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Annual Report 2014 CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED CHEUNG KONG CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED (Incorporated in Bermuda with limited liability) (Stock Code: 1038) ANNUAL REPORT 2014 ANNUAL CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED 12th Floor, Cheung Kong Center, 2 Queen’s Road Central, Hong Kong Tel: (852) 2122 3133 Fax: (852) 2501 4550 www.cki.com.hk Annual Report 2014 CKI is the largest publicly listed infrastructure company in Hong Kong with diversified investments in Energy Infrastructure, Transportation Infrastructure, Water Infrastructure, Waste Management and Infrastructure Related Business. Operating in Hong Kong, Mainland China, the United Kingdom, the Netherlands, Australia, New Zealand and Canada, it is a leading player in the global infrastructure arena. 01E_CKI039_Cover_AW.indd 2 15年3月26日 下午3:25 CONTENTS 008 082 Ten-year Financial Summary Consolidated Statement of 010 Financial Position Chairman’s Letter 083 016 Consolidated Statement of Group Managing Director’s Report Changes in Equity 021 084 Long Term Development Strategy Consolidated Statement of Cash Flows 022 Awards 085 Notes to the Consolidated 026 Financial Statements Business Review 028 Investment in Power Assets 145 030 Infrastructure Investment in United Kingdom Principal Subsidiaries 036 Infrastructure Investment in Australia 040 Infrastructure Investment in New Zealand 146 042 Infrastructure Investment in Netherlands Principal Associates 044 Infrastructure Investment in Canada 046 Infrastructure Investment in Mainland China 148 047 Investment in Infrastructure Related Business Principal Joint Ventures 048 150 Financial Review Schedule of Major Properties 050 Board and Key Personnel 151 Corporate Governance Report 065 Report of the Directors 176 Risk Factors 079 Independent Auditor’s Report 181 080 Project Profiles Consolidated Income Statement 190 Corporate Information and 081 Key Dates Consolidated Statement of Comprehensive Income THE GROWTH 18 Consecutive Years of Dividend Growth Since Listing Profit Attributable to Shareholders (HK$ million) 31,782 THE CAPITAL Cash on Hand (HK$ million) 7,108 Net Debt to Net Total Capital Ratio 10% Credit Rating of A- From Standard & Poor’s Since First Rated in 1997 18 YEARS OF CONTINUOUS DIVIDEND PROFIT ATTRIBUTABLE TO GROWTH SINCE LISTING SHAREHOLDERS SINCE LISTING (HK$) (HK$ million) 2.5 35,000 31,782 30,000 2.000 2.0 1.86 1.66 25,000 1.53 1.5 1.33 20,000 1.201 1.10 1.135 1.00 1.0 0.948 15,000 0.79 11,639 0.68 0.715 0.60 0.63 10,000 9,427 7,745 0.5 0.42 0.38 6,007 5,568 0.32 5,028 5,000 4,7724,423 3,670 3,0433,1283,0813,1993,2713,523 0.16 2,3532,770 854 0 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 THE BUSINESS THE PEOPLE Infrastructure Investment in Infrastructure Investment in Infrastructure Investment in Investment in UNITED KINGDOM AUSTRALIA MAINLAND CHINA INFRASTRUCTURE • UK Power Networks • SA Power Networks • Shen-Shan Highway RELATED BUSINESS • Northumbrian Water • Victoria Power Networks (Eastern Section) • Alliance Construction • Northern Gas Networks • Australian Gas Networks • Shantou Bay Bridge Materials • Wales & West Gas Networks • Transmission Operations • Tangshan Tangle Road • Green Island Cement • Seabank Power Australia • Changsha Wujialing and • Anderson Asphalt • Southern Water • Spark Infrastructure Wuyilu Bridges • Green Island Cement (Yunfu) Eversholt Rail* • Jiangmen Chaolian Bridge • Guangdong Gitic Green • Jiangmen Jiangsha Highway Island Cement • Panyu Beidou Bridge • Siquijor Limestone Quarry Infrastructure Investment in Infrastructure Investment in Investment in Infrastructure Investment in NEW ZEALAND NETHERLANDS POWER ASSETS CANADA • Wellington Electricity • Dutch Enviro Energy • Power Assets • Canadian Power • EnviroWaste • Park’N Fly * Completion of the acquisition is expected to take place around April 2015. THE BUSINESS THE PEOPLE Infrastructure Investment in Infrastructure Investment in Infrastructure Investment in Investment in UNITED KINGDOM AUSTRALIA MAINLAND CHINA INFRASTRUCTURE • UK Power Networks • SA Power Networks • Shen-Shan Highway RELATED BUSINESS • Northumbrian Water • Victoria Power Networks (Eastern Section) • Alliance Construction • Northern Gas Networks • Australian Gas Networks • Shantou Bay Bridge Materials • Wales & West Gas Networks • Transmission Operations • Tangshan Tangle Road • Green Island Cement • Seabank Power Australia • Changsha Wujialing and • Anderson Asphalt • Southern Water • Spark Infrastructure Wuyilu Bridges • Green Island Cement (Yunfu) Eversholt Rail* • Jiangmen