PT Astra International Tbk1H 2014 Results Presentation

This report has been prepared by PT Astra International Tbk independently and is circulated for thepurpose 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 andestimations included in this report constitute our judgment as of this date and are subject to changewithout prior notice.

We disclaim any responsibility or liability whatsoever arising which may be brought or suffered by anyperson as a result of acting in reliance upon the whole or any part of the contents of this report andneither PT Astra International Tbk and/or its affiliated companies and/or their respective employeesand/or agents accepts liability for any errors, omissions, negligent or otherwise, in this report and anyinaccuracy herein or omission here from which might otherwise arise.

Cautionary note on forward-looking statements: This report may contain statements regarding thebusiness of PT Astra International Tbk and its subsidiaries that are of a forward-looking nature and aretherefore based on management's assumptions about future developments. Forward-looking statementsinvolve certain risks and uncertainties because they relate to future events. Actual results may varymaterially from those targeted, expected or projected due to several factors. Potential risks anduncertainties includes such factors as general economic conditions, foreign exchange fluctuations, interestrate changes, commodity price fluctuations and regulatory developments. The reader and/or listener iscautioned to not unduly rely on these forward-looking statements. We do not undertake any duty topublish any update or revision of any forward-looking statements.

Disclaimer

Highlights

2

Period ended 30th June

2014 2013 Change

Net Revenue (Rp bn) 101,528 94,279 8%

Net Income (Rp bn)* 9,815 8,819 11%

Net earnings per share (Rp) 242 218 11%

As at 30th

June 2014As at 31st

December 2013Change

Shareholders’ Funds (Rp bn)** 88,418 83,938 5%

Net asset value per share (Rp)** 2,184 2,073 5%

* 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.

• Indonesia economic growth slowed moderately to 5.2% in 1H 2014 (1H 2013: 5.8%),driven by lower export growth while consumption remained strong.

• Improved results from the Group’s agribusiness and contract mining operations werepartially offset by a decline in earnings from the Group’s automotive businesses asmargins declined in the car sector.

• The Group’s financial services businesses recorded earnings up 15%, which includeda Rp 440 billion one-time gain on the acquisition of 50% of Astra Aviva Life.

Business structure

3

Automotive

Automobile

•Toyota•Daihatsu• Isuzu•BMW•Peugeot•UD Trucks

Motorcycle

Honda

Component

Astra Otoparts

Others

Astraworld

Financial Services

•Astra Credit Companies

•Toyota Astra Finance

Motorcycle

Federal Intl. Finance

Heavy Equipment

Banking

•SAN Finance•Komatsu Astra

Finance

Bank Permata

Insurance

• Asuransi Astra Buana

• Astra Aviva Life

Heavy Equipment & Mining

Construction Machinery

•United Tractors•Traktor

Nusantara

Mining Contractor

PAMA PersadaNusantara

Coal Mining

•PMM• TTA• ABP• BEE• ABB / ABJ• DS / DN• PJU

Agribusiness

Palm Oil

Astra Agro Lestari

Infrastructure,Logistics & Others

Toll Road

•MMS : 72km•MTN : 11km•MHI : 41km

Water Utility

Palyja

Fuel Logistic

Gresik Terminal

InformationTechnology

Document Solution

Astra Graphia

IT Solution

Astra GraphiaInformation Technology

Logistics

•SERA / TRAC•Mobil 88 (used)•SELOG•TFLI

Automobile

Sea Port

Eastkal

Toll Road

•MMS : 72km•MTN : 11km•MHI : 41km

Water Utility

Palyja

Fuel Logistic

Gresik Terminal

Logistics

•SERA / TRAC•Mobil 88 (used)•SELOG•TFLI

Sea Port

Eastkal

Property

•Menara Astra•Anandamaya

Apartment

• Astra’s car market share decreased from 53% to 52%, and Astra’s motorcycle market shareincreased from 60% to 62%.

• Komatsu continue to maintain leading market position with 40% market share.

Market position at 31 June 2014

4

Toyota35%

Daihatsu15%

Isuzu2%

Mitsubishi12%

Suzuki13%

Nissan3%

Honda13%

Others6%

Car

Source : Gaikindo

Honda62%

Yamaha32%

Suzuki4%

Kawasaki2%

Motorcycle

Source : AISI

Source: United Tractors – Internal Market Research

Heavy Equipment

Komatsu 40%

Caterpillar 14%

Hitachi 19%

Kobelco14%

Others13%

Corporate actions

5

Jan ‘14• Astra International and Aviva signed an agreement to

establish Joint Venture “Astra Aviva Life” with ownershipstructure 50:50, to provide life insurance product inIndonesia.

