TIDMJAR
RNS Number : 6096H
Jardine Matheson Hldgs Ltd
28 July 2023
28th July 2023
For immediate release
The following announcement was issued today to a Regulatory
Information Service approved by the Financial Conduct Authority in
the United Kingdom.
Jardine Matheson Holdings Limited
Results for the Six Months ended 30th June 2023
Strong Performance as Business Continues Post-Pandemic
Recovery
Highlights
-- Underlying profit of US$823 million, 10% above 2022 and ahead of pre-COVID levels in 2019
-- Underlying earnings per share of US$2.84, up 9% against first half of 2022
-- Strong performance in Southeast Asia, led by Astra, and recovery continues in North Asia
-- DFI Retail ('DFI') and Mandarin Oriental half-year results
significantly improve from prior year; Zhongsheng contribution
down
-- Interim dividend of US$0.60, up 9%
"The Group delivered a strong overall performance in the first
half of 2023, as the business continued its post-pandemic recovery,
with overall results exceeding pre-COVID levels seen in 2019. Astra
continued to deliver very good performance and DFI and Mandarin
Oriental saw strong recoveries. We are encouraged by the results
from most of our businesses in the first half and are optimistic
that earnings growth will continue in the remainder of the
year.
The Group has a strong balance sheet and will continue to focus
on opportunities in its core, growing markets in Asia, to create
sustainable long-term growth."
Ben Keswick, Executive Chairman
Results
(unaudited)
Six months
ended 30th June
2023 2022 Change
US$m US$m %
-------------------------------------------------- -------- -------- ------
Gross revenue including 100% of associates
and joint ventures 54,782 55,994 -2
Revenue 18,307 18,277 -
Underlying profit* attributable to shareholders 823 747 +10
Profit attributable to shareholders 566 423 +34
Shareholders' funds(#) 28,982 28,826 +1
-------------------------------------------------- -------- -------- ------
US$ US$ %
-------------------------------------------------- -------- -------- ------
Underlying earnings per share* 2.84 2.60 +9
Earnings per share 1.95 1.47 +33
Net asset value per share(#) 100.01 99.47 +1
-------------------------------------------------- -------- -------- ------
USc USc %
-------------------------------------------------- -------- -------- ------
Interim dividend per share 60 55 +9
-------------------------------------------------- -------- -------- ------
* The Group uses 'underlying profit' in its internal financial
reporting to distinguish between ongoing business performance
and non-trading items, as more fully described in note 7 to the
condensed financial statements. Management considers this to
be a key measure which provides additional information to enhance
understanding of the Group's underlying business performance.
# At 30th June 2023 and 31st December 2022, respectively. Net
asset value per share is based on the book value of shareholders'
funds.
The interim dividend of USc60 per share will be payable on 11th
October 2023 to shareholders on the register of members at the
close of business on 18th August 2023 and will be available in cash
with a scrip alternative.
Chairman's Statement
Overview
The Group's underlying net profit for the first half of 2023 was
US$823 million, 10% above the same period last year and ahead of
pre-COVID levels in 2019. There were improved performances from
most of the Group's businesses in the first half of 2023, compared
with the same period last year.
There was a continued very good performance from Astra, whose
diversified portfolio enabled it to benefit from the strong overall
economic recovery in the Indonesian market.
The results of DFI and Mandarin Oriental significantly improved
from the prior year. Hongkong Land's performance, however, was flat
compared with the same period last year, as its residential
Development Properties business continued to be impacted by a lower
planned number of sales completions.
The profit contribution from the Group's interest in Zhongsheng
was significantly lower than in the prior year, as the business was
impacted by lacklustre consumer demand in the mainstream car
market, and the strong performance of the electric vehicle market,
on the Chinese mainland.
The Group continues to benefit from its diversified exposure to
the key growth markets of Asia. The strong performance of the
Group's businesses in Southeast Asia in the first half of 2023 led
to 58% of earnings coming from that region and 37% from China
(including Hong Kong). The Group's businesses in Hong Kong made
good progress following the reopening of borders in early 2023, and
there were encouraging performances by Hongkong Land's retail
portfolio, DFI's health & beauty and convenience businesses and
Maxim's, as visitor numbers began to recover and consumer spending
improved.
Underlying earnings per share increased by 9% to US $2.84.
The Group recorded a net non-trading loss in the first half of
US$257 million, compared with a net non-trading loss of US$324
million in the first half of 2022. This was mainly a result of a
net fair value loss of US$482 million upon the revaluation of
investment properties during the period, which was offset by the
increase of US$54 million in the fair value of the Group's other
investments. The Group recorded a profit attributable to
shareholders for the period of US$566 million, compared with US$423
million in the first half of 2022.
Dividend
The Board has announced an interim dividend of USc60 per share,
an increase of 9% over the prior year.
Significant Developments
The Group continued to advance its strategic objectives in the
first half of the year.
Evolving the Group Portfolio
The Group remains focussed on evolving its portfolio by
deploying and, where appropriate, recycling capital towards
strategic higher growth initiatives. The Group believes it is
essential to continue to invest for the long-term in business
opportunities which will drive future growth for our
shareholders.
A good example of this is Astra's agreement to acquire a 90%
interest in the nickel mining and processing businesses, PT
Stargate Pasific Resources and PT Stargate Mineral Asia, as part of
its strategy of diversifying into other minerals and renewable
energy.
In June 2023, United Tractors' subsidiary, PT Danusa Tambang
Nusantara, signed a share subscription agreement to acquire, for
approximately US$630 million, a 19.9% stake in Nickel Industries
Limited, a leading ASX-listed nickel mining and processing company
with assets in Indonesia. This transaction further reflects United
Tractors' focus on deploying capital into, and securing future
earnings from, non-coal businesses.
During the period, Jardine Cycle & Carriage ('JC&C')
increased its interest in Refrigeration Electrical Engineering
Corporation ('REE') from 33.6% to 34.4%, through on-market
purchases.
The Group also continued to simplify its portfolio, by divesting
a number of businesses which were no longer aligned to its
strategic objectives.
The sale of the Group's United Kingdom motors business was
completed in March 2023 for proceeds of US$402 million. Also in
March 2023, DFI completed the sale of its Malaysian Grocery Retail
business, including the Giant brand. DFI will also divest several
associated properties in Malaysia, with the sale expected to be
completed in the second half of the year.
During the period, Cycle & Carriage Singapore benefitted
from the proceeds realised from a sale and leaseback of its
Singapore properties.
Driving Innovation and Operational Excellence
The Group continues to focus on delivering operational
excellence in our existing and new businesses. There was strong
progress in the period in driving greater efficiency and
productivity in many of the Group's businesses, including DFI,
Jardine Engineering Corporation ('JEC'), Gammon, Jardine Restaurant
Group, Zung Fu and Hong Kong Air Cargo Terminals Limited ('
HACTL'), with a positive impact on results.
HACTL has, for example, introduced robotics into some of its
goods handling operations and automation more generally in areas
such as automated parts sourcing and fleet monitoring systems.
DFI's transformation programme continued to deliver real
improvements in operating metrics across its banners. The Group has
also seen successful early transitions in Jardine Pacific into its
new Global Business Services operation in Foshan, which will bring
the business closer to driving improvements in its core back-office
data, processes and systems.
The increased efficiencies which are being delivered across our
businesses enhance their agility and adaptability and help them
address the challenges they face in order to deliver future
growth.
As well as driving operational excellence, a key strategic
priority is innovation. In this context, Astra continued progress,
with its partner WeLab, towards the planned launch of a digital
bank, following the acquisition of PT Bank Jasa Jakarta. The
digital bank will provide a wide range of online financial services
to the under-banked market in Indonesia. In July 2023, Astra
complemented and expanded its used car business by acquiring a
99.98% stake in Tokobagus, a leading Indonesian online classified
advertisement platform operating under the OLX brand, connecting
people to buy and sell goods (including cars). In June 2023,
JC&C announced a used car and aftersales partnership with
Carro, a leading online auto platform.
We have continued to embed innovation across our businesses,
underscored by annual events such as Digital Day and LearnFest,
where innovation-related themes are central to the agenda.
Enhancing Leadership and Entrepreneurialism
Jardines continues its work to build our diverse and inclusive
culture where everyone can succeed. The Group's Diversity &
Inclusion ('D&I') Strategy consists of two parts. The first is
a 5-year target for D&I, with an initial focus on gender
representation. In addition, each Group business has set its own
targets to improve D&I in the workplace. The second focuses on
five key enablers to drive behavioural and systemic changes. In the
first half of 2023, D&I targets were introduced and included in
senior leaders' KPIs and factored into their annual performance
reviews.
The Group has a clear D&I ambition underpinned by a range of
initiatives to drive awareness and understanding, including the
introduction of D&I education programmes on inclusive
leadership skills for the Group's senior leaders and managers.
D&I learning programmes are also now included in the Group's
new joiner onboarding programme.
At Jardines, building a Group that attracts, develops and
retains exceptional leaders is a key priority and is critical to
achieving our strategic ambitions . In May 2023, we announced chief
executive leadership transitions in two of our Group companies: DFI
and Mandarin Oriental.
At DFI, Scott Price will succeed Ian McLeod as Group Chief
Executive with effect from 1st August 2023. Scott is an experienced
senior business executive with 25 years' international experience,
most of which were spent in Asia, spanning the retail, logistics
and consumer packaged goods sectors. Scott was most recently
President, International at UPS. Prior to that he spent a number of
years in senior positions at Walmart, including as CEO, Asia. We
thank Ian for his six years as Group Chief Executive, leading a
comprehensive business transformation to strengthen customer and
product propositions, systems and processes and supply chain, in
order to provide the group with a clear foundation upon which to
build future growth.
