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Jardine Matheson Hldgs Ltd 2021 HALF YEAR RESULTS

29/07/2021 12:08pm

UK Regulatory (RNS & others)


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TIDMJAR

RNS Number : 9377G

Jardine Matheson Hldgs Ltd

29 July 2021

29th July 2021

For i m mediate release

The following announcement was issued today to a Regulatory Information Service approved by the Financial Conduct Authority in the United Kingdom.

Jardine Matheson Holdings Limited

Half-Yearly Results for the Six Months ended 30th June 2021

Some signs of improvement, but conditions remain challenging, especially in Southeast Asia

Highlights

-- Underlying profit of US$615 million for the period to 30th June 2021, up 65% against the prior year, but still 17% behind 2019 levels

   --      Group simplification by the privatisation of Jardine Strategic Holdings completed in April 
   --      The Group's balance sheet and funding position remain robust 
   --      Strengthening of the strategic partnership with Zhongsheng announced 

" There was some improvement in the Group's performance and profitability in the first half compared with the same period last year, but COVID-19 continued to have an impact in most sectors and markets. Conditions are expected to remain challenging for the second half of the year, particularly due to the worsening COVID-19 situation in Southeast Asia, making it difficult to predict full-year performance.

Ensuring the health, wellbeing and safety of our colleagues amid the deepening pandemic continues to be the Group's top priority. On behalf of the Board, I would like to recognise the remarkable resilience shown by colleagues across the Group and thank all of them for their continuing dedication, hard work and professionalism during such challenging times.

The Group has a strong balance sheet and liquidity position and will continue to focus on opportunities to create sustainable long-term growth."

Ben Keswick, Executive Chairman

Results

 
                                                        (unaudited) 
                                              Six months ended 30th 
                                                               June 
                                                  2021         2020       Change 
                                                  US$m         US$m            % 
-----------------------------------------  -----------  -----------  ----------- 
  Gross revenue 
   including 100% 
   of associates 
   and joint ventures                           52,488       44,936          +17 
 Revenue                                        17,492       15,906          +10 
 Underlying profit* 
  attributable 
  to shareholders                                  615          373          +65 
 Loss attributable 
  to shareholders                                (117)        (775)          +85 
 Shareholders' 
  funds(#)                                      27,762       29,387           -6 
-----------------------------------------  -----------  -----------  ----------- 
                                                   US$          US$            % 
-----------------------------------------  -----------  -----------  ----------- 
 Underlying earnings 
  per share*                                      1.86         1.01          +84 
 Loss per share                                 (0.35)       (2.09)          +83 
 Net asset value 
  per share(#)                                   94.17        81.32          +16 
-----------------------------------------  -----------  -----------  ----------- 
                                                   USc          USc            % 
-----------------------------------------  -----------  -----------  ----------- 
 Interim dividend 
  per share                                      44.00        44.00            - 
-----------------------------------------  -----------  -----------  ----------- 
   * The Group uses 'underlying profit' in its internal financial 
    reporting to distinguish between ongoing business performance 
    and non-trading items, as more fully described in note 7 
    to the condensed financial statements. Management considers 
    this to be a key measure which provides additional information 
    to enhance understanding of the Group's underlying business 
    performance. 
    # At 30th June 2021 and 31st December 2020, respectively. 
    Net asset value per share is based on the book value of shareholders' 
    funds. 
 

The interim dividend of USc44.00 per share will be payable on 13th October 2021 to shareholders on the register of members at the close of business on 20th August 2021 and will be available in cash with a scrip alternative

Chairman's Statement

Overview

There were signs of improvement in the Group's performance and profitability in the first half compared with the same period last year, but COVID-19 continued to have an impact in most sectors and markets, and conditions are expected to remain challenging for the second half of the year. The absence of tourists from the Chinese mainland will continue to impact the performance of the Group's businesses in North Asia, including Hongkong Land's Central retail portfolio in Hong Kong, Dairy Farm's health and beauty business and Mandarin Oriental's hotels. The performance of the Group's businesses in Indonesia and other parts of Southeast Asia is also expected to be significantly affected by the continuing severe impact of the pandemic and related restrictions.

The Group's underlying net profit for the first half was US$615 million, 65% higher than the same period last year. Following the completion in mid-April 2021 of the privatisation of Jardine Strategic Holdings Limited ('JSH') (the 'Transaction'), and the elimination for accounting purposes of the cross-shareholding held by JSH in Jardine Matheson Holdings Limited (the 'Company'), the growth in the Group's underlying net profit in the period reflected both improved business performance - by comparison to the prior year when many of the Group's businesses were most severely impacted by the pandemic and measures to contain it - and a higher share of earnings in businesses formerly held by JSH. Within the overall profit growth of 65% for the period, approximately 59% reflected recovering business performance and 6% the impact of completing the Transaction, with effect from mid-April 2021.

Underlying earnings per share increased by 84% to US $1.86 . Similarly, this increase reflected both business recovery (comprising 63% of the 84% growth) and the effect of the Transaction on earnings and the Company's issued share capital (21%). The revenue of the Group for the period was 10% higher at US$17.5 billion, while gross revenue, including 100% of associates and joint ventures, was up 17% at US$52.5 billion.

The Group recorded a non-trading net loss in the first half of US$732 million, compared with a non-trading net loss of US$1.1 billion in the first half of 2020. This was largely a result of the usual semi-annual revaluation of investment properties in Hongkong Land which was carried out during the period, which produced a net revaluation loss of US$635 million. The Group recorded a loss attributable to shareholders for the period of US$117 million, 85% lower than the loss in the first half of 2020.

Group results in some markets benefitted from government support relating to COVID-19, which totalled US$36 million attributable to the Group, compared to a total of US$78 million in the same period last year. This support is expected to reduce significantly in the second half.

With the exception of Dairy Farm, all of the Group's significant businesses saw improved profits, and there were reduced losses from Mandarin Oriental and Dairy Farm's associate, Maxim's. Group profits, however, still remain around 17% behind the levels seen prior to the onset of the pandemic.

Dividend

The Board is recommending an interim dividend of USc44.00 per share, in line with last year. As explained in the announcement of the Transaction in March 2021, the Group will assess the extent of a one-off uplift in the dividend at the time of the Group's 2021 full year results announcement, when the Group's final results for the year are known.

Significant Developments

The Group continues to actively manage its portfolio of businesses and deploy capital into value-creating opportunities. This was demonstrated in the period by the completion in April 2021 of the successful privatisation of JSH, creating a conventional ownership structure and further increasing the Group's operational efficiency and financial flexibility.

Shortly after the end of the period, the Group announced the strengthening of its strategic partnership with Zhongsheng through the transfer of its Mercedes-Benz auto dealership business operating on the Chinese mainland under the Zung Fu brand. Total consideration of US$1.3 billion will be settled in cash and new Zhongsheng shares, which will increase the Group's shareholding in Zhongsheng on a fully-diluted basis to 20% and solidify its position as the second-largest shareholder after the founders .

Hongkong Land secured three predominantly residential development projects on the Chinese mainland in the period - one in Nanjing and two in Wuhan - as well as two further residential development projects in Singapore.

Dairy Farm carried out the relaunch of its Giant brand in over 100 stores in Malaysia during the first half of the year. The group's yuu Rewards programme in Hong Kong continues to grow and has now attracted over 3.5 million members, with approximately 80 billion points issued. A strategic review of PT Hero's business led to the announcement in May 2021 of a pivot in its trading operations by increasing investment in its strong brands of IKEA, Guardian and Hero Supermarkets and away from the Giant banner, reflecting changing market dynamics and consumer behaviours. The group's Own Brand initiatives continue to gather momentum, with over 1,200 SKUs now launched. Following the successful launch of the Meadows own brand range, Dairy Farm's Chinese own brand range Yu Pin King was also relaunched in the first half. Own Brand penetration has grown approximately 40% since launch.

Jardine Cycle & Carriage increased its interest in Cycle & Carriage Bintang from 59.1% to 88.0% through market purchases and acceptances under a voluntary general offer and increased its interest in REE from 29.8% to 30.8%.

Mandarin Oriental Ritz, Madrid, reopened in April after an extensive restoration and this 50%-owned property is expected to become a flagship property for the brand. The group signed two management contracts in the first half of the year for a new hotel and residences in Hangzhou and a resort in Da Nang, Vietnam.

Despite the short-term challenges of the pandemic, the Board sees it as essential to continue to invest for the long-term in new business opportunities in order to drive momentum and change across the Group, and this has led to several important developments in the period. In March, the Group announced the formation of a strategic cooperation with Hillhouse Capital, a leading Asia-focused private equity firm, in order to drive innovation and digitisation in the Group's portfolio companies, with a focus on investment and business development opportunities predominantly in China, as well as South-East Asia. There will also be close collaboration between the Jardines and Hillhouse value creation teams and respective portfolio companies, in particular in the areas of consumer technology and digital enablement.

Other significant strategic developments in the first half of the year included the announcement in Indonesia in May 2021 of the merger of Gojek - in which Astra has a stake - and Tokopedia to create GoTo group and form the largest technology ecosystem in the country. Astra also invested in April 2021 in Halodoc, Indonesia's largest healthtech platform. The Group also invested in the period in Pickupp, a Hong Kong-based logistics startup.

The Group also remains focussed on making efficiency improvements across its existing businesses to drive future growth, and good progress has been made in a number of businesses, including JEC, Hactl, Jardine Restaurants and Gammon, to implement efficiency measures in areas such as procurement, shared resources and operational efficiency.

Sustainability

The Group and each of its businesses have continued to make encouraging progress in the period in driving their sustainability agendas. Working groups have been established to support each of the pillars of our Group sustainability strategy - shaping social inclusion, leading climate action and driving responsible consumption - and they are developing detailed plans for dealing with key issues, including decarbonisation, climate risk and reducing waste.

Extensive work is also being done to set appropriate metrics and gather data from each of our businesses to enable the Group to measure and report on progress in implementing the sustainability agenda. The Group will report against these metrics for the first time in its 2021 sustainability report.

