?Lcu0.//?lls_jPcnmpr B_ul WorldReginfo - 30b82311-f3cc-4ebb-b5d6-26a8a920c7e4 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 REMUNERATION COMMITTEE Deputy Chairman WONG Chung Hin (Chairman) LI Tzar Kuoi, Victor, BSc, MSc, LLD (Hon) LI Ka-shing Group Managing Director Holger KLUGE FOK Kin Ning, Canning, BA, DFM, CA (Aus) COMPANY SECRETARY Executive Directors CHOW WOO Mo Fong, Susan, BSc Edith SHIH, BSE, MA, MA, EdM, Solicitor, FCIS, FCS(PE) Deputy Group Managing Director Frank John SIXT, MA, LLL AUDITOR Group Finance Director PricewaterhouseCoopers LAI Kai Ming, Dominic, BSc, MBA KAM Hing Lam, BSc, MBA BANKERS The Hongkong and Shanghai Banking Non-executive Director Corporation Limited George Colin MAGNUS, OBE, BBS, MA 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 Margaret LEUNG KO May Yee, JP William Elkin MOCATTA, FCA Alternate to Michael David Kadoorie William SHURNIAK, SOM, LLD (Hon) WONG Chung Hin, CBE, JP WorldReginfo - 30b82311-f3cc-4ebb-b5d6-26a8a920c7e4 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 28 Property and Hotels 38 Retail 48 Infrastructure 52 Energy 56 Telecommunications 68 Finance & Investment and Others 72 Group Capital Resources and Liquidity 79 Risk Factors 84 Environmental, Social and Governance Report 92 Biographical Details of Directors and Senior Management 95 Changes in Information of Directors 96 Report of the Directors 129 Corporate Governance Report 141 Independent Auditor’s Report 142 Consolidated Income Statement 143 Consolidated Statement of Comprehensive Income 144 Consolidated Statement of Financial Position 146 Consolidated Statement of Cash Flows 148 Consolidated Statement of Changes in Equity 151 Notes to the Accounts 233 Principal Subsidiary and Associated Companies and Jointly Controlled Entities 239 Schedule of Principal Properties 247 Ten Year Summary Information for Shareholders 2011 Annual Report 1 WorldReginfo - 30b82311-f3cc-4ebb-b5d6-26a8a920c7e4 Corporate Profile Hutchison Whampoa Limited (the “Group”) is a renowned multinational conglomerate committed to development, innovation and technology in many different sectors. We operate a variety of businesses in 53 countries across the world with over a quarter million 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. Ports and Related Services We are one of the world’s largest privately owned container terminal operators, holding interests in 52 ports comprising 269 operational berths in 26 countries, including container terminals operating in six of the 10 busiest container ports in the world. In 2011, our ports handled a total throughput of 75.1 million twenty-foot equivalent units. We also engage in mid-stream operations, river trade, cruise terminal operations and ports related logistics services. 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 13.8 million square feet of office, commercial, industrial and residential premises, primarily in Hong Kong, as well as interests in a number of joint-venture developments in Mainland China and selective overseas markets. We also have ownership interests in 12 premium hotels in Hong Kong, the Mainland and the Bahamas. 2 Hutchison Whampoa Limited WorldReginfo - 30b82311-f3cc-4ebb-b5d6-26a8a920c7e4 Retail A S Watson (“ASW”) is one of the world’s leading health and beauty retailers with over 10,000 retail stores in 33 markets worldwide. Its diverse retail portfolio comprises health and beauty products, luxury perfumeries and cosmetics, supermarkets, consumer electronics and electrical appliances, and airport retailing. ASW also manufactures and distributes bottled water and beverage products in Hong Kong and the Mainland. Infrastructure The Group’s infrastructure business operates mainly in Hong Kong, the United Kingdom, the Mainland, Australia, New Zealand and Canada. Cheung Kong Infrastructure Holdings Limited (“CKI”) is a Hong Kong- listed leading investor in the global infrastructure arena with diversified investments in energy, transportation, water and other infrastructure- related businesses. Energy The Group’s investments in energy are principally in Canada, the United States, the Mainland, Greenland and Indonesia. Husky Energy Inc (“Husky