At Mandarin Oriental, Laurent Kleitman will succeed James Riley
as Group Chief Executive with effect from 1st September 2023.
Laurent joins the Group from LVMH, where he was President and CEO
of Parfums Christian Dior, and brings many years' experience in
building iconic consumer brands across the beauty and broader FMCG
sectors. We thank James for his 30 years' valued service to the
Jardine Matheson Group and especially want to highlight his
significant contribution as Group Chief Executive of Mandarin
Oriental over the past seven years. James has been instrumental in
continuing to expand Mandarin Oriental's development pipeline,
elevating the Mandarin Oriental brand globally and driving a wide
range of effective sustainability initiatives across the group.
We continue to increase our efforts to support colleagues across
our businesses in developing according to their potential and
ambitions. This means providing more personalised mentoring and
career development, engaging actively to support individual
learning and mobility opportunities, recognising and rewarding
performance, and continuing to promote a work environment that is
diverse and inclusive. The Group also continues to support the
growth of the next generation of leaders within our businesses by
offering a variety of development programmes.
Progressing Sustainability
Sustainability is a key driver of the Group's strategy,
decisions and relationships and underpins our continuing focus on
making the Group stronger for the future. The Group continued to
progress its sustainability agenda during the period, with a
particular focus on increasing the visibility of the extensive
range of activities taking place across our businesses.
We published our second Group Sustainability Report at the end
of May 2023. The Report highlighted the strong progress across the
three pillars of the Group's sustainability strategy in 2022. Under
the pillar of Leading Climate Action, there was a particular focus
on setting decarbonisation targets. Hongkong Land and Gammon have
both obtained approval from the Science Based Targets initiative ('
SBTi ') for their 1.5degC-aligned 2030 targets, and other Group
companies are following suit: Gammon and HACTL have submitted
commitment letters to SBTi, while DFI has committed to
1.5degC-aligned scope 1 and 2 targets for 2030 and 2050.
Our businesses are developing decarbonisation pathways for their
operational (Scope 1 and 2) greenhouse gas emissions. We recognise
the importance of Scope 3 (value chain) emissions and are working
towards understanding and reducing them in due course.
The Group demonstrated its commitment to addressing climate
change and promoting decarbonisation by publishing a statement in
June 2022 clarifying its support for a Just Energy Transition to a
low carbon economy in the geographies where we operate. The
statement contains commitments to scale up investments in renewable
energy and related innovations, diversify into non-coal mineral
mining, and make no investments in new coal mines or new thermal
coal-fired power plants.
In Driving Responsible Consumption, the Group has focussed
during the period on reducing waste by strengthening waste
management and exploring circular solutions to transform waste into
valuable resources. The Group is also aiming to adopt
industry-leading practices for biodiversity management and building
up expertise to understand our dependencies and impacts on
biodiversity.
In relation to the third pillar of our sustainability strategy,
Shaping Social Inclusion, the Group has a particular focus on
promoting education and health initiatives. It continues to pro
vide opportunities to access quality education, including training
for our colleagues and providing financial support for students
from less affluent backgrounds to access higher education. The
Group also advocates for greater awareness of mental health and
invests significantly in mental health support. The Group is also
investing to achieve positive changes to livelihoods and building
stronger communities.
The Group-wide colleague volunteering programme, which aims to
facilitate participation by colleagues across the Group in a range
of social inclusion and other activities, continues to gather
momentum.
People
The Company appointed Janine Feng as an Independent
Non-Executive Director in May 2023, supporting our aim of enhancing
our approach to governance and our ambition to increase the breadth
and diversity of experience and backgrounds on the Company's board.
Janine has also been appointed as an independent member of the
Board's Audit Committee.
Janine brings valuable expertise and experience both as an
independent non-executive director and as a seasoned executive with
many years' experience at Carlyle, focussed on Asian buyout
opportunities in the financial services, consumer products and
healthcare sectors.
Michael Wu was also appointed as an independent member of the
Audit Committee in March 2023, in place of Adam Keswick, who stood
down with effect from the same date. With these changes, the Board
considers that the Audit Committee now comprises only Independent
Non-Executive Directors.
Outlook
We are encouraged by the results delivered by most of our
businesses in the first half and are optimistic that earnings
growth will continue in the remainder of the year.
The Group has a strong balance sheet and will continue to focus
on opportunities in its core, growing markets in Asia, to create
sustainable long-term growth.
Ben Keswick
Executive Chairman
Operating Review
The performance of the Group's businesses is described below, in
descending order of contribution to the Group's underlying profit
for the first half of the year.
Astra
Astra reported consolidated net revenue in the first half of
2023 of US$10.8 billion, 13% higher than in the first half of 2022.
The group's net income, excluding fair value adjustments, was
US$1,154 million, 20% higher than in the first half of 2022. This
earnings growth reflects improved performances from most of the
group's business divisions, especially its automotive, financial
services and heavy equipment and mining businesses. Including these
fair value adjustments, the group's net income decreased to
US$1,163 million, a 4% reduction compared to the same period last
year.
Net income from Astra's automotive division increased by 33% to
US$379 million, reflecting higher sales volumes.
The wholesale car market increased by 7% in the first half, and
Astra's car sales were 7% higher, with its market share marginally
up at 55%. The wholesale market for motorcycles grew strongly by
43%, and Astra Honda's motorcycle sales increased by 56% compared
with the same period last year, when the business was impacted by
production constraints caused by semiconductor supply issues. As a
result, its market share in the first half also increased from 77%
to 80%. Astra Otoparts reported an 85% increase in net income,
mainly due to higher revenues from the original equipment
manufacturer segment.
Net income from the group's financial services division
increased by 32% to US$255 million, due to higher contributions
from the consumer and heavy equipment finance businesses. Consumer
finance businesses saw a 27% increase in new amounts financed,
while the net income contribution from the group's car-focussed
finance companies increased by 36%, due to larger loan portfolios
and lower loan loss provisions. The contribution from the
motorcycle-focussed financing business increased by 30%, also due
to a larger loan portfolio and lower loan loss provisions. Heavy
equipment-focussed finance operations saw new amounts financed
stable. The net income contribution from this business was 112%
higher, mainly due to the growth of the total loan portfolio.
General insurance company, Asuransi Astra Buana, reported a 9%
increase in net income, as it benefitted from higher underwriting
income, while investment income, which continue s to be the major
contributor to net income, was stable .
The Heavy Equipment, Mining, Construction and Energy division
saw net income increase by 11% to US$459 million, largely as a
result of higher contributions from its heavy equipment and mining
contracting businesses.
United Tractors reported an 8% increase in net income to US$747
million. Komatsu heavy equipment sales increased by 9% and there
were also higher revenues from the parts and service businesses.
Mining contracting operations reported a 20% increase in overburden
removal volume and 18% higher coal production. United Tractors'
coal mining subsidiaries recorded an 11% increase in coal sales.
Agincourt Resources saw 24% lower gold sales.
Net income from Agribusiness decreased by 55% to US$ 20 million,
mainly due to lower crude palm oil selling prices. The group's
Infrastructure and Logistics division reported a 42% increase in
net income, largely as a result of improved performance in its toll
road businesses. Astra now has interests in 396km of operational
toll roads along the Trans-Java network and the Jakarta Outer Ring
Road.
Hongkong Land
Hongkong Land's underlying net profit for the first six months
of 2023 was US$422 million, compared to US$425 million in the
equivalent period in 2022 . There was a loss attributable to
shareholders of US$333 million, after accounting for a net non-cash
loss of US$755 million arising mainly from the revaluation of
investment properties. This compares with a profit attributable to
shareholders of US$292 million in the first half of 2022, which
included a net revaluation loss of US$133 million. The group's
financial position remains robust, with a strong balance sheet and
liquidity.
On the Chinese mainland, the profit contribution from sales
completions in the Development Properties business was
significantly lower compared to the first half of 2022, due to a
substantially fewer planned sales completions.
The pace of recovery in the Chinese residential market was mixed
in the first half of 2023, with sales performance varying between
cities and individual developments. The group's focus on premium
residential products in a select number of top-tier cities has
resulted in a better sales performance than the general market, but
the weak economic outlook in China weighed on consumer sentiment
despite the introduction of policy support measures.
The group's attributable interest in contracted sales was US$745
million in the period, compared to US$419 million and US$881
million in the first and second halves of 2022, respectively. At
30th June 2023, the group had US$2,274 million in sold but
unrecognised contracted sales, compared with US$2,087 million at
the end of 2022.
During the period, the group completed the acquisition of equity
stakes in two existing projects in Nanjing and Wuhan from
joint-venture partners. These were acquired in both cases for
consideration below development cost, resulting in immediate net
fair-value pre-tax accounting gains. The projects are mixed-use in
nature, with residential and commercial components.
In Singapore, where the group recognises profits principally on
the percentage of completion basis, the profit contribution in the
period was broadly unchanged compared to the same period in 2022.
Market conditions remained healthy. The group's attributable
interest in contracted sales was US$487 million in the first half
of 2023, compared to US$270 million and US$345 million in the first
and second halves of 2022, respectively.
In the rest of Southeast Asia, total contributions were lower,
due to the timing of planned sales completions.
The group's investment properties business in Hong Kong remained
resilient and delivered a solid performance amidst challenging
market conditions due to uncertainty in the global financial
markets. Physical and committed vacancy was 6.9% and 6.2% at the
end of June 2023, an increase from 4.9% and 4.7% at the end of
2022, although significantly lower than the average vacancy in the
Central market. Negative rental reversions resulted in average
office rents decreasing in the first half of 2023.
