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CK Hutchison Highlights of the Unaudited Results for the Six Months Ended 30 June 2015

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CK Hutchison Highlights of the Unaudited Results for the Six Months Ended 30 June 2015 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this document. Highlights of the Unaudited Results for the six months ended 30 June 2015 CKHH six months statutory results (1) For the six months ended 30 June 2015 HK$ millions Total Revenue 117,250 Profit attributable to ordinary shareholders from continuing business 21,477 Profit attributable to ordinary shareholders from discontinued business 80,381 Profit attributable to ordinary shareholders 101,858 Earnings per share – statutory (2) HK$39.87 CKHH six months management pro forma results (3) (compared to HWL results for businesses continued by CKHH) CKHH Results HWL Results for the six for the six months ended months ended 30 June 2015 30 June 2014 HK$ millions HK$ millions Change Total Revenue (4) 197,019 196,671 - Total EBITDA (4) 46,165 42,587 +8% Total EBIT (4) 30,677 26,815 +14% Profit attributable to ordinary shareholders before profits on disposal of investments & others (5) 14,938 10,220 +46% Profits on disposal of investments & others (482) 14,921 -103% Total profit attributable to ordinary shareholders (6) 14,456 25,141 -43% Recurring earnings per share – pro forma (7) HK$3.87 For the six months ended 30 June 2015 Interim dividend per share HK$0.70 CKHH 2015 Interim Results Page 1 of 98 Note (1) Statutory results of CK Hutchison Holdings Limited (“CKHH” or the “Group”) for the six months ended 30 June 2015 include the one-time effects of the Reorganisation that occurred on 3 June 2015. Total revenue and results include share of associated companies and joint ventures’ respective items. See page 26 for details of the unaudited statutory interim financial statements for the six months ended 30 June 2015 with comparative information and notes 9 and 11 for details of the discontinued operations. (2) Earnings per share for the statutory results is calculated based on the profit attributable to ordinary shareholders of HK$101,858 million and on the CKHH weighted average number of shares outstanding during the six months ended 30 June 2015 of 2,554,940,009. (3) CKHH management pro forma results for the six months ended 30 June 2015 presented assume that the Reorganisation was effective as at 1 January 2015. This presentation is consistent with the way the Group manages its businesses and enables the Group’s underlying performance to be evaluated on a comparable basis, and has been prepared in accordance with the accounting policies of the Group as set out in note 3 of the statutory interim financial statements. See Reconciliation from CKHH Statutory Results to CKHH Management Pro forma Results for the six months ended 30 June 2015 for details. 2014 comparatives represent Hutchison Whampoa Limited (“HWL”) results for the six months ended 30 June 2014 as reported in the Financial Performance Summary presented in HWL’s 2014 Interim Report, excluding discontinued property and hotels businesses. (4) Total revenue, earnings before interest expenses and other finance costs, tax, depreciation and amortisation (“EBITDA”) and earnings before interest expenses and other finance costs and tax (“EBIT”) include the Group’s proportionate share of associated companies and joint ventures’ respective items. (5) Contribution in first half 2014 from property and hotels businesses carried on by HWL and that have been discontinued following the Reorganisation was HK$3,302 million. Contribution in first half 2015 from new or additional interests in businesses acquired as a result of the Reorganisation was HK$1,378 million. (6) Total profit attributable to ordinary shareholders for the six months ended 30 June 2014 reconciles to HWL’s 2014 Interim Report as follows: HK$ millions – businesses continued by CKHH 25,141 – discontinued property and hotels businesses 3,302 – as reported in HWL 2014 Interim Report 28,443 (7) On a six months pro forma basis, recurring earnings per share is calculated based on profit attributable to ordinary shareholders before exceptional items, excluding discontinued property and hotels businesses and on CKHH’s issued shares outstanding as at 30 June 2015 of 3,859,678,500. CKHH 2015 Interim Results Page 2 of 98 Chairman’s Statement Summary of CK Hutchison Holdings Limited (“CKHH” or the “Group”) statutory 1 results The statutory results reported for the six months ended 30 June 2015 cannot be compared to any prior period as they reflect the one-time accounting effects of the several transactions that implemented the reorganisation of Cheung Kong (Holdings) Limited and Hutchison Whampoa Limited (“HWL”) that merged their assets and businesses into CKHH and simultaneously reallocated them between the Group and Cheung Kong Property Holdings Limited on 3 June 2015 (the “Reorganisation”). Profit attributable