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PT ASTRA INTERNATIONAL TBK
First Half of 2024
Results Presentation
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.
Audited Consolidated Financial Information
The financial results for the six months ended June 30th 2024 and 2023 as well as the financial position as at June 30th 2024 have been prepared in accordance with
Indonesian Financial Accounting Standards and are unaudited. The financial position as at December 31st 2023 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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Astra Business Portfolio
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Astra Business Portfolio
Well-diversified portfolio with resilient core pillars, clear transition strategy, consistent efforts to strengthen and create new synergies
through expansion into related areas and new businesses for long-term growth.
Business Pillars Core Portfolio Transition Portfolio Adjacencies
Automotive
Financial Services
Non-Coal Mining | Renewable Energy
Heavy Equipment, Mining,
Construction and Energy Various Investments in Hydro, Geothermal,
Solar PV
Agribusiness
Infrastructure and Logistics
Information Technology
Property
New Business Initiative:
Healthcare
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Financial Performance
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Financial Highlights
Agribusiness
Others
3% 7%
• Net earnings per share of Rp412, 4% lower*
40%
• Car sales down 17% and motorcycle sales down 4% Net HEMCE
Revenue
• Mining performance impacted by lower coal prices Automotive
40%
• Higher contribution from Financial Services,
10%
Agribusiness, and Infrastructure and Logistics
Financial Services
businesses
Others Agribusiness
For the period ended 30th June 2024 2%
5%
Net Revenue 35% HEMCE
Net Income
33% Net
Rp159,967bn Rp16,673bn* Income
1% Automotive
4%
25%
* Before fair value adjustments on investments in GoTo and Hermina
Financial Services
HEMCE: Heavy Equipment, Mining, Construction and Energy
Others: Infrastructure and Logistics, IT and Property 6
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Consolidated Profit and Loss Account
(In Rupiah Billion)
1H24 1H23 Change %
Net Revenue 159,967 162,393 (1)
Gross profit 35,600 36,633 (3)
Operating profit 20,848 22,726 (8)
Share of results of joint ventures and associates 5,009 4,615 9
Net Income (before FV adjustments on investments in GoTo and Hermina) 16,673 17,319 (4)
FV adjustments on investments in GoTo and Hermina (817) 130 N/A
Net Income 15,856 17,449 (9)
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Segment Net Profit
Consolidated Net Profit (before FV adjustment GoTo and Hermina)
(In Rupiah Billion)
HEMCE
Lower contribution from mining & heavy equipment businesses, as
(4%) coal price declined. Coal mining services business remained resilient.
+290 Automotive
-160 Lower sales in a softer auto market. Margins benefited from exports
(3%) +8% supported by strong USD.
-1,038
+38
+118 32% Financial Services
+106 24% Higher contribution from consumer finance on larger loan
(15%) 36% portfolios.
17,319 16,673
Agribusiness
Higher CPO selling prices and higher sales.
Infrastructure and Logistics
Higher toll road revenue, higher vehicles under contract and
1H23 Automotive Financial HEMCE Agribusiness Infrastructure IT & Property 1H24 increased logistics services revenue.
Services & Logistics
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Consolidated Financial Position
(In Rupiah Billion)
30 Jun’24 31 Dec’23 Change %
Total Assets 466,015 445,679 5
Total Liabilities 211,835 195,261 8
Total Equity 254,180 250,418 2
Net cash, excluding the Group’s financial services subsidiaries, was Rp8.1tn at 30 Jun’24, compared to Rp29bn at the end of
2023. Net debt of the Group’s financial services subsidiaries was Rp58.1tn at 30 Jun’ 24, compared to Rp52.2tn at the end of
2023.
