TIDMDFI TIDMJAR TIDMJDS
RNS Number : 4082H
Dairy Farm International Hldgs Ltd
01 August 2019
To: Business Editor 1st August 2019
For immediate release
The following announcement was issued today to a Regulatory
Information Service approved by the Financial Conduct Authority in
the United Kingdom.
DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
HALF-YEARLY RESULTS FOR THE SIX MONTHSED 30TH JUNE 2019
Highlights
-- Combined sales (including 100% of associates and joint ventures) up 13%
-- Subsidiary sales down 3% driven by business change
-- Underlying profit up 5%
-- Continuing positive sales growth in four out of five Divisions
-- Improving trends in Southeast Asia
-- Multi-year transformation continues on track
"While the Group will begin to see some early benefits from its
transformation programme during the remainder of the year, sales
growth may be tempered by general market uncertainties. The Group
remains firmly focused on the successful delivery of its
transformation plan for the benefit of our customers, team members
and shareholders."
Ben Keswick
Chairman
Results
(unaudited)
Six months ended 30th
June
2019 2018 Change
US$m US$m %
restated
Combined total sales including 100%
of associates and joint ventures 13,781 12,215 +13
Sales 5,761 5,929 -3
Underlying profit attributable to shareholders* 177 168 +5
Profit attributable to shareholders 178 178 -
USc USc %
Underlying earnings per share* 13.05 12.38 +5
Basic earnings per share 13.16 13.13 -
Interim dividend per share 6.50 6.50 -
* 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 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.
the accounts have been restated due to changes in accounting policies
upon adoption of IFRS 16 'Leases', as set out in note 1 to the
condensed financial statements.
The interim dividend of USc6.50 per share will be payable on
17th October 2019 to shareholders on the register of members at the
close of business on 23rd August 2019.
DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
HALF-YEARLY RESULTS FOR THE SIX MONTHSED 30TH JUNE 2019
OVERVIEW
The first half of the year saw a strong performance from the
Health and Beauty Division, and solid sales performances from
Convenience, Home Furnishings and Restaurants. The Group's
underlying profit benefitted from higher contributions from Yonghui
and Robinsons Retail partially offset by continuing business
transformation costs.
Following the completion of the strategic review and the
development of the multi-year transformation plan to reshape the
business last year, Dairy Farm is implementing a range of
programmes to improve business performance and achieve long-term
sustainable growth.
RESULTS
Combined sales, including 100% of associates and joint ventures,
rose by 13% over the same period last year to US$13.8 billion,
primarily due to the impact of the strategic investment in
Robinsons Retail and a strong performance by Yonghui.
Sales by the Group's subsidiaries in the first half were 3%
lower than the same period last year (1% lower at constant rates of
exchange), predominantly as a result of the deconsolidation of the
Rustan Supercenters business in the final quarter of 2018 and the
space optimisation plan for the Food business currently taking
place in Southeast Asia.
Underlying profit, restated following the adoption of the new
lease accounting standard, IFRS 16, was US$177 million, 5% higher
than the same period last year. Results benefitted from improved
profit margins at Yonghui, the deconsolidation of its associate
business Yunchuang, and the additional profit contribution from the
investment in the Robinsons Retail business in the Philippines.
While investment associated with the business transformation
impacted overall profit growth, these costs are essential to ensure
that we can strengthen the Group in areas such as people
capability, IT infrastructure and digital development, in order to
support future business improvement. The earnings impact of these
important investments is expected to reduce over time. Underlying
earnings per share were USc13.05.
Operating cash flow for the period was a net inflow of US$672
million, compared with US$711 million in the first half of 2018. As
at 30th June 2019, the Group's net debt was US$820 million,
compared to US$744 million as at 31st December 2018. The movement
in both operating cash flows and net debt was primarily due to the
business change investments being made. An interim dividend of
USc6.50 per share has been declared, unchanged from the previous
period.
OPERATING PERFORMANCE
While both supermarket and hypermarket sales were impacted by
the deconsolidation of Rustan Supercenters and the Southeast Asian
Food space optimisation plan, the Division's operating profit
remained in line with the previous year. Underlying sales
performance has begun to show signs of growth, reflecting
improvements in quality, availability, price competitiveness and
general operating standards, notably in Southeast Asia. In North
Asia, sales in Hong Kong continued to grow, particularly in the
upscale stores, though Taiwan is increasingly under threat from the
aggressive space expansion of local competitors.
Sales in all other Divisions within the Group delivered positive
growth in the first half.
The Group's Convenience store operations achieved higher sales
in all markets, with the strongest growth coming from our stores in
mainland China. Overall profits were slightly lower than last year
as investment in store space growth over the period exceeded the
higher profits achieved in both Hong Kong and Macau.
In the Health and Beauty Division, strong sales were reported in
North Asia, against significant sales growth in the same period
last year, reinforcing the strength and resilience of the Mannings
brand.
Guardian in Southeast Asia also reported an encouraging
improvement in sales and profit performance during the period, with
the delivery of much better overall operating standards, as well as
improvements in service and product availability. A growing
customer base in both Indonesia and Malaysia reflects the focus on
delivering an improving product offer as well as better value.
IKEA achieved higher sales growth in all markets, both at a
total sales level and on a like-for-like basis. However,
profitability was lower due to a combination of an increased cost
of goods and pre-opening expenses for new stores under development
in Taiwan and Indonesia. E-commerce activities are growing, with
positive results in all markets, and a successful relaunch of the
Hong Kong website was completed in June, following a similar
upgrade in Indonesia late last year. An upgrade in Taiwan will
follow by the end of 2019.
Maxim's delivered good performances across all its key
businesses, especially restaurants, where customers have shown
strong engagement with new franchises.
Yonghui reported strong underlying sales and profit growth,
mainly driven by the continuing expansion of its store network and
healthy sales growth. Yonghui's profit also benefitted from the
partial divestment of its associate, Yunchuang at the end of
2018.
The Group benefitted from a profit contribution from its new 20%
investment in Robsinsons Retail, which was acquired in November
2018.
