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2009 Annual Report 2009 Annual Report 2009 Annual Report 2009 Annual Report 22nd Floor, Hutchison House, 10 Harcourt Road, Hong Kong Telephone: +852 2128 1188 Facsimile: +852 2128 1705 www.hutchison-whampoa.com WorldReginfo - 2c732b26-e7c9-4c9b-aed3-7a9ff21b962a orporate Information Corporate Information Hutchison Whampoa Limited BOARD OF DIRECTORS AUDIT COMMITTEE Chairman WONG Chung Hin (Chairman) LI Ka-shing, KBE, GBM, LLD (Hon), DSSc (Hon), JP Holger KLUGE Grand Offi cer of the Order Vasco Nunez de Balboa Commandeur de l’Ordre de Léopold William SHURNIAK Commandeur de la Légion d’Honneur REMUNERATION COMMITTEE Deputy Chairman LI Tzar Kuoi, Victor, BSc, MSc, LLD (Hon) LI Ka-shing (Chairman) Holger KLUGE Group Managing Director WONG Chung Hin FOK Kin-ning, Canning, BA, DFM, CA (Aus) COMPANY SECRETARY Executive Directors CHOW WOO Mo Fong, Susan, BSc Edith SHIH, BSE, MA, MA, EdM, Solicitor, FCIS, FCS(PE) Deputy Group Managing Director Frank John SIXT, MA, LLL AUDITOR Group Finance Director PricewaterhouseCoopers LAI Kai Ming, Dominic, BSc, MBA KAM Hing Lam, BSc, MBA BANKERS The Hongkong and Shanghai Banking Non-executive Directors Corporation Limited George Colin MAGNUS, OBE, BBS, MA Standard Chartered Bank (Hong Kong) Limited William SHURNIAK, SOM, LLD (Hon) Bank of China (Hong Kong) Limited Independent Non-executive Directors The Hon Sir Michael David KADOORIE, GBS, LLD (Hon), DSc (Hon) Offi cier de la Légion d’Honneur Commandeur de l’Ordre de Léopold II Commandeur de l’Ordre des Arts et des Lettres Holger KLUGE, BCom, MBA Margaret LEUNG KO May Yee, JP William Elkin MOCATTA, FCA Alternate to Michael David Kadoorie WONG Chung Hin, CBE, JP WorldReginfo - 2c732b26-e7c9-4c9b-aed3-7a9ff21b962a ontents Corporate Information 1 Contents 57 Group Capital Resources and Liquidity 2 Corporate Profi le 64 Risk Factors 4 Business Highlights 69 Employee Relations 6 Financial Highlights 70 Corporate Social Responsibility 7 Analyses by Core Business of Total Revenue and EBIT 74 Biographical Details of Directors and Senior 8 Chairman’s Statement Management 12 Operations Review 77 Changes in Information of Directors 78 Report of the Directors 119 Corporate Governance Report 129 Independent Auditor’s Report 130 Consolidated Income Statement mprq_lb 131 Consolidated Statement of Comprehensive Income 14 Pcj_rcbQcptgacq mprq_lb 132 Consolidated Statement of Financial Position 134 Consolidated Statement of Cash Flows 136 Consolidated Statement of Changes in Equity 138 Notes to the Accounts 221 Principal Subsidiary and Associated Companies and pmncprw_lb Jointly Controlled Entities 24 Fmrcjq Fmrcjqpmncprw_lb 227 Schedule of Principal Properties 235 Ten Year Summary Information for Shareholders 32 cr_gj lcpew_lbGldp_qrpsarspc Dgl_lac_lbGltcqrkclrq 38 MrfcpMncp_rgmlqMrfcpMncp_rgmlq Dgl_lac_lbGltcqrkclrq lcpew_lbGldp_qrpsarspc 46 cjcamkkslga_rgmlq 2009 Annual Report 1 WorldReginfo - 2c732b26-e7c9-4c9b-aed3-7a9ff21b962a orporate Profi le Hutchison Whampoa Limited (“HWL”) is a renowned multinational conglomerate committed to innovation and technology. We operate a variety of businesses in 54 countries across the world with approximately 220,000 employees. We have a strong commitment to the highest standards of corporate governance, transparency and accountability, which have been recognised by the receipt of numerous awards and commendations. Our operations consist of fi ve core businesses - ports and related services; property and hotels; retail; energy and infrastructure, fi nance and investments, and others; and telecommunications. Ports and Related Services We are one of the world’s largest privately owned container terminal operators, holding interests in 50 ports comprising 306 berths in 25 countries, including container terminals operating in six of the 10 busiest container ports in the world. In 2009, our ports handled a total throughput of 65.3 million twenty-foot equivalent units (“TEUs”). We also engage in mid-stream operations, river trade, cruise terminal operations and ports-related logistics services. Property and Hotels We develop and invest in leading real estate projects, ranging from landmark offi ce buildings to luxury residential properties. We hold a rental portfolio of approximately 14.9 million square feet of offi ce, commercial, industrial and residential premises, principally in Hong Kong, as well as interests in a number of joint venture developments in Mainland China and selective overseas markets. We also have ownership interests in 12 premium hotels in Hong Kong, the Mainland and the Bahamas. 