REG - DFI Retail Group Jardine Matheson Hdg - Half-year Results
28/07/2023 10:30
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230728:nRSb5676Ha&default-theme=true
RNS Number : 5676H DFI Retail Group Holdings Ltd 28 July 2023
Announcement
28th July 2023
The following announcement was issued today to a Regulatory Information
Service approved by the Financial Conduct Authority in the United Kingdom.
DFI RETAIL GROUP HOLDINGS LIMITED
HALF-YEAR RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2023
Highlights
· Underlying Group profit increased to US$33 million (H1 2022: US$52
million loss)
· Strong performances by Health & Beauty and Convenience
· Significant improvement in Associates' results
· Further refocusing of portfolio with sale of Malaysia Grocery Retail
business
· Interim dividend of US¢3.00 per share
"We have been encouraged by the pace of recovery in our business and improved
trading conditions in the first half of the year, driven by the reopening of
the Hong Kong border and continued recovery in our Southeast Asian markets.
The speed and degree to which business performance returns to pre-pandemic
levels will depend on the impact of economic conditions and the pace of
recovery in consumer confidence. We are confident that the Group is well
positioned for growth in the remainder of the year and beyond."
Ben Keswick
Chairman
Results
(unaudited)
Six months ended 30th June
2023 2022 Change
US$m US$m %
Combined total revenue including 100% of associates and joint ventures 13,488 14,115 -4
Revenue 4,574 4,567 -
Underlying profit/(loss) attributable to shareholders* 33 (52) n/a
Profit/(loss) attributable to shareholders 8 (58) n/a
US¢ US¢ %
Underlying earnings/(loss) per share* 2.47 (3.81) n/a
Earnings/(loss) per share 0.61 (4.25) n/a
Interim dividend per share 3.00 1.00 +200
* the Group uses 'underlying profit/(loss)' in its internal financial
reporting to distinguish between ongoing business performance and non-trading
items, as more fully described in note 9 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.
The interim dividend of US¢3.00 per share will be payable on 11th October
2023 to shareholders on the register of members at the close of business on
18th August 2023.
DFI RETAIL GROUP HOLDINGS LIMITED
HALF-YEAR RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2023
The Group's underlying profit improved significantly in the first half
compared to the same period last year. Within the Group's subsidiaries,
higher profit in the Health & Beauty and Convenience divisions was
partially offset by lower profits from the Grocery Retail division.
Underlying results from associates improved significantly, through a
combination of better Maxim's performance and reduced losses from Yonghui.
RESULTS
Total first-half sales for the Group, including 100% of associates and joint
ventures, were slightly behind those of the prior year at US$13.5 billion,
primarily due to reduced sales at Yonghui. Subsidiary sales were in line
with the prior year at US$4.6 billion, reflecting revenue growth in the Health
& Beauty and Convenience divisions, offset by lower sales revenue
following the divestment of the Malaysian Grocery Retail business.
The Group returned to underlying profit of US$33 million in the first half,
following a loss in the same period last year. Subsidiaries delivered
underlying profit of US$40 million for the half, compared to US$8 million in
the prior year. The Group's associates saw underlying losses reduced to US$7
million, compared to underlying losses of US$60 million in the prior year.
Operating cash flow, after lease payments, for the period was a net inflow of
US$149 million, compared with US$76 million in the first half of 2022. As at
30th June 2023, the Group's net debt was US$883 million, compared with US$866
million at 31st December 2022.
An interim dividend of US¢3.00 per share has been declared (2022 interim
dividend: US¢1.00 per share).
OPERATING PERFORMANCE
Revenue for the Group's Grocery Retail division in the first half was lower
than the prior year. In North Asia, sales in the prior year were supported
by pantry-stocking during the fifth wave of COVID in Hong Kong. Southeast
Asia Grocery Retail revenue was also lower, impacted by the divestment of the
Malaysia Grocery Retail business and ongoing cautious customer sentiment
driven by rising cost of living pressures. As a result of lower sales
performance, overall Grocery Retail profits in the first half were behind the
first half of last year.
The Group's Convenience division reported like-for-like sales growth in the
first half relative to the prior year, driven by strong foot traffic recovery
and effective execution of new product development and promotional activity.
7-Eleven Singapore reported double-digit like-for-like sales growth in the
first half relative to the prior year. Like-for-like sales growth in South
China accelerated in the second quarter relative to the first quarter.
Underlying profit for the division improved significantly relative to the
prior year.
The Health & Beauty division reported over 20% like-for-like sales growth
in the first half compared to the prior year. Mannings Hong Kong, in
particular, reported very strong sales growth, which accelerated in the second
quarter. The strong sales recovery has been underpinned by effective
in-store execution and continued market share gains. Guardian also reported
strong underlying sales growth, particularly in Malaysia and Indonesia.
While still below pre-pandemic levels, underlying profit more than doubled in
the first half relative to the prior year, supported by a recovery in customer
traffic, gross margin expansion and effective in-store execution despite
pressure from labour shortages.
The sales performance of the Home Furnishings division in the first half was
slightly behind that of the prior year, impacted by reduced demand for
furniture, with the reopening of borders likely driving short-term
discretionary spending toward leisure activities. Like-for-like sales,
however, improved in the second quarter relative to the first quarter, driven
by improved performance in both Taiwan and Indonesia. Despite challenges
concerning sales performance, underlying profit in the first half was largely
in line with the prior year, primarily due to strong cost control. In May,
IKEA Taiwan opened a major fulfilment centre to support its e-commerce and
fulfilment capability.
Maxim's, the Group's 50%-owned associate, reported double-digit sales growth
and a turnaround in profit relative to the prior year, when the business faced
severe challenges in the first half from COVID-related dining restrictions in
Hong Kong and the Chinese mainland.
The Group's share of Yonghui losses reduced relative to the prior year. This
was underpinned by improvement in gross margins and cost optimisation.
Robinsons Retail continued to report strong sales and core net earnings
growth. Robinsons Retail's first half reported profit, however, was impacted
by foreign exchange movements and reduced associate income.
BUSINESS DEVELOPMENTS
The previously announced sale of DFI Retail Group's Malaysian Grocery Retail
business completed in early March 2023. The Group will also divest several
associated properties in Malaysia, with the sale expected to be completed in
the second half of the year.
