PT Astra International Tbk 2013 Results Presentation

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1 PT Astra International Tbk 2013 Results Presentation

2 Disclaimer This report has been prepared by PT Astra International Tbk independently and is circulated for the purpose of general information only. It is not intended for the specific person who may receive this report. The information in this report 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 report 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 report and neither PT Astra International 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 report and any inaccuracy herein or omission here from which might otherwise arise. Cautionary note on forward-looking statements: This report may contain statements regarding the business of PT Astra International 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.

3 Overview Indonesia economic growth slowed moderately to 5.78% in 2013 (2012: 6.23%), driven by slowdown in investment while consumption remained strong Strong results from the Group s financial services and mining contracting businesses were offset by a decline in earnings from the Group s heavy equipment and palm oil businesses. While automotive demand remained favourable, increased competition coupled with higher labour costs led to the earnings contribution from the car sector being little changed. 2

4 Highlights Indonesia economic growth slowed moderately to 5.78% in 2013 (2012: 6.23%), driven by slowdown in investment while consumption remained strong Strong results from the Group s financial services and mining contracting businesses were offset by a decline in earnings from the Group s heavy equipment and palm oil businesses. While automotive demand remained favourable, increased competition coupled with higher labour costs led to the earnings contribution from the car sector being little changed. Period ended 31 st December Change Net Revenue (Rp bn) 193, ,053 3% Net Income (Rp bn)* 19,417 19,421 0% Net earnings per share (Rp) % As at 31 st December 2013 As at 31 st December 2012 Change Shareholders Funds (Rp bn)** 83,938 71,201 18% Net asset value per share (Rp)** 2,073 1,759 18% * Net income is profit attributable to owners of the parent. ** Shareholders' funds and Net asset value per share are based on equity attributable to owners of the parent. 3

5 Business structure Automotive Financial Services Heavy Equipment & Mining Agribusiness Infrastructure & Logistics Information Technology Automobile Toyota Daihatsu Isuzu BMW Peugeot UD Trucks Motorcycle Honda Automobile Astra Credit Companies Toyota Astra Finance Motorcycle Federal Intl. Finance Heavy Equipment Construction Machinery United Tractors Traktor Nusantara Mining Contractor PAMA Persada Nusantara Palm Oil Astra Agro Lestari Toll Road MMS : 72km MTN : 11km MHI : 41km Logistics SERA / TRAC Mobil 88 (used) SELOG TFLI Document Solution Astra Graphia IT Solution Astra Graphia Information Technology Component Astra Otoparts Others Astraworld SAN Finance Komatsu Astra Finance Banking Bank Permata Insurance Coal Mining PMM TTA ABP BEE ABB / ABJ DS / DN PJU Water Utility Palyja Fuel Logistic Gresik Terminal Sea Port Asuransi Astra Buana Eastkal 4

6 Market position at 31 December 2013 Astra s car market share declined from 54% to 53%, while Astra s motorcycle market share increased from 58% to 61%. Komatsu s market share was 41% and maintained it s leading market position despite tight competition and weaker demand for heavy equipment due to lower commodity prices. Nissan 5% Suzuki 13% Honda 7% Mitsubishi 13% Car Others 9% Isuzu 3% Source : Gaikindo Toyota 35% Daihatsu 15% Kobelco 17% Heavy Equipment Others 2% Komatsu 41% Yamaha 32% Suzuki 5% Motorcycle Kawasaki 2% Source : AISI Honda 61% Hitachi 21% Caterpillar 19% Source: United Tractors Internal Market Research 5

7 Corporate actions Jan 13 Astratel acquired 100% share of PT Pelabuhan Penajam Banua Taka (Eastkal Seaport) in Balikpapan, East Kalimantan for Rp 442 billion, to provide an integrated logistic hub for Astra group. March 13 Pama Persada completed final payment of USD 80m to increase its ownership to 75.40% in Asmin Bara Bronang/Jaan coal mines. April 13 May 13 May 13 AOP acquired 51% share of PT Pakoakuina (Pako), a wheel rim manufacturer, for Rp 700 billion. AOP completed right issue of Rp 3.0 trillion, with AI participation of Rp 2.9 trillion. AI placed 15.7% of AOP shares at a price of Rp 3,750 per share to increase the liquidity of the stock, generating Rp 2.8 trillion in gross proceeds. 6

