Half Yearly Report

RNS Number : 3550L

Jardine Matheson Hldgs Ld

29 July 2011

 



To:       Business Editor                                                                     29th July 2011

For immediate release

The following announcement was issued today to a Regulatory Information Service approved by the Financial Services Authority in the United Kingdom.

Jardine Matheson Holdings Limited

Half-Yearly Results for the Six Months ended 30th June 2011 

Highlights

·     First-half underlying earningsper share up 9%

·     Strong results from Astra and Dairy Farm

·     Fewer residential completions by Hongkong Land

·     Further significant rise in property values

"Trading conditions for the Group's businesses in Asia remain relatively resilient, although concerns exist that the global economic climate is showing some signs of fragility.  Despite the lower income from residential developments and reduced first-half profit in Jardine Motors, the Group is expected to perform satisfactorily in the second half of the year."

 

Sir Henry Keswick, Chairman

29th July 2011

Results

(unaudited)
Six months ended 30th June
	2011 US$m	2010 US$m	Change %
		(restatedΩ)
Gross revenue*	27,402	22,807	+20
Underlying profit attributable to shareholders†	725	664	+9
Profit attributable to shareholders	2,202	1,129	+95
Shareholders' funds#	15,747	13,710	+15
	US$	US$	%
Underlying earnings per share†	2.01	1.85	+9
Earnings per share	6.10	3.15	+94
Interim dividend per share	0.33	0.30	+10
Net asset value per share#	43.40	37.99	+14
* Includes 100% of the revenue of associates and joint ventures. †  The Group uses 'underlying profit attributable to shareholders' 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 2011 and 31st December 2010, respectively.  Net asset value per share is based on the book value of shareholders' funds. Ω  The accounts have been restated due to the change in accounting policy on the early adoption of the amendments to IAS 12 as set out in note 1 to the condensed financial statements.

The interim dividend of US¢33.00 per share will be payable on 12th October 2011 to shareholders on the register of members at the close of business on 19th August 2011 and will be available in cash with a scrip alternative.  The  ex-dividend date will be on 17th August 2011, and the share registers will be closed from 22nd to 26th August 2011, inclusive.

Jardine Matheson Holdings Limited

Half-Yearly Results for the Six Months ended 30th June 2011

Overview

Jardine Matheson produced a good result in the first half of 2011.  Strong performances from Astra and Dairy Farm offset the effect of fewer residential development completions by Hongkong Land as well as a lower profit contribution from Jardine Motors.

Results

Jardine Matheson's underlying profit for the first six months of 2011 was US$725 million, an increase of 9% over the same period in 2010.  Underlying earnings per share were 9% higher at US$2.01.  The gross revenue of the Group, including 100% of the revenue of associates and joint ventures, was US$27.4 billion, compared to US$22.8 billion in the first half of 2010.

Increases in investment property values in Hongkong Land and Jardine Pacific at the end of June 2011 gave rise to a net gain of US$1,445 million, which has been taken through the profit and loss account and compares with a US$461 million gain in the first half of 2010.  Including this and other non-trading items, the Company's profit attributable to shareholders was US$2,202 million for the six months, compared with US$1,129 million in 2010. 

The Board has declared an increased interim dividend of US¢33.00 per share, up 10%.

 

Business Performances

Jardine Pacific recorded mixed results from its businesses in the first half of 2011.  Its recently enlarged IT group, JOS, and its restaurant operations had a strong six months, but its shipping activities suffered from rate erosion and Gammon's earnings were affected by two difficult projects.  While the group is performing ahead of 2010, a less positive trading environment in some sectors must temper the outlook for the year.

Jardine Motors faced a poor market in the United Kingdom and margin pressure in mainland China.  Nevertheless, its second-half performance should benefit from good levels of demand in Hong Kong and on the Mainland, where the group is expanding its Mercedes-Benz dealership network, as well as the recent acquisition of a group of 22 dealerships in the United Kingdom.

Jardine Lloyd Thompson is trading well and the outlook for the full year is encouraging despite a subdued insurance rating environment and low interest rates.  The group continues to invest in the recruitment of leading industry professionals while seeking further cost efficiencies, the benefit of which will be seen increasingly over the medium term.

Hongkong Land's commercial property activities enjoyed positive market conditions.  In April 2011, the group expanded its regional footprint with the announcement of the conditional acquisition of sites in Phnom Penh, Cambodia.  Hongkong Land remains active in the residential sector, particularly in mainland China and Singapore, although the timing of completions means that the profit contribution will be lower in 2011.  Government measures designed to dampen residential sales activity in key sectors in the region have the potential to affect Hongkong Land's future results.  

Dairy Farm continued to explore acquisition opportunities in existing and new markets in Asia while maintaining its investment in organic growth.  At the end of May, its restaurant associate, Maxim's, restructured its Starbucks interests with the franchisor by selling back its 30% share of the mainland China operations and acquiring the remaining interests in its Hong Kong and Macau Starbucks businesses.  Looking forward, despite inflationary cost pressures, Dairy Farm's major businesses are expected to continue to trade well.

More favourable conditions enabled Mandarin Oriental to achieve higher occupancy and increased room rates.  This led to improved profitability despite a significant fall in demand in its Tokyo hotel following the March earthquake.  Its first-half results also reflected gains arising in its London property following the completion of the adjacent branded residences.  In June, the group opened its hotel in Paris, increasing its portfolio to 27.

Jardine Cycle & Carriage produced a strong set of results as Astra's businesses benefited from continued economic growth in Indonesia.  Supply constraints in Astra's automotive operations resulting from the events in Japan had a less material impact than initially expected and sales remained strong.  Increased earnings were also achieved in its financial services, agribusiness, heavy equipment, mining and infrastructure activities.  In May, United Tractors raised some US$700 million through a rights issue to finance the expansion of its coal mining and coal contracting businesses as well as related infrastructure opportunities.  While the prospects for Jardine Cycle & Carriage's non-Astra motor interests are mixed, the outlook for Astra remains promising.

People

Y.K. Pang joined the Board in April 2011.  R.C. Kwok retired from the Board in May 2011.  We would like to thank him for his significant contribution to the Group.

Outlook

Trading conditions for the Group's businesses in Asia remain relatively resilient, although concerns exist that the global economic climate is showing some signs of fragility.  Despite the lower income from residential developments and reduced first-half profit in Jardine Motors, the Group is expected to perform satisfactorily in the second half of the year.