PEOPLE
Scott Price will succeed Ian McLeod as Group Chief Executive with effect from
1st August 2023. Scott is an experienced senior business executive with 25
years' international experience, spanning the retail, logistics and consumer
packaged goods sectors. Scott was most recently President, International at
UPS. Prior to that he spent a number of years in senior positions at
Walmart, including as CEO, Asia. We want to thank Ian for his six years as
Group Chief Executive. He has led a comprehensive business transformation of
DFI Retail Group to strengthen our customer and product propositions, core
operating systems and processes, and supply chain.
OUTLOOK
We have been encouraged by the pace of recovery in our business and improved
trading conditions in the first half of the year, driven by the reopening of
the Hong Kong border and continued recovery in our Southeast Asian markets.
The speed and degree to which business performance returns to pre-pandemic
levels will depend on the impact of economic conditions and the pace of
recovery in consumer confidence. We are confident that the Group is well
positioned for growth in the remainder of the year and beyond.
Ben Keswick
Chairman
DFI Retail Group Holdings Limited
Consolidated Profit and Loss Account
for the six months ended 30th June 2023
(unaudited) Year ended 31st December
Six months ended 30th June
2023 2022 2022
Underlying business performance US$m Non-trading items Total Underlying business performance Non-trading items Total Underlying business performance Non-trading items Total
US$m US$m US$m US$m US$m US$m US$m US$m
Revenue 4,574.3 - 4,574.3 4,567.4 - 4,567.4 9,174.2 - 9,174.2
(note 2)
Net operating costs (note 3) (4,446.7) (34.8) (4,481.5) (4,491.2) (0.6) (4,491.8) (8,965.0) 35.1 (8,929.9)
Operating profit 127.6 (34.8) 92.8 76.2 (0.6) 75.6 209.2 35.1 244.3
(note 4)
Financing charges (74.2) - (74.2) (58.2) - (58.2) (126.4) - (126.4)
Financing income 4.8 - 4.8 1.6 - 1.6 4.8 - 4.8
Net financing charges (69.4) - (69.4) (56.6) - (56.6) (121.6) - (121.6)
(note 5)
Share of results of associates and joint ventures (note 6) (6.7) 11.6 4.9 (59.6) (5.6) (65.2) (34.9) (177.1) (212.0)
Profit/(loss) before tax 51.5 (23.2) 28.3 (40.0) (6.2) (46.2) 52.7 (142.0) (89.3)
Tax (note 7) (23.0) - (23.0) (18.3) - (18.3) (31.4) 0.1 (31.3)
Profit/(loss) after tax 28.5 (23.2) 5.3 (58.3) (6.2) (64.5) 21.3 (141.9) ( (120.6)
Attributable to:
Shareholders of the Company 33.3 (25.1) 8.2 (51.6) (6.0) (57.6) 28.8 (143.4) (114.6)
Non-controlling interests (4.8) 1.9 (2.9) (6.7) (0.2) (6.9) (7.5) 1.5 (6.0)
28.5 (23.2) 5.3 (58.3) (6.2) (64.5) 21.3 (141.9) (120.6)
US¢ US¢ US¢ US¢ US¢ US¢
Earnings/(loss) per share
(note 8)
- basic 2.47 0.61 (3.81) (4.25) 2.14 (8.51)
- diluted 2.46 0.61 (3.81) (4.25) 2.14 (8.48)
DFI Retail Group Holdings Limited
Consolidated Statement of Comprehensive Income
for the six months ended 30th June 2023
(unaudited) Year ended
Six months ended 31st December
30th June
2023 US$m 2022 2022
US$m US$m
Profit/(loss) for the period 5.3 (64.5) (120.6)
Other comprehensive income/(expense)
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit plans (0.2) 0.4 1.3
Net revaluation surplus before transfer to investment properties
- right-of-use assets - - 38.2
Tax relating to items that will not be reclassified - (0.1) (0.2)
(0.2) 0.3 39.3
Share of other comprehensive income of associates and joint ventures 0.8 1.0 1.8
0.6 1.3 41.1
Items that may be reclassified subsequently to profit or loss:
Net exchange translation differences
- net loss arising during the period (34.2) (108.1) (163.0)
- transfer to profit and loss (note 13(e)) 44.5 - 4.2
10.3 (108.1) (158.8)
Cash flow hedges
- net (loss)/gain arising during the period (1.1) 29.2 35.4
- transfer to profit and loss (7.3) (2.1) (4.4)
(8.4) 27.1 31.0
Tax relating to items that may be reclassified 0.3 (1.7) (1.4)
Share of other comprehensive expense of associates and joint ventures (1.9) (4.3) (1.9)
0.3 (87.0) (131.1)
Other comprehensive income/(expense) for the period, net of tax 0.9 (85.7) (90.0)
Total comprehensive income for the period 6.2 (150.2) (210.6)
Attributable to:
Shareholders of the Company 8.3 (144.1) (205.1)
Non-controlling interests (2.1) (6.1) (5.5)
6.2 (150.2) (210.6)
DFI Retail Group Holdings Limited
Consolidated Balance Sheet
at 30th June 2023
(unaudited) At 31st December
At 30th June
2023 2022 2022
US$m US$m US$m
Net operating assets
Intangible assets 400.0 404.8 411.9
