Half Yearly Report

RNS Number : 6660I

Jardine Matheson Hldgs Ld

27 July 2012

 



To:  Business Editor                                                                          27th July 2012

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 2012

Highlights

·     Underlying earnings flat overall

·     Interim dividend up 6%

·     Good results from Astra, Dairy Farm and Jardine Lloyd Thompson

·     Hongkong Land's commercial property returns up, but residential earnings lower

·     Difficult trading for Jardine Motors in mainland China

"The Group's businesses are facing uncertain and difficult markets.  Given these challenging circumstances, the first-half results were satisfactory and we expect to maintain our performance over the full year."

Sir Henry Keswick, Chairman

27th July 2012

Results

(unaudited) Six months ended 30th June
	2012 US$m	2011 US$m	Change %
Revenue together with revenue of associates and joint ventures*	30,271	27,402	+10
Underlying profit† attributable to shareholders	714	725	−1
Profit attributable to shareholders	785	2,202	−64
Shareholders' funds#	16,902	16,356	+3
	US$	US$	%
Underlying earnings per share†	1.97	2.01	−2
Earnings per share	2.16	6.10	−65
Interim dividend per share	0.35	0.33	+6
Net asset value per share#	46.22	45.09	+3
* Includes 100% of revenue from associates and joint ventures. †  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 8 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 2012 and 31st December 2011, respectively.  Net asset value per share is based on the book value of shareholders' funds.
The interim dividend of US¢35.00 per share will be payable on 10th October 2012 to shareholders on the register of members at the close of business on 17th August 2012 and will be available in cash with a scrip alternative.  The ex-dividend date will be on 15th August 2012, and the share registers will be closed from 20th to 24th August 2012, inclusive.

Jardine Matheson Holdings Limited

Half-Yearly Results for the Six Months ended 30th June 2012

Overview

There were strong contributions from Astra, Dairy Farm and Jardine Lloyd Thompson in the first half of 2012, offset by the effect of fewer residential development completions by Hongkong Land as well as a substantially lower contribution from Jardine Motors.

Results

Jardine Matheson's underlying profit for the first six months of 2012 was US$714 million, 1% below the same period in 2011.  Underlying earnings per share were 2% lower at US$1.97.  The revenue of the Group, including 100% of the revenue of associates and joint ventures, was US$30.3 billion, compared to US$27.4 billion in the first half of 2011.

Non-trading gains in the first half totalled US$71 million and included a modest uplift in investment property values in Hongkong Land, offset by the loss on the restructuring and partial sale of the Group's interest in Rothschilds Continuation Holdings.  This compares with non-trading gains of US$1,477 million in the first half of 2011.  As a result, the Company's profit attributable to shareholders was US$785 million for the six months, compared with US$2,202 million in 2011.

The Group's strong financial position has enabled the Board to declare an increased interim dividend of US¢35.00 per share, up 6%.

Business Performances

Jardine Pacific recorded mixed results from its businesses in the first half of 2012 leading to a reduction in earnings.  The group's engineering and construction interests enjoyed a good first half, but this was countered by the poor trading conditions facing its transport services operations.  Its restaurant and IT operations also saw declines in earnings after a strong 2011.  Jardine Pacific continues to seek expansion opportunities, and during the period JEC acquired a specialist air-conditioning and mechanical ventilation engineering contractor in Singapore.

Jardine Motors experienced a disappointing first half as fierce competition and oversupply led to sustained pressure on margins in mainland China.  There was an improved performance in the United Kingdom, and results from Hong Kong and Macau showed a modest increase.

New business gains and disciplined cost control enabled Jardine Lloyd Thompson to produce another satisfactory performance for the first half of 2012, notwithstanding a weak rating environment and a challenging economic background. The contribution to Jardine Matheson's results was enhanced by the increase in the Group's shareholding, which took place in the latter part of 2011.

Hongkong Land's operating profit from its commercial properties rose in the first six months of 2012.  There was a particularly good contribution from its prime Hong Kong portfolio, where rental levels were underpinned by a lack of new supply, as well as growth in Singapore.  This improvement was more than offset, however, by lower earnings from residential developments, reflecting the incidence of completions.  In mainland China, residential sales continued at the group's projects in Chongqing and Shenyang, although the overall market sentiment remained challenging.

Dairy Farm produced further earnings growth in the first half of 2012 while expanding its store network and investing in new markets.  During the period the group acquired shareholdings in supermarket operations in the Philippines and Cambodia of 50% and 70%, respectively, which provide good opportunities for growth alongside local partners.  Dairy Farm's Indonesian subsidiary has also been awarded the franchise right to operate IKEA stores in that country, and the first store is due to open in 2014.

Mandarin Oriental's Asian hotels continued to enjoy a good trading environment and improved performances were recorded in most locations.  Elsewhere, however, the group has been impacted by the uncertain economic conditions.  Four new hotel management contracts were announced in the period; for an existing property in Atlanta and new developments in Bodrum, Marrakech and Chengdu.  This gives the group 45 hotels in operation or under development around the world.  Within the next 18 months, new hotels are scheduled to open in Guangzhou, Taipei, Shanghai and Milan.

Jardine Cycle & Carriage achieved an improved result as Astra performed well in the first half of 2012.  Astra's motor car sales benefited from strong domestic demand and increased supply as a consequence of additional capacity and fewer negative events in its supply chain.  Its heavy equipment sales produced enhanced returns and its contract coal mining operations increased production, although experienced higher costs.  These improvements more than offset the lower contribution from its agribusiness and motorcycle operations.  Looking ahead, despite the recent introduction of new minimum down-payment requirements in auto financing which have the potential to impact demand, Astra is expected to perform satisfactorily in the second half of the year.

