To:� Business Editor	5th March 2020
�	For immediate release

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The following announcement was issued today to a Regulatory Information Service approved by the Financial Conduct Authority in the United Kingdom.

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Jardine Matheson Holdings Limited

2019 Preliminary Announcement of Results

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Highlights

������� Resilient performance in challenging market conditions

������� Underlying net profit and earnings per share down 4% against prior year

������� Final dividend unchanged

������� Record year for Hongkong Land and solid performances from Jardine Pacific and Astra

������� Dairy Farm transformation progressing well but profit impacted by Hong Kong

������� Group's balance sheet and funding position remain robust with US$2.1 billion proceeds of JLT sale

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"2019 was a challenging year, but the Group has a long track record of resilience and delivered an encouraging performance in difficult conditions.

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The 2020 performance of the Group's businesses in Greater China is�being�materially impacted by the ongoing COVID-19 outbreak and results for the remainder of the year will depend on the duration, geographic extent and impact of the outbreak and the measures taken to control it.� Longer term, however, we remain confident in the market fundamentals that drive Asia's growth.� The Board also remains confident that the Group's strong balance sheet, liquidity and clear strategic priorities will position Jardine Matheson well for strong long-term growth."�

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Ben Keswick, Executive Chairman and Managing Director

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Results

�	Year ended 31st December		�
�	��������� 2019 ������� US$m	����� 2018 ��� US$m Restated�	Change %
Gross revenue including 100% of associates and joint ventures	103,308	92,348	� +12
Revenue	40,922	42,527	-4
�� Underlying profit* before tax	4,678	4,850	-4
�� Underlying profit* attributable to shareholders�	1,589	1,655	-4
�� Profit attributable to shareholders	2,838	1,722	+65
�� Shareholders' funds	30,351	26,069	+16
�	US$	US$	%
�� Underlying earnings per share*	4.23	4.40	-4
�� Earnings per share	7.56	4.58	+65
�� Dividends per share	1.72	1.70	+1
�� Net asset value per share#	81.90	69.19	+18
*� 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 40 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. �� 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 financial statements. # ��Net asset value per share is based on the book value of shareholders' funds.

The final dividend of US$1.28 per share will be payable on 13th May 2020, subject to approval at the Annual General Meeting to be held on 7th May 2020, to shareholders on the register of members at the close of business on 20th March 2020 and will be available in cash with a scrip alternative.

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Jardine Matheson Holdings Limited

2019 Preliminary Announcement of Results

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Chairman's Statement

Overview

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Jardine Matheson delivered a resilient performance in 2019.� The Group navigated a range of challenges during the year, including the China-US trade war, negative consumer sentiment in a number of markets, lower commodity prices and the social unrest in Hong Kong.� Social unrest in Hong Kong has had a significant impact on the local economy and caused extensive disruption, which has been exacerbated by COVID-19 which is creating significant challenges across Greater China.� We are very grateful for the continuing dedication, hard work and resilience of our people in the context of these substantial challenges and remain confident in the positive long-term outlook for the region and in Hong Kong's future as a financial and commercial centre.

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The financial and operational resilience of the Group's businesses continues to be supported by its investment strategy and approach to capital allocation, which are focused on fast-growing consumer markets in Greater China and Southeast Asia.� The Group continues to monitor the COVID-19 outbreak closely.� Our priority is always the wellbeing of our people and customers and we will do all we can to ensure their safety and support them through this difficult time.� While the outlook is likely to continue to be challenging and performance in the year ahead will depend on the duration, geographic extent and impact of the COVID-19 outbreak and the measures taken to control it, the Group remains confident in the resilience of its businesses and is therefore confident in their longer-term prospects.

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Underlying net profit for the year was down by 4% compared with the prior year, with a record year for Hongkong Land and solid performances from Jardine Pacific and Astra.

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Dairy Farm's ongoing multi-year transformation programme is beginning to deliver encouraging operational results, but difficult market conditions in Hong Kong impacted the reported financial performance of the business in the year.

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Net non-trading items included the US$1.5 billion net gain from the disposal of the Group's interest in Jardine Lloyd Thompson ('JLT') and the US$49 million net revaluation gain on other investments.� These were partially offset by the US$337�million net revaluation loss arising from the annual revaluation of the Group's investment properties.

