Interim Results - Part 1
Jardine Matheson Hldgs Ld
1 August 2001
PART 1
The following announcement was today issued to the London
Stock Exchange.
Jardine Matheson Holdings Limited
Interim Report 2001
Highlights
* Underlying earnings per share increases 45% to USc20.62*
* Jardine Motors' UK operations return to profit
* Dairy Farm refocuses on profitable Asian operations
* Hongkong Land expands property development portfolio
* Asian business climate continues to deteriorate
'We expect to report growth in earnings per share for the
full year despite the effects of the global economic
slowdown on many of our businesses.
Our ability to combine sound financing with the delivery of
long-term value to shareholders has been well demonstrated,
with our net asset value in US Dollars increasing by on
average 18% compound per annum over the past ten years.'
Henry Keswick, Chairman
1st August 2001
* The Group's financial statements are prepared under
International Accounting Standards ('IAS') which, following
recent changes, no longer permit leasehold interests in land
to be carried at valuation. This treatment does not reflect
the generally accepted accounting practice in the
territories in which the Group has significant leasehold
interests, nor how management measures the performance of
the Group. Accordingly, the Group has presented
supplementary financial information prepared in accordance
with IAS as modified by the revaluation of leasehold
properties in addition to the IAS financial statements. The
figures included in the highlights above, the Chairman's
Statement and Operating Review are based on this
supplementary financial information.
The interim dividend of USc7.80 per share will be
payable on 17th October 2001 to shareholders on the
register of members at the close of business on 24th August
2001 and will be available in cash with a scrip
alternative. The ex-dividend date will be on 22nd August
2001, and the share registers will be closed from 27th to
31st August 2001, inclusive.
Jardine Matheson Holdings Limited
Interim Report 2001
Performance
Jardine Matheson Holdings Limited today announced that the
trading environment was more uncertain in the first half of
the year as the Group's primary Asian markets were impacted
by the slowdown in the global economy. Nevertheless,
underlying earnings per share increased by 45% to
USc20.62 due to improved performances from a number of the
Group's major businesses and the benefits of the share
tender offer that took place last September. Further
investment in Group companies' shares also had a positive
impact on earnings.
The difficult economic climate had a restraining effect on
the recovery in Mandarin Oriental's earnings and contributed
to the weaker results from the Jardine Pacific businesses.
Jardine Lloyd Thompson, Hongkong Land, Jardine Motors Group
and Dairy Farm all performed up to expectation.
Two businesses that have been the subject of particular
management attention have made good progress. Jardine
Motors Group's operations in the United Kingdom have
returned to profit following last year's extensive
restructuring. At Dairy Farm, the decision was taken to
exit its Australian supermarket business and the disposal
programme, as agreed with the local competition regulator,
is well under way, while its Hong Kong supermarket business
is also recovering, albeit slowly.
Underlying net profit for the period was US$81 million,
compared with US$86 million for the same period in 2000.
This reduction was primarily due to increased interest costs
arising from debt incurred to finance share purchases.
Charges have been made in respect of the costs associated
with Dairy Farm's sale of its Australian operations and the
writing-off of the carrying value of the investment in Astra
International held through Cycle & Carriage. These charges
were offset in part by the profit on the sale of non-core
investments.
An unchanged interim dividend of USc7.80 per share has been
declared.
Business Developments
Turning to business developments, the Chairman, Henry
Keswick, said that Hongkong Land's latest property
development in Hong Kong, 11 Chater Road, will be completed
in the middle of next year, with over 50% of the retail
portion already pre-let to the Armani group. Discussions
are also under way with a number of potential anchor office
tenants. Following Hongkong Land's successful completion of
its Singapore property last year, the company has, in joint
venture with Cheung Kong and Keppel Land, won the first site
to be tendered on the Marina South development in the city.
This new development of over 1.5 million square feet of
office and retail space is expected to be completed in
2005/6.
In line with Mandarin Oriental's expansion strategy for its
global brand, plans were announced for a luxury hotel in
Tokyo as part of a new building complex to be developed by
Mitsui Fudosan Co.