Tangible assets 685.9 760.7 802.9
Right-of-use assets 2,549.0 2,614.8 2,670.1
Investment properties 39.6 - 39.8
Associates and joint ventures 1,716.1 1,968.9 1,781.4
Other investments 22.0 21.7 21.7
Non-current debtors 118.1 125.4 124.3
Deferred tax assets 30.1 17.8 27.3
Pension assets 4.9 9.3 6.7
Non-current assets 5,565.7 5,923.4 5,886.1
Stocks 744.9 793.1 871.4
Current debtors 234.9 211.2 252.9
Current tax assets 20.7 17.5 19.5
Cash and bank balances 218.8 219.1 230.7
1,219.3 1,240.9 1,374.5
Non-current assets held for sale (note 10) 139.3 81.8 65.7
Current assets 1,358.6 1,322.7 1,440.2
Current creditors (1,952.1) (1,976.7) (2,169.7)
Current borrowings (836.3) (799.8) (837.5)
Current lease liabilities (527.7) (602.0) (586.3)
Current tax liabilities (47.3) (32.2) (39.9)
Current provisions (34.4) (38.0) (40.2)
Current liabilities (3,397.8) (3,448.7) (3,673.6)
Net current liabilities (2,039.2) (2,126.0) (2,233.4)
`
Long-term borrowings (265.4) (414.0) (258.7)
Non-current lease liabilities (2,186.0) (2,212.4) (2,289.4)
Deferred tax liabilities (39.5) (42.9) (40.0)
Pension liabilities (5.8) (5.7) (5.8)
Non-current creditors (3.9) (10.0) (8.7)
Non-current provisions (102.8) (105.9) (108.7)
Non-current liabilities (2,603.4) (2,790.9) (2,711.3)
923.1 1,006.5 941.4
(unaudited) At 31st December
At 30th June
2023 2022 2022
US$m US$m US$m
Total equity
Share capital 75.2 75.2 75.2
Share premium and capital reserves 68.1 65.0 67.6
Revenue and other reserves 777.4 872.6 804.3
Shareholders' funds 920.7 1,012.8 947.1
Non-controlling interests 2.4 (6.3) (5.7)
923.1 1,006.5 941.4
DFI Retail Group Holdings Limited
Consolidated Statement of Changes in Equity
for the six months ended 30th June 2023
Share Share Capital Revenue Attributable to shareholders of the Company US$m Attributable to non-controlling Total
capital premium reserves and other reserves interests equity
US$m US$m US$m US$m US$m US$m
Six months ended 30th June 2023 (unaudited)
At 1st January 2023 75.2 37.6 30.0 804.3 947.1 (5.7) 941.4
Total comprehensive income - - - 8.3 8.3 (2.1) 6.2
Dividends paid by the Company (note 11) - - - (26.9) (26.9) - (26.9)
Share-based long-term incentive plans - - 5.5 - 5.5 - 5.5
Subsidiaries disposed of (note 13(e)) - - - - - 10.2 10.2
Change in interests in associates and joint ventures - - - (13.3) (13.3) - (13.3)
Transfer - 2.0 (7.0) 5.0 - - -
At 30th June 2023 75.2 39.6 28.5 777.4 920.7 2.4 923.1
Six months ended 30th June 2022 (unaudited)
At 1st January 2022 75.2 35.6 24.6 1,131.8 1,267.2 - 1,267.2
Total comprehensive income - - - (144.1) (144.1) (6.1) (150.2)
Dividends paid by the Company (note 11) - - - (87.4) (87.4) - (87.4)
Dividends paid to non-controlling interests - - - - - (0.2) (0.2)
Share-based long-term incentive plans - - 4.8 - 4.8 - 4.8
Shares purchased for a share-based long-term incentive plan - - - (20.0) (20.0) - (20.0)
Change in interests in associates and joint ventures - - - (7.7) (7.7) - (7.7)
Transfer - 2.0 (2.0) - - - -
At 30th June 2022 75.2 37.6 27.4 872.6 1,012.8 (6.3) 1,006.5
Share Share Capital Revenue Attributable to shareholders of the Company US$m Attributable to non-controlling Total
capital premium reserves and other reserves interests equity
US$m US$m US$m US$m US$m US$m
Year ended 31st December 2022
At 1st January 2022 75.2 35.6 24.6 1,131.8 1,267.2 - 1,267.2
Total comprehensive income - - - (205.1) (205.1) (5.5) (210.6)
Dividends paid by the Company - - - (100.9) (100.9) - (100.9)
Dividends paid to non-controlling interests - - - - - (0.2) (0.2)
Unclaimed dividends forfeited - - - 0.1 0.1 - 0.1
Share-based long-term incentive plans - - 7.4 - 7.4 - 7.4
Shares purchased for a share-based long-term incentive plan - - - (20.0) (20.0) - (20.0)
Change in interests in associates and joint ventures - - - (1.6) (1.6) - (1.6)
Transfer - 2.0 (2.0) - - - -
At 31st December 2022 75.2 37.6 30.0 804.3 947.1 (5.7) 941.4
Revenue and other reserves at 30th June 2023 comprised revenue reserves of
US$1,098.9 million (2022: US$1,187.4 million), hedging reserves of US$30.5
million (2022: US$34.4 million), revaluation reserves of US$38.2 million
(2022: nil) and exchange reserves of US$390.2 million loss (2022: US$349.2
million loss).
Revenue and other reserves at 31st December 2022 comprised revenue reserves of
US$1,127.2 million, hedging reserves of US$38.6 million, revaluation reserves
of US$38.2 million and exchange reserves of US$399.7 million loss.
