REG - Jardine Matheson Hdg - Half-year Results
31/07/2025 12:15
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RNS Number : 4296T Jardine Matheson Hldgs Ltd 31 July 2025
31 July 2025
For immediate release
The following announcement was issued today to a Regulatory Information
Service approved by the Financial Conduct Authority in the United Kingdom.
Jardine Matheson Holdings Limited
Results for the Six Months ended 30 June 2025
Solid Performance Across the Portfolio Despite Continuing Uncertain Market
Conditions
Highlights
· Reported underlying net profit up 45% to US$798m - up 11% at CER(∞)
and excluding Hongkong Land impairments in 2024
· Lincoln Pan announced as new CEO of Jardine Matheson, from 1 December
2025
· Execution of portfolio company strategies progressing:
o Hongkong Land capital recycling from sale of One Exchange Square floors
to HKEX
o DFI Retail portfolio simplification with sales of Yonghui and Robinsons
Retail interests completed and Singapore Food announced
· Improved performances from most businesses, offset by a lower profit
contribution from Astra
· Parent free cashflow^ up 6% at US$585m
· Gearing 3% lower at 11%(Δ)
· Interim dividend held at US$0.60 per share
"Jardines delivered a solid performance across the portfolio in the first half
of 2025, with improved results from most businesses, partly offset by weaker
contributions from Astra's HEMCE and Automotive divisions.
The Group continues its pivot to becoming an engaged investor with a strong
focus on longer-term returns, and 5 year TSR in particular. This focus,
together with strengthened leadership teams and boards executing new
strategies in many of our portfolio companies, make Jardines well-positioned
to drive mid- and long-term value and growth. The Company's guidance in
respect of full year performance remains unchanged."
Ben Keswick, Executive Chairman
Results summary
(unaudited) ( )
Six months
ended 30 June
2025 2024 ( ) Change
US$m US$m ( ) %
Revenue 17,078 17,280 -1
Underlying profit* before tax 2,124 1,865 14
Underlying profit* attributable to shareholders 798 550 45
Profit/(loss) attributable to shareholders 528 (40) n/a
Shareholders' funds(#) 28,386 27,880 2
US$ US$ %
Underlying earnings per share* 2.73 1.91 43
Earnings/(loss) per share 1.81 (0.14) n/a
Interim dividend per share 0.60 0.60 -
(∞) CER means Constant Exchange Rates.
(^ ) Represents recurring dividends received from subsidiaries, associates,
joint ventures and other investments, less corporate costs and net interest
expenses.
(∆) Excludes net borrowings of financial services companies.
* The Group uses 'underlying net profit' in its internal financial reporting
to distinguish between ongoing business performance and non-trading items, as
more fully described in note 7 to the condensed financial statements.
Management considers this to be a key measure which provides additional
information to enhance understanding of the Group's underlying business
performance.
# At 30 June 2025 and 31 December 2024, respectively.
The interim dividend of US$0.60 per share will be payable on 15 October 2025
to shareholders on the register of members at the close of business on 22
August 2025 and will be available in cash with a scrip alternative.
CHAIRMAN'S STATEMENT
Dear Shareholders,
I am pleased to provide you with an overview of the performance of the Jardine
Matheson Group (the Group) over the past six months.
Overview of H1 2025
The Group delivered an encouraging performance in the first half of 2025, with
higher contributions from most of our portfolio companies, despite continuing
uncertain global macroeconomic conditions. Underlying net profit increased to
US$798 million, 11% higher than the first half of 2024 at CER and excluding
the impact of Hongkong Land impairments in 2024.
The Board has declared an interim dividend of US$0.60 per share, unchanged
from the prior year.
Recent Developments
The Group's evolution from an owner-operator to a long-term, engaged investor
in our portfolio companies continued in the period. We are focused on
delivering outstanding, long-term returns for our shareholders through our
investments in leading businesses across Asia, and have set ambitious
financial targets to support this strategy.
On 29 May 2025, the Company announced the appointment of Lincoln Pan as Chief
Executive Officer with effect from 1 December 2025, succeeding John Witt, who
will retire at the end of November. Lincoln will join from PAG, the largest
fully diversified alternative investment business in the Asia Pacific region.
On behalf of the Board, I would like to thank John for his enormous
contribution to the Group over the past 32 years. As Group Managing Director
since 2020, he has led Jardines through a challenging period, including
navigating the global pandemic. His key achievements include implementing
effective leadership succession in our key portfolio companies and overseeing
the simplification of our corporate structure, both of which have positioned
the Group strongly as we transition into the next stage of our growth.
The Company's Board was further strengthened during the first half, with the
appointment of Ming Lu and Tim Wise as independent non-executive directors in
February and May 2025, respectively.
We would like to thank Michael Wu, who stepped down from the Board in May
2025, for his contribution to the Company and the wider Group over many years.
The Board now consists of nine directors, the majority (56%) of whom are
independent non-executive directors in line with the independence criteria set
out in the UK Corporate Governance Code.
Our portfolio companies have also increased the independence of their boards
and committees in the period.
Our Role as an Engaged Investor
In the first half of the year, we continued to sharpen our focus on the key
aspects of our role as an engaged investor:
· ensuring highly-qualified boards and leadership teams are in place;
· influencing portfolio company strategy and supporting performance through
board representation; and
· decisive portfolio management at the JM Corporate level, built on
disciplined capital allocation and investment expertise.
Conclusion
On behalf of the Board, I would like to thank our shareholders, valued
partners, and the wider community for your ongoing support. Above all, I would
like to thank our colleagues, whose outstanding efforts and dedication
continue to be fundamental to our success.
Ben Keswick
Executive Chairman
GROUP MANAGING DIRECTOR'S REVIEW
Summary of Performance
The Group delivered encouraging results in the first half of 2025, despite
continued uncertain trading conditions in many of its markets. Most of our
portfolio companies saw a recovery in performance, but there were lower
contributions from Astra's HEMCE and Automotive divisions.
Underlying net profit increased to US$798 million, (11% higher at CER and
excluding Hongkong Land impairments in 2024).
Details of the performance of each of our portfolio companies are provided in
the 'Performance of Portfolio Companies' section below.
There were net non-trading losses of US$270 million in the first half of 2025,
consisting primarily of fair value losses of US$138 million arising from the
revaluation of the Group's investment properties portfolio, net losses of
US$88 million on the sale of businesses, a hotel and properties.
The Group's cashflow from operating activities for the first half was 14%
lower at US$2.6 billion (H1 2024: US$3.0 billion) and free cash flow at the
parent company was 6% higher at US$585 million (H1 2024: US$550 million),
providing 2x cover for the Company's dividend payments. The Group's balance
sheet remains strong, with gearing of 11%, 3% down from at the end of 2024.
These results demonstrate, once again, the value of our diversified portfolio,
enabling Jardines to produce a resilient profit and cash performance, despite
challenging conditions in a number of our sectors and markets.
We have set challenging financial objectives to drive future growth and
deliver superior TSR.
Strategic Developments
Good progress was made in the first half of 2025 by our portfolio companies in
implementing their strategies.
Hongkong Land
In the first half, Hongkong Land (HKL) announced the sale of nine office
floors and selected retail space of One Exchange Square to the Hong Kong Stock
Exchange for US$810 million.
The group's Tomorrow's CENTRAL transformation in Hong Kong is well underway.
Two new luxury retail Maisons, along with several other new brands and
concepts, are expected to open in the second half of 2025.
HKL also commenced a US$200 million share buyback programme, which is planned
to continue until 31 December 2025, of which 67 percent had been completed up
to 28 July 2025.
A new Investment Management team was established in the first half of the
year, with a number of initiatives underway, focusing on capital recycling,
new investments and third-party capital fundraising.