In June 2012, consequent on the restructuring of the Rothschild group, Jardine Strategic exchanged its 21% interest in Rothschilds Continuation Holdings for a 12% interest in Paris Orléans, the listed French holding company of the enlarged group.  Subsequently, Jardine Strategic sold part of its holding, leaving it with an interest of some 6%.  As a result, this holding is no longer equity accounted. 

Outlook

The Group's businesses are facing uncertain and difficult markets.  Given these challenging circumstances, the first-half results were satisfactory and we expect to maintain our performance over the full year.

Sir Henry Keswick

Chairman 

27th July 2012

Operating Review

Jardine Pacific

Jardine Pacific's underlying profit for the first half of 2012 of US$70 million was 6% lower than in the corresponding period in 2011.  With no change to the value of the group's investment property portfolio, the profit attributable to shareholders was also US$70 million.

Jardine Schindler generated higher profits and achieved further growth in its maintenance portfolio.  Gammon's earnings improved significantly and its order book increased to US$3.5 billion, while JEC produced a higher profit with its Hong Kong and joint venture operations performing well.  In difficult aviation and shipping markets, reduced flight frequencies led to a breakeven position for Jardine Aviation Services, and continued low freight rates and volumes led to only a modest profit for Jardine Shipping Services.  With no increase in throughput and rising costs, Hong Kong Air Cargo Terminals produced lower results.  Jardine Restaurants' Pizza Hut operations in Hong Kong achieved good sales growth and higher profits, although this was more than offset by reduced year-on-year results from its Pizza Hut and KFC franchises in Taiwan.  JOS recorded lower earnings, primarily in Singapore, following a strong performance in 2011.

Jardine Motors

Jardine Motors recorded an underlying profit of US$5 million for the period, a reduction of 86%.  The decline was mainly due to difficult trading conditions and margin erosion in mainland China where a loss was recorded.

Zung Fu has been facing keen competition in the luxury car market in Southern China where a push for market share by Mercedes-Benz led to pressure on dealers to sell vehicles producing severely reduced margins.  Zung Fu now has 25 outlets in Southern China with a further six under development.  In Hong Kong and Macau, there was a modest increase in profit with higher deliveries of Mercedes-Benz passenger cars, and the order book remained strong.  Jardine Motors' dealerships in the United Kingdom achieved a better performance in the first half with higher vehicles sales.

Jardine Lloyd Thompson

Jardine Lloyd Thompson's revenue rose 7% in sterling, the company's reporting currency, to US$699 million, reflecting good organic growth of 6%.  Underlying profit before tax was US$141 million, an increase of 12% in sterling.  This strong performance, combined with the Group's increased shareholding, meant that Jardine Lloyd Thompson's contribution to the Group's first-half underlying profit was 45% higher at US$41 million.

The company's specialist risk and insurance operations achieved a good result for the first half of the year, particularly in emerging markets and reinsurance.  Underlying trading profit in sterling rose 14%, and trading margin improved from 23% to 24%.  The Employee Benefits business, which now has a more international reach, recorded a 7% increase in trading profit with an unchanged trading margin of 19%.

Hongkong Land

During the first half of 2012, Hongkong Land's underlying profit was 13% lower at US$318 million as improved earnings from its commercial properties were offset by a decrease in residential development profits.  After accounting for a US$308 million increase in the values of investment property interests, the group's profit attributable to shareholders was US$626 million.

Despite the Hong Kong market being subdued, rental reversions in the group's Central office portfolio were generally positive and vacancy at the end of June 2012 was 3.1%.  Its luxury retail portfolio remained fully let.  In Singapore, its office portfolio was almost fully leased with the exception of the recently completed third office tower of Marina Bay Financial Centre, which is some 70% committed.  In Jakarta, the group's joint venture development fourth office tower is nearing completion and is 88% pre-let.  In Wangfujing in Beijing planning is progressing on Hongkong Land's first significant commercial project on the Mainland, which is being developed as a premier retail centre. 

In the residential sector, 18 additional apartments of Serenade in Hong Kong were sold, of which eight were handed over to buyers.  In Singapore, wholly-owned subsidiary MCL Land had no residential projects complete during the period, although two are expected to complete in the second half.  A recent launch by MCL Land was well received, and of its six previously launched projects under construction all but one are fully pre-sold.  In mainland China, at the 50%-held Bamboo Grove in Chongqing, a further 474 units have been handed over to buyers since the beginning of the year and some 250 units are scheduled for handover in the second half.  In the next phase, due for completion later in 2012, 69% of the 640 units have been pre-sold.  Sales also continue at other projects in Chongqing and Shenyang and at Maple Place in Beijing.

Dairy Farm

Dairy Farm continued to trade well with sales, including 100% of associates, increasing by 10% to US$5.5 billion in the first six months of 2012.  Underlying net profit grew 12% to US$243 million.  The profit attributable to shareholders of US$245 million included a small gain on a property disposal.

There were strong results from its retail operations in Hong Kong and Taiwan.  In mainland China, 7-Eleven produced improved sales, and further resources were made available to support the development of the Mannings health and beauty chain.  Restaurant associate, Maxim's, produced a good first-half result in Hong Kong as well as improved performances from its cake shops in Southern China.  In Malaysia, the Giant hypermarkets and supermarkets made a steady contribution and there was a good result from the Guardian health and beauty chain.  Profits in Singapore were little changed, while in Indonesia there were impressive increases in both sales and profits from all formats.

