TIDMDFI TIDMJAR
RNS Number : 0661U
DFI Retail Group Holdings Ltd
28 July 2022
Announcement
28th July 2022
The following announcement was issued today to a Regulatory
Information Service approved by the Financial Conduct Authority in
the United Kingdom.
DFI RETAIL GROUP HOLDINGS LIMITED
HALF-YEAR RESULTS FOR THE SIX MONTHSED 30TH JUNE 2022
Highlights
-- Underlying loss of US$52 million, including US$60 million loss from associates
-- Subsidiaries delivered underlying operating profit of US$76
million, 51% lower than prior year
-- Strong profit growth for Health and Beauty
-- Grocery Retail and Convenience profits impacted by pandemic and inflation
-- Increased investments in digital to drive long-term sustainable growth
-- Interim dividend of USc1.00 per share declared
" The pandemic has continued to have a significant adverse
effect on all of the Group's businesses, with the first quarter
particularly difficult on the Chinese mainland and in Hong Kong.
Profits are also being impacted by supply chain and inflationary
pressures. As a result, the Group's profits for the full year are
expected to be materially lower than those of 2021. The Group
remains confident, however, in the strengths of the Group's banners
and believes that the additional investment being made to advance
digital capabilities, and improve stores and the Group's operating
standards, will deliver sustainable growth for the Group, as the
impact of the pandemic recedes."
Ben Keswick
Chairman
Results
(unaudited)
Six months ended 30th
June
2022 2021 Change
US$m US$m %
Combined total sales including 100%
of associates and joint ventures 14,028 13,950 +1
Sales 4,483 4,537 - 1
Underlying (loss)/profit attributable
to shareholders* (52) 32 n/a
(Loss)/profit attributable to shareholders (58) 17 n/a
USc USc %
Underlying (loss)/earnings per share* (3.81) 2.38 n/a
(Loss)/earnings per share (4.25) 1.24 n/a
Interim dividend per share 1.00 3.00 - 67
* the Group uses 'underlying (loss)/profit' in its internal financial
reporting to distinguish between ongoing business performance
and non-trading items, as more fully described in note 8 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 interim dividend of USc1.00 per share will be payable on
12th October 2022 to shareholders on the register of members at
the close of business on 19th August 2022.
DFI RETAIL GROUP HOLDINGS LIMITED
HALF-YEAR RE SU LT S FOR THE SIX MONTHSED 30TH JUNE 2022
The Group's performance in the first half of 2022 was impacted
by a number of challenges. Within the Group's subsidiaries, strong
Health and Beauty profit growth and an increased contribution from
IKEA were offset by reduced profit contributions from Grocery
Retail and Convenience, which faced a combination of inflation and
continuing customer behaviour shifts driven by the pandemic, with
the latter leading to reduced levels of eating-at-home. The Group
increased investments in digital capacity and capability during the
period. While these reduced profit in the period, they are
necessary to meet customers' evolving needs for on- and off-line
service and are made with a view to driving long-term sustainable
growth and value.
The Group's overall financial performance was impacted
materially by the performance of key associates in the period.
Results were particularly impacted by the substantial loss incurred
by Yonghui for the fourth quarter of 2021. Maxim's performance was
also significantly adversely impacted by the surge in COVID-19
cases within Hong Kong and resulting Government-imposed
restrictions on dining.
RESULTS
Total first half sales for the Group, including 100% of
associates and joint ventures, increased by 1% to US$14 billion.
Reported subsidiary sales reduced by 1% to US$4.5 billion. However,
underlying subsidiary sales, excluding the impact of the Giant
Indonesia restructuring in the second half of 2021, increased by
2%. Strong revenue growth in Health and Beauty and the contribution
from new IKEA store openings were partially offset by lower sales
within the Grocery Retail division, primarily driven by the easing
of movement restrictions in Southeast Asia, which led to a
reduction in eating-at-home by customers, and store renovation
disruptions in Singapore.
The Group reported an underlying loss of US$52 million for the
first half, with US$60 million loss attributable to associates. The
Group's share of Yonghui's underlying results included US$64
million of loss arising from Yonghui's performance in the fourth
quarter of 2021. In addition, key associate Maxim's contributed an
underlying loss of US$26 million to the Group's results in the
first half, due to the impact of movement restrictions imposed in
Hong Kong.
Within the Group's subsidiaries, the profitability of the Health
and Beauty division increased significantly as a result of a strong
recovery in revenue across both North Asia and Southeast Asia.
Overall subsidiary underlying operating profit was, however, US$76
million for the period, a reduction of US$78 million over the prior
comparable period, as strong profit growth within Health and Beauty
and an increased contribution from IKEA were offset by reduced
profit contributions from Grocery Retail and Convenience, as well
as operating expense investments to enhance digital capacity and
marketing.
Operating cash flow, after lease payments, for the period was a
net inflow of US$76 million, compared with US$97 million in the
first half of 2021. As at 30th June 2022, the Group's net debt was
US$995 million, compared with US$844 million at 31st December
2021.
Given the loss incurred in the first half of the year and the
Group's commitment to maintaining a strong balance sheet position
while supporting ongoing investments in business and digital
transformation, the Board has reduced the interim dividend for 2022
to USc1.00 per share.
OPERATING PERFORMANCE
Like-for-like sales for the Group's Grocery Retail division in
the first half were slightly behind the prior year. Good
like-for-like growth in North Asia was driven by pantry-stocking
behaviour and strong in-store execution in the face of challenging
external conditions and supply chain constraints, particularly in
the first quarter. Sales performance in Southeast Asia was impacted
by the easing of movement restrictions, which led to a reduction in
eating-at-home, store renovation disruptions in Singapore and stock
availability issues in Malaysia. Overall profitability, however,
was behind the comparable period last year, due to a combination of
inflation impacting cost of goods sold, operating cost pressures
(particularly electricity and labour costs) and e-commerce
investment costs.