8 Corporate actions Aug 13 AAL established a joint venture in Singapore (Astra KLK Pte. Ltd), to market its palm oil products. AAL holds a 49% stake and Malaysian partner KL-Kepong Plantation Holdings owns 51%. Sep 13 Astra commercially launched the Low Cost Green Cars Astra- Toyota Agya and the Astra-Daihatsu Ayla. Oct 13 Dec 13 Jan 14 AI announced agreements to develop 2.4 hectares of land for an office tower and residential apartment complex in central Jakarta. Bank Permata completed a Rp 2.2 trillion senior and subordinated debt issuance. Bank Permata completed a Rp 1.5 trillion rights issue. JV Agreement signed with Aviva plc to form Astra Aviva Life. 7

9 Financial Performance

10 Consolidated income statement The Group produced satisfactory results in 2013, particularly as a number of our businesses faced challenging conditions. The outlook for 2014 remains sound, although it is expected that there will continue to be heightened competition in the car market and weakness in coal prices, while concerns remain about increases in interest rates and rupiah volatility. - Prijono Sugiarto, President Director In Billion Rupiah Change USD / IDR, average 10,563 9,419 12% Revenue 193, ,053 3% Gross Profit 35,311 36,200 (2%) Operating Expenses (16,708) (16,330) 2% Other Income 2,623 2,352 12% Equity Income 6,297 5,676 11% Income Tax Expense (5,226) (5,156) 1% Non-controlling interest (2,880) (3,321) (13%) Net Income 19,417 19,421 0% 9

11 Astra portfolio as at 31 December W Automotive SO Toyota, Daihatsu, Isuzu Toyota Astra Motor Astra Daihatsu Motor Isuzu Astra Motor Indonesia 2W Automotive Astra Honda Motor Honda SO Ownership % Share of NI % Auto Non-Auto Auto Non-Auto Component Astra Otoparts Financial Services Astra Sedaya Finance Federal International Finance Toyota Astra Financial Services Komatsu Astra Finance SAN Finance Asuransi Astra Buana Permata Bank Heavy Equipment & Mining United Tractors Pamapersada Nusantara Agribusiness Astra Agro Lestari Infrastructure, Logistics, IT SERA Palyja Marga Mandalasakti Astra Graphia Net income contribution Auto vs. Non-Auto segments: Auto (Incl. auto related Financial Services) % 61% 64% 68% Non-Auto 11% 39% 36% 32% 10

12 Consolidated balance sheet Astra s net asset value of Rp 2,073 per share at 31st December 2013 was 18% higher than at the end of Net debt at 31st December 2013, exclusive of the Group s financial services subsidiaries, was Rp 3.7 trillion, mainly due to the sell down of 15.7% stake in Astra Otoparts and a reduction in working capital in the Group s heavy equipment businesses. In Billion Rupiah 31-Dec Dec-12 Change Cash and Cash Equivalents 18,557 11,055 68% Trade Receivables 19,843 16,443 21% Inventories 14,433 15,285 (6%) Financing Receivables 54,677 48,631 12% Investments in Associates and Jointly Controlled Entities 23,870 19,801 21% Fixed Assets 37,862 34,326 10% Other Assets 44,752 36,733 22% Total Assets 213, ,274 17% Short-term Borrowings 12,854 7,202 78% Trade Payables 17,275 12,685 36% Long-term Debt 51,669 49,555 4% Other Liabilities 26,008 23,018 13% Total Liabilities 107,806 92,460 17% Equity Attributable to The Owners of The Parent 83,938 71,201 18% Non controlling Interest 22,250 18,613 20% Total Equity 106,188 89,814 18% Net Debt (45,966) (45,702) 1% Net Debt (Excl. Financial Services) (3,687) (8,918) (59%) 11

