Jardine Matheson Holdings Limited · SGX:J36
Jardine Matheson — FY2015 Earnings Presentation
23 slides from Jardine Matheson's earnings presentation, Mar 4, 2016
Slide 1: Presentation to Analysts
Presentation to Analysts 4th March 2016
Slide 2: Introduction
Introduction • The Jardine Matheson Group • Financial summary • Key developments • Outlook for 2016
Slide 3: Jardine Matheson Group at 31st December
Jardine Matheson Group at 31st December JMH JSH Ownership Economic Economic % Interest Interest Jardine Pacific 100 100 56 Jardine Motors 100 100 56 Jardine Lloyd Thompson 42 42 24 Jardine Strategic 83 83 - - Hongkong Land 50 42 50 - Dairy Farm 78 64 78 - Mandarin Oriental 74 61 74 - Jardine Cycle &
Slide 4: Financial Summary
Jardine Matheson Financial Summary US$m 2015 chg 2014 Revenue (including associates) 65,271 4% 62,782 Revenue 37,007 (7%) 39,921 Underlying PBT 3,526 (21%) 4,451 Underlying profit 1,363 (11%) 1,534 Non-trading items 434 176 Profit attributable to shareholders 1,797 5% 1,710 Underlying EPS, US$ 3.65
Slide 5: Underlying Profit Contribution
Jardine Matheson Underlying Profit Contribution US$m 2015 chg 2014 Jardine Pacific 142 9% 131 Jardine Motors 77 (21%) 97 Jardine Lloyd Thompson 70 (17%) 85 Hongkong Land 374 (3%) 384 Dairy Farm 274 (14%) 320 Mandarin Oriental 55 (7%) 59 Jardine Cycle & Carriage 105 110% 50 Astra 293 (33%) 439 Corpor
Slide 6: Developments
Jardine Matheson Developments • HKL new projects in China (Chongqing, Shanghai) • Dairy Farm acquisition of San Miu, completion of Yonghui • Mandarin Oriental acquisitions (Ritz, Madrid; MO, Boston), openings (Milan, Marrakech), $316m rights issue • Astra-Aviva JV trading well, increased new contrac
Slide 7: 2016 Outlook
2016 Outlook
Slide 8: Underlying Profit Contribution
Jardine Matheson Underlying Profit Contribution US$m 2015 chg 2014 Jardine Pacific 142 9% 131 Jardine Motors 77 (21%) 97 Jardine Lloyd Thompson 70 (17%) 85 Hongkong Land 374 (3%) 384 Dairy Farm 274 (14%) 320 Mandarin Oriental 55 (7%) 59 Jardine Cycle & Carriage 105 110% 50 Astra 293 (33%) 439 Corpor
Slide 9: Non-Trading Items
Jardine Matheson Non-Trading Items US$m 2015 2014 Change in fair value of investment properties in 454 161 Hongkong Land Sale of investments and properties 104 21 Asset impairment (126) 2 Restructuring of businesses (16) (14) Fair value loss on convertible component of Zhongsheng bonds (1) (14) Nega
Slide 10: Balance Sheet
Jardine Matheson Balance Sheet US$m 12/2015 chg 12/2014 Total equity 45,781 2% 44,805 Shareholders’ funds 19,948 4% 19,267 NAV per share, US$ 53.47 3% 51.79 Net debt (ex financial services cos) (2,972) (20%) (2,483) Gearing 6% 6% Net debt of financial services cos (3,232) 12% (3,686)
Slide 11: Analysis of Net Debt
Jardine Matheson Analysis of Net Debt US$m 12/2015 gearing Jardine Pacific / Jardine Motors (581) 47% Hongkong Land (2,341) 8% Dairy Farm (482) 33% Mandarin Oriental (132) 4% Jardine Cycle & Carriage 42 - Astra 132 - Jardine Matheson Corporate 44 Jardine Strategic Corporate 208 Jardine Cycle & Carri
Slide 12: Cashflow and Capex
Jardine Matheson Cashflow and Capex US$m 2015 2014 Cashflow from operating activities 4,118 3,354 Capital expenditure (ex disposals) 3,959 3,125 Increase in interests in subsidiaries 275 141 Trading properties capex 753 905 Major capex of associates and JVs* 1,557 1,521 Others (4) (2) Total capex 6,
