REG - Jardine Matheson HdgJardine Strategic - Half Yearly Report <Origin Href="QuoteRef">JARD.SI</Origin> <Origin Href="QuoteRef">JSH.SI</Origin> - Part 2
29/10/2014 09:25
- Part 2: For the preceding part double click ID:nRSA0031Oa
4,640 4,608 5,214
17,733 17,516 16,779
Non-current assets classified as held for sale 4 4 7
Current assets 17,737 17,520 16,786
Total assets 66,456 65,145 63,835
Equity
Share capital 172 169 170
Share premium and capital reserves 130 117 119
Revenue and other reserves 21,702 20,320 20,761
Own shares held (2,985) (2,549) (2,664)
Shareholders' funds 19,019 18,057 18,386
Non-controlling interests 25,165 24,926 24,396
Total equity 44,184 42,983 42,782
Liabilities
Long-term borrowings
- non-financial services companies 5,550 5,127 4,799
- financial services companies 1,744 1,998 1,674
7,294 7,125 6,473
Deferred tax liabilities 721 792 733
Pension liabilities 309 394 294
Non-current creditors 426 411 390
Non-current provisions 147 147 134
Non-current liabilities 8,897 8,869 8,024
Current creditors 8,889 7,985 7,921
Current borrowings
- non-financial services companies 2,004 2,731 2,732
- financial services companies 2,096 2,242 2,079
4,100 4,973 4,811
Current tax liabilities 315 278 226
Current provisions 71 57 71
Current liabilities 13,375 13,293 13,029
Total liabilities 22,272 22,162 21,053
Total equity and liabilities 66,456 65,145 63,835
Jardine Matheson Holdings Limited Consolidated Statement of Changes in Equity
SharecapitalUS$m SharepremiumUS$m CapitalreservesUS$m RevenuereservesUS$m AssetrevaluationreservesUS$m HedgingreservesUS$m ExchangereservesUS$m OwnsharesheldUS$m Attributable to shareholders of the CompanyUS$m Attributableto non-controlling interestsUS$m Totalequity US$m
Six months ended 30th June 2014 (unaudited)
At 1st January 2014 170 19 100 21,224 169 7 (639) (2,664) 18,386 24,396 42,782
Total comprehensive income - - - 802 2 (6) 64 - 862 1,294 2,156
Dividends paid by the Company (note 8) - - - (380) - - - - (380) 68 (312)
Dividends paid to non-controlling interests - - - - - - - - - (663) (663)
Issue of shares - 2 - - - - - - 2 - 2
Employee share option schemes - - 11 - - - - - 11 1 12
Scrip issued in lieu of dividends 2 (2) - 449 - - - - 449 - 449
Increase in own shares held - - - - - - - (321) (321) (68) (389)
Change in interests in subsidiaries - - - 12 - - - - 12 137 149
Change in interests in associates and joint ventures - - - (2) - - - - (2) - (2)
Transfer - 1 (1) - - - - - - - -
At 30th June 2014 172 20 110 22,105 171 1 (575) (2,985) 19,019 25,165 44,184
Six months ended 30th June 2013 (unaudited)
At 1st January 2013 168 16 89 19,545 168 (19) 67 (2,234) 17,800 24,573 42,373
Total comprehensive income - - - 752 - 5 (183) - 574 912 1,486
Dividends paid by the Company (note 8) - - - (367) - - - - (367) 66 (301)
Dividends paid to non-controlling interests - - - - - - - - - (738) (738)
Issue of shares - 2 - - - - - - 2 - 2
Employee share option schemes - - 11 - - - - - 11 2 13
Scrip issued in lieu of dividends 1 (1) - 453 - - - - 453 - 453
Increase in own shares held - - - - - - - (315) (315) (55) (370)
Subsidiaries acquired - - - - - - - - - 68 68
Capital contribution from non-controlling interests - - - - - - - - - 76 76
Change in interests in subsidiaries - - - (98) - - - - (98) 22 (76)
Change interests in associates and joint ventures - - - (3) - - - - (3) - (3)
Transfer - 1 (1) - - - - - - - -
At 30th June 2013 169 18 99 20,282 168 (14) (116) (2,549) 18,057 24,926 42,983
Year ended 31st December 2013
At 1st January 2013 168 16 89 19,545 168 (19) 67 (2,234) 17,800 24,573 42,373
Total comprehensive income - - - 1,673 1 26 (706) - 994 691 1,685
Dividends paid by the Company - - - (503) - - - - (503) 90 (413)
Dividends paid to non-controlling interests - - - - - - - - - (996) (996)
Issue of shares - 3 - 1 - - - - 4 - 4
Employee share option schemes - - 21 - - - - - 21 3 24
Scrip issued in lieu of dividends 2 (2) - 626 - - - - 626 - 626
Increase in own shares held - - - - - - - (430) (430) (78) (508)
Subsidiaries acquired - - - - - - - - - 54 54
Subsidiaries disposed of - - - - - - - - - (1) (1)
Capital contribution from non-controlling interests - - - - - - - - - 75 75
Change in interests in subsidiaries - - - (123) - - - - (123) (15) (138)
Change in interests in associates and joint ventures - - - (3) - - - - (3) - (3)
Transfer - 2 (10) 8 - - - - - - -
At 31st December 2013 170 19 100 21,224 169 7 (639) (2,664) 18,386 24,396 42,782
Total comprehensive income for the six months ended 30th June 2014 included in revenue reserves comprises profit attributable to shareholders of the Company of US$818 million (2013: US$784 million) and net fair value loss on other investments of US$5 million (2013: US$32 million). Cumulative net fair value gain on other investments amounted to US$264 million.
