Jardine Cycle & Carriage Limited · SGX:C07
Jardine Cycle & Carriage — Jardine Matheson Holdings — FY2016 Earnings Presentation
24 slides from Jardine Cycle & Carriage's earnings presentation, Mar 3, 2017
Slide 1: 2016 Annual Results Presentation to Analysts
wy J Jardines 2016 Annual Results Presentation to Analysts 3rd March 2017
Slide 2: Introduction
Introduction • The Jardine Matheson Group • Overview of 2016 • Financial Summary • Outlook for 2017
Slide 3: Jardine Matheson Group at 31st December 2016
Jardine Matheson Group at 31st December 2016 JMH JSH Ownership Economic Economic % Interest Interest Jardine Pacific 100 100 57 Jardine Motors 100 100 57 Jardine Lloyd Thompson 42 42 24 Jardine Strategic 84 84 - - Hongkong Land 50 42 50 - Dairy Farm 78 65 78 - Mandarin Oriental 77 65 77 - Jardine Cy
Slide 4: Financial Summary
Jardine Matheson Financial Summary US$m 2016 chg 2015* Revenue (including associates and JVs) 72,437 11% 65,271 Revenue 37,051 - 37,007 Underlying PBT 3,729 6% 3,507 Underlying profit 1,386 2% 1,360 Non-trading items 1,117 439 Profit attributable to shareholders 2,503 39% 1,799 Underlying EPS, US$ 3
Slide 5: Overview of 2016
Jardine Matheson Overview of 2016 • Satisfactory result against a mixed economic backdrop • Solid performance in Hong Kong • Better year in Singapore and Indonesia • Increasing contribution from mainland China • Investing for growth • Embracing new technology • Innovate Jardines
Slide 6: Underlying Profit Contribution
Jardine Matheson Underlying Profit Contribution US$m 2016 chg 2015* Jardine Pacific 135 (5%) 142 Jardine Motors 110 43% 77 Jardine Lloyd Thompson 56 (20%) 70 Hongkong Land 353 (6%) 374 Dairy Farm 297 8% 274 Mandarin Oriental 36 (34%) 55 Jardine Cycle & Carriage 125 19% 105 Astra 312 8% 290 Corporate
Slide 7: Non-Trading Items
Jardine Matheson Non-Trading Items US$m 2016 2015* Change in fair value of investment properties in 1,043 454 Hongkong Land Sale of property interests 158 - Sale and closure of businesses 5 4 Restructuring of businesses 3 (16) Asset impairment (101) (126) Litigation costs (9) - Sale of other investm
Slide 8: Balance Sheet
Jardine Matheson Balance Sheet US$m 12/2016 chg 12/2015* Total equity 49,737 9% 45,500 Shareholders’ funds 21,800 10% 19,886 NAV per share, US$** 58.15 9% 53.30 Net debt (ex financial services) (2,087) 30% (2,972) Gearing 4% 6% Net debt of financial services (3,554) (10%) (3,232) * Restated ** Calcu
Slide 9: Analysis of Net Debt
Jardine Matheson Analysis of Net Debt US$m 12/2016 gearing 12/2015 Jardine Pacific / Jardine Motors (226) 17% (581) Hongkong Land (2,008) 6% (2,341) Dairy Farm (641) 41% (482) Mandarin Oriental (297) 8% (132) Jardine Cycle & Carriage 91 - 42 Astra 552 - 132 Jardine Matheson Corporate 154 - 44 Jardin
Slide 10: Consolidated Cash Flow (1 of 2)
Jardine Matheson Consolidated Cash Flow (1 of 2) US$m 2016 2015* Operating activities 3,950 4,089 Investing activities - Capital expenditure (2,594) (3,930) * Restated
Slide 11: Capital Expenditure & Investments
Jardine Matheson Capital Expenditure & Investments US$m 2016 2015* Capital expenditure 2,594 3,930 - Investments in subsidiaries 60 215 - Investments in various associates & JVs 652 1,762 - Purchases for tangible assets 996 1,093 - Investment properties 313 233 - Others 573 627 Increase in interests
Slide 12: Consolidated Cash Flow (2 of 2)
Jardine Matheson Consolidated Cash Flow (2 of 2) US$m 2016 2015* Operating activities 3,950 4,089 Investing activities - Capital expenditure (2,594) (3,930) - Disposals and repayments from associates and JVs 531 730 Financing activities (including dividends paid) (1,051) (1,219) Net increase/(decrea
