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Annual Report Long-Term Development Solid Foundation Fosters 20 1 7 Annual Report Solid Foundation Fosters Long-term Development 22nd Floor, Hutchison House, 10 Harcourt Road, Hong Kong Telephone: +852 2128 1188 2017 Annual Report Facsimile: +852 2128 1705 www.ckh.com.hk Corporate Information CK Hutchison Holdings Limited BOARD OF DIRECTORS EXECUTIVE DIRECTORS NON-EXECUTIVE DIRECTORS Chairman CHOW Kun Chee, Roland, LLM LI Ka-shing, GBM, KBE, LLD (Hon), DSSc (Hon) CHOW WOO Mo Fong, Susan, BSc Commandeur de la Légion d’Honneur Grand Officer of the Order Vasco Nunez de Balboa LEE Yeh Kwong, Charles, GBM, GBS, OBE, JP Commandeur de l’Ordre de Léopold LEUNG Siu Hon, BA (Law) (Hons), LL.D. (Hon) Group Co-Managing Director and George Colin MAGNUS, OBE, BBS, MA Deputy Chairman LI Tzar Kuoi, Victor, BSc, MSc, LLD (Hon) INDEPENDENT NON-EXECUTIVE DIRECTORS Group Co-Managing Director KWOK Tun-li, Stanley, BSc (Arch), AA Dipl, LLD (Hon), ARIBA, MRAIC FOK Kin Ning, Canning, BA, DFM, FCA (ANZ) CHENG Hoi Chuen, Vincent, GBS, OBE, JP Frank John SIXT, MA, LLL The Hon Sir Michael David KADOORIE, GBS, LLD (Hon), DSc (Hon) Group Finance Director and Deputy Managing Director Commandeur de la Légion d’Honneur Commandeur de l’Ordre des Arts et des Lettres IP Tak Chuen, Edmond, BA, MSc Commandeur de l’Ordre de la Couronne Deputy Managing Director Commandeur de l’Ordre de Leopold II (William Elkin MOCATTA, FCA as his alternate) KAM Hing Lam, BSc, MBA Deputy Managing Director LEE Wai Mun, Rose, JP, BBA LAI Kai Ming, Dominic, BSc, MBA William SHURNIAK, S.O.M., M.S.M., LLD (Hon) Deputy Managing Director WONG Chung Hin, CBE, JP Edith SHIH, BSE, MA, MA, EdM, Solicitor, FCIS, FCS(PE) WONG Yick-ming, Rosanna, PhD, DBE, JP AUDIT COMMITTEE COMPANY SECRETARY WONG Chung Hin (Chairman) Edith SHIH, BSE, MA, MA, EdM, Solicitor, FCIS, FCS(PE) KWOK Tun-li, Stanley CHENG Hoi Chuen, Vincent AUDITOR William SHURNIAK PricewaterhouseCoopers REMUNERATION COMMITTEE BANKERS WONG Yick-ming, Rosanna (Chairman) The Hongkong and Shanghai Banking Corporation Limited LI Ka-shing Bank of China (Hong Kong) Limited CHENG Hoi Chuen, Vincent WONG Chung Hin Contents Corporate Information 1 Contents 2 Corporate Profile 4 Analyses of Core Business Segments by Geographical Location 5 Analyses by Core Business Segments 6 Key Financial Information 7 Key Business Indicators 8 Business Highlights 10 Chairman’s Statement 14 Operations Review 16 Ports and Related Services 24 Retail 36 Infrastructure 42 Energy 48 Telecommunications 60 Finance & Investments and Others 65 Additional Information 72 Group Capital Resources and Liquidity 78 Risk Factors 83 Environmental, Social and Governance Report 102 Information on Directors 117 Information on Senior Management 119 Report of the Directors 144 Corporate Governance Report 159 Independent Auditor’s Report 164 Consolidated Income Statement 165 Consolidated Statement of Comprehensive Income 166 Consolidated Statement of Financial Position 168 Consolidated Statement of Changes in Equity 170 Consolidated Statement of Cash Flows 172 Notes to the Financial Statements 263 Principal Subsidiary and Associated Companies and Joint Ventures 267 Ten Year Summary Information for Shareholders 2017 Annual Report 1 Corporate Profile Hutchison Group (the “Group”) is a renowned multinational conglomerate CKcommitted to development, innovation and technology in many different sectors. We operate a variety of businesses in over 50 countries across the world with over 300,000 employees. We have a strong commitment to the highest standards of corporate governance, transparency and accountability, as recognised by numerous international awards and commendations. Our operations consist of five core businesses – ports and related services, retail, infrastructure, energy, and telecommunications. Ports and Related Services We are the world’s leading port investor, developer and operator, holding interests in 52 ports comprising 287 operational berths in 26 countries, including container terminals operating in five of the 10 busiest container ports in the world. In 2017, our ports handled a total throughput of 84.67 million twenty-foot equivalent units (“TEU”). We also engage in mid-stream operations, river trade, cruise terminal operations and ports related logistic services. Retail The Group’s retail division is the world’s largest international health and beauty retailer, with over 14,000 stores in 24 markets worldwide. Its diverse retail portfolio comprises health and beauty products, supermarkets, as well as consumer electronics and electrical appliances. It also manufactures and distributes bottled water and beverage products in Hong Kong and Mainland China. 