DFI Retail Group Holdings Limited
Consolidated Cash Flow Statement
for the six months ended 30th June 2023
(unaudited) Year ended 31st December
Six months ended
30th June
2023 2022 2022
US$m US$m US$m
Operating activities
Operating profit (note 4) 92.8 75.6 244.3
Depreciation and amortisation 414.1 437.7 861.0
Other non-cash items 40.8 (7.9) (40.4)
Increase in working capital (16.4) (32.0) (6.7)
Interest received 4.8 1.5 2.6
Interest and other financing charges paid (73.4) (57.8) (123.3)
Tax paid (18.4) (21.0) (42.5)
444.3 396.1 895.0
Dividends from associates and joint ventures 22.6 11.5 44.8
Cash flows from operating activities 466.9 407.6 939.8
Investing activities
Purchase of subsidiaries (note 13(a)) - (8.8) (8.8)
Purchase of associates and joint ventures (8.8) - (8.3)
(note 13(b))
Purchase of other investments (note 13(c)) - (10.0) (10.0)
Purchase of intangible assets (8.8) (2.9) (19.8)
Purchase of tangible assets (95.5) (121.1) (223.9)
Repayment from/(advances to) associates and joint ventures (note 13(d)) 1.2 - (1.2)
Sale of subsidiaries (note 13(e)) (56.2) - -
Sale of associates and joint ventures (note 13(f)) - 6.9 6.9
Sale of properties (note 13(g)) 32.6 - 63.6
Sale of tangible assets 0.3 0.8 0.5
Cash flows from investing activities (135.2) (135.1) (201.0)
Financing activities
Purchase of shares for a share-based long-term incentive plan (note 13(h)) - (20.0) (20.0)
Drawdown of borrowings 1,108.5 710.5 1,429.4
Repayment of borrowings (1,115.2) (619.5) (1,468.7)
Net increase in other short-term borrowings 22.8 83.0 92.7
Principal elements of lease payments (318.4) (331.7) (660.6)
Dividends paid by the Company (note 11) (26.9) (87.4) (100.9)
Dividends paid to non-controlling interests - (0.2) (0.2)
Cash flows from financing activities (329.2) (265.3) (728.3)
Net increase in cash and cash equivalents 2.5 7.2 10.5
Cash and cash equivalents at beginning of period 213.7 210.0 210.0
Effect of exchange rate changes (4.6) (5.8) (6.8)
Cash and cash equivalents at end of period 211.6 211.4 213.7
(note 13(i))
DFI Retail Group 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 2022
annual financial statements. A standard and a number of amendments were
effective from 1st January 2023. Those relevant to the Group's operations
are set out below:
Amendment to IAS 12 - Deferred Tax related to Assets and Liabilities arising
from a Single Transaction (effective from 1st January 2023)
The amendment requires deferred tax to be recognised on transactions that, on
initial recognition, give rise to equal amounts of taxable and deductible
temporary differences. They typically apply to transactions such as leases
of lessees and decommissioning obligations and require the recognition of
additional deferred tax assets and liabilities.
Amendment to IAS 12 - International Tax Reform - Pillar Two Model Rules
(effective for annual reporting period commencing on or after 1st January
2023)
The amendment provides a temporary mandatory exception from deferred tax
accounting in respect of Pillar Two income taxes and certain additional
disclosure requirements. The Group is in the process of assessing the
estimated impact of Pillar Two income taxes to its consolidated financial
statements and appropriate disclosures will be made in the financial
statements for the year ending 31st December 2023.
The Group has not early adopted any amendments that have been issued but not
yet effective.
2. Revenue
Including associates and joint ventures Subsidiaries
Six months ended 30th June
2023 US$m 2022 US$m 2023 US$m 2022 US$m
Sales of goods
Analysis by operating segment:
Food 9,673.7 10,958.1 2,869.9 3,089.0
- Grocery Retail 8,433.4 9,824.0 1,687.7 2,004.8
- Convenience stores 1,240.3 1,134.1 1,182.2 1,084.2
Health and Beauty 1,528.2 1,276.0 1,210.4 984.5
Home Furnishings 399.8 409.6 399.8 409.6
Restaurants 1,370.7 1,000.1 - -
Other Retailing 412.2 384.5 - -
13,384.6 14,028.3 4,480.1 4,483.1
Revenue from other sources 103.1 86.5 94.2 84.3
13,487.7 14,114.8 4,574.3 4,567.4
Revenue including associates and joint ventures comprise 100% of revenue from
subsidiaries, associates and joint ventures.
Operating segments are identified on the basis of internal reports about
components of the Group that are regularly reviewed by the Executive Directors
of the Company for the purpose of resource allocation and performance
assessment. DFI Retail Group operates in five segments: Food, Health and
Beauty, Home Furnishings, Restaurants and Other Retailing. Food comprises
the Grocery Retail and Convenience store businesses (including the Group's
associate, Yonghui, a leading grocery retailer in the Chinese mainland).
Health and Beauty comprises the health and beauty businesses. Home
Furnishings is the Group's IKEA businesses. Restaurants is the Group's
associate, Maxim's, one of Asia's leading food and beverage companies. Other
Retailing represents the department stores, specialty and Do-It-Yourself
('DIY') stores of the Group's Philippines associate, Robinsons Retail.
Revenue and share of results of Yonghui and Robinsons Retail represent six
months from 1st October 2022 to 31st March 2023 (2022: 1st October 2021 to
31st March 2022), based on their latest published announcements (note 6).
Set out below is an analysis of the Group's revenue by geographical locations:
Including associates and joint ventures Subsidiaries
Six months ended 30th June
2023 US$m 2022 US$m 2023 US$m 2022 US$m
Analysis by geographical area:
North Asia 10,121.1 10,817.6 3,276.8 3,126.0
Southeast Asia 3,366.6 3,297.2 1,297.5 1,441.4
13,487.7 14,114.8 4,574.3 4,567.4
The geographical areas covering North Asia and Southeast Asia, are determined
by the geographical location of customers. North Asia comprises Hong Kong,
the Chinese mainland, Macau and Taiwan. Southeast Asia comprises Singapore,
Cambodia, the Philippines, Thailand, Malaysia, Indonesia, Vietnam, Brunei and
Laos.
3. Net Operating Costs
2023 2022
Six months ended 30th June
Underlying business performance US$m Non-trading items Total Underlying business performance US$m Non-trading items Total
US$m US$m US$m US$m
Cost of sales (3,021.0) - (3,021.0) (3,080.4) - (3,080.4)
Other operating income 6.4 17.1 23.5 24.1 6.6 30.7
Selling and distribution costs (1,188.7) - (1,188.7) (1,189.3) - (1,189.3)
Administration and other operating expenses (243.4) (51.9) (295.3) (245.6) (7.2) (252.8)
(4,446.7) (34.8) (4,481.5) (4,491.2) (0.6) (4,491.8)
4. Operating Profit
Six months ended 30th June
2023 US$m 2022 US$m
Analysis by operating segment:
Food 40.4 47.3
- Grocery Retail 13.5 47.4
- Convenience stores 26.9 (0.1)
Health and Beauty 100.2 39.3
Home Furnishings 14.1 15.2
154.7 101.8
Selling, general and administrative expenses(+) (68.4) (64.8)
Underlying operating profit before IFRS 16(*) 86.3 37.0
IFRS 16 adjustment(^) 41.3 39.2
Underlying operating profit 127.6 76.2
Non-trading items:
- divestment of Malaysian Grocery Retail business (53.0) -
- profit on sale of properties 16.7 -
- impairment of intangible assets - (6.3)
- gain on partial disposal of a joint venture - 6.3
- business restructuring costs 1.1 (0.9)
- change in fair value of equity investments 0.4 0.3
92.8 75.6
(+) Included costs incurred for e-commerce development and digital
innovation.
