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Global Infrastructure Player Annual Report 2017

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Global Infrastructure Player Annual Report 2017 CK INFRASTRUCTURE HOLDINGS LIMITED Annual Report 2017 Stock Code: 1038 GLOBAL INFRASTRUCTURE PLAYER ANNUAL REPORT 2017 ANNUAL REPORT CK 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 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 North America. CONTENTS 008 Ten-year Financial Summary 010 Chairman’s Letter 016 Group Managing Director’s Report 021 Long Term Development Strategy 022 Awards 026 Business Review 028 Investment in Power Assets 030 Infrastructure Investments in United Kingdom 036 Infrastructure Investments in Australia 044 Infrastructure Investments in New Zealand 046 Infrastructure Investments in Continental Europe 049 Infrastructure Investments in Canada 052 Infrastructure Investments in Mainland China 054 Investments in Infrastructure Related Businesses 056 Financial Review 058 Board and Key Personnel 073 Report of the Directors 088 Independent Auditor’s Report 094 Consolidated Income Statement 095 Consolidated Statement of Comprehensive Income 096 Consolidated Statement of Financial Position 097 Consolidated Statement of Changes in Equity 098 Consolidated Statement of Cash Flows 099 Notes to the Consolidated Financial Statements 157 Principal Subsidiaries 158 Principal Associates 160 Principal Joint Ventures 162 Schedule of Major Properties 163 Corporate Governance Report 189 Environmental, Social and Governance Report 199 Risk Factors 205 Project Profiles 214 Corporate Information and Key Dates KEY 2017 FIGURES 21 Consecutive years of dividend growth since listing 10,256 Profit attributable to shareholders (HK$ million) KEY 2017 FIGURES 9,781 Million Cash on Hand (HK$) 17.6% Net Debt to Net Total Capital Ratio A-/Positive Standard & Poor’s Credit Rating THE BUSINESS Investment in Infrastructure Investments in POWER ASSETS UNITED KINGDOM • Power Assets • UK Power Networks • Northumbrian Water Infrastructure Investments in AUSTRALIA • Northern Gas Networks • Wales & West Gas Networks • SA Power Networks • Seabank Power • Victoria Power Networks • Southern Water • Australian Gas Networks • UK Rails • Australian Energy Operations • DUET Infrastructure Investments in NEW ZEALAND Infrastructure Investments in CONTINENTAL EUROPE • Wellington Electricity • EnviroNZ • Dutch Enviro Energy • Portugal Renewable Energyy Infrastructure Investments in CANADA • ista • Canadian Power Infrastructure Investments in • Park’N Fly MAINLAND CHINA • Canadian Midstream Assets • Reliance Home Comfort • Shen-Shan Highway (Eastern Section) Investments in • Shantou Bay Bridge INFRASTRUCTURE • Tangshan Tangle Road RELATED BUSINESSES • Changsha Wujialing and Wuyilu Bridges • Jiangmen Chaolian Bridge • Alliance Construction Materials • Panyu Beidou Bridge • Green Island Cement • Green Island Cement (Yunfu) • Guangdong Gitic Green Island Cement • Siquijor Limestone Quarry THE BUSINESS THE PEOPLE Investment in Infrastructure Investments in POWER ASSETS UNITED KINGDOM • Power Assets • UK Power Networks • Northumbrian Water Infrastructure Investments in • Northern Gas Networks AUSTRALIA • Wales & West Gas Networks • SA Power Networks • Seabank Power • Victoria Power Networks • Southern Water • Australian Gas Networks • UK Rails • Australian Energy Operations • DUET Infrastructure Investments in NEW ZEALAND Infrastructure Investments in • Wellington Electricity CONTINENTAL EUROPE • EnviroNZ • Dutch Enviro Energy • Portugal Renewable Energyy Infrastructure Investments in • ista CANADA • Canadian Power Infrastructure Investments in • Park’N Fly MAINLAND CHINA • Canadian Midstream Assets • Reliance Home Comfort • Shen-Shan Highway (Eastern Section) • Shantou Bay Bridge Investments in INFRASTRUCTURE • Tangshan Tangle Road RELATED BUSINESSES • Changsha Wujialing and Wuyilu Bridges • Jiangmen Chaolian Bridge • Alliance Construction Materials • Panyu Beidou Bridge • Green Island Cement • Green Island Cement (Yunfu) • Guangdong Gitic Green Island Cement • Siquijor Limestone Quarry TEN-YEAR FINANCIAL SUMMARY Consolidated Income Statement Summary for the year ended 31st December 21 YEARS OF CONTINUOUS PROFIT ATTRIBUTABLE HK$ million 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Profit attributable to DIVIDEND GROWTH SINCE LISTING TO SHAREHOLDERS SINCE LISTING shareholders 10,256 9,636 11,162 31,782 11,639 9,427 7,745 5,028 5,568 4,423 Dividends Interim dividend paid 1,688 