TIDMDFI TIDMJAR
RNS Number : 6796R
DFI Retail Group Holdings Ltd
02 March 2023
Announcement
2nd March 2023
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
2022 PRELIMINARY ANNOUNCEMENT OF RESULTS
Highlights
-- Substantial sequential improvement in underlying profitability
in second half
-- Lower full year underlying profit due to continuing impact
of pandemic, inflationary pressure, increased investment
in digital
-- Ongoing transformation programme continues to drive improvement
-- Final dividend of USc2.00 per share
"While 2022 was another challenging year for DFI Retail Group,
with the pandemic continuing to impact the financial performance of
the Group's subsidiaries and associates, profitability improved
substantially in the second half of the year. Continued progress in
implementing the Group's ongoing transformation plan helped the
business deliver improvements in underlying performance. We expect
to see the Group's performance to improve in 2023, although we will
continue to monitor the impact of inflationary pressures and
changes in consumer sentiment. The Group's overall results will
largely depend on the recovery in Hong Kong of its health and
beauty and restaurants businesses, and an improved performance by
its associate Yonghui on the Chinese mainland. We remain confident
in the medium- to long-term growth prospects of the Group."
Ben Keswick
Chairman
Results
Year ended 31st December
2022 2021 Change
US$m US$m %
Combined total revenue including 100%
of associates and joint ventures 27,597 27,861 - 1
Revenue 9,174 9,188 -
Underlying profit attributable to shareholders* 29 105 - 72
(Loss)/profit attributable to shareholders (115) 103 n/a
USc USc %
Underlying earnings per share* 2.14 7.73 - 72
(Loss)/earnings per share (8.51) 7.61 n/a
Dividends per share 3.00 9.50 - 68
* 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 38 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 final dividend of USc2.00 per share will be payable on 10th
May 2023, subject to approval at the Annual General Meeting to be
held on 4th May 2023, to shareholders on the register of members at
the close of business on 17th March 2023.
DFI RETAIL GROUP HOLDINGS LIMITED
PRELIMI NA R Y ANNOUNCEMENT OF RE SU LT S
FOR THE YEARED 31ST DECEMBER 2022
OVERVIEW
2022 was another challenging year for the Group. A combination
of inflationary pressures and customer behavioural shifts driven by
the pandemic significantly impacted first-half financial
performance, reducing profit contributions from the Grocery Retail
and Convenience divisions. Results from the Group's associates were
also similarly adversely affected.
There was, however, a substantial improvement in profitability
in the second half of the year, with underlying profit of US$80
million for the period, compared with an underlying loss of US$52
million in the first half. The Group continues to adapt to changes
in consumer preferences and, despite the external challenges, has
increased investments in digital in the year. While these
investments impacted profitability in the year, they are required
to meet customers' evolving needs and to drive long-term
shareholder value.
OPERATING PERFORMANCE
Total revenue for the Group, including 100% of associates and
joint ventures, was US$27.6 billion, slightly behind 2021 levels.
Reported subsidiary sales were US$9.2 billion, broadly in line with
the prior year. Strong revenue growth in Health and Beauty was
partially offset by lower sales within the Grocery Retail division.
The fall in sales in Grocery Retail was primarily driven by the
easing of movement restrictions in Southeast Asia, which led to a
reduction in eating at home by customers, and by store disruptions
in Singapore due to essential renovations to improve our Cold
Storage offering.
The Group reported an underlying profit after tax of US$29
million for the full year, inclusive of US$35 million losses
attributable to associates. The Group reported encouraging
performance in the second half, with underlying profit after tax of
US$80 million, representing a US$132 million increase in
profitability relative to the first half. The Group's reported loss
of US$115 million reflected an impairment loss of US$171 million in
respect of the Group's investment in Robinsons Retail.
The profitability of the Health and Beauty division increased
significantly, due to strong growth in revenue in Hong Kong and
Southeast Asia. Profitability for the Grocery Retail division,
however, was adversely impacted by lower like-for-like sales,
reflecting spikes in demand in the prior year, as well as
inflationary pressures, which affected cost of goods sold as well
as operating costs. Grocery Retail profit was, however, higher than
2019 levels.
The full year profitability of both Convenience and IKEA was
broadly in line with the prior year. Convenience, however, saw
profits increase significantly in the second half relative to
breakeven levels in the first half. This was due to gradual
normalisation of customer traffic following the easing of movement
restrictions across our key markets, particularly Hong Kong.
Operating cash flow for the period, after lease payments, was a
net inflow of US$279 million, compared with US$270 million in 2021.
As at 31st December 2022, the Group's net debt was US$866 million,
compared with US$844 million at 31st December 2021. The Group
continues to balance the priority of maintaining a strong balance
sheet position with the need to support ongoing investments in
business and digital transformation.
The Board recommends a final dividend for 2022 of USc2.00 per
share (2021 final dividend: USc6.50).
BUSINESS DEVELOPMENTS
Driving digital innovation remains a key strategic priority for
the Group. During the year, the Group invested significant
resources both in building capability and in progressing
operational initiatives to enhance our e-commerce and digital
offering, in order to drive enhanced customer loyalty and more
meaningful customer relationships. In May 2022, we launched
yuu-to-me, offering customers an integrated one-stop online
shopping experience. Following the success of the rollout of the
yuu Rewards loyalty programme in Hong Kong, the Group launched yuu
Rewards in Singapore in October 2022. The programme in Singapore
benefits from partnerships with a number of leading local brands.
The Group expects to continue investing in digital initiatives
across its markets to drive long-term value for shareholders.
Key programmes continued to be introduced throughout the year to
support the Group's Corporate Social Responsibility priorities of
serving communities, sustaining the planet and sourcing
responsibly. The Group is committed to a near-term target of
halving our Scope 1 and 2 carbon emissions by 2030 and to achieving
net-zero by 2050. DFI is making good progress in reducing carbon
emissions, reducing Scope 1 and 2 emissions by 10% between 2021 and
2022. The Group is also working on a plan to reduce Scope 3
emissions.
In February 2023, the Group announced that it had entered into
an agreement to sell its Malaysian Grocery Retail businesses to a
leading local retail group, led by successful local entrepreneur,
Datuk Andrew Lim. The Group remains fully committed to its other
retail businesses in Malaysia and will continue to accelerate
growth in the Health and Beauty segment through Guardian
stores.
PEOPLE
We would like to express our deep gratitude for the continuing
dedication and hard work of our team members in putting our
customers first, despite the ongoing difficulties associated with
the pandemic across our markets.
PROSPECTS
The Group has been encouraged by the significant improvement in
performance in the second half of 2022. We expect to see the
Group's performance improve in 2023, although we will continue to
monitor the impact of inflationary pressures and changes in
consumer sentiment. The Group's overall results will largely depend
on the recovery in Hong Kong of its Health and Beauty and
Restaurants businesses, and an improved performance by its
associate Yonghui on the Chinese mainland. We remain confident in
the medium- to long-term growth prospects of the Group.
Ben Keswick
Chairman
GRO U P CHIEF EXECUTIVE'S REVIEW
INTRODUCTION
2022 was another extremely challenging year for the Group, from
the perspective both of operational disruption and macroeconomic
headwinds. The Group's businesses in our home market of Hong Kong
were badly impacted by the fifth COVID wave and related lockdown
restrictions, which hit the city during the first quarter of the
year. We saw significant shifts in customer behaviour, creating
strain on both the supply chain and store operations. Life in Hong
Kong has, however, returned to some form of normality as the year
has progressed and pandemic restrictions have lifted.
The Group continued to see underlying losses from its investment
in Yonghui, although they were reduced from the previous year.
Yonghui's sales and profits improved in the first half of the year,
but its performance in the second half was impacted by pandemic
restrictions, the slowdown in the overall macroeconomic environment
and its investments in digital. Pandemic-related restrictions also
adversely affected our 7-Eleven and Mannings businesses on the
Chinese mainland.
In Southeast Asia ('SEA'), we faced a different set of
challenges. The economies in our SEA markets began reopening at the
beginning of the year, supporting sales recovery for some retail
formats. Pent-up demand for travel and other services, however,
reduced demand for eating at home and, thus, impacted performance
in Grocery Retail.
The Group faced unprecedented cost inflation in the period,
impacting the cost of goods, our operating costs and consumer
sentiment, particularly in our SEA Grocery Retail business. The
pandemic has also accelerated customer preferences for shopping
online. We are therefore balancing the need to invest in digital
capacity and capability and concurrently ensuring that we remain
competitive by being disciplined in spending.
