Jardine Matheson Holdings Limited · SGX:J36
Jardine Matheson — H1 2019 Earnings Presentation
19 slides from Jardine Matheson's earnings presentation, Aug 5, 2019
Slide 1: 2019 Half-Yearly Results
PRESENTATION TO ANALYSTS 2019 HALF-YEARLY RESULTS 5 th AUGUST 2019
Slide 2: Review of 1H 2019
Review of 1H 2019 Jardine Matheson Challenging start to year for Astra Profit growth from Hongkong Land and Dairy Farm Profit impacted by sale of JLT Resilient performances by most businesses in face of challenging conditions Financial position remains strong 2
Slide 3: Jardine Matheson Group at 30th June 2019
Jardine Matheson Group at 30th June 2019 Group JMH JSH Ownership Economic Economic % Interest % Interest % Jardine Pacific 100 100 58 Jardine Motors 100 100 58 Jardine Strategic 85 85 - - Hongkong Land 50 43 50 - Dairy Farm 78 66 78 - Mandarin Oriental 78 66 78 - Jardine Cycle & Carriage 75 64 75 •
Slide 4: Financial Summary
Financial Summary Jardine Matheson US$m Interim chg Interim Annual 2019 2018* 2018* Revenue (including 100% of associates and 50,274 13% 44,348 92,348 JVs) Revenue 20,172 -5% 21,327 42,527 Underlying PBT 2,119 -6% 2,250 4,831 Underlying profit 738 -3% 759 1,642 Non-trading items 1,516 136 65 Profit
Slide 5: Underlying Profit Contribution
Underlying Profit Contribution Jardine Matheson US$m Interim Interim chg 2019 2018* Jardine Pacific 56 62 -9% Jardine Motors 107 86 23% Hongkong Land 198 192 4% Dairy Farm 115 109 5% Mandarin Oriental 7 15 -51% Jardine Cycle & Carriage (ex. Astra) 45 53 -14% Astra 207 223 -7% Corporate & other inter
Slide 6: Non-Trading Items
Non-Trading Items Jardine Matheson US$m Interim Interim 2019 2018* Gain on sale of JLT 1,507 - Change in fair value of other investments 44 280 Change in fair value of investment properties in Hongkong Land (37) (157) Others 2 13 1,516 136 * Restated 6
Slide 7: Jardine Pacific
Jardine Pacific Underlying Profit Contribution US$m Interim Interim chg Annual 2019 2018* 2018* Jardine Schindler 21 22 -5% 49 JEC 9 6 63% 34 Gammon 8 15 -48% 32 Jardine Restaurants 10 10 -1% 17 Transport Services 8 10 -22% 21 Corporate and other interests - (1) na 7 Underlying profit 56 62 -9% 160
Slide 8: Jardine Motors
Jardine Motors Underlying Profit Contribution US$m Interim Interim chg Annual 2019 2018* 2018* China (incl. HK & Macau) 103 80 28% 166 UK 5 7 -36% 10 Corporate (1) (1) 13% (2) Underlying profit 107 86 23% 174 • Increased contribution from Zhongsheng (six months’ results vs two months) • Profit growt
Slide 9: Jardine Strategic
Jardine Strategic Financial Summary** US$m Interim Interim chg Annual 2019 2018* 2018* Underlying profit 779 789 -1% 1,715 Non-trading items 878 156 95 Profit attributable to shareholders 1,657 945 75% 1,810 Underlying EPS, US$ 1.38 1.38 - 3.01 DPS, US¢ 10.50 10.00 5% 34.00 NAV per share, US$*** 61.
Slide 10: Hongkong Land
Hongkong Land Financial Summary* US$m Interim Interim chg Annual 2019 2018 2018 Underlying profit 466 455 2% 1,036 Total equity 38,529 - 38,370 NAV per share, US$ 16.50 - 16.43 • Investment properties benefit from tight supply and low vacancy levels in Hong Kong and Singapore • Higher profits from d
Slide 11: Dairy Farm
Dairy Farm Financial Summary** US$m Interim Interim chg Annual 2019 2018* 2018* Sales including associates and JVs 13,781 12,215 13% 21,957 Sales 5,761 5,929 -3% 11,749 Underlying profit 177 168 5% 342 • Sales from subsidiaries 3% lower • Higher underlying profit due to strong performance from Yongh
Slide 12: Mandarin Oriental
Mandarin Oriental Financial Summary** US$m Interim Interim Chg Annual 2019 2018* 2018* Combined total revenue of hotels under 641 700 -8% 1,398 management Underlying profit 11 22 -52% 65 Adjusted shareholders’ funds*** 5,828 - 5,827 Adjusted NAV per share, US$*** 4.61 - 4.62 • Profit impacted by clo
Slide 13: Jardine Cycle & Carriage
Jardine Cycle & Carriage Underlying Profit Contribution** US$m Interim Interim chg Annual 2019 2018* 2018* Astra 326 354 -8% 718 Direct Motor Interests 55 72 -22% 143 Other Interests 44 41 7% 71 Corporate costs*** (18) (54) 66% (76) Underlying profit 407 413 -1% 856 • Lower contribution from Astra,
Slide 14: Astra
Astra Contribution to JC&C US$m Interim Interim chg Annual 2019 2018* 2018* Automotive 112 142 -22% 272 Financial services 100 78 29% 171 Heavy equipment, mining, construction & energy 118 119 -1% 230 Agribusiness - 22 -98% 43 Infrastructure & logistics 3 - 100% 7 Information technology 1 3 -33% 7 P
Slide 15: Analysis of Net Debt
Jardine Matheson Analysis of Net Debt US$m June gearing Dec gearing 2019 2018 Jardine Pacific / Jardine Motors 35 - 19 - Hongkong Land (3,881) 10% (3,564) 9% Dairy Farm (820) 74% (744) 67% Mandarin Oriental (336) 8% (285) 23% Jardine Cycle & Carriage (3,105) 22% (2,152) 16% Jardine Matheson Corporat
Slide 16: Business Developments (1/2)
Business Developments (1/2) Jardine Matheson Sale of 41% interest in JLT completed on 1st April Mandarin Oriental Wangfujing opened Hongkong Land acquired a new site in Wuhan Dairy Farm transformation programme progressing Maxim’s acquired Starbucks in Thailand through JV Mandarin Orient
Slide 17: Business Developments (2/2)
Business Developments (2/2) Jardine Matheson Virtual bank joint venture announced with BoC HK and JD Digits Group continues to progress innovation agenda and embrace opportunities arising from digitisation New role of Director of Digital 17
Slide 18: Outlook for 2H 2019
Outlook for 2H 2019 Jardine Matheson Hongkong Land and Dairy Farm expected to deliver higher contributions in second half Overall results will depend on consumer sentiment in key markets Confidence in longer-term growth prospects in Greater China and Southeast Asia 18
Slide 19: 2019 Half-Yearly Results
PRESENTATION TO ANALYSTS 2019 HALF-YEARLY RESULTS 5 th AUGUST 2019
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