REG - DFI Retail Group Jardine Matheson Hdg - Half-Year Results
01/08/2024 10:30
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RNS Number : 7985Y DFI Retail Group Holdings Ltd 01 August 2024
Announcement
1st August 2024
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 2024
Highlights
· Underlying Group profit attributable to shareholders of US$76
million, up from
US$33 million in the prior year
· Good profit growth in Food and Convenience
· Health and Beauty profit contribution grew 3%
· Continued net debt reduction
· Interim dividend of US¢3.50 per share
"We are pleased to report strong first half underlying profit growth to US$76
million. Despite a challenging retail backdrop, our Hong Kong food business
continued to see market share gain with improving profitability. Good
underlying profit growth in the Convenience segment and robust profit
contribution from Health and Beauty demonstrate the benefit of our diversified
portfolio as we continue to navigate the evolving consumer landscape
effectively with our strategic initiatives and accelerating omnichannel
presence."
Scott Price
Group Chief Executive
Results
(unaudited)
Six months ended 30th June
2024 2023 Change
US$m US$m %
Revenue 4,405 4,574 -4
Underlying profit attributable to shareholders* 76 33 +127
Profit attributable to shareholders 95 8 n/a
US¢ US¢ %
Underlying earnings per share* 5.62 2.47 +128
Earnings per share 7.07 0.61 n/a
Interim dividend per share 3.50 3.00 +17
* 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 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¢3.50 per share will be payable on 16th October
2024 to shareholders on the register of members at the close of business on
23rd August 2024.
DFI RETAIL GROUP HOLDINGS LIMITED
HALF-YEAR RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2024
OVERVIEW
The Group reported first half underlying profit of US$76 million, up from
US$33 million in the same period last year, primarily driven by the
Convenience and Food divisions. Associates' performance also improved due to
reduced loss from Yonghui.
Total first half revenue for the Group, including 100% of associates and joint
ventures, declined by 6% year-on-year to US$12.6 billion, primarily driven by
lower sales in Yonghui. Subsidiary sales, excluding the impact of the
divestment of the Group's Malaysia food business in March 2023, came in 2%
below the prior year.
The underlying profit of subsidiaries was US$73 million for the first half, up
over 80% year-on-year. The Group's associates reported an underlying profit
of US$3 million, an improvement of US$10 million from the same period last
year, resulting in an underlying profit attributable to shareholders of US$76
million for the first half.
Operating cash flow, after lease payments, for the period was a net inflow of
US$155 million, compared with US$149 million in the first half of 2023. As
at 30th June 2024, the Group's net debt was US$549 million, down from US$618
million at 31st December 2023.
The Group declared an interim dividend of US¢3.50 per share, representing an
increase of 17% compared to the same period last year.
OPERATING PERFORMANCE
Subsidiaries
Revenue for the Group's Food division in the first half reduced marginally to
US$1.6 billion, after excluding the impact of the divestment of the Group's
Malaysia food business last year. Divisional profit increased to US$26
million driven by improved sales mix and disciplined cost control. Hong Kong
sales remained largely stable year-on-year, despite the outflow of residents
to the Chinese mainland at weekends and pent-up demand for outbound travel
during holiday periods. This sales performance has been supported by
continued market share gain, strong in-store execution and some growth in
basket sizes. The Wellcome team continues to evolve its range and assortment
by introducing new local brands to appeal to evolving customer needs and
leveraging data to assist in the decision-making process. To expand its
channels to market, Wellcome also launched a partnership with Foodpanda in May
to provide a 45-minute click-and-deliver service for both fresh product and
everyday essentials with encouraging sales momentum. While Singapore food
like-for-like ('LFL') sales performance continued to be affected by
challenging consumer sentiment, a better product margin mix and strong cost
control significantly improved profitability.
Revenue for the Convenience division was marginally lower compared to the
corresponding period in 2023. In Hong Kong, LFL sales performance was
affected by reduced cigarette volumes following tax increases that came into
effect at the end of February, while 7-Eleven Singapore and South China
reported robust LFL sales growth, driven by increased foot traffic and strong
performance in non-cigarette categories led by ready-to-eat ('RTE').
Overall, non-cigarette LFL sales increased by approximately 4% for the period,
with RTE sales growing 13%. Favourable product mix shift towards
non-cigarette categories supported margin accretion and profit growth across
all markets. As a result, Convenience profit grew 73% in the first half
compared to the same period last year.
Sales for the Health and Beauty division were broadly in line with the same
period last year, with profit up 3% year-on-year. The division reported good
LFL sales performance in the first quarter which then decelerated in the
second quarter, particularly in Hong Kong. Mannings Hong Kong performance in
the second quarter was affected by a strong comparable period last year due to
consumption voucher disbursements which occurred in April 2023, outbound
travel during the extended holiday period of Easter and Ching Ming Festival,
and to a lesser extent, weaker performance from tourist cluster stores due to
adverse weather conditions for the majority of the second quarter. Mannings
Macau LFL sales performance was adversely affected by a strong comparable in
the prior year, with profits reducing as a result. Guardian reported solid
LFL sales growth for the first half, driven by effective in-store execution
and promotions, particularly in Indonesia, with continued market share gain
across key South East Asian markets. Guardian also reported good profit
growth in the first half, driven predominantly by strong performance in
Indonesia and Singapore. The integration of the Own Brand team for Food and
Health and Beauty is expected to further strengthen the Group's competitive
advantage through synergy, scalability and cost optimisation.
