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Hutchison Whampoa Limited Hutchison Whampoa Limited annual report 2003 annual report shaping the future 2003 Hutchison Whampoa Limited Hutchison House, 22nd Floor, 10 Harcourt Road, Hong Kong Telephone : (852) 2128 1188 Facsimile : (852) 2128 1705 www.hutchison-whampoa.com Corporate Information Shaping the future Chairman Company Secretary Just as technology makes life easier, so it makes LI Ka-shing, KBE, GBM, LLD, DSSc Edith SHIH, MA, EdM businesses at Hutchison Whampoa Limited more Deputy Chairman Auditors efficient and effective. The wide ranging LI Tzar Kuoi, Victor, BSc, MSc PricewaterhouseCoopers applications of technology give management the Group Managing Director Bankers time and flexibility to devise strategies that shape FOK Kin-ning, Canning, BA, DFM, ACA (Aus) The Hongkong and Shanghai the Group’s future by clicking on solutions that Banking Corporation Limited Standard Chartered Bank raise productivity of the Group’s 170,000 Executive Directors J P Morgan Chase CHOW WOO Mo Fong, Susan, BSc employees and by offering greater convenience Deputy Group Managing Director Frank John SIXT, MA, LLL Share Registrars and higher quality service to the Group’s Group Finance Director Computershare Hong Kong Investor Services Limited customers across the globe, every day. LAI Kai Ming, Dominic, BSc, MBA Rooms 1712-1716, 17th Floor George Colin MAGNUS, OBE, MA Hopewell Centre KAM Hing Lam, BSc, MBA 183 Queen’s Road East Hong Kong With the aid of technology, the success story of Directors HWL continued in 2003 on all business fronts. The Hon Michael David KADOORIE, GBS, Registered Office The Group is committed to continue forging Chevalier de la Légion d’Honneur, Hutchison House, 22nd Floor Commandeur de l’Ordre de Leopold II 10 Harcourt Road, Hong Kong ahead on the highway of prosperity to the benefit Simon MURRAY, CBE Telephone : (852) 2128 1188 OR Ching Fai, Raymond Facsimile : (852) 2128 1705 of shareholders, customers, business partners William SHURNIAK, LLD + Peter Alan Lee VINE, OBE, LLD, VRD, JP + and employees everywhere in the world. WONG Chung Hin, CBE, JP * Website Address www.hutchison-whampoa.com * Chairman of Audit Committee + Member of Audit Committee Equity Financial Press Limited Hutchison Whampoa Limited annual report 2003 annual report shaping the future 2003 Hutchison Whampoa Limited Hutchison House, 22nd Floor, 10 Harcourt Road, Hong Kong Telephone : (852) 2128 1188 Facsimile : (852) 2128 1705 www.hutchison-whampoa.com 1 Contents 2 Business Highlights 2003 4 Financial Highlights 5 Analyses by Core Business of Group Turnover, EBIT and Profit 6 Chairman’s Statement 11 Operations Review 12 Ports and Related Services 20 Telecommunications 28 Property and Hotels 36 Retail and Manufacturing 42 Energy, Infrastructure, Finance and Investments 50 Biographical Details of Directors and Senior Management 52 Report of the Directors 73 Auditors’ Report 74 Consolidated Profit and Loss Account 75 Consolidated Balance Sheet 76 Consolidated Cash Flow Statement 78 Consolidated Statement of Changes in Equity 80 Notes to the Accounts 118 Principal Subsidiary and Associated Companies and Jointly Controlled Entities 125 Schedule of Principal Properties 132 Ten Year Summary Hutchison Whampoa Limited Annual Report 2003 Corporate Information Shaping the future Chairman Company Secretary Just as technology makes life easier, so it makes LI Ka-shing, KBE, GBM, LLD, DSSc Edith SHIH, MA, EdM businesses at Hutchison Whampoa Limited more Deputy Chairman Auditors efficient and effective. The wide ranging LI Tzar Kuoi, Victor, BSc, MSc PricewaterhouseCoopers applications of technology give management the Group Managing Director Bankers time and flexibility to devise strategies that shape FOK Kin-ning, Canning, BA, DFM, ACA (Aus) The Hongkong and Shanghai the Group’s future by clicking on solutions that Banking Corporation Limited Standard Chartered Bank raise productivity of the Group’s 170,000 Executive Directors J P Morgan Chase CHOW WOO Mo Fong, Susan, BSc employees and by offering greater convenience Deputy Group Managing Director Frank John SIXT, MA, LLL Share Registrars and higher quality service to the Group’s Group Finance Director Computershare Hong Kong Investor Services Limited customers across the globe, every day. LAI Kai Ming, Dominic, BSc, MBA Rooms 1712-1716, 17th Floor George Colin MAGNUS, OBE, MA Hopewell Centre KAM Hing Lam, BSc, MBA 183 Queen’s Road East Hong Kong With the aid of technology, the success story of Directors HWL continued in 2003 on all business fronts. The Hon Michael David KADOORIE, GBS, Registered Office The Group is committed to continue forging Chevalier de la Légion d’Honneur, Hutchison House, 22nd Floor Commandeur de l’Ordre de Leopold II 10 Harcourt Road, Hong Kong ahead on the highway of prosperity