Last checked at 12 Nov 2009 09:06
To: Business Editor For immediate release
The following announcement was issued today to a Regulatory Information Service approved by the Financial Services Authority in the United Kingdom.
DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
Interim Management Statement
12th November 2009 - Dairy Farm International Holdings Limited has today issued an Interim Management Statement covering the period from 1st July to 11th November 2009 in accordance with the requirements of the Disclosure and Transparency Rules issued by the Financial Services Authority of the United Kingdom.
Further sales growth was achieved in the period, although the rate of increase slowed slightly compared to the first half of the year when measured in constant currency terms. This was due in part to lower price inflation. In US dollar terms, however, the rate of sales growth increased modestly compared to the first half.
The Group continued to expand its operations and between July and October increased its network by 130 outlets to 4,977. Four new Giant hypermarkets were opened, bringing the total to 90, comprising 48 in Malaysia, 34 in Indonesia, seven in Singapore and one in Brunei.
Most of the Group's major businesses have continued to perform well, although 7-Eleven in Hong Kong and South China were affected by the challenging economic conditions. In Hong Kong, the Mannings health and beauty business achieved strong growth, while supermarkets were steady. In Taiwan, Wellcome supermarkets and IKEA improved their results in a difficult market. Expansion of Mannings in mainland China continued, and the chain has exceeded 100 stores.
The performance of the Group's Malaysian and Indonesian businesses improved further, although there were areas of weakness in general merchandise sales. The Singapore businesses achieved good results overall.
The Group continued to generate adequate free cash flow to support its expansion programme, and its financial position remains strong with net debt remaining below US$100 million.
Despite the weakness in some market sectors, the Group has continued to achieve results above last year's level.
Dairy Farm is a leading pan-Asian retailer. The Group and its associates operate some 4,977 outlets - including supermarkets, hypermarkets, health and beauty stores, convenience stores, home furnishings stores and restaurants - employing over 76,000 people in the region. In 2008 total annual sales were nearly US$8 billion. Dairy Farm International Holdings Limited is incorporated in Bermuda and listed in London, Bermuda and Singapore. It is a member of the Jardine Matheson Group.
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For further information, please contact:
Dairy Farm Management Services Limited
Howard Mowlem (852) 2299 1896
Email: hmowlem@dairy-farm.com.hk
GolinHarris
John Morgan (852) 2501 7939
Email: john.morgan@golinharris.com
This and other Group announcements can be accessed through the Internet at 'www.dairyfarmgroup.com'.