Challenging residential property market activity remains an overhang on the
sales performance and profitability of the Home Furnishings division. Sales
in Hong Kong and Indonesia were adversely impacted by subdued property market
sentiment and reduced customer traffic. IKEA Taiwan reported slightly lower
LFL sales than the prior year, due to temporary disruption caused by the
Hualien earthquake in early April, with a quick business recovery
thereafter. Despite strong cost control measures in place, the challenging
sales environment materially affected IKEA's profit during the reporting
period.
Digital
As part of the Group's digital strategy reset, we have relaunched a Wellcome
app and website in Hong Kong and will also be relaunching apps for our other
major brands in the second half. We have also expanded our quick commerce
service in our Food and Convenience networks, providing a refined omnichannel
experience for customers. The Group's daily e-commerce order volume reached
over 52,000 in the first half of the year, growing by close to 40% relative to
the same period last year. Growing e-commerce volumes sustainably has been a
key priority for the management team, with the e-commerce profit contribution
also seeing substantial improvement in the first half.
The yuu Rewards programme continues to grow with over 5 million members and is
close to 3 million monthly active members in Hong Kong, in addition to 1.7
million members in Singapore. The Group is beginning to leverage the rich
data from the loyalty programme to enhance in-store operations, particularly
in areas such as improving range and assortment. During the first half, the
Group expanded its own Retail Media network and successfully executed more
than ten targeted marketing campaigns on the yuu platform in Hong Kong.
These initiatives drove improved sales performance for the Group's retail
businesses and generated incremental advertising revenue.
Associates
The Group's share of Maxim's underlying profit was US$8 million for the first
half, a year-on-year decline of 31%. The performance of Maxim's was
adversely affected by challenging trading conditions due to increased outbound
travel and reduced weekend dining out in Hong Kong as well as weak consumer
sentiment on the Chinese mainland.
The Group's share of Yonghui's underlying loss was US$8 million, a significant
improvement from US$17 million loss during the same period last year, driven
by ongoing optimisation efforts in relation to costs and store footprints.
The Group's share of Robinsons Retail's underlying profit increased 14% to
US$8 million in the first half, driven by improved sales mix and disciplined
cost control.
PEOPLE
Clem Constantine will retire from his role as Group Chief Financial Officer on
1st October 2024. Clem has been instrumental in shaping the financial and
strategic landscape of the organisation, overseeing improvements in financial
performance and playing a pivotal role in defining and executing DFI's
long-term strategic initiatives, driving sustained growth and value
creation. Tom van der Lee will succeed Clem as Group Chief Financial Officer
with effect from 1st October 2024. Tom joined DFI in January 2016 and has
held a range of senior financial roles within the organisation over the past
eight years, including Finance Director for Singapore, Finance Director for
South East Asia, and Finance Director for DFI Retail Group.
After years of exemplary service and invaluable contributions to our
organisation, Choo Peng Chee will retire from his role as Chief Executive
Officer, Food on 1st September 2024. With Choo's retirement, Curtis Liu will
succeed as Chief Executive Officer, Food. Curtis has over 24 years of retail
experience across Chinese mainland and Taiwan, having previously served as
Merchandise and Marketing Director for Wellcome Taiwan from 2004 to 2013.
Curtis' recent roles at JD.com, Meicai, and Walmart China have equipped him
with significant expertise in O2O omnichannel strategies and data-driven
customer analysis.
The Group thanks both Clem and Choo for their years of service and significant
contributions to the organisation.
BUSINESS DEVELOPMENTS
The disposal of the Group's Hero supermarket business in Indonesia was
completed at the end of June. The transaction aligns with the Group's
strategic framework. Post-completion, DFI's operations in Indonesia will
fully pivot to the Guardian and IKEA businesses. The Group remains confident
in the long-term prospects of these two businesses and the opportunity for
future market share gain.
OUTLOOK
The Group expects second half outlook to remain challenging given macro
uncertainties, shifting customer behaviours and increased levels of outbound
travel, particularly into the Chinese mainland from Hong Kong. Nevertheless,
our streamlined, format-focussed organisation provides us with the agility
needed to respond swiftly to the evolving consumer landscape. These actions
include improving the local relevance across our assortment, tapping into
larger addressable markets where we see earnings accretive opportunities,
strengthening our omnichannel experience and accelerating monetisation
initiatives from our yuu Rewards loyalty programme. With our diversified
business portfolio, strong brand equity, a sharpening focus on operating
efficiency and our revamped digital strategy, we are confident that the Group
is well-positioned to deliver sustained, profitable growth and shareholder
returns in the long term.
The Group reiterates its guidance for 2024 underlying profit attributable to
shareholders to be between US$180 million and US$220 million.