The group's LANDMARK retail portfolio delivered an improved
performance during the first half of 2023, following several
challenging years for the retail market in Hong Kong. An increase
in tenant sales and the removal of temporary rent relief led to an
increase in average retail rents. The LANDMARK retail portfolio
remains fully occupied.
Contributions from the group's CENTRAL series luxury retail
malls in Beijing and Macau increased, due to higher average rents
as tenant sales experienced a strong recovery in the first
half.
Hongkong Land's office portfolio in Singapore continued to
benefit from healthy leasing momentum, and vacancy on a committed
basis remained low.
Since Hongkong Land announced its US$1 billion share buyback
programme in September 2021, US$599 million has been invested.
Jardine Motor interests
In prior years, the Group recognised its 21% share of
Zhongsheng's results based on publicly available information with
six months in arrears as Zhongsheng's interim and annual results
have historically been reported after the Group's results
announcements. Recognising the growing importance of Zhongsheng to
the Group's performance, from 2023, we recognise our share of
Zhongsheng's results on a contemporaneous (calendar year) basis
using an estimate of Zhongsheng's current period results based on
an average of recently published external analyst estimates. It is
considered that this change will provide the users of the financial
statements with a more meaningful insight into the current year
underlying performance of the Group.
The Group's underlying contribution from Zhongsheng for the
period was US$89 million. The Group's 'catch up' share of
Zhongsheng's results for 1st July 2022 to 31st December 2022 has
been presented as a non-trading item in the first half of 2023. In
addition, the US$150 million underlying contribution recognised in
the first half of 2022 reflected performance for the six months
from July to December 2021.
In March, the Group sold its United Kingdom motors business,
Jardine Motors Group ('JMG'), for proceeds of US$402 million. The
Group stopped consolidating JMG's results from February 2023.
Jardine Pacific
Jardine Pacific reported a 10% lower underlying net profit of
US$64 million in the first half, compared with an underlying net
profit of US$71 million in the equivalent period in 2022. The lower
underlying net profit was primarily due to the absence of
government support and subsidies received in the same period last
year. Excluding government support and subsidies, most businesses
performed better year-on-year, although a number of businesses were
impacted by labour challenges in the period.
Jardine Pacific operates within three main business segments:
engineering, consumer businesses and transport services.
Within the group's engineering businesses, JEC saw satisfactory
performance despite pressure on sales. There were improvements in a
number of the engineering units in Hong Kong and Thailand, but the
business in Singapore remains challenging. Jardine Schindler had an
encouraging first half. Although the New Installation market
remains very competitive, a stronger Existing Installation
performance drove improved results. Gammon delivered good profit
growth, driven by effective cost control and higher financing
income, partially offset by lower project contributions (due to
timing). Gammon's order book remains strong and operational
improvement projects are continuing.
Within Jardine Pacific's consumer businesses, Jardine
Restaurants Group reported a net loss for the period, due to softer
sales in its Hong Kong operations, reflecting changing consumer
behaviours post-pandemic. The Taiwan and Vietnam businesses also
faced headwinds.
The Zung Fu business in Hong Kong and Macau delivered an
improved performance, with a higher number of car deliveries and
aftersales service jobs.
Within the group's transport services division, HACTL saw weaker
performance due to a reduction in cargo volume handled, as the
overall air cargo market contracted and competition increased as
passenger flights returned. Jardine Aviation Services reported a
lower loss following the recovery in air travel, with more flights
handled as well as improved pricing from contract renewals.
The disposal of the Group's shareholding in Greatview, announced
in January, is expected to be completed in the coming months.
Jardine Cycle & Carriage
JC&C reported an underlying profit of US$583 million in the
first half of 2023, 12% higher than the same period in 2022, mainly
due to higher contributions from Astra and its Direct Motor
Interests. Excluding the Astra contribution of US$543 million, the
business reported an underlying profit for the period of US$40
million, 31% lower than the first half of 2022.
THACO contributed a US$15 million profit, 72% lower than the
same period last year, mainly due to lower automotive profits.
There was a 22% higher contribution of US$35 million from the
group's Direct Motor Interests, primarily due to an improved
performance by Cycle & Carriage Bintang in Malaysia and Tunas
Ridean in Indonesia.
Among JC&C's other interests, the contribution from Siam
City Cement was 41% lower than in the same period last year at US$9
million. REE's contribution of US$11 million, based on its
first-quarter results, was 16% higher than the previous year, with
an increasing focus on its investments in renewable energy sources,
including solar and hydropower. REE's higher profit contribution
was mainly due to higher earnings from its water treatment and
distribution businesses. During the period, JC&C increased its
interest in REE from 33.6% to 34.4%, through on-market
purchases.
JC&C's investment in Vinamilk produced a dividend income of
US$9 million, in line with the same period last year. Vinamilk
reported an 8% decrease in net profit, mainly due to higher raw
material and marketing costs.
DFI Retail Group
DFI's underlying profit improved significantly in the first half
compared to the same period last year. Within the group's
subsidiaries, higher profits in the Health & Beauty and
Convenience divisions were partially offset by lower profit from
the Grocery Retail division. Underlying profits from associates
also improved significantly, through a combination of better profit
performance from Maxim's and reduced losses from Yonghui.
The group reported an underlying profit of US$33 million in the
first half, an improvement of US$85 million relative to a loss of
US$52 million in the same period last year.
Revenue from the group's Grocery Retail division in the first
half was behind the prior year. In North Asia, sales in the prior
year were supported by pantry-stocking behaviour during the fifth
wave of COVID in Hong Kong. Southeast Asia Grocery Retail revenue
was also lower, impacted by the sale of the Malaysian Grocery
Retail business in early March 2023 and ongoing cautious customer
sentiment driven by rising cost of living pressures. As a result of
lower sales performance, overall Grocery Retail profit in the first
half was behind the comparable period last year.
The group's Convenience division reported like-for-like sales
growth in the first half relative to the prior year, driven by
strong foot traffic recovery and effective execution of new product
development and promotional activity. In particular, 7-Eleven
Singapore reported double-digit like-for-like sales growth in the
first half relative to the prior year. Like-for-like sales growth
in South China accelerated in the second quarter relative to the
first quarter. Underlying profitability for the division improved
significantly relative to the prior year.
The Health & Beauty division reported strong double-digit
like-for-like sales growth in the first half, compared to prior
year. Mannings Hong Kong, in particular, saw very strong sales
growth, which accelerated in the second quarter. The strong sales
recovery has been underpinned by effective in-store execution and
continued market share gains. Guardian also reported strong
underlying sales growth, particularly in Malaysia and Indonesia.
While still below pre-pandemic levels, underlying profit more than
doubled in the first half relative to prior year, supported by a
recovery in customer traffic, gross margin expansion and effective
in-store execution despite pressure from labour shortages.
The sales performance of the Home Furnishings division in the
first half was slightly behind the prior year, impacted by reduced
demand for furniture, with border reopening likely driving
short-term discretionary spending toward leisure activities.
Despite challenges concerning sales performance, underlying profit
in the first half was largely in line with the prior year,
primarily due to strong cost control. In May 2023, IKEA Taiwan
opened a major fulfilment centre to support the e-commerce and
fulfilment capability.
Maxim's, the group's 50%-owned associate, reported double-digit
sales growth and a turnaround in profit relative to the prior year,
when it faced severe challenges in the first half from
COVID-related dining restrictions in Hong Kong and on the Chinese
mainland.
The group's share of Yonghui losses reduced relative to the
prior year. This was primarily driven by improved profit in the
first quarter, underpinned by improvement in gross margins and cost
optimisation. Robinsons Retail continued to report strong
underlying sales and profit growth. Its reported profit, however,
was impacted by increased financing costs and reduced income from
associates.
Following the completion in March 2023 of the sale of the
group's Malaysian Grocery Retail business, the group also aims to
complete the sale of several associated properties in Malaysia in
the second half of the year.
Mandarin Oriental
Mandarin Oriental reported an underlying profit of US$28 million
for the first half of the year, compared to a loss of US$21 million
incurred in the equivalent period in 2022. Underlying profit was
more than double 2019.
The group's combined Revenue per Available Room ('RevPAR') was
well ahead of both 2022 and 2019 and strong rates were achieved in
many locations, with resorts performing particularly well.
Occupancy also strengthened significantly across all regions
compared to the first half of 2022.
Particular strength was seen in Europe and the Middle East,
where almost all of the group's hotels achieved record rates and
strong occupancies, with RevPAR well above both 2022 and 2019
levels. In America, hotels also delivered higher RevPAR than in
prior years, driven by improved occupancy.
In Asia, performance from the Chinese mainland hotels improved
significantly from 2022, and approached 2019 levels, due to the
relaxation of travel restrictions. Hong Kong continued its recovery
after the relaxation of travel restrictions in early 2023. Mandarin
Oriental, Hong Kong saw higher numbers of both international and
Chinese mainland visitors, leading to robust improvements in both
room rates and occupancy from 2022 levels.
The combined total revenue of hotels under management in the
first half of 2023 was US$882 million, representing a 30% increase
compared to the same period last year, and 38% higher than
2019.
The group continues to have a strong pipeline of future
openings, with four new hotels and a standalone residences project
announced in the first half.
Financial Position
The balance sheet and liquidity of the Group remain strong.
Shareholders' funds were US$29.0 billion at 30th June 2023,
compared with US$28.8 billion at 31st December 2022.
Consolidated net debt excluding financial services companies was
US$6.9 billion at 30th June 2023, representing gearing of 12%,
compared with 13% at 31st December 2022.