(*) Property lease payments and depreciation of reinstatement costs under
the lease contracts were included in the Group's analysis of operating and
geographical segments' results.
(^) Represented the reversal of lease payments which were accounted for on
a straight-line basis, adjusted by the lease contracts recognised under IFRS
16 'Leases', primarily for the depreciation charge on right-of-use assets.
Set out below is an analysis of the Group's underlying operating profit by
geographical locations:
Six months ended 30th June
2023 US$m 2022 US$m
Analysis by geographical area:
North Asia 145.7 100.6
Southeast Asia 9.0 1.2
154.7 101.8
Selling, general and administrative expenses(+) (68.4) (64.8)
Underlying operating profit before IFRS 16(*) 86.3 37.0
IFRS 16 adjustment(^) 41.3 39.2
Underlying operating profit 127.6 76.2
(+) Included costs incurred for e-commerce development and digital
innovation.
(*) Property lease payments and depreciation of reinstatement costs under
the lease contracts were included in the Group's analysis of operating and
geographical segments' results.
(^) Represented the reversal of lease payments which were accounted for on
a straight-line basis, adjusted by the lease contracts recognised under IFRS
16 'Leases', primarily for the depreciation charge on right-of-use assets.
5. Net Financing Charges
Six months ended 30th June
2023 US$m 2022 US$m
Interest expense (70.5) (55.2)
- bank loans and advances (25.3) (13.0)
- lease liabilities (45.2) (41.9)
- other loans - (0.3)
Commitment and other fees (3.7) (3.0)
Financing charges (74.2) (58.2)
Financing income 4.8 1.6
(69.4) (56.6)
6. Share of Results of Associates and Joint Ventures
Six months ended 30th June
2023 US$m (†) 2022 US$m (†)
Analysis by operating segment:
Food (15.0) (43.2)
- Grocery Retail (15.5) (43.0)
- Convenience stores 0.5 (0.2)
Health and Beauty 4.0 1.7
Restaurants 10.9 (25.5)
Other Retailing 5.0 1.8
4.9 (65.2)
Share of results of associates and joint ventures included the following
gains/(losses) from non-trading items (note 9):
Six months ended 30th June
2023 US$m (†) 2022 US$m (†)
Change in fair value of Yonghui's equity investments (1.1) 5.4
Change in fair value of Robinsons Retail's equity investments 12.8 1.4
Change in fair value of Yonghui's investment properties (0.3) -
Net gains from sale of debt investments by 0.2 0.1
Robinsons Retail
Impairment charge of Yonghui's investments - (12.5)
11.6 (5.6)
Results are shown after tax and non-controlling interests in the associates
and joint ventures.
(†) Included six months results from 1st October 2022 to 31st March 2023
(2022: 1st October 2021 to 31st March 2022) for Yonghui and Robinsons Retail
(note 2).
7. Tax
Six months ended 30th June
2023 US$m 2022 US$m
Tax charged to profit and loss is analysed as follows:
Current tax (25.6) (24.9)
Deferred tax 2.6 6.6
(23.0) (18.3)
Tax relating to components of other comprehensive income/(expense) is analysed
as follows:
Remeasurements of defined benefit plans - (0.1)
Cash flow hedges 0.3 (1.7)
0.3 (1.8)
Tax on profits has been calculated at rates of taxation prevailing in the
territories in which the Group operates.
The Group has applied the exception to recognising and disclosing information
about deferred tax assets and liabilities relating to Pillar Two income taxes.
Share of tax charge of associates and joint ventures of US$10.8 million (2022:
tax credit of US$0.2 million) is included in share of results of associates
and joint ventures.
8. Earnings/(Loss) per Share
Basic earnings/(loss) per share are calculated on profit attributable to
shareholders of US$8.2 million (2022: loss of US$57.6 million), and on the
weighted average number of 1,346.5 million (2022: 1,353.3 million) shares in
issue during the period.
Diluted earnings/(loss) per share are calculated on profit attributable to
shareholders of US$8.2 million (2022: loss of US$57.6 million), and on the
weighted average number of 1,352.9 million (2022: 1,353.5 million) shares in
issue after adjusting for 6.4 million (2022: 0.2 million) shares which are
deemed to be issued for no consideration under the share-based long-term
incentive plans based on the average share price during the period.
Additional basic and diluted earnings/(loss) per share are also calculated
based on underlying profit/(loss) attributable to shareholders. A
reconciliation of earnings is set out below:
Six months ended 30th June
2023 2022
US$m Basic Diluted earnings US$m Basic Diluted loss
loss
per share US¢
earnings per share per share US¢
per share US¢ US¢
Profit/(loss) attributable to shareholders 8.2 0.61 0.61 (57.6) (4.25) (4.25)
Non-trading items (note 9) 25.1 6.0
Underlying profit/(loss) attributable to shareholders 33.3 2.47 2.46 (51.6) (3.81) (3.81)
9. Non-trading Items
Non-trading items are separately identified to provide greater understanding
of the Group's underlying business performance. Items classified as
non-trading items include fair value gains and losses on equity and debt
investments which are measured at fair value through profit and loss; fair
value gains and losses on revaluations of investment properties; gains and
losses arising from the sale of businesses, investments and properties;
impairment of non-depreciable intangible assets, properties, associates and
joint ventures, and other investments; provisions for the closure of
businesses; acquisition-related costs in business combinations; and other
credits and charges of a non-recurring nature that require inclusion in order
to provide additional insight into underlying business performance.