Slide 13: Jardine Pacific Underlying Profit Contribution
Jardine Pacific Underlying Profit Contribution US$m 2015 chg 2014 Jardine Schindler 41 15% 36 JEC 27 6% 25 Gammon 29 4% 28 Jardine Restaurants 19 4% 19 Transport Services 32 14% 28 JTH 6 (11%) 7 Jardine Property Investment 6 2% 5 Corporate & other interests (18) (5%) (17) Underlying profit 142 9% 13
Slide 14: Jardine Motors Underlying Profit Contribution
Jardine Motors Underlying Profit Contribution US$m 2015 chg 2014 China (incl. HK & Macau) 40 (36%) 63 UK 38 8% 35 Corporate (1) (60%) (1) Underlying profit 77 (21%) 97
Slide 15: Jardine Lloyd Thompson Financial Summary
Jardine Lloyd Thompson Financial Summary* £m 2015 chg 2014 Underlying trading profit 187 (5%) 197 Underlying profit 112 (9%) 123 Underlying EPS, p 51.2 (9%) 56.2 DPS, p 30.6 6% 28.9 Net debt (426) 10% (474) *100% basis
Slide 16: Jardine Strategic Financial Summary
Jardine Strategic Financial Summary* US$m 2015 chg 2014 Underlying profit 1,428 (11%) 1,613 Non-trading items 525 219 Profit attributable to shareholders 1,953 7% 1,832 Underlying EPS, US$ 2.38 (11%) 2.66 DPS, US¢ 28.50 6% 27.00 NAV per share, US$** 49.99 (13%) 57.75 *100% basis **Calculated on mark
Slide 17: Hongkong Land Financial Summary
Hongkong Land Financial Summary* US$m 2015 chg 2014 Underlying profit 905 (3%) 930 Underlying EPS, US ¢ 38.44 (3%) 39.52 DPS, US¢ 19.00 - 19.00 Total equity 28,720 4% 27,598 NAV per share, US$ 12.19 4% 11.71 Net debt (2,341) 12% (2,657) Gearing 8% 10% *100% basis
Slide 18: Dairy Farm Financial Summary
Dairy Farm Financial Summary* US$m 2015 chg 2014 Underlying profit 428 (14%) 500 Underlying EPS, US ¢ 31.66 (14%) 36.98 DPS, US¢ 20.00 (13%) 23.00 NAV per share, US¢ 101.75 (4%) 105.66 Net (debt)/cash (482) N/A 475 Gearing 33% N/A *100% basis
Slide 19: Mandarin Oriental Financial Summary
Mandarin Oriental Financial Summary* US$m 2015 chg 2014 Underlying EBITDA*** 188 (13%) 217 Underlying profit 90 (7%) 97 Underlying EPS#, US¢ 7.53 (19%) 9.29 DPS, US¢ 5.00 (29%) 7.00 Adjusted NAV per share#, US$** 2.84 (6%) 3.02 Net debt (132) 67% (403) Gearing** 4% 13% * 100% basis ** Adjusted to in
Slide 20: Jardine Cycle & Carriage Financial Summary
Jardine Cycle & Carriage Financial Summary* US$m 2015 chg 2014 Astra 477 (34%) 724 Direct motor interests 141 71% 82 Other interests 30 100% - Corporate costs (10) 25% (13) Underlying profit 638 (20%) 793 Underlying EPS#, US¢ 169 (22%) 217 DPS, US¢ 69 (19%) 85 NAV per share#, US$ 13.33 6% 12.63 Net
Slide 21: Astra Contribution to JC&C
Astra Contribution to JC&C US$m 2015 chg 2014 Automotive 247 (26%) 333 Financial services 132 (27%) 181 Heavy equipment & mining 87 (37%) 138 Agribusiness 19 (78%) 84 Infrastructure, logistics & others 9 (50%) 18 Information technology 8 6% 7 Withholding tax (25) 32% (37) Underlying profit 477 (34%)
Slide 22: Underlying Profit Contribution
Jardine Matheson Underlying Profit Contribution US$m 2015 chg 2014 Jardine Pacific 142 9% 131 Jardine Motors 77 (21%) 97 Jardine Lloyd Thompson 70 (17%) 85 Hongkong Land 374 (3%) 384 Dairy Farm 274 (14%) 320 Mandarin Oriental 55 (7%) 59 Jardine Cycle & Carriage 105 110% 50 Astra 293 (33%) 439 Corpor
Slide 23: Presentation to Analysts
Presentation to Analysts 4th March 2016
Jardine Matheson Holdings — FY2015 Earnings Presentation on 6ix