The Group had liquidity of US$12.7 billion as at 30th June 2023,
consisting of US$5.5 billion in cash reserves and US$7.2 billion in
unused, committed debt facilities.
Jardine Matheson Holdings Limited
Consolidated Profit and Loss Account
(unaudited)
Six months ended 30th June Year ended 31st December
2023 2022 2022
Underlying Underlying Underlying
business Non-trading business Non-trading business Non-trading
performance items Total performance items Total performance items Total
US$m US$m US$m US$m US$m US$m US$m US$m US$m
Revenue (note 2) 18,307 - 18,307 18,277 - 18,277 37 ,724 - 37 ,724
Net operating costs (note
3) (16,155) 135 (16,020) (16,310) (35) (16,345) (33,598) (363) (33,961)
Change in fair value
of investment properties - (852) (852) - (113) (113) - (930) (930)
----------- ----------- -------- ------------ ----------- -------- ----------- ----------- --------
Operating profit 2,152 (717) 1,435 1,967 (148) 1,819 4 ,126 (1,293) 2,833
Net financing charges
* financing charges (349) - (349) (294) - (294) (625) - (625)
* financing income 126 - 126 87 - 87 197 - 197
(223) - (223) (207) - (207) (428) - (428)
Share of results of associates
and joint ventures (note
4)
* before change in fair value of investment properties 647 112 759 610 (106) 504 1,232 (411) 821
* change in fair value of investment properties - (9) (9) - (21) (21) - (3) (3)
647 103 750 610 (127) 483 1,232 (414) 818
Profit before tax 2,576 (614) 1,962 2,370 (275) 2,095 4,930 (1,707) 3,223
Tax (note 5) (456) (5) (461) (445) 6 (439) (964) 4 (960)
----------- ----------- -------- ------------ ----------- -------- ----------- ----------- --------
Profit after tax 2,120 (619) 1,501 1,925 (269) 1,656 3,966 (1,703) 2,263
----------- ----------- -------- ------------ ----------- -------- ----------- ----------- --------
Attributable to:
Shareholders of the Company
(notes 6 & 7) 823 (257) 566 747 (324) 423 1,584 (1,230) 354
Non-controlling interests 1,297 (362) 935 1,178 55 1,233 2 ,382 (473) 1,909
----------- ----------- -------- ------------ ----------- -------- ----------- ----------- --------
2,120 (619) 1,501 1,925 (269) 1,656 3,966 (1,703) 2,263
----------- ----------- -------- ------------ ----------- -------- ----------- ----------- --------
US$ US$ US$ US$ US$ US$
Earnings per share (note
6)
* basic 2.84 1.95 2.60 1.47 5.49 1.22
* diluted 2.84 1.95 2.60 1.47 5.49 1.22
----------- -------- ------------ -------- ----------- --------
Jardine Matheson Holdings Limited
Consolidated Statement of Comprehensive Income
(unaudited) Year ended
Six months ended 31st
30th June December
2023 2022 2022
US$m US$m US$m
Profit for the period 1,501 1,656 2,263
Other comprehensive income/(expense)
Items that will not be reclassified to profit or loss:
---------
Net exchange translation gain/(loss) arising during the
year 239 (435) (761)
Remeasurements of defined benefit plans - 1 37
Net revaluation surplus on right-of-use assets before
transfer to investment properties - - 39
Tax on items that will not be reclassified - - (7)
239 (434) (692)
Share of other comprehensive expense of associates and
joint ventures (22) (279) (467)
-------- --------- ----------
217 (713) (1,159)
Items that may be reclassified subsequently to profit
or loss:
Net exchange translation differences
-------- --------- ----------
- net gain/(loss) arising during the period 51 (360) (526)
- transfer to profit and loss 113 - 4
164 (360) (522)
Revaluation of other investments at fair value
through other comprehensive income
-------- --------- ----------
- net gain/(loss) arising during the period 1 (12) (20)
- transfer to profit and loss - (2) (2)
1 (14) (22)
Cash flow hedges
-------- --------- ----------
- net (loss)/gain arising during the period (34) 55 92
- transfer to profit and loss (7) (5) (7)
(41) 50 85
Tax relating to items that may be reclassified 3 (11) (11)
Share of other comprehensive expense of associates and
joint ventures (130) (370) (487)
-------- --------- ----------
(3) (705) (957)
Other comprehensive income/(expense) for the period, net
of tax 214 (1,418) (2,116)
-------- --------- ----------
Total comprehensive income for the period 1,715 238 147
-------- --------- ----------
Attributable to:
Shareholders of the Company 562 (353) (660)
Non-controlling interests 1,153 591 807
-------- --------- ----------
1,715 238 147
------------------------------------------------------- -------- --------- ----------
Jardine Matheson Holdings Limited
Consolidated Balance Sheet
(unaudited) At 31st
At 30th June December
2023 2022 2022
US$m US$m US$m
Assets
Intangible assets 2,544 2,577 2,528
Tangible assets 6,077 5,905 5,853
Right-of-use assets 3,987 4,052 4,184
Investment properties 30,866 32,500 31,813
Bearer plants 490 484 465
Associates and joint ventures 17,270 17,730 17,856
Other investments 2,973 2,950 2,801
Non-current debtors 3,700 3,008 3,222
Deferred tax assets 646 522 575
Pension assets 15 24 17
------- ------ ---------
Non-current assets 68,568 69,752 69,314
------- ------ ---------
Properties for sale 3,515 3,515 3,311
Stocks and work in progress 3,182 2,957 3,513
Current debtors 7,230 7,163 6,873
Current investments 56 15 18
Current tax assets 146 143 156
Bank balances and other liquid funds
------- ------ ---------
- non-financial services companies 5,128 5,725 5,526
- financial services companies 410 645 372
5,538 6,370 5,898
------- ------ ---------
19,667 20,163 19,769
Assets classified as held for sale 139 82 65
------- ------ ---------
Current assets 19,806 20,245 19,834
------- ------ ---------
Total assets 88,374 89,997 89,148
------- ------ ---------
(unaudited) At 31st
At 30th June December
2023 2022 2022
US$m US$m US$m
Equity
Share capital 73 72 73
Share premium and capital reserves 23 26 26
Revenue and other reserves 28,886 29,130 28,727
Shareholders' funds 28,982 29,228 28,826
Non-controlling interests 26,630 27,846 27,371
------- ------ ---------
Total equity 55,612 57,074 56,197
------- ------ ---------
Liabilities
Long-term borrowings
------- ------ ---------
- non-financial services companies 8,988 11,274 10,541
- financial services companies 1,675 1,433 1,532
10,663 12,707 12,073
Non-current lease liabilities 2,884 2,842 2,951
Deferred tax liabilities 750 727 791
Pension liabilities 386 445 368
Non-current creditors 210 180 191
Non-current provisions 351 311 336
------- ------ ---------
Non-current liabilities 15,244 17,212 16,710
------- ------ ---------
Current borrowings
------- ------ ---------
- non-financial services companies 3,073 2,269 2,500
- financial services companies 2,066 1,624 1,663
5,139 3,893 4,163
Current lease liabilities 715 771 772
Current tax liabilities 508 565 672
Current creditors 10,953 10,308 10,459
Current provisions 203 174 175
------- ------ ---------
Current liabilities 17,518 15,711 16,241
Total liabilities 32,762 32,923 32,951
------- ------ ---------
Total equity and liabilities 88,374 89,997 89,148
------- ------ ---------
Jardine Matheson Holdings Limited
Consolidated Statement of Changes in Equity
Attributable
to Attributable
Asset Own shareholders to
Share Share Capital Revenue revaluation Hedging Exchange shares of the non-controlling Total
capital premium reserves reserves reserves reserves reserves held Company interests equity
US$m US$m US$m US$m US$m US$m US$m US$m US$m US$m US$m
Six months ended
30th June 2023
(unaudited)
At 1st January
2023 73 - 26 28,887 2,272 55 (2,487) - 28,826 27,371 56,197
Total
comprehensive
income - - - 567 - (27) 22 - 562 1,153 1,715
Dividends paid
by the Company
(note 8) - - - (463) - - - - (463) - (463)
Dividends paid
to
non-controlling
interests - - - - - - - - - (1,735) (1,735)
Employee share
option schemes - - 1 - - - - - 1 1 2
Scrip issued in
lieu of
dividends 1 (1) - 132 - - - - 132 - 132
Repurchase of
shares (1) - - (135) - - - - (136) - (136)
Capital
contribution
from
non-controlling
interests - - - - - - - - - 3 3
Subsidiaries
disposed of - - - - - - - - - 10 10
Change in
interests in
subsidiaries - - - 65 - - - - 65 (170) (105)
Change in
interests in
associates
and joint
ventures - - - (5) - - - - (5) (3) (8)
Transfer - 1 (4) 3 - - - - - - -
At 30th June
2023 73 - 23 29,051 2,272 28 (2,465) - 28,982 26,630 55,612
------- ------- -------- -------- ------------ -------- -------- ------- ------------ --------------- -------
Six months ended
30th June 2022
(unaudited)
At 1st January
2022 179 - 25 34,926 2,242 (18) (1,350) (6,223) 29,781 28,587 58,368
Total
comprehensive
expense - - - 417 - 38 (808) - (353) 591 238
Dividends paid
by the Company
(note 8) - - - (448) - - - - (448) - (448)
Dividends paid
to
non-controlling
interests - - - - - - - - - (677) (677)
Issue of shares - 1 - - - - - - 1 - 1
Employee share
option schemes - - 4 - - - - - 4 1 5
Scrip issued in
lieu of
dividends - - - 138 - - - - 138 - 138
Repurchase of
shares (1) (3) - (147) - - - - (151) - (151)
Reduction of
capital (106) (1) - (6,116) - - - 6,223 - - -
Capital
contribution
from
non-controlling
interests - - - - - - - - - 2 2
Share purchased
for a
share-based
incentive plan
in a subsidiary - - - (15) - - - - (15) (5) (20)
Change in
interests in
other
subsidiaries - - - 253 - - - - 253 (611) (358)
Change in
interests in
associates
and joint
ventures - - - 18 - - - - 18 (42) (24)
Transfer - 3 (3) - - - - - - - -
At 30th June
2022 72 - 26 29,026 2,242 20 (2,158) - 29,228 27,846 57,074
------- ------- -------- -------- ------------ -------- -------- ------- ------------ --------------- -------
At the Company's annual general meeting on 5th May 2022, shareholders approved the cancellation of the
59% shareholding in the Company held by its subsidiaries by way of a reduction of capital in the Company.
