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Annual Report 2019 (PDF) GLOBAL INFRASTRUCTURE PLAYER Annual Report 2019 Stock Code: 1038 CKI A Leading Player in 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, Household Infrastructure and Infrastructure Related Businesses. Its investments and operations span Hong Kong, Mainland China, the United Kingdom, Continental Europe, Australia, New Zealand and Canada. CONTENTS 005 Ten-year Financial Summary 006 Chairman’s Letter 012 Group Managing Director’s Report 019 Long Term Development Strategy 020 Awards 024 Business Review 026 Investment in Power Assets 028 Infrastructure Investments in United Kingdom 034 Infrastructure Investments in Australia 042 Infrastructure Investments in New Zealand 044 Infrastructure Investments in Continental Europe 047 Infrastructure Investments in Canada 050 Infrastructure Investments in Hong Kong and Mainland China 052 Financial Review 054 Board and Key Personnel 069 Report of the Directors 081 Independent Auditor’s Report 087 Consolidated Income Statement 088 Consolidated Statement of Comprehensive Income 089 Consolidated Statement of Financial Position 090 Consolidated Statement of Changes in Equity 091 Consolidated Statement of Cash Flows 092 Notes to the Consolidated Financial Statements 147 Principal Subsidiaries 148 Principal Associates 150 Principal Joint Ventures 152 Schedule of Major Properties 153 Corporate Governance Report 181 Environmental, Social and Governance Report 195 Risk Factors 201 Project Profiles 210 Corporate Information and Key Dates 23 2019 Consecutive Years of KEY FIGURES Dividend Growth Since Listing 10,506 Profit Attributable to Shareholders (HK$ million) 12 Cash on Hand (HK$ billion) 13.5% Net Debt to Net Total Capital Ratio A/Stable Standard & Poor’s Credit Rating THE BUSINESS Investment in Infrastructure Investments in POWER ASSETS CONTINENTAL EUROPE • Power Assets • Dutch Enviro Energy • Portugal Renewable Energy Infrastructure Investments in • ista UNITED KINGDOM Infrastructure Investments in • UK Power Networks CANADA • Northumbrian Water • Northern Gas Networks • Canadian Power • Wales & West Gas Networks • Park’N Fly • Seabank Power • Canadian Midstream Assets • Southern Water • Reliance Home Comfort • UK Rails Infrastructure Investments in Infrastructure Investments in HONG KONG AND AUSTRALIA MAINLAND CHINA • SA Power Networks • Shen-Shan Highway (Eastern Section) • Victoria Power Networks • Shantou Bay Bridge • United Energy • Jiangmen Chaolian Bridge • Australian Gas Networks • Panyu Beidou Bridge • Dampier Bunbury Pipeline • Alliance Construction Materials • Multinet Gas • Green Island Cement • Australian Energy Operations • Green Island Cement (Yunfu) • Energy Developments • Guangdong Gitic Green Island Cement • Yunfu Xiangli Cement Infrastructure Investments in NEW ZEALAND • Wellington Electricity • EnviroNZ TEN-YEAR FINANCIAL SUMMARY Consolidated Income Statement Summary for the year ended 31st December HK$ million 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Profit attributable to shareholders 10,506 10,443 10,256 9,636 11,162 31,782 11,639 9,427 7,745 5,028 Dividends Interim dividend paid 1,713 1,713 1,688 1,587 1,512 1,281 1,220 976 854 744 Proposed final dividend 4,485 4,410 4,309 4,107 3,905 3,716 3,318 3,074 2,724 2,254 6,198 6,123 5,997 5,694 5,417 4,997 4,538 4,050 3,578 2,998 Consolidated Statement of Financial Position Summary as at 31st December HK$ million 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Property, plant and equipment 2,805 2,508 2,462 2,404 2,379 2,452 2,408 1,477 845 1,276 Investment properties 398 382 360 344 334 305 268 238 206 186 Interests in associates 36,814 38,191 43,108 52,177 54,004 54,135 34,583 32,737 30,220 29,797 Interests in joint ventures 104,952 95,892 98,462 53,973 60,988 52,999 46,244 39,678 33,226 21,483 Other financial assets 1,871 7,821 702 648 1,985 3,889 4,599 6,199 5,197 4,824 Derivative financial instruments 1,107 2,448 1,253 2,178 571 86 42 – 158 209 Goodwill and intangible assets 2,486 2,556 2,569 2,554 2,525 2,877 2,966 – – 151 Deferred tax assets 3 12 7 29 21 15 20 22 15 9 Other non-current assets – – 136 64 17 – – – – 29 Current assets 14,748 7,960 10,755 13,539 9,278 9,312 8,778 8,191 6,956 6,296 Total assets 165,184 157,770 159,814 127,910 132,102 126,070 