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Performance

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The Group's consolidated revenue for 2019 was US$40.9 billion, a decrease of 4% from the prior year.� The Group's gross revenue benefited from the inclusion of sales from the newly-acquired interest in Robinsons Retail, as well as a full twelve months' revenue for Zhongsheng and Yonghui due to the timing of the reporting of their results.

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Underlying profit before tax for the year was down 4% at US$4,678 million.�

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The underlying profit attributable to shareholders decreased by 4% to US$1,589�million, with underlying earnings per share also down by 4% to US$4.23.�

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Net profit including non-trading items was US$2,838 million.�

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The Group's financial position remains strong, with shareholders' funds up 16% at US$30.4 billion at the year end.� Consolidated net debt excluding financial services companies was US$4.8 billion at 31st December 2019, representing gearing of 7%, down from 10% at the end of 2018, primarily due to the receipt of the proceeds from the sale of the Group's interest in JLT.

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The Board is recommending an unchanged final dividend of US$1.28 per share, which produces a full-year dividend of US$1.72 per share, up 1% from the prior year.

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There was a solid performance from Hongkong Land, which achieved a further year of record underlying profit, reflecting steady earnings in investment properties, despite the social unrest in Hong Kong, and a stable performance from development properties, with a higher contribution from the Chinese mainland, offset by lower profits in other markets.

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Jardine Pacific also delivered a satisfactory performance, with overall profit growth of 2% to US$164 million and strong performances by JEC and Gammon, offset by weaker performances by Jardine Restaurants and HACTL.�

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Astra delivered a resilient performance in 2019 in the face of relatively weak domestic consumption and low commodity prices, with strong contributions from its financial services and newly-acquired gold mining businesses, offset by weaker performances from heavy equipment, coal mining and agribusiness.�

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At Dairy Farm, the multi-year transformation programme to reshape and reorganise the business showed encouraging signs of progress in evolving its operations.� Underlying profit was, however, lower than the prior year due to the impact of the social unrest in Hong Kong - with Mannings and Maxim's most affected - as well as increased cost of goods and ongoing investments in its Home Furnishings business.

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Strategic Developments

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The Group has a strong presence in two of the fastest growing consumer markets in the world: Greater China and Southeast Asia.� Greater China provides the larger contribution to the Group, underpinned by the Group's significant presence in Hong Kong.� The Chinese mainland is also a key market for the Group, contributing 21% of profits in the year, and the Group is focused on growing its businesses there further.

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Hongkong Land diversified its investment properties portfolio with the strategic acquisition in February 2020 of a large predominantly commercial mixed-use site in a prime waterside location in Shanghai.�

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It also continues to consolidate its presence in the Chinese mainland in cities where it already has a presence, with a total of five new residential development sites secured in 2019.

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The Group's affiliates in the Chinese mainland, Zhongsheng and Yonghui, both had a good year in their underlying businesses.�

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Southeast Asia is the other area of key focus for the Group.� During the year Astra increased its stake in Gojek, Indonesia's leading multi-platform technology group and it also formed a fleet management joint venture with Gojek to support their GoCar ride-hailing service.� Astra also increased its toll road interests, with the acquisition of a 44.5% stake in the operator of the Surabaya-Mojokerto toll road and a further 10% stake in the operator of the Cikopo-Palimanan toll road.

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Jardine Cycle & Carriage increased its stake in Thaco in the year.� Thaco continues to diversify its business into property and agriculture, and these are expected to grow in importance going forward.

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Significant long-term consumption growth is forecast in the Group's core markets of the Chinese mainland and Southeast Asia, particularly from the growing and increasingly affluent middle class.� The Group's businesses are associated with some of the world's top brands and are well placed to take advantage of compelling long-term market dynamics.

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An important part of the Group's strategy is to invest for growth and to build significant stakes in strong companies which are benefiting from the opportunities offered by the economic development of the region.� The Group's aim is to be the partner of choice for associates or joint ventures and to grow those businesses over time by developing strong relationships which add value through the Group's role as a supportive shareholder to entrepreneurs and leading management teams.

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The sale of the Group's interest in JLT to Marsh & McLennan completed in April 2019.� The US$2.1 billion net proceeds from the sale increase the financial strength of the Group, enhancing the Group's ability to take advantage of opportunities in its core markets across Asia.� No profit was recognised in respect of the interest in JLT from the beginning of January 2019 to the date of completion.