The capital reduction, which was effective on 18th May 2022, constituted the final stage in the Group's
simplification of its parent company structure that commenced in 2021.
Attributable
to Attributable
Asset Own shareholders to
Share Share Capital Revenue revaluation Hedging Exchange shares of the non-controlling Total
capital premium reserves reserves reserves reserves reserves held Company interests equity
US$m US$m US$m US$m US$m US$m US$m US$m US$m US$m US$m
Year ended 31st
December 2022
At 1st January
2022 179 - 25 34 ,926 2,242 (18) (1,350) (6,223) 29,781 28 ,587 58 ,368
Total
comprehensive
income - - - 374 30 73 (1,137) - (660) 807 147
Dividends paid
by the Company - - - (607) - - - - (607) - (607)
Dividends paid
to
non-controlling
interests - - - - - - - - - (994) (994)
Unclaimed
dividends
forfeited - - - 2 - - - - 2 - 2
Issue of shares - 1 - - - - - - 1 - 1
Employee share
option schemes - - 4 - - - - - 4 2 6
Scrip issued in
lieu of
dividends 1 (1) - 184 - - - - 184 - 184
Repurchase of
shares (1) (2) - (168) - - - - (171) - (171)
Reduction of
capital (106) (1) - (6,116) - - - 6,223 - - -
Capital
contribution
from
non-controlling
interests - - - - - - - - - 4 4
Share purchased
for a
share-based
incentive plan
in a subsidiary - - - (15) - - - - (15) (5) (20)
Change in
interests in
subsidiaries - - - 322 - - - - 322 (1,030) (708)
Change in
interests in
associates
and joint
ventures - - - (15) - - - - (15) - (15)
Transfer - 3 (3) - - - - - - - -
------- ------- -------- -------- ----------- -------- -------- ------- ------------ --------------- -------
At 31st December
2022 73 - 26 28 ,887 2,272 55 (2,487) - 28,826 27,371 56,197
------- ------- -------- -------- ----------- -------- -------- ------- ------------ --------------- -------
Jardine Matheson Holdings Limited
Consolidated Cash Flow Statement
(unaudited)
Six months ended Year ended
30th June 31st December
2023 2022 2022
US$m US$m US$m
Operating activities
--------- -------- --------------
Cash generated from operations 3,189 2,428 5 ,287
Interest received 108 75 177
Interest and other financing charges paid (321) (263) (564)
Tax paid (743) (485) (1,006)
--------- -------- --------------
2,233 1,755 3 ,894
Dividends from associates and joint ventures 513 428 931
Cash flows from operating activities 2,746 2,183 4 ,825
Investing activities
--------- -------- --------------
Purchase of subsidiaries (31) (5) (19)
Purchase of associates and joint ventures (note 10(a)) (70) (193) (658)
Purchase of other investments (note 10(b)) (167) (300) (645)
Purchase of intangible assets (80) (68) (154)
Purchase of tangible assets (827) (424) (1,014)
Additions to right-of-use assets (5) (33) (53)
Additions to investment properties (82) (56) (123)
Additions to bearer plants (17) (18) (39)
Advances to and repayments to associates and
joint ventures (note 10(c)) (148) (556) (802)
Advances from and repayments from associates and
joint ventures (note 10(d)) 778 332 416
Sale of subsidiaries (note 10e)) 303 - -
Sale of associates and joint ventures 11 7 30
Sale of other investments (note 10(f)) 68 145 228
Sale of intangible assets - - 3
Sale of tangible assets 274 29 230
Sale of right-of-use assets 7 - 7
Cash flows from investing activities 14 (1,140) (2,593)
Financing activities
--------- -------- --------------
Issue of shares - 1 1
Capital contribution from non-controlling interests 3 2 4
Acquisition of the remaining interest in Jardine Strategic (3) (21) (21)
Change in interests in other subsidiaries (note 10(g)) (105) (360) (708)
Purchase of own shares (136) (153) (173)
Purchase of shares for a share-based incentive plan in
a subsidiary - (20) (20)
Drawdown of borrowings 5,175 4,248 9,047
Repayment of borrowings (5,660) (4,048) (9,113)
Principal elements of lease payments (430) (432) (875)
Dividends paid by the Company (331) (310) (423)
Dividends paid to non-controlling interests (1,732) (671) (994)
Cash flows from financing activities (3,219) (1,764) (3,275)
--------- -------- --------------
Net decrease in cash and cash equivalents (459) (721) (1,043)
Cash and cash equivalents at beginning of period 5,879 7,278 7 ,278
Effect of exchange rate changes 108 (199) (356)
--------- -------- --------------
Cash and cash equivalents at end of period 5,528 6,358 5 ,879
--------- -------- --------------
Jardine Matheson Holdings Limited
Analysis of Profit Contribution
(unaudited)
Six months ended Year ended
30th June 31st December
2023 2022 2022
US$m US$m US$m
Reportable segments
Jardine Pacific 64 71 182
Jardine Motor Interests 89 172 299
Hongkong Land 224 220 405
DFI Retail 26 (40) 22
Mandarin Oriental 22 (17) 6
Jardine Cycle & Carriage 37 67 135
Astra 417 349 691
--------- -------- --------------
879 822 1,740
Corporate and other interests (56) (75) (156)
--------- -------- --------------
Underlying profit attributable to shareholders* 823 747 1,584
Decrease in fair value of investment properties (482) (63) (604)
Sale of Zung Fu China - - (28)
Other non-trading items 225 (261) (598)
--------- -------- --------------
Profit attributable to shareholders 566 423 354
--------- -------- --------------
Analysis of Jardine Pacific's contribution
Jardine Schindler 21 17 36
JEC 16 16 53
Gammon 17 13 39
Jardine Restaurants (6) 13 19
Transport Services 10 11 23
Zung Fu Hong Kong 6 3 12
Corporate and other interests - (2) -
--------- -------- --------------
64 71 182
--------- -------- --------------
Analysis of Jardine Motor Interests'
contribution
Zhongsheng 89 150 263
Jardine Motors Group United Kingdom 1 20 35
Corporate (1) 2 1
--------- -------- --------------
89 172 299
--------- -------- --------------
* Underlying profit attributable to shareholders is the measure of profit
adopted by the Group in accordance with IFRS 8 'Operating Segments'.
--------------------------------------------------------------------------
Jardine Matheson Holdings Limited
Notes to Condensed Financial Statements
1. Accounting Policies and Basis of Preparation
The condensed financial statements have been prepared in
accordance with IAS 34 'Interim Financial Reporting' and on a going
concern basis. The condensed financial statements have not been
audited or reviewed by the Group's auditors pursuant to the UK
Auditing Practices Board guidance on the review of interim
financial information.
There are no changes to the accounting policies as described in
the 2022 annual financial statements. A standard and a number of
amendments were effective from 1st January 2023. Those relevant to
the Group's operations are set out below:
IFRS 17 'Insurance Contracts'
(effective from 1st January 2023)
The standard covers recognition, measurement, presentation and
disclosure for insurance contracts and is applicable to the Group's
insurance businesses in Indonesia. Under IFRS 17, all profits are
recognised in the profit and loss over the life of the contracts as
insurance services are provided. Prior to the adoption of IFRS 17,
for certain insurance contracts, profits were recognised in the
profit and loss on initial recognition of the contracts. The
different timing of profit recognition will result in an increase
in liabilities upon adoption of IFRS 17. A portion of profits,
previously recognised and accumulated in equity, prior to 2023,
will now be recorded as liability under IFRS 17. It has been
assessed that the net impact on adoption of the standard is not
material to the Group's consolidated financial statements.
Amendments to IAS 12 -Deferred Tax related to Assets and
Liabilities arising from a Single Transaction
(effective from 1st January 2023)
The amendment requires deferred tax to be recognised on
transactions that, on initial recognition, give rise to equal
amounts of taxable and deductible temporary differences. They
typically apply to transactions such as leases of lessees and
decommissioning obligations and require the recognition of
additional deferred tax assets and liabilities.
Amendments to IAS 12 -International Tax Reform - Pillar Two
Model Rules
(effective for annual reporting period commencing on or after
1st January 2023)
The amendment provides a temporary mandatory exception from
deferred tax accounting in respect of Pillar Two income taxes and
certain additional disclosure requirements. The Group is in the
process of assessing the estimated impact of Pillar Two income
taxes to its consolidated financial statements and appropriate
disclosures will be made in the financial statement for the year
ending 31st December 2023.
The Group has not early adopted any amendments that have been
issued but not yet effective.
