Jardine Matheson Group Profile 2014

Jardine Matheson
Group Profile 2014
Jardine Matheson Holdings Limited
2013 Financial Highlights*
US$m
Revenue together with revenue of associates and joint ventures†
61,380
Underlying profit before tax#
4,600
Underlying profit attributable to shareholders
1,502
#
Profit attributable to shareholders
1,566
Shareholders’ funds
18,386
Analysis of Underlying Profit in 2013
By Business
US$m
%
By Sector
Jardine Pacific
110
7
US$m
%
Motor vehicles
360
23
Jardine Motors
59
4
Property
390
24
Jardine Lloyd Thompson
76
5
Retail & restaurants
313
20
Hongkong Land
385
25
Financial services
202
13
Dairy Farm
307
20
Engineering, construction & equipment
177
11
Mandarin Oriental
56
4
Agribusiness
41
3
Jardine Cycle & Carriage
35
2
Aviation, shipping services & others
48
3
Astra
Corporate and other interests
Underlying profit
By Geographical Area
508
33
1,536
100
Corporate and unallocated costs
(34)
Underlying profit
1,502
US$m
%
Greater China
648
42
Southeast Asia
803
52
United Kingdom
60
4
Rest of the world
Corporate and other interests
Underlying profit
Hotels
25
2
1,536
100
56
3
1,587
100
(85)
1,502
(34)
1,502
Total Equity and Net Debt^ at 31st December 2013
US$m
Total equity
Net debt
^
42,782
2,601
*The financial statements of Jardine Matheson Holdings Limited for the year ended 31st December 2013 are available from www.jardines.com.
† Includes 100% of revenue from associates and joint ventures.
# 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 1 to the 2013
financial statements. Management considers this to be a key measure which provides additional information to enhance understanding of the Group’s underlying business performance.
^ Excluding net debt of financial services companies.
Opposite: Dairy Farm’s Mannings health and beauty store in Hong Kong.
Jardine Matheson was formed as a trading partnership
Oriental and Jardine Cycle & Carriage, which in turn has
over 180 years ago in 1832 by William Jardine and James
a shareholding in Astra International. It has a minority
Matheson. The two founders instilled an enterprising
interest in Zhongsheng Group, one of mainland China’s
culture into their new trading partnership, as well
leading motor dealership groups. Jardine Strategic also
as qualities such as an independent spirit, financial
has a 56% shareholding in Jardine Matheson.
prudence, commercial acumen and the understanding of
the need to build strong relationships in business. Over
The Jardine Matheson Group is active principally in the
the years, these qualities have helped those working for
markets of Asia, and employs 390,000 people. Through
Jardines overcome many challenges and to consolidate its
a balance of cash producing activities, investment in new
leading position in Asia.
businesses and long-term property assets, the Group aims
to produce sustained growth in shareholder value.
Since Jardines’ formation, there has been a constant
evolution in the nature of its business interests as they
Jardine Matheson achieved an increased underlying profit
kept pace with the times. Today, its businesses are at the
in 2013 of US$1,502 million. The gross revenue of the
forefront of their chosen markets. They include motor
Group in 2013, including 100% of associates and joint
vehicles and related activities, property investment and
ventures, was US$61.4 billion, an increase of 2%.
development, retailing and restaurants, engineering and
construction, transport services, luxury hotels, financial
Jardine Matheson Holdings Limited is incorporated in
services, heavy equipment, mining and agribusiness.
Bermuda and has its primary listing on the London Stock
Exchange, with secondary listings in Bermuda and Singapore.
Jardine Matheson holds interests in Jardine Pacific, Jardine
Jardine Matheson Limited operates from Hong Kong and
Motors and Jardine Lloyd Thompson, while through the
provides management services to Group companies.
83%-held Group holding company, Jardine Strategic, it
is interested in Hongkong Land, Dairy Farm, Mandarin
April 2014
1
Jardine Pacific represents a number of the Group’s non-listed
Asian businesses operating in a range of industry sectors such as
engineering and construction, transport services, restaurants and IT
services. Included within its portfolio are interests in Hong Kong Air
Cargo Terminals, Gammon, Jardine Schindler, JEC and JOS, as well as
certain Pizza Hut and KFC franchises.
(100%)
Jardine Motors is engaged in the sales and service of motor vehicles and
related activities. It operates in Hong Kong, Macau and mainland China,
where it primarily represents Mercedes-Benz. It is also active in the
United Kingdom where it is one of the largest independent dealership
groups representing a broad range of luxury marques including Aston
Martin, Audi and Volkswagen, Jaguar and Land Rover, Mercedes-Benz
and Porsche.
(100%)
Jardine Lloyd Thompson is one of the world’s largest providers of
insurance, reinsurance and employee benefits related advice,
brokerage and associated services. Headquartered and listed in
London, the group offers services in over 135 countries and
has a significant presence in the Asia-Pacific region.
(42%)
Hongkong Land is one of Asia’s premier listed property groups.
Its interests include some 800,000 sq. m. of prime office and
luxury retail property in key Asian cities, principally in Hong Kong
and Singapore. Hongkong Land also develops premium residential
projects in cities across Greater China and Southeast Asia.