Sir Henry Keswick

Chairman 

29th July 2011

Operating Review

Jardine Pacific

Jardine Pacific's underlying profit for the first half of 2011 was 13% higher at US$74million.  The revaluation of the group's investment property portfolio gave rise to a non-trading gain of US$31million and property disposals produced profits of US$14 million, resulting in a profit attributable to shareholders of US$119 million.

Hong Kong Air Cargo Terminals recorded a decline inearnings due to reduced cargo throughput, although an increased shareholding produced a larger profit contribution to Jardine Pacific.  Improved flight frequencies enabled Jardine Aviation Services to achieve a better performance, but Jardine Shipping Services' results were lower following declines in rates and volumes.

While Gammon's first-half earnings were affected by two difficult projects, its performance is expected to improve in the second half of the year.  Jardine Schindler generated higher profits from new installations and continues to grow its maintenance portfolio.  JEC's earnings were flat, although the 2010 comparative had benefited from one-off items.

Jardine Restaurants' Pizza Hut operations in Hong Kong and Taiwan experienced sales and profit growth, while the KFC franchise in Taiwan acquired in 2010 produced a stable year on year result.  JOS recorded improved revenue and earnings following its recent acquisition.

Jardine Motors

Jardine Motors recorded an underlying profit of US$39million for the period, a decrease of 31% from the US$57million seen in 2010, which had benefited from a gain of US$6 million from property disposals and the timing of variable margin receipts in respect of mainland China.  With non-trading items, a profit attributable to shareholders of US$46 million was recorded for the first half of 2011.

Zung Fu produced a satisfactory performance in Hong Kong and Macau with higher deliveries of Mercedes-Benz passenger cars.  Despite good volume growth on the Mainland, Zung Fu is facing keen competition in the luxury car market and its results were impacted by lower margins.  It now has 18 outlets operating in Southern China with a further six under development.  The group's dealerships in the United Kingdom faced very challenging conditions with declining new vehicles sales and reduced margins, although a recent acquisition will benefit the full-year result. 

Jardine Lloyd Thompson

Jardine Lloyd Thompson produced a satisfactory performance for the first half of 2011 despite strong competition and very low interest earnings.  Revenue benefited from further organic growth and rose to US$667 million, an increase of 9% in the company's reporting currency.  Underlying profit before tax was US$129 million, an increase of 8% in its reporting currency.  The company's contribution to the Group's first-half underlying profit was US$29 million, compared with US$30 million in 2010 which included a significant tax credit.

Jardine Lloyd Thompson's retail and specialist risk and insurance activities had a good first half with particularly strong results from emerging markets.  Underlying trading profit was little changed, however, as investment continued to be made in growing the business.  The trading margin was 23%, compared to 25% for the same period in 2010.  The Employee Benefits business achieved a 19% increase in trading profit, and the trading margin improved from 14% to 15%.

Hongkong Land

Hongkong Land's commercial property portfolio continued to benefit from favourable markets, but reduced residential completions led to the underlying profit for the period declining by 23% to US$365 million.  A US$3.4 billion gain on revaluation of investment properties was recorded producing a profit attributable to shareholders of US$3.8 billion. 

Rental reversions were generally positive in Hongkong Land's office portfolio as broad-based demand continued.  At the end of June 2011, office vacancy was 2.5%, while its retail portfolio was fully occupied.  In Singapore, there is no significant vacancy in the group's existing portfolio, and it is now benefiting from the addition of the first two towers of Marina Bay Financial Centre that were completed in 2010.  The third tower, which is some 60% pre-let, will complete next year. 

In the residential sector, there were further sales of units at The Serenade in Hong Kong and The Residences and Apartments at Mandarin Oriental, Macau.  In Singapore, MCL Land has handed over to buyers Peak@Balmeg, the only project that it will complete during 2011.  In May, it successfully launched Terrasse, a new development that will complete in 2014, and an additional residential development site was acquired in Singapore on which some 600 high-rise apartments will be built.  In mainland China, sales continued at Maple Place, Beijing, while development activities are ongoing in residential projects in Chongqing, Chengdu and Shenyang. 

Dairy Farm

Dairy Farm enjoyed stable trading conditions in its principal markets across Asia in the first half of 2011.  Sales, including 100% of associates, increased by 16% to US$5.0 billion, while underlying net profit rose 18% to US$216 million.  The results were enhanced by favourable currency movements.  The profit attributable to shareholders of US$226 million included a non-trading gain arising from a disposal by Maxim's of its 30% interest in the Starbucks operations on the Mainland.  Dairy Farm's number of outlets stood at some 5,250 at 30th June 2011, a slight reduction during the period primarily due to the Starbucks China sale.

The group's Hong Kong operations produced a good result, and the contribution from Taiwan was satisfactory.  In Southern China, 7-Eleven showed improvement, while Mannings continued to expand its network on the Mainland.  Hong Kong restaurant associate, Maxim's, enjoyed a successful first half with increases in sales and profits. 

Good performances were seen across the group's Malaysian operations, and there was further expansion in all formats in Indonesia.  The Singapore businesses also achieved steady growth.  In India, Dairy Farm's health and beauty joint venture traded profitably, while progress was made in the supermarket business.  Developments also continued in Vietnam where the group's first hypermarket is targeted to open in early 2012.

Mandarin Oriental

Mandarin Oriental's underlying profit for the period rose from US$13 million to US$33 million, which includes US$16 million of branding fees received from the One Hyde Park complex adjacent to the group's London hotel, partially offset by pre-opening expenses of US$11 million incurred in its new Paris hotel.  Profit attributable to shareholders was US$43 million, which includes a non-trading gain of US$10 million representing a long-term leasehold interest in part of the One Hyde Park complex granted at no cost to the group.

The performance of the group's wholly-owned Hong Kong hotels improved with increases in both occupancy and rates, but losses were recorded in its Tokyo hotel as occupancy fell.  In Europe, the group benefited from strong demand in its traditional markets, and enhanced performances were also recorded in its properties in the United States.

The new Mandarin Oriental, Paris, located on the rue Saint-Honoré, opened at the end of June under a long-term lease.  Mandarin Oriental currently operates 27 hotels and has a further 14 under development, a number of which are at an advanced stage of construction.  The group continues to review further development opportunities in key destinations around the world. 

