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Thistle Volume 1 2018

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Thistle Volume 1 2018 VOLUME 1 2018 Taking the Lead Astra Investment Will Bolster Indonesia’s Digital Economy page 16 Perspective Zung Fu Gears Up for Auto Revolution page 10 Showing Recognizing Spirit Performance Walk Up Jardine House Gammon Asserts Leadership A Colourful Occasion Position page 26 page 22 Zung Fu Gears Up for Auto Revolution As Zung Fu rises to the challenges being brought about by the impact of disruptive technologies on the global automotive industry, it is focused on providing an even more enjoyable customer journey. Page 10 Contents Group Must Become Customer Obsessed Page 03 Workplace of the Future at Devon House Page 32 Star-Studded Line-Up at Mandarin Oriental Page 23 Walk Up Jardine House A Colourful Occasion Page 26 From the Centre 03 Group Must Become Customer Obsessed Group Chairman Tours Asia Projects Perspective 10 Zung Fu Gears Up for Auto Revolution Taking the Lead 16 Astra Investment Will Bolster Indonesia’s Digital Economy O2O Success for 7-Eleven South China Recognizing Performance 22 Gammon Asserts Leadership Position Hongkong Land Digital Transformation a Winner for Pizza Hut HK Projects in the Showing Spirit 26 Limelight Walk Up Jardine House A Colourful Occasion Astra Helps SMEs at Trade Expo Indonesia Page 19 Developing Talent 32 Workplace of the Future at Devon House Group’s Longest Serving Employee Retires at 92 Enterprising Matters 36 Into the Future with JLT Project Sherlock Thistle Volume 1 | 2018 01 MD’s Desk Getting it Right As the Group’s results for 2017 show, our principal markets Investments in across Greater China and Southeast Asia remain strong and appear well set for 2018. strong regional companies Revenue for 2017, including 100% of revenue from associates are accelerating and joint ventures, was US$83.8 billion, compared with US$72.4 billion in 2016, while the Group’s consolidated the Group’s exposure to fast revenue for 2017 was US$39.5 billion, an increase of 6%. Underlying profit before tax for the year was US$4,378 growing markets and million, an increase of 17%, and underlying profit attributable to shareholders was up 13% at US$1,568 providing us with million. Earnings per share were 12% higher at US$4.17. a firm foundation for Mainland China continues to grow in importance with its contribution to profits increasing to 18%, while in long-term growth. Southeast Asia, we continue to build our business interests with new investments and projects in Vietnam, Singapore, Bangkok and Indonesia. Our investments in Greatview and Vinamilk, for example, reflect our strategy of taking Managing Director stakes in leading companies that are benefiting from the Ben Keswick opportunities offered by the economic development of the region and the growth of the middle classes. Investments in strong companies such as these are accelerating the Group’s exposure to fast growing markets and providing us with a firm foundation for long-term growth. At the same time we must keep up with the rapid pace of change being brought about by disruptive technologies and impacting on all our businesses. We need to be sharper, move faster and put our increasingly empowered customers at the centre of what we do if we are to keep up and ‘get it right’. As the Perspective on Zung Fu on pages 10-15 demonstrates, businesses must use new technologies and the power of data to become more customer-centric and create an excellent customer experience. As a Group, we have a long history of adapting and trying new things. We also have a great reputation for quality, for doing the right thing, for giving people a sense of purpose and good development opportunities, and for being a responsible company. I believe that these values remain constant, even as business models evolve and change. We should take great pride in them and use them in our continuing quest to get it right. Ben Keswick 02 From the Centre Group Must Become Customer Obsessed Changing customer expectations driven by new businesses to create personalized customer experiences technology and the power of data were the focus of and to seize opportunities. Jardine Matheson Group Managing Director Ben “One key attribute of data-driven companies is that they Keswick’s annual Strategic Direction presentation recognize the value of breaking down silos and sharing delivered to a live audience in Hong Kong and across the information. This makes collaboration an important Group via a YouTube webcast. feature of their culture. To what extent do you think this Mr Keswick said that customer expectations are leaping is true for your company?” asked Mr Keswick. barriers across industries and that businesses can no Mr Keswick said the Group needs to rethink what it does longer only measure themselves against direct and how, so it has a compelling offer for its customers. competitors. Innovate Jardines