1,587 1,512 1,281 1,220 976 854 744 724 670 Proposed final dividend 4,309 4,107 3,905 3,716 3,318 3,074 2,724 2,254 1,983 1,889 5,997 5,694 5,417 4,997 4,538 4,050 3,578 2,998 2,707 2,559 Consolidated Statement of Financial Position Summary as at 31st December (HK$) (HK$ million) HK$ million 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2.5 35,000 Property, plant and 2.38 equipment 2,462 2,404 2,379 2,452 2,408 1,477 845 1,276 1,320 1,185 2.26 31,782 Investment properties 360 344 334 305 268 238 206 186 174 164 2.15 30,000 Interests in associates 43,108 52,177 54,004 54,135 34,583 32,737 30,220 29,797 26,859 24,456 2.00 2.0 Interests in joint ventures 98,462 53,973 60,988 52,999 46,244 39,678 33,226 21,483 7,003 7,972 1.86 Interests in infrastructure 25,000 project investments – – – – – – – – – 477 1.66 Investments in securities 702 648 1,985 3,889 4,599 6,199 5,197 4,824 4,459 2,597 1.53 1.5 Derivative financial 1.33 20,000 instruments 1,253 2,178 571 86 42 – 158 209 – 624 1.201 Goodwill and intangible 1.135 1.10 assets 2,569 2,554 2,525 2,877 2,966 – – 151 158 143 1.00 15,000 Pledged bank deposit – – – – – – – – – 1,113 1.0 0.948 11,639 Deferred tax assets 7 29 21 15 20 22 15 9 7 11 0.79 11,162 10,256 0.715 9,636 Other non-current assets 136 64 17 – – – – 29 1 – 0.68 10,000 9,427 0.60 0.63 7,745 Current assets 10,755 13,539 9,278 9,312 8,778 8,191 6,956 6,296 11,798 6,267 0.5 0.42 6,007 Total assets 159,814 127,910 132,102 126,070 99,908 88,542 76,823 64,260 51,779 45,009 0.38 5,568 4,772 5,028 0.32 5,000 4,423 Current liabilities (15,669) (13,837) (3,681) (6,571) (5,040) (3,291) (13,527) (3,058) (3,172) (2,887) 3,271 3,523 3,670 2,770 3,043 3,128 3,081 3,199 0.16 2,353 Non-current liabilities (25,953) (7,886) (17,862) (17,753) (14,270) (11,870) (3,524) (7,515) (6,320) (5,392) 854 Total liabilities (41,622) (21,723) (21,543) (24,324) (19,310) (15,161) (17,051) (10,573) (9,492) (8,279) 0 0 Perpetual capital securities (14,701) (9,544) (7,933) (7,933) (10,329) (10,329) (7,933) (7,933) – – 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Non-controlling interests (18) (38) (55) (77) (84) (89) (95) (81) (72) (55) Equity attributable to shareholders 103,473 96,605 102,571 93,736 70,185 62,963 51,744 45,673 42,215 36,675 Per Share Data HK$ 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Earnings per share 4.07 3.82 4.44 13.03 4.77 3.93 3.38 2.23 2.47 1.96 Dividends per share 2.380 2.260 2.150 2.000 1.860 1.660 1.530 1.330 1.201 1.135 Shareholders’ equity – net book value per share 41.07 38.34 40.71 38.42 28.77 25.81 22.13 20.26 18.73 16.27 8 CK INFRASTRUCTURE HOLDINGS LIMITED TEN-YEAR FINANCIAL SUMMARY Consolidated Income Statement Summary for the year ended 31st December HK$ million 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Profit attributable to shareholders 10,256 9,636 11,162 31,782 11,639 9,427 7,745 5,028 5,568 4,423 Dividends Interim dividend paid 1,688 1,587 1,512 1,281 1,220 976 854 744 724 670 Proposed final dividend 4,309 4,107 3,905 3,716 3,318 3,074 2,724 2,254 1,983 1,889 5,997 5,694 5,417 4,997 4,538 4,050 3,578 2,998 2,707 2,559 Consolidated Statement of Financial Position Summary as at 31st December HK$ million 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Property, plant and equipment 2,462 2,404 2,379 2,452 2,408 1,477 845 1,276 1,320 1,185 Investment properties 360 344 334 305 268 238 206 186 174 164 Interests in associates 43,108 52,177 54,004 54,135 34,583 32,737 30,220 29,797 26,859 24,456 Interests in joint ventures 98,462 53,973 60,988 52,999 46,244 39,678 33,226 21,483 7,003 7,972 Interests in infrastructure project investments – ––––––––477 Investments in securities 702 648 1,985 3,889 4,599 6,199 5,197 4,824 4,459 2,597 Derivative financial instruments 1,253 2,178 571 86 42 – 158 209 – 624 Goodwill and intangible assets 2,569 2,554 2,525 2,877 2,966 – – 151 158 143 Pledged bank deposit – – – – – – – – – 1,113 Deferred tax assets 7 29 21 15 20 22 15 9 7 11 Other non-current assets 136 6417––––291– Current assets 10,755 13,539 9,278 9,312 8,778 8,191 6,956 6,296 11,798 6,267 Total assets 159,814 127,910 132,102 126,070 99,908 88,542 76,823 64,260 51,779 45,009 Current liabilities (15,669) (13,837) (3,681) (6,571) (5,040) (3,291) (13,527) (3,058) (3,172) (2,887) Non-current liabilities (25,953) (7,886) (17,862) (17,753) (14,270) (11,870) (3,524) (7,515) (6,320) (5,392) Total liabilities (41,622) (21,723) (21,543) (24,324) (19,310) (15,161) (17,051)
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