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Annual Report 2016 CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED 長江基建集團有限公司 (Incorporated in Bermuda with limited liability) (Stock Code: 1038) GLOBAL INFRASTRUCTURE PLAYER Annual Report 2016 A Leading Player in CKI the Global Infrastructure Arena CKI is a global infrastructure company that aims to make the world a better place through a variety of infrastructure investments and developments in different parts of the world. The Group has diversified investments in Energy Infrastructure, Transportation Infrastructure, Water Infrastructure, Waste Management, Waste-to-energy and Infrastructure Related Businesses. Its investments and operations span Hong Kong, Mainland China, the United Kingdom, the Netherlands, Portugal, Australia, New Zealand and Canada. CONTENTS 008 091 Ten-year Financial Summary Consolidated Statement of Comprehensive 010 Income Chairman’s Letter 092 016 Consolidated Statement of Financial Position Group Managing Director’s Report 093 021 Consolidated Statement of Changes in Equity Long Term Development Strategy 094 022 Consolidated Statement of Cash Flows Awards 095 026 Notes to the Consolidated Financial Statements Business Review 028 Investment in Power Assets 153 030 Infrastructure Investment in United Kingdom Principal Subsidiaries 036 Infrastructure Investment in Australia 040 Infrastructure Investment in New Zealand 154 Principal Associates 042 Infrastructure Investment in Continental Europe 045 Infrastructure Investment in Canada 156 048 Infrastructure Investment in Mainland China Principal Joint Ventures 050 Investment in Infrastructure Related Businesses 052 158 Schedule of Major Properties Financial Review 054 159 Board and Key Personnel Corporate Governance Report 069 184 Report of the Directors Environmental, Social and Governance Report 084 192 Independent Auditor’s Report Risk Factors 090 197 Consolidated Income Statement Project Profiles 206 Corporate Information and Key Dates 20 9,636 Consecutive Years of Profit Attributable to Dividend Growth Shareholders (HK$ million) Since Listing 2016 KEY FIGURES 2016 KEY FIGURES 12 4.5% A- Billion Net Debt to Standard & Poor’s Net Total Capital Ratio Credit Rating Cash on Hand Since First Rated (HK$) in 1997 PROFIT ATTRIBUTABLE 20 YEARS OF CONTINUOUS TO SHAREHOLDERS SINCE LISTING DIVIDEND GROWTH SINCE LISTING (HK$ million) (HK$) 35,000 2.5 31,782 2.26 2.15 30,000 2.00 2.0 1.86 25,000 1.66 1.53 1.5 20,000 1.33 1.201 1.135 1.10 15,000 1.00 1.0 0.948 11,639 11,162 0.79 0.715 9,636 0.68 10,000 9,427 0.60 0.63 7,745 6,007 5,568 0.5 0.42 5,028 0.38 4,772 5,000 4,423 0.32 3,523 3,670 3,043 3,128 3,081 3,199 3,271 2,353 2,770 0.16 854 0 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014* 2015 2016 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 * 2014 profit attributable to shareholders included approximately HK$19.6 billion share of one-off gain arising from the spin-off of the Hong Kong electricity business of Power Assets and approximately HK$2.2 billion gain on privatisation of Envestra (in grey colour) THE BUSINESS Infrastructure Investment in Infrastructure Investment in Infrastructure Investment in Investment in UNITED KINGDOM AUSTRALIA MAINLAND CHINA INFRASTRUCTURE RELATED BUSINESSES UK Power Networks SA Power Networks Shen-Shan Highway Northumbrian Water Victoria Power Networks (Eastern Section) Alliance Construction Northern Gas Networks Australian Gas Networks Shantou Bay Bridge Materials Wales & West Gas Networks Australian Energy Tangshan Tangle Road Green Island Cement Seabank Power Operations Changsha Wujialing and Green Island Cement (Yunfu) UK Rails Wuyilu Bridges Guangdong Gitic Green Southern Water Jiangmen Chaolian Bridge Island Cement Panyu Beidou Bridge Siquijor Limestone Quarry Infrastructure Investment in Infrastructure Investment in Investment in Infrastructure Investment in CONTINENTAL NEW ZEALAND POWER ASSETS CANADA EUROPE Wellington Electricity Power Assets Canadian Power Dutch Enviro Energy EnviroNZ Park’N Fly Portugal Renewable Energy Husky Midstream THE BUSINESS Infrastructure Investment in Infrastructure Investment in Infrastructure Investment in Investment in UNITED KINGDOM AUSTRALIA MAINLAND CHINA INFRASTRUCTURE RELATED BUSINESSES UK Power Networks SA Power Networks Shen-Shan Highway Northumbrian Water Victoria Power Networks (Eastern Section) Alliance Construction Northern Gas Networks Australian Gas Networks Shantou Bay Bridge Materials Wales & West Gas Networks Australian Energy Tangshan Tangle Road