Final Results Part 2

Jardine Matheson Hldgs Ld
26 February 2003


-----------------------------------------------------------------------------------------------
Jardine Matheson Holdings Limited
Consolidated Profit and Loss Account
for the year ended 31st December 2002
-----------------------------------------------------------------------------------------------

                                                                    Prepared in accordance with
 Prepared in accordance                                           IFRS as modified by revaluation
       with IFRS                                                      of leasehold properties*
    2001           2002                                               2002               2001
    US$m           US$m    Note                                       US$m               US$m
------------------------                                          ------------------------------
   9,413          7,398     2   Revenue                              7,398              9,413
  (7,079)        (5,500)        Cost of sales                       (5,499)            (7,077)
-----------   ------------                                        ------------      ------------
   2,334          1,898         Gross profit                         1,899              2,336
     172            157         Other operating income                 157                172
  (1,654)        (1,243)        Selling and distribution costs      (1,242)            (1,654)
    (557)          (463)        Administration expenses               (463)              (557)
     (91)           (73)        Other operating expenses               (80)               (92)
                                Net profit on disposal of Woolworths
       -            231          in Dairy Farm                         231                  -
                                Net gain on disposal of Franklins'
      38              5          assets in Dairy Farm                    5                 38
-----------   ------------                                        ------------      ------------
     242            512     3   Operating profit                       507                243
    (161)          (117)        Net financing charges                 (117)              (161)

                                Share of results of associates
                                 and joint ventures excluding
                                 decrease in fair value
     228            339          of investment properties              389                261
                                Impairment of assets in Cycle &
     (88)             -     4    Carriage                                -                (88)
                                Decrease in fair value of
      (4)            (9)         investment properties                (413)              (246)


                                Share of results of associates
     136            330     5    and joint ventures                    (24)               (73)
-----------   ------------                                        ------------      ------------
     217            725         Profit before tax                      366                  9
    (101)          (129)    6   Tax                                   (130)              (103)
-----------   ------------                                        ------------      ------------
     116            596         Profit/(loss) after tax                236                (94)
      (1)          (244)        Outside interests                     (162)                52
-----------   ------------                                        ------------      ------------
     115            352         Net profit/(loss)                       74                (42)
-----------   ------------                                        ------------      ------------

--------------------------                                        ------------------------------
     USc            USc                                                USc                USc
--------------------------                                        ------------------------------

                            7  Earnings/(loss) per share
   29.79          93.74        - basic                               19.60             (10.72)
   29.56          93.10        - diluted                             19.47             (10.72)
                            7  Underlying earnings per share
   42.81          62.82        - basic                               67.40              46.32
   42.49          62.39        - diluted                             66.94              45.97
--------------------------                                         ------------------------------

*  The basis of preparation of this supplementary financial information is set out in note 1.



--------------------------------------------------------------------------------------------------
Jardine Matheson Holdings Limited
Consolidated Balance Sheet
at 31st December 2002
--------------------------------------------------------------------------------------------------

                                                                    Prepared in accordance with
 Prepared in accordance                                           IFRS as modified by revaluation
       with IFRS                                                      of leasehold properties*
    2001          2002                                                2002               2001
    US$m          US$m                                                US$m               US$m
------------------------                                          ------------------------------
                           Net operating assets
      13             4     Goodwill                                      4                 13
   1,392         1,411     Tangible assets                           2,171              2,141
      13           268     Investment properties                       411                163
     440           484     Leasehold land payments                       -                  -
   1,955         2,300     Associates and joint ventures             3,027              3,117
     868           509     Other investments                           509                868
      26            31     Deferred tax assets                          31                 26
      90            89     Pension assets                               89                 90
       2            13     Other non-current assets                     13                  2
----------    ----------                                         -------------     --------------
   4,799         5,109     Non-current assets                        6,255              6,420

       -           285     Properties for sale                         285                  -
     768           894     Stocks and work in progress                 894                768
     640           694     Debtors and prepayments                     694                640
     959         1,273     Bank balances and other liquid funds      1,273                959
----------    ----------                                         -------------     --------------
   2,367         3,146     Current assets                            3,146              2,367
----------    ----------                                         -------------     --------------

  (1,625)       (1,712)    Creditors and accruals                   (1,712)            (1,625)
    (434)         (580)    Borrowings                                 (580)              (434)
     (31)          (52)    Current tax liabilities                     (52)               (31)
     (23)          (45)    Current provisions                          (45)               (23)
----------    ----------                                         -------------     --------------
  (2,113)       (2,389)    Current liabilities                      (2,389)            (2,113)
----------    ----------                                         -------------     --------------

