equity attributable to the owners of the parent 190,879 192,142 (1)
Non-controlling interests 48,180 51,578 (7)
Total equity 238,969 243,720 (2)
Net debt 35,861 9,426 280
(Net cash) - excluding financial services (14,552) (35,068) (59)
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Consolidated Statement of Cash Flow
As at 30th September 2023, Astra’s consolidated closing cash balance was Rp50.9 trillion.
In Rp bn 9M23 9M22 Change
Cash generated from operations 40,990 37,915 3,075
Tax payments (8,748) (7,260) (1,488)
Interest received 2,011 1,896 115
Net cash flows provided from operating activities 34,253 32,551 1,702
Net capex (17,408) (7,723) (9,685)
Net investment (15,270) (9,010) (6,260)
Dividend received 5,235 4,316 919
Other investing 285 (224) 509
Net cash flows used in investing activities (27,158) (12,641) (14,517)
Net proceeds/(payment) of debt 16,147 (1,967) 18,114
Finance costs paid (1,294) (1,139) (155)
Dividend payments (33,418) (10,253) (23,165)
Other financing 1,573 (1,986) 3,559
Net cash flows used in financing activities (16,992) (15,345) (1,647)
(Decrease)/Increase in cash (9,897) 4,565 (14,462)
Opening cash balance 61,295 63,947 (2,652)
Exchange rate adjustment (463) 1,066 (1,529)
Closing cash balance 50,935 69,578 (18,643)
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Business Update
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Automotive – Wholesale Car Market
The wholesale car market in the first nine months of 2023 was relatively stable at 755,000 units (source: Gaikindo). Astra’s car sales were
2% higher at 421,000 units and its market share increased from 55% to 56%.
9M23: 755,000 9M22: 758,000
Market Share, Units [%] Market Segment, Units [%] Brand, Units [%]
7,564 [1%] 5,720 [1%]
179,301 187,870
[24%] [25%]
335,347 346,536
333,764 344,741 [44%] [46%]
[44%] [45%]
156,206 128,664
[21%] [17%]
24,130 [3%] 27,388 [4%]
147,551 140,398
[20%] [19%]
421,409 413,464 412,102 435,951
[55%] [57%] 248,145 243,883
[56%] [55%] [33%] [32%]
9M23 9M22 9M23 9M22 9M23 9M22
Astra Others 4x4 & 4x2 LCGC Commercial Sedan Toyota & Lexus Daihatsu Isuzu Others
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Automotive – Car Product Launches
16 new models and 8 revamped models were launched during the period.
Toyota All New Agya (NEW) Daihatsu All New Ayla (NEW) BMW 320i Sport (NEW) Toyota All New Yaris Cross HEV (NEW)
February 2023 March 2023 March 2023 May 2023
Lexus RZ 450e (NEW) Daihatsu New Terios Toyota Alphard Hybrid (NEW) Toyota RAV4 GR Sport PHEV (NEW)
June 2023 June 2023 August 2023 September 2023
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Automotive – Motorcycle
The wholesale market for motorcycles grew by 31% to 4.7 million units in the first nine months of 2023 (source: Ministry of Industry). Astra’s Honda
motorcycle sales amounted to 3.7 million units, 39% higher than the same period last year, during which the business was impacted by production
constraints caused by semiconductor supply issues. This was also reflected in its market share, which increased from 74% to 79%.
Market Share Motorcycle Product Launches
3 new models and 9 revamped models were launched during the period.
79%
9M23 Honda CRF250L (NEW) Honda Goldwing Honda CT125
February 2023 March 2023 June 2023
Source : Ministry of Industry 9M22 : 74%
Honda XL750 TRANSALP (NEW) Honda Vario 160 Honda EM1e (NEW)
June 2023 August 2023 August 2023
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Automotive – Components
The Group’s 80%-owned components business, Astra Otoparts, reported a 58% increase in net income to Rp1.3 trillion in the first nine
months of 2023, mainly due to higher revenue from the original equipment manufacturer segment.
