annual results presentation - nwsh.com.hk · pdf fileîservice management...
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Annual Results Presentation
FY2003/04FY2003/04
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ContentsCorporate StructureNWSH Group ResultsNWSH Results by Division
Service ManagementInfrastructure ManagementPorts Management
Business OutlookCorporate Strategies
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Corporate Structure
Service Management服務管理
InfrastructureManagement基建管理
PortsManagement港口管理
Facilities設施管理
Contracting建築機電
Transport交通運輸
Financial金融保險
Environmental環境工程
Roads & Bridges道路及橋樑
Energy能源
Water treatment & Waste management水務及廢物處理
Container Handling貨櫃裝卸
Logistics & Warehousing物流及倉儲
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Group Results
16(12)
25
(37)29
101
118
Change+/ (-)%
1,1931,538Profit attributable to shareholders
9461,903AOP
8,2519,551Shareholders’ equity
27,21823,915Total assets
HK$0.20HK$0.25Dividend per share
HK$0.86
12,553
2004 (HK$M)
HK$1.36Earnings per share
5,770Turnover
*2003(HK$M)
For the year ended 30 June
* Restated
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AOP Mix(for the year ended 30 June 2004)
Service
HK$727M38%
InfrastructureHK$806M
42%
PortsHK$370M20%
Total: HK$1,903M
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Disposals of Investment / Under-performing ProjectsZhaoqing road & bridge projects (肇慶路橋項目)Tianjin Yonghe Bridge (天津永和大橋)Shunde Desheng Power Plant (順德德勝電廠)Suzhou Huisu International Container Freight Wharfs (蘇州惠蘇國際集裝箱碼頭)Land in NSA (Tianjin) International Cargo Distribution (新海安(天津))
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Impairment on Investments
Sichuan Qianwei Dali Power Plant (四川犍為大利電廠)Land in Xiamen New World Xiangyu Warehouse & Processing Zone (廈門象嶼倉儲加工區)Goodwill of CSX World Terminals Hong Kong (環球貨櫃碼頭香港)
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Feb 03 Jun 03 Mar 04 Jun 04
Encouraging Progress in Debt Reduction
Gearing ratio: 44% as at 30 June 2004 (2003: 64%)Cash on hand: HK$3.5 billion as at 30 June 2004
Net Debt(HK$ billion)
8.7
6.9
5.7
4.6
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Results by DivisionResults by Division
Service ManagementService Management
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9For the year ended 30 June
AOP - Service
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(27)87.263.6Financial, Environmental & Others
15632.1727.2TOTAL
9633.565.7Transport
-253.3253.6Contracting
33258.1344.3Facilities
Change +/ (-)%
*2003(HK$M)
2004(HK$M)
For the year ended 30 June
AOP - Service
* Restated
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Operational Review - Service
HKCEC attained excellent results: turnover up 31%Property management posted satisfactory resultsCleaning companies achieved substantial profit growth Sky Connection was a solid contributor
Facility Management Property Management Cleaning, Guarding & Others
Facilities
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Operational Review - Service
Construction
Hip Hing remained as a key profit contributorProactively bidded civil engineering projectsStrategic investment in Wai Kee brought in solid profits
E&M Engineering
Contracting
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Operational Review - Service
Transport
Consolidation completed: 50% stake of Merryhill GroupRecovery of bus patronage after SARSNWFF (Macau) had a 25% market shareLaunch of Kunming NWFB with immediate profit contribution
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Operational Review - Service
Tai Fook Securities posted substantial improvementTricor achieved profitable growthFar East Landfill maintained stable performance
Financial, Environmental and Others
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Results by DivisionResults by Division
Infrastructure ManagementInfrastructure Management
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16For the year ended 30 June
AOP - Infrastructure
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AOP - Infrastructure
5769.1806.2TOTAL
(16)346.3291.0Roads & Bridges
22422.8515.2Energy, Water Treatment & Waste Management
Change +/ (-)%
*2003 (HK$M)
2004(HK$M)
For the year ended 30 June
* Restated
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EnergyZhujiang Power Phase I & II珠江電廠第一及第二期
Macau Power澳門電力
Zhujiang Power Phase I and II combined sales volume increased by 16%Macau Power electricity sales volume increased by 7%
Operational Review - Infrastructure
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Operational Review - Infrastructure
Guangzhou City Northern Ring Road toll income increased by 19%Beijing-Zhuhai & Tangjin expressways (唐津高速公路天津北段) posted satisfactory results
