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Worldreginfo - 5297908B-E7ba-403C-904A-960434Fa1818 Corporate Information WorldReginfo - 5297908b-e7ba-403c-904a-960434fa1818 Corporate Information BOARD OF DIRECTORS AUDIT COMMITTEE EXECUTIVE DIRECTORS WONG Chung Hin (Chairman) KWOK Tun-li, Stanley LI Tzar Kuoi, Victor, BSc, MSc, LLD (Hon) Chairman and Group Co-Managing Director CHENG Hoi Chuen, Vincent William SHURNIAK FOK Kin Ning, Canning, BA, DFM, FCA (ANZ) Group Co-Managing Director NOMINATION COMMITTEE (1) Frank John SIXT, MA, LLL Group Finance Director and Deputy Managing Director LI Tzar Kuoi, Victor (Chairman) IP Tak Chuen, Edmond, BA, MSc FOK Kin Ning, Canning Deputy Managing Director Frank John SIXT KAM Hing Lam, BSc, MBA IP Tak Chuen, Edmond Deputy Managing Director KAM Hing Lam LAI Kai Ming, Dominic, BSc, MBA LAI Kai Ming, Dominic Deputy Managing Director Edith SHIH Edith SHIH, BSE, MA, MA, EdM, Solicitor, FCIS, FCS(PE) CHOW Kun Chee, Roland LEE Yeh Kwong, Charles NON-EXECUTIVE DIRECTORS LEUNG Siu Hon CHOW Kun Chee, Roland, LLM George Colin MAGNUS LEE Yeh Kwong, Charles, GBM, GBS, OBE, JP WOO Mo Fong, Susan (alias CHOW WOO Mo Fong, Susan) LEUNG Siu Hon, BA (Law) (Hons), LL.D. (Hon) KWOK Tun-li, Stanley George Colin MAGNUS, OBE, BBS, MA CHENG Hoi Chuen, Vincent The Hon Sir Michael David KADOORIE WOO Mo Fong, Susan, BSc (alias CHOW WOO Mo Fong, Susan) LEE Wai Mun, Rose William SHURNIAK INDEPENDENT NON-EXECUTIVE DIRECTORS WONG Chung Hin KWOK Tun-li, Stanley, BSc (Arch), AA Dipl, LLD (Hon), ARIBA, MRAIC WONG Yick-ming, Rosanna CHENG Hoi Chuen, Vincent, GBS, OBE, JP The Hon Sir Michael David KADOORIE, GBS, LLD (Hon), DSc (Hon) REMUNERATION COMMITTEE Commandeur de la Légion d’Honneur WONG Yick-ming, Rosanna (Chairman) Commandeur de l’Ordre des Arts et des Lettres LI Tzar Kuoi, Victor Commandeur de l’Ordre de la Couronne Commandeur de l’Ordre de Leopold II CHENG Hoi Chuen, Vincent WONG Chung Hin LEE Wai Mun, Rose, JP, BBA William Elkin MOCATTA, FCA Alternate to The Hon Sir Michael David Kadoorie COMPANY SECRETARY Edith SHIH, BSE, MA, MA, EdM, Solicitor, FCIS, FCS(PE) William SHURNIAK, S.O.M., M.S.M., LLD (Hon) WONG Chung Hin, CBE, JP AUDITOR WONG Yick-ming, Rosanna, PhD, DBE, JP PricewaterhouseCoopers SENIOR ADVISOR BANKERS LI Ka-shing, GBM, KBE, LLD (Hon), DSSc (Hon) Commandeur de la Légion d’Honneur The Hongkong and Shanghai Banking Grand Officer of the Order Vasco Nunez de Balboa Corporation Limited Commandeur de l’Ordre de Léopold Bank of China (Hong Kong) Limited Note (1): Established on 1 January 2019 WorldReginfo - 5297908b-e7ba-403c-904a-960434fa1818 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 85 Environmental, Social and Governance Report 110 Information on Directors 125 Information on Senior Management 127 Report of the Directors 148 Corporate Governance Report 165 Independent Auditor’s Report 170 Consolidated Income Statement 171 Consolidated Statement of Comprehensive Income 172 Consolidated Statement of Financial Position 174 Consolidated Statement of Changes in Equity 176 Consolidated Statement of Cash Flows 178 Notes to the Financial Statements 283 Principal Subsidiary and Associated Companies and Joint Ventures 287 Ten Year Summary Information for Shareholders 2018 Annual Report 1 WorldReginfo - 5297908b-e7ba-403c-904a-960434fa1818 Corporate Profile Hutchison Group (the “Group”) is a renowned multinational CKconglomerate committed 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 51 ports comprising 288 operational berths in 26 countries, including container terminals operating in five of the 10 busiest container ports in the world. In 2018, our ports handled a total throughput of 84.6 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 around 15,000 stores in 25 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 WorldReginfo - 5297908b-e7ba-403c-904a-960434fa1818 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 with 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 and Canada. Energy Through its associated company Husky Energy Inc. (“Husky”), the Group’s investments in energy are principally located in Western and Atlantic Canada, the United States and the Asia Pacific Region. 