99,908 88,542 76,823 64,260 Current liabilities (10,303) (6,287) (15,669) (13,837) (3,681) (6,571) (5,040) (3,291) (13,527) (3,058) Non-current liabilities (28,507) (29,579) (25,953) (7,886) (17,862) (17,753) (14,270) (11,870) (3,524) (7,515) Total liabilities (38,810) (35,866) (41,622) (21,723) (21,543) (24,324) (19,310) (15,161) (17,051) (10,573) Perpetual capital securities (14,701) (14,701) (14,701) (9,544) (7,933) (7,933) (10,329) (10,329) (7,933) (7,933) Non-controlling interests (69) (30) (18) (38) (55) (77) (84) (89) (95) (81) Equity attributable to shareholders 111,604 107,173 103,473 96,605 102,571 93,736 70,185 62,963 51,744 45,673 Per Share Data HK$ 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Earnings per share 4.17 4.14 4.07 3.82 4.44 13.03 4.77 3.93 3.38 2.23 Dividends per share 2.460 2.430 2.380 2.260 2.150 2.000 1.860 1.660 1.530 1.330 Shareholders’ equity – net book value per share 44.29 42.54 41.07 38.34 40.71 38.42 28.77 25.81 22.13 20.26 Profit Attributable to Shareholders (HK$ million) 35,000 31,782 30,000 25,000 20,000 15,000 11,639 11,162 10,443 10,506 9,636 10,256 10,000 9,427 7,745 5,028 5,000 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Dividends Per Share (HK$) 3.0 2.46 2.5 2.38 2.43 2.26 2.15 2.00 2.0 1.86 1.66 1.53 1.5 1.33 1.0 0.5 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 This represents the 23rd consecutive year of dividend growth since CKI was listed in 1996. VICTOR T K LI Chairman CHAIRMAN’S LETTER For the year ended 31st December, 2019, CK Infrastructure Holdings Limited (“CKI”, the “Company” or the “Group”) recorded profit attributable to shareholders of HK$10,506 million, an increase of 1% from the previous year. The result was negatively affected by foreign exchange translation; without this impact, profit attributable to shareholders would have increased by 6%. This result has been achieved amidst a challenging global backdrop, punctuated by numerous political and macroeconomic events, such as the continuing trade tensions between the U.S. and China, Brexit, unrest in Hong Kong and bushfires in Australia. 23 YEARS OF CONTINUED DIVIDEND GROWTH The Board of Directors of CKI (the “Board”) has recommended a final dividend of HK$1.78 per share. Together with the interim dividend of HK$0.68 per share, this will bring the total dividend for the year to HK$2.46, a 1% increase over the previous year. This represents the 23rd consecutive year of dividend growth since CKI was listed in 1996. The proposed dividend will be paid on Friday, 29th May, 2020, subject to approval at the 2020 Annual General Meeting to those shareholders whose names appear on the Register of Members of the Company at the close of business on Tuesday, 19th May, 2020. Dividends per Share since Listing (HK$) 3.0 2.5 2.43 2.46 2.38 2.26 2.15 2.00 2.0 1.86 1.66 1.53 1.5 1.33 1.201 1.10 1.135 1.00 1.0 0.948 0.79 0.68 0.715 0.60 0.63 0.5 0.38 0.42 0.32 0.16 0 19961997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20182017 2019 ANNUAL REPORT 2019 7 CHAIRMAN’S LETTER BUSINESS REVIEW Power Assets Profit contribution from Power Assets was HK$2,564 million, a decline of 12% compared to last year. This was mainly due to the lower contribution arising from the disposal of a 2.05% interest in Power Assets in January 2019, a decline in contribution from the UK portfolio, the weak currency rates against the Hong Kong dollar, and the reduced returns from the Hong Kong business under the new Scheme of Control. The new Scheme of Control, which regulates returns of HK Electric’s business in Hong Kong until 2033, commenced on 1st January, 2019. While featuring a lower rate of return than previously, this framework provides predictable and steady returns on investment as well as asset-based growth opportunities during the regulatory period. United Kingdom Infrastructure Portfolio Profit contribution from the United Kingdom portfolio was HK$4,630 million, a decrease of 12%. This is attributable to lower reported earnings from UK Power Networks, which ceased to recognise certain non-cash revenue commencing 2019, and a weaker pound sterling relative to the Hong Kong dollar compared to the prior year. Excluding these items, profit contribution from the UK increased by approximately 8% year-on-year.
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