PT Astra International Tbk1H 2015 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

2015 2014* Change

Net revenue (Rp bn) 92,505 101,528 (9%)

Net income (Rp bn)** 8,052 9,820 (18%)

Net earnings per share (Rp) 199 243 (18%)

As at 30th

June 2015As at 31st

December 2014*Change

Shareholders’ funds (Rp bn)*** 98,181 95,494 3%

Net asset value per share (Rp)** 2,425 2,359 3%

* Restated due to implementation of PSAK 24 (revised 2013) – Employee Benefits** 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 six months ended 30th June 2015 and 2014 as well as the financial position as at 30th June 2015 havebeen prepared in accordance with Indonesian Financial Accounting Standards and are unaudited.

• Net earnings per share down 18% to Rp 199• Unit car sales down by 21% and motorcycles down by 19%• Lower contribution from all segments except Heavy Equipment and Mining

Business structure

3

Automotive

Automobile

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

Motorcycle

• Honda

Component

• Astra Otoparts

Financial Services

• Astra Credit Companies

• Toyota Astra Finance

Motorcycle

• Federal InternationalFinance

Heavy Equipment

Banking

• SAN Finance• Komatsu Astra

Finance

• Bank Permata

Insurance

• Asuransi Astra Buana

• Astra Life

Heavy Equipment & Mining

Construction Machinery

• United Tractors• Traktor

Nusantara

Mining Contracting

• Pamapersada Nusantara

Coal Mining

• Tuah TuranggaAgung

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 GraphiaInformationTechnology

Logistics

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

Automobile

Sea Port

Eastkal

Toll Road

• MMS• MHI• MTN• TMJ

Water Utility

• Palyja

Logistics

• SERA / TRAC• Mobil 88 (used)• SELOG• Toyofuji Logistics

Indonesia• Gresik Terminal

Sea Port

• Eastkal

Property

• Menara Astra• Anandamaya

Residences

ConstructionContractor

• Acset Indonusa

• Astra’s car market share decreased from 52% to 50%, while Astra’s motorcycle market shareincreased from 62% to 67%.

• Komatsu maintained its leading market position with a 38% market share, down from 40% lastyear.

Market position at 30 June 2015

4

Source : Gaikindo

Honda67%

Yamaha29%

Suzuki2%

Kawasaki2%

Motorcycle

Source : AISI

Source: United Tractors – Internal Market Research

Heavy Equipment

Komatsu 38%

Caterpillar21%

Hitachi 19%

Kobelco10%

Others 12%

Toyota31%

Daihatsu17%Isuzu

2%

Mitsubishi11%

Suzuki12%

Nissan3%

Honda16%

Others8%

Car

Corporate actions

5

Jan ‘15 • United Tractors acquired 40% of PT Acset Indonusa Tbk, a constructioncompany for a purchase consideration of Rp 650 billion.

• Astra Agro Lestari acquired 50% of PT Kreasijaya Adhikarya, a refineryoperator in Dumai, Riau Province, with a daily production capacity of2,000 tonnes of CPO, for a purchase consideration of Rp 75 billion.

Apr ‘15 • United Tractors through Pama Persada Nusantara acquired 75.5% of PTSumbawa Jutaraya, a gold mining company, for USD 7.5 million.

Jun‘15 • AOP acquired a further 25.8% interest in SKF Indonesia, a bearingproducer for Rp 67 billion, raising AOP’s shareholding to 40%.

May ‘15 • United Tractors acquired a further 10.1% shares of Acset Indonusa,raising its shareholding to 50.1%.

• Astra Honda Motor started exporting the All New Honda Beat eSP tothe Philippines to expand the market.

Jul‘15 • During July, Astratel announced the acqusition of a 25% stake in the73 km Semarang – Solo toll road.

Financial Performance

Consolidated income statement

7

In Billion Rupiah 1H15 1H14* Change

USD / IDR, average 13,009 11,729 11%

Net Revenue 92,505 101,528 (9%)

Gross Profit 17,918 19,144 (6%)

Selling, General and Administrative Expenses

(9,794) (9,224) 6%

Other Income 1,481 1,270 17%

Equity Income 2,468 3,332 (26%)

Income Tax Expenses (2,315) (2,698) (14%)

Non-controlling interests (1,706) (2,004) (15%)

Net Income 8,052 9,820 (18%)

“Astra’s earnings in the first half were lower in the face of reduced domestic consumption,competition in the car sector and lower commodity prices in Indonesia. While the timingof a recovery is uncertain, our businesses are well positioned once momentum isregained, and remain soundly underpinned by the strength of our balance sheets.”

