Contents
Strategic Report
Creating Value at Jardines 4
Group Structure 12
Businesses at a Glance 14
Chairman's Statement 16
Group Managing Director's Review 20
Financial Review 44
Sustainability 50
www.jardines.com for more information
Governance Report
Directors' Profiles 56
Corporate Governance 58
Principal Risks and Uncertainties 74
Shareholder Information 79
Financial Report
Financial Statements 80
Independent Auditors' Report 180
Five Year Summary 189
Responsibility Statement 190
Group Offices 191
Jardine Matheson Holdings Limited is incorporated in Bermuda and has a primary listing in the standard segment of 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.
Jardine Matheson Holdings Limited Jardine House
Hamilton Bermuda
Jardine Matheson is a diversified Asian-based group founded in China in 1832, with unsurpassed experience in the region.
We comprise a broad portfolio of market-leading businesses, whose activities are closely aligned to the increasingly prosperous consumers of the Asian region.
Where We Operate
We operate principally in China and Southeast Asia, where our subsidiaries and affiliates can leverage our vast experience, expertise, networks and long-standing relationships in the region. Our goal is to support our Group companies and provide them with financial and other resources, in order to create value and help our businesses achieve sustainable growth over the long term.
Our Operations
Across the Group, our over 400,000 employees work in a wide range of businesses in major sectors including 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.
Our Approach
Integrity, steadfastness, collaboration and an entrepreneurial spirit are values which inspire us. They also underpin how our businesses operate, as they provide products, services and experiences that impact the lives of many millions every day. These values also apply in our workspaces, where we strive to provide positive, safe working environments. We are also committed to supporting and improving our communities through programmes that make a difference in areas including education, mental health, the environment and more.
Highlights
• Underlying net profit up 39% against 2020, 5% below 2019
• Increased earnings per share and enhanced corporate governance through simplification of Group's parent company structure
• Underlying earnings per share US$4.83, up 64% against prior year and 14% higher than 2019
• Good recovery in Southeast Asia, led by Astra
• Motors business performs strongly, led by Zhongsheng and UK Motors
• Mandarin Oriental sees strong recovery with underlying loss significantly reduced
• DFI Retail transformation offsets continued operating challenges, but results impacted by associate Yonghui's substantial loss
• Full year dividend at US$2.00, up 16%
Analysis of underlying profit attributable to shareholders of US$1,513 million
By business*
Jardine Motors
DFI Retail Group
US$318m 20%
US$82mJardine Cycle & Carriage US$119m
5% 7%
11%
30%
30%
Jardine Pacific US$175m
Hongkong Land US$474m
(3%)
Mandarin Oriental
Astra US$474m
(US$48m)
By sector*
By geographical area*
30%
US$484m
33%
US$520m
Property
Motor vehicles
20%
US$314m
9%
US$146m
Engineering,
Retail &
heavy equipment,
restaurants
mining &
construction
8%
US$125m
(3%)
(US$48m)
Financial services
Hotels
3%
US$53m
Others
* Based on underlying profit attributable to shareholders before corporate and other interests, which amounted to US$1,594 million.
Highlights
2021 financial highlights
US$109,370m US$4,117m US$91,489m 400,000
Total assets | |||
US$6,635m | |||
Net borrowings# | |||
2021 | 2020 | Change | |
US$m | US$m | % | |
Gross revenue including 100% of associates and joint ventures | 109,370 | 90,906 | 20 |
Revenue | 35,862 | 32,647 | 10 |
Underlying profit before taxΩ | 4,117 | 2,786 | 48 |
Underlying profit attributable to shareholdersΩ Δ | 1,513 | 1,085 | 39 |
Profit/(loss) attributable to shareholders | 1,881 | (394) | n/a |
Shareholders' funds | 29,781 | 29,387 | 1 |
US$ | US$ | % | |
Underlying earnings per shareΩ Δ | 4.83 | 2.95 | 64 |
Earnings/(loss) per share | 6.01 | (1.07) | n/a |
Dividends per share | 2.00 | 1.72 | 16 |
Underlying earnings per share (US$) |
Gross revenue
Underlying profit before taxPeople employed
US$29,781mUS$1,513m
US$14,977m
Shareholders' funds
Underlying profit attributable to shareholders
Total capital investment†
Results
Net asset value per share (US$)
.
. .
. .
.
. .
.
.
* Based on underlying profit attributable to shareholders before corporate and other interests, which amounted to US$1,594 million. # Excluding net borrowings of financial services companies.
† Including expenditure on properties for sale and associates and joint ventures.
Ω The Group uses 'underlying profit' in its internal financial reporting to distinguish between ongoing business performance and non-trading items, as more fully described in note 40 to the financial statements. Management considers this to be a key measure which provides additional information to enhance understanding of the Group's underlying business performance.
Δ Improvements to underlying profit attributable to shareholders and underlying earnings per share benefitted from the impact of the Company's acquisition of the remaining 15% minority Hiignhtleigrhetsst in Jardine Strategic. Excluding the impact of this Group simplification, increases in underlyiHnighnliegthptsrofit and underlying earnings per share in 2021 were 29% and 32%, respectively.
Underlying Earnings per Share (US$)
Net Asset Value per Share (US$)
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Jardine Matheson Holdings Ltd. published this content on 04 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 April 2022 09:02:06 UTC.