Our Group businesses are also implementing a Group-wide colleague volunteering programme, which will facilitate participation by colleagues across the Group in a range of social inclusion and other activities. An important first step in this initiative is the launch of a volunteering programme during the summer, with opportunities for colleagues across the Group's Hong Kong businesses to take part in activities supporting causes focussed on mental health, education and livelihood.

People

Ensuring the safety and wellbeing of our people remains a top priority as they face extensive challenges amid the ongoing pandemic. We are offering support to our colleagues at this difficult time, including investing in their continuing development. The Group has also participated in the ongoing drive to encourage take-up of COVID-19 vaccinations in Hong Kong by offering HK$10 million in incentives.

We would like to recognise the remarkable resilience shown by colleagues across the Group and thank all of them for their continuing dedication, hard work and professionalism throughout the period.

Outlook

While there have been some promising signs of an improvement in performance in the first half of the year, COVID-19 continues to cause uncertainty and trading conditions in the second half are expected to continue to be challenging in certain sectors and markets, in particular in Indonesia and other parts of Southeast Asia. The Group is confident, however, that its businesses have the right strategic focus and are taking the actions needed to drive operational performance and to take advantage of emerging opportunities in order to deliver strong, sustainable future growth.

Ben Keswick

Executive Chairman

Operating Review

Hongkong Land

Hongkong Land's underlying profit attributable to shareholders for the first six months of 2021 was US$394 million, up 12% from the equivalent period in 2020 . There was a loss attributable to shareholders of US$865 million after accounting for a net non-cash loss of US$1.3 billion arising on the semi-annual revaluation of investment properties due to lower open market rents. This compares with a loss attributable to shareholders of US$1.8 billion in the first half of 2020, which included a net revaluation loss of US$2.2 billion. The group's financial position remains robust, with a strong balance sheet and liquidity.

The profits of the Development Properties business were higher than the same period last year due to the timing of sales completions on the Chinese mainland.

Market sentiment in the Group's core markets remains stable. At 30th June 2021, the Group had US$3.4 billion in sold but unrecognised contracted sales, compared with US$2.6 billion at the end of 2020. Both sales completions and contracted sales are in line with expectations and are expected to strengthen in the second half of the year.

Although competition to secure sites for development on the Chinese mainland remains fierce, the group has secured three predominantly residential projects during the period, including a site in Nanjing and two sites in Wuhan.

The profit contribution from the Singapore business in the first half of 2021 was higher than in the first half of 2020, which was impacted by pandemic-related disruptions. During the period, the group secured two new development projects.

In the rest of Southeast Asia, market sentiment remains weak in light of the ongoing impact of COVID-19 and related restrictions.

Contributions from the Investment Properties business remained resilient, despite negative rental reversions in Hong Kong.

The Hong Kong office portfolio continued to perform relatively well amidst the ongoing market downturn. There was a modest increase in new office leasing activity due to improved sentiment and a narrowing rental differential between Central and other parts of the city. Vacancy on a committed basis was slightly lower than at the end of 2020, while office rental reversions were negative.

Trading at the Group's Central retail portfolio benefitted from a modest recovery in luxury retail market sentiment. Temporary rent relief continues to be provided by the group on a case-by-case basis. Singapore vacancy remained unchanged on a committed basis, and average office rents there increased.

Trading at WF CENTRAL in Beijing benefitted from strong luxury retail market sentiment on the Chinese mainland. Construction has started at the West Bund project, and the development is on track.

Astra

Astra reported net profit equivalent to US$615 million under Indonesian reporting standards in the first half, a 61% increase on the same period last year, excluding the gain on the disposal of the interest in Permata Bank. This was principally due to improvements in the performance of its automotive businesses, against the backdrop of an Indonesian economy which remains resilient as a result of high commodity prices.

Net income from Astra's automotive business increased significantly to US$231 million, mainly due to the negative impact on performance in the second quarter of 2020 of the pandemic and related containment measures, and an increase in sales volumes in the first half of 2021 when the business benefitted from temporary luxury car sales tax incentives . The wholesale car market increased by 51% in the first half and Astra's car sales were 50% higher, while its market share was maintained at 53%. T he wholesale market for motorcycles increased by 30%, and Astra's Honda motorcycle sales grew by 29%, with a stable market share. Astra Otoparts reported a net profit of US$19 million compared to a net loss of US$20 million in the same period last year, mainly due to

higher   revenues from the original equipment manufacturer and replacement market segments. 

Net income from the Financial Services division increased by 2% to US$149 million, due to higher contributions from the consumer finance and general insurance businesses . Consumer finance businesses saw a 13% increase in the amounts financed, while the net income contribution from the car-focused finance companies increased by 3% due to lower loan loss provisioning. The contribution from the motorcycle-focused financing business also increased by 3% due to lower loan loss provisioning. Heavy equipment-focused finance operations saw a 46% increase in the amounts financed, but the net income contribution from this business fell 20%. General insurance company, Asuransi Astra Buana, reported a 15% increase in net income to US$42 million due to higher investment income .

The Heavy Equipment, Mining, Construction and Energy division saw n et income increase by 13 % to US$187 million, mainly due to higher Komatsu heavy equipment sales and improved coal prices . United Tractors reported a 11% increase in net income to US$313 million. Komatsu heavy equipment sales increased by 60%, but parts and service revenues were lower. Mining contracting operations reported 3% lower overburden removal volume, while coal production was marginally higher. Agincourt Resources saw 5% lower gold sales. General contractor Acset Indonusa reported a net loss of US$11 million, mainly due to the slowdown of several ongoing projects and reduced project opportunities during the pandemic .

Net income from Agribusiness increased by 66% to US$36 million, mainly due to improved prices. The group's Infrastructure and Logistics division reported a net profit of US$6 million, compared to a net loss of US$6 million for the same period last year, mainly due to higher toll road revenues. Astra now has 358km of operational toll roads along the Trans-Java network and in the Jakarta Outer Ring Road.

Jardine Motors

Jardine Motors saw its underlying net profit for the first half increase to US$154 million from US$61 million in the first half of 2020.

There were higher contributions from all businesses, with Zung Fu on the Chinese mainland seeing a 68% increase in profit to US$49m due to strong demand and solid margins as the market recovered. The business in Hong Kong and Macau contributed a profit of US$9 million, compared to a slight loss last year, due to higher demand and better margins as the market recovered.

The United Kingdom business delivered a substantial improvement in performance from the same period last year, with a profit of US$16 million, compared with a loss of US$28 million last year. The business benefitted from an easing in lockdown measures.

There was a 34% higher contribution of US$80 million from the investment in Zhongsheng, relating to its performance for the six months from July to December 2020.

Jardine Pacific

Jardine Pacific reported an underlying net profit of US$76 million in the first half, compared with US$53 million in the equivalent period in 2020. The group remains resilient and cash-generative and has seen a good recovery in performance in most businesses in the period.

JEC improved its contribution to US$18 million from US$12 million last year, with its Hong Kong engineering units continuing to perform well and most of the regional units delivering higher contributions from improving markets. Jardine Schindler also delivered an improved performance of US$17 million, compared with US$14 million in the same period last year. There was strong existing installation performance, while the new installation market remains very competitive.

The Restaurants business saw better results reported in most banners, partly due to strong delivery sales and partly due to the benefit realised from ongoing process re-engineering projects. Its profit contribution rose to US$18 million from US$15 million last year.

In Transport Services, HACTL's performance was strong, with a profit contribution of US$15 million compared with US$11 million last year, driven by the continuing improvement in the global air cargo industry, which has led to record levels of demand and productivity improvements. There was also a reduced loss from JAS, which benefitted from ongoing operational efficiency initiatives, despite flight volumes remaining low in the period.

Gammon delivered better performance, with a contribution of US$8 million compared with US$3 million in the first half of 2020, due to the softer impact of COVID-19 in Hong Kong. Its order books are at record levels. In June 2021, it was announced that Gammon had been awarded three significant new construction contracts, for an office tower and seven residential towers in Hong Kong.

There was a slightly lower contribution from Greatview, which continued to see volume growth in both the Chinese mainland and international markets but was impacted by both rising raw material costs and higher selling expenses.

Jardine Cycle & Carriage

Jardine Cycle & Carriage reported an underlying profit for the period of US$346 million, a significant improvement on the US$138 million profit it made for the first half of 2020, which saw the emergence of the pandemic and the implementation of major lockdown restrictions in the second quarter. Most of the group's businesses have also seen some improvements in performance compared to previous quarters.

Astra's contribution to underlying profit increased by 71% to US$293 million, with the improvement in its performance primarily driven by its automotive business.

There was a materially higher contribution from Direct Motor Interests of US$24 million, compared to a small loss last year, with the business benefitting mainly from higher profits in its Singapore operations, where car sales grew.

In Indonesia, Tunas Ridean saw improved profits from i ts automotive and financial services businesses, while the financial performance of Cycle & Carriage Bintang in Malaysia benefitted from improved sales due to a sales tax reduction, as well as cost savings initiatives.

Other Strategic Interests contributed a profit of US$66 million compared to US$28 million last year, largely due to the continued recovery of THACO's automotive operations, which saw better sales and higher margins due to an improved sales mix, and its real estate business, which benefitted from a gradual recovery of the market .

The contribution from Siam City Cement was 19% higher than the same period last year, mainly due to higher cement volumes in regional operations, although overall prices remained under pressure. Margins were also impacted by an increase in coal prices, despite continued cost-saving initiatives.

REE's contribution was 72% higher than the same period last year, with improved performances from its power and water investments as a result of favourable hydrography and an increase in REE's solar projects.

JC&C's investment in Vinamilk produced a dividend income of US$11 million, stable from the same period last year.

Dairy Farm

Dairy Farm saw sales of US$4.5 billion for the period by its subsidiaries, 13% lower than the prior year. Underlying profit was US$32 million, 69% lower than the same period last year. The group's Convenience Stores business and Maxim's performed better than in the first half of 2020, but this was not enough to offset lower profits from Grocery Retail, Health and Beauty and IKEA.