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. 2018 Annual Report 3 WorldReginfo - 5297908b-e7ba-403c-904a-960434fa1818 Analyses of Core Business Segments by Geographical Location 2018 Total Revenue HK$453,230 million Europe HK$215,076 million 5% 40% 18% 37% Canada 12% Mainland China HK$39,761 million 8% 8% Asia, Australia Europe 9% 75% 7% 7% 2% & Others # 47% 21% 14% (UK: 18%) Hong Kong HK$43,599 million 6% 70% 8% 16% Hong Kong 37% 10% Asia, Australia & Others # HK$65,001 million 12% Mainland China 27% 34% 26% 13% 9% 8%* 14% Canada HK$54,247 million 5% 95% 2018 Total EBITDA HK$113,580 million Europe HK$62,822 million 5% 13% 36% 46% Canada 10% Mainland China HK$11,108 million 5%* 12% Asia, Australia Europe 26% 43% 8% 22% 1% & Others # 14% 55% Hong Kong HK$3,681 million 27% 17% (UK: 27%) Hong Kong 28% 21% 18% 33% 3% Asia, Australia & Others # HK$19,859 million Mainland China 11% 10% 31% 13% 49% 2% 5% 31% 5%* Canada HK$10,774 million 13% 87% 2018 Total EBIT HK$72,885 million Europe HK$42,178 million 5% 16% 37% 42% Canada 6% Asia, Australia Mainland China HK$8,605 million 4%* 12% & Others # 27% 47% 9% 17% 18% 25% Europe 18% Hong Kong Hong Kong HK$1,490 million 58% 30% 23% 15% 32% 2% (UK: 29%) Mainland China 12% Asia, Australia & Others # HK$12,950 million 8% 28% 16% 51% 2% 3% 4%* 33% Canada HK$4,898 million 17% 83% Ports & Related Services Retail Infrastructure Energy * Represents contributions from Finance & Investments and Others # Includes Panama, Mexico and the Middle East Telecommunications Finance & Investments and Others Includes contribution from the USA for Husky Energy 4 CK Hutchison Holdings Limited WorldReginfo - 5297908b-e7ba-403c-904a-960434fa1818 Analyses by Core Business Segments 2018 2017 HK$ million % HK$ million % Change % Revenue (1) Ports and Related Services (1) 35,175 8% 34,146 8% 3% Retail 168,991 37% 156,163 38% 8% Infrastructure (1) 64,724 14% 57,369 14% 13% Husky Energy 54,251 12% 44,948 11% 21% 3 Group Europe 78,411 17% 70,734 17% 11% Hutchison Telecommunications Hong Kong Holdings 7,912 2% 9,685 2% -18% Hutchison Asia Telecommunications 8,220 2% 7,695 2% 7% Finance & Investments and Others 35,546 8% 34,097 8% 4% Total Revenue 453,230 100% 414,837 100% 9% EBITDA (1) Ports and Related Services (1) 13,392 12% 12,563 12% 7% Retail 16,164 14% 14,798 14% 9% Infrastructure (1) 35,422 31% 33,033 32% 7% Husky Energy 12,106 11% 8,992 9% 35% 3 Group Europe 28,761 25% 24,337 23% 18% Hutchison Telecommunications Hong Kong Holdings 1,371 1% 4,337 4% -68% Hutchison Asia Telecommunications 1,028 1% 558 1% 84% Finance & Investments and Others 5,336 5% 5,736 5% -7% Total EBITDA 113,580 100% 104,354 100% 9% EBIT (1) Ports and Related Services (1) 8,726 12% 8,219 12% 6% Retail 13,078 18% 12,089 18% 8% Infrastructure (1) 24,038 33% 23,449 35% 3% Husky Energy 5,742 8% 2,703 4% 112% 3 Group Europe 17,663 24% 16,567 25% 7% Hutchison Telecommunications Hong Kong Holdings 553 1% 707 1% -22% Hutchison Asia Telecommunications 321 — 226 — 42% Finance & Investments and Others 2,764 4% 3,632 5% -24% Total EBIT 72,885 100% 67,592 100% 8% Interest expenses and other finance costs (1) (18,025) (18,024) — Profit before tax 54,860 49,568 11% Tax (1) Current tax (7,795) (7,898) 1% Deferred tax (283) 1,843 -115% (8,078) (6,055) -33% Profit after tax 46,782 43,513 8% Non-controlling interests and perpetual capital securities holders’ interests (7,782) (8,413) 8% PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS 39,000 35,100 11% 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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