Ck Hutchison Holdings Ltd · HKEX:1
Ck Hutchison — FY2015 Earnings Presentation
34 slides from Ck Hutchison's earnings presentation, 2016
Slide 1: 2015 Annual Results Operations Analysis
(Kd FEY ANAL BEE A PRA CK HUTCHISON HOLDINGS LIMITED (Incorporated in the Cayman Islands with limited liability) Stock code: 0001 A NEW CHAPTER BEGINS 4 - "2015 Annual Results Operations Analysis
Slide 2: Disclaimer
Disclaimer Potential investors and shareholders of the Company (the “Potential Investors and Shareholders”) are reminded that information contained in this Presentation comprises extracts of operational data and financial information of the Group, and of certain pro forma financial information of th
Slide 3: CKHH Statutory Results in 2015
CKHH Statutory Results in 2015 CKHH 2015 Total Revenue HK$316.3 billion Profit attributable to ordinary shareholders from continuing business HK$38.2billion Profit attributable to ordinary shareholders from discontinued business HK$80.4 billion Profit attributable to ordinary shareholders (2) HK$118
Slide 4: CKHH Pro Forma Results in 2015
CKHH Pro Forma Results in 2015 (Compared to HWL’s results for businesses continued by CKHH) CKHH 2015 Change vs Change in Pro forma(1) HWL 2014 (1) local currency Total Revenue HK$396.1 billion -2% - Comparable Revenue HK$374.8 billion -7% +2% - Additional Contributions HK$21.3 billion N/A Total EBI
Slide 5: Overview of CKHH
Overview of CKHH Contribution of Total Recurring Earnings HK$32.0 billon HK$32.1 billion Additional Contributions: Additional Ports & Related Services +HK$43 million HK$2.7 billion Contributions Infrastructure +HK$3,320 million HK$8.3 billion Property & Hotels Ports & Energy +HK$211 million Related
Slide 6: Business & Geographical Diversification
Business & Geographical Diversification Total Revenue 2015 Pro forma Total Revenue : HK$396,087 million By Geographical Location By Division 6% 9% 23% 38% 10% 14% 6
Slide 7: Business & Geographical Diversification
Business & Geographical Diversification Total EBITDA 2015 Pro forma Total EBITDA : HK$92,093 million By Geographical Location By Division 2% 13% 24% 16% 10% 35% 7
Slide 8: Business & Geographical Diversification
Business & Geographical Diversification Pro forma Total EBITDA (HK$ millions) Comparable EBITDA change: -7% Local currency growth: +2% 10,097 92,093 +4% +4% +7% -37% +27% +588% 88,136 (293) (711) (336) 1,454 1,798 111 81,996 (1,675) (6,488) HWL Ports & Retail Infrastructure Energy 3 Group HTHKH HAT
Slide 9: Business & Geographical Diversification
Business & Geographical Diversification EBITDA – Additional Contributions 2015 Additional EBITDA Contributions (HK$ millions) 356 92,093 1,453 20 8,144 81,996 124 CKHH Ports & Infrastructure Energy Telcommunications Finance & CKHH Comparable Related Investments Pro forma EBITDA Services and Others T
Slide 10: Business & Geographical Diversification
Business & Geographical Diversification Total EBIT 2015 Pro forma Total EBIT: HK$62,079 million By Geographical Location By Division 3% 13% 23% 20% 3% 38% 10
Slide 11: Business & Geographical Diversification
Business & Geographical Diversification Pro forma Total EBIT (HK$ millions) Comparable EBIT growth: +1% Local currency growth: +11% 6,051 62,079 +6% +4% +8% -65% +92% +193% 2,641 56,028 55,313 (1,460) 4,772 68 (57) (695) (114) (4,440) HWL Ports & Retail Infrastructure Energy 3 Group HTHKH HAT F&I CK
Slide 12: Business & Geographical Diversification
Business & Geographical Diversification Total EBIT – Additional Contributions 2015 Additional EBIT Contributions (HK$ millions) 282 62,079 345 5,376 (22) 56,028 70 CKHH Ports & Infrastructure Energy Telcommunications Finance & CKHH Comparable Related Investments Pro forma EBIT Services and Others To