An analysis of non-trading items after interest, tax and non-controlling
interests is set out below:
Six months ended 30th June
2023 US$m 2022 US$m
Divestment of Malaysian Grocery Retail business
- loss on disposal of subsidiaries (note 13(e)) (46.6) -
- impairment of tangible assets (3.0) -
- others (3.4) -
(53.0) -
Profit on sale of properties 14.9 -
Impairment of intangible assets - (6.3)
Gain on partial disposal of a joint venture - 6.3
Business restructuring costs 1.0 (0.7)
Change in fair value of equity investments 0.4 0.3
Share of change in fair value of Yonghui's equity investments (1.1) 5.4
Share of change in fair value of Robinsons Retail's equity investments 12.8 1.4
Share of change in fair value of Yonghui's investment properties (0.3) -
Share of net gains from sale of debt investments by 0.2 0.1
Robinsons Retail
Share of impairment charge of Yonghui's investments - (12.5)
(25.1) (6.0)
In March 2023, the Group exited the Grocery Retail business in Malaysia. The
Group disposed of its shareholding in GCH Retail (Malaysia) Sdn. Bhd. ('GCH'),
which operates a supermarket and hypermarket chain and its shareholding in
Jutaria Gemilang Sdn. Bhd. ('Jutaria'), which operates mini-marts in Malaysia
to a third party. Including the cumulative exchange translation differences
of US$44.5 million, a loss on disposal of subsidiaries amounting to US$46.6
million was recorded. Certain properties supporting the Malaysian Grocery
Retail business were impaired upon reclassification to non-current assets held
for sale during the period (note 10 and note 13(e)).
In 2022, the Group acquired 100% interests in DFI Digital (Hong Kong) Limited
('Digital Hong Kong') and DFI Digital (Singapore) Pte. Limited ('Digital
Singapore') from its joint venture, Retail Technology Asia Limited ('RTA').
Following the acquisitions, Digital Hong Kong and Digital Singapore became
wholly-owned subsidiaries of the Group. Goodwill amounting to US$13.2
million was recognised and an impairment charge of US$6.3 million on the
related goodwill was recorded.
Gain on partial disposal of a joint venture in 2022 represented the gain
arising from the Group's disposal of 8.5% of its interest in RTA, a 50% owned
joint venture. The Group's interest in RTA is reduced to 41.5% upon the
completion of the transaction.
10. Non-current Assets Held for Sale
At 30th June 2023, the non-current assets held for sale represented 14
properties in Indonesia brought forward from 31st December 2022, and five
properties in Malaysia. The sale of these properties is considered to be
highly probable in the remainder of the year.
At 31st December 2022, the non-current assets held for sale represented 17
properties in Indonesia, and a piece of vacant land in Malaysia. Three
properties in Indonesia were sold during the period at a profit of US$16.7
million while the vacant land in Malaysia was disposed of via the divestment
of the Malaysian Grocery Retail business.
11. Dividends
Six months ended 30th June
2023 US$m 2022 US$m
Final dividend in respect of 2022 of US¢2.00 27.1 87.9
(2021: US¢6.50) per share
Dividends on shares held by a subsidiary of the Group (0.2) (0.5)
under a share-based long-term incentive plan
26.9 87.4
An interim dividend in respect of 2023 of US¢3.00 (2022: US¢1.00) per share
amounting to a total of US$40.6 million (2022: US$13.5 million) is declared by
the Board, and will be accounted for as an appropriation of revenue reserves
in the year ending 31st December 2023.
12. Financial Instruments
Financial instruments by category
The carrying amounts of financial assets and financial liabilities at 30th
June 2023 and 31st December 2022 are as follows:
Fair value of hedging instruments US$m Fair value through profit Financial assets at amortised cost Other financial liabilities Total carrying amounts US$m
and loss US$m US$m
US$m
At 30th June 2023
Financial assets measured at fair value
Other investments
- equity investments - 12.0 - - 12.0
- debt investments - 10.0 - - 10.0
Derivative financial instruments 32.3 - - - 32.3
32.3 22.0 - - 54.3
Financial assets not measured at fair value
Debtors - - 248.1 - 248.1
Cash and bank balances - - 218.8 - 218.8
- - 466.9 - 466.9
Financial liabilities measured at fair value
Derivative financial instruments (0.2) - - - (0.2)
(0.2) - - - (0.2)
Financial liabilities not measured at fair value
Borrowings - - - (1,101.7) (1,101.7)
Lease liabilities - - - (2,713.7) (2,713.7)
Trade and other payables excluding non-financial liabilities - - - (1,746.7) (1,746.7)
- - - (5,562.1) (5,562.1)
Fair value of hedging instruments US$m Fair value through profit Financial assets at amortised cost Other financial liabilities Total carrying amounts US$m
and loss US$m US$m
US$m
At 31st December 2022
Financial assets measured at fair value
Other investments
- equity investments - 11.7 - - 11.7
- debt investments - 10.0 - - 10.0
Derivative financial instruments 40.9 - - - 40.9
40.9 21.7 - - 62.6
Financial assets not measured at fair value
Debtors - - 262.9 - 262.9
Cash and bank balances - - 230.7 - 230.7
- - 493.6 - 493.6
Financial liabilities measured at fair value
Derivative financial instruments (1.0) - - - (1.0)
(1.0) - - - (1.0)
Financial liabilities not measured at fair value
Borrowings - - - (1,096.2) (1,096.2)
Lease liabilities - - - (2,875.7) (2,875.7)
Trade and other payables excluding non-financial liabilities - - - (1,944.8) (1,944.8)
- - - (5,916.7) (5,916.7)
The fair values of financial assets and financial liabilities approximate
their carrying amounts.
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 are based on quoted prices in active
markets at the balance sheet date.
(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 forward foreign exchange contracts are calculated by
reference to market interest rates and foreign exchange rates.
The fair values of unlisted equity investments, club 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 and debt investments are determined
using valuation techniques by reference to observable current market
transactions 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 2023 and the year ended 31st December 2022.