Mandarin Oriental

Mandarin Oriental's underlying profit for the period was US$29 million, compared to US$33 million in the same period in 2011 which had benefited from US$16 million of branding fees partially offset by US$11 million of pre-opening expenses for its Paris hotel.  The profit attributable to shareholders of US$30 million included a US$1 million provision write back.  This compares to US$43 million in the first half of 2011, which included a US$10 million gain arising from a long-term leasehold interest granted at no cost.

Mandarin Oriental's Asian hotels performed well in the first half of 2012 with improved performances in most properties, and Tokyo continued to recover from the impact of last year's natural disasters.  Despite the difficult market conditions in Europe, resilient demand from the leisure sector helped compensate for reduced corporate business, while in North America the group's overall performance saw some improvement.

Jardine Cycle & Carriage

Jardine Cycle & Carriage's revenue increased by 19% to US$11.2 billion, while profit attributable to shareholders was up 5% at US$511 million.  Astra's contribution to underlying profit rose 6% to US$518 million as its good overall growth was partly offset by the weakening of the rupiah.

The underlying profit from Jardine Cycle & Carriage's other motor interests grew by 12% to US$31 million.  The Singapore market contracted by 5%, although the profit from the group's motor operations rose following good performances from Mercedes-Benz and used car sales.  In Indonesia, Tunas Ridean's earnings improved, but Cycle & Carriage Bintang in Malaysia reported a lower profit in the face of intense competition in the luxury car market.  In Vietnam, Truong Hai Auto Corporation's contribution fell due to a 28% decline in unit sales and higher interest expenses in a much weaker market.

Astra

Astra benefited from strong results from its motor car and heavy equipment businesses, which more than offset a lower contribution from its palm oil and motorcycle businesses.  It announced a 13% increase in net profit under Indonesian accounting standards for the period, equivalent to US$1,046 million.

The contribution to Astra's results from its automotive interests was 25% higher in the first half of 2012.  Astra's car sales rose 32% to 302,000 units during the period, representing a market share of 56% compared to 55% in the first half of last year, as the Indonesian wholesale market for cars grew by 28%.  The wholesale market for motorcycles declined by 9% to 3.7 million units, while Astra Honda Motor's motorcycle sales improved slightly to 2.1 million units, with its market share increasing from 52% to 57%.  In June 2012, new minimum down-payment regulations governing loans in the automotive sector in Indonesia became effective and might have an adverse impact on automotive sales in the second half of the year.  Astra Otoparts, the group's 95.7%-owned component manufacturing business, reported 17% higher sales, with improvements in the original equipment manufacturer and replacement markets, and net income was up 10%.

Astra's financial services interests produced a 4% increase in contribution to profit.  The amount financed through Astra's automotive-focused consumer finance operations grew by 10% to US$2.8 billion, while the amount financed through its heavy equipment-focused finance operations grew by 32% to US$479 million.  Group insurance company, Asuransi Astra Buana, saw lower earnings despite strong growth in gross written premiums due to higher commissions and claims expenses.  The 44.5%-held joint venture, Bank Permata, saw net income rise 1%, with growth in net interest income and fee-based income partly offset by higher operating costs.

United Tractors, which is 59.5%-owned, reported net income up 21%.  In the construction machinery sector, sales of Komatsu heavy equipment declined 2% to 4,231 units in the face of competition from supply redirected to Indonesia from the Chinese market.  Net revenues increased by 9%, however, due to the sales mix, price increases and strong after sales.  Additional capacity enabled contract coal mining subsidiary, Pamapersada Nusantara, to achieve a 31% improvement in net revenues with an increase in contract coal production of 12% to 45 million tonnes and an increase in contract overburden removal of 13% to 415 million bcm.  United Tractors' mining subsidiaries, which own eight coal mines, sold 3 million tonnes of coal during the period, an increase of 38%.  A decline in prices and an increase in fuel costs impacted earnings.

Palm oil producer, 79.7%-held Astra Agro Lestari, reported net income down 25%.  Its palm oil production increased by 7% to 636,000 tonnes and total sales value increased by 7%, but average crude palm oil prices achieved were 2% lower and the net income was affected by higher costs of production and operating expenses. 

The contribution to Astra's profit from infrastructure and logistics fell by 10% to US$34 million, as the first half of 2011 benefited from the reversal of a tax provision.  Astra's infrastructure interests produced improved results.  Its greenfield 40.5 km toll road near Surabaya, acquired in the third quarter of 2011, is under construction and is planned to complete next year subject to land clearance.  Elsewhere, its car rental business produced improved returns, as did 76.9%-owned Astra Graphia, which is active in the area of information technology solutions.