Scott Price
Group Chief Executive
DFI Retail Group Holdings Limited
Consolidated Profit and Loss Account
for the six months ended 30th June 2024
(unaudited) Year ended 31st December
Six months ended 30th June
2024 2023 2023
Underlying business performance US$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 (note 2) 4,404.9 - 4,404.9 4,574.3 - 4,574.3 9,169.9 - 9,169.9
Net operating costs (note 3) (4,236.7) (6.2) (4,242.9) (4,446.7) (34.8) (4,481.5) (8,876.1) (131.2) (9,007.3)
Operating profit (note 4) 168.2 (6.2) 162.0 127.6 (34.8) 92.8 293.8 (131.2) 162.6
Financing charges (74.1) - (74.1) (74.2) - (74.2) (151.8) - (151.8)
Financing income 1.8 - 1.8 4.8 - 4.8 7.9 - 7.9
Net financing charges (note 5) (72.3) - (72.3) (69.4) - (69.4) (143.9) - (143.9)
Share of results of associates and joint ventures (note 6) 3.0 25.5 28.5 (6.7) 11.6 4.9 43.4 9.2 52.6
Profit before tax 98.9 19.3 118.2 51.5 (23.2) 28.3 193.3 (122.0) 71.3
Tax (note 7) (23.8) 1.0 (22.8) (23.0) - (23.0) (41.9) 1.0 (40.9)
Profit after tax 75.1 20.3 95.4 28.5 (23.2) 5.3 151.4 (121.0) 30.4
Attributable to:
Shareholders of the Company 75.6 19.5 95.1 33.3 (25.1) 8.2 154.7 (122.5) 32.2
Non-controlling interests (0.5) 0.8 0.3 (4.8) 1.9 (2.9) (3.3) 1.5 (1.8)
75.1 20.3 95.4 28.5 (23.2) 5.3 151.4 (121.0) 30.4
US¢ US¢ US¢ US¢ US¢ US¢
Earnings per share (note 8)
- basic 5.62 7.07 2.47 0.61 11.49 2.39
- diluted 5.58 7.02 2.46 0.61 11.43 2.38
DFI Retail Group Holdings Limited
Consolidated Statement of Comprehensive Income
for the six months ended 30th June 2024
(unaudited) Year ended
Six months ended 31st December
30th June
2024 US$m 2023 2023
US$m US$m
Profit for the period 95.4 5.3 30.4
Other comprehensive (expense)/income
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit plans - (0.2) (1.7)
Net revaluation surplus before transfer to investment properties
- tangible assets - - 1.5
- right-of-use assets 5.4 - 63.2
Tax relating to items that will not be reclassified - - 0.3
5.4 (0.2) 63.3
Share of other comprehensive (expense)/ income of associates and joint (0.9) 0.8 2.4
ventures
4.5 0.6 41 65.7
Items that may be reclassified subsequently to profit or loss:
Net exchange translation differences
- net loss arising during the period (76.9) (34.2) (15.2)
- transfer to profit and loss (note 13(b)) 8.4 44.5 48.7
(68.5) 10.3 33.5
Cash flow hedges
- net gain/(loss) arising during the period 11.9 (1.1) 6.7
- transfer to profit and loss (13.1) (7.3) (34.3)
(1.2) (8.4) (27.6)
Tax relating to items that may be reclassified (0.7) 0.3 1.2
Share of other comprehensive income/ (expense) of associates and joint 0.3 (1.9) (3.0)
ventures
(70.1) 0.3 4.1
Other comprehensive (expense)/income for the period, net of tax (65.6) 0.9 69.8
Total comprehensive income for the period 29.8 6.2 100.2
Attributable to:
Shareholders of the Company 29.4 8.3 96.8
Non-controlling interests 0.4 (2.1) 3.4
-
29.8 6.2 100.2
DFI Retail Group Holdings Limited
Consolidated Balance Sheet
at 30th June 2024
(unaudited) At 31st December
At 30th June
2024 2023 2023 US$m
US$m
US$m
Net operating assets
Intangible assets 276.6 400.0 289.6
Tangible assets 610.2 685.9 708.1
Right-of-use assets 2,585.6 2,549.0 2,662.3
Investment properties 125.0 39.6 122.2
Associates and joint ventures 1,741.7 1,716.1 1,793.7
Other investments 5.5 22.0 6.7
Non-current debtors 105.6 118.1 102.2
Deferred tax assets 34.2 30.1 35.8
Pension assets 5.4 4.9 4.4
Non-current assets 5,489.8 5,565.7 5,725.0
Stocks 634.7 744.9 763.5
Current debtors 222.5 234.9 256.3
Current tax assets 12.1 20.7 15.1
Cash and bank balances 313.5 218.8 303.4
1,182.8 1,219.3 1,338.3
Assets held for sale (note 10) 2.3 139.3 47.8
Current assets 1,185.1 1,358.6 1,386.1
Current creditors (1,835.8) (1,952.1) (2,095.9)
Current borrowings (668.3) (836.3) (771.1)
Current lease liabilities (555.0) (527.7) (562.0)
Current tax liabilities (45.1) (47.3) (39.7)
Current provisions (38.3) (34.4) (38.9)
(3,142.5) (3,397.8) (3,507.6)
Liabilities associated with assets held for sale - - (19.8)
(note 10)
Current liabilities (3,142.5) (3,397.8) (3,527.4)
Net current liabilities (1,957.4) (2,039.2) (2,141.3)
Long-term borrowings (193.9) (265.4) (153.0)
Non-current lease liabilities (2,228.2) (2,186.0) (2,285.8)
Deferred tax liabilities (40.8) (39.5) (41.2)
Pension liabilities (4.7) (5.8) (6.2)
Non-current creditors (3.3) (3.9) (3.7)
Non-current provisions (109.1) (102.8) (105.7)
Non-current liabilities (2,580.0) (2,603.4) (2,595.6)
952.4 923.1 988.1
(unaudited) At 31st December
At 30th June
2024 US$m 2023 US$m 2023 US$m
Total equity
Share capital 75.2 75.2 75.2
Share premium and capital reserves 69.8 68.1 72.8
Revenue and other reserves 799.1 777.4 832.2
Shareholders' funds 944.1 920.7 980.2
Non-controlling interests 8.3 2.4 7.9
952.4 923.1 988.1
DFI Retail Group Holdings Limited
Consolidated Statement of Changes in Equity