Revenue Net Income
Rp14,085 bn Rp1,312 bn
4% 58%
Share of Results of JVs and Associates
Rp662 bn
27%
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Financial Services
Net income from the Group’s financial services division increased by 33% to Rp5.9 trillion in the first nine months of 2023, with higher
contributions from consumer finance and general insurance.
9M23 vs 9M22
4W 2W Heavy Equipment Insurance
Unit Financed Asuransi Astra
• Net income of Rp1.0 tn (+12%)
• GWP of Rp5.2 tn (+24%)
ACC 158,789 4% FIFGROUP* SANF 2,426 10% • RBC: 294%**
2,581,830 17%
TAF 120,848 23% KAF 628 10% Asuransi Jiwa Astra
• GWP of Rp4.4 tn (+7%)
Amount Financed (Rp bn)
ACC 28,189 7% FIFGROUP* SANF 5,007 30%
32,861 27%
TAF 27,988 26% KAF 3,343 21%
* Unit financed includes electronics
** Regulatory minimum of 120%
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Heavy Equipment, Mining, Construction and Energy
Net income from the Group’s heavy equipment, mining, construction and energy division in the first nine months of 2023 was 1%
lower at Rp9.4 trillion, mainly due to lower contributions from its coal and gold mining businesses.
Revenue (Rp bn) Komatsu Unit Sales & Market Share
4,365 4,534
9%
97,598 9%
18%
16%
91,533 13% 4% 12%
2%
4% 1%
6% 62% 61%
25%
27%
9M23 9M22
7% Mining Forestry Construction Agro
40%
36%
Brand Market Share
Komatsu 31%
29% 30%
31% Sany 18%
9M23 9M22 9M23 9M23
Hitachi 17%
Construction Machinery Mining Contracting Coal Mining Gold Mining Construction Industry Energy
Caterpillar 13%
9M22 : 28% Others 21%
Source: United Tractors – Internal Market Research
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Heavy Equipment, Mining, Construction and Energy
Coal Production Overburden Removal
95.8 mn tonnes 856.9 mn bcm
15% 24%
Coal Sales (Incl. Trading) Gold Sales Volume
8,549
7,776
1,833
1,644
10% 32% 216
6,716 6,132 147
9M23 9M22 9M23 9M22
Metallurgical Coal ('K tonnes) Thermal Coal ('K tonnes)
Gold Sales Equialent ('K Oz)
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Agribusiness
Net income from the Group’s agribusiness division in the first nine months of 2023 decreased by 34% to Rp638 billion, largely due to lower crude
palm oil (“CPO”) selling prices.
Revenue (Rp bn)
15,682 16,517
4,460
5,175
5%
12,057
10,507
Domestic
Export
9M23 9M22
CPO Productivity CPO Production
2.30 tonne/Ha 1% 977k tonnes 1%
CPO & Equivalent Sales* Average CPO Price
1,283k tonnes 18% Rp11,153/kg 16%
*include cooking oil sales
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Infrastructure & Logistics
The Group’s infrastructure and logistics division reported a 98% increase in net income to Rp766 billion in the first nine months of
2023, due to improved performance in its toll road, transportation solutions and logistics businesses.
Daily Toll Revenue (Rp bn) Daily Traffic Volume (‘K vehicles)
17.9 6% 16.8 6%
524.0 494.9
Toll road operated by Astra Infra
Toll road under development
9M23 9M22 9M23 9M22
Unit in Contract (Units) Used Car Sales (Units)
Ibid Mobil88
24,236
19,688
25%
28%
25,424 24,876
2% 23%
75%
72%
9M23 9M22 9M23 9M22
Serasi Autoraya’s net income increased by 28% to Rp152 billion, mainly due to the
improved operating margin and a 2% increase in vehicles under contract to 25,400 units,
which more than offset a lower contribution from used car earnings.
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Information Technology
The Group’s information technology division, represented by 76.9%-owned Astra Graphia, reported a 96% increase in net income to
Rp96 billion, primarily due to improved operating margin and higher revenue.