Jardine Matheson Holdings Limited Consolidated Profit and Loss Account
										(unaudited)
		Six months ended 30th June																									Year ended 31st December
						2012												2011													2011
Underlying business performance US$m			Non-trading items US$m							Total US$m		Underlying business performance US$m					Non-trading items US$m					Total US$m		Underlying business performance US$m						Non-trading items US$m					Total US$m
Revenue (note 2)		20,169				-				20,169				18,135				-				18,135					37,967				-				37,967
Net operating costs (note 3)		(18,257)				3				(18,254)				(16,189)				29				(16,160)					(34,058)				65				(33,993)
Change in fair value of investment properties		-				251				251				-				3,333				3,333					-				4,407				4,407
Operating profit		1,912				254				2,166				1,946				3,362				5,308					3,909				4,472				8,381
Net financing charges
- financing charges		(131)				-				(131)				(124)				-				(124)					(251)				-				(251)
- financing income		64				-				64				56				-				56					128				-				128
		(67)				-				(67)				(68)				-				(68)					(123)				-				(123)
Share of results of associates and joint ventures (note 4)
- before change in fair value of investment properties		498				(2)				496				481				12				493					998				(6)				992
- change in fair value of investment properties		-				60				60				-				138				138					-				238				238
		498				58				556				481				150				631					998				232				1,230
Sale of associate (note 5)		-				(68)				(68)				-				-				-					-				-				-
Profit before tax		2,343				244				2,587				2,359				3,512				5,871					4,784				4704				9,488
Tax (note 6)		(439)				-				(439)				(458)				(1)				(459)					(862)				(11)				(873)
Profit after tax		1,904				244				2,148				1,901				3,511				5,412					3,922				4,693				8,615
Attributable to:
Shareholders of the Company		714				71				785				725				1,477				2,202					1,495				1,954				3,449
Non-controlling interests		1,190				173				1,363				1,176				2,034				3,210					2,427				2,739				5,166
		1,904				244				2,148				1,901				3,511				5,412					3,922				4,693				8,615
		US$								US$				US$								US$					US$								US$
Earnings per share (note 7)
- basic		1.97								2.16				2.01								6.10					4.13								9.53
- diluted		1.96								2.15				2.00								6.03					4.11								9.46

Jardine Matheson Holdings Limited Consolidated Statement of Comprehensive Income
		(unaudited) Six months ended 30th June											Year ended 31st December
			2012 US$m						2011 US$m						2011 US$m
Profit for the period			2,148						5,412						8,615
Revaluation surpluses before transfer to investment properties from
- intangible assets			-						-						27
- tangible assets			-						-						4
			-						-						31
Revaluation of other investments
- net gain/(loss) arising during the period			105						(6)						(84)
- transfer to profit and loss			(1)						(9)						(20)
			104						(15)						(104)
Net actuarial loss on employee benefit plans			(40)						-						(150)
Net exchange translation differences
- (losses)/gains arising during the period			(284)						349						(74)
- transfer to profit and loss			(3)						-						-
			(287)						349						(74)
Cash flow hedges
- net loss arising during the period			(1)						(27)						-
- transfer to profit and loss			11						3						7
			10						(24)						7
Share of other comprehensive (expense)/ income of associates and joint ventures			(65)						248						(130)
Tax relating to components of other comprehensive income or expense (note 6)			11						5						21
Other comprehensive (expense)/income for the period			(267)						563						(399)
Total comprehensive income for the period			1,881						5,975						8,216
Attributable to:
Shareholders of the Company			781						2,410						3,153
Non-controlling interests			1,100						3,565						5,063
			1,881						5,975						8,216

Jardine Matheson Holdings Limited Consolidated Balance Sheet
			(unaudited) At 30th June						At 31st December
		2012 US$m				2011 US$m				2011 US$m
Assets
Intangible assets		2,430				2,210				2,310
Tangible assets		6,329				5,723				5,924
Investment properties		23,790				21,804				22,979
Plantations		1,061				1,041				1,058
Associates and joint ventures		7,215				6,956				7,256
Other investments		1,288				1,098				1,095
Non-current debtors		2,562				2,300				2,512
Deferred tax assets		225				160				181
Pension assets		35				103				34
Non-current assets		44,935				41,395				43,349
Properties for sale		1,910				1,085				1,521
Stocks and work in progress		3,346				2,884				3,276
Current debtors		6,594				5,542				5,845
Current investments		3				5				5
Current tax assets		108				95				69
Bank balances and other liquid funds
- non-financial services companies		3,543				4,347				3,963
- financial services companies		439				200				222
		3,982				4,547				4,185
		15,943				14,158				14,901
Non-current assets classified as held for sale (note 9)		47				4				47
Current assets		15,990				14,162				14,948
Total assets		60,925				55,557				58,297
Equity
Share capital		167				164				165
Share premium and capital reserves		94				75				82
Revenue and other reserves		18,769				17,259				17,964
Own shares held		(2,128)				(1,751)				(1,855)
Shareholders' funds		16,902				15,747				16,356
Non-controlling interests		23,354				21,750				22,906
Total equity		40,256				37,497				39,262
Liabilities
Long-term borrowings
- non-financial services companies		5,023				4,264				5,048
- financial services companies		2,469				1,906				2,002
		7,492				6,170				7,050
Deferred tax liabilities		673				661				653
Pension liabilities		296				182				259
Non-current creditors		301				390				289
Non-current provisions		113				103				112
Non-current liabilities		8,875				7,506				8,363
Current creditors		7,626				6,795				7,275
Current borrowings
- non-financial services companies		2,212				1,821				1,347
- financial services companies		1,561				1,515				1,670
		3,773				3,336				3,017
Current tax liabilities		334				369				323
Current provisions		61				54				57
Current liabilities		11,794				10,554				10,672
Total liabilities		20,669				18,060				19,035
Total equity and liabilities		60,925				55,557				58,297