The Group's Convenience business saw varying operating
performance across regions in the first half. In Singapore, a
relaxation of movement restrictions led to strong sales and profit
recovery. Within North Asia, disruption caused by rising COVID-19
cases significantly impacted both like-for-like sales and
profitability. In Hong Kong, the fifth COVID wave in the first
quarter significantly impacted customer traffic. On the Chinese
mainland, ongoing COVID-19 disruptions continued to have a
significant impact on like-for-like sales.
The Health and Beauty division reported strong sales recovery in
the first half. Mannings Hong Kong's like-for-like sales were
supported by effective in-store execution and a surge in demand for
COVID-19 related products and over-the-counter medicines. Guardian
reported double-digit like-for-like growth across key geographies,
driven by a combination of recovery in mall and tourist locations,
strong demand for COVID-19 related products and effective
store-level execution. Profitability also grew strongly in the
first half, driven by a combination of strong sales recovery,
effective promotion management and cost control.
Revenue for the Home Furnishings division increased relative to
the corresponding period in 2021 due to the annualisation impact of
newly-opened stores in the prior year and strong e-commerce sales.
Like-for-like sales were adversely impacted in the first quarter as
the pandemic continued to disrupt store operating capacity and
there was significantly reduced stock availability. Despite the
ongoing challenges faced by IKEA during the first half,
profitability was ahead of the same period last year, with
like-for-like sales improving in the second quarter.
The performance of Maxim's, the Group's 50%-owned associate, was
severely impacted by Government-imposed dining restrictions in Hong
Kong, as well as temporary lockdowns on the Chinese mainland.
Like-for-like sales, however, recovered in Hong Kong over the
course of the second quarter as restrictions eased.
The Group's share of Yonghui's underlying loss for the six
months ended March 2022 was US$38 million. Encouragingly, Yonghui
reported improvements in like-for-like sales and a return to
profitability in the first quarter of 2022. In addition, Robinsons
Retail reported solid sales and profit growth contribution for the
first half. Robinsons Retail reported in the first quarter of 2022
that its drugstores, department stores and specialty segments
delivered strong sales recovery reflecting increased economic
activity as restrictions in the Philippines started to ease in
February 2022.
BUSINESS DEVELOPMENTS
Driving digital innovation remains a key strategic priority for
DFI Retail Group. In July 2020, DFI launched its yuu coalition
loyalty programme, a critical milestone in driving DFI's
modernisation and digital transformation. Since its launch, yuu has
exceeded expectations and has now welcomed over four million
members. The yuu-niverse has grown to include Maxim's restaurants,
insurance partners and, most recently, a fuel partner. In May 2022,
yuu-to-me was officially launched, offering customers an integrated
one-stop online shopping experience and home delivery to customers
across leading Hong Kong brands on one yuu mobile app. Initial
performance has been encouraging. Digital remains a key priority
for the Group, and the Group expects to continue investing to drive
long-term value for shareholders.
PEOPLE
The first quarter was a particularly challenging period in our
core market of Hong Kong, with a significant surge in COVID-19
cases and consequent constraints on the supply chain and labour
shortages. We express deep gratitude to our team members across the
Group for their continuing dedication and resolve to putting our
customers first during these challenging times.
OUTLOOK
The pandemic has continued to have a significant adverse effect
on all of the Group's businesses, with the first quarter
particularly difficult on the Chinese mainland and in Hong Kong.
Profits are also being impacted by supply chain and inflationary
pressures. As a result, the Group's profits for the full year are
expected to be materially lower than those of 2021. The Group
remains confident, however, in the strengths of the Group's banners
and believes that the additional investment being made to advance
digital capabilities, and improve stores and the Group's operating
standards, will deliver sustainable growth for the Group, as the
impact of the pandemic recedes.
Ben Keswick
Chair m an
DFI Retail Group Holdings Limited
Consolidated Profit and Loss Account
for the six months ended 30th June 2022
(unaudited)
Six months ended 30th June Year ended 31st December
2022 2021 2021
----------- ----------- --------- ----------- ----------- --------- ----------- ----------- ---------
Underlying Underlying Underlying
business Non-trading business Non-trading business Non-trading
performance items Total performance items Total performance items Total
US$m US$m US$m US$m US$m US$m US$m US$m US$m
Sales (note 2) 4,483.1 - 4,483.1 4,536.8 - 4,536.8 9,015.4 - 9,015.4
Cost of sales (3,080.4) - (3,080.4) (3,123.9) - (3,123.9) (6,145.7) - (6,145.7)
----------- ----------- --------- ----------- ----------- --------- ----------- ----------- ---------
Gross margin 1,402.7 - 1,402.7 1,412.9 - 1,412.9 2,869.7 - 2,869.7
Other operating
income 94.6 6.6 101.2 105.2 1.3 106.5 207.1 28.4 235.5
Selling and
distribution
costs (1,175.5) - (1,175.5) (1,114.8) - (1,114.8) (2,310.1) - (2,310.1)
Administration and