for the six months ended 30th June 2024
Share Share Capital Revenue Attributable to shareholders of the Company US$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 2024 (unaudited)
At 1st January 2024 75.2 39.6 33.2 832.2 980.2 7.9 988.1
Total comprehensive income - - - 29.4 29.4 0.4 29.8
Dividends paid by the Company (note 11) - - - (67.2) (67.2) - (67.2)
Unclaimed dividends forfeited - - - 0.1 0.1 - 0.1
Share-based long-term incentive plans - - 4.6 - 4.6 - 4.6
Shares purchased for a share-based long-term incentive plan - - - (2.7) (2.7) - (2.7)
Change in interests in associates and joint ventures - - - (0.3) (0.3) - (0.3)
Transfer - - (7.6) 7.6 - - -
At 30th June 2024 75.2 39.6 30.2 799.1 944.1 8.3 952.4
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(b)) - - - - - 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
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 2023
At 1st January 2023 75.2 37.6 30.0 804.3 947.1 (5.7) 941.4
Total comprehensive income - - - 96.8 96.8 3.4 100.2
Dividends paid by the Company - - - (67.3) (67.3) - (67.3)
Share-based long-term incentive plans - - 12.4 - 12.4 - 12.4
Shares purchased for a share-based long-term incentive plan - - - (9.7) (9.7) - (9.7)
Subsidiaries disposed of - - - - - 10.2 10.2
Change in interests in associates and joint ventures - - - 0.9 0.9 - 0.9
Transfer - 2.0 (9.2) 7.2 - - -
At 31st December 2023 75.2 39.6 33.2 832.2 980.2 7.9 988.1
Revenue and other reserves at 30th June 2024 comprised revenue reserves of
US$1,120.5 million (2023: US$1,098.9 million), hedging reserves of US$10.3
million (2023: US$30.5 million), revaluation reserves of US$103.3 million
(2023: US$38.2 million) and exchange reserves of US$435.0 million loss (2023:
US$390.2 million loss).
Revenue and other reserves at 31st December 2023 comprised revenue reserves of
US$1,088.3 million, hedging reserves of US$12.2 million, revaluation reserves
of US$98.5 million and exchange reserves of US$366.8 million loss.
DFI Retail Group Holdings Limited
Consolidated Cash Flow Statement
for the six months ended 30th June 2024
(unaudited) Year ended 31st December
Six months ended
30th June
2024 2023 2023
US$m US$m US$m
Operating activities
Operating profit (note 4) 162.0 92.8 162.6
Depreciation and amortisation 411.5 414.1 827.2
Other non-cash items 4.9 40.8 148.1
(Increase)/decrease in working capital (52.4) (16.4) 45.4
Interest received 2.6 4.8 8.7
Interest and other financing charges paid (75.1) (73.4) (153.2)
Tax paid (16.0) (18.4) (40.8)
437.5 444.3 998.0
Dividends from associates and joint ventures 29.8 22.6 45.6
Cash flows from operating activities 467.3 466.9 1,043.6
Investing activities
Purchase of associates and joint ventures (5.8) (8.8) (18.4)
(note 13(a))
Purchase of intangible assets (4.4) (8.8) (22.9)
Purchase of tangible assets (90.0) (95.5) (173.4)
Repayment from associates and joint ventures - 1.2 1.2
Sale of subsidiaries (note 13(b)) 57.4 (56.2) (23.8)
Sale of supermarkets in Indonesia (note 13(c)) 6.8 - -
Sale of properties (note 13(d)) 14.8 32.6 142.0
Sale of other tangible assets 1.0 0.3 0.7
Cash flows from investing activities (20.2) (135.2) (94.6)
Financing activities
Purchase of shares for a share-based long-term incentive plan (note 13(e)) (2.7) - (9.7)
Drawdown of borrowings 888.2 1,108.5 1,268.9
Repayment of borrowings (890.7) (1,115.2) (1,486.1)
Net (decrease)/increase in other short-term borrowings (54.5) 22.8 51.3
Principal elements of lease payments (312.0) (318.4) (624.7)
Dividends paid by the Company (note 11) (67.2) (26.9) (67.3)
Cash flows from financing activities (438.9) (329.2) (867.6)
Net increase in cash and cash equivalents 8.2 2.5 81.4
Cash and cash equivalents at beginning of period 298.2 213.7 213.7
Effect of exchange rate changes (2.8) (4.6) 3.1
Cash and cash equivalents at end of period 303.6 211.6 298.2
(note 13(f))
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.
There are no changes to the accounting policies as described in the 2023
annual financial statements. A number of amendments issued by the
International Accounting Standards Board were effective from 1st January 2024
and do not have significant impact on the Group's results, financial position
and accounting policies.
The Group has not early adopted any standards, interpretations or amendments
that have been issued but not yet effective.
The Group's reportable 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 various divisions: Food,
Convenience, Health and Beauty, Home Furnishings, Restaurants and Other
Retailing. Food represents the grocery retail businesses (including the
Group's associates, Yonghui and Robinsons Retail, leading grocery retailers on
the Chinese mainland and in the Philippines, respectively). Convenience is
the Group's 7-Eleven businesses. 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 Robinsons Retail.
