PT Astra International Tbk

1Q 2016 - Results Presentation

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.
Highlights
Net earnings per share down 22% to Rp 77
Automotive markets moderately weaker
Higher loan loss provisions at Permata Bank
Komatsu heavy equipment sales fell 35%

Period ended 31st March

2016 2015 Change
Net revenue (Rp bn) 41,887 45,187 (7%)
Net income (Rp bn)* 3,112 3,992 (22%)
Net earnings per share (Rp) 77 99 (22%)
As at 31st As at 31st
Change
March 2016 December 2015
Shareholders funds (Rp bn)** 104,775 102,043 3%
Net asset value per share (Rp)** 2,588 2,521 3%
*Net income is profit attributable to owners of the parent i.e. Astra International shareholders.
** Shareholders' funds and Net asset value per share are based on equity attributable to owners of the parent.
The financial results for the three months ended 31st March 2016 and 2015 as well as the financial position as at 31st March 2016 have
been prepared in accordance with Indonesian Financial Accounting Standards and are unaudited. The financial position as at 31st
December 2015 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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Business Structure
Automotive Financial Services Heavy Equipment Agribusiness Infrastructure Information
& Mining Logistics & Technology
Others
Automobile Automobile Construction Palm Oil Toll Road Document
Machinery Plantation Solution
Toyota Astra Credit MMS MMS
: 72km
Daihatsu Companies
United Tractors MTN MHI
: 11km Astra Graphia
Isuzu Toyota Astra
Traktor Astra Agro Lestari MHI MTN
: 41km
BMW Finance TMJ
Peugeot Nusantara
UD Trucks Motorcycle Logistics
Logistics IT Solution
Federal SERA / TRAC
Motorcycle Mining Contracting Olein Refinery SERA / TRAC Astra Graphia
International Mobil 88 (used)
Mobil 88 (used) Information
Finance SELOG
SELOG Technology
Honda Pamapersada Tanjung Toyofuji Logistics
TFLI
Heavy Equipment Nusantara Sarana Lestari Indonesia

Kreasijaya Water Utility Office Services

SAN Finance Water Utility
Component Adhikarya Palyja
Komatsu Astra Coal Mining
Palyja Astra Graphia
Finance Sea Port Xprins Indonesia
Astra Otoparts Tuah Turangga
Banking Agung Eastkal
Commodity Trading Fuel Logistic
Property
Other Bank Permata Construction
Astra-KLK Pte.Ltd Gresik
MenaraTerminal
Astra
Industry
Anandamaya
AstraWorld Insurance Residences
Sea Port
Asuransi Astra Acset Indonusa
Buana Eastkal
Astra Life

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Market Position at 31 March 2016
Astras car market share decreased from 49% to 48%, while Astras motorcycle market share
increased from 68% to 72%.
Komatsu maintained its leading market position with a 34% market share, down from 38% last
year.
Car Motorcycle
Others Kawasaki
Suzuki
8% 2%
2%
Toyota Yamaha
30% 24%
Honda
22%

Nissan
2% Heavy Equipment
Suzuki Honda
Daihatsu Others
11% 72%
Mitsubishi Isuzu 16% 15%
10% 1%
Komatsu
34% Source : AISI
Source : Gaikindo
Kobelco
15%

Hitachi Caterpillar
20% 16%

Source: United Tractors Internal Market Research 4

Financial Performance
Consolidated Income Statement
The Group experienced lower sales within heavy equipment and mining, and
agribusiness, together with a reduced net revenue contribution from Astras Toyota sales
operations following the implementation of the restructuring to a two-tiered distribution
model. Profitability declined primarily due to a reduced contribution from heavy
equipment and mining, financial services, information technology, and automotive.
- Prijono Sugiarto, President Director -

In Billion Rupiah 1Q16 1Q15 Change

IDR / USD, average 13,506 12,857 5%
Net Revenue 41,887 45,187 (7%)
Gross Profit 7,973 8,561 (7%)
Selling, General and Administrative
(4,594) (4,842) (5%)
Expenses
Other Income (Expense) 290 852 (66%)
Shares of Results of Joint Ventures and
818 1,291 (37%)
Associates
Income Tax Expenses (848) (1,054) (20%)
Non-controlling Interests (527) (816) (35%)
Net Income 3,112 3,992 (22%)