Following the decision to exit its Australian supermarket
business and to focus on its core retailing strengths in
Asia, Dairy Farm is reviewing the strategies for its
profitable New Zealand operation, for which it has received
approaches from a number of possible purchasers. The group
is successfully developing its businesses in Southeast Asia,
and is expanding its convenience store network in Southern
China.
Cycle & Carriage's associate, Astra International, produced
a strong trading performance, though its results were again
adversely affected by its heavy foreign currency debt
exposure. In view of the weakness in the Indonesian Rupiah,
the Company has provided against the whole of its share of
this investment.
The value in Group company shares continues to be
recognised. The Company has made further purchases of its
own shares, and has increased its holding in Jardine
Strategic to 75%. Jardine Strategic has also increased its
shareholdings in Hongkong Land, Dairy Farm, Mandarin
Oriental and Cycle & Carriage. Such purchases will benefit
shareholders by enhancing earnings and net asset value per
share, while at the same time creating greater focus within
the Group.
Looking Ahead
In conclusion, Henry Keswick said, 'The Company's ability to
combine sound financing with the delivery of long-term value
to shareholders has been well demonstrated over recent years
with net asset value in US Dollars increasing by on
average 18% compound per annum over the past ten years.
This has been achieved in no small part by our strategy of
consolidating both our investment and our management focus
on our core businesses.
We expect to report growth in earnings per share for the
full year despite the effects of the global economic
slowdown on many of our businesses.'
Operating Review
Jardine Pacific
Jardine Pacific generated a profit of US$33 million in the
first half, 27% down on the previous year as the more
difficult trading environment affected a number of its
businesses. Seasonal factors should produce an improved
contribution in the second half, but the results will
inevitably be held back by prevailing market conditions.
Gammon's order book improved since the year-end, but margins
are under increasing pressure. Jardine Schindler's order
backlog is down, although its maintenance portfolio has
risen, and it has been decided to cease the manufacture of
elevators in Malaysia. Most of Jardine Engineering's
businesses performed steadily, but the sale of Chubb last
year and lower contributions from the contracting and
distribution businesses have led to reduced earnings for the
six months.
HACTL was affected by the 8% reduction in cargo through-put,
and the results of Jardine Aviation Services, while
benefiting from new clients, continued to be held back by
losses in Australia. Jardine Shipping Services also
suffered from falling cargo volumes, as well as increased
capacity in Asia, a trend that is likely to continue for the
remainder of the year.
Jardine OneSolution is facing a very difficult technology
market with demand well down on last year. A joint venture
was formed with Telus International of Canada, which has
taken a 25% stake in JOS Synergy, the consulting and
outsourcing business. IKEA sales grew modestly, as an
excellent performance in Hong Kong compensated for the poor
retail environment in Taiwan. Like for like sales at Pizza
Hut were up, but Jardine Restaurants' earnings were impacted
by a weak performance by Olivers' and the start-up costs of
an institutional catering business.
Pacific Finance improved its profitability in the face of
aggressive competition, while net income from Jardine
Property Investments' property portfolio remained steady.
Elsewhere, Colliers Jardine and Jardine Logistics
experienced weakening markets, and declining spirits sales
in Japan impacted Wines & Spirits. Central overheads have
remained steady, as have central finance costs due to the
lower interest rates offsetting the effects of higher debt
levels.
Jardine Motors Group
Jardine Motors Group achieved an underlying net profit of
US$29 million for the first half, an increase of 24%
compared to the same period last year. Overall results for
the full year are expected to show a substantial improvement
over last year. The major improvement in the performance
came from the United Kingdom. Benefiting from the disposal
last year of several loss making dealerships and a wide
ranging rationalisation programme, a refocused management
has significantly enhanced results.
In Hong Kong, passenger car registrations declined slightly
in the period, but Zung Fu maintained its market share and,
despite tough competition with grey market operators,
produced a result only a little lower than last year. In
Mainland China, profitability rose due to higher deliveries
from the group's associate Southern Star and to better
results from Zung Fu's service centres. Both in France and
the United States profits were lower due to the more
difficult trading conditions and start up losses on certain
new initiatives.