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At Dairy Farm, the multi-year transformation programme to reshape and reorganise the business showed encouraging signs of progress in the year, with its space optimisation plan, new store formats and improvement programmes generating greater efficiencies and starting to deliver tangible results.� The business is well-placed to grow and meet the changing demands of customers and to address the increasing disruption faced by the retail sector.

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Mandarin Oriental opened four new hotels in the year and it is positive to see a further increase in the group's pipeline of future hotels, with seven new management contracts signed and announced in the year, bringing the total number of announced projects under development which are expected to open in the next five years to 20. �The Excelsior in Hong Kong closed in March 2019 for redevelopment as a mixed-use office and retail project, and the demolition phase started in September 2019.� The project is expected to complete in 2025.�

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Looking forward, the Group anticipates that a number of its businesses will face increasing changes, both in technology and consumer behaviours, set against an increasingly complex operating environment.� In order to ensure that all its businesses are well placed to benefit from these changes and deliver future growth, the Group has made it a priority to invest in and promote innovation, the development of talent and the adoption of sustainable business practices.

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The financial and operational strength of the Group's businesses continues to be supported by its investment strategy and approach to capital allocation.� The Board keeps its portfolio of businesses under review and regularly assesses whether action is necessary to ensure that the Group's activities remain aligned with its strategic priorities.� In the past year such action has included the disposal of the Group's interests in JLT and JOS, the conditional agreement by Astra to dispose of its interest in Permata Bank and the closure of The Excelsior for redevelopment as a commercial property.

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People

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Simon Keswick retired as a Director on 1st January 2020.� On 20th January 2020, it was announced that Lord Sassoon will retire from the Board on 9th April 2020.� The Board would like to record its gratitude to both of them for their significant contribution to the Group over many years.� Stuart Gulliver joined the Board with effect from 1st January 2019.

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As separately announced on 5th March 2020, with effect from 15th June 2020 the roles of Executive Chairman and Managing Director, which have been held on a combined basis by Ben Keswick since 31st December 2018, will revert to being separate.� Ben Keswick will remain as Executive Chairman and John Witt, currently Group Finance Director, will take on the role of Managing Director.� Graham Baker will join the Group and replace John Witt as Group Finance Director with effect from 15th June 2020.� He will also join the Board of the Company.

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Outlook

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While the short-term outlook is likely to continue to be challenging and performance in the year ahead will depend on the duration, geographic extent and impact of the COVID-19 outbreak and the measures taken to control it, the Group takes a long-term view and is confident in the underlying economic resilience of China and the wider region.� The Group is optimistic about the prospects for a speedy recovery once the situation has stabilised and remains confident in the mid- to long-term prospects for its businesses and the markets in which they operate.

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Ben Keswick

Executive Chairman and Managing Director

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Managing Director's Review

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Introduction

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Jardine Matheson is a diversified group of market-leading businesses focused principally on two of the regions that are driving global growth: Greater China and Southeast Asia.� In 2019, 58% of the Group's underlying profit came from Greater China compared to 56% in 2018 - with stronger performance from the Chinese mainland but a lower contribution from Hong Kong - and 42% from Southeast Asia, compared with 40% in 2018. �

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The main contributors to underlying profit by activity were property at 29%, automotive interests at 24%, engineering, heavy equipment, mining, construction and energy at 19% and retailing and restaurants at 16%.

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The Group's profit generation and related cash flows and retained earnings have supported continued investment, enabling high levels of capital expenditure to be combined with low levels of debt.� The Group's capital investment, including expenditure on properties for sale, was US$5.8 billion in 2019, and capital investment at its associates and joint ventures exceeded US$4.8 billion. �

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The Group provides its businesses with access to the financial resources, expertise, people and relationships necessary to support their development and enable them to compete effectively in rapidly evolving operating environments. �The Group's strategy, strong financial position and investment in the development of both existing businesses and new areas of activity provide the foundation for consistent profit growth over the long term. �

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The Group remains focused on the opportunities and challenges presented by changing technologies and digitalisation.� Its innovation agenda has continued to progress in the last year and has included the appointment of a new Group Director of Digital, who is leading the further development of the Group's digital and innovation strategy.� There is a particular focus on modernising the Group's core business operations - looking at opportunities to leverage digital and new ways of working to drive a modern, efficient operating environment - and on using digital to help drive the Group's revenue generating capabilities in both its consumer-facing and business-to-business operations.