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Astra Portfolio as at 31 March 2016
Ownership Share of NI %
% 1Q16 1Q15
Auto Non-Auto Auto Non-Auto
4W Automotive
SO Toyota, Daihatsu, Isuzu 100
Toyota Astra Motor 51 27 23
Astra Daihatsu Motor 32
Isuzu Astra Motor Indonesia 50
2W Automotive
Astra Honda Motor 50 22 16
Honda SO 100 2001 2014 2015 1Q16
Component
Astra Otoparts 80 2 2
Auto (Incl. auto
Financial Services related Financial 89% 63% 76% 78%
Astra Sedaya Finance 86 Services)
Federal International Finance 100
Toyota Astra Financial Services 50 27 (7) 23 7
Komatsu Astra Finance 50
60 Non-Auto 11% 37% 24% 22%
SAN Finance
Asuransi Astra Buana 96
Permata Bank 45
Astra Life 50
Heavy Equipment & Mining
United Tractors 60
Pamapersada Nusantara 60 14 24
Tuah Turangga Agung 60
Acset Indonusa 30
Traktor Nusantara 50
Agribusiness
Astra Agro Lestari 80 11 3
Infrastructure, Logistics, IT & Others
SERA 100
Palyja 49 4 2
Marga Mandalasakti 79
Astra Graphia 77 7
Consolidated Balance Sheet
Astras net asset value per share of Rp 2,588 at 31 March 2016 was 3% higher than at the end of 2015.
Net cash, excluding the Groups financial services subsidiaries, was Rp 3.1 trillion, compared to net
cash of Rp 1.0 trillion at the end of 2015. The Groups financial services subsidiaries had net debt of Rp
42.0 trillion, compared to Rp 44.6 trillion at the end of 2015.

In Billion Rupiah 31-Mar-16 31-Dec-15 Change

Cash and Cash Equivalents 27,173 27,102 0%
Trade Receivables 18,227 17,776 3%
Inventories 16,996 18,337 (7%)
Financing Receivables 60,184 60,105 0%
Investment in Joint Ventures and Associates 29,659 29,640 0%
Fixed Assets 41,364 41,702 (1%)
Other Assets 51,078 50,773 1%
Total Assets 244,681 245,435 0%
Short-term Borrowings 12,761 11,975 7%
Trade Payables 21,077 20,557 3%
Long-term Debt 53,239 58,674 (9%)
Other Liabilities 27,914 27,696 1%
Total Liabilities 114,991 118,902 (3%)
Equity Attributable to the Owners of The Parent 104,775 102,043 3%
Non controlling Interest 24,915 24,490 2%
Total Equity 129,690 126,533 2%
Net Debt (Cash) 38,827 43,547 (11%)
Net Debt (Cash) (Excl. Financial Services) (3,139) (1,034) 204%

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Consolidated Cash Flow
As at 31 March 2016, Astras booked cash surplus of Rp 608 billion, with ending consolidated
cash balance (incl. Bank Overdraft) as at 31 March 2016 of Rp 27 trillion.

In Billion Rupiah 1Q16 1Q15 Change

Cash generated from operations 6,944 9,625 (2,681)
Tax Payments (1,166) (1,553) 387
Interest received 317 317 0
Net Cash flow provided from Operating Activities 6,095 8,389 (2,294)
Net Capex (1,632) (1,640) 8
Net Investment (349) (161) (188)
Other Investing (276) (346) 70
Net Cash flow used in Investing Activities (2,257) (2,147) (110)
Net Proceeds of Debt (2,777) (4,048) 1,271
Finance Costs Paid (453) (19) (434)
Dividend Payments - (10) 10
Net Cash flow used in Financing Activities (3,230) (4,077) 847
Increase/ (Decrease) in Cash 608 2,165 (1,557)
Opening Cash Balance (incl. Bank Overdraft) 27,072 20,728 6,344
Exchange Rate Adjustment (553) 812 (1,365)
Closing Cash Balance (incl. Bank Overdraft) 27,127 23,705 3,422