The group is also making significant progress on its flagship Shanghai West
Bund Central development, which is expected to be completed and launched in
stages starting from the second half of 2025.
DFI Retail
DFI Retail (DFI) is focused on simplifying the group's portfolio and divesting
non-core businesses. During the first half, DFI completed the sale of its
stakes in Yonghui and Robinsons Retail and announced the disposal of its
Singapore Food business.
As recently announced by DFI, a special dividend will be paid in the second
half of the year, to be funded from the proceeds of business disposals by DFI
as part of the simplification of its portfolio. The Company will use the
dividend to reduce its net debt, in line with our intention, communicated at
the full year, of prioritising the paying down of debt in order to provide
investment flexibility for the future.
Astra
In the first half of 2025, Astra continued to execute strategic initiatives in
the automotive, renewable energy and industrial and logistics infrastructure
sectors.
In April 2025, as part of Astra's strategy of further strengthening its
leading position in the used car sector, it entered into a partnership in
which Toyota invested US$120 million for a 40% interest in Astra Digital Mobil
(ADMO), with Astra retaining 60% ownership. ADMO owns OLXmobbi, a leading
Indonesian integrated online-to-offline used car business. The partnership
with Toyota will increase access to used cars, financing, insurance and
aftersales for customers across Indonesia.
In June, in line with its strategy of building new earnings streams in
renewable energy, United Tractors (UT) completed the acquisition of an
additional 30.6% stake in Supreme Energy Sriwijaya (SES) for US$31 million.
SES is a 25.2% shareholder in Supreme Energy Rantau Dedap (SERD), which owns
an operating geothermal project in South Sumatera. The acquisition increased
UT's total direct and indirect shareholding in SERD to 40.4%.
In July, as part of its strategy of benefitting from Indonesia's rapidly
growing industrial and logistics infrastructure market, Astra signed a
conditional agreement to acquire 83.7% of Mega Manunggal Property (MMP), a
Jakarta-listed industrial and logistics property developer. Upon completion,
Astra will become the new controlling shareholder of MMP, and in line with
capital market regulations, will carry out a mandatory tender offer.
Following resilient performance over the past few years, Astra's management is
currently undertaking a comprehensive portfolio review to identify and assess
initiatives that can be taken to enable the continued delivery of future
growth and value in changing market conditions. The outputs from this review
are expected in the first half of 2026. Jardines continues to view both
Indonesia and Astra as strategic growth drivers and core long-term components
of the Group's portfolio.
Jardine Cycle & Carriage (JC&C)
In line with JC&C's focus as an engaged investor, JC&C is currently
working with its portfolio companies to review business strategy, priorities
and initiatives to deliver future growth and improve returns. The process is
expected to complete by the first half of 2026.
Mandarin Oriental
Mandarin Oriental added four new hotels to its portfolio, bringing its total
number of hotels under management to 44. It strengthened its European presence
in April, opening Mandarin Oriental Lutetia, Paris and taking over the
management of The Conservatorium Hotel in Amsterdam. In June, the group
announced the management takeovers of properties in Venice and Malaysia. It
also announced new management contracts in Puerto Rico and Suzhou, China in
the period.
As part of its capital recycling strategy, the group completed the disposal of
its 25% stake in its Miami hotel and agreed to the sale of its Munich hotel,
which is expected to complete by the end of 2025. Mandarin Oriental also
announced a significant investment in its Hong Kong and Bangkok hotels.
Outlook
With strengthened leadership teams in place, executing new strategies across
many of our portfolio companies, we believe that the Group is well-positioned
to take advantage of opportunities for mid- and long-term growth. For the
full year, we expect results to be broadly in line with last year, excluding
the impact of the HKL impairments recognised in 2024.
John Witt
Group Managing Director
PERFORMANCE OF PORTFOLIO COMPANIES
Certain financial information of the Group's listed portfolio companies
presented and referred to below represents the financial information of each
respective business of the Group as reported within their own half year
results announcement (100% basis), which we believe provides the reader with a
better understanding of the relevant listed portfolio companies.
Astra
Astra contributed US$388 million of underlying profit to the Group. Astra's
reported results were 4% lower than the same period last year, but its
contribution to the Group was only 2% lower due to the increase in the
Company's ownership in JC&C, through which it holds its interest in Astra,
over the past 12 months. This was mainly due to weaker performances from its
new car, mining services and coal mining operations, partly offset by improved
earnings from financial services, agribusiness and infrastructure.
Net income from Astra's automotive and mobility division decreased by 8%, with
lower sales volumes in a weaker national automotive market. The group's
share of the car and motorcycle markets remained stable, despite reductions in
both markets. The group's used car business saw improved contributions in
the first half.
The HEMCE division saw its net income decrease, as a result of lower
contributions from coal mining and mining services, which were partly offset
by improved contributions from gold mining and heavy equipment sales.
Komatsu heavy equipment sales increased by 27%, driven by stronger demand from
all sectors. Revenues from the parts and services business also increased.
Net income from Astra's financial services division increased by 6%, due to
higher contributions from the consumer financing business on larger loan
portfolios. The contribution from the group's car-focused and
motorcycle-focused financing businesses also increased.
Net income from agribusiness increased by 40%, mainly due to higher crude palm
oil selling prices. Astra's infrastructure division reported a 38% increase
in net income, largely as a result of higher traffic volumes and tariffs.
Hongkong Land
Excluding the impact of impairments in the Chinese mainland Build-to-sell
(BTS) business, the overall underlying profit contribution by the group in the
first half of 2025 increased by 11% from the prior year to US$320 million,
primarily due to higher contributions from residential projects in Singapore.
Prime Properties Investments
Hong Kong
In Hong Kong, the group's Central office portfolio experienced a healthy
increase in enquiries in the first half of 2025, driven by improvements in
capital market sentiment and the Initial Public Offering pipeline, as well as
a flight to quality. Vacancy on a committed basis declined slightly, while
negative rental reversions resulted in average office rents decreasing.
Contributions from the LANDMARK portfolio temporarily declined, primarily due
to planned retail tenant movements from the ongoing transformation works.
Tenant sales experienced mild declines compared to the same period last year,
but the ultra-high net worth segment remained resilient.
Singapore
In Singapore, HKL's office portfolio continued to perform well and was
effectively fully let. Rental reversions were positive and average rents
increased.
China (ex Hong Kong)
Results from the group's CENTRAL series luxury retail malls business in China
declined compared to the same period last year, primarily due to lower rental
contributions from Macau.
Build-to-sell
HKL will no longer deploy capital into new standalone BTS projects and is
focused on winding down its existing inventory. The group's net investment in
this segment was US$7.3 billion, a decrease of US$0.5 billion from the end of
2024.
Chinese mainland
Excluding the impairments, contributions from property sales on the Chinese
mainland were higher than in the same period last year, primarily due to the
timing of project completions. The Chinese mainland market remained
challenging, however, and sales momentum across the group's projects was below
expectations, despite extensive government stimulus measures.
In the first half of 2025, US$23 million of impairments were taken in respect
of projects in Wuhan, where sales prices fell.
Singapore
In Singapore, the profit contribution from residential development projects
was higher compared to the same period in 2024, primarily due to the
completion of a large project which was fully sold. In the rest of Southeast
Asia, contributions remained stable.
DFI Retail
DFI reported 39% higher first-half underlying profit of US$105 million, with
improved contributions from the group's associates and strong performance by
the Health and Beauty and Food segments on a like-for-like basis.
