Jardine Matheson Holdings Limited · SGX:J36
Jardine Matheson — H1 2024 Earnings Presentation
26 slides from Jardine Matheson's earnings presentation, Aug 2, 2024
Slide 1: 2024 Half-Year Results
P R E S E N T A T I O N T O A N A LY S T S 2024 Half-Year Results 2 AUGUST 2024
Slide 2: Cautionary statement
Cautionary statement Disclaimer: Forward-looking statements Your accessing of this document indicates your understanding, agreement to and acceptance, of this disclaimer This document (including information incorporated by reference in this document), oral statements made by or on notice and the ful
Slide 3: Agenda
Agenda Group Strategic Priorities Financial Performance and Review Group Businesses Performance Outlook
Slide 4: Our approach
Our approach We are well-positioned with a strong balance sheet and strengthened leadership, focused on strategic opportunities in our core, growing markets in Asia Diversified portfolio across Disciplined Strong and experienced South East Asia and China capital allocation leadership team 4
Slide 5: Driving leadership & entrepreneurialism
Driving leadership & entrepreneurialism Progress on Group strategic priorities Strengthened Boards and Accountable Leadership Engaged shareholder Executive Teams Executive Portfolio companies’: JMH re-focus on critical New CEOs progressing Boards accountable for areas: strategy and delivery at
Slide 6: Evolving the Group portfolio
Evolving the Group portfolio Progress on Group strategic priorities Strategic initiatives HKL – ‘Tomorrow’s Central’, US$1 bn transformation of Landmark estate in HK MO – topping out One Causeway Bay and four hotel openings Astra’s palm oil business applies to join RSPO Simplification and capi
Slide 7: Driving innovation & operational excellence
Driving innovation & operational excellence Progress on Group strategic priorities Exploring GenAI opportunities Enhancing productivity through AI–secure GenAI environments in key business units AI policies for all businesses Driving greater efficiency and productivity MO – implementing new Cu
Slide 8: Progressing sustainability
Progressing sustainability Progress on Group strategic priorities Group Sustainability Report, May 2024 : Leading climate action All businesses have scope 1 & 2 CO2 targets Growing share of energy from renewables Driving responsible consumption Total waste decreased 4% 94% waste diverted 2
Slide 9: Financial Performance and Review
Financial Performance and Review
Slide 10: Financial highlights
Financial highlights Six months ended 30 June 2024 JC&C MOHG 3% DFI Retail 2% Underlying profit attributable to shareholders of US$550m and 8% Zhongsheng underlying EPS US$1.91 8% Underlying profit Astra Stable interim dividend of US$0.60 Jardine contribution by 52% Pacific business* Underlyin
Slide 11: Underlying profit contribution by business, US$550m
Underlying profit contribution by business, US$550m Six months ended 30 June 2024 2023 2024 • Group underlying profit, before HKL impairments down 14% (9% at CER) • Expected 1H headwinds at Astra (lower commodity prices) and Zhongsheng (new car margins) - should abate in 2H 15 58 19 417 394 224 89 6
Slide 12: Non-trading items
Non-trading items US$m 1H2024 1H2023 Change in fair value of investment properties (521) (482) Change in fair value of other investments 4 54 Sales of businesses (37) 11 Sale of a hotel (28) - Sale of property interests 4 61 Others (12) (2) Share of Zhongsheng’s results for 2H2022 - 101 Non-trading
Slide 13: Net debt down 4% to $8.0bn
Net debt down 4% to $8.0bn US$m 30 Jun 2024 Chg 31 Dec 2023 Jardine Pacific / Jardine Motor Interests (97) -31 (66) Hongkong Land (5,357) 14 (5,371) DFI Retail (549) 69 (618) Mandarin Oriental (110) 115 (225) Jardine Cycle & Carriage (543) 602 (1,145) Jardine Matheson Corporate (1,351) -404 (947) Ne