Jardine Matheson Holdings Limited Consolidated Statement of Changes in Equity
	Share capital US$m		Share premium US$m		Capital reserves US$m		Revenue reserves US$m	Asset revaluation reserves US$m			Hedging reserves US$m		Exchange reserves US$m		Own shares held US$m	Attributable to shareholders of the Company US$m		Attributable to non-controlling interests US$m			Total equity US$m
Six months ended 30th June 2012 (unaudited)
At 1st January 2012	165		8		74		17,763		168		(40)		73		(1,855)		16,356		22,906		39,262
Total comprehensive income	-		-		-		861		-		15		(95)		-		781		1,100		1,881
Dividends paid by the Company (note 10)	-		-		-		(334)		-		-		-		-		(334)		59		(275)
Dividends paid to non-controlling interests	-		-		-		-		-		-		-		-		-		(731)		(731)
Issue of shares	-		5		-		-		-		-		-		-		5		-		5
Employee share option schemes	-		-		10		-		-		-		-		-		10		1		11
Scrip issued in lieu of dividends	2		(2)		-		417		-		-		-		-		417		-		417
Increase in own shares held	-		-		-		-		-		-		-		(273)		(273)		(59)		(332)
Subsidiaries acquired	-		-		-		-		-		-		-		-		-		75		75
Conversion of convertible bonds in a subsidiary	-		-		-		-		-		-		-		-		-		21		21
Capital contribution from non-controlling interests	-		-		-		-		-		-		-		-		-		3		3
Purchase of additional interests in subsidiaries	-		-		-		(60)		-		-		-		-		(60)		(21)		(81)
Transfer	-		1		(1)		-		-		-		-		-		-		-		-
At 30th June 2012	167		12		83		18,647		168		(25)		(22)		(2,128)		16,902		23,354		40,256
Six months ended 30th June 2011 (unaudited)
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 10)	-		-		-		(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)
Subsidiaries acquired	-		-		-		-		-		-		-		-		-		135		135
Conversion of convertible bonds in a subsidiary	-		-		-		-		-		-		-		-		-		270		270
Capital contribution from non-controlling interests	-		-		-		-		-		-		-		-		-		282		282
Purchase of additional interests in subsidiaries	-		-		-		(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
Year ended 31st December 2011
At 1st January 2011	162		10		59		14,723		159		(34)		132		(1,501)		13,710		18,250		31,960
Total comprehensive income	-		-		-		3,210		9		(6)		(60)		-		3,153		5,063		8,216
Dividends paid by the Company	-		-		-		(427)		-		-		-		-		(427)		77		(350)
Dividends paid to non-controlling interests	-		-		-		-		-		-		-		-		-		(935)		(935)
Unclaimed dividends forfeited	-		-		-		3		-		-		-		-		3		-		3
Issue of shares	-		1		-		-		-		-		-		-		1		-		1
Employee share option schemes	-		-		15		-		-		-		-		-		15		2		17
Scrip issued in lieu of dividends	3		(3)		-		523		-		-		-		-		523		-		523
Increase in own shares held	-		-		-		-		-		-		-		(354)		(354)		(64)		(418)
Subsidiaries acquired	-		-		-		-		-		-		-		-		-		140		140
Conversion of convertible bonds in a subsidiary	-		-		-		-		-		-		-		-		-		319		319
Capital contribution from non-controlling interests	-		-		-		-		-		-		-		-		-		315		315
Purchase of additional interests in subsidiaries	-		-		-		(266)		-		-		-		-		(266)		(260)		(526)
Change in interests in associates and joint ventures	-		-		-		(2)		-		-		-		-		(2)		(1)		(3)
Transfer	-		-		-		(1)		-		-		1		-		-		-		-
At 31st December 2011	165		8		74		17,763		168		(40)		73		(1,855)		16,356		22,906		39,262
Total comprehensive income for the six months ended 30th June 2012 included in revenue reserves comprises profit attributable to shareholders of the Company of US$785 million (2011: US$2,202 million), net fair value gain on other investments of US$97 million (2011: nil) and net  actuarial  loss  on  employee  benefit  plans  of  US$21  million  (2011:  gain  of  US$11 million).  Cumulative net fair value gain on other investments and net actuarial loss on employee benefit plans amounted to US$223 million and US$408 million, respectively. Total comprehensive income for the year ended 31st December 2011 included in revenue reserves comprises profit attributable to shareholders of the Company of US$3,449 million, net fair value loss on other investments of US$79 million and net actuarial loss on employee benefit plans of US$160 million.  Cumulative net fair value gain on other investments and net actuarial loss on employee benefit plans amounted to US$126 million and US$387 million, respectively.