- Prijono Sugiarto, President Director -

* Restated due to implementation of PSAK 24 (revised 2013) – Employee Benefits

Ownership %

Share of NI %

1H15 1H14

Auto Non-Auto Auto Non-Auto

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

100513245

25 23

2W AutomotiveAstra Honda MotorHonda SO

50100

16 16

ComponentAstra Otoparts 80 2 3

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

86100505060964550

21 5 16 9

Heavy Equipment & MiningUnited TractorsPamapersada NusantaraTuah Turangga AgungTraktor Nusantara

60606050

25 20

AgribusinessAstra Agro Lestari 80 4 11

Infrastructure, Logistics, IT & OthersSERAPalyjaMarga MandalasaktiAstra Graphia

100497977

2 2

8

2001 2013 2014 1H15

Auto (Incl. autorelated Financial Services)

89% 68% 63% 64%

Non-Auto 11% 32% 37% 36%

Astra portfolio as at 30 June 2015

• Astra’s net asset value per share of Rp 2,425 at 30th June 2015 was 3% higher than at the end of2014.

• Net debt excluding the Group’s financial services subsidiaries, was Rp 2.4 trillion, compared tonet debt of Rp 3.3 trillion at the end of 2014. The Group’s financial services subsidiaries had netdebt of Rp 47.3 trillion, compared to Rp 45.9 trillion at 2014 year end.

Consolidated balance sheet

9

In Billion Rupiah 30-Jun-15 31-Dec-14* Change

Cash and Cash Equivalents 20,007 20,902 (4)%

Trade Receivables 19,648 21,332 (8%)

Inventories 16,924 16,986 0%

Financing Receivables 62,018 60,705 2%

Investment in Joint Ventures and Associates 27,192 27,218 0%

Fixed Assets 41,932 41,250 2%

Other Assets 55,032 47,634 16%

Total Assets 242,753 236,027 3%

Short-term Borrowings 8,625 10,586 (19%)

Trade Payables 19,873 18,839 5%

Long-term Debt 61,063 59,486 3%

Other Liabilities 29,561 26,929 10%

Total Liabilities 119,122 115,840 3%

Equity Attributable to Owners of The Parent 98,181 95,494 3%

Non – controlling Interest 25,450 24,693 3%

Total Equity 123,631 120,187 3%

Net Debt (49,681) (49,170) 1%

Net Debt (Excl. Financial Services) (2,366) (3,314) (29%)

* Restated due to implementation of PSAK 24 (revised 2013) – Employee Benefits

Consolidated cash flow

10

In Billion Rupiah 1H15 1H14 Change

Cash generated from operations 15,129 9,863 5,266

Tax Payments (3,152) (2,612) (540)

Interest received 695 666 29

Dividend Received 2,600 2,858 (258)

Net Cash flow provided from Operating Activities + Dividend Received

15,272 10,775 4,497

Net Capex (4,205) (5,293) 1,088

Net Investment (1,312) (1,194) (118)

Other Investing (968) (279) (689)

Net Cash flow used in Investing Activities – Dividend Received

(6,485) (6,766) 281

Net Proceeds of Debt (2,861) (539) (2,322)

Finance Costs Paid (269) (485) 216

Dividend Payments (7,529) (7,129) (400)

Other Financing 21 2,194 (2,173)

Net Cash flow used in Financing Activities (10,638) (5,959) (4,679)

Increase/ (Decrease) in Cash (1,851) (1,950) 99

Opening Cash Balance (incl. Bank Overdraft) 20,728 18,555 2,173

Exchange Rate Adjustment 1,051 227 824

Closing Cash Balance (incl. Bank Overdraft) 19,928 16,832 3,096

As at 30th June 2015, Astra’s ending consolidated cash balance (incl. Bank Overdraft) wasRp 19.9 trillion.

