cars 9m17 result cb4d8 2742 178
PT INDUSTRI DAN PERDAGANGAN
BINTRACO DHARMA Tbk
Q3 2017 Results
Disclaimer
This presentation has been prepared by PT Industri dan Perdagangan Bintraco Dharma Tbk,
a re iated as Bintraco or Bintraco Dhar a , i depe de tly a d is ir ulated for the purpose of
general information only. It is not intended for the specific person who may receive this presentation.
The information in this presentation has been obtained from sources which we deem reliable. No
warranty (expressed or implied) is made as to the accuracy or completeness of the information. All
opinions and estimations included in this presentation constitute our judgment as of this date and are
subject to change without prior notice.
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 presentation
and neither PT Industri dan Perdagangan Bintraco Dharma Tbk and/or its affiliated companies and/or
their respective employees and/or agents accepts liability for any errors, omissions, negligent or
otherwise, in this presentation and any inaccuracy herein or omission here from which might
otherwise arise.
Cautionary note on forward-looking statements: This presentation may contain statements regarding
the business of PT Industri dan Perdagangan Bintraco Dharma Tbk and its subsidiaries that are of a
forward-looking nature and are therefore based on management's assumptions about future
developments. Forward-looking statements involve certain risks and uncertainties because they relate
to future events. Actual results may vary materially from those targeted, expected or projected due to
several factors. Potential risks and uncertainties includes such factors as general economic conditions,
foreign exchange fluctuations, interest rate changes, commodity price fluctuations and regulatory
developments. The reader and/or listener is cautioned to not unduly rely on these forward-looking
statements. We do not undertake any duty to publish any update or revision of any forward-looking
statements.
2
Table of Contents
Disclaimer
2
1.
Executive Summary
4
2.
Business Segments
6
3.
Financial Summary
11
3
Executive Summary
in billions Rp
(unless otherwise stated)
Net Revenue
Gross Profit
%Gross Profit Margin
Net Profit*
%Net Profit Margin
Total Assets
Total Equity
Return on Assets
Return on Equity
2016
Audited
6,790
1,128
16.6%
165
2.4%
9M16
Unaudited
9M17
Unaudited
4,981
855
17.2%
153
3.1%
5,261
846
16.1%
161
3.1%
31 Dec 2016
Audited
30 Sep 2017
Unaudited
6,451
1,410
2.6%
11.7%
8,423
1,803
2.5%
11.9%
%YoY
6%
-1%
6%
%Change
31%
28%
Q3 2017 Results
•
Bottom line grew 6% inline and top line grew 6% reflecting moderate growth in auto market.
•
Automotive segment revenue slightly grew 4% with Calya as growth driver.
•
Financing segment revenue rose 16% thanks to volume increase besides higher interest rate charged.
•
Gross Profit de rease as result of higher pur hase ost fro pri ipal as o pe satio for Toyota’s support for logisti operation
hence growth of Net Profit was higher than of Gross Profit.
•
Bintraco bottom line result was also supported by lower percentage of OPEX-to-revenue in automotive and lower cost-to-income in
financing segment. Besides that, higher Income from investment in associate company contributed to higher Net Profit.
Source : Consolidated Financial Statements PT Bintraco Dharma Tbk as of Sep 2017
*Net Profit is Profit Attributable to Shareholders
Return on Assets and Return on Equity as of 30 Sep 2017 was calculated based on annualized Net Profit.