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The Group is also focused on broadening and deepening capability across its businesses.� Over the past year the Group has increased its investment in meeting the needs of its people, by promoting lifelong learning and training, including the rollout of a range of new and improved senior leadership programmes and the implementation of digital learning platforms; offering greater career opportunities; enhancing the Group's employer brand (including strengthening the Group's graduate training programme); and recruiting a range of new skills and resources into the business.��

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The Group takes its responsibility as a corporate citizen seriously and believes that it is essential for a proactive approach to sustainability to be taken both at a Group level and among its businesses.� A sustainability leadership council, comprising senior management from across the Group's businesses, was established in 2019 and it has recently formulated and adopted a Group sustainability strategy, with input from colleagues across the business, which will be progressively implemented in the coming year.

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Business Performance

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Jardine Pacific

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Jardine Pacific produced an underlying net profit of US$164�million, 2% higher than 2018.� The net profit after non-trading gains was US$285 million.

�	Group Interest	�	Group Share of Underlying profit		�
�	%	�	2019 US$m	2018 US$m	�
Analysis of Jardine Pacific's contribution:	�	�	�	�	�
Jardine Schindler	50	�	48	49	�
JEC	50-100	�	41	34	�
Gammon	50	�	36	32	�
Jardine Restaurants	100	�	13	19	�
Transport Services	42-50	�	18	21	�
JTH	100	�	7	-	�
Corporate and other interests*	�	�	1	5	�
�	�	�	164	160	�

*including Greatview, held through Jardine Strategic

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JEC delivered strong profit growth, primarily from its Hong Kong operations and in part as a result of its earlier investment in modernising its core business and increasing revenues via business efficiency initiatives.� Gammon saw good profit growth, mainly due to the timing of project completions.� Its order book remains strong.� Jardine Schindler provided a slightly lower contribution as a result of challenging market conditions in Southeast Asia.� Jardine Restaurants saw profits impacted by difficult trading conditions in Hong Kong and the upfront costs of its investment in process re-engineering projects in Hong Kong and Taiwan.� KFC Taiwan produced good profit growth.� HACTL's performance was down against last year, due to a reduction in cargo throughput tonnage.

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JTH performed well as both JOS and Innovix delivered better results.� The sale of the JOS business was completed in December 2019.

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Hong Kong-listed Greatview, in which a 28% stake has been held by Jardine Strategic since June 2017, continued to see volume growth despite intense competition in the China segment and lower sales from its international division.

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Motors

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The Group's Motors business produced higher underlying net profit in 2019 of US$196 million, primarily due to a strong contribution from the investment in Zhongsheng, which saw increased sales and stable margins for the first six months of the year, and in respect of which Jardines received the benefit of a full year's contribution, compared with eight months in the prior year.�

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In the Group's wholly-owned Motors businesses, Zung Fu in the Chinese mainland benefited from higher new car sales and steady margins.� However, weak market sentiment in Hong Kong and difficult market conditions in the United Kingdom adversely affected dealership profits.� In addition, there was a net loss arising from dealership disposals in the United Kingdom.�

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In support of the Group's ambition to strengthen its automotive businesses and ensure that they are resilient and able to address anticipated long-term disruption in the sector, Jardine International Motors ('JIM') was formed in 2019 to provide central management and oversight in order effectively to harness expertise and talent, increase customer focus and create economies of scale across the Group's automotive interests in a coordinated way in an increasingly complex environment.� JIM currently comprises leading Asian automotive businesses including Zung Fu Motors Group in the Chinese mainland, Hong Kong and Macau; Cycle & Carriage in Singapore, Malaysia and Myanmar; and Tunas Ridean in Indonesia.

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Hongkong Land

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Hongkong Land achieved a further year of record underlying profit growth, with a 4% increase to US$1,076 million.� The group's Investment Properties business maintained stable profits and Development Properties achieved a solid performance, building on a strong previous year, with a higher contribution from the Chinese mainland partially offset by lower contributions from other markets.

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Including net losses of US$878 million resulting from lower valuations of the group's investment properties, profit attributable to shareholders was US$198 million. �This compares to US$2,457 million in 2018, which included net revaluation gains of US$1,421 million. �The group remains well-financed, with net debt of US$3.6 billion at the year end, broadly unchanged from the end of 2018 and with net gearing unchanged at 9%.� Net debt will increase in 2020 as payments are made for land purchases to which the group has already committed.