The Convenience Stores business reported strong growth in profitability compared with the same period last year, when movement restrictions and physical distancing requirements, together with temporary store closures on the Chinese mainland, impacted performance.

The performance of Maxim's, the group's 50%-owned associate, improved in the first half relative to the same period last year and it reported a smaller loss, with encouraging Hong Kong and Chinese mainland like-for-like sales performance, partially offset by challenging trading conditions in Thailand and Singapore resulting from the surge of COVID-19 cases there in the second quarter.

The profitability of the Grocery Retail business was impacted by lower sales as panic buying behaviour at the start of the pandemic in the first half of last year ceased and consumers adjusted to a different way of life, together with ongoing challenging conditions in the Indonesian business. There were, however, significant underlying improvements to business fundamentals as a result of the implementation of the group's multi-year transformation plan.

Health and Beauty performance in the period was impacted by the prolonged closure of the border between Hong Kong and the Chinese mainland and the consequent lack of business from tourists in Hong Kong. It was also affected by heavy restrictions on movement in Southeast Asia which resulted in a significant reduction in footfall in malls. The group has continued to reinvest in prices to enhance the customer value proposition, leading to an improvement in sales volumes and operating cash flow.

IKEA profits were impacted by pandemic-related trading disruption as IKEA was required to close stores periodically or restrict customer numbers to comply with government policy, particularly in both Indonesia and Taiwan. However, the encouraging performance of e-commerce, combined with a stronger store opening programme, led to higher sales in the Home Furnishings business than in the equivalent period last year.

Dairy Farm incurred a loss in respect of its investment in Yonghui, which saw lower margins resulting from rising competition online and delivered weaker performance than the same period last year when there were very high sales due to panic buying by customers .

Mandarin Oriental

Mandarin Oriental reported a lower underlying loss of US$67 million for the first half of the year, compared with a loss of US$102 million in the equivalent period in 2020.

The group's losses were attributable to its portfolio of owned hotels, while the management business was broadly breakeven due to increased management fees and lower operating costs.

All hotels were operational during the second quarter, whereas almost all hotels were closed in the same period last year. In most markets, demand was largely domestic and leisure-based.

In Asia, demand on the Chinese mainland remained strong, while in South-East Asia, operating conditions generally worsened in the second quarter due to a resurgence in COVID-19 cases and low vaccination levels. In Europe, Middle East and America, Covid-19 restrictions slowly eased, allowing occupancy levels to start to recover.

The group continues to have a strong pipeline of future openings, with 21 new hotels and 13 residences scheduled to open in the next 5 years.

Government financial support in some markets and the group's ongoing cost-containment measures continued to support results.

There was a US$89 million decrease in the valuation of Mandarin Oriental's Causeway Bay site under development as a result of estimated market reductions in property values.

Financial Position

The balance sheet and liquidity of the Group remain strong, as reflected by the strong credit ratings assigned to the Company by the international rating agencies for the first time in the period.

Shareholders' funds were US$27.8 billion at 30th June 2021, compared with US$29.4 billion at 31st December 2020.

Consolidated net debt excluding financial services companies was US$8.1 billion at 30th June 2021, representing gearing of 14%, compared with 6% at 31st December 2020. There was an increase in parent company debt resulting from the completion of the Group simplification in April 2021. The debt incurred in connection with this transaction has since been mostly refinanced through a successful bond issue and the signing of new revolving credit facilities with the Group's relationship banks.

The Group had liquidity of US$13.9 billion as at 30th June 2021, consisting of US$7.6 billion in cash reserves and US$6.3 billion in unused, committed debt facilities.

 
 
Jardine Matheson Holdings Limited 
 Consolidated Profit and Loss 
 Account 
 
 
                                                                                           (unaudited) 
                                                                                   Six months ended 30th June                             Year ended 31st December 
                                                                                2021                                 2020                                 2020 
 
 
                                                            Underlying                           Underlying                           Underlying 
                                                              business   Non-trading               business   Non-trading               business   Non-trading 
                                                           performance         items     Total  performance         items     Total  performance         items     Total 
                                                                  US$m          US$m      US$m         US$m          US$m      US$m         US$m          US$m      US$m 
 
 
Revenue (note 2)                                                17,492             -    17,492       15,906             -    15,906      32 ,647             -   32 ,647 
Net operating costs (note 
 3)                                                           (16,032)          (91)  (16,123)     (14,736)           333  (14,403)     (30,310)           458  (29,852) 
Change in fair value 
 of investment properties                                            -       (1,323)   (1,323)            -       (2,397)   (2,397)            -       (3,477)   (3,477) 
                                                              --------  ------------  --------  -----------  ------------  --------  -----------  ------------  -------- 
 
Operating profit/(loss)                                          1,460       (1,414)        46        1,170       (2,064)     (894)       2 ,337       (3,019)     (682) 
Net financing charges 
 
 
  *    financing charges                                         (291)             -     (291)        (343)             -     (343)        (637)             -     (637) 
 
  *    financing income                                            106             -       106          117             -       117          242             -       242 
 
 
                                                                 (185)             -     (185)        (226)             -     (226)        (395)             -     (395) 
Share of results of associates 
 and joint ventures (note 
 4) 
 
 
  *    before change in fair value of investment properties        458            17       475          225          (57)       168          844         (268)       576 
 
  *    change in fair value of investment properties                 -           (5)       (5)            -         (135)     (135)            -         (177)     (177) 
 
 
                                                                   458            12       470          225         (192)        33          844         (445)       399 
 
Profit/(loss) before 
 tax                                                             1,733       (1,402)       331        1,169       (2,256)   (1,087)        2,786       (3,464)     (678) 
Tax (note 5)                                                     (335)           (6)     (341)        (239)            11     (228)        (483)           (3)     (486) 
                                                              --------  ------------  --------  -----------  ------------  --------  -----------  ------------  -------- 
 
Profit/(loss) after tax                                          1,398       (1,408)      (10)          930       (2,245)   (1,315)        2,303       (3,467)   (1,164) 
                                                              --------  ------------  --------  -----------  ------------  --------  -----------  ------------  -------- 
 
Attributable to: 
Shareholders of the Company 
 (notes 6 & 7)                                                     615         (732)     (117)          373       (1,148)     (775)        1,085       (1,479)     (394) 
Non-controlling interests                                          783         (676)       107          557       (1,097)     (540)       1 ,218       (1,988)     (770) 
                                                              --------  ------------  --------  -----------  ------------  --------  -----------  ------------  -------- 
 
                                                                 1,398       (1,408)      (10)          930       (2,245)   (1,315)        2,303       (3,467)   (1,164) 
                                                              --------  ------------  --------  -----------  ------------  --------  -----------  ------------  -------- 
 
                                                                   US$                     US$          US$                     US$          US$                     US$ 
 
 
Earnings/(loss) per share 
 (note 6) 
- basic                                                           1.86                  (0.35)         1.01                  (2.09)         2.95                  (1.07) 
- diluted                                                         1.86                  (0.35)         1.01                  (2.09)         2.95                  (1.07) 
                                                              --------                --------  -----------                --------  -----------                -------- 
 
 
 
 
Jardine Matheson Holdings Limited 
 Consolidated Statement of Comprehensive 
 Income 
 
 
                                                          (unaudited)  Year ended 
                                                     Six months ended        31st 
                                                            30th June    December 
                                                      2021       2020        2020 
                                                      US$m       US$m        US$m 
 
 
Loss for the period                                   (10)    (1,315)     (1,164) 
Other comprehensive income/(expense) 
 
 
Items that will not be reclassified 
 to profit or loss: 
                                                            --------- 
 
Remeasurements of defined benefit 
 plans                                                 (5)        (1)           6 
Tax on items that will not be reclassified               1        (1)         (1) 
 
 
                                                       (4)        (2)           5 
Share of other comprehensive ( 
 expense)/income of associates and 
 joint ventures                                        (2)        (3)           1 
                                                  --------  ---------  ---------- 
 
                                                       (6)        (5)           6 
Items that may be reclassified 
 subsequently to profit or loss: 
 
Net exchange translation differences 
                                                  --------  ---------  ---------- 
 
- net (loss)/gain arising during 
 the period                                          (275)      (128)         712 
- transfer to profit and loss                            -          6       (227) 
 
 
                                                     (275)      (122)         485 
Revaluation of other investments 
 at fair value 
  through other comprehensive income 
                                                  --------  ---------  ---------- 
 
- net (loss)/ g ain arising during 
 the period                                           (10)        (3)          19 
- transfer to profit and loss                          (2)        (3)         (4) 
 
 
                                                      (12)        (6)          15 
Cash flow hedges 
                                                  --------  ---------  ---------- 
 
- net gain/( loss) arising during 
 the period                                             59       (60)        (70) 
- transfer to profit and loss                            6          4           5 
 
 
                                                        65       (56)        (65) 
Tax relating to items that may 
 be reclassified                                      (18)          2          12 
Share of other comprehensive (expense)/income 
 of associates and joint ventures                     (92)      (401)         268 
                                                  --------  ---------  ---------- 
 
                                                     (332)      (583)         715 
 
 
Other comprehensive (expense)/income 
 for the period, net of tax                          (338)      (588)         721 
                                                  --------  ---------  ---------- 
 
Total comprehensive expense for 
 the period                                          (348)    (1,903)       (443) 
                                                  --------  ---------  ---------- 
 
Attributable to: 
Shareholders of the Company                          (249)      (997)          74 
Non-controlling interests                             (99)      (906)       (517) 
                                                  --------  ---------  ---------- 
 
                                                     (348)    (1,903)       (443) 
  ----------------------------------------------  --------  ---------  ---------- 
 
 
 
 
Jardine Matheson Holdings Limited 
 Consolidated Balance Sheet 
 
 
                                                (unaudited)    At 31st 
                                               At 30th June   December 
                                        2021           2020       2020 
                                        US$m           US$m       US$m 
 