     254           757     Net current assets                          757                254
  (2,136)       (2,282)    Long-term borrowings                     (2,282)            (2,136)
     (59)          (65)    Deferred tax liabilities                    (78)               (66)
     (14)          (13)    Pension liabilities                         (13)               (14)
     (12)          (24)    Non-current provisions                      (24)               (12)
     (45)          (30)    Other non-current liabilities               (30)               (45)
----------    ----------                                         -------------     --------------
   2,787         3,452                                               4,585              4,401
----------    ----------                                         -------------     --------------
                           Capital employed
     153           153     Share capital                               153                153
       -             -     Share premium                                 -                  -
   2,515         2,694     Revenue and other reserves                3,376              3,501
    (641)         (670)    Own shares held                            (670)              (641)
----------    ----------                                         -------------     --------------
   2,027         2,177     Shareholders' funds                       2,859              3,013
     760         1,275     Outside interests                         1,726              1,388
----------    ----------                                         -------------     --------------
   2,787         3,452                                               4,585              4,401
----------    ----------                                         -------------     --------------

*  The basis of preparation of this supplementary financial information is set out in note 1.


--------------------------------------------------------------------------------------------------
Jardine Matheson Holdings Limited
Consolidated Statement of Changes in Shareholders' Funds
for the year ended 31st December 2002
--------------------------------------------------------------------------------------------------

                                                                    Prepared in accordance with
 Prepared in accordance                                           IFRS as modified by revaluation
       with IFRS                                                      of leasehold properties*
   2001          2002                                                 2002                2001
   US$m          US$m    Note                                         US$m                US$m
------------------------                                          --------------------------------

  2,286         2,027          At 1st January                        3,013               3,469

                               Revaluation of properties
     (4)           22          -  net revaluation surplus/(deficit)     (5)                (44)
      1            (5)         -  deferred tax                          (5)                  1
                               Revaluation of other investments
   (159)          (98)         -  fair value losses                    (98)               (159)
                               -  transfer on change in attributable
      -             5              interests                             5                   -
                               -  transfer to consolidated profit and
     (9)         (110)             loss account on disposal           (110)                 (9)
                               Net exchange translation differences
    (43)           69          -  amount arising in year                69                 (43)
                               -  transfer to consolidated  profit and
     15            46              loss  account                        46                  15
                               Cash flow hedges
    (14)          (14)         -  fair value losses                    (14)                (14)
                               -  transfer to consolidated profit
      9             6              and loss account                      6                   9
                               -  recognized in stocks and
     (1)            -              work in progress                      -                  (1)
      1             -          -  deferred tax                           -                   1


                               Net losses not recognized in consolidated
   (204)          (79)          profit and loss account               (106)               (244)
    115           352          Net profit/(loss)                        74                 (42)
   (103)         (100)    8    Dividends                              (100)               (103)
      2             2          Exercise of share options                 2                   2
     28            21          crip issued in lieu of dividends         21                  28
    (88)          (21)         Repurchase of shares                    (21)                (88)
      2             4          Change in attributable interests          5                   2
    (11)          (29)         Increase in own shares held             (29)                (11)
----------    ----------                                           -------------      --------------
  2,027         2,177          At 31st December                      2,859               3,013
----------    ----------                                           -------------      --------------
*  The basis of preparation of this supplementary financial information is set out in note 1.


--------------------------------------------------------------------------------------------------
Jardine Matheson Holdings Limited
Consolidated Cash Flow Statement
for the year ended 31st December 2002
--------------------------------------------------------------------------------------------------

                                                                    Prepared in accordance with
 Prepared in accordance                                           IFRS as modified by revaluation
       with IFRS                                                      of leasehold properties*
   2001          2002                                                 2002                2001
   US$m          US$m   Note                                          US$m                US$m
------------------------                                          --------------------------------
                            Operating activities

    242           512       Operating profit                           507                 243
    202           167       Depreciation and amortisation              165                 200
    (86)         (264)      Other non-cash items                      (257)                (85)
     (2)          135       Decrease/(increase) in working capital     135                  (2)
     37            18       Interest received                           18                  37
   (187)         (126)      Interest and other financing charges paid (126)               (187)
    (49)          (57)      Tax paid                                   (57)                (49)
----------    ----------                                           -------------      ------------
    157          385                                                   385                 157
                            Dividends from associates and
    200          209         joint ventures                            209                 200

    357          594        Cash flows from operating activities       594                 357