other operating
expenses (245.6) (7.2) (252.8) (248.7) (35.9) (284.6) (452.9) (31.4) (484.3)
----------- ----------- --------- ----------- ----------- --------- ----------- ----------- ---------
Operating profit
(note 3) 76.2 (0.6) 75.6 154.6 (34.6) 120.0 313.8 (3.0) 310.8
Financing charges (58.2) - (58.2) (60.5) - (60.5) (119.5) - (119.5)
Financing income 1.6 - 1.6 0.5 - 0.5 0.7 - 0.7
Net financing
charges
(note 4) (56.6) - (56.6) (60.0) - (60.0) (118.8) - (118.8)
Share of results
of associates and
joint ventures
(note
5) (59.6) (5.6) (65.2) (43.6) 15.5 (28.1) (40.4) (1.4) (41.8)
----------- ----------- --------- ----------- ----------- --------- ----------- ----------- ---------
(Loss)/profit
before
tax (40.0) (6.2) (46.2) 51.0 (19.1) 31.9 154.6 (4.4) 150.2
Tax (note 6) (18.3) - (18.3) (19.0) 0.2 (18.8) (60.0) 1.1 (58.9)
----------- ----------- --------- ----------- ----------- --------- ----------- ----------- ---------
(Loss)/profit
after
tax (58.3) (6.2) (64.5) 32.0 (18.9) 13.1 94.6 (3.3) 91.3
----------- ----------- --------- ----------- ----------- --------- ----------- ----------- ---------
Attributable to:
Shareholders of
the
Company (51.6) (6.0) (57.6) 32.1 (15.4) 16.7 104.6 (1.7) 102.9
Non-controlling
interests (6.7) (0.2) (6.9) (0.1) (3.5) (3.6) (10.0) (1.6) (11.6)
----------- ----------- --------- ----------- ----------- --------- ----------- ----------- ---------
(58.3) (6.2) (64.5) 32.0 (18.9) 13.1 94.6 (3.3) 91.3
----------- ----------- --------- ----------- ----------- --------- ----------- ----------- ---------
US c US c US c US c US c US c
(Loss)/earnings
per
share (note 7)
- basic (3.81) (4.25) 2.38 1.24 7.73 7.61
- diluted (3.81) (4.25) 2.37 1.24 7.73 7.61
----------- --------- ----------- --------- ----------- ---------
DFI Retail Group Holdings Limited
Consolidated Statement of Comprehensive Income
for the six months ended 30th June 2022
(unaudited)
Six months ended Year ended
30th June 31st December
2022 2021 2021
US$m US$m US$m
(L oss)/profit for the period (64.5) 13.1 91.3
Other comprehensive (expense)/income
---------- ------- --------------
Items that will not be reclassified
to profit or loss:
---------- ------- --------------
Remeasurements of defined benefit
plans 0.4 - 22.1
Tax relating to items that will
not be reclassified (0.1) - (3.5)
0.3 - 18.6
Share of other comprehensive income/
(expense) of associates and joint
ventures 1.0 (0.5) 1.0
---------- ------- --------------
1.3 (0.5) 19.6
---------- ------- --------------
Items that may be reclassified
subsequently to profit or loss:
Net exchange translation differences
* net loss arising during the period (108.1) (5.4) (19.8)
Cash flow hedges
---------- ------- --------------
* net gain arising during the period 29.2 7.2 10.1
* transfer to profit and loss (2.1) 5.5 11.6
27.1 12.7 21.7
Tax relating to items that may
be reclassified (1.7) (2.5) (3.3)
Share of other comprehensive expense
of associates and joint ventures (4.3) (0.5) (1.1)
---------- ------- --------------
(87.0) 4.3 (2.5)
---------- ------- --------------
Other comprehensive (expense)/income
for the period, net of tax (85.7) 3.8 17.1
---------- ------- --------------
Total comprehensive income for
the period (150.2) 16.9 108.4
---------- ------- --------------
Attributable to:
Shareholders of the Company (144.1) 20.6 120.1
Non-controlling interests (6.1) (3.7) (11.7)
---------- ------- --------------
(150.2) 16.9 108.4
---------- ------- --------------
DFI Retail Group Holdings Limited
Consolidated Balance Sheet
at 30th June 2022
(unaudited) At 31st
At 30th June December
2022
US$m 2021 US$m 2021 US$m
Net operating assets
Intangible assets 404.8 406.6 411.9
Tangible assets 760.7 754.5 803.3
Right-of-use assets 2,614.8 2,795.6 2, 747.6
Associates and joint ventures 1,968.9 2,134.5 2,164.3
Other investments 21.7 6.2 11.5
Non-current debtors 125.4 112.3 113.2
Deferred tax assets 17.8 13.6 14.7
Pension assets 9.3 - 13.3
Non-current assets 5,923.4 6,223.3 6,279.8
Stocks 793.1 745.8 781.9
Current debtors 211.2 219.5 232.0
Current tax assets 17.5 21.1 15.6
Cash and bank balances 219.1 262.7 210.4
--------- --------- ---------
1,240.9 1,249.1 1,239.9
Non-current assets held for sale
(note 9) 81.8 19.9 85.1
Current assets 1,322.7 1,269.0 1,325.0
--------- --------- ---------
Current creditors (1,976.7) (1,892.4) (2,081.3)
Current borrowings (799.8) (692.5) (743.5)
Current lease liabilities (602.0) (633.0) (640.3)
Current tax liabilities (32.2) (52.6) (26.6)
Current provisions (38.0) (67.8) (49.2)
--------- --------- ---------
Current liabilities (3,448.7) (3,338.3) (3,540.9)
--------- --------- ---------
Net current liabilities (2,126.0) (2,069.3) (2,215.9)
Long-term borrowings (414.0) (505.5) (310.8)
Non-current lease liabilities (2,212.4) (2,324.7) (2,320.0)
Deferred tax liabilities (42.9) (37.5) (44.0)
Pension liabilities (5.7) (16.1) (7.5)
Non-current creditors (10.0) (32.6) (11.4)
Non-current provisions (105.9) (105.1) (103.0)
Non-current liabilities (2,790.9) (3,021.5) (2,796.7)
---------
1,006.5 1,132.5 1,267.2
--------- --------- ---------
Total equity
Share capital 75.2 75.2 75. 2
Share premium and capital reserves 65.0 60.2 60.2
Revenue and other reserves 872.6 987.2 1, 131.8
------- ------- --------
Shareholders' funds 1,012.8 1,122.6 1,267.2
Non-controlling interests (6.3) 9.9 -
------- --------
1,006.5 1,132.5 1,267.2
------- ------- --------
DFI Retail Group Holdings Limited
Consolidated Statement of Changes in Equity
for the six months ended 30th June 2022
Attributable Attributable