The Group's reportable segments are set out in notes 2, 4 and 6.
2. Revenue
Six months ended 30th June
2024 US$m 2023 US$m
Sales of goods
Analysis by reportable segment:
Food 1,578.8 1,687.7
Convenience 1,167.5 1,182.2
Health and Beauty 1,210.9 1,210.4
Home Furnishings 348.9 399.8
4,306.1 4,480.1
Revenue from other sources 98.8 94.2
4,404.9 4,574.3
Set out below is an analysis of the Group's revenue by geographical locations:
Six months ended 30th June
2024 US$m 2023 US$m
North Asia 3,209.1 3,276.8
South East Asia 1,195.8 1,297.5
4,404.9 4,574.3
The geographical areas covering North Asia and South East Asia, are determined
by the geographical location of customers. North Asia comprises Hong Kong,
the Chinese mainland, Macau and Taiwan. South East Asia comprises Singapore,
Cambodia, Malaysia, Indonesia, and Brunei.
3. Net Operating Costs
Six months ended 30th June
2024 2023
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 (2,833.2) - (2,833.2) (3,021.0) - (3,021.0)
Other operating income 3.8 7.4 11.2 6.4 17.1 23.5
Selling and distribution costs (1,166.3) - (1,166.3) (1,188.7) - (1,188.7)
Administration and other operating expenses (241.0) (13.6) (254.6) (243.4) (51.9) (295.3)
(4,236.7) (6.2) (4,242.9) (4,446.7) (34.8) (4,481.5)
4. Operating Profit
Six months ended 30th June
2024 US$m 2023 US$m
Analysis by reportable segment:
Food 25.7 13.5
Convenience 46.5 26.9
Health and Beauty 102.9 100.2
Home Furnishings 3.2 14.1
178.3 154.7
Selling, general and administrative expenses(+) (57.1) (68.4)
Underlying operating profit before IFRS 16(*) 121.2 86.3
IFRS 16 adjustment(^) 47.0 41.3
Underlying operating profit 168.2 127.6
Non-trading items:
- loss on disposal of a subsidiary (5.6) -
- profit on sale of supermarkets in Indonesia 1.7 -
- business restructuring costs (5.3) 1.1
- divestment of Malaysia Grocery Retail business - (53.0)
- profit on sale of properties (note 13(d)) 5.7 16.7
- change in fair value of investment properties (1.5) -
- change in fair value of equity investments (1.2) 0.4
162.0 92.8
(+) Included costs incurred for e-commerce development and digital
innovation.
(*) This measure of profit and loss is regularly provided to the
management. Property lease payments and depreciation of reinstatement costs
under the lease contracts were included in the Group's analysis of reportable
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
2024 US$m 2023 US$m
v North Asia 155.3 145.7
South East Asia 23.0 9.0
178.3 154.7
Selling, general and administrative expenses(+) (57.1) (68.4)
Underlying operating profit before IFRS 16(*) 121.2 86.3
IFRS 16 adjustment(^) 47.0 41.3
Underlying operating profit 168.2 127.6
(+) Included costs incurred for e-commerce development and digital
innovation.
(*) This measure of profit and loss is regularly provided to the
management. Property lease payments and depreciation of reinstatement costs
under the lease contracts were included in the Group's analysis of reportable
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
2024 US$m 2023 US$m
Interest expense (71.3) (70.5)
- bank loans and advances (17.6) (25.3)
- lease liabilities (53.7) (45.2)
1
Commitment and other fees (2.8) (3.7)
Financing charges (74.1) (74.2)
Financing income 1.8 4.8
(72.3) (69.4)
6. Share of Results of Associates and Joint Ventures
Six months ended 30th June ( )
2024 US$m (†) 2023 US$m (†)
Analysis by reportable segment:
Food 14.4 (15.0)
Health and Beauty 4.7 4.0
Restaurants 6.7 10.9
Other Retailing 2.7 5.0
28.5 4.9
Share of results of associates and joint ventures included the following
gains/(losses) from non-trading items (note 9):
Six months ended 30th June ( )
2024 US$m (†) 2023 US$m (†)
Change in fair value of Yonghui's equity investments (1.4) (1.1)
Change in fair value of Robinsons Retail's equity 11.5 12.8
investments
Change in fair value of Yonghui's investment property (0.1) (0.3)
\
Change in fair value of Maxim's investment property (0.8) -
Gain from disposal of an associate by Robinsons Retail 16.3 -
Net gains from sale of debt investments by - 0.2
Robinsons Retail
25.5 11.6
Results are shown after tax and non-controlling interests in the associates
and joint ventures.
In January 2024, Robinsons Retail disposed of its interest in an associate,
Robinsons Bank Corporation ('RBC') through a merger between RBC and Bank of
the Philippine Islands ('BPI'), Robinsons Retail's equity investment. Upon
the completion of merger, Robinsons Retail directly and indirectly owns
approximately 6.5% interest of BPI. The Group shared a gain of US$16.3
million on this transaction. The fair value change of Robinsons Retail's
equity investments largely represented the fair value change of BPI.
(†) Included six months results from 1st October 2023 to 31st March 2024
(2023: 1st October 2022 to 31st March 2023) for Yonghui and Robinsons Retail,
based on their latest published announcements.