4
Company Information
Business Structure & Effective Ownership
Bintraco Dharma
Automotive
PT New Ratna Motor (81%)
PT Nasmoco (79.8%)
PT Chandra Pratama Motor (80.9%)
PT Nasmoco Pratama Motor (80.9%)
PT Nasmoco Karangjati Motor (71.8%)
PT Nasmoco Bahtera Motor (53.8%)
PT Nasmoco Bahana Motor (48.4%)
Financing
PT Meka Adipratama (46.9%)
PT Meka Mekar Niaga (46.5%)
PT Gema Adipradana Indah (99.9%)
PT Bahtera Multi Niaga (36.7%)
PT Semarang Diamond Citra (65%)
PT Sumber Bahtera Mandiri (53.8%)
PT Graha Bahana Mandiri (48.4%)
PT Andalan Finance Indonesia (92.2%)
Current Events
10 Apr
Listed in
IDX
2 May
Q1 Results
Release
AGMS
22 May
Cash
Dividend
Payment
22 Jun
31 Jul
Q2 Results Site Visit
Release
16 Aug
31 Oct
Q3 Results
Release
5
Section 2
Business Segments
Automotive Business: Product Launches
Jan 2016
All New Fortuner
Nov 2015
All New
Kijang Innova
Apr 2016
All New Sienta
Apr 2016
New Rush
Sportivo Ultimo
Nov 2016
Yaris Heykers
Aug 2016
All New Calya
Aug 2017
All New Voxy
Apr 2017
New Agya
Source : PT Toyota-Astra Motor release and Company Information
7
Automotive Market Central Java & Yogyakarta
Market Share per Segments
Sales Volume Growth (in thousands unit)
2.4%
5.4%
3.4%
4.6%
Toyota Share
LCGC
Low & Med MPV
Med SUV
Low & Med Hatchback
Sedan + High SUV & Luxury Car
Commercial
Total
52.5%
Market Share by Brands
27,267
2.8%
6.9%
5.3%
5.0%
19,405
2.9%
7.4%
5.9%
4.8%
20,391
2016
37%
55%
19%
25%
35%
4%
32%
9M16
34%
55%
19%
26%
34%
4%
32%
9M17
40%
54%
20%
19%
32%
3%
32%
2016
31.9%
18.9%
18.2%
11.9%
9.9%
9.2%
9M16
31.6%
18.9%
17.8%
12.0%
10.0%
9.8%
9M17
32.3%
21.7%
18.2%
10.9%
9.7%
7.2%
52.6%
55.8%
27.5%
31.7%
23.1%
2016
9M16
LCGC
Med SUV
Sedan + High SUV & Luxury Car
9M17
Low & Med MPV
Low & Med Hatchback
Commercial
Competition
Toyota
Honda
Daihatsu
Mitsubishi
Suzuki
Others
YTD Sep 2017 market Growth in Central Java & Yogyakarta
excluding Jepara & Kudus was 8% from YTD Sep 2016. Toyota
sales growth outperformed market growth so that market
share increased thanks to LCGC volume.
Source : Company Information
8
Automotive Business: Performance Highlights
in billions Rp
(unless otherwise stated)
Revenue
5,871
15.7%
4,464
4,284
15.7%
17.0%
Sales Volume (thou. units)
Net Revenue
Gross Profit
%Gross Profit Margin
Net Profit*
%Net Profit Margin
2016
Audited
27.3
5,871
828
14.1%
149
2.5%
9M16
Unaudited
9M17
Unaudited
19.4
4,284
620
14.5%
147
3.4%
20.4
4,464
547
12.2%
133
3.0%
%YoY
5%
4%
-12%
-10%
• Revenue up to Sep 2017 grew moderately driven by vehicle sales
volume growth.
84.3%
84.3%
2016
Motor Vehicle
9M16
Parts & Others
83.0%
9M17
• The main growth driver was Calya, that is an LCGC product
launched in Aug 2016.
• Profit up to Sep 2017 was down largely due to:
(1) higher interest expenses to Bintraco Dharma group for working
capital support;
(2) more discount in 2017 for new products launched in late 2015
and 2016 (e.g. Innova, Fortuner, Calya).