13 Consolidated cash flow The Group s cash balance at 31 December 2013 increased by Rp 7.7 trillion, mainly driven by stronger working capital inflows. In Billion Rupiah Change Cash from operations 26,690 13,943 12,747 Tax Payments (6,382) (5,688) (694) Interest received Dividends Received 3,336 4,064 (728) Cash flow from Operating Activities + Dividends Received 24,586 12,994 11,592 Net Capex (9,998) (10,576) 578 Net Investment (1,321) (2,534) 1,213 Other Investing (323) (391) 68 Cash flow for Investing Activities (11,642) (13,501) 1,859 Net proceed of Debt 2,080 9,163 (7,083) Interest Payment (1,105) (990) (115) Dividend Payment (10,017) (9,768) (249) Other Financing 2,377 (332) 2,709 Cash flow from Financing Activities (6,665) (1,927) (4,738) Increase/(Decrease) in Cash 6,279 (2,434) 8,713 Opening Cash Balance 10,815 13,071 (2,256) Exchange Rate Adjustment 1, ,283 Closing Cash Balance 18,555* 10,815* 7,740 * Inclusive of bank overdraft 12

14 Business Updates

15 Historical domestic car sales The wholesale market for cars grew by 10% in 2013, benefitting from rising incomes and increased domestic capacity 1,230 In thousand units Astra Others Fuel price increase ( 40%) Lehman Crisis ( 20%) , Segment Sedan 8% 11% 8% 7% 6% 6% 6% 5% 4% 3% 3% 3% 4x2 & 4x4 55% 53% 56% 62% 63% 66% 64% 69% 67% 64% 67% 69% Commercial 37% 36% 36% 31% 31% 28% 30% 26% 29% 33% 30% 28% Source: Gaikindo 14

16 Automotive car & wholesale market Astra s car sales rose by 8%, leading to a decline in market share from 54% to 53% ,116,230 1,229,901 Others 511, % Astra 605, % Commercial 17.4% 4x2 & 4x4 79.4% Others 9.2% Nissan 6.0% Honda 6.2% Suzuki 11.3% Mitsubishi 13.3% Isuzu 3.0% Daihatsu 14.6% Toyota 36.4% Commercial 335, % 4x2 & 4x4 746, % Commercial 31.4% 4x2 & 4x4 64.4% Others 575, % Astra 654, % Commercial 16.6% 4x2 & 4x4 80.4% Others 8.4% Nissan 5.0% Honda 7.4% Suzuki 13.3% Mitsubishi 12.8% Isuzu 2.6% Daihatsu 15.1% Toyota 35.4% Commercial 349, % 4x2 & 4x4 845, % Commercial 31.1% 4x2 & 4x4 62.3% M/S 2012 Source: Gaikindo Sedan 3.% AI Product Segment Sedan 3.1% Sedan 56.6% Sedan 3.0% Sedan 2.8% Sedan 43.1% Brand Segment AI Product M/S M/S 2013 AI Product Segment Brand Segment AI Product M/S 15

17 Automotive car product launches During 2013, Astra launched 23 new models and 12 facelift models Toyota Etios Valco March 2013 All New Vios May 2013 Astra Daihatsu Ayla September 2013 Astra Toyota Agya September 2013 Isuzu Giga FVM High Power September 2013 Peugeot 208 GTi September 2013 BMW Z4 sdrive September 2013 Lexus ES Series October

5,074 2,426 Fuel price increase ( 13%) 4,427 4,688 2,087 2,547 2,648 2,340 2,141 6,216 3,341 Lehman Crisis ( 6%) 5,852 3,151 2,875 2,701 7,373 3,957 3,416 8,013 3,739 Min.

18 Historical domestic motorcycle sales The wholesale market for motorcycles grew by 10% in 2013 to 7.7 million Shifting consumer demand from cub to automatic scooter type, and improved contribution from sport type In thousand units Astra 2, ,810 1,233 Others 3,888 1,852 1,437 1,577 2,036 5,074 2,426 Fuel price increase ( 13%) 4,427 4,688 2,087 2,547 2,648 2,340 2,141 6,216 3,341 Lehman Crisis ( 6%) 5,852 3,151 2,875 2,701 7,373 3,957 3,416 8,013 3,739 Min. DP requirement 7,064 2,975 4,274 4,089 7,744 3,047 4, Segment Cub 90% 90% 89% 88% 84% 73% 63% 52% 45% 38% 26% 19% Scooter 0% 0% 2% 4% 8% 18% 26% 39% 46% 52% 60% 63% Sport 10% 10% 9% 8% 8% 9% 11% 9% 9% 11% 14% 18% Source: AISI 17