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Investment Properties

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In Hong Kong, office leasing activities in Central were slower in 2019 compared to the prior year as a result of uncertainties caused by the China-US trade negotiations and the social unrest in Hong Kong.�The performance of the group's Central office portfolio, however, continues to be resilient and rental reversions remain positive, with average office rents increasing during the year.� The Central retail portfolio remains fully occupied and retains its reputation as Hong Kong's premier shopping destination.� It delivered a respectable performance over the Christmas period following several challenging months for the retail market in Hong Kong. Average retail rents decreased in the year, however, due to temporary rent relief as a result of the social unrest.�

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The value of the group's Hong Kong Investment Properties portfolio decreased by 2% in the year due to lower open market rents.� There was slightly higher vacancy in the group's Singapore office portfolio, but rental reversions were positive and average rents increased in the year.

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In February 2020, Hongkong Land acquired a large site in a prime location along the Huangpu River in the Xuhui District of Shanghai, the predominant commercial hub in the Chinese mainland.� The acquisition illustrates our long-term confidence in the Chinese mainland and provides an attractive opportunity to develop and operate a commercial complex of scale in line with the group's long-term strategy of acquiring prime sites in key gateway cities across Asia.� The project mainly comprises office and retail space, with a developable area of 1.1 million sq. m, and will be developed in multiple phases to 2027.

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Development Properties

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2019 was a solid year for the group's Development Properties, building on a strong year in 2018, with a higher contribution from the Chinese mainland partially offset by lower contributions from other markets.� In the Chinese mainland, sentiment in the group's core markets remained broadly stable.� Higher sales completions led to an increase in profit contribution, whilst the group's attributable interest in contracted sales was higher than 2018 due to a change in sales location mix.��

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During the year, the group acquired five new residential sites in the Chinese mainland - all in cities where it already has a presence - with a wholly-owned project in each of Chongqing and Hangzhou, and joint ventures in each of Chongqing, Shanghai and Wuhan.�

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In Singapore, profits recognised in 2019 were lower than the prior year, while pre-sales at projects under construction were within expectations.� The group's joint venture projects in the rest of Southeast Asia performed within expectations.�

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Dairy Farm

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Dairy Farm's multi-year transformation programme to reshape and reorganise the business, adapting to the changing needs of customers, continued to gain momentum during 2019.� Opportunities are being unlocked across the group as the business seeks to leverage its scale effectively and develop a more coherent approach to improving its customer proposition, both by banner and at a country level.� The group's space optimisation plan, new store formats and improvement programmes generated greater efficiencies and started to deliver tangible results in the year.

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Consistent with Dairy Farm's strategy of proactively managing its business portfolio as well as the ongoing execution of its space optimisation plan, sales of US$11.2�billion for the year by Dairy Farm's subsidiaries were 5% behind those of 2018.� Underlying operating profit was US$437 million, 14% lower than 2018, primarily due to the impact of the social unrest in Hong Kong, whose impact was felt to the greatest extent by Mannings, as well as increased cost of goods and ongoing investments in the Home Furnishings business.� Underlying profit attributable to shareholders was US$321 million, down 10% from US$358 million last year.�

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Grocery Retail

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2019 saw a significant improvement in results in Dairy Farm's Southeast Asia Grocery Retail businesses, as its space optimisation plan took effect.� The foundations for future growth by the business were also strengthened by the ongoing transformation and improvement programmes.� North Asia Grocery Retail sales were stronger, but overall profits there were weaker, impacted by cost pressures and investments in people and capabilities, although the Wellcome Hong Kong business delivered an improving trend in underlying profit performance.

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Convenience

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Sales in the Convenience business increased in the year, driven by new store growth and strong like-for-like sales in the Chinese mainland in particular.� Enhancements to range and services are popular with customers and there is a focus on brand differentiation to support sales growth.� Profits for the year declined, however, due primarily to investments in the expansion of the 7-Eleven store network in Guangdong.� Profits in 2018 were also positively impacted by one-off items which were not repeated in 2019.