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Business Updates
Automotive Wholesale Car Market
Astras car sales fell by 7% to 127,263 units, with its market share decreasing from 49% to 48%.
5%
1Q16 1Q15
267,227 282,344
Others 7.7%
Commercial Commercial
Nissan 2.0% Others 8% 82,709
59,180
22.2% Commercial 29.3%
Others Nissan 3.6% Commercial
Others Honda 21.8% 33.1% 145,135 33.8%
139,964 51.4% Honda 15.8%
52.4%
Suzuki 10.8%
Suzuki 12.4%
Mitsubishi
10.4%
Isuzu 1.5% Commercial Mitsubishi
Commercial 4x2 & 4x4 20.4% 11.6% 4x2 & 4x4
15.4% Daihatsu 205,043 Isuzu 2.1% 195,578
15.9% 76.7% Daihatsu 69.3%
Astra Astra 16.1% 4x2 & 4x4
4x2 & 4x4
127,263 137,209 54.7%
4x2 & 4x4 4x2 & 4x4 78.4%
47.6% 51.8%
48.6%
83.3% Toyota Toyota
30.1% 30.4%
Sedan Sedan
Sedan 1.3% 1.1% Sedan 54.8% Sedan 1.2% 1.4% Sedan 41.3%
M/S AI Product Brand Segment AI Product M/S AI Product Brand Segment AI Product
1Q16 Segment M/S 1Q15 Segment M/S

Source: Gaikindo 11
Automotive Car Product Launches
During first quarter 2016, Astra launched 2 new models and 5 revamped models.

Toyota All New Fortuner Daihatsu Sirion Sport

January 2016 January 2016

Daihatsu Terios Custom Lexus GSF

February 2016 March 2016

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Automotive Wholesale Motorcycle Market
Astra Honda Motors sales decreased by 0.3% to 1,090,615 units, with its market share increasing
from 68% to 72%.
1Q16 6% 1Q15
1,504,468 1,605,043

Others, 2.7%
Sport/Others
Others, 2.1% Suzuki, 2% Sport & Others
Sport/Others 27.3%
Suzuki, 1.5% 36.1% Sport & Others 12.9%
Yamaha, 11.9% Yamaha,
359,775 436,692
23.9% 27.2%
Sport/Others Sport/Others
6.0% 5.1%

Scooter
Scooter 1,207,758
1,181782 Scooter
Scooter 75.2%
Honda, Scooter 78.6% Honda, Scooter 931,207
940,126
1,090,615 940,126 1,093,394 931,207 77.1%
79.6%
72.5% 86.2% 68.1% 85.2%

Cub Cub Cub

Cub Cub Cub
85,348 85,348 142,456 105,769 105,769 190,856
7.8% 59.9% 9.5% 9.7% 55.4% 11.9%
Brand Honda Segment Honda Product Segment Brand Honda Segment Honda Product Segment
1Q16 M/S 1Q15 M/S
Source: AISI 13
Automotive Motorcycle Product Launches
During first quarter 2016, Astra Honda Motor launched 2 new products and 7 revamped products.

Honda BeAT POP Esp Honda CBR150R Honda CBR500R

January 2016 February 2016 February 2016

Honda CB500X Honda PCX 150 Honda Vario 150 eSP

February 2016 February 2016 February 2016

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Automotive - Components
Astra Otoparts, the Groups component business, saw net income fall by 8% to Rp 81 billion, due to
a lower contribution from its OEM manufacturing business on higher operating costs.

Revenue (IDR billion) Net Income (IDR billion)

9% 8%

87
3,123 81
2,874
11% 18 25
9%

41% 41%

63 62
48% 50%

1Q16 1Q15 1Q16 1Q15

Export After Market OEM Shares of Results of Joint Ventures & Associates
Consolidated Income

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Financial Services
Net income from the Groups financial services businesses decreased 46% to Rp 641 billion. Increased
earnings at Federal International Finance and Toyota Astra Financial Services were more than offset by a
decline in the contributions from its other financial services interests, in particular Permata Bank.