Our teams across the Group have continued to focus on delivering
against the Group's transformation objectives, working hard to
manage our various businesses day-to-day, in highly volatile and
unpredictable trading circumstances. I am grateful to all our
colleagues for the commitment they have shown, as well as their
many achievements during the year.
2022 PERFORMANCE
The Group reported total sales revenue from its subsidiaries of
US$9.2 billion, broadly in line with the prior year. Total revenue
for the Group, including 100% of associates and joint ventures, was
US$27.6 billion, slightly behind 2021 levels.
The Group reported a subsidiaries underlying profit of US$64
million for the full year. Inclusive of US$35 million underlying
losses attributable to associates, the Group reported underlying
profit of US$29 million for the full year. There was an encouraging
improvement in second-half underlying profit to US$80 million, over
10% higher than the same period last year, and representing a
US$132 million increase in profitability from the US$52 million
underlying loss incurred in the first half.
Our Health and Beauty business saw double-digit sales growth and
over 60% profit growth for the full year, as Mannings in Hong Kong
continued to gain market share and Guardian in SEA benefitted from
markets reopening. The performance of the business was, however,
still considerably behind that of 2019. The profitability of our
Convenience and IKEA businesses was broadly in line with the prior
year, despite significant COVID-related disruption, particularly in
the first half in Hong Kong, as well as availability challenges as
a result of extensive supply chain disruption. IKEA's sales and
profits were also ahead of its performance in 2019. Grocery Retail,
which benefitted from restaurant dining restrictions last year, saw
lower profits in 2022. Profitability was also impacted by
inflationary pressures, which affected cost of goods sold as well
as operating costs. Although Grocery Retail profits reduced year on
year, the transformation programme that began five years ago has
laid strong foundations for the Group's businesses, supporting
significantly enhanced levels of profit for the Grocery Retail
division in 2022 compared to those of 2019.
The Group's share of underlying losses from associates was US$35
million, as key associates continued to be impacted by
COVID-related disruption in the year. Maxim's saw its profits
impacted by social distancing restrictions in Hong Kong and China
in the first quarter, which led to a loss in the first half.
Maxim's profitability recovered strongly in the second half,
however, demonstrating the underlying resilience of the business
and its diversified pan-Asian portfolio. The Group's share of
underlying Yonghui's losses was US$80 million, as its performance
was impacted by pandemic restrictions, as well as its ongoing
investment in digital transformation. Robinsons Retail reported
strong revenue and profit growth, as it benefitted from the
reopening of the Philippines economy.
BUSINESS INITIATIVES AND DEVELOPMENTS
Own Brand
The Group's Own Brand business is performing increasingly
strongly, with significant effort invested in driving profitable
growth in this area. New contemporary designs for the Meadows brand
have highlighted the brand's quality and ensured on-shelf
credibility and impact. Every new product over the last three years
across Grocery, General Merchandise and Health and Beauty has
included a completely new pack design: almost 10,000 in all,
covering the launch of around 3,500 SKUs. With over 2,300 new and
relaunched Grocery Own Brand items on the shelf, volume penetration
has increased by more than 50% compared to three years ago and is
now in the double-digit range.
Health and Beauty has followed the success of the Own Brand
relaunches in Food by introducing new ranges of both Mannings and
Guardian products at pace in 2022. There are now over 1,300 new or
revised items in stores with new design and market positioning, and
over 900 more items are planned for 2023. The new ranges have been
very well received, with Own Brand now accounting for one in every
four Mannings items purchased by our customers and our Own Brand
cotton range achieving the number one market share position not
just in Mannings but throughout Hong Kong.
Digital
Driving digital innovation remains a key strategic priority for
the Group. Since its launch in July 2020, the performance of the
yuu Rewards coalition loyalty programme has exceeded expectations,
with over four million members having signed up. The yuu-niverse
has continued to expand over the past two years, with the addition
of restaurant, insurance and fuel partners. In January 2023, yuu
Rewards expanded its scope further, with travel partner Agoda
joining the programme. We remain excited about the future prospects
of yuu Rewards and look forward to expanding the yuu-niverse
further as we unlock additional partnership opportunities.
In May 2022, yuu-to-me e-commerce functionality was launched on
the yuu app, offering customers an integrated one-stop online
shopping experience and home delivery across leading Hong Kong
brands to customers. Initial performance has been encouraging, with
strong growth in order values and per-user spending. The team has
also worked hard to drive significant improvements in operational
excellence and the online customer shopping experience, with over
96% of orders now delivered "on time" and 87% "in full", and
product fulfilment of all orders reaching almost 99%.
The Group has also invested in capability to support our digital
ambitions. We have recruited a number of high calibre individuals
who bring extensive relevant global digital retail experience, in
areas including online warehousing, online platforms, social media
platforms and traditional offline retail digital
transformation.
The Group has built on the success of the yuu Rewards loyalty
programme in Hong Kong by launching yuu Rewards in Singapore in
October 2022. We have entered partnerships with minden.ai, a tech
venture founded by Temasek, BreadTalk Group, DBS Bank, PAssion
Card, Mandai Wildlife Group and Singtel. The coalition loyalty
programme unites some of Singapore's most popular brands, offering
customers an effortless way to earn rewards on everyday purchases
across over 1,000 outlets. Initial performance has been very
encouraging, with over one million members joining since
launch.
Business portfolio optimisation
On 23rd February 2023, the Group announced that it had entered
into an agreement to transition its Malaysian Grocery Retail
businesses to a leading local retail group led by successful local
entrepreneur, Datuk Andew Lim. Completion of the transaction is
expected to take place in early March 2023, and will provide
further growth opportunities to our team members and enable greater
competitiveness, service and value for customers in Malaysia. The
Group remains fully committed to its other retail businesses in
Malaysia and will enhance its strategic focus on the fast-growth
health and beauty segment through Guardian stores.
CORPORATE SOCIAL RESPONSIBILITY
Over the course of 2022, we have continued to make strong
progress in supporting our Corporate Social Responsibility (CSR)
mission to provide environmental and social benefits to the
communities we serve. A number of programmes have been introduced
to support our key CSR focus areas: serving communities, sustaining
the planet and sourcing responsibly. 2022 was also the first year
the Group began to disclose a comprehensive set of quantitative ESG
metrics with reference to the Global Reporting Initiative standard
and the United Nations Sustainable Development Goals.
Serving communities
The Group's businesses are important cornerstones of the
communities we serve and our first CSR focus area of serving
communities reflects our mission to improve people's lives -
especially those in underprivileged communities. Over the course of
the past 18 months, a number of new programmes have been introduced
to make a tangible and lasting impact on the communities we
serve.
In November 2021, Wellcome teamed up with long-term partner
Foodlink to launch Sik Jor Fan Mei, a Rice Donation Charity
Programme. Under the programme, Wellcome pledges to donate HKc50
for every kilogram of Yu Pin King brand rice sold at its stores to
help those in need. The aim of the programme was originally to
raise HK$5 million within 365 days. We have achieved our targets
significantly earlier - only five months after the launch.
Following the success of the Sik Jor Fan Mei programme in Hong
Kong, we have launched similar charity programmes in Singapore and
Malaysia. Working with The Food Bank Singapore, a non-profit
organisation that provides free meals and dry rations to families
in need, we launched the Have You Eaten? programme, under which DFI
donates SGc10 for every kilogram of Meadows Own Brand rice sold,
with a goal of donating a million meals to help those in hardship
over the next two years. In Malaysia, the Sudah Makan? Initiative
was launched in the same month, in collaboration with The Lost Food
Project.
In the second half of the year, Guardian launched its community
service programme Guardiancares across SEA, aimed at raising the
self-esteem of children from low-income families. Under this
initiative, donations to buy bath care products for those in need
will be made for every one litre of Guardian bath care product
sold. The aim is to provide enough products for 20 million baths
for underprivileged children across SEA.
Sustaining the planet
The Group has set ambitious climate targets, aligned with the
Paris Agreement, to prevent the harm caused by climate change to
ecosystems and societies. The Group is committed to a near-term
target of halving our Scope 1 and 2 emissions by 2030 and to
achieving net zero by 2050. DFI has already made good progress in
reducing its emissions, reducing Scope 1 and 2 emissions by 10%
between 2021 and 2022. The Group is working on a plan to reduce
Scope 3 carbon emissions. A range of energy saving and efficiency
enhancement initiatives have been implemented in 2022, which are
expected to reduce consumption in 2023.
The Group is supporting the transition towards a circular
economy by reducing and managing waste. Food waste and loss are
significant drivers of global food insecurity and climate change.