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Health & Beauty

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Total sales for Dairy Farm's Health and Beauty business increased slightly, with strong growth in Southeast Asia, but operating profit declined, as the business was impacted by the challenging market conditions in Hong Kong.� The group has been addressing these challenging conditions by adapting its offer to changing customer needs as well as prudent management of costs.�

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Weakness in North Asia Health and Beauty was partially offset by strong revenue and like-for-like sales growth in Southeast Asia, particularly in Indonesia and Malaysia.� Guardian in Southeast Asia delivered a strong performance during the year, with improvements in operating standards, service and product availability, and it benefited from a growing middle-class customer base in Indonesia, Malaysia, and Vietnam.

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Home Furnishings

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In Home Furnishings, IKEA's sales were higher in the year but operating margins were adversely affected by the impact of currency movements on the cost of goods. Operating profits also fell as the business incurred start-up costs for two new stores opened in the year and it invested in four stores under development which will open in 2020.�

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Associates

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The contribution from key associate Maxim's was lower than the prior year, as the business was impacted by the ongoing social unrest in Hong Kong.� Despite the challenging market conditions in the second half, however, Maxim's reported 4% growth in sales overall, as it saw the benefit of its acquisition of the Starbucks Thailand business.�

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Yonghui in the Chinese mainland reported strong sales growth and positive like-for-like sales.� Underlying profit growth in Yonghui benefited from the partial sell down of their investment in the Yunchuang Technology business, which was announced in December 2018.� Dairy Farm also benefited from the contribution from its interest in Robinsons Retail, which it acquired in late 2018.

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Mandarin Oriental

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Mandarin Oriental's underlying profit significantly decreased from US$65 million in 2018 to US$41 million in 2019, as a result of the closure of The Excelsior, the social unrest in Hong Kong and the major renovation in Bangkok.� Earnings benefited, however, from the reopening of the London hotel following the fire in 2018 and the receipt of insurance proceeds following the final settlement of the insurance claim in respect thereof.

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The majority of the group's owned or partially-owned properties reported better earnings.� The remainder of portfolio performed broadly in line with last year.

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Several non-trading items were recognised during the year, including closure costs relating to The Excelsior and a decrease in its valuation, resulting in a loss attributable to shareholders of US$56 million in the year, compared to a profit attributable to shareholders of US$43 million in 2018.

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The Excelsior in Hong Kong closed in March 2019 for redevelopment as a commercial property, and the demolition phase started in September 2019.� The project is expected to take around six years to complete.�

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The group opened four new hotels in 2019 in Dubai, Doha, Beijing and Lake Como.� The group continues to build its development pipeline, with seven new management contracts signed and announced in 2019, including six new hotels and one standalone Residences project.� New Mandarin Oriental hotels were announced in Istanbul, Nanjing, Lake Lucerne, Dallas and Tel Aviv and the group took over management of The Emirates Palace in Abu Dhabi at the beginning of 2020.�

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Jardine Cycle & Carriage

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Underlying profit attributable to shareholders at Jardine Cycle & Carriage ('JC&C') was 1% higher at US$863 million and profit attributable to shareholders increased to US$881 million from US$418 million in 2018, which included net non-trading losses of US$438 million, principally fair value losses related to non-current investments. Astra's contribution to underlying profit of US$716 million was relatively stable compared to the previous year, while the contributions from the group's Direct Motor Interests and Other Strategic Interests were both lower.

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Direct Motor Interests�

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Direct Motor Interests contributed US$63 million to the group's underlying profit, 11% lower than the�prior year.�� The contribution from Cycle & Carriage Singapore ('CCS') fell, with car sales growing despite a decrease in the overall Singapore passenger car market, but lower margins due to stronger competitive pressure.� CCS' market share increased as a result of the launch of new models and competitive pricing.�

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In Indonesia, Tunas Ridean saw a stronger contribution from its automotive and consumer finance operations but lower profits from its rental business.� Cycle & Carriage Bintang in Malaysia made a loss in 2019, compared to a profit in 2018.�

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Other Strategic Interests�

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The contribution from Other Strategic Interests was 13% lower at US$126 million.� Other Strategic Interests now include Thaco consistent with its expanding investments in property and agriculture.� Thaco's contribution of US$49 million was 34% lower than last year, due to a lower contribution from its automotive business following a decline in vehicle sales and lower margins in a competitive market.� The contribution from Thaco's real estate business was significantly lower due to the slowdown in the property market.� The group increased its interest in Thaco from 25.3% to 26.6% during the year, for consideration of US$168 million.�

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Siam City Cement's contribution of US$24 million was 16% higher than the previous year.� Its improved domestic performance in Thailand was offset by a lower contribution from its regional operations, in particular in South Vietnam.� The contribution from Refrigeration Electrical Engineering Corporation ('REE') was 4% lower than the previous year, due to weaker performances from its hydropower investments and its M&E business, which were partially offset by a stronger contribution from real estate.� JC&C increased its stake in REE during the year from 24.9% to 29.0% for US$25 million, by way of a public tender offer and market purchases.