Jardine Lloyd Thompson
Jardine Lloyd Thompson continued its rapid expansion,
generating brokerage and fees of £173 million for the six
months, an increase of 26%. This growth was attributable
to a combination of acquisitions, new business development,
firmer insurance markets and exchange rate movements. Pre-
tax profit excluding exceptional items and goodwill
amortisation rose 18% to £42 million.
In JLT Risk Solutions turnover increased by 17%, primarily
from more traditional areas. There were excellent
performances by Cargo, Casualty, Accident & Health,
Construction, Energy, North American Property and all
Reinsurance areas. Growth in the Alternative Risk Transfer
business slowed, but it remains an area of high potential.
Capital Risk Group and Captive Management, two initiatives
which were announced last year, are now operational and are
expected to make positive contributions in the second half.
In JLT Corporate Risks & Services, turnover increased by
34%. Strong performances were achieved in the United
Kingdom, Asia and Australia, and SIACI again did well. The
integration of Abbey National Benefit Consultants, the
pension administration business acquired at the end of last
year, is proceeding well.
Jardine Strategic
Jardine Strategic's underlying earnings per share showed
significant growth in the first six months, increasing 50%
to USc8.77. The strong increase reflected a much improved
performance from Dairy Farm, investment in Group company
shares and the repurchase of shares by both Jardine Matheson
and Hongkong Land in 2000. Net asset value per share, based
on the market price of the Company's holdings at 30th June
2001 was US$4.92. Although modestly down in the six months,
it represents a 29% increase over the value of US$3.81
at 30th June 2000.
Jardine Strategic consolidated its shareholdings in its core
businesses, recognizing the value to earnings and net asset
value per share. Its attributable interest in Hongkong Land
is now 38%, in Dairy Farm 61%, in Mandarin Oriental 64% and
Cycle & Carriage 27%. The company sold its non-core 5%
shareholding in Housing Development Finance Corporation,
producing a profit of US$27 million.
Dairy Farm
Dairy Farm's continuing operations returned to profit in the
first half of 2001, with a modest net profit of
US$12 million. There was some improvement in its Hong
Kong supermarket business, although the pace of recovery is
being constrained by a difficult trading environment. There
were strong performances from Dairy Farm's other operations
in South Asia, North Asia and New Zealand.
In April the group concluded that further investment in its
Australian operation would not benefit shareholders. In
view of the regulatory constraints relating to competition,
it was determined that the most effective way of realizing
value was to exit the market through a managed sell-down
process. Agreements to sell 156 of the 287 stores have
already been concluded, and sales of the majority of the
remaining stores are expected by the year end.
Dairy Farm's South Asian businesses are expanding, building
on the progress made in 2000. The growth is being driven by
Giant, to which significant investment is being committed to
develop a network of hypermarkets in Malaysia. Woolworths
New Zealand again performed well, with profit growth of
21% in local currency terms. Approaches have been made to
acquire Woolworths, although no decision to sell has been
taken and Dairy Farm is reviewing its options. The group's
7-Eleven franchise in Southern China has received approval
in principle from the regulatory authorities to expand to up
to 350 stores in Guangdong.
Hongkong Land
Hongkong Land produced a profit of US$114 million for the
six months, little changed from the first half of 2000. An
improvement in net rental income was broadly offset by
increased financing charges due to its higher level of debt.
Two major refinancings were undertaken which have broadened
the group's sources of debt and lengthened maturities.
Following the sharp recovery in the office market in Hong
Kong in 2000, rents stabilized in the first half of 2001 as
sentiment weakened in light of the more difficult economic
environment. Despite this, occupancy in premium grade
buildings in the Central business district remained high
with no new supply coming available during the year. Rental
reversions in the company's Central portfolio have begun to
turn positive, but are unlikely to enhance earnings
materially in the short term.