Slide 13: Jardine Pacific Underlying Profit Contribution
Jardine Pacific Underlying Profit Contribution US$m 2016 chg 2015 Jardine Schindler 44 7% 41 JEC 28 3% 27 Gammon 18 (38%) 29 Jardine Restaurant Group 28 45% 19 Transport Services 17 (47%) 32 JTH Group 9 49% 6 Corporate and other interests (9) 28% (12) Underlying profit 135 (5%) 142
Slide 14: Jardine Motors Underlying Profit Contribution
Jardine Motors Underlying Profit Contribution US$m 2016 chg 2015 China (incl. HK & Macau) 82 106% 40 UK 30 (22%) 38 Corporate (2) (113%) (1) Underlying profit 110 43% 77
Slide 15: Jardine Lloyd Thompson Financial Summary
Jardine Lloyd Thompson Financial Summary* £m 2016 chg 2015 Revenue 1,261 9% 1,155 Underlying trading profit 194 3% 187 Underlying profit** 111 (1%) 112 * 100% basis ** Underlying profit attributable to the Group, on conversion to US$ and after adjusting for restructuring costs: 2016 – US$56m, 2015 –
Slide 16: Jardine Strategic Financial Summary
Jardine Strategic Financial Summary* US$m 2016 chg 2015** Underlying profit 1,438 1% 1,424 Non-trading items 1,303 531 Profit attributable to shareholders 2,741 40% 1,955 Underlying EPS, US$ 2.45 3% 2.37 DPS, US¢ 30.00 5% 28.50 NAV per share, US$*** 53.25 7% 49.99 * 100% basis ** Restated *** Calcul
Slide 17: Hongkong Land Financial Summary
Hongkong Land Financial Summary* US$m 2016 chg 2015 Underlying profit 848 (6%) 905 Total equity 31,314 9% 28,720 NAV per share, US$ 13.30 9% 12.19 * 100% basis
Slide 18: Dairy Farm Financial Summary
Dairy Farm Financial Summary* US$m 2016 chg 2015 Sales including associates and JVs 20,424 14% 17,907 Sales 11,201 1% 11,137 Underlying profit 460 7% 428 * 100% basis
Slide 19: Mandarin Oriental Financial Summary
Mandarin Oriental Financial Summary* US$m 2016 chg 2015 Combined total revenue of hotels under 1,324 (1%) 1,335 management Underlying profit 57 (37%) 90 Adjusted shareholders’ funds** 3,888 9% 3,569 Adjusted NAV per share, US$** 3.10 9% 2.84 * 100% basis ** Adjusted to include the market value of th
Slide 20: Jardine Cycle & Carriage Underlying Profit Contribution
Jardine Cycle & Carriage Underlying Profit Contribution* US$m 2016 chg 2015** Astra 500 6% 471 Direct motor interests 167 18% 141 Other interests 33 11% 30 Corporate costs (21) (104%) (10) Underlying profit 679 7% 632 * 100% basis ** Restated
Slide 21: Astra Contribution to JC&C
Astra Contribution to JC&C US$m 2016 chg 2015* Automotive 313 27% 247 Financial services 30 (78%) 132 Heavy equipment & mining 114 31% 87 Agribusiness 60 227% 18 Infrastructure & logistics 10 53% 7 Information technology 7 (3%) 8 Property (8) (192%) (3) Withholding tax (26) (4%) (25) Underlying prof
Slide 22: Underlying Profit Contribution
Jardine Matheson Underlying Profit Contribution US$m 2016 chg 2015* Jardine Pacific 135 (5%) 142 Jardine Motors 110 43% 77 Jardine Lloyd Thompson 56 (20%) 70 Hongkong Land 353 (6%) 374 Dairy Farm 297 8% 274 Mandarin Oriental 36 (34%) 55 Jardine Cycle & Carriage 125 19% 105 Astra 312 8% 290 Corporate
Slide 23: Outlook for 2017
Jardine Matheson Outlook for 2017 • Continue to drive growth in existing businesses and new markets • Greater China and Southeast Asia focus • Explore new opportunities while relying on key strengths • Remain committed to investing in our businesses and people
Slide 24: 2016 Annual Results Presentation to Analysts
wy J Jardines 2016 Annual Results Presentation to Analysts 3rd March 2017
Jardine Matheson Holdings — FY2016 Earnings Presentation on 6ix