Since 2018 the Group has adopted a holistic strategy for reducing
food waste, through its Fresher for Customers programme. The
programme focusses on improving supply chain, warehouse, logistics
and operational management to deliver fresher produce to customers
and reduce the ratio of food loss significantly. Overall, food
waste has been reduced by nearly 40% since 2017. In addition to
food waste reduction, the Group aims to increase the proportion of
diverted waste to 80% by 2030.
The Group is changing the way we develop and source products and
packaging to reduce plastic consumption. We are working to switch
our Own Brand products to more environmentally friendly materials
or reusable packaging, reducing unnecessary plastic packaging and
increasing the use of recycled content. The Group is exploring ways
of transitioning away from single use plastic bags and also
encouraging increased recycling from customers.
Sourcing responsibly
The Group's responsible sourcing initiatives focus on
safeguarding animal welfare, respecting human welfare and
protecting biodiversity. The Group is working hard with our
suppliers to offer customers products sourced in an ethical,
transparent and responsible way. We are committed to no animal
testing in all our Own Brand products, except where it is legally
required. On limiting the scale of deforestation, we have obtained
international certifications to protect forest ecosystems,
including certified paper from sustainable forestry sources and
Rainforest Alliance certified coffee for our Convenience business
in Hong Kong. To protect marine life, 34% of our Own Brand seafood
products have obtained certifications such as Marine Stewardship
Council (MSC), where 100% of canned tuna are certified.
BUSINESS RE V IEW
FOO D
FOOD - GROCERY R ETAIL
Reported sales for the Grocery Retail division in 2022 were
US$3.9 billion. Excluding the impact of the Giant Indonesia
restructure, revenue for the division reduced by 4%. Underlying
operating profit for the division was US$91 million for the year.
Profitability was lower than the prior year, primarily due to the
absence of the panic buying seen in 2021, further compounded by
rising cost of goods sold and operating expenses. Despite the
challenges faced throughout 2022, however, the Group has been
encouraged by underlying performance, with Grocery Retail
profitability significantly above 2019 levels, supported by the
Group's transformation initiatives.
There was mixed performance by Wellcome Hong Kong in 2022.
Wellcome reported strong like-for-like ('LFL') sales growth in the
first quarter, as the fifth wave of the pandemic and related
restaurant restrictions drove strong demand from customers for core
grocery and protective products. This surge in demand created
significant operational challenges, which were overcome by
extraordinary team effort and dedication. When demand was at its
peak, with LFL volume growth of up to 40%, our store operations and
supply chain teams experienced staff shortage levels of 40%, due to
a rise in COVID infections and the impact of quarantine
requirements. This placed immense pressure on the remaining team
members to continue to serve the community. There were also
significant disruptions to the vendor supply chain, requiring our
commercial teams to adapt quickly to ensure enough availability on
shelf. During the peak of the fifth wave our supplier service
levels halved, with global lead times for replenishment stock also
increasing significantly. It was a testament to the tireless
efforts of our team that we were able to continue to serve the
community during this crucial time and restore supply levels much
faster than originally anticipated.
Wellcome Hong Kong operations and LFL sales began to normalise
during the second quarter, as the economy reopened. Over the course
of 2022, Wellcome's underlying operating metrics continued to
strengthen and market share has also continued to increase. This
has been supported by rising customer perception scores over the
course of the year, driven by our Every Day Low Prices campaign and
strong execution on our Own Brand ranges. Own Brand penetration has
now reached double-digit percentages in volume terms, almost double
the levels seen at the beginning of 2020. Re-modelled stores
continue to perform well, with double-digit sales uplifts.
SEA Grocery Retail performance in the year was adversely
impacted by sales normalisation from the higher base previously
seen as a result of pandemic restrictions, as well as by the
disruption caused by renovation work to our stores and reduced
consumer spending appetite due to rapid interest rate hikes and
significant inflationary pressure. Inflationary pressure has
affected top-line sales revenue and also created margin pressure.
The inflation rate in Singapore reached its highest level in 14
years in the period and led to pressure on both labour and utility
costs.
FOOD - CONVENIENCE
Total Convenience sales were US$2.3 billion, an increase of 1%
compared to the prior year. Convenience underlying operating profit
was US$51 million for the year, broadly in line with the prior
year. Encouragingly, profitability in the second half improved
significantly compared to the first half, with the Group reporting
US$51 million profit, compared to the breakeven result in the first
half.
The Convenience division experienced contrasting operating
trends to our Grocery Retail businesses in their respective
regions. In Singapore, our businesses saw a strong recovery as the
economy reopened. Throughout the course of the year, we have seen
accelerating LFL sales trends, with double-digit LFL growth over
the past three quarters. Profitability in Singapore has also
increased significantly as a result.
Within Hong Kong, the fifth wave led to negative LFL sales in
the first quarter, which significantly impacted profitability.
However, as Hong Kong has progressively removed pandemic
restrictions, we have seen LFL sales improve over the remainder of
the year. As a result, profitability for 7-Eleven in Hong Kong in
the second half was nearly four times as much as that reported in
the first half.
While each of our businesses has been impacted by the pandemic
and the related movement and trading restrictions, none have been
more affected than our businesses in the Chinese mainland. In the
first quarter, the COVID wave across several cities led to services
for around 300 stores being suspended, or to their hot ready-to-eat
meals offer being heavily restricted. More recently, in November,
the situation worsened, with the number of COVID cases in Guangdong
hitting all-time highs. Drastic measures were imposed in the city
and more than 600 of our stores experienced severe trading
disruptions. Despite the inherent challenges arising from the
lifting of restrictions in recent weeks, stores can now begin trade
with some degree of normality once more. We are encouraged by the
more recent performance following the lifting of pandemic
restrictions on the Chinese mainland.
HEALTH AND BEAUTY
Health and Beauty division revenue increased by 12% to US$2.0
billion, driven by strong double-digit LFL sales growth. Underlying
operating profit increased by 66% to US$94 million, driven by solid
sales growth.
In Hong Kong, the Mannings business benefitted from strong
demand for COVID-related items (such as medicines, vitamins, paper
products, masks, hand sanitiser and cold & flu medication) in
the first quarter. Like the Wellcome team, the Mannings team also
exhibited extraordinary resilience in the face of COVID-related
challenges. At the peak of demand, staff shortages at the Mannings
distribution centre reached over 40%, and out-of-stocks were
between 25% and 40%, depending on the product category. The
Mannings team continues to execute its offering well, with record
high market share levels. At the same time, customer promotions are
also being optimised, with a balance between full-price sales and
promotion participation. On Own Brand, Mannings has also made some
encouraging progress, achieving strong volume penetration.
In SEA, LFL sales for our Guardian business saw double-digit
growth, with profitability also growing strongly. The performance
of our Guardian business over the past two years has been severely
hampered by COVID and associated restrictions. As countries within
SEA have removed pandemic restrictions, however, traffic has grown
and there has been an associated LFL sales improvement. Guardian
Singapore reported strong double-digit LFL sales growth, driven by
strong demand for COVID-related items, as well as a recovery in the
performance of tourist stores. Guardian Malaysia reported strong
growth in sales and profitability as result of a recovery in both
tourist and mall store sales. Guardian Indonesia reported over 30%
growth in LFL sales, supported by a recovery in mall foot
traffic.
HOME FURNISHINGS
IKEA reported sales revenue of US$839 million, 3% ahead of the
prior year. Overall, LFL sales for the year were impacted by
COVID-related restrictions in the first half and supply chain
constraints, which impacted stock availability. Operating profit
was US$46 million, slightly ahead of the prior year, primarily due
to strong cost control.
IKEA's business performance, particularly in the first half, was
hampered by the impact of COVID through reduced customer visits,
operating capacity constraints and shortened trading hours. In
addition, global supply chain constraints continued to impact stock
availability. Throughout the second half, however, we began to see
some improvements in traffic and sales, especially in
Indonesia.
In Indonesia, the Group has invested significant capital over
the past two to three years to grow its IKEA footprint, with total
trading area increasing by over 150% against 2019 levels. While
recent trading performance has been impacted by COVID as well as
global supply chain constraints, the Group remains optimistic that
performance will improve as external conditions normalise and IKEA
is well-positioned to be a significant player in the Indonesian
market over time.
RESTAURANTS
The performance of Maxim's for the full year was severely
hampered by a very challenging first quarter as result of the fifth
wave in Hong Kong, which led to a large number of restrictions on
movement and dining. LFL sales were significantly impacted and the
Group's share of underlying Maxim's losses was US$26 million in the
first half. Maxim's performance improved as the year progressed,
due to a solid mooncake sales performance and the easing of dining
restrictions. The Group's overall share of Maxim's underlying
profits was US$38 million for the full year, representing a
significant turnaround from the US$26 million loss reported in the
first half.