Roads and BridgesBeijing-Zhuhai Expressway
(Guangzhou-Zhuhai Section)京珠高速公路(廣珠段)
Guangzhou City Northern Ring Road廣州市北環高速公路
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Operational Review - Infrastructure
Water Treatment & Waste Management
Macao Water remained as key contributorRemarkable contribution from Chongqing WaterNew investments in Sanya, Hainan (海南省三亞市) and Tanggu, Tianjin (天津塘沽)
Macao Water澳門水廠
Chongqing Water重慶水廠
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Results by DivisionResults by Division
Ports ManagementPorts Management
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AOP - Ports
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AOP - Ports
396.9
156.5
240.4
*2003(HK$M)
(7)369.9TOTAL
17183.4Logistics & Warehousing
(22)186.5Container Handling
Change+/ (-)%
2004(HK$M)
For the year ended 30 June
* Restated
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Operational Review - Ports
Fierce competition from Shenzhen portsLost a major customer in March 2004
Container HandlingCSX World Terminals HK (CT3)
環球貨櫃碼頭香港
Throughput growth by 11%
CSX Orient (Tianjin)天津東方海陸集裝箱碼頭
Significant increase in contribution by 85%Throughput increased by 25%
Xiamen Xiang Yu Quay廈門象嶼碼頭
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Operational Review - Ports
Stable AOPOccupancy rate maintained at above 90%
Logistics & WarehousingATL Logistics Centre亞洲貨櫃物流中心
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Business OutlookBusiness Outlook
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Outlook - Service• Facilities:
– Strong growth potential– HKCEC Atrium Link extension
• Transport:– Citybus & NWFB: long-term synergy effect after realignment– Kunming NWFB: a springboard to Mainland China’s
transport market– NWFF (Macau): patronage expected to grow
• Contracting:– Well positioned to tap Mainland
China market– Target projects outside HK -
Beijing 2008 Olympics Games– Civil engineering bid for mass
transit railway related projects in southern China
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Outlook - Infrastructure• Energy
– Demand & consumption in Guangdong Province continue to surge
– Coal price pressure hinders profitability– Macau: electricity consumption increases
• Roads & Bridges– Benefit from increase in car ownership– Road plan creates investment opportunities: new
project in Beijing-Zhuhai Expressway (Guangzhou-Zhuhai Northern Section) 京珠高速公路(廣珠北段)
• Water Treatment & Waste Management– Steady income & positive cash flow– More opportunities through marketization of water
supply by municipal government– National policy to channel more investments in waste
water treatment sector
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Outlook - Ports
• Hong Kong– Fierce competition from Shenzhen ports– Throughput drops & pressure on tariff– Vigorously seeking new customers for both CT3 & CT8W– Contribution expected to drop
• Mainland China– Tianjin: remains as the gateway to northern China;
benefit from 2008 Olympics– Xiamen: shipment hub in southeast China; strong
growth trend
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Corporate StrategiesCorporate Strategies
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Corporate StrategiesContinue to consolidate businesses & enhance synergySeek growth in Pearl River Delta including Hong Kong, Macau & Guangdong ProvinceLeverage on the Group’s expertise to seek expansionUphold service excellence & corporate brandingInvest in human capitalPromote corporate social responsibility
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Pledge of ExcellenceRank 50th among HK listed companies in terms of market capitalization as at 11 October 2004Rank about 40th among HK listed companies in terms of profitabilityA constituent stock of
Hang Seng HK MidCap Index (恒生香港中型股指數) since Feb 2004FTSE Asia Pacific Ex-Japan Index (倫敦富時亞太區指數(日本除外)) since March 2004
Recognized success with prestigious awards
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3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
11.00
12.00
Jul-03 Sep-03 Nov-03 Jan-04 Mar-04 May-04 Jul-04 Sep-04
Stock Closing Price (Jul 03 – Oct 04)
3.575
(HK$) 11.15
2003 2004JanJul Aug Sep Oct Nov Dec Feb Mar Apr May Jun Jul Aug Sep Oct
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A Responsible EmployerNumber of staff in HK, Macau and Mainland China
8,593Infrastructure
33,418Service
43,294Total:
1,283Ports
(As at 30 June 2004)
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photo
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DDriving FForward
SSeeking EExcellence
全力奮進全力奮進 創建佳績創建佳績