Revenue (Rp bn)
2,078 2,046
6% 13%
47% 42%
2%
47% 45%
9M23 9M22
Astragraphia Xprins Indonesia Astra Graphia Information Technology
Astra Graphia Document Solution
Net Income
Rp124 bn 94%
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Property
The Group’s property division reported a 5% increase in net income to Rp114 billion, mainly due to higher number of units handed over in
Arumaya Residences and an improvement in occupancy at Menara Astra.
Net Income (Rp bn)
Commercial Residential Industrial
Menara Astra Resta Pendopo Asya Anandamaya Astra Land Logos Indonesia
KM 456
5%
114 109
Menara FIF Graha Arumaya Avania
Asuransi Astra (Upcoming Project)
9M23 9M22
Arumaya Office Mandarin Oriental AMMAIA Ecoforest
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Astra 2030 Sustainability Aspirations
Portfolio People Public Contribution
Reduce Greenhouse Gas Employee Diversity &
Energy Management Community Development
Emissions Inclusion
Reduce group-wide scope 1 and 2 50% renewable energy to supply Champion actions to support employee Reach 2.5 million people through our
greenhouse gas by 30% operations diversity and inclusion, focusing on gender community development programs
Water & Wastewater Occupational Health &
Solid Waste Management
Management Safety
Reduce group-wide water withdrawal Achieve 99% solid waste recycling and Achieve zero workforce fatalities and 60%
intensity by 15% recovery reduction in lost time injury rate group-wide
Business Model Board Diversity &
Resilience Inclusion
Increase our business resilience by Champion actions that support board and
growing non-coal revenues to 88% executive leadership diversity and inclusion,
focusing on gender
Key Enabler
Good Corporate Governance
Continue to strengthen our corporate governance to international standards
Good Corporate Governance
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Appendices
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Car Product Launches 2023
Prices (Rp mn) -
Models Launched Launching Period Engine Capacity
on the road
Toyota Corolla Cross GR Sport Feb’23 1,800cc 602.1 – 607.1
Toyota Corolla Cross HV Feb’23 1,800cc 561.9 – 564.9
Toyota All New Agya (NEW) Feb’23 1,200cc 167.9 – 256.0
Lexus All New RX (NEW) Feb’23 2,400cc 1,658 – 1,872
BMW X7 xDrive40i M Sport Feb’23 3,000cc 2,417*
Daihatsu New Ayla (NEW) Mar’23 1,000cc 135.8 – 171.7
BMW 320i Sport (NEW) Mar’23 2,000cc 947*
BMW 530i Touring M Sport Pro Mar’23 2,000cc 1,757*
BMW Z4 sDrive30i M Sport Mar’23 2,000cc 1,447*
BMW Z4 M40i Mar’23 3,000cc 1.727*
Toyota New Yaris GR Sport May’23 1,500cc 326-349
Toyota All New Yaris Cross (NEW) May’23 1,500cc 351.0-454.9
Lexus RZ 450e (NEW) Jun’23 BEV 2,287
Lexus RX 500h (NEW) Jun’23 2,400cc 1,975
Daihatsu New Terios(NEW) Jun’23 1,500cc 238.5-305.7
BMW 735i M Sport (NEW) Jun’23 3,000cc 2,287
BMW i7 xDrive60 Gran Lusso(NEW) Jun’23 BEV 3,407
*Off the road price
**Price by Order 26
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Car Product Launches 2023
Prices (Rp mn) -
Models Launched Launching Period Engine Capacity
on the road
BMW X1 sDrive18i xLine (NEW) Jul’23 1,499cc 970
Toyota Alphard Hybrid (NEW) Aug’23 2,487cc 1,356.1-1,657
UD Trucks Quester CDE 250 Eco (NEW) Aug’23 8,000cc 920
BMW XM (NEW) Aug’23 4,395cc 6,362