Revenue to shareholders to
Share Share Capital and other of the non-controlling Total
capital premium reserves reserves Company interests equity
US$m US$m US$m US$m US$m US$m US$m
Six months ended
30th June 2022
(unaudited)
At 1st January
2022 75.2 35.6 24.6 1,131.8 1,267.2 - 1,267.2
Total
comprehensive
income - - - (144.1) (144.1) (6.1) (150.2)
Dividends paid by
the Company
(note 10) - - - (87.4) (87.4) - (87.4)
Dividends paid to
non-controlling
interests - - - - - (0.2) (0.2)
Share-based
long-term
incentive plans - - 4.8 - 4.8 - 4.8
Shares purchased
for a
share-based
long-term
incentive
plan - - - (20.0) (20.0) - (20.0)
Change in
interests in
associates and
joint ventures - - - (7.7) (7.7) - (7.7)
Transfer - 2.0 (2.0) - - - -
At 30th June 2022 75.2 37.6 27.4 872.6 1,012.8 (6.3) 1,006.5
Six months ended
30th June 2021
(unaudited)
At 1st January
2021 75.1 34.1 25.5 1,187.6 1,322.3 13.6 1,335.9
Total
comprehensive
income - - - 20.6 20.6 (3.7) 16.9
Dividends paid by
the Company
(note 10) - - - (155.6) (155.6) - (155.6)
Exercise of
options 0.1 - - - 0.1 - 0.1
Share-based
long-term
incentive plans - - 0.6 - 0.6 - 0.6
Change in
interests in
associates and
joint ventures - - - (65.4) (65.4) - (65.4)
Transfer - 1.5 (1.5) - - - -
At 30th June 2021 75.2 35.6 24.6 987.2 1,122.6 9.9 1,132.5
-------- -------- --------- ---------- ---------------- ----------------- -------
Attributable Attributable
Revenue to shareholders to
Share Share Capital and other of the non-controlling Total
capital premium reserves reserves Company interests equity
US$m US$m US$m US$m US$m US$m US$m
Year ended 31st
December 2021
At 1st January
2021 75.1 34.1 25.5 1,187.6 1,322.3 13.6 1,335.9
Total
comprehensive
income - - - 120.1 120.1 (11.7) 108.4
Dividends paid by
the Company - - - (196.2) (196.2) - (196.2)
Dividends paid to
non-controlling
interests - - - - - (1.9) (1.9)
Exercise of
options 0.1 (0.1) - - - - -
Share-based
long-term
incentive plans - - 0.7 - 0.7 - 0.7
Change in
interests in
associates and
joint ventures - - - 20.3 20.3 - 20.3
Transfer - 1.6 (1.6) - - - -
At 31st December
2021 75.2 35.6 24.6 1,131.8 1,267.2 - 1,267.2
Revenue and other reserves at 30th June 2022 comprised revenue reserves of US$1,187.4 million (2021:
US$1,212.2
million), hedging reserves of US$34.4 million gain (2021: US$0.8 million gain) and exchange reserves of
US$349.2 million loss (2021: US$225.8 million loss).
Revenue and other reserves at 31st December 2021 comprised revenue reserves of US$1,363.1 million, hedging
reserves of US$9.0 million gain and exchange reserves of US$240.3 million loss.
DFI Retail Group Holdings Limited
Consolidated Cash Flow Statement
for the six months ended 30th June 2022
(unaudited)
Six months ended Year ended
30th June 31st December
2022
US$m 2021 US$m 2021 US$m
Operating activities
-------- --------- --------------
Operating profit (note 3) 75.6 120.0 310.8
Depreciation and amortisation 437.7 439.3 885.7
Other non-cash items (7.9) (26.0) (63.7)
Increase in working capital (32.0) (18.5) (10.4)
Interest received 1.5 0.5 0.8
Interest and other financing charges
paid (57.8) (59.5) (117.2)
Tax paid (21.0) (51.3) (110.1)
-------- --------- --------------
396.1 404.5 895.9
Dividends from associates and joint
ventures 11.5 23.7 46.4
Cash flows from operating activities 407.6 428.2 942.3
Investing activities
-------- --------- --------------
Purchase of subsidiaries (note
12(a)) (8.8) - -
Purchase of associates and joint
ventures - - (1.6)
Purchase of other investments (note
12(b)) (10.0) - (5.0)
Purchase of intangible assets (2.9) (4.7) (26.9)
Purchase of tangible assets (121.1) (100.1) (185.1)
Sale of associates and joint ventures
(note 12(c)) 6.9 - -
Sale of properties (note 12(d)) - 35.0 86.3
Sale of tangible assets 0.8 0.5 7.6
Cash flows from investing activities (135.1) (69.3) (124.7)
Financing activities
-------- --------- --------------
Purchase of shares for a share-based
long-term incentive plan (note
12(e)) (20.0) - -
Drawdown of borrowings 710.5 759.3 1,248.3
Repayment of borrowings (619.5) (760.6) (1,308.2)
Net increase in other short-term
borrowings 83.0 100.8 88.7
Principal elements of lease payments (331.7) (330.9) (672.0)
Dividends paid by the Company (note
10) (87.4) (155.6) (196.2)
Dividends paid to non-controlling
interests (0.2) - (1.9)
Cash flows from financing activities (265.3) (387.0) (841.3)
--------
Net increase/(decrease) in cash
and cash equivalents 7.2 (28.1) (23.7)
Cash and cash equivalents at beginning
of period 210.0 234.2 234.2
Effect of exchange rate changes (5.8) (0.1) (0.5)
-------- --------- --------------
Cash and cash equivalents at end
of period (note 12(f)) 211.4 206.0 210.0
-------- --------- --------------
DFI Retail Group 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 2021 annual financial statements and the Group has not early
adopted any standards or amendments that have been issued but not
yet effective. A number of amendments were effective from 1st
January 2022. The more important amendments applicable to the Group
is as follows:
Amendments to IAS 37 - Onerous Contracts - Cost of Fulfilling a
Contract (effective from 1st January 2022)
The amendments clarify that for the purpose of assessing whether
a contract is onerous, the cost of fulfilling the contract includes
both the incremental costs of fulfilling that contract and an
allocation of other costs that relate directly to fulfilling
contracts. The Group applied the amendments from 1st January 2022
and there is no significant impact on the Group's consolidated
financial statements.