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The group's investment in Vinamilk delivered dividend income of US$36 million, compared to US$32 million in the previous year.� Vinamilk's 2019 profit was 3% higher in local currency terms.

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Astra

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Astra's net profit for 2019 under Indonesian accounting standards was Rp 21.7 trillion, equivalent to US$1.5 billion.��The group's net debt, excluding financial services subsidiaries, was Rp22.2 trillion, equivalent to US$1.6 billion, at 31st�December�2019, compared with Rp13.0 trillion, equivalent to US$0.9 billion, at the end of 2018, due mainly to the group's further investments in its toll road businesses and Gojek, as well as capital expenditure in its mining contracting business.

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Automotive

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Net income from Astra's automotive division was down 1% at US$594 million.� This was mainly due to lower car sales volumes and increased manufacturing costs, partially offset by higher motorcycle sales volumes.� Car sales were 8% lower.� The Indonesian wholesale market declined by 11% in 2019 but Astra increased its market share from 51% to 52%.�

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Motorcycle sales increased by 3% in the year.� The Indonesian wholesale market increased by 2%, with Astra's market share slightly higher at 76%.� Astra Otoparts reported a 21% increase in net income, largely due to higher revenue from the replacement market and lower production costs.

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Financial Services

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Net income from Astra's financial services division increased by 22% to US$415�million, mainly due to a larger loan portfolio and an improvement in non-performing loans.� Consumer finance businesses saw an 8% increase in the amount financed to US$6.2 billion. The net income contribution from Astra's car-focused finance companies increased by 29% to US$106 million, with lower non-performing loan losses.� The net income contribution from the group's motorcycle-focused finance business increased by 11% to US$187 million, mainly due to a larger loan portfolio.

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The group's heavy equipment-focused finance operations saw an 18% decrease in the amounts financed to US$302 million.� The net income contribution from this business grew, however, by 14% to US$7 million, as a result of lower loan provisions.

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Permata Bank reported a 66% increase in net income to US$106 million, due to improved revenue and lower loan impairment levels, attributable to improved loan quality and better levels of recovery from non-performing loans. The bank's gross and net non-performing loan ratios both improved.� General insurance company Asuransi Astra Buana reported 4% growth in net income at US$77 million, with increased investment income.�

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Heavy Equipment, Mining, Construction and Energy

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Net income from Astra's�heavy equipment, mining, construction and energy division�increased by 1% to US$475 million, mainly due to the contribution from the new gold mining operation, offset by the impact of lower heavy equipment sales and a loss incurred in the general contracting business.� United Tractors reported a 2% increase in net income to US$801 million.� Agincourt Resources achieved gold sales of 410,000 oz.� Komatsu heavy equipment sales fell by 40%, with parts and service revenues also lower.

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Mining contracting operations saw a 1% higher overburden removal volume at 989�million bank cubic metres, and 5% higher coal production at 131 million tonnes.� Coal mining subsidiaries were adversely impacted by lower coal prices.

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General contractor Acset Indonusa reported a net loss of US$77 million, compared to a net income of US$1 million the year before.� This was mainly due to increased project and funding costs for several ongoing contracts.

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Infrastructure and Logistics

�

Net income from Astra's infrastructure and logistics division increased by 49% to US$21 million, mainly due to improved toll road revenue, reflecting 22% higher traffic volume in Astra's 350km of operational toll roads along the Trans-Java network and the Kunciran Serpong toll road.�� Serasi Autoraya's net income decreased by 17% to US$18 million, due to lower used car sales and a decline in its car leasing business.

�

Agribusiness

�

Net income from Astra's agribusiness was down by 85% at US$12 million.� This was primarily due to an 8% fall in average crude palm oil prices, despite a 3% increase in crude palm oil and derivatives sales to 2.3 million tonnes.� There have, however, recently been encouraging signs of improvement in prices.