                            Investing activities

   (67)         (343)  9(a) Purchase of subsidiary undertakings       (343)                (67)
   (91)          (68)  9(b) Purchase of associates and  joint ventures (68)                (91)
   (21)          (14)       Purchase of other investments              (14)                (21)
  (208)         (240)       Purchase of tangible assets               (241)               (209)
     -            (1)       Purchase of investment properties           (1)                  -
    (1)           (1)       Leasehold land payments                      -                   -
  (232)          384   9(c) Sale of subsidiary undertakings            384                (232)
    30             5   9(d) Sale of associates and joint ventures        5                  30
   198           174   9(e) Sale of other investments                  174                 198
    51            29        Sale of tangible assets                     29                  51
     -             9        Sale of investment properties                9                   -
     -             2        Sale of leasehold land                       2                   -
   217             -        Disposal of Franklins' assets in Dairy Farm  -                 217

  (124)          (64)       Cash flows from investing activities       (64)               (124)

                            Financing activities

     2             2        Issue of shares                              2                   2
   (88)          (21)       Repurchase of shares                       (21)                (88)
                            Capital contribution from outside
     6             8         shareholders                                8                   6
     -            30        Grants received                             30                   -
 6,238         6,488        Drawdown of borrowings                   6,488               6,238
(6,687)       (6,608)       Repayment of borrowings                 (6,608)             (6,687)
   (53)          (59)       Dividends paid by the Company              (59)                (53)
   (44)          (42)       Dividends paid to outside shareholders     (42)                (44)

  (626)         (202)       Cash flows from financing activities      (202)               (626)
   (16)            8        Effect of exchange rate changes              8                 (16)
----------    ----------                                           -------------      --------------
                            Net increase/(decrease) in cash and cash
  (409)          336         equivalents                               336                (409)
 1,318           909        Cash and cash equivalents at 1st January   909               1,318
----------    ----------                                           -------------      --------------
                            Cash and cash equivalents at 31st
   909         1,245         December                                1,245                 909
----------    ----------                                           -------------      --------------
*  The basis of preparation of this supplementary financial information is set out in note 1.


----------------------------------------------------------------------------------------------------
Jardine Matheson Holdings Limited
Analysis of Profit Contribution
for the year ended 31st December 2002
----------------------------------------------------------------------------------------------------

                                                                    Prepared in accordance with
 Prepared in accordance                                           IFRS as modified by revaluation
       with IFRS                                                      of leasehold properties*
   2001          2002                                                 2002                2001
   US$m          US$m                                                 US$m                US$m
------------------------                                          --------------------------------
                           Group Contribution

     75            79      Jardine Pacific                              81                  77
     54            42      Jardine Motors Group                         42                  54
     23            30      Jardine Lloyd Thompson                       30                  23
     15            51      Dairy Farm                                   51                  15
     57            57      Hongkong Land                                72                  68
      4            14      Mandarin Oriental                            14                   4
     15            38      Cycle & Carriage                             38                  15

    243           311      Profit from core businesses                 328                 256
    (77)          (75)     Corporate and other interests               (75)                (77)
----------    ----------                                           -------------      --------------
    166           236      Underlying net profit                       253                 179
                           Decrease in fair value of investment
     (4)           (7)      properties                                (325)               (189)
    (47)          123      Other non-recurring items                   146                 (32)
----------    ----------                                           -------------      --------------
    115           352      Net profit/(loss)                            74                 (42)
----------    ----------                                           -------------      --------------
                           Further analysis of Jardine Pacific

      -             3      EastPoint                                     3                   -
     13            12      Gammon Skanska                               12                  13
     17            23      HACTL                                        23                  17
      6             7      Jardine Aviation Services                     7                   6
     14             8      Jardine Engineering Corporation               8                  14
     (5)           (6)     Jardine Logistics                            (6)                 (5)
      4             2      Jardine OneSolution                           2                   4
      5             4      Jardine Property Investment                   5                   6
      8             8      Jardine Restaurants                           8                   8
     11            11      Jardine Schindler                            11                  11
      5             6      Jardine Shipping Services                     6                   5
      2             3      Pacific Finance                               3                   2
      7             11     Other                                        12                   8

     87             92                                                  94                  89
    (12)           (13)    Corporate                                   (13)                (12)
----------    ----------                                           -------------      --------------
     75             79                                                  81                  77
----------    ----------                                           -------------      --------------
                          Further analysis of Jardine Motors Group

     44             34    Hong Kong and Mainland China                  34                  44
      5              -    United Kingdom                                 -                   5
      1             (1)   France                                        (1)                  1
      1              5    United States                                  5                   1
      -              1    Corporate and other interests                  1                   -
----------    ----------                                           -------------      --------------
     51             39                                                  39                  51
      3              3    Amortisation of goodwill                       3                   3
----------    ----------                                           -------------      --------------
     54             42                                                  42                  54
----------    ----------                                           -------------      --------------
------------------------                                           ----------------------------------

*  The basis of preparation of this supplementary financial information is set out in note 1.




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