More than half of the retail portion of Hongkong Land's new
building in the heart of Central at 11 Chater Road has been
pre-let to the Armani group, while discussions are under way
with a number of potential anchor tenants for the office
portion. In Singapore, following the successful completion
and letting of One Raffles Link last year, Hongkong Land
has, in joint venture with Cheung Kong and Keppel Land, won
the first site to be tendered on the Marina South
development in the city.
Mandarin Oriental
While current economic conditions are challenging in many of
the markets in which Mandarin Oriental operates, its
strategy of developing one of the world's leading luxury
hotel brands remains on track.
Mandarin Oriental's results for the six months benefited
from the reopening of its London hotel and the addition of
the Rafael hotels acquired in May 2000. However, economic
uncertainty had a negative impact on occupancy levels in
Hong Kong, New York and London. There were good
performances from its associates, particularly in Geneva and
Macau. The improved operating performance was offset by
higher interest charges, largely attributable to the issue
of convertible bonds in 2000 to finance the Rafael
acquisition, giving a net profit for the period of
US$6 million, compared with US$3 million in 2000.
In June, the group entered into an agreement to manage a new
171 room luxury hotel in Tokyo due to open in late 2006.
The Oriental, Bangkok, which continues to outperform its
competition, has commenced the final phase of its US$30
million self-financed rooms renovation programme which will
be completed at the end of September. This will ensure that
the hotel remains a key flagship property.
Cycle & Carriage
Cycle & Carriage's trading performance for the half year
suffered from a deterioration in its motor activities due to
weakness in the group's principal markets. Margins were
also reduced in Singapore following the loss of the Mercedes-
Benz distribution rights from 1st January 2001, although the
full effect was mitigated by the sale of vehicles from the
dealership's existing stocks on which a distributor's margin
was still earned. Property earnings declined due to the
lower number of projects under development. Astra
International produced an increased contribution due to
inclusion of a full six months results to 31st May 2001,
but its trading performance was impacted by the effect on
margins of the decline in the Indonesian Rupiah.
A net profit of S$26 million, a 33% increase on the
previous year, was made for the half year after accounting
for non-recurring items. The major non-recurring items were
a gain on the sale of 50% of the Australian Audi
distribution activity to Audi AG, which was more than offset
by the foreign exchange losses on the Astra International
foreign debt. The group's share of Astra International's
net loss was, however, restricted as the carrying value
of the investment in Astra International was reduced to zero.
The trading environment is expected to remain difficult for
the balance of the year.
------------------------------------------------------------------------
Jardine Matheson Holdings Limited
Consolidated Profit and Loss Account
------------------------------------------------------------------------
Prepared in accordance with IAS as
modified by revaluation of leasehold
Prepared in accordance with IAS properties (refer note 1)
Year Six months Six months Year
ended ended ended ended
31st 30th 30th 31st
December June June December
2000 2000 2001 2001 2000 2000
US$m US$m US$m Note US$m US$m US$m
------------------------ ------------------------
10,362 5,276 4,958 2 Revenue 4,958 5,276 10,362
(7,820) (4,024) (3,752) Cost of sales (3,751) (4,024) (7,819)