7. Tax
Six months ended 30th June
2024 US$m 2023 US$m
Tax charged to profit and loss is analysed as follows:
Current tax (23.9) (25.6)
Deferred tax 1.1 2.6
(22.8) (23.0)
Tax relating to components of other comprehensive expense/income is analysed
as follows:
Cash flow hedges (0.7) 0.3
(0.7) 0.3
Tax on profits has been calculated at rates of taxation prevailing in the
territories in which the Group operates.
The Group is within the scope of the OECD Pillar Two model rules, and has
applied the exception to recognising and disclosing information about deferred
tax assets and liabilities relating to Pillar Two income taxes from 1st
January 2023. Pillar Two legislation has been enacted or substantially
enacted in certain jurisdictions in which the Group operates. The Group has
assessed that the income tax expense related to Pillar Two income taxes in the
relevant jurisdictions for the interim period is immaterial.
Share of tax charge of associates and joint ventures of US$12.9 million (2023:
US$10.8 million) is included in share of results of associates and joint
ventures.
8. Earnings per Share
Basic earnings per share are calculated on profit attributable to shareholders
of US$95.1 million (2023: US$8.2 million), and on the weighted average number
of 1,345.2 million (2023: 1,346.5 million) shares in issue during the period.
Diluted earnings per share are calculated on profit attributable to
shareholders of US$95.1 million (2023: US$8.2 million), and on the weighted
average number of 1,354.8 million (2023: 1,352.9 million) shares in issue
after adjusting for 9.6 million (2023: 6.4 million) shares which are deemed to
be issued for no consideration under the share-based long-term incentive plans
based on the average share price during the period.
Additional basic and diluted earnings per share are also calculated based on
underlying profit attributable to shareholders. A reconciliation of earnings
is set out below:
Six months ended 30th June
2024 2023
US$m Basic Diluted earnings US$m Basic Diluted earnings
earnings
per share US¢
earnings per share per share US¢
per share US¢ US¢
Profit attributable to shareholders 95.1 7.07 7.02 8.2 0.61 0.61
Non-trading items (note 9) (19.5) 25.1
Underlying profit attributable to shareholders 75.6 5.62 5.58 33.3 2.47 2.46
9. Non-trading Items
Non-trading items are separately identified to provide greater understanding
of the Group's underlying business performance. Items classified as
non-trading items include fair value gains and losses on revaluations of
investment properties, and equity and debt investments which are measured at
fair value through profit and loss; gains and losses arising from the sale of
businesses, investments and properties; impairment of non-depreciable
intangible assets, properties, and associates and joint ventures; provisions
for the closure of businesses; acquisition-related costs in business
combinations; and other credits and charges of a non-recurring nature that
require inclusion in order to provide additional insight into underlying
business performance.
An analysis of non-trading items after interest, tax and non-controlling
interests is set out below:
Six months ended 30th June
2024 US$m 2023 US$m
Loss on disposal of a subsidiary (4.9) -
Profit on sale of supermarkets in Indonesia 1.5 -
Business restructuring costs (5.0) 1.0
Divestment of Malaysia Grocery Retail business - (53.0)
Profit on sale of properties 5.1 14.9
Change in fair value of investment properties (1.5) -
Change in fair value of equity investments (1.2) 0.4
Share of change in fair value of Yonghui's (1.4) (1.1)
equity investments
Share of change in fair value of Robinsons Retail's 11.5 12.8
equity investments (note 6)
Share of change in fair value of Yonghui's (0.1) (0.3)
investment property
Share of change in fair value of Maxim's (0.8) -
investment property
Share of gain from disposal of an associate by 16.3 -
Robinsons Retail (note 6)
Share of net gains from sale of debt investments by - 0.2
Robinsons Retail
19.5 (25.1)
In April 2024, the Group disposed of its wholly-owned subsidiary, DFI
Properties Taiwan Limited ('DFI Properties'), a property holding company in
Taiwan to a third party. Following the disposal, the Group has immediately
leased back a portion of the tangible and right-of-use assets from DFI
Properties. A loss on disposal of a subsidiary amounting to US$4.9 million,
including a cumulative exchange translation loss of US$8.4 million, was
recorded.
In June 2024, the Group disposed of its supermarkets in Indonesia to an
affiliated party of the Group. Assets and liabilities supporting the
business were sold at a profit of US$1.5 million.
The Group continues to review and restructure its operation formats. In view
of this, restructuring costs primarily relating to employee costs of US$3.3
million and an impairment against tangible assets of US$1.6 million were
charged to profit and loss during the period.
In 2023, the Group exited the Grocery Retail business in Malaysia through
disposals of certain of its subsidiaries and associated properties to a third
party. In March 2023, shareholdings in GCH Retail (Malaysia) Sdn. Bhd.
('GCH'), and Jutaria Gemilang Sdn. Bhd. ('Jutaria'), which operated a
supermarket and hypermarket chain, and mini-marts respectively, were
disposed. A loss on disposal of subsidiaries amounting to US$46.6 million,
including a cumulative exchange translation loss of US$44.5 million, was
recorded. An impairment of US$3.0 million was charged to certain associated
properties. Together with other charges, a total of US$53.0 million was
charged to profit and loss during the period in 2023.
10. Assets Held for Sale/(Liabilities Associated with Assets Held for Sale)
At 30th June At 31st December 2023
2024 US$m
US$m
Non-current assets held for sale 2.3 6.5
Assets included in disposal group held for sale - 41.3
Assets held for sale 2.3 47.8
Liabilities associated with assets held for sale - (19.8)
2.3 28.0
Non-current assets held for sale
At 30th June 2024, the non-current assets held for sale represented a property
in Singapore. The sale of this property is considered to be highly probable
in the remainder of the year.