2. Sales
Including associates
and joint ventures Subsidiaries
Six months ended 30th June
2022 2022
US$m 2021 US$m US$m 2021 US$m
Analysis by operating
segment:
Food 10,958.1 11,031.5 3,089.0 3,264.9
* Grocery retail 9,824.0 9,903.2 2,004.8 2,190.6
* Convenience stores 1,134.1 1,128.3 1,084.2 1,074.3
Health and Beauty 1,276.0 1,146.5 984.5 887.1
Home Furnishings 409.6 384.8 409.6 384.8
Restaurants 1,000.1 1,005.4 - -
Other Retailing 384.5 381.7 - -
---------- ---------- ------- ---------
14,028.3 13,949.9 4,483.1 4,536.8
---------- ---------- ------- ---------
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. DFI Retail Group operates in five segments: Food,
Health and Beauty, Home Furnishings, Restaurants and Other
Retailing. Food comprises grocery retail and convenience store
businesses (including the Group's associate, Yonghui, a leading
grocery retailer in the Chinese mainland). Health and Beauty
comprises the health and beauty businesses. Home Furnishings is the
Group's IKEA businesses. Restaurants is the Group's food and
beverage associate, Maxim's, a leading Hong Kong restaurant chain.
Other Retailing represents the department stores, specialty and
Do-It-Yourself ('DIY') stores of the Group's Philippines associate,
Robinsons Retail.
Sales and share of results of Yonghui and Robinsons Retail
represent six months from October 2021 to March 2022 (2021: October
2020 to March 2021), based on their latest published announcements
(note 5).
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
2022 2022
US$m 2021 US$m US$m 2021 US$m
Analysis by geographical
area:
North Asia 10,745.5 10,606.6 3,054.0 2,993.9
Southeast Asia 3,282.8 3,343.3 1,429.1 1,542.9
14,028.3 13,949.9 4,483.1 4,536.8
---------- ---------- ------- ---------
The geographical areas covering North Asia and Southeast Asia,
are determined by the geographical location of customers. North
Asia comprises Hong Kong, the Chinese mainland, Macau and Taiwan.
Southeast Asia comprises Singapore, Cambodia, the Philippines,
Thailand, Malaysia, Indonesia, Vietnam and Brunei.
3. Operating Profit
Six months ended 30th
June
2022
US$m 2021 US$m
Analysis by operating segment:
Food 47.3 103.5
- Grocery retail 47.4 84.9
- Convenience stores (0.1) 18.6
Health and Beauty 39.3 20.6
Home Furnishings 15.2 11.5
--------- ------------
101.8 135.6
Selling, general and administrative expenses
(+) (64.8) (31.2)
--------- ------------
Underlying operating profit before IFRS
16 (*) 37.0 104.4
IFRS 16 adjustment (^) 39.2 50.2
--------- ------------
Underlying operating profit 76.2 154.6
Non-trading items:
- impairment of intangible assets (6.3) -
- gain on partial disposal of a joint
venture 6.3 -
- business restructuring costs (0.9) (35.8)
- profit on sale of properties - 1.0
- change in fair value of equity investments 0.3 0.2
75.6 120.0
--------- ------------
Set out below is an analysis of the Group's underlying operating
profit by geographical locations:
Six months ended 30th
June
2022
US$m 2021 US$m
Analysis by geographical area:
North Asia 100.6 122.0
Southeast Asia 1.2 13.6
--------- ------------
101.8 135.6
Selling, general and administrative expenses
(+) (64.8) (31.2)
--------- ------------
Underlying operating profit before IFRS
16 (*) 37.0 104.4
IFRS 16 adjustment(^) 39.2 50.2
--------- ------------
Underlying operating profit 76.2 154.6
--------- ------------
In relation to the COVID-19 pandemic, the Group had received
government grants and rent concessions of US$ 1.1 million (202 1 :
US$ 6.6 million) and US$ 14.2 million (202 1 : US$ 23.2 million) ,
respectively, for the six months ended 30th June 202 2 . These
subsidies were accounted for as other operating income.
(+) Included costs incurred for e-commerce development and digital innovation.
(*) 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.
(^) Represented the reversal of lease payments which were
accounted for on a straight-line basis, adjusted by the lease
contracts recognised under IFRS 16 'Leases', primarily for the
depreciation charge on right-of-use assets.
4. Net Financing Charges
Six months ended 30th
June
2022
US$m 2021 US$m
Interest expense (55.2) (57.4)
- bank loans and advances (13.0) (9.9)
- lease liabilities (41.9) (46.8)
- other loans (0.3) (0.7)
Commitment and other fees (3.0) (3.1)
--------- ------------
Financing charges (58.2) (60.5)
Financing income 1.6 0.5
--------- ------------
(56.6) (60.0)
--------- ------------
5. Share of Results of Associates and Joint Ventures
Six months ended 30th
June
2022
US$m 2021 US$m
Analysis by operating segment:
Food (43.2) (14.2)
- Grocery retail (43.0) (13.1)
- Convenience stores (0.2) (1.1)
Health and Beauty 1.7 0.6
Restaurants (25.5) (13.2)
Other Retailing 1.8 (1.3)
--------- ------------
(65.2) (28.1)
--------- ------------
Share of results of associates and joint ventures included the
following (losses)/gains from non-trading items (note 8):
Six months ended 30th
June
2022
US$m 2021 US$m
Change in fair value of Yonghui's equity
investments 5.4 29.2
Change in fair value of Robinsons Retail's
equity investments 1.4 0.1
Impairment charge of Yonghui's investments (12.5) (13.9)
Net gains from sale of debt investments
by Robinsons Retail 0.1 0.1
(5.6) 15.5
--------- ------------
Results are shown after tax and non-controlling interests in the
associates and joint ventures.
In relation to the COVID-19 pandemic, included in share of
results of associates and joint ventures were the Group's share of
the government grants and rent concessions of US$14.6 million (202
1 : US$ 10.8 million) and US$8.8 million (2021: US$9.9 million),
respectively, for the six months ended 30th June 2022.
Included six months results from October 2021 to March 2022
(2021: October 2020 to March 2021) for Yonghui and Robinsons Retail
(note 2).
6. Tax
Six months ended 30th
June
2022
US$m 2021 US$m
Tax charged to profit and loss is analysed
as follows:
Current tax (24.9) (26.1)
Deferred tax 6.6 7.3
--------- ------------
(18.3) (18.8)
--------- ------------
Tax relating to components of other comprehensive
income is analysed as follows:
Remeasurements of defined benefit plans (0.1) -
Cash flow hedges (1.7) (2.5)
--------- ------------
(1.8) (2.5)
--------- ------------
Tax on profits has been calculated at rates of taxation
prevailing in the territories in which the Group operates. Share of
tax credit of associates and joint ventures of US$0.2 million
(2021: US$3.3 million) is included in share of results of
associates and joint ventures.