2 Hutchison Whampoa Limited WorldReginfo - 2c732b26-e7c9-4c9b-aed3-7a9ff21b962a Retail A S Watson (“ASW”) is one of the world’s leading health and beauty retailers with over 8,700 retail stores in 34 markets worldwide. Its diverse retail portfolio comprises health and beauty products, luxury perfumeries and cosmetics, supermarkets, consumer electronics and electrical appliances and airport retailing. ASW also manufactures and distributes bottled water and beverage products in Hong Kong and the Mainland. Energy and Infrastructure Finance and Investments Other Operations The Group’s investments in energy and infrastructure are principally in Hong Kong, the Mainland, Australia, New Zealand, the United Kingdom, Canada and the Philippines. Cheung Kong Infrastructure Holdings Limited (“CKI”) is a Hong Kong-listed leading investor in the global infrastructure arena with diversifi ed investments in energy, transportation, water and other infrastructure related businesses. Husky Energy Inc. (“Husky”) is a listed Canadian-based integrated energy and energy-related company. The results of the Group’s treasury operations, Hutchison Whampoa (China), Hutchison Harbour Ring and TOM Group are also reported under this division. Telecommunications We are a leading global operator of mobile telecommunications and data services, and one of the fi rst third-generation (“3G”) mobile operators in the world. We are also a major owner and operator of fi bre-optic fi xed-line networks in Hong Kong, serving as a telecommunications gateway to the Mainland and the rest of the world. Our operations offer telecommunications services including 3G multimedia mobile, second-generation (“2G”) mobile, fi xed-line, Internet and broadband services including international connectivity services over both fi bre-optic and mobile networks. 2009 Annual Report 3 WorldReginfo - 2c732b26-e7c9-4c9b-aed3-7a9ff21b962a usiness Highlights January – March 2009 • Hongkong Electric Holdings Limited (“HK Electric”)’s 48-megawatt wind farm in Dali, Yunnan Province, the Mainland begins commercial operation, followed by another wind farm in Leting, Hebei Province, in October. • Hutchison Port Holdings (“HPH”) and Huizhou Port Affairs Group Company Limited break ground on two 50,000-tonne container berths at Huizhou Quanwan International Container Terminals in the Mainland, which will become Huizhou Port’s fi rst dedicated container terminal. April – June 2009 • Hutchison Telecommunications (Australia) Limited (“HTAL”) reaches an agreement with Vodafone to merge their • Vietnamobile, the Business Co-operation Contract partnership telecommunications businesses in Australia, Hutchison 3G between Hutchison Telecommunications International Limited Australia Pty Limited and Vodafone Australia Limited. Both (“HTIL”) and Hanoi Telecom Joint Stock Company, launches Vodafone and HTAL have an equal ownership of 50% GSM services in Vietnam and its network has a presence in in the newly formed joint venture, which is renamed 64 provinces. Vodafone Hutchison Australia Pty Limited. • HTIL spins off and lists its Hong Kong and Macau operations • CKI and HK Electric enter into an agreement for HK Electric to on the Main Board of The Stock Exchange of Hong Kong purchase CKI’s joint venture stakes in three power plants in the Limited (“SEHK”) by way of introduction. The shares of Mainland. Hutchison Telecommunications Hong Kong Holdings Limited begin trading on 8 May 2009 on SEHK. • ASW launches Watsons loyalty card in the Mainland, adding three million members in 100 days to its 20 million global • PT Jakarta International Container Terminal inaugurates the customer database. second stage of its expansion programme, which has increased its handling capacity to 2.5 million TEUs. • Harbour Grand Hong Kong, a luxury hotel managed by Harbour Plaza Hotels and Resorts, opens for operation in Hong Kong. 4 Hutchison Whampoa Limited WorldReginfo - 2c732b26-e7c9-4c9b-aed3-7a9ff21b962a October – December 2009 • Harbour Plaza Hotels & Resorts celebrates the opening of Harbour Plaza 8 Degrees in Hong Kong, a modern and chic hotel winning the 2009 Best Style in Design Star Hotel award presented at the Guangdong International Tourism and Cultural Festival. • Chi-Med sets up a joint venture with The Hain Celestial Group, Inc, a leading natural and organic products company based in the United States. The newly formed joint venture, Hutchison Hain Organic Holdings Limited, will market and distribute Hain Celestial brand products in the Mainland and other markets through the Group’s retail arm. July – September 2009 • The Hongkong Electric Company, Limited completes the fi rst of a two-phase emission reduction programme at Lamma Power Station with the commissioning of a fuel gas desulphurisation plant and a low nitrogen oxides system for its coal-fi red generation Unit 5. • Hutchison China MediTech Limited (“Chi-Med”) announces that 14 of its main drugs have been included in the list of 307 essential • HTIL announces that its subsidiary, Advent Investments Pte drugs on the New
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