BUSINESS DEVELOPMENTS
Every area of Dairy Farm's subsidiary businesses is undergoing
some form of business transition and this scale of change will take
time to execute successfully in a sustainable way. Within Southeast
Asia Food, optimisation of the store portfolio is continuing which
will have a positive effect on results in the second half. As part
of our space realignment strategy in Indonesia, work is underway to
transform a Giant Hypermarket into an IKEA store.
In May, Maxim's acquired the Starbucks franchise in Thailand,
with 372 stores in operation, through a 64%-owned joint
venture.
As at 30th June 2019, Dairy Farm, including associates and joint
ventures, operated over 10,000 outlets across all formats, compared
with some 9,700 at 31st December 2018. The total number of stores
reflects the addition of the portfolio of Robinsons Retail in the
Philippines, as well as the impact of the Group's ongoing store
change programme.
PEOPLE
Neil Galloway stepped down as Group Finance Director at the end
of March 2019. We would like to thank him for the contribution he
made to the Company over more than five years. Michael Kok stepped
down from the Board on 8th May 2019. We would like to express our
gratitude for the significant contribution he made to the Group
over many years.
OUTLOOK
While the Group will begin to see some early benefits from its
transformation programme during the remainder of the year, sales
growth may be tempered by general market uncertainties. The Group
remains firmly focused on the successful delivery of its
transformation plan for the benefit of our customers, team members
and shareholders.
Ben Keswick
Chairman
Dairy Farm International Holdings Limited
Consolidated Profit and Loss Account
(unaudited)
Six months ended 30th June Year ended 31st December
2019 2018 2018
----------- ----------- --------- ----------- ----------- --------- ----------- ----------- ---------
Underlying Underlying
Underlying business business Non-trading
business Non-trading performance Non-trading Total performance items Total
performance items Total US$m items US$m US$m US$m US$m
US$m US$m US$m restated US$m restated restated restated restated
Sales (note 2) 5,760.8 - 5,760.8 5,928.7 - 5,928.7 11,749.3 - 11,749.3
Cost of sales (3,988.8) - (3,988.8) (4,126.1) - (4,126.1) (8,100.5) - (8,100.5)
----------- ----------- --------- ----------- ----------- --------- ----------- ----------- ---------
Gross margin 1,772.0 - 1,772.0 1,802.6 - 1,802.6 3,648.8 - 3,648.8
Other operating
income 98.2 - 98.2 94.5 9.1 103.6 194.9 207.0 401.9
Selling and
distribution
costs (1,358.1) - (1,358.1) (1,409.2) - (1,409.2) (2,817.7) - (2,817.7)
Administration
and
other operating
expenses (277.7) (0.5) (278.2) (240.6) - (240.6) (532.0) (499.7) (1,031.7)
----------- ----------- --------- ----------- ----------- --------- ----------- ----------- ---------
Operating profit
(note 3) 234.4 (0.5) 233.9 247.3 9.1 256.4 494.0 (292.7) 201.3
Financing charges (88.0) - (88.0) (87.4) - (87.4) (177.5) - (177.5)
Financing income 3.7 - 3.7 1.6 - 1.6 5.1 - 5.1
Net financing
charges (84.3) - (84.3) (85.8) - (85.8) (172.4) - (172.4)
Share of results
of associates
and
joint ventures
(note
4) 71.9 1.9 73.8 51.6 1.0 52.6 112.7 1.2 113.9
----------- ----------- --------- ----------- ----------- --------- ----------- ----------- ---------
Profit before tax 222.0 1.4 223.4 213.1 10.1 223.2 434.3 (291.5) 142.8
Tax (note 5) (43.7) - (43.7) (49.5) - (49.5) (93.1) (2.8) (95.9)
----------- ----------- --------- ----------- ----------- --------- ----------- ----------- ---------
Profit after tax 178.3 1.4 179.7 163.6 10.1 173.7 341.2 (294.3) 46.9
----------- ----------- --------- ----------- ----------- --------- ----------- ----------- ---------
Attributable to:
Shareholders of
the
Company 176.6 1.4 178.0 167.5 10.1 177.6 341.8 (277.2) 64.6
Non-controlling
interests 1.7 - 1.7 (3.9) - (3.9) (0.6) (17.1) (17.7)
----------- ----------- --------- ----------- ----------- --------- ----------- ----------- ---------
178.3 1.4 179.7 163.6 10.1 173.7 341.2 (294.3) 46.9
----------- ----------- --------- ----------- ----------- --------- ----------- ----------- ---------
USc USc USc USc USc USc
Earnings per
share
(note 6)
- basic 13.05 13.16 12.38 13.13 25.27 4.78
- diluted 13.05 13.15 12.38 13.13 25.26 4.77
----------- --------- ----------- --------- ----------- ---------
Dairy Farm International Holdings Limited
Consolidated Statement of Comprehensive Income
(unaudited)
Six months ended Year ended
30th June 31st December
2018 2018
2019 US$m US$m
US$m restated restated
Profit for the period 179.7 173.7 46.9
Other comprehensive income
-------- --------- --------------
Items that will not be reclassified
to profit or loss:
-------- --------- --------------
Remeasurements of defined benefit
plans (0.7) (0.1) (12.0)
Tax relating to items that will
not be reclassified 0.2 0.1 2.2
(0.5) - (9.8)
Share of other comprehensive income
of associates and joint ventures - - 0.9
-------- --------- --------------
(0.5) - (8.9)
-------- --------- --------------
Items that may be reclassified
subsequently to profit or loss:
Net exchange translation differences
-------- --------- --------------
* net gain/(loss) arising during the period 24.9 (62.9) (90.0)
* transfer to profit and loss - 1.0 45.1
24.9 (61.9) (44.9)
Cash flow hedges
-------- --------- --------------
* net gain arising during the period 2.9 5.6 3.1
* transfer to profit and loss (3.8) 0.8 1.8
(0.9) 6.4 4.9
Tax relating to items that may
be reclassified 0.1 (1.2) (1.0)
Share of other comprehensive expense
of associates and joint ventures - (0.4) -
-------- --------- --------------
24.1 (57.1) (41.0)
-------- --------- --------------