------ ------ ------ ------ ------ ------
2,542 1,252 1,206 Gross profit 1,207 1,252 2,543
Other operating
154 95 91 income 91 95 130
Selling and
(1,829) (926) (872) distribution costs (872) (926) (1,829)
Administration
(612) (305) (282) expenses (282) (305) (611)
Other operating
(127) (25) (23) expenses (23) (24) (137)
Profit on sale of
834 - - Robert Fleming - - 834
Impairment of assets
(129) - - in Dairy Farm - - (129)
------ ------ ------ ------ ------ ------
833 91 120 3 Operating profit 121 92 801
Net financing
(106) (43) (79) charges (79) (43) (106)
Share of operating
profit less net
financing charges of
associates and joint
338 182 119 ventures 126 187 351
Impairment of assets
- - (88) in Cycle & Carriage (88) - -
Fair value gains on
investment
properties in
- - - Hongkong Land - - 701
4 Share of results of
associates and joint
338 182 31 ventures 38 187 1,052
------ ------ ------ ------ ------ ------
1,065 230 72 Profit before tax 80 236 1,747
(113) (59) (47) 5 Tax (46) (59) (111)
------ ------ ------ ------ ------ ------
952 171 25 Profit after tax 34 177 1,636
(19) 5 14 Outside interests 12 3 (194)
------ ------ ------ ------ ------ ------
933 176 39 Net profit 46 180 1,442
------ ------ ------ ------ ------ ------
---------------------- ------------------------
USc USc USc USc USc USc
---------------------- ------------------------
6 Earnings per share
168.57 28.98 10.05 - basic 11.69 29.62 260.44
168.05 28.96 10.02 - diluted 11.64 29.60 259.64
6 Underlying earnings
per share
30.13 13.57 18.98 - basic 20.62 14.21 31.95
30.04 13.56 18.91 - diluted 20.54 14.20 31.86
---------------------- ------------------------
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Jardine Matheson Holdings Limited
Consolidated Balance Sheet
--------------------------------------------------------------------------
Prepared in accordance with IAS as
modified by revaluation of leasehold
Prepared in accordance with IAS properties (refer note 1)
At At At At
31st 30th 30th 31st
December June June December
2000 2000 2001 2001 2000 2000
US$m US$m US$m US$m US$m US$m
------------------------ -------------------------
Net operating assets
51 106 33 Goodwill 33 106 51
1,618 1,786 1,533 Tangible assets 2,347 2,551 2,435
19 20 18 Investment properties 176 189 176
Leasehold land
432 387 441 payments - - -
Associates and joint
2,055 2,274 2,027 ventures 3,368 3,005 3,404
976 424 1,017 Other investments 1,017 424 976
31 21 33 Deferred tax assets 33 21 31
86 83 87 Pension assets 87 83 86
------ ------ ------ ------ ------ ------
5,268 5,101 5,189 Non-current assets 7,061 6,379 7,159
Stocks and work in
972 955 875 progress 875 955 972
Debtors and
812 857 657 prepayments 657 857 812
Bank balances and
1,376 1,349 927 other liquid funds 927 1,349 1,376
------ ------ ------ ------ ------ ------
3,160 3,161 2,459 Current assets 2,459 3,161 3,160
------ ------ ------ ------ ------ ------
Creditors and
(2,129)(2,100) (1,675) accruals (1,675) (2,100) (2,129)
(384) (604) (691) Borrowings (691) (604) (384)
Current tax
(33) (30) (36) liabilities (36) (30) (33)
(42) (44) (39) Provisions (39) (44) (42)
------ ------ ------ ------ ------ ------
(2,588)(2,778) (2,441) Current liabilities (2,441) (2,778) (2,588)
------ ------ ------ ------ ------ ------
572 383 18 Net current assets 18 383 572
(2,742)(1,683) (2,082) Long-term borrowings(2,082) (1,683) (2,742)
Deferred tax
(70) (64) (69) liabilities (75) (71) (76)
(13) (13) (13) Pension liabilities (13) (13) (13)
Other non-current
(81) (10) (80) liabilities (80) (10) (81)
------ ------ ------ ------ ------ ------
2,934 3,714 2,963 4,829 4,985 4,819
------ ------ ------ ------ ------ ------
Capital employed
156 199 155 Share capital 155 199 156