Total
Source : Company Information
*Net Profit is Profit Attributable to Shareholders
9
Financing Business: Performance Highlights
in billions Rp
(unless otherwise stated)
Revenue
916.7
794.2
686.2
Financed Units* (thou. units)
Net Revenue
Expenses
%Cost-to-Income Ratio
Net Profit
%Net Profit Margin
Non-Performing Financing
2016
Audited
76.6
917
811
88.5%
79
8.6%
1.8%
9M16
Unaudited
9M17
Unaudited
74.4
686
600
87.5%
66
9.6%
1.7%
85.4
794
686
86.4%
81
10.2%
2.0%
%YoY
15%
16%
14%
23%
• Revenue in 9M17 grew due to volume growth, which backed by
increased interest rate charged to customers since mid 2015.
• Bottom line up to Sep 2017 grew higher than revenue due to down
trend in borrowing cost and improved cost-to-income ratio.
2016
9M16
9M17
Source : Company Information
*Financed units is based on the outstanding financed units
10
Section 3
Financial Summary
Bintraco’s Profitability
Profitability Contribution as of Sep 2017(a)
Revenue
in billions Rp
(unless otherwise stated)
Net Revenue
Gross Profit
%Gross Profit Margin
Net Profit*
%Net Profit Margin
15.1%
2016
Audited
6,790
1,128
16.6%
165
2.4%
9M16
Unaudited
9M17
Unaudited
4,981
855
17.2%
153
3.1%
5,261
846
16.1%
161
3.1%
%YoY
6%
-1%
6%
Rp5,261 bn
84.9%
Gross Profit
35.5%
Rp846 bn
37.9%
64.5%
Automotive
Net Profit*
Financing
Rp161 bn
62.1%
• Bintraco results contribution from Financing segment up
to Sep 2017 increased from 2016 due to high growth in
Financing segment volume, higher interest revenue and
lower cost-to-income ratio.
• Contribution from Automotive segment up to Sep 2017
dropped from 2016 due to:
(1) more Calya sales with lower price; and
(2) moderate volume growth.
• Higher Profit contribution from Financing segment and
Investment from Associates from 2016 to 2017 helped
Bi tra o’s bottom line to grow.
Source : Consolidated Financial Statements PT Bintraco Dharma Tbk
(a) Amount is based on Consolidated Financial Statement PT Bintraco Dharma Tbk;
% Contribution is calculated as % of sum of business segments before elimination
12
Bintraco’s Financial Position
31 Dec 2016
Audited
30 Sep 2017
Unaudited
Current Assets
Non-Current Assets
TOTAL ASSETS
Current Liabilities
Non-Current Liabilities
TOTAL LIABILITIES
TOTAL EQUITY
5,278
1,172
6,451
2,607
2,433
5,040
1,410
7,150
1,273
8,423
3,476
3,144
6,620
1,803
Current Ratio
Liabilities-to-Equity
Return on Equity
Return on Assets
2.0
3.6
11.7%
2.6%
2.1
3.7
11.9%
2.5%
%Change
Financial Position Contribution as of Sep 2017(a)
35.5%
8.6%
Rp8,423bn
30.6%
33.4%
Rp6,620bn
29.2%
31.3%
27.8%
• Outstanding financed units growth and cars stock contributed to
higher Total Assets as of 30 Sep 2017 compared to 31 Dec 2016.
• The assets growth was financed by several new bank loans to
support financed unit growth and IPO proceeds which
distributed as a working capital support to Automotive segment.
66.3%
73.5%
Rp1,803bn
33.7%
38.2%
26.5%
Total Asset
Total Liabilities
Automotive
Source : Consolidated Financial Statements PT Bintraco Dharma Tbk
(a) Amount is based on Consolidated Financial Statement PT Bintraco Dharma Tbk;
% Contribution is calculated as % of sum of business segments before elimination
(b) Return on Assets and Return on Equity as of 30 Sep 2017 was calculated based on annualized Net Profit.