• Bank Permata completed a Rp 1.5 trillion Right Issue VI atprice of Rp 1,242 per share.

• Bank Permata acquired 25% share of PT Astra SedayaFinance amounted to Rp 2.2 trillion.

Mar ‘14

May‘14 • AI completed acquisition of 50% stake in Astra Aviva Life.

Jun‘14• Astra Graphia sold its 51% interest in AGIT Monitise

Indonesia, and recorded a gain on disposal of Rp 42 billion.

Financial Performance

Consolidated income statement

7

In Billion Rupiah 1H14 1H13 Change

USD / IDR, average 11,729 9,756 20%

Revenue 101,528 94,279 8%

Gross Profit 19,144 16,568 16%

Operating Expenses (9,224) (8,673) 6%

Other Income 1,413 1,292 9%

Equity Income 3,329 3,067 9%

Income Tax Expense (2,841) (2,125) 34%

Non-controlling interest (2,006) (1,310) 53%

Net Income 9,815 8,819 11%

“The Group’s businesses produced mixed results in the first half, despite generally strongoperating volumes. While the outlook for the remainder of the year is for a satisfactoryoperating performance, it is expected that there will continue to be heightenedcompetition in the car market and a subdued outlook for coal prices.”

- Prijono Sugiarto, President Director

Ownership %

Share of NI %

1H14 1H13

Auto Non-Auto Auto Non-Auto

4W AutomotiveSO – Toyota, Daihatsu, IsuzuToyota Astra MotorAstra Daihatsu MotorIsuzu Astra Motor Indonesia

100513245

23 28

2W AutomotiveAstra Honda MotorHonda SO

50100

16 17

ComponentAstra Otoparts 80 3 6

Financial ServicesAstra Sedaya FinanceFederal International FinanceToyota Astra Financial ServicesKomatsu Astra FinanceSAN FinanceAsuransi Astra BuanaPermata BankAstra Aviva Life

75100505060964550

16 9 19 5

Heavy Equipment & MiningUnited TractorsPamapersada Nusantara

6060

20 16

AgribusinessAstra Agro Lestari 80 11 7

Infrastructure, Logistics, ITSERAPalyjaMarga MandalasaktiAstra Graphia

100497977

2 2

8

2001 2012 2013 1H14

Auto (Incl. auto related Financial Services) 89% 64% 68% 58%

Non-Auto 11% 36% 32% 42%

Astra portfolio as at 30 June 2014

Increased Net Income contribution from Non-Auto segment, driven by Agribusinessand Heavy Equipment and Mining:

• Astra’s net asset value of Rp 2,184 per share at 30th June 2014 was 5% higher than at the end of 2013.

• Net debt at 30th June 2014, exclusive of the Group’s financial services subsidiaries, was Rp 4.2 trillion, compared to net debt of Rp 3.7 trillion at the end of 2013, a 14% increase.

Consolidated balance sheet

9

In Billion Rupiah 30-Jun-14 31-Dec-13 Change

Cash and Cash Equivalents 17,160 18,557 (8%)

Trade Receivables 22,947 19,843 16%

Inventories 18,708 14,433 30%

Financing Receivables 57,265 54,677 5%

Investment in Jointly Controlled Entities and Associates 25,144 23,870 5%

Fixed Assets 39,017 37,862 3%

Other Assets 46,888 44,752 5%

Total Assets 227,129 213,994 6%

Short-term Borrowings 12,022 12,854 (6%)

Trade Payables 20,681 17,275 20%

Long-term Debt 51,456 51,669 (0%)

Other Liabilities 30,177 26,008 16%

Total Liabilities 114,336 107,806 6%

Equity Attributable to Owners of The Parent 88,418 83,938 5%

Non – controlling Interest 24,375 22,250 10%

Total Equity 112,793 106,188 6%

Net Debt (46,318) (45,966) 1%

Net Debt (Excl. Financial Services) (4,219) (3,687) 14%

Consolidated cash flow

10

In Billion Rupiah 1H14 1H13 Change

Cash from operations 9,866 13,110 (3,244)

Tax Payments (2,612) (3,336) 724

Interest received 666 404 262

Dividends Received 2,858 2,100 758

Cash flow from Operating Activities + Dividends Received 10,778 12,278 (1,500)

Net Capex (5,293) (4,867) (426)

Net Investment (1,194) (1,174) (20)

Other Investing (279) (152) (127)

Cash flow for Investing Activities – Dividends Received (6,766) (6,193) (573)

Net proceed of Debt (539) 2,349 (2,888)

Interest Payment (485) (562) 77

Dividend Payment (7,132) (7,051) (81)

Other Financing 2,194 2,393 (199)

Cash flow for Financing Activities (5,962) (2,871) (3,091)

(Decrease) / Increase in Cash (1,950) 3,214 (5,164)

Opening Cash Balance 18,555 10,815 7,740

Exchange Rate Adjustment 227 185 42

Closing Cash Balance (incl. Bank overdraft) 16,832 14,214 2,618

As at 30 June 2014, Astra ending cash balance was Rp 17 trillion.

