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Annual Report 2013 Annual Report Forging Ahead Forging Pursuing Value Pursuing NWS HOLDINGS LIMITED ANNUAL REPORT 2013 ANNUAL REPORT NWS Holdings Limited (incorporated in Bermuda with limited liability) 28/F New World Tower 18 Queen’s Road Central FORGING AHEAD Central, Hong Kong Tel: (852) 2131 0600 PURSUING VALUE Fax: (852) 2131 0611 E-mail: [email protected] www.nws.com.hk NWS Holdings Limited takes every practicable measure to conserve resources and minimize waste. ANNUAL REPORT 2013 This annual report is printed on FSC® certified paper 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®. STOCK CODE: 659 OUR VISION To build a dynamic and premier group of infrastructure and service management companies driven by a shared passion for customer value and care Contents 2 Corporate Profile 4 Major Events and Accolades 6 Financial Highlights 8 Chairman’s Statement 10 Board of Directors and Senior Management 22 Corporate Governance Report 38 Sustainability 46 Management Discussion and Analysis 62 Reports and Financial Statements 174 Five-Year Financial Summary 176 Project Key Facts and Figures 188 Glossary of Terms 190 Corporate Information Design rationale FORGING AHEAD PURSUING VALUE NWS Holdings Annual Report 2013 has adopted the image of a sailboat powerfully plowing through wind and waves to depict the Group’s clear focus to strive for excellence and enhance shareholder value. The sailboat illustrations and forward-pointing arrows reflect the concerted effort of the management and employees to develop sustainable growth Download the while undertaking corporate social NWS Holdings responsibilities, now and into Annual Report 2013 the future. Corporate Profile About NWS Holdings NWS Holdings (Hong Kong stock code: 659) is the infrastructure and service flagship of New World Development Company Limited (Hong Kong stock code: 17). Listed on the Hong Kong Stock Exchange, NWS Holdings embraces a range of businesses in Hong Kong, Mainland China and Macau. With a workforce of approximately 26,000 people, NWS Holdings is committed to achieving sustainable growth in its two core business areas of infrastructure and services. Services WATER As a pioneer in the services industry, NWS Holdings provides excellent services in supporting the needs of Hong Kong people and driving the city’s growth. PORTS & LOGISTICS FACILITIES MANAGEMENT CONSTRUCTION & TRANSPORT STRATEGIC INVESTMENTS NWS HOLDINGS LIMITED 2 3 Infrastructure As one of the leading infrastructure players in Mainland China, NWS Holdings possesses an extensive business network in managing ANNUAL REPORT 2013 and operating 63 projects and two strategic investments in four major segments, namely Roads, Energy, Water and Ports & Logistics. ROADS Corporate Profile ENERGY Major Events and Accolades October NWS Holdings established a subsidiary, Hip Seng Construction Company Limited, to deliver general contracting and construction management services to New World Group. 2012 July NWS Holdings won the Silver Award of Internal Communication at the 10th China Golden Awards for Excellence in Public Relations for its outstanding staff communication strategy. Hong Kong Convention and Exhibition Centre (“HKCEC”) was voted the Best Convention & Exhibition Centre for the fourth August time in the 23rd Annual TTG Travel Awards. It was also voted NWS Holdings Annual Report 2011 won a silver Asia’s Best Convention and Exhibition Centre for the 10th time award at the 2012 International ARC Awards, by readers of CEI Asia magazine. followed by winning two bronze awards at the 2012 Galaxy Awards in October. Sino French Water Development Company Limited (“Sino French Water”), a 50/50 joint venture with Suez Environnement, September contracted to acquire a 65% stake in Sichuan Shuangliu Dayi Environmental Technology Company Limited to jointly manage NWS Holdings was chosen as a constituent and operate eight sewage treatment plants in Shuangliu stock of the Hang Seng Corporate County of Sichuan Province. Sustainability Benchmark Index for the second consecutive year in recognition Hip Hing Construction Company Limited received the Silver of its outstanding performance in Award in the Development Category of the Award for Excellence environment, social and corporate in Training and Development 2012 organized by the Hong governance. Kong Management Association. It also scooped 11 awards, including two highest honours, at the Hong Kong Construction Association Safety Awards cum Environmental Awards 2012. December The Group launched the NWS Scholarships for Employees’ Children Scheme as part of its effort to support family-friendly practices. NWS HOLDINGS LIMITED 4 5 2013 March GHK Hospital Limited, a partnership between NWS January Holdings and Parkway Pantai Limited, was awarded the Wong Chuk Hang site in Hong Kong to develop a private HKCEC was the featured landmark in the New Year • New ANNUAL REPORT 2013 World – Hong Kong Countdown Celebrations. hospital