In Singapore, its subsidiary, MCL Land, is a well-established
residential developer.
(50%)
The percentages shown in brackets give the effective Group ownership at 20th March 2014.
2
Dairy Farm is a listed pan-Asian retail group operating over 5,800
outlets and employing some 100,000 people. It had gross sales in 2013
exceeding US$12 billion. Dairy Farm offers wholesome food and quality
consumer and durable goods at competitive prices through
supermarkets, hypermarkets, convenience stores, health and beauty
stores, home furnishings stores and restaurants. It has brands such as
Wellcome, Cold Storage, Giant, Hero, 7-Eleven, Mannings, Guardian,
IKEA and its 50%-owned Maxim’s.
(78%)
Mandarin Oriental is a listed hotel investment and management group
operating some of the world’s most prestigious hotels and resorts. They
include the acclaimed Mandarin Oriental, Hong Kong and Mandarin
Oriental, Bangkok, with other deluxe hotels located in prime destinations
such as London, New York and Tokyo. The group has 44 hotels and resorts
worldwide, including 18 under development. The group also operates ‘The
Residences at Mandarin Oriental’ connected to its properties. It regularly
receives awards for outstanding service and quality management.
(74%)
Jardine Cycle & Carriage is a leading Singapore-listed holding company
with an interest of just over 50% in Astra in Indonesia. The group is also
a premier motor vehicle distributor and retailer in Singapore, the largest
Mercedes-Benz dealer in Malaysia, and has further motor interests in
Indonesia, Vietnam and Myanmar. Together with Astra, Jardine Cycle &
Carriage represents some of the world’s leading motoring marques
including Mercedes-Benz, Toyota, Honda, Kia and Mazda.
(73%)
Astra is a listed diversified Indonesian group embracing six core
businesses comprising automotive, financial services, heavy equipment
and mining, oil palm plantations, infrastructure and logistics, and
information technology. It is the largest independent automotive group
in Southeast Asia, and manufactures, assembles, distributes and retails
motor cars and motorcycles in partnership with industry leaders such as
Toyota, Daihatsu and Honda. It also manufactures and distributes
automotive components for the domestic and export markets. Astra
employs some 197,000 people.
(50%)
3
Group Offices
Jardine Matheson Holdings Ltd
Jardine Motors Group Ltd
Jardine House
Hamilton
Bermuda
25th Floor, Devon House
Taikoo Place
979 King’s Road
Quarry Bay
Hong Kong
Telephone (852) 2579 2888
Email
[email protected]
Adam Keswick
Jardine Matheson Ltd
48th Floor, Jardine House
G.P.O. Box 70
Hong Kong
Telephone (852) 2843 8288
Email
[email protected]
Website www.jardines.com
Directors
Ben Keswick, Chairman
Adam Keswick, Deputy Chairman
Mark Greenberg
David Hsu
Y.K. Pang
James Riley
Giles White
Matheson & Co., Ltd
3 Lombard Street
London EC3V 9AQ
United Kingdom
Telephone (44 20) 7816 8100
Email
[email protected]
Website www.matheson.co.uk
Lord Leach of Fairford
Jardine Pacific Ltd
25th Floor, Devon House
Taikoo Place
979 King’s Road
Quarry Bay
Hong Kong
Telephone (852) 2579 2888
Email
[email protected]
Ben Birks
7th Floor
281 Gloucester Road
Causeway Bay
Hong Kong
Telephone (852) 2895 9288
Email
[email protected]
Website www.mandarinoriental.com
Edouard Ettedgui
Jardine Lloyd Thompson Group plc
The St Botolph Building
138 Houndsditch
London EC3A 7AW
United Kingdom
Telephone (44 20) 7528 4444
Email
[email protected]
Website www.jltgroup.com
Dominic Burke
Jardine Cycle & Carriage Ltd
Hongkong Land Ltd
PT Astra International Tbk
8th Floor
One Exchange Square
Central
Hong Kong
Telephone (852) 2842 8428
Email
[email protected]
Website www.hkland.com
Y.K. Pang
Jl. Gaya Motor Raya No. 8
Sunter II, Jakarta 14330
Indonesia
Telephone (62 21) 652 2555
Email
[email protected]
Website www.astra.co.id
Prijono Sugiarto
Dairy Farm Management
Services Ltd
11th Floor, Devon House
Taikoo Place
979 King’s Road
Quarry Bay
Hong Kong
Telephone (852) 2299 1888
Email
groupcomm@
dairy-farm.com.hk
Website www.dairyfarmgroup.com
Graham D. Allan
Opposite: Jardine Cycle & Carriage’s Mercedes-Benz showroom in Singapore.
4
Mandarin Oriental Hotel Group
International Ltd
239 Alexandra Road
Singapore 159930
Telephone (65) 6473 3122
Email
corporate.affairs@
jcclgroup.com
Website www.jcclgroup.com
Alex Newbigging
www.jardines.com
Copyright © Jardine Matheson Limited, 2014
All rights reserved.