19 Automotive motorcycle & wholesale market Astra Honda Motor s sales increased by 15%, with it s market share increasing from 58% to 61% ,064,457 7,743,879 Others 1.9% Suzuki, 5.9% Yamaha, 2,423, % Honda, 4,088, % Brand 2012 Source: AISI Sport/Others 4.2% Scooter 2,859, % Cub 1,058, % Honda Segment Sport/Others 17.0 % Scooter 2,859,989 68% Cub 1,058, % Honda Product M/S Sport & Others 14.2% Scooter 4,208, % Cub 1,852, % Segment Others 2.0% Suzuki, 5.1% Yamaha, 2,492, % Honda, 4,696, % Brand 2013 Sport/Others 8.5% Scooter 3,425, % Cub 874, % Honda Segment Sport/Others 29.3% Scooter 3,425,075 70% Cub 874, % Honda Product M/S Sport & Others 17.5% Scooter 4,893, % Cub 1,495, % Segment 18

20 Automotive motorcycle product launches During 2013, Astra Honda Motor launched 2 new models and 9 revamped models Honda Verza January 2013 Honda Scoopy FI February 2013 Honda Vario 125 CBS Idling Stop March 2013 Supra X 125 Helm-In FI July 2013 Honda CBR 150 R October 2013 Honda CB 150 R December

21 Automotive - components Astra Otoparts, the Group s 80%-owned automotive components business, reported net income of Rp 1 trillion, a decrease of 4%. The decline in earnings was largely due to higher raw material and labour costs that could not be passed on fully to customers. Revenue (IDR billion) Net Income (IDR billion) 29% 10,702 1,053 (4%) 1,006 8,277 8% 41% 51% 10% 39% 51% After Market 23% Export 9% OEM 68% After Market 37% Export 7% OEM 56% Export After Market OEM Equity Income Consolidated 20

22 Financial services Net income from the Group s financial services businesses grew by 15% to Rp 4.3 trillion, driven by loan book growth in the automotive focused finance companies and Bank Permata Unit Financed % ACC (new & used cars) 192, , Auto TAFS 61,640 54, Total 4W 254, , FIF (Incl.Electronics) 2,609,925 2,295, SANF 2,655 3,715 (29) HE KAF (10) Total HE 2,996 4,092 (27) Amount Financed (Rp bio) % ACC (Incl.HE) 26,141 23, TAFS 9,368 8, Auto Total 4W 35,510 31, FIF 21,419 18, Total Auto 56,929 50, SANF 3,277 4,610 (29) HE KAF 1,722 2,486 (31) Total HE 4,999 7,096 (30) * Incl. Joint Financing Asuransi Astra Buana 2013 Gross Written Premium up by 23% year on year to Rp 3.8 trillion RBC : 157%, requirement 120% Bank Permata 2013 consolidated net income increased by 26% to Rp 1.7 trillion Loan book grew by 26% to Rp 120 trillion LDR 89% & CAR 14% Gross-NPL ratio were down from 1.4% to 1.0% 21

23 Historical heavy equipment market Weaker heavy equipment market in 2013 driven by a decline in mining sector demand due to a fall in commodity prices. 17,360 In Unit Others Komatsu 9,684 11,781 8,893 14,421 8,219 10,252 2,345 2,587 2, , ,619 2,406 2,250 1,693 2,247 3,964 4,993 4,687 7,038 3,584 3,454 5,339 4,345 6,644 3,533 3,111 6,377 5,404 8,467 6,202 6,049 4, Market Share Komatsu 49% 41% 41% 48% 48% 49% 45% 47% 46% 49% 43% 41% Caterpillar 26% 34% 29% 28% 23% 22% 23% 21% 16% 18% 19% 19% Hitachi 16% 13% 16% 13% 16% 16% 17% 17% 19% 15% 21% 21% Others 9% 11% 14% 11% 13% 13% 15% 15% 19% 18% 17% 19% Source: UT s internal research 22