Business Updates

Astra 334,48052.1%

Astra 321,18253.3%

Others 307,83147.9%

Others281,03246.7%

4x2 & 4x481.3%

4x2 & 4x479.7%

Commercial16.3%

Commercial 18.0%

Toyota34.9%

Toyota35.8%

Daihatsu14.8%

Daihatsu 14.7%

Isuzu 2.3%Isuzu 2.7%

Mitsubishi11.9%

Mitsubishi12.9%

Suzuki 12.7%Suzuki 12.5%

Honda 12.9%

Honda 8.2%

Nissan 3.1%

Nissan 5.2%

Others 7.4%

Others 8.0%

Sedan 2.0% Sedan 2.7%

4x2 & 4x4457,62871.2%

4x2 & 4x4412,61568.5%

Commercial171,70726.7%

Commercial173,21028.8%

Sedan 60.7% Sedan 43.8%

4x2 & 4x459.5%

4x2 & 4x462.1%

Commercial 31.8%

Commercial33.5%

M/S1H14

AI Product Segment

Brand Segment AI Product M/S

M/S1H13

AI Product Segment

Brand Segment AI Product M/S

Sedan 2.4% Sedan 2.2%

Source: Gaikindo

Automotive – wholesale car market

12

1H14 1H13

Astra’s car sales rose by 4% with the market share decreasing from 53% to 52%.

602,214642,311

Automotive – car product launchesDuring first semester 2014 , Astra launched 11 new models and 7 revamped models.

13

Isuzu FVZ 34K MXJune 2014

LuxioFebruary 2014

Avanza LuxuryJune 2014

Toyota All New Corolla AltisJanuary 2014

320i Gran Turismo LuxuryMay 2014

All New YarisMarch 2014

Honda, 2,623,175

62.4%

Honda, 2,364,297

60.3%

Yamaha,1,329,967

31.6 % Yamaha, 1,277,781

32.6%

Suzuki,4.0%

Suzuki, 5.3%

Others, 2.0%

Others, 1.9%

Cub512,34419.5%

Cub466,99519.8%

Scooter1,876,415

71.5%

Scooter1,717,700

72.7%

Sport/Others8.9% Sport/Others

7.6%

Cub512,34463.4%

Cub225,66859.5%

Scooter1,876,415

69.2%

Scooter1,717,700

68.7%

Sport/Others34.3 % Sport/Others

28.0%

Cub807,73219.2%

Cub784,76020.0%

Scooter2,710,555

64.5%

Scooter2,498,641

63.7%

Sport & Others 16.3%

Sport & Others 16.3%

Brand1H14

Honda Segment Honda Product M/S

Segment Brand1H13

Honda Segment Honda Product M/S

Segment

Automotive – wholesale motorcycle market

Source: AISI

1H14 1H13

Astra Honda Motor’s sales increased by 11%, with it’s market share increasing from 60%to 62%.

14

4,202,296 3,923,6957%

Automotive – motorcycle product launches

15

During first semester of 2014, Astra Honda Motor launched 11 revamped models.

Honda CBR 250 RMay 2014

Honda Vario PGM-FIMarch 2014

Honda Mega Pro PGM-FIJanuary 2014

Honda Supra-X 125 PGM-FIFebruary 2014

Honda Beat-FI

May 2014Honda Spacy-FI

June 2014

OEM, 48%After

Market, 45%

Export, 7%

211140

243 371

Equity Income Consolidated

54%52%

37%

40%

9%

8%

Export After Market OEM

Automotive - components

16

Net Income (IDR billion)

Astra Otoparts, the Group’s 80%-held component business, saw higher sales volumes although net income fell by 11% to Rp 454 billion on lower manufacturing margins.

