Highlights

• Net earnings per share up 24% to Rp 4,393
• Unit sales of motor vehicles and motorcycles up 13% and 25%, respectively
• Komatsu unit sales up 57%
• A 24% increase in full year dividend proposed

"The Group delivered a strong set of results across all major business segments, enabling Astra to report record earnings and net assets per share. The Group is financially strong, a market leader in its chosen business sectors and well-placed to continue to benefit from Indonesia's growing economy. While the outlook remains encouraging, the rate of future earnings growth remains susceptible to domestic policy considerations and global financial conditions."

Prijono Sugiarto
President Director
27th February 2012

Group Results

PRESIDENT DIRECTOR'S STATEMENT

Overview

The Indonesian economy grew by 6.5% in 2011, supported by increased domestic demand, strong commodity prices and the availability of consumer and commercial finance at attractive interest rates. Excellent earnings growth from the Group's automotive, financial services, heavy equipment and mining activities enabled Astra to achieve a new record profit for the year. Automotive supply constraints as a consequence of events in Japan and Thailand during the year had a mild impact on the Group's automotive results.

Performance

The Group recorded consolidated net revenue, comprising revenue from the Company and subsidiaries as reported in the consolidated financial statements, of Rp 162.6 trillion, an increase of 26% compared to 2010. Net income was Rp 17.8 trillion, an increase of Rp 3.4 trillion or 24%.

Astra's net asset value of Rp 14,932 per share at 31st December 2011 was 23% higher than at the end of 2010.

The Group benefited from strong operating cash flows. Overall net debt at 31st December 2011, exclusive of the Group's financial services subsidiaries, was Rp 572 billion, compared to net debt of Rp 3.5 trillion at the end of 2010. The Group's financial services subsidiaries had net debt at 31st December 2011 of Rp 31.2 trillion, compared to Rp 21.1 trillion at the prior year end, due to an increase in the volume financed.

A final dividend of Rp 1,380 per share (2010: Rp 1,130 per share) will be proposed at the Annual General Meeting to be held in April 2012. The proposed final dividend together with the interim dividend of Rp 600 per share (2010: Rp 470 per share) will bring the total dividend for the year to Rp 1,980 (2010: Rp 1,600), a 24% increase.

Business Activities

The Group's activities are focused on six core business activities - automotive, financial services, heavy equipment and mining, agribusiness, infrastructure and logistics, and information technology.

Automotive

Net income from the Group's automotive businesses grew by 13% to Rp 8.3 trillion, comprising Rp 3.5 trillion from the Company and subsidiaries and Rp 4.8 trillion from its automotive associates and jointly controlled entities. Net income from the Company and subsidiaries is derived predominantly from the Group's automotive sales operations and automotive components business. Net income from automotive associates and jointly controlled entities is derived predominantly from the Group's automotive manufacturing and distribution interests.

The wholesale market for motor vehicles grew by 17% to 894,000 units. Astra's motor vehicle sales rose by 13% to 483,000 units, representing a market share of 54% compared to 56% last year. The growth in Astra's motor vehicle sales in 2011 was supported by a 40% expansion in manufacturing capacity at 32%-held Astra Daihatsu Motor to 330,000 units per annum and the launch of twelve new models. During the fourth quarter the New Toyota Avanza and Daihatsu Xenia, successors to Astra's two best selling models, were launched.

The wholesale market for motorcycles grew by 9% to 8 million units. Astra Honda Motor's sales improved by 25% to 4.3 million units, with its market share increasing from 46% to 53%, with strong sales growth in the scooter segment. Sales during the year were well supported by a 23% capacity expansion at 50%-held Astra Honda Motor Motor to 4.3 mil