The Health and Beauty division reported increased profits in the first half
compared to the same period last year, reflecting strong sales growth in both
the Mannings and Guardian businesses. Convenience profit was lower than the
same period last year, as a result of a one-off gain in the first half of 2024
from cigarette inventory purchased before tax increases were imposed in Hong
Kong. Results for the group's Food division on a like-for-like basis improved
in the first half. The sales performance of the Home Furnishings division
remained challenged due to intense competition and shifts in basket mix, but
effective cost control measures across markets supported a recovery in
underlying profit. The group's share of Maxim's underlying profits improved
from the same period last year, underpinned by continued cost optimisation and
operational efficiency measures. The group's results also benefitted from
the disposals of Yonghui and Robinsons Retail.
Jardine Pacific
The JP group of companies reported underlying net profit of US$67 million, 30%
higher than the same period in 2024, with improved performances from most
businesses, partially offset by a lower contribution from Hactl.
JEC saw higher sales and margins from its Hong Kong businesses, while its
regional businesses delivered lower margins. JEC's order book remains stable,
although work secured was behind last year's levels, with margins under some
pressure. Gammon had a good first half, with profit growth driven by stronger
margins, partly offset by higher overheads and reduced finance income. After a
slow first quarter, the order book improved in the second quarter, although
conditions remain challenging.
Jardine Schindler delivered an improved result from the same period last year,
with stronger performances in Service and Repairs, together with lower losses
from the New Installation business. Hactl saw stable cargo volume, but profit
decreased due to higher rebates and increased staff costs. Hactl's market
share remains strong, but uncertainty surrounding US tariffs will influence
the future outlook of the business.
Jardine Pacific's consumer businesses saw an encouraging return to
profitability. Jardine Restaurants saw a material year-on-year improvement,
transitioning from a loss last year to a small profit, driven by a structured
transformation programme. Zung Fu reported a small profit for the first half,
despite the challenging trading environment. The ongoing turnaround of the
business drove lower operating costs and reduced financing costs through tight
working capital management.
Zhongsheng
Jardine Matheson's 21% interest in Zhongsheng yielded a profit contribution of
US$60 million, 5% lower than the same period last year, amid persistent
challenges in China's auto market. Zhongsheng's new car sales faced ongoing
volume and margin pressures due to continuing intense competition and growth
in the electric vehicle market. The after-sales services segment remained
resilient.
Jardine Cycle & Carriage
JC&C's underlying net profit (excluding Astra) rose in the first half to
US$73 million, primarily driven by foreign exchange gains and lower net
financing costs. There was a lower contribution on a combined basis from the
Indonesia businesses, partially offset by improvements in Vietnam and
Singapore. After accounting for non-trading items of US$158 million, which
mainly comprised unrealised fair value losses related to non-current
investments, the group's profit attributable to shareholders (including Astra)
was US$371 million, compared to US$483 million in the same period last year.
Indonesia
Astra contributed US$456 million to JC&C's underlying profit, 8% down from
the same period last year. Tunas Ridean contributed US$10 million, 40% lower
than the same period last year, mainly due to lower profits from its
automotive and consumer financing operations.
Vietnam
JC&C's businesses in Vietnam contributed US$36 million to the group's
underlying net profit, up 17%. THACO's contribution increased by 10%, with
stronger automotive sales.
Based on its first-quarter results, REE delivered a stronger performance, with
higher earnings from its power generation business, as well as a higher
contribution as a result of JC&C increasing its shareholding from 34.9% to
41.6%.
Regional interests
Lower profit from the group's Regional Interests, due to the absence of a
contribution from Siam City Cement following its disposal in the second half
of 2024, was partly offset by stronger earnings from Cycle & Carriage,
whose contribution doubled as new car, commercial vehicle and used car sales
all grew and aftersales throughput volume increased.
Mandarin Oriental
The group's underlying net profit was 6% higher than the same period last year
at US$24 million.
Hotel management fee income increased by 14% as a result of RevPAR improvement
in all regions, as well as margin optimisation and portfolio expansion. This
growth was offset by continued investment in capabilities to support the
group's long-term strategy.
The Owned Hotels in Hong Kong and Geneva delivered good growth in
contributions, partially offset by a reduced contribution from Paris due to
its disposal in mid-2024, and a lower contribution from London due to
softening travel demand in that market.
The group incurred non-trading losses of US$88 million as a result of a
non-cash revaluation of One Causeway Bay, compared to total non-trading losses
of US$75 million in the same period last year.
Jardine Matheson Holdings Limited
Consolidated Profit and Loss Account
(unaudited)
Six months ended 30 June Year ended 31 December
2025 2024 2024
Underlying Non-trading Total Underlying Non-trading Total Underlying Non-trading Total
business items US$m business items US$m business items US$m
performance US$m performance US$m performance US$m
US$m US$m US$m
Revenue (note 2) 17,078 - 17,078 17,280 - 17,280 35,779 - 35,779
Net operating costs (note 3) (15,273) (188) (15,461) (15,548) (130) (15,678) (31,965) (435) (32,400)
Change in fair value of investment properties - (180) (180) - (956) (956) - (2,213) (2,213)
Operating profit 1,805 (368) 1,437 1,732 (1,086) 646 3,814 (2,648) 1,166
Net financing charges
- financing charges (361) - (361) (405) - (405) (796) - (796)
- financing income 124 1 125 133 - 133 269 1 270
(237) 1 (236) (272) - (272) (527) 1 (526)
Share of results of associates and
joint ventures (note 4)
- before change in fair value of investment properties 556 3 559 405 10 415 1,125 38 1,163
- change in fair value of investment properties - (3) (3) - 54 54 - 136 136
556 - 556 405 64 469 1,125 174 1,299
Impairment losses on associates - - - - - - - (508) (508)
Profit before tax 2,124 (367) 1,757 1,865 (1,022) 843 4,412 (2,981) 1,431
Tax (note 5) (382) (3) (385) (399) 3 (396) (857) (19) (876)
Profit after tax 1,742 (370) 1,372 1,466 (1,019) 447 3,555 (3,000) 555
Attributable to:
Shareholders of the Company 798 (270) 528 550 (590) (40) 1,471 (1,939) (468)
(notes 6 & 7)
Non-controlling interests 944 (100) 844 916 (429) 487 2,084 (1,061) 1,023
1,742 (370) 1,372 1,466 (1,019) 447 3,555 (3,000) 555
US$ US$ US$ US$ US$ US$
Earnings/(loss) per share (note 6)
- basic 2.73 1.81 1.91 (0.14) 5.07 (1.61)
- diluted 2.73 1.81 1.90 (0.14) 5.07 (1.61)
Jardine Matheson Holdings Limited
Consolidated Statement of Comprehensive Income
(unaudited) Year ended
Six months ended 31 December
30 June
2025 2024 2024
US$m US$m US$m
Profit for the period 1,372 447 555
Other comprehensive income/(expense)