7. (Loss)/Earnings per Share
Basic (loss)/earnings per share are calculated on loss
attributable to shareholders of US$57.6 million (2021: profit of
US$16.7 million), and on the weighted average number of 1,353.3
million (2021: 1,352.9 million) shares in issue during the
period.
Diluted ( loss)/ earnings per share are calculated on loss
attributable to shareholders of US$57.6 million (2021: profit of
US$16.7 million), and on the weighted average number of 1,353.5
million (2021: 1,353.1 million) shares in issue after adjusting for
0.2 million (2021: 0.2 million) shares which are deemed to be
issued for no consideration under the share-based long-term
incentive plans based on the average share price during the
period.
Additional basic and diluted (loss)/earnings per share are also
calculated based on underlying (loss)/profit attributable to
shareholders. A reconciliation of earnings is set out below:
Six months ended 30th June
2022 2021
Basic Diluted Basic Diluted
loss loss earnings earnings
p er share per share per share per share
US$m USc USc US$m USc USc
(Loss)/profit
attributable
to shareholders (57.6) (4.25) (4.25) 16.7 1.24 1.24
Non-trading
items (note
8) 6.0 15.4
------ ----
Underlying
(loss)/profit
attributable
to shareholders (51.6) (3.81) (3.81) 32.1 2.38 2.37
------ ----
8. Non-trading Items
Non-trading items are separately identified to provide greater
understanding of the Group's underlying business performance. Items
classified as non-trading items include fair value gains and losses
on equity and debt investments which are measured at fair value
through profit and loss; gains and losses arising from the sale of
businesses, investments and properties; impairment of
non-depreciable intangible assets, properties, associates and joint
ventures, and other investments; provisions for the closure of
businesses; acquisition-related costs in business combinations; and
other credits and charges of a non-recurring nature that require
inclusion in order to provide additional insight into underlying
business performance.
An analysis of non-trading items after interest, tax and
non-controlling interests is set out below:
Six months ended 30th June
2022
US$m 2021 US$m
Impairment of intangible assets (6.3) -
Gain on partial disposal of a joint venture 6.3 -
Business restructuring costs (0.7) (32.0)
Profit on sale of properties - 0.9
Change in fair value of equity investments 0.3 0.2
Share of change in fair value of Yonghui's
equity investments 5.4 29.2
Share of change in fair value of Robinsons
Retail's equity investments 1.4 0.1
Share of impairment charge of Yonghui's investments (12.5) (13.9)
Share of net gains from sale of debt investments
by Robinsons Retail 0.1 0.1
(6.0) (15.4)
------ ---------
In April 2022, the Group acquired 100% interest in DFI Digital
(Hong Kong) Limited ('Digital Hong Kong') and DFI Digital
(Singapore) Pte. Limited ('Digital Singapore') from its joint
venture, Retail Technology Asia Limited ('RTA'). Following the
acquisitions, Digital Hong Kong and Digital Singapore became
wholly-owned subsidiaries of the Group. Goodwill amounting to
US$13.2 million was recognised and an impairment charge of US$6.3
million on the related goodwill was recorded during the period.
Gain on partial disposal of a joint venture represented the gain
arising from the Group's disposal of its 8.5% interest in RTA, a
50% owned joint venture in May 2022. The Group's interest in RTA is
reduced to 41.5% upon the completion of the transaction.
In 2021, the management decided to withdraw its Giant brand
investment in Indonesia following a strategic review
recommendation. Exit costs of US$30.5 million mainly relating to
impairment charge against tangible assets, landlord compensation
and the expected payments to employees were charged in the profit
and loss.
9. Non-current Assets Held for Sale
At 30th June 2022, the non-current assets held for sale
represented 18 properties in Indonesia, three properties in Hong
Kong and one retail property in Malaysia brought forward from 31st
December 2021 remained unsold. The sale of these properties is
highly probable in the remainder of the year.
10. Dividends
Six months ended 30th June
2022
US$m 2021 US$m
Final dividend in respect of 2021 of USc6.50
(2020: USc11.50) per share 87.9 155.6
Dividends on shares held by a subsidiary of
the Group
under a share-based long-term incentive plan (0.5) -
----- ---------
87.4 155.6
----- ---------
An interim dividend in respect of 2022 of USc1.00 (2021:
USc3.00) per share amounting to a total of US$13.5 million (2021:
US$40.6 million) is declared by the Board, and will be accounted
for as an appropriation of revenue reserves in the year ending 31st
December 2022 .
11. Financial Instruments
Financial instruments by category
The carrying amounts of financial assets and financial
liabilities at 30th June 2022 and 31st December 2021 are as
follows:
Fair value Financial
Fair value through assets Other Total
of hedging profit at amortised financial carrying
instruments and loss cost liabilities amounts
US$m US$m US$m US$m US$m
At 30th June 202 2
Financial assets measured
at fair value
Other investments
- equity investments - 11.7 - - 11.7
- debt investments - 10.0 - - 10.0
Derivative financial
instruments 37.4 - - - 37.4
------------ ---------- ------------- ------------ ---------
37.4 21.7 - - 59.1
------------ ---------- ------------- ------------ ---------
Financial assets not
measured at fair value
Debtors - - 226.0 - 226.0
Cash and bank balances - - 219.1 - 219.1
- - 445.1 - 445.1
------------ ---------- ------------- ------------ ---------
Financial liabilities
measured at fair value
Derivative financial
instruments (0.1) - - - (0.1)
(0.1) - - - (0.1)
------------ ---------- ------------- ------------ ---------
Financial liabilities
not measured at fair
value
Borrowings - - - (1,213.8) (1,213.8)
Lease liabilities - - - (2,814.4) (2,814.4)
Trade and other payables
excluding non-financial
liabilities - - - (1,769.8) (1,769.8)
- - - (5,798.0) (5,798.0)
------------ ---------- ------------- ------------ ---------
Fair value Financial
Fair value through assets Other Total
of hedging profit at amortised financial carrying
instruments and loss cost liabilities amounts
US$m US$m US$m US$m US$m
At 31st December 202
1
Financial assets measured
at fair value
Other investments
- equity investments - 11.5 - - 11.5
Derivative financial
instruments 10.5 - - - 10.5
------------ ---------- ------------- ------------ ---------
10.5 11.5 - - 22.0
------------ ---------- ------------- ------------ ---------
Financial assets not
measured at fair value
Debtors - - 253.1 - 253.1
Cash and bank balances - - 210.4 - 210.4
- - 463.5 - 463.5
------------ ---------- ------------- ------------ ---------
Financial liabilities
measured at fair value
Derivative financial
instruments (0.4) - - - (0.4)
(0.4) - - - (0.4)
------------ ---------- ------------- ------------ ---------
Financial liabilities
not measured at fair
value
Borrowings - - - (1,054.3) (1,054.3)
Lease liabilities - - - (2,960.3) (2,960.3)
Trade and other payables
excluding non-financial
liabilities - - - (1,888.1) (1,888.1)
- - - (5,902.7) (5,902.7)
------------ ---------- ------------- ------------ ---------
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.
