Jardine Matheson Holdings Limited · SGX:J36
Jardine Matheson — H1 2021 Earnings Presentation
21 slides from Jardine Matheson's earnings presentation, Jul 30, 2021
Slide 1: 2021 Half-Yearly Results
PRESENTATION TO ANALYSTS 2021 HALF-YEARLY RESULTS 30th JULY 2021
Slide 2: Introduction
Introduction 2021 Half-Yearly Results COVID-19 Update Significant Developments Review of 1H 2021 Capital Allocation and Outlook 2
Slide 3: COVID-19 Update
COVID-19 Update Good recovery in 1H from pandemic lows in a number of businesses Still some way from a full recovery: Continuing operating challenges in all markets North Asia impacted by lack of tourists due to border closures Worsening situation in a number of Southeast Asian markets, pa
Slide 4: Significant Developments
Significant Developments Completion of acquisition of Jardine Strategic Formation of strategic cooperation with Hillhouse Capital Strengthening of strategic partnership with Zhongsheng 4
Slide 5: Jardine Matheson Group
Jardine Matheson Group at 30th June 2021 JM economic interest % Pre- 15th Post- 15th April April Jardine Pacific 100 100 Jardine Motors 100 100 Hongkong Land 43 50 Dairy Farm 66 78 Mandarin Oriental 67 79 Jardine Cycle & Carriage 64 75 • Astra 32 38 5
Slide 6: Overview of 1H 2021
Overview of 1H 2021 Jardine Matheson Some improvement in the Group’s performance and profitability in the first half COVID-19 continued to impact most sectors and markets 6
Slide 7: Financial Summary
Financial Summary Jardine Matheson US$m Interim chg Interim Annual 2021 2020 2020 Gross Revenue (including 100% of 52,488 +17% 44,936 90,906 associates and JVs) Revenue 17,492 +10% 15,906 32,647 Underlying PBT 1,733 +48% 1,169 2,786 Underlying profit 615 +65% 373 1,085 Non-trading items (732) (1,148
Slide 8: Underlying Profit Contribution
Underlying Profit Contribution Jardine Matheson US$m Interim Interim chg 2021 2020 Jardine Pacific 76 53 +45% Jardine Motors 154 61 +152% Hongkong Land 184 151 +22% Dairy Farm 25 69 -63% Mandarin Oriental (47) (67) +30% Jardine Cycle & Carriage (ex. Astra) 56 1 n/a Astra 203 109 +86% Corporate & oth
Slide 9: Non-Trading Items
Non-Trading Items Jardine Matheson US$m Interim Interim 2021 2020 Change in fair value of investment properties in Hongkong Land (635) (933) Change in fair value of the Causeway Bay site* (71) (222) Change in fair value of other investments (1) (63) Restructuring of business (25) - Asset impairment
Slide 10: Jardine Pacific
Jardine Pacific Underlying Profit Contribution US$m Interim Interim chg Annual 2021 2020 2020 JEC 18 12 +46% 51 Jardine Restaurants 18 15 +25% 32 Gammon 8 3 +166% 38 Jardine Schindler 17 14 +21% 32 Transport Services 15 5 +177% 24 Corporate and other interests - 4 n/a 5 Underlying profit 76 53 +45%
Slide 11: Jardine Motors
Jardine Motors Underlying Profit Contribution US$m Interim Interim chg Annual 2021 2020 2020 China (incl. HK & Macau) 138 89 +55% 226 UK 16 (28) n/a (12) Underlying profit 154 61 +152% 214 Stronger performance from Zung Fu on Chinese mainland Higher contribution from Zhongsheng, relating to 2H 2
Slide 12: Hongkong Land
Hongkong Land Financial Summary* US$m Interim Interim chg Annual 2021 2020 2020 Underlying profit 394 353 +12% 963 Total equity 34,445 -4% 35,739 NAV per share, US$ 14.75 -4% 15.30 Higher Development Properties profits due to timing of sales completions on Chinese mainland Resilient performance
Slide 13: Dairy Farm
Dairy Farm Financial Summary* US$m Interim Interim chg Annual 2021 2020 2020 Sales including associates and JVs 13,950 14,547 -4% 28,159 Sales 4,537 5,240 -13% 10,269 Underlying profit 32 105 -69% 276 Grocery Retail profit lower as customer buying patterns return to normal Strong Convenience Sto
Slide 14: Mandarin Oriental
Mandarin Oriental Financial Summary* US$m Interim Interim Chg Annual 2021 2020 2020 Combined total revenue of hotels under 382 276 +38% 593 management Underlying loss (67) (102) +34% (206) Adjusted shareholders’ funds** 4,990 -4% 5,171 Adjusted NAV per share, US$** 3.95 -3% 4.09 Business levels in
Slide 15: Jardine Cycle & Carriage
Jardine Cycle & Carriage Underlying Profit Contribution* US$m Interim Interim chg Annual 2021 2020 2020 Astra 293 171 +71% 309 Direct Motor Interests 24 - n/a 14 Other Strategic Interests 66 28 +138% 120 Corporate costs - Exchange losses (21) (41) +49% 24 - Others (16) (20) +22% (38) Underlying prof
Slide 16: Astra
Astra Contribution to JC&C US$m Interim Interim chg Annual 2021 2020 2020 Automotive 109 16 +592% 64 Financial services 74 69 +6% 111 Heavy equipment, mining & construction 96 82 +16% 122 Agribusiness 16 12 +37% 22 Infrastructure & logistics 3 (7) n/a 1 Information technology - 1 - 1 Property 3 2 +2
Slide 17: Analysis of Net Borrowings
Jardine Matheson Analysis of Net Borrowings US$m June gearing Dec gearing 2021 2020 Jardine Pacific / Jardine Motors 268 - 254 - Hongkong Land (4,262) 12% (4,568) 13% Dairy Farm (935) 83% (817) 61% Mandarin Oriental (590) 18% (506) 14% Jardine Cycle & Carriage 40 - (854) 6% Jardine Matheson Corporat
Slide 18: Consolidated Cash Flow
Jardine Matheson Consolidated Cash Flow Interim Interim US$m 2021 2020 Cash flows from operating activities 2,918 1,996 Investing activities - West Bund project net of partner advance in Hongkong Land - (2,227) - Investments in and advances to associates and JVs (499) (290) - Other capital expenditu
Slide 19: Capital allocation framework & near-term priorities
Capital allocation framework & near-term priorities Framework: 1. Organic investment in portfolio to drive long-term growth & returns 2. Continued payment of dividends, growing over time = 3. Investment in Group Companies, 3. New business M&A including through buy-backs Strong balance sheet providin
Slide 20: Outlook for 2H 2021
Outlook for 2H 2021 Jardine Matheson Encouraging signs of recovery in Q2, but pandemic continues to cause uncertainty Gradual recovery expected to continue, albeit at uneven pace: Trading conditions expected to remain challenging in most sectors and markets Impact of pandemic worsening in so
Slide 21: 2021 Half-Yearly Results
PRESENTATION TO ANALYSTS 2021 HALF-YEARLY RESULTS 30th JULY 2021
Jardine Matheson Holdings — H1 2021 Earnings Presentation on 6ix