Final Results - Part 2

Jardine Matheson Hldgs Ld
29 February 2000

Part 2


Jardine Matheson Holdings Limited
Notes
--------------------------------------------------------------

1. ACCOUNTING POLICIES AND BASIS OF PREPARATION

  The financial information contained in this announcement has
  been  based  on the audited results for the year ended  31st
  December  1999  which have been prepared in conformity  with
  International Accounting Standards.
  
  In  1999  the  Group  implemented IAS  1  (revised  1997)  -
  Presentation of Financial Statements, IAS 10 (revised  1999)
  - Events After the Balance Sheet Date, IAS 14 (revised 1997)
  - Segment Reporting, IAS 16 (revised 1998) - Property, Plant
  and  Equipment,  IAS  17 (revised 1997)  -  Leases,  IAS  19
  (revised 1998) - Employee Benefits, IAS 22 (revised 1998)  -
  Business  Combinations, IAS 28 (revised 1998)  -  Accounting
  for  Investments  in  Associates, IAS 31  (revised  1998)  -
  Financial Reporting of Interests in Joint Ventures, IAS 35 -
  Discontinuing Operations, IAS 36 - Impairment of Assets, IAS
  37  -  Provisions,  Contingent  Liabilities  and  Contingent
  Assets, and IAS 38 - Intangible Assets.
  
  With the exception of IAS 10 (revised 1999), IAS 19 (revised
  1998), IAS 37 and IAS 38, there are no changes in accounting
  policy  that affect profit or shareholders' funds  resulting
  from  the adoption of the above standards in these financial
  statements,   as  the  Group  was  already   following   the
  recognition  and  measurement  principles  in  those   other
  standards.
  
  In accordance with IAS 10 (revised 1999), dividends proposed
  or  declared after the balance sheet date are not recognised
  as a liability at the balance sheet date.  In previous years
  dividends proposed or declared after the balance sheet  date
  were  recognised as a liability at the balance  sheet  date.
  The effect of this change has been to increase shareholders'
  funds  at 1st January 1998 and 1999 by US$100.7 million  and
  US$83.7 million respectively.
  
  In accordance with IAS 19 (revised 1998), pension accounting
  costs  for  defined  benefit plans are  assessed  using  the
  projected  unit  credit method.  Under this method,  pension
  obligations  are  measured  as  the  present  value  of  the
  estimated future cash outflows by reference to market yields
  on high quality corporate bonds which have terms to maturity
  approximating  the  terms  of the related  liability.   Plan
  assets  are  measured at fair value.  This is  a  change  in
  accounting  policy  as in previous years pension  accounting
  costs were assessed using the attained age normal method and
  pension obligations were discounted at the expected rate  of
  return  on  plan assets.  The comparative figures  for  1998
  have  been  restated to reflect the change in  policy.   The
  effect  of  this change has been to increase net profit  for
  the  year  ended 31st December 1998 by US$7.1  million,  and
  shareholders' funds at 1st January 1998 and 1999 by  US$49.8
  million and US$56.9 million respectively.
  
  In  accordance with IAS 38, pre-operating costs are expensed
  as they are incurred.  This is a change in accounting policy
  as  in  previous years pre-operating costs were  capitalised
  and  amortised over a period of three to five years from the
  date  of commencement of operation.  The comparative figures
  for 1998 have been restated to reflect the change in policy.
  The  effect  of this change has been to decrease net  profit
  for the year ended 31st December 1998 by US$2.9 million, and
  shareholders' funds at 1st January 1998 and 1999  by  US$5.1
  million and US$8.0 million respectively.

  Following  the  implementation  of  IAS  37  on  provisions,
  shareholders'  funds at 1st January 1998 have  increased  by
  US$4.3  million  and  net profit for  the  year  ended  31st
  December 1998 has decreased by US$4.3 million.
  
  Robert  Fleming has a financial year end of 31st  March  and
  publishes  its results half yearly.  The results  of  Robert
  Fleming have been included on the equity basis of accounting
  by reference to its latest published results.
  