to the benefit Simon MURRAY, CBE Telephone : (852) 2128 1188 OR Ching Fai, Raymond Facsimile : (852) 2128 1705 of shareholders, customers, business partners William SHURNIAK, LLD + Peter Alan Lee VINE, OBE, LLD, VRD, JP + and employees everywhere in the world. WONG Chung Hin, CBE, JP * Website Address www.hutchison-whampoa.com * Chairman of Audit Committee + Member of Audit Committee Equity Financial Press Limited 2 Business Highlights 2003 February Corporate The Group launches its first bond issue for the year, which, together with five subsequent successful issues in the year, has raised a total of HK$79,069 million for the Group. February Telecommunications Hutchison CAT Wireless Multimedia begins marketing a CDMA2000 1X mobile service for the Communications Authority of Thailand, introducing to customers an exciting world of information, communication and entertainment on the move. March Telecommunications 3G services commence in Italy and the United Kingdom, and subsequently in Australia, Austria, Denmark, Sweden and Hong Kong, bringing to customers mobile video telephony, multimedia messaging, email and a wide range of media contents. The Group also receives a licence to operate 3G services in Norway during the year. May Property and Hotels Sale of Rambler Crest receives enthusiastic response. This new development in Tsing Yi is completed during the year and has been substantially sold. Annual Report 2003 Hutchison Whampoa Limited 3 June Retail and Manufacturing Watsons third-generation stores bring a fresh shopping experience to customers. The “New Fortress” concept is also introduced with all stores re-categorised into three formats, namely Fortress World, Fortress Vision and Fortress Digital. July Ports and Related Services The first berth of Container Terminal 9 (“CT9”) starts operations and the second berth is scheduled for completion by end of 2004. When the two berths come into full operations in 2005, CT9 will provide a total quay length of 700 metres with a depth of 15.5 metres designed to accommodate next generation container vessels. October Property and Hotels Regency Park Phase I in Shanghai sold out within 10 weeks. All the other developments in Mainland China launched during the year, including The Summit in Shanghai and Le Parc Phases III and IV in Shenzhen, receive good market response. November Energy, Infrastructure, Finance and Investments Husky Energy signs a contract with the China National Offshore Oil Corporation for the 04/35 exploration block in the East China Sea. This provides Husky with an excellent opportunity to tap into the high exploration potential of the region. Hutchison Whampoa Limited Annual Report 2003 4 Financial Highlights Net Assets per Share 2003 2002 Percentage HK dollars HK$ millions HK$ millions Change Turnover 58.5 58.1 Company and subsidiary companies 104,921 75,235 + 39% 57.8 Share of associated companies and 52.1 50.2 jointly controlled entities 40,688 35,894 + 13% 145,609 111,129 + 31% Earnings before interest expense and taxation Company and subsidiary companies 8,418 17,586 – 52% Share of associated companies and 99 00 01 02 03 jointly controlled entities 11,700 8,209 + 43% Total earnings before interest expense and taxation (“EBIT”) 20,118 25,795 – 22% Earnings and Interest and other finance costs Dividends per Share Company and subsidiary companies 7,715 5,262 – 47% HK dollars Share of associated companies and jointly controlled entities 1,853 1,831 –1% 27.63 Profit before taxation 10,550 18,702 – 44% Current taxation charge 2,758 2,015 – 37% 8.02 Deferred taxation charge (credit) (5,250) 318 + 1,751% Profit after taxation 13,042 16,369 – 20% Minority interests (1,336) 2,007 + 167% Profit attributable to shareholders (Note 2) 14,378 14,362 – 3.37 3.37 2.81 Total assets 623,677 498,149 + 25% 1.73 1.73 1.73 1.73 1.48 Net debt (Note 1) 87,602 50,229 + 74% 99 00 01 02 03 Shareholders’ funds (Note 2) 247,515 222,145 + 11% Earnings Dividends Net assets per share book value (HK$) (Note 2) 58.1 52.1 + 12% Earnings per share (HK$) 3.37 3.37 – Dividends per share (HK$) 1.73 1.73 – Dividend cover 1.9 1.9 – Net debt / net total capital 23.4% 16.1% +7.3% Return on average shareholders’ funds (Note 2) 6.1% 6.6% –0.5% Note 1 : Net debt is defined on the Consolidated Cash Flow Statement. Net total capital is defined as total borrowings plus share capital, reserves and minority interests net of total cash, liquid funds and other listed investments as shown on the Consolidated Cash Flow Statement. Note 2 : The comparative figures have been restated to comply with the current year’s presentation. Annual Report 2003 Hutchison Whampoa Limited 5 Analyses by Core Business of Group Turnover, EBIT and Profit Turnover 2003 2002 Percentage By Geographical Area 2003 HK$ millions HK$ millions
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