Total comprehensive income for the year ended 31st December 2013 included in revenue reserves comprises profit attributable to shareholders of the Company of US$1,566 million and net fair value gain on other investments (net of impairment and transfer to profit and loss) of US$43 million. Cumulative net fair value gain on other investments amounted to US$269 million.
Jardine Matheson Holdings Limited Consolidated Cash Flow Statement
(unaudited)Six months ended 30th June Year ended 31st December
2014US$m 2013US$m 2013US$m
Operating activities
Operating profit 1,846 1,736 3,510
Change in fair value of investment properties (16) 43 60
Depreciation and amortization 491 536 1,039
Other non-cash items 52 97 309
Increase in working capital (747) (355) (258)
Interest received 92 56 131
Interest and other financing charges paid (138) (148) (271)
Tax paid (364) (489) (970)
1,216 1,476 3,550
Dividends from associates and joint ventures 427 348 650
Cash flows from operating activities 1,643 1,824 4,200
Investing activities
Purchase of subsidiaries (note 10(a)) (3) (87) (127)
Purchase of associates and joint ventures (note 10(b)) (121) (80) (492)
Purchase of shares and convertible bonds in Zhongsheng (731) - -
Purchase of other investments (note 10(c)) (36) (92) (107)
Purchase of intangible assets (158) (160) (296)
Purchase of tangible assets (601) (947) (1,506)
Additions to investment properties (104) (86) (229)
Additions to plantations (27) (36) (65)
Advance to associates, joint ventures and others (note 10(d)) (7) (94) (6)
Advance and repayment from associates, joint ventures and others (note10(e)) 42 72 219
Sale of subsidiaries (note10(f)) - 29 39
Sale of other investments (note 10(g)) 138 94 109
Sale of intangible assets 1 1 8
Sale of tangible assets 44 19 80
Sale of investment properties - - 1
Cash flows from investing activities (1,563) (1,367) (2,372)
Financing activities
Issue of shares 2 2 4
Capital contribution from non-controlling interests - 76 75
Advance from non-controlling interests - - 1
Change in interests in subsidiaries (note 10(h)) 151 (52) (114)
Drawdown of borrowings 9,969 8,889 16,632
Repayment of borrowings (9,915) (8,102) (15,973)
Dividends paid by the Company (252) (218) (295)
Dividends paid to non-controlling interests (663) (738) (996)
Cash flows from financing activities (708) (143) (666)
Net (decrease)/increase in cash and cash equivalents (628) 314 1,162
Cash and cash equivalents at beginning of period 5,189 4,253 4,253
Effect of exchange rate changes 47 (25) (226)
Cash and cash equivalents at end of period 4,608 4,542 5,189
Jardine Matheson Holdings Limited Analysis of Profit Contribution
(unaudited)Six months ended 30th June Year ended 31st December
2014US$m 2013US$m 2013US$m
Reportable segments
Jardine Pacific 47 44 110
Jardine Motors 52 20 59
Jardine Lloyd Thompson 52 42 76
Hongkong Land 178 213 385
Dairy Farm 143 145 307
Mandarin Oriental 28 32 56
Jardine Cycle & Carriage 22 15 35
Astra 231 258 508
753 769 1,536
Corporate and other interests (14) (16) (34)
Underlying profit attributable to shareholders* 739 753 1,502
Increase in fair value of investment properties 54 33 113
Other non-trading items 25 (2) (49)
Profit attributable to shareholders 818 784 1,566
Analysis of Jardine Pacific's contribution
Jardine Schindler 17 17 36
Jardine Engineering Corporation 8 6 28
Gammon 3 6 27
Jardine Restaurants 11 6 6
Transport Services 9 16 31
Jardine OneSolution 3 (1) (5)
Jardine Property Investment 3 3 5
Corporate and other interests (7) (9) (18)
47 44 110
Analysis of Jardine Motors' contribution
Hong Kong and mainland China 38 8 39
United Kingdom 15 12 21
Corporate (1) - (1)
52 20 59
* Underlying profit attributable to shareholders is the measure of profit adopted by the Group in accordance with IFRS 8 'Operating Segments'.