Unit Financed 1Q16 1Q15 % Amount Financed (Rp bio) 1Q16 1Q15 %
ACC (new & used cars) 44,874 47,139 (5) ACC (Incl. HE) 6,522 6,320 3
TAFS 14,642 18,622 (21) TAFS 2,424 2,768 (12)
Auto
Total 4W 59,516 65,761 (9) Auto Total 4W 8,945 9,088 (2)
FIF (Incl.Electronics)000 765 722 6 FIF 7,030 6,207 13
ACC (HE - Fleet) 154 332 (54) Total Auto 15,975 15,295 4
SANF 105 408 (74) SANF 653 789 (17)
HE
KAF 75 9 733 HE KAF 366 89 311
Total SANF & KAF 180 417 (57) Total HE 1,018 878 16

Asuransi Astra Buana Bank Permata

Lower net income by 31% to Rp 207 billion.
1Q16 Gross Written Premium down by 7%
year on year to Rp 1.0 trillion.
RBC : 230%, requirement 120%.
1Q16 consolidated net loss Rp 376 billion
(1Q15: net income Rp 567 billion)
Loan book decreased by 6% to Rp 124 trillion.
LDR 90% & CAR 15%.
Gross-NPL ratio up from 2.7% at the end
of 2015 to 3.5%.
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Heavy Equipment and Mining
United Tractors, which is 59.5%-owned, reported net income of Rp 731 billion, a 55% decrease due to lower net
revenue on lower business volumes.
Revenue (Rp bio) Mining Contracting
12,648
10,696 15%
313 Coal OB
458 1,437 Prod: Removal:
1,284 4% 7%
174.9
7,005 163.4
5,583
24.5 25.5
3,371 3,893
1Q16 1Q15 1Q16 z 1Q15
Construction Machinery Mining Contracting
Coal Production (mn tonnes) Overburden Removal (mn bcm)
Mining Construction Contracting

Komatsu Unit Sales Coal Mines: Sales

35% 2%
763
12%
499 30%
15%
48% 25% 1,751 1,713
16% 33%
21%
1Q16 1Q15 1Q16 1Q15
Mining Forestry Construction Agro TTA Mine (all in thousand tonnes)

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 Agribusiness
Astra Agro Lestari, which is 79.7%-owned, reported net income of Rp 418 billion, up 168%. Although crude palm
oil sales were 5% higher at 271,352 tonnes, and olein sales increased by 78% to 106,498 tonnes, average crude
palm oil prices achieved were 16% lower at Rp 6,593/kg.

Revenue (Rp bio) CPO Yield (tonne/Ha)

3,233
3,018 7% 14%

1Q16 1Q15 1Q16 1Q15

CPO Production & Sales (K tonnes) Area Maturity (K Ha) *
298 298

CPO CPO
Prod: Sales:
12% 5%
386
339
271 258

106 60
1Q16 1Q15 1Q16 1Q15
Production Sales Olein Sales * Incl. plasma plantation

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Infrastructure, Logistics & IT
MMS Vehicle Traffic Volume (K unit) The 72.5 km Tangerang-Merak toll road, operated
6%
by 79.3%-owned Marga Mandalasakti, reported a
6% increase in traffic volumes to 11 million vehicles.
Serasi Autorayas revenue increased by 1% and net
income increased by 29% to Rp 22 billion, with an
11% decline in the number of vehicles under
11,485 10,819 contract at its car leasing and rental business to
23,926 units.
Astragraphia booked higher revenue by 35% on
1Q16 1Q15 higher performance in IT Solutions.