Items that will not be reclassified to profit or loss:
Net exchange translation loss arising during the period (63) (425) (296)
Remeasurements of defined benefit plans - - 12
Remeasurements of statutory employee entitlements - - (2)
Revaluation surplus before transfer to investment properties
- right-of-use assets - 97 97
Tax on items that will not be reclassified - - (2)
(63) (328) (191)
Share of other comprehensive income/(expense) of associates and joint ventures 100 (252) (209)
37 (580) (400)
Items that may be reclassified subsequently to profit or loss:
Net exchange translation differences
- net loss arising during the period (37) (251) (166)
- transfer to profit and loss 123 58 165
86 (193) (1)
Revaluation of other investments at fair value through other comprehensive
income
- net gain/(loss) arising during the period 20 (10) (13)
Cash flow hedges
- net (loss)/gain arising during the period (51) 3 16
- transfer to profit and loss (5) (20) (23)
(56) (17) (7)
Tax relating to items that may be reclassified 12 - (1)
Share of other comprehensive income/(expense) of associates and joint ventures 160 (303) (246)
222 (523) (268)
Other comprehensive income/(expense) for the period, net of tax 259 (1,103) (668)
Total comprehensive income/(expense) for the period 1,631 (656) (113)
Attributable to:
Shareholders of the Company 735 (500) (696)
Non-controlling interests 896 (156) 583
1,631 (656) (113)
Jardine Matheson Holdings Limited
Consolidated Balance Sheet
(unaudited) At 31
At 30 June December
2025 2024 2024
US$m US$m US$m
Assets
Intangible assets 2,110 2,140 2,116
Tangible assets 6,557 6,321 6,574
Right-of-use assets 3,993 3,955 4,024
Investment properties 27,126 29,285 28,079
Bearer plants 455 452 462
Associates and joint ventures 17,757 19,269 17,838
Other investments 3,522 3,261 3,387
Non-current debtors 3,900 3,806 3,895
Deferred tax assets 623 591 582
Pension assets 9 10 11
Non-current assets 66,052 69,090 66,968
Properties for sale 2,706 2,944 2,879
Stocks and work in progress 3,327 3,099 3,332
Current debtors 7,091 6,487 6,839
Current investments 65 44 50
Current tax assets 228 154 136
Cash and bank balances
- non-financial services companies 5,112 4,806 4,551
- financial services companies 278 321 296
5,390 5,127 4,847
18,807 17,855 18,083
Assets classified as held for sale 666 83 1,728
Current assets 19,473 17,938 19,811
Total assets 85,525 87,028 86,779
(unaudited) At 31 December
At 30 June
2025 2024 2024
US$m US$m US$m
Equity
Share capital 74 73 73
Share premium and capital reserves 17 18 23
Revenue and other reserves 28,295 28,088 27,784
Shareholders' funds 28,386 28,179 27,880
Non-controlling interests 25,403 25,204 25,440
Total equity 53,789 53,383 53,320
Liabilities
Long-term borrowings
- non-financial services companies 8,745 10,623 9,662
- financial services companies 1,509 1,534 1,592
10,254 12,157 11,254
Non-current lease liabilities 2,800 2,791 2,773
Deferred tax liabilities 725 758 778
Pension liabilities 397 364 377
Non-current creditors 1,438 1,142 1,154
Non-current provisions 445 364 411
Non-current liabilities 16,059 17,576 16,747
Current borrowings
- non-financial services companies 2,134 2,190 2,213
- financial services companies 2,702 2,317 2,421
4,836 4,507 4,634
Current lease liabilities 717 733 741
Current tax liabilities 317 340 300
Current creditors 9,605 10,293 10,835
Current provisions 189 195 202
15,664 16,068 16,712
Liabilities directly associated with assets classified as held for sale 13 1 -
Current liabilities 15,677 16,069 16,712
Total liabilities 31,736 33,645 33,459
Total equity and liabilities 85,525 87,028 86,779
Jardine Matheson Holdings Limited
Consolidated Statement of Changes in Equity
Share Share Capital Revenue Asset revaluation reserves Hedging Exchange Attributable to shareholders of the Company Attributable Total
capital premium reserves reserves US$m reserves reserves US$m to non-controlling interests equity
US$m US$m US$m US$m US$m US$m US$m US$m
Six months ended 30 June 2025 (unaudited)
At 1 January 2025 73 - 23 28,172 2,395 (4) (2,779) 27,880 25,440 53,320
Total comprehensive income - - - 540 - (38) 233 735 896 1,631
Dividends paid by the Company (note 8) - - - (481) - - - (481) - (481)
Dividends paid to non-controlling interests - - - - - - - - (806) (806)
Unclaimed dividends forfeited - - - 1 - - - 1 - 1
Employee share option schemes - - 4 - - - - 4 2 6
Scrip issued in lieu of dividends 1 (1) - 146 - - - 146 - 146
Repurchase of shares - - - (13) - - - (13) - (13)
Capital contribution from non-controlling interests - - - - - - - - 4 4
Shares purchased for a share-based incentive plan in subsidiaries - - - (22) - - - (22) - (22)
Subsidiaries acquired - - - - - - - - 21 21
Change in interests in subsidiaries - - - 140 - - - 140 (154) (14)
Change in interests in associates and joint ventures - - - (4) - - - (4) - (4)
Transfer - 1 (10) 12 (3) - - - - -
At 30 June 2025 74 - 17 28,491 2,392 (42) (2,546) 28,386 25,403 53,789
Six months ended 30 June 2024 (unaudited)
At 1 January 2024 72 - 22 29,009 2,323 11 (2,427) 29,010 26,921 55,931
Total comprehensive expense - - - (44) 77 (13) (520) (500) (156) (656)
Dividends paid by the Company (note 8) - - - (477) - - - (477) - (477)
Dividends paid to non-controlling interests - - - - - - - - (979) (979)
Employee share option schemes - - 4 - - - - 4 1 5
Scrip issued in lieu of dividends 1 (1) - 156 - - - 156 - 156
Repurchase of shares - - - (101) - - - (101) - (101)
Shares purchased for a share-based incentive plan in a subsidiary - - - (2) - - - (2) (1) (3)
Change in interests in subsidiaries - - - 67 - - - 67 (582) (515)
Change in interests in associates and joint ventures - - - 22 - - - 22 - 22
Transfer - 1 (8) 70 (1) - (62) - - -
At 30 June 2024 73 - 18 28,700 2,399 (2) (3,009) 28,179 25,204 53,383
Share Share Capital Revenue Asset Hedging Exchange reserves Attributable to shareholders of the Company Attributable Total
capital premium US$m reserves reserves revaluation reserves US$m US$m to non-controlling interests equity
US$m US$m US$m reserves US$m US$m US$m
US$m
Year ended 31 December 2024
At 1 January 2024 72 - 22 29,009 2,323 11 (2,427) 29,010 26,921 55,931
Total comprehensive (expense)/income - - - (467) 76 (15) (290) (696) 583 (113)
Dividends paid by the Company - - - (651) - - - (651) - (651)
Dividends paid to non-controlling interests - - - - - - - - (1,276) (1,276)
Unclaimed dividends forfeited - - - 2 - - - 2 - 2
Employee share option schemes - - 9 - - - - 9 3 12
Scrip issued in lieu of dividends 1 (1) - 204 - - - 204 - 204
Repurchase of shares - - - (101) - - - (101) - (101)
Capital contribution from non-controlling interests - - - - - - - - 1 1
Shares purchased for a share-based incentive plan in a subsidiary - - - (3) - - - (3) - (3)
Subsidiaries acquired - - - - - - - - 3 3
Change in interests in subsidiaries - - - 75 - - - 75 (796) (721)
Change in interests in associates and joint ventures - - - 31 - - - 31 1 32
Transfer - 1 (8) 73 (4) - (62) - - -
At 31 December 2024 73 - 23 28,172 2,395 (4) (2,779) 27,880 25,440 53,320
Jardine Matheson Holdings Limited
Consolidated Cash Flow Statement
(unaudited) Year ended
Six months ended 31 December
30 June
2025 2024 2024
US$m US$m US$m
Operating activities
Cash generated from operations 2,809 3,292 5,637
Interest received 110 113 258
Interest and other financing charges paid (365) (411) (809)
Tax paid (479) (560) (1,066)
2,075 2,434 4,020
Dividends from associates and joint ventures 491 535 979
Cash flows from operating activities 2,566 2,969 4,999