Green Island Cement Seabank Power Operations Changsha Wujialing and Green Island Cement (Yunfu) UK Rails Wuyilu Bridges Guangdong Gitic Green Southern Water Jiangmen Chaolian Bridge Island Cement Panyu Beidou Bridge Siquijor Limestone Quarry Infrastructure Investment in Infrastructure Investment in Investment in Infrastructure Investment in CONTINENTAL NEW ZEALAND POWER ASSETS CANADA EUROPE Wellington Electricity Power Assets Canadian Power Dutch Enviro Energy EnviroNZ Park’N Fly Portugal Renewable Energy Husky Midstream TEN-YEAR FINANCIAL SUMMARY Consolidated Income Statement Summary for the year ended 31st December HK$ million 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 Profit attributable to shareholders 9,636 11,162 31,782 11,639 9,427 7,745 5,028 5,568 4,423 4,772 Dividends Interim dividend paid 1,587 1,512 1,281 1,220 976 854 744 724 670 609 Proposed final dividend 4,107 3,905 3,716 3,318 3,074 2,724 2,254 1,983 1,889 1,871 5,694 5,417 4,997 4,538 4,050 3,578 2,998 2,707 2,559 2,480 Consolidated Statement of Financial Position Summary as at 31st December HK$ million 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 Property, plant and equipment 2,404 2,379 2,452 2,408 1,477 845 1,276 1,320 1,185 1,413 Investment properties 344 334 305 268 238 206 186 174 164 160 Interests in associates 52,177 54,004 54,135 34,583 32,737 30,220 29,797 26,859 24,456 26,856 Interests in joint ventures 53,973 60,988 52,999 46,244 39,678 33,226 21,483 7,003 7,972 6,709 Interests in infrastructure project investments – –––––––477377 Investments in securities 648 1,985 3,889 4,599 6,199 5,197 4,824 4,459 2,597 4,187 Derivative financial instruments 2,178 571 86 42 – 158 209 – 624 55 Goodwill and intangible assets 2,554 2,525 2,877 2,966 – – 151 158 143 209 Pledged bank deposit – –––––––1,113 – Deferred tax assets 29 21 15 20 22 15 9 7 11 5 Other non-current assets 64 17––––291–19 Current assets 13,539 9,278 9,312 8,778 8,191 6,956 6,296 11,798 6,267 9,452 Total assets 127,910 132,102 126,070 99,908 88,542 76,823 64,260 51,779 45,009 49,442 Current liabilities (13,837) (3,681) (6,571) (5,040) (3,291) (13,527) (3,058) (3,172) (2,887) (4,802) Non-current liabilities (7,886) (17,862) (17,753) (14,270) (11,870) (3,524) (7,515) (6,320) (5,392) (5,183) Total liabilities (21,723) (21,543) (24,324) (19,310) (15,161) (17,051) (10,573) (9,492) (8,279) (9,985) Perpetual capital securities (9,544) (7,933) (7,933) (10,329) (10,329) (7,933) (7,933) – – – Non-controlling interests (38) (55) (77) (84) (89) (95) (81) (72) (55) (48) Equity attributable to shareholders 96,605 102,571 93,736 70,185 62,963 51,744 45,673 42,215 36,675 39,409 Per Share Data HK$ 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 Earnings per share 3.82 4.44 13.03 4.77 3.93 3.38 2.23 2.47 1.96 2.12 Dividends per share 2.260 2.150 2.000 1.860 1.660 1.530 1.330 1.201 1.135 1.100 Shareholders’ equity – net book value per share 38.34 40.71 38.42 28.77 25.81 22.13 20.26 18.73 16.27 17.48 8 CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED Profit Attributable to Shareholders (HK$ million) 35,000 31,782 30,000 25,000 20,000 15,000 11,639 11,162 9,636 10,000 9,427 7,745 5,568 4,772 5,028 5,000 4,423 0 2007 2008 2009 2010 2011 2012 2013 2014* 2015 2016 Dividends Per Share (HK$) 2.5 2.26 2.15 2.00 2.0 1.86 1.66 1.53 1.5 1.33 1.201 1.10 1.135 1.0 0.5 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 * 2014 profit attributable to shareholders included approximately HK$19.6 billion share of one-off gain arising from the spin-off of the Hong Kong electricity business of Power Assets and approximately HK$2.2 billion gain on privatisation of Envestra (in grey colour) ANNUAL REPORT 2016 9 CHAIRMAN’S LETTER LI TZAR KUOI, VICTOR Chairman For the year ended 31st December, 2016, Cheung Kong Infrastructure Holdings Limited (“CKI”, the “Company” or the “Group”) recorded profit attributable to shareholders of HK$9,636 million. This represented a 14% decrease compared to 2015. The Group faced many challenges during the year, including volatile exchange rates (particularly British pounds), and rising interest rates. Despite these influences, the Group’s operations round the world performed well, with total profit contribution in Hong Kong dollars at a similar level as last year. The 14% reduction in attributable profit was mainly due to a smaller UK deferred tax credit in 2016 compared to 2015, and the 2015 reversal of provisions and expenses made earlier for non-operational matters.
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