1 2 CK Hutchison Holdings Limited Infrastructure The Group’s infrastructure business includes its shareholding in CK Infrastructure Holdings Limited (“CKI”) and interests in six infrastructure assets that are co-owned with CKI. 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 company 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 across Hong Kong, Mainland China, the United Kingdom, Continental Europe, Australia, New Zealand, Canada and the United States. Energy The Group’s investments in energy are principally located in Western and Atlantic Canada, the United States and the Asia Pacific Region. Husky Energy Inc. (“Husky”) is an integrated energy company listed in Canada. Telecommunications We are a leading global operator of mobile telecommunications and data services, and a pioneer of mobile broadband technology. Our operations offer telecommunications services comprising 4.5G / 4G / 3G mobile telecommunications services and international connectivity services over mobile networks. 2017 Annual Report 3 Analyses of Core Business Segments by Geographical Location 2017 Total Revenue HK$414,837 million Europe HK$194,905 million Canada 5% 41% 18% 36% 8%* 8% 11% Mainland China HK$36,680 million Asia, Australia 10% 75% 6% 7% 2% & Others # 21% Europe 14% 47% Hong Kong HK$45,265 million (of which 38% 6% 66% 8% 20% Hong Kong the UK 19%) 11% Asia, Australia & Others # HK$59,569 million 11% Mainland 0 29%20 4032% 60 26%80 13%100 14% China Canada HK$44,321 million 9% 8%* 04% 20 40 96% 60 80 100 2017 Total EBITDA HK$104,354 million Europe HK$56,291 million Canada 5% 14% 38% 43% 5%* 8% 12% Mainland China HK$9,679 million Asia, Australia # & Others 22% 47% 9% 21% 1% 28% 14% 18% Europe Hong Kong HK$6,370 million 54% Hong Kong (of which 11% 9% 14% 66% 6% the UK 29%) Asia, Australia & Others # HK$18,381 million Mainland China 9% 32% 9% 37% 11% 48% 4% 5%* Canada HK$7,897 million 13% 87% 5%* 2017 Total EBIT HK$67,592 million Canada Europe HK$40,313 million 4% 5%* 5% 16% 38% 41% Mainland China HK$7,057 million 12% Asia, Australia # & Others 0.0 21.2 42.4 63.6 84.8 106.0 19% 23% 54% 9% 17% -3% 26% Hong Kong HK$1,582 million 18% 2% Hong Kong Europe Mainland 60% 06% 10% 20 29% 40 60 55% 80 100 China (of which 10% the UK 32%) Asia, Australia & Others # HK$12,800 million 4% 5%* 36% 14% 48% 2% 35% Canada HK$2,208 million 32% 68% Ports & Related Services Retail Infrastructure Energy Telecommunications Finance & Investments and Others * Represents contributions from Finance & Investments and Others # Includes Panama, Mexico and the Middle East Includes contribution from the USA for Husky Energy 4 CK Hutchison Holdings Limited Analyses by Core Business Segments 2017 2016 (2) HK$ million % HK$ million % Change % Revenue (1) Ports and Related Services (1) 34,146 8% 32,184 9% 6% Retail 156,163 38% 151,502 40% 3% Infrastructure 57,369 14% 53,211 14% 8% Husky Energy 44,948 11% 30,467 8% 48% 3 Group Europe 70,734 17% 62,415 16% 13% Hutchison Telecommunications Hong Kong Holdings 9,685 2% 12,133 3% -20% Hutchison Asia Telecommunications 7,695 2% 8,200 2% -6% Finance & Investments and Others 34,097 8% 32,211 8% 6% Total Revenue 414,837 100% 382,323 100% 9% EBITDA (1) Ports and Related Services (1) 12,563 12% 11,639 12% 8% Retail 14,798 14% 14,567 16% 2% Infrastructure 33,033 32% 31,128 33% 6% Husky Energy 8,992 9% 9,284 10% -3% 3 Group Europe 24,337 23% 18,944 20% 28% Hutchison Telecommunications Hong Kong Holdings 4,337 4% 2,607 3% 66% Hutchison Asia Telecommunications 558 1% 2,298 2% -76% Finance & Investments and Others 5,736 5% 4,058 4% 41% Total EBITDA 104,354 100% 94,525 100% 10% EBIT (1) Ports and Related Services (1) 8,219 12% 7,567 12% 9% Retail 12,089 18% 12,059 19% — Infrastructure 23,449 35% 22,162 35% 6% Husky Energy 2,703 4% 3,429 6% -21% 3 Group Europe 16,567 25% 12,838 20% 29% Hutchison Telecommunications Hong Kong Holdings 707 1% 1,055 2% -33% Hutchison Asia Telecommunications 226 — 2,130 3% -89% Finance & Investments and Others 3,632 5% 1,879 3% 93% Total EBIT 67,592 100% 63,119 100% 7% Interest expenses and other finance costs (1) (18,024) (13,278) -36% Profit Before Tax 49,568 49,841 -1% Tax (1) Current tax (7,898) (6,247) -26% Deferred tax 1,843 (1,769) 204% (6,055) (8,016) 24% Profit after tax 43,513 41,825 4% Non-controlling interests and perpetual capital securities holders’ interests (8,413) (8,817) 5% PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS (“NPAT”) 35,100 33,008 6% Note 1: Total revenue, EBITDA, EBIT, interest expenses and other finance costs and tax include the Group’s proportionate share of associated companies and joint ventures’ respective items.
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