Investing activities
Purchase of subsidiaries (note 11(a)) (101) - 5
Purchase of associates and joint ventures (note 11(b)) (87) (111) (257)
Purchase of other investments (note 11(c)) (165) (161) (417)
Purchase of intangible assets (59) (46) (127)
Purchase of tangible assets (552) (590) (1,191)
Additions to leasehold land under right-of-use assets (8) (15) (25)
Additions to investment properties (138) (102) (240)
Additions to bearer plants (11) (15) (33)
Advances to associates and joint ventures (note 11(d)) (17) (67) (112)
Repayments from associates and joint ventures (note 11(e)) 205 89 259
Sale of subsidiaries (note 11(f)) 34 280 317
Sale of associates and joint ventures (note 11(g)) 936 4 388
Sale of other investments (note 11(h)) 55 83 253
Sale of tangible assets 22 14 173
Sale of right-of-use assets 2 15 16
Sale of investment properties 300 - 20
Cash flows from investing activities 416 (622) (971)
Financing activities
Capital contribution from non-controlling interests 4 - 1
Acquisition of the remaining interest in Jardine Strategic - (2) (23)
Change in interests in other subsidiaries (note 11(i)) (14) (505) (700)
Purchase of own shares (13) (101) (101)
Purchase of shares for a share-based incentive plan in (22) (3) (3)
subsidiaries
Drawdown of borrowings 3,136 6,382 10,591
Repayment of borrowings (3,976) (5,994) (11,072)
Repayments to associates and joint ventures (16) (2) (27)
Advances from associates and joint ventures 35 68 96
Principal elements of lease payments (439) (427) (877)
Dividends paid by the Company (335) (321) (447)
Dividends paid to non-controlling interests (804) (974) (1,276)
Cash flows from financing activities (2,444) (1,879) (3,838)
Net increase in cash and cash equivalents 538 468 190
Cash and cash equivalents at beginning of period 4,842 4,796 4,796
Effect of exchange rate changes 24 (174) (144)
Cash and cash equivalents at end of period 5,404 5,090 4,842
Jardine Matheson Holdings Limited
Analysis of Profit Contribution
(unaudited)
Six months ended Year ended
30 June 31 December
2025 2024 2024
US$m US$m US$m
Reportable segments
Astra 388 394 808
Hongkong Land 158 (4) 218
DFI Retail 81 58 155
Jardine Pacific 67 52 149
Zhongsheng 60 63 83
Jardine Cycle & Carriage 52 15 99
Mandarin Oriental 21 19 63
827 597 1,575
Corporate and other interests (29) (47) (104)
Underlying profit attributable to shareholders* 798 550 1,471
Decrease in fair value of investment properties (138) (521) (1,209)
Other non-trading items (132) (69) (730)
Profit/(loss) attributable to shareholders 528 (40) (468)
Analysis of Jardine Pacific's contribution
Jardine Schindler 26 21 38
Gammon 22 19 48
JEC 12 12 61
Hactl 11 14 30
Jardine Restaurants 1 (6) (8)
Zung Fu Hong Kong - (3) (12)
Corporate and other interests (5) (5) (8)
(including disposed businesses)
67 52 149
* Underlying profit attributable to shareholders is the measure of profit
adopted by the Group in accordance with IFRS 8 'Operating Segments'.
Jardine Matheson Holdings Limited
Notes to Condensed Financial Statements
1. Accounting policies and basis of preparation
The condensed financial statements have been prepared in accordance with IAS
34 'Interim Financial Reporting' and on a going concern basis. The condensed
financial statements have not been audited or reviewed by the Group's
auditors.
There are no changes to the accounting policies as described in the 2024
annual financial statements. A number of amendments issued by the
International Accounting Standards Board were effective from 1 January 2025
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.
At 31 December 2024, to align with market practice, amounts due to associates
and joint ventures, which were previously reported net against associates and
joint ventures based on how these balances were intended to be settled, were
reclassified and presented within creditors. Accordingly, the previously
reported balances at 30 June 2024 were also reclassified, resulting in an
increase in current and non-current creditors of US$507 million and US$829
million, respectively. The related cash flows for the six months ended 30 June
2024 of US$68 million and US$2 million, which were previously included in
investing activities as repayments from associates and joint ventures and
advances to associates and joint ventures, respectively, are now reclassified
and presented under financing activities as advances from associates and joint
ventures and repayments to associates and joint ventures.
2 Revenue
Jardine Intersegment
Jardine Hongkong DFI Mandarin Cycle & transactions
Pacific Land Retail Oriental Carriage Astra and others Group
US$m US$m US$m US$m US$m US$m US$m US$m
Six months ended 30 June 2025
By product and service:
Property 3 751 1 - - 23 (4) 774
Automotive and mobility 184 - - - 881 3,719 - 4,784
Retail and restaurants 424 - 4,386 - - - - 4,810
Financial services - - - - - 976 - 976
Engineering, heavy equipment, mining and construction 306 - - - - 4,157 (22) 4,441
Hotels - - - 248 - - (1) 247
Other* - - - - - 1,046 - 1,046
917 751 4,387 248 881 9,921 (27) 17,078
Revenue from contracts with customers:
Recognised at a point in time 645 237 4,380 76 851 7,060 - 13,249
Recognised over time 269 99 6 167 25 1,717 (23) 2,260
914 336 4,386 243 876 8,777 (23) 15,509
Revenue from other sources:
Rental income from investment properties 3 415 1 - - 7 (4) 422
Revenue from financial services companies - - - - - 683 - 683
Revenue from insurance businesses - - - - - 293 - 293
Other - - - 5 5 161 - 171
3 415 1 5 5 1,144 (4) 1,569
917 751 4,387 248 881 9,921 (27) 17,078
Six months ended 30 June 2024
By product and service:
Property 2 972 2 - - 27 (4) 999
Automotive and mobility 260 - - - 784 4,152 - 5,196
Retail and restaurants 412 - 4,403 - - - - 4,815
Financial services - - - - - 941 - 941
Engineering, heavy equipment, mining and construction 289 - - - - 4,011 (19) 4,281
Hotels - - - 251 - - (1) 250
Other* - - - - - 798 - 798
963 972 4,405 251 784 9,929 (24) 17,280
Revenue from contracts with customers:
Recognised at a point in time 708 427 4,397 73 757 6,959 (24) 13,297
Recognised over time 254 94 6 169 23 1,868 - 2,414
962 521 4,403 242 780 8,827 (24) 15,711
Revenue from other sources:
Rental income from investment properties 1 451 2 - - 5 - 459
Revenue from financial services companies - - - - - 637 - 637
Revenue from insurance businesses - - - - - 304 - 304
Other - - - 9 4 156 - 169
1 451 2 9 4 1,102 - 1,569
963 972 4,405 251 784 9,929 (24) 17,280
* Included revenue from Agribusiness and Infrastructure of US$880 million
(2024: US$643 million) and US$94 million (2024: US$85 million), respectively.
Revenue related to Astra's logistic business has been reclassified from
'other' to 'automotive and mobility'. The 2024 comparatives have been
reclassified by US$143 million for comparability.
3. Net operating costs
Six months ended 30 June
2025 2024
US$m US$m
Cost of sales (12,339) (12,598)
Other operating income 251 163
Selling and distribution costs (1,882) (1,895)
Administration expenses (1,206) (1,140)
Other operating expenses (285) (208)
(15,461) (15,678)
Cost of sales for the six months ended 30 June 2025 included a provision on
properties for sale of US$23 million (2024: US$148 million) relating to
Hongkong Land's properties in Chinese mainland arising from a deterioration in
market conditions that resulted in projected sales prices being lower than
development costs. No corresponding deferred tax credit (2024: US$5 million)
was recognised.