At 31st December 2023, the non-current assets held for sale represented two
properties in Indonesia. These properties were sold at a profit of US$4.6
million during the period.
Disposal group held for sale
In December 2023, the Group entered into a sale and purchase agreement with a
third party to dispose of its subsidiary, DFI Properties. Upon completion of
the disposal, the Group has immediately leased back a portion of the tangible
and right-of-use assets from DFI Properties in 2024. The transactions were
completed during the period (note 9).
The disposal group held for sale represented the portion of the tangible and
right-of-use assets that would not be leased back, and other assets and
liabilities, with a total carrying value of US$21.5 million attributable to
DFI Properties at 31st December 2023.
11. Dividends
Six months ended 30th June
2024 US$m 2023 US$m
Final dividend in respect of 2023 of US¢5.00 67.7 27.1
(2022: US¢2.00) per share
Dividends on shares held by a subsidiary of the Group (0.5) (0.2)
under a share-based long-term incentive plan
67.2 26.9
An interim dividend in respect of 2024 of US¢3.50 (2023: US¢3.00) per share
amounting to a total of US$47.4 million (2023: US$40.6 million) is declared by
the Board, and will be accounted for as an appropriation of revenue reserves
in the year ending 31st December 2024.
12. Financial Instruments
Financial instruments by category
The carrying amounts of financial assets and financial liabilities at 30th
June 2024 and
31st December 2023 are as follows:
Fair value of hedging instruments US$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 2024
Financial assets measured at fair value
Other investments
- equity investments - 5.5 - - 5.5
- debt investments - - - - -
Derivative financial instruments 11.9 - - - 11.9
11.9 5.5 - - 17.4
Financial assets not measured at fair value
Debtors - - 252.6 - 252.6
Cash and bank balances - - 313.5 - 313.5
- - 566.1 - 566.1
Financial liabilities measured at fair value
Derivative financial instruments (0.1) - - - (0.1)
(0.1) - - - (0.1)
Financial liabilities not measured at fair value
Borrowings - - - (862.2) (862.2)
Lease liabilities - - - (2,783.2) (2,783.2)
Trade and other payables excluding non-financial liabilities - - - (1,643.9) (1,643.9)
- - - (5,289.3) (5,289.3)
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 2023
Financial assets measured at fair value
Other investments
- equity investments - 6.7 - - 6.7
- debt investments - - - - -
Derivative financial instruments 14.2 - - - 14.2
14.2 6.7 - - 20.9
Financial assets not measured at fair value
Debtors - - 280.2 - 280.2
Cash and bank balances - - 306.3 - 306.3
- - 586.5 - 586.5
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 - - - (924.1) (924.1)
Lease liabilities - - - (2,847.8) (2,847.8)
Trade and other payables excluding non-financial liabilities - - - (1,891.1) (1,891.1)
- - - (5,663.0) (5,663.0)
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 investments mainly include 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 2024 and the year ended 31st December 2023.
The table below analyses financial instruments carried at fair value, by the
levels in the fair value measurement hierarchy at 30th June 2024 and 31st
December 2023:
Observable current market transactions Unobservable inputs Total
US$m US$m US$m
At 30th June 2024
Assets
Other investments
- equity investments 5.5 - 5.5
- debt investments - - -
Derivative financial instruments at fair value
- through other comprehensive income 11.6 - 11.6
- through profit and loss 0.3 - 0.3
17.4 - 17.4
Liabilities
Derivative financial instruments at fair value
- through profit and loss (0.1) - (0.1)
(0.1) - (0.1)
At 31st December 2023
Assets
Other investments
- equity investments 6.7 - 6.7
- debt investments - - -
Derivative financial instruments at fair value
- through other comprehensive income 13.7 - 13.7
- through profit and loss 0.5 - 0.5
20.9 - 20.9
Liabilities
Derivative financial instruments at fair value
- through other comprehensive income (0.8) - (0.8)
- through profit and loss (0.2) - (0.2)
(1.0) - (1.0)
There were no transfers between the categories during the six months ended
30th June 2024 and the year ended 31st December 2023.
Movement of unlisted equity and debt investments which are valued based on
unobservable inputs during the year ended 31st December 2023 is as follows:
US$m
At 1st January 2023 15.0
Change in fair value during the year recognised in profit and loss (15.0)
At 31st December 2023 -
There were no movements of unlisted equity and debt investments during the
period ended 30th June 2024.
(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 associates and joint ventures in 2024 related to the Group's
capital injections of US$4.4 million in its associate in Singapore and US$1.4
million in the business in Vietnam.
Purchase 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$1.5 million in the business in Vietnam.
(b) Sale of subsidiaries
Six months ended 30th June
2024 US$m 2023 US$m
Non-current assets 66.8 102.2
Current assets 40.3 118.4
Current liabilities (18.8) (177.8)
Non-current liabilities (35.2) (119.3)
Non-controlling interests - 10.2
Net assets/(liabilities) disposed of 53.1 (66.3)
Deferred gain on sale and leaseback of a property 5.1 -
Cumulative exchange translation losses 8.4 44.5
Loss on disposals (5.6) (46.6)
Total consideration 61.0 (68.4)
Non-cash items:
- consideration settled - 41.8
- consideration payable - 12.0
- transaction costs payable - 10.3
- 64.1
Cash and cash equivalents of the subsidiaries disposed of (3.6) (51.9)
Net cash inflows/(outflows) 57.4 (56.2)
In April 2024, the Group disposed of its 100% interest in DFI Properties, a
property holding company in Taiwan, to a third party, for a net cash inflow of
US$57.4 million (note 9).
