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NWS HOLDINGS LIMITED (Incorporated in Bermuda with Limited Liability) Stock Code: 659

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NWS HOLDINGS LIMITED (Incorporated in Bermuda with limited liability) Stock code: 659 ANNUAL REPORT 2020 Contents 2 Corporate Profile 4 Major Events And Accolades 6 Chairman’s Statement 7 Financial Highlights 10 Board of Directors and Senior Management 20 Corporate Governance Report 47 Risk Management 60 Sustainability Report 102 Management Discussion and Analysis 120 Reports and Financial Statements 294 Five-Year Financial Summary 296 Project Key Facts and Figures 312 Glossary of Terms 315 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 2020 Annual Report 2020 1 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, construction and insurance, 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 pages 296 to 311 for project details) Core Business ROADS 15 projects in Mainland China with a network of approximately 740 km long AVIATION Owned, managed and committed 233 commercial aircraft for leasing CONSTRUCTION Hip Hing Group has approximately HK$ 52.6 billion gross value of contracts on hand INSURANCE FTLife Insurance’s solvency ratio reaches 542% (minimum requirement by regulator is 150%) 2 NWS Holdings Limited Corporate Profile Strategic Portfolio ENVIRONMENT 122 projects in 47 cities across Greater China region LOGISTICS 99.7% average occupancy rate at ATL Logistics Centre FACILITIES MANAGEMENT 35+ specialties and subspecialties in GHK Hospital Over 4.6 million attendance at HKCEC this year TRANSPORT Our bus and ferry fleets carry over 955,000 patronage per day Annual Report 2020 3 To help ght the COVID-19 epidemic, NWS Holdings has implemented preventive measures for internal staff such as exible working hours, and distributed medical supplies kits to employees. To show our care for the community, the Company also donated masks and cleaning supplies to the needy through its corporate volunteer team. NWS Holdings announced its rst HK$1 billion sustainability-linked loan with Crédit Agricole Corporate and Investment Bank, the proceeds of which will be Hip Hing Engineering Company Limited garnered the used for funding measures driving long-term sustainability goals as well as for general corporate NWS Holdings acquired concession rights for Green Management Award - Project Management funding and renancing purposes, working towards the Changliu Expressway, strengthening our presence (Large Corporation) - Gold Award at the Hong Kong “New World Sustainability Vision 2030”. in Central China to bring long-term growth. Green Awards 2019, acknowledging its exceptional green management performance in Kai Tak Sports Park project. (Source of the photo: Kai Tak Sports Park’s website© acknowledged by Kai Tak Sports Park Limited & Populous) Major Events And Accolades NWS Holdings completed the acquisition of FTLife Insurance, establishing insurance as one of the Group’s core business interests. (Photo: Artistic rendering) NWS Holdings was selected as a constituent stock of the Hang Seng Corporate Sustainability Benchmark Index for the ninth consecutive year, and maintained an AA rating for its overall sustainability performance. The Group’s community programme NWS Career Navigator for Youth has won the Outstanding Partnership Project Award 2019/20 awarded by The Hong Kong Council of Social Service, in recognition of the Group’s commitment to Create Shared Value for the community and support youth development. 4 NWS Holdings Limited To help ght the COVID-19 epidemic, NWS Holdings has implemented preventive measures for internal staff such as exible working hours, and distributed medical supplies kits to employees. To show our care for the community, the Company also donated masks and cleaning supplies to the needy through its corporate volunteer team. NWS Holdings announced its rst HK$1 billion sustainability-linked loan with Crédit Agricole Corporate and Investment Bank, the proceeds of which will be Hip Hing Engineering Company Limited garnered the used for funding measures driving long-term sustainability goals as well as for general corporate NWS Holdings acquired concession rights for Green Management Award - Project Management funding and renancing purposes, working towards the Changliu Expressway, strengthening our presence (Large Corporation) - Gold Award at the Hong Kong “New World Sustainability Vision 2030”. in Central China to bring long-term growth. Green Awards 2019, acknowledging its exceptional