OTHER ASSOCIATES
The Group's share of underlying Yonghui losses was US$80 million
for the year, compared to a US$90 million underlying share of
losses in the prior year. Yonghui's LFL sales improved in the first
half of the calendar year, which translated into improved
profitability. Performance in the second half, however, was
impacted by pandemic restrictions which severely disrupted store
trading hours, as well as the slowdown in the overall macroeconomic
environment. Yonghui's profitability was also impacted by
investments in its digital transformation and by margin dilution
from a greater level of e-commerce sales.
Robinsons Retail reported strong growth in 2022, as it
benefitted from the reopening of the Philippines economy, which has
supported rising customer traffic and increased tourism. Improved
product mix and strong cost control led to an increase in operating
margin expansion. Despite inflationary pressures, the retail
climate in the Philippines remains healthy, and the reopening of
the country has translated into higher volumes. Robinsons Retail's
underlying profit contribution to the Group was US$24 million in
2022, an over 60% increase relative to the US$14 million
contribution in 2021.
THE YEAR AHEAD
The lifting of pandemic restrictions on the Chinese mainland is
having a positive impact on the Hong Kong and Chinese mainland
economies and the Group is cautiously optimistic that the Group
will see improved overall performance in 2023. There remain
additional market challenges, however, including rising interest
rates, inflationary and wage pressures and uncertainty as to the
impact these factors will have on consumer sentiment. Overall, the
return to pre-pandemic normality in our markets, combined with the
effective execution of our business strategy, give us confidence in
the medium- to long-term trading prospects of the Group.
Ian McLeod
Group Chief E x ecuti v e
DFI Retail Group Holdings Limited
Consolidated Profit and Loss Account
for the year ended 31st December 2022
2022 2021
Underlying Non- Underlying Non-
business trading business trading
performance items Total performance items Total
US$m US$m US$m US$m US$m US$m
restated *restated * restated *
Revenue (note 2) 9,174.2 - 9,174.2 9,188.2 - 9,188.2
Net operating
costs
(note 3) (8,965.0) 35.1 (8,929.9) (8,874.4) (3.0) (8,877.4)
----------- ------- --------- ----------- -------- ---------
Operating profit
(note 4) 209.2 35.1 244.3 313.8 (3.0) 310.8
Financing charges (126.4) - (126.4) (119.5) - (119.5)
Financing income 4.8 - 4.8 0.7 - 0.7
Net financing
charges
(note 5) (121.6) - (121.6) (118.8) - (118.8)
Share of results
of associates and
joint ventures
(note 6) (34.9) (177.1) (212.0) (40.4) (1.4) (41.8)
----------- ------- --------- ----------- -------- ---------
(Loss)/profit
before
tax 52.7 (142.0) (89.3) 154.6 (4.4) 150.2
Tax (note 7) (31.4) 0.1 (31.3) (60.0) 1.1 (58.9)
----------- ------- --------- ----------- -------- ---------
(Loss)/profit
after
tax 21.3 (141.9) (120.6) 94.6 (3.3) 91.3
----------- ------- --------- ----------- -------- ---------
Attributable to:
Shareholders of
the Company 28.8 (143.4) (114.6) 104.6 (1.7) 102.9
Non-controlling
interests (7.5) 1.5 (6.0) (10.0) (1.6) (11.6)
----------- ------- --------- ----------- -------- ---------
21.3 (141.9) (120.6) 94.6 (3.3) 91.3
----------- ------- --------- ----------- -------- ---------
US c US c US c US c
(Loss)/earnings
per share
(note 8)
* basic 2.14 (8.51) 7.73 7.61
* diluted 2.14 (8.48) 7.73 7.61
----------- --------- ----------- ---------
* For details of the restatement, refer to note 1.
DFI Retail Group Holdings Limited
Consolidated Statement of Comprehensive Income
for the year ended 31st December 2022
2022
US$m 2021 US$m
(Loss)/profit for the year (120.6) 91.3
Other comprehensive (expense)/income
------- ---------
Items that will not be reclassified
to profit or loss:
------- ---------
Remeasurements of defined benefit
plans 1.3 22.1
Net revaluation surplus before transfer
to investment properties
- right-of-use assets 38.2 -
Tax relating to items that will not
be reclassified (0.2) (3.5)
39.3 18.6
Share of other comprehensive income
of associates and joint ventures 1.8 1.0
------- ---------
41.1 19.6
------- ---------
Items that may be reclassified subsequently
to profit or loss:
Net exchange translation differences
------- ---------
- net loss arising during the year (163.0) (19.8)
- transfer to profit and loss 4.2 -
(158.8) (19.8)
Cash flow hedges
------- ---------
- net gain arising during the year 35.4 10.1
- transfer to profit and loss (4.4) 11.6
31.0 21.7
Tax relating to items that may be
reclassified (1.4) (3.3)
Share of other comprehensive expense
of associates and joint ventures (1.9) (1.1)
(131.1) (2.5)
------- ---------
Other comprehensive (expense)/income
for the year, net of tax (90.0) 17.1
------- ---------
Total comprehensive income for the
year (210.6) 108.4
------- ---------
Attributable to:
Shareholders of the Company (205.1) 120.1
Non-controlling interests (5.5) (11.7)
------- ---------
(210.6) 108.4
------- ---------
DFI Retail Group Holdings Limited
Consolidated Balance Sheet
at 31(st) December 2022
2022 2021
US$m US$m
Net operating assets
Intangible assets 411.9 411.9
Tangible assets 802.9 803.3
Right-of-use assets 2,670.1 2,747.6
Investment properties 39.8 -
Associates and joint ventures 1,781.4 2,164.3
Other investments 21.7 11.5
Non-current debtors 124.3 113.2
Deferred tax assets 27.3 14.7
Pension assets 6.7 13.3
Non-current assets 5,886.1 6,279.8
Stocks 871.4 781.9
Current debtors 252.9 232.0
Current tax assets 19.5 15.6
Cash and bank balances 230.7 210.4
--------- ---------
1,374.5 1,239.9
Non-current assets held for sale
(note 10) 65.7 85.1
--------- ---------
Current assets 1,440.2 1,325.0
--------- ---------
Current creditors (2,169.7) (2,081.3)
Current borrowings (837.5) (743.5)
Current lease liabilities (586.3) (640.3)
Current tax liabilities (39.9) (26.6)
Current provisions (40.2) (49.2)
--------- ---------
Current liabilities (3,673.6) (3,540.9)
--------- ---------
Net current liabilities (2,233.4) (2,215.9)
Long-term borrowings (258.7) (310.8)
Non-current lease liabilities (2,289.4) (2,320.0)
Deferred tax liabilities (40.0) (44.0)
Pension liabilities (5.8) (7.5)
Non-current creditors (8.7) (11.4)
Non-current provisions (108.7) (103.0)
Non-current liabilities (2,711.3) (2,796.7)
---------
941.4 1,267.2
--------- ---------
Total equity
Share capital 75.2 75.2
Share premium and capital reserves 67.6 60.2
Revenue and other reserves 804.3 1,131.8
Shareholders' funds 947.1 1,267.2
Non-controlling interests (5.7) -
----- -------
941.4 1,267.2
----- -------
DFI Retail Group Holdings Limited
Consolidated Statement of Changes in Equity
for the year ended 31st December 2022
Attributable
Revenue Attributable to
Share Share Capital and other to shareholders non-controlling Total
capital premium reserves reserves of the Company interests equity
US$m US$m US$m US$m US$m US$m US$m
2022
At 1st January 75.2 35.6 24.6 1,131.8 1,267.2 - 1,267.2
Total
comprehensive
income - - - (205.1) (205.1) (5.5) (210.6)
Dividends paid by
the Company (note
11) - - - (100.9) (100.9) - (100.9)
Dividends paid to
non-controlling
interests - - - - - (0.2) (0.2)
Unclaimed
dividends
forfeited - - - 0.1 0.1 - 0.1
Share-based
long-term
incentive plans - - 7.4 - 7.4 - 7.4
Shares purchased
for a share-based
long-term
incentive
plan - - - (20.0) (20.0) - (20.0)
Change in
interests in
associates and
joint ventures - - - (1.6) (1.6) - (1.6)
Transfer - 2.0 (2.0) - - - -
At 31st December 75.2 37.6 30.0 804.3 947.1 (5.7) 941.4
2021
At 1st January 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 (note
11) - - - (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 75.2 35.6 24.6 1,131.8 1,267.2 - 1,267.2
-------- -------- --------- ---------- ---------------- ----------------- -------
Revenue and other reserves at 31st December 2022 comprised revenue reserves of US$1,127.2 million (2021:
US$1,363.1 million), hedging reserves of US$38.6 million (2021: US$9.0 million) , revaluation reserves
of US$38.2 million (2021: nil) and exchange reserves of US$399.7 million loss (2021: US$240.3 million
loss).