 
Assets 
Intangible assets                      2,646          2,785     2 ,695 
Tangible assets                        6,513          6,988      6,862 
Right-of-use assets                    4,636          5,036      4,768 
Investment properties                 32,937         39,707     34,273 
Bearer plants                            486            483        497 
Associates and joint ventures         16,582         14,119     16,545 
Other investments                      2,847          2,582      2,940 
Non-current debtors                    2,997          3,326      3,032 
Deferred tax assets                      484            445        485 
Pension assets                             9              2         11 
                                      ------  -------------  --------- 
 
Non-current assets                    70,137         75,473    72 ,108 
                                      ------  -------------  --------- 
 
Properties for sale                    2,680          2,358      2,339 
Stocks and work in progress            2,656          3,277      2,849 
Current debtors                        6,814          6,769     6 ,753 
Current investments                       80             40         61 
Current tax assets                       185            174        158 
Bank balances and other liquid 
 funds 
                                      ------  -------------  --------- 
 
- non-financial services companies     7,280          7,326     8 ,801 
- financial services companies           358            241        402 
 
 
                                       7,638          7,567     9 ,203 
                                      ------  -------------  --------- 
 
                                      20,053         20,185     21,363 
Asset classified as held for sale         20              -         55 
                                      ------  -------------  --------- 
 
Current assets                        20,073         20,185     21,418 
                                      ------  -------------  --------- 
 
 
 
 
 
 
 
 
 
 
 
Total assets                          90,210         95,658    93 ,526 
                                      ------  -------------  --------- 
 
 
 
 
 
Jardine Matheson Holdings Limited 
 Consolidated Balance Sheet (continued) 
 
 
                                                      (unaudited)    At 31st 
                                                     At 30th June   December 
                                              2021           2020       2020 
                                              US$m           US$m       US$m 
 
 
Equity 
Share capital                                  180            183        181 
Share premium and capital reserves              34             32         31 
Revenue and other reserves                  33,771         33,919     34,457 
                                                                       ( 5 , 
Own shares held                            (6,223)        (5,282)      282 ) 
                                           -------  -------------  --------- 
 
Shareholders' funds                         27,762         28,852     29,387 
Non-controlling interests                   28,108         33,433     33,456 
                                           -------  -------------  --------- 
 
Total equity                                55,870         62,285     62,843 
                                           -------  -------------  --------- 
 
Liabilities 
Long-term borrowings 
                                           -------  -------------  --------- 
 
- non-financial services companies          11,144          8,721      8,576 
- financial services companies               1,133          1,426      1,246 
 
 
                                            12,277         10,147      9,822 
Non-current lease liabilities                2,953          3,167      3,040 
Deferred tax liabilities                       679            728        699 
Pension liabilities                            517            471        507 
Non-current creditors                          266            407        366 
Non-current provisions                         320            306        322 
                                           -------  -------------  --------- 
 
Non-current liabilities                     17,012         15,226    14 ,756 
                                           -------  -------------  --------- 
 
Current creditors                            9,661         10,586      8,645 
Current borrowings 
                                           -------  -------------  --------- 
 
- non-financial services companies           4,211          4,051     3 ,945 
- financial services companies               2,054          2,049     1 ,930 
 
 
                                             6,265          6,100     5 ,875 
Current lease liabilities                      798            927        850 
Current tax liabilities                        406            358        368 
Current provisions                             198            176        189 
                                           -------  -------------  --------- 
 
Current liabilities                         17,328         18,147     15,927 
 
 
Total liabilities                           34,340         33,373    30 ,683 
                                           -------  -------------  --------- 
 
 
Total equity and liabilities                90,210         95,658    93 ,526 
                                           -------  -------------  --------- 
 
 
 
 
 
Jardine Matheson 
Holdings Limited 
Consolidated 
Statement of 
Changes 
in Equity 
 
 
                                                                                                  Attributable 
                                                                                                            to     Attributable 
                                                              Asset                          Own  shareholders               to 
                    Share    Share   Capital   Revenue  revaluation   Hedging  Exchange   shares        of the  non-controlling    Total 
                  capital  premium  reserves  reserves     reserves  reserves  reserves     held       Company        interests   equity 
                     US$m     US$m      US$m      US$m         US$m      US$m      US$m     US$m          US$m             US$m     US$m 
 
 
Six months ended 
30th June 2021 
(unaudited) 
At 1st January 
 2021                 181        -        31    33,497        2,167      (55)   (1,152)  (5,282)        29,387           33,456   62,843 
Total 
 comprehensive 
 expense                -        -         -     (123)            -        20     (146)        -         (249)             (99)    (348) 
Dividends paid 
 by the Company 
 (note 8)               -        -         -     (375)            -         -         -        -         (375)                -    (375) 
Dividends paid 
 to 
 non-controlling 
 interests              -        -         -         -            -         -         -        -             -            (453)    (453) 
Issue of shares         -        3         -         -            -         -         -        -             3                -        3 
Employee share 
 option schemes         -        -         1         -            -         -         -        -             1                -        1 
Scrip issued in 
 lieu of 
 dividends              -        -         -       112            -         -         -        -           112                -      112 
Repurchase of 
 shares               (1)      (1)         -     (229)            -         -         -        -         (231)                -    (231) 
Acquisition of 
 the remaining 
 interest 
 in Jardine 
 Strategic              -        -         -       120            -         -         -    (941)         (821)          (4,751)  (5,572) 
Change in 
 interests in 
 other 
 subsidiaries           -        -         -      (11)            -         -         -        -          (11)             (24)     (35) 
Change in 
 interests in 
 associates 
 and joint 
 ventures               -        -         -      (54)            -         -         -        -          (54)             (21)     (75) 
Transfer                -        5       (5)        27            -         -      (27)        -             -                -        - 
 
At 30th June 
 2021                 180        7        27    32,964        2,167      (35)   (1,325)  (6,223)        27,762           28,108   55,870 
                  -------  -------  --------  --------  -----------  --------  --------  -------  ------------  ---------------  ------- 
 
 
On 8th March 2021, the Company announced a plan to simplify the Group's parent company structure, including 
 the acquisition for cash of the 15% of Jardine Strategic Holdings Limited's ('Jardine Strategic') issued 
 share capital that the Company and its wholly-owned subsidiaries did not already own (the 'Acquisition'). 
 The Acquisition was implemented by way of an amalgamation of Jardine Strategic and a wholly-owned subsidiary 
 of the Company, under the Companies Act 1981 of Bermuda. The total Acquisition value was approximately 
 US$5.6 billion, of which US$5.4 billion had been settled and reflected in the consolidated cash flow 
 statement for the six months ended 30th June 2021. The Acquisition was financed by the issuance of a 
 US$1.2 billion bond on 9th April 2021, new revolving credit facilities and existing cash resources. 
 
 The Acquisition was completed on 14th April 2021, following shareholders' approval at the special general 
 meeting on 12th April 2021. The Acquisition value and the related transaction costs resulted in a reduction 
 of the Group's total equity. 
---------------------------------------------------------------------------------------------------------------------------------------- 
 
 
 
 
Jardine Matheson Holdings Limited 
 Consolidated Statement of Changes in Equity (continued) 
 
 
                                                                                                  Attributable 
                                                                                                            to     Attributable 
                                                              Asset                          Own  shareholders               to 
                    Share    Share   Capital   Revenue  revaluation   Hedging  Exchange   shares        of the  non-controlling    Total 
                  capital  premium  reserves  reserves     reserves  reserves  reserves     held       Company        interests   equity 
                     US$m     US$m      US$m      US$m         US$m      US$m      US$m     US$m          US$m             US$m     US$m 
 
 
Six months ended 
30th June 2020 
(unaudited) 
At 1st January 
 2020                 183        -        32    34,903        2,167      (22)   (1,630)  (5,282)        30,351           34,720   65,071 
Total 
 comprehensive 
 income                 -        -         -     (779)            -      (48)     (170)        -         (997)            (906)  (1,903) 
Dividends paid 
 by the Company 
 (note 8)               -        -         -     (474)            -         -         -        -         (474)               83    (391) 
Dividends paid 
 to 
 non-controlling 
 interests              -        -         -         -            -         -         -        -             -            (439)    (439) 
Employee share 
 option schemes         -        -         1         -            -         -         -        -             1                -        1 
Scrip issued in 
 lieu of 
 dividends              1      (1)         -        97            -         -         -        -            97                -       97 
Repurchase of 
 shares               (1)        -         -     (126)            -         -         -        -         (127)                -    (127) 
Subsidiaries 
 disposed of            -        -         -         -            -         -         -        -             -             (14)     (14) 
Capital 
 contribution 
 from 
 non-controlling 
 interests              -        -         -         -            -         -         -        -             -                1        1 
Change in 
 interests in 
 subsidiaries           -        -         -         8            -         -         -        -             8              (8)        - 
Change in 
 interests in 
 associates 
 and joint 
 ventures               -        -         -       (7)            -         -         -        -           (7)              (4)     (11) 
Transfer                -        1       (1)         -            -         -         -        -             -                -        - 
 
At 30th June 
 2020                 183        -        32    33,622        2,167      (70)   (1,800)  (5,282)        28,852           33,433   62,285 
                  -------  -------  --------  --------  -----------  --------  --------  -------  ------------  ---------------  ------- 
 