Share premium and
- 273 - contributed surplus - 273 -
Revenue and other
2,619 2,515 2,595 reserves 3,784 3,155 3,802
(630) (566) (638) Own shares held (638) (566) (630)
------ ------ ------ ------ ------ ------
2,145 2,421 2,112 Shareholders' funds 3,301 3,061 3,328
789 1,293 851 Outside interests 1,528 1,924 1,491
------ ------ ------ ------ ------ ------
2,934 3,714 2,963 4,829 4,985 4,819
------ ------ ------ ------ ------ ------
----------------------- -------------------------
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Jardine Matheson Holdings Limited
Consolidated Statement of Changes in Shareholders' Funds
-------------------------------------------------------------------------
Prepared in accordance with IAS as
modified by revaluation of leasehold
Prepared in accordance with IAS properties (refer note 1)
Year Six months Six months Year
ended ended ended ended
31st 30th 30th 31st
December June June December
2000 2000 2001 2001 2000 2000
US$m US$m US$m Note US$m US$m US$m
--------------------- ----------------------
At beginning of
period
- as previously
3,106 3,106 3,328 reported 3,328 3,106 3,106
- effect of adopting
(639) (639) (1,183) IAS 40 - - -
------ ------ ------ ------ ------ ------
2,467 2,467 2,145 3,328 3,106 3,106
- effect of adopting
- - 141 IAS 39 141 - -
------ ------ ------ ------ ------ ------
2,467 2,467 2,286 - as restated 3,469 3,106 3,106
Revaluation of
properties
- net revaluation
6 - - surplus - - 45
(1) 1 - - deferred tax - 1 (1)
Revaluation of other
investments
- - (48) - fair value losses (48) - -
- transfer to profit
and loss account
- - (9) on disposal (9) - -
Net exchange
translation
differences
- amount arising in
(82) (42) (55) period (56) (45) (86)
- transfer to profit
and loss account
on disposal of
56 - - businesses - - 56
Cash flow hedges
- - (12) - fair value losses (12) - -
- transfer to profit
- - 1 and loss account 1 - -
- - 1 - deferred tax 1 - -
1 1 - Other - 1 1
Net (losses)/gains
not recognised in
profit and loss
(20) (40) (122) account (123) (43) 15
933 176 39 Net profit 46 180 1,442
(137) (104) (73) 7 Dividends (73) (104) (137)
Exercise of share
1 - 1 options 1 - 1
Scrip issued in lieu
104 71 20 of dividends 20 71 104
(1,065) (72) (31) Repurchase of shares (31) (72) (1,065)
Change in
attributable
2 - - interests - - 2
Increase in own
(140) (77) (8) shares held (8) (77) (140)
------ ------ ------ ------ ------ ------
2,145 2,421 2,112 At end of period 3,301 3,061 3,328
------ ------ ------ ------ ------ ------
---------------------- ------------------------
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Jardine Matheson Holdings Limited
Consolidated Cash Flow Statement
-----------------------------------------------------------------------
Prepared in accordance with IAS as
modified by revaluation of leasehold
Prepared in accordance with IAS properties (refer note 1)
Year Six months Six months Year
ended ended ended ended
31st 30th 30th 31st
December June June December
2000 2000 2001 2001 2000 2000
US$m US$m US$m Note US$m US$m US$m
--------------------- -----------------------
Operating activities
833 91 120 Operating profit 121 92 801
Depreciation and
219 121 102 amortisation 101 120 243
(701) (57) (52) Other non-cash items(52) (57) (693)
(Increase)/decrease
3 (44) (119) in working capital (119) (44) 3
69 44 34 Interest received 34 44 69
Interest and other
financing charges
(161) (85) (105) paid (105) (85) (161)
(41) (17) (22) Tax paid (22) (17) (41)
------ ------ ------ ------ ------ ------
221 53 (42) (42) 53 221
Dividends from
associates and joint
210 109 104 ventures 104 109 210
Cash flows from
431 162 62 operating activities 62 162 431
Investing activities
8(a) Purchase of
