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E WHARF (HOLDINGS) LIMITED ANNUAL REPORT 2014 in Building for Tomorrow, Wharf Has Achieved a Few “Firsts” in the Past Decades

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E WHARF (HOLDINGS) LIMITED ANNUAL REPORT 2014 in Building for Tomorrow, Wharf Has Achieved a Few “Firsts” in the Past Decades Stock Code: 4 ANNUAL REPORT 2014 e Wharfe Limited (Holdings) THE WHARF (HOLDINGS) LIMITED ANNUAL REPORT 2014 www.wharfholdings.com In Building for Tomorrow, Wharf has achieved a few “firsts” in the past decades. That include the first all-weather mall in Hong Kong (Ocean Terminal), the first and only mall with retail sales exceeding 7% of Hong Kong retail sales (Harbour City), the first 17-storey vertical mall in Hong Kong (Times Square) and the first 40-storey industrial building in Hong Kong (CABLE TV Tower). Wharf has also been Building for Tomorrow in other sectors. That includes building and operating of the first cruise terminal in Hong Kong (Ocean Terminal), the first container terminal in Hong Kong (Modern Terminals), the first cross-harbour tunnel in Hong Kong (Hunghom Tunnel), the first electronic toll collection system in Hong Kong (Autopass), the first multi-channel Pay TV service in Hong Kong (CABLE TV), the first 24-hour news channel in Cantonese and the first 24-hour entertainment news channel in Cantonese in the world (i-CABLE News and i-CABLE Entertainment). Corporate Profile Backed by a long standing mission of “Building for Tomorrow” and a distinguished track record, the Group has produced consistent and quality growth over the years. Wharf is among the top local blue chip stocks that are most actively traded and widely held. Through years of value creation and new investment, the Group’s investment properties (“IP”) portfolio has grown to a book value of HK$302 billion as at the end of 2014. It represented 73% of the Group’s underlying core profit. With prime real estate as the Group’s primary strategic focus, site acquisition, financing, development planning, design, construction and marketing are its core competencies. Mall development and retail management remain its strategic differentiation. With its leadership in retail management, the Group continued to maintain pole position in the Hong Kong retail market. Harbour City and Times Square, both landmark properties, had a combined value of HK$220 billion at the end of 2014, up by 15% from HK$192 billion in 2013, and represented 51% of the Group’s business assets. Total retail sales at Harbour City, Times Square and Plaza Hollywood surged to another record of HK$48.1 billion in 2014, taking a record market share of nearly 10% of total Hong Kong retail sales and servicing over 155 million shoppers annually. Building for Tomorrow came to underline the Group’s asset expansion programme in the Mainland in recent years. The new base includes a land bank of 10 million square metres across 15 cities, a fast emerging hotel business and valuable port assets. IP in China reported a solid performance with total rental revenue increasing by 57% to HK$2.0 billion. Operating Profit increased by 30% to HK$991 million. The Group is developing a series of five IFSs in China, with a scale comparable to or surpassing that of Harbour City and Times Square in Hong Kong. These IFSs, upon full completion by end of 2017, will significantly enhance the Group’s recurrent income base in China and be a significant growth driver. The IFS retail malls in Chengdu and Changsha, with an aggregate retail area of 436,000 square metres, will be equivalent to the creation of more than two Harbour City malls. Chengdu IFS’ shopping complex, a new landmark in this Capital of China West, officially opened in mid-January 2014. Changsha IFS is scheduled for completion in 2017. Three other IFS projects are also being built in Chongqing, Wuxi and Suzhou. Attributable sales from China Development Properties in 2014 totalled RMB21.5 billion (excluding Greentown China Holdings Limited). Margin was however lower. Wharf Hotels operates 14 Marco Polo hotels in Asia Pacific, five of them owned. A portfolio of 11 owned hotels (including six new hotels in the Mainland) will serve as a core platform of an expanding network in five years’ time. An urban chic hotel brand, Niccolo, is soon to be introduced to the market with debut in Chengdu IFS in mid 2015. Conversion of Murray Building in Central, Hong Kong, is scheduled for completion in 2017. Also contributing to Wharf’s presence in the Mainland are key port assets along the China coast, the most dynamic coastline in the world for cargo movement in the coming decades. “Building for Tomorrow” also extends to Wharf’s corporate social responsibility. In addition to flagship school improvement programme “Project WeCan”, the Group has also supported a series of “Business-in-Community” initiatives. Staff volunteering plays a pivotal role while much effort has also been put into promoting professionals, retirees and citizens in community to play an increasing part. In 2010, Wharf was awarded “Caring Company” for five consecutive years by The Hong Kong Council of Social Service and was named a constituent member of the Hang Seng Sustainability Benchmark Index for the fourth consecutive year in recognition of the Group’s sound performance in CSR. The Group was awarded “The Excellence of Listed Enterprise Awards 2014” by Capital Weekly for the fourth consecutive year and ranked among Top 4 “Best IR in Sector — Industrials” in IR Magazine Awards’ Greater China 2014 organised by IR Magazine. 