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Annual Report 2015 (PDF) Annual Report 2015 CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED CKI GLOBAL INFRASTRUCTURE PLAYER ANNUAL REPORT 2015 ANNUAL REPORT CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED 12th Floor, Cheung Kong Center, CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED 2 Queen’s Road Central, Hong Kong 長江基建集團有限公司 Tel: (852) 2122 3133 Fax: (852) 2501 4550 (Incorporated in Bermuda with limited liability) www.cki.com.hk (Stock Code: 1038) CKI A Leading Player in the Global Infrastructure Arena CKI is a global infrastructure company that aims to make the world a better place through a variety of 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 and Infrastructure Related Business, and operates in Hong Kong, Mainland China, the United Kingdom, the Netherlands, Portugal, Australia, New Zealand and Canada. CONTENTS 008 Ten-year Financial Summary 010 Chairman’s Letter 016 Group Managing Director’s Report 021 Long Term Development Strategy 022 Awards 026 Business Review 028 Investment in Power Assets 030 Infrastructure Investment in United Kingdom 036 Infrastructure Investment in Australia 040 Infrastructure Investment in New Zealand 042 Infrastructure Investment in Continental Europe 046 Infrastructure Investment in Canada 048 Infrastructure Investment in Mainland China 050 Investment in Infrastructure Related Business 052 Financial Review 054 Board and Key Personnel 069 Report of the Directors 083 Independent Auditor’s Report 084 Consolidated Income Statement 085 Consolidated Statement of Comprehensive Income 086 Consolidated Statement of Financial Position 087 Consolidated Statement of Changes in Equity 088 Consolidated Statement of Cash Flows 089 Notes to the Consolidated Financial Statements 149 Principal Subsidiaries 150 Principal Associates 152 Principal Joint Ventures 154 Schedule of Major Properties 155 Corporate Governance Report 180 Risk Factors 185 Project Profiles 194 Corporate Information and Key Dates 2015 KEY FIGURES Consecutive Years of Dividend Growth 19 Since Listing Profit Attributable to Shareholders 11,162 (HK$ million) 2015 KEY FIGURES Cash on Hand 8 Billion (HK$) Net Debt to 8% Net Total Capital Ratio Standard & Poor’s Credit Rating A- Since First Rated in 1997 PROFIT ATTRIBUTABLE 19 YEARS OF CONTINUOUS TO SHAREHOLDERS DIVIDEND GROWTH SINCE LISTING SINCE LISTING (HK$ million) (HK$) 35,000 2.5 31,782 2.15 30,000 2.00 2.0 1.86 25,000 1.66 1.53 1.5 20,000 1.33 1.201 1.135 1.10 15,000 1.00 1.0 0.948 11,639 11,162 0.79 0.715 0.68 10,000 9,427 0.60 0.63 7,745 6,007 0.5 0.42 5,568 0.38 4,772 5,028 5,000 4,423 0.32 3,271 3,523 3,670 2,770 3,043 3,128 3,081 3,199 2,353 0.16 854 0 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014* 2015 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 * 2014 profit attributable to shareholders included approximately HK$19.6 billion share of one-off gain arising from the spin-off of the Hong Kong electricity business of Power Assets and approximately HK$2.2 billion gain on privatisation of Envestra (in grey colour) THE BUSINESS THE PEOPLE Infrastructure Investment in Infrastructure Investment in Infrastructure Investment in Investment in UNITED KINGDOM AUSTRALIA MAINLAND CHINA INFRASTRUCTURE RELATED BUSINESS UK Power Networks SA Power Networks Shen-Shan Highway Northumbrian Water Victoria Power Networks (Eastern Section) Alliance Construction Northern Gas Networks Australian Gas Networks Shantou Bay Bridge Materials Wales & West Gas Networks Transmission Operations Tangshan Tangle Road Green Island Cement Seabank Power Australia Changsha Wujialing and Green Island Cement (Yunfu) UK Rails Spark Infrastructure Wuyilu Bridges Guangdong Gitic Green Southern Water Jiangmen Chaolian Bridge Island Cement Panyu Beidou Bridge Siquijor Limestone Quarry Infrastructure Investment in Infrastructure Investment in Investment in Infrastructure Investment in CONTINENTAL NEW ZEALAND POWER ASSETS CANADA EUROPE Wellington Electricity Power Assets Canadian Power Dutch Enviro Energy EnviroNZ Park’N Fly Portugal Renewable Energy THE BUSINESS THE PEOPLE Infrastructure Investment in Infrastructure Investment in Infrastructure Investment in Investment in UNITED KINGDOM AUSTRALIA MAINLAND CHINA INFRASTRUCTURE RELATED BUSINESS UK Power Networks SA Power Networks Shen-Shan Highway Northumbrian Water Victoria Power Networks (Eastern Section) Alliance Construction Northern Gas Networks Australian Gas Networks Shantou Bay Bridge