----------------------------------------------------------------------------------------------------------------------
DFI Retail Group Holdings Limited
Consolidated Cash Flow Statement
for the year ended 31st December 202 2
202 2 20 21
US$m US$m
Operating activities
--------- ---------
Operating profit (note 4) 244.3 310.8
Depreciation and amortisation 861.0 885.7
Other non-cash items (40.4) (63.7)
Increase in working capital (6.7) (10.4)
Interest received 2.6 0.8
Interest and other financing charges paid (123.3) (117.2)
Tax paid (42.5) (110.1)
--------- ---------
895.0 895.9
Dividends from associates and joint ventures 44.8 46.4
Cash flows from operating activities 939.8 942.3
Investing activities
--------- ---------
Purchase of subsidiaries (note 12(a)) (8.8) -
Purchase of associates and joint ventures
(note 12(b)) (8.3) (1.6)
Purchase of other investments (note 12(c)) (10.0) (5.0)
Purchase of intangible assets (19.8) (26.9)
Purchase of tangible assets (223.9) (185.1)
Advances to associates and joint ventures
(note 12(d)) (1.2) -
Sale of associates and joint ventures (note
12(e)) 6.9 -
Sale of properties (note 12(f)) 63.6 86.3
Sale of other tangible assets 0.5 7.6
Cash flows from investing activities (201.0) (124.7)
Financing activities
--------- ---------
Purchase of shares for a share-based long-term
incentive plan (note 12(g)) (20.0) -
Drawdown of borrowings 1,429.4 1,248.3
Repayment of borrowings (1,468.7) (1,308.2)
Net increase in other short-term borrowings 92.7 88.7
Principal elements of lease payments (660.6) (672.0)
Dividends paid by the Company (note 11) (100.9) (196.2)
Dividends paid to non-controlling interests (0.2) (1.9)
Cash flows from financing activities (728.3) (841.3)
Net increase/(decrease) in cash and cash
equivalents 10.5 (23.7)
Cash and cash equivalents at 1st January 210.0 234.2
Effect of exchange rate changes (6.8) (0.5)
--------- ---------
Cash and cash equivalents at 31st December
(note 12(h)) 213.7 210.0
--------- ---------
DFI Retail Group 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
2022 which have been prepared in conformity with International
Financial Reporting Standards ('IFRS'), including International
Accounting Standards ('IAS') and Interpretations adopted by the
International Accounting Standards Board.
The Group has adopted the following amendments for the annual
reporting period commencing 1st January 2022.
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 material impact on the Group's consolidated
financial statements.
Apart from the above, there are no other amendments which are
effective in 2022 and relevant to the Group's operations, that have
a significant impact on the Group's results, financial position and
accounting policies.
The Group has not early adopted any other standards,
interpretations or amendments that have been issued but not yet
effective.
Reclassification of revenue
During the year, certain sources of income have been
reclassified to align with the industry practice. These amounts,
totalling US$172.0 million (2021: US$172.8 million), have been
reported as revenue while in prior years, they were included in
other operating income under net operating costs. This change has
been accounted for retrospectively with comparative information
restated.
The effects of the restatement on the presentation of
consolidated profit and loss account for the year ended 31st
December 2021 are as follows:
As previously
reported Reclassification Restated
US$m US$m US$m
Revenue 9,015.4 172.8 9,188.2
Net operating costs (8,704.6) (172.8) (8,877.4)
------------- ---------------- ---------
Operating profit 310.8 - 310.8
------------- ---------------- ---------
2. Revenue
Including associates
and joint ventures Subsidiaries
---------------------- -----------------
2022 2021 2022 2021
US$m US$m US$m US$m
restated * restated *
Sales of goods
Analysis by operating
segment:
Food 20,715.1 21,390.9 6,138.4 6,394.4
- Grocery retail 18,343.9 19,047.2 3,872.4 4,151.4
- Convenience stores 2,371.2 2,343.7 2,266.0 2,243.0
Health and Beauty 2,600.7 2,361.2 2,024.6 1,805.3
Home Furnishings 839.2 815.7 839.2 815.7
Restaurants 2,523.8 2,455.1 - -
Other Retailing 739.9 661.3 - -
---------- ---------- ------- --------
27,418.7 27,684.2 9,002.2 9,015.4
Revenue from other sources 178.1 176.9 172.0 172.8
27,596.8 27,861.1 9,174.2 9,188.2
---------- ---------- ------- --------
Revenue including associates and joint ventures comprise 100% of
revenue 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 Executive Directors of the Company 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 associate, Maxim's, one of Asia's
leading food and beverage companies. Other Retailing represents the
department stores, specialty and Do-It-Yourself ('DIY') stores of
the Group's Philippines associate, Robinsons Retail.
Revenue and share of results of Yonghui and Robinsons Retail
represent 12 months from October 2021 to September 2022 (2021:
October 2020 to September 2021), based on their latest published
announcements (note 6).
* For details of the restatement, refer to note 1.
Set out below is an analysis of the Group's revenue by
geographical locations:
Including associates
and joint ventures Subsidiaries
2022 2022
US$m 2021 US$m US$m 2021 US$m
restated * restated *
Analysis by geographical area:
North Asia 21,054.3 21,483.0 6,332.2 6,278.3
Southeast Asia 6,542.5 6,378.1 2,842.0 2,909.9
---------- ---------- ------- ---------
27,596.8 27,861.1 9,174.2 9,188.2
---------- ---------- ------- ---------
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, Brunei and Laos.
3. Net Operating Costs
2022 2021
------------ ----------- --------- ------------ ----------- ---------
Underlying Underlying
business Non-trading business Non-trading
performance items Total performance items Total
US$m US$m US$m US$m US$m US$m
restated * restated * restated *
Cost of sales (6,108.4) - (6,108.4) (6,145.7) - (6,145.7)
Other operating
income 31.2 50.5 81.7 67.1 28.4 95.5
Selling and
distribution
costs (2,402.6) - (2,402.6) (2,342.9) - (2,342.9)
Administration
and other
operating
expenses (485.2) (15.4) (500.6) (452.9) (31.4) (484.3)
------------ ----------- --------- ------------ ----------- ---------
(8,965.0) 35.1 (8,929.9) (8,874.4) (3.0) (8,877.4)
------------ ----------- --------- ------------ ----------- ---------
In relation to the COVID-19 pandemic, the Group had received
government grants and rent concessions of US$2.1 million (2021:
US$9.5 million) and US$15.4 million (2021: US$43.4 million),
respectively, for the year ended 31st December 2022. These
subsidies were accounted for as other operating income.
* For details of the restatement, refer to note 1.
4. Operating Profit
2022
US$m 2021 US$m
Analysis by operating segment:
Food 141.4 205.3
- Grocery retail 90.9 151.3
- Convenience stores 50.5 54.0
Health and Beauty 93.6 56.4
Home Furnishings 45.5 45.0
------- ---------
280.5 306.7
Selling, general and administrative expenses
* (147.3) (76.3)
Underlying operating profit before IFRS
16 (+) 133.2 230.4
IFRS 16 adjustment(++) 76.0 83.4
------- ---------
Underlying operating profit 209.2 313.8
Non-trading items:
- impairment of intangible assets (6.3) -
- impairment of right-of-use assets (2.2) -
- gain on partial disposal of a joint
venture 6.9 -
- gain on acquisition of an associate 11.2 -
- profit on sale of properties 31.1 27.2
- business restructuring costs (5.8) (30.7)
- change in fair value of equity investments 0.2 0.5
244.3 310.8
------- ---------
* Included costs incurred for e-commerce development and digital
innovation.
(+) Property lease payments and depreciation of reinstatement
costs under the lease contracts were included in the Group's
analysis of operating and geographical segments' results.
(++) Represented the reversal of lease payments which were
accounted for on a straight-line basis, adjusted by the lease
contracts recognised under IFRS 16 'Leases', primarily for the
depreciation charge on right-of-use assets.