SERA Unit in Contract (unit) Astragraphia Revenue (Rp bio)

11% 620 103%

459
49% AGIT

26,931 32%
23,926 2%

51% AGDS
68%

1Q16 1Q15 1Q16 1Q15

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Appendices
Divisional Net Revenue and Net Income
Divisional Net Revenue
In Billion Rupiah 1Q16 1Q15 Change
Automotive 21,800 23,136 (6%)
Financial Services 4,172 4,160 0%
Heavy Equipment & Mining 10,629 12,621 (16%)
Agribusiness 3,018 3,233 (7%)
Infrastructure, Logistics & Others 1,744 1,616 8%
Information Technology 524 421 24%
Total 41,887 45,187 (7%)

Divisional Net Income

In Billion Rupiah 1Q16 1Q15 Change
Automotive 1,580 1,621 (3%)
Financial Services 641 1,191 (46%)
Heavy Equipment & Mining 442 983 (55%)
Agribusiness 333 124 168%
Infrastructure, Logistics & Others 82 36 128%
Information Technology 34 37 (8%)
Total 3,112 3,992 (22%)

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Car Products Launched in 2016
Launching
Models Launched Engine Capacity Prices (Rp mio)
Period
Car
Toyota All New Fortuner Jan16 2,400cc 2,700cc 442-631.5
Daihatsu Sirion Sport Jan16 1,300cc 168.3-179.3
Toyota Rush Feb16 1,500cc 237.8-262.5
Daihatsu Terios Feb16 1,500cc 228.1-242.2
Lexus GSF Mar16 2,000cc 1,245
Lexus GS Mar16 2,000cc 1,185
Lexus LX Mar16 5,700cc 3,015

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Motorcycle Products Launched in 2016
Models Launched Launching Period Engine Capacity Prices (Rp mio)

Motorcycle
Honda BeAT POP eSP Jan16 110cc 14.3-15
Honda CBR 150 R Feb16 150cc 32.5-33.3
Honda CBR 500 R Feb16 500cc 144
Honda PCX 150 Feb16 150cc 39.8
Honda Vario 150 eSP Feb16 150cc 20.7
Honda Vario 125 eSP Feb16 125cc 17.7-18.3
Honda CB 500 F Feb16 500cc 133-139
Honda CB 500 X Feb16 500cc 147
Honda CB 650 F Feb16 650cc 235

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National Market Data
1Q16 1Q15
Major Brands
Wholesale Astra Wholesale Astra
Toyota - Vios/Limo, Camry, Altis; Honda - City, Civic,
Sedan 3,004 54.8% 4,057 41.3%
Accord; BMW - 3 Series, 5 Series
Toyota - Avanza, Agya, Innova, Rush
Daihatsu - Xenia, Ayla, Terios; Honda Mobilio,
HR-V, Jazz; Suzuki - Ertiga, Karimun Wagon - R, APV;
4X2 & 4X4 205,043 51.8% 195,578 54.7%
Datsun Go Panca; Mitsubishi Pajero Sport,
Mirage, Outlander Sport; Nissan Livina, X-Trail,
Car

March
Daihatsu Gran Max; Suzuki Carry, APV;
Pick Up / Truck / Bus 57,444 33.1% 80,467 33.8% Mitsubishi Canter, L-300, Strada; Isuzu Elf, Giga;
Panther; Toyota Hi-Lux, Dyna, Hi-Ace
Toyota - Hilux; Mitsubishi - Strada; Ford - Ranger;
Double Cabin 1,736 35% 2,242 39.7%
Isuzu - D-Max; Nissan - Frontier
Total 267,227 47.6% 282,344 48.6%
Honda - Supra X 125, Revo Series, Blade; Yamaha
Cub 142,456 59.9% 190,856 55.4% Jupiter MX King, Jupiter ZX, Vega Force; Suzuki
Shooter, Shogun Axelo
Motorcycle

Honda - BeAT, Vario, Scoopy; Yamaha - Mio, X Ride,

Scooter 1,181,782 79.6% 1,207,758 77.1%
GT 125; Suzuki Adress
Yamaha - V-ixion R - 15, Byson; Honda CB 150 R
Sport & Others 180,230 36.1% 206,429 27.3% Street Fire, CBR 150R, Verza, Sonic 150R; Suzuki -
Satria F 150
Source: Gaikindo & AISI
Total 1,504,468 72.5% 1,605,043 68.1%

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For further information please contact:
PT Astra International Tbk:
Corporate Investor Relations
P: (+62 21) 652 2555
F: (+62 21) 6530 4953
E: irel@ai.astra.co.id

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