Chaolian Bridge • Guangdong Gitic Green • Jiangmen Jiangsha Highway Island Cement • Panyu Beidou Bridge • Siquijor Limestone Quarry Infrastructure Investment in Infrastructure Investment in Investment in Infrastructure Investment in NEW ZEALAND NETHERLANDS POWER ASSETS CANADA • Wellington Electricity • Dutch Enviro Energy • Power Assets • Canadian Power • EnviroWaste • Park’N Fly * Completion of the acquisition is expected to take place around April 2015. TEN-YEAR FINANCIAL SUMMARY Consolidated Income Statement Summary for the year ended 31st December HK$ million 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 Group turnover 6,100 5,018 4,105 3,493 2,814 2,184 2,445 1,865 1,822 2,247 Share of turnover of joint ventures 22,226 19,413 17,527 12,832 5,187 4,053 7,816 5,856 4,534 3,228 Profit attributable to shareholders 31,782 11,639 9,427 7,745 5,028 5,568 4,423 4,772 3,670 6,007 Dividends 18 YEARS OF CONTINUOUS DIVIDEND Interim dividend paid 1,281 1,220 976 854 744 724 670 609 564 541 Proposed final dividend 3,716 3,318 3,074 2,724 2,254 1,983 1,889 1,871 1,690 1,596 GROWTH SINCE LISTING 4,997 4,538 4,050 3,578 2,998 2,707 2,559 2,480 2,254 2,137 Consolidated Statement of Financial Position Summary as at 31st December HK$ million 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 Property, plant and equipment 2,452 2,408 1,477 845 1,276 1,320 1,185 1,413 1,292 1,245 Investment properties 305 268 238 206 186 174 164 160 130 59 Interests in associates 54,135 34,583 32,737 30,220 29,797 26,859 24,456 26,856 25,978 23,761 Interests in joint ventures 52,999 46,244 39,678 33,226 21,483 7,003 7,972 6,709 7,642 7,487 Interests in infrastructure project investments – – – – – – 477 377 490 579 Investments in securities 3,889 4,599 6,199 5,197 4,824 4,459 2,597 4,187 3,064 2,092 Derivative financial instruments 86 42 – 158 209 – 624 55 38 447 Goodwill and intangible assets 2,877 2,966 – – 151 158 143 209 205 175 Pledged bank deposit – – – – – – 1,113 – – – Deferred tax assets 15 20 22 15 9 7 11 5 – – Other non-current assets – – – – 29 1 – 19 13 9 Current assets 9,312 8,778 8,191 6,956 6,296 11,798 6,267 9,452 8,770 8,701 Total assets 126,070 99,908 88,542 76,823 64,260 51,779 45,009 49,442 47,622 44,555 Current liabilities (6,571) (5,040) (3,291) (13,527) (3,058) (3,172) (2,887) (4,802) (5,648) (1,221) Non-current liabilities (17,753) (14,270) (11,870) (3,524) (7,515) (6,320) (5,392) (5,183) (6,109) (9,798) Total liabilities (24,324) (19,310) (15,161) (17,051) (10,573) (9,492) (8,279) (9,985) (11,757) (11,019) Perpetual capital securities (7,933) (10,329) (10,329) (7,933) (7,933) – – – – – Non-controlling interests (77) (84) (89) (95) (81) (72) (55) (48) (41) (38) Equity attributable to shareholders 93,736 70,185 62,963 51,744 45,673 42,215 36,675 39,409 35,824 33,498 Per Share Data HK$ 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 Earnings per share 13.03 4.77 3.93 3.38 2.23 2.47 1.96 2.12 1.63 2.66 Dividends per share 2.000 1.860 1.660 1.530 1.330 1.201 1.135 1.100 1.000 0.948 Shareholders’ equity – net book value per share 38.42 28.77 25.81 22.13 20.26 18.73 16.27 17.48 15.89 14.86 8 CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED Profit Attributable to Shareholders (HK$ million) 31,782 32,000 28,000 24,000 20,000 16,000 12,000 11,639 9,427 7,745 8,000 6,007 5,568 4,772 4,423 5,028 4,000 3,670 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014* Dividends Per Share (HK$) 2.5 2.000 2.0 1.86 1.66 1.53 1.5 1.33 1.201 1.10 1.135 1.00 1.0 0.948 0.5 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 * The spin-off of the Hong Kong electricity business of Power Assets Holdings Limited in January 2014 generated an exceptional one-off gain of approximately HK$19 billion to CKI. ANNUAL REPORT 2014 9 CHAIRMAN’S LETTER LI TZAR KUOI, VICTOR Chairman For the year ended 31st December, 2014, Cheung Kong Infrastructure Holdings Limited (“CKI” or the “Group”) recorded a profit attributable to shareholders of HK$31,782 million, an increase of 173% over last year. The spin-off of the Hong Kong electricity business of Power Assets Holdings Limited (“Power Assets”) in January 2014 generated an exceptional one-off gain of approximately HK$19 billion to CKI. Excluding this one-off gain, profit attributable to shareholders would have increased by 5%. The Board of Directors of CKI (the “Board”) has recommended a final dividend of HK$1.475 per share. Together with the interim dividend of HK$0.525 per share, this will bring the total dividend for the year to HK$2.000, representing an increase of 7.5% over the previous year.
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