Business Updates

Astra 262,774

50%

Astra 334,26352.1%

Others 262,684

50%

Others307,84747.9%

4x2 & 4x479.2%

4x2 & 4x481.3%

Commercial18.8%

Commercial 16.3%

Toyota31.1%

Toyota34.8%

Daihatsu16.9%

Daihatsu 14.8%Isuzu 2%

Isuzu 2.3%Mitsubishi

11.5%

Mitsubishi11.9%Suzuki 11.9%

Suzuki 12.6% Honda 15.5%

Honda 12.9%

Nissan 3%

Nissan 3.1%

Others 8.1%

Others 7.4%

Sedan 1.9%

Sedan2%

4x2 & 4x4369.56470.4%

4x2 & 4x4457,15171.2%

Commercial145,79427.7%

Commercial172,10126.8%

Sedan 51.4% Sedan 61.2%

4x2 & 4x456.3%

4x2 & 4x459.5%

Commercial 33.9%

Commercial31.7%

M/S1H15

AI Product Segment

Brand Segment AI Product M/S

M/S1H14

AI Product Segment

Brand Segment AI Product M/S

Sedan 2% Sedan 2.4%

Source: Gaikindo

Automotive – wholesale car market

12

1H15 1H14

Astra’s car sales fell by 21% to 263,000 units, with its market share decreasing from 52% to 50%.

642,110525,458

18%

Automotive – car product launches

During first semester 2015, Astra launched 9 new models and 5 revamped models.

13

Toyota All New AlphardMarch 2015

Toyota RushMarch 2015

Daihatsu SirionFebruary 2015

BMW X6 xDrive 35iMay 2015

Toyota CamryApril 2015

Isuzu D-MaxJune 2015

Honda, 2,131,062

67.1%

Honda, 2,623,175

62.4%

Yamaha,919,380

29%

Yamaha, 1,329,967

31.6%Suzuki,1.9%

Suzuki, 4%

Others, 2%

Others, 2%

Cub190,151

8.9%

Cub512,34419.5%

Scooter1,837,941

86.2%

Scooter1,876,415

71.5%

Sport/Others4.9%

Sport/Others8.9%

Cub190,15150.4%

Cub512,34463.4%

Scooter1,837,941

76.3%

Scooter1,876,415

69.2%

Sport/Others26.6%

Sport/Others34.3%

Cub377,47711.9%

Cub807,73219.2%

Scooter2,409,664

75.9%

Scooter2,710,555

64.5%

Sport & Others 12.2%

Sport & Others 16.3%

Brand1H15

Honda Segment Honda Product M/S

Segment Brand1H14

Honda Segment Honda Product M/S

Segment

Automotive – wholesale motorcycle market

Source: AISI

Astra Honda Motor’s sales decreased by 19% to 2.1 million units, with its market share increasingfrom 62% to 67%.

14

24%1H15 1H14

3,174,162 4,202,206

Automotive – motorcycle product launches

15

Honda Vario 150 eSPJanuary 2015

Honda NM4 VultusJune 2015

During first semester 2015, Astra Honda Motor launched 8 new products and 3 revamped products.

Honda Revo SeriesMay 2015

Honda CB 650 F ABSJune 2015

OEM,-110%

After Market,

203%

Export, 7%

80

21172

243

Equity IncomeConsolidated Income

48%54%

42%37%

10%9%

Export After Market OEM

Automotive - components

16

Net Income (IDR billion)

Astra Otoparts, the Group’s component manufacturing business, saw net income fall by 67% to Rp 152billion, due to lower volumes and a weaker rupiah, which resulted in lower manufacturing margins.

152

454

Revenue (IDR billion)

8% 67%

1H15 1H14 1H15 1H14

6,227

OEM, 48%After

Market, 45%

Export, 7%

5,724

Amount Financed (Rp bio) 1H15 1H14 %

Auto

ACC (Incl. HE) 12,498 13,934 (10%)

TAFS 5,520 4,877 13

Total 4W 18,018 18,811 (4)

FIF 13,646 12,092 13

Total Auto 31,664 30,903 2

HE

SANF 1,838 1,379 33

KAF 289 591 (51)

Total HE 2,127 1,970 8

Financial services

17

• 1H15 consolidated net income increased by 4% to Rp 837 billion.

• Loan book grew by 3% to Rp 131 trillion.

• LDR 90% & CAR 14%.

• Gross-NPL ratio up from 1.5% to 2.2%.

Asuransi Astra Buana

• Higher net income by 26% to Rp 490 billion.

