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New Heights 2 013 Annual Report Worldreginfo - 8Fce6c9d-47Ca-4227-Bd87-1Ab639a60ad8 Corporate Information 2013 Annual Report 2013 Reaching New Heights 2 013 Annual Report WorldReginfo - 8fce6c9d-47ca-4227-bd87-1ab639a60ad8 Corporate Information Hutchison Whampoa Limited Board of dIreCtors aUdIt CoMMIttee Chairman WONG Chung Hin (Chairman) LI Ka-shing, GBM, KBE, LLD (Hon), DSSc (Hon) Holger KLUGE Commandeur de la Légion d’Honneur Grand Officer of the Order Vasco Nunez de Balboa William SHURNIAK Commandeur de l’Ordre de Léopold deputy Chairman reMUNeratIoN CoMMIttee LI Tzar Kuoi, Victor, BSc, MSc, LLD (Hon) WONG Chung Hin (Chairman) Group Managing director LI Ka-shing FOK Kin Ning, Canning, BA, DFM, CA (Aus) Holger KLUGE executive directors CHOW WOO Mo Fong, Susan, BSc CoMPaNY seCretarY Deputy Group Managing Director Edith SHIH, BSE, MA, MA, EdM, Solicitor, FCIS, FCS(PE) Frank John SIXT, MA, LLL Group Finance Director aUdItor LAI Kai Ming, Dominic, BSc, MBA PricewaterhouseCoopers KAM Hing Lam, BSc, MBA Non-executive directors BaNKers LEE Yeh Kwong, Charles, GBM, GBS, OBE, JP The Hongkong and Shanghai Banking George Colin MAGNUS, OBE, BBS, MA Corporation Limited Standard Chartered Bank (Hong Kong) Limited Independent Non-executive directors Bank of China (Hong Kong) Limited The Hon Sir Michael David KADOORIE, GBS, LLD (Hon), DSc (Hon) Officier 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 LEE Wai Mun, Rose, BBA William Elkin MOCATTA, FCA Alternate to Michael David Kadoorie William SHURNIAK, SOM, LLD (Hon) WONG Chung Hin, CBE, JP WorldReginfo - 8fce6c9d-47ca-4227-bd87-1ab639a60ad8 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 Property and Hotels 34 Retail 46 Infrastructure 50 Energy 56 Telecommunications 72 Finance & Investment and Others 77 Additional Information 86 Group Capital Resources and Liquidity 92 Risk Factors 97 Environmental, Social and Governance Report 107 Information on Directors 120 Information on Senior Management 122 Report of the Directors 143 Corporate Governance Report 157 Independent Auditor’s Report 158 Consolidated Income Statement 159 Consolidated Statement of Comprehensive Income 160 Consolidated Statement of Financial Position 162 Consolidated Statement of Changes in Equity 165 Consolidated Statement of Cash Flows 167 Notes to the Accounts 265 Principal Subsidiary and Associated Companies and Joint Ventures 271 Schedule of Principal Properties 279 Ten Year Summary Information for Shareholders 2013 annual report 1 WorldReginfo - 8fce6c9d-47ca-4227-bd87-1ab639a60ad8 Corporate Profile utchison Whampoa Limited (the “Group”) is a renowned multinational conglomerate Hcommitted to development, innovation and technology in many different sectors. We operate a variety of businesses in 52 countries across the world with over 260,000 employees. We have a strong commitment to the highest standards of corporate governance, transparency and accountability, which has been recognised by numerous international awards and commendations. Our operations consist of six core businesses – ports and related services, property and hotels, retail, infrastructure, energy, and telecommunications. Property and Hotels We develop and invest in leading real estate projects, ranging from landmark office buildings to luxury residential properties. We hold a rental property portfolio of approximately 14.0 million square feet of office, commercial, industrial and residential premises, primarily in Hong Kong, as well as interests in a Ports and related services number of joint-venture developments in Mainland We are one of the world’s largest privately owned China and selective overseas markets. We also have container terminal operators, holding interests in ownership interests in 11 premium hotels in Hong 52 ports comprising 278 operational berths in 26 Kong, the Mainland and the Bahamas. countries, including container terminals operating in five of the 10 busiest container ports in the world. In 2013, our ports handled a total throughput of 78.3 million twenty-foot equivalent units (“TEUs”). We also engage in mid-stream operations, river trade, cruise terminal operations and ports related logistics services. 