14 24 Harbour Times City Square 1 Corporate Profile 4 Corporate Information Contents 5 Group Business Structure 6 Chairman’s Statement 11 Managing Director’s Report 12 Financial Highlights 36 Awards and Recognitions I 74 Awards and Recognitions II 34 38 56 The Peak Portfolio & Plaza China Other Hong Kong Hollywood Properties Properties 62 68 72 Wharf Hotels Modern Communications, Terminals Media & Entertainment and Other Investments 76 Corporate Social Responsibility 125 Company Statement of Financial Position 84 Financial Review 126 Consolidated Statement of Changes in Equity 89 Corporate Governance Report 127 Consolidated Statement of Cash Flows 107 Report of the Directors 129 Notes to the Financial Statements 121 Independent Auditor’s Report 170 Principal Accounting Policies 122 Consolidated Income Statement 183 Principal Subsidiaries, Associates and 123 Consolidated Statement of Joint Ventures Comprehensive Income 188 Schedule of Principal Properties 124 Consolidated Statement of Financial Position 198 Ten-year Financial Summary Corporate Information BOARD OF DIRECTORS Hon Peter K C Woo, GBM, GBS, JP, Chairman Mr Stephen T H Ng, Deputy Chairman & Managing Director Mr Andrew O K Chow, Vice Chairman Ms Doreen Y F Lee, Executive Director Mr Paul Y C Tsui, Executive Director & Group Chief Financial Officer Ms Y T Leng Mr Kevin K P Chan* Independent Non-executive Directors Mr Alexander S K Au, OBE Professor Edward K Y Chen, GBS, CBE, JP Dr Raymond K F Ch’ien, GBS, CBE, JP Hon Vincent K Fang, SBS, JP Mr Hans Michael Jebsen, BBS Mr Wyman Li Mr David M Turnbull Professor E K Yeoh, GBS, OBE, JP * Appointment effective post 2015 Annual General Meeting COMPANY SECRETARY Mr Kevin C Y Hui, FCCA, HKICPA AUDITORS KPMG, Certified Public Accountants PRINCIPAL BANKER The Hongkong and Shanghai Banking Corporation Limited REGISTRARS Tricor Tengis Limited Level 22, Hopewell Centre 183 Queen’s Road East Hong Kong REGISTERED OFFICE 16th Floor, Ocean Centre, Harbour City, Canton Road, Kowloon, Hong Kong Telephone: (852) 2118 8118 Fax: (852) 2118 8018 Website: www.wharfholdings.com 4 THE WHARF (HOLDINGS) LIMITED Annual Report 2014 Group Business Structure Stephen Ng* Chairman Andrew Chow* Doreen Lee* Paul Tsui* Deputy Chairman Vice Chairman Vice Chairman HOTELS, LOGISTICS, DEVELOPMENT COMMUNICATIONS, INVESTMENT PROPERTIES MEDIA & PROPERTIES (CHINA) ENTERTAINMENT (CHINA/HK) Wharf China Wharf Wharf Wharf Development Hotels China Estates Estates Andrew Chow Stephen Ng* Stephen Ng Doreen Lee Doreen Lee Chairman Chairman Chairman Chairman Chairman Kevin Chan Y T Leng Executive Director Executive Director * Appointment effective post 2015 Annual General Meeting THE WHARF (HOLDINGS) LIMITED Annual Report 2014 5 Chairman’s Statement I first came across Wharf in 1978. Mr Li Ka-shing had visited Sir YK Pao to discuss a 10% stake in The Hongkong and Kowloon Wharf and Godown Company Limited (now known as The Wharf (Holdings) Limited). In what reminded me of my earlier banking days in New York, I was combing over the 1977 Wharf annual report and Mr Li’s one page summary, to make my buy-or-not recommendation overnight. I witnessed their quick handshake on the deal the next afternoon and the rest is history. Mr Li also went on to achieve super success. I became a director of Wharf in 1978. This year marks my 37th year on the board. In January 2014, Mr Douglas Woo became the Chairman of Wheelock, Wharf’s parent company, working with its two vice chairmen, Mr Stephen Ng and Mr Stewart Leung. Mr Leung currently chairs Wheelock Properties Limited, another principal subsidiary of Wheelock. I will now take leave as Chairman at the forthcoming annual general meeting (“AGM”) and Mr Ng will become chairman of Wharf. THE WHARF JOURNEY During my time at Wharf, we have witnessed and benefited from the opening of China with the first wave of market reforms and economic expansion, running from the late 1970s through to 2012. Wharf has actively participated from a front row seat in the economic renaissance of our enormous hinterland. In 1992, Wharf published the “Hong Kong Plus” paper, highlighting the seldom talked about opportunities Hong Kong would have pre and post 1997 with the opening of mainland China. The paper outlined my optimism for this new era of Hong Kong against a wave of “the sky is falling” panic preceding and throughout the change of sovereignty. With a strong belief and confidence in the trade services explosion, which would drive and anchor Hong Kong’s economic fundamentals, Wharf considered its substantial investments in Hong Kong to be compelling opportunities for the company.
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