Net operating costs included the following gains/(losses) from non-trading
items:
Six months ended 30 June
2025 2024
US$m US$m
Change in fair value of other investments (67) (30)
Sale and closure of businesses (111) (66)
Sale of a hotel 24 (32)
Sale of property interests (5) 6
Restructuring of businesses (7) (5)
Repayment of government subsidies (7) -
Other (15) (3)
(188) (130)
4. Share of results of associates and joint ventures
Six months ended 30 June
2025 2024
US$m US$m
By business:
Jardine Pacific 64 59
Zhongsheng 57 47
Hongkong Land 132 (22)
DFI Retail 36 29
Mandarin Oriental 6 4
Jardine Cycle & Carriage 36 51
Astra 225 306
Corporate and other interests - (5)
556 469
Share of results of associates and joint ventures for the six months ended 30
June 2024 included a provision of US$152 million on the Chinese mainland
properties for sale in Hongkong Land's property joint ventures, arising from
the deterioration in market conditions that resulted in projected sales prices
being lower than development costs. No corresponding provision was recognised
in 2025.
Share of results of associates and joint ventures included the following
gains/(losses) from non-trading items:
Six months ended 30 June
2025 2024
US$m US$m
Change in fair value of investment properties (3) 54
Change in fair value of other investments 6 10
Sale and closure of businesses (2) 18
Sale of land 2 -
Amortisation charge on acquisition - (19)
Other (3) 1
- 64
Results are shown after tax and non-controlling interests in the associates
and joint ventures.
5. Tax
Six months ended 30 June
2025 2024
US$m US$m
Tax charged to profit and loss is analysed as follows:
Current tax (449) (458)
Deferred tax 64 62
(385) (396)
China (67) (66)
Southeast Asia (300) (311)
Rest of the world (18) (19)
(385) (396)
Tax relating to components of other comprehensive income or expense is
analysed as follows:
Cash flow hedges 12 -
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. 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$150 million (2024:
US$108 million) is included in share of results of associates and joint
ventures. Share of tax credit of US$4 million (2024: tax charge of US$2
million) is included in other comprehensive income of associates and joint
ventures.
6. Earnings/(loss) per share
Basic earnings/(loss) per share are calculated on profit attributable to
shareholders of US$528 million (2024: loss of US$40 million) and on the
weighted average number of 292 million (2024: 289 million) shares in issue
during the period.
Diluted earnings/(loss) per share are calculated on profit attributable to
shareholders of US$528 million (2024: loss of US$40 million), which is after
adjusting for the effects of the conversion of dilutive potential ordinary
shares of subsidiaries and on the weighted average number of 292 million
(2024: 289 million) shares in issue during the period. There was no shares
deemed to be issued for no consideration for the calculation of diluted
earnings/(loss) per share under the Senior Share Executive Incentive Schemes
for the six months ended 30 June 2025 and 2024.
Additional basic and diluted earnings/(loss) per share are also calculated
based on underlying profit attributable to shareholders. A reconciliation of
earnings is set out below:
Six months ended 30 June
2025 2024
US$m Basic Diluted earnings per share US$m Basic Diluted
earnings per share US$ US$ (loss)/ (loss)/ earnings per share
earnings per share US$
US$
Profit/(loss) attributable to
shareholders 528 1.81 1.81 (40) (0.14) (0.14)
Non-trading items (note 7) 270 590
Underlying profit attributable to shareholders 798 2.73 2.73 550 1.91 1.90
7. Non-trading items
Non-trading items are separately identified to provide greater understanding
of the Group's underlying business performance. Items classified as
non-trading items include fair value gains or losses on revaluation of
investment properties, and 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, associates and joint ventures and other investments;
provisions for the closure of businesses; acquisition-related costs in
business combinations; and other credits and charges of a non-recurring nature
that require inclusion in order to provide additional insight into underlying
business performance.
Six months ended 30 June
2025 2024
Profit before tax Attributable to shareholders Profit before tax Attributable to shareholders
US$m US$m US$m US$m
By business:
Jardine Pacific (7) (7) (3) (3)
Zhongsheng (2) (2) (16) (16)
Hongkong Land (73) (37) (810) (440)
DFI Retail (143) (111) (42) (32)
Mandarin Oriental (91) (82) (119) (92)
Jardine Cycle & Carriage (150) (128) 9 3
Astra (5) (7) (52) (21)
Corporate and other interests 104 104 11 11
(367) (270) (1,022) (590)
Change in fair value of investment properties
- Hongkong Land (64) (33) (810) (440)
- other (119) (105) (92) (81)
(183) (138) (902) (521)
Change in fair value of other investments (61) (24) (20) 4
Sale and closure of businesses (113) (106) (48) (37)
Sale of a hotel 24 19 (32) (28)
Sale of property interests and land (3) (1) 6 4
Restructuring of businesses (7) (4) (5) (4)
Repayment of government subsidies (7) (6) - -
Other (17) (10) (21) (8)
(367) (270) (1,022) (590)
The 2024 comparative figures for other have been re-presented.
8. Dividends
Six months ended 30 June
2025 2024
US$m US$m
Final dividend in respect of 2024 of US$1.65 481 477
(2023: US$1.65) per share
An interim dividend in respect of 2025 of US$0.60 (2024: US$0.60) per share
amounting to a total of US$177 million (2024: US$174 million) is declared by
the Board and will be accounted for as an appropriation of revenue reserves in
the year ending 31 December 2025.
9. Assets and liabilities classified as held for sale
The major classes of assets and liabilities directly associated with assets
classified as held
for sale are set out below:
At 30 June At
31 December
2025 2024 2024
US$m US$m US$m
Intangible assets 21 - -
Tangible assets 46 80 -
Right-of-use assets 4 - 4
Investment properties 534 - 19
Associates and joint ventures 27 - 1,688
Current assets 34 3 17
Total assets 666 83 1,728
Current liabilities 13 1 -
In April 2025, Hongkong Land entered into sale and purchase agreements with
Hong Kong Exchanges and Clearing Limited for the sale of its interest in
certain floors of One Exchange Square for a total cash consideration of
approximately US$810 million. The transaction will conclude in stages as
individual floors are handed over, with the full transaction expected to
conclude within 2026. US$293 million cash consideration was received during
the period in 2025, with the remaining floors to be sold classified as held
for sale at 30 June 2025.
In June 2025, Mandarin Oriental signed agreements to sell its interests in the
Munich Hotel and agreed a long-term management agreement to manage the hotel.
This transaction is expected to be completed in the third quarter of the year.
Included in assets held for sale at 31 December 2024 was US$1,662 million
related to DFI Retail's disposal of its entire interest in Yonghui Superstores
Co., Ltd (Yonghui). The divestment of interest in Yonghui was completed in
February 2025.