to ordinary shareholders from continuing businesses of HK$21,477 million under statutory basis represents the following: o Full six months’ contribution from the Group’s continuing businesses, including results of the six co-owned infrastructure businesses based on the shareholding interest prior to the Reorganisation, aircraft leasing business and the Group’s other non-property assets and liabilities; o 49.97% share of consolidated results of HWL’s businesses continued by the Group for the five months prior to the Reorganisation and one month of full consolidated results of HWL’s businesses continued by the Group; and o Net re-measurement gain of HK$14,260 million from re-measuring the Group’s previously held equity interests in HWL and certain interests in co-owned assets which continue to be retained within the Group. Profit attributable to ordinary shareholders from discontinued businesses of HK$80,381 million under statutory basis represents the following: o Five months results of the Group’s discontinued property and hotels businesses conducted prior to the Reorganisation; o 49.97% share of HWL’s discontinued property and hotels businesses results for the five months prior to the Reorganisation; and o Profits on disposal of investments and others totalling HK$72,859 million which comprises the gain on distribution in specie arising from the spin-off of Cheung Kong Property Holdings Limited and the net gain arising from re-measurement of the Group’s previously held interest in property joint ventures with HWL upon Reorganisation. 1 Statutory results for the six months ended 30 June 2015 include the one-time effects of the Reorganisation that occurred on 3 June 2015. Total revenue and results include share of associated companies and joint ventures’ respective items. See page 26 for details of the unaudited statutory interim financial statements for the six months ended 30 June 2015 with comparative information and notes 9 and 11 for details of the discontinued operations. CKHH 2015 Interim Results Page 3 of 98 Summary of CKHH six months management pro forma results In order to allow a comparison of the operating performance of the Group for the six months ended 30 June 2015, management pro forma financial results have been prepared as if the Reorganisation was effective on 1 January 2015 (the “Pro Forma Results”). The Pro Forma Results for the half include contributions from comparable interests in businesses carried on by HWL in 2014 (“Comparable Contributions”) and contributions from additional interests in such businesses and interests in new businesses acquired as a result of the Reorganisation (“Additional Contributions”). Comparable Contributions for the period ended 30 June 2014 are as reported in the Financial Performance Summary presented in HWL’s 2014 Interim Report. The Pro Forma Results are analysed as follows: Six months Six months ended ended 30 June 2015 30 June 2014 HK$ millions HK$ millions Change Total Revenue Comparable revenue 186,754 196,671 -5% Additional Contributions 10,265 - NA 197,019 196,671 - EBITDA Comparable EBITDA 41,124 42,587 -3% Additional Contributions 5,041 - NA 46,165 42,587 +8% EBIT Comparable EBIT 27,577 26,815 +3% Additional Contributions 3,100 - NA 30,677 26,815 +14% Profit attributable to ordinary shareholders before profits on disposal of investments & others Comparable profits 13,560 10,220 +33% Additional Contributions 1,378 - NA 14,938 10,220 +46% Declines in Comparable Contributions mainly reflect the reduced contribution of Husky Energy and adverse foreign currency translation effects, mainly European currencies, and have been more than offset by the Additional Contributions, lower depreciation and amortisation and lower effective interest rates. Pro forma recurring earnings per share was HK$3.87. CKHH 2015 Interim Results Page 4 of 98 CKHH Six Months Management Pro Forma Results As a result of the Reorganisation, the Group now holds assets under five core businesses: Ports, Retail, Infrastructure, Energy and Telecommunications in over 50 countries. Recurring profit attributable to ordinary shareholders for the first half 2015 excluding property and hotels businesses carried on by HWL in the first half of 2014 and, before profits on disposal of investments and others, was HK$14,938 million, a 46% increase compared to HK$10,220 million for the first half 2014 results of the HWL’s businesses. This increase is comprised of a 33% increase in Comparable Contributions from HK$10,220 million in 2014 to HK$13,560 in 2015 plus Additional Contributions of HK$1,378 million in 2015. It also reflects lower depreciation and amortisation as a result of a lower telecommunication asset base and also lower effective interest rates. Except for Husky Energy, which has been adversely affected by weak oil prices since the last quarter in 2014, performances of all core businesses remain robust and delivered solid underlying earnings growth in local currencies.
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