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Consolidated Cash Flow
(In Rupiah Billion)
1H24 1H23 Change
Net cash flows from operating activities 30,739 24,108 6,631
Investing activities:
Net capex (8,377) (11,107) 2,730
Net investment (2,477) (1,717) (760)
Dividend received 6,219 4,779 1,440
Other investing (372) (207) (165)
Net cash flows used in investing activities (5,007) (8,252) 3,245
Net cash flows used in financing activities (14,348) (24,442) 10,094
Dividend payments (19,975) (33,383) 13,408
Net change in cash 11,384 (8,586) 19,970
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Business Update
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Automotive – 4W
• National wholesale market down 19%, while Astra sales down 17% at 232k units with market share up from 55% to 57%
• xEV market sales 38k units or 9.3% of total 4W sales, 68% HEV of which majority Toyota
• Astra 4W profit benefited from higher export revenue, supported by strong USD
• OLXmobbi used car sales doubled to 12k units
Market Segment, Units [%] Brand, Units [%] Astra HEV Top Models
Astra 57% 2%
M/S 55%
506,427
5,064 [1%]
123,868 506,427
408,012
[25%]
2,610 [0%]
408,012
92,309
229,585
[23%] 19% 102,908 19% [45%]
[20%]
89,643 177,210
[44%]
[22%]
16,154 [3%]
14,033 [3%] 99,240
85,434 [20%]
[21%]
274,587
223,450 [54%] 161,448
[55%] 131,335
[32%] [32%]
1H24 1H23 1H24 1H23
4x4 & 4x2 LCGC Commercial Sedan Toyota & Lexus Daihatsu Isuzu Others
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Automotive – 2W 2W Market
(k units)
3% 80%
Astra 77%
• National 2W wholesale market 1% down at 3.2m units*. M/S
• Astra Honda Motor sales were 2.4m units, 4% lower, with 77% market share.
*source: Ministry of Industry
3,171 1% 3,202
1H24 1H23
2W Product Launch
New Models
Honda Honda Honda
Stylo 160 All New Beat Rebel 1100
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New Products Initiatives
Automotive – Components EV Charging Products
Standing
Basic Wall-Mount
• Net income contribution from 80%-owned Astra Otoparts (AOP) Charger 7 kW
Home Charging
22 kW with 2
Connectors
increased 7% to Rp0.7tn.
Home Charging
7 kW Ultra-Fast Charging
• AOP achieved higher earnings from exports, which offset the impact of Up to 240 kW
lower domestic OEM sales.
• EV Charging can be used by all types of 4W EV.
• Manufactured and developed by AOP under brand “ALTRO”.
Medical Devices Products
Launching in 2024
Baby Incubator Blood Pressure Electrocardiography Infant Warmer
Monitor Lite
AOP is producing medical devices, evolving from face shield
production during the pandemic period, and has now produced a
variety of devices.
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Financial Services 1H24 vs 1H23 * Includes electronics
4W 2W Heavy Equipment
• Net income from the Group’s financial services division Unit Financed
increased by 8% to Rp4.1tn. ACC 104,503 4% FIFGROUP* SANF 1,812 4%
1,713,765 1%
• The improvement in profit was mainly due to higher TAF 79,974 1% KAF 275 30%
contributions from consumer finance on larger loan
portfolios. Amount Financed (Rp bn)
ACC 19,630 1% FIFGROUP* SANF 3,993 8%
22,720 3%
TAF 20,455 11% KAF 2,241 14%
Insurance
Asuransi Astra Asuransi Jiwa Astra
• Net income of Rp763bn (+11%) • GWP of Rp3.0tn (-3%)
• GWP of Rp4.2tn (+18%)
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Heavy Equipment, Mining, Construction
and Energy
• Net income contribution from 59.5%-owned United Tractors (UT)
was 15% lower at Rp5.8tn.
• UT’s profit decline was mainly due to a lower contribution from its
mining and heavy equipment businesses, impacted by lower coal
prices.