Jardine Cycle & Carriage

Jardine Cycle & Carriage's revenue increased by 27% to US$9.4 billion, while underlying profit grew by 37% to US$485 million.  With no non-trading items in the first half of 2011, profit attributable to shareholders was also US$485 million, up 35%.  The group continued to benefit from strong operating cash flows.  Astra's contribution to Jardine Cycle & Carriage's underlying profit rose 41% to US$491 million as the results from good trading performances were enhanced by the strength of the Indonesian rupiah.

Jardine Cycle & Carriage's other interests produced a modest decline in profit at US$28 million.  The Singapore motor operations faced a fall in sales following a sharp reduction in the government quota for new vehicles, while in Vietnam, Truong Hai Auto Corporation made a lower contribution despite higher unit sales, due primarily to increased finance costs.  In Indonesia, the earnings from Tunas Ridean were little changed as a higher profit from its automotive activities was offset by reduced returns from its finance and rental businesses.  In Malaysia, Cycle & Carriage Bintang saw some improvement as sales rose.  The full-year outlook is mixed as challenges remain in Singapore and Vietnam.

Astra

Astra's operations benefited from continued growth in the Indonesian economy, assisted by stable inflation, high commodity prices and the availability of consumer finance at affordable interest rates.  It reported a 33% increase in net profit under Indonesian accounting standards for the first half of 2011, equivalent to US$985 million.

Astra's motor vehicle sales grew by 10% to some 230,000 units, representing a market share of 55%, down from 56%, as the Indonesian wholesale market for motor vehicles grew by 13% to 418,000 units.  The wholesale market for motorcycles also grew by 13% to 4.1 million units. Astra Honda Motor maintained its leading position with sales improving by 26% to 2.1 million units, leading to a rise in market share from 46% to 51%.  Astra Otoparts, the group's 96%-held component manufacturing business, reported a 16% decline in its net income due to higher costs.

An improved contribution from Astra's consumer finance operations reflected a 15% growth in the amount financed, reduced offshore funding costs and a stable customer credit experience.  Group insurance company, Asuransi Astra Buana, generated an increase in earnings.  Astra's 45%-held joint venture, Bank Permata, reported net income up 33% as its loan book grew by 36%.

United Tractors, which is 60%-owned, reported net income up 35% in the first half of 2011.  Strong results were seen in its Komatsu heavy equipment business as sales rose 59% to 4,333 units.  The contract coal mining operations of subsidiary, Pamapersada Nusantara, achieved an increase in contract coal production of 6% to 40 million tonnes and an increase in contract overburden removal of 16% to 365 million bcm, despite the continuing effects of unfavourable weather conditions and a weak US dollar.  United Tractors sold two million tonnes of coal produced from its own mines.

Palm oil producer, 80%-held Astra Agro Lestari, reported a doubling in net income for the period as average crude palm oil prices achieved increased by 22% and palm oil production rose 26% to 594,000 tonnes.  Astra's information technology business as well as its infrastructure and logistics activities all produced improved results.

.

Jardine Matheson Holdings Limited
Consolidated Profit and Loss Account
							(unaudited)
							Six months ended 30th June																							Year ended 31st December
											2011												2010												2010
							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$m
																							(restated)				(restated)
Revenue (note 2)							18,135				-				18,135				14,323				-				14,323				30,053				-				30,053
Net operating costs (note 3)							(16,189)				29				(16,160)				(12,686)				20				(12,666)				(26,663)				442				(26,221)
Change in fair value of
investment properties							-				3,333				3,333				-				737				737				-				3,216				3,216
Operating profit							1,946				3,362				5,308				1,637				757				2,394				3,390				3,658				7,048
Net financing charges
- financing charges							(124)				-				(124)				(104)				-				(104)				(232)				-				(232)
- financing income							56				-				56				51				-				51				101				-				101
							(68)				-				(68)				(53)				-				(53)				(131)				-				(131)
Share of results of associates
and joint ventures (note 4)
- before change in fair value
of investment properties							481				12				493				481				(2)				479				973				7				980
- change in fair value of
investment properties							-				138				138				-				370				370				-				731				731
							481				150				631				481				368				849				973				738				1,711
Sale of associates and joint
ventures							-				-				-				-				-				-				-				3				3
Profit before tax							2,359				3,512				5,871				2,065				1,125				3,190				4,232				4,399				8,631
Tax (note 5)							(458)				(1)				(459)				(377)				-				(377)				(741)				(106)				(847)
Profit after tax							1,901				3,511				5,412				1,688				1,125				2,813				3,491				4,293				7,784
Attributable to:
Shareholders of the Company							725				1,477				2,202				664				465				1,129				1,364				1,720				3,084
Non-controlling interests							1,176				2,034				3,210				1,024				660				1,684				2,127				2,573				4,700
							1,901				3,511				5,412				1,688				1,125				2,813				3,491				4,293				7,784
							US$								US$				US$								US$				US$								US$
Earnings per share (note 6)
- basic							2.01								6.10				1.85								3.15				3.80								8.58
- diluted							2.00								6.03				1.84								3.08				3.77								8.34

Jardine Matheson Holdings Limited
Consolidated Statement of Comprehensive Income
														Year
										(unaudited)				ended
							Six months ended							31st
										30th June				December
						2011				2010				2010
						US$m				US$m				US$m
										(restated)
Profit for the period						5,412				2,813				7,784
Revaluation of other investments
- net (loss)/gain arising during the period						(6)				(22)				70
- transfer to profit and loss						(9)				(5)				(14)
						(15)				(27)				56
Net actuarial gain on employee benefit plans						-				1				23
Net exchange translation differences
- gains arising during the period						349				95				223
Cash flow hedges
- net loss arising during the period						(27)				-				(6)
- transfer to profit and loss						3				1				9
						(24)				1				3
Share of other comprehensive income of
associates and joint ventures						248				12				253
Tax relating to components of other
comprehensive income (note 5)						5				(2)				(8)
Other comprehensive income for the period						563				80				550
Total comprehensive income for the period						5,975				2,893				8,334
Attributable to:
Shareholders of the Company						2,410				1,086				3,279
Non-controlling interests						3,565				1,807				5,055
						5,975				2,893				8,334

