Jardine Matheson Holdings Limited · SGX:J36
Jardine Matheson — H1 2018 Earnings Presentation
19 slides from Jardine Matheson's earnings presentation, Jul 30, 2018
Slide 1: 2018 Half-Yearly Results
Presentation to Analysts 2018 Half-Yearly Results 30th July 2018
Slide 2: Review of 1H 2018
Jardine Matheson Review of 1H 2018 Solid growth in Group underlying profit Good performances from most companies Increases in Astra and Jardine Cycle & Carriage Financial position remains robust
Slide 3: Jardine Matheson Group at 30th June 2018
Jardine Matheson Group at 30th June 2018 Group JMH JSH Ownership Economic Economic % Interest % Interest % Jardine Pacific 100 100 58 Jardine Motors 100 100 58 Jardine Lloyd Thompson 41 41 24 Jardine Strategic 84 84 - - Hongkong Land 50 42 50 - Dairy Farm 78 65 78 - Mandarin Oriental 78 65 78 - Jard
Slide 4: Financial Summary
Jardine Matheson Financial Summary US$m Interim chg Interim Annual 2018 2017* 2017* Revenue (including 100% of associates and 44,348 19% 37,417 83,001 JVs) Revenue 21,327 14% 18,783 38,748 Underlying PBT 2,304 11% 2,071 4,302 Underlying profit 792 6% 744 1,543 Non-trading items 136 1,430 2,400 Profi
Slide 5: Underlying Profit Contribution
Jardine Matheson Underlying Profit Contribution US$m Interim Interim chg 2018 2017* Jardine Pacific 63 67 -6% Jardine Motors 87 83 6% Jardine Lloyd Thompson 35 36 -2% Hongkong Land 192 196 -2% Dairy Farm 140 137 2% Mandarin Oriental 15 10 49% Jardine Cycle & Carriage 53 38 37% Astra 223 198 13% Corp
Slide 6: Non-Trading Items
Jardine Matheson Non-Trading Items US$m Interim Interim 2018 2017* Change in fair value of investment properties in 280 1,090 Hongkong Land Change in fair value of other investments (157) 117 Sale of property interests - 195 Change in interests in associates and joint ventures - 8 VAT recovery in Ja
Slide 7: Jardine Pacific Underlying Profit Contribution
Jardine Pacific Underlying Profit Contribution US$m Interim Interim chg Annual 2018 2017* 2017* Jardine Schindler 22 22 - 45 JEC 6 6 -10% 30 Gammon 15 16 -6% 31 Jardine Restaurants 11 16 -28% 24 Transport Services 10 11 -9% 25 JTH (2) - NA 7 Corporate and other interests 1 (4) 125% - Underlying prof
Slide 8: Jardine Motors Underlying Profit Contribution
Jardine Motors Underlying Profit Contribution US$m Interim Interim chg Annual 2018 2017 2017 China (incl. HK & Macau) 80 76 6% 171 UK 8 8 - 15 Corporate (1) (1) - (2) Underlying profit 87 83 6% 184 Increased new car sales in Hong Kong Margin pressure in China Steady volumes but lower new car m
Slide 9: Jardine Lloyd Thompson Financial Summary
Jardine Lloyd Thompson Financial Summary** £m Interim Interim chg Annual 2018 2017* 2017* Revenue 713 692 3% 1,381 Underlying trading profit 118 109 9% 209 Underlying profit*** 75 68 11% 123 Solid revenue and profit growth Launched Global Transformation Programme to deliver operational efficienc
Slide 10: Jardine Strategic Financial Summary
Jardine Strategic Financial Summary** US$m Interim Interim chg Annual 2018 2017* 2017* Underlying profit 828 762 9% 1,570 Non-trading items 156 1,580 2,735 Profit attributable to shareholders 984 2,342 -58% 4,305 Underlying EPS, US$ 1.45 1.31 11% 2.71 DPS, US¢ 10.00 9.50 5% 32.00 NAV per share, US$*
Slide 11: Hongkong Land Financial Summary
Hongkong Land Financial Summary** US$m Interim Interim chg Annual 2018 2017* 2017* Underlying profit 455 470 -3% 947 Total equity 37,318 1% 36,876 NAV per share, US$ 15.93 2% 15.66 Investment properties performed well due to low vacancy levels and increased office rents in Hong Kong Development
Slide 12: Dairy Farm Financial Summary
Dairy Farm Financial Summary* US$m Interim Interim chg Annual 2018 2017 2017 Sales including associates and JVs 12,215 10,448 17% 21,827 Sales 5,929 5,505 8% 11,289 Underlying profit 215 211 2% 403 North Asia: Food saw improved sales but lower profits; outstanding performance for Health and Beauty
Slide 13: Mandarin Oriental Financial Summary
Mandarin Oriental Financial Summary* US$m Interim Interim Chg Annual 2018 2017 2017 Combined total revenue of hotels under 700 645 9% 1,380 management Underlying profit 22 15 49% 55 Adjusted shareholders’ funds** 5,722 - 5,747 Adjusted NAV per share, US$** 4.54 -1% 4.57 Generally improved performa
Slide 14: Jardine Cycle & Carriage Underlying Profit Contribution
Jardine Cycle & Carriage Underlying Profit Contribution** US$m Interim Interim chg Annual 2018 2017* 2017* Astra 354 315 12% 623 Direct Motor Interests 74 63 18% 125 Other Interests 41 8 394% 34 Corporate costs (55) (11) -406% (12) Underlying profit 414 375 10% 770 Strong Astra performance Direc
Slide 15: Astra Contribution to JC&C
Astra Contribution to JC&C US$m Interim Interim chg Annual 2018 2017* 2017* Automotive 142 146 -2% 284 Financial services 78 64 22% 124 Heavy equipment, mining, construction & energy 119 77 54% 168 Agribusiness 22 31 -28% 60 Infrastructure & logistics - 4 -98% 4 Information technology 3 2 19% 7 Prop
Slide 16: Analysis of Net Debt
Jardine Matheson Analysis of Net Debt US$m June gearing Dec gearing 2018 2017 Jardine Pacific / Jardine Motors 201 - 164 - Hongkong Land (3,125) 8% (2,548) 7% Dairy Farm (670) 39% (599) 34% Mandarin Oriental (325) 26% (327) 26% Jardine Cycle & Carriage (1,698) 14% (714) 6% Jardine Matheson Corporate
Slide 17: Business Developments
Jardine Matheson Business Developments Hongkong Land announced 5 new projects Mandarin Oriental expects 4 openings in the next 12 months; 5 new management contracts signed Dairy Farm to partner with Robinsons in the Philippines Dairy Farm addressing strategic priorities
Slide 18: Outlook
Jardine Matheson Outlook Group focused on opportunities arising from changing technologies and digitalisation Optimistic for the second half of 2018; expect to see profit growth continue Focus areas for growth remain Greater China and Southeast Asia
Slide 19: 2018 Half-Yearly Results
Presentation to Analysts 2018 Half-Yearly Results 30th July 2018
Jardine Matheson Holdings — H1 2018 Earnings Presentation on 6ix