  Other than described above, there have been no other changes
  to  the  accounting policies described in the 1998 financial
  statements.   The  comparative figures for  1998  have  been
  adjusted or extended to conform with changes in presentation
  in  the  current  year to take into account  the  disclosure
  requirements of the revised or new International  Accounting
  Standards which the Group implemented in 1999.
  
  
2. REVENUE

                                              1999       1998
                                              US$m       US$m
                                             -----      -----
  
  By business:
  Jardine Pacific
  - Marketing & Distribution                 925.5      869.2
  - Engineering & Construction               412.5      432.8
  - Aviation & Shipping Services             344.8      285.2
  - Property & Financial Services             22.8       58.3
  
                                           1,705.6    1,645.5
  Jardine International Motors             2,806.6    3,555.5
  Dairy Farm                               5,917.9    5,757.4
  Mandarin Oriental                          179.2      194.0
  Other activities                            65.5       91.5
                                          --------   --------
                                          10,674.8   11,243.9
                                          ========   ========
  
3. OPERATING PROFIT

                                              1999       1998
                                              US$m       US$m
                                             -----      -----
  
  By business:
  Jardine Pacific
  - Marketing & Distribution                  12.2       17.9
  - Engineering & Construction                14.9        6.3
  - Aviation & Shipping Services              11.8        5.0
  - Property & Financial Services              9.5        9.6
  - Corporate and other interests            (14.2)     (17.1)
                                              34.2       21.7
  Jardine International Motors                52.9       78.6
  Dairy Farm                                  30.1      142.8
  Mandarin Oriental                           31.5       41.1
                                          --------   --------
                                             148.7      284.2
  Corporate and other interests              (15.9)     (17.4)
  Non-recurring items (note 6)                29.5      (94.0)
                                          --------   --------
                                             162.3      172.8
                                          ========   ========
  
4. TAX


                                              1999       1998
                                              US$m       US$m
                                          --------   --------
  Company and subsidiary undertakings         26.8       51.0
  Associates and joint ventures               65.4       65.6
                                          --------   --------
                                              92.2      116.6
                                          ========   ========
  
  Tax  on  profits has been calculated at rates  of  taxation
  prevailing  in the territories in which the Group  operates
  and   includes  United  Kingdom  tax  of  US$21.0   million
  (1998: US$15.8 million).
  
5. NET PROFIT

  
                                               1999      1998       
                                               US$m      US$m
                                          --------   --------
  By business:
  Jardine Pacific
  - Marketing & Distribution                   9.3       14.1
  - Engineering & Construction                36.3       28.3
  - Aviation & Shipping Services              17.0       16.4
  - Property & Financial Services             14.4       11.8
  - Corporate and other interests            (23.1)     (20.7)
                                              53.9       49.9
  Jardine International Motors                15.9       26.7
  Jardine Lloyd Thompson                      19.0       15.2
  Robert Fleming/Jardine Fleming              24.5        0.1
  Dairy Farm                                  14.5       44.1
  Hongkong Land                               58.3       75.4
  Mandarin Oriental                            5.9        6.4
  Cycle & Carriage                             7.8        7.5
                                          --------   --------
                                             199.8      225.3
  Corporate and other interests              (23.8)     (34.4)
                                          --------   --------
  Net profit before non-recurring items      176.0      190.9
  Non-recurring items (note 6)                31.4     (140.4)
                                          --------   --------
                                             207.4       50.5
                                          ========   ========
  
6. NON-RECURRING ITEMS

                               1999                 1998
                         Gross        Net     Gross       Net
                          US$m       US$m      US$m      US$m
                        ------     ------    ------    ------
  
  By nature:
  Discontinued activities
  
  - Central Registration  23.3       23.3         -         -
  - Republic Cement          -          -      25.7      20.8
  - Wellsave Japan           -          -      16.6       3.2
  - European operations of
    Dairy Farm               -          -      41.0      12.3
  - Matheson Investment   27.7       24.9         -         -
  - other                 (3.6)      (3.6)      3.3       4.4
                          47.4       44.6      86.6      40.7
  