Jardine Matheson Holdings Limited
Consolidated Balance Sheet
										(unaudited)				At 31st
									At 30th June					December
						2011				2010				2010
						US$m				US$m				US$m
										(restated)
Assets
Intangible assets						2,210				1,826				1,958
Tangible assets						5,723				4,433				4,816
Investment properties						21,804				15,876				18,426
Plantations						1,041				484				954
Associates and joint ventures						6,956				5,399				6,385
Other investments						1,098				938				1,044
Non-current debtors						2,300				1,712				1,898
Deferred tax assets						160				155				133
Pension assets						103				99				102
Non-current assets						41,395				30,922				35,716
Properties for sale						1,085				676				1,184
Stocks and work in progress						2,884				2,198				2,680
Current debtors						5,542				3,847				4,085
Current investments						5				7				6
Current tax assets						95				111				130
Bank balances and other liquid funds
- non-financial services companies						4,347				4,455				4,099
- financial services companies						200				132				176
						4,547				4,587				4,275
						14,158				11,426				12,360
Non-current assets classified as held for
	sale (note 8)					4				14				-
Current assets						14,162				11,440				12,360
Total assets						55,557				42,362				48,076

Jardine Matheson Holdings Limited
Consolidated Balance Sheet (continued)
									(unaudited)					At 31st
								At 30th June					December
						2011				2010				2010
						US$m				US$m				US$m
										(restated)
Equity
Share capital						164				161				162
Share premium and capital reserves						75				60				69
Revenue and other reserves						17,259				12,817				14,980
Own shares held						(1,751)				(1,414)				(1,501)
Shareholders' funds						15,747				11,624				13,710
Non-controlling interests						21,750				15,647				18,250
Total equity						37,497				27,271				31,960
Liabilities
Long-term borrowings
- non-financial services companies						4,264				4,511				4,294
- financial services companies						1,906				869				1,128
						6,170				5,380				5,422
Deferred tax liabilities						661				455				572
Pension liabilities						182				183				176
Non-current creditors						390				168				216
Non-current provisions						103				75				94
Non-current liabilities						7,506				6,261				6,480
Current creditors						6,795				5,439				5,848
Current borrowings
- non-financial services companies						1,821				1,718				2,057
- financial services companies						1,515				1,254				1,403
						3,336				2,972				3,460
Current tax liabilities						369				368				273
Current provisions						54				51				55
Current liabilities						10,554				8,830				9,636
Total liabilities						18,060				15,091				16,116
Total equity and liabilities						55,557				42,362				48,076

Jardine Matheson Holdings Limited

Consolidated Statement of Changes in Equity

																		Attributable to
									Asset						Own			shareholders		Attributable 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 2011
At 1st January 2011	162		10		59		14,723		159		(34)		132		(1,501)			13,710		18,250		31,960
Total comprehensive income	-		-		-		2,213		-		(2)		199		-			2,410		3,565		5,975
Dividends paid by the Company (note 9)	-		-		-		(306)		-		-		-		-			(306)		55		(251)
Dividends paid to non-controlling interests	-		-		-		-		-		-		-		-			-		(627)		(627)
Issue of shares	-		1		-		-		-		-		-		-			1		-		1
Employee share option schemes	-		-		7		-		-		-		-		-			7		1		8
Scrip issued in lieu of dividends	2		(2)		-		376		-		-		-		-			376		-		376
Increase in own shares held	-		-		-		-		-		-		-		(250)			(250)		(49)		(299)
New subsidiary undertakings	-		-		-		-		-		-		-		-			-		135		135
Conversion of convertible bonds in a
subsidiary undertaking	-		-		-		-		-		-		-		-			-		270		270
Capital contribution from non-controlling
interests	-		-		-		-		-		-		-		-			-		282		282
Change in interests in subsidiary
undertakings	-		-		-		(199)		-		-		-		-			(199)		(131)		(330)
Change in interests in associates and
joint ventures	-		-		-		(2)		-		-		-		-			(2)		(1)		(3)
At 30th June 2011	164		9		66		16,805		159		(36)		331		(1,751)			15,747		21,750		37,497
Six months ended 30th June 2010
At 1st January 2010
- as previously reported	159		4		44		10,695		309		(25)		(44)		(1,230)			9,912		13,285		23,197
- change in accounting policies for
- owner-occupied properties	-		-		-		(19)		(150)		-		16		-			(153)		(133)		(286)
- adopting amendments to IAS 12	-		-		-		935		-		-		-		-			935		1,294		2,229
- as restated	159		4		44		11,611		159		(25)		(28)		(1,230)			10,694		14,446		25,140
Total comprehensive income	-		-		-		1,099		-		(11)		(2)		-			1,086		1,807		2,893
Dividends paid by the Company (note 9)	-		-		-		(233)		-		-		-		-			(233)		42		(191)
Dividends paid to non-controlling interests	-		-		-		-		-		-		-		-			-		(514)		(514)
Issue of shares	-		3		-		-		-		-		-		-			3		-		3
Employee share option schemes	-		-		11		-		-		-		-		-			11		1		12
Scrip issued in lieu of dividends	2		(2)		-		258		-		-		-		-			258		-		258
Increase in own shares held	-		-		-		-		-		-		-		(184)			(184)		(40)		(224)
Subsidiary undertakings disposed of	-		-		-		-		-		-		-		-			-		(8)		(8)
Capital contribution from non-controlling
interests	-		-		-		-		-		-		-		-			-		11		11
Change in interests in subsidiary
undertakings	-		-		-		(11)		-		-		-		-			(11)		(98)		(109)
Transfer	-		1		(1)		-		-		-		-		-			-		-		-
At 30th June 2010	161		6		54		12,724		159		(36)		(30)		(1,414)			11,624		15,647		27,271
																		Attributable to
									Asset						Own			shareholders		Attributable 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 2010
At 1st January 2010
- as previously reported	159		4		44		10,695		309		(25)		(44)			(1,230)		9,912		13,285		23,197
- change in accounting policies for
- owner-occupied properties	-		-		-		(19)		(150)		-		16			-		(153)		(133)		(286)
- adopting amendments to IAS 12	-		-		-		935		-		-		-			-		935		1,294		2,229
- as restated	159		4		44		11,611		159		(25)		(28)			(1,230)		10,694		14,446		25,140
Total comprehensive income	-		-		-		3,128		-		(9)		160			-		3,279		5,055		8,334
Dividends paid by the Company	-		-		-		(341)		-		-		-			-		(341)		61		(280)
Dividends paid to non-controlling interests	-		-		-		-		-		-		-			-		-		(780)		(780)
Issue of shares	-		6		-		-		-		-		-			-		6		-		6
Employee share option schemes	-		2		16		-		-		-		-			-		18		2		20
Scrip issued in lieu of dividends	3		(3)		-		388		-		-		-			-		388		-		388
Increase in own shares held	-		-		-		-		-		-		-			(271)		(271)		(58)		(329)
Subsidiary undertakings disposed of	-		-		-		-		-		-		-			-		-		(10)		(10)
Conversion of convertible bonds in a
subsidiary undertaking	-		-		-		-		-		-		-			-		-		5		5
Capital contribution from non-controlling
interests	-		-		-		-		-		-		-			-		-		16		16
Change in interests in subsidiary
undertakings	-		-		-		(63)		-		-		-			-		(63)		(487)		(550)
Transfer	-		1		(1)		-		-		-		-			-		-		-		-
At 31st December 2010	162		10		59		14,723		159		(34)		132			(1,501)		13,710		18,250		31,960