Energy”) is a listed Canadian-based integrated energy and energy-related company. Telecommunications We are a leading global operator of mobile telecommunications and data services, and one of the first third-generation (“3G”) mobile operators in the world. We are also a major owner and operator of fibre-optic fixed-line networks in Hong Kong, serving as a telecommunications gateway to the Mainland and the rest of the world. Our operations offer telecommunications services including 3G multi-media mobile, second-generation mobile, fixed-line, Internet and broadband services, including international connectivity services over both fibre-optic and mobile networks. 2011 Annual Report 3 WorldReginfo - 30b82311-f3cc-4ebb-b5d6-26a8a920c7e4 Analyses of Core Business Segments by Geographical Location (before profits on disposal of investments & others and property revaluation) 2011 Total Revenue HK$387,717 million 1% Canada Ports & Related Services HK$63,124 million 7% 35% Property & Hotels 5% Europe Retail 21% 13% HK$162,400 million Infrastructure Hong Kong 99% HK$60,786 million 49% Energy 9% 10% Telecommunications 51% Canada 16% Asia, Australia & Others # 27% HK$55,570 million Europe Hong Kong 42% 16% 2011 EBITDA 35% 1% HK$80,352 million 12% Asia, Australia 25% & Others # 2% Mainland 11% 4% 2% 10% 14% China * 3% 31% 22% 9% Europe 2% HK$25,272 million Mainland China 26% HK$34,909 million 36% 56% Canada HK$16,084 million 98% 7% Canada 20% 20% Europe Hong Kong 31% HK$12,831 million 2011 EBIT 18% Hong Kong 43% 16% * 1% HK$51,370 million 12% Mainland China 10% 12% Asia, Australia 41% # 14% 17% & Others Europe 18% HK$15,009 million 28% Asia, Australia & Others # HK$14,337 million 2%1% 10% 20% 3% 50% 32% -2% 12% Canada 24% Mainland China HK$8,648 million HK$11,141 million Canada 97% 17% 43% Europe 29% 4% Hong Kong 15% 19% * 1% 15% Mainland China Hong Kong Asia, Australia 19% HK$9,761 million & Others # 12% 15% 54% 2% 8% 17% -17% 58% 25% Asia, Australia Mainland China & Others # HK$9,745 million HK$7,737 million 45% * Represents contributions from Finance & Investments and Others -5% # Includes Panama, Mexico and Middle East 19% 48% 4 Hutchison Whampoa Limited WorldReginfo - 30b82311-f3cc-4ebb-b5d6-26a8a920c7e4 Analyses by Core Business Segments (before profits on disposal of investments & others and property revaluation) 2010 2011 Restated (5) HK$ millions % HK$ millions % Change Total Revenue (1) Ports and related services (1) 32,518 8% 29,118 9% +12% Hutchison Ports Group other than HPH Trust operations 29,194 7% 26,150 8% +12% HPH Trust / HPH Trust operations 3,324 1% 2,968 1% +12% Property and hotels 17,226 4% 16,159 5% +7% Retail 143,564 37% 123,177 38% +17% Cheung Kong Infrastructure 30,427 8% 18,265 6% +67% Husky Energy 63,027 16% 44,640 14% +41% Hutchison Telecommunications Hong Kong Holdings 13,407 4% 9,880 3% +36% Hutchison Asia Telecommunications 2,332 1% 2,486 1% –6% 3 Group 74,288 19% 64,205 20% +16% Finance & Investments and Others 10,928 3% 8,809 3% +24% Total Comparable Revenue 387,717 100% 316,739 99% +22% Reconciliation item (3) —— 2,357 1% N/A Total Reported Revenue 387,717 100% 319,096 100% +22% EBITDA (1) (2) Ports and related services (1) 11,745 14% 10,285 17% +14% Hutchison Ports Group other than HPH Trust operations 9,874 12% 8,634 14% +14% HPH Trust / HPH Trust operations 1,871 2% 1,651 3% +13% Property and hotels 9,903 12% 9,279 15% +7% Retail 11,724 15% 10,081 16% +16% Cheung Kong Infrastructure 17,242 22% 11,007 18% +57% Husky Energy 16,053 20% 8,987 15% +79% Hutchison Telecommunications Hong Kong Holdings 2,616 3% 2,171 4% +20% Hutchison Asia Telecommunications (142) — (1,893 ) -3% +92% 3 Group 10,524 13% 8,718 14% +21% Finance & Investments and Others 687 1% 1,067 2% –36% Comparable EBITDA before profits on disposal of investments & others and property revaluation 80,352 100% 59,702 98% +35% Reconciliation item (3) —— 1,310 2% N/A Reported EBITDA before profits on disposal of investments & others and property revaluation 80,352 100% 61,012 100% +32% EBIT (1) (2) Ports and related services (1) 8,226 16% 7,207 18% +14% Hutchison Ports Group other than HPH Trust operations 6,937 13% 5,877 15% +18% HPH Trust