Set out below is an analysis of the Group's underlying operating
profit by geographical locations:
2022
US$m 2021 US$m
Analysis by geographical area:
North Asia 259.7 285.1
Southeast Asia 20.8 21.6
------- ---------
280.5 306.7
Selling, general and administrative expenses
* (147.3) (76.3)
Underlying operating profit before IFRS
16 (+) 133.2 230.4
IFRS 16 adjustment(++) 76.0 83.4
Underlying operating profit 209.2 313.8
------- ---------
* Included costs incurred for e-commerce development and digital
innovation.
(+) Property lease payments and depreciation of reinstatement
costs under the lease contracts were included in the Group's
analysis of operating and geographical segments' results.
(++) Represented the reversal of lease payments which were
accounted for on a straight-line basis, adjusted by the lease
contracts recognised under IFRS 16 'Leases', primarily for the
depreciation charge on right-of-use assets.
5. Net Financing Charges
2022
US$m 2021 US$m
Interest expense
- bank loans and advances (33.4) (22.0)
- lease liabilities (86.3) (90.3)
- other loans (0.5) (1.2)
(120.2) (113.5)
Commitment and other fees (6.2) (6.0)
------- ---------
Financing charges (126.4) (119.5)
Financing income 4.8 0.7
(121.6) (118.8)
------- ---------
6. Share of Results of Associates and Joint Ventures
2022 * *
US$m 2021 US$m
Analysis by operating segment:
Food (269.0) (91.9)
- Grocery retail (269.0) (90.2)
- Convenience stores - (1.7)
Health and Beauty 1.4 0.9
Restaurants 52.2 51.7
Other Retailing 3.4 (2.5)
------- ---------
(212.0) (41.8)
------- ---------
Share of results in grocery retail segment included an
impairment charge on interest in Robinsons Retail which amounted to
US$170.8 million in 2022.
Share of results of associates and joint ventures included the
following gains/(losses) from non-trading items (note 9):
2022 *
US$m * 2021 US$m
Impairment charge on interest in Robinsons
Retail (170.8) -
Impairment charge of Yonghui's investments (17.2) (13.9)
Change in fair value of Maxim's investment
property 14.3 -
Change in fair value of Yonghui's investment
property 5.7 -
Change in fair value of Yonghui's equity
investments (11.9) 12.3
Change in fair value of Robinsons Retail's
equity investments (1.4) 0.1
Net gain from divestment of an investment
by Yonghui 4.1 -
Net gains from sale of debt investments
by
Robinsons Retail 0.1 0.1
(177.1) (1.4)
------- ---------
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$17.7 million
(2021: US$13.7 million) and US$13.7 million (2021: US$18.1
million), respectively, for the year ended 31st December 2022.
* Included 12 months results from October 2021 to September 2022
(2021: October 2020 to September 2021) for Yonghui and Robinsons
Retail (note 2).
7. Tax
2022
US$m 2021 US$m
Tax charged to profit and loss is analysed
as follows:
Current tax (50.9) (64.7)
Deferred tax 19.6 5.8
------ ---------
(31.3) (58.9)
------ ---------
Tax relating to components of other comprehensive
expense/income is analysed as follows:
Remeasurements of defined benefit plans (0.2) (3.5)
Cash flow hedges (1.4) (3.3)
------ ---------
(1.6) (6.8)
------ ---------
Tax on profits has been calculated at rates of taxation
prevailing in the territories in which the Group operates. Share of
tax charge of associates and joint ventures of US$7.1 million
(2021: US$2.9 million) is included in share of results of
associates and joint ventures.
8. (Loss)/ Earnings per Share
Basic (loss)/earnings per share are calculated on loss
attributable to shareholders of US$114.6 million (2021: profit of
US$102.9 million), and on the weighted average number of 1,346.8
million (2021: 1,352.9 million) shares in issue during the
year.
Diluted (loss)/earnings per share are calculated on loss
attributable to shareholders of US$114.6 million (2021: profit of
US$102.9 million), and on the weighted average number of 1,350.8
million (2021: 1,353.1 million) shares in issue after adjusting for
4.0 million (2021: 0.2 million) shares which are deemed to be
issued for no consideration under the share-based long-term
incentive plans based on the average share price during the
year.
The weighted average number of shares is arrived at as
follows:
Ordinary shares
in millions
2022 2021
Weighted average number of shares in issue 1,353.3 1,352.9
Shares held by a subsidiary of the Group
under a share-based long-term incentive plan (6.5) -
-------- -------
Weighted average number of shares for basic
earnings per share calculation 1,346.8 1,352.9
Adjustment for shares deemed to be issued
for no consideration under the share-based
long-term incentive plans 4.0 0.2
-------- -------
Weighted average number of shares for diluted
earnings per share calculation 1,350.8 1,353.1
-------- -------
Additional basic and diluted (loss)/earnings per share are also
calculated based on underlying profit attributable to shareholders.
A reconciliation of earnings is set out below:
2022 2021
-------------------------------- -----------------------------
Basic Diluted
(loss)/ (loss)/ Basic Diluted
earnings earnings earnings earnings
p er share per share per share per share
US$m USc USc US$m USc USc
(Loss)/profit
attributable
to shareholders (114.6) (8.51) (8.48) 102.9 7.61 7.61
Non-trading
items (note
9) 143.4 1.7
------- -----
Underlying
profit attributable
to shareholders 28.8 2.14 2.14 104.6 7.73 7.73
------- -----
9. Non-trading Items
Non-trading items are separately identified to provide greater
understanding of the Group's underlying business performance. Items
classified as non-trading items include fair value gains and losses
on equity and debt investments which are measured at fair value
through profit and loss; fair value gains and losses on
revaluations of investment properties; gains and losses arising
from the sale of businesses, investments and properties; impairment
of non-depreciable intangible assets, properties, associates and
joint ventures, and other investments; provisions for the closure
of businesses; acquisition-related costs in business combinations;
and other credits and charges of a non-recurring nature that
require inclusion in order to provide additional insight into
underlying business performance.
An analysis of non-trading items in operating profit and
(loss)/profit attributable to shareholders is set out below:
(Loss)/profit
attributable
Operating profit to shareholders
2022 2022
US$m 2021 US$m US$m 2021 US$m
Impairment of intangible assets (6.3) - (6.3) -
Impairment of right-of-use assets (2.2) - (2.1) -
Gain on partial disposal of a
joint venture 6.9 - 6.9 -
Gain on acquisition of an associate 11.2 - 11.2 -
Profit on sale of properties 31.1 27.2 29.2 27.0
Business restructuring costs (5.8) (30.7) (5.4) (27.8)
Change in fair value of equity
investments 0.2 0.5 0.2 0.5
Impairment charge on interest
in Robinsons Retail - - (170.8) -
Share of impairment charge of
Yonghui's investments - - (17.2) (13.9)
Share of change in fair value
of Maxim's investment property - - 14.3 -
Share of change in fair value
of Yonghui's investment property - - 5.7 -
Share of change in fair value
of Yonghui's equity investments - - (11.9) 12.3
Share of change in fair value
of Robinsons Retail's equity
investments - - (1.4) 0.1
Share of net gain from divestment
of an investment by Yonghui - - 4.1 -
Share of net gains from sale
of debt investments by Robinsons
Retail - - 0.1 0.1
35.1 (3.0) (143.4) (1.7)
------ ---------- ------- ---------
In April 2022, the Group acquired 100% interests 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 year.
Gain on partial disposal of a joint venture represented the gain
arising from the Group's disposal of 8.5% of its 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.
Gain on acquisition of an associate related to the Group's
acquisition of 40% interest in Minden International Pte. Ltd.
('Minden') from a third party in September 2022. Minden supports
the Group's customer loyalty programme in Singapore.
Business restructuring costs in 2021 mainly related to the exit
costs for withdrawal of the Group's Giant brand investment in
Indonesia. In addition, certain balance of restructuring costs
relating to the Group's 2018 restructuring of its Southeast Asia
Food business was also included in the restructuring costs in 2022
and 2021.
10. Non-current Assets Held for Sale
At 31st December 2022, the non-current assets held for sale
represented 17 properties in Indonesia including 15 properties
brought forward from 31st December 2021, and a piece of vacant land
in Malaysia. The sale of these properties is considered to be
highly probable in 2023.
At 31st December 2021, the non-current assets held for sale
represented 18 properties in Indonesia, three properties in Hong
Kong and one retail property in Malaysia. Three properties in
Indonesia, one property in Hong Kong and the retail property in
Malaysia were sold during the year at a profit of US$30.6 million.
Two properties in Hong Kong remained unsold and had been
reclassified to the tangible assets and right-of-use assets during
the year.