10. Financial instruments
Financial instruments by category
The fair values of financial assets and financial liabilities, together with
carrying amounts at 30 June 2025 and 31 December 2024 are as follows:
Fair value of hedging instruments Fair value through profit and loss Fair value through other comprehensive income Financial assets at amortised costs Other financial liabilities Total Fair
US$m US$m US$m US$m US$m carrying value
amount US$m
US$m
30 June 2025
Financial assets measured at fair value
Other investments
- equity investments - 1,653 - - - 1,653 1,653
- debt investments - 425 1,100 - - 1,525 1,525
- limited partnership investment funds - 409 - - - 409 409
Derivative financial instruments 24 - - - - 24 24
24 2,487 1,100 - - 3,611 3,611
Financial assets not measured at fair value
Amounts due from associates - - - 435 - 435 435
Amounts due from joint ventures - - - 1,452 - 1,452 1,452
Debtors - - - 9,523 - 9,523 8,989
Bank balances - - - 5,390 - 5,390 5,390
- - - 16,800 - 16,800 16,266
Financial liabilities measured at fair value
Derivative financial instruments (115) - - - - (115) (115)
Contingent consideration payable - (4) - - - (4) (4)
(115) (4) - - - (119) (119)
Financial liabilities not measured at fair value
Borrowings - - - - (15,090) (15,090) (14,929)
Lease liabilities - - - - (3,517) (3,517) (3,517)
Trade and other - - - - (8,961) (8,961) (8,961)
payable excluding non-financial liabilities
- - - - (27,568) (27,568) (27,407)
Financial instruments by category
Fair value of hedging instruments Fair value through profit and loss Fair value through other comprehensive income Financial assets at amortised costs Other financial liabilities Total Fair
US$m US$m US$m US$m US$m carrying value
amount US$m
US$m
31 December 2024
Financial assets measured at fair value
Other investments
- equity investments - 1,666 - - - 1,666 1,666
- debt investments - 399 984 - - 1,383 1,383
- limited partnership investment funds - 388 - - - 388 388
Derivative financial instruments 59 - - - - 59 59
59 2,453 984 - - 3,496 3,496
Financial assets not measured at fair value
Amounts due from associates - - - 435 - 435 435
Amounts due from joint ventures - - - 1,574 - 1,574 1,574
Debtors - - - 9,148 - 9,148 8,653
Bank balances - - - 4,847 - 4,847 4,847
- - - 16,004 - 16,004 15,509
Financial liabilities measured at fair value
Derivative financial instruments (1,123) - - - - (1,123) (1,123)
Contingent consideration payable - (17) - - - (17) (17)
(1,123) (17) - - - (1,140) (1,140)
Financial liabilities not measured at fair value
Borrowings - - - - (15,888) (15,888) (15,440)
Lease liabilities - - - - (3,514) (3,514) (3,514)
Trade and other - - - - (8,850) (8,850) (8,850)
payable excluding non-financial liabilities
- - - - (28,252) (28,252) (27,804)
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/Level 1)
The fair values of listed securities and bonds are based on quoted prices in
active markets at the balance sheet date. The quoted market price used for
listed investments held by the Group is the current bid price.
(b) Inputs other than quoted prices in active markets that are observable
for the asset or liability, either directly or indirectly (observable current
market transactions/Level 2)
The fair values of derivative financial instruments are determined using rates
quoted by the Group's bankers at the balance sheet date. The rates for
interest rate swaps and caps, cross-currency swaps and forward foreign
exchange contracts are calculated by reference to market interest rates and
foreign exchange rates.
The fair values of unlisted investments mainly include club and school
debentures, are determined using prices quoted by brokers at the balance sheet
date.
(c) Inputs for assets or liabilities that are not based on observable market
data (unobservable inputs/Level 3)
The fair values of other unlisted equity and debt investments, and limited
partnership investment funds are determined using valuation techniques by
reference to observable current market transactions (including price-to
earnings and price-to book ratios of listed securities of entities engaged in
similar industries) or the market prices of the underlying investments with
certain degree of entity specific estimates or discounted cash flow by
projecting the cash inflows from these investments.
There were no changes in valuation techniques during the six months ended 30
June 2025 and the year ended 31 December 2024.
The table below analyses financial instruments carried at fair value at 30
June 2025 and 31 December 2024, by the levels in the fair value measurement
hierarchy:
Quoted Observable current Unobservable inputs Total
prices in market transactions US$m US$m
active US$m
markets
US$m
30 June 2025
Assets
Other investments
- equity investments 1,404 54 195 1,653
- debt investments 1,100 - 425 1,525
- limited partnership investment funds - - 409 409
2,504 54 1,029 3,587
Derivative financial instruments at fair value
- through other comprehensive income - 23 - 23
- through profit and loss - 1 - 1
2,504 78 1,029 3,611
Liabilities
Contingent consideration payable - - (4) (4)
Derivative financial instruments at fair value
- through other comprehensive income - (113) - (113)
- through profit and loss - (2) - (2)
- (115) (4) (119)
31 December 2024
Assets
Other investments
- equity investments 1,420 54 192 1,666
- debt investments 984 - 399 1,383
- limited partnership investment funds - - 388 388
2,404 54 979 3,437
Derivative financial instruments at fair value
- through other comprehensive income - 51 - 51
- through profit and loss - 8 - 8
2,404 113 979 3,496
Liabilities
Contingent consideration payable - - (17) (17)
Derivative financial instruments at fair value
- through other comprehensive income - (72) - (72)
- through profit and loss - (1,051) - (1,051)
- (1,123) (17) (1,140)
There were no transfers among the three categories for the six months ended 30
June 2025 and year ended 31 December 2024.
As part of the financial risk management strategy, the derivative liability
measured at fair value through profit and loss of US$1,051 million at 31
December 2024 represented a forward contract used as the hedging instrument to
mitigate the changes in fair value of the shares associated with DFI Retail's
interest in Yonghui, the hedged asset. As a result, fair value hedge
accounting was applied, with changes in the fair value of both the forward
contract and its interest in Yonghui recognised in profit and loss. The
divestment of its interest in Yonghui was completed in February 2025 (refer
note 9), and the related derivative liability was settled.
Movement of unlisted equity and debt investments, and limited partnership
investment funds, which are valued based on unobservable inputs during the
year ended 31 December 2024 and six months ended 30 June 2025 are as follows:
US$m
At 1 January 2024 917
Exchange differences (20)
Additions 86
Net change in fair value during the year included in profit and loss (4)
At 31 December 2024 and 1 January 2025 979
Exchange differences 26
Additions 10
Net change in fair value during the period included in profit and loss 14
At 30 June 2025 1,029
(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.
11. Notes to Consolidated Cash Flow Statement
(a) Net cash outflow for purchase of subsidiaries for the six months ended
30 June 2025 mainly included US$49 million for Astra's acquisition of 100%
interest in PT Pratista Industrial Properti Satu; and US$31 million for
Astra's increased interest in PT Supreme Energy Sriwijaya, from 49.6% to
80.2%.
(b) Purchase of associates and joint ventures for the six months ended 30
June 2025 comprised US$56 million for Astra's investment in PT Polinasi Iddea
Investama; US$17 million for Astra's capital injections to certain associates
and joint ventures in Indonesia; and US$11 million for Hongkong Land's
investment in Chinese mainland.
Purchases for the six months ended 30 June 2024 mainly included US$81 million
and US$21 million for Astra's acquisition of a 20% interest in PT Supreme
Energy Rantau Dedap and capital injection into PT Bank Saqu Indonesia
(formerly known as ʻPT Bank Jasa Jakartaʼ), respectively.
(c) Purchase of other investments for the six months ended 30 June 2025
mainly included Astra's acquisition of securities of US$156 million; and
Corporate's additional investments in limited partnership investment funds for
US$8 million.
Purchases for the six months ended 30 June 2024 mainly included Astra's
acquisition of securities of US$134 million; and Corporate's additional
investments in limited partnership investment funds for US$25 million.
(d) Advances to associates and joint ventures for the six months ended 30
June 2025 mainly included Hongkong Land's advances to its property joint
ventures.
Advances to associates and joint ventures for the six months ended 30 June
2024 included Hongkong Land's advances to its property joint ventures.
(e) Repayments from associates and joint ventures for the six months ended
30 June 2025 included Hongkong Land's repayments from its property joint
ventures.
Repayments from associates and joint ventures for the six months ended 30 June
2024 mainly included Hongkong Land's repayments from its property joint
ventures.
(f) Sale of subsidiaries
Six months ended 30 June
2025 2024
US$m US$m
Non-current assets - 326
Current assets 1 53
Non-current liabilities - (36)
Current liabilities - (29)
Non-controlling interests - 5
Net assets 1 319
Cumulative exchange translation losses - 54
Profit/(loss) on disposal 34 (94)
Deferred gain on sale and leaseback of a property - 5
Sales proceeds 35 284
Cash and cash equivalents of subsidiaries disposed of (1) (4)
Net cash inflow 34 280
Net cash inflow for sale of subsidiaries for the six months ended 30 June 2025
mainly included Astra's disposal of PT Borneo Berkat Makmur.