Slide 14: Consolidated cash flow
Consolidated cash flow US$m 1H2024 1H2023 Cash flows from operating activities 2,969 2,746 Investing activities: - Investments in and advances to associates and JVs (180) (218) - Other capital expenditure (929) (1,209) - Sale of subsidiaries 280 303 - Other disposals, and repayment from associates a
Slide 15: JMH Parent: Net Debt and 1H2024 Cash Flow (US$bn)
JMH Parent: Net Debt and 1H2024 Cash Flow (US$bn) Ne t d ivid e n d in c o m e u p 2 7% ; Fin a l 2 0 2 3 d ivid e n d $ 0 .3 b n (n e t o f S C RIP ) 0.9 -0.3 +0.5 1.3 JM MO JC&C -0.6 (1) Net debt 31.12.23 Net dividend Disposals Dividends paid Share Net debt 30.6.24 income purchase / M&A 15 1. Pare
Slide 16: Group Businesses Performance
Group Businesses Performance
Slide 17: Astra
Astra Contribution to JC&C* US$m 1H2024 Chg 1H2023 Automotive 160 -8% 174 Financial services 128 +1% 127 Heavy Equipment, Mining, Construction 183 -20% 229 and Energy (‘HEMCE’) Agribusiness 12 +28% 9 Infrastructure and Logistics 19 +15% 17 Others 5 +23% 4 Withholding tax (10) +39% (17) Underlying pr
Slide 18: Zhongsheng
Zhongsheng Underlying Profit Contribution US$m 1H2024 Chg 1H2023 Underlying profit 63 -29% 89 1H result reflects share of analysts’ FY consensus estimate Intense competition in New Car segment – consumer sentiment and EV penetration Partly offset by progress in Used Car and After-Sales segment
Slide 19: DFI Retail
DFI Retail Financial Summary* US$m 1H2024 Chg 1H2023 Revenue 4,405 -4% 4,574 Operating profit from subsidiaries 168 +32% 128 Financing, tax and NCI (95) -9% (88) Share of results of associates & JVs 3 n/a (7) Underlying profit 76 +127% 33 Improved performance from Convenience and Food segments S
Slide 20: Jardine Pacific
Jardine Pacific Underlying Profit Contribution US$m 1H2024 Chg 1H2023 Jardine Schindler 21 - 21 JEC 12 -27% 16 Gammon 19 +14% 17 Transport Services 15 +46% 10 Jardine Restaurants (6) -2% (6) Zung Fu Hong Kong (3) n/a 6 Corporate and other interests (6) n/a - Underlying profit 52 -19% 64 Engineerin
Slide 21: Mandarin Oriental
Mandarin Oriental US$m 1H2024 Chg 1H2023 Financial Summary* Combined total revenue of hotels owned 980 +11% 882 and under management** Underlying profit - Owned hotels 11 -24% 14 - Management business 14 -13% 16 - Property development (2) +9% (2) Total underlying profit 23 -19% 28 30 Jun 24 31 Dec 2
Slide 22: Jardine Cycle & Carriage
Jardine Cycle & Carriage US$m 1H2024 Chg 1H2023 Underlying Profit Contribution* Indonesia 513 -9% 562 Vietnam 30 -12% 34 Regional Interests 25 -13% 28 Corporate costs - Exchange differences (28) -310% (7) - Others (40) -15% (34) Total underlying profit 500 -14% 583 Underlying profit, exclude Astra 3
Slide 23: Hongkong Land
Hongkong Land US$m 1H2024 Chg 1H2023 Financial Summary* Contributions to Underlying (Loss)/Profit - Investment Properties 482 -3% 498 - Development Properties (260) n/a 180 - Financing, tax, NCI & other (229) +10% (256) expenses Total underlying (loss)/profit (7) n/a 422 30 Jun 24 31 Dec 23 Total eq
Slide 24: Highlights and Outlook
Highlights Group underlying profit, before HKL impairments, down 14% (9% at CER) Interim dividend of 60¢ per share maintained Leadership strengthened by new CEOs in four portfolio companies Outlook Continue to expect Group full-year results modestly below 2023 Strong Group balance sheet an
Slide 25: 2024 Half-Year Results Q&A
“WW 2024 Half-Year Results Q&A
Slide 26: End of presentation
E N D O F P R E S E N TAT I O N 2024 Half-Year Results If you have any queries, please email gc@jardines.com
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