is there to help and is already reaching “We must measure ourselves against the best across a out to technology partners that can assist businesses range of sectors. Or, better still, be in a class of our source and understand their data. Ultimately, skills own!” needed to be embedded in-house. Mr Keswick discussed how these changes are bringing “We can also leverage business relationships, such as about fundamental shifts in the way business is done, partnering with companies who already have the requiring businesses to move from being capabilities, and working with them to build upon and ‘Transactionally Driven’ to becoming ‘Customer enhance our existing operations to drive new revenue Obsessed’. streams and meet the changing business environment,” added Mr Keswick. “It is this customer obsession I want to see happening across the entire Group,” he emphasized. In closing, Mr Keswick said that an empowered customer must be at the centre of what the Group did. Mr Keswick said that data is at the heart of creating the winning customer experience and that within the Group, “In the new business landscape, our customers are companies must promote a transparent data-driven demanding ever increasing standards of service and culture and learn how to collect, share, analyze and product. Using digital advances and data, we need to manage data. In a recent visit to companies in Silicon make this happen.” Valley, he had seen firsthand how data is helping Thistle Volume 1 | 2018 03 From the Centre Group Chairman Tours Asia Projects CPC Shanghai Committee Secretary-General Zhuge Yujie also attended the meeting. In another get together in Shanghai, Sir Henry had dinner with Yonghui Deputy Chairman Zhang Xuanning. Sir Henry’s visit to Indonesia included a stop in Palngka Raya to see the PT Suprabari Mapanindo Mineral coal mine and power plant, which was acquired by PT United Tractors subsidiary Pama in 2017. On the second leg, Sir Henry was in Jakarta where he met with the Ministers of Trade and Finance as well as business leaders and several Astra directors. He also visited the Astra/ Hongkong Land joint venture development Astra Tower and Anandamaya Residences. In Vietnam, Sir Henry visited Vinamilk, in which Jardine Cycle & Carriage has acquired a 10% stake, and held talks with various political and business leaders. Among these was a meeting with Deputy Prime Minister Vuong Dinh Hue, who received him in Hanoi. Their discussions centred around the development of Vietnam industries such as milk products, automobiles, machinery, Jardine Matheson Group Chairman Sir Henry Keswick construction, real estate, and finance and insurance. with CPC Politburo Member and Director, Central Leading Group for Financial and The growth of the country’s capital market with high- Economic Affairs, Liu He in Beijing. level services was also covered. Mainland China, Thailand, Indonesia, Vietnam and Singapore were all on Jardine Matheson Group Chairman Sir Henry Keswick’s itinerary for his annual tour of Group projects and businesses in China and Southeast Asia. In China, Sir Henry visited eight cities. In Beijing, he met Wang Qishan, Senior Leader of the Communist Party of China and Liu He, CPC Politburo Member and Director, Central Leading Group for Financial and Economic Affairs. He also had a meeting with CPC Beijing Municipal Committee Party Secretary Cai Qi. A visit was also made to Hongkong Land’s premium retail and lifestyle development WF CENTRAL, and he met with the Chief Operating Officer of Greatview, James Liu. During his stop in Fuzhou, Sir Henry met with Yonghui Chairman Zhang Xuansong, while in Nanjing, Hangzhou and Chengdu, Sir Henry toured various Hongkong Land projects, including WE City in Chengdu, and some Yonghui stores. In Chongqing, Shanghai and Wuhan, Sir Henry again visited Hongkong Land projects and met with senior officials. In Shanghai, this included a meeting with Party Secretary Li Qiang, who urged the Group to take the Centre: Astra President Director Prijono Sugiarto shows Jardine Matheson Group Chairman Sir Henry Keswick a opportunity of the first China International Import Expo scale model of Astra Biz Center in Tangerang. being held in the city in November 2018 to increase its investment in Shanghai. Sir Henry responded by saying that the Group has had a long history of friendship and co-operation with Shanghai and has great faith in China’s economic prospects. The Group will continue its investment in China and explore new co-operation opportunities with Shanghai in key projects. 04 Key China Meetings for Lord Sassoon In his role as Chairman of the China-Britain Business Council (CBBC), Lord Sassoon’s annual visit to China took him to Beijing, Shenzhen and Guangzhou for a range of key meetings and events. In Beijing, he met with Wang Qishan, Senior Leader of the Communist Party of China, at its Central headquarters in Zhongnanhai.
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