Materials Wales & West Gas Networks Transmission Operations Tangshan Tangle Road Green Island Cement Seabank Power Australia Changsha Wujialing and Green Island Cement (Yunfu) UK Rails Spark Infrastructure Wuyilu Bridges Guangdong Gitic Green Southern Water Jiangmen Chaolian Bridge Island Cement Panyu Beidou Bridge Siquijor Limestone Quarry Infrastructure Investment in Infrastructure Investment in Investment in Infrastructure Investment in CONTINENTAL NEW ZEALAND POWER ASSETS CANADA EUROPE Wellington Electricity Power Assets Canadian Power Dutch Enviro Energy EnviroNZ Park’N Fly Portugal Renewable Energy TEN-YEAR FINANCIAL SUMMARY Consolidated Income Statement Summary for the year ended 31st December HK$ million 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 Profit attributable to shareholders 11,162 31,782 11,639 9,427 7,745 5,028 5,568 4,423 4,772 3,670 Dividends Interim dividend paid 1,512 1,281 1,220 976 854 744 724 670 609 564 Proposed final dividend 3,905 3,716 3,318 3,074 2,724 2,254 1,983 1,889 1,871 1,690 5,417 4,997 4,538 4,050 3,578 2,998 2,707 2,559 2,480 2,254 Consolidated Statement of Financial Position Summary as at 31st December HK$ million 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 Property, plant and equipment 2,379 2,452 2,408 1,477 845 1,276 1,320 1,185 1,413 1,292 Investment properties 334 305 268 238 206 186 174 164 160 130 Interests in associates 54,004 54,135 34,583 32,737 30,220 29,797 26,859 24,456 26,856 25,978 Interests in joint ventures 60,988 52,999 46,244 39,678 33,226 21,483 7,003 7,972 6,709 7,642 Interests in infrastructure project investments – – – – – – – 477 377 490 Investments in securities 1,985 3,889 4,599 6,199 5,197 4,824 4,459 2,597 4,187 3,064 Derivative financial instruments 571 86 42 – 158 209 – 624 55 38 Goodwill and intangible assets 2,525 2,877 2,966 – – 151 158 143 209 205 Pledged bank deposit – – – – – – – 1,113 – – Deferred tax assets 21 15 20 22 15 9 7 11 5 – Other non-current assets 17 – – – – 29 1 – 19 13 Current assets 9,278 9,312 8,778 8,191 6,956 6,296 11,798 6,267 9,452 8,770 Total assets 132,102 126,070 99,908 88,542 76,823 64,260 51,779 45,009 49,442 47,622 Current liabilities (3,681) (6,571) (5,040) (3,291) (13,527) (3,058) (3,172) (2,887) (4,802) (5,648) Non-current liabilities (17,862) (17,753) (14,270) (11,870) (3,524) (7,515) (6,320) (5,392) (5,183) (6,109) Total liabilities (21,543) (24,324) (19,310) (15,161) (17,051) (10,573) (9,492) (8,279) (9,985) (11,757) Perpetual capital securities (7,933) (7,933) (10,329) (10,329) (7,933) (7,933) – – – – Non-controlling interests (55) (77) (84) (89) (95) (81) (72) (55) (48) (41) Equity attributable to shareholders 102,571 93,736 70,185 62,963 51,744 45,673 42,215 36,675 39,409 35,824 Per Share Data HK$ 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 Earnings per share 4.44 13.03 4.77 3.93 3.38 2.23 2.47 1.96 2.12 1.63 Dividends per share 2.150 2.000 1.860 1.660 1.530 1.330 1.201 1.135 1.100 1.000 Shareholders’ equity – net book value per share 40.71 38.42 28.77 25.81 22.13 20.26 18.73 16.27 17.48 15.89 8 CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED Profit Attributable to Shareholders (HK$ million) 35,000 31,782 30,000 25,000 20,000 15,000 11,639 11,162 10,000 9,427 7,745 5,568 4,772 4,423 5,028 5,000 3,670 0 2006 2007 2008 2009 2010 2011 2012 2013 2014* 2015 Dividends Per Share (HK$) 2.5 2.15 2.00 2.0 1.86 1.66 1.53 1.5 1.33 1.201 1.10 1.135 1.00 1.0 0.5 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 * 2014 profit attributable to shareholders included approximately HK$19.6 billion share of one-off gain arising from the spin-off of the Hong Kong electricity business of Power Assets and approximately HK$2.2 billion gain on privatisation of Envestra (in grey colour) ANNUAL REPORT 2015 9 LI TZAR KUOI, VICTOR Chairman CHAIRMAN’S LETTER BUSINESS MOMENTUM CONTINUES For the year ended 31st December, 2015, Cheung Kong Infrastructure Holdings Limited (“CKI”, the “Company” or the “Group”) recorded profit attributable to shareholders of HK$11,162 million. A number of one-off items were recorded in 2014, including the gain from the spin-off of the Hong Kong operations of Power Assets Holdings Limited (“Power Assets”) and the gain from the disposal of Envestra shares, and as a result the reported profit for 2015 is a year-on-year reduction of 65%. If the impact of these two one-off items were excluded, the net profit would have increased by approximately 12%.
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