subsidiary
(1,010) (307) (67) undertakings (67) (307) (1,010)
8(b) Purchase of
associates and joint
(92) (54) (66) ventures (66) (54) (92)
Purchase of other
(18) (11) (14) investments (14) (11) (18)
Purchase of
(319) (153) (86) tangible assets (86) (153) (319)
8(c) Sale of subsidiary
35 (11) (180) undertakings (180) (11) 35
8(d) Sale of associates
749 106 1 and joint ventures 1 106 749
8(e) Sale of other
4 1 198 investments 198 1 4
Sale of tangible
28 16 32 assets 32 16 28
Cash flows from
investing
(623) (413) (182) activities (182) (413) (623)
Financing activities
1 - 1 Issue of shares 1 - 1
(992) (60) (15) Repurchase of shares(15) (60) (992)
Capital contribution
from outside
16 16 4 shareholders 4 16 16
Drawdown of
4,075 1,129 2,039 borrowings 2,039 1,129 4,075
Repayment of
(2,922) (947) (2,275) borrowings (2,275) (947) (2,922)
Dividends paid by
(78) (64) (38) the Company (38) (64) (78)
Dividends paid
to outside
(104) (82) (30) shareholders (30) (82) (104)
Cash flows
from financing
(4) (8) (314) activities (314) (8) (4)
Effect of exchange
(35) (28) (14) rate changes (14) (28) (35)
------ ------ ------ ------ ------ ------
Net decrease in cash
and cash
(231) (287) (448) equivalents (448) (287) (231)
Cash and cash
equivalents
at beginning
1,549 1,549 1,318 of period 1,318 1,549 1,549
------ ------ ------ ------ ------ ------
Cash and cash
equivalents at end
1,318 1,262 870 of period 870 1,262 1,318
------ ------ ------ ------ ------ ------
----------------------- ------------------------
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Jardine Matheson Holdings Limited
Analysis of Profit Contribution
-----------------------------------------------------------------------
Prepared in accordance with IAS as
modified by revaluation of leasehold
Prepared in accordance with IAS properties (refer note 1)
Year Six months Six months Year
ended ended ended ended
31st 30th 30th 31st
December June June December
2000 2000 2001 2001 2000 2000
US$m US$m US$m US$m US$m US$m
--------------------- ----------------------
Group Contribution
92 44 32 Jardine Pacific 33 45 93
21 18 30 Jardine Motors Group 30 18 21
19 11 12 Jardine Lloyd Thompson 12 11 19
2 (8) 5 Dairy Farm 6 (8) 3
50 24 30 Hongkong Land 35 27 57
8 2 6 Mandarin Oriental 6 2 9
7 1 1 Cycle & Carriage 1 1 7
Profit from core
199 92 116 businesses 123 96 209
Corporate and other
(32) (10) (42) interests (42) (10) (32)
------ ------ ------ ------ ------ ------
167 82 74 Underlying net profit 81 86 177
766 94 (35) Non-recurring items (35) 94 1,265
------ ------ ------ ------ ------ ------
933 176 39 Net profit 46 180 1,442
------ ------ ------ ------ ------ ------
Further analysis of
Jardine Pacific
15 6 4 Gammon Construction 4 6 15
16 6 6 HACTL 6 6 16
6 2 2 IKEA 2 2 6
Jardine Aviation
4 2 3 Services 3 2 4
Jardine Engineering
15 7 4 Corporation 4 7 15
8 4 3 Jardine OneSolution 3 4 8
Jardine Property
5 2 2 Investment 3 3 6
8 5 4 Jardine Restaurants 4 5 8
8 5 6 Jardine Schindler 6 5 8
Jardine Shipping
7 4 2 Services 2 4 7
4 2 2 Pacific Finance 2 2 4
7 5 - Other businesses - 5 7
103 50 38 39 51 104
(11) (6) (6) Corporate (6) (6) (11)
------ ------ ------ ------ ------ ------
92 44 32 33 45 93
------ ------ ------ ------ ------ ------
Further analysis of
Jardine Motors Group
Hong Kong and Mainland
51 25 25 China 25 25 51
(30) (7) 4 United Kingdom 4 (7) (30)
4 3 1 France 1 3 4
1 2 - United States - 2 1
26 23 30 30 23 26
Corporate and other
- 1 (1) interests (1) 1 -
------ ------ ------ ------ ------ ------
26 24 29 29 24 26
Attributable to outside
interests and
amortisation of
(5) (6) 1 goodwill 1 (6) (5)
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21 18 30 30 18 21
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