  Impairment of assets
  - Edaran Otomobil
    Nasional                 -          -    (128.6)    (74.8)
  - other                (16.6)     (11.7)    (58.6)    (28.4)
                         (16.6)     (11.7)   (187.2)   (103.2)
  Sale and revaluation of properties
  - Hongkong Land          0.8        0.5     (65.4)    (37.3)
  - other                 (3.1)         -     (66.4)    (25.4)
                          (2.3)       0.5    (131.8)    (62.7)
  Onerous leases and
    lease exit costs      (3.6)      (2.0)        -         -
  Other non-recurring
    items                    -          -     (20.3)    (15.2)
                      --------   --------  --------  --------
                          24.9       31.4    (252.7)   (140.4)
                      ========   ========  ========  ========
  By business:
  Jardine Pacific          5.8        9.0      29.7      24.7
  Jardine International
    Motors                (8.5)      (5.3)      1.6       2.6
  Jardine Lloyd Thompson   1.1        0.7       1.1       0.7
  Dairy Farm              (7.9)      (2.6)     27.1       6.4
  Hongkong Land            0.8        0.5     (82.2)    (47.2)
  Mandarin Oriental          -          -     (23.8)     (7.2)
  Cycle & Carriage         3.3        1.4     (32.5)    (11.2)
  Corporate and other
    interests             30.3       27.7    (173.7)   (109.2)
                      --------   --------   --------  --------
                          24.9       31.4    (252.7)   (140.4)
                      ========   ========  ========  ========
  Included in:
  Operating profit        29.5                (94.0)
  Share of results of
    associates and joint
    ventures              (4.6)              (158.7)
                      --------             --------
                          24.9               (252.7)
                      ========             ========
  
  Gross  non-recurring  items are shown before  net  financing
  charges  and  tax.  Net non-recurring items are shown  after
  net financing charges, tax and outside interests.
  
7. EARNINGS PER SHARE

  Basic  earnings per share are calculated on the net  profit
  of  US$207.4  million (1998: US$50.5 million)  and  on  the
  weighted  average  number  of 605.4  million  (1998:  594.6
  million)  shares  in issue during the year.   The  weighted
  average  number excludes the Company's share of the  shares
  held by subsidiary undertakings and the shares held by  the
  Trustee under the Senior Executive Share Incentive Schemes.
  
  Diluted  earnings per share are calculated on the  weighted
  average  number  of  606.1 million  (1998:  594.9  million)
  shares  after adjusting for the number of shares which  are
  deemed  to be issued for no consideration under the  Senior
  Executive  Share  Incentive Schemes based  on  the  average
  share price during the year.
  
  Earnings  per  share  excluding  non-recurring  items   are
  calculated  on  the  net profit after  adjusting  for  non-
  recurring  profits  of  US$31.4 million  (1998:  losses  of
  US$140.4 million).
  
  
8. DIVIDENDS

                                              1999       1998
                                              US$m       US$m
                                          --------   --------
  Final dividend in respect of
    1998 of USc13.80
    (1997: USc17.20) per share               107.1      128.3
  Interim dividend in respect of
    1999 of USc7.80
    (1998: USc7.80) per share                 61.6       59.8
                                          --------   --------
                                             168.7      188.1
  Less: Company's share of dividends
    paid on the shares held by
    subsidiary undertakings                  (38.1)     (40.6)
                                          --------   --------
                                             130.6      147.5
                                          ========   ========
  
  A  final  dividend  in respect of 1999  of  Usc17.20  (1998:
  USc13.80) per share amounting to a total of US$137.1 million
  (1998:  US$107.1  million) is proposed by  the  Board.   The
  dividend  proposed will not be accounted for  until  it  has
  been approved at the Annual General Meeting.  The net amount
  after deducting the Company's share of the dividends payable
  on  the  shares held by subsidiary undertakings  of  US$32.1
  million (1998: US$23.4 million) will be accounted for as  an
  appropriation  of revenue reserves in the year  ending  31st
  December 2000.
  