Other comprehensive income/(expense)
for the period, net of tax 23.6 (57.1) (49.9)
-------- --------- --------------
Total comprehensive income for
the period 203.3 116.6 (3.0)
-------- --------- --------------
Attributable to:
Shareholders of the Company 201.0 123.8 17.9
Non-controlling interests 2.3 (7.2) (20.9)
-------- --------- --------------
203.3 116.6 (3.0)
-------- --------- --------------
Dairy Farm International Holdings Limited
Consolidated Balance Sheet
(unaudited) At 31st
At 30th June December
2019 US$m 2018 US$m 2018 US$m
restated restated
Net operating assets
Intangible assets 588.1 689.1 572.0
Tangible assets 749.0 1,023.5 756.6
Right-of-use assets 3,454.0 3,808.0 3,553.7
Associates and joint ventures 2,078.3 1,583.3 2,030.9
Other investments 6.9 54.8 7.4
Non-current debtors 155.8 156.8 151.0
Deferred tax assets 15.1 23.2 21.8
Non-current assets 7,047.2 7,338.7 7,093.4
Stocks 848.3 920.6 913.1
Current debtors 320.5 294.7 326.2
Current tax assets 24.0 27.4 35.2
Cash and bank balances 313.3 330.2 296.2
--------- --------- ---------
1,506.1 1,572.9 1,570.7
Assets classified as held for sale - 4.8 -
--------- --------- ---------
Current assets 1,506.1 1,577.7 1,570.7
--------- --------- ---------
Current creditors (2,273.8) (2,312.7) (2,364.2)
Current borrowings (834.3) (829.7) (1,025.7)
Current lease liabilities (770.8) (707.8) (724.2)
Current tax liabilities (113.4) (104.7) (84.3)
Current provisions (86.6) (54.6) (84.6)
--------- --------- ---------
Current liabilities (4,078.9) (4,009.5) (4,283.0)
--------- --------- ---------
Net current liabilities (2,572.8) (2,431.8) (2,712.3)
Long-term borrowings (299.1) (170.8) (14.5)
Non-current lease liabilities (2,853.7) (3,169.6) (2,997.8)
Deferred tax liabilities (18.1) (28.4) (25.9)
Pension liabilities (47.7) (34.7) (47.6)
Non-current creditors (39.2) (42.4) (39.7)
Non-current provisions (113.1) (134.6) (139.5)
Non-current liabilities (3,370.9) (3,580.5) (3,265.0)
---------
1,103.5 1,326.4 1,116.1
--------- --------- ---------
Dairy Farm International Holdings Limited
Consolidated Balance Sheet (continued)
(unaudited) At 31st
At 30th June December
2019 US$m 2018 US$m 2018 US$m
restated restated
Total equity
Share capital 75.1 75.1 75.1
Share premium and capital reserves 59.5 59.6 58.3
Revenue and other reserves 931.7 1,139.8 947.8
--------- --------- ---------
Shareholders' funds 1,066.3 1,274.5 1,081.2
Non-controlling interests 37.2 51.9 34.9
--------- ---------
1,103.5 1,326.4 1,116.1
--------- --------- ---------
Dairy Farm International Holdings Limited
Consolidated Statement of Changes in Equity
Attributable to shareholders of the Company Attributable
----------------------------------------------------
Revenue
Share Share Capital and other to non-controlling Total
capital premium reserves reserves Total interests equity
US$m US$m US$m US$m US$m US$m US$m
Six months ended
30th June 2019
(unaudited)
At 1st January 2019
- as previously
reported 75.1 33.9 24.4 1,313.6 1,447.0 43.9 1,490.9
- change in
accounting policy
(note 1) - - - (365.8) (365.8) (9.0) (374.8)
--------- -------- --------- ---------- ------- ------------------ -------
- as restated 75.1 33.9 24.4 947.8 1,081.2 34.9 1,116.1
Total comprehensive
income - - - 201.0 201.0 2.3 203.3
Dividends paid by
the Company (note
8) - - - (196.1) (196.1) - (196.1)
Share-based
long-term incentive
plans - - 1.2 - 1.2 - 1.2
Change in interests
in associates and
joint ventures - - - (21.0) (21.0) - (21.0)
Transfer - 0.2 (0.2) - - - -
At 30th June 2019 75.1 34.1 25.4 931.7 1,066.3 37.2 1,103.5
Six months ended
30th June 2018
(unaudited)
At 1st January 2018
- as previously
reported 75.1 33.1 24.8 1,557.0 1,690.0 65.7 1,755.7
- change in
accounting policy
(note 1) - - - (344.9) (344.9) (6.6) (351.5)
--------- -------- --------- ---------- ------- ------------------ -------
- as restated 75.1 33.1 24.8 1,212.1 1,345.1 59.1 1,404.2
Total comprehensive
income - - - 123.8 123.8 (7.2) 116.6
Dividends paid by
the Company (note
8) - - - (196.1) (196.1) - (196.1)
Share-based
long-term incentive
plans - - 1.7 - 1.7 - 1.7
Transfer - 0.6 (0.6) - - - -
At 30th June 2018 75.1 33.7 25.9 1,139.8 1,274.5 51.9 1,326.4
--------- -------- --------- ---------- ------- ------------------ -------
Dairy Farm International Holdings Limited
Consolidated Statement of Changes in Equity (continued)
Attributable to shareholders of the Company Attributable
----------------------------------------------------
Revenue
Share Share Capital and other to non-controlling Total
capital premium reserves reserves Total interests equity
US$m US$m US$m US$m US$m US$m US$m
Year ended 31st
December 2018
At 1st January 2018
- as previously
reported 75.1 33.1 24.8 1,557.0 1,690.0 65.7 1,755.7
- change in
accounting policy
(note 1) - - - (344.9) (344.9) (6.6) (351.5)
--------- -------- --------- ---------- ------- ------------------ -------
- as restated 75.1 33.1 24.8 1,212.1 1,345.1 59.1 1,404.2
Total comprehensive
income - - - 17.9 17.9 (20.9) (3.0)
Dividends paid by
the Company - - - (284.0) (284.0) - (284.0)
Dividends paid to
non-controlling
interests - - - - - (0.2) (0.2)
Unclaimed dividends
forfeited - - - 0.4 0.4 - 0.4
Share-based
long-term incentive
plans - - 0.4 - 0.4 - 0.4
Change in interest
in a subsidiary - - - (0.4) (0.4) (3.1) (3.5)
Change in interests
in associates and
joint ventures - - - 1.8 1.8 - 1.8
Transfer - 0.8 (0.8) - - - -
At 31st December
2018 75.1 33.9 24.4 947.8 1,081.2 34.9 1,116.1
Revenue and other reserves at 30th June 2019 comprised revenue reserves of US$1,244.8 million (2018:
US$1,492.3
million), hedging reserves of US$3.7 million (2018: US$5.2 million) and exchange reserves of US$316.8
million loss (2018: US$357.7 million loss).
