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2021 Interim Report CK Hutchison Holdings Limited 2021 Interim Report

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2021 Interim Report CK Hutchison Holdings Limited 2021 Interim Report (Incorporated in the Cayman Islands with limited liability) Stock code: 1 2021 Interim Report CK Hutchison Holdings Limited 2021 Interim Report Corporate Information BOARD OF DIRECTORS Executive Directors Non-Executive Directors LI Tzar Kuoi, Victor, BSc, MSc, LLD (Hon) CHOW Kun Chee, Roland, LLM Chairman and Group Co-Managing Director LEE Yeh Kwong, Charles, GBM, GBS, OBE, JP BA, DFM, FCA (ANZ) (1) FOK Kin Ning, Canning, LEUNG Siu Hon , BA (Law) (Hons), LL.D. (Hon) Group Co-Managing Director George Colin MAGNUS, OBE, BBS, MA Frank John SIXT, MA, LLL BSc Group Finance Director and Deputy Managing Director WOO Mo Fong, Susan, (alias CHOW WOO Mo Fong, Susan) IP Tak Chuen, Edmond, BA, MSc Deputy Managing Director Independent Non-Executive Directors KWOK Tun-li, Stanley (2), BSc (Arch), AA Dipl, LLD (Hon), ARIBA, MRAIC KAM Hing Lam, BSc, MBA Deputy Managing Director CHENG Hoi Chuen, Vincent, GBS, OBE, JP LAI Kai Ming, Dominic, BSc, MBA The Hon Sir Michael David KADOORIE, GBS, LLD (Hon), DSc (Hon) Deputy Managing Director Commandeur de la Légion d’Honneur Commandeur de l’Ordre des Arts et des Lettres Edith SHIH, BSE, MA, MA, EdM, Solicitor, Commandeur de l’Ordre de la Couronne FCG (CS, CGP), FCS (CS, CGP) (PE) Commandeur de l’Ordre de Leopold II LEE Wai Mun, Rose, JP, DSSc (Hon) SENIOR ADVISOR William Elkin MOCATTA, FCA Alternate to The Hon Sir Michael David Kadoorie LI Ka-shing, GBM, KBE, LLD (Hon), DSSc (Hon) Commandeur de la Légion d’Honneur Paul Joseph TIGHE, BSc Grand Officer of the Order Vasco Nunez de Balboa WONG Kwai Lam, BA, PhD Commandeur de l’Ordre de Léopold WONG Yick-ming, Rosanna, PhD, DBE, JP AUDIT COMMITTEE SUSTAINABILITY COMMITTEE CHENG Hoi Chuen, Vincent (Chairman) Frank John SIXT (Chairman) KWOK Tun-li, Stanley (2) Edith SHIH Paul Joseph TIGHE (3) WONG Yick-ming, Rosanna WONG Kwai Lam COMPANY SECRETARY NOMINATION COMMITTEE Edith SHIH, BSE, MA, MA, EdM, Solicitor, WONG Yick-ming, Rosanna (Chairman) FCG (CS, CGP), FCS (CS, CGP) (PE) LI Tzar Kuoi, Victor CHENG Hoi Chuen, Vincent AUDITOR PricewaterhouseCoopers REMUNERATION COMMITTEE Certified Public Accountants WONG Yick-ming, Rosanna (Chairman) Registered Public Interest Entity Auditor LI Tzar Kuoi, Victor CHENG Hoi Chuen, Vincent WONG Kwai Lam Notes: (1) Resigned with effect from the conclusion of the 2021 annual general meeting held on 13 May 2021 (“AGM”) (2) Retired at the conclusion of the AGM (3) Appointed at the conclusion of the AGM CK Hutchison Holdings Limited 2021 Interim Report Contents • Corporate Information 1 Contents 2 Analyses of Core Business Segments by Geographical Location 3 Financial Performance Summary 5 Consolidated Operating Results 6 Chairman’s Statement 10 Operations Highlights 23 Group Capital Resources and Other Information 30 Disclosure of Interests 38 Corporate Governance 39 Changes in Information of Directors 40 Report on Review of Interim Financial Statements 41 Interim Financial Statements • Information for Shareholders 1 CK Hutchison Holdings Limited 2021 Interim Report Analyses of Core Business Segments by Geographical Location or the si months ended 0 une 2021 HK212 million otl Reenue Europe HK$109,138 million 15% 6% 40% 14% 40% 1% Mainland China HK$16,903 million 15% 9% 10% 83% 6% 1% 51 % Hong Kong HK$20,200 million 15% (UK: 17%) 16% 64% 8% 12% 24% 39% Asia, Australia & Others (1) HK$32,761 million 10 % 27% 36% 24% 13% 8% Canada HK$1,526 million 13% 100% 2 Reported HK0 million otl I or the si months ended 0 une 2021 nderling HK1 million 2%1% 1% 13% Europe HK$29,187 million (Reported: HK$38,974 million) 4% 9% 23% 64% (4) 17% 6% 12% 30% 52% (5) 8% 12% 2% Mainland China HK$2,948 million 8% 14% 32% 55% 13% 5% Hong Kong HK$2,463 million 14% 20% 59% 34% 5% (UK: 23%) 55% 13% 12% 20% 5% Asia, Australia & Others (1) HK$9,639 million 30% 27% 6% 31% 12% 46% 11% Canada HK$913 million 47% 100% 70% (UK: 20%) 2 Reported HK2 million otl I or the si months ended 0 une 2021 nderling HK200 million -8% 2% -8% 14% Europe HK$15,701 million (Reported: HK$25,488 million) 5% 11% 23% 61% (4) 18% 8% 18% 37% 37% (5) 4% 2% Mainland China HK$2,145 million 4% 18% 15% 33% 54% 14% -1% 22% 23% Hong Kong HK$1,256 million 4% 59% 19% (UK: 24%) 79% 8% 8% 5% 5% 6% Asia, Australia & Others (1) HK$5,853 million 8% 32% 16% 48% 4% 36% 49% Canada HK$572 million 30% 100% 78% (UK: 19%) Reported Underlying Note 1: Includes Panama, Mexico and the Middle East Reported Underlying Note 2: Prepared under Pre-IFRS 16 basis which is set out in note 1 on page 3 Europe Note 3: The outer pie chart represents EBITDA and EBIT %-mix on a reported