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Annual Report 2019 Corporate Profile

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Annual Report 2019 Corporate Profile NWS AR2019 cover 16.1mm - Eng output.pdf 1 3/10/2019 下午4:55 NWS Holdings Limi Holdings NWS NWS Holdings Limied Annl eport 2019 Stock code: 659 ed C M Y CM MY CY CMY K NWS Holdings Limied (Incorporated in Bermuda with limited liability) 28/F New World Tower Tel +852 2131 0600 18 Queen’s Road Central Fax +852 2131 0611 Central, Hong Kong Email [email protected] Ann www.nws.com.hk l eport eport 2019 NWS Holdings Limited takes every practicable measure to conserve resources and minimize waste. This annual report is printed on FSC™ certified paper and other controlled material using chemistry free plate system and soy ink. The FSC™ logo identifies product group from responsible forestry in accordance with the rules of the Forest Stewardship Council®. Contents 2 Corporate Profile 10 Major Events and Accolades 14 Chairman’s Statement 15 Financial Highlights 18 Board of Directors and Senior Management 28 Corporate Governance Report 57 Risk Management 65 Sustainability 77 Management Discussion and Analysis 96 Reports and Financial Statements 235 Five-Year Financial Summary 237 Project Key Facts and Figures 252 Glossary of Terms 255 Corporate Information Where the English and the Chinese texts conflict, the English text prevails. This annual report is also available at www.nws.com.hk. ©NWS Holdings Limited 2019 2 Corporate Profile NWS Holdings Limited (Hong Kong Stock Code: 659), headquartered and listed in Hong Kong, invests and operates a wide range of businesses predominantly in Hong Kong and across Greater China. Our core businesses include toll roads, commercial aircraft leasing and construction, while we also manage a strategic portfolio spanning sectors from environment, logistics, facilities management to transport. As the diversified industries flagship of New World Development Company Limited (Hong Kong Stock Code: 17), NWS Holdings seeks to foster long-term and sustainable growth that benefits our employees, investors and stakeholders. (Please refer to Project Key Facts and Figures on page 237 to page 251 for project details) NWS Holdings Limited Corporate Profile Roads 15 projects in Mainland China with a network of approximately km 700 long Annual Report 2019 Corporate Profile Our road portfolio spans multiple strategic locations in Mainland China, including seven expressways in the Greater Bay Area. NWS Holdings Limited Corporate Profile Aviation Owned, managed and committed 223 commercial aircraft for leasing Annual Report 2019 Corporate Profile The Group invests in commercial aircraft for leasing to worldwide airline operators through Goshawk, which is one of the world’s top 10 aircraft lessors in terms of fleet value. NWS Holdings Limited Corporate Profile Construction Hip Hing Group has approximately HK$ 55.6 billion gross value of contracts on hand Annual Report 2019 Corporate Profile With abundant experience in constructing large-scale projects, the Group offers professional construction services to the residential, commercial, government and institutional sectors in Hong Kong. NWS Holdings Limited Corporate Profile Environment 117 projects 48 cities across Greater China region Logistics million Transport TEUs 13.75 Our bus and ferry fleets per year for rail container carry over terminals and port project million patronage 1.12 per day Facilities Management 35+ specialties and subspecialties in GHK 8.5 million attendance at HKCEC this year Annual Report 2019 10 Major Events and Accolades In December 2018, NWS Holdings announced the acquisition of FTLife Insurance to further enhance the Group’s diversified business portfolio. Goshawk leaped into a top 10 global aircraft lessor after the acquisition of Sky Aviation in September 2018. The inaugural issuance of US$644 million asset-backed securities in June 2019, comprising a portfolio of 18 aircraft, marked its entry into aircraft management business. NWS Holdings Limited Major Events and Accolades 11 The Group extended its toll road network to Hunan province in Mainland China, with the acquisition of 40% interest in Hunan Sui-Yue Expressway in December 2018. Xiqu Centre, an iconic project in West Kowloon Cultural District built by Hip Hing Group, opened in January 2019. Annual Report 2019 12 Major Events and Accolades ATL Logistics Centre continued to deliver a robust performance with its newly renovated building in Hong Kong. CUIRC also actively expanded its logistics services. The new Qinzhou terminal which commenced operation in 2019 has added to its network of 11 terminals in Mainland China. Free Duty opened the doors of its new shop at Hong Kong-Zhuhai-Macao Bridge. SUEZ NWS formed a joint venture to invest in, build and operate a wastewater treatment plant in the petrochemical park of