�

Conclusion

�

The Board would like to express its gratitude for the hard work, dedication and professionalism of the Group's 464,000 employees over the past year.� We are proud of how colleagues have performed and responded to, and shown great resilience in the face of, the ongoing challenging conditions for many of the Group's businesses.

�

2020 is likely to continue to present challenges to the Group's businesses but we are well placed to address them and drive the Group towards future success.

�

Ben Keswick

Executive Chairman and Managing Director

�

�

�

�

�

�

Jardine Matheson Holdings Limited Consolidated Profit and Loss Account for the year ended 31st December 2019

�

�

�

�

�

�

�

�

2019

2018

Underlying business performance US$m �

Non- trading items US$m �

� Total US$m �

Underlying business performance US$m restated

Non- trading items US$m restated

� � Total US$m restated

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

Revenue (note 2)

�

40,922

�

�

�

-

�

�

�

�

40,922

�

�

�

�

42,527

�

�

�

-

�

�

�

�

42,527

�

�

Net operating costs (note 3)

�

(36,931)

�

�

�

1,576

�

�

�

�

(35,355)

�

�

�

�

(38,456)

�

�

�

(814)

�

�

�

�

(39,270)

�

�

Change in fair value of investment properties

�

-

�

�

�

(832)

�

�

�

�

(832)

�

�

�

�

-

�

�

�

1,251

�

�

�

�

1,251

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

Operating profit

�

3,991

�

�

�

744

�

�

�

�

4,735

�

�

�

�

4,071

�

�

�

437

�

�

�

�

4,508

�

�

Net financing charges

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

- financing charges

�

(787)

�

�

�

-

�

�

�

�

(787)

�

�

�

�

(655)

�

�

�

-

�

�

�

�

(655)

�

�

- financing income

�

253

�

�

�

-

�

�

�

�

253

�

�

�

�

180

�

�

�

-

�

�

�

�

180

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

(534)

�

�

�

-

�

�

�

�

(534)

�

�

�

�

(475)

�

�

�

-

�

�

�

�

(475)

�

�

Share of results of associates and joint ventures (note 4)

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

- before change in fair value of investment properties

�

1,221

�

�

�

20

�

�

�

�

1,241

�

�

�

�

1,254

�

�

�

(32)

�

�

�

�

1,222

�

�

- change in fair value of investment properties

�

-

�

�

�

(11)

�

�

�

�

(11)

�

�

�

�

-

�

�

�

189

�

�

�

�

189

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

1,221

�

�

�

9

�

�

�

�

1,230

�

�

�

�

1,254

�

�

�

157

�

�

�

�

1,411

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

Profit before tax

�

4,678

�

�

�

753

�

�

�

�

5,431

�

�

�

�

4,850

�

�

�

594

�

�

�

�

5,444

�

�

Tax (note 5)

�

(941)

�

�

�

(16)

�

�

�

�

(957)

�

�

�

�

(967)

�

�

�

9

�

�

�

�

(958)

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

Profit after tax

�

3,737

�

�

�

737

�

�

�

�

4,474

�

�

�

�

3,883

�

�

�

603

�

�

�

�

4,486

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

Attributable to:

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

Shareholders of the Company (notes 6 & 7)

�

1,589

�

�

�

1,249

�

�

�

�

2,838

�

�

�

�

1,655

�

�

�

67

�

�

�

�

1,722

�

�

Non-controlling interests

�

2,148

�

�

�

(512)

�

�

�

�

1,636

�

�

�

�

2,228

�

�

�

536

�

�

�

�

2,764

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

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�

�

�

�

�

�

3,737

�

�

�

737

�

�

�

�

4,474

�

�

�

�

3,883

�

�

�

603

�

�

�

�

4,486

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

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�

�

�

�

�

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�

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�

US$

�

�

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�

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US$

�

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US$

�

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US$

�

�

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�

Earnings per share (note 6)

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

�

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�

�

�

�

�

�

�

- basic

�

4.23

�

�

�

�

�

�

�

�

7.56

�

�

�

�

4.40

�

�

�

�

�

�

�

�

4.58

�

�

- diluted

�

4.23

�

�

�

�

�

�

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�

7.56

�

�

�

�

4.39

�

�

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4.57

�

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