The table below analyses financial instruments carried at fair value at 30th
June 2023 and 31st December 2022, by the levels in the fair value measurement
hierarchy:
Observable current market transactions Unobservable inputs Total
US$m US$m US$m
At 30th June 2023
Assets
Other investments
- equity investments 7.0 5.0 12.0
- debt investments - 10.0 10.0
Derivative financial instruments at fair value
- through other comprehensive income 31.7 - 31.7
- through profit and loss 0.6 - 0.6
39.3 15.0 54.3
Liabilities
Derivative financial instruments at fair value
- through profit and loss (0.2) - (0.2)
(0.2) - (0.2)
At 31st December 2022
Assets
Other investments
- equity investments 6.7 5.0 11.7
- debt investments - 10.0 10.0
Derivative financial instruments at fair value
- through other comprehensive income 40.4 - 40.4
- through profit and loss 0.5 - 0.5
47.6 15.0 62.6
Liabilities
Derivative financial instruments at fair value
- through profit and loss (1.0) - (1.0)
(1.0) - (1.0)
There were no transfers between the categories during the six months ended
30th June 2023 and the year ended 31st December 2022.
Movement of unlisted equity and debt investments which are valued based on
unobservable inputs during the year ended 31st December 2022 is as below.
US$m
At 1st January 2022 5.0
Additions 10.0
At 31st December 2022 15.0
There were no movements of unlisted equity and debt investments during the
period ended 30th June 2023.
(ii) Financial instruments that are not measured at fair value
The fair values of current debtors, cash and bank balances, current creditors,
current borrowings and current lease liabilities are assumed to approximate
their carrying amounts due to the short-term maturities of these assets and
liabilities.
The fair values of long-term borrowings are based on market prices or are
estimated using the expected future payments discounted at market interest
rates. The fair values of non-current lease liabilities are estimated using
the expected future payments discounted at market interest rates.
13. Notes to Consolidated Cash Flow Statement
(a) Purchase of subsidiaries
Six months ended 30th June
2022
US$m
Non-current assets 0.1
Current assets 8.1
Current liabilities (7.0)
Fair value of identifiable net assets acquired 1.2
Goodwill 13.2
Consideration paid 14.4
Cash and cash equivalents at the date of acquisitions (5.6)
Net cash outflows 8.8
In April 2022, the Group acquired 100% interests in Digital Hong Kong and
Digital Singapore, developing and driving digital innovation businesses, from
its joint venture, RTA, for a total net cash consideration of US$8.8 million.
The fair values of the identifiable assets and liabilities were provisional at
the acquisition date and finalised during the period with no change to the
provisional values.
The goodwill arising from the acquisitions amounting to US$13.2 million was
attributable to its ownership interest in the intellectual property.
None of the goodwill is expected to be deductible for tax purposes.
(b) Purchase of associates and joint ventures in 2023 related to the Group's
capital injections of US$5.1 million in its associate in Singapore, US$2.2
million in its health and beauty joint venture in Thailand and US$1.5 million
in the business in Vietnam.
(c) Purchase of other investments in 2022 related to the Group's subscription
of a five-year convertible bond of Pickupp Limited, a delivery platform
founded in Hong Kong, for a principal of US$10.0 million.
(d) Repayment from associates and joint ventures represented the repayments
from the Group's health and beauty joint venture in Thailand in January 2023.
(e) Sale of subsidiaries
Six months ended 30th June
2023
US$m
Non-current assets 102.2
Current assets 118.4
Current liabilities (177.8)
Non-current liabilities (119.3)
Non-controlling interests 10.2
Net liabilities disposed of (66.3)
Cumulative exchange translation differences 44.5
Loss on disposal (46.6)
Total consideration (68.4)
Consideration settled 41.8
Consideration payable 12.0
Transaction costs payable 10.3
Cash and cash equivalents of the subsidiaries disposed of (51.9)
Net cash outflows (56.2)
Total consideration of the transaction is further analysed as
follows:
US$m
Net sale proceeds 4.8
Consideration paid and settled (49.2)
Consideration payable (12.0)
Transaction costs (12.0)
(68.4)
In February 2023, the Group entered into agreements to dispose of its
interests in the Malaysian Grocery Retail business and associated properties
to a third party. The disposal of the Group's interests in GCH and Jutaria
was completed in March 2023. Included within the consideration, an amount of
US$41.8 million was due to be paid to the third party after completion to
cover certain liabilities incurred by GCH. The amount was subsequently
settled via an offset against a loan receivable from GCH.
The revenue and loss after tax in respect of subsidiaries disposed of during
the period amounted to US$83.3 million and US$7.8 million, respectively.
The disposal of another subsidiary, together with associated properties, is
expected to complete in the second half of the year. The Group has
reclassified these properties as non-current assets held for sale (note 10)
and recorded a related impairment of tangible assets (note 9).
(f) Sale of associates and joint ventures in 2022 related to the proceeds
from the Group's disposal of 8.5% of its interest in RTA amounting to US$6.9
million.
(g) Sale of properties in 2023 related to disposal of three properties in
Indonesia and a property in Malaysia for a total cash consideration of US$32.6
million, and a gain on disposal of properties amounting to US$16.7 million was
recognised.
(h) Purchase of shares for a share-based long-term incentive plan in 2022
related to the purchase of 7,912,100 ordinary shares from the stock market by
a subsidiary of the Group for a total consideration of US$20.0 million.
(i) Analysis of balances of cash and cash equivalents
At 30th June At 31st December 2022
2023 US$m
US$m
Cash and bank balances 218.8 230.7
Bank overdrafts (7.2) (17.0)
211.6 213.7
14. Capital Commitments and Contingent Liabilities
Total capital commitments at 30th June 2023 and 31st December 2022 amounted to
US$104.3 million and US$131.1 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.
15. Related Party Transactions
The parent company of the Group is Jardine Strategic Limited and the ultimate
parent company is Jardine Matheson Holdings Limited ('JMH'). Both companies
are incorporated in Bermuda.
In the normal course of business, the Group undertakes a variety of
transactions with JMH and certain of its subsidiaries, associates and joint
ventures. The more significant of such transactions are described below.
The Group pays management fees to Jardine Matheson Limited ('JML'), a
wholly-owned subsidiary of JMH, under the terms of a Management Services
Agreement, for certain management consultancy services provided by JML. The
management fees paid by the Group to JML were US$0.1 million (2022: US$0.2
million) for the first six months of 2023. The Group also paid directors'
fees of US$0.2 million (2022: US$0.2 million) to JML for the same period in
2023.