2. Revenue
Jardine
Jardine Cycle
Jardine Motor Hongkong DFI Mandarin & Intersegment
Pacific Interests Land Retail Oriental Carriage Astra transactions Group
US$m US$m US$m US$m US$m US$m US$m US$m US$m
Six months
ended
30th June
2023
By product
and
service:
Property 2 - 670 - - - 23 (4) 691
Motor
vehicles 257 165 - - - 860 4,331 - 5,613
Retail and
restaurants 423 - - 4,574 - - - - 4,997
Financial
services - - - - - - 948 - 948
Engineering,
heavy
equipment,
mining
and
construction 296 - - - - - 4,562 (22) 4,836
Hotels - - - - 261 - - (1) 260
Other - - - - - - 962 - 962
------- --------- -------- ------- -------- -------- ------- ------------ -------
978 165 670 4,574 261 860 10,826 (27) 18,307
------- --------- -------- ------- -------- -------- ------- ------------ -------
Revenue from
contracts
with
customers:
------- --------- -------- ------- -------- -------- ------- ------------ -------
Recognised at
a
point in
time 712 165 94 4,574 78 832 9,597 (27) 16,025
Recognised
over
time 264 - 9 - 174 24 148 - 619
976 165 103 4,574 252 856 9,745 (27) 16,644
Revenue from
other
sources:
------- --------- -------- ------- -------- -------- ------- ------------ -------
Rental income
from
investment
properties 2 - 464 - - - 7 - 473
Revenue from
financial
services
companies - - - - - - 948 - 948
Other - - 103 - 9 4 126 - 242
2 - 567 - 9 4 1,081 - 1,663
------- --------- -------- ------- -------- -------- ------- ------------ -------
978 165 670 4,574 261 860 10,826 (27) 18,307
------- --------- -------- ------- -------- -------- ------- ------------ -------
Six months
ended
30th June
2022
By product
and
service:
Property 2 - 894 - - - 32 (4) 924
Motor
vehicles 207 1,088 - - - 764 3,774 - 5,833
Retail and
restaurants 428 - - 4,483 - - - - 4,911
Financial
services - - - - - - 884 - 884
Engineering,
heavy
equipment,
mining
and
construction 321 - - - - - 4,166 (21) 4,466
Hotels - - - - 198 - - - 198
Other - - - - - - 1,061 - 1,061
------- --------- -------- ------- -------- -------- ------- ------------ -------
958 1,088 894 4,483 198 764 9,917 (25) 18,277
------- --------- -------- ------- -------- -------- ------- ------------ -------
Revenue from
contracts
with
customers:
------- --------- -------- ------- -------- -------- ------- ------------ -------
Recognised at
a
point in
time 666 1,088 235 4,483 62 714 8,810 (25) 16,033
Recognised
over
time 290 - 111 - 127 48 98 - 674
956 1,088 346 4,483 189 762 8,908 (25) 16,707
Revenue from
other
sources:
------- --------- -------- ------- -------- -------- ------- ------------ -------
Rental income
from
investment
properties 2 - 456 - - - 1 - 459
Revenue from
financial
services
companies - - - - - - 884 - 884
Other - - 92 - 9 2 124 - 227
2 - 548 - 9 2 1,009 - 1,570
------- --------- -------- ------- -------- -------- ------- ------------ -------
958 1,088 894 4,483 198 764 9,917 (25) 18,277
------- --------- -------- ------- -------- -------- ------- ------------ -------
Gross revenue, comprises revenue together with 100% of revenue
from associates and joint ventures, is analysed as follows:
Six months ended 30th June
2023 2022
US$m US$m
By business:
Jardine Pacific 3,334 2,941
Jardine Motor Interests 12,066 14,702
Hongkong Land 2,642 2,543
DFI Retail 13,488 14,028
Mandarin Oriental 440 356
Jardine Cycle & Carriage 3,486 4,023
Astra 19,467 17,547
Intersegment transactions (141) (146)
------ ------
54,782 55,994
------ ------
3. Net Operating Costs
Six months ended 30th June
2023 2022
US$m US$m
Cost of sales (13,230) (13,407)
Other operating income 360 250
Selling and distribution costs (1,957) (1,984)
Administration expenses (1,144) (1,128)
Other operating expenses (49) (76)
-------- --------
(16,020) (16,345)
-------- --------
Net operating costs included the following gains/(losses)
from non-trading items:
Change in fair value of other investments 55 (30)
Impairment of assets - (6)
Sale of businesses (1) 5
Sale of property interests 82 -
Other (1) (4)
135 (35)
-------- --------
4. Share of Results of Associates and Joint Ventures
Six months ended 30th June
2023 2022
US$m US$m
By business:
Jardine Pacific 55 (54)
Jardine Motor Interests 190 150
Hongkong Land 155 143
DFI Retail 5 (65)
Mandarin Oriental 1 (1)
Jardine Cycle & Carriage 54 93
Astra 301 228
Corporate (11) (11)
----- -----
750 483
----- -----
Share of results of associates and joint ventures
included the following gains/(losses) from non-trading
items:
Change in fair value of investment properties (9) (21)
Change in fair value of other investments 12 7
Impairment of assets - (113)
Share of Zhongsheng's results for 1st July 2022 to
31st December 2022 (note 7) 101 -
Other (1) -
103 (127)
----- -----
Results are shown after tax and non-controlling interests in the
associates and joint ventures.
5. Tax
Six months ended 30th June
2023 2022
US$m US$m
Tax charged to profit and loss is analysed as follows:
Current tax (571) (485)
Deferred tax 110 46
----- -----
(461) (439)
----- -----
China (59) (53)
Southeast Asia (391) (370)
United Kingdom (1) (5)
Rest of the world (10) (11)
----- -----
(461) (439)
----- -----
Tax relating to components of other comprehensive
income or expense is analysed as follows:
Cash flow hedges 3 (11)
----- -----
Tax on profits has been calculated at rates of taxation
prevailing in the territories in which the Group operates.
The Group has applied the exception to recognising and
disclosing information about deferred tax assets and liabilities
relating to Pillar Two income taxes.
Share of tax charge of associates and joint ventures of US$140
million (2022: US$205 million) is included in share of results of
associates and joint ventures. Share of tax charge of US$1 million
(2022: US$21 million) is included in other comprehensive income of
associates and joint ventures.
6. Earnings per Share
Basic earnings per share are calculated on profit attributable
to shareholders of US$566 million (2022: US$423 million) and on the
weighted average number of 290 million (2022: 288 million) shares
in issue during the period.
Diluted earnings per share are calculated on profit attributable
to shareholders of US$566 million (2022: US$423 million), which is
after adjusting for the effects of the conversion of dilutive
potential ordinary shares of subsidiaries and on the weighted
average number of 290 million (2022: 288 million) shares in issue
during the period.
The weighted average number of shares is arrived at as
follows:
Ordinary shares
in millions
2023 2022
Weighted average number of shares in issue 290 644
Company's share of shares held by subsidiaries - (356)
----------- -------------
Weighted average number of shares for basic earnings
per share calculation 290 288
Adjustment for shares deemed to be issued for no
consideration under the Senior Executive Share
Incentive Schemes - -
----------- -------------
Weighted average number of shares for diluted earnings
per share calculation 290 288
----------- -------------
Additional basic and diluted earnings per share are also
calculated based on underlying profit attributable to shareholders.
A reconciliation of earnings is set out below:
Six months ended 30th June
2023 2022
Basic Diluted Basic Diluted
earnings earnings earnings earnings
per share per share per share per share
US$m US$ US$ US$m US$ US$
Profit attributable
to shareholders 566 1.95 1.95 423 1.47 1.47
Non-trading items (note
7) 257 324
---- ----
Underlying profit
attributable
to shareholders 823 2.84 2.84 747 2.60 2.60
---- ----
7. Non-trading items
Non-trading items are separately identified to provide greater
understanding of the Group's underlying business performance. Items
classified as non-trading items include fair value gains or losses
on revaluation of investment properties and on equity investments
which are measured at fair value through profit and loss; gains and
losses arising from the sale of businesses, investments and
properties; impairment of non-depreciable intangible assets,
associates and joint ventures and other investments; provisions for
the closure of businesses; acquisition-related costs in business
combinations; and other credits and charges of a non-recurring
nature that require inclusion in order to provide additional
insight into underlying business performance.
An analysis of non-trading items after interest, tax and
non-controlling interests is set out below:
Six months ended 30th June
2023 2022
US$m US$m
By business:
Jardine Pacific 35 (95)
Jardine Motor Interests 153 (1)
Hongkong Land (402) (70)
DFI Retail (19) (4)
Mandarin Oriental (113) 2
Jardine Cycle & Carriage 45 (125)
Astra 5 99
Corporate and other interests 39 (130)
(257) (324)
----- -----
Change in fair value of investment properties
----- -----
- Hongkong Land (402) (70)
- other (80) 7
----- -----
(482) (63)
Change in fair value of other investments 54 (148)
Impairment of assets - (114)
Share of Zhongsheng's results for 1st July 2022 to
31st December 2022 101 -
Sale of businesses 11 4
Sale of property interests 61 -
Other (2) (3)
(257) (324)
----- -----
Zhongsheng's interim and annual results have historically been
reported after the Group's results announcements. In previous
years, the Group has recognised its 21% share of Zhongsheng's
results based on publicly available reported results as at the
Group's reporting date. Hence, Zhongsheng's contribution in the
Group's 2022 half-year financial statements represented its share
of Zhongsheng's results for the period from 1st July 2021 to 31st
December 2021. From 2023, however, the Group has determined that a
better representation of Zhongsheng's current performance would be
given using an estimate of its share of Zhongsheng's results on a
calendar year basis, based on an average of recent external analyst
estimates.