Year ended 31st 
December 2020 
At 1st January 
 2020                1 83        -        32   34 ,903        2,167      (22)   (1,630)  (5,282)        30,351          34 ,720  65 ,071 
Total 
 comprehensive 
 income                 -        -         -     (371)            -      (33)       478        -            74            (517)    (443) 
Dividends paid                                   ( 637                                                   ( 637 
 by the Company         -        -         -         )            -         -         -        -             )              111    (526) 
Dividends paid 
 to 
 non-controlling 
 interests              -        -         -         -            -         -         -        -             -            (840)    (840) 
Unclaimed 
 dividends 
 forfeited              -        -         -         1            -         -         -        -             1                -        1 
Issue of shares         -        2         -         -            -         -         -        -             2                -        2 
Employee share 
 option schemes         -        -         1         -            -         -         -        -             1                1        2 
Scrip issued in 
 lieu of 
 dividends              1      (1)         -       134            -         -         -        -           134                -      134 
Repurchase of 
 shares               (3)      (2)         -     (549)            -         -         -        -         (554)                -    (554) 
Subsidiaries 
 disposed of            -        -         -         -            -         -         -        -             -             (13)     (13) 
Capital 
 contribution 
 from 
 non-controlling 
 interests              -        -         -         -            -         -         -        -             -               39       39 
Change in 
 interests in 
 subsidiaries           -        -         -        18            -         -         -        -            18             (45)     (27) 
Change in 
 interests in 
 associates 
 and joint 
 ventures               -        -         -       (3)            -         -         -        -           (3)                -      (3) 
Transfer                -        1       (2)         1            -         -         -        -             -                -        - 
                  -------  -------  --------  --------  -----------  --------  --------  -------  ------------  ---------------  ------- 
 
At 31st December                                                                           ( 5 , 
 2020                 181        -        31   33 ,497        2,167     (55 )   (1,152)    282 )        29,387           33,456   62,843 
                  -------  -------  --------  --------  -----------  --------  --------  -------  ------------  ---------------  ------- 
 
 
 
Jardine Matheson Holdings Limited 
 Consolidated Cash Flow Statement 
 
 
                                                       (unaudited) 
                                                  Six months ended      Year ended 
                                                         30th June   31st December 
                                                    2021      2020            2020 
                                                    US$m      US$m            US$m 
 
 
Operating activities 
                                               ---------  --------  -------------- 
 
Cash generated from operations                     3,135     2,624          5 ,930 
Interest received                                     91       103             209 
Interest and other financing charges 
 paid                                              (282)     (359)           (692) 
Tax paid                                           (351)     (503)           (804) 
                                               ---------  --------  -------------- 
 
                                                   2,593     1,865          4 ,643 
Dividends from associates and joint 
 ventures                                            325       131             632 
 
 
Cash flows from operating activities               2,918     1,996          5 ,275 
 
Investing activities 
                                               ---------  --------  -------------- 
 
Purchase of subsidiaries                               -      (21)            (87) 
Purchase of associates and joint ventures 
 (note 10(a))                                      (276)     (151)           (206) 
Purchase of other investments (note 
 10(b))                                            (245)     (220)           (494) 
Purchase of intangible assets                       (65)      (64)           (131) 
Purchase of tangible assets                        (298)     (338)           (659) 
Additions to right-of-use assets                    (19)      (23)            (37) 
Additions to investment properties (note 
 10(c))                                             (72)   (4,562)         (4,660) 
Additions to bearer plants                          (16)      (16)            (35) 
Advance to and repayment to associates 
 and joint ventures (note 10(d))                   (223)     (139)           (725) 
Advance from and repayment from associates 
 and joint ventures (note 10(e))                     432       340           1,437 
Advance received on conditional sale 
 of a subsidiary in Hongkong Land (note 
 10(c))                                                -     2,252               - 
Sale of subsidiaries                                   -        48           2,821 
Sale of associates and joint ventures 
 (note 10(f))                                          -     1,138           1,138 
Sale of other investments (note 10(g))               203       188             445 
Sale of intangible assets                              -         1               1 
Sale of tangible assets                               62        29              47 
Sale of investment properties                          -        11              11 
 
 
Cash flows from investing activities               (517)   (1,527)         (1,134) 
 
Financing activities 
                                               ---------  --------  -------------- 
 
Issue of shares                                        3         -               2 
Capital contribution from non-controlling 
 interests                                             -         1              39 
Acquisition of the remaining interest 
 in Jardine Strategic                            (5,447)         -               - 
Change in interests in other subsidiaries           (35)         -            (27) 
Purchase of own shares                             (236)     (127)           (549) 
Drawdown of borrowings                             8,953     4,729           7,967 
Repayment of borrowings                          (6,008)   (3,581)         (7,557) 
Principal elements of lease payments               (436)     (498)           (962) 
Dividends paid by the Company                      (263)     (294)           (392) 
Dividends paid to non-controlling interests        (446)     (289)           (840) 
 
 
Cash flows from financing activities             (3,915)      (59)         (2,319) 
                                               ---------  --------  -------------- 
 
Net (decrease)/increase in cash and 
 cash equivalents                                (1,514)       410           1,822 
Cash and cash equivalents at beginning 
 of period                                         9,153     7,157          7 ,157 
Effect of exchange rate changes                     (68)      (33)             174 
                                               ---------  --------  -------------- 
 
Cash and cash equivalents at end of 
 period                                            7,571     7,534          9 ,153 
                                               ---------  --------  -------------- 
 
 
 
 
Jardine Matheson Holdings Limited 
 Analysis of Profit Contribution 
 
 
                                                      (unaudited) 
                                                 Six months ended      Year ended 
                                                        30th June   31st December 
                                                  2021       2020            2020 
                                                  US$m       US$m            US$m 
 
 
Reportable segments 
Jardine Pacific                                     76         53             182 
Jardine Motors                                     154         61             214 
Hongkong Land                                      184        151             412 
Dairy Farm                                          25         69             181 
Mandarin Oriental                                 (47)       (67)           (138) 
Jardine Cycle & Carriage                            56          1              64 
Astra                                              203        109             197 
                                              --------  ---------  -------------- 
 
                                                   651        377           1,112 
Corporate and other interests                     (36)        (4)            (27) 
                                              --------  ---------  -------------- 
 
Underlying profit attributable 
 to shareholders*                                  615        373           1,085 
De crease in fair value of investment 
 properties                                      (691)    (1,155)         (1,424) 
Other non-trading items                           (41)          7            (55) 
                                              --------  ---------  -------------- 
 
Loss attributable to shareholders                (117)      (775)           (394) 
                                              --------  ---------  -------------- 
 
Analysis of Jardine Pacific's contribution 
Jardine Schindler                                   17         14              32 
JEC                                                 18         12              51 
Gammon                                               8          3              38 
Jardine Restaurants                                 18         15              32 
Transport Services                                  15          5              24 
Corporate and other interests                        -          4               5 
                                              --------  ---------  -------------- 
 
                                                    76         53             182 
                                              --------  ---------  -------------- 
 
Analysis of Jardine Motors' contribution 
Hong Kong and Chinese mainland                     138         89             226 
United Kingdom                                      16       (28)            (12) 
                                              --------  ---------  -------------- 
 
                                                   154         61             214 
                                              --------  ---------  -------------- 
 

* Underlying profit attributable to shareholders is the measure of profit adopted by the Group in accordance with IFRS 8 'Operating Segments'.

__________________________________________________________________________________________

 
 
Jardine Matheson Holdings Limited 
 Notes to Condensed Financial Statements 
 
 
   1.    Accounting Policies and Basis of Preparation 

The condensed financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' and on a going concern basis. The condensed financial statements have not been audited or reviewed by the Group's auditors pursuant to the UK Auditing Practices Board guidance on the review of interim financial information.

There are no changes to the accounting policies as described in the 2020 annual financial statements and the Group has not early adopted any standard or amendments that have been issued but not yet effective, except as mentioned below:

Interest Rate Benchmark Reform - Phase 2: Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (effective 1st January 2021)

The amendments provide practical expedient from certain requirements under the IFRSs as a result of the reform which affect the measurement of financial assets, financial liabilities and lease liabilities, and a number of reliefs for hedging relationships. The Group applied the amendments from 1st January 2021 and there is no significant impact on the Group's consolidated financial statements.

COVID-19 Related Rent Concessions beyond 30th June 2021: Amendment to IFRS 16 Leases (effective 1st April 2021)

The Group adopted and applied the practical expedient of the Covid-19 Related Rent Concessions: Amendment to IFRS 16 Leases, published in June 2020 ('2020 amendment'), in the 2020 annual financial statements. The 2021 amendment extends the practical expedient in the 2020 amendment to eligible lease payments due on or before 30th June 2022. By using the 2021 amendment, the Group continues to apply the practical expedient consistently to all lease contracts with similar characteristics and in similar circumstances, and does not assess these concessions as lease modifications.

   2.    Revenue 
 
                                                               Jardine 
                Jardine  Jardine  Hongkong   Dairy  Mandarin     Cycle           Intersegment 
                                                                     & 
                Pacific   Motors      Land    Farm  Oriental  Carriage    Astra  transactions    Group 
                   US$m     US$m      US$m    US$m      US$m      US$m     US$m          US$m     US$m 
                -------  -------  --------  ------  --------  --------  -------  ------------  ------- 
 
 Six months 
 ended 
 30th June 
 2021 
 By product 
 and service: 
 
 Property             2        -       886       -         -         -       24           (5)      907 
 Motor 
  vehicles            -    3,042         -       -         -       803    2,989           (6)    6,828 
 Retail and 
  restaurants       427        -         -   4,537         -         -        -             -    4,964 
 Financial 
  services            -        -         -       -         -         -      839             -      839 
 Engineering, 
  heavy 
  equipment, 
  mining 
  and 
  construction      239        -         -       -         -         -    2,593          (19)    2,813 
 Hotels               -        -         -       -       102         -        -             -      102 
 Other                -        -         -       -         -         -    1,039             -    1,039 
                -------  -------  --------  ------  --------  --------  -------  ------------  ------- 
 
                    668    3,042       886   4,537       102       803    7,484          (30)   17,492 
                -------  -------  --------  ------  --------  --------  -------  ------------  ------- 
 
 Revenue from 
 contracts 
 with 
 customers: 
                -------  -------  --------  ------  --------  --------  -------  ------------  ------- 
 
 Recognised at 
  a 
  point in 
  time              458    3,040        46   4,537        37       770    6,433           (6)   15,315 
 Recognised 
  over 
  time              208        2       287       -        55        32      109          (19)      674 
 
 
                    666    3,042       333   4,537        92       802    6,542          (25)   15,989 
 Revenue from 
 other 
 sources: 
                -------  -------  --------  ------  --------  --------  -------  ------------  ------- 
 
