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JARDINE MATHESON
Annual Report
2022
2022
Creating
Long-Term,
Sustainable
Value
Long-Term,
Sustainable
Value
Group Overview
Jardine Matheson is a diversified Asia-based group founded in China in 1832, with unsurpassed experience in the region. Our broad portfolio of market-leading businesses represents a combination of cash generating activities and long-term property assets, which are closely aligned to the increasingly prosperous consumers of the region. The Group’s businesses aim to produce sustainable returns by providing their customers with high quality products and services. We are committed to driving long-term sustainable success in our businesses and our communities.
Highlights
- Underlying profit and underlying earnings per share grow by 5% and 14%, respectively
- Strong performance in Southeast Asia, led by Astra
- Continued pressure on China (including Hong Kong) in the second half
- Full year dividend of US$2.15, up 8%
US$104758m
Gross revenue
US$3930m
Underlying profit
before tax*
before tax*
US$27724m
Revenue
US$254m
Profit attributable to
shareholders
shareholders
US$79148m
Total assets
US$584m
Underlying profit
attributable to
shareholders*
attributable to
shareholders*
US$18826m
Shareholders’ funds
US$8657m
Total capital
investment†
investment†
US$6515m
Net borrowings#
325000
People employed^
*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 41 to the financial statements. Management considers this to be a key measure which provides additional information to enhance understanding of the Group’s underlying business performance.
†Including expenditure on properties for sale and associates and joint ventures.
#Excluding net borrowings of financial services companies.
^Includes major associates and joint ventures.
Creating Value at Jardines
John Witt, Group Managing Director, discusses the strengths of our portfolio across China and Southeast Asia, and the opportunities ahead for the Group
Graham Baker, Group Finance Director, shares more about the Group’s capital allocation strategy that supports growth for the long-term
Chairman’s Statement
Jardines delivered a good performance overall in 2022, with results recovering to pre-pandemic levels seen in 2019. There were strong results from Southeast Asia, in particular Astra and JC&C, but the performance of our businesses in Hong Kong and on the Chinese mainland continued to be materially impacted by the continuation of pandemic restrictions there, which only began to be relaxed in December. The Group’s resilience through the pandemic, however, together with its diversified portfolio, have established a solid foundation for future growth.
Ben Keswick
Executive Chairman
Group Managing Director’s Review
We are optimistic that the reopening of borders, as well as opportunities in Southeast Asia, will drive the Group’s cyclical recovery during 2023 despite softening commodity prices, and we remain confident in our strategy for sustainable, long-term profit growth.
John Witt
Group Managing Director
Financial Review
The Group’s underlying profit and underlying earnings per share in 2022 were up by 5% and 14%, respectively (9% and 18% at constant exchange rates). Reported results benefitted from the impact of the Company’s acquisition of the remaining 15% minority interest in Jardine Strategic in April 2021 to simplify the Group’s ownership structure. Excluding the impact of this Group simplification, increases in reported underlying net profit and underlying earnings per share in 2022 were 1% and 4%, respectively.
Graham Baker
Group Finance Director
Sustainability
Over the past year, the Group continued to progress its sustainability agenda, with a focus on providing greater transparency of sustainability activities across our businesses. The Group reached a key milestone with the publication of its inaugural Sustainability Report in June 2022, disclosing the sustainability practices and performance of the Group and its businesses. We have continued to work with our Group businesses to enhance alignment across Jardines, while our businesses have actively led sustainability agendas relevant to their own operations.