This change has been adopted prospectively from 1st January 2023
as a change in estimate such that the Group's results for the six
months ended 30th June 2023 include its share of Zhongsheng's
results for a twelve-month period from 1st July 2022 to 30th June
2023. The Group's share of Zhongsheng's results for the six months
ended 30th June 2023 are presented as underlying profit, and the
results for 1st July 2022 to 31st December 2022 have been presented
as a non-trading item.
8. Dividends
Six months ended 30th June
2023 2022
US$m US$m
Final dividend in respect of 2022 of USc160.00
(2021: USc156.00) per share 463 1,114
Company's share of dividends paid on the shares held
by subsidiaries - (666)
----- -----
463 448
----- -----
An interim dividend in respect of 2023 of USc60.00 (2022:
USc55.00) per share amounting to a total of US$174 million (2022:
US$159 million) is declared by the Board and will be accounted for
as an appropriation of revenue reserves in the year ending 31st
December 2023.
9. Financial Instruments
Financial instruments by category
The fair values of financial assets and financial liabilities,
together with carrying amounts at 30th June 2023 and 31st December
2022 are as follows:
Fair
value Fair value Financial
through through assets
Fair value profit other at Other Total
of hedging and comprehensive amortised financial carrying Fair
instruments loss income costs liabilities amount value
US$m US$m US$m US$m US$m US$m US$m
30th June 2023
Financial assets
measured at
fair value
Other investments
* equity investments - 1,888 - - - 1,888 1,888
* debt investments - 10 859 - - 869 869
* limited partnership investment funds - 272 - - - 272 272
Derivative financial
instruments 77 - - - - 77 77
----------- -------
77 2,170 859 - - 3,106 3,106
----------- ------- ------------- ----------- ----------- -------- --------
Financial assets
not measured at
fair value
Debtors - - - 9,142 - 9,142 8,437
Bank balances - - - 5,538 - 5,538 5,538
----------- ------- ------------- ----------- ----------- -------- --------
- - - 14,680 - 14,680 13,975
----------- ------- ------------- ----------- ----------- -------- --------
Financial liabilities
measured at
fair value
Derivative financial
instruments (32) - - - - (32) (32)
Contingent consideration
payable - (20) - - - (20) (20)
(32) (20) - - - (52) (52)
----------- ------- ------------- ----------- ----------- -------- --------
Financial liabilities
not measured at
fair value
Borrowings - - - - (15,802) (15,802) (15,655)
Lease liabilities - - - - (3,599) (3,599) (3,599)
Trade and other
payable excluding
non-financial
liabilities - - - - (8,460) (8,460) (8,460)
----------- ------- ------------- ----------- ----------- -------- --------
- - - - (27,861) (27,861) (27,714)
----------- ------- ------------- ----------- ----------- -------- --------
Financial instruments by category
Fair
value Fair value Financial
through through assets
Fair value profit other at Other Total
of hedging and comprehensive amortised financial carrying Fair
instruments loss income costs liabilities amount value
US$m US$m US$m US$m US$m US$m US$m
31st December
2022
Financial assets
measured at
fair value
Other investments
* equity investments - 1,790 - - - 1,790 1,790
* debt investments - 10 763 - - 773 773
* limited partnership investment funds - 256 - - - 256 256
Derivative financial
instruments 185 - - - - 185 185
----------- -------
185 2,056 763 - - 3,004 3,004
----------- ------- ------------- ----------- ----------- -------- --------
Financial assets
not measured at
fair value
Debtors - - - 8,463 - 8,463 8,067
Bank balances - - - 5,898 - 5,898 5,898
----------- ------- ------------- ----------- ----------- -------- --------
- - - 14,361 - 14,361 13,965
----------- ------- ------------- ----------- ----------- -------- --------
Financial liabilities
measured at
fair value
Derivative financial
instruments (24) - - - - (24) (24)
Contingent consideration
payable - (9) - - - (9) (9)
----------- ------- ------------- ----------- ----------- -------- --------
(24) (9) - - - (33) (33)
----------- ------- ------------- ----------- ----------- -------- --------
Financial liabilities
not measured at
fair value
Borrowings - - - - (16,236) (16,236) (15,612)
L ease liabilities - - - - (3,723) (3,723) (3,723)
Trade and other
payable excluding
non-financial
liabilities - - - - (8,239) (8,239) (8,239)
----------- ------- ------------- ----------- ----------- -------- --------
- - - - (28,198) (28,198) (27,574)
----------- ------- ------------- ----------- ----------- -------- --------
Fair value estimation
(i) Financial instruments that are measured at fair value
For financial instruments that are measured at fair value in the
balance sheet, the corresponding fair value measurements are
disclosed by level of the following fair value measurement
hierarchy:
(a) Quoted prices (unadjusted) in active markets for identical
assets or liabilities ('quoted prices in active markets')
The fair values of listed securities and bonds are based on
quoted prices in active markets at the balance sheet date. The
quoted market price used for listed investments held by the Group
is the current bid price.
(b) Inputs other than quoted prices in active markets that are
observable for the asset or liability, either directly or
indirectly ('observable current market transactions')
The fair values of derivative financial instruments are
determined using rates quoted by the Group's bankers at the balance
sheet date. The rates for interest rate swaps and caps,
cross-currency swaps and forward foreign exchange contracts are
calculated by reference to market interest rates and foreign
exchange rates.
The fair values of unlisted investments mainly include club and
school debentures, are determined using prices quoted by brokers at
the balance sheet date.
(c) Inputs for assets or liabilities that are not based on
observable market data ('unobservable inputs')
The fair values of other unlisted equity investments and limited
partnership investment funds are determined using valuation
techniques by reference to observable current market transactions
(including price-to earnings and price-to book ratios of listed
securities of entities engaged in similar industries) or the market
prices of the underlying investments with certain degree of entity
specific estimates or discounted cash flow by projecting the cash
inflows from these investments.
There were no changes in valuation techniques during the six
months ended 30th June 2023 and the year ended 31st December
2022.
The table below analyses financial instruments carried at fair
value at 30th June 2023 and
31st December 2022, by the levels in the fair value measurement
hierarchy:
Quoted Observable
prices current
in active market Unobservable
markets transactions inputs Total
US$m US$m US$m US$m
30th June 2023
Assets
Other investments
--------- ------------ ------------ -----
- equity investments 1,559 57 272 1,888
- debt investments 859 - 10 869
- limited partnership investment
funds - - 272 272
2,418 57 554 3,029
Derivative financial instruments
at
fair value
* through other comprehensive income - 77 - 77
2,418 134 554 3,106
--------- ------------ ------------ -----
Liabilities
Contingent consideration
payable - - (20) (20)
Derivative financial instruments
at
fair value
* through other comprehensive income - (31) - (31)
* through profit and loss - (1) - (1)
- (32) (20) (52)
--------- ------------ ------------ -----
31st December 2022
Assets
Other investments
--------- ------------ ------------ -----
- equity investments 1,484 54 252 1,790
- debt investments 763 - 10 773
- limited partnership investment
funds - - 256 256
2,247 54 518 2,819
Derivative financial instruments
at
fair value
- through other comprehensive
income - 185 - 185
2,247 239 518 3,004
--------- ------------ ------------ -----
Liabilities
Contingent consideration
payable - - (9) (9)
Derivative financial instruments
at
fair value
* through other comprehensive income - (20) - (20)
* through profit and loss - (4) - (4)
- (24) (9) (33)
--------- ------------ ------------ -----
There were no transfers among the three categories for the six
months ended 30th June 2023. During the year ended 31st December
2022, equity investments amounted to US$233 million was transferred
from 'Unobservable inputs' to 'Quoted prices in active
markets'.
Movement of unlisted equity and debt investments, and limited
partnership investment funds, which are valued based on
unobservable inputs during the year ended 31st December 2022 and
six months ended 30th June 2023 are as follows:
US$m
At 1st January 2022 559
Exchange differences (28)
Additions 217
Disposals (2)
Transfer to 'quoted prices in active markets' (233)
Net change in fair value during the year included in
profit and loss 5
-----
At 31st December 2022 and 1st January 2023 518
Exchange differences 10
Additions 15
Net change in fair value during the period included
in profit and loss 11
-----
At 30th June 2023 554
-----
(ii) Financial instruments that are not measured at fair value
The fair values of current debtors, bank balances and other
liquid funds, current creditors, current borrowings and current
lease liabilities are assumed to approximate their carrying amounts
due to the short-term maturities of these assets and
liabilities.
The fair values of long-term borrowings are based on market
prices or are estimated using the expected future payments
discounted at market interest rates. The fair values of non-current
lease liabilities are estimated using the expected future payments
discounted at market interest rates.
10. Notes to Consolidated Cash Flow Statement
(a) Purchase of associates and joint ventures for the six months
ended 30th June 2023 mainly included US$26 million for Hongkong
Land's investment in the Chinese mainland; US$8 million for Jardine
Cycle & Carriage's additional interest in Refrigeration
Electrical Engineering Corporation and US$26 million for Astra's
acquisition of a 25% interest in PT Equinix Indonesia Jkt.
Purchases for the six months ended 30th June 2022 mainly
included US$84 million for Hongkong Land's investments in the
Chinese mainland, US$24 million for Jardine Cycle & Carriage's
additional interest in Refrigeration Electrical Engineering
Corporation, US$45 million for Astra's investment in a toll road
concession business and US$38 million for Corporate's additional
interest in Livi Bank Limited in Hong Kong.