BMW M2 Coupé (NEW) Aug’23 2,993cc 1,989
Toyota RAV4 GR Sport PHEV (NEW) Sep’23 2,487cc 1,150
Toyota Corolla Altis HEV Imp Sep’23 1,798cc 566.7-620.1
*Off the road price
**Price by Order 27
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Motorcycle Product Launches 2023
Models Launched Launching Period Engine Capacity Prices (Rp mn) - on the road
Honda BeAT Feb’23 110cc 17.8 – 18.7
Honda BeAT Street Feb’23 110cc 18.5
Honda CRF250L (NEW) Feb’23 250cc 79.9
Honda Goldwing Mar’23 1,800cc 1,053
Honda Rebel May’23 471cc 201.7
Honda CB650R May’23 649cc 291.0
Honda CT125 Jun’23 124cc 81.4
Honda XL750 Transalp (NEW) Jun’23 755cc 330.5
Honda Forza Jun’23 249cc 90.3
Honda Genio Jul’23 110cc 19.1 – 19.7
Honda Vario 160 Aug’23 157cc 26.6 – 29.5
Honda EM1e (NEW) Aug’23 EV 40 – 45
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Equity Research Contact Details
No Brokerage House Analyst Name Contact Number Email Address
1 Aldiracita Sekuritas Indonesia Agus Pramono +62 21 39705860 agus.pramono@aldiracita.com
2 BCA Sekuritas Mutiara Nita +62 21 23587222 mutiara.nita@bcasekuritas.co.id
3 BofA Securities Paul Dewberry +65 6678 0423 paul.dewberry@bofa.com
4 Ciptadana Sekuritas Asia Arief Budiman +62 21 2557 4800 budimanarief@ciptadana.com
5 Citigroup Sekuritas Indonesia Ferry Wong +62 21 2924 9213 ferry.wong@citi.com
6 CLSA Sekuritas Indonesia Sarina Lesmina +62 21 5088 7888 sarina.lesmina@clsa.com
7 DBS Vickers Sekuritas Maynard Priajaya Arif +62 21 3003 4900 maynardpriajaya@dbs.com
8 Henan Putihrai Sekuritas Alroy Soeparto +62 21 2525 888 alroy.soeparto@henanputihrai.com
9 HSBC Global Research Rahul Bhatia +65 6658 0623 rahul1.bhatia@hsbc.com.sg
10 Indopremier Sekuritas Giovanni Dustin +62 21 5088 7168 giovanni.dustin@ipc.co.id
11 J.P. Morgan Sekuritas Indonesia Benny Kurniawan +62 21 5291 8024 benny.kurniawan@jpmorgan.com
12 KB Valbury Sekuritas Akhmad Nurcahyadi +62 21 2945 1577 Akhmad.nurcahyadi@kbvalbury.com
13 Macquarie Sekuritas Indonesia Ari Jahja +62 21 25988366 ari.jahja@macquarie.com
14 Mandiri Sekuritas Ariyanto Kurniawan +62 21 5296 9682 ariyanto.kurniawan@mandirisek.co.id
15 MNC Sekuritas Rudy Setiawan +62 21 2980 3111 muhammad.setiawan@mncgroup.com
16 Morgan Stanley Divya Gangahar Kothiyal +65 6834 6438 divya.Gangahar@morganstanley.com
17 NH Korindo Sekuritas Indonesia Arief Machrus +62 21 5088 9127 arief.machrus@nhsec.co.id
18 OCBC Sekuritas Indonesia Inav Chandra +62 21 2234 5430 inav.chandra@ocbcsekuritas.com
19 Panin Sekuritas Felix Darmawan +62 21 515 3055 felix@pans.co.id
20 RHB Sekuritas Indonesia Andrey Wijaya +62 21 2598 6888 andrey.wijaya@id.oskgroup.com
21 Samuel Sekuritas Pebe Peresia +62 21 2854 8100 pebe.peresia@samuel.co.id
22 Trimegah Sekuritas Indonesia Willinoy Sitorus +62 21 2924 9088 willinoy.sitorus@trimegah.com
23 UBS Sekuritas Indonesia Igor Putra +62 21 2554 7033 Igor.putra@ubs.co.id
24 UOB Kay Hian Sekuritas Stevanus Juanda +62 21 2993 3845 stevanusjuanda@uobkayhian.com
25 Verdhana Sekuritas Indonesia Jupriadi Tan +62 21 5098 5799 Jupriadi.tan@verdhana.id
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For further information please contact: PT Astra International Tbk Corporate Investor Relations P: (+62 21) 5084 3888 E: investor@ai.astra.co.id
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