Jardine Matheson Holdings Limited Consolidated Cash Flow Statement
		(unaudited) Six months ended 30th June							Year ended 31st December
		2012 US$m				2011 US$m				2011 US$m
Operating activities
Operating profit		2,166				5,308				8,381
Change in fair value of investment properties		(251)				(3,333)				(4,407)
Depreciation and amortization		503				438				914
Other non-cash items		115				61				116
Increase in working capital		(1,268)				(934)				(2,139)
Interest received		62				58				130
Interest and other financing charges paid		(109)				(125)				(249)
Tax paid		(511)				(353)				(808)
		707				1,120				1,938
Dividends from associates and joint ventures		460				419				736
Cash flows from operating activities		1,167				1,539				2,674
Investing activities
Purchase of subsidiaries (note 11(a))		(95)				(227)				(363)
Purchase of shares in Jardine Lloyd Thompson		-				(3)				(276)
Purchase of other associates and joint ventures (note 11(b))		(132)				(37)				(86)
Purchase of other investments (note 11(c))		(95)				(98)				(265)
Purchase of intangible assets		(143)				(106)				(255)
Purchase of tangible assets		(794)				(564)				(1,280)
Purchase of investment properties		(510)				(21)				(87)
Additions to plantations		(47)				(40)				(91)
Advance to associates, joint ventures and others (note 11(d))		(135)				(157)				(259)
Repayment from associates, joint ventures and others (note11(e))		126				84				115
Sale of subsidiaries		3				1				4
Sale of associates, joint ventures and other investments (note 11(f))		165				58				125
Sale of intangible assets		4				-				-
Sale of tangible assets		23				28				39
Sale of investment properties		-				-				4
Cash flows from investing activities		(1,630)				(1,082)				(2,675)
Financing activities
Issue of shares		5				1				1
Capital contribution from non-controlling interests		3				282				315
Advance from non-controlling interests		25				-				-
Repayment to non-controlling interests		(3)				(4)				(6)
Purchase of additional interests in subsidiaries (note 11(g))		(81)				(319)				(526)
Drawdown of borrowings		9,895				7,882				17,914
Repayment of borrowings		(8,608)				(7,291)				(16,602)
Dividends paid by the Company		(190)				(175)				(244)
Dividends paid to non-controlling interests		(731)				(627)				(935)
Cash flows from financing activities		315				(251)				(83)
Net (decrease)/increase in cash and cash equivalents		(148)				206				(84)
Cash and cash equivalents at beginning of period		4,168				4,278				4,278
Effect of exchange rate changes		(50)				61				(26)
Cash and cash equivalents at end of period		3,970				4,545				4,168

Jardine Matheson Holdings Limited Analysis of Profit Contribution
		(unaudited) Six months ended 30th June							Year ended 31st December
		2012 US$m				2011 US$m				2011 US$m
Reportable segments
Jardine Pacific		70				74				179
Jardine Motors		5				39				61
Jardine Lloyd Thompson		41				29				53
Hongkong Land		132				149				289
Dairy Farm		155				136				301
Mandarin Oriental		17				20				35
Jardine Cycle & Carriage		18				16				36
Astra		286				267				561
		724				730				1,515
Corporate and other interests		(10)				(5)				(20)
Underlying profit attributable to shareholders*		714				725				1,495
Increase in fair value of investment properties		127				1,445				1,924
Other non-trading items		(56)				32				30
Profit attributable to shareholders		785				2,202				3,449
Analysis of Jardine Pacific's contribution
Gammon		9				4				21
HACTL		21				23				50
JEC		10				7				26
JOS		7				12				25
Jardine Aviation Services		-				2				4
Jardine Property Investment		3				2				5
Jardine Restaurants		11				14				29
Jardine Schindler		15				15				31
Jardine Shipping Services		-				-				-
Corporate and other interests		(6)				(5)				(12)
		70				74				179
Analysis of Jardine Motors' contribution
Hong Kong and mainland China		1				36				59
United Kingdom		5				4				3
Corporate		(1)				(1)				(1)
		5				39				61
* 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. Amendments to IFRS 7 'Financial Instruments: Disclosures - Transfers of Financial Assets' became effective in the current accounting period and are relevant to the Group's operations.  The amendments promote transparency in the reporting of transfer transactions and improve users' understanding of the risk exposures relating to transfer of financial assets and the effect of those risks on an entity's financial position particularly those involving securitization of financial assets. There have been no changes to the accounting policies described in the 2011 annual financial statements upon the adoption of the above amendments to existing standards. 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
				Gross revenue										Revenue
				2012 US$m				2011 US$m						2012 US$m								2011 US$m
	By business:
	Jardine Pacific			2,654				2,509						1,287								1,238
	Jardine Motors			2,119				2,016						2,119								2,016
	Jardine Lloyd Thompson			699				667						-								-
	Hongkong Land			794				980						478								755
	Dairy Farm			5,469				4,978						4,769								4,399
	Mandarin Oriental			492				462						314								296
	Jardine Cycle & Carriage			1,597				1,392						811								665
	Astra			16,357				13,994						10,401								8,778
	Corporate and other interests			503				711						2								2
	Intersegment transactions			(413)				(307)						(12)								(14)
				30,271				27,402						20,169								18,135
	Gross revenue comprises revenue together with 100% of revenue from associates and joint ventures.
3.		Net Operating Costs
		Six months ended 30th June
												2012 US$m									2011 US$m
		Cost of sales										(15,789)									(13,956)
		Other operating income										232									241
		Selling and distribution costs										(1,799)									(1,642)
		Administration expenses										(867)									(783)
		Other operating expenses										(31)									(20)
												(18,254)									(16,160)
		Net operating costs included the following gains/(losses) from non-trading items:
		Asset impairment										1									-
		Sale and closure of businesses										-									1
		Sale of property interests										2									15
		Acquisition-related costs										-									(2)
		Value added tax recovery in Jardine Motors										-									5
		Gain on One Hyde Park lease space										-									10
												3									29
4.		Share of Results of Associates and Joint Ventures
		Six months ended 30th June
												2012 US$m									2011 US$m
		By business:
		Jardine Pacific										53									50
		Jardine Motors										-									2
		Jardine Lloyd Thompson										39									28
		Hongkong Land										102									160
		Dairy Farm										23									31
		Mandarin Oriental										7									4
		Jardine Cycle & Carriage										12									12
		Astra										316									338
		Corporate and other interests										4									6
												556									631
		Share of results of associates and joint ventures included the following gains/(losses) from non-trading items:
		Increase in fair value of investment properties										60									138
		Sale and closure of businesses										-									13
		Restructuring of businesses										(2)									(1)
												58									150
		Results are shown after tax and non-controlling interests in the associates and joint ventures.
5.		Sale of Associate In June 2012 the Group participated in the restructuring of the Rothschild group interests, pursuant to which it sold its holding of 21% in Rothschilds Continuation Holdings, which it originally acquired for US$181 million, in exchange for new shares in Paris Orléans ('PO') with a market value of US$172 million.  The Group subsequently sold slightly less than 50% of its interest in PO for cash.  These transactions together resulted in a non-trading loss of US$68 million or US$56 million after non-controlling interests (note 8). The remaining PO shares held by the Group are classified as other investments.