Revenue and other reserves at 31st December 2018 comprised revenue reserves of US$1,284.3 million,
hedging
reserves of US$4.3 million and exchange reserves of US$340.8 million loss.
Dairy Farm International Holdings Limited
Consolidated Cash Flow Statement
(unaudited)
Six months ended Year ended
30th June 31st December
2019 US$m 2018 US$m 2018 US$m
restated restated
Operating activities
--------- --------- --------------
Operating profit (note 3) 233.9 256.4 201.3
Depreciation and amortisation 522.7 555.0 1,106.6
Other non-cash items 6.7 0.6 323.4
Increase in working capital (26.6) (17.5) (15.6)
Interest received 3.8 1.2 3.9
Interest and other financing charges
paid (88.3) (85.0) (174.0)
Tax paid (4.0) (23.1) (96.0)
--------- --------- --------------
648.2 687.6 1,349.6
Dividends from associates and joint
ventures 24.2 23.0 94.2
Cash flows from operating activities 672.4 710.6 1,443.8
Investing activities
--------- --------- --------------
Purchase of a subsidiary - - (54.6)
Purchase of associates and joint
ventures - (0.1) (223.1)
Purchase of intangible assets (23.6) (8.8) (33.2)
Purchase of tangible assets (114.2) (128.7) (222.6)
Additions to right-of-use assets (18.3) - (0.3)
Purchase of other investments - (47.2) -
Sale of subsidiaries (note 10(a)) - 4.2 (1.6)
Sale of properties - - 32.6
Sale of tangible assets 1.1 1.0 1.9
Cash flows from investing activities (155.0) (179.6) (500.9)
Financing activities
--------- --------- --------------
Change in interest in a subsidiary - - (3.5)
Drawdown of borrowings 874.4 416.9 998.2
Repayment of borrowings (801.9) (389.1) (963.6)
Net increase in other short-term
borrowings 22.7 36.6 67.1
Principal elements of lease payments (399.2) (398.5) (800.4)
Dividends paid by the Company (note
8) (196.1) (196.1) (284.0)
Dividends paid to non-controlling
interests - - (0.2)
Cash flows from financing activities (500.1) (530.2) (986.4)
---------
Net increase/(decrease) in cash
and cash equivalents 17.3 0.8 (43.5)
Cash and cash equivalents at beginning
of period 284.5 334.5 334.5
Effect of exchange rate changes 2.6 (7.6) (6.5)
--------- --------- --------------
Cash and cash equivalents at end
of period (note 10(b)) 304.4 327.7 284.5
--------- --------- --------------
Dairy Farm International Holdings Limited
Notes to Condensed Financial Statements
1. Accounting Policies and Basis of Preparation
The condensed financial statements have been prepared in
accordance with IAS 34 'Interim Financial Reporting' and on a going
concern basis. The condensed financial statements have not been
audited or reviewed by the Group's auditors pursuant to the UK
Auditing Practices Board guidance on the review of interim
financial information.
There are no changes to the accounting policies as described in
the 2018 annual financial statements except for the adoption of
IFRS 16 'Leases' from 1st January 2019 as set out below.
The other amendments or interpretation, which are effective in
2019 and relevant to the Group's operations, do not have a
significant effect on the Group's accounting policies.
The Group has not early adopted any standard or amendments that
have been issued but not yet effective.
IFRS 16 'Leases'
The standard replaces IAS 17 'Leases' and related
interpretations and introduces a comprehensive model for the
identification of lease arrangements and accounting treatments for
both lessors and lessees. The distinction between operating and
finance leases is removed for lessee accounting, and is replaced by
a model where a lease liability and a corresponding right-of-use
asset have to be recognised on the balance sheet for almost all
leases by the lessees. The Group's recognised right-of-use assets
primarily relate to property leases, which are entered into for use
as retail stores and offices. Prior to 2019, payments made under
operating leases were charged to profit and loss on a straight-line
basis over the period of the lease. From 1st January 2019, each
lease payment is allocated between settlement of the lease
liability and finance cost. The finance cost is charged to profit
and loss over the lease period. The right-of-use asset is
depreciated over the shorter of the asset's useful life and the
lease term on a straight-line basis.
In addition, leasehold land which represents payments to third
parties to acquire interests in property, previously included in
intangible assets and tangible assets, is now presented under
right-of-use assets. Leasehold land is amortised over the useful
life of the lease, which includes the renewal period if the lease
is likely to be renewed by the Group without significant cost.
The accounting for lessors does not change significantly.
Changes to accounting policies on adoption of IFRS 16 have been
applied retrospectively, and the comparative financial statements
have been restated.