Net cash inflow for the six months ended 30 June 2024 included US$57 million
from DFI Retail's sale of a property holding company in Taiwan, and US$216
million from Mandarin Oriental's sale of a hotel in Paris.
(g) Sale of associates and joint ventures for the six months ended 30 June
2025 mainly included US$616 million and US$281 million for DFI Retail's sale
of Yonghui and Robinsons Retail, respectively, and US$37 million for Mandarin
Oriental's disposal of its Miami Hotel.
(h) Sale of other investments for the six months ended 30 June 2025
comprised US$46 million and US$9 million sale of securities in Astra's
financial services businesses and Corporate, respectively.
Sale of other investments for the six months ended 30 June 2024
mainly included sale of securities in Astra's financial services businesses.
(i) Change in interests in other subsidiaries
Six months ended 30 June
2025 2024
US$m US$m
Increase in attributable interests
- Hongkong Land (103) -
- Jardine Cycle & Carriage (32) (395)
- Mandarin Oriental - (110)
Decrease in attributable interest
- PT Astra Digital Mobil 121 -
(14) (505)
12. Capital commitments and contingent liabilities
Total capital commitments at 30 June 2025 and 31 December 2024 amounted to
US$2,347 million and US$2,555 million, respectively.
Following the acquisition of the 15 per cent of Jardine Strategic not
previously owned by the Company and its wholly-owned subsidiaries, which was
effected on 14 April 2021, a number of former Jardine Strategic shareholders
are seeking an appraisal of the fair value of their shares in Jardine
Strategic by the Bermuda court, relying upon the process referred to in the
shareholder circular issued in connection with the acquisition. These
shareholders claim the consideration of US$33 per share that Jardine Strategic
considered to be fair value for its shares, and that all shareholders have
already received, did not represent fair value. Although the proceedings were
commenced in April 2021, they are still ongoing. It is anticipated that the
court appraisal process will not be concluded for at least a further 12 months
and will likely extend further. The Board believes that the US$33 per share
that was paid represented fair value to Jardine Strategic minority
shareholders and is of the opinion that no provision is required in relation
to these claims.
Various Group companies are involved in litigation arising in the ordinary
course of their respective businesses. Having reviewed outstanding claims and
taking into account legal advice received, the Directors are of the opinion
that adequate provisions have been made in the condensed financial statements.
13. Related party transactions
In the normal course of business the Group undertakes a variety of
transactions with certain of its associates and joint ventures.
Six months ended 30 June
2025 2024
US$m US$m
Sales to associates and joint ventures
- motor vehicles and spare parts 360 355
- coal mining and heavy equipment 288 363
- crude palm oil 183 100
831 818
Purchase from associates and joint ventures
- motor vehicles and spare parts 2,522 2,799
The Group has engaged one of its joint ventures in the construction business
for the capital expenditure works. The value of works completed amounted to
US$25 million (2024: nil) and commitments related to the works amounted to
US$198 million (31 December 2024: US$223 million).
In June 2025, Mandarin Oriental completed the sale of 25% ownership stake in
the Miami Hotel, to Swire General Hotel LLC, an owner of the associate hotel,
at a total consideration of US$37 million, consisting of cash consideration of
US$17 million and repayment of shareholder loan of US$20 million. Mandarin
Oriental recognised a non-trading gain of US$24 million.
There were no other related party transactions that were 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.
14. Post balance sheet event
In July 2025, Astra signed a conditional share sale and purchase agreement to
acquire an 83.7% stake in Mega Manunggal Property, an industrial and logistics
property developer listed on the Indonesia Stock Exchange.
Jardine Matheson Holdings Limited
Principal Risks and Uncertainties
The Board has overall responsibility for risk management and internal control.
The following have been identified previously as the areas of principal risk
and uncertainty facing the Company, and they remain relevant in the second
half of the year.
● Portfolio performance and optimisation
● Capital market fluctuations
● Geopolitical and economic
● Strategic partnerships
● Financial strength, funding and integrity of reporting
● Climate risk
● Technology and cybersecurity
● People & culture and safety
● Compliance risk and evolving laws and regulations
● Governance and conduct
For greater detail, please refer to pages 97 to 104 of the Company's 2024
Annual Report, a copy of which is available on the Company's website at
www.jardines.com.
Responsibility Statements
The Directors of the Company confirm that, to the best of their knowledge:
(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
John Witt
Graham Baker
Directors
Dividend Information for Shareholders
The interim dividend of US$0.60 per share will be payable on 15 October 2025
to shareholders on the register of members at the close of business on 22
August 2025. The shares will be quoted ex-dividend on 21 August 2025 and the
share registers will be closed from 25 to 29 August 2025, inclusive. The
dividend will be available in cash with a scrip alternative.
Shareholders will receive their cash dividends in United States Dollars,
except when elections are made for alternate currencies in the following
circumstances.
Shareholders on the Jersey branch register
Shareholders registered on the Jersey branch register will have the option to
elect for their dividends to be paid in Pounds Sterling. These shareholders
may make new currency elections for the 2025 interim dividend by notifying the
United Kingdom transfer agent in writing by 26 September 2025. The Pounds
Sterling equivalent of dividends declared in United States Dollars will be
calculated by reference to a rate prevailing on 2 October 2025.
Shareholders holding their shares through CREST in the United Kingdom will
receive their cash dividends in Pounds 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 enrolled in CDP's Direct Crediting Service (DCS)
Those shareholders who are enrolled in 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 enrolled in CDP's DCS
Those shareholders who are not enrolled in 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 22 August 2025, 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 21 August 2025.
The Jardine Matheson Group
Jardine Matheson is a diversified, Asia-focused investment company. Founded in
China in 1832, Jardines' long-term success has been driven by our adaptability
and resilience. Our aim is to deliver superior, long-term returns for
Jardines' shareholders from a portfolio of market-leading businesses, each of
which is strategically positioned to capture growth opportunities driven by
themes such as urbanisation and the expanding middle-income population across
Asia.
Our role as an engaged investor:
· We ensure highly-qualified boards and leadership teams are in place
across the Group, with incentives aligned to driving shareholder value by
building better, stronger businesses.
· We influence strategy and drive delivery and performance through
representation on the boards of our portfolio companies, which have clear
accountability for strategy and operational delivery.
· At the Corporate level, we aim for decisive portfolio management built
on disciplined capital allocation and investment expertise.
We underpin this approach with a longstanding reputation for integrity,
comprehensive risk management, enduring relationships, excellent access to
funding, and a strong balance sheet.
Since our founding, the Group has benefitted from the role of family
shareholders who act as stewards of Jardines' vision, values, and commitments,
which include embedding sustainability across our portfolio companies. We are
proud to build value for shareholders while also making a positive
contribution to the communities we serve.
Jardine Matheson holds interests in Jardine Cycle & Carriage (JC&C)
(85.0%), Hongkong Land (53.9%), DFI Retail Group (77.5%), Mandarin Oriental
(88.0%), Zhongsheng (21.4%) and Jardine Pacific (100%). JC&C in turn has a
50.1% shareholding in Astra International.
Our portfolio companies are active in the fields of automotives and related
operations, property investment and development, food retailing, health and
beauty, home furnishings, engineering and construction, transport services,
restaurants, luxury hotels, financial services, heavy equipment, mining and
agribusiness.
Jardine Matheson 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.
- end -
For further information, please contact:
Jardine Matheson
Graham Baker / Suzanne
Cheuk
(852) 2843 8218 / 8262
Brunswick Group
Edward
Tam
(852) 9878 7201
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 30 June 2025 to shareholders. This Half-Year Results announcement
will be made available on the Company's website, www.jardines.com, together
with other Group announcements.
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