Slide 13: European Contribution
European Contribution Total Revenue, EBITDA & EBIT HWL 2014 (1) Total Revenue: HK$404.9 billion Total EBITDA: HK$88.1 billion Total EBIT: HK$55.3 billion F&I and F&I and F&I and others others others 4% Canada∆ 5% Ports 4% Canada∆ 5% Canada∆ Ports 3% Ports 3% 10% 14% 15% Retail 9% Retail 11% Retail 2
Slide 14: European Contribution
European Contribution Comparable Revenue, EBITDA & EBIT Comparable Revenue (1) - European growth Comparable EBITDA(1) - European growth by division (%) by division (%) 27% 9% 10% 8% 6% 12% 12% 9% -0.5% 3% 2% 1% -2% -4% -6% -7% -4% -14% -7% -10% Ports Retail Infrastructure 3 Group CKHH Total Europe P
Slide 15: Ports and Related Services
Ports and Related Services 2015(1) 2014(1) Change % in Change % HK$ millions HK$ millions local currency Comparable Revenue 33,767 35,624 -5% +2% Comparable EBITDA 11,840 12,133 -2% +4% Comparable EBIT 7,887 7,944 -1% +6% Throughput 83.8 million TEU 82.9 million TEU +1% NA Results including Addition
Slide 16: Ports and Related Services
Ports and Related Services Outlook An increase of 8 berths is expected in 2016 from new berths commencing operations in Yantian (4) and Huizhou (2) in the Mainland, Karachi in Pakistan (1) and Klang in Malaysia (1). In light of the challenging global trade conditions, this division will continue
Slide 17: Ports and Related Services
Ports and Related Services EBITDA Growth 2015 Pro Forma Total EBITDA(1) (HK$ millions) Comparable EBITDA change: -2% Local currency growth: +4% 349 (64) 140 98 12,133 2 124 11,964 11,840 (818) HWL HPH Trust Europe Mainland China Asia, Australia Corporate costs Foreign CKHH Additional CKHH Total EBIT
Slide 18: Retail
Retail 2015(1) 2014(1) Change % in Change % HK$ millions HK$ millions local currency Total Revenue 151,903 157,397 -3% +5% Total EBITDA 14,838 15,549 -5% +4% Total EBIT 12,328 13,023 -5% +4% Total Store Numbers 12,400 11,435 +8% NA Total Revenue 2015 2014 Change % in Change % HK$ millions HK$ millio
Slide 19: Retail
Retail EBITDA by segment 2015 2014 Change % EBITDA EBITDA EBITDA HK$ HK$ Change % in local Margin % Margin % millions millions currency Health & Beauty China 4,756 22% 4,179 20% +14% +16% Health & Beauty Asia 1,825 9% 1,865 9% -2% +5% Health & Beauty China & Asia Subtotal 6,581 15% 6,044 15% +9% +13
Slide 20: Retail
Retail EBITDA Growth 2015 Total EBITDA (HK$ millions) EBITDA change: -5% (EBITDA change exclude one-off(1): -2%) Local currency growth: +4% (Local currency growth exclude one-off(1): +7%) 359 322 668 94 (401) 15,549 (350) 14,838 (1,403) HWL Gain on disposal Health & Beauty Health & Beauty Health & B
Slide 21: Infrastructure
Infrastructure 2015(1) 2014(1) Change % in Change % HK$ millions HK$ millions local currency Comparable Revenue 43,844 45,419 -3% +4% Comparable EBITDA 24,147 24,483 -1% +7% Comparable EBIT 18,101 18,215 -1% +8% Results including Additional Contributions: Cheung Kong Infrastructure (“CKI”) 2015(1) 2
Slide 22: Energy
Energy 2015(1) 2014(1) Change % in Change % HK$ millions HK$ millions local currency Comparable Revenue 33,824 57,368 -41% -32% Comparable EBITDA 7,922 14,410 -45% -37% Comparable EBIT 1,884 6,324 -70% -65% Production 345.7 mboe/day 340.1 mboe/day +2% NA Results including Additional Contributions:
Slide 23: Energy
Energy Average production increased 2% to 345.7 mboe/day in 2015, mainly due to ramp up in production from the Asia Pacific Region and new volumes from the Sunrise Energy and Rush Lake thermal development projects which were partly offset by lower production in Western Canada and the Atlantic Regi
Slide 24: Telecommunications – 3 Group Europe