Zhuhai Gaolan Port Economic NWS Holdings was included as Zone, in the Greater Bay Area. It will have the capacity one of the constituent stocks in to treat 25,000 m3 of industrial wastewater each day for the Hang Seng Stock Connect the next 50 years. In addition, O • Park1, Hong Kong’s Hong Kong Greater Bay Area first organic resources recovery centre, has started Index, launched in October 2018, reflecting the Group’s strong receiving commercial and industrial food waste in growth prospects in the region. July 2018. The facility has a treatment capacity of 200 tonnes per day, and was designed, built and is operated by SUEZ NWS. NWS Holdings Limited Major Events and Accolades 13 NWS Holdings was selected as a constituent stock of the Hang Seng Corporate Sustainability Benchmark Index for the eighth NWS Holdings garnered two Silver Awards in the consecutive year, and maintained an AA rating Enterprise and Volunteer Team categories at the ninth for its overall sustainability Hong Kong Outstanding Corporate Citizenship Awards, performance. organized by the Hong Kong Productivity Council. A new community programme, “Catch Your 5**”, was launched on NWS Caring Day 2019 to celebrate the talents of children with special educational needs. NWS Holdings clinched the Award for Continuous Innovation in HR Strategy at Work, at the Global Best Employer Brands Award. And, for the second time, it also won the Award for Best Talent Management Strategy at the HR Talent Management Leadership Awards. Both events were hosted by the World HRD Congress. Campaign “Breakthrough • Advance Together” was launched to celebrate the 30th anniversary of HKCEC. More than 900 guests joined a celebratory event in December 2018 to mark this important milestone. Annual Report 2019 14 Chairman’s Statement Dear Shareholders, A diverse business such as ours is like a suite of In late 2018, the Group seized the opportunity to building blocks, in which many pieces of different enter the insurance sector through the acquisition of shapes and sizes combine and support each other FTLife Insurance. Upon completion of the deal, FTLife to create endless possibilities and opportunities. Insurance will become one of our core businesses The fiscal year 2019 is significant for NWS Holdings and growth engines for the Group. It will generate as we have begun reviewing and reorganizing our strong synergies with our health care businesses as businesses to focus on the competitive edges we it integrates into the ecosystem of the New World possess in our core businesses, aiming to build a Group. foundation focusing on sustainability and position the Group to capture more future growth opportunities. Despite the uncertainties of the global economy and the local environment, we are confident that All three of the Group’s core businesses, namely the Group’s strong financial resources and solid Roads, Aviation and Construction, have enjoyed foundation in the Greater China region, especially significant growth this year. Following the acquisition in the Greater Bay Area, will continue to equip us of a 30% interest in the Suiyuenan Expressway in to navigate through volatility and capitalize on the Hubei in early 2018, the Group acquired a 40% stake investment opportunities to maximize shareholder in the Sui-Yue Expressway in Hunan at the end of returns. 2018 and secured the concession rights to operate the Changliu Expressway in Hunan in July 2019. Under the new development strategy, the Group These acquisitions in Roads reflect our confidence in management will continue to review and optimize the its growth and prospect. existing businesses. Meanwhile, through acquisitions and investments in new projects, we will fortify the Our commercial aircraft leasing company Goshawk development of our core businesses to enhance the also saw rapid expansion with the acquisition of Sky investment value of the Group. We believe this will Aviation in September last year and the first issuance nurture a well-balanced and solid enterprise with of asset-backed securities in June 2019, thereby sustainable growth for our shareholders. expanded its aircraft management business. These transactions formed a strong foundation for its future expansion. Dr Cheng Kar Shun, Henry Chairman Hong Kong, 24 September 2019 NWS Holdings Limited 15 Financial Highlights 2019 2018 HK$’m HK$’m Revenue 26,833.5 35,114.8 Profit attributable to shareholders of the Company 4,043.2 6,068.8 Net Debt 10.5 3,518.0 Total assets 86,065.0 78,138.6 Net Assets 57,246.6 50,123.8 Shareholders’ funds 49,046.0 49,950.0 2019 2018 HK$ HK$ Basic Earnings per Share 1.04 1.56 Dividend per share – interim and final 0.58 0.78 Net Assets per Share 14.64 12.86 2019 2018 Net Gearing Ratio 0% 7% Return on Equity 7% 12% Return on Capital Employed 6% 10% Dividend Payout Ratio 56% 50% Annual Report 2019
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