Total comprehensive income for the six months ended 30th June 2011 included in revenue reserves comprises profit attributable to shareholders of the Company of US$2,202 million (2010: US$1,129 million), net fair value loss of nil on other investments (2010: US$23 million) and net actuarial gain on employee benefit plans of US$11 million (2010: loss of US$7 million).
Total comprehensive income for the year ended 31st December 2010 included in revenue reserves comprises profit attributable to shareholders of the Company of US$3,084 million, net fair value gain on other investments of US$34 million and net actuarial gain on employee benefit plans of US$10 million.

Jardine Matheson Holdings Limited
Consolidated Cash Flow Statement
											Year
						(unaudited)					ended
				Six months ended							31st
						30th June				December
		2011				2010					2010
		US$m				US$m					US$m
Operating activities
Operating profit		5,308				2,394					7,048
Change in fair value of investment properties		(3,333)				(737)					(3,216)
Depreciation and amortization		438				357					762
Other non-cash items		61				14					(276)
Increase in working capital		(934)				(725)					(1,869)
Interest received		58				55					104
Interest and other financing charges paid		(125)				(105)					(214)
Tax paid		(353)				(396)					(865)
		1,120				857					1,474
Dividends from associates and joint ventures		419				367					736
Cash flows from operating activities		1,539				1,224					2,210
Investing activities
Purchase of subsidiary undertakings (note 10(a))		(227)				(2)					(51)
Purchase of associates and joint ventures (note 10(b))		(40)				(19)					(233)
Purchase of other investments (note 10(c))		(98)				(135)					(231)
Purchase of intangible assets		(106)				(55)					(160)
Purchase of tangible assets		(564)				(356)					(868)
Additions to investment properties		(21)				(14)					(33)
Additions to plantations		(40)				(43)					(87)
Advance to associates, joint ventures and others (note 10(e))		(157)				(75)					(223)
Repayment from associates, joint ventures and others
(note 10(e))		84				19					286
Sale of subsidiary undertakings		1				4					21
Sale of associates and joint ventures		1				-					-
Sale of other investments (note 10(f))		57				23					110
Sale of intangible assets		-				-					2
Sale of tangible assets		28				66					77
Sale of investment properties		-				-					18
Cash flows from investing activities		(1,082)				(587)					(1,372)
Financing activities
Issue of shares		1				3					6
Capital contribution from non-controlling interests		282				11					16
Repayment to non-controlling interests		(4)				(6)					(11)
Change in interests in subsidiary undertakings (note 10(g))		(319)				(109)					(550)
Drawdown of borrowings		7,881				5,183					10,874
Repayment of borrowings		(7,292)				(4,760)					(10,040)
Dividends paid by the Company		(175)				(156)					(220)
Dividends paid to non-controlling interests		(625)				(330)					(780)
Cash flows from financing activities		(251)				(164)					(705)
Net increase in cash and cash equivalents		206				473					133
Cash and cash equivalents at beginning of period		4,278				4,077					4,077
Effect of exchange rate changes		61				25					68
Cash and cash equivalents at end of period		4,545				4,575					4,278

Jardine Matheson Holdings Limited
Analysis of Profit Contribution
														Year
										(unaudited)				ended
						Six months ended								31st
										30th June				December
						2011				2010				2010
						US$m				US$m				US$m
										(restated)
Reportable segments
Jardine Pacific						74				65				156
Jardine Motors						39				57				87
Jardine Lloyd Thompson						29				30				48
Hongkong Land						149				195				332
Dairy Farm						136				115				259
Mandarin Oriental						20				8				27
Jardine Cycle & Carriage						16				16				32
Astra						267				187				437
						730				673				1,378
Corporate and other interests						(5)				(9)				(14)
Underlying profit attributable to shareholders*						725				664				1,364
Increase in fair value of investment properties						1,445				462				1,640
Other non-trading items						32				3				80
Profit attributable to shareholders						2,202				1,129				3,084
Analysis of Jardine Pacific's contribution
Gammon						4				8				21
HACTL						23				20				52
JEC						7				7				22
JOS						12				5				11
Jardine Aviation Services						2				1				4
Jardine Property Investment						2				2				4
Jardine Restaurants						14				11				22
Jardine Schindler						15				13				26
Jardine Shipping Services						-				3				5
Corporate and other interests						(5)				(5)				(11)
						74				65				156
Analysis of Jardine Motors' contribution
Hong Kong and mainland China						36				44				69
United Kingdom						4				14				19
Corporate						(1)				(1)				(1)
						39				57				87
*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'.  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.
		The following amendments and interpretations to existing standards which are effective in the current accounting period and relevant to the Group's operations are adopted in 2011:
		Revised IAS 24	Related Party Disclosures
		Amendment to IAS 32	Classification of Rights Issues
		Amendments to IFRIC 14	Prepayments of a minimum Funding Requirement
		IFRIC 19	Extinguishing Financial Liabilities with Equity Instruments
		Improvements to IFRSs (2010)
		There have been no changes to the accounting policies described in the 2010 annual financial statements upon the adoption of the above amendments and interpretations to existing standards.
		Revised IAS 24 'Related Party Disclosures' supersedes IAS 24 (as revised in 2003).  It simplifies the disclosure requirements for government-related entities and clarifies the definition of a related party.
		Amendment to IAS 32 'Classification of Rights Issues' clarifies that rights issues are equity instruments when they are denominated in a currency other than the issuer's functional currency and are issued pro-rata to an entity's existing shareholders for a fixed amount of currency.
		Amendments to IFRIC 14 'Prepayments of a Minimum Funding Requirement' require an entity to recognize an asset for a prepayment that will reduce future minimum funding contributions required by the entity.
		IFRIC 19 'Extinguishing Financial Liabilities with Equity Instruments' provides guidance on the application of IAS 39 and IAS 32 when an entity issues its own equity instruments to extinguish all or part of a financial liability.
		The Improvements to IFRSs (2010) comprise a number of non-urgent but necessary amendments to IFRSs.  The amendments which are relevant to the Group's operations include IFRS 3 (amendments) 'Business Combinations', IFRS 7 (amendments) 'Financial Instruments: Disclosures', IAS 1 (amendments) 'Presentation of Financial Statements', IAS 34 (amendments) 'Interim Financial Reporting' and IFRIC 13 (amendment) 'Customer Loyalty Programmes'.