• 1H15 Gross Written Premium up by 8% year on year to Rp 2.2 trillion.

• RBC : 171%, requirement 120%.

Bank Permata

Net income from the Group’s financial services businesses decreased by 16% to Rp 2.1 trillion. Earnings growthacross most of the financial services portfolio, including Asuransi Astra Buana, Permata Bank and FederalInternational Finance, was offset by a decline in contribution from SAN Finance, Komatsu Astra Finance and AstraSedaya Finance.

Unit Financed 1H15 1H14 %

Auto

ACC (new & used cars) 91,931 108,030 (15)

TAFS 36,860 32,548 13

Total 4W 128,791 140,578 (8)

FIF (Incl.Electronics) 1,557,134 1,437,615 8

HE

ACC (HE - Fleet) 538 325 66

SANF 941 991 (5)

KAF 25 95 (74)

Total SANF & KAF 966 1,086 (11)

51.6 56.4

Coal Production (mn tonnes)

2,812 3,431

7,291 8,441

14,74116,203

2,370

2,889547

Construction Machinery Mining Contracting

Mining Construction Contracting

32%36%

21%

14%33%

28%14%

22%

Mining Forestry Construction Agro

United Tractors, 59.5%-owned, reported a 4% increase in net income to Rp 3.4 trillion, with thebenefit of a weaker rupiah.

Mining Contracting

TTA Coal Mines: Sales (in thousand tonnes)Komatsu Unit Sales2,207

Revenue (Rp bio)

1H15 1H14 1H15 1H14

Heavy equipment and mining

18

1,375

24,949

1H15 1H14 1H15 1H14

27,533

372.3

403.9

Overburden Removal (mn bcm)

9%

Coal Prod:

8%

OB Removal:

8%

18%38%

z

5,036 6,909

2,194

1,099

Export

Local

845 853

551675

194 92

Production Sales Olein Sales

256 222

42 61

Immature

Mature

Area Maturity (‘K Ha) *

Revenue (Rp bio)

CPO Production & Sales (‘K tonnes)

298 283

Astra Agro Lestari, 79.7%-held, reported net income of Rp 444 billion, down by 68%. Average CPOprices were 12% lower at Rp 7,642/kg. Crude palm oil sales were 18% lower at 551 thousandtonnes, while olein sales increased by 109% to 194 thousand tonnes.

* Incl. plasma plantation

CPO Yield (tonne/Ha)

Agribusiness

19

8,008

1H15 1H14

10% 8%

CPO Prod:

1%

5%

7,229

1H15 1H14

1H15 1H14 1H15 1H14

2.24 2.43

26,949 29,649

Infrastructure, logistics and others

• Marga Mandalasakti, the 72.5 km Tangerang-Merak toll road, reported an 8% increase intraffic volumes to 22 million vehicles.

TRAC Rental Car (unit)

22,483 20,830

MMS Vehicle Traffic Volume (‘K unit)

1H15 1H14

1H15 1H14

• Serasi Autoraya’s revenue declined due to a9% decrease in the number of vehicles undercontract at its TRAC car rental business to 27thousand units.

• Net income decreased by 63% to Rp 27billion.

9%

8%

20

Appendices

Divisional Net Revenue

Divisional Net Revenue and Net Income

22

In Billion Rupiah 1H15 1H14 Change

Automotive 47,848 54,188 (12%)

Financial Services 8,456 7,489 13%

Heavy Equipment & Mining 24,890 27,458 (9%)

Agribusiness 7,229 8,008 (10%)

Infrastructure, Logistics & Others 3,213 3,556 (10%)

Information Technology 869 829 5%

Total 92,505 101,528 (9%)

Divisional Net Income

In Billion Rupiah 1H15 1H14* Change

Automotive 3,442 4,009 (15%)

Financial Services 2,085 2,479 (16%)

Heavy Equipment & Mining 2,048 1,986 3%

Agribusiness 354 1,091 (68%)

Infrastructure, Logistics & Others 68 171 (60%)

Information Technology 75 84 (11%)

Total 8,052 9,820 (18%)

* Restated due to implementation of PSAK 24 (revised 2013) – Employee Benefits

Car products launched in 1H15

23

Models Launched Launching Time Engine Capacity Prices (IDR mn)