454

511

Revenue (IDR billion)

6,227

26% 11%

1H14 1H13 1H14 1H13

4,961

OEM, 65%,

After Market,

29%,

Export, 6%

Amount Financed (Rp bio) 1H14 1H13 %

Auto

ACC 13,934 13,056 7

TAFS 4,877 4,883 0

Total 4W 18,811 17,939 5

FIF 12,092 9,878 22

Total Auto 30,903 27,817 11

HE

SANF 1,379 1,663 (17)

KAF 591 904 (35)

Total HE 1,970 2,567 (23)

Financial services

17

• 1H14 consolidated net income decreased by

2% to Rp 800 billion

• Loan book grew by 19% to Rp 128 trillion

• LDR 92% & CAR 14%

• Gross-NPL ratio was up from 1.2% to 1.5%

Asuransi Astra Buana

• 1H14 Gross Written Premium up by 9% year on year to Rp 2 trillion

• RBC : 149%, requirement 120%

Bank Permata

Net income from the Group’s financial services businesses increased by 15% to Rp 2.5 trillion, driven bythe strong growth from FIF and one-time gain from the acquisition of a 50% stake in Astra Aviva Life.

Unit Financed 1H14 1H13 %

Auto

ACC (new & used cars) 108,030 95,047 14

TAFS 32,548 32,124 1

Total 4W 140,578 127,171 11

FIF (Incl.Electronics) 1,434K 1,234K 16

HE

SANF 991 1,479 (33)

KAF 95 199 (52)

Total HE 1,086 1,678 (35)

* Incl. Joint Financing

59.9 50.1

Coal Production (mn tonnes)

1,742

818

1,690

1,459

3,432

2,277

PMM & Asmin TTA & DN (all in thousand tonnes)

8,441 8,484

16,203 14,436

2,8891,981

Construction Machinery Mining Contracting Mining

794 1,177

309 196

618 564

486 515

Mining Forestry Construction Agro

United Tractors, 59.5%-owned, reported a 42% improvement in net income to Rp 3.3 trillion, drivenby strong performance from its mining contracting business.

Mining Contracting

Coal Mines: Reserves and SalesKomatsu Unit Sales

2,452

Revenue (Rp bio)

1H14 1H13 1H14 1H13

Heavy equipment & mining

18

2,207 Est. Combined Coal Reserves (Mio Tons)*

TTA 30

PMM 3

ABP 9

ABB/ABJ 101

DS/DN 45

BEE 177

PJU 45

Total 409

27,533

1H14 1H13 1H14 1H13

24,901

401.3 415.6

Overburden Removal (mn bcm)

11%Coal Prod: 20%

OB Removal:

3%

51%10%

* As at 2013 year end

2.42 2.25

249 238

34 37

Immature

Mature

6,909 5,396

1,099

100

Export

Local

Area Maturity (‘K Ha) *

Revenue (Rp bio)

CPO Production & Sales (‘K tonnes)

275283

Astra Agro Lestari, which is 79.7%-held, reported net income of Rp 1.4 trillion, up 91 % mainly dueto higher average CPO price by 31%. CPO sales decreased by 10% to 675 thousand tonnes, primarilydue to the commencement of operations of Astra Agro Lestari’s refinery in West Sulawesi, whichsold 92,000 tonnes of olein during the first half.

* Incl. plasma plantation

CPO Yield (tonne/Ha)

Agribusiness

19

8,008

5,496

853 704 675 752

92 -

Production Sales Olein Sales

1H14 1H13 1H14 1H13

1H14 1H13

46% 8%

CPO Prod: 21%

CPO Sales 10%

1H14 1H13

4%

29,545 31,223

Infrastructure, logistics and others

20

• Marga Mandalasakti, the Tangerang – Merak72.5km toll road operator, reported a 4%increase in traffic volumes to 21 millionvehicles, with 14% higher average tariffs.

TRAC Rental Car (unit)

20,830 19,958

MMS Vehicle Traffic Volume (‘K unit)

1H14 1H13

1H14 1H13

• Serasi Autoraya’s revenue improved, despitethe number of vehicles under contract at itsTRAC car rental business being lower by 5%at 29,545.

5%

4%

Appendices

Divisional Revenue

Divisional revenue and net income

22

In Billion Rupiah 1H14 1H13 % Chg

Automotive 54,188 53,208 2%

Financial Services 7,489 6,707 12%

Heavy Equipment 27,458 24,864 10%

Agribusiness 8,008 5,495 46%

Infrastructure, Logistics & Others 3,556 3,105 15%

Information Technology 829 900 (8%)

Total 101,528 94,279 8%

Divisional Net Income

In Billion Rupiah 1H14 1H13 % Chg

Automotive 4,003 4,413 (9%)

Financial Services 2,478 2,147 15%

Heavy Equipment 1,988 1,410 41%

Agribusiness 1,091 571 91%

Infrastructure, Logistics & Others 171 223 (23%)

Information Technology 84 55 53%

Total 9,815 8,819 11%

Car products launched in 1H14

23

Models Launched Launching Time Engine Capacity Prices (IDR mn)