1 2 Hutchison Whampoa Limited WorldReginfo - 8fce6c9d-47ca-4227-bd87-1ab639a60ad8 Infrastructure The Group’s infrastructure business operates mainly in Hong Kong, the United Kingdom, the Netherlands, the Mainland, Australia, New retail Zealand and Canada. Cheung Kong Infrastructure The Group’s retail division is one of the world’s Holdings Limited (“CKI”) is a Hong Kong listed leading health and beauty retailers with over leading investor in the global infrastructure 10,500 retail stores in 25 markets worldwide. arena with diversified investments in energy Its diverse retail portfolio comprises health infrastructure, transportation infrastructure, and beauty products, supermarkets, consumer water infrastructure, waste management and electronics and electrical appliances, and airport infrastructure-related businesses. retailing. It also manufactures and distributes bottled water and beverage products in Hong Kong and the Mainland. telecommunications We are a leading global operator of mobile telecommunications and data services, and a pioneer of mobile broadband technology in the energy world. We are also a major owner and operator of The Group’s investments in energy are principally fibre-optic fixed-line networks in Hong Kong, serving in Canada, the United States, the Mainland, as a telecommunications gateway to the Mainland Taiwan, Greenland and Indonesia. Husky Energy and the rest of the world. Our operations offer Inc (“Husky Energy”) is a listed Canadian-based telecommunications services including 4G Long-term integrated energy and energy related company. evolution (LTE) and 3G multi-media mobile, second- generation mobile, fixed-line, Internet and broadband services, including international connectivity services over both fibre-optic and mobile networks. 2013 annual report 3 WorldReginfo - 8fce6c9d-47ca-4227-bd87-1ab639a60ad8 analyses of Core Business segments by Geographical Location (before profits on disposal of investments & others and property revaluation) 2013 Total Revenue HK$412,933 million 1% Ports & Related Services Canada 7% HK$59,647 million Europe Property & Hotels 36% HK$170,709 million Retail Infrastructure 99% 43% Asia, Australia Energy & Others # 13% 14% HK$49,132 million 34% Telecommunications Canada 19% 14% 2% Asia, Australia Europe & Others # 32% 12% 41% (of which the UK 17%) 2013 EBITDA Hong Kong HK$95,647 million 4% 15% 20% 10% Hong Kong Mainland HK$62,212 million China 6%* Europe 8% 12% 2% HK$36,925 million 10% 19% Canada 1%1% 6% 7% HK$14,633 million 34% 56% 34% 39% Mainland China 98% HK$48,819 million 51% 6% 43% Canada Asia, Australia 15% & Others # Europe HK$14,213 million Asia, Australia 39% # & Others (of which the UK 23%) 37% 15% 2013 EBIT 11% 3% HK$64,597 million Hong Kong Europe 20% 7% 14% HK$23,998 million Mainland China * 23% 4% 2% 3% 19% 15% 50% Canada 1% 51% 3% 14% HK$7,070 million 14% 7% 97% 12% 28% 47% Hong Kong Asia, Australia Canada HK$13,506 million & Others # HK$9,584 million -4% 11% 46% Mainland China Asia, Australia Europe HK$14,191 million & Others # 37% (of which the UK 25%) 40% 15% Hong Kong 14% 4% 16% Mainland China 2%* 13% 19% 10% 4% 3%1% 11% 12% Mainland China HK$12,572 million 28% Hong Kong 65% HK$10,114 million * Represents contributions from Finance & Investments and Others 53% # Includes Panama, Mexico and the Middle East r Includes contribution from the USA for Husky Energy 4 Hutchison Whampoa Limited WorldReginfo - 8fce6c9d-47ca-4227-bd87-1ab639a60ad8 analyses by Core Business segments 2012 2013 Restated (1) HK$ millions % HK$ millions % Change 2013 Total Revenue (2) Total Revenue HK$412,933 million Ports and related services 34,119 8% 32,941 8% +4% Hutchison Ports Group other than HPH Trust 31,360 7% 30,208 7% +4% 1% Ports & Related Services (2) 7% HPH Trust 2,759 1% 2,733 1% +1% Canada Property and hotels 24,264 6% 19,970 5% +22% HK$59,647 million Europe Property & Hotels Retail (4) 149,147 36% 138,519 35% +8% 36% HK$170,709 million Cheung Kong Infrastructure 42,460 10% 39,693 10% +7% Retail Husky Energy 59,481 14% 58,744 15% +1% Infrastructure 3 Group Europe 61,976 15% 58,708 15% +6% Hutchison Telecommunications Hong Kong Holdings 12,777 3% 15,536 4% -18% 99% 43% Asia, Australia Energy Hutchison Asia Telecommunications 6,295 2% 4,452 1% +41% & Others # 13% 14% Finance & Investments and Others (4) 22,414 6% 21,700 5% +3% HK$49,132 million 34% Telecommunications Finance & Investments 2,321 1% 2,388 — -3% Others 20,093 5% 19,312 5% +4% Total Comparable Revenue (3) 412,933 100% 390,263 98% +6% Canada (3) 19% 14% Reconciliation item — — 7,648 2% -100% 397,911 100% +4% 2% Asia, Australia Total Reported Revenue 412,933 100% Europe & Others # (2) 32% EBITDA 12% 41% Ports and related services 11,447 12% 11,343 13% +1% (of which the UK 17%) Hutchison Ports Group other than HPH Trust 10,060 11% 9,893 11% +2% 2013 EBITDA HPH Trust (2) 1,387 1% 1,450 2% -4% Hong Kong Property and hotels 13,995 15% 10,887 12% +29% HK$95,647 million (4) 4% 15% Retail 14,158 15% 12,779 15% +11% 20% 10% Hong Kong Cheung Kong Infrastructure 22,841 24% 21,405 25% +7% Mainland Husky Energy 14,779 15% 14,889 17% -1% HK$62,212 million China 6%* Europe 8% 3 Group
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