Jardine Matheson Holdings LimitedNotes 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'. The
condensed financial statements have been prepared on a going concern basis. The condensed financial statements have not
been audited or reviewed by the Group's auditors pursuant to the UK Auditing Practices Board guidance on the review of
interim financial information.
The following amendments and interpretation which are effective in the current accounting period and relevant to the
Group's operations are adopted in 2014:
Amendments to IAS 32 Offsetting Financial Assets and Financial Liabilities
Amendments to IAS 36 Recoverable Amount Disclosures for Non-Financial Assets
Amendments to IAS 39 Novation of Derivatives and Continuation of Hedge Accounting
IFRIC 21 Levies
Amendments to IAS 32 'Offsetting Financial Assets and Financial Liabilities' are made to the application guidance in IAS 32
and clarify some of the requirements for offsetting financial assets and financial liabilities on the balance sheet.
Specifically, the amendments clarify the meaning of 'currently has a legally enforceable right of offset' and 'simultaneous
realization and settlement'.
Amendments to IAS 36 'Recoverable Amount Disclosures for Non-Financial Assets' set out the changes to the disclosures when
recoverable amount is determined based on fair value less costs of disposal. The key amendments are (a) to remove the
requirement to disclose recoverable amount when a cash generating unit (CGU) contains goodwill or indefinite lived
intangible assets but there has been no impairment, (b) to require disclosure of the recoverable amount of an asset or CGU
when an impairment loss has been recognized or reversed, and (c) to require detailed disclosure of how the fair value less
costs of disposal has been measured when an impairment loss has been recognized or reversed.
Amendments to IAS 39 'Novation of Derivatives and Continuation of Hedge Accounting' provide relief from discontinuing hedge
accounting when novation of a hedging instrument to a central counterparty meets specified criteria.
IFRIC 21 'Levies' sets out the accounting for an obligation to pay a levy that is not income tax. The interpretation
clarifies that the obligating event that gives rise to a liability to pay a levy is the activity described in the relevant
legislation that triggers the payment of the levy.
There have been no changes to the accounting policies described in the 2013 annual financial statements upon the adoption
of the above amendments and interpretation to existing standards. The adoption of these amendments and interpretation do
not have any significant impact on the results or financial position of the Group.
The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
2. Revenue
Six months ended 30th June
Gross revenue Revenue
2014US$m 2013US$m 2014US$m 2013US$m
By business:
Jardine Pacific 2,779 2,527 1,234 1,104
Jardine Motors 2,597 2,158 2,597 2,158
Jardine Lloyd Thompson 937 748 - -
Hongkong Land 1,069 2,039 602 912
Dairy Farm 6,312 6,033 5,299 5,102
Mandarin Oriental 518 509 341 327
Jardine Cycle & Carriage 1,731 1,565 808 701
Astra 15,196 16,205 8,694 9,702
Intersegment transactions (357) (425) (10) (10)
30,782 31,359 19,565 19,996
Gross revenue comprises revenue together with 100% of revenue from associates and joint ventures.
3. Net Operating Costs
Six months ended 30th June
2014US$m 2013US$m
Cost of sales (15,048) (15,638)
Other operating income 270 263
Selling and distribution costs (2,004) (1,906)
Administration expenses (918) (923)
Other operating expenses (35) (13)
(17,735) (18,217)
Net operating costs included the following gains/(losses) from non-trading items:
Sale of property interests 11 1
Sale of other investments 16 -
Sale of business 10 -
Fair value gain on convertible component of Zhongsheng bonds 4 -
Expenses relating to transfer of listing segment of group companies' shares (6) -
Other (1) -
34 1
4. Share of Results of Associates and Joint Ventures
Six months ended 30th June
2014US$m 2013US$m
By business:
Jardine Pacific 38 47
Jardine Lloyd Thompson 46 38
Hongkong Land 199 286
Dairy Farm 22 22
Mandarin Oriental 7 13
Jardine Cycle & Carriage 20 13
Astra 282 311
614 730
Share of results of associates and joint ventures included the following gains/(losses) from non-trading items:
Increase in fair value of investment properties 123 131
Reversal of asset impairment - 3
Restructuring of businesses (5) (4)
Negative goodwill on acquisition of business 38 -
156 130
Results are shown after tax and non-controlling interests in the associates and joint ventures.
5. Tax
Six months ended 30th June
2014US$m 2013US$m
Tax charged to profit and loss is analyzed as follows:
Current
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