6.	Tax
	Six months ended 30th June
			2012 US$m				2011 US$m
	Tax charged to profit and loss is analyzed as follows:
	Current tax		(482)				(480)
	Deferred tax		43				21
			(439)				(459)
	Greater China		(84)				(100)
	Southeast Asia		(350)				(354)
	United Kingdom		(3)				(3)
	Rest of the world		(2)				(2)
			(439)				(459)
	Tax relating to components of other comprehensive income or expense is analyzed as follows:
	Actuarial valuation of employee benefit plans		9				-
	Cash flow hedges		2				5
			11				5
	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$173 million and credit of US$4 million (2011: US$160 million and nil) are included in share of results of associates and joint ventures and share of other comprehensive (expense)/income of associates and joint ventures, respectively.

7.	Earnings per Share Basic earnings per share are calculated on profit  attributable to  shareholders of US$785 million (2011: US$2,202 million) and on  the  weighted  average  number of 363 million (2011: 361 million) shares in issue during the period. Diluted earnings per share are calculated on profit attributable to shareholders of US$783 million (2011: US$2,184 million), which is after adjusting for the effects of the conversion of dilutive potential ordinary shares of subsidiaries, associates or joint ventures, and on the weighted average number of 364 million (2011: 362 million) shares after adjusting for the number of shares which are deemed to be issued for no consideration under the Senior Executive Share Incentive Schemes based on the average share price during the period. The weighted average number of shares is arrived at as follows:
													Ordinary shares in millions
													2012							2011
	Weighted average number of shares in issue												660							649
	Company's share of shares held by subsidiaries												(297)							(288)
	Weighted average number of shares for basic earnings per share calculation												363							361
	Adjustment for shares deemed to be issued for no consideration under the Senior Executive Share Incentive Schemes												1							1
	Weighted average number of shares for diluted earnings per share calculation												364							362
	Additional basic and diluted earnings per share are also calculated based on underlying profit attributable to shareholders.  A reconciliation of earnings is set out below:
						Six months ended 30th June
						2012										2011
			US$m			Basic earnings per share US$			Diluted earnings per share US$			US$m				Basic earnings per share US$							Diluted earnings per share US$
	Profit attributable to shareholders		785			2.16			2.15			2,202				6.10							6.03
	Non-trading items (note 8)		(71)									(1,477)
	Underlying profit attributable to shareholders		714			1.97			1.96			725				2.01							2.00

8.	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
			2012 US$m				2011 US$m
	By business:
	Jardine Pacific		-				45
	Jardine Motors		-				6
	Jardine Lloyd Thompson		(2)				(1)
	Hongkong Land		127				1,414
	Dairy Farm		1				7
	Mandarin Oriental		1				6
	Corporate and other interests		(56)				-
			71				1,477
	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		127				1,414
	- other		-				31
			127				1,445
	Asset impairment		1				-
	Sale and closure of businesses		-				10
	Sale of property interests		1				14
	Acquisition-related costs		-				(2)
	Restructuring of businesses		(2)				(1)
	Value added tax recovery in Jardine Motors		-				5
	Gain on One Hyde Park lease space		-				6
	Restructuring of Rothschilds and subsequent partial sale   of investment in Paris Orléans		(56)				-
			71				1,477

9.	Non-current Assets Classified as Held for Sale The major class of assets classified as held for sale is set out below:
									At 31st
			At 30th June					December
			2012 US$m		2011 US$m				2011 US$m
	Tangible assets		47		4				47
	At 30th June 2012 and 31st December 2011, the non-current assets classified as held for sale included Dairy Farm's interest in two retail properties in Malaysia and one retail property in Singapore.  The sale of these properties is expected to be completed in the second half of 2012 at amounts not materially different from their carrying values. At 30th June 2011, the non-current assets classified as held for sale represented Dairy Farm's interest in a property in Singapore.
10.	Dividends
	Six months ended 30th June
					2012 US$m				2011 US$m
	Final dividend in respect of 2011 of US¢92.00 (2010: US¢85.00) per share				606				550
	Company's share of dividends paid on the shares held by subsidiaries				(272)				(244)
					334				306
	An interim dividend in respect of 2012 of US¢35.00 (2011: US¢33.00) per share amounting to a total of US$234 million (2011: US$217 million) is declared by the Board.  The net amount after deducting the Company's share of the dividends payable on the shares held by subsidiaries of US$106 million (2011: US$97 million) will be accounted for as an appropriation of revenue reserves in the year ending 31st December 2012.