61.8%
Total Equity
Financing
13
Thank you
Questions & Answers
14
For further information please contact:
PT Industri dan Perdagangan Bintraco Dharma Tbk
Corporate Investor Relations
email
: [email protected]
Company website : www.bintracodharma.com
15
BINTRACO DHARMA Tbk
Q3 2017 Results
Disclaimer
This presentation has been prepared by PT Industri dan Perdagangan Bintraco Dharma Tbk,
a re iated as Bintraco or Bintraco Dhar a , i depe de tly a d is ir ulated for the purpose of
general information only. It is not intended for the specific person who may receive this presentation.
The information in this presentation has been obtained from sources which we deem reliable. No
warranty (expressed or implied) is made as to the accuracy or completeness of the information. All
opinions and estimations included in this presentation constitute our judgment as of this date and are
subject to change without prior notice.
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 presentation
and neither PT Industri dan Perdagangan Bintraco Dharma Tbk and/or its affiliated companies and/or
their respective employees and/or agents accepts liability for any errors, omissions, negligent or
otherwise, in this presentation and any inaccuracy herein or omission here from which might
otherwise arise.
Cautionary note on forward-looking statements: This presentation may contain statements regarding
the business of PT Industri dan Perdagangan Bintraco Dharma Tbk and its subsidiaries that are of a
forward-looking nature and are therefore based on management's assumptions about future
developments. Forward-looking statements involve certain risks and uncertainties because they relate
to future events. Actual results may vary materially from those targeted, expected or projected due to
several factors. Potential risks and uncertainties includes such factors as general economic conditions,
foreign exchange fluctuations, interest rate changes, commodity price fluctuations and regulatory
developments. The reader and/or listener is cautioned to not unduly rely on these forward-looking
statements. We do not undertake any duty to publish any update or revision of any forward-looking
statements.
2
Table of Contents
Disclaimer
2
1.
Executive Summary
4
2.
Business Segments
6
3.
Financial Summary
11
3
Executive Summary
in billions Rp
(unless otherwise stated)
Net Revenue
Gross Profit
%Gross Profit Margin
Net Profit*
%Net Profit Margin
Total Assets
Total Equity
Return on Assets
Return on Equity
2016
Audited
6,790
1,128
16.6%
165
2.4%
9M16
Unaudited
9M17
Unaudited
4,981
855
17.2%
153
3.1%
5,261
846
16.1%
161
3.1%
31 Dec 2016
Audited
30 Sep 2017
Unaudited
6,451
1,410
2.6%
11.7%
8,423
1,803
2.5%
11.9%
%YoY
6%
-1%
6%
%Change
31%
28%
Q3 2017 Results
•
Bottom line grew 6% inline and top line grew 6% reflecting moderate growth in auto market.
•
Automotive segment revenue slightly grew 4% with Calya as growth driver.
•
Financing segment revenue rose 16% thanks to volume increase besides higher interest rate charged.
•
Gross Profit de rease as result of higher pur hase ost fro pri ipal as o pe satio for Toyota’s support for logisti operation
hence growth of Net Profit was higher than of Gross Profit.
•
Bintraco bottom line result was also supported by lower percentage of OPEX-to-revenue in automotive and lower cost-to-income in
financing segment. Besides that, higher Income from investment in associate company contributed to higher Net Profit.
Source : Consolidated Financial Statements PT Bintraco Dharma Tbk as of Sep 2017
*Net Profit is Profit Attributable to Shareholders
Return on Assets and Return on Equity as of 30 Sep 2017 was calculated based on annualized Net Profit.