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Heavy Equipment, Mining, Construction
and Energy Construction Machinery Mining Contracting
(Market Share)
United Tractors Source: Internal UT 1000.0 80.0
Revenue by Segment 900.0
69.6 18% 70.0
33%
(Rp bn) 800.0 59.0
60.0
700.0
68,677 50.0
64,514 34% 16% 600.0
1%
2% 5% 500.0 40.0
7% 16% 19% 400.0 13% 30.0
29% 300.0 589.9
24% 22% 521.3 20.0
200.0
32% 10.0
28% 100.0
6%
35% 0.0 0.0
43%
1H24 1H23 1H24 1H23
OB Removal (Million bcm) Coal Production (Million tonnes)
Komatsu Sany Hitachi Others
30%
24% Komatsu Unit Sales Mining contractor Pamapersada Nusantara
provides mining services to mine concession
1H24 1H23 1H24 1H23
Construction Machinery Mining Contracting
owners, by assisting them with coal production
Coal Mining Gold Mining & Other Mineral Mining 2,147 3,145 and overburden removal.
Construction Industry
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Heavy Equipment, Mining, Construction
and Energy
Coal Mining Gold Mining Nickel Mining (Stargate)
(k tonnes) (k Oz) Acquired in December 2023
7,534 Nickel Ore Sales (k wmt)
6,431 967
1,643
1,263
546
17%
110 0% 109
5,891
5,168
421
1H24 1H23 1H24
1H24 1H23 Saprolite Limonite
Thermal Coal Metallurgical Coal wmt: wet metric tonnes
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Astra Agro Lestari
Agribusiness Revenue (Rp bn)
10,313
9,391
• Net income contribution from 79.7%-owned Astra Agro 35%
32%
Lestari (AAL) increased by 36% to Rp399bn. 10%
65% 68%
• AAL benefitted from 8% higher CPO selling prices and 4% Domestic
Export
higher CPO and derivative product sales.
1H24 1H23
CPO Productivity CPO Production
1.28 tonne/Ha 13% 527k tonnes 15%
CPO & Derivative Sales Average CPO Price
781k tonnes 4% Rp12,248/kg 8%
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Infrastructure & Logistics SEMARANG-SOLO
• The Group’s infrastructure and logistics division reported a
24% increase in net income to Rp620bn, due to improved
performance in its toll road and logistics businesses.
KUNCIRAN-SERPONG JORR I W2N Total Toll Road length 396km
• Daily toll revenue improved by 5%, while the Group’s Serasi
Autoraya logistics businesses reported 6% higher vehicles
Daily Toll Revenue (Rp bn) Daily Traffic Volume (k vehicles)
under contract at 26.9k units.
18.9 5% 521 5%
Vehicles under contract (Units)
6%
26,870 25,383
1H24 1H23
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Information Technology Astra Graphia
Revenue (Rp bn)
• Net income contribution from 76.9%-owned Astra Graphia (AG)
was 24% higher at Rp63bn, mainly due to improved operating
margin. 1,288 1,313
4% 6%
47% 46%
2%
49% 48%
1H24 1H23
Astragraphia Xprins Indonesia Astra Graphia Information Technology
Astra Graphia Document Solution
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Property
Menara Astra Asya
• Net income from the Group’s property division
increased by 38% to Rp94bn.
• The higher net income was mainly due to improved
occupancy at Menara Astra and higher earnings from
Asya Residences.