green management performance in Kai Tak Sports Park project. (Source of the photo: Kai Tak Sports Park’s website© acknowledged by Kai Tak Sports Park Limited & Populous) NWS Holdings completed the acquisition of FTLife Insurance, establishing insurance as one of the Group’s core business interests. (Photo: Artistic rendering) NWS Holdings was selected as a constituent stock of the Hang Seng Corporate Sustainability Benchmark Index for the ninth consecutive year, and maintained an AA rating for its overall sustainability performance. The Group’s community programme NWS Career Navigator for Youth has won the Outstanding Partnership Project Award 2019/20 awarded by The Hong Kong Council of Social Service, in recognition of the Group’s commitment to Create Shared Value for the community and support youth development. Annual Report 2020 5 Chairman’s Statement The last financial year continued to be a year of transition for the Group. The completion of the acquisition of FTLife Insurance, a quality Hong Kong life insurance company, has added fresh growth impetus to the Group while the cash recuperated from the non-core disposals in the past two years has further strengthened our fundamentals to brace for any challenges and uncertainties ahead and setting solid base for new opportunities. Our strategy of optimizing our portfolio will continue to pave the way for a sustainable and quality long-term growth. Looking ahead, while headwinds and uncertainties are still overshadowing the market and COVID-19 is reshaping the global economic landscape, we believe there are opportunities in every crisis. We endeavour to create more value for our shareholders through Dear Shareholders, optimizing our business portfolio while exploring new business opportunities to enhance the return to our During a period of turbulence, a solid foundation is of shareholders. At the same time, together with the the essence for one to navigate through the volatility entire New World Group, we strive to thrive with our and proceed steadily. The last financial year was a stakeholders by creating shared value with the wider challenging one for NWS Holdings, which was hit hard community. Meanwhile, leveraging on New World by public activities in Hong Kong, COVID-19, and the Group’s exposure in the Greater Bay Area, the increasing uncertainties arising from the ongoing conflicts between interconnectivity between Hong Kong and the Greater USA and China. While NWS Holdings has inevitably Bay Area offers ample of opportunities to maximize the been impacted, the solid foundation that we have built untapped growth potential in the region. With our solid over the past decade, our portfolio optimization strategy foundation, the Group is confident of sailing through that we have been implementing, the risk management the volatility and committed to capitalizing on the and the prudent financial policy in place, are set to guide opportunities in seeking sustainable and quality growth us over this difficult time and steer us on a steady growth in the years to come. path. During the last financial year, global COVID-19 has had adverse impact to the Group’s businesses in varying degrees. In particular, by echoing the toll fee exemption policy imposed by the PRC Government to support the overall economic recovery and social stability after the outbreak of COVID-19, the Group saw a temporary disruption in the Roads segment’s performance. Dr Cheng Kar Shun, Henry Moreover, the lockdown and social distancing measures Chairman implemented by the governments around the world to control the spread of the virus also weighed on Hong Kong, 30 September 2020 the results of our other segments such as Aviation, Insurance, Facilities Management and Transport. Yet, with our sturdy foundation built over the years, our financial position remains sound and we are committed to maintaining a sustainable and progressive dividend policy. 6 NWS Holdings Limited Financial Highlights 2020 2019 HK$’m HK$’m Revenue 25,920.5 26,833.5 Attributable Operating Profit 3,514.3 4,707.4 Net Debt 17,733.9 10.5 Total assets 150,052.0 86,065.0 Net Assets 57,457.7 57,246.6 Shareholders’ funds 46,367.0 49,046.0 2020 2019 HK$ HK$ Dividend per share – interim and final 0.58 0.58 Net Assets per Share 14.69 14.64 2020 2019 Net Gearing Ratio 31% 0% Dividend Payout Ratio 896% 56% Annual Report 2020 7 Financial Highlights Revenue by region for the year ended 30 June Total Equity as at 30 June 25.9 billion 57.5 billion HK$’ billion 2020 60
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