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- 10/31/2007
2007 NINE MONTHS FINANCIAL STATEMENTS

PT ASTRA INTERNATIONAL TBK

2007 NINE MONTHS FINANCIAL STATEMENTS

 Highlights

                                                  

·         Earnings per share increase 53% to Rp 1,131

·         Motor vehicle sales up 29%, but motorcycle sales down 8%

·         Good performances from other major businesses

 

“While we expect challenges to remain in the motorcycle market and a possible dampening effect from the recent high oil prices, our outlook for the remainder of the year is positive.”

 

Michael D. Ruslim

President Director

31 October 2007

 

Group Results

 

Nine months ended 30 September

 

2007

Rp bn

2006

Rp bn

Change

%

Net revenue

50,621

41,011

23

Operating income

5,855

3,091

89

 

Net income

4,581

2,992

53

 

Rp

Rp

 

Net earnings per share

1,131

739

53

 

As at 30

September 2007

Rp bn

As at 31

December 2006

Rp bn

 

Change

%

Shareholders‘; funds

25,668

22,376

15

 

Rp

Rp

 

Net asset value per share

6,340

5,527

15

 

The financial results for the nine months ended 30 September 2007 and 30 September 2006 have been prepared in accordance with accounting principles generally accepted in Indonesia. These results are unaudited.

 

The financial results for the year ended 31 December 2006 have been audited in accordance with auditing standards established by the Indonesian Institute of Accountants.

  

PRESIDENT DIRECTOR‘;S STATEMENT

 

Overview

Trading conditions continued to improve due to the low interest rate environment, ongoing recovery in the automotive market and higher palm oil prices.

 

Performance

 

The Group‘;s net income for the nine months ended 30 September 2007 increased by 53% to Rp4.6 trillion compared to the same period in 2006. There were improved contributions from most major businesses. Earnings per share also rose 53% to Rp 1,131.

 

Automotive

 

Operating income from the Group’s automotive businesses, excluding associates, increased by 133% to Rp1.3 trillion compared with the same period last year.

   

The Indonesian wholesale market for motor vehicles grew by 36% to 318,220 units in the first nine months of the year, while Astra’s sales increased by 29% to 163,699 units. The Group’s market share, however, declined from 54% to 51% as 2006 benefited from the delivery of 2005 backlog orders for Toyota Avanza and Innova.

 

Sales in the wholesale market for motorcycles in Indonesia rose by 9% to 3.4 million units in the first nine months. Motorcycle sales by Astra Honda Motor, which are reflected in income from associates, were down 8% to 1.5 million units due to intense competition, resulting in a reduced market share of 44%.  Astra introduced the Fit X (100 cc) in August, two variants of New Supra X 125 cc (Carburettor and Injection) in September and the New Vario (110 cc automatic scooter) in October.

 

PT Astra Otoparts Tbk’s net income increased by 40% to Rp287 billion following a 26% increase in sales and improved margins.

 

Non-Automotive

 

Operating income from the Group’s non-automotive businesses, excluding associates, comprising mainly financial services, agribusiness and heavy equipment, rose 80% to Rp4.5 trillion compared to the same period in 2006. 

 

The Group’s financial services activities benefited from the growth in the automotive sector. The volume financed by Federal International Finance and Astra Credit Companies grew 17% to Rp15.3 trillion. As of 30 September 2007, the total financial services’ book stood at Rp15.6 trillion (down 18% from Rp19.0 trillion). The charge for doubtful receivables was reduced by 11% and losses incurred on repossessed assets also fell by 35%. PT Bank Permata Tbk, a 44.5%-held associate, saw net income grow by 66% to Rp371 billion due to higher net interest margins and lower operating expenses.

 

The net income of PT Astra Agro Lestari Tbk was Rp1.3 trillion, an increase of 106% over the comparative period. Palm oil production volumes were down 10%, but this was more than offset by an overall increase in crude palm oil prices by 66%.

 

PT United Tractors Tbk’s net income rose 31% to Rp1.1 trillion. Sales of Komatsu heavy equipment were 59% higher at 2,621 units due to growth in the mining, forestry, agriculture and construction industries. Mining subsidiary, PT Pamapersada Nusantara, overcame earlier setbacks of adverse weather conditions and operational interruptions and achieved a 25% increase in coal extracted, although overburden removal was flat. It also benefited from the write-back of a bad debt provision.

 

The Group’s infrastructure investments in a toll road and a water utility company are performing satisfactorily, and further opportunities are under review.

 

Group

 

Astra’s net asset value grew by 15% from 31 December 2006 to Rp25.7 trillion, and the net asset value per share rose to Rp 6,340.

 

The Group’s net debt as at 30 September 2007 was Rp12.5 trillion, compared to Rp17.1 trillion at the end of 2006.  Excluding debt within the financial services activities, the Group’s net debt as at 30 September 2007 was Rp967 billion, some Rp2.6 trillion lower than at the end of 2006. This resulted in a net debt to equity ratio of 4%, compared to 16% at the prior year-end.

 

Prospects

 

While we expect challenges to remain in the motorcycle market and a possible dampening effect from the recent high oil prices, our outlook for the remainder of the year is positive.

 

 

Michael D. Ruslim

President Director

31 October 2007                                

 

 

 

For further information, please contact:

 

PT Astra International Tbk

Aminuddin, Corporate Secretary

Tel:  62 - 21 – 6531 0418

 

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