24 Heavy equipment & mining United Tractors, 59.5%-owned, reported net income down 16% to Rp 4.8 trillion, due to lower heavy equipment sales, partly offset by strong results from Pama, its mining contracting business. 55,954 5,802 Revenue (Rp bio) 51,012 3,814 Mining Contracting 27,994 31, ,158 15, Construction Machinery Mining Contracting Mining Komatsu Unit Sales Coal Production (mn tonnes) Overburden Removal (mn bcm) Coal Mines: Reserves and Sales 6,202 Est. Combined Coal 5,627 16% Reserves (Mio Tons) 4,203 TTA 30 4,183 25% 2,848 5% 23% PMM 3 2,554 26% ABP 9 54% 8% ABB/ABJ 100 2,779 43% DS/DN 45 1,629 BEE PJU 45 Mining Forestry Agro Construction Total 409 PMM & Asmin TTA & DN (all in thousand tonnes) 23

25 Historical national palm oil production Indonesia is the world largest palm oil producer Demand for CPO remains strong, largely driven by emerging markets In million tonnes Palm Oil Area F Mature (Million hectare) Yields (T/Ha) Source : Oil World 24

26 Agribusiness Astra Agro Lestari, 79.7%-owned, reported net income of Rp 1.8 trillion, a decline of 25%, due to declining nucleus FFB yield, higher labour costs and foreign exchange translation loss on US dollar borrowings, despite increased CPO sales by 11%. Revenue (Rp bio) 12, CPO Yield (tonne/ha) 11, Export Local 12, , CPO Production & Sales ( K tonnes) Area Maturity ( K Ha) * ,476 1,539 1,424 1, Immature 247 Mature Production Sales * Incl. plasma plantation 25

27 Infrastructure, logistics and others Marga Mandalasakti, the Tangerang Merak 72.5km toll road operator, reported a 9% increase in traffic volumes to 41 million vehicles PAM Lyonnaise Jaya, which operates the western Jakarta water utility system, experienced lower sales volume by 1% to 159 million cubic metres Serasi Autoraya s revenue improved, despite lower number of vehicles under contract at its TRAC car rental business by 1% to 31,000 TRAC Rental Car (unit) 31,339 30, MMS Vehicle Traffic Volume ( K unit) Palyja Water Sales Volume (Mn m3) 37,482 40,

28 Appendices

29 Divisional revenue and net income Divisional Revenue In Billion Rupiah % Chg Automotive 108,039 99,639 8% Financial Services 13,615 12,712 7% Heavy Equipment 50,920 55,800 (9%) Agribusiness 12,675 11,564 10% Infrastructure, Logistics & Others 6,585 6,489 1% Information Technology 2,046 1,849 11% Total 193, ,053 3% Divisional Net Income In Billion Rupiah % Chg Automotive 9,829 9,472 4% Financial Services 4,273 3,714 15% Heavy Equipment 2,971 3,500 (15%) Agribusiness 1,435 1,920 (25%) Infrastructure, Logistics & Others % Information Technology % Total 19,417 19,421 0% 28

30 Car products launched in 2013 Models Launched Launching Time Engine Capacity Prices (IDR mn) Car Lexus LS 460 L Jan-13 4,600cc 2,300 Lexus LS 600 HL Jan-13 5,000cc 2,900 BMW X1 sdrive18i Business Jan-13 2,000cc 499* BMW X1 sdrive18i xline Jan-13 2,000cc 559* BMW X1 sdrive20d Sport Jan-13 2,000cc 649* Isuzu NQR 71 Feb ps BMW M 135i Feb-13 3,000cc 888* Toyota Etios Valco Mar-13 1,200cc Toyota New Avanza Airbag May-13 1,300cc-1,500cc Toyota All New Vios May-13 1,500cc Daihatsu New Xenia Airbag May-13 1,000cc-1,300cc Peugeot New RCZ May-13 1,600cc 689.1* Isuzu Giga FVZ Jun-13 7,800cc BMW 320d Jun-13 2,000cc 659* BMW M6 Gran Coupe Jul-13 4,400cc 2,598* Lexus IS Series Jul-13 2,500cc *Off the road 29