		IFRS 3 (amendments) 'Business Combinations' clarify the transition requirements for contingent consideration from business combination that occurred before the effective date of the revised IFRS, the measurement of non-controlling interests and un-replaced and voluntarily replaced share-based payment awards.
		IFRS 7 (amendments) 'Financial Instruments: Disclosures' emphasize the interaction between qualitative and quantitative disclosures and the nature and extent of risks associated with financial instruments.
		IAS 1 (amendments) 'Presentation of Financial Statements' clarify that entities may present the required reconciliations for each component of other comprehensive income either in the statement of changes in equity or in the notes to the financial statements.
		IAS 34 (amendments) 'Interim Financial Reporting' provide guidance to illustrate how to apply disclosure principles in IAS 34 and add disclosure requirements around the circumstances likely to affect fair values of financial instruments and their classification, transfers of financial instruments between different levels of fair value hierarchy, changes in classification of financial assets and changes in contingent liabilities and assets.
		IFRIC 13 (amendment) 'Customer Loyalty Programmes' clarifies that when the fair value of award credits is measured on the basis of the value of the awards for which they could be redeemed, the fair value of the award credits should take account of expected forfeitures as well as the discounts or incentives that would otherwise be offered to customers who have not earned award credits from an initial sale.
		As a result of the early adoption of the amendments to IAS 12 'Deferred Tax: Recovery of Underlying Assets' at the end of 2010, certain comparative figures for the half-yearly results of 2010 have been restated.
		The effects of adopting amendments to IAS 12 on the consolidated profit and loss account for the six months ended 30th June 2010 were as follows:
				US$m
		Increase in share of results of associates and joint ventures		62
		Decrease in tax		122
		Increase in profit after tax		184
		Attributable to:
		Shareholders of the Company		77
		Non-controlling interests		107
				184
		Increase in basic earnings per share (US$)		0.21
		Increase in diluted earnings per share (US$)		0.21

		The effects of adopting amendments to IAS 12 on the consolidated balance sheet at 1st January 2010 was disclosed in note 1 to the 2010 annual financial statements.
		The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
2.		Revenue
						Six months ended 30th June
						2011					2010
						US$m					US$m
		By business:
		Jardine Pacific				1,238					581
		Jardine Motors				2,016					1,548
		Hongkong Land				755					765
		Dairy Farm				4,399					3,792
		Mandarin Oriental				296					237
		Jardine Cycle & Carriage				665					652
		Astra				8,778					6,759
		Corporate and other interests				2					2
		Intersegment transactions				(14)					(13)
						18,135					14,323
3.		Net Operating Costs
Six months ended 30th June
						2011						2010
						US$m						US$m
		Cost of sales				(13,956)						(10,777)
		Other operating income				241						173
		Selling and distribution costs				(1,642)						(1,403)
		Administration expenses				(783)						(639)
		Other operating expenses				(20)						(20)
						(16,160)						(12,666)
		Net operating costs included the following gains/(losses) from
			non-trading items:
		Sale and closure of businesses				1						17
		Sale of property interests				15						3
		Acquisition-related costs				(2)						-
		Value added tax recovery in Jardine Motors				5						-
		Gain on One Hyde Park lease space				10						-
						29						20

4.		Share of Results of Associates and Joint Ventures
								Six months ended 30th June
								2011				2010
								US$m				US$m
		By business:
		Jardine Pacific						50				49
		Jardine Motors						2				-
		Jardine Lloyd Thompson						28				28
		Hongkong Land						160				473
		Dairy Farm						31				18
		Mandarin Oriental						4				2
		Jardine Cycle & Carriage						12				12
		Astra						338				260
		Corporate and other interests						6				7
								631				849
		Share of results of associates and joint ventures included
			the following gains/(losses) from non-trading items:
		Increase in fair value of investment properties						138				370
		Sale and closure of businesses						13				-
		Restructuring of businesses						(1)				(2)
								150				368
		Results are shown after tax and non-controlling interests in the associates and joint ventures.

5.		Tax
						Six months ended 30th June
						2011				2010
						US$m				US$m
		Tax charged to profit and loss is analyzed as follows:
		Current tax				(480)				(404)
		Deferred tax				21				27
						(459)				(377)
		Greater China				(100)				(84)
		Southeast Asia				(354)				(287)
		United Kingdom				(3)				(5)
		Rest of the world				(2)				(1)
						(459)				(377)
		Tax relating to components of other comprehensive income
		is analyzed as follows:
		Actuarial valuation of employee benefit plans				-				(1)
		Cash flow hedges				5				(1)
						5				(2)
		Tax on profits has been calculated at rates of taxation prevailing in the territories in which the Group operates.
		Share of tax charge of associates and joint ventures of US$160 million and nil (2010: US$142 million and credit of US$5 million) are included in share of results of associates and joint ventures and share of other comprehensive income of associates and joint ventures, respectively.