The effects of adopting IFRS 16
On the consolidated profit and loss account for the six
(a) months ended 30th June 2018
Increase/(decrease)
US$m
Selling and distribution costs 24.4
Administration and other operating expenses 5.3
Net financing charges (70.6)
Share of results of associates and joint
ventures (9.8)
Tax 3.1
-------------------
Profit after tax (47.6)
-------------------
Attributable to:
Shareholders of the Company* (47.3)
Non-controlling interests (0.3)
(47.6)
-------------------
* Further analysed as:
Underlying profit attributable to shareholders (47.3)
Non-trading items -
Profit attributable to shareholders (47.3)
-------------------
USc
Basic underlying earnings per share (3.50)
-------------------
Diluted underlying earnings per share (3.49)
-------------------
Basic earnings per share (3.50)
-------------------
Diluted earnings per share (3.49)
-------------------
(b) On the consolidated statement of comprehensive income for
the six months ended 30th June 2018
Increase/(decrease)
US$m
Profit for the period (47.6)
Other comprehensive income
------
Items that may be reclassified subsequently to
profit or loss:
Net exchange translation differences
1
* net loss arising during the period 6.8
Other comprehensive expense for the period, net
of tax 6.8
------
Total comprehensive income for the period (40.8)
------
Attributable to:
Shareholders of the Company (40.7)
Non-controlling interests (0.1)
(40.8)
------
(c) On the consolidated balance sheet at 1st January
Increase/(decrease)
2019 US$m 2018 US$m
Net operating assets
Intangible assets (94.7) (106.8)
Tangible assets (91.4) (97.5)
Right-of-use assets 3,553.7 3,747.9
Associates and joint ventures (36.0) (19.2)
Non-current debtors (9.3) (48.8)
Deferred tax assets (2.0) -
Non-current assets 3,320.3 3,475.6
Current debtors (45.8) (5.5)
Current assets (45.8) (5.5)
---------- ---------
Current creditors 34.4 40.3
Current lease liabilities (724.2) (699.8)
Current provisions 19.5 (12.8)
---------- ---------
Current liabilities (670.3) (672.3)
---------- ---------
Net current liabilities (716.1) (677.8)
Non-current lease liabilities (2,997.8) (3,077.7)
Deferred tax liabilities 32.7 25.5
Non-current provisions (13.9) (97.1)
Non-current liabilities (2,979.0) (3,149.3)
(374.8) (351.5)
---------- ---------
Total equity
Revenue and other reserves (365.8) (344.9)
---------- ---------
Shareholders' funds (365.8) (344.9)
Non-controlling interests (9.0) (6.6)
---------
(374.8) (351.5)
---------- ---------
(d) On the consolidated cash flow statement for the six months
ended 30th June 2018
Inflows/(outflows)
US$m
Operating activities
Operating profit 29.7
Depreciation and amortisation 438.5
Increase in working capital 0.9
Interest and other financing charges paid (70.6)
Financing activities
Principal elements of lease payments (398.5)
Net change in cash and cash equivalents -
------------------
(e) Changes in principal accounting policies on adoption of IFRS
16
Right-of-use assets
Right-of-use assets are recognised at the commencement date of
the lease, that is the date the underlying assets are available for
use. Right-of-use assets are measured at cost, less any accumulated
depreciation and impairment, and adjusted for any remeasurement of
lease liabilities. The cost of the right-of-use assets includes
amount of the initial measurement of lease liabilities recognised,
lease payments made at or before the commencement date less any
lease incentives received, initial direct costs incurred, and
restoration costs.
Right-of-use assets are depreciated using the straight-line
method over the shorter of their estimated useful lives and the
lease terms.
Payments associated with short-term lease and leases of
low-value assets (i.e. US$5,000 or less) are recognised on a
straight-line basis as an expense in profit and loss. Short-term
leases are leases with a lease term of 12 months or less. Low-value
assets comprised equipment and small items of furniture.
Lease liabilities
Lease liabilities are recognised at the commencement of the
lease and are measured at the present value of lease payments to be
made over the lease term. Lease payments include fixed payments
(including in-substance fixed payments) less any lease incentives
receivable, variable lease payments that depend on an index or a
rate, and amounts expected to be paid under residual value
guarantees. The lease payments also include the exercise price of a
purchase option reasonably certain to be exercised and payments of
penalties for terminating a lease, if the lease term reflects the
Group exercising that option. The variable lease payments that do
not depend on an index or a rate are recognised as expense in the
period on which the event or condition that triggers the payment
occurs.
In calculating the present value of lease payments, the Group
uses the incremental borrowing rate at the lease commencement date
if the interest rate implicit in the lease is not readily
determinable. After the commencement date, the amount of lease
liabilities is increased by the interest costs on the lease
liabilities and decreased by lease payments made. The carrying
amount of lease liabilities is remeasured if there is a
modification, a change in the lease term, a change in the
in-substance fixed lease payments or a change in the assessment to
purchase the underlying asset.
Interest is included as finance cost and charged to the profit
and loss over the lease period so as to produce a constant periodic
rate of interest on the remaining balance of the liabilities for
each period.
Lease liabilities are classified as non-current liabilities
unless payments are within 12 months from the balance sheet
date.
(f) Practical expedient
The Group has applied the practical expedient on property leases
of not separating certain associated immaterial non-lease
components, and accounted for these items as a single lease
component.
(g) Critical accounting estimates and judgements
(i) Determination of lease term of contracts with renewal options
The Group determines the lease term as the non-cancellable term
of the lease, together with any periods covered by an option to
extend the lease if it is reasonably certain to be exercised, or
any period covered by an option to terminate the lease, if it is
reasonably certain not to be exercised.
The Group has the option, under some of its leases to lease the
assets for additional terms. The Group applies judgement in
evaluating whether it is reasonably certain to exercise the option
to renew. That is, the Group considers all relevant factors that
create an economic incentive for it to exercise the renewal. After
the commencement date, the Group reassesses the lease term if there
is a significant event or change in circumstances that is within
its control and affects its ability to exercise or not to exercise
the option to renew.
The assessment of whether the Group is reasonably certain to
exercise the options impacts the lease terms, which significantly
affects the amount of lease liabilities and right-of-use assets
recognised.
(ii) Determination of discount rates
The Group uses the incremental borrowing rate at the lease
commencement date as the discount rate to measure a lease liability
if the interest rate implicit in the lease cannot be readily
determinable. The Group applies the incremental borrowing rate with
reference to the rate of interest that the Group would have to pay
to borrow, over a similar term as that of the lease, the funds
necessary to obtain an asset of a similar value to the right-of-use
asset in the region where it is located.