11. Dividends
2022
US$m 2021 US$m
Final dividend in respect of 2021 of USc6.50
(2020: USc11.50) per share 87.9 155.6
Interim dividend in respect of 2022 of USc1.00
(2021: USc3.00) per share 13.5 40.6
----- ---------
101.4 196.2
Dividends on shares held by a subsidiary
of the Group under a share-based long-term
incentive plan (0.5) -
----- ---------
100.9 196.2
----- ---------
A final dividend in respect of 2022 of USc2.00 (2021: USc6.50)
per share amounting to a total of US$27.1 million (2021: US$87.9
million) is proposed by the Board. The dividend proposed will not
be accounted for until it has been approved at the 2023 Annual
General Meeting. This amount will be accounted for as an
appropriation of revenue reserves in the year ending 31st December
2023.
12. Notes to Consolidated Cash Flow Statement
(a) Purchase of subsidiaries
2022
US$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 outflows 8.8
-----
In April 2022, the Group acquired 100% interests 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 acquisitions 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.
Revenue and loss after tax since acquisitions in respect of the
subsidiaries acquired during the year amounted to US$0.3 million
and US$30.6 million, respectively. Had the acquisitions occurred on
1st January 2022, consolidated revenue and consolidated loss after
tax for the year ended 31st December 2022 would have been
US$9,174.2 million and US$127.2 million, respectively.
(b) Purchase of associates and joint ventures in 2022 mainly
related to the capital injection of US$8.3 million in the Group's
digital joint venture.
Purchase in 2021 mainly related to the capital injection of
US$1.6 million in the Group's health and beauty business in
Vietnam.
(c) 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.
Purchase in 2021 mainly related to the Group's investment in the
equity interest of Pickupp Limited.
(d) Advances to associates and joint ventures represented the
Group's advances to its health and beauty joint venture in Thailand
in 2022.
(e) Sale of associates and joint ventures mainly related to the
proceeds from the Group's disposal of 8.5% of its interest in RTA
amounted to US$6.9 million in May 2022.
(f) Sale of properties in 2022 mainly related to disposal of
three properties in Indonesia and one property in Hong Kong,
Singapore and Malaysia, respectively, for a total cash
consideration of US$63.6 million, and a gain on disposal of
properties amounted to US$31.1 million was recognised.
Sale of properties in 2021 mainly related to disposal of six
properties in Malaysia, three properties in Taiwan, two properties
in Hong Kong and two properties in Indonesia for a total cash
consideration of US$86.3 million, and a gain on disposal of
properties amounted to US$27.2 million was recorded.
(g) Purchase of shares for a share-based long-term incentive
plan in 2022 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$20.0 million.
(h) Analysis of balances of cash and cash equivalents
2022
US$m 2021 US$m
Cash and bank balances 230.7 210.4
Bank overdrafts (17.0) (0.4)
213.7 210.0
------ ---------
13. Capital Commitments and Contingent Liabilities
Total capital commitments at 31st December 2022 amounted to
US$131.1 million (20 21 : US$184.6 million)
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 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 in 2022 were US$0.3 million (2021: US$0.5 million). The Group
also paid directors' fees of US$0.3 million in 2022 (2021: US$0.3
million) to JML.
The Group rents properties from Hongkong Land ('HKL') and
Mandarin Oriental Hotel Group ('MOHG'), subsidiaries of JMH . The
lease payments paid by the Group to HKL and MOHG in 2022 were
US$2.8 million (2021: US$2.7 million) and US$0.7 million (2021:
US$0.7 million), respectively. The Group's 50%-owned associate,
Maxim's, also paid lease payments of US$8.3 million (2021: US$10.6
million) to HKL in 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 in 2022 amounted to US$3.5 million
(2021: US$2.9 million).
Maxim's supplies ready-to-eat products at arm's length to
certain subsidiaries of the Group. In 2022, these amounted to
US$41.9 million (2021: US$33.8 million).
The Group's digital joint venture, RTA group, implements
point-of-sale system and provides consultancy services to the
Group. The total fees paid by the Group to RTA group in 2022
amounted to US$13.1 million (2021: US$5.0 million).
There were no other related party transactions that might be
considered to have a material effect on the financial position or
performance of the Group that were entered into or changed during
the year.
Amounts of outstanding balances with associates and joint
ventures are included in debtors and creditors, as appropriate.
15. Post Balance Sheet Event
In February 2023, the Group entered into sale and purchase
agreements with a third party to dispose of certain of its
subsidiaries and assets in Malaysia which support the operation of
the Group's grocery retail business in Malaysia. These transactions
are expected to be completed in the first half of 2023. Upon
completion of the transactions, the Group will exit the grocery
retail business in Malaysia. The Group is assessing the impact of
these transactions on the financial statements. Based on a
preliminary assessment, it is estimated that a loss of
approximately US$50.0 million to US$70.0 million, mainly from the
realisation of non-cash exchange translation differences, will be
charged to the profit and loss account in the year ending 31st
December 2023.
DFI Retail Group Holdings Limited
Principal Risks and Uncertainties
The following are the principal risks and uncertainties facing
the Company as required to be disclosed pursuant to the Disclosure
Guidance and Transparency Rules issued by the Financial Conduct
Authority in the United Kingdom and are in addition to the matters
referred to in the Chairman's Statement, Group Chief Executive's
Review and other parts of the Company's 2022 Annual Report (the
'Report').
Economic Risk
Most of the Group's businesses are exposed to the risk of
negative developments in global and regional economies and
financial markets, either directly or through the impact such
developments might have on the Group's joint venture partners,
associates, franchisors, bankers, suppliers or customers. These
developments could include recession, inflation, deflation,
currency fluctuations, restrictions in the availability of credit,
business failures, or increases in financing costs, oil prices, the
cost of raw materials or finished products. Such developments might
increase operating costs, reduce revenues, lower asset values or
result in some or all of the Group's businesses being unable to
meet their strategic objectives.
Mitigation Measures
-- Monitor the volatile macroeconomic environment and consider economic factors in strategic
and financial planning processes
-- Make agile adjustments to existing business plans and explore new business streams
and new markets.
-- Review pricing strategies and keep conservative assumptions.
-- Insurance programme covering property damage and business interruption.
Commercial Risk
Risks are an integral part of normal commercial activities and
where practicable steps are taken to mitigate them. Risks can be
more pronounced when businesses are operating in volatile markets.
While the Group's regional diversification does help to mitigate
some risks, a significant portion of the Group revenues and profits
continue to be derived from our operations in Hong Kong.
A number of the Group's businesses make significant investment
decisions regarding developments or projects, which are subject to
market risks. This is especially the case where projects are
longer-term in nature and take more time to deliver returns.
The Group's businesses operate in areas that are highly
competitive and failure to compete effectively, whether in terms of
price, product specification, technology, property site or levels
of service, failure to manage change in a timely manner or to adapt
to changing consumer behaviours, including new shopping channels
and formats, can have an adverse effect on earnings. Significant
competitive pressure may also lead to reduced margins.
It is essential for the products and services provided by the
Group's businesses to meet appropriate quality and safety
standards, and there is an associated risk if they do not,
including the risk of damage to brand equity or reputation, which
might adversely impact the ability to achieve acceptable revenues
and profit margins.
While social media presents significant opportunities for the
Group's businesses to connect with customers and the public, it
also creates a whole new set of potential risks for companies to
monitor, including damage to brand equity or reputation, affecting
the Group's profitability.
Mitigation Measures
-- Utilise market intelligence and deploy digital strategies for business-to-consumer businesses.
-- Establish customer relationship management programme and digital commerce capabilities.
-- Engage in longer-term contracts and proactively approach suppliers for contract renewals.
-- Re-engineer existing business processes.
Financial and Treasury Risk
The Group's activities expose it to a variety of financial
risks, including market risk, credit risk and liquidity risk.
The market risk the Group faces includes i) foreign exchange
risk from future commercial transactions, net investments in
foreign operations and net monetary assets and liabilities that are
denominated in a currency that is not the entity's functional
currency; ii) interest rate risk through the impact of rate changes
on interest bearing liabilities and assets; and iii) securities
price risk as a result of its equity investments and limited
partnership investment funds which are measured at fair value
through profit and loss, and debt investments which are measured at
fair value through other comprehensive income.
The Group's credit risk is primarily attributable to deposits
with banks, contractual cash flows of debt investments carried at
amortised cost and those measured at fair value through other
comprehensive income, credit exposures to customers and derivative
financial instruments with a positive fair value.
The Group may face liquidity risk if its credit rating
deteriorates or if it is unable to meet its financing
commitments.