6.		Earnings per Share
		Basic earnings per share are calculated on profit attributable to shareholders of US$2,202 million (2010: US$1,129 million) and on the weighted average number of 361 million (2010: 358 million) shares in issue during the period.
		Diluted earnings per share are calculated on profit attributable to shareholders of US$2,184 million (2010: US$1,104 million), which is after adjusting for the effects of the conversion of dilutive potential ordinary shares of subsidiary undertakings, associates or joint ventures, and on the weighted average number of 362 million (2010: 359 million) shares after adjusting for the number of shares which are deemed to be issued for no consideration under the Senior Executive Share Incentive Schemes based on the average share price during the period.
		The weighted average number of shares is arrived at as follows:
												Ordinary shares
												in millions
												2011				2010
		Weighted average number of shares in issue										649				639
		Shares held by the Trustee under the Senior Executive
			Share Incentive Schemes									-				(1)
		Company's share of shares held by subsidiary
			undertakings									(288)				(280)
		Weighted average number of shares for basic earnings
			per share calculation									361				358
		Adjustment for shares deemed to be issued for no
			consideration under the Senior Executive Share
			Incentive Schemes									1				1
		Weighted average number of shares for diluted earnings
			per share calculation									362				359
		Additional basic and diluted earnings per share are also calculated based on underlying profit attributable to shareholders.  A reconciliation of earnings is set out below:
						Six months ended 30th June
								2011						2010
								Basic		Diluted				Basic		Diluted
								earnings		earnings			earnings		earnings
							per share		per share				per share		per share
						US$m		US$		US$	US$m			US$		US$
	Profit attributable to shareholders					2,202		6.10		6.03	1,129			3.15		3.08
	Non-trading items (note 7)				(1,477)							(465)
	Underlying profit attributable to
		shareholders				725		2.01		2.00		664		1.85		1.84

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 plantations; gains and losses arising from the sale of businesses, investments and properties; impairment of non-depreciable intangible assets 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.
						Six months ended 30th June
						2011				2010
					US$m					US$m
		By business:
		Jardine Pacific				45				13
		Jardine Motors				6				-
		Jardine Lloyd Thompson				(1)				(2)
		Hongkong Land			1,414					451
		Dairy Farm				7				-
		Mandarin Oriental				6				-
		Astra				-				3
					1,477					465
		An analysis of non-trading items after interest, tax and
			non-controlling interests is set out below:
		Increase in fair value of investment properties
		-	Hongkong Land			1,414				451
		-	other			31				11
					1,445					462
		Sale and closure of businesses				10				3
		Sale of property interests				14				2
		Acquisition-related costs				(2)				-
		Restructuring of businesses				(1)				(2)
		Value added tax recovery in Jardine Motors				5				-
		Gain on One Hyde Park lease space				6				-
						1,477				465

8.		Non-current Assets Classified as Held for Sale
		The major classes of assets classified as held for sale are set out below:
															At 31st
							At 30th June								December
						2011				2010					2010
		US$m								US$m					US$m
		Tangible assets			4					-					-
		Investment properties			-					14					-
					4					14					-
		At 30th June 2011, the non-current assets classified as held for sale represented Dairy Farm's interest in a property in Singapore.
		At 30th June 2010, the non-current assets classified as held for sale represented Jardine Pacific's interest in an investment property in Hong Kong.
9.		Dividends
										Six months ended 30th June
										2011					2010
									US$m						US$m
		Final dividend in respect of 2010 of US¢85.00
			(2009: US¢65.00) per share							550					414
		Company's share of dividends paid on the shares
			held by subsidiary undertakings							(244)					(181)
										306					233
		An interim dividend in respect of 2011 of US¢33.00 (2010: US¢30.00) per share amounting to a total of US$217 million (2010: US$193 million) is declared by the Board.  The net amount after deducting the Company's share of the dividends payable on the shares held by subsidiary undertakings of US$97 million (2010: US$85 million) will be accounted for as an appropriation of revenue reserves in the year ending 31st December 2011.

10.		Notes to Consolidated Cash Flow Statement
		(a)	Purchase of subsidiary undertakings
								Six months ended 30th June
								2011				2010
								US$m				US$m
			Intangibles assets					19				-
			Tangible assets					394				20
			Deferred tax assets					1				-
			Current assets					347				16
			Long-term borrowings					(4)				-
			Deferred tax liabilities					(75)				-
			Pension liabilities					-				(3)
			Current liabilities					(253)				(25)
			Provisional fair value of identifiable net assets acquired					429				8
			Adjustment for non-controlling interests					(135)				-
			Goodwill					111				1
			Total consideration					405				9
			Adjustment for contingent consideration					(6)				-
			Adjustment for deferred consideration					(78)				-
			Consideration paid in previous year					(40)				-
			Carrying value of associates and joint ventures					(7)				-
			Cash and cash equivalents of subsidiary undertakings
				acquired				(47)				(7)
			Net cash outflow					227				2
			For the subsidiary undertakings acquired during 2011, the fair value of the identifiable assets and liabilities at the acquisition dates is provisional and will be finalized at the year end.
			Net cash outflow for purchase of subsidiary undertakings for the six months ended 30th June 2011 included US$101 million and US$8 million for Jardine Pacific's acquisition of certain IT distribution businesses of SiS International Holdings ('SiS') in January 2011 and increase in its interest from 25% to 100% in Pizza Hut Vietnam in January 2011, respectively; US$46 million for Jardine Motors' acquisition of Wayside Group ('Wayside'), a motor retail group in the United Kingdom, in May 2011; US$5 million for Jardine Cycle & Carriage's acquisition of Lowe Motor, a motor retail group in Malaysia, in May 2011; and US$77 million for Astra's acquisition of PT Asmin Bara Bronang, a coal mine concession company, in May 2011; less a net cash inflow of US$10 million for Astra's acquisition of PT Fuji Technica Indonesia, a dies manufacturer in Indonesia, in June 2011.
			Jardine Pacific's wholly owned subsidiary, JOS, acquired 100% of the IT distribution businesses of SiS in Hong Kong, Singapore and Malaysia.  The goodwill arising from the acquisition amounted to US$67 million and was attributable to the acquired businesses' strong distribution network and partnership with manufacturers, and the synergies expected to be achieved from integrating the acquired businesses with JOS.  The contingent consideration arrangement requires JOS to pay the former owners an additional consideration which is equivalent to a pre-agreed percentage of the adjusted profit of the enlarged IT distribution business of JOS for each of the two years ending 31st December 2011 and 2012, and subject to a minimum payment of US$1.5 million and up to a maximum of US$4.5 million in each year.  At the date of acquisition of SiS, the contingent consideration was estimated at US$6 million.
			The goodwill arising from the acquisition of Wayside amounted to US$34 million.  The acquisition is expected to help Jardine Motors consolidate its leadership position in the United Kingdom.
			None of the goodwill is expected to be deductible for tax purposes.
			Revenue and profit after tax since acquisition in respect of subsidiary undertakings acquired during the six months ended 30th June 2011 amounted to US$586 million and US$7 million, respectively.  Had the acquisitions occurred on 1st January 2011, consolidated revenue and consolidated profit after tax for the six months ended 30th June 2011 would have been US$18,336 million and US$5,414 million, respectively.
		(b)	Purchase of associates and joint ventures for the six months ended 30th June 2011 included US$5 million for Dairy Farm's capital injection into Foodworld India; US$9 million for Jardine Cycle & Carriage's acquisition of an additional 1% interest in Truong Hai Auto Corporation; US$6 million for Astra's acquisition of PT TD Automotive Compressor Indonesia and US$9 million for Jardine Strategic's capital injection into JRE Asia Capital.
			Purchase of associates and joint ventures for the six months ended 30th June 2010 included US$13 million for Jardine Cycle & Carriage's acquisition of an additional 6% interest in PT Tunas Ridean and US$5 million for the Company's additional interest in Jardine Lloyd Thompson.  In addition, Jardine Pacific acquired an additional 17% interest in HACTL for a non-cash consideration of US$137 million.
		(c)	Purchase of other investments for the six months ended 30th June 2011 mainly comprised acquisition of securities by Jardine Cycle & Carriage and Astra.
			Purchase of other investments for the six months ended 30th June 2010 comprised US$76 million for Astra's acquisition of securities; and  US$34  million  and  US$25 million for Jardine Strategic's purchase of shares in ACLEDA Bank and The Bank of N.T. Butterfield & Son, respectively.