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Appendices
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Car Product Launches 2024
Models Launched Launching Period Engine Capacity Prices (Rp m) - on the road
Toyota Hilux D Cab Feb’24 2,000cc 475.6 – 526.6
Toyota GR Corolla (NEW) Feb’24 1,600cc *
Toyota Vellfire HEV (NEW) Feb’24 2,500cc 1,814.7 – 1,818.2
BMW iX1 eDrive20 M Sport (NEW) Feb’24 BEV 1,337
BMW iX xDrive50 Feb’24 BEV 2,483
BMW i4 eDrive35 Feb’24 BEV 1,835
BMW i5 eDrive40 M Sport (NEW) Mar’24 BEV 2,205
Toyota Rush GR Sport Improvement Apr’24 1,500cc 299.8 – 310.5
BMW 330i M Sport Touring Jun’24 2,000cc 1,515
*Price upon inquiry
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Motorcycle Product Launches 2024
Models Launched Launching Period Engine Capacity Prices (Rp m) - on the road
Honda Vario 160 Jan’24 160cc 26.6 – 29.5
Honda Stylo 160 (NEW) Feb’24 160cc 27.6 – 39.4
Honda Vario 125 Apr’24 125cc 22.8 – 24.7
Honda C125 May’24 125cc 77.7
Honda Beat (NEW) Jun’24 110cc 18.4 – 19.8
Honda Beat Street (NEW) Jun’24 110cc 19.3
Honda Rebel 1100 (NEW) Jun’24 1,100cc 375
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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 Bahana Sekuritas Christine Natasya +62 21 2505 081 christine.natasya@bahana.co.id
3 BofA Securities Paul Dewberry +65 6678 0423 paul.dewberry@bofa.com
4 BRI Danareksa Richard Jerry +62 21 5091 4100 richard.jerry@brids.co.id
5 CGS CIMB Handy Noverdanius +62 21 3006 1727 handy.noverdanius@cgs-cimb.com
6 Ciptadana Sekuritas Asia Arief Budiman +62 21 2557 4800 budimanarief@ciptadana.com
7 Citigroup Sekuritas Indonesia Ferry Wong +62 21 2924 9213 ferry.wong@citi.com
8 CLSA Sekuritas Indonesia Sarina Lesmina +62 21 5088 7888 sarina.lesmina@clsa.com
9 DBS Vickers Sekuritas Nashrullah Putra +62 21 3003 4900 nashrullah@dbs.com
10 Henan Putihrai Sekuritas Alroy Soeparto +62 21 2525 888 alroy.soeparto@henanputihrai.com
11 HSBC Global Research Rahul Bhatia +65 6658 0623 rahul1.bhatia@hsbc.com.sg
12 Indopremier Sekuritas Giovanni Dustin +62 21 5088 7168 giovanni.dustin@ipc.co.id
13 J.P. Morgan Sekuritas Indonesia Benny Kurniawan +62 21 5291 8024 benny.kurniawan@jpmorgan.com
14 KB Valbury Sekuritas Akhmad Nurcahyadi +62 21 2945 1577 akhmad.nurcahyadi@kbvalbury.com
15 Macquarie Sekuritas Indonesia Ari Jahja +62 21 25988366 ari.jahja@macquarie.com
16 Mandiri Sekuritas Ariyanto Kurniawan +62 21 5296 9682 ariyanto.kurniawan@mandirisek.co.id
17 MNC Sekuritas Rudy Setiawan +62 21 2980 3111 muhammad.setiawan@mncgroup.com
18 Morgan Stanley Divya Gangahar Kothiyal +65 6834 6438 divya.Gangahar@morganstanley.com
19 Maybank Sekuritas Paulina Margaretha +62 21 8066 8690 paulina.tjoa@maybank.com
20 NH Korindo Sekuritas Indonesia Arief Machrus +62 21 5088 9127 arief.machrus@nhsec.co.id
21 OCBC Sekuritas Indonesia Inav Chandra +62 21 2234 5430 inav.chandra@ocbcsekuritas.com
22 Panin Sekuritas Andhika Audrey +62 21 515 3055 andrey@pans.co.id
23 RHB Sekuritas Indonesia Andrey Wijaya +62 21 2598 6888 andrey.wijaya@id.oskgroup.com
24 Trimegah Sekuritas Indonesia Willinoy Sitorus +62 21 2924 9088 willinoy.sitorus@trimegah.com
25 UBS Sekuritas Indonesia Igor Putra +62 21 2554 7033 Igor.putra@ubs.co.id
26 UOB Kay Hian Sekuritas Stevanus Juanda +62 21 2993 3845 stevanusjuanda@uobkayhian.com
27 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
Names mentioned 23 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Ministry of Industry
p.13
unresolved
org
Astra Agro | 35%
32%
Lestari
p.19
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