Telecommunications – 3 Group Europe 2015(1) 2014(1) Change % in Overall 3 Group Europe operations reported improved underlying EBITDA HK$ millions HK$ millions Change % local currency performances, particularly in 3 UK from a further improved net customer service Total Revenue 62,799 65,623 -4% +1
Slide 25: Telecommunications – 3 Group Europe
Telecommunications – 3 Group Europe EBITDA Growth 2015 Total EBITDA (HK$ millions) EBITDA growth: +12% Local currency growth: +27% 1,140 727 313 300 1,784 (42) 17,396 (2,424) 15,598 HWL 3 UK 3 Italy 3 Sweden 3 Denmark 3 Austria 3 Ireland Foreign CKHH Total EBITDA currency Total EBITDA 2014 (1) trans
Slide 26: Telecommunications – 3 Group Europe
Telecommunications – 3 Group Europe Results by operations 3 Group UK Italy Sweden Denmark Austria Ireland Europe In millions GBP EURO SEK DKK EURO EURO HK$ 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Total Revenue 2,195 2,063 1,825 1,739 7,019 6,407 2,078 2,046 736 686 689
Slide 27: Telecommunications – 3 Group Europe
Telecommunications – 3 Group Europe Key Business Indicators Key business indicators for the 3 Group Europe’s businesses are as follows: 3 Group UK Italy Sweden Denmark Austria Ireland Europe Customer Base - Registered Customers at 31 December 2015 ('000) Postpaid 6,193 5,503 1,762 760 2,485 1,168 17
Slide 28: Telecommunications – 3 Group Europe
Telecommunications – 3 Group Europe Key Business Indicators Key business indicators for the 3 Group Europe’s businesses are as follows: 3 Group UK Italy Sweden Denmark Austria Ireland Europe Average 12-month Trailing Average Revenue per Active User ("ARPU")(1) to 31 December 2015 Postpaid ARPU (1) £
Slide 29: Telecommunications – 3 Group Europe
Telecommunications – 3 Group Europe Key Business Indicators Key business indicators for the 3 Group Europe’s businesses are as follows: 2015 3 Group UK It aly Sw eden Denmark A us t ria Ireland Europe A verage Contract customers as a % of the total registered customer base 57% 55% 87% 65% 66% 43% 58
Slide 30: Telecommunications – HTHKH
Telecommunications – HTHKH 2015(1) 2014(1) Change % HK$ millions HK$ millions Comparable Revenue 22,042 16,296 +35% Comparable EBITDA 2,891 2,780 +4% Comparable EBIT 1,448 1,380 +5% Results including additional contributions: HTHKH announced profit attributable to shareholders of HK$915 2015(1) 20
Slide 31: Telecommunications – HAT & HTAL, Share of VHA
Telecommunications – HAT & HTAL , Share of VHA HAT 2015(1) 2014(1) Change % in HAT had an active customer base of approximately 72.8 million with Change % HK$ millions HK$ millions local currency operations in Indonesia, Vietnam and Sri Lanka. Total Revenue 6,900 5,757 +20% +34% The Indonesian o
Slide 32: Financial profile
Financial profile Healthy maturity and liquidity profile Net Debt at 31 December 2015 Net debt(2) (HK$ million) 172,580 Net debt to net total capital ratio(2) (%) 23.7% Note (1): Excludes unamortised fair value adjustments arising from acquisition of HK$16,403 million. Note (2): Net debt is defined
Slide 33: Financial profile
Financial profile 2015 EBITDA , Dividends and distributions from Associates & JVs less Capex of Company & Subsidiaries and Investments in Associates & JVs CKHH Pro forma basis by division (HK$ millions) 92,093 32,291 37,454 20,521 66,014 17,396 17,134 11,375 15,415 14,838 5,364 2,521 13,147 4,162 11
Slide 34: CKHH / Cheung Kong Property Full Year Dividend Growth
CKHH / Cheung Kong Property Full Year Dividend Growth (in HK$) Ex-CKH Shareholders Ex-HWL Shareholders Growth % : +8.1% (1) Growth % : +11.9% (2) 3.950 3.950 3.654 1.400 1.400 2.7018 2.415 0.9576 2.550 2.550 1.7442 CKH 2014 CKHH / Cheung Kong HWL 2014 CKHH / Cheung Kong CKHH / Cheung Kong Full year