(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 equity investments, 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 and debt 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 2022 and the year ended 31st December
2021.
The table below analyses financial instruments carried at fair
value at 30th June 2022 and 31st December 2021, by the levels in
the fair value measurement hierarchy:
Observable
current
market Unobservable
transactions inputs Total
US$m US$m US$m
At 30th June 2022
Assets
Other investments
- equity investments 6.7 5.0 11.7
- debt investments - 10.0 10.0
Derivative financial instruments
at fair value
- through other comprehensive
income 36.7 - 36.7
* through profit and loss 0.7 - 0.7
------------- ------------ -----
44.1 15.0 59.1
------------- ------------ -----
Liabilities
Derivative financial instruments
at fair value
* through other comprehensive income - - -
* through profit and loss (0.1) - (0.1)
(0.1) - (0.1)
------------- ------------ -----
At 31st December 2021
Assets
Other investments
- equity investments 6.5 5.0 11.5
Derivative financial instruments
at fair value
- through other comprehensive
income 10.2 - 10.2
* through profit and loss 0.3 - 0.3
----- --- -----
17.0 5.0 22.0
----- --- -----
Liabilities
Derivative financial instruments
at fair value
* through other comprehensive income (0.2) - (0.2)
* through profit and loss (0.2) - (0.2)
(0.4) - (0.4)
----- --- -----
There were no transfers between the categories during the six
months ended 30th June 2022 and the year ended 31st December 2021
.
Movement of financial instruments which are valued based on
unobservable inputs during the year ended 31st December 2021 and
six months ended 30th June 2022 are as follows:
Unlisted
equity Unlisted
investments debt investments Total
US$m US$m US$m
At 1st January 2021 - - -
Addition 5.0 - 5.0
------------ ----------------- ------
At 31st December 2021 and 1st
January 2022 5.0 - 5.0
Addition - 10.0 10.0
At 30th June 2022 5.0 10.0 15.0
------------ ----------------- ------
(ii) Financial instruments that are not measured at fair value
The fair values of current debtors, cash and bank balances,
current creditors, current borrowings and current lease liabilities
are assumed to approximate their carrying amounts due to the
short-term maturities of these assets and liabilities.
The fair values of long-term borrowings are based on market
prices or are estimated using the expected future payments
discounted at market interest rates. The fair values of non-current
lease liabilities are estimated using the expected future payments
discounted at market interest rates.
12. Notes to Consolidated Cash Flow Statement
(a) Purchase of subsidiaries
Six months ended 30th June
2022
US$m
Non-current assets 0.1
Current assets 8.1
Current liabilities (7.0)
-----
Fair value of identifiable net assets acquired 1.2
Goodwill 13.2
Consideration paid 14.4
Cash and cash equivalents at the date of acquisitions (5.6)
-----
Net cash outflow 8.8
-----
In April 2022, the Group acquired 100% interest in Digital Hong
Kong and Digital Singapore, developing and driving digital
innovation businesses, from its joint venture, RTA, for a total net
cash consideration of US$8.8 million.
The fair values of the identifiable assets and liabilities at
the acquisition date are provisional and will be finalised within
one year after the acquisition date.
The goodwill arising from the acquisition amounting to US$13.2
million was attributable to its ownership interest in the
intellectual property.
None of the goodwill is expected to be deductible for tax
purposes.
There were no sales recognised by these subsidiaries during the
period. Loss after tax since acquisitions in respect of these
subsidiaries during the period amounted to US$8.3 million. Had the
acquisitions occurred on 1st January 2022, consolidated loss after
tax for the six months ended 30th June 2022 would have been US$77.3
million.
(b) Purchase of other investments mainly related to the Group's
subscription of a five-year convertible bond of Pickupp Limited, a
delivery platform founded in Hong Kong, for a principal of US$10.0
million in January 2022.
(c) Sale of associates and joint ventures mainly related to the
proceeds from the Group's disposal of its 8.5% interest in RTA
amounted to US$6.9 million in May 2022.
(d) Sale of properties in 2021 included disposal of three
properties in Malaysia and two properties in Indonesia for a total
net consideration of US$35.0 million.
(e) Purchase of shares for a share-based long-term incentive
plan related to the purchase of 7,912,100 ordinary shares from the
stock market by a subsidiary of the Group for a total consideration
of US$20.0 million.
(f) Analysis of balances of cash and cash equivalents
At 30th At 31st
June December
2022 2021
US$m US$m
Cash and bank balances 219.1 210.4
( 0.4
Bank overdrafts (7.7) )
211.4 210.0
------- ---------
13. Capital Commitments and Contingent Liabilities
Total capital commitments at 30th June 202 2 and 31st December
202 1 amounted to US$214.7 million and US$ 184.6 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.