Ports & Related Services basis. The inner pie chart represents underlying EBITDA and EBIT %-mix, Mainland China which excludes the gain on disposal of tower assets completed in the first Retail Hong Kong half of 2021 of HK$25.3 billion, non-cash impairment of goodwill of the Infrastructure (1) Group’s Italian telecommunication business of HK$(15.5) billion, and a Asia, Australia & Others non-cash foreign exchange reserve loss of HK$(3.5) billion following the Canada Cenovus-Husky merger Telecommunications Note 4: Represents EBITDA and EBIT %-mix for Europe on a reported basis Finance & Investments and Others Finance & Investments and Others Note 5: Represents EBITDA and EBIT %-mix for Europe on an underlying basis 2 CK Hutchison Holdings Limited 2021 Interim Report Financial Performance Summary Pre-IFRS 16 (1) Pre-IFRS 16 (1)(2) Unaudited Results Unaudited Results for the six months for the six months Local currencies ended 30 June 2021 ended 30 June 2020 Change change HK$ million HK$ million % % Revenue (3) Ports and Related Services (3) 19,933 16,031 24% 19% Retail 82,621 73,627 12% 5% Infrastructure 27,798 25,181 10% – CK Hutchison Group Telecom 45,826 42,702 7% -2% Hutchison Asia Telecommunications 4,350 4,521 -4% -5% Finance & Investments and Others 31,858 27,880 14% 10% Total Revenue 212,386 189,942 12% 4% EBITDA (3) Ports and Related Services (3) 6,983 5,539 26% 21% Retail 6,725 4,626 45% 35% Infrastructure 14,803 13,768 8% -4% CK Hutchison Group Telecom 25,623 14,921 72% 62% Hutchison Asia Telecommunications 803 872 -8% -9% Finance & Investments and Others 653 7,220 -91% -93% Total EBITDA 55,590 46,946 18% 10% EBIT (3) Ports and Related Services (3) 4,769 3,454 38% 32% Retail 4,939 2,970 66% 54% Infrastructure 9,686 8,989 8% -4% CK Hutchison Group Telecom 15,996 7,777 106% 99% Hutchison Asia Telecommunications (76) 194 -139% -143% Finance & Investments and Others (2,541) 3,293 -177% -177% Total EBIT 32,773 26,677 23% 15% Interest Expenses and other finance Costs (3) (7,197) (7,434) 3% Profit Before Tax 25,576 19,243 33% Tax (3) Current tax (3,637) (2,675) -36% Deferred tax (450) 326 -238% (4,087) (2,349) -74% Profit after tax 21,489 16,894 27% Non-controlling interests and perpetual capital securities holders’ interests (3,046) (3,726) 18% PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS (“NPAT”) 18,443 13,168 40% 32% Note 1: As Hong Kong Financial Reporting Standards are fully converged with International Financial Reporting Standards in the accounting for leases, for ease of reference, International Financial Reporting Standard 16 “Leases” (“IFRS 16”) and the precedent lease accounting standard International Accounting Standard 17 “Leases” (“IAS 17”) are referred to in this Interim Report interchangeably with Hong Kong Financial Reporting Standard 16 “Leases” (“HKFRS 16”) and Hong Kong Accounting Standard 17 “Leases” (“HKAS 17”), respectively. The Group believes that the IAS 17 basis (“Pre-IFRS 16 basis”) metrics, which are not intended to be a substitute for, or superior to, the reported metrics on a IFRS 16 basis (“Post-IFRS 16 basis”), better reflect management’s view of the Group’s underlying operational performance. IAS 17 basis metrics financial information is regularly reviewed by management and used for resource allocation, performance assessment and internal decision-making. As a result, the Group has provided an alternative presentation of the Group’s EBITDA, EBIT, interest expenses and other finance costs, tax, non-controlling interests and perpetual capital securities holders’ interests and profit attributable to ordinary shareholders prepared under the Pre-IFRS 16 basis relating to the accounting for leases for the six months ended 30 June 2020 and 2021. Unless otherwise specified, the discussion of the Group’s operating results in this Interim Report is on a Pre-IFRS 16 basis as mentioned above. Note 2: The six months ended 30 June 2020 comparative has been reclassified to enable a better comparison of performance. Subsequent to merger completion between Cenovus Energy and Husky in January 2021, the Group’s 15.71% share of Cenovus Energy is reported under Finance & Investments and Others segment. The Group’s 40.19% sharing of Husky’s results included in the Energy division for the six months ended 30 June 2020 have been reclassified to the Finance & Investments and Others segment to conform with the six months ended 30 June 2021 presentation. Note 3: Total revenue, EBITDA, EBIT, interest expenses and other finance costs and tax include the Group’s proportionate share of associated companies and joint ventures’ respective items. Total revenue, EBITDA and EBIT were adjusted to exclude non-controlling interests’ share of results of HPH Trust.
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