4
Company Information
Business Structure & Effective Ownership
Bintraco Dharma
Automotive
PT New Ratna Motor (81%)
PT Nasmoco (79.8%)
PT Chandra Pratama Motor (80.9%)
PT Nasmoco Pratama Motor (80.9%)
PT Nasmoco Karangjati Motor (71.8%)
PT Nasmoco Bahtera Motor (53.8%)
PT Nasmoco Bahana Motor (48.4%)
Financing
PT Meka Adipratama (46.9%)
PT Meka Mekar Niaga (46.5%)
PT Gema Adipradana Indah (99.9%)
PT Bahtera Multi Niaga (36.7%)
PT Semarang Diamond Citra (65%)
PT Sumber Bahtera Mandiri (53.8%)
PT Graha Bahana Mandiri (48.4%)
PT Andalan Finance Indonesia (92.2%)
Current Events
10 Apr
Listed in
IDX
2 May
Q1 Results
Release
AGMS
22 May
Cash
Dividend
Payment
22 Jun
31 Jul
Q2 Results Site Visit
Release
16 Aug
31 Oct
Q3 Results
Release
5
Section 2
Business Segments
Automotive Business: Product Launches
Jan 2016
All New Fortuner
Nov 2015
All New
Kijang Innova
Apr 2016
All New Sienta
Apr 2016
New Rush
Sportivo Ultimo
Nov 2016
Yaris Heykers
Aug 2016
All New Calya
Aug 2017
All New Voxy
Apr 2017
New Agya
Source : PT Toyota-Astra Motor release and Company Information
7
Automotive Market Central Java & Yogyakarta
Market Share per Segments
Sales Volume Growth (in thousands unit)
2.4%
5.4%
3.4%
4.6%
Toyota Share
LCGC
Low & Med MPV
Med SUV
Low & Med Hatchback
Sedan + High SUV & Luxury Car
Commercial
Total
52.5%
Market Share by Brands
27,267
2.8%
6.9%
5.3%
5.0%
19,405
2.9%
7.4%
5.9%
4.8%
20,391
2016
37%
55%
19%
25%
35%
4%
32%
9M16
34%
55%
19%
26%
34%
4%
32%
9M17
40%
54%
20%
19%
32%
3%
32%
2016
31.9%
18.9%
18.2%
11.9%
9.9%
9.2%
9M16
31.6%
18.9%
17.8%
12.0%
10.0%
9.8%
9M17
32.3%
21.7%
18.2%
10.9%
9.7%
7.2%
52.6%
55.8%
27.5%
31.7%
23.1%
2016
9M16
LCGC
Med SUV
Sedan + High SUV & Luxury Car
9M17
Low & Med MPV
Low & Med Hatchback
Commercial
Competition
Toyota
Honda
Daihatsu
Mitsubishi
Suzuki
Others
YTD Sep 2017 market Growth in Central Java & Yogyakarta
excluding Jepara & Kudus was 8% from YTD Sep 2016. Toyota
sales growth outperformed market growth so that market
share increased thanks to LCGC volume.
Source : Company Information
8
Automotive Business: Performance Highlights
in billions Rp
(unless otherwise stated)
Revenue
5,871
15.7%
4,464
4,284
15.7%
17.0%
Sales Volume (thou. units)
Net Revenue
Gross Profit
%Gross Profit Margin
Net Profit*
%Net Profit Margin
2016
Audited
27.3
5,871
828
14.1%
149
2.5%
9M16
Unaudited
9M17
Unaudited
19.4
4,284
620
14.5%
147
3.4%
20.4
4,464
547
12.2%
133
3.0%
%YoY
5%
4%
-12%
-10%
• Revenue up to Sep 2017 grew moderately driven by vehicle sales
volume growth.
84.3%
84.3%
2016
Motor Vehicle
9M16
Parts & Others
83.0%
9M17
• The main growth driver was Calya, that is an LCGC product
launched in Aug 2016.
• Profit up to Sep 2017 was down largely due to:
(1) higher interest expenses to Bintraco Dharma group for working
capital support;
(2) more discount in 2017 for new products launched in late 2015
and 2016 (e.g. Innova, Fortuner, Calya).