The Group rents properties from Hongkong Land ('HKL') and Mandarin Oriental
Hotel Group ('MOHG'), subsidiaries of JMH. The lease payments paid by the
Group to HKL and MOHG for the first six months of 2023 were US$1.3 million
(2022: US$1.5 million) and US$0.3 million (2022: US$0.3 million),
respectively. The Group's 50%-owned associate, Maxim's, also paid lease
payments of US$4.8 million (2022: US$3.9 million) to HKL for the first six
months of 2023.
The Group obtains repairs and maintenance services from Jardine Engineering
Corporation ('JEC'), a subsidiary of JMH. The total fees paid by the Group
to JEC for the first six months of 2023 amounted to US$1.0 million (2022:
US$1.2 million).
Maxim's supplies ready-to-eat products at arm's length to certain subsidiaries
of the Group. For the first six months of 2023, these amounted to US$19.9
million (2022: US$17.1 million).
The Group's digital joint venture, RTA group, implements point-of-sale system
and provides consultancy services to the Group. The total fees paid by the
Group to RTA group for the first six months of 2023 were US$7.6 million (2022:
US$5.6 million).
The Group's associate, Minden International Pte. Ltd. ('Minden'), supports the
Group's customer loyalty programme in Singapore. The total fees paid by the
Group to Minden for the first six months of 2023 amounted to US$1.6 million
(2022: nil).
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.
Balances with group companies of JMH at 30th June 2023 and 31st December 2022
are immaterial, unsecured, and have no fixed terms of repayment.
DFI Retail Group 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
· Financial and Treasury Risk
· Concessions, Franchises and Key Contracts Risk
· Regulatory and Political Risk
· Pandemic and Natural Disasters Risk
· Cybersecurity and Technology Risk
· Talent Risk
· Environmental and Climate Risk
For greater detail, please refer to pages 161 to 166 of the Company's 2022
Annual Report, a copy of which is available on the Company's website at
www.DFIretailgroup.com.
DFI Retail Group Holdings Limited
Responsibility Statements
The Directors of the Company confirm to the best of their knowledge that:
a. the condensed financial statements prepared in accordance with IAS 34
'Interim Financial Reporting' give a true and fair view of the assets,
liabilities, financial position and profit and losses of the Group; and
b. the interim management report includes a fair review of all information
required to be disclosed under Rules 4.2.7 and 4.2.8 of the Disclosure
Guidance and Transparency Rules issued by the Financial Conduct Authority in
the United Kingdom.
For and on behalf of the Board
Ian McLeod
Clem Constantine
Directors
DFI Retail Group Holdings Limited
Dividend Information for Shareholders
The interim dividend of US¢3.00 per share will be payable on 11th October
2023 to shareholders on the register of members at the close of business on
18th August 2023. The shares will be quoted ex-dividend on 17th August 2023,
and the share registers will be closed from 21st to 25th August 2023,
inclusive.
Shareholders will receive 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 can elect for their
dividends to be paid in Sterling. These shareholders may make new currency
elections for the 2023 interim dividend by notifying the United Kingdom
transfer agent in writing by 22nd September 2023. The Sterling equivalent of
dividends declared in United States Dollars will be calculated by reference to
a rate prevailing on 27th September 2023.
Shareholders holding their shares through CREST in the United Kingdom will
receive cash dividends in Sterling only, as calculated above.
Shareholders on the Singapore branch register who hold their shares through
The Central Depository (Pte) Limited ('CDP')
Shareholders who are on CDP's Direct Crediting Service ('DCS')
Those shareholders on CDP's DCS 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
Those shareholders not on CDP's DCS 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 18th August 2023, 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 17th
August 2023.
DFI Retail Group Holdings Limited
About DFI Retail Group
DFI Retail Group (the 'Group') is a leading pan-Asian retailer. At 30th June
2023, the Group and its associates and joint ventures operated over 10,700
outlets and employed some 218,000 people. The Group had total annual revenue
in 2022 exceeding US$27 billion.
The Group provides quality and value to Asian consumers by offering leading
brands, a compelling retail experience and great service; all delivered
through a strong store network supported by efficient supply chains.
The Group (including associates and joint ventures) operates under a number of
well-known brands across five divisions. The principal brands are:
Food
· Grocery Retail - Wellcome in Hong Kong S.A.R.; Yonghui in Chinese
mainland; Cold Storage in Singapore; Giant in Singapore; Hero in Indonesia;
and Robinsons in the Philippines.
· Convenience stores - 7-Eleven in Hong Kong and Macau S.A.R.,
Singapore and Southern China.
Health and Beauty
· Mannings in Chinese mainland, Hong Kong and Macau S.A.R.; Guardian in
Brunei, Cambodia, Indonesia, Malaysia, Singapore and Vietnam.
Home Furnishings
· IKEA in Hong Kong and Macau S.A.R., Indonesia and Taiwan.
Restaurants
· Hong Kong Maxim's group in Chinese mainland, Hong Kong and Macau
S.A.R., Cambodia, Malaysia, Singapore, Thailand, Vietnam and Laos.
Other Retailing
· Robinsons in the Philippines operating department stores, specialty
and DIY stores.
The Group's parent company, DFI Retail Group 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. The
Group's businesses are managed from Hong Kong by DFI Retail Group Management
Services Limited through its regional offices. DFI Retail Group is a member
of the Jardine Matheson Group.
- end -
For further information, please contact:
DFI Retail Group Management Services Limited
Christine Chung (852) 2299 1056
Brunswick Group Limited
William Brocklehurst (852) 5685 9881
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-Year Results announcement for the six
months ended 30th June 2023 to shareholders. This Half-Year Results
announcement will be made available on the Company's website,
www.DFIretailgroup.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 (mailto:rns@lseg.com)
or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
. END IR FIFFADFITFIVRecent news on DFI Retail group
See all newsREG - DFI Retail Group - Director/PDMR Shareholding
AnnouncementREG - DFI Retail Group - Annual Financial Report
AnnouncementREG - DFI Retail Group - Director/PDMR Shareholding
AnnouncementREG - DFI Retail Group - BLOCK LISTING INTERIM REVIEW
AnnouncementREG - DFI Retail Group Jardine Matheson Hdg - PT HERO SUPERMARKET TBK FULL YEAR 2023 RESULTS
Announcement