named the Gleneagles Hong Kong Hospital. The Li Ka Shing Faculty of Medicine of The University of Hong Kong is the clinical partner. The hospital is scheduled for operation in late 2016. NWS Holdings won the Gold Award for Outstanding Volunteer Major Events and Accolades Team for the second consecutive year at the Hong Kong Outstanding Corporate Citizenship Award scheme organized April by the Hong Kong Productivity Council. Sino French Water was named one of the Top 10 Most Influential Enterprises (Investment and Business Operation) in Mainland China’s Water Industry Annual Award for 2012. New World First Bus Services Limited and Citybus Limited won the Best Public Service Application Grand Award and Best Public Service Application (Transformation) Gold Award in the Hong Kong ICT Awards 2013 steered by the Office of the Government Chief Information Officer. The Group received the Gold Award for Volunteer Service February (Organization) from the Social Welfare Department in appreciation of the contribution of over 14,000 hours of service NWS Holdings entered into an agreement with a number by the corporate volunteers in 2012. of companies in Xiamen to form a joint venture, Xiamen Container Terminal Group Co., Ltd., with a 13.8% interest. The joint venture will take advantage of synergy effect to manage June the current container terminal business of the concerned Sino French Water’s joint venture concluded a 30-year contract companies. to provide exclusive wastewater treatment services to the chemical industrial zone in the Qingdao Dongjiakou Economic th The Group celebrated the 10 anniversary of its First Trading Zone, China. Day with a series of events and social services, underlining the theme of “Celebrating a Decade of Success and Beyond”. The project company of Tangjin Expressway (Tianjin North Section) signed Loan Facility Agreements for RMB1.2 billion and HK$1.5 billion with the Hong Kong Branch of China Development Bank to fund the expansion works of the Expressway. It represented the Group’s first offshore RMB project loan. NWS Holdings Annual Report 2012 won a bronze award at the 26th International Mercury Awards. Financial Highlights 2013 2012 HK$’m HK$’m Revenue 16,247.9 14,954.3 Profit Attributable to Shareholders of the Company 4,008.0 5,251.1 Net Debt 9,911.3 12,280.1 Total Assets 67,022.8 62,086.2 Net Assets 41,021.0 36,632.8 Shareholders’ Funds 40,183.1 35,794.3 2013 2012 HK$ HK$ Earnings per Share – Basic 1.11 1.53 Net Assets per Share 11.16 10.23 2013 2012 Net Gearing Ratio 24% 34% Return on Equity 10% 15% Return on Capital Employed 7% 10% Dividend Payout Ratio 50% 50% NWS HOLDINGS LIMITED 6 7 Revenue by Region AOP by Region for the year ended 30 June for the year ended 30 June HK$’billion HK$’billion ANNUAL REPORT 2013 20 5 4 15 3 10 2 5 1 Financial Highlights 0 0 20092010 2011 2012 2013 20092010 2011 2012 2013 Hong Kong Mainland China Macau and others Hong Kong Mainland China Macau and others AOP by Division Net Debt/(Net Cash) for the year ended 30 June as at 30 June HK$’billion HK$’billion 5 14 12 4 10 3 8 6 2 4 2 1 0 0 (2) 20092010 2011 2012 2013 20092010 2011 2012 2013 Infrastructure Services Total Assets Total Equity as at 30 June as at 30 June HK$’billion HK$’billion 70 70 60 60 50 50 40 40 30 30 20 20 10 10 0 0 20092010 2011 2012 2013 20092010 2011 2012 2013 Chairman’s Statement Dear Shareholders, the Group has adopted a proactive and yet cautious approach in maintaining communication with the relevant government In February 2013, the Group reached a memorable milestone authorities to address the social and commercial impact as it marked the 10th anniversary since the shares of the stemming from such policies. In addition, the current Company commenced trading on the Hong Kong Stock expansion works at Tangjin Expressway (Tianjin North Section) Exchange following a reorganization of the New World which led to a 38% drop in traffic volume also affected the Group. It gives me much pleasure to report that the Group results of the Roads segment. Consequently, the mild growth has delivered a set of commendable results while embracing of 2% under the Roads segment amid these unfavourable new challenges and opportunities during FY2013. The track factors was a hard earned achievement which also exemplified records set by the Group over the years, even during the underlying strength of the Group’s existing roads portfolio, demanding economic circumstances, bear testimony to our especially after the acquisition of HZRR in the previous clear vision, strategy and direction which will guide us financial year. through the next decade. The Energy segment rebounded by 26% as the downward Capturing Opportunities in a trend in coal prices since early 2012 continued to boost Challenging Environment operating margins even though the pace of economic recovery has constantly weighed on electricity consumption The new Chinese administration which took office in in Mainland China.
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