Car

Toyota Etios Jan’15 1,200cc 145.3 - 171.1

Lexus NX 200T F Sport Feb’15 2,000cc 935

Lexus NX 200T F Luxury Feb’15 2,000cc 979

Isuzu Elf NKR71 HD 4x4 Feb’15 125ps 448

Daihatsu Sirion Feb’15 1,300cc 155.8-176.8

Daihatsu Terios Mar’15 1,500cc 186.9-243.2

Toyota All New Alphard Mar’15 2,400 - 3,500cc 830-1.530

Toyota All New Vellfire Mar’15 3,500cc 980

Toyota Etios TOMS Mar’15 1,200cc 172.6

Toyota Rush Mar’15 1,500cc 228.7- 257.6

BMW 128i Active Tourer Apr’15 1,500cc 619*

Toyota Camry Apr’15 2,500cc 545-744

BMW X6 xDrive 35i May’15 3,000cc 1,889*

Isuzu D-Max Jun’15 2,500cc 291.8-460.2

*off the road

Motorcycle products launched in 1H15

24

Models Launched Launching Time Engine Capacity Prices (IDR mn)

Motorcycle

Honda Vario 125 eSP Jan’15 125cc 16.9-17.5

Honda Vario 150 eSP Jan’15 150cc 19.9-20.1

Honda Scoopy FI May’15 110cc 16.3

Honda Revo Series May’15 100-110cc 13.0-14.6

Honda PCX May’15 150cc 39.8

Honda CBR 1000 RR SP Jun’15 1,000cc 575

Honda NM 4 Vultus Jun’15 745cc 435

Honda CBR 650 F Jun’15 650cc 240

Honda CB 650 F ABS Jun’15 650cc 235

Honda CB 500 F ABS Jun’15 500cc 125

Honda CB 500 X Jun’15 500cc 135

25

1H15 1H14Major Brands

Wholesale Astra Wholesale Astra

Car

Sedan 10,100 51.4% 12,858 61.2%Toyota - Vios/Limo, Altis, Camry; Honda - City, Civic,Accord; BMW - 3 Series, 5 Series

4X2 & 4X4 369,564 56.3% 457,151 59.5%

Toyota - Avanza, Agya, Innova, RushDaihatsu - Xenia, Ayla, Terios; Honda – Mobilio, Brio, HR-V, Jazz; Suzuki - Ertiga, Karimun Wagon - R , APV ; Datsun – Go Panca; Mitsubishi – PajeroSport, Mirage, Outlander Sport Nissan – X-Trail,Livina, March

Pick Up/ Trucks/ Bus 141,320 33.8% 166,229 31.1%Daihatsu – Gran Max; Suzuki – Carry, APV; Mitsubishi – Canter, L-300, Strada; Isuzu – Elf, Giga;Panther; Toyota – Dyna ,Hi-Lux, Hi-Ace

Double Cabin 4,474 36.6% 5,872 47.6%Toyota - Hilux; Mitsubishi - Strada; Ford - Ranger; Isuzu - D-Max; Nissan - Frontier

Total 525,458 50% 642,110 52%

Mo

torc

ycle

Cub 377,477 50.4% 807,732 63.4%Honda - Supra X 125,yamaha – Jupiter MX; RevoSeries, Jupiter Z; Shogun Axello 125, Suzuki –Shooter, Vega RR, Blade

Scooter 2,409,664 76.3% 2,710,555 69.2%Honda - BeAT, Vario, Yamaha - Mio, Scoopy, X-Ride, GT 125; Suzuki – Adress

Sport & Others 387,021 26.6% 683,919 34.3%Yamaha - V-ixion, Suzuki - Satria F 150, Honda –Verza, CBR 150R, CB 150 R, , Byson, New Mega Pro, Scorpio Z, Thunder 125

Total 3,174,162 67.1% 4,202,206 62.4%Source: Gaikindo & AISI

National market data (summary)

For further information please contact:

Investor Relations of PT Astra International Tbk - Attn:

Tira Ardianti / Christian / Mariam Marie Sanad / Nathaniel Naldo

P: (+62 21) 652 2555

F: (+62 21) 6530 4953

E: tira.ardianti@ai.astra.co.id / christian@ai.astra.co.id / mariam.mariesanad@ai.astra.co.id

nathaniel.naldo@ai.astra.co.id

26