14. Related Party Transactions
The parent company of the Group is Jardine Strategic Limited
('JSL') 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 certain of its subsidiaries,
associates and joint ventures. The more significant of such
transactions are described below.
The Group pays management fees to Jardine Matheson Limited
('JML'), a wholly-owned subsidiary of JMH, under the terms of a
Management Services Agreement, for certain management consultancy
services provided by JML. The management fees paid by the Group to
JML were US$ 0.2 million (202 1 : US$0. 1 million) for the first
six months of 202 2 . The Group also paid directors' fees of US$
0.2 million (202 1 : US$0.2 million) to JML for the same period in
202 2 .
The Group rents properties from Hongkong Land Holdings Limited
('HKL'), a subsidiary of JMH. The lease payments paid by the Group
to HKL for the first six months of 2022 were US$1.5 million (2021:
US$1.5 million). The Group's 50%-owned associate, Maxim's, also
paid lease payments of US$3.9 million (2021: US$4.5 million) to HKL
for the first six months of 2022.
The Group 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 2022
amounted to US$1.2 million (2021: US$0.8 million).
Maxim's supplies ready-to-eat products at arm's length to
certain subsidiaries of the Group. For the first six months of
2022, these amounted to US$17.1 million (2021: US$12.2
million).
The Group's digital joint venture, RTA, implements point-of-sale
system and provides consultancy services to the Group. The total
fees paid by the Group to RTA for the first six months of 202 2
were US$5.6 million (2021: nil).
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.
Balances with group companies of JMH at 30th June 2022 and 31st
December 2021 are immaterial, unsecured, and have no fixed terms of
repayment.
DFI Retail Group 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
-- Financial and Treasury Risk
-- Concessions, Franchises and Key Contracts Risk
-- Regulatory and Political Risk
-- Pandemic and Natural Disasters Risk
-- Cybersecurity and Technology Risk
-- Talent Risk
-- Environmental and Climate Risk
For greater detail, please refer to pages 151 to 154 of the
Company's 2021 Annual Report, a copy of which is available on the
Company's website at www.DFIretailgroup.com.
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
Clem Constantine
Directors
DFI Retail Group Holdings Limited
Dividend Information for Shareholders
The interim dividend of USc1.00 per share will be payable on
12th October 2022 to shareholders on the register of members at the
close of business on 19th August 2022. The shares will be quoted
ex-dividend on 18th August 2022, and the share registers will be
closed from 22nd to 26th August 2022, inclusive.
Shareholders will receive their cash dividends in United States
Dollars, except when elections are made for alternate currencies in
the following circumstances.
Shareholders on the Jersey branch register
Shareholders registered on the Jersey branch register will have
the option to elect for their dividends to be paid in Sterling.
These shareholders may make new currency elections for the 2022
interim dividend by notifying the United Kingdom transfer agent in
writing by 23rd September 2022. The Sterling equivalent of
dividends declared in United States Dollars will be calculated by
reference to a rate prevailing on 28th September 2022.
Shareholders holding their shares through CREST in the United
Kingdom will receive their cash dividends in Sterling only as
calculated above.
Shareholders on the Singapore branch register who hold their
shares through The Central Depository (Pte) Limited ('CDP')
Shareholders who are on CDP's Direct Crediting Service
('DCS')
Those shareholders who are on CDP's DCS will receive their cash
dividends in Singapore Dollars unless they opt out of CDP Currency
Conversion Service, through CDP, to receive United States
Dollars.
Shareholders who are not on CDP's DCS
Those shareholders who are not on CDP's DCS will receive their
cash dividends in United States Dollars unless they elect, through
CDP, to receive Singapore Dollars.
Shareholders on the Singapore branch register who wish to
deposit their shares into the CDP system by the dividend record
date, being 19th August 2022 , 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 18th August
2022 .
DFI Retail Group Holdings Limited
About DFI Retail Group
DFI Retail Group (the 'Group') is a leading pan-Asian retailer.
At 30th June 2022, the Group and its associates and joint ventures
operated over 10,300 outlets and employed over 220,000 people. The
Group had total annual sales in 2021 exceeding US$ 27 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 (including associates and joint ventures) operates
under a number of well-known brands across five divisions. The
principal brands are:
Food
-- Grocery retail - Wellcome in Hong Kong S.A.R.; Yonghui in
Chinese mainland; Cold Storage in Malaysia and Singapore; Giant in
Malaysia and Singapore; Hero in Indonesia; and Robinsons in the
Philippines.
-- Convenience stores - 7-Eleven in Hong Kong and Macau S.A.R., Singapore and Southern China.
Health and Beauty
-- Mannings in Chinese mainland, Hong Kong and Macau S.A.R.;
Guardian in Brunei, Cambodia, Indonesia, Malaysia, Singapore and
Vietnam.
Home Furnishings
-- IKEA in Hong Kong and Macau S.A.R., Indonesia and Taiwan.
Restaurants
-- Hong Kong Maxim's group in Chinese mainland, Hong Kong and
Macau S.A.R., Cambodia, Malaysia, Singapore, Thailand and
Vietnam.
Other Retailing
-- Robinsons in the Philippines operating department stores, specialty and DIY stores.
The Group's parent company, DFI Retail Group Holdings Limited,
is incorporated in Bermuda and has a primary listing on the London
Stock Exchange, with secondary listings in Bermuda and Singapore.
The Group's businesses are managed from Hong Kong by DFI Retail
Group Management Services Limited through its regional offices. DFI
Retail Group is a member of the Jardine Matheson Group.
- end -
For further information, please contact:
DFI Retail Group Management Services
Limited
Christine Chung (852) 2299 1056
Brunswick Group Limited
William Brocklehurst (852) 5685 9881
As permitted by the Disclosure Guidance and Transparency Rules
of the Financial Conduct Authority in the United Kingdom, the
Company will not be posting a printed version of the Half-Year
Results announcement for the six months ended 30th June 2022 to
shareholders. This Half-Year Results announcement will be made
available on the Company's website, www.DFIretailgroup.com,
together with other Group announcements.
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END
IR GRGDRRXDDGDI
(END) Dow Jones Newswires
July 28, 2022 05:28 ET (09:28 GMT)
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