2. Sales
Including associates
and joint ventures Subsidiaries
Six months ended 30th June
2019 US$m 2018 US$m 2019 US$m 2018 US$m
Analysis by operating
segment:
Food 9,955.1 9,140.0 3,758.1 4,101.4
* Supermarkets/hypermarkets 8,820.9 8,110.6 2,676.8 3,072.0
* Convenience stores 1,134.2 1,029.4 1,081.3 1,029.4
Health and Beauty 1,793.1 1,574.3 1,632.0 1,480.8
Home Furnishings 370.7 346.5 370.7 346.5
Restaurants 1,230.3 1,153.9 - -
Other Retailing 432.3 - - -
---------- ---------- --------- ---------
13,781.5 12,214.7 5,760.8 5,928.7
---------- ---------- --------- ---------
Sales including associates and joint ventures comprise 100% of
sales from associates and joint ventures.
Operating segments are identified on the basis of internal
reports about components of the Group that are regularly reviewed
by the Board for the purpose of resource allocation and performance
assessment. Dairy Farm operates in five segments: Food, Health and
Beauty, Home Furnishings, Restaurants and Other Retailing. Food
comprises supermarket, hypermarket and convenience store
businesses. Health and Beauty comprises the health and beauty
businesses. Home Furnishings is the Group's IKEA businesses.
Restaurants is the Group's catering associate, Maxim's, a leading
Hong Kong restaurant chain. Other Retailing represents the
department stores, speciality and Do-It-Yourself ('DIY') stores of
the Group's newly acquired Philippines associate, Robinsons
Retail.
Sales and share of results of Yonghui represent six months from
October 2018 to March 2019 based on their latest published
announcement (2018: January to June results) and that of Robinsons
Retail represent five months from the date of acquisition, November
2018 to March 2019.
Set out below is an analysis of the Group's sales by
geographical locations:
Including associates
and joint ventures Subsidiaries
Six months ended 30th June
2019 US$m 2018 US$m 2019 US$m 2018 US$m
Analysis by geographical
area:
North Asia 10,324.4 9,747.7 3,743.0 3,645.2
Southeast Asia 3,457.1 2,467.0 2,017.8 2,283.5
13,781.5 12,214.7 5,760.8 5,928.7
---------- ---------- --------- ---------
The geographical areas covering North Asia and Southeast Asia,
are determined by the geographical location of customers. North
Asia comprises Hong Kong, mainland China, Macau and Taiwan.
Southeast Asia comprises Singapore, Cambodia, the Philippines,
Thailand, Malaysia, Indonesia, Vietnam and Brunei.
3. Operating Profit
Six months ended 30th
June
2019 US$m 2018 US$m
Analysis by operating segment:
Food 59.1 60.1
- Supermarkets/hypermarkets 25.9 26.2
- Convenience stores 33.2 33.9
1
----------- ----------
Health and Beauty 170.8 152.0
Home Furnishings 19.2 33.9
----------- ----------
249.1 246.0
Selling, general and administrative expenses (67.6) (40.0)
----------- ----------
Underlying operating profit before adopting
IFRS 16 181.5 206.0
Effect of adopting IFRS 16 52.9 41.3
----------- ----------
Underlying operating profit 234.4 247.3
Non-trading items:
- profit on sale of a subsidiary - 8.5
- fair value (loss)/gain on equity investments (0.5) 0.6
233.9 256.4
----------- ----------
Set out below is an analysis of the Group's underlying operating
profit by geographical locations:
Six months ended 30th June
2019 US$m 2018 US$m
Analysis by geographical area:
North Asia 234.6 240.4
Southeast Asia 14.5 5.6
249.1 246.0
Selling, general and administrative expenses (67.6) (40.0)
--------- ---------
Underlying operating profit before adopting
IFRS 16 181.5 206.0
Effect of adopting IFRS 16 52.9 41.3
--------- ---------
Underlying operating profit 234.4 247.3
--------- ---------
Property lease payments and depreciation of reinstatement costs
under the lease contracts were included in the Group's analysis of
operating and geographical segments' results.
4. Share of Results of Associates and Joint Ventures
Six months ended 30th June
2019 US$m (++) 2018 US$m
Analysis by operating segment:
Food - Supermarkets/hypermarkets 36.0 19.0
Health and Beauty (0.6) (2.5)
Restaurants 36.5 36.1
Other Retailing 1.9 -
--------- ---------
1
73.8 52.6
--------- ---------
Share of results of associates and joint ventures included the
following non-trading items:
2019 US$m 2018 US$m
Share of Yonghui's fair value (loss)/gain on
equity investments (6.3) 1.0
Share of a net gain from partial divestment
of a subsidiary by Yonghui 8.2 -
1.9 1.0
--------- ---------
Results are shown after tax and non-controlling interests in the
associates and joint ventures.
(++) Included Yonghui's six months results from October 2018 to
March 2019 (2018: January to June 2018) and Robinsons Retail's five
months results from November 2018 to March 2019.
5. Tax
Six months ended 30th June
2019 US$m 2018 US$m
Tax charged to profit and loss is analysed
as follows:
Current tax (44.7) (56.4)
Deferred tax 1.0 6.9
--------- ---------
(43.7) (49.5)
--------- ---------
Tax relating to components of other comprehensive
income is analysed as follows:
Remeasurements of defined benefit plans 0.2 0.1
Cash flow hedges 0.1 (1.2)
0.3 (1.1)
--------- ---------
Tax on profit has been calculated at rates of taxation
prevailing in the territories in which the Group operates. Share of
tax charge of associates and joint ventures of US$17.7 million
(2018: US$14.2 million) is included in share of results of
associates and joint ventures.
6. Earnings per Share
Basic earnings per share are calculated on profit attributable
to shareholders of US$178.0 million (2018: US$177.6 million), and
on the weighted average number of 1,352.7 million (2018: 1,352.6
million) shares in issue during the period.
Diluted earnings per share are calculated on profit attributable
to shareholders of US$178.0 million (2018: US$177.6 million), and
on the weighted average number of 1,353.5 million (2018: 1,353.3
million) shares in issue after adjusting for 0.8 million (2018: 0.7
million) shares which are deemed to be issued for no consideration
under the share-based long-term incentive plans based on the
average share price during the period.
Additional basic and diluted earnings per share are also
calculated based on underlying profit attributable to shareholders.