11.	Notes to Consolidated Cash Flow Statement
	(a)	Purchase of subsidiaries
		Six months ended 30th June
				2012 US$m										2011 US$m
		Intangible assets		76										19
		Tangible assets		144										394
		Deferred tax assets		-										1
		Current assets		32										347
		Long-term borrowings		-										(4)
		Deferred tax liabilities		(33)										(75)
		Current liabilities		(16)										(253)
		Non-controlling interests		(75)										-
		Fair value of identifiable net assets acquired		128										429
		Adjustment for non-controlling interests		-										(135)
		Goodwill		33										111
		Total consideration		161										405
		Adjustment for contingent consideration		-										(6)
		Adjustment for deposit paid in previous year		(65)										-
		Adjustment for deferred consideration		-										(78)
		Payment of deferred consideration		3										-
		Consideration paid in previous year		-										(40)
		Carrying value of associates and joint ventures		-										(7)
		Cash and cash equivalents of subsidiaries acquired		(4)										(47)
		Net cash outflow		95										227
		For the subsidiaries acquired during 2012, the fair value of the identifiable assets and liabilities at the acquisition dates is provisional and will be finalized at the year end. For the subsidiaries acquired during the first half of 2011, the fair value of the identifiable assets and liabilities at the acquisition dates as included in the comparative figures was provisional.  The fair value was finalized at the end of 2011.  As the difference between the provisional and the finalized fair value was not material, the comparative figures have not been adjusted. Net cash outflow for purchase of subsidiaries for the six months ended 30th June 2012 included US$16 million for Jardine Pacific's acquisition of a 100% interest in a specialist air-conditioning and mechanical ventilation engineering contracting business in Singapore, in February 2012; US$32 million for Dairy Farm's acquisition of a 70% interest in a supermarket  chain in  Cambodia, in  March 2012 and US$109 million for Astra's acquisition of a 60% interest in PT Duta Nurcahya, a mining company, completed in April 2012, of which US$65 million was prepaid in 2011. The goodwill arising from the acquisition of the supermarket chain in Cambodia amounted to US$25 million was attributable to the leading market position and retail network.  The goodwill is not expected to be deductible for tax purposes.
		Net cash outflow for purchase of subsidiaries 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 100% of Lowe Motor, a motor retail group in Malaysia, in May 2011; and US$77 million for Astra's acquisition of 60% 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 an additional 11% of PT Fuji Technica Indonesia, a die 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$33 million and was attributable to the acquired businesses' strong regional dealership network and the synergies expected to be achieved from the geographical and organization integration with the existing businesses. None of the goodwill is expected to be deductible for tax purposes. Revenue and profit after tax since acquisition in respect of subsidiaries acquired during the six months ended 30th June 2012 amounted to US$22 million and US$1 million, respectively.  Had the acquisitions occurred on 1st January 2012, consolidated revenue and consolidated profit after tax for the six months ended 30th June 2012 would have been US$20,183 million and US$2,149 million, respectively.
	(b)	Purchase of other associates and joint ventures for the six months ended 30th June 2012 included US$112 million for Dairy Farm, mainly a 50% interest in Rustan Supercenters Inc.; and US$10 million and US$8 million for Astra's capital injection into PT Komatsu Astra Finance and PT Toyota Astra Finance, respectively. Purchase of other 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 a 26% interest in PT TD Automotive Compressor Indonesia and US$9 million for Jardine Strategic's capital injection into JRE Asia Capital.
	(c)	Purchase of other investments for the six months ended 30th June 2012 and 2011 mainly comprised acquisition of securities by Jardine Cycle & Carriage and Astra.
	(d)	Advance to associates, joint ventures and others for the six months ended 30th June 2012 included Hongkong Land's loans to its property joint ventures of US$114 million and Mandarin Oriental's mezzanine loan to Mandarin Oriental New York of US$19 million. Advance to associates, joint ventures and others for the six months ended 30th June 2011 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 2012 and 2011 included repayment from Hongkong Land's property joint ventures of US$122 million and US$82 million, respectively.
	(f)	Sale of associates, joint ventures and other investments for the six months ended 30th June 2012 comprised Jardine Strategic's partial sale of its interest in Paris Orléans of US$94 million and Astra's sale of securities of US$71 million. Sale of associates, joint ventures and other investments for the six months ended 30th June 2011 included mainly Astra's sale of securities.
	(g)	Purchase of additional interests in subsidiaries
		Six months ended 30th June
							2012 US$m						2011 US$m
		Increase in attributable interests
		- Hongkong Land					-						185
		- Jardine Cycle & Carriage					75						53
		- Jardine Strategic					-						83
		- Other					6						(2)
							81						319
12.	Capital Commitments and Contingent Liabilities Total capital commitments at 30th June 2012 and 31st December 2011 amounted to US$2,412 million and US$2,977 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.

13.

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 2012 amounted to US$4,235 million (2011: US$3,354 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 2012  amounted to US$600 million (2011: US$466 million). Bank Permata provides banking services to the Group.  The Group's deposits with Bank Permata at 30th June 2012 amounted to US$533 million (2011: US$394 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 102 of the Company's Annual Report for 2011, 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 Ben Keswick James Riley Directors 27th July 2012

		The interim dividend of US¢35.00 per share will be payable on 10th October 2012 to shareholders on the register of members at the close of business on 17th August 2012, and will be available in cash with a scrip alternative.   The ex-dividend date will be on  15th August 2012, and the share registers will be closed from 20th to 24th August 2012, 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 2012 interim dividend by notifying the United Kingdom transfer agent in writing by 21st September 2012.  The sterling equivalent of dividends declared in United States dollars will be calculated by reference to a rate prevailing on 26th September 2012.  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 (42%), 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 (72%), which in turn has a 50% shareholding in Astra.  Jardine Strategic also has a 55% shareholding in Jardine Matheson. 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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