Mitigation Measures
-- Limiting foreign exchange and interest rate risks to provide
a degree of certainty about costs.
-- Management of the investment of the Group's cash resources so
as to minimise risk, while seeking to enhance yield.
-- Adopting appropriate credit guidelines to manage counterparty risk.
-- When economically sensible to do so, taking borrowings in
local currency to hedge foreign exchange exposures on
investments.
-- A portion of borrowings is denominated in fixed rates.
Adequate headroom in committed facilities is maintained to
facilitate the Group's capacity to pursue new investment
opportunities and to provide some protection against market
uncertainties.
-- The Group's funding arrangements are designed to keep an
appropriate balance between equity and debt from banks and capital
markets, both short and long term in tenor, to give flexibility to
develop the business. The Company also maintains sufficient cash
and marketable securities, and ensures the availability of funding
from an adequate amount of committed credit facilities and the
ability to close out market positions.
-- The Group's treasury operations are managed as cost centres
and are not permitted to undertake speculative transactions
unrelated to underlying financial exposures.
The detailed steps taken by the Group to manage its exposure to
financial risk will be set out in the Financial Review and in a
note to the Financial Statements in the Report.
Concessions, Franchises and Key Contracts Risk
A number of the Group's businesses and projects rely on
concessions, franchises, management or other key contracts.
Accordingly, cancellation, expiry or termination, or the
renegotiation of any such concessions, franchises, management or
other key contracts could adversely affect the financial condition
and results of operations of certain subsidiaries, associates, and
joint ventures of the Group.
Mitigation measures
-- Sustaining and strengthening relationships with franchisors.
-- Monitor sales performance and compliance with franchise terms.
-- Regular communication with franchisees and concessionaires, including performance management.
Regulatory and Political Risk
The Group's businesses are subject to several regulatory regimes
in the territories they operate. Changes in such regimes, in
relation to matters such as foreign ownership of assets and
businesses, exchange controls, licensing, imports, planning
controls, emission regulations, tax rules and employment
legislation, could have the potential to impact the operations and
profitability of the Group's businesses.
Changes in the political environment, including political or
social unrest, in the territories where the Group operates, could
adversely affect the Group's businesses.
Mitigation Measures
-- Stay connected and informed of relevant new and draft regulations.
-- Engage external consultants and legal experts where necessary.
-- Assessing impact on the business and taking appropriate measures.
-- Raise awareness with regular updates on new regulations that
may have been implemented in other markets.
Pandemic and Natural Disasters Risk
The Group's businesses could be impacted by a global or regional
pandemic which seriously affects economic activity or the ability
of businesses to operate smoothly. In addition, many of the
territories in which the Group operates can experience natural
disasters such as earthquakes, floods, and typhoons from time to
time.
Mitigation Measures
-- Business Continuity Teams are in place to deal with incidents as they arise.
-- Business Continuity plans are in place, tested and updated regularly.
-- Insurance programmes that provide robust cover for natural disasters.
-- Engage external consultants for climate risk, to assess the
risk to the business and implement solutions accordingly.
Cybersecurity and Technology Risk
The Group faces increasing numbers of cyberattacks from groups
targeting individuals and businesses. As a result, the privacy and
security of customer and corporate information are at risk of being
compromised through a breach of our or our suppliers' IT systems or
the unauthorised or inadvertent release of information, resulting
in brand damage, impaired competitiveness or regulatory action.
Cyberattacks may also adversely affect our ability to manage our
business operations or operate information technology and business
systems, resulting in business interruption, lost revenues, repair
or other costs.
The Group is heavily reliant on its IT infrastructure and
systems for the daily operation of its business. Any major
disruption to the Group's IT systems could significantly impact
operations. The ability to anticipate and adapt to technology
advancements or threats is an additional risk that may also impact
the business.
Mitigation Measures
-- Continued investment in upgrading of technology and IT infrastructure.
-- Defined cybersecurity programme and centralised function to
provide oversight, manage cybersecurity matters, and strengthen
cyber defences and security measures.
-- Perform regular vulnerability assessment and/or penetration
testing by third parties to identify weaknesses.
-- Arrange regular security awareness training and phishing
testing to raise users' cybersecurity awareness.
-- Maintain disaster recovery plans and backup for data restoration.
-- Regular external and internal audit reviews.
Talent Risk
The competitiveness of the Group's businesses depends on the
quality of the people that it attracts and retains. Unavailability
of needed human resources may impact the ability of the Group's
businesses to operate at capacity, implement initiatives and pursue
opportunities.
-- Competitive pay and benefits commensurate with market benchmarks.
-- Proactive manpower planning and succession planning are in place.
-- Enhanced employer branding, training for team members and talent development plans.
-- Promote diversity and inclusion across the Group.
Environmental and Climate Risk
Environmental disasters such as earthquakes, floods and typhoons
can damage the Group's assets and disrupt operations. Global
warming-induced climate change has increased the frequency and
intensity of storms, leading to higher insurance premiums or
reduced coverage for such natural disasters.
With governments also taking a more proactive approach towards
carbon taxes, renewable energies and electric vehicles, additional
investments and efforts to address physical and transition risks of
climate change are anticipated from businesses.
With interest in sustainability surging in recent years from
investors, governments and the general public, expectations by
regulators and other stakeholders for accurate corporate
sustainability reporting and commitments towards carbon neutrality
to address climate change are also growing. This brings increasing
challenges to the Group and its businesses to meet key
stakeholders' expectations.
There is potential for negative publicity and operational
disruption arising from conflict between activists and the Group's
businesses that are perceived to be engaged in trade and activities
that are environmentally unfriendly.
Mitigation Measures
-- Sustainability Leadership Council established to mobilise and coordinate
sustainability efforts across the Group.
-- A sustainability strategy framework, including a climate action pillar,
drives the Group's sustainability agenda.
-- A Climate Action Working Group, with representatives from all business
units, drives Group-wide initiatives which strengthen collaboration and
share knowledge.
-- Each business is building a net zero carbon pathway and climate change
plan to build climate resilience.
-- Assess emerging Environmental, Social and Governance (ESG) reporting standards
and requirements, to align Group disclosures to best market practice.
-- Conduct climate risk assessments and adaptation action plans based on
recommendations of Task Force on Climate-Related Financial Disclosures
(TCFD), including implementing measures to address physical risks posed
by climate change and identifying opportunities in global transition to
a low carbon economy.
-- Formulate the appropriate risk response strategy (particularly on the
Group's key assets and supply chain), and integrate Physical and Transitional
Climate Risk into the Group's existing risk management approach
DFI Retail Group Holdings Limited
Responsibility Statements
The Directors of the Company confirm to the best of their
knowledge that:
a. the consolidated financial statements prepared in accordance
with International Financial Reporting Standards, including
International Accounting Standards and Interpretations adopted by
the International Accounting Standards Board, give a true and fair
view of the assets, liabilities, financial position and profit and
losses of the Group; and
b. the Chairman's Statement, Group Chief Executive's Review,
Business Review, Financial Review and the Principal Risks and
Uncertainties of the Company's 2022 Annual Report, which constitute
the management report required by the Disclosure Guidance and
Transparency Rule 4.1.8, include a fair review of all information
required to be disclosed under Rules 4.1.8 to 4.1.11 of the
Disclosure Guidance and Transparency Rules 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 final dividend of USc2.00 per share will be payable on 10th
May 2023, subject to approval at the Annual General Meeting to be
held on 4th May 2023, to shareholders on the register of members at
the close of business on 17th March 2023. The shares will be quoted
ex-dividend on 16th March 2023, and the share registers will be
closed from 20th to 24th March 2023, 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
final dividend by notifying the United Kingdom transfer agent in
writing by 21st April 2023 . The Sterling equivalent of dividends
declared in United States Dollars will be calculated by reference
to a rate prevailing on 26th April 2023.
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 17th March 2023, 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 16th March 2023.
DFI Retail Group Holdings Limited
About DFI Retail Group
DFI Retail Group (the 'Group') is a leading pan-Asian retailer.
At 31st December 2022, the Group and its associates and joint
ventures operated over 10,600 outlets and employed some 216,000
people. The Group had total annual revenue in 2022 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, Vietnam and Laos.
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 in the
standard segment of 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
Full text of the Preliminary Announcement of Results and the
Preliminary Financial Statements for the year ended 31st December
2022 can be accessed via the DFI Retail Group corporate website at
www.dfiretailgroup.com
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FR JTMLTMTIMMFJ
(END) Dow Jones Newswires
March 02, 2023 04:53 ET (09:53 GMT)
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