Highlights

  • Earnings per share up 15%
  • Motor vehicle unit sales down 19% and motorcycle unit sales down 1%
  • Moderate lending growth in Mandiri Tunas Finance

“The Group’s earnings were 15% up from 2014, largely due to a stronger contribution from Mandiri Tunas Finance as well an improved performance from the motorcycle business. This was partly offset by a reduced contribution from Tunas Rental, while the Group’s core car business was flat on the prior year. The outlook for 2016 will continue to be challenging, with market fundamentals likely to remain weak.”

Group Results

Full-year ended 31st December
(Rp bn) 2015 2014 Change (%)
Net revenue 10.186 11.027 (8)
Profit attributable to shareholders 291 253 15
Earnings per share (Rp) * 52 45 15

 

As at
(Rp bn) 31stDecember     2015 31stDecember     2014 Change (%)
Equity attributable to shareholders 2.373 2.151 10
Net asset value per share (Rp) * 425 385 10

The financial results for the years ended 31st December 2015 and 2014 have been prepared in accordance with Indonesian Financial Accounting Standards and have been audited in accordance with auditing standards established by the Indonesian Institute of Certified Public Accountants.

* Based on total number of shares currently in issue (5,580 million shares)

 

Overview
The Group’s earnings were 15% up from 2014, largely due to a stronger contribution from Mandiri Tunas Finance as well an improved performance from the motorcycle business. This was partly offset by a reduced contribution from Tunas Rental, while the Group’s core car business was flat on the prior year.

 

Performance
The Group’s revenue for the year ended 31st December 2015 at Rp10.2 trillion, declined by 8% from the previous year. Profit attributable to shareholders at Rp291.1 billion was 15% up from last year, while earnings per share were also higher at Rp52.

Profit from the Group’s automotive business increased by 12% to Rp137.7 billion. The national car market fell by 16% to just over 1 million units reflecting the economic slow-down, while the Group’s car sales were down 19% to 43,420 units, with margin pressure remaining severe. Tunas’ motorcycle sales, which are mainly located in Sumatra, were 1% lower than last year at 206,328 units, as opposed to a national reduction in motorcycle sales of 18%.

Tunas Rental’s profit was 44% lower at Rp8.9 billion, despite growth in its fleet, primarily due to higher interest expenses, depreciation and lower residual values realised on disposals. Tunas Rental’s fleet size grew by 2% to 7,637 units by year-end.

The Group’s 49%-owned associate, Mandiri Tunas Finance, contributed a profit of Rp144.5 billion, 26% higher year-on-year. The improvement was mainly due to higher net interest and fee income earned from a larger loan portfolio. New lending volume increased by 16% to Rp17.1 trillion.

 

Interim Dividend
Interim dividend of Rp4 per share (2014: Rp4 per share) was paid in December 2015.

 

Prospects
The outlook for 2016 will continue to be challenging, with market fundamentals likely to remain weak.

 

Rico Setiawan
President Director
29th February 2016