There was no revenue recognised by the subsidiary disposed of during the
period. Loss after tax in respect of the subsidiary disposed of during the
period amounted to US$1.8 million.
In February 2023, the Group entered into agreements to dispose of interests in
the subsidiaries operating Malaysia Grocery Retail business, and the
associated properties, to a third party. The disposals of the Group's
interests in GCH and Jutaria were 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.
(c) Sale of supermarkets in Indonesia in 2024 represented the net proceeds
from the Group's disposal of its supermarket business amounted to US$6.8
million.
(d) Sale of properties in 2024 related to disposal of three properties in
Indonesia for a total cash consideration of US$14.8 million, and a gain on
disposal of properties amounted to US$5.7 million (note 4) was recognised.
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 amounted to US$16.7 million
(note 4) was recognised.
(e) Purchase of shares for a share-based long-term incentive plan in 2024
related to the purchase of 1,425,718 ordinary shares from the stock market by
a subsidiary of the Group for a total consideration of US$2.7 million.
(f) Analysis of balances of cash and cash equivalents
At 30th June At 31st December 2023
2024 US$m
US$m
Cash and bank balances 313.5 303.4
Bank overdrafts (9.9) (8.1)
Cash and bank balances included in assets held for sale - 2.9
Cash and cash equivalents 303.6 298.2
14. Capital Commitments and Contingent Liabilities
Total capital commitments at 30th June 2024 and 31st December 2023 amounted to
US$70.5 million and US$72.3 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$0.5 million (2023: US$0.1
million) for the first six months of 2024. The Group also paid directors'
fees of US$0.2 million (2023: US$0.2 million) to JML for the same period in
2024.
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 2024 were US$1.6 million
(2023: US$1.3 million) and US$nil (2023: US$0.3 million), respectively. The
Group's 50%-owned associate, Maxim's, also paid lease payments of US$5.4
million (2023: US$4.8 million) to HKL for the first six months of 2024.
The Group obtains accounting, repairs and maintenance services from Jardine
Pacific group ('JPG'), a subsidiary of JMH, with total fees of US$2.8 million
(2023: US$1.0 million) paid to JPG for the first six months of 2024.
Maxim's supplies ready-to-eat products at arm's length to certain subsidiaries
of the Group. For the first six months of 2024, these amounted to US$20.0
million (2023: US$19.9 million).
The Group's digital joint venture, Retail Technology Asia group ('RTA'),
implements point-of-sale system and provides consultancy services to the
Group. The total fees paid by the Group to RTA for the first six months of
2024 amounted to US$9.2 million (2023: US$7.6 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 2024 amounted to US$1.5 million
(2023: US$1.6 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.
Balances with group companies of JMH at 30th June 2024 and 31st December 2023
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
· Cybersecurity and Technology Risk
· Talent Risk
· Environmental and Climate Related Risks
· Third-party Service Provider and Supply Chain Management Risk
· Health, Safety and Product Quality Risk
For greater detail, please refer to pages 203 to 210 of the Company's 2023
Annual Report, a copy of which is available on the Company's website at
www.DFIretailgroup.com.
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
Scott Price
Clem Constantine
Directors
DFI Retail Group Holdings Limited
Dividend Information for Shareholders
The interim dividend of US¢3.50 per share will be payable on 16th October
2024 to shareholders on the register of members at the close of business on
23rd August 2024. The shares will be quoted ex-dividend on 22nd August 2024,
and the share registers will be closed from 26th to 30th August 2024,
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 2024 interim dividend by notifying the United Kingdom
transfer agent in writing by 27th September 2024. The Sterling equivalent of
dividends declared in United States Dollars will be calculated by reference to
a rate prevailing on 2nd October 2024.
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 23rd August 2024, must
submit the relevant documents to Boardroom Corporate & Advisory Services
Pte. Ltd., the Singapore branch registrar, by no later than 5.00 p.m. (local
time) on 22nd August 2024.
DFI Retail Group Holdings Limited
About DFI Retail Group
DFI Retail Group (the 'Group') is a leading pan-Asian retailer. At 30th June
2024, the Group and its associates and joint ventures operated some 11,000
outlets with more than 5,000 stores operated by subsidiaries. The Group
together with associates and joint ventures employed over 200,000 people with
some 47,000 people employed by subsidiaries. The Group had total annual
revenue in 2023 exceeding US$26 billion and reported revenue exceeding US$9
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 six divisions. The principal brands are:
Food
· Wellcome in Hong Kong S.A.R.; Yonghui on the Chinese mainland; Cold
Storage and Giant in Singapore; and Robinsons in the Philippines.
Convenience
· 7-Eleven in Hong Kong and Macau S.A.R., Singapore and Southern China.
Health and Beauty
· Mannings on the 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 on the Chinese mainland, Hong Kong and Macau
S.A.R., Cambodia,
Laos, Malaysia, Singapore, Thailand and Vietnam.
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 equity shares (transition)
category 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
Karen Chan (Investor Relations) (852) 2299 1380
Christine Chung (Corporate Communications and Affairs) (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 2024 to shareholders. This Half-Year Results
announcement will be made available on the Company's website,
www.DFIretailgroup.com, together with other Group announcements.
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