Car

Toyota All New Altis Jan’14 1,800cc 375 – 410

BMW 520d Modern Jan’14 2,000cc 838*

BMW 520i Modern Jan’14 2,000cc 858*

BMW 528i Luxury Jan’14 2,000cc 998*

BMW 535i M Sport Jan’14 3,000cc 1,298*

Isuzu Giga FVZ Long Wheel Base Feb’14 7,800cc 798

Daihatsu Luxio Feb’14 1,500cc 157.4 – 182.6

Toyota All New Yaris Mar’14 1,500cc 219.2 – 256.1

BMW M235i Mar’14 3,000cc 928*

BMW X5 xDrive 35i M Sport Apr’14 3,000cc 1,348*

BMW 320i Gran Turismo Luxury May’14 2,000cc 859*

BMW 428i Convertible Sport May’14 2,000cc 1,088*

BMW 428i Gran Coupe M Sport May’14 2,000cc 968*

Toyota Nav - 1 May’14 2,000cc 386.7-412.5

BMW M3 Jun’14 3,000cc 1,699*

BMW M4 Coupe Jun’14 3,000cc 1,799*

Isuzu Giga FVZ 34K MX Jun’14 7,800cc 820

Toyota Avanza Luxury Jun’14 1,300cc – 1,500cc 184.6-191.6

*Off the road

Motorcycle products launched in 1H14

24

Models Launched Launching Time Engine Capacity Prices (IDR mn)

Motorcycle

Honda Revo Series FI Jan’14 110cc 12.7 – 14.1

Honda Mega Pro FI Jan’14 150cc 20.5

Honda Supra – X 125 FI Feb’14 125cc 15.4 – 16.4

Honda Verza Feb’14 150cc 17.1 – 17.9

Honda Blade 125 FI Mar’14 125cc 15.4 – 16.1

Honda Vario FI Mar’14 110cc 15.2

Honda Vario Techno 125 FI Mar’14 125cc 16.1 – 16.8

Honda BeAT FI May’14 110cc 12.9 – 14.3

Honda CBR 250 R May’14 250cc 53.7 – 55.2

Honda Scoopy FI May’14 110cc 15.2

Honda Spacy FI Jun’14 110cc 13.4

25

1H14 1H13Major Brands

Wholesale Astra Wholesale Astra

Car

Sedan 12,976 60.7% 16,389 43.8%Toyota - Vios/Limo, Altis, Camry; Honda - City, Civic,Accord; Mercedes - E Series, C Series

4X2 & 4X4 457,628 59.5% 412,615 62.1%

Toyota - Avanza, Innova, Rush, AgyaDaihatsu - Xenia, Terios, Ayla; Nissan - Grand Livina,March, Evalia; Suzuki - Ertiga, APV, Splash; Honda –Mobilio, CR-V, Jazz, Freed; Mitsubishi – PajeroSport, Mirage, Outlander Sport

Pick Up/ Trucks/ Bus 165,846 31.2% 165,581 33.3%Mitsubishi – Canter, L-300, Strada; Daihatsu – Gran Max; Suzuki – Carry, APV; Isuzu – Elf, Panther, Giga; Toyota – Dyna ,Hi-Lux, Hi-Ace

Double Cabin 5,861 47.7% 7,629 37.2%Toyota – Hilux; Mitsubishi – Strada; Ford – Ranger; Isuzu – D-Max

Total 642,311 52.1% 602,214 53.3%

Mo

torc

ycle

Cub 807,732 63.4% 784,760 59.5%Honda - Supra X 125, Revo Series, Blade; Yamaha -Jupiter MX, Vega RR, Jupiter Z; Suzuki – SmashTitan, Shooter, Shogun Axello 125

Scooter 2,710,555 69.2% 2,498,641 68.7%Honda - BeAT, Vario, Scoopy; Yamaha - Mio, Xeon, X-Ride; Suzuki – Nex, Hayate, Let’s

Sport & Others 684,009 34.3% 640,294 28.0%Yamaha - V-ixion, Byson, Scorpio Z; Honda - CB 150 R, Verza, New Mega Pro; Suzuki - Satria F 150, Thunder 125

Total 4,202,296 62.4% 3,923,695 60.3%

Source: Gaikindo & AISI

National market data (summary)

For further information please contact:

Investor Relations of PT Astra International Tbk - Attn:

Iwan Hadiantoro / Tira Ardianti / Christian

P: (+62 21) 652 2555

F: (+62 21) 6530 4953

E: iwan.hadiantoro@ai.astra.co.id / tira.ardianti@ai.astra.co.id / christian@ai.astra.co.id

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