 Rental income 
  from 
  investment 
  properties          2        -       470       -         -         -        6           (5)      473 
 Revenue from 
  financial 
  services 
  companies           -        -         -       -         -         -      839             -      839 
 Other                -        -        83       -        10         1       97             -      191 
 
 
                      2        -       553       -        10         1      942           (5)    1,503 
                -------  -------  --------  ------  --------  --------  -------  ------------  ------- 
 
                    668    3,042       886   4,537       102       803    7,484          (30)   17,492 
                -------  -------  --------  ------  --------  --------  -------  ------------  ------- 
 
 Six months 
 ended 
 30th June 
 2020 
 By product 
 and service: 
 
 Property             2        -       820       -         -         -       37           (5)      854 
 Motor 
  vehicles            -    2,127         -       -         -       514    2,169           (6)    4,804 
 Retail and 
  restaurants       401        -         -   5,240         -         -        -             -    5,641 
 Financial 
  services            -        -         -       -         -         -      716             -      716 
 Engineering, 
  heavy 
  equipment, 
  mining 
  and 
  construction      270        -         -       -         -         -    2,245          (20)    2,495 
 Hotels               -        -         -       -        96         -        -             -       96 
 Other              387        -         -       -         -         -      913             -    1,300 
                -------  -------  --------  ------  --------  --------  -------  ------------  ------- 
 
                  1,060    2,127       820   5,240        96       514    6,080          (31)   15,906 
                -------  -------  --------  ------  --------  --------  -------  ------------  ------- 
 
 Revenue from 
 contracts 
 with 
 customers: 
                -------  -------  --------  ------  --------  --------  -------  ------------  ------- 
 
 Recognised at 
  a 
  point in 
  time              822    2,126       102   5,240        38       487    5,147           (6)   13,956 
 Recognised 
  over 
  time              236        1       184       -        50        27      123          (20)      601 
 
 
                  1,058    2,127       286   5,240        88       514    5,270          (26)   14,557 
 Revenue from 
 other 
 sources: 
                -------  -------  --------  ------  --------  --------  -------  ------------  ------- 
 
 Rental income 
  from 
  investment 
  properties          2        -       466       -         -         -        5           (5)      468 
 Revenue from 
  financial 
  services 
  companies           -        -         -       -         -         -      713             -      713 
 Other                -        -        68       -         8         -       92             -      168 
 
 
                      2        -       534       -         8         -      810           (5)    1,349 
                -------  -------  --------  ------  --------  --------  -------  ------------  ------- 
 
                  1,060    2,127       820   5,240        96       514    6,080          (31)   15,906 
                -------  -------  --------  ------  --------  --------  -------  ------------  ------- 
 

Gross revenue, comprises revenue together with 100% of revenue from associates and joint ventures, are analysed as follows:

 
                  Six months ended 30th June 
 
                                2021    2020 
                                US$m    US$m 
 
 
 By business: 
 Jardine Pacific               2,615   3,032 
 Jardine Motors               16,110  11,777 
 Hongkong Land                 2,410   1,443 
 Dairy Farm                   13,950  14,547 
 Mandarin Oriental               168     167 
 Jardine Cycle & Carriage      3,253   3,039 
 Astra                        14,114  11,049 
 Intersegment transactions     (132)   (118) 
                              ------  ------ 
 
                              52,488  44,936 
                              ------  ------ 
 
   3.    Net Operating Costs 
 
                                            Six months ended 30th June 
 
                                                        2021      2020 
                                                        US$m      US$m 
 
 
 Cost of sales                                      (13,210)  (11,851) 
 Other operating income                                  282       774 
 Selling and distribution costs                      (1,970)   (2,101) 
 Administration expenses                             (1,092)   (1,081) 
 Other operating expenses                              (133)     (144) 
                                                   ---------  -------- 
 
                                                    (16,123)  (14,403) 
                                                   ---------  -------- 
 
 In relation to the COVID-19 pandemic, the Group had received 
  government grants and rent concessions of US$34 million 
  (2020: US$76 million) and US$26 million (2020: US$35 million), 
  respectively, for the six months ended 30th June 2021. These 
  subsidies were accounted for as other operating income. 
 
 Net operating costs included the following 
  gains/(losses) from non-trading items: 
 
 Change in fair value of other investments              (56)      (91) 
 Sale of businesses                                        -       417 
 Sale of property interests                                -        10 
 Restructuring of businesses                            (35)         - 
 Other                                                     -       (3) 
 
                                                        (91)       333 
                                                   ---------  -------- 
 
   4.    Share of Results of Associates and Joint Ventures 
 
                                      Six months ended 30th June 
 
                                                     2021   2020 
                                                     US$m   US$m 
 
 By business: 
 Jardine Pacific                                       49   (35) 
 Jardine Motors                                        93     70 
 Hongkong Land                                        115   (90) 
 Dairy Farm                                          (28)     16 
 Mandarin Oriental                                   (15)   (14) 
 Jardine Cycle & Carriage                              62     17 
 Astra                                                202     74 
 Corporate                                            (8)    (5) 
                                                    -----  ----- 
 
                                                      470     33 
                                                    -----  ----- 
 
 Share of results of associates and joint 
  ventures included the following gains/(losses) 
  from non-trading items: 
 
 Change in fair value of investment properties        (4)  (135) 
 Change in fair value of other investments             29     12 
 Asset impairment                                    (14)   (67) 
 Other                                                  1    (2) 
 
                                                       12  (192) 
                                                    -----  ----- 
 

Results are shown after tax and non-controlling interests in the associates and joint ventures.

In relation to the COVID-19 pandemic, included in share of results of associates and joint ventures were the Group's share of the government grants and rent concessions of US$13 million (2020: US$31 million) and US$10 million (2020: US$17 million), respectively, for the six months ended 30th June 2021.

   5.    Tax 
 
                                        Six months ended 30th June 
 
                                                       2021   2020 
                                                       US$m   US$m 
 
 
 Tax charged to profit and loss is analysed 
  as follows: 
 
 Current tax                                          (379)  (270) 
 Deferred tax                                            38     42 
                                                      -----  ----- 
 
                                                      (341)  (228) 
                                                      -----  ----- 
 
 China                                                (106)   (74) 
 Southeast Asia                                       (220)  (150) 
 United Kingdom                                         (4)      5 
 Rest of the world                                     (11)    (9) 
                                                      -----  ----- 
 
                                                      (341)  (228) 
                                                      -----  ----- 
 
 Tax relating to components of other comprehensive 
  income or expense is analysed as follows: 
 
 Remeasurements of defined benefit plans                  1    (1) 
 Cash flow hedges                                      (18)      2 
 
                                                       (17)      1 
                                                      -----  ----- 
 

Tax on profits has been calculated at rates of taxation prevailing in the territories in which the Group operates.

Share of tax charge of associates and joint ventures of US$160 million (2020: US$99 million) is included in share of results of associates and joint ventures. Share of tax charge of US$8 million (2020: tax credit of US$19 million) is included in other comprehensive income of associates and joint ventures.

   6.    Earnings/(Loss) per Share 

Basic loss per share are calculated on loss attributable to shareholders of US$117 million (2020: US$775 million) and on the weighted average number of 331 million (2020: 371 million) shares in issue during the period.

Diluted loss per share are calculated on loss attributable to shareholders of US$117 million (2020: US$775 million), which is after adjusting for the effects of the conversion of dilutive potential ordinary shares of subsidiaries and on the weighted average number of 331 million (2020: 371 million) shares in issue during the period.

The weighted average number of shares is arrived at as follows:

 
                                                             Ordinary shares 
                                                               in millions 
                                                           2021          2020 
 
 
 Weighted average number of shares in issue                 721           733 
 Company's share of shares held by subsidiaries           (390)         (362) 
                                                   ------------  ------------ 
 
    Weighted average number of shares for 
     basic earnings 
     per share calculation                                  331           371 
    Adjustment for shares deemed to be issued 
     for no consideration under the Senior 
     Executive Share 
     Incentive Schemes                                        -             - 
                                                   ------------  ------------ 
 
 Weighted average number of shares for 
  diluted earnings per share calculation                    331           371 
                                                   ------------  ------------ 
 

Additional basic and diluted earnings per share are also calculated based on underlying profit attributable to shareholders. A reconciliation of earnings is set out below:

 
                                                Six months ended 30th June 
 
                                           2021                             2020 
                                          Basic      Diluted               Basic     Diluted 
                                        (loss)/      (loss)/             (loss)/     (loss)/ 
                                       earnings     earnings            earnings    earnings 
                                      per share    per share           per share   per share 
                              US$m          US$          US$    US$m         US$         US$ 
 
 
 Loss attributable to 
  shareholders               (117)       (0.35)       (0.35)   (775)      (2.09)      (2.09) 
 Non-trading items (note 
  7)                           732                             1,148 
                             -----                            ------ 
 
 Underlying profit 
  attributable 
  to shareholders              615         1.86         1.86     373        1.01        1.01 
                             -----                            ------ 
 
   7.    Non-trading items 

Non-trading items are separately identified to provide greater understanding of the Group's underlying business performance. Items classified as non-trading items include fair value gains or losses on revaluation of investment properties and on equity investments which are measured at fair value through profit and loss; gains and losses arising from the sale of businesses, investments and properties; impairment of non-depreciable intangible assets, associates and joint ventures and other investments; provisions for the closure of businesses; acquisition-related costs in business combinations; and other credits and charges of a non-recurring nature that require inclusion in order to provide additional insight into underlying business performance.

