Annual Report 2003 2/3
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-/. +7403628 ,353910 CHAP@> U`p [ikf_ Zip`k D CIWn``htl Xi\_ N`hmk\f Qihb Sihb Z`f J <IFD= DCEC BGBB P\q J <IFD= DCEC BGCC Og\df J hplch`plKhplc@^ig@ce cmmjJAAppp@hplc@^ig@ce \ooucm agqprt |{{} \ooucm agqprt |{{} -/. +7403628 ,353910 CHAP@> U`p [ikf_ Zip`k D CIWn``htl Xi\_ N`hmk\f Qihb Sihb Z`f J <IFD= DCEC BGBB P\q J <IFD= DCEC BGCC Og\df J hplch`plKhplc@^ig@ce cmmjJAAppp@hplc@^ig@ce \ooucm agqprt |{{} \ooucm agqprt |{{} Contents 2 Reorganization of New World Group 4 Milestones 6 Financial Highlights 8 Chairman’s Statement 12 Board of Directors 14 Corporate Governance 16 Strength in Unity 18 Human Capital 20 Corporate Citizenship 22 Management Discussion and Analysis 48 Reports and Financial Statements 155 Notice of Annual General Meeting 158 Glossary of Terms 160 Five-year Financial Summary 162 Project Key Facts and Figures 176 Corporate Information ITVUTVLXO KVTPQRO lsp g.+x}-{2 j},}3yx ];lspg<.13|y ;f1.4/<^}23|y 2y15}wy z+u{2|}/.z 3|y ly6 s.1+xf1.4/ +}23yx .- q|y p3.w* d7w|u-{y .zg.-{i.-{j},}3yx ]3|y ;p3.w* d7w|u-{y<^ 6}3| 23.w* w.xy @FEGas}3| .5y1 BG>@@@ y,/+.8yy2_lspg}2 u +yux}-{ 2y15}wy /1.5}xy1 }-3|y g.-{i.-{_ ku}-+u-x c|}-uu-x kuwu4 2y15}wy_ }-z1u2314w341yu-x /.132 2yw3.12am/y1u3}.-2 z.w42 .- 3|1yy 28-y1{}23}w v42}-y22y2:lsp py15}wy ku-u{y,y-3 j},}3yx ];lspp<^_ lsp h-z1u2314w341yku-u{y,y-3 j},}3yx ];lsph<^u-xlspn.132 ku-u{y,y-3 j},}3yx ];lspn<^a lspp }2 ux}5y12}z}yx 2y15}wy ,u-u{y16}3| ./y1u3}.-2 }- g.-{i.-{u-x ku}-+u-x c|}-ua q|y euw}+}3}y2_c.-31uw3}-{_ q1u-2/.13_e}-u-w}u+ u-xd-5}1.-,y-3u+2y{,y-32 2y15y v42}-y22y2 u-xw.-24,y12 }- u 1u-{y .zu1yu2a q|y lspp y7/y13}2yu-xw.,,}3,y-3 3. 04u+}38 }2 {1ux4u++8 vy}-{y73y-xyx 3. *y8 wy-31y2 }- ku}-+u-x c|}-ua lsph }2 ux.,}-u-3 /+u8y1 }-3|y f1yu3y1 c|}-u}-z1u2314w341y u1y-uu-x .-y .z 3|y +u1{y23 ku}-+u-x c|}-u}-5y23.12alsph ./y1u3y2EG}-z1u2314w341y /1.~yw32 }-3|y 3|1yy 2y{,y-32 .z O.ux2 u-xb1}x{y2_d-y1{8_u-xsu3y1 q1yu3,y-3 u-xsu23y ku-u{y,y-3a q|y /.13z.+}. y-w.,/u22y2 A>@GF *, .z |}{|6u82 u-xv1}x{y2_ /.6y1/+u-3 }-23u++yx wu/uw}38 .z .5y1 B>@AE ks_ 6u3y131yu3,y-3 .z C?CC ,}++}.- w4v}w ,y31y2/y1 xu8 u-x 6u23y ,u-u{y,y-3 wu/uw}38 .z E@>@@@ 9 F@>@@@ 3.--y2/y18yu1a 2<=E |AAG5? 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