A reconciliation of earnings is set out below:
Six months ended 30th June
2019 2018
Basic Diluted Basic Diluted
earnings earnings earnings earnings
per share per share per share per share
US$m USc USc US$m USc USc
Profit attributable
to shareholders 178.0 13.16 13.15 177.6 13.13 13.13
Non-trading
items (note
7) (1.4) (10.1)
----- ------
Underlying
profit attributable
to shareholders 176.6 13.05 13.05 167.5 12.38 12.38
----- ------
7. Non-trading Items
Non-trading items are separately identified to provide greater
understanding of the Group's underlying business performance. Items
classified as non-trading items include fair value gains or losses
on equity investments which are fair value through profit and loss;
gains and losses arising from the sale of businesses, investments
and properties; impairment of non-depreciable intangible assets and
other investments; provisions for the closure of businesses;
acquisition-related costs in business combinations; and other
credits and charges of a non-recurring nature that require
inclusion in order to provide additional insight into underlying
business performance.
An analysis of non-trading items after interest, tax and
non-controlling interests is set out below:
Six months ended 30th June
2019 US$m 2018 US$m
Profit on sale of a subsidiary - 8.5
Fair value (loss)/gain on equity investments (0.5) 0.6
Share of Yonghui's fair value (loss)/gain on
equity investments (6.3) 1.0
Share of a net gain from partial divestment
of a subsidiary by Yonghui 8.2 -
1.4 10.1
--------- ---------
8. Dividends
Six months ended 30th June
2019 US$m 2018 US$m
Final dividend in respect of 2018 of USc14.50
(2017: USc14.50) per share 196.1 196.1
--------- ---------
An interim dividend in respect of 2019 of USc6.50 (2018:
USc6.50) per share amounting to a total of US$87.9 million (2018:
US$87.9 million) is declared by the Board, and will be accounted
for as an appropriation of revenue reserves in the year ending 31st
December 2019.
9. Financial Instruments
Financial instruments by category
The carrying amounts of financial assets and financial
liabilities at 30th June 2019 and 31st December 2018 are as
follows:
Other
Fair value Financial financial
Fair value through assets liabilities Total
of hedging profit at amortised at amortised carrying
instruments and loss cost cost amounts
US$m US$m US$m US$m US$m
At 30th June 2019
Financial assets measured
at fair value
Other investments
- equity investments - 6.9 - - 6.9
Derivative financial
instruments 5.6 0.5 - - 6.1
------------ ---------- ------------- ------------- ---------
5.6 7.4 - - 13.0
------------ ---------- ------------- ------------- ---------
Financial assets not
measured at fair value
Debtors - - 130.8 - 130.8
Cash and bank balances - - 313.3 - 313.3
- - 444.1 - 444.1
------------ ---------- ------------- ------------- ---------
Financial liabilities
measured at fair value
Derivative financial
instruments (0.4) (0.4) - - (0.8)
(0.4) (0.4) - - (0.8)
------------ ---------- ------------- ------------- ---------
Financial liabilities
not measured at fair
value
Borrowings - - - (1,133.4) (1,133.4)
Lease liabilities - - - (3,624.5) (3,624.5)
Trade and other payables
excluding non-financial
liabilities - - - (2,199.6) (2,199.6)
- - - (6,957.5) (6,957.5)
------------ ---------- ------------- ------------- ---------
Other
Fair value Financial financial
Fair value through assets liabilities Total
of hedging profit at amortised at amortised carrying
instruments and loss cost cost amounts
US$m US$m US$m US$m US$m
At 31st December 2018
Financial assets measured
at fair value
Other investments
- equity investments - 7.4 - - 7.4
Derivative financial
instruments 6.2 0.1 - - 6.3
------------ ---------- ------------- ------------- ---------
6.2 7.5 - - 13.7
------------ ---------- ------------- ------------- ---------
Financial assets not
measured at fair value
Debtors - - 153.4 - 153.4
Cash and bank balances - - 296.2 - 296.2
- - 449.6 - 449.6
------------ ---------- ------------- ------------- ---------
Financial liabilities
measured at fair value
Derivative financial
instruments (0.3) - - - (0.3)
(0.3) - - - (0.3)
------------ ---------- ------------- ------------- ---------
Financial liabilities
not measured at fair
value
Borrowings - - - (1,040.2) (1,040.2)
Lease liabilities - - - (3,722.0) (3,722.0)
Trade and other payables
excluding non-financial
liabilities - - - (2,267.1) (2,267.1)
- - - (7,029.3) (7,029.3)
------------ ---------- ------------- ------------- ---------
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. 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')
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 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 2019 and the year ended 31st December
2018.
The table below analyses financial instruments carried at fair
value at 30th June 2019 and 31st December 2018, measured by
observable current market transactions.
At 30th At 31st
June December
2019 2018
US$m US$m
Assets
Other investments
- equity investments 6.9 7.4
Derivative designated at fair
value
- through other comprehensive
income 5.6 6.2
- through profit and loss 0.5 0.1
13.0 13.7
------- ---------
Liabilities
Derivative designated at fair
value
- through other comprehensive
income (0.4) (0.3)
- through profit and loss (0.4) -
(0.8) (0.3)
------- ---------
(ii) Financial instruments that are not measured at fair
value
The fair values of current debtors, cash and bank balances,
current creditors, current borrowings and current lease liabilities
are assumed to approximate their carrying amounts due to the
short-term maturities of these assets and liabilities.
The fair values of long-term borrowings are based on market
prices or are estimated using the expected future payments
discounted at market interest rates.
10. Notes to Consolidated Cash Flow Statement
(a) Sale of subsidiaries
Six months ended
30th June
2018 US$m
Intangible assets 1.7
Tangible assets 0.1
Current assets 3.3
Current liabilities (5.8)
Net liabilities disposed of (0.7)
Release of exchange reserve 1.0
( Profit on disposal 8.5
---------
Net sale proceeds 8.8
Deferred consideration (2.0)
Cash and cash equivalents of the subsidiary
disposed of (2.6)
Net cash inflow 4.2
---------
Sale of subsidiaries for the six months ended 30th June 2018
represented the Group's disposal of its 100% interest in Asia
Investment and Supermarket Trading Company Limited, operating a
hypermarket in Vietnam, to a third party in February 2018.