 
                                      Six months ended 30th June 
 
                                                   2021     2020 
                                                   US$m     US$m 
 
 
 By business: 
 Jardine Pacific                                     16     (49) 
 Hongkong Land                                    (635)    (933) 
 Dairy Farm                                        (12)        7 
 Mandarin Oriental                                 (71)    (222) 
 Jardine Cycle & Carriage                          (84)     (15) 
 Astra                                                2      119 
 Corporate and other interests                       52     (55) 
 
                                                  (732)  (1,148) 
                                                  -----  ------- 
 
 An analysis of non-trading items after 
  interest, tax and non-controlling interests 
  is set out below: 
 
 Change in fair value of investment properties 
                                                  -----  ------- 
 - Hongkong Land                                  (635)    (933) 
 - other                                           (56)    (222) 
                                                  -----  ------- 
                                                  (691)  (1,155) 
 Change in fair value of other investments          (1)     (63) 
 Asset impairment                                  (11)     (57) 
 Sale of businesses                                   -      119 
 Sale of property interests                           -       10 
 Restructuring of businesses                       (25)        - 
 Other                                              (4)      (2) 
 
                                                  (732)  (1,148) 
                                                  -----  ------- 
 
 
   8.    Dividends 
 
                                       Six months ended 30th June 
 
                                                      2021   2020 
                                                      US$m   US$m 
 
 
   Final dividend in respect of 2020 of USc128.00 
    (2019: USc1 28 .00) per share                      921    938 
 Company's share of dividends paid on the 
  shares held by subsidiaries                        (546)  (464) 
                                                     -----  ----- 
 
                                                       375    474 
                                                     -----  ----- 
 

An interim dividend in respect of 2021 of USc44.00 (2020: USc44.00) per share amounting to a total of US$318 million (2020: US$322 million) is declared by the Board. The net amount after deducting the Company's share of the dividends payable on the shares held by subsidiaries of US$188 million (2020: US$159 million) will be accounted for as an appropriation of revenue reserves in the year ending 31st December 2021.

   9.    Financial Instruments 

Financial instruments by category

The fair values of financial assets and financial liabilities, together with carrying amounts at 30th June 2021 and 31st December 2020 are as follows:

 
                                              Fair 
                                             value     Fair value    Financial 
                                           through        through       assets 
                               Fair value   profit          other           at        Other     Total 
                               of hedging      and  comprehensive    amortised    financial  carrying      Fair 
                              instruments     loss         income        costs  liabilities    amount     value 
                                     US$m     US$m           US$m         US$m         US$m      US$m      US$m 
 
 
 30th June 2021 
 Financial assets 
  measured at 
  fair value 
 Other investments 
 
   *    equity investments              -    2,145              -            -            -     2,145     2,145 
 
   *    debt investments                -        -            729            -            -       729       729 
 
   *    LP investment funds             -       53              -            -            -        53        53 
 Derivative financial 
  instruments                          58        -              -            -            -        58        58 
                              -----------  ------- 
 
                                       58    2,198            729            -            -     2,985     2,985 
                              -----------  -------  -------------  -----------  -----------  --------  -------- 
 
 Financial assets 
  not measured at 
  fair value 
 Debtors                                -        -              -        7,904            -     7,904     7,938 
 Bank balances                          -        -              -        7,638            -     7,638     7,638 
                              -----------  -------  -------------  -----------  -----------  --------  -------- 
 
                                        -        -              -       15,542            -    15,542    15,576 
                              -----------  -------  -------------  -----------  -----------  --------  -------- 
 
 Financial liabilities 
  measured at 
  fair value 
 Derivative financial 
  instruments                        (81)        -              -            -            -      (81)      (81) 
 Contingent consideration 
  payable                               -      (9)              -            -            -       (9)       (9) 
                              -----------  -------  -------------  -----------  -----------  --------  -------- 
 
                                     (81)      (9)              -            -            -      (90)      (90) 
                              -----------  -------  -------------  -----------  -----------  --------  -------- 
 
 Financial liabilities 
  not measured at 
  fair value 
 Borrowings                             -        -              -            -     (18,542)  (18,542)  (18,625) 
 Lease liabilities                      -        -              -            -      (3,751)   (3,751)   (3,751) 
   Trade and other 
    payable excluding 
    non-financial 
    liabilities                         -        -              -            -      (6,733)   (6,733)   (6,733) 
                              -----------  -------  -------------  -----------  -----------  --------  -------- 
 
                                        -        -              -            -     (29,026)  (29,026)  (29,109) 
                              -----------  -------  -------------  -----------  -----------  --------  -------- 
 

Financial instruments by category

 
                                              Fair 
                                             value     Fair value    Financial 
                                           through        through       assets 
                               Fair value   profit          other           at        Other     Total 
                               of hedging      and  comprehensive    amortised    financial  carrying      Fair 
                              instruments     loss         income        costs  liabilities    amount     value 
                                     US$m     US$m           US$m         US$m         US$m      US$m      US$m 
 
 
 31st December 
  2020 
 Financial assets 
  measured at 
  fair value 
 Other investments 
 
   *    equity investments              -    2,278              -            -            -     2,278     2,278 
 
   *    debt investments                -        -            698            -            -       698       698 
 
   *    LP investment funds             -       25              -            -            -        25        25 
 Derivative financial 
  instruments                          46        -              -            -            -        46        46 
                              -----------  ------- 
 
                                       46    2,303            698            -            -     3,047     3,047 
                              -----------  -------  -------------  -----------  -----------  --------  -------- 
 
 Financial assets 
  not measured at 
  fair value 
 Debtors                                -        -              -        7,705            -     7,705     7,918 
 Bank balances                          -        -              -        9,203            -     9,203     9,203 
                              -----------  -------  -------------  -----------  -----------  --------  -------- 
 
                                        -        -              -       16,908            -    16,908    17,121 
                              -----------  -------  -------------  -----------  -----------  --------  -------- 
 
 Financial liabilities 
  measured at 
  fair value 
 Derivative financial 
  instruments                       (209)        -              -            -            -     (209)     (209) 
 Contingent consideration 
  payable                               -      (9)              -            -            -       (9)       (9) 
                              -----------  -------  -------------  -----------  -----------  --------  -------- 
 
                                    (209)      (9)              -            -            -     (218)     (218) 
                              -----------  -------  -------------  -----------  -----------  --------  -------- 
 
 Financial liabilities 
  not measured at 
  fair value 
 Borrowings                             -        -              -            -     (15,697)  (15,697)  (16,018) 
 L ease liabilities                     -        -              -            -      (3,890)   (3,890)   (3,885) 
   Trade and other 
    payable excluding 
    non-financial 
    liabilities                         -        -              -            -      (6,320)   (6,320)   (6,320) 
                              -----------  -------  -------------  -----------  -----------  --------  -------- 
 
                                        -        -              -            -     (25,907)  (25,907)  (26,223) 
                              -----------  -------  -------------  -----------  -----------  --------  -------- 
 

Fair value estimation

 
 (i)   Financial instruments that are measured at fair value 
       For financial instruments that are measured at fair value 
        in the balance sheet, the corresponding fair value measurements 
        are disclosed by level of the following fair value measurement 
        hierarchy: 
 
 
 (a)   Quoted prices (unadjusted) in active markets for identical assets or liabilities ('quoted prices in active 
       markets') 
       The fair values of listed securities and bonds are based on quoted prices in active markets at the balance 
       sheet date. The quoted market price used for listed investments 
       held by the Group is the current bid price. 
 (b)   Inputs other than quoted prices in active markets that are observable for the asset or liability, either 
       directly or indirectly ('observable current market transactions') 
       The fair values of derivative financial instruments are determined using rates quoted by the Group's bankers at 
       the balance sheet date. The rates for interest rate 
       swaps and caps, cross-currency swaps and forward foreign exchange contracts are calculated by reference to 
       market interest rates and foreign exchange rates. 
 
       The fair values of unlisted investments mainly include club and school debentures, are determined using prices 
       quoted by brokers at the balance sheet date. 
 (c)   Inputs for assets or liabilities that are not based on observable market data ('unobservable inputs') 
       The fair values of other unlisted equity investments and LP investment funds are determined using valuation 
       techniques by reference to observable current market 
       transactions (including price-to earnings and price-to book ratios of listed securities of entities engaged in 
       similar industries) or the market prices of the underlying 
       investments with certain degree of entity specific estimates or discounted cash flow by projecting the cash 
       inflows from these investments. 
 

There were no changes in valuation techniques during the six months ended 30th June 2021 and the year ended 31st December 2020.

The table below analyses financial instruments carried at fair value at 30th June 2021 and

31st December 2020, by the levels in the fair value measurement hierarchy:

 
                                                 Quoted    Observable 
                                                 prices       current 
                                              in active        market  Unobservable 
                                                markets  transactions        inputs  Total 
                                                   US$m          US$m          US$m   US$m 
 
 
  30th June 2021 
  Assets 
  Other investments 
                                              ---------  ------------  ------------  ----- 
 
  - equity investments                            1,711            51           383  2,145 
  - debt investments                                729             -             -    729 
  - LP investment funds                               -             -            53     53 
 
                                                  2,440            51           436  2,927 
  Derivative financial instruments 
   at 
   fair value 
 
    *    through other comprehensive income           -            39             -     39 
 
    *    through profit and loss                      -            19             -     19 
 
                                                  2,440           109           436  2,985 
                                              ---------  ------------  ------------  ----- 
  Liabilities 
  Contingent consideration 
   payable                                            -             -           (9)    (9) 
  Derivative financial instruments 
   at 
   fair value 
 
    *    through other comprehensive income           -          (81)             -   (81) 
 
                                                      -          (81)           (9)   (90) 
                                              ---------  ------------  ------------  ----- 
 
  31st December 2020 
  Assets 
  Other investments 
                                              ---------  ------------  ------------  ----- 
 
  - equity investments                            1,873            51           354  2,278 
  - debt investments                                698             -             -    698 
  - LP investment funds                               -             -            25     25 
 
 
                                                  2,571            51           379  3,001 
  Derivative financial instruments 
   at 
   fair value 
  - through other comprehensive 
   income                                             -            22             -     22 
 
    *    through profit and loss                      -            24             -     24 
 
                                                  2,571            97           379  3,047 
                                              ---------  ------------  ------------  ----- 
  Liabilities 
  Contingent consideration 
   payable                                            -             -           (9)    (9) 
  Derivative financial instruments 
   at 
   fair value 
 
    *    through other comprehensive income           -         (209)             -  (209) 
 
                                                      -         (209)           (9)  (218) 
                                              ---------  ------------  ------------  ----- 
 

There were no transfers among the three categories during the six months ended 30th June 2021 and the year ended 31st December 2020.