9. NOTES TO CONSOLIDATED CASH FLOW STATEMENT

  Purchase of subsidiary undertakings
  Purchase  of subsidiary undertakings includes the  Company's
  increased interest in Jardine Strategic of US$62.3  million,
  Jardine  Strategic's increased interests in Dairy  Farm  and
  Mandarin  Oriental  of  US$46.3 million,  and  Dairy  Farm's
  acquisition of Giant in Malaysia and stores in Australia and
  Singapore   of   US$58.4  million,   US$17.8   million   and
  US$17.7 million respectively.
  
  Purchase of associates and joint ventures
  Purchase  of  associates and joint  ventures  includes  the
  Company's  acquisition  of  shares  in  Robert  Fleming  of
  US$11.1 million, Jardine Strategic's increased interest  in
  Hongkong  Land  of  US$34.2 million, Jardine  International
  Motors' additional investment in Polar Motor Group  in  the
  United   Kingdom  of  US$21.4  million,  and  Dairy  Farm's
  additional  investment in DFI Geant in  Taiwan  of  US$15.8
  million.
  
  Sale of subsidiary undertakings
  Sale   of  subsidiary  undertakings  includes  the  Group's
  interest  in Matheson Investment in the United  Kingdom  of
  US$30.5 million.

  Sale of associates and joint ventures
  Sale  of  associates  and joint ventures  includes  US$61.8
  million  received  as  part  of  the  transaction  for  the
  exchange of the Group's 50% interest in Jardine Fleming for
  shares in Robert Fleming, Jardine Pacific's sale of Central
  Registration of US$24.5 million and the repayment of  loans
  from  Mandarin Oriental's associate hotel in  Singapore  of
  US$20.9 million.


10. ANNUAL REPORT

  The Annual Report will be posted to shareholders on or about
  25th  April  2000.   Copies  may be  obtained  from  Jardine
  Matheson  International Services Limited, P.O. Box HM  1068,
  Hamilton HM EX, Bermuda; IRG plc, Bourne House, 34 Beckenham
  Road,  Beckenham, Kent BR3 4TU, England and M &  C  Services
  Private   Limited,  16  Raffles  Quay  23-01,  Hong   Leong
  Building, Singapore 048581.
  
The  final  dividend of Usc17.20 per share will be payable  on
7th  June  2000,  subject to approval at  the  Annual  General
Meeting  to be held on 1st June 2000, to shareholders  on  the
register  of  members at the close of business on  24th  March
2000,  and will be available in cash with a scrip alternative.
The ex-dividend date will be on 22nd March 2000, and the share
registers  will  be  closed  from 27th  to  31st  March  2000,
inclusive.  Shareholders will receive their cash dividends  in
United  States  Dollars, unless they  are  registered  on  the
Jersey  branch  register where they will have  the  option  to
elect  for Sterling.  These shareholders may make new currency
elections  by notifying the United Kingdom transfer  agent  in
writing  by  19th  May  2000.   The  Sterling  equivalent   of
dividends declared in United States Dollars will be calculated
by  reference to a rate prevailing ten business days prior  to
the  payment date.  Shareholders holding their shares  through
The Central Depository (Pte) Limited ('CDP') in Singapore will
receive United States Dollars unless they elect, through  CDP,
to receive Singapore Dollars or the scrip alternative.

                          

For further information, please contact:

Jardine Matheson Limited
Norman Lyle                        (852) 2843 8216 (office)

Matheson & Co. Limited
Martin Henderson                   (44) 171 816 8135 (office)

Forrest International Limited      (852) 2522 6475 (office)
David Dodwell                      (852) 2501 7902 (direct)
Sue Gourlay                        (852) 2501 7936 (direct)

Ludgate Communications
Richard Hews                       (44) 171 253 2252 (office)

Full  text of the Preliminary Announcement of Results and  the
Preliminary  Financial  Statements for  the  year  ended  31st
December  1999  can  be  accessed  through  the  Internet   at
'http://www.irasia.com/listco/sg/jml'.