31 Car products launched in 2013 Models Launched Launching Time Engine Capacity Prices (IDR mn) Car Toyota New Innova Aug-13 2,000cc-2,500cc Toyota New Rush Aug-13 1,500cc Daihatsu New Terios Aug-13 1,500cc Toyota New Fortuner Sep-13 2,500cc-2,700cc BMW 435i Coupe M Sport Sep-13 3,000cc 998* BMW Z4 sdrive20i Sep-13 2,000cc 929* BMW Z4 sdrive35i Sep-13 3,000cc 1,409* Peugeot 208 Gti Sep-13 1,600cc 565.2* Astra Toyota Agya Sep-13 1,000cc Astra Daihatsu Ayla Sep-13 1,000cc Isuzu D-Max Sep-13 2,500cc 266 Isuzu D-Max Sep-13 3,000cc 399 Isuzu Giga FVM High Power Sep ps n/a Isuzu Giga FTR Tractor Head Sep ps 487 Isuzu GIGA FVZ MX 34 P Mixer Sep ps 802 Isuzu GIGA FVZ 34T Long wheel base Sep ps n/a Isuzu Elf NKR 55 Long Wheel Base Sep ps 221 Isuzu Elf NKR 71 Econo Sep ps 274 Lexus ES Series Oct-13 2,500cc *Off the road 30

32 Motorcycle products launched in 2013 Models Launched Launching Time Engine Capacity Prices (IDR mn)* Motorcycle Honda Verza Jan cc Honda Revo Series Jan cc 13 Honda Vario Feb cc 14.6 Honda Scoopy FI Feb cc 13.9 Honda Spacy FI Mar cc 13.2 Honda Vario 125 CBS Idling Stop Mar cc 16.4 Honda Supra X 125 R Apr cc Honda Supra X 125 Helm-In FI Jul cc 16.5 Honda Scoopy FI Sep cc 14.3 Honda CBR 150R Oct cc Honda CB 150 R Dec cc

33 Motorcycle Car National market data (summary) Wholesale Astra Wholesale Astra Sedan 34, % 34, % 4X2 & 4X4 845, % 746, % Pick Up/ Trucks/ Bus 334, % 316, % Double Cabin 15, % 18, % Total 1,229,901 1,116,230 Cub 1,495, % 1,852, % Scooter 4,893, % 4,208, % Sport & Others 1,355, % 1,003, % Total 7,743, % 7,064, % Major Brands Toyota - Vios/Limo, Camry, Altis ; Honda - City, Civic, Accord; Mercedes - E Series, C Series Toyota - Avanza, Innova, Rush, Agya Daihatsu - Xenia, Terios, Ayla; Nissan - Grand Livina, March, Evalia; Suzuki - Ertiga, APV, Splash; Honda - Jazz, CR-V, Freed; Mitsubishi Pajero Sport, Mirage, Outlander Sport Mitsubishi Canter, L-300, Strada; Daihatsu Gran Max; Suzuki Carry, APV; Isuzu Elf, Panther, Giga; Toyota Dyna,Hi-Lux, Hi-Ace Toyota Hilux; Mitsubishi Strada; Ford Ranger; Isuzu D-Max Honda - Supra X 125, Revo Series, Blade; Yamaha - Jupiter MX, Vega RR, Jupiter Z; Suzuki Smash Titan, Shooter, Shogun Axello 125 Honda - BeAT, Vario, Scoopy; Yamaha - Mio, Xeon, X-Ride; Suzuki Nex, Hayate, Let s Yamaha - V-ixion, Byson, Scorpio Z; Honda - CB 150 R, Verza, New Mega Pro; Suzuki - Satria F 150, Thunder 125 Source: Gaikindo & AISI 32

34 For further information please contact: Investor Relations of PT Astra International Tbk - Attn: Iwan Hadiantoro / Tira Ardianti / Inneke Soendoro / Christian P: (+62 21) F: (+62 21) E: iwan.hadiantoro@ai.astra.co.id / tira.ardianti@ai.astra.co.id / laurentia.innekesoendoro@ai.astra.co.id / christian@ai.astra.co.id 33

PT Astra International Tbk. 1Q 2013 Results Presentation

PT Astra International Tbk. 1Q 2013 Results Presentation PT Astra International Tbk 1Q 2013 Results Presentation Disclaimer This report has been prepared by PT Astra International Tbk independently and is circulated for the purpose of general information only.