Movement of financial instruments which are valued based on unobservable inputs during the six months ended 30th June 2021 and year ended 31st December 2020 are as follows:

 
                                                                    Unlisted 
                                                                      equity 
                                                                 investments 
                                                                        US$m 
 
 
  At 1st January 2020                                                    361 
  Exchange differences                                                   (4) 
  Additions                                                               15 
  Net change in fair value during the year included 
   in profit and loss                                                      7 
                                                                ------------ 
 
  At 31st December 2020 and 1st January 
   2021                                                                  379 
  Exchange differences                                                   (9) 
  Additions                                                               63 
  Net change in fair value during the period included 
   in profit and loss                                                      3 
                                                                ------------ 
 
  At 30th June 2021                                                      436 
                                                                ------------ 
 
 
 (ii)   Financial instruments that are not measured at fair value 
        The fair values of current debtors, bank balances and other liquid funds, current creditors, current 
        borrowings and current lease liabilities are assumed to approximate 
        their carrying amounts due to the short-term maturities of these assets and liabilities. 
 

The fair values of long-term borrowings are based on market prices or are estimated using the expected future payments discounted at market interest rates. The fair values of non-current lease liabilities are estimated using the expected future payments discounted at market interest rates.

10. Notes to Consolidated Cash Flow Statement

 
 (a)   Purchase of associates and joint ventures for the six months ended 30th June 2021 and 2020 mainly included 
       US$249 million and US$127 million, respectively, for Hongkong Land's 
       investment on the Chinese mainland. 
 (b)   Purchase of other investments for the six months ended 30th June 2021 and 2020 mainly included Astra's 
       acquisition of securities. 
 (c)   Additions to investment properties for the six months ended 30th June 2020 primarily included US$4.5 billion 
       for Hongkong Land's acquisition of a mixed-use site in the Xuhui District 
       in Shanghai, Chinese mainland. Hongkong Land had conditionally finalised agreements with two partners to 
       jointly develop the site and received an advance of US$2.3 billion in the 
       first half of 2020. 
 (d)   Advance to and repayment to associates and joint ventures for the six months ended 30th June 2021 included 
       US$216 million for Hongkong Land's advance to its property joint ventures 
       and US$7 million for Mandarin Oriental's advance to its associate and 
       jointventure hotels. 
 
       Advance for the six months ended 30th June 2020 included US$116 million for Hongkong Land's advance to its 
       property joint ventures and US$23 million for Mandarin Oriental's advance 
       to its associate and joint venture hotels. 
 (e)   Advance from and repayment from associates and joint ventures for the six months ended 30th June 2021 and 2020 
       mainly included advance from and repayment from Hongkong Land's joint 
       ventures. 
 (f)   Sale associates and joint ventures for the six months ended 30th June 2020 mainly included US$1,136 million for 
       Astra's sale of its entire 44.6% interest in Permata Bank. 
 (g)   Sale of other investments for the six months ended 30th June 2021 comprised sale of securities of US$132 
       million and US$71 million, respectively, in Astra and Corporate. 
 
       Sale for the six months ended 30th June 2020 mainly included Astra's sale of securities. 
 

11. Capital Commitments and Contingent Liabilities

Total capital commitments at 30th June 2021 and 31st December 2020 amounted to US$2,856 million and US$2,698 million, respectively.

Various Group companies are involved in litigation arising in the ordinary course of their respective businesses. Having reviewed outstanding claims and taking into account legal advice received, the Directors are of the opinion that adequate provisions have been made in the condensed financial statements.

12. Related Party Transactions

In the normal course of business the Group undertakes a variety of transactions with certain of its associates and joint ventures.

The most significant of such transactions relate to the purchases of motor vehicles and spare parts from the Group's associates and joint ventures in Indonesia including PT Toyota-Astra Motor, PT Astra Honda Motor and PT Astra Daihatsu Motor. Total cost of motor vehicles and spare parts purchased for the six months ended 30th June 2021 amounted to US$2,198 million (2020: US$1,550 million). The Group also sells motor vehicles and spare parts to its associates and joint ventures in Indonesia including PT Astra Honda Motor, PT Astra Daihatsu Motor and PT Tunas Ridean. Total revenue from sales of motor vehicles and spare parts for the six months ended 30th June 2021 amounted to US$271 million (2020: US$187 million).

There were no other related party transactions that might be considered to have a material effect on the financial position or performance of the Group that were entered into or changed during the first six months of the current financial year.

Amounts of outstanding balances with associates and joint ventures are included in debtors and creditors, as appropriate.

13. Post Balance Sheet Event

On 1st July 2021, the Group announced that an agreement has reached with its associate, Zhongsheng Group Holdings Limited ("Zhongsheng"), whereby the Group will transfer to Zhongsheng its entire interest in Mercedes-Benz auto dealership business operating on the Chinese mainland under the Zung Fu brand. The total consideration of this transaction is US$1.3 billion which will be settled by Zhongsheng in both cash and new Zhongsheng shares, increasing the Group's shareholding in Zhongsheng upon closing of the transaction.

Completion of the transaction is subject to certain conditions, including consent by Mercedes-Benz, approval by shareholders of Zhongsheng as well as relevant regulators on the Chinese mainland.

Jardine Matheson Holdings Limited

Principal Risks and Uncertainties

The Board has overall responsibility for risk management and internal control. The following have been identified previously as the areas of principal risk and uncertainty facing the Company, and they remain relevant in the second half of the year.

 
      --   Economic Risk 
      --   Commercial Risk and Financial Risk 
      --   Concessions, Franchises and Key Contracts 
      --   Regulatory and Political Risk 
      --   Terrorism, Pandemic and Natural Disasters 
      --   Cybersecurity Risk 
 

For greater detail, please refer to page 162 of the Company's 2020 Annual Report, a copy of which is available on the Company's website at www.jardines.com.

Responsibility Statement

The Directors of the Company confirm to the best of their knowledge that:

 
 (a)   the condensed financial statements have been prepared in accordance with IAS 34; and 
 (b)   the interim management report includes a fair review of all information required to be disclosed by the 
       Disclosure Guidance and Transparency Rules 4.2.7 and 4.2.8 issued by 
       the Financial Conduct Authority of the United Kingdom. 
 

For and on behalf of the Board

John Witt

Graham Baker

Directors

Dividend Information for Shareholders

The interim dividend of USc 44.00 per share will be payable on 13th October 2021 to shareholders on the register of members at the close of business on 20th August 2021. The shares will be quoted ex-dividend on 19th August 2021 and the share registers will be closed from 23rd to 27th August 2021, inclusive. The dividend will be available in cash with a scrip alternative.

Shareholders will receive their cash dividends in United States Dollars, except when elections are made for alternate currencies in the following circumstances.

Shareholders on the Jersey branch register

Shareholders registered on the Jersey branch register will have the option to elect for their dividends to be paid in Sterling. These shareholders may make new currency elections for the 2021 interim dividend by notifying the United Kingdom transfer agent in writing by 24th September 2021. The Sterling equivalent of dividends declared in United States Dollars will be calculated by reference to a rate prevailing on 29th September 2021.

Shareholders holding their shares through CREST in the United Kingdom will receive their cash dividends in Sterling only as calculated above.

Dividend Information for Shareholders (continued)

Shareholders on the Singapore branch register who hold their shares through T he Central Depository (Pte) Limited ('CDP')

Shareholders who are on CDP's Direct Crediting Service ('DCS')

For those shareholders who are on CDP's DCS, they will receive their cash dividends in Singapore Dollars unless they opt out of CDP Currency Conversion Service, through CDP, to receive United States Dollars.

Shareholders who are not on CDP's DCS

For those shareholders who are not on CDP's DCS, they will receive their cash dividends in United States Dollars unless they elect, through CDP, to receive Singapore Dollars.

Shareholders on the Singapore branch register who wish to deposit their shares into the CDP system by the dividend record date, being 20th August 2021, must submit the relevant documents to M & C Services Private Limited, the Singapore branch registrar, by no later than 5.00 p.m. (local time) on 19th August 2021.

The Jardine Matheson Group

Jardine Matheson is a diversified Asian-based group with unsurpassed experience in the region, having been founded in China in 1832. It has a broad portfolio of market-leading businesses, which represent a combination of cash generating activities and long-term property assets and are closely aligned to the increasingly prosperous consumers of the region. The Group's businesses aim to produce sustainable returns by providing their customers with high quality products and services.

Jardine Matheson operates principally in China and Southeast Asia, where its subsidiaries and affiliates benefit from the support of the Group's extensive knowledge of the region and its long-standing relationships. These companies are active in the fields of motor vehicles and related operations, property investment and development, food retailing, health and beauty, home furnishings, engineering and construction, transport services, restaurants, luxury hotels, financial services, heavy equipment, mining and agribusiness.

Jardine Matheson holds interests in Jardine Pacific (100%), Jardine Motors (100%), Hongkong Land (50%), Dairy Farm (78%), Mandarin Oriental (79%) and Jardine Cycle & Carriage (75%) ('JC&C'). JC&C in turn has a 50% shareholding in Astra.

Jardine Matheson Holdings Limited is incorporated in Bermuda and has a standard listing on the London Stock Exchange, with secondary listings in Bermuda and Singapore. Jardine Matheson Limited operates from Hong Kong and provides management services to Group companies.

- end -

For further information, please contact:

 
Jardine Matheson Limited 
Matthew Bishop             (852) 2843 8266 
 
Brunswick Group Limited 
Sunitha Chalam             (852) 3512 5050 
 

As permitted by the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority in the United Kingdom, the Company will not be posting a printed version of the Half-Yearly Results announcement to shareholders. The Half-Yearly Results announcement will remain available on the Company's website, www.jardines.com, together with other Group announcements.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

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