		(d)	Advance to associates, joint ventures and others for the six months ended 30th June 2011 and 2010 mainly comprised Hongkong Land's loans to its property joint ventures.
		(e)	Repayment from associates, joint ventures and others for the six months ended 30th June 2011 and 2010 mainly comprised repayment from Hongkong Land's property joint ventures.
		(f)	Sale of other investments for the six months ended 30th June 2011 and 2010 mainly comprised Astra's sale of securities.
		(g)	Change in interests in subsidiary undertakings
								Six months ended 30th June
								2011				2010
								US$m				US$m
			Increase in attributable interests
			-	Hongkong Land				185				51
			-	Mandarin Oriental				-				4
			-	Jardine Cycle & Carriage				53				46
			-	Jardine Strategic				83				8
			-	Other				(2)				-
								319				109
11.		Capital Commitments and Contingent Liabilities
		Total capital commitments at 30th June 2011 and 31st December 2010 amounted to US$2,331 million and US$2,128 million, respectively.
		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.
		The most significant of such transactions relate to the purchase of motor vehicles and spare parts from the Group's associates and joint ventures in Indonesia including PT Toyota-Astra Motor, PT Astra Honda Motor and PT Astra Daihatsu Motor.  Total cost of motor vehicles and spare parts purchased for the six months ended 30th June 2011 amounted to US$3,354 million (2010: US$2,867 million).   The Group also sells motor vehicles and spare parts to its associates and joint ventures in Indonesia including PT Astra Honda Motor and PT Astra Daihatsu Motor.  Total revenue from sale of motor vehicles and spare parts for the six months ended 30th June 2011 amounted to US$466 million (2010: US$305 million).
		Bank Permata provides banking services to the Group. The Group's deposits with Bank Permata at 30th June 2011 amounted to US$394 million (2010: US$181 million).
		There were no other related party transactions that might be 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
Going Concern Statement
The Directors are required to consider whether it is appropriate to prepare financial statements on the basis that the Company and the Group are going concerns.  The Group prepares comprehensive financial forecasts and, based on these forecasts, cash resources and existing credit facilities, the Directors consider that the Company and the Group have adequate resources to continue in business for the foreseeable future.  For this reason, the Directors continue to adopt the going concern basis in preparing the financial statements.
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.
●		Economic Risk
●		Commercial Risk and Financial Risk
●		Concessions, Franchises and Key Contracts
●		Regulatory and Political Risk
●		Terrorism, Pandemic and Natural Disasters
For greater detail, please refer to page 106 of the Company's Annual Report for 2010, a copy of which is available on the Company's website www.jardines.com.
Responsibility Statement
The Directors of the Company confirm to the best of their knowledge that:
(a)			the condensed financial statements have been prepared in accordance with IAS 34; and
(b)			the interim management report includes a fair review of all information required to be disclosed by the Disclosure and Transparency Rules 4.2.7 and 4.2.8 issued by the Financial Services Authority of the United Kingdom.
For and on behalf of the Board
A.J.L. Nightingale
James Riley
Directors
29th July 2011

	The interim dividend of US¢33.00 per share will be payable on 12th October 2011 to shareholders on the register of members at the close of business on 19th August 2011, and will be available in cash with a scrip alternative.  The ex-dividend date will be on 17th August 2011, and the share registers will be closed from 22nd to 26th August 2011, inclusive. Shareholders will receive their cash dividends in United States dollars, unless they are registered on the Jersey branch register where they will have the option to elect for sterling. These shareholders may make new currency elections for the 2011 interim dividend by notifying the United Kingdom transfer agent in writing by 23rd September 2011. The sterling equivalent of dividends declared in United States dollars will be calculated by reference to a rate prevailing on 28th September 2011.  Shareholders holding their shares through The Central Depository (Pte) Limited ('CDP') in Singapore will receive United States dollars unless they elect, through CDP, to receive Singapore dollars or the scrip alternative.
The Jardine Matheson Group
Founded as a trading company in China in 1832, Jardine Matheson is today a diversified business group focused principally on Asia.  Its businesses comprise a combination of cash generating activities and long-term property assets.
Jardine Matheson holds interests directly in Jardine Pacific (100%), Jardine Motors (100%) and Jardine Lloyd Thompson (32%), while its 82%-held Group holding company, Jardine Strategic, is interested in Hongkong Land (50%), Dairy Farm (78%), Mandarin Oriental (74%) and Jardine Cycle & Carriage (71%), which in turn has a 50% shareholding in Astra.  Jardine Strategic also has a 55% shareholding in Jardine Matheson and a 21% stake in Rothschilds Continuation, the global financial advisory group.
These companies are leaders in the fields of engineering and construction, transport services, insurance broking, property investment and development, retailing, restaurants, luxury hotels, motor vehicles and related activities, financial services, heavy equipment, mining and agribusiness.
Jardine Matheson Holdings Limited is incorporated in Bermuda and has a premium listing on 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
James Riley		(852) 2843 8229
GolinHarris
Kennes Young		(852) 2501 7987
As permitted by the Disclosure and Transparency Rules of the Financial Services Authority of the United Kingdom, the Company will not be posting a printed version of the Half-Yearly Results announcement to shareholders.  The Half-Yearly Results announcement will remain available on the Company's website, www.jardines.com, together with other Group announcements.

 

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