(b) Analysis of balances of cash and cash equivalents
At 30th June
2019 US$m 2018 US$m
Cash and bank balances 313.3 330.2
Bank overdrafts (8.9) (2.5)
304.4 327.7
--------- ---------
11. Capital Commitments and Contingent Liabilities
Total capital commitments at 30th June 2019 and 31st December
2018 amounted to US$404.5 million and US$408.5 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.
12. Related Party Transactions
The parent company of the Group is Jardine Strategic Holdings
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 its subsidiaries, associates and joint
ventures. The more significant of such transactions are described
below.
Under the terms of a Management Services Agreement, the Group
paid a management fee of US$0.9 million (2018: US$1.1 million) for
the first six months of 2019 to Jardine Matheson Limited ('JML'), a
wholly-owned subsidiary of JMH, based on 0.5% of the Group's profit
attributable to shareholders in consideration for certain
management consultancy services provided by JML. The Group also
paid directors' fees of US$0.4 million (2018: US$0.4 million) to
JML for the same period in 2019.
The Group rents properties from Hongkong Land Holdings Limited
('HKL'), a subsidiary of JMH. The gross rentals paid by the Group
to HKL for the first six months of 2019 were US$1.7 million (2018:
US$1.6 million). The Group's 50%-owned associate, Maxim's Caterers
Limited ('Maxim's'), also paid gross rentals of US$7.0 million
(2018: US$6.1 million) to HKL for the first six months of 2019.
The Group sources information technology infrastructure and
related services from Jardine Technology Holdings Limited ('JTH'),
a subsidiary of JMH. The total fees paid by the Group to JTH for
the first six months of 2019 amounted to US$4.7 million (2018:
US$5.6 million). Maxim's also paid total fees of US$3.7 million
(2018: US$2.0 million) to JTH for the same period in 2019.
The Group also obtains repairs and maintenance services from
Jardine Engineering Corporation ('JEC'), a subsidiary of JMH. The
total fees paid by the Group to JEC for the first six months of
2019 amounted to US$1.8 million (2018: US$3.1 million).
Maxim's supplies ready-to-eat products at arm's length to
certain subsidiaries of the Group. For the first six months of
2019, these amounted to US$13.3 million (2018: US$13.8
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.
Dairy Farm International 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 and Financial Risk
-- Concessions, Franchises and Key Contracts
-- Regulatory and Political Risk
-- Terrorism, Pandemic and Natural Disasters
-- Technology Risk
For greater detail, please refer to pages 125 and 126 of the
Company's 2018 Annual Report, a copy of which is available on the
Company's website www.dairyfarmgroup.com.
Dairy Farm International Holdings Limited
Responsibility Statement
The Directors of the Company confirm to the best of their
knowledge that:
a. the condensed financial statements have been prepared in accordance with IAS 34; and
b. the interim management report includes a fair review of all
information required to be disclosed by the Disclosure Guidance and
Transparency Rules 4.2.7 and 4.2.8 issued by the Financial Conduct
Authority in the United Kingdom.
For and on behalf of the Board
Ian McLeod
Director
The interim dividend of USc6.50 per share will be payable
on 17th October 2019 to shareholders on the register of members
at the close of business on 23rd August 2019. The shares will
be quoted ex-dividend on 22nd August 2019, and the share registers
will be closed from 26th to 30th August 2019, inclusive.
Shareholders will receive their cash dividends in United States
Dollars, unless they are registered on the Jersey branch register,
in which case they will have the option to elect for their
dividends to be paid in Sterling. These shareholders may make
new currency elections for the 2019 interim dividend by notifying
the United Kingdom transfer agent in writing by 27th September
2019. The Sterling equivalent of dividends declared in United
States Dollars will be calculated by reference to a rate prevailing
on 2nd October 2019.
Shareholders holding their shares through CREST in the United
Kingdom will receive their cash dividends in Sterling only
as calculated above. Shareholders holding their shares through
The Central Depository (Pte) Limited ('CDP') in Singapore
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 2019, must submit the relevant documents
to M & C Services Private Limited, the Singapore branch registrar,
by no later than 5.00 p.m. (local time) on 22nd August 2019.
Dairy Farm
Dairy Farm is a leading pan-Asian retailer. At 30th June 2019,
the Group and its associates and joint ventures operated over
10,000 outlets and employed over 230,000 people. The Group had
total annual sales in 2018 exceeding US$21 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 operates under a number of well-known brands across
five divisions. The principal brands are:
Food
-- Supermarkets/Hypermarkets - Wellcome in Hong Kong and Taiwan;
Yonghui in mainland China; Cold Storage in Malaysia and Singapore;
Giant in Indonesia, Malaysia and Singapore; Hero in Indonesia; and
Robinsons in the Philippines.
-- Convenience stores - 7-Eleven in Hong Kong, Macau, Singapore and Southern China.
Health and Beauty
-- Mannings in Greater China; Guardian in Brunei, Cambodia,
Indonesia, Malaysia, Singapore and Vietnam; and Rose Pharmacy in
the Philippines.
Home Furnishings
-- IKEA in Hong Kong, Indonesia, Macau and Taiwan.
Restaurants
-- Maxim's in Cambodia, mainland China, Hong Kong, Macau,
Malaysia, Singapore, Thailand and Vietnam (directly and via various
joint ventures or franchises).
Other Retailing
-- Robinsons in the Philippines operating department stores, speciality and DIY stores.
Dairy Farm International Holdings Limited is incorporated in
Bermuda and has a standard listing on the London Stock Exchange,
with secondary listings in Bermuda and Singapore. The Group's
businesses are managed from Hong Kong by Dairy Farm Management
Services Limited through its regional offices. Dairy Farm is a
member of the Jardine Matheson Group.
- end -
For further information, please contact:
Dairy Farm Management Services Limited
Kirsten Molyneux (852) 2299 1884
Sindy Wong (852) 2299 3011
Brunswick Group Limited
David Ashton (852) 3512 5063
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-Yearly
Results announcement to shareholders. The Half-Yearly Results
announcement will remain available on the Company's website,
www.dairyfarmgroup.com, together with other Group
announcements.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR CKDDQDBKDPON
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August 01, 2019 05:16 ET (09:16 GMT)
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