(b) Purchase of other investments for the six months ended 30th
June 2023 mainly included Astra's acquisition of securities of
US$152 million; and Corporate's additional investments in limited
partnership investment funds for US$13 million.
Purchases for the six months ended 30th June 2022 mainly
included Astra's acquisition of securities of US$191 million, and
Astra's investments in healthcare services and a technology-based
logistics startup of US$74 million and US$15 million,
respectively.
(c) Advances to and repayments to associates and joint ventures
for the six months ended 30th June 2023 included Hongkong Land's
advances to and repayments to its property joint ventures of US$127
million and Mandarin Oriental's advance to its associate hotel of
US$21 million.
Advances to and repayments to associates and joint ventures for
the six months ended 30th June 2022 mainly included Hongkong Land's
advances to and repayments to its property joint ventures.
(d) Advances from and repayments from associates and joint
ventures for the six months ended 30th June 2023 mainly included
Hongkong Land's advances from and repayments from joint ventures of
US$710 million and Mandarin Oriental's repayments from its
associate and joint venture hotels of US$66 million.
Advances from and repayments from associates and joint ventures
for the six months ended 30th June 2022 mainly included Hongkong
Land's advances from and repayments from joint ventures.
(e) Sale of subsidiaries
2023
US$m
Non-current assets 398
Current assets 458
Non-current liabilities (285)
Current liabilities (406)
Non-controlling interests 10
-----
Net assets 175
Cumulative exchange translation difference 113
Net profit on disposal 6
-----
Net sales proceeds 294
Consideration settled and payable 54
Transaction costs payable 10
Cash and cash equivalents of subsidiaries disposed
of (55)
-----
Net cash inflow 303
-----
Net cash inflow for sale of subsidiaries for the six months
ended 30th June 2023 comprised US$359 million inflow from Jardine
Motor Interests' sale of its United Kingdom operation and US$56
million cash outflow from DFI Retail's divestment of its Malaysian
grocery retail business.
(f) Sale of other investments for the six months ended 30th June
2023 and 2022 mainly included sale of securities in Astra.
(g) Change in interests in subsidiaries
Six months ended 30th June
2023 2022
US$m US$m
Increase in attributable interests
* Hongkong Land (55) (279)
* Jardine Cycle & Carriage (32) (73)
- Mandarin Oriental (18) -
* other - (8)
----- -----
(105) (360)
----- -----
11. Capital Commitments and Contingent Liabilities
Total capital commitments at 30th June 2023 and 31st December
2022 amounted to US$2,306 million and US$2,500 million,
respectively.
Following the acquisition of the 15 per cent of Jardine
Strategic not previously owned by the Company and its wholly-owned
subsidiaries, which was effected on 14th April 2021, a number of
former Jardine Strategic shareholders are seeking an appraisal of
the fair value of their shares in Jardine Strategic by the Bermuda
court, relying upon the process referred to in the shareholder
circular issued in connection with the acquisition. These
shareholders claim the consideration of US$33 per share that
Jardine Strategic considered to be fair value for its shares, and
that all shareholders have already received, did not represent fair
value. Although the proceedings were commenced in April 2021, they
are still ongoing. It is anticipated that the court appraisal
process will not be concluded for at least a further 12 months and
will likely extend further. The Board believes that the US$33 per
share that was paid represented fair value to Jardine Strategic
minority shareholders and is of the opinion that no provision is
required in relation to these claims.
Various Group companies are involved in litigation arising in
the ordinary course of their respective businesses. Having reviewed
outstanding claims and taking into account legal advice received,
the Directors are of the opinion that adequate provisions have been
made in the condensed financial statements.
12. Related Party Transactions
In the normal course of business the Group undertakes a variety
of transactions with certain of its associates and joint
ventures.
Six months ended 30th June
2023 2022
US$m US$m
Sales to associates and joint ventures
* motor vehicles and spare parts 442 353
* coal 603 467
* crude palm oil 189 179
----------- -------------
1,234 999
----------- -------------
Purchase from associates and joint ventures
* motor vehicles and spare parts 3,254 2,708
----------- -------------
There were no other related party transactions that were
considered to have a material effect on the financial position or
performance of the Group that were entered into or changed during
the first six months of the current financial year.
Amounts of outstanding balances with associates and joint
ventures are included in debtors and creditors, as appropriate.
Jardine Matheson Holdings Limited
Principal Risks and Uncertainties
The Board has overall responsibility for risk management and
internal control. The following have been identified previously as
the areas of principal risk and uncertainty facing the Company, and
they remain relevant in the second half of the year.
-- Political and economic risk
-- Customers' changing behaviours and market competition
-- Investment, partnerships and franchise rights
-- IT, facilities and cybersecurity
-- Concentration risk
-- Talent and labour
-- Environmental and climate risk
-- Third-party service provider and supply chain management
-- Change management, cultural agility and strategic
initiatives
-- Health, safety and product quality
-- Compliance with and changes to laws and regulations
-- Pandemic
-- Customer exposures and claims on customers
-- Financial strength and funding
-- Governance and misconduct
For greater detail, please refer to pages 84 to 92 of the
Company's 2022 Annual Report, a copy of which is available on the
Company's website at www.jardines.com.
Responsibility Statements
The Directors of the Company confirm to the best of their
knowledge that:
(a) the condensed financial statements prepared in accordance
with IAS 34 'Interim Financial Reporting', give a true and fair
view of the assets, liabilities, financial position and profit and
losses of the Group; and
(b) the interim management report includes a fair review of all
information required to be disclosed under Rules 4.2.7 and 4.2.8 of
the Disclosure Guidance and Transparency Rules issued by the
Financial Conduct Authority of the United Kingdom.
For and on behalf of the Board
John Witt
Graham Baker
Directors
Dividend Information for Shareholders
The interim dividend of USc60 per share will be payable on 11th
October 2023 to shareholders on the register of members at the
close of business on 18th August 2023. The shares will be quoted
ex-dividend on 17th August 2023 and the share registers will be
closed from 21st to 25th August 2023, inclusive. The dividend will
be available in cash with a scrip alternative.
Shareholders will receive their cash dividends in United States
Dollars, except when elections are made for alternate currencies in
the following circumstances.
Shareholders on the Jersey branch register
Shareholders registered on the Jersey branch register will have
the option to elect for their dividends to be paid in Sterling.
These shareholders may make new currency elections for the 2023
interim dividend by notifying the United Kingdom transfer agent in
writing by 22nd September 2023. The Sterling equivalent of
dividends declared in United States Dollars will be calculated by
reference to a rate prevailing on 27th September 2023.
Shareholders holding their shares through CREST in the United
Kingdom will receive their cash dividends in Sterling only as
calculated above.
Shareholders on the Singapore branch register who hold their
shares through T he Central Depository (Pte) Limited ('CDP')
Shareholders who are on CDP's Direct Crediting Service
('DCS')
For those shareholders who are on CDP's DCS, they will receive
their cash dividends in Singapore Dollars unless they opt out of
CDP Currency Conversion Service, through CDP, to receive United
States Dollars.
Shareholders who are not on CDP's DCS
For those shareholders who are not on CDP's DCS, they will
receive their cash dividends in United States Dollars unless they
elect, through CDP, to receive Singapore Dollars.
Shareholders on the Singapore branch register who wish to
deposit their shares into the CDP system by the dividend record
date, being 18th August 2023, must submit the relevant documents to
M & C Services Private Limited, the Singapore branch registrar,
by no later than 5.00 p.m. (local time) on 17th August 2023.
The Jardine Matheson Group
Jardine Matheson is a diversified Asian-based group founded in
China in 1832, with unsurpassed experience in the region. It has a
broad portfolio of market-leading businesses, which represent a
combination of cash generating activities and long-term property
assets and are closely aligned to the increasingly prosperous
consumers of the region. The Group's businesses aim to produce
sustainable returns by providing their customers with high quality
products and services. The Group is committed to driving long-term
sustainable success in our businesses and our communities.
Jardine Matheson operates principally in China and Southeast
Asia, where its subsidiaries and affiliates benefit from the
support of the Group's extensive knowledge of the region and its
long-standing relationships. These companies are active in the
fields of motor vehicles and related operations, property
investment and development, food retailing, health and beauty, home
furnishings, engineering and construction, transport services,
restaurants, luxury hotels, financial services, heavy equipment,
mining and agribusiness.
Jardine Matheson holds interests in Jardine Pacific (100%),
Hongkong Land (53.1%), DFI Retail Group (77.5%), Mandarin Oriental
(80.2%), Jardine Cycle & Carriage (76.8%) ('JC&C') and
Zhongsheng (21.1%). JC&C in turn has a 50.1% shareholding in
Astra.
Jardine Matheson Holdings Limited is incorporated in Bermuda and
has a primary listing in the standard segment of the London Stock
Exchange, with secondary listings in Bermuda and Singapore. Jardine
Matheson Limited operates from Hong Kong and provides management
services to Group companies.
- end -
For further information, please contact:
Jardine Matheson Limited
Graham Baker / Suzanne Cheuk (852) 2843 8218 / 8262
Brunswick Group Limited
William Brocklehurst (852) 5685 9881
As permitted by the Disclosure Guidance and Transparency Rules
of the Financial Conduct Authority in the United Kingdom, the
Company will not be posting a printed version of the Half-Year
Results announcement for the six months ended 30th June 2023 to
shareholders. This Half-Year Results announcement will be made
available on the Company's website, www.jardines.com, together with
other Group announcements.
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END
IR KZGZNZRZGFZM
(END) Dow Jones Newswires
July 28, 2023 09:03 ET (13:03 GMT)
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