Total
Source : Company Information
*Net Profit is Profit Attributable to Shareholders
9
Financing Business: Performance Highlights
in billions Rp
(unless otherwise stated)
Revenue
916.7
794.2
686.2
Financed Units* (thou. units)
Net Revenue
Expenses
%Cost-to-Income Ratio
Net Profit
%Net Profit Margin
Non-Performing Financing
2016
Audited
76.6
917
811
88.5%
79
8.6%
1.8%
9M16
Unaudited
9M17
Unaudited
74.4
686
600
87.5%
66
9.6%
1.7%
85.4
794
686
86.4%
81
10.2%
2.0%
%YoY
15%
16%
14%
23%
• Revenue in 9M17 grew due to volume growth, which backed by
increased interest rate charged to customers since mid 2015.
• Bottom line up to Sep 2017 grew higher than revenue due to down
trend in borrowing cost and improved cost-to-income ratio.
2016
9M16
9M17
Source : Company Information
*Financed units is based on the outstanding financed units
10
Section 3
Financial Summary
Bintraco’s Profitability
Profitability Contribution as of Sep 2017(a)
Revenue
in billions Rp
(unless otherwise stated)
Net Revenue
Gross Profit
%Gross Profit Margin
Net Profit*
%Net Profit Margin
15.1%
2016
Audited
6,790
1,128
16.6%
165
2.4%
9M16
Unaudited
9M17
Unaudited
4,981
855
17.2%
153
3.1%
5,261
846
16.1%
161
3.1%
%YoY
6%
-1%
6%
Rp5,261 bn
84.9%
Gross Profit
35.5%
Rp846 bn
37.9%
64.5%
Automotive
Net Profit*
Financing
Rp161 bn
62.1%
• Bintraco results contribution from Financing segment up
to Sep 2017 increased from 2016 due to high growth in
Financing segment volume, higher interest revenue and
lower cost-to-income ratio.
• Contribution from Automotive segment up to Sep 2017
dropped from 2016 due to:
(1) more Calya sales with lower price; and
(2) moderate volume growth.
• Higher Profit contribution from Financing segment and
Investment from Associates from 2016 to 2017 helped
Bi tra o’s bottom line to grow.
Source : Consolidated Financial Statements PT Bintraco Dharma Tbk
(a) Amount is based on Consolidated Financial Statement PT Bintraco Dharma Tbk;
% Contribution is calculated as % of sum of business segments before elimination
12
Bintraco’s Financial Position
31 Dec 2016
Audited
30 Sep 2017
Unaudited
Current Assets
Non-Current Assets
TOTAL ASSETS
Current Liabilities
Non-Current Liabilities
TOTAL LIABILITIES
TOTAL EQUITY
5,278
1,172
6,451
2,607
2,433
5,040
1,410
7,150
1,273
8,423
3,476
3,144
6,620
1,803
Current Ratio
Liabilities-to-Equity
Return on Equity
Return on Assets
2.0
3.6
11.7%
2.6%
2.1
3.7
11.9%
2.5%
%Change
Financial Position Contribution as of Sep 2017(a)
35.5%
8.6%
Rp8,423bn
30.6%
33.4%
Rp6,620bn
29.2%
31.3%
27.8%
• Outstanding financed units growth and cars stock contributed to
higher Total Assets as of 30 Sep 2017 compared to 31 Dec 2016.
• The assets growth was financed by several new bank loans to
support financed unit growth and IPO proceeds which
distributed as a working capital support to Automotive segment.
66.3%
73.5%
Rp1,803bn
33.7%
38.2%
26.5%
Total Asset
Total Liabilities
Automotive
Source : Consolidated Financial Statements PT Bintraco Dharma Tbk
(a) Amount is based on Consolidated Financial Statement PT Bintraco Dharma Tbk;
% Contribution is calculated as % of sum of business segments before elimination
(b) Return on Assets and Return on Equity as of 30 Sep 2017 was calculated based on annualized Net Profit.
61.8%
Total Equity
Financing
13
Thank you
Questions & Answers
14
For further information please contact:
PT Industri dan Perdagangan Bintraco Dharma Tbk
Corporate Investor Relations
: [email protected]
Company website : www.bintracodharma.com
15